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N^4 vSjWfe'Ai^/ ST AlSU® 

\ 1 1 t »¥£TO»«»at S I EEI. & WI 8 E W 8 * 

' - Thp^WoflU»?-77P 2S2 ft 

<rC <k*' " 


No. 27,715 

Wednesday November 15 1 97.0 ' 

* 8 > 


Albany House, Swinton Hall Road, Swinton, 

Manchester M27 IDT. Tel: 061 794 7411 

rO>fn^aiT^;^Bia^ WUCES^aA Sdr 15; aaglUH Fr 25.- WBUMC Kr 3.5: FRANCE fr 3J; GERMANY DM 7.0; ITALY V. 500; NETH ERLANGS F. 2.0; MOLWAF Hr 3.S; PORTUGAL Esc 20; SPAIN PU 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE 15p 

TUC refuses to back joint statement 




UK current 
Mies account 

breaks even 


■v Awt^ir io^l 9 ~ 

+ .' • EQDITfi 

- • ■■ •• •• - • •••- . - . y '& THMi' 1 ? 1 ' 

, •swd;:^t 

.twIfleld irorkers haC j «r^;ntj 

.-. \ \ talks - 

-ap&l Jfi tKfefe ^at thc ; break i 

..“ + ;3S^j^:V-\V ■ ••. J.j. - 

“ Iran's economy' ' .d^order,: ,■ ' . 

i . , 4i> ._ . ’besnri.i in di^irtts.y vrutkj - - 

-5-- siyu and ‘iiecameV 520 ^-”." 

: ;Vride shutdown twp'^weeterlafer. . , 

There are aujHii'tins estimates oC ‘'.- - 
the extent orihe'mxira.tb '.Work. :../■ 

.:■ U ean wh i Je. frcSti 'rioting; broke ioo — 

• oat in, Tehran .arid! thers? are 
.. Teporfs of 'Severe: clashed in- pro-;., - . .•;• 

viheial cBn Ires over the past t\4'(r.. 4aB Li. • 
//flays. •-. * it-, j 


SlfflC THE GOVERNMENT was dealt more diffieuh lime >~'jLiii 3 trade- 
"a.RLtLa.*vj a s-ave political blow by ihi* union modern, ion { H|i5s£« 

TO c yes irrd ay when an attempt Bui tt;ni-.i:cs- i'»"k an 

. if,.,, itivpMj l^iSr^Ffcid^ their differences on o;>ri(*iiiS view, :i>id£*aul that ggSp^ 
I m^pa^Vblicy collapsed. 11 m? opinion pulls «&wci1 biich 

miyc-i uj Lie lj'it*iu-ilrig ‘to meet ihe impressive if ter ilw Z^3a & 

ijupfit .of ah even Half way on Guvemiiipn’'* ,»a« «*flicv i)u* j , 

tiuteritnieDt' W 2 ^jjW;trajm the TUC Geoei al tr-usli aaiUide i«...aia *• irrcsi*i>n- 
i»li. News uf has left Ministers with union .i-.-oitnds ennid 

W i n te r ofFensi Ye w. «orLi- J r‘ > 

••:^fec(jBeJby:!RA//-- i: ri-;.. ;~B. . fc 

' . The . RroyisUmral: TR 4 -fle ciafed'h , .. J - 1 J c 
•: . oew “ winteiVoffehsive “ MLWstet f«u »T 
■••• after % day -n^which'Seyen towns -V~ • - --- 

. . artpsb the province'were bemH’d. • • / W~ 

. with . damage ’ runhibg' ihfo cara . e . a ’^ er ; ■ 

. mifRbns of poftods.- ; . ordioaryv.fciisr R; 

J -. The Pto'bus said Ihe re woul d be points to 4&7->.K 

- no 'Christmas- ceasefire— as there a- unirket fsborfc 

- • hw - been‘ ; . previously--an<3 they .*• . .. ■ . .■ ■ 

pledged; that vidience woiiW cbti- .# 'IfONS '^tOil 
.• ■ y tinu«r’“tinui -the -British with- tedex paired Im 
draw/ .Paige- 8. Tories seek- state- The Nikkei-Dou 1 
;• wmt. Page. IK. * : ;; in Tokyo Jeli,'3«l 

ftorj'efeverfilcts • GMB improve 

^tum. News of V :, ®^4'5 has left Ministers with union .l-.-<u|nds cmml 
of tlm talks option but in continue fn brine r.-v a£fc. ^ 

asadjE' their 5 per cvni pay limit, A di->aop. Mr. I en ^ ^ 

— a'tti .anL-liun^ against companies, Mu:rajr, TW : .•'»•.■ *1 «rcrcu>r; . 

i r'gidlv a.-? liefort*. oiu- of she -.r ••.|« hud s’ *ni . 

■ Bl ‘ _ The General Council's ri\-- weeki V).-..uojHn^ out ;> ’£ 

fir vote on a «latenu*nt- on pay. ^.iicmeul wiih VViiAU-r-*. -aid- • •»•• ^ T 

|f-l — prices, and milatiun and a SCI "f ■ 1 think thi-i- Bri 1 1 be inure _ ‘ V j . L 

tf't suidelines for ne 2 * m ators agreed ;,-.- r jvj:ion e Sic- indu-cinai 

' " by Ministers and TL’C mean! that -'.vnc ini': *.. ,r(i» Ilian tin’iv 

both documents fell. . m haw ..eef if iln* j<>j:tl '*■« 

P'Ttfi It u as bailed li> Lofl-wineer:- a? .--,-itenieni nan '»ijcn ad&u't-d “ ui~ •. ^ 

I L_.A . a victory for the hard-line in u-i- . . . • .#'■ 1 

I \ • -Pvetatlon of Congress, policy, and . .. * II fc » 

t-4- 4 j- w ' n Sive militant shop stewards J c ' e " ls •< :*w bo h side^ . « ^ .. 

■ : even less reason to back down th«> v ‘ 

IX- from bi 5 pay claims submitted with a policy cni^sed to the 0 pu 

' across a>u-ide spertrum of in- cent guidelines >at does, how- /«>,. i 

m-erfa* d us try ever, urge tome measure of ^ ...J 

Iriaf^V, il - Failure to achieve the self-re-lrair.i and attention to Lpn 

1 A , V “ f expected agreement could deal bnnsm? rl«wn in'? 1 '/ [ho 

■ c * 1 waft a body blow' to Labour's electoral intlnlion. B;ii it widens the- poli- 

Jto . ,m . : / i proifccLs if it is followed by a ucai rifl. 

■ * 1 * wint,— of industrial disruption. The stall -meat, as expeneu, by -implc 

m >-:i. . F- vat shatters ooe of Labour s gave no firm pledges by either Uovernme 

Hi ill** f i • ■' v, . 3.1 l .f.Tl- Iha r.f 1 

i ec u or. n, .mnnuncemei 

; BRITAIN’S CURRENT 1 aca.*um 
Ihal ^ recommendation of the appears to be about in balance 
senior s-\ negotiators and the although sharp ntonth-to-monih 
gcunomif Committee had been • ilucluatlons continue, 
fcoutfed. I An improvement in the under- 

Ainun: ; a • n usons cited b\ 'lying trend has been indicated in 
Jlv. M.i :•!■;,%• -nd ulbers were the! recent months with a pick-up 
hi>r<!-l:r,s spee/hes of the Chan- {in the growth rale for exports. 
ct'-'or. ih announcement of -a; The current account was in 

£m (seasonally adjusted) 

■* - , n,j; : ; rat ^. and Ihe, compared with a deficit of £140m 

2;S- v'mSui'o ;■*! >10 sluiement u> PM-|id September, continuing this 

QK-'vy’” 1 .I--C r-rimai;: iegi^aiion on price year’s pattern of alternating 
UST v^ ; 'ilrul. deficits and surpluses. 

- y - - - /' - urging unions to About iwo-lliirris of ihe chance 
f>.’. iv'rgain vun cmnoanies* prices, reflected especially favourable 
rke 1 - pr.ifllabilitv and effi- condiu'ons for trade in erratic 
F-rte&R-* i-jt-ncy r, mind were seen by items (such as ships, aiiu-ralt, oil 

■ .1 *ncVs i;-.\ : ung employers to put rigs and precious stone*) and oil 
' %l wira cons : rain(s on their unions, and Ihe impact Of Ihe earlier 

■ i)thcr> *-.ii d that Ibe attempt i indu«nrial dispute at S.»uihamp- 






1 1st 

- 973 


■ 495 


- 762 

- 465 

- 297 


- 31 


. 574 





1 1st 





-- 150 

- 333 

- 183 




- 56 


- -235 


- 124 




- 1C 



- 75- 

- 59 


- 68 





■■■ 75' 

- 140 


-i- 119 

Oft ■ 



Sju^-.- D?>!r!" ->-: e ( 

uf ir.ijiu: t controls 

| helped to sustain a fairly firm 

b-en w oi ib 

L ri ”‘ F J \ 

c.\ rose 3U ihe ® 
y reflecting with I 
feteelv, wii;j.*2 


te .~ylU:W. 

r - Avccvs* 

[ 5.R4Z.S7. 

Vnc- V aluable electoral cards, side, reafiinning both 'he of un-un 
the % } y's> special rflalionship Governmenl’s line, wlihoul men- who Joul 
with A- v trade unions and the tioning the 3 'per cent, and the chan-.-e ( 
wif.-i-*- Vad assumption that tbe TUC's. . T? ■* • pay ci«nlij 

Ccs.w -k/J'Ys would have a much Its failure will not be regrotit-d li ’■•■as I 
] Text of statement l’aie 39 # Eiiiiorid 

•u:\ lent Pa/*- J“ 

: investmeiir -UemaHhai 

•rswe-rtfi™^ sw^s/mai. jury iieiur^hoTt tal.-J 

S? J»M 4 


■. v- : 

nhltkA CARS . 


1tw--^efe'ilaak arid the Gaza: 10 the Prief.-gftiiiutoldu has maftT. accordini to the i»c n f4 
. seven eointoiw. • 'individual cr,ntr;,u.. ai ^iv» 

: -7:-:;: • • A - ThW latest sul*c 4? for Uest be cuncluied for the:;,- nunivruur 

EfilbfifSV hijo-o'ifTp- •• ena t: *~ OctiiM* DP ‘*.1 Germ ai industry co\ii&< on top prujeo- Work hr ; lip rutir-ji.i-- 

y 7“ g S ,ng - W«:t^er cent to end cf e f . iSl^trlal ordet> already for the fiw projevu ha^ aiveadv 
■ AiuuralM na-- protested to the . Sepldiuherjr Back Plage • ieucred from Peking vcliiei r.t be-aun 

“in ihe sd-pngesi , # B, iliR u5b ip builders lost viOSm Di? ^ bn , l£ ^ L,n) - Metal., e,^Lch,f'.. I .- hich 

over the TMig^og aifthl wort- ' regains to be dime .-.rbiereri e.vt-inal lurnm-er in 

embassy. EorSgn, g S befc final contracts are 1976-77 r.f DM Tjton 'ZUnn>. i, 
Andrew Peacock told ■ r«, fun ,vonfludctl. ; ;s n obti-nis partner for China it, 

Par, h mem fa Melbourne' that v? mr t5nA« i nHi r*Vl- T%tw*« West Iteruiao eoncerna* her induMridlisatlon plans ■- 

Hie Siwret jiuvenaneuls denial f5” J,a ‘ 3 ear to Apn1, pa \ \ : — ' 

af , . respposibllilr was - llqcdh- A ' 

vioriRjf..- •'• - : vWBriUsh Gas Corporation s '.'TIT O ■ ^*1 • j 

contrai t--a*e sti*’ i*j 

,ofn.5lm during 197S as a w hok. T he more r-a lilv iJenli-'.-i.v 
and tile Apn. Budget forecast t .j, araC j/., ,.j i?jt- ?w >nrl n u- 

.. of _ a surplus. pared with tiic coriainer* ‘i n- 

bpecial factors and sharp portSi may . ll5l . hi . v( , 

I llucluatinns mask the recent ^ lin ,« . in0l . 

I underlying trend nut trade in oil bv dm-hers ?■ 

I .and the more erratic Hems only e j p „ rlw iifc v i .- aif. -i--*! 

-counted for a quarter of ihe lhl ., ..mmh. 

*.-i42m narrowing in the visible 
. I rade deficit in Augiist-tu-October . 

compared with the previous r !ITf til 1 / 
three months. x ■*’* 

The most encouraging feature Alihfluyb ii'i-'oii.-* ** r im iO'i- 
has been the acceleration in the factu/e-l goi,./v my. t n<-i i*> r.i .• 
growth nl c:. ports, especiallv be slfthti.v n: >re buo* - . u‘ "»vn in-.* 
munufactwed krmds. in 'he past p»tbfl ;ned H- ures xli-r--, s.u: *-ua- • 
,w li : F.* a inontlift aftq the flat trend ■'Mnuus , .r. u **iiiic: ■■ •• ■»..,, t-> 

, ,u ' *■■ 'earlier H.i* ;-.-ar/. hr e 1>* .-Ite! : m* • n.- ru 

itf-u- nmin.'i Th*> ’ The iiiiDrovtuienv iiuv he ,-v. on re su^rniy than iais 

ii.nt’.ns ha? Ivl 
jit i ni- ■«■• -. >■•< j 

■! ii. mii niii>; - ■-. ■■* 

f fiv ures. Th*’ rl * • H • ! ; i>n 

ii- " has imrv-j-v •■-) •/.. 

i'-i. 1 .: a, be'wi-r-JJ Ma; 
the . .'esi thre’ m**rii ;i%. 
Tii!,!* 1 Payc S 
Lex Hack Page 

L*,> cdRvi' u .,r;i> vries ■•/«'« 10I.1S value of the ‘deei- ^ cent more than Lie, average 

. ,,,1 ; ,,,e . J v il 1 • v,vr!s con;;.'.-.; has been pul :.t:W77. cm the sa ne oasis, ii.-’ 

i ! -.-»ti.‘»iij L:,r -'' .. n ; *--? already retenen pil Lbi , n t LT-«Gn 1 and a We^i volume of. ruanufacluted expo.- 

num-.-rau*. ** ivr ' 1 * - ^ er ‘ >5 ^ r or . rs , , b'.' f^rm.~n ;nd’); T .riai consortium • were 3i and 5 per-cent big};:. - 

_ . . ' . industry, if all toes :ih*:-id a«<per cenl higher. Tbo s e" fign ‘‘"■"/J' 

So -far tr.e-n i 1? no word on olunn*-d this would bring DM Sbr.ihovvever. probdbly unflc-rstsu- 1.- h ,"1. 

of nruf-re. underlying rate of sjri>.- •. 

■*: .'" >li- l>.-' -'.i 

■ r-i'.r 

.\.lr, ■!> • ■..-.- 1 V- 

vforiRjf..; ■ ^British Gas Corporation* .X‘T • *1 • j 

.Troop confusion;^ t iJ.o. Oil Companies CO BFCSS 

:PrF-.riem A-»ut saidbe was wiib^beConsumers' Assodalion m its [ 

drawing Ugandan troops -from crldenre in a. Monopolies and * . g* v • .- • 

OM, r Mm • • Carter lor sharp price rise 

•.'fCir . 1 V.>Kk 1 VPi>kc Kilt Txn*nnl» • — . ... . ... i. • / 1 !. - • . A A- 

X t » 1 drawing Ugandan troops -from crldenre in a. Motiopolies and * f"** j f* f ' 

I ;| Ih e ^ square mUei - of 'Tun- Wcrgers Commission mcjuic. #.• <e\-U*+£iV» ChQTO TITI 

\ Iranian hind., they have occupied, ^sc 10 ’ ICE J."JL oil (CIA ft# OE J 

1 T ^° r -r'V b “i Tanzania. # -Bfc l’*r s shops- stewards av ' / [j . A , 

Pw/* n he a +;ie Presidents state- Drews :Lane .plant in BirminV / ay DAVID LASCELLES 

. ^ Pagi* 5 t ham. have rejected appeals from i T' . 

t in^'Gahdhi attack ' tE^Ts 'oF The i:.s. ull in- 1-vrfs. p ermitted hy the 1 

Aaan Wffl. aiiaCK _ Wlv WNOboSm Back PagL- . today, gave auUcc- lo.Eacr« Policy »i:d Omerval 
^ V V - lfidtiv Ga^thi fonner Indian .<W »#»*«*»»■ w ‘ fc p^fdeiu Carter -and Congress Act .bnl blocked by the Dep 

Clilt’AGO. Nov. 14. 


s»**Wr>lr" rnri a rtrike which has lald’-orf OF the V.S. oil in- Mels, permitted by the 1975 AholHinn of controls of oil 

. ”V attaCK np^Tv "Wl 000 workers Back Past- Vurtiy today gave ayUcc lo . Elucr^:- Policy :.i:d Conservalion would nui >•-■ ,mfIationary r . he 

lridtiv. Gw^hi. fonner Indian - TT • '• - President Carter and Congress Act lint blocked by 'he Depart- argued ft:- her the opposite. 

Pi’jpie ^UFnistsr," was spattered by biggest nnkrn in the slate (hat they .win seek a sharp in- muni of Energy "for P«f.*!y The crealior of a free market 

5»: amt had her speech stFcl industry is seeking an S. crqase in. .domestic oil prices next p*iyonc:ti rca>ons . x ’ would lead t» new coropetiiion. j 

dn.M-.^ed hr ’neck)ers ; a, a puijTic-per cent pay rise for its manual, ytfp . - The l-.S. oil industry, he ■^» - l. . Mr. Swi* ringen’*; demands. 

*reo:.i*« -it 'Sqiithall. Middlesex, arid staff -members m the fnss- Thev also want to be freed of had been deprived of $3»:-n yoBd which reib-:ted tbe growing 
Bui :he : majoriiy of the l.SOO miikmfi British Steel Corporation, the lregulatory buden which they w as still losing 9230m a nRinib Crust lniiun ;f the U S. energy 
‘*i-S', r ATB;ar The-meerino urw snoi -Pace 19 saVfts hampering their operations fn revenues because of Dept, of indusm. wee echoed bv other 

Sw«- r.ngen’s demands. 

If you judge a ban 
»y results, take a to 
at Sanwa Baak. 

at the -mee ring were sap- -page 10 saVfis hampering their operations fn revenues because of Dept, of industry, we e echoed by other 

fraeler^di Mrs. Gandhi. Pagc S •' „ ' ^ only worsening the l’.S. Energy controls. tU.S. oil prices industry ten.vrs. 

. # S. G. Warburg executive direc- O oergy situation. are currently fired at some S2 ... r riirvin I .h 1 ,m„n 

’ lor Nicolas McAuarcw has left (These aims were laid down per barrel beiow world market nf p.- . ‘ , i 11^,11 

Kcyalfic. ancient join the rival merchant bank. .(Bay at a raiUtant meeting of levels.) ,!'rhnr7^ 

Kbfd "ituEbedey said the Royal M. -Rothschild and Sons. rj. American Petroleum Instj- Among Mr. s«eario S en's other shSItid be' b'r-ught up to wo?W 

’■KswilV-isscttiDg a rough fide ” • ■ - tie', the- U.S. oil industry s lead- demands were. Ipv,»i- ,n i-ni',iira o e ,-on^prvation 

i! ijftiirtia Andover aircraft COMPANIES w " nrolt m i7d , ;«,lSralion la con- 

Mr. Clifioi Earvin, chairman 
of E::.\**n. lie 'largest U.S. oil 

■.may at a miutant meeting ot levels.) th - t ^ - 

/%■ American Petroleum Insti- Among Mr. Swearingen's other SuiKd lw*b'-'Ught l im to world 
[ tie. the- U.S. oil industry's lead- demands were: iSL rLiSn 

llirtr- tr>f)ii5KH®l'hr.Hv v.hi,-h hrinsc Alinlilinn nf uriiv i-nnlrnli: n„ level?* .0 vni>. ■ Conservation 

and enable .-xploration • id con-1 

9 | / /^'Briefly ■ six. months to. the fcod ° r ^ ep_ 

j - 1 1 1 A- „ *'***•. ■ ■ * . tember. Sales' rose 24 per cent to v'li.iKi ujauT qi jut: i fisi nuiY. satu j^um*. . ~ u ei u‘ i 

t*U V ^t^cord tilde Christmas cards £X».j4m. Page 26 IBat crude oil -pricing was one Le*s Governmem ini erference L ,2 1,1 S™'" , , - 

have already been sold m the 1 of the most profound Issues fae- and ihe ** deooliiiicisatmn ” nf ihe present o . p ro controls are 

^ UK ihis year-according to a-trade ft Land Securities Investmen. ; a y . ibe country and the oil tim oil industry. ^' ,e e )' 

■as^^-igiiun. Trust .saw pre-tax profit rise b.-: mJfustry. today. Mr. Swearingen said a new oil r ll P dtscrv'im steiid th an to 

Police found fifWO m notes in a m £11.4ftn. Nei f He proposed that oil price eon- no'icy was essential loenconragt; indiwtr^ kS 

rtihlm by the .roadside at fotlowng less outgoing -n. tr j,r s be lifted Trom next June production, increase supplies.. ?..m .',o ffier his anti- 

Dlcklcbiir^Ii. Norfolk. expenses, rose front f-3_m u al j d phased out altogether by reduce imports, ease the balance TJuLh^ » •? --ammp tCF h 5 &n ' 

John Mil, in, Anrlcullure Mini* £25 ' Sm - P?fte 26 Ofctober. 39SK tn the meantime, of payment? and -put some ml ®' 

sfer. injured. his lec when he was © Smith Industries had a be demanded that U.S. domestic spine back into, out enfeebled Mexican »U and politics 
m-rctiludou with a moped whilst second-half profit of £ 1 4.58 m ml prices be allowed to rise to dollar. Page 4 

watkiisg m Whitehall. lflb.«5m) in lift its-pre-rax profit . 

British: Rutl apologises: to com- f OT 53 weeks tO.f2i.09ni. com- 

Witter^- -uhu will lie hit by a. pared with the previous year.- , mNTFNTH HP TININAV’C iccnr 

^rlvers’.dsepute’ today. - f20.51m. Page U and Lex UUNTfc.N75> OF TODAY 5 ISSUE 

<* pic-ia.> yiyu; ,ui — • .JI., ,-T .* AiiiuiMcruua di'piuu^i-. ,m. .-\uu ->ii cuaurc _ ] ur lv 

"54 per -cent from fl.Sm i for the .Ichn' Swearingen, chairman of supplies io -mail refincre: 'vration. pjiiic, J offshore and 

six months to . the. end t,r Sep " 3' andard Oil < Indiana i and also A less severe environmental in xhetui'.et < f the oil industry's 

3 chairman- of 
ll at crude oi 
f ii the most p 

the Institute, ssid policy; 

! Tj'UK i hteveitr' according to a-trade-. • Karid Securities Investment inn. tbe conn try 

i --W ■U* 3 ' -a^eiatmu. Trust saw pre-tax profit rise n\. lR rtusiry. today. 

Police fc--anrt £i<KQ in notes in a . in fl1.48m. Nci «ow fae proposed th: 
rgahbrn by the .roadside at following less outgoings *mu tr u s be lifted Ti 
Dtcklebiir^li- Norfolk. expenses, rose from xJJ-ui w aI ( d phased out 

inilatiun preg'amme. 

Mexican oil and politics 
rage 4 


(friecs in pence turiess otherwise Indicated) 

nijlES Robertson Foods 1471 + It 

Exibeq. SJ ;v 'SI £924 + 5 goMs-Boytc .;... lUJji + ■'= 

Kv-ku« i *>. * nu -L v Rothschild Inv 19b -■ 


£xi-bcq. SJ jv 'St £924 + 5 

Bsctieq. I3=«c ; 99-02... m + i 

-W 197 + 7 

BAT-Df.i 240 + 10 

Beech ar 030 + 15 

Beil I . 250 -1“ 34 

/loots 202 + 9 

ilrovn 'J.'- ........... -410xr + 12 

Dwlilie:-- ■- 201 + 6 

Euroihcriri ISO + 7 

ftEC 322 +7 

r,Us A 303-+ 13- 

iJf.’.lV jO. 262 + 12 

lAn A 140 + 7 

luST'Scry 233 -r f» 

Lfuj il? bath : 205 + 7 

.'■■• 204 + ll 

A1FPC ... 142 + S 

SlaVks ai;i -Spencer... 
t-r’v* Pvitdinv 

'?«»:•■ a;. J* 

European news ..-. 2.3 

: American news 3,4 

I Overseas news 4,5 

World trade news G 

Home news— general 7.8 

— labour 10 

Parliament It 


.2,3 .llanagemenl page 12 Eurmn 

• 3.4 Arts page 2i Muncy 

‘ Leader page 22 Techni 

' - ^ UK companies 24-2S World 

' jo Mining 28 Fa rum 

. 11 Intcruatiunal companies 30-33 UK si' 


Muncy and ^changes ... 

Trchnunl pRS*-’ — 

World markets. 

Farming, ra* material? 
UK stock market 

Sainsbury |J.) Eji * 

Scottish Newcastle ... 95? + i 

Sirdar 105 + fi 

tlketciiley 124 + ^ 

Smith iW. FL) A 149 + ■> 

Smiths lnds 20a t V 

Stewart Plastics 174 + H 

Tesco 504 + j> ; 

JW + 
fi4 + 5 

tVeir Group 104 + i j 

Myjol worth (F. W.l ... 70S + 4 j Tug-of. 

Pacific Petroleum ...£S2J + ■>. j gues 

Sicbens (UK) 280 + 15 


lliek.son and Welch— ,!, 7 — 15 

tfoDzinc Biotin to 246 - » 

De Beers Ufd -T1S - b 

Northern Mining .7 - 1 

Worst' of all worlds in the 
American shipping 
trades 22 

The harrowing saga of 
French TV J 23 

ig-of-uar over PorlU' 
go esc laud reform 


Mexico: Power and politics 

or petroleum 4 

.Radical departure from 
pa<t in Sri Lanka budget 5 

Leading shoe company put 

on firmer fooling 12 • 

Gardens Today: Of trees, 
seed and 'fridges 14 ' 





Share iBiarmatiH 

<81, 41 

Base Rales 


Letters _... . 


Tiday's Eveus . . 







Crts sword 

.l a 

Lombard . . 


EMaruhttnent Guide 


Hen and Kauers ... 



Eurtpeai, Options . 





FT -Actuaries Indices 




Land Securities . . 


A washing "achioe com- 
pany pulls nark from the 

brink 32 

RiMruci urin? Greek farm- 
ing for Ekf 37 


Adtcrtising a,l *l W ark cl- 
ing 15-20 

Hokkaids YaiiintaokB 
Ba#k a 

ANNUAL statenents 

to"- ">0 Prow. Silsu 
Centres . a 

WaKktc Colliery » 

For laiesl Share Index tW?.;nc 0 1246 $ti2G 

Sunwj has used ils 1 J0 

c^Tisiil'jiulilH relail banking ‘ 
t:\ptirif.-ni .i* rm - 1 lie exp; msii >n ; 

nf its- dcNinSilii; iwtivurk — _’1V, ' ' 7^3?*? 

bum :hns in inpnn- ns Iht: basis ! 

,-uf i Is u'rpomli* piiilniH'phy sim:c ' "Thks’OS^ 
IH33. Wts h;i\ e Vi^l-ii sleudily j 

■ !\pundlnu I Ih- ruiiyc uf r»ur " 

(i,(t*nuflft<nal client Si-riict:.s tai-r 
siiu.i; a we uikinurl «>i ir first iiverseus 
offiije in San Knnidsco in 1953. 

Samvii Bunk imw ims nine brunches, 
nine represunt.itivi; oHii tit. and eiulilctni 
subsidiaries and affiliates uver&eas uffeiinu 
u ruu^e of senices from fureiim rwlkinui! 
and llifi giiaruiiluciitp nl ovitmms bunds In 
the prousiuu of Ivans U» wrimruliuiiK ,iml 
foreign governments. 

II you're lonkiu*! loi a way into lap, in. 
luftp Snmva Bank in mind. We offer an 
r\i:r:|)iinnnlly sb\nly gnnrlli rornni. all tim 
sireiiellrand experiftiidu of a lonir-esl lbiisljud. 
Iiofiw: bavi.:. pluv a fnfcJitiuss id apprisK’lt 
to interriHlioiiiil b.«nking that is refleclHtl 
lliriiuuhoul our n versons not work. Uoluuk 
forward In dtyliii'j wilh 

AT THE YEAR iMJ • ->• ’■-•■S 

Toljl Ayjli 

sop. , ;p 


? Loi.OCI 


Lo j,ii B f>U B<':* 

Diicounu-il . 

.... b.-*f’C.0S2 


Paid up Cdtl,:*- . • 

. . . 39. ' 0'1 




Ouerjlmg Into'"-' 

... . 624 b9U 


Opeiaiing E»i»n/ ' 

2 o 7 0 

Ovcraimu Pr u i ; 



Mel P»otdt 

IBel’ji-. 1 T.i* - .■ 


ll*i oni’.,.fti- 

oi t j* .i 


Tokyo. Osaka and 220 offices >n JdiMH 

London Bunch: 31 -lb. SliW Li.”' M- ‘.-CSV ;tD TEL *01' cOa rpCI 

Sanwa Fmwul Services Lid .la'j,- nti .,:i sn-s-i. London f C^\ - dCT TtL il 
Sanwa Bank {U.idarivriieitl Lid.: Mb L'M>J>nW ! Sn-^i. L<> lik-a ECjV 1 •_ ... 1 
AsMtaled Japanese Bonk (InternananBll Lid. -79.30 Comli.ll. Unn'ldn E'_1V . . 

■NT Efl NATIONAL HEADQUARTERS. RA..*. M-i. Oier..^,. Ch.-.o;l r l .. .* 

Ozayjj. 10 Pi.-s.fti mi mec 1 !.. d tl.onr-. i-iig^in L., 1 . O-dsj TEL lUC- 2U- X'2‘ 
OVERSEAS NETWORK-. Or-^Wof! FrarLIw-i. S-us^-i-. B-.-u;. -■ .... i • . t .. . 

&r,r,epof..-. Monilu. Jil u i : j. Stilus . Hu,. jjIl , Sj,, O.iM^n- . ‘tjc .., ►.■■■. ;. 

O'l-^o kn ’■’on.. Hrn,j;o<i. Toiuniu Sjo P.r.ii.i 


• _ Finanei?;! limes 

: ^'.V -'• 

French unemployment reaches o ©sk] un ^ oiis 

BY DAVID CURRY ’■”'•••■•':• MT ma"a a^ 

' • . . 't . -•• • ; • ’ Sj& r-^ 

UNEMPLOYMENT REACHED a ronvneraal vehicles 3 -n JihnU. .u ,- " P -' FJS ‘ Wt,V ‘ 14 I 

aSJS^ Fnu,ce last w lhave t0 announce programmes pioyJnenf V r,e ' n ' it coni nhuic« CS percent! 

Even « *!* We Wii. dnMedBD^j 

month. More than -1.34m people tr> reduce ^SSJr JbSIS ,or of tl 

were registered as unemployed. some hieh-teehimirSL- d * .15 that it spends onjya fraction of hetv.-, 

rise of I 
per cent i 

wage talks 


v nf 

it «7» 
^ ’ , 

By Stewart Dalby 

DUBLIN, Nuv. 34. 


Portugal rose, by «L4- per cent ■' in* 
last month according to" pnrl ‘ ] 

' isionai figures released by the tif 

National Institute or Statistics. 

The Sgure represents the Po 
I second biggest monthly ' A P 
““ease this year and fe a sign . act 

' that PnrtninilV b.i . . n-Li 

During the fipljpS?’. 
■ (m,- con- 

>V. . LISBON. Nor. 14. 

the DT;ei» nf "S' and: October sngiestS-ilia^'toflaHon 
iadostriai % in portugai wUi.probab^y reaCh 

X? - c f ffiOHths and 2* per cent by 

Dunrg lae b ^ end of the year, which is 
. J ' ear ’ tf! V in the still an improvement on. last, 

ssderahie itochu^ year’s figure of 37 per cent. 

Portuguese pnr^.;^ . . As" a result, however,, the 
April, ten* future .COTemmont, led by Sr. 

acceleration t? ‘ Carlos Mota Pinto is expected 

owing ;o wi i 0 find difficult? iii holding 

priMof - wages to the present ceiling of 

iif (bis year, th*", "F 1- 
siderfJiie , 

Portuguese prtc“g*. . 
April, there 

npni, were > nir- , 
sffpiftfti i jf- ii iii ™ t 

DUBLIN-. .V,„, 14. ! to s^-fcK'.SSS : 4%* •• » *«35S; 

IE IRISH Government received I • JU * nt will impossible ’to of a uaa:J;: ri9«> TwJ - wages to the present ceiling of 

severe blow to its hones ;ol to tile target -sa*. 3£V an ?. . 20 percent. Wages policy may 

auol wage inflation today when °. f . 20 P«r by the - end of P“ Wic wa-aiW dZ'r ■ ■ • weH hase to be modified once 

» Irish rnn>mK, ! tills Tear. - . - ■■ ■ 1 _ nnuiniipr n 

douht rha t irwi ™ ere * r P IO -™»F coincide with m‘u ■ c re,,eve « « any.; Benefit* at the top end of the .^nuoi wage inflation today when f « « P® r «nl by (he end of *■«» WM*** tS> ' - • 

kV.JrJf “Justly as a whole the pubkoabon of a report from [ri. m 1 a . na S ,n ff uaempl<qunent‘: scale (90 per cent of final pay g»e Irish Congress of Trade! 11115 ? ear - ■; ’ r n tin- «u*- .■ Spwever, 

f trfvenu ne |1I, s lV '- Farge, a sen-ior official ii!™ 11 n COn ^ tratfi cn j |,b - fpr some unempinved people for Unions (ICTUJ ' voted at a i Although . t5e -'s, r u m J *’ the reflation weU 

“ economic non- levelling fierce criticisms «f thA t 8 / lts ^ staff should be Jhe first year out of work), but "Specially convened session 1 Increase »f '-L5 ^ p-i-i3^1ihes. 

[JniES SLn 1 ^ C0 iHi 1,ie ' *P d “ e ? dency oF th e national system evti?L t r a a , H™ aD L m ° re ° pen lQ thf! ne 30tiator5 arc stilt a long against entering talAs for a new gestodT that- UflaS‘ ‘ 12?* «lt- dii #?, - flrst 
to^52Lv^ n J tS ^ 0Ur force ? office. tiS way apart ° n thc ^T 1 P*« ^ch are Portugal might 

Portuguese officials negoliale 
changes in the International 
^Monetary Fund letter of Intent 
next January. 

A weekend demonstration 
against Che rising cost of living 
drew a crowd of 250,000, 
Eahes visits UK, page 7 _ 


Maltese bl^ck Isrltlsli imports liKyprianou 

includes fome Government 
representation through public; 
employees. 1 

if -mMl 


fZtiEF^*:**** 0» T.rnductlon a.d tta , onl .v a third! ? 
to black the handliol of a» i£ f“n S '°S V l e la Despiff 0 ^ °V ‘f be ta * Mi ‘ i' 

ported British cars and television importance of Malta*? £ySS in5? r i ler n m ? n,h Britain; 
" K - Placed members working in- industry to the IsS ecoiSSv * ^ . Patn . ck Holland. V 

side British military bases on Britain ba* inswKd SSt the FFr 5 , T ™?« Minister to 1 

the alert and threatened to should restrict textile imnnrrV P’Hj 0 " f B r t !^ ks - Before leaving 1 1 

spread industrial action through- from a numbej of' «edS? ^hT Dr Ho ,and he I j 

out the island, in protest against ranean countries Specific Ju, ! , \ snubbed when hisj « 

British restrictions on Maltese were laid rWn kS* C ^ pl 5 a ! a . ke _ u p the issue whh ' 

British restrictions on Maltese were laid down' Kfte Com' n? n° •H ke n“ P ,he I> tosu ® whh ! 
textile evporis. muni* last D^ce.rh^r P r ‘ Dav,d 0wen - lh « Foreign I 

According to the latest figures. Malta’s t^viiia -erretary. was refused after I 

By Our Own Correspondent 
T: NICOSIA. Nov- 14. 

^Pjfros Kypriamm today 

Lower le?el _ B 

The last Pffit which don not ™ 
expire until Ijarch, aUou-s an fight is even-onc^^Si 

nlv ra ih,i? ^ - incr *? e 111 : remarkably calm coasiaStZ^t : '' 
paj which, a* the time it- was i it was about to have -sBfcS'mt, 
negotiated was slightly lower hectares of its best lariSi^d^ . 
than the leveLof inflation;. No back to private ownerswK^Tb® ' * 
figure has been decided as a secretary of the collect ^ 

negotiating Position for this f three hours late for an ‘x v* 

yraris talks, out.the Government ! and when he walked in pn«?*- ew ‘ ^ 

^understood to ;be aiming at aja hJffiSdBa ^shotguS^fe 'r* 
figure lower that the current 7 turned he had been involved^, - ? 
per cent level of inflation. iocal confroataiioo. with- the ri^ ' 

The unions' dftin'sfon does hatl? 0 ^- Intact -he- had been 


^ ■" 

of yarn, ,-otlnn and finished in a U-rr n’ , "'r rh, Hamad accused Britain -I 
Clothing to the UK. Valkil ;Ai- .i, ,. The >»" bating agoinai Malta b* i 

Mr.Do.nMinu.ff, nnv.rnment fiol-WqM X v i,h UEC. if,] 

last week banned thf import of F-riurn «*,-,■« Yalta"’-. •- .Hoi unci ‘Wp.Ti levels front such 

all lex.ilec front Britain and tuni?-° o d,«u 1 J*ihI.‘ UiT ? "i '“ ,UDl17 - ■ f 

dosed the British Our.cil nlfii-es res l rich on s nvr- VtL *r" p-FV'^ "PP 05 '!’ 0 ," AaH*ni'li>i 

in Valletta m retah-uon again.t wfuld have no d-.'ron hm !n ■!' to ' Ul ‘ ? ^EC 1 

what is described as "a hostile retaliate. " ' b . «_ & case and- 

dKpui- heWlSS }&?*?!-•'-:« i 

n«ur«d :a 0cwb,r when «nl»r huy, 15 p „ c(nt „V W& ^l"^S ne ’ s 

...w uDiiMun ones noi — :• ■ -ue- uao oeen 

mean that T be • ^Government’s snonimy raboits. 
hopes for a nitidda) wage pact **A it'.!-; ’ isrooe of a .number 
have been do bedi t> u t it. does colleciiv?* destined l>» he on 

; : ■ -ISp^r 

the British Foreign Office. Dr. I . a rt-prievr to two have been da bedi but U does r >f colleciiv?* destined i.i he bn 

Houand accused Britain ri 1 ^Hiwans -..t-re under suggest that ih.' h$j of success-! ‘h*? r aw end of - the \-s r . ir j, n 
diM-i iimnaiii^ agoinM Malta by | ;^»vc of drail: for the ful centi jl ware Sarsaininc ’ in I Reform Lav . The 'jaw. passed l-iTr 
'"W. v ith ,' hfl EEC. if V-.‘£*! , . r ^ N. ,- oi« It* 1 Ireland is coming % an end.' To-1^“™*iicr. aims .to s*M»ethe--fi>m- 

k.jfoieme .wpori levels from s-tich • eoroui.. -of Iikw'-i el Sibai, days vote cnr.ics'S against ihei Dlej: tangle of -n^nershih' ri«h.i-e 
a smjlJ e«.uuny. I ^£ roni '“ ent Eg>pi«n news- background - of af^h of vrn . Jin the A ieniejn; »ba«' foifoW! in* 

:-i ii 1 1 a s opposition NatienHisj r^Mr .•Uitor and a Inend official strikes vhicf could m-\.n , the April 1?74, revo.’ufttm. some 
Pairy has appealed to- the EEC; Anv.sir ?adat. The that lm days - Hl%ie lost this!‘--3m aeres of private land in** 

n iwonsider MaJids case and- Ls cxpccicc :o aoger year, more than 3loubI a last’rej/ed peaiiii3t£ * 

.■ Mimofl has succc-ecjp-i -n - ,, , ^-sypUan i^icrnmcni year's level. f ' 5 V/ith-f three monthV'-nf : tha 

mums behind him on lb.. i-.s.|Y. I ’'Wch- hail demar* 1 ^ >hat the [ \ oassme Y the law Tlcno ' Wr- 

he Industrial and huMaess com- : ^alt-stinians i;::rcutcd Lynch for Lorfdnn ‘lares of the,', seized land 

restore the authoritarianism of 
the bast The party's failure ‘to 
sustain-, a : ’fight"' against 'such • 
measures is perhaps the clearest 
.-si$n t.7 date of its ’pragmatism— 

> ah a« often ignored by 
fcho regard it simply 
as riented and inclin^i 

' towards mrvPchJc bids- for ikrwer. .- 
When •'pressed, the' more 
honest of fiarty 1 militants admit ' 
that "the Objective conditions 
are not- -ripe for - any ■ open 
defiance - of : parliaroentatv 
democracy. They have learnt tile 
lesson of 1P75; ' when their 
" attempt .it cjirying the revohj- 
'tion. to ita -ultimate cxmchisum 
was brought to an abrupt halt 

. ‘Significantly, .one of tWTrien . 

:■■ • oiguincanci*. - one 01 ina Tnen 

jSfp most responsible, for teaching 
- ;• that lesson is the ■present Presi- 


A T-_: . .<5 I *-•!** Mfc-u '-U fiuidic 1 . Htt-DUS, » -I HP 

- .OInsh Prime Miiister Jack • matter ■■■ .n lefi id abeyune&riur* 

The two n:*«' Samir ! 1S t0 h; * ve ‘“f* with Mr.'ing the - v-month Sociallst/Con- . 

Mohammed Knjgar -S. of i a ? a f Qan - in Londofi Ja ter this ; serva inn administration ' IVt or i‘ 
aordan, and Zjv..; ai ! about the proposed Euro- fell last .t tjy as a remit <#**% ; u ‘ ' 

All. 2fi, of Kuwait, “'re fi'de : pe ®P Monetary System. The 1 svrvative anger ai the nol voli- i '" s ‘ 

[•> be hanged io:n a«t in the November — will be | cation of irmjavi*. The S» -livis ' 

Nicosia central but an . lour , >m , ifion Market • argued tret fi» Alenfej'ji^'aV a °- r ’»• 


Ri»N.\\ Nov. i i. 

he does noi favour any i-ampaicn Wesrern a»iio« Ji ' , - -a. f-r in c BunoeaU :\ 

-•ill. 2fi, of Kuv.ail. i-ri 1 die 
t'j be hanged io:iia*t >. in the 
Nicosia central rrian. but an 

•- - -»- ••---**.■ that lesson ‘is the ‘present Prest- 
rji '-y . Jt\ - , dent of Portugal. He-is aistrcfrjef 
• ‘ of the armed forces: now-purged 

1 'rf left-wing idealists and readv - tn come down bard pn : ‘iie Goni- 

• * nninhtte-If they get out of' band. 

- r-i^a Tintu “The railitatr- rethates oho cif ' 

'the great unknowns: We' can not 
know for cartain. how they would- 
• Pow-difE- react, but neither we- risk 
:tGMi -of organised trying . to .find out,”., a - A- fum y ■ 
fie^aiahtejc. ‘ Communist told ‘n»e- recently^ 

\ urged 

- the aUftn'dp Although it is diSTnui t to- prove, 
•i-erein- nt i.ffirTa’s 3t seems likely against this back- 
uhilc’il 'in thexr S T0U0< < Uut the more violeat 
i-tfidlvo the reactions id the Aleatejn arc' 

.JtiK . . - _ i>nmi n n frnm 1 1 Ail t i «'■ .>e 

Tiduals-similv ^ i™ndr n fZriv».*? n ! nK5 “ f ’’ »f «-ro .-laired (o comm dealh. = ^ .scheduled t* «a« 

their form, r membership of the -.r on o Jl d "i fr i Jr y . , l!1 V! u, " vs f !i l' »nvr;niinsied ” by dt Xdzifi'-fiH:..-, ' w •**«?** t^life rsn? -onmrnt. . Discard E 

Nazi nan.,, a, .tjrss, 0 ^ ^.: ,e i,r»^ . s**. ,■ 

--bout hiiherin unknown JVazi His '■-.iinu.- n " A • alihou oh both .*r-- ■ on- :■ .Meosia .* Hr!*' 1 !? Hotel on 1 Flrf^ 

T“?* 10 tOTw *"^ •v« 1 ■ sieei 

Speal-ins in the foreign Press Panting "ut ih.,i R^n/VHicr ^de-il nr 1' ' .[< L‘ -Jicsldlun reetinc or J nmrrrimmr* 

association here. Herr Schiridt Seheel, the Federal pfsssdent. held early n«t 3 w • Sii: •. uio- 0P nf OgFaffllHC 

printed ‘ami wa^’ re turnod onlv' on plat low? passed b.v ’^? 11 VJ . 
after . cla.-hes ‘>et%een. pararii i li- ate < ured out.- retorm. 

; tary police* snd ifesants in the .#// • - ' 'Si-rricaJiural offlrla] spDl ^ Bl1 
. I arr-_!i. ** . .; . of-^r - ^ 1 on opera - ' 110 ^ 

Now coni •••■‘■' e.rsy^ftas " retu roerf? ri>„Vioed : .« feeling. “ W'.e Agrttu 

■a^returned only' 

reform. Government has been 
spurred into action by‘*'rfdl. 
tional.. economic factors ajihmrv 
of AgrrcuiUtre officials cnpha«ise 

■ r.ident and ! Philip Rawstome 

• j n ov. coni ■••■n-ersySftas " retu rner ri> n ^iot-d fe-iing. “\V.g Ag r oiriciais emphasise 

j tn the -AJ'.n to jo finder Hit law sb as that unal land- in. the Aentnjo 

• I. p re sen! careoi-ter atfiijiistr.< Jb t-'-' pr^-’gv !•. the State and ’fre tarried to io.dmdual farmers 

1 Sr A I frr.ri f. J. tj-. -fl.- v»i-n« k., there IS Utt e nnnr ,\t .»tu'. t-i-ji 

'•"i i ! '- aicl '--vr ac0omisi.r.(^D Ii- ; - • 1 swiE ana ■jw.uum, .Tarmers 

of Sr. Alfredo Xobr& da tm in jfl v?ra:vc:i^'’ he com- ,1 F re ' »■ ‘WP }hjr Jtind 

fLast inoath. Sr V^z PSjRup-® m-V - f ® f v technical, improvement ; so 


A /ESI ft] 

icw an i n 
»rlin shat 
(ten feel a 

r .^ i'“" • ' ::i 

; r-.jf A In! 
rcAisit tj 

the Alentcjo. 

h j anient i>r jonne p * 
•?d thu is i he "iroat noli 

- *r o* • I . o U| 

.if of -Sa lions hnl 
!•". | Gjr-. us. i’rrsli! 

, L sirf’iVh - “>***» -"KIU UJ»C IK IC-VLTIIW th'JI Idiill. n lOJ 

r ,C5 f 1 “' ten a then the mea«urc? already nearb’/lown. doctors were ireai- 

I-.CN IWldl Nicosia I I j i.' p n ir the 1Snn,.v.y,h4 ... f 

1 1 1 ;. -.•! ir ix i. vi,; v -;r. 

■ ihi'-'i'.. mi ^ ri-kin . 

:, “-V 1 u - -V:L-. ^r.-uiinivirg 

n y ■ .1 U ;:n ... hi -V. C :ua t uvc 

cn-.i.-A.i; \ \ 

NvA rrpr,:... .'‘.i-N. 7,-4 a |M io3 ft. 

W nui IU1U1 VJl\; L/.VM 

A Renaissance of 


' ^ Ga^ic^ t^th^QwS 

01 - 8^8 303 t 

Or ypirrifriav^l 

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free brochure > 
showing all i, 
our range io: • 
Thos.Wcbh i> 
Ip 32 Hatton Gdn 
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A luxury he td in fte great 
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t EC1NSDT fiaklfijaBtjSj 
f Tel: 01-405 oai 

?rlin. .j I their !iv>:- ' t]y ” ; 

reny r,; ' cor Tiny i Hn s' w 
*sl-viai j int’Vf-.! . :ui>! i:i[ r sponv 


li ,. readme n*i wt in , : V . fT. ' , ! ' , --if ,,,uv, programmes ana sup-ime niuit . of the ConinsirHs. 

' • "miJn imnncm l*M-»ai j w* •. r sponge to pon measures would have to he \ But unlike this time }Vv ;; - 

:)r Glotz said -hat it is- -^l • 1 •^-rVwnr*' -i ‘‘l® r i nun, ] ,r ^ directed towards the general ivhtn the then minority Sociali -I 

'O simple accuse * M Jr -isn. f ^ ^°' nmun,, F a,ms - be said.. Government first attemni-d i ( , 

beir.'- ihe bre!.di».^rl»‘.n! fl’.i' \ 1 .7 i - '’tri™. ns M*;.? unI Davigiwn said theirciurn expropriated Jantl to ;t-J 

heir.K the brevding-rroimd fo : \ r«l-L. r.u 't 
:err-.r:sni" Sociei;.. he i-iiti ; An '<n!--i:i! at 

. NO- Ca. , 


TftiK.-yirBS Cffmii Jddras 

lSmScMSauu l X.‘C,W^u‘nsioB,DA300(iy 
Te/cs 64245 
or see your travel agent 

iHarsisai 3 . Cj)W, JhopnGvr 


no exei-u- 

t'EC'? steel output This year] 

w,,uId amount to ahout 132n:HMviaTi*N Mi,bm : ,i jH ,i- „.,j 

i •- tin no«e,- u : ionaes-iome 4 per cent I p from ^UrVi'? 0 

-v/ih lA ? ’ : c ^ ,n n :n|,rale J !‘ ,ns ba v.- r;ik< , place In »l.e 1977 total, but 40m tonnes ^ M * 3:r !*"**' , .*, r 
— ■ h ,hl - > oun ^ r g**ncra; uni. . ypriis i : ,h,. i . years - heimv. ful) capacity. ; ' 3 p,,5;Bi ' wi| 




; -v -■ 



$:% '-.mi < ^ 

Um is s’:':. ^ 


*F- ; 



















C P 










;!fe : 

TIME Magazine is written to provide weekly insight 
into the worlds of politics and business, art and music, 
books and science— all kinds of news that can be both 
intimate and globai . The interests of TIME are as broad 
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>utside the CIS., 94% are non-American— infoimed 


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IME. The news magazine for the internationally minded. 



"WetluJ November 15 1978 

Eli RO 2 AN NEWS- 

vl •' -f : "-: . 

■»•*«** ° 

••■ r-’i-ii-- N>--' 

" ; r >: ^':bt< .... 

: . a^. ^ll'KO..:A^BREG.TTr, the 

s worsen as 
ves for Libya 

ROME. Nov. 14. 




* ‘^VSBSifc :3^i.Vv^S;is6--.#; be 
; - £o' London 

' V seat weeRrishj C'-he- ^riu-.fcave j n 
1 ‘ . ^^effded'adima^'ad '^'rferi'es of 
• — , . imjreastt^bWfer- (femettii.-;prab- 

'• : Je-mtf- iHW'ltittia£.rer^^ 

." • sure on : bi? ■fW'^e ; .'-.mmprity 

;, Gbns'it^^niQctar Gcrrerntnen i . 

’ - AtfbiJir; %a <^coii™ii£ T 'Party, 
on., w hose^iupport" ftis- minori ty 
-atEiriHitistratfOTi 'effftclively 

depends* .is tordentog.iis altitude, 
-towards -the Government and is 
I £ff. h again ■ demanding direct .- eoni- 
Mbf munist participation in. Vthe 

. fvwtt ;3ds. 

own. rairty. y - ' 

' ' The -latest --tensions between the 
■ ;■ ^ . prime . Minister and bis Parly. 

V involve'- s' ‘rniucij-awgUcd' ,minpr 
. : ■> t^y.emniejit ' reshilffle : following 

yjie -appomiment ..last - xa birth df 
- ijjie.i .CaSo. ' JJtmal .Cattiri, the 
' ^liuips&yy'-iJBJBjster.,,. fas Up 
-JciuttUan.JJcinflcrats. new deputy 
ier iriary^neraL, -J,. .••- .*.•■ 

■' . ' Thf ^rirne ,)& under- - 

' stoo^To 4m^"wanted-.ib replace' 
J,pdustry : .Minister 
-.untU S^.ftomanp Prndin a re5- 
^^edy eWnoiaist irma, Bolojpui 
^UDtyef^iB' who althoush . not .p 
_ inemjKy. .ofvtiiiff ruling party has 
.;'elos p • .^.sytftpa li»i es / ,‘kWiW.y the 
-tibr 15 tiea-Deinpcfais. At- theiSa m e 
ijimes. Sig:. Andreolli- was: to 
wefioose arandidate -as- Minister of 
Public Adntiriisfratlon, 'a', tifcwly 
.created - Cabinet -Tpostw : ia. -eo- 
lirdioate '/union relations and 
htfage 1- negotiations . especially in 
/the. pphiic; sector. ; ; .; ’ , .-. 
/.However,. Sig/'Donai ; -jCattjn 



i 55 - j 

In para 
is insisi 
by a ir 

the cul 

from London next 



- Tuscan 

• people. 

In - an 
call a 
uig pr 

. little- k 

• -InreMi 

- bombings 
. under h j 
. members 
Stefano J 
; are-char g 

■ -TWO b 
'd»- Prato. 

a p 

1 Tiofis'c or 
.manist ni 

various Cbil 
lums in the' 
The atiiti 
Minister. v! 
from the Lei 1 
centre Right 
of the fierced 
iiiunisu, has! 
Cu ram unis is. 1 

defuse the 
has" now dec! 
political par{ 

d the. proposed hl< return 
Si 3. • Procli .claim- week, 
it been -consulted. Although’ recent ; 'declaration*; 
Sig f Donat . Cattin by Sig. Enrico Bertinguer. the 
should be replaced Communist Secretary General, 
f pis -faction of criticising the Government ar£> 
ly, -lhc so-culled in part 'motivated by. the local 
so as to preserve elections in. the northern region 
balance . of the ol rhe Txenlino Alto Adige, next 
Sunclsrjv the Coiuinunists . are 
nonetheless findinfi the present 
governing cuahtKim in urea singly 

In this respect: the local elec- 
tions on Sunday will represent a 
general lest for the country's 
political lurccs-. despite the 
particular local-' issues of this 
partly German-speaking region 
vhieh are likely to have a major 
■ influence du the polls. 

Sig Andreotti ,i* - also coming 
under pressure' ‘from -the trade 
unions making heavy weather of 
•he- Governments attempts 

res., went .off in 
In Luo . uthpr 
tie. Mon day and 
injuring six 
was limited, 
ions telephone 
voice claimed 
>r the “ tight* 
squads,” a 
tft-wUig. . fer- 
rtS AP. .1 
linked, the 
rial currently 
if two accused 
group, Sig. 
..and Sig. 
1«'0. both 25. 

inti-oduce an incomes policy as 

cr’ an 

pan cf' an overall ujedium-tertn 
ecoiivn^«»: recovery plan. Constant 
r - reraincb.Ts of the level of dis- 

ent tfljf in com-irt ■ in -the country are the 
KJPLsa and uae conunning strikes in u series of 
lets ntnged ke Y factors, including transport 
ion to. the .whiefj have transformed a rela- 
rmer Com- lively simple journey from Rome 
to Milan into a minor safari. 

.Ml these issues will have to 
lemocrat fac* 1 b<: tackled by the Prime Minister 
Cabinet, after his return from^his tour 
C_the Industry to Libya, one or Italy's main oil 
.has moved suppliers. Egypt. Jordan and 
party to tho Iraq, and subsequently London. 

! become one In London Sic. Andreotti will 
of the Com- discuss the proposed European 
Irritated the Economic Monetary System 
attempt l" tEM5) with Mr. -Tames Callaghan 
Andreotti at a rim e when both Britain anti 
consult the Italy are expressing growing mis- 
iporting his givings about the Franco-German 
issue lifter monetary proposals. 

y EMS stand 


goyetiw o.f.Jlfe : .B2i£i.of£iigiand,‘ 
Wras pressed 1>y '{ ; TeUow. •' » EjSC 
'dtintVffl ba'nRmS^herir ' totfay to ; 
clarifii' itije.' . UK. 7 authorities’ 
position, oft; the proposed Euro- 
pean ’ ihon^far’y"- : syfileni ^ ( ElfS); 
following V rniidrtif. .rtbat-. Brltsi □ 
intends .to stay, out,.' when the 
M.-Iieiudj 'i*;iauncli^.nexi year. 

* ‘Rte^venTbyi'.salbdred for a 
Wctin&i. Western 

V^ntraLoao^s ht rthe Bank for 
1 (i Ls f fenlents. , fpnh 

jn 1? ' qf- ttfe prib'ctpal . connnitte'es 
cfj a riVd 'WLth' l ‘4^a.wih'g tip" details 
.Vi' the oiirrency -.'scheme. .T^ey 
iast hict..Tft BritsseJs in late 
Octobec. todjiie due to. prb rifle 
a report -fq^devt: week's meeting 
of Eufopeatf-Tinafice - Ministers. 

- Despite, the jkbblemfcjMS'efl bx- 
Britains* strong- - reservations-* 

BASLE, Nov. 14. 

about-ISMS;. the 
reaction here 
bid n e tary -m e 
rise in miaimiiii 
and its expressio 1 
tfpn - V). Enforce 

Tbe'EEC bJinke 
technical points 
to be resolved in 
the Bremen EEC 

table ‘aod ;Startr &M 

J-.r .. • 


favoural/pVii.-.- Eurojiean Commission, who 
British -vas here yesterday to speak at 
domestic Basle University, said -in answer 
'^1 fmint to j quaslinn that the facility 
ig rale — for changes shouid be made like 
termina- divorce — possible but not loo 
f wages eKj’. 

The bankers also discussed 

ted basic dilrcrent view-, on intervention 

11 have rules. The wcaker-curi-ency 

Ifil countries want central bank in 
iffc>e- -tervention tn^ered when a 
v currency — even' a hard one — 
.* deviate-.- from the? averaye 
i-r'is rather lhan waiting pr one cur- 

Roy Jenkins," pn 

r .’-‘ ** rf’JJ ! 

These include .. __ 

for ensuring ' that- l^>ry vetsy tu hit Hi Hoof against an- 
parity changes' '-tain, feyde ^hftc in the " pari^ arid.'' 
smoothly without"<fisaipg the 1%'Wesi C.crmfflJ Bundesbimk 
syriernt:^ivt bv It:*-. accepted tin? idea c<f an 
weak-currency- Countries. W a s J warning system " but has 
Italy, even If. they are, wm- rejri|d any s«|‘ obiigaimn for 
raodated '^^in a >-ifljff /V&- istroi|l'k un'cri*r countries lo 
titia; Fj{u3d.thaD"ihe._re 

-,stro ^ kurven'r countries lo 
,inie r \t*„ .^ ;lujir currenc;. 

r ■jithe. 



THE DOLLAR has recovered sharply since 
the Administration of Preside Carter an- 
nounced its major support package a fortnight 
ago. writes Michael Blanden. r - 

The sweeping US., moves have succeeded 
in the sense that the dollar^nas picked up. 

- From its worst levels just before the news, it 
has improved by around 91 per cent against 
tlie West German D-Mark, by some 11 per 
cent on the Swiss franc and by about 61- per 
cent compared with th'e Japanese yen. 

Nevertheless, as a demonstration ot‘ U.S. 
determination to put its position right, the 
measures have not yet convinced the foreign 
exchange market and holders, of dollars. 

• including some: central banks.' They remain 
' ■worried about the underlying U.S. inflation 
-and i ts external deficit. - ^ . 

New York: traders impressed by level of interven 


FOREIGN EXCHANGE traders amount^df inoncy they are bpend- committed but rather the dear the markets continue fo be 
in New York have boon ini- ing to support the dollar, [hie appeu-aure ihat the central bank neiTOus as the support furids are 
pressed with the high level of intcrvention,t ec l :i oiriues ihat have is vigorously endorsing the drained \he spending v.-il>:-.cease 
intervention Hc-nvity which they been usedMiave frequently t. t en Admin istnition's commiluient to lo be a positive facto i—denion- 
haver deteefed by- the Federal deliberate r R^ite overt, a the dollar. strafing the U.S. authorities’ 

Reserve systim sliice President common ‘I l“ re Cll ed is that of Looking to the fuiure. it is coramiiment — and will bp inter- 

Carter unveii ct j . the dollar betivecn S hj a Q d S3bo argued that for tbte lime being preted as another reason for 

defeace sirait-g;.- atlJie beginniog been com! tied so far. the niarkeis will not be disturbed anxiety. 

•j f ih'e month. One de er - sugg^siji that at by heavy central bank spending. Before thut. howe\L-r. the 

Some dealers ; suggest this stage ithe most important provided that at some point it levels of intervention will un- 

a I though ih,- authorities do not factor is of the proportion of does clearly result in a change.of doubtedly become more carefully 
give firm indications of the the swap hne facilities being sentiment. Clearlj. however, if disguised. 

Zurich: better re ations Tokyo: $1.5bn committed 


THE U.S. package, coming after was p 
a set of measures announced a Iransfere 
month earlier, by the Swiss converse 
national bank to bring dow-n the for the 
Swiss franc rate, has contributed borro 
to what are considered less Nat 
unreasonable relationships be- are cos' 
tween the Swiss, franc and other deal of 
currencies. necessi 

Switzerland is particularly reasons 
relieved "• that the U.S. has parity, 
apparently given- up its policy cuntinu 
of benign neglect towards the The 
dollar. There is growing had h 
opt!mi c m about the exchange to the 
rate, although the move is M?.en nu>rc 
as Ion-.- overdue and even bankers its Sep! 
with a fundamentally positive than 75 
attitude on the dollar saj it ivijl thing of 
take some time for the market to tary aut 
re rain uonfidenec. I- had 

The SStiss national bank bas over Hi 
conrinu# to intervene in favot^ point for 
or the collar since the sjart of policy 
this n#nth. . The growth of itk tnough. t. 

rp^ei-T'i’s in the first New \ork 

■ZURICH, Nov. 14. 


ly offset by dollar 
hanks in respect of 
out of Swiss francs 
oceeds of foreign 

THE Bank of Japan is esti- 
mated to have purchased 
about 81.3-l.5bn in the Tokyo 
foreign exchange market since 
the U.S. treasury and Federal 
Reserve announced the dollar 
defence measures. About Slbn 
was soaked up in Tokyo on 
_ , the day after the measures 

Tower the Swiss franc ‘were set, as a Hood of export 
may be expected to covering hit the Tokyo market 
taking advantage or the over- 
night reversal in the dollar's 

The cf- uiral bank is estimati-d 
to hate bought an additional 
. SuOQm during two days of 

times. This is some- pressure against the U.S. enr- 
’umph for the inone- rency last week. 

The New York Fed — while 
concentrating the bulk of its 
attention on the West Gernxtn 
mark — nvy have bought up to 
$300m in New York against 
the Yen since the measures, 
were announced. 

bapk interventions 
Switzerland u «ood 
ey. but in view oftiie 
interna] economic 

some time yet. 

crossraie. which 
■using most concern 
•is well up again to 
5 centimes, against 
;r low of linie more 

y. which, on October 
a D- 1 nark rate of 
imes as a reference 
ire foreign exchange 
thougbi possible, 
the likejihaod of the 
Vd C'.ini*eni rating on 

-vous In^ernaljona^ Business ? 

which has- brought about the 
stability and the price for con- 
tinued calm eould be high. 

The U5. has yet to make 
any positive move toward Hoot- 
ing Yen-denominated IU. 
bonds in Tokyo which could 
lessen the chances of pressure 
building up again. There is 
some hint of dissappointment 
that the t'-S. lias not sounded 
out Tokyo yet. Mr. Takehlro 
Sagami. Vice Minister of 
Finance Tor International 
Affairs, recently has said that 
Japan believes the present 
package of defence measures, 
will not stand a chance of 
working indefinitely unless 
there are clear, tangible signs 
or improvement in both the 
l : .S. trade balance and the 
economy. He is optimistic that 
such signs will be forthcoming. 

Some optimistic signs of 
continued stiihiiity hate slowly 
creeped ini<f»|he market here. 
Export bill coscrlns. tselling 
dollars for yen) — has slowed 
from the record- xlbh daily 
pacr on November 2. ■ * 

Firm stand 
by the 


By Guy Haw-tin 

FRANKFURT. Nov. 14. 

THE D0L7.AR has remained 
stable on the Frankfurt foreign 
exchange markets, following 
the considerable backing that 
the West German authorities 
have given the Carter adminis- 
tration's package. Tlie Bundes- 
bank, West Germany's centra^ 
hank, did not intervene at the 
fix either yesterday or today, 
hut dealers here believe that 
it has been intervening in the 


The Bundesbank would not say 
how much West Germany's 
bank has spent on supporting 
the dollar so far. However, 
bankers claim it is consider- 
ably less than in the first week 
of November, when West Ger- 
many's currency reserves rose 
DM 1.6m to DM 100. 2 bn 

It appears ihat the market 
expects lltinys to remain quid 
Tor l he nexi couple of months 
or so. This is because the 
Bundesbank is committed lo 
supporting the dollar. 

A leading banker here, said: “The 
Bundesbank is on the line to 
keep ii stable, whether this 
resolve — and the available 
cash — will go beyond the short 
lenn remains to be seen. 

“There is nothing much lo 
radically alter the dollar situa- 
tion in the whole package, and 
1 don't think the fundamentals 
or the dollar’s problems have 
been changed. Another banker 
described the situation as “a 
war of nerves.” Dealers, lie 
said, clearly believe that the 
dollar would continue to go 
down without Bundesbank 
support, and it was only its 
intervention which lias pre- 
vented a decline. He described 
the situation as “stalemate." 

One view is that there were so 
many dollars in circulation 
that it seemed there would be 
little alternative but for a 
further decline. With 8100m 
coming omo the market 
monthly, as a restih of interest 
«»n Euroloans, supply was far f 
outstripping demand. 

Some concern was expressed 
about the American plans lo 
raise short-term loans in the- 
market. ; 


U.S. Steel to build easting 
plant , in Ohio: Appointment 
pr new Kcnnecott chairman 

-imminent: It. and R. P.loek - 
plaits to diversify— Page :\9 • 


\ 4 . • . ... 


r • •: ' ' , ' 

.< . 
.5 . 

JLj .. 

f .i ■ \ 

* a : ■■■■ ' i 


i • - 



i • * • 

- . - :• S. 


A".- s 

. .... ; Banco Ewopea-paxa 
• r ; ^ ^ n : - ■ -a America Lamia 

u . «<; :-y Rio^ 3 e Janeiro. 



Cofogftz . 

SodelS Generate 
Mexico City 

JacqueslJD UETTE 
Batique Beige (France) 
■ Peris 

Robert PREAU 
Rdnque Beige 
Jiang Kong 


St jcieUGenerak . 
dc Banque 

Philippe ML'ULS 
Bauque Beige Lid 

- . !(.-• 



European Ameriian 
.Ye::' York 

* -j.jsj 

pis' key : to success* in' the ^emmonal 

L-'economy is dose, persomi; knowledge of; local 
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remaining flexible andin-enuv'e. . - 

Thes^ arethe essential qualities of the people (fioociee 

we -gpeak-yonr langnage: the language of international . 

1 business; the language of the country; and dl'eTar^oage' 
-of the loral economy. 

Operating effectively m the international economy is ar 
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call on the roan from Societe Generate de Banque. He 
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Societe Generale de Banque 
Generate Bankmaatschappij 

The leading bank of Belgium- "ith over 11 00 
branches in the counny and offices in key business 
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Telex: 212S3. Tel.: 02- 513.60.0" ». 



Mexico is joining tie major oil nations. William Chislett reports. | Orders for 

MEXICO TOOK a big step closer 
to be-’^imag a world oil giant 
vhi»n Soaor Jorge Dias Serrano, 
■\irecinr of PetTGleos Mexican os 
(f’EJiEXi, the -slate-owned oii 
tnnnopol; , announced the div- 
ert very of a new oil region Jn 
tp» state of Tamanlipas and 
Veracruz with potential reserves 
p: lOObo barrels. 

Thi- increases total potential 
-s* by 50 per cent, to JOObn 
i'-arrrls. cr twice as much a 
.Saudi Arabia's proven reserves. 

Tn* - question now is whether 
t: will be economic to get at the 
Up to 16.000 veils am 
needed because of the tight rock 
formation, mure than PEMEX 
has drilled in its 40-year hislor.-. 
Other questions are: when can jn 

Portillo learns 
the power 
and politics 
of petroleum 

. And if exploitation °f the newi 
basin » rfartpd quickly, even J 

more gas will ha r e to be Dared. . 
PEMEX has not decided when to 
start development of the bamn) 
nor has’ it said how much it will i 
coat- The basin c o u ‘d be' 
developed over a period of 13 
years and it would involve con- 
structing a whole infra-structure 
in the area with over 1.000 miles, 
of roads ind railway track. But; 




By John Wyfes 

NEW YORK, Nor. 14. 

A FRESH PACKAGE of orders 

no starting date has been given.: for Boeing's new generation of 

PEMEX Is in no hurry to get at' ‘ " 

this oil. particularly os it could 
be COStlv bora use the 

costly because the rocii in 
the basin is not i cry porous. 

Calculating on a conservative 
estimate -of, S2 to produce each 
barrel of. on-shore oil this would 
mean that at ieast S'-'OObn would 
be needed in investment if every 
of barrel of the IDObn potential 

poJcy and Jess caution with buying Mexican natural gas. 

»““* aBQ wny nin ute valpusiy guarded reserves? r n7 . *>,„ , 

Mexico choose to make the i.Mex^ was the first country in Ne *°‘ ,ati0 °s for the sale — 

announcement now? i son to nationalise its petroleum 1,m cublc feet of P** Per day Reserves were to be extracted It 

PEMEX never ceases to amaze indusjy). for six years for 52.60 per 1.000 »#* known how much or Uns 

with iis figures. At the be^in- S w e observers, including U.S. cubic feet to six U.5. gas distri- ®“„ IS 23 v ,"f^ c<? 

ning nf the year proven reserre- diplomats who are following this bution companies were broken its oil at SRW a , -. 

of crude oil totalled lfihri ivfjc /ery keenly, suggest that an " ff ,ast December after the U S. thin OPEC to ''“”*** 

barrel-.; probable reserves 3Jhn important reason for the Energy Department protested at aoes not belong — the new <tis- 


Barrels and potential resene-; 

120 bn barrels. Then in Sep- 
tember the Mexican President 
Sr J ose Lope* Porti I In an- 
nounced (hat further exploration j , h"i r 
meant that these figures had lo 
■■’e revised upwards lo proven 
reserves of 20bn barrels, prob- 
able reserves of 37bn barrels 

announcement is a domestic Jbe price. As « result tbe « conaaerru - — -*»*■* 
noliii al one. Mexican Government abruptly ^ tracUn S- However, (other 

■The Government wants lo sa,d would change its policy g™* say that it cosM PEMEX 
show Utat their children and not and u»c all ir E gas for Jt 5 own &^T. or * ? th£ 

childrens children, will domestu- needs and only export 2?* 

benefit from the money which the 3*® if there was any lert so operation mi 0 hl ery 

uil w*U bring in." said one diplo- leasing more oil for export. 

mat i.ere. But this policy could backfire u-- * PEMEX is showing no 

s and prove even more expensive and knows that _vt can Lopez Portillo is giving and prove even 

and potential reserves {which lhy hfebest proirity to oif with following the latest oil discovery t0 wait and ,1<e K h i1 

lMEX investing between S17bn for it is estimated that aoarl m * psychological 

include the proven and probable PEMEX investing between S17ba for it is estimated that apart E - . - . . 

figures) of 2 00 bn barrels and S»bn for the period 1977-82. from tbe potential oil reserves of .""'‘SP aTld J!,,® 

s „, rii Ar . • , Oil government officials admlL lOObn barrels, there is also a P^'hle bargaining weapon with 

are isribn barrel^^nH^hp 5 ^ ;h2 last °PP° rt unity Mexico potential natural gas reserve of SjJLH; 8 ’ °* er such - 
19bn Mevino u wiH bav e to put right some of 40.000bn cubic feet eaacaQ ,mmigTant5 

dnring M l.4m barrels a L S the ills of its fimdameotatiy weak Mo5t 0 f Mexico's gas is asso- rh PPMFT 

which inn non w/j and unbalanced society, linem- ciatert natural o a c -ic it ic Apd only last month. PEMEX 

compared (o Saudi Arabia's esti- PlO- Tm * n t *s high, tbe population obtained with the oil — as opposed So^cf ^f f * S *tnral P «« U |s 

mated daily production of 10m l 8 , 1 ™? 85111 . 8 annually at around ro dry gas from separate well* — Uo - of crude and natur -^ 538 1S 

barrels — its" output' having’ own 3 3 ■ nd M1 the a * ri « i »Ji™ 1 and so gas reserves, like those of th» 

increased from the production s ect ^e®P ! oys 40 per cent of the oil. are very high. ru^ P 55 h Mo^l llcb niifhnr!!* 

cciifno n F h/,1 ,Ft«p Tr-tl workiorce and onlv produces 9 j .... . of Mexico. Off-shore pro- 

trmjhice b/d after the IraD per cent of the GDP. Already it is reliably esti- dueflon is expected io start for 

under way In the Gulf of 

aircraft, including "possible first 
orders for the planned 777 Trijct. 
are expected soon from two lead 
■tag U.S. airlines. 

^ Delta Airlines is believed 
be close to announcing orders 
for up to 20 Boeing 77s. which 
should be wortb more than Slbn 
These will: be tbe firsr orders 
for the new wide-bodied i win- 
jet since United Airlines ordered 
30 in a $I.6bn deal in July. 
'•Delta. United, and American 
Airlines havE each been involved 
•a preliminary design consulta- 
tions with Boeing, and it is being 
widely speculated in the airline 
industry tbqt American will 
announce the first orders for the 
proposed wide-bodied tbree- 
engined design, the 777. This 
would bp a .considerable coup 
for Boeing >vhicb may, as a 
result, net orders for all its 
three new d&jign s within six 
months. In September. British 
Airways and Eastern Airtimes 
provided the:.' first batch of 
orders For tbe harrow-bodied 757. 

Development-iod start-up costs 
in developing these designs are 
expected to cost Boeing more 
than $4 bn over the next four or 
five years, but ‘the company's 
balance sheet has.' strengthened 
by a significant increase in orders 
tills year Cor its established 
designs. However, its new aircraft 

P5ndnciil:-TsSBS \n 


?£: P. w. BOTHA, the .South vt «**>' ^Sducau &*& *“ * 

noted member, but he te eredited with 
a*, of Plaiting the 

rs»"sss sa&se. SHf PSsa 

The move is cecii as the first ncial WBS :^ 0 go ^verifgte” rwlUin 


clear indication of the direction disgust icon's- NattaSi'"Parbr 
nf Mr x-othas regime, since he Jarison js' DronH fJS 1 .- nnt herald a 

was elected Prime Minist er in obscure Tjom-rai'e-'? 0 , 51 .;, . but ^ o * v?r- > a 

September. ?nd is a major set- DepuL- Minister departure from South Afnras 

buck for fbn conservative wing far» and ^ens^.-nj -pu^wef separate racial develop- 

oF ibe ruling National Party ^ke-ai"^hc'r d »' ra ^^ BB meDt - The attitude, of the 
However, it coincides with, th* and cl-s* 1 ’ moderates is rather that' the 

announcement by Dr. Andries Ministpi- w n 1 .. , rc c MMBptton. poh'cy should be earned out 
Treurzilcbl ideological. - bi-h Mr rSrts liJiini-* Wtcr more ■ humanely, and more 
priest of the exiremr- ri»hC -of Econornrr- \ffyi^ ^ v€n th !'rapidly, than the conservatives 
bis intention to’-Vsurad fms .the adfedl ^u?^SS^ s S w frt.- . • _ 

Transvaal nmvawsa .’leadership the, Envfa-eciiVe ^Jfentuef » Quentin Peel adds: -Pretom 
oF tbe party. If he 'succeeds, ii 'smit tbe a7 im Q iv.Co»oured dirdomatic sources believe a 
could start <■ scriova. rift: ■ - ftelations- -meeting between Dr. Ktm 

Both events result from' trie Statistics ncrr'J 1 Waldheim, the UN Secretary- 

resignation oi Dr. Connie Ahikfer Th» rR-nuffle 5 *^ 01 appear General, and Mr. Pik Botha, the 
the Minister of Plural Relations to aiiow for r return to . south African Foreign Minister, 
and Development and former th.- Cabinet t.'v jBudef. Jt. could- be arranged, after the 
Minister of Information, after ’a?=c ryifXfic m t \ r •p-eurmehts Security Council resolution 
tbe scandal over aneped'misutie claim*-- U» prt-’r-'%™?i rCro ^ ,D 5‘ demanding Smith African cam- 
of government funda - jn -bis as Dfiputv of . Plural ? u aiice UN plans for 

former Information pcpertiitint. Kdationy.‘ , ni^ a, « b »«f® ,, -» Namibia (SoutiUwest Attica): 

The most dramatic promotion i deliberah ^£, rt "Treur- Reaction in South Africa to the 

~ ' 'tV-araservative UN resolution, which threatens 

announced by Jlr.-Bctb* is ^iat : Bolha. to 

^'io^dB •««<«« km. 

fnodwfie in rto cSrSSfcf^ mL ?n-.« . : ■&§**£* does not coxoply with prapM. 
become Miniitc-r ofS wit^ -^i count ry. r for UN-supervised elections, in 

Relations, the crucia 
esponsibic for black 
race relations. Tbe other; 

qUo. IVutiDf :t! 

post No 

... P V : T 01 “S GDP - , -55TS&. Mexico' vinn* to 

Mexico intends to increase lis TnTe would seem to be a burn an average of 400m chbic probable reseryp^ in the Gulf of ^ a,med Jt *** S63bn which 
daily output to 2.2m by 19S0 so delineate campaign to impress feet a day worth Sim as a result Campeche estimaiprf 'al °0hn lUS - alr,in ‘" : »m *» 
releasing 1.1m b/d for export. upon j&e people that Mexico has of the 1.4in barrels of crude barrels. This represents more 
\ow. with this latest dis- vast oil resources and that the which are being produced every than the provirt reserves of Vene- 
covery, potential reserves should counib’ can be lifted up with tbe day and the domestic gas pipe- zuela' and like the new lOObn 
be revised to 300bn barrels, but foreign exchange earnings which line complex has not yet been potential reservp figure is not 
inferestingly they still officially crude exports will bring in. In completed. included in the officii figures 

private, senior Government 

remain at 200bn. 

The fact that PEMEX Is still officials admit that this will 
sticking to its old figure reveals enable the Mexican state to be 
the complex psychology of this strengthened and so bear possible ■ 

Vact n-oonic-i fiAn TATStV I a . n r..& 

Japan price index falls 

probably worth over S5?4bn and anur^lmem^is imdouMe^ 6 BY RICHARD C HANSON TOK\’G. N T ov. 14. 

a Staff of 100.000. it is the largest conn ^[ ed m w - tb M exico°s re£ WHOLESALES PRICES in Generally, the higher yen’ has 

bn' r the 0n nno hand PEMEt" i« Uons with the U5> with whom J . apan month saw the meant lower costs for imported 

un the one hand. PEMEX is *j, ares a 2000-mile-lonp steepest decline in nearly 20 raw materials, 

displaying it- traditional extreme f ron ,£r Relations between the years lar - eiy as a result of the The recent relarlvly atable 
m announ f' n§ d ‘ s - two countries ie n^t ver^ appreciation of the yen. the condition* in the foreign 

cn.erl^s and on the other by 5 _ 0uth U . t tbe moment It is BanJf of Ja P an said today. The exchange market coud lead to 

announcing this, latest discovery ' h significant that on the w kdlesale price index was down some monthly increas in prices 

S-WSW rt! /r«n a t 

Si«2 * “* P 4 *5CTw5S» wffiuj .fe'&Pte-Oer » « 

year in November, but thedownwgrd 
from trend in prices is ^Tected to 
I wvffiwujuui ill 3UUU dl 102.5 continue Into -the ncr future, 
r. , . lU . , Mnnouncert fhsf Presid^m'rartii- Jl975 equals 1001. ll was the AP-DJ reports Froi Tokye— 

1 1 is accep.ert that PEMEX has fifth consecutive month-to-month Japan's crude steel output in 

12th month of Octobetr exceeded 9’ 

U.S. airlines are. A expected to 
spCTd on new eauipanent bv 1990. 
.- After studying rival designs, 
mciaoing those off Airbus In- 
dustrie, the European con 
sortium, and of Lockheed. Delta 
is thought to have opted for the 
Boeing 767, with first deliveries 
in 1982. Delta, one 6f the U.S.'s 
most wealthy airlines, with com- 
paratively one of the youngest 
fleets. Delta’s support for the 
767 can be expected to unlock 
further orders for Boeing from 
other U.S. carriers. ; -. 

In addition to ordering 777s, 
American Airlines .may also 
place orders for some 767s, 

ai-ays under-estimated its , " a J e his . fir,t t0 Mes/co { j eC |i ne> y, e 

r<--vrve« for nationalist and poli- 1 s e ruar -*- / annual drops, and the biggest first time since Deimber 1976 

r ■ L ‘ * 1 reason?. This policy would The Mexican Government is plunge since a 5.2 per cent (hat monthly promotion has 
__ c £ ha !!5:_ n B “T? der very keen to promote tha 7 image annual fall in December 1958. topped that level, th Japan Iron 

Pre-Ment Lopez Portillo. Since that Mexico is a power to be The central bank said the appre- and Steel 
no ■.•.•imp into office 3. most two reckoned with and cannot be ciation of the yen against the Tuesday^ 

. ears ago, reserves have exploited by the VS/ The U.S dollar of 3 2 per cent in the Total cbtp 

increases far more greatly than buys 86 per cent df Mexican- month more than offset price up 5.7 petce 

ur V.,u” a H y ot P or President. exported crude oil and is also increases in non ferrous metals and up 64 pe 

why has there been a change very much in the market for and some other imported items, yearearli 

T$ng flies home. 

& _ PEKING. Nov. 14. 

CH&fA‘S senior Vice-Premier. 
Tedg Hsiao-pins, returned to 
.. r _. _ Peking tonight after a 10-day 
tons, tbe j to four conntries— Thailand, 

' Malaysia, Singapore and Burma. 

Mr. Teng stopped in Rangoon 
for. two hours today on his wwy 
home. He was greeted at the air- 
port by President U Ne Win. 
U Maung Mating Kha. tbe Prime 
Minister, and Brigadier MyinI 

Fedeation said 

was9-046m tons, 
froi September, 

r rS ‘ 

1-ffrom the Hke | Maung. the Foreign Minister. 
£>t1t said. ‘ Seuter • • 

affecting South Africa’s in.yority besausu ^ _ 

black population, that of Minister countenance 

aunr-ri:. - n.aaniDta, nas oeen generally oub 

Dr. Tresii r. pfriflief that the roovedoes wt 

iS-refusai - to comnsi* the -Security Council; to 

of irrevocable -action. 

A — 

Sf^-' ■ 


1 J 

. .• . • 



me si 










RHQDESLVS TRANSITIONAL Mr. delay ^ Blit Bisbop Muzorewa, -t^io 

Executive Council today: port- because the -^ration wnotjeftthia morning’s meeting look- 
poned until Thursday its derision ready and Hft *: has pro- j Q g grim, is demanding that the 

on the timing of free elections '.o December 31 handover date be 




aflxjcu-: ti: 
a'.I-partj- c: 


view of the importance attached 
to the timing, the decision should 
be taken at a -joint meeting of 
the Executive Council and the ana ** ' w 
Conncil of Ministers on Thurs- 
day. Two of the biack nationalist 
parties are demanding that the 
election be held nest jnontiy 
despite the fact that the one-man. 'lions '• 
one-vote constitution .bag still not -strongly 
been finalist while Mr r - -Ian ■con:erer..' !n . 
Smith, and Chief Jeremjah tions j-: 
Cbirau. both want the elections would i 
delayed. " •' national 

in" tliu 
and Ji. - T . 

Smith is sitiiole’s absence overseas. The 
ji-v uid bf an r cv . sithole is dee ; back in 
i^ldb Rhodesia Salisbury tonight' - which - is 
timurs dew- another reason for-. postponing 
: give Britain the decision until Thursday, 
o convene a Meanwhile sources close to. the 
transitional Government said 
nts the elec- today that' it looked impossible 
because he to hold the planned referendum 
an a 11 -party on the acceptrt)ility of 'the new 
re that elec- constitution later thisy^ar. The 
a conference sources said they expected the 
ognjsed inter- referendum to he held in 

South Korea increas ftfeuce spending 

$?.■ k : SEOUL, Nov. 14. 

THE SOUTH Korean National fn/js ,3 ijSed to rise to 3L350 South^ Korea, to make up for 
Assembly has approved a 1979 ■ ftfsr- ?.oiceted $1,0.60 in' 1978. the planned phaseout cd ^,000 
budget calling a 285 per/.V v .^^wpendfture.amount-^s. ground troops here over the 

cent increase intending 
allocating more th& a third 
the total For deferi^y 
The budget, set at i534bn 
( USS9.44b n) i rfj; both I 
and expend iture^foresees 
cent real growrirlin gros* 
product rnrvpi J 

inJ lj559bn won ($3J25bn), next five years, is developing its 

reroute 34.4 per cent Of total nwn ann« iniiitchv en/1 

repeup o-r.^ p«r ceui oi uiun own ingnstry and expand* or a gam of 24-5 per vng jts forces with , costs esti* 
~om ’ 

this year’s feveL mated at S7bn, includiag El^&n 
0 P" coot of theanfliiaiy jn /American military “ sales, 

ture will 


by credits and . arms transfers^ 
Renter •' - 

Philippe Lacamp,543t oiSystems, 

Allders, the department store division ofthe UDS Grou^ 
studying the feasibility of a Point-of-sale (POS) data captufesystem for their 
department stores. Their ambitious aim was to capture daj/rstdek 
movement information, to identify “dead" lines andreduceSock cover 
Recently, they signed an order for 500ICL 9500 terminals a|i 
associatedconcentrators. | 

Tfcieir careful study of the project haaidentified the characteristics o: 
the ideal system solution. 

1. Protection from error Allders wanted protection fromfejman error 
The ICL 9500 terminal alone gives it to them; a clear “lead-Mough" 
system guides the operator through the correct keying sequence. 

It also has a 16-digit display, with an option of 8 digits. 

2. Reliability Allders specified that at all times not less thaiJSQ- o 
of terminals shouldbe working. The ICL 9500 terminal gav j them the 
guarantee they needed. It has very few components and a ugh degree 
of resilience: it will go ontakingmoney in the event of rnino faults 
developing. What’s more, there is a built-in self diagnostic s 'stem, 
so that the engineerneednever spendmore thanhalf an hejur on any 

3. Flexibility Allders required a system that was entirely flexible. 

Only the ICL 9500 could provide what they are looking fori lach terminal 
is programmable and programs can be easilymodiLed. 

Moreover, the ICL systemis entirely compatible with Aiders' existing 
main-frame computer. 

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JS w 0l 

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•f.vfr ' - J 5* 9 " f * ' •‘-'Ju a irt* ‘ 1 1 

J?ovemt»r is tm& 

NEW sm 

{The sri lanka budget 


Tv»jTi { 2 

A radical departure from the Socialist past 

.;.; ’ jv;- . , • ■' 




ANY standards applicable to. 
;■ a . .oeveloplng country.' our 
*®W*V«B«Bb so -far is remark- 
CAIRO/ Nov ri4, : aWB ’ WM how■Srt.;L&!lkaViFi«- 

f ^^^^;™:/ 1 £ ■ anc ® Minister Ronald Mel 
- Carter ; --ThVe ?un,n,e<i UP the record;- of the 
iSh ”v S 0V ®n»roenT. recently.- . 
folly. .■ . • tomorrow. Mr. DcJrfel .presents 

CHafi. the- actifig l? 6 l&nionth-old ; "conservative 
“ diata H «>JW National, Party's second 
SWbif -recalled “SS*: • •■« ■ • - - 



fcWfe ■ ’. O WIN -rTLji 

k; i ,’jM 

[viBMuutivjw . ri eajUKtiL .jiimiw 

Prass- ds mean- Jayai i ra r SeQe has adopted - in 
tow peaks of ecorr p.nnc strategy which marks 
-f&a'role played ? ■ radical departure from ,Jhfl 
1 ' .tahd "Kuwait social Welfarist. - cum 

Summit eon- s0 ^^ft PasL 


In^unfeP'^e^' sJitrek 

^ U: ' ' y iis 4 

| y. J |^J7 ■Hkllc W 

l.r, ■-* J ‘Mr' * LZk^t jw 


oti last week ' International Monetary 

;': . .. . ; .•.■?■ ^nnd and World" Bank. blessing 
"from wash- devalued the rupee by almost; 
.' Carter --Hast j - per cent and drastically 

f'disaffreemearts rp nnced food subsidies, a long 

3ffie:E4st peswe ^ b S ed lh £ 

“ ■' relatively 3 , welfare . system and 

&t th ©second **a*Hpnall T one'«Tthe. most 
«'ria ' v»f>v . Ki> sensitive of electoral issues. The 
•Srritadon 'with OI>er ®tfon has- also, included a 
rapid^dlsmantling.of the heavily 
erviwtr Mr re su import and - exchanee 
bianui conrrn K while there is sh- in- 
»Sh ^ was!™ siliaf . 3 y noticeable shift in 
***** B=-tror»aefi from the puhWp 

> * ecU *fo wivatp .enterprise. Sri. 

■ - y”| j^nkan -bu»messm>n a rp confi- 

f^rSSi dent -* hs '* xhr budaet AviP brine 
V°- “. t .7^ raei * T,nr 9’ incentives, especially tax 

?vy*x --■■ /• reliefs; ••■ ... 

l rv^f C naWL - Sr5 Lankan socialism has an 
suspicion oE. ' foreisn. 
- .-«hfc^?V7 d ; r . . ca o^a L But the new government 
spile of strono «j'Oo<d‘ion 
, from former Prme MihVster Mrs 

m W aaaigg- Bandaranaikp — hns Dysb^d ahead 

S oyermngats. | ^dth establi sh>n n a- .fre® .- trade? 
jc qptra st to i zone and introducing special safe- 

ackbut ; ttat y- . — — 

.summit' ‘ I *";•.*£•’•• 

guards for foreign investment in 
the new. constitution. 

Forty six medium scale indus- 
tries have been approved by ihe 
trade ^onc authorities and two 
fact ories so mic- pn;ductlon on 
budget day.. The- total invost- 
meilt involved is l.7bri rupees or. 
little oypr US?lm. i.ibn. rupees 
•conies from foreign collaborators, 

. rhainly Hong. Kbnc based firms. 

' All this- represents the mw^t 
critical change bf cotirse in 
ecbnofeic policy since Sri Lanka 
gained ' independence 30 years 

This- deliberate ;and thorough 
going change has been accom- 
panied by a clear and. conscious 
break with the country’s; British 
, past through the introdm'H 00 °f 

new Constitution in Wjuoli all 
-power is centralised in the 
■presidency. ' 

iy ln most third world, countries 
-■such sweeping changes' would,, 
have led say's Mr. Pjjv Mel to 
-♦serious cohvulsions.* , y s .The pic- 
tiije-certainly is one or.Surpristng 
caRn m spite nf outbursts of 
ra^hr violence and thigrowlh of 
u '.‘Tamil youth ^- extremist 
moventent- ; . : " 

If "the /ailure to fulfil extrava- 
gant' promises, specially about 
jobs, has alien at i'd young 
ynteici! rising livin^cnsts . have 
; spread', disconii-nt aj^ont; urban 
; :-waee,. earners :mri.,Wou«ht new 
privations to thCl • sprawling 
staius-cpnscious- i^dle class. 
Yet . the Governn^it has nut 
encdbntered jnJ-' ' . organised 
r aeifj*Jion. A sirong^isriplinanan 
who yill bront: ni^rbuhle in ihe- 
stre^ or m .workplaces. Mr. 

. dayawardeni- ca nil aim much *if 

0 Mile* 300 

'• yrJT.i 

1 N D 1 A 

Pres i dept jltmios Javawardeac 

the crecfit^JR’l'-P® 1-1 of it must go 
also top.* ’’ discredited and 

squabbliw' opposition which is 
unable to paite . even on simple 
read.vnna&t7.' : • issues. M r> 

Jayawar^bc>: a clever tactician, 
has helpM.'tb. keep these differ-, 
eoccs allye and the leadership of 
Mrs.. Bsfiitaranaikc's Freedom 
Party, the&biaio challenger, is 
ncn-iousljp^cctipied with other 
trouble ^WP-"- * 

The- F&plc s ; Li be ra ti u n Front 
(.TVP) ^Mfib - launched the 1971 
youth insurrection is the inost 
popular-.-oMh^ ' new left groups. 
Released .'p 011 } i 3 >l by Mr. 
Jayuwortkagi its loaders have 
maintained steady barrage on 
Mrs. B'ljJeranaike and her 
ministers. jThe state radio and 
Press- haveRyep extensive cover- 

Rjv of 



age to tjfr investigations into 

Sri Lanka 

Mrs. Bandaranaike's record in 
office. Though the appeal court 
last week gave a unanimous order 
is favour of Mrs. Bandaranaike 
and stayed the inquiry a new law- 
will be passed any time now to 
hllow the commission to recom- 
mence its work. 

. Through effectively limiting 
university agitation -and public 
sector strikes the Government 
.has made a preemptive move 
igainsl two other potential 
sources of trouble. 

Assessing the Government's 
economic performance the 
Finance Minister lists the follow- 
ing achievements. First, the 
exchange parities have proved 
realistic and the rupee has* held 
its ground. Second, inflationary 
pressures have been contained. 
The official figure is 12 per cent. 

However Mr. De Mel did npt con- 
tradict the suggestion that this 
.could be over optimistic. 
Informed businessmen regard 20 
per cent as closer to the truth 
while Dr. Perera, former Finance 
Minister says it is over 30 per 
ceril. ‘ 

. The. country's credit rafng is 
so high says Dc Mel that the 
Government has received. many 
offers of large loans from 
foreign commercial banks. 
Etenial -assets are largea than 
at any time' in the past 20*H , cars 
and good enough to cover five 
months of imports. Though - tea 
production fell during first nine 
months, prices are still Lqulte 
good and rubber has retailed its 
bounce. Three record harvests 
have prompted the Agriculture 
Minister to predict \ solf- 
i fiy 1»S0. s' 

sufficiency in rice by 1»S0. v - 
Despite import liberalisation, a 
carefully monitored exercise, 
there has been no rup on 
exchange. Ninety per cent of 
imports, says the Centra] Sank, 
is capital and intermediate goods. 
Luxuries account for only l -per 
cent. However the high visibility 
of new* life. styles is already & n 
irritant. . In an exchange starved 
decade the imported item was the 
status symbol of a self $tyled 
“ nescafe society." Now <pews- 
paper advertisements announce 
the .'arrival of Italian tears,. 
Japanese TVs- British air; con- 
ditioners. French wines, Austra- 
lian lamb and German jbeer. 
Even stall keepers in Colombo's 
hustling bazaar have abandoned 
their old one-word sales slogan 
“imported."' With the influx of 
foreigners, land values andfents 

in Colombo soar to the rising 
gorge bf middle class residents 
beating a relentless retreat to 
stiburbia. A familiar advertise- 
ment reads ** foreign couple 
needs bouse in Colombo five, six 
or seven. Rent immaterial." 

Party spokesman admit that no 
significant impression has been 
made yet on tbe staggering 
problem of uu employment Well 
over a million youtbs. about 20 
per cent, of .the workforce, have 
to be found jobs if the island is 
to free from its most explosive 
cause of social tension. 

In tbe past year 140,000 jobs 
have been found in the public 
sector while the private sector 
has doubled its annual intake. 
Tbe Finance Minister will an- 
nounce a five year investment 
programme of Rs 47bn which 
includes the three major projects 
including the Mabaveli River 
scheme and a housing project for 
Greater Colombo. Investment 
will also be made in the planta- 
tions industry, tourism, ports 
fisheries and telecommunications 

Summing up bis “ unenviable 
task" Mister De Mel said that 
welfare programmes cannot be 
abandoned for fear of depressing 
living standards blit local' 
resources -had to be mobilised 
for development to match the 
massive foreign aid already 
pledged. He has to walk a tight 
rope between inflation and em- 
ployment he says. He is im- 
potent with textbook solution and 




wfiileirfee Arab? 


not yet 


?frfhir«.Q£ the AUfc 

Barclays Bank International 
provided fiance to helpSevelop and £ 
sell the E^Ii-Scanner. injust five years -j 
over 90Q& y stems have pen installed ] 
throughout the world/n Spain and \ 
-4Q ot«r countries. / . |. 

/ ■ ^|ne EMI-Scann^: was a brilliant, p 
^cehfiGjogical break through ,* I t benefits • 
'obetdrrand patient^ everywhere. 

These comp u red X-ray systems ' Tv ' 
^r^uee'diagnostic pictures of any 
Section ofthe body with unique detail 

armccuracy. Doctors.'can examine 
piMnts quickly, and determine life- 
thmtening conditions which might difficult or impossible to 
dialose. • 

, jarcU.ys were able to help EMI 
MeeM^narket the Scanner beciuse 
: we hSP^ourtrwn people and our own 
offices wqrid vv w.e where they are 
/.'.needed |or iuteri^tioriitl business. 

*' : We^ahlfelp ypu in Madrid, 

V Horig Kiong and Bessels. 

In Los Angeles and Melbourne. . 

J And in Toronto, Tokyo and 
Dubai... . / 

The Barclays International 
group is in more than 75 countries. 
In all fi>\continents. have more 

branches Ihmqre countries than any 
other bank in tjjJTiyorld. 

We help mi st o%he world’s 
successful inte^atio^il'bom panics. 
Somewhere tl® re is amarket where 
we can help you. . 

m m ■; JAH-j - 1*.') jttrrl' 


( " fx^ it •” O i > i 

OP" ‘r^yrKyT? 

► J* i l i^-Mw M ICt /m 



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M- A 

How long do you 
spend In traffic jams 
ontfeewayto work? 

.If u-o%tt lull an hoar; Kn't ktinic 
!«Sgc>tcd avjviog vou. r ofliccta a . 

;KB5 .... 

Nonhart^jtiin' |i»i my ioT? 5W*q./t^! 
olJuMiiijb i.cnt rally -jiualed uihoc 
ac^truTKidariiHYu-khooi die traffic 

WWswolilqjdiy . 

^ fwiiaihcrinTonnariori, contact - 
rettrC \hrtm, DitccKH 1 . 

^^venor Eiratc Commercial . 
Ccwtk^mttits-Lui , ’.■• ' .. 

280osvcnorS!. birj'tfi WlXOHH . 


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■ Emasc#! 

^*jJvr V- • -' ' tf> V ’ y-*r.~ 4 1 

Ireland I Polish State visit to Japan 

orders new I 

crucial for industrial deals 

steel plant 

. By jitewart Daiby 

DUBLIN. Nfly. 14. 





{TRADE AND ewoonnc and W co-operate in construction pLut with a ranacitv of 100.000 1 1AMV **' < ** ttVttR 

1 rmn ISlKx will i^nmlnars a Pniii- nmiaMe in ciinli thir4 t. - : 

GENEVA; Nov. 14. 


wort” Irish Steel’?®,? ,£$* dominate" a^four projects InNueh third countries ^^“earwhiS^ to“have! ROME. Nov. 14.‘ [raEI^'isconsiderame'conwtnthe current period Quality of ;-air ^traffic fluML 

contracts in « SETS “ W'Z'SFX | 

*•* « '** US SSJT&f* JgG 

1 morn 1 n a . veer Polish exnnrts ft. .i ana n ^fto capacity of tonnes. :„i ???“«* ,™ a rLJ?!!-" ' ' the next decade;, it was 4hade. . » n : that control expert to help improve 

The rifiit takes place a* 

Cork plant. 


encouraged to re.TT^ - -- - . 

current aircraft *. e ^° n ^ r ***&**■ 

lands 00 ^ producer 1 o^steel has ** of a *?“** for 326*1 m. fo 1977* the Poffdcfiu! ™ain poljofie/Xres' complex sp ° fceSTnan dlsdosed - the International .Transport worlds lives*) Tb ® association’s technical 

"M aQ m ie grated aromatics and in mutual trade reached swia™ **« been cut from ihe 67.000 Finmeccanica's Anf^ —..-1 a -- '* ■' *■■— 

niaced orders f ft r worth ni in mutual trade reached S21Sm. ^ neen c ut from 

Si“t Th-ftnoSi,, &>[***}* fl !> res . Project which Polish trade officials expect JKE® original i y planned 

plant. This indudes a 90 tonne « puTning to build 
electric arc furnace to be 0 (i» aod 

Ansajdo group Association's annual meeting. - 
to faces. West German and Canadian i A report prepared for .the thfem can 

of ftie loans extf^L^ 0 ^ committee said in a. report that 
bTmS wIof the., problem is that some 

.Mfne* 4Va j- ! j t In FlVMlna 

arc mrnace to oe P ?i a aad pint-t 
supplied by Tariiaferrj OF Italy. around S3Qo ra . 
Concast of Lanada will supply a 

at a cost 

continuous casting machine. . . ^ a ^ a f ieiie consortia are _ 

Four cranes ranging in capacity : b/ddiDy. asainst a Bnush and up <0 per cent of Polish exports, 
from 12 tonnes to 165 tonnes will G *n^_^up wtach jn- The Japanese cutback 

An aromatics plant producing iEwS' 

JOiftfHI rnrtnih, mryvwlenp a Ll.S. electrical 

t L 4u __ ^ r i _ _ j q steel ^ W^OOO toiiQcg q f parax>'lene 3 

bV'supVlied'bv 11 IJefaher^are- ' ^ ude , 5 £"* p o«ergas Interna- production means 'That coal £ ear »rt.^^2B00 tonnes of « Negotiators-., a re 
' -* - T e ' """ “ year to “ e B?ene rfemain 

from 950.000 does a smaH 

land) "which has "a plant ’in : ,-^ ec,s and 3 . U -S. and exports will drop this 


, auum ^ue-uum oi su? 2 ested that .-Si u«u- 

■ this money could be found from should be made Planning and introducing 

: internally generatetf funds. of »h* conseoue 5 >Q f their sophisticated air traffic control 

-The ability of inftshy current’, efeorts systems which are-not compatible 

fcV. rm -Art. a j n - .t* n nonni* «<rLfn noth rttrtur 

ter -film unit 



[ agreement in' which" Argentina *hf rep ° rt - ‘‘,'' feasur ®d -in’ -terms irigTo a but his 

would exchange “ ra W materials’- of profirabiiity and-.-. debt-ng m enr guaraoTee! a ^ oans to ac^iieve a Sreater mcasjire 

of coordination In the introduv 

KiJiarney. Irish Steel has been ^ 08 ™an group headed by 400.000 lonnes 
in the doldrums for the past fouri^ uor ‘ t According to Polish tonnes in 1976. 

years having made losses 0 f • soarces . bore the contract will be Coal exports for the remaining; Th ri 

around i‘2 a year between 1974 • art ' a ™ e “ by the end of this year, two years of the three-year . de engineennj: on the w _ . . 

and T977. For ihe currcat year : The p DHsb visit ia the first at agreement signed this April will f?K i lcs 0[ lhe ? r0jec ? ,s . for power plum, the spokes- vt " 0rt b industry is anti equipment purcb;-^- cv^tPm^ in 

losses are expected to be of the tfa is lerej between the two coun- fall between 640.000 tonnes and !j^S e ^ 0Qe .by Polish eosmisnng man said. Argentina would he rei n^ns far shon of the normaJly Tbe airline I®.® 1 !®* 5 " tioo of these different systems in 

same order. . tries and the delegation includes 800.000 tonnes per annum, the jS® 11 .? 1 ’ 5 * n addition to the con- < most likely to export meat •,o. acce Pi e d atanaards. :•*;■ ing concern ov€ Ltt ^® e, ?“ Il ^ :,g Europe. 

The (tnvemmpnt h ac vnui-v-F Mr ‘ Ts<teusz Wrzaszczyk. a Vice figure to be negotiated at the ^Owabte input of local supplies J Italy in any compensation accord. ? “This has meant a'reductiba ~' z ' 

d JiriPri ro ^Tr^lili i.?th f h« '. prernier and chairman of the beginning of each year. hL 5emce S on the project, although the EEC would have to , in the availability of funds 

Sk™ l ° £![i e '!i e _. the ' Planning Commission. the However the aromatic anrf Plumed. j approve such a. deal. {.traditional Institutions. 

tonnes at which level the plant! A pnvate credit tine to Poland s need to cut back capital this.- 5 .power facilities m the country, i Tj, e venort suneeirtR- that^'i. 

^ < s;° 0 " f z rk d eT r I1 , T€T ‘^P ^ ^ JEs ..... 

' .n trad . AS* J drJp \^ ,b l S«|r?L! 8 «!l D "» .^S I ««? efertricl “ttmlFm” ; fS^^SSfef eS SS“i«,S 

Latin wenca meets to 
plan EEC strategy 

BY HUGH 0 A * 

profitable. Of the £41ru whicb 
l be Government is committed to 
turning the company around 
some riom'is expected to come 
from foreign sources notably in 
the form of aid from the EEC 
regional fund. 


between the two countries will third of the original project, 
be discussed and the Polish side 
will urge -Japan to import more 

be aferded during the visit, as motors, bringing the value of its binty,” ft comments. 

According to decisions taken not aj! the bids for the modified sales in Mexico ovdr the past 
last September a new methanol versibh are in. lfew months to S1.5n£' 

tion for the 

The report adds that the air- ti 013 ^ with the c ^;iT' J 




Malaysia, filled with colourful, smiling people". 

A skyline of mosques, minarets and international fioteis 
Tropical. "With rubberplantatiofts,patai fringed beach, 
resorts and cool highlands. Amultmtltural, multi- 
lingual population. 

One of the most advanced efonomielin South 
East Asia. A land with reigning rftans yet a demo- 
cracy a land with the richest chqjpe of Aisian cuisine, 
and where service is still a ge 
Nowhere on earth, indu 
different peoples and places, 
in the bread canvas of Malaysia! 

e expression of giving. 

Tall Ask is there such a mix of 
contrasts of culture as you'll find 

Comprehensive L&w Cost Holiday 

The Malaysia Stopover Hpliday gives you up to 5 days. 

4 nights, from just £5"a night provided you’re booked on an interna- 

tional MAS flight beyond Kuaii Lumpurand Singapore to any one 
of our destinations in AustraliafS.E. Asia apd the Orient 
Here’s what you get: 

1. Your choice of deluxe or first class hotel accommodation. 

2. Pull breakfast and dinners @fcble d’ Hotel at your hotel each day 

3. A Malaysian cultural evening with dinner at a leading Malay 
restaurant in Kuala Lumpur 

4. Hotel transfers to and from airport in each city 

5. Meeting arrangements at each airport arrival 

6. A sightseeing tour in each dly 

7. A souvenir gift. 

8. A welcome drink upon arrival in Kuala Lumpur Cr". 

(except at Equatorial Hotel). 

9. Car rental discounts. 


its refa- ^ the April meeting 
us reia .\ni erica n Council which 

,. . „ , ..-. . . coociudrt that the region lacked 

hues should take advantage of • The mectin/-Y M *_^ s ’ a . negotiating, position and that 

— -7 held in the the results ofl past -contacts with 

Este has been , nvenrt_ by the community had been very 
Latin Americ Begrtmic 5ys- meagre and that the ainbassa- 
tem <SEL-4'). , ? c *:'*?® 1 !S® veTT l' dors’ group -bad. no clear' mao- 
mental co-ordi- 11 ^?? 1 ^ “ ased date. ' 

in Caracas. A leading . position in the 

TKo cvr a crei^L which Punta del Este. consu/tations is 
is headed bJ»^ct 2 a«*Qreaii likely to’ be taken by Argentina 
Monomis? Monday 0 ; m the coortoation of new Latin 

Win “3 fn : thabeginntngs American positions, 
ofa ^ordinal Brazil- 38 b y far ■ fte Imwt 

trad^Mticv *"Sm - ^the "EEC and' .most populous ofrthe Latin 

Llcfue PVUL. t 3P Amanmn mnintriM has in Iho 

which is no 
principal traj®/ 
The Latin'"* 
merits have 
a loosely ^ . ... 
amhassadoiTj 10 ;! 
American nr‘ c 

America’s American countries, has in the 
r. - past preferred to work out its 
govern- own deal6 with the Com muni ty 
years used and - it remains to be. , seen 
‘group of whether Brazil will now swing 
ds of Latin its weight behind a new regional 
Brussels- as Initiative towards Brussels. 

Mi tifliii frees patents 


liberated ali- patents, Miehelin has refused to 


s^Ghoice of Destinations _. M • • t 

Aou could-spendaUof yxiurstopover.daiand nl^rds 
in cosmopolitan Kuala Lumpur, or MAS ca: 
to the tropical island of Penang or tie sigh 
(excursion. or promotional fare ticket holde 
extra): You may choose a maximum of two desti 
three we offer. j 

Stay in Asia’s Finest Hotels 

Some say the Kuala Lumpur Hilton* is tfie Hilton’s best, ; 
world- wide. At any rate the hotels you'll bi/staying at are ad mt- 
-'Tiational standard with service and ctasine tp match. Each 
offers its own style of charm and hospitality And thereis a 
choice of eleven hotels. (Deluxe standard) 

_ "yours 
ifSini ipore 
(paysjj htiy 
1 thi 

10 ns 

FINA* 1 

Wgh.jjr- <»— ^ manufacturers 
ornia^ c $ r ]Y Te ' iheTKS..The believe the move was '.provoked 
Ura->' # ofi l e radial ply. tyre, by resistance on the part of the 
rs't rejed more than three car industry. to adopt the TRX 
earjg# is now being, used on as factory-JBtted equipment 
cate -by Ford In- both because it can only be used in 
and Enroue and tov conjunction . with a unique, 
*S metric-sized wheel A car maker 
^ adopting TRX for a. particular 

,ile confirming the .modeiJs thns'tied to Miehelin as 
>«%, of the, tyre. 4mm-. ail .gole suopliy,. ' • 

Discounts and Duty Free 

There’s many a bargain to be made, and shop- •. 
ping for pewtei; batik, handicrafts and souvenirs 
attMrjght pjdegin your MalaiTda Stopover Holiday 
At Penang and Kuala Lumpur there are special Duty 
Free shops located conveniently to help you enjoy 
shoppingJDiscountson Avis Car rental are availablefor 
those who want to do their own thing. 

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The religions, cultures and customs 
of three races are here-Malay Chinese 
and Indian.See the beautiful contrasting 
countryside with its historic colonial 

MAS Golden Service-A Gift to 
the Travellers of The World From 
the Airline of Malaysia 

landmarks. The Malaysian Stopover ^ 

Holiday is much more than a view of 
the city' and airport. 

depot site is 
0 Rotterdam 


siting o£ 


I the ne#ly-developing .hS^xiicr of . • Rotterdam's size and prosperit 

iven was a se?e 
■port of Rortecda 
port authorities 
Parliament would re 
Cabinet decision 
kgust and site the new termi 
fxt to the petrochemical 
icb line the estuary of, tb 

PROVAL steel group, Estel, to erect a 
liquefied steel mill on -the Maasvlakte were 
at turned down. 

blow make it difficult to raise mucfi 
sympathy for the port's plight 
“A spoilt child." was how ihe 
Transport Ministry - ' views the 
port, according to a recent newir- 
paper report The port accounts 
for nearly 43 per cent" of- all 
cargoes handled by the seven 
'argest European ports— the 


Malaysians have a tradition of giving: And 'mas’ 
in Malaymeans gold. Golden Service on our 
big wide-bodied DClOs is yours to eiyox 

from our beautiful stewardesses and 
attentive cabin crew Take a 
Malaysia Stopover Holiday soon! 
See your travel agent or call MAS. 
■ 25-27 St George Street 
Hanover Square, London WL 
Tel: 01-629 5891/4. 

Presented by 1 
Tourist Development? 
Corporation of Malaysia 
through MAS. 

j/ tbe decline to the generally lower levels of oil consumption hi 
H Western Europe and to lower oil Imports by the UR and West 

Sydney ^ Melboi f e 

I Please send me a brochure on Malaysia Stopover Holidays. 
| Name - 



I Address. 







malaysian arrfme system 

Malaysia Jjtopover Holidays, more than you ever bargained for. 

• J*Based on t^&fl-share accommodation. J 

In terms of jobs or port- brhers -being Hamburg. Bremen, 
levenues the loss of the terminal, Antwerp, Le Havre, Marseilles 
which will handle 4bo cubic ^nd Genoa. 

Jnetres of Algertan gas a year The 280m-toanes of cargo 
raver 20 years starting in 1984, which passed through Rotterdam 
4 is hardly significant -Much more last year was Sm less than in 
Important is the loss, of a poten- '3976 and 29m down on the record 
daily sizeable new Industry , as year 1973. Rotterdam expects to 
the natural gas trade develops,- climb back to the 300m-tonne 
and . the blow to Rotterdam’s ' level In the nest year or so and 
confidence: . .in the longer term expects cargo 

Throughout the 1960s and to rise to 500m tonnes by 1990. 
darly 1970s Rotterdam was the Rotterdam handles more than 
motor of the. .Dutch economy as: three times .as much cargo, as 
prgai’volumes rose and the port, its nearest European rival, 
eve loped from being a transit 'Marseilles, 
flarbour into .a major industrial ’ The development of the North 
entre. ! \ Sea oil fields does not offer much 

But this automatic growth is compensation for the loss of 
ow a- thing of the past and Middle East shipments after the 
otterdamis ln a sellers’ market 1973 oil crisis. If. anything, the 
or new industry. Its handling of growth of North Sea oil will 
'ie gas terminal affair is a case diminish the importance of 

It : 

The amount of crude oil passing through Rotterdam fell 
.6 per emit to 6Q.6m tons in the first half of 1978 from 72.6m 
hr the same period last year. The port authorities attributed 

Germany, "which are drawing from reserves in the North Sea. 

point. The contract for the Rotterdam still further — at least 
' deliveries was signed in as a transhipment port for those 
e 1977 with Holland agreeing conn cries bordering 0 x 1 the North 
toTet Algeria know where the 56a, i» Scandinavian countries 
gas was to be', landed by October will pump their oil directly 
197S. Gasunle. the Dutch national ashore; 

gas distribution company, came The' depression, in the 
ooi In favdar of a site On the petroleum and petrochemicals 
reclaimed .- .Maasvlakte . hear industry has had a major Impact 
Rottertiam^Dd lb* choice seemed on the five large refineries in 
clear-cut.-..- the Efciroport complex. The 

- It took- Rotterdam a year to refineries, with a total capacity 
realise -..that-: everything was. not. or tonnes, a year;, are . operat- 
feoing its^own way. It began tag at only 53450 1 ! per cent of 
publicly: lobbying for _ tha gas 1 capacity.; BP shut down its 
terminai lastrAugust but by then refinery. . for tuT> ^months earlier 
it was too latt, The Cabinet opted, this year .. yhije ; ShelT is" con- 
for Eamsbaven as part of its sidering' quitting much of its 
policy of stimulating economic Pernis installation' into moth- 
development ia the depressed “D*- . -. . 

north-east of the Netherlands. . Rotterdam - is also an 

EemshavW . which : handled H£ t ,„!f„? ods h f ^ 
60 o Tonnes of cflrsA in 1077 ® volumes, of ores 

JSSnh? SSSbS a hSSf md c6al - The recession in the 

than twice the amount passing ^ e ‘ : and reduced 

through its wvm rival, Kobe in ^jTfi_ anrimr ^ _ ai • j_ fw 

*“ P ' 

leyant third, but the ; city warns the. 
Industrial activities which, places state to provide lOOjper cent of 
URe •Amsterdam ref used to touch", the financing:': .Talks are due to - 
lt-:tao..developed a .finer nose, begin shortly > between the two. 
Plans Xor . the Dutch-Gennan sides. 





?k o v 

■ i * * > 

;k vetti 

i spare c 


-Tories? Wednfc^bvember 15'. 1.97-8' 

& *» 



THE TRQPiTABiL lt 'tf "'of private diticws wfjr 
architecurral . practices has sub- prepare*? - 
stantlaily ■■■' decline .since 1971, In sift 
accordlBg to a report- published-' ought rK 
today by '.the Royal Institute of their miB 
British .Ardutects; said: «-* 

The report vras comiuissioned us to reS 
last year m advance, of the level orw 
Monopolies ; Gommiskum’s . .find- profession 
togs on ’krcbitefcts* services, and conditio® 
10 response, fo a-Pricev.Com-mre- they mV 
si oft: statement, that it would todays n| 
consider .proposals only for. The reM 
increased fees if they were sup- private afl 
parted by a rtirvey of cost move: less than! 
mental wtftMn the profession since JS71 and il 
: ■-■’■ U ‘ workload I 

The Monopolies Commission, unit costs! 
which reported at.'tfee.ehd.of lasr profit i| 
year, called for radical' changes "gen era 11 v I 
in the /-architects*., fee-scale- io worklnl 
system,' fnbtahly the abolition of and.- in pal 
the .mandatory mi itinmin fee employees! 
system and the introduction of The posil 
a recommended .scale L system, was partica 
allowing* for competition in -fee appeared 1 
quotation. revenue thl 

In today's report, Mr. Gordon side red adil 
Graham, president of. the insti- the princirj 
tute. said that its finding con- Any prj 
firmed what the profession had structure oi 
long behoved' and. that ‘the arrangemen 
decline to architects',, profits by “ a Lhu 
would .he a main, consideration evaluation 
while the profession’s hew con- gable econo 


■fee " scales were 


jtg ■ that architects 
pt&fe’-m -increase 

llfeefl. Hr. Graham 
me'- has come for. 
|r .tire nature and; 
grattricration as 'a 
■Fio update our 
fcagetneot so that 
tcrtiralely 'meet 

If s- that although 
K costs rose by 
Kg ; costs between 
Etc, the. decline in. 

pa reduction in 
Ksl... Practices fhe slump 
B reducing staff I 
■priori architect | 

iBitoan practices | 

MSeridof* as they. 

sundytag; -on. 1 
iHfI not be eon- '< 
l*.=eveftr to: cover 
rKvs labour--.'. ; 
(K'tp alter the ! 
.fcrofesion’s fee ; 
aKldlte preceded > 
uKaiid objective 
H ' the ibdenti- 
mptos involved.*’ 

Kirkby rescuepan 
to be vetted tAy 

Managers’ Corset control ‘not 

doubts on helping economy’ 

industrial j By MCHAEL blander 

rlAmAA^nmi 1THE GOVERNMENT'S monetary If the corset led to a fa! 
vl vIllOL'i. Cl\, y i policy, and particu'arly the use bank deposit rates comp 

• i of the corset controls on the with other rates, it madi 
i growth of the banks, was easier for other institutions 
Kill -criticised last nicht hv Prof, as the building societies 

n .. r, T-r* i , r, attract ripnnsils. nntenT 

>r contracts will he 
although today Sr. 
I Owen, the Foreign 
usui-se Social 
provides for 


the G»\ eminent are 
:l*s application 
•»upports and 

hief or his country's 
it defence » rvrterrtav 
Cameron. Chief of 
d tin.* three Forces* 
banquet given by 

tfi Atvi /\ I THE GOVERNMENTS monetary 

UCllIULi uVy ] policy, and partlcu'arly the use 
1 " • | of the corset controls on the 

"H j growth of the banks, was 

|*^ | 1 1 -criticLsed last night hv Prof. 

; Harold Rose, group economic 
| By John Elliott, Industrial Editor i adviser to Barclays Bank. 

1 He said the return of The 
c P ^J L Vk b3t,,p that Mr. corst ., vear was not to- 
John Smith, the new Secretary pvilable “it reflects. nlhcr. the 
for Trade, will have in trying : unwillingness of the Government 
to win general acceptance for 1 10 accept the high interest rates 

the tiorernnieui s proposed Bill ? whicll are re'ullv th«* coo- 

»?u S i"1“a n l'elleS 0 K ; ‘ C a y j ^ its oofioo*-" 

'merit issued from the British | living the annual Institute of 
Institute of Management Bankers Ernest Sykes memorial 

, lecture, he questioned whether 
It said that recent consuita- eTen the corS et could prevent 
|ti.ons he 1 we vn the institute . ar *d ! higher interst rates, as opposed 
i Government officials had. failed to a ch anginB their pattern, when 
to solve three major points or lhe t0la ^ de mand for Tunds was 
opposition among managers. stron". 

These were .that there would Prof. Rose argued that 

be a pattern of industrial detnoc- because the banking sjsiem could 
racy imposed by law. that there not easily control its toial lend- 
were no proposals For equal ing to the public socior. tbe 
rights of managers, and that the corset became in the end “a 
legislation would be based on the ' penally high marginal rate of 
uniun's "single channel'' sjstemjtax on bank lending to the 
of representation. private sector.*’ 

Tha „ i The corset was not apoJied to 

I n T ^ h l p h u Th other financial intermediaries 

■M ihi e enrt such as huildin 3 societies. And 

F InlL n.ll hlfi hi 1 in the eDd ’* il is not differ 111 

nvir <RnrAt^° r fnr b Tr^rlA d ^? in Principle from old-fashioned 

0 directives to the hanks, espeeir 
Mr. smith at the weekend. jJly ir a request rma the 

The Bill is due to be published Governor or the prevailing 
by about March next year. Minis- climate of opinion specifically 
ters have to decide whether to directs lending restraints lo the 
base their proposals solely on personal sector.” 
the uninns or. as Mr. Bell There were, however, differ- 
favoured, to make special allow- ences front earlier forms of 
ance for' “homogeneous" groups direct credit restraint such as 
of nnn-unionised workers. lending ceilings. 

If the corset led to a fall in 
bank deposit rates compared 
with other rates, it made it 
easier for other institutions such 
as the building societies to 
attract deposits, potentially 
diverting funds to non-bank 

Secondly, the corset was more 
effective in holding back growth 

of the- money supply, but it also, 
introduced distortions into the 
financial system. 

“The corset may enable 
authorities to get their pub- 
lished money supply figures 
right and this may calm markets 
for a while, but it is also much 
harder ro say jusr what the 
money supply figures are likely 
to mean in terms of economic 

Prof. Rose said he could not 

“ sympathise with what is a 
return, in substance if not in 
form, to an old-fashioned clamp 
on bank lending to tbe private 

In tinte. it might be necessary 
tn extend controls to other 
institutions such as building 

In the meantime, however, 
what are required are govern- 
ment policies — especially with 
regard to the size of the public 
sector horrowing requirement— 
that make possible the goal of a. 
non-discritninatory open-market 
policy, without the need for 
direct controls having to be 
applied to a range of institutions 
as the pattern of market shares 

by /ohn bluqtt, industrial jedit-or 1 

~ " . . PLANS FOR the Tvirkby Marvu- sidiarv of WntM^tengine 

- - factoring, and , Engineering .T.f tbe bo*npreve( 
• Workers’ - Gp-opcraMve on scheme on thBlmds ti 

' x Merseyside in -be taken ever, by involved 

Worcester Engineering with the tive'tp.tbe Pn' wee tor. 1 
•’ help, of: up ' to . t4ni state aid are - bkely' to-. go to^K- .idtn 
_ . to be vetted by- the Trtdustr^l and perhaps 

Dcrelopment • Advisory Board IdT approval b^toma 
'iiajL »>•*... 3Dd: : iop Minister. 1 ; today. .meeiing. Deparw^Yini 

Vv..- The plans . *wll iben be-' put ^Tbm^ters have 

* early tomorrow" wdraing to a To back. the P J-(, P^E r r 

** meetrog of the (^operatives — -wt' : V* : . wt'. 

TOO work force ..about 250 of JnCW 1 iIHC m:'-,-.-: 
wbofftyoiiJd bemad e redundant . Worcester ■ Sngn Mi^c 
if (lie r a*em'le went ahead. involve taking bve®p 
The advisory* board, which has the co-operative^s MKd 
reconnffSided j against various tnrv and marotaminWp 
* ptiras v ffcsbvi^4fe co-operative tion .of *.-radfptprB. 

io tbe: past.- will lift' presented equipment, and conim 
. . with, the :feport of a woriang presswbrk. 1 -* R ' • • 1 

part^ set month by tbe- v -The cooperatives* 1 
Deparsraeot'ol Industry to map rddiator stocks would 1 
^ future for the Merseyri^e up. so.that. they could J p 
factoiy. . - ; . , weeks and. a two-yea/ pi 

We.-roport backs a pr&Msal ^b aheadfor installidg pi 
t . ; put forward'' ^by.' Worcester tor production Hues, i j 

..... _ En ton eeri nc a *.W4" ! . .-"CIjb »wiv ™ Wehofie/ 

— eq^jMftenf , cffm'--ce5Ter r EnsiDeeri7]g 

* , ; pany. 35 the best option for sav- Bnckwortli, mauagJng j 

if C f fi- 1 ^ a SJohs at tbe co-operative. : vlro, founded the btrfinerf 

jl aSiiV -The proposal, is support ed by The- otflj outside 

an application from Worcester Security Selection wp 
to tbe department for State aid about 20 per cent i^thc 
b'w j of up to £4m spread ever. several and whose eha/brum. A' 

l/ilMpfn years, mainly in tie -form of Yea, is a nntHe&cjftire 1 
iVUlivI U‘ Government grants .and loans. It . . Security' Selection's na 
* has also been suggested that the given to .11 r..-T»jck worth 

Government might reduce the Peter Walker. Coast 
size of the loans by holding MP for WorceJrer, when t 
preference share;, in the business,, pany toi -'s^King. fresh 

proved , the 
cds that it 
•ctor. Jt was 
le*. Minister, 
fg£- Industry 
By- decided 

; Plans 
m? of 
fie, fats-' 

which would' be. a direct siib- three. years 

Industrial problems 
of spare capacity 


INDUSTRIES WITH . /above- laving techniques. Consequential 
average', margins of .spare rt is necesrary to calculate the 
- capacity tend to he Ihose which lididerly ing ’trends. 

are less successful to competing^- Th e author notes that there 
toternattonally. where growth of ire two * important differences 
' “““.And output is nutaUe,. between the cycles in the 1960d 
^ larfie ’ ancl-3» the"! 970s so far. ooLahl? 
t0 , a ^ i ° nal J COQOmiC the extremely weak recover} 
Development Office discussion 5?^ ^ last trough \ 

paper published today. : .. j 

' Tbe paper is by Mr. Mica Panic, ^cap^ftv ^j/i 

-Manufacturing was still greateS 
Hf V yhP t 1 * 311 any °ther quarter sirfee' 
mlsL He. discusses some of tne iqsr with th^ ^vppntinn of the 

® !S- tt sSfe“b7r P Triod of 

DK°lnufacS g®. 

jsgn^asrssvsR ss-*' “-i s* 

fluctuations and their trends. ea y *• 

Mr. Panic also analyses cezv Mass-nrodurh’on 
tain aspects of . changes in . J J ™ lr ri WUUiuii 

..capacity utjliRation and tire The- detailed figures show that 
■* ' ahort-nio behaviour of; output, the larger lhe average sire of 
employment, investment, imports, plant -in an industry the lower 
prices and profits- -.;• will - tend to be its level of 

Capacitv utirisatioo . - fs cspflclty utilisatioo. appa^e^l^. ,, 

■ ' mVasnred' to terms of industrial because, il wlIJ -be Jess adaptable, 
production and the overall capital. t h a ” smaller -plants to cyclical 
■ stock. - Tbe author- potes some variations .in demand. 

of the problems of. analysis. — Larger plants will usually be 
' for example, a risiog output- constructed for. a particular mass- 
capital ratio could be taken to production line so that their 
show improvements in the over- capacity utilisation will rettcct 
all efficiency of an industry. / u i]y changes in demand as there 
although it . could equally be in- wiLl be less scope than io smaller 
terpreted as showing the inerpas- plants to use them lor some 
ing predominance' of capital alternative purpose. 

’ •• ■■ . . j This would est pi a in- ^ r - Panic 

- ■■ . — - — - — — — ■ — ■ says, Why those industries where 

Are parking tickets ■JIot 6 average? S®h*targer margins I 


oraatyomcer industries where the growth 01 

tp ■ demand ffld outpm is Mstly un. 

- the cominual expense of paiiingcfl SlflDie. q 

>i.-ik)wlmc\ i-oiinimcvcusjggettd The study, shows that sd far m 

movinavourorficetoakicsaonwith • the. short-run growth of output 

pafjin-iaalinK and imports is concerned ore 

■ Like Ecigraur ffcmtiVorthampton, index of capacity utiJtsadoa_for 

.IttpOO mr?. othiAunbus, . * manufacturing, appears lo reflect 

ceab^-s^iedolbce^ajrrv^^ quite well the expectea 

, wfthaAoiningi^T pnijng. behaviour of manufacturing jn* 

forturtlwiT’fonTanw dustry at* high levels of capacity 

LftierCMamn. Druxtor utilisation. •’* 

.. Cro«^rEsu;eConirivCTdfi . gimjiaj-jy th e behaviour of 

UK!opmc.t»Ltd. . - manufacturing' employment over 

• K^^rjaondon w.NCHH past - four ccon oa»C ' CJfdW 

; provides further evidence tn«*} 

the index reflects extremely well 
cyclical changes in pressure on 
.. . productive .capacity- . 

• De SrdVe Oiwx^fu oaHBUh.« r" 

• , JO wMustrv, JfSM 

. . UaI ICO Price t S,.». IF.74 twtfaiW I«w 'T’JI 

tTOUSti Boofcfl. J swel jorne. 11 

* * - J Strm. Umdoa SKI 9U. ] 

lfitrehofflef JVorj 
Bring /S’BwGecil 
muagmy Jirectni 
ie biuinevin 
ide-SiaiinoldeiV is 
:tto/ t#irb'b«di 
cent rf'the eqmty 
iafrnum, Afr. Tin! 
^cjnJve director. 
;Vtflm*s name was 
Jtffek worth by .Mr. 
jtoe Coaservative 
er, when the com- 
ing fresh equity 


! m 

/ / ' ‘ 

V ’ 1 ’ ' 






Delivery buoy. 

Man long ago discovered that oil in the 
ground is worthless unless (a) he finds it, 

(b) he produces it and (c) he gets it to a 
refinery, where it can be made into petrol 
and other useful products, in the stormy 
North Sea that last step can be one of the 
most challenging. 

There are two ways of delivering North 
Sea oilio a refinery — by tanker loaded at 
the production platform, or by a pipeline 
along the seabed to shore. Which you 
choose, depends on how much oil there is 
in the field, how far you are from land, and 
the depth of water. Our Beryl field is too far 
out to sea and not big^enough to justify a 
pipeline. So we opted for tankers. 

They take delivery of crude at the field 
through a 485-foot high Single-Point 
Mooring fSPM) buoy secured to the sea 
bottom. Oil is pumped from the platform 
storage tanks through a mile-long flowiine, 
up into the SPM, and thence into the 
tankers: The lower part of the SPM is 
pivoted and the whole structure can tilt in 
any direction during loading. 

We and our partners in Beryl have two 
80,000 ton vessels carrying crude from 
Beryl to U.K. refineries. Both ships are over 
800 feet .long and have been specially 
adapted to load oil in severe North Sea 
weather. And they’re a technologist's 
drearti. * 

During trips the captain gets not 
only frequent weather forecasts by telex 
but up-to-the-minute electronic . 
reproductions of weather charts from shore- 
based weather stations. He*s also in radio 
contact at all times with the producing 
platform Aid with Mobil’s shore base at 
Aberdeen; .. 

Permanent sea-water ballast is 
carried in special tanks quite separate from 
those used to carry oil. Thus no oil tanks 
are flushed, out at sea, and the environment 
is protected. 

' During loading, a reversible pitch 
propeller and a powerful side*thrusting 
system position the vessel. An advanced 
telemetry system on the bridge commands 
the pumps on the distant platform, 
creating the oil flow to the tanker. 

When we designed our delivery system 
we expected it to be efficient, but it’s 
performed far better than we could have 
hoped. Our tankers have taken on oil at the 
SPM over 100 times since we began 
production at Beryl. Only on three 
occasions have there been delays in. 

But we did have a hair-raising problem 
as we were testing the buoy before oil 
production began. One stormy day in 
December 1975, the newly-installed SPM 
broke from its mooring to float across the 
North Sea towards the Norwegian coast. 

Tugs went in pursuit. After three days 
and nights the monster was finally towed to 
port for Inspection. Remedy? Slightly * 
modify the design and re-install. Result? 

A buoy now proved well built, but a timely 
reminder that North Sea development is 
risky and frequently involves working at the 
frontiers of technology. 

Since then it’s been plain sailing for 
our tankers, supplied by the re-installed 
delivery buoy. We plan to keep it that way. 

Fifth in s series on lhe challenges of North Sea Off. 
For a complete set of these advertisements write to: 
Manager, Public Affairs, Mobil North Sea Limited, 
Mobil Court, 3 Clements Inn, London WC2A 2 EB 



Ulster hit by wave of IRA bomb attacks 


AT LEAST 30 people were concerned about the reintroduc- The towns of Dungannon, of relative calm in this Pro- plant the bombs is spite of j 

Ptlightiy injured in a series of t* 00 ° f Ate car bomb, a weapon Enniskillen and Cooks town later vince. I Q *jjp Dr0 vincial towns increased vigilance by the police > 

bomb attacks by the Provisional ra,isia ? , fro ® . terrorist became targets, and in London- fc e bombs ve re planted in areas and Army yesterday morping.j 
, jka in Belfast r nnrinndprrT Vnri arsenal for more than a year, derry nine bombs were planted which were njanted They feared terrorist activity I 

four oth er * ulster centres Four of bombs exploded in m shops. Five went off. two of which until P e arly this y eaJ had after discovery of nine bombs-; 
vesterdav centre p arJv - e{ j cars. them starting fires, and the Seen sealed off to traffic. in a van stopped' on the main \ 

* iJam J e t0 sbops ud nropertv Warnings were given in all remainder were defused. ; The authorties arc 3* £»■ ft** to Belfast the- 

was expected to run into several caiei - The attacks began in 



In Belfast, one bomb went off 5™jjj that “security P r ®“ utl ®J® u nr - hft mh> frtP T IK” 

iliiSW'uT.K'tiS W-.CO- Tj™e. wtere m«t u> , J fete. nfi SSJE^VTC wy** si™*, rtYvou. UIV 

UIW 1 . Ui n *■ ■* tlrthfaniw . 

day’s violence, the worst in the of the casualties occurred. The piosion damaged a boiler room ? ““^aw*? from a "return to Northern Ireland Secretary, who. 

rerunser r acton- normality S Northern Ireland, was on a brief industrial promo- 1 

Province for many months. majority of the injuries were ai a 

Security forces are particularly caused by flying glass. 

The attacks shattered a period : The terrorists were able to tioa visit to New York. 

By Ian Hargreaves, Transport 

Knitwear import curb 

after GATT 

' BRITISH railway equipment 
.'companies have been awarded 
1 contracts valued - at £22m by 
. Bangladesh railways in a deal 
I financed by Government overseas 

The main beneficiary- of the 

BL company makes 

jdouble kreakttrough^'^N^Mifi^^r^ffi^ •• «-*. * - 

in technology deals 


Rnrrrew -cm vnfifc "Ait- donian'* intolerable problem is 
ovra heing solved," he said- 

_*‘The solution is totall out of 
<>“ hands, ibd; we look to the 
SnSSfa Gail MM to protect 

withrtL?airSS‘^ ** British Caledonian. We have 
^“co“fanWoi 1 ^? e ? elr out as a defenceless 

Lfilghte to that P°?.\ f 10111 pawa. • . .. . . 

Heathrow v "If Iberia ' seriously claims 

The mm., rar last that its UR operations are com- 

wife's imitarini the mercially dependent upon Heate- 

I officials in row. and that it stands to lose 
MS*. Vninie* £ 20 m a year if forced to move 
-overamen^ to ^ CsiVTick. to Gatwick, then clearly they 
' Xrir 3* managing have grossly exaggerated their 
- AIastair ^ Caledonian, case,” Mr. Pngh — * 

: riven a flfcn connect to bi^ld I tag ■ ‘ and during the wrangle. Iberia 

S25 covered wagons./ These will i Transport Assoc?. 0 ^ t J iat Jss. not e * e " 
be constructed at the company’s] the airline j f® aspect Gatvrick and its excel- 

AchFnrrl ItdTlt lont‘l?p cai*ii l 

I Ash ford. Kent, works " aiid’ seriously- conceiSL™ 1 ! me lent facilities. They were invited 
'delivered between 1979 and 19SO. I row between th^js-*^-. Spain to do so more than a year 3go. 
i .The small private sector of tbe-i over tec pro^% W® It *5 essential that they m- 

BY KENNETH GOODING, MOTOR 1NDU5TRY CORRESPONDENT, raijway industry, which has i Iberia to Gatv^v^hlch jhe spect Gatwick before making out- 

which should be even tougher third countries for further r ttE BL components '--ocapany 


and subsequent re- 

fought Ion* and hard for a share 

, ^ « W muui.r.i.- SU has also signed a licensing; of the Bangladesh deal, is aten 

- ' SU^ntec is to smend £5 -3m at agreement with Motorola Auto- represented in the contracts, hqt 
i it^LlSem %,%? io Wills .^bnS of France far the ma niK“* as sub s t aD tjally af it « 
industry wants the facility following two deals which high- future of a heavy duty aim*-] standard Railway Wiiinf 
available only to actual. light the group's determination for diesel engines. Tta| s j^Sort w,* b?f*d 

wagons worth £lAm and 1 

on Trade and Tariffs multi-fibre 1°" ^.various textile sectors, manufacturers, and harnessed to ; to •.'Juy in continental technology beraade at^Gie Butec Elec- 

trics plant at LeyJand. Lanca- 
a Licensing **«. SU claims that it is a 


THE KNITTING industry .which There was a need for a "multi- ward processing of textile goods 
will have sales of more than £1 bn fibr . c - ^rangement Mark III” —shipment of textile 30ods to 

would’pres’' a.ron*’y^ ror^'re- ■«“' ^ec Ki or. t 

srsg isarsap sas sss. 

Mr. Meakin said the industry's a strict enforcement of rules , wl^jgver necessary. 

_ ~ . European association. Mailleurop, of origin. stj ha*- ’ . 

n3?j e irf d ^-^ y -, ha l’ receQtJy been had drawn attention to the need Mr. Meakin told members that' agreement with Sofica part of sniflAler - lighter and more effi- 

for « f °rcemem 0 f present m the discussions with the Com-'?K?SS3i Fe^do gSuP.^iS ^ than the one it 

EE S resmctlons on imports, and bad mission they would seek to secure gilia itthe manufarturing rights re ^ ces ’ an d « teerefore more 
tb ' e also emphasised Its fears about a policy for textiles conducive to I fori, um££S Id KSSm **n*lian. 

lnri’rifltMn'l tee likely impact of the accession maintenance of a strong, viable fairw Tadiatnrs Some industry rIt w4il lbe s0,d te diesel engine ... 

C0 P' of Greece. Spain and Portugal to knitting industry in Europe, and 1 erpAts beStm? these^ will rapldS manufacturers qJdsg with a ; wa ?on business allocated- entirely 
SL™?1J tha r U?M ,n t ful1 EBc membership. which would not encourage any Sstin f reipeT-bSss ^placement part.;fiirough SU’s t0 British r3! 7 

SSJSSinJ SfSS The Federation told tee Com- significant shift in the present rad^rs n^^h/ nert tew distributors.. rT i 0 KnI - . . -V ,- r ' : 

« ^ Timn/rarJ tee dangers to small geographical distribution. ! V ea« °^ Br *** It i§ anticipated Motorola ! ' V 

; e .1« n as Inere ^ a temporary companies from growth of large He reported that in 1977 the I' _ „ ' ... . R _, u a wiH\use.compooeot$ifciade bv SU f 

deroga.ion. centralised buying organisations UK industry increased exports l in ASJi e ^ r ^ ,aters a .f ,iT, io markets part of a; 

Mr. Michael Meakin in bis , n each of the member-States. by 37 per cent to n record total ! , J® ? nf *. awl^f 15 reciprocal ari-aflgei^nt. i 

annual report to members oMhe About 85 per cent of the of £272m. though there was lo be P ubl,d> anaoun - Mr. Tim Wo r raft: managing 

Knitting industries Vederation. Federation s membership con- drop in yolume .in lbe jersey r ^ . director- of SU-Butericmninented 

^sam yesterday teal the EEL. Lorn- sitfs of companies with fewer fabrics arid tights sector. T% agreement with Sofica also yekte’rday: . “ Both Agreements 

envisaged a return after than ?00 employees, but there Imports of knitted goods rose , Sive^SU manufacturing rights gi?i-tis 'an insIde'J&tKto che 

*• 18S_ to the terms of the original j,- a fear that the large organise- to a peak of -£^97m. The attack ! for wiminium heater cores. . latest technology I^tn lookin’ 

arrangement agree- turns controlling distribution of was spearheaded by an Increax- Th'e»eiv products wll be made for a lot more "business of' this 

ial ing number of less developed I at Llffiteffl. where SU makes the nature, and we are aKn develon- 

__ H. 

Davies of. Mansfield will 
ballast hopper wagons ^wtth 
£1.64m. ■5^- 

Pri rat e-sector companies, flgme 
of which have been excl 
from the deal entirely, had 
homns for a share of the' co 

Spanish airlin *:'.wnstmg iandish claims of financial loss, 
strongly. . f : . and encouraging further threats 

Hr Pugb s« teat British of Spanish Government reprisals 
Caledonian's Inf!9M? bein S afiaJnrt British airlines, 
totally forgottei^^i®^ Cale- "British Caledonian will be 
donian is the to be happy, in the interests of re- 

hurt, to the es? tf $k* 3oss of solving this ridiculous dilemma, 
profits of abou *»f» year**— to stage a forum at Gatwick to 
fhe MMt of rh/^rirae’s having enable Iberia to come and discuss 
it* rxvtq HighthteBeh Hadrid with tee major international 
suspended b tee - .' Spanish scheduled airlines, the question 
Government ’ of operations from that airport 

, “ As the c7 0 tuhQfts of the ‘‘Senor Manuel de Prado. 
iUK and Spate prohlem president of Iberia, when told of 

Tto -worsexjT and 1 ®^^ airports' tee British Caledonian invitation., 
'policy to be see-.uo said that it was solely a matter 

evidence-’ lbs . Cale- for .the Spanish Government .: 

ment which 

allowed a growth textile goods may want to deal 

developed ... _ 

and focused on the re^Lsungr range of radiators for 

for record 

nature, and we are afe, develop- 1 By iohn Lfayd 

1 no retavttclratf' «< Am * * ■■ - 

j'rate in imports of 6 per cent a only with similar-sized manu- countries. 

gCyear and made it difficult to cut facturdfcs. knitted 

^established levels of imports or The Commission was told of wear sectors. In both import! lurers; - SU makes a wide nffice of com- 

. deaJ with supplies from new the industry’s anxiety that there penetration of the domestic! U is claimed* that duminium poneats at seven factories in 

■ sources, should, be strict limits’ on out- market rose to 37 per cent. ihas a, ninhber of ri vantages Britain, ranging from sWll hard- 

lover .copper. It is le?s suscep- ware such as ’door lunges and 

ICI 6 works Bard at 
industrial relations’ 

underwear and outer- and other motor mantifac- d^ts S< of^t^crw^ ,l, * n ^ DeW * >ro ’i BRITAIN’S GREETINGS .card*! 

i •- - ' — ' ! nianufajturers expect a' turnover 

of about -150m this year, with'a 
|/ccnrd 1.71m cards sold. 

The Greeting Cajt & . -and 
Calendar Association estimates 
thut next ; ear, the- assdcliUori's 





tible ta corrosion. It is lighter geasticks. through . exhaust 

and, -as far as radiafr produc* systems and carburetters, toi.v,,.- „• - - 

fion is concerned, becaise there heaijy duty axles. Sck and i rs^^-Sbp cardS'hllU 

is no solderins or hazing ; ef pipion steerins. powerl steering I “Vi! <: u t/- \ - 

joints, the productioi process systems and electronic- control ! 

Is much cleaner. devices. £ [diamond 

By Simon Henderson 
jV MRS. INDIRA GANDHI, the for- 
* uier. Indian Prime Minister, yes- , 

^IMPERIAL CHEMICAL Indus- legal harassment, in ours 
Tories spends more thau twice uxauoq and, in the past 

, m , ucb . time and., effort natiooil ItaUbn ." he said. / , f . „ 

on industrial relations manage- “We' in the UK are taxing : terday met Mr. Lallaghun. Mrs. ; 

•ment than its German rand free enterprise capitalism to Thatcher and Mr. Heath as part 
American competitors. Mr. death while yeu are regiHating of her week-long visit to Britain. , 

" iJ?i Ur i c ?. “^Sson, chairman of it to death. In Britain I>6eUeve She also met Mr. Julian Amery. , K - ,jR -‘ 
y - c A t0 • 1x11 A 1 rner \ t ' an Chamber v.e have confused fairness with | Mr. Douglas Hurd and Mr. Adam director 
Gommerte lunch meeting in egalitarfianism. We have taxed ; Butler, of the Conservative Front! assembly 

;-iondon yesterday. initiative and subaidixfed the lack, Bench, at her. hotel in the morn- ! biggest 

..•He said the enormous. G f it to an oxteat that has ; ing and addressed the Common- jr^vin-* ih^onnl 
effort eroded away the entrepreneurial | wealth Parliamentary .Associa-] A ,™* 
louteijttlans of the system. 

Cowley he^d leaves 
after six months 

. -an exhlbi 

tion ««F gre-ctin^Taras of the 
past 130 years, Sfcce--tSeir first 
appe-r^nce in tbfl^UMOs. 

t^mount of management c 
“ taken up with industrial rela- 
Hons in the UK was " one of the 
factors contributing to our lower 
; productivity." He added that 
in the last few years "we have 
been able io improve produc- 
. liviiy somewhat faster than our 
inrernarional competitors.” 

J But Mr Hodgson emphasised 
that industrial relations prob- 
lems in the UK were "manage- 
' able " and he pointed out that' 
ICI had suffered no significant 
• loss of production as a result of 
' labour difficulties in 1977. 

Mr. Hodgson went on to 
. attack Government interference 
' with free enterprise in both the 
UK and the U.S. 

“In both countries .Govern- 
' ment seizes opportunities to cut 
free enterprise down to size, in 
your case by regulation and 

LOCKIARTJ plant Mr. Lockhart, aged 41, * Scot, 
lowley car held a series of senior industrial- 
oi e - of BL’s r5la ttons appointments with Ley- 

centres. ’is L a 5^ Cars aad thon BL Gars' 
• r before succeeding Mr. Des North : 

The ndus‘ry 
100 carj si . 
more titan 10.000:; 
capital pf more 
There are 33J 
cards, half of the 
and speeiaiit; cards! 
were £l-.5m L-vt ye, 
couriirie;. ; - 

'Men and Mattrin, 

ludes about 
employ ing 
pl& with a 
£i5m. -r • 
tailers of 

by Ba nk 


terest relief 
ant rate up 

tion in the afternoon." I ,h A . l, f c tin , 

Mrs. Gandhi met Mr. Callaghan i 

of the controversy surrounding 
!her visit over the imposition of 
E MAXIMUM rate of interest her "emergency rule” in India 
ief gram and interest rates) it was described as a ■’meeting 1 
loans under Section 7 of the. between friends” rather than Mr.' 
u$ try Act 1972 were increased 

he rate of interest relief grant 
liable in those cases where it 
d be appropriate to allow 
equivalent of an interest-free 
od on a Department of In- 
try loan — but where concerns 
tain their finance from other 
forces — is being increased from 
13 per cent to 13* per cent for 
pach interest-free year. 

Callaghan greeting her in his! 
capacity as Prime Minister. 

Mr. Heath, who spoke to Mrs. 
Gandhi for about 30 minutes at 
ber hotel in the morning, refuse 

Q . - inSfeunnlng the CowJey plant last I 

in-Morrte/Sjf ; yesterday April. > • j 

•. UafckhSft hiulrhy mutufi Mr. Andy Barr, another Scot' 
after shehatTwatched hiro*diTrin8 ' Cl ?- S ? nt ul ® ivcn up j 4 tfl . e ro ^recently went to Cowle 
tee Prune Minister’s question ! ^ P °‘ nled *« Pf^uctior. manager, is expe 
time in the Commons. Because i mo3 ^f [ t0 Q^ er - 

wiss Alummium opens 
urhabi fluorspar plant 


in £1 


to say what they had discussed { ALAN WILLIAM^. Minister _ _ t 

* * ' ^trj. attended jBroad-.vood plant ore had beemeaste 

Standard Chartered 


announce that on and 
after 15th November, 1978 

the following ^snual rates 
will ajyly: 

f Base rate . . 121% 

i Increased from 1 1 £ % ) 

Deposit rate (b«ic) 10% 

(Increased fr«tfS4%) 

Bank Limited 

Hill Samuel & Co. Limited announce that 
with effect from Wednesday, November 15th, 
1973, their Base Rate for lending will be 
increased from 11$% to l2i% per annum. 

Interest payable on the. Bank’s Demand 
Deposits Accounts will be at the rate of 10% 
per annum. 

Hill Samuel &Co. Limited 

' 100 Wood Street 
London EC2P 2AJ 
Telephone: 01-d-S SOU 

talked about the situation uere 
and in Europe and tbc world in 
‘general durins ber discussions 
with Mr. Heath and the '’Con- 
servative Front Bench. 

Sh declined to outline her 


test l 

THE ' Bank ? 
launched te<^ 
discussion p e 
circulation 1 

This is a« 
recently ,e ‘ 
whereby hr 1 * 
Treasury : ,- %i 
wore of 
Howev | 

‘jSaalnlv < > T , 


there 1-**^ 

_ and e has trims, it may he almost fully 
fa series of reflected in higher personal see* 
give vrider tpr saving, 
rch work “The relevant - tax . arrange* 
its staff meats appear to give a strong 
- incentive .towards this .type or 

step ia- tee ioStitutloDal saving, '^though 
jfag trend the tax system also discriminates 
aok and the in favour of other forms of sav- 
ppWiahlag infc-uojably through the treat- 
’ of their mentjjf owner-occupied housing. 

as so far -beon^SaviaSS ratio , 
to-backgrouoif -.“/f“ . , . " , 

questions, ' and; the. basis of present tax 

arked reluctance ’.ansutgements and assuming no 
lies on current sitoahle switch from private pea- 
i(-v‘'d VBtcisions ’ -• sion. schemes to the new state 


quesms^rbut iiso -nn .financial SJ®. ^^SteSv^toteer 
SLuiShni aihWte - nv iio- teg*^ rdtto r at a - shghtly, higher 


and ai 
expl a 


ot alwavs led trv deff ■ symen rroro nrauea 
elasions 37 ^ % Mteu* unfun ^ed -pension schemes . . 

:bnlciu S 

neat in the Bank's .miar- - ,n? P ersoi ^U ?ectbr 

Itte. - ' sa ^’- 



: broadly fc e described as work f 0 j. example,' the impact of 
in pregrA and to stimulate ^com- p Sdiange rate ebanses upon the 
went upoqdt. No Jpore than five p^nomy and of balance of pay 

r six p . 
sued' in i 

Until tee opening of 

It was a private talk and bis wi5 1 o£ State u >r Indu<ti* attended jB 

a private visit, he said. : !f he official opening,^ yesterday, processed at the Rookhope plant. ! Bril 
Mrs. Gandhi said teat she Sadi of Swiss .Alumteiufi Mining Broad wood will increase the i Wes, 

(UKs> fhp»saar peaces- company's capacity for fluorspar 
sing plant at Bnfiaiwood, Co. products at least fivefold 
Durham. ; £ ( The restricted capacity of , 

Swiss Alumlniiiqj ffUK) is a Rookhope limited sales in I97S. i natural cat 
subsidiary of Svn^ Aluminium The small surplus over the con- gramme frill 

hus^igned a con- 
more /than .£lm to 
’ in/a ijrograrame 
\ coal-fired power' 
of. with the ‘ U.S. 
er Research -Insti- 
coals from, the 
coalfields in the 
agging gasifier in 

are likely, to bfr melIts , flows 

> ear - ageresatet . 

. - The" Bank- discussion paper is 
available .‘ from V the Bulletin 
Group, " Economic ' -TnteHigence 
f.r\ ftSSs Department Bank; of England, 

onomjt InttJIUte EOrW" 

nt. ctecusses thetebact of life gAM ~ 


The; fitst, 

upoir ”. monetary 

funds on 

Tie Westfield plant 
already successfully used 
coal-, to ; produce substitute j 
Tiie present pro- 
tost the high- 

assurarpe and peusiot 
rson* savings. - 
Mr. / Threadgold ftetatively 
conclupes that inflow- into the 
life companies and fundi result 
in 1 #et addition to perso^l sec- 

Grant for arms 
control study 



...... , lfc _____ and inter- 

! iof saving, .given- the exigence national seoirity are t© be 
/the State. pension schemeX studied over a five-year. .period 
Where an increase resulted by scholars in .the department of 

of Zurich, and :<is .fortped in traciualiy committed output has sulphur coals for possible use’io j orfrora^eS^emmeVrn^ ^ Mr- ri C 

<• develop toTwAms ton used to supply ,,,1 Lds .to cpp?hm,,R-:.ele uSusUon ePdifeS^'™? W V«» - 

potential j at earn 1 1 1 .'* 1 !* 1 p, JJ ® T [? nnt ^ h . f j/o wer wages, persenal sector i>avO» Additional ; sponsorship of 

i tee Th f.wi fT ^in l AoenmentSl R? u T0 * e ab ? ut W f sf the £l©,000_for Ihe same priTOd wift 
.liriiii ' K-ri "EJpirtw cOntnbntions. come from the Joseph Rowntree 

ii«iHBr be .mdLir case of tecreasoi: Charitable Trust "to finance a 

.“J 1 *, I,lilL d 1 ^ , ''Ji”^u/ro- 4 » , tilng from higher property visiting- fellowship fn arms coa- 

nirin U JrU^ o r . contrtbu- trol and disannaoieat 
into energy saving projects. Tnej ; > - - - - 


tax leaflets 

political ambition in the Tight of! . - 

ber by-election victory ia-t week • operations m Cou&>. Durham, a wide range 
which returned her to the Lik« The company Isolds mineral customers. 

Sabha ( Indian Lower House) foF i rights over an atea^ of 300 sq 

the first time since her Govern-] ki Ionic ires, one q! ihe largest VjrjQ'}p_n5irPnf 

ment j defeat m elections nearly j contiguous mineral foldings in - 
two years ago. J the UK. Total inveJtaie&Wa Jt-is 

She emphasised the private | uhout £6ni. | 

nature of her vsit. which is to! Fluorspar is a ^ick mineral THE TAX position of smglc- 
attend anniversary celebrations ■ composed of calfli- n Huoride parent families is explained, in 
for her father, tee late Mr . ! frequently associate with lead, simple language, in a pamphlet 
Nehru. • I particularly in tt Durham prepared by the Inland Revenue. 

This week. Mrs. Gandhi goes | deposits. •? The phamplet. IR29, is free from 

to Sourb Wales, to open a steel! Jt has valuable- 1 King pro- any tax office, 
mill belonging to Mr. Swarj Paul, (perries. The Broadwc id plant is Another pamphlet IR30. 
one of her supporters. Mr. Paul., designed to process 150.000 to •‘Income Tax — Separation and 
who i? actins as co-ordinator of 200,000 tonnes a year if fluorspar Divorce” is also available. These 
her visit, said v*«erday that she ore. and w-in mgfei 50.000 to represent efforts ro make per- 
did not care about Press criti- 100.000 tonnes el - fluorspar sonal taxation leaflets more 
cism of her trip. products. \ easily understood 

Current accountjin surplus 
after lower visible deficit 


THE current account was in surplus by 
£212m in the three months to the end of 
October, compared with a deficit of £173m 
in the previous three months. 

After allowing for a slightly smaller 
invisibles surplus, there was a narrowing or 
£442m in the deficit on vjsihl". trade, around 
one quarter or which is explained by an 
improvement ht the balance on. the more 


rr*tic item5 and oir. 

Exports (excluding erratic items) rose 
, i^rpjy — up by 4 per cent in volume — while 
- sports lagged slightly behind with a 2i per 
i :nf rise on the same tore e-month comparison. 
The appreciation of sterling during the 
tree’, months has been reflected in a t per 
gif rise iu the terms of trade index — (he 
tie of expbrt to import prices. 

•Letter by Descartes 
sells for v® 


Exports Imports 
£m. seasonally adjusted 









3rd . 
























Yoflme*te*onaliy adjusted 
1975= l»;. 

yU 10U 

Terms of trade . 
^Unadjusted Oi) balance 
1975=100 (m. 

























— 657 












T 10-4 





- -642 

Department of Energy will con- 
tribute 161.400- towards total t 
costs of £11^.800 / > 

Fluidised 'Hifl combustion, 
which forms a- major purl of tffft: 
research in the programme, tal 
bum a much wider raupe eg 
coals than conventional boilers .t 
®'UK industry ctiulcl be paying 
up to HOOin too much for energy. 

according to Nation a I Utility ju -r qvg- jeitAr written hv Ren4 
Bcrvxevs. -he utility 

company. XUS claims that it ha g* 
achieved I savins* or up io 90 Sotheby’s vesterdav te 

STll” cH™“ crs - v b!1,s 

e A National Coal Board tl\»t tottUed 

for opentas' working at WhlttonJ*®*'” 1 ®'- ’• 
stall. N T ortbumbei-|and. has been 
turned down by the Department! 
of Energy -after ohjcetioqs fTorn 
the local authority and others 
that it would spoil the environ- 
ment. f 

The .Department’s d^isior^ 
follows a recomniendatioii to 
reject the scheme by a Depart- 
ment of the Environment in- 
spector, who conducted a public 
enquiry las: year. 

The NCB bad expected to win 
2.75m tonnes nf coal from the 
571 -acre site over Hie next-nine 
years: ’ 

• Mr. .UfiS Eadic, the junior 
Enerej Minisic-r. said yesterday 

that "the Guvemnieol is deter- 
mined to get value for money 
from the investment made in the 
coal industry.”.' .Some £500m a 
year is now being invested in 

the coal industry. 


Thi riy-fetrrjeti ers by N"a p oleon ' D u ( ^ **Z*-*.~ 

ftaxcSai Benhier about 'tee to teSf 4 

aJM/ tte war in tel 

uryT . , - 

tft sn o " - ■ "• Alexander s'oldrfor. £4;80O 

lohel sold? for 

Th« Plarinma iintete-. by Jos 

- .. , ... Tr i _ tUU. . . Wbitp 

pamsE enibassy ^was .an - active - r 

IMAW "ftc OAftll Iciflrtnp f 





















111 * 

* ratio of export prices to import prices 

Listed building 
may be saved 

TWO PROPOSALS pnt forward 
by Mr. Peter Shore. Secretary of 
State for the Environment could 
result in a public inquiry OD ( ti e 
future of LivprpnoFc Lyceum 
i Club, a threaiened ‘ Grade Two 
“~ S11 ! listed buildinc built by Thomas 

Harrison in 1R0?. 

The proposals, under the Town 
and Country Plannina Act 1971. 
would revoke the listed huildinps 
consent to rierablish granted on 
March ■- 1971. and would modify 
i that consenl They would allow 
'either the whole buildinq or one 
Saum: Drtvnmrnt of Trod * 1 nr holh facades to be retained. 

705 3 









hawk, 'e'o&ifcte 

Howard forAfrW 
r .Aa art afiuy® 311 - art deco apd 
studio : papery sale at Christie's 
totalled B&Sfc, with a top price 
e£ £1500 .«r .a- Latique surtout, 
frHh the fieafy Class panel deeply 
moulded - r *Ste a fully- -rigged 
pUeon add Sited with electric 
Ugftt. GaUStfe Ars, a LOsseldorf 
dealer, pai&^tSOO for a pate de 
Wire v43*3»y. Argy Bcrossequ,' 
Ifefl Catspw^ Of London, gavef 

£2^0 f 0 r; 4 t-broaze aad ivory 
figpe of a dancer by Chiparus. 

Also at- Ghristie’s, a Japanjtee 
lyory carvtegs and netsoke 
Suction- brought in £68,420, with 
a highest price of £3,000 .from 
Campos, a^partisb dealer/ for a 
pgir Of large ivory earrings o£ 
Chinese ladies. *. 

A wine sale at Geneva on 
Monday produced three records: 
a magnum of Chateau Lafiie 1870 
sold for £925: a dozen bottles of 
Chateau Haut-Brion 1945. £1,080; 
and a dozen Of Chateau Mouton 
Rothschild 1981. &33. [ 

A clocks add’ watches sale at* 

How much is 

^ your 

l^we.xgcm<v« (afta^ao? 

; Like 

of fawtious: shbatedc^te! ■ - 

- fwfiinlwinrarThaBtfVCWW»et -. 
Rsvr C Mortis. Director ’ 
Oosvckk EaKC-Cotpmrouaf 1 : x-‘- 
Dr-dopmeiiftbil y ' *■ • ' : 

28Crysvenbr^V;U»d8p -VFQCffiifl 



v. ; : 

- - iv ii 

'■ • V - : 


lya i hfcWjB I 

iiiiiiim i mgpBB, as 

Please send your free, booklet, 
'Summary of financial facilities and 


vember 13 1975 


13 a 

If you run a company you will know 
that your needs aren't always 
obvious or straightforward. In fact, 
business necessities can seem 
unusual to outsiders. For instance, 
you could need a company plane. 

Or a Rolls-Royce. 

"ion probably wouldn’t expect 
even your bank manager to be 

very sympathetic 
^ if vou asked for 

finance for some 

thing as uncommon 


But, if he's a Midland 

Bank manager, vou should 

begin to expect the unexpected 

Provided there’s a sound business 
purpose, your Midland manager 
may well be prepared to help. 

Your Midland manager also 
has at his disposal a highly skilled 
team of specialists who can. 
between them, offer answers to 
almost anvbusiness need. Start 
thinking of him and his team as the 
people who deal with your business 
problems, however unu sual. 
Because, thanks to teamwork, you 
can expect us to do things you’d 
never expect. 

SWRoUs-ffcvce mascot; ^riU? anu oa<l ge a re rtS-' lL n - u ■ 

>611 can expect the unexpected from Midland teamwork 

MkHanss Bank 

Midland Bank Limned 


labour .NEWS 

Financial Tunas 1978 • 

over contracts 


Ministers threaten 
sanctions if Scots 
hauliers break 5 % 




£ 7,000 

.. •- • •»iv ■ mr m - * - - _ 

Steel workers' 
exceeds guideloes 



:TH£ GREATER London Council ins their obligation to advertise | 
•■h> I'l'Oieatin? directly lo the EEC contracts or cico.noo and over 
■rGom mission over tbe failure r»{ The net result of this could be a 
• Eurnpean local authorities to loss of employment opportunities 
comply with a directive requtr- so had l* needed in tbe London) 
ing them to publicise contracts area." ■ 

- in other member- nations. Mr. -MltoheU said^hat until 

•'■A report by toe profes?i«mal f-thei c<uOi tries complied wuih the 
‘and general services committee directive. UK companies were 
Which is responsible for ail GLC operatifl* at a competitive dis 

"supplies contracts, sav* that in advantage and a protest was 
'the three months since the being rodped with the EEC Cnm- 
tlireeisve tame into fyree. onlv" mission calling for an early end 
13 of the l'JO supply contracts to such 30 unfair situation, 
listed in the EEC Journal 
originated from outside the UK. 



;;,_.The report says that 
Germans. Italians. Dulch 
?• French had Tailed to list 
.-contracts and that most 

blamed administration for 

Some hoped to begin posling 
"contracts in the new year. Other** 
rsaid that it could not be arranged 
• until laic in 1979. 
l - Mr. Robert MilchelL chairman 
- of ton committee, commented 
i j oste relay: •• l believe it is nuue 
unjust that, while firms in Pans. 
-Munich Venice and elsewhere 
-in rhe EEC have the opportunity 
lo supply the GLC. London man J 
racturer* do not get a similar abled 
-chance in other EEC countries, which 

Rate relief for 
the disabled 

ADVICivrTO local authorities on 
operating new arrangements for 
Daymen f *>f rale relief to the 
disabled" from April next year 
is given m a circular, issued 
h\ the Department of the 
Environment and the Welsh 

Until r tne Haling ( Disabled | 
Pcr-ons l. Act 197$ relief will In* 
available in respect of special 
facilities or features of a dis- 
person's home without j 
it would be physically 

“In so.nie nT these, local impossible or extremely difficult 
authorities arc simply not fulfill- for him to live in it- 

Row over home sales 


.THE GREATER London Council GLC. 'rim-h da nil* that the 
iC.ouM this year write off losses house-* can become profit able on 
.of run re than £l'0m as j result the rental market after 15 years, 
.’of ns decision to sell thousands ;*u*uscd the council nf tryin? to 
jiC new council limne* originally sell only the best housing Mock. 

MINISTERS HAVE warned-the 
Road Haulage Association's 
Scottish region, which is lead- 
ing the industry’s pay negotia- 
tions (his year, that a settle- 
ment breaching the 5 per cent 
guideline will lead to sanction*.. 

These will take at least the 
form of Price Coni mission 
controls, lo restrict haulage ratr 

The warning was cleliiercd 
to Scottish association officials 
by Mr. William Rodgers. 
Transport Secretary, and Lord 
Kirkhill. Scottish Minister of 
State. A less direct warning 
of the need to keep settlements 
within the guideline has been 
issued to the association's 
national office. 

Meetings of Scotland's a .000 
lorry drivers have over- 
whelmingly rejected fhc 
association's offer of 5 per cent, 
with a scheme of “self financ- 
ing “ attendance payments. 

Union officials representing 
the drivers, who lra\ e sub- 
mit led a Maim nationally for 
rises o f 20-30 per ce n I . said 
yesterday that 5 per was 
not acceptable. 

.Hr. Toni Bniflin. the associa- 
tion's Scottish area secretary, 
said that in the e\cnl of a 
strike which forced an offer 
above 5 per eent and con- 
sequent action by the Price 
Commission, employers would 
have no alternative but to 
reduce fleets to keep down 

"In that event there nil! he 
grave repercussions Tor the 
industry. After a strike there 

would not he as man? jobs for 
drivers to return R» M , hcn f* 
tseillcmenl fe finally arWc' rd - 
Thc two-, sides yesterday 
arranged ‘Anther talM later 
this month.- Mr. Bralli" did noi 

rule out further contact «ith 

: VAL-XHALL MOTORS was yes- 
terday ordered lo pay more than 
£7.000 tu a worker caught asleep 
during a night shin. This in- 
cludes a “ fine " of £1.900 because 
the company ignored an order to 
• re-engage 53-yea r-uld Muha tinned 

The t-nmpunv had said it would 
I be a laushtng stock if it took him 

'THE HQ.CiQO-strong Iron and result nf 
SieeJ Trades Confederation,- the recession, 
btssesi union .*•> the nationalised British 



wo r * v ^fc*t* e ’I relitiMri. it eaiiie to be seen as 
v '. '. . k maaffgeineDZ tool for accelelrat- 
.lii& T t€dundandcs. 

, _A3bfis jin' . .LpdallyY however, th? scheme 
seems, fb have gained widespread 
acceptance, and is expected to 

loss-nvjli'ms British 5teel Cor- surges ti ng that boosr earnings considerably- in 

fV_ r. • - - — HrnviiiP i u - BUsiuas JW*-» *< *» "‘vn iiiu- 

the Govenunenl on impr» "S a f ter ;m industrial tribunal 
me oirer before the ,a,h ■ ifouritl he had been dismissed 
Union official* in oll J er .unfairly, 
association areas have also , jvj r Ayuti was sacked in 
received offer* within guide- February 197S. after nearly eight 

.years at YauxhaH's Luton fac- 
| lory. 

The flOO-a-week 

Thc claim, now finalised -.-by 
the union's Uiree. negatiafms 
committees. is expected lo be 

■ -v running at' about •*«** where 

> ' ' ' . as In- 1976-77. ^ i '/ 3ft*?*. place- 

redundancies have 
Overall this year. 

to the past few l0 T!?35^ tBel . British! Steel. ".has". axed - somO 
workers .in the n WB£ ot 17.000, Jobs, reducing its total 
British Steel wor fet£--3iso wwkforce by some 40,000 tu 

lines, but Scoilani! i* 
viewed as the lest va*'-. The 
Scottish offer has 10 ro*' pr 
l* months from November 1 
to bring the scltlcmcni « la re to 
January I. a* used by other 
haulage areas. 

Drivers . j„ Fife 

t Clackmannan 
unofficial warning 
from December 
employer* rail to lmpro'® lhe 


tabled with British Steel on seen for the g rs [ finan, 180.000' ln less than four years. 

December 1 in defiance, of the - ia | i>eneflts _f ne y «ffirt)duced to-the-^ Welsh division a recent 

Government's 5 per. cent pay yjork ■ measured -'«;TOgenHv 6 “ Jjig rise 'in '.steel output is already 
guidelines. -. bo n uses r- a self I *®?PB'-.-P£°' Attributed . largely to the 

Compared, with other .pn&iic- duetivity scheme ‘'^Lr^^d seKeme. - Ineerrtives were infro- 

sector demands so far in 'the union co-operatlo'^W] 1 -' 0 ^ duced at Port - Talbot and 

present wage round,' however, wear’s 10 per cent LJanwern about two .months ago 

worker bud gone m a quiet ;he e i a i,» appears modest and " The scheme Of- a": fimong -process workers, and the 

corner nn the flight shirt. re\ is t i e( j c lti*e!v to cdst-pf-livibg agreement reach .^«“ n udr>V latest figures shown total 128,400 

: moved h|> shoes and socks. rise -' The National .Union . of 1975 . but has n .^a' nnple- tqones sheet -steel output m the 

covered himself and slept He Mi aev %ri>rk<irs. for example, will mented until rec'^^^oseof week ending- October 28— a 

and , told toe tribunal mi Bedford ibis be tab:jng a claim next week Government - record since June. 1.973. when the 

40 per cent paydiseJhr. since that tim ??Vgb Steers ;dIl!Ui 6 n Ava s . employing some 

000 members." *“ 

The steelworkers' 
certainly takes account Ofl 

\ rite . 4U, ‘ ,ioio tne iriounai in eearora 'n ,a hp , a hl 

haw "iven | summer that everyone on night - ,, 

ing »( a strikp shift either slept or played card.* I ... 
or 1 if 'be ! after completing their work'" 115 ■* ■ 

, quota. 

I The tribiinal ruled that he was 

■V- Scottish driicr'^ j ,r !?J e . dismissed unfairly, although 
four years ago crippled toe , waa jq t . ent ( 0 blame. 

he coniinujng massive losses 
; incurred in the industry 

de-mannim nee* . created .'8,000 mote steel workers. ■ 

S*t some union re'^§&$ the:. . Steeiw<n*ers ,: eaTnings without 
scheme Orrgin'> e H *B$CTa™ as. the bonus are said t<j range frftm 
• — k, with 

deliver* of- supplies through- 
nul the area and led u> - 1 ,: »rgc 
pay icitlcmcnt ihai became a 
pace-seitcr oaflonally. 

Last year, after M-Icclire 
inrfaQriaJ action. scUfcmcnts 
within . the ' association 
naitotuiiy averaged I-» Per 
ccnt.v vhich m>, above the 
Phaser Three guidelines- 

Employers, " particularly in 

the Jt'est Midlands, where 
individual companies suffered 
sanctions after settlin' above 
the guidelines, were left bitter 
ahliul-rJie uay in uhich tffey 
had been penalised by toe 
Gweriunenl. .. 

ah encouraaerriei'^.^ater T>ro- ,£Sft. 8..week to. £145. A week, wit 
ducliSty and I't^dpvtriai dn averagelof about £S8. .. 

on sea 


intended for letting. 

There was a heated council 
debate yesterday uver the Con- 
servative admiiiislratum's con 
^iroversial sale.? pulley. In it Mr. 
<t leovjv Tremieu. chairman of 
the GLC housing policy com- 
-ijiittee. claimed that equalls 
heavy losses would he suslamed 

for which thousands of tenants 
were waitlne. at u n realist I rally 
low prices. Mrs. Gladys nimson. 
opposition housing spokesman, 
described the sale^ programme as 
the policy nf the lunatic 

In a report to the council. I AIR TRAVELLERS experienced 
Mr. Tremlett said that, as toe Lome delay? in entering Britain 

u ' vl yesterday' 1 because of 'a dispute 

Customs men’s protest 
delays air travellers 

They had been told that two 
’ other "men (.aught sleeping had, 

] been suspended, and ruled that 
j" steeping after one has tini-bed 
'oQe’s work is --.not gross 
I misconduct. ” 

lb yesterda?? /ruling toe 
I tribunal awarded -M tv -Ayub. wl ■ 
stiU- unemployed.*^ total of 
£7.319. . .v 

The tribunal decided that the 
reason for Vauxhali’s . stand was 

-•^rtt'rieeDto^biiV'lhi Smi SHIPPING UNION'S are expect- keeping emple» 
ihW K-m* nf n ..i ^ inz a further meeting ->'ith Union offici? 

this case has had hit oF put ^o,- ernn1?n t officials to 'dfscuss Seafarers Join^ 

redundancies on British-Bag Dickson Mabtn-". 
North Sea drilling rigs follow- at the Depart v* n v 
ing talks with Ministers earlier Monday tod is r*. 
this week. • * ' - They compile 

Tne union? have been pressing fta3 supply ! 
re-engase the anpircant We o; Government for action to used with uu 1 * 
not regard th»~ as . a nierej 4ei’iire employment .on British cantly be!n« 
lec-hnical breach." i owned drilling rigs and supply ships, thereby 

boats in 'he North Sea's British petltive adva* 1 

! Jicifv- and the credibility of the 
'company would suffer.!' 

" We arc not sjiisfietf toe com- 
pany has made out a.'^ase that 
it was nm practicable lo 

The tribunal also accepted that ' 

•h the prupentes wore vented, -sales programme continued, he 

He said thal rale- and tax- payers expected the deficiency to “in- involving W Customs officers a 
gjuld not. lx- expected to con- crease vihstantlally." He ex- London's Heathrow Airport, 
wnue tu bear the cost" of pected a net loss or about £10m Thy officers, members of the 
excessively expensive scheme? — nn average oF £ti.fifJ0 per home socieiv nf civil and Publ-i 
which should never have been —on the 1.530 properties already sejfvants a |j wn rk in the air 
parted. approved for sale. So far, about ' 

glhe Laiiiiur opposition' on toe TOO have been, soli 

the publicity had made-it more; sector, 
difficult For Mr. Ayub-. to gel" This ha 
usu»d ! another job. i 

have ] : 

Mr. Syd 

with secretary of’ 1 

were : 

Bakery strike 

London lobby planned 




.V GENERAL agreement on the ca?e for London before Parlta 
heed lor a London lobby of MPs ment 

to press the case of the nation's , ln particular, he said, such a 
qfoital against tbe interests of rr,rum tou,d campaign for the 
toe '■ Northern Mafia" in Parlia- rmu,\% of Office Development 
rWent. wa? reached yesterdav bv Pe r m u s t r ia 1 Develop- 
?£>* from both the Conservative ^ 

ajn Labour partte. . its infrastructure and 

The agreement emerged from iheibolitimi or restrictions on 
W informal meeting organised adrfrtising London's benefits lo 
nj the London Cham her of Com wtjistrv and commerce. 

!F-?L*^n n r i 7 auended G-nffroy Finsherg. Conser- 
n« about 20 London MPs from --- - 

the Red channel which i> 
tor those passengers «o 
something to declare." 

He said the dela. ; 
occurring in “pntriies" v-th early | 
morninc and mid-day innsatlan-j 
tic flights particularly ofc* ted. 

!>lr. Gordon Pin of cus-j 

mms at -v Hoathrov. safd' B'»TH^tDF,S tn the broad strike. ' 
•'Naturally : .thcie are m-ic* delays nn*v ifi its second week, will' 
which vou: would expei .” -attend talks at the London head-: 

0 Delavs dnd canc*':i tinns arej nuarlers ol the Advisor:. Coh- 
By keepm; strn ily to Customs expected hfchit Southirn Region [ Hhation and Arbitration Service 
and Excise . regulations, the train -ervt&s today !**cause ol j this morn me. The Bakers. Food, 
ufficers’ action is resulting m unofiii-ial ^tiun .bv irivers at f and • Allied Workers Union is 

Pas<vigers were seeking pay increases of per 
pogt di- notion on [cent and has rejected a Fetlera- 

...— .._ been .coupled ...... .. 

severe criticism ptf. the amount of and Airline 'b« 
work being giyen to foreign- said yestenF 
owned vessel? when British, sea- Ministers id 
farevs are lacin 2 -. difficulties in -there wouh ,e J 

rfs Terminal Three and wer*- 
nforeme a “work to -.tandard “ 
in support of a claim that they 
are ten men under strength. 

| lengthy queues. -ome tlcno 

Mr. Peier Simpsnn. the union'? v.amed to 
branch secretary, said: "My mem- -'‘■-vices r>" 
j hers are applying to«' rule? South-We 
| rigidly 0 a alt-passing through Hampshire. 

Management ‘ 
employees more 



MANAGEMENT AND «BpIoype»3?on c: 
must get together in 0 re‘regulnr'V? advis,: 
discuss the company^. fin; 

to discuss uic co 

er’hj. V.'.-torlno and ) tmn of Bakers offer of 5 oer cent i cial position r3ther'than 'disci 

'yes ter 

lOndjtn. Jkjrrey and! pins a 6 per cent productivity ; ing and explaining figures dual: 

p ~'. . » de«*i. -la wage bargaining situation, JL;' JV! 

• c .K-^-Vr -J— — , , pyxrfc 

Proposed statement on collectiv 

--"raenta lor '«eet>ri«g employment 
i British on rigs tn the long Term." There 
met Mr. waa ittyfe sign, "top weyer, of any- 
of -State thins in the iininedi^te future. 
'-m- AssoplattfiitaRd the “Radio 

Electronic Gffip^Vs’ tJnifin 
torei^n-, ]jave agreed to feet yp.a joint 
. c J^^ iyerklhg group to investigate a 
, ls ffleeger pf the tvo oplon?- 

^"faircom^ The executive, of .the . radio 
- v r ■ - ‘ officers dreaded tioE to accept an 
_.« ■ j earJter statemeitt of intent which 

Ste^ation“ a ®*; *»*«*»“£ r °* 

talks, wlto 
cared ..That 

emptoyee relations 

Unilever, .saM 

*■ . ^ r • . 

es had ahVayS -’hAd 
company's statements, 
;up to the faanagement 
at -toe figures .- were 
regularly explained, 
don' conference -bn^the 
financial informa- 

vlisclowip.... , 

pi on to pm\oyees. air. Owen told 


ive MP tor Camden, .said MPs j 

ih sides of the House. II was J„n| d hav - e a IllUgh battle ahead 

rt , ?r n ‘ S ? d by ,h " ^ntoer *i>eu- of Uem against the " Non hern 
figiUy to encourage the torma- Mafla - | obbVi bllI London - s 

loobv 3n a 'P arl ' Lmdon Conservative Members would 

bargaining, costs land prices 

THE PROPOSED TU«J-t invent- 
ment statement on Collect ire 

.. - .. — . , 1 mein s-aiviuein 

“ do their Utmnst to work along- Rarcammn r.»M< -inrl 
;JIr. D. Umg. chairman of the side Labour colleagues on such I i ssu pfi vesi’erdav siati*s- 
cSamber's council, said it was issues as the capiial's need tor 
tifite to pul the fads and the better communications. 

:de legatee iki there were risks 
fiiivolved wjA providing financial 
iifformalion \ workers, but. they 
mist be lakfri. Some unions 
wiuld pot be *ie. ? nor want to 
urderstand flo^Aia] 'formation. 
Bi t if disgfosurAwas used pi ,a 
vehicle ‘ fo^ escpiS^iit^; financial 
rm . for 
old be 
' raas- 


Public Power Corporation 

i.Dime-ia Epihiri-is Elcktri.-mou • 

IE5- $20,000,000 8 1 j Per Cent. External Loan Bonds Due 1984 
- 1 Gunrantecd by The HeHenic Republic 

j^*'OTTCE JS Ht-'RERY GIVEN ih:ii, pur-u.inl in tin pmvi-i«n* of ih- 
"Ixu.-t Deed* -1 J.inu.irv 4. i‘»7 : under wWh i|u- abii\i--ili-icii:(l.-'l 
Bund?, arc K-nrd. > : n'i. |V ) 0. .T"srig;;l«- principal ani«miit ui >nr h KnnrH nf 
tKc tollo’Aing iii.Min*:iivi: numl..-r- lu> hveti dr.w. n i**r r<-il*-mpii'*n tor the 
siflkin; r'uml on ficccmlicc J 5 , l'.'TS t. herein s'.-niciini-.i rcivrrc.L t-j as the 
redemption daU-.i: ' 

5; x i .nn*) co r ro v jw.vns 

li 141)3 5 IM 4 P 70 Wl 0 77115 SM 5 Mt>® 13 K 74 -M I ~~2n 17257 73315 

H37R 11036 12*)^- H-’M l=.741 1XM2 

!'4M UOtasT-m" 142*4 lo7S? 17320 

9431 1 lljBT rig? a I IIJ?) is»ii 173X1 1H*M 
HIM 72>aj 1430K 1.1844 17T>-j ]'<Ojn 
I USX lg.=*7 7 1 -Ur. I iRliS 1711.-, 1'MHH 
■ 1*4 lilTJ r.v-nrt 1 4 750 I .i'll n 1 74 U ]'4>!4 
1.V.I7K 1741.4 1HS 

sfture the mavinium efficiency njeai or the u>e of sanctions in account low. pay objectives tertns anfi as a '? jpl 

in the use of resources and the il/ese circumstances i? neither appropria/e to them. fntbre dccussiont.’lt 

contain ment or unit'vaSls. necessary nor desirable. The dbvernrrient, meanwhile, indiistri^ particlpaiio 

‘ This will help ensure that the $7.— Consideration has been will dra/ these jfon?ideraiions lo roots lewL- . 

I—The Government and ihe' a « re<?d inflation objective is given to the TUC guidance and to the nirfice of /wages councils. Only /bout 300 

TUC agree that the fundamental attained, at the same dime im- tqe special problems of low pay Ways Jin whioi the servicing- toe Ulya re tovoiven i 

objective of economic police in proving competitiveness increas- and certain public services. The arransfcments df wages councils 'monpitf discussion sessx 

1978-79 is to keep the annuai ralc tog job security. onaWibg expan- Government welcomes toe can be impro^d will be a sub- ■ employes ana raanageme 

of inHation at not more than to.’ *to" of investment;: aid employ, emphasis in toe TUC guidance to ject for a separate examination . 1 r 7 

present level, and indeed, to ment and providing wa basis for negotiators on the price eon- lo . 1 The Government and the 
bring it down further, as a cojrttri- higher living standards for work- sequences of individual settle- TUC believe, that in some areas 
button to their aim to reduce People, including reunions in ment*. In considering dis- w Ptto‘ te s . ecl Pf 0 .ther than 
iineinploymenL promote growth w-orking hours ‘J creiionary action the Government toose engaged in trading, there. 

anH improve real .. living For these pur pnsel negotiators will ; «ke into account the price 3 ”« npaI TK i 

standards. must hav.- regard -the need conienuences of that settlement *" ° 

riSS 1434 3175 

*3\a 1W 71^6 4>,i4 f-470 7717 

ecas i 5 in 3 iE r i 477.-, i-- , »i 771s 

-g65 1570 3 : 0 s 45! R I'.'uC 8J4n 
.CS6 1622 3237 4573 r-1’4 R.V.; 
i3ng less 3g-;o 491-1 si.-o 
t775 3~Gt 4*v;jj uS j .07: 1 
--‘S07 IB26 3512 S(10? b j r-*4 R3'U 
S 35 15^7 314.1 5il4Q *i4S7 Piv.i 
2933 3374 50'ji C:-M SJL'.i 
»iEl 1980 3425 50V7 6> : - n r.UX 
2001 3475 5113 ^Ji.O 347 7 
‘WI 2046 3538 5144 eVI'i £4 

Policies affecting 
incomes, investment, 
chance rale and fiscal and 
monetary developments must he 
j related lu this objective. 

2 — Th«- Government, m con- 
| sulta i inn with the TUC and the 
iCBI. will strengthen the Price 

'guard clausi 
extending toe discretion of th»- 
Price Commission, and secure 
| the maximum pracUcable 
[interval between price increases. 

iu» HS» 

11324 12*-«» 14410 li,Ot>fl 17=.!., 

i Efficiencv 

r-. 7 .-. 11245 1 C : ; ^ 144 42 H.ICl 1757 K J ->121 
■- 7 .K nata-juvt ;; 4 '.[ u.1143 17/.77 i->i 4 j 
■i7im :;i!(il Itf -v 7 1 1 :».i ii.n 7 U I 7 *.fi*» i-«_*im 
i:ji2-iae.u n^i.i i,;mr* iT..4n j-ij.^3 
11733 JJ' 11 ! t i I ir .137 l 7 ..Ki 1 * 1 *. 

costs, tu produce :« balanced allocation 
i he ox- ..r benefit? heiWM«i •* workcis. 
in vest ment and eun?aincrs. 

4. — Tin* TL'G w .Hid nlmuc 'o 
flay its pari in Hit industrial 
•uraiegy with Hu* amSo securing 
niajur im;#rovcmeni>H the way 
industrial a»ser< .irc^u cd. The 

review* the »aff- TUG will i-untniu*- ib i ve maxi-- 
with the 4 i i m of mum publicity and,, t ivouragc- 
ment nn the indu.flrijQ : rategy to 
us members. ; ‘ 

5. — -The Giivcrnine'ni reaffirms/ 
us jmsuion as -taied in he Wbue 
Paper •• Winning ti Battle 
Against InHalinn.' inclidinfi the 
maximum level of -s Itlemenv? 
consistent with t!ie agi od obJ»*c- 
n vc and div-reiuuftfy acliun. 
where nca.*>sary. in snport it. 

The TUC believei that there t? 
a legit boa II- function for the 
Price Commission in examining 
all demons of proposed price 

as one relevant factor. 

X. — On low pay, u major olijec- 
fiv»- is to en’iiire that workers 
receive 1 hi; appropriate lernis 
and i-onditiuns of employment, 
whivli will involve ron untied use 
of tire Fair Wages Revlmion and 
Schedule 1 ? of tbe Employment 
Protection Act. 



JflSS 3721 4054 sV.7 7..r/. i.7^.7 itettf 

on-7 j r o: :n-_-:n lr*lri 14' 


nf collective aui'i'i.-menU. 
■The Government and the 
TUC agree toal nogntiaturs 
should focus on the need to 

G. — The 
rm tied to 
t»a reaming 

anil bei 
io u< 

»l ^ M 1 

attached ann*-\. wil 
sen lenient ? i.-onM-ieit 
agreed objective? set 

& — The Government will 
arrange an urgent examination of 
the existing arrangements— both 
legislative and ndm i nisi rati ve— 
governing wages councils to 
ensure that there are effective 
mean- or carrying mu the dual 
role r.f improving low pay and 
encouraging toe development of 
normal collective hnrgmning in 

lity in determining pay. The 
precise areas and methods will 
he a mailer for negbtiation 
between the employers and 
union- concerned, but the guid- 
ing principle should be the 
achievement of comparable earn- 
ings for comparable w-ork. 

The Government and the TUC 
recognise fhal the establishment 
of levels of pay by such methods 
does not provide any automatic 
hast? for increases for groups} 
not part of the exercise. Where 
these general principles have 
been appropriately observed the 
Government will be prepared to 
see settlements implemented 
subject to agreement on staging. 

If- — ProereM inwards rite 
asrecd objectives and any action 
which may from time tn time 
l«e needed will be discussed at 
monthly meetings between Minis- 
ters and representatives of the 
alt rcle- 

thc-ii- industries, including the nf annual reviews of TUC. which will cover 
'I l.-i' reripws pom- prugro-,., towards these objective*, vant economic issue?. 

Tne examination will also 12 . For the future, the Govern- 
^ a - cr, '^ r w *ys faciJiftriin? fhc mcnf and fhe TUC will make 
j^Tdance lo transronnaUon of wages councils yrrangemenl* for annual discus- 
Hut , in the iniu statutory joint industrial sion of the whole range of social 
result in councils a? envisaged in Section and economic matters which are 
with the 90 of i he Employment Protection then common concern, including 
ut to para- Act. and method?, of ensuring 

graph 1 . It a I mi Mieses that the that 'u ages councils take lull 

a common understanding nn toe 
prospects, for pay and prices. 

TUC guidance to 

favmcnt oi vhv rr>l*'mi<tum fwi»:c nf the "Bosirt. <p ,, rin,-d al'.^e vdl bo 
made on toe rflcmpiimi >Lur at th 1- |f ^ I rni ,hc 

niancinaJ amount lh«*rrof- - a • at the <‘*iq>uralv r.ond . i-i vtn** Tli-pur I mi-lit 
ol. Citibank. N.A . the Frin. ip.-,! I'avlns AflWt un-lvr ib>- Tru-f Pc.-.i r*-- 
iefred to above. N'-j. 1 LI Wall FireU. in the Bomarsh "i Manh.uian. This 

Cit ;/ of New York, i.r <b) Mif«.i.-*-t t» any Jaw- or re-.-ulaiion- :*i*]Wic 3 l-l.* 
thereto, at the main i*tnf«*s ut CiHl*ank. N..L *11 Aiii-di'nlam. Frankfurt 
^fcia, London and Pari*, ami "t I'ilHanfc ri’.-1-.-iiinii m Hm.«cls 
t'uibank i J-u' vnib-uirgi S.A. in Luxembourg. :,ri 'l il"* prinripal "Hi-'v- of 
Union Bank ri ^--vTi ...rl-in-l in the N.tH" 0 :i[ Rink «i Cr«rc ami 
tf^ Commcrd-oJ Bank r*i tirecee in .-\ihcn-. payni*-m< at. ih.- offii'c.' 
lo-in ib> ahuv will be moli by :« L'niinl StnU' ••li.vk dnun nn a 
bajik in Ncvr York file, nr by a innsitr to a f rwcl MMi - dollar ar 'count 
n^JnUiined I;.y the pay re wilh a bank -in Nciv York I'iiv, >m ijnvmber la. 
J'fJS. On ami jfirr tiic n*rti*nipiinn rime. Jntrn—t on ill*- -^.n ir| Rnndt r.-rll 
critic to accnn-, and. u|n*n |iri--eul.iti*»»> ;* r » •. ,| i * l»-v **i -n*.h HmtiN with 
all coupon? ari'i riainitrg iherei.-. ma Hiring aP'T tin- date ;i -vd for r. d-:mp- 
lion : payment will be nr.nV .it the '.lid rr«ii’ltt! ,, * ,in I’ri'V nut of iim«l- to he 
dcporilcd v.iih th«- Priuriptil Paying Agent. The amount nf any nii.^in^ 
ufimatUfcd Coiipnni :iiil tie |n> Ii-d t: mil ihc -nm •!’:*• for iiaynieilt, 
rCoupqns dt:c rj^rmln'i- 1 ". JvTfl .-liiinM be dularlii'd and prvM.-ntcd tor 
payment lathe: n-n.d ninmcr. 


1 . t.Ditiidsia LjiiiiirisU Elcbtrisniou) 

] ■ ; - Br: CITIBANK, N.A. 

Member 1:. J9?S “ PrJncipai P *7 in 5 ***** 

1 — A? par; nf ihe undersell! wi- 
ling nn price? and collective bar- 
gaining reached between thy 

[TUC and the Government on 
November 14 it was agreed thai 
I trade unions should explore ways 
of reducing or stabilising nrtces 
both in toe process of bargaining 
and during the currency of agree- 
i iinti. ami give guidance- 
affiliated unions on this. 

2 — In jhe light of ihe 

merit between toe TUC and the workers. lmesLmenl and 
Government' ihai ihe funda- consumer. To this 
mental objective of economic 

claims .inrf in too lpruces.-* of higher living 
negotiation, w cnsilfC' tout the workpeople, 
guidance both in tnril and in t iy i — Where linns are in a 

letter is fully respeejefi- strong market position, they 

■should be pressed lo expand Out- 
Framing of diims pm and investment.- rather than 

policy in 1978-79 is to keep the hn \\ } ln "{^ p^iHector and 
annual rate of inflation at or .-.s nm.iiw 

'below toe present level, as an 
integral part or the policy to 
[reduce unemployment, promote 
growth -and improve living 
[standards, the TUC tienera) 
Council wishes to draw certain 
points in 'the attention nf nt-gu- 


standards fnr rm— Unions should he pre- 
pared tu take full account of the 

information disclosed wtoen con- 
sidering a proper level of 

6 w, 3 *“*** increase prices to toe consumer. 

4 — Untun-, should seek the ivi — A longer timescale than 

maximum efficiencv in l,le us? one year m many eayes may be 
lo or resources and h"ai 1 regard to tor correct strategy for dealin.. 
toe need to produce 3 balanced with some of the points outlined 
agree- allocation of bonofi s between . above. 

• ihe 

, u-. * Yardstick 

f J i — VVnen fmmHe ciaiffis. 

« iii J — Unions are not. how- 
ever. expected lo accept 
unilateral statements by em- 
ployers on the effect of pav 
adjustments on prices unless 
they are prepared to demon- 
strate this tn detail. 

fivi— Unions should not he 
satisfied with the minimum in- 
s'— Negotiators should embody- formation needed to meet 
in nationalised Vnduslies. Off ions 5n agreements commitments by statutory requirements, parti- 

cularly where employers cite 
wider issues of future plans and 
job security j n responding i Q 

should co n si di'r' iheU Impact of employers about price inlen- 
their proposals un prfbes. tions; these to constitute a yard- 

.1 ii » — They nhnjiti seek slick against which Tutu re action 

stability in thu priceTof P r0 ’ tan bt! -i ud sed. 
duct wherever possible, and in 6— In Ihe course of negetia- 

all cases have regard to the lions: 

impact on ihc nverall^rice level. (il— -Employers should he 

recognising ihe net* t0 ke^P pressed In dwcluse toe whole or . 

inflation rrmn riiin^above the the Structure ul rosts in the mem will meet each month and 
present level V enterprise. namely material will review the operation uf to,» 

Increased Jjjoductlvily costs and capital costs as well as above guidelines as part of the 

tions. nr senilinise sett lenient?. ,md belter uiilisaiio*O f capital labour costs, the latter com pris- nrcrall surveillance- of ()k . 

Th mv Mpvp. nn ilir eunimry. i-fiulpmen* should nlv#*^ bn '-on- ing s'! grades including the pperntiun of the joint nnder- 

i ha i npcnriarors shnulri Them- -idered a nipans ofS® mnin,rI ^ remunrraiipo and fringe benefits st.indto .2 and the ncr-d f„r || ]r 

<elvn> accept ihe specific r«sprin- 'he I'hjecttvcs r.f .-.rirc^biltty- <en,,| i •■xecm.r-cs aud.ralc nf inflation to be Wept i r , 

:i— Tlu- General Cmmvil wil! 
not “ yet " claims, ad as watch- 
dogs in the process* of negoiia 


7— The TUC and the G 6 \ern- 

IsihiJity hnrjj m (he framing of improved compel it ivfi*i ei5 Ml ^ direct ot j>. 

the present level nr below. 




• r 

♦ A hotel J 

*• . which saves tijue... # 

2 sinct. you are back at t}\c » 
? airport iftcnly5.mhiutes. Your • 

# business v&i cods from Zurich • 
m wtfl lw pleased <o .meet you * 

here.' iff “ycRuf’ hotet. To imp. 

« yop- wprrying abwt migsins. • 
♦km ffigbt owaig to rijsMiour ^ 

■* ihg numSrSbiS»S?i^rtr 

Teflers are therefore riving prefc • 

- eUer5 are therefore giving pref- 
J epsnce lo our lively and.congc- • 
• nkl lestaurant-hotcl at Zurich- • 
•. Airport. '" mi ‘ • 

■ SfKi it il Tdo. •j7‘. 

■U. K. reservations: - : v ; ..- 
London. Tel. 722 77 55.Telek27574 


| 22 ND GR 23 RD .VO^’EVIBEk QR.lSTff J 2 ECEZM?E|l 

Yortafc cordially imiteti to attend a one dav r self- 
managSifneni Seminar. ' ’ v;.. •>’. . 

, , . Thapurposc of the seminar i§ t o transfonn the wav 
L - 'you.'mariageand organ SfeyourselfTri orderto reaiiseyour 
7 Turposeand achieve results Through this course you w ill 
.'have ike opponuniu* to increase yburabihfy-to •*. 
accompfish your assigrfments u nd manage 3 our 
resportsibilKies. • ... 

| " Gassaway ^lio will registeryou in^hc next available 
^ ; scitjiriar or answer any 4ucsuons,T!ie nuniber' 

-f *;fS 01*828 8055.’ 

. rrssoNNHi <pcr^ . 


‘.*'i .J.-: : " ’ ' ’ 


r Despite tendon Airport (Heattirow) - being closed 

-by fog last Saturday morning, November H, an 

' air ambulance for. Trans-Care InteniatipitfU was 
permitted* to take-off. 

It was- nee route to, Hyderabad, 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. Txans-Care International ; 
Ltd., Group House. Woodlanda Avenue. London, \¥3, 
Tel: : 01-992-5077/5078/5079. - Telex: 934525. " - 


*77ie cp-oper/itifin of ihe CA^is deeply dpprcc ihitd. 

b \ 




* m i.* - -— 

sit tht 



'■*■ , rJ-tY- >;»■-;■ r v -. ;y,s v --' ;• , 
. . • •; ir i-ss-.." - -.rdkisy,."-.. 

v * t-" • -w ■-’" - -• 



is no way to Mr - Cecil 



V'. ' RATIONAL AXGIMENTand ilot Germ 
• .threats pX. wi&dnriral :frpm. the- their 
. ; EEC .win- remain ; the Tjasis .of up in 
V- . Government policy . in- Che He 
■. negotiations 4o r ..- *ecnre . the of ens 
% ’ • ’ ehangei: i&eded; .in the Cam- _ .iws a 
. ~S- ' * tniinity; 3iU3get : ; 'to' easuxe that doe r 
Britaiih does:, .hot- -bedorae the with . 

\ ' largenT ; Tie* t^tEttmcbrhy 19SQ. ' weake 

‘ '-•• lrf. D^dvOwen*. F&reigo,.,Secre- : V* 

" tary 3 ' .to&Jtiie'lCoihin n nx I'.tWlsfe. 

. ' He. WunjJj' rejected demands jf r T 

, -.frpi£-'.aiKtaii»rlieteerst »ftj* Vogt .Walton 

’* •' sides‘ofi'^h"e.ff<mseihat-ihe -with- NEC vw 

• drawajs threat; should be used to tears' o 

, ■ f - ■ - fb'rtifir^ihe^GovernraehiVnegotak* benches 

; —G-v/;-'- •"’ -.eramerii 

- * .-pty Cfewfitu -oomenfljwL-thal the it prove 

- easel'. ■XdtrT achieving ■ a better, the flew 
; bawpfcc:..:^n irtbe / Community Commun 

., ; y budget,, parljeulariy for agricul- would 
- '' -_ L lurad- expenditure; was made- ail ont." 

■ . ’ the-sfrpnger when account was - The 
' taken of pie impact which would retorted 
. be m£tfe by Hie entry of Greece, the wav 
Portugal and Spain into the Com- i'ng. ohj 
*■".■ j munlCy.-. . ■ . . - set" 

Oir the .assumption that Com- But he 
raunity . policies rremained . un- .if. persua 
changed and that , agricultural meat wol 
production in the three applicant negotiatin 
countries remained at the present the tactic 
level, he calculated tlvat enlarge- -in other 
ment would involve -the. UK in .policy, 
an extra budgetary .cost of £90ra There 
to fllfim a year; at 1977. prices. which an 

Dr. Owen maintained that the State cou! 
position , of the three - applicant While 
States should also be considered advoeate 
in the context, of the proposed would- hav 
European Monetary System. it became 
In doing so lie confirmed- the irnportanc 
Impression that Britain will not present bu 
- Ue among the initial members if should be 



Prance persist in 
atioii to .’see it set 
part Of next year. 
d : the importance 
t whatever system 
‘ .not impose un- . 
/exchange rates, 
-effects -oo tpe 
s:' -while failing 
.tile' of resource 
te to overcome 
r-(Lab Liverpool 
her of Labour's 
iff the’ anti-Markc- 
nvernmeaf iback- 
on . the tJov- 
;e it clearjthai ir 
ssihle tp ; .secure 
^■changes in the 
dget.- -- Britain 
Ojtiaie ‘..ourselves 

. Secretary 
ff think .that is 
?ve the nes'oliat- 
; that We-, have 

the House that 
led. the .Govern- 
_■ to. use its 
igth. including 
ig progress 
■at .Cemmnoity 


Allowing at least a year for 
ratification, this would probably 
mean Greece’s formal entry by 
January 1. 19S1. 

Negotiations with Portugal 
were likely to take two years, and 
this pointed to entry in 1982. 

He hoped that a decision to 
open negotiations with Spain 
would be taken at next month's 
meetins of the EEC Council of 
Minis Lcrs. 

For the Opposition. Mr. 
Douglas Hurd said the Tories 
warmly* supported the member- 
ship of Greece. Portugal and 
-,r Spain. 

When they come to u% and 
say that, in order (0 maintain 
% m their democracy, they need to 
join this institution, which is the 
nucleus of democracy. we 
cannot say that they do not 
know what they are talking 

“We cannoi say that we are 
loo busy with our own affairs 
to take them m. That would be 
cowardly attitude to take.” 

Dr. Owen emphasised 

It was important that having 
, ... , , ihe Greece as a member of the Corn- 

value of the enlarge- mu nitv would in no way alienate 
ment — the most serious single Turkey. There was a danger that 
issue facing the EEC— in getting tlie Community would not pay 
**** Commun My go agree lo enough attention to Turkish 
rethink the consequences of the sensibilities, 
reluctant to Common Agricultural Policy. The applications to enlarge the 
the veto, this Considerable progress had been Comm unity would test its 
considered if made with the Greek negotiations energies and imagination. In 
r of national over the past year, and he the Tories' view, “the passing 
[.changes in the believed that the Community- of that test by the Community 
arrangements should aim to sign the accession should he high among the 
treaty by nexa July. - . priorities of Europe." 

‘many ways in 
ridu&l member- 
-up progress. 


- THE) ' Prime- Minister yesterday ernment 
' firmly rejected - demands from the. proposed 
. .Labour .. anti-Mar keteers that System was u 
Britain should quit the EEC Unless i 
because of_lack pf progress .in substantial 
reforming the Common Agricul- Market, . I 
tural ' Policy • and -other : Coat- would be a re 
ibgni ty fnstituHona; ; .The Prime 

CaBaighan Wr answering ^ a \^- 
__ questions in the Commons after 0 ak 

W WB-«8liMr^^eecb-pf the , 

I5J..N. pre^lbus nightj^ih which be leavine ai this s 
* -r ahff.Munda- 

Jif ! menlil'.ra forms, in -the Com-’ disadvantages* ! 

- . m unity and warned: that Britain declare 

could. not become the largest -net - que stion of 

contributor -|o the 'EEC budget. be . at . the 

•• ; “The necegify for Ewope ts FiliaiIce , Ministers o... 

• ? pomMnftion and not to 20. He would* be takf 

■ >P»t up: It- T vouId undoubtedly matter again with 
create • J* : /tremendous furore Heads of Go\ , ernmen. 

. among-Eu ropean countries if a December- v* - ** 

-major member- vvere to consider , ..Terry B r aAe 
Jeaw^J^Bgtold’MPs:;:/ . ’Kinsswood) complained} 

• *. i tfo'aHt uelfeye wftjihpUKr do jhortcom*hgs ; of. the ataih 

accept that system of agricultural support, our own 

n Monetary The Prime Minister repHed This did not detract from the 
duck.” . that what was needed was a need for Britain lo get a proper 

' early and broad balance between the balance on the financial cuntn- 
-^virithin the interests of all members of the but ion we were making to the 
ithdrawal Community. If .its long-term Community, 
ility. : objectives were to. be fulfilled. 

•told him then there should not be the 
>r Britain present imbalance; 
necessary ' A pro-Marketeer, Mr: Alan Lee 
/of the '.Williams iLab..; Hprochurchi 
“ about' also suggested the appointment 
of a special Mini slier for the 
lantiai EEC. ■ 

7 he . But he though! that the 
'•'■.••’.Minister'* responsibility should 
ould.lje to c»ord inale/ the activities 
of relating io the and explain 
ember fethe people sffae of the ad van* 

'the tjge^ and disa#antages. 
itber 3Wr. GaUagl^i told him that 
In ti&the.inonieiS the balance was 
wfithe plusjSiide for political 
Jx-> ct^eratioa fiand on some of 

to be new 

MooletOt* Clothier, is the 
neiv Ombudsman in succession 
to Sir Idwal Pitch. 

The Prime Minister, mnktng 
the -ahiHWnenmcnt in a 
futnmwis wnMen reply, said 
the QC. will he 

ParHauW^ ,a f>' 1 Commissioner 
for . .'Admt n isi ration. and 
Health -Service Commissioner 
for En«l® nd - Scotland, and 

lie' fakes up his m*w duiics 
on January 3. 

Mr- . CJothlrr is ihr r ir „ t 
OmbodsmfO in hr* appointed 
from outside the f.i'v tl Si-t\ ice. 

Mr.'Cftlla?han said: - On the 
estabB^hihent or a Scottish 
As.sMpblv under the Scot land 
Act.' ; $ 1878 . the Parliamentary 
Commi^ ! ’?^ er is to be ai\en 
respoBsihilily rnr the investi- 
gation, roniplainis acainst 

Ihe {tesemblv. pending the 

makidY" by Ihe Asscmhli of 
other arrangements. 


“ The. Assemhlv is to assume 
Immediate responsibility for 
the ctHBPl* , ! n C* machinery in 
the rational Health Service 
in SeW*od. but the post of 
Healt^ prT ke * nmmi-sioner 
for St»tl ai, d will continue 
unlessljbanSed hv legislation. 

“ Ohfrt&e cstahiishnient or 
a Wehp Assembly under the 
Wales I® 7 ?- the Parlia- 
ment as -Commissioner is to 
he girriLresponsibilily for the 
invoslSfcfon or complaints 
ayaiosyb* Assembly, while 
the H#Ub p Service Cnmmis- 
pr Wales will rnntlnuc 
resfientr complaints 

igh. 69. has been 
entary Commissioner 
Inistmlinn and Health 
Contmis-siom-r for 
JSeolland ami Wales 

'lolhier has hern a 
and Judge of 
in the Isle of Man 

PM rejects blame for 
rise in mortgage rates 


THE RISE in Minimum Lending 
Rate to 12-1 per cent and of 
mortgage rales to 115 per cent 
had not been caused by ibe size 
or the Government's borrowing 
rcquiremeni. ihe Prime Minister 
told the Commons. 

Hi.s denial came dtiriny a duel 
with Mrs. Margaret Thatcher. 
Conservative Parly leader, and 
backbench Conservative -MPs. 

^ Mrs. Thaicher asked Mr. 
Callaghan to explain why ihe 
typical home buyer was now hav- 
ing iy pay yn extra £16 a month 
as a result tn ihe rise of 
mortgage rate. 

It was ihe second lime under 
the present Government (hat the 
rale had risen 10 historically high 
figures, she said. The first lime 
was in 1976 when il ruse lo a 
record 12i per cent. 

Under Mr. Callaghan's leader- 
ship ihe Government had a worse 
record on mortgages than any of 
ils predecessors, shp maintained. 

In reply, ihe Prime Minister 
pointed out that after tax dediic- 
lions the new mortgage increase 
would he Jess than £16 a month. 

“ The plain truth is that the 
British people would prefer 10 
see inflation conquered, what- 
ever short term steps 

Mr. MaeKay could take this view 
at a lime when building societies 
were paying out more in loans 
than ever before. Despite the 
record loans figure, still more 
people were “ in the field " fur 
huvtnq homes. 

Elinor Goodman adds: Further 
evidence of the anger among 

Labour kefl-winycrs caused by 

last v'cek's inc'e=>e in interest 
rales came yesterday when two 
separate early day motions were 
pul down condemning the rise. 


One. signed hv Mr. Neil 
Kinnock, one of ihe party's 
acknowledged wits, is entitled 
"Building Societies .and Ihe Law 
of Gravity.” 

It urges the Government in 
investigate the situation 
whereby. Mr. Kinnock says, when 
MLR is increased, building 
societies raise their charges to 
home buyers overnight, whereas 
when the ram is reduced, there 
It was not the borrowing j s a considerable lime-lag before 
requirement that was causing ihe mortgage rate comes down, 
inflation but a number of other The motion urges the Govcr'n* 
factors which the Chancellor bad me nt to ban what 11 describes as 
outlined in recent speeches- the “application of the money- 
Mr. John Pardop. Liberal lenders' law of gravity, that what 
are Economics spokesman, wanted 10 goes up quick, comes down slow." 



know how industrialists were 
supposed to increase production 
with MLR at 12* per cent- 

He could see no difference 
between the Government's addic- 
tion to the “ nonsense of 
increased in order lo keep infla- ffo n c Mri sro " nod tha t of Mrs. 
lion under control. inatener. 

We were having u> pay the 
price of 1 the failure of succes- 

lt was in the national interest 
that mortgage rates bad been 

Move to recruit 
more driving 

Mr. Ian Gow {Cons. East- 
bourne! said that it was clear 

!£L *S» ri " |B JK !E Gnvernmems menfo^^Gvc 

rive Labour and Conservative d ’ ivin „ p Mminen , because 

gase rate was duet lo excessive 
eovernnmpt borrowing. He urged 
Mr. urged ^lr. Callaghan to admit 

Mr Callaghan: “ Nn sir. Ihat 
is certainlv untrue. The borrow- 
ing requirfment of this rnvern* 
tuont Is not mil of line with that 
of similar governments. Indeed. 
If is far lower ihan that of a 
number of comparable eminir'es.” 

wage policies. Mr. Pardoe said. 

THE GOVERNMENT is stepping 
up ils campaign to recruit more 

learners are having to wait so 
long for their tests. Mr. William 
Mr. Andrew Maekay (Cons. Rodgers. Transport Secretary. 
Stechfordj declared that during said. The avrrage waiting time 
this year, mortgage repayments v;k 22- 1 - weeks, 
had gone lip by n record 37 per He told Mr. DavM Watkins 
cent. The PM should toll home ti.ah. Gonsetti: “TTiere are 
buyers thai Ihis was enilre'v due vacancies for examiners through- 
in his incompetent handling rf nut. the country hui thp results 
Ihe economy. r,f recent recruit ment efforts have 

Mr. Gallaehan did nm see how heen di.«np|wi<niinc " 

IfcZsioas taken on steel and 
He doubted whether wc 
taken such actions on 

- 7 




Jesuit?^ . , . 

’ Some" Labour. MPs would be 
more helpful if Qiey -inade con-'. : 
structdve criticisziu to ‘achieve a 
proper balahce.hetwqea demaxids 
made ou meraber^bpnmes and 
Ihe resources -paid our .to. them. - 
- Mr; - t^aHaghan iiras answering ' . 

Mr.- Norman. ' Bhrtiaii • {Lab. THE HIGH-Ty end or ' the wis now only l per cent, com 
ReBft*fc$vrj u nzi O^popent of the cigarette rnajfet ha<v been pared with the 15 per cent of 

Iffark^Avhb.nuii^ained thatthe sharply • recced since •• the the market thought likely to be 

z • **" 

entrjh'adjObw been -proved right Sp aretl . e s ,n ^ la ^ .-.This meant ‘that the yield from 

. Mr.-’ Buchan . caRed '••for’ 1 the. .Mfl*** & • *he ,'surcharse- waa now .only 

appointtpeni- Minister, foii , Mc Rybert Sheldon, Financial ..exiled to w about £ 10 m.‘com- 
Europe' who. woiiid • end up by Secretary to the Treasury, pared with $>oui £25m. ’which 

taking Britain out. - ■- yiesiej^iay.rold the Commons that might have > accrued to the 

A Labour Left-winger. Mr. Max proportion of the cigarel^ Exchequer ha| no change in die 
Hadden ^Sowerby). shld the Gov- -market affectedly the s’urchar; 

ci^relte mar He i occurred. 



\ , MR..; WILLIAML- ^ WOLFE'S deci- ; 

r j* 1^1 tfion. which he explained at Press 
' conference Lq Edinburgh yester- 
day, to stand down after; JO jears 
ns chairman of the : Scottish 
National Party; ; - could mark a * 
fundamental shift in the direc- 
tion of the independence move- 
ment north of the :border. ; 1 
When he took over the leader- ? 
ship at the age of 43 a decade 1 
ago. he was regarded as the 
ixmog standard-bearer of a new 
thnisling nationalism. . J 
Behind him was the spectacular . 

- victory of the • Hamilton - hjv 
election, before him the rise of - 
the SNP in 1974 to Thalienge .the 
. Liberals as the tfcjrd -force, in • 

British politics. 

• But the years since then have 1 
not. seen the inexorable climb of 
the party to the peak it had ' 

After topping the opinion polls 
in 1975-76. it has slowly dropped 
back, so that it is now behind 
both Labour and the Conserva- 
■ liven apfl ’is : ixi a ‘.less advan- 
tage <i us position than at the last 
General Election. 

Mr. WiJilain Wolfe 


•‘biannan-a-nd East- Stirling' 1. voted 
-ifcitb the Government one. Mr. 

• Hamisfa Wall (Banff 1 . abstained. 
J Xitfe defied the wishes of the 

Pc«etj- and sided with ihe Tories. 
She ; end-result was hardly 
. disastrous and there have been 
J suggestions that the nine SNP 
« HPs bad, calculated in advance 

* that their votes would not put 
: i^ihour or the assembly at risk. 

•• ^Nevertheless, the party execu- 
tive’.' '.feels itself slighted and 
ib^i'eves. that -advantage in the 
SbmTterni gain of Westminster 
■Politics has been placed above 
She. longer-term .goal of 
Independence via devolution 
I Mr v Wolfe is sanguine: “ This 
ittuggTe 1 to.- upset the British 
establishment and achieve 
independence for Scotland is not 
ioinc ta ble won without a lot of 
jension and 'a lot of difficulty, 
put difficulties are made to be 


He alio knows that his own 
.brand ox; gradualist nationalism 
has loat a; battle. His failure to 
win the- -West Lothian con 
stituendy ,*om Mr. Tam Dalyell. 




1 / 



inessman’s guide to incentives 
le in the Areas for Expansion. 

j i- j 


il. was five years, ago. 




rebounded against the SNP. ...... 

A separate., sovereign Scot- ,D three key by-elections ia>5 ^, e ar^-opponent of devolution 
land— the ultimate goal of the year their “°didate->i«uieno within ’ the Labour Party, has 
party— is now. as far away as Labour seats wh jen swma made hun vulnerable. 

have been easily wiinin uivu .. Now V.his own constituency 

sra^P _ -pa'riy has nominated Mr. Gordon 

The dilemma is suti line * n ' in Wilson, MP-for Dundee East, and 
the party has to fate. ana deputy leader of the Parlia- 
aithoush he- shrank from spen- rhetatary* group, as the next 

- , The SNP, .has.. achieved much, ing U out in public— M r - v 01 "' * chairman;- . 
but its.acfiidvenients have.bceo decision 'to go ait he next pan. 

fitted agiiinst jl. . conference ih.''Ma:* lias.uecn , 

| ! Despite Labour's claims .to be infiitenced - : , by Iasi week v 

T tlie author of. the. devolution Commons vote un ilic Queen?. p rn b 3 bly the • most - able 
•Policy, there can be no doubt Speech-, r.. . . political brain within ihe party, 

thar-the eiectorai force of the The party esecutnc ^ .Wilson commands a wide 
Scottish- Nationalists and the key Wolfe himself loRdwing and has a far better 

position of their 11 MPs before counselled Hie MPs to »oJ- ““ eye n chance of winnin” 

Qte. Lib/Lab agreement at .the the^overnmenr. ^^.nghaiitn ^ofn^rly 

- begmning of last year provided election now;- would not o y 7JJW he should a j so b e secU re 

-t- ’ ' — — in his Parliamentary seat at the 

next election— in. contrast to most 

Of- his colleagues^ 

VHe ' coukl, therefore, weld 
together for the first time the 

party in -Scotland and the group 

Westminster, which 

' Mr; WiUiam Wolfe's decision to stand down as SNP chai ™? n 
coold mark- a fundamental shift in Ihe direction or the 
movement North of the Border: 

■ . .n- -,u -ii, nm 11 ^ case the right direction, bui will 

n e f 0 3?ra“r«r t l .r *„ Jll .mkKDdem J*ton .be peopi- 

mil for independence regird^s of an . ^ nn iv one interests ffr?t — whatever that 

SIP. ». George Mi ">?P Mim o! Bntaio. 







Manufacturers can obtain capital grants of 

20% or 22% for new buildings; also f or 
new plant and machinery in many Areas. 




Tii'r here 



Interest-relief grants, or favourable-ter m loa ns. 
Fixed-interest loans from European I I 

Community funds. I — I 

Tick here 




Up to 2 years rent-free (exceptionally, 5 year s) . 
Options to purchase on long lease. _ j~ ~| 



Wide range of new factories available. 

free office 

Tick here 

Grants for office rents for up to 7 year s. Gra nts 
for new jobs created within 5 years. I I 
Grants for staff moved. I I 

Above is a brief guide to 
the investment inceiiti ves 
available in the Areas.They 
1 apply to companies moving 
into, ox already in, the Areas for 

Greater benefits are 
available in Northern Ireland. 

Are you. planning your 
company's future now? 

_ Before you do anything, it 

I could pay you to get in touch 
first with your nearest Industrial 
Expansion Team. Or, tick the 
box(es) above for the informa- 
tion you-want and send in the 
complete coupon. 

London tel: 01-211 6486 

-Lhour answer "*rvice tor booklet 
enquiries unlv. ul -S-U 3Wo 







l ->ljspuw 



Td: Cardiff ui.4i 
I STD code 02221 
Northern Region 

Tel: 061-236 21 7 1 


Tel: (fc»L2365 7 56 ’ 



Tel: Leeds 4411 “l 

Tel: Notiiiehiim 


ibTDcode tteOIj 

West Midlands 

Tel: 021-632 411 1 
Tel: tfvmuuth 
U 7 52| or 
Bristol 291071 
;STD code 0272) 
London & South 


Tel: 01-603 2060 
Lxt .221 
Eastern Region 

fcl- 01-603 2CTO 

Ext. 3n9/Ml 

Northern Ireland 
Tel: KcIIjm WJUS. 
|ST D code U 2 J 2 ) 
nr London 

Tick here 

Tu: The Indubtrial Expjn?ion Team. Uepatiracniol la«lustr>‘, 
Alill bunk Tower, London i'V JP4QLL 

PL\:>c send rjc tuUdcui:^'' the heiuiit* jroiiable in the 
.-t.’fds tor L\pcuisiun, j-. i :: J’ C l-iJ-l-jil-J eh>j\ c. 

Position in company 
'iatuxe ot Blaine*} 









i iij 

Areas for Expansion 

euupun. Piucodette02j OMWUwU isspedft the mpaf t 

ISSL'tOFT THE DfPAF TMfXT OF ir.T l 'L ,c TK y m uwiihui w:ift ■>.< . Mr 'f. -nn; r"jnr.iri3 r.'-j'j.-irarnl tnl'IirV.' 

The Management Page 


BETWEEN 1^)71 and 1973 the 
Northamptonshire footwear 
company John White raised 
annual sales from £6.5nt m 
143.3m. largely through an 
a?;ressive acquisition policy. 

In 1972 il merged with Jh“ 
Leicestershire company <7eurgc 
Ward, and renamed itself the 
Ward White Group, the follow- 
ing year it absorbed Bril ton's. 
The Tuf shoe manufacturer, after 
an acrimonious takeover battle. 

In the autumn of 1973 the 
group's financial advisers sug- 
gested that a rights issue would 

A leading shoe company is 
put on a firmer footing 


the group was in trouble and 
was disposing of miscellaneous 
assets but now i: is possible 
that Ward While, could move 
more firmly into retailing- The 
firm has other usefui businesses 
—sports shoes under the 
i :hc eTab label, and small ensin- 
ecrin? firms ths! make Tanning' 
machinery, industrial cleaning 
appliances and cabinets for 
electronic machinery such ‘as 
the EMI scanner. Wyles ..shoe 
shops arc. noi. on the whole, Tn 
good siiuaiions and the- litra- 
over i? around £3;.m;' eiigineer- 

be a practical wav of relieving dty ' wl ! h c °-°Peration from fashions. It also offers a good previously acted as a wholesaler, alternative. This year's balance ing 3aie5 are about £2m. ‘ 

the verv hi»h decree of eearin^ tradP Ul110ns which had feared !**?• of r ,? om for . growth as funneling the group's shoe out- sheet will probably show around ?Jr Birch makes no secret -of- 

- bor^^ at^i ^nf were a lotal i<h ° tdown - The capacity industry becomes increasingly put t0 retfilSs. became an £2m of deferred taxation in re- ^ in!e ntion to turn Wairt* 

■twice the level' of sSreholders’ probl *T t had J ieen - ir an - vtl ? ,ng ' ^f h U ° . v I "dependent -department, deal- serves and shareholders funds. VSl5w iala a broadly-based V 

funds But the cLoanV Ed«i ^ aCCrbaled b - v th * acquisition This diversification has been ing .with manufacture »' laklQ ? P rofit rvbsntumi into ternari on3l group: tf^ prow 

,Lrf! C m of Bril tons: Tui"s appeal was extended with the turning over arms* length and Tree i« deal account, ought to rise to around j >c?un j, v the Ward merg 

1 i * s p ®*'' slipping after reaching a peak in of 60 per cent of Britton's with outside^manufaciurers. in- £Mm as borrowings fall to £Sfm ' j now continue? after the cl 

tion and did nvi need to issue 


the late 1960s. Bristol factory io safety font- eluding foreign firms- 

At th'-* same time, a rising wear manufacture, and the Thu w-. 

7 , . . . Ai in<; same lime, a rising «car manmaemre, ana me Thlc 

\i turned nui i» be an expen- vn | unu . .>f u,,p orts as a proper- acquisition, earlier this year, or facturino V?' Ward 

pive mistake. With the sharp MOn flf total Cales was making the Nottinghamshire firm of gSS" 1 l n ! , much 

nse m intern m en the foll-w- 1jfe cnicult for manufacturers. Betts and Broughton, which ” “{{.* ir iZ ‘ 

ing year and the three-day week parljCJ1 | ar i y at tho ch eap end of specialises in mining boots. With t - ill ni iKS? i h * from 

Ward While found itself in ,, Q mar L- fl 7. „ «- ac a full vp.r‘« m niA..n nn fr,..,, V l _i no buy >h»^._ l ™ m 

reflecting the paving-off of .some ma . ion of j 974.73. ' 
dollar and D-mark loans. nn0 cann „, he , p f ee , in . , bat 

she.-e aspirations would have 

Fvniinsion been re ? ar ^ ed 25 entirely -suit- . 

ijAgjaiioii/ii Abie by the company's: founder. 

Mr. Birth believes ihp hal- ■ I °hn While himseSr. While,.' 
a nee sheci will improve further who retired from tile ^ board, 
next year with more profit somewhat reluctantly, jn 1962.. 
rctentinu.s and the possibility of the age of «S. had built HP: 
more acquisitions by means “f Lhe company from an opera H ob> 
issuing shares. At the lime *>f " l, i a paint shop “cliekirtfe” 
[he Betts find Brouahiun bid leather uppers with £100 capjftl 
Ward While improved tin fwhieh paid for the painr 

Fprrerc in 1010 thai rhn mm f<,£,d 1h ,® relail markct morc luring sales will be aruund £21 ID ScandlMvia Mr. Birch main- fp k ; Borrowin'** apunre ivr me «*uu 

SX'SK lhis >Mr - "nabli M t ; e tt g e ra r W | ; l ^mi^ KSSn 7n ^ h£«s in ihe i? w - much. in 

risen s^adily since then t.» „i The results of these changes problejjs^ fir' S Srher than was shareholders* funds. , Spanish Livil War. 

reach £3.lm pre-tax m 1077 and C\ 011031 w "«* t ' ,earl - v vjaifalt -‘ » D this P nce ^ 5ib i e “ Ward White is feeling its wav In h « nwn ^, rsion g eve ^ PU/W- 76 

I3.3m for the first half i*f ihi-. . .. years first half results, when Xr ,_- v. • . uiward* rnnh^r ovnanemn “The Jonn White Story. ; a checked profits 

year. The recover, which the J*' wJJ^had profit before *** and intercst profittffuy bSs hdp-d "fhe number if possible fronts. Bril- noting account of early tw«t Always had c 
managing director. Mr. Philip 2 rcs ,^ Ward While in payments r <>se 32 per cent on a S roup reduce fe heav'- bearing: tons brought with it into the **?«’ ‘’ ap,,al, * m L J ? fi " training the b 

believes is snfl on the B r jrton<. therefore, was not so ° f JjS*' , 6 per but at the eodof 1977. borrow- group substantial overseas ''bite al.ribtnes a good deahof rather ruefiUf: 

way up. has followed a renrgan- much the declining Tuf division. ^" e ne , " aS IP’ ings still tntaflsd £9.5m against interests, including mahufaefur- bis success, gained during get ;i stack of r 

hation of the group'-: manage- although it believed that this even further as Jbc s | T a r( , capj tA f anc | re vrves of ing plant in Australia. Holland ■dumps when nis competitors — probably l.l>‘ 

man». structure, a sicniiivanl could he turned round, hut its interest charge has been fallfng £99, n> ' : 5i nce j^ en lb? avqoisi- and Germane. Germany is seen M - cre - oin ? f,u ’ °f business and ing tremeiufou:l>’ 

switch in its commercial inter- safety footwear division, which steadily front its peak in 1975. tion 0 ^^ tts a ^ fl Bpjughton. as a likely target fur expansion; coming to work for him, to cost the next mt^ 

e.*ts. heavy bedding uf man- manufactured specialist shoes what Mr. Birch considers the has rSfced share capital af present high-quality child- control. In the Ward While showing nonet 

power and a gradual return for heavy industry This market important feature of the through : -a vendor ply ing of ren’s shoes are made there but shoe factories men still receive used to Take l 

towards a morc stable financial IrarriV'hii^osPif^ireadv^had rc ‘ or ” anisalion look place in the Ward White equity: ific com- the company is anxious io bonuses for their skill in cutting land say “.IVhu'a: 

position. some plant making arm v' boois < ' or P oratC! structure. The manu- pany dld not repeat* the mi: take increase its pmeirauon of the a bid? in f«ch a way as to use'jdo this and 

The most hi! ter medicine had anr1 niinin** footwear. it facturfng and distribution divi- it marie in setting term-, for adult shoe mark*!. ; — *ay — over 95 per cent of; it,' made For som-b 

to conic first. In 1975 the com- intended to expand Hus - sions tt '?re made entirely inde- the Briffbn bid wlicn an Wyles shoe retailers, a |«o and piecework, pioneered. by. the it was just th t( 

pany rut its wurkfnrve to 5.000 division. As well as being pendent of each other, the embarrassing mint her oi Britton acquired with Bnston. was once old man f‘ I believe all the Way the knack i 

from 7.000 and reduced capa- undisturbed by changing distribution division, which had shareholders accepted ;!tv cash a candidate for selling off when through in paying by results "> which I alw;s 

borrowings Spitfire for ihe KAF. and sold 


“ ni " r ,n lhe i? w ' muchin 

IIIUMI liiru III kllj« i til UII l^ll/ll, n . - , , II|g> <3Ui| tULcUlBlI ly.dJII d^aiXIPI ■mtaivaui, iiiwuumih — 

although it believed that this ex '® n further as the s | iare capital and reserves of ing plan: in Australia. Holland slumps when ms competitors —probably l.«V 

could L>e turned round, hut its loteresi charge has been tailing £9.g m# ' : 5i nee ^ en lb p avqoisi- and Germany Germany is seen M -?re going out of business, and. ing treinenilou: l )r 
safety footwear division, which steadily from its peak in 1975. tion 0 ^Betts and Broughton, as a likely target fur expansion: com ins io work for him, to cost the next mt ;i 

manufactured specialist shoes what Mr. Birch considers the has rimed share capital af present high-qnalify child- control. In the Ward -White showing none r 

for heavy, industry. This market most important feature of the through r -a vendor pk»* mg of tens shoes are made there but •’‘hoe factories men still receive used to Take l-' 

.c^n^kcc-Mu.kUnrfcn r* • ... - - ^ in ltnnuwft for iheir skill in cutting end y.iy -.WhjM 


.time ing Va^. ^thqt^tbe ’dompjupy, faagft'. . 
ZQIe^iiuu^up sufis^nilat 
ly Ibe cEff 

jSru ntants then', proceeded- Ijo. sSdSider,!...- 
. present' *_ managemeiitj:" 
Igv-TVpuld,. brought in" in J 966fj6J; has'^heit,: 
fag^sheet^-to .claw _1t5 •. way tHdcer-- v 
fe-^showf- once^ after tJie bad years of the}-; 
'Perhaps .mid-1960s •and again afteii -lhe'-; 
r was. 1974/75 .recession! q3ne has -tboV 
d they 'feeling that sbztt _'imi^eS 'V?B'- 
to him. not be made egaifl;. the^ea't6ef^-^ 
b White, knives as sharp .. as,eyerl' a»d 
That the. ghost of- john^: A 
iline*. but .doubtless a p p a !led ; by.ih e ■ m&re . '/ r 
ad n’t got outlandish- ** fasft,lon; ; ; 'S 

g c.osts stalks - the-' cUcfens/vsheds^fat £ * 
ed."' High am Ferrers. 

ONE of i he Furnpean organi- 
sations less known m the l‘K 
but whu«e activities impinge 
upon Brill -h inou.-iry i.« ihci 
European Goal and Steel Com-’ 
munity. fr was probably in 
1973 when wiiji Bntafn having 
I hen joined ihe EGSt:. authori- 
sation by 1 hi* EEC was 
required before Guest Keen 
and Netilefold'% bid 1«»r sw-vl 
stockholder Miles Bruce could 
go through, that ihe KCSf. 
emerged upon the British 

But th« E«:SC is nor just a 
polirmg body. li also has a 
signih'cunl role tu p| a v as a 
provider of funds: Under article 
34 of the ECSf treaty it is 
charged with providing direci 
loans Io the coal and steel in- 
du«iries, such as ihe DM fmi 
(£2 4mi loan in Thyssen Edel- 
stahlwerke AG. a subsidiary nf 
Wc«l Germany's Thyssen .\i; 
steel croup, announced in Sep- 

Under another amde — 
article 3rt — 1 1 a? c o make- funds 
aval la hi.- m any industry in i 

EmSE A /Source of EEC fundsfor coal 

those two industries. A signifi- ... • 

cant point aboui these funds is "I i 1 J • 

;i“i z r :z / and steel producing areas 

pencraHy much hettcr than_^ ■. 


loans are administered by the uor its lustvum:. mi»uiu ur »* ms «t t;uiu,v>ik'. «>ci isuti. me im-i is. 

Industrial and Commercial exposed to an exchange risk, a.s The jfce .f money cent a year on all or part 

Finance Corporation rfhd the would be inherent in any other taken up by fcK&wnsior £, loan for the first five yeai 
iimst recent aid to be announced currency. which it got 1|r 2^er rent below amount of loan eligible is 

the general 

artthe .f money cent a year on all or part of the 
KOwas Tor £2.901. loan for the first five years. The 
■ 2»er rent below amount of loan eligible is deinr- 
i J borrowing at mined by ihe number of jobs 

» nd re-equipment pro- quire merit with a general °bor- Un ? er f 5?’ ore . l J L ' a ,’ vy , " ,ap,?s on 

which will create over rowing requirement. However. in-- ^ ^ 2S. and stee producers ,n lhe 

jobs. Another example, as it has an obligation in meet il0ni , ^" rst asked 1,1 i - l,a *•] EEC. 

I earlier lhis year, was the needs of those' seeking funds. hrst threc y " ars Eligibility for an ElbC loan 

fM» faci lily io Abraham.-, it raised sterling funds specific- ai 'i! fr C1 - , . . 1? i. ,n >,0 f d t , tcrms clt !P endent 

head, a glass and metal allv m satisfv ICFC To-dai<* £1-*m has heco lent -rtly on whether a capital pro- 

? producer. / , 1 ! a jurther.: L2.Sm has b.-en jett — whatever lhe mdusiry 

AthniUh n c- A r«r , Mr ' , DonaId Clarke, a-sisrant a prf«»ved bin. i« awaiting final involved— wiH absorb redundani 
f i lh 1 0 "? 1 h l l( r FC , appl,cd for , a literal manager, finance, at .- a *t ion by the ECSC. and loans sl(? ei r ,r coal workers 

'? 19, °' n ^ ?x ’T Frn * nw for ,ndustr >' / ICFC'< trailing another X2.5m or so are KFi; now wants Ir. take on 

b?rro U '' ,,h . resp . 0 ' lsi - $ the course of iegotiali.m. .i /lurther £J0m hum io cover 

r p it 1 no S j; Sl° FFIs f V nd , fa ‘Sins Even- project h»s to be it for (he next three years. It 

rugishaxe really started in get acti\itie» i^ in no doubt where .'approved hv the ECSG/ Hifsi h.<- to haw Denarrment 

mater way. H stipulated from tbe mccess nf the lending pro/ i C FC does noi btHir dhe ri<k 0 I* Industry permission to do 

J [no all nf its loans should any hut il 'seems unlikely this 

go bad. It does so with. "loans up will lie refused. Meanwhile, 
to £jm. but beyonBpth'at figure ICFC now finds irself in com- 
the 'risk is borne dipet by tlie petition wiih the DoJ Tor this 
ECSC. ^ , type uf lending. This arises 

As well as a kata rate of from ihe r.ici" rhat the Dol 

1 BRUSSasl 

took up a mixed eurrenfe loan 
from the Europe;. nTnv^tm^iJ 
Bank earlier this /far vihich J 
makes available irf-.'compani® 
in British development 
Some capital projects vnuy/f^M 
be of a type thit are elraWel 
for ECSC loans h\>o. / ; | 
The Dol provides /n ex-: 
change guarantee oiiJtts EIB. 
fund loans aijfl hrs/aUo "•cX- 
lended its gu/rant^a to cover ! 
larger loans sivhith|the ECSC' 
makes dir<?>jt to .ropipanies in 
the UK. Tlie gii3fanlee does 
not. howler, cover TC FXTs 
smaller scHie hjans^i'oto. ECSC 
funds. This isiclearly a p^iut 
of contention fdr ICFC sirice it 
feels t^t. whde its activities 
have grfne welljso far with ster- 
ling funds. Jr would have 
greater HexibfHry and could 
offer.’ even cheaper loans if it 
could use JUixed currencies 
i i oni the ECSC. but wit hoot 
exchange risk in itself or its 
'•ustomers. t . ; 

Nicholas Leslie 


Mr is 2 5*s 1 2 c /'stt-- 

s~ : zhezes' CASE 
; cs'--?:vi sy 

Cul CASE 'E;-';C. 

. g.:x‘ ?3 c 

corrac; CASc :^3ov. 

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Some leasing company... 

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and provide computer-based 
financial analyses of the 
total operation -and leasing 
need not bepart of the package. 

How your company i^ar fleet? 
One hundred vehicles represents an . 
asset value of €300. 000-pfuS. 

Depreciation, maintenance and 
the need for replacements makes it a . 
notoriously difficult area to budget for. 

•To help you. Gelco have developed 
a comprehensive range of fleet 
management and computer-based 
monitorinn services. 

As well as providing the kind of 
updated informahon thal's vital 'for 
proper financial control, they are 
designed to increase maintenance 
efficiency, cut running costs and keep 
your vehicles out of the service bay 
and on the road. 

Gelco offer fleet acquisition and 

used vehicle marketing expertise 
too-and finance leasing if you wish. 

Gelco's services are employed by 
a rapidly growing list of major 
companies with fleet sizes ranging 
from 75 to over 3000 vehicles. 

To cause such companies to go 
outside for an activity as basic as fleet 
management indicates Gelco have 
something to offer, that’s very special 

Shouldn’t you find out more about 
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n Program Management 

tore acroin;.'- or -;i II’. > 

v HOiijft, Co | ;' , o— -r* L ine London IJW5 r-Hp 
ry Associate -- ■ • ... ATLANTA K>& S3 1 ■ I6fc6 
RE VJV9^4 ..A-'. BOSTON 61 7.7^6020 
■4256 AMMAN. JORDAN 424s l . Tei&>. 

.upi ARABIA .: ; .1 :■ Tele» 195-130 Jit. - 
- - ^Including Energy Budgeting 


:tors and Executives 

ies Limited, Hillgate House, Old Bailey, 
HS -Telephone: 01-248 6321 

For advertising details pleasp ring 

0i& 8000 Extii. 7008 


Every Saturda^the Financial Times publishes a 
table giving delbiJs of Local Authority Bonds on 
i&cr to the public. 

eat away a t th^ profst of a charity: Simply because-' r. 

there is no profit. -y :1 'v % y’V 

Instead, t it py-af fect^in another way that Jaas more 
serious consoiiuences the short arid long terjTL.": 

. . -Sii ire tl>c Red Crosspt&s no profit .as a cushion agaiq^f?:. 
infiu Lion, this luii to b&t^erud with money from reserve ' v-T 
fluids. I'tuids t h afc Avoifid^pqrrnal 1 y be-hcld backfbr-. ; • •; 
emergencies or speciaL^tjeniational projects. V- v.^Y. 

In just two years, tHe cost of equipment-bid rieJief ; Si 

supplies have risen dramatically. F or instance, the. rnsfc'n E^h 

Ambulance has in created try 40%. A wheelchair by p%.. 

T nless something is dbne now,- our future could be in " V. 
jeopardy. ■■ : _ ’!• t; " • - : • ' 

This is why we .are .aslrit^ your board members or- 
charitable trust to consider. irhether they caihelp th& ->S’ ; 

Red Cross. ■ ; ■' ; --V - ; r'r : - r : : •* 

- • 14 


T Financial.: NcwMber IS 1978 

X>f trees, seeds and 

TREE-PLANTING week, mice, honintr that you ere not broken their stubbornness by friend’s tree before it dries out 
isorea by my local council, being left'wfth the 1977 vintage, sowing them as soon as they are Thus bought seed is already 

A TREE-PLANTING week, once, honing that you are not broken their stubbornness by mends tree before it dries out 
- sponsored by my local council, being left'wfth the 1977 vintage, sowing them as soon as they are Thus bought seed is already 

__ __ _ * H has coincided wfth my sugges- The attached to the ripe and keeping them suitably over the top. At £10 or. so for 

b!h 58 IICIVYlP.-t tion that we might all try to- seed canhe nulled off. The damp. one tree, when available, this. 

JU-1. M lltllll V • • grow' some trees from seea:Tbe^ seeds Sduid be buried about a Maples, mostly, are of similar lovely small maple could be 

• weather has been. quite unsuit- tjrtarter-'mch deep. Watch out for inclination. Sow them when worth cracking in a seed-bos. It 
BV uif'uitci ni nmp», * able for the council's commend- the ash as it may show through they are fresh and you will is th e one with the notably 

BY MICHAEL B LAN DEN able effort. It is far too dry to "early in tie Year and then stand a better chance. Yet the tattered bark, one of the first 

nr tup J, ,T,„ some of ihp finance bnuwc have P Iant anything except a tulip.. “ choices for any, garden which 

Accepting House? Committee, exT>na2d*?their anxiety that, bulb But trees from seed have > ■ ' can only house one or twines.- . 

there is only one — Hambros — having become accustomed to struck a chord with many ;; . A ian^ilC TnfiAV Before I turn to the second - 

which actually uses the word describing themselves as carry- readers. More detail, they say, fiARDENa TODAY «roup. there 4 s one fine tree- : 

•' bank '' in its official title. These mg °n a banking business, they would be welcome. So this, f whii* meets it hatav How can - 

companies enjoy special priri- wUJ suffer if deprived of Uie week, I hope to pass on what I - R y ROBIN LANE FOX vou he surest a - ■ '* 

leges and relationships with the There areotbere. for ^ learat ^ ^ nising A BV ROBIN LANE FOX ‘.£“lS 

gardens today 

by robin lane fox 

Bank of England, and are .¥* ons , , th * practised simply for the fun of i. 

generally accepted as the top bo I H' e5 ' W *P C J c0 ^ d be affected. . ^ Those who 

echelon of the City's merchant . The iBstH tdoes b .ave a .consider- « ™ose y,ho 

which meets it halfway. How "can ^ 
you Jw surest of-^arting a wai- : • > • • ; 

.... : hotiber, but trees as pretty- a. 

the Ameianckier, now red wit/ 
BSmMii 1: vta last Jeeves; will only cjgd 
IjjEfiB ggBt ffllh r before "tlus-Jffrig treatrii#nr- 
: For the rest, stratiflcatioi 

means one cold winter in damj 
mMM ‘••'.••sand. Cbtoneaster, the “pocket 

:iW TO*-", . liaiidkerchief tree" fnotdjfflcul 
m fhrin seed, if . sown in sprinj 

- 1 . i '{&> -after this process), oaks, rose* 

/ X'.'-,- aad : lime-trees i 'all these have 

.to . be_ chilled for- several 
”** * "month? before sowing in a damp 

TX '"- : v; : • ’compost. Tlike to mix one seed 

m ■7".: -'tVMiklrAf' vinth ilo wm mnHtr - - J 

dt iwoiiv wmn rwA you _hc surest ur-^ramng a wai- .,-. : . .i. V r - 1 : Hfith dahm erittv 

■■■ - nut into growtoT^whave to fHrafiftation i*m* 

. ■ ! ^? re se ^ s on® the spring arboreal, I su°f$:g^® c ^-biHy the fagg-nrith a marker obt- 

b to a sharp Springfield maple, plain Acer Cam- in late autumn- fospriagi 

Otherwise, cold weather pestre, is stiH a puzzle to me. It ^ rmT seeds- to .a £*$£*?* ^7 QPen the bag and sow the- m®. 
SEESL You Should ought to be quite simple, one will buret intrafe** ^ey .tare. sand end - 1 L ft j. qfc 

° f ^ e n > Itys merchailt ablde^^fflejribili^ ^e' want more detail on more succumb to a sharp Springfield maple, plain Acer Cam- to late autumiL In.sprfegi 

tn „ T _ , n big bar£ will have to^provide species should hunt down frost Otherwise, cold weather pestre, is stiH a puzzle to me. It JjL „ . ^ to .a 1^5?^ QPen ^ie bag and sow the- ms- 

the^tJenwl S VSt Jwnf/milv a widenmge of services, indud- through their libraries the one 'is no hindrance. You should ought to be quite simple, one nwSi^ftSS^iSf JhlS wm buret intc^&S lt ‘ ^ 

names S Rothschild. W °Barin^ »°g current and deposit account* book, now ont-of-prmt. which have no . difficulty 811 w* 111 9 t the standard hedging and . . of damirlMfmnnM^ have to take ii*^^rst, a fact easy tn foretell which trees 

LaSrd. Rm S^uel and tbe resT overdrafts or loans, foreign has dealt thoroughly with the these usefSlree? Though late scree oing trees on «POsed «■ ^ d °L d e T I f h I ^ m ^;i°5 wideh can ari Some Insist on this treatment -Yoft 

and their known reputation in ® Icb W- of exchange and subject: W. G. Sheafs Propaga- in leaf, the aaTstrikes me as a cbalky soils. Bur l have not had seeds 'have jmtS-.have to experiment ■ _ask a. 

carrrias on their business, and ® n , a n 'Sf ft advJ ^; f Jut tion of Trees - shrub * and tou « h - ele^nt and thoroughly good results when sowing it have to be which have : ^^ghe^up nurseiymaH: or . consult.- Sir. 

do not need to advertise &e ir E? iw?tS‘ dim™? snmp ™ Conijers. This fe a precious worthwhile thing to own. directly tt is ripe. I suspect that b first. 1 In often Sheats book. But there ,is. of. 

status. For quite a lot of other ‘ ,l *TS r SL 1 Bill Iko Stu de - but 5" ou ***** that his Tor the rest the big distine- it ought to be stratified, an spend -some tfWWWWl course-.; one sbgrr-cnt Yon can - 

institutions In the financial S w Bank® to reroemV advice »s too technical. Mine, tion is between seeds which are alternative which I will describe. ^T ri n ™n and^' SS ^ stomach, a helps put your polythene bags into 

sector, perhaps Jess eminent but S’ Uafler SrttuSoS”®S5 1 assure you. is not slow and have to be prepared The very fast-growing sugar to break th< 4W... ?n the .the fridge.atnd leave them there. 

abl?‘ V the a e b7litv qU ^ y d?£ribe are i^riding “a highly sp l . First, some more about the and seeds which must be caught maple, Acer. Saccharinum. is ^ ® f Judde.for a monthor two, sowicgafter 

themselves as t carrving d a riaPsed hanking service." easy ones. Beech, ash and horn- and sown ks soon as the>’ are the opposite ; - quite easy From E Sn oii^nS nearly two af^Ss^for them, .this SpeH .of simulated winter; 

banking businesas is important. U"® the new law is put into beam are three favourites, not ripe. The horse chestnuts are seed which is ripe but not stale. £ e a bur? them in StiebrSSi Tlxere «* f’^JvShMtcute, A fridge, hoteUerswm tell you, 

* P effect, however, there will con- least as beech disease now quite tricky. You might have If you hav e the secret of the ™“ L 2 i ^.,“€£ 5 ^ though harf .^/amateurs, is now a necessity in Iiisuiy' 

/i _ v v » tl7,ul ™ ;to be uncertainty in a seems to be on the wane. If thought that the conkers could lovely red-baiked Acer Griseum ZirLvL, Rather, yousbomqssow the. beifrdoniSL In the|ess 

Lentral role ; ”^JL t jL 'ST“duW you have access t0 m & year's be. stored and sown in early whose seed remarkably, is stiU SftSslC seeds itt coa/.^mp^nd-and S^ rongS^;; 

r,,. ■ . . «... yj “fcSJwJIriS? seed - sow it at once in an open spring, say, when the last frosts sold, do tell us alL Again and “JK i eav e them through a luxury lh the pottirts^fc'' 

is welcomed^y the C financial^ com* j*J . If they fail to make the «*" d y compost leaving the box mU l help, to crack them. In again. I have «ym it to no par- or *J ^ the cold' **%&[.** .heat wherfe. *t*&Tos. (Ud&A 

— vs* , aa lumax uuw iriCAy. JOU c uaw u* AAfflHrtsf and tntsi in'll Yr&Z* UHlUgll Xlcii r .^jpg - «u»wiub* w-uww 4 iict-cwuj iu uuurj 

/-i _ v v » tinui " ;to be uncertainty in a seems to be on the wane. If thought that the conkers could lovely red-baiked: Acer Griseum Rather, you sh ®“ 4 L‘ sow the. beifrdomsL In the new-freeless 

Lentral role ; ”^JL f jL STTnduS you have access t0 y par ' s ^ stored and sown in early wbose seed remarkably, is stiU seeds in, coa/.^mp>iKf and:Brt^ 

T, ■ . ■ . . «... JS:^ThSirin^«tV seed- sow it at once in an open spring, say, when the last frosts sold, do tell us alL Again and “Jg ^ leave them “fe ttora^ a luxury ih tbe pottiife^&Lj 

to^lS^-ASSffcS »"r? e IFS^V M\ to make tie sandy compost leaving the box would help, to crack them. In again. I have sown it to no par- weU wortb your attentia ft the cold' ofwlh^ the heat where bags efacbros.cduld^S 1 

munity The dearmT baoks con- ?r»d»' their faie will be to outdoors during the winter, fact, they dry out and refuse to pose. Perhaps it, too. should be I come now to the last l&ap. of summer. -h«t;$he cold ol replace .tire 'stocks oflvwSi^hn 
tinue to object, and they re- h«>cnme roeretv licensed deposit- Otherwise, buy it and sow at start into growth. I have only saved and sown at once from a those which need to be prepared, winter agaii seem a the focks.: ; - .-t 

peated their arguments when taking institutions, in this cate- . V^,~ ~ / •• ■/ 

muaity The clearing banks con- crad*'. their" fate will be to outdoors during the winter, fart, theF diy out and refuse to pose Perhaps it, too. should be I come now ttf 

tinue to object, and they re- become roerelv licensed deposit- Otherwise, buy it and sow at start into growth. I have only saved and sown at once from a those which need 

peated their arguments when taking institutions. In this cate- ?-<'• - _ • — ' 

the Bill appeared, to being cor', thw will require a licence ..v.s ; .... 

required to provide the bulk or Frnm the' Bank to take denosits a 1 li 1 "L. 1 • 

the money needed to support the from the public, and will he KPCT ilfiCf l|Pf 

deposit protection fund. But it *«Weet to a rather more formal A # 1 MJr\J J 4,1 * PLfV/k 3 t W'lf •: • 

is recognised that tt is high time kin't of supervision. ■ w 

that the Government sorted out This not sound ro had. _ _ _ ■_ ■ _ 

the confusion over the various The institutions will not be pre- /x n /ff*A«mhT ‘J^i- 4 - R AIX/hl 11«17 nniliH Wm 

forms of banking recognition vented from carrying on their fBfl II §1 1 IIM IB I —T 1 I T |^PW(f|J| V L! 43 111 WWflSI 

which contributed to making the bigness, and in most cases are i w* 

fringe banking crisis possible- u n>i I 1 ejy tn suffer much from not __ 

It is regarded as a good thing bein?. able to call themselves TWELVE CHASERS still remain to be at the peak of his form mpuritrv — 

that the legislation will confirm banks;- if tihe\’ develon. more- in Saturday's Buchanan Whisky following two wins from his two 

the central role of the Bank of over, there will always be a door Gold Cup (formerly the Black appearances this season. His i'ErTSS: .S 5 TT 

England in the supervision of open .for them ■ eventually to and White) and provided that srtabh companion, The Champ, is 

hanks and other deposit-taking qualify for recognition. Never- there is some ram in the Ascot another with strong claims. He v M 

institutions, and that it will theless,' fliere is no doubt that a area, the race could develop into has already proved his versatility Jjf— 

retain a good deal of flexibility number of institutions would an intriguing affair. At present with .win 5 in. the Gran Premio ■ J.w— Sir Pestncr* 

to continue with its traditionally regard themselves as having both Night Nurse and Jack Of de Me ran 0 and the Australian 

'•1.*. ‘r . 

, 'ktsK 


2 . 00 — Best Boy*** 

1 . 30 — Menehati : i 

2 . 00 — Kolya t - 

2^0— SUver DeHght** 

3.00— Sir Destrier* 

personal style of supervision, teen put into a clearly inferior Trumps, the impressive winner Grand ■ NatlonaL beat the previous Plumpton 

The proposed two-tier system oateerty. of h * s preliminary race in Grand Canyon will he ridden winner, Living For Kicks, by five 

beat the previous Plumpton 

of authorisation, dividing the in- 
dustry into recognised banks and Wisio cnppfmm 

licensed deposit-taking institu- ™Iut »ptUIUUI _ n _ _ 1UC umy miV uu^ . 

e r« e one of the main problems is RACING chaiieager is Mrs. Me; Mulfion's 

naii-hiting in certain quarters. Bro will cover such 0ver The River, a winner three Xir IvPnflPfn 

n nT^h legi5Sla S ? «t 5 ayB d T ?n i, ltat a v-idespectium of companies. BY DOMINIC WIGAN times already this year. - 

only those institutions which are x.- n T, 0 rf V iust », 0 w many Hard ground has a:am played -rtirkb’c nltarifvr 

accorded the status of recognised S-ie^Seii new pS r havoc w^ the fields ind today's PICKS Cfiarity 

Sr its derivatives*^ vis,0T ^ put ^ maoy The-' remaining ten- to have MOTABILITY. THE Voluntary 

pro mo tine their services For brisling small companies may stood' their ground are Carr igeen ae^ricnit ^ organisation providing cars for 

» rfSe^Sno^hTfinaSre «P »I her 3 ?"-^ to lt me K & «*-«„ ^t Good HU 1 who ron W? d ^«* People, has bren chosen 

houses and some smaller institu- crRem - . l * ** ^«ct. Ice Plant, Sunrise Hill, Htil, who on ms i^art byjir Kenneth Cork, the new 

tions. this matters. The way in guessed, however, that there /abant Charger Hunter's Joy. in^hfLnoWeeJ W myor 01 ^6on. as the 

which the Bank exercises its *a the and be between 200 Ira A Driver, Lords and dog £ovlres C hle tiSSS ch 3 f»Z of hls year. 

and 300 licensed deposit-takers. • Dance. novices _ tioase, rare nnungs Sir Kannpfh nniri vpsip«taw that 

Ireland, are intended runners. 

by Ron Barry, while Frier Haynes lengths at Lingfield eight days 
has the mount on The Champ, ago, and he is my selection. 

The only intended French 

challenger is Mrs. Me; Mullion's T _ 

Over The River, a winner three .\fr K PlUlPirl 
times already this year. .- 011 IVCUliClU 

houses and some smaller institu- tQe cmena - . « “ wspect, u» Pianu aunnse hui. bavmV b^o sdven a ? y Kenneth Cork, the new 

tions. this matters. The way in guessed, however, that there /abant Charger Hunter's Joy. in ^hp LtiJwem 1 f *4 m * or 01 London, as the 

which the Bank exercises its *u the end be between 200 Ira A Driver, Lords and dog JJJgJ ^ Cbie ^Jare tiSS ch 3 f»X of hls year, 

responsibilities will therefore and: 300 Hcensed deposit-takers .J Dance. 3S ttefiSl ^ Sir Kenneth said yesterday that 

have a significant effect on the e These could include everything Looking ahead to another EJT? £££ SuShS ftJwarrihvlQ ^ had chosen ^is particular 

banks and the accepting houses OT13j l. but respected cityjiames. like attracting several European Ia I0 , r , md/Opener. in vision i or solve a problem that neither, on 
will be included in the banking Tb* question being askerf. there- challengers. The five intended the WoodSpeep , Nonces Hurdles, its own. was equipped to handle. 

category. It will be surprising tore* *s whether the Governraent raiders from Europe include the fur whiqi oine have been He said the organisatum’s 

if virtually all of the upwards of has not gone too far >d simplify- 1975 Camden winner. Grand declared. ;^The winner should target was to provide cars fori hapi^SLwmV « 

... . . . ... «... iu. . « ^.1 nC rUMinitinne P. m.. i'l.— — J u. mma fn-vn Rdtt Inn V,1,rinn ntmn-nn. ...v. i I ™ M > 

250 banks in the City which are in? the structure of recognitions Canyon, The Champ and Mr. come fro^ Bah Bqy, Valarion everyone qualified who needs one 
now authorised for the conduct of iw the financial market with a Know All. I shall not 1 be and Chichester jBIrd. over the next five years. Mobility 

foreign exchange business are two 
not accorded full recognition, in 
But this still leaves a grey area, fu 


f Indicates programmes in 
black and white 

BBC 1 

•r system eliminating any | surprised if Grand Canyon pulls Best Boy, framed by Josh would need Il.Sm a year from 
ediate gradations towards I it off again. Gifford, found- no-' difficulty tn private enterprise to achieve the 

ring recognition. « The Chichester gelding appears making -ill Bis own naming to target 

Jackanory. 4.40 Animal Magic. 
55 John Craven's Newsround. 
£10 The Moan Stallion. 

£ 540 News. 

9.15 a.m. For Schools. Colleges. -J 555 Nationwide (London and 
10.45 You and Me. U.OO For South-East only). 

Schools. Colleges. 12.45 p.m. News. iVCJO Nationwide. 

tOO Pebble MilL 1.45 Over the 0.45 Are You Being Served ? 

Monn. 2.10 For Schools, Colleges. 7.15 The Rockford Files. 

9.35 Sportsnight 

10.45 Tonight 

Ilia The Sky at Night 

11.45 Weather/Regional News. J 
AD R^vfons as BBC-1 except it 

the following times; — . , 

JL29 The Strange World of 
f Fernando Botero. painter 

/ from ColonAia. 

11 is Closedown (Reading). 


9.30 ami. Schools Programmes. 


9J5 an First Thins. UB pm Grampian 
ew3 Headlines. 5J5 Emmerdale Parra. 
Grampian Today. 1X38 Barn ah sr 
XUS am Retlealcms. 32J0 
Gramman tale Nlsht Headlines. 


I -2D am This la Your Blsfat. Z3S 

3.00 Delia Smith's Cookery Course. '-.'8.03 .Secret Army. 
3^3 Regional News for England-? 0.00 New.s. 

Wales— 10.00-10 JO a. m. and ^18- J*-?? T ?*.i^ dv ? nt S^iu 0r Matinee: McCor. sjo’wbafs 



London). 355 Play 9.2S The Rise and Fall 
4J80 Waliy Gator. 42a ■ Reginald Perrin. 


9 m Mm j YcrroJion ■ 3 1 oft. 40 § ea r ’ 12.10 p.nK-'Raidbow. 12 JO^New. SJS Crowroails. uo Granada 
pm * * Sounds of Britain. JLflf News. pIus^Rewru. iJO Mr. and Mrs. IL30 Bluey. 

of Wale* Today, ft index. U20i ThSmas News. 5 . 

or f-4a Heddlw. 7.10 Llangollen 73. Crown Court; H.2 j 0O .After 1 - HTV 

7AO-8.05 Tomorrow's World. 11.45 Noon 225 The Noneychansers. ^ w* R*i»« «'«* Headlines. 1J5 
--News and Weather for Wales. £50 Tell Me Anoto^20 The> 

I Scotland — 11.00-11,20 a.m. and booty Show. 4.4$ Fanfare for U5 Hepon Wales. «jo Emmenlalc 
( Z.iS-ZjUS p.m. For Schools. 5-55- Young Musicians.; 5-15 Batman. Farm, xuo The New Avewrers. 

“I IfiVil R»nnrHno ConrlsnH .1 tX-li) jx 5.45 News. 3L _ HTV Cymra/WsM*— As HTV General 

2.18-ZJ38 p.m. For Schools. 5-55- Young Musicians. ; 5J 
6J0 Reporting Scotland. 9-45-10.45 5.45 News. . % 

tSportSTUgbtl Scottish League Cup Thames At 5. ; 

FootbaH. 11.45 News arid Weather- ' S-23 Help ! ' 

for Scotland. Crossroads. 5 . 

v „ T „. „ . - -- _ „ 7i>0 This Is You! life. 

Northern Ireland— «J3-3 -m p-m. 7_jn Cornnatinn <rrx>> 
Northern Ireland News. 5^0.20 wJSlmSfaw-fSSfc 

Scene Around Six. 92a- BJ5 Spot- fZ Edward Vmjlffre 

light on People in Northern d nd f9 , P® 

Ireland- 11.45 New* and Weather J3 Mid-Week 4rirts 
for Nort he nr Ireland- W " fU Harris cS 

England — 535-6.20p.m. Look East Championship ftr 

itNorwicbl; Look North (Leeds. -- i 

Manchester, Newcastle): Midlands J*- 3 ? Late Night Thto 
Today (Birmingham); Points West 12 - 2 ^ a - m - Close: Doi'J 
( Bristol): South Today (South- reads a 

amptonl: Spotlight South West ... 1 j£r ric,< - 
(Plymouth). AI * Regions 

HTV Cjrmr«/Wale» — As HTV General 
S-rvice except: l. » U S pm PenaivdaR 
N^vyddioo J DrtiA. 4JS4A5 'Rydw' i am 
tod . . . M0-U5 Y DycJd. 

HTV West—.\s HTV General Service 
US-130 pm Report West Head- 
line. -fcJS43Q Report West. 


1020 a.m. Gharbar. 

10^5 Fa ro SI. ' BJ8 Chopper Sou id. £ 

11.00 Play School. (As BBC-1 ^esuon. 

3.55 p.m.) A TV 

aJ35 New^ on 2 Headlines. ~ ATV 

t5.40 Laurel and Hardy Show- onto Young T-viee. t 
case: “ One Good Turn" me Iiw4e Kusmt-ss. j 
6.00 Animal World. orrorst 

6^15 Michael Strogoff „ 

7.43 Mid-Evening News. rSESSail"* 

7.50 The .Story of English Fur- Wedneaiar. mu Poi 
n/turt 1Z2S am Border \>w s 

R.13 The Money Programme. r~UA m 

9.1)0 M*A*S*H. t-rlAIN 

9J5 Play Of Tl.e JVe.k: “ Sboof- SS?“ kSl 

jng Lbe Chandelier, by Girls of Hum/ngmo \ 
David Mercer. Emraenlalc Fanu. us 

Wednesday AfEigbL . SCOTHSCT 

Edward a ndJpBPPSOn. U5 pro aod ’road and weather. 

News. f f ■ 2JK) Women only. 535 Dodo the Space 

Mid-Week Starts Special: Crosrroatfe fc» Scotland Today. 

Harris Carpets Maulers Sur , 

Championship from Up min- __ 

?ter. T t SOUTHERN 

Thsatre. Ua pm Southern News. ZN House- 

a.m. Close: De*ick Gilbert K.? 7 -*- 50 Thc Harm Show. 545 
readc a nnoml hv 'Unhurt 1"* Undersea Adventures of Captain 

reaas a poena oy «onert Nefll0 ^ crowrouda. uo Day tu Day. 

Herrick. I 6J5 Scene Mid-week i South East Area 

|BA Regions »S London Oobi. UJO Southern News Extra. 1L40 

H me5 * Shannon’s Mob. 

All IBA Regioi 
except at the folio 


HotHnwnjr. 4^ am The Good Word foflmved by 
About Anslla. Nonh East News Hejdllrieo. Ut North 
am The Bos East 24» W canon only. 545 Laveme and 
jhirloy. «jOB Northern Life. U 40 ImUL 

Business. *2-3® am EoiiogtK- 
545 You're ULSTER 

ATV .Today. I JO pot Lunch time. 048 Lister News 
Headlines. 5.15 Cartoon. 5 JO Crossroads. 
500 Reoorta. bJS The Bob Newturt 
Shaw. 1X40 Bedtime. 


Without Glory. li 47 pm Cos Honeybun's Birthdays. 
ary. U0 Westward News Headlines, zjs Tv 

Movie; "The Girls of Buol Indian Houm." 
5.15 Enmwrdale Farm. 500 West ward 
„ News and Bianr. lUS Westward Late News. UJO 
Movie: '"nie S.W.A.T. X2JS am Faith for Life. 


J>aie News. U0 dsi Calendar News. 545 Mr. and 

ACROSS ' S The start of an epitaph— he ^ SSk'* S? w £*"- ta i 

1 Tests the straits 16) r*f’ 4 !|. ,cs David Mercer. ’ Eromerdalc Fanu! WI < , . 

4 SSaa.« u, “ 1 * ““ “aSysaftlSS ^a^SEtSiSfSa 

9 There is fashion to be seen fi** 7 * 1 n - r a ' r travel 17) 1L95 Late News. itti Ur*etj P br 

in anv Shakespearean charac- 11 The engineer has a code of 

ter ,6) repemance l"> — 

10 Fashion we’ll follow to resist 14 Comparatively neat for a 
the ravages of time (4, 4i _ -H“f' server (7 ? 

12 Fast movers in the Senior 1* Strange arras in ouc Coostel- 

Service (3, 5i ^ ^tion |4. 5) 

13 Spinner reluctant to be seen 1® « rt ahout Soul h American 

in company ffi 1 city conveyances (Si as Radio 2 . io.m^ 'SV^wTIidS jiS iSria’Ti*. '£1 °Z 

15 Sincere football team lacking 1® A friend goes to the City, but P8e> ,Si - am m Radio 1. ^ 

Spanish capital f4) receives no payment 17 ) pimo wiwi. Faiu. 

lfi Result of bad investment 21 "Bus garment suits one to a T RADIO 2 ^SOOm and VHF T.^ rai =n Bsl “ h Da]pL“ 
loses point <4. fi) (7> ’ - _ 

How." 545 
CDanael News. 

RADIO I 247m BBC Northern smpboe 

UO pm \ouv i,B5 C 
S.M em \s Radio Z T JO Dave Lee >.pa -'me Sctvjnp WiiB 
P^ ns . Simmi Barns. UJO Pam sonc rrcle *5. 3 15 

Runiert ZOO pm Tony BUckbuna. 44Q orchestra 'Si '400 I 
J « *K“- “fe , 7 e ,S*. S4B Bulcfi 

10J5 The SenatoDi Remiti U- g EfHJosne Pehnwii-edWonai. 1140 Electric Theatre 
folkrved br news and wditbsr in French. SDch. 1240 Wild. Wild World ot Animals. 

diuo recital, Falla. B 

RADIO 2 l.SHhn Mi VHF 7*^“* 

54« am Sm Sunuiui?. 5JB Tonjr Theatre. Leed«. opera : 
Brandon <S< xoduding 6.16 Paise far Sstnt-SaPns, Ain l isi 

| orchestra tS>. ran: rnrni SaHsbury Cathedral. 4JS 
Lajrt Hall IS'. •Story TUne. 5.00 PM: N«w« masxzlae. 
mi " Srhubert** Sis Weather*, prasramme news. Ml 
MQC ■ Sjranhoni N-’WS. AJO My Word! iSi. 1M News. 
itoDCh Chamher 7.05 The Archers. T.20 Checkpoint. 7.«5 
|k a Libra rr Of Th^ Relrh Lectures. 0.15 Thc Hlich- 
rtni Bound 1 S 1 . h&r-r's Guide in the Galaxy (S>. M5 
gv; . Violin and Analysts. M Kaiebloocupc. TJB Weather, 
ch. iS*. in . 00 The World Tonight. 10 JO An Actor 

opera North: .tn his Taw. 1L00 A Boot at Bedtime, 
tom the ■Grand U45 The Financial World Toniidit. 2140 
i three Acts by .Today In ParliamenL 12JU Newt. 

lirtiE' « BBC Radio London 

PicWdM ***“ 206m and 94 J VHF 

L 1 10 ’S® London Uve. 22JO phi call In. 2JO 

p - “** aLa * Showcase. 4.M Home Rim. *■’* 

STUDIO 1 and Z. .CbrfoM Clmra. 43* 3300 
Is .-SHI' ChY«i'0>i."AMo"8>tot to Paul 
- Mxairsfey’a. AM UflATAROICD WOMaM 
•IX*. Pro«..1Ja5. 130. MO. B.15. Late 

.Show Pn. Md-Sal. T 0-50. ’■ 

Chrl ( tte , iF .DEATH. ON JWB 
cal SCO. ■ Part* ■ PHr. 1- 15. 5.15. 
«M. tale dhow Thurv. Frt.. Sub 11.15. 
Santa BUM*. . 




19 JSrSSKLii f, he r r l V b 4. com ‘ 22 wv%?' haa to hope - S5E a ssss BBC ™ i0 ^P don • ™ 1 

plete uniformity (3. 3. 4l RadMBailcun and sJ* Pause for 3 'S>. IJS Th^ Bible 206m and 34 J VHF 

88 To what base — we may 24 samuei takes a sly look, we Thatuau.iMZ Jimmy v«h» is.. 1245 pm nain by Michael wueebA. *»•£■ m « bmh« s. ajb nak «««. 

return. Horatio" < Hamlet) hear (5> W^raooera’waVk. ttao PMC Murray* vt OMUa," .\ei tan London Uve. xus pm call in. 2JB 

. •>«; cfninlv inf hole nf ■ QP^p Boos*, -s, mtHudius l.4a Snorts TJIcsouance Quartet ~BP- *u Showcase. 4.05 Rome Rim. U( 

— 1 4) .... _ “® fc*reL: .4\ 1 half 0f them J5fiBdiia 0 ^ r Mf a J ‘Mlwanx nr Makjh S Lot*. Swp. Ltawn. 7 JO Stack Londoners. 

^k W »'^ 3 * SMrt5 ^ ? ^^. , i a 5 3D Jt ers ’ ^ Maik * T PwTen«Jam« tli-ln Concert. 104? Lat« N'lghl London. gmcnwioTtmu^Sc- » — _ 

SfttaAyWJi ?■„!? UJB “ Twiahfs Schdp SflWs 1240 As Rtdw 2, a» pm Question Time eK« C a.w^hu^ V” 

Dest ' 5P0«® ,n s U 4j ftws $ from the House Of Conanoua. hnS-doae: not. is. SteehAm- 

D**k. 7JP Barbenton Style ??. 740 J:. . .v: Radio 2. Burt*. Susan Hflm»i.i«. .“!£?- P«*W 

Lfsren n the Band with Charlie Chester RAnif) A t 

(Si. 345 Seramm Strenade iSl. AB2 Tte RAi,1U ^ =7 . LOOdOU Broadcasting 

imnrcMrios. *45 Saurn D«*. MJa Tlw 434m. %Uhn SI OYBr t tmt? 

IVrr -eaUMM 

83 Current admission of pater- 
nity in broken English (6l 

35 Point cif the Yeomen (8) 

27 Debunked as bombs are <'S> 

28 Oddly aligns the communica- 
tion 161 

39 Concerning a relative mem- 
ber of tbe underground tSv 

30 Here's mystery about in the 
party (6> 


1 Stagger the southern milliner 

2 Elevated position of the 
distracted (2. 3. 4) 

3 There’s many o fireplace io 
the dell (6) 

5 Wherein ve fend a true friend 

before 14) 

No. 3J522 

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Ilsiest news', ilh nrim smtitw-™. iot™. i je*to "r ■ om non- slop news, lnfonoatjon. travc . man. 

(las^ news'. ILK Brian MaiUwwiatro- 6*3 Prayer for dU 'nTTiO and S« MivSlW WH^. m^ation. trarrl. won. 

duces Round Mldmsht. InchMUux 12.W “TiW 

"sa «— r. %** Sg-jSt sn» » USX. tSSfiifB 

s «. "Earti: arsr s xs 

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2^-^£ s #aSJCapitdMo 

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cast.. 7.» yew, TXB Vow Midwnk 12JT Dr. ?1S5r-' ?* a 5 ' £ ^ Rt fZ Spoa f »'- 7 -“ 

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|«^«««. ^. £Hc - 3a - »». 2Z. Jra 

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TALK OF” THE TOWN.CC, oi-rM- 5051 ' 

•t 1 1.00 MATT MOFJ OO 

— . **&■•. * - - 

CoramPFcW Hodusfrlal 
'•'Pn>|)erfr , 
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. -Loans, JYMbctfnn ' 

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;. 3 0 ,- Can oon .Stre^L EC4F i 

j J *' •; •' . i\-r- -'J&s- ' 

ovember 15.- 197S 

> j x \j£& 


Wednesday November 15 1978 

ng and Marketing 

. Although British companies have often been accused of a lack of drive 
;in marketing expertise, UK advertising expenditure this year is heading for 
an all-time record of £1.8bn. Meanwhile, the media in general — and 

'■ r 

■>. most advertising agencies — - are prospering. 

tS the skill of presentation Bationths ago: 
/providing tbe. right product for “Hard sellmRertisIng and 
delivery at.tfee right time and In profit have Bbeeii ^highly 
fee right place at ' the right regarded in Bcountry, par- 
N Ptlce^nd with the right back-up ticuJarly by P K in academic, 
s^rvteies— rfor a profit.” For that professional B government 
miurition of the role of. mar- positions. tjB.. In" striking 
feeting wfe are indebted iD the contrast to Bdes in'* the 
t(k5adcground document handed major countriBtb whom we 
|]put'to delegates at last week's compete — G«y, the U.S. 
|j;tppferfence 'ntf the CEL.- Were . an d Japan. Be m those 
raqmpsaiies ..offering; adequate 1 countries ha\JS. only good 
tjrestige and revrarde _to their products, bm awe extremely 
sales ' and marketing- staff, the skilful- a t iBling their 
document -wondered, in relation products whe* 7 they -are 
to Britain's main rivals abroad? sold.'' B 

v Vere . Arms adequately For good m Be, this w 
. quipped with language skills? a theme, repea iB last weel 
-'Vlf so did they make proper use CBI ccmferenceBrighton 
fhem7 Was British business Sir Peter ParkBhairman 
.'facing; sufficient emphasis on the British Railfcoard, w! 
iesign; styfing; packaging reli- fold -the CBI oKg that 

• ^hUity; after-sales service, mar- a nation of shndBerswe h 
'‘rUet research and the individual change tiiiKn. “T 

- iced s of customers in each message is that^Kbave st 
jarket? “Was enough attention t0 shake off auiKerial-siz 

‘ - dvcp to prompt delivery? hangover of pasflbevemei 
-..t . we must make Bra elves 

' ^Pnitinpritnrc nation of market®. To W 

tOBlJJcXUUrb markets we mu s tBfe a to 

^■ThJiirneniMj consensus is- ““PetiH-re ind®; ta 
to each ot ttese 

iuestjons is No, tbough no one c e nt c E^K . 

ias Jet ■provided a convincing Non-price com pet itBissw 

ixplanation is to ho'w the role becoming iricreasingttipo 
‘ 'l l, , mar kin g within British ant in world market®rti( 

: »mpani^;.can be! Enhanced to larly in the .. sopB&t 

• he , point/where the country's product areas in whicflfca 

- technological skills, and . re- should be competing. B; 
~>otfrces cattjbe said to be repre- . gj r p^t-er was echoed w 

■" : ;ented"m world martets with Blood of ^ institute of B 
.. fte aggression -and determma- jng -who said that an exB 
-ion displayKtr. by our' main tion - of a number orl 
ompetitoii, - . companies had reveal eifl 

.As' Bonajd ' Halstead" of alraost total absenee;>of ! 

pom& ^or^inarket : ; _plann in 
Tatters! ey, the , Prices Minisfer. indeed, -in, some .efompa 
*.ajLAdv«rti^“» Aswdatibn ffiexe was alarraln^Vcd 

sion between' the roles of 
marketing and. selling. 

The conference called for 
business to improve its non- 
price/ competitiveness. its 
marketing practices and its 
customer/supplier relationships 
— just as the Advertising Asso- 
ciation conference last spring 
had addressed itself to the 
theme that advertising - equalled 
profit equalled prosperity'. 

The A A conference was fol- 
lowed by a statement on the 

advertising has recently hoen 
described as enjoying' unpre- 
cedented prestige and influence: 
in Britain it is treated with dis- 
interest and sometimes with 

••.Japanese products flooding 
into the UK are not always bet- 
ter made: nur are they any 
longer always cheaper. But they 
have nearly always been de- 
signed under the direct influ- 
ence of potential users' needs 
and wishes, including the needs 

away the d®sfi wood and ;ive 

marketing 1 ' 1 !! 1 ®. status its sup- 
porters tflaiib it deserves. 

How can that be done'. 1 Ac- 
cording to the A A. the Govern- 
ment has got- t0 a dopt a "posi- 
tive and nob-restrictive stance 
towards tine T whole process of 
marketing, 3 *bd to advertising in 
particular. - Ironically, in recent 
weeks the -Trice* Minister. Mr. 
Hattereiey.Vhas shocked the ad- 
vertising k>' raying die 
Government- was considering 

What else could be done ? 
According to the Advertis- 
ing Association, Government 
agencies.' planning boards , and 
working parties should be 
strengthened with an infusion 
of marketing expertise, in addi- 
tion to that of finance, produc- 
tion and labour. Third, the UK 
has got to monitor more closely 
the goings-on in Brussels, so 
that EEC legislation does not 
mean diet further harmoni-ia- 

tion unnecessarily restricts 

i, this was 
last week's 
irrghton by 
lairtnan of 

Board, who 

S hat as 
ve had 
e still 
ves a 
’o vri n 
i fully 
s from 

for an all-time record 

By Michael Thompson-Noel, IVlirketing Editor 

role marketing should. -play 
signed by Sir Adrian Cadbury, 
chairman of ’ Cadbury 
Schweppes. Ronald Halstead 
and John Greenhorn ugh, 
deputy chairman of /Shell UK 
and president of therCBL 
“An additional Ltper cent of 
•AorlA^ex ports of jfeanufaenired 
goodikM-ould notiWhly earn this 
addttJontfJ £3bn a 
i year t*T also ercJt p 400.000 new 
i^obs..’ s.*at»*ent said. 

'V cui» r • J t - con tra sted 

a?dfiferiJTtle\ ‘ bet-.- eon attitudofi 
herewnd i\Japiai.' “in Japan. 

of poM-sale service. And they 
always come to the market ac- 
companied by heavy and sus- 
tained advertising campaigns to 
Jell purchasers about their ad- 
vantages and benefits.' 

Words, of course, are never a 
-uhstitute for action. The point- 
in repeating these lofty -.enri- 
ments from. Lhe CBI and Advert 
tising A^ociation are that tiicv 
neatly; encapsulaie whal is siilf 
thought to be wrong with ras r- f 
kciing in Britain, though it ie- 
go ib- to- require detennined 
action on someone's part to cut 

legislatiorjljagain.-'t adiertisers 
who faile||ro obsen e the in- 
tlusiry's vfintary code of prac- 
tice: he Wfc also said that the* 
time mighware come to con- 
sider jctioifei force advenisers 
who deedvfehe public to pub- 
litJi correcwe jdverti.-ements. 
Mr. HatTersB is also much ex- 
ercised abo»-'ho.« advertising 
approach^ #"sovial role, par- 
ticularly wh« it comes "to ad- 
veviisin? to 3n ^ t0 the 

poor, though.^, this front he 
ha* no firm proposals tor -legis- 
lative or evpn volijmary action, 

rime might 
si der action 
who deedv^ 
lidi correcl 
Mr. Hauers 

Ocularly wh 

venising to 

Britain's ability to compete in 
world markets. 

Fourth, says the AA. it is 
necessary to create a revitalised 
fiscal framework in which 
marketing risk can be en- 
couraged by the prospect of 
effective rewards. Finally, the 
Government itself should give 
a lead in building positive atti- 
tudes which have hitherto (no 
often decried selling techniques 
like advertising as being waste- 
ful or somehow /improper. 

In this connection. Winston 
Fletcher, imanaging director of 

the advertising agency Fletcher. 
Shelton. Delaney, offers a very 
useful suggestion. Referring 
the publicity campaign with 
which the Advertising Standards 
Authority invited the public to 
complain about advertising it 
didn't like, Mr. Fletcher says: 

It seems extraordinary that 
the only time the advertising 
industry has united to fimd a 
major communications cam- 
paign the objective of that cam- 
paign was to persuade the public 
to complain about advertising. 

“ Lei's slop dribbling money 
away encouraging the average 
British adult to moan tu the 
ASA once every 24.000 years— 
tbar's what a strike rate of 1.845 
complaints per year equates to. 
Let us instead spend the money 
communicating the real benefits 
of advertising to consumers and 
thence to commerce and indus- 

Despite the problems -with 
which UK marketing is buffeted, 
there are clear-cut signs that the 
marketing divisions of manufac- 
turing companies throughout 
Britain are adopting a more 
expansive approach than they 
have been able to in recent 
years. J 

According to Peter Kraushar, 
an expert in new product 
development: "Surveys among 
consumer goods companies show 
clearl.- that development activity 
is increasing. More launches are 
being planned, than in the past 
few years. There is more 
interest in acquisitions, and 
joint venture-, of all kinds are 
being pursued. . 

** Companies have ar lakt be- 
come much more aware'bf the 

need for really senior executive* 
in the development role. There 
is no substitute for a motivat- 
ing force at the top. Case his- 
tories of successful companies 
repeatedly show that the main 
difference between them and the 
less successful is not that they 
have better ideas or use better 
techniques but that top manage- 
ment — often the chief executive 
himself — is sufficiently involved 
to preclude any problem about 
lack of a decision to go ahead 
on tire right projects or lack of 
commitment throughout the 



"The other main difference 
between successful* and unsuo 
cessful companies seems to be 
in the former's much more 
painstaking approach to imple- 
mentation of new product ideas. 
Many companies continue to 
make a complete hash of the 
best of ideas, whereas - a poor 
idea in the hands of a very effi- 
cient company can be turned, to 
real success. The gap between 
the two seems to be widening." 

At the same time, the current 
level of UK advertising expendi- 
ture — advertising often accounts 
for around 50 per cent of a 
marketing bhdgei. sometimes a, 
good deal/more — is edging its 
way towards an all-time high. 
Total expenditure this year is 
likely to reach £l.Sbn in current 
terms' This is well above the 
longterm trend line, and a 
similar improvement in 1979 
\jrould unquestionably push the 
ad. spend to an all-time record. 
AH media acre prospering, and 
so are most agencies. 


f i \h " m ■ 

• r - 

EL— | 



t • ..V ■ ■ , m 

The DailyTclegraph covers 33.7 % of Businessmen. 
TheTimeSjThe FinancialTimes and The Guardian 
1 cxDmbinedr4ach30.9%.* 

Businessmen -main areas of responsibility. 





Marketing Sales 
and Service 




, 543 % _ 
37 . 1 % 

Personnel & 


: 35.5% 

Service Industry 
employing 50 or more 

, 553 % 

363 % 

Legal & 




Non-Service Industry 
employing 1000 or more 

29.0% " 


These are some of the points contained 
inThe Daily Telegraph Working Document on 
Quality Dailies. 

This document shows all combinations 
of the Quality Daily Newspapers across the 
universe covered by this survey. It offers many ’ 
useful insights into thebusiness market, and 
shows exactly how. and where, and on what 
scale we are evenbigger with businessmen. 

For more detailed analysis, contact 
Alex Wright, Advertisement Manager, 

The Daily Telegraph, 135 Fleet Street, 
London EC4P 4BL.Telephone: 01-353 4242. 

«y.'y» , -,r>;i ’ ; v - ' 


. Financial Times ‘ 


Our newly modernised 
phototypsetting department, 
paste-up and platemaking mean 
we can quote you the lowest 
price for the quickest, quality 
job in newspaper-style 

From original copy and artwork 
or from your own prepared 
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Same-day printing and delivery 
from our central position just off 

John H. Hirst & Co. Ltd., 
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West Yorkshire. 

Tel: Cleckheaton 874635. 

(one mile from M62 junction 26) 


Equally creative with Press, Radio, TV and 
Direct Mail, we give the depth of service 
only a full service agency can give. 

Confa&l Cota North way. 
John Ford or 
Ton v Ida c*l ness 

on 01-221 1500. 

pqnreflay Direct Marketing 
"*■ King House 
• 5-11 Wastboume Grow 
London ;Vfc 2 . 

advertising and MARKETING II 

•«*»' .• ■ ■■ ; ** t * ; -r . , 

„Ky_ i. / 

’’*•**. * ’.y % i * 

IT; had forecast 18 market analrma it the fact that would make it slightly dearer The Times currently sells the remaining in S industry; of a prolonged 

fhaf 4k. n • .. 1 _ than *U n C,,„ ciiahflv OtM Ann leOSe-to j«- JUKOCIKHM .-Of ThP TimpS an#*- 

iiisjvcn^ It Lilt: i ° t 1 ------ Lw nm iimig, , ^ v ’ " v ; 

months ago that the Express as the Sun nnnis only * n tiian tiic ^ un a °d lightly 283,000 coppies a day (ABC paper pnttis&er?* 6 ®^ '®' •jpspcnstoo Times and - 

‘ its editions in the North cheaper than the Daily Mirror. Aprii-September 1978). Ao un-, crease, .tbek 0D Sun ^ w Tiroes is alarming. Even' 

disclosed quantity, probably account of The 1 rn ®s’'5uspen- ' as things stand there is a 

group- would be launching a new Loudon its editions 

national daily, but That the Sun- vyiir be latiinu j a re news, 
day Times was about to dose, 
the thought, would have been 

dismissed as -absurd!, But the now stronger than the Daily never put uu a «uw 0 - - — — r — — ... • . , r . r 

former has happened, and the Mirror in tL cnuUi. the Mirror approaching 125m a year even ferred to another British paper. ; The' araumfin^’^tir of »f.wrae. months b^n unahteto ..- ■ 
latter is threatened. retains its traditional dominance in its period of oiost rapid A further unknown number, restraint , is th ; ^ ^ or -- 

Express Newspapers’ new of the north. The Express News- expansion; and the Sun had less of copies— 50.000 at ji! guess-!--'- our . turn nest ti e --.?J^'there tnnstmay perwi; nm-of-pjw,; , 

Daily Star waS launched on papers’ argument is that the competition irr the early 70s go to companies. Government are also ’Si-gun 11 ^ vf^V-Qtfier, colour . in ._those - ijanqp^^ - 

November 2 in the Midlands Daily Star, with the advantage than the Star has now. Indeed departments, educational estab- way, of . which f 'j?i? mse:ST is; ” ei ^ ap ^ s . - 

and North after the remarkably of Manchester printing, will the Sun aqd Mirror are not lishments. libraries'-and clubs* “If we do not .isWapte .extra J£* vlJ y. ppoRep.mto next j Fea^> ■ ■ 

short 1 planning period of 12 provide more up-to-date news standing idly by, but are pro- since these organisations already copies.then alF^ ^^m&l dis- Magazines are n^and * . 

weeks. Accompanied. by a mas- coverage than the Sun while moting heavily themselves, and take other papei^ most of these tributipu to l ^ ,ev ?f 1 9 n '?s. -heavily bopkwt ^ ... 

sive advertising campaign, it is Prodding a Sun-substitute to News International is making sales will also be lost to the snapped ’ up * . If The Times; and v ■ 

printing a miUon copies a day frustrated Daily Mirror readers, noises about printing the Sun newspaper industry! • -- time and soup 0 * ^.dr'jregular Times are suspended nK*sj£of.- :: 

in Manchester, and selling thus taking readers from both in Scotland in the near future. s -, analvsfc ^ nf readers will the seasonal. - pre-Christtaai' i 

them. The thinking behind the while .i it .th a same time expand- The wU1 come National Ttead^rsto^ Su™ 00 ! 3165 - 111 whn w'll.ndvertising that'they wpultllave-~ ; 

paper is based on production 15 the market among peopre wheQ ^ wee xs of giant (j u]y i977>June 19^)- s 2 be letting the ; .- earned: : will , Jast, disapp^F.,-- '. 

promotion are aver. As the that 755.000 ABC] adults .- in If one . P** f ?w other-suif^e 1 

Scottish Daily News discovered. Britain claim to read The Tirhe? topias of the Jadj^T^egrapiv pubiications-capable of .carmqg ; - 

initial rapturous support can regularly tfour or more issues Financial Tup ^^'Guartiian ^re thaflasmalLIractionoEtrL ' - 

dwindle alarmingly. The Star Is a week). Nearly half of Ikese^are made av^httirthe iikeli- Advertisers . wilt— leave.. v.theiT : ; 

being launched at 6p. lp cheaper also read one or' more bWhe hood is that icvI^HWO: extra inoney Tinspent OTtose whp/Mp, ; . 

Isaie resulting rdmi^e. suspen- already .-, m the ..other /quality- . . . 

sion of The 'inSe^femld be nationals', jnr cotour -magazi^ea-r 
shared apprtintaSd#- eqnaUy may . receive a .bonus thanks^ - 
:. V- between then : V : hiShor ,^es:-. of ^ those tt*#]-:- 

' - ‘ ^ papers, ^ut'-this wiil - 

considerations • and who Currently read no national promotion 
analysis. d^Siy. 

.•Vinong the former is the fact ri J L x 
that Express Newspaper has uttT&tCffY 
spare capacity in the shape of r ^" . 

men and machines because of . ^ts-. marketing strategy 
the contraction in circulation of be *?«_supported by what 


1S than the Sun or Mirror, but it other quality dallies^ __ 
1 doubtful whether Express likely that most of .these. 


ing workers have. shown {hem- - wee ^ on « TV commercial an ^5^ UP : _ ™s leaves 38im Similar '- 

selves ,o be c~pe rat ive eeO ^ regS ^ 

keen to obtain work, ^ transmitting times ^ six weeks. 

Analysis of the market pro- °“.^«Dand, Granada and Newspaper - content 

duced both national and is ,. s 5! d 

reaional arguments. If the Sun t0 sperdin 


not read an offier qualify daily.-, tion w ** » conj mission " arid , derive. ,uo 

The Times - -generates- sion of the ‘HgeSy - Times., 

to obviously going tc be a crucial approximately 1 three - regular Special anal-'s^^^ the MRS benefit^from this pdtative lK>m;& 
£2m factor. Early issues of a new ABC1 readers per copy, this shows therea®8#ni . AfiCL >: The longer term presenta.^ tile 

nearly 8m "copies a day. No Scotland, and 
other product group, 1 it was * ater - 

argued, shares anything like this M «fia directors — , , - . , „ „ . - -- - — 

volume of sales .among so few agepeies, though sceptical about wbar the- analysts ■ Uirnk the graph. Guardian and -"Financial ABGI regul; ^ara.per ... . 

brands. The inference was that 4116 Star^ prospects, are nerer- market wants. Times is not increased. this solus eoncs- iA*» r ontil-. . ..tite .. paj^rs. -.are' 

there should be room for a thelesS delighted to have a new Time .will also tell — *«**■— •«* — »Kit tfetfannlps 

third brand. national daily. The advertise- Times Newspapers will 

It is also the ease that on an “ent rate is £12.50 per column publication of The . 

average day nearly a third of centimetre, or £13 equivalent Sunday Times and the three Ushers— feelings which reader tions betwen®J 

the adult' population of Britain for kffe .spaces. Assuming sales' supplements (Literary. Educa- them reluctant to take . advan- Sunday TegrapJ 

does not read a national morn- and a readership . of tibia! and Higher Educational) tage of the nwtfortunesroftbeir on thfnej^stands to be 

ing paper: the proportion rises this _ gives the Star a cost oh December 1, and if so for fellow publishers. ' Bat ftis^is bought ^5?V' '' V ^ . 

to just' aver that in' the North- pec -thousand of 0.31p, which' hoWiftng. ' ' not a universal view. . Evearif The pro^ect^-the adycriis- 

East The third strand of the • - "•’! 

We can corrfribale a lot to y our success in Germap y. 

Coming fd'Germany to sell yovri’ goods or services, you 
are confronted with a maze of unfalniliar statutes, regu- 
lations, attitudes etc. Ask Gimier+ Jahr MaAeting Services 
to be your guide. * / 

The many facets of our information s^vice are organized 
in a logical way, starting with die general economic con* 
ditions in the Federal Republic, business development and 
structures, the labour raprket. incomes, prices, money, 
industrial production a pa sales figures. 

More specific data f&Hows: industry and product grouping 
based on primary an$f secondary sources, market ami 
consumer segmentsi^es of buyers and demand intensity. 


, we can 

advise you how and inhere to advertise, through target 
group, counts, segmentations, rank series and random plan 
counts, and media selection schedules. 

Gruner + Jahr, oneof Germany’s & 

leading publishing houses, 
places all this data at your dis- ■- 
posaL Please contactour repre- 
sentative, Barbara Scott 
International Graphic Press 
Ltd, 2 65 Strand,JLoiid?n ; 

W.C2. Telephone 


Communication In Germany 

Gnmer+JahrAG& Co, Publishii^ Mouse, P.O. Bbx3020 40, D-2000 Haoabms S6, GtoTOany 



-.•5f r . - 

St. 1 . r; 

■■■& t - 

MAGAZINES HAVE never had The: - mood .recalls to some he heavy magazh. 
it so good. Total advertising extent that of 1973. the boom woman in her earl 
revenue this year for all titles year which- ended with the oil children -will on 

readers. A . af w-neq^magarinea to < choose 
Bs : without!frnn raffing from Hondy to 
e bqf Harera-^nd Queen and. from 

^ ’wiedia 

My- Weekly, they are 
to it- to find -a ■way o£ 
i eating selectively' with 
en other than through; 
gazmes lie Mayfair oir’ 
, ^terest'- papers :i like. 
pt^isr Motor Cy^de News^ 
sents a- problem- tor! 



, - - blfekgrwind 

to consider 1 magazines and consumer- magazines would be Has become a toother. 

£133m totradf and technical), launched by the following magazine marRefe in 
And that is ^without counting Spring. i-. resembles many offter 

the £30qr which will bare been 'As things turned toit only in-thata high firoportid^f 
put in/f978 into ' ( the magazine four of those 17 projects ever chases are msie by a/mma 
supplements of _Sy.nday saw the light of day. and three of heavy useii. . / i. 

newspapers.. of the four — TV Life. Inside To Bird th^ most obvious gaJ> L ihhtk, _ 

Dftoand. especially for colour London and Inhabit— flopped, in the markefwas $(5e time gapilishers. ' 
pa^s. has been outstripping The fourth. My Story, survives, between afccessire • monthly V-GdcrtI y%r, ^d year, there 
supply. For many title j the; The speed with which the issues of Qbsmof»$!itan. As he ^viU Mwa.v’^Ve both failures and 
Irinefits have been felt nor nnlyi abundance of advertising money says, “Th|frty dfys is a! long Successes the - magazine 

iiR revenue but in ciTOihtion^disappeared at that time has time in young girl’s life." business.-, avf'tyne problem 
And editorial ■ opportunities. ^iot been forgotten by most pub- Company is deigned to plug (oomihgiHp iriRfront of us may 
Quite simply when you haveHishers, even though that was that ga/ and, though it is peri qhange^the calculations . puh- 

yers- and, some may 
opportunity for pub- 

more ads you Tun more page-sj not the only reason for the Haps af shade younger and less fibers make, about pext year^-. 
including ninre; ed'i6Btial;pages^ flops. The memory is likely .to sophlaficatedf to tone: than ! ^bat/i '"* " ' ' 

per th ousand 


Benefit from economic growth 

In Southern Germarsy 

B jisiness scansion in Sornnem 
Germany is above average. r he 
German States a Ba-.ana and 
Bacten-’vVurtlemberg are ihe.lxnie 
of industnes vduch plan for the 
lufure. concentrating on saerii.e 
arid research. Groups ;vrih a v.*orld- 
Vvide reputaton in the Reid of 
chemicals. pharmaceiStlcais. atomic 
soence.'air and space travel, 
^ectronjc^ computers, th&inariu- 
facfti-edf'machuSery and vehicles, 

• m t. 

r.f one ■>' ibe laiges! ria$3na> daily 
newspaper* if V/esi Germany - 

flife “SikWeut-ji.tie .TeittfiQ- 

PuDlished if. Mui it has a oei'y 

< if-uulalic-n ci aj.-iJioMiTjieiySOOOC'O 
■^ee chum in Buv.iri. j B^ien 

.'.ijuten iL*?rc in. duoiriSnany 
I'Moortant j.^cpie »vno«keihe 
decisions in business wd adrnmis- 
traljon. Suddeiifsctie 3iturig‘ rs 
read by as nuv; a s. ; ® er.oefrt of 
the totai readership dl t AfA 
newspapers iSZ. fa Z apd De Weit 
in ’Southern Germ.ji>/. 

are based In the v/ 
- stjOthtoi^armamtownsd Karis- 
fuhe. Stuttgart, Nuremberg, Augs- I! you want to d... buJinjs in 
; . *bur^'5iki Wunicjr! ’ : >' •- - v ' --'-Jsovthem-Gern ,yny. -sldeiJISChB 

5oufRe^Germany; also is ttie+iomp-;2eilarigf »s yaa rr ^ jium,^ - 


is -me of the three German members ot T.EA.M. 
tTop European Advertising Medial - the one with the largest 

For add^onafinrormation please' _ '"Representatives 525 
contact our exclusive representatives: Lorjdon sy i& iHF Tei. . 
Putltdtai Uta. International f.-iecil.t” ' ‘ or 'write to i j . in Muni. :fii 

Suddeutscber Verlag GmbH, Marketing Service 
P.O.'Box 200220, D-S Munich 2, Germany " 

Philip Kleinman 

Effective cover of 
Nigeria with Daily Times 
Newspapers and Magazines 

Dally Tteeft. 350.000 
LarRcS-jfeJU'W daily nrvspaper 
Smda^TlMs. 438.000 
iUrHeaMCIUos Sunday newspaper 

Luos yMMMd. 3W.OOO 
LarsestsoIWa rnday emortuner 

S^ortlBS' R&O'd. 78.000 
, LarMshielUw sporting weekly 
Hventxa tinwc, 83.000 
Nigeria's- ftsf-rawtau only 
even lM.«vrros per 
nmos Wcmatlonol. 30.000 

Weekly-.inatals o/ World events 

much sought after by adver- Introduced in March, i i now has 
Users. a circulation or 300.000. though 

Another relevant point is that it is light on advertising 
childless young women tend to 

If advertisers have a wealth 

Specialist .publications: 

Nigeria Year Book, 

Trade "Directory, Africa Hand Book. 

_ is the threat of Times 

tod the attractiveness tottadersf make them cautious about Cosmopolitan, is "expected to be Newspapers to susp^ori its titles. 
Is all the greater. .fJor'-shou I® launching new .titles in 1979. houaht by at least 50 per cent j^ce/ the Sundi®^ Times., 
It be forgotten that with somef Predictions fof next year are of Jflosmopailtan readers. Which Mnga/ ne bolds raord^ban half 
papers, especially; fashion maga4!: that magazines will continue to is f why its jauoch has not hurt of-th|l lucrative Sundayteupple- 
-zines. the profusion of adverb-do well but that ad revenue thf older magazine, which now iQ^rrfadvertismgiiiarket!Vs dis- 
tising is itself an attraction, growth, at. possibly 10 per cent, s®" 8 about 450,000 copies a ajityfeaTtnce, even tempotariiy. 
No wonder that Don Beckett, will be nothing like that of month. ' would create a vacuum. Various 

of the Media Business, writing 1973. 1 Meanwhile, some way away ou ^ther Tn^azines,^ existing or jet 

in the Financial Times last This year's biggest and most the women’s magazine map; in to- be'toreated, would no doubt 
month about life colour s U p- 'iiccessful magazine launch, an older, less affluent sector.lrosh to^try to fill it.-' . 4 

plements boom4 should have lhat of -the women's monthly IPC's long-established weeklies/ . ■' «i »/■• - i 
speculated thar Store might be '-ompany. was certainly timed are also doing well out of thq 
an opportunity for “an enter- "'tit such predictions in mind. boom. They have reversed thei 
prising published who is pre- The fluid ing spirit behind the previous circulation decline, a 
pared to risk a-*w millions In launch was Michael Bird, mar- achievemem . for . whic 
the belief thar readers are at k 'Ptipg director- oE the National observers give suave credit 'to 
long last read v 7 again in buy Magazine Company, who argued more efficient sales methods 
today’s equivalent' of. Picture Steely against suggest ions that introduced since Patrick Barges 
Post. Paris Match !or Life." new raaflazine should not became circulation director.. 

Certainly Basil ISpice. who a PPcar until 1979. Barnes, previously ad director, 

runs the press sJdepf J. Walter The arguments took place at of the women's magazine group; 

Thompson's media |d opart ment. end of last y ear - and Bird, moved to his present job, w'rth 

believes that if Bictur<> Post basing himself on long-term responsibility fur all titles, about: 
still existed it woflld to todav’s forecasts of ad expenditure, said two and a- half years ago. As 
conditions be doInF good bu’si- 1979 “ight bo ton late. If Com : well as building up a sales teamjl 
ness. And various projects arc pan * v came o y l in autumn this he brought in computer Jacillfl 
floating around 'Bfr launching - v . ear< -however, it might well ties enabling his department to 
magazines which -# thev wnutd n,Je tD P r °fit on a wave of monitor the performance of 39Q 
not quite be Pictrfe Posr. would adv 'ertising money like that on wholesalers area by area and m 
hope to oceupyjpart or the whl ^ As sister Cosmopontan set realistic targets. Basic, entik 
media gap whicbflibservers like launched in 1972, monsensical stuff, but appaft, 

Becken and Sola discern. . In ^ ne W wa >' Company has ently the mighty IPC had nevet?; 

S done .even better than Bird and got around to doing it befotCL 
his colleagues hoped. The print _ 

<»rder was originally set at IlYirirP^IVP 
mm, but by the time the 

first, October, issue was pub- The results have been impre$- 
lished demand from the trade. sive, although other factors, 
had pushed the figure up to including the advertising boon^ 

■HO.000. almost ail of which were have played their part. The UK? 
duly sold. Such success carried circulation of Woman's Own, fer 
it«; own penalty, since advertis- example, has risen over the* 
ing rates bad been pegged to period from 1.424.000 (Jultf- 
the 300.000 figure. December 1975) to 1.548.000 

Company is interesting, how- tJanuary-June 1978). Woman 
ever, for mare than the fact has gone up from 1.407.000 to 
(hat if chose the right birth- 1.548,000, Woman's Weekly from 
day. It is the prnduct nf a 1.393.000 !o 1,499.000. Woman's 
piece nf intelligent marketing Realm, the problem member of 
analysis by Bird, who con- the foursome, is now back, with 
erected a "map" of women's a new editor, to 779.000 after 
magazine.-) located according to slipping last year to 747,000, 
twft co-ordinates, the percentage monthlies have also done 

«»f their readers aged under 35 well. The restyled, upmarket 
and the percentage in classes Woman's Journal has increased 
ABCt. circulation over the same two- 

This' is the kind of exercise and-arhalf-year period by 
carried out commonly enough spectacular 59 per cent to 
for branded products but rarely 173,000,- The young women's 
fn the case of publications. -magazine Honey has shot up by 
Birds analysis pinpointed the 47 per cent to 183,000, and large 
fact that all successful women's percentage gains have also been 
magazine launches since I960 registered by 19. Ideal Home 
have been- in the younger, richer Somes and Gardens, Woman 
sector of his map, the most out- and Home and even Country 
standing example being Cosmo Life (up by 27 per cent to 
itself. Amoug the reasons is the 43,600). : 

emergence of an increasing As for new titles, IPC has its 
number of - independent young own. successful launch to erdw 
women, earning their owii about id the shape of My Guy. 
living and, if married, post- a downmarket teenage weekly 
ponJng motherhood. They are strong on photostrip feature!’ 

mnrh snneht afro*- hi- irfua,. TniMriuMfi u...u . . 

i!y< : an »-s£-;a*»4 . 

: \ ~ J ;* <t Aiv rnaU ^ 

'•hfebra pi^TTiital^.devised 
Tfaop giga -.the^argest - 


toe worldwide medlacorvsultanqr 

&J? .Sfl4 


m AGE) will be read 

, A ! • SO.QOfl .' tlmCT daring 
TiV th* life -of ONE pack. 

Imagine the .coverage 
• ; . ojv l.OOO. or more! 

.! -Aik the JOK£fi ; . 

Waliy La wren ce .-- •" - 
PUBLICITY Co! : ! !^ 
■’ 01 -602 350 1 •!-; 

i *. JO Avon Estate - • 
Avon mo re Road; London, WM 

. Headlines, asjjofl 

L west-selling mcuiUiiy 
Swar. M.DflO 

. Tbv* Oevlieai family moothlv 
■magaamr.- 1 •-’*■;*• 

, Waman's World. 31.06? 

■ The inSneniieJ Women's monthly . 

Hants- Studies, 3a;<WB, 

The 1 arses l-scOtas' inoniMy 
educator ■ . - . 

Bvstrtass Times. «MK» 

Fir* Nigerian .newysapef - • 
•t» voted to bustnesa. and economic 

Contact: - 

Advertiaerant Rcvrewnta^ve, 
DaOx Tunes af NmerU LMU 
- London ^ Branch Office. 

■ Crayteidnie Houw 
• sz-M-Cny*s I no suaa. 

Looter WCIX *LT . 
Telephone* oi-US tva : 

or Uai Office: 

Advawmm Vsunr. . 
.Dally Times or Nigeria Ltd., 
-3.T K&tones Street" 

PO. Box 138, - ' 




'-A - r 



oyember.lS 1978 


ice war 

• DESHXiT . THE current con- increasing gU prices puls ing traditionally high margin there appears no' possibility that 

sinner hy the "such preKi P n consumer lines. the pressure on growth profit 

rise in earnings over the past spending 1977 was t Innovations: existing retailers margins in ruain sir earn grocery 

- year at a rate. about double the the worst the retail have had jo face intensified retailing will be eased by any 

. increase in, inflation a— Britain's trade-in decade.” competition because of institu- general relaxation on pricing in 

. retailers. are still. far from jxm- SecondlvMes- volume in tionai change. Such innovation the foreseeable future. 

fidenL-Havihg gone -through'one 1977 showeBscIine of about includes attempts by existing The rHDid e v Dan! don ' of 
-. - of the; worst economic reces- 3 per cen»1976. And. stores to adapt their mer- , im te d ran ~e diX^fchains 
. stops for decades, retailers will thirdly, “in tB?«npetitiai*- for chaodise to include, new ' UC h Save ShQDne?? 
-tike some convincing that the a constrain** of disposable fashions, styles and products. pTradise and PriL-triteandthe 
ebTrent upsu^e m sales is mtte income bad B*re impa ? t on in addition, the establishment jn^rS 
more than. a temporary flash m retailers* ml and this; in of dramatically new forms of Sora merel? re informs t he 
■ the paa.- • • = - r - - - -turn has im®ons for invest- retailing such as hypermarkets VZfcion SS for a law^lcrion 

. •-•^Certainly. the : Government ment plans.’^fo . - u ■ and catalogue showrooms has 0 t^ 

measures; last week tp tighten Overall, eft was being also added to the changing ?o lowe?raar^n^S“rrS^rSble 
the -money • -supply has expressed a ■ohe viability scene 10 lower iudj e ui S is urever^oie. 

E^nforeed some ;retailers* fears and - profitaW of the' UK The impact of these factors. ^ stockbrokers W. S. 
that the -fierce competition iri retailing ind» v 1 - according to the researchers, GreienweD and Co. suggest that 
the High -Street ’for sales In a . - A further *is of the fae- has been the production of stag- ‘sales growth by retail- grocers 
static market 1 will remain.,- • tors behind jBirrent compe- nant if not declining sales: should connnue around the 10 

• .There seems little, so titive positiflp the High pressure on profit margins and P er cen ! mark as a small re- 
far, that the bitter strife among Street was aMiade recently cash flow: and decreased profit- covery in volume counteracts 
the major supermarket chains by two resea®. David .Cook ability and growth with a num- lower price inflation. Multiples 

- for a greater share of the food and Peter from the her ‘‘of long-established (but are expected to extend recent 

markfet is he^nning to .threaten: University of Word, manage- higher cost! organisations going ® ains ia ra f rket share, reflecting 
Since -Tesco " dropped trading ment centre. ®argue that if out of business. tJle . 2 r0wth af their non-food 

stamps' in June. 1977. and any industry Rmpany is to The sector of the High Street business and rationalisation of 

. sparked off thb war.' It-^-and rts survive, it ‘ rB adapt to a that has been most affected by the independent grocery trade.'’ 
close rivals J. Salnsbury— have changing enviWjnt. these changes — and has reacted Apart from food retailing, 

managed to boost market -share “The' perioKpm the end most strongly to overcome them recent financial results of o’theT 
at the expense of .the smaller of the Second ®d War to the — j s f 00C ( retailing. Food sales retailers have suggested an in- 
land -less- aggressive multiples early 1970s wSbe of steady has. for a long time, been rela- crease in competitive -pressures 
and- independents.. growth in cons®incoraes and tively static: when consumers^in some areas, despite the 

- Most retailing analysts agree low rates oKftatfori /and discretionary income increases, upturn in demand. .Most-notice* 
that- the current spending ..boom unemployment's- a result this is spent on - consumer ably. Boots has suffered from 
a unlikely to continue at its retailers wereRted.ari era durables rather than more food, price-cutting in .toiletries and 
present strength. The Henley of optimism." H cosmetics, and Woolworths has 

Centre, a major business re- But in. the i9Kie problems seen margins eroded on the non- 

; search body, "regrets to $ay were different. K~suggest six ivCSlXll food side as well as . on the food 

■hat we anticipate a slackening main factors w®iave had a .. a <t 0 Hp lines. Elsewhere the mail order 

Jrf the boom by early next year." major impact o»aiI ins. , vo u ir i P f^d orhLTara soared sector is becoming mere price 
It adds:' “We cannot see any These are: K .. competitive. 

. ’/.et-up .of -the- competitive pres- « Economic staXn:' in .1978 ^odity and other cost inflation. By contrast, the clothing and 
“? iSWiaPEraSS UK ** cons^ft^ spending ? he Evitable was keen department store sectors should 

ra-WNsrc asraasts-f? 

^^iSSS^TSSi "Sers“.r*gm:m" £E3 “bum"? Z «STS «* <««•» fn» Wding up. 

JrcL 0 - • --Political Mobility: turnover) on price cuts. Philips and Drew say that 

“Tb? Momentum of this Politicians have reg® looked Teseo’s competitors . were looking ahead to next year 
s£Sd cSU through to adjustments in Xrange- quickly forced to follow suit competitive pressure cottid well 

nto the first half of 1979 ments-and VAT to nMice.the Virtually no contender m the tighten as the growth in demand 

houah bT the seasonally level of demand forMiciilar price war ha 3 survived without slows and our forecasts assume 

JSffimi final ^Wer there products. . In addition«vern- some bruises to nurse. WhUe a slight faU m gross margins.; 

nay bh 'tittle scope for more oient intervention in W970s Tesco’s market share Jias risen And. summing up. the Henley 

han a marginal increase in was deliberately raimed»qon- by. an unprecedented oO per centre see5 a significant but 

olurae as the growth in real trolling prices .. and «rofit cent, its profits earlfcr tlus year srat jua] return to more “normal 
ncomes slows. Thiisi on a year- margins... ,. v . My. were-. marginally gown despite timeg ore r the next year. ■ Jt 

in-year basis; -the - growth in • Market share: as a reM.of a 43^per cent incioase m turn- ar g Ue5 that the "spending booftk, 

ales volume is expected to peak the -.stagnant, market. *th over;-; . after almost three years of un, 

• his autumn.” orientated retailers had Ken Lahfr this raopth. its half- pr ecedemed cutback will 

The retail sector's problems forced to fight , for their mfiei yearlj&results will show if it has slacken as living standards are 
a recent years were highlighted share. Goii^equentJy,. price fch^jnade any headway in turning reitored.” 

v the Jletml Cdhsertinm* which 'Petition has. been Iiyensified.%tf;m*rkft/-''5bare.^nd sales volume .^jid the Centre argues that 
^presents over 90 per of a. -number of marginal bigh.-(j6sp inprctprofiK' Sain<hurj’’s interim so dal changes will persist such 
- -itain’c in a recent stores. -have been forcei oi^yeT ijaU^s. published recently ^ more women at work, want- 

lemorandum to the Chancellor busings. > i , ihowed\th» it has managed to i n g to shop at different times, 

f the Exchequer.. .In the • Scrambled mercharidisutg: ja ^chieve tlus\ Salts were up by and with more disposable in- 
a :emorandum. the . consortium number of retailers J' hav^* over 28 peAcent and. more come families will be trading 
/nphasised three main trends attempted to increase thtflr sales' importantly. Vofits were up up in their purchases. 

-‘ffecting the retail trade. volume by using scrambled about; a quarte\ . n* / 

Firstly, it argued that merchandising, often^y stock* ' According do \uiny analysts, Lfa>Ju L-QUrCHHi/ 

si^^st six Result 

have had a „ _ . .. 


ETE REGIONAL PRESS has so large adveri»ers like banks and for perhaps .60 pfer cent of the 
r enjoyed’ a good year for building societies to concentrate total c- ? 

ivertising- with healthy in- their efforts on TV campaigns During the boom of 1973! 
ceases in. -both display . and at the expense of the Press, and ^yhen^ many companies were 
assified' revenues. The com-, partietdirly the regional Press, looking for new employees and 
Jt i ti on once feared from TV The - current year lias also seen labour .was a seller's market, 
id does not appear a decline in advertising by the pinpcifi*^ advertising bounded 
> be injuring local papers major tobacco companies. . ahead- as employers competed 
arkedly, and all the signs are ■. j n spite of. these trends, against «ach other. for available 
at .the_media Vail continue to however, advertising in regional workers. Then in the recession 

_ . J* together without - major papers has increased in both which followed the.^il crisis and 
_ -^fficulties. revenue and volume terms. the tightening of credit, new 

Regional newspapers have to Thomson Regional Newspap- 3°^- opp ° rt ^ ni ^ 5 es . feU 
« the f 3 «. However, 0.« the ers eethoateA in the Ssl classified revenues fol- 

nonnous boom in advertising eight months’ of tfip vear classi- , ' 

-- > rich occurred in the late lflfiOs fi^ revenies have increased by H ^ on , sl , have 

id early 19T0 as a result of a^m uo ucr ceot ovfr laa ,ne 1 dl ° lea ™ fronl thls >««>"• 
e revival of coosuoier spend- fifure^whuTdisp^; is “p 

■ is not likely to recur.. . . about 15 oer cent c ossified [revenues to avoid ne 

This is not merely because c L t - c too; dependent on only one 

the present constraints on , Part of improvement is category. As a result they have 
e economy the relatively of eourse » accounted for by rate made efforts to increase the 
w levpi nf manufacturing increases agreed with the Price amount . of general marketing 
tivity It is ” bSaSe th! Commission on the basis of the rj-Re of ad^ertisiog in ihe dassi- 

- erage household income is “"“gV. continually rising fied columns , , 

' >w high enough to afford, as c 2 sts ] !t 13 dear - however, that On- the. . display t side, local 

- matter of routine a range of ?? merwes imply a rise in television is always a com- 

oducts, particularly food ^okune of at least -5 per cent, pethor, particularly for the 
tins, which were quite hew In the regional Press as a acc Punts tike mg 

the 1960s. whole the ratio between ciassi- demrtm^nt stores. On the other 

An improvement in the fied and display ^advertising re- ha^d local n ° f 

onomy as a whole is there- mains at- about 60.' per cent/40 ^ 

re unlikely to result in an per cent in favour of dassified. in prosperity of the regional 
>5 urge of demand for these This makes the paper vulner- P JJJJ . „ x 

od products and many other able to fluctuations in the gen- t nr ^-h nm ’ 

iiisehold items. although eral or local wonomic climates- soaker J^ay^ 

mestic appliences,. cars and because classified advertising is f^ R Ja^has elv?n adverti> 
he'r" hardware " would doubt- always the first to reflect flue- if 

is be affected. tuations In business- activity. ^ 

The advertising prospects of This is partly because classr- tried- tn advertise for the 

. • regional Press have also fied advertising in the regional JJJXTjd * £S ! SSia ^ Then 
en adversely affeoted. by the press itself depends heavily on .- often tiiey turn to Press 
cision of a number of very jobs advertising, which accounts 

... - ■ ■■■ — ■ ; Pfart yea ir'Mr. Brown believes 

. : ■ 1 I prospects will be relatively rosy. 


What kind of Gift? 



One^ of the NEW for 1979 

(from 25p to 400p) 

Phone KenThompson-01-979 9921 

Hk&Companylid: • 

Down Street, Vtest Motesey, Surrey KT80TT 

though from .the. established 
regional newspapers' point of 
view, there -are a number of 
douffs on the. horizon. One is 
ihe -.possibility that national 
newspapers may. start regional 
editions capable of exploiting 
the. potential of local advertis- 

In ;the longer term, regional 
newspapers are potentially 
vulnerable to competition from 
electronic systems, notably 
Prestel, the Post Office’s system 
for linking domestic television 
sets .jo a central computer. This 
system, which started market 
trials this year, could become a 
very powerful advertising 
medium, for both local classi- 
fied and national marketing. 

The basis of the system is that 
a modified television set can be 
connected by ordinary telephone 
io a network of computers 
throughout the country. These 
computers wiD store a variety 
of information like news 
bulletins,, timetables and finan- 
cial information which a sub- 
scriber could call up on to his 

screen as he wishes: The com- 
puters can, and will, also jftoie 
advertising material. , , 

*. It is therefore possible that 
consumers will be able to cboofie 
amew bouse, job or second-bar^ 
car in very much the same way 
as;airline booking clerks select 
flights from a television screerr 
linked to a central computer. < 

One potential advantage of- 
electronic systems over theirr 
newsprint rivals is that they cam 
be “ inter-active." That meats 
ib at a consumer could make s 
purchase from his own living 
room by punching a credit care 
□umber into a keypad tinker 
io the TV set and hence to .t™ 
central computer. Advertise^ 
would thus be able to obtais 
immediate feedback as wieJJ ■& 
making instant sales. i 

The effect that these system 
will have on regional Preafc 
advertising is still very 
certain, not least because 
nobody can be sure how fast 
Prestel will penetrate into thf 
homes of enough consumers t^. 
make it attractive to advertisers^ 

Its impact may not be felt aS 
quickly as some of the techno-, 
logical pundits have suggested, 
but it is certainly a develop-/ 
ment on which all regional, 
papers are keeping a wary eye. 

The regional press is also 
facing increasing competition 
for advertising revenues frem 
freesheets. These grew out ^ 
the advertising boom of 1973 : 
when there was plenty foj 
everybody. t 

Since then their fortuned 
have been mixed and several 
have collapsed. The Advertis^ 
ing Association. howeverj' 
estimated in 1975 that the total 
revenue of weekly freesheets 
was £18m. or 20 per cent of 

that of weekly newspapers. The 
Royal Commission on the Press 
estimated that the combined 
circulation of freesheets was 
half of weekly newspapers^ In 
general, however, freesheets are 
not seen as a major threat to 
regional newspapers. and 
Thomson Regional ; Newspapers 
told the Commission that they 
generally helped to stimulate 
the use of classified advertising. 

For the next few years at 
least the regional Press appears 
set to enjoy greater prosperity. 
It has the advantage over its 
national rivals of close indeuti- 
fication . with its regional 
marker, while for the present, 
at least, it appears to have 
avoided the severe production 
problems that have beset Fleet 
Street. . 

Max Wi lkins on 


Mails circulatioii and 
leadership. And when you look 
& specialist categories, readership is 
up by 28% - almost 4 times 
the Fleet Street average. 

Look at investors who 
have accounts in Bidding 
Societies. The Fleet Street 
average increase is 8*4%. 

The increase in Daily Mail 
readers who have Building ■ 
Society accounts is 507%. 

Look at the readers who 
have opened new Building 
Society .accounts in. the 
last 12 months. Ihe Fleet' “ 
Street average increase is 
217%. The increase in Daily 
Mail readers who’ve opened 
new accounts is 42-9°/o. - 

Look at the readers who 
have Bank Accounts. The 
Fleet Street average is 
down by 0-2%. Daily Mail 
readers with Bank Accounts 
are up by over 17%. 

Look at Bank Cheque 
Card holders. The average 
Fleet Street increase, is • 

3 6 * 7%. The increase in Daily 
Mail readers with Cheque • 
Cards is 40*5%. 

And look at Credit Card 
holders. The average Fleet 
• Street increase is -16-3%. The 
increase in Daily Mail read- - . 
ers with Credit Cards is 41%. 

To make your advertis- . 
ing talk to all these affluent 
new readers, talk first to 
Bruce Olley on 01-353 6000. . ■ 


— , 


a quarter of fte 

Daily Mail tren&Thafs 
the stray for the rest of Fleet 
Street asthe dynainicDaily Mail just’ 
grows andgrowsand grows: 

So before you. even think- 
about reaching affluent new 
readers through any other 
daily newspaper talk to 
Bruce OUey on 01-353 6000. 



For instance: \yhenyou don’ t have a mass-market 
product and a large budget; when the market is small 
and . tightly defined-by area or interest or known 
behaviour-patterns -and when the budget is small. 

In short when you need to be selective. 

In circumstances like this, Dirat Mail is the 
medium of choice- tried and tested, refined and 
developed, used and re-used. "fort can promote, sample, 
sell direct. There is a. wealth of chapter-and-verse 
experience; because Direct Mail is probably the most 
measurable medium of all. 

Just think about it! The possibilities are almost 
endless. ' 

We explain how in our free booklet “A Guide to 
Effective Direct Mail” We’ll send you a copy if you 
return die coupon below We can also, if you wish, 
•arrange for your local Postal Service Representative 
to contact you. 

I 1 

| Sendcjoi^joii witboutpostage stamp tx>LE Andrews, FREEPOST, Room 446, | 
j Postal Headquarters, Sl ivlartinVleGiand, LONDONEQB 1HQ- | 

| , n FZeiJseseridmd^Giade to^ * I I Flense arrange formy Tostd Service. J 
j EffectveDwedMdiU!' • • — Representative to ccmtivtwe- I 

tt&lE ' 






The secret of succebfil retail advertising is placing it in an adver- 
tising environment that reflects the style and quality of what 
you hive to seUThe advertising environment you find in The 
Sunday Times, for example. Not only does your advertising look 
better; work harder, it reaches more of the consumers who 
matter. The kind The Sunday Times can provide more of. Perhaps 
that’s why 32%* df ali retail and mail order advertising' in the 
' quality press is already in The Sunday Times and The Sunday 
Times Magazine And why it isn't always easy to gefin And why • 
you cant really afford to be anywhere else / 

Talk to Nicholas Hffl and his sales team on 01-837 1234, or drop 
him a line at The Sunday Times, PD Box 1, 20b Gray’s Inn Road, 

London WC1X8EZ. : / 



the Sunday times magazine 





















American executives hare nearly everything 
— except regular, reliable information on 
international business, edited specially for 
them. Now they can have that too, in the. 
n ew Fi nancial Times WORLD BUSINESS 
WEEKLY, published by the FT in New 
York every week. 

When we printed a pilot issue of WORLD 
BUSINESS WEEKLY earlier this 
carried 122-reports of major international 
developments that we felt would he of 
working value to American executives. ,. 
Then we compared our pilot issue with the. 
coverage for that same-week in the Wall. 
Street Journal, the New York Times, 
Business Week, Forbes, Fortune and the 
Journal of Commerce: £ 

We found that all of these distinguished, 
journals — combined — had covered Ass’ 
than half of the wide-ranging stories id that 

As a readcr.of the FT this will hardly 
surprise you, especially if youhave ever 
crossed the Atlantic and found yourself 
surrounded by U.S. business papers,- 
wondering what was going on in the Test of 
the world. 

Many American business executives fed 
like that, as we discovered in three separate 
and intensive, exercises in market research . . 
over the p&t fifteen months. 

WEEKLY will now fill the gap. It will of 

course draw on the extensive resources of 
the FT itself — plus our Business 
Information. Service, our newsletters, and 
our other business publications. 

This is what American readers will get: 

Mb rid 'Bust ness Digest: Identifies the items 
of immediate interest. PJus a complete 
..index of aU companies mentioned in that 

- issue. 

International Financial and Company 
News: New ventures, new contracts, new 
experiments, new acquisitions. Case - 
histories. Progress reports. CKcr the vear 
every important decision by ihe wot Id's top 
1000 companies will be reported. . . 

- Industry-News: What’s happening 
-everywhere in steel, oil, mining, aircraft, 
j-hipping, chemicals, textiles, construction, 

automobiles, electronics.' ■ ■' - 
Products and Techniques: A rundown of 
the money-saving, time-saving, material- 
saving innovations around the world. 
Currencies: Fullest coverage of changes in 
rates of all international currencies and ■ 
markets, supported by tables. 

Shareholders’ Report: On-stock markets 
everywhere buttressed by current prices in 
19 di fferen t markets. 

Banking and Bonds: What the international 
hanks are lending, lo whom and for how 
much. - 

Moritf Report: Economic and business 
new-* and developments. From even' comer 
of the globe, in depth. 

■People: Detailed individual profiles on 
personalities in the world of m&BBtixmal 
business. ' 

Pins: Special business briefs otis 
International Bond Market • Eurodollar 
Market • Eastern Europe • PettpmoBey • 

C ommodiejes • European Cobonaynhy • 
FT’s world-renowned TabutarK^P 0115 ' 

Plus: Sm-vey Of The Week. Aam-^P^ 1 

report on a single major markefprhidustO'* 
A searching, thorough, aui hortative source 
.of reference. , j 

Plus: Editorials and commentsbn the nfcws 
ot international significance. S'-'- 

We think you- 1! agree £§at this 
venture into America ctin^ 


- i 


World Businc 
Weekly f 

London Office: 112 Queen Yic&j* Street, 
London EC4P4BY Tel: (01): 
Advertisement Manager: Davitd^ 0 ®^?* 

New York Office: 75 Rockefel 
New York 10019 N.Y. Tel: fill* 
Advertisement Manager: Davjdi^ aBei,s * 

-■ g i«=mp; a T Tim es /edBasday November, 15 1978 :V ■ 


Radio in 

Jof age”: the headline- would 
[stand runner-up chances in any 
competition to determine the 
| most-used headline of 1978. The 
Independent local radios’ man- 
! ageraents, who have got used 
[over the past five years to 
I brazen out hard times, now are 
I making the most of success. 

All of the 19 HRs are now 
showing profits (some of them 
very modest, to be sure ) r or are 
i moving into profit this year. 

Some, led by Radio Clyde, the 
only one to get off to a running 
start, are moving into the 
"super profit” area, defined in 
their case by receiving the 
dubious privilege of paying a 
secondary rental ** to the LB A. 

This is charged when, after 
absorbing start-up costs and any 
operating shortfall, the stations' 
profits before interest charges 
and corporation taxes exceed 5 
per cent of net advertising - 
receipts. Four stations- — Clyde, - 
Capital. Piccadilly (Manchester) 
and BRMB (Birmingham)— 
have now passe* this post. TV— especially the la 

Gross revenue of the 19 com- 

. .. .. . * cu /r’ it should. Many media directs* Even when 

parties over the first six months *, 1V .TZ__ _.VZT ~ ven 

paign leaves igaiScanigaps. flexibility Jn time (a edmmer- /»“• 
— ■ J1 :-C0£,af. the. eaal- can .be. dropped In virtually 

T 97 **** of ra ®°‘ ki terms whJefr planned static* ctegMra to the.. overnight* arid ia tailoring life' ':'\- 

“mi suggest that it is on the verge air (in), co vf 3 ger-ra'i&ckoned spots to the customers* require- 
over the same 1 “ . . « r n ;• 

| of this year was 

I fSSi of breaking through to becori^fo b^~ o^yl4 ^^ : xients: und the “ Involvement” 

fLX ,rn 103 M accep t ed a part of a cam--.: The ILRs lunclon'.-iu. . eH. which radio offere(thecharae-' 

JP.t mu rat p of P 8 !® 15 ^ radio, is in the U.S.— environment P® flfeEttrip&titKW teristic which made Marshall 

S!2L i« St* bnt il has n °t «■* got for their ba* i^modity- . McLuban call it the “hot" 

there yet advertising. FkOpe-- J wtth the_ medium), whereby the copy- 

i increase is slowing as the 
[stations come nearer to selling 

Purser, they receiv- « rob ^. . J ^SS SST* - T***** 1 ?*: 

mg the blessing of officialdom d^Mr.n'isst^cnthYK'Z.^f'l monopoly. J » re««,:ara<a8 

in their work. The Tyhite Paper ?I C “ in Wafl L^5 ! ^ h ^ These are cansdiferable cards-: 

on Broadcasting, published in 
July, noted that there was 
“ evident demand for local 

IS more local stations,;o£ which ma 2aziTie 

”!> ne douM, be i? <R more 1 de Pear - a playod "with Increasing 

pubnaf’ Sbr. ROrr tD ^oldU and they are. beiag^ '/ 
tV T a .med .i a super- played with increasing succes^ 

under-capitalised initially ' gave However, the x-ery success l^/ 
Went and -agencies; f 

m more * sagas 

no ___ u , w 

radio” and went on to remark of under- M " rta,Jo “ ;,f ' ,sor » 

that “ independent local radio rfaSns^'obbSm on^n rifea? a<,n Piaoed‘iPon?6fem by the situation changes to" one oFmoreL 1 '• 
has a very considerable follow- S the mS mA to of commercials chasing' space tamp- 
ing, substantially greater than pstab i is y 1 pd stations which nnu functions (n^s* community ser- the reverse — which has been-- • 

that of BBC local radio, and In Wflnt ^ image to be smooth, vice)— as amajb^teason for the case for most: stations --4c ; : 

some cases, comparable to that their comprativaBethargy in then the ILRs will go the toutq. , • 

of the BBC’s most popular radio •••* -* improving telrjoBm product .. of the independent TV- com* 

1 services. Radio L" L-UVCKlgC ' AccordiD taSfe Pear, UJS. panics, and offer packages j 

No wonder, then, that the ILR Besides, even the established Canadian aatfv" Australian which combine peak with 08^ - 
wses are glowing. ** We could stations still s&iw severe grow- stations. opratiOgtin fi«w« com- peak _ airtime. ;.Which • the - 

scartaely have hoped for a more i n g pains. A pc^onged strike, petition, rfer.^r advertiser a customer, often .dbe not 

pur London’&news.aiid chat!' better packaged '.audience; as- far as Miinn^fiRon- »o*st- 

positive endorsement of 
endeavours.” enthused Sir 


n,any ^, J b t? ieve 11,11 by ^ aff for an h^stigatTon of or- full particular listeners*-^ the". US Thftueh ' Sir- ‘ : - 
L20 S ^R«SSn' be wbat iT consideT ^fas an in- requirmenat^g., rock stations,' Rtctiard’s dream of-lM stations ^ - ' 

L.° ILR stations — twice the competent raanagfcjt.:' Inde- new^porf^'middle-of-the-road may one day become a reality 

around 9 ner cent of national 1 not-?, jp PeStr^-'also- criticises the — - will be tiny, covering small -i 

expenditure on advertising — pedfor ^ ihdi'i^fer publishing once- areas and takasg much af thek - 

.u 4 ™". _ a “ , .«% pedtor to BE'. rad^e^= ■ JJ-ycaTyvSesearch into listetiing material • -from a .“mother 

habis£“If this research were station” : in the iieatest large 
coierage -*>• - - - ■ 

though the proportion is rising. ^ listening- material > -from a : “ mother 

^cte“to13»to e awund th! brightw)-^S?f beLis^ t0 shifts in Iirtenfog centre. (BBC Radio Shetland 

£30nt mark, compared with cannot match f the. **s 

£23.1jn in 19 j/ and £I4.7m in -national coveragi and •wiis . , 

1976. Not wholly inconsiderable i ac k s prestige. ; "-^y\ POfflbiy^b another year -before " mother station --The' IBA~ * 

I - _ ^ 1 • .1 ” i <•/ * ATaVi r*mH 

and a station were to already does this successfully,' 
y progra m ming. It could 1 usihg Radio Scotland as its' 

but not large, either. Coveraeehs Will a 4oftr* - tb *‘- Cand-lte supporttn^ Will Su:dnaa.:Tio. dodbt,To Insist - . 

8 te m ad^rs, whether it; “ 

ieved the 

It is here where there is the for the agendfs 
cloud on the horizon— the feel* reckons that tie nm# new st; 

ing that commercial radio has tions will gire ILff a 75 perv - » ........ . . . 

not yet quite made it as a cent coverag/of the natiem, but s So whaLfare its strengths? As will be^me a serious advert^ - : 

medium, and that it may suffer some agencies prft it- much the industry sees them ' — and “S memum, .or not, muca as -;- 

from a lower estimation of itself lower— at /roun* 40 per cent ?s agencies?- to some extent, they now are. • •” 

hen compared with the weekly rt/ch. either case, agree:— theyj,are:: the opportu- : 

sxpenditure on the Press,. or on the covei/ge for any radio cam- pities.- tp- advertise regionally: 

required rock stations,- or . siMpIy any 
other kind of : stations:- «nd th# 1 - 

John Lloyd 

A TYPICAL recent issue of the a catalogue,- 1 Th# inspiration 1 foj& this commercials . to reinforce the 

Sunday Times Magazine con- The lndustrr has its origins change . of policy may w^ftll he appeal of' couponed Press ads. 
tained 112 pages, of which no in the last century when work- thli spectacle of Scottide’s It yi% first applied in the U.S. 
less than 7D were devoted to ad- ing class . people would club success. vC . The ...latter fihn. to a campaign for the.;Columbia 
vertising. Of those 70 pages 30 together to order goods they founded also five' years ago tiy record dub. 

—that is to say nearly half— could not -afford individually. American 1 Bob Scttttr former afi .Press- ads made a premium. 
w?re taken up by direct response each paying ;a weekly instalment yianagef- of Tower ovenware, offer Of several records to new 
ads which invited the reader to and drawing lots to determiheRias .shot up to a turnover of members, but the coupon con- 
cut out a coupon and write off who would get the latest collec-i£12m through heavy use of tained an unexplained little 
Tor goods or for further infor- tive acquisition. Today most of? advertising. This year it will gold-coloured " box." Those who 
motion. the catalogues go to working 1 have’ spent around £lm on saw a TV commercial produced r .. 

Goods being sold off the page class , housewires, recruited as space,^ : .bylheagehcy TOfftoliT jjt«. j 
ranged from records to po r . agents -through ads m 1 news- - -Bigger-fish than Scott have tb^ wrote inside- .the. box^he-’; 
celaln and from wristwatches to P a P e p ^ magazines. T^e been ewtimning into the direct catalogue ^dumber of an 
perfumes.' One advertiser. Scot- f ; res P 0 nse/m ai I order pooL 

rade, took space for 

^ uc . .pave IUI two ® very ile, P * h n e el ^ erlor •-Among ..them are Selfridg^' aWbhe sent them Tre*^ 

separate offers, a clock-radio- her 0W11 famfly or for otJl cra. .Harrods^Tate and Lyle, through V»undermans - Bntiai arm 
cassette player at £49.95 and a When it comes to delivery -its Paget and King subsidiary, D0 . w to mterest clientS;in-^ , r_ 

leather executive case at £39-95. t ^ ere 3X6 certain differeartsjaitd Hymans, the office equip- Th® tecnnique. 

— - - - - -- - - — - — *« — » — »= ’ *■ *- - Anotncr American idea lately-- 

Many of the ads specified that between the leading companies, jmentchife, which has set up a , - J . . . ... 

readers could pay by quoting <HJS and Littlewoods Use theirlfirm called; Post e Haste to sell * 

Uieir credit card number. -- own fleets o£ vans - whil^Jrange dfv ; «lficUonic and other -- 

Freemans relies mainly on the - goods. 

Post Office. f ' 

under the . heading of - direct - -1 
marketing; . TUtis is the TV Tag- ;, 
game organised,- by the New* -3 
media company. The competi-. "i 
tion. was heid for tiie Arst time 
a few Weeks agfo and took.thet:^ 

The current proliferation of 

f. c . h 3ds . ‘i > hc raost strik “S ‘ - Th<r -principal attractions i lmnhrtanf 
feature of tie area we are now buyjng £rom ^ catalogues n5 iinpOX lam 

in^Thl n“r^ c^fa’^Sietf credit and conveni « Dee - Mo^ The ffwiag importance of 

srs"^ s-sssSst 

TtaU'SrfS? .Ss «ar ?»"* “ te -S? S*5*4m£* &S’ & " 

1 iru es e arner tnis year direct t0 say that credit is free, since^dail Advertising Association tions.of .the TV Times. . ^ 

marketing is any sj-stem that ihe cost of credit is built into»'into the British^ Direct Hall- -The Action ^contained ads ior .:* 
offers products or services the price of the goods. As for Marketing Association The Privets soft readers were^,,- 

to existing or potential cus- cronveniencc. one need, on |y ’change of name represented a ■ inVited - for thq. tfiance 

_V? T .J a f ny promotional mention the great growth in tereaLehange of charaSer. The priz ®* lo ahsWnr: a number, ot.- 
nwd i u , n—-dlTect mail, mail number .of women who. go td-associatiofia. now sneaks for thl questionk-.''about .th& products. - - 
Press - * - !f work and have little tim! foriSUSlto o?^l3l^r!£' Researched oat by RSGB’,,: 
effect a direct response by mail, traditional shopping. Advertising, a cateEorv -which ^ only - now available : ihdi- 

le Th?°wn^ r wihr ThB convenience factor does -had gotitself a bad name. cates significant^ ihcreasesjih'. 

The sums involved are very not appIy only l0 ^ mainJ y twrHcuisr it w > , rrt . T _ > , t . brand awareness among, -those _ 

large. latest estimates are that do w-n market customers of the BI Sj!5hiH, exposed to therexerdser -- — — 7 . 
the total value of British mail jjjg catalogues however newspapers. What Nowmadia calk iK u in- f 

I order sales this year will be ™ nt > pfnr o th^ ^ a „f? over.^di questions as rebates ♦ pc 

lOOn,. «, iqr neari,- aoom or, upnlarke 5 t catal0 gl es i»“™S f 

!ast year. Expenditure on direct their appearance, for esnmple, AHVprHsS^StanSariti cessfidly-at eliciting ~a direct :■ 

nn P ?i!- C i-- t, U eaCh f 200 *”’ that produced by Kaleidoscope, -i+y t ^S - a hostile attil response from consumers 
Vetting on for lo per cent more , he merchandising offshoot of ST, ***** 

of Book Club .Associates, which is S!,„Sir n S*i£r- tl interest in. a -predvret: If ribri u , • 

than in 1 Bi«. The amount uu # rtawv ^.aies. wmen is *„ a _ 

sssjs?!?: me, , d,a , ’“nr joinUi - «™-» »- v w. «. *«m%2S8K, ™*j! «»•-« » -mm iat<Btu»-"t. 

mg is difficult to calculate but is and the American publishers - « ■ pron ? ot f . • “rect ^ — c. j *— f-— -* 

reckoned to be at least £30m Doubleday. - . marketire^pd project a more 

this vear ~ , respectable image for II 

, v.- . . . . _ Founded five years ago and run-- - .-i-Vi. . 

^ ***** the +^‘? S if St hy NigeI Swabc ->’> a former pro* -’ ^ toe^warch for ways to seem . not to jflt .fhe''definition , 

single secuur is the one that has duct group manager with Lyons P?ak« advertising and promo- quoted -as thal>egfniiihg' of fhis . ’ 
seen the least change, namely jlaid. Kaleidoscope has gone fional money work harder,. new artiele.. .- ,.. . ; 

that of the eight major caia- nnrticularlv for such ideas have- been iniected into"-- — ' v. m- 1 • as 

buy. .Since tlie products featured 
are; offered ftff'cqnmrent father 
than sale, the. technique might 

particularly for such innovative 4 * 2 ?*? haye^beeu injected into"-: xj p 1 - 

.. M ----- --- -- Pri>dncts as a Japanese-made ^e old science of direct •> 

the Mail Order Traders Assoda- solat-powered calculator. it s 3 ^spohse. - Some of them are a 

tijm. This group, headed by GUS. catalogues, which go to all l 01 ® way removed from, what 

Litriewoixis, Ffeemaiib, Grattan members of RCA book clubs. ^ aud8 ' Kopkhis. the legendary 

and Empire Stores accounts for account for about half of its American eipcrt on the 5 ubject, -r? e ' technique C 3 >ulQ Dg;^uapieu ; 

73 per cent of all mail order sales, believed lo be running VotiJd hayO. fecognised." But two . -.their purpose,- ; -The ; 

business, leaving the rest to be now at something like £ 8 m "tbenT'ido' .’indeed come marketing, _ 

divided between some 800 other year, though the company «i Ve - America. 1 , r r ' 15 - eaablwfc; a 

firms. no figures. * ' ; one in af relationship .berffeeXEt lhe^^ 

The principal catalogues each The other half «f TToiajj* w«i. v n ,b u>u.j ^ -dividual cdosiinier '-mid the ? 

number many hundreds of- scope's sales is 



Kline whfcK v«w . . 

pages. Between them they have directly by couponed ads offer- speciaHsc^ In direct response ---• 

a twlee-vearlv Cirrul.-arinn * - 

of KaJeido- IVap York Agency Wunderman:™^ 
generated Rleorta .«* Mine, 

indeed' any other :r - ^ 
runs Into millions. The indus- the company spent ahmit of -Young and Rnhi^m -^ e JP^ niake -Trib- latojcon- . f 

try itself reckons that every £200,000 on advertising, but The idea, -vtfrieh Wunderman sume f a f--—. 

year one British household in Swabey says it will spend a Jot -calls- the Iofonnatiott Transfer -'X 

two buys some thine from such more, in futnrA. - , 1 DluTn L r 

a twlce-yearly^ circu la lion which Ing specific products. This- year advertising. and U- now a sub- 

Derice, is ,10 user broadcast.-. 

Philip Kh^mnaB 

,-s. - v-j: \ • . 

ember 15:1978 


rs on 

. 1860s position, 
sn television its 
r in real .terms. 

MAJ^yearhif aectine 'cdnsiwer-orient^ end of ‘the 
terras, the ■ advertising- spectrum to tiie wie-and tech- 
in genera),; -and com- nical press at tiieSfaslriai end;, 
television in'; particular, money increases^ 2CMJQ per 

( been dazed by the degree cent on a year oaifcr have been 

ongeyity of' thirir success., quite common, m ' V 

table tells. the stoiy: the Classified advising which 
fy figures.; are.-; .largely was -‘ understanu- . 
ingless, due to inflation depressed (as tftmpkijririeat 
jurse, bat the' 'relation' of n,^^ towards i»-Jias'now 
ctising to the national suited .back, though 

provides vivid evidence: unemployment ha«rt deelined 

decline, in real terms of sigiaficantiy. 
isrng_ to general - -Can&- AU of : this m®v that -all 
nslon in „ particular) from types roT a dverti V medhum 
halcyon days of. the mid- <fone we» i*87S. The 
es to the slough of the recipients of 
seventies. ... revenue have ha 

rnce the low point of 1974-75. .hard not to do « 

he has been a .rasuigepoe . C(K Dmeraat]v 
Sch has carried advertising, , -only -tire hard „ 

«SS* al ^ back to^its fo rc e of the nation 

— Jpd^ appear'.tD have 

best-ever ^ during this fe 
{.engineering the 
their newspape 

rospects streets much of 

Squally important this boom. 
fe «*»* of 1972-73, has 
. Jied oo. a feverish and _un- . - 

ttainable economic expansion. „ . 

Tfact. a key year for atJvertis- ™!™^. -'f s 
! g ™vth VXS19T6. wbeh ieal 
‘.posable meome and retail general ^ls sheer i 

es were both : - falling “W 1 ? w . me “ ? 

' mificantly. - - - - ■ - ^^ ownse de 

"This point Is important, since advertisers for tiro 
helps to explain the continn- *!“J S ra °bvi 

-?e of advertising's good times: vaaon ’ h ?* rej 
-thp'bnoTn had =beea like that unprecedented flow 
. 1972-73* we could have' rmi ®riy uopo. 

ejected It tarnish -iH- 1076 of 1be 3»arisux* a 
: 1977, . but 1978. is - almost August 
tain to be rat least as good _ : , , 

/ear as . 1977. Indeed,: if we PfODleill 
ust advertistog reverie by _ 

: rate 1 of inflation (the 1 retail- Other media are rathtSoore 
ce indexli j^toeriban byflexlbte -ti 13 * 1 television 
; national productraa is done ”*8 , demand. but 

the taWe;,1978 toms out to significant if not,. entire!, 
an even- better, year .than, soling : -£aet, .^fbafr one c 
T’’. since; -inflation is much reasons Cor- the present I 
jer, ,w. ... problems of The Siinday * 

' furthermore, we expect 1970 -is the sheer buik of ■ the p 
■■■ he more: or as- good as- and. particularly,; its', . c ~ 

8 — compared tp national supplement. -;. 
duct total advertising ex- There is now a;feeUng, p 
liJiture js expected to grow ticutarly strong in those; w 
slightly, and television have suffered: much 'bufPetin, 


. .. Total advertising expenditure Television 

! -' • 


% or GNP 


% of GNP 

• V 1964 















. 1974 




















• 1978f 





+ The 1978 

figures are 

estimated from 


forecast, and 

work very Source; Advertising Association, 

y ” o11 - 

ng labour 

■vspapers ‘■* 1E track record of tho$e two Political developments may 
eded In SenG** 11 * 11 . would take participa- pose an' even greater threat to 
ilnly by ^on in-television to its ultimate advertising's future prosperity, 
nee of by having more people engaged Since politicians such as Mr. 
rom the * n P r °d ucin g the programmes Hattersley and institutions such 
me thus 01311 watch ang them. as the EEC are impotent tn 

•sa p 

E '“ t S™i ne m i 0fl “ en “ t ,*■ VT - ftey SSI 

.gramme makers on television s J 

they must justify their existence 

* JfJt 5SSnS°X^ Which 18 ■£“ by attacking an easier target. 

, “ nincs m 036 and advertising, which has rela- 
ukty of the asylums business. lively few political friends, is an 

arentl 7 1 rn_ a. excellent scapegoat for this 

of JlurGSlt purpose. 

space. ' . .. , Once again, optimists may 

■ teIe_ tndncn-J 1 ad y^ 3i ps point out that the relationshin 

in 331 futirS^nr^ 1 -t 116 !! 57 *? between ■ politicians’ words and 

venue ^ ° r IS i l 311 understand- ^ eiT subsequent actions is at 

times b iSLf L L, - , h best a tennous one. and that 

and .^ e J7° st ? b I lous i ^ t -L ^ ith « therefore the advertising 
-Aitnougn it jndustry may escape from the 

economic one. 
seems likely that at least the 
1‘ first half of 1079 will continue 

to be a .reasonable time for 
advertising, there can be 

numerous political threats fac- 
ing it with much less damage 

than one might expect. 

_ . , . Nevertheless, advertising is 

SaS.eri.T'foftte --- Ter7 much child » f ™ 


, . . cco ?^ 1 ^l fidence and optimism, both of 

r,A labour .. 15 , 1 W^ ng which qualities suffer from a 
£q , ue!jln " t 1 T 1> .: r ; continued threat of poliUoa] 
!?? edse u ,h “ harassment. . 

■ - Without question, advertisin 

19 ^ne ■* -« 

of a year. However, after that 

y sugnuy. -ana teietnaon navesunerenmuen . ouaecing^ifftbat bSppens. arfrertising will a 

'2^L* , JSg E,thou 5 h .«!» SoSni bott ooonoJo “and 

neither ratia will be : sip . smoothly to last. ITCA’se p 
«aj, AinpBcnt from - the posal . to - run the -fo 
aly favourable ones pf .1978. television channel woi^d 
*Dotiie imusual feattne of Commercially Jar less profits 
advertising boom ^f : J97S for -the television contnKu.. 

- been the way it has than a fourth channel -tjti orrdrle to econora., 
anded to virtually aH media, what might be called /mith/: iban it used to be 
in television at the extremely Whitehead principles, \jfoicb, on ago. 


economic and 
attitude many 
are show- 
You have beeu 

Harold Lind 

S HARD to estimate which 
ar of the marketing industry 
rperiencing the bigger boom, 
ainiy market.-:- research 
■utives cannot - remember 
i a weight of inquiries. ^JFor 
■ first tMe - ever we. are 
.ally turaing away tiusiness.” 

Gordon Heald. of Gallap 
if most of his competitors 
er to say that they -are 
stag prospective .clients of 
ibie delays in -carrying out 
jmnents there can be no 
it that for the first time in 
s : companies are chasing 
arch rather thaa-vice versa. 

ust .of the work ; is linked 
he- advertising boom which 
. tself unusual in' that all 
irs of advertising are doing 
. at the shme time, a- rare 
ergence. -So all sectors of 
cet research are very busy. 
Overall research expendi- 
' In 1978 through specialist 
sanies could well-repeat the 

1977 gain of 27 'per cent bring- 
ing the total to £70m. Ten years 
ago outside research was valued 
at £12m v sb this, is one area of 
marketing which has grown in 
credibility in the past decade. 


Wage - - omlxcfis - have un- 
doubtedly enabled ;comp a ales to 
spend md re on marketing and 
de^iite the recent decline in 
industrial profitability there is 
net easing in the approaches 
from: companies who more and 
more want research data before 
they make investment decisions. 
It is the traditional areas such 
as ' .product .development and 
advertising research which are 
perhaps Busiest of all, although 
the new clients which supported 
market research during the 
1974-75. advertising slump — 
Government, local authority and 
overseas research— are still buy- 
ing information. The big change 

in the last decade has. been the 
fall in commissions from adver- 
tising agencies — down from 
being 3(kper cent of all research 
users td. just 15 per ceut in 
1976. -They are spending more 
now; but ho -longer cal] the rune 
in research; 

Much qf the extra work is for 
ad hoc {surveys — RSGB, the ad 
hoe wing of AGB, the leading 
research company, boosted turn- 
over by 40 per cent in the past 
year, almost double tbe level of 
the gain of its continuous part- 
ners. 1 AGB as a whole should 
top £l4m- turnover from research 
alone^ih- 1978-79 (it has now 
diverged into publishing and 
computer services as wein. a 
gain ' ‘Of around' £3m and the 
pressure of work has forced it 
to postpone Investigating new 
services, such as promotions 
research. However, Index, the 
survey of financial expenditure, 
which cost 'over £500,000 to 

develop and involves a panel of 
11.500 people, is now national, 
and other developments: like 
delivering overnight TV ratings 
for Thames TV and extending 
the TCA panel to Ulster, should 
come on stream next year. 

AGB like all the research com- 
panies, indeed like all market- 
ing services operations, finds 
that a shortage of trained staff 
is restricting growth. Research, f 
in common with advertising and 
PR, short-sightedly failed to re- 
cruit and train during the hard 
years and is paying the price 
now. There is a great deal of 
poaching going on and in 1979 
which, at least until its end 
looks like being as buoyant as 
1978, the shortage of executives 
could restrain growth even 



jEasfMdlandlitiio Printers? contracts 
inefade some of Britain^ most popular 

influential national 'dailies. To handle the 
ever-increasing number of customers who : 
■want oar top-q uality printing, weVe recently 
-commissioned the c Dmitry's fastest m agazine 
-webofisetlitho press. 

What we can do foryon* 

. • OurnewKoenig & Bauer 
'Connrmnder’press means fas to; better 
quality printing. • 

■ Popular publications containing. - . 
fen^colour wodc race through at up to * 
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' -Our location can cut your distribution 
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Come and see.. 

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Oundle Road, Wobdston, 
Peterborough, England, PE29QR. 
Telephone: 073568900. 

When the downturn comes. & 
unbelievably it must, research 
(as usual) should be In a bet- 
ter position than advertising to 
survive. For one thing there has 
been a marked increase in inter- 
national business passing 
through London which is more 
and more the centre for trans- 
national research, especially by 
American companies. Not 'only 
does London have very good 
personnel— it is a third the price 
of research carried out in 
France or Germany. For com- 
panies like Gallup overseas 
work has doubled to a quarter 
of its turnover in the past year 
alone. Financial research, ‘and 
not only through Index is also 
growing, and . the Government 
seems committed. Along with 
local government it accounts 
for about 10 per cent of research 
expenditure and often comes up 
with some very big surveys— an 
audit of the national housing 
stock, commissioned by the De- 
partment of the Environment, 
is worth £lm, and is split be* 
tween three research companies 
RSGB, NOP. and SCPR. . * 

Antony Thomcroft 

You may be forgiven if, 
at times, TV buying scares you 
half to death. 

Booking airtime can really 
be like putting your head in the 
lion’s mouth. 

And then hoping the jaws 
don't come together with a 
pre-emptive crunch. 

Of course you would have this 
problem tamed if you continually 
guaraflteed your commercial the 
airtime it obviously needs. 

Then again, your budget'would 
be munched up that much faster. 

What are the alternatives? 

Well, you can bounce round 
the various Contractors until you’ve 
spent your budget in areas you’re 

not happy about 

Or you can take a deep breath, 
and get out your collection of 
newspaper ratecards. 

Here the rates are guaranteed. 
You spend precisely what you 
want and reach precisely who you 
want What’s more, the cost per 
thousand is aroundhalf the cost of TV 
And with most companies 
achieving only limited visibility 
on television we feel that now is the 
time to fully realise the greater 
opportunities we offer. 

We don’t want your 
thirty second commercial to lose out 
to a big spender when your full-page 
ad could reach the millions 

Start feyphoning Roger Bowes, Advertisement Director 
or Mirror Group Newspapers on 01-822 3115 . 





* Every research and marketing department 

enjoying a 

needs access to key information provided 
by newspapers,- journals and 'Government 
documents. The storage and filing of this 
literature in paper copy presents many 
problems however. The space available 
may be insufficient to cope with as many 
titles or their back numbers as one would 
wish, and cuttings can often become 
damaged or go astray. The solution to 

these problems is to take a microfilm sub-. 

scription to the publications you refer to 
most, as microfilm allows enormous space 
savings, with file integrity. 

has never had il 
men and women 

ruTtn ZJr clicnts the world over a Lyons iioctetnat it is oomg muu. . PR nc*w assignments frtm exist* ; 

M fece on tSfr are Iong lunch - to set the ima.ce for more consul tancj work^peu- Md gratIuate5 . fresh C0mpa0y q , often led 0 clients and completely - 

versity are being recruited, disaffecdon. Bo m : I ^- { ^ nsan clien® rather .yian _ 

ful face on their clients are 1 * n>set tne uu**-® . A ana graauares ■ rresh from company often ted" wm wu, 

preening themselves at the the more Painstaking practi- ally in areas like un j V ersity ^ being recruited. disaffection. Bo ,D :%^nsoii clienS rather 
moment “Our turnover has doners. This k- mainly because communications, acting as a There is also a need to widen already has a f nK ®®*‘ °f increased diarges. 

fhoA. ; , ‘ f n f sounding board and being taken the net to employ investment ■ vtnn non ' - One of the char 

doubled In the past 15 months the* is no otoibu* training for sounding board and being taken tne net to employ investment £100.000. ' .. #.V-. ’■?“* «?■ ■ 

and our profits in the past year." a career in piiihlii: 'regions and at the h’ghest leveL analysts, advertising executives , The Gimd_Relf™?^”P' is tee pub^^atipi^in.durtry:^ 

says Reginald Watts, who runs recmWnt w* Pirated on Product publicity is only around and engineers as... well as anotberoperatior^^^Pyefars .that,. *P»t , fnOT .Chart%,.,- 
Burson Marsteller. And these 1JS* ^ to 55S £*283: " 

are^not plff ^ ’fi^uri? ? I !f a ,S c ?. e<i tonwahstA B ot puli- although many clients want help panics ‘field mnre''7iiqraifTO ^diaries/ ing; agency 1 owned PR subsidy, 

- - . .. . i • IlC relation* ic mnn' than 3 tll6 rioht their activities. ID- nnccrtnnoJ cn rho M : «rlne hoc' Tint - Kaah VPrr XrpiXa . : . 

We can supply a wide selection of the 
world’s quality newspapers add magazines 
on microfilm. Our catalogue' includes the 
(MEED) and many others. 'We can also 
and U.S. PATENT INFORMATION , outside 
the U.SJL 

Marsteller expects a fee Income h 5 ! erati0uS morL ‘ ?*" ’iJLS ri * ht across their activities, in- personnel so the prospective CrahanL Kemp «oc&te's“ha^ : aries has . hot been very ^reaW. 
of around fl-lm this year. ° r o . p , r . ess ^hngs and at ion w eluding marketing supporL ■ clients appreciate their services, divided itself ?° loUMhe This is mainly because adyertiip. : 

The only company that is inn„£i2£ Pe ' SQph ^' U ' a i^hein- n J PR * one wh erg women compaI ty. f or p; tishfM-woTfc; tag . clients . are not prepared^ . . 

bigger in the business-Charles fppredatei ST^mLni^ arS Demand ° r [ eD *« Perform men. They for cooeen^'jn the pay large, sums for PR on 

Earker-Lyons— has grown by 50 iSEEK? * R P «I hoards « take the 30 b more seriously technical Press, one. for flirt of the commission they ^ 

per cent since the merger of tee ?\ £22* than mS K S ? cfa f dfin ^! f 5EiF* sem t *S and appreciate the opportunity knd video, and i e *tt* product -billed for -advertising help,, 

two operations in 1978,. and EpHtLT!!? 0 * 5 -*?^ er tha , obviously puts a strain on the w excel. They are being much pr. ‘'v;. - profits are smaller.- Lexington ?.:. 7 

rhriSnnhpr k *S3? ““ and since mdu^ is P r consultancies. It is certainly ra0 re widely employed, the .T. Walter' Thomnson . PF-A 

repeated in 1979 « is tne same advice on empfoyee^ »«mnunic«- iuWtiois«/‘«c Zti teeTeat lm P act - Membe. o^f£PufcUc BrottCW ^ and OOte *** ™*;> ; l 

[story .throughout this most t j 0nSi on ho „ r^nuprmaent and 1 uie around £6.000. - Belatioris Con'R^ta^-^ock’ JP«*ing more work -Its way-^buj :j_ 

myriad industry. At last public ^EC legislation juv afiect their 11,6 p “f“ JSS? 130 ]? 1 S h ^ht And woolen 0311 reach ^ btion the um br. f a bt^r-for the its ‘SO per^Seht- ihitrease iii- ir£- v 

relations seems to have taken busin^on meeting 5 w cou-^ 00 cSiSS« A 2?t% teD80n SaiifS™ .«dy..bri^B 

off — *t one level it is enjoying SU merist. ehaUeSe « well as SZSS ? hlcb PKl***!?!™* the h pr ^. tumour ofSs.^ ^a« told’ it up to-^OOlopO. ^ 

the boom that is lifting tne marketing support for brands. *” SSS2 lem , Gf ^. lts rapid growth ^ :the fee j nc0 mi o^''^ J couple 1 ’* • - .-■ v-.- . .. "L'r 

entire advertising and market- For -elampl^Bur^on Mar- establishing a separate hu^red^rai^ih^jfopera- l^rknfrQcf . -• 

ing world: at the next, for the stelfer now has three clients b P ” f ^ pan T' B°R° n *Di^enson (with >5tons JE ny P ju ongSiah and .vODHinSl .. f. . : 

first time, companies are start- spending over £100.000 a year ovnd Bolton 1 from .Foreman ^ ’ Js onI tuffi&kni.L- Ih"’ cofitrast ! fhe“ America^: v' 

ing to. believe in the PR mans 0 n PR lees. often with the aim But all share one pressing House). Tne idea behind Jt was : *- a ' bo »t the v^'eM^the "cat 'crtyned PR dompahles' ha vd* Cfr 

promises. of influencing a smaU uroup of problem— finding enough good teat * ■ a certam size, around . market .” -• o#Titoging adapted WeH ta London. : Aparfi^V 

In the past public relations people:/ tile whole corporate staff. A recent advertisement the £400.000 fee. meome mark, director neativUt?^>f course from Burson Maretefier. Danier V 

has suffered from a crisis of image i* being entrusted to PR for a PR executive by a big tee personal contact both inside g,,^ C0D stulta‘ri P^Il'up .their- j ; ,- - Edelman- and .* Hill - and^ ;’ 

v turnovers by iH ud p& the work Knowlton are comfortably, 1 ^. 

.... they undertflki f ®F r <!ii«i.t&ijati94establisfied; and- Carl- Byoic.iias^..,. 

- -i J f.- cost basis. v: had a gbod rtfn; phsMn^ up;- ■ 

I/ _ _ | L ^ ^ *’V .V r -'.Mdst cbmpaiesroSfflr growth' by : pver:.30 7 p*rcHit id ;i 

m “f t-'y-f ■■■i* suspicious of pii^Sf^latitmx.the. pasr ' .y&f.: ta . ..almost:- 

I / A I I I I II Ml? I |l^ l/fj 1 I • - -- >' : ’Which ; mean? ti^ther* 1& £500,000,:^. gming 12 - aeyf : : 

W fm Da rt Membei ot^fijf^Pubtic Brothers — and both ' are- now • 
story .throughout this most tions on how’fJnVprninent and u,c arounn to.uw. - Relations Conf 1 tant» Aa pushing morework-lts way-^biit/: 

myriad industry. At last public EEC legislation nav affect their 11,6 p “f“ JfnS? 111 !? 1 ^ ^hf And womeD 0311 reach ^ btion the umbr»'a'h«t!r-fer the its ‘TO per /Cent' Increase in 
reiations seems to have taken bustnS'on me^tinftee con-^ 00 ? U Sw”2£ A i^lf BnSOn ^ U L K ? eS ?S .cmly.. brii^^i ‘ 

off— at one level it is enjoying s umerist > chaUenge. as well as h JiJK SJS« Pa frem S of £6,n.-«iH- W it up ". ^ 

; 5 . 1 isr t'w hts e rapid ^ 

ipntire advertising and -market- Pm« ''avomnlfl * D.iKctnn Mar. lhe competition although there establishing a separate e ,. . tee , c iL j 

w™T“- « m' the competition amwugn there e^ubiishins a senarate com5 LUC ^ - i- • V 

,E;sr«M -ar -- — bs 

lit" contrast ; the Americans::';--’ 

Fur further information about all our 
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TEL (0734) 5S3247 

Exhibitions ean 

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plenty of pimfeatstfajiljk:^ *1 business. ,n ® Carl is n f^w 

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1r221 7423. 

.sioN'iVy.-n V- 


’ m staff by concftr^K 
’ and mediuffsizeijl 
... companies wo • j|n| 
..v •; even less a yar^is- 
' 4. .. return get 

Jb- 1 the trade miKwJ 
pemanent and relevan; natJwta 

£4 dfiare : not i.^inestijPPL - -.;.;;. 

HAROLD BEARSTON provides By contrast the recent Motor of 45 per cent over the 1976 There are Ss& permanent and “reternri aiuH'ftfal thero" ' Is : ia " : 

a classic example of how valu- show— the first to be held at figure of £47m. displays at tee ETatfee Catering pap ers: Bu' ev^atenHatk : is metgfirt. ‘ -wbich -:fe|- brfpg ' ' 

able exhibitions can be— -prop- t he National Exhibition Centre Witih Inflation in exhibition Centre and the Air^Sinditiomng jupw invol«d "and ecohou&s '-.o'f s^I^^spite ii». -.' 

eriy used-^n the nrarketing Birmingham— cost the Society co^ts running at 25 per cent last *5sS^°" -^S! 4 marketingprojec^sS-totibying^bss; ot^Otjvatkm «|(|ul0rst it - 

trail. - He started selbng his year the rise in spending on ™ ^Jarm-Hectric Jwtre iat -Hie PariiameF .^Ontermark create&^fe staff. :' ® : A 

sh^ffioid sippi all - numnsp Mocor Manufacturers ana . , National Aenculfifiw. Cpnirp ; i - • jrV . -nij- • . 

Sheffield steel aU-purpose "“L Siw«S»‘ta VU.".7™T*« **°*&,-&i**- 

Kitchen Devil knife about ten Traders £2m to stage. Birm mg- c i oser to 20 per cent Gilbert Kenilworth. The Bnttd-Electnc well:'ove haftjtj'aeuvlty. Mpst ^dlis rotfiiMmies.wffl 'h^'e-t^C- 
year ago. He took himself and ham is likely to be tin? perma- Lamb, director of ISBA. says the B ureau ai * h ,f Centre oteer-Iaso- f^^mp«anLeS'Aeti'd '’^S'whtff : tKey Ttfanf^rsO-aaJly 

X 1 * wares around the countr >’ nenl venue for th« ihow - P 81- " rise reflects the fnU use of the J as some 20.000 a year t0 pIai dow^fieir Press from^theiri nr^ss ion mahrare 

demonstrating their merits at ticuiarly since tee S3IMT made NEC. Among the major haUs J ut ^ Vlll3 - e baij^pts -will paWid V prtferfbfr-ta bdtofr-'Ep very ^aff~ebn- 

shows — overheads were not high a profit. . Earl's Court and Olympia in have a corresponding^ smatl d^ e jj nn -iteerr more' si^H^cerns' wite u few faithbil enehts 

and be met his potential custo- Utile or. large. Uie latest London netted 28 per cent of whence. ^ .^hnifuer^ere aire PR edm-. to enisure tbem^i cotertable 

mere face to face. There is now annual survey of spending from the total and the NEC tool; 33.5 It is about this year^anie- eflmin g high fees .Au -fiviti"* otbbfs wanMheTSf&ti'»e 

a considerable range of Kitchen the Incoriwrated Society of per cenL that next years prograSme wgensur their cUeBt^ are^ 'pbt*ud' '^it^nfV-wSnank- 

Devils and distribution is virtu- British Advertisers shows that What is not generallv realised decided on. AN the i*noe#menf,n#- on the media; V ine business- one or Sr\vant 

ally worldwide, and Mr. Bears- British coraptoiefcpur £68m into j.? that reade and consumer ar<? lo <> k ^ at 8011 ^progr»THEgF Wi(l#he: main_ coot' »ii PR^ b®. the meir'Whb db^ mib- 

ton .testifies to the merits of this UK trade and cofsumer exhibi- shows non’ account for more 1S set - There is no automate execucK time, and with the ue nda irons, what the Saarchis 

method of selling. 

tions during. 19^7, am- increase than posters — tbat highl.v visible' re-etmy year after year. 
' ■ * 7 : , sector on which £54m was spent. ? aroId Bearston.y Alart I 

- -- — -- uo*c UVTO 1UI ouusu <*u» 

future- of- tee business depends ing and 'fn-ece«to fimf j 

If agricultural and private shows is a firm believer in thgrtalue W attracting better personnel, largeintemirtk)aftl4PR 
m-e included with trade and me ^ 3 custiimers /ace to Vlients arc&being forced to pay Perhaps not' enough major corn- 
consumer events the total rises ,ace - The display ranf be live inpre in fe^to cover the higher panies are as yetTuUjPtSshvinced 
to £109m or nearly as much as *•**« sometimes tuuhett-Uke) sa ^ an - es > . .^ n so> Charles of ’tee'ijsefulness^f Pit tb, 
goes into magazine and periodi- or *t*Hc and ij offetyhsed as a Barker .Lyra* wiU work for that dream -come true. ' 
cd advertising. launching pad wity ruanufac- companies fotr£6.000, and take . i v_ 

The forecast for this year. r V rers ; . i>in 5^‘ cannot see onT small- ad -hoc' assignments' Antony Xn OlMCTOtt 
according to Gilbert Lamb, is electricity $ makes sense to 





tt tneir cueet? are. not and -extil^^gt t >f aiftt^B a n ci * 
■ pn the media! ; _ , . ing. .business:.. one or- (Wa Svant 
ie . main- post m PR'^, be tee mcir wh'd dbffdr phb- 
relations .what the Saatchis 
rwognitlon that the "have done for British advertis- 



>r jsvtj??. *v v - ^ 

g better persoimeL large internktkjaal^ 

being forced to pay Perhaps not enough major com- 


Sdhs start before your salesman cdls- 
wilh business publication 




7" don't know whoyou are . 

I don't know your company. 

1 don't know your company s product. 

2 don't know ivhatyour company stands for, \ 
I don't knowyowicompajiys customers . 

I don't know your company's record. 

J doiit know your company's reputation. 
Row— what was it you wanted to sell me?” 

that the increase will be muclj ^ era onstrat/ it with other 
lea dramatic — probably about 5 People s equipment. The Elec- 
p* cent. ■‘The industry Mill *™-»ty Qouncil supplies the 
need to work teat bit harder v e hl cle. fhe staff, the story and 
to' keep up with the competing instillation. The tnanufac- 
media." turer delivers the equip- 

Private exhibitions — events 4 ? h ^ lcal 

held by individual companies in f" d n ^ d there 

hotels and stores as well as 15 , n ,° ° ther ^ c0S J,- 
those held in house— accounted . At domestic shows each event 

for £23. 5m. In 1976 it was £19m. „ lts . own style ; The , IdeaJ 

dellrer 72 

!hpn> d 11115 y® ar il was ,inked t0 built- in neat packages AB j n gjtcheus plug a film on kit- 
reariers, heavy TV viewers or chen plannin P g . 
fifhermen. for example. It is Any business done an a stand 




& S'pacetecbnbiogy 

fiteermen. for example It is Anv business dane an a and 

Sh e ?' “S tv2 S5!2f 15 passed on to ,he reltivan t area 

coo!»- 2° c b«ard. Ail. inquiries are logged - 

«. ven ?' i , su gl ?« the ^ cnpie& circulffed. 

S ; ai . E ^" crin f Exhibition, Eventually the Council gets 
Which IS held in towns all over ^porl* back from the boards .« " 
the country obvious y anract the results achieved. Sometimes 
spA-jahsl (potentiall>) cus- tiie net effect is simply to renew 
tomers. But the Motor Show contacts. The heat recoverv 
is as much a bonanza for smal display has p i ayed its pan in . 

boy- as it is useful for actual installation of such systems 
mi>ers - in eight swimming pools in the 

, Aberdeen area. TTie return on ,, 

JL/^i 3. taking part in shows is getting ; 

electricity into another area of * 
w nrk Is under way. however, use. *7 

to fiPt accurate standardised in- Taking part in exhibitions, as * 
formation nn exhibition attend- Alan Snoxell sees it is an exer- ^ 
ance, stand space sold and other cise in bringing together all the l 
(lata so that exhibitions cap be skills from plumbing to design = 
examined in the light of market- and meeting the deadline There 
inu objectives. The Exhibition must be a management team to - 
Data Form has been evolved by run the stand. How many 
the Audit Bureau of Circula- tired-looking, unmanned stands 
tions. ISBA and tee Association d o you see ? Too many." Man- 
uf Exhibition Organisers. The aging, running and staffing anv '■* 
ABC is advised by a joint in- display demands a verv hieb \ 
dustry committee w-hose mem- degree or professionalism 
bers represent organisers and according to Snoxell: Just like - 
exhibitors and the information advertising, 
will cover those shows p amA i n * , 

registered with the ABC. Pamela Judge 





Shropshire Star 


.<?■ t* si s: *H“ . 






Keith Mantle. 

34 Dover Street. 
London W1X3RA. 
Tel: 01-493 1151 

Ken Davey. 

1 7 rue Georges Bizet, 
Tel: (331).7SM 3042 


Roberto Lauren, 
20123 MU an, 

Tel: (392J 669 0617 




Kuncsholmagaiaq 10, 



Tel: (466)5166701 



Uebigstrassc 27C 

6 Frankfurt /Main L 

Tel: (6U) 720 181 


Aviation Week and Space Tech , 
Geneva. Tel: (22) 323 663. 
Norbert Schumacher 
Modern Plastics International. 
1003 Lausanne. 

Tel: (21)223373 


BaGTl^T fr_ 
Bruno Rerrafflb> 
23 Galen'e de 
de Namur, • 
Tel: (322) 518 


registered with the ABC. 

Immediate deals, obviously. 

are put straight at the door of 
the pxhibitinn. But lead times 
can be years and years. Alan 
Snuxeil. head of exhibitions at 
the Electricity Council, cites the 
example of the Leeds transport 
chief who returned tn eiectric 
bu.<es six years after having 
been jmores'ed by the display 
at a Clean Air Exhihition 1 
And Overseas Containers (OCL) 
uses a heal recovery system in 

Hs Aldeate. London, offices — a 
decision teat can he traced back 
directlv to a contact at the 
Council’s permanent stand in 
the Building Centre. 

The Electricity Council is a 
maior user of exhibitions — some 
40-50 a year— and its marketinc 
department arranges the activi- 
ties on behalf of the electricity 
supply industry. iThe various 
boards also do their own thin? 
locally.) The scope of its 
activities range from, say, the 
Autumn Potato Demonstration 
at Lodge Farm, Dlnningtnn, 
Sheffield, throujte highly tech- 
nical events to the Ideal Home 

■«le \\ 


And we should, know. ../'Jt* 

Because it's a specialised field in Wfficfc 
we've built up quite a reputation! (tftjt 
to mention a client list which includes 
some of the most respected in tern a tiona l 
names in high technology products 
_ , and semises:} 

it s based on a unique blend of skffls; 

Each director has s'scaence or . 
engineering background. And between 
us we can .call on practical expenencQ 
in most sectors of industry, mclii rtin g; . 
design, manufacturing, marketing and j • 
industrial relationSi • 
It enables us to really understand ouT: _ 
client's business , and apply wide-i. 
ranging PR s kills to a majors 

contribution to marketing . 
and management communications. 

It's a specialised service, drawing - 
heavily oa the established techniques' 
of PR. But tailored to meet the special : - 

' companies. 1 
What mak 

What makes the difference'is our 
degree of technical knoyr-hd vr. - 1 

W. ■' 


~ : 32 Bread Strut, Woklnjjham. B^ttehtra. RG? 1-1 AB; 
: Tef: . Wokingham I0734J 750023. Tetox B4731 7. - / 

Manaetog Dirmctor: o?* Staton 8Se. PubBc KUMkmt consultants fo tocfTnoTag? bBsed/nifairtes. 

-’"vr. • 


>! t>‘ i 

•r?; • • . 

I. - • 

naneial Times Vfe&iesday| 


tber To 1978 

Covent Garden 


of visual fruitfulness 






. ‘ T 




ce a^ain autonro is taming all. the co. 
o be the best seasop’.tJf tie for swiftly 
for televlsibri: T . - Iwt-we- have c 
le of weeks have produced .a him. 
e 'catatD&ue - of fascinating ; . The secon 
Tapimes- . j 111 - .particular we 'rinp jHn J 
rsieu the start of three major 25th anni , 

SB ’ to which -much of - this -Thomas's de 
:Ie wilt . ba.diKo.ted: The Vojp Pern'., and 

Of.ChaTleiDanpin.Ttoe Body Wales bv 

Question, kdd Edward. And ceotraled o 
J- SwnpsoTLi Toiirs/.suid w 

(here havel also been two from vapor 
re 'prbgrapmes, however. Ronald La C i 
ich must ±>t: pass- without Dylan, hnwev 
ition: Tbeifirej was Leon 0 f the great 
liths: *ViaS For . Tetter m y lar 
1, Diwterttt- The. Sporting xicev- 

E 7 Though [t looked .at the trihfc^f t»G 
like: justfmother of those in^the 
liar sroriefef blood and woe ? 

the square ng. it turned out tlLjtetL » aha -‘ 
iot surpris'upy- since the pro- ln 

:er was^ Kei Trodff— to brone “ft,*"* ™* 
the best Tt >teys of lie year. SS t.^v IL' 

• fact only avid Hare’s Lie*?- «?L„ Ce> r e . p 

Hitter -co es ta mind as. a 
ious chaH ger. so far,- for 
ly single dr ia awards going.) of I 

ainly Dm r At The Sporting a W.. M byeyei 
_ j could patched simply as which i 

i n«rr«rt»e primrfllm: it . had wysi 

ne of the n t convincing fight- a 
uencea l tve. seen in a'.fic- that without e 
'ohai brogrime; and in Bitty .the -paradoses 
rcColt a-jn/e fliaii competent mystwr com pr 
petor- who. l'c ied quite at home “ ones own e 
(b the ring. * .- • The- toree 7 

Yet it-.wa eally J a play about tinned . above 
the way Veg anise, society, and various ways, 
ibodt ambi n ahA' disillusion-, pensive.: Tha 
nent. Jt wai tyortiy addition to Edward And M 
irran' Gibsfs list or credits-^- likely to cosi le 
ncludirvg Jfl anffiBitfirm Dollar its -seven one-h, 
Jubbte-^aif was -directed:. wiirt figure which ind] 

Meyerbeer's L'.-ljn’caint? has 
not been seen at Covcnt Garden 
. for ninety years. This grandest 
j of Parisian grand operas was 

ss- and'tfre eye ally lavish nature of the protluc- last break direct into the Amen- orsan hap struggled to under- JfjJ 1 ®? 
'* fletafl wbMh uon (big cast, vintage Ugondu. can networks. stand all the rest. toiled jom e 5 

expect- from e|aboratesets even for short None of which is to suggest That betegw- the necessity to. Was stilt not quit? read v* The 
{J5 ' u} f nd ,n u Particular the that the three senes arc inferior: open In. Pompeii vas not i task of tidying up and cirtne the 
s J fl0tJ " ? 61 m . nn indeed they are not. Nonetheless immediately . clear, any more' final polish (Meverbeefs operas 
t>v h C ? r - the o Afrlea ? b >S- ^ey.Jnay he some*** : different lban M»Uer*s message about : usually received* their definitive 
R2Sf n Jr inl ,n Pvl 1 for a 0 !? what . we w . ouW b f e seen personification neccssnaUng em-lform at rehearsal stage) fell to 
ntten by PsuJ instance!. if (he producer considerations bodiuient was. entirely r.-i^r. 1 the 80-yea Mild Belgian musk-olo- 



Bolivian l gist F'*tis. The care that Meyer- 

.oed;. fbr . BBC BEC2’s The Voyage of Charles had been enrirely national Italian Greek. . 

•:Xiewh, ft epn- Darwin which H a similar raiher than international, li backgrounds begin l0 look like : beer, terrified of "failure' lavished 

i engtfl but involved even more I think, a pumt worth i bearing in thc gi0SB 0 n the '‘o-produciinn. : on thi s huge concoction—five 
ihsr7C oenefilea lonatinn film ii'Avir urt^t aHmii mind from to tiinp as u-p h l <l^« ^Ahshiv l • ma^r *> n i« exotic setting 

round (dubious), 
orchestral part, chorus 

T^.1 - -^L , _ . - ... - mainly visual, medium. jana nsiiet— was repaid amply 

of the miia, and RM in Germany. The or the three (even if comparisons t hi , I pnouah for a time. Then came 

.In OwrBtion, another are a little difficult, not being or Miller is I 11 ' 1 rnnqest and; oblivion. Since the re-awakening 
_ awesome. . production, is longer— 13 like with like as with apples, most suwes^ui * ne; n h e j s at j of interest in Mererbeer. 

and project: ."”y-«ninute episodes — but in-, oranaes and. bananas but more his ,l,os / . ,dl ^cting]L'.4/ricariM: has sailed only 

ra character volves a higher . proportion of as though one were trying tn and exploring tnc runi-iions of occasionally into view There 

,.he onlooker work with Jonathan compare animals, orifices and bodies or organ' s. °uman in Part I was a good BBC broadcast, and 

tto remdhiber Miller alone in front nf the bwanas) is The Voyage' of *• rabbit in ran o. which con- later a notable revival at San 
ier than: the camera. The figure of £lm has Charles Dani™! since it combines centrales Xde h p art> and ; Francisco, glowingfv described 
; ndt- in’st heea mentioned for this series, so many pleasures. at his weakest when being 

to the poet’s x ?°-which is co-produced with it is. most obviously, a con- theoretical, and metaphorical. 

-accurately , K CET Los Angeles. ABC Austra- tinual delight to look at. however ftypressive those fingers 
week's radio lla - and CBC aiid OECA Canada, especially for those of us who (trying_ tajpersnade us. hindered 
— He Traditionally such mundane love ships. David Whjtson. who and hidddP , a Jumho-sfzed 

cbildlike de tetJs are not supposed to con- undertook the main camerawork, abacus. o£“»e «neory that we 
so power- * ern critics, but 1 mention them has achieved some beautiful “ choose ” •» *311 ‘H: how cr.n- 
from .fhe de cause they are precisely- the effects, particularly with the venient ir-.o n e really could 
^oh.a way ? ort r, f details which could be Beagle phoiriiraphed against choose now^tne nates for being 
# dteSOtelng j. ncrp 3singfy affecting — and even mountains and snowy back- infected hy: a nu virus next 
f .nwute the “ ecidin s— ' what we see on screen, grounds as in last night's episode. February)- . 

significant that at the en- Next, It involves an engrossing To the extent that thev are 
luxurious Dorchester ptory. as- Alan Moorehead's I imagine, something like the 
Irenes -men- „“ nc “L n; ? Party for Ldword And Dandn and The Beagle proved, early stages of a medical 
fc^*hioT In Th “"?! s chairman ^ idea about Darwinian theory- student's training, these nro- 

fer^e ate ex- d,d conveyed by popular culture— grammes '..‘are admirably e n- 

i Television's ^- e abdl " that some old hi oiogist happened lightening, ind they are ->reativ 

is'ijn for . Erit . ,sh , V1 l!'j e n i ' across the Galapagos Islands, enhanced bj'-touches of the old 

here by Andrew Porter. 

Covcnt Garden owed Meyer- 
beer a major revival. Whether or 
not L'AJricaine was precisely the 
work to choose remained, at the 
end of Monday's long gala in aid 
or the Benevolent Fund and in 
the presence of the Prince of 
Wales, an open question. Opera 
buffs will flock to see the produc- 
tion. borrowed from the Maggio 

Musi cal e of Florence and spon- 
sored by Imperial Tobacco. Plain 
opera lovers should be urged to 
follow their example. Apart from 
the starry cast, the work 

Grace Bumbry 

starry cast, the work is — without L'Afrtcatne they would clear than not. As Vasco, Placido 

interesting in many ways— not by any means be what they DomiDgo deploys a wealth of 

.... Meyerbeer was a crucial figure are Though the orchestral part warm, deep-coloured tone and bis 

at the animals, for rather? younci Miller of|' n century music. is dazzling, the mam interest usual distinction of manner, 

we were all Beyond TTiflg. Fringe. The hope! How nice it would be to sav still lies in the vocal writing. “ 0 Paradis." the most famous 


Educed that w* a,, acjrcnia in,* «i 

stheeener- hoped that ThamM^wnuld at de ' scenc, ,' ?d , rrwm monkeys, and i s that the'^eo re iicai meander- j that the evening had been fully The opera deserves a visit from page ofthe opera, was impressive 
" w iodines wDum di promptly sailed home lo discredit mgs stay vgtbin tight limits. rewarding on musical or any lover of good singing for if not entirely honeyed. The 

Genesis — is ni*-ely turned aside 
here by the detailing of Darw 
own training for the church 
true cartographical purpose 

; - --5 , 


the voyage, and aH the acroni- have ‘ lvc {^ c S in 3le ^ ast f v 
pan ying business oF ^ nd ' 3 "-- exception 7 dl the modern 
mission work, slavery and so on. sk | v Trtex-c^teff book-club edition 
The greatest tnumph. ^ ^ho maS q U eradintf as an oid copv of 

ever has been the way id which Wulherin g Heights) been meticu- 
the team under producer Chris- louslv choseJJ and flImed 
topher Railing has combined the fr 

busiaes-! of biography and , T n e aifficntty for the majority 
history with the wildlife studies of viewer^tato were unborn at 
which we normally expect in * be ll t i n,e . addl ? a tmn. may 

quite a different sort of pro- j 1 th * t th f 

No sooner does a events depitfed really happened 

* -j: 

I”c«, e er SZ 'SUTfrom &»&**=*„£*' 

Darwin's journal about wasp-like ^ S e1 

creatures ^ stuffing a half-dead 

‘ 5 -V?^£S£^"! t s§,^^a„n 

we cut into second-unit photo- v ..h P th<»r 
graph v of exactly that event, for j 
all the world as though it were M _ 0 Jl 
simply a matter of shouting 
"Cue’ the wasps.'" 

characters of the 
mists were really 

The mb 

One recognises that to make • S ° r 

" E?rr iO .. ft....*. 

'%■ * . Cynthia Ha rris;*nd Edward Fax in ** Edvirard ari3p4& Sjipp^>n ” ■ -t- P -. - 

• r - ^ r- ■ ■ 1 

Od Palace - ; , J ' r i^lflizabetb Hall 


of selfishness and 
scripted for the 


the sealions and. so on. Railing’s ) e *? 10 r 
crews had to move out to exotic. } e ri OU oh 
locations: The same need is by:. 
no means dear in the case of? W ouId ever 
The Body In Question. pani-- a | 0 ^ c Qj a j.j.j 
ciiiarly since, in Part 1. Jonathan nijndfld opfl 
Miller- put his hand on a human Cy n thia Har 

brain and declared that his pry. made oul 
graamics “ are about how this 

loves, the Portuguese lnes and by strong cnaraaensaiion or Mangled French nearly spoiled 
* h ® A . fr, ““ Queen-in-slaverj drama. a lively performance of the 

ls ’‘ c e a m ?Tf a Sn?,' Peter Maag conducts, with a brilliant baritone role of 
I^5fQni« eXCI Tho HPn stylish clarity ensuring that NCIusko. the African chieftain, 

cSfntfv e, |ntri?Sin? U51 fftr ,S what Me >'«r beer, s shining detail is by the gifted Silvano Carroii. 

IkL respected. Some things, like the Infrs, with whom Vasco ultimately 
r n^ V r«l? rt «°^nH t ^Airfn horn S0,Q at the rj P enin a of act returns to Portugal, leaving 
TY?i\: d i i h 2 - are 100 Bently presented. Later Selika and Nelusko to die from 
linhl'e balance comes right and dur- the fumes of the manzaniNa free 
^ a SJ ^iJS£3»°“ £ ,he ba,,rt and the big on the sea-shore in the palace 

ensembles in the shipwreck scene gardens. was charminelv 

an exceedingly gift. d musiman. t he orchestra lashes out with a vocalised by Marcherita Rinaldi, 

clever as a mnnon monkeys, a touc jj n f ^arishness. and quite, ii will he n pleasure tn hear this 

Vr a !h 0 n ?hhfos rfeht fon - 11110 Florentine pro-’ excel tent soprano again— in her 
meretnn us. Most or the things duction hv Franco Enriquez and own language. On Monday no 

that p , as ® . now lur 11 ? dpsjgnj hy Fiorella Mariani are wnrd came over 

mplfidy. eliltPrin" IniichPs in the cnfpiv traditional tnothino m^irh « _ . 

orchestra. hrieF hut taking paces ” i h! B a?nS bv rir^So ISs „ Arann ® !h l has<!es ' Raim u nd 
of sound-nainrine— are of a kind fn Lj n ° S er !. ncx a ? the H,qh P^,es, of 

that can hartlv have appealed to v d 5. ^ eV ^ Brahma belatedly established 

the general public in Paris in . Selika, the African of the title, the right stjle, Richard Van 

1865 unless that public was ,s s “ n ? by Grace Bumbry, as Allan was only moderately well 

musically more intelligent than ever striking in appearance, suited to Vasco's rival Don Pedro, 

has been" supposed commanding of voice once* she David Ward was the Grand 

. , , , settles down. The role is long Inquisitor. .- jovially sinister, 

what Lacey did- These things are brier and and tiring. One may imagine Wil lard White made a brier hut 

®ia.-i is con vine- 1 pass quickly. They are artfully that in the palmy days the "Air definite mark as the Admiral, 

n the other hand sewn together, but the effect is due somineil." a grown-up Rohjn Leggate revealed Don 

believe that he i short-winded (an old complaint, lullaby sung over the linrespon- Ab-ar /as n sketch for Verdi'* 

ye fallen for, let, usually levelled against Meyer- S ive Vtaea Dll'. bis prison pallet, Tassjif. Go. but although the 

such a single- 1 beer's tunes). There are pleasing was more, mel&pgly done. Yet firs^- act is much the least 

and surprising things: one is Miss Bumbry firmly fixes the interesting, arrive in tunc to 

sometimes touched. never attention, and she is the only read the programme before the 

moved. A few pages of Carlos or one of the principals whose performance starts. Without 


tog minx as 
ts Mrs. Simpson 

It's- all right royal entertain- 
ment all the same. 

Aida would blow the whole gran- words (the opera is sung ir the enlightenment the hours may _ 
diose structure sky high, and yet original French) are mouv often' pass slowly. 




to-hf $ sec 

. Harming ly . ... _ 

Sfreat succesfiir 1933 with^fe tune oriytheSubject'oir'’ Bean’s ;?*£?**■ .."“JI . - hoc . tnru _ 
IjHay was duejo.^* weelrttitinkei- talent' remains both valid and |rf d3t ' besr Kn£> 71 

png in Ketv-'srfc ^ r bn a mriprhy; hUarioiis. * A further 1 and!; ne ?|.' as,y V» r 
Sidney How 3d. itself aptrafiste- resonant .trohy. is embedded in {j* . 1 - f ?7l s . 
tion from tie French pf* 'Renfi ihe comedy’s substantial texture, ? 
Faucbais. .:-Tl . hv ehnwlns flia 1-nnMoar Hviishlar’ plirC-f miI5tC. -and pure 

Argen- recording horns project from the 
composer wall: and in the first row of . the 
—in his band, three violinists, wearing 

No category firs\the 
£j Qian-born derma 
Mauricio Kapel n< 

SS5S?, bt,ws ,hrce 

, in-- wttw fJiiw tuna rm - H,a.Jnhi»rt -nt Rmn’, • toenrist. . bumorfSL elaborate ordinal 


ordinary instruments. J. 

* week^tjnket^ taJ ent. «qia^s _ both ya lid ■ndISJJJj avc^foi h£ exneHmenis 11 appeal after some- ce- 
^on-a Bttnorbv hiiarinv.c i - a fui-thor • and 1 r ■ pvn ® nra ® n i search that these were tilled 

in the ambiguous . ouasi-musicTil , ’ e ^ rcn -. ■ cauea 

- * Stroh-violtns ' : a hybrid of 

violin and trumpet named after 

itioi .. __ 

8 Faucbaxs...:^T - ■ :- -.-^by sbowiteg fee youftger daughter ' mas ' c ~ 

feEdlth. Eya^ played'ibe part of- vemotuuia?% committed to a‘ TOaire ' 


Charles Stroh of London. who& 
design replaced the violin bod* 

aneropt tw 

_ . . . volume of 

Stephen: Hi lis's loving and *ork. Mrs, Jisiggett declares that! U elsewhere in Eunyip — the last string-tone necessary for early 
wholly sncc< sfut revivaL Dora 1 tW: family’s view of artists has | major Karel prescntaTten. a dav- ^nustic recording. Kagel's 
Bryan give; us a Lancastrian aitexed completely. j long- London >>isic> pis»* c r oro- original score for 1S98 prescribed 

Gwenny. wh .is.. bright as. a Tliere: Is a happy upshot when ! crarome 'at : the M or mai« 1 Theatre. f 0ur brass in'lniments with' 
)b (ton,.. not pH that bathed in it is. r revealed that none of Bean's ;t nn, 5 nlare 'ih, 1974. So it was percussion, piano and harp, and 
reflective, ntonshlne over. her paintings' has been lost, as sUp-}a Bttle dfsantioinrinv thte w^^k four Stroh-modified string instru 
lead artist lover^ "but affecting posed/.fn a : . bqhfire and. with to fiii^hlm one* asain not hadiv. ments, all of whom play only tw. 
ionotheless.1 Miss Bryan .about- to exit on a'*nrt tess than, afleouateiv. renre. monodic parts, double d at wi 

, Christophr-Bean was a lodger scene :of vulgar haggling, the • rented?, ■ no purely instr»'m«*Tiifii j n aQ y octa , — 
dth Hr. Jfcreett and his family final shot is fired: she is Christo- 1 coni*er£r such ** i he London -s* n- conscious arti 
en years pfcvio us to the^ play’s pher. Bean's widow! j aB;^aM) n»T>BramiT»» musical X-ray 

■eginn In g.. In- unfortunate chap. - They don't- write plays like ' 'W ^jondsv nteM.. rnulf* Tiretenn jgth century • •- and lo reco 

' = . . .... lh , 



investment; h . ! . 



Interim dividend payments in respect of the year 1P78 will be made on or after 2lst December 

1978 as follows: — 


A dividend. Serial No. 101 of Ft. 2 AM per lub-sha/e. equivalent ta 50.8792p converted at FJ. 4.0095=£l. 
DUTCH DIVIDEND TAX rebel is given bj certain Tax Conventions concluded by the Netherlands. A resident 
of a convention country will, general w. be liable co Dutch dividend tax at only 15': (FI. 0.306, 7.6jl9p 
per »ub-»ru/e> provided: the appropriate Dutch exemption form is submitted. No form is required irom UR residents 
if the dividend is claimed within six months Irom the above dale. H the suO-shves are owned by a UK resident 
and art effectively connected with a business tarried on through » permanent establishment in the Netherlands. 
Dutch dividend tax at 25;, (Fi. 0.51. 12.7 1 98p per sub-share) will be deducted and will be allowed as credit 
against the at payable on the profits of she establishment. Residents of noa-convention countries are liable to 
Dutch dividend ax at 25%. 

UK INCOME TAX at the reduced rate of FB ; (9.l583p per sub-share) on the gross amount will be deducted 
from payments to UK residana instead’ of ar the bask rate at 3JX . Thu represents a provisional allowance of 
credit at the rate. of IS--; for the Dutch dividend tax already withheld. No UK income ax will be deducted from 
payments co non-UK residents who submits Inland Revenue Affidavit of non -reside nee in the UK. 

To obtain payment of the dividend sub-share certificates must be listed on Listing Forms obtainable from: — 
Midland Sink Limited. New Isgue Department, Mariner House. Pepys Street. London EC3N 4DA 
Northern Bank Limited. 2 Waring Street. Belfast Bli 2EE 
AlLed .Irish Banks Limited. 3/4 Foster Place, Dublin 2 
C'rdesdale Bank Limited. 30 Se^yinceni Place, Glasgow. 

The form includes an undertaking to- mark the certificates on release and these need not be lodged with the 

. DUTCH CFRflFICATES OF FL. 1.000. FL. 100 AND FL.20 
A d'*idend_ of FI. 3.40 per FI. 20 against surrender of Coupon No. 101. Coupons may be encashed through 
■one of the baying, agems in the Netherlands or through Midland Bank Limited: in the laner case they must be 
lined on the special form, obtainable frpm the Bank, which contains a declaration tha- the certiScites do not 
belong to a Netherlands resident. Instructions for claiming relief from Dutch dividend and UK inconn tax are as 
set out above except that UR residents liable to Dutch dividend tax at only I5 >v must submit a Dutch uxempcion 
form. Dutch dividend tax cm chic dividend is FI. 0.85 at 25'-. and FI. 0.51 at !5 ; .. the proceeds from the 
encashment of coupons, through a paying agent in the Netherlands will be credited to a convertible Borins account 
with a bank or broker in the Netherlands. r 

age. in Lqnjon and NevTYork: 1 temporary 1 interest 
fr.' .Will rami changed the locale In' a- -good aupportin 
ronf New England- to “old” * - 

-hgland. an tbis Utile patch 
ft is,- invade' by a crassly car ica- 


A statement- of rhe_ procedure for clilmJnj relief from Dutch dividend tax and lo- rhe encashment el coupons, 
including names of paying agora and convention countries, can be obtained from Midland Bank Limited at the 
above add-ess or from the London Transfer Office. 

London Trans -if. Office, Unilever Home. Black Friars, London EC<P 4BQ" 

13th November I9?B 

u.s .«60 ooo ood Guaranteed 

The interest rale anollcabie :o the above 
I Notes In resnect o' ibc hv- month 
^ November is. 1978. has been 
hved at ig.3125 per annum 
• The Interest amounting to U S. <61 .90 
, bond oi U.5 >1 OOO nominal to 
. U.S ‘61 9. OS per bond o» U.S.MO.OOO 
■ nominal and to U-Sv6. 190.45 oer bond 
-J 5 i*100.000 nominal will Oe ojnd on 
Ma* 15. 1979. agamst presentation of 
coupon No. 


Princloal Paving Agents. 

Christmas (Bifts 

cjiuui.aua a venerauie arc .uag^etts,^ w 
ritic. whosaapproval of tbe dead establishes'-^ touching portrait 
rfiift prefigures a rise in 'the of a laver'S" loyalty whatever the 
onfestic gned temperature .- - consequeneeis. • it might even 
of art, of bourse, has make a palatable, musical, 
one whit m 50 odd ' ' -MICHAEL COVEN EY 

The work 
u *haqged do 


Little Willie Jr’s 

seqi^hV delivery ofa ling, pro- same humorous ambiguity, the^ 

feStiSS' ' .od irrelevant critique »"* °L 

of by Glvn Perrin, read *[£»*» Lbe buarre and surreal, H 

a tew ."by ite author from script. * L ! den * S , w ° rk ^ 

anff. -tty a 'maddeningly brief g as a ^ int * 2T3.Y e beauty also, 
appearance of the composer him- ®? d , pr ?® re *^ jj|} e a priestl y 
i self? "who -hardly had time to f, ma " ner , of 

warm to fits' -words before the su ^,J?„l^, ades ^ nd f par !^- 

m eetiug wasy dosed. I. h * ne - w ® oJap S a d version for the 

.v Smfonietta has its poiats: some 

The musjc of the concert too af lhe tenures at climaaS 
•.vas. oaoty -served — not by us especiallv sound weightier ahd 
| performaoee, which was given rjcher . fi ut j think ihe original 
by the Smfametta with all their scoring for ten instruments lg 
i customary „ dedication and s ,m preferable: the effect is 

ngers ar 

a “dramatic soul baritone, Roosevelt 
isical.” and ' s oui Little Willie's mother 

Kohinsan. EKtra-infisical and. like all forgivable — even ir the 
a hand- of lhe °. the , r *P ec ? ca!J >' ° nly Sinfonietta could clearly never 

^ |la * 4V * A1l4fiLmi1tflAQl fllbPBf) IAVlt2 h9va < 

08ers „„ rare In Englsml ’^."SS 1 ^1.^5 &£&£*• *°°$V 

« the l- Ai ", eriC if "nCI a ° m '^ ;"'wh r iS!'™"^- tl “ "SSS>-r. flvriS™. « aJ 

«»»]» P 1 ^ he „ re 1 PLed htr *h« MtU . r: brinf »p0e m n«.°tl«l ™nLu 1 

. |«vte3' movi ‘ *”■ 

*ir. is the 

« pIbjt. 


over to Broadwaj r ., she did that. " I the inspiration' of His very first 

oglng that matters: It is. only chance that I have;.^. or ^-. wr jtten while still a Every bar OF JS9S is strictly 
, Oscar L. Johnson singled out fhe.hteck players fori s i U dem; -,vas. Ihe violin sonata notated. The Sinfonietta began 
I Mid serves little praise. The two white Sjrls- of MarceV Proust j. ta .eir Kagel evening, by contrast, 

to han'’ tire songs lacking th.e. racial talent for . s . ou ! KaceTs ites which took un a work that is wholly ira- 

m which «». .s.s. Sis 

aefe basetball star, brings a . ^ first, scene. The white 1 and -relevant storj to- its pjiotoarauhed frasnrents nf« to his home .in ^ S^n? down the ; to v'bieh not one ^ n5it ? h„e S perhep 

' J ®,, 1 made etther haIf a d0 , en perform a nresof 

erbally or In our program^ LudlC j p ra?1 in the nine rears 

imnn^orf in lQi.{ - . • ■ * . 


U^.SIS.000,000 7J :i NbTES 1978 
AH outitandfng Note* will ir» accordance with the conditions be 
redeemed at part -on 15ch. December. 1978, the final redemption 
.dace, at the offices of the -Paying Agents named on the Notes. 
The Paying Agents are as follows: 

Citibank offices in:. 

Amsterdam Milani 

Brussels Paris'-' 

Frankfurt Luxembourg 

London New York 

Kleinworr. Benson Limited. London 
Creditansiak-Eanfcverein. Vienna 
15th November- 1978, 


, I!** ?R. nk *' . Tokyo. Limited, jit- 
Instructed bv the Japanese Government w , 
announce that Hie Coupons due 1» J 1 

December. 197B. Mo. lay detached 
from fniacfd bonds twill be paid on aod ! 

ariem. f id. m-M Wj wbs either Half * 

R \U &-“«*» % asm 5; written, hvva^ 

ttle.Wlies mother to bnng uf nafneyai Motors or a plain-: to ^fiAntedie 75fli birthday of ensembles In a number of dif- 

no kind 

t- IS . of cfothS^op. “Mesrortbe acting j Deutsche. Gramnmpbon . — a ferent" ’countries.' It is an 

La nf ThP cinein 9 is as pedestrian as Mr. Johnson sj tnwge odd and unexpected amusing piece: It ntM« be 
ne of the singuig. u . . i (From . Kasel- one has learned amusing, for a deadly “serionc “ 

^^v^thoriv^tedv But the conmiisseur of soul never to. eiqiecli as it is charac- performance .could be deathlv 

a TTIO Lll&rJ k faUj - a 4 , . .ai.;*sri' tn not ■ tprlSnf 1 ortn AiiMnucMi t Anrthinn 4..11 n . - * m 

\ : so |ere . is 
I likecS&ome 

ougfa; . . . _ _ „ _ 

IS®* may get 

ho_ puwne in mind. of .hiiaa- K!o ttuAth . intn ^ gingers, not 

uu. puipie m imnu.ui his teeth-ihto. 

SIS (SttenTdireetedond 
,.‘elismaf welling up from the condurte d by Johnny Thompsun) 
reaUcan be thrilling. Little • the attraction. T liked them 
- :- mie inself, who -S? bSt wLo they aUJtncludin? the 

ri v ‘ fattr iff Act J., re a slim, in tbe pit, swelled into 

. UfflWHded elf named Kay a nroat nhorus. 

. jell: lg Willie, who, is j,, s a rJ9 rea e cnonis. 

vn-.itri in Act 3,, a muscular . .. 

tensbc and curiously touching, dull. But no performance vet 
The idea for toe instrumentation has struck me as a really iustifi- 
of me piece came from a photo- able use or resources— fine 
graph taken around the turn of players. lively imagination, 
the century of an early record- superb material. At best, with 
mg -session, discovered in DGG's brilliant player* like the Sin- 
archives. The. picture shows a foriicrta's. the result can be bril- 
; band of . RinsiciahB cranrned liant: and all tbe same/ terribly 
g. A. YOUNG together. in a; tiny studio. Two slight. 


MV nedeblajjusch 

. NOTICE IS HjffE§E_ GIVEN th<t 
EXCHANGES P , .J s S?.'2? a K.Cenlficate£ 
In the mihr Bank E*ecuux 

and Trustee Compj "^ Limited, new 


LIMITED, for ■* a " !r v£fc 1, J5* lel and 

UmlEver w.v. Nr-_Jgri« Sgares End 

vice versa will be s “S p ENbED from 
stn Deccmoer- 19.3- » 2\j, Oecem- 
her, 1978. inclusive- 
_ Certificates win' °7, A •“Wed 
tor exchange after DMembar. 

1978. orevlfleu ' n " .Oivldends 
declared prior » *»V: k*»e teen 


London Trait»'« r °™“ 

Unilever House. 


London tCAP 45 t: 

13tft November. 


$US 25.000,000 REPUBLIC OF 

7*% LOAN 1972-1987 

Redemption! due on IS December 
1978 for which SU5 I.ODO.OOO is 
Provided, have been made entirely by 
Mirchues in the market. After 
IS Decern bar 1978 SUS 19.000.000 
of the loin will remain in issue. 


after 1st December. 197B. 

They should be presented for pavinr' 1 ! 
at the Bank ol Tokyo. Limited. 20)21. 
Moorpate. London EC2R 6DH. listed on 
the forms provided, between the tXMi r '- 
of 10 a.m. and 2 p.m. Thev must nc 
left at least five dear days for examina- 
tion prior to payment. 

w,th Ihe Exchange 
Control Act. 1947. coupons can only be. 
accepted from, and paid to. an Authorised 

Coupons cannot be accepted nroug" 

me pwt. i 

for THE s »A t NK a OF a TOKYO LIMITED . 

Rnldcnr Director lor Eurob’' 
and General Manager 
London Oftec. 

15th Novemoer, 1978. 



The C me^te C T| C *°^^^* ,r FACT O p ! 
Westbound 8 BifttwSw 1 

G'Pat Britain. Northern 7n?ia"J I 
and the Republic of Ireland to Ihe Gul * f 
Meaita pyts in the U.S.A. wish to advrte I 
siMppers and consignees that"l I 
Sf 0 " J 1 ". ■hrc'lnr In ’ 

o! the fariB Currency i.e. u.S. flo iur • 
vis-a-vrs sterling thev are compelled ^ 
“HC some action to offset thT£d“, co- 
in I heir revenues. Consequently wiiwfl.'ri ! 
jf* .*!* v****ts commencing to at eff 1 ' 
Individual loading port on and after I9if-I 

P«SSE:JV a * Mlustmcn: > 

surehars e ot 3 p ercent will be intngjdwc i 1 


Britain’s leading packers supply- 
ing thc great stores of the world 
and leaders of industry. 

St rum pshaw, Norwich 
Tel: 713937 

Telex: 975353 Ham pres 
Colour brochure on request 

Ii lb side *9.20 

1 lb side L 10.25 

21 lb side ;.V. £1 1.20 

2) lb side £12.5L 

Gift Pack with Knife 70p extra 

Ready-Sliced Sides £1 extra 
lb packet Long-5!ic*d Smoked 

Salmon £?.I0 


4 .* 5 oi Smoked Trout £3.50 

2 x 12 az Smoked Mackerel .. £2.30 



8 Victoria Strc-ce. Aberdeen A&9 IFL 
Tel: 0224 28206 



Bark-ston Gardens 
London SW5 OEN 
100 room?', private bath/ 
shower. radio. television. 
English breakfast, restaurant, 
bar— fully licensed. 2 lifts. 
Special terms to companies. 
De/iiil? owl illustrated 
brctufiiire on request 
Telex: 27S85 
Tel: 01-373 3151 or 7981 

thiTcxchjngf* 'feliUMwIl* k2L-21 PERSONAL 

tw commerciA l . »ank or .the 

near baft limited 

The unxud'iid 
months ended 30f?. 


tne same Period '*’■ . 

Present fndk#t’*"* |h * r £« -S^bmSS!?* 
lor ihe full war W JT. 3 December, 
1978 . will hr 4t ** DOOd M *!«»• 

erf toe prevlou! vr«‘ 

’ sanuide House,. 

107-112. ItePeJf 51 ? 8et . 

London ECAA - 


The Board of Discount Bank Investment 
Corporation Limited have nsoived to distri- 
bute an Interim dividend of 18% payable 
on 24th December, 1 97 B. 

Tho divieend n baviblr to shareholders 
remstered in the book* of tne Company 
a* al dose of business on 3rd December, 

_ Holders of bearer shares should present 
Coupon No- SO to: — 

Coupon Department, 

Si, Albans House. 

Goldsmith Street. 

London EC2P 2DL. 

As the next Annual General Meet I no to 
be he'd f* due course tbe. Board will 
recommend that the said diridend be 
detlired as the Anal dhkfeod for the 
«ar ending 197S. 

* 5th NovemBer, 1978. 

the mtchange relstlonjhlo bSh«e*' ■ 
.ine pound sterilnq and the us * 5 w 
1 i baM I*** St April 1 977 

J i-P- tte dale on w*<ich *»m eifec-lw I 

Tho member lines feel sure that shiH-r' i 

g" d . nn C0 "^B"y Will aoo^ that -n> • 

■efion h>s been token !-■■* t-, ci— i 
comnief-iv outsMe .heir control I 

, r 'urther inlnrma-ion ma. hr nhfa-r- 

A B - j 

tum. arm jas. Harnson Ltd. 
i vire* Pro*. S. S . Co. Inc. 

Sea-Land Service (ne. 

Cunarn Built*."? 

Noiember ig 7 8. L, • e^DO ' ,, L3 



If ran ingve fait and teitphofle Fai 
pr Pacricii on 01-730 3095 to -tterue 
a tree in vr canon to a champagne 
information party re '’50C16TAS.' in 
organnation of friendly goodwill, man- 
Political and religion!, chat through its 
nany social activities can liven up your 
-.ocial and cultural scene. 


at Middlesex Hosdiui to Eiavne incel - - 000.000 B*: is issue date 1S.1K7B 
Stitcbsrl end Malvvn Beniamin a nMariu ’L279 at 11 Aoolica- 

d jog h ter Gnhrieiie Ruth, »istcr fa- • lions to! died .-18 009 000 and there are 
Alexandra Kate. • £2 00(1.000 bills outstanding. 

Financial. Tiiries WeSrfesday November 15 19. 


Tvtcsnuns* Fimmtifno, London PM. Telex: 886341/2. 882897 
Telephone: 01-3*3 8000 

Wednesday November 15 1978 

sceoticism is w. p™. „ ni ^ «.-»■ «>*. ■ 

JL 1 dent Jimmy Carter re- monopolistic device? serving to II C OCGflBDO 

j i A fused to sign into law stifle compeni-nn iceond they u,w ' M 

’M ifW’W' rKHirrll Bill numb€r H<R - 951g . the so- ensured that US "industry paid CALENDAR TEAR 

fll IB *-» 9 9 fl §g g |S ' cal,ed shipping malpractices more than neceVar- to ship its Total-Ton* m. 

llVf d' wJIJl^ V BUI. It was an unusual step exports and. third, they were to Ui.-Rag Ton* 

4J1 for the President to take, as some extent a root cause of poor U.S. Per cent of Total 

unCT _ , ,, . .u . , P , the Bill, designed to impose trade growth itself Liner Total Tons m. 

MOST PRESS reports of Mr. turn the problem of surpluses, severe Densities on ocean shin- T . 0 - ill!!, iTr„ To o. m 

Callaghan's speech at the Lord would over time evaporate, ping companies found suiltv of m the year, toe Depart- „ ui"pff «tnt 

Mayor's banquet conveyed the since the flight from the land ^i”^ t cut-priceTeaIs !o to subpoena docu- 

impression that he was adopting would lead to a more efficient shinned had commanded Dlents . from forc' 3 " Non-Lin** 7j*?* n ron V m * 

a truculent, not to say hostile, European fanning industry and strong support in both Houses. compani ? s serving the L .S. in Hon - -Liner om m. 

lire towards the European Com- a weaker farming lobby. These j * support xn rota Houses. p reparatioa for a full-scale Non-U ne rU- S . Per cent _ 

munity. Sucb an impression is arguments have so far proved vetoing the ' faiu, President Grand Jury icvesUgapon of con- Tanker Total Tons m. 

not entirely fair to the Prime illusory. To the e.\-tent that the ^ arter made it dear that he was ference behaviour. In spite of Tanker US^Fjag Tens m. 

Minister. He is not now, nor European farming industry has P. 01 sanctioning rebating prac- the refusal of most non- Tanker U -S^Per cem 

has he ever been, a European become more efficient. Euro- * ices ’ indeed his official state- American Governments to per- dollar VALUE ' 

Federalist: but Ms speech con- pean farmers have hecome !?® n L°P t ^ e _i ua * tcr sa * d ft at mit the delivery of documents Total value (5 bn.) 
tained strong praise for some richer, and have gone on pro- . ® federal Atari time Commis- to what they regarded as an dle " U.S.-Rag Yalua ($ bn.) 

of the achievements of the during surpluses: their govern- * ,0n “ ad beeu asked to step up gitimate extra-territorial inter- u.s. per cent of Total 

European Community, especially menis have been unable or un- ]}* 6 ^5° 115 unde J f ^T e . nce in their companies Ur|er TotaJ value (S bn.) 

in the field of foreign affairs, willing to contemplate any radi- «« posaessed affaire, the Department was said Ulier u.S.-Rag Value (S bn.) 

as well as support for the ca ] reform . of the basic from **** 1916 Sh, PP ,n 2 Act. at one stage to be receiving u ner U.S. Per cent 

general aim of closer, if prag- mechanisms. But the rest of the President's Papers in 40-font car-jo container Noa ^_ iner y*Ui« (S hn.) 

of all worlds it 
can shipping fra 

BY IAN HARGREAVES, Shipping Correspondent ,V 

;• *.%'•* V; 


U.s. Oceanborne Foreign Tratfe/Commercia! Cargo 

has he ever been, a European become more efficient. Euro- 
Federalist: but Ms speech con- pean farmers have hecome 
tained strong praise for some richer, and have gone on pro- 
of the achievements of the during surpluses: their govem- 

UjS.-Hag Tons 

U.S. Per cent of Total 

Liner Total Tons m. 

Liner UJ5-Rag Tons m. 

liner LLS. Per cent 

Non-Liner Total Tons m. 
Non-Liner U-S^Rag Tons m. 
Non-Liner US. Per cent 

in the field of foreign affairs, willing to coi 
as well as support for the C al reform 
general aim of closer, if prag- mechanisms, 
matic. economic cooperation in j. j s at 
Europe. Yet it is symptomatic *. th af t . 

iLuru^:. it ~ mem that the underlying atti- 

oF this irovernmenrs stance in d<f df British Governmen t 
Europe that its pragmatism too ^ ^ European Com . 

often looks like scepticism, or it _ „ , . _ , 

F£ rwTsiirprisi ng 5 tha H t S'! jgSd^th’S wn° 


critical of the workings of the induffing those which currently 

I* is ar this nninr in rlie ar»u- statement came like a good loada - Everything From senior Non ^ iner u-S^Fb* Value [9 bn.) 
.J 10 " weather report to the maritime executive's personal diaries to NonJJner u.?*!* 

weather report to the maritime executive's personal diaries to N 0n -lj ner U.S. Per cent 
countries outside the U.S. which memoranda of intercompany Tanker TotaJ Vah,* /$ b n ) 

'ora- w_ould have ***** Principally m «tings were demanded Tanker U5.4=Ug Vafu. (s bn.) 

affected by the passage of the Tt,,s ] egal pmcesf *s 8011 Tanker UJ. Per cent 

I! Bill. rumMing on and provides a mote i 

'5* It said that the U.S. was cur- Potentially volatile backdrop For ‘ Grne ' 

50^ : V 



32-4 ‘f} 


0.4 £ 

3.1 :r 

2827 . 



m , . 


•; VSr/y 

differences. partcularir[ ^. ; 
attitudes to ft at ^Ujdanxem% / . . 
cargo reservatiaixsis, ihi 
■ • unratified Unite* Nations.yet 1 -. V. 

’ shipping code, lebich jxrop^i . 
5.1 a 40 : 40:20 store-out ^ 
~asjo~ porting, county. 

13 A country and thhd countrieh^r- : 
— 38,3 . Britain is- ati-code oq*^ - . 

grounds of frettrade and cfc j; 
' merdil .eflkden^; the regfejfe ' 
' 2943 ' tixe EEC suppois with 
137 lag degrees of uaiificatioo 
. 4i Britain is certtp. eventual 
■ to be fotted InLa cnmpr nhp j . 
'1273 ' based upon seating the - 

22 J •- Thu issue l£even : furt|r^ 
tTA complicated bj'the •• 

64J ; attempt of the 4iropean C«^ 

20 M mission -to app’ compel . 
317 policy, — suppodiy anti-carf^.- : 
3L3 pro-free trade --to- shippliF'. 

IjO - without uprettii. the confer : 
27 ence systend. - .x>y 

: 26 J~ . No one isjexpcmg dramadS •• - 

1 i a* A,;. .. li-if ■ - 

progress at tj 
and iirtheTI 

cornmon agricultural policy can It said that ^ u s cur . potenUally volatile hackdrop For 
omy be reformed with the con- engaged in ‘'important this .week's and furnre L.S.-CSG 

sem of the other governments. disclIssjon6 - ^ ith -Europe and The Grand Jury has now 

including those which currently Japan in an attemp{ ^ reach started to subpoena witnesses. 

NOTE: Includes Government-sponsored cargo: excludes Department of Defense cat® ?bd;U5./Cana*k great- oncer 
translakes cargo. about what 

SwirM: Ul Maityfa Adml*tiirtaax."~iA\'y egWCt f 

rriticisms are absurd or unfoun- ment's relationship with the to retain the loyalty of impor- 
ded— far from it. Tnere is no Community to date has been tant customers. Bather than 
justification for the fact that one of carping scepticism, which take immediate unilateral 
the Common Agricultural Polity muM make it difficult for gov- action, the President wanted to 

Mean while 

closed conference system. 

::ir' ■ ■ What CSGjw Oul-jike in tti.:, 

' Meanwbit the . also 1 *.4eelanrti^vv 

awakened v tbe.growft of -.the 5™°, *5® Pr ?% E «^stnxctimi 
Soviet ship' share - of - , J ug P ce : I fi tar [snt..ttpt ft; 

their trad OW. rtmmng af an xht ert eje exm-teirirtaUy witlv- 
estimated '+* pfClJ»nf oittaH, wtft ^ ^ 

over 12 p? the East ■ which ^ would dsowners to 

Coast-West Geniiaay route add WikWppers' . 

8 per cent oo.ftfe.^tey Pacific- ^ -Expand japan. - 

Far East route;*-. Sven in a EyentnaJiy.. t^y ,ope,- thJs- = 

s vek , a'meertti£y. . . 

intswftitt- C5*:-;- : 
iey an reahstn ^ .- ' 
1,1 tf^Anusxicani 
vouiftw in th.- . 


ternrfally xri.tly--- 

continues to absorb 70 per cent ern meats on the continent to pursue the talks and to get frnra 30 serving the Pacific coast it lucrative American &ad*5- governments is only part of the country wtere skipping matters wouldleadto ta lefisafion of 

ofthe Community budget. There believe that it shares a common a White House task force esrab- has . been a case of continuing iney point to studies which much vider -askof revitalising are not ewedy^the- poUtical jluPRerB' connilB^sfte- u!& 

is no justification for a common aspiration for a European lished in May its review of the business, if not quite as usual. na\e shown shipping costs and the U.S. merchant marine which mainstream. 

agricultural policy whose prim- future. whole of U.S. maripe policy, 

ary effect is to build up unsale- This is not just a question of Mr. Carter’s statement formally T* 

able surpluses. And there is particular battles, over farming, committed him to working with JL . 

no justification for a common over fisheries, over tachometers, the next Congress, to be 
agricultural policy whose secon- or over energy. It is rather that assembled in January, to de- 
dary effect is to bring about a these battles have been sympto- velop “ a comprehensive man- 
substantial transfer of financial mafic of a deeper half-hearted- time policy for the U.S." re- With 
resources from a relatively poor ness, which has undoubtedly fleeting the concerns of the increas 

country like Britain to relatively undermined the support of rebating Bill as well as wider a 'l a ®P 

rich countries like Denmark and some of those governments policy matters. busines 

Holland. which from the beginning were The talks, to which the Presi- ’j h *PP in 

u IIIUI I« nutMUK Vt llll The Speed Of iuictuu ui «mu«i UdVC rp., . it,. .JL «■}« 

Congress, to be , Conferences are. according to damaged— in the words of the ' _ V 

d in January, to de- |Q\V VPTS ^ Position, the only means President, “drastically and , .l e ^ s ^- aB - Tl v~ e . v Koit 

1 comprehensive man- MAV* by which shipowners can get dangerously-..^^ ' 

icy for the U.S." re- Wth the Justice department together and plan investment. Only about 5 p£r cent of U.S. looking at air ^nese.poucy mat- -;^part from tbar 
the concerns of the increasingly inquisitive about as well as cargo rates, in such a ocean trade by weight is carried ters ^ ^ .?.■ -meats would like i 

Bill as well as wider all aspects of the shipowners' way that the large capital sums in U.S.-flag ships^ Although tfc e meat j n- i fly^ ia ngiea agepey ^ ac ^ ept a syste j 

itters. business, any exchange between involved in modem ships are situation is mueir healthier i n and/oi-multilatera 

ks to which th<» Pr#»«i- shipping lines and their con- most efficiently spenL According the liner trades^ where the l^d t° f req^ ter ^and occaaonaH^^ on shippini 

at** aLniMt" idenriS generations of poor administra- general pilicy^r&^iiiik is over- 

JeceJ^vears ti0Q ' hi ^ i 0 ** “ d straight- thelminf U ; - ' - • ’ 

recent years. forward lack of interest have , . th^4hrnna* «# th* 

Conferences are. according to damaged— in the words of the 

ai-the poUtical ^hiPRerB’ conhi 
^case .for a- ^ i-— '■ 




These are serious shortcom- the strongest advocates of dent referred resume in London ferences or between shipowners to a study by H\oag Lloyd, the .Americans have ^30 -per cent 
S', and they arc increasingly British membership of fte todav. six months after the last and ship P ers ** the suvje ?L of (Jerma ?. shipping line, if the share, there is a-J&ohg- feeling 

.. — mnVi -nt #. / . * U 1 UIC IdAL. J.,....] local t i fl V “Thp WMI \n»+tl Athntin nnnnrn-T ,U.» — . «. - •'Jn S rtnOCw 

ings. and they arc increasingly British membership 
being recognised as *uch, not Community, 
just in Britain but also else- 
where in the Comm unity At a Minimal 
time when all government* arc ... . . 

n n ni«d* a u 4 , sk? z. zz&sz 

very rancorous : public ex- littWeen the. Federal' 

This half-heartedness/is no: 

-lions on ; shippln| 
which would allov 
vention and comm 

5SS.XTS3 S.-S* is- 


fc inter- . 
Slid also 
i itself. 



qf ^Brualti staying ^n 'llt/T'orm officially acknowledged" TTte ''* u ^ arelegal mCSG rountnei »o the direct benefit of the According^ to Oongressman 
LirLto Jtalttto members of CSG are Belgium. J ut / not . Sh,pper “ nd , I ?| refo ? fa,e John M . Wrphy, jEhunan of 

Mevpression^of such minimal Denmark. Finland. France. West *™\\ he ^ ? h <»2 antitrust laws the merch&nr Marine and 

“thSasm for CwSSfSS Greece Italy. Japan, » TMtvUr* designed to protect. fisheries /immlrtee in the 

ntemb^rshio that it can do noth- HoUand - Xorway - Spain ' Sweden ’ ...M The present situation, in House of/Representatives. the 

fiT i S^SSh V other total _UM MMl ___ ul ZZ*™ J«V W .0 ««» 

doubly absurd to perpeiuare Bnialn staying in ihe memb * ftf cs ,- ° Kplpinm but , not in the U.S., - the con* shipper and therefore 1 

agricultural and budgetary ni: . ,J bt f true i bu - ! l 2 ? Denmark Finland France West fprtn ‘ ;es bePfI nn:A!e ’O. «umer whom U.S. antitn 

arrsngemenis which, so far from ^expreasion of such minimal ' fir pJ‘ Tiaiv imin niohate changes in rates.) are designed to protect. 

facilitating economic conrer- “ ‘V + . Ior . '-©"“““niiy Holland ‘ \orwar *oi 
gence between the rich coun- ^bersh.p that it can do noth- 
tries and the poor, make it “S to persuade the other Ireland anrt Bnu in. 
more difficult «e“ber states to adapt Com- J fj® 

No one can imagine that it mumty policies to our legitimate dirertlvasa 
will be easy to reform these There are obvious flaws rMOTerewce of th 

arrangements. For one thing. m tbe monetary arrangements prol) ] eiI1 u.S. sh 
the common agricultural policy °° w being worked out for next aDd ^ enforcement, 
is embedded in Community mpnth’s European summit; the i, e <, an ; n jj 

folklore as a major landmark drawbacks are most striking for W jth ’the publii 
in the process of European in- a country with a relatively weak Tj - s Dpnartmonf 

Ireland 'and Britain. ' ' JP* C " s ^charges for su< 

In the last Wo year,. th „ /vents a s last year S U^. ton 

_ hCnnrOrt^Dn C C- rm L-Q I nu VO-’n 

tbe According i to Congressman < ia Won wl and air about it. The another area ;Whefe/iffifr& n 
con- John M. Mrfrphy, Ahannan of JustlCfc Dfi|>aitnient is hounding would be welcomed ^nsiWe 
the merebanr marine and ishipowDers/for fixing rates, the U.&. ■_ •- ] - 

fisheries Aimmiftee in the F^IC for cutting them. The root In spite of the loig brstflof 
in House of /Representatives, the Philosophy of the Americans is the problems, yftlch - re 

f those involved, represents the this is » enact legislation re- 

ishipowner* for fixing rates, the u.S. ' ] v 

FMC for cutting them. The root in spite of the lo^ histflof 
philosophy of the Americans is the problems, yftlch' re 
free competitor] and free trade, tended to break, oti about : 
but there is strong support for a decade for the pst 40 y^ 
cargo reservation. One agency ^ is too early to $ll how-' 
wants td get rid of malpractices “atters will prog*®. • . ■ /. 

like Abating by opening the l K No «n€ .should ndereg»V 
j '• - * - .n ^ Carter Adamistratiot 

tegration. For another. the,*«m°[ny- But it is difficult to on the regulated 

Department of Justice reached c . Iearl - v f^i.ned deregulation. Iegistetioo- made to sbfpping.v^ 

governments of those i member *' h T ^ °F 1 . er , S° v ernments shipping industry which condu- Other problems are hoth whether the U.S. should go for election campaign. Mr^urphv By “inparisoh the CSG Gov- Sationd ttade^SSSiy 1 wSS 
countries which benefit from ftoMd put Britain s problems al ded that conferences organised more fundamental and less full-blooded de-regulation and is adamant that another aUempt ® rnmeTlls ^ ound unanimous. But ^ nraematlc self-antradictorv 
fte common agricultural policy fte lop of the agenda when the bv Upping linestoplafl unices easily evaluated The CSG repeal the limited immunity will follow. .^ven herb; there are important and cSusing ^ 

will not lightly surrender these British Government gives the .i luuusmg. 

aomesuc xnaustryit amne o 
its greatest recessah itr liyink 
memory or of Noting such a. 
policy into a frame T ork of inter- ; 

v«uuu.« «««..! ^ v a, ded tflat conterpocvs organised more ninaamemai ana less um-oiooded de-regutation and is adamant t 

the common agricultural policy i°P M the agenda when the by shipping lines to plan services easily evaluated The CSG reDeal the limited immunity will follow, 
will not lightly surrender these British Government gives the 

benefits. There was a time when Impression of being ambivalent ■ 1 “ 

it was argued that the cost about the whole European _ _ __ _ _ — __ _ _ 

problem of the CAP. aud in enterprise. HlgP|y jW gJ 

Time to drop How much bite in 

- 0 watchdog’s bark 

■ bS 4^ 17% "Maybe the public might think 

1111/ L||l LO,lll 'hat l nill be a fraction more -gJJfff 

detached," the new Ombuds- 

THE COMEDY i> over— or at action in return for empty pro- ® an t0,d n me , las [ n, » h . L F ™" 
least it ought to be. While the mis es. Tbe General Council at January 3 the barrister Cecil 

i < _ r . i a — .i j . . Afanrscutn CInthipr tn rabe> \ 

Prime Minister and the Chan- least showed that it is an honest Montacute Clothier is to take 
cell or, who have invested so body id refusing to endorse QV -f, r . fr ?, m f ir * >u ^- He 

much effon in the talks, must promises which it might have be the first— to gtye 0^ jjj S 
privately regard the latest set- evaded less publicly. The right f. bea vy-nandea title Par- 
back in their talks with the government response is to Commissioner for 

TUG as tragedy, at Transport offer nothing in return for ^ bm ^ 1 ‘ stTa . t *°, n and Health Ser- ftw are dying on the mantle- plant a swampy 30-acre site neaf 

House the affair has virtually nothing. vice Commissioner for England, ■ • ".33‘jJ B ? Piece and on their way to an Rickmansworth, Hertfordshire’ 

rleeenerated into fa-rce. By 14 This does not mean that the at L^ Scotland, and for Wales '• " elephants’ graveyard. So .what as a vast international a rb ore- 

votes to 14. the General Council talks have been wholly unpro- S® h “ K bee “ a 1 p P 0,nled ; •• : V.® n6 £f ? ?* sXy pi "«“ c w *?"»■ The trust’s director. Simon 

has been unable even to agree ductive. or that policy can ^ 6 Cml S^^ice. This ;,i, . > wj Th * t ma y not be as daft as rt Klinger, tells me he also hopes* 

on what amounts to an agree- simply ignore their cnlfaose .. n £f s ajmove welcomed by i ? ■ ' ' 4 ~ r .'M8 soumls. Manufacturer say to incorporate a Museum of 

ment to disagree. One or t£o potentially hel?fu Sf MP Patrick Jenkin fel-'A/ f M "humourous risque rards" are Trees. . 

The text of the agreement ideas have emerged— notably JJ L° n Ug ? n see ^ as rea laUera- • !MA/' 4 WBBl ^ ro ^ 1 T re t ^ U i? 1 r ’ MThe water authorit ^ have' 

which would have been the trade union proposal that -‘JJ 7 lhe ,.^ >ste f n b L u the -v”” ins the ^ish with a blush, as rt tens of thousands of acres like’ 

launched last night but for the the price consequences of settle- ^ ngSlesworth. It .: ^ ere \ Bu .t n 1 some standard s this, many of them very beautl- 

vote hardly inspires the feeling meats should be publicised. (It ™ mes a J 3 J me wben °pera- If you were dountmg ort remain. w Below the navel ful, which the public never; 

that much has been lost The might also be helpful if initial h T ° f ^ 0n,budsman are pound notes all day, you d humour. say the manufac- sees." says .Winger, whose 

Government remains committed claims, intended only as open- under sorne scrutiny. have green fingers too. turers. is still infra dig. infectious enthusiasm about 

to five per cent, and the TUG ing bids, were less widely pub- Tke Commons Select Com- — 5 trees brought the trust into; 

to nothing in particular. In Ucised.i The Government also mittee on the Ombudsman has mission on the National Health existence a few years ago. Ktf 

return for some guidance from offered to bear prices in mind calJed for his powers to be Service. ,• TaX DrODhet belief in educating children 

the TUC on bargaining, whose in carrying out its misguided widened and the public's access Clothier tells jjiie fta f it is k about the subject from an early 

main feature appears tn have sanctions policy. It is a fairlv to him to be made slightly more too early for him ^ say^ .whether The anti-tax fraternity is rub- aee has a practical edge — 

been to call the attention of short step front here to revert- dire rt. even if ir believes the be would like ibk Ombudsman bing its hands at the prospect schoolchildren would be doing 

those concerned to the price ingto tbe proper rules for the formal channel should still i»e to have more direct contact with nr a visit from Howard Jarvis, much of the spadework at Rich- 

rnnsequences of a settlement, public sector— buy from the trough complainants’ MPs. The the public. He ft iu&& it is a ihe American Moses of the mansworth. 

the Government was prepared lowest bidder, and restrict in. Prime Minister’s office tells me "very good thing if the watch- Middle Classes and hero of the “If you teach children not to 

“If you were counting: oat 
pound notes all day, you’d 
have green fingers loo." 

—hiring computer time to help for the well of “ latent anti-tgx 
them through the jungle of sentiment.'’ ' - 

vbich affectionate titles are in. "Obviously no-one likes tax 
"hich out. Some pessimistic very much," the Treasury said 
memher*; of the Greeting Card deflatingly. "I wouldn’t have 
and Calendar Association specu- thought the Chancellor war 
laied yesterday thai all such shaking in his shoes." 
endearments were doomed. 

And it isn't just what you call ” 

the One You Love: it is afco P| an fincr an irlao 
tbe size of the card you give ^'aniing an laGa \' 

him/her. For tiie past three I hear that the Trees tot 
years "cute jumlio-sized" cards People Trust is negotiating with 
were all the rage. Now, I learn, Thames Water Authority to 

they are dying on the mantle- plant a swampy 30-acre site oea£ 
piece and on their way to an Rickmansworth, Hertfordshire’ 
elephants’ graveyard. So .what as a vast international arbor*- 
next? Nasty pint-size cards? turn. The trust’s director. SimoiJ 

That may not be as daft as it Klinger, tells me he also hope* 
sounds. Manufacturers say fo incorporate a Museum of * 
"humourous risque cards” are Trees. 

becoming more popular, replac- M The water authorities have 
ing the gush with a blush, as it tens of thousands of acres like' ’ 
were. But some standards this, many of them very beauti^ * 
remain. "Below the navel ful, which the public never ? 
humour.” say the manufacy sees ." says .Klinger whose : ' 

turers. “is still infra dig.’ 

Tax prophet 

infectious enthusiasm about 
trees brought the trust into : 
existence a few years ago. 
belief in educating children 
about the subject from an early 

Leicester Investors 

rnnsequences of a settlement, public sector— buy from the thrOU ? fl complainants’ MPs. The the public. He ftiuhs it is a ihe American Moses of the mansworth. 
the Government was prepared lowest bidder, and restrict in- Prim * Minister’s office tells me "very good thing if the watch- Middle Classes and hero of the “H you t 

to review the safeguard clauses dustriul 

jrial aid to competitive that these seven-week old reeom- dog is oecosio^iMy seen to Californian tax revolt. A portly vandalise trees then they are 

is. Productivity is not onlv mendations are still being con- bark.” An hunuragy Lieutenant- millionaire of T5 who gathered less likely to vandalise other 

ieved through deals and not • jdered and no date lias been Colonel of rhp Riff a l Corps of his first fortune in local news- tilings." adds [he relentlesslv 

ays achieved when deals are fixed for 3 WP 1 *’- But it -denies Signals, which sullies some nf papers. Jarvis is riding. high on practical Klinger, who insists 

in the rules governing the firms- Productivity j s not onlv mendations are still being con- bark." An honor 

Price Commission. It is not achieved through deals, and not ■' ? * dered and no date * la -s been Colonel of the I 

clear either that negotiators always achieved when deals are fixed for a ^P^’- But it -denies Signals, which si 

would have paid any regard to made. that in appointing Clothier the fte staff to tli 

the TUC guidelines or that price Meanwhile, the talks seem to Government is seeking to woo operation Sigint, 

controls would have been have beeu mildly educational: ,he medical profession. extent now invs^ed in in 

tightened. a vote on a document This possibility is raised by quest for open gofenimenr. 

The Government may now be explicitly linking pay and prices tbe whole question of the - — f ' 

temnted to implement its side is some advance on a solid vote Ombudsman’s being empowered -r • 

of the agreement, even without for free bargaining without to add to his remit that of in- ftlonm « In VS 
Genera] Council endorsement, mention of the ebnseauences: v&stisating the clinical asoects output 

This possibility is raised by for open goteramenf, 

the staff tn th$ intelligence the success a£ Proposition 13. he is not the torquemada of the 
operation Sijnnt is to some the tax-slashing measures which kindergarten some might 
extent now* involved in the appear to have gripped the U.S. imagine from his remark nuoted 

imagination. The crusty cru- this column last week that he 
sader is now energetically wanted to "attack” children to 
stomping North America argu- stop them damaging trees. It 
ing for S50bn federal tax cuts was the problem he had in mind. 

Jarvis' visit next month is not tbe chjldren - 

iff tbe hope of influencing the and though it i s surely time For of complaints against the Health "Sweetheart" is ofeits last legs, being jointly sponsored by 
bargaining " atmosphere.” This the haggling to stop, the educa- Service. "Boyfriend" aniE "Girlfriend" CUT. the Chartered Union of . 

would surely be a mistake. tion2l task is one which the Pugh, the third holder of ihe are on their wav CUt. "Darling" Taxpayers, and the National POU 

would surely be a mistake. tion21 task is one which the Pugh, the third bolder of ihe are on their wav eUt "Dari mg" Taxpayers, and the National POI!»T OT View 
Every government grappling Government cannot abandon. In Il-year-old office, had said that and “the One i'lw" are bold- Association for Freedom. ‘ 

with the wage problem is the long run a genera! anti- that would net be possible ing up well enouglfc’but for how Swingeing tax cuts are tn h . r Vlfe 

tempted to offer such hostages inflationary economic strategy unless the full-bearted support Jong? or such elegeM* are tte apparently a major plank in »,^v^,r K T on 

to fortune: to this we owe the wifi produce more lasting ofthe medicai profession could the musing* of & manufac- NAFF’S conception of liberty. ablviMrea« lnTan " 

various extensions of trade results than any scries of norms, be won. And Clothier has con- turers of greeting cards com- ;But there’s a lone way to go weekends — " 1! 

union privilege which have There i 5 already pressure siderable experience here. A posed, and one for 15tn 1 ther f 7 NAFF* spokes-' vron a~ canie rhe ren!v- »V 9 

■made tbe underlying situation inside the union movement for recorder, he has written a report them. Thev are iRWms. f ated inan asked m * rhetorically. The duee 'them riunne th/'n , ^ 

a great deal worse. The danger a more orderly approach to the on pharmaceuticals, is a legal with a con ftii ions# fads and 3s<:od3tlon 15 ftbibnt abouL e week ’ €Sl ° f 

oj the present agreement was wage round: it is there, some assessor to the General Medical fancies. having lined up a meeting with 

Jm they have a choice of two schenes 

tnthly Income Shares vdth" ictoestit 

t Cequivalent to 10% at 33% basic iateta: 

ie flexibility of adding to tbe ihvestmht 
or arranging withdrawals. ' ' ■ 

flexibility of adding to the investmht 
or ^ranging withdrawals. ' ' ■ 

%. Men thly lnyome Term Shares for a 
Investment period and with interest 
at 1% higb^- than the Share rate for 
(Parent rate 7.7% equivalem toll.49^ 0 af,i 
33%!basic rate tax). , - ■ U 

that the Gnvernmenr would day! that ■mm*: real hope or a and General ! 
take meaningful ar,d damaging policy mighr be found. i 3 a member 

Denial Councils and Some of the Iar$^ companies Mr*. Thatcher, and feel.* '.larvis 
of the Royal Cora- in the trade arc nd*r*~ natwrail - ’ Ml11 F irc,1 ' ld ‘’ a "rallying point" 



Minrotini investment on Mcmibly Income 
£1,000 nnd the maximum £15 3 000 per perftn.. 

Ask die staff at yonr nearest branchfeiurtte' 

Budding Sodety 



: * f w ■<'y r . li' ' ‘ ^ . .. . 

7^ .'t--'. -"7- a.4. 

- • . -r.*_ .✓ . 

' ^ednesdayW 61 ^ 61 ^ i?, 19 7 ® 


BY ROBERT MAUTHNER, Paris Correspondent 


1 V 

. l « 

■ -A-.i 


. ■» 

• -. t 
■ • J 


h. ‘-I 


P a 

THE- LONGEST and. mast whole 
expensive prodiictioa staged tiy old 
French TV is the tragi-coaiedy 'had si u . 
of its own disasters. v jferd&itiyr. What is 
the saga; in common- with-,sb the aim 
martyr French. TV. productions, deuce i 
has never reached the screen, prevented 
If- it had. It would certainly -powerful 
haveTieen awarded an X.certifi- ing from 
cate^Xor the harrowing: tale of different 

financial profligacy, and artistic 'Gaunuts ' 

failure would, have'- sent tine com mu n Uts 

most - sedate and anaesthetised- the trade 
viewers, screaming, from the accepted 
room. ' - - . watering d 

- Tire public, however, has- . not State TV m 
been spared the -gory details. . - For die 
Even if the irs had not been and TV 
giyetL -a . full aifing In': Ore -Press traditionally 
arid Parliament, the repeated France.” i 
strikes by -production staff' arid cozrixaunists 
'cancellation- of • ^ progr a m m es privately-ru 
during tbelast-iew weeks made hardly be s_ 
it ciystal clear that something political vie 
serious was wrong. " French unions fcn 
viewers were- even ' deprived of members’ jo 
-liver-"' coverage;' if. the world fn a. -Sfcate-c 
gymnastic. championships',. in .tion than in 
their own. country, '-an event run. on a pr 
which, horror of -horrore; was i. So the 
fa earned to -. th^wbrld by the promised. H 
American- ^network" ■ ABC. . lithlc ORT 
hroughr in at the last moment theoretically 
by the paalc-striken organisers panics, inc] 
to replace , the . first. French, channels and 
channel* TF. £.--■?.» ••• : - pany. the So 

Frequently < strikebound. Production ( 
deeply in debt., buffeted by con- provide the c 
stant changes.- in' the • top of their pro 
management .'and directors of make films an 
its news services, the ' hydra- export. Sta 
headed mobster which was ensured by 
created by President placard heads of all 
d’ffstaing’s 1974 reform of the were appoint* 
state-controlled radio arid TV ment and ha 
organisation. ORTF. has. sadly tenure, 
failed lo fulfil its early promise. By making 
Vet the motives behind the channels — TF f 
reform Were entire^ praise- FR.3, the regi 
worthy. Its main shortcomings — financially 
have beezi the attempt to -graft a licence fees. sh_ 
private enterprise philosophy ing to a comp 1 
on a huge public service bureau- based on audie 
cracy. whose unrealistic stnic- ratings, and a 
rure b3d defied all attempts to of advertising 
rim it efficiently and profitably. President hope 
However ' much President competition and 
Glscard was tempted to go the the ’ artistic 

reform of the 
ORTF, which 
ed to achieve 
d in- France 
be- was 
doing sa by 
forces rang- 
to Left For 
neither the 
socialists -nor 
"nothing of 
. would have 
or even ■ a 
the sacred 
.at the time, 
the radio 
tion ' was 
voice of 
cia lists arid 
ed -that 

is . would 
etic to.-tbeir 
4 the trade 
that .‘their 
d.. be safer 
ed organ isa- 
. companies 

dent Com- 
the mono- 
to • seven 
dent corn- 
three TV 
action com- 
ncaise de 
which would 
with many 

ar>d also 

es for 
ntrol : was 
that ’the 
the Govem- 
secority of 

technical -standards of pro- 

Id. certain important respects 
the reform has been successful! 
Freed from the heavy, hand of 
a supreme commander whose 
own freedom of action was in- 
hibited by the permanent sus- 
pension over his head of the 
Government guillotine and daily 
telephone calls *' from the 
Minister of Information, the 
channels have ecrintnly become 
more independent and • have 
developed;. their own identity. 

The continuing complaints by 
the Left-wing opposition Tiarties 
that their views are not given 
a fair hearing are less than 


three TV 
inne 2 and 
iderit- ' on 
t accord- 
nier tile 

Any judgment about the 
quality of French TV today 
depends very much on what 
standards are employed and 
account must clearly be taken 
of differences in national tastes. 
To a foreign observer, the 
French are often guilty of mis- 
taking gimmickry for genuine 
artistic . originality.. Moreover, 
tiie interminable discussion pro- 
grammes on political, scientific 
and literary subjects, which are 
served .up daily on at least two 
channels, however interest ins 
to a limited audience, would 
strike horror into the heart of 
a professional TV producer in 
Britain, the U.S. or West 
Germany. "• 

The fall in French TV 
audiences by more than 12 per 
cent over the past year or su 
"ays much about the failure «.f 
French producers to master the 
medium and also partly explains 
the very high proportion of 
foreign material used by the 
three channels — nearly 70 per 
.cent compared with 20 per vent 
in Britain. 

American and British serials 
such as “ Kojak," ** Starsky and 
Hutch” “The Avengers," and 

v- 1, Claudius.” are almost as 
popular in France as they were 
in their countries of origin. It 
is all very well fur French poli- 
tician." to criticise the low 
quality' of foreign import?, 
which, like hamburgers and 
jeans, are said to undermine Ibe 
French cultural tradition, hut 
ibese are what a large propor- 
tion- of viewers seem to like. 

What i- mure, the foreign 
imports are generally cheaper 
than home-made product?, not 
the least consideration Tor j 
huru.SM.-d management wtaivh is 

desperately trying 10 make* ends 
meet. For whal has really set 
tiie eat among the pigeons is the 
financial disaster which has 
overtaken The restructured 
monster collectively and the 
SFP in particular. 

A report presented to the 
National Assembly last month 
by M. Joel Le Tac, the Gaullist 
rapporteur of a special commii- 
teeon radio and TV finauces. 
dramatically underlined the ex- 
tent io which the 1974 reform 
ha.: failed commercially and 
financially. Whereas Uie • id 

and much-maligned ORTF 
managed to make an operating 
profit of nearly FFr 40m (about 
£4.3m) in tin.- last year of its 
existence, the joint deficit of ibe 
seven new companies last year 
came to FFr flora. 

The three channels, it is true, 
more or less broke even, and 
Radio France made a small pro- 
fit, but the SFP production com- 
pany alone had a cumulative 
deficit of FFr 122.7m in the 
three years from 1975 to 1977. 
not counting some FFr 200m oC 
state subsidies which were 
poured iniu it. 

Far (mm making the cuts in 
costs which could normally be 
expected from organisations in 
a competitive climate which 
were supposed to stand on their 
own feet, the trend has been in 
the opposite direction. Admini- 
strative costs have risen by 
more than 80 per cent in die 

last four years, cum p& red -.vith 
ihnse of tbe ORTl- . and nmhmc 
has been • -done about , ht 

problem, of; over-siafliny for 
which Itie old-bryaui-ation had 

been so heavily critn-isi-d. 

Employees of th« OKTF who 
feared massive diMiijtsai, need 
not have, worried The seven 

new organisations now i-mpinv 
13,400 people sr.| lk . 7ii„ milf ^ 
than tbe ORTF anrl rhi.- numhf-r 
nf journalists alnn,, has g.-m- 
up by 20- per cem between 1075 

and 1978 f«w 93S i" i.126. 

The SFR.- nt, l '-urprisin-iy 
given its hO^c sh»*n fall, uas a 
.special target fur M. Le T;u-"s 
criticisms, .with the sharpest 
barbs reserved for iu president. 
M. Jean-CEarles Edcline. a 
JS-Ktnnr. cigar- king film 
tycoiin. wFhO bas sint-e ^nn.j tn 

hospital with a breakdown. 

M. EdelCae- a kind nf French 
CiUzen Tpiane, was very nim.-h 
a 'iiscaed appui iiti-e. the 
dynamism and bu?ine--s acumen 
of this: ^peasant's si»n. who 
started itis .working lift- ihe 
manager . «f a cinema in 
Versailles^ wedding present 
from his - wife — was much 
admired w lh r aristei-niic 

President As U»n-j ago a., 1970. 

when ML Glscard d Estain-j was 
still Finance Mini.-ior. ij* < f jd 
to M. Meline on behalf of the 
State ft™ production 
eompany.-tlGC, created by the- 
Germans 4Wl n S tire World War 
U and national is •- 0 a(Vr the 
liheratiori/^or a L-omparatively 

modest sum!- 


The ailing cucupanv was 

quickly traded by M Lilellne 
into a ' iinge prntii -making 
organ isatiem-. With .-everal 
presttgiouffmnPmas in Paris and 
some 600. In, the proving*". L'GC 
rivalled the other giants in the 

field. GaQriiODi and Path®, 
which had ?n<*c refused to 
supply him with films when he 
was a bundle cinema manager. 


Such a mon was bound to 
think bis. 8ut his projects were 
clearly over-ambitious given the 
sulfocating framework within 
which he had tn work. As Jl. La* 
Tjc pointed util in ni^ report: 
“Who ha-- cvnr heard of 3 
private cimpauv (albeit with 
stale capital! . whose first cun- 
cern should be profilahility. 
finding itself under the obliga- 
tion to continue employing the 
entire staff. a s well as maintain- 
ing all the old buildings and 
equipment. which ‘it. has 
inherited The remark by the 
Gaullist HP was clearly aimed 
straight at President Cisco rd. 
who had saddled M. Edeline 
with an almost impossible task. 

The task, was made all the 
more difficult by the fact that 
SFP’s only assured income — 

from programmes sold to the 8 
TV channels — was bound tu fall 
rapidly, giveu tbe channels' 
preference for employing 
nrivau- companies to make their 
films. 1,‘nder the rules laid down 
when rhe new organisation came 
into eflec-L the channels were 
obliged in buy some of their pro- 
grammes from SFP. but on a 
declining scale. In 1976 their 
purchase.- had tn represent *5 
per L-rnt of tbe production 
companyS turnover, falling to 
60 per cent in 1977. 45 per cent 
in 197S. 30 per cent in 1979 and 
0 per cent in I960. In other 
0 per cent in 1980. 

With this in mind. M. Edeline 
embarked on a number of wildly 
expensive projects which greatly 
over-estimated the potential 
market for the SFP’s products, 
particularly for full-length films. 
Confusing the TV studios at 
Buitc--Chaumont with the 
Chateau of Versailles, in the 
words of M. Lo Tac. M. Edeline 
planned to create a grandiose 
European "Cinet-ilta" at Bry-sur- 
Marne. near Paris, with a loan 
of FFr 150ra graciously pro- 
vided by Ibe State-controlled 
Cajssc des Depots. 

All this was going on while 

•• A Freneh Citizen Karie.” N> Edeline, ex-liead of tlio ailing 
programme company 

the SFP was suffering mount- who has overall responsibility 
ing losses with no apparent for radio and TV. has said that 
prospect r»f a major break- this would do no more than 
through into the international inoculate basically healthy 
film market Its income from organisations wilh the SFP 
full-length films totalled only disease. 

FFr 9m between 1975 and 197S. Meanwhile the Government 
compared with an out I re, on the has refused tn be rushed 
production of 2R full-length inti* taking 3 devwun. It na« 
films during the same period of appointed a new interim presi- 
FFr 29m. dent of the production company. 

One of the solution- proposed 47-yea v-old Bertrand Lahrus-e. 
by M. Le Tac to tin- drastic to succeed The ailing M. Edeline 
state of affairs is that n dear and ha" given him si 4 : weeks 
distinction should be made be- ,0 prepare a report containing 
rwcen the SFP’s T\- pm-.-ramme his suggest inns. A senior civil 
and commercial ti I m-ruaki ng servant, who has sal rrn^ thp 
activities, with the latier’to be Board **f SFP since 1975. M. 
hived off .to 3 subsidiary which Labntsse should know the 
would be run as a private com- dossier. But docs he know the 
pany. Another of his i-ororait- answers? 

tee's Suggestions is that, the No doubt. one of M. Lahms-e’-j 
three TV' channels «hi>uld be first proposals will be i« sell 
more closely assuciated v;ith the off some of the prestigious pro- 
production company, by the perry acquired hv his predeces- 
transfer of half SFP'.> capital sor in his aburtiv** I. id tu make 
to ifaem. France Tin* new Hnllywond. lie 

Understandably. 1 his proposal may also decide in slim down 
lia.s not won M. Le Tac any new hi? company's siaff hv early 
friends in the channels which retirements compensation pay- 
do not see why Ihey -h^iuld be ments and all the mhvr devices 
associated financially with a used by oumtrir-s where it i-' 
loss-making organisation with virtually ii.ipuo'ihle to sack 
which they have become in- employees normally, 
creasingly disillusioned. . Nor But where the ultimate solu- 
tion the proposal found any tion ties — short «if making Ihe 
favour with the Government. M. three channel? entirely re.-pon- 
.Tean-Pierre Lecat. the Minister siblc- f«ir their own productions 
of Culture and Communication. — is anybody's guess. 

^Letters to the Editor 


the complexity of th 

. that makes it in 

I . f -aV -ii. distribujjOD of the 

y \ OOltCV taxes would be clean 

, xr-'+r- * of raising or lowering . 

-Trom lhp 5t Ives Constituency lar tax would be clear 
^ Organiser^. i tax experts and inspec 

. Social Defftocrot Party rently engaged in non-p . 

Sir,— Trjpisp.ort policy, for the work, would start usin 
Tast 31Tyeari.a matter for great undoubted intelligence 1 
debate amf-isterest. has for a ally create wealth; a gre 
-\ogg Pfitl&begn. based on tbe of public money would be 
.Iree jayailahilHyL Df cheap oil from inefficient use; atuj 
fuel! -THixiheao oil is now com- assessment - linked tn 

era For ray part. I have , always 
tbe considered that a secondary 
of battery would be feasible for 
ects short journey applications such 
",cn- as local deliveries and shopping. 
the For. applications on '-routes df 
cur- longer duration dad higher 
ive speeds, however, .the approach 
eir or seeking a solutiro by develop- 
u- ing; | hianer energy seconds ry 
hartc^y seems ./Jo be self- 
id deteapog since 0e problems of 
HJ n-chHging ibe extra energy in 
,-lhe c&rginp rjfrle multiply as 

happy job of destrojlo? the ever- New Zi 
waiting queue of innocent and access foi 
reluctant victims. beyond 1! 

You don’t need 3 licence to In fact 
keep a horse, donkey, cat or any allowed 
other domestic animal, so why traditional'! 
make the dog an exception? waters. 
France has abolished the dog Zealand's 
licence ! It is surelv time that economic 
the UK cut the cost of collection course, di 
at a stroke— by getting rid of it mile territi 
at once. Japanese 

Certainly there are problems excluded 1. 
regaling the do? in society at fisheries a 1. 
tire present time, but why do we Govern men: 

did not need 
buiter to the UK 

at New Zoi-land has 
as ihe largest 
rcieu fisher in oil r 
ac-'-e-s 10 New 
mile exclusive 
1 ihe EEZ is, of 
ni from our 12- 
l *’ea fmm which 
inj vessels are 
exchange for this 
i, ihe New Zealand 
rca>-ned certain 

.mot app. 

-rCj • " 

clearly J 

to realise thal the millions of people, some eg#fin| U el cell tfoe vltich had been 
an* changing is the civil service, who wool? like bemoustratea ’ in traction ?.nd 
trated by the letter -tq see the tax system siyplifief other apphe^ons. around 1970. 

from 3Ir:'N. Seymer thioveniher and the creatiem of we, 
9)1' ^. : ‘ merely the spending o 

With* the end of cheap oil in odc* again the prime 
the near- future and the end of work, 
all: oil - supplies likely by the Alan Mills, 
end , of the century we should 24. Fitzjoimx Arenas. 
now he involved in investigating Hampstead .YLV’3. Jf 
po^ible new fuels or alternative 
transport '■ teedias. Thus the 
awearance- of a letter signed by 
_ both British Rail and the British 
Road -Federation (October 31 > 
fS . sign '; that should be 

turn to teeislauon as Ihe solution a eders tending* 'kith the Jananese 
to any and every problem? The Government 'about ■ improved 
Statute books are over llowing. marketing opportunities m Jap.m 
and unenforceable laws a waste for a range of New Zealand'*, 
of time. Our slogan is “Educa- agricultU!:iJ products. 


'^TtaTrespostse however, 

Wtt.aut «. should be couverl- read 

Mil ,nil urhoro a — 1 nave jun» rerfu 

ing Tail- to road and where a . 
"ail Scheme is envisaged Jt 

nm [j bv far - thik most promising 
,L being alternative. 

ason for Althuugh 1 iffighi not nece.s- 
■ sarily agree witflL Mr. Jenkins' 
alternative ciaiiuk -un public 
funds, I lh f nk we ViiTht share 
the view, that th*TS* is a need 
f of disclosure of more infor- 
mation.' The sodium sulphur 
battery has Wen developed 
jointly by The Electricity Council 
-and: the Chloride Group. Share- 
holders •: in- tire ^company have 
. beqn assured thalf Most of the 
' ba9?c research sted production 
the engineering problem? bave been 
Jenkins overeome and field trials of a 

tion is better than legislation 
Lesley Scott Ordish 
Arden House. 

Holt Wood. 

Aylexford. Kent. 

Tltu ..Japanese Minister of 
Agriculture. Hr. Nak&yawa, has 
acknowledged that New Zealand 
is a highly efficient producer of 
meat and dairy products and that 
exports of them are or critical 
importance to the New Zealand 
economy. He lias also taken notv 
of tbe fact that New Zealand'*: 
dairy exports are not subsidised 
and expressed the view 'that New 
From the General Manager, r ' Zealand k the most importan: 
The Performing Fight Society most reliable supplier of 

Sir. — Your report (November dairy products, and that when 
7) on the decision of the Office the Japanese monopoly importer 



Mr;-- y. 

"iNortinber 6* in .which he com- Battery, fitted to a road vehicle 
nolicv°is rented oh the grant of £1-9^ ‘lo are . icheduled to. start before 

SS i° ?hf‘ JSSLPaS t iny company;, towards the the end of IffiS.'' (Annual 

iSSPiviu S at the' <1 ® ve,0 P ment o{ the sodium report. March 31. 1978). Clearly 

V n tirlL be adopted 111 e -^nlphnr battery: ■! am not quali- fte company chnld make a 

Thi- nA ire« win he fied t0 assess whether or not tbe demonstration of. this vehicle 

the Gotermnent should also support available .-to the public so as to 

‘of Fair Trading (a) not to refer hutter and skiin milk powder, 
the acreements between tiie a ' tradin’ 

performing Right Society and its organisation, needed to import 
members to the Monopolies C*- “ ,thAr nf ,hr ‘“ 

ir. nr ^ tetter should be corrected. assistance in allowing 3 realistic 

of Mr., JenkiiiSj is correct in comparison to be made oF the 
w^f elther ^auL a stating that the sodium sulphur two Jtery different .alternatives 

Of the battery needs -to be kept at a advocated 

Temperature aronnd 30*.» degrees myself. 

mission, hut (b) to place thel 
oil the Register of Restrictri 
Practices, was inaccurate i 
several respects. 

The society has never argued 
that tbese agreements should 
not be subject to registr3tir 
** because of its unique ant 
highly specialised function.” It 
argument bus been bused pure! 
on the legal advice it 
received that the agreements 

Jenkins or question are nor agreements fi 
the provision of “services” wil 
in the meanine of the releva 

, '*« 1 Tfc!! l Ln «.n * in mil input'to' maintain this tempera- Eccl es, Manchester. 

Jv This wil mean a rttern to rail- tu j; e ^ f3Ct the bartpr> . Js coo . . • 

ia?ed systeins. \n London it_ ' will t ained in as • Insulated box. 

-V nean that lines tike the Jubilee We CBi; -: b # varyhic the thick- 

/ ; me !3lLS?lEL “ s* ness of lie WriilafloS l design the 
he existing lines and m rural ^ atter _ maintain its tempera- 

'rite« Hn’imiTntb/lSflSfThul -* ure ter?ery lone periods witb- 
if lines closed in tbe 1960s. Thus Q heat Inn at In practice . . _ 

?ans£artetinn f eees^ir? the redd of cou ^ since t J |e am0llnt . of f^rn'the Secretary Pro-Dogs. 

Sr., "f5 ^ OTer ^ we “ n s,M * 0D “.'is- gigrTle Wue for caniof 

L „ ^ f „ m ^ trie vehicle is volume restricted. Cotftroi (Men . a 

Increasing the 
dog licence 

either of those products, it would 
take account of tbese considera- 

It is. however, quite incorrect 
to say. as .Mr. f 'wens alleged in 
his letter, thy: there has been 
a sale to Japan of “a very laree 
quantity of dffiry products.” In- 
deed. at present. New Zealand is 
nol making any sales of butter 
to Japan. 1: ii were opened up 
the Japan? 1 ? internal / market 
could not in l» v event provide a 
viable alternative for the 
quantities of butter New Zealand 
is permitted by the Euronean 

s being: 

1. M. Tankard, 
*lot .93.- 

’oTferen Eftaie, 
’orfhletjen, ' 
•lelston, Cornwall 

_ . _ and Matters 

we rausr' compromise between November 9). opens with a pre- 
insulation thicknes and beat loss, disable cry: -** Raise the licence 
In our. case, .we have coni- fee?*;. 

promised-, rqn . a design Certainly something should be 

aUbwa ; thie-battei7 to stand wnn- done- abouf . the- dog licence; It 
out use tw.chargina for 4S hours ^ shan’t make good housekeeping 
and. still be Immediately opera- 10 have the whole of the revenue 
tionaL Putting numbers to this- collected fiafen up bv tbe cost of 
the beat loss from a battery c oUectiocu -!lt is- estimated that 
designed to power a parcel c . vea at , akja y . s modest rate of 
delivery- van . is approximately 37^ half: the dog owners do nol 
1 kW. ' ; . . buy a licence, so how many are 

u- a urn}- - ' It is easier in faer to goiiig ope if the cost ra 

tite® m. • » . the temperature "Of a battery increased '-.many times? The 

Sir, The case for tax Tefonn, v y^ it'ts operating' out on the -^otkirig partv report on dogs. 
^ never been sponger (your road ^ ir is at base- puba5he d^ iSwS accepts Thai 

|.ader November S) but surely Tbp nflrma ] electrical if the licence fee is raised to £5 

k key to it is first and foremost sufficient to do this without any it- ~c«ui especr“np to 49 per cent 
.mplificatian . - -- external source of heat- t-niier 0 p. dog owners to continue to 

For instance, as a-.start. tax th|J mor a arduous' duties « wiU t -vade purchase— even with a 
^ considerations would become .^aye to provide some cooling- ^rden service empowered to 
rach clearer if: the tax year was j s j, 0 „i,j a } 5 o ifte to P° ,nt inspect licences on demand and 

[vA simplified 
tax system 

teeislation. The society has nf Cornmnnity to export to Britain 
“ withdrawn its objections” ft ftotall.irc Uo.ffiO tonnes in the 
the agreements heins placed a year t9?nt. Despite - our eon 
the ree*ster but has not active* tinulnd efforts tn ^diver-sir? w> 
opposed tbe OFT's decision to ® will' oontimre m depend herjvib- 
rhis because it has befc hevnnd 19^0 nn our - traditional 
advised that its position, a® British market for our butter 
(more importantly) that of £ exnorts which are vital to our 
members, would not thereby £ rtniry irrf;istTr and the whole 
prejudiced. | >' & w 7*a<nnd economy. 

'Neither is it the case that tn| i55?r) Dotrala' Carter, 
agreements in question concern \Vir Z'T^tend House. 

“ the provision of writing « Hauinorket. SW*. • 

composing services to partial, 

other than tbe societi' ” Member|^ 
of the society are entirely freer, 
to write or compose for whom"-, 
they will: the society’s sole fhne^ ; 
tion is to administer some 

not all) of the rights thev enjoy*- r.-./.rrflnjrfitin m**,**** 

nnder copyright Legislation. .C- From the Oo-ordinating Director. 



M. 4. Freegard. 

29-33. Berners Street. IVJ. 

of Economics and Europe. 

The National farmers Union 
Sir,-— Your report (October fiOi 
of the recent survey. of E1EC farm 
policy by Aprs -Europe gives a 
completely misleading fmpres- 
4> sion of' European fanning 
/- incomes. It implies that EEC far 
— on average, an 

is about three 

# * ■ ... . , .* SUV St iu * • ■ 

■ A 1eatifi.vl wtih the calender year: ftar the . thickness 

3. compulsory dbg identity disc 

X accountins for tax was off an Eolation” and the ^ectricai syst em.; U Is a fair bet that in 
?tual calender ye-ar basis: aii josses - have been taken ] nt0 that same 40 per cent tn 60 per 
fgaoisattons from nationalised account in the ^taim that - sodium rent -the " latch-key “ owner who 
-tdostnes .to sole. Traders pre- sulphur batteries can provrae causes most of the problems will 
ired their accounts to Decern- t j, ree times as much energy be" found. 

.r 31, published their accounts storage/range as lead-acid 
V the following March 31 and batteries. .. . . 

^solved and paid all tax due by jj ; Halliwell. ■ 
te following June 30; corpora- Rood. AsUmoor, 

^n tax at say 20 per cent was Runcorn. Cheshire, 
rid cm the audited operating 


fofit of companies published in 
^ ,elr statutory accounts; there 
,yT.%s a small turnover tax of say 

- ■! per cent; personal allowances DOW“l 
sre always rounded to the r • 

7ZZ. rrnm Dr M 1 Gillibrand auuiomies nave nao power to 

sarest £100; there we: re F ■ j' etI ^}^overaber 61 employ dog wardens since 1972, 
e most- two tax ratek for infix Sr, Tn 1 W- : tlfles tlje a0l i over lOo are alrendv em- 

» a 5 sr S «II 

SHioSh. Plus sulphur bsuen- so 

" ff ™ «« OP UP- tot - —5— — JSLJSm Thp Jt m a suddeu 

braed income. WO nld also increase in the doS licence, is 

Tbe consequents 0/ a.sjmple jOrpu**lic ” be made that it is likely to be matched. by 

t system % h , e systems a sudden increase in the number 

raid all understand vt and }l ra . thP needs of of flogs abandoned, with further 

mo Id- therefore Iretome equi?- which might nieci tne -- 

le; above everything, else it is electnc road Lransport- 

New Zealand’s^ 
trade .. 

From the High Commissioner. £ ^cwne^^ich - 

Ve7r Zealand High. Commission y nies u f ti»c average wage in 
•Sir.— The British fishing inc" eac b meinbcr ffuntry. 
dustrv received support from atr ; ^ more ihoruugh examination 
unexpected quarter in the letter*^ t h e report itself shows thi- 

from Mr. J. D. Owens, of* st a\emer»r to be based, on income 
the Dany Trade Federation da i a for farm- of over 50 be*-- 
(November 7i. .That, at least.' t^res This immediately excludes 
was the initial impression: but the vast majority of EEC farm- 
regrettably it soon became dear ^d, in fact, iii e figures in the 
that Mr. Owens’ principal pur- report are dra»'n.fnnn an EEC 
pose was to use the fisheries survey which ibe Commission 
issue as a reason why Britain itself agrees i* not reprewnta- 
should not seek continued access five. A proper comparison of 
for New Zealand butter after farm incomes in tbe Community 
1980- w ould show that they have cori- 

It is the Federation’s job to tinuouslv laegd F V behind those 
work in support of the British obtained el&wherfe 
dairy industry but I would wish it -Is notoriously difficult 10 
that any reference it might make compare farm and nb&.farm 
to New Zealand’S role in the Incomes. Bui. if we 1? to attempt 
dairy market would accurately a comparison, fben aljowing for 
reflect the facts. Regrettably a return of orl>' JO P er cent on 
Mr. Owens’ recent letter did not tenants capital- tire average UK 
do so and indeed hia whole farm income in '9*7 amounted to 
argument was based on an un- only £3-^ 3 r,£ f Ure ™ot ijignifi 
founded assertion. Mj. Owens cantly diff^rerit from .the average 
declared that “New Zealand . . . nation at wage- From this, how- 
recently allowed access far Japan ever, the uunke 'most 

to its own territorial waters tn wage earner* ,i;<d t0 fiIJ d fund*; 
return for a sale to that country for new 
of a very larse quantity of dairy JT- P- Srraus^- 
products.” The inference we Agncuiiwre ^2;, 
pressures qs those with the ua- were invited to take was that h'ntflhtsbridp* ■ u 

T5«e' whole of the burden of 
providing -a warden service out 
of -the higher dog licence 
revenue vrtll therefore fall on 
tbe responsible owner who buys 
Ms licence and has not made the 
provision of such a service 
necessary.— 'If the community 
needs wardens surely the com- 
munity should pay. • Local 
authorities have had power to 


President Eanes of PormaaJ 
meets lire Prime Minister at 
Downine Street; attends City of 
London banquet Guildhall 
Russian Foreign Relations 
Depart ment in UK issues state- 
ment nn Soviet shipping policy. 

Representatives from Consult* 
rive Shipping Croup countries 
meet US. delegation in London 
to di-au»..« liner trade (until 
November 17 L 

GATT negotiations start in 

Basic rotes or waueff and normal 
weekly h*>urs (October): monthly 
index of average earnins« (Sep- 
tember); cyclical iml tea tors for 
ihe UK economy (October). 
Ilousc of Coinmnns: Debate on 

Today’s Events 

motion to take note nf -develop- 
ments in rhe EEC. .January to 
June 107S: Motion on EEC docu- 
ment on mutual assistance. 

House of Lords: Debate on ihe 
growth of Quanpn* (quasi- 
autonomous non -envermnemal 

Select committee — European 
legislation. Subject: European 
snidtei. language lutemn imd 
studeic admission u> higher 
education. Witness: Mrs Shirley 
Williams, Education Secretary 
(Room 15, 4 15 1. 


- Final . dividends; P>.-vhcy 
Property Corporal i.m Inn-rim 
dividends; Alidit P n kaciljB *!r..iip; 

Beeehara Greun: Brown Shipley 
Holdings. Chamberlin and Hill: 
Charter Con.-ol -dated. Chloride 
Group; David Divnn and -Son 
(Holdini'si; Ea.--i Midland Allied 
Press; K.-vsr-r I' Holding*: 
London Prudential Inve.-tmem 
Trust: Warner H.ilidavs; Win hr 

Construction Holdings. Interim 
iiaures: General Accident Fire and 
Life Assurance Company: Kuala 
Selcncor Rubber Company: F. W. 
Woniv.-o* ih anrl t;o. 

H inland E tot- ironies. S. t dri 
Su-tne. Rriuliiun. 12: London and 
Sirtlhclvdc Tru-i. 2. Si Mary A\c. 
F/\ 12.:lh. Sanderson Murrav and 
F.ldr-r. Victoria Hou-i. Bridge 
'Streel. Bradford. 12 1 V Si-hol r-s 
iGlli. Wvle:: Wt^ks \ian< h'.stcr. 
12: Smith W.iSK--. Midland Hotel. 
\v\*. Mf.-t-l. Birmingham, J2. 

Its a reasonable assumption tliat 
any businessman planning a trip to South 
America would rattier spend his time do- 
ing business than sitting about in airports. 

But if your itinerary involves travel 
to a few major South American cities drat 
is exactly whatyou could end up doing. 

Fly Aerolineas Argcntinas. after all 
we know die interior of Soutii America 
better than anyone else. 

We fly 747s and 707s direct to Rio 
and Buenos .Aires widr connecting flights 
to 46 odrer South American cities. 

We have up-to-dre-nrinute infor- 
mation on flights, times and connections. 

And you can book everything here 

So, next timeyou re flyingto South 

fit’ Aerolineas '^ Jrvab 
Argenhnas. AM© a 

Financial Times 

vtfediiesffay ^Norember IS 1 07$ .. ;>J 

recovery lifts Smiths Inds. 

A _ SECOND-HALF profil of 
£ 14.50m against £10.95 m u! Smiths 
Industries firim-i the itroup. from 
it? mid term setback. to peak lav- 
able profits of £*2.ftftiu for the 
53 weeks ended July 5 1 07S com- 
pared with the previous year-? 
£2'l.5 lm. Turnover r'l' 1 ? hv over 
£30m from £224. lm to £234.7 m. 
and trading prefii* improved from 
££I.Afrn lo £24. 1 3m. 

Af the interim since trading 
profits. ;u »jj7m t£9.!i7mj. bad 
been adicrcely directed to the 
rune nf some 12.5m i»y industrial 
disputes within the aviation divi- 
sion and by disruption in ihe 
vehicle industry senerally. 

However, during Hie sitoucJ 
half turnover and tradinc profits 
were 17 per com and S3 per cent 
hi?her_ than the latter hair or the 
197fi-i i year and trading profit 
margins were It." per cent of 


ripspile a 22 per cent fall at the hair-way stage Smith Industries 
ha> turned in an 8 per cent gain fnr the full year thanks tn 
the special engineering division and a promising recovery. .in 
the aernspaee side, after thu strike-lorn first six months. 
AkzoV third quarter figures confirm the continuing recovery 
;n the European chemical industry. Lex also takes a iuok at 
ihc market after one of the best days Tor over a year. Else- 
wiuTi 1 . Brst half profits at W. H. Smith are lilile changed -after 
allow mg. for the depreciation of freehold property which has 
been made for the first time. A 42 per cent increase in interim 
profit* at. Land Securities was in line with market estimates hut 
there ate hopes of a .-ubsiantial increase m the dividend. LCP 
has - rt"ne well to turn in profits 20 per cent higher excluding 
ai-qui'itions while Sketchle.v is showing strong volume gains in 
dry cleaning. 

turnover. The directors state. 

^stated earnims.s are *hnun as saiisfartoiy in the con text of a 
35.." p ner aon share aeainsi 28n depressed economy, the directors 

and Ihe dividend For t?ie Period .state. 

is stenn^d up tr> s»»92-»n (7.24«9y<» 
net with a final payment of 


To "Husn-W 
WJiiclr mTmxfjclurlnj; 

othi»r hdm'n-" 
Throuch dl»ioh. trapse 
Oversra^ *iih;i>j!?rk , « 
Lois Inii-mtl ',al»s 
Trad'ne nrnfii 
To in»lusiri“s 

V ■'liii Is msnurocin-rn^ 



Oih-r iMusin i 
Thrnusli ri,<> rr’ri*'* 
0|S.-«cr.« Wh^IlAnrl 
P^Bfil brfore 

\*l prflli: 


rvirsorvlinarr d<>hli 

l sav or . . 


n (?.2469:>» The tax charse is on the -SSAP 
ayment of 15 basis: full allowance has been 
_ taken for stock appreciation 
wtr-.i reiief and capital allowances 
«?!%, ss. # ?nr "hi'-h have reduced the tax 
jsn .'io iis iso charge by £4.3m (£2.9m l as com- 
ikrvi si . mi pared with the previous basis of. 

JI2! providing for deferred tax. 

41.TTW :;A ,v»i 

Advance for 
LCP in 

first half 

engineering— fun order le'els are 
retained theflfe hut prodi»:t' on has 
been severely . affected by disrup- 
tion within Ihe motor industry. 

The group , s-'con!itruelion com- 
panies are Operating satisfactorily 

arid full production 'from the now 
tunnel kiln has Inert* wo , ,hr 
profitability or • the hriek-makmy 
operations, the directors report. 

The vehicle distribution division 
achieved- record profits but per- 
formance is now sufferins through 

the inadequate availability d 

vehicles, spares and accessories. 
Sales .‘in • homecentrc' benefited 
from the Improvement m con- 
sumer disposable income* and by 
the opening of four new -fores. 
The recession within ihe metal 

industry continued. • out 

despite- strong pressure on 
margins, the metal* division 
achieved satisfactory pro in*- The 
fuel distribution operati’- 105 main- 
tained their' market position and 

the- builders* merchantim; activi- 
ties were extended. 

The demand for new industrial 
buildings on trading 
Pcnsnett. Stourbridge and WlUen- 
hall continued at a high level 

i H 

Construction eq SP»^/group early : October^^pm^ due to the 
LCE.G. has -drifts *)*5w6t",iirto pressure on their 
■ "toss in its^aSrfli» n S s *^?WV i to: other^qatfpgfycfg?^. At the tube . 

March 31 IU7S. * PJS^tasf jfepefi' 1 i>f their. ere & gfiaij tt n. they ex* 
.'-■ ' n f t gfjp u- pwrtaivio : uid ptainwf yeMerttW.'-tbes were not 
. «raiimin9rir fpp.'flitf 1 y»«rr.aware Of the tiSfcrelice of. amfdis. 

ftir the rarresi ,n a^ c*eriocL.- JCEG .sStaif:- yesterday that The 
Moreover dfe-enM&sv. '-of- ^ ««iakne^. J& «rtabL: accounting', 
£73 l 21G hare bee d ^W>fired hy procedure*, at .*h$n Machfery 

• e :i«tf|lRV M ' ■ a M corrected; on,** 

scnfHsh suteid^ - -4bd J ; - The, covei?- hy.the grQUB_anditor&^ ; 

Sunts S Om tb* ^radmsf fwm the gmup.' 

- shortly are Jiket ^ ^Sjtw Med- reported ' ^hat theffirst huprowe-. 

by the Auditors *° ^hanfcridenri mint in .The . manufacturing 8 ciyi. - 
‘ is declared* . /-P*5 Qcttjber, 1677.. Bui 

JcEaw i at, pc^gre.ste'px ai nurotoc, of f bdrerre, facrors, ih 

"'dtertSBiw <cV‘We -been ;WOto?ged^ns^e*t^ facto tr.on: 
dlscltMed by thc rpou P lS? 2udi t or|,'- a^ imriortipt Con^Onpnt suppBur 

that satisfactor pr^dnres ara. r® 1 ^* to pcofit.abJUty. ... . 

enforced: -fiv - t> ”.rlhfr . :Ambdg.hIatd-*ite ^activities. 2o& - 

company M is largeST : Cbmpany^v Trimly P^nt 

advisers orer n^sIWfeitrtjrses'-ttf Htre/refumed-lo profit and Isjw- . 

• action available 10 ft^ th^ light ported td' be. Showing substantial; 
'*£ the auditor comments:"-: *' ittOBBaidd ’the^ "cufrant year. But - 

. . , - ' v 0 explanatii' 1 w«Svfbrtc6tning ■ plant -Jlire Acnyities- m ScotCKid.-. 

, ia»,* | ni*na t/SLjaj the com r' ny'^SJwdiy on' were severely ^JepceKed through- 
Mr. John Young, chairman of Young and Co's Brewejy, uh^^'how the dicrepJ^pies-V-, baxe eur-the year. acCouptipg for about . 

reports ti> tare l» «r« half profit ;f < ’ 



report an Increase 

-: w £s ?. And Carrick K^^vand- :Co, ... Hbwfetrefi the-openlrig months aT 
■£. former auditor KK-tbe.-. Scottish^ fbe caETOnt yelpr Stow an: upward 
^ Subsidiary, Jo-nssB^^chtnery,'' trend-in ^pliant hirer yales and an 



SIGMFlt'AVT ADVANCE In Although taxable, profits at LCP 


ic vear-end trading performance by LCP Hold- ar * °P a third, grow th with- . Laundries- ‘ in/ 

M Ptr m fcw In. U*# «o* half year Ended out ae^elHnna. In nearer ro Per **"7“ “.“"Eg , 

Vi'M I I'.’ 

J’.WT 20 "IW 

- iii'Iikv- and r-fttii r- m r in.-« profip.- Af Advance Laundries 

iwh-r vi-ih hnnar. and rar... r shov 'a marginal ri«- from 

In '■'■hid' «"-*rv t an/I C. r -^. .-nr r-irf'"'. Pt rj -e_ :_ > k :r 

r'o-vs. uaichct. amifrcr-* and ^orrV *I-78m in the lirit hail 

K'UIIIIU Ul llllIUMIIdl :ill« e-tVlltMIlIV jT" .. , ----- f * . T .,„. 

uncertainty, it will ho difficult ro distribution {about 3U per cent of Globe Trust - - 

increase profitability in the preWjVled the way with AukusIs ha* 

second six months, the riireciors reco r“-.?, lowdl of registrations JLfcj ■"•■ 

sac. but they will make .every providing an extra boost. Home- -*nd becurtlies 
etTori to strentMhen and improve cwtirea-almost- doubled ihelr con- LCP ■ 

lh- trading pa Hern. Iributwn while rental income enn- J. N. Nichols .. 

Pre-tax earning.- per .share are fmues-to roll in and forms a solid N^herii tinldsn 

shown ai 10.6p tS.Tni and 7.2p base for the group. Troubles at Mtetehley 

against 6.3p net. The interim Ford and Leyiand. ho v ever, cast *»- H. >n».fli .. 

dividend is stepped up from 2p io 3 *"*ubw over the second half, wwths inds 

2.3p — last vear s total was 4.79 d While .motor dealers can keep Young and Cos 

_ — m ■ ini certainty, ir win ne oitdcuu io 

fl Qlin/IPlUC increase profitability iri the l' r0 ‘ 

I J 1 1" j | ivo second six months, the riireciors reco 

s.w. bui they will make .every ^ro' 

— .d. 1 cITorl to strenglhcn and improve ^ 

fOSr lh- trading pa Item. ,r,b 

AliVaU Pre . JaJ{ per .share are 

nv Tina vi wen , t shown ai 10.6p tS.7ni and 7.2p base 

™nu^ N J h E m ,-L “i; 4 , 5 .™ against 6.3p net. The interim Fort 

dividend is stepped up Trom 2p io 3 *} 
profir- -of Advance Laundries 2.3p — | as t year's total was 4.79p "-hi 

from pre-tax profits of £4J22m. ? oin 







spond ins 





year I. 


•Tan. 2 


■ — 

I gg- 


3 85 

Jan. 2 





-Ian. 4 






Jan. 12 




Jan. Ifl 

Ml • 

2.5 ■ 





— _. 




. -t^n. 23 

1.46 : . 

— - .. 

4 15; 


y “ 

Jan. 31 

— . 

‘5 - 


Feb. 27 


- "7"-: -. 





Nil . 

. 0.4. 7 . 

. ..;nL 

i ■> 

Pec. 1-* 

I i 



Jan 3 





2 71 

Jan. 11 



int. .. 

0 Kr5 

-lan. 22 

i< S3 

— ' 

2,W : 


O -l T 

Jan. 4 

‘i 7"' .. 

_ — 

4 .83 


o’ 77 

Jan. 20 



•lan. 2 


S.09 •■' 

■735 . 



Dec. S 

16 .- 

!-n ; . '- 

3. IS.- 

r ‘ expressed surjrisevw^the* -rfls- wnprpvemeu 
: crepancles. Cari^ ^.resSgwd 
l as auditors to the ^fefdiaiy.’to profiTable^t 

'fines of map 
.trading Hg 


; .-. . *% ■ Cr;y;;: ■>' • 

open ipfirket option 

: fife company 

aarRet. bptlflft'.to 3^»73p* pwi. group: mal^s 
byed pension :$obt -btowfng equipment, ^ VaJves 

ponsion vrtthi- 
buy a pensit" 
-company. Thib* 

te.firiojhei' :Uf* 
J^e-no penalty ; 

J. Nichols 

■bote mft4 

plucc. of I97S. 

Ovnr vho vfar .is a "bole mti4 Stated earnings per lOp share 
activities in proved both turnover moved ahead from l£tp to 2.02p Turnover .... 
and nrnfit particularly th 0 marine, and the .Interim dividend is held TraiJin* profit ccr.imj.-s. 'rubber and af 0.3p net. There is also to be a f/ t)I *1 rlT >1 pr 

Six monihs 
1WTS 1977 


Property profil 

SL #1. increased oy rigms- or acquisition issues, z tnaoncK supplementary^ - the £rst. 

iSS* a‘ IncI ^ supplementary 0.0235p. ' Includes suPPremenS?;^^?^’ u.raifi§&SS 
d level of interest rates. H operates the annuity.?. 

Mondianrlrut and Mltir. 

hydraulics business and distribu- .supplementary paymeut of O.Q235p inwnwpaySiVf 

ticn generally. 
The Jos>cs 

dock com nan v 


in respect of (be reduction in profit before tax "!! 

Ihe. ACT. This brings last year's total Tax 

recent vears to I.SHflOlp on profits of I3Jom. Nel pront 

were arrested, bv the half year. Profit for the half year is sub- The directors say all divisions still seem 

rare two halt. The other worrying factor, 
S4.71T 63.441 in view of high borrowings, is the 
"**•; increased level of interest rates. 
■ »aoi Nevertheless, with the help, of 
T.m “‘sos June’s rights Issue, searing should 
7.9Q6 240V be down, to roughly 60 per cent 
, by the end of the year, while 

i.9i9 Lois profits of around £5.4m <£4^rul 

At 90p 

r>ver«en<. resulrv nf the Austro- ject to tax of £924.325 ({K97.609) improved Iheir performance over shares are on a fully taxed p/e 
tim snbsidiariV* were lower lhan and minorities amounted to the ccmoarable period last year, of 102 and a yield of almost 9 per 


hut c»n h*> considered £246.954 (1256.483). 


the cent. 

Land Securities 


Interim results / 

John Foster 

•S • 

£ 0 , 62 m: sees 

SPINNERS AND weavers. John cloth was tLt. 

Kiwter and Son, is raising around Tiie direei. r S state 

’ T-On capital; value will be tratnttttBd. ' ‘ : i-CPAC- TlAStlT : : 
vufipteuientKy;:- However b the first. ' 

supplemental, life ’ .orap^T^cb , stiff:. > --r - : v - 

. • operates the old; rf^ired annuity- . TAV* ' VP'S) T" - 

— ' ' i "i • i_ of scbiinfi-:%-riDajke. this-..- ll/l T V«JL 

. announrexneat- DB&^fljis'typCuf - ’. ." 

— 1 ' ' Vpl.irt the irrestojfelipys" a/bbsic 1 THE DIRECTORS -of 'Ji N. Me hols 
P *.; . guaranteed amdud(2-.of'- penwtn -tVtmto)^ Jnineral water maoufac- 

r--V - bach year tc whicMsidded-*bous turer, report: a_. jump in. taxable 
pensions ansinerfcOm- the SaVest- profits for the .half-year to Sep- 

— 'SStSfS.* S^SoMadto;thTs-ttmber ao. 197& Xrpaj to 

' ' ■ scheme the inwSftte is' aihtibg at £658.006 on Turnwer,;ahead from 

• ‘ . f p^on to-^55m /Pr.ofit for - Ihe 

tZ scheme if sinipS^to. aenitodate a wtiple ofthe. previous year was a 

SJ133T' cash futW whi^at r^tfrement is r ?2ig r~Y *h a r tmi ™ 
HL&£2ta used to uuy and the r ^^ TO , ( TpT s . fe ^4^ at *L tr ^'- n - :? 

f. ® 

M- perfomonce. . 0 '.figures w|U be satisfactory. 

V rtnwa Unde* a CTSh ..accumulation . An interim dtvidehd of.£2J5p 
Will I systeir tbe:c«h sum available at net p»ir ; 25p . shAra \ has been 
■jif --,***■ retirement -^already: determined (Jedared. against 2-5plastfime— 
7.‘“- on. pet investment -performance..^ 'last' year’s firiai- payment was 
iSr; ;- v - .. But Ludera^def erred annuity, the 2.75p.- - ■, t -< 

e t^k iii newt jeash vaiije . of the pension pay- Profits induded from the 

The Directors announce that the unaudited consolidated results for the six months 
ended 30th September 1978 are: ■ 

N . 

Year to 







(Figures in £000’ s) 

Total income 
Net income (Note 2): 

HMet rents less outgoings and expenses 
•Less: Interest payable 
Income before taxation 
Less: Taxation {Note 3) 

Income after taxation available for distribution 
Earnings per share 
Basic (Note 4) 

.Fully diluted 

30 . 9.78 

, 30^77 


/ 31,018 



/ 23,204 



11,478 ■ 


5 , 968 / 


5 , 51 ir 


2 j^ 7 p 

2.01 p 

2 .J 2 p 

one-for-eiphi Tlii* com;* res the wiai funds required .. 
with a market price of 4:ip be raised b> .in iisue of 
yesterday. capital. / js . 

Since Ihe issue ha« been under- 
; writ ten by ECI. Foster is getting 
ia hitrher price than uould other- 

r i5 1,^? b ' a jH, ab,e . lhrQUi;h 3 con ' at around 

capital. j 

The proceeds /will I -c 
modernise the (moh.iir 
plant. i . / 

Currem UK?tjorroif.r 

TenUonal rights issue L riv J* io« 

feva Sndn?‘tu,h Ka. “SfS" jjMTto a 


■opnn.'jfof per.dfh annuity rates, rather than ^v. ■ 

ired .Jpu’d ordinary jmmediate annuity rates. ( IfPJjniP 
ue ^of i»4w ir, (jete^mlning the pension levels. >^5, aUU . 

irj conibinj immedia^ annuities. ; i 

/ B . The cofopany does not expect jOIllt- OflEDCHlS 
fins*, stand many self-employed to take J ■ ■ ^ T*r*J*“» 

idvantage this option. Its OceanirFliianee'^Gorporation of 
in ?- 10 impie- dxperienve" qf executive -pension Bermuda and the. Loudon branch 

his^d \ 

rosed issues, an . r h ernes, where an. open market of Marine MldlandT : -Bank. have 
meeting will be riniinn'- Mom »vaHah)p. -for srrsnppri a riXSt2.Sm finanrinp 

will be 
ro approve 

partiCJpatin5 capital f am 

on the same basis. ..ruiinn . n r ‘ 9m o<4e(iti.->n^i 

on me same oasis. the tTea (j on . 0 f . 2m additional 

. The directors also forecast that Ordinal 25;) snares. 

^re-lax profits for the full year Atcanwhile. -Foster's first half 

it ion 1 - ha* been avaHaWe -for arranged a U-S-S 12.5m financinE 
^verak -yean % that very little for the acquisition of two 
switch in gr^akesgilaciB. 39,000 -dwt product carriers, the 

l ^ • *v' •• Dona Evgenia, and the • Dona 

Clyde Blowers ^T'two ^ ^ . being 

r»i acquired by two Liberian com- 

protlts riSfex panies. Balmsrol . : Jhfpprtre 

r ft * . - Corporation and Carnoustie Ship- 

Profihr of Clyde . Blowers ping Corporation and vrill join the 




1. The comparative figures lor the six months to 30th September 1977 have been restated to give efiect Io the 
decision lo discontinue the transfer from capital reserve in respecl of the net outgoings attributable to 
development properties. This decision, described in the Report tor the year to 31 st March 1978 was effected 
after Ihe interim results had been announced. 

2. Nel rents include £4,980.000 (1977: £3.954,000) inleresl receivable on short term funds. 

to March 2. l»79, will not be result*' sh*-w a pre-tax profit of riffnlrC T1CP nanipx 

maiemtly different From tflTT-TS'.s £42.16#. compared with a Joss of -Jr* Cornor 

on which a dividend of OSAXR lasl time. , VProf.h/ of Clyde " Blowers ping C 

fop nc; was mud. The spokesman Srfled earnings .are O.lp per increadW from £329.196 to ES57.44S fleet < 

explained .nat while exports >hnre. A inierjm dividend of in tbp .year ended Ausukt 3). owner, 
(more lhan half of group sales) Ip is being paid for the first time ' . ■ .— —■■ — f A - 

were expected to show funher in four years. The directors pro- 

gronlh. the home market for pose to pay a final of l.op on the p» ,-s- -1 ' *-• .1 - 

major -Creek ship- 

lop-quality mohair and worsted increased capital. 

3. The taxation charge for six month periods is computed at 52% whereas the charge for the year is at a lower 
rate reflecting relief arising from capital allowances. 

4. The basic earnirrgs for the period reflect the issue of approximately 13.2m Ordinary Shares of 50p on the 
conversion of Convertible Unsecured Loan Stocks in September 1978. 

Minimum £0.45m forecast 
by Andrew Findlay 

5. A forward contract has been effected lor the purchase of U.S. dollars to repay the $80 million loan on 
26fh February 1979. The consequential gain of £1.015,000 over the liability as at 31st March 1978 is dealt 
with ihrojgh capital reserve; for the six months to 30th September 1977 an unrealised gain of £735,000 
was similarly dealt with. 

TftE DIRECTORS of Andrew R. m 


Findlay Group, the Glasgow -Iwsed increase at Andrew Ti. Findlay of 
tool and hardware distribution Manchester. 

^-whenyou trade 
in commodities 

are forecasting pre-tax On November 2 the eomoanv 

An interim dividend df1-5p net per share, 2.239p gross (1977: 1.5p net; 2. 273p gross) has been - r \ 
declared and will be paid on 13th December 1978 lo holders registered on 16th November 1978. The ) 
supplementary final dividend of 0.05772p net per share for the year fo 31st March 1978 payable on • 4 
the Ordinary Shares in issue on that date will be paid on the same date as the interim dividend to V 
holders registered on 30th September 1978. >• i 

profits of not less than £d.45m announced a plan in raise* the 
for 1978. For ihe previous two cash by way of a rights issue cf 

yeurs profits have been virtually tUtOAOn new eisiii per cent con- 

un-’hansed at £0.44 m. 

vertible cumulative redeemable 

The current year forecast. r.->n- preference shares of £i ea»*|j r, n 

a document fibrins a one-Yor 10 bast* ai £1 per share 
the planned and by nay of a convertible loan 

. • - • * i; C 

Devonshire House, Piccadilly, London W1X 6BT 

rights issue of preference shares, of £2i!U.UOO" 

is based on the assumption I hat Thr; rights issue has been 
gnus margins will he in line with underwritten by Equitv CioitiL 
!«i't espenence and that there for fnduvtry. ' * ? 

will be no material adverse effect As part r,[ the finanvinj 
fp'ini industrial dispute* or arrangement*, the Findlay fimilz 
changes *n the economic fortunes have entered into agreement? 
of .suppliers and customers. wiih ECI as io Hie sale of iheic 
In addition, ihe forecast is rights to 242.839 i4n..'i per rertil 
He- pendent on a five per rent rise nr the convertible preference 
in volume safes over murh nf the .shares beinu iscued. 

' f The ordinary shares arisjn*’^l 

Crown House has a lot gdng on behind 
, the scenes at the National theatre. 

I . — 

T r f- -*J_ . ** ... T nnelrMi’c .....4 +I-.aot m on fhn.'snnth R-mi.- ic ono 

London’s famous nev?. theatre on the- South Bunk is one 
of many outstaclmg recent developments where the 
engineering services— flectaieal and mechanical - have 
been installed by Cro^n House Engineering. 

^ Some others where either electrical or mechanical sendees 
f\ have been or are being installedlnrethe new XatWesL Tower 
: \ rtnw risinnr in flip Pif-ir Print Cross Shomiinc Centre, 

f me o rumary sn.ires arising 

from conversion, togelher with tha ' 
ordinary shares ari. ing on Tull 
conversion of the convertible loarL 
would result in ECI ftfiinioing a ^ T 
eventual minimum holding of li f 
per cent in the com o- my. 

The balance of thr- family’s i 
emit lenient of 76il9S preference- ? 
shares will be taken up b.v tiie 
family and in addition Daw nay;. 
Day group's snbsiriian.- intend la ' 
take up ils rights in respect of 
all Ihe f*9.Stt! prrfori'nrQ -shares' 
lo uliich ir w ill become entitled. 

The d i reel ors of Ki nd lay say 
l hey will vote >n fnvimr in respect 
of their own benofieial hairlines nf’ " 
{.(•24.128 .^h.irrv ,37 1*7 per rail. 

An extraordinary meeting to 

approve Ihe necc-*.-irv resolutions- ' 
vi ill be held on December 7. «; 

Sciectigg^tbe right firm with which m.ifoti nsm css is due of.’ 
the must important decisions you can make 
conruTtodirt futuzvs. Here are six criteria to keep in mind when 
making - pwr choice. We bdievc that Merrill Lynch ranks high 
by eaiifof these. standards. . 

1 . Finatic^al Strength and Rdiability. Merrill Lynch & Co-’s 
assets esKeed SS biJ/ion an'd, as of December 3Isr 1977, ner 
capital was over §645 million -jar more than that ofanyother _ 
scc^6fesor6>mmbdhies&rm. . : T 

" tp.e FT;-- 


■V. Thr 

\ now rising in the City, the Be 

r and St. Thom 

CHE are winning more and more 
the Middle East, Africa 

it Cross Shopping Centre, 
fs Hospital. .. 

n tracts, not only in Britain but in 
id Australia. 



If ‘all the world's a stage’ Crown House isficreasingly there behind the scenes. 
Wp nhvtr nthor narfc fnn Onr cnKcirtie-o^T flpma Glass, is Britain’s bicscst 

We play other parts too. Our suteidiaiy j§en*ia Glass, is Britain s biggest 

j manufacturer of finest quality hand cutftrystai glass through its well 

~ 7 ^ ~ ' ^ rTP known 'Thos.Web^ and 'Edinburgh’ brand names. 

— • y 4 ■ In addition Den^’^stributes annually more lhan 100 

^ rw ! million assorted glasses over half 

g -' J =^ -~i . S which go for export. 

l . find out more about what we do 

Place, London SWT1V 0JT. 
Is' Telephone 01-730 9287. 

Crown House CD 

’Kbu mdy nd see us, but we’re thera 

The coupon rate on thi* week’s 
locul authority yea dines bonds is 
iinchsriL-od m 1IE per cent. They', 
are issued *1 par and are due ' 
on> November 21, 1979. 

The issue? are: Kinswnod 
nistrict Council l£0.23m). North 
Devon District Council i£o.Sm); : 
North Hertforri.shire District 
Council i ffl .>m), Northavnn Dis- 
trict Council CEO 25ml. Strathclvtfc: 
RoBionnl Council Him). Walsall 
Metropolitan Bnrou«h Council 
(£2m>, London Snruuqh of Barnet; 
<£lml, City of Newcastle upon 
Tyne Ulmi, City of Liverpool 
l£lml. London Borough of 
Hounslow irn.Sml. Borough of. ' 
Thamesdou-n (IfiJimL Wevt Vork- 
shirc Motropoiiiun County Council 
l I0.7'»m j and Ci ly o f Wre k l n 

Booihferry Districl Council Is 
issuing £0^5ni by way of four-year, 
neeotiable bonds at a rate of’ J2J 
per cent. N>ued at par. they are 
due on November iu, i:i$2. ' 

Cocrirnodity Account Executives receive cot aosrvctijairu tig - 
supplemented by a full range of support services. You are ... 
asairedof highly professional sen iceat cveryjleve^ ■ '■ - 

3.- Research. l”he Merrill Lj-nch Commodlcfc. Division’. . - 
nuarnains a full-time research staff of highly skilkdspeddtscsa 
analyst? and market technicians. A constant flow* of analyses, 
forecast* and trading suggestions mean diac ypu are never at a 
^oss/or inl'.'HTnation and advice. ; •■••' 

^.Specialized Set^ct^Tnassi<d:t?K speculator AfeTriH 
Ly»dcre?vidw sfmfcfundamaual^toainiqdaridv: : 
errmr^wcked &er\-iccs ~ aswd I asadvisory accoum-crading - 
prvn?n^- _ ' m - 7 ‘ 

5. Ccy^ntroi cat ions. Merrill Lj'nch Gorambdiev Account 

ar £ kept inlormedbv aDadvancedwxjridwidc 
coriAx^bitatiom network which inc ludes ?5GjG00 xmtes of wire 
%erVK&;-“ ; 

6. GaStbmer Education Programs. Merrill Lynch offers 

a widsSgngc of special publications -itirinding ^imd book for 
CtinmSjtlity Speculators^ \“Ccnnmodit>-Researdi Report j 

*-•> i ,, 

• t 

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jjt? re . . 

.v ‘-=n 5; j n , r 

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v if? 

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and to^ppinprehensivc bt weddy Fucuzes'Report 1 
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•IfyottSPOtild Jikcafeee copy of the “Weekly Futures |feport v 
■ gi ving-fc-eoncise summary ot the week's activity for up-tb.txyjelve 

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V diarta^Bt mail the coupon below. Or call a MerrifTLynclL 
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L! a r?. i 

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ISerriSi Lynch 

iMerrilLX-ynrh, Pierce Fenner & Smith i'Brrikers BrDnlcrsSTii,".' 
MenSB-Xyndi Home, 3 jNcwgare Stroa^tondon SCIA7JPA. 

s' iJ il! 

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Please «nd roe a cqjv of the “Weekly Futures Reporr’i; ’ 

Ido □Ido not ubaveixanmodityinvescnenis at present. : 

i: ^d 3 

Name — 

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| Td^ tolK Offiff* — •• " . ■ 7 Jr> fnp- • *• • • * 

r,-sr;.T- :h- ^ 

: >%V^ -:a; 

. Si 

Officers in More 
Cueronniere; D. 

Treasurer's Division meet daily in New York to set money-management strategics. Fr*.ni left are- Raphael de la 
s VYeatherstone. head nf the division: Myron Taylor. Rene Branch; Donald Rieffci, Amos Beason; Kurt Yiermetz. 

flows, central bamk strategies. Theseare just a few of the 
interrelated elements— in dozens of countries— that 

or an investor. K ; 

, At The Morgan Bank we re organised to help our 
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The Morgan Bank 

5 e 

Land Securities jumps 
£3.4m at midway 

Sketchley advances 54% 
to £2.8m at halftime 

Financial Times Wednesday November 15 1978 • : 

■- ?- ^ V. 

up so 


TOTAL IN COME jyf M S^- Ho.dio^ « ««. ACM « E3~!,-"« - « * *-* 5SP^«*0» ‘M*! to ““"•f gffi? .'5 B<&R& MEETINGS 

ties Investment Trust rose from losses at the group had been cant scale. 
£31.Q2m to £34.65m in the half halted following the problems ^he group 



year ended September 30." 1978, that had arisen' in the" group's fin an exposition ind iiaTtiie ‘le "&u" 5 h1 ns“‘grou P. III 

«und industrial workuear arv cleaning add and a small profit was made 
MU ™ anri “ for conlrastinG wth the break-even 

and the -pre-tax figure came electrical division. _ „„ manage men? S ros ources and*faciJ? S e /jjjL months ended September position at the interim stage last 

through S3.4ai higher at £21.4Sra. in year to .4pn! 30. 197& fj es available to continue 30 * 1B7S - year , , 

Net rents, iess outgoings and the ?ro“P suffered a X9IS.OOO pre- expansion when appropriate Pre-tax profits were up by 54 On capita] increased by last 

opportunities occur. per cent from £1 Rm to £2.7Sm on July s rights issue earnings are 

* *u j . _ _ A gales tZ l "ST „pw cent to shown to be up from an adjusted 

In the year ended June 30. 197S. Mn,.* ne ^S b £ 24 pp r ... Lap 63o to 0 3 d oer » 5 n share and 


expenses, showed a rise from mx loss. 
JB23-2IH to£25.8m including interest 
receivable on short term funds 
up from £3.95m to £4.98m. Interest 
payable requires £LL32m against 
£15. 13m. 

.After tax of £j.97m l£4.19ral 
net income amounts to £5.51 m 
compared with £3.S8m. Basic 
earnings per 50p share are stated 
at 2.67p (2.01pJ. and fully diluted 
at 2.68p (2.12pi. 
reflect the issue 

HAT to 

—a — — «,«• „ mfi J whed 4 «M Sm aod 

group has initiated a system, of probts a P«ak_,£3.66ni. . i, qin8Hn 

annual valuations and a surplus The directors slate that it is s “• 

well ahead 

Robert Maclean. ... . _ 

Stoddard HohfiDK *?**■-. ■« Uie -rtoe fostowias nwrpantes have wtt&xu ’ 
AGM that ip all " e 4hrae piain totes of Board aeednss- to. tta-Sw* ; ' 

of etoub tJK, Exc h a nge. -Sn«* meetings are WM*"- 

af?* 5 i? IcOUntriek add h,fld ^ tim-'imnwse m eoftMertotr flirt- 

other European amis. Official isdfcaitous aw nor*** 

exports outside abie as to wiwtbee-dividands' an iffiettea 

STOLiPS Share C - British or finaH 5 aiui the fflrtwllvtslmii? lbawjr bdQw 

woven carpet cles W been based nra^on^searsiiiae^aiife 

.slouly but steadil 'J^.^ t&&t interims: A D. imenurtkaiL mi 1 - 
■this trend -was packagin*, - seectuoa. Brown, Ktop&y - ; 

One of the ei L,cts *. ■<* -tne .ra r ciiajHwrtto aad Hill, chaoex C«soiknt«i, •••*• 

of £2.65m has lifted net asset unlikely that the accepti®"* 1 rate ^ comment 

creaslne value of-'*®'™****' : tbe Demphr, Dattd dboii.' East - 

value per share from ll3p to 127p. of progress will be maintained in 
Developments in the Midlands the second hair but they — 
with Bryant Holdings, the group's fident that results for ih 
partner, have further progressed will com pare, favourably 

“LI REPORTING increased first-half and funds totaling £22 .2 5m have El S8m last time- the s roup should fui]. year 

thopTn -t -TJU resuJfj. the directors of HAT been drawn down to October, therefore achieve a siibstaii* , “ ,, *“ 


• ““Oj “fortunately 0 ur :ricr ®?^ ® home- Hnati: Malayiin inn Dredslas. PeadW v 

property investment, 

light Of U -record -tom C/, n ""lpmh#’r “tn 197B *. -inri Ih*> *-*’ 1 *•'***' 4l»,_ .-..r :.i;V uwiWiBr:- 

fi’sure. The profit growth ^1%°^ confident UaiScoS® £ :«***.* 

- . . , — year’s 

sion to discontinue the transfer of £ft|J8m and £2. 09m respec- 
from capital reserve in respect t ; V ely. 

of the net outgoings attributable First-half turnover rose £3m to 
to development properties. £35m and -profits improved from 

-The interim dividend is £i.i4ra to.£L23m before tax of 
unchanged at I.5p and in addi- £320.000 against £350,000, 
tion a supplementary, final for The interim dividend is effec- 
1977-78 of O.OaTOp is to be paid, tively raised from 0.75p to 0.825p 
Including this latter amount the and a maximum permitted total 
total for last year was 53G742p 0 f i_672p is expected against equal 
paid from pre-tax income of to l.SOSp. The group Is a 
£l 5^? 3n3 '. specialist sub-contractor to 

The directors state that a for- building industry, 
ward contract has been effected 






Dewrariatioo ! 

Trading proflt ‘ 

interest - 

Prollt befara tax !~!!!!.. 


S?t profit 

Mlnortdes ' 

ExtraonUurr credits '. ... 

.virflndable ;■ 

FTidermce dhthfenda'".'./ . 
Ordinary dividends 


(toll rwr 
















82 fi 





1 >17 





.....> Note a 
NOT. Ut. 

now reported. ”, ne SUJU luai »*£ 

iew of the improvBd 

an interim dividend of °-SP^ ^ panr*profits"af tf' taxjftd dropped cuionda TnVesinients '" ..SZ Not Jr'. 

from £457.000 I* ESBfcOOO.. ■ Even and Cogmles Progeny ... Nbt: p. , 

OT U-Op _._ n off/ taxJKArf dmrmAif fMpitr u Hffi • Irm na in a w tt . 

declared and Subject to 

.ai uiw w « i'- ...j. . Daily Mali aad General Trust- ... Kot:»- 

-dend would tot^ FasWoo and General bwesonent Not. 

profits were £43.681. 

Earnings per lOp share for the 

>-«• ■- - . : - » whiwh am uvacraj uiinuuciu nw. df ■ 

w per cent or profits*, re Atatea,. Hantreaves Grtmp not.- w 

which left alm^t 70 , ®^ on «= -A-rv— '.not. n-- 

• - * — - Ropoer Bmlnss 

We Volume come, from S b *» ~ gfg 

^^S^?SS »«£3 «*-“ • - loss - V » 

and naturaJ fibres, which require Since the reconstruction -fa “The problem otbaQr inflation ^et todlortston Sarrtce* 

dry cleaning. Also, an increase in January 1978 and the availability and re-equipment- iptt&^be ? ^over- 

contributed disposable incomes tends to lead of finance, the group >nas : come,” he said ’* &a^sroup was ubirbrad - 

for the purchase or LT.S. dollars 
io repay the SSOra loan in Feb- 
ruary, 1979. The consequential 
gain of £1.02m over the liability 
as at March 31, 1978, is dealt with 
through capital reserve; for the 
six months to September 30. 1977. 
an unrealised gain of £735,000 
was similarly dealt with. 




The Bank of England announces 
that in accordance with the Air- 

FOR THE half-year to September towards the good results, the to an increase in demand for re-entered the dealing -fold . to maintain it: compeftive pos1 ; Tbwn centre. Secsottos 
30, 197S. taxable profits of Yoong directors state. The mixed dry cleaning services, and this has 7 iark iV 'n „ A in the yofld gf^egrpets. and W^co 

and Company’s 
ahead from 

ment is increased from X6p* to industrial division made further While the pay dispute is affecting in Oetober 1978 the director' 

Not. » 

: — DM. < 

— Not. ft 
.—.'.Not. a 

— Not_ it 

..... NOV-12 


ri cn 



nbt large enough- fo 
sign ificantly,' 

«, uju^u ...... o.„ H ----- - r-- --5- -—3 ... — . sir~Robert ^^^Sirectois': ^SJg5« a foothold^in . 

1.7p per 50 p share, last year's progress; Its new overall service revenue From the £Un a year Ford acquired slightly over 5 per cent-. had for some wnev^plttjjat should au ?^r. er ' m ® ! thqu ' ®*-_. xnanuxactine^^--. 
final being 1.577S6p from record factory at Basingstoke is now in contract, profits are not being hit of the shares in Second CStgi a suitable oiipocijudtjr present* Sir' Robert pointed put- that - 
profits of JEl.Mm. production, relievin': the capacity to any great extent The shares properties, a Birmingham-based itself, they sKiuld^tpodesay .re- carpet vtiemand in the homa-l " 

Profit on the sale of property problems experienced in the dosed “* ^ — * — *-” " ’ ' ' ~ " ' 

in the first half cam>; to £1.675 division,** other factories last c fully 
craft and Shipbuilding Industries compared with M3.2G8 last time. year. . 7.6 and 

Act. an issue of about £0.94m 

group s investments. 

J. Halstead confident of growth 

Labofuhd of Switze rland. 

The companies at James to profitability in the 

Trading oroSi 

Sir mtreO« 
is7s an 

£12 JOBS IXJ&t 

0 comment 

Land Securities* 42 per cent Treasury 9J per cent stock 1981 
increase in interim pre-tax profits is being . made as compensation 
i? in line with what the market dl,e in . of the unquoted 

had been expecting The figures securities of George Clark and 
are of course on the new basis. -\ em - a subsidiary of Richardsons 
without any transfers of develop- Westgarth. 

mem interest, and the compara- Th . ,s roUows tP e announcement jiic _ _ 

tives have been adjusted. This 1 J* 1 * D *PF?!?*!2 Halstead’ (Holdings) are 7 cur- year haa been budgeted for. order to achieve 

is the basis on which Land Sit’s of Industry and the stockholders reQjiy trading satisfactory. Mr. J. Although there was only a able growth on a planned and Jar _ 

dividend carer wifi be calculated, r*5 r K2??2L!!“ t con3 P ensatlon S. Leach, chairman, tells share- smaU rise In sales at James Hal- consistent basis. 

So tile hope is that with full year ha ^v,^“ . . ... . .. holders in his annual statement, stead, “substantial increase in On a CCA basis pre-tax figure ««aT^r 

profits in the order of £23~£26m issue o*. stock will be at an ^ riven a reasonable Indus- profit was achieved.” the chair- is reduced to £604.143 after extra receivable and sundry income i exclusive 

<£18.4m) the company will be 11,0 rate of £100 stock per £94£ c jj ma t e the directors are man states, and the directors are depredation of £223.258, cost of of vat where aprttaWe): t Loss. * Debte. 

taking the opportunity to compensatioa confident that further substantial confident of further progress sales adjustment £116,813 less the 

, tlons on the ■* 

tion of tbe was guarded, nothing -had trans^ 

The group is a subsidiary bf- ; tufted plant f Bpe' .CarpeCs; tbe'pired “in the first four mpnths^of r* 

group should bejgStt-tD operate the the current year- to- make thedr- 
plant in the pringot-iO^a.';.- apprehensive about the rest of fa r. 
h The chairman adde^ that the year. • : • ■ . ' f - - ■ 


— - 40.GS0 TUTS 

further profit- SSai - - sun ms* 


Lifeguard Assurance 
in healthy position ; 


m crease the dividend substanti- 
ally. The group balance sheet 
has not been stronger since 1973. 
»t cash, after buying forward 
dollars at ST.90 to repay to S80m 
ioan in February, is probably of 
• iie order of £45m. 


progress will be achieved. from this companv. gearing factor £158.SS1. A revaloa- 

\s reported on October 11 pre- There was real growth at Bel- tion of group fixed assets revealed 
tax profits for the year to June staff International with sales 25 a £lBm surplus over book valne 
30, 1978 jumped from £196,590 to per cent ahead, and the directors for plant and equipment and 
a record £735.333 on turnover of feel there is considerable scope £0.5m for land and buildings. 

£18 3m against £ 15.46m. The for further profitable growth and There was a .decrease in net 
dividend is increased io 0.S04p a real opportunity for this com- bank borrowings during the year 
(0-325 pi per share. pany to increase Its penetration of £490,435 compared with a 

Viscount Bearsted, chairman of There was a significant im- into the various markets which it £309*251 increase previously. 
Samuel Properties, says that the provement in B. M. Coatings, serves. 

company i* now deriving the which , incurred a relatively small Mr. Leach says that the group 

A healthy fintuJctil position for turned dnrizur the wear anffennwr.' 

Growth for 



and raises 

Mr rn * benefits flowing from its period of loss compared with the previous has a strong base on which to 

V^? Rri . Rose ' recently consolidation and the establish- year? a breakeven situation has build and the directors will con- 
ippnrnted chairman * _* #• <- j -#■» __?Vi „li * ■ _ .u.. * M .. M u nq n» imtriaa 

of CreUnxi ment of firm foundations. Future noW been achiei’ed and a return sider any relevant opportunities 


dutfig the current nar 

EEX1 ap^r'SdsSl S? WW.^- • 

7ii5ffni;-MS-=h^«:Di«n,ber JsSF £? '<Sst ; agsg isgfflusa ^5" ■ 

i at noon. African subsidiary,. ofBOC Inter su £EL u f Jna be ”^“ ae for fo c foree years' to - r • 

, national. :£{■ th?af S?l3ri ^ 1W0-. TbeTBoihi-also *' 


Wanlcie Colliery Company Limited 

(Incorporated in Rhodesia) 



Seventy-fire years a?o the first, tail wav train Inadert with 
coat left Waokie CoIJierj'. Before tbaL some coal found its 
way by oxwagon to the north and to the south but it was 
the railway pushing northwards from Bulawayo which 
made the coai for the railways and the mines readily avail- 
able. The impact of this was far reaching and industries 
and electrical power generation stations soon joined the 

We have worked very closely with the railways and have 
valued their co-operation over many years. The needs of 
the customer, the colliery and the railways are reviewed 
constantly as the rapid and regular movement of coal and 
coke is of great importance to us all. Failure to be able 
to do so adversely affects our .production and plant opera- 
tions. which adds to the cost. 

The recent introduction of the unit train system between 
the colliery and the steel works has been very successful. 
The coking coal for these trains is loaded at a separate 
installation fed by belts from the coal preparation planL 
This eases loading congestion at the plant and the provision 
of these special trains has released trucks for handling 
other traffic. 

1 The anticipated annual demand dictates the source and 
rate of production but sometimes we have difficulty in 
obtaining accurate estimates. of customers’ requirements. 
Thus, we have often had to gear our rale of production to 
make provision for the maximum possible offtake. This, 
of course, sets the fixed costs at a higher figure than they 
need be had we known with any degree of accuracy the 
tonnage we would be called upon to supply. This difficulty 
has been eased to some extent as a result of the reduction 
in demand and by the development of the opencast pits 
where a more flexible ouiput'is possible. It also has been 
helped by the co-operation of oiir main large consumers who 
have realistically assessed demand and have new established 
stockpiles which cao take the strain of any temporary 
fluctuation in supplies. 

This year it has been possible to equate production very 
closely with deliveries and.. In addition, the closure of 
No. 4 colliery and the concentration of opencast production 
on one pit, where the stripping of overburden has been 
reduced to the bare minimum required to expos? sufficient 
coal to meet the monthly caji, has made it possible for the 
fixed cost of production to be contained. It must be 
appreciated that should there be any large increase in coal 
demand, which would call for replanning, there would be 
an increase in fixed costs in advance of the material being 
iavsilable. In certain circumstances we would have to 
reopen No. 4 colliery at considerable capital cost. As an 
immediate aid. the stripping of. overburden would have to 
be accelerated and. if the firm demand was permanent 
and large we would have to set our to obtain suitable and 
expensive equipment to augment the supply of coal from 
the open pits. 

This year a further concerted effort has been made to 
reduce stores and capital expenditure has been deferred 
as long as possible in the fill] knowledge, however, that 
when conditions return to normal in the country, the 
colliery will have to be expanded and in certain respects 
modernised at very heavy capital cost. We are. therefore, 
very aware of the need to conserve our cash resources and, 
whenever possible, to add to these. This year the operations 
at the mine were mostly trouble free and each of the types 
of materials produced contributed its share to the fixed 
costs. Sonic of them, however/ resulted in a higher unit 
profit than others. The cokd plant, for example, tf 
operated even at its minimum siEe level of output of 15000 
tor-r^s per month carries a high fixed cost. I reported last 
year that for some time we Save had to stockpile coke 
produced in excess of the quantity sold. 

This year we operated the coke ovens al the minimum 
level and the call for coke hasten suck that we not only 
h2d no surplus production bttf have been able slightly to 
reduce the very large stockpile. The effect of being able 
to sell all nur production and a little more was considerable 
and profitable. We calculate that had we been called upon 
lo supply the local market aldbe, a very large loss on this 
product would have resulted. Coal sales include dry, washed 
and coking coal. Here again the export of coking coal 
added to the profit even though the total quantity of coal 
sold was marginally lower than last year. The by-products 
results were mixed. The quantity of tar sold was lower. 
Ammonia was about the same and benzole a little higher. 
As I explained in my report .test year, our profits for 
1976/77 fell short of those to which we were entitled under 
the coal price agreement with the government by 52 132 000. 

In accordance with that agreement we should have been 
able to recoup this by a price increase ic the rear under 
review. This would have called for increased prices for coal 
and coke beyond those which ihe ao^rnraent could tolerate. 
As a result the agreement was suspended, instead, it wa* 
agreed between us that an increase of 10 per cent in the 
prices per tonne for coal and coke' to Rhodesian consumers 
would be acceptable in ull the circumstances. We applied 
a similar increase to exports. Because of our good perfor- 
mance this year and our abili# to contain costs we have 
applied 81000 000 lo reduce foe deficiency and when the 
coal price agreement i& re-applied we will only look to 
recover SI 132 000 of the 1976/77 deficiency. 

The profit from trading was ^53 355 000 compared with 
S3 191 000 last year. This" is very satisfactory. This year the 
cash resources of the company built up and because of 
this, the income from investments, which includes interest 
on money in hand was somewhat higher. 

The total profit before taxation for the year was 56.727 000 
which includes the amount which w-e have regarded as u 
recoupment of some of the deficiency brought forward to 
which I have referred. . 

After provision for taxation the profit was S4 273 000 and 
this, together with, the amount of 8736 000 brought forward 
made a total of S5 009 000 available for appropriation. 
Before deciding on the final dividend to be declared the 
SJ 000000 to which 1 have referred was nctiohaily ear- 
marked to be appropriated to reserves. vj 

A final dividend of 6 cents per share was declare^ hnd this, 
with the interim dividend of 3 cents a share, makes a total 
distribution of 82 250 000. 

SI 678 000 was transferred to capital reserve which now 
stands at S4 000 000. SI 63 000 was transferred to general 
reserve which now stands at S2 000 000. 8S8S006 iS left to 
be carried forward to the year ending 31st August 1979. 
These decisions have resulted in an increased retention, of 
funds in the form of capital employed of 84 24000% whilst 
there has been, over the ;.ear an increase in w'orklna capita I . 
and liquid funds of S5 802 000. The benefits of rtxenahening 
the capital employed and improving liquidity Should be 
considerable, hearing in mind the awareness which *we and 
the authorities have of the considerable srrainVwhich we 
anticipate in the future. It must be reiterated Writ while 
we have the money for our immediate needs anS in some 
measure sufficient to contemplate an expansion pipigrammc, 
the capital required for any major increase ii the Call 
for our products will renuire additional capital rigll beyond 
our present resources. TV last redemption of th«^3500 000 
of 5t per cent sterling fir*; mortgage debenture raised 
in 1953 has been made. There are. however, a feviricegistered 
holders of this stock who have not lodged their aertificates 
and they are urged to do so as soon as possible. S 
At the colliery everyone has contributed to the’ifell-being 
and to the high standard of safety and efficienigr and we 
appreciate the contribution of the technical director’ the 
general manager, his staff and all our employees- They 
all deserve our thanks m a year when skill, enterprise and 
determination were called for. The training programme has 
continued at an accelerated pace and it should tint be long 
before this will make an appreciable contribution to the 
progress of a number of our .African employees. Turning 
to the prospects for the present financial year, wages have 
been increased and we will nor he able to 'Escape the 
effect? of inflation on our fixed rorts. It wa-> agreed with 
fiovemment that there would be no increase i© ‘.prices on 
1st Novent her this year. -LV 

The unit cost per tonnr. however, will depend oil the 
sales. There are some indications that there tpight b* a 
small reduction in the sales of coal for therniahgeneration 
of electricity but that coking- coal afft-ifr* <bq$ld be less 
than last year. We are hopeful that export si&w will be 
maintained so that the overall profitability. b«ng 

less than this year, will he satisfactory. f 
I need not elaborate upon the difflculties amfcjhc strains 
which have existed throughout the year ®r 0ur 
employees. There are just over 5 100 Afnc ai£ie ,n P l05 '®f]? 
and all of them (and many .of their fami lies j-i»re housed 
at the colliery so that there is a very lar5ev® u,1B .* ,er 
Rhodesians who are directly and totally depend?* 1 * on t ^ ie 
continuation of normal operations at" the coTtisry. They 
and everyone in Rhodesia are perplexed and' disappointed 
that in a world which is striving for “hurmn tifhts"-and 
the preservation of law and order, each step tiS* n by'tbe 
world powers has added to the confusion and ujb suffering. 
Their partiality and lack of any human reactifin t0 0,0 
misery of so many has given encouragement Ufclb* forces 
of terror. 

he held 

er, 197S. 

the 55th Annual General Meeting o] Members of Wanfeie Colliery Com pan » Limited 
at oflieo, 70 Jameson Avenue Centro/. Salisbury, on Monday, uth Dec 

at 10.00 am. ^ 

Comes of the annual report and accounts are obtainable: from the London office of 

10 uolbam Viaduct. EC1P 1AJ . and perm the office of the UJt. Transfer Serretnrhi ^Charter 

Consolidated Limited, P.O. Box 102. Otarter House. Park Street Ashford. Kent T.\Sf SSQ- 



trading profit rostf.&rbat R18.9m agair improve the basis of. calcu- 1 
to R21.7m. '{?■-■>/ fetiitf sun&i'der values across the 1 

The directors of Arbuthnot Net interest was-Jttlved t«r>oa-’- /®F® ose ute policies which AMBROSE ’ " ' 

Latham Holdings, merchant bank- R0.7m, resulting in pretax, do not «rry guaranteed values, . 

ing concern, announce an un- profit advancing B3.6tft^te k21aw. Thej£eport and accounts for . nVVP^TMTTTVT 
changed interim dividend of 3.85p A decrease in the* effmive raft the reveals that, premium. ttwlnUiit £ 
net per £1 share and say that of tax and a reduced incemflt, not unexpectedly. ' Ambrnur' 7nvp«fm*ri* 

croup profits for the half year to Silicon SmeJters.' ithe^ grip's decuqgd by £700,000 -to ■ £3 -25m, — . ■ * . • . ... 

September .TO. 1978. were lower R20m joint venture ’with 
than for the .-ame period last year, and others which has been 

They say therefore, that the to now by rising elecmvuj;. paynjeois were o per ;cent .lower.- ^ntcmw -?n " 

full year's result may not equal tariffs, have lifted wet/ promts ari£62m and the - expenses or co?h 

. Trust 

made. 8\ surplus on' realisation. on.. 

rss i« l 4 ?sr ,t ai , i sK; "Ss£- 

pup.*- HV Cent -to £o.22m. Claim- of ■-'fTOIoa for fhn sir mnnfhc 
toty,. payments were 6 percent .lower, 

the record £ 1.29m pre-tax profit from R9.4m to 3i2.1m. ^arnin^s management were slimmed - still C °™" 

1 ft 7 TO irr.ii* nrtr fVi n rn nwi nV« /vnm *1 < 1 * 11 DOnlc f ■ ■ PrliOv An ClflA A/Wl from I mil T« . - - * * 

for the 1977-7S year. per share are shown a f 41 cents further Ip £400.000 from £395,000: UonTn our report* of NovMbe?SL 

For that year a final dividend of (32 cents) and the dividend is There ms a revenue suro]uson.^ OD '^-^-“°' ea, - s '.' 

6J23p was paid. 17.5 cents fMjtents)./ , t he yea* iff £2.22ra which together : , f 

[RESULTS AND ACCOUNTS Ilf BRIEF assets; an d dhange in market value 

1 COURTNEY, POPE HOLDINGS (shop- ABERDEEN/ INVESTMENTS — Gross S tbe’ year 6 ^^ 7m ^tO 

fttln;. light envtnnrliw. electrical, etc.* remro? I3J.W 44Ufi tor hair year to year . . Dy 10 

Vk«uIis for May 51. 1ST8. year reported September ?J¥ 073. Revenue before lax . v- 

ttnoher H. with directors' obserranons r«4Wl .X37JD5.. Tax £ULM8 COMMi. Mr. ;Vicf0r Wood,- .chairman of 
(ft prnspecis. Exports from UK f1.33m Net asset Jpln-. per 2*P Ordinary share j tie COtnp&nj, fit hJ$- annual State- 
HB.Wmi. Grom flsed ms«s ci.ssm W-SJP -A* lmarUn “ vl * nent reports that the number of 

iftsimt. 'net curreui asset* C 3m dettd lprf.9p-mial 2X3p>. rollon 

Sn J-In .. Threeninrton Trust holds 14.9 unitsJ real property trust- slaff employed has now fallen to 
per cent of equity. Sun Life Assurance Results jror Aurfl o. IVTS year reported 49. tile UUm her. required to service 
Society 7.4 per can. Prudential Ass nr- October 33 . GWup fixed assets iSO.ASm the’ 79.000 policies Still in force. 

Jinre Company 7.4 per cent Meeting. iCiO.apL ‘ av '^* ST !5 n H i Q-IISm (saraet. represents a reduction of 

5touih Tmienbam. November 50. 11 a.m. out twrent asseanjSm ifl.SPm). Group. ^ oolidpq nnibp veer in 

^scotts restaurant— T urnover for D '- : ? s!ets (03 Mm', wortdng soms ' pouwes on ine _year ui 

illt ^ w JraTs Turnove r^ tor icmu ^ by (n-B5mp At question. He also reports that 

i«» Prefit £S330i fiiOTNin before total Jssets of the main are 

4ax t4i.nao (£32.000). Attribotabte woterum ieiHs, otu 5m fM.oooi. Mwoug. novr concentrated. very largely ;n 
(fiRSKS ***' cxtnwrtinary CIW * J[ i. &jed-West securities mainly 

, ‘*7? ■ ISIS rear reponed October 36 in full gflts. Property sales had .--.con- 

JAMAICA SUGAR ESTATES— AccOTDrs ^fpitoilnary etalement Graop fixtd assets 

Do you nesd amunt fafonnatioo on 
Limitod Componies, iocUKSnu Bolaoca 
Swots, ptBpand ot-^days atacostof . 

Yoatweda - 

Far nun InfiiiiiHiloji.wrift'Srepf an your 
rmons aid and Hod 

ECLS. ConooiyfUXI.ehnrROH^ 
Z7 Wnt Why, BoOay.OalwtL 

tor rear to ^Ptembcrm 1VT7. sbtwld b? in sim„ net current assets 

ifS ETl->»m .jniAtoi. wonring capital In. 
•■o.nplctea but not ret audited. AtiM cr^s^i by O.PSra tfs.lftnl. Meeting, 
.ravnied for November ■». Proposed that wiUcnliall. November M. 3 pm. 
iieeilnc be adlomiied until aaounrs avail- ALTIPUND— Hall-rear to September M 

ahle and notice be given of the adjourned Gross rerenue 1197A11 i11j5.9Mi l 

niellng- Net revenue 'alter expenses and estP 

BRITISH INDUSTRIES ARD GENERAL mated taxailoni available for In-xime 
INVESTMENT TRUST— For year to and capital shares EOJCS ii£9.1S4i. UK. 1 
Sroiemb-iT M. 1978. Revenue IIS9.763 ox charged I49-S0G iX4iJM7>. Amouur 
i£]72Jbi>. after rax EUH-SS5 <£iis.2dT>. absort>:d by interim dividends: Income 
NVr asset value per 3ap deferred share siures Ort i £72,000 1. Capital siufW 
i.Wp iMlp'. Net final dividend 5Jp per f2,M0 tE.400.. Earnings per share 
■tc/erred share, making 3.6p (3.4p>. Income share 4.8! p f:t.Wpi. Capita! share 

MYDDLETON HOTELS— Results for ^ 

--ar to Juno 30. IPTS already reported. *»***»' CfPbal *are 

Fired assets. £3J(5m iC.Kml. Current 'OJsP 1 . ro'* 1 I** 5 

^sew. lO.iSra f£0.44m) and UabUilies. " ™ir e L B va ‘ u ! ,u » 

PijSm <£0.3Hn‘>. Meeting. Savoy Hotel. *^0" r ItL ^ 

F.minwmouih. December 4 at 12J8 pm. 

WILLIAMS HUD50H GROUP— Williams 5f l L wm ,* x?r 1 2? Marc . h 

Hudson Group Ltd. Intends to publish its 

.frtmtiK in Miirh 11 IftTM and thnsi» Of SDWC. 31P.TP tMl.Opi per Capitol 'bare. ■ 


ft. subsidiaries— Williams Rirtson Lid— B “l" ^.r m iJ.ll ?{* ou 

by the first week In December. - rmn Vri . -H 

OCEANA DEVELOPMENT INVEST- reported Noreniber .. Group fixed assets 
MENT TRUST— Net profit C.M3 t£l'.97Hi 'C.ajrni, Current aracta n 

.'li-r tax fS72 'Sfilti balf-y^ar lo Septem- t£l a»n». Current liabilities _n.94a 
li-r 30. 19TS. Net asset value per share Meeting. Faruham. 5urn^ 

,29.s P i. oo December 1 at noon. J 

Walker & Hamor . upholstered run’ I- 1 •rlolhing. nmbreJIao and 

>ure makeri— Results tor year io July 31. «W, pro^icisi-Rf-Bults lor year Mo 
F-TS. already reported. ’ Fixed assets. , 4i* r *■ l9 S_ a reported. Fljjd 

f.VJt.OW i £564.039). N«i current assors a!«rp tlJBm iio^mt. Net current 
1-34..M4 i £431. M3'. M.-ct Ing. Birmingham. «*“•* Dlrecior. Iiffi 

L 1 . -cumber 4 at noon oppo.Uited National Westminster Bank ife 

R. Green Properties— Resit Ire for Tear amJ resrruonujl 

coded June -W. I9TS. already reported, „ M-’dlum ^ lerm loaa of £tnt 

Directors cmwlder value of properties In obtained. Manchester. Ct-cem r 

,U«.. .. il r-hv. t Ci 77 m 1 in ha 6 at 

balance sheet at £f-73m f£4.77rai to he 
-rfime HJim in excess of this figure. 
Chairman says profits In first quarter 
of current year ahead of those for same 
nerlod last year. Meeting. Brighton. 
December II ai 5.30 p.m. 

yar to October , 5. urm. income £31.403 
np.Mt. Expenditure 141.171 H42.7VJ 

ing loss 19 963 <£3.I52). Lass from 
Canltxl Gearing iOverseas> £9.1SS <£7.5Wt 
"et assets per ordinary share 59 jp fW-Bp 
at April .V lMBi. Due to proaresslve 
■''vMch from convertible loan flock to 
ordinary 'hares the larger part or income 
II he received tn second half. Revenue 
d-'ficlts or Camtal Gearing '■Oversea! 
have been o IT set by transfers from 
r’serw! py tn previous periods. 
COCHLANS — Turnover tor eiv roonths 
J^-pu mbiT nn lOTS 15 itilS.Tfli. Protli 
£IP.tiM. afl-r ln:.-resi M9.T3:. 

BERRY TRUST— Rc suits for year ended 
\ugitst “l. IP79 reported Nocrmber B 
iroup Bred assets C0.21m (IlTfimi. net 
i-rirrent ass«-ts rm:.3ta Lloutdtty 

rterreasM £959 540 «Cl.7Tm tanejMi. As 
at N’ovcntber 3 Kuwait Inregimcnt Offlo: 
h..*:d 0« D*:r cent nt issued enuiry. UK 
Tempcranre and Geu-wal Provident Inatl- 
tntlon 9. Re per n-nr. Post Office Superan- 
nuation Fimfl $.53 per cent and ff. H. Settlement *>.42 per rent Meeting, 
is. Kilts bury Citrus. EC, December S. a! 



Consnimatorf Gold Fields Croup*. Net 
taxed lots hss.ivio irs69.nm profit) tor 
rear ended .June 74. IMS. after tax 
G3.IHW <££92.000). Credit extraordinary 
items IB7T.000 <£558.000*. leaving atlti 
buiubte balance riOS twi iD>is.onu) Cnmp 
net current ai^.-ts ClOtn <ni-7Bm> cash 
nt-CSm iiK.smi and loans and overdrafts 
£17.5Fni i fU.iTmi. The 1977T8 results 
was struct after ?L5m terminal losses 
jod pravLsmns of Tennant Trading. The 
improved trend in trading results at 
T.'unaot Trading luv- continued intn tbe 
curreni y.-ir if tit- other artnripal 
np-radms rompantre au«tatn rn»n- recent 
Deriormance tin: clmlrmun 13 loc^ng for 
current year rcsuiLs (or Ihe *.roup 
Lvmparahl.’ with Wifi. 77. 

Results for the year to August 31. ISIS, 
■ready known. Listed UK. investments 
£4-5hn (GlJliioli. OT.-rxcas flJitoU (il.lCmi 
and at durclors' raliuilon ito.46.3 
714.(15$ *. Xe| nirrrnt .i.wts 306^63 
£10l. n »> ImbtUU-h). Mating K»s 
William Street. EC. December 5. ji 
■4 pm. 

at noon. 


The Hokkaido Takushdcu Bank,Ltd 

Negotiable Floating Rate US. Dollar 
Certificate^ of Deposit 
MaturityDate 16 th ^November 1 981 . 

Tn accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the six 
jnbihth interest .period -from 15lh ^Tovember 1978 
to;iT5th May 1979 the Certificates will carry an 
lijisiest Rate of 12^ % per annum. 

Agent Bank; ■ 

Hill Samuel & Co. Limited, 




-• ii 

W| tti effect 

rawing rate 


c to 



Fiv&gear Loan Facility 
Arranged and managed by 


-.Providedby.... . : ... 

Brown, SMpley & Co. limited 

• >v 

Arbuthnot Latham &Co. Lirruted 

Banque Francaisede Credit 
International Ltd. 


Gray, Dawes & Company Limited 

Singer &FriedIandef Ltd, 
The Royal Bank of Canada f. . 

The Royal Bank of Canada ' • 
Trust CoiporationlJnaited • - ■ 

United International Bank l imited 

S °C(Et 

Y to 


, . 4y 

V7,. • ;• V-: ;■>-»-•'• . ..y • 


-Financial Times Wednesday . Ngbrter 35; 1978 

mith £2m 

Expansion at 
London Shop 


.l?'; > £vDUSTHI&L IHSTOTES in Fleet' 
"■ imsyfi H-SnSGaand Son 

.s;<SoWHi?sr £Z2ta in tha -eight: 
sumlltt OBtoLSeptwaherSO; JOTS' 
■•v-:;^»oipar-ed- with SOJSSai in the 
' .. ume period; of -ihe jprerio&s year.. 

’ AlJoite for .this 1 . Joss’- tbe- 
- profit for' the. -period of 
*•> ^Sis^d/sCrftaitor ; of newspapers;'. 
' -.*:30ofca and stationer*; etc, comas 
iireueb ^niargm^Jy ^. ahead at. 
r . compared ..-with . ,£4.l5m 

t-vbife-'at; the- pjre-tat JeveKthere 
'Vas.>a.'.:dedine Irtfai £ttent- to: 
-.... MLOSmjt' ~ 7 : r ; - ' * 

Stressing.’ that v post* interim 
is^dts hflve not hten Indicative, 
jf those - for tbto . yew the direc- 
tors state- that If - the- more 
7 buoyant level of; ..retail, sales 
cenerajiy continues- through :the 
_ "■ Christinas trading period : ' this 
"•■ should’ reflect-favouxahiy on- the 
' -"respite '-of the iasr four months. 

In *977/72 this, period produced a 
jroiflt o* JPflfflm. 

xhe eight • months . profit 
includes only £6,000 this time on 

' the sale of pft 
fa, the previous 

was boosted byV 
received in the ■ 
. £334.000 while ■ 
change fa the « 
the associates. ■ 
M6SJM Is provfl 
An toxtraordj 
£357,000 has J 
relating to losses! 
'■withdrawal from! 
Ten tore io Holla 
: Elsevier, the ^ 
announced in M J 
decided to dissJ 
venture which t| 
Losses had been t 
companies were < 
tinuing some of tl 
existing bu&inesse 
After tax and tl 
debit the net profi 
at £2. 18m against! 
ings per 50p shari 
be unchanged at & 
The . interim 
effectrviriy raised 
0.7704p net. j n ad 

s whereas 
the result 
30. Interest 

was up by 

was. 'little 

to ■ was- ’ little 
^of losses by 
bredatiop of 
blhls time, 
f debit of 
n provided 
|ng from the 
I 'retail joint 

EV WHS and 
K partner, 
BM they, bad 
Etbeir joist 
Kit as Sims. 
fcmilaJ. Both 
■dering con- 
■0P5 in their 

? supplementary final of ufi22fip 
in respect of 1077/7S bringing that 
years total up to 2^01 Bp. 

«“««»* intend that the 
i- dividend total will at least 
pe 10 per cent above the 11177.- 7S 
level. Should 3S7S.7!' results 
allow a higher dividend to he 
declared within thp present con- 
trols then a higher figure will be 

Kijm . 

J»:> 1P77 

_ , £««> tUP# 

- - ... . CT7.tW< a\SS4 

Trading profit ‘ .... 4.MB 4.WS 

■a ordinary 
e through 
in. Earn* 
stated, to 

sai« ....'. 

Trading profit j ” .. 

DeprcTiarioa - 

Ass wastes, lorsnr. .. .” 
sjle prohi 

InUjr C&l TlHVIl-r(J 

■f*r*lk before tax 


.Xt-I profn ... "" 1. J. 

Kxiraardinary ii. i,,,; ' * " 
♦Assumes -llrimv ratc uf 
comparison.-, rL-^i.u. d 

4.D74 A.U1 
1.146 l.nT* 

: Tip II. H8 

*57 — 

. pi-r ct-ni— 

idend ■ is 

I. 0.69p'=to 
m there is 


12% improvement ft 

• *• UTEB BEKG' ahead of. budget puts the shares at K 
- - n the first quarter" ot 1978-79 pectdve p/e of aliB 

. JEt EmteraatixHial, the engineer- yield of 8.5 per ccrB 
sinrgTDUp, reports a 12 per cent is- well set for a geH 
. ise in pre-tax profits to £2^2m in demand but w-^! 
- - . ’ ’Wthe six months ended Septem- exposure to areas K 

.' ... jotron sales 6 per . cent better, at- no! ogy. the reiuS 

•* :'.-2tl«in. . growth ■ seems un|B 

Strj Thomas Kenney, chairman, short term. » 

■- 'cjifs'. that against- Siiense comped- ■ 

^lon-nnargins- have been main- __ ■ 

aiaed at 9:6 per cent compared Cjk pnmnJ 
vrth 9J. per cent. Subject to in-.- Vvlilpdl 

V|Jk 1h iusrrial harmony being re- , I 

' flllffiwUblWMd be forecasts a good W fill Tm- 1 IT'S 

4 HI ‘vVto«ult for the full year. . . .. tt-UUUU-UU 

Despite the trend of .industry orders for th^ I 

It] Op a npbf 50 wj 

1 ban before, the value of the ibeen -Tade bv Mr jnl 

toup’s orders is only, slightly . ^f n ° ^ ad I e Dy H J‘ r h J “l 
- • lown on the high level of -a year, “ e Ml -“ ^ 

." . . J. McATanus. Flal 

m a -pros- 
7 -and a 
Tie group 
s limbed 
igh tech- 
af rapid - 
1 iir the' 

The first lhinz that can he said 
about the M.H. Smith iicuret: is 
that they are nut entirely com- 
parable. The main departure con- 
cerns freehold buildings -w hich are 
being depreciated for the first 
knie. knocking . Mfi3.000 off pre- 
Jav profits. In : addition, profits 
last time had the benefit or JEim 
from property sales; this time it 
is only £6,ooo. So altogether, the 
underlying result is little changed. 
An unpor-tain factor has been Lhe 
low- growth in newspaper cover 
prices. But lost sales' from Fleet 
bircet disputes may have cost 
Smith £im in profits. To round 
off the bad news. the. figures 
include £370.060 of Dutch trading 
losses, as well as £5.77,000' of extra- 
ordinary closure costs. Neverthe- 
less, the outlook for the year is 
for pre-tax profits of the order or 
£24 m which should allow the com- 
pany to keep its promise to take 
advantage of the cover rule. 
Assuming a 23 per cent tax- 
charge. the prospective p/C is 
about III at 140p. ...... : ■’ 

THE MAJOR development pro- 
gramme of London and Provin- 
cial Shop Centres iHoldtngS). due 
for completion by early IftSO. 
together \vith the continued 
increase in rental values of 

existing investments should 
ensure growth, lhe directors sax*. 

In the annual report to share- 
holders. they also say that it is 
intended to add further prime 
office and .shop projects to the 
development programme. 

The balance sheet shows group 
capital expenditure contracted 
for. bill noi provided, at £3.4 1 m 
(£84.00o». Authorised but not 
contracted For »* mi iI4.3finn. 

As expenditure on the develop- 
ment programme will be higher 
during the current year, it is nor 
anticipated that development out- 
goings Tor ihe year ending June 
24. 1970 will be fully covered by 
net profits the directors s3.v. 

However, (he increase In lhe 
group’s nei assets resulting from 
its successful do\ clopmonts ha> 
always justified the policy of 
maintaining u development pro- 
gramme. whether nr nor out- 
goings can bo totally covered by 
nct profits. 

Nevertheless, the development 
programme at any one time has 
always been limited fo a reason- 
able commitment having regard 
to the size of the group's net 
assets and net profits. 

Building work ix now in pro- 
gress on all .-ues held for 
development. The only . other 
properties previously held for 
development are three office 
buildings in slouch, which are 
fully let: them- properties have 
been trim* furred to Lite group's 
investment portfolio and included 
in the revaluation. 

However, subject to obtaining 
the necessary consents, it i* 
intended eventually to redevelop 
these properties as a major office 
block, thr directors stale. 

There is a .strong demand for 

space in the_ group* develop, 
mcnls and' ft is: estimated that, 
when completed an ® ici. there 
will be a • further 
Increase !n gross ana net assets. 

The group continued to im- 
prove its. investments whenever 
the • opportunity arose and 
accordingly negotiated the sur- 
render of bnperlo' Chemical 

Industries lease of Puluv House.-. 
Slough which was let at £,70.11)3 
per annum. The bulldm? ^ as re _ 
let to 1CL ai £137,590 per annum, 
from March 1978. 

As reported on J'nvember p. 
with details of a Property re- 
valuation. gross reota! income Tor 
the year ended June 24. iftTSJ, v lBS 
11.08m against ®- Mr « ^nd profits 
before tax amounted u, £317.000 
compared with £43i.OOO. 

Further success for Esso/BHP 
in Fortescue FieW 

Invest, up 

GROSS REVENUE of the Citnbc 
Investment Tritst increased from 
£%76m to SBSBra in the six monlh & 
to September M. 1978. and earn- 
ings before v ere £8.42in 

against £S^S3B;iR thu »ame period 
last year. 

The inierinTdiridend is 2.5p and' 
the direoiorB'^atJWdt that they will , 

be able to roconyuend a Gnal 0 r 
Hp. . Last year -the final was 2.4p; 
and prior 10 tN* there was also a! 
special interim dividend or 2.8 pj 
declared Tor. -the period Trom 
April l, 1977»1fl { . September 1H. I 
Tax in ibe'rhaif year takes 

£8 Jim asainfi£J3.42m and after! 

minorities oF.JU12.00n i£3S9.0u0* 
attributable ejjnings were £4.',iim! 
compared with 104.4 1 m. i 

CONFntAL\TTO?J of the potential 
of the recently discovered 
Fortescue oil field comes with 
the news that lhe Esso Explora- 
tion and Production Australia/ 
Broken Hill Proprietary partner- 
ship have recovered sandstone 
with indications of hydrocarbon^ 
from the Fortescue 2 well, offshore 

Four cores cut over the interval 
2,420 to 2,480 metres revealed 
hydrocarbon indications between 
2.441.5 to 2.454.6 metres. Target 
depth is 2.600 metres and lhe well 
is preparing tu drill ahead. 

The significance of the find can- 
not be estimated until electric 
logs and wireline tests have been 
evaluated, while the full extent or 
the field depends on more exten- 
sive drilling. 

Fortescue 2 is located in 
Victoria Licence 5 offshore the 
Gippsland Basin and is SB km 
south-southwest of the West 
Halibut t well which established 
the existence of the Fortescue 
field late in September. 

At the time of the 
discovery. Mr. Kerin Newman. 
Australian Minister fnr National 
Development said that the find 
could add one to two years supply 
to Australia s crude oil reserves. 

although production tests bBTe 
yet to be made. 

The third. Wembley 10-32-72-8 
W6 confirmed the presence of oil 

on a drill stem test. 

Total says the results ore 
encouraging but that considerable 
evaluation work and further drill- 
ing will be necessary before any 
conclusion can be reached on the 
commercial viability of the find. 
* . * 

The Alberta Government has 
received more than CS2 4m from 
its latest sale of oil and natural 
gas leases to the petroleum in- 

Tofat Petroleum (North 
America) and Pan Canadian Petro- 
leum paid S4. 632.330 or S452 an 
acre for a 10.420 acre licence 

.south of Le Glace, Alberta. Total 
will have a 75 per cent interest 

Three wells drilled by Total 
Petroleum (North America) in 
the Elm worth area of Edmonton 
have revealed traces of oil. 

The first well. Total Pan- 
canadian Hythe 10-30-73-9 W6. in 
which Total has a 50 per cent 
interest, recovered oil during 
limited production tests, while 
Total Pnncanailian 10-15-74-10 \V« 
indicated the presence of oil 

will have a 75 per cent interest 
in the. venture and Pancanadisui 
25 per cent. . 

Chicrtain Development. Ocelot 
Industries and Ashland Oil and 
Gas paid CS4.372.436 or 
acre for a 6.560 acre licence also 
near Le Glace. 

Dome Petroleum. Mesa Petro- 
leum and Sulpetro of Canada com- 
bined to pay CS3.625.525 or S435 
an acre for an S.320 acre licence 
in the same area. Dome is the 
major participant in this venture 
with per cent; CS451.492 or 
S40 an acre was paid by Chevron 
Standard and Gulf Canada for a 
4S0 acre lease northwest of 
Bonnyville, Alberta. 

* * * 

Venezuelan oil production 
averaged 2.14m barrels a day so 
far this year, according 10 the 
Wntvuelan Energy and Mines 

The figure represenls-a 6.13 per 
cent reduction compared with the 

same period of tart year Hov« 
ever, the ministry added that pro- 
duction was dow significantly 
higher than at the start of 197* 
when daily output averaged 1.50m 

+ * * 

The first discovery of oil off the 
coast of South Africa has been 
made by Southern Oil Explora- 
tion Corporation (Pry). 

The discovery, described by the 
company as “ promising ” was 
found in a borehole drilled some 
140 km off Mussel Bay in Cape 

Completion of the well and 
tests are expected shortly, when 
the company will report in 

greater detail. 

Southern Oil Exploration is 
owned jointly by the South 
African Coal. Oil and Gas Cor- 
poration and the Industrial 
Development Corporation of 
South Africa, each with 50 per 

Exxon has announced that the 
first tests on its Baltimore Canyon 
Block 684 well were negative, with 
no hydrocarbon shows. The well 
was completed at 16,620 feet and 
several other zones below 12,000 
feet remain to be tested. 



SOME 35.000 applications for 
British cilizen.ship were awaiting 
a decision Mr. Brynmor John. 
Home Office Minister, said is a 
Commons written reply. 

tyes have 
i-v They 

■ffie cbaimdri : reports that the 
Ttfduct based 1 companies have Pot L intt , r vi 

^ Munster Studios, ElectWfervic® 
. • - c *eu' affected ta lhe Same extent - /Battersea)-' a t Trout TT iTL 

- prt w -*** tinsfaam). Gramberden®£rtie5 

jn ia^easu^ unpact. ' - Prior Engineering, L*C£tei 

J?: Iantove, Stephen Jones* Sec 
■ reused from lA58p - to 1.6p net vices!. Tafnrnnc “Tfismadz 
---the totoi: for 1977-78 was 4152p 

: 1 ( Askfrtt 1 Tyre - Serricejfcetl 

.. DwcnTHpjLthe^grp^s financial Company (WMtej 

•, on* tom, as excellent the eh au-- s iindsca^. eKpc 

_ . oa£ discloses Ahat at September rBuJidin^ “ServSl aKu« 
;f>4t had H2m of net cash and Genera! Trading CompanyTOnk 
. .Jieir .tash. asse^. eompared wim E 

a year- earlier. -...Productions,' Dean PolySpc 

r. i. • v:?:- v; ' -. (Wflmstowi. EUiston and HaTlK 

comment ■.•••■ Euro-Exoress Uoyd. Big 4Bd 

;V;; . \Sler wo and ataU years of. I’.’Xl™ J3KS.-J 

: aUSoJT^SlJil 

; \ ’ . , ~ l/ipff Tangshaw Builders. Regtonspf 

. to a 1 ^’-_Heath Hayes Working. Men's r.h 

„ il J^'and Institute. Laurie' Mansfit 

■ ..n . line with expectations given inriffipiih nr* Malcolm' 

- h#» -somewhat duff '• ^JvaPO fDnmeiO). HWk fiiaicoun; 

Reed " TDevMbptn’enls). Cadtfo 
VturiS!!? O-oridonV.'Vaheemoss. XT. Farrier 


than half group sales.mahaged u 

m per cent increase : while Green, Atoije- Wine . Hoitt. 

in per. cent' increase >ivhUe 

PH«*aginr, where 40 per 4»nt- of S2£ij2!S2ffiSs 

turnover goes abroad,- also did Telecom m uni t^tio ns Conxufafnts. 

■ . veff: • About Hot is currently ?" d J** 410 Taaa Sl ices 

- -eai^nartted for' capital spendmg UWWJkQe). • 3 

- --- (DgKmst-£3ui -last year)' and "this Orders for the coippulsory 
-t - reducHon can only help swell the winding up Of. the foHotjlng com- 

.- jump's already bulging • cash paflies have been -resided, and 
balances — in the_ last ‘ balance the petitions dismisaan by con- 
meet these stood at over j£7m, sent: Master Bbwmp Products 

aojzuh? apparently is ih the 'pipe- -\tTlllains. and Sfliith Investment 
...ine.- Profits- of arou2id JS625z& Company (Novefcober 6): Mllver- 
iodh possible foe the yeari Avhich tod Plant Hlra,.( October 30). 


nSNWHili , 

JUBA 102) 

® CiTOtMIdi Hlsh BoaA. 

-McMtich. SElB SNL. 



13 17 Chiswick Hiih Road, 

LaodtUiWl 2NG. 

Rate «5S. Share Aowums 
Scb'ML Sharia 7.05%, Term 
N 2 STS. s% above share rate, 
rtfi. rss above share rate. Interest . 
-WMteriy on share* lerm shire*. 

£aWhtr Income flares 6J8P/L 

Bfij’pn. Shares S30-- . 

Deposit Rite G.4S, flare Accci® 1 * fc * 5 - 

- ,:Mex Guide as at Novemher 7, 19‘* (Base 1M M 

Clive Fixed Interest Capital 

■---, Cilve Fixed Interest Income - 

- ■iS CornhiU, London EC3V 3PB. TeU 01-623 6314. 

-'r Index Guide as at November 9, 19 <8 c - - 

Capital Tweed Thterest Portfolio 

Income! Fixed Interest Portfoho - 


• Tor over 50 years, the Bankers Trust P>Tamid has 
been the symbol of one of the most knowledgeable full 
service banking organisations in the City. At Bankers 
Trust ive know more about what s needed iu the LJ.K. 
ihan almost any other bank in the market. 

• We tackle the problems of our clients on a highly 
personal level. Because we believe this is the best way to 
work,! he fastest way 10 reach a decision. 

Tim Mfller, pictured here with the London 
Branchs four lop marketing officers, heads Bankers 
Trust Company's team in the UX Behind them is a staff 
of oyer 700 in Britain and an international network of 
branches and offices In 35 counnies.. 

. . Bankers Trust clients include corporations; 
Institutions' and Government bodies in the UX and 
worldwide. We provide quick answers on short and 
medium, term finance, loan syndication, ECGD and 
other esport financing. 

■ You can talk with Bankers Trust specialists in 
specific industries such as energy, insurance, com- 
modities, shipping, pension fund management and 
corporate trustee appointments. Some examples of how 
rheBankers Trust s London team, under the direction of. 
managers pictured above.fcelps customers: 

Ted Holloway’ runs the Bankers Trust London 
y Money Centre which is a major buyer and seller of 
tfo reign exchange, active in Sterling and Eurocurrency 
■money markets, and dealing in domestic U.S. dollar 
•^denominated instruments. In addition, the Centre 
^provides a cost-free Customer Advisory Sen ice for 
companies involved in the foreign exchange and money- 

Co-ordmated by Peter Denbow. the domestic and 
• international banking sections, headed by Harold 
Cotteriil and Stuart fiieider respectively, work, with a 
broad ranee -of companies operating in the UX 

For instance, we arranged a medium term loan to 
help a company expandits wholesale distribution outlets 
in the UX: provided funds for development of tin oil 
field in the North- Sea: arranged facilities for British 
companies needing working capital to manufacture 
equipment used in offshore oil fields. . 

International!}-, we recently arranged finance to 
enable Brirish-based multinationals make major 
acquisitions in the U.S. So that another manufacturer 
could finance Far East subsidiary, we. arranged a term 
loan in one currency, with, options to switch to other 
'currencies if advantageous; 

Wherever you encounter the Bankers Trust 
Pyramid, you're dealing with a full service bank in the 
fullest sense of the word, viih the capacity to raise, lend 
and munasie liionev am-where iu the world. 

1. Tim Miller: 

2. Peter Dcnlitm: 

3. Ted HoHnwav: 

4 . Humid CtHterifl: 

5. Sturt Reiden 

Senior Vico IVoident and General Manacer. 

Vice President und Deputy l.ienenO Manager- Banking. 
X'iee Pres Idem and Depuiy General Manager, Money 
starker and Foreign Eschant>e. 

Vice President and Assistant Gcoeral Manager, 
Domestic Baulins in tl» L-K. 

\7ce President ^ As4sCan* General .Manage^ 
lntenuoional Hanking m the UK. 

\ 5 \ 

3 I ‘ 

r-'. ' \ i 

& Queen Victors ■Mr-yi._L-.ndon EC4P 4DB 
Telepiione;OI-r'0 cOAl-Telci^ix-?!. 

Kca n gu a . -iera : Xcw YadLIa the Uiried Kingdom, riargfaes ic Londc-.i r*n.l ^ T4pr«emsi!v^aff!:r ;n MartchcVer.Oi'wr inches- Mi ian.Pari, ILhr.^r . T-^yc • - M - p u=^C.»v. 

Aw r. \ g-. ,^'k oi - ^tMd!nries,alKtaics ata ;aneaiat-.i:'.c oinejs l-; ^ , - on;ir- n lv ° 


Loans sought 
for Metals Ex. 


Knancial Tiinp ^ediesday ySsnnsaSm^ii .= 

i [contracts c- . ■ ■ 

Wankie Colliery profits 

gold venture 

may be lower 


AUSTRALIA'S Metals Esplo**i«, 
the co-owner with America a rrte- 
port Mineials of tte struggling 
Jtaenvafe -nickel operanon m 
Queensland, i s pinning its Dopes 
on gold ^ ftp Philippines. Nego- 
tiations are now iri band ^itn 
the Wiilippiqes Development t^nk 
for a ■long-tenn loan for develop- 

One U.S. hurdle 
left for Davy 

oofd project Davy International ■ now only Schwarzkopf is to operate YertSlsta^Tit 5 _* L 

A of the esti- needs to clear the hurdle of U.S>. Clynol in the UK « a separate ffr^pSaor of rtmmfactoring 

i n order wor h 'has- been m Liberia iorr'llie Organisation of 
won by, the pla 1 * GEC African : .Unity Hotel, . together 

wffliwrjr HANDLING. MeJfc- worth .OTer~£5QS > QW. ' 

RHODESIA'S major coal producer. 
Wankie Colliery in the Anglo 
American Corporation group, 
forecasts “satisfactory," but 
lower, profits ior the year to 
August 31. Sir Keitb Acutf. the 
chairman, says in his annual 
review that wages have been in- 
creased and the company cannot 
escape the impact of inflation. 
Meanwhile, there has been no 
rise in permitted coal prices this 

Sir Keitb says costs were con- 
tained in 1977/78 because it was 
possible to equate production 
with deliveries, white the closure 
of No. 4 colliery and the concen- 
tration of opencast production at 
one pit had all kept costs under 

first uranium exploration permit 
has been granted to .America’s 
Gcit.v oil and Benguet Consoli- 
dated. the Manila mining group. 
The one-year permit will allow the 
companies to conduct airborne 
radiometric and ground scintil- 
lometer .surveys of a 250,000 
lieciare. area in south-eastern 
Lu^m. 1^5 miles soulh-east of 
Manila. . 

* ★ * 

early to properly assess the re- 
sults. it is added. The programme 
is continuing. 


cannot be made until firm arrange- group. • uu,t f equipment, v'i“ wotr-is 

mentK a-TT* i LLh to nrovide w u , ... are being discussed with the staff TjJiSL rJl r ie scfids- • handling -at an eight-storey office block at 

Sr fuH ^“ nf eauin 3nd ^Sh^bolders eontr^lj^G affected . - ££1*1 Th* VorktfiSiId be chm* High IToibom, London/for Town 

e iuu amount ex equio 05 ner cent of McKees shares r_ i a «t fimnAni system. _ e 



the ruH »T , n f eauity and «»» affected. . ™, e .orR Shnbid be -com- tugn Holhom, London, tor Town- 

loii run*?* mX A w f to Q nut the J* per - c ^? ® f -iSIfiiL In ”s last *■***•!. rear SeST'and oti raliWtta by tirfto'd send Tfioresen Properties, and at 

PiCem St^^cton have agreed to accept the terms SchwaiTkopf showed- sales ; of ° r ' Y ' a new thrtMtorey 1 headcpiatfeS 

the Longos ~r DM 800m <£H0.5mV Otter than of 10S0 ’ * *. office building for Danfoss.*!? 

of Davy's £*>Im cash bid- dm 800m (£210am>.. Otter than 

Sir John Buddey. chatnnan of t jj e Schwarzkopf family interests 

office - building fo 
has Greenford. Middx. 

However, iic warns that should 
there be any large increase in 
demand there would he an 
increase in fixed costs ahead of 
the material being available. In 
addition. Wankie would have to 
obtain expensive new equipment. 
While Wankie has sufficient funds 
to meet immediate needs, any 
major expansion programme 
would require additional capital 
“well beyond our present 

Sir Keith says that the ,coke 
ovens were operated -at minimum 
levels in the past year and it had 
been possible, as a result of 
export sales, to reduce Wankie’s 
very large coke stockpile. 

Had Wankie heen forced to 
roly on the domestic market 
alone for its coke sales, then 
there would have been a very 
larse loss incurred on this pro- 
duct. On tite coal side, cokin” 
coal exports were also important. 

Sir Keith makes no reference 
to the recent re-opening of the 
Victoria Falls border post anti 
the speculation that Wankie will 
benefit from coal and coke sales 
to Zambia, reports our Salisbury 
correspondent. His forecast of a 
lower profit thus implies that he 
is not overly optimistic on this 

Canada's Little Long Lac Gold 
Mines reports a net income in the 
.September quarter nf C$253,427 
l£lM.9W>. this including a 
C$.5 1.947 profit on the sale of 
shares ip an associated company. 
The total For the first nine months 
amounts to C$289,431 compared 
with a loss of CSJ.Ts.547 in the 
same period of last year. 

Mines, the uranium producer with 
a mine in Ontario, owned by 
Kerr Addison, is this year ex- 
pected to be lass than half the 
design capacity at 400.000 lbs. 
writes John. Snganich from 

cash breakeven e ,wl * ‘nriudms Davy, the UK proves piaS con- owu5L13 percent of the Wlntbrop Labox^lea. has Ureenford. ittddx. . ... 

interest and loan repayment- sa j d night that the i-ompanv. Hoechst, AG. holds placed- an o^ er v ^ued at £L8m ; . * 

L) q ssiiQ° L 2 ? W P '* C * r^asfbS graup J hat L P now placed all the 48.85^1 cenL '* for the ered'^ o^^finiOTdtl^ gsp INTERNATIONAL FOCMQA- /<, 

Z,„jT no L Per ounce. . required infonnziuoA before the block at Kf 'Cgstie.vnth BUSH tI 0 NSl Ipswich, has won ' 

Xortflii b , asc i year for anti-trust division of the U.S. • AND TOan , KJ^ s ^ v 9 8T 3 £AS T>-' export orde^ Worth £2m f o^nux / 

9 7-xuo X f of Juslice j ^P^eot and he MELVILLE DUN DAS’: - ■ T25 Trenctas for 

1 . x, _ . _ ' j _ ■■■!■, EiVUH uau nun umubw nn mv 

U-S.sno per* ounce, feasibility rgnyired information "before the 
being based m mimms anti-trust division -of the U.S. 
150.000 tonnes of orv_ a yew f t>t Justice Department and he 
Production of B7.-1II0 02s of expected to -head shortly the 
gold. The .venture is owned 40 per Government's decision on the bid. 
«« by Metals Ex. and e« per CMt John ^ ^ , vMt the 

A "significant" increase in third 
quarter working costs coupled 
with a decline in ore grade has 
produced a loss in the three 
months of CS4U9.54U at Lbe gold- 
producinc East Malartic Mines 
ichich Ls controlled by Little Long 
Lac. East iWalartic’s nine-month 
result Ls a loss of CS3W.512 com- 
pared with a loss nf CS36.701 in 
the first nine months of 1977, 

* * * 

Hint a Kclta.s Tin Dredging sold 
210 tonnes of tin concentrates in 
the six months to September -'Ml 
compared with 2382 tonnes in the 
same period of 19/ 1. Profits for 
the latest half year amount to 
MSf 27,000 < £215.000 j against 
.MSl.077.0fi0 a year ago It is 
staled that production fell because 
the dredsc was operating in an 
area ot lower grade ground, it 
wdl have exhausted all the re- 
maining virgin ground by the end 
of this month when it will re-work 
tail i ruts. However, a second open- 
cast mine was brought into pro- 
duct ion at the beginning of 


The Philippine Government’s 

International Nfckcl-Ireland says 
that it has recently started a 
drilling programme on licences in 
Ireland in which it has an interest 
with Oliver Prospecting and 
Mining. Some mineral Lsat ion has 
heen. intersected but it is too 

The mine is the only Canadian 
uranium operation which extracts 
ore by a leaching process, and this 
has been a problem since start-up 
in June 1977. 

Output in the third quarter of 
this year was 115,000 lbs or 
uranium oxide, after 96,000 lbs in 
the second quarter and 09.000 lbs 
in the firet quarter. 

According to Agnew.Lake, pro- 
duction continues Eo- be- Limited 
by the quantities of ore under 
leach. “ as all other aspects of 
the operations are performing 
satisfactorily." However, uranium 
recovery in the last quarter of 
Ibis year and the first quarter of 
1979 is likely to be reduced 
because of Lite colder weather, the 
extraction rate hems' a rune lion 
of the temperature.. 

As the underground slopes are 
changed over to a flood teaching 
system, production is expected to 
improve, but overall the output is 
nol expected to rLse until the 
second quarter of nest year. 

From that time until the end 
of 1979. the output rate is ex- 
pected to average 70 per cent of 
capacity. The planned rate of 1m 
lbs is expected only in lSSD. 

As a result of these difficulties 
it appears that Agnew Lake will 
be unable to produce sufficient 
uranium to fulfil both its sales 
contracts and its commitments to 
return 2m lbs of borrowed 
uranium by the end of 1981. The 
company is finalising a dead to buy 
500.900 lbs of uranium oxide from 
another producer. - . 

by. Filipino interests. Metals Ex. 
shares were 25p yesterday. 

• ' .nd uPP^cTadfertisin® Vibro • leader sets, lour 3SBB 

anti-trust division _ had given no Construction attd * property and 'calculators T,g| -cranes.- four Vibro hammers and 

Indication of tte-nutcome he was group MelvDIe Dnndas and WJiit- e L]iiract: with the’ Bel- ^ ATbrd leader sets, for Iraq, 

not worried about the decision. son plans to set ap a new holding =5^®“ CGE^of -Brussels a. 4-ton hammer for Iran. The 

The anti-trust investigation has company to look after its interests S^aStrSEuw ttSs-’- WoduCts -in raSs-bave been ordered by Cto- 

RPTI A -X/fltVflVG rne auu-u usc jjrvesugiuiuu uu wuk«u lv »»> iu «imnu JictT-rhuic -Prod nets .in . i«ra- iHtve- uwu uruemi vu- 

been carried out under the terms but will not take tins op portun ity Metro &A de CV. whh* 

The closure of the Lakeshore of the Hart-Scott-Rodino Act to escape from dividend; re^afrrt “ ene ^ ied E0 be^woiib about- fs a consortium, formed to enla&e 
copper mine in Arizona has led w-hich only came into force two .under dividend control regula- “'Jj = tht . flrtt year The cal- the eaJsting underground Metro 

. 1 J „ w..™ .1,,- ...v I aU .mniMtOF.- tlODS a MW CnmnaTIV IS freefrrtm “J r> Ih, ' -V 

The an ti-trust investigation has company 

copper mine in Arizona has led which only came" into force two .Under dividend control tegula- « , tht . flrStyear. The cal- ^ existing underground Metro 
Heela Mining l0 ‘ record a huge months ago and which empowers Moos a new company is. free’fopm "JSs ar^ iniemted- as promo- system- in Mexieo City..’ - 

loss in the "first three quarters the Justice Department to seek used ; ... ^ ‘ 

of this year„ The company detailed information where mer- 'CUes chainna^ Jilr. f* ...A. “ re place mamsiiS;r -brochures, ■ „■ 1 . ■■■. - _ . • , 

announced yesterdav a net deficit ger and takeover offers affect th 25 1 J ^ 1 *■ D rice lists tioie.taWea and. tech- n» e ^ foP<i ^ House — home -of. the 

trsxr* ^-ssms 1 

venture with an Ei Paso Company R . k & , ncJude Sout h terms of the reconstruction M S. ''SSJf a « ra s taUed a - HONFkTVECL f rj . f f 

unit,, and in Atwust Hecla ; wtere Sfo have vllle Dundas and Whitson win f , re “ ^ 00 ° hnas a ^uite page' print- : ^ t t S i K t- 

advertised its siat L - for sale. America wnere rn oneram itc Au m for some -^wtrono tioia , ne eystenrat its comaurer mwtiTP * 

8101.5m. The mine was ‘a joint! within the ULS.. group. 

caused Hecla to seek a restructur- — TT subsidiary . _ 

ing of hs loan commitments and ou 7 su Pi >lie<1 J ^ r = e u r ^oup. - - 1 

to start a programme of retrench- oj exports. The group says that; the- extra 

ment throughout its operations. . Davy also believes that -the borrowing power-. wiU enable if 

1 mi mi e to operate under its own for 5 f tTie J ing systsnratita cpraputer centre 

une as a construction -company- ^Sisters. _ _ - -■ v • in, Hayet, Middlesei. : ,The system 

it will become a wholly owned . ; -• r- ' 1 cost £160,000. 

ibsidiary’ of . the new ■ bolding , „.. CD fONSrariT!TIO,V''^4i»« • 

oup. - ” 4 contreS ™ T0LUJH6N ^CONTROL - has 

The group says that; the- extra ^? r L t 3 HoteTs-jrnri»pe tfr ttesien- been ' ^awarded an JE800JW0 contract. . 
"■rovHn- oower. win .V hy Crest by the "Ford Mbtor Company to . 

thinks tht 

figures' for 
were accoc 
saying thj 



Lakeshore ‘operating losses wiU —not much lower .than Davy’s against cTsh of £2»m Mr. 'Whib anMAC Nottingham - based Jofteurf 4 ^aSr^tb™tte^^fecl§j? 

■positive effect on future own annual sales of £371m last son proj^es that the recontruc- GRP/jSSdeiv has two Avhile the waste ws^Ier section^ffl 

ea £7 im 5 s - , . ■^ ear - Don should become effective from g. Dor t orders, for -The design and be capable .nf .tre ating up 

Further the termination of the the end of this vear. ThA. nlnn expor* ij A’ k<nln •Alikin TnnfnA /li - * I — J- ' 


Further, the termination of the 
interest m Lakeshore will not 
affect mining properties in Idaho, 
which are carried in the books at 
a small percentage of actual value. 
Heda said. 


Schwarzkopf, a major intec- 

i Pl ?S manufacture -^Madding , panels. cubic petre/hoiirSfQiitaining 6^ 

ft R?.iS5Trf c S£S “ «» **pt - A-^;fl^,w£*7^. Tt; 

‘ • iA - - - : . - " . “ 


Vt :i; li 

A revised credit agreement is Mtiorral eompany in the hair- 
being finalised and cash flow Is dresser supplies business- with 
expected to be sufficient to meet hawquarters in Germany, is- to 
obligations under the agreement Pimchase a .subsidiary of Unilever. 


Alfred Preedy4as acquired a 56 

- f 

No consideration has been dis- per cent stake land ' Book 

closed for the purchase of the Suppliers in a 'ci$h and shares' 
subsidiary. ClynoL also in the deal worth nTiOflg^Preedy is cur- 
same business as Schwarzkopf, rentiy pursuing ; '*■ £3.3m agreed 
but it is said not to be sig- bid for Midland Educational which 
nificant in relation to the assets the group stresses" is no relation 
of Unilever. ' to Midland Book - Suppliers. 


L’ovds B 

r -Jk; ,4^:4^ 

Plantation Hldgs. pirns 
to reorganise 

.Joint Chamnen 
B. S. Berrick andR. C 

}r J ■ 

,v: - • •” 


: • -T 

V* ' :•* V, , . . 

- v* 4 ' *" ■ • . ,iA2ib 

■*> v! 

Plans for the splitting of bequest The individual nj&tion 
plantation Holdings into two new is as follows: EeVieficlal: J , 4Rf > . VC' 
companies will be submitted to Radford 22,904* Mri.'J-; BjRafl/otd 
shareholders in the New Year. 22.904. .As trustee: Mr.jP. V.A^- 
The company announced this ford 68,712. 1 ./ ■ • \ V- 

yesterday, on the same same day 4T n_ rf 

London ha^I^Hiianfafions hi^f a furth e r 2f000 c^inary shares 
London-baaed plantations busi- thereby incyearingfits bolding 

65 1.075.000 / ordinary ' shares 

Une of the new companies m.02 percent)? 
would be British and would apply Assam /Trading (Holdings)— 
for a Stock Exchange b'sting. The atessrs. /. .A. Driver and C. E. 
other would be Malaysian and is Free, jrustess - of - Mr. J. M. 
expected to be listed on the Kuala Guthrfffa 1965- settlement pur- 
Lumpur exchange. The Bank of chased" oat November - 3.'. 1978. 
England has indicated that the o.QOO/'B" shares. thereby increas- 
Malaysian company would attract Ing /be holding of that class to 
the investment currency premium. 40.MS shares and, taken together 
Yesterday. the_ Bank issued with the bolding or'. 21.S75 "A" 
supplement No. 50 to notice ECS scares, represents a voting power 
which states that, from yesterday, of 6.705 per cent 
purchases of PH shares by UK f 

//Results for year ended 24lh 

^•Profits £517*000;- up 18%;. , ; v- 

%■ m Investment ■Dronerties 

Investment properties 

‘ ^ .. _ 

./ti-Nct assets . 

i. Giirrent development, programme . includes 
^,000 square- feet net^.of aii^condirioned offices* 
-4 due for completion mainly 11(197$. ', ... -■ ;■ 

Rental income wifl idcrease 
; over 7p% to jC 3 ™* P-a-M rent-reviews ^ 25?^ 
basedbn eurrent rental values. - - ' ” :r ’ 

Rental income v 
^ Profit betoo^Eix 

residents from non-residents wiU !' . ______ . _ . 

be subject to special^ require- ASSOCIATES DEALS ; 

Gross assets 

Net Ksets : ? 








Shares of Plantation Holdings ^SSS 

market has long Educational at. 241 p on Nov. a 
atapMUM.nHHiaMmi 4 ,OOOai 241 p on Nov. 10. ? 
along these lines was on the Vickers Da Costa, brokers td 
tk- r wr,„ John Haggas, on Nov. 13 sold 

Serntrandr.'Se: por-raiT Jioi 1;, ri,r.jmy jeuiii, Amsterdam. 

Net aissets per ioj> share 
Gross dividend fat year 

*5»77» -v'JEQ#** 

Z46P '•'* loip 

12.3% t’lLgk 

. Report and accounts available from The. 
London & Provincial Shop 

jg, Sotah'SircetjU . . 

- . , , T The cash offer From MPH at ImS ^asai 183 d on behalf 

Rembrandt country is Rabobank country jr&Hi * dl8eraH ° ni " - ,lmecl ^ t ' 

Phnf9finn FTrilflinou chfirohnlrlarc I 1 '■ ■ " * " ■ 

jS^embrandt found bis inspiration in Holland, 
vet created art with a worldwide appeal. The Cent rale 
Rabobank also finds its inspiration in Holland... 
yet increasinglv provides sen’iccs in the world at large. 

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

This makes the Rabobank not ju<«t one of 
the largest banks in Holland, and one of the 35 largest 
banks in the world, but also a bank with deep roots 
in almost all sectors of Dutch economic life. 

other major European cooperative banks. This, together 
with the support of London and Continental Bankers Ltd,, 
has strengthened our operations bv giving international 
clients unparalleled on-the-spot service. /•' 

Growth of balance sheet total 
and international activities. 

International * 


In addition, we areattive 
■in the Euro-cumencv andEdro- 
bond markets. Our interttfttional 
transactions in foreign currencies, 
Euro-credit loans and 

participation in new issues, are 
showing a remarkable grtpvth. 

The Cemrale Rabobank is now expanding 
worldwide with a hill range of banking services. 

To accelerate this expansion, we recently co-founded 
the X T nico Banking Group"i linking us with fi^-e 

72 73 74. 75 76 77 

Centralc Rabobank . International Division . 
Cathariinesingel 20. P.O. Box A09S. Utrecht. . 

The Netherlands Telephone 030-36261L Tel^fe 40200L 

Rabobank E9 

Dutch Masters in Banking. 

man of MPH. -does not advtac 
Plantation Holdings shareholders 
either to accept or reject his 
offer. In the .formal document he 
writes: “It is not possible at this 
stage to give you any view of the 
market values of the UK company 
and the Malaysian company, since 
these will depend on market 
conditions at the time and on the 
results of the current financial 

Mr. R. Howard, chief executive 
director of PH. said yesterday 
that his board would be respond- 
ing to the offer in the next week 
or so and a profit forecast would 
be Included. 

He said that the reorganisation 
plans bad been in the pipeline 
for some time and had always 
had the support of MPH. The 
splitting of the company Into two 
would have certain tax advantages 
for MPH. 

MPH expects that British 
holders of shares in the new 
Maiaysian company wdll be given 
Che opportunity of selling to local 
institutions. The price at' which 
the shares wiU be underwritten 
will be announced with details 
of!the re-organisation. 


Send now for. this special Trade and lndnstry 

• 1 S'. V V •<?■*: • t rr-H 1 




Cohn. Deiaire and Kaufman, the 
New York ' brokers in which 
Akroyd and Smitten, the London 
jobbing company, has a 45 per 
cent stake, has bought another 
U.S. broking company, Balfour 

A spokesman for Akroyd said 
yesterday that the takeover was 
to expand the base of CDK. The 
deal would not dilute Akroyd's 
stake in the enlarged company. 
Balfour was a very small concern. 

One of Britain’s best sour&s of btisme&'infoma^ 

■ W itli direct access it’ s a weekly bnefingon the / 

many factors tliat affecty^r business.- , ■ . • ’ ’ _ 

Don^miss these ess&tial reports 

01 C 

The issues you w ill receive 017 act quietly- 

will include these important fortB£P u1 hig ‘specialsl 
EEC 1-Tiow theCommnqity "Works; - 
, Full deuils ot EEC structure'. lawjSpdgets. 

EEC 2-‘Know.Yooi: 

Exports, ira ports, government serv^es, customs. 

J=TKn a* 


The Hongkong and Shanghai Banking Corporation 


The British Bank of the Middle East 

announce that their base rate for lending is being incre#d, 
with effect from 15th November, 1978, . . j - 

Wm. Mowat the company 
recently acquired by Jentt. the 
private Jersey investment group, 
said yesterday that it was unlikely 
that tt would be able to publish 
within the next few weeks full 
details of its rights issue plans, 
but it hoped to be able to give 
further information on the rights 
issue proposal by the end of the 

documentation, working and traveling in the EEC. . / 

EEC 3 -‘Keeping: inTonciu’L \\ 

EEC 3 -‘Keeping inTonciu’k \\ j* 

Grants and loans, busin^.i^ukOie^^iicQii^riri^^'. . . ^ 

policy - . European, publiciioii^ygt^e 1979. \\ 

TbjTndeandlniijirry.RaotiiS^i'^ffiaaiiiSnceiiendonFRTHDET!. l 

j ; 

■ n i'll . i , - • ■ -Y\ 


Put it to the test-sand (pipon^w —4 

'Ib.-Trid:indIndcbCO , ,R«>ni820.1\ , iacriaStrMt.tnid‘ i nSWlH0ET ’ .-\ 

Ycb. please «pil three trial copksofTrmde and IncSsP^TJttlic reduced aibaaipmsi ' 

ni& I au^ox di^u&'f.O. ior /I (piubk loTr^iir jpd Ituliua)'). 

3 trial 
copies only 

To l2Wo peY annum from IU% per ann# 

Stag Fa mi tore Holdings— Mr. 
V. 5i. Radford, director, has 
ceased to have an interest in 
95,574 ordinary shares of the com- 
pany owned by his wife who has 
died. Of these -shares, otter 
directors have acquired a net 
interest in 68,712 consequent 10 a 


-ij. c I ^.?.j-/.T-;rTl--:-.S'- v- V-. • ■. . ••.*■;■ - . 

Barclays Bank jLimitcd and \ 

: Barclays Bank International Limited 

announce that with effect from the close of 
business on 14th November, 1978, their Base 
: Rate was increased from 1 14% to £24% per 
r .annum. ; V 

The basic interest rate for deposits was 

•% to 1 0% per annum. 

IThe new rate applies also to^Bardays Bank Trust C^BapjBiy Limited 

. • V 

- Re®, Office; 54 Lombard Street, ECjP ^AH r««. No'* ^MuuBnd'iinir^ 

V ; v.-: 

t ♦ 

j ■ j 1 i < 


With effect from the close of business 
on Wednesday 15th November 1 978 
until further notice TSB Base Rate 
will be 12£% per annum \ 


Central Board, ’ 

P.Q. Box 33, 3 Copthali Avenue. London EC2P 2AB. 

•si,-':' '■ 


folfae.Baiik of Scotland intimates that, as from 15th NOVEM- 
BER. 1978, and until further notice, its Base Rate will tie 
greased, from lli?i per annum to 12 \% PER ANNUM. 


of interest on sums lodged for a minimum period of T dags trill be 10% 
per annum, also aatft effect from 15th November, 19*8. 

& : 


In Ihe Matter of * 

















Secondary Debtors : 


' * In Proceedings for the 
; Reorganization of a 

: Railroad 

Debtor : No. 70=347 
: No. 70-347-A 
: No. 70-347-B 
: No. 70-347-G 
: No. 70-347-D 
: No. 70-347-E 
: Mo. 70-347-F 
: Nc. 70-347-G 
: No. 7D-347-H 
: No. 70-347-1 
: No. 70-347-J 
: No. 70-347-K 
: No. 70-34 7-L 
: No. 70-347-M 
: No. 70-347-N 
: No. 70-347-0 

Pursuant to Orders entered by the United States District Court for 
the Eastern District of Pennsylvania (Reorganization Court), the Plans of 
Reorganization (Plan) for Penn. Central transportation Company andiis 
Secondary Debtors became efledtWP'on Octooar 24.1978, (Consummation 
Datej at which time the name of Pehn Central Transportation Company was 

changed to The Penn Central Corporation. First Pennsylvania Bank N. 
and its agent, Fund. Plan Services. Inc., Philadelphia, Pennsylvania has 
been named Exchange Agent for the purpose of distributing cash and/or 
securities of The Penn Central Corporation to the claimants entitled 
thereto, pursuant to the Plan. 


Holders of the following securities will, upon surrender of such securities, 
be entitled toreceive cash anef or securities of The Penn Central Corporation in accordance with the Plan: 

Boston & Albany Railroad Ca ./ 

«Tj% Improvement Mortgage Bends Dsf 1973 

Carihaac S Adironduck Railway Co. 

4 £, o First Mortflaq^ Bonds Due IflSt 

Kanawha £ Michigan Railway COL- 
4°* First Mortgage Boncf. Due 199&’ - 

Lake Shore and Michigan Southern Rwy. Co. 

• 2\i { .o Gold Mortgage Bonds Due 1 92?.. 

Mohawk 5 Maiohe Rwy. Go. . • 

3 'hVa Consolidated Mortgage Bonds Die 2002 

Mew Jersey Junction RR Co. . 

4% First Mortgage Bonds Due 196& 

New York S Putnam RR Co. .- 
4% First Mortgage Bonds Due 1993 

New York Central & Hudson River RfiCo. 
•31e% Gold Mortgage Bonds Due 1997 

. New York, New Haven S Hartford Rft-Co. 
4U% Harlem River Division First Mortflafle- Bonds 
Due 1973 

. . . Pennsylvania RR Co. % 

414% Series D General Mortgage Bont&pue 19S1 
Penn-ylvania RR Co. • # 

4li% Series E General Mortgage Bonds 8fe 1384 

. Pennsylvania RR Co. '£&• 

3’.i*i Series F General Mortgage Bonds 8$ liraS 
Pennsylvania RR Co. 'i? 

3% Series G General Mortgage Bonds tffeoi 

• ‘ Sturgis Goshen S SL Louis Rwy. C$f< 

’ ' 3% First Mortgage Bends Due IMS- 

West Shore RR Co. %■[ 

4% first Mongage;Bonds Due 2261^ 
New- York Central RR Co. -f 

* 5% Notts Due 1974 . 

New York Cental RR Co. . . 
5*A% Collateral Trust Eunds Dus licQ 


Hew York Central RR Co. 

SHY# Collateral Trust Bonos Due 19S0 

Lev. York Central RR Co. 

6% Collateral Trust Bonds Due 1980 

Battle Creek S Sturgis Rwy. Co. 

1st Mortgage 3°o Bonds Due 1959 

Cleveland £ Pittsburgh Rai'road Co. 

£% Series C General & Refunding Mortgage Bonds 
Due 1974 

Cleveland. Cincinnati, Chicago S St. Louis Rwy. Co. 
4% Series A General Mortgage Bonds Due 1593 

Cleveland, Cincinnati. Chicago & SL Louis Rwy. Co. 
5% Series B General Mortgage Bonds Due 1993 

Cleveland. Cincinnati, Chicago & St. Louis Rwy. Co. 
4!:% Series E Refunding & Improvement Mortgage 
Bonds Due 1977 

Cleveland. Cincinnati. Chicago & SL Louis Rwy. Co. 
4% SL Louis Division First Collateral Trust Bonds 
Due 1990 ' 

Cleveland, Cincinnati. Chicago & St. Louis Rwy. Co. 
4% Cincinnati. Wabash & Michigan Division 
Mortgage Bonds Due 1991 

Connecting Rwy. Co. 

2‘#% Series A first Mortgage Bonds Dus T3TS 

;• • Elmira & Williamsport RR Co. 

5% income Sonds Due 2562 

Pennsylvania. Ohio and Deiroit RR Co. 

2V i Series £ first Refunding Moncage Eonds 
V Due 1975 

• The Michigan Central RR Co. 

41a?« Series C Reiundmq is improvement Mortgage 
-Bonds Due 1979 

.Northern Central Rwy. Co. 

5% Series A General A Refunding Mortgage 
Bonds Due 1974 

Mor'fifrn Caitoi Rwy. Co. 

4‘.:1i Series A General & Refunding Mortgage Bonds 
Due 1974 

Norlh'rn Central Rwy. Co. 

6“- first Mortgage Bonds 
P'ltihurgh Yr^rgstown S Ashtabula Rwy. Co. 
4*:'» Series D Fir:-; General Mortgage Bonds Due 1977 

PiUibu r gK 'u'Li.gstewn & Ashtabula P.wy. Co. 

E% Senes C first General Mortgage Bonds Due 1974 

Philadelphia. Baltimore & Washington RR Co. 
4'i% Senes C General Mortgage Bonds Due 1977 

Philadelphia, Baltimore & Washington RR Co. 

3% Senes E General Mortgage Bonds Due 1973 

Philadelphia. Baltimore & Washington RR Co. 
3':% Series F General Mortgage Bonds Due 1979 

Philadelphia, Baltimore & Washington RR Co. 

5% Senes B General Mortgage Bonds Due 1974 

Pittsburgh, Cincinnati, Chicago S St. Louis RR Co. 
5% Series A General Mortgage Bonds Due 1970 

Pittsburgh, Cincinnati. Chicago & St. Louis RR Co. 
5^ Series B General Mortgage Bonds Due 1975 

Pittsburgh. Cincinnati, Chicago & SL Louis RR Co. 
2r'\ Series E General Mortgage Bonds Due 1975 

Uniprf Jersey F5R £ Canal Co. 

TVs Genera; Morigage Bonds Due 1976 

United New Jersev RR £ Canal Co. 

■Ti a General Mortgage- Bones Due 1973 

United IJcw Jersey RR 5 Canal Co. 

“SLi’d General Mortgage Sonjft Due 1979 

Tailed N«nr. Jersey RRfS Canal Cn. 

3’ u Gener<i/^ig:'ge^qno5 Due 1973 

New "i vk fey RR Co. 

oVa Series fjjjti Mortgage Bonds Due 1973 


. Beech Creek RR Co. • 

• The CJevelandi'Crncinnati, Chicago 
and SL Loufs Rwy. Co. 

' Cleveland anrj Pittsburgh RR Co. 

common capital 



capital (guaranteed 7%) 
.special guaranteed ; - 
\ betterment 4% ‘ - 


The Dela ware RR Co. 

• Erie and Pittsburgh RR Co. 

The Michigan Cabral RR Co. 

The Northern Central Rwy. Co. 



Pursuant to tte Plan of Arrangement tor Penn Central Company, 
the holder of all of thftsiock of Penn Central Transportation Company, 
confirmed by the Umtifc Slates District Court for Ihe Eastern District of 
Pennsylvania and in accordance with an agreement between the Trustees 

A Letterof Tralsm/ttal with Instructions for surrendering any of the 
above listed securitiespi Penn Central Transportation Company or of the 
Secondary Debtors irlxchange for cash and, or securities of The Penn 
Central Corporation hfc been mailed to each holder of these securities as 
of October 24, 1978. Jhose address was known. A Transmittal Form with 
Instructions for surrerilering the common stock of Penn Central Company 
in exchange for the clmmon stock of The Penn Central Corporation has 
been sent to all holdeJof record of Pane Central Company common stock 

The Philadelphia and Trenton 
RR Co. 

Pittsburgh. Fort Wayne & . 
Chicago Rwy. Co. 

Pittsburgh, Youngstown & Ashtabula 
Rwy. Co. 

The United New Jersey RR 
and Canal Co. 




original guaranteed 7°» 
guaranteed special 7% 




of Penn Central Transportation Company and the Penn Central Company, 
the Exchange Agent will accept Penn Central Comranv common stock and 
deliver in exchange The Penn Central Corporation common stock allocable 
to Penn Central -Company under the Plan. 


as ot October 24. 1978. These documents were nc nailed to many holders 
whose identities are not known because their securities are in bearer form 
or whose addresses are unknown, if you own 3 n> ci the securities listed 
above and you have not received either a Letter o! Transmittal or a Trans- 
mittal Form, you may obtain a copy by completing the form below and 
mailing it to the Exchange Agent. Separate Letters of Transmittal must be 
submitted for each Penn Central Transportation Company or Secondary 
Debtor issue of security you surrender for exchange. 


Trustees underthe following mortgage indentures have filed appeals from the Reorganization Court's approval of the Plan: 


New York Cental andjfaudsort River Railroad 
(NYC RR.Co.} Refunding &d Improvement Mortgage 
4!zft Series.“A'' Bonds ftd 5°b Series "C" Bonds 
due Octobjh, 2013: 

New York Central and ijudson River Railroad 

Consolidation Mortgage:^ Scries A Bonds 
due Febmatyi, 1998; 

The Reorganizittion Court has prohibited distributions to sny 
bondholder of an issue represented by an indenture trustee taking an 
appeal, until otherwise' ordered. The Court has reserved jurisdiction to 
direct the dlstributiottof whatever amounts of cash or securities to which 
such bondholders areuttimaleiy determined to be entitled as aresult ol the 

Ne.v York Central and Hudson River Railroad 
Lake Shore Collateral 3’i?o Bonds due February 1 . 199B; 

New York Central and Hudson River Railroad 
Michigan Cental Collateral 3 1 :% Bonds 
due February 1. 1998; 

New Yon. C?n:rai Railroad 
6"o Collateral Trust Bonds Dus Apnl 15, 1990; 

Pf.n- Centra! 

61="^ Collateral Trust Scmds due April 15. 1993; 

Mohawk and Malone Railway 
First Mortgage 4* B Bonos due September 1. 1991 

appeals or proceedings on remand after the appeals. Consequently, at ibis 
time, the Exchange Agent will not accept any of these securities for ex- 
change. If you deliver for exchange any of these bonds, the Exchanga 
Agent will return the bonds to you. 


The Plan provides that, wilh exception of those contracts 
specifically assumed in accordance with the Plan, all pre-Dankruptoy 
executory contracts of Penn Central Transportation Company or the Sec- 
ondary Debtors are rejected as of June 7'- 1970, with respect to the Penn 
Central Transportation Company; as o' July 13. 1973. with respect to the 
United New Jersey Raitroad and Canal Company; or as ot July 12. 1973 with 
respect roan other Secondary Debtors. Pursuant to Orders entered by Ihe 
Reorganization Court, nei person, corporation, governmental unit or other 
entity having a claim against Penn Central Transportation Company or any 
of the Secondary Debtors arising out ol wp rejection of a pre-bankruptcy 
executory contract will be entitled to participate in the Plan, UNLESS such 
claimant files with the Proofs of Claim Administrator of The Penn Central 

Corporation a proof of claim on a specially authorized form on or before 
December 29. 1973. Proofs of claim not so tiled \m;: ce barred forever. You 
may send your request for the prescribed form ij 

Proofs of Claim Administrator 
The Penn Central Corporation 
3210 IVB Building 

1700 Market Street 
Philadelphia, PA 1S103 

Proofs of claims previously filed in respect lo such claims are not required 
to be retried. 


. First Pennsylvania Bank N.A. 
c/o Fund/Plan Services, Inc. 
P.O.Box 8717 
.Philadelphia, PA 19101 

Please send a Letterof Transmeta! with Instructions in respect lo the Plans of Reorganization for Penn Central Transportation Company, 
Debtor, or any Secondary Debtor, o' 3 Transmittal Form with Instructions in respect to the Plan of Arrangement for Penn Cenvct Company to: 

Name , 

(Please Pnmi 


Zip Coda 

Name of Bond 
Name of Stock. 



Elnancial Tn»s . 

^- ^ rv " “ " i da. 


U.S. Steel 
to build 

casting plant 

in Ohio 

Decision on Kennecott 
succession imminent 


Danes buy 
stake in 

• NEW YORK. Nor. 14. 

THE BOARD of the troubled strengthened the view within the less-, tangible advantages of the " yoRK. v 0 v. 14. 

Kennecott Copper Corporation is U.S.'s largest copper company acquisition of the leading manu- vriOKAL Service 

expected to discuss the appoint- that CurtissAV right cannot be facturer- of industrial abrasives. »NTbKA ATIO- ..rvc 
NEW YORK Nov 14 n*nt of a new chairman and effectively fended < “ " ‘ 1 

US. STEEL, the laraesi Ameri- ch,£ ' f “ecutive this week follow- management team, 
can steel producer. 1* to build a “ a PSe in the retirement The succession 

By Stewart Herring 

n*"! of a ore chairman" and effectively fended'off with aN-nafc ~wSS “tL^JSMrtT oertT’m- ■SlriU^JSSl'tS^nSSe 

has been 

Friday it -will also review the up t0 300,000 common shares 

inToraT“k?o^kJ^m^ lDCUrabent - ^r^f TennecoU Board wSht.^Ken^cotU^ Sen 

has not put a price on the invest- Although Mr. Mi Hi ken reaches amid growing indications that trying through intermediaries 10 a .na e. 
meat but using the most modem retirement age in January, he the company may go ocitside for dissuade.' "Curtiss- Wrigbc from 
technology it has be«*n suggested baa intended to carry on until a new chairman and chief relaunching its hid 10 
by a company spokesman that the end of next November and executive. This is believed to the entire Board following a 
such a plant "could cost SlOOm. t0 o e P»rt at the same time as the have been a factor behind the September 28 Court of Appeals 
The group h 3 s been carefully company's president Mr. Wil- sudden and unexpected resign*- judgement -effectively nullifying 
husbanding its investment H am wendel. the former presi- tion last month of Mr. H. Eugene the result of Kennecott's. annual 
resources in the past two years dent of Carborundum Company Richards, a Kennecott vice- meeting last May which re- 

Prudcntiars directors have 
approved the making of the 
offer and have recommended 
that Prudential stockholders 
tender their shares. 

Mr. Leo JR. Fink, chairman 


THE NICARAGUAN Govern- International 

mem of General Anastasia under its cotj* 1 ** 01 *. By .1980 those figures^' «qt . 

Somoza is seeking a rescheduling scheme. The E u nd^ m eeting to expected to nse . to\£l22nijaiSt 
of its foreign debts, as fore- Washington 1 fomlght ago, S84m respectively'. „The 
shadowed earlier this month, in postponed for :vrt) . 0 * ■tfrree.’w.eeks ing.' bundiing; ■ or ' r 
a statement by Dr.. Roberto Incer a -decision i 1 . payments. .Vfas.-iC"~ 
Earquero, the President of the application. i '. -asr'many .bank loans* coj 

Cellar l Bank. cret ji is ISsily to -be.iaft.ex the disastrous . ! 

A Bank of America spokes- approved wh tl»rted nieets: earthquake - of W73-. a 
man. quoted by Ap,. confirmed again to cor !d f r It '^r falling jiue. Vais:} 
that the Somoza Government has month but the i.^ s £ ar ?^? exacerbated by the.-lqsfiee ft 

called for negotistroiis'on credits Government WwvpWLyS- "fighting • in -September -ann 

adding that the banks had little opposition I attitudes of-the TJ.S. Go vcuu^gxt - _ 


- . . _ _ — - holds 9.9 per 

that it win be investing over proxy battle with Curtiss-Wright the former Carborundum Kennecott's stock ba* reportedly 
Slbo in developing its diversifi- appears to have helped change management whose expertise been offered seven seats on £ b® 
cation into chemicals. Mr. MilUkens mind and to have was claimed to be one of the IT^nember board 

It has long been argued that 

many steel com panes in the U.S. 
need to modernise their plant. A 
major constraint, however. . has 
been the low level of profitability 
of steelmaking in recent years. 

IUI. *■ mix, tuiuiuiau f ' _ “ = _ 7 D • rnn.u __ -, Ar “ 

or Prudential, and other mem- i^serves have been bard hit by a strategy ConsalVi; the Foreign Wfifilftfet- 

~ e — j I the popular insurrection and Somoza s dP^UUre- - from the : ..‘.ir ,r -.n •* 

business strike aimed at the presidency and- -to .secure:- a of Y^ezuala, whose. y . 

overthrow of Sojnoza rule 4n reorganisah^ ? f »e_ economy, has, taken a mbcaliatQmflfcjte 

hitherto .Idffueoced by the ^omoza adminfstratioa Yof »-_*-' jd 1 5 

f« »hp Somoza family Interests, on cast that the present. Nicar?***- * 

members of their immediate 
families holding an aggregate 
of about 800,000 shares have 
indicated that they intend to 
tender all of' their shares 
under the offer. 

H & R Block plans expansion 

Setback for 
J. C. Penney 

KANSAS CITY. Nov. 14. 

share after (he purchase of 
500,000 shares under its offer. 
These purchases will increase 

H. R. BLOCK is planning to that operates supplemental per- quarter ended July 31. Block’s share? total ^^bout 
diversify beyond its income tax- sonnel offices. Block also wants net loss was 52.3m on a revenue 33 per 
Dreparaticm business to increase to e-*Pand «« door-to-door adver- or $6.7m. The compsny tpyically 
its oaten Liil Fnr Pirnin^s Usin S distribution subsidiary— loses money in its first three 

ib potenhai for greater earnings Consumer Communication Ser- fiscak quarters and is profitably 

groAtb and is looking for acqui- yjppg corporation. onlyMn the fourth quarter tax 

si lions in service industries suiji Mr. Bloch also said tbe com- season. The company hopes 


Genera! Somoza’s difficulties the Somoza *-“***v uwiwu, uu v»i ut 4 > «« • . . 

h 3 ve been augmented by. tbe more open Government- would shortly 

, MV decision of tbe U S. Government Nicaragua^ debt*.. Service is into tbe abyss. ” Ve nezuela < L fe f 

A related agreement pro- to block a credit of some S20m estimated ths ye^.at 5465m of Nicaragua^ principal - 

vides for 1SS to purchase an *hich he was seeking from 4 fee which $61m repi?s^ 8 tt principal supplier, *■} 

additional 250.090 oewly-i^sned • ••;"•. .*’., $■$ . • _T . 

shares of Prudential at S14 a ! .. -■ ' r 7IT!!v ? . . ■ . ' - ’ * * - .\ij' V’ : - 

JV--V- ••'r.J's, . .. 

Busy calendar far DM Issues 

NEW YORK. Nov. 14. 

J. C. PENNEY, tbe second 

largest store group in the U.S.. . . . , , ^ 

has suffered a decline of S .6 per a* specalised computer services oany is adding new twists to its eventually to be profitable all the 
cent to S69m in net earnings in and Insurance, according to Mr. t 3X preparation business. An year round by diversifying, 
the third quarter of this vear. Henry VV Bloch, president and sample is 2 r ouP business where Mr. Bloch would not forecast 
Share earning* are down from PTecutio " a company provides Block’s tax earnings for the year but noted 

$1.15 to $1.04. But sales, with a ", , .’ ... , preparation service to its em- that the internal revenue service 

Hi per cent rise to $i>7.1ui have , '- le all5. wed like tu make an ployees as a fringe benefit. “This predicts American* will file 
maintained ihc trend shosvn at '°V t f v ‘ ? . , 7 T>l . ne still isn't really meaningful ip $9Llm tax return* next year— 

earliL-r in the year. months ^nd we rc looking for terms of our overall business, but 4 per cent more tbao this year. 

At ih" end of the first 36 ?ood going concerns — not turn- see the potential for treraen- The' growth in tong-form filings 
weeks, Pennev's earnings are arn “° d situations.” be declared, dous gromb.” Mr. Bloch said. is expected to exceed the io- 
now 3.6 per cent up at $144m or Tne . company already has In its fiscal year ended April, crease in sbort-forms as inflation 

82J6 against $2 13 a share on begun to diversify. In August it Block reported a net income of kicks people into higher tax 

sales IS per cent higb-r at §7.3bn acquired Personnel Pool of S25.3m or S22J6 a share on a brackets and makes their returns 

In the second quarter, sales America, a Florida-based concern revenue of $161.3m in its first more complicated. AP-DJ 

were 22 per cent up and earn- L . • 

ings 21 per cent higher. 


Third quarter 
sain at Genstar 

By Robert Gibbens 



Tax credit 


Cincinnati Milacron moves ahead 

NEW YORK. Nov. 14. 

NASHVILLE, Nov. 14. NET INCOME of Cincinnati 14 .cents a share from a settle- electrical and motal products 
AN OPERATING loss of Si am Milacron for the 16 weeks to men t of Patents litigation. manufacturer, UV Industries, 

is reported for the first quarter o clo ber 7 moved strongly ahead • For 11,6 first *l ua rtcr tbe moved ahead from ?2.94 to 83.84. 


TTiis agreement also pro- •* . ••• ^ 

vides for a voting trust THE CALENDAR of new issues nest week. tl^5®iger . 'tenn -to^ ^such a hefty ^aleBdan * 

arrangement whereby 1SS is of Deuuscbe-Maric denominated tranche of >hi^i -Weuld^-leMi spread ; ouV over;- six;. ... fVT „ 

expected to obtalo voting intematimal bonds win about 6.75 p?r amt: . • . • ^instead of- the usual four , -cwm 

control or Prudential. heariA ? 8 ^ Vi? ^ Of the rcnalnfcg “DM 1.2bo,r a divided. The major WDnyreugrefc'-: 

stamiaH.* heavier m the six- D x/ i 50 m oafld* for Occidental 00 whaCfonTfi^^ ‘Carter. • - 

week period up to the end of the petroleum »s expected .*’ from might'- take. " though ' . , 

year than during the past 30 WestdeutsrSe - ' Uaades.banlc belief es that; tiiey.will be in^e . . - 

days. * ' .*.• •• -* (Novembei -OL. avbM "idOin form of ajmhlic i&i frie.. . ffle . 

At it- meeting last Monday in offering !oc ■.^aStferreic^cbe; pessimists"; are; also - wprrie*t^fc\-.' : "; 
Frankfurt, me Capital. Marked Kontrollbank *n>m - Deutsche -what -they f«T ;Is 4 the lacA.- tif/..' .. ■_ 
Sub-couimirtee dMided on a Bank iNovemb^.i27)';.a DM.100- : qualSty-; 0 f*omfe' 0 f the hottoVMfflk' . ' ' . , 
calendar of DM l^bn worth of 150m for Braat^Itom Deutsche The secoiida^y 
new ijsiies. two and a half times Bank ( November 3QJ' a DM .UOm Deutsche Mark secrtir. was A fimi'.- - 
the amount . issued .in the ^nast issue for Nordic Investment Bank- tio'n easier yesierday. with^sqaw* 
month. • r • . - from Deubche^Bahk- (December seUing but ■ no, btiyjng 7 inter^.-^ r- ... 

The calendar was opened 4 : a DM 50 ro ;f&T7'an unknown.The Tali in prlcfiswas^ttribii^,. t \. 
vesterdav by a DM 400m- issue European stafe -Mdress . from- by more than one. dealer, to. tte. . 
for the World Bank. This had Westdeutscbe • Landesbank size of the neftris suc ca legdttr;/ -- 

been delayed, for two weeks due (December 200m for .hi ther.-.doUar ' senior, dradfe^ 

to adverse market conditions and an unnamed stafe borrower f rom concHtions were quiet pntys^- ;: r ; 
uncertainty resulting &om“. the ^Gommerrhauk ^^Jecember .fiJ'; a slightly easfet it ‘ - . 

possible issue of up to $10bn DM 100m for atvithknoyra address .■ Steriing-dominatedbpnds mffmh ; 
worth of JJJS. Government ^ from Desdner^KDecember. B): a up a ppint->fter rfte. xundun*- 
foreign currency bonds. DM 75m private placement for" men t #: better^haa-exp ^ted . 

The terras of this buUet issue, an unidentified fro ra .Qcto her trad e fi^LreS for the.^Ug 

managed oy Deutsche Bank, in- West deutkhe .^andesbank -^ the gitilder, beetpr : 
elude a maturity. tf 10 years and (Decern oer ,fl); 150m for FEfSm. issue - .for Notges.FOfft- 

a coupon of 6 * percent- Indt a state guarded ^European mm^lhank . was- T Pri 
cated price is par which suggests name rroin We^^eutsche Landes- and B.^per'C^iV 

MONTREAL, Nov. 14. 
GENS. .. ...... jan 

building materials, real estate 
development and e'-.cmical 
group controlled by the 
Belgian Societe Generate, 
earned C$22.4m (U^.S26Am> 
or C$1.68 a share hi the third 
quarter, compared with 
C$20 .3m or CS1.61 on fewer 
shares a year '-artior. Revenues 
were CS311m aealnst C$243m 
Nine month earnings were 
C$51. 7m or C$3.90 a share 
against C$47.4ra or C53.75 on 
revenues of C3776m against 
C$69 lm. 


of inis year from t'icnesco. the r „ • current year. Thermo Electron Tim pax Incorporated suffered a 

clothing and fDOtV^ar °rOUp A cs>_— I Hi or U cents a soarc- moi'oH Tin fpiim flhnra a thirp dioht cAthnnlr with in* na mlnoc 

Tie company said that based f yield of 6.25 per cmjt,. much In bank iDece 

moved up from 31 cents a share slight setback, with net earnings 

tax credit of $4,2m pulled the 10 $9.1&m or 81.23 a share, on to 46 cents, while medical equip- falling from $2.32 10 S2.36. also 
final net figure into a profit of sales up from $1 43.41m /to mem maker Technicare slipped for tbe nine months. 

S2.6m or 14 cents a share. In the $1 74.52m. Foreign currency gains From 55 cents ro 5 cents a share Standard Brands Paint rose 
comparable quarter. Genes-'O this rime were $406,000 or 5..eents for the same period. . from 62 cents'a share to 70 cents 

farmed 3 profit of $4.3m. .with a shore compared uiih $237,000 For the first nine months of for the fourth quarter, while for 
a tax credit lifting the final figure or 3 cents a <harc 'in iho the year, women’s stores group the full year IVestvace Corpora- 

on •'tmlinnins strong demand 
for cement, higher land sales 
fn western Canaria and de- 
livery of a backlog of pre- 
«*»M homes In California. H 
expects fourth quarter income 
to he higher than Iasi year's 
CS!7m or C$1.31 a share. 

line with current market condi- for an 
lions. Drainer 

Indeed, prime dofnestic honds and final 
are usually expected to ;yle Id oa' and a 
a comparable matatity. about add res 1 

to $7.4m or 32 cents a share, corresponding period »of 1977 Peine Stores rose from S1.95 a tion. the paper and printing 
Sale* for the quarter rose from The company, a major maiflifac- share to $2.29. shipper Overseas concern, moved from S3.6I* to vt__ j c„L* r 
S260.7m to $283.2m. -b^rer of machine tools, also Shipholriing Group advanced S3.90. v A lead JlgrilS Oil 

' gain of SI. 02m or From S3 11 to $3.67. and an Agencies 

I bonds, 

[ one. half-pom* moreAhan foreign 1 Dcce 
The Fi 

F ederal -Gotvern ment 


13): a. DM 70m. by "the^ lead manager, - Artis ter- , 
iown .address from dam Rotterdam -Bahk. 
k (December 14) The G^ernment : t)f NoiWBJ 
om the same bank will rign > contr«t : ^'^Tokyo., 
for an , unknown today with-; a: syndicate^ jjf 
DM 50-lQ0m issue Japanese ■ banks . led - 
er IS). ... . . Securities to afloat 

among German year bond- The ' coufcqn Ji^siieep 


instance is exp«ted to.-en- ^njfers as to how- wise tt wa^^et at 5.6 ^^ ceht asd^^i^fliMl. 
ice a DM !-l$bn issue in.the re:. 4 fie sub-committee .To agree price, ar99J ,per cedt- i. 


By tradition 

Merchant Bankers enjoy a reputation 
for seasoned investment advice. 

4 -■■■■ . - 

Trauma awns ‘ran F/anWat SXck ExOT 5 

Historically, Merchant Bankers 
■w ere relied upon for sound invest- 
ment counsel to assure successful 
deployment of large funds. Their 
intimate involvement ivi th the Rang- 
ing financial markets and theirdose- 
ness to developments in industry and 
commerce: gave them an ideaf van- 
tage point from which to fomfrilate 
investment policies. {■:' • 

By traditionBHF-BANKhasserved 
its clientele in the entire sphefe of 
investment advice, building on a 
historical base as one of G^jfmanys 
foremost merchant banks dating back 
to the mid-nineteenth century 
BHF-BANK has maintacied its 
century-old reputation as a’highly 
professional source for investment 
advice. Its highly skilled .’Staff is 
known for the depth and accuracy 
of its research. 

The Bank’s advisory services focus 
on German shares and fixedinterest 
securities which provide excellent in- 
' • vestment opportunities in one of the 

world's strongest currencie^. As an 
allied function the Bank offers its own brokerage services and 
is active on all major German stock exchanges. Owb invest- 
ment funds round off BHF-BANK’s broad institutional in- 
vestor facilities. i 

Our intimate familiarity with German industry com- 
merce and our worldwide experience can hdpjfou refcch-your 

Mead inleads to pursue the 
“ deficiencies ” in Occidental 
Petroleum's proposed exchange 
offer In the Federal Court 
action pending in Dayton, 
reports Keuter. Bui the group 
has withdrawn a related appeal 
to the Ohik Division of 
Securities. Mead said it con- 
tinues 10 disagree with the 
recent conclusion of the Ohio 
dJiision- in part because the 
division acted without 
“ material and significant ” 
documentary material. 



Shell Canada sale 

An AftSi s! 

AuKrall^SF- K 175 

Austral* ?, » ... 75 

Kcjirl'* f oods?: 83 „ — 108 
CEiUjB: i7 — 

CECAfS 9= 


Issued Bid Offer (day wcek-TiehT 

Shell Canada, a subsidiary of 
Shell Oil. has arranged with 
Wood Gundy to sell 10ra pre- 
ferred shares to a limited 
number of Canadian Institu- 
tional Investors for C$2S0m 
subject to obtaining ail neces- 
sary commitments and 
approvals. Reuter reports from 
Toronto. The. shares will have 
a cumulative floating rate divi- 
dend calculated on a quart crly 
basis equal to one half of the 
Canadian bank prime rate plus 
i per cent. They will he 
retractable at the holder's 
option in 10 years and redeem- 
able at the corporation’s uptlou 
upon 60 days notice. ■ 

C.ECA f: 9$ 


'9 rc 



...... 25 


k iuada 8 63 : - 250 

investment goals. 

For the unrivalled financial expertise of a management with 
personal liability, rely on a merchant banket SHRANK, 



Merchant Bankers by Tradition. 
Resourceful by Reputation. 







Crane and Medusa bare 
amended merger terms to 
comprise cash and Crane de- 
bentures worth $50 a share, 
rather than debentures alone. 
Renter reports from New York. 
Reasons given are tbe drastic 
changes in securities markets, 
interest rales and general 
business conditions. 

Canada S.3I SS 

Canada $: 98 — 

Canada 9 S3 

Canada 9i 96 — 

Canada ir 6$ -S3 

Dominion Brlds-; Co. 9 36 

EIB S: 33 -i. — 

EJB U 9? 

EIB 9i 9< — 

Elsarn Jutland 9 83 

V.lHparutaans S S4 

Finland 3: 93 

Finland 9 SS 

Hosalia] O S 9 33 

tir-l Finance 9 SS 

lid Finance "I 90 

J. C. Ponaij »:• JO .... ... 

Mar Blocdei 91 » 

N7 t»crv. Fin. Si 8". 

Xg per. Fin SJ 83 

Nat. Wast 9 .i6 

X«» foTOdUtM 9t 90 

Nnrri Inv Bfc. 8J RS 
N*r^^ Romm. ?i 88 

Norway 7i y 

Norc.iy ?1 S3 

iVcidt-nnl 8i 93 

On« Hrdro gi c » ... 
i^OKhei; Hydro W 93 . 
«nvd<*n 91 88 - . — 

tfR ?! S3 ... 

UK S* 93 





..... zoo 


.... 25 


... 138 


.. .. a 

... 2B 

,. .. T5 

.... W 

... 25 


... 2S0 
.... 150 
.... 75 

.... ITS 
..- SB 

.. . 125 
.... 2 M 
— 158 

•SS 951 ! ,0 -u; 5 m : 
S 6 J 871 ■ + 8 J? -MS 

« m * 9.® 

9S1 95* -«1 Of 9X3. 

932 941 . | 8 i 9X2 

MS 97* .'+*1 +« 9J* 

97* 981 +81 +B|j 9^8 

95 951 - +01 +V 9.61 

95* 961 8 9JT 

951 951 -81 AW 9 JO 

99S 9S 8 -SWi 9.42 
99J. 1881 ‘ 8.- 'A +84 9J8 
99i 183j +3* ■ +■! *.«S 

94 94* -‘Bi +M io.ia 

831 +84 +8f: IflJS 
981 +84 +81 8^2 

W: a +■! 

«W*- -81 +« 9.73 

951 +84 +* W-g 
9U 0 +«• 9-« 
974 +H +81 9J4 

9M 0 >M 
9» +04 +0*.“^ 
94i +81- -Hli 10-75 

92 +ai-A. 5 £2 
m -84 +8i 9.» 
96J +84 9-8J 

935- 0 +1 

9JJ - 8 .+!■ -9-72 

.. 98> 0 +« 9-W 

9fc» -974 +J4 rtS-S-S 

941 w; « '*« : 9J8 

97J 9l£ +Oi +# 9X1 

SH 9* +B4....+M 9.W 

97J 9* +04. +«: 9-5T 

91a «2 -M 
954 9Si -e: 

97 «Q +84 

«84 « +M 

98 961 0 +W?9-" 

974 far 8 +« l 9-*2 













931 ' 



r . .. . . ‘ . 


Aslan Dev. Bit. 5f » . — .15 984 99^ +1* • -« • 5$*^ * 

'Australia 6.6 80 .50 IMf. ■& 

tcce- 6.4 w so . 23 -S’ 

- Euro Sms 6.3 M “ 972 'rfi 

V Finland b.t S3 — 25"- 97J ? 90S - • -r«- 

.. Jtoeway S.7 S3 • Tfi “Si 

Otto. CUT of MH IS. 984 , 99 .+« 

SNCF 6.6 W .. V . - -2* : c ® "J* 

Sweden 6J SO So 984 . 97 * 


Issued iw Offer dw. s*«* '5^ : 
12 982 974 -81“ -0i U3 .... 

18 t98* 97 >-«. • « 'T- 3*. 

38 . 9M. 25 r°» l£2‘. 

H . 96*. 9T3-. .ff. +01u :9JSL 

15 . 972 9*t * ' J3J- 

9W m +M +4- 

972 9« +04. -at'^HS" 

TO .983 -mdn ' W. 
9*4 9SI • 0 +«| 







Indiana Standard 

Standard Oil of Indiana has 
entered a 33-year petroleum 
concession agreement with 
Sharjah, one of the Untied 
Arab Emirates, (o explure an 
area of about 6fHJ.U0U acre, on 
the short* west of the Oman 
mono tains. Keuter report* 
from Chicago. 

Shenandoah Oil 

Shenandoah Oil’s shareholders 
have appruted a plan of 
liquidation, AP-DJ reports 
from Forth Worth. The com- 
pany already has agreed to sell 
producing properties in two of 
seven peugraphical areas, and 
will be accepting bids for 
remaining areas over the next 
two weeks- 





Rate for U.K. & Continental 

. $l» 1 year 

5100 6 months 

$50 3 months 

Payable in dollars or equivalent 
m local currency. 
Delivery by Jet Air Freight 
from New York every business 

(Other area rates on request.) 
Send order with payment to: 
International Press Centre 
76 Shoe Lane 
London, EC4, England 
Attn,: Mr. R. Sharp 
Also available at major news 
stands throughout Europe. 

ArsendDe 6f »3 , 

Asian Dcrelup. Bk. Si i9 UQ 

Australia fi & 

Avarla 3j 80 . . 

Bank Araorn-j 51 pu 
Dune. K«. Alucrlc 


Canada 4) 52 

Ch.isp Manhattan P S 6 rr. lm 
Cominorrtnnr lm. vnv t* U8 
Commorrb^nK fnt. X*f X Cl»y b 80 . 
Council of Enrol**? 64 

EIB d 90 

til Aquitaine 34 fc 

IBJ 3 S4 

Indonesia 7 $4 ....... 

Fob*?. City of 31 59 
IJtrtit Servitns de Eki 
Mcxi'-o fi i j 

Mitsubishi Petro SI S3 . 
Mppon bliK-l jj S3 

Voroos Komm 6 00 

Xoiw-nr 4: jO 

\on»v«t«n Ind, Bk fi so . 
Pi'frolco Rrartf 7 iff . . . 

r*hilli»ptpes !>; si 

I’R HnnJ.rn 4S 
ijiifhr? Proilm-r of « ft, 
TVnvn.inmtVi Oy 3J ^ 

Oiooh 3! ^ . . _ .. . 

Semin fi fifi . .... 

fiiamii « H 

Trnndlv*lm. CiTr Of . . 

CT*S r;riiao V. v 95 . 

Vi.-ncsur.Ia fib W 

(•sqmI Bid 

— ■ . Change as- ' 
War day wy* Y1e« 
















-01 ' 





















































t' 6 - 2 S 
l'} 5 X 2 


' 28® 
■-is ' 5X2 
-W 8X9 
-IT. 8-35 
L -ai . 8 J 0 

■I* . 6X9 
-ai 5.W 
-9b 7X2 


Rank on Hold. 114 A* ... 

; Auto Cota ®«sq. 7 83 ETCA 
Capenhaiied 7 83 KUA .. 

Finland IntL-_Ek. 7 93 EDA 
vKomm. InsL : .7i 93 EUA— 

rfanama Si 83‘EUA 

' SDR France 7 « EDA ... 

.MKemeue Bk. K S3 FI’... 

Braai 74 S3 n- 

CFB 7VF1 FI _.... 

Eia 7i » n - 

Neder. MJddei*. 64 S3 FI;- 75 
s» Zealand 61 88 FI — - ^ 75 

Norway fii S3 Fl ,180 

OKB 8* S5 FI. ^ 75 

EIB 9J 88 FFr * — 1 298 

B\T,S SS UmFr ..i- » 

Barer Lux. 8 8H Lax FT ... 250 

.Em 71 SS LmcFr .: 258 

Finland I. Pd. 8 83 LuxFT,-2Sa 
- NotwW 71 82 LkPt. 258 
Renault 7} 98 Up acFr. — . 508 

Snlrar Fhi; S SSLmcFT.™ 588 . --- . 

Swodisft I. Bk.*r£S lomFr 509 - JJ MW- • •"■f.'ifg 7 
Citicorp 0'S FIJI 10 83 S 23 , 834 Mi +04 +81 U£l 

FIIWM+ for fnd 10 « t. 12,-«4 *3 +« +*55^ 

O^inner 81d. BV 11 8S 1 18 *84 *7 *U +D JgSS 

Oranleboom 164 88 C 15 *- Wl 88, +11 +14 12^. 

W'hHtnvad lOi .90 X — 15 *3 M +01 +84 5^^, 

FLOATING RATE . .. __ .'.V 

NOTES .. Spread Sid Olfar Cdot* 

Mnnlcaa Exmv*4 52 U 98i 9St 28/9 1M 

Arab IntL Band M6X. 83.. O 95T « *LTL «.gT 

Banco Nac. Arxent. MS S3 ^4 ~.9« 9« 21A H, 

Bank HandJowy MS S3 .... 11 984 97 2S/Q ,958 9J8 

Bank of Tokyo MJi *3 -984 97 W U4 MMT.. 

Banaiir worms Mil S3 ... 84 fT9 W 15782 9. . 9fl»? 

Bo. Ext. d’Al*. MS.37S 64 XS' TO fig V* « +5^,* 

Bflue. Ext. d'AJa. M7.SS5 ' 08 984 961 Z/S -321. . JX2»^ 

at ,m 

04' :.9« 


965' 971 -«1 +<U ML . 

m 9H +M +84 

951 -964 -01, +8* t®» r: 

9S 961'.' • +« l&i ■ -■. 

m 951 +84 +8L.-Tir-.--.^ : - 
923 931 - J -Oi _+«. .7C*U - . .. 

984 981 +91 +94 .-SA**T 

V 98 ■* -8. 

95S ' «**■■ • 

«4 944 -» -8i . : 

954 9 M +8* +84- : 

98* 971- -8* -«l .. :•. 

98 - 97 ♦ . +« *2r; • - 

981 991 +«:=+9* •»- 




97 fW 

954 :*** -« rtg *-£ 
uu uu -oi s-T 








. 94 - 






































i s.« 

— BJ —if * 117 • 
-=81 ^n.fjs 
_-ta .ii: ., 4.17 


Bcrae. I ado et Suez M34 
Bq. lm. Afr. Oca Mt3 S3 

CCCE M 3.25 93 

CCF M3] S3 ^ ... - 

Ctinse Man. 0'S MU 83...' 
Credit National MS* SS _ 
Cuebanken MS 88 - 
IshlktarajmB ST5J SS ...:_ 
UubliaiKka M7.7S 88 ._... 
LTCB- Japan M3* S3 
Midi and Tod. M5» 91:.... 
NaL VTeBL M3*. DO' ._... 
Nlpoori Credit MSI S3 :.... 
OK8 Mol. 88 .' . . . — 
Offsho re Mimns ss .. 
SFTE MS. S3 . 

■ Standard Chart. M3X 90 .. 
KnndFvallfibankofl MS 85 
V'd. Oi^raros BK. Mfi 33 

. BONDS.. . . 

Aslcs 3{ 93 

Raker lm:. FIB. » 93- 1 -. 







1 - 






: 8 i J 




984 */l.\9* 9»j. ; . 

9W 12ft .9*. Jg.'- 

984 3/2 9X* 9^i* 

. 9H i/S '321 . 1Z32T7 - 
98E 2Jft 9J1. 9AC.'. 
914 Tl/l 9M AX7. .- 
971 1501 12JB 12.71- 
«f 27/4 11* U. 96' 

981 19ft 101 18.61; 

981 VS ..1X88 12J8- 

97T 28A -9JM 9-7T 

; 97l X/U M 1J* 

981 25/3 9S 9X7- 

98J .'994 28/4 0X6 10X7 . 
97J 9J» 19/1 9X4 9 XS, 

984" «S lOJfc. . 

*64. 984 19/Z 8.94' 9X8- 

'•984" 9 66 V* 10.08 18X3' 

9X3 994 4/5 12X1 32X5 

■ 90S • 




Acer* W Si 

Arlberr T>innrt| 4 B?. . 


Chase Mjnhan-m 4 35 
CVRD 4: 39 

Council nf Eortron 4* ... 

Bankamerira ?] 83 


nenmarV 4 l iw . . . 
CcnnuirK-Monnase Bank 

F.IB 41 M 

Eprstoit! 4* S3 ..... 

F L. Srtiidth 4f F9 

Finland 41 83 - 

GZB 4' K 

Hiki-Licchensteln 4* ...... 

ICI Fin. NV 41 W 

Molnysts ♦: bo 

vfanlmto 4 93 

New Rninswicir EPC Si 19D 

an 1MC t«n -81 -Oif ?-61 

no mi iw —04 -oiX« n 

100 941 TO -84 -UMJJ 

70 US JUJJ- 8 +14-13.71 

- 50 984 . 9B. +W 

« nUli +G14*3B 

» mi no . +81 +u 
1931 U1 - +84 +04- ! 

ley iaa +oi +h 

1034 +9* +11 ■ 

100} 101 -+81 . +01 
1014 IQS 8 +14 

188* UB +U +84- 
102 IBS +01 + 2 . 

202! U2S -84 +■(- 
1 H 1 M t - 8 * 

UBS -iTO -Oi +U 
99i ZM* 8 8 


no mT-182 

Eire. Cirv.. '• Cha, 

date ’ price feu. oner lu F r e n i ; 
9/78 • 828 IS* UU Hi 8-5* 
1/79- '“38 -. 96- «i- -it - 8X« 

~ U 6 ;.9U 924 +« XJ 2 

9 . SIX . 832 -^U. l*Jt r 

«T3- 136 137 -li E29 

299 901 914 -M . 0X7 - 

1X5 80 -'.J2 ,-U 15,9*’ 

1X7- . 891 TO +li- 9X1 

. „ a ' 9* 95, t 84 WXt 

Trco.Ini. Fin. C S4 5<7« StS-.'n »' 0 178X9 

Anaht Optical 3{ DH ....J2rtl* S8* TO -88 49.91 

Casio Comp. 3} X DM „ U.'TS ; TO 104 + 

lrntnira 3k 98 BM . .-.;.. 1 B,T«. 9«. . 189. 19S 

Jiisco ss PM 1/79 -1278' nil 97i 

Ronlsfalnku -S4 DM. .-'1*78 »2 TO 961 _ . 

MaTUdal Food 33; Dar- ^ 2/79 IW* 2TO 189. -U £L2F 
Murara MuL-ii 30 DM.-j.71/7ff . W «U -124- rU X9 

Nippon Air. 3X 88 DM „X277t M 

| Boots 01 rc ... . 

.... vn ; 

1 Coca-Cola BOttltncfil . 

__ 9/79. 

! fro-VotaKH. Si 83 

._. 6.TS 

• .Novo todu«trt 7 SO . .. 

_ 4/W 

T«tas InL Air. 71 S3.. 


. Thom lm. Fin. ' S3 . 


Trreo rm. m W ss . 

— .9/7* 

h s . 


X* ina t 


i * L S s, 

65s « by . 

' Psr an!> 


laa Utt M f\ta 

98* 'TO.^U V W *1 

^'•vfau 4 9" 

\onses Romm -I M 

nKK 4 13 

•ir Nokia s sn 

•Salt 4? 99 

S.mrtnk 4 90 .... 

5r*3S 44 K? 

For*d-Alpinr 44 53 
Vnralber? K«n * "S 
A-fmoa 4 

World Rank 44 33 


971 98 -81 -9/ 

TO 1 MV -84 -94 
102 1021 '--01 fi 
19K UU ;+«4 ,+W 

is? . 1021 - ■ o 

101 151} —04 +01 

103* 1014 -Bi — Oi 

liw 1801 -8i +D1 

182 1621 .8 +84 

103* m -84 8 

TO .um IOC I -Oi +11 
258 301 1824 +W +81 




2 H 






. wr.-a _ 2x*^> 

Sinpoa Kbfiman.s: DM’.- Wt'-ST.'IJJJ 1121 . —HI — Wl .' 

Stem Diesel 31 so .. .. zm £3 ** JH “2* J5 1 - 

Ofimpn OiKPrel 3485 DM 2.<+9 - 70*. 961 TO —83 0X8- 

Hicoh 3* S5 DM JU/78 07 1028 1838 -1* J*«.' 

Pankyo Qactrtc S DM ... 8/7* in# -tt - L«9' 

Soofd Electric 3j 4)M" .^.11/78 395 . 

Scrya Stores « 88 DM ... 9/78 127S J351 
Snnlry Rlpetrir Sr DM «» — 

Trfo-Keowood S* 88 T5U..11/7S Tft 

. ’• No inloTTaatton ■ iTOtitte — p ro rt o Bs <UcF® "wrtd*, 

1 1 Only one tataket maXer TawUrt a pries. » 

Street Bonds; The iWd is fl» yield Id redtoptiop of fi**-' ^ “ O nfl 

odd-price] tbe-amount lamed 18 lo znflUons'of. cu wgacy-r -. . ^ M 

ontia except tor Yen bandr where .It iff la btphnsK. CbBnB»'" j| h 1 W npi js , 
on w?cfc=: Change over srtoe a ^eel; frzrUeg. jlriu '*-* tl rti 
Flwthm. Rate 8tn;. Denomlnatw hi. donarx.iBdnii 
wiw indleatnl. -Mr=51lnlmnta cW»ol' ' CXkte±£Dkte '.nea* ’ ' '“OSci , 
coupon tKcomes-effecttVt. Sproad^ilarrin abvTr aPt-njantt:. . u ^< 

offeend rare for-us: dollars. &cpB=The «rrei» «n8*jL; 

C.yia=The BOfrent FlcM. .v. - • - • 

Ctnvertihfe b**4r‘. PemnnlnBteft ln dtillara^Hnkas otberor. 

Inrtlrated C»»5>d4r=Chaflac ont ^yi- Cnv, daws Flat dat*-, . 
for conversion IMo share*. Cuv,nriee=N{an}i»»J aansfft df'-- 

hand, pre- snare- exnwated- In enrmear'of star* n'tBBW 
aunt rare tited lisuc_ . Prea;=r;pr{£aarase owmHu i i of 
current dfiwhr . price, of "aanminc shared via the- bond-, 
over the m«5t recent price ofthd Maria. • . i i- 

© Th*- Fmasnal Times ttd.7 I??*: , ’teprrfocrfro^'-wteW ‘ 
or fn' pan to' any; foian^not tHroStnH 'trfthplfr wtiTOr;' 
consent Daw supplied hF.In«^B«a*-5mlCBfc-. -V. 

i v\N( y* 

J3|ZC> reiif s third-quarter tosses 

Lsli ■ I f'LJj' 


AfcZOr She- Quick chemicals and 
fifirlif ; gwiip. experienced the 
usJai srtwiah downturn in -the 
third 197S . quarter but still 
managed a small profit in- iie 
first pipe -months as a whole. . Its 
■rate rating . . profit improved 
^ 1 'arpJy :Jp -ibe three month 

‘-period, hntbijh jnterest. charges 
atfifl’ fl»'’inabtlJty-to claim' further 
‘tax-rebates on losses im Holland 
letivto- a Small' loss at the net 
3^vet-. '•'* 

■s-ilhe' Obmpahy expects to make 
’a isfferjf "modest profit in the vear 
SS a whole. Dr.. Henk Kruisinjea, 
■portaging • board member, said, 
fitfe JarRe: number of □ncertaio- 
ite^-make it. impossible to be 
^wg a. •specific, about Altzo’s pros- 
pects. he said. The improve- 
--the latest quarter 

^Progress for 
^rescue plan 

ROME. Nnv. 14. 

occurred #*£« 
Holland with® 
activities -show 
further decimal 

The nci lo 
•quarter was li 
(Senn compart 
w arn in the 
The net result, 
months, theref 
of F] S.ijm com 
Of Fj .‘{8.1m in 1 
1977 period. 

Sales in the t 
h y 3 per cen 
iSI.2?hnj. ’vhilf 
motnhs thov w< 
cent hieher’at F 
sales io the ye 
risen 3 per cent 
unproved hy j U s 
but the increase 
the guilder agau 

r e\y outside ciot lerped off about 4 p*r 
io>. domestic cent. 

a. worrying Akzq's operating profii im- 
proved sharply to Fl 72.4m to the 
n the third quarter from Fj 13.2m last year, 
d to Fl 12m In the .Tanuarv-September period, 
^th a loss of opcratinc profit rose 51 per cent 
p 1977 period, lo Fl 264.1m Unable lo set taxes 
&e first nine against the si/.cable lo.»ses in 
was a profit Holland Akr.o faced a tax charge 
I with a loss of Fl 22.5m compared with 
>rre spending Fl s.fim in 1377. ' 

The operating loss of chemical 
quarter rose fibres iv-ds limited to Fl 17m com- 
Fl 2.o4bn Pared with Fl 5& m in 1877. The 
he first nine loss in The first nine months wa5 
early 2 per F] 16™ against F] 8Sm. 

Ibn. Volume Over-capacity in the chemical 
i date have, products sector continues bill the 
prices have nine months result nr ih e coat- 
' 2 per cent. ins.5 division was considerably 
he value of better, due paxtlv to .-irons 
Eher curren- demand from the. vehicle 

Amsterdam, Nur. m. 

industry Operating profit rose 
by Fl 6m lo Fl 29in 
The pharmaceuticals, consumer 

and mbor proti'.ieis division 
increased operatin'.- profit to 
FJ ftOm from Fl 4Sni due purtly 
In lh econ.sftlidation nf two m:n- 
punie= at-quicert in France. 

Investments in the quarter were 
around Fl 100m hria^-ing ihe 
iota] IhL- year in Fi 300m. a 
figure lower than the funds 
generated internally by Lhc com- 

A Ins? nf FI 24 in was .-ufferor] 
on -Swiss franc loans in lhc 
quarter, hut the ainnunr sril! 
ouwtandms »a« reduced in 
Swrr lOtint from SwFr 170m. 
The grnun? wnr!d-vride wnr?.-- 
fnrcc is now S3. 000. 1.400 less 
than in January. 

See I.<*x 

improves earnings again 


ONE OF Wes; l 

ROME. Nov. 14. ^fineerint: 

... . . .. vehicle comnan&M^^hi 

ITAUAN banks Bave made f h ifc . ilLv,rArn 
t further progress towards putting ,7?™. . Au ? s ffi7 N “ em 

■ a. salvage plan for Liquicbiiuieo IMANi, is rauiiags divit 
1 into opera tinn, by agreeing to after a 12 Mr veWurap in 

put op'-fontte for a marketing profits to 0?.TG7!*HS36m} 
company to manage its eommer-! th e financial .'-caSlFuiic 3C 
cia) affairs. ] The announcer® follow 

■ The agreement to provide; broad hior mad®. MAM 

Jnspee for AGESCO, fhe . ® eortec 

; fitefciaJ comply set up by a cTtis'antnr^- 
*ronp of banks in conjunction! .[PJJ . pnJ ^ 

%tf>stogi Finanziaria. follows j ” p ro^ e dn-'diff 
it- decision to participate by- tk- , 

B.™* di Nap«li. 

^iBabco di Napoli had expressed 1 12 per cent. Qr i 0 nBkrom ] 
Vgservations over participating in { per DM50 sharp Bbder 
4he Xiiqmchimica salvage project, j many's new corner® tax 
5ghicb covers only four of the ; effective since ih^®F7 fi 
gdxapany's six chemical plans in wgr. 

§qatfterp .. Italy, because it is) -g £. -~ : 

wed money by the two plants; 

•f^?*?eSvatioas of Banco dij 

'Xapoli and- other participating ; " - 

Ranks a l -one- point threatened 

■tbe-7.' -salvage .projecu first .'«&?- 

m^iiarly August.- WEST GERM AX VS nSfiGovcm- 

'^TJnions have . already, taken bond, espccipd 7 ®^)!^ 
stops: to initiate, bankruptcy pro- J® "'f 1.5bn (?SdOmTswib- 
ceedings- against . .'one Liqui-! be al trie eowof 

fTjimiea planL. at Augusta In.!” 1001 *-, having hcen'-^ffip.t 
Sie^y, rht protest against the i from -fbe end nf Octoj§5|-i 
jCTgtiry delays and the company’s 1 ai *!I" ei ®® n diiions inrp^ad: 
frjfp™ ’to. pay' workers their,. Th e •***! of thereto 

■ wage's for several .months. P e decided ai a meprinf# 

ettinder. the-' salvage agreement, ! issuing cunsunium n>.-xt 
^ESCO is to receive L30bn. j according to market - 
iS35.Sm') to hew credit in order-*"®!?-,. ,, , , .5 

jo buy raw. materials and get tfte : u ,’2l a! I* «t 1 

■ firtir .plant* working. ! nea J? 1.5bn luvei, 

..The.. banks have- also agreed Ut i P r °bably be issued in 1 
but. up funds io finance the com-; ^’ anc “ Ps n ' ne aTlt i ^ J'^ars. 
pletjon. of Iiquichlmica’s saline.^ 5- 'f Ars -. aDd .^5 
plant in' Calabria, built l0 ! behvedn nine and 10 year , 
broduce synthetic- oil-based ! „ . 

proteins, but which: has been; A i’ P rescnt > 

fcny's major year, domestic shareholders will domesuc labour costs were caus- 
pcommercial eautled to a DM3.94 tax ine problems. 
f-JMaschinen- rrc d!i- making a total effective MAN ha* b-cn spreading its 
e-Nuemberg ° r DM10.94 per share wings interna iii-nally in recent 

Hivirianri a ** a 'hsl I>M9.37 the previous > ear. niontlis. East month n said :t 
P aivioenu ifAJV is three-quarrers owned was taking a near 73 per cent 
Jump by ijuteboffnungsbueitc (GHHi. slake in Wh:i<- Motor, a U.S. 
:tS36m ) for one of the biggest engineering truck manufacturer, fallowing 
jjunc 30. S r,>,, Ps in Western Europe. U this up with ihi- purchase «.ir 
I follows a has already reported total turn- Wood Indui-iries. a printing 
I -via-vj 3 in nver *>f DM6.7 On agninst equipment maker, 

r - j *AA. .io DAI6.3bn. of which .the parent With the aim of csiablishins 
Reported- a company accounred for DM4 .4hn iiself firmly m the medium fec- 
it" which compared *,v i I h DM4.1bn. tiun of the iruck market in hmh 

feent of an The improvement in MAX'S Europe -md ihe U.S., MAX alsu 
ft proiil s follows a gam of some 10 intends >■, spend ai least 

gareholders per cent during the previous DM 135m. on its home around, 

Scent from vear The company has given it ba* jmned wuh Volkswagen 
J|froni DM6 no indication o( progress in the in strengthen 1 rig both companies' 
finder Gcr- currem financial period, bui commercial vi hicle links by >e;- 
Taw. noted back in August that >hc ling up join? distribution c»m- 
EfflTT. fiscal plunge by the dollar and higher panics ih rough out Europe. 

Germalfeond to be issued this month 

FRANKFURT. Nov. 14. 

^Govern* One dealer said that a 10 -year difficult;- in fulfilling its grr.>s 
ifotal up tranche might hear a coupon of financing requirements Tor this 
jifl-'no"*' around 7 per cent and be priced year, which now amount so !*••;« 
j-Q_f this at par This would compare with than DM 3V»n. 
ratpbncd ihe DM 500m fi.5 per cent 10 -year Meanwhile. the German 

-until Federal Government bond priced Finance Mmistrv i< offer in.' an 
at 99 per ccni and issued m unspecified amount uf si.v-i<*-10- 
feitei'Will August. year promissory notes or 

S ftjffir the ff the new federal loan i* as sclmldscheine today. 

TuS&tiy. Targe as expected, some of it will The nmes earn yields of 6.55 
probably nor he ishued immedi- per cent for *ix years. fi,7tl tier 
atel>. but bp held jn reserve by cen* for seven years. 6.75 per 
the Bundesbank for ■ market cent fur 7* years. 5.S5 per cent 
regulating purpose*. for eight. S.8S per cent for Si. 

The federal bond i*sue. in 6.92 per cent for nine. 6.95 T*fr 
two tranche.-:, totalled DM 1.4bn cent for 9}. and 6.97 per cent 
of which DM 1.2 bn was; placed on jot 10 years, 
ar-.. usy .-^!e by the issuing consortium m The note* with shorter 

tSv Sept ember, while- a further maturities should be greeted 
er. DM 100m from each tranche was with modes! success, while the 
for aJjFbel'i in reserve. 6.97 per cent yield on the 10- 

standlnc idle for IS months- mar kct is too volatile for afifcbel'i in reserve. 6.97 per cent yield on the 10 - 

because of a Gdyemment ban on, estimate of likely conditions & The sources felt that Federal year maturity u felt to be * ii»!- 
pSuSpn of these“proteins over a wee k*s time. ^Goymnnrfnt should have fiiTle tisnt. Reuter 

IRHcewf.jfpc- .thy -salvage pxori - ^ ? 

ject to;.be,fitrt fitio'oiietataoa, the l . - - - '• , . • Jf •* “•» •. 7 

■sJSHiTEftS' Sooth Africa raises $250m loan 

S^/ f %i!SS.5““S! BT t » UENT,N » / ' \ JOHA\XESBO\"RG. Xoc H. 

southern Italy, .to help pay SOUTH AFRICA has *ucar'etied in returned from Zurich today. They While confirm mg tho<r term*. 
0V mK Ue ™5* S ' .«„,j v . ,■ raising loan* on the Eurobond "-’ere described as “quite a break- Mr. .loop ile Lonr. the Secretary 
Jt w ne ’/S- Id - b f Pf rt of markets amountin- Ao ‘ onto through for South Africa" >y a Top Finance, declined to give any 
^ subsidies to Liqmduraica lo . S™' B f senior official. = further deiaiK H- would only 

^anc^ . construction of . jts|»?° ra - ihe Ministrj. ? «i Finance Thp major , 0jn ^ : a . «,^yejr «av ihut Mr Horwood had alio 
Angusla. plant, and the Cassa . announced in Pretc^ia today. credit of ¥150m. carrying a spread finalised '‘oiher loans that make 
recently sAid it would be pre-, The Joan*, ihe South African of 1 [ per cent over London inter- up a! least inmher $lflfi::i. which 
pjfrfctt. to : make it available 1 Government's tir^ for more than bank rales. Three banks have were on “com parable term*'"., rn 
luwraed i^e banks guaranteed f two years, vere final’.v;d : >y been involved in ihe ;ian, the major package. All ihe 
tijte^plant’s future operation. .! Senator Owen Horwood. lhc Deutsche Bank. Drcsdncr Bank borrowing consists of priwic 
Keiiler,. . ' i Minister of- Finance, who and Union Bank of Switzerland: placemen!*. ’ • 

'aa ; - ~ 

-VXi. ■ : T. : T 

fRecovery for Saint-Gobain papermakers t 


AliiER' A 'severe loss this year 
arftf a '-recovery next, the paper- 
g 8 k »n& ; . -operaiions- ' of Saint- 
(Tphaht-Pont-a-MouBSon should 
r*®fl'to profits- in 19S0. This 
f^st was given yesterday ny 
M^jJichel Besson, the chairman 
Q gw fca Cellulose dn'~ Pin, which 
i^St. -Go bain's mait£ subsidiary 

;^ast-. year. -La Cellulose lost 
almost 1 FFr 18Jm (544.36m }. 
wgglfe lls two full subsidiaries, 
Cgnda t^FFr 5.3m in- the red. and 
Pag&tenti de la Sej'ne with Josses 
JiJFr 27. im, brought the 
wgett to around FFr 220m com- 
J7*ttd with about FFr ]S7ra in 
IS£TI£ Qf this, abput 60 per cent 
w&^ftribu table to the group, 
reflecting St. Cobain's stake in 

JgtdS year, results will be worse 
than those of 1977. and as the 
pSrfaf company stake is now 
per cent in La Cellu- 
Inswj- rhe Josses will weigh pro- 

portionately heavier on group 

• The division's programme over 
the nest five years is based on 
the belief that there will he very 
little recovery in its basic mar- 
kets, which cover Kraft liner, 
corrugated cardboard. p3per 
sacks and paper for bag making. 
The only bright spot for La 
Cellulose is its cardboard carton 
maker Socar and the improving 
performance of Us factory 
at Faeture. near Rwdenux. a* 
operations are transferred to it 
from other factories. 

The main weaknesses accord- 
ing to M. Besson, are the cost 
of raw materials and inadequate 
productivity. He estima-iu th3t 
the cost of standing timber per 
square mrtre in Aquitaine is 
about three limes the S3 .90 it 
costs U.S. companies to buy. 

La Cellulose's plan, set mil in 
1977. was based cm concentraiing 
as far as the packacmg -evior 

was concerned on corrugRted 
rardboard boxes and paper bag.*: 
and on centraljsiD.e at Faeture 
production of common ot garden 
produeU; like cardboard. This 
has . already involved f.n lory 
closures, and more will t-o:nc. 

In the rwo years ;o thi; end 
m this. December, the paper 
division-' will have shed 1.370 
people,, and at least * further 
700 will follow. 

In the paper sector, rhe Roque- 
fort factory was shut in January 
v.-ith the Joss of 46S jobs, and 
ihe production of pine pulp has 
been stopped at Condai in favour 
of importing the raw material. 
The manufacture of pulp from 
deciduous trees has been dis- 
continued at Begles. The*e mea- 
sures^ have Cut pulp production 
ny 100.000 tonnes a year. 

I -a . Cellulose has also sold ii 1 - 
minority stake in the paper dis- 
tribution rnneem AFT-Ccnp.i. 

The. price nf wood delivered 

PARIS. Nov. 14. • 

m thp factory gale has be-n 
pushed down by -5 p>»r cent hy 
•i vombtnatinn nf internal mea- 
sures and pre*.- lire exerted on 
forest owners. M. Besson 
reckoned that n-er rhe past tvn 
years, produciiviiy iia* risen by 
25 per cent and the price uf raw 
maienals had dropped by the; 
>ame prnponion. . 

The group is shut ting it? bag- 1 
making plant at Nantorre in 
order to improve ilic per- 
fi.nrianc-e nf its three remaining 
plants, and is likely u, <-oncen- 
irate nniiluctitm of cardboard 
eases, which is at present sming 
oui over four plants 

?.T Besson said that over the 
next few months the main efforts 
would gn into improving 
Faciure's pnsilmn a* a supplier 
of cardboard for packing cases, 
eveniually using old paper as a 
row material, and to pushing 
ahead with the policy of forcing 
down the price of limber 

A' lot of Creative thinking went 
into developing the SAVE con- 
tainer shown here before it 
reached the testing stage. SAVE 

- a vehicle with an integral con- 
tainer made of synthetic material 

- is designed foruse as an emer- 
gency rescue system. Built to 
travel oyer even ihe roughest 
terrain, itcan be fitted out with 
medical Equipment and com- 
bined with other units to make 
a temporary clinic for use in na- 
tural disaster areas. From the 
outset of- the project Bayer 
worked cfosely with Porsche in 
developing thgs new rescue 
vehicle with the help of the Ger- 
man Ministy for Research and 

When itcomes to solving tomor- 
row’s problems today; Bayer is 
sure .to be there. Current re- 
search is vital tor our future. 

Bayer employs more than 6,000 
people in its research and de- 
velopment laboratories and more 
1 than tOC.OOO patents are regis- 
tered in the Company's name. 

6,000 products - ranging from 
chemicals to plant protection 
I agents, medicines, dyestuffs, 

|S73: . 

Trends varied from branch io branch- 
pn the first hair year. Highly satisfactory 
Isales growth in specialized sectors. 
sBayer World sales DM 11,704 million. 
[ Foreign subsidiaries- particularly those 
[in the U.S. A.- made gratifying progress. 
[Bayer World pre-tax profit DM 556 mil- 
flion. Bayer AG sales DM 5,198 million, 
j pre-tax profit DM 380 million. 




t- .A-nSS 

’•’ iyi-vTf t 




* ' 

man-made fibres, and basic ch a- search in 1977. And one result 

micafs - are sold under the Bayer 'was ihe SAVE container. 

trademark. Research costs mon- . « 

ey-a great deal of money. Bayer ^caay — 

spent dm 927 million on re- knowledge for tcmoriw 



© A yaaref slow growth for rhe chemicaf 
industry gen era fly. Low capacity utilized 
combined with keen international com- 
petition, sustained pressure on prices 
and rising cc-sts. Eeing highly depen- 
dent upon exports. Eayer felt the effects 
of sluggish economies and continued 
strengthening of the DM in many of its 
customer countries. Bayer World safes 
DM 2f,o92 miflion, with foreign pro- 
duction and export sales accounting for 

68%. Ei-cr AG sales CM 3,921 million 
(expori*5r.5 c :>. 

Bayer World investments DM 1,335 mil- 
lion. In Germany DM 1.414 million. 
©Rese crch expenditure wotldwids to- 
talled DU 927 million. 

© Pos r .-i?.4 prc f its: Bayer World DM 340 
million. ?ayer AG DM 3lo million. 

© Dividend 1977: DM 6.- per shsrs of 
DM 50 nominal - a total payout of DM 
256 r.'ilOcn to some 420.QCC share- 

Midland Bank 

6 Rase Rate 

: Midland Bank Limited 

announces that, with effect 
from Wednesday November 
'15th 1978 its Base Rate is 
' . increased by 1% to 12£% 
per annum. 

Deposit Accounts. Interest 
; ; paid on accounts held at 
branches and subject to 

7 days' notice of withdrawal 
is increased by 1% to 10?4 

per annum. 

^forieshre Baik 
Base Rate 

With effect from 15th November 1?7S 

Biss Kate will be 

• changed from 11^% to 12 p.a. 

Por further information on the Bayer 
Group please contact Bayer AG, Vor- 
5 tandsstab Ofientlichkeitsarfceii, 5090 
Leverkusen. West Germany or Bayer 
U.K. Ltd., Bayer House. 16-24. Paradise 
Read. Richmond/Surrey TW9 IS J.G rest 



\ F » 


Mii»an88 Sank 

^rkshire Bank Limited 

Reg. Office: 2 Infirmarv Street 
Leeds LSI 2UL 


US. $25,000,000 

.FLOATING rate capital notes 
DUE 198S 

Fcrthe six months 

15th i itTv-embei: 197B to 15th May. 1375 
The notes will carry an 
intsr?^ r 5te of 12tfc per cent per annum 

L rtsdon *ne L-jce-Tbot^c Ev-!vir,gn 

AsetitBani; Moraan Guaranty Tfiust Company of New Yapr, L ondon 

Bank of Tokyo (Curacao) 
Holding N.V\ 

•.«-.T.-r. : t Li.-..,,. ‘ • :J ‘ 1 

U.S. $60,030,003 Gil sranteed Ranting F»p.ti 
Notes due 1934 

For the nionths _ 

1 5th November. 1 9' 3 lo 1 5tn iVir.y. 1379 

1.1 .iii-ioi *i =■ r.c ? - o: 

; ■}! ■;& »<; r.trft'- ?«.• I'- <s" ' r " 

has l.'-en f i » -irj a: : r ’ • " *' 1 , 

73'. able '*ri '!>■ - i--. ar.; f° • ' ’ • ' 

’.la - . 1 ?79 a%d-i r.'. 1 C5-jn '• ’ - ! ' - • \ 

ThsEB f:7t€^ Pr* ‘ s;-»d c” : l ‘ ’ :'•'•' ~ ?•'- 

By : Morgan : T:uv Corr c: *' t;<.. U r. - r -. A y.- 3:- 

Financial Titn' W^^ay Nfn#feigt3' 1^3 



A washing machine group pulls 
back from the brink 

JUST IS month; avn ‘WilVin" 
and Mitchell, the Snrvis wash- 
ing machine group, lay besieged 
on almost every front a? crisis 
threatened to engulf the 

Frodirct demand had slumped 
at a time when the group bad 
embarked on an ambitious pro- 
gramme m increase washing 
machine output for a stagnant 
UK market. Beset by manage- 
ment and industrial relations 
problems, the group had also 
seen its previously profitable 
Australian business move into 

One Wilkins dtrertnr ?»yv 
"The life nF this company was 
bPing measured in minutes." 
Yet from this rprip® for 
disaster, the zrnup now savs it 
has — under a new man-veinent 
ream — put. its house back m 
order. Borrowings havp been 
reduced financial controls 
strengthened and profits are 
back on an upward curve. says 

Last year the rrnwp made 
£fi4.QQ0 pro-tax profit, following 
losses of ft.flvn and £S 21 . n on in 
JP7.>7 R and 1P7fi.77 .So last 
month's nows that Thorn 
Electrics) had unloaded. at a 
loss, the JR p°r cent stake in 
Wilkin? it hniiihl. in 1!>73. is not 
a sign of continuing weakness 
" We am not leaving them in 
the lurch." says Mr Harold 
Morguo. Tliorn's finance 

The other side to Wilfcijy-- 
busine? 5 i* th® manufacture of 
hwv dtiti- presses which tradi 
tjonally c»-n«>ratps up tn around 
05 ppr root nf group prnfii 

Tn th® months running up to 
Christmas. 137.2. Wilkins had 
been firing o n all cyjmdors. 
Industry demand for hea-.-.- 

proses bad peaked a few 
months earlier leaving a solid 
nrrW book, while consumer 
spending was running at record 
level*. Sales of washing 

machines were booming 

Th p n came the three-day 
week, production of presses was 
delayed: a harking nf pnenm- 
plclcd orders began to build up 
and cash Bow strain* started to 
appear. Mr. Ken Honon, 

financial director of th? pres? 
hiisineps. said that Hpfpre the 
fhree-day wppk hi* division had 
been fust f^o.nnn short of it? 
tarzer of £430.000 trading profit 
for rfie year. Three months 
jatpr the division turned in 
annual prnfifs pF around 


At the ijmp time rh*» rismE 

trend in washing machine sales 

begin tp falter while the level 
of imported marhince — notably 
from Italy — was steadily in. 

tn is # 3 i.iTv sale? of wash ins 
rn^cli 'npp rose to a record J.finj 
uni:; The following year this 
clumped to j 2m unite a* hire- 
purrhaec controls were re-mtrn- 
rfu*-*p d and inflation started to 
ink'’ off hitting cniistLmers' 
cpe-ndiitg power. Since then 
sal®- haw not ris«n above 1 4m 
unit? and last year washing 
mai'nine sales dipped back to 
1 3m units although there has 
hc"T some recovery this year 

fn xpite of this slump in 1074 
the group opted to rress ahead 
with a £Hm es-pansion plan — 
and Uvn thirds nf the rash was 
oarmarked for file washing 
niic.'ifne division, ft acquired a 
new factor*- at Telford — closed 
nm° months agn. 

Ai'hije Wilkins initial derision 

tn “ Tpand washing machine pro- 

duction may bo. defensible — i? 
says that there was no indication 
at that time that what appeared 
then tn he a market hiccough 
would become a major slump— 
the group admits that rts. later 
decision f.n press ahead with 
expansion was nwhmg less than 

In 1973/74 the group was pro- 
ducing around 5.nno wash! n 7 
machinef and dryers and it 
planned tn lift this output to 
around S.oni) units a week. 

Since its cash flow crisis in 
J 976-77 the group has scrapped 
its plans tn rival Hoover and 
Kotpoint sales and Wilkins says 
it has earned out an extensive 
overhaul of its marketing opera- 
tions and has tailored produc- 
tion to meet " clearly identified 

Depleted stocks 

Production is currently 
running at iust over fi.phn unit* 1 
a week and Mr. Henry Wilkins, 
the chairman, says that demand 
is continuing to run ahead n f 
output. Although stocks aro 
depleted — at one stage la*t 
month the group had -just 7R «f 
its best selling twin hib 
marhin®? in stock — there ar* 5 no 
major plans to increase produc- 

We do not intend, again, to 
fall into IJ 10 trap of jeopardising 
the long-term future of this 
group by chasing short-term 
profit? nr market share!" says 
Mr Wilkins. " IV? are only ton 
well aware nf the dangers nf 
taking mpn on one week onlv to 
have to lay thppi nff the next " 
The domestic appliance labour 
fnrre ha? been nit from its peak 
nf 2.900 10 1971 tn just over 

2.3nt3^it » r-st nf *""te than Havrever Mr. Wilkins reports 

£lm in redundanr- W ,haT ^' iTJ tub h;j? 

Fsaancia? contrni^ have also started to improve, slightly 

been tightened Mr WiUhiw There has been particularly 
says, "that a 'u uni her nf retailers good demand overseas, 
and component *uppl« pr £ The group says that the h?aty 

to the group's assistance when presses ?ide has also made go* d 
financial pressm?* threatened progress After the three-day 
to overrun- >he husiti p ss in parl > week Wilkins ran into wnous 
1877 •• In some case- 1 *- retailers problems on its pricing policy 
would make almost ?3TT1P d *- v as inflation ran ahead to remrd 
payment .for delivery nf £ J nn ' ls levels. *' In such a highly num- 
while component wipplief* petujve industry there was no 
agreed to waif lon? pr ^ nr fbeir waj . w . e rould claw back all of 
money— and with on seninfr this f roil1 customers.” says Mr 
Tlie group has a! C11 <»ronyrh. ^ ortnn 
ened its produn ran 2* an j| says gr n up now says jr is rqm- 1 

it has developed the fi rPT ‘ com- pp^pr, m ore nr 1 p?s equally on 
puter ” control I ®d washing pcit . p M . lt h overseas mumifar. 

machine incorporating a micro- while there has been an 

■processor, it i* indicative of the , fl - in orders rr „ m rK 

groups new found cannon that j ntllislr> 
production nf rln^ machine has increase -^j, , n u -ai|un 2 

J T ted - a, , rh «no miTs ? it machine and press demand ha= 
ri° f ®f ou,,,1 f'^” 0 R J " fh p come at a good time for the 
P T prniin group which 'is -still haunz ifj 
blHi'a h t 0,,Se r < a nc.v 8 lb ,rn, » h ^ in Australia M=here 

l M V^ ra b|“ C dn-.f "-h-ch 5 ">'* £1 - 3m ,D 

arsaiM y'r? ^ t- 

1 1 ner cm ro 3- r- «tor 1? 

Plus tighter financial controls negouareo 

and in upturn m demand for 3 ^ "' ^draft facility to k»ep 
its products has pn f the group J hP concern m business. The 
on its roost sound footing for lasr b3lan rp sheet, however.! 
two years. ' showed net borrowing? of 

Its ; best Wllin" model h«w- -£2-4jm aaainst shareholders’ 
ever "retaaijus »h- twin mb. funds «f £Min: a geanng nf 43 
accounting foT P pr rent of .per cent U’i Iki ns jays there has 
production. Sal°* n f twm tub* been further unproreirient. 
were worst htt wh°n th® market- The next *et of interim and 
turned "nin* and the twin hih-;annual figure® may show just 
'-hare of the total i"K washing' how far Wilkin 1 ' own particular 
machine, market hi: fallen from problems are soh ed but washing 
around SO per cent to about, tnachme manufaefurprs. gener- 
■35 o®r cent sine® th® introduc- ally, are n* 1 - optimistic about tJir 
tion nf automatic machinp? industry's futiirp 


you know about a mar ketr 

it’s who you know, too. 

In Munich, traditionary a thriving trade • Eos 
centre, we have a rapidly expanding our 

foreign trade banking business. And we con 

are wefl placed to help you. We 

We are one of the largest universal banks with a 
in West Germany, with a balance sheet total and in 
of close on DM 60 billion. makini 

Broadly speaking, we are flexible, friendly bankir 
and client-oriented - and we know our home 

market from the ground up. This professional nation 

experience guarantees you the best possible traditk 
service and advice. the ba 

Our full range of modem services North 

includes: Get 

• Professional documentation and rapid friendl 

payment transfers IS. W.LF.TJ , . ^ 

• Export-import financing 

• Client-orientated foreign exchange iff fr. 

■' operations ffiv 

1 Advice on seeking new trading partners iT?I 

• Easy access tdforeign markets through 
our intematioffai presence and broad 

We couple p^>ple-to-people banking 
with a historically sound business mentality 
and in-depth knowledge of our market, 
making us an idea! partner for foreign trade 
banking. Munich/our headquarters, is the 
home of some ofahe most successful inter- 
national companies. It has always been a 
traditional central for East/West trade and 
the base for close business links with the 
North and the South of Europe. 

Get in toudvAnd put “Bavarian drive and 
friendliness'’ to work for you. 

BayeaKhe Landesbank Giro x entrdb 
8000 Munchen 2, Brienner Strasse 20 
’pi Tel: 2T7 71, Telex: Foreign Dept. 5 24 324 

; v Cabbc Bayembcmk Munich 

3Sf a $.W. fcF-T Address: BYIA DE MM 

B j 

Int^mationaL B anking witfi BavffrfaQ Pro 
and Erieodliness ? 

ZVM Sinking Fund Debm 11 ^Deteraber t S r WJf-’z-j. > ^ ' 

: . ■ ' (h«r*i p criKd «JwW£Hr*h. . ■r'; . 



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f eeupon? motnriDK mbEuneni, 1 

[date will be tout 

P.'TBP AT FftroBRICTPN .. .• . 


Minister of. Finance 



Skandinavlska Enskilda Banken 

\ 9% -Capital Bonds- Due 1991 • 

NOTICE 15 HEREBY. GnTN tbai^. pursuant to the provisions of the Indefitutd Aitedlas jsf Dmim* ; 
ber 1 lO^o. under -.ihich the above' -designated Bondi ate issued, S1.144JD00 asregate juiiidp^ biboubL . 
cf auch. Bonds of the Jollowin; disiihctrce number a has “been driw'n.for rtajwnptiOtt oa Decgfnher. i> . 
197S 'herein some timei refefred to ;is 'the ifidemptioff datel. •' • ; 

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IS SSJ 77?= J f, -n iS=J lsw 2 3ci» ?T >f15 22300 "■' 70 “ sum 29375 s:oki ship 30957 33955 

?;V\ J°=i4 l»f? 7511 ? Si n??T 23321 2-> T K» H7217 79590 32063 34477 S03B3 3RMS 

‘i;!? 511? »:t'g if’ 7 ’' imi? J3U!4, fSi5. 1 awaa 27339 39420 -.32114 34323 37*520 39020 

T34 At '43 ajfil l*i -n-. rtfi:: "mus *r»nm "irca nr-m nnc .11 nn uui o^-n.ia niuui 

??5 ill? ®5S? 5215 AS®'.’ 3 .’263-0621 2JM21 22)46 2 SOOri 27151 3P601 M21B 34684 37112. S91CW 

al t -r*73 M38 £"*7 l ”4 1 2 32P14 PTOT/SSS 2^478 250.11 27334 29808 S2239' M 728 -3713* 39127 

Sfio w- 3 *' J -0 ')WJ iwav’ffij? 22 ?o» sjoaa 273«« awn -anssu 3*749 svias rais* 

SH2 J;-' , ' 3 5»I8 15348.5763 20196 22337,26104 £7433 29994 322B3 34763 37187 39153 

Sii -455 2121 l’* 1 ■LtMOOT 15369’® ta 20217 32«WL. 25133 £7446 30009.33311 34831- ft 

sli 3 33 I u7r? 81 78 jn.-.?4ii30rq 15097 '.gS 78 20219 £2658 fftl# 27455 3003T '32343 34867 ft' 

§53? T’-’ 53 ^ 570 154it ^§2 S25 a§ Ss 103 33137 27407 . 30038 . 333114 , 34325 . 87300 39330 

Sr’l J”.'i66crt]13 -ISUO.^ftO 2nz95 £2779 332£ft £T3fl» S0068 32306 -74076 3733S- 39893 

?Si §2T5 K 12 wm'iuw-SW' " 

f 2 te £665 11132 OTP& If 

•inSc 39JJI ST ]4 11221 '30534 If 

17J8 3WB 6,17 -7re 11347. ®77 31 

JI1? IS? W' liaTO}SK9 If 

' S2EIi S 240 3f,B=a Mi34 30444-33037 * 33321-37885 awn 

2255S 325II 23601 - 28147 aosps aws wam-raTBfB swzff 

lftOWaMtO 20928 £3320 25702 £8MS 3P606.33O69 3S372 37924 39554 

l^n aiuA SJU §I 7K 11S47.JHS77 56^ 38433 2CWJ3 23MI £5733 ; £8218. 30K»7 S3003 33394 37996 39633 

i 1 !? i!S? 835? s-" 3 * jiaro;iiM9 Si5i? S2S? 28395 30500-33114 35433 aaoza mns 

lain inni BS ' r7 !]= '* |SMW lfllWalMM 21031 33SM SW37 3R3W VS14Q 35S» 30046 39745 

1??? HIS 11 <24 38700 1622KU2MI 21032, £3-115 238&JS 29330 30*TO 331 TO- 3551ft -SftOTff SftTfiO 

H3? S!P, l U'“t» 13723 1S2^5|W5 210C.V £3*fi5 2597B 28»U 307T1 33101 55569 3OTS7 39785 

ISA? ifi; i w-iir ji i63.aor.iT ura^&gMft :mj 23503 . 20010 zunt.'shhis 33223 .35689 3aiw spsiz 

3Si 2ISS I3SOT 21145 235=8 .20032 £5370 30884 S32« 35728 33138 :»)348 

inik' 1555 9038.11410 13'iftJ 21167 23M7 -£0961 28422 30912 33280. 35777 M IBS .39880 

io-,5 1™ 5i?v 0113 1091= lfta^.*gl?2 3}i?4 23oR9 20(194 £9443 >30951 333J1 35880.-38191. 39891 

‘ 3gl3 £l=l!t S.T640 S61I3 28473 ftlWfr 333U S3832 3821* 3992* 

2364 £jgftfi aagftL ■Jbl26 MM4 Rtraz 3XSH2 35881 38S9-5994 3- 

#928 21260 23703 26)65 DK521 3107ft- 33383 3S9Z6 38270 39864 

sisal 3376ft 26l-.ia 26963 ,311] T 33 JW 35075 33288 33933 
1312 23516 26227 . 28690 31143 33425 36TO1 383IL 

J?25 hi-*** '.’I42 1H33 1-inrW 1«3«17 

.. _ 

Jg:*' *-*£l safta -SOS* 1)545 14036 IMM'I 

Ur«2 ji?? *57? g~ Hr l 1 "7 1 141*3 

-253 H. l V 11003 34143 16530] 

-?’V 'J-iM Hj'I ?- ; H0 H6ft7 14174 165694 
yw MSI 1172ft. 14132 ItOfiTl 
2 i« 4511 Tima »63 unoo 34221 ib«f0i 

t lii 211=5 =4050 £6305 MWM 31243 13608. 80334 38403 

IM i 14,13 34{tT1 36331 28833 3136» S3PTS »MW 38438 

=ir.0a 24002 2637ft £0937 31E0S 33720 36165 36468 

K2K ncoen uvn '4mw.iunn 

The Bonds specified nbnvcare to beia 

— rnd fluor oi Cilihan}.. ~V - 1 , Trustee uj 

the Borouzh of ^Ianhari*n, lie City uf 
thereto, at the main ofices.of Citibank, 5 
jVIilau, Farit, Citibank '.Briginm) S--\. i 
Luxcmbour?, Siviss Credit Balkan d Urat 

310 =]7ifi S4lf'3 2«0B 2JW47 SM0B 33M3 36330 M5M 
“1 =1783 . 24226 2GS».-Sffl073' 31431 33374 3634St 38375 

eemed for the Sinking Fund faS at the-’IEG bond -windows, 
ler the Indenture relcrred-lo fbpvr^p, ill Wall Street; in' 
iv York, or f .b\ subject to any Ian s' oV regulation-? applicabjo. 

• ■ r ■■ . ■ \»i* 

\ork City on December !, 197S, the dale® which they sliafl became 'due ind payable, at the rederap-. ’ 
bon price of 100 percent or ihe prindpal-bnoaot thureof, to?eUier with acoued interest to the date 
filed for redemption. On and aj ter. the ydemption dale, interest on -the raid Bonds jsiil .cease to 
aarue. and. upon prc.-eniAtion and surreadcr cf such Bonds with aU coupons appertaining thereto 
ma tunnp ai ter the date fixed tor redcioptAir, payment v»ill be made at the said rKlempticm tsice out 
o£ funds to be deposited with'theTiUatee.'l' \ • .-. • - • 

Coupons due December 1, 19 JS should l» detached 3 nd _ prejented for paymentrin iitrosoal 'paEimer. • 


, , ^ i Bys Citibank a* TriUtoBr 1 

November 6, 19^8 T = ^ • .-- . t' .-! 

,- -t;. r 

• •• , **'*•, '* ‘'v - • 


•, . 15.I97S 

'' ^ 1 jj ^iwrai, il " im ' 



fi a 




i [^SPAN'S i fotlf 1 ijlitfpr ' securities 
‘ <i J 4 jih pafllfi®, today- reported regard- 

« profils aud Tei'wraes for the 

‘ ^ SepteOThir 5&— as. surplus 
i'- jiioney centituied. .td pcrar intio 
■ stock : market and.TiatioHaJ 

- ytad issae&jeir a tKxmf-in bond 

• -CjderwrittaR and sales.-. '. 

u. ^Volume: : om the To^o Stock 
: '■'}. Schaagc" Tjuringr .the :’ year 
i V ;ached ibSewiveraroTfaily high 
'. 2S0mA^hkrd& in the- year just 
; : : .ided, up from an average.: or 

': V4in shattfe- Jf the ’’Prior year. 

:: vie Nikker.JJAw.-.lnflex.-soved 
■:• "‘‘mn-a low point in -November 
~ rest jparN-df - . 4,5.97. 36 to ,-■3 new 
v ; ’ * cord high reached ,ori “the last 
;v ? - B I -accounting year of 
. ■- J83J6 ;Hfew biShs arc. expected 
Ls hslf-jn&rf^lGi volume rising 
;■ ■> about ’{R1S«K- sharps a 3aj. 

-’ ' •cordiqgftjj'adnie - forecasts. •• 

; ; k- n'j fcko ■ jjitsed ri Q es ,-th e : second 
*■■ >gest alter Sotnura, showed the 

profitlfor securities houses 

best gains in both * 
revenues. Net lnfl 
34.6 per cent . ■ 
:XSl73m> from YjJ 
.prior ■ year. R ev M 
include-. conuntakl 
and Income and pi 
Of securities gained! 
to Y151.7lbq (£9 


■Nikko move furl 
higher quality S h an 
which commissions 
its average per shan 
rose to Y3J3 From Y 
income rose in spit* 
ins of interest rate* 

• Typically among, 
bond business at N 
with underwriting t 
and Government re] 
up 54 per ecru io Yl, 
a fairly large part in i 
bonds: Nikkus 

profit and 
was op. 
fc Y32-59bn. 
n is the 
i, whieh' 
. interest 
on stales 
per cent 
i> from 

into- the 
&ness in 
? lower- 
<ihg the 

houses. ' 

soared - 
in, wifb 
xnment- r 

market bond trading rose 2K per 
cent, bin the major sourer of 
Increased income in this sector 
was in underwriting, up 8S per 
cent to Y12.8bn from Y6.8bn 

Nomura Securities reported 
t Jat I 1 ! revenues in the year 
gained 9.3 per cent lo Y202.S3bn 
from YiS5.59hn f.S8S7m). Its net 
S aine d 16.7 per cent. 10 
Y40.72bn f$2lTm). from 

* ,i Sbn * Slock revenues were 
up 13 per cent, while bond sector 

revenues gained 43 per cent. 

Daiwft Securities maintained 
its third place ranking, with net 
profit of Y 16.44 bn ($S7.4m>. up 
17 per com from Y14.(Wbn. 

Sained 10 per cent to 
Y] ( S597 nt i. From 

\ 1 02.02 bn. The company fore- 
casts a further 22 per uent 
increase In net profit and an IS 
per cent gain in revenues this 
yenr Daiwa's bond under- 
writing busiuos was up sharply 

TOKYO. Nov. H. j 

by 73 per mu. with about 25* 
per cent of that in' National! 
bonds- Bund commissi u ns i 
increased 44 pur cent. 

Yamaichi Securities posted a 
net profit of Y14.16bn ($?5-3un.i 
up 13.8 per cent from Y12.44bn.i 
Revenues were up 11.7 per ceni j 
to YIQG.OSbn from Y05.012bn. It 
showed a 49.7 per cent rise in . 
bond income. 

Behind the rise in stock trad-; 
mg is a continued slump in t 
capital spending by corporations 
here, leaving large amounts or 
funds for investment in stocks. 
It is expected that (his surplus: 
will continue and that supply; 
and demand Factors m the, 
market will keep prices firm. • 
Nikko Securities Forecasts Lhal i 
the 6.000 level Tor the Nikkei 
Dow Index will be broken with 
a possible peak or 6.400-6.500 in 
the January-March quarter nest 

Nippon Kokan einings and sales decline 


iFONT Kalian. .fNKK). ; thr 
tond largest Japanese steel- 
aker and- a tnajoc shipbuilder, 
s reported . a fall of 18.4. per 
ntVin-'after : ias profit for .the 
ST- half" of the financial year, to 
LS$bn (515.9m), -from Y3.65bn 
the same period- last ryeur. - ' 
This comes a .day after Nippon 
eel, the ? world's largest .sleet 
tker, bad reported - a rise of 
7 per cept to YJO.TObn in .net 
oflt for the six month's to 

'ptfember - 30^—but 'announced would havi» s 3 loss 
but fur* Foreign cxrnfe gains 
and other special itei^v . 

It also comes on itjpj* '^hen 
Nissliin Sfed. the siKlargcst 
integrated strdmakeBr Japan 
and a specialist in staBs steel 

products, has annimnTB Slight 

rise in afler-tax r.i-,.Bfor the 
.half-year, by 1.2 pcflpRl to 
Y351bn (SI8 7m). frui^P-47bn;i 
Sales at .\KK Fell flR3 per 
cent in the half, to WfiMSbh-, 
(82-Sbn), from Y600.^K 

the company expects sales in the 
second half lo rise to V620bn — 
on the assumption that crude 
sled production will be 6.7m 
■tonnes, against 6.65m in the first 
■half, and that the yen will settle 
at about Y14KJ to the dollar. 

•NKK realised a foreign 
exchange a profit or YS.Tbn as a 
result of the rise in the yeo. 

Its siecl sales were reported 
tu have fallen slightly, to 5.76tn 
tonnes ms a result" of lower 
exports, whilr sales at- its ship- 

Sharp gain foi* electrilwire maker 

UfTOM'O Electric Industries. 

: Japanese electne wlre and 
de m an ufa cturcri raised its 
ar-tax -profit Jjy 41 per cent in . 
r first- Jiaif-year.- Jo ;.Y2.58bn- 
3.7ml, front Yl.SSbh in Uie 
t half pf. 1977-7S. The 1 cbm-" 
ty. however, expects net. 
fits to’Tise ‘more . sharply ' in 
second haliVto'rtfch Y5.86bn. 
46 per henj- morfr than in the 
■vious year;--.' 

The company has hS 
interim dividend a> ihelH 
Y2.5. It' says that the qu^Q 
raising the Full year's <m 
to Y6 has yet lo he deci™ 
that it hopes at least tu mi 
last Star’s Y5. - ^ 

Sales in the’ first haf£ 
12 per cent tn Y150 4Hh n 
frpm Y134.32bn. .hpi this ri 
growth. Is noi expected fd 
full ycar^fnr which a ri 

TOKYO. Nov. H. - 

§ jIs 5.5 per cent to Y3I0bn is fore- 
dbus cast. 

‘ Increased =ales of electric 
(bnd wires and cables and a decline 
9»fl in the cost oF materials, as well 
&tin lower interesi pay ments.- con- 
. fri buted 10 the first hair profits Better business in - the 
ia)).-; second half is expeeji.-d la he 
B0( backed by guod sales tu the car 


huilding and .hca\> machinery i 
divisions were -al5n lower. The 
improved value in steel sales. ! 
backed by prtf-e rises, offset | 
deficits in opcratinc accounts ai ; 
the other two divisions. ■ 1 

Nisshin Steel's sales in the : 
half-year fell by 3.9 per eent.| 
to Y142^4bn t3757mt. Trout ; 

YHS.OIbn. I 

Nisshin has declared an un- i 
changed interim dividend of . 
Y2.5. At NKK. the interim 
dividend is again passed. 

Sumitomo HI down 

TOKYO, Nov. 14. ! 
AFTER-TAX profits of Sumitomo: 
Heavy Industries, the heavy! 
machinery and shipbuilding con- 
cern. fell by almost 95 per cent 
in the first half nf the financial 1 
year, to YUOm fS5B5.000i. From I 
Y2.05bn in the six months to! 
September 30. 1977. No interim j 
dividend is declared, whereas ' 
last year Y3 wag paid. 

Sales also fell, bv 14.9 per cent . 
In Y95.94bn (S510m>. from ; 

Yl 12.76bn. 

Reuter i 

rrSwd onlv. 

bond issue 



By Our Own Correspondent 
TOKYO- Nt>». 14. 
and hanks wuty J* p a h!e 10 
reach asreetuent- ®y Hie end 
of the year 10 Hear the way 

Tor Seans. Roebuck and (:«, 

the U.S. stores to issue 

the first yen dctiominated 
rurc-lgu corporate bund in tbi- 
Tokvo capital marti-i. an 
nftlcinl at (he Floabcc Ministry 
said today.. 

It appears . now thar the 
Finance .Wnlstij' will allnw 
S»"ars i» issitfi straight hnml 
once (ill* matter or s-i-tirinu 
the bonds IsAnaOy It 

has been eDpt® ,0 °. Praeticr Tor 
Japanese epdtpamcs to issue 
bonds with li : coni miss wmed 
hank guarapfuc since (lie 
inrtlts. The bapf? ha,r been 
reluctant (6 J’S*'’ 1 ' up this 
practice. partly^hf caUs e of tin- 
income they iffiri'e finm thr 
practice. The rite* which 
remains uhrvsotyeil is wliich 
companies *ilt b*r allowed m 
issue unsecured bonds. Onl> ;J 
handful woutd.tiVulify f"r the 
A.\.\ status "df Sears, lint a 
workable sjstcjn for rating is 
still in the JUlUitnc. 

Sears’ cxeepitjfo ari ? reported 
now In helleire^ they u ;n | IP 
able tu come ;to the market 
shortly after ft* first of the 
Year, proha M*- f° r Y2tt-2rilm. 
Nomura antf^Dslwa Securities 
have been s*t*S! ed as vo- 
managers. ThCiVYIuanre Min- 
istry effirial sBltMhat it wnnirf 
lake ope montii-to issue a bond 
. after ronnrtiji registration. 
Thpre will jja .hatp to In- a 
somewhat lengthy examination 
nf Senrs* fintdfeW statements 
and other d«on*t-iiLs. Scars 
has been inteitMed in isMiing 
in yen. partly because it has 
yen income ftpra a Inral joint 
venture with the Seilm Stores 
group to offset any exchange 

TAL <§fer 
above Aet 
asset vlfue 

By Anthony Rc$d>y 

HONG K&'G. Nov. 14. 

Opposition to Australian 
inflation accounting moves 


[THE INSTITUTE of Directors in 
I Australia today declared that it 
j did not support the proposals of 
I Australia's accounting bodies on 
i current cost accounting (CCA). 
The council of llse institute Raid 
that there appeared to be a lack 
uf support at present (or CCA, 
a method or accounting for infla- 
tion. from within the accountancy 
1 profession, the business com- 
! m unity senerally and from 
! govern men t. 

The accounting bodies — the 
Australian Society of Accoun- 
tants and ihe ’ Institute t f 

■ Chartered Accountants in Aik* 
iralia — promptly replied, indicat- 
ing they did not intend l» change 
their stance on CCA. and -saving 

'that a number of la ret- Au.-dra- 

, lian ewnipanrcs were already 
; obtaining management informa- 
tion, on a current cost basis 
The bodies said that they 
tielieved vhat more Australian 
i companies would take this course 
; — and in line with thrir recom- 

■ men da t inn... make ihts informa- 
1 lion known. The <T.A ;*rnp»suls 

by the accounting iiodies call for 
. companies tn present their 

■ accounts un the iraritiional. 
' historical a, -counts basis, hut 

for period* Parting on or after 

■ -Inly -1. 1978. to provide simole- 
tncniarv information nn a CCA 

> basM. Thi* would mean thu the 
accounts of Australian rnnvnnUs 
1 for 1978-79 would carry supple- 
| mentary f:r.A information. 

I Tne institute said it was enn- 
1 rented at the detrimental offeris 
of inflation on the community. 

; and acknowledged thai financial 
statement^ n f companies . based 
on historical cost c-mild be in- 
sufficient and misleading. 

But the Institute adder] that it 
could not support the proposals 
of the accounting bodies at this 
time. Reasons for litis view 
included: concern over the 
acceptability of the basis of CCA; 
the apparent lack of support bT 
the proposals: ' iiltle apparent' 
benefit To shareholders from the 

information; the potential for 
confusion in the mind of readers 
of the supplementary in forma- 
lion; the scope for significant 
inconsistencies of application -by 
companies; the subjectivity : of 

the information; and the dangers 
of misinterpretation. 

The Institute said lhal it sup- 
ported the efforts of the account- 
ing bodies in seeking u solution, 
and that continued research 
should be encouraged and under- 
taken. recognising that the 
method nf accounting eventually 
adopted In Australia should beat 
least closely .in harmony with the 
methods used by its major 
overseas trading partners. It 
suggested lhal any further 
research’ be undertaken in con- 
junction with the accountancy 
profession overseas. It also <airi 
lhal the present fra me work of 
historical oust accounting should 
be retained until an alternative 
and complete method, based on 
sound concept s which . were 
logically developed, had i»ee.n 
debated and w;is acceptable to 
governments, ‘the accountancy 
profession. Jhe business vnrti- 
munity and investors locally and 

The accountancy hodies 
replipd that their proposals' 
enabled a solution to be evolved 

.. • SYDNEY. Nov 14- • 

through practical 'application hy ■ 
encouraging ' companies. - to 

publish CCA information on- a 
supplementary basis. This wotxld- 
illustratc to government - and 
olbers bow. the burden of taxa- 
tion could be unduly harsh on 
companies, particularly those in . 
capital intensive Industries, ! 
when it was levied on paper ; 
profits and not real profits. 

The bodies said that (he 
present' pioposals were broadly 
in concert with overseas develop- ' 
merits, particularly the UK and 
. U.S.. where supplementary infor- 
mation about current costs was 
already heiuy disclosed. 

They- claimed that more than 
40 per cent of UK iisied com- 
panies and 70 per cent of the 100 
largest listed companies were 
already complying in some - 
degree with “Hyde guidelines.” 
while in the U.S. it had- been.- 
obligatory _on large companies 
since 1975-76 to disclose similar 

The" world was moving ctosjpr to . 
a system that touk account of 
changing prices and chancing 
money values a'nd the South 
African accounting body ' had 
recently issued guidelines ran 
CCA. while guideline. 1 : were 
planned in New Zealand. The 
Australian bodies were fully- 
participating in International, 
development* and thought it 
desirable to continue with 
research and development in 
Australia- The profession was at 
present developing an educa- 
tional programme for its mem- 
bers and «.iihers concerned, 
including senior management of 

• j • 

Papermakers end association 


f^N'avcmbcr 1?78 


ana&ial N.V ;l 

■ . • ' * .: V' ■ * • t ■ V. ■ ■ ~ 


Ten Year Credit facility 

Orion BanifLimited 



auditors plan Kfec. \o>-. n. 

. . , THE HK810 pit Share in cash 

TOKYO. Nov. 14 '■ heine offered td^inority share- 

HIE LEGISLATION Council, an hold e rs in Alliance 

advisory body to Ihr Justice : (TAL). a m^iy Japanesc- 
Hinistry. is considering a plan, 0wn ed group wiffinperations in 
•0 revise the Commercial Cod*? [ various purls ori&sia. compares 
(o make ,i' compulsory for^vith a net value of 

Japanese companies to have full- !HKS5.3_* fU.S.ftKm-3 'hare. • 
time auditors to tighten 1 heir, -phis is staiodmn the offer 
■inditing and to prevent window- j document for ih&bld by the 
dressing or their business results j majority ^harehoi»s■.• which is 
The present Commercial Code ! I0 be effecied fly «*%cheme uf 
requires Japanese com _paoles to j atrangemetu .These shareholders 
have one or more suduors who i arp th p Japairfse companies^ C. 
are elected by* the Board of lloh aDcJ Tj fr av industries. -as 
directors, and who may not neees- we n aR j ar dine. Matheson and 
sarily he full-time auditors. ;q 0 an ^l Le eii inveslmem Cob; 

The proposal would have the , ,, ur .-ui on j^-Honc Kona. Together 
Commercial Lode revised so thaf . lhev own ^ -5 c ^, t 0 f.TAU 
all Japanese companies above a, fhe Textile Alliance chairman, 
certain size would have more, Mr David Newbi aging — who is 
than one auditor elected by the| al , n chajmmn or Jardine — tHU 
shareholder meeting, jnriudlne at | min(jrih . shareholder: in the 
least one full-time auditor. | document that although- certain 
The plan would also give aud?-i TAL proporl jp S nt *~ nrobahly 
tors powers to call a meeting of niore jjj an tbeif book value 

their company s Board in the have not been profes- 

?vent of their finding violations, S | 0n ally valued for purposes of 
,jf laws or the articles or assocla, l|w of j er) and although the 
rion. and to call a shareholders va |, Te 0 f t j u . group's, textile 
meeting « necessary. quotas are no! rellccled in the 

Other plans being considerefl jujgnunjg such ailju*inicnls would 
by the council concern defining st gj be ^jikelv l0 match net 
the shareholders rights to pose adet values with the offer being 
question*, and to make proposals 

jt shareholders’ meep^ig^ and -fc, 0U gj, some improvement in 

introduction of the nev. tracing prosnecis has been 

tion of management -committee. a j experienced — TAi. has made 
kind of inner Cabinet *3 . . -- - r — 

j AUSTRALIAN Newsprint Mills 
Holdings and the New Zealand 
[group Ta«man Pulp and Paper 
[Company have agreed to unwind 
!a longstanding cross-sharehold- 
ing. largely because of a recent 
decision by ihe Australian com- 
pany to build a large A$160m 
(USS184ml newsprint mill jn 
New South Wales. 

Shareholders of ANM will he 
nffered on a pro rata basis the 
shares in JhHr company held by 
Tasman, while Tasman share- 
holders will similarly be offered 
; the shares in their company at 
, present owned hv ANM. Thp 
latter has Sm Tasman shares, or 
inst over 20 per cent nf the New 
Zealand company, while Tasman 
has 2m ANM shares, or 16 per 
I rent nf the capital. Un this basis 
.the ANM sharps will he offered 
as lo about one for every five 
<held. and Tasman shareholders 
will be offered share? as to one- 
for-four. ANM will act a? 
iTasmitn's agent for the sale of 
'shares in Australia, and Tasman 
i will do the same for ANM in New 

The directors uf ANM said 

that the sale of thp <harr* had 
arisen as 3 result of the deusinn 
to build a new mill in NSW, 
because the original reasons Tor 
the share exchange were no 
longer valid. The reversal of the 
original exchange was heins 
undertaken “ with the utmost 
goodwill on both sides," they 

Funds from me sales would 
assist the liquidity requirements 
nf both companies. ANM would 
use the funds Inwards early 
financial commitments of the 
new mill project 

Tlic original share swap was 
carried out back in 1962-53 and 
reflected a. long term relation- 
ship between the two companies 
for the supply of NZ pulp to 

The new mill planned by ANM 
is due to start production Hn 
1981 with an annual aii£j>ut**r 
180.000 tonnes of new sprit# »' 
year, and will mean that Su?- 
tralia will be about 70 percent 
self sufficient in ils newsprint 
requirement. Tasman Pulft&b- 
tains more than 70 per ceff&of 
its revenue from export s.c$Rder 

- ■’ ■’ 

SYDNEY. Nm. 14. 

Ihe New Zpaland-Australtan 
Free Trade Agreement 
( NAFTAi Tasman was expected 
10 supply about $9 per cent of 
Australia's imported require- 
ments. but New Zealand main- 
tains that this* has not been met. 
Tasman last year ran into 
liquidity difficulties which re- 
sulted in the New Zealand 
Government and the NZ group. 
Fletcher Holdings pumping more 
funds into the group. 

Early 1 his \ ear. Fletcher, 
which is 22 3 per cent owned by 
the Australian group. Reed Con- 
solidated. also bought nut the 
holding of the UK group Reed 
International. Tasman is now 
owned 36.5 per cent by Fletcher. 
34 per cent b> the New Zealand 
Government. 20.6 per ceni hy 
ANM and almost 9 per ceni by 
ihe New Zealand and Australian 
public. After the distribution nf 
the ANM shareholding. Fletcher 
would own about 45 per cent, rhn 
New Zealand Government 42.5 
per ceru and the New Zealand 
and Australian public jusl over 
12 per cent. 

Sjnu Ui un.. . j loss? for the P3sl Tour years— 

These plans, it auopiefl. still races problem g 

be submitted . ,n M ^ r ,‘ .nf, 1 ?: witg its spinning operations. 

Ministrv. which v. tll drjM j Bill . par ^ l| i ar|y jR ji. lUr jttus. and 
for revising th** C'*m_merc. a I .ode in ijj dvinc and finishing nn thoca Itnnc I fir *. .. . v v 



along these lines for presents 
tion to Parliament. 


. in *its dying and finishing 
' operations in Mal.i'-^ia and Hons 
Kora. Mr. Newbiccmg says that 
in new of Ihis. nu profit fore- 
cast can be offered, nor can' it 
be -said when ihe croup K likely 
•to ftiurn lo paying dividends. 

V - .-Extract from Audited Accounts 

Coroorate advances { be -Said when ihe croup is likely 
r TOKYO Nov. 14. : ,0 fcturn to paying dividends. 
THE 350 Japanese companies! 1 

which have so far reported: Jfif-of-p (0311 lO 
results for the six months to! lKja .11 11/ 

September 30 made an average' CJnasinnrP Air I 
increase of 12.4 per cent in after- r\II 

tax profits, according 10 a survey | j SINGAPuRE. Nov. 14. 
hv the financial daily. Nihon _* 

Kevei Shim bun. state-owned Post Office 

Thi« t-ompared with. an average Bank has signed a 

fail of 1.5 per cent in the pre- ? loan a^rce- 

eedint- half-vear. ' me W "ith Singapore Airlines. 

Interim profits before i;ix and. A^utiicial of the bank declined 
special items -showed an avenue 1 to the inures) rate or ihe 
increase of 13 7 per cent, com- , pern# of loan, but the stale 
nareri wiih a rise nf 2.3 ner cenl -«wne& Radio Singapore asyd the 
J n the preceding six months. (luan^asto be repaid m 19 years 
Reuter. | Th^-ioan is betng offered to the 

Directors: 3. (BM-kii; ii>iiiri;<i.i a..d f.:^. 0 .;;nrj Dir«*.;ri; J. 1. M.r.-, .-. Z. H. H.apro; 

M. '.Ve:ljr..jr. 

Saker's Finance and Investment Corporation Limited 
Interim report 

Six months to 30 Septsmbsr 1978 

During thii Di*iod r- r vc:»;>e sale- bv dealer in the Ffcpjhlic ir. rr.j - ';. Hcv.«-.-»r. i; 
b® n.ieJ P’jt rhi hif,!' k.-*-l sj).-s durnjj Juno, m dni.cipat'rn ct inir,-.ji iil-s rr>an? a 

s>-jni(i:ar: ronTribu'K-r. ir, n. s iri.oiovemon; m un.i &iilc&. Tfie Voluv.a-jen 1 . .rio mTcsbCc^ du'.ng 

June o.ic h-is Md 1 .ye-.: i.-t.-.m •' ih« a.-ir-ei. 

7h«. ODvi'.-liM'i 1 -.-.uiis i -r • iJ-ul « chc*-. L--I ■■ .v- lire -iir; n„ ; •• . V Krt;- \ ;)•; ; 

K«ai r-! (if 51 d i. ..*1 ;t.i is:;, ria-'i ;.i a n tfe:<el :»dut;i- ■ :'!i -iit pu:d. 

Six months to 31 March 1973 

It o fi*i 1 •- .-1 .ir -1 i ' 'v • . 1 -- • u ■ - 1 - Svrl ■ ■ • r r r. - ; 1 .- ;i| 

•'•liOle u& i.- .•.* (.1 -j- •?' - t~ m full yt#r. ia'r,..-,^* (« ij-., _. ,;r i>. n i-if; -i- 

maie sv ; n Lt iu&t or.t 1 ; 


Uui bv.,:d r\: - » • 1J- •-• d»^-3 ff.-: ^ It ;urr-- : - •: : -.-.*5 f-r i <• -,.f ■■ -t> 

r'-*-.'S«l. ri- 1 t . wv j !.-.u i v-oer-i £.1 i - m j-r maw-.g ■„ ir. 0 :« ter 

>v«r (isr* - -.i-ii* >. 

:r.n. He 
■: '•(c.-yrdl i 
-pc v.*s •"! 

■ v . hod-:- '. 
If iit 

•'.ij'f i * • lj- r-?‘ It ;i;r -- 

; • wv j Tf-oer-i £.1 i - m j-r maw-.g ; 

i-ii; >. 

Share Capita? - 

•Retained Profit. 

Subordinated Loans 
7 . (£ equivalent) 



Total Assets 
Profit before Taxation 
,Pfofn after Taxation 

28th Feb. 1 978 28th Feb. 7377 
£000 :£Q00 

7,000 . ’7 ,000 

4,279 3,195 

12,877 14,588 

| luaniiyas tu be rep.nrl m 19 years 
Th^-ioan is being offered to the 
■•'late-iwnvd airliiif- on very 
speeial terms u. promote nations. 
; development, thr- b^ak official 

Unaudited consolidated group profit 

Six months ended 30 September 


Turnover 72 

Net operating profit before tax and interest 2 269 

ies;: Tax 1019 

1 250 

Adc: Nit iu-ibi-'al !* “»rr. -122 

Net profit after tax iiltri i- iiritl T 372 

Leu: Inioiosi fuor i,x 431 

k’mvlnnn iVlofnr I speeial terms u, promote nationa, 

IVOWlOOn ivioior DUS devekjpmeot, thr- hank official 
HONG KONG. Nov 1* said. 

KOWLOON MOTOR BUS COM- • Fund 1 * raided are f u he used 
PA NY 1 1 933 1 has effectively j to finance the airline's fleet 
raised its interim dividend. The ' expansion and development of 
payment is held at 10 Hong Kong f facfiiti es 3 i the new ‘'-h'angi air- 
rents for ihe year ending; port now under cunM ruction. 
February 28. on capital increased T%> bank has loaned a total nf 
by one-for-eighl scrip issue. 1 S$223m (U.S.?t02.7m • »o the air- 
Ifomer • line.; AP-D-f 

: 3/172 







L&s: Out 5 5 ? !har*hcldfr; - *-d preference d-ddends 332 

Earnings for ordinary sharsholders g^g -- 

Earnings per share . j 

r lumbar of ordiflarv^arc; n uiu* 4 7 S 7 030 

Ooclaration of interim ordinary and preference dividends 

r.ct'ce 15 h?:iby given : 

1 . thfi: ns^r.r-. c-rcli'ii'V di;.OTfl if ? C'r.r. p. r r 

r- • i-» «f d lic’cr 1 : 

if ^nom ; >i 

. ijj.vnJ c-j' 

.h! .- 1 : 

( 0 .b-' j 

te* 75 . t..« 

j.-i-i. ;-: t. .,,si-r c 


T.-.:er •■-t 

•j ^0 U'-C 

---'I if' 7c. bot:. 

in.ivJi.-: Di.-; 

J-:na . 

r.i-f- , rf'r.ce : 

j 1,5 *-' ’-va: dc-.‘ 

i fc-. • tT-’-d 

•i uire: 

rT«--r-. .-<n 

"■'•. 'I -nunj 

:i> .‘Joven-bei 

■; 7c Ini: o..<do«in is pa" 

r - abie 1 i 

Associated! JapaneseBank (International) IJmted 

29-30 Cornhifl, London EC3V 3QA 
; Telephone : 01 -623' 5661. Telex :88366V- 

Jointly owned by 

‘ The San wa Bank Ltd The Mitsui Bjnk Ltd 

\ - The Dai-Jchi Kangyo Bank Ltd The Nomura Securities Co Ltd 

^^-(ShBreholders‘ aggregate assets well exceeding U.S, 51 30,000 million) 

Midland Bank Limited 

U.S, $50,000,000 Floating Rate 
Capital Notes due 1982 

For the six months 

1 5th November, 1 978 to 1 5th May, 1 9 79 

the Notes will carry an 

Interest rate of 1 2 A' per cent, per annum 

The Noiss ate listed on The Stock Exchange 

Principal Paying ■ 

Europc-m-American Bank Er Trust Comi'-m.. 

10 Hanover Square, New York, NY 10U05 Uo *• 

As*"-: Morgan Guaranty Trusi Co. of New Ye*, t,' : ' ld0rt 

r , . ’j -- v- liuj. ■-» wuoiriu£-^ i LUjCvfTTp**' m- .iiit c niiwJM n-nairr 

and register ci m*r II br- clo«-d fi.-r. 2 OvCtmher 1&7S ! f ; 8 il*7£. bi!h doyi inclusive. 

Dividend •.variants -.viil b* dosbctChcc or. c: udcu! 18 Dscerr.oer Jy 78 . 

iki;e dividends ar*; ac'iand .n the curr,ncv oi tkfl Ri*cubli.r cf ^cuih Africa -- j i-i-’ iitj f':i d?!?r , ninirq ths 
ra'e if a^c 1 angj ai .• '■••.n tf.c currency c-f iM fiecubtic oi £> uulri AHca wilt be invent'd irito Untied Kingcam 
cjrrgpcv ter s«w.v n‘ ckij-fi:ds lrc-m London i-ansfer office •.v.‘i be 17 June/-’ :n t^Jpest ordinary 
riivirtenas. and 1 8 Pe;?rr-b?: : 9 ??. i- r-rsp«: of 

It iSf^s -i •>« PspebK; -;i fc.ji; :-'••« ln.-.:r.e T y. r ...; l *s a--’e. C'..i •-'•r-woic*': srjrc^.c-Icfsf-' :a* 
nf 15 P# r Cwnt v.-ill be deojeteo Oiv.acr.os paydtta to a.-.arur jicari adaresses are ouisida ihs 

RppufcliC Oi iJ-uin AfriLH. 

Ferc-.e yi tf ;.-.s tci’i 

S. Boraook ' ^ 

J. Mincer | - ,a ’-' 

F-'cas? b;R-d p.- y: :9 7-. s r;‘«r Tr-n^-sr « 

i ter, tj?:-: rc-.v.A*rs* f w's.u 

-cs-r -c-'-.-te I'-cumv FeT'Vj-p Cvjrt. an 

(PfOpnc;.ry *.r;.:*a : tedw*p tnest • -"'Osn-nfarvi i -v . 5 *i.i;« 

l ? :, 'wr:e 3 _ Jrr.-««»u,j 1st- f:ea:. tiedmv r :• Orr-b/Hct;? 

he. . P. F. Viisn-rnrj iOOl • 5 .-.n-or.d; 3 » 0 i;, r . . tre-;;? Oj ; ;,£ft 

1 N ? ,e-.ber 1 - 7 3 -•ther.nestu-.j "" - r =:r. SEi CJA 


1 ter t.i?:-: 

Ics-r Tc.-..v s 
* tcCl-vr^n ^ Tr-p-i J 

Tr-'n^Hr :5;'s;“?s 


- “■‘.unr. Re Ttgj-p 

Ci jrt. j straiten 

i :| OOi-#.5o,v» l . 


te-i- f;cc:. tteaiir. r 

Oip-t/ Hcu;?* 

^' a»o Ksr- . 

. trS-i'.S ‘•*5 CC-Ctt - . ; !’£?t 

• ;'j 


Ur-e:r. 5c i CJA 


Last year there were 
at least 300 new pieces of legislation 

affecting trade in the EEC 

It is estimated that the EEC is 
row the world s most important 
trading group. 

At last count, its 250 million 
people were responsible Jor well 
over one third of international 

But every year, new 
regulations and legislation add 
to the difficulties of doing 
business there. 

in 1977 alone, there were at 
least 300 new pieces of EEC 
legislation for businessmen to 
wrestle with. 

How can Amro Bank help? 

To start with we can provide 
you with really comprehensive 
and reliable business studies. 

These can cover everything 

Let Amro Bank guideyou 

ithe eec is through them he^gco 

t imnnrfant “ n _ 

from the latest EEC directives 
on employee relations to the 
names of potential trading 
partners, suppliers and even 

Then we can supply the 
commercial banking, trade 
finance, promotion and foreign 
currency services you need to 
get your business going. 

Naturally, as a leading Dutch 
bank, we are especially well 
placed to do this foryou in the 

But we are equally at home 
on the wider European business 

After all. we have been 

helping companies to grow 
throughout Eufbpe since the 
Community began, and indeed 
long before. 

Wears leaders in the field of 
Euro-loans and finance. 

We are a member of European 
Banks International (EB1C). one 
ofthe major banking consortia 

And we have a vast network of 
correspondent banks and on- 
the-spo t specialists covering 
most countries of the world. 

If you' re looking for business 
and finance advisers to guide 
your European expansion, why 
not contact Amro? 

You won’t find any bank that 
gives you more help, in more 
detail, more enthusiastically. 

amro bank /j 

amsterriam-rotterdam bank nv 

Head Offices: 595 Hensngrachi. Amsterdam Tele ■ ‘ ‘.GW 
li9CoaJsrrhMl.Pattardam. Teie 23211 

Branches VjtMidiane*. or 'epw' Antwerp C-.-v;a 7, 
DVtwi. Jakarta, London, Tohjro^r,.- aWlaies hi2l ctjr.inaa 



The Royal 
of Scotland 

Interest Rate Chang es 

Williams & Glyns Bank 
announces that with effect 
from 15 th November 1978 
its Base Rate foradvances 
is increased from llk/vi 



Interest on deposits at 7days’ 
notice is increased from 
8>a. tolO'-o per annum. 

The Royal Bank of Scotland 
Limited announces that with 
effect from 15th November 
its Base Rate for lending 
is being increased from 
1 l|°o per ami uni to 
12|° 0 per annum. 


The maximum rate of interest allowed on 
Deposits Judyed for a minimum period of seven 
days or subject to seven days’ notics of 
withdrawal at the London Office^; oT the Bank 
will be increased to XU per cent jper annum. 

Grindlays Bank Limited 
Interest Rates 

vsm BANK 

Base rate 

Grindlays Bank Eimited announce 4hat 
their base rate for lending will change 

from to 12I 1 -., 

with effect front- 15th November 1978 

The interest rates paid on call deposits will be: — 
call deposits of-i’LOOU and over it)*,, 

(call deposit! or £300-£999 9°„) 

Rates of interest on fixed deposits of over £10,000 
will be quoted on request. 

% Grindlays 
i » iBank 
L^rj Limited 

Head Ofticc: 33 Fenchurch London EC3F 3ED Tel: IH-626 0545 

Australia and New Zealand 
Banking Group Limited 
announces that on i 

and after i 

15th November 1978 

its base rate will be 



. • .; > .•••• • •. . 

7: .err.:-. i,Lr— • -1. ; V \ ..625“^ 

Currency, Monev 

Pound finn on 

the pounosp^ a 


. 1 •.'* ! 5^4 ; -'Weie'- • f flai 

, ^ ai>il MH.Vnbi r «rinc~ i n n M - : it-M',-**..--" 1 *■ 'V*" 

I L-?. s a'si’-fSS'-Mrto if^nVrjtfsTut4jie.W 

C-miMer Sisl WjjMKe. 4-.0I-4.4S • ;-2l0-'H« 

. P s , ..I mjiwm; 85 • fe. mXZT 4 

iXxT *h[U*y* lUHi-UMj 2-6 UatUi - u-u 


2X1 UkRo.dVt - 

Sterling and the dollar -vers compered with SwZr L8W50 on V\ l *SSE K 

generally firm m the foreign Jlonday ^vemems astasti the JS P K r ; U\ ti&i^'lsEHgSSS* 

exchange market yesterday, m t reneh franc were more Harked. | wr sigj ■ Wi? - l^-a^. iwtOThitt ■! 4.66m- Ewmrikf 

contrast to the weakening of the with the dollar , rising" to FFr i yen 

exchange market jesteraay. m rrencairaiic were more mariced. Big 

contrast to the weakening of the with the .dollar -rising' to FFriven 13.6S1 T3fl - 

French franc, which lost ground 431250 at the dose, from" .FFr l AuaHaSefc ^S^»iT f 7 3i5?a , ^ fS? S!rop,a ■■*!' ' 

on a variety of factors. These 4-3050 previously. 1 -t *4^-9®-. - ■ 

included lower Interest rates in The L.S. currency - rose to! — - l — — — - — — : 7L . 

i t- i-i- - n T COO Awiffi VMO ?a !_L^- J _ . . ■affl In* nP.ffiimOild Imvia* : * CWj hiu» H Amraht.'Wnnair i 

Paris and higher French un- LS3S.75 from LS33 jO against the w&n tones . j 'Stt-nronttijft^ 

employmenL as well as growing Italian lira, aiid to . Y1SS35 ih»m Ftnandai nn '-, : lU^noam J75^.B5c-pm, > r ; 

apprehension about the implies- Y15S.50 in terms of the Japanese 

TH e DOLLAR spot - forward against? 

lions of the franc’s parlicipation yen. ; THE 5rOf .’' FORWARD AGAINSF*- 

in the forthcoming European PARIS-The. Fjrcneh frahe lost — -L'-Ll ■ rynimnu nan^^ 

Monetary System. ground against major, Enropean ! ”, hw-mwai-. . 

The dollar was helped by currencies and:- the ^dollar in mweiwBe-' ” : ' ' 

further intervention from central moderate trading.. This reflected SnSHT:' «.bmj 6 c ph» - ws mnujcjBn^; 

banks, but this was not on a Sar?c the decline in shart-temt . interest emwer iH 

scale. Sterling was strong faH ™7 - b BSS*- s«^or^'SS SS b 'KStwHs 

! throughout, and received an addi- H; per cent Emm / (ter cent in nSarV i-wsSans, • , i^asw^aw j i nm is* cjn^uts^pmL’ 

i tional boost on neus of a larger Paris, leading -to further specula- pnrrK« ®4Mfcas -4S.1M64S |3M»iceisL.''-2Mi' UWHSBOcdls 7 ^ 

>. — ^ tion about a cat in bank basei Snao.Hu IltStJSES^L ft?' 

Li sSrSIi»siw«il nl«< Wi«h(ir. 'nnamnlnmMnr ! " ' B37-SJ^3SJJ0 ■■ O M Wff-*. ■ 1 ;W-1 m iredlt 

I 44 ■ ; I : ■ • i I : » ! ! n rJ.TTpc JzrwL: x™. V , »A vUHJM&f . 


flaap a Llli.t l>» 
SqtRbnm mim i«r- 

Rr.,1 rps miv twui-' ^ NnffiD 1' ryW ‘ r UNR WWr . l.tfWUnfc* . 

figures nwy nave also influenced ... OWROT : '3L3s. ?> • 

trading. The dollar rose . he ,FFr cuiSS,‘ r «HH3 W' ojmbaaw i. u&Jtasorepm im a»-t«SBre«ii'f 

3.3250 in late --^radinR.’ - from vc™ tU5*a&.pm : - mjw 

FFr 4 3073 late ' Monday; lfhfle .uanria .‘- 11 ' J '.1 ? , 2 : f , S? r "J n W ■' - 

sterling moved tip sharpry to Swiss Fr w ^ a - 7 ? e 

FFr S.5I0 from:: FFr The - f : ^ .Canedlai, >■ . .v’.-g - 

gained ground against Lb^Fi-erich RATES > CURRENCY JWOVECi£ffi ' 

FR.A.N K FVRT — The dollar was "7 U : “SKT 

fixed at DM1SS43 again?t the Nownb* u ;L:;*S!22 . ^2£!f5aH 

U-roark yesterday. little- changed ■ ** , ' . ,. tz z — ' ~ ■ — — — • — -■ -a jTB ■ 

DM central banks • -pro b- caosflii< «ioltar v — • l JS43T : . CaMdpm doDar .-s. t 

ably continued intervention to Ansinan ^naogf HJn7 AastrtSi sctofiuw ia«?-S.-w® 

support the dollar, but the scale BeWsn aissb ma«b Bcisran franc WJS -- 4-SS 

a. Itiinp - TlfCT A OCfftt 3 n .«wU lw ItT AO >.C AjC 

Sniio^ ‘ 15f 

was minimal because of the Danrab 

K^jsssisarj!? \issef 

ko;i 1 1 » 1 I I 1 1 i -i 11 The Bundesbank. did not intervene Frendi , *22'. -sssisa sxa* 

I oJfMAMjJASONl alike fixing. In late trading con- Jura .. M82-o mu 

v ’ ' ditions remained very darn and) Ten • • ;• ---fSJS 

than expected October l ^de n^et. ^^ t^ doUar rising tow 

surplus. The pound opened at slight 1\ to- Daf L8858. (swednJ 1 lron *vw**-i SA azty '. SJ537S 1 

St.9fi4.Vl. 9*>5.i. and touched a high AMSTERDAM — Towards the;Sxis« ' 

point of S2U720-ljn30 lo the late close toe dollar eased to v..*- % • 

h.wn* Cantsft krone ' UT.48 

23X02 mwtiwlw v Marita HUS 

2.72138. Rww s IraAc 1W36 

£7S5U> C.afklff ^ IZ3M\ * .;+a^i 

mu; Krwidi'liaac - «L3a.. 

2SL744 Lira — 7— . 'StO .--set, 

imn Ven — . T# 23* 

W.7S9 nn trade wripbij-f 

S.7S376 ; WashJnktoo atu’cenreni DwonTwcr. < 

90*797 IFUinlL «4 Rnplsnd 1wJ<>S=19« I “T^T; 

afternoon, before closing at FI 2.0330 agaiast the guilder, riTMER MARKETS' 
Sl.97t5-i.0725, a rise of 30 points slightly lower titan the fixing!^*** • ; . 

on the day. level of FI 2.0360. bat uncteiaged 

Sterling's trade- weigh ted index. fr ^. f ^ s ^S rate. > .r. kV-'tF' £ ■" 

as caJcuiated by the Bank r-f MILAN — Trading.- -was quieL - — . '• : ~ ■ 

England, rose to 62.4 from 62i. with the dpllar , easing slightly Ar^m-n* WM JB 
after standing at 62.2 at noon acalnst the lira in late trading, a u« m 
and in early trading. to U&S.60. from the fixing -level 

The dollar's depreciation, on of Lh38.80. The previous fixing | 

Morgan . Guaranty figures, nar- «a? at L83S.70. Other major cor- Ron - K.'Ugi>3a<Lj-».4a5-9.4ao 
rowed to 9.7 per cent from S.S rencies also showed little change i « n F ~iii« i — — ^L- T .|t3B.AO- i4Q.t> 
per cent. The L.S. currency against the lira. The Batik of Italy Kuwnn Du *#??V l ''-*“J5 , jO- ! 
touched a best ferel of DM 1.SSS0 sold a few million of the dollars J^'T^naZSTT ?xn^p*? 
against the D-mark, and closed ?t exchanged at the fixing. v«p"ze* lAntfSeniP 1.8M9- t.a&n 

DM 1.SS55. compared with TOKYO — The dollar showed AmUKAbqla " 6.4SAM- 

DM 1.6830 on Monday. It was also liule change against the yen in '*iiitil>r"ro B^tt!B£-j4.S8^^3oip 
eJiehtlv firmer in terms, of the quiet trading, dosing -at Y1KR.-A5. Souiii a 1-8853- 1.721' 
Swiss Franc, rising to SWFr I.«33h. rorr.pared with Y 188-80 on Mon- ( ■ ';U v r 1 • • ' - 

bef-jre finishing at SuFr 1.K3U0. day. - • 1 ’.^Riie sivai 

NpwS|to " 

29J6.29A8 Mioewvu-. 

I I'ouan difriiuj 

tl."'. Unllw 

tleuUL-Lie M*i-K 
■l«(j«ne*c Yen l.Gc - 

Kfcn-Hi Kmi»s lu 
•wi*! Fraui- 

['iu.-i. u miller 
Uftlian Un I.iX-0 




IVnilVI MCrilllB 1 .7- Dn’-Ift- 





3.718 ! 



• . i^Bo;.-.; 



r. !■ 






4.359. ,"i 




• •’ 







. limit si van -.for AqaiB UoA - ts tree raw. “ r j- :>* j • 

• • •- iv* •• . ■ :r: - s “ -.•#••“ . '_il r v ■ 

• ' ..Vi- .. 

iFiuk I DuwhQuii.lM i 

I4» l^narla Dalter ifter-juiB' 1^ - 

a. 338 "J 

’ 3J215 ; 



4.324 £ 



-8384;.;. • 

; 1.174 


OAt-5 ", 


\ ■ i 444;o- . . 


':iz: 15.68/. 

3,2.UjP "■ 

8.631 J 





xl'esc Gerrnnn 

Proncn. frane «- Julian Um 


laiiort lertp. ... 

I uolKV 

U.mi n : 

’«» ni'volli* ; 

am v™r. ... | 





14i»-14i 3 


»: S 10!^ v* Eli -91ft 

9iS.9?fl ■: S ’.ICV,- 
12,... 12- ,- 
12 JKV 4 lOifl-tOi, 

1 1 - j 1 2 1 s J' 10U lO.-j 

Th.- lornuina nominal rates wr* r;«wfciJ lor London doUar certi Scales of duoBU.-vone monib-.I0Jfl-ie.4a.oer cant; tUree mooUis-ir4VU.S5 oar cent; six. maw 
ll.7j-H.S5 p«?r cent: one jroar 11.b5-ll.7j per .-jit. t ■ ".-I.-' .- i: 

l.ona-iurm FurwJolIjr duoc&its: T'.-o’year* lOU-s-lOU'ia per cent: ihree rear* lOl-IDt per c.:nir ftmr yeara lfli-lM rtfer irm: five years 10*101 -per cenrr..n’Wi> 
vlosius raitis. shari-wrm rales a ciU na sierliu*: V.S. dollars and Canadian dollars; uro-day call Tfqt| sufluers and Swiss francs. 1Ast*tr':ratc9 lOT/.cIoaina - »»'. 

Slnenpun.-. <• .Jr - *_• •' "• 5’ ' • A-s. 

■ Jt 



U.S. rates steady J 

U S. interest rales showed little 7 per cent and one-month .-money "4.HJS' ^ per cent from 4.1V4123. per 
ange yesterday and trading was fell to per cent from fli-tf cen L .,“ 7 7 

,.i <yjf- . 

U S. interest rales showed little 7 per cent and one-month money 4.1-43 per cent Trom 4.1V4^3. per '. ' .5 L-- 

change yesterday and trading wai> fell to per cent from fli-I cen L . .,“ 7 %7l 

at a generally low let el. With the per cenL The three-month rate AMSTERDAM '■ — Interest rates. -•;••• “ - 

Federal authorities nut interven- was quoted at 7-71 per .cent were-., firmer throughouL' Call * ' '-■ ■ ' .'_j 

ing at all. some sources described against 771-7 x per cent wfiUe'six- jnbbey rose to ■: S-S{ per cent Gold rose W to $2t0-2jnj T 

ai .iionciays auciiun and su-wcek cent from i per cent, there is. sh 
bills at U.2U per. cem against 9^91 increasing speculation that: franks' pe 
per cent al the auciioh. Onc-year prime rates may veil Cair.from 
bill« were unchanged at 9155 per tlicir present level of fi.n per cenL tf* 
cent. -4 C ff 

Federal funds showed very hide FIIAXKFURT — Interbankr'wonpy 

change at SJ per cem. . Deposit market rates showed admixed. Pf 
rates for one-monih certjfleales tendency w’ith call mo^cy un- tft 
of deposit stayed at 10 per tent chanced at t.S-2.0 per cent-' One- a® 1 

lcen[ against 71-S per-epflit. I.ri6Se K oh.a weaker -trend 
IUSSELS — Deposit rates &r » Yocfc: TTie lowest, level toaeb<l 
i Belgian franc tcommerciBi) , during the day, was 5209J-210j,-. 
inued to caw yesterday with ‘ In Pari? UtPl^Kkilo gold.h 
one-month rate falling. fb^ '.9-flJ r^2? '^ set *, 1 a T.PP r 29-400 
cent from ftj-fl-i per cent and ; ouncftL m- the 

• dt ai . < noon ramtarprl with FFr 29.-4 1 


I 6 Pe< 

of deposit stayed at 10 per tent cnanaea at r.a-2.U per cent-' One- per ceni. aix^nonin ; 

and the (wo-month rate- was un- month money eased slightly to deposits were unchanged at Si-SJ * 
changed at 10.65 per cent. Three- 2.S-3.0 per cent from 2.93.1 per percent while 12-month deposits ' “"w 1 * 

hree-montb to S;-9i- per cent j P? r «l with FFr.28g 

st 31-91 per cenL Sixjnonth < < »21 J 6 j \ in the morning, ai 
rits were TOchSSfcdifS^ i » JJW Monday .«»> 


changed Mt 10.65 per cent. Three- per cent Trotn 2.03.1 per P 

month rales rose sliahiiy from cent as did Lhe thrp<;-moMh rate-’f' 
IO.S'5 per cent lu 10.90 per cent, from 3.75-3.9 per cem »~3.7-U * 

P-^RIh — -.Money rales showed month fund* were sli-.-htb 1 dearer tfi*“ money market were easy with . 
hltle change with an easier ten- al 3.9-4.0 percent compared j rth c&f money a! 9’ per cent andj ' nously - 
denev overall. Oa> to day money 3 So-3.93 p,.-r cent on kfbnd.iv' O'iernisht business dealt at 81 ner 

CCJil »imv I4-Hl«nin uepOSllS i — -.I,, -loi sifn- K 

chared ^ w ' 

INC KONfi I rjinHifinn* in (R2IL26 per ...ounce) compart ‘ 

' ":>th ' DM 12.730 (*20B.72>r pr - 


acncy oterau. uay io nay money a p,.-r cent on Monday' overnight business dealt at 81 per 

»»as easier at 0; per cent from while the one year rate to. «jlt. 


Adequate credit sujp^fy 

Rank or England Minimum more interest in that It is pub- cl 

bending Bate 125 per cent bshed figures daVfor the hanks : -S 

fslnee November 9, 1978) and conditions may well prove via 
_. , . .. . difficult for the discount bouses qi 

The supply of credit m yeslcr- should there be- 'any appreciable 
days money market was ir any- shortage of funds. YestBpSayV pi 
thing slightly more than adequate, small excess of Government dfs- |( 
The Bank of England eventually burscnicnls over revenue ' tra ns-' Jl 
«jld a small amount or Treasury fers id ' the Exchequer- was-tl 
bills and with funds bid towards couniiered by a small net take ui) SJ 
the close, it would seem that or Treasury bills and a simitar 
today’* balance.* may be a Hltle increase in the note circulation. - ’’ 
run do«\n. la fad today holds Discount houses paid ll-ltj per -hi 

. Crokf Bunion (• fine 

ounce, ..... ... 5 ; _. ’ 

Clcse 5210-2109 ,S90Sj-21t. . 

Opening--,..-..:. ,5111^2* iSanMCSi 

Horning fixing-.--. S2 10-60 ' is2f5&B_,-. 

,x£V- 7.077) -/Etaassl 

.Vflereooo fixing $217.00 S208.UL - 

~ ^fil07J88l iiitmjfl* .. 

Gold Cojtw ..i.... , ' ' 

•dome m otU— . . 

Krugerrand S2J7 219 -fiZHSM- 

iDlfft ttti - .rfrtfM'.fll * 

lit. for secured call loans af the j w 

£,!"* closins Minces were ^ gSS»- 

ten at anything down to 94 per ; Q)dSbvereigiu.-. M . 861>E5i ; 

ii- In the interbank market* . -*a4i«* 

p per ceftt: . 

Itcfi in the table below «iS.»Sfc^Sj;5SSw» 
Sinai in some cases. ■■ ... SIBO-US”" 


’Inline L-a«I ,Lr*»t Auio., Huium i Ni 

LentticAn- . Interlink ■ Auihurity ’ iKaonn&ie Houv iueflitiMiv', u 

. I«*h | lle^, •i'Sgg:* 

" fliLgibfa : - - !. NEY f 

.tranuiry fenfc- hadritf^ Prime 
»lt Uilla* - Bilk*-, Biilf®. Fed Fi 

••■v.iiudi- ... - 1 S-lti* 

- t -i ,ce_ — ' — 

H»-< <i' — - 

• .<*»-•■ uutice. - ili3-lir a 

•m iiisiii,,... I8 li; .l2% - I2i a laic 

«•.. inviii 13,.--1Z, £ 12--12,^ 

U. iZh . la:;.i2. v 

; lib \£ 12 ij-lQjj 


NEV^ YORK .. . ‘ -S|f 

Prime Rate .... .-w.. l2®[ ^ ^-1 

Fed Funds i.. ... Mf] -5^- 

Trezanry-BfQs ns-weeki 

Treasury -BlBs OS^xwk) VXrr. 

U'a-ll-a i ll’9-12J a ; 
12>fl laic : 12-12ig ■ 

J2\ 12*> 11.4 12 

l2-.t-l2 w llvj 12 



12 Is- 12^ 

12- 12 In | 

12-12ic i 
12- 12 1 a 

1 11s- 12 1* ■ 



' ji ; \ R»ANc£5'i ‘ • -. ¥-] 

ttt '.nkMan'-'W 7X.S..4 liti:- 

o.SK: ?Zn "s; *• w*. **«,« w. 


, • - ;i 8tn»; otwaiwt;; ^.ir.rSBfc 


i- -M l-v.V ^ 

. jf i- tf& •.> . 

'-■ '••'•• • •' 

‘\ r ... - - • _ 

':V hr' 1 

m - wim* 1 “ 


:.apKflflT!illB8EM SCH( 

I? • ' ;p^>CESSING ' ^ 

; ... ; fjist and efficien 



Fresh air for the driver 

• construction 



tractors can creel units at rales 
»V '•»» H square nierres of floor 
a red or 75 square metres of 
panel area yer day. using small 

Basic element is J-M wall- 
hoard. asbestos-cement extruded 
panels of cored construction. 


Better than 
a disc 

^■-.(OTiMLr^igh. power ‘desi- fluxes achievable < 

=> ot tie order of 1.000 watts time, a PEH svstem 

-^VcubJc centimetre -are possible mal capacity w /thT 

v *“■*"* up and dose dowi 

• ®H). pndri- development for So far. equ j£zL 

- • . ■ .ac.t^^V-Harweil and now studied for the o 

:r^' SnTungt&mqve.putintQ Indue- superheated steam 
. fappilcafions. - • safely, and for thi 

'-.- ,PJSS reties- Wt tubular porbus various other flui« 

hiCfaieS;JnrelMtl4caffy co&fttic- tures around 70o < 

.ye cferimics add in carbon With -Edward* 

. ; rough ,>y*lc&. Ilmijds and gases tire Harwell Ceran 
. .dBetMiMBfld at high pressures, been ' stud vine a , 

„ ■ I../ cahjfen, flowthrough the vaporiser for siliJJ 

•t .*■ tizvopo^^^porto j °* suitable for operatic 

- ■ v„..besi heated, by the degrees C 
8* '<*'-*£ ejwrtric current, other industrial 

II 'transfer-heat to the moving i n hand for anpHcat 

- W Wgh effimencj-. demand short rosidenl 
•n. Fluid- flovt. -and -heat, genera- fast heating 
" v *n rates ea* he very closely Further d( , la „ c 

itched to sun many . liquids Ce * “ d * dlls 
ff.HiMcesseS- It 4s 'possible to Ceramics Centre. 

. Rorise and superheat a fluid Hughes, Materials 
r»- single. pass thanks to the Division, Building 
powe.r . densities and heat Harwell. Oxon. Ablnj 

Continuous nitration 

IffELOFEP IN Sweden- by reactions and over 

- jfpirs Nhbel Chematur. a .con- Yield goes up. the f 
ijtous process for the nitration, toxic bv-products is re 
tjaetuene, toluene and other the- cost of subseque 
bflatics employs a pump Itidn’ treatment Is mil 
firit. reactor In which .the . Hie fecfinique is 
ration reaction ^ Usclf is because the steps of 

ileted to only a few seconds reaction, cooling and 
a total contact time between are quite distinct eac 
two phases of under a oolv conventional 

- i . • ..^eaiUly available i n a 

n.ffie manufacture of nil ro- sizes. Process contr. 

t»oe for example, the two entirely manual, fully 
Slants, benzene and the - dr a combination of the 
Ration acid'!- ( pre-mi sed . .-.Box 800, S-690 
Be and sulphuric) are fed to Sweden. 
i;«JEtiofl side of the pump. 

#>«:pump, vigorous agitation 
$fr -liquids increases mass 
Mfer and reaction rotes,; 
to/etinc the nitration in a 
j Seconds. The resulting mix- 
of nitrobenzene and spent 
ris cool6d and separated - and 
■■ nitrobenzene is washed and 
Pied" before being stored! 
i most' aromatic - nitration 
:esses nitrous acid, phenols. 

,ol5 amF unwanted nitro- 
iers- are- formed as by-pro- 
:s, ultimately rosultins in 
ji plant eost to remove them. 

• FPTA^Y armoured vehicles pora ting cither a Mark IV vehicle 
"... '..-‘‘J .. Security vans are necessarily air conditioning evaporator (sold 

. designed lo be windbwioss which in the UK' by the enmpanv) vr .... 

: means that people travelling with a TransKrig evaporator. JOIINS-MANVILLE ha* intm. !r'^ e l ^ u '^ HT!L ,i,,c - t, .* iI . h 8 THE FUTURE of the magnetic 

within may spend a considerable The pack is slung beneath the duced a pre-engineered. Mn gi f . {’J jr e ? ’'5 disc as a “ niillUacond 3^33’’ 

." ;1. .“P 100111 “f time \n an overheuved,. buds of the vehicle, un rails \a family housing WJJwji »hth l 1 !®! 1 . inKM^iinn th Sf- - w bulk store became somewhat un- 

. .- ; -stale and unpleasant atmosphere, facilitate withdrawal for survk- combines speed of erottiun wm, m n ,i n ^ U l Il nm and cenuin with the imroduction of 

. f 1 similar situation exisLs where ing. and is supplied ready permanence.; appear- JJJL a ".“ the charge coupled device som6 

‘ ! o ns*dlsjance lorry drivers sleep charged with refrigerain. and once, high comfort stand ard* and v ''^ n ® ^ ,7 nen'hf'Thfini" n nr rnr years ^0. but ii is only recenUy 

overnight in their cabs. with precharged hows. The later low construction ami m— ._ oanels mil neither hum nor rnr ^ “"w 

same . Specially designed fur provid- have quick-release couplings foe once costs. 

. ther- * n 5 adequate ventilation iu c:uy connection io the evaporator t« is desmireu su*® 1 
it slart- ; con, bai these problems Is an air section which means that the iilleviate severe no_> ny Alton- 


I j ll'JTTI 


telephone and/^W 

paging f££3 

Csss Efectrofiics Limited 
Ptionetfta* B2BB tar lafarmstioB 

ss“« control of 


Pre-installed electric millets 


. FirCii'FISis “ssjsx* *$ ^8^^ n m 

Stion of Hont, P0,2 ^."'otS^SSWM.' ,ew,lZ.I , Tkinod %rrn s ,r a ,io„ L'f. 'SgjSn.SSS” !K"™ ,fSXe mlTSSS Mo'd^L- toed heo^di,?. ThS 

This ts principally a purpose- engineer. “ rt aetommoaonw* , ‘- n ^ •" hnv int „ ,1,0 ,. r ,i.« i. nn H i.rnduct is m h* r-.„^ 1,0 tac,lll,es ,0 develop control 

ly and 

iting of built condensing set. wilh its own The combined package oilers a sf,nie . countries. 1 inirir J 

tempera- petrol enatne driving the com- heal removal capacity of 20.000 snyernmenis req 'nter- 

P C- Pressor, which may be used with to 25.000 BiU per hour when ^'SiriSrqui?^ 5 
fenuium.- the. customer's own evaporator evaporating at freezing uuint. and L* jj^V^^Lmuive nr a 

heir i"to the core or -he bond product is claimed lo be fasier, yystem even of a f a r rv%Sht 
,r on if.n ..r ■)»» wniic vnrf less expensive more reliable. K-i. .hJ ? tra,B ■ 

power demanding, smaller forward ! - pe - Electromatic 

beam on inp of [lie walls and less 
down through llie wall cavities less 

nun ii uuuuuil lllC Wdll ims |Juim uc.uauun.^, suialitU „„u,n„ firim TTIa«i -u; j r 

to pre-fit led switches. lighting in size and much .more flexible P >desbury * r011 EeCr00ld ° r 

. . has oeetiOTi. Alternatively, it is avail- coolina In 7n degrees F from an 
Ivaoced able us a complete package incor- ambient of 95 degrees F. 

>11 702;, . 


^ are ' 

A box for all reasons 

the -FOLLOW! SU iis installation of »n one unit, allowing remote 
"■ ' a fully-automaied cable video control transmission of all TV 



of pro- 

recirioni nveculive or sim'pr und power s-ockels. tiian the 2305/2. It is made by 

visory^taff P ' A faciory-prefabrlca led copper- Storage Technology Curpuration SSxSSrv reiav« B ™H 

There ire four a I. ernativ^ hiP" plumbme tree Is installed in the U.S. , "ni," i1 n « d c ^ tac J, urs 

models of ‘the basic smgle-stnVvy wi ^in the wall cavity and con- The cumpbny J5 -, n fuct des . in a smaI1 «°or-standlng 

house (one. tw-e- three and four " ecled . sanitary " vtl !'! e ^ cnbing the product a& “ihe Each of these units i* de*i<?n»>rt 
bedrooms i. with floor areas Domestic hot water is provided world's first solid state disc " and programmed and commissioned 

ranging from 78 square metres ** an electric healer. is offering It in four sizes of b? Sectroloid to dSt 22S 

for the one-bedroomed home n. Johns H. Manvllje t;B Park- n. 2. 2SA 33.75 and 45 Mega- Sers' pro«ss or machine cSS 

17n square metres Tor the rour bridge House. The Little Green, bytes. requirements exact! v OnS in 

bertrnnmed ^-ersion. Cnnstni.^ Richmond. Surrey TW9 1QU. 01 reouiremen.s exactly unce in- 

ion packages arc sliipped j-o ni . 948 4181. 

plete. packed fn containerised 

L 24141. 

lopirtent '5J5J5S ln f 3J e Entire H S olldS?l!ins channels - as we " I,s inking to iinns from the J-M plant ai Lhein 

pAERA. chain in the UK furtber deve- closed c5rcuH anU SLCuri *>' sur ' in Belgium; The only nu|r, r iu.,,, 

1141. to pm vn Is have been announced velllance. and an infra-red ear- J'ASJ.-JJL "f£ . h .?‘. n f ,,1C 

by Gem Communications. 22. phone system. The latter has 
G\lhi-n Street. London W1Y ]JtJ two nr nine channel facility. „„ ** 

-»• 3441). allowing insLani hi-iincnal trans- 

From the same box - , controlled mission th roughen i conference 
ration- by a micro-processor electronic centres, exhibition halls, schools. 

^"^ togic programmer, an infra-red eic and because there are no 
;^r- !“ rveiUa nce security camera can trailing wires attached to seats, 
rinca- h,ck " directly into an entry- it allows completely uninhibited 
“_u - Phone. The resident of a private movement to the user.' 
yV® apartment block can now decide The com pan v has introduced 
fcraHftn -l*u he i her lhe P erson standing at funlier facilities for hotels with 
“ding. W,e .- r - rom do ? r of . the building, or a food and drink servicing unit 


wa, . ,in ® al lJlc is authorised whose micro-processor electronic 
oe of L° r g,ven access. This should billins is accomplished hy the 
Sn' he ?^ P^^toiilar benefit to house- use or a magnetic card The card 

>« W hniinri. oMnpi ... i . . .... ^ ... 

Mrm'iea on w-na Trie _ 1 

ndation/floor slab, iviiu-j, mn- L m n h/ta m mr 
s of reinforced concrete bid UCllL Y 

a waterproof inenihrane r>vi»r ^ ** 

capillary fill. Experienced c„ n . gjjjpjjjjgg 


Water ma "de by ESB Ray -6^ Vac Corpor- 



Furthermore says Storage stalled, any changes either to the 
Technolugv, the average access program or the equipment beinq 
time of the solid slate system is controlled are easily accommo- 
0.7 millisecond, compared with dated and can he made quickly 
5 ms. and the physical space anil economically, 
occupied and power used arc no The company helievpc ,h» 

more than half that of the IBM system To he particularly suitable 
unit. fnr the mixing of liquid? and 

Prices of the CCD memory powder*. Applications already in 
start at $150,000 for 1 1.2 Mega- hand are i he ha rching and blend- 
bytes. becoming toss on a “per * n c of toiletries, cake mixes and 
INTENDED mainly as no-break megabyte" basis towards Uie ? ,so „ in "? p cleaning of a milk 
emergency power supplies for upper end uf ihe range. bom Ine plant, 

computer installations. U n,r s The nw memory. d«i e n ? „d »2S£ ir S“yf‘£ 

f r,.. -t J . . . 43 b a - attaches to the block tn-Mu; qoqci . 

ation of Philadelphia are now muluplex channel of the IBM ,tra,D 1 011 

available in 25 kW to dOO kw subsystem and is said to run 
sizes from the UK subsidiary wn h “absolutely no software 
ESB Etlcel. Bristol Road. Bridg- modifications under all releases 
water. Somerset. TA6 4AR i02<8 D f QS. VS1. VM and MVS 

operating systems.” 

Storage Technology Corpora- 
tion. 2270 South 88th Street, 

Louisville Colorado S0027. 

Colour TV 
tracks the 


very hard 

HARD/TO-SAW alloys ca 
successfully cut with a bat 
blade whdxfli is said to have^ 
standing resistance" to we; 
abrasion caused by 

- - — .. telephony hilling faculty „ - 

and government establishments, also available which provides for Compressors, 
as . well a* universities, clinics, evpry hotel room instrument an Causeway. Lomton 
hospital?, etc. individual unit record inlcrfac- 1 01-407 5615). 

Also launched is a large- inq to the telephone switchboard 
screen projector, totally housed P.ABX centre. 

Small airport control 

Newington stop mvcrler arrangement. 

SEl SEQ Particular attention has bepn 

' paid to the level of harmonic 

tis "VESTS pacfc*K* s c -’S»id to conteal that might he impressed 
tie a compact set specifically on the area board's network and 
designed for lbia purpose anti ' AS a result of the system used 
is intended to -transfer wirier the first significant harmonic 
rrom a round-level storage tanks 'hat is seen on the mains supply 
lo gravity-feed tanks at roof the 11th; this immediately 

will test 

H-. CABLE and Wireless 
identified the need 

has ing to aircraft and ground 

MEMORIES are heeomfnjr mor* 
powerful and complex. Many 
more are heing used in various 
types of equipment and the test- 
ing problem, both for maker and 
for user, is becoming increas- 
ingly acute. 

Mapping of failure modes of 
memories on a TV-type display 
w... ■ .... has aided the developers to some 

D> r aircniid ex ient. But now. Teradvne has 

level reduces the problem of mains DEVELOPED ... . 

“ «» V- the phone Hoe. S 

[4E ! S£S. 'sssn sLV^st 

"re new process, ou the other materials, states DpAU CompaiMEpo^s and has introduced j 

-J allows the organic phase fUKL 12 Barton Road, BletcUejfti^to™ abto to deal with' up to and operation is by push-button, 

aead" only » Very shoil time" Milton Keynes. Rucks, MK2 ar»^' ve rad ’° channels and five tele- with provision for hand miern- 
.M-circuit; this, together with («W8. 7168). . .-^hone lines r phone nr headset, digiiai clock 

nitric and- .high sulphuric ■ It- can -cope with stainless steeTA^ C8,, cfl “Mimspace. the unit and wind speed indicators, 
■-concentrations. greatly high speed steel, titaaiun^Wt»w« the ATC officer «o 'have More from Mercury House, 

ices. the extent of oxidation 2in*otiium, and die steels. •- -.-wpid connection to thc-HF. VHF Thetih3ids Road, London W'Cl 

Called the I^netrator. UH1F channels used f» r ^lk- (01-242 4433). 

: blade has a tough- cobalt cutting 

edge and a special geometry, says 2 ; - m IITrkllff ATimil 
l tbe company, that promotes free 
I'cuttiRg In most machinable -- 


it- fs ‘available in 1 and U .inch 

:S?^»r S ’ an<, i^ l i e J ia?d T2JSLSS SJSWVpVceptiou ability for depth ip from ihe edge 

is “>* °Eipeci>ll.v useful U» ease uf 

locations. Switching is electronic " l,ori . ir ' *fi e °P®9 without addi 

tional i^rolpctiotts 


The cnmpanfc- supplies a 
separate electrical control unit, 
of the wall-mooifted type, for 
installation witWg : the villa. 



:s>eld where needed 

of a 

’ ,-fl* wori<fs .^aeuiriar.uiqcturer 
v offr«iustria|iucti«»nGwners 
, pySt. Edmunds 'Sutfalk 02W b3''63 1 

eul 0Slde smcon devices powible with black and white. 

L ... vf r,- • • This shows not only which bits 
ibe Xfncom Division pass an d fail but also indicates 
or the company, the nmdel 5o82 voltage and timing parameters 
w j les i slatic ffodoin recess a t which failure occurs. The 
and read only memories requir- screen shows accumiilatine 
mg cycle times down to 40 nano- layers of failures, the faulty bits 
seconds and pulse widths of less being accurately located thanks 
CLOSE temperature control and |J an ™ 5J, c orrespomltog to a “descrambler.” 
indication suitable lor a wide n * e and fa ll times. Operators, have ,he facility of 

range of Industrial applications U can handle functional and a . Joystick which will rapidly 
can be provided by the Magi-Pak parametric testing and can he the , 1 ® 't} ch 

Series 600 units from Aughlon used in both engineering and screen to change modes of, testing 
--- -■ • on recall patterns. Hardcopy 

Jjtcilitics are offered via a matrix 

, u . n nnu-nij,,, TOi‘3 per cent. piexea tester witu one nr two R*lP* er " , , , 

wheel drive a rtiridated machines m^on C °™ paCl 4S_pin teSt heads - lea^rahirin^ memo^Ve'sting- 

in- the two an/ 21 ton payload ®on'V>r a single variable m con- The unit is in the final stages — * ■ 


A . * control 

dumpeil I 

iMTssjE^'JSSsfe,*?: s::: aaar^ 

S. Trp^iwo noweriftl TZ. tMS per cent. . plexed tester with one or two 

Working in 


Woodward Rhad. Kirkby Indus- 
trial Estate. Kirkby. Liverpool 
L33 7U2 fOfll 548 6080) 

electrical wire &cable? 

3EZp2£i& &Vn SS^; 

gun position ^.'reproduction of engaeed Ups relative to the EitBi 

mconswtences resu\ i n pw,- flange edge. uslnc a non-contact-: Gnmham (0476 67.151“). jsnrnimw. oy using a " 1 ' Tor August. ' now installed world-wide 

uonal variations fromljne work- ing pneumatic sensor. Si ranger and heavier than any fleeter units several inputs max Jo |, n House. Market Teradvne. Clive House Queens 

piece to another. • . The sensor, and its associated competitive machines of similar .iT, Street. Bracknell. Bcflustah-e Road. Weybridge. Surrey KT13 

if spot welds are to be placed togic. is a form of dicital air. sizp, Barford says, ine dumpers contra! sj stems wilh Rf}i2 1DQ (0344 21101). 9XB. VVeybridse 51431. 

autoifiaticaliy along a flange an ?auge that controls the posi- haw reintoraed mainframes and ~ used l ° 

ONE OF the leading exponents an aut0 body, 1 here will become lion of the wrist-mounted moving skips and heavy duty components Aii/nntivilv S? annlications 

of vacuum brazing, vacjftim heat body shapK Tor 'which nietel- platform, on which the spot weld throughout- Other points include . ™ 

treatment ' and elei.t#m -beam forming variations cause . the gun | s mounted. balanced weight distribution. l3 . r 8 e ^ 

welding. Torvac of SWJmeradale. nansa to be- out of its normal When the air gause makes a power-matched four-wheel drive. K “S-i«a ii 

■Lancs, reports UiatjTis nearing position. The result « place- "toBSiirement tbe sensor output pivoi steer and articulation. l ooo innms to be moUtcfreT 1 
completion of a £200-000 invest- ment , 0 f welds in locations that establishes whether a move in i Also announced w the small, 1 *VS? 1 ,n J“{ t 8 ? self 

mens programme^ This is spread aTe not -wft&in tolerances. platform position should be fait robust SD06. w-hieh weighs t J ; n L ? „ \ yfiM 

over three factories in different Unimatidn has developed a niade, and ir s o, the direction and only 12 cwt. It has been designed 2 l 48mm plSri ntuc-in 
parts of . the country. ( bo | t .o n nqrwjontacttog edge sens- magnitude of the movement. This .tackle all kinds of light carry- ^ in X , c 3 8 c ^it JoaX and sol d 

The '.company undertakes sub- j ng syste rtf; that adjusts the posi- movement shifts the weld gun mg duties on construction sites. KScmcRh rratt? l «»w«mDlS 

con trartlng m industries ran S i ng rton of spot-welding tips in rela- tips to bring them Into correct in anunlcipai parks, and in other ctoe and -ood re I abtlitv P 

from the. aerospace field to the ^on i 0 fiinge edges. The svstem position for spot-weld placement abdications where ;< small and s “ b Sh k .pLi«. inri.‘ 

food processing industries. One 6Ls on.Oie "Wrist " of a Un’imate Range of movement is =3.o mm. economical workhorse is 

of the main advantages offered rD bot and will move the welding Unlmation (Europe). Stafford required, 
by processing in vacuum is the „ un i n a dtrection that places the Park 4. Telford, Salop TF3 3 AX. i 
prospect of bright scale Tree 6er iej 0 fwetd spots at the correct 0952 618331. 
finishes and improved dimen- 
sional stability. • .2!' ' • 





Thousands of types and sizesinstocWbr Immediate 

LONDON 01-561 Otto ABERDEENm$32355/2 

MANCHESTER 06 1 -872 4915 

24 HR. EMERGENCY NUMBER 01-437 3567 Ext 40V 

- v U ntif novitthe id ea-of anyone other than big ' ' 

=. l?^sine<is owning a computer^ would have seemed absurd. 

-• ‘ -Until now 1 Because the Ta ndy TRS80 Micro 
. J /.Computer makes it possible to own your own. And the 
'■ •; benefits are enormous.T he TRSSO saves time on pa per - 
.work. updating reporisand files, programming income 
- - tax. banking and so much more vital information. 

Each system comes complete with computer, built-in 
~- . ^board. i2"videQmonitor. power suppjy unit, 

' . xassette recorder, cassettes and a 232 page 
V7*?PWgramming manual. . - • • 

f s®-’ ~ / TheTBS80iS5imple louse and at W99fpra basic 
'^system. 'very easily. affordable. About the same price 
;>=;a$a good electric typewriter, in tact. The TRS30 is easily 
; SvailaWe too at most Tindy stores and" dealerships, 
i -- :--See them there, dr post 
"v^the coupon. Toaay! 

; To: Tandy Corporation. Computer Division, 
.'BilstonRoad, Wtednesbury, Staffordshire WSX0 7JN 




• ;Address 



: The biggest name in little computers; 

™ FT15/1! Jj 

Puts the lid on it 

A LID application unit, which -when film drawn down the sides 1 
works frojura reel OF pre-printed of lhe container is tightly shrunk KI 
film, unwduri^ and cut to the to the lop by heat application, cei 
shape and sf2e or the container Film widths of 150-720mm can pa 
lo bo lidded; is the basic fealure he handled up 10 I2.00D units per he 
of system, called Tightcap, hour, says UK acent PaRlink, m 

made by .Sumitomo Bake life 
Company of Japan; 

Completion -or. the process is 

William Cums House. Lenten 
Street. Alton. Hants, GU34 1HH 
(i>420 32421 1. 




Clydesdale Bank 


Clydesdale Bank Limited 
announces that with effect 
from 15th November, 1978, 
its Base Rate for lending 
is being increased from 
11|% to 12|% per annum. 

S INVOLVING carbona 
materials, such as wood, 
textile-fabrics, etc., should 
ceessfully dealt with by the 
r-Purpose extinguisher just 
hed by Nu-Swift Inter- 
national. Elland. Wc.-t Yorkshire 
HX$9DS (0442 725552,- 
Toe extinguisher is filled with 
9.4 Hires of water and also con- 
taiqi 0 6 Hires of a foam concen- 
trattin a PVC hag. Operation or 
(he ^extinguisher, automatically 
mixe| the conceniraie with the 
waii% to make a foam snlution. 

TMs model supersedes the 
comjfeny's arr foam extinguisher, 
and 'fis said In deal more 
elEdrarlv with flammable liquids 
and . liquefiable solids (except 
those 'miscible will* water or 
which:' contain water- miscible 


Produces an 




corders from Siemens are avail- 
able -as assembled bench-lop 
versions ur as a set uf modules 
for fitting tolo 19 inch racking. 

Models with up u> V- channels 
can be supplied and all arc 
equipped with moving magnet 
mechanisms with an itoper fre- 
quency limit of 1259 Hz: . these 
drive a low menu jet of 
recording fluid *u P r p“ UCe ao 
accurate irace on a foiaefl pack 
or roll of plain chart' paper.. 
Interchanceahte amp! 'hers, are 
available to suit whatever input 
voltages may be involved. 

Annotation in lhe form or 
letters and numeral.-* can be 
printed wi,h the aid 01 an an- 
cillary device cnns.sting of a 
character generator- keyboard 
and clock. Thb ena^|« a ««>M 
of oscillograms 1" r "’ readily 
identified *nd arranged in 
chronnlocical order , . , 

Siemea?. AG. F''- S '* a, *h 10u. 
D-S000 Mnnchen »■ Federal 
Republic of Germaa;-- 

Northampton opens 
oysters with his dagger 

Today it's no problem to buy fresh fish and 
seafoods in Northampton, but in those far-off days 
the Mayor had to keep the offending shell-fish as 
far away from his-nose as possible. 

Modern motorways and railways have 
helped to make the town one of the easiest places 
in England to buy fresh fish, or fresh anything else 
for that. matter. It also works in reverse: 
Northampton has become a thriving commercial 
and industrial centre, being recognised by many 
leading firimas an ideal location for head offices, 
manufacturing and distribution warehouses. It 
can house your firm and your employees, 
and offers awiderange of cultural and - 
social activities. 

Opportunities for growth and success 
abound in this historic county town. Forget the 
Mayor and his dagger: eat your oysters in 
North ampion. 

For further information contact Leslie 
Austin -Crowe. Chief Estate Surveyor. 
Northampton Development Corporation. 

2-3 Market Square. Northampton NN1 2EN 
Telephone (0604) 34734 

d • 

/i. t > >■; k'tt * ': ; y 


Wall St. widely lower but above worst 

investment dollar 


$2.60 tA £1-82% (821%) 
Effective $1472* 38% <38%) 

INTEREST RATE and inflation 

worries combined with Indications 
of a slowdown in the economy 
further undermined Wall Street 
yesterday, but the market man- 
aged to close above the day's 
worst after an active business. 

The Dow Jones Industrial Aver- 
age followed Monday's 13 points 
fall with a fresh toss of 10 before 
rallying to finish B.75 lower on 
the day at 785.26. The NYSE Aft 
Common Index was a net 47 cents 
weaker at $51.36. after a daVs 

low of $51.12. while falls were 
again widespread. outpacing 
gains by 1.340 to 243. Trading 
volume reached 30. 84 m shares, 
sharply exceeding Monday's total 
of 20.96m. 

U„S. car manufacturers reported 
a 5.5 per cent decline in early 
November sales, but played down 
the significance of the fail. 

However, investors teamed on 
Monday that October retail sales 
were down 0.5 per cent from the 
September level, and yesterday 
morning the P. W. Dodge division 
of McGraw-Hill predicted a slow- 
down In the growth of non-desi- 
denbal construction awards for 

Commerce Department econo- 
mist Stater forecast somewhat 
slower U.S. economic growth and 
higher unemployment next year. 

Liquidation of margin positions. 


mostly voluntary but brought 
by .Calling stock prices and 
rising interest rates, was also, a 
factor in the market’s fresh set- 

Analysts noted that the cost of 
margin debt has gone up tvith 
other short-term rates. On 
Monday, a handful of major 
banks boosted their Prime Rate 
to 11 per cenL the highest level 
in four years. Although banks in 
New York fere slow to follow the 
move, pressure continued on them 
to also raise the rate. A Press 
report stated that some analysts 
say the Prime Rate may be fast 
approaching its record 13 per 
cent4eveL with the rate expected 
to reach 114 per cent by the end 
of the year. 

Soaring interest rates continue 
to raise visions on Wail Street or 

a recession. 

MSd-East peace treaty talks 
betw een Israel and Egypt con- 
hnued apparently snagged, creat- 
ing another problem for the 

Among Gaming shares, Bally 
Manufacturing declined 1J to ?32$ . 
>n active trading, while Playboy, 
which reported flat fiscal first- 
quarter net profits, shed 1 to $11. 
Rarrah's receded 13 to S16J. Active 
RaJBUKla Inns tacked on 1 at $7, 
but Holiday inns Iosl % to $161 
and Metro-Goldwyn-Meyer 31 to 

Boeing gained 14 to 360}. 
Allegheny Airlines has ordered 
two 727 jets. 

Active Pacific Petroleum came 

to after Mondays posuc Index to U3.8. however were higher -on active FFr and [Mfchclw. to 

“ Jf fit in news that while Oik and Gas. after the buying by .institutional investors.- FFr 1MB, but Thomson ^Brandi 
Phillips previous - day's 44.1 advance, attracted by Ttbod first-half busi- gained. FFr l.t to FFr 247.* 


ri- ’fofc.l A'ov.rifot,. _ . _ 

f . ; .6 " 

VroK] jfew 

*£0*^ t tinned the actives and Banks"}.© to 2S4.S4. YHI and Hftsi 

r, *«wt™ *JP 2Sj?* 1 C The Real Estate index dropped to Y193. 

UAL receded ! to S** 7 . ^ retreated f’ to CSI7} and Revenue Ge rman ii 

company sees an increased risk gjStSt*4eenu la C31.13. Germany 

Of a significant economic^ Federal Pioneer “A” lost } to After -easing 
down next year and a sloutn« vj i—i- mii™i «« — — - 

and Mitsubishi Electric V5 

easing afresh at the 

Stocks lost ground over a broad 
from, partly undermined^ by the 
sharp overnight Wall Street set- 
back. ... . . - 

Another unsettling infinence 

. ^ bMh reported nigner earnmgs. oay. jn e eommerzbank Jnaex office, that R. had overspent amT 

a drop in third-quarter ea IAC eased i lo CS17i on lower Recorded a net gain of '1.1-at S22.4. would .be out ot the market. and 

and said tour in' quarter ** rhlrrt-auarrpr net profits. TlAAlom u-ac a1«n li* PvnrPKeml. nnfrilnn 


* . ™ rW f T ai , thftsr of the third-quarter net profits,. Dealers said" the market was also its expressed opinion. that 

months Ti aided * technical factor and Australian interest ratS^Kuld not 

in c-)5J It J OkyO ' news that the oil strike In tan fall' further m the near-term. * 

k fisht „ . J had ended BHP. at AS8J0. TelkHnifehecTThe 

haS i 1 p-tmlcum’s -Market sustained a sharp . News of a cooperation agree- previous day's- rise of lO cents 

Occidenta] Pet reaction on increased profiHak- meat between German companies which followed news ot its hydro- 

thbir w«r fir sales. ! ng and other liquid ah onsaf ter and. China over non-ferrous carbons dkcoveryjn-the Fortescue 

rSSSS^rS^ I “d£d ’ ji b recent good rise. The Nikkei- metals came late in the day and No. 2 well. . -t. •> .. 

fnrf F?rd ifS 1*“S S401 They ? n °r: J®"? 1 * Averase «une Jha boosted MetalgeseHscbart DM 14 .Among the Oi& sector. Santos 
liwt^sionT W 1° oM2 r?' J m A„ the To *ri> to DM 256. retreated 15 cents to AS1 JO; while 

vjere Sta l"d« declined 1.42 to 446. iq. Engineerings gained up to Woodside dedfaedt© 70 cents, a 

iSfffS^nofSr Ss to ,vhUe business volume, expanded DM 2 JO, as in the case of GHH, low for the year. : 

SflS in d a h^il Volume f 10 ® - s hares from while in Stores. Horten rose Bank of NW : Ied Hanks- down. 

i?-m SJJ! le«l of Wm - DM 3.50. Bayerische Verelnsbank shedding 14 cente to A$6.W.vANZ 

re- Recently-selected Real Estates, put on DM 2. lost 5 cents to A5&43 and National 

ceSdT ro S on lLrnover of M«hine| Retail Stores jmd Das-plte the announcement 4 cents to AS2JSfcv. • 

__ _ __ .lI- qa*i Ann crA+a rp« \l*iU *6 Cotton SptantTj’ rftUcat yesterday xnornin^ of new Most of the. ^Ilnutg -'■hesvy- 

t a ! 00 subst^nual profit-taklnE^ rinmtxtir Urn** ueisbis came back, refleedtte un- 

on wS a sban’^ decline in a s P' n “& totalling we^over DM 3bn before se 2*4 'SSJKS 1 ® on v ^d^ com ' 

thirriiuartP? plrmn-s. X s0 to , 8jS .~ 3 , - Hehva Real the end of the year, the Domestic modity markets. v ... 

third-quarter earmn*s- Estate 3J7 to ^<1 j- . Bond market held up fairly weU. The senior partner in tfce-Ash- unin Got. 

f-noJo .Among 1 export-orientated Light Public Authority Loans registered ton diamond search, ^V'GRA. 

t^anaoa Electricals, Vehicles and Cameras, gains and Iosms limited to 20 receded 7 cents more^ttf-4j3.05. 

Jn a sharp reversal of the Matsushita Electric receded 3fi3 pfennigs, with the Regulating while Ashton IVBnins: trerei-agaiii 

recent firming trend, stocks to Y772,- Honda -Motor Y6 to Authorities selling a nominal heavily traded. wlth 63l>,M0rshares S*v. 

declined over a broad front in Y472. Canon Y7 to Y42 j. Nissan dm 50m t>£ paper after DM 24.2m changing hands In Bkfiioume, - M 

another fairly active business. Motor Y9 lo 5'651_ and Pioneer sales on Monday. Mark Foreign and eased back 2 cents tb/SZ-cents. 

influenced by the . Wall Street Electronic Y2o m 3 1,040. Loans were weaker, however. Golds failed to a 

:J- Sonr.JO 



tfl/5) yiibaa 


4 ., t 


apt- . ] 

’aXldT 7 ] 

. 908 ; 

-.. .,KifU«iH 



weakness. The Toronto Com- Steels and Heavy Electricals, 

! Spi. 

i U ! 15 

j 3 tmr. 1 
Siork I 14 ■ 

Ahfotc Uil~ f S 07 g , 

•\<Wre«B.virT» 5 Ji ..., 19 if . 

A of Qa I.liciCa- a 6>2 : 

Airynxluotn ZS ' 

Al'oaAlumlnjuni 52 1 ; ' 

Mr*- ; 44 U j 

Allez. Liiriliim....- 15 J 
Allegheny Piiwor) 16 ^i . 
Allicf (.'Hemical..- oOAq i 

AlHc -1 aloree S’Siv J 

AliuChalnien....- 28 { 

AMAX ** 2 V> 1 

Amora-ia He»»....i 265 b ; 
Anier. Airlines... I 3 Xj 
Amor. Bmixl*. ... 4 S 
Aider. Rrro<ii.«fit. 34 J| 

Anier. i. id j 3 i t 

Amor. Cyan* mill 231 g 
A mwt. Dim. Tel.. 23 Jj 
An>cr. Elert. Po* Vll) 
Amor. Exprvw ... 3044 

Amer.H'-nie Pn>l 27 lg 
Amer. Jlerliml _. 18 Ss 

Ani«r. Slninr* o'a 

Amor. Naf. (m.. 38 ig 
Amor. Standard. 39 U 

Anier. ^tr.neB ali^ 

Amer. Tel. A Tel. 6 ul« 

Ameiek 28 »* 

AMF 16 

A . 11 P a 03 g 

Air pen 133 , 

Anchor tWkinjj. 264 g 
Aahenver 8 usi.-b. & 3 I 4 

Arniirn 18 'g 

.\jf.A 244 a 

Amua-m OU ■ l 2 lg 

Awrcn ,.j 14 1 

Ash la ml Oil I 43 lo * 

ah. TiirMieM ! eaia : 

Auto Data Pro.... 281g 1 

AVI 1 71 * ! 

A 80 "n 1 

Amo Pmrfuer**.... 61 14 ^ 
Fell. «jea Kleci — i »»Sb i 
B anjier Punia_...j 19 Sg j 
Bid). America.. .| fc 4 | 
Bdnken Tr. .\.Y.« 33 14 ; 

HarfrerOU i ai7 B 1 

BaxlAr Travvaol.. 38 ^« 

Beatrice Food aZJ* ; 

Beetc-n Dickinson 3 BSj • 

Bell A Howell : I 6 I 4 ! 

Bendis | 34 j 

Benguet Conn *B', 2 J 4 ! 

Bethlehem a toeL: 19 ?a I 
Black A Decker..! 16 W 

B.<eing 6 OU 

Buine Cascnde 1 24 ^ 

Bunlen * 9 e 67 s ! 

Bora Warner ■ 29 * 

BraniU Im 1 111 * ' 

Brafcan 'A'. .-... 131 * I 

Hrwtfil Myers I 31 t 

B.Pe? A Urli B...I 175 4 j 
Hn.-l.wAr UJass .; 27 J, 1 

flmn,n ii.-k ■ 12 ’e | 

Buc.rma Erie loU 

Biitovn Watch.... Bon 
Burlinffton Nthn. 37 ag 

Bnrrougfa 70 Jb 

Campbell Soup... 32 le 
Caoadlaa Pacific Is 3 a 
Canal Randolph.. 9 ij 

Carnallon 285 b 

Carrier A General Ilia 
Carter Hawley ... I 6 I 4 
CaterpIUarTracu bfi 

CBS 616 s 

Cclanese Cuma .. 405 b 1 

teoiral A S.W.... 14 H 

Cenilnteed ; 17 s« 1 

Irnna .Kircrait,..! 171 b I 
l ham pi- <n Inter.. I 19 ! 

Chaw Manhattan 1 29 ig I 
l bemical Bli.AT .. 1 o 74 a ' 
f hwelirgli F,m«t_[ 2114 i 
1 lieule rivarem..] 264 s I 
ebicapn Bridge.... S 8 I* ! 1 

« hr>rler 97 a • 

1 ioc. Mila<.TT>n. 27 i>* 

i'.ltli!»«rp ^ 4 lg 

Cliie? .-er, i>*. COI 4 I 

City In-. e* ring....; 13 l| I 
»'te«‘el*nil Cliff...! 2 bia ’ ! 

i-MUola 1 409 s I ‘ 

Colgate Palm J 171 s 1 

' dims A li man... j 87 s ; 
Columbia Ciaa..... 1 k 5 Ej , 

<. hliimW* Pin . ! lSlj 
t.'um.lnaC'.'.iif.Cni 16 
i.i.i ml HuAJon Enjt- 34 lj | 

1 . ijrnbinitlon £q... ST* j 

c'm'wib Bdioon. 2 b Be 
Comm. Seterlltc. 371 * I 
1 . vmputer Selene. 9 4 1 

tonn Life Ins 343 a i 

i.onrae 131 , 1 

».on.£ l iUHm AT | JUII 4 ! 

t anxol fividii. : 22 lg j 

l*mrl Cm..; 34 
VonMimer Poweii 2 l"-a . 
Oniioenul 'Grp.: 28 a; ! 
Lontinenral OH.. W/I« ‘ 
('••ntioental Tele . 1 14 Jj | 
i .-jnlrol Liala. . J 293 a [ 
(."Iiper ludua. . h 3 | 

34 la 


„ B7a 

bv b 



37 i s 

381 s 

9 Is 

9 Tfl 

34 ia 

35 lp 

X 3 ll 

13 . S 

aai 4 

82 U 

Z 2 Lg 

ZS <3 


34 i 3 

|(.iTnlna iiIms.... 

j CPI loi'ru'Uo'al 

P 1 C rant- ■ 

s 1 f. n..-Acr Natl. : 

a t Crown 2eHertau-h 
I 1 Ciimnun- Kosclue 
5 C urtif-i IV right,. 


; tana . 

, Dan Inumrles - 

I I'eero J m . ..j 

1 Del N-in*- I 

i DeUona ■ 1 

Dent spi v Int ' 

] Detroit E-iiaon ...I 
, Diainroi Suatrirk 1 

f riii.iB|-ii‘"ne ........1 

. J DUriial Equip... .1 
lilMiey 1 Walij ^..1 
j Dover <. -rp'n .....' 

'■ Due Chemical . J 

, Drava 

J UlWtr ! 

! Diid->di ' 

, i Ragle PiK-lier. 1 

1 Kut Airline* i 

: I Eastman Kj.alak.. : 

} Eaton 

E. G. A l'r | 

I El [’as.* Nat. (>a»| 

I Elira 

Enierwn Electrlu; 

I Emery Air Frighlj 

> Emhart I 

I K.M.I | 

I Kngelham., ] 

1 F>marfe »■ 

. Ktliyl ' 


Faia-hll-l t.ameni; 
Fe>L Dept. Store*, 
j Firesiune tire..,.; 
F»t. Xat. Bo.inn.l 

Flexl Van ! 

Flint note 

Florida P'jwer. .' 

! ! 

, 1 Fvnt Motor 

. r..-reroo»t .WrN.. . 

. Fuhtw ............ .; 

Frankliu Jlinr 
■ Freep-** Uiaetn.} 

Franhaut , 

Fuqua tnria 





Gen. Cable. . . 

Geit. Byname.*.. 
Gen. Hied rhi.. . 

Gen- Ftoo-.l- 

General Mill,.. 
General 3lvt»r» .' 
Got. Pnb. I til . | 

Gen. Signal 

Gen. Tel- Elect .. : 

Gen. 73re 


Georgia Paettii...! 

Geoawrce j 

Getty Oil 


Goodrich B. F..„! 
Goodyear Tire.... ( 

GflukL i 

Grace W.ll < 

GrtJUlan FariTf— . 
Grt Tiorth Iron-' 


Gnfi 4 Westem..- 

Gulf OII.._ ' 


B —"a Alinfn^...; 
Haralaoblecer ... 
Hartls Curtiu .. . 
Heinz H. J.w. . . 

B««Se Pacta ni . ‘ 

HoDitav lno> 

Honwatake 1 

Honfyweil . . : l 


Hutp-Gorp. Anier; i 
HoBH»n Aai.i.av : 
Hunt (Ph.AiChni 1 : 

HuttClK-F.i i , 

l.&lmltmriei .. ! i 

IXA ; i 

Ina'erwll Rand... I 

Intood Steel | i 

Ltufiw— i I 

IBU-- 1 2 : 

I ml. Flavour.-,. . 1 
Inti. Hart esier...i i 

I Inti. Alin A Che in! : 

into : : 

• Lett. Paper ; j 

I Inti. Rectifier. 

luLTel. Jc TeL.. ! 

Iowa Beer • • 

1C' Interna t ion* I . 

! Jim Walter... . 1 

*2iS *»!« 
401 * : 39 
187 a i 19 ia 
Si u 317 * 
5 j, , 5 i« 

E 37 B k 4 <a 

26k | 26*, 

> 91s 

I Juhus iUanrille...! 

1 J J>>lin*on Johnsoui 
Ijohnsoa l.Toatrvl.i 
1 1 JuyManofartiir-^l 

1 K.MarLVirp. i 

i KalrerAluntlul'm. 
j Kaiaer Industrie' 

I Kaiser Steel 

| Kay 

: Kennec'-tu • 

j Kerr AfcGee. 

; Kidde Walter * 

j Kimberly t lark.. 

1 Kopptra \ 

| Kraft 

| Kn.^er tv. • 

. Teasivay Trank.. , 

' Cevi errauy 

: Libby Ua. Ford- 


1 Liggett Group.. 

1 Lilly >Ell>. 7 . 

j Litton Indusirie * 1 
! G:<lthe«d Atrer'tt 
| Lme rtar Indust 
j Ll-ok Island Ltd. 

■ laailsdaiut land... 


Lucky- Store* 

L'ko V'uneit'a 

MacMillan,. ' 

Macy K. H 

Urn. Hanoi ee. „■ 

! Uapno 

; BaradvmOll 

! Marine .11 Miami.. 

: Man. hall Field 

- .May Dept. Straw 

; ML A 

i McUemi- .lt 

- McDuniK-ll lluuu 

; IlcGraa H/l 

Mem i.rox 


Merrill Ljui-h^_ 
lieu Petro-leum.' 



Mobil Coqi 

1 Monsanto. 

• Morgan J. P. 

1 Mut-.-n.-Ia 

j Murphy Oil ' 


. AaKv Chemii*U. 
j -National Can 

| Xat- Distiller-.... 

. Vat. Sersli* Ind. 

j NAtloaal steel 

! Xatonum. 


[ Neptune Imp 

, New F.nglau -1 K.. 

• New England Tel 
• ; X lagans. Mohan k. 

.Vlagara Share.. .; 

) N. L. Indiutrlm . 

. Xorf'iUtAIV estera 
; Xtntli Nat. Has... 

• Nthn. States Par, 

1 -Nrhweat Airline*. 

KtbaUR Bancorp' 
Norton Simoo ... ' 
OcoidenlaJ Pertul' 
Ogilvr Mather... . 

Uhlo Ediv-n J 

Olio > 

Overseas rihlpe._! ; 
Owens Loralng..,! 

I Uweu* llliuoia....! 

• Patdfif Our. ' 

31^9 ; 0I63 

Revlon 49 

KemuMa MetaL- 29 i 3 
l!oy nulda TJ. > 1 . . 553,3 

Rii-h'siwt M erred a 
lfi.».-k»ell Inter. 327 .; 
Ifailim A Haa> 32 k 

!!■ ora I Dulrii . 6 G 5 s 


lluft TrtjfS. IO 

flfoer s.vitem.. .• S-O.r 
Sale* ay Store-. • 3 wl: 
St. J-e Mineral-.- 3 »" 
st. liext* Paper— 29 i^ 

Santa Fc Inda 30 ^t 

Saul Invest 

sa\nD Ind&„ „ . 4 ts 

4 is 4 Tb 

^ 3 “ J Svhlltz Brewing . - 97 a j Algama ein-l . 

si,- i N.iilsni(-ermr. ' 65 k ' 86 lj I Asbestos. 

SC .11 jilt 1 17 Ij 1 Bank o' It- -inn 

*n u Scnlt Paper 14 Hs 14 A« 'Bank i 

X? * .Sonii Mrg Ibk . 19 k | Basic K— .i:r.-e 

,n-„ Seu-l-ier Iioo.Cbl- / 7 . j Ball THrp'iv'ie 

rHtiw Valley lie 

lual ; Sea Ci.nralner .. 16 ifl i 17 k ■ 

.. f® 1 Seagram *.0 '■ Mak : 1 BP Canada 

Jq/ Ilia 111 ; Unu-can 

-.f 3 - Srers Ki^buck. . rOJg 1 EOSg Brims. 

SEDCn 31 k; 33 CWuaiy 

4 -j® Shell Oil a!J I o 2 k CamHuw Mmm 

2 ,® shrtlTransuirt.. h 5 J, ! 45 . Un.vU Conni 

* 9| - sign*!- 40 ’ 48 j Canada NW" |ji 

?■» 2 Slgni^e Ivrp 1 32 k . 32 1 Uan.lmpBt. i.-. 

5 «io ' Simplicity Phi.... 8 ifl 83 * i Canada liMusi 
{Singer 14 141 ^ I Can. P»eir:« .. 

* I Smith Inter 4133 42*4 | Lau. Pacln.: In 

J-. j Smith Kline bt> c 41 4 j lin. Sii|ht nil 

1/a ® icclhn-n. Zjfl ■ 3 j Carling 1 

J Sotit hdw-iu 29 k 30 k Ctaaiar .\,l-c'U 

* I southern Cal.twl. . 37 a anlg ■ | . 

*Z ! 4 j S.«ui lierti C-> • 1 - - 14 . (OhiefMm. . .. 

*■*'* | Mini. Nai. Wo,., flk; all* ■ ; 

* 8 "- j Muilhent PtalOv.. 47 i 47 k Cw». Bath..r-t 

f Woolvti-rtri ; 173 e 

(Wyly 8*4 

Xerox 1 Hl*a 

Zapata • ilk 

• Zenith lia-i!- •• .. 13k 

L'^-Tks-.«N 1 « 0 . t [ 4 J fc - 
! LS TmS. i'lfSc 1 80 » 
lUjj. Bd-dj> L-illi- 8.30 


30k .uStrbi pa . lfik 

Otg" * Agnlvo Kaab- LI 3 

4 Tj l Alcan Vluir.ini'm 38 
■ 9 ta j Algoma irtn-l .. - 4 *; 

86 ij I Aahe*tw 

17 k ! Bank or M -nmtii >ilg 
14 k 'Bank X->a>-tLi It Ok 
19 k I Bask- Biro. i:ro w.. 4 .J.. 
7 . I Bell Telephone.. • 601 a 
(Hut Valiev ln-i.. 17 is 
171 * ! 

Bok; J BP Canada ... 17 h 

11 tj" bra naa 161 * 

ZQSb Brim.-. ;S. 

33 Claim iy P-.-t -t .. a 8 l* 

o 2 k Canirim* Mim*>.. 13 k 

45 . Lan-vla l>mi u:.. 18 - 

48 ! Canada NW l^n. c'a 

32 *0*11.1 nip Bl i.oit’ 4812 


8 N 

■ Ciuiaria ln*inl ... 


14 U 

I Gan. Rwir-- 

41 ^ 

48 t* 

| Lira, htin-r Im. 


643 * 

j lAXL dll|HT Hil... 


J L»Tllnct>‘K^ip.. 

29 If 

30 U 

Cossiar A il-r-Ur. 

3; 9 


«i 8 
W . 

| ChiefWin 

< 2k ;' 22k 
.2 It • 233b 

. . ; * rise in London Bullion prictssrand 

Pane Central IVorteraaji fell 30 cents to 

A a - . A913JI0 and Bousabtvffle ,6 ksnts 

Bourse prices were inclined to t o XX131. : v> . .' i*. 

drift doivn in thin trading. Amo up Uranfums r E2 Indastries 

Brokers said the positive impact lost another - 10- cents to Al^.92. 
of the lowering of the Call Money Pancondnenbd 20 cents to AS10.90 
rate to 62 from 7 per cent and and Pcho-WaRsend 4 cents to 
news that French industrial pro- AS5.5G. . - 

duccion rose OJi per cent in . ‘ 

September had been more than Honfi* KfHIJl " 

offset by the overnight iveakness ® ^ 

on Wall Street and particularly After extending - ATondayfe - 
U*« announcement of a 4.6 per marked decline, shares staged a 
cent increase In the number of technical recovery fa. moderate 
French unemployed In October, trading, lea vfitg:' the.- Hang Seng • 

Against the generally easier index 12.04 , firmer bn The day at 1 
trend, however. Bank. Trans- 5M.20. 5 

portatlon and Publishing issues Dealers, however, notaf that vi— 

mostly improved, and Construe- there is ' still underlying' -bearish -Dm®*™” 
tions and Cnemicals were mixed, sen tiraent . with no good'-, news vwnce itt^- 3&& 
In lower Metals, Peehiney yesterday to support the -'market’s 
Kuhlmann eased 30 centimes to technical rally. " • t GennanriSj 

FFr S9 despite announcing higher Among Bine Chips. Hong Kong , 
ner sales for the nine-months Bank picked up .60 cents to 1 
ended September 30. " HKSIS. Hong Kong ‘land 20 cents I 

Carrefour declined FFr 37 to to HKS9 and Janfbte - JUatheson 
FFr 2a 12, Bottygaes FFr 23 to 30 cents to HKfiiS^o: f 

NOTES: Overseas octcei shown adow sBOtm aom' **»*..« "Per share, t Francs, 
exclude s premium. Belgian dlvkdands o Gross die. %. b Assmnaa dfntend after 
are after withholding tax. tern and/or rights from ' Jr After local 

e DU SO denom, unless otherwise srated, rues, m % tax fete, n Francs: Indadlna 
rleWs based on net dividends nits tax. Untlae dtv. - v Nm » 1 q Share s Dtv 
V Pta 300 denom. unless nberwlu staled, and yield exdode snedal oaymenf. r [rah- 
4 DKr TOO denom. unless otherrin stated. cat<*d div. a UnofficteT tmBna. b utoorin, 
-h SwFr 3ffi) denom. and Bearer shares hoMers only, tr Metger pending. * Asked 
unless otherwise staled. 4 Y 30 denom. t Bid. 5 Traded. " "tSeflar. a Assumed I 
unless otherwise stated. S Price at mne xrEx rights.. xdBr d}yfdend. rcRs 
of suspension, o Florins. bSeUIUnss. scrip Issue, xa Ex' aJL > Interim since 
cCem& d Dividend after pending rights increased. I 



■ auk Bee. ian. ■» i«iMh»:irf l.; 
I k/ 9A BBS. n Ham gear ten* nr/M gn 5 i} 

eCMwa. . a mwbb se. swum. , 
hotel 'aMfOstrtaf UVS*. ts » rtsi 
OPt w sw i o unmwara. 


| avutiitanKailifay, i 4 .j | 45 l< 

hb " ] -SHilhlau -1 8 b [ «. 8 lg 

>6 j-V Wi Benshaiwr . *5 1 

871 * hlK-rry Hnti-U.... • i Ji i lSTj 

387 a f |«cnr Itan-J -OSs- *«i 

I ssnuiM* kflij « 7 ij 

65 ;* Statidatd Hnunt- ,a . ■ «l| 

e-OU ! M'l.Oilta'lhirois 441 ; I 44 k 
qrti. -1 ■- Sin. Oil In.lUuia. Ok 1 49-; 
40 ^ . 1 tt'l Ull UhH .... - 6 ii.« 361 ; 

46»4 { dteutMlbemlcal... 391 ; -»U 

b»i 3 idterlloiE Drujs... i #-'» 1413 

S 71 S I Srudebaker. 531 " ■ 54 k 

145 a i Su “ ^ 7 »s . 38 ' 

; sunetranrl- 4216 t 4 £i? 

185 . ; .^jtiiex. a!'./ ! -*lk 

l^u ! Tei-hniooior ■ 91 j -10 

395 ; TektroniN. ' 411 ; / 43 

j 8 „ a I Tolodync. .j 66 / 86 ae 

45li IVsuiiniu I't-.. *6*4 • 18' 

_ I'uiek l^urcvs 6.00 ' -.U 

*-® l s Contain 10 

;»k Ikon 1 : Hi • 12 

*5Tj ! llsnfaon 'lioe^-, 82 . 307 

..SDnine Mines » i'? t 5 

41 ’* • Dome Pvt n-leum.' mm- . 751 

***• I DijnitDt.-ii llrtrtgv .*1; • :*71 
JJ •* D-nraar . ... . <llj a 15 

49 -: |Uu|MB' lc la 

36 k I F*l-cp ye A'u-Wel.. alij 32 

-»U rcfiylotocvan- ?B . .73 


Nov. 14 


Price + i.>r ! Dtv. 'Yiii 

Dm. — . % i -5 

80.3 - 0 . 6 ! 

TOKYO v ' ; J 

■ f* Price* 4 . ei i.Oit.'Vi-’i, f r 

■W, ir ij-Vy. 

srautliiau. - 2 . {-T 4 ■ 2 ^ 1 ** 

Chuoo. .KWt,-7i M S5t 

a#l 3 : 000a -r-,- 1 “ . 

kOk ! 2 u 5 * ' T «ira., ... 291 ^ 

2 ?!« 22 ,4 -[ Tevro Pet ro-Ieora 7 / 

f 1 ? 8 : iTeesrt* -Vi 

I? * ' in ! 8 iteMwnU 10 

Jij } 2 ^ ! TeMt.- E*«*rn . . a 5 k 

24 ' t 2 * 4 1 Tes * 1 ' 0,1 A ^, ' 

• “f' a I Times In* 38 k 

235 * « 3 o 8 J Time* .Mirror ho 

■- 1 * . ft!* Timken 46 

1 J 61 * Trane...- : 05 

en o? Transmerloi ' l&it 

■Oft | ** Wk 

i ic?® Tranlnion- bO 

laoa I Ibi 3 Tran-vny Jattn.J hllg 
. , -.. | Tran Wi.rld Air.J' 16 

b 7 i. S i 27 ta T ’» T . W:r ' -i s £ 4 k 

iMU ' IMU Trt-l-ont Ineu ul ■ 17 is 

24 i 2 ZI H Trlf.n Oil A ( ‘tin 

I Home ull *A' .... 4 Jj. ! 
Hn.jwm Bsv.Mng 19 af- ' 20 k 
I Hude«.n Bay -1 a- Ji 105 ® 

PaiUfc Li^hiin£..i 



! TJtU 

041 , 

Fan Pwr.i Ltj;.. 

19 o* 

IB ia 

' LOth Century Pos 


PanAmM .trld Air 

6 »* 

« L^.L 

286 * 

Parker Hanulfla.; 


i L ARCO. 


Pee body lull.. .. 



. L'GI 


Ppu PV A L 



t olio vet.. . 

41 M 

Penny 4 . <*.. . 

331 ; 


• 1 nilever N"l 

t 9 

Pen moil . . 

it 630 

k- 7 ia 

l ilium KatU'-rp... 


Peoples OniK ■■ 



1 uiuu Carl-i-if-... 

Pe-Jplee Grme 

3 a >8 

381 t 

L at >u Loii-meiw 


Pei»l-.v 1 



I.dipd till t’*lu.. 

3 in 

1 259.75 


33 ia 
a 4 a; 

. 17*4 
J 5 k 




51 k 


261 ; 

I Perk in Elmer.. - 



. Phelp* Dcaige 

1 Philidelpfain Hie ., 1 

J Philip Jlnma 

j Philll)., Pttni'm. 

I Pillel-iuy 

* PimeV'Boireo.. ,.| 

1 Pluton 

Piracy lad AJjlt 

I Pnlerold 

Polunux- Eltii... 
PPG lndiuiries.. 

| Prwter Gamble.. 

- Pub. srr. Elcut- 

■ 1 ‘ulnuie 


; Quaker Dm t» 

Ka i.i'l Arm-nrau . . 


IK A...: ..' 

Itupubhi- Steel. . 
liewtivo Inti . ... 

I'ninn Peu.-i ri>- ... bit* 

5 5 .' ° Lnlf.-ral « 

XT"' l irite .1 Bran.t- 8 V? 

' FBI; 

-tjf ' L> Ujk-su.u .. . 14 

691" 1 *»*■>■-? i-lk 

3 ull ’ laSiwi . ... iii : 
Xyu l > Teriiih>l>«!K>. 36 »s 
o.-' . I V lndu-irle*..,. lilt, 
, 7 1 8 ■ Yinpuia Llcvl.... 14 

' Walsraen 24 1 . 

^ . Wartu-M. ->m mn.. 3 u 
A 3 - tVarneroLamterf., * 45 ; 
13 . a IVutivllni'niflui 241 - 
2hk WHI-uFai*, J iSi„ 

831" ' "*-' , vrn Kauivrti C3’i 
^2 " M>."lern \. liner • 31 ? 
jii. , tin) ' Dl.ill .. lL.v* 
.Mertxugli'Ni- fc'le,.] lei; 
23 k \Veyarn « 3- 4 

lav* . lVew-rUa* ■U»BI . 

4 . 1 * Mbiri(....| ; 81 < 5 * 

8538 Willie Ijhl... 17 

Sosa William 1 • 13 

27 S® W|h-uD)Iu BIh-i . 2 S»*r 

29 aa ! Hnrlwra OflA uaa, h 31 ji 

_ .• i 7 -. t tt& a 

| I iiiasc. : tel;- JBij 

«‘3 lmf«nal Oil.. . • 2Z% , Ittig 

x 9 'e loiwiV.. > ia if 

I?** ; In-la.-. i.-. ' 12 k li; 

1 Inland Sal. Gar. i.’a li 

* 8 '<* j Ini'v-.v-PlpeLlne 161 ; ' 56 k 

39 ■ Kalner Bwouroei lc:-j . toj» 

: leuri Fin. Cmt- 7’i 1^*4 

^§*4 ■ u.*taw Lorn. -B'; •* 20 ; 4.15 
361 * t Memd'n . Bleed...:. 22 i; 82 i 3 

J"! a I Mus*W Fergnwo; 10 ->i 1 W/* 

» 8 k 23 1 ; , k 3 ‘-a 

31 1* 1 Moor* uorpq i37* | 4S; a 

3118 M ntrauin btate K 2 . 7 ^ SL 80 
1 *6a i .Noranda Jlmc.... mt* j '451* 
Norcen Energy.- lbJ« i loij 

44 i“ j I V'iflo Copper 3 L >.80 s 1.1 

i Pai'UioPatroleiim' 54 jb j- 55 

” - l I'nn.Oaii.PBrir'Ini ,G . a 7 

■ ■ ! 4 flwiw- 2u 

i® 4 Peot«l«»I> . CL- 

* iPla.Hj-an.htiK 1 - 75 , l.t 

-”‘3 I’ii-etBeyelupuit .6 ' rt 

I\wi erCBipnrat'n. Irk I 18 

* a 4 Pri--e a ' 

' 4 UjeliecWnHCi-n- 1.20 l.J 

; 3 ia ijatu-Birpit i-k . 14 

I.Vrtj^tenbouv. . lLl; , 

r Hi-- A Iran-' s -4 o 4 

8 -» U-aalBr.vd Can. : 3 »^ s 4 

i5J 4 ■ Kiasllkori 18<i • le 

25 1 .. ' . 

23 1 SterereSraiwnTto - k 5 

v ! r>a->iMUw. -- >.9 

. 7 ?" ■?!,-. -I I Canada - j 4 . 4 15 

J'l.-rriu 6 >Uioe* 7 -i ' I 

lau ■JlfkmO-fi **'5 

, 5 .; -*tninwh..- o > 4 ' 

I »r«l rfCdOKh. . *7 

4 u Mtep ftoct Iron . 0 75 3 ., 

: 2 S I Tv-.atn Canate •• h 7 i 2 -6 

X* j I rmi» CaoPh-rL. I-k ; »7 

I I rau> netuii Djh- 8-6 : ? 

I rnraJ-u -lak -\* 

ih.j I. ninnto l\- | i 

, l ui.lswM-Mra** t-'» * 

‘4i, it aihef flint" • i6, ' , 3tI 

25 J« «Vrf tjosM Trail.- Ilk • ll 

HesioiiiUeo ■ 19 k 1 *9 

17 >i 1 

lah 1 t HSL 1 Anfced. > rradm 

abi* I •«. IHm* *I«fc 

Bayer ...... 139.5 + 0 .»:UMb; a .7 Urn Nippon Print- - tB M.D 

Hayer-Hypo ; ' 307.6 + 1.5 88 . 12 : 4 A Foil PlStoT . 630 JM \l 6 7 i 4 

Bayer- Vererart-k ^ 326 |-r 2 aa.ISi 4 ^ Hitachi-'. 4 ....! • 25 W ; +1 Ml 3 jBi 

Ulhalnt..\ed.«rt>i 15 a 1 Honda UotcwL-J 47 ? i -6 -UlTUtfi 

Coramersbanli — ; 228 .&-V 0.1 | 86 A«; 8 ^ HouleFood-L^. f 1.130 35 '£*'• 

Gonta (rum mi.„..! 68 !— 1 ! — ■ — C. ltnh„ - , '- 339 1— 12 2 JF 

Dalmler-iJenit— .. 337 . 0 ' 4 -aS : 88 .IJ •kZ lb>rotarioA—. - L 06 O — 10 i 30 Oil 

DeRuna , 356 .D — 1.5 263 E 10 . 5 ' -iau» -J. Y*iO -21 13 0.9 

UemaS 173 . + 1 17.18 10 . 0 1 J.A.L...JL X 870 ~XO ! — -- 

Deutsche BanK 309.0 + 0.6 4*>. U. «*.» Kanrai EJw. Pw ,|L 130 10 1 0.4 

Uteadner Bank ... 243.5 + 0 . 6 138 .K; 5 . 8 i Koraat»«r-.....-J 369 C_i : w ; 2.4 

DickeriJoH ZemL. 178 —1 1 9 - 3 t- 2 . 6 ' ..._/ 29 b ■ ' ' 19 r 8.5 

GuletwRnutu!—..: 2363 + 2.5 18.26 7 . 7 ; Kyrac^eranric- 3 . 26 3 1 -JO I 3 b [ 

Hejaa LFjjvL , 98 14 JJ 6 J 4.4 j >]«up»li;La Ind. . 772 !— 13 20 , L 3 - 

Harpener 149 ' 15.63 6.6 1 Mlntl-i-w Mink. 200 [....1 1 10 <L 8 

Hoetthrt. — ! 104 . 0 - 0 . 6 , io.<a 7.0 MtWiL:»hi Heaiv JZ 1 j T l !' U BJ 0 ‘ 

Hoe-ch_ 49 . 5 — 0 . 3 : — - ildwilu*hi Ccrp.;. 43 U ’ 13 I 1.3 

Horten 160.5 + 3.5 ' 9 J 6 2.9 JUtaut * Go 299 ; \ 14 : 2 J 

hAli uiki .Siic 138.0 - 1.5 1 14 JM s.l XhaukoeM..., 612 20 ! L 8 

Karvtartt , 328 d - 1.0 Z 3 . 44 .. 3.6 Aipp.-n Denv.-. 1 . 68 U ! 15 i 0.5 

Kauibcd ! 250.0 + 0.2 18.76 7 . 5 . 'Nippon ohinpan..- . 8«0 1—14 la k? ‘ 

Kiwlciiar D.UIOO.l » 4 ' - 1 - i Aisuui Hdtora-J 651 '-9 16 X 2 

160.5 + 3 . 5 ' 9 J 6 2.9 Jfllaiil * Go jj 

I 08 -Q - 1.5 ' 14 JM o.l MJtaukoaW 

328 d + 1.0 43 . 44 .. 3.5 Aipp-n Oen v.-.'. — 1 1 , 68 U 
250.0 + 0.2 18.76 7 . 5 . 'Nippon Shinpan..- . 8«0 
5 #a.l|— U. 4 ; — I — ; * v issao Motors ! 651 

Knipp DMliXL — : lu 3 ! — 1 — • danyo Btetnc. — J 270 —1 

Lnxta. 279 (+1 25 j 4 & dnttmUFtWab^ 961 1-7 

, 1 20 


11 a? 
16 1.2 

KHlt 1 1B8.5I+2.0 j 18.76! 9.4| Pwmser. ..11,470 —20 48.1 1.6 

— , —• I danyo Btetnc. — J 

12 I 2.2 

30 | 1.6 

Luwent<rauDMKX> X.bvO ;— 30 I 25 1 8.3 abiaeidd 1,310 1—10 i 20 O.ttf 

Littfaanra. 1 95 j 9 . 58 >TD.l 6 « i> ( 1.410 1 40 1 jf) 

-i 22 J. 5 -— 0 . 5 1 13 . 78 ! 8.4 ^»ho% rltw— - 253 -6 11 ^2 

Mannesraann 1 178 +2 17 . 181 , 9.7 XslMdstlieiiileslJ 465 1 lb L 6 

Metaiicea ^_j 256 t -14 |l 5 . 6 S! 6.1 lt>li ^ 2,020 ; 1 30 - AT] 

Munchener Uuck^ 06 J 28 . 12 j 4.3 j PeJjtm^.... .] 126 i T a 1 10 ^ 4 X 11 

fttvkennran j lo 5 -f J — • — I lokj o'JI arfne—. .] 534 I lXTl .0 

Preuarag O.U 100 . 

Kbetn Meat. Elec.' 

rcheimg j 

Meiueat - — 

3 u.i 3 ui.-ker 

I tn mimi AJi 


a Kb.\. . 

veteiiiih Werthk' 
V. uk- ir-raeii 

Ib 5 - + J ‘ — : ~ lokyo Alirine— .) 534 I IXTLO 

1 37.5; +0.5 ' — l - lokynAifciHoraV 1,030 —10 b’ 1-3.9 

180 ■ -r 1 ■ 85 : 6.9 lonyooin.vo ‘ 341 -3 il3iX8} ,J - 

4 sB —I 28 . 12 * 0.5 lyray— 165 1+4 1 lfl-f S.Oi 

290 . 0 , -J. 8 , no ‘ 4 . 3 * rvtahihhV.n-p ■ 141 j +-6 ' 10 " 1 , 3 J 5 ! 

230 -I Idb-rd! 7.2 li'trJa ll^nr..’— - 856 —1 ;}{ ft'j U'{ 

1 d 2 E -°' 3 4ifl • Nnra.MMmhMMnOH. rvtnw . ^ 

140 . 5 + 3.5 S . b 'J' ‘ . 

wai S»o 19 q 7 1 , " “*■ 

245.5:': • * . . nil . BRUSSELS/LUXEMBOURG 


■ . ■: *• : ■ • * •*.,: • v, s 

*. v; ;-fdsto*v 

7, - ' ' t+ iar .'met C4'«'i)h 

itk..*#- '' -'. '-Nor. te • • |KnjnBrjvti^ 


♦8.10 1 +X 


tLH3 v +i<H 
ttoxi -tw 

■iw4rtt>raaA*.^i«k4-r9a.7y t »aa5i 

■ftAz*. " v ^:::V^:v*:J 

tLM' — 

tOA3 *8J* 

*aaa --- — 

t 115. -Ml 


taio . JtLw 

tl.70 >Ol#l 

i3.J6 rrlUOl 
31.45. +«.W 

PireUrOP.^.Jy.’- 1JS0. 
LaouaOnra 0?2i.]r^L35 o-OJ^OJK 

TB-10 '-0JJ8 

"SisO +O.11H0JBJ 
ValeSlo Soea PPJ-1.17. —04)110.13 


75.06 -047 
JfLW J -8.TO 
ttafl- -Ml 

. Turnover - CiSneaL :. Vumme ; sa. 
.-■.*■ Sounjc ’itio^dt’Jairain) SE^v 


.18.28 : ^52 


' ^ *' : ; Ataet-: •- * ’ ' 

«C88 - 4K.10 
YL60 . 
t2A4 .-8.M 
10.77 (Ml 


Price ■+■ or ; 

Kir. •' — 

Nut. U > Price . w * Frit. lY hi-. 

AMSTERDAM ' ~ .*^1: 

— . ... — . \rlei...: — 2.SUU -j.' - ! , 

, ™ . + or ; Dtv 1 <■! ' neikL-ri d.5S0 —10 ,-llo 4.5.4, 

1* li.-. - — < a j •..U.IL-pnieol— : 1.164 —6 ' lOOq 8.6 j' 

Aur.M ' ■ 112 0-2.6 ' *18 ! 5.0 1 fcSfn 2.390 - 10 ! 17») 7^41 

Vk/irihi. »»•. 2V.7 T».a - ■ - E-e>knv-e- .7,08+ — 2J : 4 m>~''o.Z; 

» m fT- 1 / ' m' ' u ^' 368.5-2.5 'A251. 6.4 . ebnuue Nat ,3.L8S» -5 SlTtf-i 6J» 

tJIEv iH, Ifl,-... e7.5 — u.2 1 <50 . 6.1 I..B. Inn- -Uru -445 ^ 15 ickFln.I 

VninM-ank < 7c.S -0.3i.%2B6’ 0.7 UuneiL 1.360 + 24 i Bti- i 6.3 

- -' ■L 8 -2“2 , S m • S-6 uULfHnixL... -J 1.510 : tfOlifi.Vi- 

■mkaMwini.t 20 _ 129.7— 0.5 ■ >80 i b. 2 Uw«ke*i 12.690 — 60 'l20' l 6 3 r' 

UuUmi'TcUciu/ie’ ‘7h.8 *U17 ( -c - 7.1 mtetwni (l.b85 ' 3tt- i .Br 

hnevnfi Ki_a... ' js/7 +3 ft - i z.O t I - 

Enuia.N.A .M«H, rc , 14*.8 .\37> D.3 -.'-“SJ ',10, ? .0-0.8 «•>... S.0 *f n+ice. ‘'.100 |-5U .arfi . 3 3.) 

;»tmal Mr waMr ' . 35.3 -l.j BU ' a.6 2 bio W-St 2.7*1 

Hemekei.-F.l9' 97.3+ v.3 14 . 3.7 3 22U -40 &) < 5.6i 

Hw^tAn- .f ..i 36.5 — u.5 - ; r', t,fc “'^r ,,u ::“ 2 ^ ' 2S ■&, . ^ 

Huraer D..F..K-- ai.9 mU 1.2 s.4 I A 300 ' ^ 

n.Ull. -F. IO.. laO.7-0.7 ,3,2.3'^"«. f oo5 ■' 

| un. Mullet Fl Sk 4 -t .6 *- 0.1 19 • 0.0 ij-.-.u ... l '. Jj ' " /715 - Jmv c'tI 

'ai.A+tln-.r i.iv. , 112.9 +0 6 48 4.3 ; /.^u fc ' " f Zi 5 ~i° ^ 6 - 3 - 1 ' 

- NetiOcibkiFlA. 07.1 ^ . . il 7.M “ Z ; 

1 ' Z,B »18 3.0 1 fcjjt'n — 2.390 - 10 , 17 , 7>:’l 7.4-1 

tu.1I - ■ - E-ciinae,. 7 ,U 8 j — 2 J : 4 m 7 - ; 'o.Z: 

368.6 —2.5 .k|5j; 6.4 1 elvigue Nat^...,3.k8Sa — 5 ^ITC-i 6j»i 
fH. 10.-... o7.5 — u.2 1 <50 , 6.1 u.B, lnn->ltni — .*,4.445 -^15 -lakf n. 1 j 

ank 1 f *.ti. _ 7 c.S- 0 . 3 iA 2 i 4 0.7 Uuvatril. 1.360 • + 24 i* 8 tt'-' 6.3 

J* 1 - -’ „ n ■ S.6 itHLfBnjxLi Jl.510 : - 901 6.01 

oim-r 20 129 . 7 — 0.5 ■ >80 1 b .2 u w «keri 1 z .690 — 60 ‘lS’ 63 t 

1 TcUciwie; 7 h .8 +o: 7 (-c- 7 .l mietw-ni rl.b 85 '.. . 

fi . I* I-2L ■ . z 'il r 3 4 1 a.O " 

XA.hwite, 14 X .8 .\ 37 > d .3 J'"f,"vi'-*i+ '->»S J ',10 e»Tr 4 .o| 

mlt-fi..- i . 0 - 0.8 aim.. ; 5.0 ousts- -J - 100 |- 5 U # 6 - s 3 .| 

Hinioa eenui 

14 k .8 \ 37 j d .3 | . T- 

7 . . 0 — 0.8 dm... S.Ol ‘f 4 * 6 ""- once. ‘.100 

35 . 3 — l.j a, ' a- 6 * 3 nio 

V 7.3 - v .3 14 . 3,7 ■ “rttultiia 3 22 U 

. .’ , -w. Gtu. Banu’it j 210 

IJ W-Gen.hei a a|i|..*uw 

* 1 .9 tUJ 1.2 S. 4 lM.,nn K .* ann 

I 0 D .7 -0.7 .3 - - ' “ a auo 

•++.6^0.1 in 

Jgi| 6.3 r 

H? 1 3 1 

2 . 7 -| 

W 5> §| 

Sb 6.0 

A»U.| /T.Ofl 








' tart 



F .570 




F. 368.50 

AK 7 . 

F. 27 . 50 ' 


t 09 

- ■ 



FJ 9 

4 K 4 

F .30 





, 4.00 


F. 53 . 50 ! 







F. 3 S 


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A If U 

r. 7 B.B 0 ! 

i; 2 



F. 76 i 50 


F .35 


' 4.30 

-.* 4 


F. 36.50 


F. 37 . 50 ' 


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P. 40 . 


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251 *. 

% .\ 


« 258«4 


8260 .. 


12 l = - 

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* 280 ' 


4 Sb 


101 * 


1 ‘ — . 


» 300 | 



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h I.Af 

f. 133 . 30 , 




F. 129. 50 


F. 140 i 


. 3-50 

! - ■ 



F. 142 . SO 




ro . 




/ 10 


h LU 

P. 160 ' 


0.90 .: 

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F. 170 ' 


; 0.80 . 

- • 


h LU 

F. 171 . 40 ' 


! 0.70 - 




F .181 





F. 110 ! 

— ; 


1 - 

F. 112 . 9 Q 

V N 

P. 120 : 






t‘, 22.50 


■ 3.40 ; 


T^ 5 Z 0 



i .50 ; 



3.30 ■ 


F. 07 . 50 ! 


' 0490 !■ 

1 * 4 - 



F. 30 1 

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S 43 -- 

i'i» i • 













F-. 120 
F. 130 - 







F. 123 

F 120.60 




■ 3.30 





FV *60 3 ( V 

F * *70 - 

SLB *80 I I 5 =j. 

Mil A I. ViVI.LME IN iiVVjRV r? 


AJ-\ Bank .. 12l«6 

Allied Jrish Banks LuL 121% 
American Express Bk. 12i% 

Amro Bank 12A n o 

A P Bank Lid 121% 

■ HeniY Ansbaqhev 121% 

Associates Cap Corp.... I2i"& 

Banco de Bilbao lli% 

Bank of Credit, & Ctnce. 12A % 
Bank of Cyprus lli°n 

Bank or N'.S.W 11 

Banque Beige Ltd. ... l *1% 

Banque du Rhone 13 % 

Barclays Bank' 121% 

Barnett Christie Lid.... 12}% 
Bremar Holdings Lid. i3i% 
BriL Bank of Mid. East 12}^ 

■ Brown Shipley’ 124% 

Canada Perm't Trust... 121%> 

' Cayzer Ltd: ' 12 j% 

Cedar Holdings 114% 

M Charterhouse Japh'el... li!% 

Choolartons 111% 

C. E. Coates 12i% 

Consolidated Credits... -12}% 

r.n+jqerative Bank 3 124% 

Corinthian . Securities 111% 

Credit Lyonnais ••• . lli% 

Duncan Lawrie \ , 2| w , 1 

The Cyprus Popular Bk. 111% 

Eagtl-Trusi ; 124% 

English Transcont. ... 12}% 1 
First Nai. Fin. Corp. ... 12 %. 
First Nat Secs. Lid. ... 12 % 

■ A ninny Gibbs 

Greyhound Guaranty... 12i% 
Grindhiys Bank , • ... 12!%, 

■ Guinness Mahon I2J 

■ Hambros Bank - - l-*% 

■ Hill Sauiitel 

C. Huarc fr.Co-., ***;% 

-Julian s. Hodge ......... 13 s % 

Hongkong. * Shanghai ll}% 
Industriai'Bk. of ScoL 10 % 

Keyser WknaQfl 12}% 

Knowslesfifi P 0 ' Lid. .. 

Lloyds Bapk 1 ^:% 

London iltereaniite — '{H) 0 ” 
Edward Manson & Co- 1 -!% 

Midland. Bank *;i% 

l Samuel Montagu H : % 

1 Morgan (Jrenftll -IHJ 5 

National i Westminster 1 -s% 
Xonvich GwierahTnist llj% 

1 *. S. Refson & Co pij 


Royal BkkCanadaT ™ 51 1 H% 

Schlesin^r; Limited ... 121 % 

E. S. Schvab i~ f % 

Security TfrusfCo. Ltd. 

Shenley Tru sr / JJ .5 

Standari^Cbartered ... 1 JJ% 

Trade d 4 - Jl® 

Trustee ^n^Bank 
United’ BttiJfOf Ruwatt 114 % 

Whiieaw 7 iS.-LaidJaw ... 12 % 

WilUatwlk Gjyn s ... 12 |% 
ViirkshirfcPH 1 * —v 1-! n 

I \l-mh. tn . qT:*^ A‘'” » r!n, ‘ ‘I*”*'"* 

i.'untiulllv'-. ; 1 »• 

Inlay di'M^H"'* l ' tD,ln,h 

ioj«. . 4 

.... on nr ■ iO nm» 

and ' undVr^Kj.. fiajW 

aikI nv.-r L-’JSPItt ’■ i 

■. -*u 11 |,, v 

P-WAnti 1 ""' 

- ■ 

liala : 06 41 “.I iST"' ■- w lap ui 



Fric* ; + « Dlv. Tltl. 
Kina*: — « % 

Ami'.l>ba dLpii. 
Drankc Hunk.. 
fcj-Kt AamjIi- C»j 
F inuiriMul-L-D. 
llOWltl ■ . 

Kfc/ 3.8 I * 

?5.75 -2.75 

I’ltec 4- i.<t Div 

Pi -llm^-i-i* 

.?Ctnf«ai , lt 
-i*' i Ofirn!"' 

v-ir Mamohi 

16 ^ 4 .'S! Paprikas -t 



^ i Wf®nasc3s 

• F|^irjreepi^ pftCl 

= 1 . ABOUT , im- 'tonnes- ■ of tapioca * Y RKHARp ■ 

'•' . : exported' Irani THE EEC wm d 

1““4 J'IS? £ ■ ■& 'i* 0 ^“ro- to-3 

pMHun3_t>f. .this year, bringing; associate iicnif ul 

1 \ 10 * recof ^ c£ "«tan«l s$!ar 1 

&mv to 6m tonnes . against a London a mSntiT 
\ total - of &8ra tonnes In 1977, l •-’ The -discISli; 
Xtoiesora* daimed.* ’ * - Htfteuiiw SUSP! 

tapioca product exports on DecembS/fa ai 
Jnontfis. inuiied is— reportedly 
..against- 2Jtom in talks with the*E] 
Wwope; period last year,-.;, -•; IStfc however in' 

■■■-. measures 

-V; > .. : ^w.^ p?dTib^rDm^8l,4S^ restrain Commnnl 
'"■ \X .a^JOfitetober,: , Thai . Board > of EEC " o<S s : 

- • .stressed that the* 

■rflc^jgr exports-. - comprised , only be preUmin art 

^ ^ - «8^5I-.tonnes -of peHets, lS^K»iraent to take 

.®^S£SW.-s?Mn rtdnn es f represents a signlft 

VJ? 1 *:'- ■ 1 V*" ■ •' j ward. Early last me 

^fitneo j. , ^ . .^. | munity declined an 

F> jF'FFFFF ;'T j - " ■■.■■' 7 : attend^ similar ses 

: • -x^Ft-fcanlca " ‘ ! m T'Se c ™i!lv r ?* 

! ‘be-in am barrier 

-—-Ij v .. ' CPA lfg -_ . _. ! cation of the acre 

7^y^r-.= • sectoral buei sii 

-. ^QKoioiit jid-'S' • .' ■jvSSs'tff-isis^ 

: ' ;._ COLOMBO. Nov i a clear .this surplus Hi 

agrees to sugar 
nbership talks 

Dlltdl COd ] COMMON market enlargement 

used tip 


-. coconut aid ' lu^t&uJrs,: 

I - mr* .:•'." ’r'. COLOMBO, Nov. 14. ' Z ‘ear this surplus 
mE SRI LANKAN Government , Sri Lr?* ^ f*P ort ^ 

. masked theAsiahlfevelijpment i 
... !-. yatk. fdr assistance' to; draw tip ' 2rfiLlJ r ^? u ?“ find : 
fSaster plan to revive its ailing i r t Cc *£t e 

^vAHsmuL industry, the rotuntry’si b a» f S0 q 

" ^aird: largest foreign . exchange ♦ t h rdrt i.™ Wl 

' wsaer-after tea and fattber; ' ten ^ er . x J? e , EEC , 

- 3?rold Heraih. Minister el aUl ^ or,i;ed sa * es °f f 

' - . i' aconiit - Industries. . said Sri ___ 

. - ^ jaakshjhas - asked ■ the bank ..for :-; 

expert advice -for re vitalising the- . J.— _■ | 

" Aiwustrr and fog : financial aid i : 

ir'put'ihe plan into e per atfoh; j r ^MWWv 
.. coconut Industry- has been ■ . 
itiMpSinec,19r3, after being hitj by John EDWARI 

WEt-Of .-fertiliser, -Mr. HerathP T - W AS the turn of. 

r . -.-. , •.-. (Ait by speculative sell! 

' ; iBQak production was 3b n nuts i »o n don Metal Exi-hami 
By last year, production | day: - ^ 

"- neciined to LSbn nuts while [ The market gudd^ 
1 »^. ^na&d production Jor J?78 la| sharply in'eariv mornrrf 
Jgbn^tbe minister said. - • f declining by over £16 
. i ,r TftEe decbn'e is not aw'ested, v stage, before rallvinj 
« •: * V a traditional exporter pater io close f 12.5 ■* 

products, ovill have to ; £3925 a tonne for cash^ 
*V i hrf • j The. only run darned 

= - ••«Wler 1 '.' jrA- "'" (yesterday was confirmai 

6EM5n^'2r T US ^ and 10 -000 looses for major legislative change* in 

?the *!?nier. nf Last weels ' i9 ' 040 tonnes other commodity support pro- 

JgJ, IlJjf 1 ?** were autt|ori sed for grammes. PP P 

S. “ ^ L bU 00 raWs ' World production of sugar in 

scheduled v«? n • e Lond °n terminal mar- W! ! J faJI s,i SbtJy below 

*fl Mtetiaff f ei P nce, s eased slightly on specu- ®’ ra short tonnes produced 
L The ISO -^ tJVe selling. Dealers said sentf- * n I9##-7S. Mr. Dawson Ahait. 
‘ . l0 . tola 11,601 was undermined by the acting chairman of USDA's 
lefore the ™P° rte d rejection of bids at a world food and agricultural out. 
dine what p “ erto Hican selling tender. An look and situation Board, told 
'taken to °“ er 70,000 tonnes for ship- the conference. 

ppons: ntxLnli ^ A clos6 between world 

•. Brussels ?5™ l i D . of W-M c « 01 f a lb sugar production and consump- 
ss would S a,d but ‘S Js w ^ s -tion is likely in 1978*79. he added 
its agree-. SJ?f d *^ edl i iade 3 u ? le -. F . ur ^ e f; • Cuba is believed to be aiming 
rertheJess tod , v re e ‘ p<?cled to be invited f 0r a sugar crop of 7.5m to Sm 
siep for r - , ' ' tonnes in the 1978-79 season 

the Cosh In Waihingtonl meanwhile, which began lasr weekend No 
rtation fo Mr. Howard lljort. the Agricul- offleial target has been an- 
aimed -at. iTure peparinient's director of nounced but officials are reported 
s of jEEC-Cconoriiics. said he sees passage to have mentioned such a figure 
- of a new sugar progrumme as unofficially. 

EC ratifi-/? key to agricultural item for a crop of this <!%«. WuU ]d re- 
it:' Js its new Congress to deal with, place last season’ 4 735m tonnes 
h?SS r T'' ,! ?■"""■ L tie second Tcord 

A . e .°. u tl ,ned bis and the USDA’s but would still he some way 
»'«<£!* Prj0 CJ 11 ** * n a la, k at th eDepart- short of the Hll-tinie peak of 
ment s annua] Food and Agricul- 8.5m tonnes produced in 1970. 
nibSSS he«°, n Out,O0k Gonference - which East European observers are 1 
be ?v£,, yesU,rday - . a forecasting an Sm tonnes crop 

ii. % . 1c rat,n g ratification of providing the weather remains' 
i*vrS« 'Atejnationul sugar agree- reasonable. Last Anonth the : 
L irrfiS ^ f! 1 a b d approval of a “reaite- Latin American sugar exporting! 
»J»Kn “iL domestic sugar pricing organisation Geplacea, of which : 

Pj^yramrae as a key priority. Cuba is a member, estimated a ' 
0 lonnes Mr. Hjort said he sees no need crop of 7.5mtonnes. I 

toll in lead market 

Commodities editor 

i_to.-be erratic trend in thp market. Johannesburg that the first con- 
fpn the Tin seems to be following a signmeni or Zambian cupper had 
B’esjer- similar pa Hern. After having just been shipped from ihe East 
• pped sl . laT P ,v on Monday. London port in South Africa, 
y. ■ P rK:6 s rallied yesterday with This follows the decision tn re- 
ftadWS. standard grade cash tin dosing open the southern rail route via 
atone -filOO up at £7.710 a tonne. The Rhodesia and South Africa. 
Sgntly. recovery reflected increased trade However, it was reported from 
Ajt.vat buying interest at the lower Paris that Unita had launched 
,e ^ e ‘ s renewed attacks on the Benguela 

j^SeWs Reuter g reported from railway. 

TH E HAG UE. Nov. u 
be aHowed to catrn cod in the 
( North Sea from November is 
. until the end of this year, the 
Agriculture" and Fisliery Ministry 
i said. 

A spokesanBD said i!, e yearly 
I cod quota - of JPProximaieiy 
22,000 pounds will be reached nn 

■ November 13.; nooording to 
, ; Government estimates. 

I Any fisherman taking cod after 
Hie deadline WiH have his catch 

■ seized, and auetfoneb- The pro- 
ceeds wHI . go .to the Dutch 

! Government, AP-Dow Jones 
' reports. 

And in Ireland. m«,i L -oast 
fishermen have been t-om- 
! pensated from £EC nmds for 
thousand^ of "tonnes of mackerel 
! dumped during’ the past weeks. 

Compensation is costing .the 
EEC .EK.25 a box- 

One estimate , says ar’ least; 
1 10.000 tonnes,4i a y e he< ?n dumped 
• in Co. Donegal alone. Catches 
have been big and market prices 
have slumped;: making j; ninre 
, economic for fishermen in - ->el] " 
j tiie mackerel ^ the Common 
. Market's iniervftnfion authoritits. 

A spokesman 7 for the Burion- 
. branch or the -Irish- fishermen's 
j organisation 1 said while he con- 
! demned lihe terrible waste of 
1 valuable food, it was ihe fisher- 
men’s function: to catch fish and 
« was the responsibility 0 f fish 
marketing boarfs t* find an out- 
let for the eaWtes- 

The fishermen' have asked the 
Irish Government to provide cold 
I stores in the area 10 ensure that 

if a similar situation recurs the 
fish will not t&wasted. 

Restructuring Greek 
farming for EEC 


Stable timber 

- 7*.-£rcV.. 

-■"-i . r* . 

Am ax, the US. produi 

'-SfiiSiS 3 ®"''Scrap ‘breakthrough’ 

^UiCk to Vote ■^/SU t Mp. :sr OUR COMMOOITIS EDITOR 

By OurljCdPimpditiej Staff - . I nkelyexpluDation f 0r theMW:'.-?, • 

JR£ THAji" 66 per cent of the fSL?*o ES ^vM 4la?ive "fflS?^ ER1TrSH SCRAP merchants yes-, and 2.000 tonnes. 

LryVfarauni ii? Souths -Wales [a t . thehfeec 5 D ^$'£ rd hi a breakthrough Although the- quan lily involved 

va cast their v&tes in the-dL'Iin^ U .^aKT: m lhe restnctions on exportin? is minimal against total scrap 

S*& 5 mU w-^iSSUw'jUs; aSlSErc/Rs "■ 

> 'future of fiw'M Mark^ttne 'whar- wir - ■nf^inuMT- s SdJe »*t; side Lhe Common Market. say one reason their quota has 

iSSSml" ,m.?»^su“gss w vsa.w«t; 

ss.-.iai'str -“•* 

ss. B, ,iaL f SkT“ <,u “ ,a h “ no1 

: Kvt-i JE. hai . r wire ber >F *» ^ expected that applications 

*ix. - - BM-ontlr' K t,, rK„* IL«A .k M , llUJr W,re ^ If IS expected Illal appilCailOUS 

^?i4 hWwi^ pMta6 i to,r %® copper, for which-there is for export licences will now 
}ugh by «pecu: 'ators.^aty limited demand. greatly exceed the quota allo- 

-£ n ££iM > '^hS% r ^£if£SS»^ e . shakeout -prices are^r. But from January 1 next year cated. which will give Britain a 
i^e-sfcouy pot ^^jbt | expected to rae -agam. if .ratherjtotins will ^ permitted -of all far stronger case in asking the 

out_ -the future qf tfie .Btubds , more.-slowly this ttpie. in view .of JEad ccdnec grades ud to a Commissinn for a hi^oor nprrpn- 

tf - . “•. n,,,w '»i ,(,ns ™ ?c permmea-oi an rar stronger case in asking the 
ful ^e of* tfie ■ hiore .slowly this time in view cop'pef . grades up to a Commission for a bigger percen- 

spokesmac i tb? inwon^ ^sald. /the nervousness ;|S^ta. limj/l of between L750 tage in the future. 


»« base metals v»;-S:a sja gtrn&.-M pszz^sfc’ig'sggi - 

-OPfER— Ea*W>^!»j ithr-Lcmton Moial moaiti* ■ f715^> Kerb: W irebar-., ibifp fteiwo -a . Idose ■< rt\ t->rb ' of I7.&U.- 

wwm ' tfemlte . 8 . Mcndy siurt when njonihs^tTW.3. SO. sa.5. Caihode... urec' Tnrrii.vor 1,4jiS innoi- . \ mrTl i 

wart_«ttu -aenred up rroui ST«S uv momns.J7lT.5. AKcruoon; Wlralmr<.jnr«<> ’ Mornliur Siandard. caWi iT.TM. 7.6M. LULl/A 

«T came off. liiflnenced month* M. 59.o. Calh'idc ■/'J'r*c three months Cr.HS, 10. as. M. 3i, 40. *lier imnjllv' , n . n. , -- 

jSE.ffi-* 1 SS* !*W?S 5 r,re . b *. r '/' ,,r . e . c *■ J»- so. so:, uisl^crade, w»h 

; prices sought 

‘ HONGKONG. Nov. h 

! IN DONE SLA and Malaysia are 
making a joint; effort to boost 
jlbeir income ; from tropical 
[timber exports, "the Asian Wall 
Street Journal reports. 

They are pressing Japan and 
South Korea, the major buyers 
of such products*, for a pro- 
gramme to stabilise !o:> prii-es 
and for additional investment to 
help w develop processing 
Da tb Harrifr.Bin Mohd Salleh. 
Chief Minister , of Sabah, and 
Soedjarwo, Indonesian Director 
General of Forestry. _>aid here 
they will visit ifapan and South 
Korea this w«k to talk to 
Government officials and forestry 
products importers. 

•It is expected: that they will 
propose an ine&ase in tropical 
timber prices \jfoich. they said, 
hive not gone 'up as rapidly as 
production costs**.- • I 

Indonesia andrSabab together] 
produce 97 peri cent of the. 
world's supply V- of the so-i 
called South SS&a Log, 
AP-Dnw Jones -"i 1 

HIGH AMONG the potential 
economic advantages ptit forward 
by Greek proponents of EEC 
membership — and these include 

the. influential Agricultural Bank 
of Greece which co-ordinates 
virtually -alt government policy 
towards agriculture — are the 
benefits in farming, the country's 
biggest industry. 

Guaranteed prices for most 
products inside the Common 
Market, it is claimed, should be 
15 per cent higher, and for olive 
oil nearer 40 per cent more than, 
at present. In addition barriers 
In trade with other EEC i-onn- 
tries in thp shape of tariffs on 
some nrnducts would be 

At the same time, for the 
henefil nf existing EEC members 
who may fear competition, 
Greeks are at pains to point our 
that their sericulture is. for the 
I most part, complementary to. not 
competitive with, that of the rest 
of the Community. 

Milk and dairy products, some 
meals, and barley, all com- 
modities in surplus in the 
present EEC. are habitually 
imported into Greece.- Exports 
from Greece include durum 
wheat, rice, grain maize, cotton, 
tobacco, and out-of-season fruit 
and vegetables in which the 
Nine are not self-sufficient. 

Furthermore, it is stressed, 
there is a policy uT control and 
even pu-itive disincemive for 
Those commodities of which both 
Greepp ,<nd the Nine have a 
surplus, and the encouragement 
nf lhn-»e in demand in Europe. 

Special grants and cheap loans, 
for instance, are currently heing 

denied to growers of olives 
intended for oil production But 
the Greek Government has nego- 
tiated a loan from the World 
Bank of S30m and has itself con- 
tributed a further S54m, m ho- 
used over five years as grSnt 
aid to improve -the efficiency.' 
productivity and marketing of 
out-of-sessna vegetables suitable 
for sale to northern 'Europe. 


Generous grants are a Ism avail- 
able for farm co-o'p t -ra rives 
which take positive steps m 3 dd 
value and improve the marketing 
of their produce. And enor- 
mously expensive scheme* to 
expand flood irrigation of the 
fertile arable ' plains, involving 
mountain reservoirs and How 
control from 12 rivers all over 
Greece, are progressing all the 

At preeeo't about 25 per cent 
of the arable land is able to 
benefit from such schcmf*< and 
there is said to he suiTv-jent 
water ro irrigate up to 50 per 
cent of the plains area » vir- 

However. 60 per cent of Gr-ece 
is made up oF mountains which 
are barely capable of supporting 
the flocks nf sheep and coats 
which graze, ever them. }n 
spire of ambitious attempts to 
restructure rh<. agriculture, and 
wherever irrinatinn is insi : ,jied 
or co-operatives take over, ihe 
average size of a farm is -till 
about 3.5 hectares tS.5 arri'-i 

After generations of dividing 
land belw-een families, according 
to ancient traditions nf inheri- 
tance, even such tiny farms are 

usually split into several separa- 
aied strips. 

The 1971 census indicated that 
some 34 per cent of the popula- 
tion derived the majority of its 
living from farming. Both the 
Government and the Agricultural 
Bank, oo the other hand, have 
conducted sample, surveys since 
and say the figure is acluaUv 
cluse TO 24 per cent. Even accept- 
ing the lower figure, however, the 
farm population of Greece is 
Three times the average of the 
present Common Market. 

Clearly the problems tn be 
fticed by the rest of the Common 
■Market, as Greece finalises its 
terms of entry, will he social as 
well as agricultural. One of the 
key questions to be answered 
will he the extent in which the 
EEC is prepared to help to fin- 
ance the continued, and essential, 
rest met urine of Greek farms. 

Overshadowing the whole 
dabare will be the interests of 
farmers in ■ Italy and Southern 
France, who produce essentially 
the same comnmdiiics as Greece, 
many nf which are in surplus, 
and the pnMihilitv that Spain. 
Portugal and Turkey will join 
soi*n aft hi- wards. 

Concessions made to help 
Greece with ns relatively small 
(9m i population would not nped 
to be of great significance to the 
EEC hnrlirt. Rut su.-h con ces- 
sions rrmid l-ecouie precodenis 
when the other nations negotiate 
with ihqir lamer populations and 
area tor capacity tn compcie with 
existing members’ ini crests. So 
Greek membership could be a 
key to fin tire development of the 
Community agricultural policy. 

Bigger world wheat crop likely 

WORLD WHEAT production this 
season should be about 30m 
tonnes above last year .and could 
approach the record 4J7m tonnes 
harvested in 1976. according to 
the Organisation fur Economic 
Co-operation and Development 
(OECD), reports AP-Dow Jones. 
y A report by ihe OECD's com- 
mittee for agriculture forecasts 
•hat crops outside the U.S. will 
I be “ at least ” 35m tonnes higher 
than last year, while U.S pro- 
| dilution is likely to be 6m tonnes 
i lower as a result of the wheat 
j - set-aside " programme, 
j Output in the Soviet Union is 
expected to rise# to between 
1 105m and 110m tnnnes from 92m. 

while production in China should 
rise to 44m tonnes frbm 30m. 

Total production’ in the 24 
member countries nf the OECD is 
estimated to he only about 5m 
tunnes higher than last year, but 
the reduction should be more 
than offset by a rise of almost 20 
per cent in the EEC to 46.5m 
tonnes from 38.5m and of about 
50 per cent in Australia to 13.8m 
from 9 4m. 

Stocks of wheat in exporting 
countries at the beginning of the 
current season were also heavy 
at nearly 54m tonnes, the OECD 
remarks, and could rise by some 
5m or 6m tonnes by the end of 

. PARIS, Nov. 14 
the season. More than half 
would be held in the U.S. it 

Production of coarse grains 
“ appears likely m increase by 
about SOni tonnes to reach a new 
i peord of alum i 730n: tonnes, 
the OECD fu recasts, with OECD 
countries .accounting for about 
one-third or Hi* increase. 

The OECD committee says that 
while imports by the Soviet 
Union are exported to decline by 
LSni uin nes— the biggest reduc- 
tion in forecast imports — “the 
reduction, is nVodesi in relation 
to the .production increase, sug- 
gesting a willingness to build up 

„ er .r < ^Sf *• " li ® or replenishment ouenoaiM In Mixed wheat »nf ree flour— 1*1.4* <121.08;. ' Crime: Young bent i*adn 1W.I lo 
’<■ Tnrte, * h Russian styles. Rye Boqr-injj <tU.Q0». V 2».u. 

V k b * r - 5S# - iMPOUTED-iwiiMi- CWR5 No ! Hi *5«tH*ie*: Young I each ■ 200.0 in 240C. 

iT7W r6 jo COCOA per cent slnf-Dec. HJ3 seller Tiiburt ME * T COMMISSIOM-Average faistock 

0 is. M M ... , . „ . U.S Dark XUnhem Soring No. 3 14 per pho* reprej-eniaUve markets on 

ii-ff?'rr 3 fA'« 3S, .. ! . 40 h «•«•» nrh'w were L . em Nov. rf.«5 De.- *1.35 sellers wan- XowemPer 14. CB— Caule 6> Mo per 

J dnU . ^pmente«t oois, US w^ .^-U- • -8.S7. UK-Shew> ISM# per 

dung best teadu 1M.I 10 

■W-' tho-nmninig.- A" 'iflqfittty "tiiijjcr ' nronlbs £td&. ■ -5S; 5S.5. -3S. 3S 
m^opeouiii'-gljowed.. sin. advance .n -" 5. 38.. 5S.5, ■$*.- 
then %. easier rtoudranr; was..'' ' 

MdyWp«ront.- helped' t >y -,s*al<; niffl . . “y~S m V.m.“' 
ffr- s' 1 ** m thr Kecb ms TIN l Official 
Taranp er .i8.40r tonnes. • 


■f= ^: '-■'--i ui- a 7S7O-90 

4k .J- A • Si f ■£■- NiUWtJ 7780 

TrtM* : . I • : ' - 4 “ . • • - ' : 35tanfln.nU • « 

SS. 57. £7.710. 


Price In tonnes union otherwise staled 

U.S-. Markets 


• Not. M- ■+• ur U.with 
137a : - agi. 

700-20 4-100 dipped from £384 - to f 378 on the Tire- 
market wiih speculative selling fending 

«» oiatket lacJUns. any bdking latere -r pee ^...2035.0 89.0 4-10.0 2040.0 B8.0 1 *. 

““’reveT’-w the njrtrniUB rtajw' fhejarue M*ni 2188.0-08.0 - T 14.5 20S2.0-5t.fl : 

.-Eniilah feed 
Si..tiO eelier n 


Aluminium £710 £710 

Knee mmrkerm;ii_|SI.IB&26 : ,3I12B'3D 

i «>pper uath W BotA‘736.5 -2J5X749.S 
imoDilu do. do. £759.20 — 1.5 £770.5 
I'aah Cat bode X724JS-UB 2737:25 

lib Dt" 82.4^:^ InSiS ip S3 per cent, average !iS i4SA S ?l 

ceni av.rage pn.e r..: P < -O.J.. -"vIS «rH«i53S a 


•>iuontb« 1-380 Ji- 12.0 £400.5 

COVENT CARDEN < Price* iu sieruug .\b-lel..._ i * ; 

on die London nbrsU.-*l f? r "<“*«« «• ‘PI '»•«"<: oidrrwix Free Merkw.cifU lb. 91 7* ........ S 1.78 

" . tow. iSnSc Staled ►—Imparled Produce: Lemons— ion 

\nd pSTron^S lrmJi->n ISO -IMS new crop 5 50-.-..75: 1 . 

pH«< 5 - Uri "“ < '^r.uo: Cypriot. ;• 

firrrrrthrri ’ 5.2 v. Boar, I44‘|h! h 004 M Oranges— flat In mu irov ur... lfJ48 *1130 

Gold rises; 
copper and 
cocoa rally 

NEW YORK. Nov. 1.1. 

PHEtlQUS' METALS closed higher on 
'.-omTuissiM housi- baying and short rorer- 
iii.- amid ..-onti-rns over the Droauecrs of 

i ’ | * J ' 

, n.^rmhrri 3 -*V. noir, iwp: IUIH .« urange*— I oiuniu irov w... t iia tllOU .i. . .. r=_ .. .. 

a. If j rn'raoe. s - Atrlcan- Valmicia Late 2.5iM.W: Fr*wM*rkot. : 11162.85 + 1.76 K 170. 15 i Egypiioml^ivM" ppace 

0 *' 3 ,M m 397 ,ou Spaiuj Xaaelm^s 1 Tn-.T.IO Saisumas- gnkloriUer i76lb.i.'S135 40 +2.0 Siau-Sfr I fl ,l *Ef m «.-“ d co i' ,d ra,l *d on trade 

tiW*rin«iCWh whdJVsxriuUd baying 

’* w-I^fikex Limited DMSt 3466. 

7 _ fatonat Koadr.Lomfcm s^ I0 

“5 • • 1 


XT- 1 :Ye*uu«iavV 

1 Btumau 

M- — 

4 Urft _| 

| lion* 

Spurn-. Tray 

iys I.R0-.I.30. Crapelruil — >iirertrr..r ol. S97.6p + 6.B 29S SSj 

::.hO-4.M: tiypru» 3 00-J.7n: month*. -305 B|. ’ + 6.95.au6 55i 

-lu^Tax^ree trading on 

LrMirose hui-ing . and speculative ahori 

• oicriiiB while sus-r dnuhi-d on an easier 
in,!- follnwnu; rcn. nvd specula nee and 

• banlfl s.-lling. Rache reports. 

Cocoa — D pi-. JT5.M .176.5^1 Mar<-h 
].o 4<i 1 1<8.51>. May I73.9u. .luty 173 20. 
W. 1 74.211. Dec. 120.45. Sales: 3B3. 

, S676 

Conference? Seminar? 
Company Meeting? Reception? 
:XFHm^ Preview ? C 
Advertising Presentation? ? 

■ -f- <H Buiineet Jy-i 
' — Done 

flenrrat Irend-tn Other bgie-meiali Knr- WIPr>1 ll| "« } + « Bueliiw. Jy. 

ward naRterial’ opened' on the pre-market ~7. 7 “ _ 

around ihe_ £382 level ■ but - nuidUy- fell : * I* r fonar) f 

Sfovemher. J ' 1S32-1UB: +ox!o.' 10S4-nfl4 *f! 
pmnioted farther “ep^Sd Jnnun*j«.„. 1448-1447. +05.8. 1447-1412 "■ 

ihe r-rlre tB-auJlm fclwiS “ lrth ; ld44- 1346 ,0.30 1345- Hi* . 

Turn-'Tor 1S.07S Kevo ‘ M»y 1297-1290 +05.5! 1299 1290 J 

~i~TS ri-' .1- July 1*69-1272 -0L5 12651: « 

/ISO- I OffiTi) ' + - t f’m’i + ” 1242-1247 -00.5 1945 123b — 

.) ~ I'ntfelclei — Acrr era her.... 1222- li 30 -06.5 1220- 

£-■ There’s ; jnb'-heed to hunt^around the West 
End for a'suitable venue or vrevvinfftheatre, . 
"thefT Cinentii here m the City, offers seating 

£rojectibh faaliiies. NMonal Panasonic: 1 ^" colour 
tape and Philipsl50JM video cassette 
Mewing;E3ec^{Bonic3i6Qlsricie presentation 
^sten. And hwirious private’dmlng rooms with- • 

. j : •! £ - ' i'. ^ . £ - c_ 

Caob. jgA- l.fc.t-4J, 842^-34 -7.7B ‘Sales: 1JB8 (» lots of . 5 [onnes. - 2 Upertonur 

im.imhf^i 33 9- 5 : ‘-4 .25 355-6 >7.75 ICO ImUcnwr prices for Nov 11 fi* S '* 

vmeui.M. : $46.5 i— 4J, - . cents per naundl: Colombian Aliid — - I2 B 80-21.4 J*2 Btt- 

(nm.trali... _ i _.. *33.5-4.5 Arahicgs I7!j0 (1 73.801; unwashed f^are ...-'JJIJB :2 # -0 ® ( L2.«a 

Morn i nc- ; - -Three monlhr £358. S7. 57^:. AraWcns ,1SSJB iwuncV; other mild !?S S U ’ ; ; i n ?'«* !2' 

33. 4" j al, .-5G.5. 3^ S7JS fig. ms 50 ArnblCJW IRB8 1 14i£3*z KObusUi^ 1CL\ J l DU Hi' , tt2 2i-a2.7 

Kerb: Tbrit juooibs "^3S0* AHenioon: .. RQhas ** r - 1CA I9S3 !‘? 

Three n^nUar*ass ; 57; H _ KorI) . -0^,^ lj|.» flffl.o8>. Dally arerage 1(8 3 !f! S “n'a ' 

months £3S^ 58,-51, S4.5, 55, 553 gg 55 M9.171. I'reeiher — 1718.J5 0— 

lai' 72.63-72.70 75.lS72.2fli 73.00-/2.40 Crape* — Spanish: .Almena S.M-S-Mi. Jkcgri J-in*eeti Crude (ti.. : £ 346 ;£32fi 

hr -7i.85.74.95 73 34-7S.40! 76.25- 74.75 iiM-J.40: I Ulan: White Oh.u»c* v: WJ. black «lm Malaypn S608i< .8620 

pt 77.08 77.10 »7.M 77.65' 11 MUM ohanes -8fl, Bananas— Jama lean: Per 

■ . _■ pound 8. J4. Avorcadav— lsni>.-li. 3 5*. Pliur- ' 

i£-“« SparMb^ii TwIuO^Dui.-li^ i >M M.^MeSm ;«73t tB.O.SVIO 

.«SJI IV--25-. J*n. _ Spanub . GffM t2a _, M : lanell: •'WjfmheeB ,O.S0 S27B-"- 1.0 8286 

Cumti Yellow 4.M-4 U. Tomaiew — 

mvamrAXT UCII Jersey: l^i-2.M: Spanish: 358-4.08. B rain. • -J 

OYAlBEAlN MEAL Cncurahers-Onary 10 / 16 s S.W-3.00. - i 

pwee-Alitfriw.: Per gloie bog 0^-=5: H„m* Furore*.... EB3 + 0.7 £63.5 

---■ imiZZiH. "+ orT^B5Zn&. ' Caluornun: Tub* 8.10. Pecnesranaus— i 

: c»o*e ’ — ’- Dmie Spjaish_ Pe ^ b< ' :t *° ' in * Wal n n f^ Francii Xol » W£103 1 ,£ioi 

, — French Per pound Grenoble* n -41»: W hm > 

'Sper^nue I 

»■=? jfc 

.Ii2 2l-,2.7— o-s ,12 ; .M j "0.1 48 Leuuce— Per 1? ronild I.ID-I.-JS. '-Mile. Future. 

Ceffoe— Cuntraci Dec. 14s lo-uii.js 
I -734 1.«» March J14 jfl-14? 75 <141.73i. Mar 
\ n. M-tiM-SO. .tub- 154.75-117.50, Sept. 
! Dee 1 l-».o>)-lb. 9U. March UM.ftO- 
l.’i no Sale*: 64fl. 

Capper— Nov 64.?5». Dee. 85.11 
• 44 a.~ i , Jan. SiJio March 57.33. May 
»>»>. July «S 65. Sepi 70.J8. Dec. 72 D8. 
Jan. 7J 45. .March “34. May 74.1S. July 
TjW. Sept. 73^3. 

Canon— No. u ; Dec. 87.30-fi7.45 iSSJAi/ 
llirch 78 ?j- 70.40 .7M5i. May 71^5, July 
1 77 18-72.20. url. 67.16 bid. Dec. 66.D5-M-IO. 

jTmenlii.i + of i Bu«n&i 

G'lcee — Done 

e-mnnf. — uwiii i»vi ^ ****** 

h*r l'.n «n 71 j — - 1 15; 122 BflJO go Tut- an tins 0.39-0.40. Che*Mii«s— 

S.:;:.!rt.S:-2fl=o:e,!“SS1S ra-- 10 «- = »=■!« 

\1»r>n 95. Sales 7.050 i9.s»i. 

-Cold — Nor. Dec. : 11 . 2 a 

-.-l/i 5U*. JjU. 21:00. Heb. 215.20, April 
".‘IS 48. June irt.oO. Auj. 227.98. Oct. 
-Mi-l. Dec. 2:16.78. Feb. 241.10. April 
.'4o\V. June 258.70. Aug. 255.40. 

2 78-4.uO. • •«>* -iiipriient sm, 134. + M.0 1/1.95Z.5 :Lanf— CWcago loose not availahl* 

E Delicti PnMhice: Pelaiee*— Per 2S >,los l-uture M*r. *2.080.8,14.6*1.914 -SiW 1 NY prime 1 steam 23.50 traded 

40 Lettuce — Pur 12 round I.1D-1.28. Lviiee Future. iJ3J* iraded *. 

Mushraams— Per pound O.M Apples— J «u — 111.446 .^-3.5 1:1545 

Per pound Brainier 0.W-8.D7. -Lard Derby J^ianM Index.. 79.05 ■■ 76.95 ::Man»— Dp.;. 2.101 -2281 I229i-. March 

iiM-n.ilj. Cox » orange Pippin 0.06-0.14. tinM.-er Into. 60,Z5|, -0.75 60 3oi. '“S!'- Mar 243-244*. July 2*8*. 

Worcerli-r Pramuin 0 05. Du»scu 0.84- ''Jpr (K*n-| XlOO —1.0 '£107 -* 4 -'* SeM 2,IS - ^ 5t> - 

P.OS. SBinan O.Od-,1 CS. Pear»— Per pound »' ■x>ltopab4» lctlui....272p -S!7Sn 

r:oi-jcii-iice 0.ftS-0.l4 Com.'ve 8.14-8. IS. I • ‘Platinum— Jan. 3I3.00-.1K.00 i3J6W>. 

Cabbages — Per crate- 0.?n4».90. Ce-:enr— _ v"- 00 !'™- If!** cron- * UOd noted. Apnl 2t5.7D-11S.50 .:>9.MI«. July .H9.70- 

p.:r head O.OS-O.10. Caulinowers— Per 12 i”' ■_ 1 »»- » Oct.-Nor. t Kerr.- :»«. 0«. 323. 10-323.30. J an 138 50-328.70, 

Lincoln 1 .00. 1 JO. Kcni 1.30-1. SO. Beetraat 3Jan - . “ Dec * *Per Ion April 229.60-i:9.r0. July 332 90-S33.10. 

-*‘-UMIWUM rLow as ^ GRAIIVC 

continued Ttf>eflect tradiag condition t 0 qI- 

side. lOHMUtl metal feu ibrotabBut ihe LONDON FUTURES iG.'.FTA'— The 
. .£. ura .5® 10 a -dose on ibe Kerb market, opened unchanged but found 0111- 

'12103-24 0-3.5; - 

r..— 171 8.25 0— - 
73 iSR, lots nf 100 lonnaa. 


loMOdn daily price 'raw lusari 

or £58S wltb . Mine atop-loss selling evL standing commercial buying in barley ^SrSE 1 !. ?, A,LY "HMT' Lincoln l .00-1 JO. Kcni 1.30-1. Stl. beetraat 

dom. Turnover tj» tonnes. and vglnes steadily Improved all day and * Mnr ‘^ _ r ?°_ v ' DeL ’- —Per 24-lb 0.60^.78. Carrata— Per 2B-lb 

" r" 7 ' f ; -dosed up lo Site bfgber oo ggcresslTe .. su * lir a-,lf pnc * ' , ’ as 1.40-0 70. Capsicums— Per pound 0.33-8.40. 

::Maiza — Dp.;, noi.2291 [228*.. March 
Lfl- 2'iSJ i£J81«. .May 243-244*. July 248*. 
.•IS; Sept. 245. Dec. 250. 

Dec. a Jan. 

; Indicator prices. 


f- ’- • ' All Bnin«ries"to the Press Officer, 

Fifendal Tfmes, Bracken House , 1 10 Cannon Street, 
London EC 4 P 4 BY.Tei: 0 I -248 8000 (ext 7123 ). 

. . — wmw. --- in u,v dim .M-iS .... . j. - ru — — 

" ’ <“ .- ; dosed up in SOp Wither on aggressive su * lir a-,lf pnc * was 1.40-0 70. Capsicum*— Per pound 0.330.40. 

Alomin'mi '*_ m . 'jMgwi q.™. tj-rrf. “^Iwh 1 buying. Wheal wan steady ■” 'J® 1101 - 1 * CourncUo*— Per pound 0.30. Onlans— 

‘ Official' ! -2T I Di^Bcia.1 , — d ®»PM« .*«"* hedge selltog although the Th*;. market opened around ov«m*bl Per bag lJ(9-2.;0. Pickier* 2.3D-2.5#. 

■ . i.. - 1. ' • - '■ 1 dose of between 15-35 poim.-< up on the levels but prices -eon drifted hi dull Svaeda*— Per 26-lb 4.30. Turaia*— Per 2S-lb 

£ i ’'"I £ to 1 u-as in sympathy with barley. New iratbag cooditioa.*. rcpt-ri' C. CzSrdiXon-. O.TM.S0. Parsnips— Per ■ 26-lb PJS0-O.9O. 

Sum. J, I _ ! orops vnt neglected with wheat losing Later. Iwwever, higtier Nfw York quota- Sprqui*— Per pound 0.04-0.05. Cabnuta— 

3 month..' 631.5-2 B9S . 5 oin!S mA barley gaining 10 palms. Uonj reversed the trend and a rally of Per Pound K*M. 0 40. 

- > i ' Mncn strength has era a oared from strnne same 138 points occurred. Plagl price* 


This edition went to Press before 
the latest U5. commodity price* 
were available. 


— r* — r °h ruartreis on barley with December weir. the highs of the d»y ; 

Morning: v.Threeiuuanths fans. Kerb: trsdrn C *1 S4J5 and M50 and January- , - - i 

Three, months i»K 7 Afternoon: Three M«ch was bid 88.75 with few apparent ’pST »• . »_:«>. 

months £081, -600. 808^, 599.5, 99. K™ «B»*. Adi reportod. . j‘£fr X*«vrd.y-r ftmm | 

Three months £599, M. - ' . - . • ■ — r— • *■'<"* j D<MU > 

* Cents p«; noiunC- - 1 *M per picuL WHE * T RAIlLEY _ . > _ _ ». 

tOn Previous unofBdal .dose. TeatenUr'i'+nr .Totentar >. 4- -n- ■ 7” 

c-„ vfb " d- ; - , *•'— ; - u.Ji„..iir:7iL.. 

dlLitiai. •• w agin l^on! unnn .at, 3Uh*L 11II 50 11.U III 4s <1. 


<£IIVFT> — nLh ' ! 1 dn ** ■ uae^d.|na os o«.a tui.fs at k tmjs’bs.ts 

\or...; 89.10 :+0.3S! 80.80 , + 0.75 Jh 1 ''*.*- 1111 50 llM ? , ]’Sn , JiS' ,8fl8 

Silver was fixed.' 6.8p. an ntmee higher J “-.- M-55 +O.M. 83.00 +0.70 Hf S !j'“ £ £!S] “ 

LONDON— The market was dull 
featureless, repons Sadie. 

i Pence per kilo) 

Atutraltan Y'atenh'o + "r 1 finrina 
(ireaer Wool. L'lnee — Dime 


S*v. 13 j Mov.lQlMonth aSTSit^p 

260. BBjg62 .4 B j 8 64.00, j 23jL34~ 
(Base: Julj 1. ii32=fM) 


Xn»r U Xl.wil kTtgc 

{Silver— Xov. 377 JSO '5661501. Dec. 379.M 
-<570.001. Jan. 532.70, March SA2.00 May 
M1.79. July 6iriw. SepL £20^0. Dee. 
»■-' IV- -Ian. 640 10. March 640.80, May 
*50 60. July 60S 50. Sept. 679.50 ■ Bandy 
Hanrun ibulliOD, S.Y. 570.40 <567.181. 

Soyabeans — Xor. 670 iS731>. Jan. 
i»»>. March <&4--«94 .«K*., May 700- 
Ml. July 7V2-T03 Aug. 894-695. SepL 674. 
\nv. £••!■ 

Recont ra-pUM. and i 

^£iai , 74M 80, piCT5jMS t FBM!i S^ptura Uv. »LEXAMMR fp« ........ |B7.Bp |+W 295-5p j+M 

'PHBK JSBsF- *as; igg fes "t+r* 

ggJgH WUX, Porter Lane. E.^C-2. ] ““sTwvi. . ’^OJRAT 

oma .1 wrt-v iu«j o.ap an ntmce hlcru*r ... su.ra -t . oa.uu +D.7D . “rJ ■ ah ■ rr . ; oraa a n n • _ 

ir 2,pi>t detivory in toe UndOQ ' BaSlon Mw..., 95.00 +0.15- 85.45 '+G.K ;V 4 * ^ 16.6b- 16.75. Ho.Sa j 'J 116.75 -ZM-Wl-Q 

iarkf| I yesterday- at Mat-- 95.60 --0.25. 87.90 -lo!" '5?- — n*.» W “ M»-£' •» “ JR-»- ^1«.7b .SJ-flS-J i : “ 

quftralenu of u» fluids, levels litre. i 89.60 -Q.t0l B3.35 :-f-0.1B [P' -rr «*■« " ?5’5J!HS* 1,SB JuS Mflolafl - 

to-raomh SS^ 0Bth ^e' V 0 ****-' to n *- Jvn **X Nov.' 89.1^8.85. 5 " i '85»J-5aJ '.!.... - 

Sd UMMbnS^opuSe' tL if-Si Jln - «■»»■». Uzrch 99.06-9S.M. -ifav Sal «: 1-HB • 1.381 . M, «f ■* lOMM. Mr ... 256 838.9 - 

peaed at . 290.1-287:1 p (3fl3^3c> and Sa & AS «*’*?' NU - Tate, and Ljle er-rennery price for ?)* r ' :h ojn'njin — 

[oyed at 29B-MMp.i-aa44»Sr* ^ nSiJ S J t ^ ,S6, while Mfi-r Was £!S4^S ***•-: 24D.0-44.Q — ~ 

— i 1 ^ C Ba£-^Kfl Sw ’ SS^^ArtW r^LET **** **•* m ,0ls of 1 - 5W fe 8- 

sILYEB i Bullion.- ■ J. J f if B ’ «73 jI 4£lW.Mi Tor etpori- SYDNEY CREASY-Close tin order 

irtr ' flxtn. T i KCCA— Location ex-farm spot prices. laftragtiMal Sugar aptMiNt U/.E, buyer, seller, business, sales.. Mlcran 

trovee. nriM "l I C “* ' ""IBn* whMP N.E. England SMS, oWltS per pound i lob and slowed c*nb- Caawet: Eec. T4SJ. S«.S. 3«^-34SJ. 23; 

-* - : ^ | i j Berks and Oxob 99.19. F»**f barter: N.Z. bean port. Prices for Not 13= Dally 8.03 ilareh 553.1. 133.5 . 3M.L05S.L s: May 

aot .7?2B7«n U-Bi MSiTIiTo E S SBd ?“' ***** “mTOwb 7S.88. (7.8S): IwLty avenge 8.39 lUBI. 3572. 338 2. 3US8KJ. 14; July 3S1.0. 

Wraths XQS'Bn UfiTC fnf li « UK «««“* -«**«cieM (or the WHITE SUGAR— Close ftfl order buyer, 362.MSU1. SO; Oci. 362.0. 3C.5, ■ 

SanS'ISfi u?7« 303 ‘* p *** wwfit-beanntM November 29 Hiawd OO Mflerl: Feb. lW.5fr1lfl.M- April .au^ MUau. 15: n«. 3M.O. 364.3. 

“mnnths 329 IS itr'ft “ HGCA. takulallOBs) if egpoeted lo remain 1I4.W: July U9.lfr1t3.3fl. Sect 122.93- M4.B. H: March 366.0, 366.0. 366.6MS.5. 

. month*, di«.9p +7.0 — un chanced. 128.0A. Nov. 127.SM29.W. Pi#.' 132.»fr 2s_MW 3« 0. 370 0. ml .nil. Total sales: 

— ~ r~ ■ 1 BBC D *‘ LV •Win' LCVIES-Tht Aanl lS58fr 13S.00. Sale*: 172. MS- r R Ofisan6ns_no«* 

i MI 2SS? - , ta H ™,r IE ^" D -£"°SS^. ! lSr 

1509.5 !1 518. 1 j 1514.3 I 14 73-Q 
fBaaa: September "ifl.' U01=i5o)“~ 


P nw ! - Xn ^ * Vr, T. j Son t b| Year" 
Joaea ! 13 10 ; « C o j w 

Spot .0 1'394.3 lliw! 1R364.54 

Fncare»fr38B.79 iB9.8»3B8.So(322 si 

'Soyabean Meal — Def.18a.68-lSa.ft9 
IWt ,ian lS7.Jn-isfi.60 1 167.711 > March 

i^.ja-laS.iW. May U6-5frl37.00. July ISfi Sfr 
1-7.00. Aug. 1aS.00-I64.30. Sept. 185.00- 
j«.00. Oct. lM.Ufrl.-iO.5d. Dev. 1S0.W, 

clo*e • — 

(Average 1924-£S-28^lN>~ 


Soyabean Oil— Dec. 24.2fr24..'t9 t24.17i, 
Jin. 24 40*24 45 121.22 •. ilnrch 24.65-24 78. 
lit y 24.70 24.75. July 24.&V34 80. Aug. 
21 SO. Sepi. 24.30. On. 24.10. Dec. 0.99- 
2395. • ' 

12 month*j329.9p‘ (+7.0. ~ 

Moody 1 * 

Nov. Nov. TBinarb laer 
U 10 ago ago 

aple Commry|977.S!979.B| 9 74.B |»3.B 

fDtcember 31. 19fl=lN> ' 

mmr. BxMbirion of water- 
■o’ and Oils hr JOHN | 

!E^ -fr. « 15*. Cfldoro Street- . 

w.l. Mon.-Frt. 70-3- 
■ "®!«!»be£..A4U». 


1 3.5. 3-7,- AS- " rom nil > I2!fes. rein bd'j. Rye— Sfl.jflT rot 

nn ‘88.56. rea nUi. 

COTTON ’ 1 8arte-Si». rest ml tsj.a:. r « n ^ 

L.VERPOOL' COTTOH— S^t M ^ SS5«tr to t S.- .l"- 

mcni sale* jo Ueerpqal amounted to. a 79.». rest ml ilfeS, rest 

m 5^*roJoor PaMtinus. .Sculpture, t NEW. STi 

•W Ml* Ait Baum. 

34.0 10 38.0. 

Veals Dutch hinds Mfl euds 83.0 so rt.o. 

Financial Times Reporter 

Sugar— Nu H; Jan. J.OfrSJ S (I.Bftli 

Mjn* SM-8.fl3 iS.fiji. May 8.S4. July 
nof-iOfl. Sept. 9.24. OcL 9.3MJ9, Jan. 
9 (34.75, March 9 004.93; JO T10.M asked 710.80. 

723 001. 

•‘Wheat— Dee. 387.307'] <362I>. March 
1V5»J '35I’i. May 345-3451. July SSOfr 
a-A Sepi. 335-13SJ, Dee. 338 bid, 

.411 reins per pound ex-warehoUM othL-ruiM* staled. *Ss per troy 
lflO-ouiu-e lots f fhicaco loow 
j, per lOO Ibi-Dt-pr, of Ar. prices 

oretious dar. Prime sieam lob ,w bulk 
lank car-:, t i'vOK per 5i>|b bushel cx- 
nr tf fi nOu-hiisb L l |*js. » sk pi«r 

i r j«- ounce for iu-oi unit* of W9 per 
i C .it punry delivered XY. •. Cents nrr 

.** .- Oi«a^ jp-s.jjp -MBii.-Fy(. M#n>Fr>- 

•BfioYLt 6S. Dean street. LomfiJN"!* tonnes. •’rijJMB the latai for the week wheai--L4L rest nfl itlei reat B !n!" M SLfr * in a ^ u E.7fr£3,60: and the Irish Creamery Suo- 

^new; ^JSo^ike 1 ^ 5 ^ Hark; English, .undfr ij ' »■ **o to SSSm® R “wn^ M 'df£ ^jn' P 1 **™* Association — announced 

f— puBto ‘ et ’.r w wm ^ &£?& "* to ■ ** ssz s js ^ they were to 

r.'nis per 59-lb bushel in HQre. 
. ense per '14-In bushel. ..Cciils p»r 

I59J09 a* aittHani xfi.M: iargr lenon *o>* ffod' yesterday that they were to *» 25?!^ 5"J 

BlMiiun £6.50; sailhe I2.7WS 10. 1 ’ * ef0 10 »l*> i.OOT-bush-! 

lot* l! C5 per tonne. 

T: . 

Equities stage biggest rise for thirteen months 
Gilts not left out as remaining tap is exhausted 

Account Dealing Dal pi 


'First Declare- Last Account 
Dealings tions Dealings Day 
Oct- 30 Nov. 9 Not. 10 Nov 21 
Not. 13 Nov. 23 Nov. 24 Dec. .1 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 

“'New lime" dealings may lake place 
from l.M am two business days earlier. 

Leading equities had their be .si 
day for some 13 months as 
measured by yesterday's jump «»f 
13.0 to 4S7.5 in the FT SO-nharc 
inder. Gilt-edged securities were 
nor leD oui or the picture and a 
revived large investment demand 
exhausted " the . Government 
broker's supplies pf rhe near- 
short lap Exchequer 10 per cent 
19S3 following the running nut of 
the long tap last Friday. 

Equity prices moved ahead from 
the «lart with sentiment helped 
hy hopes or an early announce- 
ment of an agreement between the 
Government and TUti leaders In 
restrain inflation. The resumption 
of talks today between Ford 
management and unions was an- 
other helpful factor and in Ihc 
market background encouraging 
noises were being heard about the 
October trade returns. 

Quotations were pushed higher 
along with those oT British Funds 
w the after-hours' trade following 
the much bet ler-than -expect l-iJ 
ru-rreru account surplus of £20ym 
m the UK's October balance of 

The equity market had been 
poised for some days to make a 
technical rally after the index fall 
of around 12 per cent from its 
mid-Sep rent her high for ihc year. 
Decently, sellers have been notice- 
ably more rclucianl at the lower 
lei els and professional operators 
had trimmed their short positions. 
Yesterday's spurt, which left price-* 
of the index constituents with 
gains ranging to top and 
occasionally more, reflected bear 
closing and attempted buying in a 
market acutely short of stock. 

British Funds were more event- 
ful than equities. A- revived 
investment demand centred on 
the ncar--.hort tap issue and the ' 
Government brokers supplies of 
the stock. Exchequer 10 per cent 
1OS0. were exhausted at SSL after 
he had withdrawn at SSI. The 
upturn was given added impetus 
b> the unexpected October trade 
surplus and after-hour s' the 
tendency \vj« very limi with 
quotations at both ends of the 
market around l-point higher on 
the day. 

Quirt conditions prevailed in 
thr investment currency market. 
Ihc premium again moved 
between very narrow limits and 
r’cmually closed j lower at 
s 2 per cent. Yesterday's SE con- 
version factor was <1.7270 (0.72231. 

in belated response to the 
week-end revelation that Pctro 
Canada had acquired a 48 per 
rmi -hareholding in Pacific 
Fctmleuni. the latter jumped 3; i 
points to £32; in Canadians. i 


Yesterday wa« the busiest in the 
Traded Option market for nearly 

two months. Helped largely by a 
good business ip JCl in which 231 
contracts were done, the number 
of deal? transacted rose to 1.2311 
compared with the previous day's 

Banks quietly firm 

The expected base lending rate 
increases by the other major 
clc.irers in the wake of NalWcst's 
move on Monday, fuiled to attract 
much interest to the sector, but 
prices moved higher with 'he 
general trend. Lloyds closed 7 
dearer at and Barclays and 
Midland hoth put un 4 to the 
common level of 352 p: Nattiest 
finished 3 up 3t 27jp. Elsewhere, 
(lung Kong and Shanghai rallied 
U to 263p. Discounts miirored the 
linn trend of gilts with gains 
ranging to 10i*. 

Firm 'conditions prevailed m 
Insurances where C. E. Heath 
ro^c 12 to 2ti2p following com- 
ment on the ■ interim results. 
Reports of n '-broker's bullish 
circular helped Hanihro Life 
advance 20 to 5(i3p in a thin 
market while, in front of their 
third-quarter profits statement 
today. General Accident added fi 
In 204n. Kovals, which report 
tomorrow, improved 3 to .i53p 
and Phoenix gamed K to 224n. 
>un Alliance appreciated .16 at 

Breweries enjoyed another 
reasonably brisk and firm day's 
trading. Support was again 
forthcoming for the leaders and 
Scottish and Newcastle were 
prominent with a rise of 4 at 65! p. 
Cass to i roved a. similar amount "to 
Ifrlp and gains of around 3 were 
recorded in Guinness. 154 p. and 
IVhitbread “A." iu2!p. Matthew 
Clark S to ISSp. Elsewhere, 
demand persisted for Distillers, fi 
to the ^ood at 201 p, while buying 
in a difficult market left Arthur 
Ceil 14 higher at 250p. 

Recently neglected Buildings 
encountered an increased trade 
and closed on a firm note. 
Richard Costain finished 10 
higher at 243p and SGB 8 up at 
l tiOp. Gains of around 3 were 
marked against Fa ire lough. 67p. 
and French Kier. 37!p. News of a 
possible £lm over- pro vhion for 
losses on a Saudi Arabian mili- 
tary contract directed attention 
toward* Bryant which firmed 2 to 
■mii. but the increased annual 

lo-v and dividend omission left 
J.CLE.G. down at I7p. In Cements. 
Blue Circle reflected Ihc market's 
laic firmness and closed 8 up at 
gfiOp. and Tunnel B added 8 to 
27sp. Still on contract news. 
Tarmac gained 5 for a two-duy 
rise of 10 to 150p. 

ICI made steady progress 
and closed S higher at 37.»p;‘ the 
third-ojialer figures arc due' next 
week. Fisons held a similar gain 
at 324 p. Elsewhere, a late nf speculative interest 
lifted Stewart Plastics 11 to 174p. 

Hickson and Welch provided a 
contrasting dull spot, dropping 
13 ip '197p in belated response tn 
adverse weekend Press comment. 

Woolvvorth firm 

Following initial firmness. .Store 
leaders made further progress 
after-hours and closed at the day’s 
host. Despite reporting un- 
inspiring first-half profits, W. H. 
Smith A rallied fiom -141p 10 
finish j up on balance At M«p. 
while demand in front of today's 
third-quarter figures left VVnol- 



"F.F.- Actuaries Indei — 

1 r |1978 

worth 4 to the good at 704 p. Murks 
and Spencer roue 5 to 8Sp • nd 
Bm-tan A closed similarly higher 
at 170p. Gu.viics A gained 12 to 
30Sp and improvements' of S and 
7 respectively were recorded in 
British Home. 20lp. and Com- 
bined English. 1 23p. Still reflect- 
ing Press comment. Rainers 
advanced 4 more to 69p. while 
further speculative support in h 
thin ntaikel lefl James Walker 
up 6 more at li4p. Comment on 
the higher interim profits helped 
Cope Sportswear close 3 higher 
at 57p. 

Electricals made a particularly 
good showing, sentiment being 
boosted by a "broker's favourable 
Review of the industry. GEC up 
7 more at 322 p. were again out- 
standing in the lenders, while 
Thorn improved 5 to Safin and 
Plessey 3 to liOp. Chloride 
burdened 2 further to lIRp await- 
ing today ‘ji interim results Elec- 
tronic issues to make headwiy 
included Farneli. up 20 at 37." ;> 
in a restricted market, ana 
Elect rucompunents. S;tn the good 
3t 2S3p. Euroibcrm gained 7 ip 
l.Sllp and Pel bon a to lH>p. 

interest in the Engineering 
leaders can trod chiefly "on John 
Brown which were dealt in ex ine 
rights issue: the Ordinury moved 
shejd lo close at 4inp. up 12. 
while the new shaves started at 
50 p premium and closed at the 
days best of 64p after a fairly 
brisk trade. Hawker Sid ue ley 
were noleworUiy for a rise of TO 
at 23Sp and rises of 4 were marked 
aaamsi GKN, 26Sp. and Vickers, 
Jlitip. Elsewhere. APV. a poor 
market of late, moved up 7 to 

397r>, while Weir UrmiP also 
1 encountered supl ,or; ;,n< ' rnsc a 

similar amount to I'Hp 

Foods took initial f 

«aj?e further m the Ute 

P p e» suggestions of a hid from 
Brooke Bond unchanged ai 4<p. 

MW- Rnherrson !<•*• i“ , 1 JU? 
J- Salnshtiry advanced • ' F- 

while merger sus?* ,:l ‘ ons and 
hopes about next Wednesdays 
interim, figures left Trtw -ri ui» 
ai 564 p, -Kvrik Save added - Tor 
a two-day rise of 3 ®'P ,n 

response to an investment recom- 
mendation. News that mare 
broad . iy reach'”? 'he shops 
helped A. B, Foods gmn 4 to .-p 
and RHM a penny to Kip. 
J. Bibbyput on $ i' 1 11 high for 
the year of 2S2p and Spillers 2 
lo 321 p. while Old bur > Schweppes 
added 3 to sap. J. X. Nichols 
f Vim 16} improved 13 to 215 p in 
response to ihc betrer-than- 
expected. interim results* and 
W. J. Pj’kp gained ■ 3 197S 

Peak nf 73p on a revival of 
speculative demand m a ihin 

Beecham firm 

The October trade returns 
enabled the miscHl. menus Indus- 
trial leaders to take curlier grins 
a useful stage further in inter- 
office. dealings .Subsequently, 
closing levels were usually the 
dayls best with I'wechani particu- 
larly notable for a rise of lo to 
«o0p in front or Kidjy s inte.-m 
results: • Comment ahead of 
toraorrow’s half-vearly statement 
be!|>ed BooLs liiiish m higher at 
202 p.. Reckitt anil Cniman ended 
W better at 454p and Unilever & 
up X\ 348 p. the latter following 
comment on the third-quarter 
figures. Smiths Industries. 203 p. 
and Sketchlev. rose around 

5 in response to their favourable 
trading statements while Exlel 
gained 5 to 112p «»’ buying :ihejd 
of their interim resulis due " 
tomorrow iteefc. LCP improved 

3 to 90p in response to higher 
interim profits and De La Rue 
rallied 13 to .Klip Trom recent 
depressed levels which followed 
the disappointing interim per- 
formance. ICL revived with a 
rise of 16 to 435 1 1 :*nd Solhehy l*B 
improved R in 523p: the la tier's 
results are expected soon. 

Ahead of Thu ruby's announce- ■ 
mem or the annual results. L1VT 
A moved up 7 tn lWp. Elsewh-re. 
in Leisure. Norton nod Wright 
gained 6 to a 1C7S peak of I30p. 

Motor and Kindred issues 
encountered a brisk trade, hopes 
of a Ford settlement today push- 
ing most issues to higher levels 
Lucas improved II tn 304p, while 
Huwly closed 7 hetter for a two- 
day rise of 14 to 2H3t>. Distributors 
«Lso moved ahead. T. C. Harrison. 

6 to the good at lU6p. and Harold 
Perry, 7 up at I13p leading the 
rally. Gains of t round 5 were 
seen in Rolfe-Ro.vce, lOtiip. and 
Plavions. in3p. ihc latter at a new 
peak for 197s. General Motors 

Units, on the other hand, reacted 
to overnight Wail Street and gave 
up 12 to 153p. 

Still influenced by Pres.' com- 
ment. Saulchf and Saulehi pul _on 
4 for a two-day rise or 12 to 107p. 
Oxley Printing found support and 
improved 3 to «4p. 

Standing 6 higher anlicipatin? 
(he interim result's Laud Securi- 
ties eased marginally fniiuwing 
Che staremenf hut picked up in 
the later trade lo close 9 up at 
333p. Other Properties made 
useful progress with. MEPC S 
better at 142p. Stock Conversion 
12 higher at 272pJ and Baalemcn? 
in to rhe good at 242p. Other 
-notable improvements included 
Bradford, which pained 12 to 2otip. 
and Scottish Metropolitan, up fi to 
lOUp. the latter in response to 
the chairman's, confident annual 
statement. ..Ahead of today's 
annual results, Peachey firmed 31 
lo S2p. while . Great Portland 
Estates found Late support and 
advanced 10 to 220 p. A depressed 
market since Friday's interim 
results. Hammerson A rallied 10 
ro 3si0p. Control Securities put on 
3 to -!6p following the mid-term 
rerurn to profits. 

Quieter conditions prevailed in’ 
Oils after the previous day - ' flurry 
of activity. Nevertheless, the tone 
was again firm and British 
Petroleum improved S further to 
nifip. while Shell added 10 more to 
3$7p ahead of tomorrow's third 
quarterly fisures.- Outside the 
leaders. Slebens (UK l revived 
with a tump of to 2lKip. 

Investment Trusts followed the 
better general trend. Among the 
noteworthy movements, Wlnter- 
buttom advanced TO to 205p. w hile 
Rothschild continued to benefit 
from the assets revaluation and 
gained -> more to 19Gp. Among 
Financials. London Merchant' 
Securities gained 4 to 64p. 

Following rhe return -lo profit- 
ability and the proposed rights 
issue. John Foster touched a 19TS 
high of 45 p before closing a net 
2 up at 4Sp. A .firm market of 
late. Sirdar advanced 6 more to 
t03n on revived speculative 
interest, while gains of around 4 
were recorded in YoughaL 33p. 

and Nottingham Manufacturing, 
13io. ' - .. . 

Tobaccos took on -a firmer 
.stance- Bats enchriR 13 to the 
pood at 2 1 op. with 'the Deferred 
10 better at 240p. Imps pul on 3 
tc fi4p. -■ • 

Quiet 3Iirres 

London-regisiered . Fmahci^s 
w ere the . oniy section of . minjns 
markets to attract -much baying 
interest yesterday. - . The good 
trade figures lifted the UK equity 
marker quite substantially arid 
consequently prompted a., fair 
demand for issues . -such as ~ Rio' 
Tinto-Ziuc. which 'hardened 5 to 
241 p. after 243p. _ Gold Fields, 
which put on 3 l/7p ,.and 
Charter Consolidated,'; up fl^to 
I40p: the last-named ^ls due to 
announce half-year . results today. 

South African " .Gold shares 
remained subdued^.- despite-I^he 
steadiness of the: bullion .frfij®. 
TTie latter closed 23f^cntsfnrBicr 
at 9230^«-* per ounce in. front- of 
tomorrow's U.S. ■ TVeasurj i^gold 
auction at which 750.009 ooqces j 
will be on offer, more thah doubie ' 
the amouw -offered at ^previous 
U.S. Treasury sales. ' • 

The share market 'opened .(At- a i 
steady- note but tended to drift -m 
idle trading. The Gold Stines ! 
index eased 0.3. to 137.8. blit the’ 1 
ex-premium index edged up: : «K5 ' 
to lOOi .. j 

South African Financial* drifted 
on lack of interest with Dc Beers , 
S down at 34Sp„ Impala Platinum ; 
continued to lose - ground irr' a j 
generally quiet Platinums" .section: | 
the shares save .lip ' A- more'; to 
16fip fo I lowing rhe chairtnah's 
cautious statement.. .. 

The continuing weakness -..of 
overnight Sydney and Melbourne : 
markets Jed to further' tosses' in 
Australians.. Among ..diamond .ex- 
ploration issues Cbnzfnp Riqrinto 
Tell S to 246p. Ashton Mining 3 lo 
66p and Northern Mining 7 to/.Tfp. 

MIM Holdings were the subject 
of persistent London selltnxi.and 
declined 4 to ISSp on cofisidera- 
tion of last week's news that the 
company is to dose : its; London 
register next February.- - 


' — J r ~r ~ “viSuel -i- 1 " s5%T7‘ 3e*. ; " j 

— »r:15,:;r w ' " 2 - -7.-" 

Gcvmai'^ -67.S2 'jWo6_'«.6*. 

Fistfl Inters- '*8® '6M& «-8fru" 69tB0'- “RJjOS 10.07 79 

loductriti ‘ .. '-•..«B7^ 1 ..-474.S'.'473.3 47U7 r ^4T4,^ ' 

Goi«i 13a.i; . i36 3 l36.'7; .. -WSirf- 

Ufti d Mines ■ vS m->[ : 100>a sg.T "-.-SS-i • *9.3; 103.5; -10CW; A 

Art. 1»IV. 5.7 1 • £.75 5.36 -,'5.7* KTfr ;5^£ 

EaroMSk.Y*. 1 ' air '' -j J »S.®7 . 16 07. * .16.05. ' 16^0 t 

y fv Kmiia .«• •*' .8*3, 8-.07- *-0?' B.O&;: 8.01-. 

tWOC* m»- ^ :.;:«.Z47 -4.573 4.4»tr 4.0» • d.««j 

iur.. « . j'.WW. .764* 67.85 «7.S9t 67.161 

Kq.i.ty H»m '“ , 13.3 7S' 14.819- t2.94a~ 18.69 6 1H.66^ 

18 - IC am W2. SmmVia 4K.7. .^1 

' j m 4RS.I • ?+ 

\ \ . . Uaust index, D1-Z96 8B26. • ' .T . 

- ! ‘NifitDL' : 

.vi Govt, .Sera. -Jiao 561 ParTJnL. OtS. Ind Prd. 1*7*85.; IS 

B iqte -O- rUH Jilt* IlHI i'll. I ' . Ill 

Maes tg ’* surWt'Jum-. t9T2i- SB A runty Job-Oec.-:*M 

- fi I G HSsi^jD LOWS' S^E. ACnVIT^ 

toft.; rtnev CompUanur, - ~ , w ■'<* 

_ >4 . ' X.-T. Uu.? 

H'sO' •»; • 'H •*{*»'- • , *<•" 4* , li 


irOld Jimr 

Gnia Midi - 
bs.S |w • 

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81.37. K&9.30 
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49. Its. 

: i- : ao.^a 

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InrUv-irtalsi. . 

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fi.ii. ptttfe ^lyfer l . VoTi-. 1 TrtL " .xjUbt ,i. -V^i.- --J ; ./cfcfcfl 





Lnnl Cni-' 1 
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The lolliwlng g«-ci>ri:>M acatm Mi tn* 
Soar? I nlanraiiar. Service vesOp-Sav 
*uarfv?d ne* HiqVs and Lows tar 1976 


Fulfil PfVo.'Vlin 


Knot! Mill 

Burgess Product!. 

POODS 1 2 ■ 

Blbb» CJ.l P'k? W. J. 


DutPr Intnl Sandnurst Mrirtng. 



Norton Wrlgnt 









5DC SI*-. -77-B2 

Jaoan 6 dc 83.33 


Birr Bj-cs. JaiyIs u.i - 1 

JCEG .. - - * - * 

Dmtspi. 9xCir. Franklin Mini 

• *91 -96- j... • j • • . • 

Hw mrt-ui.- • 

Mdecrnc/ . . 

MINES' tl I ... 
Ka^-.tfaang .• '■ 


- IfflDawtrSaim 

British Funds , ,-W — ! 

Corpns- Dom. .nufV 

Foreign Bonds ..Z,..:.. -14 5 37 

Industrials ... _ SH US- 707 

Financial and Prop. £ -232 J3. 231 

Oils _.. . U fi. 18 

Fiantatioiis .. . 4 " I 10 

Mines ; >V 18 to 88 

Recent Issues . . .8 . .3 . U 

Totals '.I... V 053 2W LIS5 / 

4,ii ~ u..- . 160 V -xfi. -. as. a£ 

lV'o- t->-- /* iso !“ e. • rj. • i& 

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ICI •l'..4F3ff-k-' 51 ,rl3. i -. 61 

lLl ^. S6a T- ; 30 ' i-'40 

ili ; s« rio : . - 17 

ICI Wfi 90 ,1 9 

Uu-ire-.-- ; 17 ' 39 

Luu i Si-. ■fJ.JBOj.'. -Tie f -; 23 

Lai.-. T f-r. •viiiaftoj’-. ' 121 

dm .V pji>10 19: -■ - 3* 

liar 1 .- 4 * ec •;'« -v- 30 .1 i 131 

liail-A *00 ■ ii-. ««.>?. 20 •' 8 

flora . A bimli 100 5 I.. d 

r-.L-n 00 .5-. 9*3 p. S. - ■ 105' 

162... .19 

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— iil-ii ..VvflQO 92«;i- . S. 

-I|..|. 7i IftB-LV .. J2. 

Shell • 600 1 38 

I..IHI- *:|' ■ " i .620 

Si -wrailvr 

H'.'i. Intis' J- 
B».*C iBllf^'Y. 

n«. , » Jf 

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>«an-v' - - 

EMI group executive post 

Mr. David Steadman is to join 
EMI on December 14 tn control 
the group*' medicai electronics 
business worldwide. He will 
hecomr a divisional director of 
EMI and managing dirtcior of 
EMI .Medical Electronics Oper- 
ations. reporting directly to Sir 
John Read, group chairman. 

Aged 41. Mr. .Steadman has 
held positions m communications 
systems engineering and inter- 
national marketing with Marconi 
and from 1970-73 was manufac- 
turing executive nr defence 
marine electronics at Plcssey. He 
went lo L'ossor Tlectronics at 
the beginning nf 1974 as manu- 
facturing director and became 
managing director there a year 
later. - ‘ 


Mr. Lew Small t* to be 
appointed director of RANK 
Mr. Raymond .Dutfield. who will 
he. taking up a position outside 1 
the Rank Oruanisoxion early ne<J 
year. .Mr. Small joined Rank -in 
1946 and was made a member of 
the Board of Rank Leisure 
Services in I960 as director of 
technical services. He became 
assistant managing director -.of 
that company in 1976. 


Mr. Duncan Simpson, former 
rhief test pilot nf Hawker 

mi .• 

■ t: ■ ik ■ 

Mr. David Steadman 

-Siddeley Ati.ilion and now with 
British Aerospace, has been 
appointed deputy director of the 
ber l. with special responsibilities 
for technical affairs and market- 
ing. Sir Charles Pringle takes 

over as director of the Society 
next February from Sir Richard 
Smecton. who is retiring. 

* t 

The Prices Secretary has 
appointed Mr. G. F. Smitir a 
member of the NATIONAL GAS 
June 00. 1981. Mr. Smith i>. the 
lechniral director of Had fields. 


Mr. J. Lake has joined TRADE 
an associate director. He was 
previously with the Export 
Credits Guarantee DeparunenL 


Mr. John Gabriel and Mr. 
Gerald Soane have been appointed 
joint ma naging director of 
CKEMITRADE in succession to 
Mr. John Sinclair, who is return- 
ing to Australia to be responsible 
for ali operations in the Pacific 
area of Stcuber. the parent 
concern. ->lr. Norman Sutton con- 
tinues as chairman of Che mi trade 
and remains in charge of other 
Steuber marketing companies in 


Mr. .-Man Routiey has been 
appointed a director of HAYON 


Mr. Keith A. Kimbcr has heen 
appointed sales director of JOHN' 
FOSTER AND SON and sub- 


/ DEALING DATES , Premier Consolidateil Oilfields. 

Fips't last Lan Fo? London aud Northern. Marks and 

Deal-- Deal- Declare- Settfe- Spencer. Town and City. Cooper 

togs ings tion mv$( Industries. Capital and Counties 

Nov. 7 Nov. 20 'Feb. 8 Fi*hJ20 Property. Burton Warrants. Bar- 
Nov.21 Dec. 4 Feb. 22 Mar. »6 ker and Dobson. Mount Charlotte 
Dec. 5 Dec. 18'TMar. S Mar. 4) inveslments. My son and Hamp- 
r or rttie indications se>: end jf son Industries. No puts were 
Share fnfonfiation Service * reported, bur double ■ options 
Call options were completed tfi were arranged in UDT. Slebens 
English Property- Tesco. Swap Oil (UK) and Hongkong and 
fluntcr. Balh<' and Portland, Shanghai Banking. 


No. t 


, 41 <• . !"■ ■ 


“a, a 

*.r^ *■ . 


• . -»7 

se .iodic e/ are the joiDt eoapjatiroi of the Financial Tones, the Institute of ActxuwTT j*. 

/ '■ Rfidttie FacBlty ef Actuaries . ‘-.L.v.'O. 

H&JITY GROUPS. ; •; ^ ^ 

iPS & SUBJECTIONS V -. •. .Lf'. I. P ' I ^Zl ^ -' T 

- I , EHL .Grow ftrt. : > .. ; j ...-i* ' 

7 Dcnomina- 


• Closing 




Stock ; • 

tion m 

; .-ks price fp) 

on day 







+ S 

02 ii 


in - 


?.s •• 


■1 s 



Shell Tran-sport — 






4R4 . 

Bj relay* Bdnk ... 




-t- 4 



Boolj .v. . . . 




4 3 

337 ' 


BATs Derd .i.'.... 




4 in 







-- fi 







T 7 



fiL'S "A" 






25 H 

P & 0 Dt-fd. . — 




+ 1 






I Ml 

+ n 



Brown (.1.1 "iW 

Nil pd. 






Debenhanis .*... 




+ 3 



Lucas Jud^ .V- 







RTZ :;L. 




~r 5 





This advert isement appears as a matter of record only- 






6 Yi year term secured loan to assist in the acquisition 
of two 30,000 dwt Product tankers 

provided by 

Marine Midland Bank 
Oceanic Finance Corporation Limited 

►.!■ 4i4 it: « 

A 50.60 F.l». iO 

iwi i-.l*. 42 11* iOJ 

•« I'.K i4Tf) *«« 

" r.i* 1W 

.\i-ni- ifl- H ,i— . . . 43 

St .Vibt-.-i, AJmins ou.. . 66 -i 

reniiiii .\ r *. 360 —2 

J’iIj ll«n— \'n(>.rp. 'I-Hi- 28li -I- 

100 Ilia' :»i« -115 

■iLI.X 1 2-4 8.8 6.9 

n.U. V* 9.- 
5.14 1 J 11.2 9.9 
— - - 4.6 


CAPITAL GOODS 1 1711. ... J... . 

Building Materials <27i 

Contracting. Construction (28)- 

Electricals ( I4i 

Engineering Contractors tl4)'ii. 
Mechanical Enginecring(72)i_. 
Metals and Metal Farmingilfl).. 


LL Electronics, Radio. TV tib) .. 
Household Goods 1 12# .. . 

Motors and Dislributors(2$k-.... 

(NON-DURA BLE) t I72t . JU 

Breweries! 14) 

Wines and Spirits iff i 

Entertainment. Catering <1®-.- 
Food Manufacturing (18).. li.... 

Food Retailing (I5i 

Newspapers. Publishing 
Packaging and Paperc lo)._^...: 

Tobaccos (3 1 ^,.. 

Toys and Games i fft - 

OTHER GROl'PS (99) gf-- 

Chemicals (19i £-2. 

Pharmaceutical Products^)- - 

Office Equipment (6i.. ...jt— 

Shipping (TOi £L. ... 

Miscellaneous 1 57) & 



• L lu 4.1 

L'lOu ml L6.‘JI b' 1 ' 1 
•• I f 102- H0| 

(UH'-'i \ Vntim.i, 

aii'iii *i-.- umki^wI.- i* I'n. Na ... 

Il-iiiCiw-i-i livtiif ■fi-'k 1 

I C| H«-lrm U^l. mu. I’rrl • 

mi _■ i.-ihu.HhiisI.iiik lain! £"■}, U*ii 

(•j. 4^.10 I’C H? Hr,.*' . 

Llo 91 * 4 lilci iiMii.m-rili A l v-n-i-tu Wm-i i 

fj. JT ! ]2o l-Ji Kii:i.i»i«j> 1 'jLvm. i. ii*. ... 

L50 lOJ'l' w ^ ■M»I|I||H4I*L4*||I l£(«^ IW. IWrt.. . 

fli, Abl 3'» iiitf-i htiil'V4i« i-.Pih l-'r .. . 




■ Uwnunc. 

! Wit 


( .ie*isu 4- -1 

' t’ri-.T, — 

j , 

' Hiyli ' Lem 

' . »' 

i. in i (•J ' bJls .V-|l-ur >'4 U« 4 «lfr 69 1 . 

i V • jOife'iiA-lI 14 {* UN.-hWmxi Hiirtue 37 

y;j" Ar ' — ?*i'm &u)im Bt-wn C-f • 64j>m .. 

^ -j. . — 9l-j|iiu-ol | -i>i'i l'n|i|<riVHil • Triii t 1 

i »• iH'lOiU-11- • U '.luiuvr "'hul- 13'r - 1 

[ liCUll « .■« 5 U 

' ,-jLii 8.12 Idi-m if I'm I'lMhrtKih 4 Ham-v • I9yin t 1 

> ]'. ^P |0 t 4 .il: "7 « .P««-,|i .W. u i 33 , r I 

F |> uii B IB- I* 1 1 14 !'»"(■ I'lrtlu*’!* 173 ’ .. 

KP i47.ll/l 7 U» I- 1 - U YiiPkgniii 14I E - . 

Frnuncu-mk'd^’.r U-Urfli-. ;a*! Ca* (»r l.almj (me nf -lamp due-, h Kicures 
C»uiwai> a 4— limed rtivirt. hu mul ylrta u Knr*wiii rtii-irtenri- 
^ kV. - iT»rt.-viiiiis-tLir‘a ruiiuwi. r Dmd'-nil and ilclit ba-wi un unkiyi-ctn- 

^ ^irwiuns-lLirN ruinn^i. r Dma.-ml and jlcld un unkiyi-cni- 
J.- i'kot iMrVal^imnJtcv ror 0 On.-'. ( Kiinjrc. ai-amml r Cnvcr all-nv- 

,,/J -hari?-. 901 n«v rjntemi l'ir dividend nr rjukln« «!ilt f«r reairiiiert 
z ®. w f- Pen't un!-- rih-rn« ir.diutre ! Js-wl 

‘ -ffiterert tn hftldvr--. -f ..rdlnan- -h*r.- a- a • n*h'>." “hiwd 
w— U Rvintpidnc-'l " l-!ii-<1 >n i-nnn-cii'-ii -viih r»nr»..i'ii-<a- 

1 «' 4 ’ C *«!5»K>' »->-r 1 tniMd«i" , i' , n ~ l-.-ur'* m-n.- r '•rr.Mr-;nc<' hnMnr*. 

1 (ll«^"ni r t«r • iTonjinnal rtr narilr-paid nll-junem leturj. 

* wuB wa.<ruui 


• y-f . 

-■• .' T-' ..■ 

Kffig pfgS^ S^ •' ."i •>' , ; .\- • v ' • : ' • r "M-;V - r "' rt ' v '' * *■ 



^l^^gftid.aortiwgL • . 

..fjt J ^ V?b Huusert 
J®3 f* ;fiV2w^ ape,,, ®Pa«: 

-J9j|£J£ ffiSS .f* 111 * W«pygn! Ltd- Provincial Ufe l*v. Co. Ltd* ' Sne ^Proffer w 

, ajl ««■»»» asjtoaxvx'to.z.c^ oi«n Sc«bhs SeeniMg*^-* 

3 ®eS£S^^ » «^=K.jss:d » bs=* jis 

.’ittF. OKHjMw s***«t. svnHRrG. oi-RM tew. ^® rt * oBo *&>*■*■ Ltd* (aKbHc) sw*. a*. Qtti*- — 

■ ^ 5 ‘ \ VLA Units „J«S 474 33j MB Mboeuftm. EaN „ : ™? 01-403022 ScAB^d.^-, 



Prudential--'— --J1260 13601+28] 4.78 . 

^gjj- pa zpk on-sai aaa OnSlter :Mteagement c«. Lid* Mftsmnh s™* “*** 


-,M n 

13fcte +2J3f 

S ^HfeEUMBs' 

-. . : -p?4£*ck:§? 

7jf •.«T.Fa».W*tt_:Kr . 

- :G.;&7L Tins* (aXg)-. 

w **»»•** ad BrenTSfaA 

mb. .©■*•*•. — jsz3 . 

Gartownt Fund 

■MKB 'a 19 2-SL Mary Axe, EOAB8P. 

. . .... . [ “i'“--HBffiS3g.-iB'' 

s&wp. jftfr aftgt w amagfu r s xtg. re., 

.oosaai MQSSFd""&? 
-:,-••** -- J - am as£3ES£i:::Bi| ■ 
Kjlbw'ja^t Mcnfe & Ltd '-' Gibbs (Antony) Unit . 

iSteJWWftr • .-- r^.ltt-raasi#, 3. Rrcdei-Irtr&Pl.OM Jewry 
-1*1 — I Mt oua.G_ income- W)i 

«*:«<« iwt&sasafcgf 

EC4R4BY y flI-2ES32ffI ; ... . Dealing +Tw.» - 

** m G®«tt (JoiwW 

+66 10.9S - 77. London WtlLRCa. 

+|-4 MS ® - ttJvN«*r.3__i™ - Hj4 1 

.&-6riew*an Management 
4 m 5Tw . RCTP aos. 

-*?3l ; 

393+0.4 Mwmg .Unl»-^- OT73 

4fli '2si Eodwv . Nov. ]4 „ jm 

i« 2M~ KP^it SV 

* JL *“ SSS£®*^S3 

La-fcBrSte. N«r.J_ 704 - 
lAccum-UnlUi (74.0 

-04 100 G««<8« *oyaI E*. U* 
tfiiw^'lInlt Tst. Mgs. thW ftKc) SoSSSj!SL 3DN ' 

, rfflrfj Hribnro^WUJ V 7NU ' u 01-8818233- 

v* jaaai .J..r «.w _ . — _ 

I alNte S. Next «ub. 4« .V. IK PrpnBe r t]T Admin . 5 Aaj lejctil 

■ BMuHIOOd. Pdjlnx ‘ 

-s Unicom JUAf iaHcHg) vJL. Fmut. 

ItkVC Romford R<LJ^. 01-5343544 CnW Rccw«t . ..M.2 
fci4ffAaM«Jen:.a?4 5Wri -^> 71 ' 1 48 -^P- 9™«*h bw - - WlO 

jSfjftt 1-: 705 -.-• ,7M -1.7 ,. 3.*'.f i, P-^rowth Acc.„.wt2 

^StUtcgT--.. 53 A '- ».« -U< W bM«nnt Aa*«*_ @a5 
.. MJ ... 7lS +0. 1 * 436 Hl*li Iomkw Funds 
Z0» .1125R +L4 6 l» H«U Im»n»_..._|6l3 Ml 

. 23 J- • 30>- +04-335 cSSocKwnfiZ.. 1— *’- 

.HI »J ,+Ll 5.67 CaboaTrt4ctUt__f 

743 • «.l 40.7 6 A Sector Fendx 

CcaerBl . .— — . 313 Ml +0^ R17 HaacM6ItU _ ijc r> 

SSSA«-_a4 - mi -rti 

-S*A 3L31+1XI 630 rmwMHM.1 

K« Cabot —i i. IKR 

rtiiYii': -jr _, £4 —.4 UK TbeSat.BKrhaa*e.BC2Nmi» annum 

717] +041 7!m R4ilanooHaft.TimbTidsoWelU.Kt DWCSsm Income Dis 
46.4 &JM 

. m ■ ;Matui r#tf«L _ 1 

|:Sff igSSKs§55 

■itl JJO .Naiioaal *ad Commercial 
. - «SS ■ 31- St Andrew SonamLMiniwHt. 

Opportunity Fd — 

oat seuordaT.fAce) .144.3 
w 5fMMUeT.Int.-fe9 

i —r - ji. ■•■«■ St Andrew Stswre.E(Uni)uHb 0314689151 WdfiefieM Uanagamt Lid. 

'■*— *■**' .•WMeSdr.f. US 72 - ^ - - - - 

- lAmqL Unity. 

'.maim Ca«.NW. I 

^222300 XACCUra. Onltai 

LBQ 3840. Kenn43y St., Man e heatoi- 
530 Hid£*finl3 lot UT.W1.0 W|,J 

, JO WdcofleM Income. pH 101 i| ... | 

[ 343 



4X1 National ProvidAnl Inv. Mn*rs. L&L¥ RothschlW Asset Haiugement < g ) 
W.Grwcecbunrh SL.EC3P3HH OIR2343CO ®W.O«rf10«eRd.. AjrleibMy. 029S5SH1 

‘ !& 

gg; b7 

6 oat i'n'eJirfeWdrwU-> 

533 total Grwwin. .—■■ 

5.68 Inr.Tst Unite- — gi 
MariwtUeftrs -- W 

'NU Yield' 1" 

OdSMBiBI PnJ.ft G ljt *TVuR — 

55 Special sStS- - 

UKTCrth. Aooum,— . 

T»set Tst, Mgrs. (Scotland) (aKb) 

IS, AUkA Crescent. Edtn.6 QMJS»attUB| 

SM T«rg« Atner^adePM S53t~«.5j UB 

Jg Turps Thl«tu3gaa4 43.«a+fl.3 639 

A62 Extra Income 64JJ 4fli| UUH 

Nil Z, 45 Tnte Union Unit Tot. Managers* 

' iajiu t«J. Wood Street. R.C2. Q143S80I1 

‘WW.8M4J "WSW-eW 5251 1 5A8 

Z y3 4jj |K TnmsatlaaHe and Gen. Secs. Co.* 

’ ^ 13Q 01 49 New London Rd. Chelmsford <£4531 651 

Barbican Nov, 0-.. 

•Actum. Unite.!— 


Buekbm-Nov.o, — 

‘ A ream Units). 


■ Arran Unl»i— . . 


iAecura. Uritsi 


(Awujn. UniUl 

Marlboro Nov. 14 . 

275^ cod 
: tOH 

31 «d .n 3 

i «3 4y 

•f.Bj -a a 
50-41 *35 









Van. Gwtb Nov. 14i 


C AW nm/U niter | S». 


tAcran. Units _ l 

an ■- 00 Oct «. ,iru iiniim .up*, ay 

8A9 “ Pric ®* oo Nov. t, Neat doaKnc Nov. 13. 
!g ’ Na&oaai Westsdnnterf (a) 

*3t )Sk£^9*5S <ki ; E£a '’ 6E0 - °’-® 8 »?p- 

53J S^Vj^OUml- MI •_69Li +C.5 4.40 



NX. KwJles.Tta.hoaB 
NX Income Fnnd_ (145.7 
NX. Inti. FH. ( 
NX. MtL Fd. (Aec.rtWJ 
■ S.C Smllr Coys Fdfl514 



J.' Henry Schn^ Wfeg * CoW ¥ -fe 

is a2Ks"s ^i j 

-u .... 

iS Income Nov. 14-—. 
j! i2 'Actum UnUei 

Ztf General NW.8 — 


lArcnm. UniBt , 

RotteKhild & Lowndes MgmL (ai 5SSSS.w3wC^: 
St Swithina Lane. Ldn_ BCt 01-6304355 'Pe6Cb*Fd0ct»- 

NcwCL Exempt.. -KX29J1 137-M • .J 337 'SpecEUKo* ?.— 
Ptua on On. IB. Next dealing NOV. IS “Recovery Wov. 7. _ 

Boran Unit Trust Kngtl LtfL* (a) Scottish 





























57 fa 














«3 ' 









igbP^I®pll' ^dyniuivHi.n 

J™. Mgre. Ltd.* i.vrnjft Udu 

Do. Arcnm— . . 

Tyndall Managers Ltd.* 
18. Canjofe Seed. BftotoL 

Income Kw. 8. 

< Aeenm Unlui . 

Capital Nov. a 






















ftw V®- Trns t Managers lid* (aXg) ..^ 

' .-• ...JUftoo Court. Dorking. Surrey. S01 1 « Amnu Onitsi 1768 

■ :; ';ja5Sfi5E^|( .{« aat’Wkdw . . 

E |S «fl8T*1ch Union Insurance Group (b> Boyd TsL Cm. Fd. Mgrs. Ltd. sSSSSSiMl 

2X9 5°- B <»6Novwieli.NjU3NG. 0603 23300 54.J*ra»rn Street. S.W.1. 01-6308393 Sccoritr 

<5"WT*t.Pd.__i599JI 37BJ1+62J M2 OfdaOH 1«.7 WJJ 1 J77 i5-is.Ujiolo'.tooi 

1 |£ Scl«W Unit Tst- JdfcMger* Ltd.* <ai 
rJ 42* PU Boa Sll. Bcklbw'^*- S-CA 01 36 50» 

■ Aevum Units' 

S^5y 3M !? agCT ^ Prtaa at Oet ZL Not UtealloE Nov- li 

SBJHSESgr^ asdSTSS? 8»a dc Piusper Gnwp 
_sj3 - jgqg nUBUa Ban 553 +33 s!os 

«-fisss,TE=ffi m 

ij£ CAccam Unibu bu 4+2 +o3 ui 

RV,. Pelican Unite Adnia. Ltd. (gXx) 
ffi «Poont»lnSt,«m>rhe»ee 081-21 

PeflomUnlt* ^SJ 9L7k(+I2J <97 


Unvl Gtb Tst Ace. -. 
Unv! Gtb TM. Inc — 

2365000 MCadtcflUEdlnbajrch. 

Sect. Inc. Nov. 8.. vSZw 
Scot ClA Nov.B „ (134.0 
tAecgmLUnltei.,. | lt» 


m-A 1 239 Do. Accnm — B32 

— 4 3J9 Extra Inc. CTOwtb_l382 

-4X3 Perpetual Unit Trust Hngnit.* (■> Ouiv. 

Ltd. ”“^*7 on Tbsioes 04912 0MB i.mavinx 

■4. Great St Helens. London BC3PSKP 

ffi-73 Queen at- Edlntaurgh KH2 4NX 

Depadge to; 01-054 8680 or 0314336 1351 

Save ft Prosper Securities Ltd.* 

45. Chari etteSq- 

TStovnn —Mil 

Standard Unfts—gf- . SS I JJB 

Ac cum. Unit* ■ WI -.; Jia | — 

Withdrawal UnBi-fe*;? * 7 - 7 l — J - 

IDi Mrn fina ncia l rrny 15d> 

UJ 1-226 3271 Da.Accnm_ 19.4 

High loc. PiloeUy.. 6SL0 

Inienutioiial z&4 

Special Site. M.4 


Sy^GftGUi: — |4ZJL 4521 J 

»“ jnccadmy Unit Trust fextri 
vAntony Gibbs Unit Trait Mnagen Ud. 

<cXg)’ .'3. Ftjdfrlrk-i Tiece. old Jewr>-, BCSR SHD 
. 01-588 4111 

217236 .JSw™in«ane 1394 

- “ * Small Co a Kd. 17 V 

,; y : Capital Fand <32 

U, ntet-Enia.* Assets.. 44 4 

r ioi' -Prt»weFund 358 

-T« • Acctttnltr Fund.. .. 62 D 
L ~ - Technology Fund... 59.0 

For East fh 27.6 

J.w . American Fund „..fc0 9 . 

liS. Practical Invest. Co. LuL*(yXcV 

• T 44 Bleousbnrr Sq. WCIA2RA 01«S 8883 Hlgh-Wnlmain Funds 

: »;JSHBS±JH own — «-wm 

<11 . „ 
46i 4d.4| 
4B2 7...., 
36t +W 
67J -vUl 
63 9a +1_6J 

302 -0.61 










High- Yield 1517 

Rich lupawte Funds 
High Return 1663 

Income 1*2.4 

V Jt Fonda 

UK Equity |4J3 

Oitma Fondsfu 

Europe 189.7 

Japan Rd6 7 

S.E. Asia (39.0 

U£._.+ 165 1 

Sector Fund* 

ConnnodHy (74 2 

Zavrsy ... [66 2 

Kinaneia] Soul |b8 3 

‘Stcvwt BrtUfb < 

3.49 Standard 

Acettm. Uoila -j— *— . 

1.45 Deallni^fSn-* *"■ W«L 

Stm Alliance Fdnd-.Mngl. Ltd. 
56fl+8.71 765 Sue AUlxnce Ban. HwqjjgP- Wad«141 

71H+0.a 656 wRolSS^ ^1 y ol 3M 
«31 +0.41 4.60 Target TsL Mnj^iCWd.* iaitjgi 

-- 31.GtediiamSL.0ra. 01SS3MI 

46 71+OJB) 532 Target Commadi O' -%K.. 

„ „ Target Financial. »* - 
3-23 Target Equity. . - 
s Target Ex Nov 15. 206**, . 

LM *Do Acc Units ... 2*3 - - 
0X5 Target Gilt Fund - Sfi* J 

Target Growth 3M« s 

74.71 -0.1] 435 TarsttPUciric Fd.. 

71 if —oil 1.S2 Do Hrtnr Unite- . 2U.,g — 

256.8] +Q.y JJM iSte.— “®Y ' 

TSB Unit Trusts (y) 

2U Cbaatiy Way. Andover. Hants. 

i biTSB General- 













SO. 6 


—0 ! 











J * ah J&3& * fflES SaSST—. 

|«,0 47^+Q.4t 691 WdLWIdo Nov. U.f 

Select Income .[52.4 _ 553] +1.61 7.40 T^t SpSdisTteZpS.V 

0*32 35231 
393] +0.6) 538 

>bi TSB Income.... 
■ bi Do Aceura ... . 

■hi Do Accum.. . 

Lister BanJt* lai 

Uanoc Street. Be I last 
■ b. Ulster Growth . [368 

Unit Trust Account & MgmL Ltd. 

King William Sl_ EC4RSAR 01-8234851 

Fnara Hue. Fund 1438 9 4101 . | 4.71 

WleierGtth. Fnd. .098 11« . 4 84 

Do Aren m ... (35.0 369] I 484 

Wider Growth Fund 

King William St. ECAR 9AR 
Income Units _ J29J1 
AccunvUnitA PSD 


M-l U4 


Keyaer UHmans Ltd. 
25, UlDc Street, EC2V HIE 

ftauolex IFrLSSI 

Bassdseloc. Frill 15 

CeuLAssetsCap..^. £137.67 1 

Eeyieieac Japan— [02.02 

Alesander Fund 
37. rue Notre Dame, Lutemboucg. 

Aleiaadfir Fond...] SUS669 I .1 _ 

Net asset value Nov. 3. 

AHen Harvey & Boss Inv. MgL <c.L) 

I, Cbarfpg Crou. 5L Helier, Jgy. C J. 0354-73741 glnf ft fflianmn Mgr*. 

AHRCilt Edg Fd... (nil it DL17J — 1 1194 j chart ngCrtex. Sl Heller, Jersey. f0534i7T7<! 
Arimthnot SecudUes «XI) Limited *««'=««’ 

P.0.B«3M.St.Hdier JW 05MBJ77 VKSSSSS^B^'^it 

'* "■ 

GOrtS«rf.TsL7Z(9? „ I0E — ,| U00 

Nest dealing dale Notmnber 2d 

East ilntLTtt/m Jflh* 111] | jjj 

Next dealing date November 23. 

Australian Sdection Fund NV 
BCartat Opportunities. e>o Irish Yocac & 

asaa£?rMar»_4 _ 

Net asset valve Ncv«nb*r u. 

Bank ef America International S.A_ 
35 Boalerard RovaL Luxembourg GJ>. 

WUinvedi Income _ |KSZM! Q550[ | 734 

Prion at Nov. 9 l Next sub. dart Nov. 15. 

Banqne BrnxeOes Lambert 
ft Rue Do la Rcgence B 1AM 1 Brussels ' 
Renta Fond LF.-...pLS4S L4S2j -5f 743 

Barclays Unicorn Int (Ch. Is.) Ltd. 

1. Chari m: Cross. SLUeUer.Jray. 053473741 




GIltTniSMLo M.l_..neaj 
GUt Pnd. G Bom scy| 929 
tatl Govt. See*. Tst 

•First Sterling KJ434 ]_ 

First ma -.1*19338 193.' 

(gfeinwoit Benson Limited 
JJ0, Fencbuich St .EC3 
Eurimest. Lux. F. 

GnanucylDC - — 






. Lloyds Bk. rCJL) U/T Mgrs. 
p.O. Baa 186 PL Belinr. Jersey. 053437361 
Lkpds Tst. O wns... [£0 8 64. M . ..J 1 21 

Next dealing date November 15. 

Lli^ds Bank International Geneva 

p.O. Box 438, 1211 Geneve II 'Switzerland! 


. L1M 








SUSA 04 


PUS10O - 


UeydslDL Growth BRB M 
Ueyds Int Income ISF29L50 

£S 8 I: i 

Barclay* Unictmi. Int. (I. O. Mam Ltd, . , . 

l Thomas 5L. DougU*. I oJL 0834*fsfl Managcroenl International Ltd. 

5zej +041 
355*3 +8.7 



a 41 


Bank of Bermuda Buiidloc. Bermuda 
Canterbury Oct 27 JJtSLB \ .... 4 




BI & G Group 

TbreeQtarv, Tower Hill 0C3R6BQ 01-65649SB 

51 S2J9 


- • 





1 +02 




4 +0.4 



Uo. A cist Mia— — I»-i 
Da Grtr. Pncfflc — Ml 
Da Inti. loctane — {395 
Da I.of Man IhL —(44.4 
Da Manx Mutual.... £66 

Blnhopagwto CwsonS* Ser. Ltd. 
r.O. Box 42. DouglHkLoJf. 0624- 3D11 

ARMAC*Oa.2.__|5tair Sja — 1 _ 

.ANRHD** Nov. 6. -pJ-175 U*S | _ 

OUNT—Nov.« [£2542 Z.85S j 

Originally issued at *510 rad **£L0a 

Bridge Management Ltd. 

P.O. Base BOH. Grand Cayman- Cayman la. 

Vbashi NmvL. 1 Y17.9S4 J 

G.P.O. Bat 500. Hong Kong 

\TppMFd.Nwft.rpftmir 2W]— .J 0.7* 

[Britannia TbL Mitgm L (.CD Ud. Murray. Johnstone Unv. Adviser) 
30BaUi St, SL Heller. Jersey. 063*731 1* 185. Bop* St. Glasgow. Cft 041-3313531 



(AccmnUaJtzO [lKLb 

Samuel Montagu Ldn. Agte. 

114. Old Broad St, KX-2- 01^886464 

■n la. _JmSMOct si_ — 
,_J _ .ll7 Groap Nov.l — 

' 11 ?iS 5 r J,wl - 1 


•Oct. 25 _ 


nriimilnafnt Fd*. 


SterUag Donmliai 
Growth Invest 









-Hop* St- Fd 
■jtuxxsr Fund 



ring Brothers & Ca Ud.* (aXx) 
ieedaihansLKCa. 0*bBB38» 

■ ttOoTht- tm* 366* ~J. }» 

\ccuot. ... tafto 22b. 62* 

^S^vJrfiFji^a_ vmsnrnAtmTBL 
h ofgn to Progre sB ive MgmL Cft*. 45 Beech slrcspS 

ghnpsgstqEXLft • 01-3086360 (bl Bri^tai Tnat_J15M 

SePr**T*w.7_n8Z2 I9SJ7 40b COtat^wIZIIBSF- 

UIs.“Ncim. 7~IZ17J -JM — J .416 ffiDollwTniat (Ml 2- 

4«KntNav.I*-gM5 J* 

um.1Nwa4-_[OT2 - »4Ai.+ftbj 256 nDPlnaneW.Trnatfeo . 


Abbey Ufe Assurance Co. Ltd 
fj-SSt PanraOmrehrard. BC4. 01-348801 

Crown Life Assuranoe Ce. Ltd.* Lloyds Life Aancacc 

Equity Fund 
Entity Acc.j 
« opMtyFd 

Neat sub. day. -Nov. SB y*. 

Igc F^ Mwawtni M (c) 

- iRae-Hng WUUamSt,EC4. 
isena AG*a*iia.O . 2 MI 

TXT *4.4 - 53.7M — 0.S| 

tallnc-T— 561 • • MM 

ictt __i. WJ 42.* 

BpfN--: 068 '" . 147.01. _. . 

auntt-L^.; gj -sat 

■ice-f -- 

IM -! 


IbllncomeTYnst L. . 

, 1 b) Sacurin: Ttnst _B16 

InteL* tsMtf-.y 
18 Christopher BtrMLE.C.2: 
mteUbv. Pnnel— H5.6 ? 

.Pd. Ser. 4 133 J 

TFd.Ser.4_ J4.4 
■PC0ffv.Fd.Ser.4_. U4J 
jFd Ser. 4_(112J 
at Nov. 14. 






m - 

Valnation normally Tuos. 

m - 


Key Ftrntf Managers Ud. (aHg) 

r Life Assurance Co. Ltd. 

air Oh) Burlington SL. W 1 01-4376M: 

Ui*Tn*4 tWeit jihUrs. aie«( N<w 7W8. ?-«T 
waia Truk BjBra ageiDfUt laXg) . 

3 ^(aSw-'.:” -T -‘-v 7 *OI 
" ' S.i'Z 




wfclnd— ■ .1 

f-® 2SMHkSt_BC2VBJE. . 

646 “1 lnJr&J[TJ5 

*Oen__ 766 
jitFd.„ 1717 
KafliiFfllwc yjinrf , oj 
K ey Fixed ZnL-Pd.- M3 
. Key SnmD Co's Fd . 103.2 

Sa+iol JS' KWnwart Benaon Unit Manager** 

1 SB. Fenchurcli St-RCJt ■ Ol^nen 

^ .'"I 

64,1 • 

13 B& 


W % -Q.arlMi — 

1 > •- AGmwcfa. 

t '!* J - - — 

a • t * i- 

\ L 1 . 

d«ssa^t 3 

♦BLB. UnH 



. . 124.5 
;Ia*FeaAcc.. 207.8 





20LB ... 
149J i' ... . 
1225 .. 
1X3.6 ., 

^ ::.j 


140.6 T- 
1362 ... 
21A(f .. .. 

1 Puod Acc... Q03.4 

lFd-Incm... UZJ 

1 Fd. XnlV 10L6 

.any P4 Acc 45J 

Equity Fd. loan 936 

Equity Fd. In It. 442 

Property Fd. Ace. . 95.9 
Property FcLlncm, 95.9 
- Inv. Trt. Fd. Acc.. ._ 980 
lnv. TsL Fd. iDCin. _ 95 4 

Tnr.Tn. Fd. inh 965 

Fixed IuLFd. Acc. 1001 
Fxd. Int Fd. I item. . 98.9 - 
InterT FA Act 1093 

InterT Fd locm J.C93 
Mono* Fd. Acc. .. . 97.7 
XonerFd Incm 95 J 

DIsl Fd. Incm JO 1.7 

Crown Bit Inv'A - 1687 

Crusader insurance Co. Ltd. 
vioctiis House. Tou-erPLiECS 01-6268031 
Gth Prop. Nov. 7 |73.9 03 4 . . i - 

Eagle Star Insnr/MIdland Ass ur. 

1. Threadneedlt St_ ECS. 

1081 +051 

1066 +0 J 

1065 +fl!» 
1003 +LS 
485 +lS 
992 +16 
100.1 . 
1009 . 

103.1 +06{ 
100.4 +0.5} 
1015 . 
1042 +0.1 

115.0 -O.d 
1152 -0 4 
102 .8 

107.0 +0M 

j j. -. ■ . fcj 

— MULGtNov. 

8C0 Op S'A'Pr. Nor 6 — 

— OpS'A’EqL NffV. 9- 

— OpJ-A'HyTNov 0U., 

7.05 Opi5-Ai4ao.Nov.ft! 

— 0p5-A-Dept_NoTjLi _ 

9^73 London InderotrityAGnL Ins. Co. Ltd. - • |t3H 

— 1620. Tte ForbuJT. Bracing 58351 1. Deposit FdK_,,. _ _|125.9 

g3Hfiui!erP>' * 

“ Fixed Interest |54Lft r 

12 07 



The London A 

Wins Lade Park. Ea« 

'Zxp. Growth Fond. 

4 Flex- Exempt Fd. 
•Sunni* Prop. Fd. 

OEspL Tnr. TsL Fd. 
Flexible Fund-. 

Inv.lTnxat Fund. 

Property Fund _ 

Gid-Pcposil Fd 

MAG Group* 

Three Quays. Tower Bill _ 




4t07 . . 


xjj 'TimMo&'EUiainstt.'ScaN iHP.' 01-3B8 28CM 

4B5J \SS rl ,Hkl 


37. Queens 3t. London KC4H 1 B V 01-S38! 
+n«u^ p7X' - mm I 1 


Life Assurance Ltd.* 

gate. Reipue 40101. 
,'*26 1905} _ 


01-5881212 American FdBd 
54® . 4 622 Cffnv-.peposlr*. . 
Equity A- Law Ufe Ass. Soc. Ltd.* ' 

Royal Insurance Grasp 
New Hail Place. Liverpool. 05182744221 

Royal Shield FU _[KX4 153*1+05] 

Save A Prosper Group* 

4. CLGLHelea'a. ludn, EC3P SEP. 01-554 8880 

Bat lnv. Fd I129J5 1364-02] - 

Property Fd.’ 16ft4 169j — 

... i«l+3i — 

ConmPens.Fd.t _ 207.0 227.3 

EquTrtFeniLFd 183.7 193.3 +L3 

Prop Pena-Fd.’ _ 2XB 245.71 .... 

GtltPwu. Fd 942 49Jy+0.1 

DcpoaPmuLFd) hti-0 1072 

’Prices on November 
tWeekiy dealings. 

Schroder Life Group* 

Emcrprise House. Ponsnxrath. 070527733 

'■Mjfd B _ 


2-06 [ 

Amenham Road High Wycombe 

Equity Fd (H42 120.: 

Properly Fd 

Fixed lntereri F...„ 

Gtd. Deposit Fd 

Mixed RL- 



AnugicnnV.. ...... '._E 

laccWMi ... u 

InL Growth . 

04M 33377 FamlbTMO” 1 

+UI _ Family 8168" 

ioj _ Gilt Bid***.. 

■+a 3 — TnternatnJ. Bond".} 

+0 j] _ Japan Fd. Bd .|i 

*0® _ 

General Portfolio life Ina. C. Ltd.* Property Bd*» — 5656/ 

00 Bartholomew Cl_ Waltham Cross. WX31S71 

Portfolio Fand j 1483 ' ' — PWc« Oil -Nt- 8 TNov B Oct. \p. 

Portfolio Managed. (42.4 
Ffelio Fx«Uau_. J476 58, 

Gresham Life Ass. Soc. Ltd. . Proper^ 

2 Prince of wale* Rd. B'aaKnh. 0102 igrw fTojiertrPhw 

... 485 
5202' £- 1263 
0352. c- 141 9 
8*7 -* «0 
1654 ,6 — 
184.1' t — 

1 1067 1*1111 



Equity! . . 

Fiiritf Ini' 4 
Managed 4 


tGBq. 01 4120 4588 EASGoaL Secs.4.. 

BA Pen Cap. B... 
Ungd. Pol Cap. B .. 

Mngd.Peo.Acc. B_, 

F. int. Pen. Cap. BHS J 
K. InL Pen. Ace. H97 1 
Money Pen Cap B .KM 
Money Pen Ace. B_ 
Prop. Pen. Cap. 3— 
Prop. Pen. Acc. 


37 J 










Merchant Invrowro Asswaoce* 

Loan Hpb. 233 H l^h*L Croydon 0168807X1 


w Shipley & Cft Lti* 

^ auFd._ALftLl 

Legal * General Tyndall 

1*. CanyneeRaad.Br1«toL 

2 :. 


Next jittk d 




■ '■ Far Arrow Life i 

FWldtsce CapitoLLife Ai^uranee 

Barclays Ufa Asaur.'-Co. Lt#t 
S52 Romford Rd^B.7.' - Olj 



GJL Cash Fund. 

44 X. Eoain- Fund . 

GX. era Fund 

GL. Inti Fund. — 
GLPpor.Faad. — 






mm in 

Leonine Adnrinistratit 

. i gSDakeSL. Lmidoo W1M64P. 

Ag'Jiidnbr . — 1755 j?. • 


•ftu 'Uoyids Bjc, Unit TsL Mngrft Ltd.* (aj 

R«igt«H Dept. Goring. bj^Sea. - . 

■ 35 WortMatTFest Sussex- 0I-8B3I388| 

.»«aSfa=» WH 

, 6J2 WoridydrieGwOtJ- 
l.’Xta Po-tArc nin I .... 

tl'i fli |uy - , 

Wngr*. -LWL* DatAccuntl— - 

430 LioytFs Life Vnlt Tst. ‘Mngrs. Ud. 
76P, 72-flft GxtcWwj Rd_ Ajidgbuiy ' 83909841 

l n - Equity Actrai^. |159l3 167.7] ..... | 461 

^ ‘ MAG Group* CyHdXii 

-+* 'awe Qoqre. WMr UHL BC3Zt‘ffiQ. 01620 4588 

|5 i s«a alra.'Stdcic Exchtaga 

__ _ ^^&SsL5*. : ^±rss»r= a?- 
mm-M ss 

“ “ «wt g PtBg. CananOdity .. . 764 


1 46ft ■ ^qp^prapa.wowin. art t. 



_ .. M», . 

Money- .. 1007 

Mnn.P^mAccutt.- 1003 
Tto TnWIaLr,,^ | . m 

'••;fCu»rij*tt ffnla yalur Nor. -14 





Deposit — ..._,j 
DepoiitPecs -I... 

Growth A Sec. Ufe Asa. Soc. Ltd.* $J* nn K^[=-— ~- • 
OU WetetonftBraywTtiames.Bsato. 062834264 " ‘ 

Fieri ble Finance- 1 £L506 1 1 “ - 

— ' LandhanfcSecs I 5431 

— Landbanfc Scs. AceJ1167 119. 

— G. && Sifter Fd_| E7.90S 

— Guardian Royal Exchange 

_ RflfaJ Exchange. Z.C3. 01-3837107 Hdex ZdCae. 

— Property Bond* — (U9.6 197.7] .. ..J — vSu Eq, AccnnL 

Haaibro Life Assoranee United* 

" Old Park Lane. London. W1 01-4900(01 NelexGtblncCap. 

riia- nS8942W 


bKL uanagffd 

Do, Pram, 

154 8 








1*4 9 

J&5 3 




' ...... 



Scottish Widows’ Group 
POBos 902. Edinburgh EH 10 SBC. 031-65960001 

lovJlr.Beries I |1033 103.9 

lira. Pi;. Scries?- . 97.6 10881 

.1 usn. i.'ash Nov. 10 494 
Pent Acc. Nor. 1.. U7.9 
Pxnt lar.Nm- 1_. 1306 
> Mag. Pen. Nor 8 .... pM.0 

'’StJar Life Assurance Limited 
XO'12 Ely place London E.C.LN 6TT. 013422005! 





— Solar Managed S . 

— SqiJr Propatj 8.... 

— Solar Equity S— . 

— Soter F»d lot 5i_ 

Solar Cash S . , 

Solar IntlS ,te56 



— Fixed InL Pep- — -fIZ7_5 

— Equity. 


averatosi Growth 


iAccnm. UniW_LLi22M* 


-v-T: Wh-^gS4aBasr^ 

to ftA, Chari lira. 

- g^fell WteJl g Al^ SacJdBleS ^Ffetey iHmSannr.Ttaa — 5 A 4 - 

->^^tet*teMg«*xtd.* (Jftuo -gsa g&: 

•W 5 tjKSM 47 y: ^ . . ,613832832 (.\etrom. UcJ tW-^.- 2987 .? 

' ' 1,95 jn^tTncwMe MAT- 

1 ACCL. 13 . Jnits> 1762 

Japan - j .-.-. : — 1783 

(Accum. Dolao. — . I7U . 

MM'!' SfclifnUSB 2VL9 

753 : lAccumUnita) 2542 

. ... - MMtnKH u — ' - D 72 

rtmdft «££ Ltd.* (a}', j AcWm Utital— _ 3006 
“ V 1 HE : ? 01 -2420283 SJ 

: 463 f+a 4 f 43 J- '£gSB&2!±Z: 

j^^unfMsinfewry. '-V SaSffifc » 

^a fe gA ^XB^E. 013358925 . iAccniq.UalUi 

?6 . -_ 2 sq ^538 SporfaliaedEBnfti, 



X2SM +(LM 
MU 40.B 
53J ' 44121 

■ iTO +0i 
W +02^ 
42.2s —02 
177.7 +06) 

. 276,6 +LC 
1115 442] 
1*74 +03] 
187 & _ 

190 .7 -IL5j 
.-■*174 =401 
173.1 t0l3 
US.70 +0.4 

ai +0.7, 

902 -tftfl 

3 Thi 


■ ■ «p.i 1 . 170.4 

' Managed Cap-.! — M23 

ManagcttAec 1765 

Oversea* 121.1 

81-6231888 UUt Edged 1261 

j _ American Acc. 883 

“' ”* PenF.LDenCap — . 1296 

FenJ-LDenActT I53J 

Canada LUe Atourance Cc^; p«- Nj — au 

8-6 High SW.PWWti Bar. Herta. fJBar 31188 pSm^"cj^-“ at 6 

EqtyClhFdN«r, L._f '._j 412 I | — pSlmS: tSZIZ tt.7 

RetBK. Fed. -114.4 - pSoUEdtoS Z 12L* 

i; .J: - - Pen. GUtEdg. Act . 1218 

Cannon Janiratipe Ltd.y pSbI: iltZZjBStl 

1. Olympic Wy- 'Wembley BA90N 8 ai-9023878 Pw.DAF.Caf... 

Beehlro* Lif^Asettr. Co. Ltd* 
7L UnnbantS£4JJCft 
Blk-HoneNw^L^ UftM 

Equity Utihfe- 

J- l-tuni - 

HEL Peuknu Ud 

Cmnft Dorking. Surrej 

658 -.. 
702 .— 


554 ._u 
. 5L9 _t.-. 

- ' NUMxd. Fd. Act— |S0.B 53.fl -... 

Next Bub. day November 25. 

Penstona Managemsnl Ltd. 

fSs 5 2 





Solar lianag edP.- 

— Solar Property P__: 

— Solar Equity P — t (166.6 

Solar Fxd-Int P.....U43 
Solar Cash P .OOL9 

5811 Solar lntl P ....^5 

~ Son Alliance Fond Mingmt. Ltd. 

— Son Alliance House. Horsham. 0*03 04141 

— ExpLFd.lnLNm-4.. 10492 15961 .. . I — 

— IntBa Noe. 14 P 0222 n^DJ-il - 

2 San Alliance Linked Life Ins. Ltd. 

— Son Alliance House- Horsham 0403 84141 

+123] 2M. 
[Clive Investments (Jersey) Ltd. 

[pD. Box 320. St. Heller. Jersey. 063437301. 


Corohili Ins. (Gnenueyi Ltd. 

P.O. Bor 137. SL Peter Port. Guernsey 

Intnl.Man.Fd. (171-0 186.01 | - 

DWS Deutsche Ges. F. Wertpapiersp 
Gnmeburgweg 113, 6000 Frankfurt. 

Investn. (WC72I J91l]-OJOj - 

Delta Groop 

PO. Box 301ft N'+imii. Bahamaa. 

[Delta lnv. Nw. 10- (JOSUB 1U| | — 

Deatseher Investment-Trust 
PoaUacb 2885 Blebergam 6-10 6000 FTankfim. 

Ccncratra unpa ci a7«-6» _ 

lot fUntenfonds.._lDJttftll 7lii| Tj — 

Dreyfus Interewitinentai lnv. F.d. 

P.0. Box N371S. Nassau. Bahamas. 

NAV Nor. 7 BTS1551 15301 | — 

Emsen St Dudley TsLMgtJrsyJid. ■ 

P.O. Bax 73, SL Heller. Jersey. 0834 20981 

EDJ C.T H2L2 1292] . 1 3.W 

The English Association 

i4 Fora Street- BCft 01-8887081 

iwnw m =4 = 

Next dealing Vov. 16. —Next dealing Nov. 3ft. 
Enrobend Holdiugs N.V. 

Handelalude 24. Willemstad. Curacao . 

NAV par share Nor. 10 SUS80J0. 

|F. & C HgxnL Ltd Inv,, AdvteqF» 

1-2. Lauren CePountney Hill EC4R 0BA. 

01823 46Q0 

1CenLFd.N0v.ft | 5US528 1 ..-J - 

Fidelity Mgmt. & Reft (BdftJ Ltd. 
P.O. Box 070. H aadltoa. Beramda. 

Fidelity Am. Am— [ 5US22A4. 
Fidelity Pac.Fd-._l 
Fidelity Mgmt. Research (Jersey) Ltd 
Waterloo Hue- Don SL SL HoUer. Jersey. 

10534 87961 




AceuiB^-.tal27; c_ 




« 2nd_AnierinraBB 





-1 ~-3) - 


1*7* - ml ___] 

9?4 1*4.1 ...... 

S3'... 1043 

007,. » 95J „. 

7M -54 
3012 -02 


Sj ^53} 

(273 - 29^-05 

, 1M! 

Pen. P-AJ 7 . Acc J 1869 

Hearts of Oak Benefit Socletj - 
19-17. Tavlatoek Place. WOHPSK 01-307 

Hearts of Oak .[37.7 , 394] _...J - ' 

HID Samuel life Amur. Ltd* 
NUTar.AdiflKanl»Rd,Cnr. 01-0064355 


UanacedDnto UA4 1M 3t +0.d — 

Managed Series A. 94.9 _ . 9H +0.3 
Managed Seriea C. 9L4 962} +02J 

Monor Unit* 122.0 

Money Scries A W2 .. 

Fixed InL Ser. A— 924 .97^ +0JS 

Pns. Managed acc.. 1S03_ 


nlemtm ... 

ccTunch SL. EC3P 3iIH 01-6834SDO 

.|155J MAR ..'....( - 
-No®-, j. Next dealing Doc. L . 

Dopceii Fend... 
MraagedFund — 




m - 


9(e0.4j - 

ln& Ca lU.K.) Ltd* Snn Lif* of Canada <U£.) Ltd 
House. Sffuthend SSI 3JS 07D2S2SS3 2,3.4. CVekseor&t . SW1T 5BH 01-P305400{ 

Mapk LLGrih 1 199.4 I. 

Maple U Maqgd 132.9 

Mapi- U.FtatTT. I 1281 I. 

Fm-snL PnTrJ | 204.1 |. 

'Target Ufe Assuranc* Co. Ltd 

16».j .i 
97.1 +1.2 — 
11L7 +Lt - 
180.® +06 — 
1041 +02 _ 
92.7 -0 - 
WW „ : _ 

1101 — 

103J _ 

Targe* Hoot*. CaielHwae TW- A'lmbutF- , 
Bucfa Aylesbury IIE901 584 tJ 

value Nov. UL 

sMsf - 4 liar 

Thfc SffW. Ltd. : f AccimL Utiu) 





Capital LB^sKnnnnce* - 

7 22 C«a*ton Hdhah^apalAib Wteo 080888511 

if BB9S4S^;»-'id' = 

iiol Charterhaauta Uagn Gp.* 

sal ****** 


11* cg^SS^iZi t 

MS Magna BUT, 236* 

U5 Magna Mraa»wCI TS14 

Pna.G1eed.Cmp — 

Pn*. G’teed. Arc. — U4.7 
Pens. Equity Cap_ 1002 
Pena. Equity- Arc— 101.9 
. PnsAdJnLCap — *4 
PnaJaxUnLAo: — 97.1 
Pena. Prop. Cap - - 067 
Pens. Prop. Acc-_ .|984 

Imperial Ufe Ass. Co. of Canada pt^^I^ial 
I mperial House, Guildford.. 71855 AgricdftirsJ Fuad” 

Grt.Fd.Nov.I0 1734 «J)....}.- Ajjriajgmd<A>_- 

PeniLFa Nor. ]0_jS7J 733 —.. - ^Sl2£R® Fl F ,d - 

, Util Unkad Portfolio Abbeyjfre . Fd. lAi. 

■*«=*■ e 

lav Plan. [1585 

Fd. 93.0 

Fd. 1061 

Jd 95.9 

DinLFd- 994 

^Fd W-l 

Fd. _ ,»a8.2 
_BdFA 105.4 

OliQptuUPd.. -|9ft3 — 1 Mm. Fund Inc.—., 

h Union Insnrenoe Gronp* ■ 

Norwfcfi NR1 5NG. ' 000332800 ^ FdAro.™ 

T ^M iSWSsnsma 

- - 10*2 11571 — . Ret-FlanCup.Peu — 

tOCLIS 220.6 ] .....J — . Mm B wfitlfl-. , 

. Man-pen. Fd-Cap — 

Gilt. P«LFdAce._-1 . 
WUUamSLEC«P«HR. O1-6I80B71B Gill Ppu.Fd Cap. __h23.n 

JULl 117.11 ,_.,J - PropJen^AAcc. 

.. . — 00 2 1 J — Prop .Fen Kd.Cap... 

Xqi-.-..b9.7 0 % . -1 _ CuH-gS^ScS'-lita 

Equity A Life Ass. Oft*. . D-A.Pen-Fd.Acc. — rafts 
Street. WIH :AS. 01-4880857 u-A.TeiLFB.Cap — f%.8 

195.0 ioa« 

R17J 123-3 
117 8 12441 


97 0 







ItS 5 



. lOljfl 

as r 


Fropmiy Growth Amur. Cd Ltd.* 





— Transin tern atiooal Life Ins. Ca Ltd 

loon Croydon. CB01LU 

_ Secure Cxo.Fd. 

Irish Life Assurance Co. Ltd. 
li. Plnsbmy Square. ECft 01-688 

-Mil I.vai TWanwIafe Managemen t Ltd. 
-SLOeorge^Why. St eyantg ft 

■ •, fl gg B .gg' Gwthumm . . m i - . 35.9) - 

u» Hay<)eweT.BlanaCC9oent Co- Ltd. 
M/MGnrimmSLKSVZAU. 0148fl 

City of W« 

■jAasnr. Co. Ltd 

MaoagedFUnd 2334 24S.9I 

' * **fl*n4ty :, Caa ir^rod Managers : Interna Nov. 7^.fe4 : <5.91 

’ 1 ^® ,ff S*; : »cai9Aii. - - m-6»446S Mercury F'tmd MmapW Ltd 1 
r"“ r -l»-^P7a4 - 182Jhd _ ,1 5« 4ft Gresham^, E«iP2EB. m-«O0 | 

Fund MngL Ltd. 

-BI -'-4 

sia 5 2 

Men: 0«n. Nov. ll.|WJ 
-fHJBW t in7 •• Act. Uli. Mv* 

01 ■ NtefCaintNov-pr-, 

4.W ice. uc*. S<n; 15—- L- 
- 433 

WJk'Ouatox TsL Mnemnt Ltd. Accm-Lts-Sept. 26.^95 4 

B :i ■ : ». J0MN.7SSI Ltt* 

111 ' 764 ... .1 J4i Unit Trtea Managers lul* ia> 

s^Seeurities Ltd. - 'SSSS^siotS*' 

iHtt-ltaut Mngo. SSSSmUmi 

ibT^M.*(ii)fl>Hc)ft> “ to 

*Kfeibft-. ^33777 gu Acrom ^ gj 

W.V+A9I «■*> 

Wart Prop. Fand__h 

»uS21~ f 

PULA Fuad- 

Pans. Mhgd. Caft_ Im4; 2 J 127^ , 

Pens. MngdJlc*L~E[l269 13ft| „.] 
Pena. Money Canc^fe.B . 7 «S 
Pans. Money Awll, Isa - -327 
Pens EffoityCapriiMl "FiL+fl.' 
Pans Eq uhyAsc .-.J*74 ■ «?' " 

Fond i-unehny dtied ta new _ 
Petforai Unta-jw] . aj3 | 






Managed Ftmd 233.6 

Maid- Fd. Ser- H- 943_ 


PropLtiod. Nov. 1— 149.9 

King & Shannon Ltd. 

5ft Coro hm. ECS. 01-6835433 

Bond Fd. Exempt .-pBI.94 105.49|*027j 
Next deatog due Nor. 15 

Ijingham. Life Assurance Co. Ltd Bdj v_; 

l^nghamHa. HohitorotiE Dr. KW6 01-003 5S11 Bldg SmTCap. UtE 


2 Bream Bldgs. BCii.vv O14096«7| 

•Tulip Inreta- Fd. .1147 fa 
•Tulip Mon E*LFd. 1129 

•Man. Bond Fd Ufa 4 

Han. Pen. Fd. Cap.. U9.7 
Man. Pen. Fd. Acc. . 127 7 
•Ungd inr Fd lutl96Z 
•Mngd lnv Pd. Ae^96 9 

Trident Ufe Assurance Co. LtcL* 
RencladeHimaa.Glouccrter 045330541 









- 4H*tSA^r A) " 


, , M33 

EmtevyAmerican _ R9.4 
I'X Equicy Fund._(lii.9 

HMilicld p99 

GffiEdsed U21.6 

Money-.; -—{125.1 


" J$?^n A d."^:g& B|“1 = -P«»vM«ceCftpitol 

- WisptSPi Man Fd|774 fUj .. j _ 30. Uxbridge Road. wiB 

Kingswood House, 

Unit Trust Ma^. Ltd 

, y s®jsw5: 


fLi Api httA 60.4 

0412041321 joternaUonml «■« 

2.41 Da Ac«im. 

2.41 High Yield — 

ft 95 DaAerom— 

ftS Equity EsotoK*— MJA 

- 232 CaArcim.'- 

439 Jsfauift P80ifie_- <7.0 

' City of W«tndn*er Amot. Sec. Ltd 

Telephone 01-6H BW4 ' Da A«wn. Z.~. Z 

»4 135.M .i.lj — . Equity Initial 

,7 " STM J . — • - Da Arcmn — — - 

" Fixed Initial...... 

‘JLT du||«i| Flnft 

1-36 1 Commercial U mod Group 
SL Hdtea'a L Ifedanhafe EC3L 


-B =; 

S 3 31 

663a 464 
723 +04 

. 1 . 

i05 Vi Aft AftKMLU; {■ 5630 

t« Da Annuity Ptx—4- • - " 


01483 ‘TOO 

I - 

Do. A crura. — „ 


Do. Actum. 

Managed Initial. ■ - 
Da Accum. __ 
Prop enr In itial 



CORAL INDEX: <3ose -48M85. 

Exempt Efpy. Init._ 
Da Aon on 

Confederation - LJfe Insurance Co: 
3aCha&C«yLimftWC2AfflK 01-3420283 SaSS^™ 

®sissfe®{ sa 

■PIP fund - -4103 


Eculiy mmlop — ^ 250.4 
p^atyPmifttp^PPJ.. 153^! 













UCri ft General (Unit Paul 

— ExemjA Fixed InitglS J 

Do. Accniai— 

Exe mpt Mn gd. ml 

Exra^nt^ EE.'lie'#' 
DoAkosl |W.f 

Burch H< 

10U - 
uoj +; 
1346 +;.. 
12L9 +0 
12S.I +0. 
933 -0. 






Life AM. Co. LU. 3-w«y niw 9 ..._.. 

30. UxhrMge Road. WI2SPG 01-740 Dill. Equity Kov.S, 

Sel.KJiFd.Cap JB74 “' J “ BmufN 

Sti.MkLFd.Sid ...]10<A U£S -- 


1710 ..... 

50j .. 

501 .... 
x6 1 .. .. 

4*7 .. . 

S 3 ± 

SI ::::: 

Growth Cap— 124.1 

Growth Act — 129-1 

Pen*. Mn| ' Cap.— Ufal 
Pena. Mngd. Ace.— 122.4 
.PenaGlaDep.Cap . 104.1 
Pena Gtd Dep-Acc. 109.7 
Pena. Ppt>'- Cap. — 1169 

Pena. Pty.ACC E63.2 

Tr*. Bond 364 „ 

'Trdt.G.l Bond 968 

•Cath ralne for £100 premium 

Tyndall Assaraaoe/Pensions* 
l&CanjtigeRffmd.Briatol. 027232841 




162.4 . „ 
14.1 Hl.« 

U&5 +2.0( 
1482 .... 
12a7 — 

131 S ... 

104.4 —0-1] 





1162 ... 
1234 _.. 
1505 .... 

36.4 .... 

TadwoKh. Ponston Eqnfry. .‘.Vh25 O 

53456 Pension ESd. rk. . U7J 


Equity mean.. .- 44.4 
EqulprF4Act , .. 44.4 

Pad InL'.Cap 47 J 

frd.Iti.Acc 47J 

biadCap. <5-3 

TetnL Aml Bi 

Managed Fd. Cap. „ 45.7 
Managed Fd-Afc. 45.7 
Property Fd, Cap. _ 47.6 
Property Fd. Acc _ 47.6 

or.D . 

Property Nor. 0. ..— .. 
»wiv Pa OcL 1ft. 
Mn-Fa3-W OcL 2. _ 
Do. Equity OcL 2 

Do. Bond Oct. ! 

Do. Prop. Oet 2 — , 

163 J 





Vanbragh Life Assurance 
41-43 Hmddtn SL Ldn. W1R SOLA 

_ - Provincial f.ife* Assurance Co. Ltd 
- ZSJiBiahtipastie.E^A 



U H- 





14 = 

Maaagad FA 

Eqult^Fif_ ... 



Ftefld Inum FA... 

Property FA 

Cain Fund . ■ 







CornUD Insunnce Cft Ltd 
SftComblil.BCA’ . 01-085410 

Cmj. reb.OcL 15~.jlS6tt 

^^Sw-Oet-aiEfej 189.: 

Credit £ Camfeerce Insoraace 
i 1 6>, Regent St.,XffBdan w'ntSFS. 01-430 7081 
I CACMMdFft— iXtiO -132.01 ......J - 


Q (R Fond 20. 

Property Fund 
Equity fund 
F»d. utt. Fund. . 

Prudential Pensions LindfeJ* 

Letal ft Genera] Prop. Fd Mgr*. Ud MIL „ ^-^f 38222 Welfare Insurance Cft Ltd* 

II. Qoera Victoria St, EC4N4TP 01-2489678 SSS l VJ!%2FVj a> -"@aM 194S T "l _ WhaladePart.EiAer 03Sft5!U» 

J - ■ Wfe®."- Els ad-J - 

Vanbrogh Pennons Limited 

41-13 Maddn St, Ldn. WIBPLA O1-4G04Q23 

Managed-., W3 1M.U+04] - 1 Slal r 

P rope rty -: — _ — |100.D ltftj] T] — 
Guaranteed kb Ins Base Rales' table. 

Mtov maker Fd -I 184 0 f. 
F9r other funds, please refer loToe 

Reliance Mutual ~ M aue hra t er Group. 

aM2V»-Bi»dSt wi-rnta ' ' .,«.«» TuahrldgeWeiliKcaL 08W8827J Wjidsar Life Amir. Cft Ud. 

3M.NW Bond St yn. ORQ. 01-W383P5 Rrt.Prppj^ .. | 7090 » ■■ _ I. - Rojti .\lben Hie. Sheet & .Wtotor 

London A 

Ufe Assar. Co. of Pennsylvania 

UDtijKhlW Asset »au«Mit 

LACOPUnia 197.4 ' 1023] .... j _ 

Ufeyda Bt ut EaE3^E£SE5^M» 

101-4. "5*3? K 4 - 

TT. Lombard St. EC3 
Exeaapt— _ 196< 

IjtfefBv. Plana , 

ifacet Sl .Windsor 8B144 In 
71.0 7681 -1 J] — In 

life 1 I - 91 

Afi J r “ ? 

1815 _ 3069] _.... j * 

Jersey Energy Th. . 


L’E. DeOar OengmlBaied Fd*. 

I'nivti. JTst m’S5J2 5 JR J _ 

im High lot Tst. . -ItfSftW #98 ...1 910 

Value Nw 10 Next dealing Nov. 20 
Brown Shipley Tst, Co. (Jersey) Ltd. 

P.O. Box 588. Sl Helier. Jersey. 0534 74777 
Sierlinc BoudFd. ..{£989 9.93].. | 12 00 

Butterfield Management Co. Ltd 

P.O. Box 106. Hamilton. Bermuda. 

Bonreiu Equity ._ , I5VSJ lfi 7241 J 175 

BtitreMlAcome-, lilSLW 2J5( J 7.87 
Prices » Nov. 8 Next sub. day Nov. 1L 

For Capdirex SA see under Keyset 
Ullman Ltd' 

Capital International s.A, 

,37 rue Notro-DameC imraboui. 

Capital Int FnrnL- 1 SOBIIM 

F * SSSx^offiS-LSa 1 “ BSSS3CBB 

ChmteriMMitte Japhet 

LPatersmiterEow, EC6 01-348SSBO 

UxUropa KUGMO SUM ] 4.7B 

Adi verba |55«.40 4A7 

Fnndis ~Z — I I [0^898 527 

October 31. 


10a Boulevard Royal, Luxembourg 
NAV Nw . 10 | SVSU.56 | -1 - 

Neglt Ltd- 

Bank of Bermuda Bldgs. Hamilton. Rnwis. 
NAV Nor. 3 |£646 - 1 . 4 - 

Phoenix Intern stional 
P0 Boa TT, Si retcT P«T. Guernso 
inter- Dollar Fond. 15230 2.40] | — 

Quest Fund MngmnL (Jersey) Ud. 
P.O Box 104. SL Heller. Jersey 0634 27441 

Quest Sdg.FxdJnl, 107.7 919 ] 12.00 

Setalnll&ec#. ..,p.'SiM 6KU . ..I 3.33 

QpeXlnUBd. [tLSUn (Ltq .. 9JM 

Price at Now. 6 Next dealing Nov. 16 

Kjciunmd Life Ass. Ltd. - 
4ft Athol Street. Douglas, I03f. 083423814 

115-ffl +25j - 

Dol Plannmn Bd- tl492 157 JM —2m — 

Do. Diamond Bd Sft7 209.3) +0 — 

Do Em InromaBd— |lfc58 173.7] .“J 1162 

E MerwrFMtd— toa^ 

y«filMVhlM A«mn» W3wflp nrtM. 1 t (CJL) 
ROlBox SB, SL Julians CL Gnexnsey. W81 20331 

DC-EqFr. Oct. 31 -K3A 


O.C. Commodity*,, 

O.C. PIr.Comdy.t . .jpafaa 

566a 288 

163Jb 7.16 

L3C 1.35 

148J .. 3.48 

1501 -2.7 428 

30-51} B.m 

•Prices on Now. It Next deaknjc Nov. 30. 

- 1 Prices on Kov. 7. Next dealing Nw. 21. 

Rothschild Asset Mnfit (Bermuda l 

P.O. Box 064. Bit Of Bermuda Bid.. Bermuda. 
noaerve'Aiseu Fd.|5L’S9Jl 9831 , | — 

. Price on Nov. 7. Next dealing Nw 16 

JBoyal Trust (Cl) Fd Mgt. Ltd 
PD. Bos 1M. Royal Tat Hse .Jersey. 0534 27441 

R.T. Inti Fd I5DS923 9024 . .. J 2 00 

AT Im'LlJsy.i Fd . Isi.O B7.>M . | 121 

Prices at Nw. 7 Nut dealing Nw. 16 

Save & Prosper International 
Dealing to 

37 Broad St.. SL Helier. Jersey 0534-20581 

U-S. DaUardeoaotinated Puadx 
Dir. Fxd InL*^ ... .|9.11 9 

InternaLCr.T 7.73 

Far Earioni-j 5131 

North Ameri can't . 3.75 ■ 4.: 

Seprot .|B.04 16 

SMilM-fttaalaiM Fonda 
UbawcJ C«PiUJ*...|233 8 
Channel UdnncWt 
Ccamood.— - 

Sl Deposit* 

St Fixed-*** 

'Price* on Nw. ,» -w. u nvr, 

JWedtij Dealings. *Daib' Dasllnga 

Schlesinger Intenutionel Mngt Ltd 
41. UMotteSL.5L Holier. Jersey. 0534 73586 



ttHL.:: — 

GIliFd ... 

intL Fd. Jeraer... . 
InmLFdLxmbig. . 
•Far Earn Fund..... 
•Nest sub 



a Hi 








Schroder Life Group 
Enterprise House, Fommoaib. 
lalcrnatlaati Faads 





I Fixed Interest — 


Managed .... 






' d = 

Series A tlntnl.i — B336 
Seri es B iFaeifi cU. u958_ 

Series D (Am AmO. [£1425 

First Viking Commodity Tracts 

St. George's St- Doutiaa. LoJA 
. J24 4602. Uto Agl» Dunbar ft Cff. Ltd - 
53. PaU MalL London SW175JH. 0T-BM7BT7 

PsL VUlGbl Tjl —.137.5 • 39-3 - --I 240 

Fn.Vk.DbLOpiTH-lM.0 67.oj ....Hj 430 
Fleming Japan Fund S-A. 

37. rue Notro-Dame. Luxantboorg 
Fleming Nw. It.. | SU564.M |-0J2i — 

Free World Fund Ltd 

Butterfield 1 Bldg-. Hamilton. Bermuda. 

NAVOrtTl I 5 US 19085 | | _ 

G.T. Management Ltd 
Park Hr 

J. Hemy Schroder Wagg A Ca Ltd 
120.CbeapMde.EC2 01-5884000 

SUS1U5 1—0.16] 261 

. , 5US12330 J-137a - 

Nw 13 .-te/san aua ... .1 225 

iNor.l».BAL91 2.<qi .. 530 

Nov. 3-'SSSt 9 j3 .. 0.42 

CbaaptNw. 13... . 
TtaI>l|arCM-3I. ._ 

Dari WjjFdSi or. 13 

Dari it 

Sentrj 1 Assurance International Ltd 
P.O. Box 326. Hamilton 5. Bermuda 
M an aged Fund. ...ISTSJSi 15JS] . . | — . 

Singer & Friedlander Ldn. Agents 

20. C annori St . EC-J. 01-2488846 

OcJufrodHi-. . |0V2y7_ ^!7«j .. .. j 612 

Loodon Agents (or 
Anchor ■flM* — 
Anchor Gib Edge - 

Anchor lot Fd 

Anchor In- Jw.Tai .1 
Benr Pac Fd 

Berry PacStxtZ 

G.T. Asia Fd— 

G.T. Aria Sterling— | 
G.T. Australia Fd ... 
G.T. Bond Fund . 
G.T. Dollar FA. 

18 FlmrfHtty Ulmjs,. London BCt'- ' ; ConuBadity T nisi ..I9F.40 
-I. TLX: 800300 

G.T. .Dir. lS Wg-1 Fd jfB O 

ta.T PartO r 

G T. PhUippine Fd. _]$rSlU9 



PZ7 0 3423MI 


(£14.95 360MH 







C.F, Fund 

Imnl. Bend HIST 

Int Svssl ‘A’ SLrfTlifc 
InL Sygs. ‘IT SUSfUl 

!+. Maty m-x 

Gartnwre Fund MngL (C.I.i Ltd. ta 
4 LBroad SL. SL Refier. Jersey 
Gilt FundtJerse? i — |9S.OO 100.0] 

Garitnore Fuad XagL (Par Earn Ltd. (atflu 
1503 Hutchison Hat 10 Harcourt RA H Slows 
HR ft Pac. U. Tst -TpHiJSS 4JM...J £sff 

Japan Fd.. — hiai» »2«-i.02( 050 

N American TsL....er5i9 51 1SW . ...J 180 

IntL Bond Fund — fsusMX Uffl-OJij 5 Ed 
Gartmote Invesuneat MngL LUL (ai 
P.0. Box 32. Douglas loM. 082423911 

Garunon* Inti India 6 21 « .-T 1280 

Uartmoro InlL GrUiJfaB.'t 72 8) ....( 2.48 

Hambro Pacific Fond Mgmt. Ltd 
=110. Connaught Centre. Hong Kong 

sa:d = 

Hambros Bank (Gnernsey) Ltd / 

Hamhros Fd Mgrs. (C.L) Ltd 

P.O Box 88. GuertMey - 048140531 

ysk 3 

j.mJ-o.021 _ 

Prices cm Nov. 18. Next dealing Kov. 22, 
Benderson Baring Fond Mgrs. Ltd 
G05. Canmoti Uotue. Kbng Bong 
Japan FA Nov. 8 _(StS»B SO" 

Pacific Fd 1 Ort. 26. JUS1O.071 

BoudFd "Nw. 10 | 5U510686 

Exriurive ef any prelim, charges 

HiH-Samnei & Co. (Gnernsey) Ltd 
8 LeFeinTe St . Peter Port Guernae} , C.l. . 

{GuernseyTSL (1500 1603] +3,0] 370 

Hill Samuel Invest. Mgmt. Intnl 
P.0. Bo* 83. Jersey . 053457301 

HS Channel U-F. ...(2178 12611 . ,| 300 

Box 3821 Bern, Swltzerlaod Ttipc 33423 
H.S Oveneofi FAlICSDM !Ut(-0.19i — 

C£T. PA iA£cum.iteFI52* _ 

CrusbowFAIAcc > {SF363 3J2]-a!na — 

ITF FA VAcc.l|ft , S72Z - . 

ingL Ltd 
P0 Bos R237. 56 Pitt St Sydney, Aml 
J areJiaEquiV Tit.|SA2J2 -2.42] _ J _ - 
IJi.T. Managers (Jeraeyi Ltd 

fF?i Box 96 Channel House. Jersey. 0534 73873 

[Jersey ExtroLTst-JlTlf USLi 4 — 

At at Oct 31. Nett. tab.^TNov. 30. 
(Jardlne Fleming ft Co, Ud 
40h Floor. Coonaugfn Cam Hong Kooe 
' J ' " ‘ , 1.90 

::.H (B 

Tod>vT!J.Oct 31 SU54290M 

Stronghold Management Limited 

er 0534-71433 
lM«H . . 4 — 

; burin vest (Jersey) Ltd. (*) 

1-90 Queens Hae. Don. RASl Holier. Jm'.OB34S7340 
^■S -American lnATa_-I£734 • 7.191 -806] — 

Copper Trqri W135 12.63+0.69 - 

155 jXWT*._.|5ti9 u-^+iuol - 
027 tsb Unit Trust Managers (C.l.) Ltd. 
zS Bagatelle RA. Sl Saviour. Jersey. 0S34 73494 

Jrr*ry Fund 47.6 

580 GuerowFund . — 97.6 

XJ1. Gilt Fond MB 

_ Gill Fund 1 Jersec 1 — 

698 Prices on Nw. 15 Next nob day Nov. 

Tokyo Pacific Holdings N.V. 

Inaras Management Co N V. Curacao. 

NAV per share Nw. 6 SL'S68.49 

1 oar. Jersey. 0534734 
7.b 58.3] -0.11 4.79 

7.6 50 j] -Sl] 4 7V 

bb mat J 12. » 

Gartmore Invest. Ltd. Ldn. Agfa. 

£. St Mary Axe. London, ECU, 0L-2833S31 
(C.I.i UA-taMh)- 

053>LCTr4i ■Tokj’o Pacific Hldgs. iSeaboardj N.V. 

...J 1235 Managcmeni Co N V . Curacao. 

NAV per share Nw 8 SL'b4081. 
T>-ndaJI Group 

p.O. Be* 1*58 Hamilton 5, Beramda. 2-27SQ 
O'fCfliNw fi 11 129 ' . .1 — 

(Accum L'titgi . .. . susLu Lit] I — 

Juay Int Oct 19. .jft'SZTM ITO| 1 - 

3 V* SL. A. HeUer.J^ner 0514 37331/1 

TOFSLNw.9 ~ C730 7.0J .. .. - 

(Acrinn Saaret.' -. .|aL55 1188.... - 

American Not- 9 [785 8*3 . .. 2.00 

f Accum shareai . . ..1785 643 .... — 

K5S«Nw.0..-.fa.O 943 2.00 

■Accum. sharosi . .[S&B 9*3 — — 

jofserFANcv-O 1213.6 2264 695 

Aee.U»i„ 3K.4 32Qi _ 

Gut Fund Nw.8„tl05JJ 3iJ7Bj .1,1,21, 

(Acrtim. Shareai _ .|l94.4 ' 142« — 

Tfitutr Hra«. Doetiia, late el Kra. 0684 241 U. 
uSfficd OcL IB -TlJjSfa 1ALB| ..TTj - 

Unilife Assurance (Overseas) Ltd 
so Bw 1388. Hamilton Ml. Bemuds 

Intend. MogA rd_ HV5H6 - 1 \ - 

Union- Inveslnmnl-Gcsellschaft mbs. 
rofltfsch 18707. D 0UOO Frankfurt 1& 

AtbJiiirfonds IttM 

E u; apaIon<u . . [T7.VJ 

liUlloiid* . . k94» 

Unlrrata. - - HIM 

l uBpccn* I ' 159.75 

12.901 -0.20] 1122 

28 40 . 
42.90 .... 
280 -0.40 






l-td. Intnl. Magmnt. (C.l.) Ltd. 

14 Mule as! cr Street. Sl Halier. Jeraey 
L'.'l8 Fund . .. ,'|ll SIMM UD« | 730 

United States Tst. IntL Adv. Co. 

14 nue Aldringer Luxembourg 
i: < TA fnv Fnd .(SllSUfi - ]-01?l ON 
Net aaett Nor 13 

S. C- Warburg & C«. Ltd 


HercP*!.^: 8 -. 



SL'S9 24 | 


5US1675 I 



srsoa it* 

suio 10J1J 

WariBfg Invest MngL Jirsy. Ltd 
1 during f-roas.SLHdier.Jsy.C! 053473741 
CBF Urt Oct 26 .. - JSVS1AS7 1 • 

Jardlne Bam. Tat 

Jardlne FleflUnL... 

Do.lAecuBLl — _ 


CMT Ud- Oct 2dr- 
MeuriTst. Oet 10. 
TIITNw-5— v- -- 

TMTUd .Vrt.B.. . 





15.00 „..., 

1081 .... 

World Wide Growth Management* 
ifto soulevord HpieL Luxembourg 
Worldalde Gift Fd| SU5W.B |-0.J<| - 


«!is» ipronium. encem wbere inAc.ied.^nd art In |»aa 
Indiniad .Yields % itetwa i 0 ] M «Jhmui> allow fur -)l bujicfi a Ottered price* 

Include all expense* b Today s nrie+g, t yield based on offer price, d Estunaied. g To-day * 
qpw mg price, b DlaribtnloBfroe aflTJK. laxea. p Periodic premium Insurance plans. » Single 
premium, insurance z oe^cred price include' all expenre* except aeeni * canaMoa 

-- - - 5 - manoeers t Prenooa dar* price 

. 9 4 Guernsey ktim. 4 SuspesdcA 
«ibdi\i»Ua. - - - 

Ottered price laclndea all exp*Mea if bough) throw 1 n 
Ml ot tax on realised capital gain* unless indicai^d & 4, 
f UddJWnro: Jersey DW-.t 





















••". ■; fjt 



131' ; 
Imv Propel, 382 
btensirrpeanl'lp. 38 
Jera*nlare9._ 46 

High Low J 

uLr-,'lK i P. 

J«.\rw C 

311 7. 

33 6 

66 4 
19 7. 

4.6 4. 

« 3. 

2.8 8. 

2.7 B. 

25 6 

3.8 IL 
1.7 ID. 

3.4 7. 

25 3. 

25 6 . 

28 9.! 

Z 9 Z 

i 3.8 4 J 

1.9 11. 

5.1 «. 


2.5 6J 96 
6.0 52 4.8 
M 54 52 

%2 4J #3 

-I- 173 

26) O 1 “ IHwHhoraU 

31 30) 2.6 
6.2 59 , 20 , 

2 9 2 62 

3 3 5 TUB 9 
5 5 53 4.1 

hi 331 B5i '0| 59 

Jialhanra hi 

(NTlM'Uftn. £B -2 04*5, 1191 !4.9j - P04 

trtBipttfiZBDfra 82 ... . 5 68 15 6.7 12 9 

Nd&SpnrerlOp 106 *5 t203 57 28 7.3 B99 

. NnrEpip ifipi- 23 ... 0.99 Z7 631 S9.-1? 

Nmtnrw- - . - .911?. +21, 449 -25 7.3 63 »•; 

JwnicSecRUJp 17* ..... *22? ^ - * - 136 

Nu-SfriftSp 28b ....;: tI59 23 83 13.6 *61 

3Sffi£: ub +3 43$ 37 *£? u mi 

OfierfOp . -- 105 . +3 ffi3.07 3.9 4.4 8.7 Lb 

, *«*«g*;- fto- s| 2 | Gan 

1 MrnS%. Stf .™.. te.41 5.B 4.6 5.7 95 63 Adams' 

Pauls&TfWleL. Ill ... Ftx« 3.4 61 64 21 4teS 

■ saftr. .« i- ma m s % £ ss 

. isife .*•• a isp at? a $ 8 e& 

PJullifwPMmls 17 B— ■— J — 183 95 82 Bramal 

(WMeSOp- 348 .. . 605- C9 25 98 52 40 Frit. Car 

Pflbn^Sr.U. 286 -6 65.85 4i 3.010.4 26 19 Cr.SB 

Pnrt$«i«>fci £6C(4 .. *6 23 - 53 64. LaSyas 

PlanfC*?! ICp'- .36. ..,. t&iC.l. 2.4 87-7.115? 2®z -iinnn 

1358 !. 

30 l&t A!W« 

65 50 Earcn 

SO 56 Foot* 

.& ■«» 2 «n»‘2§ '3 !S 

® rf H ! S3 i| “ E2S 

IT 4 $ :» :5 1? S Sffi 

PawdiOwf 50pf 


| Pncr M [on 

(FressTOci.iSp.-'. 27, +1 t0.35 '4.61 4 : 7T 7.0 54 -‘{'79 Button rojshatd 

iPredifftTraip.. 177“. 566 : 33 96 39i{4*! : Crte?;PG?. \ss 

. |PJitrto85j4 5p 33^{S ■* JL51 37} 57 38 ;25 ijlMOddlM? 

PHMMS*«9p 33bftl -*4i jL51 37 5.5 .67 ?? . 25 tllMfleULawj^ la 
tirtn- {awfs 5p 13i - - 041 9 A ,51 a Haver Dus' f 

RT.n.GtWPlflp 66 1.6 98 36 .3.9 IZ& a '92 lam-an-TCC; I 

ittl>Group5»>_ Mb .. . ~ - - 2.1 '118 Wj tenwtu*-. « 

.TTDGroupISb . W: . .. . — — — Zi *118 74* UanwtUs _J 

•fcwtartfifS&L 34 H93_ 35 M . 49 -I* !M Heolrtn?. - 

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iii •& & a! “ ? ■ ABVEBTISING' ; ; 

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75 142 48 29 MiUeriF 

10i (40) 74 46 

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101 '4.6 50 24 ,Vd»aJer 

8.0 4.9 82 58 ParkUnc 

11 1 1 1 m 

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63 - tl4.46 3L6 8L2 54 66 19k, DaPriv. 

96 324, *42 .sjd 7 1 48 36 Sparer 1 

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78 +2 d«|7 3i 5.9 85 M 23 Stmudia 

4%U iQTOe 74J Z4 10J 43 37 Sjnbeam 

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64 +5 t^5Z 6.7 60 2J 35 18 rerfrdJc 

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fjiSSSv 192 J7A5 Z6 SJ1QJJ 62Jt 31b TtewYH 

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StoUD^ 100 +334 XI 51 2tta 90 48 TriroriHe 

sS r - y ij « s s ssk 

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1 — - 313 ..... 43)3 44 . AAW . ; . 5 400 330 Dun MAC 

lDpL- 105 +1 d2.40' 3.5 3.412.6 ^ 45 Cut'dlijaian lOp 59 +2 Z06_ #15.4 * 89 71b. Impenai. 

3_V 107. ..... &3.80 3.6 53 61 034 195 AEtaattLttidon- 216a! +2 d437 la 30 3,0 65>2 45>2 Rahman: 

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23 464 
53 24,9 
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w «*"' » H b 1 1 g-ss I ]i & ' m i 

sM - m IS ESSSy.* - IB +3 3.04 3.0-4. 

Tfl I fl TOT ,19 Aberdeen 

tm 157 118 .Ahedeen 

5.91 42 4fl 8.9 121 95b Ailalnv.. 

rr_>. .-* 117 77 AlbanteL 

v; *Z 4 ^T. 250 AIU»rel 

w K-^SS 1 ** 113 AltlfoaH' 

7J 12 4.4 282 215 129 Dc (bad 

22B 12 3.4 37.0 62b 51b Wreeit 
" 47 - Da 'bp. 

-T" — . — -K»4 Asniias 
«“ *"t T_ ", 51 36 AmaTcan 

« w -H Si U4 « AntfoAm 

|. & *ss 

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88 ..4/ 11214 143 106 Astowjl 

*mu«. j.g iftS — 6.0—S* 


" * +3 0;* -MmUi *1 

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„ 1978 r 

»?b bra{ 

MINES— Continued 


| J* ori K» ; Ikld - 

SJflrt | Price. ( — [ Set |C7r(c,r'<; 

15 1 9 AcffnSr .! 

HO i ti Fnuciir.iUc-.iCToes. 

131 .15 BftSoatt.TOr 

S7 r ' ;o5 [VniraiPjcfi.: 

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'7 I*. ' .. 

7 5 I -* G-M. KJl«i*:*d,p^l . 
i ;j Haraia«fi7ldNI.... 
140 ’ P\ {HamfDi VreasSp- 
JO i Ij BetalsE Sr . — 
2S3 US 34J VL HM*« St _ 
22 3,1 Mincf.ddsEtj,) _ 

JO I :i> HJiwnlL-'dlJjc^ 

7 1 ., Xrwmeud ;ft ; 

14; I ;1 North B. HiliatV..... 
16 1 ; 1 0-, !fl!i Kalcuri: . — 
22 | I: \ih WertViIniat- 

1/8 Hv OaUrdieSk? 

J? 1 11 nOilmrn XL" 

113 i— 4 +q&: 
112 I. t_ 
330 [-25! -- 

2^6 -6 UftlOe 
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58-2 — 

26 -2 

121 -1 13J5 

25 -1 

1£| -4 Qfc 

23 1.:::: _ 

86 16';' 2-, 
62 y» ; ; ■ 
155 1TO Ur* 

1 11 

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25 -1 “ - j - 

H {-5 Q9e 17 3.0 

02/r|-3 QSc L5 48 

5‘s r • • 

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£o>;|733 panp+uliv . 5i 

-0 12 pannsa MmEk flp . ] 

570 [DC Pefc^wall«cn‘1.T«K- *,f 

3C0 f SoWhcrn Pariiic 1, 

ibi \ EJ Pfesln.Miwn.’SOi-- IS 

jo 135 JuTumCrec*:^- - : 


30 3 [Anal ViFHia - 

410 240 Aver ISiamSyii 31 

60 is Berth Tin . S 

3 r 5 ;0Q SeridiUaiS.NI 23 

185 -ill neeuir - I 17 

11 9, GcJdABJ^lS'j-l 1 

55c Gor^neCons. 31 

510 131 Hoesketa 29 

93 78 Idris 10p E 

II 7 AuiterSjp .. . 

6- >5 KartiununeS'SHW a 

644 Jjft join nstall i' 

47’. ■:.C'i jKI. 40 

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tv 1 ';. si.rTen^ 1 V-.. J'iil 7 

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CfMis.Mnrch i'i_. 
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fi .T - . . — . * 

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li U: ...1d = : 

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1S5 |1T0 I'VuidU) CV/fi* *73 i _ 


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n 12 S furreri'.. e«!uc-'i:.c ':•? in- t-’.Jrcut drjllnr 
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fb-7 930v Staek-miGi .... 51.. 

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. d4 0 13 56 

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r.:'4 ... .qjl> 4> 199 

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SI- « . . 4- 2X6 

47 i: -5 tore Z3 bJ 

J'-f's +b Qil5c 3J 7.2 

+J« qi?5e 171A3 

521 i >:iic 4 21.9 

Mw«* -l| QI2 5r 24 9.1 

L64 (J33 A3i?dl 
58 . 48 Allans 1 
85 53 Bralrai 

85 64 Eecaa 

30 30 Bbclw 

35i 2 28 PoDdSi 
42 28 Etifihl. 

lf'li BrisratCrpap 

.17 10 BntEafaita- 

35»j Prt.Ui 

India snd Bangladesh 

jrorwar>:l. | 25S -2 U965 

^£l 283 1015 

Sri E-ank a 

hun , ol 1 j L : rd«r> vtVj-rwis^- '-+lr»W_ i»-’. an a»+ In 

-Si - p ^ cte alu1 *a«isKl«n, ir- 2n Z :i.:nc+4 pr-.r-'carr met 
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*7--) fJJ) S-. «< ■***" 4-e upAa-id oa hi3-., cari« ficjrc+ P,'£,.,r« 

1 “ 7a«mlar«l »n !hc t-i,is of rri f*i •rth-j:i-.,. hnH.arf lircrr^ 

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rii-lribaUan. '. n\ m arr Sost-d -,r . rv'p* ' . ..-it 

Vi-lrfu a« tu.v-'l .n mill-''.- win, > 1 ■: '. .“. 

13 per crtK nri aJI +• for vs!-,*. •!.' i„ ■ *.•,.• £.• . >- 1 .-5. j,.d 

h richis. Sccun.i.-. s::a d-nir-jmcions - rn..n mchsc »r« • 
qaoied Inclcn'- u! tf.a in,>-.:rv.v. uh'jxt ;mKsi-n 

|®» !Uh SSft 

tv? 1 1612 0 . and L»; r*u. ‘'ten ;:r j j'l-.-i 10 jU~» 

for rifhfr !■•«..• -,r tarn 

lj.5 2o 1 totrnm Bin- •• ;• ••’. crt or '••!.• > ' 

15.0 4 6.7 i lntenm vir.:-- •... . *,:. pa« .re •■: 

♦FI 75 32 104 i; Ta,-fc+e ;■! wn n?r-..* ■: u 

h7.44 4 910.1 * Figure* or r. .■• .: >x 
12 5 4.2 1L8 1 'AlUCnl us-ir: 

r nice at ti.,.., .-' • 

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t'a i Sterling d--.-: n . i>-J sev_. . ci 
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di - IS «. 

aa 72 -£ ll *f 

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n n I s s 

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32 10.9 2? 5;- HcSasGrpSp 64 

36 72 36- 39 HoaEnyi “ . _ 39 

62 6S 34. 27 arg«TCih?J.3)p 30 

37 9 6 3' 26 Oo'.V3p.„. 29 

X<B>5.7 6.0 A? 26 Iccrtrn.'H iJOp.. 29 

- 54 42 lerraviIDdpIi. 50 

. J2 38 LmttDjws 68 

J. . ■■': a. 15 I/aghMUli: 21 

.'. . : - 16i 7 Lctqdi 

.. ... 61 34 Liter . 

6o 55 Lries;£ 

I «w 


. * P .. I . cover relate ■•'•r- . vs 71-1. 

217 | |5.58 I 15| >8 + Mercer btd ■ - m «/. r-i-.n...- 

* Nrt coiapa— - ■ 

d + Same mltri.i. r-*--;. *■-. fm 1 ap>i'or rvsucert ear-enga 

140 I •ISsSifiPS* 
i+u 1 .•■— w v intern, nta-. r — 

; il'tMsr allnu- *.,r •.fiw. <•.' : area r.rv ran<inc foe 
efiridvedff r- w • '•.!•: ,rJv f-r r vinccd divii*,rt. 
Uil’Tt'KS * Ccer doe, ,-. £*•«• f" -rt‘Sr-. -Hrep nvr* .,;rv, rank fee dividend *r i-i.t-- .l.-l*- )' '■ (»;« uuall, pwtidML 

_______ _ _ _ . * 'Excludin': ., - " -.+nd iJ.Tn.-nlon 


•Z5 _l2j _ a Ta.. Ir+c ». • — - - 1 -rr#j nr or •i-.-.-r of»ictaI 

287 —2 I ~ — _ ' ci’jmalc. c tep. .<*4-.:.r.t^-. •, . .-le-r v^.-,M+onpMt 

£29)4 . f tQ550c Z5 70 °* >-e .* • 1 " ■••• *t.-...:. rd «.n fm: »p t iaL 

1011, tel V 67 7 (, r Rcdempi'Cin ; • :A 1 fi, -.e!d s til- .‘lend and 

■ilM'.’ •*» 0/ f.O VJC|d h Afc7u _. -. ^.4 v.-.i ,i' ir rrrr. 

_ j Payo»ni from .v *■!,+ ► •.■cn-.L ,r, : nl—: — 71 hicher 

KArViJ 'han prcviciu:- 1 •'■ In!.*. ■ • fnradi't. v Earn! ncs 

hrfvsd on prelim." v' 1 •‘S', t r>if.,..p-l tnd • >:’i. -:cljde 3 
68 .. . (?44c ♦ |33.7 ipecia) paymer. - di i-ror relates 10 

241, ... . TO20c 1Z|483 Fre. iom dindf i t. rsit'.o '-av.-t i r. i-.i.m annual 

501' _5 Fu50c —j 99 eomine-. a F nr..' iS’.it^ te- er r ,r. r-rsnouaj-car's 

91 -I, fQia,. 1 BII3 a '-irmne's v-Ta ■ ■' '-^r- •" 1 f ■-■ -. - V .*.*:»! al’nw-. f.»r 

315 -12 - 

287 -2 - 

i. 29)4 . . tQ350r 

1011, -rj tQ13c 

68 .. . (Wc 
243, .... tQ20c 
501 -5 Fu50c 
91 -b W19-: 
252 -1 OS5c 

43 +1 C’21i 

43 * . Q2ir 
5771, -fcij Qi29i- 

-n - 1 

•. cr «r 1 :-nir£s b; laies: 

r •:!• : a.XJ sr* r.w ran<mc foe 
'•.i-; -,rJ-- f«-r rvinncd diviie’rt. 

;l'n. r- - if. ■ih , . , n n»r* a!rvi rant- !ot 

i-i.i’- >lrie r ' '• ratio jaually provided. 

... - •• ..wnd <.Vi:.‘M on 

■ - * -"r<j or r"- --'• 'ia or •i-.-.-r o«ic;aI 
J - ’■ ■■■ Ai.r.tU'. ; . A cr v>i. -.Me op pwl 
. ' - •■•,. "I.-. •■:■ rd «.n fui: capital. 
1 I' 1 ;, -.e!d s ur+,1 dr ..|u 0 d and 

- iorid arid » • ■. r rrr'r> ucce. 

-1 acne, ► .r. :i,|m; — nbicher 
fin!.*. 1 • ~jv f-.- 7 ivj;"t. v Eamlncs 

■ ■ . r*if,,vp-l tud ..:*i, --cljdea'.ed di . •«•. cr relates Lo 


-2 Q63r 
r 13 Q170c 

-2 Q50c 
y *}78c 

: . I - i'nc- F Divr.-. 
0.4]?J.' rtllcai c+ imrt . 
ft |ia.3 After ponc/ine vs-; 

— I — IWMlI OT prr- .. 

IK»7n. K F»jr,;r 

ns, 1 mates 'or ’J rr ’ 
or other official . .’ 
, fi, » , bSMst on ororp. • • 
f ?},?•; Firuret buaH - 
LBIZ4 1PT97P MTtrr^ ' 

VJ.TV tIa,r # V10W h. 
2i\Ub uiichao^ed unul 
1 7| SO 

— Abhrenaiinn* r- • 

)«5rJ 101 6 2H 1 * FX capita) 

i" r. ratio 1 ■•>■.■ ( vr, l-.tirrr annual 
7:-. 1-1 O'* t e- er r r. r-r,i IOU& j-esr’s 

-.- .'.or. •>. ir** •. v .*•:»* al ow-. {.«• 

•• - ■* sr.ifi .-I.' (.,••••■ — .i.-r|cm»i 

• ■ -i- no! V 1 . 1 ’ "■"•I’ii+jfiflt 

,!.-l ,. ••('till rrl yv-l.l R 

. 'nn F. J>«* 

r.t t :c, " ua or -jtiier 
r el .1 '• '. ti- "* unit jicld 
. 'C n I . :•! H l n:i:*- , n--; .lvl.iefd 
1 r .efcci ... ■.. 7 .■-.-•icj. for 

vr pro f's--... — V r olfViai 

1-1 .^o-iri :nr • ,-.'o • a->y- .-n rywnit 
.1 lit ifST?- - -'i : •-■t* and jiclri 

- - .T.: .,ic*. inr I'fTfe P 

rre’.i.- or on'ccJ 'dimsiei for 

: i;i_-c. *••..■•«'. nii:rien >1 >oial u> 
•• •.-«L.., i V 11 7 r.j,i.-urv Udl Rate aav 

- i M ^.o i 

■ri.,|.ri: vct MTipi.vue-.tres rich^- »e* 
- 1 ->n. 

£12l,t +ij Q250 c j 6)12 3 

12? -1 fe. ?Sif? “Recent I " and Page 35 

427 -6 i?lc 10 2Q ~~ ; . . _ . ,. . 

TS3__ iQ22c 2 3 4 6 Th *s service is a-- r ^ err Cbir^unr t5ed. ir cn 

£15 ? 2 WBc 3 3 5.3 Stoch Exehanse-i : ir ■'-' ■• foyf <S? Vrlitc liiEsrScnt for a 

£21 _1 tfiffic 17115 ^ of « * asc jtj for fee a snori tj 

131 ^13c 27 6 0 

735 -13 24 6? " ■ . 

ZOO -1 Q-U Sc ft L2.4 a -r nr: ! 1 t-^ ir+ww 


Thefoliitvinaii ■ cl ■— 'ion r£ Lrodon r;uot.;i laur oi shares 

Ql^c- 20 7 5 pretwusl;. liritr^- ir 7i-;ion;.: canio. Pneeiof triih 

— l* Q515c ft 14 8 ifaawn.. n»si of vw " -’= ’»>l oiuciiDv in L-indon. 

_i? _ _ _1 are us iiunvd 0.1 : "-* in»!i evclran/e. 

„9 J H AIHany Inr 2Pp If l .cis«!» Hcirind.l 66 } { 

■ *■■ «-.?£? i- 5 ^hPpmrjn" . t- ?i-- Smlall >*m <. . 114 +2 [ 

1-5 'VKOc ft * Burtam. . .. ! 

-4 QWic ft 7.6 Rdf vi r E.i Su P j:5 | 

-4 vlTOc ft 16.1 Clot orCmH.. ....1 ersSH 

+2 — _ _ Lfai^& Ro:^..£: ..-f ;... } ^ * ___ r , 

inr-!i evciian,'e. 

| „■ | 5W!' rcirir.:!.! 66 

|-» ( Siniali ’V. pi.. . j 1H 

-4 ySP-r 
-4 VlTOv 
+2 — 
-1 Q65c 


224 -1 Qjpc ft 173 te^'S-A'A. 

£15>t( — |<ftU5c| ft |16J 

____ Fife p nrsv . ' '! 



570 -I' 

300 -2 
£15‘ 4 -h 
725 . 

140 +6 

177 *3 



£U?4 -h 
£12 7 e .. . 




301b +3 

£11* -1, 

39 .... 

446 +6 
178I 2 -41; 
37 ..... 

r sic ' it;.; ... .. 
I- mbii tA z_ ,V\ . 
Ii7.-ii7 Snip ‘ 1 . 

-15 Q60c j 3.41 63 Mirai n » Kr*."*-.„ 
-2 iQaacr 20 7.2 i.b»iaB„ . 

J iw 9'---4).82J £89 
.} ; 'lOS. .. ( 93 
Arif'S: . . 3-50 

I'armSi-F :.| ... I 95 
rior.'.+aUir. . ! 17 

. 1 n- m.-j'r'.li [ 13’, 

K- ■lo.i H!'b ij 49 
lr.4 I'yr J IcO 
. j Ifl.-, h'.+.'f _ . I 105 

-ii- $1 u n 

L’ 3-BK2:i Can Sates 


LL9 ^'hafrials • 1 J 20 |Tuhe In-. erf 70 ( 

ZB A- Breve I fit, i-istpr . .. -.4 ft 3£ 

53 A.P. Cement..! la l« • I *0 \1-M- D?a?«y- i'j 

/* VW^** — *^1 


! 153 A.P. Cement.. 18 

TOO Babcock u f.r;.\ .. ... 3 Wcv,!wonte._| b I 

+ Barclays Bank. 2S ; n^f-ri-kr- . . 1; 

.ti Beer ham 35 IS '.ier.... 14 PmpcrfT 

Boots Drug. X5 ; • ier.ite.. - 3ril. Lanrf — 3« 4 i 

£T gwMW* 16 s.r^wa* p Ccn. (Jyur.uej C : ! 

2 $ Bat .—...1 4 e: j 5 i 

9.0 British Crvj gen b :>r:sK.| 5 ;-,t7^ a roi>eari 4 

87 BnnwitJ i_ .. 20 f . rmo. .. .5 jg 

73 Bunta'A' .... 32 |.- V- <liJ.s — 1-5 ,;c.r-C 12 

i-'adhuiys 5 v : ■■' • | -ti peathw". 8 

Couitauldj, ..._ ;o ■ I ' Samuel iTvps.. 9 

Oebenhonw.... 3 }“*>.* '}? " c f\ i? T-ja n « Chi i- A 

rnriillers 35 •.■.■.'•WlF.inX 2 s 

Dunlop .... 7 !■ • i £ fiib 

I '-'iTfcCTl — [ la 

WoolwoRhf._i 6 I 

| Property 

. I'adhun-) 5 


£35 l-L >06flflrl 1111(19 flrUllers 35 

m MSSaffigsstrL-?! 

166 M 
62 1-2 
90 -2 

sabat . . s -w- u 

V.u British Ovt cen & i.-m-.r. :.r:s«.| 5 

87 BriuvnfJ > 23 t.. r T r *o. ... 5 

73 Bunoo *.V ..._ ^ i -• • — I -5 

)0c MdUAkMj r. . 


y |-:J& 

3 2l 6.7 f.'t-n. An-i'ieiu 17 r 
ft 1 6.L i;en Llc.-tric . IS * : 

ft 5.3 f :ia*n ag r 

firnnrl M«; 9 

•i.L' S -A . 70 

ijuardtan . .. 33 

*,|Z2 7 HawL+r Sidd7 3 T 
71 61 IlnuwofFMKT IT 

\v!i-r'.n’-! 10 !’-n' 45 j 

■i.ix £ iRj-nofVl .. : 

1 2 )* ..' M V'V!i;ii! . h I 

A ! il 

'“■••■ii 2 

25 1 

;"n::nr-ir_ | 20 | 

“tr' nris. I 
: -I ‘vt .11 

25 j IS fEvatuilDt 

Qfr ft 18 5! 

A SOI OP!!' 

(an :< 





LONDON, 6VU1 TEL: 01 -334 6393 

Wednesday November 15 1978 

. ^'FnraBkr.-.., ' 

T-- 9 WIIIMM nWttftnRCttBS 

>«• * A wtsoe pujk •. - 

:•• B, urns* steel' V : • . 
v-' ji oHeiiwMic# : 

■ - Jg XIEBpaWOTOH«MTttWteff 

“H3BK ! 3i5Hi , i ! 3«STS5^ 

.gB Matwm w<gBB Wj i<gt8E raoai 
f. ■ Tm^JBIWHBSn TQPCOZjaW^r; =r 



British Shipbuilders loses 

£ 108 m in first nine months 




BRITISH SHIPBUILDERS lost an initial corporate plan. losses; concentrating business in poration to the taxpayer beyond 

£10?m in its first nine months He would not be drawn on the the most efficient yards; raising the£lo0m mark. 

! of uadina but it evpects to keep contents of the plan, which .is productivity; improving «*: The accounts also show tha, 

-.thin u? rv I to be based upon a pro- dnstrial relations and diversifies £32.6m has been set aside for 

. . ‘Within the Government target of je(rted 30 £ ut *tbe tion. future capital spending. 

°,n ^'^±1 ! 3 for the . fuU . finanCial merchant shipbuilding workforce. No figures are given in the re : ^ ^ _ _ _ i yesterday should have .been 

j best day for the FT 30-Sha^e 
Mr. Casey said that although j Index in more t&aa a year! 

Nobody could 
very convincing 




further step in its programme 
for funding the Government's 
borrowing needs yesterday with 
significant sales of the official 
short-medium tap stock. 

The demand exhausted sup- 

year ending next April. to be discussed by trade unions port for the performance of in- KCuUCtlOIlS 

After a tax credit of £14.6m. at a delegates’ conference in dividual yards. but l05ses “ re 

thp ifwm,vnth.nM cr^io rnrnnn. Newcastle tomorrow. broken down bv sector- Ship- - . . _ - 

the 16-month-oid State corpora bulling activities lost £S3.7ra, the world shipbuilding recession 

lino showed a post tax loss of - ship r£j air S 9m and engine was still deepening. British Ship- 

£94 ra on turnover of £547m L-ODtraClS butldm« £9^n in the period builders’ intensive marketing 

plies of .rhc stock, Exchequer io; according to its first annual Mr. Casey said the corporation under review General engineer- efforts bad resulted io an 
per cent 19S3, with the last sales i report, published yesterday. was involved in “a crisis of to# showed a trading profit of improved market share — 4.4 per 
reported at a price of £88} per ■ Mr , Micbae! Casey, the cor- survival” in which it must £3:lm. ‘ cent of the world orderbook at 

cent. This compared with £Sb s i nontion’s chief executive, said strive to retain a hard core of Heavy provision, totalling the end of March, 

per cent at tne close of business : jj ;e scale of losses was “wholly facilities and manpower . to meet £134m, is made for future losses Responding jp the report. Mr. 

on the previous day. m acceptable."* but bad been the predicted recovery In demand on contracts alread;. entered into, Norman Lamoat, an Opposition 

Sales are thought to have .-tu-sed by a combination of fac- in the I9S0s. of which £72in relates to ex- industry spok<reraan. said the iniidelint?*! with 

I Ota ! led about £200m yesterday. fvr * outside the control of Asked about the future of the peeled future l-^es. The Government must now come : on oroan p>ay^ guioeiineswiinr 

after substuntial sale* of some British Shipbuilders. Haverton Hill shipyard on Tees- accounts" are quid -lied on the dean on its plans for smpyard out clobbering companies Win- 

£500m r»r the short- and lony-; Investment and manpower pro- side, which will have run out of grounds that the ultimate closures and manpower redue-;new price controls. But on. the 

tap stocks on Friday. ' duel ivity improvements had been work by the end of the year, Mr. accuracy of ihcfc provisions lions. _ ■ evidence of Ihe number of . bar- 

Since the jump in the ni inmuni paralysed in the three-year run Casey said thp yard was depen- “cannot be foreseen with Mr. Neville Trotter. Conser- .gains marked* business 
lending rate by per cent to “up to nationalisation. The cor- dent upon finding new contract «. reasonable certs in??-" . valive MP for Tynemouth, said , remained at dismaliylow levejs. 

13* per vent last Thursday. : poration had also Celt the effects He was. in principle, opposed to On top of the trading buses he calculated that - for every j - ■■ ' 

therefore, the Bank may have, .if the worst shipbuilding reces- transferring work from efficient incurred in- the first nine merchant ship under construe* I There was,- however, tangible 
sold around £700m of stock. j si on this century. shipyards to less efficient units, months. British Shipbuilders also tion in BS yards, the taxpayer i success for - the. "authorities 

i Since vesting day. the priori- merely on social grounds. benefited From a £46. fi m slice of was contributing. £1 in £3. He i yesterday in the. gilt-edged 

True, the October trade figures 
turned out to be good, con*, 
tinuing the series of alternat- 
ing monthly . surpluses and 
deficits which has persisted jdl 
year. And the market wa$ spur- 
red by ill-founded rumours mat 
the Government' was - ' aSbutfto 
reach agreement with the TUC 

it-.-'.!. . . . . \ 

space and vehicle equTpmgjft 

1 Index rose 

22£&Lta for the year as a ttiafefj 
>! ■.- -.Thfsis -the nsult of .aiL ^i 

cellent performance .'%? 
group’s specialist 
businesses, which' r— 

Base rates 

iic- had been to bring the yards Five policy objectives were be- the Government':'' £63n» ship- called- for an immediate inquiry 
under proper finanical control. inj» pursued: Maximisation of building intervention fund, into the efficiency and pro- 

The further ri;e in interest ufing cash limits, and to produce orders while reducing financial taking the total co=t of the cor- ductivity in individual yards, 
rates was confirmed as Lhe res; 

of the big banks fell into line - 
with National Westminster by . 
raising their base lending rates' 
from Hi per cent to 12i per ! 
cent. ” , 

The banks brought their! 
deposit raies, previously at ! 
different levels, together at 1 
10 per cent. 

Lloyds raised its rate by 1- i 
per cent from the previous S= j 
per ceDt while Barclays and 

Drews Lane strike 
leaders reject p'ea 


fIim a 9 d pe W r e ?inL P 1 ^ Cent ' (SHOP STEWARDS from BL .Cars’ opposition to i company plans. for 


had been 

.. 'Drews Lane planl rejected more than 7.000 voluntary red un- 
w aether all the banw fSS ippeal * T« sterd a>' hF officials of dancies to finance moves toward 

rtS view six urUons at the factor ^ t0 parity of earGin ^ between 

NV wit's riPr.1Ln fn m wr.lri efld a strikc which has already plants. 

*DD^ Lut aPe! 1 made nearI> 30 - 000 workers idJe - Management has made it clear 

drjic chm’e vesferd^. -he . r Th e men were clearly angry to tBe unions that the middle 

others nuicklv ^FoHowpfi J 1 a ^* er hours of talks yester- range cars are most vulnerable 

0, Buvin» of ^^iltldicd storisba- da - wlth ,mlo ° leaders and to the market impact of a pro- 
c- h?r.Si both officSl' ' m: ‘ 2 a sement in Birmingham had longed stoppage. 

t i;ji cul ..•** made m> progress on a demand 
ll ‘Lbin tin? past three working r Cl . .. 0 | a r,t irn-el n-iv Hsp oF Ln,on 
da;.s. and the market is waiting u „, n . ,L n 30 ' l r Ji oF meeting 

for thp authorities to announce T h., L- .. management in “days rather 

IIkmi- nc\i issue 

Encouraged by th 
figure', prices nf '-nit-edged • hX 
securities ruse by about ' 
terday. The Financial 

Slight rise 
in retaO 


E*d. Snuml Foods . 

after lull 

By David Churchill. 

Consumer Affairs Correspondent 


measured by the 
sion's index of 
1 notified to It ha- 

1976 1977 1978 


_ . jfwmww^HYtssuf . 

r ia78 bM-M j ,1 

a v u j ^' s i-T it -a' 

market. After supplying maybe 

little- by contract comp}® 02 Bi| 
Eastern Europe 

per ; cent ; increase ;in _ 
profit . to- i7nt oil 
reached 1 ! IS per ‘ . 

second-balf."' That d^Eteiiai^^>’ , ■ 

I companies also' .ma^^ ; 

* sboWmgr-^ - ■>. - • . " 

.. But; , tile most >exdtiQg:a^' ' 
y iS’^aecospacei!' where- a, 

. tp £LSm gives; a . 

•'.'what Shotrid happen Over m? _ 
next two yeaars ^:hBngp-^iH|;*' 

- anii.mifitaiy investment ^h iiT^ - 
craft tiirows ojrneW 

—00m worth, the .Government . .. Smiths has workon-theffiawT 

broker declared- :that he had also indicate^ that parts ^ milifarir aircraft, 

of of the industry were bankrupt FokkorWS^^ 

SdSSSSZT u -{2* 

. Thtlwok value of *■' 

exhausted his-: .supplies _ _ _ *-u«u«!r -■■■► 

Exchequer I0 : per cent 1983, u ■« out name, ^/ore the ^ purchase 
the unloved- short/mediam, tej). payor caiUG to -tne -rescue at the < — 
w'hich started' Jife in June ’at time of 1 

95 to yield 11^5 per cent, and months ago. ”• hurdle ~ of ■ "■■«bl»7-V6tr» xm**- 

finally ran out at 88J to return net assets JggUMl <m settlements 

over 13 per cent The market date workers: - : ‘V 

guesses that quite, a bit of this., builders atti^gitab^ ‘Joss -ror_ /: ■. . " '\L-. : 

stock has been tucked away.:in the mne moaflis .^o March is . .Oh tSe.nemde,-firaift, Smith’s -• 
i public funds, and with ^demand £93m. : 7: • . • f- exposure to ward is low fipt ■ 7 

currently thin af the shbrt'end, whatever ihe shape . of^ the “aiior -disruptfoiv^if BL- woaJd -' 
the next tap to be issued-^-" corporate pfeiT CurrentI^7ohder 
probably on Friday — wOLbe a discussion, toe 1 group Is dearly, g P. 
long. 'i- - going to D^d la^injectiois 

of cash. Tills yeax^it; hopes to.™* 

However, official tactics in the 
gilt-edged market 
few days now look; 

The cut-price manoeuvre last 
j Thursday gave . iffie impression 


. Th, mala hope for a return to ^an weeks " to di S “u- S llK pro- 

trade P osc ' d closure of its Soutiiall 

-i.500 inkers \pecied Liter f aclorv an d investment in the 

i.iover rime ui sei-uritie? 
aained 0.3 to OS.'.'S 

may face 

Tk.- HA .. n | M - J.. “JttUI » diiu III V^LIII^IAL 

i a,c alr t ea d> truck division generally. 

L -' e signs uf unrest among workers. u !: UJV, ' iU “ 
l-pie» who Fee) the walkout 12 da vs ago The announcement on Monday 
index .M-as mn hasty. ’ that the company wants to dose 

' The ebup stewards will con^ plant, with the loss of 2.500 

; aider their rceommendations for Jobs came as shop stewards were 
such a meeting tomorrow morn- fo m P'et;ns a trade union 
ins. but it was clear yesterday alternative strategy for invest- 
that th,- strike leaders were pro ment in Le.dand Vehicles, 
pared to settle in for a prolonged Thu has been under prepare 

tiai rate oi up AjtiZO 

iof an ur^'-tT^B^toe to }&S*n& * fi 

I noverrment^^ndsed to be Ior what # 3 ^ ^rysubatan- fcacfc^ntp tfaered 
, ooverr.raent is supposed to De t|a , mrdoluttoD costs. ‘ ■ quatt^seAsmiaUf Its. .. - 

In a&tiott, British - Ship- confirms that the recove^ ; •- . 
butidejft : V»in need td. finance its irT - ; the vEtOTpwp ^^cheHiicaBf- 
-. commitments. now industry- . is'-Teontiimi^.' ;afbeif$ 
r mg at £33m_ and its liquid ratha^lDwfy;^ ' 
sound tb: "de- Akgo-has torned.'toi^'tfuminaK.- 

By Jonathan Carr 

BONN, Nov. 14. 
prosecutor's office is investigat- 
ing whether there are grounds 
for proceedings against the 
auditors of Herslatt — the bank 
which collapsed in 1974 with 
losses uf over DM lbn. 

A spokesman for the office 
said today it was hoped that a 
decision on whether or not 
charges were to he made wuuld 
emerge before tile end of the 
year. The investigation was 
being made on suspicion or 
violation of paragraph 403 of 
company law. which emisagrs 
imprisonment or tines For any- 
one either making a false audit 
«r failing to report significant' 
information in connection with 

The Herslall audit for the 
business year 1373 was carried 
out by Hie well-known Essen- 
based company, Karoli- 
VVirtschaftspruefuiig — part of 
the iilcLinlock Main Lafrentz 
International grouping — and 
signed by two senior auditors. 
Dr. Hermann Karol i and Dr. 
Karl Christoph. 

A spokesman for Karoli- 
Wirtschaftspruefung, replying 
to. questions today, said the 
company was sure that the 

im estigation would be 
dropped. He declined to give 
further details, not least ou 
grounds that Dr. Karol i himself 
had not so Tar been beard by 
the public prosecutor's office. 

lie also expressed some 
surprise I hat word oT the 
investigation had been made 
public before the result or it 
was complete. 

The 1973 report reveals 
receipts totalling DM 23S.3m 
l including Diil .15.1 in 
frum foreign exchange and 
precious metal business). Net 
profit was DM 10m, Trent which 
DM 4.75m was added lo 

The supervisory Guard, 
under its chairman and 
Herstatt's major shareholder. 
Dr. Haus Gerting, noted iu the 
1973 report that the audit had 

brought “ unqualified notice of 
confirmation " of the year's 
results. The Board said that 
from its side it thus had no 
objections to add. 

Oil June 26, 1974, Berstatt 
closed its doors with losses of 

inflation as 
Price ommis- 
price rises 

■ , , , (ivuii^u iv 1 1 ji . - increased for . , ^ amwmuawv ,u v, 

Jfh' d fi It the firsr time in months. th_e pa si three months at around ! reasonably weU ^ ^th its 

with Leylaml Vehicles; j.- or { j, e 5 j x months to ihe 4o per cent. At the beginning of : ^ * larve ts' : and -the trade 

;i?> d £ il S£*S ove/fSer at JUtSt ! 

as a n annual ra- 1 !" compared v:i : Other recent economic indi-!^ 

an adjusted fi-.-.:re of 4.3 pnr t-aiors al^o suggest that there ■ vvaitin* 8®™^ Maybe the - h 

cent for. the -ix months to will be no major upsurge in the ' authorities are justplaying safe. nrnfir of VKtstm tKLSth^ ~ 

September, lr. October alone, annual inflation rate in the ; Or perhaps there are some les? «;Jfiorafe sharply. Creditors and Mer^prcgr of 

- - - :c-e* ! comforting figures : a bpiit t- /rosress payments currently ex-. -^^h qpmpares with -a ^ : ♦ 

* emerge— the new Trea-mFy fmy- ceed/ work In progress and - JBS m, for ttig aamg- period Mgfct 

casts for instance, wkjeh -.rnay' dehtbrs by over £l00ro; but that Jtear and the corapaay fc nflfc: 

be published ' today, hr ' the* full ^our^vof finance will presum- a ^ verjr toodeSt-ti^ 

money .supply and bank lending ifbly" disappear as the - order ptofit;- for M I. : 3|eM L. Tpigi ; 

■ statistics tfiie .'tomorrow, hook runs down. -. . toyk ite^first . - 

Certainly there is every expects- -^twtbe decade up to natioflar black smc& J0 74 - - 

•tion that/ short-term interest lisatjon,; the industry, swallowed too^early^o . 

the index atlvj:.c<id by fl.4 per immediate future. The indices 
cent. f for output prices and for the cost 

The srgnUfcanr.r' of the cum- of industry's new materials each 
mission's index is. that it indi- increased by about 05 per cent 
cates, price rises in The’ pipeline last month— about the same rise 
which will be reflected by as in September, 
retailers in two or three months' The October retail price index. 

which includes fresh foods. 

and tax 

er pi 

confrontation * “ tion since September, when the lame. 

Mr. Michael Edwardes, the BL unions rejected company pro- Under the Government's prices mortgages 

chairman, has warned that the Posals to reduce planned invest- legislation, ail manufacturinfe whic h are not covered bv the 

company cannot afford to go in the division by £58mlcompanies with -a turnover id Priee commission index, is due 

beyond a 5 per cent pay offer t>*££ een now and 1381- j excess o. £l5m (£llm for service to be announced on Friday. In 

and that a lengthy dispute might The union plan, to be pro* companies) have to give the September the retail price index 
put tip to 10.000 jobs at risk. rented to the company at thp, commission 28 days notice of s Jl ri at vg De r cent 

*fr. Arthur Harper, the plant meeting now being sought: an impending price rise. The 

convenor, insisted that such ruts envisages retention of Snuthall; commission then has to decide 

phonaac ui,u LiiaL jriuincim t ultra toi . ... --- ' 

bv fhe I rate s wlIFstoy Mgb for the time nearip £300m ~of pubfic funds, reflected ™ dfijffiaia v tied! 

Edwardes regardless 
Drews Lane strike. 


Meanwhile, the Price comrais- 

wouid be implemented by Mr. •Skilled workers at Vaoxb all’s | whether to investleate the rise *1”.". _ ex _ p 5 c !5il 

the Ellesmere Port plant will con- 1 — which would freeze it f*-r three 
Rider calling off their unofficial i month? — or. . more usually, allow 

Overwhelming support for the strike over pay differentials at 
strike was voted by a meeting oF a mass meeting today. The 
the BL Cars’ shop stewards com- Amalgamated Union of Engin- 
btoe, an unofficial but influential eering Workers, to which most 

|the increase, to bo ahead. 
While the slight increase 


whether or not to investigate 
British Rail's proposed fare 
increases of just over 9 per cent. 
The decision will be taken at 

the commission's index has come the commission's regular weekly 
at an unwelcome time for the meeting, which is held in secret. 

body. of the 900 strikers belong. Government. . ft was being and if it does decide to investi- 

The 200 stewards, meeting in yesterday recommended a return stressed last night that the index gate it will be for the second 

Birmingham, declared outright to work. has been relatively stable over year running. 

being. ikatF that could mean The ;way-_ things ^re ' heading 

v ■ — nniu nrtfXrl m n r 4 i - * • " "• *n ‘ 

the fund managers, having now* need a& much pontinnes - to- ' be--. : loss 7 ■ . 

trimmed their surplus liquidity again to ih^ next year or W<t>. tiou ■ on ' ^ 

ahead of their year-end balance - . aroaunts 

sheets, can now safely *n back d_^l‘ IhilncfriM where irhas wlcoa^hy IV® : 

to sleep until after Christmas. Mwwsuira per aaimm.. Howerci^ thewi - 

.^■Smiths InchistiiesV- pTeliimVa limit to the^amount'of rattoo- ■ 
n r cu:„L„:|J nM rrary figures kayVgbtfd .ddal f or alisatifin tiraf Afcttf-Can unffet^i- 
?nnsn. ^nionmioers .- the; group’s strerigth m depth, take and in' tfiferiaial analysis ^ 

The grim plight of British De^e the 2tper cent drop in there is a need'lotJ&Bbstanti^ , 

Shipbuilders is highlighted in — - v 

its first annual report — which 

Continued from Page 1 


MPs demand thorough review 
of Britain’s EEC membership 

split vote of 15-15, and fell for, 
the same reasons as the state-- 
mem itself. 

Mr. Murray said there would: 
be no more talks on the present ■ 

lm.-onn.-jr puJicy. But ibal did out , _ „ ... 

mean thal Ihe usual exchange 1 ANTI-COMMON AL^RKET MPs oF the Common Agricultural Heads of Government meeting 
with Ministers, and the work of : called yesterday fora full review Policy was seen as integral wiMi early next month. 


tisb Despne me zipper cenx arop in tnere is a neen xuf® suusiam*»» 
in profits In the first-half ^through rise in 'fibre pr^es-So far.fti^L- 
licb'rstrikes.costing £2.5m io its aero- has failed to .ifiatSidalJseL^ 


CLOUDY with some oright sp^s. 
London. SJEL-Engiaud, E. Auslla. 
Midlands, E., S-W. Engl&dL 

Chancer islands, & Wales 
Dry at first, rain later. Wi 
S.W. strong to gale. Max. 1 

:N. Wales, N.W. England, Lake*. 

I the- TUC-Labour Liaison Com- « of Britain's membership of the the wider negotiations over the \esterday Dr. Owen, who re- ; Isle of Han, Borders, Edinbur 

mitlee. corner? lone of what used 'Cumin unity in the wake nf the monetary system and ihe que.v affirmed the Government's com-' 

to be called the Social Contract j Prime Minister's - criticism of lion of admitting new members mitment to an enlarged Cora- 

would continue. ‘Europe at the Mansion House cm *0 riie Community. munily. emphasised the practical 

Asked whether present claims i Monday night . With Prune Minister’s question obstacles to any monetary 



were responsible, Mr. Murray 
said: ** Perhaps sonic negotia- 
tions. because of the operation so 
long uf wages policy, are a little 
rusty in their negotiating ability." 

• In an apparent reference to 
the Ford strike and the bakers' 
strike, be said that some unions 
had not “ negotationed their way 
through but takin industrial jtiieir belief in Europe, 
action unnecessarily early.” 

. The purpose of the negotia- 
tions had been to paper over 
the breach between the Govern- 
ment and the TUC after the 
Incomplete rejection by the 
Party Conference in October 
.'the Cabinet's 5 

■policy. . 

Mr. Denis Healey, the Chan- ln * debate on enlargement 

enlargement system in which ihe economies 


evSSv ca f n r ii“ ra |rou„d within **“'<■= ™ Labour lor,- of the member 

toe Goveromeih 0 ^TfbTuke- J vir ?3«rs i 0 tr^ to put Mr. Cal- diverged so sharply, 
lihood of Britain's" joinfo^ toe Ia?nan ° n tbs spot by arguing The overall effects of all Com- 
propifsed European monetary }f. a n r ^; s iogic^negonating posi- munily Policies he said must 

system were diminishing rapidly. J*®" ^ 5 nJ8 ft t t a ^r««™,„.S mcreas,ngly f® 10 P ro, " ote con ' 
However, the moves resulted t £?,“ Un vergence of economic per- 

onlv in the Prime Minister’s and ana ncmg was to threaten to fonnance between member 
Foreign Secretary’s reaffinnlng ^‘hdraw from the Community countries. In contrast with the 

e altogether. aims of such present strategies 

___ . . Mr. Callaghan retorted that aB the Common Agricultural 

EEC opponents, however, were need was for closer co- policy, 
able to take some comfort from operation within Europe rather, it was the more important that 
the pains that both men took than a break-upi There bad to be policies should be changed 
io give the Commons the im- a broad balance between the before the EEC was enlarged. All 

Labour ! pression that they were driving interests of all members oF the the requirements that Britain 
iber of}® *•"? h ar S & >n_ over toe issue Community 4f -its long-term bad argued that a monetary 
nr mvi 0 Britain joining a European objectives were to bo fulfilled, system must meet lo be durable 

per cent P“T! monetary system. 


S.W., S co Hand, Glasgow. C^L 
Highlands. Moray Firth, N.E,»N. 
Seolland, Argyll, Scottish Islands. 

N. Ireland isv. 
Bain with bright interims. 
Max. IIC (52F). 

Cent. N. England. N.E. Ea^&nd 
Cloudy with rain, becoming 
clearer. Max. 12C. t54F). 

Outlook: Changeable, 
cold with night frost. 





\Uiera ■ 



V-rtay , 

•c — 

not the present imbalance. and effective were reinTorced j 

The Uaninet will formally when considered in the context | K^riln 

rpeilur. and toe Minisler who Teil of EEC. Dr. David Owen, make up its mind about the of enlargement. 

Lthe Government team in the:^ ore '3 n Secretary, indicated, as European .jjionetary system Parliament Page 11. 
238.:}m >enurhv ami difficult negotiations ' Mr. Cal!a-=:han had on Monday, before toe /Commons achate . 

chiefly jwa-s clearly shaken by the > lh at a review of the financing which it has promised before the E di torial Comment Page — 
"General Council's rebuff, but I : * : ' 

j tried to put on a brave face. 

The breakdown calls into ques-- 
'lion the personal position in the. 
Labour Party or Mr. Healey., 
v.-ho was given overall 
responsibility fur the negotia- 
tions by ihe Prime Minister. 

The Chancellor will make 3 
statement today outlining the 
Government's attitude, but it was 
already clear last night that 
Ministers see no alternative to 
sticking by their present battered 
S per cent guideline. 

Sir Geoffrey Howe. Shadow. ! 

Air fare fixing changes agreed 


GENEVA. Nov. 14. 

Hudjp- Si 
R. Aires 
, >.alro 
i Carol fT 
ColftadK 1 
H. KOQ8 

It i Madrid S- 
M jf .Manctisir. c a- K 
-j "I Mr H/uWuc C ' H' 5T 
17 • C. S- iM ^ 
H s;.'.fllan • r' > * :-l 

I Muntreal R - f 4(T 

6 J " Mfi'jtpw II- . S 3F 
14 Munich S S 4X- 

14 .r. S >1 Sr. 

10 51) '>IV York r L7 ’4rt' 

I ”■« ‘.islo i; '3 -jr, 

15 IM Parffc-. S .li-Jjt 

-I Ttf IVxlU I £3 33 

13 i'rPrasu. s Qftfl 

4 UstlPC^-l-Jh-i ii : . <in— tffl) 

A LAST-MINUTE attempt by tion lirik-ves will go a long way Nonetheless .11 airlines From 
several Third World airlines to to s-atisfyinfi . present strong the Third World countries 

reject tiie proposed duingcs in American objections to its abstained rrnm voting, white 

the fare-fixing methods of Ihe methods of-fixing . fares, were three ; voted against the proposals. 

International Air Transport approved bV- ; 5 maj° ril y Clf This last minute squall m the 
Association failed at the associa- airlines attending the annual association s efforts to meet 

tion's annual meeting here today, meet ins in Geneva on Monday. ojjV’C • n* “J » ^ro-fixin - re " 

^ . v .! As a result, the proposed However, this clearly left many added point lo toe argument that 

— — i Chancellor, said last night that) h e w nj D0W E0 forward to of toe Third World airlines there are many smaller .and 

more than DM lbn and the .[the TLC decision “gave the lie , lh Junes’ governments for u n ha ppv. They have traditionally weaker airlines through out the flgj 

admission that foeign exchange, to the false idea that toe ! their al) n r0 vaL regarded toe' association as a world which feel the time is noi - Biamu 

transactions had " appeared Government had some special- M any airlines in Africa/ the Form of protection against nglu for changes, no matter « Biarfioooi 

incorrectly in the banky | magic reiaiionship with union huddle East. South America and unbridled competition forced on whai mbv nf to^ir bigger 

books." Headers. jthe Far East have been unhappy them by strqpgcr_ airlines,^ and brethren might believe. 

The event sent shuck-waves 1 John Elliott writes: The Con- f 0r some time over the proposals, were afraid • tS aE toe associa- It aiso indica i that there is 

through tile international bank- I Federation of British Industry originally agreed in the summer lion's proposal went torougu considerable resen tineni In many 

ing - community. brought yelled on the Government last ; | n .Montreal, that would enable they would left exposed- ^ parts of the world against current 

lengthy and complex liquida- - ni:4h» to "clarify its position [ a0 mc airlines to withdraw from As a r«UH. several 3 'nines American attempts to imroduce 

and, among : wit I nail delay."' and ou the TUC: the association's normal faro- moved iliJs-jifternoon to oring greater competition into the 
and individual trade unions "lo;fl.\ina methods while coatioiuog toe propos-ak^* 131 ^ to ine nuur world airline business 

show □ in! of leadership." : to participate in its other for another vt*e- But alter *»nie 

It said that any alempt to activities such hi legal, safely lough talking-’ ll ’ e,r fwocuon* 

sucRsihen price controls would j and technical affairs. wit** owrwhrtiPefi uj*-* n r> - 

he " ihipiai-ably opposed.'' 1 The changes, which the associa- posals were apP rov ' , - , °- 

s in JMiRio 
«. » 4i|Hom. 

R 15 "lOSiPtjfoi-e 
B 14 a, j.Slo-.lih'iIm 
F 3 4tt)Syiir--y 
S !• 4S | Tehran 
C IU W TfJ Ai-Jv 
S 24 
S 24. 74|Totoh(p 


s . 17 &' Vk-llll . 
C 14 57 Warsnw 
<i 9 43) Karlc-h 

14 ui 
iz afl ffi 
P S 4b 
l- *J4 
S ’40 30 
P -IS S4 

n.ifi. 01 
,C Hr 54 
C -4' 

P . 7 45 


lion proceedings 
other thills. raised ihe 

question uhidhcr ihe real 
rxient «f Herstatt's foreign 
business might nut 
have bri-n uncovered earlier. 

Cape T.H, 

Dubrovnll: S 



of funds 
Page fi 

io buy 


Flor* , nc»? 







V-day , 
•c *fJ 

17 63!J*>rs.?p 

18 66 1 La* puns, 

14 57| Locarno 
13 55! Majorca 
13 SjiMalasa 
13 54 1 Mali a 


21 TOjOuonn 
re 84 ! Rhodr-M 
21 .Tfl.SalzMirri 

15 OI'Tiiiikhv 
13 ia jTuKrif'j 
10 jlllTUm^ 

j:; 3s{ Vaii-iiria 
!3 ati V. ■in.-. 

21 W 
18 M 
17 C 
17 6.2 

j S—Sumii. 

F— Fair. (.'•-Cloud? 
bn— Sno-*' 

. *&”F 
S 0-55 

s t#n 

S n- 54 
F 79- 66 
S .18 66 
F 38 66 
H .'Si T4 
8-77 63 
S.jlS M 
F- » 76 
S 18 W 
S 19 SC 
C 10 M 
>1 .-21 7# 
li S3 ^ 
R 14 s: 
S 19 O-J 
s i -y 54 

[f— JIain 




1 ■ 

' vvS'”v.':." : . VE^ 153 verdict 



A Member of The Qiartertjouse Group. 

v> - 'll' 

.- 1-^; -5Rf 

r~ - i ^ 

. . . - -V- 

pirmingham l Bradford: COirertS^' Crpydorf: 
fcdinburgh • Glasgow ■ Gfoucester : 
Manchester -^ewca^e 1 uponrf^ , ie 
Bouthamptoii" Sudbury- ' : . ; ; •; V . -r 

london offfee: 

Itl-OflQ A don ■■ •* rri . = v- 

1 ) 1-283 4622 . 
|\nd at Lloyd's. 



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uw Fwi-uffite. Pfinirt by-isr. 

nr 1 Hi.- #i3nuai Toms ua.;- -