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un!Jfl? 0n Issal No. 27,716 Thursday November 16 1978 <§*'•' 

.1 i ft ' . STD (078988) 3721 

the home . — „ % . . . . 

CONTINENTAL SELLING PRICES: AUSTRIA Sch IS; BELGIUM Fr 25, DENMARK Kr 1 S-. FRANCE Fr 3.0: GERMANY DM2.0; ITALY L SW : METHBiU NPS FI 2.0;‘ NORWAY Kr 3 S: PORTUGAL ’ Esc 20s SPAIN Pta 40; SWBEM K.US: SWITZERLAND Fr 2JJ; EIRE ISp 


P.Q- Box No., 6 f . Park HaH, Sal ford ‘Priors, 
Evesham, Worcestershire 
. Tel. Bidfotd>on*Avoh'3721 {20 lines) 
STD (078 988) 3721 


NEWS/SEi-MM^RV 






for the proposed Euro 


GENERAL 


BUSINESS 


Surprise Equities 


Smith 
visit to 
Botha 


Treasury forecasts 
slower expansion 


ilUiuft* 


grid 11 ' 9; slower expansioi 

fy BY PETER RIDDELL, Economics Correspondent 

on 3)02 . sj 

THE GOVERNMENT presented and bands arc increased in the fluctuate Detween S and 9 per vestmi 
EQUITIES reacted sharply a far from rosy view last night spring Budget in line with price cent- • the 

Mowing Tuesday’* collapse of of the expected development of rises in 1B7S, producing a The creamnity of the whole sector 
i>vpmmt«nt-TUC wages talks economy in the next 12 revenue loss of £14bn, and that forecu-»<- may he undermined by meat. 


to say ho 


THE GOVERNMENT presented and bands arc increased in the fluciuaie between 8 and 9 per vestment intentions surveys, and 

a far from rosy view last night spring Budget in line with price cent. • the projection that prrvale- 

of the expected development of rises in 1973, producing a The ereatMhty- of the whole sector manufacturing invest- 

the economy in the next 12 revenue loss oF £14bn, and that forecast may be undermined by meat, up 15 per cent in the last 


m ■ f b*b following Tuesdays cuuapse Of or me expected development ot rises in win. pramcmg a *>■« . «r toe wnoie sector manuiactunng invesi- 

B B E W OlftE nnvpmmpnt-TVC wages talks the economy in the next 12 revenue loss of £14bn, and that Forecn-»<- may be undermined by meat, up 15 per cent in the last 

' wlL.h-.tr* £S2.5m rights months, even on the assumption specific indirect lax rates, notably the pay sumption,, which is year, will drop by 21 per cent 

_ _ ... . 0 “"'“.t*. ordinary shaiv that the pay guidelines are not on alcohol and tobacco, are regarded aswhaiiy unreal istic-by between the second halves of 

Rhodesian Premier Ian Smith issue. The FT oroinaiy snare breached similarly linked to the inflation most non- Whitehall commenta- 1978 and X979. 

and his three colleagues in the index was down Treasury forecasts rate, adding £500ra to revenue, tors * • Consumer spending, up 5j per 

interim government arrived m Gold mines fell 4- t0 indicate ranttauS^mmSIOD of The derail borrowing projec- A uidMPTMd view is that cent in the last year, should r^e 

Pretoria for announced talks _ TC rpmaine d unchanged economic activity in i£S tbSiah tions have a margin of error of earninaj Wd.me by between by a further 2 ; per cent over the 

With P W Botha, the South • " ““IK-S, at a Sowernte San Ail 2 ^ hn to ® bn at this 5tage - * 10 and 12 per cent in the current next 12 months, sustained in 

at 68.28 after early losses among i slower rate tnan tins year. These p-timaies ^re likely to round. und that this would oush large part by an expected fall in 


were ,on Ss- f* 1 ™ 8 manufacturing invest- do little to allay City concern tlie rat* of Price inflation up to the rate of personal saving. This 

. “0 , w etai ^ HoeAvihprf in . ch ,_ )B . moot is expected to start de- about the dangers of a conflict about 10 per eent next year and is one of the most uncertain 

given ihouji ’l .■ • GOLDS declined sharply in cbpmg m 1979 after its recent between the Government's fiscal reduce projections for. the growth aspects oF the forecast. 

Pretoria as a courtesj cal. j^ndon to close S6t an ounce strong recovery, while the stance, and its money supply 0 f output by the end of 1979. The higher expected consumer 
J.H„ . r,P n, 7h?ch Lhe fnlernal U-mn nt S203; tollowua the cuwi account at the balance objectives But even usua^e “success- sjenaing weald lead to a Further 

irnmom 1?? io deeidc* , l ?! 2**™*"}* ™ projected at be- indeed some recent brokers’ ful pa y policy. theTreuury is in imports, up 6} per cent 

vernmem nas to occ r s wiw ounce \ tween balance and a small pciimniec; nr nuhiic-secior borrow- otirticuiarto in the next 12 montlis aFter an 


London 
.Gold Price 


meeting at which me internal 

government has to decide f - s '^ ,7^'ouT^ 

whether or not majority mie — - - 

elections can be held before th** 

December 31 deadline. Page 4 _ LOIlOOfl 

Pym Shadow 240 -Gold Price I - 
Foreign Minister fl . 

Conservative leader Margaret J? | 

Thatcher has reshuffled Lhe 220— ^ l« — 

Shadow Cabinet, making Francis . / i 

Pj-m Shadow Foreign Secretary . _ II if h - 

in succession to John Davies, /HI I 

■who is retiring from politics. snn— f- B 

Norman SL John Steyas, I 

formerly in charge of education, _ r_ 

succeeds Mr. Pym as Shadow 

Leader of the House. Mark J^n/T h978 

Carlisle is preferred to take over 180 jm jul aug sw oct mov 
education rather than Dr. 

Rhodes Boyson and John Biffen fall in New York, where the 
returns to the Shadow Cabinet Coraex November settlement 
in charge of small business and closed at SI9S.50 ($20$.5<J). 

(ha seir-employed. » STEWJNC fcll 10 points 

Rail fares up $1.S0SU, but its trade weighted 


JUS JUL AUG SW PCI MW 


Rail fares up S1.S0SU, tall Us trade weighted 

ftf-fes SmS*J£ 


about 9 per cent from January 7. 1 " e ™ u ." n l - I#c 

The Price Commission said it was at DM (DM l.WJ5o/. Its 

“ very concerned " but would not depreciation Viamiwcd " la 9.3 

hold an inquiry. Meanwhile there per cent (9.7 Ver cent )• BY' RICHARD EVANS, LOBBY EDITOR k 

was chaos at Waterloo. London, , . n „. V . 

as the drivers dispute hit com- • WALL STijEET ciO<ed (L34 y ■ • . . 

muter services. up nt 785.60 afjr beinkT points MR. DENIS HEALEY, Chancellor A sombre Mr. Healey tried t«i General seen fry of the Union teetton, stressed -in a BpC radio ; 

stronger at unfstase^ °? ftc Eyeheqner, confirmed salvage what he •■•mid from the ^ i- * fVorkers and this interview that the Government a 

Am***’© Visit ’ ■' : uu. he Government ruin nj in? pay * e/otirau-ns. but ye ir v'vRNKAh ifc. the TUC, felt policy would vsuU be based on 

•(»i)VEH.ViBf!!fX,is to pri uas now abandoued any hope of he made no attempt to hide Lis no suctiTfestraint. the 5 per limit ahd he 

iur,.?S? t ‘.»rri?n«. frim £32m tnhe, i > ‘ s? 1 «P ' the De. trying to ro-negoiiate the incomes grave disappointineiu. He launched art astonishing believed it would, xifll-- be 

Jl;*? 1 “jsj SiSSSinw Korean sporis cay project in West policy package, folio wine the , H ... . b , th al tack on those colleagues who successful. 1 do not belike ft 

Bfeiasf.V.roup Lotus will help failure of the TUCs General nn n !J ni had voted Snst the bay afitee-* is a disaster. The Gavernmfeot’s 

X" Sj’ h k -■> Council to support it. ^ n ' d." Everythin, poUcy M so 

offensive. Bnch He himed, too. in the House will now depen d on the course have benefited the m<wt Irom iL. on : . EUiotf writes- The Con- 

_ . «A REVISED double lax treaty of Ci.mmons yesterday that I ho settlements take in the And he claimed the trade union industn 

Times deal bmveo the U.S. and Britain Government would be prepared lllonlhs , aQd Ministers movement had lost ite way.. iSfnS nreoaredtbfrSnd 

Pape- Uas conO.Wed of ^o«‘c fuS4 

iew w 3 orking a meSod; t0 ThSup See. Page S ^ 0u * d be und f r no No Ministers, least of all Mr. Jjrt&tar* ^Jmte?&" DS he°tiil e a ^nefcrat^J-llSt? SlCr ** 

has said it will rasprad publica- ^INTERNATIONAL Air Trans- iSS^tho -uicfeUnk we 3S5 Healey, made any attempt to £ari Smentary p reS s gallery The monthly: meeting of the 
tion on November 30 unless ad /on Ass^iation, will survive des- Z our dtscreSnaro Dowers il) attack the General Council r 0 r lunch.” CBf council gave lls Pendent's 

unions reach agreement Page lO/pite U.S. Government efforts to consequences. - he lSd*MPs. its failure to accept the modest . Mr. Roy Hattersley, Secretary 


ir cent). 


of payments is projected at be- indeed some recent brokers’ fu | pa v policy the Treasury is in imports, up 61 per cent 
nveen balance and a small estimates or public-secior borrow- nnl pa rticuUlrly optimistic about in th e next 12 montlis aFter an 
de " n t. ■ ing for 1979-SO have been t .cuiiomy next year. H Per cent increase in the last 

Borrowing by the public between £500m and El bn higher lt projects a slowdown in the year, 

sector is forecast at £8bn in the than the Treasury's figure. ralc of growth of total output, Britain's exports of manufar- 

currfot financial vear to next The key assumption on which j,, measured by real gross tured goods are expected to rise 
ApriL compared with Ihe £8fbn f he forecasts rest is that earn- domestic Product, from 3i per more rapidly next year, almost 
offic&l ceiling. * ings will rise by . 7 per cent cen i in the last year to 2 per as much as the projected Taster 

Borrowing is estimated to rise during the current pay round, cent over the next 12. months, expansion of world trade, 

to £8} bn in 1979-80. though be- as the Government hopes will | Q particular: growth of mann- But there is still likely to be 

cause' of the growth of output happen, it is also assumed that factoring production Is expected a deterioration in the volume of 
its jshare of gross domestic the effective exebanse rale will to slacken froin 2 § per cent, in net trade in manufacture i goods 
product should remain un- be unchanged. the last year to. 1 per cent in and rising oil production is 

changed at about 4? per cent On this basis the 12-month rate the next. required to ensure that the cur- 

■jse projections assume, that of retail price in nation, at present This has led. to. a cautious rent account re ma i ns close to 
□al income tax allowances 7.8 per cent, is expected to interpretation of the various in- balance. 

Details Page II • Editorial rommeiif Page 22 ti.Lex Back Page 


ealey says no more talks 
with TUC— and warns Ford 


n 1 |,„ w ww I uiuiA-un * IS — •— w ■— WUIMIUUW.U —J U. uc mall'. 1 I {1 cimiij’i w iiiuv ' - ; . - . 

Q fmmfhiJhv £S2m tn help set up 'the De. tnung to re-negotiate tbe incomes grave disappointment. He launched an astonishing believed it would-^stfllr be 

Lorean sports cay project in^ AVesl policy package, following the , H ... . b ,. , th al tack on those colleagues who successful. 1 do not beli^e lt 

, ' BfeiasL^.rbup Lotus will- help failure of the TUCs General n?nL L Sf had voted Snst tlie bay agtee-1 is a disaster. The Gavernmfeat’s 

-ppeared lo be rl nC i,ni mH Bil2ineprinn. Cminnil aunnnn it Cabinet today but no new imua- uaa vinea _againsi u*c tef |_ f | nn ruilirv will on 


a we • — • V ■ UUilUUU V>WVV1 PUUVJ 

the 5 .per dent limit and he s jdered tryiB>» ti 
beUevwi it would stUU be from going 
successful. “I do not belifte It ments fcfr tM nl 

r- • __ jg — tn.* . ' w* * . . 


new working methods. The group 


has said it will suspend imblicu- ^INTERNATIONAL Air Trans- ouSde tho ’-uid = elin?s. we Si Healey, made any attempt to parliamentary Press gallery The monthly: meeting of the 
tion on November 30 unless all /on Association, will survive des- Z 0UP dlscreKro Dowers ili attack the General Council for lunch.” CBf council gave lls Pendent's 

unions reach agreement Page Wp U.S. Government efforts to consequences. - he lSd*MPs. its failure to accept the modest Mr. Roy Hattersley. Secretary u?S*ryp^?to 0 to£ d ^{^!n 
O > . .» dismantle its mr lares co-ordm- _ . . narkanp. hut Mr. Tom Jackson, for Prices and Consumer Pro- Plenary powctsio mxe any action 


«_ uiaiuaiiiiv iui iur loves vu-uiuiii- 

ooccer DOSS liod aims machinery, savs the newly- Sanctions would mean that 

'-“ Kled 1ATA ' Jresii “ t - Pase 3 S s ^>iif a ^ c woSr n r o n ; 

w?S£tw I TTnito? li SL.^Sf hfi •BWTALVS sterling-based trade receive Government contracts. 

“Sn add L'I°": s L"l e ,, l “ d “ 5 5. i , a J a '!! 


S;j actions wau.c, moan' that ^ T ™ J»C=son. far Prices sad Consumer Pro- “cemp^ Sg 

ird would join the Govern- Government penalties. 

snt’s blacklist and would not PRICE COMMISSION TO BE - But tbe CBI failed to produce 


Television ° and ^ the 1 fcwSaifer thl , 4 year ’ Wlth exp orts rising by and export credits could be 
JSf? “f “S, ftSSfl 0D| i' -0 Per cent to £565m. com- withdrawn. 

u a \T’rS?^ h fhS pared wilh a 31 P er cent rise Ike ’• •— 

^ « he Hl T h ^ D r rt ,. hat previous year. Page 6 

he had told a pack of lies' m 

evidence on Tuesday. . • aiAJOR CHANGES In ihe Gov- 


PRICE COMMISSION TO BE 
STRENGTHENED 


— , . - - - m _ A-i uiiivti i 2* uaw.121 iiiiu uiuuruu y uir 

otili no verdict jeern-es and in the present sys- 
The Old Bailey secrets trial jury 

after Sii£°?o reach ‘a TerS ^ m ^ld S e economist. Page’ 10 
Twice yesterday lb? jury o THE MECHANICAL engineer- 
returned to court to ask in>4 industrj has performed 
questions. poorly this year despite rising 

n + h0nie demands and could Face 

» OSI flcLSTC - - ■ further pressure next year 

Parisians fought their way into hi - h wa ^ e demands, 

cafes and bistros for a first taste ” bC 10 


withdrawn. The Government intends lo 

It was emphasised by Ministers press ahead with plans to 

. — later that no decision has yet strengthen the Price Commis- 

• MAJOR CHANGES in Lbc Gov- ,,een reached by the Government sion, through amendments to 
ernmenfs fiscal and monetary ob- on Ff ' rd - and the issue will not the safegnard I regulations, after 
iectlves and in ihi» nresent svs- come to a head until a settlement first consulting with the TUC, 
tern ofwage ba^gainingm^urged is negotiated. CBI, and Commission. Utcsl 


figures from the Department of 
Employment show that wage, 
settlements have been farther 
delayed* this year as employees 
and unions waited for the oat- 
come of the Government-TUC 
talks. $t£« 8 


Beecham in £ 83 m rights issue 


Continued on Back Page 
Parliament Page 11 
Naked into the bargaining 
chamber Page 22 






IT IS now considered likely in. He recognises and sympathises 
Boon that eight of the nine EEC with. Dir. . Cailachao’s domestic 
countries will be members of the difficulties, in parttcular with tbe 
new European Monetary System trade unions over pay policy. But 
when it eomes'intb being at the that does not prevent him from 
beginning of January- feeling thar for the third tune 

. Talj* av er the. . pa st ar 

pft^ly doub,^ ‘ 

on ttefcy^MeamriSlt Il0,, ^ £ the’ Coal and Steel Cooi- 
^ tmB«^n 4te--ra^ ead ““i? J”. ®' “rly 1950s: then 

Pyttly CQnflnaed by ^^““a^ity^ 

S^Ka^sta^- -St- — - 

out ‘ - The realisation is clearly per- 

. Some senior : -West German sonaliy and. politically disappoint- 
officials who have all .along mg. to one who. for more than 
desired British participation still 20 years, has been telling 
faintly hope, ih .hpite of the doubters that British participa- 
evlde nee, that lffr; CM I a Shah may tion was essentia! to- the con- 
spring a pleasant' sarpri be at the structioa- of Europe. 

European CbuncQ-dn December 4 The disappointment is not 
and 5. •’ - aimed specially at the present 

-Not all those in West ’SSSfSL* £or ’ 
Germany tiying to establish the 

cvetam era pfrfhivci mt ir sun. prob36iG uf fcrnati V(?. be hfittGr 

poS oFBritisf a “ e 

C ertaiq pow erful. yoicK i? for^SSeuv^' 

T* 1 ® problem with Britain, it is 
'*■** appeare to lie deeper: in 
be less .hazardous if sterling m00d of it!f 

were not lqiti.aDy included. contrast, it is believed in 

Bonn that the- mood of the 
Italian people is a key reason why 
Slg. Grullo Aridreotti, . the Prime 
Moreover, , some . of those in Minister, is likely to take his 
Bonn who used to be prepared int0 s > stem fro,u 

to make special allowances for ul ?, sl ® ri - ... .. , tr 

Britain’s economic difficulties . H lVLf a lS 
have been , alienated by British he dfd not, there wr^ild be strong 

tactics on the system and related d 2HJl 

rnmmiiniiv tnnim asserting that the.ir Government 

Loramuruty topics. va 5 tacil/y admitting lhal its 

.It only they did not treat economic policies were not work- 

every subject aa though it were i ns well enough and that Italy, a 
a cause -for renegotiating Com- founder^ member of the Com- 
mumty membership. 7 ’ one munity.Va* ibus being excluded 
Cabinet Minister remarked/ •- from farther European develop- 
The 1i£jt%ti9n : turned into mepL . 
something'' * , wo.rae when it However, the talks in Siena 
emerged, thad -reome-: in ; the recently, " -.between Si-A. 
London GntenMtmt^flhce ” jon- AndreOtti and Herr Schmidt dis- 
sidered teym>W ia^de dosed that one "technical tem- 

frotn going um^.ygba/trnoge- hrYoived.iftithe system- has. real 

mente frt- nev«^in^ . n-^jcai , 

long Ox Britafifo remx«»utsii% '^fSly wishes to. .opt -for wider 
W- • • " /. . jHB.l Jr- . flBBWiation bands for the lira 

No one -here reaiqfflKBleved the plus-or-mimis 225 per. 
that Mr. Callaghan wJw agree cenrturrenrlv operated, by the 
to such a policy, and Prime m eBsbere of the currency “snaked 
Ministers assurances -tm the (whs r wi& also be members of 
paint an Monday have. been noted the-oew-systeml. It seems likely' 
approvingly. But the veir fact t h a t Italv wUl- lie th^ only mem* . 
that anyone respottiwe ^ m ber of the -system al the start 
London, could have seno^y-coiv choosing such wider- margins, 
ceived of it siren ?. flog ;Herr Schiutdt notes that ir he 

anything. German deta^tion. Contoed on Back Page. :: 

The message is that tfiejfstem . * . »• ' 

will if possible, go a$# in a Economic ATewpoint Page 23 

European Community ^Sntext - ■ ~ . .... . ' ' 

Bat If a country For afiraeason i- in New York . 

chose to veto the Ga«pdnity . . [' 

course, ways would be»>d to . . . - " • " *? I - ; rwrt, “" 

go ahead anyway. - -TC -••• ; -L 

The reaction is roo^snger ^ ;'susaa9«5 [sijeeosroi) 
than sorrow, althouab^at of 1 month.. 0£»-o.«7.iis 1 036-A«ouiv 
Chancellor Helmut ^^idt Is ?o nw " t !il I'S'-'iSl!!* " 

roughly the reverse. . 12 n,unth " ' <a ^' 90 ^ ^ ,K " 


'IV 


ments fifr "liiM 
long as Britain rerualB 

' No one :hetc reala 
that Mr. -Callaghan w 
to sucb a policy, and: 


Continued on Back Page. 
Economic Viewpoint Page 23 


tjj.it •: ; SU6aa96J5 ! S1J6W-9700 
1 Dn«th, OJiO.ri ills I cr.«-0;*0 fiifc 

3 m-jnibo l-imudit vosi-oaetiii 

12 muathw i «aOo.90 dfc 1 iK* 


BY SUE CAMERON AND JOHN MOORE 


UK-based vurtible unsecured loan stock 


BEECHAM. the UK-based vurtible unsecured loan stock Mr. 'Tfd Bond, Beecfaam*s 
of beaujolais nouveau following • CHEMISTS are threatening to pharmaceutical and consumer they may hold. finance -direci or said yesterday 

the traditional race from Macon, industrial action because’lhe products group, is asking its The interim dividend has been that group bad 

The race is seen as a heresy to Social Services Secretary i-as re- shareholders for an extra £S3m rais .« d from Wp to 142p gross. Iieen MOCemratmg on overseas 

many people who say it is only ferred to an independent panel through a rights issue to finance ^. n increase of 10 per cent, and expansion 't* 1 a 

inaulged m bv wine snobs. Xrieir three-year claim for more a £105m British expansion Eeecham is planning to increase earning* bold on major world 

monev. Page 8 programme • the final dividend by 15 per cenl. market^ 

Poste restante 8 vJ“ under 0,0 freedom gained by The Iroup expected to con- 

T . c- ra „,u . . ,n- • SHIPBUILDING union dele- „ of Beecham s rop‘tJ‘ the rights issue. linue dpandmg overseas but 

The ffrench tiost on ice has gates will be given details today raising venture, one of the Moreover, the group is intend- this wQ$d have to be financed 


Poste restante 


gp 

WM 



.X. 


.. ' f* ■ /.a 


fl'tS",* i ajT- ,*'.’ ' s.-i 

mmiV* 

WtfptwM 


delivered. 


structure. Page 10 

COMPANIES 


the day* a t 6L3p. down — «P- p er cent, under new dividend The ifihts issue was under- 
K. er .K^ are ^« r . ceB we !! e legislation. written; by merchant bankers 

UUBIPfcfiliiS I v an 5 .?rt*2 ienL Plans For part' «f the pro- Hill Samuel and it found no 

Briefly . . . •CHLORIDE croup pre-tax fell It'S nainLs S to°^475 r H Ivhtie £ramme , have a,read >" been shortage of sub-underwriters. 

Thieves stole 10m Green Shield SroHi 7*^ CR „ 0 !r. announced. Last year the croup Some & 5 financial institutions 

stamps and 1.000 empty stump Tn^h^sS' "months to product^ index tef^’Toer cent * aW l, f »° ,lllJ be spending I3Bm backed.jthe issue, and the last 

books from a car in Manchester end "of Semeniher SaleS^ dimbed onthe’dav 1 “' 4 P C its IK food and drinks plants, acceptance For sub-udnerwntl ns 

»X~,^ n ; n , „ r „ vi r ‘ aj> - Last March it said a further was received just after 3 pm 

?^a 0n ,.a„n P . D ° f w , lU ,P° 34’^ 8 ^ 5? nt lu ^Ibfi- 81111 - Pa S e Beecham intends to offer r41m was to be spent on build- v«slerd«y- 

as p:irt r- lhe ana Lt * 14.7m new shares to shareholders ing a chemical plant at Irvine Beechanis half year results. 

™S«»niii “ er 3 new ' j0vern - if. W WOOLWORTH had a a share, with share- in Scotland and on mndernis- also published yesterday, showed 

mem cm- Jhird-riuarter ore-lax profits rise holders having the right to take ing pharmaceutical factories in a pre-tax Profit of £764m com- 

Dr. fllargarcf Mead, the Amori- of 3.5 per cent to £10.45m, to °J Ie new **»»« f° r every ten they Sussex. The group nnw plans pared With £6&m lasr vear. 

can anthropologist, died in New giv e 3 £23 03m total for the nine ‘i*L ead - v hold - and one for every to increase spending at Irvine Results. Page 26 

York aged 77. months to October 31 Page 24 nominal of 5 per cent con- to E50nu Lex, Back Page 


- _ f. f III Ultr 3IA HIVUIUO IWI (Jiuuuvn UU 

books from a car in Mancnesier. end of Sepiemher. Sales climbed Ion the day. 
Head on a pint of beer will no 24.0 per cent u» £166 -Sim. Page] Beecham 
longer count as part nf the 24 and Lex 


^ V * • 

m 

'Is 



■The 

fastest 







„ , . ihird-fjuarter pre-tax profits 

Dr. Jlargarct Mead, the Anion- of 3.5 per cent to £T0.45n 
can anthropologist, died in New give a E23.03m total for the 
York aged 77. months to October 31. Pag 

Log kept by the co-pilot of the and Lc x. 
aircraft that dropped the first ^ 
atomic bomb on Hiroshima has lh ? T>ut «] 1 

been sold For SS5.000. ^ ,,up - « w J 1 F f l n 2 r0 ®gL&. ,, 1 J 


■2 *■<**$** 

i _Li SSL. ib\ 


thrire^aoa 


atamie hfiaih on Hi™*™. h£ •PHILIPS. .IwDuKh atortrenlj, 

been aald far SS5.000. S canlto msSmlsSBm) inrhj 

Ladbrokes make Miss Australia third quarter, compared with a European news ... 
T - Favourite for tonight's Miss year ago. Trading profits fell only American news 
World contest. 5 per cent. Page 29 Overseas news 


F BE 


CONTENTS OF TODAY’S ISSUE 


CHIEF PRICE CHANCES YESTERDAY 

(Prices in pence unless otherwise indicated) 

RISES Hawker ijiddcJe 

Saatchi and Saatehi... 112 + » -ICEG 


Sekers Inlnl. 
Sotheby Pli 
Stylo Shoes 


DATs Dfd 

Beecbant 

Boots 

Drlt!«h Land 
Brown (J.i ..... 
Brown Shipley 
Chloride Grp. 
Davy Crpn. ... 
E. Midland All 

Fisoow 

Guinness (A.) 


(523 - 27 


Hawker Siddcley ... 22S — 10 

.ICF.G 14J - 21 

Land Secs 227 -6 

Lloyds Bank 258 — 7 

MEPC 137 - 5 

Marks and Spencer... S4 — 4 

Meu! Box 30fi - 6 

Perry (U.i 10S — 5 

Phoenix .-Vs sura nee ... 216 — 8 
Royal Insurance 34S — 5 


Overseas news 

World trade news 

Home news — general 

— labour 

— Parliament 


Pay policy goes naked into 
lhe bargaining chamber 22 
Economic Viewpoint; Case 

for the Italian band 23 

Mecca: Problems of a 

pilgrimage •} 


Technical page .. 
Marketing Scene 

Arls page 

Leader page 

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24-26-27 


FEATURES 

Smoking: The return salvo 1!) 
Business and die Court-: 
Afler lhe revolution in 

Pnrluga) 21* 

Austrian savings: Tighten- 
ing the subsidies 29 


lull. Companies 

Euromarkets 

Money sm* 1 exchanges .. 

World markets 

Farming, ran 1 materials 
UK slock market 


Time °f challenge and 
change for the U.S. 

wine Industry 32 

Grim -cost of fish Impasse 39 
• FT SURVEY 

German food and drink 25-37 


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C*5 »fa 


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.. 1«R - 4 

Satn.-.lniry iJ.j 

2.30-7 

.. :![) - "» 

Smith iVV. H.) A 

144 — 5 

.50pm - 14 

Woolworth IF. W.» .. 

07? - 3 

.. 248 - 7 

Shell Transport 

577 - 10 

.. Ill - 5 

i.harter (Ions 

132 ~ 8 

-144-7 

K.isl Drii; 

lit! ~23 

A S7 — 5 

Kloof 

ASOr. - 20 

..311 - t:i 

Venlerspoftt 

152 - 18 

.. l.'Xl - 4 

Western Itidps, 

£L4 - i; 


A p pot olmc Nts . .... . S 

Appoints. Ad VIS. 14-17-12-33 
Business Apptfl 14 

Contracts ID 

Crossword 2D 

Economic Indicators 28 

Entertainment Guide 2d 

Eunwjptluns 38 

FT-Aaoarks Indices 40 


Jobs column 

Issuers 

Ln 

Lombard . . . . 

Men and Mailers 
Racing 

Saleroom . .. 
Share Information 
Today's Events . 


TV and Radio 20 

Unit Trusts 41 

Weather 44 

Base Lending Rates 38 

INTERIM STATEMENTS 
Con. Accident 27 

Biowm SMclcy . 2* 

F. w. Woolworth 2* 


Charter Count 8D 

Beecham Grn — 24 

ANNUAL STATEMENTS 
Arthur Bolt 28 

David Dixon 21 

George H. Scholcs 27 

OFFER FOR SALE . 
Coin Valley Water 3 


SW.'* ':--.*** -r* v- - .* -t; 




For Intcwt .Share htdez pl»n ue ni-246 


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*-***+■' 






Financial Times liuisday November . 16 1978 - 


EUROPEAN ’ NEWS 



One man continues to dominate Austrian politics. Paul Lendvai reports. Austria’s 



ser Bruno 


' ^ Aw.wn v a: 
" "" .wiwfV' 



personal victory 



balance of 




TO MANY observers, the narrow defeat of Austria’s Socialist 
Government in the nuclear referendum on November 5 seemed 

to put an abrupt end to the career of Dr- Bruno Kreisky, the GennaiMpeaking . population in Dr. Kreisky has been 

federal Chancellor and Socialist Party leader. He 'publicly Alto Adiger 1 - " successful. Poliowing bu scc^n d 

identified himself with a “yes” to the commissioning of the When the conservative ®L?£ tora * triumph in 
controversial - nuclear plant at Zwentendfor on the Danube, and People’s Party won an absolute capturing 

even alluded to a possible resignation in the case of defeat majority in 1968, the 20-year a _. n _j_ tp - r*j ri 5' sorr-t :,. 

coalition system broke up and £? ri L. **: 

Yet within 24 hours the tide Through the help of influential the Socialists went into opposi- “ av ® to the i- 

turned At an emergency meet- friends. Dr. Kreisky, who passed tion. After a brief soell - as chief uons or power. The 



Kreisky received a unanimous After working' briefly as corres- opposition” by xhe~ party’s ^ P e0i , . 

vote of confidence from his pondent for Swedish. Swiss and dogmatic wing, as the new chair- ?S° S d?Ii»nrfS?hi? 11 * can, f lj '-. 
comrades as well as unprece- British newspapers. Dr. Kreisky maa . Upsetting all predictions, selmeoUofSe vnuln ;‘- 3 rtf- 
denred decision-making powers, was affiliated for many years to his new approach, coupled with core Socialism ri-imiv 

Instead of resigning, he has the powerful Swedish coopera- a flair for public relations, relponsibfe for the • at jv ner 

ssav s^srsrL^s ssss sr su “ * ae 

lotted »tat of toarwr. He ,ho beame leader of the i n April, 1970. he embarked on ai well « "“ttf a^iear Sf,“l 


Some Austrians began calling Socialist emigrants in Sweden. It thp uncharted course of a referendum 
him “the first social democrat* was there that he and Herr Willy ^norire SowrnmSt^er nemJ iST' 

“ history. Others add Brand, became close friends. ^ft ™ Pop^Ss hld u/saiotS intrigt^^dirt .he 

that the whole exercise was He stayed on m Stockholm a d oa Hi««.t On th» JZJL , ...-.:i*d 


Infighting ^nd 



^ a tactician. Dr. Bruno Kreisky. the age of 40, that he returned l T V ™ *\L?L 

SS nevt .Tannary. continues to and resumed bin political career ?!.,■ 

dootinate Austrian entities. -deputy director of the o.T,ce of cUe/'a^nTp at,ent7on “in .ST 


In many ways, his career is a the then federal President. pWHon and won< for the first of 


privaro 

sorm 


y in profoundly Austrian Within two years, be entered the 7^' Z D.trZ a „ , A * ed- 
itions. In April 1970 he coalition Government as Secre- n «II Iie ’^ nantS 3Tld to \b- 

of State in the Foreign majority or seats and med'in? of the union lej 


federal 

cast* stud? 

contradictions. In April 

became the first properly elected tary of Mate in 
Socialist Chancellor to head a Office, taking over as Foreign 
socialist government In Austrian Minister si* years later, 
history. In a country which pro- New policy initiatives in three 
d uteri Adolf Hitler, the new crucul areas were intimate I v 

SflSSI 0 ! ’?Sl n ?!,U, n, i ! inkt,i " ilh hiS *«tlon Of issues in fie small remarked recenttv in".'- 

hi t also a Jew w.Ui a Sweduh t enure: vorld of Austrian politics, conversation. 

" , . © The bunching or an active -* Kaiser Bruno." “ Uncle Bruno “ The ThanpoUnr 

Comins from a bourgeois. Ostpolil in relation to h;s i.mi- and similar nicknames reflect a vincr-d that the narrow!- 

upper-class and fully assimilated munisi neighbours. This was deep-seated craving by the the referendum -v,r 

Jewish family. originally ]nng nefore Germany and the average Austrian for authority, better than narrow 
domiciled for ceniurie» in u s pa *h e d open the Iron After all. just over 60 years ago Delt r rnan 3 n, * riov ' 
Moravia t now pari >•( Uzecho- curtain. and it provoked Vienna was the capital of an 

Slovak:.)), and born in Vienna SUS pj CJOn an j resentment at the empire of 53m people, 
a* the 5on 01 a weJ l-to-d irle stile l j me of t |, e cold War In a real sense. Dr. Kreisky is 

manufacturer. Herr Kreisky _ . ' . .. rh«> bridge between past and 

joined the Socialist youth mo.d. bewee^the Eurdpsan S«« * Hh hy djtal»_wlth Dr * ta * “oopotartty Is flier. 


votes for the Socialists. to acting as a self-a- 

His charismatic television mediator in the Middle T. 
performances radiating serenity, to quarrelling wth 
humour and dignity, were an the rights of the Pairs'. . ' 
important factor in the personal!- senior Socialist fur.c 


“The opposition can iv 
make political capital r.-- 
nuclear issue before a-- 
1979 election,” he said. 


VIENNA, Nov. 15. 

AUSTRIA'S BALANCE of pay- 
ments during the first three 
ei uniters of this year showed 
considerable improvement 
Official foreign exchange 
reserves rose by Sch 17.7bn 
(Sfiaora). This higher than 
expected rise was due mainly 
to a surplus of Sch 17bn on 
Jung-term capital account 
against Sell *L6bn daring the 
same period last year. 

The detailed breakdown 
iust published by the national 
bank, shows, however, that 
there has been a substantial 
reduction of the current 
account deficit in the Jannary- 
Srptember period last year 
fioiu Sch 2S.5bn to Sch 11.6bn 
during the same period this 
'--ear. The Improvement Is seen 
iss the consequence of the 
stabilisation measures taken a 
vear ago. including the upward 
revision of VAT on consumer 
durables from 18 per cent to 
3!> ner cenL 

exports were up by 
Schl40.9bn, the 
import bill rell by 2 per cent - 
to Sch 179.4 bn. As a result, the 
vi.-.ibie trade deficit was down 
from Sch49.9bn to SchSS^bn 
during the period. 

Figures released by the Ceil* 
.r;-! Office of Statistics, by com- 
parison. arc slightly different 
from the central bank's since 
!hey exclude transit and gold 
.••ifisaeiion'. They report a fall 
rl" irad^ deficit from 
.r r:."!.***" to ?ch41.Ibn. 
.'.wriisi; to the national 
:»• surplus on services 
me? from Sch2l.5bn to 



BY ROBffiT GRAHAM! 


MADRID, Not. 15. 


REPRESENTATIVES of ^pain’s hat iinemploytn? at snd . the satisfied with the overall trend 
leading trades union oifganisa* question of “te ' tight of "wases And prices. - : 

tions today gave a cool reception restrictions on “ mn S.- -r.afld On the Govexnmerrfs- growth 
to the Government's economic sacking. -7 projections, there are-' likely to 

strategy for 1979. The Severn* The 24-pape govermnent ije a o morethan 150.000new jobs 
ment is trying to persuade .the strategy document pr^ented;.created.. The unioas Teel that 
unions to accept a 12.5 p^: cent today anticipates a grOTib rate this is far too low. Given the 
wage celling traded afeainst of 4.8 per cent ltr ‘ a - -Die number of people entering the 
tougher controls on inflation and uninn; are uncertain, whether labour market for the first time, 
commitments to raise public sec- such a growth rate * can .. be; soch a target will scarcely absorb 

tor investment. ^ — these, let alone make a dent in 

Today’s meeting was presided King Joan Carlos embark* on -the level of unemployment • 
over by Sr Fernando Abril his fourth and most co 0 tro ve r*~ 6n the’ equally important issue 
Martorell, the Economics Minis- slal Latin American twnr; to*. 0 f easing the restrictions oh 
ter, who has been given th*r task morrow, with v * s, *f ^ fairing and firing, .the Goverin- 

of persuading unions -•«. and - .Pem and Argentina, Beater- Tnent jg privpftping fh q t 

management to accept a.Hjvage reports from fl'ludn a. • Tne tour agree " to the employers Twine 
pact for 1979. The unions. were takes place amid a gromidswell able to cut up to 3 per cent of 
represented by Sr Marcelino of opposition bvre to t^gnted- :. - their workforce in companies 

Spanish arms s a, ®s to. Bight- .urjth more than '50 employees, 
wing South A enc ?° ^ g ; ^ro- Thie ■ unions appear unwilling ^to 
ineuts and a ne . w accept this- in isolation, realising 

on South .that - , greater freedom in the 

Spain. It will be tnetniru-and movement of labour is the prime 
Isst P art of tiie w ^ ar ' o l ° concern of the enip l byers* fedav 

InlSr.^ ^ ,K WI1 , : monarch’s s'-iefp tbrmigfa atious. the CEOE. The CEDE for 

tw °- Uurds 05 ...Spain’s former -new worid* part is saytng that new- onveS 

mrabership. ..empire. Inclusion of A«grotin> mtent is Conditional bn greater 

, The 12^ percent wage ceiling: has caused Ihe “oa ^con- flexibility in, the movanent of 

for 1979 compares with the 22 troversy. The Spanish Sottaiist labour, and more -substantial 

per cent observed for this year. Party, the major upposttien govenmreht fiscal incentives. / 
This substantia] cut bringing.' group in Parliament, vlgortniMy Todays session is -expected, tn 
wage increases closer to the condemned ihe jWt-. "to have achieved nWt.SSeSaa 

Argentina wheu to define more cleariy the'posi- 

annonxiccd three monto^-ago. tions .of the two Bide*. - The 

Pointing to widespread .reports Government has already had ex- 

.of-baman rights v,oiafc ®K i ^ te II sive eontactr-Vitb^eiCSOE, 

Argentina, ih® Socialists - -— J 

demanded a full expla n ati o n 

from the Gover nm e n t 


Sr 

Camacho, head of the /Com- 
munist-controlled Confederation 
of Workers Commissions 
(GCOO) and Sr Nicolas Redondo, 
leader of the Socialist-orien- 
tated General Workers Union 


average European level, islieing 
opposed strongly by CCOO> The 
latter accepts the need to lower 
the ceiling but is unwilling; at 
least in the Initial bargaining 
phase, to opt for anything, lower 
than 16 per cent 
The Government Is arguing 
that provided inflation qto be *«*ieved. 


to those 


and today, fn ■ mi 
expressed views 
of- the GE0K 
Early agreement is unlikely 


-;‘0’ 

5r - »- 


pi'n. ilianks lo a good 

ueri'.-'irtonre by Lhc iouri.st in- j awiear*far apart on aids tlcoin 
ry. Thus llie cross intake i . 


on, »•» p, r cent. oHffSre,,. “d 

for entiy vague cr«mmitmentB by: the selves to a. paet vptth «m- 
^ r . Government on public sector. :ployers . when a.-:jaap- 'Keueral 
-»'yiM?° WeV h n I iit ^ on 1 "^ 3 ar * 'spending. ' . election may beV called ^to^ibe 

* 5 S *S? t i»*JS we 4? eni ln tile 1979 midget; approved early spring. -IteSitf.-fhe'ixn-' 
,ow - fiy tbe Cabin- - hut hot yet dis- certain • political . calendar 
nf cussod in P:.r: - . - iient> there is a -making the poll trial :'part!es r*. 

jertion of an average 16 p#cent spec; * nvcstmedt.fund. luctaot to repeat the foraiai eri- 

But the «'• n'.*t spefctfically doreemenC of 'an economic jact 

uen a. fund like last vears *? -. 


inflation rate for 1978. 

» The posinons of the iwgtades approved tl’r- ' of such a. fund like last years' "Mondpr* agreed 

- only if tin- ■ -overnjneijf^ was meat. , ' - 


.)d - 


in-. 

If-’ 

b“ 


consumed.”;- 
The Socialists know rh-jf or.!; 


irjm foreig-; tourist was up hv 
l'i opr ceil.* to Sr!i50.6bn and 
r»i^ net surplus was up by 18.6 
per ernt to Sch27.3bn. 

i:-.e so-called basic balance 
of -...'Tnerts shnv.ed a surplus 
of yi-.-b5.S_bn against a defiict or 
85 3 i*n last year. Taking 
tc:r a«:cnupt statistical errors 
■and r-mlssionsr.t Sch 18.4 bu) anti 
'ihe SchS.fibn -adverse balance 
jp sbbrl-tpnji rapiial transac- 
tions. the official reserves were 
-bp hy Schff.Shn. However, ex- 
clcdine fhe end of the year 


active tin underground afte Fr ? (EFTAi yeare of . _ - - . . 

the civil war of 19.14. for which and , Common Market, and the Sl £ ialjst SSp^tlon against the Dr. Kreisky (still favoured 03 . *»**««» K dr, !« ,n « b,itwen ?e 

he was jaiK-d soon after the early and now generally accepted » danger 0 f restoration:" the Chancellor by 51 per c-.t: oi the "central bank and commercial 

establishment of the corporate stance that Austrian neutrality 0 pp n ins of the party towards the People in a recent opinion sur- banKs. reserves were in Fact up 

dictatorship. In all. he spent was mcompatible w-ith full catholic Church and the freedom vey) can avert a defeM ne:-:t 7 ft - v Srtii/wnn. 

almost two years in prison, membership of the EEC. of aCL , ess f or journalists to the year. But it repaini i-uotnrjLi 

including a spell under the Nazi • The internationalisation of the ChanceDor and the members of whether even syjh a c. - -".- t UTT»atvn»---cut Tinrs. pobUshed daily excew 
regime in : I9:« fnilowine the South Tyrol .{Aito Adige) dispute his Cabinet combined to create -tactician can repeat th<» '-ilraclef - \* «*wripdoD 

Anschluss of Austria to the Third wrtth Italy, which.", ultimately a new style - . C-.-. . 1971 anfl 197.iby cap. -rn? ilr.uri s.^ ' ht 14,80 ,a,r 

Reich. resulted in a better deal for the Perhaps the problem is that absolute major,! t£ V^,;:. ' o* ■' v.i— \y 


DOSTose a aid u 


Eldfisk 


- BY KfiYIN DONE, ENEF 

PHIL LIPS PETROLEUM' 
completed the first develo 
well on the Eldfisk Field i 
Norwegian sector of the 
Seh. Production is eqnscte 
begin next spring. r 
The Eldfisk Field is qhe;of 


r; 

Vi-'W 



\rrJ 
;-$> ■ 


most important sateilito fleldsfn 6.914-faarr^is a 
the,Ekoflsk area. Two proddc- 7.9rc xubsc feet 
tion: platforms have already^een Phillips said vest 
installed and the 6 platform is well could pro 
expected to begin production in level, but the 
late 1979. was limited 

A total of 46-49 wells wBl be the t-?.t equj 


CORRESPOND: - IT 

has lS-mtie pi- .line to the Eltofiskiphnlipa said- yesterday: Output 
lent Centre p!. - :«'rra. from where it:fe ltaiited-rti^ a the^ delay in W 
the -Mi! hr? remitted the -buifdlng df - pjbcesslng facilities 

b L-fl-mile pipeline to SefcT Sands at Teessfde. '• *. ' . 

to un _Tees«idc. These- units should start com* 

The Eldfisk development well ing on stream next year, however. 
ie tested a: a promisjpg rate of and will -eventually allow" pro^ 


produced duction from the Ekofiak area to - 
gas a day. build up to as : m wl i as 765,900 * 
that the barrels a day in l«Sl. The other 
a higher fields that are stilt to eoine on " 
ducfion rate stream. are Edda ami Albuskjelt: 

1 capacity of.. The companies' in. -the Ekofisk • 
Rreup include Phillips, Fetrafina, 


drilled from the two platfepns Pr ^ifCtiun’ ffm the Ekofisk Etf ^AgnTtnWi^; “ Hpfr? 


over the next five years. "^Oil comnlej'^jf fle t 
from Eldfisk will flow alonjL a. at aboitl,3S0.(" 


is now running Total! 
barrels a ' day, Cofrano 


Gqparex, Surafrep and 










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(GABON) 


BU1QUB 
CQHMERCMlf 
DU BURUNDI 

BANQUE 


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a&usi 

B.B.LCUK; 

RN.B.L 
(ITALIA) 


REP DUBAI 


REP SINGAPORE 


RER MEXICO IS 


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SECURStiK 


REPRO 


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We've got the connections. 


Our network can reach all four comers. 

Our name may imply we’re Belgian, but our 
network says we’re international' 

It says we have the ability to service clients not 
just through 1060 hranches in Belgium, but also 
through om-suhsidiaries,affiliateid and associated 
banks. As well as through representative offices in 
major business centers, stretching from Rio to Tokyo* 

Why we ai mrtimw npen our pars instead. 

of Another office. 

We think that sometimes it can be just as 
efficient to rely on our local correspondents. 

We also have other ears at work for you 
through our membership in SEE and Associated 
Banks of Europe (ABECOR). 

This is what gives us the local touch around 
1 the world. So we can give you the insiders edge 
whereveryou do business. 


face-to-face philosophy. 

We try to knowa client as a person,not just as 
a signature. We try to learn his business as well as our 
own, Taking time to learn his language, instead of 
expecting him tospeak“bankeseT And taking tune to 
tailor spaificanswers to his specific financial 
problems. 

Because we think that an individual approach 
to each client -to his business, to his needs -is what 
really makes a bank big.Not simply its big 
international network. 


Banque Bruxelles Lambert 

bankings matter of peojde 


AGRICULTURE AND FOOD PRODUCTS 

9 Confectionery. Chacc-’als and Biscuits (INTERSUC) 

O Apnculture vSIAi and Agricultural Machinery {SIMA; 

© Technology and Equipment for Wine and Vine {SITEVI) + 

ARTS, CRAFTS AND JEWELLERY 

O CommefcisJ and Proiessionai Arts and Craft»Prcducis (ATELIERS DART) 

Jewellery. Gold and Saver Ware, Clocks and Gills iBWORHCA) ‘ 

• Tableware (SIFE -CIAT) - , v \- 

' CAPITAL GOODS AND EQUIPMENT 

• Machinery for Pastry and Bakery (EURORAIN) 

• Bedronic Components vCOMPOSANTS ELECTRON! CUES) 

® Surface Treatment and Industrial Finishing (TRAIT E MENT DES SURFACES) 

O Aeronautics (SALON DE L'AERONAUTIOUE) '1 

• Machines and Tools for Leather (SEMAINE DU CU1R) 

• Protection or Mankind, Us Environment and Property (EUROPROTECTlON - EUROSECURIT0 

• Data Processing, Communication and Office Organisation (S1COB) 

O Moior Mainienance and Car Accessories (EOUIPAUTO) - ' 

® Hotel, Restaurant and Caterkig Equfpmert (EQUIP'HOTEL) . - ' ' 

• Retail Trades Equipment (EOUIP'MAG) 

® Heating. Refrigerating and Air Conditioning (INTEHC LIMA) 

• Budding Equipment (BATIMAD 

• iniematronai Market of Sub-contracting (MlDEST) -H- 

• Hydraulic. Pneumatic and Mechanical Transmissions and Componenis (MECANELEM) 

• Electrical Equipment (ELEC) 

• Measure, Control, Testing, Automation (MESUCORA) 

CONSUMER GOODS 

« Furniture - Lighting •• r . - 

m Yachting, Boating and Waersport Equipment - 

• Stationery (SIPRA) 

« Toys and Games 

• Wintersport Equipment and Clothing (SIG) -H+ 

• Household Appliances (ARTS MENAGERS) 

• Carpets „ : • 

• Wallpapers, Vfeltawerings. Furnishing Texties (F5ARITEX) 

• Outdoor Leisure Activates and Sports Goods (SISH j 

• Hardware (OUOJEM) . . 'l . .... 

• Photo 

CLOTHING AND FASHION 

• Knitwear- SIM (MA1LLE) 

O Men's and Boys Wear (SEHM) 

O Children's Wear (MODE ENFANTINE) 


1 1-16 Jan. 6-11 Sept 

14-1 8 Jap. ,6-fl Sept: 

1- 5ApnJ CV' 

31 March-SApril 

2- 7 April - 
14-19 May 
9-17 June 

• 8-11 Sept 
. 18-21 SepL .. 

19-28 Sept 
28 5 qpLt5 OcL. 

14-22 Oct . 

25- 29 Oct. 

16-21 Nov. 

16-25 Nov. 

26- 30 Nov. 

3-8 Dec. 

10-15 Dec. 

10- 15 Dec. 

11 - 15 Jaa 

11-22 Jart - - 

2- 5 Feb. - 
10-16 Feb. ' 

3- 6 March 
3-12 March 
7-11 June 

7-IIJune ' - 

9-1tSepL 
23-26 Sept 
20-29 OcL 


10 


11 


12 


1^ 


16 


17 


18 


19 


20 


21 


22 


23 


24 


25 


26 


27 


28 


29. 


130 


31 


32 


33 


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Ladies' ReadyHo-Wear (JNTER-SAlSONS ETiNTStDERNIERE BOUTIQUE) 
Fur Industnes (SIR _ -r 

Ladies - Ready-toAVear (PRETA-PORTSl) and Boutique 
Spectacles, Optics and Optical Equipment (SILMO) 4-hH- 
Lealher (SEMAINE DU CUR) 

Ladles Summer Fashion -H I-1 - M - 


•Montpellier "Brussete (Belgium) *“GrenoWe'"*Oyonnax *-“Nk» 



3-6FbbL 

34 


3-6 Feb. S-11 SejA 

35 


3*6Feb. 8-liSept 

36 


3-6Feb. 8-11 Sept 

37 


... -7ril April 

38 


. 7-11 April- .13-17 Oct 

39 


1044May . : .v 

40 

^ v ■ 

8-11 Sept. 

41 


27 Sept -1 Oct . 

42 


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FT. 


French Tirade Exhibitional- French Chambt^ - or Conuherca House 
54 , Gondutt Street, London W 1 R BSD -TeL 439 -^ 64 / 5/8 Telex 269132 FRACOH 


Ptease oemf me more aetaOed Woonalton on tne 
ohUtionta) ol which me numbers) are listed befow. 



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. ,Ir- 


Financial Times Thursday November 16 197S- 



French Cabinet approves 
job-boosting measures 


BY DAVID CURRY 

AS THE Communist-led CGT 
union today staged stoppages and 
demonstrations against Govern- 
ment economic policies, the 
French Cabinet approved a series 
of modest measures to encour- 
age employment. 

However, the limited room for 
manoeuvre which the Govern- 
ment has was emphasised when 
the same Cabinet meeting ack- 
nowledged that the budget deficit 
lor 197S will fall Fractionally 
short of FFr 30bn l£3fibn» com- 
pared with the in practice purely 
notional FFr S.Sbn originally 
/provided lor. The Cabinet said 
..that this deficit would not be 
financed by inflationary means, 
since the 'money supply would 
.grow only in proportion to the 
.'gross domestic product. 

: The latest measures will only 
.nibble at unemployment, which 
■has reached more than 1.3m for 
the first time since the war. even 
•though it- Robert Baulin, the 
-Labour Minister, put a brave 
face on the figures fay showing 
that the average length of time 
.a person spent out of a job was 
/declining and that the seasonally- 


adjusted figures showed a small 

dI 5?ve Bills dealing with employ, 
ment are lo b u pla ce d before 
S5 ftritammi. They i-over: the 
reduction in the maximum work, 
ing week from 5- to 50 hours 
(mainly to benefit manual wor- 
kers i- the introduction of fixed 
working contracts covering for 
example a season or a comple- 
tion of a certain engmeering pro- 
teef tighier r« les for tem- 
porary eiupl £l -' rnen ^ agencies 
"Uaranteein" the payment of 
wages and social se S“£j /? r . vq 5 
peoDle thev hire; help for wop- 
kers travelling to . overseas 
appointments: and assistance for 
unemployed people wisbtng to 
set up tbefr own companies. 

In addition. there are 
measures to relieve small busi- 
nesses of the social costs of 
taking on apprentices, as well as 

the recruitment into state em- 
ployment of 5 .UOO . . 

The measures. Pa««ujarly 

those eomvniin? 
are geared towards helping 
young people find their first job. 
With many hi? companies still 

concentrating lin . 1 ^ n tl |! r «,' 
their workforces in the interests 


PARIS, Nov. 15. 


Sweden to 
ban drink 
advertising 


of greater competitiveness, the 
Government is reconciled to 
facing severe unemployment 1 
figures throughout the winter in ' 
the hope that it can eventually 
claim credit for a fundamental 
improvement in the situation of 
French industry and hence a 
more sure promise of future 
employment 

. In spile of the unemployment 
situation and the rash or small- 
scale strikes, the unions arc stilt 
at odds about what action to 
take. The. CGT failed to con- 
vince the other main -unions, par- 
ticularly the CFDT and the FO 
to take part in today's protest 
The latter suspects that the CGT 
leadership is simply showing 
some militancy in advance of its 
congress and does not want to 
threaten discussions with the 
employers on re-organising the 
system of unemployment benefit 
These negotiations will con- 
tinue after the CGT congress in 
early December, the crucial 
question still being the Govern- 
ment’s willingness to step up its 
contributions to prevent the 
joint industry-union managed 
unemployment fund running out 
of cash. 


The Swedish Parliament yesterday 
decided to ban almost all 
advertising of liquor, wine and 
export beer as of July 1 next year. 
AP reports from Stockholm. 
Exempted from the ban are 
certain technical publications, 
such ns the state-owned liquor 
monopoly's own periodical. 

Advertising tobacco will still be 
allowed, but the companies must 
show “ moderation," Parliament 
said, adding that tobacco 
advertisements must include 
declarations of contents and 
warnings about tiie hazards 
connected with smoking. 


Boumedienne’s surprise overture 


IATA urged to resist U.S. attack 


BY MtCHAH. DONNE, AEROSPACE CORRESPONDENT 


GENEVA, Noy.- 15., 


Finnish arms deal 

The Finnish Government has been 
given approval by Parliament to 
buy military equipment worth 
Roubles 50m ($75ra> from the, 
Soviet nlJion. Reuter reports from \ 
Helsinki. Details of the Soviet' 
credit were not disclosed but it is 
believed to include surface-to-air 
(Sam) missiles and replacement 
aircraft ' far Finland’s ageing 
Mi £-21 fighter planes. 


THE INTERNATIONAL Air 
Transport Association <IATAI, 
the organisation of th* world’s 
airlines, will, survive despite 
the attarii launched against it 
by the UA Government, accord- 
ing 10 Mr. Roman Cruz, the 
president of_ Philippines Air- 
lines. 

Ulr. Cruz, who wa* elected 
president or the IATA for 1979 
at the annual meeting here to- 
day. told delegates from more 
than 80 airlines that they 
should not allow themselves to 
be unnerved. fay the efforts of 
one government to . dismantle 
tbe association's fares co- 
ordinating machinery. 


“This is only part of our 
association,” he said, “and not 
even a vital organ, the reshap- 
ing or removal of which would 
be fatal.” 

"Indeed 1 it l§,g.eo,mpeIBng 
indication ofiTfce -yitaMty of 
our association and . Of - our 
industry -that' wc can re-, 
examine and revise, as .we 
have, the. Objectives and struc- 
ture or this machinery in order 
to reduce and- liberalise what- 
ever competitive restrictions 
exist within. 

“This exercise has not been 
easy,” lie said. The association 
had gone through agonies in 


redesigning its structure to 
make it more responsive to 
the realities and press ores of 
the market place. 

He said.- “The IATA must 
now leave behind the- needless 
anxieties, self-doubts and *ve*» 
self-flagellation to which it 
had recently ' subjected itself, 
it must re-affirm Its own value 
to the Industry and .to the 
public it was pledged to serve. 

“To speak of replacing the 
IATA with another organisa- 
tion. while recognising the 
need for an Industry-wide 
co-operative vehicle, ignored 
the vast capital already 
accumulated by, in and 


through IAT AT said Mr. Cruz. 
“It is there and It would be a 
shameless waste to dissipate 
It and rebuild It all over 
again.” 

.- Reuter reports from Manila: 
Philippines Airlines ‘ (PAL) 
has ordered two A-300 Euro- 
pean Airbuses for delivery I" 
December next year. - An 
afr&ne spokesman said today. 
Tbe order was ■ subject - to 
negotiations with Japanese 
hanks to finance the deal. PAL 
intends to use the 290-seat, 
airliners pn its South-East 
Asian • routes. The- order Is 
part of the airline's moderni- 
sation programme. 


Strikes continue in Portugal 


NATO chief in Turkey 

NATO Secretary-General Joseph 
Luns arrived yesterday in Turkey 
for a five-day visit. Reuter reports 
from Ankara. He will see Turkish 
Premier Bulem Ecevil. the chief 
of staff and the Defence and 
Foreign Ministers. 


BY DAVID WHITE 

THE TENTATIVE hopes of a 
detente between France and 
Algeria have been signlficantiy 
strengthened by a surprise 
message from Col- Houari 
Bourne die no e, the Algerian 
President, on his way home from 
a prolonged stay in the Soviet 
Union. 

President Boumedienne's mes- 
sage to President Valery Giscard 
d'Estaing— sent from an aircraft 
while overflying France— pro- 
posed a fresh effort to improve 
France's relations with Algeria 
and the Maghreb region as a 
whole. 

The Algerian leader was 
returning after six weeks spent 
In the Soviet Union amid 
■ rumours of a serious illness. The 
n exceptionally warm terms of his 
message came as a surprise to 
tiie French Government, which 
. earlier this year proposed the 
normalisation of relations 


PARIS. Nov. 15. 


between the two cuuntrie 

The most important change 
came in the summer with the 
overthrow of President Onld 
Daddah in Mauritania—' whose 
condominium widj Morocco in 
the former Spanish Sahara, nas 
been backed by French military 
support— by a government seem- 
ingly more opott •** a compromise 
with Algerian-backed auto- 
nomists. 

Mr. Mohammed Ould Salek, 
the new Mauritanian President, 
was a recent uuesi of SI. Giscard 
d Estalnq in Paris. 

President Boumedienne out- 
lined in his message the prospect 
of a major French role in 
the region, provided lhat the 
"national rights of the Saharan 
people" were satisfied. On Inis 
basis, he said. Franeu-Algeriun 
co-operation could be rebuilt in 
a lasting manner. Algeria 
would also be ready m contri- 
bute to “p new page uf history" 


in the western Mediterranean. 

The French Government Is 
unlikely (o lei President 
Bombed ienne's latest initiative 
go unanswered. Several im- 
portant trade deals— including 
construction, of a car plant at 
Oraq. which has been in the 
balance between the French 
company. Renault, and Fiat in 
Italy— have been held up because 
of the unfavourable political 
climate caused by the French 
air forces action in the Sahara 
conflict. 

Al visit to Paris in July by 
Mr.] Abdelaziz Bouteflika. the 
Algerian Foreign Minister, 
raised expectations of an immi- 
neqt improvement in relations, 
buf these have so far borne few 
results. 

Further uncertainty yra* 
caused by M. Bourn edienne's 
apparent disappearance early 
list month and his reemergencc 
in Moscow. 


BY JIMMY BURNS 


LISBON, Nov. 3.5. 


PORTUGAL’S LATEST wave of unwilling to negotiate. They dollar terms), and imports to 
industrial unrest continued regard what is happening as a havef risen by 4-5 per cent, 
mriay with strikes iy over so ooo Communist-backed offensive at Provisional figures from the 

Iniiw-tvinen a time when Sr. Carlos Mota Bank of Portugal show Portugal 

railwj. P stal workers, and pj Bt0t the Prime Minister desig- bavins a trade deficit of S543ni 
miners- • .v nate, is about to form a new in the third quarter, of this year. 

Although the- strikes were im- administration- compared with a deflet of $731in 

mediately .condemned by the The CIP communique said i„ the same peirod of last year. 
Confederati on ■ of Portuguese that the strikes had been organ- Services in the third -quarter of 
Industry (CTP) as politically feed by “those who fear true this year were up by 537m on the 
motivated-, the Communist- democracy and would lead previous quarter, while (migrant 
backed unions still appear to he to a worsening of the economic remittances showed a surplus of 
holding back - from an all-out situation. $4£6 in- 

offensive against the Govern- - in spite of an unsettled labour i D the period April 1973 to 
ment. . background, however, Portugal is March 1979 Portugal expects to 

Portugal’s 27,000 railway continuing to observe the guide- reduce its external current 
workers stopped, work this morn- lines set J>y the .International aceoun t deficit from about S1.5bn 


Communist expelled 

An Italian Communist Party 
official has been expelled from 

JJjLS ?' r S nne iniO^afleced Mafia I ing' ‘in was dwly a token Monetary Fund, with the excep- to$lbn. 

Sh trial °m ftl^i^Calabria ■ gesture, outside “rush-hour” tion of domestic credit expulsion year's third quarter 

RMter riSorti? Sis Carmelo time. The country's 40,000 postal where the country lias overshot account deficit fell to 

Pratieo told tiie court yesterday workers went on a 24-hour strike the mark. below 9300m, compared with 

that Sig Gioacchino PiroraalJi. from niidnighr last night only This was the main conclusion $341ui in tbe same period last 

' ‘ after ensuring that essential to be drawn from a rare year. This brings Portugal's 

services would not be affected, television interview with Dr. Jose current account deficit over the 

Union representatives also in- Silva Lopes, the Finance Minister last nine months td about- SI J2bh- 

formed the press that they would and. former governor of the Bank — * — — * — •• 

not interrupt telex services. of Portugal latg last night. . ■ 

The strikes, including stop- Sr. Silva Lopes said that &mp Orcierea ODi 

pages by some of Portugal's although the budget deficit was The Malaysian Government 

7,000 coal and tin. miners, arq a “considerably greater" than jected international pressure and 

further sign of growing union originally forecast, he felt far ordered 

anger with the rising cost of more optimistic about, .the 


suspected of being one of the 
Calabrian Mafia’s most ruthless, 
leaders, was an honest man. 


Belgian election date 

The Belgian Parliament was 
dissolved yesterday and general 
elections will take place on 
December 17. according to a royal 
decree, Reuter reports from 
Brussels. Prime Minister Paul 
Vanden Boey Hants, who took over 
from Mr. Lea Tindemans on 
; October 20 after a quarrel within 
i the four-party coalition, forecast 
1 that the flections would not 
I change the political balance very 
I much. . 


living. It looks as though infia- balance of payments, which bad SSSJfSSufliwirtdftSn Kuala 
tion will stand at around 23 per continued to improve in recent ^^^ p K ^ r TrrP^ ri , fj fltrv 
cent by.J^mry whUe the wage months. ‘ S® 

ceiling is sou pegged to -0 per The Minister also said that he engine and provide food, medicine 
cent- expected Portuguese exports to and water to enable the pas- 

Employers, meanwhile, are have increased by 15 to 17 per sengers to continue .their voyage 
[showing themselves. increasingly cent by the end of this year (in in search. of a new home. 


W. German 

chemicals 

spending 


By. Guy Hawfin 

FRANKFURT. Nov. 15. 
WEST GERMANY’S chemicals 
industry last year spent DM SJSbn 
(£702m } on environmental pro- 
tection measures, some IS per 
cent, or DM 400m, more than in 
1978. 

In terms of new capital invest- 
ment, environmental protection 
expenditure amounted DM 600m, 
II per cent of the Industry's 
total capital investment At the 
same time environmental protec- 
tion added DM 2bn to the 
industry's operating costs. 

The; Frankfurt-based West 
German Chemical Industry 
Association pointed out that in. 
capital investment terms there 
had been a small decline in 
spending on environmental 
protection: from DM 651m lo 
DM 585m. The elimination of 
air pollution, in terms of capital 
investment, had cost DM 255m, 
compared with DM 257m the 
previous year, while water puri- 
fication investment had dropped 
from DM 301m to DM 236m. 
Spending on waste disposal rose 
From DM 66m to DM 68m, and 
on warning equipment fell from 
DM 37m to DM 25m. 


SALT warning for Soviet MPs 


BY DAVID SATTER 


1 


MOSCOW. Nov. 15. 


. SENATOR Abraham Ribicoff. to- 
day warned Soviet leaders that 
views of the- U.-S. Congress 
, must be taken into account In 
: the strategic arms limitation 
‘ negotiations. 

The senior Connecticut Sena- 
tor. who is Jewish, is leading 
a delegation of 12 U.S. Senators 
who are visiting the Soviet 
Union this week at the invita- 
tion of the Supreme Soviet. 

lie indicated, in an apparent 
reference to U.S. legislation 
tying liberalised U.S.-Soviet 
‘ trade to freer Jewish oniigru- 
: tion. that existing problems in 
; trade relations, could he sur-' 
mounted. * 

Speaking to the Supremo 
Soviet, Senator Ribicoff said it 
would be misleading lo assume 
that because the President of 
l lie U.S. and tiie majnrily «f 
Congress belonged lo tbe same 
political parly, there was agree- 
ment on foreign policy matters. 

Although he personally was 
encouraged by the prospect of 
a new SALT agreement. Sena- 
tors who voted on the SALT 
Ireaty must also have confidence 
in Soviet intentions in regional 
disputes. 

Mr Ribicoff cautioned ihe 


Russian* not fe seek t« benefit 
from insiahiliR in Afua and 
the Middle Ef<\ and i4id itDiL'. 
Soviet help in fostering progress 
achieved in ! tjf* Camp -David" 


President Leonid Brezhnev 
yesterday conferred the title of 
Heroes or llm Soviet Union on 
the two cosmonauts. Comman- 
der Vladimir KovaJenok and 
Flight Engineer Alexander 
Ivanrhenkov. who spent a 
record-breaking 139 days in 
tipncc aboard the wbfjing 
Salynt 6 space station. The 
cosmonauts went into space on 
June 16 and returned to earth 
on November 2 after con duel- 
ing an extensive series of 
physical, medical, metal- 
lurgical. photographic' and 
scientific experiments. 


talks would serve the interests 
of the world. 

He said he felt that the 
Soviet Union understood the im- 
portance tiie U.S. attached to 
emigration and human rights 
and that the U.S. understood 
that Moscow was prepared to 
talk about such matters quietly. 
Progress in *‘a quiet manner" 


had been achieved this j'ear. he 
said. In an apparent. reference 
“X-thc .number of Jews receiv- 
ing permission lo emigrate. The 
figure has been close to . 2.500 
a month this year, approaching 
the record levels reached in 
1073. 

.Meanwhile a Soviet hijacker 
has been shot dead while 
attempting to divert an airliner 
nn a domestic flight between 
Krasnodar and Baku near the 
Soviet border with Turkey and 
Iran. 

Toss, the? Soviet news agency, 
identified the hijacker as E. M. 
Makhayev. and said he 'wanted 
to force the plane to fly across 
the border. The attempt was 
foiled by Ministry of Civil Avia- 
tion security .guards and no 
passengers were hurL 

Makhayev's attempt, which 
took place a few days ago. was 
ihe second in the area near ihe 
Soviet Union’s southern border 
in the past six months. *ln May 
fi. a man described by Tass as 
" armed criminal Skuhenko " 
fried to hijack an aircraft on a 
flight between Ashkhabad, 
caoital nf the Turkmen reoublic. 
and Mineralnye Vodv in the 
Caucasus. He was killed hut no 
one el*=e was hurt. Tass reported. 


Transamerica 
Record 9 Months. 

Period Ending September 30, 1978 


2.50 


S2.43 


™ i 

J 

1,51.5 

: L 

1.50 


pH 


ii 

?• 

i 

i.UU / 


^1 

r 


m 

[■ 


ii 

.50 i 




.0 



DOLLARS 


1977 


* 1978 


Transamerica s nine-month operating income reached a record S2.43 
per share, an increase of 24 percent over ihe same period of 1977. 

Record nine-month performances were contributed by our life in- 
surance, property /casualty insurance, consumer lending, entertainment, travel j 
and manufacturing subsidiaries. 

For our third quarter report and 1977 annual report, please write: 
Corporate Relations Department.Transamerica Corporation, 600 Montgomery 
Street, San Francisco, C A 941 11. 



Transamerica 


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wins orders for 
wide-bodied aircraft 


BY JOHN WYLES 


NEW YORK, Not, 15. 


BOEING COMPANY was today Hues and British Airways, which to Delta and American will start 
celebrating the best influx of have made preliminary under- i n October 19S2. Delta's aircraft 
orders oF any day in its history, takings lobuy a total of 40. sea t 195 passengers. and 

after two U.S. airlines announced Apart From its size, the other T> nYy . .i- 

they would buy 50 of Boeing's notable Feature of today's orders 

new 767 aircraft at a cost of is that they will aU be equipped fnr 

51.9hn. with General Electric's new Amj n « n for 20 and Delta for 

The order. 30 from American GECF6-S0 engines. This gives GE M 

Airlines and 20 from Delta Air- an important edge over Pratt and °™erg for .the design and i9 

lines, mean that Boeing's new Whitney, whose engines will be 
767 wide-bodied twin-engined installed on the 767s ordered by 

design has an excellent future. United. 

Delivery of the new aircraft 


United Airlines, the largest U.S. 
carrier, provided the first orders. 
For 30 aircraft in July, and 
today's contracts mean that sub- 
stantial numbers of 767s should 
start moving off the Seattle pro- 
duction lines in 1982. 

But there was a slight twinge 


options. 

U.S. airlines are expected 
order around S65bn worth 
new aircraft in the 19S0s. 


Prime rate of 11^ spreads 


BY STEWART FLEMING • "NEW: YORK, NoV.15, " 

nf Hi- nnr . D I .u A PRIME BATE 'of *11 tier cent For 30-8S-day money from TO per 

U nt 1 Boe - n ?' began to spread through the U.S. cent to 10 05 ner cent A week 

world - larges: commercial air- bankin'’ system today with an- ™ p . . 

craft manufacturer, that Am.ri- nounceWnte toat ?wo toreeNew ■*?»# ** £J t was * ie]du3g 
^3R A. rhno 3 - had not provided York banks, Chemical' and ar 2J? JL Kfth r 
th.? first ord^r® for the three- Marine Midland, •«* Separately the fifth largest 


r ngined v ide bodied design, the the lead of First National Etank New York B *" k ' Mor S an 
777 American had been study. Jf gSrago JhliS SSed ite ‘Suaranty. 'yesterday issued sw- 
ine the aircraft closely, and there prime rate from 10} per cent on ™ nth certificates qf deposit at 
had he n n speculation In the air- Monday. 1** P er cent- 

line industry that it would buy The announcement was accom- The demand far funds oF this 
roverpl ,,,s. panied by renewed signs of maturity la generally attributed 

Boeing is developing three i ew upward pressure on short-term to two factors. . One- is--. the 1 heed 
types of aircraft, for the 19S0s interest rates in the money to replace borrowings' which.- are: 
and beyond. They are designed markets which could already be maturing and the other 'a desire 
to meet new U.S noise require- building the base for an 11J per to secure funds in anticipation 
meats, and to provide greater cent prime rate before the end of Further rate increases. The 
fuel efficiency than the present of the year. net result, however, is that the 

generation First orders for the Thus, in the commercial paper overall cost of funds to com- 
narrow-hodied 757. the third market. General Motors Accept- mercial banks is increasing and 
member of the new Tamily. came ance Corporation raised the rate putting pressure on their lending 
m September from Eastern Air- of interest it is prepared to pay rates. 


sets off for oil talks 


BY DAVID BUCHAN 


'WASHINGTON. Nov. 15. 

.MR. MICHAEL BLUMENTHAL, partly because the U.S. produced interest in a stable dollar which, 
Lho L.b. Treasury Secretary, sets ihc same arguments 12 months s i nC e the Carter <ydniini<rr-.rmn.j 
nff tomorrow for a week of talks ago. and some OPEC members carter Administration s 



warnings 

by Carter 
aides j 

By jurek Martin • _ 

WASHINGTON Nov- 15- 
SENIOR MEMBERS of' the 
Carter Adralniatnitioo are ea- 
gagecT iivan earnest public rela- 
tions campaign '.to convince the 
publJc-that the President means 
what he says . about fiscal 
austerity in thejhonths ahead. 

Two senior Whftfe House aides, 
Mr. Hamilton Jordan the politi- 
cal adviser, and. Mr. Stuart 
Elzenstat, who -is. - responsible 
for domestic affairs, both said 
yesterday that major spending 
on socially desirable projects 
would bav.e.tQ be ^delayed as P« rt 
of the anti-inflatioo battle if the' 
President's goal oF-reducing the 
budget deficit- to tinder $30bn by 
the next fiscal- year was to he 
met . . 

If the Admiillstratibn adheres 
to its proraiser to -NATO and in- 
creases defence outlavs by 3 
per cent, next .year social ser- 
vices will have to be cut sharply. 

Cabinet departments have al- 
ready been ordered to find about 
$15bn in savings on existing pro- 
grammes, while it now seems 
clear that cherished, proposals to 
reform the welfare system and 
introduce a national health in- 
surance scheme will be delayed. 

Mr. Jordan acknowledged that 
such actions wquld produce 
“ screams of protest" from both 
special interests groups and 
from those with legitimate social 
concerns. “Bat" he said. 

somebody's got to sav no and 
the President’s going to do it. 
You can't . have- ii .both ways. 
You can't please all these people 
and still fight inflation." 

However, in spiffcof the clear 
unanimity of ap&gj&eb . on the 
budget question, The^Artmtr.ist ra- 
tion is still tending io 
will? more than one vn'ce on 
-other aspects of its war on 
inflation. ..•■ 

Tins is most evident the 
vexing question of wlincor f>r 


f not scheduled, steep jnercaf. 1 ? m 
. social security taxes, due >o s.-.V e 


Rhodesia’s 




i e fleer in January, should oe post- 
. ; poned or-. reduced. The jrcu- 

mcreases. OPEC members' are American PefroJeum InVtU.ne £™“ waae-weigmea avera S c of>cnts in favour of such ar.son 
io meet in a month m Abu Dhabi reporied iod^ But to"K Key CUrrenc,es ' T I wp,,ld h " 

to discuss world oil prices for tine said the expected OPEC With the apparent collapse of|™re^ 

15, ‘ 3 ' , Price rise next month was now the Iran oilfield strike, and, the i not e\ce«ive1v hiSr rh* 

The menage that bo and Mr. causing a rise in imports foi resumption of Iranian .supplies general’ pSic with hWr ! i-m 
F rtU Bcrptien. the Assistant stockpiling, with imports in Octo- at near their nurmal . level.' at 5m e whln ri -^ra' ' 
Treasury Secretary vrilj take to ner up by 4.4 per cent from Administration officials hope i ne «me if brfne nr! -V h- 

Saud! Arabia Abu Dhabi. Kuwait October 1P-77: Mr. Beraslen. in a that supply and demand for oil Inflwtinn " P * 

Irj “i s lh . ai rjal > a moderate speech earlier this week, fore- may lead OPEC to show- On fhe -other hand M- 

ncrejse— perhaps 5 per Cent— cast an increase in the last moderation on prices. Mr. j Ebensta"' " d ' 

’.\ould avoid ?n undue widening quarter nf this year. He also Blumentbal who Is to see 

uf the U.S. trade deficit and eon- predicted that a 5 per cent OPEC President Carter later todav 

sequent damage to the dollar, price rise would add S2bn to the will also undoubtedly convey to 

and would allow the U.S.'s indas- Projected IIS. trade deficit of the Shah some of the Admin* 

nal partner countries to sustain S2Rbn in 1979. stration's broader political con- 

Tec ? ve, T- . 0PE< ^ The Treasury Secretary is also cerns about developments in 
did not raise its prices this year, likely to point out OPECs self- Iran. 


BY TONY HAWK1N5 

RHODESIA'S four-maa Executive Muzorevca. 


Chief 


SALISBURY, Nov. I5 f ' 
Jeremiah tn pass the neceaary legislation. 


2d the Rev. Ndabaningi Elections would be held' ovnr 


Council flew to Pretoria today for Chirau t=d Je three da>3 on.Deceraber 22 to, M 

discussions with Mr. P. W- f ^o.e due f0 ' r afler a transithmal gaveriuaent 


New Iran 




between leaders of the nuuussiw* ind the on. 

transitional Government and Mr. man. oae^tue «■■ -« _• • Mr sithole said in Salisbury 

Botha since be became Prune hand over £ ^ ^ evidence today that the Executive . Coni 
Minister in September. So formula is cii had 00 jwwer. to . delay .the 

It is thought here that the tn« * d 1r . tfea< i. Mr. elections hut, he stressed that 

Rhodesian leaders wanted to ta,k f C i,j r - Vl aR d Mr. there was no question of his 

to Mr. Botha about financial and Sautn ur.aer ^ ieve ^ party pulling hut of the Internal 
military support alter the hand- SrthJJ * dS: t of the Decemher agreement IT the December 31 
over to majority rule. The tran- inevitable, handover -'Sale proved... to he 

sitional Government is unaer- 31 hand over aate ^ unattainable:.-' . 

stood to be increasingly peasimra- Bishop c ° Mr Sunth^inxioos to keep ail 

as long' as 
on BriUin 
to explain why- they 

are held wiinom iae handover. He are. taking so long to convene 

Hfc "5‘iliSlhI the new constitution to be bed ‘no, preconditions basis "-that 

Th? Scefutive Councti of Mr. on December 1. Parliament would vras^agreed ; In Washington last 
la? sStb Btehqp Abel then be given La* than a week montiLL 


Gaza issue crisis at peace 


BY ROGER MATTHEWS 
EGYPT AND ISRAEL, 


CAIRO. Nov. 


both framework for a comprehensive 


Davtg Lennon reports ihraiTel 

^Mr A to'anree witt the’Unlted Middle East settlement. Essen- Avir; Israel ii worried that 
States ^thatlnother critical sta^e Ualiy this means a solution for Egypt may make tougfr .new 
2^5 J „ a d to a Middle East the Palestimnn people living on demands and decided.to^.to 
»* 3 rp rreatv has been reached the occupied West Bank iff the suspend a Cabinet debate jnxffi 
hut^there is doubt about which Jordan and the Gaza Strip.fi it. received cIarificatK>?t. itfvthe 
of several stumbling blocks is Mr. Sadat now appears ft be Egyptian position. ;.Aj: 
the mo^t important. hisisting that toe Gaza The Cabinet met- fhr -,three 

President Anwar Sadat of administered by Egypt uiSHI it hours this morning .^tb' hear 
Egypt insisted in Ismaiiia today was captured by Israel Jn 367— reports, from Mi\ Men aheap 
that the nc-cotiations with Isrjel should return to Egyplia%con- Begin, the Pnme M i nis ter., and 
were at crisis pointi That was troL In the Camp David 
why he bad sent Vice-President meets the Gaza Strip a 
Hosny Mubarak to Washington. West Bank were trebled 
Mr Sadai said the negotiations entity that would ’eve 

form the basis for a Pale 


Mr. Sadai 
might- have to be interrupted 
and the delegations recalled. 

But we'll all get together again 
and work for peace." 

Ha vine stated that 90 per cent 
of ihe road to peace had been 
travelled. th° President added: 
'■ If Israel, after all this achieve- 
ment . . . does not accept a 
solution to the Palestinian 


or a 

“ homeland." although 
has- only acreed to -disc 
Future status after . five 
while maintaining a off 
presence in ’he territory^ 
It is not known whether: 
is now askicT for a com ml 
by Israel to military vritht 
from Gaza or whether 
merely seeking a precise' 
table whereby the limited 


problem then they had better 
review their position.” 

Since the start of negotiations, rule elements of the Camp 
Egypt has been striving to link accords should be put 
the bilateral Y deal with the operation. 


e- Sr. Mbshe Dayan, therJTo reign 
the Minister. But il was detideii'tot 
dne-retpone a follow-up ineeting 
By planned for lomomxw beeaose 
ihn of reports that ihe Egyptian VJee- 
aeT president is carrytbg. hew 
its demands about the Gain; Strip 
rs To-^Washfngtoc. - 4™ 

. ': Opposition to the direction the 
peace talks are taking Yjvas 
ypt voiced by a number of coaQtion 
:ent members of the Knesset td3ay. 
wa! Five asked ihe Knesset. Forf 
is. 'Affairs and Defence Commi 
me- to forbid the Government 
. make any commitment about the 
tT West Bank acd Gaia, Strip in the^ 
to framework of the -negotiation: 
w\th Egypt. . 


PRESIDENT CARTER’S FEED GRAIN ACTION 

Foi 




FOOD 

mercy 

ables. 

dent 


PRICES are at the 
of many imponder- 
Last weekend Presi- 
Caner announced ?n 
increase in the Administration's 
price support for feed grain 
raise 


argued ye-terday 
delaying • social " -’ecurity 
increases wopld make it rhat 
much more,, difficult to reduce 
the budget deficit. Moreover, 
is also areued, the tax cuts con 
rained in the latest niece of 
congressional . legislation do 
cushion the public to 3 degree 
from the iinpaeifof higher soci.J 
security levies. F , 

At bis press cnnferqnce last 
week.. Mr. Carter JsaSd'lie. had 
present, jsgair' to 
• delay or redufe- the sehe 
j increases. Two^tvy Congressmen. 
Senators Russell Long of the 
Finance Committee, and Mr. A1 
•Ullraan.. Chairman of Ways and 
■ Means id the House of Represen- 
; tatives. hath side with the 
President <m this, though for 
1 somewhat different reasons. 

I However. Mr. William,- Miller, 
i the 'chairman of the’ Fed. has 
cent, and could bp perhaps as Under . this programme, {suggested that ‘same move on 
much as 11 per cent.. farmers are rewarded for not| soc,a ^ security might be appro- 

Farmers. and indeed all sellers producing, for keeping a portion I Priate. Equally, Mr. . Alfred 
of raw materials, are exempt of their land fallow and out or l Kalin, the new anti-inflation 
from the Carter Adminstra lion’s food production. This may seem: adviser, has said on a; number 

new price guidelines. The a very cosy arrangement forJ of occasions that if he had been 

on ... • ~ • ' - ‘ ~ ... 


policy 


BY DAVID BUCHAN IN WASHINGTON 


l a 4?l erS „ Uia£ Hill „^ aise tfaeir Coundl on Wage and Price American fanners. But it is also 
prices an average —5 per cent Stability, which has the task of the traditional jmeans by which 
in each, of the next two years, monitoring these guidelines, says they are prevented from finan- 
« fw u Wl w° r k the reason is that farmers have dally strangling themselves and 

through into higher meat and no individual control over their depressing prices ' with their own 
poultry costs, and may largely market; and cannot therefore be productivity, 
negate the effect of Mr. Carter's expected to decelerate their This year, and President 
simultaneous decision to veto a price rises in the way that every Carter has continued it for 1979 

congressional bill that would other sector or company is being now. farmers have to set aside 10 

have set a ceiling on foreign asked to.- per cent of their arable land, in 

beef imports in times of Thq-jlcpuncil says it will, how- order to qualify for Government 
domestic scarcity and high ever^whP close tabs. on all the deficiency payments should 

pr mw S ' Tt ■_> * , middatpeu in the food chain market prices for the.' Test of 

I he President took this betfriBn tiie Farto 'and the super- their crop fall below* -retrain 
action, at a time when it is market — wholesalers, retailers. Government-set target prices — 
becoming increasingly dear that processors and distributors — to and to qualify for the Govem- 
food prices, and the public's 6e e that they conform to the ment farm loan programme. IF 
acute sensitivity to them, could price code. This may help. But they also set aside a further 10 
be the crucial factors in scup- tbe council’s relatively small and P® 1 " of their crop land, they 
pering his much-vaunted bid to over-stretched staff say their 8®t a direct Government pay- 
bring down the U.S. inflation priority is to concentrate on the nient- 

rate from over 8 per cent this price behaviour of the major Fanners had wanted the pro- 
year to 6-6.5 per cent in 1979. industrial companies. gramme extended in 1979. Mr. 

Food prices have this year “ Fo fanner myself." Mr. Carter rejected the advice of his 
proved the cutting edge of infla- Carter told a Press conference anti-inflation counsellors that he 
tion. exceeding the overall rise last week, “and T never met a should let more- land go back 
by about 2 per cent and by more fanner -who in a showdown into production, and co ntinued 

in some food categories. The wanted’ to do something dele- the- set .aside programme at the 

Agriculture Department yester- teriotts '.’.or harmful to his own same level for 197?. But, as a 
day estimated that the increase country just for selfish advan- concession to the farm lobby, he 

in retail food prices in 1979 tage.” : Wishful thinking for ha * raised . target prices next 

would not he less than 6 per piTblic consumption. year. 

U.S. farmers, and Mr. Carter Crucial to this decision was 

should.know because his recent last week’s news from the 
tax returns show his own Agriculture Department that the 
Georgian fanning operation to I97S harvest would be a record, 
have been less than successful. The corn or maize crop, the 
have seen their income drop biggest and most important for 
from a record $33bn in 1973. at export, is now put at 6.89bn 
the height of the export-led ?««■ U P fro “ 

grain boom, to S20bn in 1977. 6J7hn bushels last year.'. 

Though the President makes Had- riot -some / m acres been 
much of the fact this is Likely as* de tois year,. Agriculture 
to rise to S25bn this year, it was Depa rtment official? reckon the 
only a year ago that more crop .would have been half a 
vociferous and activist farmers billion bushels bigger— -a level 
were driving tractors around would have sharply 

Washington to draw attention to depressed prices. 

Iheir bid to launch a nation-wide „ The other factor President 
“strike." Farmers are thus un- Carter cited as justification for 
likelv to shed many tears if the continuing the set-aside pro- 
Administration fails to put a lid gramme at the same level was 

I uveiuye ui ind...cuui m od food prices. the high volume of world stocks 

one producing on _ Conscious of the impossibility in feed grains which even 

I onnnnl ov«nM» of 1 of placating eater and grower earlier this year were 82ra 

SrSnSrMlfSSJr ■ alike. Mr. Carter deliberately de- tonnes,- and -of U.S. stocks which 
$194,000 in soles ono _ layed his moves until after -the at the start of this crop-year 

I revenues. This compares H November 7 election date. Even amounted to,-40m- tonnes and by 

* nOAq uihooovti mm so, his own Democratic Party the' end 1 will be. more. 

lost quite heavily in the Mid- Pm'tiaBy offsetting this is the 
west farm belt, in any case. current boom in grain exports. 

8 , _ ja What then emerged was a which,' helped by the falling 

$47,000 in annuo! sots careful compromise. To the dollar have both stemmed the 

B ond revenue. I irritation of one section of the rise in the U.S. trade deficit and 

* farming community, the cattle- also relieved the pressure of 

■ men. Mr. Carter kept open bis argi cultural cornucopia in the 

option to let in considerable U.S. The Agriculture Depart- 

quantities of foreign beef be- meot estimates that next year 

cause his agricultural advisers exports will total $*29bo, up 6 

warned him that domestic sup- per cent on this year which saw 

plies might soon become too substantial sales of l*L8m tonnes 

scarce again to satisfy strong to the Soviet Union and. for the 

4 7.fr 1 1 consumer demand. But because first time for many years, the 

^ u “'of this year’s record grain crop emergence of China as a buyer 

be increased the price support oF U.S. grains. Mr. Bob Berg- 

system for those feed grain land, the Agriculture Secretary, 

farmers that participate in the has this month visited Peking 

so-called “set aside '* pro- to try to cement the latter 

gramme. relationship. 


> MAPCO’S 
! PRODUCTIVITY 
! GROWTH 


It's axiomatic rnar 
people make o 
company and people 
couse a company to 
grow. MAFCO people 
worfc harder riion 
average ar rhis...eoch 
one producing an 
annual average of 
$194,000 in soles ond 
revenues. This compares 
to 1965, when each 
AAAPCO employee 
produced an average of 
$47,000 in annual sates 
and revenues. 


Investigate. Write 
for our current report 



IM. 

EH?t P. 1800 s. BanimmoAve. 

TiilM. OkJunonu 7*113 
SYMBOL MDA - NYSE 
MVUSE * P5£ 



involved in the planning 1 of the 
anti-inflation package (which he 
was not) he, too, would probably 
have focussed more on the issue. 

Mr. Eizenstat sought to find a 
middle ground by suggesting 
that; In spite of the President's 
statements, there was at least a 
slim chance of asking ‘^Congress 
to'take.atcion. One waj^pf dpio - 
so .would be to 
Carter's original 
restore financial - 
social security trust 
dipping into general 
revenues on a coun . 
basis. But this was am! 

Senator Long when fire 
in 1977 and be is not tlbught to 
have changed bis mindjslnce, as 
Mr. Carter himself {Bbserved 
last week. 

Uncertainty also sterounds 
another part of the pfisident’s 
anti -inflation package-^fthe so- 
called. real wage' insur&ce plan 
— which is due to be Presented 
To Congress early met year. 
This would pay a tax rebate to 
workers whose pay se flements 
were within the 7 ler cent 
guidelines if the rate of inflation 
exceeded 7 per cent. 

Administration sourt » have 
admitted there is muff iutra- 

departmemal con fusion find dis- 
agreement on how such 5 system 
would work, as weilf as on 
whether the potential osks and 
costs to the Government would 
be too high if ihe rare of in- 
flation did not abate.. . ¥ 

Tq an interview publjaied this 
morning, Congressman^JlLman, 
in whose committee thefleglsla- 
tion ' would have to i Sjgtoate, 
was sharply critical of^ to prac- 
ticalities of the idea ant ^implied 
that K might not be i oricable. 
Michael Blumentbal F - the 
He conferred todav with Mr. 
Treasury Secretary 
to promise early hearmw^m the 
proposal. He did not- WT' that 
bis reservations iat^i-heea 
allayed. 

If it does get- ■‘3 
Congress, then the L ‘ ’ 
tion will have lost 'a _ 
ment to the large labomH 
settle inside the voiun' 
lines. . 

<1 Industrial production^ 11 the 
U.S. rose by a solid-fli - ^ cent 
last month, the ** in 

September. This rate of increase 
is consistent with the Adminis- 
tration's projections for economic 
expansion in the rest of the y ear ' 
and points to continued strength 
in the economy. 


U.S. COMPANY NEWS 


Cargill hid for MBPXL; 
Carter Hawley Hale 
Time completes merges— 
Page 28 


Fighting breaks out agi 


BY IH5AN HiJAZI 

SIX PEOPLE have been killed 
and 18 wounded in the past 24 
hours, in Beirut's worst fight- 
ing since the ceasefire five 
weeks ago. 

The fighting was mainij in 
the city centre, already 
devastated by two years of civil 
war, and on the waterfront 
near the port. The capital. -last 
night and today resounded to 
the sound of explosions and 
machincgun fire* as Christian 
militiamen traded mortar shells 
and rocket-propelled grenades 
with Syrian troops of the Arab 
peace-keeping force and Mos- 
lem militiamen. 

The fighting broke out as the 
Cabinet, under President Elias 
Sarkis, met to discuss what was 
officially described as an all- 
embracing security plan to con- 
solidate the truce. 

The plan which provides fur 
.security to be maintained by 

Lite Arab peatee-keeplng force 
and regrouped Lebanese .Army 
unite, also aims ' to control 
Palestinian guerrillas. 

The Government and the 
nation disagree sharply about 
what role the army should 
play. 

The Moslem Prime Minister, 
Dr. Selim AJ-Hoss, backed by 
Moslem groups, insists an a 
complete military reorganisa- 
tion. to ensure Nosiem- 
Chrisllan equality and 


eliminate what Hosiers regard 
as '.Christian dominance over 
the- Army. President Sggjkis 
and Christiac leaders oppose 
lessening the powers of the 
Christian army coalman dec 
A I controversy has 
developed over the me 
last week between two Pi 
tinian leaders and LeMtc 
top Christian leaders. 



\ BEIRUT, 

Gamfile ChamouH 
Picrr® Gemayel. 

The Palest I 
Organisation (Pj 

the i'.Yrt»_Palcsti: 
Kh'ali d* '- and 
Sahbi^h, we: 
rc-entativ 

iaiogae' was 
Ch 


^ratflng. 



liberation 
) has said 
Dr. WaUd 
r. Hasslb 
not official 
hut the 
ended to per* 
tians to stop 
Israel. 



GY CHRIS SHERW^L ISLAMABAD, Nov. 15, 

PAKISTAN HAS A arned Its now the poritiotL Buk it has 
Western creditors/that it will surprised ' soma- Ytestern 
default on its lorn repayments diplomats befe^ As. inwune, 
if there is no rescheduling of its foreign exchange remittances 
debt. The warning has come in from Pakistan workeih aiffpad 
a letter to member countries of was thought to .he running dLa 
the aid-to-Pakisian consortium of high enough level to offitet aw 
Western nations and Japan. increased deficit- on the.^tra 
Though Pakistan -wants an account, andv foreign reserve 
early meeting of the consortium could be inl»farntial enough- to 
to discuss the issue, the position pay for expected' wheat imports 
of the Western countries is next year' and to cov£r debt 
unchanged from the last con- repayments . ” 
sortium meeting in Paris in June. On the! Government’s own less 
At that meeting it was agreed optimistic; figures the reserves 
that Pakistan was net in danger would have to be run down to. 
of imminent default and that a the point where they might only, 
meeting would be called if there cover about two months’ imports.' 
was any reason to re-open the Worries nver this are 
issue. exaceritated .by fears that remits 

The letter, sent last month, is tances might not continue at 
in effect a statement from the the ir xecent’ high levels for very 
Pakistan Government that this is long. - 


: By Andrew ^Whatey- - 

. - -TEHRA^'Xov. 15. 

IRAN • TODAY- ' 5m posed . fresh 
controls on transfers abroad, as 
th£v country's; vplattV political 
cnsTs_kept Hncertaiatieg over its 
ecohemic future at a tegh ievel 
“On^r eight days after the Cen- 
tral B?nk of Iran had bowed 
to the inevitable and announced 
anmtaJ-fordgn exchange quotas 
of fSM.OOO.-Ta new -circular to 
commercial banks today' limited 
pejsonai travel allowances to 
200,000 rials • funder S3. 0001 a 
trip, and. 'stopped CBt foreign 
exchange :coyer for private uses. 

Meanwhile insurance experts 
are now assessing the losses in- 
curred in Tehran 10 days ago 
when rampaging mobs took over 
the city -centre for several hours. 
and systematically burnt all the 
banks,- cinemas, government offi- 
ces, and- other buildings in their 
path. 

" One preliminary estimate of 
the damage; puts it as. high as 
$200nu Nearly' 400 banks alone 
were either severely damaged or 
completely destroyed. . 

To add to the troublesome 
strikes that are keeping up the 
pressure for a political solution 
on. the military government, 
over the past two days an 
increasing number of power 
generation, i aave also 

-'Energy- at* 
nounceia last night- -jtfiat tech- 
Di clans bt the majjr Reza Shah 
Khabir - dam . power station, in 
th e ^so u th -west* had. begun a go- 
slow.- It 6aid“ workers - in Severs 1 
otfiet pqwrar.staticms. -vii'ere : a'np.' 
porting thetr colle^ies^ Already 
large -areas= ■■of-'/'-3Kibran -have 
suffered periodic blackouts. 

-Following yesterday's official 
statements that. the;. oH indaatrv 
strikes were effectively ' Over, 
diplomatic sources --Bay- --today's 
crude oQ ' production 'iacftnally 
dropped, by lOftOOtk barrels, 
from 3.3m to ' 3.2m, ; barrels. 
Although many ot fhe : "strikers 
have returned ta'-ffielr jobs. thf»v 
appear to be domg little work. . 


S. African 
sceptirism 


;.Sjr Quentin fed - 

•' JOHANNESBURG, Nov. 15, 
ER.E -WAS a generally - 
sceptical reaction, today from 
South Africa's urban black com- 
munity to the suggestion of a 
liberal shift in the South African 
Government following yester- 
day's reshuffle by Mr. P. W, 
Botha, the Prime Minister. 

The appointment . -of Dr. Piet 
Koomhof, the most nntspoken 
moderate _in the... Cabinet, as 
Minister -jof Plurtt^Selations, 
responsible for aW bladc'-kffilirs, 
was weiaaxned . by tradm<>«a 
black leaders but greeted less 
enthusiastically by most urban 
leaders. . a;.: 

“•We do hope that this 
indicates a change in 'emphasis,* 
said Dr. Nthato Motlana, ehairi • 
man of the Soweto Committee of ; 
ten.. “We know it means no 
change tn policy whatsoever. 
Thesei’ people are ail Nationalists. 

Other, urban reaction was more 
hostile, mdth one observer des- 
cribing people as. unimpressed. 
It. is only ‘separate development' 
stooges who actually see him as 
~iQd’s gift to. our -problems" he 
mmented. ; ' • ' 

hief Gatsha^BcrflielearU- Chief 
M&ister of the RftazUln Home- 
lari| and leader "ci£ th^-Inkatha 
movjgnent, . .the .im^e^^black 
poU&j: bTganisarinhT:®5gally 
opferarog in the couhtry^^aid the 
appoinaaent was . of >; the , utmost 
importance. Ur, Kownbof had 
atteraptetkito be .Sua^vadve as 

Minister of VSpbrtivhe^.said, and 
" we can only’ hope'B^ 1 . will have 
the same appri»cl^to,..&e black 

problems of Soutira&bU- 4 ’ 

' 


MECCA 


jf. 


'swfi 1 


The 



BY JAMIE BUCHAN IN JEDDAH 


Last Friday at a tiny village or herded 30 to a room in the be enlarged 1 - again, so that 28,000 to disposing of .the . million or 
east of Mecca, more than one vast and decayed Hajj terminal, pilgrims.rcaii 'preform the ritual ^o- 'sacrificial carcasses. A 
and. a hilf million Muslims sacri- more than 70 nationalities are circyjt of the'- Kaaba at one time feasibility study has been 
ficed. an .animal to celebrate the represented. instead, of the present 4,000. announced for -their charitable 

culmination of their pilgrimage Among them were some of th? For the Saadi officials charged distribution, but for the 

and the- start of the Eid Al-Adha, 3,000 pilgrims permitted for the with' handling the pilgrims, the moment, for lack of cold 

the greatest feast of Islam. All flrstlime from Israel in the thaw logistical problems are awesome, storage, they are burned, 

over the Muslim world, believers in relations generated by Presi- Most of. ther. Hajjis are poor, But even such difficulties pale 
who could afford it, repeated the dent Sadat’s visit to Jerusalem manyfold ^ -and sick and many before the problem of ensuring a 
sacrifice and shared vicariously last November. Among them also illiterate. They must all be pro- smooth flow of pedestrian and 
in the pilgrim ritual which all were expected to be the 45.000 vided with food, shelter and motor traffic. Last year, there 
Muslims are epjomed to perform Iranian pilgrims, an increase water/-. sanitary facilities and were 111,000 motor vehicles ferry- 
at least once in their lives. announced by the Shuh as a con- mediriil "care during their ing pilgrims the 12 miles from 
For 360 days m the year, the cession to opposition Muslim sojourn in toe Holy Places, and Mecca to the plain of Arafat on 
village of Mina, five miles east of opinion, and even somewhere the many most. also be instructed in the third day of. the pilgrimage- 

Mecca, is deserted but for a tiny Soviet delegation, whose rituals", that they find bewilder- 3ncl the government has been 

handful of caretakers. But dur- composition is reported never to i°B- For the-vast majority also, obliged to construct a series of 

mg the five days of ihe Hajj change. the Hajj is the culmination of a overpasses, including one a mile 

pilgrimage, the empty valley is But if the Hajj is a good indi- lifetime' of planning and saving, long. It is in the process of bnild- 
traus formed into a sea of tents, cation of shifts in political ^4 an atmosphere of reckless- mg the' three-mile King- Faisal 
laid out by the Saudi Govern- colonr, it is an even more ness, even. -of. resigna ti on, pre- Bridge which will span the whole 
ment on a grid pattern, with accurate pointer to the state of vails. Towards -t be end of the Mina ' encampment 'A central 
medical teams. National Guards- Third World economies. In the pilgrimage^ this, gives way to a ‘-operations room" in Mina 
men and even several hundred 1930s, the world recession nearly feeling of elation wluch briefly controls traffic lights in the area 
boy scouts assigned to each beggared the Kingdom when pil- -animates , the 1 dour towns of and - attempts to isolate accidents, 
block to shepherd the pilgrims jrim revenues dried up. More Saudi' Arabia before subsiding. At the morning ceremony of the 
and to help the lost and sick. recently, the recession following Mecca Was -a' ''centre of pilgrim- stoning of the pi llare, where each. 

Last year. 739.000 foreign ihe quadrupling of oil prices age loimgibetore Islam, but it was Hajji casts pebbles at a masonry 
Muslims performed the pilgrim- caused another decline from the Rr^het 'Mubammed Who is pillar representing toe devfl that 
age and SSS.000 Saudis and non- 919,000 foreign Hajjis in 1974 to said to have' given the Hajj its tempted. Abraham from 1 sacri- 
Saudis joined them from within 719.000 in 1976, and the decline present' form "^s a series of rites, fleing his son, a oneway system 
the Kingdom, and this year the would have been steeper but for commemorating: toe story of rigorously: enforces a network 
figure was higher. By midnight the unrivalled opportunities for Abraham, .- ^ considered .toe of pedestrian flyovers, 
on Saturday, when the deadline employment afforded Hajjis bv founder of Monotheism. - " -- The health of the pilgrims is a 

for pilgrim arrivals expired, the Kingdom’s construction - Traditionally;- the arrange- consistent headache. Most of the 
825.000 foreign Muslims had boom. metrto -tor the' pilgrims have- larger Muslim countries bring 

arrived, the majority by air. Jn the past, such a vast migra- been 'managed -by the venerable lheir ■ " own medical teams. 
For the past month, it has not tion would not have been pos- institution of the Mutawwifs.- or although the .government pro- 
been easy to sleep In Jeddah. At sjble, but the surge in air travel cirerofies. ^to-whom all -pilgrim*: rides 1,700 -beds -In temporary 


the height of the traffic, a plane during the 'sixties removed many ^ vuoited- according to nation- cltlilcs pilgrimage sites, 
was taking off or landing every of the dangers and much-of the alite The- Mutawwif- arranges ^ Saudi government long 
minute and Jeddah airport was expense of the journey and the transport.- lodging,- food, and Wi waived any right to a share 
handling GOO aircraft a day. In Saudi government believes that water "helps With points of pilgrim does -*-* once the 
fact, the Hajj Is the major factor numbers will continue ' to rise, ritual, and tries -to ensure none mainstay of the Saudi economy 
behind the dramatic expansion of The tent city at Mina is planned of "charges- get lost They — instead., Saudi ■ Arabia is 
Saudia. the National Airline. It is to accommodate three million are aronSed mto -aboat SQ flrms believed to spend about S75 
now the largest carrier of persons, under a master plan of yamag reputation. and even million and^a good proportion, of 
passengers in the Middle East drawn up by the British con* a flfrtgiis,' small operator can its civil, service tone preparing 
With their seamless white cot- sultaots Robert otatthew Johnson hope *. to earn about SR20.000 for each . pilgrimage. It seems to 
ton garments, their identical bed- and Marshall in the early 'seven- the Six days of' the Hajj, he largely- a - labour of love, 
rolls and cooking implements, it ties and The Hajj terminal the But .with the sire of the-aithough the Saudi government 
is not easy 10 make out the new 34bn airport being con- mo dern pilgrimage, the govern- is- certainly aware that .its 
nationalities nf the Hajjis. But structed to the north of Jeddah ment .has been obliged ‘.to take stewardship of the' Holy Places 
among the bewildered masses will have a floor area of 425.000 an Increasing part. from -te the moral -component in the- 
milling around the airport jutes, square metres— -or about 53 foot- ensuring that merchants can large political " authority it now 
courted by taxi drivers, streamed ball pitche*'. provide the 165 million eggs the wield.v in the" Armb and Tffuslini 

at by shiftless traffic policemen Even the shriae in Mecca is to Hajjis are expected to consume worlds; 







Y * 

;• V ’ 


Times Thursday 1978 


v W/iGt lend of perdph would leave in the middle 

ofadinnerand danceh&.goc'Jt and fix a broken 
down car? ' ■■ 

‘ • An Avis rental dgef$-<# k ee ds- 
' A couple' were oadiklrwayto the theatre when 
the steering Jock on t h&^ scar jammed. Our man 
was. with them in und&§h hour, and had the car 
fixed in time for therh t^ake the curtain-up. 

.It isn’t just forthisk^dfseiyice that people 
come to Avis. ?jM 

' there are our ccrsMost are brand new, few are 
more than nine months y : - 
j And with nearly 7QWcds dotted about the UK., 
we're pretty local, too. J| 

We have personal '-'em ge cards and company 
travel orders.. Wmy.? 

We also operate a midway rental service.You 
pick up a car, then drojmptany one of our offices. A 
- So. you see at Avis, yM^edfly do try harder. Jm 


Vauxhall Cavalier. 


Avis features 
Vauxhal! cars. 


.4525 NORTH OF ENGLAND (05 32; 4-HS11 NORTHERN IRELAND f 02324) 













Financial Times Thursday November 16 1978 



ITT" T 




BY RICHARD C. HANSON 

BRITA! NS STERL1 N G-EASE D 
rradf v.iUi .Japan Iras 

widened ovur i hr 1977 figure 
with litis >c:-.r -i c:<poris from Lite 
UK apparently dung more 

poorly than OApcuted. 

Onsinullv ir va> Imped 
exports this year v.uuld rise i" 
about £tiu(nr.. Bui Hit* Bnrisli 
Ambassador in Trjk\ Sn 
Michael V*‘:l f said n n'iw 
looked j; ;>.ou;li ■■xpnris fur ilu* 

year vould hy «n only 20 per 

ienl Jo iotwn; i.-orri pared wnl, a 

ri.-rc of -J1 pur «:<?nt in 1977 over 
The previous year. In the nrs; 
nine months ti.is year i!n» export 
rain had i»ecn only id per rent 
he said. 

British ofiii-i.il; said today ai 
the opening of n private *»usi- 
ner? trade promotion ventre in 
Tokyo'-- World import Mart Hit: 
The defii-ii this year vmild he 
nearly n- n-e i!n* i*>:oor! lulal. f*r 
about tv.ie? Hie. £500tn-ded':it. 


£ fi ri 


Britain h<^ "• :th Japan lasr y^r. 
i The -iiaro "v.hne of the pound 
asainsi " ii ■" ' n jL-i-tintuaiOf 1 the 
delict: m Sicriing lerm- » 

Sritl-h nlii- ials and b.i-ine-s- 
men o: ribbon on the iriuir 

i.i.-r:!;.:. v/h; ’■> le be me -u o- 
-idised ■.!:■' Japanese i .mern- 
ment mr*':!-- free u-»* uf the 
nhO-j.-uij re-ei e. re. display area 
The .'..-ntri' "Hi operate for six- 
iii-jruh'. hieh a derision 

v .«? in.io whether to ■ on- 
tiii se b <>■ n-'d 

.M-^rv Hiar 'JO companies repre- 
-i-ming tntiV 1 .* than 75 British 
in .ir. u fa tti I"- - ""* are piling their 
n over '. mu «wts. estimated at 
.ibeu' £!:.:5"'-0 for the tfrn six 
iiior.th.i. Tiii’ rentre v. ill sell 
proQui-M < I and a< l a; a focus 
for unnoi-'.r.s ipieiy-ted in 
Bnii-.n piv-Uets. Ii his been 
d jibed :iu- ■■■•■■ in do v. on Britain." 

OfRviai* the opening ■-en- 
atony ejii'-e'ied that they do not 


rae 35% 


SEVEN LEADING Japanese 
shipyard* hjv.' a: rood to out 
ha ok their operations during 
■S-5'.-a! 197$ -tming ne::r April in 
35 pe'- tent ■ • f iho 1974 peat 
pnrioa. m line with a plan 
announced r.y the Transport 
Minis’ry. according to Mr. Hisatri 
Phir.to. nr- -ldsii uf iht- -l pa r: 
Shipbuilder* Association. 

Ye?terd;i>- :he .Ministry 
announced 'Ubilianliu.i plan 
designed to rct-trueture lit# jftip- 


in slii 


PAKISTAN IS like! - n acquire 
more than the 21 snips u has 
planned to purchase under us 
five-year plan v. her. current 
negotiations with J:*pjn. South 
Korea. Britain. Poland. Denmark 
and V.>s» Germany arc con- 
cluded. The 21 «hips arc expected 
to '-o.>t aouut £200m. 

This •••'a* d.sclnsed teda.v r-v 
Mr. Muriafa Goknl. Fjrisi:.R\ 
rederal Minister for Puri- ;.nd 
Shipping. on his return from 
London. Mr. Gnk«: ?;u<J .m Harm-, 
mem bad .I'.rcad;. been -uiivd 
with Japar.. und*r ■ hi oh 
Paki-iin v: ; ; :c ! a credit of 
Yl^bn rcsayjii-i- -r 00 year- fur 
seven .shl! 1 ^. -iv in hmii m 

.’flpan and one : n p.-iki-trtn. 

He Hded that Denmark 1 ■ 
expected ;•.< cram :< -oecial 
nf’S’JSm for shiabuiidiTig -ana :» 
two-member Danish loam i-; 
already in Karachi In emi'.-lude 
ihe fitnsacl.on. 

A high-le.cl Polish deievalinn 
is due to arrivo from ■\\'.v-«av. 


bui : d:ng irdustry -»>- scrapping 
surplus" r- ;v duct ion facilities and 
calling for :> 35 per cent cut 
in Japan'- -"upbuilding capaeiw. 

Mr. Sn.ri.'J said the cutoao : 
in 0 -n has also become 
ncceisar;- :,i P«« j “top 10 unruly 
coni'!Cli‘.i ,, '> among .Ibpsne^e 
jj-rds -iv-i soinetinivs leads to 
«iu npin? -r oes 

MejtVi-.’n:!-: the Sr.’oiiuiiders 
A-s.so.jii -r annnunred that 
.Iiioane-e -hipyard-' receiver: 
r-spn:-: nuT-f I’.ilaMing 407. *00 


orders 

KARACHI. Nov. 15 


Thur«d*:‘. and Pakistan expects 
to gel four to eight ships frunv 
Pcua.ni or. a credit oasis, the. 
Minister i^id. 

He added that he has invited 
a Brit:? 1- / delegation to \isit 
Pakisian !•; discuss mailers relal- 
mg to ihipouildirg The. Mims- 
Tor -.ai'l .ii J oouniry evoects to 
r.-i fi’ c - .c-:eij from Br.tam. 
AP-D.T 

Exports of toys 

BRITISH TOV expnris were 
er peeled exceed U»Hii:i ibis 

yea:, ou-.-lrippiny Iasi ..-car's 
record laic* abroad of me 

BrKiJtii Toys and Hobby Mauu- 
i'.iftur--r-' A isoci.il mn said ,-oster- 
•iav. * 

The main customers for Erilish 
Toys are The US.. France and 
Wesi ' .orur-ny. □^•.•nrdiRg To pre- 
liminary figures published hv »he 

a--.-Oi-Ta! ion- for the period. 
•Ian ua ry- Align 


1 cuiuacnk 

TOKYO. N'jv 15. j 

grors tnns in October, an SI per, 
cent increase over the -ante ] 
niunlli last year < 

The figures repro-ent ;h- first' 
glur.ine- "f 'none that Jananesc j 
.shipbuilding mishi iic emerging , 
from the world-. ide si’jiup in ih** : 
indu-.tr;. ' 

in the previous mu.nih«. ; 
■lapane.se yards -a on t-xj-ori '*rd“rs; 
mulling Ttl.nnri gross o.n= c.nn-j 
pared will* L’.45ni ron.- .111 the 
corresponding period la .1 .’ ear 
Rcuier 

AusK urank-i'i ' 
sought by UK | 

By Lisa Wood 

AUSTRALIA?.' ITANIUM mir.-! 

:ng companies mn" -urr'y 110 to 

25 per cent of Britain's uranium : 
if ralks. to be held n : -. ..nr. a-. ; ; 
successful, ii was disclosed th'i 
week. j 

Mr. John Juke* 1 boa'-<! nn.-m- : 
her of the British Cenrrai E'er- 
triciry Gen crating Rnyrri iGEGBi' 
veld a Press confeience in 
Sydney. Au-vralia. iha» n 
Hoped rp 9'ian talk- wnh Ausira- 
i’nn uranium minim compan’fs 
ne--:i year m en-iiic foluiu 
tupiilics of nuclear rue 1 . 

-aid that if thing*. 
j.vurding M plan Au‘-lra!i:i * 
would be --u n plying a bey; 
tonnes of uramum a year u»' 
Britain within 10 years. : 

Brirain was particularly in- 
tere.sicd in Au-TraMa j 

supplier, he sai-J. pecau.se ii ha-! 
ah nut' one quarter of the wirid’* 
uranium. 




. r-‘ „-P'- i ■ 


.1- m r v/ 




TOKYO. Nov. )5. j 

pvpe-t this «-enrr** to do imirh 
to sul-.c the trade imbdiznit 
problem . nut d m p ra 1 sc the . 
■irfDaticsi* lor making fa. vilifies 
available. The World import 
mart was opened in tVlolvr. 

O Ka -ct'jiik.i Heavy lndl*ktrii>?; 
Limited, -aid it wa- iiegouanng . 
export- of -even large helicopters ; 
la Saudi Arabia for rescue nndj 
fiie-fightmg pui-poses. nre-c-mly f 
being iiianufaetured under; 
liteiKC from Boeing , 

The company .-did it planned 1 
t 1 sc.'id 1 ls re p resc n l a «. i \ Cs to . 
S..udi Arabia soon to finalise 1 
pr.eing negotiation- on the sale- 
of seven KV-107-2A helu-opwr? ini 

the hope that lhc deni i-uuld be | 
concluded by March next >ear. ; 

In Augtisl I :< .-. 1 year. Kawasaki' 
arranged a s»9&m deal to -ell six ■ 
helicopter- of ih«' <ame sire for 
delivery hr IflStt. The beJu or»»cr5. 
.ire h*-fns manufjctuied in Japan. . 
Fteuler I 




V3B 















J* . 1 Sdln.iiw,* 

lVsaa Chen, the Chinese Vicc-Prcmicr. i< Seeled by Sir 
L .’rKluphcr hartley, thv chairman of the British not e rcra.t 
Lornoration. aboard BK-Ts latest twin prope-.er lb ton 
iSIt.NS MS hovercraft. 

Earlier. Vicc-Prcmicr M'.ing and Dr. Da-. id Owen, the 
I- nrelgn Secretary, si-a.ied e:i nsreemen: on screiitihc a:id 
i-Tcium in^ical co-operati-3. u : *t ;>n no-cd -by ‘ • 

IViHlams. Education Src^-K - -- «n !u ' r Visit ,'® Pekl " s last 

August. The asreemen P'ovifie* a framework .or exchanges 
Mlentm? and icchnivo! /:c!d and improve cn- 

• r^.inn Wetween tli- f- -N vr?:mi lM*' *u:»I citnese anc 
Jiriiisli acudeiuic orgnr!-- : 

UAL interne isi hotels 

LOS ANGELES. N->v. Ii- 


• UAL ii?? told Chinp.-e uf:-::* 

: i.fia- v a interested in parti-'- .-'■ 
in- in u major hole! con.^rc-.-'.. n 
pre t in Shanghai and r'-N- ma. 

1 Mr- Edward Carlson. V.»L 
: .-nai.- nan. said thn c'-.rir -.r/'- 
invok -nient would be : r. r 

* ii« V. -.-vrn Intel nations! hole' 
*ul>5id:a 1 -;- and depone •‘•ii 
di’velnmng a ** mutual:;- ■-' 
i;i:er.-ii. : " with inc Uhint-v He 
.1 tided Hid the project 

•>f building 1.200 ru'-m* ;n 
Shmghui and 1,000 r-j-:r«s in 

P'.-1-..ng. 

1 Mi.--jnv.iifl/. Cliina ha? . acn-'d 
ill.; lirsi "c>iiiipcaiali'i,r :«.gr«-e- 
' iiu/Pt? •-.-ith U S inanuiacturers. 

: Under she avre;-4eiy.s. : 5 **.- U*.S 
compand/ will .-qpply .-pccivK 
kind of sarinent-finish'i-.g, eq;t:r.- 
nr’iit lor instalfatinn *.»i Dairen 
:>nd Shanghai which wiM he paid 
for by the Cliine«e over » oenori 


inn? with the ouipu : produced 
by ill* p!y:u 

Th*/ c.mtracts signed at the 
current Canton trade fair are the 
firss by 17.5. companies — Hong 
••'.-.ng-bised compsme* were the 
r.r^t t*j agree such deals with 
China . 

The twu US ei.r.T’miof 
involved are Pr^-Kce Sportswear 
; n.d Oxford Industry 
0 Uhikav.ajifna-Harin-a lica-y 
indu.--;rie.- has received c.’der.- 
rotaUing Y3hn from China for 70 
cons' ructinn machine* to help 
build j sicel plant at Pa. .*han. 
ne- j r c hjn?hai. 

The orders, irclutimg 20 isrge 
cr.s’!-;« and 5-t pile drivers, - ere 
placed hv rhe China Na'i r.a! 
Machinery Trading Corpirotion 
fur --himiirn. .-ariy next year. 

The yen-dgnuminalvd contract 
wiil bn paid ca»h on delivery. 

.1 ncnctc , ! 


UK accuses ; Iran gives priority 

Belgians of ; „ as pipeline 

cnipboard | BT ANTH0NY MCDERMOTT TEHRAN, ?: 0 


TEHRAN, Nov. 15. 


’THE SECOND Iranian Sas trunk- to Astara on the border. This 
,s ne 1 IJ AT-’ 1 th rt country’s top third part is believed to no 
r ^ 1 ario'-itv ‘nroie^t *i* :pday R*™ bet^-een two and three months 

S^cSS-H-t :Ef£w«'bvar.Tw WUDd schedute. 

S s a.L.an ^orrespon-ent Mossadeehi cb«»r2iao and man- Part of the WIU1EC reive-.v 

THE EUROPEAN Commission 1 3? } a «, director of :ne National covered costs. Preliminary esri- 
taking -.■rioiisiy an allega- : Iranian Gas mates had put these at ?3bn (of 

non ni dumpinz made by wilUE'J tWmiams which Sl.TKm was for the gasa- 

Bniain aptinst the Belgian International hoe alone, the rest is for the tjas 

ciiiphosr:! industry and has . \tfp K whirh is m charge of gathering and treatment plants). 

a>k,-t! hc-.h governments .10 *^" et ion ind tBe . Further . preliminary ralcula- 

pruvidv extra information. . P rc, curemen^. n. ,^ projea thatr tions put the cost of the g a 5 line 

The cast ii unusual in that jf .if ot h er ‘ c-rojects were portion at $1.7S6bn but W1LMEG 
ilit underlyin? assumption of ,■ ... Dn . j that n ouid continue. 1S confident that this increase 
the Tri-aiy of Rome is that \ jZ* ri „r«^n; is in the w* 11 ? ot b . e needed as construc- 
d umping N impossible within i mi ^5f e ^ Snsive review of « *“»» f head well within 
3 common market and there is 5!" *jLJ! 6X - /■;-/ the more hudflei. and this revised figure 


therefore no csN'ii.g Com- ■ ^hv i r , «< ' political and also includeE the .sum of ssg ra 
mu n it y iv 2 i<ia!ion to cover it, i I GAT-2 has fjDr emergency contingencies. 

But the UK Government and f " ' wi - p . r Ln", Vi -e it is both W3UIEG is confident too that 
chipboard intJu-lry have satd ■ 1 ^ 'o.irrX* : earner and lhe - v have suTficient cash in hand 
that Belgian exports Into .7..;,, nrmije fuel for t0 «w the inflationary effects 

Britain constitute a special ; j’JA 00 the 1^5bn rial proporiion of 
ease. >incc there is no possi- do fl®f Uc ' n ? u ?\ r :: sports that costs' 

biljtv of a rcicrsc trade. The '• Dra I£JL Q a n [h ,C "-.i.slinc might KKTS is to transmit natural 
its borne demand and has a 


pelataan mca.-iry can meet all iSavl Wi hei i ar* by current S»s from a treatment pl-.nt at 
us none ccmand and has a ijfl" "■*“ ... r €S ult fail Kangan on the Gulf to Asta-a 

cunsiderabir- surp.us for j 1 d ‘-i 0 f Jannan- ™ lhe Soviet border. It wiil 

export, wncrcas in Britain the VYbi 1 F " j. rhe .-rst contracted eupplement TGAT-I who.-e 
domestic indusirv «!«»<*< nnl ! ,001 - - t-...!., i, enm._ 


domestic industry decs no! : d ' ,■ jr ’ r , f the Soviet capacity is 5.B7bn cubic m&m 

have the capacity l0 meet , f^iion a year^or domestic use and lahn. 

o™"®- ...... ; Bmi WILMEG vhich has been ctrblc metres a year for export. 

& he Industry in Bnuin has i re 5 wins the the past «lAT-2’ 5 capacity will be 

been fighting a drawn out ■- tn han» J0.ff3bn arable metres a rear and 


me ut 10 roiu manly control I t on would it ’ ^ thne. Con- the deliver of 13.4bn cubic 

E r, . cr ? of the,r es ^ orls 10 K- ruction be-au in March this metres a year between .MGC and 

Bnuin. veir Y/ ° Soiuzeasexport (Soviet 

Neterincless- imports are - The 1400 vnn::ietrE projecK is Union). Ruhr^as fXVest Ger- 

"«“* « ^ e v pen i e of h T e ' being built in rhr « riages. many). Gas do France, and'OMV 
produced hoard and a number .SSfen, 1 J"fidiary of the AG tAiietria). 

xT r ° »S Italian stste-r- ned company A second agreement was 

serum* diRicultu-. Mr. Boh jryj IS resnon ;; Me for the gas- signed v/irh MetaHmev fCgerhn- 

t'L* te Bri^i d h 9 irood' , ChKio£f li!re Trpm ' mxh<! south ■IwaMal fm- 3. 'abn. cubic. metres 

ri.r British it ooo Chi, hoard near i s f.jv, an - - A consortium of a year. The total consumption 

>M Polish com- - ill he » Mlmr,: H per «St of 
s.«.d vrste.dd. o that imp act s naD j es i e( i - rn sn!e-CAPAG of the throughput of the first agrep- 

\“.r imI 1 *™- 1 ?' <iu*Tiho tatri ' France for the dtetch or*»sline mem will be vi^d fey the Soviet 
..ir ih.« .e-r. .ime ihc tttei q d fiial.'v Naftdchfm- I r nion as comr*re.«or fuel, ap.t 

i nroiSSnon 1 >'*~PE) erf:., the rhe re.-t for its trans-Caucasian 

back on production. i- 

7i!r. XVatfOn - own compaiv, ■* a > | e /x »i . 

f n d T0 «r s § Pakistan-Gulf Oil pact 

St' ii5S ShbsMh‘ POr fSa? mP | , e BY CHRiS 5 H HR WELL ’1. ISLAMABAD, Nov. 15. 

Government in respect uf Se THE PAKISTAN Government.' component. But upon comn>er- 
remainin: Tift. a. through its i>’i and Gas Deve- rial discovery of petroleum ;iio 

Till! Bri'ish indcsiryN cafe lopiment Co r; s o ration (OGDC). OGDC interest' v.- ill increase to 
agarn-T Selrium is that yesterday rimed a joint venture 50- per cent without rei n; burse - 
Belgian ••fcipr-ustrd is bt-i&- ;agreem«?"n: the American oii ment to Gulf of a prtjoonioniie 


Pakistan-Gulf Oil pact 


mem subsidy from f e ^ ^ iS -HARWELL •_ . ISLAMABAD. Nov. 15 . 

Government in respect uf Se THE PAKISTAN Government.' component. But upon cummer* 
remaining I2ft. a. through itx il"l and Gas Deve- rial discovery of petroleum ;iie 

TIiii Bri'ish iitdObiry'* cA lopiment Crri'oration (OGDC). OGDC interest' v.- ill iricrease to 

agarn-T Selrium is tmt yesterday rimed a joint venture 50- per cent without rei n; burse - 

Belgian •;b'pi uard is ht-tOT. ;agreem«?"n: the American oii ment to Gulf of a pro 00 n ion tie 

-in Id in *!:•• UK at between 3*-} company. Go if Oii. for- the ex- share of its pre-discovery ex- 

and pc: ;;c*i! Jess than the. pi oration and production of penditure. 

true co-: fif manufacTiirc and? petroleum in :ne counts. The agreement will last for 

t iikins a-:c5»*ni or transport: T!:e agrevnient is wrt of a eight years' and allow explor- 
ers!*, at a 1 «>*t price than it£ stciiuedrup governme# effort in ation over a 9.400-sq-miIe area, 
is sold I*: the Seleian heme j recent years to acc»rate deve- One well will be drilled within 

market anil in export markets j loprotnt "f Parian's oil the first year, and another five 

on the coniir.-r.i uf Europe resources. Very frf wcILs have over the next four years. After 

such- :i- W--i Germany. ! heen ^rilled -inc^)i.l was first additional seism k- work three 
Eo'iahd anti France. "Vi, ] < -bmm- ->- L*illv extflpred in 1915. more wells rni^ht be drilled. 

Mr. Watson .-aid that the and ai fresulwthe country's Gulf representatives say the 
BvIxiM industry was rfrfotb UtUfevVMwn (Sources have company's activity in the 

do ifeb since ii emilit n»S<£% I remaipti rolativ®' untapped. ;. country will be confined to 

profit -on Tile 85 r-er cent of irif-l JJnder. 4the . row aareement. explorration and production, and 
|irndur':«ifi cold in £hwm>rf.vffic:. Las taker, about two years that there are no pt*n* 10 try to 

mark.-ls and s t > afford i» sell To -r.v-wbate. '-^ulr wi]l pay 85 move into refining. A new suo- 

the surplus at below cost in per cent of the exploration costs, sidiary is being formed, to be 
Britain. .including ihe foreign exchange known as Gulf C»il Pakistan. 




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P 3 Next time yoifre in at raft c jam, look at 

it for what it really is. An en&mous waste of 
energy, time, talent and moneju 

And thads exactly what yo^companys 
own traffic jams ate. The ones that block, or 
slow, the vital flow of materials through your 
factory and warehoiase. 

For vital it is. One piece of “I suppose 
irll do” planning, or one wrong purchasing 
decision about lift trucks, can put a costly 
brake on your company's efficiency and 
output for years to corner 

So where can you turn for help? 

You can turn to Lansing. Because we } re 
Europe’s lift truck leaders, we have not only 
the right trucks, but the materials-flaw know- 
how that you must have to plan shrewdly and 
economically - with an eye to the future, as 
well as today. 

For it’s a fact that you can have a modem 
factors the latest plant, top-grade staff and 
an assured market. But if there ar e even the 
smallest of traffic jams building up in your 
works, they won’t just block mateiials-flow. 
They'll block your future prosperity, too. 

A discussion with a skilled Lansing 
materials handling engineer costs nothing. 
And there’s no obligation. So ling any of our 
depots listed below -now. 

It’s the positive way to make sure that 
what’s jammed today, isn’t jammed tomorrow. 










mm 'N 


M5ES 


1 


•Ov 


FWi 




Wfedomoreforv^Ki 


General Enquiries: Basifl^stokc: 0256 3131. 

Depois: Bristol: 0272 711261. Durham fBowbum): 0385 770313. 

East Kilbride: 03552 33601. East London: 01-987 2090. 

Edcnb ridge: 0732 862671. Enfield: 01-804 7474. Ilkeston (Derbv):0602 3:'.S7SL 
Ifttovorth: 01-568 4681. Leeds: 0532 530231. Manchester 
< Faru^x-rTh'-: 0204 700022. Pcnsnett: 0384 27814L Reddiich; 0527 28773. 

Vi ales ^Bridgend): 0656-56625. Warrington: 0925 31177. 













-* I ; . i a' 

r**v 






16 1978 



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.; ' . To keep an historic church ■' 
wind and water tight is a ./ 
; • ; basic need And big 
' - . ■ buildings mean big bills. • 




■B 


. Defective or inadequate rain disposal .•/*£! .. 
. and drainage systems all too often 
■ ' prove that “water will wear away a" -! 'S t! 

.■ '‘ 'stone.". . ‘ 


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f v ?- ■ - • 'j.£ 




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■ ■ Leadwork on ancient church roofs has ' 
to be- re-cast from time to time - * 

/. another costly speciality. ' ' ' - . 

. •. Masterpieces of mediaeval carpentry * 

■ can be spoilt by delay in dealing with • 




'gfjASfcri; . ^ , 

SMsKkfe' 




: • ; y 'Delicate stonework 

windows can be restq 


: ’ - wood-boring insects or poor- '. • 1 ' 

riev^rkh^;/;: 

«tiiiuuit9 vwH be Te5tO PES t' '■ ■ .. » 1 ■'■'.* V ■ " ■ ' . 

V : V : V . ■ With' synthetics but'rerwf*’ 0 ■'{[. v v- 

^>^-fe90migtimes theon!y^:^:V^^ y Vy ■/. ’ .I $ 

l prapfi^ I .cou rsd ; ... ■■ i&'l 


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On tim^werneaatosave an irreplaceable part 
oftheEnglishscene 

Andyou don’thaveto be a churchgoer ora 
sfcudentof arehitEcture oreven a convinced 
conservationistto supportan ideal so dearto the 
civilized heart 
T Nobody wants a thousand years of culture and 
craftsmanship to go theway of the elms. 

BUt the thought of all those centuries can blunt 
the sertseof urgency. 

Believe us, no cause ever depended more on 
prorriptactioa Churchesthatappearstructuraily . 
sound areall too often atthepointwhere delay will 
fate them beyond hope orjustification of repair 
You can learn to read the signs 
Far more practically you can help to ensure that 
theHistoricChurches Preservation Trusthasmoneyin 
hand tofoUowuptheexperts’ ; warnings before it costs 
asmuchtosaveonechurchas might havesavedmany 
Forthelfust infect preservation goeshandin 
hand with prevention. . 

We have been getting to places oh timewith 
financial aid-from industry and commerce, voluntary 



bodies, individual benefactors-fbr 25 years. 

So farourgrants have helped to keep 3,500 
churches off the danger list 

And that isjust a beginning. 

_ Ourtaskisnolessthantopreserveabranchof 
social and cultural history stretching from Saxon to 
Victorian times. 

Government now recognizes the need to protect 
this unique heritage 

_ That is why the Trust enjoys the rare privilege of 
receiving legacies and gifts ofanyamountfnse of 
capital transfer tax. 

Whatismore.ourcampaignhaspavedthewaytD 
stats aidfbrhistoric churches of the highest merit 

Butstate aid may never reach a majority of 
churches thathave graced ourtownsand villages since 


the Middle Ages. 

Yourtimely support is vital forthem to survive 
forthe delight of future generations-perhapsyour 
own grandchildren and theirgrandchildrea 
Whatmore rewarding legacy? 
Oniygetusthereontima 
Start today by posting this coupon fordetails of 
howto help by donation, 
covenantor 

bequest /^ cch Oa, 


Fulham Palace, 

London. SW6 6EA. ^ 

I enclose a donation 
for£ 

I would like more information. 



Name 


Company . 
Address — 


Acknovdedgmems aiso toTHM Desgn ConsuRan^ Umfted and PhlijpWattnn. 


l 



s 


- financial Ttes 


IIOMF, NKWS 


Agreement reached 
on revised double 
tax pact with U.S. 



BY MICHAEL LAFFER TY 



BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPOND 


! THE GOVERiVMENT intends to notifying price rises to the Com- cusslon 
i press ahead with its plans to mission ia its first full year of proposed 
AGREEMENT HAS now been unitary us clause but was opt; strengthen the Price Commis- operation, ending July 31. all regulations. 


UK still f 
backs ^ 
Portugal*! 
entry ; | 
to EEC vj 

By David Marsh . 


British Railphp; 

Jtes-for-^S ; SI 3 


document outlining iu 
amendments to tbs- 

.... . . - „ _ r „„ 1V - 1 MR. JAMES 

reached at official level on a prepared » Jettison the whole :sion through amending the safe* but Eve. received an interim price The crucial question is whether assured President Aiuoaio 
revised double tax treaty treaty, which it feels contains. guard regulations in spite of the rise. veQ re ]»tively minor amend- ■ Ramalho Eanes of Portugal; 

”* and the U.S. Mr. several advantageous pro- i decision by the TUG General Durins the lenethv negotia- meats, which still have to be pre-i during talks at 10 Dggmg 

ilef Secretary to visions, because of it Council not to accept the joint Uons wiUl ^ ^thy n = Parliament, will win ■ Street yesterday that Britain 

It is not yetknown what con- 1 statement on pay. prices, and „ neo * mint -n,*. of the: would continue to supporter- . 

application to join- the; 

Com mission- monT-ijiscrclion in 



1H , , A ‘consultative Commit- Another rmite with a iqaestioa 

„ with applications <p r that ensured that the safeguard; Mr. Callaghan and Sr- Eatfes, thf Government, mark over its future J&Plyxnouthr 

interim- rises under the Sate- regulations were included in the .oa the second day of hra h _o a0 t been-toItL- GunriMaJs^ ' ' 

guard Regulations.. Price Commission Act. Govern-; visit also discussed . .gener? 1 F a PP«C“tiJ'' nas — . 


between the UK 
Joel Barnett, Chief 

the Treasury, told the Commons It is D fs^ y T e T^ K w^2^ a Ma°t I l!l statement on pay, prices, ana po sed statement lhe V GoVernme°t approval. The attitude, of 
last night. cessions the been able to ; mHation. , .. . apoarently offered* to mve the CBI to the proposed changes is; tuga, s 

But it is almost certain that extract id return for the loss of! The move reflects the long- coin mission- more discretion in crucial, since it was its lobbying ! EEC. 

new pact wilt not ban the con- the unitary to ^clause. Indeed.; hold concern among many dea ij n3 w ;th ^ n ^iatiotis for that ensured that the safeguard; Mr. Callaghan and Sr- 

troversial unitary tax regime of the details may not become clear; Government Ministers, especi- 
States such as California and until the protocol containing i ally Mr. Roy Hatteraley. Prices 

Alaska, which taxes multi- “the amendments” is published, j Secretary; that the safeguard . . ment Ministers nop« 

national companies on a proper- probably nuct month i regulations- have hampered the ,J{j b to of the strong public 

tion of their world-wide income. Mr. Barnett said m a written ; Commission s activities during willingness to press-ahead w, . lD “nm .. 

The original treaty covered answer that this time the U.S. ; the 15 months ft has been- in 
this point but after extensive Senate “will be invited to; operation. 

lobbving. the US Senate deleted approve the amending protocol. It is now felt that the regula- 
the ' relevant clause before in the first instance and it will j lions— aimed at ensuring that - r . — 

approving the rest of the treaty then be put to the House for con- [no company’s profit margins are 10 “ K * , WB»tlme 

last June r sideration under the affirmative' affected by the three-month meat. ------ .. ... „ 

It has been clear for some time resolution procedure as a ! freeze during a .Price Commit- Under the il«77- Price Comm iis- si on chjjinnan. has ^hm sjabW of Portuguese 

that The UK Government bas schedule to a draft Order inision investigation— have been sion Act,, changes to the > n favour of allowing the com xocracj. 


"'.ft IAN _HARGR?AV^)f»HSrOfT CORK^KD^^i 

_ . BRITISH RAIL has uegfirdei? ai^tit^eior-Ctosur*. 

CALLAGHAN j ninslnE substantial sed- These mclnde the Cehtral 'Wale* 

” t • - its f 0S 5 -nialilng _Tural line, Kylehf Lochai^-Jhverness, 

service*: and replacing themwith Cardiff-Crewe, 10; services in the 
buses . . . lowlands', of-. -SchtUmd and in 

~ „ . . ,.- n niace tm “fringe” "Wales, and 10 .com- 

$sx ^ Edint ’ uish 

Company and with the Central - 


. - press-ahead 

such a Dtove-.as'X&elJ as 
obvious value 
counter, in any' 
the TUG— any 


de- 


been resigned to the loss oF the Council." 


discretion when i 


Chemists 


act 


Pledging Portugal's determina- 


He .tion to consolidate a democratic 


too indexible. guard regulations require Mr. mission more 

They have allowed most coni- Hauersley to consult with the considering applications unfler 
panies whose price rises have Price Commission and with rep- the safeguard regulations, we . reg i me he said that the coun- 
becn investigated by the CommiS- resentatives of consumers, said recently: 13 ! try's economic position was still 

sion to achieve virtually the full employees, and employers, as stand, any firm tnat is majun^ , a < verj . dimeull. but the Portuguese 
i rise be Fore the Commission's well as other interested parties. loss is effectively enuuea to an j were willing to bear the burden 
investigation bad been com- It seems likely that the Govern- pnee moves it tninks nr unm 11 1 Q f austerity policies, necessary 
I pleted. Of the 25 companies ment will publish' a short dis- comes back into pronL i fer structural changes. vgV' 


for more money 


BRITAIN’S chemists are dis- 
appointed that the Government 
is not taking stronger action 
over the long-standing claim 
for more money. 

The Pharmaceutical Services 
Negoliatin 
resenting 


recommend industrial 


would 
action. 

Chemists receive only dp on a J 
prescription worth £2. a profit oil 
only about £1,600 on Health- 
Service dispensing a year if | 
Committee. rep- 34.000 prescriptions are made up. 
9 500 dispensing This i-s a 2B per cent profit on 


Emergency 

rule 


fey Ghani 


chemisrs. .«aid yesterday that Mr. turnover compared with anj Simon Henderson 
David Ennals. Health and Social average 6 per cent the committee 1 -mt nvnrRA cswnm the 

l former lodian Prune Minister. 
| defended her imposition of 

ui^uva pajiiaciu wi me ictutu uu vdwiLiii i u\ rs.ru i ■ .. 

dispensing prescriptions to 


New Job Ownership 
group has loans 
promise from bank 

JdL. 


I Portugal could offer 
!" c c-opera tion wim-a ; vasf piiten- 
- Mai."’ Sr Eanes saidLaddliig-fhal 
the country's stabilisation ;pro^ 
gramme would p rovid& the.fesfc 
: conditions for the economi^h)- 
i sress it sought. 


ih& lafir four ye#*»» me a- 

eiitersrence of a * ist comes- as a e&jpandmj! 

’SSSre" view of a .recent, . detriment 

cSdential stud/ carrled put by acd 

the' Railways Board- . £*-. . *. potentlaf frKveilera. , -f : - - - 
The study, carried out in;, con- British JtaH^ hipest- problem 
junction with Na-txonaj.^.Bus, is to'-oflnd' capital to finance re- 
tettked at the P. 0iS1 ~J e lhvestmenit. in:: less heavily-used 

buses l* 1 tyre^- areas: services.' Mr . ■ .H* g r gir»< 1 

Lincblnsbire, ®8rwick- cha inner of the <Jentrai : Trans- 

E rfeffer gh and Oban-Glasgovr. it port 'Consultative". .' ■Committee, 
cod^jEutied that the said yesterday that~the~ Govern- 

ehyqga wo uld be ip 1 tDUMfr.r cr- s \. i ' .sfioufd urg e gti y ■: fed an 

j-Tfre latest list comes taanwaervextra. £25on to £SOtn tekH^lace 


confidential paper, signed fty.lfc-.- the gfateait-old diek^-l'.xtraTflple 
PSea* Keen. British Tmfe ,«ed^ on Vt»0«>^C^lh«se 



| passenger manager- 


JinesL. 


i Dr. David Ovren. the if 
' Secretary, and Sr. Carlos Gj 
Gago. the Portuguesie. F«»ign 
Minister, also took part 5&the 
Downing St reel talks/ 
Afterwards, they signed^ the 


. TBi& speaks of a tbfc tjeetf ;tq p^sibtii ty h^^?exaimned 

re-cjasslfy : some servicc^such as hy'-Biitfsh Rail ; -Id- -thek-ireplace- 
k Manchester - Sheffield -Sjiil. ’:ah' nient of these units «rth a - hybrid 
i seconadry n ft e r-G 1 ty seryfees Si^T bas-rail' vehic ie using ^'. Djjylaud 
taV spend money on tpnewis^.^lajipnil ..bpdy .-' Mt- a-'^Bilway . 

ftack, 1 '•••">■'> * ;/.aassis.'. 

‘r'Howcier, oiher service^. -hte^tested. . r‘7, 


Services Secretary, had offered claims is made hy other 
to refer the chemists’ three-year retailers. 

ciaim for higher payment for The return on capita] Ijnvesied j emergcTcv ruVe vesreriarMyiM - ™E 

an is about lt» per cent, still helow L- --.-o 


BY JOHN ELUOTT. INDUSTRIAL EDITOR 

INDUSTRIAL and Coni- earlier this year that it 


UK-Portu guest Social S« 

< Convenlioh. which among! 

! things will raise pensions 
[ to the 600 British Tetii 
■ pensioners living in Porti, 
was I the levels naid in Britain.: 


if 


Fare mcFiases 


merciai Finance Orcanisation prepared to help fund workers' ’ Earlier. Sr. Eanes bad 3 



Fuel sector to recruit 

BY KEVIN DONE, ENERGY ‘CORRESPONDENT 


strength®- 

3 % down 


of history. .Parly leader, and Mr. Martin former fourna%t, was a member 

! It was un to the people them- > Jay. a manager with C EC who is A study Sgup of tiie Mon-’ 
selves to define It and the . the younger’ brother of 11:. Peter “T 3 ? 00 , c^-opwSilves Isst year, 
system would be tolerated if it [Jay. British Ambassador to mane it clear yesterday ln::l 
Uatisfied iheir need.-- \ Washington. . enterprises helped by ms 

[ The Press crilieihin nf her, lls a , is . fia i he ot E^ h-*ve io have 

ALL THE energy Industri^ engineers and technologists ^Wh^Th?' pment hL ' J»m 2 thcV"rkSr. ^ [ By Lynton McUin 

over the next 1U years. another 17.000 contractors staff.' ni> . a ^ l|res favouring the few. n :> *“ J 1 or Jg? i-f ?}?, ' a®’*’ Co-operative Development 1 a tD bl ™ 

The fuel sector cpl^.k... J.oSo' 1 -"fe-rS'n^a 


TEE Price Commission deified been investigatfi&-; ‘ R^t Mr. 
yissaerday not to inyestigafe'lfee Wiiliama is wntQM.-fipr : ^p«]er 
proposed average f ar e ri ses- 1 ^ Parke r, tish ch^irthaiv to 
just under 10 per cent plarm^jlehxt out the oqi]$»issi^a’£-tiDn' 

‘ " ‘ ” ^SfRs 

pro. 

fission’s regular Weekly, mee^^tnres v. vhidi : r are‘:'rTOtgbt«l; 
r.' hs, follow? the statement earlier ngajnst^the t»avellto;Jtii#tihide 
v- i thfe. month by Mrt Charles tq^^rdi^cdHiKtnt sir.'wh*: h ave. no 
tVlRlam'. 0 u m missl tmi c ha i rm an . iyairatic alfeniatiy& .Transport: 
that' : British Rati ? s l Ifintaeia l tAC : , cqrtWitibh^ r "jaoWiiKS, fo 
posHion meant it vro^ : auto- intrftducfr.'. .. newly efficiency, 
.mat^ally be allowed tm^are in- measures; atod .the\^ict r tiiat the : 
creases ’ under the. Jffiafti'giMird direct Costs of its rural services ', 
reflations. ■ ffi-' are still not beiajg met. - 

Thei; . commission Jphided, in Mr. 'Williapis also says liiat m 
this case, that animquiry was view of these points, the comrnL<t- 
not needed especitfF as British sion will- dosely consider future 


Rail's hrice 


Fortes r 


Sufficient numbers 
qualified graduates 
rollcge studenls should 


and -would not impose Press 1 


Finance 


rs of newly- The United Kingdom Atomic ; cr . n , orshiD b i-t L „ v .. 

apd technical Energy '^tbority. which emDloys a ' codc ' . lent money 

)u!d be avail- about UKaO workers expects a’ tj*,,,, W3S n0 


there had to. he 1 . 
Press censorship 




year had price rise applications. 


Tri-ang plea rejected 


BY ARNOLD KRAN5DORFF 


i MPs had been i m prison ed during , operauve-. ........ ---- - r -- - — — r- _ ~ -. - , 

I her emer-enev Mrs Gandhi— !, e Dne of making industry .Wi Ownership, said yesterday: • pared v-ith an mWKe 
(who won a bvVieetion Iasi u-cek operate more cffectir.'ly. Fixed .’There ha.- been too niu.-h a!lbo«-r. the three months to 
returning her to parliament for' Interest loans plus a measure or emphasis m this counirv on: September showed a 15 per cent 
; ihu first time since her partv was i particioating interest would nor- State, socialism, so people should rise :n rite cfficial intake. repre : 
defeated nearlv twn \ears a^o — ; in' ally bt involved. welcome this attempt at Guild j sen tic: 12.41S men and women, 

•would sav only that the overall Tbc Go-operative Baiik said socialism or co-operation.’’ j The award 


THE GOVERNMENT has turned receiver since December last: would sav only- 
down an arpea! by the workers year. .position was to control ibe silua-; 

of Tri-ang Pedigree to save the Mr. Morris, rejecting a depute- 'tion at the time. 1 

Merthyr Tydfil-bused toy com- tion 's "arguments for continued' Her son. San jay, who like his ; 

pany from closing down by support, said: ‘*fr is now a matter; mother still faces legal action 
Christmas. for the receiver to take whatever • for alleged abuse of power, had 

Mr. John Morris. Secretary of action he deems to be necessary • very little interest in politics 

State for Wales, yesterday con- under the terms of his appoint-. His position as the head of 

firmed the Government’s ment.” ; Youth Congress was to bring! 

decision not to make further fin- The decision means that most : about action on social non- 

aru.-inl support available. of the company's H40 employees ! political programmes. On 

Since 1975. nearly £4m nf wijl lose their jobs within the -sterilisation, which was one of: . w 

public funds have been pumped next few weeks. A small staff 1 those pr^crammes. she had never , ; ' a,d yesterday that it wa- very 

inia the ailing company, which v.iU be kept on until the com- 1 been in favour of compulsion, disconcerted " that it Juki still 


BY MAURICE SAMUEtfON 

METAL BuX, which .broke its 
ties with Israel two veAks ago. 


^ INDUSTRIAL CORRBFONWj^^r^ 

! UNDI^prajsSL.dRrSCEiiV '"tit- saddens me to ba^®‘tSt' youL . 
^ lack of cDHipeti^vepeAin parti that fat*' every peaurff ve spend 
' diLStty oti. ’British machine-tools today 
Ken- we hm ta* spent aaotner pound 
ills- overseas.*’.'- 1 ^: 

1. a. The Wdrffc*#Q} industry tob 
lis-noyce oftea 1 suffered^- from loag lead 
f Vts times, uheertain delivery, equip- 
ment that, did- not -work, and 
price. • ■f, 

One of tfiey4uzdotibj$d. needs 



the ’ 

came yeste 
Jneth Keith, 

01 -3-823* 1 Royce. 

Mentioning that 
went abroad for 
machine-tool, requirements, 
Kenneth said that the iadus 


left Servicemen ; jj ad muc ^ to do before !t^coul_ 
and -.omen with sa lanes 19 per : regain its rijghtful position in 
--•> than those in 800' 15 ” *?. •• — 


com lower tnan those in wu 1 markets, and " very Tiftle 
sek red ..civilian jobs, but rora- 1 io wWc g to ^ it.’’ ’ .V,- 

par: L-iiity ' ‘between' ervihan Jobs | He loTd-.tilfe : annual dinnev^f 
anf the; services should be I the. . *■ Machine-Tool Trades 
reached -by Apnl 1980. • ■ Assoaatibh" la! JLoadon thsl. ex- 


for 


until 

has been in the hands of a pany is run down completely. she said. 


not been removed 


from 

fe" 


the 




SAL 

BY ANTONY THORNj|t9FT 


its 1 

] 1 m crest in the Israel Can Com- 
pany. nearly two years . ago 


A RARE edition in Spanish of Hammond for a collection of Kalman gave £12,000. a goud Charles Lovell sold 
Blaeu's famous Albs Major, pub- 16th-century city views by Braun price, for a Lowry. "The Steps” i n a continuing saie wSc 
dished in Amsterdam between and Hogenberg. published In dated 1940. while Frost and Reed today. The highest oriels 
iiw! tana in tan CologOB in 1599; £7.500 from- acquired a Montague Dawson i’S.CiOO for a Victoria Cot 


blacklist of the Cenirri Arab 
Boycotr Office in Damascus. 

Mr. C. Gilbertson, chairman of 
Metal Bos Overseas, said that as 

panv^could ^ot invest in C X*! mo 171 ,r ' The .growing personal 

P i ,a’K world H had sohi disturbance involved with 
A.db .iorId. It had s-j1j ibi Servlrc lifp has panicijlarIy 

worried ihe rising proportion of 

because of Arab pressure on{ raarr * eri officers and ranks. 

customers who used Metal Box 

containers. ; 

Since then Metal Box had i £S ni1 rar 

been “knocking on the doors i £jrt“r fliS^UFcS 



cmg the : «dasti*..|«u 
irther raticraaliraGOn^ 
op many niaciiinfrtQOl -Com- 
fa pi pducedl,, 1 ^ pro- 

duc^ for : fa r to d^ teWrciistoin era. 
* . fhe .ti»ad = ?f inwards 
ctional teacluifffi.the 

_ . . .JndiistiT'' is in ' fact con- 

, Boeing 75i;.-gave tremendous tiractiol^wirldwideT- C- . 

“ n -‘ urtner rise 1:1 the difference ! opportunities;- for- British AgaiSfe'tltisi'Brtetin ilfod '-150 
.n na. with cn 1.1 an jabs, j machine-tool,. manufacturers, but , . T ijxachlne^sfcl"’ companiKvproduc- 

; Fact* -s other tnan pay are also ■ the business “is’ not going to he j ng in^SvbaJf - fte.'-.-annual 
understood to have damaged handed'io.ydu.on a plate.” sal es -reluin^nf -i*iR0'tie«oyCe. 
i morritf. Thfi erowins nprsr.n^i i “We have. a continuous fight “Big is uot net^Sari^feoitiful. 

on our- f bands with our two hut dne^§n'^^^^tflhepr and 
powerful .American competitors, fragmentation ^-'flirelgrienie. 1 * 

It is. not the airframe manu- Eariier,;"Mn Bill Veughanv 
facturere ^’ho decide whose president * df;;; the association, 
engines are. used, it is each in- SP oke of fkl&^ of customers of 
dividual .girline, and each com- the m a chi n ef is ot industry, and 
petition is a fierce battle. urged unions' fee mdre - con- 

“This is a tough business and structivein attitudesio advanced 
thejfeHf- ho room for sentimen- technology in- 
tali or-jiatfaniQ chauvinism. . . stalled- by ‘‘■ent^^^Qg-TpSo age- 


165S and 1669 in ten volumes ^ urgess f C r Saint-Non's descrip- clipper for £11,SD0.' A Henry related 
tone here is missing), sold for jj 0 ' n 0 f the Kingdom of Naples Moore bronze. “ Standing Figure Private 
£44.000 plus 10 per cent buyer's and Sicily in the late lSih cen- Relief No. 1.” made £7,500. 
premium at Christie's yesterday t UI y; and £5.SG0 for the IHustra- On Tuesday night at Hopeioun 
.to Bosch, a Swiss dealer. It was tinns of British Ornithology, by House, Edinburgh. Sotheby's sold 
jn good condition, with 518 Selby. Scottish pictures for £109.027. 

coloured maps, and made the top Very good prices were paid in The Fine Arts Society paid £5,200 
price in an auction of atlases and a Sothebys sale of modern British for “ Pick-a-Back.” by Edward 
topographical books that totalled drawings and paintings, which Homel. and £4,000 each was 
£219.960. totalled £238.565. A watercolour successfully bid for ** A Sunny 

Bosch also paid £23,000 for an by Sir William Russell Flint, Afternoon ’’ by Robert Hutchison 
almost complete atlas by Ortelius, unusual in that It showed figures and “When Snow the Pasture 
published in Antwerp in 1592. in an interior rather than a nude. Sheets," by Joseph Farquharson. 

Other high prices were the sold for £7.600. an auction record Military and campaign medals 
£25.000 from the London dealer for this popular artist. Crane from the collection of the late 


; ,£3/, 202 m Damascus” and had answered .,, neftnn . , . 

ends ! successive questionnaires from : ^19^ TH*N J.40S.OOO barrels! . _ . — ~ — :r _ D - VT — 

Uie ■ the Boycott Office. It still- had i of hcer rt ' ere consumed ur August i •• 4fev-' must, .therefore, apply xaent-'^aad^ ^in pattiediaftmdeal 

Customs and Excise figures said ‘the -same rules -wlien we bny : .-wTtb :^thaV- (lesbuctive? T 'per 


and no idea when„it would come off 


ictorta 

documents awpded to ' the blacklist. 

J. Barry of tffi Royal j Mr. Gilbertson said that he 
Irish Regiment, who die$in 1001 J wa*. pqzzJed about the reason 
fighting The Boers. j “ Ay*jj administrators can never 

Christie's This week iirWding ■ quite ; make up their mind 
? %les In 
loted to 


its series nf autumn 
Geneva. The auction d 
silver and objects of v 
duced a top price of 
a large parcel gilt fig 
infant Bacchus b 
Lainfanv.-ht HI. made 
bur? about 1650. It has 
to the Great Elector of 
hurg and to King Fre 



This announcement appears as a matter of rwordonty 


City of Gothenburg 

(Goteborgs Kommun) 

Flux 250,000,000 

Term Loan 

Arranged by 

Banque Nordeurope SA PKbanken International (Luxembourg) S.A. 
Skandinaviska Enskilda Banken (Luxembourg) S A 

Provided by 

Banque Nordeurope SA. PKbanken International (Luxembourg) S.A. 
Skandinaviska Enskilda Banken (Luxembourg) S.A. Kredietbank S.A. Luxembourgeoise 



Andresens Sank Internationa I S.A. 

Bergen Sank International SJt, 

Copenhagen Handelsbank International 5 JL 
Christiania Bankog Kreditkasse 
International 5-A. 


Den Danske Bank International S JL 
Den Norske Credltbank (Luxembourg} SA 
Kansaiiis International Bank SA. 
Prlvatbanken international (Denmark) 5 A 


Pnovinsbanken International (Luxembourg) S A ' 
Svenska Handelsbanken S.A. 

UnloaBank of Finland International S A 


PKbanken International (Luxembourg) S A 

as Agent 


October 191* 


whether it is better to have a 
major company on the list or 
off.” 


Tarling 

judgment 

reserved 

JUDGMENT "WAS reserved -in 
the High Court yesterday on a 
second bid by Mr. Richard 
Tailing, former chairman of 
Haw Par Brothers International, 
to avoid extradition to Singapore 
under the Fugitive Offenders 
Act. on five company law 
charges. 

Lord Widgery (Lord Chief 
Justice'!, sitting with Mr. Justice 
Griffiths and Mr. Justice Gibson 
in the Queen's Bench Divisional 
Court, said a decision on Mr. 
Tarling's application for a writ 
of habeas corpus would he given 
as soon as possible. 

In April, the Lords ruled that 
Mr. Tarling should not be sent 
to Singapore on other charges 
alleging dishonesty. Mr. Tarling 
now claims that it would be 
“ unjust or oppressive ” to return 
him to Singapore, having regard 
to the passage of time. 

He also contends that his 
extradition would be “absurd" 
because, under Singapore com- 
pany law. he has a complete 
defence ro 'the charges, which 
relate to the annuaJ accounts of 
Haw Par for the years ending 
April, 1973. and April. 1974. 

When the present hearing 
began. Mr. Louis Blom-Conper. 
QC. for Mr. Tarling. submit ted 
that the fact that the court had 
turned down a similar move hy 
Mr. Tarlina in July Iasi v«vr, 
did not prevent him making a ; 
fresh application. 


i yesterday. ~In the month, about machine-tools , as our customers" cent ?: 4edicawd---4»-i- ; 'Wu:eckIn* 
I S S.npO barrels were esported. 1 apply 7 - to tiBi -jand frankly It ^yttaLproducHoj^V^y* y- . . , 




NOTICE OF ISSUE - ^ \ • .> ' ABRIDGED PAR^CDIARS 

Application has bean made la th& Go until iof Ths Slock Exchange for the uiufdtmen^otd ~ : 


Sfbckipfee admitted io the'Of tidal List. 



f/ncarporarsof in England ooTSfa June. 1373* y The Coins Valley Water Act, jr. :' 

OFFER FOR SALE BY TENDER OF 

£ 3 , 500,000 

8 per cent. Redeemable Preference Stock, 1983 

(which wil I maUiref or redemption at par on31stDeoanber,. 1983)- : 

Minimum Pricei>fis5Ue-rr £9S per £tOO Stock: 

yielding at this price, togel her with th* associated fax credit at the current rate, £12-1 S percent. . 

This Stock is an investment authorised by Section 1 oftheTnistee Investments Act, 1961 
and by paragraph 10 (as amended iri'ifs application to the Cofnpany) of Part n of the Rrst . 
Schedule thereto. Under that paragraph/thd.TisquirBd rate of dividend on.theOrdfnary Capital 
of the Company was 4 per cent buL by- the Trustee Investments (Whter Companies) Order 
1973, such rate was reduced to ZSiet cent In relation to dividends- paid durlng any year 
after 1972. • •. v ■; . . ; 

The p referential dividends on this Stock, which will rank pari passtr for dividends with the. 
existing Preference Stocks, will be; at th® rate of 8 per c'enL per arimim. The associated tax 
credit, at the current rate of advance corporation tax' (33/67ths of the distribution), is equftl to a 
rate of 3 63/67ths per cent per amUHt ^ ; v: ’ : :■ . 

Tenders for the Stock must be nwfe the Form of Tender supplied with ihe Prospectus. -. 
and must be accompanied by a deposit of £10 per £100 normnai amount of Stock apptfed for. 
and sent in a sealed envelope to Detortte Haskins Ik SeOs, New issues Department, P.O* Box - 
207, 128, Queen Victoria Street, London, EG4P 4JX mariced -“Tender for ^Coftta Valley 
Water Stock”, so as to be received not later than .11 ajn.on Wednesday, 22nrf November, 1978. 
The balance of the purchase money is to be paidon or before Thursday, ^ih Dacember, 3978. , 
Copies of the Prospectus, on die terms of which akme Tenders wffi be conerdered, and 
Forms of Tender may be obtained from;— 

Seymour, Pierce & Co^ 

10, Old Jewry, Londbh, EC2R 8EA. 

NatipnaiWestminslerBank Ltd-i ' "'l-‘ 

1 13, High Street, Watf ord, Herts, WD1 2Dfi: '" ’ ^ ’ ' 

or from the Principal Office of the Company, Blackwell House, Aldenhimi ft oad, - Watford*. - 1 

Herls., WD22EY. . •' r. -- ; - 



Xc 


v; *f f 


r? 

systen 

^uestic 

Dtwith 

iasivel 


machines 




products competitive m an mternational 
market and 'at the same time building 


Every year we’re increasing our 
investment in laboratories, plants, offices 
and training centres, in developing 
know-how and expertise. 

The fact that we've already invested 
over £490 million should speak volumes 
about our commitment to Britain. 

And a lot more about our faith in 
Britain’s future. 


IBMUnited Kingdom Limited, P O. Box 41, North Harbour, Portsmouth P06 3AU. 












National Oil widens Meade 
its ties with f £ * 

overseas companies ■U' 


cure Times 

seeks 

farther 






BY PETER RHJDELL. ECONOMICS CORRESPONDENT 

BY KEVIN DONE. ENERGY CORRESPONDENT 

RIG CHANCES in the Govern- 

THE British National Oil Lord Kcarion. chairman, said- menf's fiscal and uiuuetary 

Corporal inn is broadening its this year: " BN'OC wants to gel ; objectives and in the present 

-tie* with overseas Mate oil com- people with wide experience mj system of wage bargaining, were 
panics. H is planning an other areas, and we will keep urged last night In Professor 

exchange of personnel with them only by giving them ex- James Meade, the Nnhe! prize 

Petro von. the Venezuelan stale peri on cl* elsewhere.' winning Cambridge economist. 

.<!•.' — ■»« h*)"*' -™- , t "= 


talks -= : i 

« Government itself- could be given illlAk/ j"-"- I-' 1 v-' *"”"' 

i he right to refer that dispute j SY PAULINE £LARK, LABOUR STAFF - • ' ' - ’ -• 

for an arbitral award. gy ALAN PIKE j ■.-."a 

lie* possible! though it °\vould he TIMES NEWSPAPERS ’^ween werfrBnabfe^l^elenoiUslf 

ruled lhal the legal immunities U ienL with oai? a fur.nig.it lefl ^ find l 0: . Promise ; to. discuss ■ pro- 
gramed to the parties by the before deadline for ’duetivlty afterwards ff we agreed 

present Trade Union and Labour ji; publication. yesterday *ouJit - dn . *<5* *•» in «9* **».« demands . . 

Relations Acts would be denied further talks with pr. ru union ; mounting hitter'nes and Trustra- _ ter. Maddox ineanwJiHe.sajfl he 
in the case or industrial action leaders .«r. ;t£ proposed i»e» ;Uon. . .. ■ eouJd >10 longer uccefk.' a. 2JZ.65 

taken in cippositioo to such an disputes procedure. ! J'SKsPS 8 v-“** weekly .‘.wage. for "his members, 

arbitral award. The move came as the ccra- -Go»- “We.MR hdl^come runntdg^ack 

T , . . • , . _ . nans' announced it* fi rst urewi' ..eiiuttoo 3tajd(aaratwn-5crvice; to the employees MaihiT-.. • 

This would mean that there lhrQ J uch in attenipii to a ursuader employers' a^btsod the'-. Sukers*. . -.Th» -fetteratTnin^airi y^tyrday 
was no restnction whatsoever or J!^. 0 ^ veei ;o accept new wo ns- , Eoodland AfefcttAVorkars'.UpiOQ that another 2Q& bakery. Workers 
:.ny wage baraa In .reel j agreed ^ methods. It said that o3 j of •tfetUjsgale iD^eptt r se i nt4tJon n ^ fad returned. to wpftTjjrlttei'nB 
• it- tween any group uf workers * rMrn coniaiives. mem-. of ’Sredr DTJ^Krefiritv nrtftklsa.ra ' (h'a int^'i rioivin,. 


M,U> - Mal^lx '-..S to * E^Wtoh ,««»«. .nd 

_. . . . .. . Evans, a managing direcmr Sirl he >aio. ... 

• The ewliansc v * |lh Venezuela i^.j. n jM i'.inii. permanent se»*j Professor Meade was giving the 
will involve the transfer uf three ’ r p tarv Jt ‘ ihe Department of! biennial Snow lecture in Cam- 
National Oil employees from the Ener , v also luok part in the ; bridge on ", stagnation or making 
UK. whose places will be filled visit*"'* the worst of both worlds." 


hy personnel from Petroven. It ‘-phe ijivernmcm sees contacts! A key part of his proposals was 
•will take plate early next year, hetv.ven ihe corporation and 1 ‘hat Parliament should recugnisc. 
it is one of the first fruits of nverreas state nil companies as ! as 8 s, .riei ci'in.stituiianal financial 
a series of contacts that have promotin'-' closer ties with restraint, a sacred rule, that 
been esiablished by National Oil miintries which af«n offer auras*' and monetary- policies 
with state nil companies in live export markeLs for UK ■ should he used, not directly to 
V^ncruela. Mexico, Brazil and mdustrv. maintain full employment, but 

elsewhere. Equal I v. such contacts also I lo “?? m , am a slead >' ra,c ° r 

The corporation has made no provide ihe corporation with the 1 STO’^h or. say. 5 per cent a year 
"secret of the fact that it harbours chance m »e*» at first hand how' ,n *f le 1 “ a mane > demand .or 
international ambitions, which niher state oil companies handle . a "j: * em 5 e * a , nd sn ' m lbe 
eventually .,-ould involve it in »heir day-to-day contacts with j to,a [ 010,1 f> . na D° n al ineotm*. 
oil exploration overseas. the International nil companies.: K , A lo * al demand 

. Fnr the moment it is anxious This offers a basts for a ' ^ l, ‘ d 

in develop nppnri unities for its pfirisnn of < <>nditions and «hel tbc 

staff i o gain over- eas experience, financial rates or return which . ^ ' h ® na ? J / na ,'. ' a ?I 

in order lo broaden its appeal in prove accept a hie in different oil nri w th nnih 3 * >L11 a ■ tar . 
.the recruitmen: of new staff. provinces round the world. 1 " patn. 



and employers. 

Epidemic 

But when, against the back- 
ground of a strictly restrained 
total market for goods and ser- 
vices. employers decided to 


i.lCI 9 V' — - ■, , , • . ' 7T VJi — IV IllVt « VilCUl IMIWI.. 1 ■> tMLT ■ fianilQ 

and Allied Trades, half signed ■ be WcienEr tlJe tvo sid eg. smc^.tbe Walker. fimpbyiflsHt " Minirter 
an agreement on terms for tlietr }] sttrLoT- toe.- strike by. maftj than said this combing 


taming 


rAT/t a ehffi ’ll foul’d ’be 'made executive of Times Newspapers. | ga^iiHprbved pay offer froth the p7les~a { y ;$5 sc. c6nt of 

-subject to an arhitral award, yesterday -ougnt a meeting * l.n ; Fe^ration of. Baiters appeared normal levels,- V : ‘ • 

Evm so it would not be a print union general secretaries » -to fohihiw -at- the uutset:;. - ^Mt union members are. hyw- 

. IV . ■ 1.^.^-- nnvt TitpcKsv fnr Fiirthpr fllSfJJS- . F.PPW - hpfnrp ini n m2 LQG RlihS. Ana; etHL- *i__- -.Ji.- 


’s bread sup- 


PROFESSOR MEAUE 
‘ Lunatic wage 'fixing ' 


North-east attempts 
to attract Inmos 


(growth path. 

j Restraint 

’ On this basis, any con 
I mental percentage guidelines 
increases in wage rales \vn 


criminal offence for Uie workers next luesoa.v ior 
nr etnplovers concerned to take s:ons on the proce 
industrial action. pany has sa;d thai 

publication of. 1 
These solution* --'ere neev-- Su _J av Times : 
-ary. because of the epidemic of 
"staaflation." This consisted of Times .upplemen 


. i . Aaiu.'wuiiicbcuu; HI ptiiuimrnH m 

and tbe three meet^ abe 26 per cent pay demand on Saturday. . .. 

its from No vein* in Full for any progress to- be.. '-AaiDdes ^reexpeciedto, be made 
agreement is made.;.; -. : -’.3x> - discipline breakers 

- IU:<wn-ncnn<ino ‘ ; -although. - the federation- 'Jl as 

.auncit ot the 1 * 11 ^ 6 presenting ... r ^ 4iy eD 9 -warning 4haL j.t will dm- 

cu! -Associatura “Iiyall or nothing."' Hf sftid-Ttinue to'employ any ynion jnem- 
is Times New? “The bulk of my members, are who forfeits his union eard 
s for the tn^o- 1 still milium and. on Uielr^eaialL'“ for' working -durtag the strike. 


[techniques, which aclually kept corporate State solution.- monev wage rate/ wA quite &fl a 


i the total wage bill on a given f n place of industrial action lunatic ami a ‘■ystein r>f uncon- 


Tiie present way o. nosing room, and there will $»;irja flfr'Seftlemem." 

money wage rate, as, quJte|j nrrh ; r m(;e: ing with the " - 


lU 4C&L8.1. t JLliJlIjiVf 13 annual percentage growth path, to delennine personal ■ inro.nc.- trolled monupoly. rather than 

j Then it would be left to wage- hy the accidents of mon^'-d: free i-ollective bargaining. 
bv irtUKi 1 1 nvn fixing arranaenicnts lo decide bareaming power there ,h»ulo This represented a reerpe for 

bt jomn llutu how the increase would h»- ,h P ^ r e<mri to arbitration in ea.-i-.-s disaster which could be averted 

4 [divided between increased ein- of dispute. A main criterion «»f rrnm ' i,r » e Ume by the tern- 

7 1 NE and V'. ear bounty Council valent amount from central • ploynient and increased wage arhitral awards would he >•' porary reinsta lenient of strict 
ha< ninveil ahead of other gcivemment. ! rates rn various seclors of lhe restrict sueb waae increase, monetary and fiscal constraints 

rrglnnal authorities with a new Tyne ana ears case fnr g p t- ' economy. would itnpede lhe expansion "f which would result in tin employ- 

bid to attraei inmos. the micro- ting In m ns. which has now pnne But it would remain important employment in any seclor. ment and a " stagflating " 

electronics ..-ompany financed by to Industry Secretaiy Mr. Eric; that profit margins as well as This would be compatible nh economy a a the upward pressure 

the National Enterprise Board tu \ arle £ and s,r L ® sl1 ® Murpny. money wage rate* should be res- a simple return tn uncontrolled of rales of pay met the 

the North-east. [he chairman ®r the Enterprise j trained, mainly through the pro- monopoly bargaining with lhe ^imposed downward pressure «»r 

Cfimnoi 11 i.-,n , i,_ Boai "d- rcsts on its high unem- ; „ lot j on ft f cumpelition among essential difference that Pither the monetary and fiscal con- 


a 5 per ceftt increase oa^sic ninu - levels. taflre /labour 
rates and 6 per vent thrmigmgrb- mobility, aod introductio^ of-per- 
dqedvlty. They have hipte<Lfravv : manent night workers c where 


Mi.'..*. '■■■* _ _ DUI II wuuiu leiiidiu iiupuriani culpl0> meni in any seclor. IOVIII rtiiu <1 n„si_ it«4i i lT.-o. 

any financed by to Industry Secretaiy Mr. Eric; that profit margins as well as This would be compatiblp •"h economy a<. the upward pressure .■ _ D , 

crprise Board tu ' arle £ and S,r f l ;? sl1 ® Murphy .money wage rate* should be res- a simple return tn uncontrolled of rales of pay met the marhL 

the chairman °r .the Enterprise | trained, mainly through the pro- monopoly bargaining with lhe r^im posed downward pressure or f rnr -n Varim5«»« 

, Board, rests on its high unem-; niotion nf cum peiition among essential dlffe^nee tha. e.ther the monetary and fiscal eon . r°oiB • 


competition aiming the ployment rale — slanding at B fl 1 producers 
regions', especially lhe North- per cent, four points higher than | 
west ami the North-east, is ihc UK averager^its status as aj 
already intense. Tyne and Wear’s special development area.; 
move jestcrda.i was u« announce auractins .the highest level of [ f 
that it had comuiitlcd i'-tOO.OOO Government incentives, and itsj V J m. 1 
to the Mii.roelecironi< s Appli- pool of skilled labour, 
cat ions Resea rill Institute, which tn August. Greater Man-j f Z u 
would stud;, ways of using micro Chester and Merseyside Councils. ! TI CJ 1 
proi'cssors in new and existing together with the North West j 
products. Industrial Development Associ-j 

• The in-inute has f j, r ^ ation. made a case to Mr. Varlev. I *yip« 
“ parenis." N>*eastle Umver>.iv !J r «»'"« ^ Inmos P* anf » n 

""d x **“*"« P»l»-«-ehn.c. ' ;[ U, ;; i 'r X p-,-ied ih» inmos.' 


party to a trade dispute, and ihe straints. said Professor Meade. 


where there are microelectronic 


a n d co m pu 1 1 ng re? ea rcli cen ires. * 

.md the software company Gum- 
P' i ter Analysts and Program- 

. iners. in which the Enterprise . u •hfui'ann n^niT a, Th^' 
E,..„-d h.. a -:9.9 per Ml S h„ re . lli 

.. Ih** inilul £300.00i* is re- thought- to be BristoL 


Official 
figures may 
mean less 
growth 


Managers ‘are afraid 
to take decisions’ 


Mr. Gerry Taylor, managlj 
director of The Guardian, sw 
rhaf the newspaper was enjoyffi 
a period of considerable sap 
success and The Guardian nun 
not be threatened by events | 
which it could piay no -pal! 
Times 7 Nf-vsnapers ' had' ;beej 
fully . corsuSted about. ' th 
arrangement. 


S After the luiks broke Employers, also WMfcrftwran- 

e .ah Michael Rodgers, director og&ee. that. an. agreOnfflat#? holi- 
d the federation. said. “We toW^ay.arrahgementiVJfeKhed aLthe 
jfiiem they were deliberately rais-^d.-of laid year r sjniM.M^V>e 
k representing our proposals, so^npuretL J. - ■ iM; 


may 


vmfkiiri 

overtime 


FINANCIAL TIMES. REPORTER 


MANAGERS ARE beginning to ic involved in getting the besi out 
believe it is wrong tu lake a nf. their employees — all 
decision unless ii i$./>y concensus employees at ail levels, from 
in committee. Pnfessor Brian blue-collar to white-collar. 
Wilson of the Cranfield institute “Such thinking cannot avoid 
of Technology, said Iasi night, consideration of basic beliefs 


Shipyards BYfS f G ' 

1 1 ' 1 MICHELm UK'S 

Tllan SlIlS v force U re 

pfdil all LO impose a ‘.total 

1 ' j * e' f . V from tin* e&d of i 

better-paid ■ i ga? 


BY h^CK GARNEt#LABOUR STAFF 


garded ur pump -pruning A production plant, to employ . A POSSIBLE slowdown in ttiei Manv of them were' being un- about people and the imolica- 
. capital, and U i> hoped that it about 4.000. people, will nol be [rate of growth of output is sug- . n( Wed bv "all the talk 'of tions for sUies ofmanagemenL" 
will be augmented by an equi- established until IflSO or 1981. Igested hy new official forward J ‘industrial democracy" and ‘par- In a successful buxine A. senior 


By Our 5omh Shields 
Correspondent 


h .The c< 


Shops dose as cut-price 
superstore moves in 


BY OUR SCOTTISH CORRESPONDENT 


SUPERSTORES hu.lt in shopping In neighbouring shopping i economic activity 
centres rather limn un lhe out- centres food trade fell by 30 peri rnn^euiii.niiv rhf» nnu< elearlv 
skirts uf towns cm.hl have a cent, and lri nearby villages by c ,gH5? ed dhm^A inlhe 
considerable impact on smaller about 20 per cent index noin t s to a fa i rly early 

hi/hHshrrt v'^nrdav l ° 3 sluti> Tbe main reason seems to have slackening in the pace of the 
_ been keener pricing. Over the economic upturn, 
innni P eriod of the siudv. ASDA con- However, the figures need to 


inn n( „ n A C n A j .-.1 U,1 . . fl.jl/.-l tVII' UUHCICI. IUC UfiUiCO "C 1 U 

b,*AiS.Md Da.nSl^in Co?- 


wrifinp T anVrvJhfrl frnrt ,han its ,ocal '■'tnipetitors. par- caution because of the nature of 

S^.'ita.SStadrfSSd^S 'V>'» ^ -»• »p ibe 

profii* leveK ^'"fhoSib ^ 'IK f'™" «™Pl«. «■= 

had cut staff. " hopping centre, hut the author* ! n ? J nd * x is heavilj dependent 

the siudv. commissioned hv of ‘b® study believe th3i there j in J* 1 ® short-time oo share prices 
the Scottish Office and the local n,a - v have heen 100 f pv ' °f them an “ in**- rest rates, 
a ui ban lv. found ih.-ir >-ales in ' r ' stimulate cnmpetiiion and| , ^Hino "lltp 

other fond vlinps at ihe shopping draw off some or ihn larger] ‘ ,r sprier teadin, mdii i ators i rose . ... 

‘mhl-r lh" ,, '’.7^tbrV: , ""-' rS ,,lr,,l ‘ ,,d bl j n7onuT Ple run-ins ow'„, !5 ! ™ICT10N town would be Ultfn^-mc 

''Oi.rfs Vnrt kcr l nH n P , i t ■ , increases in new car registrations , authurlty groupings Igfcame in the proposals. 

■ai.oui one firth of'iho^r , Thc 1 ,. f " 1 ,0HW centre anff In hire purchase new credit i apparent yolerdai wlietL the However, he. aiid f 

a ui onv-hrin of inur >radt. .•u/icnsmrt. NO CW. extended. j Association nf Liisiru i Ccwcii*. tmn member*, sal 


OTnWm ' ■- 1 ' * MICHELm U K's.ifSup l work- t aider industry* have; nJade.- a 

B S-5S*««S“3 plan hits . ■% 

; s^jgy 1 - JyS^r'pfcs ssss «:• «ns rrgm better-paid -i s te nv ?.r f piy • 

! A POSSIBLE slowdown i, Ihn ** °“’ ^ **■* 

j rate of growth of output is sug- . n ^ ed " bv "TlI the Talk o( Uons f o^sUMes ofm^iagemenL" Corrcsp0ndenC ' t-. - Jii&ed ,to Jnop^ed efficiacyani of £lia h^r/ySteUt. paj m*nrt 

j gested hy new official forward | 'industrial" democracy' and ‘par- In a successful business, senior SHIPBUILDING udloa delegafe 

indicators of turning-points in t icipatlve management'.*’ managers demoostrated by from all over the v country Jneet- JtniSSed 

the level of econonucaetivity. | -Managers must he -given example, practising what they ing in NewMslle-upofTine Jater ir wouM have bwn.Jin|ilmiie«etHB 

• 9*; ntra isflsHca- 1 Office s (guidelines to help them decide preached. “Unpleasant realities today will be asked by-British p ? ^ .j.'. M s„- 

index of longer-leading mdteators ! w ho to involve and how— to gain are faced and dealt with." Shipbuilders to accepts new Meetings; at six : 

feU in October. Apart from a ; commitment 10 company goals The role of the supervisor wages structure whicbAvill give- oiJKSf'nSsp? ’ 
slight rise in August, the index ■ i. u « nOt *o lose control." Prof, should he re-defined. ** If respon- rises to the lower-paid but offer ! rejected ff-1 SSShSiSawS?! 

has now fe lon continuously w'Mson said in his maugm-al mW« behaviour and sel Control nothing to bigh-^id skilled ' - ,d 

since aiinimn lost year. lecture as Professor of Orgftnka- .* uuinq tn develop on the shop workers. / I?;»,S3 P y ‘ a iT£3' ' ^rSK in ” , \tS:& ^SS£ R 

, Thih index has an average lead . non and Human Resources In the Horn-, the traditional supervisory Delegates from the Confedera- included aiterea . w im eonsolidamn from April to 

time of about 12 months ahead institute's S.-hool uf Management, role will become reduhdant - tinn of Shipbuilding and Engin- ^ 

of turning points in the cycle of p ro f. Milson — formerly a perhaps the title too. eerinc Unions will also be given changed lioUday patterns. ^ % settle m S^tember... 

economic activity. senior manager with IGf^and " Helping the shop Hnor tu get details of British Shipbuilders' Further negotiations- stny’gjy; ^The new offer-.. will t nr put to 

Consequently the now clearly | ROC and personnel director nf on and produce wilt become corporate plan, wbch outlines weekend between ^the company rwBnbers with..^nn. ree oinroCTEia- 

ostablished down-trend in the i Ralicork and Wilcox. «aid: increasingly important— but this proposed redundancies and yard and the Transport .and General tio%from negotartorR/ a? It is 

index points to a fairly early ]■• Organisations must work.' out is a new job for which supei^ closures. Workers Uaiom; rdprer, a ga^ rejected the .-woskforc* 

slackening in the pace of the a i the highest policy levels ^rhat visors must be trained." On the pay front British Ship- sents the manual workforce# ; wouut almost certainly fie in 

economic upturn. a builders want a common “start failed to resolve IJie issue. . d ispuj^. with employers. 

. However, the figures need to date" of January 1. 1979. for The comibitrnisiits are seen by ' T7 • 

be interpreted with considerable all its subsidiaries. The unions lhe TO ^ OT y ^ v Jtal to Sistlfy C^imr hlicnihn - 

caution because of the nature of froncfnr have agreed to this, but the the sh^of the offer. Altbbuglx filming OUSMCU 

1 the data which make up the \_,OllSlCIi |j©W tf IiaDSIvl corporation's proposal for in- , he con ,nutmepts have hdtoa a . • : i» f 

"■»; *1 crying the w of tbe.ower- m « or 'block ,6 accept- get M2 Offef 


Council power transfer 
struggle pfedicted 


paid at the expense of the better- ance of the proposals, a section w . r .^ 
off is bound to bring fierce of the workforce .also .belleves GLASCOW’&Ti&dRy bOs StriXe 

opposition from the craft unions, ^at the actual fsize of the money is expected -To %i today .tdieii 

To back their case, British offer is tob jmdil. - ' 700 maintenance t^afjsm^j.iraeet 

Shipbuilders point out that wage Ty, e .olFer' involves the to hear a jfefBmnienttatlbn frbm 


offer 


BY PAUL TAYLOR 


awards in the industry this year ■■ reinstatement” of a 3 per cent their shop stgwards to tetorn to 
have already added about 2.S per supplement an'd a further 6 per work:- L . 

a . . l l LI 1 1 1 " # a .. 1 hm 1 * . ■•■uinlwin vrtln 


CONTRACTS 


£750,000 bank power 
supply order for ESB 


___ Rav-i kjl,... a* i ^ oviuv-v i*v. SUPUlCaUBUi ai«u a iwimivi v 

more nexiDimy cent I0 t j, e wa ges bill, leaving cetJt on-' earnings. A national The.. settlement reached. 

a c - only 2.2 per cent to be distributed S h a n stevwaJs' meeting is due in the Greater Passenger -Transport 

ii fh*i il! 1 " w ‘thin the Government pay i, e recon v*ned ; in early December. Executive invblyes-'a 5 percent 

guidelines. i[ ih. cothpany does not change rise on basic rates;- together wrtn 

oula oppu.-L* ihn A BriLbh Shipbuilders' ducu- its pusttion. • 3 productivity deaf which-^coUld 

. , ment to be presented to the E mol overs in the glass Icon- add up to ElZ.aV«ek.- 


should be mainiuined al least certain powers in iln.< J^trict pnsals. drawing particular atten- fpderalion of an autumn pay 
during llie winter. council*. ** lion lo ihe difficulties that would c i aim- “seemed to us that with 

The indices of lwuh cmneideni The tensinn hciwect^ 'be be faced by .smaller districts in m tie in the kitty it was quite 

and lagging indicators have risen nssoriatirin-,. both Lim*erW|tve- ihe Counry of Avon were Bnsiol possible that settlements in sub- 
j in rvcenl nionlhs. ciintrolled. *■£»* ht.-i.-n luuldhfe U P win back most uf iis Inst cjdiaries could have pre-empted 

^nro Augii'-t. when Mr. geler powers. ... consideration nf any claim or 


BY JOHN LLOYD 


, Move to cut , . 

A 1 . 1 . 1 MR ACT for a J.n megawatt the tenants and the production , numi. T£. needs dement in the Rale Sup- W a®CS nolicv LABOUR STAFF ‘ . : . - “ ' 1 ' ’ - . 

unit to supply back up power fur teams. ! TCatS! DC Powers such as edn&tfon. port Grant Settlement directly to P^ULV 8Y PHHdP B^SETT. LABOUR 

a com pul er has been placed by + | r social services. iransuorl.Sliish- th«- districts instead or counties. “We. therefore, thought il c K ,t urn ''WORKERS' -at Vaux- . The unofficial committee wa« 

'be Midland Bank with EbBf Scotland;* Ihrivsi privately- j LESS DOd.' MENTATION will ) W ays and planning were I® be Thc needs dement is the pari quite wrong to allow- subsidiaries h7ii-^FH®;mere Port plant un acting ^ in- the Jace -of the official 

EfK-EL. ihe uh subsidiary uf nunctl shipbuilders, the CAMP- j be required fur guuds in transit ; irimsfcrred from the .-ottdties uf ihe Rate Support Gram to proceed without first dis- called off their four- union . or ganlsatitm, which : .at 

the U.S. Ray-O- Vac Corporation. RfcLTOWN shipy ard of 'rgvil : through lhe UK under the full . back io the larger disiricis^The designed lu even out differences cussing with you our wages’ )!] * 1* ’Strike over pay natidiui levef had. recomiHended 

-The conlracV. believed lo lie has won oroers Tor three steel . Community tiansit procedure if plans ao far towards indftng between what local authorities strategy and policy." '.-vesterday and a return to -work and aL local 

the largest of its kind yet placed h'-h'ng v ^^ s - a 1 , 1 ola ' or I Parliament approves an Order ! one of the district cnuncils'Jaain need to spend because of differ- The document says that 21,.?.!? rihirniha- to work.' level al Ellesmere Port was pre- 
in the II K. is worth £750.000. » L. r “,ViM t 1 now hefore lhe House. ; asms. % in? demands fnr services or costs British Shipbuilders would like 0e Ti« S«3«ton at 'a mass meet- pared to co-operate fully with 

The unil will be insiailed in the 'v.i I Cuxromers eunirol form X54R. , That was rccnu-ni-,eii h®. Sir in providing those services. lhe money remaining in the 900 craftsman to management. tO : avoid. layoffs and 

bank s south Yorkshire computer -. n . n f . damobe]- hi,her, ° ref I uir,,f l for S oods Duncan Lock, chairman 4? the it now appear* likely that thc kitty to establish for hourlv paid fn|i nl 5 a >*w,m'mendatfun bymamtain.prodiicthJn.-.-. - 

centre and is designed in cut in s Y. d: . L / -. . v « jTh .! a rrivinE in the UK on lh.-ir way district council,, jesierdav^: He districts will be awarded lhe workers a minimum earnings 1*:!^ end the stoppage Mr.NormanGuntcr.Lhecom- 

instantiy when thc regular power ^ ow "Hnldines nf Glasgow- in i to another EEC member country, added lhat his assncialiorfMiad needs riemeni when the .seiile- level for 40 hours' labour. smi >the ; acceptance or the mittee chairman, -denied that the 

supply fails. conjunction »iih ihr tlTgh land-. I would be dispensed with from snught further consul taimn^' !l is announced, tomorrow There 's equallv little com fort i.nmi aT , v , s d»v-<nfer &5 per cent ■ return to work was a defeat for 

It w-jJl provide full power for unt , . k i. 411 hs DcvcUiomeni Board > December S. Mr. Shure over the nlahi ond week. fur staff in the document. Staff •• Tf,ic Hsi 1 hum the committee. He said?- *-*We will 


Ellesmere Pori 
end pay strike 


men 


Shore. EnvivonmeTii SecftVavy. The other element causing cbiins vou might * choose to OfTfl TI5I V 
announced plan-* fur a tttruted friction between the associations table. ' ' ■'■ UU.J OI. 

reorganisation uf Icic'dl ' ^Kern- is the question or handing the < .. v v T 

ment. 5i. needs element in the Rate Su;* Wages DOliCV e v ouij-in bA^eYT LABOUR 

Powers such as edtu&iion- port Grant Settlement directly to e* F * ST. PHIM “ . . •- 

social services. iransporl.lSiish- th«- districts instead or counties. “We. therefore, thought il c KILLED "WORKERS- -at Vaux 
ways and planning were Iff* be Thc needs element is the pari quite wrong to allow- subsidiaries ?_|,7rViii-rriprp'"' Port Plant or 


Sr PHItfP B/CSEtt. UBOUR STAFF : - - . 

it i vm '.WORKERS ir Vaux- The unofficial committee wa« 


supply fails. .... conjunction wiih ihc Highland-. I w-ou id he d 

tt w'lll provide full power for an( j i s j an ds Development Boctrd. 1 December S. 


the computer for up tn ten 
minutes and ensure continuity of 
supply until lhe stand-by diesel 
plants cuts in. or the regular 
supply is restored. 


Mr. Shure over the plans* 3nd week. 


fur st a Ff 


A H’-iO.OOfi order for inn high rah 
mobile JONES cranes — each 
capable o[ lifting up to 24 inns — 
has been placed by the Port nf 
J-VlixMowi-. The cranes can handle 
cargo from ships of up lo 30 feel 
freeboard and hate a lifting 
capacity ranging from six ion* at 
bl) feet lo 24 tons al "go fueL 
*r 


Mechanical engineering sales ^sluggish’ 


employees did not benefit from ^ represeat- povy take:abard.jook-at ijte dif- - 

lhe reem national agreement for | t he -MtoWs 26.000 manual ferent. positions and the levels 

LnH-ul, . - - : bf support.- ' 


BY RHYS DAVID, NORTHERN CORRESPONDENT 


Dunfermline protective clothing ... 

manufacturer, JELTEK has been 3« r * ? ,gh ?"**«*: 

awarded the largest contract in recording to a brokers report 

iix history, worth £R20.000. The »» the sector, 
order ii from the Ministry nf The report, by illanchcsU-r- 
Derence and is for the provision hj ^ et | Henry Cooke, Lumstlcn, 
nf waterproof jackei* Tor lhe Air m „ JJIt i nV eslinent hv manu- 
Cadet Forte «nd water proo[ MiU fatlurlug and flLsIrihmjon qn d 
for civilian and RAF personnel. i ni i, fE i r .. , 


BRITAIN^ MECHANICAL 
engineering induslry- has per- 
formed poorly this year al a 
rime of rising home demand, 
and may find Its. competitive- 
ness further undermined next 


-pecial projects division of 


raciurlug anti tlLsIrihuiion and 
service induslry ha* shown a 
good recovery this year, lhe 
latest estimates furci-astiiic 


OlfCRALL CONSTRUCTION lias a . increases uf 10-11 per cent and 


contract valued al over I-iQU.IMO g.s pt> r ceni rcupoclivcly. 
for thc modern isa lion of 72 Hal.-. T . 

hv ihe London Borouv-h of Ealmc. . ^ fnechaiiicai enginecri 


Work, al Fnpp.s Lane, will be car- 
n> d out wnli the. tenants reniam- 
mc in o< -i- u pat inn and ihc com- 
pany will provide a Icit.int 
reiauon-t "fficvr tu luu-e hvlweou 


industry ‘s sales, hnwi-ier. had 
cnulitiued lo hr -luggish and 
total oulpnt over Hie year 
might end up only marginally 
ahead of last year. 


The only obvious reRerlion 
or the recovery in manufaefur- 
ing investment ' was the 
healthier stale or Ihc UK 

machine tool industry. 

The industry's failure lo 
take full advantage of a rising 
home market was attributed 
tu higher level* or imports. Id 
the first nine months of this 
year, white export volume in 
the machinery category was 

unchanged. Import volume was 
15 per cent higher (though 
this figure did include domes- 
tic appliances and consumer 
electrical goods). 

Growth In domestic demand 
was likely to slow down next 
year, with the latest _ invest- 
ment Snlnnlions survey’s show- 
ing a rise uf abunt 4-K per cent 
likely in capita! spending hy 
manufacturing industry and -1-7 
per emit by distribution and 
services- 


The outlook T*»r exports^ffM 
uncertain. Wi-siern Europe, 
which took nearly 40 per wlM 

or UK mechanical cnglnc^rioS 
exports, should show- reason- 
able growth next yeaf'^ajid 
should more than compe^sa^ 
Tor more difficult condl&ons 
expected in North AmcH?*> 
which took about 1 j per 
utih a heavy bias towards ap»‘ 
engines. 

Conditions had already? t*? 
come much more difficult. 6®^' 
ever, in OPEC countries, -#Hfr 
a number or big projects beioff 
delayed. 

Several uf these newer Brir- 
kels would remain keen. ."Vet 
Ing heavy in vest men t in h? w 
plant and there was the added 
rum pH cal ion in some of P?|*' 
lies I unrest. In the large sCi'* 
projeri field i i was not easy J-® 
see vv hy fhina was court rd- 

Even un the most aptuute- 


tic view, and allowing for a 
recovery in Western European 
market*, pricing in world mar- lyj 
kets would remain keen. Yet 1 ’ J 
the sluggishness nf export 
orders was an Indication that 
UK price competitiveness wax wnBF 

p°° r - s 

In Ihe year lu August, aver- p ] ant 
age earnings in the mechanical vriiich 
ciiginceriug Industry were 17 .-locnr 


hourly paid workers, and “on mgine — -■ — --- of supp brt." ' r... " 

smnbmirfers nn.uose^'Vh-.f H T'h^u'vMjiiiiolinl.nB vuie for a- The -Bewpted offer gives pay 
Lhn»M hf oivXn P ^ e »J™ l i return to work was on the under- Increases ranging from 4JJto 6.7 
?-??ase of *»? per inf company per cent foe diy shift -workers, 
ihp' thfir bV„t % th fJ pursues the -skilled- workers with E2-GS.B0. as -the first pact of 

£ used In /ach *ubs diarv U tJ claim for irfiptoyed different Ws a, productivity deel-^d further 

rcclifv anoma « sUOS1£llar - v ln in the next lwo yean».. Inf!- possible weekly, earmuga from 

reemy dnnmuiie*. vidua f unions' .-will press the the -deaK-of. 25p-£10, • . 

claim. . ' ' '' ■ : ' * 

Massey workers with 8 JSftnVat^-the Kirk by. - v >yVl 

I, . j Merseyside; 'and-- Southampton - 

seek support Plants ot AC Delco/the General 

Motors car. eprtpo&ents «ub* TVa? - 

WORKERS AT Massey- sidiary, were the only, skilled |§ . 

Ferguson’s combine-harvester workers' ttrrespohd to bte strike 

plant at Kilniamork. S(,-otland( ca il by the uooffidial General f:, • A-' 

which % is threatened with Motors Combined Grafts Com- V .■ '■ • " ■•'■M -l . 1 


Massey workers 

seek support 


threatened 


P ! r ii“ n . f -i,l , | lgher , *. yea , f P° rt anrons the 5.500 production of aff’S 090 Craftsmen, 
earjlei. while costs of materials men al the Perkins diesel engine AC Delco skilled workers kt 


closure*, are trying to gain sup- mittee.' which claimed support 


continued to increase ai about p]anf iT1 Peterborouph. ' Southampton knd-Kiritby decided 

10 per cen L Perkins, ihe world's biggest vesterday. to return; to work, oo 

So far. the engineering in- diesel engine manufacturer, is Monday. 
duvlry had been *ucces*ful in part of the Massey-Ferguson Committee leaders said that 
negotiating Phase Fuur settle- empire and iL* shop stewards Vauxhall-RkiUed'Jirbrkers earned 
mems. but the number of agreed yesterday to meet Mr. only 111 percent more than -pro- 
claim* coming up for re i lew Sam McKay, the Kilmarnock duc'tlon workers. compared with 
had been seasonally light, convenor. is per cent more U 19TO1 The 

Compel Hive pressures, par- He loM them »tiut 1.000 jobs ri.500 craftsmen at Lu toil and 
ticiilurly iq expun markeis, would be losi ir Massey- Ferguson Dunstables with i recognition «»f 
underlined the need fur pay went ahead with plans lu move the weighting toward skilled 
award* m he ne.tr the 5 per its jMwnhinp-barvestcr operation' wnVkers in the coni nan y's:' Trsy 
cent norm. tn France. I ulTer, voted not (o sVrikc. . 


AC Delco 


Southamptoii and-'Kirkby decided ; 




cent norm. 


" JJ\tentiTation Lmted '-i- j 
1 3 DowrySquarc.BrisToi' BS8 4SL, \ 




MOW Ci 


vial 


betu 






J 


C V '» f* | 


. Financial Times Thursday November 16 1978 


parliament 


PO L I 



Healey stands firm 
on 5% wage policy 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


THE GOVERNMENT intends to 
pursue its 5 per cent wages policy 
“honestly and courageously in 
the interests of the nation as a 
whole." despite the failure to 
reach agreement villi the TUC. 
Mr. Denis Healey. Chancellor of 
the Exchequer, told the Com- 
mons. 

The Chancellor was gi\cn a 
comparlively easy ride as he 
explained to the House the 
reasons for the final breakdown 
in negotiations with the TUC 
the precious night. 

Putting a brave face on events, 
he continuously emphasised that 
the proposed statement on collec- 
tive bargaining, costs and prices 
had been accepted by the 
economic committee of the TUC 
and by many of the most 
influential trade union leaders on 
the General Council. 

At the same time, he stressed 
that there could be no question of 
the Government making a second 
attempt to negotiate the agree- 
ment with the union>. 

He also made great play with 
the fact that statements of sup- 
port for the Government had 
heen made yesterday by Mr. Tom 
Jackson. TUC. chairman, and 
Lord Allen, chairman of the TUC 
economic cnmmitlee 

The Chancellor rejected an 
attack from Sir Geoffrey Howe, 
Tory shadow Chancellor, who 
claimed that the “myth or the 
social contract.” the very 
foundation of government policy, 
had now been finally and totally 
destroyed. 

He also rejected demands frnm 
Mr. David Steel. Liberal leader, 
and Mr. John Pardoe, Liberal 
economic spokesman, that he 
should now come to the House 
and attempt to get support for 
a full, statutory incomes policy. 

Throughout the exchanges. Mr. 
Healey emphasised his belief 
that the people of the country 
were firmly behind the Govern- 
ment's wages policy. 

With a touch of his old 
ebullience, he described .Sir 
Geoffrey as “ the sheep oF the 
Baskervilles." and declared that 
a firm pay policy “ remains the 
best basis for the attack on 
inflation and we know this view 
is shared liy the great majority 
of people.” 

TTic criticisms from the 
Government's own Left wing 
were comparatively muted. The 
Tribuniles concentrated on warn- 
ings nr the electoral con- 
sequences if the Government 
continued the firm control of 
montfy supply and public spend- 
ing. and thus increased the 
number of unemployed. 



SIR GEUM-REY HOWE 
i 

The Ghjncelb'i. however, look 
a fairlv cautious lino on the 
scope for ’.nonets ry and fiscal 
measure* m « h<? ■ lb *' nee ol an 
agreement *«*> lhe unions. 

“The ca.-v *‘ ,r tighter mone- 
tary and fi-fal P n,k T will not 
exist unit*?# i here f* the surt 
of wage explosion we had three, 
years ago. 

“But if we dul. have such an 
outbreak, the Government would 
have to accept *•* responsibility 
to the nation." 

On the use of monetary policy, 
he said he was “ far more of a 
charitable Christian 1 than Mrs. 
Margaret Thatcher, whom he 
likened to Tur.uemuda, the head 
of the Spanish Inquisition. 

The Chancellor was pressed by 
the Tories tu what the policy 
would now be on the use of 
sanctions acainst companies who 
break the 5 per cent pay guide- 
lines. 

.Mr. Healey said the Govern- 
ment would be discussing the 
operation of sanctions with the 
CBL with a view to extending 
the scope of arbitration provi- 
sions. 

Sanctions won Id -till be there, 
although there was 3 need to get 
fair treatment fur Government 
contractors, at the same time as 
achieving an effective counter- 
inflation policy. 

Nevertheless, ho hinted that if 
necessary, the Government would 
he prepared to use sanctions 
against Ford. 

Pressed on this point, he said: 
" As soon a* we know what settle- 


ment is made, we shall tell the 
House of what sanctions, if any. 
we propose 

“The House should not be 
under any misapprehension that 
if we get a settlement outside 
the guidelines, we shall use our 
discretionary powers in conse- 
quence." 

Mr. Healey dealt gingerly with 
questioners who wanted to know 
whai the position would be on 
the TUC suggestions for lougher 
price controls now thal no agree- 
ment had been reached on pa>. 

He explained that the propo- 
sals in the document for extend- 
ing the discretion of the Price 
Commission and securing the 
maximum interval between price 
increases were “not necessarily 
binding " in the present situation. 

Mr. Healey said an important 
element was the agrement of the 
six. representatives of the TUC 
to keep a close watch on progress 
towards the Government’s infla- 
tion target, and to 'take appro- 
priate action from time to time 
towards it. 

Ho wanted In invi-tc the CBi 
tn meet the Government from 
Uine to time on a similar basis. 

From the Opposition front 
bench. Sir Geoffrey Howe saki 
that although the Conservatives 
favoured moderation in pay 
settlements, the Government’s 
imposition of an arbitrary pay 
Uinlt had been wrongheaded and 
counter-productive. 

Did the Chancellor -intend to 
apply the 5 per cent limit across 
the board and impose sanctions 
in every case against cornpartiee 
who failed to observe it? If so, 
would it not do more harm than 
good. 

He also wanted to know the 
Government's attitude towards 
prices policy and warned that any 
■ tightening of price controls 
would squeeze profits, discourage 
investments and destroy Jobs. ~ 

- Sir Geoffrey - also wondered 
what the future held for those 
paying mortgages. The . benefits 
of lower rates earlier in the year 
had Iwen swept away as a result 
of the decision to increase 
.Government spending by £4bn. 

The Chancellor had claimed 
that he was relying on a wide 
range of individual wage settle- 
ments lo be negotiated by the 
good sense and responsibility of 
trade unionists. 

But. said Sir Geoffrey, he must 
bitterly regret that every piece 
of industrial legislation passed 
by the present Government had 
diminished Ihe authority of 
moderate trade unionists and 
strengthened the militants. 


SHADOW CABINET RESHUFFLE 


Maintaining the balance 
between left and right 


BY ELINOR GOODMAN 

TN' RESHUFFLING her Shadow 
Gahinel yesterday. Mrs. Margaret 
Thatcher seems to have been at 
pains to maintain the existing 
balance between left and right. 

If the balance has shifted frac- 
tionally, lo the left, it seems to 
have been more by accident than 
by a deliberate design to appease 
the Heathites in the party. 

«>f those promoted yesterday, 
only Mr. John BHTen has been 
consistently labelled a right- 
winger But such a lahcl is to 
over-simplify his very inde- 
pendent brand of conservatism. 

A long-lime monetarist and 
anii-markcleer. he was once seen 
as being an acolyte of Mr. Enoch 
Powell. He would probably 
still advneate a tighter monetary 
pol-cy than the Shadow Chan- 
cellor. Sir Geoffrey Howe, hut he 
ha* very iinie interest in the 
other traditional right-wing 
issues such as Rhodesia.' 

Since he resigned from the 
Shadow Cabinet for health 
reasons in February oF last year, 
he has gone round delivering a 
series nf carefully though! out 
speeches which suggest that he 
thinks that it is more important 
tn stimulate thought within the 
party than toe the official line. 

Only two weeks ago he attacked 
the proposed European monetary 
system on the grounds that it 
was a contradiction of basic 
Conservative principles. 

Even while not an official 
member nr Mrs. Thatcher's 
shadow Cabinet, he has had 
considerable influence on his 
leader — and easier access in her 
than some of the official shadow 
Ministers. 

B> making him the sh.idow 
Minisier Tor small businesses and 
self-employed. Sirs. Thatcher has 
effectively appointed him as 
.shadow in Mr. Ilarold Lever. 
Chancellor nr the Duchy nf Lan- 
caster. who ha-; exactly I he kind 
nf flexible brief in Mr. Cal- 
laghan's Cabinet (hat Mr. Biffr-n 
would probably like ihom id h 
Torv Government. 




a ' t. 


4 



Mr. Mark Carlisle 

As it is. bis influence on Tory 
policies will probably be greater 
than his official job specification 
suggests. 

His return in Mrs. Thatchers 
official fold will once again raise 
the possibilities that Mr. Biffen 
could be a candidate for the job 
or Chancellur in a Tory Admini- 
stration. 

In rhe same way. Ihc confirma- 
tion that Mr. Francis Pym will 
take over as shaadow Foreign 
Secretary cements his reputation 
as one nf the men who might 
succeed Mrs. Thatcher as leader. 

During his period as the man 
charged with Lhc delicate task 
nf presenting the Tories' pniicv 
on devolution. Mr. Pym has 
challenged Mr. William Wfallelaw 
as she flag bearer of those in lhc 
centre of the party. 

Like Mr. Whilelaw. hn is 
perhaps ton nice a man tn make 
the very lop but he i* greatly 
respected as a Parlianicnlanan 
by hi* colleagues and n heller 
performer in ihe House lhan 
Mr. John Davies who had u. 


resign as shadow Foreign 
5ecreiary liecause he was ill. 

Mr. Pym's responsibilities as 
Shadow Leader of the House will 
he taken over bv Mr. Norman 
SI. Jnlin-Sievas who will also 
continue tu be responsible for 
the Arts 

A moderate, with one nf the 
most elegant and witiy speaking 
styles in the House, he was rme 
nr the first members nf Mr. 
Heath's Cabinet to publically 
to -support Mrs. Thatcher 

But rven his enthusiasm for 
his new leader is edged with ihe 
kind oT sarcasm which make* 
him such good value us a 
speaker. 

By moving Mr. Si. John-Stevns 
from Education. Mrs. Thatchei 
has defused one of the 
most uneasy relationships at 
Westminster — that of Mr. St. 
John-Stevas and ins deputy. Dr. 
Rhodes Boy son. which has 
sprung from their very different 
views on comprehensive 
education. 

Dr. Boysnn, an ex-headmasler. 
will clearly be disappointed that 
he has been passed over for th* 
Number One job at Education. 

Instead, the job has gone to 
Mr. Mark Carlise. a liberal who 
was Under-SecreLarv of Stale at 
the Home Office for two years 
during the Heath Government. 

Now that the devolution 
legislation has been completed, 
Mr. Leon Brittan, another up-and- 
coming intellectual from the 
cenlre of the party. h:i> heen 
appointed an additional spokes- 
man un employment 

Mrs. Thaicher ha* decided, 
however, not tn replace ihe twn 
junior spokesmen Mr. Winsinn 
Churchill and Mr. John Biggs- 
Davisou — whose jobs became 
vacant Iasi week alier iheir 
refusal in tne the party line over 
Rhndesian sanctions. 

Instead. promising bark- 
benchers will probably he given 
an n|ipnrlumt\ m speak from the 
front bench »n defence and 
Non hern Ireland when the need 
arises. 


Ministers 

attacked 

over 

Europe 


BY IYOR OWEN 

ATTITUDES DROPPED by- 
Labour Ministers in top- 1 eve! 
negotiations have resulted in 
Britain being effectively relega- 
ted to second-class status within 
the EEC. Mr. Douglas Hurd. :• 
Conservative spokesman on 
foreign affairs, claimed in the 
Commons last nighL 

He cited the conduct of the di>- 
cussious on the proposed Euro- 
pean Monetary System, which 
had clearly been dominated by 
German v and France, as an ex- 
ample of Britain's “declining in- 
fluence. 

'* 1 think this is a thoroughly 
disturbing development, quite 
regardless of the view one event- 
ually takes on the EMS pro- 
posals." declared Mr. Hurd. 

Objective observers were con- 
tinually remarking on the slide in 
Britain's bargaining strength in 
Europe, he said. 

Ho contended that the 
"ambiguity” shown by Ministers 
in their dealings with the EEC 
wa*. dominated by the hasic 
division within the Labour Parly 
nver Britain's continuing mem- 
bership of the Community, with 
the result that every member of 
the Government found it neces- 
sary to be seen to he looking at 
the door marked “ exit." 

Mr. Hurd was particularly 
censorious of Mr. Anthony 
Wedgwood Bonn. Energy Secre- 
tary. and Mr. John SUkin. 
Minister of -Agriculture — two or 
the leading anti-marketeers in 
the Cabinet prior to the 1975 
referendum — and accused them 
of “ building their political 
careers on discrediting Europe." 

Penalties and damage bad been 
inflicted on British interests as 
a result, and worse still, they 
seemed to have affected their 
colleagues, so that even the 
Prime Minister and the Foreign 
Secretary were unable to act 
genuine criticism of Community 
polirv 4n reach the target Mr. 
Hurd told MPs. 

What had happened in the EMS 
negotiations, Mr. Hurd main- 
tain^. was that Ministers had 
allowed a two-4 ler Europe to be 
create* i-n which Britain was in 
the second class. 

These charges were rejected by 
Mr. Frank Judd. Foreign Office 
Minister of State, who earlier 
announced that Parliament would 
soon be asked to approve the 
boundaries For Britain's 78 Euro- 
constituencies, in readiness for 
the first direct elections to the 
European assembly on June 7 
next year. 

The proposals made by the 
Boundary Commission would 
shortly he laid hpfore Parliament 
by Mr. Meriyn Rees, Home Secre- 
tary. together with the draft 
regulations for the conduct of 
elections. 

Mr. Judd reaffirmed the 
Governments determination lo 
ensure that ihe members of the 
European Parliament were not 
given “cxcpisivo" salari"* There 
was no question of £30 000 a 
year being provided, as had been 
suggested in some newspapers. 

It would be wrong, fur the 
members nf the European Parlia- 
ment to he living like fat cats 
on rich cream in Ibese djy* or 
economic recession. 

Mr. Judd suggested that Ihe 
salaries in the European Parlia- 
ment should reflect those of the 
national parliaments of the Com- 
munity. and he supported the 
Treasury's view that national 
taxation should apply. 


Peers told 
of ‘Quango 


TREASURY FORECAST FOR 1979 


IS 


to 



expand— but more slowly 


A. Output and expenditure at constant 

1975 prices 

Gross Domestic Product (at factor cost) 
Consumers' expenditure 
General Government expenditure on goods 
and services 

Other fixed investment ' 
of which 

■ Private sector man ufat curing 
Export of goods and sendees 
Stockbuilding (as per cent of GDP) 

Imports of goods and services 
Manufacturing production 

B. Balance of payments on 

current account 
1st half 

2nd half ; 

C Public Sector Borrowing ■ 

Requirement 

(percentage of GDP at market 

' nr'wes) 

D. Retail Price Index 


danger’ 


Jackson accuses unions 


THE TRADE union movement 
t:j.> lost its way. Mr. Tom 
Jackson. TUC chairman >aid in 
s bitter speech attacking 
opponents of Government pay 
policy yesterday. 

Addressing a Pre« Gallery 
luncheon. Mr. Jackson forecast 
“problems'* this winter and “some 
“nri- nf stoppage" in the local 
covernmcnl manual sector and 
the health service ancillary sec- 
tor. Hi* criticisms came atior 
Tue-day's TUG General Council 
decision nn the proposed jieree- 
nienl on pay and price- 

"I don't believe th*! e.irb trade 
uni-m 1* an inland th.it each Ir.id** 
umoa has a Gud-snep right ;n 


30. 4o. or 5ft prr rent. Ropjrums 
prosecution of self-miere-i i-- 
nothing to do with trade 
unionism. 

"The British trade um..n 
luuvemeat. as expressed in the 
decision on Tuesday, has begun 
tu forget where tt came from 
and where it i* going." Mr. 
Jackson went un. 

■\i times during Ins speech. Mr. 
Jackson was heckled by Mr. Eric 
Heller. Labour MP for Liverpool- 
w.iiP'R. who suggested Mr -hn-k- 
-on was aiming fur u -cut in ihe 
»!...*-«? of |.»rfi< 

11 V«icriiii.. .\e «<iw -'[m" 
happens when you indulge id 


common denominator politics." 
Mr. Jackson continued 

" As someone who w as totally 
and absolutely impartial the was 
referring tu his position js 
chairman). I begin to get more 
and more worried about some 
the things being said." 

“ 1 grow tired of those wh«. 
claim m be socialists — those who 
claim to have some vision uf a 
more equal society, and at the 
same time demand the right to 
eel not jusi their share, but a- 
much ;u i- einng for ihmr 

particular member-. 

"If ihHi'-i rrade un i«.m-m. i' .- 
n<i» whal I joined for if ihar'v 
suualiiin, I II eat my foal." 


THE EXTENSIVE, powerful and 
uncontrolled world of Quangurt- 
Quasi — Autonomous Ann-Govern- 
mental Organisations — needs io 
be investigated. Baroness Young 
(C> urged in line Lords. 

She predicted 1.000 Quangos 
within 10 years — but they were 
undemocratic and not subject tn 
Parliamentary control. 

"The real danger is that wc 
are being driven in accept the 
establishment of Quangos as a 
way nf Government. 

"They are taking pnver away 
from elected represen I r.nvc> anil 
giving tt over to ihe Executive in 
a secret way." 

Many uf their nmnihers 
received more pay lhan an MP. 
or «-ven :i Cabinet Minister. 
Baroness Young added 

Liberal peer Lord F.vans nr 
Claughfnn blamed the Quango 
explosion un successive Tory and 
Labour Governments which lie 
said, had carried nut programmes 
of social engineering outside 
direct Parliamentary or local 
government cuntrnl. 

He railed for rinser scrutiny of 
Quangos with tin* aim uf reducing 
Iheir number 

Baroness While iLiib* pari- 
'iim- chairman nf ihn Land 
Vutlinrifv for Wales, defended 
her particular Quango, which she 
>aid made considerable profits. 

Some appointments may have 
been ill-judged, bui on balance 
they were made with .i view io 
lhc piililn- good. "1 would have 
ihoughi there was very utlk* 
genuine political jobbery.” 

House catering 
overdraft 

THE u\ EfCDRAl - T un lii<- I i huso 
nf Uoininons oars, cafeterias and 
restaurant-' rose h’v nearlv 
£500.ui iq la -i vi-ar i«. 'il.SjT.H-jf. 
Mr Michael Fool. Lo-irtgr i|u- 
If once, said ve-iprd.n Irion*,.! 
cnargei «ore Lilfl.Olib a ..*„r m- 

16*J0 a day. 


THE ECONOMY Is expected main forces behind expansion. 

-lower „„ tortne ms! f lb ' ”» TrMsar, 

while consumers' spending and Tor ,he economy during 1979. 

exports aro limply lo |j, e published Iasi night. The pro- 

D Ap Qn i hination of tax cuts and of earn- 

aVCL-cIJI ings growth well In excess of 

, _ price rises. While a slower rale 

neVeinniYIPritC °f srowtli in consumer spending 
u '■JVpUlUHh seems inevitable, further in- 
Thc first half Of 197S saw an «-Teascs are likely, of the order of 
ji-celenuoo* '-of growth m em V ‘ per rent during 1979 ■ Factors 

rjoincsuc Droduct <GDP» llke] y 10 sustain spending in 1979 

the 'h'W i"™«« 

> es H e JM&JSSTJrt 

■ he Ve conlinuecl fall in the rate of savings. This 

1 The ch^n^3 Ua^le^, reflects the usual lag between 

rpiail nrt^L 0n L e ? r i. e v! r ! ,er the ra P irt rise of ^a' 1 incomes 
in SI**? 8 ' ^ e11 and its full impact on spending: 

r-ihaf January- was and also the benign effect of 

Cur tiier reduced to below S per continuing single-figure inflation 
cent ii-j - pr and 1138 since on the real value of personal 
remained in a range nf 7 to S assets, by comparison with the 
per cent. much higher inflation rates of 

Average earnings in August the mid -seven ties. 

-..ere around 14 per cent higher The forecast of private sector 
than a year earlier, implying a investment is based on the 
substantial increase in real regular surveys of firms' invest- 
(Mrnings over the past year. 

Tjkn-home pay has been boosted i- crnNOMir p 

further hy tax reductions an- Table 1= ECONOMIC 

non need in October nf last year, 
and in the April Budget. As a 
re-ult. real personal disposable 

income in the second quarter — — — 
was 7 1 per cent higher than a 

year before. A. Output and expenditure at const 

The large rise in real incomes 1975 prices 
has produced a substantial Gross Domestic Product (at factor 
increase in consumers’ expend i- Consumers’ expenditure 
lure, which was 3* per cent General Government expenditure o 
higher in the first half nr this ■"* services 
year than in 'the second half oF Other fixed investment ' 

1 977. Provisional estimates for of which 
the third quarter show con- • *» rt ° r nwnufatcunnj 

tinumg growth, with a quarter- and ' 

nn-nuarter rise of H per cent. Stockholding (as per cent of GDP) 
Higher consumers' expend!- [?P°™ of ***** »"d services 

lure and a high level of stock- • nnufactunng production 

building have been factors _ _ . 
behind the growth in GDP in the B - R a l anee *>* payments on 
firs! half of 1978. On present current account 

evidence. growth in GDP 

he* ween the second half of 1977 Znd half 

and ihe first half of 1978 was at C Public Sector Borrowing - 

an annual rate of around 3 per Requirement 

cent. The output estimate — often (percentage of GDP at market 

rc-’.irded as 'the most reliable ^ nrices) 

indicator or short-tprm move- D Retail p rice , ndex 
nmnts — suggest* a slightly larger 
iii.-r.»ase in GDP. 

The past twn years have seen 
a --irong recovery in private 

seel *>r industrial and commercial . 

investment from lhc deep re- 
cession of 1974-75. Between the u, 

first halves of 1976 and 1978 X!? tJSSSS? 
manufacturing investment JJlf 

{TSS^SSS a a D ° d d S&SS Hnui^Wo^rin&rinSS 

inri s'rvlcr^nveitment b, 23 per SraaindirSTffre Sa 1? 1»7S 
^TinAmHi'ihum.nt u _ ■ ... Smaller increases, however, ar 

InfWftS >elr b Tnd ,S !n 

L".riilr ° eaversl than a year nf economic developments, pni 

ricularly the growth of outnni 

nibp P0 Lr?k- me in fho fourth 0Ver tfle f° recast ^ 

niMrter b nr 'iqf* from' tlJ slOW BTOWth Of OUtpUt forecas 

!K tor JL r i. I9 ' , f f iho S f«r 1979 has led tn a caution 
high levels of the previous jnjprprptfliiion of the enquiries 
ni tarter, have shown moderate , r possibIe th at invent men 
growth over ihe course Of 1978. mav r ^ ch „ peJlk in 1079 jin< 
lmnort volumes have he«n rising , - tf) derlino bPffire rhe vea 

with a particularly -larse increase F(jr Hvale jnvPStrI1 p„t i, 

in the first quarter Nearly all mJ , mlfpntun 'ns a small fall * 
ihe rise this tear Has heen in f Hrprast between the seenm 
nonorts of manufacHires halves of 1978 and 1979. thmigl 

The hnlnni'p of visible trade. jj, pre j s R fn reran t rise of .4 ne 
which shnwn.l ji marginal surnhis rnnf hetlvP< ,n the two ralenda 
in the second half of 1H77 vl , ars D'strfhittivo and serriei 
- a deficit of sthoiit j^ypstment eontinues tn ri » 
ri^tim in the first three- t brouehnut 1979 and a rise of 6 
quarters of 1978. The surnlus ppr ^ nt is fore r-, s t between thi 
on invisibles in the first half of r^ipndnr ypars. For the rest 
1978 is estimated at a linle V(U!tT1ient ln S hins nnt3 jn , hl 
under EfiSflm. rather lower than Norl H Sea mav decline a Httl 
the £1.050in surplus recorded In ; n 1971)- ,md There mav he m 
the second half or 1977 Including further Viji in the public sertm 
a proieclinn of the surpjus on ? prpr a 25 ner cent r^tl hetw“*i 
invisibles, the current account is tj 1P halves of 1976 and I97f 

first Ihree-ruiarters of 1978. tf> blliJfJ 

Policy assumptions Iheir storks of finished cood 

The forecast assumes that both which are now considerebl’ 
pay. settlements and increases in higher in relation to salqs ihm 
average earnings in the current a few veans ago. Tliis seem 
pay round will be about half likely to he more a result n 
those realised Iasi year under deliberate derisions than an un 
the ten per cent guidelines. The nnticinated hnild ire. Outside »b< 
UK’s effective exchange rate is manufacturin'* sector, the «ni 
assumed 10 remain unrhanced. pent strength of consume 
Monetary grnwth is held within dpmand is encouraging di« 
the announced limits. A con- trihufnrs to hold higher sini*k« 
ventfonal assummion is madp p looks as though the imn®Tij 
that both personal income tax of stockhu»ld>nc tn demand i: 
allowances and bands, and also. n nw over, and that the rule n 
specific indirect tax rates, are increase in storks wnll h«* slow 
increased in the 1979 Budget to j n « down after the first half 0 
take' account of price rises 1978. 

during I97S. The forecasts of public evuen 

Domestic demand diture provide for a full alloca 

The rapid rise in living stand- lion of the contingency reservi 
ards this year has berni made and allow for continuing shorl 
possible by a favourable com- fail. For general Govern men 


jectlons are disclosed twice a 
year and update those con- 
tained in Ihe Financial State- 
ment and Budget Report in 
April 197S. . 

expenditure . on goods and 
services the forecast is for an in- 
crease oF 2 per-cent between the 
second halve!, gf 197S and 1979. 
with investment sieady and con- 
sumption continuing to ns c 
moderately. 

Prices 

Inflation in 1978 benefited frnm 
the ■ comparatively low. P 3 - 7 
increases in the 1976-# 1 pay 
round. It also benefited from 
the appreciation of sterling at 
the turn of tbe year, low food 
and commodity prices, reduc- 
tions in the mortgage rate, and 
from the fact that expenditure 
tax rates were, not increased. As 
a result the inflation route (as 
measured by the increase on a 
■year earlier m retail prices) 
canic.down from 13 Po r cer, l * n 
the fourth quarter of 1977 tn 71 
per cent In the second quarter 
of 1978. Hence inflation has 


Table 1: ECONOMIC PROSPECTS TO END 1979 


2nd half 1977 2nd half 1978 
to 2nd half to 2nd half 

1978 • 1979 - 

percentage changes 


15 

-2} 

Si 

31 

0 

0 

11 


2} 

1 

1978 . 

1979 


£ bilion 


£ billion 


ment intentions undertaken by 
the Department of Industry and 
the CBI: these point to con- 
tinuing growth in private indus- 
trial Investment Both in the 
remainder of 1978 and in- 1979. 
Smaller increases, however, are 
predicted for 1979 than, far 1978. 
On past experience, investment 
plans will be revised in the light 
nf economic developments, par- 
ticularly the growth of outpnt. 
over the forecast period. The 
slow growth of output forecast 
for 1979 has led m a cautious 
interpretation of the enquiries: 
ir is possible that investment 
mav reach a peak in 1979 and 
beein to decline before the veir 
end For private invpstment fn 
manufacturing a small fall is 
forecast between the second 
halves of 1978 and 1979. though 
there is a forecast rise of 4 P»*r 
cent between the Twn calendar 
vears. Distributive and service 
investment continues tn rise 
throughout 1979 and a rise of 61 
per nent is forecast between the 
priandar years. For the rest ? n- 
vestment In shins and in the 
North Sea mav decline a little 
in 1979: and There may he no 
further r-«ii in the public s«»rtnr; 
ecrpr a 25 ner rent Ml hptw“*n 
the first halves of 1976 and 1978. 

Stock bn ildfog in the fl^r half 
nf 1978 was again high. Manufac- 
turers continued In build up 
Iheir stocks of finished goods 
which are now considereblv 
higher in relation to sales ihnn 
a few vears ago. This s*»ems 
likely lo h*» more a result of 
flpiniernte d®ririons than an un- 
anticinatnd hnild un. Outside the 
manufacturin'* sector, the «iir- 
rent strength of consumer 
rtpmsnd is encouraging rH*. 
trihufnrs to hold higher slocks. 
It looks as though the imn®tiis 
of stockhu«ld»nc to demand is 
now over, and That the rate of 
Increase in stocks wMI h«* slow- 
ing down after the first half of 
1978. 

The forecasts of public expen- 
diture provide for a full alloca-- 
tion of the contingency reserve 
and allow for continuing short- 
fall. For general Government 


8 81 (4iy.) 

4th quarter 4th quarter 

1977 to 4th 1978 to 4th 

quarter 1978 quarter 1979 

percentage changes 
8 81 


recently been running below the 
current rate of pay increase by 
an exceptionally large amount. 
In tbe 1977-78. pay round ‘there 
was a larger Increase 'in wage 
costs than in the previous round; 
because- of this'; and because the 
factors benefiting 'prices in 1978 
are likely. to have a smaller im- 
pact (or. in some cases, to be 
reversed) ihe infiation Tate 
seems likely to edge up a little, 
reaching between 8 and 9 per 
cent in 1979. As a consequence 
of pay policy a lower growth of 
earnings is assumed from now 
on: part of the henefit will be 
felt in 1980. beyond the end of 
ihe forecast period. Keeping 
Infiation within single figures is 
critically dependent on this 
lowe*- 'growth of earnings. 

Trade and the current balance 

Desnhe quite 'fnsi- growth In 
Ihe U.S. over the past year, 
grnwth in gross nations! product 
(GNP) for . the mam QEGD 
countries taken together is con- 
tinuing at only a modest rate: 
probably about 3j per eeni in 

1978, much the same as in 1977. 
A similar rate mav persist- into 

1979. Both in 1977 and so far 
in 197S the estimated growth of 
world trade in manufactures 
has been surprisingly low In 
relation in economic activity. It 
is assumed that the usual ten- 
dency for trade tn grow signifi- 
cantly faster than G'lP is re- 
established. While for 1978 it 
seems that UK-weighted trade 
in mam* fa chi res will, have grown 
bv no more than 4 per rent, a 
growth oT 7 to 8. per- rent is 
fnrecast for? 1979. narflv relWl- 
inq »>*«- shift in the remoosiiirin 
of GVP growth towards the. 
smaller and more open econo- 
mies. 

Tn 1978 UK exporters. sc* 1 m iri 
have maintained nearlv all nf 
the hieher share of world trarie 
in manufactures they cantorcd 
in 1977. In 1977 export volumes 
rose by S per cent and 0 further 
rise of about 24 per cent seenis 
likely in 1978. With the .faster 
growth forecast for world trarf» 
in 1979." some continued benefit 


The Treasury Is also pro- 
jecting that the current account 
should remain near to balance 
and the rate of price Inflation 
should stay near tiic present 
rale of about 8 per cent a year. 

from past gains in cost competi- 
tiveness. and the likelihood that 
the UK's trend loss nf share' is 
slower than it was. UK export* 
or manufactures are forecast' In 
rise 5 per cent in 1979. with 
a similar figure Fnr the volume 
of exports of goods and services. 

Total import volumes have 
moved erratically, but qurtc 
strongly upwards over the past 
IS months. Coin Da ring th** lirsr 
three quarters of 1978 with the 
same period a year earlier, 
imports of goods rose 7 per 
cent: this included a rise of 14 
per cent in imports of manufac- 
tures. and small falls in Imports 
of fueL food and hasic materials. 
The forecast allows for import 
penetration nf manufacturer] 
goods to increase further. Diffi- 
culties in assessing import, per- 
formance make the forecast par- 
ticularly uncertain, but it seems 
likely that total imoorts of goods 
and. services in 1979 will grow a 
little more slowly than in 197s 
— by 64 per cent following 7 ner 
cent. Almost all the rise in 1979 
is likely to represent higher 
imports of manufactures. 

After a major improvement in 
rhe UK terms of trade up to the 
first half of 1978, no great 
chance U expected over the fore- 
cast period. The invisible sur- 
plus declined between 1976 and 
I97S. as a result infer n>fn n r . Mi- 
creasing transfers lo the EEC. 
and a substantial deterioration 
in the interest, profits and divi- 
dends account. Not much chance 
from the level' in the first ha.lf 
of 1978 is expected in 1979. 

In tntal the current account 
mav remain close to balance -in 
1979. with a deterioration in the 
volume of net trade in manufac- 
tures being offset hv rising oil 
production. It should he noted 
that the margins of error on the 
current account an* not ent ini’ v 
large: errors nf a billion pounds 
3rc liable to ucctir in cither 
direction in the second half- of 
1979. . 

Public Sector Borrowing 
Requirement 

The Public Sector Borrowing 
Requirement fPSRR) in the 
current financial year is forecast 
at £Sbn. At this stage of the year 
there are still major uncertain- 
ties about many Important 
elements in the accounts, includ- 
ing the level of tax. receipts froin 
companies and borrowing by 
public corporations and local 
authorities. As a proportion uf 
GDP at market prices, the PSBR 
in 1978-79 mav be about 4} per 
cent. Little change in this prti- 
porlinn seems likely in 1970-sn. 
though the absolute size or the 
PSRR is forecast to rise slight !y 
to £8!hn. The likclv margin of 
error is probablv some £2-€3!m. 

Margins of error 

The tables set out forecasts of 
the UK economy to the end of 
1979. These are central estimates, 
based on the policy assumption 
outlined above, but 11 must 
never he forgot ten that the pre- 
cise numher.s in the tables are 
at the centre of large ranges 
Errors will arise frnni imperfect 
measurement of thi> economy: 
from incorrect specification and 
estimation of economic relation- 
ships; from mistaken Judgments 
about factors not allowed for in 
these relationships — quite apart 
from the possibility of changes 
in government policies. 

Assessing margins of error; « 
notoriously difficult, though tiro 
use that can be made of forecasts 
must depend on some such assess- 
ment. There are always factors 
special to particular fo recasts: in 
this case the difficulty' of working 
with both 1970-based and 1975- 
hased constant price magnitudes' 
As a result, the forecasts of 
demand and output, but to a 
much lesser extent current price 
variables, are liable to greater 
error in this forecast. In general, 
a crude guide to the margins nf 
prrqr .is given by averages of the 
errors in previous official fore- 
casts. These arc set out in Table 
and some of rhe complications 
explained in the accompanying 
technical note. 

The average error in forecast- 
ing output one year ahead was 
2 per cent, much the same as tbe 
forecast increase in output over 
the next year, and appreciably 
more than rhe estimated iinpqci 
of most budgets. -M 


FORECASTS OF EXPENDITURE, IMPORTS AND GROSS DOMESTIC PRODUCT 

£ million at 1975 prices, seasonally adjusted ' 


Con- 

sumers’ 

expendi- 

ture 


General Government 
expenditure on goods 
and services 

final 

con- Fixed 
sump- inven- 
tion ment Total 


Other Exports 
fixed of goods 1 . • ' 7 

invest- and Stock. - 

ment services building 


less 

Imports 
of goods 

" *«! 
services . 


1976 

1977 

1978 

1979 

1977 first half 
Second half 

1978 first half 
Second half 

1979 first half 
Second half 

Percentage changes 


less 

Adjust-- State- 
ment to tical -• 
factor - adjust- 
cost ment 

10,850 -400 

10300 — 


Gross domestic 
product at . 
factor cost 


95,400 102.9. 

97,700 704 -8" ■ 


3,600 

27.400 

16,850 

32,450 

950 

143.700 1 

32^00 

ll^OO 

-150 

. 99,950 

107.9* 


3,700 

27.850 

.17,200 

34,400 

600 

148,000 

.'34500 

* H.600 

-400 

itfZJJOO 

110.5- 


2,000 

13.600 

7,800 

15,400 

- 800 

68,750 

15,400 

5J50 

-t- 250 

48.250 

. 104 J 

*; 

1.850 

T3J55Q 

8,050 

15.900 

250 

69.450 

-.-'14JB50 

5,450 

-300 

48,850 

105.5 : 

T 

1.750 

13,650 

8,300 

15,900 

v .700 ■ 

71,250 

15J850 

5.600 

-350 

49,450 

1S6JB 

" 

1,850 

13,550 

8,050 - 

15,950 

250 

72.450 

. 16,450 

5.700 

+ 200 

50.500 

109.0 


1JS50 

11850 

8500 

16JJS0 

300 

73,450 - 

17.000 

5.750 

+200 

50,900 

109.9 > 

■ i: 

1,850 

14,000 

8,700 

17.450 

300 

74,550 : 

17,500 

5,850 

4-200 

- 51,400 




Pint half 1977 to 

51 

2J 

-131 

0 

6i 

3 

• • H ■ ■ 

First ha!M97B 

Second half 1977 co 

5{ 

2 

i 

n 

6 

3J " 

4 

Second half 1978 

First half 1978 to 

31 

1 

51 

u 

2i 

7 

3' - ' 

first half 1979 

Second half 1978 to 

2J 

2 

-1 

z 

2.- 

SJ ' . 

'• >-V 

Second half 1979 
first half 1978 to 

3 

H 

4 

. 1* 

3 

. «i ' 

' ' v 3' • 


Second half 1979 . 

(at Annual Rate) . 

Because of rounding half-year totals do not always sum exactly to the annual figures or. the c o mpone n ts' of expenditure to total final expenditures 







EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


9 OFFSHORE INDUSTRIES 


9 POWER 


Plotting under the North Sea 


• METALWORKING 

Cuts and b^ads tubes 

A SAWING installation that *ill reduce the material infeed late: 


r l 

ifl 

i 

LEj 

GENERATING SETS 


Protects 
engines 
from rust 


FofprimepQwet 
*- : standby, and.the 
onstruction industry. 


late Electric of Great Britain Ltd.] 
• Electricity Buildings; Fife?, - ' I 
Yorks. YGH49PJ, UK. j 

Tol: 0723-5T 4141 Telex; 52163/ 


PIPELINE FAILURES in the It is using the laicsr equipment irench cons.aeraoie stre.ses can ^ rnund- square and reriangu- shortly before contact is nude GGHStFUCtlGrT i Fid El! 

North Sea can cost a.s much as available to establish rip and be • H . ._ nn „ j jr tube, is especially easy*to‘ with the length gallic, so that . .. ... . 

process of ■edimenution. Water i!3m to repair, without counting pipeline positions beyond work tarried uut in one ., 3 _ near ; v a n adjustments final eontact with the length stop DafeEfertrfcofGwatWtani 
cqiIpcis in Hie bowl of the what pollution from escaping oil peradventurc. Satellite naviga- particular area °* “J® ‘ * he'n* made with a single aBen U made without unnecessary Electricity Buildings; fife 
Walcntop. ■‘'"■eh Is made nf can involve in expenditure on non and positioning equipment h:^ snown tne presence o. a graduated scales's- force'. ' • . \ • Yorks. YCH49PJ, UK- 

clear plan:-* to allow visual containment and decon- can give fixes i 0 wtt i Un a few deep irousn—prooaou created ■ '’\ idis „ n Ton! Company. Both ferrous and non-fnrroUs \r 0 | ; 0723-5T4W Telex; 55 

mspenion of the water level. As lamination reei-jimponani when the preciA- “ r,ver ‘P 1 "*- * l ^LI-f!h ^fields Road. Acton. London tube ran he proves-^!. ^dpnt-^J r TVy , ■ ; ; 

the level Of Hie water rises, a \el. because the operating boundaries of a very large oil off during iht last ice a.c— wttn { 0l-993 S«D. nut rates un to 1. 50° components 

float incorporated into the bow! environment is so narsh and so reservoir have l0 be. determined. ° F V the machine is called »he Self per hour are possible. . - ^COMPONENTS 

aUo rises— it' specific Gravity mile is known about conditions Side-scan sonar can give some the leg* of pla form should go ^ “ d can be programmed Also announced i? ,^e com*- r> .■ ; ■■■ 

heina less than that of water but hundreds of feel below the sea. remarkable Pictures of undersea for mosi cul stock lengths of tube into pany's Powerher.dcr ITI mandrel £• J A - 

greater than Dut of diesel fuel, breaks are inevitable and are objects - well-heads, uncharted ™e danger tf J *e differenr sumP nnent lengths, fype tube-bending machine. This -|l |f0 -Q[|(|gf 


i Hi# — — — . r' • »v»i i u i v k — — . • 

Brown and can he programmed Also announced i? ltlG 


COMPONENTS 


ncinc less mu.i mar oi water dui ,ccl — - s; w Vl U,,MV ‘ . 

greater than that of diesel fuel, breaks are inevitable and are objects — well-heads; uncharted 


draining is imperative, the head 
WATER IN diesel fuel is a major 0 f the fioat contacts a valve seat 


.... * , ■ ,‘k. lively to be more frequent as wrecks and, most recently, the site and building up a 

Wnen -‘.atcr collected in the g 0es bv _ huge gouges torn out of the sea lo£. 50 to speak, is ihat 

iwi reaches a level where A ^ aj - or f eason f 0r ujj s j s that hed by the anchors of vessels types of marine deposi 


cause of damage and failure of j n ihe fuel outlet and cuts off 


A major 
in the rush 
comers w 
wittingly— 


up a “long 
f ihat some 
denosit are 


fuel injection equipment. lh * fu ei flow, shutting dm the One aspect of 

Because tolerances inside pump engine before water can overfill ,f is no , weil understood vet seismic work, wbicl 

and injectors are measured in t |, e bnwi and reach the pump or tha[ jn ^me areas uf the North very great impou 

microns, corrosion caused l.y mjectori. One*' the shut down has sea there are huge patches of detecUon of gas f 

•vater remaining in the injection been effected the operator merely de p 0s its w hich are little harder often occur at a _ . 

s.-lem riuiekly results :n drains rhe v.aier nut through a y^n toothpaste— but can be SO feet depth, not .□ece^aiii” still more involved in envirnn- 

ama^e to and possible semi rc draln , ap s i ;ne bottom of the „ 100 f ee t ^jck. Underlvins associated with, a gas ur oil mental work Ilian at present, 

f the equipment. VVTipic equip- how|. Releasing a second tap at them there can be deep beds of reservoir. The scans can .-huw particularly as the major pipc- 

ind e S rer S ; hr ‘, t0? nl!c, T 11,6 fl0al ,rj clay* not seTsUff 1 as ^he^well-knowp the depth and at"* ‘ ' 

?, tjstidl back, and ibe system can be -■ London Yellow " clav. pockeis which dri 

ff cSminimarS primed UP 11 folluws ^ anchoring and/ avoid at all costs, 

both in repairs and plant down- .. Wal f ri,op li " 1 i'. are made in or beddiog-in the drilling and Several rigs haj 


e :hr* top allows ai e f| 0aJ l0 drnp cJav n0l go sliff as th L .. W ell-bnuwn ihe depth and area of these lines ore 
11 back, and the system can be London Yellow ” clay. pockets which drill rig& must installations 

^ primed UP <• .11 • ■ < — —.-.iJL.— ..^J / munSrl ■, t o 1 1 nnch? In I his. 


on-shore 


li follows that anchoring and/ avoid at all cost*. 


studies of the 


.. It IUIIUHJ LUUI am.mil uhu( “ : . ■ . s.j 

Watersiop units are made in or beddiog-in the drilling and Several rigs have been l^ 1 Norfolk coast and * 11 J? 1 ■ 

.... i’w t. ^ ° i thoc ..larf.i-innstice. l ie alter earned 


both in rp nitre and nlam dmvm •■aieiwur ate maue .it or oeauing-io me arming attu ucen 

time can he conriderlbfe. ,,u * Lu<:j ; J ^ V p PP^ ,cl5o “ production rigs c-ao be a civil because they Penetrated 


Lucas C.W has :i new waier 


, centre ai Sudbury. Suffolk, and engineering nightmare. 


arc available from CAV Paris and The need for a thorough and 'arge 


shallow pocket which contained 


J ■ _ 1 IL- l.« Bit MIAilDUn- . - p i PM J flliu IICCU &UA d IHVIUUpM ' 

, ' ~ ,uL he Strvtce through ail UK agents, detailed seismic work, such as extremely high pressures. Th" 

2 ? !r Tht IVatupinp “5" the first moiel that provided by Bliksem resulting uncontrolled . blow on r 


lha» no agenc; 


S e fu thP Sh Zinf - priced a. no pius VAT and SVv^al SeJvic^ prlorto rig ^Tfo.fowed by ffiSta of the EEC to co-ordinate ^nd 

nrH-pntin« vvi^n’r marhin^ vuTnor’ can be fined io most machines in sire selection, is obvious. This Ras anti rig collapse. semi nate the und prsen 

^MA rn^nnnpnt/ h S ^3v. hour. group, which has 40 expert staff Another important job ine accumulating on underseo 

Vhi^rSUr the problem Wallop ;s particular, y suit- SESerXlits ' WSSS? “"a^ch^ Upit, 

that, nov.pver good existing pre- able for applications where no ^eTn6-reDhv alreadv h a < 107 been laid in the trencher ore- importance nf the Comm 

ventive equipment may he. ,j serious .-..nrequences might under its beft" thou-'h it pared Tor them. The Import Shelf to the fmuw listen 

n«>rd= regular servicing to 1 c rusuli from >udden engine cut- JOI,s unu v r . . . r. . rmiiiminitv 

effective. off. such as stationary plant and 

Waterstnp is based on the Sl,e equipmen'. Much of this type 


two different component lengths. t> -p e tuhe-bendins n»a cht "®- “FJ.-jE: llv UlillcF 
automatically working from- a “ui ajiatfi primarily at companies - - ■ . . . 

bundle of random lengths. ' unde'rtjating in-house tup® nj ^ nj ‘ ViTt n Skl4vv«- 
Because of its facility fo ent pnlation for the 6rsi ntne, : but |/T1 « vJLiliJ • 
each tube into a number of long is safd-to be ideal a'* 0 AD : _.' , ^ ■ ;'■' 

and short pieces, says the com- one requiring batch production AYAj^BLE -froov . National 
panv. this pormiL« customers lb or a back-up for producuoa semiconauoior fs a fire detector 

plan rheir output to achieve maxi* machines. . ^ ' 55 w r 

mum material utilisation. . Majcfmum -capacity . is dumps, neia ettect ..transisttr NS53®l..js. 

To ensure repetitive cut length and the powered h^ad arranged. ■ e : 5 j ns J n 8 elemeat apd an bite- 
accuracy. sensors automa-icaHy. for left- or right-h3nd bending. ' newfy introduced, 

containing- the necessary detec- 

lion cxrcuiiSi •' - - 

9 MATERIALS • ' - F “r. use: in V ionisation smoke 

• -detection systems, -ihe hit will 

Flat alass for circuits ^ ^ 0EM quaatiti «- f - 

1 tll LUUa VTIie comphhy-says that rather 

MORE COMPLEX circuitn- is -The . expansion paranwter than integratfng all the funo 
being achieved all the time by megn^ that if f b p 100-meitre tions-^bat anyone mlgbr ever 
producers uf -c.'-i- unducior inifr mirror- were heated one degree need on V chip .it has- instead 
1-rated ■‘ircuiis v.’ o <ise proj'ec^ Centigrade. Us j(h)-uietre length reduced the xost-and increased 
iion nrintiRS u-chplnues -thgt would'- not increase more., than -the reliability .by in corpora tine 
rest on high precision photo- 4.6 millionths of one metre.; . oniy./ the. essentials: comparator 

masks. Made from ihe lOmpanv’s and amplifier circuits ■ law 

To heip avoid ruinous defects Code : 7059 borosiH<- ,ar '? glass; the battery level detection and the 


f-onsequences might 
vi >udden engine cut- 


r c^SrS and ««* 1"« Many of pipe burial is underline 

iLn. SXf.hi .vn! Of these were In the North Sea; the preceding note about 


whole •««**» Tnese characten-.«v.-. scuuj;B ^. 

Bliksem i'.eophvai>-al Serx-ires. ftrales. reports t flatness caps- possible defects that might be:# PERfPHERMJ 
Baltic House. 35- South Quay. ^:.:ty of .*.3 microns over a sur- induced hv the subslrajer-.ln; ; 

,“re a t Yarmouth. Norfolk, face more than 10 centimetres whatever film, such as ch*pme,. A CT JJ ~ 

NR30 0493 59634. »n diameter, using a glass com- - 1S ^ed fn,- a mask pattern;, ffCtff 

position with a minimal thermal Migratin'- alkali inns;V.‘ for _ . 

coefficient- >0 f expardon. > . cvaiiiple Ca „ , ji.se “pinhole” ATI nniliar 
. . flawless specification ^of j n a ma .i- when ufing a OB fJFlXllCF 

The second, ihe Comoi-Sensor. -.e microns is eniuvsienttn mak- . ■ ..... 


TAV Sedimentor. which rolie- of Plant is u.-eo on lure, and lends 
on the different specifi-- i° operate with little day-to-day 

sranties of diesel fuel and water maintenance in circumstances S^emnelin mTpitklimn 
to effect separation. The device ' vljcrr '•' Aler contain ma non of ana Hainan. 

i - 1 positioned in ihe fuel tine, diesel f » i p I_ i- all too easy and 


If nfil i - H idm hirp VnrfiJnE but ihe company has also depths to which anchor- can 
moSaiV^ uftiS i" iKtoJ 0Pe«*«* in Brazil the Bay u f penetrate the bed. And if ihv B 
U 5^S.IS22 Biscay. Ivory Coast. Iran, the pipe happens to have beer, bid U 


•■-hi''-"* -- -- 0T5n eQg«4 

skew across the edges m ; hr NF30 -R<i. j q - 


m the fuel tank. 


Cum in on for example, comprcs- 


The filtration mm? of rhe unit H,rs - pump*. :ene rating sets, and 
d ffu-es fnt-l over «i Jurge area concrete-mixers all fit into this 


a-vin; s.ow. even flow and 
allowing -v.-iicr — wliirh ha» .i 
■ilglicr specific gravjiy than 
diesel fuel — ip be removed ,» a 


and category 

•i Further d-iaifs from Lucas 

hjn , 'AY. pop. 36 Warnle Way. 
»v a Lnndon. v\".‘. TSS. 01-743 3111 


• INSTRUMENTS 

Easy grain 
water test 


39 per cent at temper.iiure 6 
between zero and 50 deg •' 
dimensions are 200 x ’.i^i '■ 
175 mm and the weight ir 
grams 

Meter House. Ficidhouse l 


s! rales, reports a flafn&ss capa- possible defects that might be: PERIPHERALS 
T-'Xy -.3 mirrent over a sur- induced hv the Mibsfraje m; ' . .. - ■ 

face more than 10 centimetres whatever film, such as A ctJJa l| A n/l 

m diameter, using a glass com- j? used fn,- a mask pattern;, ||H flPSIll 
position with a minimal thermal -,u-ili innsi-V for .- _ S? . 


The second, the Combi-Sensor. 2. o microns is equivalent to niak- r * 1 /* ‘ t' nl . . -. 

i< a sisicr product with a built- ins a 100-metrc square mirror substrate that !•- n >i alk^lt-free.-T^o NEW machloes. from 
in sensor which detects ac and Thai *'*. flat In within 2;5 mill*- Comin? fifas- T* *' , rks 1 Corning,. Decision Data Com palter, -.the 


measurement of moisture in 

O wfi niuA grain is the need io make corrcc- 

tions for the temperature of the 

~ _ _ product, which might be quite 

Smooth power supply “ IMVM 3 dr,er for 

r . rr •/ In the past this has meant 

RECTIFYING electrical supply *.teel reinforcement rods in con- modifying the readings from 
units in four sizes suilahle for Crete. charts after taking temperature 


ONE OF the problems with the Marlow. Bucks.. SL7 IIX uKL-* 

nf mnicitim in I-I-2I. 


Smooth power supply 


charts after taking temperature 


hand welding, tungsten inert gas The four units have maximum measurements, but now the com- 


Pocket unit 
does many 
checks 


in sensor u men nciec.s ac ana in;n s.riai in »unm 
tfuciualinc de tensions without metres from side to side, 
direci contact, with the sc*urc-i. 
oven through insulating coatings. ^ SECURITY 
It will sense grounding defects ^ 
of electrical equipment and ^ « . •• 

s l nctrrfieidi wcn as c!ectrn - Sees but is unseen 

Both instruments are indepen- DESCRIBED by the i 
dent nf leads and cables as they photo-Scaa. a? a “discreet 
do not operate un the mains, trircuit television surve 


metres from side to side. - New York 14S30. U.S. 'i 1 ' 324u: key seodj-ecetve pnotiag 

■V." \ .• ..'.'terminal and .the 6540 'rec^ve; 

• CFdIRITY on ly . serial printer, make ise df 

abvuni • i • : '--._.>£y,- a microprocessor to Improve t& 

^ ^ . - * ' • . agilitr of the 9 x ? n^trjai^jnfc • 

Sees out is iniseen - • j^’he machines print Tn_'_both ' 

DESCRIBED by the malsfe required. low light level 

Photo-Scaa. a? a discreet closed can be used. : '^rriaKe^returna^v linn roved 

circuit television surveillanee The number nf cameras.; m ---n-f*. ttrSISh - 


I cameras in 


(TlGi welding and some welding currents of 250. 400. 630 pany has devised trainmaster Til 

anciliar;. functions arc available and SOU amps and can be which does away with charts. POCKET-SIZE electrical tertmc 


Hanegev, Mobile PosL Hanegev. 
Israel. 


From ESAB AB. supplied as mobile units with a sliding scales and thermomeiers. instruments to replace large 

By adding a gouging c metal choice nf twin solid rubber or producing a direct reading in less equipment which needs m !>c 
removal I torch for example, the pneumatic tyred wheels, or a than 15 seconds, the time taken installed in laboratories '*r 
rwn larger models can a bo be four-wheeled articulated chasis. for the sample m stabilise in carried to site have be-eri 
used for air/arc gouging, a tech- Current selling Is stepless and reinperature while it is beins developed in Israei. The tv..» 
nique increasingly used for weld thyristor controlled, allowing compressed usinc a constant insirumenis do not need power 
preparation, fettling (cleaning adjustment even during welding, pressure device. The insirument from thn mains and are so 


One package 


lion is undesirable, and det§F ^^tdahasement of the establishment fngsfed lately to.^- tesLtlstarf point 
reace is not a factor. It,' and its key pvr-onneL -and these andYpass quickly over unused 

Yideos'.ci-c cameras are co»- f ? ct0 « can be completely rp- spaces.. Resulting print rate is. 
nietely enclosed in 16-inch d^- programmed ;n -4 hoursv if ovet J 20 chararters/sec. 
meter mirrored glass **•**%*& «v c Sandard ^. pin-fed or single 


gives noise 


preparation, fouling (cleaning adjustment even during welding, pressure device. The insirument from the mains and are so & 

up i of castings and the cutting of A balanced starting surae then take* a condudanco reading simple and inexpensive that they 

'coupled with d relatively high at a known temperature and t -an be uvrri by profcs.-umal# PYIJdJVIjrp 

open circuit \ ullage (65 to Sn standard compaction conditions, and by householders. ^ 

9 Bn nfirecnnvn between the vulisi simplifies striking and In addition a new flush The first, ihe Polt-Test-r. is a INTENDED SPECIFICALLY ro 

FmancirJ Timer nmi the PtlC. rc-strikinc of the arc. Automatic mounted, fixed, el eel rode system multi-purpose probe with j ranee serve :he new industrial safety 

miormafmn f mm The Tcrhmcal current .«dju?traent deters elec- enables the working surfaces to nf uses from continuity i->tinq. committees .ind others respnn- 

PujUrt nroilnblc (or use h ff the undo .-licking and allows easy be easily kept clean and dry neutral and ground i»>Hng. sible for the health and safer- of 

Corporation's Frienrel Seri ices uariina should it occur. under site cunditmns. bi-polar discrete rtevico m^Ung. indusuia! workers, the CEL-1S3 


exposure 

INTENDED SPECIFICALLY ro 


l.’orpn ration’s Frtcrvel Seri ices parling should i* occur, 
rtv r.purrc material lor it.s ncer- Mure from ESAB. S-402 
•vas brondrnaf.s t'lnfcnhorg. Sweden. 


bi-polar discrete rtevico msUna. industrial workers, the CEL-1S3 


juld give ting ability and are described by 
the company as “extremely 
Windmill .quiet ** in operation. . . . 

Thames. Corrie House. 48 London Road, 
(Sunbury Staines,-,. Sliddlesex (Staints 
. 5945577- iv 


Protlmeier Grainmaster Hi tn tension derecaon irom 5 to ntme monitor from Computer 


measures moisture between 9 and 500 volts. 


Engineering will provide a com- 
'plete noise survey capability in 
one package. 


on toe spot , v , 

ONE OF the packaging systems- 


This instrument performs the nn - v on snow at the International 
functions of the traditional Packaging Exhibition in*Pans.! 


Tomorrow, the Concorde 
and the Tarbotrair. will be recog- 
nized as pioneering landmarks 
in rhe h:sror/ c- transperrarion. 
The Concorde is already flying 
at Mach 2 05. and the Tjrbotrain 
has been tested at over 300 knv h. . 

By cutting {ravelling time in 
half, both already belong more 
to the next century than to this 
one. And both are equipped - in 
cmtically important positions - 
'.viih tapered roller bearings. 
Tne landing gear o; the Con- 
corde and the man transmission 
and wheels o: the Turbo train 


all him on Timken bearings. 

Bui you don't have to build 
a Concorde or a Turbotrain to 
benefit from our 75 years of 
tapered roller bearing experi- 


\Ye have 22,000 people 
working in our worldwide or- 
ganisation. and one of them is 
especially important to you: The 
Timken Company Sales Engi- 
neer assigned to you- area. Con- 
tact aim to see hew - bv working 
together on new designs - the 
best bearing arrangement for 
y: ur a pplicaicn ca r. c e achieved. 


That way, as with Concorde and 
the Turbotrain, we both take a 
step forward. 

Timken bearings sold 
around the v;c:id. Manufactur- 
ing in Australia. Brazil. Canada, 
England France, South Africa 
and USA. 


smmd level meter hut also cal- ha5 heer dev;ged for user 
dilates equivalent continuous w q 0 dt)l?>s nol require rqrfre than 
noi*-e levels. jo packs a nuniffe says 

it provides, slmpiy and dearly MacM itUr. Eloedel /oniainers. 

2S ?h n . » K'"J S'-afr.'SfiSrt Hor, S 


has been devised for 
who does not require : 
10 packs a mini 


WHEN HUE 

AHUIIS 

GREATER 


BifurcatedEr 


direr My with the Health and umi sRp'inipi 42 
Safety At Work Act recommen- WD1 SbP 10913 


datinns withoul extrapolation or Ba.-ed on the company's Com- 


calculation and to an accuracy pact ranee the latest box and, 
thai satisfies- the relevant BS. tray • rectors can be simply | 


IEC and ANSI standards. 


operated by semi-skilled people! 


The recommendations lay down and. at full speed, make up to 10 i 
an iioner limit for noise exposure boxes or irays a rainuie. j 


as SOdBf.A ) for eight hours. 


Th» machines are mobile and 


usinc tht’i new integrating sound v moved from one produc- 
«iirvey meter to check any area |j on b 0 j R . to another and. in most ! 
thought to be potentially caS( , s> r;an jj e nin I; g- a sl n g ]e- 
harardoiH. the maximum pj 1aS1 * power supply 


Nearly everywhere ypuldgk m manufacturing industry, . 
BE Grouprnachmes^quissnent an^ripw-hpware 
helping todut production c6tts. From rivets.and rivet, 
setting machines to p^atts f eefeing and assembly machines, 
net weighing and Weigh/Co imfeystems and many other 
automatic processes. BEGroufenembers are specialists 
in creatiyeengineering.dSisign |^d manufacture: . 
Shoujdn't-you know' more about fe m : 


TIMII 


TAPERED ROLLER BEARINGS 


Two steps forward in time 


exposure of any employee work- * . ' ' ’ 

ins <n ihat area cao be easily Tn^ are at present being 
determined supplied m users in the clothing. 

In the p3sl it has been nercs- li^hf engineering, bakery and 
«ary m employ a sound level other food industries, 
inetpr and a noise dose meter 10 ■ - - 

achieve these results 

CEL-I«3 can. when required Ellil^fri 

*«c operated as » conventional M8I BBaEKVU < 
sound level meli-r and provide *«—!■«/ 

measurements of the inMniit ' aiCillll 

variations in the nois p pattern 9 

.is rt nccurs. Simultaneously, 
ihe merer will calculate equiva- 
lent continuous noise level 
ihroughout the monitored period 
so that wtae.n it is switched, the 
laiter result will be immediately 
available as well. 

Computer Engineering. 

Wallace Way. Hit-bin. Herts. 

SG4 flSE. 0462 52731. 


Send today for _y.' : jjgC? 

The Guide to the BEG rou p ^ : 


Grcxio Heart OWice 


BrtorcatarfEssslr^ss-insf Ltd-. 
PO BoxiMandev-Kefload. 


PO Bbx2.Mandev.HeH(»0. 

AylejiOvjtv Buck*. HP21 SAB 

Te* AyWslXiry (02961 59 U. TbIb*- BJJia 




An ISSustration of our achievements m energy 






9 CONSTRUCTION 

Window 
frames from 
Denmark 




DESIGNED TO wilhsiand 
corrosion and ageing is a Danish- 
designed plastic window _ frame 
now available in the L : K from 
Prime Window System*. Cannon 
Street House. Louth. Lincolnshire 
LN1I 9NF (0507 2158 1. 

The frame and casement is 
assembled from ' substantial 
extruded mu hi -chamber profiles 
entirely moulded m Hnsialit 7. 
which »«i :« rigid lnipacr-resistant 
plasties mivtup- hased on PVC 
and chlnrinated pnl\ ethylene. 
The frames are fitiprl with 
aluminium insertions fur *xtra 
rigidity. They are available in 
three colours — brown, white 
and grey. 

The company says that the 
special materia! offers high sound 
and weather insulation, slubilitv. 
and strength. Frames made from 
it will not shrink or swell. 




We piny a mnjor role in energy engineering . 
from a commanding position achieved by 

providing a wide range of tcrviccs and high quality 
products. Our ahiliiy to meet production. 
commissioning and cost targets is acknowledged -.- 
by major companies and governments, and our-- - 
world-wide operation is backed hv the 
international resources of the Foster Wheeler 
Group. 


industry range from power generation to J 
environmental control and include steam raising 
■ equipment for power, process .andirnarinc 
applications, nodehrcorapcmetirs, beat 
: exchangers, pressure vessels, cooling terwm and 
incinerators and pyrolisers for municipal and 
industrial -waste disposal, and aiso &txkUsed bed' 
equipment. 



MANUFACTURERS AND DESIGNERS 
Of INDUSTRIAL WEIGHING MACHINES 
& PROCESS CONTROL EaUIR 


Within a modern management structure we 
have established extensive capabilities in overall 
project management, research and development, 

design, engineering, procurement, site 
construction, repair and maintenance, and art . 

effective after-sales sen'ice. We have access to 
considerable research and development data 1 
within the Foster Wheeler organisation to support 
our own R and D carried out in Britain. - ' ' - 

These functions serve our own extensive 
manufacturing facilities, and arc also available for. 
direct u>c b> customers. 


The world’s largest works-assembled 
waste-heat boile'r was produced bvus and shipped 
ahead of time: the world's highest design pressure 
for any bi-drum natural drcidatioq - 

works^-assdnbledboUwfor a chemical plant iff 
Bangladesh is ours. Six out of sevep LNG (Liquid 
Natural Gas I carriers have boilers of Fostei; 
NX'heeler design . ^Tie QE2 has three o£ our 
massive ESD units.' ' ■ 


The right weigh to Profit 
-the World over 


The specialised products w hich we design and 
manufacture for the requirements of the energy 


We have a wgrid-wide sales team directed, 
from London. Contact our Salas* Director if you 
have a project inyotying energy engineering: we .. 
.can probably help, even to.t&feejttent of laWngit 
over completely. Ask anyway, as there’s a lot 
more we can tell you about aittselyesi ' . 


Send lor your nvitariflls handling 
Profit Improvement Package lo . 

Howe Richardson Scale Co. Ltd. 
AmsideRd.Bestwood Esl Nn It imp ham 
Tel: 608 181. 


FOSTER WHEELER POWER PRODUCTS LIMITED 


Greater London House, Hampstead Road, London N VV1 7Q N, di . 
Telephone 01-3W 1212. Telex 265984. 

Works at Hartlepool and Dumbarton. Associated companies litfdoghout the worid. . - 


#^T 




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" H: 


'■;.c vS 


very hish defiruiion raooilnr nancueo me . print -.lines, 

PT tn in -j rpa 1 ! ’virh iUumi. Tor lire m embassies, mftseiims. spaced vertically at six lines per 
nation aslou- v li» art 3al!«ic> lhefes where inch. Both -machines have plot- ' 7 

najon-as -'.-.overt smr\eil lance ^uld give ting ability and are described bv - - 

offence." .jf ihe company as “extremely 

• PAnifiriMO V 5 "^-- Dolphin L'-iaief Windmill .quiet ** in operation’.. 

■■ "Road, ^uphury Jh Thames. Corrie House. 48 London Road. 

-m X Middlesex TWlfi ®G ('Sunbury Staines. .. Middlesex (Staines 

KAVDC mono- * 89741 ). r. 1 > • 59455 ).: 


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The Financial Times 






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p 




* Me ^ 

r ij)tcf 


car before 
'impressed by the 
air-conditioning and 

r engine. 

id it cost?”he asked, 

ericans have. 

and|§pating the question. 

He had been s|pt since the start of the journey but 
it had been one of those ^fences that spoke louder than words. 

I had seen him stoking the seat, then casually 
squeezing it as one migjf||est the freshness of a loaf 

Twice he had bjlried in his seat to look at the back of 
the car and 1 noticed th||on both occasions his returning 
gaze had lingered on thqpin-roof above our heads. 

As the car negdjiited the rush hour traffic, he settled 
back irihis seat and stretped his legs, extending his toes as 
if to test the leg room. A acbnd or two later he turned to me 
and asked his question. had a long journey ahead of us 
and I felt a little gamesmanship might pass the time. 

“How much did Jipst? ” 1 echoed. “Why don’t you try 


door minors, headlamp washer/wipers, tachometer, a heated 
driver’s seat. ” 

He interrupted and asked me to slow down. “Not the 
car, just the description,” he added. 

The motorway was now almost empty of traffic and 
the evening s humidity had turned to rain. 

I always enjoy driving in the rain. The Volvo sits full 
square on the road and one wafts past slower traffic with 
almost feudal disdain. Of all the cars I’ve owned, none has 
made me feel more secure on a long journey. 

“I’m ready for more dictation, sir!’ He had put on the 
accent of the young Judy Holliday and I began to look forward 
to an amusing dinner. 

“Right,” I said. “Just a few more I think.” He looked up, 




INI 


m 


' i j ffesiMed . ‘Tveifl|dea how muchVolvos cost.” 

■■■■ ; : “No, but you knowhow much your own car cost- 
if you get within; £500 of !§e price, I’ll buy dinner tonight’’ 

■ } ■ ■ : intpesied in the game. 

, ; “Right,” he said, T| rJed a few clues.” 

, ; ,, He took fr om his,pocj|et a small notebook, beautifully 

~nd|p^5rp^r^ quaity T ' ' 

“Well, the capis the Volvo 264 GLE” I began. “It’s the 
|»est 4-door sal(X)n par;that Volvo make.” \ , 

; . Ifeltrathpr vainglorious positioning it in this way, 

but to be it seemed a piece of information he should have. 

. i • \i m • • • • . * 

: “It Has-;aft-7 fuel-injected V6 engine with an output 

;of 148 bhp,” I continued. - 

He jfooked up from his notebook and smiled. “It’s 
• very quiet” hie said. “Very quiet.” -O 

■ V ■ We had by now reached (fie motorway and I slid my 
? window upas we settled down to the long drive ahead. 

; It was a warm muggy evening and 

I I blessed the fact that the car had air-conditioning. 

: “Is that an extra?” he asked as the air 

: around us magically became cool and comfortable. 

“No,” I said. “It’s a standard feature I won’t 
give you all of them or you’ll get writer’s cramp - 

ou ought to know the main ones.” 

■ / ' _ * 

He chuckled. 

There was something about him that 
reminded me of Spencer Tracy, but I resisted the 
temptation to tell him so. 

“The ribbed-velour seats are standard, so 
are the power steering, electric windows, steel 
sun-roof and tinted glass.” 

I hesitated for a moment, then went on 


| “You get stereo speakers in the front doors, sun 
on the rear window, head restraints on the rear seats, 
lights m the engine, glove box and boot, a clock, cigar lighter, 
radial tyres, fog lights, etc. etc. etc.” 

• | I delivered this last inventory in one breath and after 
a while he gave up the attempt to write them down. 

i “ I get the picture, ”he said.“It’s a very well-equipped car:’ 

“v. 

; “Do you want to make a guess at the price?” I asked. 

“Just two more questions,” he said. “I assume you’re 

talking about the price for the automatic model?” I nodded. 

•> - 

‘And I’m taking for granted that all the usual Volvo 
safetyjeatures are built in.” 

t ‘All present and correct,” I answered. 

He screwed up his face as if pained by the process of 
thinking. He felt the seat again; needing it seemed, a final 
confirmation of quality. 

•V 

\ “Okajf he said. ‘Td say you couldn’t get this package 

for less than £U,6pO.” 

\ 

It was difficult to keep the satisfaction out of my voice. 
“It costs £8,492,” I replied. 

He was silent for a moment, but only for a moment. 

“You can still buy me dinner” he saijd. “If that’s all 
you paid for this car, you can afford to.” 

I couldn’t argue with him. The Volvo 264 GT.F. 





with my list. “ 

rf 4 VQLVQ ^CYLINDER PRICES START AT17362 (DELIVERY AND NUMBER PL ATES EXTRAirFOR T>E 1979 EDmON OF “VOLVO FAC75.’ WRITE TO: DEPTJT02, VOLVO CONCESSIONAIRES LTD. LONDON W13 9JQ. SALES TEL HIGH WYCOMBE (0494) 33444. SERVICE TEL IPSWICH [0473} 72026. PARTS TEL CRICK (0788) 822131. 

v-’-. -• v - ■ "■ 1 • 



HnancfaT Times TfiursQ^y; 


THE JOBS COLDfflH 

Attendance bonuses can be an ill 





H All 

COUNTS 


BY MICHAEL DIXON 

SURELY I can't be the only 
hoary-headed employee whose 
mind is reeling at the recent 
denunciations of attendance- 
bonus schemes, of the type pro- 
posed at Ford Motors, as 
“immoral" and "exploitative." 

The long established practice 
of offering extra money to 
encourage good timekeeping 
and continuity of work, seems 
far too ordinarily human to fit 
such haughty terms. 

Perhaps, as employers are 
saying, people should honour 
their moral obligation to go to 
work regularly and on time as 
part of the service they provide 
in return for their normal pay. 
But the practical fact is that 
some of them don't. 

Perhaps, as trades unionists 
are saying, such schemes could 
result in a worker's being 
penalised for a breach of the 
rules which arose by accident: 
for example, through being 
delayed by traffic. But that 
is a flaw which marks virtually 
all rules which entail penalties 
for those who break them. 

Goodness knows -what would 
have happened if. before acting 
to discourage undesired - be- 
haviour. human societies had 
waited until they could formu- 
late laws which of themselves 
automatically exempted from 
penalty any offence which was 
accidental rather than foresee- 
able. It may be significant to 
the trades union ohjectors that 
the natural rule held up by 
Karl Marx as a model for regu- 
lations governing human 
behaviour, was the law of 


retjjutre 


gravity. Try breaking that, first 
accidentally and then deliber- 
ately. and see if there's any 
difference in the results. 

As it happens, man-made 
rules are usually more 
benevolent in that they stipu- 
late certain circumstances as 
qualifying for exemption from 
penalty, and leave room for 
adjustments in the light of 
experience- Which, in practice, 
was the case with the various 
attendance-bonus schemes I 
have come across over the past 
25 years or so. 


Start early 


If being congealed in a 
traffic jam was not among the 
stipulated exemptions, people 
plagued thereby could press 
for their disadvantage to be 
included. Meanwhile, however, 
the car-going fraternity who 
wanted their punctuality pay- 
ment could always leave home 

a bit earlier. 

AH this is sadly less than 
perfect, it is true. But such is 
the way of the world in gen- 
eral. and of attendance-bonus 
schema in particular. Nor can 
I sec any sense in trying to 
deny it by idealistic arguments 
based on ethical and political 
philosophy. 

The only sensible question is 
whether or not such devices 
work so as to ensure the extra 
degree of promptitude and 
continuity of work desired by 
the employer. And my experi- 
ence. at least suggests that the 
answer is no. 


Take for example the scheme 
at the Manchester manufactur- 
ing company where I worked 
20 years ago as a sales cor- 
respondence clerk. As far as 1 
can remember, my basic pay 
was £10.371 for a five-day week- 
But for arriving by 9 am each 
day, I was rewarded with' an 
extra 12*p, raising the weekly 
total by 62J P to £11. The full 
bonus was therefore 5.7 per 
cent of my gross, which is 
apparently rather more than 
the percentage proposed at 
Ford Motors. 

As for penalties, provided 
one was late no more than two 
mornings in any week, -the only 
sacrifice was the 12 ip for the 
day of arrival after 9 am. But 
three days of lateness was 
enough to lose the entire bonus. 

What, apart from : illness or 
catastrophe, ' were the legiti- 
mate exemptions ' of that 
scheme. I neither knew »or 
cared. Having no car, and liv- 
ing 18 miles away, my only way 
of getting to work when I 
joined the company was by 
raiL 

Arriving by 9 am meant get- 
ting up at five past seven to 
catch the 7.33 which, with the 
aid of a lift from the exemp- 
lary sales manager, got me into 
the office ridiculously early at 
830 am. Nevertheless, since 
the next train would have got 
me in ridiculously late at 9.30, 
I achieved the above dawn 
start every day for my first 
fnur months with the company 
and in the pre-work half hours 
became probably one of the 


best desk-top football pla>' ers was not a , fel ‘ 

of the age- v low lie-abed. He was up sharp 

distant Irani ^ina He >.»d * dawd ‘ J ”F. at more ““ , 5 pe „ r 
car and started. out at S o'clock, cent of Ins gross potential earn- 

and was happy to provide a lift ingR- 

in return for a contribution to So in spite of the bonus, 
the running cost which must have cost .quite a lot 

This -alternative, means of to administer, two -cnit of about 
travel offered me a precious a dozen people in my section 
extra half hour in bed. But it could not be relied on to turn 
left me two miles short of my up on time. Which surely sig- 
destination with at most 20 nifies that the secheme was un- 
minutes before the factor?' S ale successful, 
became blocked by ,he On reflection. I think that the 
uniformed keeper who with fundamental flaw was that.- 
merdless eye and indelible whereas the threat of the sack 
pencil, recorded the names of for lateness would hate got me. 
all latecomers. at least, to work, on time almost 

always, the conditional pay- 
BfPflthlpcc ment enabled me to make an 

economic decision -about the 
By legging it quarter of 8 value of my eariy-mnrning 
mile from my friend’s factory to indulgences. And since even 10 
the main road, catching a bus- minutes lie-in is a luxury to a 
and then running a further 660 dedicated sleeper, X doubt that 
yards I could, if all conditions Ford can expect to achieve any 
were favourable, scrape past the profitable increase in prompt- 
closing gate. But the chances ness- and regularity by a bonus 
of doing so were 50/50 at best- of about 5 per cent especially 
Nevertheless, : I decided that if the supplement is to be taxed, 
the extra half hour's lie-in was Given that sterner discipline 
worth the breathless risk So for offenders is no longer en- 
for the remaining, two months forceable. the inducement of a 
before I left for another job. I worthwhile improvement in 
never again drew'my full week's tfrtj^RCepfng and 1 continuity 
attendance bonus, and only would surely require a enndi- 
rarely received any of it at all. tiorial payment representing a 
Nor was X the tmiy person in mush higher proportion of 
my section whom the bonus potential earnings. Which in 
failed to beguile.'- Tbe time- itself might run an employer 
keeping record of a colleague into difficulties of another kind, 
called Vernon was even more There is some evidence. "from 


research studies that 'supple- 
ments for incidentals stfch as; 
punctuality and long Jsg^ced 
tend to be viewed by employees] 
as quite different from tg&.pay 
they receive for their reafefrork. 
In consequence, if the ineftfentaj 
payments are allowed' ;t&J’re'p- 
resnt a relatively signitfent 
share of total earning?, workers 
can soon come -to feel tho^Tthelr 
serious labours are-^badiy 
rewarded. • v-"£T... " 

Mayhem '"."...-jl 

An example is the mayfafem 
that broke out a few yearsujgo 
at a big works near Liverpool, 
Faced by high labour turnover, 
the managers added a generous 
long-service bonus. TfceSznitevfcr - 
rose. They added a further 
loyalty bonus. Turnover rose ■'* 
again. They kept onpilingioofi* 
into incidentals, and soon 'the 
turnover was nearing the point 
where the factory would have 
needed casino croupiers to deal 
with the -two-way - torrent - of 
National Insurance cards. ;-\£. 

So they called in res&fi& 
experts from Manchester Busi- 
ness School who traced,- the 
exodus to mounting dissatis- 
faction with basic pay. Which 
sent the workforce ettasiritf|ger 
higher basics ^fseWlKxgf-lyeri 
though the total ptitentiaPprn- 
ings were lower. . 

All in all, therefore, -it 'may- 
be that in the matter of- atten- 
dance bonuses tbe management 
and unions of Ford /- are 
struggling over an ill.wui&ail 
that would nobody apy 


INVEST 


« work closely wIch of "Super- 

annuation Fund- Portfolio currently valued over- £80m, and 
: wkh net income exceeding 1 £10m ’per annuUi^v ,’-';^^ -. 

- The successful candidate Wcudd-.tie likely to fWv* tWo^yeacs of 
-more experience of sinrflar'anaiysrs wrt 
or institutional investmertf "office. Graduaieir 'and/ortnose 
hafdine a professional qualification ut .Woking, -.Kobonwix 
accountancy or an. aMied field .. would be . preferred, : AhiIicy r to 
■ present original ideas and apprise inaricM bpinion is .essential. 

\ Based in the City of Wir^steg . ; i ■: :■ • : . . 

•.•Salary { including supplemeni^ wlthln range £5-232-£6X)^. . 

-Aril job description, c«Wttk™:pf.*mpl^^ 

-'form from the Departmental Personnel Officer," County 
Treasurer’s Department* The Castie.Windiejter, Hampshire 
'.S023 8UB. Closing date 7th December, .Wfcy >. ' : 


%■ ■ , STOCK & CCL 

& . INVESTMENT ANALYSTS 

Expansion has created. two vacancies ia-jour Research 
Xtepartmen t based 4nBristol...\^are, inconsequence,: 
looking for a General ; Analyst interested in 'the 
smaller to medaim..' sizetL cGmp^y, and : an 
-Engineering Analyst.. Applicants with appropriate 

, - w - a — -Iinnl A J; -.1 ' _ 


We should like to heaFjfrom Ait^ysts with one to 
three years relevant- experience m.either stock- 
-iroking or instittlBonal' xesearch. Salary and other 
/-Benefits will be c^inpetitive. 

Pteose write, in ccn^Edcrtce. .to <He Research Itotixier, Stock <6 
Co., The Bristol & We& : Building, Broad Quay, Bristol BSL 4DD 


FINANCiALACCOUNTANT 

BANKING 


London EC2 


c£9000 
+ major benefits 


• Reporting to the Hriad of finance, the Financial Accountant will 
assume responsibility for financial accounting standards throughout the 
group, monitoring performance reports and statistics . and undertake 
financial planning exercises The division makes extensive use of time-sharing 
systems which are being continuously developed. 

The cental division of a well-established and highly profitable banking 
group, our client ts expanding rcoidly into new areas of finance. Applicants 
[male or female] should be quoted accountants under 30 from me 
profession or industry. Pi ease ‘elepnoneor wnte to Stephen Blaney B.Comrri., . 
ACA quoting reference i '176c. 

EMAManagement Personnel ltd. 

Bume House. 88/89 High Holbom, London, WC1V 6LR 
Telephone: 01-242 7773 



GENERAL MANAGER 


Amsterdam 


A dynamic, growing international investment/development 
company invites an outstanding financial executive to join their 
executive team to organise and manage their European 
operations. 

The successful candidate will have impeccable financial 
credentials, probably acquired in merchant banking. Further- 
more he will have the status and style enabling him to contact 
potential clients at the highest level, in addition to entree, the 
follow through must be imaginative, pertinacious and productive 
The base salary is high but the participative recompense will 
be the motivating reward. 

If you have the status, drive and entrepreneurial spirit to match 
or surpass the aforementioned, please write in complete 
confidence to: 

V. W. H-. Greenway, 

Consulting Partner, 

WME&E 

Avenue Louise 523 bte 30 
B-1050 Brussels, Belgium. 


British Printing 1 
Industries Federation 


... the employers’ organisation and trade association represent- 
ing the interests of over 3700 member firms in the £2500 million 
gin eral-.X printing industry— the largest in ..Europe — invites 
applications for the post of • " 

COMMERCIAL DIRECTOR 


at Its hndquarters in London. The successful applicant will be 
responsible to the Director for control of the trade association 
activities of the. Federation. 

The main responsibilities and dunes will include: 

■5k advising on’ and implementing policy - 

overall administration and co-ordination of HQ departments 
and sectfens concerned with legislation, public' relations, 
marketing, - economic development, and technical and other 
management services' 

★ co mm unicatkjns _ __ - - ‘ -• * ... _ - ' .--j 

•k representations to HM Government and other bodies 
■k administration of Council, committees and sections 

A salary will be paid commensurate with qualifications and 
experience and reflecting the high professional standing required, 
plus car and contributory pension scheme and life assurance 
Applications In writing" should be addressed to the Director. 
BPIF, i 1 Bedford Row, London WC1 R 4DX. . . . 


Controller 

to £10,000 +car + mortgage subsidy 

This new position Is with one of the world’s largest insurance groups — 
assets exceed £1 ,500m. Business In the UK is growing significantly and 
the requirement now is to strengthen the local management team. 
The Controller will take responsibility for all aspects of accounting and 
management reporting forthe UK company and for providing general 
financial and taxation Information. There is scope to develop the 
accounting systems, currently partly computerised. 

The ideal candidate will most probably be a Chartered Accountant aged 
30-35 whose experience includes line responsibility in a tightly 
controlled commercial environment. 

Location is Hertfordshire. Attractive benefits include generous 
relocation expenses. 

Please reply in confidence giving concise personal and career details, 
quoting Ref. 7894/ FT, to R. G. Billen: 


1 1 


mm mm 








Dueto$icreased business 
VICKERS c$ : COSTA LTD., Members 
of The Stocjc Exchange, and leaders in 
the Londoip'aded Options market 
require a fifther institutional _■ 
salesman.?"' ’ ' :: 

Applicants (male or_female).rou.st 
have a woifeg knowledge of statistics 
and experience in contacting 
institutiona|fivestors. A competitive 
salary deeding on age and 
experiences envisaged. 

Apply:- Personnel Manager, 

Viclciis da Costa Ltd., ' • 

ReqijjHouse, King William Street, 
Lon$n EC4R 9AR Tel: 01-623.2494. 


AMS 


Arthur Young Management Services 
Rolls House, 7, Rolls Buildings 
F*tt*r Lane, London EC4A 1NL 



Major International Investment group requires 
Positioning Trailer for Eurobonds, for the 
European Operation based in London. Persons 
with experience, in positioning any type of 
security— -Eurotods. U.K. shares, etc... will be 
considered. On-tire-job training may be considered 
for candidates showing suitable merit. This highly 
responsible and challenging position offers rewards 
commensurate with performance. 

Please write iii strictest confidence, enclosing 
curriculum vitae to Box A6540, Financial Times', 
in Cannon StreeL-EC 4 P 4 BY. 






m 

i 

L. 

y 

a 


u 

s 


pPERATIONS ANALYSIS 

; ; Recently Qualifiedi^DA 

London EC2 

a. 


• - ■ - .. 

. .JS-v-Vv 


":V'. j'.-'-t 

%. * . , • .'.i : 

• i|- ’ ' 'Z. ' M ^**1 •*. 

c£S5Gft ' 


A key m'^bsrofci small team of chartered aecqwtanfs.the Ul 
successful apf^C3nt\RrtllJravel 40% of thefirneintheUKcrijeHhrcughdpt. f.'T -' 
Euopeworidng^avaifetY of projects. These yriWtieapdi^lcaliybia^cf and 
will include jeiMfcsaf'systems deyelopmerrt.aperpfioni^Qcecfcires'.ieie^i r 


Theprincipardivisibhof a US-based rn^lntemati<^igKd(^.tracliasi. 
in high mfcedoffkwodiiiesVdur client is highlyl^fitcirieBjropeari tenoVetis,' 
in excess a^SSQQO mfflion. Aged 24-27. apf^5antsfn^(eorterncriel^6cxid 
have qualified within the lari two years. Pfe$se telephone a- write to Stephen ; 
Blaney B.CammvACA quoftig referencei^7D7. ■ •' ? " 


EMAMagdaem 
BurrieHouse. 88/®? Highl 
- -j: Teienhona 



it Personnel Etd . 
itborn. London,WCaV-6LR 
1-242 777^ 


c. £14/0004 


The extensive intemafiona! operations of ■ 
this substanftal British public company , 
generate unusually interesting questions' 
forthetaxdepartrTienLTheteambf' 
professional staff provide a focus of tax 
policy and advice for directors and senioc 
management in the UK and in many - ; 4’- -• 
subsidiaries throughout the workfe-TWs is a 
post for a mature aml expenerK}ecf tax - 

manager, at least in the mid-thirljesrWho . 
will apply a cor^ider^febackground in this 
field tomaximise the comifler^t; .. 
operations of a multi-prodiJCt ^mTp; An ; 
ATII or ACA qualification is expected? but 
above ail a breadth of UK arKlinterrtetiona! 
experience allied with the abifit^ to make a 


positive eqtojutid^) tfie groiteVaitivifi^?' 
is required.. Head bfi^e is In Central : . *• 7 ^ • 
London. RemuneratmwiH be negotiable -i ; 
aroundthe level indic^iand substantial ■ ^ 
fringebenefiteirxSucfing^^-wfflbe 
provided. : 'n&i n •; ' £ 

JRk PersomelSeiyices 

Initicd interviews are conducteShyM : . / ■£ 

Consultants/No details V 

cSents withi^prtorperrr^svr. Pf^^ - ' 

send brief career drafts ozyinltefdran : 

appBcaSdn form, quoting nice ■ 

number on both your letter ark/ envelope, > 
arK^ach^usffyouhaverec»^madb- : 'j 
any other applications to JW Personnel- 
Services. 


PA Personnel Services 

Hyde Park House, Knightsbri(%^ London.SVV 1 X 7LE Tel: 01 -235 6060: Telex: 27874 




■ A mem olPA Irvemj-jyv#. 


_____ account executive 
dealing witti international 


In your late 20s, early 30s7£.Vj.' 
with a good degree, preferabtyin- 
Business Administration! Business 
Srudies, Economics or T a w. !. ■' 
Most likely ‘International’ bv 
upbringing or birth. For example, ., 
vou may have been educated tirriat ' 
Oxford, and then at the Sorbonne. ' 
Fluent in English, of course! ahd, ■ 
ideall Vi in oiie or two other languages 
as well. 

. Ambitious. A self barter,, 
Successtul in vour present job. 

4-5 years’ experience in a. . fji 
financial field. .■ \ltema tivel^.yOU - O ^ 
could bearjsingftarin marketing'-"' 


or a similar sales enrironrtierU. '* 
Could this be yooM£jso k tHar.e'.-' . 
should be a place for ^ j.y j 
international Account Executfreja " 
London. After sbe months infensi\*e. 
training you will become respcmsible 
for providmgMerML^^dients * 
•with excellent service V C 

regarding their hna nces - espeelally ' 
investments in US . and Eur&iolLaE. 
markets. "•;. " ..; 
Pleasewnte^givingdethil^f.your- 
career to date, .to Roger .E>avis ; , 
^ . at ;.Me trill Lynch., Ptefce. Fenner 
? & Smith Ltd .'. T ime. Lite'Biiildin^? : 
V 1 5iXeu Bond-Street, LoSdoa^.i;" 


MERRILL LYlUCHr PIERCE, FENNER & SWUTtf LTD 

LiStnsrI Dtaitrtn Sdcwra.rj - — .‘-"-ri" 't.: 















Hayes, Midd?sex neg.to £9,000 

•• * \-y- * :'■ ■-<•■■•- - 

- A subsidiary of s I^rge U.S. corporation , our cdient, ‘which is engaged In 
. ^ raanjdactn ie an dyaricetin g of an extensive range oispepalist products 

3b assM in tb©5fonftQnBg and plarujing of the company's growth 
throughout Europe; the company now seels to recruit two Analysts, to join a 
highly motivated Junction. Responsibilities will be broad, and the successful 
candidate® will hive an esoeHant opportunity to develop sophisticated 
ajaalyticalsldllgSn a dem ending environment. 

-Cazididatesior this appointment will be qualified accountants dr business 
. graduates, with around 1 8 months post qualifying experience in industry or 
commerce. Able to communicate at all levels, candidates should have a 
• strong personal presence coupled with the commitment to succeed, and the 
.ability effectively to interpret and react to financial information. 

-r "Successful this appointment will lead to prospects for advancement in 
either a hnahcial or general management appointment.’- • ' - .. 

For more detailed information nnri a personal history iprm please 
contact either Nigel V. Smith, A.CJ1.. or Peter Dawson quoting 

reference 2304. 

' 'ajhmehi^^ 

Tkmgtna T-TrriWKi « aaneifrtas Ltd. ■ 

121. St VtacamfStnoV Ghonow G2 BHW. TW: W 1 -226 31D1 
3, Contes Place. EtfeiicnpliEH3 7 AA. Tel: 03 1-223 7744 - .- ' 




Watford 

This position arises from the growth and 
development of a division within amajor 
U.K. transport and related services 
corporation. 

The division, which controls several 
indw'dual subsidiary companies; is ' • ' 
foUowinga profitable growth path through 
both oi^anic development and by ;• 


AsManagement Accountant you win 
participate in a -broad range of financial , 
activities covering cash management^ 
budgetary controls, investment 
appraisals, acquisition proposals, 
corporate finance) structures and ■ 
.first-hand guidance andassistance to 
subsidiary companies. 

. This is a senior appointment and you wiu 


c. £8,000 + car 

be expected to make a major contribution 
to the development of the division. 
Prospects of career development within 
the corporation are exceBent. - 

Cancfidates^iouldbefluafifiecl. . . 

accountants with al least 3 years’ post 
qualification experience in '• ' - ' 

industtycommerce; preferably with an 

M.BA ■■ ■ 

Re£A8Q92!FT 

REPLIES wHI be forwarded direct, 
unopened and In confidence to the cSent 
unless addressedtoihe Security 
Manager listing companies.to which they 
may not be sent They should include 
comprehensh/a career ctetefe, not refer to 
previous correspondence with WA and 
quote the refensrKte on the envelope. 


PA Advertising 


Hyde Parfi Housed fVOo Knighlsbridge. London SW IX 7LL Tel: 01*233 6060 Tetex:27874 
■ . . 


COMMISSION 
FOR RACIAL 

equality 


EXECUTIVE OFFICER - 
FINANCE 

The Commission for Racial Equality |w* * ' , 4cnncj» for an 
Executive Officer in the Finance Seetwn c-1 rhe Legal »rd 
General Services Division. The appointment win be a tem- 
perary one initially but approval for a permanent pest js 
being sought. The person appointed-'Wlll assist the Higher 
Executive Officer in the financial admJnta* rat ien c f a ]i grants 
for self-help ancT other projects, the . appraisal of financial 
proposals submitted by all appticanis-fo/- Su cn grants, the 
preparation of reports and recommendations cf a i| requests 
for grant-aid. liaison with Community .Relation* Council; in 
respect of grant-aid. the scrutiny of account; rer e ; vc{ j f rom 
the recipients of grants, and any other duties that may 
arise from time to time in the Accounts Dt3a- tnienc _ 

Qualifications. Candidates should be experienced in financial 
administration, able to work up. to. 5 na * ^*l-nce and to 
correspond effectively and concisely- 

Salary. The starting salary wflj be jt3J97 p-sr a.-* n ym ar 25 
or over, rising by annual increments to* maximum of t‘4.579 
per annum, plus an Inner London VVaiShtin? Allowance of 
£465 per annum. 

Please write for application form and further details, enelos- 
mg a large self-addressed envelope .marked " EO Finance.” 
to The Commission for Racial EqoaUty. 10.12 Ailing ton 
Street. London SWIE SEH. Please -flow that completed 
application -forms must be returned 1 . to the CRE to reach 
them by 1st December 1978. -■ -.\ r - 


© 


SOUTH AUSTRALIAN 
INSTITUTE OF TECHNOLOGY 


Applications arc invited for tire positron of: 

HEAD OF MARKETING 

in the r 

SCHOOL OF BUSINESS ADMINISTRATION 

The successful applicant will provide academic leadership in 
Marketing and contribute to the management and development of 
the 5chool as a whole. This is a tenured position, but a contract 
appointment is negotiable if required. . 

The School has a well established Bachejorof Business and Associate 
Diploma in Business both of which offer Marketing as a major option. 
Marketing is represented in the Graduate Diploma program and an 
extension of graduate studies in Marketing is proposed in the Master 
of Business Administration which is currently under consideration. 
The 5chool has developed a strong codsuiting activity in marketing 
research. 

The successful applicant will be eligible for consideration for 
appointment as Professor/ Associate Professor. 

ANNUAL SALARY (Australian): 

Within the following ranges according 
to qualifications and experience: — 

Level! S24.828 

Level M S25.B37 

Levef III S 26 .84 6 

Application forms and conditions of service may be obtained from 
the Staffing Officer. South Australian Institute.of Technology. North 
Terrace. Adelaide. S.A. 5000. to whom applications, .including the 
names and addrqss.es of three referees, should be forwarded. 


S.E. Asiaexperience 
London, based 

Must have done profitable two way busi- 
ness exceeding £1 nr per annum importing 
into the UK and other European markets 
from S.E. Asia and Far East. Package with 
basic salary and .profit share negotiable 
over £20,000. Reference 1 27. 

Write or telephone 01 2052. 

.... • • ■' ■}■■ ‘ 

Philip Egerton Mj? Associates 

Selection Consultants 

- 178/179 Piccadilly; London IViVOQP * 


CHANNEL ISLANDS 

Managing: Director 
for Trust Company 

A private banking and financial group wishes to 
appoint a new managing director for its Channel 
Island trust company. The trust company has a 
staff of fifteen who operate in a busy professional 
environment. - 

The ideal candidate, preferably aged between 
30 and -45. will probably have a legal or 
accounting qualification and practical business 
* x P? r ' ence ‘ Sound judgment and administrative 
ability are required, together with the stacure-to 
command the respect of staff. 

Previous eras: company experience, whilst 
desirable, is not essential hut the successful 
candidate wffl-need to be dear thinking and able 
to understand and develop new concepts. 

A. substantial remuneration will be paid and 
assistance will be given towards local housing 
costs. 

Replies should be sent to: 

Norton. R.ose r .Botterell & Roche (Ref RHRC) 
Kempson House. Camomile Street. London. EC3. 
with a covering letter stating the name of any 
organisation to which the candidate does not wj 3 h 
the application to be forwarded. A comprehensive 
curriculum vitae should be enclosed. 


A member ot PA totBtnxional 


FINANCIAL 

SUB-EDITOR 

The Journal, the North Bast's moraine 
la tooWfle for a Financial 
3ub-E&npr m Join a lively business 
(earn. The Job will also lactate some 
financial and busmen reporting, Thr 
Journal is part of Thomson Regional 
Newspapers, and pnsjpwis are 
tunifl s salary will be 
up to £5 000 per annum. 

Please apply &>; - 

Peter Stone 

^crwHUtot and Training Officer 
Newcastle Chrontefc and Journal Ltd. 
Thomson House, Croat Market 
•tawasde upon Tm tfEW 1BO 
Rnrcmdlc 77550, Eat SSS/SS 


Q.S. BANKING 
CONSULTANTS 

iesh penn'r for the fallowing positions 
FX DEALER ta £10,060 
INTERNAL AUDITOR (ACA) 

£7,250 + 

P.5. EXECUTIVE tS.SOO 
ACCOUNTS £5300 

SPRUNG DEALER to £10300 
RETIRED 

FX INSTRUCTIONS £3,700 

LOANS ADMIN. TRAINEE 
m £3300 + 

GENERAL WNKK to £A.0M 
CORPORATE LENDING OFFICER 
(graduate) to £9,000 

PfiMls aptdy to 

Mika Fop* w Stoih Aakatatl-Joan 
30. Queen Stroor, £ C.4. 
236-0731. 





ACCOUNTS MANAGER 

City c. £10,000 p.a.. . 

A major firm of Lloyd s Reinsurance Broke»wrtb an international reputition 
and range of operations wishes to strengthen its executive team by appointing 
an Accounts Manager. 

The successful candid.ite ivfll be responsible for the control of j department of 
up to 30 staff opvrraring a computer Lused multi-curraic\* accounting system. 
Tnc position requires maruricN' and leadership skills, wth a firm bur diplomatic 
manner, both in managing staff and liaising with other technical divisions. 
Relevant escpcricncc, preferably in the insurance in ii us tty is essvuriai. 

The rewards include a salary' negotiable around £10,000 p.a. plus appropriate 
fringe benefits which will reflect me important status of this post. There arc real 
opportunities for further career development in this expanding group. 

Applicants, male or female, should mite in complete confidence^ giving full 
details of previous experience and currcm salary, to J. ITT Hills, Aiiium 'jnipey 
il Iorrish, Management Consultants. 40143 Cnariccry Lane, London 1VC2JH 
quoting nferenee C1320. 


Financial Director 

Major International Contract Furnishing Group 


London W.l. 


£12-£1 4,000 + Car 


A new and vital appointment in a group poised for further rapid growth. Assume responsibility 
for ■ the key financial management role • advising the Managing Director and the Board 
• initiating and implementing new financial control procedures • evaluating the group's 
performance ■ guiding its future • optimising the group profitability. 


Our Client: A most successful, fast growing. UK based 
contract furnishing group operating mufti- nationally. 
They have a substantial capital base and excellent 
profiis record. Their continued growth is, however, 
dependent upon evolving mote sensitive financial 
controls U assist with day to day management and in 
having sound financial advice on Group policies and. 
general management decisions instantly available. ' 


Your Challenge: Working closely with the Managing 
Director and the Board in assessment of company 
performance and forward planning. Initiating end imple- 
menting improved ■ financial controls • MIS budgets 


and variance reports • cash management • computer 
applications. 

Our Ideal Camfidato: A qualified accountant, aged 
34-44 yra with a wealth of practical experience m 
Financial Management • budgets • MIS. A knowledge 
of CQntrtCTfumlshing is desirable. 

The predominant attributes we seek are * capacirv to 
work with a dynamic Managing Director * resourceful- 
ness in loading people • financial and commercial 
acumen • imagination and creativity. 

Your Reward: Attractive basic salary executive car 
- Medicare ■* pension /life assurance + other very 
substantial benefits. 


ACT NOWI For further information or an application form please contact the Group's adviser, 
Ian M. Barber, f.ca onOT-3882051 or 01 -3882K>5<24 hr. Aimphone. quoting reference 277.1 


MERTON ; ASS O C ) AT ES ( CON SU t T A NTS) LI M IT EIX 
M.ertori“lriouse, 70 Grafton Way. London W1P 5LN 
Execuliye Search and Management Consultants ; • 




i : Northern Home Counties 



c £7,500.?; I 


A dynamic personality for a fast moving industry. 

Our client, a major ethical pharmaceutical producer is the third largest manufacturer of 
prescriptive medicines in the world, with interests in^a wide range of human, animat and 

environmental health operations. . 

This newly created position will be responsible for the development arid use oTcdhtrol " 
systems In the analysis, budgeting and forecasting of marketing spend, as well as 
undertaking ad hoc projects which may encompass the whole spectrum of 
management control. 

If you are the person we seek, you will have had significant experience of cash 
management, including investment appraisal, budgetary control and strategic 
planning. 

You will be an associate member of an accountancy institute with the strength of 
personality to establish credibility and confidence ai all levels. 

,.i You wi * 1 also k® verY 'nterssted in the prospects of progression 
IBSlhiSSSB and the handsome remuneration package offered by this 

■mOCT'njCT jgsjfr progressive and expanding company. 

H& 3 D Contact: Ian Couch. Luton (0582) 417562. 

Tr^Tp-wna PER, 56-62 Park Street. Luton, Beds. 

£ r j g£ 5 j?p[, p h Applications are welcome from both men and women. 

Recruitment 


R. P. MARTIN & Co. 

LIMITED 

Iitfernatioiiai Money Brokers 
arc seeking 

EXPERIENCED DEALERS FOR 
LINK LINES 

for Currency Deposits and Foreign Exchange 
European languages, especially fluent French, 
would be an advantage 
Reply to: 

" J • Personnel Manager 
36/40‘Col^man Street. London EC2R SAN 


executive 

FINANCIAL CONSULTANT 
REQUIRED 

Wc jre an mterni:ionxl r.or?oration 
in nutters to 

nnancr . wur ibp,i:cs hc di-&.|ii'cd CO 

Jitist dui clienu *■> incrfjtinz ih-.-ir 

C».ll flow, wt therefor-; -eqmrc p-c,pio 

who would h?*e jn interest n dilut- 
ing iuch matter* wich financial o«««- 
tires. Ssla-r ran^e rs about £7.00D- 
1S.0QQ per annum wish usaal h^'lday 
enrrtle rnenr. If you feel you have 
some a filirr in shit field and a-e look- 
>ng for a change with a future, please 
telephone BS2-065S between S p.m. 
and 6 p.m. weekdays. 


OVERSEAS VACANCIES in man, fields. 
Detain irom Careers Overseas -AC). JO. 
St. Marv's Road. London. S E.25 
SKIERS WANTED— -Full and part time 
Instructors wanted for Scotland. Tel 
01-9JQ 77B2 Peter v)}- 
ASSISTANT BANK MANAGER loi Mcr- I 
chant Rank Wt Salary E? OOO root- i 
,ahle. Phone Mrs. Lee 01-409 1944 j 
Lee Personnel Consultants Ltd 


Jonathan Wrca * Banking Appoint meat sj: 

' ' Thc^ie^ rtion fie l^o nsult’ancv' ii ca I i ngexc w itK' the: 


FOREIGN EXCHANGE DEALERS 
LUXEMBOURG 

A well-established Luxembourg bank, currently' 
expanding its Money Market activity, offers outstand- 
ing career opportunities to two experienced dealers. 

FOREIGN EXCHANGE DEALER to £25,000 

We seek a person with a minimum of four years' 
experience of exchange dealing in an active Money 
Room. While the emphasis is on spot dealing in major 
currencies, applications would be particularly welcome 
from those with- experience in Middle Eastern 
currencies. 



7>/:W-^r r . 

I r-7 -* .- J, 4' 1 






DEPOSIT DEALER c. £T8,000 

At least three years' experience of deposit dealing is 
required, including dollars and continental currencies. 

The preferred age range for both positions is 28-32. 
Fluency in another. European language, particularly 
German, will be advantageous although candidates 
willing to undertake language studies will also be 
considered. 

To discuss these appointments in confidence ; 
please telephone ROY WEBB 


'.170''Bi'sKopsga'te"Lpn 











f7l yrr.7 I I Vi ,\A * — "zjfPi T X\ri : ) 


Group Chief Accountant 

fora leading group in the field of personal investments and life assurance 
and related financial servicei . . 

o wi5 roxsTBLTTY is for tlie overall management of chcaccqimring function 
of the group through a sta^V'si:-'ty,vricJitheaidofaconiputeDsedsystein» 
Tills i unction comprises financial and statutory accounts and a 
comprehensive management accounting and control system for activities 


throughout the group. 

» the job presents considerable challenge due to the wide variety and 
technical nature of thework ir. an environment of continuous innovatioii 
and development. . . 

• A qualified accountant is required with successful management 
experience at a senior level probably in the field of commerce. 

- ace: under 45. Salary: ahouf£n.5b0with a eat Location: the Greater 
Loudon/Essex boundary. ; 1" 

■Write in complete confidence 
to G. W. Elms as adviser to the group. 

TYZACK & PARTNERS LTD 

M ISAGEMSNT CONSULTANTS 

30 HA1LAX STREET . LONDON WIN 6DJ 
12 CHARLOTTE SQUARE . EDINBURGH £H2 4DN 



fTTO \ jTgLIT" ?i Lh-^^^TiT* III-' ■ j »j f }■: \\ -J ~- ) ^ IA JiTT*] d 
i iT:-l o fl* i» ■<> Fl 1 f I ^ 
















sn 


new challenge 
for your 

isury Experience 


Hariow £7500 + 


iVT Co.Tiponenis Group is a major manufacturer 
*rd distributor of electronic components. With 
headquarters in Hariow and nine operational sites 
throughout the UK. i; operates worldwide, and to 
• .ope -.vith growing demands on the Company's . 
Treasury function it U now proposed to appoint 
a San king Mananpr. 

at Harlow and responsible lothe Manager 
ot ;h* Credit and Treasury Department, the 
Ban} ina Manager will be primarily concerned 
with site planning and con mol of cash flow ;n 
order 10 ensure adequate funds for company 
needs at all sites. 

It wil! involve Iod level negotiation v«ith banks 
and other sources of funds as well as 
responsibility for the cashier function, foreign 
t'.urer.cy t ran wciioos arid e>pouand import, 
documentation. L .. ■ 

The appointment is one for which a tvrekrflbund 
in ireas-ury work is essential either within a large 
manufacturing company or perhaps with a 
merchant bank. Either way. an ability to conduct 
financial negotiations is required together with a 
good knowledge of export documentation^, 
exchange control regulations and the foreign 
exchange market. 


But financial expertise is notthe only 
consideration. The men or woman appointed will 
be expected to possess the persona lit y. 
managerial and administrative ability necessary 
to control, supervise and develop the treasury 
function. A degree or professional banking or 
accountancy qualification is also desirable and 
preferred age is 30-:-. 

Salary will be £75004- per annum according to 
e Kperience and there are good company 
benefits. This is a challenging new appointment 
offering excellent future career prospects for 
so meorre with a thoroughly professions I and 
responsible outlook on this important finance 
activity. 

• 

Write with fuU personal and career details to 
Mrs J Sexton. Personnel Manager. 
jiT Components Group Europe.. Edinburgh . 
Way. Harlow. Essex. Tel: Hariow 268T1. 


Components 




Business 

Manager 

c.£Ll/ 12 ,b 00 +Car 
Age 30-35 


The appoir brent is -.vith one of the World's 
leading computer croups. Impressive company growth 
has taken place in recent years and is continuing. 

Against thii- tudkgroond there is a need to 
impr ove business a redstin g, systems and controls. 
Negotiations with government agencies and a wide 
range of commerd.il organisations win also be 
undertaken. 

A female or male graduate , n gecLabont 30-35 who 
has gamed sound txperienceatlevds dose to the 
boardroom for at least j- 1 years, possibly in a marketing 
services aroperahuns management environment, would 
find this role attractive. A commerce background is 
essential but kr> *w ledpe ot computers is not criticaL 

Thupi>ih.‘n iv based in Centra I London and 
relocation expenses a re a vailaHe if required . 

%ase v niebrietiv including home businef* 
telephc me numb-r in the fi lit instance and m contidence 
to Charles Stun art. (rvc 9)7). 


Alliance Management Consultant? Ltd. 
i>4i-S6 Raker Street. London VV1M1DL 
Tel: U 1-487 5761 (24 hoursl 



. '•> • . 

Financial Acco untant 

circa £9,000 +ear 

T rimntrriT v.ish in Tecruit a Financial Accountant for their recently 
formed I.'K commercial trading subsidiary.’ Tricentrol Industrial 
< 'ni-)>ni-nnon Limited. Theappoinrraent will be ] oca ted at the company's 
Ci tv h«id oHire and arises because of increased demands being placed on the 
i. 1 •• i>l rug ;u;*i >u tuing suit The subsidiary has a turnover in excess of £75m pa. 

Th.> Fin.-mvi.ii Aevnuntaht’wiU report to the Financial Controller and in his 
ah* nr'- will •lepun.-tbr liiiirHe will be mainly concerned tritb the preparation 
and r -vji *\v < >1 nn m i hly uiunbgctu en i inli »nn:i ri on. the year end consolidation of 
.-irli/nli.-uy company accounts and the consolidation of the annual budget 
jiuures. 

Sii.-ri~s.|'ul cnnciid.it pa will he quid i li ed accountants. capable of acting on their 
.i’vn initiattw and will probably h* in their late twenties. The appointee will 
ciii.-i- -•< .ini 1 1 qu.i I dying accounting experience and preferably exposure to 
the i.l?c ol'EDP. 

Th*' |H isiiion provides nppnrtuniry Tor promotion to Controller level within a 
pi rind olnvnyi-ans. Th* commencing salary will be negotiated at circa £9,000 
pa. A I'omjianv oar and non-contributory pension and medical schemes are 
pn iviihil.A g Microns contribution would be made towards removal expenses if 
-.lK-sui-.-. ->siiiJ i.-Miulidate bad to move home to take up this appointment. 

i ':inili».l:il*-?. male or fomaie. can make 
n pp! tea non bv quoi mg reference 
M< \S L'lfi'J jiiiiI i>tjii r i ug a personal 

hi -u my fo mi from A^hlev S Phoenix. 111LC 

V k..i - i.i i i Selection Division, Southwark \ \ /Qtprhni lSU 1 

Tinu-rs. ■‘•'J. Loinlon Bridge Street. London \f \/ x * wuo ^‘ 

SEl hsy. ▼ T Associates 



nee 

/aterhouse 


South East Asia 

Research 


da 




Vickers da Cost 
growing business i 
local offices in Hot 


-Id. have a well-established and 
South East Asian securities' with 
Kong and Manila. 


INBUCON 


Company Accountant 

KENT-TO £9,000 

The i-nmp.my is part of a public group involved in the petrochemical - • 
indu m ry. k is seeking to expand its operations and increase its turnover 
substantially above the £3nr achieved now.- - • - - • _ _ _ _ • 

An able and qualified accountant experienced in cost and management 

ann lunung is required to join the executive team. Probably aged 30-40. the 
tfucveijstul candidate wiD demonsmue the ability. to lead and motivate staff in 
developing sound management information systems to monitor company 
performance by cost analysis and budget forecasts as a basis for accurate 
derision making. Previous experience in the chemical or allied industries will 
be an advantage but will not be a bar to someone with drive and imtiaiive 
wanting to be involved in this challenging appointment. 

Prospects art good within the group* A car is provided together with 
excellent fringe benefits. Please write briefly and in confidence to 
J. G. Rartersby, quoting ref. 3713FT. saying bow you meet these 
requirements. 

INBUCON MANAGEMENT CONSULTANTS LIMITED 

Executive Selection 

197 Knightsbridge, London $W7 1 RN Tel 01-584 6171 


We are looking far an additional member for the 
research team co#ing this area to be based in 
London. The posit&i is an important one and wilf 
involve regular liai&n with institutions as to market 
and company trends as well as detailed research 
vyork and would su|a candidate with some years 
experience of theSfea. Remuneration will be 
competitive. 

« - - 

Apply in the firsttelance with a detailed curriculum 
vitae to: 4 : 

]*:■ 

Persor"^ Manager. 

\'ickers;da Costa Ltd.. 

Regis Rouse. King Wiliam Streel 
Londofli=C4R 9AR Tel: 01-623 2494. 


geeosGsssssssso^siSoeseeoaQoeGosseeeeGeoooosoa 

| GULFOEVELOPMENT | 

I CO. LTD. ! 

« « 
o The following areT-reqmrcd for overseas projects, aged o 
» preferably under g 

IS Mechanical Engineer with project management S 
§ experience. g 

Negotiator witi^gal Qualification. 8 

8 3 Chartered Accountants or Economists preferably. « 
S with merchant* ' banking . and negotiaUng 5 
g eicperience. f: g 

8 Marketing Exeentfae with administrative and .8 
S o negotiating expedience. § 

jg Chemical Engineer with experience in the oil g 
■8 “dustry. ^ g 

io Agronomist .. 8 

!8 H will be an adv&tage for candidates to have previous g 
: O overseas experience and additional qualifications including o 
ig languages. Good salaries wUl be paid to the right person :g 
Jo Tor each category- , o 

8 Apply In confidence with currieuluai vitae to The g 
o Secretary, Gulf Development Co. Ltd, 12* Park Lane, o 
g London. WIV 3AE- g 

S#8Qe«®95©09CW9»» s ®® 5we5MWM ®® W04 ® fi9taW 




F ? w m y 

Sf-TW’l 




n.r;V,I, »<•)! il.'i 


[*»» , <r771 * 










IjayT' 


lav.-a-vtoSsfcSTSarr « ^ bl 
-■4i.Cnia Place, Edinhn»B ^ 



EUROPE 

West of London £15.QQQ-£18.0pp Neg 

Out cUenL fte European Division ol a largo American corporation . is . 
iuvolvedin maicbstinganddistrxbunr.g high guality reprographic and printing 
equipment. Backed i^inrimpressivo GrowthjBcom, they are now establishing 
" a corporate H.Q., intheUK. i o provide extex^^m an aa e tii Bi ttaenrices to 
European op^img units. , ,v'AV-- . . -.!■ ; ' - _ 

The Cbntoqfc reporting lo the General Maiufoaj.- vdl control a sm aJlaaft = 
oi q uaiiK adjtrfe ^n»aV»K ~PrinriKM w'l induaeMHmopiaeiit ofnianflgwnont 
mlannation syflams.au a. -European ha* 16 ; proriaiiMiffraancifllsflipnceaand 
business revkjwfi iof opexa ting units; co-orclinatic*t oEraparting from, marketing 
imihi and bud geting and long range p ta nitl n g. £.'f 

Candid abM.quahfied accountants probably aged2^45, will po&ssss a 
successful rrnr^r'r qr^ip t. iw ocnin r hr.ancidl m an aq fima rt j t.E jrpoSur e to ail 
inbjfTifrfinnaljBw m r rtn irip^ tin important as we&asd ioro^ji-Ipaisonfl Ufy.an d Sffl- 
ability to znoti’^e staff ataU levels fluency in at least^sEuropoai;; , 
lan mniie. mn&rabhr French ox German, is. a necessity. ■ V- 




M i l '■ li 1 1 *1 1 III | i || >. »" t f i 1 i..L^T^> F*M 

iml' 



• : '.A 1 : • 

AMI 


GROUPSYSTEWIS ACCOUNTANT 


Bedlssrdshire 


*T . 

v?\ -~.i. •< ■■ .-.it 


lb £9.000 


’Our cG*it is an nitetniriinnaigrocp. -wM? atac|pvpT , iq gxcgsg<A£l50 xafi Ko fi , 
engaged ^rthe manufacture^and ^ale oi iwSlstiial pbdbcts. '' 

Reputing to the Group Financial Controf^; tb&fcoceasfnl candidate wonldfee _ v . 
jzrvclvep in defining the informatitHtreqiMBane^: far &Bwdata system, faBowed by vis 
designcind implementation. He&he wjHbere^pooaibl^mr coordinating thoworitoUno 
fiaapeia! andoompulerdepaxtznentseswettaa-wJl^tng^avaxiouE acoo uating - 
assignments. . A-" ' 

Success in thisposiCwa could ieed'ti>promdt»st tea iC^ppofirfmexrf-nfthin fhs >. - . 
group- . •' ~ • 

Candidates. M/F r probaHyeged 26-32. -wifi be gtn^fied*ccoanrantsvi!!x an in> ■ 
depth knowledge of computerised systems relating to m^puia coping activities. This 
experience will ideally have been gainedwith a pragieflinjie corfcany oz macansnhing 










INTERN ATIONALMETAL MERCHANTS 
London SWl J ‘c. £9,000 + car schemes 

A leader in its held, oorclieptis a firin' of Interna tionalMetal Merchants with d .. -- 
turnover in excess of £ lOO miBfoii- 

It is now planned to strengthen iheimaoce function through the appointment of a 


iirtTnv.«. i.i i.'.»~nrf . t ?•. >gv-y «.».g 


skilled team, supervising thti jttegjUdtLqn and analysis oimanagement inform atkm and 
accounts, as well as assisthigih further developing existing systems. 



r 






Jonathan Wren • Banking Appointments 

Thv personnel cv-riMiliju.' Jt.iimn CN«.U;-i' vN ui'ii tiu- b.mkinj; pr*>fv">u>n 

T 


INTERNATIONAL INVESTMENT - 1 - 

MANAGEMENT \ * £ncB- 

This vacancy, w/th go-.Wwn^hfl! jnw-ftment 
company, is an ideal oppodunity tot a young per- 
son to enter the active spedsfot area" offal- East - 
investment. Candidal on. in (be ape range 19-26. 
Bhoutd have had tundarnKHst trebling and experi- 
ence in equity investment farintwnatiomil stocks 
gained with an Investment armpany. stockbroker, 
merchant banfc or suck jbb&te Pfltsondl qualities 
sought include a brig htporton^Ciy, Above -aiwage 
prasantaiion. and the ability- to 1 ledm quickly. 
Customer contact will be Irwolwd m e yery high 
proooruan o! the dutlwrfluencyin Canaan dr ' 
French would be an ebvantege. and travel k j- 
pouibil ny in the future. A^>ncaiiu are Invited now 
with a view ta commencing mkf- Januaryl3?92 . 

Please contact-' RICHARD MEftEDffH 


- MONEY MARKET ADMIN,-. toHE6.WM 

Our dwnt,. 9 procranem; North AntetWan 
bonking -end ffaandShmstKtOlbiW WsheatO 
reprint a ttioroogHly ei^Wencd^ ptnson-'isi 
■ the position al Sopervisor, iAaiat. Mmfeat 

. Administradon.r Comfldites, ideeily ao«t 
mid-law 20 k should. -have; 'etmervbonr 

- experlttnce- in sit; accounting -or .banking 
depwtihent, combined with t totoogb know- 
ledge ofStcHlngCesh^Kf Popign Exchao^s 
.3Gvinifitre.^»t.' Tbo-^TbspomfflaiBC . pt the. 

position include superyMon«f a* ectount- 
Ing rehoJnQ to the dOponmern'e adorations 
■'control of - lability ohd" assei ’dfeplOYmWW. 
payments -and all ofhar .money=-matk«- 

- admin art ra t ion: TWsappdinunprt^ ^fen-eofU 
‘-sid«S>tepol^tfiilforG»ergOT 

'-PHasBcmiuecHQRHA’taNEN. 


170 Bishopsgacc London LC2M 4LN 0LA2 > I26(v7/S/^ 














■ ^nancial Times -Thitrsday^Noveinber 16 1978 



c 

London < 


Manager 

infracting 


-This is ajcey. financial appcS^w'th Pullman Kelloqq. -ticse Dosition amnnnsf 

. Natural Gas plant a: Skikda »»■ It isjor this proieci that n needs toraSS 
. a Manager with proven expena^o^andling fma^iSSnSS 1 

Drojec,s ' 

- fafttions ottheSkikda projegapuftig organrsrng Letters' HS vision 
?he h!ghSfiHSr° b 6m **9&!F*™ tax matter& andciient IraisonS 

■ reels that it me {j or women aged under 30 would 

haye the necessary manaeeri^^ preset financial e/penence lor this 
poaiipn. The successful can&wfc wilfhave a proven track record ol handllno 

ahft 1 farn-^!2P ia * res P° f ' s i^^®*-^|ufP encl f T ? , *y an d m a demanding environmenL 
. About oOV or the mariager'stfr djfodi fre spent in Algeria. The ability 10 converse L 
fluently In French wouldbe adjunct advantage. y u converse 

Please write, in complete confine, with career and salary progression to date 
lo. The Recruitment & Traininwsasreger, * M s UBlB * 

Pullman Kellogg Ltd.. The PellSrffXellogg Building 
Stadium Way, Wembley, HAfiHBp.' i 


PuSImanfellogg 


A subsidiary of Pullrapmorporaied 





m&Wem 


Board of Governors 
National Hospital for 
Nervous Diseases 


Salary scale £7.3 14-M.765 4- £35+Lonrf'-| V/ e i 2 nrin S 
per annum i Administration snd-derical ;ci!« 25 , 

Applications ^re invited from qualified accountants 
with wide experience in hosp*®! ® r PL'Dhc service 

for rhe post of Treasurer 10 th? Board or Go>erncri 
of this post graduate reaching hospital %;ouo. 
Successful Candidates will be required tc ;on:rcl a 
full range of financial activities Including tne 
maintenance of a budgetary control system, snd the 
provision ol management information and will be 
expected to participate, with the other senior 
officers, in the management of the group a; a whole. 
Application form and iob description from: 

The Personnel Department, The- National Kc:piLai, 
Queen Square. London WCTN.3BG 
Tel- 01-837 361! Ext. 65 
Closing dace: 8th December 1978 


STOCKBROKERS 

Country brokers with 
small London office 
are cu—enfy icekmg * iiro<i«4 numbri 
ol memacrj or itc.thei in London 
High quality rciea'ch and all *c'*hm 
prondrd. .neiud-ng luncheon roam. 
Generous '.oumiimn dunnj a'ranjr- 
ments. Pita sr reply w8»r *rf<l. 
Finonciet Timet. ID. Cannon Street. 
C C<P -t?.Y 


Investment Management 

Major International Bank 

.Our Client a leading International Bank with significant UK institutional 
business, seeks an experienced Fund Manager for its growing London 
Investment Division. 

Candidates should have a degree or professional qualification and a back- 
ground in equity fund management or investment research. As the bank 
is actively involved in marketing its services to companies throughout the 
UK. candidates mustdemonstratethematurityandself-assurancenecessary 

to deal v/ith clients at board level. 

This is an exciting opportunity with a bank whose World-Wide representation 
and progressive attitude ensure that prospects for career development will 
be excellent. A competitive salary and substantial fringe benefits, including 
mortgage assistance, will prove most attractive toapplicants of the required 
calibre. 

Contact A J . Tucker M. A., A-I-B. in confidence on 
01-248 3812 


REDMAN HEENAN INTERNATIONAL LIMITED 

Grouti Chief Executive c. 225.000 



•M-; 




er - Investments Services 


•Jp./. lb £10,000 4- Mortgage Subsidy 

roj|® investment Services Division of a major world wide group is 
itiaSiiJ^tment and property port folio. 

, ourdiQtnow requires a Chartered Accountant aged probably 
for decontrol of the accounting, analytical and administration 
wingsc* include implementing new systems procedures which arc 
t Ui^reased level of activity. .-a* 

from&didates able to offer 2/3 years post qualifying ex- 
Tirru^-eiivirorunent or with a leading-pFofes>ional practice. A 
. iri»flg£simems is an important requirement. 

:kage Coffered which includes non-contribmory pension plan. 
gehero^L^orjgage subsidy. 

H:itve & 1 __ 

jg. r This po*iiion open to men or women. 


Lla$& Chapman 


Bond Sib^tondoo Wry OHB 01-4997761 


Chief Accountant 

J Guildford, to £10,000 + car • 

Our client "a firm of commercial solicitors with 1 10 stiff, knowledge of systems. The ideal candidate will be a 

has doubled its turnover in the last three years. This.. qualified accountant under 40 who will react positively' to 
dynamic growth has led to the need for a new position of the challenge of being an accountant in a firm of young, 

■ Chief Accountant with administrative ability and a informal and likeable solicitors. 

Mrs. Indira Brown, Ref: 1913 J /FT. 

Maiejor female candidates should telephone in confidence for a Personal History Form to: 

. ri LONDON : 01 -734 6852. Sutherland House, Si 6 A rgylt Street, W1E 6EZ. 



Executive Selection Consultants 

BIRMINGHAM. CARDIFF. GLASGOW. LEEDS. LONDON. MANCHESTER. NEWCASTLE and SHEFFIELD. 


The Redman Heenan Group is a profitable public company made up of a number of 
autonomous operating subsidiaries engaged in the design, manufacture and supply of a 
range of specialised engineering products for a variety of international markets. Current 
turnover is in excess of C40 million. Excellent progress has been made in recent years 
and there are v/ell developed plans for expanding the group in terms of both markets and 
product range. . 

The post of Group C„hief -Executive will -become vacant-early in 1979 and an experienced 
and successful professional manager is sought to have full responsibility to the Board 
for the profitable development of the company. 

The successful candidate will have a first class Irack-record in general management with 
experience of running a group of companies as a particularly important requirement. 
Candidates should have a degree or professional qualification in engineering or a related 
discipline: and a deep understanding of the engineering industry is essential. A thorough 
grasp of ail management functions is required as is the creative flair to implement and develop 
further the company's growth plans and the ability to lead and motivate a highly successful 
management team. 

The Group Chief Executive will be based on the company’s headquarters at Worcester. 
A remuneration package- will be negotiated comprising a basic salary of around £25,000 
and a substantial profit-related bonus earning opportunity, together with car, BUPA. 
Siiension and other fringe benefits. 

Applicants are invited to write fully and in confidence to: Hugh Lang, quoting reference 
L 93*7 







norm 


to join BP's Corporate Planning Depart- 
ment and lead a small team in its Forecast- 
ing Division. 

The successful applicant will be expected 
to analyse and forecast movements in 
major world economies and to consider 
howthese pressures impacton energy and 
oil demand, in the short, medium and long 
term. 

A good degree in Economics, experience 
of quantitative technique and at least five 
yearsin economic forecasting is necessary. 


Experience in the energy sector is desir- 
able. 

Salary will be paid according to qualifica- 
tion and experience but the post is unlikely 
to be filled by applicants currently earning 
less than £8,000 per annum. 

Please write giving age and brief details of 
qualifications, experience and current 
salary, quoting reference PFC/8/E to: The 
Manager, Central Recruitment, The British 
Petroleum Company Limited, Britannic 
House, Moor Lane, London EC2V 9BU. 


CUSTOMER SERVICES 


Aga 28-40 


BANKING 


£ 8 , 500 + 


An established and expanding International Bank seeks to appoint an 
- experienced Banker to -assume control of an ' active and important 
Departments The functions of the Depart ment m.clude all aspects of 
customer account maintenance, inward and outward remittances, bills 
; and documentary credits and telex supervision, and the successful 
■ Candidate would* be expected to be fully conversant with these areas. 
Additionally, he/she would be directly responsible for- the design, . 
implementation and running of new systems and procedures, and will 
1 : report to the Operations Manager. . • ‘ ^ 

- The appointee will need to exhibit personal qualities of tenacity and 
drive, and will have the ability to liaise with customers at a senior level. 
Candidates holding the Banking Diploma will be preferred. 

Salary is negotiable around the quoted figure and benefits are 
competitive. 

To discuss this position. m complete confidence, please telephone 
. f flod Jordan (General Manager) 

BANKING PERSONNEL 

JSmSSS W^"nS“eca- Te lephon e : 01-588 0781 

(RECRUITMENT CONSULTANT?) 



^ TAX SPECIALIST 
c £104)00 

28-35. Gridiuto Accountant or 
lawyer win' ax:oneni crack 
record in Corporate and .Per. 
(anal n> Planning lor blue 
chip Iniemaoonal Corporation 
based in London. 

METALS ANALYST 
£6*10,000 

24-30. Econcmisr with a 
thorough appreciation ol the 
MeuJ Markets plus excellent 
written add tcrbai ao-lity to 
loin expanding research dept 
of internationally known firm 
of Commodity Broker*. 

FINANCIAL PR 
c. £8,000 

; 25-30. Consultant with -it 

least 2 years' experience and 
an appreciation ol the accoun- 
tancy pro I e« i on to take up 
challenging position handling a 
major jncernatioful account 
with prestigious W.l based ' 
Consultancy. 

Stephens Selection 

35 DovwStreeL. Londwi U 'X &Ra. . 
OI-HtfuJlT 

m Rcuumiikm Gin*ulmni.s9r 


I SKIERS WANTED— Free Meekenes In 5cm. 

T?B2 * Skl#rl - TeL °l-9« 


Invest ment ^nalysi 


A leading firm of stockbrokers requires an Investment 
Analyst m the Insurance sccLmi - . Important requirements 
are the jbilitv to read balance sheets, in prepare and 


Liverpool, £.Neg 


in an investment institution or a stockbroker's office, and 
v.ill ideally have a professional qualification in ucc ounling, 
insurance or actuarial work. The position oners excellent 


uic List.- .limit-- t'j ifju I’.iunic aiivct*. tu p-i i^ai c jiiu i-ipui jiilc ur actuarial vn.nr.. nr. j.-v>iui.*n ihiit- cm 

deliver reports both vcrbailv and in writing, to converse at prospects in addition to a competitive sjiarv which, 
board level, and to develop close iciaLionships -.villi together w-iih prolits-related bunu*. reflects the 
clients. Applicant:, prelcrably under JO. *a ill have worked importance attached to tlii^ key post b-. our client. 

C.C. Moores. Ret: 341 47! FT. 

Male or female candidates should telephone in confidence for a Personal History Form to: 
MANCHESTER : 06 1-236 89S1 . Sun Life House, %Cjiarlotte Siren. V 1 4HB. 



Executive Select ion Consultants 

BIRMINGHAM. CARDIFF. GLASGOW. LELDS LONDON. MANC Hf?>TFK. NEWCASTLE ^nd SHEFFIELD. 



Banking-City 

uptoQ 500 


The initial responsibility will be supervising 
the accounts and business of the manage- 
ment companies which support the bank's 
unit and investment trusts. When this is 
properly organised within 'a year, it will give 
time to become involved in other, parts of 
the business, including the computer based 
systems, the bank's accounting and group 
taxation. The position therefore makes an 
excellent base for personal development 
within a major merchant bank. Candidates 
must be qualified accountants. Some 


experience of accounting for unit trusts 
would be advantageous but not essential. 
Fringe benefits include a subsidise^ 
mortgage. . . 

Applications, which will be treated in strict 
confidence, should contain relevant details 
of career and salary progression,, age," 
education and qualifications. 

Please write to A. C. Crompton quoting 
reference 739/FT on both envelope and 
letter. 



Haskins Sels 

Management Consultants 

(128 Queen Victoria Street London EC4P4JX. i 


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The last seven years 
conceal a crisis which 
could be fatal for many 
manufacturers —the 
crisis in branding £ j 


££ Branding is the central task of a 
manufacturer; his raison d’etre. Because it is 
soimportant, any failures in branding can 
reasonably be called a crisis. 

“Since 1970 in the UKthere seems to have 
been, particularly in packaged goods, a 
constant decline in resources devoted to 
branding. 

“It is difficult to measure, because the orfly 
element of branding for which there is fuil, 
Consistent data is advertising expenditure. 
This shows a very clear picture ~ and we 
believe that trends in this element of 
branding are symptomatic of trends in all 
forms of branding. ^ ^ 

£&The advertising expenditure by the 35- 
top-spending grocery braids of 1 970 had 

halved by 1 977 in real terms In the food, 

drinkand tobacco manufacturing industries; 
profits have declined at a rate comparable I 
with the decline in advertising.^^ |§ 

66There may be a minimum expenditure' 
on mass-media below which advertising is | 
uneconomic . f| 

‘Most of the brands from the lOtop-spend-C 
ing advertisers of 1 970 were on television iff 
1 977 But the average spending per brand f, 
had dropped 28 per cent 
‘In real terms, about 90 per cent of people I 
will have actually paid some attention to 'l 
■die average brand’s 30-second commercial 
about once every six weeks. Is it really 
possible to sustain or build a brand on 
about four minutes’ advocacy a year?^ ® •' 


f . : * 


<&®The main pressures on 
have come from retailers. Arid tfieNSvay 


pressures nasactuaiycausea tne ops in 

branding. ?;■■■■ 

6^66 per cent of adults nowagr^etfet 


own name are as 




nationally advertised brands! Onlyll per 
centdisagree.^^ 


©©Unless the manufecturerdevptes 
proper resources to adding valuesftp his : . } 
brands, it’s hard to see why people 3jgquld\ 
continue to pay more for them.*# 3 ’ r : ■ 


©©To solve the crisis in branding, there will 
have to be radical changes. But, whatever 
the difficulties, the greatest mistake of all ■ 
could be to believe thatthe problems are 

only temporary^ 

G&We have developed at JWT a simple 
but convincing way of measuring the effect 
of any sort of branding experiment, which 
takes into account both volume share and 
profit margin.^ 


££ciearly each com 
pany will need its own 
tailor-made approach. 

But to start the discus- 
sion, we have construe 
ted a list of questions that 
most companies will want to 
ask themselves... 

From 
‘Crisis in Branding’ 
by Stephen King 1 


; : :'v " 


The ‘CRISIS IN BRANDING' is illustrates here by quotations from a document 
published byJWT and written by Stephen King, For a copy of the complete, 49 page 
‘CRISIS IN BRANDING' please fill in thistbupon. 


Position in company 
d 


Please post this coupon to: 

Stephen King, J. Waiter Thompson CaLtd., 

40 Berkeley Square, London W!X6Ad( 0t ‘ 629 9496 ) 





\ . V?! r_- 




.’'vT'-A! £**&• I'!« 

; X .f ■ 1 








Financial Times Thursday November 16 1978 


19 



' Ju- 


EDITED BY MICHAEL THOMPSON -NOEL 


Smoking— the return salvo 


BY MICHAEL THOMPSON-NOEL 


IN MARKETING terms there is 
nothing in the known universe 
quite tike the smoking and health 
controversy to set the passions 
blazing. In no other area of com- 
mercial endeavour do the rival 
factions set about each other with 
such a slanging and banging and 
wielding of crowbars. 

Two weeks ago, Rex van 
Rossum, former marketing 
director of Rothmans, fired off a 
full salvo of invective on this 
page, directed at the anti-smoking 
lobby. He accused opponents of 
the tobacco trade of posturing, 
lying and scaremongering. The 
crusade against cigarette adver- 
tising, he claimed, was an 
irrelevance, and current restric- 
tions in the code of advertising 
practice an overkill- By main- 
taining a dignified silence, the 
tobacco companies had let them- 
selves be pushed into a corner 
where they had “ accepted 
restrictions out of all proportion 
to the facts and evidence.” 

WelL It didn’t need a genius 
to predict that the health lobby 
would take a swing at that 
According to Mike Daube. 
director of Action on Smoking 
and Health, Mr. van Rossum was 
resorting to innuendo and un- 
truths: “Even the slickest of 
marketing directors cannot bring 
back to life the hundreds of 
thousaids who have died o* 
smoking-related diseases since 
publication of tbe first Royal 
College of Physicians’ report in 
1962.” 

In Ns view: 

“Tie historical perspective is 


important: the tobacco fanners, 
manufacturers and 
Faced bv the thunderbolts of the 
Royal College or Physicians’ 
reports, were not monsters or 

wilful promoters of disease but 
ordinary men ™ 

unprecedented ch.yllen^e which, 
tragically, they railed to meet. 

Thev attempted. and sU1 [ 

attempt to deny the effects- oE 
smoking, usios csiraordinary 
distortions of too e\ idenre.They 
made everv effort to counter 
health education on smoking, to 
recruit new smokers (even in 
developing countries), and in 
order to defend their lucrative 
and now discredited business, 
developed a series of defence 
mechanisms which rely on sheer 
financial muscle and the 
credulity of governments. 

« Mr. ran Rossum has probably 
done his industry a disservice by 
presenting its arguments in such 
extreme form, and mth so many 
half-truths and untruths. He 
certainly hears nut the predic- 
tion of an editorial in the British 
Medical Journal earlier this year 
that the tobacco industry would 
fight a desperate rearguard 
action, producing arguments as 
desperately misleading as its 
advertisements were in the Past" 

Mr. Daube is incensed at Mr. 
van Rossum's claim that cigarette 
advertising influences . market 
share and brand competition and 
nothing else — a strange approach 
tn advertising, says Mr. Daube. 
that applies to no other product 
and is in stark contrast to the 


views of advertisers in the days 
before- cigarettes were known to 
w carcinogens- 

“ The case for a ban on 
tobacco promotion is not. as some 
m the tobacco industry fondly 
imagine, that without advertising 
cigarette .sales would fall to 
zero Overnight. A promotional 
ban Should be seen as part of an 
overall smoking control pro- 
gramme. complemented by 
education and information pro- 
grammes as well as help for the 
many smokers wishing to give 
up. 

“ASH'S view is simply that 
tobacco promotion has both the 
intent and effect of increasing 
the total level of sales, or main- 
taining sales at levels higher 
than those which would other- 
wise, have obtained. The 1977 
RCP report estimated that the 
tobacco industry spends around 
280m a year on all forms of 
promotion: it would be extra- 
ordinary if this mass of press 
and poster advertising, sports 
sponsorship, arts sponsorship, 
cinema advertising, leaflets, PR 
activities. point-of-sale pro- 
motion. TV and radio ‘same- 
name* cigar and pipe tobacco 
advertising, gift coupon schemes 
and countless other promotional 
ventures bad no Impact on total 
sales, if it went unnoticed by 
children, ex-smokers, and non- 
smokers, and if it did not en- 
courage smokers to continue, or 
even smoke more." 

According to Mr. Dan be. the 
simple fact is that the World 
Health Organisation, the Royal 


College of Physicians, the Inter- 
national Union of Cancer, the 
British Medical Association and 
countless other medical bodies 
have recommended a ban on 
tobacco promotion, not because 
they wish to ruin advertising 
agencies or deprive the media 
of revenue but because, fn tbe 
words of the late Robert 
Kennedy, “the cigarette industry 
Is peddling a deadly weapon- It 
is dealing in people's lives for 
financial gain. - - . " 

A few or Mr. van Rossum's 
“ untruths ” deserve correction, 
says Mr. Daube. particularly bis 
claim that no criticism is made 
of the 300.Q00 retailers wbo sell 
cigarettes. This is untrue, says 
Mr. Daube, even though it is not 
tbe retailers who spend vast 
amounts on mass advertising. 
T For example. ASH forcefully 
criticised the retailers when a 
survey we had commissioned 
showed that 43 out of 50 tobac- 
conists surveyed broke the law 
forbidding the sale of cigarettes 
to people under IS-” 

Nor was the former Rothmans 
man correct to claim that the 
industry had been given no 
credit for'ruoves to launch more 
low-tar brands, cut lar yields 
and introduce tobacco substi- 
tutes. 

Mx. van Rossum was out of 
line in claiming that not one of 
the countries arouDd the world 
where cigarette ads had been 
banned or severely restricted 
had witnessed a decrease in con- 
sumption. In Norway, for ex- 
ample. following enforcement of 


the Tobacco Act in mid-1975, the 
percentage of daily smokers 
among males had fallen steadily 
from 52 per cent in June, 1975. 
to 44 per cent fa December last 
'year: a mon B females, from 32 
per cent to 30. 

“Many other parts of Mr. van 
Rossum j case fail to stand up 

to detailed examination, not 
least bis eccentric view -that 
there is no rational reason why 
cigarettes should not be allowed 
back on TV now. But he will 
have succeeded if his blend or 
innuendo and misinformation 
draws attention away from the 
most important challenge in pre- 
ventive oi ediclne facing govern- 
meol and politicians today. The 
purpose of thofe fa this country 
whom he describes as the anti- 
smoking forces is slfapiy to 
reduce the appalling toll of 
•death and disease caused by 
smokinc. Thirteen countries have 
already banned tobacco advertis- 
ing. How long' must we in 
Britain wait before promotion of 
health i* seen as more important 
than promotion. ;of a known car- 
cinogen?'.-. 

And so the battle builds. Twc 
weeks I wrote that there 
were si^ns .faat all cigarette 
advertising in Britain wou1d r be 

outlawed by around 1982. That 
may or may not prove to be the 
case. What is certain is that the 
tcibaccn companies and their 
opponent are pyschrag them- 
selves up for a very bitter 
struggle. They will put away the 
crowbars soon and call up tbe 
tanks. -• 


Let’s set back to the Great Offensive 


BY WINSTON FLETCHER 

WHATEVER BECAJtE of tbe for more legislative fetters. They 
Great Offensive? 1978 was to were ready for it to come from 
have teen the vear when adver- the OFT. whence thev await the 
Using and marketing, with results— due today—of a i^ket 
unaocistomed audacity, cbal- survey into the public s opinion 
lenged their opponents to meta- of how well the ASA voluntary 
pborica fisticuffs and defiantly system is working, 
proclaimed: “Properly planned But they were totally unpre- 
advertitng contributes towards pared for it tb spring at them 
the tnst efficient use of a few weeks ago from a con- 
resource. productivity. and ference of National Co-operative 
profit Irofit equals investment. Drapery and Fashion Managers, 
equals mbs. equals a better the audience strangely selected 
future. Let us be proud of by the Secretary of State for 
advertisig's contribution to Prices and Incomes. Roy 
future rosperity” Hattersley. to receive his intlnii- 

Tbesesou! stirring sentiments dating tirade against advertising 
were tb theme of the Advertis- and marketing, 
in" Asociation's crusading Mr. Hattereley's aiiack was 
pamphU Marketing and Indus- impressively wide-ranging: 

trial Rieneration. launched in patently he is not a chap io 
April it the association's allow irritating facts w confuse 
Brighten conference with, regret- the persuasive sweep or his 
tably, aresounding tinkle. rhetoric. It would be possible. 

Despi the world's in- given the space and time, to 
differed!, the delegates left dispute Mr. Hattersley’s speech 
Brigbto with heads held high, almost line-by-line. llfough 
confldei of their ASA-washed assertions like “Advertising can 
W’hitene and convinced they blunt the edge of competition 
had a acial role to play in any by propping up the producers of 
putativeconomic recovery. Yet inferior products ** are so 
a mercsix months later finds nehulous as scarcely to be debat- 
thera nressing to a more accus- able. ( If would he marginally 
tomed jsture: flat on their backs truer, though equally vague, to 
peerinpnxiously about to spot say that advertising sharpens 
where le next kick will come the edge of competition by help- 
from. mg destroy the producers of 

Theyvere prepared for it to inferior products.) 
come om Brussels, which is Worse still, to call on the 
curreor considering an EEC ASA to investigate the horrors 
draft rective demanding the hidden in the “literally millions 
barmosatioQ of advertising con- of classified ads without so much 
trots— bureaucratic euphemism as mentioning the exorbitant 


expense that would be incurred 
suggests tbe kind of profligacy 
which petrifies those outside 
government. To finance even tts 
present limited remit the ASA 
last year needed £620,455 from 
its Board of Finance. This not 
inconsiderable sum was spent in 
generating and pursuing just 
1.645 complaints against display 
advertisements: an aston ishing 
cost of £377.18 per complaint 
Nearly half the complaints 
proved unjustified and the vast 
majority were anyway footling. 
Does Mr. Hattersley. one 

wonders, ever bother to read 
the ASA’s marvellously comic 

Cases Report? 

However, the most deeply- 
depressing aspect of Mr. 

Hattersley’s oratory lay not in its 
unnecessary. expensive and 

generally destructive specific 
proposals: the far more frighten- 
ing revelation was that the 
Secretary (and presumably there- 
fore his bevy of advisers) does 
not understand the meaning of 
marketing at all. Like a small 
lime 1950’s industrial advertising 
manager, he apparently thinks it 
a synonym for “publicity” or 
“promotions.’’ How else could 
he have stated: “ An obsession 
with marketing can cause the pro- 
ducer to delude -himself that 
enough advertising can make up 
for product deficiencies.” 

This is the opposite of the 
truth. Nor is it merely a minor. 


semantic misunderstanding. The 
very definition of marketing 
demands that manufacturers 
strive to make their products 
perfect (for their market and at 
the price). Marketing also 
demands that perfection be 
defined by the consumer, not 
Mr. Hattersley. and perfection 
may involve complex emotional 
as well as physical product 
characteristics. The Secretary, 
however, apparently believes 
that manufacturers produce only 
the goods they fancy — then they 
employ “ marketing ” to oersuade 
a gullible public to buy them; 
if the public proves recalcitrant, 
in desperation they cheat or lie 
to clear the goods from the 
shelves. It is a view of the 
economic process which, in one 
as sensible as Mr. H.. is so 
simplistic as to be breathtaking. 

Unhappily, the evidence, 
though dated, suggests that 
much of the population's picture 
or marketing and advertising is 
just as fuzzy. The last public 
survey on the subject, carried 
out by the Advertising Associa- 
tion in 1976, showed that while 
th«; vast majority of people 
(certainly over 90 ner cent) are 
not greatly interested in adver- 
tising at all— a result forcefully 
if expensively confirmed by the 
response to the ASA detailed 
above — insofar as they have any 
views a majority believe that 
advertising makes people buy 
things they don't wont: that if 


a product is good it does not 
need to be advertised: and that 
advertisements are often mis- 
leading. 

Taking a dispassionate look at 
the present situation, ■ it seems 
extraordinary that the only time 
the advertising industry has 
united to fund a major com- 
munications campaign, the objec- 
tive of that campaign was to 
persuade the public to complain 
about advertising. However much 
Mr. Hattersley- may wish us to 
waste the ASA’s funds investi- 
gating trifling complaints against 
wicked plumbers' classifieds in 
the Cailington and Gunnislake 
Post, should we not now con- 
sider putting the money to more 
.positive use? ■ 

This year the ASA Board of 
Finance will raise about £750.000. 
Let us stop dribbling it away 
encouraging the average British 
adult to moan to the ASA once 
every 24,000;. years.-,. Let us 
instead spend the money com- 
municating the real benefits of 
advertising to cofasnmers and 
thence to commerce and indus- 
try. Let Mr. Hattersley, If be 
is so determined, waste Parlia 
mentis, the lawyers’, the courts' 
and the taxpayers’ moneys on 
paltry legislation: let us get back 
belatedly to the year of the 
Great Offensive. 
lViiutot Fletcher is managing 
director of Fletcher Shelton 
Delaney. 


Confusion ou commission 


THERE ARE two ways of looking 
at tbe revised system for agency 

recognition which the Newspaper 
Publishers* Association and the 
Newspaper Society will operate 
from January L . Broadly, from 
that date, the payment of 
commission to agencies, whether 
recognised -or not, will be up- tb 
the individual decision , of each 
newspaper. 

The first' view, strictly . a 
minority one.- is that . there could 
be convulsions 'in ctieot/agency 
and agency/media relationships 
if the new system throws ' up 
variable rates of commission. 
There is certainly a great deal 
of confusion on this score-. 

On the other hand the general 
views is that nothing, fanch will 
change — that the inertia of the 
market - will be such that after 
a minor, flurry of activity the 
“new” 'commission -rates wiH 
re-settle at around the 15 per 
cent mark to what the IPA des- 
cribes as “everyone's satisfac- 
tion.” 

At the same time the inde- 
pendent specialist media baying 
and creative consultancies 
believe the new system — intro- 
duced to take account of restric- 
tive trade practices legislation 
— will prove a stimulus for the 
advertising business and 
encourage clients to take . .a 
greater interest in . matters of 


cost. ; Fortunately, they*!! dose -jpst-aa 

Chris -Ingram ".nf 'CIA. a lead- fast as they open.” 

fag in dependent media-buying. Some full-service agency heads 
shop- - which expects to handle admit . that big . advertisers are' 
£6m worth erf business next year. li kely to question more .closely 
said yesterday? “The new the profit levels on Individual 
arrangement only makes official accounts, though that could is 
what has been gradually happen- turd lead to. higher fees ifiagen- 
fag. It .'should -draw a lot ofeiee insist on more -realistic fee 
attention to onr sort of business. -levels, far particular accounts. 

It will only -be our . fault if we:' ; The IRA says there. qpuid well 
da not -take advantage of Jthe be an adjustment to levels of re- 
new situation.” bating though it thinks' that 

On his calculation, 'the be balanced- bjF adjust- 

inde Den dents alreadv handle mente tothe specific value Of. 
tSlEESS& ot zSS&ying- pnmded by agencies, for 

David Bernstein, a director- of 

COL foiv example, would -bam- ^ There will be.i.Mle oF»tn& 

JjjiLeicc 6 tion& 111 cases of non-compliance 
wl&.tiie. latter requirement, m- 

wSSLE5L~ WJl1 cfading a-eopy ban for an “appro- 
consider the independents. priafe - m tte of ^ 

John/ Simmons, a -director, of gistent offenders. Them, would be 
The. Simmons Consultancy, said a right of appeal, 
he expected that a number of According to the NPA and NS: 
new constultanries would open. “Ail recognised agencies are. be~ 
“A lot of funny people who ing notified of the proposed re- 
hitberto didn’t have the courage virion. Their recognition will 
to leave the shelter of full-service automatically be continued sub- 
agencies will start appearing, ject to the usual financial monit- 
Clients have to ! be protected oring and to the amended terms 
from upstarts and fly-by-night’s, already indicated:** 


Record gain for Burnett 


WITH A BURST of acceleration 
thought to be worth £3.5or in 
billings. Leo Burnett is to handle 
advertising for BL’s.Minl. Maxi 
and Allegro models, plus the car 
maker’s credit and tax free sales. 
It represents one of the biggest 
account gains ever. - 
Saatchi and Saatchi will con- 
tinue to handle tbe Princess, 
Supercover and fleet sales, plus 
tbe Marina and Sberpa and a 
new BL corporate campaign. In 
all Burnett and Saatchi will split 
approximate! v £7xn worth of BL 
business. Saatchi in addition 
bandies Unipart and Triumph/ 
MG. giving it a grand total of 
around £5tn. 

• UNIVERSAL HcCANN has 
won the £800.000 Financial 
Weekly account in competition 


with eight other agencies. The 
new newspaper from Fleet Pub- 
lications. a subsidiary of Trafal- 
gar House, is due to appear in 
mid-February. Theibndget will 
be roughly .drvfaod vas to one 
third- on' TV the rest fir the ■Press 
and on activities^ each as Pit- - 

• CHETWYND is to act for 
Compntacar from January I. The 
account is 'said to be worth- 
£500.000. 

• PRIVATE PATIENTS Plan 
has placed its account with J. 
Walter Thompson; the move 
takes effect on. January L 
Initially PPP will work with 
Deltakos. the JWT health care 
subsidiary. • 

• NORMAN CRAIG and Kummel 
has gained , the Superstores 


(Internationa} Stores) acco unt. 
t' INDEPENDENT BREWER 
Paine and Co„ .with some 25 
pubs, has -appointed Mallerman 
Summexfield- James, : 

A -TIE-UP between _ Brooke 
Bond -and Mobil will give motor- 
rafig. who ’buy; four gaHons of 
petrol a I0p coupon toward the 
cost of PG Tips teabags; 4m 
coupons are being printed. 

• ELEDA GIBBS Is launching 
a variant in its SunsHk shampoo 
range. Wild Chestnut, with a 
national TV campaign. The agent 
is JWT. 

• ROCKWELL INTER- 
NATIONAL’S Power Tools Divi- 
sion is spending £250/100 on a 
pre-Christmas campaign. Agency: 
Wasey Camp be U-Ewa Id. 



ThePortman&PanAm 
inviteyou to comeandmeet 

, Chill Lee 

at the Captains Galley 

Chill Lee the uncrowned king 
or Texas Chili is gonna make your day folks. 

Just mosey along to the Captain's Galley and 
pardner; you've got a treat in store.Thafs Chili 

fnends. real Texas Chili as big as the 

Lone Star State, but not as hot It's jus t 
for a week folks, November 2st-25th. 

12.00-3 pjn. for lunch and ice cold 
Schlitz beer to wash your chili 
down. And 7 to 12 p.m. for dinner; 
with live Country and 

Western music. // \\ \ 

mPUMJWt.y/ )) A- 

THEPORTMANHCrra 
PORTMAN SQUARE WI 
TEL: 01-486 5844 




Conference 

ALTERNATIVES FOR BRITAIN 
IN A CHANGING WORLD 

— the industrial challenge of the 
Third World 
21 NOVEMBER 1978 
Royal Commonwealth Society 
Northumberland Avenue 
London WC2 
Speakers include: 

Rt. Hon. Judith Hart MP; Hon. Paul Leong Khee Seon?, 
Minister of Primary Industries. Malaysia: Sir leuan Aladdock, 
Secretary. British Association for the Advancement of Science; 
Michael Jefferson. Shell International: Basil de Ferranti: 
Robert Rhodes James MP; Malcolm Rifkind MP; Frank Hooley 
MP. 

Sponsored by the Focus Croup and Society for International 
Development. 

Enquiries and booking forms from: 

Caroline Chapman, Focus Group. 01-930 6733 



europcar 


^To rent a car in London. 

ol. Southampton. 
^Manchester. Glasgow. 
Edinburgh, Birmingham. 
-^Gatwick^Heathrow. 
*£>:■ . Brighton..' 

S01-8483031 

/•/ Or your travel agent. 

n . ' • ■ » -• -c< 



chocolate and our 



IPs a fact. Put a new and unusual food product on Southern screens 
and our viewers will be happy to try it for you. 

Ask French Toasts, Port Salut Cheese, Karme! Avocado and St. Raphael, to . 
name but a few recent successes. Our market is 41% ABC? -against the national 
32%. So our audience has the spending power to back its tastes. 

If you fancy the taste of success, put your products on Southern. Ours is a 
very receptive area, and that’s the Southern difference. 

SOUTHERN ^TELEVISION 

For further information contact Brian Henry, Marketing and Sales Director, 

Southern Television Limited, Glen House, Stag Place, London SW1E5AX Telephone: 01-834 4404. 


WHERES THE EEREECT PLACE 
TO STOP 500 

BUILDING SOCIETY MANAGERS 
LOSING INTEREST? 

Ring or write for details of the most 
professional personnel, the most versatile 
premises and the finest audio-visual 
equipment in the whole of Europe. 

And were not exaggerating. 

THE 

HEATHROW HOTEL 

Europe’s most advanced conference location 

Conference Ser/ices Manager, The Heathrow Hotel Bath Road, Heathrow, 
HounsIov^TW>2AQ.Telephone: 01-^7 6363.1elex:934660 


LOCAL 

AUTHORITY 

BONDS 

Every Saturday the 
Financial Times 
publishes a table 
giving details of 
LOCAL AUTHORITY 
BONDS 

on offer to the public 

For advertisement details 
please ring S. Cooper 
01-248 8000, Extn. 7008 


The Fulcrum Centre 





k“ng John must have been 
on? of the earliest (and mosr 
reluctant} conference delegates 
in histexy No marks to trie 
Barons' conference organiser for 
choosing a location at 
Runnvrriede that ’would have 
been'ftne for a barbecue bur 
was not so hot fora constitu- 
tional serrinar. 

if only the Fulcrum Centre 
had beep ready by then [but 
Non know what builders are}. 
>vtow 763 years later. It i$ com- 
pleted-at the service of Barons 

(of indusovi Computer denes. 
Caddo'S (caped and other- 
wise). Organisers (of ExhibiDons, 
Conferences and Merrv 
Pastimes) and to afl mahneroF 
people from the Queen s realm 
and ftamfends across thesea. 

Not only are wea few 
minutes frbm historic sights like 



like the Domesday Bookerfiy 
orBertahire. 

iFufaiimChartet: 



VWndsor Castle and Ascot Heath, 
but we are c»T|y seven mfles 
from HeathrcwAirpwtand 
aerial hns rn abundance vvitii 
nevera bug between them. 

VOfe are proud to be in the 
Junior League of Conference 
Cer^U^undeisaidthaesa 
setf-appoarked bigfive 

Vtefd like id bea fomder 


member ofthefttfe six. 

BLtwhatwdveqotBTittiTat 
IftteAmafrihaff)rt«ctican.iake • 
uptoJ^OOcfefegatESLAnocd- - 
lent raked theatrehofcfscp id 
429JhereS in-bouse catering ‘ 
for cptoUXXlAnd 17,000 
squarefeetof . 

andtn-houseeqtmmerttfia: 
forrnssuch a long fetfrat i looks ' 


[SbUftUlNIRC | 

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20 

LOMBARD 


ffiandal Times 


After the 


_• j ■■' f~ -v* 




BY DAVID FI5HL0CK 


EARLY NEXT montii technical 
and le^ul e^perfs meet in 
Yiemiii tn discus a new kind 
nf hank. They hone to set up an 
international bank for the safe- 
keeping of plutonium, a metal 
mure valuable than bullion, which 
can be used as a potent fuel — or 
a nuclear explosive. 

Plutonium is a hy-prndurt of 
nuclear reactor.*: almost every 
reactor. The fissmn of uranium 
fuel transmutes souie of it into 
a new element. pUilooium. also a 
fissile materiaf. The world, with 
over 200 power reactors operat- 
ing. is already manufacturing 
substantial amounts of the metal, 
several tonnes a year. 


New generation 


The best estimates — although 
they do not include the East bloc 
— nf the world's output nf 
plutonium come Trom the Inter- 
national Nuclear Fuel Cycle 
Evaluation, set up by President 
Carter after the London Summit 
last year. It estimates that at 
least *42 tonnes have already Iwn 
separjieo from spent nuclear 
fuel in civil nuclear power rm- 
zrarnmes v:o rid wide. Of 1 1» «s. only 
15 tonnes arc being used. The 
remaining 27 tonnes are beinc 
stored, awaiting a new generation 
of read or.- — fast reactors — to 

bum it efficiently. 

The worry, o* course, i? the 
temptation to experiment with 
some of the stockpile in making 
nuclear weapons. It is the legiti- 
mate possession of nations own- 
ing the reactors making the 
metaf. a f though most of them 
purchased ilie original fuel on 
term-! which expressly forbid 
5uch experiments. It might aisn 
fall into the hands of criminal 
or terrorist organisations. 

Delays, equivocation, mora- 
:oria by governments are all 
helping" to postpone the day 
when the stockpile will be re- 
absorbed by the new’ seneralion 
of reactors. Meanwhile. remoTse- 
lessly. it will continue to grow: 
more than 92 tonnes of separated 
plutonium by 19R5. more than 
157 tonne? by 1990. more than 
270 tonnes by the year 2000 
Even in another twn decades 
world prodiu-linn of plutonium 
will stil ! exceed demand for it 
as fuel for the new reactors. 

The Ir.rerr.aijnnal Atomic 
Energy Agency ' \ .YEA i m Vienna, 
watchdo. iiie Non-Prolifera- 
tion Treaty, believes it ha 5 both 
a duty and the Freedom legally 
under ils statute to aitvir.pt to. 
set up an infemaitenai plu io- 
nium bank. Pfiwsi cully, it- 15 airu 
would be simply to simulate the 
kind of security plutonium has 
when omom'ned as fuel in the 
vault of a reactor, protected by 
intense radio-activity and lu ft 
thick concrete walls. 


Plutonium cbuld be stored in 
one of tw» forns t :' *s untreated 
spent fuel- - , ' s the U.S. Admini- 
stration favours,. or as separated 
plutonium. The IAEA suggests 
that storaac of untreated fuel 
has superficial - attractions, such 
as ils intense radioactivity as an 
additional protection. But which 
countrv miyht be persuaded to 
act— and still more- to the point 

he accepted internationally— as 

u trustworthy custodian of a stock- 
pile expected to grow from 1.600 
tonnes this .-ear to S.000 tonnes 
a year by 19S5, 14.000. tonnes a 
year by I9h0. 27.000 tonnes a 
year by 2000? Add to. this the 
fact that the radioactivity fades 
fairly rapidi/. and the cynic 
might conclude that after a 
couple of decades such a stock- 
pile would ne less a bank than 
a plutonium mine. 

Separated plutonium, the 
IAEA lias concluded, greatly 
simplifies the physical problem 

or safekeeping, from 5,000 
tonnes of spent fuel is extracted 
about th> i<*nnes of plutonium. 
The capital cost of sinring this 
plutonium i* estimated a! Wm.. 
compared with S14Oin.-S2S0m. to 
store Hu- equivalent amount of 
spent fu ,, l. Operating costs, put 
at 51 m -'Par to manage the 
plutoriiuni. wnuld oe ten times as 
blah for spent fuel. 

The Vienna meeting will try 
to work out plans Tor an inter- 
national bank for separated 
plutonium. It will focus on what 
are seen as the two major 
problems: how to safeguard such 
a hank acoinst forcible seizure: 
and how to frame rules giving 
client? arcc'S to their plutonium 
deposit.'' when they have a legiti- 
mate purpose.' yet give all clients 
assurance- chat access cannot be 
obtained for illicit ends. 


THE MANY foreign owners 
relatively small shares in pro- 
perty sequestrated during the 
revolytion in Portugal are being 
advised by a leading business 
lawyer in Lisbon to sit back and 
wait With luck, they may one 
day get some compensation 
from the Portuguese govern- 
ment. To incur legal costs in 
the pursuit of such compensa- 
tion Would be throwing good 
money after bad .without a real 
chance of . 'influencing the 
ultimate outcome. 

But when it comes to big 
problems, like those^of British 
Petrolenm and Shell, -which are 
threatened with a , dramatic 
reduction in their share of the 
market, or of British insurance 
companies waiting for permits 
to transfer their profits 10 
London,;. such a fatalistic atti- 
tude cannot be , recommended. 
Here too, however, satisfaction, 
is more a matter of politics 
than of law. 

In many areas, the operation 
of civil and business law pro- 
cesses has been brought to a 
virtual standstill. 

The civil courts are choked 
with a flood of claims for the 
repossession of property lost 
during the revolution and of 
petitions for divorce, which only 
recently became possible. Each 
of the civil judges in the Lisbon 
region had some 200 cases on 
his list during my recent visit 
there, and more cases were 
being added every day. The 
swelling of applications is not 
the only reason why the courts 


are jammed. Many judge*- 
particularly those who were 
sitting in criminal courts under 
Salazar's regime, have left ti |e 
legal profession . and so have 
numerous attorneys labelled as 
supporters of that reyniue. 
particularly in the provinces- 

Another aspect of the feS al 
scene is an over-production of 
statutory regulations. The 
Official Gazette pfles up in 
lawyers’ offices with impres- 
sive speed but no one 
to pay much attention to it - N ' e "‘ 
decrees are no sooner published 
than they are replaced or fur- 
gotten- Even ' govemmeur 
officials responsible for the 
operation of business refla- 
tions enacted u with immediate 
effect ” have little hope of 
seeing some effects' hi the near 
future and candidly confer 
that they have not thoucht out 
certain crucial, problems 
their application. 

Some of the new decrees- 
when applied selectively rather 
than generally, can be "used by 
the Government to obtain a bet- 
ter deal from foreign traders 
and investors, by political par- 
ties to get rid of opponent* or 
to buy support, and by officials, 
dealing with the numerous 
applicants, to obtain bribes. 

' A good example of such a 
multi-purpose regulation « c 
Government Decree _No. 247 / VS. 
which came inter force on 
August 22. 1978. Until that day 
only pharmacists, grocer; and 
supermarkets were subject to 
licensing. From that day n0 


business may be carried on 
without a licence from the 
3IiniStiy Crf Commerce. Agents, 
retailers, and even peddlers 
have ro apply for a licence- and 
will be granted one “if they 
operate satisfactorily.'’ 

The Government estimates 
that it will take up to three 
years to complete the screening 
process. During that time, most 
businesses will bare to live 
from day to day and in the 
hope that their friends will re- 
main in influential positions or 
that they will gain the favours 


trade unions, the “gremiqs^— . 
trade associations — which . sin- 
trolled business activity wititin 
their respective zones o^. in- 
terest. are not dead. In a cairn, 
try where business depend?;#!) 
political patronage, a revohjtism 
rarely changes- this panenglt 
only replaces one political 
patron by another. )£■' 
While the licensing decti&j& 
August 22 applies to ail 
ness, foreign investments land 
co-operation, including k&w- 
how, patent licencing, 
.management contracts, fcgve 


The nationalised enterprise^. 'instance 
■ *rom banking - Ad- 1 contracts/vatuf. 1m /.partiaflarV 

inciudihc all forms of too* .Ji &iBtm . a^t%rmsurer&.with- 
^iSer from 

meit Thou-h some are said to awn underfteSfl per^nt -in- 
^rirtuaUy disintegrating, .crease. 'i* porkers' 


fjjj* d^Shs. feartaS the toss . oC. .3 Db^i mow 


iltt-.V-fe 


atiohal 


S oftenTress for the 

owners and managers.^auforffi^^ of 

whdm thev kicked ont -in. the: &&eif This 

SSTpSSd « * 

ftrronri- -There is 710 -m so fcr have 

KoteU-aH national CTlerprfee. XomfejM pnfr h.. fare ttm 
rafiHly lost its reputatmB_antt ^puMV^-^:^-;more: wprmiig 
the government is now kM*da to Jdy^m^prei^Te^elijys in 

having it taken over by Sinwv the; - profit£..Jt 
Hdtels who. however, for 


BUSINESS AND THE COURTS- 

BY A. H- HERMANN, Legal Correspondent 


of whoever will replace them. 
Those who wish to start a 
new business will have 'to over- 
come an additional barrier: 
their application will have to 
be recommended by the local 
trade association whose mem- 
bers are unlikely to welcome a 
new competitor. 

The transient nature of regu- 
lations is the product of poli- 
tical changes; the hesitant atti- 
tude to their application is also 
due to the patchy control which 
the central government has 
over the country. The Com- 
munists’ ability to resist the re- 
turn of sequestrated land in 
areas which they control has 
been well publicised. But 
though the ruling “corpora- 
tions” were disbanded together 
with Government controlled 


been subjected to a similar 
screening process by -jggte 
Foreign Investment Cbdfe. 
enacted a year ago by detipjfe. 
No. 348/77. All investme^s 
and agreements made befote 
1973 have to be registered-:-!# 
the newly-created For&ign 
Investment Institute and t&fe: 
prorides for an opportunity 'of 
renegotiating them — and m par- 
ticular of imposing an expiry, 
date on. agreements which, were: 
concluded for an Indeterminate- 
time. While inviting new' 
investors' the Foreign Invest- 
ment institute can disclaim-' 
all responsibility: fbr:\ tfie 
absence of any compensation 
for nationalised 1 enterprises. 
This matter is Said to. ;be. 
reserved to the central hank of 
Portugal. 


ffolklaj;' a nation*! 


flealV; exclusively wiJh;;-^^3enntfsSfM^' 


rat :.mach .oyer 

proved' with a 
diaffeisatisfy- 

IV gd 1HI u> > - . ^ ^'.'^®WWCrttlC 

pu3for hot potato. requirements:'|When ircomes to 

take tiie hotel h3rk unlesf -'the figures - fhu^tfe|ies-tiiaT'®z e . how* 
Government also compensated »a^r. ; scj^^ i wrca i t tan ccs have 
tbffin for the damage . caused hem delayed, Tor otie, year at 
wbtie ' the hotel . aad^ there Are .fears that 

nationalised. ' • -*7 J ' larger, maoufltt ' wiH- he snb- 

Thougb most of the difficulties jected • to* some ndw regime 
are created for foreign investors-. altogether-./ . , 4 *. . 

by bureaucratic aieasare^:Of by^ ^ It Ca^heLse&nVtbat the -shores 
’bureaucratic obstructiooi them' ofl>o'riugal;are.^.ttered with un- 
are also statutes whieh-.t^^-finlshOd vT^gai^^smes-S. Each 
direct and unpleasant revolutionary 

Thts is particularly evid^t in tide : wasfies >away ^some_ and 
the ffeld of insurance.. brings .in pother Wreckage: But 

companies, which have'-^sbut if ;.not Iawyecsl then v .trme 
&:'jj^cent of the Porfcgaefe certainly ritmold heal -eyerytiiing. 
insurance market (ampunEfcg And quite & few invertors seem 
to £1.5 bn) a ro very miBappy : now to he" taking this optimistic 
about .the tendency towards a View. ) '. . 7 ;*• ■ ' j ,r>r-« 


Disputes 


I should be back within next 
ten days, says Jbnjo O’Neill 



ENTERTAINMENT G L I DI 


Clearly far such a bank . to 
operate effectively the banker — 
the IAEA — must have a bie voice 
in determining what quantities 
of plutonium being produced arc 
in excesi of a country’s legiti- 
mate requirements, and must 
therefore be banked. This in 
turn implies agreeing criteria 
on amounts that might be 
retained by a client, and a pro- 
cedure fer settiing disputes on 
this point. 

\o* |.-a of the problems 
before i he -- nations which have 
a*ked in attend the meeting — 
among them the U.S. and Egypt 
I which have offered to store 
spi-nt fuel'. Brazil. Pakistan and 
USKRt-is 1 he question of con- 
vincing world opinion that it can 
have confidence in the integrity 
and objectivity of such a hank s 
decision-making machinery. 
Those opposed 'to nuclear energy 
cun be relied upon tn try to 
undermine that -confidence right 
from the starL 


JONJO O’NEILL, the record- 
breaking champion, is confident 
that he will be race riding again 
within the fieri 10 days. He said 
yesterday: "The X-ray on my 
broken arm proved satisfactory 
and I've- been told I can prob- 
ably resume riding within -he 
next two weeks." 


RACING 

BY DOMINIC WKSAN 


Carmody, Jeff King and Stephen 
Smith Eccles separate O'Neill 
from the leader. 

It is possible that O’Neill, one 
of the most popular champions 
from Ireland, will be back in 
the saddle on Saturday. Should 
Ian Warkinson travel' south to 
ride Night Nurse in the 
Buchanan Whisky Gold Cup at 

Ascot. Peter Easterby would 
probably he. keen for O'Neill 10 
partner Sea Pigeon In the Fight- 
ing Fifth Hurdle at Newcastle. 


He broke his right arm in a 
fall at Kelso six weeks ago and 
is still in with more than an 
outside chance of retaining the 
jockeys' championship, which he 
won last season. 

He lies fifth in the table with 
17 winner*. 21 behind the leader. 
Boh Davies, whose principal 
stable. David Morley, has been 
enioykig a fine run. 

John Francome, Tommy 


Tn the last few days. Jnnjn 
O'Neill has partnered several 
hurdlers in schooling for Sea 
Pigeon’s handler. 

News from the Tote, which has 
had an extensive Ust of prices 
on the Hennessy Cognac Gold 
Cup for a long while, L that Red 
Earl is all the rage. Formerly 
with Jack Berry, but now trained 
by Steven Nesbitt; Red Earl has 
been reduced from 33-1 to 16-1 
for the big Newbury chase on 
November 25. 


Three other chasers who 
remain in strong demand for the 
31-mile handicap are Ballet Lord. 
Bachelors Hall, and Strom bolus. 

Although down to 8-1 with the 
Tote. Strombolus continues to 
attract good money and it may 
be that the big ante-post firms 
will reduce their offers to 7-1 or 
even 6-1 within the next few 
days. 

As expected, the concrete-hard 
ground conditions have again dis- 
runted this afternoon’s cards and 
tv’ incanton sees a walkover for 
the Mam Chase, which carries 
£l.ifl0 in added prize money. 

The safest bet at Wineonton 
is Hunter's -Tov. whn goe* for 
the Mendip Hills Novices Chase. 


CC — These theatre* accept certain «mWi 
cares hr telephone or at the Bo* Often, 


THEATRES 


1 THEATRES. 




OPERA & BALLET 


COLISEUM. Credit Card*. 07-2*0 3258, 
Reeenrations 01 -836 Jlfil." . .... 
ENGLISH NATIONAL OPERA'- - 
Tania ht 7. SO The Tales of Haftm 
(Anal perlj “Enormously efteetlva-S.'ft - *'' 
SM. Tcmor 7JM The Thieving MoBM.] 


Sat. A Tue. next 7-30 Madam Batfofly. 
Wed. 7.00 The Marriage of Figaro. t£M 
balcony seals avail, for all perfe. (roar 
1QLOO on day. of serf. . V'sVn:. 


GEftALOWE MeEWAN - -r- 
' ' 6 Clive FRANCIS 

NIGEL STOCK 

" BOWLES HARDWIOC^ 

■Sffeww SM 6 " • \ 

wrth b CARV RA^XINO 


WTM 

S LONGEST ■■LAUG* — ; 

BB. 3.000 PEFttOBiMANCa 

ST. MARriNS. CC.-^ ! 

E*g». 8.00. Matioeer Tufti. Z:*V'S«L 

f. 5.00 and t. 5.00. ,•> 
AGATHA CHRISTIE'S A c : 


COVENT GARDEN. cc 240 4000. 
■Garoenciurae Credit Caros 886 OM3J 
THE ROYAL OPERA. . 7 
-Toft L Wea. 7.00 L'AfncaMit. • 

' Tonvar. 7 -SO Coll Ian t u tt r. 1 — 
THE ROYAL BALLET. ’ , 

Sat. 2-OC 5 7.30 Tue. 7 jo The aeepUg 
BeaKv. M=n. 7.50 Serenade-. A- Month 
in the. Country Facade. 53 AfflOhl' seat*, 
avail, for » ' oerfs. from T&.-am- on._dat. 
of pert. 


SADLER'S WELLS THEATRE. Rosebery .AH) 
6C' . S37 1672. EVBS. TJ0 

HANDEL OPERA - - - 

Last ' Z se~fi Tonight & Sat. 
SEMCUL Tom;r RINALDO. No*. 21 to 
Sec. 10 Loneor. Cantemooranf 1 iUece. 


WUMCANTON 
L30 — ' Wovoka 
2.(M» — Rlninvle 
2M — Ranter's Joy - ** 
3.00— Riiur’c Singer** 
3.30— Ski Shop* 


THEATRES 



flodicaU'S programme in black 
and while 

BBC I 

9.-11 am For School*!. Collects. 

12.45 pm News. t.OM Pebble Mill. 

1.45 Bagpuss. 2.0o You and Me. 
2.14 Fnr Schools. Colleges. 3.53 
Regional News for England 
(except London). US Piny School. 
4 JO Jackanory. -1 ,25 Emu's Broad- 
casring Company iERC-Ii. 51)0 
John Craven's N'cwsround. 5.03 
Blue Peter 


5.40 News. 

3.55 Nationwide (London and 
South East only). 

6.20 Nationwide. 

6.55 Tomorrow World. 

7J0 Top of the Pops. 
fl.QO The Good Life. 

8^6 ’BSastermind. 

8.09 News. 

9.25 Miss World 1978 from the 
' Royal Albert Hall, starring 
Sadia Disrc-1. 

inJW 62S-ER : "Omnibus'’ film 
aboul a ir:p across Europe 


F.T. CROSSWORD PUZZLE No. 3.824 



in a vintage car. 

11.00 To nigh t- 

11.40 Weather 'Regional News. 

All regions as BRCl except at 
the fallowing times: 

Wales— S.14-&54 pm I Ysgolion. 
5.55-6^0 Wales Today. 6A5-7J0 
Heddiw. 1140 News and Weather 
for Wales. 

Scotland — 941-10.01 and 
1730 am For Schools. 545-MO pm 
Reporting Scotland. 11.00 Thurs- 
day Night. 11.48 News and 
Weather for Scotland. 

Northern Ireland— -3.53-3.55 pm 
Northern Ireland News. 5J5-&20 
Scene Around Six. 11.00 The Fall 
and Rise of Reginald Perrin. 11.30 
News and Weather for Northern 
Ireland. 

England — 5.55-6.20 pm Look East 
(Norwich); Look North (Leeds. 
Manchester, Newcastle) ; Midlands 
Today (Birmingham) •* Points West 
( Bristol) : Sourh Today fSoutham- 
ton) ; Spotlight South West 
(Plymouth). 


BBC 2 


am Play School f As BBC-1 
3.55 pm). 

pm Tennis: The Benson and 
Hedges Champ ions hips. 
Open University. 

News on 2 Headlines. 
Laurel and Hard}' Show- 
case: “Our Wife.” 

Tammy Wynettc. 

Beneath the Pennines. 
When the Boat Comes In. 
Mid-Evening News. 
Newsweek. 

Midweek Cinema : “Hud,” 
starring Paul Newman. 
Late. News. 

Accident. 

Open Door. 

Closedown (Reading). 


*08 Thames at 8. 

L35 Crossroads. 

7.00 The Bionic Woman. 

8.80 George and Mildred. 

JUO TV Eye. 

940 The Sweeney. 

10.00 News. 

tOJO Tnside Business. 

11.00 Rafferty. 

I tOO What The Papers Say. 

12.15 am Close : Derrick Gilbert 
reads a poem by - Robert 
Herrick. 

All JCBA RegfoB.v as London except 
at the following tunes. 

ANGLIA 

US P« Xnalla ZB*- Women 

Otriy. OJO SoldPrmaD. 4.45 The PUntsionea. 
505 EUnoienlale Farm. 5.00 Ahoat AnsJia. 
IJB Arena. 7.00 Bygones. UO Bmamc 
Man. 1030 Dirr^— Ladbrakv- British 
Maichnlay ^anwlonjhip LLM Mystery 
MoTie— Culnmho. izzs am lonr Mustc 
at Nifiht. 

A TV *2 

A TV' 

UO pm AT\- NewsCfMr. 3 SSt T3» ATV 
Tbnndar PHure Show. SMJXV .Today. 
7 AS Emmeroai® Farm. 7 JO Bobknlc Man. 
UJO Format V. U.00 ifov^Pmmiere: 
"SaTaae.” ':■■■ 

BORDER ^ 

tUfl pm Border Neves. AJTRle Lirn- 


505 Job-Ure Nevrsdcs*. 5 JO Crossroads. 
•AO Report West. 505 Renor Walts. 
AJO Grand Pnx— Bnstol Fashion. 10J5 
Paul Brady at the Embankment . . . 
U-05 The Thursday FJIm: "Dying Room 
Only " 

HTV Crmna/Wales — ,\s HTV Genera) 
Sen-ice except; Uft-US pm Penawdau 
N-^rddion y Dydd. 4JD Seren Wih. 4.® 
Tin Flockton Ryer. SOS-S JD JoSKne— 
Wales. 5.(0405 Y Drdd. 6J0-7JW Spans 
Arena:. UJS Travels With A Donkey. 
L2.0S-UJ5 am Get Some In. 

HTV West —As HTV General Sc-rrice 
except: UB-L30 mu Report West Head- 
lines. 5O5AJ0 Sport West. 


ADEL PHI THEATRE. CC. OT-8M- ?B1fal 
E«B.iIhbs at 7 JO 

Mats. Thursoavi avoo. Saturdayy 4.DB.7 
An EiKtwntfna- New Musical.- .v: » 
■ BEYOND f* I 

" HERE IS A HAPPY^FAMILY ^HOW." 
Thp tlm #«L 5 
" BOUND TO RUN FOR EVER.*' 

” SUNN*??' t^JNEFUl! AND 
SPECTACULAR.'!* 

Dali# Te:esnnn, 

Cred : Care BooE-tys 0^836 7611. . 


ALBERT. 056 3078. CC. jlfc*. B36 1071-3. 
from 8.30 am. Part, >aies Mon.. Tues., 
Wee ana Fn. 7.45 pm. Thurs. and Sat. 


. . «.M and 8-00 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

" MIRACULOUS MUSICAL.*' Fin. Tlnres. 


wWi POY HUDO 
ClLLiAN BURNS. MARGARET BURTON 
Ertra ChHstmae Mats. Book Now. 


SCOTTISH 

105 pm Ncurs and road and weather. 
100 Women Only. A2B Tvxan. 5.15 Dodo 
rhe Space Rid. 5JB Crossroads. 6.D0 
Scotland Today. 530 Garaock War. TM 
Foracii- Mao. 730 Sale Of the Oninry. 
103a From the Too. UJM Lji-.- Call. 
U.05 Emergency. 1ZH Love American 
Style. 


ALOWYCH. 836 6404. Mo 836 5332. 
ROYAL SHAKESPEARE COMPANY In 
reponolre. Tonlaht 7.30. Middleton A 
Rowley's THE CHANGELING. "Sets the 
out*** skipping '■ The Times i student 
standby £1>. Wltn: AS YOU LIKE IT 
■Tomer.. Sat. m A el RSC also at THE 
WAREHOUSE -see under W>. 


AMBASSADORS. CC. 01-836 1171. 

Ergs. 3.00. Ttm. 2.4S. Sat 5.00 A 3.00 I 
JAMES BOLAM 
*' A superb •perTorTnal»ce.■' FT. 
GERALD FLOOD 
in a NEW THRILLER 
“ WHO KILLED 
AGATHA CHRISTIE . . 


Home on die Prairie. 535 t£V4R» and 
Shirley. MO Lnokaround Ttm&dsy. 7 jBB 
Ermnerdale Kano. 7.30 Botanic Min. 
HUB Chuek-lc Inn. U.00 Chowar Sound. 
U-W Border News SmnmaryJv,’ 

CHANNEL?/ 

131 pm Ghannei Lun:httaM^fiOWB and 
What 'a Ob Where *.20 Tho W* House 
on the Prame. 5.15 Cartoon. Spider- 
man. 5390 Chann<:> Keu-y. 5JB Z,(nk Dp. 
10 JB Channel Lmo N>.-rs MJS Samlokaii. 
1U0 Mode Premiere: -*i(fiirttor!i-*." 
12310 wi Npvh and veaitaer'-.ld French. 


LONDON 


ACROSS 

[ A mutL'i'i.il whenever you like 
(2. 4 1 

i Fractionally depressed by- 
minor sporting student (4. 4i 
1 Lingered and became late 
about everjlhica (7t 
l Recite when part of film is 
cancelled f4. .'ii 
; Perform depressing key job 
in Class (4) 

Flighty female attendant 
13. 7t 

Disturbance during boat race 
<6i 

i Paid player to dust in advance 
(7 » 

I One way tn kick off social 
misfit (4. Si 

E\en the East-end has a 

grievance <fi> 

Player who 19 poc* from 
Neath to Reading llO) 

; First garden to be made oul 
of converted enclosure (4) 
Dress ornament to stretch 
nver broken leg (7) 

Range or direction finder M 
Heed instructions to deliver 
message (4. 4i 

French capital has compre- 
hensive line up (4, 2) 

DOWN 

Accounts check on Circle 
Railway received by car fS) 
Shakespeare mik'ht show 
determination i'4. 5) 

Beastly relrear left to 
ventilate 14 » 

Neat part of Scotland (S) 


6 Clears extensive inducement 
to consumer (4, 6) 

7 Fail to keep ring inside un- 
attached t5i 

8 Mischevinus in not consider- 
ing others beheaded (6i 

9 MingJc with a dunderhead on 
motorway gning to vote (51 

14 Bloomer letting break con- 
tinue Interminably <J0» 

17 .Tust placed to go on at under- 
ground conductor f5. 4) 

18 Leave Split with former alter- 
native to service (4, 4> 

19 Tolerate wrong substitutes 
f«. 2) 

22 Apple found in right useless 
croup 

22 Newsman one caught Srst and 
last crearine order (5) - 

23 Hit the bottle in the 4th row 
f5) 

27 Novel heroine joining Pip for 
the afternoon (4) 


9JSQ am Schools Programmes. 
12.00 Topper'.* Tales. 12. JO pm 
Rainbow. IZ30 Toyeraft. 1.00 News, 
plus FT Indpx. IJO Thames News. 
1350 Crrrwu Gouru 2.00 After Noon. 
22a' Fallen Hero. 320 Looks 
Familiar, 3^0 The Sullivans. 4.20 
Chiltlreo's Film Matinee: "The 
Treasure of the Golden Condor.” 

5.45 News. 


GRAMPIAN^ 

43S urn First Thing. 131 pita Grampian 
Saw HcadUDas. 430 Thn Llrita Boow on 
f|w Pralrli:. 5.15 The Boh NWknt Show. 
5.80 Grampian Todny. IB. 30 FqUce News- 
room. UJ5 Spon«vall. v< iC Rpflertinns. 
11.20 Grampian La;r 3Y|gftf~-Heaflllnes. 
1135 The Pnrfkse 

GRANADA.^ 

130 put Tht« la Your RUtM. 4-* Spider. 
OJAD. 430 W*w way. 5.20 tW" New. 
5JL5 Crassroads. ^.89 Crandfi Reporu. 
5 JO Etna lord ale Farm. TJ* The Sis 
Million DiiDar 2Uti. 1B30 Whai'* On. 
UJM What The Papers U- 2 * 

Baraaby Jones. 

HTV s."’ 

130 inti Pepnri ttVar ResdliWa 
Report Wales Ueaitlioes. Women 

Only. 43A LitUr Hous,.- oo/ffl* FTaine. 


SOUTHERN 

130 pm- SoutHem N'ewfi. 2.00 Women 
Only. 430 Lassie. 4^5 Beaeticomhi-rs. 
535 The Undersea Adventures of Captain 
Nemo. 530 Crossroads. 5JDB Day by Day. 
5J0 University Ch alienee. 7.00 Emmpr- 
dkle Farm. 7.30 Botanic Man. UJO 
SouLhern News Exira. IBJ5 Vour W'est- 
nunsicr. 13-85 Earnaby Jones. 1239 am 
WhBL The Papers Say. 

TYNE TEES 

035 «n The Good Word followed by 
North East Mens Headlines. 1.20 pm 
North East News and Lo oka round. 2.06 
Women Only. 439 Cartoon Time. tflj.O 
Thureday Marlnee— "dilld's Play" starrlnB 
Mona Washbourne. 5.00 Nortbcni Ufe. 
7.00 Emnterdxle Farm. 7 JO Botanic Man. 
1QJ0 Northern Scene. 11.00 Pni-CelL-hrlty 
Sivr.'ker UL45 The New Andy Williams 
Show. 3235 am Epilogue. 

ULSTER 

130 p*n Lunchtime. 430 Ulmer News 
Headlines. 430 The Beachnuuhr-rs. 4.45 
Lanrie. 5.15 Cartoon. 530 crossroads. 
530 Reports. 53S Police Six. 5.35 Happy 
Days. 7 .88 Emmcrdale Farm. 7 JO 
Kotauic Man. 10-30 Count crpolni. U.oo 
The Practice. ILS Bedtime. 

WESTWARD 

1237 pen Cus Howytnm'R Birthday;. 
130 Westward News Headlines. 439 The 
Lhtlc House on the Prairie. 535 Cartoon- 
nme. 5.20 Jusl Ihe Job. 4JJ6 Westward 
Diary. U3S Westward Late Mi**, UJO 
Talk of The Town, 1LB9 Movie Premiere 
“Ganioyle-i" surrlua Cornel Wilde 
123B am KaUh for Life. 

YORKSHIRE 

L30 pm Calendar News. 43t Jabber- 
law. 4JB Uirlii House on She Prairie. 
538 CaJendar lEmley Moor and Belmont 
edltlOM). 7-80 Emmcrdale Farm. 7 JO 
Botanic Man. 1630 The Love BnaL UJO, 
in Concert. 12JM The Pru lectors. 


APOLLO. CC. 01-437 2663. E»g» 8.00. 
Mats. Thor*. 3.00. S*t. 5.80 ind 8.00. 
PAUL DA NEMAN. LANA MORRIS. 

□ ENNIS RAM5DCN. 

CARMEL McSKAftftY 
SHUT YOUR EYES AND 
THINK OP ENGLAND 
2nd WICKEDLY FUNNY YEAR - Very 


very tunny— great entertMoment." N.n.W 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
onmr linen 

Hllarfous . . . m* It." Sundav Times, 
Monday to Thursday 8.30. Friday and 
Saturday 7.00 and 9.15. 


ASTORIA THEATRE. CC. Charing Crosa 
Road. 734 4291/439 B05I. Mon.-Thur. 
B.OQ o.m. . Fri and Sat. 6.00 and 8.45. 
ELVIS 


BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
SECOND GREAT YEAR 


CAMBRIDGE. CC. 01-836 6056. Mon. R) 
Thurs. 8.00. Frt.. Sat. 5.45 and a.Jo. 
_ IPI TOMB I 

EXCITING BLACK AFRICA*! MUSICAL 
- Pulsating Musical •• eremno News. 

Sear onees C2. 00-55. 50 
Dinner and lop wke seat £9.50 met. 
FOURTH GREAT YEAR 
TRANSFERS TO WHITEHALL THEATRE 
DECEMBER GUI 


CAMBRIDGE. CC. 01-856 6056. 
Boa Office now open lor 
TROUBADOUR 
A new musical tiarrfiM 
Kim Braden A John Watts 
Red. one# pre*s. from Dec. 12. Opens 
Dec, T9. 

comor. CC. 01-930 2S7B. Ergs 8.00 
T^ure. 3.00. SM3. 5.15 and B.30 
BILLIE WHITELAW 

■ The most noweriDl female acting seen 
in London Oils Year." Observer. 

T. P. MrKENNA in 
_ MOLLY 
bv SIMON GRAY 
” INTENSELY MOVING E. Nnwy. 

" FEROCIOUSLY EROTIC." 5 Times. 


C 5JI B ?J!S? l -e 30 J3 Z1G V. Cr * dl ‘ ar * tllras. 

636 1071. Eva. Mon.-Thur. a Fri, A Sat 
5; - .V* M v W HILARIOUS 

PLAY FOR YFA Rs . Financial Times. 

V-LOO JOO 

ov Michael Kjuiing: 

" HA ° i 1 ?iirfrePi E "£ E R cEF l S l ^. G w «™ 
LAUGHTER." Ev. Sundard. 


Solution to Puzzle No. 5,823 


a&irafaraH^.BCTuiaaa&i'-j 

n b g a g 

nnisHna: mmwmrm 

q m g s 0 

farasHaasEf saaaaB 
g . U - - 3 

ggaai'. ;: aaESQgES3aci 
3 g -. g. n H f3 
MHEsnaBDEg ragss 
!?},. \Q^S ffl B D n 

fa,..Q---n^m-’S -g ■. m -b 

gasaa003>: gognaa 


RADIO 1 « 7 “ 

(5) Stereophonic bnadcut 
tMedlam Wave 

5.06 .m Radio 2. 7.66 Dave Lee Travis. 
430 Simon Baiev. 1136 Paul BurnerL 
2-00 pm Tony Blm.-Mtum. 4J6 Kiri Jratnen. 
7J6 Radl« ■>. UL8Z John Peel <K» 
'll no VHP i. 1238-232 am As Radio 2. 

RADIO 2 1200 m and VHF 

54» am 'tem-6 Summary. 5.62 Tony 
BramJoa (Si vncJluJliis 8.15 Pause for 
Thonitht. T32 -Terry Woean iS > incJodiHfl 
S.:» Ractte Bfillftln. and H.? Pauw for 
Ttiniiiriii^76.a2'Jimra»- Youna tsi. 12J5 pm 
VTaaro tiers' Walk. 1239 Pete Murrays 
Open Hmwo tS> toclnilina 1.53 Sports 
Dent:. 130 David Hamilton 'Si inehlrilBR 
2.45 and 3.45 Sports Desk. 430 Wasgoheri' 
WaK. 445 Soarts Desk. 431 .John DnnO 
■Si Indudinc 5.43 Sports Drab. 6.6 Sports 
Desk. 73H Country Club < St. 6.0 Folk- 
treave fS>. 635 Spans Desk. 160 Rov 
Castle in Castle's on the Air. 16J6 Star 
Sound Extra. LlO Tennis: BcttsW Efu 
n<rigi>s. 11JB Brian Matthew Introduces 
Roand MldnlBht, tnriwfinc li.DO Nuwfl. 
2.00-2.02 uti News Summary. 

RADIO 3 464m, Stereo & VHF 

535 am Weather. 7.86 New*. 735 Over- 
ture IS'- MO News. -MS ilornirct Cot- 
cert (Si- 9.66 .\«ws. 64B- TW» W ask's 
Cnmposef: Hummel fS».' MB C. V. Orr 
solus recital (S». .M-20 Bowhoren; 

ijuartet in B Oat tSL 1130 Detmsiy and 
MesM aen piano recital ■fS’i. -H4B A 
Renulem Symphony and a Mass Cowart, 
pan i; Hanmaun fSi. 12A6 pm later- 
ral Reading. 1Z15 Conrart. part 3: 
Emrimer. lob News. 1J5 BridfoM Mid- 
day Concert IS). 236 NMh Ensemble 


cotcuit. Dart i: Mown. Bedford tS>. 2.« 
Wordy . . . (ail, 2.55 SS& Enarniblc 
part I; Sctlnb-n *S'. 330 BBC Welsh 
Situ phony Oreh-rtrn 'S'. '.S3* Harpsi- 
chord Ri^ctral »S-. 5.45 H^mprard Bound 
•Si. 538 Ncvs. U5 ,\1 (S>. 738 

World Theatre- — rite Burahera ot Calais" 
hv Cftorc Kaiser iS> fSS Fru"' 
Fi.-WjIc Mill Concert. part.;l: 
naydii. Lciahtoti, iTedmcr WS'- *15 
Imcn-ai Rearitns. ujo Coe 6 »^- p*” 
Charm. ULOS Lies and OrtW* 1 * 5 ' . aiff 
ASbby ircadiBE'. 12 Jd ««) (ftp D«wiJ«in 
iSV. ULC Sens. U3MJS;' TwilBht ' s 
SiJiubr-n Sodb. \ 


RADIO 4 ' X _ 

454 hi, 330m. 285» W» d 
5-00 wn Snvs Bneflna. 41* Fanrtpo 
Today. 530 Today: MagaaiW' uhauQJiJll 
6.45 Prayer for [he Oar, a®*. 8 -®® 
Today's Xeu-c. 7 m and .U.M '!*£*■ H* a d- 
linos. 7.45 Thought for lha ®p. 
Yevrerday in Partlament. Sf* 

6.05 These Yon Have Loved-jJ*® 

10.85 Ghedmolnc lOJO Daw Serj*^ 
lfljos Momma Siory. njoi^ewo. 
Analysis. 1130 Find !mptw*« ^ (Patndt 
Moore recalls favoarlle chUUK** 

12.60 WH Kwi. 12.62 YOU 7 8“0 
12-27 The Peter Hudson Show .'£>■ -. UJS 
Weather: pnwnmune news. *-*} ^aws. 
130 The Archers. lxtS WW £ « four 
including 2.0O-2.M Nows. "i[ n 

MoOter. 3.00 Nows. 330 ®^°^“ “f. 

Prime Minister, lire Franr BB8W “ 
Caramons. 3-35 Afternoon , j 

4-3 S Story Time. 5.80 PM: W”? 
sine. 535 Weather: “WS: 

6M News. 4X0 Top of 0» «*«■"* 
News. 7.05 The Archers. i2»r ime «r 
Verse- 7 JO BmmwntOinU , 

Orchemra concert, pari • Mas an. 


Strauss <S>. MS Oa Such a fravtuzibvr 
Nleht :Tlw buys or the Rye Llk-bdal 
"Mary- Siaitfonl" 30 rears aso. a30 
Bourn i.-monrh SO part 2: Mahler fSi. 635 
Kaleldoscopi'. 636 Weather. 10-00 6611 ; 
World To rush t. 1036 Arty Answers? LL80 
A BnoP at Bedilra<-. ULlS The Ftnanrfjd 
World Tnm^iL 1130 Today In ParUameoL 
LUO News. 

BBC Radio London 

206m and 944 VHF 
5.W am An Radio 3. 53 ® Rush Hour. 
630 London Uv«. 1233 Pfn Call tn. 2 .B 3 
JOfi Shoinase. 483 Home Run. 5-10 Looff.: 
Stop. LI«:cD. 738 Black Londoners. 8 JO I 
Snol d. 10-03 Late Nirfn tendon. 12-BO 
as Radio 3. 12JJ5 pm QiKstlan Time from j 
the House of Commons. L65— Close; as| 
Radio 2. j 

London Broadcasting 

261m and 97.3 VHF 

5.M am Mamins Music. 6 JW AM: non- 
stop (loirs, (monnsciun. trar«). sport. 
10.68 Brian Kayes Show. US pm LBC 
Reports. 3J» George Gate’s 3 O’dodr 
Call. 6J0 LBC Reports iLOOllmiesi. 8.66 
After Eight. 6 JOB .Nigh dine. 1.00 ant 
Nipht Eeira. 

Capital Radio 

194m and 94-9 VHF 

4.60 am Graham Dene's Urea Ha it 
Show iS’. 6.00 Tony Myall (Si. l&QO 
Dave Cash 'Si. 3J0 pm Rosrr Scott (S). 
7.M Lord Georse-Brown's Capital Chm- 
mcmary <St. 736 London Today (St- 
738 Bryao Wolfe's Open Line (St. 6-00 
Nick? Horne's Your Mother Wouldn't 
Lite *t <S». U.W Mike smith's Late 
Show <S'. 230 hi Duncan Johnson'* 
Nijcbl FUtfct (S>. 


DRURY LAWE. CC. 01-8S6 6100. Mon. 
to Sat. 8 da. Matinee Wed. a, sat. 3.00 
_ A CHORUS LINE W 




'■ A rare denrtaiLip Joyous astonlsliira 
atunner. 5. Tiwca. 3rd GREAT YEAR. 


iOBKON KAYMAKKET. 'SiO 27BWM: 
I MIDNIOHT BX PRESS (XI. Sn.mo. 


OUCH«S. 836 6243. Mon. to Thurs. 
Evenings 8.00. Fri. Sat. 6.1 5 A 9.00 
OH! CALCUTTA! 

- The nuduy »» stunning." Dally Mall. 
9th Sensational Year. 


DUKE OF YORK’S. CC. 01-836 St 22 
Evgs. I wi. fri. and Sat. 5.30 nnd 8.30 


. 5.30 nnd 8.30 
FELICITY - ■ 
KENDAL 


COURTENAY KBNOAL 

CLOUDS 

“ IS 3LISS " Ohirtver 
’■ Michael Frayn's fantnest plav » p. tei. 


FORTUNE. BSE 2250. Etc. 8. Thun. 3 
Saturday* 5.00 ana BOO. 

« M,ss MaRPle in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK. CC. 626 4 6 (JI. Evos. 8.00 
tsharpi. Wed. 3.00. Sail. 5J0 8.So" 

DENI5 QUILLEV In IRA LEVIN'S 
DEATHTRAP 

A New Thriller directed by 
MICHAEL SLAKE MORE 
** THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 
Sundav Telegraph. 



MIDNtOHT BXPRMS txt. Sep-irii,. 1 
'diy. 230, S.aO. 030 pm. Lit jshosr . 1 

Frb.. Sat. A Sun*., doore open 115 ml' 
prog, at UJS, an. Alt seats bfc g / - .1 i 

°DEON LEIOSTOt SQUARE. i95C.it tj I 


EY«S Of LAURA MARS (AATJcm: . 

cros s. tHy < . doora wo 2.00 A4 7 ^ 5 . 
-Late. «bow -Fri,- s Sat^ poors epenrtG '-?• 
pm. ■ _ r 


IMSlW-.-;! 


Pmmra-GHAtn.is 1 . Ae«c.-so> I.ms? 
WAleran BvronaTiri THE MAST-Sii, • 
X. So. Pert*. 12 AO. 3.10^?®?? 
(Sun. 3-10. 5-55-' 8^S). Late 5hfc«- -I 
*»- n.-lS.Seafa A . 


ROYAL COURT. - • 73 

Bvgv, M<mi. to Sat at 8. 
PRAYER FOR MY DAUGHT 
. . . ter Thomas 8a bn 


730 1T43 
8 . 

HTER 


STUDIO 1 & z Oxford Clrciif, 43,1 
L' JMI. Clay burgh. ■ Alii Bitoa t 


GLOBE THEATRE. CC. 01-437 1 SOS 
Evgs. 8.1 S Wed. 3.00. Sat, 6.00. B.io 
PAUL EDDINGTON JULIA McKENZiE 
BENJAMIN WHITROW ' 

ALAN AYCKBOURN’S New Comedy 
TEN TIMES TABLE 

■* This must -be the happiest laughter, 
maker In London." D. Tel. " An irresistably 
enjoyable evening." sundav Tim 5 . 


ROYALTY. CC. 01-405 S800. 

Monday ilhursday evenings 8.00. Friday 
5 JO and 8.45. Saturdays 3,00 and 5-00- 
London Critics me 


l ft UU E22 , » 5EL UNMARRIED* 

Proas, t.oa. \30. fijJO. 
: Sht>w FrL A SjL 70.50. 


BUBBLING MoWN sugar 
B est Musical of «B77. v . . 
boofctnpt- . atCEPtM. ■ -■ Mater credit 
. Reatabraik res. 01-465 741 8. 


kili •»** tr 


GREENWICH THEATRE. 0I-B5B 775E 
Evening* (LOO. Mat. Sat. 2 30. Until 


cards, Reatabradt re*- 01 -<68 24 1 8 . 
SAVOY THEATRE. ~1. . . 01^136 8688. 

Credit rerd* 734 4772. Totn.Cnnfl m 
;WHOSE LIFE IS IT ANYWAY 7 

«l*to 

Ew. . 8 . 00 . Wad. 3.00. Sxt. SM A 8.4*. 


CLUBS 


No*. 25. Staohanle Beactiam. David 
Burke. Susan HamPtnire. Jeremy Iron a. 
□avid Robb. Jamw Taylor | n 


AN AUDIENCE CALLED EDOUARD 
by Da»1d Povrnall 
“ A theatrical coup." Times. 


r«w rs ^5^°^ Y n; 

Evg*. S CO, wed. 3-OQ. Sot: SM A 8.4*. 

SHAFTESBURY. CC ■ 836 8598-T. 

MG' 4255. Opens Dee. 20 until Jan. T3. 
JANE ASHE R NIG EL PATRICK In : 
. . .PETER PAN _ 

Dafly 1 and 6.45. 'Prints E5. £ 4 . IZ. Li. 
Reduced price on' Dee. 20, 27, 231, Jan. 
a, 9. 10. 11. T2.. •- 2--: 


R*oef» 56*1t. 734''05! 
Carte or A((-ib mciw. Three -SpAft- 
rioor Show* ID .44. • *2jJ5 loff t^K 
muafc of johnny Hawkeswartb 


GARGOYLE: 65 .' Doan Strwt. 
NEW STRIPTEASE PUS 


i.atf- Stwy at MmoIcn 


« MWnlChtJt .... 


!si;" i 

Sr ■ 

S k : - : 
h & 


.. c f w 


?‘side Studio 


■bmesti 

iosetrri 










Financial Times Thursday November 16 1978 


21 









ICA 



by MrCHAEL COVENEY 




The male life fiflJre of 1900 with Its sculpture by its side 


Museui of Modern Art, New York 

The Matisse Collection 


by WILLIAM PACKER 


Perhaps * should expect no 
less of one the world's great 
capitals, fauNew York at the 
moment affls the visitor many 
rare treatshe autumn season 
in the vis arts is now well 
under- wavie private calleries 
up and doibe town full of life 
and intere-and more of them 
another r: Rothko is cele- 
brated a the Guggenheim, 
Abstract kessionism and mis- 
cellanies other extremely 
in teres tin modern American' 
Art oceupe Whitney: and the 
Tutankhrf caravan at last is 
due to hat the Metropolitan. 

This if-o the time that Ihe 
Museum Modern Art has 
chosen »rin:j out its entire 
holding, prints apart, of the 
work of-isse. as fine a collec- 
tion as icould wish to see by 
the artwho may reasonably 
be thou the greatest of the 
centuryade alt the finer by 
mclusic'here possible, of the 
works (tutted to the Museum 
for thdure by gift, bequest 
or specconsideration. The en- 
UghterAmerican policy in its 
taxatio' particular generosity 
toward l lectors, would appear 
to be "S enviable dividends. 

There of course some con- 
aider? gaps still to be 
pluggthe relaxed and intim- 
ate < nf The twenties. Ihe 
wora*t home, the languid 
nude'dalisques and dancers 
are jesented rather more by 


the graphic work, here in parti- 
cular by a splendid series of 
lithographs, than by major 
paintings- and we hurry through 

rather to the late papiers 
colles, to the Jazz suite or prints, 
and to the applied design for 
church vestments and stained 
glass, by-pass mg the painting of 
the forties almost altogether, a 
time when he returned to some 
OF his early and most ambitious 
themes. The “overview of virtu- 
ally every period " of the exhibi- 
tion publicity does need a 
certain qualification. 

A caveat however, is not 
always intended minaioriiy. and 
mine must not be allowed to 
turn the prospective visitor 
away. The Conspicuous strength 
of the Matisse collection lies in 
its coverage of the great early 
phases of his maturity as an 
artist, as he moved out of 
Fauvism— which too is some- 
what lightly represented— into 
his own peculiar' version, simple, 
decorative, oddly domesticated, 
never emphatically theoretical 
but for all that always very 
strong fn statement and con- 
struction. of Cubism. From the 
Dance of 1909. and then the 
great Red Studio of a year or 
two later, a palming that lived 
for so long in a Soho club and 
finally slipped through our 
fingers only some time after the 
War. vp follow an extraordinary 
sequence of masterpieces: still- 


Rffside Studios, Hammersmith 

romestic Dances and 

4 

losemary Butcher 


* Dance Umbrella sheltered are In fact married — and there is 
after pair .of enterprises on an attractive blend -of humour 
Tday night) To get the worst and emotion to trace their story 
o' with at Jnce, I report that from meeting, marriage, en- 
tl Rosemaw Butcher Dance forced parting, misunderstand- 
Cpany stared the evening jog and final happy union, 
w four pipes— three by Miss Emotionalism is all. 


bfes and portraits — Goldfish and 
Sculpture. The Blue Window, 
and then the Parisian views and 
Interiors of the mid-War years, 
Notre Dame, The Piano Lesson, 
The Italian Girl and The Rose 
Marble Table. Finally there is 
The Moroccans, the mast sur- 
prising and intriguing composi- 
tion Of all. with its ambiguous 
imagery, flattened space and Us 
openly experimental and 
extreme tonality. 

Marching in step with the 
painting in this remarkable de- 
cade is the sculpture, the exqui- 
site La Serpentine of 1909. that 
so calmly picks up the rhythm of 
the more frenetic Dance nearby, 
the run of busts of Jeanette, and 
of jcoune the first three of the 
four Backs. The last is with the 
others, naturally, a later coda to 
complete the set (we, too, have 
these magnificent reliefs, though 
they raised a storm when the 
Tate acquired them. They have 
just gone back on show, as have 
alt our Matisses, in the early 
part of the reharig of our modern 
collections in advance of the 
opening of the Tate extension 
next summer). 

A particular feature of the ex- 
hibition i% the relation estab- 
lished between all aspects of 
Matisse's work, for the Museum 
has the great good fortune lo 
possess, in a number of import- 
ant instances. th<» paintings, 
sculpture and the drawings that 

Elizabeth Hall 


circle around the same, or very 
near, pre-occupation. The display 
makes the point unmistakable, 
for what is perhaps the greatest 
of the earliest works, the C£zan- 
nesque male life figure of 1900, 
commands the entrance to the 
show, with it$ sculptured pair by 
Us side, as in the picture. 

Matisse is the most directly 
enjoyable and acccessible of all 
the great modem masters, for 
even at his most radical and 
experimental, even when bis 
work might offend the fastidious 
for its apparent or casual incom- 
pleteness. it is never difficult, at 
least nut us from our later 
vantage point: and there is 
always something lo indulge the 
senses, whether it is the subject 
matter, the open admiration of 
women, the love of decoration. 
The clear and vigorous use of 
colour, or. simply the more 
technical, painterly pleasures, 
the quality of the line, the mark 
on the paper, and the stuff of 
paint Itself.' Matisse, like all 
great artists, has soon become an 
academic industry in himself: 
bul the simple pleasures remain 
to us whatever the increase to 
our understanding, and we must 
take full advantage of all the 
opportunities the industry 
engineers for ns, of which this 
show at the Museum of Modern 
Art (until January 30) is a fine 
specimen. 


There is a cabaret sketch that 

Met Brooks used to perfo r m — 
described at length - in a recent 
New Yorker profile of. the film 

star by Kenneth Tynan — in 
which a 2,000-year-old man wise- 
cracks his way through a fairly 
serious interview. Albert Finney 
once went bo holiday with 
nulbins but a recording of 
Brooks's classic performance. 
This way be the Inspiration for 
Heu theme .Williams's sprightly 
piece, happily revived after last 
year's Oval House premiere with 
Janet Street-Porter quizzing Neil 

Cunningham * ZTS-year-oId 

man who has. discovered the 
secret or tune. What is the 
secret? "That there is no time.’ 
Time is a fai Ge alarm.’' 

The P»:iy takes the farm of a 
television interview and, as such, 

is one of the most interesting the 
lanky, likeable Janet has con- 
ducted for some time. Mr. 
William*, of course. Is an 

accomplished . revolutionary 
epigrammatist,' firing off beauti- 
fully phrased ideas to challenge 
our notion of death as an 
inevitable, consequence of'life in 
much the same way as Joe Orton 
challenged conventional sexual 
morality. In his .plays. “Look, 
biochemistry has. made death an 
offer it can’t refuse, and you 
want to refuse it why? You 
heard about 'Uie Last Supper? 
Now find put'Tehatis for afters. 
Or join the human race and die 
for a living- THEY WANT YOU 
DEAD.” 

Death, it seems, is part of a 
capitalist conspiracy which may 
be fought by cryogenics — “ but 
whv spend your life In a fridge 
lumbering people with your 





Janet Street-Porter and -Neil Cunningham 


electricity biil?” But 278*3 chief 
advocacy is reserved for denying 
the Did Reaper by hopping about 
a bit, appreciating The psyche- 
delic properties of human excre- 
ment and taking only what 
nature gives you. There may be 
scientists seriously involved in 
the prolonging of active life, but 
their attempts to do so only 


Royal Cpvrt 

Prater for My Daughter 


Henze Quartets 

Prolific as ever, and to some upwards. The cello's loquacious 
purpose, Henze in the years recitative produces comment? 
1976 and 1977 wrote three string from the remaining instruments 
quartets (Nos. 3. 4, and 5) and in the most “advanced" 
a Sonata for solo violin. The language used in the three 
four works were given on quartets. On paper the move 


This vivid play by Thomas 
Babe was enthusiastically 
reviewed here by . Michael 
Coveney when it played at the 
Theatre Upstairs. Now it has 
been promoted to the main 
auditorium, and I am happy to 
confirm his judgement. 

Two New York detectives are 
grillinc two suspects in a squad- 
room and the four hours of their 
encounter are outwardly all we 
see. At the end of it Sean and 
Jimmy are taken away to be 
charged with the murder of an 
old woman. But in those four 
hours— two on the stage — we 
learn a great deal about the 
quartet. Kelly, one of the cops, 
has a daughter who at that very 
time is threatening suicide. 
Jack, the other, is a junkie and 
keeps the kit in his office desk. 
Sean, the elder of the suspects, 
is having a homosexual affair 
with Jimmy, % other, who is 
also a junkie. ' 

The writing achieves extra- 
ordinary sensitivity with tber 
impoverished vocabulary of the 
idiom.- and by the end of the 
evening, with only oerasional use 
of any kind of autobiographical 
outbursts, we know the deepest 
recesses of these men's charac- 
ters. It is remarkable that 
though we are attending a 
routine crime enquiry, all we 


are interested in Is the private 
lives of the participants, and for 
this both the writer and the 
actors must take the credit. 

The acting of the Four players 
is exemplary. Donal McCann, 
the solid unemotional Kelly who 
prolongs the interrogation 
because he would rather do that 
than see his daughter in despair, 
keeps bis deeper feelings only 
just out df sight, so that when 
he most unexpectedly seeks 
emotional' relief by embracing 
the attractive, boyish Jimmy, the 
action does not seem improbable. 
The heroin-high Jimmy's subse- 
quent scene with the stolen gun 
does, to my mind, strain a tittle 
the laws of credibility otherwise 
so truly observed, but Kevin 
McNally plays it with such cer-' 
tainty that it does not break the 
bubble of conviction. 

-Antony Slier a a Jack, the more' 
flam buoyant Of the police, shows 
us. a sinister game of alternating 
truth and pretence in his busi- 
ness-of -winning- the .hoy’s confi- 
dence: and as the educated 
Sean, the more colourful of the 
suspects, John Dicks brings 
some light to the otherwise «rey 
scene with his consciously 
superior talk. 

The direction is by 
Stafford-Clark. 

B. Au YOUNG 


prove the probability. of eventual 
success. 

Mr. Williams is* a fund of 
unusual information and his ver- 
bal felicity a. delight in Itself. 
278 quotes from literature to 
support his thesis .that genius 
has been on to Immortality for a 
long time, reeling off phrases 
from John Donne,. Swinburne. 
Shakespeare, .Paracelsus, '. Sir 


Oxford Prayhouse 


Oliver lodge and Woody Allen. 
Mr_ Cunningham is a precise and 
very funny interviewee and the. 
seriousness (or not) of the ven- 
ture may be- measured by recal- 
ling that the piece inaugurated 
the National Theatre of Fres- 
tonla (three street according to 
the programme, which recently 
seceded from the Ladbroke 
Archipelago). 


Vandaleur’s Folly 

by MICHAEL COVENEY 


The programme notes for 7:84 
Theatre Company'S touring pro- 
duction — stopping off this weak 
in Oxford before continuing its 
tour of colleges, -halls and clubs 
— are replete with worthy recom- 
mendations of-, the Ralahine 
Co-operative Commune as a suc- 
cessful experiment in Irish Soc'sl 
Democracy, -I only wish that the 
play itself, by Margaretta D’Arcy 
and John Arden, was half as in- 
formative. Wishing to know 
more about the subject 1 am left 
penning a review while hope- 
lessly. floundering through long 
quotations from Patrick Bolger, 
James ConnpUy and George 
Russell. . 

The narrative, which is either 
dense or- incomprehensible 
depending on '- your ' tolerance 
level, charts tH» growth. Hfe and 
dissolution nf the cnoinrane as a 
bulwark against the --incipient 
Orange Order of the early 19th 
century, feudal injusticesand the 
slave trade. The revolutionary 
spirit is embodied in the feminist 


determination of an American- 
idealist Roxana, and Vanda leur's 
wife. Vandal eur himself Is por- 
trayed as a fatally weak do- 
gooder eventually seen gambting 
away the achievements of 
Ral ahin e 'in Dublin's Hellfire' 
Club. 

The production. by the 
authors, is framed in an enlarged 
Pollock toy theatre, various 
scenes at the Sheihourne Hotel, 
on the southern Irish coast and 
in tile commune, one dimen- 
sionally suggested by a succession 
pretty painted ' cloths by Jenny 
Tlramani. The cartoon style of 
presentation is beginning to look 
tattered and- jaded, not at all 
helped by the irritant of an elec- 
tric keyboard grumbling half- 
heartedly away beneath the 
dialogue. There are shafts of 
true poetic writing, but the whole 
never coheres into anything that 
does not assume an- amount of 
knowledge «nd sympathy to the 
argument far in. excess of that 
possessed by ordinary, -un- 
enlightened mortals. 




The Royal College of Music 


College Concert 

by DOMINIC GILL 


Instead of returning to the least impressive work he has 

Tuesday evening at a concert mem looks long' but it sounds | Round House, the BBC have had ever composed-rlS minutes of 

organised by London Music compact. The viola m urmurs‘ the much- better idea this season sub - standard, .; sub - academic 

Dicest. The audience was woo- more gcnllv under and about [of presenting part of their con- burbling of'tbe smallest percept- 
fully small (the reason for the reference? to a Byrd p-ivan— I temporary music series (another ible- spirit- or heart The Hute 

smallness being presumably not this ui a first hearing is the onlyj part goes lo. the Riverside concerto <1975) of- the Suviet 

_ -Henze who has a big following case of prolftnv The second ; Studios at- Hammersmith) composer Edison Denisov, here 

Bher: ondby Sue MacLennan skmbfaT nreludnn' which make'!?'‘ re ' but his mc(,ia> ■'*“* Judeinq violin then read* a dance or a round town the concert haRs given its. premiere, is a mod- 

-hich arathe kind of things un the most oart nr the sound* 1 ' f r i V n J lh 5 r:ipl alte J ll,on h con ' Bpr S ian tendernos and grace, nf the various schools and natured pot-pourri of styles and 

t give ttsiuni a bad name, track Janet Smith shows D S! sKt 1 ° r who wanted to For a finale (he firs; violin ! colleges of music, 

he •'comjany'* amounts to six a™d delicate dicing weH P «ri^off I The artists were the Arditti directs a Rondo improwUato.: „ js an imc 
yns wonjn with an innocent b y Robert North's *brartira and ! 51?"* ?" 3 . rlet and lhe vlohn,st for . lh f niost part selecting hi in- i sh "J s 


jng wonjn wun an nniuceiu b y Robert North's bravura and 
nner w p are involved in his rich, fluent style. Because 
brminabt *! n “ restricted the piece seems very personal- to 
ivement-fwaikins steps, flail- jt_ s creators, and because its 
i arms, fdtes s, ®J“? hin k 0D I0 P domesticity reFers both to sub- 
each fier. This supposed ject and to expression, it has the 
‘ince** pks imprecise, feeble air of a piece eT occasion- What 


post-war manners, interesting to 
in(arnrt . „ hear, easy to forget. The short. 

t . - , sharrri "between ^ih^ late (1963) Stravinsky can ata for 

Jenny Abel. self lhe material Trom a large 'SnnT Urir, a nrf baritone and chamber orchestra 

The three quartets are electee, number of " cells." ‘ f f Fo n i .4brohom and Isaac made a good 

written in ntnmnrr nf. rnsnnn- Both Q.mrte. Nr .si, move-j tf!nS«£ b“ anal ' : bm bre " 


tiyely. the composer's mother, ments) and the Sonata are to I 
Victor Jara and Benjamin some programmatic, the former | 
Britten. The prevailing moods heine described by Henze as- a 


ipulse, pedy and thin in style, redeems it is the sincerity of‘ arB deeply Introspective — these “diary" based on a long fl'ght. 


c . . more effective still, if the per- 

-*>s welf under Lionel Friend 

Birtwistle* *-s well as presenting bad bristled with more spring, 
the_p renwer es of a_ pair of new more Lively rhythmic attack. 



were absorbed into a ~~Th e “ best' moments are in an mnurnf„| ’viola— an instrument dude reference to Monteverdi's j SH-USm 
hingnss. I found the early solo for North and in a| whlch Henze seems to love as Orfeo as well. The style is morei V0Z!jiese0 or “ass-baritone. 


for 

isplaylinordintely depressing, pas de deux which** recounts aj we H as Mozart. Since the com- extrovert and itaiianate thanjj?“ te - , , aa ^' 

nd unedeeiuei by any glimmer quarrel, set to the slow move-j poser rehearsed with them, the in the quartets — I promptly I s . pare eautifuliy pointed, 

f feel/iR for ance other than ment of Howard Blake’s piano i Arditti Quartet's perfnrmanre forgot both proeramme? and felt 

j; an prid. manipulating quartet. Here domesticity gfves!{ nus * be considered fa hear the none the worse. The Arditti 

and riher inexpressive way to something essential I imprimatur. The playina was Quartet’s playing grew more and 

ahntu the two dancers, and the I admirably delicate and sen«hive. morp subtly shaded and tonallv 


»f you 
podies. 

Verj 

Dance 

Robert 

„cerned 

Jtence 

.two 


‘An Evening with 
Mr. Acker Bilk’ 


deft and economical in its . . . _ n_.,„ 

colouring- and shading of the . Ap ® rt f ™ B1 ^ usual Sunday 
words. jazz brunch sessions this month, 

it n nwed Inrfopri ha tha the Portman Hotel is having 
dlffere': the Domestic work escapes the confines of its I but there wasn't quite lhe amount beautiful. Miss Abel did the even ing's-high point. Alexander Euenmg wttn Mr. Acker 
of Ja*t Smith and title. It is. throughout, a well- 1 pf dvnamle contrast that appears Sonata with creat fluency. Noil Goehr has' written good music; EUk on Monday. November .-20. 

North. These are con- danced piece, and can be seen - at j in the score. many composers todav write sol but his Chaconne for 18 wind Appearing -with -the -clarinettist 

with erting the exis- the ICA Theatre which Is also, «n No. 4. each Instrument in much chamber music of such 

j>f a maed couple — the part host to the Dance Tlrahrplln ! turn dominates one movement, quality in so short a space of 

thoreogrher-interpreters season. CLEMENT CRISP I starting with the cello, working time. RONALD CRICHTON 


instruments, produced in 1974 will be bis Paramount Jazz Band, 
for the centenary celebrations oE Cost, including entrance fee. and 
Leeds University, is surely the dinner is £1450. 


DAVID DIXON & SON 

HOLDINGS LTD. 

TEXTILE & HOSIERY MANUFACTURERS 


Interim Statement . 

for Pe fi& batf^fitJte yasr to 31st March 1379 


■■ v ' "ft | 

Sc month* 

Six months: ; 

’ Tear ehded 


to 30.9.78 

to 30 SJ7 

' 1.4J8 


Unaudited 

Unaudited 

Audited 


£7000 

fOOO- 

'/» 

Gracp Turnover 

W48- 

- 4.457 

B.999 

-^•Tm Profits before Tax 

"345" 

202 

. . .490- 

Her Profits after Tax . 

• 271 

170 

4)3 

Earnings per Share 

!85p 

- 1I5p . 

R2p 

Proposed I me rim 



Dividend 

, 4.1 OOp ’ 

I.OOOp 

* "-1 /. 




★ Record pre-tax profits increased by 81 per. 
. cent, to £ 3 $ 5 *QOO. 

★ Earnings up 59 percent, at I8.5p per share. 

★ Turnover up by 24 per cent. 

★ Orders highestln Group's. history. 

★ Interim ' dividend, increased to maximum 
allowed. 




K- 


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wWamMaT Tiines 


F I N A NCI A L TIMES 



BRACKEN BOUSE, CANNON STREET. LONDON EC4P 4BT 
Tdecnunic Dnutimo, London PS4. Telex: 8*0341/2, 8S3897 
Telephone: 0M48 SPW 

Thursdav November 1978 


goes 




Some wishful 




BY CHRISTIAN TYLER, Labour Editor 


O N THE eve of the TUC's come in and delivered the final Mr. Alan Fisher's low-paid 
special general council judgment to the country. As manual workers in the National 
meeting to consider the it is. anv mud is thrown Union nf Piihlit* Rmalnraos. 


. v ~' meeting to consider the it is, any mud that i« thrown Union of Public Employees. 

THE OFFICIAL nud-year Uons aboutcosts and inflataon dement produced by their will stick to hi* Chancellor. Mr. Fisher votel against the states 

economic forecast, published are n * m 1 001,1 ™ tne ,U ' 1Z P° r negotiators and a Ministerial Cailaghan has aiwavs measured ment 


yesterday, is not a very helpful cent ran:-ie_ rather than the neam headed by the Chancellor hi.s incomes nnljcv tatties th* GnvPimm*nr win 

document. Tt is buiil on Treasury. .-8 per cent., but there was detectable unease. cer- against pubUc opinion a, least ***" ^ l' J ea^ now^o 
assumptions about pay which undef.jTna^ oRieial judgments tainly on the Government side, as much as against Tl^C opinion. ^-thKaMtwB «n^rtnn= 


will widely be regarded — about competitiveness are wejj| a bout what would come out of The polls. indudiiT^ the latest 


withholding sanctions against 


wall vriueiy - - — auuui wiuu wuuiu tuiuc uui ui me puns, lHCIU(lin° tne mmnaniPc that nac nr*r Th* 

especially _ this week-as the "" “■ , In so far ju _ anybody was one in Ihe Deily -Express yes- ^ „ thc statement had gone 


merest wishful thinking: and be a .- . 0C " I ,,^ al uorse tl,ao saying anything-— and the terday. continue to show that *. s * J . could have pointed 
this in turn must cast doubt on already uninspiring picture sec recy surrounding the negoti- playing tough with the unions . ^ mes<a „ e which said- ** In 
the figures for the exchange « both sets of forecasts. alions was considerable-tbey on pay is jSpular "it k rarely action 

rate, interest rates— and hence J* IS 3t rate unlikelv to be were warning that perhaps unpopular, for that matter). To Government will take into 
public sector borrowing-the better. . more time was needed. Few that extent, the -Government l!lL? nt T P D dL^on S ^uen^s 

growth of consumer spending. What seems bkelj is that the could have predicted that the could gain bv its defeat 3 t the *- ^niement as one rele- 

imports and profits. No Chancellor is being offered a unanimous recommendation of hands of the TUC There will ™ J* S ne 

• information is given about tlie gloomier picture than that now the TUC's sis negotiators, and be less ambiguity -now about the vaor rac[or 

effect of different pay assump- published of the prospect before the approval, without a vote, of incomes policy ' Io practice Ministers nave 


effect of different pay assump- published of the prospect before the approval, without a vote, of incomes policy. ' In practice Ministers hare 

lions od the forecast. Users of us. and must frame his policies economic committee would n . already shown latitude, for 

the published Treasury model accordingly; indeed. his have fallen as they did to a .j ^ d *?^ Pmcn: -£ ?r r instance «ben last year’s Ford 

can make their own estimates, approval of the rise in minimum 14.14 vote on the general J* settlement wns allowed thmush. 

but use of the model itself is lending rate last week shows council a few hours later. ““£?* “Jiff* “ d /‘L-Tnien- p ^ tly nn ThP ™ ,nds nf 'll* 

ripnendpnt on iudements which fur more concern about an un- _ , ceuor is ngnt. -the fi.naa.nei TOnit)anv - 5 probability. But the 

mar not be shared in Great sustainable growth of credit and 2X j 1 ** rtatwent would hare pufrthw 



Judgment 

It would be easy to accuse 


must he checked "wacfd^rise Prime Minister’s promises that be serious doubts tiiai th- pro- pay to grant further dispensa- 
niu>* i- 11 - cnecheo. .» rapiu rise a n ... t f-j < finn* m-pn uhrn s snecml ease 


in VI a-s has this effect in the he was not interested iu tagonists In pay bargaining far irons, even when a “special case" 
shor run. so a fiscal deflation ‘-“ osmetic *- removed from tye intricate* of as provided /or in the While 

S, S3i be thought necessary Vta Ihe eyreemen. w. put 0 *_ TCMmto., 


m»c nr wen oe tnougnt necessary i '*«««* _ -r-- ar Vauvhaii 

•P hold ihe economy on the before the members of ihe ^ey ore woi , T ^ 


foreivist path. * general 

The economic lo?ic of this similar 


council on* Tuesday vote as » simple expression ot Motors, of 8.5 percent p ms pro- 


rfpnpnripnt on iudcments which for more concern about an un- _ . ceuor ts right: -the funoanien- coni p anv - s profirahility. But the 

mar not be shared in Great sustainable growth of credit and T h l 5 f T - van,, ^ s i ,- apP H a J e< l - t0 1 d,s jJ“ te about the statpmpnt would have pub thw 

George Street. demand than could be justified reflect Minister! al dissatisfaction controlling infiation. not the -aim cnneidl?ratinn< on the record. 

George btreeL from examining the Treasury wltb * e statement as a whole: itself,, was oevwr likely to be estah!ich j ri? thP pr i Ce effect of 

Judgment forecast. He has already said a document that was solemn, r»olyed e %en though *h® T J-^ wane bareninine a* a central 

enough ro show that Treasun 1 no ^ binding, and likely to certainly bid hard to feature nf tm* suidelines. 

It would be easy to accuse - h t chanCTe d over be denounced as a facelift for Government to switch its attack - 

the Treasury of deliberate J ■ ' _ . if d( . m - nd o, r eatens the “special relationship” be- away from pay and on to prices Agreement or no the pres- 

obfuscalion, fulfilling the letter ‘ ' L' Th ‘ th nrria}np( i tween the Lahour Government and to give- up the 5 per sure this year could j.orce the 

but not the spirit of the Bray . . o fi-nj-nJ and the unions in spite of the cent limit However then 1 must special Cabinet committee on 

amendment to the Industry Act ; : x r 7I- lri ‘ r i«sP Prime Minister’s promises that be serious doubts that tii- pro- pay to gTant further di^pensa- 

of 1975, which required the pub- . * h t ,',' he was not interested iu tagonists in pay barsaimng. far lions, even when a “special case 

lication of models and forecas is. cosmetics. removed from the in tricac:^ of as provided for in the WTiire 

What is likelier is that Dr. Bray ^ort run. so a fiscdl deflation {h? p ^ mpnl wai pul the TUC-Governinem dialome Paper has no: been made out. 

rss sx, ^ u r:r « 

JT&W £ ;HSs 5,.X:« TBSLra,. s ““ - 9U0 - S ; “l 

judgment than on n jaZmate" tbe'u n ^“eadSs'VeU Licence fOf Zolve.Zrd JlotorsSmenj 

SS i fe,y p t militants -£4 

«*n from an unrealistic tori, U1 T, lis win happen . There could be real reperens- I per cenZhLe b^ f °Id “ al 

’ . rather quickly if monetary pSert- namelv that sions 0,1 ah °P floor - wher ® the Price Commission will use .. After the “ no ”-vote : ^he^’dumceUor and Mr. Bay Hattet&tev. the Wcea 

The conclusiM seems to be policy continues to be aimed, as , d the TUC’s decision will be read j ts controls to restrict haulage face newsmen on Tuesday evening, while 31r. Len M array (ewtee left) tobteniffv^»>: tfe 

that the optimistic assumptions a r present, -at an unchanged ^ey would no Mi made any by ^ mflItants a5 !JwnCa j 0 rates if they give in. These Press conference the safiiigbt. Leaders of key.nnibns In tWfe*(i«iter*s : . • • 

built in to the official forecast effective exchange rate: an . ® bargain fof all they ar«j worth, negotiations are setting the pace Mr. Moss Evans of the < ftranspoi1 Workers (centre right). Mri-Akiu Fisher of NS (boitbis r ’ 

are balanced by pessimistic exchange rate overvalued in r oun«- Ur. Murray does not think that f or 500.000 drivers throughout left), mine workers’ pratdent Mr. Joe C.onnlcv (bottom centre) and Mr. 

judgment — the forecast is real terms may be had for the Mr. Len Murray, TUC general there will he an explosion: “ I Britain who have claimed 20-30 • ■ : the EPTU. - i. ; ^ 

wishful but gloomy. This balance of payments, but it is secretary', urged his Press con- don't see British industry going per cent . British Oxygen -• T -U ' -c.-- '$/■ . ? ; •f’. -:? 

emerges clearly both from in- undoubtedly depressing for ference not to exaggerate the up in smoke,” he said after the workers bare been offered 8 '-9 ] 

tamil ai-irlonpfi pnH frftm prim. -1 nrl mc« ..-it!-, imnnrltfnpp rtf thrt utalpmfllt rtr .n., ... . D,,» hn ‘ . • .. ... * . . 1 . . . . ' ' - -T * . 4 


:-a \.. x 

’fir " ■ 


anxieties were os- ^ sratu s Quo. 


e sratus quo. ductivity payments ranging up 

m £10 a week will be only the 
T . _ first lest of Government 

I JCPnOP tor resolve. Ford Motors settlement 

C 4 cannot be far off. Scottish road 

militants hauliers, threatened with a 

strike if they do not go above 
There could be real repercus- 5 p er cent have been told that- 


Ucdisevuf 




in the inflation rate. 

This is puzzling in itsi 
what is equally puzzling 
outside forecasters such 


v. ngm policy for the wrong fence. moment the 5. per cent policy There is “no chance” of 5 per 

in itself: and r f ason I s - There is one rather The shock of failure was per- y‘‘ as unveiled £hat Britain was cent being accepted. Power 
zzling is that a, . a r*? , I 1 f ev *!5‘.. ,n the haps less obiious at Congress in for a ‘‘Hiuter, of discontent' workers' delegates meet to-day 

such as the ?' ■ a . P** 111 - sector House. At Westminster it has will have no reason now to Tn draw up their claim: what- 


Endorsement 


borrowing 


the growth of consumer spend- reasons n0 °' s * ula,n ? ha '‘f been had the proposed claim for 40 per cent, the in- stance, the Ford negotiations CSI the ?rcat a ^ajority^re said tag against IheTy^uS^Lt •: ' . 

mg. there is no forecast im- * ment nor the Chancellor s acute guidelines for negotiaiors .>een crease to run for only eight seem to have frozen many ot be consiafqpt with Govern- financial circumfitea'iiiinrii,,' ij. 

prorement in the balance of However, at present Treasury embarrassment that the con- accepted By *e f ;.mc token, D1( , n Uis from March next year, smaller companies’ negotiations, me-.t policy. £It may be. -Of vidual enterpri^ASS « ♦ • • • 

payments and no apparent fall thinking may be pointing to the cordat bad fallen at the final those who forecast almost the and Mr. Joe Gormley has said cour*e\ that %>m pa mes which baKatainc- ’ ' j-'.-. 

in the inflation rate. right policy for the wrong fence. moment the 5 jier cent policy there is “no chance” of 5 per — - - have paid nxwEf are just . not re- naxioitak - 

This is puzzling in iuself; and r * ason * There is one rather The shock of failure was per- was unveiled fRat Britain was ceot being accepted. Power JLlldOrSCinCIlt QI porfing the fajot. , ernmentdeteimiJS^mlr^ " » 

what is equally puzzling ^ that ala rmin» fi^are even m the haps less obvious at Congress m for a muter, of discontent workers' delegates meet to-da.v iiio industrial imolications ot-' : V ' '• 1 “ 

outside forecasters such the fn recast: a pi/blic sector House. At Westminster it has w ' 11 * ,ave reason now to j f( d raw - up their claim: what- - 1 Tuesdays vote ai the TUC have ’ '';*•** 

London BuSmT School and requtrement an- been considerable, and for all change that view. ever they decide they will not OISpUICS 3 ^xq { >e w 0 Elen^i^e for& ^ ; 

some users of the Tnuuir g» UttuT.Irtaii* the toil «Mtl» u the statement had been 'Snore what the miners are Elw . he ,. e . TCBCmen.- ronna is m* and % fod eam- ' j) - ■' 

model have recently produced hjaher inflat inn ’md htoh^rrhan r>e * ore tr >' in S a " ain *J adopted, it would have legiti- unins. nor be short of en\7 for ment discusions seeaf to have ings figure cwiputmL it"«5houid part,* nn ^ rn? ' • ij 

forecasts which are very similar “SS intend? rets Z J CCep ? d yesterday that tiie 71,0 nuserl Government relaxation nf ■ be miners’ bonus payments persuaded employ ^f to wait be judged net Per:5^ ls ^5^^S:iV- '$ ■■■ 

in ** real ” ternts to the wishful reBR^vil rise' Th? 3U 2 does " ot wa . M ™P? n the poUey in some important wnich some of them see as quite ^ see _ With ft /J* orcl ta]ks cent limit bm fee uSbitten 

Treasury forecast. Optimists ^nteidiction^ brtSSn Sr?i S S a° n 0115 p . art,cuJ S a ? nda ’ eases. Most obvious^ public undeserved The fact that the goin? again ard / e talks or 8 per cent ‘ f fttgeF%n^one •• fi.“' '* 

raaj- conclude that the prospect expansion and T]ie first reacuon at the House service workers— and there arc unofficial shop steward com- fibbed, things/may start to will be able ;to 1 Btor day ™mraitr«!- tn • 

for some growili and a reason- restraint will become 2m ° f Coni f ,ons Yf as tha* the Gov- oVer ij ra n f rhem hitched to a m ittte in electric iry supply has move rapidly fn the next few confidence wbat mi^ha^iipp:, • - 

able balance of payments is safe ££?£? and more Sfu- A m" P sl J e ' swip 1 ed ’ W per cent pay claim with con- J }“*“* weeks. At the same time, the pened had the TUC’llguidfece' =• >*' ' 

even on realistic assumptions bett? r balance raulrf 8 nm!-« = suffenng possible future elec- tingency plans for joint indus- trease. without putting a fi^re leveJ of strike activit j. appears to negotiators been adostedlbt disc^sSfeieaii, 
about costs: but it is worth Jffins hi xh « .*5 d ,? mage *! .?* t procesS ' trial actlon-would have been ^ Mr fShS rhi ^ S t0 »**her than ar this time there, are one or, two-4vi<\ 'SSSS ®"' 1 '■ 

stressing that if outside assump- rhm«niv thP fnr-,-, r”f after a . 11, °. ne ° f } he strongest ab i e t0 argue “comparable by . Mr. Frank Chappie of the i a? t year, when the same delays casualties already. Fm th\ oo^-njbst tuipzirqte,., ^ . 


London Business School' and requirement un- been considerable, and for all <*»"?* that vle '*'- e 

some users of tlie Treasury 00 0 J i ? f e 7. t n J 0, 5? l e t !; the talk of letting the dust settle lf ^ state n ient ;nad been *' 

model have recently produced SSL* ’Vf? hefore tr >’ in S again. Mr. Healey adopted, it would have legiti- u 


ever they decide they will not 
ignore what the miners are 
doing, nor be short of envy for 


disputes ; y 

Elsewhere, the TUffGot 


E.ibewoere. me l iuuhu i» otb ami mb nijai earn-> _* np - w hiofa thentfUnitM 


™ UU1 vuau. uui Ji is wonn ctimtilnc fn th.. t . ----- «r- --- - r ; iriai Jtuun — »uuia rnwc umi w , r _ iu ne niguer uian ai uus umc umt w*. 

stressing that if outside assump- that otav the fari-Mtfffii.rlf aftp / aI1 ' °J“ ° f s ^ onse?t able to argue “comparable JL r ; ?Q ^”°!L„ C 5 PP ? * » last year, when the same delay's casualties already, 

” s nelpful. cards in the Labour Govern- paxnings for comparable, work.” clectnc.ans who does nor want yer e noted, the same - . pay TUC's influence or 

A ments hand has always been The Government, said the state- a ’ A " ltb tbe Labour Govern- breaches occurred, but the pay policy-- making has ! 'vbeen fee 
W^r 7 i-Bum. its ability to “ get on with the ment. was prepared to recognise mem - round settled down fairly weakened, as J Mr. Mon^/has c% 

ww fiSttHfifl 1 fa unions." special increases fw- some Despite the rumblings and the smoothly until the firemen burst said. Employers will- hpt be .cm 

Tv Ilvll , - Alyl v raiiaerii'an h thP provided the£ were big pay claims— not to mention out with their first national upset about that. Secondly, the thoj 

* * r. Gaiiagnan nimseu nas 1 e staged increases. In nther words, the extraordinarily precipitate strike and became the first bie further mapping out. rof Con- idei 


the trade war 


0 see this, as tiiT . 
of 

pblicy^wft) bq --1' ' 

who actively-.' 'Ca^gra' : 
f fre ^tollectivfegMj®' “H'' 


THE USE of subsidies to create setting up a new vitamins plant ll/B P N U N 10 
or preserve jobs in one country in Saotland. This was regarded !*■ 

° f inc . r l easin - un ‘ a great entrepreneurial M 

employment in another is. re- triumph by officials at the De- Ferranti SHITT 
grettably, a common practice in partment of Industry: Mr. . .. 

international trade Politicians Bergsten’s sour reaction is a Arabian ether 
will agree in principle that the reminder that such internal u , ■ 

process is self-defeating, but the successes can have interiatioSa ® BC1 *?? d sD ^ fi unusual 
kudos attached to a big export repercussions. the . orher . day .^ a |™ U P of 

order or a large new investment The practice is not confined en S m ® ers ln Gal ™- T h ? Eur< ?" 
is hard to resist. The only way to the indu^iaf coi.nSZs In pcaJ1 Space Authority s expen- 
of bringing this kind of com- the developing world there is a ® e "tai satellne, OTS had beeii 
petition under control is bewildering varietv of carrote *?}*** ,n lheir d,rect "“ [ n ? n 
through international agreement and sticksf some of which are art t n,pt tn en ™™? e the Ar ^ b f 
and some modest progress along 0 f questionable economic value buy one f ot the3 Ji °^ n ' ' “i 

these lines is being made. ro 4 the countries concerned there were^ fevver vipers than 
Industrial subsidies are an im- since most of These co^nuies f x P ecte ^- The Sadat-Begi o ral 
portant item on the agenda of waa t foreign investment it is Ied most C( ! untri ? d “| *° 
the multilateral trade negotia- often possible for international stwaUed AxaWlat with 
tions in Geneva: the Americans companies to play one off Egypt t0 b °y cott th ? aemonstra- 
have been pressing hard for a against another, but it is not tion - 1 Iearnt fro “ J< ? n P ^ one, j 


Arabian ether 


WiMAM 


JSrf .fi-. -. - rt ..- 


BBC1 had some unusual viewers 
the other day — a group of 
engineers in Cairo. The Euro- 
pean Space Authority's experi- 
mental satellite, OTS. had been 
twisted in their direction in an 


j 

rffYSIOTHEMPH | 


there were fewer viewers than 
expected. The Sadat-Begin talks 
led most countries due to share 


forthcoming Financial Weekly stamps. Had the Post Office eon- 
are any indication. sidered doing the same ? 44 Oh, 

Richard Milner of the penicillin was included with 

Sunday Times had been due to radar, the jet engine and televi- 
fake the helm, an addition to sion in the British discoveries 
Who's Who in Financial series of 1967. But maybe we 

Journalism informs us. But will record the 100th anniver- 
this is already out of date. Bill sary of Fleming's birth in 
Davis, editor in chief of the 1981.” 

Financial Weekly, tells me they 
have had second thoughts as ■ 

Milner wanted “ a huge staff of Short shrift 
40-.i0 writing journalists. *' As _ , 

long as we have some staff.” is *f n , ee u Sho ^ L l b0 “F P aip 
the wistful comment on this Wolverhampton North-East .can 
from Michael Blanden of the draw “ rae consolation from the 




S® 4 'Jyfight 0 


tian, I learnt from John Penney 


Financial Times, who is now to 
edit the new publication. 


code which, at the very least, dear who benefits from this| the ne ^". ma . na P n ’ director of 


would make the use of subsidies auction, least of ail the tax* Ferranti’s microwave division, 
more transparent. In the field of payer ta the host country Ferranti are hooine to sell ihe 

export credit there is a gentle- i 0 the UK there is the added Araf ? s . the t ir .- S o , „ lfP 
man's agreement among the complication stemming from the ™ reirm S station. But Pennev 
main exporting countries and, act ivities of the National Enter- F ° rpsees sn . me w IT " 

again, the U.S. has been seek- pr j S e Board and the various Arabs at nrtds both on land and 
ins to stiffen its terms; some development agencies in Wales. ' n the Pther lt ,c <: » ue . !:tJnnah,e 
recent deals, especially in the Scotland and Northern Ireland. h0 '* thev can avree in JPRce. 
sale of aircraft and aircraft These bodies, particularlv the Tn anv , T ? n I ne '' fea r f J , " t 


Family fanfare 

The Incredible Hulk of penicil- 


fact that she is not alone in 
having to eat humble pie abour 
Aims, formerly Aims of Indus- 
try- In the High Court yesterday 
slie swallowed her words about 
Aims being a "hanger on of 
fascist groups" and agreed m 


em wm 


.&■ « • -t-. . . . 

‘ : ^ • . • - 


"■ 




wmm 


tin is bursting from the cover P.*y c .°? ls \ following in the dis- 
nF the latest issue of SL Mary’s tm^usbed footsteps of Anthony 


Tn anv case. Penney fears that 


engines to the U.S.. have looked re gionaI agencies, have a mixed! fhfi LT,S, !° w !T- w T, l e 

. 1 ; : 1 ^ _ ... I « Tho 1 T k ic mriirinn- 


extraordinarily generous. s0 £ ial and entrepreneurial role, contract. "The UK is tradition- 

Another area which looks in In some cases they seem will- nut-manoeuvred J 1 " 1 , 

need of strengthened inter- ing to take very great risks with in * PT ^ st ^ g J^^^vplanatiSn 
national control is the business taxpayers money — another form w bi’- _ b ° sars ’ ^ 


“ TO be uith you ^Isoon as 
I’ve got the manager's foot 
out of his modth ! ^ 


Hospital Gazette, scattering Wedgwood Benn (“ sincere | 
germs before it. Yet for all apologies, 19i 4) and Sir Harold i 


rzm 


- »- 


penicillin's value— Churchill Wilson (“U is not the case that 
once described the lives saved Aims of fndustrj' have ever con- 
by it as one of the three viral tin billed any money to the Tory 
factors contributing to the fJ- ® ny m ?? he I r P°1 | tJcaJ party,” 


Of ^r^ S 0b^, national Michael Ive M td^tbrnGTS 111 Scotland andiSg^^ 

week Mr. Fred Bengsten. ergements For subjecting this wove A.«nc,stes the ™ ^.n- from anybody else? Should our t mes^ iu.ckey Moiye nos ffle ^ ^ ^pjialand beCBIKrt it ha<s 9 flfSSafetW'U 

Assistant Secretary for the sort of M to_ ntuch cither ^ of theU.S fir* MACO I. sonte eypec to ^ SSe^^V^ S 'tslatestunw.iiing eon^i- .Ij- 


for his last few rears as 


Some of the: who 


Allied \ictorj-— the 50th anni- 1969) Thislast is thought to • /AA/o rhn^.r* f n/inn'ntnn 

versan- nf its discovery is pas- have been first ‘‘me Wilson, _ _ ■ V® Cn °. S ® LJV,n gSlOn DeC^&lf 




versary nf its discovery is pas- 
sing virtually unheralded. In 




StoEFJS? donned sack ‘ ideally placed for supplying 


■X -*•: 

^ I-' 


Internati'onal at the u!s! satiny hut' i, would be made He ‘ Is discreet about what ^ own Wc while rfbey fear- Britain w; 
Treasury called on other coun- easier if. as Mr.' Bergsten exactlv are rhe * how and *h. • le«ly /fear Mly Pspos e . an i b 101 

tries" to* "start working towards suggests, there were some but is revealing : about the doings of others? Oq&PP^J 10 ™' ,, j__ 


revealing amiuL aoiugs oi ainers? — — *^ 1 “- . damages 

new world of micro- it seems, are divide^ ?f the Alexander Jeming^niadejus „ ener “ sJ ^ 


ain while hefirst of ai much ^ latest billing contri- u. noo a ,• . 

Statics has not. bntor will be paying. “On thi s labour force and lastly, but i> . AL r 

;l Mary's, where sir ^\„ h ^l o n0 L.^ u ^ 1 because Llvinaston is a 3^ 


j no..- C or «r nrrioK nn invest- intemationailv agreed guid- curious new woria ot micro- jt seems, are divided; inB ‘ r "enero: 

ment While "no °lobai crisis" lines on "inducements for waves. It is- it seems, almost 600 people approach®? 1 for the Ihe^asion^nd ^hat i 

said, inward investment. It is pns- a family affair. The main com- Who’s .. Who _ in -vP^cial exhibmnn for the ran and future _ 


’-et existed Mr Bergsleii said, inward investment. It is pns- a family affair. The mam com- Who’s Who in ^Jrinanciw “ future. Others may’ not 2 c 

there^had* been some “nasty sible to make some progress in petitors all sell one another Journalism only 230^. ed . h n f .^ at ' J so lightly." 

2SS 2; wars So XSTJ15 STJ! 2 STSSK -g— = - « “ — — 

sgggrsSBSS ssssaawas - .«= * ' ' 5 -bShS. --.- sas-aass 


oou Id D b eco m e ? an increasingly rules ps well as tasmatters. But leagues in the USSR too.” he companies which are. paid . a data? A collea S ue teIls me Tha t while 

SSI™ TeaooS in the trade more needs to be done on an said to my surprise. retainers merely because they occasion. Nowwewamlo delay Siting an elderly aunt last week 

4 international level. Three years I was also struck tn learn that know a few journal]#?- u . nt1 ^ our rebuilding plans are was about to comment on the 


ALEQ HAYWARD, 

Cfiainhan and Managing Director^ 

The Crown Cork Co. Ltd. 


■ - .z+*-i‘-~rrzfr--r ,7 j . 

; .tf -JS.’. •*.; 


Sue case Which Mr. Bergaten -gineeiT S, I .fe «oddy =^r and ^ 




Whi^ the OECD that inwn^vesra for«if^ S«tta which wr re nn, puhlh publiahcra or the' *»**-«"« record.- St Mant'a. whose Pad- ^"rkpock at the f™„, do„7 
CanaS persuaded Ford to Smcm Kd uke S «• their managements, ttanehn PR men oo the djgw i butldtogs to. tekw His aunt answered i, and was 

mtihiiOi t. neur ran^ine niant in of potential dama n e to trading Would he seek to change this corporate level. ioo4, has seen efiecayeiy <»n ^eted by a young man with a 

^ ^ t"j O rflthcr tilSTl 1 ^ ^ * -■ _■■■ m*ral m n nrt rrnrt’l nurilinf dim I" rtl 1 1 i'Vi ■< nn •IHmial one. reasons." Lockyer tells me. cnilwi ahennmnle- i 


Contact James PdtoC^-v: 


fnSh-r was tacoLU" of STS PmS and m a ;^r?"Yoo cannot s ,im volume an annual one. reasons." Lockyer tells me. -wi H 

^ttfStr^Sh 0 ^- zt ““is? »'£ s™ ssss 1 ™ *»»*"•* ■■ 1 


centives which the Bnusn uov- mace mnre speemr. air. isers- ” Th P „ 1 m to the These are o»in"- t D be necessa^ Mauritius has considered the 

ernment offered the Swiss stens proposals deserve a post- other. There are rules b These re -^ n ^° b in the shy Scot’s discovery sufficiently 

pharmaceutical company. Hoff- tive response from Astern ga«e. W 3 nu ive, you later „ editorsh lD P or vS Matthews' important to issue a set of four 

mann la Roche, in return for Europe. somelhihS back.- emtorsnip oi vicior ^ 


something back.’ 


Observer 


1 9 Coekspur. Street, 






t 








\ 


Financial Times Thursday November 16 1978 


nn 




ECONOMIC VIEWPOINT 


for 



23 


Italian 



TTTF. EUROPEAN" Monetary 
System will not so away in 
1979. even if it starts without 
the UK — and perhaps without 
Italy as well. The Governments 
remaining outside the system 
will be pledged to continue 
negotiations on outstanding, 
problems with a view to even- 
tual entry. The British Govern- 
ment has already accepted the 
principle of the EMS and will 
be evpected to negotiate in 
good faith. 

There are undoubtedly those 
in London (and even Paris) 
who hope that France will have 
to leave the new system, as it 
did the earlier enlarged 
14 snake." thus demonstrating its 
un work ability. But it would be 
rash to count on the French 
obliging in this way. There is 
a real chance — tn put it no 
higher — that the Giscard 
Government will stick to its 
new economic policy and re- 
main a member. 

Moreover the economic per- 
formance of the UK will be 
compared all the time with that 
of the EMS countries. Xo 
greater mistake is possible than 
to imagine that staying outside 
will allow the British authori- 
ties to go back to the demand 
management policies of the 
1950s and 1960s — aimed at 
spending ourselve? into full em- 
ployment — with perhaps import 
controls thrown in as well. 

The Prime Minister and 
Chancellor are well aware that 
turning their back? on the Euro- 
pean Monetary System is not a 
soft option: and indeed their 
policy seems directed at main- 
taining a higher sterling ex- 
change rate outside it than 
would have been likely inside. 
They do noi need to be toid 
that a strong pound is the best 
.effective barrier against infla- 
tionary wage rises id the cor- 
porate sector. 

Where however they have not 


been sn wise i* m Lh * questions 
they haio cho , * , ’n to emphasise 
for disi'US-'wi) willi tile likely 
EMS member-. The British have, 
a st rone case «m the unfair and 
growing lmrri-n tbe tran>fer* 
lb much Hie EEC Budget. Bin 
this is a mailer tvhu-n has to be 
laken up anyway and is nor *o 
vpry rclnvjnr i f| exchange 
rate «Meir.. nie ?mphasi* 
given by the VK to the credit 
mechani-ius 10 aieet so-called 
swings in the balance of pay- 
men is is also esaierm ted. Such 
credit® can af best postpone 
f-xchanse rare change? which 

become' all the more disruptive 

for being delayed. - or the 
continued harping on symmetry 
of obligation of «tn*ns and weak 
countries hel?fni In practice it 
is becoming 3U>’ an attempt ro 
press the Germans to inflate 
more than they would do other- 
wis€_ 

The Italian Government tends 
to side with the British on 
these negotiating points as does 
the Irish. But instead of just 
sticking to the familiar tread- 
mill, the Italian authorities have 
also come out with another idea 
which would provide a transi- 
tional formula for countries un- 
willing to take on the lull obli- 
gations of membership immedi- 
ately. This is for wider margins 
than those planned hy the hard 
core of existing .-nake countries 
plus France, who are already 
committed to EMS. 

This proposal, if interpreted 
in the right way. would provide 
a moving band for the exchange 
rate. It would in fM\ s<?rTe UK 
interests extreme!}' well. Even 
at this late hour the British 
Government shun id be asked to 
think again ab-'in i:< outright 
rejection of the idea, for a wider 
hand could provide a formula by 
which the UK and Italy could 
both join the EMS honourably 
■—and the Italian Government is 
increasingly reluctant to join 


without Britain. Even if it i-' 
.ton la*" for Ulis. the formula 
could provide a working rule 
for a transitional exchange rate 
policy outside ihe EMS with the 
aim uf eventual membership. 

The EMS scheme agreed in 
Bremen follow* the existing 
make. Neither the strongest 
nor the weakest currency may 
be more than 24 per cent away 
from the central rate estab- 
lished between them, thus giv- 
ing a tot.'d band between the 
two of 41 per cent. The Bremen 
communique mentioned that 
countries outside the present 
snake could opt initially for 
wider margins. The Italian? pro- 
posed S per cent on either side 
of the central rate. The 
German.; and the French have 
agreed to a margin of 4} per 
cent — giving a band with a 
toral width of 9 per cent — for a 
transitional period of three 
years. There might be interven- 
tion. earlier on related tn the 
distance of the outlying 
currency from the average 
established under the European 
Currency Unit (ECU) formula. 
But there would be no commit- 
ment to defend parities until 
the limits of the band had been 
reached. 

There is su/Ficient room for 
manoeuvre here for any 
country not bent on a violent 
monetary explosion. A further 
appreciation of sterling is 
neither likely, nor i> it an aim 
of UK policy, which is to mini- 
mise depreciation. It would 
therefore be sensible Tor the 
UK to fix its " central rate" 
for sterling well belnw the 
market rate, while still remain- 
ing within the band. For 
instance, the central rate could 
he fixed 3^ per c*nf belnw the 
market rate. In that case ster- 
ling could depreciate by up to 
7* per cent against the mark nr 
appreciate by 1 } per cent with- 



out having to change the official 
parity. 

One great advantage of such 
a wide band i= that the 
exchange rate cun Id for 3 ll 
intents and purposes continue 
to float, whether “ cleanly ” or 

dirtily." during the transi- 
tional years. Peril:; change* 
could be made •Tttkin ike band 
itself, and without affecting 
the market rate. There would 
bo ihus neither a one-way 
option fnr speculators, nor the 
need for the Government tn 
choose new parities »n the basis 
of fallible and controversial 
economic forecasts. All that 
would he required would be 
occasional announcements of 
new central rates he tore the 
market rate approaches the 
permitted margin-. 

Tlie case for this moving band 
depend', on it being a Iranst- 
tional system en mure to a com- 
mitment to the narrower EMS 
margins and eventually a 
genuine European monetary 
union. The basic argu- 
ment tor it is fa) that 


there is no lasting gain to out- 
put and employment, and quite 
probably a loss, from following 
inflationary policies: but that 
ib) there would be a large 
yausitional employment cost if 
there were to be too abrupt 
change from a UK monetary 
policy geared to an inflation 
raie of about 8 to 10 per cent, 
to ooe geared to a German type 
inflation rate of 3 per-cent — o.r 
even to the 5 per cent which is 
Ihe Freucb Government’s pri- 
vate inflation target for end- 
I97P. 

The essential accompaniment 
of a moving band would he a 
-erie* of declining annual 
monetary targets over a three- 
year horizon to reach a level 
lov. enough to accept full EMS 
obligations and to do sn with- 
out leaning on the Germans to 
inflate. Without such policies 
one would only be using the 
moving central parity to deceive 
ourselves. But with the internal 
monetary accompaniment, wider 
band? have a great advantage 
over the suggestion frequently 


made of a predetermined down- 
ward crawl. Such a crawl pre- 
sume? an ability to- predict 
appropriate exchange rate* 
which forecaster? simply do not 
possess, whether they look at 
money supply or international 
labour cost differentials. Wider 
margins operated in the way i 
have ■‘uacested would provide 
for a permissive crawl by means 
oF changes in the central parity: 
but there would be nn pre- 
announced path For the 
exchange rate. 

Unfortunately the lack of offi- 
cial British interest in a -moving 
band appears to onlookers tn 
contain an element of hurt 
pnrie. a refusal tn be put into a 
second league or peripheral 
group alongside ihe Italians. 
Nothing cnuid be more inappro- 
priate. It cnuid just as easily 
be argued that wider margins 
reflect the special position of 
sterling as.an international cur- 
rency a fleeted by other con- 
sideration? than pure cn?f com- 
parison?. But prestige language 
j? best • avoided altogether. 
There is now a common Anglo- 
If.i Man -economic sickness. When 
there is just as big a question 
mark over whether an aircraft 
will be allowed to take off from 
Rome and whether it will be 
allowed tn land at Heathrow, 
neither country can afford 
superiority feeling? at the ex- 
pense of the other. Tn the 
postwar British generation the 
British Empire is a? much a 
thing of the past a? ihe Rnruan 
Empire to present-day Italians. 

The crucial question is the 
less glorious one of whether 
Governments would have the 
honesty to move the bands in 
good time if the market ex- 
change- rate began to approach 
the limits: and whether they 
would be content to influence 
the sterling rate indirectly by 
monetary policy rather than by 


Inrcrvemiun. burrowing and 
controls. Apart from the crisis 
of confidence in sterling and 
the lira in 1976, a moving hand 
nf 9 per cenT would have been 
sufficient to accommodate roost 
nf the EEC exchange rate move- 
ments that actually occurred: 
and the general desire is to 
avoid another 197fi. 

QUITE APART from the special 
difficulties of Britain and Italy, 
there is a separate threat to the 
cohesion of even the bard core 
nf committed member?. It is the 
impact of outflow's nf fund? away 
from the U.S. dollar. 

Such outflows do not affect 
Community countries uniformly, 
hut move differentially in 
favour of the Swiss franc which 
is outside the Common Market, 
and the German Mark which is 
inside. In times, nf dollar weak- 
ness the Mark lends tn appre- 
ciate not only against the dol- 
lar but asainst other Gommunitv 
currencies and hv an amount 
larger than justified hv Inflation 
differences. This at anv rate 
i? what the Germans believe, 
and i? one nf.tb®**- main motives 
In setting up EMS. 

The mere announcement nf 
“ fixed but adjustable " parities 
in the now svatem will not. how- 
ever, be sufficient to prev°nt 
the Mark- appreciating in this 
wav. Whv should an intema- 
tinnal fradeT nr an OPEC holder 
eive ur) hi? preference tor the 
Mark rimnly because an EMS nf 
problematic duration, has been 
announced? 

This “ problem " can be 
resolved in the end only by a 
genuine -monetary union in 
which Marks, francs, guilders 
and so on were simply local 
names of a single currency. But 
a very useFul intermediate step 
has been suggested bv Prof. 
Nils Thygesen of Copenhagen, 
a leading expert on Community 
currency matters.* 


He suggests that deposits 
denominated in the terms of ihe 
EGA “basket'' of currencies 
should be available to holder? 
of funds outside the Community. 
Such deposits, nr Innger-term 
securities, would guarantee for 
instance. OPEC members, 
against fluctuations in the rela- 
tive value' of any one Com- 
munity currency, although not 
or course against fluctuations of 
the value of the basket itself. 

By itself an ECU alternative 
for reserve holders would in- 
crease pressures on the dollar. 
If would therefore be a good 
idea to introduce at the same 
time a “substitution account" m 
which non-Community holder? 
nf dollars cnuid exchange them 
for ECUs. Such an arrangement 
has of course often been pro- 
posed in the IMF under which 
dollars would be exchanged for 
SDRs. Neither method would he 
black magic. U.S. debts would 
simply be transferred from ex- 
isting holders to an inter- 
national group. The terms on 
which the new owners would 
continue to bold the debt would 
be a matter of negotiation with 
the U.S. authorities: hut there 
would be presui- ably an under- 
standing that would make the?* 
holdings mnre stable than ex- 
isting dollar balances. 

An imaginative offer of this 
kind would be a contribution 
both To the dollar problem and 
to the tendency of the Mark *o 
appreciate by amount? which 
German producers consider ex- 
cessive. This is an immediate 
rather than a long term matter 
and will have to be tackled 
irrespective of who exactly 1 ? 
in the EMS on Day Number One. 

• < trirr^nvm ifnnftaru SinftTn - 1 *i.- 

tlmnr <UriT Bremen, lual ••) 

r .rtmoTH*i k . ''*ir , ..T */C» >»i ■ YijvhIiiibi**:. 

.'•rnrtii-Rin'irfc H. lIK-tliS, ilniwilhqiKTO S . 
tomck. 

Samuel Britt an 


Letters to the Editor 


Mediaeval 

solutions 


From the Managin '. j Director. 
Donald Jacob Associates 

Sir.— 'The Kin 2 sent proclams 


provided bv other scientists who had switched to metric ?uard public supplies, and with 

have looked at the terrible measures. In 1971. according to this in mind to Indicate possible 

effects of nuclear cmUaminatton the Educational Publishers access and recreation, 
on life-foruis — again, biologists Council, most school books had “Can nothing he done?.” your 
and ecologists. gone metric. By 1976 all GCE correspondent asked. Of course 

Another editorin’ could more and CSE examination board? j T can an d where possible, we are 
credibly be written for ’'yu. had gone metric in almost all dome it. 

more pu&iie subjects. These changes, and R ." p,-,.:.. 

the effect.- of their timing, were related to the ' ' ' 


"mo" 'u?3 0 n Ur "lv !l h r ad d bee°iS m ' ,r ' c * Bt,,r pn.»r»in"w and It 


;, nf j^ r , cause the public to be more associated derm line.-, tiegrei- 
nl i B in realistic, even cautious, about tably these deadlines have noi 

tbetinrk-ne- V and nudear p0 ' Aer - Tbs * ! - 'w** been met - « vhildren. a? 

' Wa that ''STM - 0 would nor *'°uld be resnonsiW** rnnsumers. meet imn«rt:il 

natc that tne> uouiti not ... . d Muihailor 

n to the King's rommand. bin . 

yon.- »i,bcd .. employ .h«n 

ad 10 give them .■'ha*, tb-y .\i. 

ed lu satisfy their lofty and 


Dawson House. Great So r.kej. 
Warrington. 


meet imperial 
I hey learn 
metre inea?ures .it -chtmi. IV p 
c-f'vn hear That schools dn noi 
respond to the ne»*ds uf a 
changing economic system. In 
this insiance. the school-, have 


Unearned 

income 


F nwi ■ Mr. T. CrmliOV* 

Sir.— \ s .in expatnaie norkiru 
in Hong Kona with an intention 


responded to anticipated change, eventual l> to return to The l K. I 
and the economic s-.-leni — decided recently to arrange su.w 
parti.*u!arly retail trade— has prolonged disabilii;. insurance -u 
la'«ed 'Hat if 1 was dtsaolen and nad ;»> 

There are certainly criticisms rc, ' ,,rn 10 ,he CK ia • omrjrb ' 1 


nh-tin?to that the- would not vvould bc resoonsllile journa'lsm. consumer?. me 
■hstei^to^he'Klng^onimand. bui RIC.-rd Mulh.llen. .-bill- 

if any 
he had 

warned . ... 

SSnSblTetSS." "” 0 B, ‘ Converted back 

“And when it w&? known ;o . •• « w 

the King that some bad not lO IllCilvS 

“o'* 'iii i '°“- 3ir »■ 

other S«.t ™ !k »d “mill **«*-?•, Ur “ 11 «»« prostMnmt. Tn -ear.- a-.-o an “ lDJr=e “ *"* 

folk. . . !D 3D Inipcrial environuieni— American survey compared * Ve ' , * , re S.ave. 

For "The King" substi- HOlDL ' eight years ago. believing metrication programmes in five 1 vn’ surprised (atibougb su: 
tute Mr. Dennis Healev in this Tbc ret of *>' K enalpeertog would advanced cuuntrie? and con- prise )•< an emotion in which ! 
description of the wage' free/e— quickly follow suit. 1 am dis- eluded that the United Kingdom suppose 1 should r.ot indulge 
wage explosion— Government appointed to find no such thing offered an example of bow not when considering the attitude? of 
sanction cycle. by Henry I'-* occurred with a vast range to metricate. Metrical 

Knighton. a mediaeval companies, 

chronicler writing of an infla- The reason is not princip 
lonary period 600 years ago :ol- that must o: the machinery 

owing the Elack Death in J54S. mil uietricated: il is that the often been postponed. Ausmii.i. income. 

While present solutions do not management, engineers and New Zealand and Canada. vh s ch I wnnder what it i? that make 
ppear to have altered signifi- workpeople don’t understand Uic embarked upon metricatir.n the inland Revenue treat any 
anily let us hope that they will logic of the metric system and afio r the UK. have advanced attempt ar self-help the target r.f 
ot be followed, as prevtousl? . by therefore fail to see its advant- further, although they ail havr its most permciou* impnsiv And 

”100 Year War" with the EEC. ages. Many drawings are issued less trade with metric cncmrie*. indeed I wonder whether the UK 


etrication here the Inland Revenue* to disco’, er 
has been dilatory and piecem .-al. that any benefit? paid under ? :rh 
cipuliy and it ha> become polin>-a'!v a policy are taxable. .And further 
cry is •■ontroversial. Deadlines h_-.'c they are taxable as unearned 


onald Jacob. 
'•anuK Close." 
mnal Avenue, 
irrogaie. Yorks. 


i'Ctt-.*- 

m 


The plight of 
landlords 


Thirlmere and 
Haweswater 




in mm. for example, but Tre- These are not nf course 
quenil\ these .limensions are rriticisins which Air. Bmoke 
i-onverfed to inches before work would make 
proceeds. This process is time M. r;. Bruce, 
consuming. absolutely non- 39 Harold Rood 
productive and. worse, likely to Haiclen. 
lead tn sometimes catastrophic Darrfnrd. 

mistakes. 

The ?.Ietricatii>n Board ha? 
failed, in my opinion, to explain 
am Mr. H. Spence clearly, simply and quickly 10 

Sir. — The plight of private the- people uf Ibis country, as w<» 

□dlortls has been bigiiiighted did to our workforce some eight 
.1 Mr. R. Jensen's letter years ago, iiuw the metric system From the Ot airman of the 
.November 9i who mentions works, and what are tis udvar.t- R ecrea riun Sub-comtn i 1 1 ee. 
that many of this group are ages. Even the introduction i.f .Yurt/; ti'&vt Wafer 
" impoverished resident old age the pocket calculator hasn't Sir. — Readers will be seriously 
pensioners." 1 would however brought progress. How. might I misled by the inaccurate ref.-r- 
suhmii that with few exceptions ask. does Air. Justin Brooke encos to TJiirlmerp and Hawos- 
private landlord? do not Tall (November lli 
within this category of citizen tipk-s of 14 lb 
and their situation ' is not such metrifyins it'.' 
that require? government 
financial assistance. A great many 
landlords of controlled tenancies 
comprise investment companies * 1 *** 

and wealthy individual? who have 
purchased at price? which wholly 
reflect the fact that they arc 
subject ro controlled tenancies 
in the region of 25-40 per cent of 
vacant possession value, ihe 
precise figure often sadly depen- 
dent upon the age and life 
expectancy of the sitting tenant. 

The uneconomic .initial reuiro 


is really a desirable place to 
which to return. 

T P. Cur: hoys. 

T-long Kons Telephone Company. 
Princes Building. Hong Kong. 


Lapses in 
life 


F ram the Secretory 
Kriii.-.-. 1 ; lnsurcnre Brokers' 

. UwinnoH 

Sir. — Mr. Janie? i Nov. 61 do*.? 
not .seen 1 i'u*l> 10 understand the 
purpose of the British Insurance 
Brokers' Assn.-mi jrm reply 10 ihe 


n. .1. M. Farrell. 
Whitley Reed Cottage, 


Amrobus. 
Xorthicich. Cheshire 

Drifting 


along 


calculate mul- water in IC S. riun pli n '.?* * letter " f l " air Tradm? ' 

31 ozs without, t. November I0«. He referred to a Neither ihe RIGA nor the Life 
“ t-ordon sanitaire" around the '-‘flkes .Wot i a lion ha? s;,id ihat 
I'-ikes and that k-« than one per high la ratios are acceptable, 
cenr or their yield was tor drink- The point made was that the 
•nu and 80 per cent for indu?- life assurance iudusiry — bosh 
inn! cooling. in-urvrs and ins-irrar.ee broker* 

The bulk of water laken from — have already taken voRjuder- 
tl'c-jp yjurccs is for domestic J b'e >tep; inward- informing 
me. ft i.« e'timated liui; ic.ss Than ond prnrecting consumers on L 
'ine per cent of the remainder wide range nf mailers including 
-applied tn industry is ik.-iJ for ihe question of surrendering ijfe 
cording hec;ui.-a- it i< not ihe policies and that the?? *lep- ; had 
water authority'-: policy u, pro. noi apparently been tic-now. 
’"'f.f'J 1 sources tor co-ding k-dgori m .Mr. Burned "press 


From die One/ In. formation ... 

i.ijTiccr. Metrication Begird ancl mdusina lists, iviih an eye in yjremeni. 

■nnT.it. 4 i n ™h».,.' Sir. — Mr. Brooke (Nov. 11> vconomy, have developed other" 

pomnM«r2^ t ^* n! *ho IU< i.M«ive suggest? that but lor the Metri- niofnod?. including re-cycling, 
compensated by the masons caT f 00 Board thi- country "would The i.f.rdon sammirc " is n 

the men- Amun-1 TJiirlnu-rc ; ht-rc 

over the a re nature trails and picnic ard 
centuries.'' P B f _ n ? spots. There is puhlu. 


LK-uptojaieo U> LUC ni>19«iVR D^.. _j , hi 

increase in capital value when riP !ft quiellv ^-I'ck 
vacant possession is obtained. J"*J. Q V» ... J 
H. . 1 . Spence. fur ?' ” .. nas ll -' ed 


Spence. 

7. Hood Avenue. S1VH. 


BIB A ha- made »-on-iderab5e 
progress ii- tile rid tan cement of 
tiic intervals •>( life -jssurar.ee 
broker- r.hrroirfi infunnrtive 
t-d in -a tion at and training pro- 


Nuclear 



Tran? 1 lion to the metric system ago— receive minimal irernmpn:. 
The indication- arc mat lh>_- a m.-ainu-ru plant i? in the nn.- 
retiuiremcni to produce ana gramme ami once bull', recrea- 
marker good? m metrii: will be linn will then In* nns-iblo nn the 
still more pronounced in the lake itself — if ibj> i? win. the 


19S0s than it is now. 
Ron Mayes. 

22. Kings way U’C2. 


Lakes Planning Board wani>. 
Have.-, water’s catch men t 1 = 
Go open to the public and 


power 

From Mr. R. Mulhallen 
Sir. — I rather look exception 
10 your “opinion-forming" 
leader “ The power of emotion " 
of November 7. You araued that 
greater public education is 
needed to win over support for 
nuejear power programmer 
While the nuclear physicist Is 
obviously the better-informed in 
thLs subject how is he in others 
’ ke biology aad ecology? As 
’■e AVindscale inquiry showed, 
is m?t ible to make cast-iron 
Tantees regarding the safetv 
of the naruraJ eovironmept and 

rbe life-forms it supports inulud* . 

ing us. I suggest lhat the lender- rcneari,e lav arguments ad- ihe amhurily i? ndvorsirinv joim 
-.writer h 3 >« no ground? either to v a need in your columns hy n.mning hv ;hn?r» i-oni-erned — 
•^ei confident on these issues or Air. Lacey lOi-i. till and mostly mriiiding the Sonrrs Gnu net ■— - 
j^dvneate such views in print, ignored by Jlr. Brooke (Nov. for particular water 
The reference tb Ihe "lunatic H» Much ha- Keen done 

should ue placed in per- There i- however. 3 further develop r^irre.nion on and 

Active too. Perhaps the nuclear cnmui.iment io metrication around ’.--aters in the north v 0 #t. 

firker is the greater fanatic which i< rarely mentioned :n All resenuir- havn g<jv.* been 

sec driven by career asyira- oublic debate. By the end of the categorised ir» term? nf Thr.ce 


Metrication and 
schools 


Ci>un'-:i. ;infi ;h:s 'lues him Mule 
•■rpriii. \. pe <bnii!ij : .e jwjre 
or.dor til.. I BBC ■.-•>dc nf cnndm-l. 
■<r- «:Hr- jre bound to pipe*.* Mi** 
ii;tervsls >.f lheir -.-iierj*? ybuvr 
in I n»htr •.-unsideratinn-. The 
ta.-k of ia'-reasms p -1 r> ! 1 avare- 

mudern trea'mvnl ' ~ facilities tak?ng°oui' ,n 

that, us r ar 31 Hi-.- iravl ' 


t row Mr -M Bmce 
Sir. — There i> no 


need :o 


mean 

^'Oier authority it concerned, 
appropriaie rucreanon *-f»n t.-tig 
place on the v-fier — again if this 
compile.- will; Hip planning 
board's wishes. There have h^cn 
nvjvcs nn iliis in pasi wars. Now 


m ve led 
iD their 


mdeoeo- 
part uf 


ii life assurance con- 
»'■! hetpen ny resorting 
to •■ritiei*:u r-g niatier.i long ago 
rn.ngni.-ed and which 
tn ;>cMna being taken 
r*?>pc«-t 

The P-IBA i' :.C 
dent: a> a responsible 
ifc indcsiry ••ve sene the 
intere-i.- >*:' consumer^ and if 
- "i- i.T.'i>fve> oying th3i on ;m- 
portaru quc.riions a??urer? baw 
i.tken helpful :-:-t:on. tiien v.c 
should r.'it heriiaie to de -u. 

Mar. Tea : c. 

F.' ’tr.tr,: ti H*'i 


GENERAL 

\lr. Denis Healey, Chancellor of 
the Exchequer, speaks a: TIT! 
industrial strategy conference. 
Grand Hotel. Birmingham. 

British Shipbuilder.?' corporate 
plan unveiled at Shipbuilding 
conference, Newcastle. 

Mr Harold Lever, Chancellor of 
the Duchy of Lancaster, speaks 
an small firms policy to Associa- 
tion uf Independent Businesses, 
World Trade Centre. I^indon. 

Mr. Peter Shore. Environment 
Secretary. Mrs. Indira Gandhi, 
and Lord Carrington, at Indo- 
Britisli Association annual dinner. 
Royal Garden Hotel. London. 

Kirk by Manufacturing and 
Engineering Workers’ Co-o|>era- 
live meets to consider take-over 
by Worcester Engineering. 


Today’s Events 


Financial -Times’ two-day con- 
ference -* Business in Mexico " 
open? in Mexico CiLv. 

Canadian Budget Day. 
OFFICIAL STATISTICS 

Consumers' expenditure (3rd 
quarier— 2nd preliminary esti- 
mate): UK banks' assets and 
liabilities and the money stock 
t mid-October): London dollar and 
sterling certificates of deposit 
imid-Ociober); Building Societies 
mortgage survey. S per cem 
-ample survey results (3rd 
quarter): finished steel consump- 
tion and stock change?' t3rd 
quarter provision). 


PARLIAMENTARY., B1 'SLNESS 
House of Commons: Estate 
Agents . Bill, second reading. 
Motion on the Assistance for 
House Purchase and Improvement 
(Variation of . Subsidy) Order. 
Motion on EEC document on 
misleading and unfair advertising. 

House of Lords: Forestry RHi. 
second reading. Counler-Inrtatum 
Price Order 197S. Debate on 
National Parks. 

COMPANY RESULTS 

Final dividends: Kwik Save 
Discount Grouo. Long and 
Humble. v. LWT . 4 Holding?). 
Non hern Anu-riran Trust 
Company. Scottish drip? Invest- 


ment Trust. Selection Trust. 
Interim . dividends: Boot? 

Company. Bra by Leslie. P. Panto 
and Co. Valor Company. Wit an 
Investment Company. Interim 
figures: Hield Brothers. Royal 
Dutch Shell. Royal Insurance 
Company. 

COMPANY MEETINGS 
Nigerian Electricity Supply 
Corp.. 11 Snulhampton Row, \VC. 
12. Prectudch Parker. Rag Lane. 
Atherton. Manchester. 1 1 

Schroder Prop. Fund fnr Pension 
Funds and Charities. 120 Cheap- 
side. EC. II. Sirdar. Beerive Miil-\ 
Alverthorpe. Wakefield. 12 
Trafford Park Estates. Midland 
Hotel. Manchester. 12. West- 
minster and Country Prop-.. 
Grotsvenor House, Park Lane. \V. 
12 




SIH6 ILK. UMIIED 
IS THE KEY 




HMDS STEIUH 6 


c<* ?• 

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f *** *?•*..&* 

_ ■ •* * v,,.' %*r 

Jtoff.t.? X-Vv- 'f 




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r*..; 


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cs 






Th‘?re ? a n*;. c iijva r.f fina-'ir.ing on fh 4 ? 

U K. map. iiivr 3:ue Key programs of f^lH Leasing Limited. 
Trunk of •'• :s v. hen yot: r.i^ed fir.an *.inc for substantial 
.;a o' wl acou 1 s 1 1 icn-i. •/•/,? oi I e r m-'-di u m- 1 er m. 
sterling-based »ou'OPient financing m a vametyof forms 
IAosI impcnan:!' r^.dor a financing program : ‘ 

:c suit yre.ir soeofi.- i,->n Because v.+int s • - 
rignt tor one company is no; necevsani j right *». ' .' 

lor another. 

'.Vhilevve re ^kii c\r , tyring deals, 
ve re eauaily proficient m the foiio-.v- 
rhrough —providing attentive service 
•hroughout the life of rh<? .igreernen:. 

Consider, toe. the sfr^ngihs c-f cur coi on a*«? 

-eialionships To begm -,vi ;h ivtH Leasing Limited 
is backsd up by the resources of a S35-biihon in&iiJution. 


— w ■ *"«* ■ 


$ 

$ 

s» 


/*». J ^ 




. > '•>i' '■ S r •«. 




r In addition, U.K. companies lhat require 

is. doflar-denominated financing can turn to Manufacturers 
~ Hanover Leasing Corporation for a program that suits 

their needs perfectly: 
If you need stedrng-denominated financing to acquire 
high-cost capital goods, don't make a move until -you talk to 
MH Leasing Limited. Calf or write today. 
LONDON 

Anthony IV. Jukes, Marketing Director 
'22 Austin Fnars 
London EC2N 25N 

Telephone: 01-600 5666 


MANUFACTURERS HANOVER LEASING U.K. LIMITED 

Total equipment financing. Worldwide. 


|i as or anxieties to d ism iiS fads 1360s rw/ct primary schools vua! *' haes of defect " rr# -*af»- IV >. f'enrimrch Siree:. VC? 




/jffiiia,:; 




Finaitdal Times. 


HIGHLIGHTS 


The massive £ 8 ajm rights issue from Beecham came as a 
surprise ro the market given the big cash element in the last 
balance sheet but the company claims the proceeds wul be 
used in the UK. where capital spending is beiug stepped' up. 
Kirst-haif profits at Chloride are nearly £5ra higher but over 

ip _ n xi_ 5 • _ i evf fnccDC encta nM Iff (AST 





. . . . i . , V. 

THIRD ouarter underwriting gb6dX Voritmen's rompe hffifoi a jf . ih^^wd^-'i.reraiped- sub- 
• • on wo rid -wide claas.. continued to aeterau^tg r .staj^|qiiy. -lmchanged -With -two 


half of this is due to the elimination of losses sustained in last * ' of _ _ . . . . . _ ... __ . - .... 

vear's strike. The third quarter results for Wool worths show P[, sine!SS 0 f General Accident was further; but the .compan y / ffla ^.-ffs^phona- - , hi . Europe 

■ .. .. - - . UJI .a. cniMuiaf! TMfl1>0inC and thp . 


OX SALES lip 24.6 per cent to 
flSS.SIm. profits befnre lav or 
the Chloride Croup advanced ti8 
per cenl from a depn-ssec! £7j?2m 
to £12.1 m in the >ix months >o 
September :{«. HITS 

And Sir Geoffrey Hawkings. the 
chairman, say* the > ear’s per- 
formance Mr the sroup as a 
whole should e.vce»;ci last ye.tr by 
a rca.vonable margin. 

Sir Geoffrey explains ilia! the 
fir ■:! half last year was heavily 
influenced by strike* in the l.'K 
and Australia and managemenl 
problems in rhe ILS. 

Pre-tax oarninas per share arc 
shown at S-"p tml 4.:ip 

acainsi 2.7p net The interim 
dividend is raised Trom I lUp :o 
1.5p and the third jniprmi of 
O.0575p for I077-7S which was 

declared follow Inc rhe tax reduc- 
tion v. ill -now he paid with the 
current interim on .Lmwry S 

Last year, jiie total dividend of 
5 1377 p innr including the Third 
interim! »:»■ _paid nn pre-ins 
promts of £25 07m. .. 

STr npnlTr n > Ih '. 1 first nftU 
prnduenri a uond performance by 
the l : K compame>. c-pccially in 
industrial halieriev In Europe, 
marker* remain highly compel i- 
ti"n “hip w are continuinp io 
gain market share ” 

In the I’.S i here had been an 
overall recovery. KesuMs from 
the automotive division were en- 
couragin': hur refills from the 
industrial and «y«lsni* divisions 
u pro still d i -appoint ins. 

Generally ihe •■roup is <loin3 
veil in volume, but margins are 
under pressure in many of l ho 
grouD.s major markets, he add*. 

Pcrforma me Tor the croup in 
The full year i-s dependent on Ih*- 
zener.il ’ industrial relmon- 
climate m thp I’K in pnrliriiljr 
and upon continued ai’oi’ffh in the 
world economy. 

"We still h:i'-c problems in the 
V.S. and Australia anil recovery 
is slower than we anticipated," he 
says. 

The price of lead, the croup’s 
main raw malcrijf. tends fn he 
volatile — be i ween July and Octo. 
her it m-c from. £3211 tn 1420 per 
tonne. I fancier, even if this rixe 
nf £ 1 Oi i per tonne is maintained 
seirinc level- remain well within 
published limits and there are 





adull nrofits nertKi^oni-iTreflecUng squeezed margins and tite more 'than sufficient to eliminate sjders : tiiat It can hold .redge^^frttofrin^ pate 

fn? „ on the vita! Christmas pwiod. 5? first half deficit of Sfim.-and improvement ,^e^es : _^jd£& lWira hte -experi- 

outcome for the year hangs on we vuai •T' 1, we underwriting The'UiC account also reroroed^euefc white tfere-wM » «harn 

Third-quarter figures from Phillips are ® ,sod 4l I J h ’ s ^ SSfi/Sf aSaa? the nine months a - flood th ird Zealand 

reflecting adverse currency movements. In contrast General P ' xoaether with a 17 per oeot anderjmtniB pr° st . - jSfcfespfead . fires. 

j In a strong third quarter and for the first time *tee in investment income over which 1 reduced the j.oss» : Intte^ent ^fogome ---ad va need 

junsuuue , — a* „♦ it.. cLmnnth rise m u»»va« ri.h.immii *wpfl to lO-fu&^tne : -Srom 155am _ ^.TefleetiHE 

-a - /. , . * 


Accident turned 


. in four years there is an underwriting profit at the &-roonth 
: /stage. 


thP oeriod to £&45m. the pretax nine-month Stax* «wn ;-refleeting 

SSlff of U-0 sroup^ho^ , ..JSS-OI Jr”, 


f .. Mim company is. ihe Ifrs^. 'w^t-.^^gh/ratta’-^refuiTii^avallable! 


ISSUE NEWS AND COMMENT 


Talbex withdraws: 

Hoskins seeks £0.3m 

:kso #4 

diverse industrial fng dividends! resulting from the 40 *^ r cent of GA s business, an 
nab £ekJp- nas sale of the Hoskins take will be „ c ci!en; '.hird-quarter produced £ 
hM . lt!r with split between Talbex and Artoc. an undeniTrlinz pron; of Sl-Sm “ 


Mr. Dai id ' ’ motor account Is no w j>hq wto£ .a finctbatiatK - .i ~the underlying 

tinued through the showhrsr^stroTTgly. • But . tt- iis-stiQ. Anr%*cw«itAhlrd-rHiarteF expert- 

to produce sn underwntin^ proat esperleiicinE ■ a hJgherT*?ffflfliii5 >, enc*t , _.- 1 ;.^s; ; venaWed- i /^Gowial 
for the first time in four yearx. frequency ~and another.-^fcat&.dnT aa underwrTting 

He felt that present indications ^ 3 ^ i g ^n>ost inevitride^ ■: ‘/. .•’ pT^-aJ-^he-’nine months stage— 
were that This j advantage co^d be -. d^ses-irf, Iwe&n&ih ik* rj&SteJh&tlMP yrarsTjloUi 

held dunnss the rest of ,kl bnneflred from' thte btt~~lfr e - 0-£y -and-. _the UK accoimta 


Ud aunna me - Th bBnpfired from- ibfa t^-wB.-.y^-.aao-. me. UK. accounts 

\et written premiums received , have refcOvered from the very 

over the period advanced uy 10.3 f . PPqrjSrst3qiwrter when sei-S 

per cent from £505.5rr. to LoW.tm. J* ™* ^ - ?'"********«*■'- 

This was in line with expectations •^f cep S£5L 


,, ion Vf Jiuanswoeo hit GA 

Here tte: 


and if the effects oi currency Ev Sr M to 

fluctuations are removed the airnongn aen 5 r n t <a ^-.-™ ni be so wmi rk« .uvn. 


underlying growth rate was 12.4 duaner 


fir TIM WCKSOM 



-• ’. &- .. •• 

fl.'llili; .UllllMllfll 

Sir GcnlTrey Hawkings, chairman of Chloride, seen examining 
one of the sis new 30-1 on relining pots in the group's ^ead 
•imcltiitc works at Abbey Wood in South East London. They 
are part «f a smelting and refining complex just completed 
at a cost of £1 m of which £500.000 is for eni iron mental 
control equipment 


aiir'qu.-itr financial facilities, the 
chairman -ays. 

Oi.rmai expenditure ar £ihm 
during the ttrsl hsitf. was almn-.t 
idcnlical with, that of the corrrs- 
ponflina period la*f year and the 
figure for ihe full year is likely 
to be siimljr to last year’s. 


rlisirihuitrm nf «|andby and fire 
alarm and protect ion sv-' terns. 
r:itl)>*r than on in&latlat’um and 
sen ice. 


TALBEX. the 
group with Arab 
pulled out of bid talks 
Birmingham-based Haskins 
Horton. 

Last night Talbex rev 
it has sold its 29J per 
in Hoskins “ folio whig 
io agree merger terras. 

At the same time Hnsfcm* 

announced that it is raiding 

I51K.00 by a rights issue, rj 15 still look 
company also im^ntis to double had a strong 
its dividend for 1978 while iric base and export . 
directors have forecast for the ticularly in the Middle tast. 
same period profits before t as- 
including exceptional items but 
excluding extraordinary items. »l 
not less than £840.900 

Hoskins’ share . price ,,as 
suspended on Monday at t0^ p 
dealings will be resumed lodn. 1 - 

Terms of the rights i.-xur prc 
one ordinary 20 p shire al ISPp r,:,r 
every nine already .-held. L’uder- 


rrna ins adv«S : WTha &^S f S^S^JSf ai 1 f r * r Wh S e 
. company is proposing -tp ^ttCTease 1110 

percent. , its- premium rates fromDecember • iciffiSrTi ^ 

In the L b.. which accounts ior nmnnigts woMnn «r .o^gg^ve; Jiav^bad yyfea ther next 

-r ns-. H. w an ? - H ^^Sf P tSagSS5 SS^SfeSSgSS^tpre. 

basic rale. udalc&.‘:3aaigt^ in ^ e 
an unuerviriuiii yiuii, «■ — — «*■ unrhnnerorf' - < 4 ** 0 - *i^.^ , se' , rT'^ m ' £ <P ,a ^about one- 

and resulted in a profit over the JJ™ XS&Oit -Spototn 1977. The 
“ <» m ' - m . p ^^^ ^ ^’COmpany ts mqr^'Ppaalstic about 

, , . . ■■*■■■ the> US . 1 next yfeabr than . other 

dSS ltt [?ii ^^^.'y^i^KhfchrSdfiate. a slight 
JlSti CEhev^i account is 

.... . *° p exceptioiiaiV&^?^ dependent- than' average 

month figure fay nearly Three mjhe first ^tarter. The and 

" #uw .. T , Ilw _ v •,« points to 88^1 P * — ^ 

Mr. tie Sava O’ ^a:d Talbex v d , OT12 

“ hK *"” i ^-gTSSSS^nS to 

potential, par- 


lie said the Ta Ibex- ArLoc links 
were ‘"more solid than ^before, 
and Artec would continue i’.« 
pollcv nr providing support, advice 
and financial backing to Talbex. 

Referring to rhe Hn*kins 'a=a 
he added: “We have learnt a hell 
of a lot." 

PeaHns in’ Talbex shares. 


The properly account in the UA Ii«:st»enefited mat., 
returned to pro Stability, while, the earifhr -rate increased 
motor experience continued to be .- . Dhr= -writing 


Sit nnynrliR 


t**:- 
Oil m 


l«T7 

XIVH1 


In September Chloride Granlcy 
wa< -snlij 10 RCA for £2.8m cn^h. 
giving rt-e 10 a profit of I 1 . 3 m. 
shown a* an extraordinary item 

in the accounts. 

Thi* followed a review of 
■strategy m the systems field and 
a d^ci-ian lo - conrenlrate re- 
source'- nn the manufacture and 


Sa Ip* 

ftpi-rattng profit 
Assurialcs profile 
rrofii 

Inicri-tl payabl- . ... 
ProDl beiorc lax 
UK fan 

ui.r-vs 

N-l pnifit • 

Xmnriili's 

.MinhlHalilr- 
Erir.innlinary prnrtr- 
■ 1 in disposal of siih 


nw.-nr 

K.-r. 

i:n 

UINSj 

JgJOD 

■j.itm 
.1.1-15 
fi.«49 
059 
fi l-:n 

i.r.s 


in* ttn 
s.n’iB 
urt 
P-Ohj 
;.M3 

7.222 

VM 
C.tSI 
4 101 
717 
1..C-4 


»rii,n 5 i S kiw«4d o‘" »» •?**; «J5 

the company's financial adw.-ers. at lop. wiU alwi resume toad*. . 

Morgan Grenfell : , . 

Hoskins has iiot approached 9 comment 
shareholders for new capital Tor R . h| from thc 0Ulset Hoskins 
al least 50 years but the company ajjd Horfon fi crce iy resisted take- 
says the issue' >il ’’ over approaclTes from Talbex. Now. 

strengthen.-its financial post non. j- 0 iiawing rumour* in the market 
augmenting its capacity to Ja ^ . ve pk. the bid has finally 


Wool 
sees hi 






Brown Shipley downturn 


^ ^ ^ additional 

growth in demand for iLs products broken "down" w i th Talbex wisely consumer Vpemnng’^ during tfm - the 1 increase in profits at 

in the UK and overseas. retiring to lick its wounds. la important final quarter, the trading level would nave been 

On current' trading, Ho.-kin* QM wa __ company is lucky annua! profit result this year can.P§r-- cent, compared .With 
reminds shareholders that the lo have found *uch a willing buyer ' 

inierim results to June this year for Jts sta) - e !ti Joskin* and the 
-bowed a substantial increitse doubled dividend promise from 
over Uie samtf period of W77.. Hoskins indeed looks timely 
Managing , director Mr. Janies \pnctheles.*. a seriou* blow ha* 

Lloyd yesterday reported ihai in* fee n struck at the Artec vratesy 
company s hospital equinnient ^ acquire LTC companies through 


. • ' -•>•/ - 

THIRD QUARTER pre-laat-^Bw - r - 'Additionally. a r Ju ii^S“^ vof -the incre^-w 
nf F. W. Woolworfh end Co^ rase ' ffevelopmenl and Traiaeniiig per cent 'agamst 
53 per ceii* to £10.43m to gwe d costs -have been lncmTM/^OT?tiie per. cent/ 1 . . 

total of £23.03m for tbe nine . nefiT transhipment. «nw;^a ■ , : - -• \*} •- ? 

months ended October 31. iS 7 i&. e : benefits to accrue iwxt-'yjedrS&d A qoarterte^^tieilysis^trf the 

JTS cent STS \*r£& P«teressirely as these^ cw^.result.sipjvs Wt&mfas been..,' 
period last year. - . • ' . ^extmtd their ^operations; V^- -a trend', of C^cddferating sates • 

Given a continuance of - cticpwit ..^Yti“ out , " e ^. a< ‘° i S. opa ■ . increases over^tbe year so far. : 

es in^eased By/85 per cent in j 

1 fi rsfqu art erand fitB' percent i 

be expected 10 he hi 'exc^s 7 ^ reported 1.9 per cent mid pre-tar^i'jihe Second quarter. 1 ' ■ 11 ; I 
last year's £46.7810, the directors G 7 ~^yK- \ 

say. . — - — — — ■ «— ■ — — — 

V vn* in~ the* 1 * third quarter rase DIVUJENDS ^SNOUflCED 

15 fi per cent tn £20A43ra rexiitlins: 


Thc merehnnr hanking and 
atnckhrnkiPg group. Rrown Ship- 
lev Holding;-, «ay< Ihe combined 
result-- of ihe group for the half 
vear to Sepiemher. I£»TS. are 
below those in thc same period 
la=t year 

In addition ihe board tines nur 
expert the combined profits for 
rhe year m the end of March. 
1979. to equal the record taxed 
profit of n.fflm in 1978— despite 
the present rurnto'l in the finan- 
cial market- which may benefit 
the banking side. 

Il adds that the particularly 
favourable opportunities enjoyed 
hy the hanking group in the 
foreign exchange and security 
field.* in 1977 were nor repeated 
in the first hair nT ihis year fit her 
area* remained active, bin demand 
for credit is still slack. 


Thc insurance group has not 
found the expected increase in 
its mer-c.i*. earnings, and falling 
commodity prices have depressed 
carco brokerage 

Thc interim dividend i« lifted 
from 4p in 4 5p. plus a deferred 
final dividend of onsp for ihe year 
to rhe end nf March. HITS. The 
hoard mientl- m recommend ihe 
maximum permuted dividend for 
the year. 


Little change 
for Wight 
Construction 


Pre-tax -profits of building and 
civil engineering contractor-. 


Wight Construction Holdings, 
-.lipped from £2it.1,fl00 to £235.000 
in the half year to the end of 
■Inly WTS on turnover up from 
£4.02 m 10 £4.S9m. Tax is Ildo.OUO 
against £142.000. 

Thc interim dividend is held 
at 2.73p. Thc total for 197S was 
7.3n 

Thc Board says ihe highpr 
turnover is largi-ly due tn the 
completion and finalMaiion of 
several old contracts. But profit 
has been affected by losses on 
snmc current contracts due 
mainly to poor building weather 
since the start of (he year on the 
consi ruction subsidiary’s work in 
progress. 

Pre-tax profits Tor ihe whole 
year, says the group, will not he 
significantly difr-'n-nt from that 
of last year's £572.645, 


slates. 


manufacturing operation had a a q UD ied investment --chicie and 
full order book both at home and ne ^ t moves, on ihi* front will 
overseas. cerfainlv be interesting Mean- 

The building materials side. whHe Hoskins is understandably 
although less dramatic, starts j a kj n g advantage of it* buoyant 
from a stronger base and is also ^nare price to raise capital. Bor- 
going alone well. rowings are currently liitle more 

^ Talbex director Mr Peter de than a quarter or -shareholder*’ 

Savory, also joint managing direc- f un ds. but the company says the 
tor of the Bahamas-ba*ed Artoc proceeds will help finance -pend- 
Rank which through clients con- inB on feed a «sets. Ho*kir.* has ir:i 
irols almost 30 percent of TaJbcx. a steady, if unspectacular, .irofits 
said yesterday: ’ r U has been an record but aFter last year* set- £•£[' 
abortive exercise.- ,Tlic other side b aC fe on the hospital equipment tm 
did not seen our point of view ann^cide fdue co Health .Service cut«i .vn srasi 


wished lo remain independent trading appears to have recovered ForvianrorTcTicr ■ ^ •» 

from anyone. , well. At ihe suspended price of 't 'S 

VI f we had^ gone ahead we i®sp the ex rights n'e is 9.. and has-bkefs. ' ' j 

poir 
facts 
'in^ 

Aw: 


would have had to bid more than ih t . v -ield 9.4 per cent, 
was Justified while the takeover 
would have been contested. I 
think we would still have won 
but we would have also, been 
opnosed by the employees.'* 

Talbex also announced yester- 
day thai the gross profit (teciud- 


m a 12.9 per cent rise to £558 01 m ,2,,* , 

over thc nine months, pressure 
nn margins continued, associated 

with the grmin'.s poliev of being Alida Packaging ......rat. NHt.’ 

ftii'y competitive, the . Board Beccham ..! -..Aft 9.58. 

Brown Shipley ,<:mL 4.5 

l^Z Chainherlain and HBJ nit. L32tt 
MM Charter Co ns Id. .^..Jnt. -3.03 

3B.7W Chloride A-.-..-int» l.o 

sosie David Dixon int. U 

-J5 E5IAP ..; X inr. l.l«v 

Kuala Selangor inL 2^5 

’■%is Lon. Prtidential ,®t. ...inL l£ 

zufe Progressive 8cci% InL - 1.05 

Sekers*- ....;Sc...J= inL 0.75^- 

v '^PSBacbep^Prdfr; 1 - ’ . 

rf^^Wrter^irtidays -...Int 0-35 

^ n K , Wight Coit^rectlon \ _JnlA 2.75 
h'cr^j 


7-irr/jver* 

V\T - 

Tr-.-Jins proS: .. 

p.: prertauon 

na*«1 

rent buto;-' 
il ■mrslas 

Profit before Uut ... 


1CT 
nm . 

VKi.UX. ' 

*uw • 

r..t*T 

S.270 

L079 

re 

. 25.051 

.tins , 
W.ZtK 


‘'-•.’Date 

.Xbrri^ ' 

Total 

*■ Total 


iponding 

for 

7 last 

payment^, dre. - 

■year 

year 

1 

2.2 - 

--L. 

"6J2 

FcfaV-'l 

- -8^8.-. 

Li— .’ 

’ 18.6-1 

Jan. 11 

4 - 


9-345 

©ee.il 

r 12 


2.75 

Jan. 3 

a.03 

!. . J 


Jan. S 

' 1.34 

' — 

5.19! 


1 

0.93- 


rr _ ll* 


Feb. 3 
Jan. fl . 
;Ja&V5 
Dec.v2B 
Jan, ’i^r. 

Jan. 20 . 0.60- 
Jan. 5 “*0.99 
Feb' 5 6,35 


:.l^5 

0.9 


2 


. 3.71 
2.07* 
6.6 
135 

38 
1 51 
0.P9 
128 
7.3 


TTi e il : rect 0 rs a Iso poirt/u, that D^dencte:^ pen 



• t >• 



BELL 

SCOTCH WHISKY DISTILLERS 


During the. past decade group profit -before tar has risen from just over El million to more than- 
' Cl 3 million ip 1978. Over this same period the value of'the Company’s Export sales of Scotch 
J ' Whisky has. risen seven-fold and Home Market sales have increased by more than five times. . j 


gallon . i«? *1 7 

The Company' 
manufacturing 


To meet tN® sales demand, annual oulput at distilleries has been increased from 1.6 million proof* 
million proof gallons, 

s policy 'S to continue tn invest in the necessary additional stocks of maturing whisky, warehouses and.: 
factiide* m order lo meet the forecast continued growth in worldwide demand for BELL'S Scotch Whisky, i 



HOME SALES £m EXPORT SALES £m 


TRADING PROFIT £m PROFIT £m 


NOTE: Years 1968 to 1976 inclusive are the twelve month periods to 31st December. 
Year 1978 is the twelve month period to 30th June. 


EMPLOYEES. The record profit of 1973 could not have been achieved without the active support of ail th® 
Company's employees. Their efforts, made difficult by the frustrations imposed by the Government's pay and 
taxation policies, were greatly appreciated by the Board of Directors. 


GROUP 

1968 j 1969 

1970 

1971 

1972 

1973 

1974 

1975 

1976 

1978 

EARNINGS PER 
SHARE (Pence) 

4 5 j 4 2 

3.4 

5.6 

8.4 

S.5 

S.S 

9-8 

14.1 

29.4 


ARTHUR BELL & SONS LTD.. ESTABLISHED 1825 — AND STILL AN INDEPENDENT COMPANY. 

Copies of Arthur 89 H & Sons Limited's Report and Accounts can be obtained from the Secretary, Cherrybank. Perth. Scotfmd .- . 


Colne 

Valley 

Preference 


there ■■.ere vccial factors which 
increa«rtJ cost* durin 
nine month*. 

Thc r>en<:on plan -involved an 
increa-etl cost thiss.'year of Em 


Dec. ^20 : . .235 . . — 

peg share net except, where otherwise stated. 

Equivalent'-^ alier\aJlowinjj for 4wip Issue . ->Od capital 

the lirst increased! by rigHts anffnar 'acquisition issues:- ! Company 

became subsidiary Rodbrare Group. 3 Included additional Q.08p- 
for 1977-78. S Jheludw thi3tlnrerira offi.0575p payable on January*. 

1 Not less tban^ ja«; iyear3%.iotal forecast- 1 ** Includes adod.'jmal 

ftion payments of. O.ft^p and O.Q23p 
declared.. • ‘ ’ 


due n.jiiniy to revisions intro- 0.01737p fdr 1977-78. :a t| In 
<luce>1 from Anril 1. 1978- foe 1976-77 and .1077-78- J^pve 


An offer for sale by tender is 
being made by the Colne Valley 
Water Company of £3lm of 8 per 
cent Redeemable Preference 
Stock 1983 at a minimum price of 
£U8 per cenL 

The slock Is payable as to £10 
per cent with applications which 
must be received not later than 
It am next Wednesday. The 
balance of the issue price is 
payable by December 2S. 

Tenders must be for 3 mini- 
mum of £100 of stock and above 
tMl in_ multiples o.f £100. 

The first dividend on this 
stock amounting lo £2.1173 will 
be payable on April 1. 1979. 
Thereafter dividends will be 
payable half-yearly on October 1 
and April I. 

T7?e stock will mature at par 
on December 31, 1983. 


• comment 

There should be a good response 
tqj this latest water company 
issue. The coupon on ihe Colne 
offer has been lifted a full point 
since the last issue reflecting 
the recent trend in interest rates, 
and so at ' the minimum tender 
price the crossed up flat yield 
is 12.18 per cent and the 
redemption yield Is 12.49 per 
cent. In terms ot franked Income 
this is worth just over 17 per 
cent. Because of the increase in 
the coupon there is nothing 
already in issue which can offer 
a direct comparison. However 
W'esl Kent for example a 7 per 
cent slock is only yielding 10 8 
per cent flat and 11.32 per cent 
io redemption. All in all pro- 
spective buyers might have to 
tender a* much as a full two 
points over the minimum price 
to get any stock. 


KITCHEN QUEEN 
ATTRACTS £I00m 


The offer for sale by Kitchen 
Queen of 6.8m shares raising less 
than Em appears to have 
attracted applications worth 
around £10Qm. 

Following the publication of the 
company's prospectus on Friday, 
the issue was already oversub- 
scribed by Monday evening and 
applications continued to flood in 
until yesterday morning, when 
ihe application liM closed at 
10.01 am. 

Brokers to the issue, Halliday 
Simpson, will probably announce 
the basis of allocation today. A 
weighted ballot seems the likely 
course, but because of the small 
offer priue of 29p placed on pie 
shares the minimum allocation 
could be reasonably high — possibly 
500 '/lares—* because of the pro- 
hibitive dealing costs of handing 
out small lots of shares. 

In the market dealers were 
talking of a possible premium of 
over op. assuming there is no 
serious deterioration in the 
market between now and nejil 
Tuesday- 




Interim Statement 6T Ti ding 




\jr- 


The D irectors of Beecham G roup Limitedannounce unaudited trading-results for the 
half year ended 30 September, 1978. • Vv; 


jt:-. 


Associated companies .y- /• 

During the next half year the group's interests in its subsidiary companies in Nigeria and 
India are expected to be reduced to Copier cent, as a result-of local legislation. This reduction 
has been anticipated in the results to30 September, 1 978 a’hd the changes, in presentation to, 
reflect the reduced group interests are detailed below. ■*;_ 


Trading results 


Half year ended 

Year ended 

* 


. 30 September 

SI March 



19178 

1977.' 

r-V 1978. 


i. 

restated 

' restated 


'L'- ' 

Cm 

• £m- ' 

■ £m' 

Group sales 


469.6 

405X 

• r 838.4 

Group trading profit 


78.8 

70.6 

T42.5 

Interest ... - 


(5.0): 

(4.1) 

(8.3) 

Group share of profits 



of associated companies' 

: -V — • 

2.3 

- 2:5 : 

: 5J2 

Group profit before taxation 


76.1 

.69.0 

139.4 

Taxation 

m 

(33.8) 

(3T.1) 

’ ' (62.8> 

Group profit after taxation 


42.3 

37,9 

’ 76.6 . 

Minority interests 


(0.3) 

( 0 - 2 } 

" (0.4) 

Group profit available for dividends 


37.7 


and retentions 


42.0 

76.2 , 

Earnings per share 

_ 

28.68p . 

25.84P 

r ;52.22p. 


interim dividend - . y---;. - - . - . 

The Directors have today declared ari [interim dividend of 9.58p per Ordinary-share 
totalling approximately El 4.2m (interimidividend 1 977/78 8.58p per Ordinary Share totalling 
£ 1 2.5m). This dividend will be paid bnil.T ebiuary, 1979 to all members on the register at the " 
close of business on 1 8 December, 1978 except in respect of ordinary shares allotted to 
holders of Beecham International HoldihgsS-A. S 3 per cent. Guaranteed Convertible 
Debentures tendered for conversion after lA.November, 1 978. 


Currency exchange rates ’ l J ’ ; 'Ay V 

The trading results of overseas subsidiariesforthe half year ended 30 September. 1S78 
have been expressed in sterling at 31 -March;! 978 rates of exchange. If theTate^of exchange 
at9 November, 1 978 had been appliedgroup sales and group profitbefore taxation would 
have been lower by £5.4m and £ 1 .0m respectively. 


Changes in presentation . ‘ 

In order to reflect the expected changes in status from subsidiary to associated company 
of the group’s companies in Nigeria and India, the trading results for the half year.to; 

30 September, 1 978 (a) exclude theiotel sales, trading pfof its, etc, of these companies, 

( b) include in group sales exports from group compa nies to these companies and (c). mcfiicfe' 
the group's anticipated interest of 40 percent, in the profitbefore taxation of these companies ‘ 
under the new heading "Group share Ofprofits of associated companies". ■ 

In order to facilitate proper comparison with the half year tp 30 September, i 977 andthe i- 
year to 31 March. 1 978 the figures previously published in respect of those periods'bave been 
restated by (a) excluding the total sales, trading profits, etc.;pfthecompanias whose status 1 
will change from subsidiary to associate »n 1 978/79, (b) including ingrou p sal esexports from 
group companies to these companies and (c) including against the heading "Group share 1 of 
profits of associated companies" theigroup’s 60 percent interest which existed throughout . 

1 977/78. There are no other changes in the presentation of these comparative figures. ’ :. /■ .; 


r 

r 


15 November. 1978 


•‘7; . •' r .-v •>. - i . .v.'sCj r-y.^ec-’ jagg 


■yM 















for 

PENSION 

funds 


AND -Jp 

property 

funds . m 


\ Bl3SlNtS s 


AFUNDOF 

ADVICE 


vest ik 


g f... «. 




ADV1 soR 






Ttis essential that you obtain professional advice, in all 
your commercial and industrial property activity, ” 

9 

Details are outlined in The Complete Picture ’ 

. £ 

a brochure about all Richard Ellis 


services. 

A copy can be yours upon request to: CNG Aiding abics, 
Richard Ellis, 64 Cpmhill London EC3V3PS. 

Telephone: 01-283 3090 


Chartered Surveyors 




iyment boosts EMAP 17 . 5 % ahead 


LBSnancial Times thnrs^femp't 





at interim stage 






INCLUDING A dividend from 
Cannon Assurance of £459.000 
pre-Ms profit Of Keyser Ullmann 
Holdings came out at £864.000 for 
The 5 li months ended September 
■10. 197S compared with £1.52m 
last time, which included a £J.5m 
credit of provisions no longer 
required. 

Turnover, excluding banking 
and life assurance, was lower at 
£2.o2m f £321 mi. 


BO ARP MEETINGS 


Mr. X>. E. Wilde, the chairman, 
says the group has no plans to 
receive a further dividend from 
Cannon jn the second halt but 
that the directors hope the profit 
contribution from the banking 
business will be rather larger 
than that achieved In the first 
half. 


He adds, however, that the sub- 
sidiary bank in Switzerland. 
Keyser Ullmann en Suisse, has 
made further progress and looks 
to record profits for the year. 

Although the operating profit, 
including ihe dividend from 
Cannon, was well up at £864,000 
( £23.000 j — ij was the same as for 
the whole of tbe previous year — 
rhe chairman says the profit from 
the rest of the group’s activities 
fell below the directors’ budget 
figure. 

Stated earnings per 25p share 
are halved from 2.6p to 1.3p. 

Profits for the 1R77/7S ymr 
came out at £4.3fim after a £3 5m 
credit in previous years, losses 
had been incurred at the pre-tax 
level because of the provisions 
for bad and doubtful debts and 
other provisions. 

During the last three or four 
years Keyser has been vulnerable 
to high interest rates. Mr. Wilde 
explains because it has not always 
been able to pass on to the 
borrower the increased cost of 
money to the group. In respect 
of a once very substantial but 
now much reduced part of lend- 
ing it has had to be content to 
accept as its only income the rent 
i: could obtain from the property 
charged to the group as security. 

Once the volume of such un- 
satisfactory debts has been 
reduced to a figure which can be 
financed from its own capital, 
“then we shall no longer see our 
profits fall simply because interest 
rates increase." 

This is the position the group 
expect to reach within the next 
few months. 

Property sales have not come 


Thf htlovins companies have notified 
dates’ of Board aieptings to tl» Slock 
Exchange tnectiiss art> usually 

ti. ‘a (or ihi pufose of amsldtrlnw dWl- 
iti-nd* Olficii’ "dlcauons are not avail- 
able as to vh» rti-r dividends an? inrertros 
0 , final* jed sUHlMstais shown below 
arc ba**-i ma:rlv to year's ume-iable. 
• ODAy 

Interims — AR^r Industrlni. Boots. 
Brahr Lcslif- British and Common wealth 
Shirwnr. Cakdonia tnvcsnncms. Gudlrcy 
Djt-s. p. Fun'". J. V. Spear, Valor. 
V<:tan Ins- 

Finals — irumuiu* Investment Tran. 
Ku ffc Sa-.c r *"dis. [ WT. L'-n- and 
Kamhly ’.Torland. North cm American 
Trust futjr. '"nn.'ollilaicd Mirv*. Srotrlsh 
and ’.tcrrauilv S^irusb Cl lies 

umimM wtoe'S™™”- 

imerlms— 

Eras'lvus; SA Nov. 20 

Ojiitc and CIkiwcm Products . Dec. * 

Lxnton l •.pnox Invest. Trust Nov 2t 


a subvention of the same amount 
from the holding company. Earn- 
ing s per share are shown as Ip 
(2-9p). 

Hocroft owns 392 per cent of 
the banking group Keyser 
Ullmann limited. 

Six months Tear 


ven. fWfflt SK?ta5£ &SLBS: un 


THREE of tho fwimnanics" newspapers are aomg wen. ~ hjtro- SAMS— up from 

diriskras taS5^S P their Adverting volume has incrv&ed major Lddiootial tt»An 'and pre-tax 

... vo .Tr_ tuvlll f . ..I.J A vsbv ponl nn l«f VPUP flliCuO* 1 a ...^ L_ srp reDOuTQ BY - thfe PlUHat fiu (nfarar! 1 


performance. East SEd Allied by over S per cent on last year dutuo^oi fafl ahea d -*r£76 .lm are jggt: . 

Press achieved a 17 A per cent and sales are also ahead. m »»iw press. The the Bceciram Group for 3S77/7& .r.x 

increase in pre-tax profit for the Since the chairmans last vs -^"transferring worit-.w year wdrt .. .. -A' 

28 weeks to October 14- 197S, with report the company has acquired ce.ays however resulted '.-Thefirst hair figures 

afisure of£843405 Compared with a weekly freesheet ralted the the - exceeding the iore- details of - the 

£802.727: Turnover mse by SO per Free Trader which Js distributed mV* issue which is seeking r, 

cent to £12.6m. in the St. Neot s area. It has ca ?*- nons ;o * he pr ess have 183m. ■ ■’ . v.^V; : •• •••• T -~ 

The only setback was in the con- been ' JJJ.JJJJJ edltortaTcStent been carried' out by the mania- Earnings , per 25p , ' 

tract printing division where a 1°” dT^cf^rs nlan to expand {■ Surer?. The performance is shown at . 2SJ«p against- “ 'l-v % 

of £304.646 wax incurred, due to the directors pan improved and;the The. interim dividend *?.' ..:>;=■>£** : 

isu ssvwe Mfess '4 

z^sss&-f%. i, s arssur 

n nr. Frank Roge^ chairman SJ5fing1Sm M addi^ ^orklS a d C£, Scre«S° ,!th6 ‘ “ S^ri^^e." 1 . 

reports that pnivindal newsW^ WO rk includin- The Universe, the The level of erquiries and J* Subject to obtaining ' 

s-aa&s vsTd^ sss^vssss 

5SLM TFST^S^Sn vgug- 

Of Xl%n waemwtSST 40 P despite increasing competition. Lane Travel at Leicester for the bers except in respect oLordiaary ***£1' ' 

-nr; canital nrn- The company has bought a five months toSeptemoer M are Bbaze& Plotted to 2* 

Garden Trade inrluded and have come up to nowUm intbmati Ahat Rnniww. -oteecwfe : actloii'^ to- bring the> 


Tnrnijvsr — ... 

Profit 

Divuteiid racenvdT 

Making 

PmviM.ins credit ... 
Pront befnre tax ... 

Tax 

Set urolit 

Minority lfiMr#'!? ; 
Eraronrd. credit ... 

Aitnbuiabk' * 

Pref. dividend 

Art. dividend 

Retained 


»9iS 1PT7 ISU-JS 
. I M » raw 

2.B1S 3-13 IU8S 


21 SfrS 

t.am X.JM 


expand 


884 1^23 4J64 


701 1223 a.*12 


4 8 11 

11a — ■ — 

S»7 1 lie 3.K41 


* From Cannnn Assurance. 


Phsllns’ Lar.ias 

P'\i~.*ron 

WMrf Mill r»ro oners 

Finals — 

Arnn Fiihror 

mv« j..„, r ,"f.n«l 

N—rtv*rn F** v1 ' 

r>p* ( . r '-i''r; ol Hof's Wharf 

«•/>' M.«ee . ...... 


Vnrfc-hir- h t >->' > »hlre !nv. Tvt. Nov. 21 


throush as cuickly as the direc- 
tors h3d hoped and in the six 
months ret receipts were not 
much over lorn. Since the end of 
September a further I9m has 
been paid to the group and the 
chairman says the group can ex- 
pect that by the year-end it will 
have decoded its realisation 
target of — tun. 

As at balance sheet date current 
assets stood at £74 .film against 
£T8.75m at at March 31 1978; 
advances if* customers, debtors 
and other accounts less provisions 
for bad and doubtful debts were 
tip slightly from £329.41 m to 
£iS2m. " Long term borrowings at 
the half-year end were £2. 56m 
l £3.44 m » and current, deposit and 
other accounts at 1178.26m 
(£177 .04m i. Shareholders funds 
increased ic- £35.Slm (£35ml. 

For the six months turnover of 
subsidiary Hocroft Trust improved 
from £!.Tr»m to £1.92nv. group loss 
of nor. -banking interests came to 

£25.000 ii”!'.0b0) less tax credit 

£} l 0nn. Pro- las profit of associate 
banking company was £223.000 
t £44.000 plus £388.000 credit of 
provision 4 no longer required) 
making £195.000 (£594.000). 


Dividends on tbe 4.2 per cent 
cumulative redeemable preference 
shares cost £8,000 (same) against 


• comment 

Stripping out the earlier release 
of provisions no longer required 
and the £0.46m dividend from 
Cannon Assurance and Keyser 
Lllmann's first half pre-tax 
profits of £0.4m compare with 
fO.Sra in the immediately pre- 
ceding half year. Obviously, 
sharply higher interest rates are 
delaying the bank's recovery 
added to which the property dis- 
posal programme has been run- 
ning behind Schedule which has 
prevented funds beinc redeployed 
more profitably elsewhere. Never- 
theless. KU is still sticking to its 
£20tn target for property dis- 
posals in the current year which 
should make it less vulnerable to 
interest rate movements in 
future. However. KU still has to 
face up to the longer terra 
problem of generating enough 
business to justify its large 
capital base. At the moment the 
ratio of deposits to net worth is 
just 3:1 which means that KU 
has plenty of potential for 
expansion, but as the sluggish 
level of advances indicates (they 
have hovered around £150m- 
£140m for two years now) it is 
difficult to find new business to 
replace the old property lending 
as it matures. The problem Is 
that apart from property lending 
the old KU never had a sizeable 
base of stable commercial busi- 
ness to fall back on. This is 
something that the current man- 
agement is trying to rectify but 
the message of these results is 
that it is" going to be a long 
haul. At 50p the shares yield 2 
per cent 


gramme for the ctinenT vear is monthly newspaper inciuaea -..u " Beecbam International, - taaawgs i^*«e 

ass? “ “h" u a i "SSSSSr-i. ~*«r «**« s-tiSraSS^- 




crease In the first-half tax ch.<r=e expand. In addiuon last montn new units and Mr. Ro^ere conversion after Novexflsyf.'.l^’ 

from JES3.1I9 to £3S3Ri4 it moved into a new l«sure field pates reporan^ furtbe. progr^ igTg ■ Vc' 1 -;- f 

Cro.prf p,rni„r»- clMr e with the purchase of Pracucal at the year end. Turnover and 

Stated earnings per far Fishkeenin^ Monthly. profits are oeing maintained at 29 ts .- ?s topgovemer 

are 4p lo-ip) and the net interim month Smash Hits a new a satisfactorv ierel, he adds. £m •,rfnr.>.^^;trad^grjiiWI 

dividend is effectively lifted from U«t raontn i - a ^ * ' svhki Sales . . ^ . 40.6 . thaT^nmi 

0.926828p to 1.15892p The m- monthly title m tne pop mu «. 1B77 TradjDC ^ s • . ^rdMliLiitSS 

was-c is half rJrmitted Re d was aunched. The-circu.a- £ £ interest __ a—. . 3 ■ vaSc. - 

crease is nairmaxunum perni't^ t . .. nF rhp firsJ t« ue was t" «a r?s a.rar.iis .\asadaie oreGK . ?T,tha 'rate^. o 


r * ° TTte : the./ group's i. 

T^vMtiYiUe&^aHnef; >n^. rdiowing air-" 
i97s r imprpyemeat id brder levels and 

£m - trading- yirofiti Hawgver. although 1 
® tha ^second - . .Tftttf -results' are .. 

1 • •** - " .Wfi-'C ‘^l&9 .A«nAAf 1 okaiu a . MMltiAfiim tn 


, ft arm 

;jjda. vS 


Xind dK TTnC o- tion level of the first issue was mmlbi S-HFJCS As^ie"p^to 

^Jsis , S3-aA“ bs«s-~ “« ^ sr-rsa: 

tion in ACT. The cost or the received I cnuiuwauw « . p ^ s . aSlflB S9?.^9 lM.m Net sroffl 

interim is £170,437.: -Last rear's the news trade. irr^rst ctarp-s s?«s j».»4 

t o¥i3o paymeDt was ^ uivaleM :o tract 16 prSV i RoS?s^.^..“l:.V“:: SS5 

^A^publications -of provincial explains P that budget took .v« prof: — — sss.an .*».«» To reflect ti 


®^jexperted-to show a reduction in . 

aUai * yn4r»- .live whan 


t -fc3v- •/& 
.W-Z.1 


^r-^^benefit of ^rrertretf actron w01.be - . / 
r^S^-^.seen ^ .Unfit' .the:- jsecamd half, of ’ 


Peachey’s reorganisation begins 
to take shape 


V •«a^VT-o 5 ^5^ ; »79. -:.-^ : ; 

To reflect the eypeeftsd: V Pre-tax teases .were rlncniTed' 
in ■ status, fpeir ^aubwC^-vS 'after . Utterttf payable,.less other ... 
associate -qT ‘ the 'igr ou p's -com- ^income', of Jfl 60, WW compared \\1th 
panics in Jfigeria ami India. - and - exchange . losses 

Tbere.yas ira- - 

Mm- ■ tar v rHat , «> • this • thne : : agaflHt.. 


in j , K7S’"exclude..tfe'>..tdtid-‘-saJei.t5iil n ^i al: ^ e: .' • • 5 

fi* 


for the six raontbs and the -- 

these. Ctun^xiles ininm^ prwtai feswsjat 

groan's anticipated 40 ccojflnn siminsr X5 riiAn>-w»H 


BY JOHN BRENNAN. PROPERTY CORRESPONpENT 


of i 


reperty assured 
ie rentals 


AW \Y FROM ail the soertacular transfer to capital surpluses is Because of renovation works-it.. sal^tading profits* : etc. 
publicity about lega] P actions clipped from the after tax in- * ltt ±} cpmp&nfa whose stetus ^ 

against the estate of the late Sir corae t0 st np the valuation sur- udtng ^ group a 

^ ; ius f ~T propErtiK •«“ T?*aa2r» 

l ne At k West ?PP? rin during the year. “ break-up” itse'f rather than “• '••*- m 

SSL- ^.ST^^ration Th« leaves attributable profits seiS^ the whole black will a** - C. . gf nTflllTTi 
Mn^S-'S S of £SOLOOO, or 35p a share, com- up a fair proportion of the BBVW.bI 

™cc ThA^! ? pared to 1977-5 £L4m attributable development finance aDd manage- _ ■ r 

SJS'undJr W7ohhZS -St l0fiS ‘ a net deBcit of “ 5 P 3 sha ^ e - ume thta had been prori- . . .. ■ W 

over Se reliis at 'Ptochc" ‘hst Peache >‘ is able t0 :natch >« sitmalJy earmarked for expan& i sH iliBIK 

Oier U1C reins, ax Peacfu.- MSf half-vp.ir nrnmice nf a 1o net final nf the rnm-rema! -imnenr KSllIlUIIBI 


gro^a mricipaieQ^^^^m_w ; . JEB94>0 0 0 against thdre-waSi 

P ^^ nt ,n th - b'd Tax . charge— loss^: 3srf limei, 
of th^. companies ur^ec^ssocia- were cancelled by -a X^.poo taz' 
ted-iirafits. *. credit- ' ly ~ 

- Comparative figures /Jiavaibetn The pre-tax figure^ 
restated by excluding the^ infers t £161,000 (£49,0O(^ ai3Tn-' 
sale^. trading profits etc. -«t^^:ciuded exchange - losse s^Ei22 ;oop 
companies whose ''StatusTXwffl cbmpared-.writh gains^C ifiiOOu^ 


i up 

•in a' 




gress. The ,‘t 
team under Mr. 
over the reins 


Mtor aml' few half-year promise of a lp net final of 

H£Sff ber * ^ 22V s frh diridend, taking the years divj- 0 f 


iot time thta had been prori-: 
nally earmarked for expanjipD 
the commercial property side 
Peachey r business. But the 




e 


tXT'JZrFr^ V ort dend 10 2 P net net in basic commitment te sell the: Wrt- 

19"). A June, revaluation of den rial properties and to- re, 


i rmruJ- » • ..I....... u : j n*«u. ■-» UUUC- icmiuauuii ui dentisd properties and to* re?! 

i'nfi irtincr^.TThn the portfolio added £4.7m to invest in r.iciter .vie’ding commer-j 

SSdTllrf ? l .h«T ¥ n capital resenes, taking the port- dal property remains. 

‘ a "2> e '«£“«*• wake of a,r folio s overall value to £49.6m and 
Erics departure. net per share l0 around 


Eric's departure. 


INTERIM STATEMENT ^ j 

d remfs of the .Gro^ to' 3 


Continuing rent reviews at 
Scottish Metropolitan Property 
Company will ensure that by IUS2- 
1983 total rental revenue will be 
up from bst year's £3.14m to over 
£6m. Jn addition to the existing 
strong base new property invest- 
ments and pre-let developments 
in course of const ruction will con- 
tribute substantially 10 the growth 
in rental income, says Mr. Isidore 
A. Walton, the chairman. 

The current expansion pro- 
gramme will show a satisfactory 
initial yield on capital expended. 
he comments. 

Further increa-e« in the capital 
value of the company's properly 
assets C3n be predicted £rom a 
healthy growth in true rental 
values and stability, or improve- 
ment. in the general economic 
conditions. Mr. Walton says. 

For the current year ho forecast 
higher profit on the back of 
increasing rental income from 
sound tenants occupying pro- 
perties well located in centres of 
commercial activity. 

Bank facilities in excess of £6m 
are available and os at August In, 


1 97S. th* group had no short- 
term borrowings and cash 
together v. jth stock exchange 
.mermen is totalled £2.4 m. 

Taxable revenue for the year to 
August 15 w as belter at £1.45m 
1 £l.32m». The net dividend is 
cirecrivcly rai.-ed to lJ)72S5p 

|1.7fifi7p>- and a one-for-ten scrip 

issue is proposed— as reported 
Ocmber II. 

The auditors. Touche Ross and 
Go., point out that the company 
has not-esiimated the amount of 
capital gains ux which would 
become payable in ihe event of 
future sales nf properties. 

At year end capital commit- 
ments amoumed to £3.J3m 
i£J.43m) of which £2.34m l£0.96mi 
had been authorised but not con- 
tracted. 


Eurocommodilies brokers and 
portfolio managers on the 
commodity futures markets, have 
combined to promote a new 
investment vehicle, the Carillon 
Commodity and GUt Investment 
Bond. 

Investors are being asked to 
subscribe at least '51.000 for 
units- in a fund, the assets of 
which will be equally divided 
between gilt-edged securities and 
commodities. They face an initial 
charge of 5 per cent plus annual 
charges of 1.5 per cent If they 
elect to sell their units they will 
also be charged 5 per cent of 
any profits made during the 
course of the investment. 


Preliminary results Cor the year i30p. The shares, already dis- 
to the end of June do not. there- counting much of the good ne^s 
fore, give more than a partial and trading in a generally weak 
picture of Peachey, in its new property sector, eased 2p 10 SOp 
form. But the figures, showing 0 n the results. 

?aT- lZX 1 ° £ f}' yni af *3 r Wr. Brown's programme of 

d ? prov ^ c increasing the sales of Peachey's 


Charities 
Property 
Unit Trust 


shareholders with- an impression residential propetries (which stiJI DURING THE year ended July 3Q, v . « — r , — * — — 

of the reorganisation’s progress, account for 40 per cent of its 1378 -- ^ niarket has Ovd«aSt tunings - aad felling comsaodity prias haxtt 

Full year figures confirm portfolio J has helped ..to- cut K An r^wl i-gf gn'hrokerage. '■■ - . • 

2sss '• JUaWfc*- 

perty sales reached £3.4m in the interest bill so far. Property Ch 4? U “: J bring 1 further opjXHTumlies for ihe . Banking Group, the 
vear and sales.- atone with a 3* deals since the year-end have _. H e points out that because ol «-nM nmUrMl ihe' near m 


TTje combined rcsops of the .Gro^ for : the 
SOth^eptember, 1978y feU bdow thds^n. the same period last 
year. : -. l\‘* ■ ' ..' ']>:■ 

In 1977 the BsfSdng G^p Joand pattiq^ 
opportunities iff the foreign eschangc and securities fidds 
which were nOTirepeated in the' first half of this yean Other 
areas remained ^rive but demand forcredir is stiU sIacfc. / -‘ r . 


law 


year and sales; along with a 3J deals since the year-end have 


leaves after tax profits of £843.000. to buy in the Church Commis- mresmoenis. 


An extraordinary profit of £32.000 sinners freehold on the 


In certain areas, rparticularly 


is left after setting income: from West apartments for £2m and to P rlT " e shopping. renlSl values are 


New fund 


formed 


Richmond Life Assurance, 
licensed to carry on business on 
the Isle of Man only, plus 


The first dealing date for the 
new bond is December 11 and 
the bonds price will be quoted 
in the Financial Times from 
today. 

Carillon Managers, which will 
manage the bond, is jointly 
owned by Mr. John Sullivan, 
head of the Reliance School 
of Investment, and Euro- 
commodities. 


I ^ IVi l ai IVI I. L I 114- IIKVUIM-AI VIII " - J| apaj IIIICII LO J UI 4>*Ui OUU 14/ *4* * ■ • 

the sale of non-property interest spend another £2ra or so renovat- fojpnuing to rise and there are 


wre 1UU.I..1, Itu auunivi MU wi uu ituuvat- . , . . , .. _ . . . , , 

against rhe casts of the Allied ins the 540 flat block before “latwtions that this trend win 


London bid defence, and £3$5,000 starting individual flat sales. 


Allied-Lyons accounting 
dates changed 


continue into the future. If this 
happens the chairman says that 
it will justify the present level of 
investment yields. 

During tbe year there was a net 
inflow of money into the Trust 
A total of 318 new units were 
subscribed, 83 units repurchased 
and the net amount received was 
£416,585. 

At July SO, 197S. the Fund's 


For years people in the seed business 
had no protection if the seed sold failed 
to deliver the expected crop. 

If you soid barley seed and tomatoes 
came up, or the seed failed to germineie, 
you could have a lawsuit on your hands 
with no insurance to cover you. The buyer 
of your seeds may lose a whole season 
and a very substantial payroll along 
with his orofiu 


insurance broking groups in the world 
And that approach goes beyond 
insurance broking. For Hogg Robinson 
is also deeply involved in pensions, 
underwriting, travel, freight, packing and 
shipping. 

' If you would like to know more about 
our services, please write or phone. 

Hogg Robinson, Lloyds 
CI/OI Chambers, 9-13 Crutched Friars, 

_ 'V? i t 


That’s where Hogg Robinson came JjrhtfTdTC -I- London ECTJZJS. 

w tt™* ^ niRiU .- T-v. Tel: 01-709 0575. 

^ t’PTn iakj m 


in. Our Seedsmen's Errors and (A/ T e ^ : 0575. 

Omissions policy provided coveragein •=• (Howsid Pstsoiisj 

a field where before none existed The international insurance group. 

Tnat is one example ol rhe way Hogg 
Robinson operate-shaping insurance to 
the specific needs of our clients. 

And is only one example of that 
investigative and creative 
approach which has helped 
make us one of the higges 


Following the acquisition of J. Figures for the seventeen At July 30. 197S. the Fund's 
Lyons, the directors of Allied months will comprise the results properties bad an aggregate cost 
Breweries say the most - satis- of the original Allied group for of £S.83m and an open market 
factory accounting reference date the period from September 25. value of £6.63m compared with 
for the enlarged group would be ltl7T 10 March 3, 1979, together £2.93 m and £5.03m respectively in 

the end of February in each year with the results' for the Lyons the previous year, 

and they have decided tb extend group companies other than^ 

the Allied accounting period to those in the U.S. for the period [" . " ’ 

approximately .seventeen ..months October J. 1978 to March 3. 1979, 
ending on March 3. 1979. and for the U.S. companies from 

Allied have accmmtejtrfp the October 1. 1978 to December 31, 
last Saturday in September in i.'iTX. W 

^*5 ? There may be exceptions in the 1 
SR/SmSS ^YSffSX! — of partly-ownld -Mtkte I 
of the overseas rompatues and Preliminary results will be ■ 
the UK ice cream qroupr" dosing announced at about tbe end of ■ 

their books as at 'tiie.;ja»rious May jg79 and it is the intention ■ 

December 31. of the directors to recommend ■ 

In fuure all grovip coiopo^ics a third and final dividend for ■ a | 


• Fmanrial markers are aggm m tnnnoiL 'AltllBUgJl UUSTBaj^ 
bring; further oppcHTunities for the -Btadang Groups' the 7 
Directors do not expect combined Group profits fbr the year to ■ 
31stM^idi, 1 979 to r^itchthe recordfevel achievedin 1978. 

Subject to .unfiMresee^ciruimaances they inteai to retOTn- . 
mend dividends fbrthe ]%jtr totalling the nummum pamitied 
under current regrriarioT^ They ^ve declared an interun 
dividend in fegject' of thejear endedf31st 2WanA, l979, of. 
4.5p per shanr^4p). *Hus ispquivaleitt tffta gross dOTrieod of 
6.72p (6.06^ In accbi&nc^^th the i^rSition expiress^ iff 

the Aimuai^^part, foUo^ing %e redu^eto Idltbe standard 
rate of IdSbine Tax, the Dir^^;bave'’des^^^a < deferred 
final dividend bf 0.08p ppr shart^for tfie. y#ar;C^ed 31st 
March, 197]% in order t^marnfak; the gross cqgtygknt at 
14.04p pershare. . A? : . ' i : . -. s • 

Both dividends will be paid on Htn^aimary, I 9 y9 3 to share- 
holders on the register at Bth Decemb6v,19 78, 

15thNovember, 1978 . .. - : . , . . 

Faqriders Courts Lotfabqq^ Lotfdoil .. 


1 *X* “ ' J 

s V..I . » 

xv: • - 




/ 'A ■ ■ s'- . 


is. 


•• 

- - i n r 



W 



O 



will arrange as soon as'possible this period at that thne. 
to close their boo^ off .the firsi .h« rhanra Wa. 


change 


Saturday in March tfitb the nia( j e is anticipated that the 
exception of the coraflwt*?* jn normal timetable for results and 


the U.S. which will cojjtuiue to d ; vidc ^ ds H -jj| be as follows: 


account Vo 
December :»1. 

A second 
covering the 1 
Allied withou 


previous Announcement 


half-yearly 


Nine months ended 31st October, 1978 


, ^ipmpnf results for the 2S weeks to mid- 
^ September- and declaration of 



. ■ — . r .-^rpcemDer- ana ucciarauon 01 

5jySi ,T,; \ il hout"? 1 v«n ed f^Uie vt interim dividend— cnd-October— 
Allied witnout Loons fot.rne -m , vm.-omhpr 

weeks ended September, "30, 19"S D y . . rti..iri onH 

will be published on jVovember Payment of interim dividend— 
21. and. to fulfill ihe/flividend end-February: preliminary results 

forecast mode m die, offfr JSfiii'i'**, !!,*"' ^,^ OP ° Sa 1 ^ 

document for Lyon*.- Ibe dividend late .lay. 
directors inlend In declare a Posting of annual report nnd- 
second interim dividend of 2 H9P June: annual meeting early- July 
per share payable on -March i. and payment of final dividend, 
1»7S. end-July. 



announces that the 
foilowiRg rate will apply 
fromiand including 


16th November, 1978 


Base Lending Rate 
12^% per annum 

© 

BanKirireiana 


12 months Vv*.' 

ended / •» >. 

31st January, r •> •- - 

1978 • - • 

eooo's r y.y : « 

767,940 TURNOVER (Includlngvalue addedtax) 
(43,841) Deduct: Value added tax 
724,099 TURNOVER (exciudBui value added tax) 


. 9 months ended i 
31st Oct 3tstOqt 

1978 1977 

(unaudited) • 
EOOO’s £000's 

593,126 ‘ 524,367 

(34318) (29,793) 


558,608 


58,630 TRADING PROFfiy.;;. 

(7,956) Deduct Depreclatfoiron fixed assets : 
(5,268) IntereslpaltJ Jess received . 

1,117 Add? investment and rent income 

Surplus oii FWerty disposals, 
257 exci udi ng sales and leasebacks 

46,780 PROFrr BEFORE t/PCATTbN ! 

25,775 Taxation V ' . 


31,187: 

(6^70)i 

.1,079 


>30,610 
• (5,982) 
'•(4339) 
■' ■ 820 


46,780 

25,775 


^_422: 

23,034 

12,798 


;21,025 

,-11-490 


21,005 PROFIT AFTER TAXATION 

(884) Deduct: Foreign currency differences' 
349 Add: Extraordinaiyitems 


10,236 : 
(80S) ’ 


9,535 

(743) 


20.470 PROFIT FOR PERIOD 


Although there has been an Increase In turnover in the third quarter resulting In a.13.1 %. 
rise over the nine month period compared with last year's corresponding period,- pressures 
on margins have conUnuedassocialed with our policy of bebig fully competitive: ' - v 


The Pension Pfan has involved an fncreased cost this year of £2 mfllfon due mairrly (p 
revisions Introduced from 1st April, 1978. Additionally, aboutil million of development 
and preopening costs have been incurred for the new transhipment centres wlthbwieflts 
toaccrue next year and progressively as these centresaxtend their operations. ' •- 


Given a continuance of current consumer spending during the Company’s Important final 
quarter, the annual profit resiilLthis year can be expected to be inexcess of last year* 


F. W. WOOLWORTH AN D CO^ LIMITED 
Wcofworth House, 242(246, tluylebone Roa^iondoit NW1&U. : 








f* 





*5 &v 




. 16 1978 


s’ 


$ 





MINING NEWS 



27 


ALTHOUGH .several ' plints ' by £163,680 toMB&QW T« the six 
worked, below optimum capacity months ehde4 S&p&*ber 30, 1978. 

September^, 5?8, bjrte?1]itebe 4 r^rt£4ftS^^^h^d]re? 

at .CMatfhr **_-*£■ ■ was J"SJ 

sksa s s© si^fes 

IWjrMuited.toprMjjj.trftoto 


axe; new the 
tarhistory. 



tho period improving ■ from. a ___. - Mat ; -—*» 
depressed no6,m to: JS22jM2. S3r< 

On prospects Ihe Otrerors say. ,“ si,ea£ *° i . . . VllilA . 

that indications are that demand After tax . ofr^EHflw against 
will continue at current levels* £32,000 net profit's* 4 ? 11 ® out at 
The net inferim" ' ifipMsuf -Tr JE27X jm compm' ; $ffi&. ^ro.QOo. 
stepped • up- from . f-Sp ' to' iJ32p Earnings ' arc shov^* as IS jp 
and a one-for-two -scrip- issue ts fll-6p> per. . ** *3 the 

proposed. In 'addition two. supple- .interim divfdendt 'fa, ® ,ye ? se ^ to 
mcntair.pajTnents of 9.iRip and T-lp (lp) netrlast.^*? 8 fi nal 
O.tRSP^-for .-1076-77 and 1977-78 payment wasST"""' 
respectively are. declared on. the- 

reduction- fa ACT, The.-adctictona! ’L -“^CEa 

payment for last yearnbefogs the 1 - - 

totat for '1977-78 td:2.748p on 
profits of JSia8S7. . - , . .-. 

• Sixmontha _i v^ j; ■ •■ -* ’ 

- •. .:.'»i. awr 1 

,• ~r - f - 

TumoTW ._•• ■■— ■■■... :..U 3gS.0W X2S0JW — . > . 

PnM'Wm.iK X&4S2 UUH O 1 

T« « -.*-*— r-“— l«7.fiSS -«.«!_ SPkP'Kk^ - 

Bcr3s='--w as- 

BeaiiKd r .:.:;j_:..;.. msoi stjsa Due in parfL^tS \ : significan t 

o verseas contrattai^sa^i* 1 Sellers 

lnternatfaqm advauC^doS’per cent 
to £3.37m in th^h3|tfTy^ J \ entl , e ^ 
September 30».-$Pfct/ A®4 Mies 
shot up fil 'pe^-c*sit/^ 1 ^'£ 21a ■^®®■ 

The group. ]£&$***. W «*J 
Cumberland SlJkW&^naJces and 
sells dress, runi&ctogLraa «phol- 
- stery fabrics tmjTSSBWos. 11 i 135 
continued to devsWp.sra market 
Pre-tax .-profit .. of Warner potential. ~ 

Holidays rose from £30^000 to in interim dJ»flftfad“of 0.73p 
£*■ the half- y .gr to Jut, m t u SJfSSrt 0.6S3p P 

they^hticipitc an 2mnr^* rolg Sm pro&U^r^^mf- Ea?nfags 

SE7%i2Bfrr m *? ,o 

The net interim dividend is _ up f om . P ’ 

nn changed at 0.3Sp per JOp share. Heads of agreement rare oeen 
the previous year's final being reached for the ..sHfli 1 ;™ ^ 
0.9275p. - ■ - Zealand s ubsidairy, y fafch^has not 

Gross revenue for the six been a aatisfaetory/cptjxiibutor to 
months was ahead from £4D2in to profits in recent yex&-; ■« « 
14.6m and the profit figure was anticipated that net tweeds will 
subject, to tax of £184,000 against equate to net asset 
£150,000.. V._ _. ■.'■£ 


seen 
by Warner 


:-sear 

Turnover 

Pnllc before tax .«: * 2 * 2 !? 

Taxation SUM 

MO profit ... nllft m -95J80 

Ulaorfty loss i tS-^00 

Agrttmrable - S2.000 

Interim dividend 39,213 

. *^Bas«l on currem qS0at. tAjbaiw 
tfor mil year eocUnx 1MB*: "79 and 

‘.-.subject io t-frangp Cdmlufatlw Isirtt 

.- restated to sbow a etttiic t»W“l or the 

ON TURNOVER, up by. aver £lm effective rsa for fan ^jwr^^larch 31. 
from" M-tttii to: S.S5m . taxable 
profits of David Di^aod So* 

Holdings, wpoHen- cloth -*nd stock reHrf wWd> tafor^e4#swi to be 
hosiery manufacturer,' .increased a vanaWe durins tbe darawBHBry Profit. 


D. Dixon 
well up 
midway 


Share sales bolster 
Charter profits 


KY KENNETH MARSTON, MINING EDITOR 


rsn 


y&* 



Uf 




. Mi.-" 
Vft— 

$1 

XT- 

f. 




u gfc-. 


Bank ofKew SoutfiW^fes ... 
aanounm that with 'e^ect‘ ; |fr^ 
Tlmrs(iay, 16 thN 6 yember 1578 
its base rate fer lending' 

■will be incTfidtsed frohi 

Jffinum. 

- Bank of New Srinth Wales, 

."■ . 59'13^eadneieie Street, 

Loidm, EG2R 8BA. 

-• *„ ’ ’ -o. 

. - • - -r>- - : d ¥ -i.-: 4 ' ' ‘ . 

rncorporoteci wi AustraAta faith limited liability. 


THANKS . to exceptional share 
sales, net profits of London's 
^rarter Consolidated for. ihe first 
naif of ihe current year to nest 
"* 4r Ch hare risen to £14.4 Bm from 
fisj® 10 in the same period of 
1377 '* s when the year's total 

reached £25.44m. 

•J ?irsl ‘ ha,t earnings per share 

an 'f u ni to 13.79p against 12£5p 
«? oHi e Previous full year's total 
o« -4.2Cp. Charter is doing no 

?.®re than maintain Us interim 
Si«^ en « 9t 30Z5 p: the previous 
year's final was 527645p, making 
fa IB’6 ~&3pM 3p against 7.43242 p 

Italf-yMC 
SftS.tH 30.9.77 

, £8oq o»a 

in r ,nN ’ UU« 11.737 

t i. 1 Uon Df U^esiB- 9-119 2.07 

*™» ■ - ■ IU3S3 9.473 

Art™.!? 15 - •• 38 J78 99.987 

rr m **■ L ' x ' >OTia ^ • •’ 1.921 1.914 

PnKVfeuns fxpendlmrr . 4M 3m 

1.988 i.m 

Keuined profits T.jTTi n.fBS 

^Tbfii be I ore lar . ;9jCi4 23 SI3 

Group iax - 8JB7 C.Cil 

ysyiaied companies tax l.75j 1.7SS 

*7 T ’ e ' vtHfr ra* I6.0i»? is.ioj 

Minority InttreWa I.6T2 2 (To 

Attributable 14.4W 13.137 

tarninia pi?r share JS.TBp liaip 

The advance in surplus on 
realisation of investments to 
£9.1im from ££.66m a year ago 
probably reflects sizeable sales o£ 
South African gold chares, pos- 
5l ° | y of Harmony and -Rlyvoor 
which figured largely in Charter’s 
portfolio at March 31. 

Sharemarket conditions have 
been attractive for sucb a move 
which would also release funds 
tor reinvestment, in the UK; the 
SToup’s stated policy is to achieve 
a more equal balance -between UK 
and foreign earnings. 

The other major factor in the 
latest figures has been the In- 
clusion for the first time of trad- 
ing results or the 37} per cent- 
owTied struggling Cleveland Potash 
°P* r ation. They cover a period 
of three months and Charter’s 
share of the Cleveland loss for 
that ^ period is £lAm; thus the 
Dime’s total losses were running 
at an annual rale of £20^m. 

Charter’s results for the current 
half-year will thus take in those 
of Cleveland for six months, 
unless there is any major im- 
provement in the . Yorkshire 
potash producer's fortunes, and 
'this seems unlikely. Charter's 
seconrt-hair results will accordingly 
have to carry an increased burden. 

At the same time, it "must he 
assume^ that the' . exceptionally 
high first-half, share, realisation 
profits will not be repeated. Other 
rncome sources may not be much 
changed, apart from a rise in 
interest received as a result of 
the funds arising- from the first- 
half share sales. 

So Charter's earnings for the. 
second-half look like, failing short 
of those of the first six months, 
a view which is underlined by the 
absence of any increase in the 
interim ..dividend. Following the 


latest results Charter shares 
dropped Sp to I32p yesterday. 

Malayan twins 
earn less 

REDUCED profits for rhe year to 
June 30 arc reported by the 
Malaysia Mining Corporation 
group's Eastern tin producers. 
Malayan Tin Dredging and 
Southern Malayan Tin Dredging. 
Earnings of Malayan amount' to 
MSti.l5m < 11.43m) compared with 
MS9.11 m in 1S76-77. A Anal divi- 
dend is declared of 130 cents 
(30J2p) less Malaysian income tax 
□F 40 per cent. 

Benefits or a higher tin price 
received have been outweighed 
by lower production while a high 
level of tax has been -tusialned. 
mainly hecau.se a large propor- 
tion of the river deviation expen- 
diture has not been available for 
MX relier. | n addition there has 
been the higher incidence of tin 
profits tax: the latter is now 
reduced from 15 per cent io 12* 
per cent. 

Despite a reduced tin concen- 
tre le production, pre-tax earnings 
of Southern Malayan rose during 
the year to M31&S2m from 
MSlom. However, the net figure 
has dropped to MS6.48m from 
M$i .2om last time as a result of 
a sharp increase in tax. A final 
dividend of its cents less Malay- 
sian tax of 40 per cent is 
declared. 

DOME EARMNGS 

forge ahead 

Dome Mines- the diversifying 
Toronto group, has achieved a 
strong growth in earnings on -the 
back of its gold mines and 
revenue from two affiliated com- 
panies, Dome Petroleum aod 
Canada Tungsten Mining. 

In the nine months to Septem- 
ber. net profits were C$35.3 m 
f£ 15.2m) or CS5.95 a share. This 
surpasses the total 1977 earnings 
of C$S4.6m and compares with 
profits In the first three quarters 
last year of C$26ra. or C$486 a 
share. 

The latest figures reflect earn- 
ings from Dome's own gold mine 
at Timmins in Ontario and the 
consolidation of the 57 per cent- 
owned Campbell Red Lake Mines 
and the 63 per cent-owned Sigma 
Mines (Quebec). Bullion revenue 
averaged CS221.03 an ounce 
against CS156.13 an ounce in the 
first three quarters of 1977. 

Dome Petroleum, which pays no 
dividends, accounted for CS19-8m 
of the Dome Mines profits. 

TRANS-NATAL 

Net income at Trans-Natal Coal, 
a unit- of the General Mining 
group fa South Africa, was R4.9m 
f£2.86m) in the three months to 


September th^ first quarter of 
the enreent financial year, cora- 
P^M.-urajL ™m in the same 
tbiree months of 1977. 

***** 'Mest figures, 

announced ye-,rerday. show that 
capital .expemhture i(J laUfljl 

quarter at K4m w us substantially 
higher than the Rusra spent a 
year before, although less than 
the RfttftSPffnt in the quarter to 
June, WT8- _ 

Durmg June quarter, the 
Matla. gvpffy started production. 
TransJMatals participation is 50 
per cent, wnUi 1 the balance held by 
Clydesdale (Trasraal) Collieries, 
another General tuning company. 

MatJa. which -.upplies coal on a 
power st^uon contract, represents 
•the nP# J*J a3 ° r S.rowth phase for 

Trans-Natal, but it L* expected 10 
absorb rngnincant amounts of 
capitaI.d5P®flditure over tho next 
four Thls -. coupled with the 
fact'-. -W* capitnl expenditure 

aHo wgge ®® on Trans-Natal’s eitist- 
ing m&MM arc running out are 
LhoUgbC- likely to limit earnings 
grotfrthf* 1 *"® near term. 

Glytl^dale had a net income of 
RL4m ..i» 1 9.340» in the three 
months-, to September, against 
R76L0Qfr ;in lh, i same period of 
1977. 

brbtoa profits 

ADVANCE 

Brenda Mines, the British 
Columbia, cop per and molybdenum 

producer, attributes the improve- 
ment in’ pros is over the first nine 
months ' 0* the year to higher 

molybdenum prices and foreign 

exchange.' gains, reports John 
Sogsnfcb from Toronto. 

Net 'earnings for the nine 
months.ro September were CS9-4m 
fi’AOfhh)- or C$2 JO a share, com- 
pared C$ 7.4m, or C$1.74 a 
share, in the same period of last 
year. 'Operating revenue was 
C$53.1m against C$45.7m. 

Although copper prices were 
higher In the third quarter, the 
gains from this were offset by 
lower metal production and 
higher operating costs. 

The improved financial position 
has led the company to give share- 
holders an extra dividend of 56 
cents' a share, as well as a 
quarterly-' diridend of 20 cents, 
w hit* was itself doubled from the 
previous quarter. The majority 
shareholder is Noranda Mines u ith 
50.9 per.cqnt of the equity. 

MINING BRIEFS 

AMALGAMATED TIN MINES OF 

HIGEtttA^-PRKlurtian o; concemratcc 
ror Seprember: tin concentnues IBS 
unmea. cotumbno ■.-onct-mrares S3 lonnes. 
(August 151 and 3fi tonn.-s respectively.) 

COLD AMO BASE METAL MINES OF 
NIGERIA— Out pa I or caoceMraies (73 
per cent grade) for September: tin 36 
tonnes, colnmblie nil. Nine months to 
September, tin 2*3 tonnes. coVnmbne 
3 tonnes. Same period last year: tin 
236 lonnes. cohimhite 5 tonnes. 

RAHMAN HYDRAULIC TIN— Outnni 
for October K loopes (September tt 
tonnes). 


APPOINTMENTS 


Changes at 



Group management changes 
have been made by ALBRIGHT 
AND WILSON. Dr. Malcolm B. 
Clark to be managing director of 
Bush Boake Allen in place of Mr. 
R. G. Mason, who retires In 1979: 
Mr. Julian Boyden will, succeed 
Dr. Clark as chairman of BBA’s 
flavours sector; Sir. G. B. James 
will become chairman of tbe 
detergents section from January 
1 succeeding Dr. Giorgio Mira, 
who is leaving the company and 
returning to Italy; and Dr. Stewart 
Cos appointed managing director 
of Albright add Wilson < Aus- 
tralia) from the beginning of nest 
year replacing Mr. James. 

★ t 

Mr. Michael Bland en. banking 
correspondent of the Financial 
Times, has been appointed Editor 
of Financial Weekly, the new 
financial newspaper to be pub- 
lished in the New Tear by Fleet 
Financial Publishing. Mr. filanden 
has been with the Financial Times 
for nine years and was previously 
City Editor of the Guardian. 

* 

Commercial Union Assurance 
Company states that Mr. Michael 
Fenton-Jones will, at his ow.n 
request, relinquish bis position as 
managing director of COMMER- 
CIAL UNION PROPERTIES from 
March 31. 1979. but will remain on 
the Board or that company as a 
non -executive director. Mr. 
Fehion-Jones intends to continue 
his involvement in the property 
world. Mr. John Parry will 
become managing director of 
Commercial Union Properties and 
Mr. MJcbael K. Holloway will con- 
tinue as finance director of that 
concern. 

★ 

Mr. Keith A. Kimber has been 
appointed sales director of D. and 
R. England. Stand even and Co- 
and Duncan Barradougb and Co- 
subsidiaries of JOHN FOSTER 
AND SON. He has nor become 
■sales director of John Foster and 
Son as reported yesterday. 

*■ 

MAGNET JOINERY SALES has 
a pointed three new members to 
Us Board. They are: Mr. 
Christopher J. Oxford (Mersey- 
side and North Males). 31r. Paul 
T. Duxbuvy i export sales), and 
Mr. John Suckling (Lancashire). 

* 

Mr. Barry Linger has been 
appointed engineering director of 
HOWARD ROTAVATOR COM- 
PANY in succession to Mr. John 
Craig, who takes over as director 
of the new product management 
department 

* 

Mr. Cedric Stevenson has 
joined the BRITISH NUCLEAR 
FORUM as assistant director. 
Claire Moscall has become 
assistant secretary general of the 
European Association of Nuclear 
Forums. British Nuclear Forum 


is an association of bYer 40 
organisations involved lb the de- 
velopment of peaceful of 
nuclear energy. 

* 

Mr. P. W. Brown, managing 
director of BROWN AND JACK- 
SON is to retire for personal and 
family reasons on December 31. 

* 

Sir Raymond pennock, a 
deputy chairman of Imperial 
Chemical Industries, has been 
elected president of the CHEMI- 
CAL INDUSTRIES .ASSOCIATION 
to succeed Mr. Stuart Woodha ms. 
★ 

Mr. Mike Allen has been 
appointed managing director of 
LETRASET UK succeeding Mr. 
Tony Phflipson. who has been 
made divisional director of Euro- 
pean operations tor Letraset 
International. 

+ 

Mr. Peter Cliff, managing 
director of SSI Fix Equipment, 
has been appointed president of 
the STORAGE EQUIPMENT 
MANUFACTURERS ASSOCIA- 
TION for 1978-79. 

*■ 

Mr. Allan Appleton has been 
appointed managing director of 
LIN PAC. MACHINERY SERVICES, 
a subsidiary of Lin pac Plastics 
International. 

4 - 

Mr. Kenneth White has hecn 
appointed (o the board of 

ROBERT STOCK WELL. 

■ 

Mr. David Cmtckshank and Mr. 
Darfd Niekeil hat e been appointed 
partners in the CORPORATE 
CONSULTING GROUP. 

Mr. Solomon M ester has been 
appointed president of MAX 
FACTOR K.K.. the Japanese 
operating unit ot Norton Simon 
Inc. 

+ 

Dr. W. Dekker. chairman and 
managing director of Philips 
Industries between 1(172 and 1976, 
is to be proposed at vice-president 
of N.V. P HILIP S CLOEILAMPEN- 
FA BRIE KEN. the holding com- 
pany of the Dutch-based electronic 
and electrical group, at a share- 
holders’ meeting on December 7. 
He will take up his new position 
at the beginning of next year. 

* 

Mr. Philip Cheer brant, since 
1974 an advances manager in 
London of National Westminster 
Bank's international banking divi- 
sion, has been appointed deputy 
managing director of ROYWEST 
BANKING . CORPORATION, an 
associate of NatWest, based in 
Nassau. Bahamas. 

+ 

Mr. D. A. Fagg has been 
appointed managing director of 
PROTECTIVE PAPERS, a member 
of the St Resis Printing and 
Flexible Packaging Division. Mr. 


FSgg was previously plant 
manager of Bowater Consumer 
Packaging (Flexible Division). 

* 

Mr. John A. Bennett, managing 
director of Citibank (Channel 
Islands), has been appointed a 
vice-president in the international- 
banking group of CITIBANK} 

★ 

JOSEPH CARTWRIGHT states 
that Mr. Arthur A Crocker has 

retired for bealh reasons and has 
relinquished the chairmanship of 
J. Cartwright Construction and 
has other group directorships. - 
Mr. John W. Fisher i< now- chair- 
man oF .1. Carlwrisht Construc- 
tion, Mr. Geoffrey Rumsklll. 
assistant managing director, and 
Mr. Erie Mould becomes a direc- 
tor. Mr. Pelcr Re well continue* 
as managing director of that 
company. 

+ 

Mr. Alan Murcuson has been 
appointed executive director of 
COVER PUBLICATIONS from. 
December 

★ 

Mr. Neil Maidman has been 
appointed production director of 
DON INTERNATIONAL. 

CHEMICAL BANK INTER- 
NATIONAL. the merchant hank- 
ing member of Chemical Bank. 
New York, has appointed Mr. Alex 
Gibson, formerly ^n assistant 
director of the bank, as an 
executive director. Also appointed 
an executive director is Mr. 7. A. 
Fra n go po ul us. who will have 
charge of the merchant bankinc 
group in New York. Miss 
Josephine Prevast and Mr. Rev 
Pingie have joined the Board of 
Chemical Asia, the Hong Kong 
merchant banking subsidiary. 

•k 

Lord Grecnhlli of Harrow has 
been elected a governor of the 
BRITISH UNITED PROVIDENT 
ASSOCIATION i BUPA'l. 

•k 

Mr. P. Magnus has been 
appointed a director of NEW* 
CENTURY VENTURES GROUP. 

Mr. J. C. Wood and M r. \\\ S. 
Kennedy have been appointed 
directors of SINTERED PRO- 
DUCTS following the retirement 
oT Mr. G. R. Rothero as works 
director. The parent concern is 
Sheep bridge Engineering. 

+ 

Mr. J. A. Blair is rejoining the 
Board of AtRFLX INDUSTRIES 
on his retirement from his com- 
mitments as managing director of 
Hill Samuel SA in South Africa. 

Mr. Ian M. Barber, former 
finance director of Cope Allman 
International, has joined the 
Board of MERTON ASSOCIATES 

(CONSULTANTS) as 3n executive 
director. 


pw 


BIDS AND DEALS 


6E0RGEH.SCH0LB & CO. LTD 

WlEX-WORK&tWmiSBHAWE, MAWEHESTEB M22 4RA 


JW, amifact&rs ^bfW^Be^iatPfoda(3s ; 


Man paints from the tircufated Statement of AfcG.J?. C. McDowell 
r\ for the year ended 30th Jime 1 978 r 



‘ J •• ' ■ ' • 

Tiding Profit 7 ' • 

If&reston Short TemrDeposHs. 
Pmftcbefor^taxation 
T«(atjton 

Pfafit aftertaxation 
Dividends per share (net) 


:.1978 

£1.982.185 

£51^74 

£2,034,153 

£731,704 

£T^42L465 

1832p 


1977 
£f .7601246 
£104,692 
£1,864,938 
£837,743 
£1.027,189 
16.S863p 


. ' si' 

l 

* 

*F-’‘ 


Theoqnipany has trad another record^ year. With turnover 
iiow. in- excess of ElOmw^Aave achieved a profit before 
tax of £2:034.1 59. :- - . 

Steady knprovemem in our export sate resulting in a 
turnover in excess of £fm. Nigwla has been our largest 
.single market, followed by Singapore arid Malaysia. 

Our.development team has succeeded In the completion 
of our row product range. Ail of these wilr contribute 
significantly to our turnover In the current financial year. 

Supporting ibis development has meant a considerable 
in crease In capital expenditure which was in excess of 
£500,000. It is. the company's intention to continue 
investment -in plant- and buijdings at the .same level. 




INVEST 191 50,800 BETTER TOMORROWS ! 

50,000 people in the United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS— the cause and . cure of 
totiich. are sttU mttaown— “SELP US BRING THEM REL IEF 
ITCD HCFE,-- 

We heed your donation to enable .us to continue our work 
#r. the CARE and WELFARE. OF MULTIPLE SCLEROSIS 
alferers and to continue our. coumiltment to find the cause 
^d core of MULTIPLE'. SCLEROSIS through MEDICAL 

Please help— Send a donation today le: - 
Room FJ. • 

The Multiple Sclerosis Society of CLB. and NJ. 

4 Tachbrooft Street, 

: j - London SW1 1SJ , . . . ; . L 




Meyer’s £lm acquisition 


The UK’s lareest timber group 
Montague Li‘ Meyer 'Is buying a 
medium-sized timber company 
based In . the Midlands In a deal 
worth £Im. 

-The company, I* R. Bootle and 
Nortnan, is being purchased by 
Meyer-through' a share 3iid cash 
offer; 912.833 Meyer shares are- 
being.' issued together with' 
£333,252 cash. 

Bootle arid Norman is a timber 
■7-prihcipally softwood— and sheet' 
materia] merchant, with industrial 
bufaUng-' component manufactur- 
ing'' interests. It conducts- its 
business In Coventry. Lincoln, 
Ntraea.ton and Atherstone. 

Meyer said yesterday that the 
acquisition would extend .the 
[.groinp's -regional representation. 

Meyertr \ move comes after 
recent speculation that tftg group 
might be Interested In'tS&Qtber 
timber group, Bambergers, which 
has' received : a bid from Inter- 
national Timber. But the , Troup 
has only, been keen to keep an 
Investment, stake in International 
Timber. • 

- PMA EXPANSION 

'•In a move to strengthen its con- 
tract furniture division, PMA 
Boldines ' has acquired Roath 
ralshing Contracts, of Caer- 
pfafiy. South Wales. 

- itoath^ls. a. manufacturer of a 
range, of school and laboratory 
furniture. Its net assets amount 
to £50,000, turnover Is running at 
£700,000 per annum and it is cur- 
rently. making losses. 

Roatb’s products augment tbe 
existing ranges of contract furni- 
tnre.'ia the PMA group. Existing 


order books are such that the Wirm is offering £295,000 fa cash 
manufacturing capacity available —the balance to be satisfied by. 
in Roath will be quickly utilised the issue of lra 'Winn shares, to 
and it is anticipated that it can be placed by brokers Joseph 
become profitable in a relatively Sebag. 

short period. winn says that it is buying net 

rr'cr' ■OMr-mior* i- rt n ' asBets of approximately £800.000 

ICFC BACKING FOR ■ ...-nnd that LPS pre-tax profit for 
rRP<iTA iUT i the 10 months to July 3L, 1978 

: r ... „ , . was approximately £230,000. 

Industrial and Commercial 
Finance Corporation has provided nri H \V f EN 
a IlfiOJMO loan to Crests Art- R r™,r™ i 

Engineering (Highbury), nanu- , rew 5^,mr rou ?- 

facturers of occasional furniture, s “ bscr,bed fo r ‘fa- 00 ® ordinary 
electrical fittin a s and tight shares at par in Scopwick Invest* 
enlfaSW. The faan Tm 1 -—j 'S*** » a 90 per 

enable the. purchase of an add!- <:en f inierest. 
tional freehold factory at Tower Scopwick is a. specialist in the 
Hamlets for further expansion of modernisation and. redevelopment 

the company’s activities. of. public houses and will assist 

-- Belhaven in making improvements 
■’ 'to' '.‘its recently, facreased chain 

The Argus press Holdings bid. ^ ^ enanted ho «N«- 
for Tridant Printers went uucon- HFYWOOD Will I AMS 
ditional yesterday with Argus ^ 1 ; UAJ V 3 

having gained control of 66.7 per' 

cent of the Tridant ordinal *S d lts - Cust ° m 

shares and more than 78 pS^S 
of the preference shares — repre- 

seating 87 per cent of the voting directors of Custom 

^'hid, wUl remain open unUl .(VLI ’S “Sm 

Made contributed a loss of £11.048 
JJ5„ ! slLS,.?* A b0lh ofl6I ? The consideration is £20.000 cash 

Tbe dispnsal is a continuation of 
WTTSFIV PTTRPH A cc the group's rationalisation policy. 

rV^ynAbh and a general tidying up opera- 
Engmeering and construction tion relative to a small company, 
group Winn Industries is bfdding Custom Made- which supplies re- 
1725,000 in cash and shares for placement windows direct to the 
London Precoated Sheets — - customer, will continue to pur- 

manufacturers of tinned and chase a substantial amount of its 
ternecoated steel sheets. materia! from Heywood Willi ams ’ 

Under the terms of the deal Finales and Apollo 1 divisions. 



0 ^ 


ARGUS/TRIDANT 


BBI extends on Continent 


Barclays Bank International is 
to extend its instalment finance 
and leasing activities on the 
Continent through the acquisition 
of Universal Kredit Bank in 
Germany. BBI already has similar 
operations in Holland, Belgium, 
France and. Italy. 

Agreement In principle for the 
purchase > from the Singer 
Company .. was ' announced 
yesterday. . The price was not 
revealed but the finance house 
has grogs assets of some DM 150m. 

its activities are confined to 
domestic commercial and. 
Industrial business. The deal is 
expected-. to be finalised before 
the end of this year. 

SENIOR ENG- 

SefflOr, Engineering Group has 
acquired David Worthington for 
£370,000 'cash. 

Worthington, of Blackpool, is 

manufacturer both of original 
equipment and replacement 
exhaust systems for heavy com- 
mercial vehicles. It wfl] become 
part of Senior's steel tube division 
and its products are complement’ 
ary to its manipulation business. 


BROCKS GROUP 

Broeks-Grottp has acquired from 
the Receiver of CaRbaoy Elec- 
tronics -afi the assets of the com- 
pany, comprising marine com- 
munications and land mobfle VHF 
equipment, at asset value for a 
cfoasadeiation of £89,960 phis VAT 
—tills .-’isi .to be satisfied by an 
immediate cash payment. ~' 


This includes fuH settlement of 
the earlier transaction referred to 
in the .chairman’s statement in 
the 1977 report and accounts wtdeh 
was for a time in dispute. 

SHARE STAKES 

Rowntree Mackintosh: Trustees 
of the Joseph Rowntree Memorial 
Trust have disposed of 25,000 
odln ary shares at 3S0p and 25,000 
shares at 385p. .They are now 
interested in 4,137,498 ordinary 
shares (7.86 per cent). Sir Donald 
Barron, the coitipany chajrinan, 
is a trustee. 

Sutcliffe S pea km an: Chairman 
holds 205.074 sbaes and not 20L274 
shares as previously reported. 

Berry Trusty-United Kingdom 
Temperance and. General Provi- 
dent Institution now holds 
1,600,000 shares (10.52 per cent). 

Bernard Wardle— Throgmorton 
Trust has disposed of 250,000 
ordinary shares .thereby reducing 
its interest to 750.000 shares 
(4LLS per cent). 

Alexanders Holdings — Board 
reports- that Henry Clayton and 
family interests purchased 25,000 
“A” ordinary shares at lfiip on 
November 8, 1078. 

Marlborough Property Holdings 
W. T. Chawo, on October SL 
1975, said 261,090 ordinary shares 
thereby reducing his beneficial 
interest to 592,358 shares (less 
than 5 per cent). Also on Octo- 
ber 31, his wife Mrs. T. V. L. 
Chown sold lltOOO ordinary 
shares, being" • her entitlement 
under a loan, stock conversion 


arrangement. 

Francis Sumner : (Holdings)— 
Mri S. Wettreich, director, has 
sold 170.000 shares. 

Duple International — W. S 
Yeates has acquired 100.000 
shares making - total holding 
3,846.666 <9.4 per cent). 

General Stockholders Invest- 
ment Trnsl— Mr. W. J. R. Govett 
Was reported to have disposed of 
KM). 000 ordinary shares. The 
company is. in fact. Stockholders 
Investment Trust. - 

SAML. OSBORN 

Aurora Holdings has sent details 
of its SOP 3 share off er for ail 

the ' XI nsr Cent cnmlativr* nn>. 



acquired subsidiary Samuel 
Osborn. An EGM for the pre- 
ference shareholders is to be held 
at Aurora's Sheffield offices on 
December 7- 

associates DEALS 

Baring Brothers on November 
14 bought lOWHtt Associated 
Dairies at l<0p for Discretionary 
Investment clients. 

Pa nm ure Gortlon and Company 
bought Midland Educatio nal 
at 23Sp fo r Alfred Preedy and 
Sons. 

^INDUSTRIES 

In a deal, Lindustries 

has acquh^d the coil strip 
process machine division' of 
Redman Engineering. 


Nine months results 


Interim Statement 

The results for the nine months ended 30th September 
1978. estimated and subject to audit, are compared below 
with those for the similar period in 1977 which are restated 
at 31st December 1977 rates of exchange: also shown are-the 
actual results for the full year 1977. 

It must be emphasised that the results for the interim period 
do not necessarily provide a reliable indication of those for 
the full year. 



9 Mentis 

9 Months 

Year 


to 30.9.76 

to 30.9.77 

1977 


Estimate 

Estimate 

Actual 

“ 

£ Millions 

£ Millions 

£ Millions 

Net written premiums — Genera! 

Business 

560. r 

50S.5 

674.5 


- 

1 

m 

Investment Income 

Underwriting Results — Genera! 

64.5 

551 

75.3 

Business 

0.5 

(S.n 

£6.3) 

Long Term Insurance Profits 

2.0 

l 9 

2.7 


- 

■ 

■ ■■ — 


67JS 

48:9 

71.7 

Loan and Bank Interest 

1.1 

12 

1.5 

Profit before Tax and Minority 

“ 

' 

r 

Interests 

66* 

47.7 

70.2 

Exchange Rates: 

= 


** 

U.SA. 

SLflS 

SI. 92 

SI .92 

Canada 

32.34 

32.10 

32.10 


Net written premiums and investment income increased in 
sterling terms by 10.3 l !o and 17.0% respectively. Adjusted 
to exclude the effects of currency fluctuations, the increases 
were 12.4% and 19.5% respectively. 

There was an underwriting loss in the United Kingdom of 
£0.6 million 11977 £3.2 million loss) on net written 
premiums of £214 million [ 1977 £176 million). The improved 
results achieved in the second quarter were maintained in 
the third and all major classes are now in profit for the nine 
months, with the exception of Homeowners. Experience in 
this account continues to be generallv unprofitable, quite 
apart from the influence of weather losses in the early part 
of the year. 

In the United States net written premiums were $407 million 
(1977 S371 million) and the operating ratio was 98.21% as 
compared with 101.12% for the same period in 1977. The 
underwriting account overall continues to improve with a 
third quarter operating ratio of 95.52%. For the nine 
months all major lines, other than the Compensation account, 
are in profit, and the aggregate result on the U.K. basis is 
a profit of £1.7 million U97.7 £4.1 million loss). 

Elsewhere, apart from better results in Europe and a sharp 
deterioration in New Zealand^ -there was no significant 
departure from recent underwriting trends. 

General t 

General Accident Fire & life Assurance Corporation L + 1 

World Headquarters. General Buildings, Perth, Scotland. 







Tfiiandal Times 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



NORTH AMERICAN NEWS 


Cargill makes $67.5m bid 
for beef slaughterhouse 


BY STEWART FLEMING 

CARGILL, the giant U.S. grain 
company, 'today launched a 
S67.5m takeover bid for one of 
the Jatioc’s largest beef slaughter- 
homes. MBPXL Corporation of 
Wichita. Kansas. 

The move follows an announce- 
ment last week that Pacific Hold- 
ings. like Cargill, a private com- 
pany, was moving to acquire Si 
per cent of tire largest U.S. beef 
slaughtering company, Iowa Beef 
Processors, for S225ni. 

Pacific Holdings* which makes 
containers and ceramic products 
and is involved in mining ven- 
tures. already owned IS per cent 
nf Iowa Beef. • Last year Iowa 
Beef reported sales revenues of 
$2bn and net profits oF S30m. 

MBPXL is a smaller heef pro- 

Court denies 
Kennecott 

WOODRIGE. Not. 15. 
CURTISS- WRIGHT said ihe U.S. 
Court of Appeals for the second 
circuit has denied Kennecott 
Copper’s request that it recon- 
sider its recent rleci-ion uphold- 
ing Curtiss At' right’s appeal in 
Ihe Kennecott proxy contest 
litigation. 

Mr. T. Roland Berner, the 
chairman of Curli^s -Wright, said 
ihe decision clears the way for 
the Court-onleted reconvening of 
rhe Kennwrft annual meeting, 
for sioc! - holders to express lheir 
preference for directors. 

He said the annual meeting 
had been temporarily delayed by 

Kennecott's petition Agencies 


cessing concern, with sales last 
vear of 5986m and net income 
of 55.3m. or S2.16 a share. Car- 
gill's -527 a share offer puts the 
company on an exit price earn- 
ings multiple of 12.5 compared 
with an exit multiple of 9.5 for 

Iowa Beef. 

Cargill* swoop on MBPXL 
appears to be- designed to try 
to block any rival offer. Carpi 11 
disclosed that it has already con- 
tracted to purchase about 6 per 
cent of the common stock of 
MBPXL from major share- 
holders in the company whom it 
did not name. It remains to be 
seen whether this prior arrange- 
ment i* challenged. The take- 
over interest to the beeF 
slaughterhouse business is un- 
doubtedly related to the bright 
Iona lerm prospects which many 


* NEW YORK. Nov. 35. 

analysts see. and also to tber 
immediate outlook. 

The beef cycle is currently at 
a low ebb. In the' wake of the 
1974-75 recession, with beef 
prices depressed and feed costs 
high, many ranchers reduced the 
size of their herds. .More 
recently, however, the recovery 
in demand, coupled with the 
restriction in the supply of cattle 
for slaughter from the smaller 
herds, has resulted in soaring 
prices for beef. This situation is 
expected to continue for two or 
three years, since .it takes some 
time for herds to build up again. 
Profits in the slaughter Industry- 
are thus expected to increase 
sharply, although analysts pre- 
dict that there could be sub- 
stantial quarter to quarter 
swings in prices and profitability. 


Department store gains 


FURTHER TRADING reports 
from the department store sec- 
tor show advances in both sales 
and profits. . 

Carter Hawley Hale Stores, 
with gain.- of 13.6 per cent to 
524. 9m' in net earnings and 32 
per cent ro S1.33bn in sales at 
the nine-month stage, is well on 
the way to achieving its forecast 
of record sales and profits for 
the year. Share earnings have 
rise so far from 82 cents to 92 
cents, agninst a forecast of earn- 
ings “substantially, ahead” of the 
52.37 a share earned in the pre- 
vious year. 

Carter Hawiey-'s third quarter 
brought a 12.7 per cent gain in 


NEW YORK. Nov. 15. 

net earnings at Sl0:6u) or 40 
cents a share against 36 cents, 
on sales increased by 32 per cent 
to $40S.8m. 

Meanwhile. Federated Depart- 
ment Stores reported a 2 per 
cent gain to S99.6ni in net earn- 
ings and 9 per cent to S3.Sbn m 
sales at the end of the first nine 
months trading. Share earnings 
of S2.07 compared with 82.03. 

For the third quarter. Feder- 
ated turned in net earnings 2 
per com higher at S46.3m or 96' 
cents, against 94 cents, on sales 
increased by 8.3 per cent at 
S1.3bn. 

Agencies 


Mergers at 
Time Inc. 

become 

effective 

NEW YORK, Nov. 15- 
MERGERS OF Inland Lon- 
taincr and American Tele'‘» ,on 
and Communications into 
wholly-owned separate sub- 
sidiaries of Time' Inc. ha' <* no"' 
become effective. 

The • Inland merger was 
achieved through an exchange 
of cash and ''common and 
preferred stock of Time, the 
deal being valued at 5275m. 
The American, TV merger, 
valued at S145m, . was effected 
for cash and new Time pre- 
ferred slock. • 

AP-DJ 

Simmons sale 

Industrial Valley Bank and 
Trust has agreed to buy aJI 

outstanding stock of American 
Acceptance, a wholly-u"»' >(1 
subsidiary of Slnunons. itsvir 
the subject of an offer rrom 
Gulf and Western, .\P-DJ 
reports from Phtlarielph' 3 - 
Amrrican Acceptance is a 
commercial finance concern, 
specialising in inwniory 
finaneing. 

Lykes meeting 

A federal judge has denied a 
motion seeking to relay thv 

Lykes shareholders meeting 0° 
December 5 to vote on merger 
with LTV Corporation, AP-DJ 
reports from New York. Mr. 
Marshall P. Safir, chairman of 
.Sapphire Steamship until it 
went bankrupt in 1967. had 
sought to block the merger vole 
until a court of appeal* in 
Manhattan acts on; his rci/ue-'t 
Tor a rehearing On a Mrparaie 
legal case he has pending 
against a Lykes subsidiary. 


RETAIL SUPERMARKETS 


Falling dominoes 


THE Domino Theory, once part 
of the lingua franca of Vietnam 
war strategists, is now tripping 
off the tips of analysts of the 
U.S. retail supermarket scene, as 
first one and then another grocery 
chain topples into bankruptcy 
proceedings. 

The domino analogy was. in 
fact, suggested by one of the 
tottering chains, Allied Super- 
markets of Livonia. Michigan, 
which draws annual sales of 
S760m from operating 114 super- 
markets In three states. Announc- 
ing last week that it was filing 
for protection from its creditors 
under Chapter 21 of tiie federal 
bankruptcy laws. Allied laid 
some of the blame at the feet 
of Food Fair, a leading eastern 
supermarket chain which filed for 
Chapter 11 in October listing 
assets Of S492.6m and liabilities 
of 3353m. 

Quite simply. Allied's trade 
creditors and banks, themselves 
under pressure from rising in- 
terest rates, and aware of the 
company’s financial frailty after 
five consecutive years of los*- 
maifing, had been acutely re- 
minded of their financial exposure 
by the Food Fair debacle, and 
wanted to protect themselves 
through “ changes *’ in their 
credit arrangements. 

-Under Chapter 11. a company 
may continue to operate while 
enjoying court protection from 
creditors* lawsuits, so that it 
can work out a plan for paying 
its debts. 

Once creditors become 
afflicted by a loss of confidence 
and start shortening payment 
terms, or even demanding cash 
on delivery', they are tapping a 
vein of cash flow which can lead 
to swift paralysis for a super- 
market operation. Thus -the 
crisis of confidence started at 
Food Fair, swept through Allied, 
and may engulf others. 


BY JOHN WYLES 

Not surprisingly, attention is 
now focusing on the Great 
Atlantic and Pacific Tea Com- 
pany. once the largest supet- 
market chain in the L.S. and for 
ihe past four years a beached 
whale struggling for safe water. 
Having lost S16.Sm m the first 
half of its 197S fiscal year, A 
and P is' framing its second 
recovery programme m four 
vears. although the first has left. 
U with only half as many stores 


As trading conditions 
tighten throughout the 
supermarket industry, 
recent trading failures 
threaten to have a 
41 ripple f ’ effect on other 
retail groups 

a* i! had in 3973. But money is 
no; 2SI that has been losL 
Management's credibility with 

investors acd suppliers -s cer- 
tainly not what it was, while 
customers who voted with, their 
feet have not yet been' lured 
back to the fold by the astonish- 
ing re-introduction in September 
of trading stamps, some six 
years after A and P bad phased 
them out *-. • •• •';—-* 

However, with ilcKiosey. and 
Company retracing the. 1974 
footsteps of Booz. Alien in an 
effort to develop a new strategy, 
for A and P, there is stilt a mood 
of confidence at corporate head- 
quarters in Montvale, . New 
Jersey, that the dark years -in 
the company’s 121-year history- 
will be survived, not ' least 
because enough .. cash. .. is 
apparently being generated; . to 
satisfy supplier debt. 

With suppliers financing' any- 
thing between 56 and SO percent, 
of a supermarket chain's friven- 
i. Dries at any one time, the' loss. 


of only a small proportian-'of 
this line of credit can be ' ratal; 
as Food Fair could testify?-.-:!.. As 
the - country's ■ eighth -I&ghSt 
supermarket chain, with, sales of 
$2.4bo a year through 440 siijtw* 
markets and 79 discount stores, 
it has all of A and PVptnWem^ 
on. a much larger scale. Although, 
both chains have suffe£is&'.ha<Bj~ 
f rorii com peti t ion from fast 
food industry and a 
pace of growth in sales. YwfiScB 
have failed "to keep paed;i*ith 
price inflation over the, past :£«© 
years; equal blame 
attached to weak management 
and exceedingly poor actofffitfcig 
practices. /. yjv J.--’-.:- 

Food Fair's presideEt,Atr. J&ds 
Friedland. was forced-.^tb'trtep 
down as president oh -.Mifttday 
on the eve of bankruptcy- hear- 
Lags, which revealed titat^ih -tlre 
20. days after bankruptcy: was 
filed on October 2. the- company 
iosMSM.Tm. A- large -pfeptioir-o 
the Josses were artrfbhiablfci't; 
suppliers refusing td’ : : deljjer. 
goods- which had beeii^qtderecfc 
particularly to the J. M£Fields 
discount store divisioqT^L 
..'Field's creditors axe^dTa, 
: ar«md \S4Gtn. and are tacmiflletl 
with... the Food Fair; groeenrj 
suppliers, and this has fe^fo t^ 
creation of iwior fSepdratt?, 
.creditors’ committees,.ri^^yi^° 
eachT group. The basfc'ttjHcy 
chart' was told on TuesE®*’#**; 
thanks 10 Food Fair:gIdwStte : , 
iitg "Fields’ debts to 's^ppIiersC, 
merchandise was agafep.^rbliutg 
into the discount storeifriai'time 
for the Christmas sellft^ Reason. 
Food Fair is searehing.^c.a’ne# 
chief executive and.is^hopmg; 
that a change a I tbejQp.jSHjpjEij 
wfththe hiring of Touche JJo'ss; to 
develop a new; ’yfoteQUBting 
system, will genera ter^SifBcieht 
confidence to nut an’ehCte^hat 
Mr. Friedland has feanejjft “a 
temporary liquidity pro^&in:^- 





i ■; 







f*. 

' 



November, 1978 

This announcement appears for information purposes only..- 

Chemco Equipment 
Finance Ltd., UK. 

subsidiary of 

CeemicalBaak 

New York, 

announces that it has provided 
funds for the largest telescopic 
crane in the world, 
the Gottwald AMK200 for 

G.W. Sparrow & Sons Ltd 

Ci-emco Equipment Finance Ltd. 

R ichard Hoi loivay 
Managing Director 

S5-S7 Jenm n Street, London SWIY 6JD.Tel: 01-839 5-4 t l 
and at Charlotte House, 17 Charlotte Square, Edinburgh. 

Tel: 031-225 8924/5 ^ 





N.V PHILIPS’ 

GLOEILAMPENFABRIEKEN 

(PHILIPS' INDUSTRIES) 

Eindhoven. The Netherlands 

The Board of Management hereby gives notice to the 
shareholders of N.V. Philips' Gloeilampenlabneken that an 
EXTRAORDINARY GENERAL MEETING 
will be held on Thursday. December 7th, 1976. 2.30 p.m. in the 
“Philips' Ontspannings Cenfrum", Malhilde/aan, Eindhoven. 
Shareholders of N.V. Gemeenschappelifk Bezit van Aandeelen 
Philips' Gloeilampenfabrieken {philips Lamps Holding) are 
entitled to attend this meeting. 

AGENDA 

1. Opening. 

2. Proposal to elect Mr. W. Dekker, with effect from 1 January 
1979, to the Presidium ot the Board of Management and, by 
the same token, Vice-President of the Company. 

3. Any other business. 

4. Conclusion. 

Shareholders of N.V. Gemeenschappelqk Beait van Aandeelen 
Philips' Gioeilampenfabrieken (except for holders of shares 
registered in their name in the New York Register to whom the 
regulations mentioned under B below spply) who (in person or 
by proxy) wish to atteno' this meeting and to address it. must 
deposit their shares, or letter ot confirmation as referred to in 
article S of the Articles of Association, in exchange for a 
receipt serving for admission to this meeting, nof later than 
Thursday- November 30fh, 7 978. 

A. in the Netherlands: atthe Amsterdam-Rotterdam BankN.V., 

in Amsterdam, Herengracht 597, or at the office of the 
Company in Eindhoven, Pieter Zee manstraat 6. 

In the United Kingdom: at Hill Samuel & Co. Limited, 

45 Beech Street, London EC2P 2LX. 
in ether countries: atthe banks designated for such 
purpose. Further particulars can be obtained from Hill . 
Samuel & Co. Limited. 

B. Holders of shares registered In their name in the New York 
Register who (in person or by proxy) wish to attend this 
meeting and to address it, should give written notice to that 
effect to the Company not later than Thursday. November 
30th, 1978, atthe office or the Bankers Trust Company, 
Reorganization Department, Two Broad way, 2nd Floor, 

New York, N.Y. 10004. 

Eindhoven, November 16th, 1978. 


PHILIPS 


The Tokai Bank Lt<| 

Negotiable Floating Rate U.S. Dollar 
Certifica tes of Deposi t V 
Series B Maturity date ;£■ 
17 November 1980 X-. 


W 


In accordance with the provisions of the Certificates, 
of Deposit notice is hereby given that for the six a(odtb 
period from lb November 1978 to 16 May 1979 ^* e 
Certificates will carry an Interest Rate of J 2 % per 
annum. • : 

Agent Bank 

The Chase Manhattan Bank, N.A., v-;- 
London. r: .. 


OESTERREICHISCHE KONTROLLBANK 
AKTIENGESELLSCHAFT , 
U.S.S40, 000,000 Guaranteed Floating Rate Notes 1982 
Notice is hereby given pursuant to Condition 5 of the' Terms 
and Conditions of the above-mentioned Notes that th® 
of Interest las therein defined) for the Interest Period (as 
therein defined) from 17th November, 197S. to 17th May. t 97 ®- 
is at the annual rate of 12J per cem. The U.S. Dollar amount 
to which the holders of Coupon No. 5 will be entitled r on duly 
presenting the same for payment will be U.S^62221SS subject 
lo appropriate adjustment thereto tor the making -of- ciner 
appropriate arrangements of whatever nature) which w.® ma - v 
make, without further notice in the event of an extension or 
shortening of the above-mentioned Interest Period. ' m . n , tprt 
EUROPEAN BANKING COMPANY LIMITED 
on behalf or 

. EUROPEAN'-AMERICAN. BANK & TRUST COMPAQ 
16th November. 197S * (Fiscal Agent) 


Seagram sees 10% gain George Westo* 

MONTREAL, Xov.; a J growth slows \ 

SEAGRAM, the world's -biggesi The oil and gas subsidiary hadfi- * ; TOR ONTO;.. ^Noy. Iff if 
drinks business see3 firet its best year. In exploration. and f WITH YET earnings showing 
nuarter earnings 'more than 10 discovery’ *ith finds in - Jtfest ' gain of 112 per cent -at 551. Tr* 

quarter eare mgs more Jian xu peoibii!a Qffshorc Texas and. ini at. the end of the first fiin 

h ^ er lhar ' ■ the Gulf of Thailand, where slgni-i month. George Weston.-, the 
U-S.S-S.lm or SO cents a snare amounts .-of. namriil -.gas 1 Toronto- based supermarket and 

recorded last year. Mr. Philip -A-ere' found in ■ "three i more -food processing gronpVis lncreas- 
Beekman. president, told the discovery, we Us this year. -V- • ins the quarterly divit®ihd;by; .3 
annual meeting that the future Toe 23 per cent contributed! cents to 21 cents . 'JiTjAgendes 

“ looks even better " than in by oil and gas operations to total" 1 " - ■■■ - - ■ 

previous years. operating income was lower.than ITL' 

International operations are fhe previous year because of 
trending upward and becoming increasing popularity of-wln.e and ECONOMIC A C3YTIT Y— -Indi cee 
a more significant part of the spirit operations. Mr. Beetanan faemring outpm (1975=10tt>; ei 
group's business, providing a said. . retail sai es volume, retail sales 

better balance to overall results. Later tne company raised its nneinpioyuiefit.lexcluaing school 
while oil and g us should add quarterly dividend from 23 trents (OOQsi. All seasonally adjusted. 

significantly to earnings in the to 28 cents (Canadian) a sba$ei ■ - ■* ; ' ■ "i- 

coming years. Mr. Beekman payable December 15 • flidT.- Mfg. Ena; 

declared. Reuter prod, output ordm: - 

•• -*.v >■ 


107.r\ 102 


1M:« 104,8 


declared. 


Reuter 


AMERICAN QUARTERLIES 


iHiMiltt-miiH 





Third Quarter HT7 . . 

S si S/ _ s 

Revenue 50.6m 45.6m j Revenue 7499m 65.33m 

Net profit *3.S5m *257.000 Net profits ^-5m 4.3m 

\ct per share... -0.34 ->0.02 ! Net per share... 7 0.45 0.45 


Firtt Quarter 


11711 / 1177 

3J9m 65213m 


°0.02; Net per share... 


Vet per share... 5, 0.34 ^O.OS 

ReveDue th# . 149.4m 227.7m ■ READLYG & BATES OFFSHORE 

Vet profits ... v 5.48m 9S6.000 

Vet per share... ^0.48 0.09 


SOXESTA INT. HOTELS 


Net per share. 


McGRAW-HILL R VERSON 


Third quarter 1S7J MIT. 

s s 

Revenue 9.2m 8.5m 

Vet profits I.5m 1.4m 

Net per share... 0.75 0.70 

Nine months 

Revenue 18.6m 17.2m 

Net profits ...... 2.1m 2.1ra 

Net per share... 1.06 1.07 


PERKIN-ELMER 


First Quarter MS 1VT7 

s s 

Revenue 152.4m 115.6m 

Nei profits 9.57m 4.62m 

Net per share... €.48 0.24 


Third quarter 

Revenue 

Net profits 

Net per share... 

Nine month* 

Revenue 

| Net profits 

j Net per share... 

1978 

28.8m 

939.000 

1.0S 

S6.6m 

2.41m 

1.34 

1977 

S 

25.7m 

496.000 

0.21 

78.2m 
2.47 m 
1.07 

Km 



Third Quarter 

1978 

1977 


S 

S 

Revenue 

197.2m 

143. Ora 

Net profits 

U.lm 

18.5m 

! Net per share... 

2.7S 

4.61 

i Nine Months 

Revenue 

al5.0m 

384.4m 

Net profits ....... 

3 1. 3nt 

57.4m 

-Vet per share... 

7.82 

14.35 

WINNER A GO 

INDUSTRIES 

Fourth Quarter 

1478 

1977 


5 

S 

Revenue 

73.9m 

37.0m 

Net profits 

l.lflm 

°2.56ra 

) Net per share... 

0.05 

u 0.10 

Tear 

1 Revenue 

229.1m 

213.9m 

Net profits 

1.11m 

3.21m 

Net per share... 

0.04 

0.13 

• 

Loss 



Consumer InvsLt- lntmd. . Ehg- Mf tai Textile'Hpnsg. 
. ’goods goods- goods output : ran Fg. etc, ^a«s** 

r 10L3 98.7! : 116.5 r 99^ ?" 107.8 10li—&4 
.- J04.9 97.5 114. f 98.7 v 95J :J.0fL2 '.'<3*3 


99-9o-107.8 101^ 

98.7 v 95J :J.0fL2 


August - 308. 


102J ’ 100.6 


1977 - 
3rd gtri 
4 th qtr. 

1978 
lstutiv. 
2ndgtr. 
3rd qlr; 
June 
July’;' 
August 
Sept. f . ; 
Ocl - 


Export Import VisLbie ^Current Oil- Terms Re&y. 
'.volume volume balance balance balance trade USSbn* 

124.4 .106.6 . + 3L ,+574. ..-602 10L0 ' 13at '. 

102.7 -’ 5 +507 • “r657 102*4".’ 2039 


120.0 - 114.1 -fiOfr -313 " 

122 J . ,110.4 -150 ; +183 •. 

I26.t - 116.0 -281 - 56 :l 

.1Z2.0 U1J -101 + 10 - 

127.1 316.1 -134 . 59 

'125.2 ; .111^ + 6&.. +143 

125.9 120.7 -215' -140 

,1283 11L8 + 219 +209 


-642- : 1041,8 ; * 20^3 
-398 104J6: . 1&J5 

+51i ; .1855 -1656 

-221 .1045 iSZi 
- 95- 105.-7 - 16.4 
~I95 ; .105 A* 1951 
-131 • 105^ 15.97 


FINANCIAL— Money supply Ml and- sterling M3, bitisk' advances 
m stfiflih? to the private sector (three months' growth a f annual 
rate);- -domestic credit expansion building' societies' net 


Weekly net asset value 
on November 13th, 1978 

L — ^4 Tokyo Pacific Holdings W.V. 

— U.S. $67.02 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $48.83 

Listed on the Amsterdam Stock Exchange 

Information: Pierson. Heldring A Pienon NV Herenjrachc IM. Amsterdam 


• CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave„ London EC3V 3LU. Tel.: 01-283 1101. 
Index Guldens at November 7, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 128.99 

Clive Fixed Interest Income' 113.89 


inflow; HP. hew trredit; all seasotraliy' adjusted. Minimum 
lending rale (end period!. . 


L639 • 1:189 


17.5 +1391 ; 

.14)49 

1^68 

34.6 +2^53- 


. 1,393 

8.5 +520 

746 

1^37 

24.6 +310’ 

147 ‘ 

-- 459 

35.0 +110 

15.3 - -294 


- 458 
: - 493- 

8-5 , +704 

346"- 
. 363 ^ 

476 


iwr^uui* — ‘juju ices ui earnings . wap. .-oasiC 

rqat^ials and fuels, wholesale 'prices 'of manufactured products 
(1975=100);. retail prices and .food ’ pricey (1974=100)? ^ET ; 
commodity index (July 1952-100;t trade weighted T-raiHe ^of 
sierlfng (Dec. -1971=100). . . . z ' ' • -T-; - I 


.YLLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 CornhilL London EC3V. 3EB. Tel.: 01-623 6314. 
index Guide as at November 9, 1978 

Capital Fixed Interest Portfolio 100.02 

income Fixed Interest Portfolio 100.01 


VONTOBEL EUROBOND INDICES . 
145-76=100% 

PR IC£ INDEX M. 11.78 7. 1 1.78 AVERAGE YIELD 1.4.11.78 7.11.78 

DM 104.91 105.40 DM Bonds (.591 fi.506 

HFL Bondi A Noon 100.26 *9.01 HFL Bondi S Notes . 8.307 8.399 

U.S. S Strt. Bonds *»6.0l 95.77 UJ. S Strt- Bonds 9.S20 9.571 

Csn.-Dollir Bondi 44.4} 94.40 Can,-Doll*r Bond^ -10.521 >0.510 


Earn- 

Basic ’ 

Whsale.' 

. . .: v . 

jr- 


ings* 

raatis.* 

xnnfg.* 

RPI*' 

VFoods* ctmtdiylrrSPteS 

116,1 

146.4 

142.9- • 

184.7 

— 192i 


119.9 ■ 

"142J2 

145.8 

137,4 

.193J. 


123.1 

140J 

149.2 

1JRL6 

> 197,3*. ■ 


129^ 

' U8J8 

152.0 . 

19518 

203.8, 

■ 345L27 

133>. 

144* 

154.7 

199^ 

■ .206^' 


*333.1 . 

i4?;o 

152.7 

1972 

; 206.7 ' 

• 2423/ -'-6t3 

133.6 

1455 

1518: 

198.1 

;• Z06i 

*. 

.131.7. 

JUS .. 

154.8 

1S9A 

■ ! .2063, 

'&6SA 

134J2 

14418 

145.7 

Ksaf 


VOSS 

c" ■ .1 

























r. 16 1978 


i N TERNATIONAL FINANCIAL AM) CQMPAPi«SNEWS 




i £X' :s ', -* : '£ X . v : ‘ H — 1 





*!♦ 


■ . 1 . 



movements slow 
in tiltd quarter 

. BY CHAfttiff EAKHELOa , • -AMSTERDAM, Novi IS. 

- PROFITS AT. PhUips, She. JJutcfa ' months 2 ®er cent Australia and New Zealand, sales 

electronics groujJ.7- declined -in lower at "ST 4tjfljifc^f*n»QB prufit were below the corresponding 
' the. third quarter Of IS78. despite fell b.v e perrient ^ff ^ 1.4?bn. 197? period, 
tftc sHgbtljr bibber lb?n : eipeqted Sales "Sher at Trading profits came under the 

.increase In volume sales.' Cur- Fl 23bn.. : -.ri.:i?r^*;. .. . strongest pressure in the taduGr 

frredcy mdvemern«iHan>aJticBilar ' Philips. -.^jirflT^.lfnMuace^ its trial products' division. In home 
rihe -iharp decline" of the -dollar, interim divideptf i P I ? Decem DPr T- electronics, professional products 
;Had ■ft 'ittajor --teipactr.' <Mi' the Last yesu?B T istorto payment was and miscellaneous activities 
: result. with cost increases and Fl 0.60 per~HLi^ii onilllaI share profit was higher than in 1977. 
-"■too ghep competi dorr also plying followed dividend of expressed as a percentage of 

ttheir.-part.^ ■ Fl 1.10. .*• ^ciC -Vi-' deliveries. 

The company expects , volume The strorigfl&i&osfflse in cash- Philips plans- to launch its 
-■■jales to rtsfeby abour. 8 percent sales in tte'Troft months video LPs on the U.S. market, 
-this yeaMt lightly higher- rate cameintbe«ffi^#,£ otiae elec- within the next six weeks. It will { 
rof. incre®e itean the- 7 per tont.tronlcs,‘'domesw?' a PP“ ail res and be the first producer to market 
rfqreca^;:. earlier,. .-Mr. K C, personal c«¥. : wW ctS B Od Pfo- VT.p s fn Ihe U.S- VLPs are 
-Sptotwa Cattela. -a- member of fessiooal i pr odSe fe iThese . were double sided discs which play 
ftfie-. management board, said, considerably. then the 5 back films on a television set 

The increase 'in the -itrrt T^ne 4»er cent, average ra * r ® ase - C as h when “read"’* by a laser beam, 
^months was 8 per cent, although sales of . tfce^hidnstrjai supplies Philips has an agreement with 
.-cash sales rose, only by 5: per divteion were^&^ y 16 same as MCA to record their films an 
;«jetrt: ; --' •:••' in 1977. ■ 'w&Jh^mtOTeLlaneous disc and it will initially offer 

JSEet^profit by 14-per cent . activities w^re^below.last year’s 500 titles.: 
to F1-. 120m ($59m1 compared level. The lajt'iwo^seetors snf- Philips expects to invest 
'.wltfc-’.tha. same 1977. ' quarter, fered partictite^f?«tt® currency Fl. t.Sbn this year, slightly more 
-,Tradlng:pmflt fell by only 5 per parity chanpa&:S*uv the indus- than cash flow. Stocks at 
;cent*r.Fl :507m with the sharper trial productsdo|H<hi met strong September 30 were 30.3 per cent 
•idrdp the net leyel Tftrtly es- competition. ■ of sales compared with 32.1 per 

i plained by the near doubling of Cash salesT J &'^« n America cent a year earlier. Ms world* 
f extraordinary items to.FI 136m; .and Asia rds^'5w*7SOP D sly- 1° wide workforce rose by 3.900 to 
<ibt<; was due largely to currency Europe sales iCWCted the 5 per 3SS.300 in the first nine months. 

: movements.. Sales rasa by 3 per cent increase' iifcffSS: S^UP as a This included an increase ot 
.-cent toTl T.83bn.- . - - whole. Sale^;5b"North America 4,700 at U.S. Philips Trust and 

riThies. decline -at the net level showed- a favarixSWe rate of m- a fall of 1.900 in Holland and 
was Jess marked in the first nine crease expresseiat.h* dollars. In the UK; 


SKF still 


financial 

burden 

By John Walker 

STOCKHOLM, Nov. IS. 
THE FINANCIAL burden of 
SKF, the Swedish hearings; 
steel and machine tool concern, 
-remains evident in its report 
For the first nine months of 
1978. 

Income before exchange 
differences and extraordinary 
items dropped to SKr 9Sm 
from SKr 143m in Junuary- 
Sep lumber. 1977. Ilou-pier, 


AUSTRIAN SAVINGS 


Tightening 



BY PAUL LfiNDYAI IN VIENNA 

THE AUSTRIAN federal state Austrian to invest in bonds and too, there have been, some curbs, Fnr example, Austrian bank* 
spends aDoui Sch 5.5bn (S399m) equities. including a prolongation or the competing with nne another are 

a yre p various forms of According to recent opinion contracts by one year. The build- willing to pay twice as much as 
subsidies .or savings, but the surveys. 77 per cent of Austrian ins society deposits system has the nominal 4 per cent interest 

fit !5£i ihr^T 1 * >3ud " ei deficit has households with an - average also been somewhat tightened, rale on normal savings account 

forced. id 6 : [ rcasuty to carry out monthly income of Sch: 5.000 to Young people cap particularly for a deposit of. say. 
i Vimpn'r u / ^ measures, SchS.000 run a savings account profit from the premium savings Sch 500.000 or more. The going 

SpoKesm.n tor the savings banks However, only one io three have schemes. Thus, persons below 35 rate is currently well over 7 per 

£ anci ? 1 ex P erts bave 3 building society deposit and a years can receive a credit after cent. Furthermore, under the 
' vSkM^ivni c a,est squeeze, mere 3 per rent own bonds, the maturity Df the dep***it con- conditions of anonymous 
wbJreinvmvts a reduetionof tax The situation is even more tract in line with the actual savings, the interest is not 
rebates on federal bonds. marked for equities. Only 1.8 amount on the premium savings subject To taxation. 

Between 195S and ]976 every 
Austria^ resident was able to buy 
federal and public bonds to a 
value -of Sch ioo.ooq per annum 
with the stale ‘'paying" for 15 
per cent or thp nominal issue 

price ' 30a with imerest not per cent of all Austrian house- deposit. The state provides 


The small Austrian investor tends to judge the .various 
schemes available not only in terms of yield, but also in 
terms of maturity, security and simplicity 


But the ceiling was. and is, 
Sch 100.000. Under present 
conditions, buyers of such bonds 
■will have io think twice whether 
they would be better off open- 
ing a savings account, or arrang- 
ing a *■ very grey " rate with the 


Agache-Willotltoows losses 


BT DAVID CURRY 


PARTS, Nov. 15. 


M'hif* 


• .-i-'SlVV ■ 

: 

■ THE DELAYED accounts of the The main pro&teH^area is the provision as a book-keeping 
-.holding company of the Agache- Consortium Geflet3%"- Textile, operation which “does not change 
-WHIot textile and stores, group, whose turnover , j/a&jtn-S per the economic value of the stoke." 
and of Hs mam subsidiary :Con- cent up at FFr I3$bn (5291m) li al*o notes' that, the Agache- 
-s'ortiiim General Textile, have but whose operattaff results WiMot 70 per cent stake in Sidef 
■finally been published, and ' both showed a deficit 1.77m Confnrama expansion figures in 
-show substantial losses. (S409.000) profit of the balance sheet, for FFI only 

-• The absence uf accounts has .FFr 38.3m after ^tepscUttibn and whereas the concern made a final 
:been ' worrylns'. the stock, exceptional prorishms for the profit of FFr 37.7ni in 1977. 
^exchange monitoring body Com- losses of subsH^tt^the final ^ publication of the results 

Emission des Operations .deJoss comes out>flS^r 163.19m w ill do little to still the criticisms 
-Bourse, particularly as this year ($37.77m). win do mtie to still tiie criticisms 

-fhe-fbur Wfliot brothers -wlio “These provi^ms. f Ahd depre- tbe wa y ,n w bldi the WilJots 
^Control -- Agaehe-WUJot have elation do not cbjpjge'tbe value 90 about their book-keeping. The 
^taken^cMtibl-Aicces^vely of the of the tadiistriaLi^ytentiai of CGT’s final loss Is more severe 
"Belglaia stores grtiup Gateri.es the . company,? y^Sie’ gn)up than the market bad expected 

•Anspach', ; the French textile comments. . • * ' The other hie mbsldiarv Saint 

-empire Boussac. and the -U.S. The results oF mSXST have Fr ilL c e L 
'F^frvette chafn 'of stops, f ' ' weighed heavily ‘ongbbse of the saw 1978 P^° flts of 

< In fact, the COB will have parent company rfifiSthe-Willot FFr 34.4m reduced to FFr 8m. 
to wait some time- tb see -how for the ended . However, there 'seems no 

jwell the group- has. digested its March 197S, tor wh^ih. a sub- immediate crisis in , view, since a 
^acquisitions -since the 1 - present stantial provisional^profit was numberof thecommercralopera- 
Lflnandal yearl.of the companies originally : declared^-.'?: tions fConforama and Boo 

concerned in the take-overs is Agache-Wiltet posti^Dperatijag Marche, for example) are in good 
being stretched to 18 mouths, profits of FFr 26.R&:($6-18m) health. La adidtioa,. the Willots* 
ir. The Wtilots. for their part, against FFr lQ.RtiSSfor Ihe payment for the acquisition d{ 
have' dismissed the greater part previous (15 months rfinanctel Boussac will take years to cam- 
"t>f rbe tosses-as temporary book£ year, but has hadl^to make pleie while they- have already got 
keeping, ahherations father .than , JSFr 78nj r (SlSm)- presfeiona^by control of stocks worth between 
real losses,: and' have proposed- Virtue" of Its stakef^dn $sGT, FFr 350-400 m; a FFr I2Sm loan 
to lift the dividend fpr, 1977 from lgavinB : it . with * losaT of on comfortable terms, and ihe 
FFr 5.30 to. If Fit 12, .exclusive FFr 34.6m (S8rn),^ : v'"’.' Boussac group's -Teal estate 

of the tax bonus. : ' Agache-Wliloi disuiissq^-Jfiis interests. 

FT INTERNATIONAL BOND SERVICE 

‘ .A,-.,.: "• li**. »• 


group operating Income before j subject to taxauon. provided the holds have shares and 2.8 per guarantee for 60 per cent of the branch manager, 

depreciation was up from ] holders did n^.r sell the bonds ent own mortgage bonds. Even credit, which can reach up to This is one of the reasons why 

SKr 629m in SKr 670m be ! ore maturity. Last year, the among the self-employed Sch 150,000 in the case of a hous- economic observers are critical of 

m r- . , , h „. n r,„.. { rebate was reduced to 10 per categories, only 5.3 per cent have mg loan. the latent measures restricting 

(515am) while, after deprecia- I and now i nvK tP<rl in charge R nsr iwnl in * * 


.’hile, after deprecia 
tion of SKr 336m. group 
Income was still a shade higher 
at SKr 344m (575ra) against 
SKr 338m previously. 

After the first six months 
of this year, operating income 
after depredation was 
SKr 20m higher at SKr 244m. 
JSat there was a drop of 
SKr 15m to- SKr 83tu before 
exchange differences, etc., 
reflecting an SKr 35m increase 
in net financial expenses! 

SKF increased sales during 
the first nine months or this 
year hr 19.6 per cent to tufa I 
SKr 6.yi)ii (Si. film) compared 
with SKr 5.79bn for the first 
nine months of 1977. 

Roller bearing sales (includ- 
ing deliveries -to other product 
fields) rose by 17.3 per cent 
to SKr 5^tbn (S123raj. The 
corresponding increase for 


cent, and now Finance Minister invested in shares, 6 per cent in Financial Experts In Austria subsidies for bonds. What Austria 
Androsch has bonds and 7.7 per cent in point oiu rhat the small needs, they feel, is more risk 
p ?Sf*S. yannou , nc,?,Jin connection mortgage bonds. Austrian investor judges the capital and the promotion of 

witxrtoe next federal budget that Meanwhile, the so-called pre- various forms of saving schemes medium enterprises not subject 
the toe concession will be further tnium savings deposits where the not only in terms of yield, but to state supervision, 

reducan to 0 per cent From 1979. state provides an interest sub- also in terms of maturity. The latest measures mav well 

As - tne subsidies under this sidy provided there are no with- security and simplicity, fn this slow down tbe process of chan- 

hea ^a2)L r a,:count only for drawals within tbe five year sense, therefore. Austrian bank nelling savings into long-term 
SchSPin o’ the annual Sch SJbn contractual period and regular secrecy or. put another way. the investments. After all. it is 
spent'- 011 promoting savings, payments are made into the anonymity of savings also plays calculated that all fed era I. prom o- 
critic? ptnm out that the account every three months, are a crucial role. uon measures and subsidies 

projected rr-ductioa of the tax also regarded as a success story. But Austria is ■ also the involving building society and 

rebate will not bring an It has been calculated that through country of the so-called "grey" premium savings deposits, as 
appreciable relief. They also federal expenditure of Sch450m interest rates. In practice, this well as bond rebates and life and 
sr -[5L ,f VOlt,d be psycholo- in 1976, for example, aggregate means no .more and no less health insurance, amount to a 
aicaflpr.ini Pi ‘riant to induce the savings under this heading than a higher rale of interest, mere 2 per cent nf the total 
average and increasingly affluent jumped by Sch 8bn. In this field, free of taxation, than, on bonds, budget. 


Nixdorf to 
retain control 
after VW link 


thV 

;.£/■ Jonathan Carr 

. * * i;.ijv 

. - -- — . ,1 BONN. Nov. 15. 

VS* ?S° d ?Z* V? s I THE Privately-controlled West 

German computer company. 


The lirt shows tiie 200 iatest irtternati(ma , I borul; issuer for->hich an adequate secondary : market 
Vxisls. For further details of these or other bondssee the complete tist wf Eurotrand prices published 


.on the second Monday:, of each mpp®. • 

,-li.S. DOLLAR ^ . : . CbUK ML- ij 

. STRAIGHTS • ; -' InH MM v^teX YleM 

AM. 94«8 35 . ft* MT>i 0 1-20. 

Aostralu S.J5 S3 — US HSt fit +*t M« 

AostraUa W 93 7S Vl .f»S -Bi • 9JB 

!Featrto Fowls Tj S3 180 ML,.9K +« +W CT, 

,-CECA Si » . SB , m ‘■Ml +B4i 0 . 

2CECA 0 95. 25, MS--VS O 

'CarA 9. W Z '-m-: Nt 4-tt* +0i L %.W 

;C.Tr 9 93 :. : 25 :^98* - WJ +81 +« «.« 

Canada 254L. «4- BM J B.I2 

Canada 8.» S5 2St :■„»» 951. 0 +W 

Cwisda SC as . ..V... 2T W 95 -*.0 +4* 


Closing prices on November 15 


it 

+Bi 
,:+w +u 


BJ2 

842 
MB 
MI 
845 
LU 

tn 

US 
939 
Ut 
8.97 

m m y*. -9i vo. 

Mt~. fri +81 906 

95t +91 +05 


•04 -M 
9ffI.+8* +M 


+N 


8.91. 


25 

-,«C- 

94* 


+ni 

9^9 

a 

:-ni 

91i 


-BS 

9X7 

MB 

962 

97* 

+« 

r o- 

8X8 

. -00 

m 

97 

+3 

:+0t 

9X9 

20 


93S 

0 

+Bt 

8X7 

28 

- J 5M 

wa 

0 

+X > 

0X1 

75 

.'©* 

961 

+04 


.8.96 

58 

*-■ m 

974 

0 

+08 

9X1 

as: 

«4 

97 

0 

-B* 

in 

zs 

.97* 

91X. 

0 

+01 

ws 

25D 

93* 

94} 

+W 

+01 

792 

158-' 

97* 

98 


+02 

0.92 

-75 

9U 

9U 

0 

—04 

BOO 

J25 

.95* 

951 

+fl* 

0 

.tM 

58 

• w 

9f»' 

+n 

+M 

-9JS 

225 

9S* 

99 

+04 

+0t. 

9J2 

200 

% 

9» 

■8. 

+0} 

JLM 

150 

97 

97} 

— *4 

+04 

902 


Capada 9 S8 . ..r....;. «B fe.^9: JOB* <.-01 

Canada 91 89 3SB^- . 99J .-JS8| > 8 

CansdaJr Sf 83 W l - 941 W 

DoraMuon BrWwt Cn. »;»- 75. 95 

4UB.414S ...^ I9B W 

£36 9198- -325 9I| SU-'AW +<U 

■KIB « BS IBB Wt 9« -+^U -« 

*Efc=uri -JnUand 8 8S 35 «| 951 w* -01 

ESsportfinans 9 86 50 -Bfifir- VU M 

si n ......... — 108 

Tlntaod 9 SB. Z. 108 

VHosnltal OfS 9 83 — 5 « 

li-I Finance 91.88 

jjWV Finance 9* M- 

-JrC. tana 84- 83 
SBC Bloedel- H S3 
Vev. Ftn. Bi S3 
HZiDcy- Fin. 8i » — j-i 
.forr. West 9 86 .. .„..._ 

' .4S Wfoundi«WP9i 88 

'^nnJ iriv. 8S.,- 

forces Romm. .Bi as ...— 

Tiopurar 71 83' 

'Hbntay 9f 8S 250 

JOcaURntalXtSS-^.. -75 

Ont. RjKlro Bi £ 1 -.; — J2S 

Quebec Hydro » 09' — ^1* SB 

Swedrti W 88 ini — • U5 

VK Si 95 ; 208 

UK SJ.,83 ._.J 150 


OEUTSCHE MARX Owww <W : - 

STRAIGHTS " tsaned RM CHtor day areek IWd 

.iAriAarine 6^W 158 *« wj- e +« Ml 

Aslan Develop. Bk. » 88. 100 934 931 -01. -U 5J7 

4nsmuia ess 2 sd ion uu -r ue 

51 90 158 . 951 , «5 <+ Oi +04. 546 

: America S 90 1 58 9« ' 9« :B ~8i 5.70 

Ext- Alaierlo 71 85 100 

6 ■ SB 150 

4 X 83 . MO 

Manhattan O/S 0 93 100 

Oanunerzbanfe m. ww 34 uo - 
gromefTbank InL XW SJ 300 
Xoji«ibaaiai..Clty-6 80 .... 75 
•fioum-n of-Enrtme 84 — 100 

-6EB-S40 :.n 388 

Elf Aqullaipe 54 SS .._ IO0 

-300 

iBdmwtia -r W 108 - 

Kbfie. «ry or6tW‘.i~— Mfl 
Lwhr servkos de EkHL — . 350. 

Meficn »T S5 .„ 280 

Miisnljtshi p«ro 51 SB - M0 MU MU +81 -81 S-T7 

-K«P pop Steel SS 85 ~ 100 l«i IBM +W -W 5.W 

Worses Romm 6.90 — 108 ..98fr. 98* .— 8| — U 5.W 

JHorway 4t S3 2SB ** +•* +®i 55 

Sooiwsaan lad. Bfc. fi 125 Wi » » 

PBmMcw- Braafl 7 SB M8 ■ 98 984- +0i — Bi 8.88 

PtUBppWM 8S-M M0 VSt 8M +U +81 .AM 

EK Banken 5( SB : 100 93i 9LS +W -01 ''543 

OWbee. Pnrtw ofSM lM « +" L 

Kamanmkki .Oy S 58 ... 58 ,5? *}• + S “S 

. Hknh 51 S3 - » M* “J* 

Snafti 6 SB 280 86 86} 8 -BJ 

^nilJ.W ;•» +91 -04 

Tnmiibeini. dry of 35.:.. 35 80S 85s — ai —is 

UT*8 Oroup W. S3 « Ml 

■ Venezuela bi SO 150 1 .941 


YEN STRAIGHT5 
Asian Der. Bk. af SB .. 

AouraJIa 6.9 M 

BFCE 6.4 90 

Eurofima 6.3 90 

Finland 6.7 8S ~ 

Norway 6.7 S3 

Oslo. CiQ- of 6.6 90 ".... 

S.VCF 6.B 90 

Sued cm 64 9# 


dungeon 

bsuod Bid Offer day week Yield 
._ 1S\ 884 .894 +04 +04 5.73 

... 58 lUIi MU 0 — 0J 6.70 

.. 38 .961 VII 0 -04 6JM 

.. IB. .981 W +B1 —84 6J7 

... 25 9B 86+ 0 .t8* L7B 

... 25 1634 1M 0 —8* 5.B3 

. . • 15. ‘OB* OBT-^-Ol -04- 848 
...28 9tt W -84 -Bi 848 
-.40 964 97 0 0 ' 6.35 


■ • i . Change oir 

DTHER STRAIGHTS taned BU Oiler day wreck Wield 
Ranh O S Hold, lli -AX ... 12 881-87} .8- -W JU49 
1* 974 971 +0i +04.. 4,84 

38 : 86| 97} +0i +14 " M3 

35 96*. VII 0 +(« 

15 -971 9B4 +01 +0i 

20 ^4 974 0 +11 


Auto Cole Baag.' 7 93 EtTA 
Copenhagen 7_#3 HUA _ 
Finland Ind. Bfc.7 WS BIIA 
Kotnra. Jnsi. n^-OTA-.l 
Panama BI 93 EUA : 

SDR France 7 93 EDA.... 
Alcemene Bk. Bi-83 PI ... 

Braul 74 S3 fl ^ 75 

cfe Mexico 7s srn vs 

El B 71 Si Fl .^....>..1...;. 75 

Neder. Mtddenb. 64 fAiq 75 
New Zealand DM Fl ■ 75 
Norway 6’ S3 FI .-^.^_-390 

ORB Hi Ai Fl .75 

E1B 9! 88 FFr.- 206 

BAT S SS LurTr 


a. ri|_9W -04 -ai 


M2 

746 

8J8 

L95 

6J8 

7jC 

7.72 


-9M. 841 -ol +84 

94* 85* +84 +8} 

96Z 97£ 0 +81 

94i 954 8 +04- 7.19 

951 96S +0i +8* 6.46 

«4 96j -04 -« 6.70 

941 95i 0 +0| 6.44 

923 934 O 8 6.48 

981 984 +84 +8* 9.73 

95 96 0 +04 7.84 

95 86 +0* +8* 7.95 

- 93 %4 8 -84 7.69 

9SJ 96J +81 +0i 7.95 

86 97 -0* -01 7.72 

-97 .o -r+or 7.70 

UO' 1 +8* +0! ■ 8 00 
-99* 1001- --8! — -fir 9.80 
28- 84* 84* +84 +U. 9.72 


Barer Liu. G 88 LnxFr w 2SB 
EIB 7J sS LnxFr ^^...^. ZSO 
Finland I. Fd: B SALuxPT so 
Norway 71 S3 LmiFc .250 
Ri-nauU 7i SS LnxFr . .'.r*'50B ' 90 
Snlvay Fin » 93 LUxFr ... 508 199 

Sw-dish I Rk. 9 SF UrsFr. 

ClllL-nrp O'S FUL 10 83 £ 

Fipani-c for ind.-lO S0 . 12 • «i 83* +0}. +0t 9 80 

CcsT.-tti'T Hid BV.1■l_a8^I^ 1# ' 16} 874 ' +84 +U 3808 

nramehoom Uf J8 £ . 15 «k 84* +81 +14 U06 

Whitbread i!H 901 ,4-V.-. IS >34 844 +M +04 10 JO 

FLOATING RATE »*" 

NOTES -- -Spread Bid Offer Cdau C.cpa Cyld 

Amerurao Evpre*s 85 ; W ' 98J 994 26/4 Mi 10.73 

Arab Imi. Bank MA5 85 .. ‘Of 951 
Banco Nac. Araenr. MS S3 04 86* 

Bank Handtawr 86] 

Bank of Tokyo M54 W. ■ W , ,86* 

Sana ue Worms W3 Sjjv OI 97J 


953 96* -0J -R, 

97- 97} B — O* 

97* 98 +8* — Bi 

302 1023 0. -0} 

1051 105T . 0 G 
93 831 +04 +8* 

953 961 +84 O 
98 984 I -XI 

97J . 97* 8-0* 

93* W* 8. -0* 
98 .98* +0* »»*• 

9U -97* a - -W 
99* MU -8} -2 
97 -97S O ‘ -84 

95} 966 +U -SI 


97 0 -05 

94* -01 -0J 


7 Jtt 
5.95 

4.71 
606 
3M 
34M 
5.81 
6JS 
5.84 
5J2 

4.97 

6.97 
5T7S 

6.71 
5.94 


5.82 

5J3 

5J6 

5.93 

6.00 

546 

5.78 

6J8 


Bq. Ext. d’AlE. lt075*}n E'.— 97}- 

BOM. EXT. fl'Abf. 02 ,96* 

Bqne. indn et Sue* Mil U - 97* 
Bq. ini. Afr. Occ. U t 96* 

CCCE M3. 33 88 - i..:.. • Ol 96* 

CCK MSI S3 .... .8} ‘ 9« 

Chase .Man. O/S 83,.. 

Credit Nartwtal MU 86 — 

GOI aba liken M0 68" 

Ighlkawajima M54 83- .... 

LjnbUanska U7.7S 8S.._^. 

I.TCB .Is nan MW S» 

Jill III and InU. .1151 83 
Nat. Wesi. MH 90 

tuinrinn rr«h! Mfrl ’JH * , 


84 
01 
Ol 
U 
1 
01 
04 

.. . -M 

Nippon Credii Mat -S3 04 

OKB M3J 38 -04 - 

Offshore MmlnoM,- .-. 04 

SFTE MS 83 -**- 

.Standard Chart. H£3 j 8U... '0* . 
Siinds-vallshanken' MS 80 04 

Ufd. Overseas Bk. JUG 83 04 


86} 

865 

.96* 

97* 

96* 

984 

9S 

91 

971 

881 

97* 

98 

964 

864 

98* 


Cnv. Cmr. 


96* R/l 9J 9.75 
96* 21/1 9* 9.73 

97 25/11 9J6 9JS 

96J X*/« 18} 1007 

981 15/12 9 9.20 

971 9/2 97 '937 

96* ' 2/5 124 13.20 

98 25/1 9* 958 

97* 12/1 9i ■ 9 jbS 
96* 3/2 9J.9 9.53 

993 3/5 1ZI X7J3 

97 21/1 9J1 903 

971 UA 9.19 938 
91* 15/5 42-31 3X68 
98* 27/4 111 11.46 

9U 19/1 1U 10.61 
98* 9/5 1206 12J6 
87* 21/1 8.44 8.73 

973 21/12 9.SX 908 
881 15/3 9} +08 

99* IB/4 1806 UOb 
973 19/1 9.44 9.67 

98} 5/4 UR 1008 

964 M/2 8.84 U6 

964 4/4 10.06 10 A3 

99* 8/5 12-H 12.45 

Dig. 


96 

804 

82 

135 

98* 


864 -84 9J2 

804 -14 -601 
IS} +01 21.49 
136 -1 8.76 

91* -Oi e.37 


791" 81 -0J 22.49 

973 98} -11 -2.48 


SWISS FRANC 
STRAIGHTS 


Change » 
Issued Bid Offer day week Yield 


•*ssa 4-N^i,;. « Mdl ibm +« -M « 

Arihere Tnnod * as- w « • S! t aS‘ 
Akea'TI H ... "... -98* « a . ■’=« - 


Chaoe IfaohRtao * 78 

CVBD41* ':.a 

CDQocfl oT Europe JB--.- 

Baidomerica 3S 83 - 

BTOE s SS u. — 

"Petoark-fr 0S 
Efsnn&rfcJMongase Bank 

gEB.41 93 

&reionv 43- 03 ■ .• 

F, L- Smidih *A 89 ... — 

.fhtfand « 93 

.CZB 4* 33 


102* 1034 -11 '+1 
.50 971 984 — 0} --02 

65 VOi • +04 . —01... «J6 ; 
80 100* ? M1 —0* +04" 3.79 

S IIW MS* — N +04 . SJSl 

106 ^ 182* -U +Bi «7 

n ]ffi W fl +U 6-48 

1H MW UR fl -U Uf 

» 10U 10U 0 +U uo 

25 MU Iff* 0 -0* 4-51 

m Mt) IQH —02' +2 455 

UO MU -0* +« <LS8 

‘flaS^Sensiein 44 25 2041 Jffi “J* 

ICr7te?iV.4iu" Iff. » +M +M 436 

.ISafevsla 4} W -v « Wi 2* P 

Pfflsiiifta '4 S3 . .--Iff u as 

BnnawfCk EPC 31.100 97* 971 -W -0, 

4 SD W 

JKerges Kwnnn+i » MO 

VRB 4 33 — » 

fir^Bkla 5 '90 — » 

&<fe 44 » •_ » 

fiawlvik 4 Sfl . . 5? 

|ea| 4) 88 ... jj* 

voeiT-Atnme «-M MO 

Yncalbers KraJt-4 33 . M ---- 

Vienna 4 « MO MO MW 

V«hW Book. 4* 93 2» JDH 2824 


-It 28J1 
D 192.66 


93* -05 1858 


CONVERTIBLE 
BONDS - data price Bid Offer day Prem 

A61« at ^ 628 100* IBli -04 6.98 

Raker Ini. Fin. 53 95 ..... I/T9 •• 34 

B nois «: S3 2778 2J6 

Coca-Cola BollllnB 41 vn 9 

iro-Vokado 5! 99- — ;. 6/78 1473 

NOVO Industn 7 «8- 4/79 2S9 

T</xas lilt. Air. 73 KJ 4/79 1A5- 
Thorn Int. Fin. 7 SB . — Jlfft 3.67 

Ts«u Ini. K8 8/71 21 

Tji-ii Ini. Fin. 5 64 .4™ 5/18 63L5 

A^ah! Opilcai SI PM 22m .580 

Casio Comp. 3i £5 DM ...12/28 841 

Izntntya M SS DU 00/72 889 

Jnsco 51 S6 DM 1/79 1270 

Konbblroku 3} BS DM 1/79 612 
MxnnJaj Food 55 DM i^:2/79 1033. 

Murals Ma». S* 88 DM ..Una B54 
Nippon Air. 3.a 8SDB:,.J2/7* 5U 
Nippon Shinpan 31 .DM ... 8/78 738 
Nl»M Diesel 2/79 '<rr 

Olympus Optical 3332 DM 2/79 RS 

■RlCOh DJ Sfl DM — I'. 00/70 617 

Saakro Electric 3! DM j.. 8/78 169 
Sanyo Electric 3* DM ...,11/78 295 


cent to SKr I bit ($240m), 
culling tool sales went up bv 
29 per cent to SKr 335m 
(S82m) and other products rose 
27.4 per cent to SKr 745m 
<S173m). Results in different 
product fields- and for different 
companies were uneven. 
Measures taken to reduce 
inventories proved successral 
bnt in certain cases it 'also led 
to further reduction of 
capacity . utilisation in the 
roller bearin': sector. Despite 
the considerable costs incurred 
by stepping down production, 
ball and roller hearings con- 
tributed to the major part of 
group profits. Results in the 
cutting tool business as a 
whole were satisfactory. Losses 
were recorded in the steel 
sector but they wore sub- 
stantially lower than those 
shown a year previously. . 

In the final quarter of 197X. 
profitability is expected 10 
improve substantially over the 
Jut* September period. It is 
anticipated that profitabiltiy 
-for. the. - full- -financial year: 
before, exchange differences, 
extraordinary ..Hems, provisions 
and taxes will be about the 
«une level as those for 1977. 


Nixdorf, has made clear that it 
does not plan to relinquish a 
majority boldine to Volkswagen 
in current talks between the two 
concerns. 

Nixdorf said that the discus- 
sions were about the possibility 
oF a capital increase by stages 
which will not. however, lead to 
a majority stake in Nixdorf by 
Volkswagenwerk. 

Both. 1 sides. Nixdorf said 
would examine seriously and 
critically all possibilities which, 
through a capital increase, could 
strengthen Nixdnrfs position as 
“an international, independent 
computer enterprise. - ’ and which 
could bring it new markets. 

Word that Nixdorf and Volks 
wagen were holding co-operation 
lalks emerged earlier this week 
One m agar in-' reports said Volks- 
wagen was seekinq a 30 per ceir 
slake in the cumputer concert 
for an estimated DM 500m 
(S2fi5.2m). hut neither compan> 
confirmed this. 

A move into Nixdorf would b» 
the first indication of how VW 
intends to invest its profits and 
diversify into sectors not im- 
mediately affected by the fluctua- 
tions of the car market 


MEDIUM-TERM CREDITS 

Colombia seeks $500m 

BY .JOHH-EVANS---.. - 

THE REPUBLIC- -Colombia agency; Nude bras, has indicated 
is planning to raise a large hew thal it wishes to prepav a ^30m 
loan, package totalling around credit originally obtained to- 
S5U0ra among international wards the end of 1977 The five- 
banks, according to Euroraaitet year deal carried a spread of 
bankers. p er L >ent- 

«»Ji?a„* oans ." I 11 b r d ® si .® ne 1 ?. Nudebras is currently assem- 
refinance part of Colombia's blinL; a S75m 10-vear Inan at 
existing Euromarket debt as well i per vff a ctoud of banks 

SM K 3t!‘Z 5^ t«S 

g»“- h 

ting proposals for ;-ihe: rndi# n ; . 

financins. and no final -deelsftf ns : c Europeenne 

have yet been taken. I s arr.tn.in,, a S50m 10-year loan 

The Republic is understood lo ^ or ,h ' 1 ' ^* f *P u l>' lr - of Ecuador. The 
be seekinq loan maturities as errangement is J per cent 

long as 10 to 12 years, with for llv are i four years, and ; per 
spreads .ranging upwards from • cei " Uwreafter. 

J per cent over Interbank rates. Al time, the Inter- 

By contrast, some of tbe ---Amori.-an Development Bank is 
existing loans Colombia wants scheduled to arange a parallel 
to refinance carried margins 'of loan Tor the same borrower for 
between li and 1J per cent. . , a slighiiy larger amount The 
The Brazilian national rijiii funds from the entire operation 
ways. Rede Ferrnviaria'F*e^fal, will be used . by 1NECEL. the 
has completed arrangements for state power corporation, 
raising a S36m 10-year .credit - The Dominican Republic is 
from a banking group headed seekins; Si75m over eight vears. 
by Sanwa Bank. The spread on Gbase .tijnhattan Ltd. and Royal 
tbe loan, -which will be used to Bank of Canada are joint lead 
purchase imports of rail equip- manager- for the credit, which 
ment from the U.S.. is 1£ per -pys a --pread of 1} per cent for 
rent. th e fi rs i three years and 11 for 

The Brazilian state nuclear the remaining five. 


91i 

71 

«! 


vs 

IMi 

91 

93* 

12U 

M* 


Etsnlev Electric 3} DU .Jti/R 623 
Trio-Kemrood 8i fill hUl/n . 712 


92Z 

1MJ 

96* 


103 J - 

—81 

4J9 

1IMJ 

— OJ 

2.40 

90 

+« 

15.06. 

97 

+81 

10X9 

iflsi 

-Ok 

XL6S 

92 

-81 

SJT 

9*4 

-01 

2-87 

xai 

,+os 

-8.45 

9*4' 

+24 

Iff' 

•7* 

-01 

1.23 

IS* 

—01 

13X9 

129* 

+01 

ULE1 

931 

-14 

LSI 

mi 

-W 

-2.90 

97t 

-8* 

5X6 

. vn. 

-04. 

-W7 

day's 

price 



4.74 

445 

5.67 

i-99 

•L3X 

4JB 


«8 -0i -fl* 

102; 102} TO 0.. 

UN*. lflU -HU +U 
m » +*i SM 

lOt 102 . +01 +« 4-^ 
U0*- Iff* +01 -04 
1001 UU . -tU +2i 
101 1IR* ® ® 

mu 310}- +U.-+8I 
fl - + 0 * 

0 «*>Z 


4J5S 

4-53 

*J7 

<L*J 

4Jtt 

4J2 


tOniy one mariw jiuhsr supplied a nrlee. 

So-atsM Boato TO^sJalij is the yfcW to redemption of the 
aiid-pnce: the amtamr issued is in miUiOm of cummer 
units excepi tor Yen. bonis -wher'* It is in billions. Chance 
on week = dunes over price a v*et earlier. 

Floating Rote Hates: Dcnotnlfiaic* In rlollan lini**? Olher- 
wisi* imtlcflied. M~lHnimum -coupon. C.dato=Da?<* tv-st 
coupon becomes effective.. Spread = Herein above six-nirt'b 
offered tv'e for tiS. doilxrsl C-OPn^The curronr eoup-n 
C.v!tl=T«v. cunwir yield- 

CMvwtibte t«mds: ‘Denoiplaai«} tn doMam unlws otherwise 
indicated. Cba- dav^Oumge oo.d*v. Cnv daie^ First dsv. 
for convetmott Into shares- Cnv. pricer Komi nal amount of 
-bond per snare expressed In currency of share at cocver- 
sjon rate fixed u isne. Prejn=Peryenta|te prrmlnm of the 
current efTecrire price or acqotritn; sham via the bond 
o«ar the most recent price ot the shares. . , . 


Q the Financial Times Lid... 1078. . ■ Reproduction lb wiwle 
or In part In -'WW" , Il»m . not wnnjrred without «Tttt» 
cotukuL ‘Data rawed ‘by later-Baod Services. 


EOE cites UK opposition 

BY JAMES BARTHOLOMEW 

UNITED KINGDOM options from oschange members. At 
quoted oh the European Options present that demand was not 
Exchange in Amsterdam have there. I> not the intention of 

not yet been successful, partly the EOE to bid aggressively Tor 

because or open or veiled UK ornums business, at least for 
opposition from London, the the time being, 
exchange’s general director. Mr. The eti::brishment of ihe EOE 
Tjerk Westerterp said yesterday. C nst jb»iM Fl 12m, and opera- 

mception uf tbe uonal l»*es in the first two or 

tut. tne DUlcn market has three \ears are expected to be 

been unable to obtain up m about Fl 5m. said Mr. Wester- 
date pnees of UK shares from t erp . Turnover would have lo 
the Lwhjod- S lock- Exchange on increa^ significantly before 
which to base options prices, these investments could be paid 
The EOE has appeared to back, he 3d <ted. 
accept that Lorfdan could Keep • He* confirmed ttoal options on 
dealings in UK options to itself. French stores will be traded 
But yesterday Mr. Westerterp shortly if goes according lo 
implied 'tsar '.tne EOE had not plan. German ..options should 
given up hope of dealing in UK follow not too long afterwards, 
options.- _ _ he said, and Hong Kong options 

we would prefer to build are also on the way. 
up Amsterdam’s -position as a The Exchange wants to start 
financial centre m Europe trading P ;it options in the first 
furtber with the co-operation of quarter of 1979- 
other countries, but will, if All hoii^h the exchange is mak- 
necessars - . d n it without this ins an operational loss, this does 
collaboration. - ; he said. not. im'jn it is failing, Mr. 

--A report- emanating from the Christopher Whitehead, the one 
EOE nn Tuesday indicated that British member of Ihe EOE 
new series of' options would be council. “ The all-impor- 

Intradured 'fn the three British tant point is that the Exchange 
stocks used in Amsterdam. BP, members should be profitable." 
GEC and 1CI. But then ibis be said. He could not answer 
report was denied, and a spokes- for every member, but the ones 
man said yesterday that new be knew wer ® . either breaking 
series would not be introduced -even of making profits, * he 
unless there was demand- for it added- 


Thii advertisement complies with the requirements of the Council of The Stock Exchange 
of the United Kingdom and the Republic of Ireland. 



Kuwaiti Dinars 6,000,000 



8 V 2 per cent. Notes due 1990 


(redeemable at the option of the holders in 1985) 

Issue price SS^per cent. 

The following have agreed to subscribe or procure subscribers for the Notes: — 

Kuwait International Investment Merrill Lynch International 

Co. s.a.k. & Co. 

Algemene Bank Nederland N.V. 

(Bahrain Branch) 

Banque de Paris et des Pavs-Bas, Bahrain Offshore Branch 
Basque Nationale de Paris 
Citicorp International Bank Limited 
Credit Lyonnais 
libra Bank Limited 
Norse Securities A/S 

(A Division of Sparebonken Oslo Akersbos) 

Union de Banques Arabes et Francoises - U.B.A.F. ' 

:• * . ■ 

The 1.200 Notes of KD 5.000 each constituting the above issue have -freer! admitted '■ 
to the Official List of The Stock Exchange of the United Kingdom subject only to 
the issue of- the. .ckfunitiyc. Notes. lnterp« is payable annually on 1st December, the 
first such pay merit being due on- 1st December, 1979 save that tbe final interest payment 
will be on I5tb November, 1990. 

Particulars of the Notes are a\ailable in the statistical services of Extel Statistical"' 
Services Limited and may be obtained during normal business hours on any weekday ■ 
(Saturdays excepted) up to and including 30th Noiember, 197S from: — 

Merrill Lynch International Bank Limited, James Capel & Co„ 

MerrillfLynch House, 3 Newgate Street, Winchester House. 100 Old Broad Street, . 
London EC 1 A 7D A. London EC2N JBQ. 

16th November. 1978. 



Extract irom The Gulf Bant's 
Annual Report. Figures in 
U S- S equivalent. 

Ku//a>ti Dinar 1 
= L'.S. S 3.57 
at 31-12-77. 



SHAREHObBERS' 

EQUITY- 


DEPOSITS 


ASSETS 





The Bonk That Knows Bk 

Tefox: Kuwail- 201 5 (Dealing Room) S S7S3 «'Ccrasoc-rder.!s) 
Telephone: 01-248 2843 (European Hepressnialive Qificej 




> 



i hi i f. yjg v fiCTfl t imt >-' fr.i 


SliilFIMViNHAL AND COMPANY MWS 


Profit and 
dividend 
higher 
atACI 

By Our Own Correspondent 

SYDNEY. Nov. 15. 


Minerals and chemicals 
bring record for CSR 

BY JAMES FORTH SYDNEY, Nov. 15 

! CSR. THE major sugar, mining rebate on dividends received and the group’s goal, alumina. 


i and industrial grouo. appears to ASl.Om of tax loss benefits of copper, tin, crude oil. industrial 

towards" tannine last previous years. alcoho and 1 industrial cbenucala 

j be nead-n,. aros topping last ** The {{fted earnings per activities. Shipment of bauxite 


Tongaat up 
despite 
sugar 
depression 

By Richard Rolfe 

JOHANNESBURG. Nov. 15. 
THE DIVERSIFIED sugar 


and packaging „roup. continued, fronl Abitt.Om to AS2i.6nct -fhe directors said that by most building materials were largest brick manufacturer in 
Up strong growth of recent years.; <tt5331 7m'. This is an improve- September 30. CSR's Queensland subdued, reflecting the depressed j c ou *i, Africa— -ba& anuouuced 
and is raising its dividend. Earn- | nient on 19. --7S. when profit for ^jus had n iade about 452.000 stale of the housing industry, the : s ii E htK-‘ hj-ber profits for the 
in?? for ihe Sepiembcr half rose ; f U u year rose almost ^ per tonnes of raw sugar and that direcrors added. ! s j x months to end-September. 

' < ‘ Im j .? ! cent to a record A943.8m. they were expected to make * *■ '. + i despite 'the depressed sugar 

iU.S.Sl<.6mi. and the dividend; The gain in die first-half came about 780.000 tonnes for the t U1P t, qt . o1 j . ,, j market vt' the pre-tax level, 

nas been lifted from 5 cents a, mainly from the minerals and season. Last year the group had Weekly Time-:-| . ' a ‘ e up from RJm to 

snare to 6 eenu. chemical* di vision, where each made 663.000 tonnes at j R7 6m (S8 7ml. bat the net 

The result includes three mt jo r activity achieyed higher September 30. and produced h i fo ° 5 i Heiire is little changed at 
months' J profit from the recently DrofiM . in addition, the group 958.000 tonnes for the f u i| a !3per cent increase m profit npire is tax 

acquired heating group. \ulcan| benefit<?d from progress in con. season, but their figures in- *»* » September JO. | « t hUsher oaBide 

Industries land a full six months . lro ]|| ni: C o«3. while there was eluded output from three mills J™™ ?? A *rnrihi shareholders' interests, 

from the hardware group. Lloyds L fu]1 half-year’s contribution in New South Wales, which CUSS 2m). writes James Form, toxnmm 5hare are up 

Holdings. S3les for ^ P«™p d frwn the mining company. AAR were recently sold. T ?- e ^ber pvi ®^ Ejj gS P* to 31i2 cents 

rose ^JSe Per A5319m l-s acquired last year— and a dirt- Sales of refined ’ sugar in ? cltielj F ‘A- 11 ® 8 v,th , t r m Ind S id forerasts 70 

to AS33Sm «Ij.S.S446mi. jdenrt from Kajuara Mining Corp- Australia and New Zealand rose t» F V Zents^r the vear, against 65 

The result is in line with fore- oration slightly. Results of pastoral and ASIiSra to AS2Q2m (USS 332m >• cents for toe year, 

casts at the annual meeting last) The higher profit was achieved agency activities benefited from The directors have held the cents prv'ivuj. or 

year by the chairman, Mr. | on a sa | es; increase of only 3.3 ner good seasonal conditions and dividend at a basic rale oi to L_ re M P ital of 


Andrew Grim wade, that the 1 
profit for the full year would be | 
well in excess of the A$22m! 
earoed in 1977-78. Between 1974! 
and 1976. the profits oF the group i 
fell from ASI6.Sm ro ASfi.Tm. bul j 
have since risen strongly. ; 

The result is after a lowering! 
in the tax provision, from A$8.7m 
to AS5.4m. This resulted from ! 
concessions attached to higher i 
export sales from New Zealand) 
and increased investment allow-, 
anees. which principally arise asi 
a result of a new glass packaging j 
plant jn Perth. Western! 
Australia, which started produc- 1 


* expenditu: 


cents, but analysts expect the 
total for rbe year to rise from 

,1 — - • . • . 1 • - # 25 cents to 28 cents, putting 

[i Kyoto Ceramic hit by yen rise i s^JWs 

s: _ _ _ i African sugar shares. 

; ; BY YOKO SH1BATA TOKYO, Nor. lo. The buoyancy of profits, 

1 1 KYOTO CERAMIC.' the highly prices to the sharp rise in the As “ result, its consolidated ; ,s ^“oaraW^cIImitS 

"! export-oriented manufacturer of yen in the foreign exchanges-- net profits fm- the current naif ^,: Uons in the sugar Indus- 


i-rown corning, hesults also consolidated 'tint tags ' for the wifli earning on a non-cimsoll- «nnia«wi-.; 
were much improved in South, half ... CBr t0 September 30. dated basis resulted largely Y57bn. up 22.8 pur cent, and ns has “ m * dof 

East Asia. These improvements Ne J t pr nfits for the first six from the deteriorating profit- net profits at YSAho, up 1.9 per could conmnute a uura o 

had been partially offset by| monlh , fell by 2022 ner cent to abilitv of its American sub- cent. • prouts inia .w- 

lower results in tlie fibreglass j SSbn 1315 J!m), from the level sidiary. Kyoto Ceramic Inter - Tl * 

division and in New Zealand. f 0r t n P half of the previous national, which was hit badly by 
The sale of the fibre packaging vear ^n -taies up 12.-S per cent the yen appreciation, 
businesses in several states and Jo Y26.9bn (8142ml. For the current half of the 

of other assets returned extra- Earnings a share were YS3. fiscal year, the company sees a 

ordinary profits of Ai57.5m, but against Y69.3. strong upturn in demand for its 

this was largely offset by a Th e com natty's -fall in earnings ceramic package for integrated 

furher provision of A$5.9ra to | — which took .place .in spite of circuit (ICt and parts of elec- 

wrire-doviTi two piece can making , good sale> overseas-^-is blamed tronic watches in overseas 

equipment. The directors I on a delay in adjusting export markets. 

believed that this would bring | " H . ; ' ' 

the net value to a fienre which i ' _ _ ' • 

; Drop .in beer consumption 


Tel Aviv SE 
reporting move 


Drop in beer consumption 
affects Lion Breweries 


BY DAI HAYWARD 


WELLINGTON. Nov. 15. 


Bjr L. Daniel 


HAIFA. Nw 15. 


•LION BREWERIES. New Ze». sumntion. The company ha? 
land - - largest brewer. has declared a 5 per cent interim 
reported a 16 per cent fall in dividend. 

•tax-paid profit for the first half The directors stress that the 
of the financial year. 10 NZ 92.8m results are inflation-accounted— 


THE TEL AVl\ Stock Exchange . (US S3m) from KZg3J3m in the that the fall of some NZ$0.5m 
1^ . continuing ihe process of lsarae period Mst .y.ear — as a in profit is on a “ real ".basis, 
tightenmg u p Us regulations. lt, re!5U i t 0I - a loi-al decline in beer- Lion directors were involved a 
fu, ” r !: reqtnre com-' { j rjnV . in g and lhe r€m0 val of few months ago in highly con- 
SeJiinTimpnt a »hV export and tax concessions. troversial share manoeuvring to 

vnlu'c OF iheir iorb InUiena-t The faJ1 in profits took p,ace provide against takeover by 
this h/ s nrion 2 I" ’ ' in spite of a rise in sales value foreign interests, 

wirt. the exchange learnina of'^ NZS113.4m. A substantial holding in Lion 

«„$ development’s from 3 thr’ Lion ^ 10 meet a tax bin is held b ^’ Singapore and 
Press. d 7n el a!lS amendment/ of NZS2.6n, against NZSl.Sm a Malayan Braweri^ 
muiual funds will in future he year earlier. Tn addition to its strong bre*- 

rrquired to announce anv hasic. Hi^er Pncw. partly resulting mg interests. Lion own* 
changes in their investment i fn«n increased wvernuient hundreds of liquor outiets 
policy. ; duties, ted to the fail in con- throughout New Zealand. 

the same iime. a new; " 

muiual fund is publishing its| 

feature is that "this is the first j Pioneer Electronic I Sales boost 
time that the Eisenberg groupi Pioneer Electronic Corporation p A112™«« 

Sl M COn, u n J. S , haS has announced that its U.S. off- TOr AlliailCe 

field It will manage the fund; . i, TCJ „ _ _ 

through one of its subsidiaries, shoot, US. Pioneer Electronic TTi|*p Sir RllllHpr 
In another debut the tnisteej Corporation, has bought all A lit ivuuuv a 

will be the Israel General Bank.) the shares In Phase Linear Q ur n wn Correspondent 

It is proposed to sell in the first corporation, of the VJS^ 1C 

instance units to a nominal value r; AP.nT from Tnkvn TEL AY IV, Nov. 15. 

of I£5<ftn fsome $3m) in reports AF-DJ rrom Tokyo. aLUANCE TIRE and Rubber 
multiples of 1£10.000. ! Phase Linear has worldwide pomnanv of Hedera — Israel’s 


Sales boost 
for Alliance 
Tire & Rubber 

By Our Own Correspondent 


of IfSOtn fsome 83m) 
multiples of I£ 10.000. 


Kawioon site ; 


reports AP-DJ from Tokyo .al L! A NC^TM^ nd 0 Rubber 

Phase Linear has worldwide company of Hedera — Israel’s 
annual sales of S7m, mostly lortiy tyre producer which 
power amplifiers. pre- ! specialises in the production of 


HONG KONG. -Nov WV \ 
‘A 4.500 square metre site in TAim 1 
Sha Tsui Easl. Kowlimn. was i 


power amplifiers. pre- 
amplifiers. .and .'tuner and 
speaker"s> etc ms. 
foe' two companies intend to 


( odd sized tyres-- such as those 
. for huge road graders or For 
* scooters — had a 53 per cent 
i increase in sales to lESSOm and 


withdrawn from auction after a. explore "areas -of mutual j o f jjg cent boost in con- 


Crown bid of HK83S0m was not ; interest in export distribution, 
exceeded. The site was desig- j product development, and long 


naied for non-indusiriai use. 
Reuter 


term research and develop- 
ment. 


The unsecret 
ourihSfctccess 





, "*•• •- - 
r i £>. 


Friendly and efficient service in a dynamic economy is 
the winning combination that assured our growth into a 
city bank of Japan. And now we're developing into an 
international financial complex. 

Ferhaps more than any other Japanese bank, Saitama 
offers its customers the iull benefits of its vigor and 
vision. The vigor that has made it one of Japan's fastest 
growing major banks. And the vision of a bank that 
never forgets people are people. 

The Jjpunew hunt: that kt'Jps you grow 


i solidated net profit to year as 
I compared with -Tanuary- 
; September. 1977. While the in- 
1 crease in sales thus exceeded the 
rate oF inflation by several points, 
exports were static at S30m com- 
pared with S31m a year earlier. 

The apparent rise in profits was 
due to a change in accounting 
practices which meant a different 
valuation of compulsory loans 
hold by the company. 

■ Operating profit proved dis- 
appointing as the company had 
to pay out large sums in 
severance pay to 150 workers 
which were laid off at one nf its 
plants due to closure of depart- 
ments. 

‘ The company has recently 
started the production of all-steel 
belted radial tyres for carrying 
heavy loads. Initial result? have 
been’ encouraging and output is 
being increased already. 


§anko Steamship down 

After tax’ profit for the Sanko 
Steamship company declined in 
the first half ended September 30 
from YITBm to Y137m (S724.000>. 
Reuter reports from Tokyo. 
Revenue also declined for the 
shipping company to Y140.77bn 
(S744m> from Yl65.74bn for ihe 
corresponding period in 1977. 
The company passed a dividend, 
as iT did in the same period last 
year. 


Provide free 
international telephone 

iHiksfdrvourdlents 
from major cities in 
Bjrope; Scandinavia, 
MidcfieEastuSAUK 
andireiand 




HEAD OFFICE- TOMVWA URAWA. SAIT AMA PREF. JAPAN 
„,-b fltupr rarruimniAi art. t wurwa tu:i«3 WH. »»»«. Mn Tit 001 3tWT 

amm IU.S orao. wi. - ^ jjajj ,^*(^1511111 iwib. AnniMtuii k 

•nwiMunun <HHiaH— Inna— B— IMII*0 


[SW Through, 
[gf service 800 


\r.. ao leva /$/ 


oa9^ 


Announce that 
.’as from Thursday the • 

161h November 1978 their Base Rate 
? is being altered from 
111 % to 12 i% 


Base Rate Change 

BANK OF 



Bank of Barocfe announce that for balances 
in their book^on and after 16th November, 
197S and until further notice their Base 
Rate for lending is' 12-}% per annum. The 
deposit rate ait all monies subject to seven 
days notice of Withdrawal is 10% per annum. 



Luxembourg 

We are the whoftwwned subsidiary in Luxembourg of 
Badische Kb mffltfnale Landes bank, a leading German 
bank headquartered in Mannheim. Our Eurobanking 
.services include 

Syndicated Euroloans 


In line with prevalfflit maiket 
conditions andf . specific 
cli?ni needs, W9, rnana^Q 
or participate . iit,*fiel8CJive 
inlernalonal lodns arrang- 
ed eilher on a fixed-interest 
basis or as 3 recover credit 
facility for borrow^ requir- 
ing a flexible choice of cur- 
rencies or maturities. 
Complementing .ourmver- 
sified EiffowedWapabllraes 
in Luxembourg,weafeaiso 

active in mons/rt®^ 0 * ® nci 
foreign exchange dealing. 


as well as - fixed-interest 
security trading. 

To find out more about our 
Eurobanking services just 
contact: 

• DcK-Krappe - Managing 
Dtredoc 

Syndicated Eumloans; 

• LOttaviani- 

Money market and Foreign 
exchange dealing; 

• DcH.Braun- 

Secunty trading 


BADISCHE 

KOMMUflALE LANDESBANK 
international S.A. 

TeiaicTTBV 1 792 (Dealsrs), 1 793 (Credits) 



COAL MINING COMPANIES REPORTS FOR’T^TOARtaf v' 

E N DED 30 SEPTEMBER 1978 • . ; ^.'V A . '.:vW : , 

(Goth Companies are iocorporated in the Republic of Sooth : 

(All figures are subjeettp. audit) ■ - ■ v>" 

Shareholders are reminded ^ "that quarterly results 
resuits which may be expeaed overa-full year. ./Is* V •: 

TRANS-NATAL COAL CORPORATION LlMF^c^ v ^ 


Tops scUt CXS) 

GROUP INCOME . ■ • ‘ ’ lf . . 

Net income from mining and alfied 

activities “j-7 ! 

Add: Financing and sundries ............... __ 


Qu3rtef«dtd 
3&9J9:/. :: '30AJ8r 


:CemjHUMvne 
.-lOuartef. 
-Pre woas year 

: . '; . 305J977 . 

•T’ m f 


D-dact: Taxation 

Outside shareholders .interest _ 

NET GROUP -INCOME-. 

CAPITAL EXPENDITURE 


v -jamy-. urny-^ 

lied : «•: : «J .• r.vr- : . ’r-, . ; - 

f : '& ' • • Jr 7330- 

rest - - . 

' . ‘ .te&Q ?-,. . ; 

‘ A- ';!& ipt"; £ \ -j;. -I foak y 

line (in which the com pany: has « 


’ • ■ - » t** ■ W ..‘-I ». • . V.’ 

During the previous quarter Marta mine (in which the com piny: has a 

commenced production, and the company’s share of the; pap 

venture has been raken into account for taxation purp o s es ; S;r:-'v T : -C' 

On behalf of the Board T . ' . i ^ r ^ 

! Director, 

THE CLYDESDALE (TRANSVAAL) COLl^I^ 'Hr 

’ ‘ . ‘ •“ - v s* y : ‘'\ Coni jaradwr. 

- Quarter 

~ J -:.; '■ .< Ppevlonxyear 

Tors sold I TOO) M'.mf . . 

INCOME .v ^RCCfiOy :. ' R(OOd) 

Net income from .mining.. and -allied . >iVr -v • “ftl 7- ' 

activi: ies — — ' . 1 .8S& ... /ijS7 

Other income — . '• 63-: :• 

• j jj3S; • o - r • 

Deduct: Taxation *{50^)- A " . - 489 

NET INCOME AFTER TAXATION '' . -^761 - 

CAPITAL EXPENDITURE- -'.. - i. ? "TS - ^ 


• ' * j & • . . ■; 

• ^ .«? 

ZOT^V"" . J '£o92 - : . .7 : 

. •; . ?- ;+(3oo) , - ; Pm • ■ 

:Pk;k ;23?2 - 


“Note: ■ 

During the Drevious quarter Matia mine (in which .thiS^gq^iriy . Has ^ SO percent participation > 
commenced production; and the company's share of expenditure for the. Mailailorat. 

venru re has been taken Into account for taxation purpose*jt'; ■ ^ 

On behalf of the Beard " - ’ ‘ 

§;c°a°k on i ;; Wkpff y.. 

Genera! Mining and Finaiide Corporation Limited, : • » ' Vr g: ^ " •• -i^P.rmca Housd., ’ : 

6 Hcllard Street, Johannesburg 2001. . GnsHam Street^ 

15 November 1978 • •' rS';; ' • • ; ^Londan EOy.7EN;i ■ 







LUYjJti lij 1 8 ^ j b. 

■rija ijAVi ziA 




II WRiIWdtjfttTti 






31 




- Xhuisday ifo^niber .16 1978 


Currency, Money and Gold Markets 


BOND DRAWINGS 


— — s 


the pound spot 


FORWARD AGAINST £ 


On* mnmh 


, Three ciOTthi' t p.a. 


Li. 3- a 9lgjl.96SC I.fcJOO _l.d87a-l.8685 9.63 0.4 2.63 |l. IS- 1.0b.-. pin Z.Z4 
Uawnaj HW*£*b7U-a.:S.O ,2.6185.2.3175 B.d-D.U«.|.m 5.11 2.10-1 . Bj.-.iW a.50 
?*S| . 4.W-4-0* I-h-.pn 4.47 ta$Sc. r... 1 5.0* 


4.47 to* 3 c. 1*111 


*W«„F t B [ M.iO.M.«:D 9H.86-b6.4ft R- lb ■ 4!t! :6 76 . im. ■ 5.40 
K ' I ;l0.?7i a 10.6? 'I0.E6J, ID^SJ * S -5U * w lir -1.76 <44 fii .w «» fr -2.14 


— — — — — (i 1 * i " ^ ■ * L "ir nr — 6. ip Ts oi nn- hip — *»■ 

; - ' y- u *« : i |4-71«s^7«l 2 , s.72i J.7M i 4 -Z.j-i 1 . 1 n , 10.45 lOi-r, |« ym 10.il 

t - • . . . "on. Kw. j 16 .ao.4J bl.iO 1 BO.Bj-uI-2'I 40-140 ivii- -11.87 I5S-26&... it-. -9.23 

t Trading continued at a generally FRANKFURT— fl* -dollar's filing l l “iir! s £S 6 “ 603 ** * ~°- 60 

«g Tivse^iagis “.ex tssu/x*.: «? 

**change - market with most over “ DM Front* y r . si- 8 62 i s -b. 66 : s.h-8.54 45-14 b. 6 z 12 1 1 .-. um ■ a .39 

Currencies -fluctuating within I.SS45. Once again : tbere was no e"«n«uKr. Gi t i4A4i B .D. a ?i a • g-as* -?.b6i 4*-2i .«■* i m 4.&6 a. Bn-n V-t ■ 3.68 

soarrow. ranges: The dollar traded Intervention &r/the Bundesbank * l :- : 4f(ww mm <.«-<. i« j.m 13 .es ii.M.jflvr...r iz.ss 

initially with -a «oftish mdnk ^ *SJTfc£Sr .VTndtao «■« 418,27.20-27.55 -27 2121.21 It-fcmum . 5.72 48-afl Dm ' 6.C2 


I.U. OVERSEAS FINANCE N.V. 

9% Guaranteed Bonds due 19S3 

S2‘0m Sin!! AP,B y RG * c0, LTD - announce that the redemption instalment of U.S. 
nominal! 0 .,. December. 1978 has been met by purchases in the market to the 
US $J6s (vn* 0 ^-S* 51,535,000 and by a drawing of Bonds to the nominal value of 


Sol? ' Stin - Cti/e numbers of lfie bonds, drawn in the presence of a Notary Public, 


are as follows; 

cel 1*0 

659 r?n 


^iuiwn. i uc Huuoi uaucu in iPT TPnnnn riy. uifc 

SnitfeHy wHh ,a softist under- at the^fl&' ^ing was SSfftf 


4*8, 27.23-27.55 - 27 21 21.21 11 B am pm 

1 5.SI-3J4L, ‘5BSii.I5i 3; s ZTjr.pm 


24.U-2S.72 

5.2200-5. 24M 

l-ltH-JOTS 

4UB-46.35 

n.fs- 7 i.n 

uoms 

5.0220-5.039 

4JW4JSN 


Clean 
85.0445.97 
2.0429-24435 
24.4S-29.M 
tH>u mn 
Uta-URH 
46.15-46.35 
7D.45-Tl.Sa 
8 4S .0-840 .4 

5JU28-5.029 

a 3000-4 .3420 
03450-43488 

i> 9 . 7 B-m. 8 s 


itone although not under, any mainiv quiet tl^eShout although , ' . s 22 . 3 . 4 a, 3.8 2 .ji..pm 1 

..: appreciable pressure. Consequently one or two britf .flunrJas may 1 

,-wherr the Centra! Banks pm harp Drambtefr-v* 0 ™* official pinf!?' 4 ® “ ,e ** 5S r .J B 2T , ' , ' r '"* 1 * naan , Ste-monsh for. 

support, -it was-only on a small suppon durlPirif^ moniing. rin - ncl41 »"* »•»» , *- n,on:n «■**” 

;scaie, which was ail that was r n later trtSW the U.S. ■ ■ - . 

(warranted- by the thin trading currency ^rM 'qaoted at DM 

conditions. Tba dollar appears to 1 . 8930 , mcle -^hatxged from THE DOLLAR SPOT FORWAR 

;bave reached, something of an earlier levels: •Vftthin the snake. ________ 

ainpasse,. wfth_ the. current resolu- th e Danish- fcriWdr.-^cas fixed at „ biy’a 

Stion of the banks to support the /ts ceiling of DIfr '3fiL235 per DM Wo * BIT1l> * r t3 «>n»9 ciww one wmu. 

■doUar'detering any further run on 100 The ■ Bmsifeitisnk sold over rinad'n*" s&u-asjt 65.04^5.97 o.B2tdi»4.oitpin- 

,the U.S. unit while on the other nKr im with S“. IMer 2J«w.04«a 2 . 0429 - 2 JJ 115 iu44Jie wn 

~hand there is littla at the momf*nr 40 - l__, n.-lyian Fr 29,68-29.72 29.68-29-69 S-5ic ptn 

P^'ble furtber ^ales by the Danish Kr 5 . 2200 - 5 . 24m 12200 - 5.3210 LT5iK««ii* - 

$.0 stun uJ ate much fresh .demand, Danish authorities: D-Mark unm-i-cts upno-uro* ovv.upf ™ 

i.- Against-the Swiss franc u closed 2 LTMOi—Tn«iii^-'femaired at a Pnn.Rw 46JM6.J5 46.1546.35 is-isotdls -2 

« S»Fr 1.6395 compared v it h dp morem s ft "* JSSS3 SSSS SS&* 2 

«• trading snowing Srren Kr 5.0220-5^329 5JJ22B-5.02n lJ»#re pm-par 

" ■ - ■' ■ ' little ebanee: TSfi' SwiHs Central French ft- aj«c-4JtZD x.iimlooc pm 

if... ' ■ - •• !«*"«»» Eomi't Rgnlr . ^unnMfid to have SwMIiih Kr 4.305&43535 4J4504J4H DSD-OJAprc pm 

} - 2.r“| — r - ^ — i 'i ; — — r"™ 1 "5 s T cp ~j?; tn «*oie .^,5 Y *o in.70-i9D.» in.n-inss ijti-i.70ypm 1 

] J intervened on s ^ aJe , ' v Jtb Aumn« sch ujsss-ustsd ujoso-u-mbb 5 . 50 - 5 . «um nm 

; -J UL_ the dollar quOCeff.at .SwFr 1.83/a Swiss Fr 14330 - 1.6435 i.633&-u35i l« 2 -i j?c pm 1 

1 after a mpr^frg 7 high, of SwFr * u.s. cents pw Ctmadian *. 

i - 4 i f-W V -; ■ I.64SI) and DM 7 W lS - a S 8Linst the - 

^ y-M j D-mark compared.'- with the 

S _1 ir Wfc :-SraSi£J!S , ^£St ? f5f' fired CURRENCY MOVEMENTS CURREN 

J '"■'Wl ^r"f W biRher at against Sank or Morgan 

• _ \ - '■ I » * L838.8f> preViOll^yi 'Other Euro- Nevembsr IS CnplaiHl Guaranty Hovnmbcr U 

l [ f . - - “ - pean currencies 'wwe marginally . iwfts aweV 

f nf FRENCH- SSSk ^jS- , £-S s ’S lh ^ ££ r« JS„. . . 

I ' FI FRAlVr “ Pared with {Trading h«., xSmi“ 

J. . .1 jf A Am/miwV* thin and the-.^wnk 01 Italy Jai-tatan franc . . U4J» +isj n*ici»n tr-.o.* 

■ 401- y . , “ refrained from Sny intervention ! Danish prone utjo + #.» Danish ‘mn* 

’ . tl SuSSE . *' ,h ' "«("«■ «'sl t “ r '' c,la,li "- : i.?™iEf.nE;. k ■■:: S3 tS:! US."' 

} '-rt 9m—Rja>wc uii— am laM Some Slim. *• • • ‘.Tiilldcr 123.57 4-20.1 Frorch fMnr 

< r ■ ■ . ,, , la/B AMSTERDAM— TlK " dollar was Fr.-nch Iran,. 98J7 - 4J Urt 

1 . " ® j.-fmamj j a so . M Jitnu^f Pl2 03fl0 vS J££ ^..n y«np 

7 . T/Svn V r '-jj rs rtt j - Ba«*d nn rrade wclahi«l cJiantcs frnm'Piweij 

J TOiw O— In fairly .aente traciloe, w*>.h:nRion aarraneni DecrmhPr. 1971 i iwriuh fernna 

L „ ”, - . ,, . the dollar improved against the ‘Rank f,r Ensland lndci = lM'. ISh-hp Iran. 

-SwFr 1.6300 nn Tuesday. Similarly yen to close at VIfl0.05,,up from 
' «the D-mark was'-slighUy weaker at Tuesday - * close of OYlSKBa. Th<*rr — — 

•DM 1JJ955 against DM 1.8853. . was a good deinan^for the U.S. 

*■ Using Morgan Guaranty figures unit during the- iaoming and 

!at nooo in New York, the'doilar's there did not apwfflf. to be any riTur a madKPT^ 

'trade weighted average .depFecia- suppori given by of uintri MAWnc. i a 


5.72 -4tafl £m pm ' 6.C2 
12.65 1 1*- ID# r.pm ' 13.6' 


Slx-mon:h for-., jnl 4«iUr -j.ns-l.tHr pin 
I2*mnn:h 4.03.3 95c pm 


FORWARD AGAINST S 


One month p.a. Thrm monuu p.a. 
9.B2cdl»-4.91c.pm — DJT 0.17-0 J2t pm iij 
OJt-AJlCPm 1.93 1.92-1. Etc pm 3.48 
5-51 C pm 1.29 26-24C pm 5.04 

lTSJJSoredit -4.60 5JS-5JSorntl* -1J5 
l^t-l.Upf mn 7.05 3.77-J.91pf pm 741 
S5-188C dls -27.95 130-500c dls -27.30 
U-35c die - Ui iSO-UOr dli - 1.31 
2.75-3 JSlIrsd It -«.*1 9.25-10.25] I rod h -4J28 
i.40 bit pm-par 9.48 1 JD-lJDorcdii -143 
l.U-aSOc pm 3.07 3.WJ-3.35C pm 3J6 
D40-040prc pm 2.00 145-145orc nm l.«B 
lJ0-1.70y pm 18.55 C.95445y pm 443 
5.50-5. 4#pm p m «.n ll.6ll.lgrt pm 4.(2 
L«2-l J7c pm LDJ4 4.784.73c pm 10.90 


CURRENCY RATES 


Bank of Morgan 
England Guaranty 
index change* *« 


FRENCH 

FRANC 

Mt-Mjfendnmo' 
rtmm arTWoshn 


DJFMAMJJASDR 


Navombcr 14 

SU-riinp _ 

U.S. enllar . . . 

Canadian -imur 
\uiitrl:i*i •• In Hina 
(if J cl Bn tr.iiN* 
nanluh ran* 
Peuische Mark 
i .under 
Prarch fMnr 
Lin 
Van 

I Nnno»cian krone 


Special European 
D’tvins Unit ol 


4.6S622S >478894 

1.2*132 1-35551 


■ 1263 
1 1878 

.2-46? 
' 3033 
3708 
4318 
-■ 4527 
5537 
6147 
S7S7 
736 7 
7977 
. 8536 
9195 
9805 
. 1W1S 
11026 
11635 
.12245 
.12855 
13464. 

' 14074. 

‘ 14729 

■ 16364 
.16973 
. 17885 

18495 
• 19104 
'197 U 
20324 
20934 
21544 

221 W 
.'22762 
f 23373 
f 23983 
.24592 
’ .25452 
26062 
‘ 26672 
27282 
.'27891 
28522 
' 29132 
-29743 


110 

720 

1329 

1939 

2550 

3159 

3759 
4379 
4988 
55P3 
6208 
6813 
7428 
8038 
8647 
S257 
9857 
10476 
11087 
11697 
12306 
12916 
1-3525 
14135 
14790 
15425 
17337 
17946 
18556 
19165 
19775 
20385 
20995 
21605 
22 215 
22324 
23434 
24044 
24553 
25514 
26123 
26733 
27343 
27952 
235S3 
29193 
29304 


ITT 

- 232 

' 293 

"354 

' 415 

"477 

537 

781 

842 

903 

984 

1025 

1086 

. 11.4 7 

1390 

1452 

1513 

1574 

1635 

1696- 

1757 

2000 

2061 

2122 

.2163 

2244 

2305 

2367 

2610 

2571 

2732 

2793 

2854 

2915 

2976 

3220 

3280 

3342 

3403 

34 E4 

3525 

3586 

3830 

3891 

3952 

4012 

4073 

4134 

4195 

4440 

4501 

4562 

4623 

4684 

4744 

4805 

5049 

5110 

5172 

5233 

5294 

5355 

5415 

5659 

5720 

5781 

.5842 

5903 

5964 

6025 

6269 

6330 

6391 

6452 

6513 

6574 

6635 

6878 

6939 

7000 

7062 

7123 

7164 

7245 

7489 

7549 

7610 

7671 

7732 

7793 

7854 

8099 

8160 

8221 

8281 

8342 

8403 

8454 

8708 

8769 

8830 

8892 

8953 

9013 

8074 

9313 

9379 

9440 

9501 

9562 

9623 

9683 

9923 

9989 

10050 

10111 

10172 

10233 

10294 

10537 

10593 

10659 

10720 

10782 

10843 

10904 

11147 

11208 

11269 

11330 

11391 

11452 

11513 

11758 

11318 

11879 

11940 

12001 

12062 

12123 

12367 

12428 

12489 

12549 

12610 

12672 

12733 

12977 

13038 

13099 

13150 

13221 

13281 

13342 

13587 

13648 

13709 

13770 

13831 

13892 

13952 

14196 

14268 

14329 

14390 

•14485 

14547 

14608 

14852 

14913 

14974 

16058 

16119 

16180 

16242 

16485 

16546 

16607 

16S68 

16729 

16790 

16351 

17398 

17450 

17519 

17560 

17641 

17702 

17763 

18007 

18066 

18129 

18189 

18250 

18312 

18373 

18677 

13678 

18739 

18800 

16861 

18921 

18982 

19227 

19283 

19349 

19410 

19471 

19532 

19592 

19836 

19897 

19958. 

20019 

20080 

20142 ' 

20203 

20446 

20507 

20568 

20629 

20690 

20751 

20812 

21055 

21117 

21178 

21239 

21300 

21361 

21422 

£1666 

21726 

21787 

21848 

:21909 

21970 

22032 

22276 

22337 

22398 

22458 

22519 

22580 

22641 

22885 

22947 

23008 

23069 

23130 

23190 

23251 

23495 

2355S 

23617 

23678 

23739 

23800 

23860 

24105 

24166 

242 27 

24268 

24349 

24410 

24471 

24714 

24775 

24837 

24898 

24959 

25269 

25330 

25574 

25635 

25698 

25757 

25818 

25879 

25940 

26184 

26244 

26305 

26367 

26428 

26489 

26550 

26794 

2S855 

26916 

26976 

27037 

27098 

27159 

27404 

27465 

27526 

27587 

27648 

27708 

27769 

28013 

28074 

28135 

28197 

28258 

28319 

28379 

28644 

28705 

28767 

28628 

28889 

26950 

29011 

29254 

29315 

29375 

29437 

29498 

29559 

29620 

29864 

29925 

29986 






598 

1207 

1618 

2428 

3037 

3847 

4357 

4666 

5476 

6087 

6696 

7306 

7915 

8525 

9135 

9744 

10355 

10965 

11574 

12184 

12794 

13403 

14013 

14669 

16303 

16912 

17824 

18434 

19043 

19653 

20264 
20873 
21483 
22093 
22702 
22 312 
23922 
24532 
25392 
26001 
26611 ' 
27220 
27630 
26440 
29072 
29682 


£ 

St-11 Enin* 


l overall and its trade weighted dealings totalled Mffinfc ’ I vreemma Pro i iAZT-i.es i 928.55-930 do'Aiwjm... . 

» index on Bank of England figures, JAKARTA — Indonesian authori-j wimii* Dollar... ‘.i.iVS- 1.7 iss o.u*so-o.b7i- ifsei£iMn . 
t mep fn B2.5 From H2.4. havino «St«- 3 tips savnrorl ihp TTODiah s seven nm«nd Markka I 7.qll*-7.eiU 3.976r-5.97> 5 Ornniark.. 


26i*26»* 

_ _ 59-COit 

; rose to B2.5 from fi2.4Tbavtng stood tie.* severed the-vapiah’s seven I 1 «jS.i 0 4n 5 

^AMl^^fh^iWHar^'nnemd ye ? r L in Jf Wit ?, 50*6 x, "* u j7* eT» 7SAX9 3«-'«d-S7l32 ;'.«Tr.»nx ... . s!66.S*?6 

■ mgs. Against the dollar it opened valued its rurretwy'^sonie cKl.fi Kon K Di.iinr.J 9.4i,ia-0.4lis ♦.169 m.i i 9*k- in»i\ I 6 IO- 16 SO 

;at SL9540 and" touched SLD330 per cent. This.JDWC^-W been imn Riai..v. -i 38.40- I40.0u 7- *»a?o.7«* J« f nn 370.300 

V before ricovertng to 61.9650 soon anticipated for soiiia^tiTne. and Kuwait DraanKD,.; j.jk9-0.t»39 o.«zi5 o.2 F <?z6 wiiiM-inmi- 3.9t-».0B 

'after 9 tun. With the -dollar slightly in a new mahageiVfloai. the i-.aen.heanrFn.iw, 

1 ; ci^vrnn _._i«w nR5=; .in -U'n -i» Di.llnr., ..' 4.30-4.31 4.1900-8.19at Kuiuppi... 90 110 


sterling ' reached StflTOO rupiah started -lWtfJ«3 4n <^^C-Ki^l.«i^eVo 5 
before demand for the dollar out terms of the dolhK^.cornpared I 6.4M.55 3.3oou-3.32co 

of the U.S. pushed the rate back with R413 prevloifflirr The cui -in K »ir-jro uoiiii-....4.Z89a4.89zo z.ii4S-%.i7 3 si»i f 
to SI 5675-SI .9685, a fall of 40 with the U.S. unit' Aas 'seen as a -ni.ihAinrmnKAn-ii.M87-i.72n o.B6ie-o.B74B.Yuai»'iAiiH. 
-points from-Tuesday okwe- .. -.result- of Us recent. lnstih.' )J D-Jn ■ ; 1 

SH HT5 tfH 3W JW nopoijpno foreign exchange; nftrkets. R»i* tnw Mr- Are-ntina i« free rat» 

• • ..... 


141 143 
3 13-3 25 
1.97 1.98 
4244 


ifi v- r „ 0n 13,f } December. 1978 thare'will become due and payable upon each bond drawn 
- « th^oliiceor ,hB principaf arnountthereof ' together with accrued interestto said data 

S. G. WARBURG & CO. LTD.. 

30, Gresham Street. London EC2P 2EB 
or one of the other paying agents named on the bonds. 

.... huerest will cease to accrue on the bonds called for redemption on and alter 
15th December, 1 978 and bonds so presented for payment must have attached ail 
coupons maturing after that date. ' 

U.S. 526.000.000 nominal bonds will remain outstanding after 15th December. 1978. 

The following bonds drawn for redemption on ,15th December. 1977 have riot yet been 
presented l or payment;- ■ 


LEGAL NOTICES 


■ ! .■'«! «K3» ar i*r- 

j In rh» Hri.'iri COURT of .ifSTICB 
Chanc-rv Divismn CAmpani'-e Courr. In 
| ih ■ M*ru>r or sim'ALJ-: f.ltldkfr 
I LIMITED and m -h-' Slatinr nf ih* 
[Compaon’s Ac;. I9it. 

NOTICE IS HEREBY G/VE.V Lll* A 
1 Pciulor for ihf- v.-i^dinc-up nf rtiA .»hgv«« 
I ndmrd Cora^o.'u- *>v ih; HjIj i>r. nf 
‘ -iuitlce was. on Uw 6rh day nf N'o-.vmh-r 
; 19TS. Brc.-i'.n;rd in :1 k «anl Ccni~ hv 
I THE COMMISSIONERS OF CUSTOMS 
AND EXCISE or (LnA> Bt-irn Rou*-. 
!-!Wl Mart: Lar.r. London EC3R THE. 
| and Ibai ihc s,vd Hrimon is 4srocu>4 
ifl 3e hoard l)t-rtir« ih- Con r s:!lln7 ai 
•ho Roy.il Courrs 0 ! .lus:li-o Siraml 
]Londnn WC3A "LL. n n rh' llih day nf 
I Di-ocmbor istu. and trodlior nr 

■ oocmbniorr of ih* ukI COMfian; dfcnrWJ* 
|io rauron nr opuobo tbe makine of nr 
(Ordf-r on ih* said Pernios may 
. thn rune of hoannn in wrson nr 
•by ba Counjcl for Ib4r purpose: and 1 
I ri»n~ of th- Pn;j»ion wiil b<- famished 
| by ih* und*rs!snad in *i»r ,-r^dii or nr 
| coninbuiorr of the ^anl Conigxny rnouirtna 
I suifl cony nn »™pni of Ih-; rojulafod 
> ' barer Inr ir.n samn 

n F CLOAK. 

Klnif- F5.?am Hou«». 

■5JMI Mark Lan~. 

Lor.dcn ECiR THE 
Solicitor ro fh» Pfil.nsoro 
j VOTT —Any person rhn »« 

1 .iTwar «n ih* hnarine of th* 1 aaid Peution 
I muM .vnr-' on nr 3*nd by to Th»' 

I ahov*-nam;il nn:ic.- 1 -. u-rifins nt hi? 
j nicnijn-l ffO IO d<> Thn OOllCi moss S111-; 

1 'he n«mf> and addroM nf [hn porson. nr 
if a Arm fh» lime and addrpp* pf ih». 
Ann and mini i)-.- nanoS l»y Lie person' 
or firm nr Sits nr (heir -inliL-tror ,\f an-* 
md muss bn c^r<‘cd nr. if posse fl. muff 
b» snni hr dm; in sufticleni ipnr in' 
rrach ih-> abo'-o -narnt-d nm larer [h»n 
Tour n-c;nnfc )n iv ifirrnann nf th' 
Rth d»y of Dacrniber IPTfi. 

Nn OOSSfll of 1 »D 

la lh» HIGH CD CRT TiF .irsTICT- 
Chancery Division Compam?« Court Tn 
Manor nf MOCSSAI.LI LOXDO?! 
LIMITED and In ihi* Matlrr of Thn 
Cnmpank-n Ac: I 94 S. 

NOTICE IS HEREBY Cl YEN. thas a 
Pesluon for thr Winding up nf ih^ ahnr*-- 
named Cnmjkaar by th-' Riah Cnon nf 
JtKncr in on :h^ 6 sh day nf .Vovnmb |l r 
19^. pr.'Mai.'d in thn taid Conn nr 
ARTHUR SHAW MANLFACTUHINC 
LIMITED -ctioi-' rv-xla; >rcd office in 
^liuair a: p.rt Roa V.'incahall. W'nvt 
Midlands. Wll 2AP. Manufarnimr* and 
Dlncssio,-*. and that h.? said Prrsuon- 
is dirwtod '/> b r heard o- for.' th-- Court 
«::lna at ibp Rnral Couru nf .?ussl>r 
Su-and. London WCSA JLL 0.-1 ih» inn 
nay nf D.-wmb-r t*D an.l tny creditor 
nr runinbusory nr ihr said Company 
nesirou-i 'o «uppnn nr opon*' »hn makinc 
of an n-d,- r oa rh-- «a ( .i p-nnon mar 
appi'ar af she time nl h->artra. tn person 
or hy b:s cnunsrl. for ihat pnrpnfi'. and 
4 LiiDj- nf ih-? PfttiHin iriis b' furnished 
hy rh> U-ldeTSiiiOrd :n jny rredlsor nr 
•■•nurtbusnry nf Mir said Company roquirinc 
such copy on naj-m-nj of tie reculaied 
riuroo Tor ihf- sarin. 

PfCKERJNt; REX YON 
if Grca: Jam-s Sired. 

London Wfiv .1EL 
Tt-1 01-HM nef- RED EC 

Solirttar' 'nr the F-.tijinner 
NOTE — Aty person \* hn intend', «* 
appear on :h; h^-aCna of the said Penrvrn 
must serre on. or send by post t-t. rh^ 
nijovr-naifi'd iwu* in -Duna of hia 
inicndari so in do Thr nniu-c- rw,i jure 
the name and addres.: nf ih,- person, nr 
if a firm ihe name and address of |h» 
firm and must be su-ien by ihe person 
nr Arm nr his or iheir -nliruor nf any* 
and mils: be served nr :| po>nert. mii«t 
I h« ser.i bj nasi in -utTmeni nmi in 
reach the abiirp-nam*rt noi laier than 
I four .o'clock in ih- il'.-rnonn nf rh* 

I *:n day of December mTi 


EXCHANGE -CROSS RATES - - 

[ Noe. 13 ! Pound rSierimto Uo. Urllar j Ueuin?hoAlivkJJa|KD»-o YanJ FVmch Fran 


26681:29696. 

-30 Gresham Street, London EC2P £EB. 


•«>i, Pmai. lUofrn tx-i. ,i*- I lu.lsnLm I L>Jllda Liellar ‘H*t 1AU Fr*n 


Pound sterbnjf 
SJjf. Dollar 

T>eutacbe Mprt 

Ton 1,000 

•French franc 10 
.fwiva Ftiuu? 

X>ateb Guilder 

; initio Uw 1,000 

“fciUUdBin Dollar " 
•Retetso Franc 100 -. 


1 ; :,.a.9e7 
! k 4L2SB 


-i 100.7--, 1 
/'■' lU'Hfc. i 

[y.Mftfc-- r 

1 -.i»^ i 


f ■ I'- Z a V 

»■ * 1 43.b.; ■ 


ART GALLERIES 


16th November, 1978 


PUBLIC NOTICES 


SLOUGH BOROUGH COUNCIL 


EURO-CURRENCY. INTEREST RATES 


- i.MkMIlaii 

L.'-. tiniar- 1 Dr»-*r 


fTJiMcn *alil tWi 


•••] n&-s?- 

5 3S7.;. 


I Wn»i tawm««- 
• Mnik 


BROWSE ti DARBY, 19 Cork Si. W 1 . -■ * ■- 

ANTHONY EYTON. Recent Paintings and OMfcLL GALLERIES. Pint Britutt a r.c 


.ibburr term • 

*• i day’a nonce 

"Month | 

flhred mnndis... - 

: tia uKHUhA. j 

■ tlno year. 


tai4-12l8 Wa- 10 -.- * ais-BI, ;?, 

I2in-131 a , 97 b:IOIs : blj-91» 

XZsj-13 SfliflD »'X-I0ii 

141b 141* T . uv H'tL- i > 1U48-10>» 

14. 14 lj - I IS* -12 -L IOI 4 -IO 6 S 


blj-9l» 


Tint firUN^, 
liTft. ] 1U4*-10»» 


rrenc*- hmiii- 

6mT'7 

67,-71. 

. -*a 
a^-Bm 

- Util iOi, 


15 ZO 

14 5 
141; 151] 

15 16 
16-17 

16'-. 171* 


10- ids 

9 r ’-g; r 
“TA-f 1 !* 
1 11 l^H 


Niunfi* ¥«• 

- 

S- 4 - Ire- 
1 ^ IM 
3.7 A ->i 


CQLNAGHI. 14 . Old Band Stree:. Lononn. i 
Kil- ^21lS£> JJflS- PICTURES FROM I 
THE GRAND TOUR. 1* Nov.- 1 6 Dec. 
Man— fr:. 10.00-6.00, sms 1Q.pp-i.dq 1 
CRANE KALMAN GALLERIES. 17(f ! 


French MODERN DRAWINGS .no 
Mooern British MARITIME PICTURES 
J2. Albemarle 5;.-eet Prccadillv w.i. 

RICHARD GREEN GALLERY. 44 Do«rr 
Street. W.I. 01-491 1277. ANNUAL 
EXHIBITION OF SFCFTING PAINTINGS. 


IRANE Kalman galleaipn it*T hahibiiion uf srceriKb paintings. 
B^wn te" S.W3 oSMUndf4 I Di ‘ W 1 0 °°- 5 °°- I°0'3-I2.10. 

Bmish »,rks 01 an. Barbara, Heo-ertn RICHARD GREEN AND FRANK T. SABIN. 
L. S. Lowrv Hr-irv Moaie Ben N dibl- j 4. Ne« Band Sir**-. W.I. 01-499 548 7 
!5?i®'* h 2!? J ul ll?r ,a,,d A1 l£; ,0 * m , Scotl 1 ANNUAL EXHIBITION OF OLD ENGLISH 
Mahiew 5mitn e:e. also work* b* 

European ana American .nhrs Men.-Fri 


CLASSIFIED 

ADVERTISEMENT 

RATES 


4. Ns« Band S:ree-. W.I. 
ANNUAL EXHIBITION OF 
SPORTING PRINTS. Dai 


‘ ;; - • - *■ ■ ■ ' . -A'C". . rinnm VMW' Hn(M rruu #111 neprv- ? — ■ 

The follmnnc nominal nten mere mutMl ror London doHar cenifinaiw of dtposii : one mooih /102M0.M per com: itree months II.JMKW per ceni : mx mmnl» david Carritt limited — T i — ‘ ‘ 15 ^ ‘"cWob Swi ^nc^Editian « Bucinesn & 

• lj 13.13-1 l-.K per cent: me mr 11.71ML Rflyner cent. • .' S»eei. St. jarv-s'*. s.W.i .SEURAT — °F* n ?00-5.0Q Man.-Frt. , cipporran, 

*1 Lone-term EurDdnUar dnnosits- Tn-h»ri IttlSifi-lOlSni per i.nni. Three years lDi-lN per ceiU! lour years LOt-101 per cm:, five years' 10-101 MT'Oem: Timrmutf - paln-.inqs and Orawians. until IS Detcm- BUSAN SWALE’S SALOME. Fioldbonrne lawns. Pr 
iicJosjw: rates. Shori-ternr rates s call -for TBerlln*. U.S. doUirc and Canadian dollars ; i mu-day .tall Mr sullderc and SaIm frar.es. Aslan raiei ?nr closing fares w her. Man.-Fr,. ip.B. j Pil : %'Si 0 fis - O u « n ' J Crave N.W.B ( Capaciry. 


GOLDSMITH'S HALL. Fester Lane. E.C2 


m 


I INTERNATIONAL MONEY MARKET 

J German liquidity move 

I The BiuideBbank soJcT.DM £23hn BRUSSELS— Short-term Belgian To ' the_ European Monetary 
‘TVeasiil'y bills— to-tfae -FraaW art Treasury certificate rates were Cooperauon Fund '" the week, 
•money market- yesterday ' in a cut by 0.25 per cent once again ended. November 13. This was the 
t0 ™p' up iomf -of .h? yesterday. I^is wu the seyond mini l«»l of » debt which; 
,'isubstantial surplus liquidity seen such move this week, and the reached BFr «.b4Sbn in mid-i 
Recently. Sfat-month 1)Uls were .fif.th over the Iasi eight ^d |n P October, bat is now down to. 


GOLD 


Sharp 

fall 


.-iiS9 per cent Central batik inter 


Gold fell sharply in tie Ltmdffi ' 
bullion ma^.k■et - ye.' | ifprda^i , to! 'close 
58 J an ouniie down at 'S’203t-204i. - 
Trading whp sieady durin** the 
tnornin::. and after opening at 


vention to subDort tbe dollar Tias cent- This'’- follows current policy showed in is ed chanses. One-nrnnth' 52nft‘-2071. the metal was fixed at 
leVlS throS P iSo the domestic to' ease money conditions as the funds rose to.Bt-7 per cent fromiS207 The sharp decline came 
;money market over the last few pressure has come o/T the Belgian 6J-83 per cent and_ three-month- after the openin? nf Mew ^orkj 


1 

V 


niubt money was slishtlv Jlnner mflrKet cornu Tion^. me om-munui 14 -momn were unenangea m o-bj 

yesterdav however risine "to 2 0-2^ deposit rate for the Belgian franc per cent. ; 

per cent .from 18-2 0 per cent. (fommerciaU fell to NEW VORK — Federal funds 

Fixed periods were also a little 1 rom 9 *®J * ier cen ' ; thf e* eas P 1(1 t0 per jeent bid from 2S, i 

firmer, with onennonth rfslngno T0 8 5^f per cem from per pee-cem bid in early trading. butiMi<enio« 

2A3.1 per cent from 2.8-3.0 per And six-month to M-®» per then rose to 9tt^K n«r cent.) M-<c«*wa 

cfent: three-month to 3.75-3.S5 per 'W* from SJ-Si per rent ll-montb Treasury bills were easier, with . 

ceat from 3.7-38 per cent; six- ro°n p y was unchanged SJ-SJ 13-week WUs faliinj; 10 838 per* "* "•*' nn " n B 

meffith to 3.95-4.05 per cent from P er cent - . from 8.30 per cent; 2tf-week oom Com* 

3.MJI per cent; and 13-month to It was also announced lesterday bflls to 9.18 per cent from 9.20 A rt ow*Hwiiv . . 

4. 15-125 per cent from 4J-4^ per that tire Belgian National Bank per cent: and one-year to 9.16 per 

cenL has repaid BFr 5.137bn of its debt cent from 9.19 per cent. New inumuh. 

. . . * W-.1 ... 

UK MONEY-: MARKET ^Z^z. 


j Vo. la 

V*y. 14 

$>CS» .C4, 

;218-SI0j - 

site; Of; 

fvlli -lli* 

:.i;o?.oo 

>210-80 

L-IS 163 

, Li 7.077 

04. ,S 

•211.00 

t 1 I/O. 70S 

->i: U-/J9B 

*<rs-? 1 1 

5217719 

■ L Oli I07i 

xnatii. 

“6/ bo 

stU f3i 

S9 .8 

Xil i t 

•&3«c 1 

:stu-Ki 

tiO; iv* 

£41-12 

If. 08 211 

*2 17-718 

*■ 0CMD7, 

>4.-118 Ml. 

: 61 59 

SbE-bfl 

•;S 30 

. OBi 29* 

:58„.. 1 

SiJl;-BSJ 


:a-jk2 

-rebl.’.-iMi 

5-BS .-7 

?.* 4 .! >• 7 , 

SI 6 -61 

• 00 as 

* ICQ 15 


UK MONEY-: MARKET : ' , ^ 

— m'- ’ . '■ A Kiuubmyii.I ‘>'.08211 <217-718 

Easier than forecast ^r i‘C 

^ IIM =V.vrrf, B |l, !:B8,-.I S»t;-sa; 

"Bank - of 'England 'IfTinTmum Houses were -Rtso hampercd _br- tiros -discount houses picked up iff t:.' 5 ']'' ^ 4 ; 5 : B 5 :1 

j . - .. . ... . i|]p cautious attitude of London late balances at lOj-lOj per cent, ■ In r*.* ^ *16-61 

Lending Rate 12 f Per cent "were aiTxious to keep and the interbank overnight s ^ - M « *wbi- 5 

(since November 9. 197B} their figures within a ver>- narrow finished at around 4 per cent.) 

■'—Day-to-day money rates fell 'range on make-up day. because after touching 1-L per cent during 'York, the metal was quoted at 
.sharply towards the close of of the present corset restrictions, the afternoon. : 82021-203. 

business in the London money Money was freely available in benlemenl for large sales of - In Paris the 12} kilo bar was 
; market yesterday. Discount the late afternoon, however a v gill-edged stock was the only! fixed at FFr 29,100 per kilo 
house.; paid up to 12$ per cent the authorities suggested that actor against the market, and 1 18208.32 per ounce) compared : 

-for secured call money in the there was probably 4 small this was. offset by a modest ‘ wirtf FFr29.090 l $208.11) in the 

morning, and interbank overnight- surplus an the day. even tnougn. surplus of government disburse- morning and FFr 29,400 ( 5211.57) 
’rates touched 18 per cent in -they bought 1 a small amount of menls^oi’er revenue payments to on Tuesday afternoon, 

response to a forecast from the Treasury bills from the discount the Exchequer, boosted by a j n Frankfurt the 13-} kilo bar 

Bank of ‘ England that money house* ,. funner a 1 40m ram support grant ; w -a> fixed at DM12.635 per kilo 

Would be in very short supply.. In these rather confused cooal- to local authorities. j (8297.515 per ounce 1 - compared 


(%>4Ui.oh per ounce 1 - compared 
u-ith DM 12, SOO (£211,26). 



, LONDON MONEY RATES 


j •’WrlltU!. f - • 
..CertlfiMi* 1 Im. 


Nov. lfi ..Ceritfieaw j Imertnnfc 
. t"»i- J « riei4«ni I ; - j 

.. Uvcnmiui i — ■ 4-IA j 

•a duvj itolHSt-.i — .... - 1S1 b-12U 

,7 d»vn *« — — 

;1 daw- notice..' - j Ui B -lZi» ■ UMr -Uth 

.; ( -‘oc monlb....' 133 b- 12A ; 131* lilj ■ Us-lZii 
< T*<. monlli*...: 12 ■« -AMin 1 12 U !*»*!. . „ 

”tbrw luousL-J V2nrl2h. 14*4-12*8 I2'i 12je 
fii* nuiilbk... ’ 13*8-11^ 12-12*4 .1-12*8 

Am«m>mtbr.. llht-ll.i : ... 

:l*w Twr.. . ' lLivt-12,4 Hri XL3 . W.ftB-Jf?* 

' l*"veui •- - •" -PtS^W’S ' 


L«a> .'DvtU ,Agib,j Fni*n«* 
Anttmri'y: n*u<wi»W' •' 

■■[■ Iww* I 


• ! IkseouDl ; 

: v ■jnijeuiy f ‘ mir> wi - 1 rmuui < 
J llei«At» ’ inm«li ! - HHi«e 

1 H T;10u-12IjJ I 


1 film urn 
' Daub 

hiiim^ 


MONEY RATES 

NEW YORK 


12-12*? ! 
IE-141? . 
12-12*? : 
iiTa-ie*? 
llVb'l ; 

1153-121* 


.jU7 a 123B' : 

•ii^-ii7 e ii»».ii^ I2rt-i2^-; 
llSfl-ll < Ufc-IHj 12r* 12*». 

t Usg US, u»i-lli? 12 

■ '! 


> , " T • 1 M,V riiifj for BTH-momh Treason' Bill* llMUise I» r Iiu»-IM per ecu; m.-n# monui, 

: japan 

Bi^rtmiLs ( nnhWieil bv. are ’FWiaiF* Hnuse .VtauCiano"' Wt" kori trim \ov«ntjnr 1 CluiDnji Bsink • Duh.-aiuii E-»- 

istrSsEswHTJw Kr -■ th — - ,3 - Kr "" T ™""! a-ssats. 


Hrmif Haie 


■ ... 1IU.-U 

Fed Funds 


. ... 9.8575 

Treasury BUI? 

JS-weeki . . 

. . 878 

Troaxun Bills 

•26-weski 

«.u 

GERMANY; 



tuik-uiinl Rj-'* 



Oicrnik-hi 


- 2- IB 

One monih 



Thr«c moEih3 


3.88 

Sis mooihs . . 


.... B-M 

FRANCE 



Discount Bbi« 



uy-muir 


.. U2S 

>»r.<- .Twimh 


5.9)15 

Tlir-f- monihs 


. . 7.0625 

9tv months 



. ... 7J15 


BUSINESS MANAGEMENT 
COURSES 


Project Management 

14th.-26lK. January 1979 

Aims: 

This programme will give participants a 
thorough grounding in established methods of 
organising and successfully managing com- 
plex te'chnoIcigicaJ projects of substantial cost 
and value, ranging from one quarter to 
several hundred mil lion pounds. 

Interpersonal, organisational and . systems 
concepts will be examined and thoroughly 
discussed and problems of implementation 
will be considered. Complete project plan- 
ning and control systems with charts, forms, 
illustrations and checklists will be provided as 
an aid to more effective project management. 

Participants: 

The programme is designed for engineers, 
managers and administrators' from client, . 
consultant and contracting organisations who 
are involved in any phase of the project from 
pre-tender to construction in the UK or 
abroad. Typical projects would be from 
public or private seelors and include major 
new investments in process production or 
-ervice facilities in power generation, 
petroleum, chemical transportation or com- 
munication industries. 

The programme tutor is Mr. Barry Fielrfen 
who has gained his experience from industrial 
engineering, line management and con- • 
suitanev in mining development and many 
other fields. 

The fee is £$45 inclusive of all fees, accom- 
modation and materials. 

Enquiries to Mr. Barn- Fielden or the 
Administrative Officer. Project Management, 
quilling ref. CS257. 



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l-uaris. Prortanlon - 
Crfpaciry. Bin messes 

For Sele Wanied 

4 IS 

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Book Publishers 

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Financial Times 
»n. Cannon Strcri, EC4r 4RY 


In Ihr HIGH COURT i'iF JUSTICE 
*“ Chsnr^rj- Division Com mme* Coon 

I: In rh* .'.lonors of — 

\'o no-.^T2 nt 1?D 
CITI' *■ WE4TE.VD 'E'.'ILF.R. 
CLEANING SERVICES LIMITED 
■o No 0*Vi7n of 157* 

0 PLUWAVS I.I1IITED 

No. 051574 of IOTP 
FRF.EPl.W LIMITED 
No OTNiTB of 19D 

HARWOOD * MVYNF iVIVTKETW* 

- ■■ ■■ LIMITED 

; a»I in the Mati..-r of Th- ComosniY* 

CES ' ci - 

I NOTICE IS HEREBY GIVEN that 
K'llllona Mr t*i • Air-iiru-up ol :h«- above- 
UNCIL namoti Compamos by ihr Hmh Cnnr of 

it I,-?* a„e Jasti'.-t 1 'i-r.- on ihr 7ih d*r or Kovemlw-r 
iDoiicaiiaiu l 1 *^' pr-a^nu-d 10 ih- s^id Coun h- 

1 WflO MD ■H'F' COMMISSIONERS ny CUSTOMS 

It OOOOO. I AM) HXi:1SF K|n ., R.-.vn H 0 U 4 -. 

j Mart r..iii~. London F*'sn THE. 
MHMMI j and ihai in* s.nrt Pvlilioos an 4irec(**4 
ro br- heard h forc ih conn Drum: »r 
) :h«* Bocal Coiiri< nf SiranO 

' i^mdo-.r WC2A '.'LI. on lire Itih day of 

0<M'imVr IE7S an .1 any ■.-rcdilor nr 
■RJ-T* roniDbuTory of on." of ih*- laid Com pan.** 

* <1 -«lrou< :o suppon or opmm> ih.- matin* 

•■r nn Ord*r on ain- o' rh.* <ji <1 Poiuion* 
may appear n »he nrie of nt-arinj :n 
ocr-nn «r by bi* Counst i far ihai pnrno** 

_ , and a copy Of -he Poillion unl| He fiirmshH 

- _ , h ? thr unrtersuned ro anv - rode. or or 

, • ! conir bmon nf any of rhe i*id romrun** 

, , ‘ roouimiL- «nch *npr on paymont of ih? 

I rcOTlai.-d rnarii* for ihe «»inf. 
m |i»a r CLOAK 

rt., c nn F’nj'«i Hoiis*. 

V, IJU SMI. Mart I .in-. 

•* “ London FOR THE. 

Sol: .-1 1 or m the Fpimonirr* 
V-fiTE.-Ai.*. person who im»nd« m 
apn*jr on rh.- he.irinar of any of »h« 
I* 1* DO 1 '»'«* P*rllloti* must sorv on or !®rd 
'»iy pos; ro. ih- *bov<- name<l rauoo in 
• writina -if hi* iniennon an io Ho Th» 
% »-. no . noL'ce miiy: *1311 Ih* namo snri addro** 


>wn<d by ih- p.-rsnn or lirm or hi 11 
nr rh-rj^ Solicitor Mf aavi. and mas' h* 
«>-rvi.-d or If posl-d muni h- nr hv 
dost in snflU-Jvni Hm - i-» r>.ach ih. aihi‘.-‘- 
nsmsd no- lafrr :hsn lour o'olin-o .n ih* 
afl^rnoon of ihi ?:h day of Dertftib*r 
197?. 


ANNOUNCEMENTS 


I FORSYTE KERMAN regret :o ^nnounr* 
I that Mr. A. H *f Iy**i5 a partn»>- 
m the firm for many vein rciirffl Irflin 
leoai prac:rce an the Slit October 1?>7H. 


COMPANY NOTICES 


COMMERCIAL UNION ASSURANCE COMPANY UM1TED 

U.5.S 1 5.000.000 7; : 'i NOTES 1978 

AH outstanding Notes "111 in accordant? with the condition; be 
redeemed ac par on !5rh December. 1978. the final redemption 
dace, at the offices of thr Paying Ajcnu named on tne Note:. 
The Paying Agents are as follows. 

Citibank offices in: 

Amsterdam Milan 

Brussels Faris 


Frankfurt 

London 


Luxembourg 
New York 



Cranfield School 
ofManagement - 

Cranfield- Bedford MK4.1 UAL- England 
Telephone Bedford C02J4) 751 122 
Telex 825072 


KleTnworc. Benson Limirea. London 
Crediranstalt-Bankverein. Vienna 
iSrh November. 1978. 


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.■'•:*<-i l.-inff-m Ef«r 4RY 
' •• 227 "i* 1 




ime 



challenge and change 






wine industry 


THE T“s. v.l?rF. md'JstT? i? 
?ann= a terwd of challenge 
and r .h arise roniiinrer 

“O*u3'« r io:i2 rn verm; rh<? label- 
1 ms of L'S wine;— and imnnrtj 

— ha vo hoop agreed a tui will 
f^L*o affaif 5° 19S*’. in?fr?r 

bott.il tic h-emu®? cb* ,, P , i!' :n ry 
n«?st .Isntjarv 1 ' and I." K. M'lflf 
pryjy c#*rs are hfi'nm'n? mi'rea*. 
■n£]v corv'erned abnui th- rapid 

frn'i^h nf fnr?i£n wine import; 

Th« r o r D rtl arroeiT»-nt 
hfl‘v;oea trie 4 ttic. r i r j n Wine 
1 n ,1 4.1 ? 1 !“=■ an«t fh- Fcri«ra! 

l’OVi»rrn' 4 Ot nn new pile; for 
Atnor.e^n and fnrei^n wine 
label; ■*anv; = f.*-r thro* vear; 
of cDOradiO fcwrJlQt and fu^fin; 
TTlf HOW revijfaf lope rtosicneri 

primari''- re n r °T-=rt the I" S 

wine i;rt n ;iim?r. aro the remit 
«fi .=iy public hearings ip San 
Francisco and Wash melon in 
197fi and 1^77 as well as 
hundred* of written comment? 
from ronsiiniery and ltld'l?tiv 
Official? The haejs of fh-a rot’I- 
Jation.i. v: h ! r h v ill hernme c n m 
pulFOry in e^r?v 1*35*1 Hpj been 
dpernhod hv Mr .Infin Krnj. 
man aetipr director Of the S 

Treasure' s Rwrcau nf Alrehoj. 

TnMrre and Fir-aims IBATFi. 

a? ap attempt to ensure tha» 
W'ine l-lheh are as ■ meaningful 
as possible All Wipe r inclnd. 
I is r imports rnipe under the 
pew mips whirh require that 
van?tai wipes made front a 
s»r*£|<= jr ape var/^lr. rnmbtna- 

tiep of zrar“ c - rtr rorwnr from 
a particular area, r'tmn nr 
eeun'rv should conform to more 

?pscifi r repute tiers ab n ut i-nn. 
r?ni arid *hoij!d -l-art'- displa.” 
this information op the J.ihel 


Wines -lairpin; to be made 
from a ? ,n gl* ;rapp variety, 

sijrh a;- fabernei $aiivi?pnn or 
Ft not No'", musi ronMin at 
lea*t 75 per rein pf ihgt rrape 
Prpvinii* trzuteimii; h^d re- 
quired »«»!;■ 51 per rent 5iroi- 
Jaily. viP* v-hirh rteim* »n 
rnnie f r,,n1 3 ?P?df!C *toimtrv. 

sraie nr miip ■■on la in 

al |ea:! 75 per rent pf Vine 
From rhai area 

Where I|1P t; (abej)ed a' 
romin; from a apeci**’ wipe 
rnv* m; re?j«n. ? iirh a? C ali. 
forn i.?'s famniJS Napa Valiev, 

the v ine w.Jl ha''" to rniftain 3t 
lea-.r Vi P“r rent. of ; rapes 
srnwn and pir^ed in fjiar 
re;mn Finallv. ?f ro-n nr three 
rrape t* f c 5 are listed np l\h« 
label-- of Mended win*?. the 
peri-efitire of egrh larifh must 

he shown on the label and lb* 
rnipbinar'nn must add Up tn 109 
per cent 


Wine seal 


Knt p='haps the producer- 
mo-.T important achievement 
-,n; r-n I he fjnpetinri o[ ?. pew 
r»tp7ftri' of ■* r;n^-erprnent ?eal 
Wines which IVOIlId have peep 
rhe eq-iv. al^nt of the Frenrh 
epp-rl/.rl'nii vnttl fi’/Cf or th? 
Italian ‘t?noiPllin'irt»» roi»- 
irolfnm -- VS terns The ijovern- 
men* had waptoH tn ronfer Its 
:c.il n: approval on variety? 
Wine: which rontain a "i P e r ropt 
of the arapo ‘named o n the lah c l 
and -huh had b een <nt|\*ri tn 
gtrwf zrane ~rnw’n’ rpn'hnoiis 
This ' l ‘3 s opposed h«- the 
pn-.rr; and ropsiinl«r iroijp? 
Thes hmh arri.i“d thal it would 


BY ROSS WILSON 

b? an unn*re?sary interference 
and the consumer £ roups said 

that such a seal would' imply 
a suarjjntpp of qualitv rather 
than an adherence to labellms 
restririinn* 

Xh? eventual compromise v.-as 
the “i p<-;r roni rpninreiTipnt and 
nn r.nvernment seal 

The TfriMfr- did however, 
accept a further restrtetinn nn 

vintase vnnep. namely thst thp;? 
must rnntain at least W per 
rent of syapfs picked in the 
deelared year 

StTKfjraMv the ITS industry 
75 still dnminatprl hv Talifornian 

companies Amonr the siv 
largest wine prodiicet*: in the 
T, T S nnlv the !|vlh. Taylor "'ipe 
owned hr Coca Cola is ha«ed mif- 
cide California Californian wine 
producer^ account for about 90 
per cent of ij.s. wms prodne- 
tinp with the five largest 
Californian producer? together 
jrroijnfins for 45>Om sallop? of 
? tor a re caparitv. 

The largest producer i- C and 

.r Callo with rif>m gallons nf 
ctorare capacity followed by 
t.'nited Vintner; with 110m zsi- 
inns of stnrare eapantv Both 
are independent Californian 

.;ompan|ec. 

Th e Department nf 

Arncultuie has forecast a 
record 1 fim l.t I*, ton? rrape crop 
thu ypar of wh'rh California 

u*il| produce Jim i’S tons or 

K9 per pent Overall the crop 
it expected to he ahnijt 7 per 
rent larger than in 1977 and •’ 
per cent above the 197b harvest 
fin Ihe face of j» f'alifo.rnian 
producers have little to fear 
nffinal statistic; show that of 


a total cf more th&n T -"^ 
CTltons of table Hdne ta'*= rf 
sold in the U S. test T ^ r nplT 
55m US gallons (is? r--t ccP" 
was imported. "But cat* 1 pf 
growth nf import? 2 r ' e 3T1 
entirely different bfmire 
wme imports showed <* v * r 
rent growth last xear whd^ 
American table wine sate; ? T - X 
by only 7 per cenL 

Imports 

The fi^ire." for’ the hr=t half 
of 197? serve only fn strenrthen 
th® conviction if U,S to -0 ' 
ducers that imported ;>r? 
steadily taking a larre T 
of rhe US. market. 

!n Jh? first half nf the 'ear 
sales of American tah! e v 
P'lhmrt tn tax .rnjsp tn 1 ’"bm 
l* S gallons while of 

similar imported tabl* 1 vine* 
increased to 35.7m' U K •a |l, 'n--. 

Italy heads the |«as«»e tpr 

imported wine. It l-\ purred 
over 34m U.S. gallop-- m ih“ 
U ? la^t year with sale- *-hnw. 
me a .vi per cent jncrea;? "i 
the first half of 19.:i But 
France. Germany; poii:i? a ! *nd 
."pam have also . con iirm^d ,n 
export more to the V? mari^t. 
Frorn 1973 to 1077 the 
supremacy of imported rahle 

wipes m growth term; i:- - b,vv 'i 

even more clearH- Total 
import? increased hv r* e '»' 

rent n\-pr the period “-bile 
domestic wipes . jncrr.v.ed hv 
onlv 3fl ppp fori M"H 
Hrainalirally. dnnpz lh« hve 
year'. ftaf.V increased c-.pc; f : ro 
the I:.S hy 3fifi per ceni and 
Germany by 127 9 per «-en» 

American manufactured for. 


tified wine? totalled aimt??!' ^TJr 1 
U.S. gallon? in 1977 — a Tall o { 
7 per cent «vp.r thp. previnu; 
year, compared to a fall of nnl r 
9.4 per cent in imported 
fortified wjnes vhich totalled 
2.5m U.S. ;aIlon5 ip the same 
'ear. 

Against; this picture of 3 

domestic market rncrea-in.riy 

invaded by imported wines, e.v- 

pnrfti pf American wines ate 

□esli-ihle Thi; has led »« rails 

from’ people like Mr. William 
Dieppe chairman of the V.'ine 
Institute. ?nd chairman ef 
Almaden Vineyards, for zovern- 
mer.t action on trade barner? to 
ensure rha« Amenran win* h?? 
the ?ame oppocHtnity to sen 
abroad a? foreign nations h?*e 
f *r sellmz wm* m thr T . T Q . "r 
Dieppe said :n j recent speech 
that ' the State De.partme.pr 

" must encoura;e the flow *' 

trade frepi ihe?e shore? as v^ll 
as from the outside into cur 
markets. He added, however 
that he v-a; no; ad v orat«nr 

protectionism — simplv " euual 

oppnrtitniF- " 

Mr Robert r. alio cha-rmsp • .' 
F and .1 Gallo apd ?!.- 
Diepr® ^ predecessor at tne 
Wine Institute. ;aid durmr hi; 

retirement ad-ire" r*«n»>" 
that the v c wm« indu-tr*. 
faced a pumper of chajienge; 
and that If lhe:c I.ere ?n b* 
overcome the ipdn;trv must 
heoprpo ' xm" effective " thgn 
;t had been ip the pa?t Re 
;aid be remained confident rpaf 
ilie f S vine tpdii=rn- co»jld 
rn.— w;th "it r pa jlcprex of Wip** 
labelling regiiiahoq: and rivn; 

1 mpnrt: and e nv?r;o ?urres?f:|l , 



insurance premiums 

worth more than £800 million in 85 countries, 
that is called worldwide strength. 



*%«. ; :¥ ■JL N 

. ™ A : > 







O tibank Trust, the UK consumer %anc&^bsidiairy of ecu-: 
Citibank NA, is proposing to create a corn^ehensiye accountfng 
ana financial records system, based on.theciompany'S' • : 7 .' £> 
sophisticated computer system. . -o.yc-i-'J .v 

Th is T s the first project you will take respbnsibifity for as ’ 
Financial Systems Accountant, a nevylydre^fedpositionthat . " 
demands a rare combination of professif^Maccountlhg.skiHs ancT 


piUloijU !‘.'Mviuua n«i'.wwyti - 'rr:w.-.7rrB«*H.yyK?w!' 0 v l «iiyu - 

and working closely with a small team of oomputerO)^^^ J - 1 : . : 

Amanorv/oman in yourlate twenties 

: r:. J a««i..infnnt A P A APMA /\P.r t A_'n'rn'knb1\ivi 


environment Success in this p r eject - whichprpVniseotp be a' . •; 
ion □'term one - will naturally lead to semor level irtvolv.ementin . w 
other system developments. You can ipoldorwird fo ex ce^fio/^/ £ 
career prospects. ■' _ - . ■ ^-^v- **X. •; J - r. r - : - 


Flease write with full career detfflfepfBdwsip^arik> £ 
Personnel Officer. Citibank Trust Li mite^^tatiohf Hbiisie/ £ 

Harrow Road, Wembley, Middlesex. Qt-8Q288g1 ^L22/T.' 


{^3^: [^i gj 


Hospital Products £20^9 j&+ 

M Our client is one of the wfH’s leading Tt^hcare corp^lions, 
manufacturing and marketing an "miprGSBfatrangB of medlcai 
products for supply to hospitals and physJelsfife . g> ; . 

B Tho company has air-**.- -<itabiishad an busbteas basis 

in Eu r ope and a Manaown Director, to be basaj^i the Ul^js now 
required to direct the r.ontmued expanBtoo.^ghe cdhnJanyrirr 
EunooB with some additional development : \ti*£ir\csil-and the 
. Middle East. ' 'zgi 

H Candi^tes should Have ton management BXperiem^foa niarlwiing 
role m-UK/Europs with hospital disposable protracts*. or in cfobtljif 
related product areas such as. medical instrumerrtetton or ph.arthkv 
ce’jticals. A balanced c omhinatior^of ^markst)^- financteUani 
leadership skills is essential for this apfkrfntment^H? •. 

M Remuneration is negotiable but will in excess of £$fc0(&with 
other attractive benerili. ^T" ... T ‘ r '' —.ri-’* "*!■’ 

Flease write or l-toohen?. quoting rdf^GDJOl.to Pogfi^K Bryaoi; 


s Grosvenor 3lev« ar t ' Uimiied. Ng^dlk House, 16? jHigE Streat, 
Guildford, Surrey. lei. Q4G3 70566. y/ '• 



GROSVENOR STKWAB.T 

f- .- .-k,: 

Ee- crdtmsntCcnsull^ts in HeaifiLG^re 


: flp f^IrgfrajR j[ajia| ^ ^ ^ [a 


COMMERCIAL BANKING 
SUPERVISOR 

Age 26-32 cC7,500 

European Bank i*»ki ■- p='-i-nr=d Banke**]to' 
control Commercial Binlmj Peosrtfnent. 
'vhirh cover; the *r»?-. nf Loan SeryWrrg. 
Dorumentary Crediri. Currency ■ Paymenrj. 
*nH Cashiers. Evceilent prospects' and 
benefits. . -r 

r-t-frlirne N«,i Kc^n»*. . ^ i 


CREDITMNAtYST #1 

Age 24 27 •%' £7;tK)S 

U 5. Bank regttlre; B?nk)Sr with minimum- 2 <■ 
years’ a>*alyiif'-evp<ri<nce. Progressive and . 
varied posindn dMlmg with. Eurocurrency > 
loans r romation to trainee Accoom.Offcer^ . 
i? envisaged »r» th- near future. Salary 
negotiable around the above ficire< •_ _ 

Pie o«e telephone Bnar Durham 


If you ore jjflwa tn farther yovrco'eer uy Bonrurg. our Crnswffdnta 
nou'd be only too p/eosed'eo d'scuuyour reewrements 

BANKING PERSONNEL 


41/42 London Wall London EC2' Telephone: 01-5BS 0787 
i RECRUITMENT CONSULTANTS) ... 



rIit=L* UllMl 


Commercial Manager 

North Wilts 


Emerson Electric Industrial Controta, a.. 
orofitabte subsidiary of a major U.S- :- 
Corporation, ocllr. higii value capita! >- 7 
equipment to a wide range of cuatbrners 
in the U.K. and ovcrseasT Ex ports account 
for over 60% of the Company's total ea!®#. 

We now require a Commercial Manager^ 
reporting to the Managing Director* to . 
control contracts from the initial . 
establishment of financial terms, right 
through customer liaison to final cash -' 
collection. 


IsMIaRSQN 


The man or woman appointedls likely to 
have a background In international " 
contract administration and credit 
management. FamtUarity with eiectiical 
engineering would be ah.edvantager 

A generous salary and benefit package -. 
(including company car arid relocation 
expenses where necessary) will be 
offered, 

Applications in writing, giving fuil career 
details, should be sent to the- Managing 
Director, Emerson Electric Industrial 
Controls Ltd, Egrri Drive, Swindon SN2 : . 
6DX. ■ 


Sedgwick Forbes 

i !-e v-' 'iU^ 5 1 1< t-^l miet iKiiinua! insurance 
and reinsuianee bmkei s 



YEAR BOOK EDITOR 

MOI'hE'i MANAGEMENT. 3 FioaDciSt Times publication, h quid Uk£ to appoint a. year, 
book editor for its companion ^-ear hooks The nicressful applicant will be respqiiFihls 
for thp product inn and editorial, content of. ail books produced as well*, as commissioning 

Dw lllto'f • .’ . 

knowlmlee °f pvbli-.hine and, a keen interest itf personal, ftrianre.' are - ' •twentfaf 1 :’ The 
mnst xuitahio individual i' 5 lively to be a journalist already involved tn the field- ofe 
p-rsnnai finance. • \ _ ; 

A cnmperiUvp will he paid corntn^n jurat- with age and eiperieoea^ / '. ' 

F ult details o/ y»»u r or be sent to. — 

Thp Editor. Money Management, Fundiex Limited, -v;: * v 
’ Grevstoke Place, Fetter Lane, London EG4A 1NB. ' . > 






















1 



ay;.T 9 ^« 


5 /-l 97 sr" 






Lur 



RECRUITMENT CONSULTANTS 

35 IMew Broad Street, London EC2IV1 1NH 
To!: U1-58B 35SB or 01*538 357B 
Telex rSJo.SSTST^ 


CJA 


^n OTport^t;Sppointmerrt-oFpo r t®i^ exists to reach a Board appointment within 3*5 years 

stow muicttl coniroubi— oisurahce 


LONDON £t2,000--£15,000+car 

' EXPANDING UX SUSIDIA^ -^ MAJOR INTERNATIONAL INSURANCE CROUP 
We invite applications^ from qualified- accounnHOt^it^ 1 ; ACA. AACCA. or ACMA), aged 28-38. with at least 5 years' post 
Qualification experience and 2 years in' a Chief AttpVll"™ or -Similar. role. cither in insurance or allied Commercial organisation 
oh large professional accountancy practice, jMtkijHPtt -**xwion experience. The successful candidate wfll be responsible lor cf.a 
efficient ccntroftdf' all aspects of the group’s fin^bL^ t,v l*‘ es an{ * 4ie motivation of a team through four company accountants 


contributor^ ‘pt*fliion. free life assurance; fsttnily neces '-ary. assistance wirh removal expenses. Applications in -t**cc 

confidence^ under reference GFCI 3891/ FT. to th£Mafi*2 in 2 Director: 

.- CAMP BELL-jOHNS TON ASSOCIATES {MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED. 

3S: NEYT BROAD STREET. LONOOhrECftf WH. TELEPHONE: 01-S88 3S88 or 01-S88 3S76. TELEX 887374. 


,1 '7- l.j-.v. •r ~~L7&-2t xr- >■ • . • : -i. ♦ 



>*v UX o 

^ 


— 1 1 “—nun IN 

Chief Accountant 



Merseyside, to £9,000 

- ■ p - *a.r» — . . , 

* ■ I ri' J ; *' n ,r,f - rnat ' c,r:a J group tthoie manv inter ois uauuniins-lunition.t>f s'rompan‘-' 1 1 o around £50Mi 
innuoe n,.?... iny anri the leisure industry, oui client cxpuris heuiiiy involved in inierrtdlion.il Hading bulh within .mJ 
bottle jhl: uiined beers jml lagers, alvo raw miiieridlsctc., outside lhc parent group. Applicants, who should be 
to oversu, breweries. The company i* seeking .1 Chief qualified accounuiiis, probably aged 30-*. must have .it 
Ai-Couhijr, ■Ah-.., repur ting to the Financial Cun in.' Her. least six years post qualification industrial experience, 

Wl f ‘ l ‘ -usponsihlc iot the financial and management ideally in a multi-national trading environment. 

C.Cj, Moores^ Ref: 24732, , F'T. 

t fenbiie candidates should telephone in confidence for .» Pcrwnal Hisiorv f r.um !«■»: 

MANCHESTER: 061-236 S98I;5i/« Lite House , 3 Charlotte Sheet, Ml -*HK. 


rn ’VI rv«r Ikix. VU | mJ*Ll U>u I f JUU I WIIUI H/f J C Jl/rtl, I 1 * 

ftp Hoggett Bowers 

Executive Select ion Con su lta nts 

BIRMINGHAM. CARDI/T. GLASGOW. LEEDS. LONDON. WANCHfSTER. NEWCASTLE and Slftr ril LD. 


An assistant 


although not necessarily as a mari^r. is desirable. T he ideal 
cand ida tc will .be i lithe m id to l^cSp’sand will be give n 
responsibility for iiiunaging'djK^ionuvy portfolios. 







2 tor I 


. Vacancies exist for analysis, preferably in their mid 20's 
\vitfi at le^ftwci years’ relevanf^^Hepce u hich need not 
.. . • . _ . necessarily have been in investment research. 

.-"i-'^uccessfuf candidates will ha\ , Mt)dopport unifies for 
-• '^advancement both wi thin thej^and o\ crscas. 

• "Vr" : 

Good salaries wit h u on i i \\*1 t i 1«? /ringSCvtattbe li ta:. including a 
. mortgage facility in due course, vHijbejlffercd Applicants of 
' cither scxshould apply in u'riiirigen(3^agciimciiluiii v jtaCio 
D. W. J. Garrett, Robert Fleming & Cb~J3mifed,S Crosby ik| uaic, 
n .. London F.C.3. Tel: 5858. 


Senior 

Financial 

Appointments 

f7 9,000+caf 
Central London’ 


Do? :o retirement and promotion, two senior financial vacancies have arisen in the Head Office of 
** major UK Construction Services Group (Turnover DlSOin) with exiensive overseas interests. 
Each position reports to ihe Group Financial Controller. 

Group Chief Accountant Group Management Accountant 

^he successful candidate will supervise the Important functions will include the presen- 
production of the holding company's financial ration of accounting information to enable 
accounts, consolidate the statutory accounts management to determine profitability of the 
and periodic financial control statements, and group as a whole and ol individual divisions and 
generally control central financial accounting operations, and the financial control of some 


•.30 plus staff). The basic systems are largely 
•'■omputerised. There win be close involvement 
>r: systems developments, timetable improve- 
ments. liaison with auditors, corporate tax 
n tatters and staff training. Candidates v.-ill be 
o.-er 30. almost cenaintv chartered accountants, 
•.vnh relevant experience obtained either m the 
profession, or in a large commercial environ- 
nieni Ref. 752 FT. 


trading ururs that-do. -not prer^nlly fall into the 
ntain division. For around hdlf lhe time. the. 
successful candidate will work on special 
assignments such as review of costing 
systems, improvement to management inform- 
ation etc. Candidates will tin m their iwenties, 
ACMA with rhe ability to communicate effect- 
ively a; all levels. 

. Ref. 753 ’FT. 


Applications, which will be treated m strict confidencc.should contain relevant details of career 
a»»l -,alarv progression, aye. education and qualifications. 

Please write to A. C. Crompton quoting the relevant reference pn both envelope and letter. 


--a i . 

H - V V— - l /l»k -* ■ • %a* 4 .-Ww v 


Central iondon 






fi£8,5(K)+Benefits J 


A Career Development Opportunity 


>'’i* j 


A major financial insfitutionr needs to strengtheips.ta^tepartment in order to 
meet the increasing .demands made on it anitJo provide for its longer term 
development. « ' •• 

Whilst tax experience ganed iri' -the professen, cp&merce or .Are Inland 
RewaTue’wputFbe pHeferaWe, candidates with ah 
intf comnimicativfe skills, vvtio 


developing 





Controller finance & Administration 

GREATERIOKOOH AREA £ 15 , 000 + 


Our clTef^is a nxajdr international 
. • grpupAiwth a fast - geo wi ng- 
‘ ,d»Stri^Rion subsidiary in the U K. * 
-■fvhoseiurnoverTs more than C20 
^illieii^r ttsel Is a wi de-ra nge of ? 

ht^h^quajity consumer and - 
i jhdustriaTproducts. 

jThe£x>ntr.p!ier wijl ha^e. • y. ...... 

" responsi bility.for all management’ 
andfinanctakaccouming. EDP a - 
systems and analysis, ware- 
housing. purchasing and import 
logistics Appjoxirhately 70 
employees wilt be under his/her 
responsibility. _ - ; 

We seek an executive, aged 35 to 
45, who has had line responsibility 


in a similar position, preferably with 
an internationally-oriented 
company. In addition to familiarity 
■ with U.K. legal andfiScalrequire- 
roents, monthly reports to.- 
international headquartefsare 
-required. The positionreportsto 
.the Managing Pjrecgc.Jhe ability 
to acquire a working^rtowledge of 
Geiman isesseoiiak..'^ • 

As consultants to nianagement, we 
undertake not to release the name 
of any respondent to our client . 
without his express permission. 

Replies to Box No. A 6544 
Financial Times, London EC4. 



i)S j 


London W 1 to£ 10 , 000 +chr 

Our^clientsarean independent company (T O £ 3m) within- a major 
international grqup. Engaged- in the design and retailing of high 

value luxury goods they are poised to embark on a majorexpansion 
programme both within the LT.K. and abroad. The Financial ^ . 

Con troUecf Supported" by a small staff)- wilfreport direct tolne . . 
Managing Director and be.regarded as a senior member of the 
rriarragement team with prospects of a board appointment jn 2/3 
years-. Candidates must be business- minded qualified accountants, 
male/femate*' in their late 20 s who have already gamed a minimum 
of three years' commercial experience, preferably m an international 

environment REF:486/FT-ApplytoR.P. CARPENTER FCA, ■ 

FCMA/ACtS, 3 De Walden Court. 85 New Cavendish Street, 

London W1M7RA. Tel: 01 -636 0761. 


Upd- 

Selection Consultants 


Regional Treasurer 

Salary: £12,314 Co £16,879 (inclusive) 

Due to die retirement of the present Holder 
(Mr. R. Brinley Codd) this post will become 
vacant in May 1979. 

The South East Thames Regional Health Authority, win 
five Area Health Authorities, provides health services tor 
a population of 3.6 million and has » revenue budget 
in excess of £380 million and a capital budget 
of £20 million. 

Candidates < male/female ) muse be professions I l)r qualified 
accountants with extensive experience of financial 
management at a senior level in the Nation^ Health 
Service, local Government, or other largecrgarisations 
Further particulars and application forms are available 
from the Regional Personnel Officer. SouthrEast Thames 
Health Authority. Randolph House. 46-48 Wclie>ley Road. 
Croydon CR9 3QA. 

Please quote reference number 8155. 2- ■ 

Complered application forms must be returned to the 
Chairman of the Authority at the above address 
to arrive not latftr than 7 December. L 


B B South EastThames 

i , . — i Regional 

[J HeailhAuthority 


CREDIT AHALYSTS 

' Two positions are available with North American Banks for 
people aged 24/32 with a background in credit analysis, either 
Sterling or Eurocurrency. Successful candidates will be offered 
every opportunity for career development. Starting salary up to 
£6.500 with excellent fringe benefits. 

TRUST OFFICER (PENSIONS) 

For major U.S Bank handling all aspects. Ie£*l matters, accounts, 
investment records, etc For portfolios of corporate clients. Ideal 
applicants will be over 30 years of agt with a: least ten years' 
experience of pension fund administration. Salary c. £8.000. 

LOANS ADMINISTRATION 

A major International Bank wishes to appoint somebody between 
2S and 20 to its expanding loans administration area. The suc- 
cessful candidate will have a minimum of two years experience. 
Salary up to £5,000. 

These positions ore open to both. mo/e end femo/e oppbeonts 

BSB BankingAppoiutments 

]1 W .' IjOiiji,' J ifiif. Ijii.j m Fi.-j.V :.A\ Trfqiln:, • 0! 0161 

Rccruirment Consultants 


ACCOUNTANTS 

(itT 70 JHL tOP S t 
STARTING THLrit 

On' erganiMuon hn bKouc s.itceti- 
lu: ?y careful citought aixl panning. 
Alla* u» ro apply {hit tun pie but 
ArcESsary ronnuia to your luuire 
carcP' 

Contort a Sprcfolut Consultant or 
Financial and Accouncancy Di-isiar 
IPS GPOUP 
Liovd f Avenue Mouft 
P l lord 'i- Avenue London. EC 3 
Tel-phon*; 01-481 81 It 


EDUCATIONAL 


APPOINTMENTS 

WANTED 


young aggressive 

SOUTH AFRICAN 
Hard waiter, amgle. bachoio: ol 
Cammerce. <»nerianstd in inctr- 
national -iith . f jrlcul t i-jl 

produaa feetf -■■nploymam in In port/ 
export *»h. r, he can • exploit hit 
talents and .nrhunasm. Willing ic 
tfav'el and to -ark anywhere. 

Write 8nr A3*<2. Flnanslai Fimei 
10 Can nm St'eet. EC4P 43? 


LEVERHULME TRUST FUND 

Til' 1 - Lu-Vi.rhuinu- •Trusiirs. Ibrou^h ibvir Rexeart-ii Advisury 

Commniui:. erfer for roni-sn. 

SENIOR STUDENTSHIPS 

L‘u in six siudrtiishipg tn ruble ihnw perxnns *«hn I.'* 1 nniverwir a: 

!.-jm hva feats upi. io reium and siudy full-iini-- J l ’ n "®9 Km«dom 
uimvrxiiy. 

Aoolicanis muu bn krai d rgrm crediiHiea <>f - Kieednm 

vweraqr. holders or C.31.A.A decrees ur uuuivalt-m diM ! |®“ iht Oniird 
Kingdom and t>oi already hare a pnstiranuam dvart Wu» have 
th?‘-'n ai school irk Etu- Uuhed Kmndum ur ihv Coinnki*iiv?jlt>l. ^ oormajy 
ruMdwil m ilw flitted KiiliaJoin and nv-r IT on 1M is,b - 

a maiuienanw cfani ul XJ.fiOo a yeur lur one or !••<> Fvxre m pud ana 
a< :h«’ distrtnon n( tile Coaimine? a family ■iiandiu.v of op io U.45B a 
j ta: aiid a ronrrittuiion 1 (wards fees uf up tp IWU <> ? fiT - 

L^nnHaips QIUM be a unable for inmnlpu irr 1,1 ^>^rch. 

Owing date for applications (Form SS^D) is oih 
January 1979. 

Awards must h? taken up bet worn »M June 137P and 
1st .May 1980 and results or applications will hr maiS * known 
tu candidates in April 1879. 

Application forms and further informal i«n from The 
.Secretary. Research Awards Ad visum < onimillee. • The 
Lpvprhnlme Trust Fund. 15-19 New Feller I-ine. tondon 
FG*A I.NR. Telephone 01*248 mill. 


Haskins+Sells 

_____ Management Consultants 

1 128 Queen Victoria Street. London EC4P 4JX.i 


Company Secretary 

for an international merchant bank in the City of 
London with assets of around £200m. Responsibility is 
for the secretarial function together with general and 
office administration, personnel management and advice 
on policy and legal matters. Some foreign travel is 
involved. 

Aged probably 38 to 45, candidates must have experience 
in the company secretarial field and of bank operations. 
Competence in a European language would be a strong 
asset, as would a banking and/or company secretarial 
qualification. 

Salary negotiable in the region of £10,000; more for an 
exceptional candidate. Non -contributory pension, car 
and other benefits. 

Please send relevant details, in confidence, to P. Hook 
ref. B. 26415. 

Thi‘ tfp/w-ii. u i-fvr ;n men and Kwn. 


MUL 


UmrecJ Kinfldom Australia BeiO'u" '.‘a-'a-ia 
F«<-r>ie Germany Holland lreijn.7 
N*.% Zealand South Alnra Sui>:~ nmen-.a 
Soeaen Siftitisrland USA. 


international Management Consultants 
Management Selection Limited 
1 7 Stratton Street London WI X 6DB 


Financial Analyst 


for the European subsidiary of a Canadian exploration and 
mining company with annual sales exceeding S750m. 
He/she will join a senior team established in London to 
expand and diversify the subsidiary’s activities in 
Europe, the Middle East and Africa. 

Candidates, aged about 30 to 35, musi be chartered 
accountants or graduates in business administration and 
should have some years’ relevant business experience o, 
acquisition, feasibility and merger studies and of 
computer operations. 

Salary negotiable around £8,000 to £8,500. Non- 
contributory pension. 

Please send relevant details, in confidence, to P. Hook 
ref. B. 26409. 


Untied Kingdom Ausiiaii* B*>5 | i) ,T ’ Canaaa 

f'ant.e Germany Holland Ireland :iJl- 
HvlZSiX— "'taw Zealand South Afuta South 

"■WSBWNWRW Sweden Switzerland USA 

International Management Consultants 
Management Selection Limited 
1 7 Stratton Street London Wl X 6DB 





&im i ■ ■ 


BUSINESS AND INVESTMENT OPPORTUNITIES 

PEADERS AP.E RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


m KAtumwiMiH r. uCDCEBCtfV Af%REEM£NT- 



Even bigger 
Even better 


Hum/ and book vwrr-tand at i?ie n?*t I'S&wFl 

Eu'.o-r;', la Susineii E <hibi!ion - ift* j 

unique pijrl* r-tDldce v.hPre bu-^tpssrr.-m •?*. 

Cai i oo Lmy • i «y* <ji; t .viiiicj .vi’ole » «: is- 

pcl- a r.!! :I i*u: :onei i v/ho tweo Ihen p-odi i- ' ' 

Cl ssr.si.K 

7 1 - ."9 o 'H.bi' r-:r. \r I r<» hri*; o’ Ejii.. ■' . ’. 
r •.■•nr ••. hole r .\'in - «".'<* v 13*1 i to It 

Or..iP - a tli^ Lr^vii'ii -.. 'mii ■'£)•*: ji ;t^rnj". 

• \" .\sM7 •!, ;I1 t-ike a -_Un hi 3: *i-rj :.'T0: : ■' bl I :iw 

e . -_•? ■: : v .' . i 7c i do - / 

-■■ • ■* ' 

THE SUNDAY TIMES 


979 

'Your direct route to better business 



GRESHAM TRUST 
LIMITED 


Permanent and lon,\; term capital 
lor the successful private company 

Also a wide range 
of banking sendees, inciuding:- 
Selcctivc finance for property development 
Commercial and industrial loans 
Hill discounting 
Acceptance credits 
Leasing 


For further information 
please telephone 01-606 64”4 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 


Crt-iham Tnift Lw , B..mnst"n Kou.h.-. Gresham ‘Sirs.wr. London EC2V THE 
Td:UI-jUoeJ74 


Sirr'iin^l.am Orlicc Edmund I l«*u*c. Veuh.tll Sinn.;, f.irmin^ii im. E? 4EW 
lcKCl-iu-12" 7 


TRADING— NORTH YEMEN 


Leading const ruutinn company in North Yemen now 
diversifying into trading activities, would like to 
represent Yemen manufacturers of quality building 
products and construction equipment. The company 
is very well established and has excellent contacts 
with leading consultants and architects. It also has 
offices and facilities in all important cities of north 
Yemen. Interested manufacturing parties are 
requested to send their current catalogues, price list 
and where practical a sample of their product to: — 
S.K.C. LTD. (Trading Division), 
c/n Caspian .Shipping Sen ices Ltd.. 

2. The H road way. London WI3 ONO. (01-379 3197) 


114 years of . 


atliing or two 


Ho n-::{ 'inv* 
y ,iu nei'-d on*?, 
r. fiTi i, Parry 
on 0i-_' . . I „0 


li-lLS 


the best nfeo mpan jpg 


fBKMS H-?irT FKtrJiV/I-r PL^iI 
WWW*. -V 

•nzeriv-gs wnxrx .-imo 


Your French Connection 


Want to step-up your business in France ? 

£-i£l,sh bui'insmui. F':n;h National. qualified «. rt, hi;h;s, •«!?■ -I’d 

and «"dT can».siipn>. 20 - r.'i.s' p’ 4 :CKai uj-IrM' r.?n; e Mrei/niinutm;/ 

nn-iaaimir'ii/ admin. »■(» French tndulD-iss and ie***l».jnc. Member British 
vhamo:* 0 - Conrnicr:.- ,.i Paris 

C'lfi'l highly Personal and individual service m E-insf, firms, independent, 
uni as-d. -onfid^ ntial 

'Ian obtain intormation. taper# se. p-ot>Pc<o-ioI-r. fi* coniracn. etc. Action 
not ws-dt* Fsirihf 4>'ini onLalc upon request. 

Michael Kelton. B. Eng, M. €ng- M. Bu«. Adm. 

'■ Avenue des Champs Elysees. 75008 Paris. France 
Tel: (010 331) 723 7820 Telex: 660492F 


BUSINESS OPPORTUNITIES IN USA 


F,-«t time available in th< UK. i unique, confidential way to cjrelo-e m-r;rr. 
acquisition and other ■ U.S.A. nrvnr.Qient pojsibii'tiei. SEARCH — a bi-monthly 
newsletter featuring over 100 >temi including companies laujht. firms seeking 
equity participation, companies for sal-, plus firms >nte-es:ed -I ott'Wii 
•cnuires. Subscriber* may list their items at r*o sharer. Service widely used 
throughout rh* U.5 The-o'« never puen > becte' tune to invest in the US. 
nuiinesi community for more information and a sample copy, send 

your name and address to 

THF '‘.ArMWFLl GROUP. P.O. Bp* SOSO.-Nor***. Ct. d6851. Umted S-ates. 


FOR SALE 


the following cuuiPvities 

with iinuiiiil names 
ANT -.VEWHER LT£>. — lI-000 
BOTTOMS UP LTD — £1.000' 

LADY ROMANCE LTD — £1.000 
DELTA BUSINESS MAC-INES LID — 
£ 1.000 

RIG OR "NOE LTD. — £■ 000 
BIG APPLE LTD — £1.000 
a ***B i.*.AN F.'i r .lNES5 MACHINES 
LTD. — £1 000 

Ll'-<r winyFP LTD — £».070 
BRITAIN LTD — s' 2.000 
hii.i BB'h’sx INSURANCE :0 LTD 
— £5 000 

Pleose r-flf fa P D Hamb’in 
MSS" ”*! ‘ ^ ‘ • LTD 

101 ■ya- 1 '.ng‘><irn.,jS Spad. 

rii'hd -i N--fhantt 


CASH FLOW 
PROBLEMS 


Investment Opportunities in the 
South of France 



AMALGAMATIONS & INVESTMENTS LIMITED 


We are International Building Consultants with 
a wide knowledge of Hie building industry in and 
around the Cote d'Azur. Contact us for information 
and advice on: — 


Investment in a variety of new residential 
developments. 

Investment in land. . ; 

Investment in a major development project. 


HUBERT US llRGKNaQQtiflli SERVICES 



Our business is 
merging your business. 
Successfully. 

36 CHESHAM PLACE LONDON SW1. 01-235 4551 


Buivjux du Uuhl. 1 Promenade des Angldi^. 
06000 MCE. FRANCE. Tel: NICE (03) S2.I9 T:! 
Telex 970 031 K UN'IWRLD. 


Peter Whitfield and Bob Tanner 

have earmarked 

£2,000,000 FOR INVESTMENT 


AGENT REQUIRED 
ELECTRO-PLATING PRODUCTS 


A major Swedish company is looking for a UK 
agent which is already selling to electroplaters The 
products are a range of rectifiers: detailed electrical 
engineering expertise is not necessary for selling 
this range but it is essential that the aeent has 
excellent contacts within the electroplating industry- 
A service and spares organisation is already >n 
existence in the UK. 


in private companies which they would expect iO float 
on the London Stock Market within the next two 
years. 

This will be particularly attractive io: 
ill Managing Directors wishing u> buy control of their 
companies. 

Private companies which are not large enough to float 
on their own. 

Minimum profits £100.000 pre-tax and in the London area. 
Wriic Bor G2812. Fmancic.1 Timex . JO Camion SZrce s. EC4P.4BY 


Contact in confidence: Tony Prone Swedish Trade O*nui»i*'!on. 
73. We! beck Street. London Wl. Tel: 01-935 9601 


RELEASE TOUR OWN CASH 
BY DISCOUNTING 
• YOUR INVOICES 

75% paid by return 
on approved accounts 
Phon..- Bolton « 020-4 j 69332! 
Tele* 63*115 
MRS. BENNETT 
Silvprburn Fln.mire (U.K.) Ltd. 


RESTAURANT 

CHAIN 


Unique- acquisition opportunity in fast food -industry. 100- uni: 
licensee of top Restaurant Chain. Unique products for unlimited 
territorial expansion opportunity. Strong management wishing 
to stay. 

Sales 44.0 Million Growth Rate 25- ; a year 

Net After Taxes 3.S Million Current Ratio 2 to i 

Book Value 8.0 Million 

Contact: Cindy Cray — (272) 371-4656 

Niederhoffcr. Cross & Zeckhauser 
505 Park Avenue. N.Y. 10022 : 

Value ii i reasonable multiple of earnings. Principals only. 


CHILE, SOUTH AMERICA 

FOR SALE 

12-f.ilO acres of forest land planted with Insignis 
(Monterrey) pine (Pinus RadiataL 
Industrial " sawmill installations 20.000 CBM 
capacity, one shift. 310 acres yearly yield 
rendering approx. 45,000 CBM sawn lumber. 
Very* fast recycling — 25 years. j. 

Tenders to be' submitted by 14th December 1975- 
in Santiago, Chile. • - 

Full lender documentation available Irani: _ \ 

Nitrate Corporation of Giile. . 

20 Ropemaker Street. London EC2Y 9AP 7 
(Telephone: 01606 7744) 


SHORTFALL SOLUTION 


I enclose a cancelled company letterhead. 
Please RUSH me details concerning 

SETTING UP A TAX FREE 
INTERNAL COMPANY ACCOUNT 


For private companies with high liquidity : and 
risk of forced distributions at high tax rates. Fully 
approved and totally secure method. No risk. " 

Just write your name on company I etterh eadingyand 
post u> us today for details. The facility' is limited. 
(We regret no telephone enquiries can be accepted.) 

Managing Director :r " : : 

Ackrili. Carr & Partners Limited’ • 

Tricorn House. Hagiev Road, Biriuinciuun BlS^iTP .. . 


FOR THE BENEFIT OF DIRECTORS \ OFFICE EQUIPMENT--G0MMUNICATI0HB 


To: Ashdene Associates. 

Arndale House South, Bolton Road, 
Walkden, Manchester M2S 5AZ. 


EXPORT TO BELGIUM 

SHOP FITTERS — FITTED KITCHENS AND WARDROBES 


Bdguti '.ompanjr b«s«l m Bmtsols hu joo<i opportunniw! lof an 

encer?fiiing imull to mediqtn British company based m London 0 ' .<cnt/5-jiTey/ 
Sussex prepared to design, supp'y and install fitrod kitchens and wr-dnsies. 
Undertaking of tlm-ly submissions of designs and estimates and scrfci com. 
pbance wirh irrsullatians imperative. Annuil throughput oroban'r 150-200 
kitchens. Co-ordination with local M & E contractors assured. Kncwled;.' of 
laul camfrnans iniUble. :• 


(United Kingdom and Europe) \'y 

Eurlunve territories are available to comPSR.es or sales orgarKsaoom o7 standing 
m the loose or ariied fields, able tp ma.-he: agiress:vei>' r-.'- • 

a major advance in telephone management. ' 

Desk models programmed for calls anywhere, rariffi and tim* aones snare 
dau on telephone usa£*. ptirong out on command identification al -tint 
allocation of cotes to customers or produces. 

Depending on the nai of verrlcorjr. a premium (commencing at tsILflOO to 
produce ewer £. 100.000 margin per annum i it required. ■ jf 

Plcate send brief financial and activity details together with mdKa: on of 
territory required In strict confidence ra Refe-ence TH at L. fi. i Co.. 
Solictors. 25. Manchester Square, London. W.i. 


ADVERTISING AGENCIES U?S.A. 


Serious enquiries to Bo* 19. FiBuncmi Times. 10. Cennon Street, I.C4F 
4BY. Prmcipels onlv 


Investment banking group specialising in mergers and acquisitions is 
representing several substantial U5. agencies seeking joint venture) 
mergers with umihr U.K..' Europear, companies Rephrs in strictest 
confidence to: 

A.I.C P Im . Byig'ove Ltd . • 

375. Park Avenue Gordon Hous-r. Station Hoad. . 

N cm York 10023 . . London. N.W.7. 

Tel: | 21 2 f 753 4BB0 SB) o- Tel: fOI) ?06-OT»B/7 (ref. DH) 


You are a smaller business 


PRESTIGE CARS WANTED 


YOUR PROBLEM — IS IT 
G' Capital and Financing 
i_j Cash Flow 

□ Management Accounting 
i_j Production Management 


□ Marketing and 5aies . • 
G Export and Shipping . 
i i Human Resources • 
[J Licensing Arrangements 


MAKE IT OUR PROBLEM! A talk with us costs nothing 
Write in strict confidence or telephone (0732) 52267/S 
INDUCOM BUSINESS RESOURCES, 52 London Rd.. Sevenoaks. Kent 


TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 

Art you obtaining the besi ’-ice lor 
your low-mileage prestige motor-car f 
We urgently require Rolls-Royce. 
Mercedes. Daimler, (aguar. Vanden 
Plaa. BMW. Pon-he. Ferrari. Msicrati. 
Lamborghini. Jenicn Convertible. 
Rover. Triumph and VoWo cars. 


Small, successful 
food company. 


HOW TO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 


Rate for U.K. & Continental 
Europe 

S190 1 year 

SI 00 6 months 

$50 ..' 3 months 

Payable in dollars or equivalent 
in local currency 
Delivery by Jet Air Freight 
from New York every business 
day. 

(Other area rates on request.) 
Send order with payment to: 
THE WALL STREET JOURNAL 
International Press Centre 
7b Shoe Lane 
London EC4. England 
Attn.: Mr. R. Sharp 
Also available at major news 
stands throughout Europe. 
ASK FOR IT 


SPONSORSHIP 


Open 7 dayi a week 
Collection anywhere In U.K. Caih or 
Banker!’ draft available. Telephone us 
for a firm price or our buyer will call. 


ROMANS OF WOKING LTD. 
Brookwood (04867 ) 4567 


This is a Central London-based 
ice cream and fast food com- 
pany. 5 years old. quality leader, 
turnover approaching £300.0*10 
p.a.. which has now outgrown 
the Founder's ability to run 
singlehanded. He is looking for 
a partner to. .cake a share of 
the work load and to invest at 
least £20,000-. 

Write Bex G.292*- Fmbnaol T me i, 
f0. Conoofl Street. EC<? <B7. 


National Children's charity and 
established motor dicing team 
offer sponsor an unique package 
deal opportunity vftb sr?ac 
publicity and presrigi ^potential 
For 1979 season. 

for further mlormaxHo' pfeoir 

conejet; 

GORDON KENT 

Appeal Organiser':|PiSPCC. 
i Riding House. Street, 
London V/|p.8AA. 

Tel: 01-580 BS2- 


■executive^ 

ESK COMPENDIUM 




Superbly designed with efficiency in 
mind. Desk Pad with luxury finish, 
incorporating Clipboard and Measure 
Gurde. Address / Telephone Waller and 
Business Card Wallet, neatly fitted m 
wings. Pen and Pencil Pockets. Ideal 
gilt. Pnrrted nun Company name and 
logo on caver. Assorted colour- 

FARM OFF PLASTICS LTD. 

Narrhbridse Rd ■ Berkhamsied ■ Herts. 
Tef 0A427 5303 -Telex 826715 


THE SMALLER 


Hi Le:! i 


For further information contact: 

K. Dean, 

ARBUTHNOT FACTORS LTD^ 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


NOWc 
available 


IBM ELECTRIC 
TYPEWRITERS 


SUPER 

WJDE-SCREEN TV 


NIKON PRICE CUT 

W, ha»c tul non :h.in CaO wff ihe 
nsrmal ducounc price al rhe N Ion 
FM camera. We can alia ctfe- it o»l 
Nikon eamcraa. Ien,a» and acccaso-ics 
I'om use* at special price, fa« tree 
purthuc, lor oversea: visitors. 

THE NIKON EXPERTS EURO 
FOTO CENTRE 
High Road. Cowley. 
Uxbridge. Middx. 

Tel: West Drayton 48224 
/or cnifi.fe/ififlf Nikon price r,ir. 


Ex-Chairman and M ini/fet Di’^ttr 
el three public ccrfnpidas '* r -o»' 
available to assist and'^advisc a, a 
Consultant or ron-Execidft* ©Terror. 
Strong back j-aund io‘..:->n(inde''n 8 , 
m a"kctinj «nd prnfucr f fc ug n . Much 
cxparicncr m valuing;- ^buying and 
tellmfi at buslnWK- 
Wr.te Bar C.2 836. 

financial Tibia. 

10. Cannon Street, $C4P dbr 


Factory rccondi^onvd and guaranteed 
Of IBM Buy- sa».. up to 40 per cent. 
Lease 3 years iram £3.70 wieki/. 
Rent Iram £29 Per month. 

Phone: Dl-441 2365 


Ajoia wanted lor Wide-Screen TV 
□ .<tr. button in UK. Europe. Middi; 
East. Th- Latest and Best P-ojoction 
system plus v,deo f Ideal for Hotels. 
Cuba. Bars. Discos. Schoo’s. Kosbitilt. 
etc. Hall the price of U.S. syctcma 
Plea* write: 

Prqivcta -Vision. 


rrmnu -Vision. 
80. Chancery Lane, 


SAUDI ESTABLISHED 
CONSTRUCTION AND 
DECORATION COMPANY 


■nttre.rcd , D 83 sponitJrrthp m «-<vil 

uonitru:tion. t^urr.hiddt'- Tenser, ng 


l*v tSTMt.NlS lioui s«ijn 'ettiny; lOublini. 
Proourlnp Nni Li ooo n.a. £1 BOO p.a. 
end L4.F.30 o a. f-a mist prrstiqi? shoo- 
einq isrst-an i.»rar --m rtvln} wm 
ci’II ivivi.diia'lir Anchor Properties 
Fadebrpot Ho-.se. 1 Fade 5tri?nt. Dublin 
2. Tel 778385 


wH«k-s.ngn. trOscrr.BidPt ■’ imas'ing 
m Saudi Aramr. Fulr .taTi* 1 ** ° r «- 
vided. Established and SXpeneiujd 
may V.-.IU ro. i'-osie«l v < t»s*b’i*b- 
ment. PC* be. 117. RHrhUbar. Saudi 
Arabia, o- M,. sstilcfc - . 17. Conyari 
koad. London. S.W.IS.‘| ;■ 


TRAVEL AGENCY ? 
AIKMAN (LONDON) UNITED 

We can acquire, set up. teiust to 
your special requ-remonts. w4 keep 
watch o»er a company or your own. 
Specialists in concrei and Jihtranons 
systems. 

Tra-e r Manajumenc Ccnsukanrs 
l OS Rivermead Court, jwt 35B 
01.736 2595 


London. WO* 'OP 
Tele*: 27406 Equiry -i. 


RESIDENTIAL MORTGAGES 

Up to £100.000 available for 
transaction. 

No Endowment Assurance 
needed. 


PLANT AND 
MACHINERY 


OVER 40.000 SCHOOli AID EDUCA- 
TION ESTABLISHMENTS. tan h* reached 
By mail. The Educauonar*oBn?*sma and 
Mailmo Service. Dertf Mobs* R«lh|li. 
Surrey rhi jdm. Mertibam 8223. 
START AN IMPORT EXMWT AGENCY. 
No cacitai required estaJjU»h« o«cr 
JO vea-s. Clients in fii countries Scno 
urge S.A e. — waoe Dept. F p -°. ho> 
B. Marlnarough. Wilts. 


Telephone Answering 

Your own London number, 
shared or exclusive fine, 
answered by our trained staff. 
Urgent messages reach yev ac 
tome or abroad. 


Commercial Funds also available 
Write flea (*.2307., Fiia-iciai I „, fl- 
10. Cannon Street. EC4P 4B V 


Coriaci British Monomarks. 
Dept. FTL on 01-404 501 1. 


GENERATORS 


1 MIDDLE EAST — ManagVK) Dir«»r oi | 

4M porting etDeoiuno nfif 1 procUrl«B 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £73 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO REGISTRATIONS LTD. 


4 M porting etpeuilino 

compan. is sis, ting uAt- Kuwaii Oata 


Over 400 sets in stock 
. lkVA-700kVA 
Ruy wisely from the manufacturers 
with full aftrr-Mlet service 

CLARKE GROUP 
01-986. 8231 
Telex: 897784 


compan. , s tisiung UAt- 

ana Sjun, Arabia «nd -of November 

earl* Dcrcaiger WHS - .^ l «- 


THE I'S NWS 5HAPE GUIDE Mills., 

..nun-. Fni tiir-po, 


i. rpyc rnpy «r«** '• i ' 2 
BiemiT- ’ ati tv . wq-Mlqi' ELJM 7AV. 


.> A WfkK IOR tCJ «it>s.,M nngnn 
**W'9* 1 . r. "IlSiPiBart r-.r-s a. |-| c , 
uituer L! a P.i>..ri>sr qih r*s nee. 

CJgiS E>. Mlnp"-. M-,t, 

naiioui 0Sq«. T«i v « 8811725- 


Ot.al K A lOfts >• Ov'*'— J.HT 11 I-— i Si nyi 

trrun 2 KVA ie 1 000 KVA N^w am 
tl'***l al! O’l*' in‘ lr *'l .cenrst ellt"S 
T<*i Wargr«>e '073 5iZl 3035 Te'e." 
8*8537. 


e*r i* Dcrcmger Witt ■ 
missions Write Dai G ^ti-.E 1 .^ 1 
Times IO Cannon Stntel EC*P J BY 
INDEOENDENT PRODUCER HXiJires jnen- 
Cia! parincihio to launch retort* leeei 

WiU neco Mirty large' investment .or 

prohiaQie rg$yii, St. Gegrqc 

1 ohonr 04026387J.. 

HAWAII— Successful husmc«in*n 
, the islands .n januanr. wens '“»'«*■ ■ 

, CPmm.,... 0 ns ti mono.pn, 

■ !•••. M.' G r enn 0603 S’fiSra 

: CAPITAL AVAILABLE— 

I in. .-si .r -man * re"IBanie> 

*-*11 nni -su.-rt Wfil? P?* 

rmancn' limes. ’0- G* n '«" S*r«e‘- 

EC«P «BV. 


PHON EM ATE. The new Anuncan Ide- ' 
pngne Answering range. Purchase orice; 
. £.l7i-EJBu 01-7*1 002 ! 


30 City Raid. ECI. 
0I-«;S S434/S, 7J6J. 9»}«. 


YOUR ROME Guiltless OH*<e aha Services 1 
Mai: no. Phone Imoca Trading io 
Viniinalc *735356. Tl. 614675 ] 
Evtcse I : 

LEADING WHOLESALE JEWELLERS rc- 
ouire a Sale Agent .Commission gmv-. 
«lth an estiiOiisii'M connection in the 
Ceniul and Greater Lanooi* area Write 
Go* G 2402 Financial Tones 10. CJ 1 *- I 
npo «t.r*t IC4P SBV 


I INVESTMENT OPPORTUNITY. .o*noan. 

with morld'a "'-rllylil laCldilM W O'* 

I r -’it**-! a I C.T 020 nor a unijm with 5 | 
-C-r t- '.frff rn.lfi". .jPars I 91 rrho-r 
I *t chare- Writ* So . 1', ;00! Fipanrigi J 
Times. 10, Cannon Street. EC*P 4BY. I 


COMPLETELY NEW TYPE OF 

FAST FOOD 
BUSINESS 

requires suitable premises Fer 
launching m the U.K. 

Gr-*t racnhii fa- npanitan Will 
•.tmi'dvr evilpng a'P'itiB prtmci~, 
Write Bo* <i 2*1*. F-*wvof T:atet 
10. Cannon Rwi, *C*P 4gv 




1 

wmw) 


IiiHr-i JT'uw » t i.'ct ■> 1 1 ; 1 1 1 -j 1 1 


P.O. Box No. 334 


BUSINESSES F0RSA1E 




6C offices in the 
Scuth and West 
of Engiand 


33rACRE:€(j^S^ H6£lDAt^PAl«k 

FORSyUaB^VPRiy^El^^TV r 

SOtJTO DEV^jCOAST; . 

230 fully serviced l 

Exceilenf income i ritB.. Stjtf.f^rther. pptanuaL 

OFFERS XN^VilbU ^^725,01)0 

C 1 os i p^. gatg^ for (Bfers~r 45 tfc Jteceabeg 1978 • 
SOLE A ( . E iVT S r;4^C^e(&^ : Yarc^- Eset ef . Tei^ (03feV ’51^T 










IRISH HARIlRpflSR^MARUFA&TWf^fftllSIltESS 5 

-=- A-GOING', CONCERN' " 


Tel- ( 01 ) 


,Miior equity (60^ of petromin ^rtgistered jnpthbaUed refuiery. in 
Caribbean for saw Balarite. of cqirftr f 20?g)' Gov e m m enr iwried.- 
Capacity 1 8.00Ct barrels Tier day tagetber wirh xme inillion Iwrreh 
storage and btuiieringf facility., ^.V :.:...*: . .'”*■' '• 1 

Current replacement 'cost. S5?jWML000.; I ~ 

Purchasef'to assurire S4,00P',6&0'(approx.). bbligatiOnssecured oh' 
existing ’ plaftt. . : ' . / ' •' *" ' ; • : : ^;V ]\ } \ S’’ - ' 

Price for eariy sale of equity interest ilT^OtMKHK termvfdr payment . 
avaflable. % . .... .V'iV.;. \ 

VVrire_ Box ■! G 291 fi. Financial Tifnes, ' j 0, ; Cannop^ Screes^ EC4P #3T. 


LEASEHOLD OPPOR%JNiTY 

- • i> •• • 

An opporawity xcufs ro 
30-year leu* on a new 
intensive fisA form u».;fc conserqdw d 
in southern .fogUnd. naar the- egiit 
Widt escobfbfied management 
nurketiiui.-. : Profit wiiUsn^-finr 
opera ring jrqor. Theroaiwr tj2/D r -pfU 
rerorn per atHUtni alter dap^Kl, 
corf be cortfidcmFy expecctrd. 

CAPITAL A Pi - • .. 

aoo .000 -4h.' 

- FIELD. 5THEE I ■ * ro«RT 
" ..'{ENGLAND i trepr.,!'. 

Fish .Fanning Managen'. ^atnt'sts 
" »nd Engineers' t' 

. Merideh^ W»rwlcksfiiri''b/7 71 1 . " 


FOR SALE . 

Due '«>- ImpendiiTg: fitcfrcmcru. rtpu^ 
able jWWi^VOimbany 1 . • E*ubfis|y<f' 
30 yeariL-' 1 - Contractors to .r^bwl 
AiiCboMcies.’: NiH.B.R:C.,rw»rira*«iH 
for. new. dwuUwd*-' ln..*xcrw of 
CZiwvOOO f ia* • Owner's detarbtd 
bouse •bqd'DonsJ for' .sal* with 

Bwinej^Cif, requires^ JUkitsd j 8 re«lcy 
arthL>5^.4ondp«i,.. 9 I'--.-^7j.-.' . 

Write' Wi\ C. J T T7 r; FffWWof Times. 
lO.-Cannin St*wt: ICO! 457.- 


H EATING 


BUSINESSES WANTED 


CLOTHING FAdTOBiY 


rws 


SI 

IQ 


Wl 


Substantial company wishes to acquire ^ a inanufac- 
tuz^bg pnit ( 31 .000 to 25,000 sq.. ft.) located nutside 
London iyith an existing work-force and second-line 
management. . ;- . ' 

- Pltfase write to: ' - ‘ - 

I'.:. - CITROEN ' WELLS .& CO. (Rtl. Ej^ V ,• 

•' : ' Devpiuhire House, 1 Devonshire Street. -- 

: London WlN 2DFC- > -7/,'^. . . • 


BURGLAR ALARM COMPANY 


A private company wishes to acquire a n- eq »f ty-i nqeras t . in-^caminTiy 

■;pH»uFa«urinj ‘its own burglar ianfi . system. "WOricirrg: capiwj vfiji- 
r6e: -provided .H 'required.-' ■. Please send -fdll-fTnanipi) andLlinY .other. 
;refrranc details in' strictest confidence 'to ^x"G.2?22LTInbiidaT'np»^"fc 
•l6: Carmen Street. EC4P 4 BY. '• '• s 


...- ..COMPANIES :.WA3SiTEO;'->v;; 

COMPUTER 

J SOFTWARE ^ 

LlrK.'&nnpany Wishes to' purrtwiFe- Jf' cohfralftTj: ' ifftVbesr in;-^ 


cOliiq Liter bureau ior a computer f Iwar e - jeanipaDY" ' (ao’ttira! 

^ j -'.’ - ■ turnover aip-t'o finiL •« ■'! > 

Efoise serid brief'detalls to Box G^iio, Kmincilil Ti 

-siS'-: - £ V - . 10, -Cantion.-St reel,, EC4R ' .: r.: V.: w-.k 


Life -and"" e'nsro ns and Personal 
Finance . 7 business required .yin 
.Condon. “Small • to medium srae; 
- 80 s FT/557,' c/g Kan way House, - 
. CUfktfJ. Plact, London EON 4*1.' 



TRAVEL AGENT 
WANTED 

’ jp London or . rhe; South-Fa^t .0 q 
J Soujh-y/o?i by 2 major .Inter-: 
yncibnal- Arr. -.SenricQ'c Group: 
iWrite ■ ' Box G 2il5. .• Financial' 
Timer.. JO,*'- Cannon Srreer; 


1 ' v' *-f •!* {<f vT’i *3 


Ei 





















J 




li 










|| '..[Although much of West Germany's farmland is fragmented by a multitude of 
ffp small, family-owned holdings, the genera! quality and quantity of 
Otis produce is extremely high. The resilience cl unpaid, part-time farmers 
£:v-^ is an important factor in Germany s agricultural excellence. 


The key 
to top 




By John Cherrington 


FIVES' 

S4ii 


. [ALTHOUGH BOTH : coiurtfies 
- jare of roughly the . same area, 
... [West Germany's food produc- 
; {ten . is materially higher than 
. J that, of Britain. This is sirtiply 
■ [because the quality of German 
i land, is stiperior. It is estimated, 
.that there are some 2m hectares 
* ; more arable land in the Federal', 
■ Republic , than "there - are in ' 
Britain, and in addition much 
r. of this Is of . extremely good - 
-t ' farming potential. . _ 

This. factor aloqe. compensates 
fat many of the ineflietehaes 
^ which ■ the conventional 
[economist finds when studying 
;the German farming scene. This 
'is made up of a vast number of 
[small, often fragmented farms;' 

' lot, which more than half are 
'' tpart or spare time. The' areas 
[where farms are more on the 
^British size arc mainly, in the 
'.north, where the Code 
Napoleon, which ensured, the 
division of a man's estate 
. rbetween his children,, .was not 
; ‘enforced with ihe samef rigour, 

. [as elsewhere. ■: . ; • ' ; 

{ Sototr of the fragmentation is: ] 


almost grotesqu^ tfi^farms of 
10 hectares being Pd inio 
40 or 50 separate : J}e!ds often 
kilometres apart,'". Successive 

Governments ha viLb tried hi 
remedy this, but. -ihe process 
still has a long toogyray to so. 
and in stimeV.- ;x^ses the 
reorganised farms-- have been 
subdivided again^y.-ss the 
farmer's heirs halte d claimed 
what they considej&fr'be their 
. rights. . ; .• 

There is also Ur fiwtnany an 
emotional attachment ;tp land- 
owning. generally explained rn 
the visitor by the of left repeated 
fact or legend, that in tbevtrisis 
yean, of K23 ihcPiEttfr only 
1 those with land had trough to 
- eaL ■■ 

The standards of/ husbandry 
hqve always beea - f jgstrein ely 
good inierms of prwftcfrart; The 
big farms in Schles^fe[HoIstein 
’ore rightly an exampjfeta~arable 
. farmers everywheye. ydyj their 
modern techniques, ^uf- these 
are replicated on tha/’stnailer 1 
farms which in many'i^uhtries 1 
would not be consfdqn^worth 
farming as separate untifi. at all. 1 

The basis of this agricultural , 
excellence, for that ist/Wfiat' it 
is. is a combination ojfcTGbvern- 
m exit assistance to the. farming i 
sector.’ some would j&H it ] 
favouritism, and the anomalies t 
.of. the [EEC currency j£taos.j 
There is. no doubt ,-*bi£ . the: c 
policy of German Gove ram ents-« 
since, the ..war. of 'bringing ?i 
industry to the countrywide, has \ 
paid- eqormous dividends - in. a 
social stability. Only in a few a 
special areas., the. old-time u 
invasion routes ih rough tire p 
EifeJ Mountains for instance' a 
has -there been n^na6%i*tWi 


development worth talking of. 
Elsewhere German farmers have 
ihe opportunity of factory work 
either in ihc village or in a 
nearby tnwn. 

This has meant that not only 
can small farmers have full or 
■"pare time employment, but 
that the families of mil lime 
Tanners do not have to leave 
the country m find work, even 
if not actively engaged in farm- 
>ng themselves. German 
Governments vontctnl that this 
policy has restricted the pro- 
lelarianisni uf many other 
industrial societies. 




■■ •. 

i , 

[ 0 .1 






f 9U 


Factors 


MM 


ffryjpf 




F'M' . ' ,[^^,^,,1; LuliyOltwh , - ' ' ( Ml/.' Ii- i/finl :i; 1/ic /,i 

these are supported not only ai ™ the bucky round. 

EEC levels, but enhanced by 

Am.,nm! n ri l i^o^°t n,penSa, r ry e In adt,i,mn . v,v « f German cent at the present time, while historically and gongraphicallv 
Amuunfis designed to equalise farmers enjoy the prntecimn of exports from Germany to a supplier to ihe German 
' J iie5 a> between member a further 7 per ..cnt on prices Britain will enjoy 3 suttiidy of market, complains tone and 
S“ lH n sp ‘f® of curre T v due rn the refusal of the roughly the same amount. This Imterlv ihat the ^ high prices 
iahfe b M »h T ^ e n nS f M" h f Government. under farmer explains the impori at ion of c .,n- which German farmers enjnv 
2l" e * # of th * Deutschemark pressure, to follow the revalua- »iderable qiiariiim- of German are imreasin- production 
against, say. the franc, should tion nf the D-mark wnh one of butter and beet which at times which will *hm them off more 
allow imports from t ranee to the Green-mark on which farm disturb the Bmi-h market. and more from what should he 
undercut home production. To prices are based. The result of Britain- -it n..r the only ii,c richcsi marLt in Eurnoe 
pretent this a variable levy is this altogether is that fond cmiilrv where t aimers are com- German* 1 ih t *v claim should 
fffrllSLiS importh from imporu from Britain carry a plautina al^m- this «ub*idi*a- a.iopi ihe historic ml, -of other 
Gar vonnfr.y. , combined levy of about a* per tion nf- --exports. Denmark industrial powers which used to 


import fond in exchange for 
raw materials. Eritam is an 
example the Germans show nu 
signs of following. 

There is a erey area of which 
some other Community 
counlnc.s com plain. Ail hough 
the passage of human beings 
across the border into East 
Germany is closely controlled, 
fond and animals seem to suffer 
nothing like the same restric- 
tions. Surpluses from «he 
German Democratic Republic, 
are allowed free cniry and no 
check is really made of them. 
There were complaints at the 
time of Hie beef surplus crisis 
a few years ago. that much oi 
the trouble was caused by 
impnris from this source. 


For instance in the pig 
industry German prices are 
running about the same level as 
those in Britain, while the cost 
of barley. a main feed 
ingredient, is 05 per cent higher. 
Sm-h a situation would hy»-e 
brmighi an almost instantaneous 
reaction among British pro- 
ducers. with a fall in m.w 
numbers and general cries <»f 
disaster. All hough the German 
market has been in this situation 
for the past six months there 
has only just been a sign of j 
very slight reduction of ,.iw 
numbers, and uuiput overall is 
still rising. 


Asset 


Lange nbuch's Lublrauenetiji cineyarfi in Worm*, until the famous Liebfraueukirclie 

in the buchg n >u ad. 


British farmers complain fhat 
with prices in main- cases up 
tu 40 per ceni higher than »heir 
own. German farmers are spoilt. 
That these high prices arc 
encouraging the ovorprnduct'on 
which could well in the end 
swamp the Common Agricul- 
tural Policy nut of existence, 
while the MCA's undermine 
their own markets. This is a 
natural reaction, but it should 
be said that in arguments of 
this sort litlie notice is taken 
of relative costs in the two 
countries. 

In Germany labour costs are 
about double the British level m 
sierling terms, and the cost nf 
inputs is in the main materially 
higher. But the fact is ihat. 
except on a Tew larae farms. Un- 
employment u r paid labour i* 
almost nil. and that ihe labour 
force of family farmers apd Dan- 
timers does not reflect current 
costs in real terms. 


The capacity nf family labnur 
to absorb punishment of ihis 
sort would be a considerable 
asset if ever the MCA defences 
which protect German farming 
were to be removed. The 
sophisticated labour intensive 
factory type farms, however, 
efficient m Britain, would. I 
believe, crumble in a competi- 
tive Tree for all with the German 
farming population, determined 
to remain farming albeit with 
the help. of part-time work. 

It's this resilience, which I 
believe to be West German 
farmers greatest asset. Far 
more effective than the political 
strength they hold through tne 
mechanics of the German system 
of proportional representation, 
which could in the end be 
eroded by the vagaries of demo- 
cracy. That, nf course, added 
to the excellence of the land 
and the good husbandry they 
practice on ii. 


















.s 


36 


r 



OHS. 


DEENKARD GREEN LABEL 
Areally fine moselle. 



SahJsen Biscuits (U.K.) Ltd. 

3 Alliance Rd. Westpoint Trading Est. London W3 
Telephone: 01-9923973/4 

Supplier of finest Biscuits and Cakes 


GERMAN FOOD AND 


.Financial Times A 

II ■ 













over- 



_v> 


fV- •- m 


and the consumption of. other milk end hotter S3i^,c0igj^6h. ;an&-.' a: Hnnfeer .sfideas 


h«VnK- f imnned hv some 00 milk pndsets such as cream to most 
in. farmers, u-hn ran i«.,-o !hp cows milk deliveries has risen by increases— in no *a> make up « . int. ihuj pro 


THE WEST German dairy in- farm’s own resources. H also 1974 and 77. the number of cows 
dustrr is accused of being the 

main source of the Community’s ucuiariy attractive to pari-ume pci ixnumu we uu^u.. — m*k* D d of steam The only possible de&W»mr‘fhft.[P>r*. ■ ~ ~ 

butter mountain, a charge in- farmers, who can leave the cows milk deliveries has risen by increase- in n - P tination for surplus milk' is^nto redu^iincl^TM^Prf^^ 91 ^ 6 

Uignantly refuted by German to be milked by tb“r wives and 7 per cent, mainly thanks to an for tne fai. in l«iu.d offtake. . 

sources, who point out that the families while they go to work, increase 
reason the country has the lar- There was a period about eight An increase 

gest Intervention stocks oF but- years ago when there was a has been a feature of German per cem over ure 

ter is that the strength of the temporary butter shortage in dairv fanning since i960, bur takes between 2o ana 30 kilos Ilieu • . - r , if- mum**** * n 

Deutschemark. insufficiently the EEC, and manv ob^rrers even more signficant has heen uf milk to make a silo of batter. - v : v" S 

compensated for by the Mo.oet- u, ought that this 'heralded a the increase ic the amounts and the 2 kilo fall in the con- As the holder o£ ^ 

ary Compensatory system, at- decline in milk ourput delivered to dairies instead of sumption of butter per heed surplus up to now Germany ■ t ?“ 

• ’ been .blamed for -iff farmers would 



Big 


heed 

tracts stocks from other member generally. Farmers” and their being consumed at home in the means a loss to human consump- been ..blamed forijwiiy^gjg^ 
countries into the German In- families were rebelliir-* against production of calves, etc. These non of anotoeraO kilos of milk supplies on the Brt^^;ii^fe^^^^?^ J -‘ I0 vbycrce«ie them , at 
tervention stores. the tyranny of milkinc cows, it have risen from 4.3m 

I960 to 20m tonnes io 

the trend i.-? still cnntino<*>-*- - ■— - — — j> wj---.-- ■ . ---. -- 

This has undoubted!' 1 been has rectified the position total available cou 1 cTinb re:- than f 0. e pemtent on purchased ‘cam- 
infiuem:ed bv the firm' market slightly. Cheese absorbs around exceed the New Zegjkod^tioriE' PmlB^-afld^athave -all hasfc-Bi 
provided hv The CAP Iruerven* 10 kilos of milk per kilo of o£ 120,000 to n nes wMtftbe&MBes • remain- , ifi 

' 1 * — — j c#% krmne ■ «•_ TAnn.,".r«: ‘f ilVlH TWl- /iln a fqmrTir" UitnMH 


It is certainly true that the was claimed and were ^Ding 
mechanics of the Common Agri- into industry everywhere- 
cultural Policy fCAPi do make 
For one European market, and 
there is scope for these move- 



Ge 


Wrong 


ments. But the fact is that West T j lis view h h nr nv r fi tion system. 

Germany is at the present time wn mg in the event and althnuuh At the same time the 
producing more butter than the j/, ere f, as f, een . .. j- y.i per sumption of liquid milk 

rounuy can consume. The latest reilt in ^ nttmbt . r ol c.«w- fallen wer the period f nun . - . — - 

Ro,,M “"* c ,inn fr ‘” riDC **”"■'* keepers between lhc years kilos a head to 52 kilos in 1976 which has oeea. like the fall in its wits' end to 


figure was 150.000 tonnes above 
present demand and some of it 
is being expensively exported to 
the British market, the only one 
in the world in deficit. 

it would be unfair though to 
-ingle out Germany as the main 
culprit in producing these milk 
surpluses. All countries are 
sharing in this to a degree, and ...... _ 

«t is estimated that total milk THE SUCCESS of West German first five years to help it become Centre 
production of the EEC this year food producers, and processors established io bring together bridge, 
will prove some 17 per cent over j n selling their foed ana drink t,ie , food and drink producers 
probable demand. and processors to 


cheese produced and so brings due for renewal $a ^ fjfimSig - ' Pb.G* family labour 

in the deceit back to 10 kilos. - far no one knowst^.aaipiB^b^ many 

If iw« Ir AM, mm though thsr the » this particular jawteU.-. ^i^m geiittaa^- ettnaa^ 
nni S2 increase in cheese ct»n c umpiion, -The EEC Comni^slapr^at V'v-'v-^ig Z . - . £= T , 

n lOTfi rafHir-h r. zc riofl.i lilro the Fall in ife wile’ *»nii In stMli 


Marketing 



in London's Knights- activities in the 
It is the only one dis-. store promotions -it^i 



products to the British bouse- 


onaqe. ir is me oniy one tns-. srore promuuuiib ta • 

Dlaying German food in the UK encourage sales of ^ ' 

end although operated .toy. tire sale- "One •T.'ghgbM 'SiSSSlSSKSfi 


ensure that aria ammusii upvraim .uy. uie sow. vj. «»* -. -a^ajsvw Hrinfc’i»<w>rts -This-itcn nn'dhpA 

Tho various measure* intro- '.n .. " T market demand was being CMA it is financially iadepen- Is that almost -tvezy,;3f£ft)ct thei^^S«'fbHrtb‘S?e heMfifi 

. wife can be traced to a nunioer crealec j fulfilled in the most dent of the agency.- being group — and therefore . itaI^:- ; .3ToIlaritr^ '-aid^^France 7 if tn 

n+r . rtrirQ fn/lrl 1 1 l~>mTrt TTlf Tl t* iH 'Tifi •- i. ... _ . » 


Under the legis- required to run at a profit - 7 store food department- 

The centre provides, however, involved/' points- rout' 


to have been removed from the 
national herd during the past 
year, helped by a premium sevenfold 
scheme, but tiie latest census nianv - s 
shows a fall of only 30.000 — CMA 
which could be no more than 
the seasonal variation. Tins 
demonstrates that it is almost 


tb^^^^papqrtingj rougeies 1 ' 
le ami'] taHf£ -'for ' Gero^i pre- 
ducer r ' • ; ' 7 v $ ■ ' ^ - 

Mnosi;jgqpuWikGerman 


duced by the EEC to reduce this nF r- ntr .~, - 

notk ..vppcc ha vp had little pffect 0 . .* ac * ors « ,n pafUculai. effective way. u«wi u>c n 5 i?- 

in Germany as anvxvhpre else in Bntain s membership of Uie jation setting up the CMA all ine centre provides, nowever, *“' uiks:u * h»""w , 

Se Communitv For Instance S uropean Economic Cominl,nit> '’ producers and processors have a permanant showcase fw .all Bettin. “ Each ipdindual, 

snme qoooo t-nw* werp si nooid Bu ^ witbout doub l of to pay a certain sum towards its the food and drink prodbrts motion is discussed ..nu< 

some au.uuu cows were, uppo.eu majn reas0B!r for flje startling finances— the actual amount is Germanv offers and the CMA wth the parhcular.retaller-^f^^ro^^j-^-.^,^^ 

growth m sales of German Foods based on a complex formula believes it is effective in show- wholesaler concerned ^apd w- ^ 

in the UK— now over £550m. a relating to the-size and scope of log German food in a 7 real tailor-made by the VUK martwH— 

increase — is Cer- tb e business, for example, the “selling" environment rather his requirements.”!, bie^;the steorkt : hih8t 

marketing agency Uie number of head of cattle held than in a “sterile” showroom. , 

by a farmer. About 60 per cent, of the TrajniTtCF 

Marketing- The amount raised in this way QSA's total budget is spent on ^ nt i^»einnan •. wines. * All ' llie 

Deutscben — this year it provides the CMA marketing in Germany -itself. The CMA providrafeaimnglbn imfieaffons are -that Britain- will 


I* — fcwt’. 


The Centrale 
esellschaft der 


^.imnottabt j^rodnet, : with 

■; per cent: above ^iftsc 
.•^ nf ^iEeffaan ■ wines. ' All the 


and sterilising the land. 

This is the case in most farm- 
ing countries, but particularly 
applies in Germany where 
Farms are small and the opera- 
tors have no other forms of pro- 
duction which can return the 
same income as milk from the help nf Federal finance for the 


mm swh at country m-me wortet tor German ■ 
ring centres, bed^by/flte pud- of fftfcjWr’ / . - 
ttini Mitfitdre.' overtalrii^ Eran'ce/ ' r - / " ■ - \ - 


mnossibJe'Vo stop niilk produc- Agrarwlrtschaft — in English with a total budget of £20ra— is with the remaining 40 per cent German produce tfofc*Fetai( im>- hecome the^bijtRRSt jmnbrtirtg 

tion bv any means short ot the Central Marketing Organisa- only a tiny proportion of the allocated to helping exports, visions manager jfod staff at ^^try in the world fbr German 

«hnnfinT thp mw« the farmers ti 00 for German Agricultural total value of sales of German According to Mr. Kart Bettfci; the retailers’ own 

* ' ' industries — was set up by the food and drink both in the CMA's director in Britain, the And, says Mr- 

German government in 1969 Republic and worldwide. But CMA has a 'ride variety of promotions ajohot -simper ottfe- ■ :WhHp th e ~ GBiA 'has 

w'lth 
the 

and ... ... _ . _ ^ » 

Republic and abroad. most effective food marketing in the UK. aver the medium and long term OW res -]rnuii ' 

The CMA was setup with the agency of its type in the world. The main job of the CMA^js as yell ak in the inmjediate\ !nTotte EEC ?izt &T3: TOs 

to provide a Channel of qem- durattpn of the pronjotipB.'* ntfeafttf 5 - - -otily ^ trade 

municalion between producers- Bu,t the, CMA : ; . also acknow- bafrier^ : ind"‘ "tariffe ’ Avere 

in Germany and importers and ledges that 1 a successful market- the Briti^t 7 ctmsiimer • 

distributors In the UIC' It does ing operation is ^t. simpfr. ^^p. willing to ~trv 
this by constantly Monitoring based on organising^ .promo- ^ernjan fbotisbeoat^J 

retail a iffpr^hH^ Tras na^atig. ^ 
Sitsted iia- • 

_ «y ■* “* «“.v vvew, Ji, levels to ^iose^of it 

The~CMA _ ha"nclles ! erprets aDti disseminates this German ’ — ‘ - • - • i S 


/ 


Germany’s rich pastures 
are amongst the world s finest 
Jn factGermany is Europe's 
sccond-laigestdain--pnjdudng 
ndLion. ^ 


Delicando is the official brand of the 
German co-operaii ve d au\ - industn‘, wi th 
nearly 700 dairies throughout the country. 
The butter is distributed here by DBG, 
Lovell & Christmas and CWS. 

/ 

/ 



- 




J X> •Sr / 

...... vwJ't 



T very pa cket of Deli canao 
bears I he ofiieiaJ CMA Seal 
ct Approval. meaning that it 
meets thefiricteststanddrds 
ol quality and lrcshncas. 


DcHcanao’s premium-quality 
foil wrapping seals in all its 
freshness and flavour 


Delicando is packed straight 
from the chum and dispatched 
directly io the Briush shops, where 
housewives recoanise its out- 
standing freshness and quality, and 
have madeit brand-leader. 


Now you know why we’re 
Britain!: favourite German butter. 


Delicando butler is available 
from DEC i European Marketing! Ltd, 
Lov«]| & Christmas Ltd. and 
Co-operative wholesale Society Ltd, 
miK r",cnn:m Diun - Pmdiieis I Jmi'vd. 
i2.Tlwtirct.ii. I Uctmvjnd, Surrey -1014 


Delicando, 

Britain's favourite 

German butter. 


Increased 


l 


In fact no other country in 
eluding the UK has anything as 


r 


__ by constantly ^ionitoring based on organising 

comprehensive' as the cliTfor L_K fo ?d seegfs in whig tion through a . grou - 

marketing such a wide range of ^ erman products.^, or might stores: or cash^Bd^arfltunits. fce-^UK.t 

food and drink both at home ho - represented * The CMA in- "Any real ^succps;jn -§^3 Iwrels to’., — 

and abroad. The CMA handles lerp rets and disseminates tins German products ,vod&^e m ^tbatG«^Kfffood'became 
every tvpe of German food and ^formation to both the German almost negated tf we couMfct mor^pfleb^fc^tlve: 

«7nh « h»*r G9 „ E9 o M exporter and UK importer, to guarantee .JWO per cen^supwrt. Tbe gftiwth oT^erman-ifood 

help them more fully under- from the importers.” -points onL-was ^^/'iielped by ri -greater 

bettin. “And I «*n among consumers 

' J '“ ' ' 1 CMA’s 


drink such as beer, sausages, 
oread, cheese, butter, cakes and 


. . ... ™r" ", stand the particular UK sector Mr. Bettin. 

biscuits i epuon I y here they are selling. wittr absolute; assuranee‘‘ that . > 5Ifost«T^d ; Fv1bv’ ■ ' The 

Again, as part of this func- the CMA 1 i— -■ ^ 


wine. 

efforts 


But even so the CMA's 


oc ' f r3t rr tion, the CMA has to keep in working 
awareness of German foods and c|ose touch ^ ftc ^ retai , imp0 Sf re 


, . * , ..itnKl.r J lUUV** LUW vrix 1VUUI Vi v*v * UIWU i-UVV «UU 

drinks has i inevitably increased and ^joiesajg trades and feed drink than have other .piwatiles, 
the demand for German wine. -- - - - - - • -- 


... . , _ A f?ctb£ vassfhtf ; ftct - 

fnr „„ them with any mformarion with their unporters."' ; . th^Tbe UK's food^ffi^ibUlion - 

-, 111 ^20™ about German food and drinks The success of t3^e ^ 

allocated to the CMA each year W hlcb may be of help and actirities in the UK has ina^e 'ti ve'^S^Ifinnaii producers are - : 

the industry has a marketing interest. This is earripri out tbp. Rririah . -market rile fastest _1.7_ - 

operation in a network of 


in a 


:st This is carried out the- British, onark^t the fastest able -^lativelyc easily.-tn. Tget' 
_ . . , , _ . ... - number of ways, such as growing in the *orid for their^ Tiroducts- -into a" number 

offices around the world, includ- tra( jc exhibitions for new pro- Gerraa,n - firod and drink grpr of uk stor^ arid^stdiermSrketil 
ing the U.S.. Japan. Italy, dllPts . The CMA also provides dw&dtoOTl the UK ImpopM 01 


mg ine u.c*.. uaj«in. najy. ducts, ine uu. 1 * aiso pronnes auccs- -in-JV/t tne ui\ imporieu Qn«» iri the fltrire^vhttwever 

Austria. France, Belgium, the studv tours to Germany for Il0,00ff :. tonnes of Gep&an th e food arid' -^rink 'rtrtSiucfe 

Middle East and Britain In reta j] buyers to visit factories, food and drink, a mere ifper ^ sellers ^RetiiifciBbup& 
Germany, the CMA has a full- farms , and dairi es. cent if ell West Germai.: food 

time staff of just under i<l but The CMA also carries out a exports. 3y 1973 this had risen. ^=.-1 have alriwsr^^^it 

its overseas offices have only a major advertising and media to. 188,000- tonnes, representing -pwcention claimed the 

bandful of permanent staff, pre- briefing programme on the somk SIper cent of German food, rjermarf fWod and. ftrfn^imimo- 

ferring to use nationals n n an merits nf German Fond and exports, * '* german wpa ana.iffmK promn- 

agcncy basis where possible for drink but it does nut prumnie 


‘■tefft 


_ ■ . tlon I’as 'heen the biggest sell- 

But* by 19/6 the picture tad* ing and the most excitiiiir they- 

specific tasks such as in-store one particular brand over changed dramatically- with a haw ever Tim ” Mr Bettin 
promotions. another. record 667.000 torines of * 

The CMA's UK office is But probably the most im- German agricultural products JJ&.'VIQ tJlUraillL 

located at the German Food portant feature of the CMA's imported info the UK. Last Consumer Affairs Correaporf^ait: 


More meat exported 


THE BRITISH, who for cen- 
tunes have ploughed their way 
through mountains uf roast 
beef and Yorkshire pudding 
with a certain fear and loathing 
of exotic meals, now appear 
enthusiastic to nurture their 
palates on foreign foods. 

Chinese. Mexican. Indian. 
Japanese and — increasingly 
since our entry n> the EEC — 
European food has been bought 
in greater quantity. Before 
Britain joined the Common Mar- 
kei. West Germany exported 
little to the UK. But a reduc- 
tion of nne- fifth in duty until 
its eradication last year, plus 
a low rate of inflation, has 
brought a touch of Germany to 
the British consumer. 

Something in .the region of 
1.420 tuns nf German meat and 
sausage were Imported ir> 
Britain In 1971. Then, total UK 
imports were a mere 2 per cent 
of all West German food 
exports. 

Since then, however, sausage 
and meat imports tu the UK 
have climbed steadily. Last year 
we ate around 5.500 tons of Ger- 
man meat and sausage, includ- 
ing tinned meal. OF that. 4,122 
torts were pre-packed and loose 
cooked meat and sausage, an in- 
crea?* 1 of 7} per cent on 1976. 
The figure for this year looks 
likely to exceed S.00U tons, ex- 
cluding tinned meat. Up to the 
end of September over 3.640 
inns were imported, making 
Britain the «/>rnnd biggest buyer 
oE German meat and sausage 


after the Netherlands. 

Cooked meats and sausages 
were fourth in The total West 
German food and drink export 
league until recently, when for 
lln.* first tim« cheese exports 
surged ahead ami relegated 
them to fifth place. 

The West Germans have mar-, 
keted their product not so much 
on price — which in some cases 
can still be double that of a 
British product— but on quality 
and difference. 

There are strict regulations 
governing 11k* manufacture and 
content of meats and sausages. 
The Federal authorities with the 
cn-operatinn nf manufacturers, 
consumers ' ami nutritionists 
compiled a "White Book for 
Food" which stipulates the 
exact ingredients and raw 
materials for foodstuffs and lists 
optional additions. Sausages and 
cold cut . meats are also 
registered and at least 141 types 
of boiled and raw sausages have 
been defined. 

These guidelines by no means 
standardise the different 
varieties of sausage. The only 
general rule is that German 
meats and sausages contain no 
flour, starch, artificial colouring 
or preservatives of any kind and 
that all German sausage* are 
100 per cent meat. 

There are four kinds of meat 
and sausage made hy the West 
Germans: smoked meaN. pre- 
served sausages. scalded 
sausascs and boiled sausages. 

Most of the. meat and sau^ee 
coming into Britain is, pre- 


packed for delicatessens. the 
catering-.:, trade.;' indust real 
ca^ntefensh’ other small outlets 
and-* big chain stores such <rs 
.Marks and Sp'encpr and British 
Hnirie Stores, which buy German 
meat jind -sausage for their pWn- 
iabejf brands. 

.'Sajdr -Supermarkets, .. which 
take M&i of meat and sausage 
i rappris; .however, buy in' .bulk 
awl; package ‘ some of the. 
products in Britain. . Other big 
duflets.f are : big department 
stored, toiod 'halls, and they, like 
supermarkets, purchase."-. -their 
meat. : and sausage selections 
direcjiy . tom • ‘ the 1 -mam 
Importers. 

./One -of the biggest .Importers 

Art land, followed by its -sister, 
enrapaivy,' Herta. Naifce.;:whtcft 
operates 'a distribution network^ 
desrfs: 1 only ' rn sausages. ’■£ The 
fourth - leading importer I "is 
Stackmeyer. ' . : • ■' 

’ ^Gerihan cooked . meat. .' ask 
sausage- is; now. sold, throughout 
Britain: -The Central Marketing 
Organisation for German Agri-* 
.cqitu re I CM A i ru ns y ear-rnuud 
advertising djripaigtjs : to ' boost 
saiei Apa.ri from a generic 
.advert i si op- ca mpaign, CiTA >Lv> 
promotes meat and sausage-’ pro- 
ducts by setting up supermarkipf 
food rasirngs in l.50ii' outlets.. 

Although', there are ground 
i.500 ..varieties of sausage alone 
available in' West - . Germany; 
many nf them- $ re onl y made ih 
small regi oris arid in such. sTOsll 
quantities that it won Id .not-ta 
economically viable lb export, i 


- In Britain, some, of theLropst - 
popttlar. bnmda ...oE sausage 
Included in ; the' ; preserved 
sausage * 'Or V-Ttrfiwurst variety 
are- gala mi, . teewurst Snff ceriffi* 

I at: They airelppg-tife sassages 
which . have been preserved by 
smoking and alr 'dryirig. -? - . 

Tiie • :• BrilhwbTSt- dr scalded 
-sausages - .intrude’. ' the : , fariichfs- 
'frarikfurter-, “^-'and. bockwUrst- 
These ardthe fiiieiymincedVrieat 
sausages whidt are only sUgfifty 
srnnked'ahd meri‘ scalded. 


•/ . The last . range - of sausages: 
available ± are 7 the -2- boile.cL jbr' 
Kqckwurst • . ^saSsages. ■: -whirit 
are' ffver. ‘ ttkisie '■ , arid: ' bla^d - 
.sausagQS_and^h rawr^ whfch aye 
steam codkea. or-.bqiled.- . These 
I nclude ^Utipen-wUES^ 
ind lebrnwiirisL..;'.-: . 


-r*‘ 


. The^- smofeed -.-or 
meats fall ver^rrmpeh iatprSie 
-rnbmrjty. One iftWf PrppM” 

iar . meats iy. Wes^haiian ham, 
although" bdter;" ' eye^t ehhig 
rnantes: sat^'^kriocks^fcken,. 

^kassler. -f. .rippem^e^Tv^. , smd 
Lacftssch irik«n'ffre rproduce&'^ 

' \ST 

.tb^-iaiieiy . V.J : 

■products. vri.IT ^treti;h. ^bfdtfi|r 
.products,' ^C;ppoj6i‘?effv-iaIfc> * !;■ 

Took Igond.'; ' V 

dpuple . oof 'yedrs'r/The jBertitih 

• 'XO’i-Z *- 

h iv.ei.atl.-Teally' da righ’t^off^CMA • * , l • 






i:T» 


V 





* 


;Tfces-Th'w:sday NoW®ber,16 197S 


GERMAN FOOD AND DRINK HI 



If®8 iflntage 'better than predicted’ 


AS WH® many other things in volume • terms* 150xn bottles) *to about 330 22 per cent on 1976. The UK im- price stability in the wine trade “ produce of the EWG," which 

life, quality and quantity seldom. France, SpaHuA-.^je: USSR, countries, an increase of 12.8 ports showed a slight fall of in Germany which has allowed indicates to the German custo- 

go together as far as wino- is Argentina, .1 a ®d per cent tn volume on the pro- 1 per cent. They were 5.24m exports to -be built up. mer it is wine of the EEC but 

concerned. So it should come Portugal, J“ r vious year's performance. The gallons. To gr£ somc perspective to does not mean much to the 

as ; ho. surprise to find that. In in Germany, cutfe'l£pL m ‘228.3m value of the wine exported waa Canada took 2.64m gallons of the progs® 58 m the UK you can average British drinker, 

spite of the: considerable, repii- gallons, most TOn - equivalent to £97m. tlie highest German wine, up 44 percent on look back to IftTu wh<*n sales of The importers of German 

tation enjoyed around the world sumed— or w!H_ he oonsumed — ever. ^ 1976; the Netherlands l.98m German wine amounted to wine to the UK were somewhat 

by its vine. Germany' is a fe!a- by the Germans theiflstf ves. The t esport aurkoXs 8 an ° ns - U P 18 P er cent - Den- around 9-8m bottles. That rep- concerned. After all. they had 

lively small producer. - However iri WT- Germany wore headed bv the U S which m8r ^ I 52m gallons, down 6 per resented 8 per •.-••at of the total the reputation of German wines 

itifts -eis&th in tbe-llet of exported a 26m. last year imported 9.46m. gallons “ nt: Sweden 1.12m gallons. market for tight vines. Last at heart ami did not wish to see 

the wnte biggest- producers in gallons of wine (that** around ot German wine, an increase of d °" n 2 per “2 l; Ja P an 6,60 ?° y « ar ’ s -®L“ rtv 1 5tn bot1,es ,l damaged in any way. So they 

• • - _• /. gallons, up 1» per cent: the gave uermanj J_..t per cent of drew up a code of conduct 

Benelux countries 572,000 gal- the total light wine r. 




;.V' 


for 


German: beers 


■BRITAIN IS poised to become UK This has tendfei-to limit the UK and Henningei Kaiser - . 

JSl’est Germany's biggest beer the range of Gerriiah*^ 0 ^ avail- Pilsner. Courage claims both the volume oF German wine im- expensive German 
-export customer this year, with able in Britain aiui'^o to lead beers arc selling well and adds ported to the UK, the value almost hopeie*'- msk. 


market. about such things as the label- 
ions, down 10 per cent: Australia More imponanr to the pro- ling of the blended Common 
440,000 gallons, up 25 per cent ducers,- perhaps is the growth Market wines from Germany, 
and .Eire, 220,000 gallons, up 1 in Germany'-* .share of the cash and this has gone a long way 
per cent. from total sales, in 1970 towards preventing customers 

This shows the importance of German wine.s accounted for 12 being misled. Fur example, 
the UK as a market for German per cent of the value nf all light the origins of the wine have to 
wines, because it accounted for wines .imported in tIi? UK and be explained in the language of 
more than 20 per cent of all last year' this value share had the country of sale. So bottles 
wine exported last year. And the grown to-20 per cent. nf EEC blends to be sold in 

British actually drank about But last year was a difficult Britain are now- quite clearly 
twice as much a head when the one for German wines in Ihe bbelled "wine from EEC coun- 
popuiations of the top importing UK. The excellence of the 1976 tries.” 

country, the U.S. and the UK vintage coupb-d wiili a weak The 1976 harvest, which pro- 
are compared. pound made the search by duced an extraordinarily high 

Although there was a dip in British shippers for the less proportion of top-graded wines, 

wines an was. fortunately for producers 



Hites 


-amort customer this year, with able In Britain ami also to lead Deers aru selling well and adds ponea io mo up*., me vaiue aimosi ■■ •■<*>«'. and consumers, followed by a 

German beer rapicing second towards marketing 'links wiih that although there are no jumped by lu per cent to more UK compimrrs wire also feel- gi-ori commercial harvest last 
•only, to Irish beer, imports by one of the inajar35titish brew- plans ai present to brew either than £i9m. ing the- squeer-.* on the pound year— one in which elegant and 

volume. ing companies. - - beer m the UK this might That still represents remark- in their .pocket .md in 1977 fresh wines were available in 

_ ’ . . _ I hwmrit happen at some future stage, able value. The total takes no price played an important part good quantity. 

Vwwiarf iw^Ses *?n UK nf Wp?rSn-f°So^d canned ln addition to the Dial Pils account of duty and VAT, of in the .decision about which This has already been 

Gennan beer sales in the UK of Germ an and Pilsnvr Courage is test course, and it shows that the wine to buy. fleeted in the imports to the white table wines and some of when they are drinking German 

during recent years is thexesuh and draught beers WW* 1 " jj* marketing Satzcnbrau Pils real cost of a single bottle wis The shortage of cheaper wine UK. which in the first six the strangest reds— most of the wines, will continue to choose 

of several factors, including an UK Mr. Bettin believes tnat.tne den ., opc(J fay ^ Harp consor . s im only Glp. up 3p from 1976. in Germany led io sonic market- months of 197S rose 20 per reds are so light-bodied they from the list of extremely re- 
nt and h re wed in Ireland. Bearing in mind the transport ing problem!* in Mu? UK for a cent in volume to 2.Bm gallons look like roses and taste like liable branded wines offered by 


a degree or qualification that fine German white wines 
achieved with honours. There should be drunk on their own 
are five ‘ distinctions” within except for a dry biscuit to 
this last category: Kabinet, nibble on. 

Spatlese, Auilese. Beerenaus- Such wines must be reserved 
lese, and Trockenberenauslese. for special occasions, of course: 

Some of the greatest white even the Germans themselves 
wines in the world are produced find them expensive. 
re . in Germany, some of the best Most of the time, the British. 


accompaniment to food, 
although it has been suggested 
that they go well with a ripe 
peach, some other fruit dishes 
or dessert. 

But my colleague. 


the shippers. Those do offer a 
suitable accompaniment to the 
right kind nf food. 

The latest news from the Ger- 
man Wine Institute in Mainz is 
that the 1H7S vintage will "cer- 
tainly be bettor than predicted.” 
Earlier this autumn the Institute 
suggested there was a “good 
chance nf balanced wines. " from 
the harvest. 

A cold spell in .Inly resulted 
in some damage lo the crop and 
as a result the 197S German har- 
Edmund vest could produce only about 


a* 

to the 


label, lion " beinc used in the sense of such things, unit advised- tr.e 


Kenneth Gooding 


0f w ,f "«■» Md hi*md in .Ireland. neanna in m,„o me .ranspor, .ns pn-— un. .or a con, in von 

jfitfre effective distribution-, pro- available in the UK Dnrtimmiler Unioil, Germany’s and other costs which have to while. The German merchants (about 16.5m ho tt lest. whites. 

! ° e *Pond at toj.JP i aT?tvl brewers owned in part be faced, plus the strength nf searched for wimu to make up The wine laws uf Germany The British drinker has a ten- 
Timfjortantl. , th lejeneraf growth about one new bram^*^. by the Bay«risch Hypotheken the D-mark compared with ster- for the' absence of iheir home- arc the most comprehensive dencv t o indulge in table wine 

in sales or tagers. Against this backgrb?H«. and Weehsel Bank and the ling, th*' continued lov/ cost is produced types So more and and coin plica led in Europe and onlv when he is having a uieal 

/.According to the Central petition in the UK ;Ge.Man beer Dre«docr Bank, markets two a tribule to tlie stable pricing more of them turm-d to blend- jrc also the strictest. The and th j s complicates life some- 

.•MarKetiog. Organisation ; of market is clearly tottt£»dp with heers in Britain which ar e sold poliey maintained by th>* tog wines from other Common quality cnntrul is refiecied on W hat F»r rhe finest German 

: ' Gf«man Agriculnirii Industries the-market leaders 1 !!^ 11013100 through tli e Victoria Wines off- German wine growers. Market couji trie- m an attempt the label or any bottle. Ger- v;hll( l s are h etter S y mD ied on 

i - iVZ&iA), the UK imported 50J8m spending large adver- |i te ncc group, and which are This policy has been possible lo come up with an acceptable man v.ines have been restricled iheir own rather ihan^ as an 

. ; . -li^ejSr (11.2m gallons) of Ger- Using campaigns to new widely availabie in Indian because of German efficiency substitute. in three qualities since the 

/ maxthaer in 3977, an increase of rivals. restaurants. Dortraunder Union and rationalisation in both viti- When some of this wine regulations wore tidied up si " 

■/ ,3& per .cent over .1976. This Hoisten, an old:<3fl?ra^ n ^ eer Pils is a medium strength beer culture and viniculture. While arrived in Britain in the tradi- the beginning of the 1970s: 

placed Britain second to France. from Hamburg in Ger - 1 104-i <t i . while the Sprial beer other countries have seen infia- liooai Ger man -style bottles, there is Tafelwein (table wine): 

• j«- the Gennan' 1 beer export: many, has been ^ has a higher strength and ifi sold tion up to 20 per cent a year bearing labels with the Gothic Qualitatswein (quality wind 

league. for 16 years and'd^PW^to be j n bottles and cans. at times. Germany has never print and scenes nf fain- rale and Qualitatswein mir 

/ However, Mr. Kurt Bettin, the market leader " both There are five other German experienced inflation even castles which the British asso- Pradikat. the highest classifica- 

^irpctorol CMA (UK)- predicts volume and value It is be ore available in the UK. approaching double figures. ci ate with Germ an wine, there non and one that can be Penning-Rowsell. the Financial three-quarters of last year's vin- 

- -that' the -figures for 1978 will one of the three -big$E^/West Beck, the Bremen brewers, is German wine growers are was bound io be some vunfu- roughly translated as “quality Times wine columnist who tageof22Smsalh.ms.' 

'revwJ-a-4^ P.er- C ? nt increase m German brewers an^^cas the niDSl wjtleiv sold German apologetic if their prices move sion. Especially a* the wine with distinction.” with "(list inc- knows as much as anyone about 

.' -Germturbeer exports to the UK largest slice of the'/iwrthem beer sJllmc in 140 countries up by 2.5 per cent. It is this was, according 

'.over 1977 , ”* taking the .total German market producing throughout Lhe world. Beck's' 

' German beer importsof canned, a bow; 50m gallons^ ,q£/^eer a beer is sold through off-licences 

• -bottled and draught -premium year.-. - and independent breweries in 

• .^latgers tO; 70m .hires (15.4m. , ;^v. ■ Britain ;md is available in 

^gallons).-. Three years ago, Mr.^ ^ '’PrptfliiiiTl ’ •'■hot ilea and cans. 

■Bettin says, it ywes difficult to A' 1 CUllllJLll . .,. 

.Wiiade rtqim a^a^rs. to - Hoisten n Pilsner, a ^niiuin' MerSed- 

N™ttarsltoation has S . .D^mundcr Killer, now part 

Dortmunder Union 
sells five 
or cans ia 
Dortmunder 
Brau, Kraf thorn 
5chultheiss Diat 
Bhuribution is through 
Orpington, Kent 

S»™n,h'e^: u£ •"<> tfieWer.:^ .v.lUbta in 
.-Indeed Mr., Bemo- infers. •*""» «*•". .mipnpndcm nff- 
/ . . talk -pflt as ".Lager-type ” betr^ 

• ’ Historical^,' I German Beer- 

.pfStion - control led . hy-figg - — ^ t ^6w^nVs '** Midlands. 

.; laws - (remh^tsg^ai) VeceAly redWoped Mortla'ke Dortmunder .= Hansa. now 

with individnat, .beejs dlstl^if « JlT iri P r.n • merged with Dortmunder 

■ • fgnished by strength ^ With ge: Ho]s 7en JSstributors also im- AcUen.^ 1 ^ beer nationally in 
-expeption of emfachbier (lOdft ports Hol^ten Diat Pils. one of Gie UK through the groceiy 
, jheer) German Wrs are ** t Vfirst tew-calorie, low carbb- ^ade. including Safeway. Tesco 
i^eer than the majority of hy(frate beefs t0 be s0 Jd in the Waitrose cash and carry 
.gngllsh brews.. yjf' Diat pj, is a (}rv and . whdelsalers. Dortmunder 

- Gorman mdustiy 'itself is 6rigin g Uy desi g ned f 0 r ;Hansa -production is estimated 

fragmented, and largely ^ffg^rs and those gallons per year. . 

/Based on regional or even city . . . h carbo . ' Hacker-Pschorr, the Munich 

y.^re-ws. Dortmunder . Union- h ^j_. T i n f a ke It has a brewers, sells three beers. Edel- 
^ultheiss Brauerel is the 0 j 1045^ and ^ so i d bv bell-Export, Dopple Bock and 

- . S..t , brewer In tte wrnttgr S2S2X » uS ******* m «l» UK through 

1 - , Ipa. the second larger Th ^ft,“roductto n of other Diat the House of McLaughlin com- 

. .. .wnrni m Rnnrael nrodncinsT 9m “ . .... nanv' -a 


: flens. _ now um.aitu.uuu i.u ^'.has been marke»a in iSe rif ‘ 

UK 1952.-uDl,trtbutlqn ; , fa 


Pili Reties coitd Uireaten the VUT. 


dominl^oe of HMsten in this Herfqrder. one of the latest 
: .^rDM I.lbn. a sli 0 bt ; . fall- over market f- The cornp anv has P^atoly owned brewers m 

therefore increased its advertis- J Ves ^ Germany, sells us Pilsner 

S ' ing substantially. beer In-totrles and cans in the 

rewers ..L6wenbrSu, is perhaps Ger- ^ trough German Food 

- - - many’s other most famous beer. London. 

' vtHowever. it. is-.osumated that Brewed in Bavaria Ldwenbrau weraii German beer is doing 
.'-there are betvreen 1,68(1. and 3 historv stretching back as wel1 , m lhc ' competitive LtK 
;. :l®lff individuah brewers far as the 16th century. market. Mr. Bettin predicts 

- '{fifirraany, compared to about Lfiwenbrati Li^ht Special farther expansion based on the 
* 460. in the UK Althoush the premium iager is a*st rone lager, ®tr™«h of the lager market 
- ftp? of the total annual German a rav ity .strength of 1058°. and is “ the mcreasinp discrimina- 
/Peer production of 93.5 hecto- distributed by AUied brewereies tion of beer drinkers in Britain 
;/ litres (2bn gallons), is mahufac- throughout the UK to pubs, In 10 * ears ,a=er has t-aoruree 


WE ARE 
ANUFACTURERS 
AND EXPORTERS 






. tured by a small number of hotels restaurants and 0 ff- f>ver . 2 ^ P ercentofth,?UKheer 
; . larger brewers fewer ttmn 25 ucenck It is sold in cans JJf latest predictions 

- peisxent of- German brewers ^utinenta! bottles containing ckl,rnke j; s t 

-f- - have ah annual output of more 12 i a U M and Mpore. suggesl that draught 

/ than Jjq hectolitres. L jrav -7^7' Allied became 1 »? ar : s ?? es mi Sht expand by 70 

Ibis fragmentation^ of #? the -firs^Brit^h brewer 10 reavh ^L^by 1 bv Slffi 

German brewing industry, a ]ipm ^ no aorf . PTnt . nt with a « 80 P cenl u b y 19 8o- 

giving lager an overall market 


.ffaplod with a per capita con- SehSr.hler^ma™' 'farturer'' to “™- ‘f* er =" '>'?«» 
•.^sumption averaging • about 150 produce a German-st>'Ie lager ^ h ?J!_ t 0 L!!? un< ? ?? . P !L ce “E; 

■ ^trek a year, making Germany fL the rjK Lawenbrilu lager .. ^ e ®t Germany s high strength 

^ EECs bib^t beer market.. £ ™v bVewed^ bv ^Alhcd *>t Pre»rum lagers would clearly 

- Which led. British brewers in the -Wrexham and sold under the m a strong position to take 

MQs to predict a bright "Sf Swenbrlu Munchener. ^f ( ° r ^L 5 growth ' “ 
' 'fiftmein the German industry. It has a lower grav itv rhan the lr ue ' bowev-er. that 

■^In:-197S Watney Mann paid draU ght and is se«n by ^ est ^™an beer has only 

£18-5m for .a 76 per eent stake in the corap any as complementing f^ u Li r P ®!, r u®! ,t °i the T ° tal 

' bfe ^Stertv Brauerei Car Funke rather titan replacing the and V™™"™ 

:bae: of the 10 largest imported beer. lagers still only account for 

, ;i ».tte|rns.in Germany, and pre- The domestically produced ar ;j“d 10 per cent 

that ratibnalisatibn "was j age r is available in the Ind JJ r th l a t “ tal ^ lager market 
. .,^evftaWe.’ h - " ' .. Coope region in the South of jjj: Bettin believes that the 

Hcwever, since then 'there England, where it is sold along- «t likely, although perhaps 
have been no major mergers in S j de Skoi. Lftw-enbrau's Dark uwwescome ti'end within the 

- industry despite somewhat special beer which came in ! ua v ?e / I t ^ r . German beers 
'Siigiish sales- among the lead- bottles only was withdrawn Jn the UK. will be towards more 

J ^Sgllrewers' The reason for this from the UK market by Allied GK production of German-style 
.appears to be a previous failure about 18 months ago because of agers 

rwb^nise the intensely local lack of demand. _ .Tf German beer has. by virtue 

\.^Sl£re of tile West German .. iliree raontlis ago LBwenbrau ra. its- -low base level, a wide 
-’"fewliig indastry and the innate introduced a high gravity Diat ^ es ex P ansl0n ^ 

..- conservatism of the West Ger- Pils into -the UK market, the UK, this is even more true 
■,1 d S®f.-4riakJng’ puhlit^ .- Brewed in Munich and then /German spirits. Dobrnkaat 

is' perhaps demonstrated bottled, in. AlHed Breweries's Schnapps is perhaps the most 

• % considering the fact that in Burton on Trent plant- known West German 

•: .Cologne thev drink "koelsh," Ubwenbrau Diat Pils is sold in ?P«nt, made from wheat and 
.•issfe in Dflsseldorf, onlv a few 10 oz bottJes as a. rival to the jumper berries. Doorkaat 

ZiBiles up the road, ..the local Hoisten Dial Pils. The company claims the biggest share of the 
: 3mr is'“alf^a rich dark old tlaims sales are “going well. UK Schnapps market. 

strong regional attach- although, because of the compe- The other relatively well 

• ,toent to local beers has made it tive nature of the market most known German spirir is Asbacb 

-tecult for the West German companies are unwilling to put Brandy described as **Weln- 
^revrer to benefit from the figures to their claims. brand to distinguish it from 

: - afajnomies of bulk production. recent Germar beer Cognac -fa distinction forced on 

has. however turned atten- brand to reach the UK “a™® 1 the .Germans by the Treaty of 
-®)i. towards the potential of is Henninger brewed at Frank- Versailles). 

3£port markets and, in ‘ par- furt, where the company nas an Other. German spirits include 
' 4hruTar Britain " among West annual production of about . *pn Schinkenhager . and Schliqhte 
vGerinany's EEC partners. One hectolitres, and distributed in Schnapps, and. an assortment of 
-rrthe problems facing the West Britain by Gourage. T\yo Her- liquei-s ' which are, perhaps un- 
■ 'GtnH'an beer exporter is raising ninger produced producK are ai forninately, not widely avail- 
•sufficient capital to transport, present ja.saie in tTK. He * able ia the UK. 

SVtr H^en'^eTS . /, ;■ Paul Taylor 


including a wide range of Cheeses, 
Butter, U.H.T., Sterilised, Evaporated and 
Condensed Milk, various Milk Powders 
and Milk Derivatives 



AGRARHANDELS GmbH., 

HQLLANDISCHE STRASSE 226, 3500 KASSEL, 
WEST GERMANY 

Telephone: 0561/80801. Telex: KMZ Kassel 099606. 


United Kingdom 
Staple Dairy Products Ltd., 

133 Rushey Green, 

London SE6 4BD. 

Telex 896685. 

Jordan 

Gatoc— Jordan 
P.0- Box 321 6 

Amman 


So/e Agents : 

Italy 

Franco Parolari 
Via S. Lucia 14 
1-26010 Offanego-Crema 


Iran 

Dr Gholam-Reza Taheri 
Amir Abad Shomali 
KH. 14 Bon Baste 
sroush Nr. 49 Teheran 


Greece 

Primolait Agrarhandels GmbH 
Office Athens 
Pinelopis Delta 46 — 

N. Psichiko Athens 





3S 


Financial Times 





WORLD STOCK .MARKETS 



tion warning curtails 



TV vestment hollar 
riwm'X 

S2.B«* to £!— 951% (82%) 

Fffr-iivr $1.96X0 4»«% (33%) 
HELPED BY a lirnicr lone to thr 
F filar and .1 mn.«cqiMfnl fall in 
:h £ ' priff of -.old. '.Vail street 
<1.1 zot! a lei-hnual ral'v ye>icrday 
n'cnin;. hut mofi of ihe sain 
■a a* -iilvivfiic'nil;. i.-m rollnv.it>? 
s ha T h warning shi*ut inllalion 
fmnt the Administration.-* dhii. a f 
inflation li siller. 

Tim Pi.;- Jones Industrial 
A’rr.ize. after tlio -2 poinis fall 
n\ :hc p.i»t two day?. was up 
ahou: 7 pcun'.* ai 1 n.m. yesterday 
he*nre -.fjpptns back in finish only 

h. 34 harder on the day a; "Sj.fili. 
Thr NYSE .MI Common Index 
closed a net IK cent? firmer al 
SST..1-, after touching !?31.!t4. while 
-isos miinisnihcrcd fall* .it the 
rinse ny jlm a narrow niarsin or 
jtftg-in-.iiii a fitr an initial ihrec-10- 
one lead. Trading w«ti fairly active 
vi;h wdur.io ropchins 2H.2Sni 
f.mre*. com n.* rod with yesterday’s 
so S*ni 

Admin "*! ration inflation lighter 
ATrt-d Kann declared that there 
v. til he a " d.?cp. deep depression 
if infi^tjon it not checked in the 

i. ’.s | [r said the American people 
jip- r n*> other choi*T? than io 
accept the Adinini-jiraiion’s pro- 
sr<ttnmc to ttaht inflation or t.i 
accent a <e\ ere economic down- 
i urn Althouzh mher A dm mist ra- 
iien nplcial: ha*e '■-a rued of a 
rccc^-ion if ihe anti-inflation 
pro” rain me fail'. Kahn i' the first 
’.o li-c Hie e oriel ” depre-'ion " 
puh'ici;- . 


Mr. Kahn, however, also offered 
a hopeful note, saying iht 
Administration is xtudyinc ihe 
incre.’Sf in the minimum wage set 
for January, although he had no 
idea ncv. the. study would turn 
nut. The rise in ihe minimum 
v.aae bee netted as one way 
in irhitfh Federal Government 
ha- - hr on adding to inflationary 
pres-furci*. 

The no - -' Jt per com Prime 
P*atc icvcl rained a few new 
fldherf-nts jester day. inriuding 
Chem-cal Bank, which also raised 
its brdkLT loan rate. 

Anafc-H* said the market may 
have also drawn somn early sup- 
port front Boeing, which has re- 
ceived order-, and option.-, for 103 
jp; airrraif with a delivered value 
oT nearly ttbn. Rotten topped 
the acti-c- list mid rr>»t.* to 8112’ 
before <vtllmg back to ?««£ for 
a net cnin or only 1. 

CJcttecal Electric won rn-_*me 
.-ontr from Delia Air Lines 
:<nd American Airlines anil said 
rhev ■-»■.' re valued at around 
S2U0O1. fjK added ; at $4$; and 
Delta ’ :>l Ml);, but American 
oa-i-tl : to $12; 

I*. R. Mallory -mared 13; to 
in (■' first, trading since Dart 
Indu-nrh"' announced plans to 
buv ail ’.he Mallory shares not 
yet !*•.-. ii“d for :W6 each. .M;:llory’> 
Board i:a-> rejected the offer as 
inaricoune. 

MRPA'f. vilnibed 31 to $231. 
Carol, has agreed to buy 2«i per 
cent »: MBPXL from major 
holders ->l $27 • a share and to 
tender for the re-d shortly. 


Conagra. which earlier had agreed 
to acquire MBPXL. rose IJ to $22. 

Levi Strauss picked up l to $33 i. 
The company now expects fiscal 
fourth-quarter profits to exceed 
rather than match the year-ago 
results. 

K Hart eased l ro S2Si ex-divi- 
dend desile improved fiscal third 
quarter profits, while l : niroyal 
Ion * io Sfi on onmtins the 
quarterly dividend. 

THE AMERICAN SE Market 
Value Index ended 0.71 up on 
balance at !3».r>». after reaching 
140.2S al 1 pm. Volume 3.02m 
shares <4.X7m). 

Resorts International 1 A " 
gained II to $27 in active trading. 
Holden Cycle picked up I to 
?]2'. despite a revision that 
widened its third-quarter loss. 

Niagara' Frontier Services 
dropned $10 to $18J on Sport 
Systems withdrawing :ts offer to 
buy Niagara for $79..iin. 


per share take-over bid by P^jro- 
Canada, rose 3i ro £33S. Bo " 
Valley. CS1S£, and Pnn ,<? Pf 1110 - 
leant C$752. gained l' A P'®51 
Ouudlaa Superior OH. «nicn 

reported higher .Urird-quHrter net 
profits put on 1J to 


rally 

Commerzbank inden ecn« to AK.T3 ami Pcko-Walteal 
„ «M=q ui cents to ASj-46- 

EeHambi led the Shoe IR the 


best. The 
closed 3.5 firmer 
MAN rose DM 3.0(1 to DM 22B.50 
on an increased dividend of DM * 
for the year ended June 30- and 


Bella mbi — _ - . 

CoaJs sector, retreating a funner 
13 cents io ASi23 
Howard Smith eacf 


Thiess and 
ion 10 cents 


higher nut profits. t^AsSsS and AS3-S0 respectively: 

In Engineerings. Demag adrsn- vh j Je \vTiitc Indastn'es slipped 7 

- . a. l & 1 


Tokyo 


Canada 


.Surstng (hi issues led a fairly 
broadly -bused upturn on Canadian 
<ock markets yesterday in sictivc 
trading. 

The Oils and Has index moved 
ihead 35.fi to 1.623.3. while the 
Toronto Composite Index added 
7.7 at 1J22I.5. .Metals and Minerals 
put on 4.8 to 1 .1160.4. and Utilities 
1.551 at 1S7.42. hut rJic twild share 
index, on lower Bullion prices, 
retreated 4fl.4 m 1.313.7. 

Among Oil stocks. Taerfir 
Petroleum, .-ubjecl of a $83,112 


Further profit-taking specu- 
lative selling caused stocks 
react afresh across a ’' tde rront 
yesterday. T^ie N|fckei-D 0W ' • lont ' N 
Average relinquished 42.W mo jl' 
to j.HOO.IS. while the Tokyn__ Kr. 
index was 2.40 lower ^ 43l : ,H ’ 
Trudiog was •- fairly nct ,,c - 
although volume, at Sh'm ■in.’ires. 
was well below Tuesday'* 

Pliarniaceu deals. Pnpers. 

HousinUs. Electric Oihk* an .“ 
Synthetic Textiles were uut?t a no- 
incly weaker sectors, hdl s0,,u ' 
Construction issues related 10 
public works spending were 
higher. 

Fujisawa Pharmaceutical \°*\ 
Y30 to Yl.070 . Toyamn l-'heniical 
Y13 to YSB3. Ojf Paper YU »o \39L 
Turay Industries Y3 to ' 
Nippon Steel Y2 to VI-*4 onu 
Shown Electric Win* and Cable 
Yl" to Y53Q. . 

The dollars recovery imlpcd 
some export -orientated rhnre? to 
sain ground. Sony adrim- V**® .** 
Y 1.440 and Pioneer Eleci r,,ni, -‘ 
nl Y 1.490. 


ved DM fi.SO. w-hile Volkswagen, 
in Motors gained D.M 2.00. 
Deutsche Bank put on DM 
and Elcctricai.s . had 
DM U0 higher. 


cent? TO A&4.73. 

Elsewhere in 3!inmgs, ^CRA 
v t . r ; 10 cents lower at A52.95 and 
siemens .Minin? 7 cents down ai 

AST 33. while the recently floated 


The Domestic Bond market was Ashton Mining ended 2 cents 
?e nc rally firmer, with Public cheaper as $0 cents, filter .-a. new 
Authority issue? registerina gains j 0 -.» of 73 cert is. 


nf up to 20 pfennigs. The Regulat- 
ing Authorities sold a nominal 
DM loilm or paper, compared 

with DM 49.3m the previous day. 


Hon? 


•*> 

Tuesday's 


Kong 


Paris 


technical recovery 
was continued early >e?terday. but 
the market subsequently showed 
renewed weakness on speculation 
Market continued to show an 0 F a further local -.r.leresi rate 
easier tendency, with sentiment rise before »he end <>• Y*“- 

further dampened by the raising The Ham; ben? mcex hnisned 
of the Call Money rate to 7; from - - 


IHjH down on tile day fiT 33S.36. 

Jardinr Maiheson receded 40 
cents to HKS124-0. Hulditson 
Whampoa 27.3 cents to HKS4.6#o. 
Hong Kong Bank 30 cents to 
HK517.70. Swire Pacific 20 cents 
to HK57.55. Hong Kong Land 
10 cents to HK.«S.EW snd IVhedod: 


Germany 


Shares mainly edged for*nrd in 
relatively quiet tradin’-. 041 
finished a little belon the days 


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15 V. 
20 

l«-l- 1 
15 a* . 


IBM 
I** 14 
293* 
37:.. 
37 
20 W, 
22 1 8 
a tin 
14 14 

10 

18 

ZZ 

35 

26 h 

231* 

2-‘s 

io 

15as 

20i- 

inip 

15i* 


iivei-m- ShiiHi. . 
iiui-ji- LVnilU" .. 
C.'u vii* tlllnni*. . 
I'Hi-lbi.' fia- .. 
I'ai-ilir; LlghiiU|i.. 

I'mi I'wi .* Lis 
I’an.'in'Vi'rM Ai' 
I'arker Ham, ilia. 
I‘e«ta.Jv Inf I .... 

IVn l*w a 1 

Fvdu> 4. • 

f'riuizuil 

I 'tuple* bn 1 -i .. 

Fivlili— 1 ■»- 

IV) nil -I 


21i* 1 
37», 

19 li 
221. 
2-1 A 

L9» 4 
6^* : 
24 1 2 : 
10 

20 
321a 
164 j 

9.« 

45', : 


215a 
27 1 ? 

19 U 
22 
20 1 a 
19'* 

6'* 
34 Ip 
2l5» 

20 
321; 
2b, s ' 

9.r 
32 1 4 
25 


I’l-ikiu Elmer 

f\4 

1 * 1 ijcr 

I’liellw l)i»M;e.... 
Flilla.lelpliis Klc. 
Philip llnoi- ... 
I'liillipp t Vi m' 111 . 

I'i II shun' 

Pituev. Wo»'« *... • 

I'ititnu 

rifwW Mil VUK. 


34 

545, 

all* 

20b 

165ft 

69 

3ui* 
37U 
21i, 
I'll- 
■A I* 


24 
34 .'1 
SO. A 
20 
16 is 
69 U 
09. s 

37 
2 I'-fi 
lib 
20-* 


Piilaoiid 

Piluinifi.- flei'.i 
PPi, Indn-'lnw.. 
Pn.'i.-Trr Gamble.. 
Puh. fipi . Klevi . 

Pulniua 

Pures. 

QiuLker Oai- 

Ilapld American.. 

tte.ltbcaun 

KVA 

Uepublie .Steel. .. 

Hriwtfc lull 


440, 

54 

25li 

851* 

Z2lg 

32 

Lb 

231s 

131* 

43J; 
241* 
25 1« 
27 


43ja 

14 

2j6 

2l5 t 

503S 


13 


23lg 
12l a 
43 U 
24>* 
23*| 
853, 


M. 


i£> 


U 


III l l«.MJ 

IiVtui'M. Mitai-. 
UlVIll-li'® ti. j. • 
fiii'li'— •!« Mvin.i 

L*'.'l.v -li Ini-1 

linliiii 1 ll*a-.. .. 


50 V. 

50 

55,r 

^yi 

321, 

32*! 


49-. 

S9.*3 
65 pa 


32-.- 

32U 


tin, al Iiiiii h . . 

II I H 

lii^- • 

Uvrict M-lnu. 
-‘aicnav Sfi-i**. . 
--I. .tvr Mill'."*!-. 
Sl. ltf-l -. P«|l'l .. 
-arild IV | nil-, 
“aul lave-l 

saivii liiil-.. 
4-htii; Bremii; . 

'ri'lilumlierucr. 

•ji.'.M 

I'-Hl l>l«. ... 
-i.i.i'il Mrs- . . 
?i-ni!«]er Uiiij.L r h 


60H 

101, 

I-ii, 

,0', 

39U 

23-, 

291, 

303g 


DL .Vi 

Ij 
JLI 
. Ol: 

3i»:> 

3« 

29:h 

30-, 


9 i. 
86 
17 

18'fc 

6'S 


l HA 


9'; 

£5-; 
1 ' - 
14.'r 
10 U 


0,111 mner. 
-'■■-■mu 

Sc*r!e 'G.li.i • 

>i»' - UwIhjvL. . 

oElii.U 

Hieli Hit . 
sinfll li*n*i-*n.. 
-iKtial 

sL^iii-lv l.’uli'. ■ 
Hiiii|.h,.in Fa, . 
-IIIB'.I • 

4||lllll I lit-*. 
.-uiKli Kline.. .. 



?• .ii I li'ii I* 

S.iiiitii'iii 1 al.Kil. 

.>:iitiiiTII 1 u. 

•Illi 11. N*l. U<“ . 
'Hitlllbvm plu lfl". 

iiiiilkcrnKailaai 

S'Ulblau'i .. 1 

H'n'l Mali- Han- .. 

.Hpcriy Uuli'l,.. 
o|«i'iiy llaivl . 

S'|ijl1l» 

Hiaii.laol Itvaiiil.. 
Hf.I.Hil*. a lil-ruin 

Sl-t. nil ImiiaiM. 
Si.l. '.HI uhi'j. . 

M a nil L Lr i'ii>.nl.. 
>lp-rlllW liiiij; . .. 
Miiiirl«i<rl. . . . 

ouu lv 

MiD-iram, 

Svulev 

li-.hu I- -ilijr .. . 
1,'klH'uiN... _. .. 

1 ch-lVUC ‘ 

Ti.'let 

'I'.-U'T-J 


IB 

-l 

LI... 

'1.11, 

31 ■- 


45 Jj 
41. i 
32i, 
8-, 
13'-. 
4 L-:.fc 
c6 •: 
2:-. 
27 
,3.a 

321: 

87 li 
46i« 
*8:, 
,4. A 
l3=, 
-O:* 
*6 '■, 


lbaj 

*a 

11', 

*0J 5 

31!* 

32 

HO 
521- 
81 1 
14 
41.1a 
ca 
2* 
291,. 
t3'*A 
M 

SlU 

i’i 

h4.* 

Z6 

*5 

-Oi* 

5s6b 


Stuck 


it 


""■«'i*i . mi i, it 

" I'lj i . 

Vi^ja *1 ; 

SnimlM. ■ I 

/.cult I* lia.1V. ■ li - 

1 .S.Tim..-.4JI,IcC‘ :9S 

I Slrfia^Hj^TriFtf. :80 ■ 

I SCViIhv iail>. 8 02 


17>; 

3 

■: 11; 

11:, 

!3'p 

4 . 

80 L 
S 50. 


CANADA 


.'l.ilihi Pap«r.. . 
VjplU>. 1*4; le .. 
Alcau Alummi'ii: 
AUc'iua Merl .. 

IshtfuLuB 

Bank uf Uunircal 
Bauk Vara rv.- Hu 
Bi-ie KeM.-iuvci.. 
Bell Trlcpliniic 

IKlW Valid lilliaa. 


lei* 

zb 


;-s 


- *3 ' 


.3 

el.' 

4 U 
61 
13.. 


; 3> 

-0 

4.JU 

6^’-; 

17 


43 b 
51 
35 m 
395s 

l«'t 

531- 
37 
4y 
dll, 
O-i 
42 
861* 
4i, 
29 V 


44i. 
-O'; 
-• 51 - 
39i- 
', 
63ij 
■ 7*8 
4238 
*1!; 
91- 
4H; 
86 
4 :a 
29ij 


rrnonj fVftp.lnunt 

Tl-^ai.v 

ll-JA-SUll 

r«\n- Kiulcrii . . 
Tcfta- In-t'iu ...: 
TeuH Oil X lm*..* 
Ic>ai< I'tilitlcv . 

l'iiuc* to- 

fime* Uimw 

rimLen 

'franc 

Trail siinrrica. .. ■ 
Trans.?.' . 

Tran I'uioii.. 
'Imn-vir loim.. 
Tan l'’vrl'l \ir.. 

Tian-ot- . . . - ■ 

Tri-ViMUiiionihl 


0278 

19U 

;3;s : 

781.: • 
*6-'* . 
i9 

38tj : 
Zbi 5 • 
l5t; , 
361, 


la 


18ij 
30 U 
Z15e 
161* 
s2i, 
17', 


7 

*Z-x 

19 

35i; 

77 
tr 
181, 
38I, 
'36 
16 
j5 
lab. 
18 1; 
= 0 

16 

3** 

171; 


1 'nrmi O' I a r »a-. 

Tl!" 

AtbV i.'liliir* 

L.A.I 

I .VIH.U 

Hit 

t nil,'* ei. ...... 

L uilcci' •• •• 
I.'iiinu Hami'rji... 
L ui-jii i. ariilOi'. 

I iih/ii t I'liuiicu-r 
I iiiuli OU l alU.. 

I iii.jn I'ai ill.'.. .. 

t.'uim.ral 

I mtcJ Uraiuh- .. 
I ’»’ Baiiivrp^. . .. 

I S G vpi"' 

1 1* Sbne 

I '» Steel 

t'ri Tix-lniulisfiep. 
I V ludii-vn'i-. • 

N irgiuia fileiH ... 

MalnrnUi 

Waruer-*. ijiiimn.. 
Warner- La Dii.-.-ri . 
Wt*c- Mbo'iiicmI 
"'cll»-Faiiji.'. .. 
tt'e-tcru Bani-.-ri 
Wtu1**ni N..\in>.r 
Wc*tcra Lnji.iu . 

Ei«,- 

'Vv.tuv 

WvrtiiiMU.-er. .. 

WhirlJR».'l 

""hilt L'mi. lu.l.. 

M’lllUni Vu 

Wm-in-in HIpci . 


4*1 

04^. 

k4jf 

29!.:. 
dB,i 
la ■, 

41 -4 

59 

*7ij 

3+i| 


S3*g 

62 


4*1 

34i, 

245b 

*8^1 

38 

lo>, 

HU* 

59 

i.7 

345n 

b 

?35ft 

bl'B 


UP Ce nails 

Urasniu- . . . 

Uiiui.ii 

V.alipu3"|N.iB,.'' 
V'NUtiiuW J tin in .. 
ftsnsiia Uhkui.. 
'.aucdl.Ml Imii, 

1. au.lulji Bk LoiM 
1 ant ilt tuilurl . 
'.‘ill. Pli-ilV- . . 

1 au.IVtih' luv. 
' an. irujarr »*il . 
'.wrUnt'O'Kcvi,'.. 
• 'A.-uir .V »l*e-i-i-. 


13'. 

la,. 

. C 3 
-8'. 
13 
IJ 
O' • 
■iB.: 
, I 
.■3 


IT, 
1 b 1- 


l3-> 

1- 


Jfcb 


t6i. 
4.1 = 


,2ji 

t5 

j.ja 

y 


«. Iili'inhii 

• '•■ininc.il 

1 mi-. Karim mi 

1 '.ii-uniiT (rap-. 

1 ir-l'ka Ucmjiui-.- 

'. "nlHIII 

tiBi.-u 1 level — 

Lit up* hi II mi- . 

Uumc Mine*... . 

IVl.-uleum. 

liijiMinnpii Oiiilue 

I '■‘•in. nr . . 

Uupi'lit . 

Pa!e*.Mi‘-.j NiiH-' I. 

Find M'jF'' ' «'••• 

• ■cii'lar ... . 
(ilaul Ti'llnkullc 
1 .uil Oil ( .wiaJv.. 
Hnwki'i- M'l.Van. 
Hulliiiptr .. . . . 
Nunn; Ull ‘ V. 
Huil-.-n Bay .VIiip 

HuJvu Ba* 

Huiivin '.»ilA U«t» 

l-V.V 

hiiax-i .. . ■ 
Impel isl oil. . 

laiii'A' 


-5i. 

:Z-: 

J4.. 

'hi. 
4.95 
nO 
1 2b. 
8J.;' 
cl 

;s'- 

i.i —ft 


,41, 
3'3>, 
34 I, 
Ifiii 

5.00 
1 *' 

' l.v 
02 

1.1 
Mill,. 
- • '2 
AUl 


l4'-'j 

la 

ft 1 

Sis. 

/Uj . 

72 

33 

-3U 


12 

i3i b 

oat 

• ft, 

V»; 

42 

4|: ; 

-t l a. 

=•1 ; 

19 '2 . 

IBfti 


* I 

-14 -• 
id? 
361*. 
-'3 ; 
181] 


4 Si, 
17'.; 
ad-.' 
22»{ 

18 


Ta-Ja. ' 

IdIsU' 1 Nai. Us*, 
lul'p.' . Pipe Liui- 
Ksi-i'i l.'iEnut'v 
Laun Fin. t-ip.. 
Liilj In '■ 1 1 * 111 . -H’ 
Meiii'l’ii illi-cl 

116:1'.' Fi'^'ll.i.u 

Mi' limn' 

Mi'i'tO ( I'ri'ii 
'I.MIIIIB'II -iHle li' 
Ni-rauvln Mitnr. . 

N ijtivu km 1 - * . 
Mb. I'll." ,,... . 
llaliK-i'-l IVlli'-" 

1‘Mi'id"- 1 . .i.hi \l. 


121*; 
.1 , ■« 
it>j* 
laiH 
Ih 
4.10 
*01* 
II 
03 i* 
351# 
0.70 
sSta 
1C 6a 
34 J* 
4.15 
1.75 


12!- 

1,1; 

16'; 

A -/S 

4 20 

231; 
io-, 
23 1. 
;3.. 
2.1 • 
Ai • : 

la*; 

t34ii 

3.95 

i.80 


5 1 ; 
8,, 
25*8 
23a, 
ZliB 

2 \t 

36 

I'll, 

l-l« 

394, 

i4ig 

04 

25 1 - 

,4 

031* 

1&5S 

lcie 

0 33, 
24J, 

17 in 
lb <4 

2S*e 


6 

8ie 
251; 
24 
2l>, 
» 2. 1? 
36 >b 
IM a 
14 
24U 
3»se 

. 

24 i a 
k5i a 
Z3 ab 
, 312 
la^ 
161; 
,3i| 
»aia 
Zuj* 
17 
lb 
ZSi* 


IV'-ifi- l , i'i'..li'iim .58 
Piui.l'nij.P'.lr.iim f53, 
Pal in-, ... Sit*! 
I'l-jple- lv |4." . . 31 ; 

Plnn; < mi. A i'j,...J.77 
Placet tic .'i..|im(' -^25'r 
l'ni'fri >,|:>iai'ii" -i8. 
I'rii,. . . . . ' 23 : 

V'li'le-ri'iisivn.' W5 
lini^nr '.'ll . .1 

Him I eii-ul i"ii-e .. .i0 ! 2 
lil. • lla-,". . . . ^4 
U'.\mI PL. •.! 1 imT.’d' 4 '!* 
lli.i.ralTilL-t . . ..I T9 


54 ij 
-6 

I '. 


= '7 
1 75 
c 6. 

I'i 

Jd 

1.20 

lul- 

34 

18:; 


.■V't'l'lr.,'11 ‘ 5 7 E 

... .j - 2*3 l • 
"t|* , »l '. Slliiil" . ^ 15 ; 

■il'crnu li . 'I tiles "?7l; 

Sti.'l'C- o.ij. .. . 6 1 1 ? 

'imp-i-ii . .... '• 3s . 

'I.-ll .'I I.XL'Siln . ■25*9 

rvicep lt.-'U I i.iii *5. tO 1 

1 1. Iiel7I n 


l.|\Hi'M 1 ." II I'I* ...^71; 
I'ijpmii.' I i-ii'i.Uk.'.. 21 0 
1 1 a nr {.'Hill'll vLiV 
T,nU: 'I ■ 'lull 1.11*' ' 8lf 

Ti'l.'n* 

( niiMi I.i a ,ltl8 

! iil'Pii'ieVlinv, - t't 
"'"ILcr Hirsiii ..• . 36ta ; 
"e-i Vim-i Inin" I'** 

" #*^i-'ii , im* ■......; :19I2 1 


|4-: 

7>; 

3 #1-. 

d; 
27 
3 75 
471- 
iOai 
I/J 3 
ai„ 
Tiau- 
iw>, 
tie 

36iv 

111 , 

19i« 


t Aid. : Mxafc * rr»d»5. 

IlNew ««*■ 


EUROPEAN OPTIONS EXCHANGE 


■lao. 

' . [j,i 


. A in. 

Tnl. Tjiai 


■luij- 

V 0 1. (",«! 


, KV 
VP's 

A)»N 
\ h.'. 
VhV 
Ik/ 
Vh/. 

Mil; 

u: u 

I.K 

kls 

II" 

H" 


U.'l 

IBM 

lib.'l 

h LM 
KI.M 
h’L.M 
KI.M 


\ > 

I'HI 

PHI 

PHI 

Pl.l> 

Pl.lt 


r.350 

k. 360 

l. sBQ 
F.27.50 

K.50 
F.S2.SO 
P.d5 
V.70 
F 75.90 
1.78.90 
360 
N70 
f J2.50 
1 .40 
TZ60 
S300 
F.lSd.dO 
F.150 
T. 152.40: 
\ 160 
F. 170 
r 108 90 
F. lZO 
F.25’ 
\ 21 DO 
(.30 
545 
*50 


27 

17.70 

7.50 


_ F.368 


2.20 

1 


37 3.40 


3 

10 


5.30 

4.20 


F.29 


9.90 

7.10 


2S 2.50 


_ F.76.S0 


ie 

2 


2 

25 a 


4lv 

7.’50 

3.40 

19 


30 

31 


Hi 

5.90 


5581, 
F.dtk50 
f 260U 
F. 131 


2-20 

1 


10 , 3.20 


10 


9 


2 

77 

30 


1.20 

0.50 

0.30 


43 

10 

15 

35 

20 


6 

2.60 

1.50 

0.80 

fits 


• ■> - . 

.5 . 


3 

2.30 


F. 113.70 
F.25 


l.u 

|.H 

hl» 


F.1Z0 

1.130 

F.J41) 


11 


n 

1.90 


9451; 
F. 125.50 


RN 

T.» 

FV 


N50 
*60 
5 70. 


Ff». 
6 1 


Mai 




N61U 


-- i 


1 0 1 A !. VO Li: 11U IN / ONTL'A'. lv 5 


sag 


■ A.B.X. Bank ...... 

Allied- Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbacber 

Associates Cap Corp.... 

Banco dc Bilbao 

Bank of Credit & Cmce. 

Bank of Cyprus 

Bank al N.S-W 

Buuque Belse Ltd. ... 

Banquc du-.Bbone 

Barclays Bank 

Barnett Clirtslie Ltd.... 
Bremar Holdings Ltd. 

. Brit.. Bank of Mid. East 

■ Brown Sbipiey 

Canada Perm’i Trust... 

Cayzer Ltd 

Cedar Holdings 

■ Charterhouse Japhet.-- 

Choulartons 

C. E. Coates : 

' Consolidated Credits... 

Co-operative Bank 

Corinthian Securities 

Credit Lyonnais 

Duncan Lawrie 
The Cyprus Popular Bk. 

Eagil Trust 

English TransconT. .•• 
First Nat Fin. Corp. ... 
First Nat. Secs. Ltd. ... 

■ Anxony Ciibbs 

Greyhound Guaranty.- 
Crindlays Batik 

• Guinness Mahon 


BASE LENDING RATES 7 

Hamhros Bank l-s n r» 

Hill SunuM 

C. Hoare & Co. F-!% 

■lulian S. Hodse ..ji.;- 


121^ 

12 

12i^, 

12i% 

121% 

12; 

12JH. 

121 To 
12’^. 
13 % 
121% 
121% 
13i% 
12i% 
131% 
121% 
121% 
121% 
12-1% 
lli% 
121 % 
12f-% 
T2i% 
12*% 
121 % 
121%, 
m% 
121% 
12i% 
12 % 
32 % 
12*% 
12*% 
12*% 
12!% 


Hnn^kong & Shanghai 121% 

‘ ' "Ik. of Scot- ~ 


lnduslruif Bk. of’ Scot. 10 .. 
geyser Ullmann 
h’nowsley & Co. H-Ti 

Lloyds Bank 12*% 

London .Mercantile 12!% 

Edward Mansoo & Co. 13i% 
Midland Rank .:-«■■■ 1-1 % 

■ Samuel Montagu . »♦-— 12*% 

■ Morgan Grenfell - 121% 

National Wesuninster 12-'% 
Nonvich General Trust 124% 

P. S. Refson & Co^ 125% 

i; nai minster 

Fioyal Bk. Canada Trust 12i% 

Schlesinaer Limited 12;% 

E. S. Schwab 

Security Trust Co: Ltd. 13*% 
Sheniey Trust % 

Standard Chartered — ]-?•<? 
Trade Dev. Bank 
Trustee Savings Bank o 
Twentieth Century 
United Bank of Kuwait 12;% 
\Vhiteaway Laidlaw — 13 % 
Williams & Glyn’s - % 

Yorkshire Bank ],-■ 0 

■ Mftnbep, of ;hr .lctt , P UM B«ub..>b 

Commiiu*.* . 

" .-day di-wtoirs 1IP>. I-IWUH* diposliv 

• dritiiMis ,m lfun, £ii nnn ri iV' U 

and under 10"' ud »o '« " 

and over fCi.WQ lOi 0 .; _ 

: Call denowis over H «» 

K Demand rfipnMlh ICCr- 


fi 3 per cent and Lite fresh over- 
night setback on Wait Sirrei. 

Electricais. however. were 
steadier, with CIT-AlcaicI harden- 
ing a shade to FFr t.OOii on 
announcing higher consolidated 
and parent company sales for the ^ 

nine month* ended September ^0. _ . CE _.- . Q hKM.TTo. 

MeLats were ai*o resilient ;o the ’ Hon g Kong «harf fell HKSi.M 
general easier tone, wilh C r eu*m ;o HKS39.:tl. Associated Hotels 
fAiirc pumn= on FFr l.J ‘0 - 0 lo HK5C.10. Hong Kong 

FFr fi3.-». Hotels fiO cents io HKS1S.S0, China 

A rh-nlia Light 40 cent? :o HKS25^0. Sun 

AUSlTaii** Hung Kai Properties 23 cents to 

Further widespread seising HKS7.U3 and Cheung Kong 20 cents 
occurred vesterday. leaving prices lo HKSiO.IU. • 
down close to their early August 


-Sun ti Index cnanfied rijfra Ahj^-.: 


; Sct.W’ 

j-: : ^vrwcaKfiPMoi . 

.imi. ii,- ■ ' ,l ' u .5J90 - 

! ^77.=:V V.. ^SS, 

aTASDASD AWD 


... , lb Ja .... , L •.: ;:tk . ftuniftj ft'Urt* 

;TndiirtnRir 1029* 

ttcmpowie . •■; .‘t o - ; ■'•4l7dl'{.. iftfij* JJ63i -fLt^sa 


. .. .v; — - - : ... .. 

, . 

2r •: iiyewi^ij|*ppfat-i 7 

In-1. *n. twM % r 

~J^y s •• 4.89 • 

io... p t K»tt. ; 

P- .-7,- . «.18 .■ 

Lnnj - 1 “h' 1 * H'- 1 * .8#Z6 ■ • 

Ift-.JjS J&8 ft .; - 8.OT, ' y 7.^3 - ■ 


Aii 


Milan 


levels. The Sydney -S.E __ _ 

Ordinary index retreated *-2-* 
more ro olfi-S* 

Trader disillusionmem v. ttn lac 
markeL was atrributed to the V.'aii 
Street setback, unsettled com 
mndiries markets, dissalistaction ^ 
with the performance or 
Fraser Government and a 

thal ! n .u rt ',’ ! !r , r ' V.r 4 n J U £,ihe some io.^es but did not hah the 
soon w ill m-h r. } p ‘ k . genera,’ downward trend. 

Reserve Bank jielos io markei * ^ c;osias Iii;l j n g of iuha d er, 

php another 10 cent= Finsider and Lfqutgas was 

.. d hiiP Rank \su- suspended a: one moment as thefr 


Stocks fell afresh under further 
pressure from technical and; 
speculative sales ahead of Lhe 
* approaching SerttezncRts Day. 
Blue Chips and shares of some 
Siale-ov. ned groups were especially 


, nd a f e;<r aXfecied by setting. Late support 


action by Si.:te banks . reduced 


li'ij K cents more io .LSti fiu l??** ha l 0 e . NCe ( !? ed r 
W'nnlwnrihs -hed 3 cents to ia ® marke-. of Liqufgas . V8& 
Uoolworih. . ed ts o negalJ - ve j v influenced by demands 


to ASS.OO. 
recedr 
and 
AS t.49 

Coal and Uranium stocks came 
under a heavy bout of seitir.g 
pressure. 

Uraniums were thrown off 
by reports that 


of broker, for the suspension of 
its qun;a'iior. pending a clarifica- 
tion of the state of the company. 
The tir.ai decision about suspen- 


cour.ee by reports mar the slon of Liquigas- shares musribe 

Canadians were stepping up their "taken by Consob. the btate .pody 
search Tor uranium so that they responsible tor stock markets. • 
could bem Australia to the Fitibidcr .ost 13 to L12I ItelsMter 
markei. Pancontincnlai foil 30 21 to E-U13. PireTlt 33 to LLSSOand 
tome to AS10.40. EX ludusiries 12 Fiat 30 to L2.550. 


NOTES: UvfrMas onr»* situum npiow actf.'cr s"Ji3 :ss>n. ePer sBare. > Francs. 
•*tl' 1 <iHv * otMtiiinn. Reiman nwioecos fl r.ros* s>t. V«. * Xhuhim aivroena tria 
.rrc alter wiihWflini! lax. scrip a“.'6r ranw issue *'4ner Incal 

4 DM nennin, nnlesc ninpru'wi* wjfefl. taxes. "i% ttm free, n v rajics* HKaMl&fc 
naiert on nei omrten<l« alus tax. L'ftaar civ. o Nun. o Share <oltt. s Die 
V F*ia Sufi ilenom. unit's n-h^ru.-«» era ’Ml. am cie'rt exclude serial oavmeni. i liuit 
n Hr inoirpnom. iinle>n nrn«r-A-rse eaten 1 -*. u L'nmTI'tal *ra >tmg. n Miwm 

.|i SwFr 5«i fiennm. anil Bearer •chares Iwider* cniy. v 'lereer PHring. ** Atit wl 
unieftj omeruiw * Vat Onnm. * Bui. *7rartee _1 Se ffar ’ Aasmiwi 

unles.s nthoruise Slaiwl. i Price ai r>rne vr Elx -i:ha. Til Ei memenn. . ■ xr E* 
ot ■cispension n Finn ns. n Scfnllir.as. scrip twue. *a Ex alL k UtrwMn since 
f-Cems. dDi'irlenil a»rt oewlina oahrs leer ease a. 


NEW 








V«1T . 


.NoT. 

IA 


Vne:! 

U 4 ; Jfi vV.-? ;;! e- # ^ ’ 


- fiLsfiti ■ Lo** 


•if: 


!i W 




B-maB-isto* **** 


trsnspon... [2C6-7S 2B5.48 

L-ti'ium .. .. S6.55 [iSf 


^^■34730 J0,M0 


[B.f.iZi 

; ■ Aif ■; (2g^ az) 

-m ••■■•.•.';•.••- 


a v ALL UUMtllhf f 


" f Sm, 16, XotVIVXpt.’lo 


! _* . • ... . 

';-3 ■ S-.‘« 



MONTREAL 




ladu-trud 


-htW --' 

SStfJ&'.rtf -7B ~ J ~ l 

?U4££U;5«mfl 


law 


‘adXn (iwdrrt 
.J/taAittiuVb,;:;, >»Ki^a - 


TORONTO t-n.pi'nte “..l^i'iSwinaiSLi; 19153 ,1432.7 iUf.Kn. v- #&2 iJOli 






JOHANN E6 BO EG . 

i...:.. 5 *®.Si*’T33^a!Kfi , L 2K.-T •’ a7*-.0iU«2"} _ ;'l8iJl!Za41 

ludicvtrw! 1 2Kt> j.. Mj^asaa. i - 26j.<;-- tijit.- i' -. t i«.i 


Si 


Pn-,im 


f.lSOl 


■> »» 1 

• n : - 'to . :■ ■ 


Australia 

Belgium 

Denmark ■ ' 
Prance 

R armam ' : ! 
Holland '•: 

Hong Kou^ 
Italy • 
Japan 
Singapore'" 


.« rte.ss Spain 

■ 9c.il, tf-'Ay fsyeden.’.' to'SgrlB' Jeajj:. 1 

*• • •• •• . .■• :. " -t •' ,««: 

fiwusreciatr'J. ahb^adii^sa./ - 


;B ii! ■ *.-J 



c'fJib . 
rvirfi 
6iS.it 
■ ,3ft i 
,ctL6 


c.z.JJ 822.40 dtMii 
: ^ 
£6.t . sm. r:^3 

tasri 

.?3S 5o- 549430 TJ1.10±i 

6/^L 60iO : tkJib 

J37.70 «0Jb -44L32 MU 
■ .. :rt3,n. : ts 
jo3.75 307 Ji6 i 4l4-.bG 

• • iM-f 


banh/Bec: l»ai 'B AtirtTMtlarti IndiotHal 
T-JtSaw 

ConnafetCialgi'-lMna 

. 4/iiESji . b Stxalu-. T ha ci t TWt 
c ctosBL' xd ajaum sE 30/12/77. e Siottt- 
hofm-'-jiHjtistriaT - 3 BrW 


G oiaagawn. .if iTaayjU tthjfc^ : ^ 


STOCKS 

. . . _ Cbaoae 

. 'Stocks CrasJhg " in 

iF-rt'- xratted price- -4«p 

. . ^Beetns iV- 3«O.OW 

radices and basf dates tall few valj^S Pacific F^OTdnh* .”. 387J05 49^ - . +;» 

IDO ex if pi NYSE AH. .fSotodon -■KT-CeniraJA-li. -^esi 3W.«8’ 

Siandarfis and Poors — IB ..and Taramo. .Cuitj^tiies Uhl: CC5Mr’‘lsr ' -J 
500— l 'A'.i the last named-fesed on U79>: r.iaw^J.^ioiftrs- - &)R ■ r ri 
Excludes bonds. tSMt. Indusirlaic. KemSfe.^nBS 36t£0ft. ii - -*-i 

«40O indiuiriats. 40 L'rttMiw. 'll Pinnace P." R. niltoiy " r_'-*'ja8L29r 43F +13? 


and 20 Transport. r Spd 1 
Belgiar SE 't! 12-63. 

1 1 73. >- Paris Boors 


All Ontirum. MSWie S. Utflnics-;’233a0b 
onedtliunen SE Baity Mte. .. *2J2.«I B-- 


GERMANY • 


\ •«. la 


Prtft-e 

Ull!. 


+ vr U'.ft.V 


\ tt- 

\ l,Hli,e \ wr-i'.-i... 

■I MW 

llArf 

•ravel 

aivr-Hi i.v 

*ra\«, Veiem-*'-. 

..leliil 

nei-m iU.. 

.•■nl< ■.•in mil. .. 

UA'ili-er.Ueu-' • . 

Ut-jU'-a 

Uenwg 

deul-s'iie bank... 
i>re?<'i>i'i Uhii'i . . 
U'ckein.'ft /jwi. 

initi'UMtruuiu: 

riapa- Lii'Vrt 

II"-j.«i'it 

•I'.^l'IlTl 

il-ecfl 

H.-rlen 

Kali ou-.l T«li 

Kki-WU 

haulhur 

Ii"x4«ier L' U l-A . 

hHU 

hii'l-V U>1 . 

Liu- 1-. 

L," vi i' .mu D .'!!•. 1.4MU 

Lin, iwn-i. 

>1 \ .' 

•l^llllVflUUIlU.. .. 

UrU- ae- 

''In, 1 vli me, Hulk.. 

•i' hvrinnui,.... 

I'lrtfiis 1*M k-..' 

■;i.-"' umAiw. 
•Nlbe'iug 

"l Uil 

-u-i/iivLet ... ... 

1 Ut'ftM'ti A.U 

a its - 

' bb.1 . ... •. 

1 ell'" i- X Wfibk 
V..ili-ua^^» . . .. 


TOKYO ^ 




+ !■ V IMv:' Y.m 


80.3-0.2 - ■ - 

4 !j 2 _ 1 al./ 5.Z 

Za3.3-0.a Z8.i2 JZ.7 , 

144.8 Ls./c 7.0 ' 

140 0 -0.3 1 0.1- o.» 

311.0- 5 5 28.12 4.5 

ia.7 -1 Z8.I2 4.3 

laa . .. - 

SU8.5 -0.5 io.ai 3.8 

CB.2-U.Z - - 

aaB -1 Zti.ia 4.2 

2c8 - 1 *6.55 10.3 

179.0- 6.8 1 ,-Id 9.5 

310 -1 CD. li- 1-3 

244.5 - 1.0 cfl.lii 3-7 

180 -i 9.6V 2 A 


3=4 
4V6 
670 
3u0 
613 

tv”'Piv4' ' 629 

d.umi — BoS 

q.jt.'tf 4r0 


vast*. . 

i-U:l*vl: 

Uni 5' VJvn Fr nl . 


-I 

— t 

— B 

— I 


'M i 2.0 

WhA.* 


AUSTRALIAN 


inrseilWL :t QjJDtn^rs. TWA;. 21S .700 . 


M* 
33 . 

m 


-4 

.4-* 


In' 


T— HTSF5 

• AoaL . S. — 


'ilL^Sbueulrii-: 

1 \u-a 


- Ti>.7J ‘.*0.01 
ta91 r0.0f 
13.08 ■-*.« 
11.25 


-I 

-3 * U 


U'/i!“ Ti>.* 

li--. 

Ito-Y *vx 

lew 

J.A.L. 

hi' i-* i.ei'Li'i' 
Aviuniiu — 


•'u-'-le. 


1.12U 

2a9 

L76J _ 
7*0 f 
2.85J' 
1.136 
366 
Z»3 


-2? 


IB 

43 

12 

So 

IS 


2.3 

0.9 

04* 


-20 - - 


2aB.3-1.8 18-25 7.7 ‘ iii. ;ft<emn*!- 3.26 > 


-3 

—3 


10 0.4 



BRAZIL";- 




98 

la 1 -2 

134.0 

49.1 —0.4 
159.0-1.5 -3.36’ 2.9 

139.5 - 1.5 14JM. 3.0 

Sib. . ... 23 .44 3.6 

250.0 18.78 7.3 

92.1 -- 

198-5 ... . 18.76 9.4 

i -a -2 - ■ - 

280. 6 — 1.5 23 4.5 

— 10 23 6.4 

93 9.5810.1 


14 08 14 4 1 I if. . 

Io'dJ 5.2 ! »I '■»«* i»i»i «■&». 
10;” 7.0 ! Aj !i*u, irtii He*' y 
_ . _ 1 Mlliuiriab: Lf'ri.. 

•S’lsaii L-;._ 

•liiiuKmln 

‘•.vix-u Uvovo 

'W'HjB Ttunieu.. 
Mi-rau Minors™- 


697a 
2o 1 
122 
426 
2u« 
606 
1.30V, 

835 

050 


-1 
- 1 


Fi-tieer 1.4 9 J 

taiiw Eietri: a 65 

rekivui Prein: 950 

-iii,evie..» l.ald 


-5 
-1 
1-20 
-5 
— II 


V. ™..- . ... - ..l-lnftUi 

25. \A\ "LMILSI.™ 

.dO'/TIA; ^rtit*.*Lxpiontva.L;.... _ _ 

1.5 Vnijw. Petraraijm ■ lO.iS'.'-ftJJS. 

l.*» ; V-viS ‘ *1-23 ' 't! 1 '®*.' 

2 6 i K-wo. Pu o Paper 51 

1-^ j 4**. Leiw . tuMunnw 1 

l'» Fouthtni lint InvCftL. _ 

-~^™ '.vToj...... 

liKIttnawa.i ™™3....; 

lua. Uii & Uae*. 

tnec*LCoM. 

. Blue lletol Indif™ ' 

16 SL5 : tv*ip»,i mile Cafpsc- - ? 

lo i 2.6 . UraioWep IiMinbViSi — (:■ .. 

33 ' O.b I Hruken Hill PrepoAarr. ...r , « 00- 

20 1.4 J 8H 5raito — tL40 

i.0 1.6 1 Carlton United: JBrew«r... . ^ 61 

io 1.5 j vcv-kburn .C0iieaL.-_ , . SlijO 

14 2.» i CvleeiGJ.>-^»....*£ ‘ TM-flA. -fl-OK 

20 1.7 I Ucus. Gi'Kf6(Ud» 4“ l - 

, 0.5 j uuowiaer ;• t<60? 

0.7 ^uuirnc KiotiblQ^.L — * 12.S5-. 


HancaAi Brad! „ , r , 1 .8N.., *0.010, 1&8.46 
Binnrti ti«o px iaa ••...^'..0.37:24^# 
fiefalb MlncfiaOP l.O6. r t.aei!ail0*r-Ss 


Lojfc. Amer..t».pJ. 6.11 
VHl'^it*# 


. . Pi»-r:.; .•2n6- ^...>.i.So:i2*6.oi - 

PirflH 'JP .L-, .-X58>r^40.1fe».69 


-0-83 u 
j— U .l 3 
-0.81 
»0.flD 5rA» 

1 1 -3B 

lxfl i*B7 

fil- 



ls 

L4 


lo 

-48 

Ic 

60 

£U 


liJSp 

tWJ 

ttXeC 

-tz^a 


t-0.05 

-O.fa 


1 >9 T 1 17.18 9.6 

256 .15.65 6.1 

=43 -15 28.lt 4.4 

165.5 -u.o — : - 

138.3 -1.U - ' - 

loU .. . 25 6.9 

*b .& T 2.3 28.1! 3.4 
291.2 f 1.2 25 4.5 
2=4 -4 17.96 7.1 

11B.5 .. . . i/.ii # 3 
1L4 -r 2 it.lt 4.6 
130.9 tU. 4 9.3 5.6 
2si2 ^-1 28.12 9.6 

245.5 -2.0 a- 3.1 


■iwn 

.. 1.44 J 

+ 30 

-»v> 

Iiti*ni.< M»nue~. 

A. 0 

-3 

1 1 

idtcra C'-emiL-a 

.. 446 

-9 

la 


_ 2_ul J 

—10 


1*1:111 

.. l£5 

—1 

lu 

i-jk.M.' .Manner. 

.. 519 

-5 

11 


'| 1.U3.J 


e 

I'.'i.'u uni« 

.. 340 

-1 

12 


1.2 . i.v-uiu Auuftin — 

1.0 • thiujop BubtetTSlt 

2 3 LsCUfi 

1 6 j faHier^nnidt- 1 ,— == 

U.6 tiDittnv'XU Kteourcea r I'i 3y 

1-4 j bJS. Jni'irame*.,. ' .■■’•ff-74 

2.2 ij«i. Property Truu... 

1.7 1 Uameraiey — 

riivter— . 


’-0.05 


bsijp '£.:;■■■ 


vferae. 

de Janeiro 


SODiTY 

; '!i!Vi 

’ Lt. - 


irdir<15 


TRH 




Bergen Banfi XOl^.-t-OSil 9 
Bwmwrard iil'.J 68.3^^1.86:—. 

LrollitMk..i_™1 il6-7Bft :t II 

»i •situn^ :. . ™ _ ™i _ . 276 , *2.5 " SO 
115.5 +1 . i 11 
HyffiM Kri] . 187.fii — i5] ID 
.'fiSjjebrend -'jv.: 92.fi;— 1.96. 7. 


nz -- 


8J» 


7.3 

5.5 

5.1 

.7.6 


jCmANNESSURG . 

!j A5 f ' . MINES' ' 

-0.0> 


AMSTERDAM 


\ftiv. 15 


"Pn.f 

fri- 


' + or bi*' Y..1 


lira' 


>-uh«i..e|v_.., 

i<r™ 


160 

140 

856 


-5 

-1 


LO 

10 

CL 


0.7 

4.L 

1.1 

5.9 

1.6 

3.1 
3.6 

1.2 


Source Wihhn Secunuea. I'okyo 

BRUSSELS/LUXEMBOURG 


Aev. lo 


Price 

Fr-. 


+ .-T 


Dii. 

1 r>. ' 

A ei i 


Pi. 2 Ui . .. 

\ka.i iFi. 'A,. 

XyeiuHnkiFi-i-r. 

V.VlEV (Ft. 10,...., 

\miitt«ul» ■H.1V. 

uijeuL'^l 

■ viUVIVlin't 
Bubim* lvLlefj.lv 
ti-vftier i KiJJi .. 
biiula.NA .tMrei' 
FutOnnl-IiPl-iv.. 
iMtialUnvale F •’ 

HeiueSen iF'. 25i. 

rivuH.jteu''it.^ , j 

Huuiei li.i 1 i.Kv 
K.L.M. - Ft. U.V.. 
lui.Mullci FI il 

Nal^ipl lu i t i.n. 
\eiH.irilBU,tl.i<: 

.\e-i ,\l 1.18k. lljij ■ 

v, f •l>'.Su. 

UUKMtFi li'i .... 

1 an Ululuvleu.... 
i'aLliuvit ifj! 1 '.... 
rimipr .b - .tin..- 
l(.<nSa'liVerihi.lOv 

1'l.lwr^j iKlXiii • 

Iliulll.fi Fl.iU».... 
liirnrillv 

il.ji ft. I lull In Fill i 

rnttinerg 

flar' ill Ur|‘"-4,'-. 94.5 .. 

li+.ivFif .Hid-.S. 134 .1 

Luiie'i.-r it 1 10.6 a 

' ikiup He- ; 58.8 . . 

•'r»l. t. II. H* ik-ki 414 +2 


as 5.0 


8 it* I ™..2.190 

derkcrl “K ’....... 2.05U 

i.B.li. LeraenL./ 1.164 

vickeriu 400 

hBhi-r .. 2.380 

b.M.-ireiei' ..._._i7.12 J 


-10 - • - 


-10 

— to 

- a 


Ho 

-.100 


4.5 
; 8.6 


112.0 . .. . 

u8.6— 2.1 - . v , 

368.0-O.5 12&: 6.4 1 r . H u n ? u * *„ l - — j iS. 111 ~ 1 S 
87.2-0.3 e50 5.7'o.B. Iunu-Biu_..3.450 

7b 5 . -»j. .nilirmrrl 1.360 

b ’ 5 3-1 'j BLibrux Ui 1.510 _... 

d o' oken 2.680 —10 

luLercrm. l.bdO — 8 


177 
■4aO 
• 1 /u 
130 


'-0. z 
.-m.01 

-U.u4 

-Q.8! 


5.6 
,80 fa. 2 
40 [ 7.1 
it. 9. 1.9 
6S7i 3.3 
e-4j3< 5.0 
20 ■ 3.7 


14 3.7 


1.2 

*3 


48 

21 

£* 


v2.1 — 0.1 

130.8 - 1.1 

7a.B 

cOS - 6 
1+1.8 -1 
to./ mjJ 

35.1- . .2 , 

96.2 - l.l! 

36.5' 

a 1.5— > a 

129.6 — 1.2 

44.2 - 0.4 

113.7 *-o.B 

38 +0.9 

2 Lfi. 5 - 1.5 

169.0m - i =6 

28.8—0.7 23 

Ia5.5. +0.5 - 
4,.u;+i.u 
24.6 — 0.3 

63.3 

Ifa2 

150 -0.5 
123.4 +U.1 
123.4 -U.5 SJ./V d.8 
237.2 T 1.2 2U 6.4 
27ft 3.8 
•D.tf d.5 
42* 7.2 

>u.2(r 1.2 
55 5.8 


3.6 

2.3 

0.6 

4.2 

7.2 
a.3 

4.8 

7.9 


17 6.9 


28.9 7.9 


Is,; 5.B 


COPENHAGEN * 


V»V. 13 


Pnee nr D'ir..Tld. 
tvn,ner — 9, % 


Kre- net bauk ...7.250 

La ICvjaie Uelue- 6.140 

Pau dftil.ii 1^.1 2.830 

('euuncui 3 £30 

>X. Ocu. finuuu- 3 260 
,ui.'.i..eu.tiev'MU<.S 010 

■■sufiim 3.540 

-ft" 8.340 

liauieu biecL.™ 8.725 

kLB I 156 

L'lLUiu.-t Ui 732 

VieiiieM.jutaaaeJ L.805 


i 7.4 

i“ I 

: r . J I 
ac 1 6.3 I 
90 . 6.U I 
UO : 6.3 1 
. L42 | 7.6 f : 

j 490 4.U 

i-^40 ,v385 ■ 3.3 

; 38.45. 2.7 

. + 10 iuu ; 5.6 

If 50 duo ■ 6.3 

:14Q j f.- 

i+40 813 6.4 

—16 \;.1u 8.3 
:r 10 170 6.2- 
-8 - 
-8 50 6.8 

.—25 1 - | - 


ICI AiiariaJte J-- 

1 aiei^Coptier.™ A- 7:- 

i emu iqca wuH nct-iL™' 

J ueefi Orvtdl 

i^uaini on 

MfflkH»'BxjJnrail.''i-— 

Uetmnar Ulnmfi — 

Ul3l'6a.4uiK» - 1 

Myam LtmpMMm ( 

ft .... 

NhAutU.LfinamlMiai ..... 

.Yon h Bn^ieo H ’'limn fet 

ftAftkiuiaue. 

uu wuM : j 

IMtttiaiilunilan.ft 

rthfef Luiwde.. 1 - 

MeefciuA'Culmep , 

H?U. Mwali-. -MJ.66 l+'*. , i| 

-OULWhuIAUqIh^. Iil.26 i— 0.01 

kxpKjratJWi 1J.2S i 

loatbil,)....!. .:— f Ltfi H».K 

W«j ions.: • TO. >2 H.DI 

lYeiHertt'Mthinii -LOU cent* • t it 53 I— iL 7 

tf Uneuttlrt..;:...™ 1 T 1.49 ' H-Q3 


Band +9T- 

'fiao: 5 — m 

■ U'afl - -0J3 

■ i.u -i w 
5.10. -o 10 


...iVnoHefb 

;vtQ AJuaHi aatcridm-conm. .. 

if n “Sa2 ' ^barter -Consollfeied ..... 

: *Jr. •"SJi East Drtefiiiuc'in 

- '•0. ' 3 ^4" ElstHirar-' 

: « 07 ^U5 IlsinriSy ■ 

*°' 3 2 K, nrosK' I—' I.i.. 5.7a — m! 

jj.»5 h j 0#1. Kioar . ft—.-’. lJO-IS-j -9.-** 

1 1. 12 41.;.... 1 RuaWbfiiira Plant] am ™.‘.iiT8 T ' - 4 " 1 * 
;j.21.4huS ■** 

r J. iXT-rt- l.u • , • - - ■ ~ j -- 

‘ '-*8 ... 



10.14. 

.11^9 

•tlfcfil 

i>:sO 

iL»7 

11.84 
W. IJ 

(L60 
. nt.00 




-3J4 
-0. 2 




SWITZERLAND * 


.\»r. 16 


Priw 

Fr». 


+ ur 


L)w . Ywl. 

-*■ -4 


-10 

-5 

-to 

+ 4 
» 5 
+ 5 
-5 


Amicl.-tenkcu.... 
UausUe Bank ...[ 
Lfti A-iall.- 1 li. . I 
Puum-traukcii.... 

fiiyssener 

For hyii 

Handel 'funk 

O.A‘ll,‘uH.(Ki90i; 

Xvr>1 Katcl 

■Novo luiluaul B.i 




OllefabriL 

Privai.leok 

Provinstrauk 

Supli.Hcrcnveu. . 
SupeKbfc 


140 
1251? 

156 
131 

386 

85U+U • 

126 L • 

281 is -*i2 
17Bis 

220 + ij 

1151s -ij 1 

1301 j! 

136*4 

369 .ij 
159 j-2U ' 


7.9 

9.6 
8.u 
9:9 

3.7 


8.7 

3.8 
6.7 
4.5 


.Viuminiuin 1.0SQ 

BBL -A’ 1.590 

LUeOeiay Pr.l A Lu30 
t>,. I*»n Leri.. 80S 

Un. Hen 616 

1. rmu eiil>ve. 2.190 

Kitcinwiii 1.780 

Fibber iOvi*tsei .1 550 
riftUloum l*l L'en. 65.0OQ 
IA,. 1 a mail}.... 6.475 

Inlprloai B 3.700 

■te iuon i'Fc. I 1IJ1 .1.410 
Ne-t'e 'Fr. lCj).,,3,150 

Uo. Ilea .2.260 

Uernkuii b.F_swi 2.600 
PlrtUialP F.lOj'! 284a.. 
~ai>l'.j -Pr. daJi.. 3.320 5 

l)o. Han Uerta.. 413 +3 
SidiiD.li4r lit/Fibf’ 256 
Sijmpt Lv 1 Fr. LOO 1 &9Z 

■Ml IB. air .Fr. wj J 797 

;«i*t BukiFr.iiW'.; 348 
? wm* (Krn i'rtSXr '4.800 
Imt'D bank ........ :3.U50 

iuriiib laa. ^..10,700 


3.7 
3.2 
2.1 

2.7 


8 
10 
22 
2& 

22 3 i 

13 5.6 
10 £d 
3 ' 4.5 
— 500:1 IOu, 1.7 
-3U 110 , 1.7 
475 21 2.8 

• -i ai . 1.5 
t 4Q lifa.a' 2.7 

at.t 3.8 

— 10 ; lo J .4 
13 5.3 
83 : l.g 
do 3.2 
12 4,7 

W i 4.8 
lu ! 4.4 

to j i.n 

+U ! 2.1 
20 : 3.3 
44 I 2.1 


— 10 
t4 
- 1 


-30 


9.2 1 
b.l 
3.3 i 
7-5 1 


MILAN 


2fov. 1 5 


I Price 
j -Lire 


+ w Dir, Y id. 
— ■ Lire, » 


VIENNA 


A.jv. lb 


Prkr + ur 


i.mliUini'Ult 

I 'enni'jft-.tir 

idw Ira ..; 

■?rni|ici*it ! 

■rievr Oaimlei.,... 
S’c B MejOtr?lL. . 


342 

270 i-3 
611 -1 

63 

204 +t 
259 - 1 


10 

9s 

38 


2.9 

3.3 

7.B 


at 

10 


3.9 

3.9 


A.vfc i st t— i.7s. — ; ^ 

Bukifd — i 481 i—34 ' — 1 

Fiat '2.550 '—30 • 16Q S a 

Du. I'riv (L9l5 —17 150 7 - g 

Finsider ; 121 j— 13 _ : ■_! 

Iratemectt 20.200 '-300 6Q0. 3 0 

! 315 ;— 21 ; ™ _ 

Mediiiteuftii :38.480 -I4.WJ I.om *.6 

Uoulvtlram I 172.50— 3.26 __ . _ 

•JllveUl Prlv 11.240 !— 23 

Pirelli \ Co 1 1.820 1—39 

Pirelli 3p» ~! 893 1-26 

ioia Vr«.itMi — ..j 755 f— 15 


blr/Yii. 

V : « j I»lrW*r .... 


130' 4.4 
80 9.0 


jluv-toi r. 4 


Prut 
Fr* •• 


U.v 

PP5 


1 ® 


-HUB 

Sl Helena ...... -?lVafl -0?3 

Souihvaal ;:_1 -B.IS ' — Wt® 

.CnM Fields SA 3100 . 

Union CorwmKton ™i. - 5.43 .. 

Pe Bvers '.Dcrtrrred : . T: 30 •>. 
RlrrtnJruliaehl . - '5.111. 

East Baud -Piy- -M0 

Free SraS CraJnld .. _28;fl0-.'. "“flg® 

PresWeiH Bradd -ldfiS - 

Prcsidenr 5renr 

MB -. -0?3 

4 40:-— W3 
-«« 
-073 
H>33 



'filler 


Sul tom era 
WcJHail) ...... ;'.L™ 

Wm Dricfhnteitv' 42.00: 

wpsiern -.HnMiiigs - «»WF. 

.Western Deep - 'ft 14-SO 

.INDUSTRIALS 




Unin,‘4f-...1 i ,73B.fl|— 0.3 | 4»il 0.6 

AiriojK tio.’td^.'a i 3TO — 8.5 iil.Ib| o7 
kirUpuHe^—r iv9.9-+l.e ,-ioj| 4.3 

AQiiMine.._-i™-ft! tSZ 1 — 5 liaJki.+^s 

HI! ft' ,,: : 308. 1-2 11 JO A.8. 

Doimtuc ™^ft— - 808 : + 7 I 4n i.D.S 
S^LGerral*...., o7p !~Z 40^ 7.0 
Oerreraur LLL.™.:a09fi. : — 17 . | ' 7 b- {' 3.6 
ftTojEL-ft..:'. *=2-3-1 Ibi.cid.u 

LiLl-ALral**. 1.UV.3 .1-1 .incohft.73 

OleUsnualre..— 447 ' 72 1.2-6. 

CluKMeditee 3U2 —1 j lUd 9.3 

CmBtCom: tV e '130 : J..;12 J 9.2 

l»'reu'»a'Loms.™.-. ' U2:3 ^1 \ — V.- . 

Uumi*-..;.’-. ' 696 -3 ii./a -4.9 

Fr.4«K-6r™.™.., l-HJ.7-0.3l W. -1 J.1 
Urea. Ue-rieoMlf; 860 1— 1 | lU.c. 4.0 

lioiSAI.r-iU. ! 58:50 — 1A6'. 5 •! 9 ; 8 

limiie ****- ~V ;*■■■■ ;; 'f- 

LfatarlK' zSS ... lo.r/1 T.2 

Ut>TBu....r~.....: ' 732 -2 18 . 8112,2 


3o./t| 

At 


itaey — — 1 


I A 61 

■ ' 3 

*L~.v 

■ 7-=| 

ID 


Peugeot C^K<p. ■ 

pgtb«kn.UU-~-:- 

!U.tKi TfRb^Wne. 

itcriAute 

Ktxinr.Pba<«fe -j 
■M lUtffern* — 


tnj.mwhft U . nu i ’ j/ 


' liuO - — l 
U8 -1 , 

31u.fi-— 2.5 
496.1 

204.7^41.3 1 — .1.'. 
'44 2. S' 6.5 y Z7 ' '6. 


1.9 


LbinuH'-V--::- 
UmtiMOi Pbeooix -502 
UldMIlrt 1,339. --IQ. 2LW4'3 ai 
Uiwitrniuise.v-J .S7d. — 7 . 

Uiannri 'ft«'ft.~ i- IraO.'l— 0.4 
Panbiir 


Se8 .>'8 ” , 3w 
.W3.9r+J.4r.' 9'. 
'..147 .f™-: — r 14jr 
1.838 J.. 69: 


JZ 48 
Ws 




3.T 

/£ 

HJl 

4=41 

■*& 

-.5 > r 


AECI "* 

Ingto-Amer tndustrtal ... 

Borlow Rind — - 

CN.\ Umartneiits 

Currie Floanre' .». — ... 

Dc Beers Industrial - 

Edcara Consolidated tnv. 
Edaara Stores. . . 

EcerReadr sa ... : 

Forte rale VoBrabefeiwlnCT •., 
Crwaterodus Stores 

Rolens L.._...ik.™ 

LTA 

McCante Rodway ... 

NertBanft _.. 

Oti Bazaars ... : — 

Premier Anfllttfi 1 ' — . 

Pretoria Cement ••• 

pro'ea Holdinss L— 

Rand Mines Prooerbe* . ••« 
Rembrondt Croup ..... ft.... 
.Rctco -: - 
Sacc- Boldlngs 
SAPPt 


1».0I> 
46B 
1JM 
WB5- 
U.I4 
AOS 

37 JO* 

' 3LI8 
1*3 
8» 
2.10 
2 05 
0 80 
AS» 
7-»0 
330 
is and 

«.M - 

’ 3.0* 

8 SO 

;/ti43 

2.40 


f 

-0^3 


-e.93 

flji 

-B.05 


-0.M 
■-CL® 
— DJfS 
-0.03 
.— 0J5 


— 0.C '• w ^- 


-IK 


C. G Smith Fucar • A M 

SA -Rrwectefi 

narr Oats and" Natl. MtSP -11-^4 


Unhee.-.r 


1 11 


-fB.ai 


SeniiltlfiS Rand U^^0.68 
(Discount of 40*8% I 


+ 1 


SPAIN * • ' 

Nov.'lfift 1 . . Per «nt - 

Aataoct. - 

Banco Bilbao .... ...< ..*2 “ 

Banco Alla nitcortAWt ^ , — » 

Banco ’ Central T-..-:--’.. .. 3W 

tlahcn Exterior .256 . ' * 

Banco General •* 'JSb c ' — * 

bBaacrt ’JS^afeda fLBWI — 

Banco ilispa'no-' .’ 2B: .-*-•> i-. *r 

Banco Ind. Cat. ilJIO®) . .115 A* 

IL 


0 *-‘j: 


•.a.'fwL.Mcdirerraneo.L'' Ml' 


fl-.l 


STOCKHOLM i 

• ■ •• •- _|- rplce- 

- • . 1 -Kronor 

-f-0 

t ..Div.'iin. j 




4! 8 71 


'4a|allB|> ' I 3.6 
5.75 ! '5.2 

. J, ior.4.7 

.^6^6-; 4.5 j 


'pancoifl'artrW .’ . 21k;Z^--z£r^l\- 

Banco PoDtdar:. 

Bfium -Samaivji’j'. eS50i - 33* - J . —t- 


■V* : 
3Si 
29'-’ 

’ KL 
AS, 


AKh.goIwtmw , US 

2 “ 

UJMt'lux’fl’(KrdO 118 

ErfSwii'B'.iKrbaviaA 

.289_ .. ft..| ‘J »' Ifiorthwo;..,'.;.'... ... 

Pa pv terns- KemUdas ,-46. 


fi. a.i 


Banjtomoo 
.Samis Aadeittcia 
EfabcoCk XlKas 

Drasiados 

LnnKduinir . 

E ;:L Aracnoeoas 
Eemanoia ■Ztav—.-j.-**- -40L 
Ex pi. Rftf "‘uno Sta .--.^* 

Fecsa'- ri;oOa> W . 

Fenosa- f J.OOtn «. *';/v -J ? 

GaL Predados. . — l— ■"■at . j t ® ^ 

, Grnoo VelazoUK UM\ 16S, ■ /•’ ' *^5- 

v W . — 2~V 



ff tee 1 ,—-) al '—0.5| - 
n*aillost*uiLtil-.ft. .’377. |ir2 : 16 i 4|3 
J2S y '8;6.4 

_ v , :+1 t 9.7S|a.Z 
61.3. H- 1 ;44 1-713. 

158 -el ’ 8 ! fi.l 

62.5^-0^' 5 1 8.0-' 
56.B-0.fi 0- : 


aandnk *B' Ken. 
tf ;K.F. "B" Km.... 
tiiaurt bobkiuiK. . 

faikbolM 

VoWv'KifttOf •.•■* 


PenoUbec- -.uk.A.*i.: B i,.lM , .f,’.V55i. > 
.RHtrohosv;...v..iV.:.vA;iriff- "z.-.T. * #> 

5arm>,Pkpafert'-':2.~, .»■ • •-? 

Sfltaco s z. 

Sosefiiw JKmZJ L. . . ^ - 12T ■-;■=_ 

Teleftuudl X—ft. .I ® 3 - 

Torras Hostench .76 

Tob»Vx:-..v.ft; W : <-2St 


- ffi -fi i-kO- fr *, fi t 7. LuCrttoo -Sec. -.i-: •fiUfi - *7 ^5*'- 



'■.* . .■ ' y^-yj 'Zy'Syy.- ?£?*■ 


























-v.r'v:- -••• 


•. : - ■; i-^vr 


^#rtociai 'Times Thursday NbsSufer .16 1978 


\ 


FARMING and raw materials 




U.S. sugar 


Britain attacks 

bnifilr sale 







WASm\'GTON.Nov. 15. 

PRODUCTION of cans and j 
’ &cel sugar wifi rise 500.000 short.; 

3006 to about 6m tons in 197S-7S! 
while thft sugar beet crop will! 
advance 4.4 per cent to aroumli ....... 

26m tons, /accord ins to ■ VS. j V ' - T ;£.\ ' . . BRUSSELS. Nov. IB. • yesterrti , v wlth BMrhv '^i 

^ffrlcuhura] - Departtnertt ococo-l 1 ^ ‘. CoauP^nn, today per loo kfi. an export rebate of Sons ending at new 1978 highs 
mists, Thomas Little and Fred) ^ontirnaed that jt . ha^ reserv c-d 161, oj ua— 100kg (Just over £1 ! 5 

J2ny, reports Reuter, I its judjimcnl not^t next lflursday per kilo) is indicated ! The March quowlion climbed 

■ Tbey- tolfl- the USDA’s outlook ! a trench ra)ae*matji£h u <iuid curistophcr hrim writs: Mr. ; to £2.145 a tonne at one stage 




New peaks 
in cocoa 
market 


By Our Commodities Staff 

COCOA PRICES on the London 
futures market rose sharply 


'Conference that *<*1*^7^** b» , advaneeW ^ rebates Jo h! n suS!r StuKnSsS!' 1 and **** the day 
-toe- 187S-7S ■ wop 4s expected to i on 14,500 timo^hPf. • butter. Sliwn. ffle UK nji^ster , talMcls al jro,- 

toiat »huut 35m tons, raw Tfiiwari intended. lor USSR. m So to next weeks Council ( m ar f h c0 

If the reauestlr«pp™ved. the ™ eeUn S briefed to use all his, k v £[ 2 o 

Dowers to nrevMt Iho rfaa from I “J . 



'T-Sugsmne acreage for harvest! » r "»«nd £lftn*^ u gO‘ng through, offices said. \ v s ,JS * 
— — , : The request was passed to the . *1® said in a television inter- ( Market soi 

: - - - ■ ^-^*nent com- v,ew that the 


in the last four 


-wiij Total about 753.000 acres In 


^V*jR^S±5« ; KKWSWSE? S£ MffM f S&SrJSJi 

flirted. PraSuetitm in 197S-79 may j}}. ,nclu!r! SsS' f or ‘?he ”»* ^ C J^‘n-',°!L biS L‘ i bnj 'i?.?_!’« 

“f” "* of ^iSS.TISSiS'-JCSSM 


"N 


sources- said yestcr- 
mainly due tu 
Speculative 

■fiictecL FroauctioTi in 137&-7B max .J"." \" — ®" ~ \ ““j— & gained momentum 

if ^he «» butter was -destined for the Wjce for their produce. The encouraged by - bullish “ 
-nrarch tne -bam wn s of the Unioa ^.the matter sojuu on was to keep down prices, chart patterns and Ihere has 

* ‘ fi is would discourage over-pro- 1 been a good deal *»r entering 

lOdfeand 11 m JS SSm , o“«t "“'j “ r "* r ■ ,h#rt " 

— * The market u-as also boosted 

yesterday by reports that the 
Nigerian crop estimate had 
been reduced tu 120.000 tonnes 
from a recent prediction of 
130.000. 

Further upward pressure 
was prmided by rurauurs of 
increased Eastern European 
buying against a background 
of reduced producer selling. 

The late fall was attributed 
mainly to profit-taking. 


ssr S^SMSt wsurtsa s® wsa xs^usisr-mt ^ 
3E^T£SS,1fKaSSfeffi »T SJLK*i£S 
se * WrfflSMsjw ass a- 


Community butter 

Jp ® ■"»■, «“ 5832 'ciTd'So^'wISInu 

-yi i!f r i 1 S. y HV?”. W 01 1 ■ bm I Maptiste Dou raeog;; a ’ premia ent enough supplies to keep Britain 
‘SSir In t97S will ' FrpQcb aencultunt«5*rt«- . sotng for almost 18 months at 

198 ll ; The EEC butter^ mwxn la in present rates of consumption. 

i eurremlv htunds arSJBJJOO tonnes Under the draft agreement 
T - J^ r r. Cai ^^ lU F^t^i^ PuWic storage - Jand 275XW0 between EEC traders and the 

1 wnflcs in private^ storage. With USSR buyers. 14.000 tonnes of the 
-fflSs^lSMhh^iSJJ^K' the- - EEC interventHa -price at butler would come from France i 
•??i 1 5o2o- €l0 fi«® £0.9 1 5 ■ 235.75 units of accdtrat per 100 and another 6.000 tonnes from; 
-higher at £112.52o_a tonne. _ _ fk » md the world ‘pride at 71.2 ua Ireland. 



Dealers said, however, that 
"there .was no fresh fundamental 
news to- explain the rise. " 

- UK demand 
for soya meal 
■slows down 

_UKJ)EMA-\D 

Tit soyabean 
; ;haye slowed 

created by UK pro -l * ! ?« »«■ ae'«UiHR.in «ie last 

.'cessing plants production losses. 


hit by new 6 sell off’ 

BY JOHN HDWAROfc.jPDMMOOITIES EDITOR '• 

A FURTHER H .sfllD8^)l> lead suinptiun in the Western world Asia and Western Europe exceed- 


GRANTOR! PORT CLOSURE 



cost 



THE GRfM co-t 

tinning stru^iy 
fisheries poli 


BY RICHARD MOONEY 

of the con- in? fleet to benefit from any even- and mackerel in an effort to keep two stem trawlers would, from 
over EEC tuai Common Fisheries Policy the company viable. November 5. have suffered a 57 



Adecisiun u- \v 1 ]),'u'mT l <tr,n ■** »“«“ « s '**‘*- trawlers. Bui luck was not with .... 

a Bovd Lire sun-jHi- rv Ll^to^ s problems have been the company. With no other choice the coni- 

trading 'will ev W :uaiiv SnS i i T ical ? f . rh ® SB ^ nR An ambitious venture to cateh PJJjS; folded. The stern trawler* 

these people r. n w, ihe did- u?ue ?.^ R '" dustr - v , 8 ea e«k The bloe vhit j ag <a hjU ]erto un- J 111 "°' v "ork irom anuiherba.se 

and, more signifies lt ^ans KS'i! exploited species) for tranship- J u ' ‘ ‘ ^ lr * w djVe faad 

the death of a ftn.-i?->hnvinc port ,ltnUs reduced c^t».bia n me0 t i 0 a Russian Factory ship 10 be ld UiJ 

At rts peak, juj: 3 f lL . r j 3;J , went sour when the fish moved In the statement announcing 

war. Gran top ;.<-, rr boasted SO A COMMON MARKET panel north into Faroese waters lil ® dusure decision Listons 

working (o resolve Britain’s a month earlier than usual, repealed that rts vessels had been 


fishing dispute with the EEC British vessels were prevented )** i,in S ““■*« lhj *n i— 1 000 a day m 
is expected to finish its report from following the fish because " orlh tast ur ctic sumuier 
this week but will make no the Faroes authorities refused to sca5 “ n - 

specific recommendations, com- grant the necessary licences. ” Combined with -.he severe, 

ni unity sources reported 

Brussels. 

The working group win embittered attitude to the 

submit only a listing of various T :t- .u- Jb-^ 3 v. 1. „ .m.. partners and restrictions at 


un- giant the necessary licences. uouiomea with -,he severe, 

id Tho Faroese de.-i«inr. in this declint -‘ in Mlcbfh trf near and 

«Je wm SE! * £ ^refleclL of raidd - lc .- waicr ™u-ed by- 

rill S?® ovan^inn h> our Continental 




, -hax.e virtually - been .covered -by 
* supplies transhipped 'from the 
^Chntineor. brokers said. 

.- - A : fair amount of- European 
.--buying took place r during the 
dollar crisis and although cur- 
“tencj- advantages have since dis- 
appeared Europe may find itself ! 


trawlers'- ft" a . emaloymcnr 
to some 1-fOO people. But 
Listons. was tne i 3S t remnant or 
the local indiistrv. and de-pile 
desperate aimiupu kp. pp the 
port jp'ns m ijii fare of ever- 
dimini* b .i n 5 opportunities 

the company ‘i - fon-ed to ilirmv 
the- following the 

anpmmcemrn- j-.^, month or 
lightervGovernmont controls on 
^oiith-wast co:rr mackerel 

fishing, . . . . .... 

Most .of ; h-. v.virk force has will he reviewed at a special This episode n)st Liston s vessels which are not operating 
already been p;.id oT nnd the 25 meeting uf community fishing £250.000. Mr. Liston was parti- profitably." 
shore-bawd e<*<: kept '*n ministers next week. cularly bitter about the loss .Mr. LiMuri sec.- no possibility, 

to assist wi-h f v; in ding-up nf because of the Government's moreover. t »f thy purl ett*r being 

the eontf>an> - ■ if! be gone by failure to provide any financial revived. “ Once the men. bom 

Christina 5 - . opportunities in distant waters, backing for the venture. "The at sea and cm shore, have gone 

Mr. IJonro l.t-iun. ;hc manng- but EEC membership has pie- fishing industry bad beeD urged their skills will be lost to 

in® director, '.-j- n0 doubt vent ®d British trawlers gettina l0 catch as much .blue whiting Granton for ever.” he said. He 
where! the h‘: r»te >.iv. “The full benefit from the extension as possible to establish a historic added that ii would &e a rela- 
Gnvemirwmt tn face ^ limits. right but when we sought tively shurl tmu- before physical 

fact*." ’he miiowinv the To make matters worse, stock Government aid to underwrite Jj ec *. v pul the purt'a facilities 

closure 3n n n:lr.'’'■n}-^ , . ” I'nlike dc-oletion due to serious over- the operation we received the beyond repair. 

*ur his former employees he 
more hopeful. "The 
should be able to get 
berdi-en.’* he said. But 

» », , , - , i . . . ... ted that as more and 

Mr. Liston Mill-.- bpbin-1 Scotland herring, has been mackerel- catches by us two stern m Cre %-L-as-eli arc- laid up or 

the tou^h n* ’ stance banned altogether. trawlers. Arctic Lnoiienger aDd scrapped around r he British coast 

adopted .hv Mr. ioh a Silkin. the In common with other tra*.vler “ leier off the Cornish coast. The lt must become in creasing l.\ difli- 
UK fisher it; wir.i-tcr. in operators William Liston has las * ?. ,ra )l! P J 1 ' 5 ** ?' at;e d on^^tne cult tor dla’,daci!d fishermen to 
Brussels. "L* •- :.ii'jf»rian; lhai --pared (to effort in seekina camels back when 



en Air. Silkin find new opportunities to exer- 
lackerel fishing cise their traditional skills. The 


It estimated that demand will tonnes in 19S0. 

three days. ^ he down by 118.000 tonnes in Supply and demand arc esti- 

Traders still iaaSatein that 1979 due to a fall of around mated to be roughly in balance 

there is a shortage; :«F lead 1SO.OOO tonnes in U.S. con sump- this year after a drawdown of 

supplies available <to pft market, tion, but then expects demand world stocks of 141,000 tonnes I 

as confirmed by the c4fFjpiee re ‘ 10 £ ise b y nearly 380.000 tonnes in the first half of the year. j 

maining at. a premiasn^iQFer the to 7.25m tonnes in 1980. The report notes that this year 

three months quotation. But The report forecasts that by China has re-entered the market | 

speculators, who help&f to. push niid-1979 the slowdown in U.S. m a significant manner andi 

^ prices up, have evidently, de- consumption will have become become an important factor in| 

a surplus aroirnd Deamber- i cided^ ^the time has comfc td take more severe, and with Western the supply-demand equation. 

January. I their profits, or cotfer aoyApOten- Europe similarly affected there Whether China will remain 

, 1 Traders generally anticipate I tial -losses tn what isseeo-as as will be a 

1 overbought 
■Dir, prices 
pressure again 
market unexpectedly 
on. Tuesday 
-rally in. London 


the UK shrni].-: ns fair alternatives. The company's announced new mac 

-hare of EEC ivsnuroes." he seven trawlers, ■vhoae tiaditional controls which altered the message is clear — if Mr. Silkin 
said. quarries were cod. haddock, oalance in favour of the local is successful in Brussels Britain 

“But if thin:- -..u >..n as they win tins and herring, have been industry and against the larger could well find itself with a 

are Britain Couid 5nd itself >eni to catch sprats, and sand eel. trawlers. generous allocation of nsb, but 

without a suflicii.Tiiiy c»rona nsb- horse mackerel, blue whiting As a result Liston claimed its no way of catching them. 


Norway fish talks fail again 


UK delegation 
ends visit 


By Hilary Barries 

COPENHAGEN. Nov. 15. 


generally 

‘heavier meaf supplies this season. 
They expect a. significantly larger 
production in the ILS. and note 
that, weather permitting, target 
‘soyabean crops are forecast for 
South America. 

In Washington, it was forecast ! 


BY FAY GJESTER OSLO, Nov. IS. 

| NORWAY AND the EEC "have seemed to have been taken aback which would define where each i 
.... ™. II!U1C1 .fmamlfalled in .a second attempt lo al , Norway's demand for species actually “belongs* would j ... 

sharp downwards such a large buver remains mi reach agreement on reciprocal b f v %h lve iij t * 0 F >t a larger sb^re j A DELEGATION representing 

- • * -- - K North Sea waters, starting next of the North Sea catch and 'British fisheries organisations 

importance of {completed a three-day visit to 
in justifying I Danish fishing ports today. The 
fishermen. : visit was in return for a visit 

larp ibe Western world estimates. ■ nr«»ui*tinn« m R n i«nie u*:t r--- Appareauy. however. Mr. 'by Danish fisherman to the UK 

pr^OLLslyr.technical recovery‘'ln _ the U.S. These ihw a rw in world _ w « k . a third round of talks will .SwA? ISR? Gundelach did noi fully inform • eariier 5Jf W- 


Standard ‘grade cash tin^ost £85 dollar and a possible 


that US production of oils will to < £7,B25 a tonne at the close, balance of payments outlook for end of 197-S. * compared with 
be heid back in 1979 due to Cash zinc feU .by £4.7530 £33S25! - the U.K. would pur sterling i* 976,000 tonnes at the end of 
lower output of' tallow, and a tonne following thd . trended under pressure and provide sup- 1977. 


lower output 
.aairaal fats. But more - soyabean 
'Oil will be produced, according 
to Alan Holz of the U.S. agricuK 
-tore Department’s ' Foreign' 
^ricnlture Service, rr 

•iB.OOtSZ i - - fe*. I 


lead. Copper was also affected :-by port for the London, price of Stacks are forecast to con 

a downward move in' the New copper. - tin ue rising to 3.306,000 tonnes by 

'.York market .and cash wirsSars Refined production of copper the end of 1979. and to 3.542.000 

closed £5.25- lower at £73liK T a is forecast U> increase in 1979 by tonnes by the end of 1980: 

tonne.:.-. .. - •:* 150.OOO tonnes to 7.15m tonnes as remaining at above the equiva- 


. :._.f ..A' fall in refined poppe'rycon- ir. result of increased capacity in lent of five months' supply. 


poor slocks to 3.005.000 tonnes at the I beheld ■ — 3 ° ho in Bnusels^— 1 Ki GiinrlP BrusSeJs officials about this new \ In addition to exchanging 

-“h'SnetSie next week -1*1* ?^ d Lf Ch '^“ d Principle, and its Ukelv con- views on North Sea fisheries’ 

.sometune next vecK. Norwegian Law of the Sea 5eI , uences . The reSult ba ^ been . policy. Danish fishermen 

A Norwegian Fishing Ministry *'*intster. Mr. Jens hvensen. that there is deep disagreement endeavoured to convince the UK 
spokesman conceded that little Mr. Gundelach and Mr. between Norway and the EEC on delegation that systems for con- 
progress was being made, partly Evenscn agreed that a new con- the division of shared species, 
because the two sides could nut cepi should be used in setting To bring the two sides closer 
agree on! principles for fixing catch quotas for the fish popu- together, it has been agreed 

quotas. - ; lation that swims back and forth that a joint working party wilt 1 fishing vessels do not exceed the 

The -EEC representatives between zones. This concept, try to clarify the new principle. ! permitted bi-catch quotas. 


trolling bi-catcbe* of table fish in 
the industrial < fishmeal) catch 
are efficient and that the Danish 


COMMODITY MARKET REPORTS AND PRICES 

'DACE BftETiTjC moving ahead to £781 00 the early pre- 35- 31. 31.3. 51. St - - - u w ' 

:* oAaL JTtElnJU> r , market owing to uoM-rtug against over- Kerb: Wirebar.- llir< 

,r, itin» -w night physical. dcmatuC rorwrd metal 33J. 55. at J. M. S: 

.JZ’ibirK hart rn fT35A* on oroHl-nkiDK. 55. S6. 58 .? 


PRICE CHANGES 


Si. 5. 53. 53.5. 51. and lT-mon:h cr.V:. dovn S3c. The E'jr.A cjlnilmonfii is eoecicd lo reaum 153 w»: Nov. I > 00-150 .00: Feb. 171.00- Price in tonnes imtesj otherwise staled, 

tllrce niunthi £754.5. 55. meial opeikaj al 283 S^SSJ.Bp •:>7S-S90ct allcaangcJ. 136. Iw: April li3.00-140.SJ. Sale*: I-6. 

Si 32.5. 33. 3*. 34.5. and dOMd 41 3I.4-2K.4c 13725-575*,. .IMPORTEO-Wheat: CWR5 No. 1 131 rilTI nrc 

per ten: Xov.-D*:. Bt-23 >-lltr Tllbiwv. WOO I FI TLRFS 





So r. 15 + or : Month 
1378 • — ago 


U.S. Markets 


NEW YORK, Nov.- 15. 
Cone— Dec. 170.10 1171.38., March 13.10 
'175.3SJ, Mai- 178.75, 4uly 177.00. SepL 
1.6.70, Dec. 173.70, March unquoted, 
1 Sale?: 1.0SJ. 

i Caffee— - C Contract: Dec. 144-I10 

Afarch 135.33 May 132.43 


;2%tU'niMt . 734 r-M 
cathodes 

^iioath!,.., 744..5 jr-l..,. 


685 


Dan-otvly noBI Ihe lair Orrb. when m . 111Ih . . „ 

Amalgamate^ Metal Trading reported renewed selling depressed rorward metal (v h j 

that In The m^tUng ca-h wi rebars traded to £7.500 ar the dose. Turnover 1,125 MHr.gga.jjap -4.S6 - 

i • *10 91 I in * { C3S-5- ihree raonthi £757. 5?A tonnes. 

V VaiY tl're S 7 - S*- 5 - ^ M. 355. 56. 56.5. Cathodes. 

s-a.r» caM, xT23.. three motuht. 1743. ^ v-r*- 

Wbetwu-s. 1 .three month- 
Afternoon: Wire bars, three 

‘ U-u 7560-70 *—45 

i moata,. 7630-50 40 

^ .. - - 1 ’eutein'r.i 7670 —fill 


-75p- 

509. Sip -4.55 — -Grade 1 Jail 

-.Grade I lan 


•7R 


■ LG. Index Limited 01-351 3466. 

JS JUmont Road, London SW10 0HS. 
j, w ^. 1. Tax-free trading on commodity - *! tures. 

■ 2. The commodity Tut ores market for. the smaller investor. 


K.I1 *.*». .TIW wmp. • ; .-I- — ... 

*- a *tx > d^. . | n.ni., . nr p.iu. :+ hr ! 1.ME- Vuroovcr 104 .436. lou ar ’.tt-UM EEC DA 

*“£*: 'TIN vj uiUviai r— LoofflcMi. — . be,. Unrai/ig: Three nnnihs Stt.u. IX. foilowinj; s 

£736.3. B7J. . ; £ 2.1. 1.9. IX- l.*/ 2. 2.2. 2.1. Kerb* 

e months i*a3- Hicn Grade s ■ f z i. t Three months 302. Afternoon: Three . Jm. 

Li--. ■ ™ , « 7640-50 -|S monifui 3WJj. :00.7. M96 ,300 A 3*U previous m hra.'Prets«. AH in 

7530-50 —90. jM. 1. -40- •- 30u.“>. .,004. 390. i. Kerbs: arrouni ner 'nnrw. Common 
• Ttorc mnnths 308..’. 300. 2W.S. 99.6. 3«. tjm. rest ml <79 tt. rest nil*. 


6«40. s. African Velio--’ 

M.50 sellers ul. Barley: 

Ensltsh (ee«i Tod D*c. S3.M Jan -March . 

S6.03 sellers irajvihsom^nr easi coast. \iV7.i " 

DAILY IMPORT LRVtES— The 

EEC levws arv »-neeiive for ‘. J ^' 

in order of current levy plus .,!*■" — 

and Feb. premmna? iwlih '-’oUiiei 

units of 

wheal— 


229.0- 5 1.0 

455.0- teJI 
437.U-40.0 

259.0- 39.0 

250.0- 48 0 
24b. B- 56.0 

237.U-5S.0 ; — _ I 1.82 

3lan>ft rnrflfl | ,9,v -T “ • ;,2B. res , ni! ..v™. rear nm. rhintm 11 *- 1 ; 240.0-44.0 ■ — I 

Mfircil cocoa . rr\rf\ A *■ ™ *!'■ Sales: Mi ,«mc. lots of IJN kg. Phthuun t«..r 0C--.XI42 21130 

> dJiiothaTj 7820^6^* — 30 7310-5 —96 COCOA bSw^M .75 rr S oil ISB32. rest nil*.' SYDNEY GREASY -Close tin order c r J5^j^«ib7 i siIi'«^ 3,8 

Abhmtd 7646 (—45 : — I Strong commission house interest caused 0«r»— 79.34. nsi nil ITS 56 rest nil', buj-er. roller, business. SJlesi. Micron VuicRsi^ver iwiXD.j . | J9 .«u |m -....si 5°^,“ 

^tiaiuK.. 281966 1-25 ; — 

New Yon, 


I - 


Metals t ! 

t'wiiC'si.lWtMpio'.O <1 120*50 j £££}’ nn.Etnf*' touch iI^wp 

topper eaib W BariE731J»*-6.26 1749.5 SfS’ M 

Tlf^SKr5A«i .M.8G4, Dec 64.59 

i^7A«'7S ! ' 63 - rfll> Jan - d5 - 35 - M * rch «■«, May 

jrawHha ^75875 M 05 . Jab> . rt>J5 . SepIi 7D s 5> Dtc _ 71S0 . 

EH Vi” ,,Tkv refe 1 ?' maSSo J " 1 a - 9i - Maneli 72.50. May 7J.70, Jnly 

- K nt2no e • 74.50. Sew. TaJO. Sales: 5.164. 

omooib* £367.25—13.0 i.400.5 Couen— Vo. Dec. M£5^7.I0 

N'cket. ; : | March 70 30-70.60 Slay 72.10-72.4Ii. 

F rte .ViarkeMdfhlb'i? 1.72 i S1.78 . jnLr 73.00. Oct. 67^0. Dec. 66.50. March 


190 




Trader 

Expanding firm, of London 
Gommodity Brokers are seeking 
to increase and develop their 
business in the U.S. markets. 

They are looking for a Trader to 
it take charge of .this sector of their 
: Jr -business. The right candidate 
; ; must have had several years 
. experience on both the. New 
York and Chicago markets. 
Salary is negotiable according 
to age and experience. 
Applications should be made in 
writing to: < 

Bps. A- 6543, Financial Tim«, 

10 Cannon Street, EC4P 4BY . 



Moraine: 

three ■ 

Grade, 

three mouth*. 17 .528. 25. 20. 18. . Kerb: 

Standard, -thrw month' £7.520. IV, 7-500. 

7UM. .7-5WU T.505. 7.500. High Grade Dec 20B6J) 88.0 + 50.0 2095 8-5931 

m kJ- D ec. ; 17.6*6. M*r.-h 2I5J.8-55J : + 45.5 ct4fi w 21J 


LEAD— Sharply lower again as, renewed JUv ^...2161.0-62.9 . t 56.0 2 i75.u-5u.O 

mculatlvr aeUloji ou the early pr*aarft*r Juiv £148.0-55.0 +40.75 2166 76.0 

depressed rorward material from £373 ~<yi ^.aftt.U-SS.O '+27.5 . 146.0-21 12 

h>- 5385.. -wffb. the. specula dve .feOsag De ..2985.6 89^ 42.0,2 V.0.0-8062 

prnmodng s|qp-le<-s orders. However, the M»r.-b ..2»6l.tL6S.O ’+52.O20B5D 

rmrfcer rained let C72 on the morning ggg , 3 .in, lt(ls 5Tff Yonnal 

l nier national Cocoa OrsanfaaUon iU.S. fanrer. December!, 
cenis per pouiwlr Daily pne« Iw Nov. 14 


%£ ZZS** STiSTaS^BS ■-s.'Sa 

Hour— 124.P8. HEW ZEALAND CROSSBREDS-Close AnK-nttw |B360.75^ 

'in urdt-r buyer, seller. I-wscfl. sales': Producers^. >.,8720 ... ?67 p 

Dec. I3').b-l»*;.ii mi. :nl: VuruO tie>lSM. Qiig 


RUBBtR 


ml. Dll: May ISJ-O-ISAO. njf. od: July Cocoaui 'Plull lS870f 1 + 8.0 S8I8 

i»- rn*. ml: Oct. 1AL5-19J.0, ml. E^umtutit | . | _ ( - 

. ^ "£326 


kerb MBeving short-enrertne. In the 
afternoon- Tallies fell away muter further 

aws'fin^i: Indtaator prices Nov is 

nivwaTtJ tfinal QQm in 0174 1<W or ivAncA irq a: .ruifli aa j u(i 

130 before light made buying prompted 1J2S m UMI .IW 
a cecmrer? tn £3V7£. after £389. on the a eT *“ 

Iafe herb._Tonxn>er 13.9-.‘5 toaaea. rnEPfT 

I B.to. :+u»; p.«r. ;+or v,UrrtJb 


STEADIER opening on the London isc.D-186 0 

Dh»ri.^J mirkr:. Eaaed ihrou.-hout the m t: Dec. IKj+ 196.0. ml. nt!: Jlarob I0S.fi-' “cA^Tv r!i^A6 

ttv- O mhw m. a «nK mi*. Lewis and m B< uil: ;>Uj . jyj.B-lSS.O. nil; Ul. pwi^TlV-JavB,* JsloOo 1-8 0 5620 

PWf reported the Mala yawn endovro price sales- Nil ™ aiawysn ^>ouua j— u.d bbw 

cents 'a kilo fnoramaJ ___ } 

MEAT/ VEGETABLES Beeda | 

SMITHFIELD 'pence per pound i- Beef : Copra Pbf|Hp,...- M80f 1+8-0 8340 
Scotch killed sides 54.0 to 39.0- Eire awsubwa « 1 C.w.'i^...\S276i» 2.0 ,S2Bb 


wn 250 t.-»n<*> 


No: l 
R.!f.e. 


WS-J 


iVe*w>'-.*s' 

l »■««■ 


. Ptenc»i» 
I L'hwe 


Huimot 


LHAD -I Official | — i Lrv.'fBow i — 


Stall quarters E2-0 10 65 0. roreonairers 

36.8 to 39.0. Grains 

Veal: Eneltsh fats 66.6 to 72.0: Dutch Bariev— . 

Dec. • 69.03-j5.90j e0.7Ml.10 61.20-60.05 hinds and ends 84.0 ip S 7.0. Homo Future*.... |£B3.J uOJ £85J5 

Jap | o0. 66 10.70, 82.00 -tSJD 82.10-60.80 Lamb: EOiRlisb smaH 50.0 to Sto. Maiia. \ 


^eti'mehi 

L.6. 


in 


ftoh_ , 37B-.B . ‘-T7.7| 377^ 1—15 

iroonthB^ 368-.fi ^13.7' 367-5 t — 75 


i — ® ! — 

!. *36.36 


378-5 

_ pby&Aal pressure and 

Mornips: Cash £37S. 78.5. three months lDdDn ” ,1 ‘ D 


LONDON 

unchanged In 
Burabam Lambert 

in the afremeoo w.™ - .. — r ~, . . . ■ .. .. 

Sion Boose selling 'depressing prices on Oi*.bec £3.05 rs.l^ 'O-jO-'O-tt. 1 0.16- 63 .08 
rumours of posable Cctural .Unerlcan Jan-Mar; f1.3ail.55, fL6«;/2.70[ 72.16 


d7.5MS.0D. Hay k7.7MS.Wi. Sales: ID. 804. 

'Cold — Nor. 190.59 -208.011. Dec, 199.10 
- 209.00 -. Jan. 200.S0. Fob. 203.00, April 
207.20, Jane 211.40. aub. 215.70. Oct. 
220.00. Dec. 224.38. Fed. 229.10, April 
SI3.S0. June 23S3, Aug. 243.20. Sales: 
J9.IS4. 

tLard — CWcago loose 23.75 i^j.OO-/ 
NY prime steam 25 25 trded -25.50 trded-' 
tXMalze— Dec- 220-22« '223 1. March 235!- 
33SJ O&i. May J422-242:, July 2«:-247, 
Sept. 21S1-248;. Dec. 256^251. 
SPIatinum— Jan, 309.70 asked -3I9.70L 
»rr- !Aprfl 512-39 July SI5.7D asked. 

Ocl 3 19 jo asked. Jan. 322.50 asked. April 
■ 325.60 asked. July 328J« asked. 

I •’Silver — Nor. 5<:9^0 >5S9.:«). Dec. 571^n 
: ' jsojov. Jan. 575.50. March 584.00. May 
; 593.30. July 602.70. ScpL 61.21, Dec. 627.10. 
; Jan. bC2J0. March 642J0. May 652.30. 

’ July 682.40. Sepi. 672.30. Handy and 
Hannan spot bulliun N.V. 573JM) (5S0J0-. 
Sales: 19.026. 

Soyabeans — Nov. 843-644 f«S6-. Jan. 653- 
653 -677i. March W5-864. Mas- 6744724, 
■July 678-679. Anj. 6?2, Sept. 651, Nor. 
I frM*tf43. 

I.fSayabean Meal — Dec. 3M.NMSO.3B 
1 (lS5.60i. Jan. 1S1.M-1S0.60 -1S8.901, March 
1SIJJO-1S2.00. May IS0.50-I81.50. July 


opened as eaneci^d abaui J> » o0.S5=a.7U| 82^42-20' B2.I0-60.80 Lamb: EnAliM nnun a0.o w pm. SLu^e. 1 ilS3.SU. Aug. 182.30. Sepl. 1S0.30, Ocl. 

i thin volume, rvewris DrtStr • J»n-MaH 6!.W-al.» 6U0-t3.W| tUHI.h medium 50 0 to 54.0. heara 46 9 to S2.0. French No.3Am^I03 | £101 1T7-30. Dec. 177.50. 

Itnben. MmMM W> Ap^JnN iU1«<« i «MU i bfi.00.e4.fin Scotch „ medium 50.0 to Wheat \ [ Swateu Oil-Dec. 23.15-23^3 -3J2-. 

COO with trade and Commit Jiv Sept| b6./>r-6.26| fiB.lfl 68.m.h7.85-t6.65 to 5-0. Imported frozen N Z YLs 49.0 Nu. L fled Spring $94 .26fJ £S4.S5 - Jan. 23.40-23.45 • 24.101. March 23.30-23. W. 


Pork: Encllsh- under 100 Iba 37.6 to 


No.2 BardVlintert£80.6ip 
English Milling tj£98 


{ A most profitable > 
investment 


~ SoiT»Cofnmot^irod^f3reTee^pfe a ^ y ^^ B "^ , ®y^ Q v® 
l iofo^Bd a subseriplion servk»cbflKf Gjnvnoc^Traf^Reaxn- . 

J- menc^ortsissLiadbyreseGnThspea^5is,ChorfAnafyasUi^ec/. 

Bfio^on inwsftnBnf cfSSJQOQ in Januc^l9%whenffaesarvice 


f - , conJrqct of each commodity' rBODfnmend«££rid has prodixed a nef 
: IredfeadproS of £17,154 latesfreofeed jMofib werefrompialinoff* 
jr-^oncls3vef: 

A free tribf sufasorfplfbnts ovo9dWe from ffra vfefi Known brokers, 
S' ICjmmodilyArKjfysisl/nvfad. 


T -. 



V5 S 


Please context: Marie King 
CoramacSty Analysis LhL 

37-39 St Andrew^ Hill 

London EC4VSDD 

Tet 01-236 521? 


rupee. 

£388, '67. — SSJ irt - »S~K«'i~«r hardened fracnonally on .... 

£-| SS* Three Mbtat sUU cJoMl3 £» «o £24 doum on 

W. WJ,- .89. Afternoon: Three months 

£30. -8*.: c. 62. «2S. 65. KL D3. 65. 'Te ^nur ~ I 

04. 61 w, 6A3. 85. fid. 67. Kerb: Three COFFHb ■ L r»e ! + w - BuuncM 


Latterly values Jy-Siepi I 7b.ia-5.90, 77.-JBJ7.10j 77. la-76.60 , ° c ^ ie; y best 'eacbi ISO.O lo furore Star. j£2.X34 

n /jgtu .snort cover- , • Con’ea Fetor©. • . . -- 

£1 ASS I jin>-ib 45 i9.A4-9.S0. Mar-’h 10— 0. Sales; 2.500. 

■~ : A 1 LflV-76 95- Tin — tS'S.OP-TlOOO nom. f7t0.00-71o.nn 

Bait rjJ-iiS-;®. | pom.v NY spot S99.0n-710.00 asked <710.00- 


mtMUha £367. 63. 69. 70. 89. RL5. 68. 67.5, 
W. 66.3. - 

nac-fUw lo sympathy wHih lead. 


— Done 


I £ }.«J tODUV< 

rwwa t netn tro tted between £05 and \ovenu«r_i 1624- iS25j -09.0, 1557-1621 
n« with forward metal Anally £3H on Januarv.^.! 143 1-1433! -14,01 1460-1428 

imerM* .U ^ tradp 1 ls2fi.lo27;-:aJ. 1361-iM 

•— tower ,wd!L Turnover }1 1V 1276-la77i-BUi, 12B9-1Z71 

a-y mnnea. ■ Jui 5 - ! 1&49-13S0 -Bl.ft 1A71-UBS 

t+or Septemher..; 1250-1225; -23.0 1250:1226 
— November... 1200-LzO*! -24.0 — 

I ! 1 


Sales: 31 2- M a tonnes. 680 '»!' lois 
of 15 tonne?. 

Physical ct--™* 'bw* 

Spot 30Jp •**!.■ V- 5 >® c - WL73 
Jan. 8l.75n i4-’. : 5*- 

SOYABEAN MEAL 

leri-iitej-i + (-1 

- L'lrt-e 


220.0. 

Partridges: young 'each* 200 0 to 240.0. Jan 

IVHaij 


.May 22.75-22.M. July 25.90. AUB. 23.90. 

V0l’ Sept. 23.53. On. 23 30. Dec. 23.30. 

'a.*M'ria-i S5!>S 1 Sugar— Nn. 11: Jan. S.40-S.43 iS.43 1 -. 

914 .'March S.Ofl-S.K .?9H. .May 9.09-9.11. Juiv 
. BJ3-B.33. Sept. H.Si. Oct. 9.62-9.64. Jan. 



zuto 


Cash. 

3 mouth*, j 


. S61-6 
9 aest. -4 329 

Ptlm.TCrt 


«,m. -j+- or! pbm. 


Ofltefal t — 


2. 

338.3-9 


•P 




Unofflcaai 


■7-25) 530,5 


£ 

8.75 


Sales: 3.136 fl,S08XJtK8 of 3 tonnes. 


ItV- -1 

> - - » . 

December 173-641- I8-5J— 2.7 
February. 112®-^®^?-?',“?^ 


360.6-1 j— 4.7B ICO Indicator Prices for Nov. 14 tUM. Jane... 

■3lX4.5 


Z jSiiwiJMul 


INDICES 


120^0-18.20 

lzl.76-i0.5fl 

122.60-91.60. 

122.40-31.40 


Sheep numbers down I2J per cent, slnamuor prices, 
average pnee 130. Op c — 3.61 r Pit? numbers 
up B.8 per cent, average price 64.7p 
» -0.6-. Scotland: Cattle number! down 
1X3 per cent, average price 69JOp 
(+0S6v. Sheep (Busters lawn 26-9 per 
cent, average price l2L2p f— 25i: Pig 
numbers down 33.3 per cent. a('erage 
MIX— Forecast rates of UK monetary 
compenaatcry amounts for weeR com- 


— cents per pouad}: Colombian Jkfiiij Auau«'“!“!|u2 D5-221}-D.B6 T 22.DD-21.8D menclug November 20. 1 Previous woek'S 


- Arablcas 17250 (same); unwashed October : 12 l.50-25Jl^-O ^6)122, 10-22JQ 

Arahjcaa 13250 rsamei: other mild Decmnbw ..JI72-0 J - M -0ri- o --i* — 

Arablcas 149.33 '161.031: Robust as ,7CA ' — “ 


Mamins: Three mouhs £32. SL 3L5. "Sg" 8 'aameii other 

Kerb: Three months £351. Afternoon: Robustas 

Three giMiih« pun ig? « « 51 14>.9Q <148.00 ‘t Robustas 1CA 1968 _ 

&JS*?TgS-£ l g\&£-& ««-» *««• »*.» SUGAR 

/-T» X IMC THE MARKET sellers and prices 

UuAllij began io mow abead ta drin condi duos. 

□ low or £3«J prior -O a - lir™ LO « D ®?' ^turss igafta) - Grama' SSSS™ “a ”££ 

r « ;r, ^ eT 0PM»d 4flp higher on November wheat SSnSTendetion rrom a leadloS cotnrmi 
to 20p higher on wheat. Good commercial cjnn house and gams of around 175 points 
danann (or nut lncrea«d values a rrade were rwonied Hoa-ever. scattered proBi- 
top b liter and a good valume was traded afarm oared m* by some 50 points 
bill *1 levels commercial. Trade Si Se close. 


figures In brackets). Fresh or chilled 
beef carcases M^oop per kg <34-Ai, 
green bacon Bides £230.07 per tonne 
tmtwt. 


32 50.5, 

ALUMmftm— Easter in line wiTh' Otter 
Wttmfl" and reflect! ns Mop-loss selling, 
rip**™ metal fell from around £397 to 


which left the price 


Covent Garden prices for 

November 15 are not available. 


kwh. Turnnver 2.?7S r'ltinec. 

.Uumln'o, 

r : 

a.«n. t+oi j-.m. 

:r+w 


OfS.,1* , ■ , — :_Un>4fl?is; 



• e ; :a 





3 moniJn; 

: 59&£ J — S.Bl 595-6 

-5.7S 


Moo**; Early Jan; £383. Wi. three and efored IMap im. AcU rewra. 
rntmihs £5W. M, 95. «. 97. 9(L5. 96, 955, ^ UD ' ACJ reporTS - 


Australian wool 
stock rise 

MELBOURNE. Nov. 15. 
The Australian Wool Corporation 
reported its stock rose to 913,000 

bales at the end of October from 

— iEH^S l !n&M^i»‘£2 , S about SS0-0W in September and 

bmley J^jiKiSnSiJSnSSitS 1 - 3m bales a ye** earlier ’ 

- - ' .* •» ;i« «-= This is the second successive 


Previous 

Ume 


values io dose 5p to Jap higher oa the ' , , 

day. Barley opened 40p higher on aid Ptel. JYcsterris.’ » 
crop and a good volume wus traded at Coratn.i Ckr^ , 
sop W 30p higher. Spat demand was t on. \ I 

good and closed fife to ]»30p an old — ri— — 

crop. N«*v crops saw very Utile erode £ u-one 


Bu'tnew 

Done 


9S- AfieroDon: Three mo nths £ 394. 93J, gfflEAT 

•Cans TW^ ffT ^hail. JYeHterfay'aJ+t-r | JT asiaarebur *b| 4.^ Aug ! iizltO- j This 1 _ 

to« KAW rauffictoi : ctofc “* nth ! «*« ! — ! 0 ^ } - oSl.— t|20.M saAjlUAJi Miiajo-iuo monthly rise since stocks fell to 

COTTON 


LIVERPOOL COTTON— Spot and sM> Mar., 
tnera. sales; in Liverpool anoumed to iu>. 
37? tonnes, bringing die total for the sepc. 
wCek 80 Tar JG-4S6 :onne». Slichtly more 
demand Lbrouchi a moderate offtake, bur 


89.25 

+O.TSI 

B3.2S 

90.85 

-fD.10| 

83.30 

93.05 

♦■.O.BS! 

85.60 

95.65 

4-0.05 j 

88.00 

89.70 

t0.iqI 

83.60 


I — « I . . el 1411 HE ns H. .«-TT LUVIiUU r ««0U »»UM4 Oivuiw 6V 

Tai fesriaTKJ!3SSS!Sii MJK t f* * e3T Jl™ ot about •»" 


FI NANCfftL— TIMES 


Kdv. Ip 

Hov.lCjttnntbsifnj 

Year apo 

256.67 

659.42 | 261.70 1 

240.44 


(Ease: July l. I9«=1M) 


REUTERS 

Nov. 16' Nov, la Alcntb ogd Tear ago 


1306.8 i 1508.5 


ISl&S I 1461.6 


'Base: Sememorr |a. ffl8tSlfioT~ 

DOW JONES 

i Utns ' Sm. ( XvT JM-mibi Vm 
Jotw j 15 ■ 14 j ago ; rs-. 


Spot — ;384. Il.3st2.6ii486.45 353.37 
Fufuroa-AQO 07|48B^Bjj t 4.4S'3l8.29 
(Average f«4-v«8=T00> 

MOODY'S 


Moody's 

Ai«V. 

15 

Auv, 

14 

Spin Comtnty 

96S.7i972.Ql 


B77 2,*22.y 


CperefPhef M. IftRSTItti 


Mu' 109.00 bid, July 110.00 nnm. 

nDats~D«. K.90 bid (63.70 hid I. 
March 73.70 asked '79.40 asked'. Jlay 
77.48 asked. July 73.00 aiked. 

fXBnrlcy — Doc. 7470 hid '77.60 bid-. 
March 73.60 <7«.«fl-T7.to\ May 7SJG bid. 
July 73.50. 

. SSFtaxseed— Nov. 252.30 asked <272-70 
askedL Dec. 239.00 asked (389.00 bid-. 
May 264-00 bid. July 263210 asked, or. 
265.00. 

J'Vnieat— 5CVTRS IS 5 per cent protein 
i content ctf St. Lawrence 1S4.74 'I84.44-. 

: All cents per pound i-* -warehouse 
unless c-thervcise stated. *Sk per troy 
, ounce— 100-aunee lots. 'Chicago loose 
- ss wr 100 lbs— Dept- of A*, prices 
I previous day. Prime sioam fob XY bulk 
[ tank cars. ; Cents per jitib bushel ci- 
I warebottse. a.noo-busbel lois. ! ss per 
'jroy ounce- for 30-07 units of 9B0 per 
! cent nnriiv ,1: liven'd NY. ' Cents per 
tror ounce ex-n-arobousr- ■' Xw *■ R " 

■ coniraci w «s a short ton for hnl|e lots 
1 of too shnri ion.s delivered fob cars 
1 Cbicacn. Toledo. St Louts and .Alton. 
» Cents per 59-Ib bastiel in store. 
*v Cents per 24-lh bushel. 7* Cents per 
4S-Ih bushel eS-varehou.sc. SS Cents O'.-r 
35-lb bushel eg-war choose, I.OOO-bufbcl 
tots. fV CS per tonne. 


-fO.45 

4-D.iA 


bales in August. 


GRIMSBY FISH— Supply moderate. 


Wool iosing 
ground 

MELBOURNE. Nov. 15- 
LATEST FIGURES show a con- 
tdnuing substitution of man-made 
fibres for wool despite the cur- 
rency-induced improved price 
SA 20 -O.H best small «**«*—£. »* competitiveness o f vooi, the Aus- 

„.,w, lonoon DAILY PRICE rVav sugar* and tender ' mediom and skinned diigflsh £s^«. medium s jp: Urge I traban Wool Corporation said 

65.S5. Sc pl a.7Wfc?o. Sales: 289. Barlmr uoe.oo isame- a 01 for Kov^Dee. coarser mertoO fleece and skirt- lemon soles O.Ofl. Sietnum £7.30: roddisb ; here. 

Nor. si.i08i.-ti. Jan: so-Sivk.is. Marcn aJitpowut. wild* ^““r puce w« ings. i=.40-£3.H: wui» ss.3o-£3.70. [ Id its October Monthly Per- 

a;®-*"- *'*■ ■*g 4 « a £2 1 f 0 » Atm (Ui . At the latest wool auctions, the * Upeetire. the AWC said i the major 

eys-farm spo: price., cents per pound- lob and stowed Carlb- Corporation look -3 per cent of HIDES— Leeds. Only iimifcd business CSCfiptlOO was the U.S. where 
shrop>rara 88.80. bean port. ei' la JP** 7 - flS the offering at Brisbane and at nndtuised levels, second dear ox ’ wool consumption bad continued 

of 


+0.1B 5^ 2.4S3 ,i.7t»t lots era umno*, ^ its Ortcber “Monthly Per- 
-r0.tfl Ta[e iyir -a-reBtary price for SpecUve, the Corporation said it codlings i5.4©.£t20. igrge SSdvf ftfifl- 
if0 - a srainUted twsis *ture ^«r was £5*U5 purchased about 19 per cent of £3-20, medhan k.oo-ia^o, am B n £3^8- 
■aan . **** *<* the October offering at auction 


osmaiis .Dmagnt a moderate dbisks. out _ . „„ -7^-Y , “ . Dr eiporL 

hwrtns nt mRI restricted. _ Occasional ^? fle T , ®5 e 5 : ff°v- Jap. £1 '— ^ ^ 

ssroort developed id South Amen am and May Sj^4- 

Afncan jnaUUus. 

SltVfcK iU8. Sales: 398: 

Stiver feed Ur an ounce lower HCCA— Locsnon 

far am dettvery in the London bullion Otter milling wheat: anrop>mre 88. so. bean port, ptko *-« '»:• -* win- r-ss tne ottering at ensoane ana si unchanged lewis. SwomTcicir 

sa »«- VBnSwo&^S^l-.SiR -m. ™,. per cent at *• »<a»va* 2S5,“j?^r*S£ s S&SfS 1C ‘ !° ^ *»"“ i"* hi *1. CT 005,01 

«por aJTJc. ijoiiTi s.5r: Three-month 5».flc. The LK monetan- cneflirienf Mr Die seller t; Feb- 1M.SHK-M ; April 114^0- sa* e - * Lichr cows wiihdrawii 5-atf W W)1 dUC 10 the duliar S 

!»A-1 J1 .W): Sum l*ri at Kanlar j 


dn*n 8.7c; sa-oioatb fifl3.3c. down Sic: week beginning November 2* fbstsed on 113.50;’ Juiy ilO.SO-Lll.M; Sept 123.50- Reuter 

J 


offered. 




40 


Snaicial Tunes 





STOCK i:\(U V\ ( , I . REPORT 


Equities react sharply to pay policy rejection and 
Beecham £822in rights issue-index falls 11.9 to 475.6 

Account Dealing Dates Business in Traded Options re- nr Tuesday's rise of 5. Elsewhere, further to -dose 27 do«-n Sdi ey eased tobaccos were ftull, Bats, 2TOp,_ 

Option mamerj fairly brisk although the mail-order concern Freemans balance at 623p. Vague rumours the annual result. Feeney easea ^ ^ DeferTedr 2Sap. - both 

•First Declara- Ust Account totnl of 751 contracts completed dipped 10 to 335p. but renewed that Boots might. also announce - ®0p in late dwhngs. out sjn „ 5 . with Imps, at 82p, Josniff 

Dertm tta? DeSin-s Da " failed to meieh Tuesday’s 1-230. support in a thin market prompted a rights issue today wit h the «"«; S^^^^TSSteKStaia “<* “ the previous dafs ™* * * 
oJf "if a \n fl°N'nvti I Cl were again active with 148 a rise of 5 to 169p In Lee Cooper, half results left the shares only 4 higher to me latteram^nm . 

S 01 ' « *. 0 '’ o ? n ■ - deals. while Bools were just Stylo came in for support among off at 198p. while Metal Box, results are viOWS Wco* 

S OV 'l- i ov ’ 2 2 5°'’^ 2^,2 behind with I4fi; the intter’s Shoes and closed 4 higher at 67p. ahead of next Tuesday’s mid-term Elsewhere. se ol 4 AJ/eady weakened hr ai initial 

Nov. 2. Dec. i Dec. 8 Dec.l9j® teim reS uIts are espected thp Fiwtrk-allpadprs took a dis- siaetment. finished. 6 lower at a i«nny for a ttvo-day rise of 4 decLne ^ the bullion 

•■’Hew lime- fellings nw lake place v H The Electrical leaders tooK a ois- Unilever hm t cimilar to 39p. . south African Gold shares came 

° , hi . . Ttfvr&sr uss. ° s oils turn duii srffi sss? smk 

of .* thit. b^ch.™ Brown Shipley down r*^™**™ g* •» S^«i. a- «-*» 


dod Already weakened hy an initial 
lf 4 decline in the bullion price, - 
South African Gold share s cam e 
under sustained selling pressure 
in the aftemon. This followed a 
the ft!rt6« ■*■!««*“ 


FINANCIAL 


Cuiaja aM Soo*. --■ 

Ftxod JntBMrt— — - ®®" 

QtM mm* — ISJ 

6oid Mi— (Sx-t pm.) - •* 

CM. Ur. TtoJd — ®? 

Suwtag^ridarom-. »- 
Pfd Bask) (set) (■) — R 
O gal t ngB witad--- W 
Sqnfty turnovor £m — ‘ ~* 

Equity happuna toWM ™ 


i iii." pr'Mianrti vjitrmL'm uii nay - __ ... ueuiduuns ical v^uiuiiuc u uwnpci 

and prices. the 10 am calcula- a ^ er o-o ' a \r^K Na ^ V ^ :st ^ t Zto8p ’ al Hip. Among Electronics, 
linn, i he FT rKMhare index had after _i»f> Merchant banks were Parnell reacted 6 to 3G7p, but 
given up nearly 1ft points of Tues- nuiabie lor a reaction of i to Eiectrocomponents ended a few 
day'.- advance of 10 point-., a rise 2-tSp in Brown Shipley following pence dearer at 2S5p after touch- 
which had been ba-cd partly on the disjointing interim state- j n g 2S0p. 

hone-- about u Guvc-rnmenr TUG mem. while Keyser UUnuum _ ma -- ority aC jj,- Encineerine 
agreement on an ant l-i nil at inn soficned a nenny to 50p despite a , JhS s mEEd 3 or 4 oSSi 
package and partly on October s sharp increase in interim earn- JJJ j er 5 bu ™ he!d up reasonably 
unexpected trade -urplu^. ms*. we || until the latter part of 


In ihc selected caws whore Klock expecied third-quarter figures and shares were" particularly dull and 
did come on oUer u was absorbed the close was a net 2 lower at finished 14 cheaper at 50p 
by cheap buyina and a recovery 202p, afler 200p. Elsewhere in premium, while the Old ended 12 
be?an to develop which reduced Insurances. Royals relinquished 5 off a t 398p. Hawker Siddeley gave 
the fall in the index to just over to 34Sp in front of today’s third- u n io to 22Sp and falls of 6 and 
seven points at noon. quarter results, while Phoenix. 4 respectively were' marked 

unfounded rumours shortly 2i6p. and Sun Alliance. 492p. lost against GKN, 202p, and Tubes, 
f •, had m L ade 8 apiece. 372 p. Elsewhere, Davy Corpora- 

a nev\ wage offer to its workers attempted rally in the don lost 7 to 144p; it was 



90bp tor a lose 01 iu b uUion price was finally 

SSSs -Jarw -sa 

“ ^.-o.-su-a 

dosSg 4 aS S n me t g5od t « ,d 2a6p! rSponsiS fo? the early decline 
after M2p, on revived speculative in^th^ market 

TrSte ended on an irregular trade resulted from American 

note, the majority of movements, selling. . 

heinv limited to a few pence. Still The Gold Mines 1 index feD 42 

being UmJted^^ie t0 1MA wWk 

Rothschild firmed 2 further to 19S. index gave up 4J to 9a.9. . - -- 
Anart from Common Bros, up Among the heavyweights; 
7 at 163 p on revived speculative Wesetrn Holdings were partea- 
demand shippings were quietly larly weak and fell fl} to £14, 
Z**ier ’ while Cheaper-pnced . rtodur-. 

WustK ended on 2n Irregular showed Vente rspo st 16 . lower at 

note)* the Majority of movements J=2| ^ aLa 

. _ -_L to a few nence. lHia low 01 top. , 


- Basis 100 Govt 6«i 
3tioes 12/3/53. Kx-s ptn. 

V HIGHS 


Uo«rt. 6«ci 70.58 

I3il1 

Fixed IaU_. 81.27 
i9/i> 

1 iTiri, Oni 555.3 


UaidUmet J 

Gold 3lxn» J 
'tic-4 pBu:— 



market, which entered another ne ” s ~ aVv up 4 to 150d and 
downward phase. Also unsei lima 2 > to S-Jp. while Whitbres 
the tone late tvas the possibility caseri s w lOOip. Among 
that Eeecham s fund-raising could j er i es \rthur Bell were 
triqecr similar moves by top at a^p' at the start of bi 
names m British industpi begin- bul bl \ vers look tbe price 
nine with Boots, which » due to a clo . S e of 250p. unalter 
announce iLs half yearly results ba | ancc .. 

t0 te 1^.. Despite a modest, mid-. 


of amimH 10 npr rpnl nrnvniraH „ 111 l,uu * lu mej Were pUOUSDed On IWCeinuci DBing l 

renewed uncerAinf^ P in° °ThJ Brewery leaders from lower open- announced yesterday that 9o per 21 j as t year. Avon Robber added Still or 

in S prered abortive. Gain- cent of McKee Corporation 3 at 175p and Chas. Hill of Bristol Rothsch 

dowSird Se Es™ d un?em?n" "f ss S c'>‘ up h-i 1 ® i 3?!? £ nd AUi ??. shareholders had accepted Dasy’s gained 5 ot ip^De^La Rue at isffip. 

the tone Jff wis the S S?- 21 'SSu> W x h ‘* bread cash bid and that Davy are now &i p . lost 12 of the devious days Apart 

♦w li caseri 2 lo . 1( ™ip. Among DisUl- estimating a decision 011 the offer ^ 0 r 19 r 7 at 16! 

tnjt Eeecham s fund-raisin,, could Arthur Roll upn> min tori r.nm TIC .-fif xnpf Wi<-iainn _ _ . ■ * . ■ 


from Common Bros, up 


fofiov.'lng the half-yearly resuHs; 


163p on rev 


3Sd wSffiu™ but deafer? had second thoughts 


LONDOf 


jKx'rok* Closiiqi 
Option | price 


) , 3 I H 1 j 1J g 1 i 


a recovery. Australians 
■d further losses despite- 
er premium. . • ' 

ad exploration- -issues- 
1 London selling with 
t Mining 5 off at 72p„ 
lining 2 easier at 64p and 
est .inning a like amount 
at ISp. Jones Mining' 
." to 20 p. • I-'.’- 


slight k- liv.rpr IcwK r-'iiah'ished Rooil^ and^Xorman. Further dr- broken down Foods 2 biioynni greetings card left uu^ue 

late the |ire\ iou- evening on the „ re ^ e ,j bv the im-rea-ed annual cheaper at i0p and RHM J. off at Hllson Brothers 1} harder ru . S i>. NEW HIGHS 

TUC new-. Renewed sellinj wl 'n,;! riisrren.'.neins in thc Elsewhere Joseph Stocks while weekend Press comment 

yesterday, however, countered account' .1.CE.G. lO“t 2'. for a fr, li ^ 1° a iuw for the year of continued to benefit Suaichi and t Jq ,a ”Sf^2t.3r.' ur 'se?»i:e '” V '- 

bv a modes; investment demand iwo-d r 1 f-II of 4 J "to a low for the i:t8 R- but a revn-al of takeover Saatrhl which added 5 for a inree- .-i«« La*s t:r i9?s. 

which eventuallv restored JJJrof 4' n ‘ mmnurs lifted Cullens Stores day rise of 17 to U2p 

quoMtlow to their previous ' Down '270n af i»w oulser TCI is>,,cs - ,ht> ordinary added 3 for Properties found- a few buyers NEW HIGHS (t) 

closing levels. Trade among ihe ra mS -.osrff before offer- a S aln ° r at 1SS P- and ar tlle sharply lower opening buildings u« 

shorts v as encoura-.'inu despite in"-- |pfi ih^ close a net 7 down lh v* “A a like amount for a two- levels and staged a modest rally. chemicals »ii 

the genera! news background and. at’sfiR,.. In' a rensitiv- market, day rise of 1! at 136p. but the aPPfarence of WardM TB.i pOOOS 111 

after a mixed onening. many of pienns f-ll 13 to a 1978 low or i A ,.. A . la,e dealmgs Teft quotation wiui tiwr* il c.t „„ 1W 

the longer-shorts closed ^ “ 1 ° Beecham lOWer falls to 6. Despite favourable Sinrthurst 

unchanged, while the nearer cL. leaders surrendered a The TUC's rebuff of the Govern- comment on Tuesdays interim leisure 111 

maturities often closed a shade j-J-J® percentage of the previous ment's statement on pay _ and statement. Land Scc t n "‘i^ G”" 101 * 11 A textiles tu 


NEW HIGHS AND LOWS FOR 197S 


M:iyaa/ EUnloa 


Jew* Carer* 1 
Sjunng 


MOTORS (1) 

TEXTILES 111 

. TRUSTS Cl) 

U MINES CTf 
Lorain* 


Securities GnmeiM A 


firmer dav'« « a i„ s followin'" a reasonable Prices and a surprise £821m finished that much down at 22/p, 

Already up to 84 per cent on two-wav business. *>. W. Wool- fund-raising call from Beecham whde an investment reCTmmenda- 
institutional demand in a thin worth cheapened 3 to fi71p in prompted a sharp reversal in the \ ion failed to^si^port Bn u>h Land 
market, the investment currency reaction tn the disappointing miscellaneous Industrial leaders yhjch shed 2^to 3flp. Sltlu lut 
premium touched S5J with the third-quarter profits. while which resulted in nearly all of o at 13/p ariii St^t Con ersion 
help of Wall Street influences W. H. Smith \ declined 3 tn 144o Tuesdays good Sains being 4 at ^p. Harinm J^do. 
before closing nt S51 per cent, a after comment on the interim re- erased. Beecham opened 'harply bock S 0 / | JJ ,e R *^2S u i 1 d V. _ IJS 
rise of 31 on tin- day. Yesterday's suits. Gussies A feU fi to 302p lower at 630p following the rights of 16. while 
SE conversion factor was 0.7179 and Burton A 5 tn lfinp. while news which accompanied the Great Portland &tateslnst4at 
1 0.72701. Marks and Spencer at 84 p. lost 4 interim results and fell away 2a0p and 21 Bp respectively. 


TEXTILES Cl I 


VL-uimueuurt- vw T rtT»-C 

Rritish I and NE*» W/wS* I 1 m I 

"Sc£ ^ =ro „ BUILD "i“; 3 : J , 

» da/, rise -ne.hek.ko 11, 

Suniey and foods 121 

ps Inst' 4 at Basstt; -G.J stocks ■ J-i 

es lost .4 at INDUSTRIALS /T» 

respecuvely. Crosfw House 


YESTERDAY ^ 
RISES AND FALLS 

fly ppy 5nnif 

BrMik Funds - * - 4.-. *S 

Conus- Dam. and 'i 

Foretsn Bonds — U _« 

Industrials — 253 nt W 

Financial and Prop. _ 7# . Ml 20 

ons 5 ; . M J* 

Plan tati ons 4.30' IT 

Mines — t : #f . ' -71 

Recent Issues .. 3 7 .10 

Total* 344 641 XJN 


BP 

;UP 

BP 

■ jLom Cnfi.o 
Com 1'ninn 
.CvUltHUHl, 

tixmaulu* 1 
SBC 
GkV 
~OBC 

GEC 

• Sruid Met. , 

-GimkI Mel. 1 
; ICI 
JC=t 
ICI 

IL-i I 

Land Sect. { 
LanH . 

Land Swt. j 
Land !*«. 

. Msrks A s-l.. 
dbell 
btiell 
.TbuL* 


830 8ft 
900 -48^- 

950 i:- 15 1 
160 v : 

ISO : 

120 ‘ 

150 
220 , 

280 
500 2&6 

330 h- 
360 i 
too j- 

120 .1' 
330 l '46 
560 ; 84 
390 S 
420 ..'-a.'- 
200 •' • 
220 '• 

240 •,1'Bla 

260 -• r 

90 

530 -40 

600 '8. 


BOO Inti. 70 

BOOIntL 80 

Boob. 180- ■-» 1 

Boots 200' 

Boots . 220 i 

Boots * 240 - & - 

Boots I -360*1 

KM I I 180/ 

ImporistGn.1 ~jb 
RTZ : t £40 

Total* lr r- ■ 



Charter Consolidated Limited 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 
FOR HALF-YEAR TO 30 SEPTEMBER 1978 (UNAUDITED) 


Half-year 
to 30.9.78 
£ 000 - 


Haif-year 
to 30.9.77 
£000 


Yearto 
313 78 
£000 


Income from investments 
Associated companies 
Other investments 


Surplus on realizations of investments 
Trading profit 


Deduct: 

Administration and technical expenditure 

Prospecting exoenditure 

Interest payable less receivable 


Retained profits less losses of associated 
companies 





Profit before taxation 
Taxation 

Group companies 
Associated companies 


Profit after taxation 
Deduct: 

Minority Interests .. 


Attributable to Charter 


Earnings per share 


Interim dividend of 3.025p per share 
(previous year's interim — 3J325p) 


NOTES: 


1. The surplus on realisations of investments includes profits on exceptional disposals. 

2. The fall in the share of the profits of associated companies is due primarily to the incorporation 
of the trading results of Cleveland Potash from I April 1978. Associated companies’ results are 
consolidated in Charters annua) accounts on the basis of their audited figures to the previous 
31 December. An amount of £1.9 million representing Charter's share of Cleveland’s loss for 
the three months to 30 June 1978 has been included in Charter's profit and loss account for the 
current half-year. 

3. The results of overseas subsidiary and associated companies have been converted into sterling 
at the rates ruling ar.the end of their relevant accounting periods. Other exchange differences 
arising from the fluctuation of currencies are treated as extraordinary items which are dealt 
with in the end-of-year accounts. 

4. The taxation charge for the half-year to 30 September 1977 has been restated to reflect the 
change in the basis of accounting for deferred taxation adopted in the annual accounts at 31 March 
1978. 

INTERIM DIVIDEND 

The directors have declared an interim dividend of 3.025p per share payable on or about 3 
January 1979 to shareholders registered at the close of business on 8 December 1978 and to 
persons presenting coupon no. 27 detached from share warrants to bearer. The dividend will 
carry a tax credit of 1.48993p per share. 

by order of the board 
D, S. BOOTH 

15 November 1978 Secretary 


OPTIONS 


DEALING DATES 
First Last / Last For 

Deal- Deal- Declara- Settle- 

ings Ings lion ment 

Nov. 21 Dec. 4 Feb. 22 Mar. 6 
Dec. 5 Dec. IS Mar. 8. Mar. 20 
Dec. 19 Jan. 8 Mar. 22 Abr. 3 
For rofe tndiathans see end of 
Share Infer, naiiitn Service 

Stocks favoured for Ihe call 
were Rurlon Warrants. Premier 
Consolidated Oil, Lad brake 


Warrants, Swan Hunter, Marks 
and Spencer, Oil Exploration, 
Barker and Dobson, Northern 
Engineering, Edgar Allen 
Balfour and Intereuropean 
Property. Puts arranged Included 
ME PC and Cullens Stores A. 
while double options were com- 
pleted in Burton Warrants, 
W'heelock Marden A. Swire 
Pacific. Mersey Dorks, Hongkong: 
Land. Hutchison Whampoa and 
Tuwd and City. 





*sr%) * "ft 1 t/j 


ACTIVE STOCKS 


Slock 

BP 

BATs Dcrd 

ICI 

Grand Met 

Beecham 

GEC 

Shell Transport 
Barclays Bjnk 
Marks fc Spencer 
Allied Breweries 

B/ue Circle 

Brown (J.; "New" 

Ladbroke 

Racal Electronics 
P & 0 Defd 


No. 

Denomina- of 
lion , marks 


25p . 8 

2>P •*. I 

n t 

NiJ/pd. 7 
10j>' •- 7 

23p 7 

fl , 6 


Closing Change 
price (pt on day 
POd - 19 

235 — 5 

36$ - 7 

105 - Li 

623 -27 

315 - 7 

oil —10 

348 - 4 

84 - 4 

84 -21 

25H - 4 

50pm —14 

161 - 1 

317 - 7 

79} - 2J 



EQUITY GROUPS : 

GROUPS & SUB-SECTIONS 

Figures* In parentheses show number d 
stocks per section 


1 CAPIT.4LGQ0DS £1721 — 

2 Building Materials (271— 

3 Contraeting,.Constrnctioni28i_ 

4 Electricals (14) - — 

5 Engineering Contractors (14).... 

6 Mechanical Engineerings 

8 Metals and Metal Fbnning(16;.. 
CONSUMER GOODS 

11 IDURABLEX531 

12 Ll Electronics. Radio. TV(lfi) . 

13 ■ Household Goods (12) 

14 Motors and Distributors <25) 

CONSUMER GOODS 

21 (NON-DUBABLE) (172) 

Breweries 04) — 

! Wines and Spirits 1 6) 

Entertainment. Catering i,17) .... 

Food Manufacturing 1 19 1 

Food Retailing (15j. 

Newspapers. Publishing (12)..... 

Packaging and Paperilflj 

Stores (40) 

Textiles (25i 

Tobaccos 1 3) 

Toysand Games iff) 

OTHER GROUPS (99l- 

Chemicals 1 19i 

Pharmaceutical Products <7i 

Office Equipment (ff i 

Shipping (10).'. — 

Miscellaneous (57) 



g sbj Emezgii EggjggC 


500 SHARE INDEX 


FINANCIAL GROUPl 100) 

Banks! 6) 

Discount Houses 1 10) 

Hire Purchase (5) 

Insurance (Life i (lOi : 

Insurance (Composite ■ (7) 

Insurance Brokers (10) 

Merchant Banks (14) 

Property (31) ; 

Miscellaneous (71 : 


Investment Trusts (501 

Mining Finance 14) 

Overseas Traders (19) 


99 | ALL-SHARE INDEX(673) 





LEADERS AND LAGGARDS 

The fononlna table shows the oeroemage ebangest which have taken place since December 30, 1877, in the principal equity 
sections of the FT Actuaries Share Indices. It also centum, the Gu’d Minus Index. 


« RIGHTS ” OFFERS 


Engineering Contractors — — +3J7 

Electricals XirS 

Mining Finance — — — — 

Mechanxcai Engineering 

Wines and Spirits 

Capital Goods Group Xm'ii 

Overseas Traders 


BE 


Building Materials 

Food Manufacturing 

Packaging and Paper — 

Metal and Metal Forming .... — 

Other Groups — 

Tobaccos - 

Entertahment and Catering 

Breweries 


+ 

+ 

+ 

+ 


mm 


c-ir Uttsi 
l‘* oP Mennnc. 

ITice 5 2 Ua 

9 • 



m i fiSteiA-itKiry^ H*feJey. ....... . 

fa r 57 luiot-kwrad 

60pm | Brown (J)— ....... 

&pm[(Ja.ppejr-rt trill — 

. u jUbnnue Wore*. 

Ifinml FoUiersin A Harvey ...... 

1 'iZ | lirnf Pn>liKtr.,..uiH. 


S M M 

bl 

50pm |— T4 

Spin — Z 

131*; — 
31i«u +2 

172 -a 





lnJcx i Y.wld 


is 20-yr. Red. Deb & Loans ( 15) 55.>o |tt3.46 i sa.io | sqjj? | 55.15 1 es ^' 5 i ' 56 . 05- 1 55 . 1 a ! . 56.13 

16 Investment Trust Prefa. (15) .'tTL54 

17 Com!, and Indl. Prefs. (20) 'ta. 52 | i3.08f 7i56f vlaof 7i.78T.Yi.i84 fL7rflW.86i Tiiso 


t RedeaietMn'_ywM. Highs and lows record, tese dates add ’.vaJiitar 'and coietttaent ebanats - *!^!- DBbtteted In ;S6WT*cr : 
Issues. A Hot of Uw constituents | s avaHabia'frMa the PubtfstaerB. the Fmanctal Timcs^ flradG* :«OBSC. ^ww:arw« t ? 
London, ECOP sbY, price 13p. by post up. ’ . 



















































. ....... . J 

f.''. .'.. ; jfiiffT&Ta? T^m^TOursdi^ :Noroi 5 er 16 19/8 


«»S»i ■®?sSMpUTHOEISED UNIT TRUSTS | 

\ - - ' ' •"" ' • •- f ■■-.„■■■ '■•■ • j , 

! *l*P r ' ® n S>4 IM<; W •* ■ Fraraliagten Vajt MgL M. fa) Minster Fuad Manag e r s Ltd. Provincial Lite lirr. Co. LfdLV Save & Pn«P e ^, r °niin:ir X i 

j UHSW: M.Tr^HtTtadBiVS^ . J| n:i,wH «i-*''inirSt.Kt oi-msireo as.Birt»<pieM<-. K-f.' ,n - vat asm Scntbits Securities 


I i - 




iZCe 


OFFSHORE AND 
OVERSEAS FUNDS 


^BSllMdMnu* RUArlcabo^: 
Ewt*sc««qi — »s.7 ".$n 
|w« rwromt!. -.%_(«■ a . 45 1 
[HiberXL-vAncfcifcaaS ’ - 3tJ 

't*M65 j 


( "S-if J36 Anwitjii^ 

*i.l -till CannalTM- 

Hf? ** lSraSK: 

if] 1M. Rifpidh i 

-&*» 4.74 I.* 1 . .Arrian. . 


iJJJied flaiufaro Groapy feHgt 
fl a rabro Batten. T; re n wood. 6«wt 

ETwaSSUos Rhaiftwod [0J7!isaK5fl 

lilMOT'd Pzntis . •_. 

— T6& £.-"'. ' Toot..... i 

.BnLiidtriind.,.^%4.1 • ' ..-.". 5 

-^aw-a 
BSss&zdfh JitSi .1 

tfanibioAcc.Fd._i.M2Jl- 43afcj^ -Oj| >9 
teopr funds • 

Zr c tv^Ftt___(7i ’ . 76.a-rn.a -« 

SjaUICvM* fcbfl . TO.S+O.lL T 


ftablevnae (6bH 

furEalw. tf9S 

&*r+ 6 s«wsd Puwk .. .: 


A»»ncMi— — “H H| Wnam-Nav.13 1J73 39;* 1 3.SS Prolific I'mi-i... mil »M-Oi 

Capital - I™ « ' ' - 1 * W° # ■ 1W« I i» Hlefalm**? |iiS2 123.4«J -0.7 

jissSiMl- s ^ST “«s 

ss&na^^su szrsssSuSs^ ™ 

I 4 SO *J3H«c.siri-ei.r;>aq3iw.i22UH (Hi-sissat ftuiHcr Management Co. Ud.V 




326 .Vollul"— » >*• 
S.D8 -.'t ntvirld ■ - 


39 

rfc| _r, i| 


Pretax find. DodJ^n*;' it'- 


wl lOOTliaKW ■ frjprvU nm «SLnC^' v^Sftl'n J i 80 w,Zr ,,c *»«*■ Rteqsra.iHailH 5531 

. ....... PolAct^” - RS . 4.ao MJturopean :p9fc Maj„...| 302 

."• 7B'«.^...f 571- fi T —— • „ JwBwBvWte. 


Tanset Tst- Wgrs. (Scot land) (aMh> Alexander Fund 

tB..uK4ic« s ^,LEd in .x 491-saaeia "“T' i 

an Tar^.vnCT-RwMZZe *S -&« i.V AltjmdcrFgn d--^ H Sb to I ,.._4 — 
7 57 TarwfTn.aie ._.koe 43 «3 .. .. I fc« Net *.<t 1.1W1; N.*. A. 

4 63 Kiln Income hd . 1595 6S.0i -D J| 10.03 AllM Hart eV St Rosa Inr IC.T 


K riser L'limann TJd. 

Milk direct. KC2V &i K. 


n;-<nG7(cn 
.. .I JM 


mi wiihSir*4*.* fc i ^ 


M.o! — di| 10.03 Allen Harvey & Row; far. Mgl iC.T.i K^wies Japan _..|CU« - I A - 

. Managers^ 1 rf L Bn«iAn».SL!lclU r .j ,, v tl. 0S34 -tjt«i King & Sbaxson !Ugrs. 

UIXCS80IV 'H«ijiJtEdi;.KL_UOU 10 17] „...] l Chunnstnw V Hrli<?r.Jon«i- 1 0534 'T774J 

5251 I 5.98 ArbtfthiNC Securities IC.l.i limited M;e. s:. pwt (Mrt.t.nisy iOWIiwtm 

i. n jy,, -oi ci j y-n-,. hEuwiTT I thopiuMivni.r^JjilsfriJ.O.R (OfiXitfBi 

Secs. Cay . ° , s " ’ ew> „ M ^ ': J7 ‘i'll fund iJrr^-yi_ 935 9 301*0 a« 1225 


. . i-i l ;ijl Fund i Jersey 935 93O|*0a« 

uap rM.iJmei;... 11150 11901 1 920 ».iltTn«i\.uM . 1005 103 lal 

p % ‘°‘»Hiiher 2! dll Fhd. Guirn«-> 935 93^*30^ 



& 4 - .i. TrosCyaltglr — v ' 


I iAi , i a llHl. Uni 1*1 -...II 
*.»B< Nm is 


i«..€KAtwop-- Jg.7 . r u ps O.&K ■■* 4 “ National Prm 

-14.1*7 Gartroare «u :rarcr „ZT 


•&KIBUI4 Pu«k ~Z\T ^ 

SSicT tfc-vr 52 ■*2JJ * n ■ r. T^fF-V f- ^ 

2nrt cnrfr «.U4?d. ^461- . flJE WA*non«iiiTff _’. 

flflroicwvMll. ' 1019} *00 aS T "* 1 9fr ■ - 

j 2* 4SM »... -53B fi » n m io4utfaiiyc- 
ffnfciusr-Ji'Ji-'ut'i.issr 62jj-cn a* 5 E.^aincoiw>T«. 

^^n0r.Co' S -^KSA HBKSSJfc 

Andersda Unit Trust Managers Ltd. iw-oroeFund — i. 

*fl.Fw.cbiinbSL.2CWdAA. •* 6236331 iffiSgSTiJa— 

.^TidcrsonU.'C. — ^'{50 J 59^— ..| 5X9 u4nlLlU.(.4rt)^ 


fS „ — iNatiOMf Frmident Inv. 

Gartmore Fnnd T ‘ aK? ) «. i:ran*hurrii sl kppsiui 

. 3. Sl. Stair Ur. B3A8hfVf“ r. • 4U-383XMI -**l dh.l n T«-_MS 6 90 
*70 ..... Ain > broil liii».r Iv. h i 


B. it > ' «3AmorH?iin T*r _■.■ 
SOS MrllishT^ iVrri- 
-53a C fman o4uv Share - 
4*5 E.^aincamoTni. 
530 «^fr»»4Tfcii4— , 


gj 


i d02455ltiSl Nf\l dtnlitu dale %'onfnher 2! 

S« Cov'LS«*.T*L. ..1/99 1011 1 12.00 

. _ 5 « Neel deahni; dnle ?:<«*.. mhi-r 3». 

!.“ 4 09 EajlAlnarsl.Oll.J189 lilt » «5 

5.25 Mu dealing d;.:c N.»c.ium.t 53, 

; Australian Selection Fund NV 

..!.. 6.16 Mari;cl Opuonuntlie'. rv In* n YounC & 

+6 B 754 imihu'Siln. 127. Kent Ft.. Suln>”.‘ 

+U) 7S6 fSJlSOniw .. .| SlSlSl l J — 

5X7 Nit nwi value Nniumber 11. 

!I!I. 1*1 Bank of .America I n tern at i anal S-A. 
1_ » HuMleiard Rc»al l.vT.emliiiuri; t» O. 


Gill Fhd. liiuTUN 1 ) 1935 9 39j *0 M| 1225 

I ml. limL Srrj. T*1 

Jfiril Sterling ,U339 18 451 .... I — 

First lull. _ . _ |S19J 38 19J 99| .. J — 

Klein wort Benson Limited 

20. F i-iichurrh Si . tx'3 o; £23 apn 

FnnnvM Luv. F. 111? I -} 3.13 

Guemru*v Inc 65 T 699u9 o 35 

!*•>. Acrum. . . . 82 4 87 61 ... 4 35 

KRKai'EuvtFrt .. S1S13 89 J 145 

rtBInll. h-und. .. il'SlIla I Z 0b 

K R Japan Fund. ... St 591.26 061 


£3 JS |U'Mini«9U Income, lu-allic Hi uf I 7.36 K b. l> Guth. Kd. Si. SI I 48 .”"| 07* 

2-1 rr:.\ iS I ^ al „ No ‘- *** - h rtai « *»■ “■ SBSuM;- : | -] i to 


Ain 1 Vmim ll„5 cl I cSc M'. Fjtip Hr- T-l 100 4 J0b8a« iu 2 

Si? NPIl¥>ca?T?£a~ fi§£g a»5a 2X0 N.i'.lnrume Kur.l J459 J55Jrtj.nN 7 

IE oEMkuiiiu^zHSs was rr\ n 1 1. w. *i.- •■ s 2 m a j 1 

» * «*" 0»t. SO. Next OeahnR Nor. 30. jj ' • »" **•■ *•;! ' " n '• J 

0.99 Alices on Nov. 1. Next dealing Nmr. 15. VC. Mi»ln.i»"t 6d|151 4 -Mil } 4. 

National Westminstery la) Rothschild & Lowndes Mg UR. iai 

M i* 1 - C hcapslile. OSV 6EU. 01 6900. NT. SnlU»n« I in . W. ONcjm; 

'AccamU^IMA 69H J 940 Ncui’l Kjemi* - Hi 29 0 1370-1 . 1 ? 

Kmanmei — E? ” ^9 knees ra ih-l lb. .Nci dealing Nor. ir> 

id. ] [rn^ih in-TJUZIfeb sfq -olq £2i Rowan Unit Trust Mngt- Ltd-V lai 


674 Banque BrnxeUcs Lambert 
|J{ p. Knr Pc la Hcgeiue 6 UXki bruawl* 


l.losds Bk. il\ 1.1 L7T Mffrs. 


— «96 

J 8.46 


5.21 jltenla FMod I.F |1.891 1 uy ~2| 7.94 I* O Boa Utf. Si llclicr. Jcruc:.- 


iailS«Bia." 
I kiaanciel.. 


2 91 T>Tidall Managers Ltd.? 

4 23 1 *■ Can vngr IMd. BrisInL 


niid & Lowndes Mgtra. •») --P- J75] 291 managers 

un« l.nie. I in . h«.4. -rr.ArnaKdlW;2') |176» 1C S ! I 423 Can vrigr Road. BrtilnL 

Kremr* . IU290 1370-1. 1 ? &7 ■ swfc tfc.- A~ l?>i . £8g ... . 3 99 la. war Nut- IS— .W0 184 

1 na CIO. ib. .NcU dealing Nor. 15 ■IWW**-': ' • „ ■ . 2'»4l ... 4.72 '.lirum.l'advi *1832 292. 

•pur Ini n : .- . ,, ,.. ! <in)v < apii.il Nov. 15— _ 1256 132. 

Unit Trust Mmri- Lld-¥ iai Scottish EqnUabli* I n i|. .Ylgrii. Ltd.T i ^rc'im .; min- — 177 8 lte 

■ J h*- • ';•» hmvbq,f*x 01-tiUI l'4*l :>.1S| taJwnSl- _ mi-.vKOKIl fwSS LVdji-" 156 2 - ]M 


399 la. omr \uv- ]ft_..p9 0 

4.72 i.UeuBLl'ailxi *1832 

<‘npii.il Soi . 11%. — 11256 


Barclays Unicorn Int. (Ch. Js.) Ltd. 
i.ChariricCrncr.St. Holier. Jr ■.»■ 653473741 
imTMraa Income (46 4 at a . 1 12 1 
1 ludoUarTrufl — Llvl#r llM-aail xm 
Uni bond Trust p.lSIflSC lgl7fi| ..Z] 850 


ArtafliBOt Securities lid. (aKci- . tajA-ui FarEii-Z - 

® <W«-n P» Ueidnn F.CJR iaV‘ 01-2365281 Uctd uje -Toa^tt** 

SffiSSSSfetE?. SBHBft<«<i*-i '.TSfe 


••I'Acraia.UnRi? ... H' • 1 C9^r ... . 

fctplnogur^d- USB-, Hi6a *fl-4 

SifihlAr. Fund MS «6 

felccmii flM'J -- S5 a S9.4 — ... 
s.*i Wrfru! ITtiJ E5 567 . — 
gitewe.ftHKl. SO *61 ..... 

sa.7 . •11.7 

'uoKL •- Wi 

ifjrFucd^ «7 4A2x -HU 
I'ffH!* 1 — i^-, ZB 0 .* ■ ^3 fc*t +0.1 
rtrt-Lj^- 5QA . 5453V./.. 

•pFct IbA .17 7 ..... 

, ltd . »7 .- .39.6 — 0.l| 254 
flirt-- — , . 43 0 464 —01 

ImkT B7- - JSJ -+0.1 
1 Xrrum. I.'iut'- 1 — 36 1- 421 +0.1 

*85 

sir*:) 

N.AnLf.fcInLFd.iS.4 2741-8.7 


+0.4} law 77. London Will tlCi' ■ * 01-0685830 

— 2S SbJr Noi.3 .. IH42; ,; 34fcg 1 JM 

945 DO Aecam.r:nif .. jSS3r?3R9L>— J 2J»I 

12 R ' Nokt dcaltuS 1 

Zn. 12-19 Urievesoo ManagfOWBt ^9- Ud. 

Ini ' Ton S3CjeUUiDi EC2PjX»a^C’'"' - 
isi I* Brmcura .\rn* 5.__|2U.4-- V-m3}V3Jj 

'3 90- t-trvum. II u il.t plt^i -7 Qh442| 


Mittoit 1 mwiiariiuu u<?ui>. JlBK-tL.Til . 

1840( *101 «i UmbondTrun P-ISIMC ltl?§ ,.‘!j 

392.4 +2C 064 , ... 

132.B -1 4 4.77 Barclay’s l nieorn Ini. • I. O. Man! I 

lSI +1 £ e H 1 Thonus. SL. [muidn. J o SL 0624 - 

164 2 +2.4 836 I'nieWO AM.EU..I48 8 5? 5) -0.1 I 

Tte t j eu Du. Au^.Mln 3D B 33i?ix — 0J 

2TO4 +5‘i 536 On. Gifr- PariliC— . 16 5 71 1 Zl.8 - 

lliO -0 " ll» n». 1ml. Income. _. 36 * 39 6 -2.9 I 

1416 In ; Ho l olMmTo ... MJ 47B-D5 ' 

00 ManxU-uial-tS; 2:3-1.11 : 

173*1 *fl*| 9 47 Bishops Rale Commodity- Scr. Ltd. 


Uv» ia tn. O’w-a. ..152 a 55 M -3 41 121 

Nevl dealing dale Drccmber IP. 

Lloyds Ban}: Iniernational Geneva 

F 1 • Bur 4.1S. 121 1 1 .'one™ 1 1 '.SuiL'crland' 


DJ “ J J.-ds I nt. I'rauih , I'*n74 D 297 Ml -14 M 

.. . UojdilrL Income JF3H13 nu«*J5n 

■relays l nieorn lot. 1 1, o. Man! Ltd. 

ThrmusSL. PouidJw.ionL 06244856 Management international Ltd. 

mc«niAim.ExL.|48 8 5?5|-01| 1.70 Bank of Hermudn Building, Ecrmuda. 

u Aust. Min.. (SOB 33201 -OJi 1.8B lanicihuri OcLgT .ftlbllS I 1 


S?2 jPU Hoi 42. PourIjn. I >1 >1 
~ AR.NAr-Oel.2 _.|S14S?2 


| S Btnfi.ll.YiLNo-.-A_ 1795 -’UJ53 

ZsJ- J VcDm L mist 207^ ~ . 2t73{ 

2u EndMT.Sm.U. OSS’-' **“1 

257 lAecnm. I'mtk, 


Guardian Royal EXUbR'MSxb. FprUMiG P oii l .„:|42.i 

Bpyai Exchi.nEe.Eqw^r^ Piccadilly Unit Trust (aMb) 


>™iiinnill||ra-B« 25.M+OTI «.9b 

5« AccrtPiCnm pa i 30 3 +011 4.9b 

I.7B i^rjtnc P*6 35-lS +0 1| 7 JO 

B7I ‘^-ril’nitTsl __S> 383 520 

2 97 'AccuhlUoIu. (463 S3| ,. .l 5*0 

2.97 Pelican Unite Admin. Ltd. <gXxj 

346 a l Fnououn SU Manchester 001-2383883 
Pelican UnlU— -(8S 1 9L9nt -0 J( 4.93 

3:90 Perpetual Unit Trust Mngmt-V <n> 

t.i 48 Hart SL.»reolej‘ on Thanes CM 0120868 


+0 21 4.16 i ** rve « nuH-per (.roup 
+0.jl 4.96 I. iJn+l SI ll^l-n. I ..irlc-n POP 0E 
+° 3 l 2 * 68-73 gn«+'.. SI . K.linl.iir^ll EII2 4VC 

“— I UcalinuS I" *i!-:V-l Iteu ..r 031-226 T.Cil 

UtL (gXx) Steve St ITospor .Securities Ltd-¥ 

imi —in vri InlrnuHtuI Vuml-. 

fWfc: T - m ^ : 0J J 

tngntf-V <0> VMv. (itxXWI. . . ItA 8 71 Bat -0 7} 

040120888 Inmawiag I nrtmxr Furiil 

95*} I 903 Ilifih- Yield 152 9 56*| +0.^ 

aXb) ‘High Income Fund. 

min Ud. High rUHum ItA J 71 21 . . 1 

ny. EC3R SHD. income. — R: 5 4SW *0.1 1 

I'.K. Knods 

3X81-01118.40 UK h^quil* |43 4 466) -0 1| 

(IW I 7*0 llvrrwM f<iiidw:i 

Wdt-JJl Kuil, W |W0 95U-Q8J 

4au-8lj 6.60 Japan ]»S4 113 Jl — 1 41 


Archwny « a*£^\E-£ESL ui 

Sta5w^4E*^‘ , ‘«»“S AdnrilltofcitteKcKg) 2 j M mrr. Place, Old imRy. BC3R 8HD. 

ftarclan Unicom Ltd.y (aXcXgt imlfw*, f^ 

9nlcwnJI.Y2WItontfirtRd.ET. OU134fi5« Cabot Reravcrr 1462 ‘ f-JT! JnLErni 4*^7 


9nlcwnJI^2Wltontf«rtRd.‘ET. 0671346644 L’abot Rem wry k 

J^mrorn .Vmenca 1288 - J2*rf -03l IAS Cap- Growth 

Pa Aiw. Act 70S Tfefl . — 1.96. fap j'twlJi Ae«...U 

t Autlnc 55-5 60<H . _.. 196 IncimwA 4M«fi_i.p 

Cardial 65.9' “ '71*1-41^ 4J7 High Income Funds 

l^iinnTi* . . . 1082 U2.M +<L2 44& Hlehlneiaw U 

.Krtmiocome _ 28 3 - - 3804 a. 835 <ibottxinlm-._B 

Bo IToancial W 7 65«-flJ 5*2 CaboUTvf ACilt G 

■0.580 _.. . . _ 74 4 . KL « +0.4 . 6*4 SrrMw Fund* 

60 Ikucral 313 3**J 4*7 Financial 6 1TL’ ft 

BoCmwtb Arc.... 41* M 1 . 4*1 OilftKaLRo, jj 

fto im'onv-Trt — .Mb 9L9+u* 639 Inumaflftnil 

Sjo. rrf /. ns T^. ,{l4SS 153*} —J.- 99S te 

»p™xs at Oct 25 Sb^rt BlrtJ Nor- *» XnMmatioiis.lJZ..^y 
F £«*™vo. - J4 2 tSr WdL Wide Nov. I0..f7 

no Trurtcc ronrt... Ii5.9 . 125.il +03] 5*2 . 1 

■ JCUldwdeTS.... 48* " ' 52.2 -O 141 9^S? n ^ 0,,,hl N 

■fftsLln-F'JLliit: K S 426^ +4)3 5 *3 

.g^toum. 693 7l3 ---| 543 H 

Baring Bcot hers Sc Co. Ud.9 laXk) i-'&gffss *S±IB 
ftri.lioadcnbansUECJ. 01-5882830 Exempt Funds ” 


. -_i Co pi la 1 Fund 

glSSSMtc: 

“1125X75 ,w - 

' JJI American Fund 


1 EII2 4 VX 1 iir-jn AnMfiCBn • Hurt 

ir.r-226 TJT.I Mnn.Urt'l’Brt*— jjj-O S94J....I J< 

/ties Udy ^IsaSSferlS 7 SJ? \z 

JM-til * so ^3S.52^«R 1 -" iiK..., 4; 

J 4 50 .v-cure-VnlW---; JKs 5 17J ?, .. 4 J 

71 Ba< -0.7j 1.77 iKaJtnf! 7' M - I r -Wed 

Sun AUWfltf'JP'! KnsL UA 

56H+0.CJ 7 62 M, n Aflumdett*-. I* f f ' , --.i IMU3641 


1 Wcum . 111 5 

iJunliu' rnant>.~(63 6 
X58 lntern.iUAnul_ [263 


Npw-iaJ Sils. (33 6 

TSB Unit Trusts i>l 


85.7 +0 7 
895 -M)6 
41* +0 2 
498 *0* 

16.7 *0 1 
20 8 *0.1 
68 J — 0* 
?ai -oi' 

35.9Q -0.9 


W72 32341 riMlHU—NLA.S-. a ITS 


|0L 'NT** Not 0 _ 11*692 


180 lanicrtrari dcLCT JSISLK J } — 

AM M & G Group 

I SO Three Qustc. Tmiip- Hill FOR Rrq r. 1-628 (Spa 
AflanlicNin. 14 .. II S2 7| JOSI — 

And Lx. Nr*- IS SIS2I5 rwl-OJt — 

wi GI.1 t*.Acc Ntn- 15 SI’TI.15 lOii-05.' - 

3031 Irland. . .. 127 6 1373d +1 0 93.98 

— lAccumt mi-.. .184 0 197 9}+L5 93.9B 


10 19 "OriCln/dly iu4iieO ai -Sill .m’3 »— CllFO. 

10 19 Bridge Management Ltd. 

5 pij. Don SOS. Grand Cawu.in. i.‘a>man Is. 


t^-si.r J^ti.00? 84 Ssil «uel Montagu Ldn. Agls. 


114 >'ild Broad St . E n 

ApnllnFd \w B...(>.F«1S 46B0( . 


ejj X’bashiXnrl | Y17 954 | I 

3+x Ci F 1 0. But SO*. Wonp Kvnj 

5jg NippMlFd Nov 15.ISI SUM 3W|-D51l 

Rri lannia TsL Mngmt. iCl) Ltd. 


BrtUAWtun., 1» ™ ‘Tru« «y. J0i(«hSf.«. Metier. J^ey. 

— cf;? JJJi VT.iy. ATHfo\-er. Kants. 0264 62188 1 

'£Sd£2 tTn?' 1 ” 5 .?'. . ••! 4 -* s EnuOinsn to IBM 83432 3 trtCTlln£ lW-jiimSMlcrt Fill. 

KalmgTTM .1. Act it-'TSU rWm-ral H4.9 4811+0*1 413 SJ 


Urrllnf lkmioiiialert Fds. 


Id. i hi I m Accum — 

toinaui ,h ' TSBJncWOC- 
. ..V Ih> LHi. .VcclWL— 


Target TSL Mort.-.. LUv »a»i«i 


4L0 ..—. 7*0 n.rivM f<iudw:i 

<53* -1* 640 Rurupc 189 0 

SJ “S ? ^SS J.4po“ (105 4 

381 +01 5.70 SX.An.-i 1389 

47* -0.1 6.20 U.s ..1. 64 1 

M 29J IM.rF.nd. 

3.70 ’ I” “ 

ML* (yXO Financial *+•,- . * |68 0 


[ .'~tj i*E PracMcai invest CA Ltd.? (yXO FSiat . ,6a o 

i. . _ |M.W«»mrt«iyS(|.WCIA2RA OIB23WWI lUsMiaimaai Fun*. 

-fO-iJ 2-S Practical (Vo, . JS 04S 7 . 155.U +0.81 455 Select li.lrri.Al. 12428 

[i-0*l *08i Accuhl Unlu,— 1210.1 22*1) +531 455 Selecl libimw. _ .|523 


m 


;ii ■ImfabfaSC.^.* 1 

464)-01| 533 Tar-ett^mrtlW J6-’ 
T T-l-l FIlTT— * <jl Ml 

95 U -0 81 326 TlJfirl Eqaitr— 77? 
U3|-]fl 145 T.,r 1 :etE£Kd».t5- Mfn 
413.-0 1 2 30 in,. 7cc. Units— =213 

68? -1J| 0 66 -rW+.liil Frod- liri 
T .<r;ot *»IW*J6 . 

S3=s&( im I'vTsarss^fSs 
731I-03I 351 lysfeTi- sC> 

256 21 -Q 61 3 0L -r5 p'm — l h 
S5.lt -0 J| 793 .ifSifllSUrt- 197 
T 


:*• 'i>r.c-;oadjiHi Ulster Bank¥ (a) 
390.8 -0*1 3.91 Wkn nr Street RelTo"*. 
9ly - I 4 59 1 wY" fcicr Growth — Ob.8 
.43^ —0 5 617 . 


U.3 *03 4 13 Inlnt Fd . . 82 1 SI 

S&d+fl* 7*7 Jenw.i-Fncrjf’Tia.. 1163 32: 

68*1 +0 2 717 I’nl’.nl STstSlp 1203 2 

Sitd-O ? i'24 Hi?bIntSUcTsL.- E0.9S O' 
9*7} -02 2*4 VX. Dollar DromlnaiiHl Fds. 

liniinJ.STrt. J51-.-5J: 5. 

lm.Hifitllat.TM.. .(Sl'SB 96 (I 


i-'jiUBn Is. JnnfpMOrt.il Ulb 0 79 

I I ) — ll-umupNoi I „P«HJ9 1173. ...I 210 

1 1 llTJe+Mn-Nm l_ M34 S S? ] .1 0 72 

3W|-D51l 0.75 UTJrjO-suti ». |L9.M_ 10.36) .J — 

CI) Ltd. Murray. Johnstone ilnv. Adiitcri 

0534731 14 ID. Hnpu Si . l".la*gi-»v.-.’2 041-221 5581 

-HppeSi Frt. | SVs*3«« 1 .. I — 

3S3I ...J 100 'Mumu Fund | KS10J3 1. — 

spa LOO :;a\ October 31. 


J L00 

■“Lli i-M Xcgit S.A. 


98| „..| 32*4 10a Bouler.r-d Ki^al. Iai\« mheurs 

19j , _ XAYNoi-.IO I] 2LS12 50 | ( - 

v\ 9*0 Negit Lid. 


“ ’’ tin h'lni: WiiiuinSi. EC4K9AR 
^ool* 'l l 4 68 Fn*r H>c Fund.— .[738 9 
17 ji _a Uiclorilrtn-Fod _tt9 8 

30 4 -10 192 l*A A-cuin. |3S 0 

162 ll +01 a so wirier Growth Fund 
.1? 5-j -n 3 8 61 Kmi' William SL EV4R BAR 

14 8.-0 2 IX « lnconw' niu 139 8 

-1 * *0 1 c 88 .\ivum. I ruL* (35 0 


79 51 -n,T a: 

70jj-oa 11 
73 *| —0 3| 3! 


695 Unit Trust Account St Mgmt. Ltd. 


«®«ll _ Value N^lD. Ncud^i^ .Nor. 30. Bank of Bermuda Fide- . Repalhn. Brmda. 
395} — .\ 538 Brown Shipley TsL Co. i Jersey) Ltd- NAY>o».3_ .. . |tb46 — ] | — 


rmt 1 m P 0. Bo* 583, Sl Heller Jerw 05M 74777. . 

•“TijTL, Aterhnfi Bond Frt.. (L9.89 99i| _...} 12.00 yh °cnL\ International 

U ::::: I tg !H^£STE12- “ 

“ ss®sm..ts3 }? 

For Cpdlnj SA «* ..«*r lijicr 5MSf £?.""■ JU V • I Hg 

a"’") J2 L liman Ltd. vui-m imi. h.i . .|s« srne *Sa ) too 

" Capital International S.A. Inte JU Nl,T - a - N « l ,,, *- ll, ng No*. 15. 


Hd 


INSURANCE AND PROPERTY BONDS 


paatr^p- a^sgafesssagia is 

i. _ • Hill Samd Unit Trf. Wit (a) 

fu&cpsgste Progressive Vgs*. Ca? 45 E«chSLEC2P2LX 1 - 

gBU60ps5ale.Ej.-A - 01-6888280 ibi Rrltid TnicL_ 1149.6 .'16ft«ML5| 55 

»‘ S 3tePr-ym-.T.,.JJB22 «43| t 4*5 njjlon Trust.. _IM5 .*n»9 3* 

ActUls.-Na*.7_.6l7.0 23I2 ih 4*6 im Dollar TntM 

Vcaie [aL 6'W- 14.. [Ud6. 170 _i_| *86 1 biCaptol Trust. „ 

fiiecinniNor .H ... .|178*. 139 « ■— _1 236 ibi Financial TrasL 


Abbey Lite Assurance Co. Ltd. Crown Life Assurance Co. LtiLf Ijovdi Life Assurance 
3. 82 1-3 SL Paula Cbarcbyard. EC6 014H80I11 Crown Lfo Hie . WtAinfi.GL'21 iXV.'tHHBgWCO LT*. CIlRno St,liC2.A JMV 


Capital Internalional S.A. 

rr rue Nntit Darac, Lui«nb>*ir;. 

'apittl Int Fund. | Si'S17 48 [ .. . ( — 

For Central Assets Mngt. Ud see 
under Ecyscr ITlniaa Lid. 
Charterhouse Japfaet 
II Paternoster How. » -4 r>l-2403H)» 


Richmond Life Ass. l.ut. 
Jfl .UhnlSln.fl. r.i<<uc!as. I.U.II 


«ecnm| (ior M ... .[1782. 339 H ti- 1 
^■N«c#ah. «Uj-. *Nit 7. *8. ■■Nor. 2 

Bridge Fond Managers (*) (c) 
8<^UJ6e.FlncWIII J unSL.EC4. flt«»405t r nW f Vl.u., 

■ n iGea*..Q2.0 *63 ”77. 

‘ ' JBX4 -04 

.1 WOO 426 —03 

j 139.0 - .148 C +L0 

Lic-t 058 -169* -0J 

- • ".(17 7 ■ ' -XB.li-05 

MVoh. » Wed. tTbms: Prices NOl 


■ Hi lull Trust 
1 1:1 poliarTntia 

ibiCaptol Trust 

ibi Financial TtntL 

■ hupcome Trust 

■ h'SacnriWTrusf 
(b j H 45b Yield Trf 


*40 Equity Fund Q5.7 

Equity Acc. 30.7 

I Propem-Kd 151.2 

8011 fiyiwVAM.^— 1615 

rVa Selecbif Fund 90.6 

f-fg convertible Fund- 133.9 
H2 VMonerFund 1243 


3 ®KftaM=gs 

fS OHatey Fd. Scr. 4 l_ X12 1 . 

.8*5 'PrirW.I V™. If L 1 -.1.. .1 1. 


37.1 — 

3*4 — 

159* ~ 

170* — 

95.4 — 

141.1 — 

134? — 

339.4 __ — 

140.9 — 

363 — 

120-4 ..._ — 


Maned Fund Acc... 103 3 
Slang'd Fd. IncnL.. 10 1* 
Manfi'd Fd. Init.._ 1015 

fjimlyFd. Act 954 

Equity Fd.lnnu 93.7 

Kqujtv Fd. IniL 94* 
Property Fd.Acc.... 96 0 
Prrtperty Fd. Incm_ 96.0 
P roperlyFd.loiL- 945 

lnv. TsL Fd. Acc. 93.6 

Inv. TsL Fd Jncm. . 46 D 
Inv. TsL Fd. IniL 97 0 


10871 -01 
1069 -0 1 

iota -0 1 


Its ,U ‘»T 

7.05 IS. ChtirtoohccStrect, E.C* 


■is *TueK7tWcd. tTburs: Prices Mov.7fa , 8ir S5 r S^ ?^ff ' 

innla Tart Managemeni Xajfe) . ' 

Xqn ^ Ecy.Fl*ed ratm,- 

>nECaU5QL •• 4)i-ffi8enWH7B KevSmallCO'sFfL. 
J -(732 - • 79L4I *031 432- . 


356 ImeLtotFimd.^pB* .... 7.00 3LOId Burlington SuW.L 

®S flX"8Oa7070jfatrLMon*i-Fri *r..ni64 


Trices u Nov. 14. Valuation normally Tues. Fisrt Ini Fd. Acc.. 1002 

Fad. InL Fd loan. . 99 0 

, ■ ImerL Fd. Acc 10° 3 

Albany Life Assurance Co. Ltd. intern F.i incm.... irc 3 

3L Old Burlington St-W.L 01-487 590* Mowy Fd Aw. — £ 7 

ffiSaiSiASTrfiftJ »i-4 = Crtnwi Bit. Ini.'.V— 1*8 7 


99*1 . .. 
101 « + 0.1 

101 ffl +01 

.. 

103 g -0 6 
301 .« + 0 .ti 
102 * 10 6 
205 4 } + 0.1 
K 4 .S +0 1 
11SM . . 
115 ft 

102 3 .._ 

200 3 

107.3 + 0 * 


-01 - XMt GLNov.8 12bW: f 

-0 1 8 08 «.p.VA'Fr.Xnv5.— W* 1520 

-0 1 _ np.VA'EqL Ngc. 9 - L?3 b 1i0 7 

+0 1 — -if. .'lA-Hy.NfW.fl.. 155 1 163 8 

+0.1 705 aiii.VA‘Maa.Noe.9. 153 0 .1611 

.... — rtpSATfcpLlter.fi.. 1253 1*01 


9.75 lAwnteB indemnity & GnL I ns. Co. Ltd. S* h T* |}Si 

- iff.20.TbeForbuD-,F^v-I, nt -.=®Mi. Depend Fdt_. r ,._(125.4 


Royal Insurance Group )■ p«emost«Hoir.»'4 

New Hall Place. LuerpooL 051 227^ 4422 E^!!SK;" SS2S 

Horal Shield Fd — |M3.4 151.71 1 - giffib ”!! nun 5 

Save St Prosper Gnmpf 1^7^'^- 

4. GLSLBeJea's. Lndn_ EC3P 3EP 01-354 8850 binLo |Sl5C.k! 

Pw&FdCZ:|lS* 169 H t 0 . 1 ) “ P« Investments (Ji 

Gill Fd. 1 12*6 129.1] +03 — P.O. Bor320.SL HHicr Jen 


■ ■■■Tin- blh erTnisi. 111.0 
RivfirnoDdGd rid ... U2J 
I ,n . Plat ilium Bd. ..149 7 
J-'o 1 lismond Bd . 02 7 
Tin Fni IncnmcBd... 165 0 


113.7" -M _ 
21BJ -l T _ 
157 6 -0.5 _ 

300 7 . . - 

1D7 ... 11 63 
2 DOC — 


7070 OGtrLMonerFdAc.. 1164 
358 WntiAlaiLFiLAnn. 107.9 
5*2 *PropTF<LA^c 1129 


dlVi— - 
Htnlatoc— 


fttia-Jic. 

‘“"il 1 * • 


3.76 Klein wort Benson Unit Managers*: (Pro 


'+0* 532 VPnm. Fd Arc 1129 

i!.. 547 DTple Inv. Acc. 168* 

-02 594 fiTdJIon Pen Acc. . 133.0 
lntUln.PnFdA£c- 114* 


113.1 — 

118.7 — 

1765 — 

2393 — 

190.7 — ■ 

140.1 — 


Money Fd. Arc 97 7 102 3 ..„ _ i JJxGru rtlFa gd ., 

Money Fd lncm..._ 95 J 200 3 13.00 OFfac ErmaptEd | 

Dna.Fd.lncm. „ 10L9 107.2) rOJ 951 4 Frempt ftop, FA| 

Crown Bit. Ini. .V_ 1687 - ] \ — oEmil W 7*.F4’ 

Flexible Fund 

Crusader Insurance Co. Ltd. inv.nutlniwl — 

ViBOJla Uoar. Tower PI. EC3. 01426W31 * 

Glh. F»p Nov. 7...J73.9 83.8] « 

Eagle Star I nsnr/ Midland Assur. *" 


- . , Crttnpl'ons.Fdt — 1207.0 

V.c M,. n « Uanafier... -P2 ' 7521x0.3 _ Equity Pen* Fd- .183.8 

6 65 K.M.frtaDWe B9 3 30fl+0^ - Prcvp^ns-FA*. . b*8 

— Fiicd Interest — .-134 - 36l|+Ol| — Gilt Fens. FA -IjM 

1^*7 The Loudon A Manch.-icr Ass. T.p.B Depos.PcuxFd.^-UaiB 

j" 01 TV msladerart, Lacier. ^ COJC^CISS Ttti^ekly d( 


Gilt Fens. FA .194.4 99 * 

Depos.PcusFAT ..-I161B 107J 

•Prnf^ on Noirmber 
tHwitr dealings. 

Schroder Life Groups 
Emcrpnsc Bouse. Poosnouth. 

Equity 1 - ) 239.6 

Euuliy 4. 12220 233.1 


97.4 ... 
mg +03 
Sax .... 


Tin Km lncnmcKA..ll65 0 173 7l " ‘ 1 11 6J 

f>l-2483S90 CanIlonC.GJJBd....|95.0 1030) ) — 

: AdlmbiLiimri! oumo 5 *^^o!» 4 44 Rothschild Asspt Management iC.I.) 
’’la tn^n 979 r 1 1 Box 58. SL JuUon« CL Gu»-ni-+M. (MSI 36831 

ESSteSKCUpS* F»^:“ JS&3 

(HUPXUO Waits 4I^-L91 *72 fi'cton.Frti .'l" Sl*! “l5o """ 1^ 

Clive Investments (Jersevl Ltd. ncsmCoCK-i 31 _ _ ms 1485 300 

^^tlfr&^«aSS5S- ttHraSIKttei JSKlrJ 0.66 

- I v* r II Fri I'Bsfl csi^tnnS il l- *Fnre» nn Nm. 14. Next •k-almri Nuv. 30. 
IivbgULFA ijki.).|950 951^+OJl^ 1L5. yPnces nn N.n-. 7. N«l dealing Nut-. 21. 

ComhUI Ins. (Guernsey 1 Ltd. . . 

Prt Ii7 Sr r- mT u Rothschild Assel MngL ( Bermuda 1 

lnuil.Han.FA. 11710 i860] . .'.( — 1 ' 1 * l *°* * :,i4 Fvrirjurta Hid , Bercnuda. 

DWS Deutsche Ges. F. Weripapiersp Jto S!K ui'Nm.^^dcahS si! 1L 
nruneburgwog 113. 6000 Frjrldiin. - . 

Invcsta. . - (DM3741 11 411.0 JO] — Ro>al T ™ st ,Cl ’ FtL M 8 L Ltd - 

n ,H- r.rrain J'«.> Bor IM.Fcs'al Tfl II v-..J.;reej OSM 27441 

, U !” P .. , H Tim I Frt .Ill-Mil 4Wfd-0D| 3 00 

-*U. Box 3012. .Naan, !:.iliam.v KT lni l.'JM >Fd W0 86M-1.0] 322 

Delta Inv. Nor. 10 _PITLS3 lull | — Pnci* at Noi. 14 Next dealing Nov. 2L 

Deulscher Invcstmeot-Tnist Save & Prosper International 

Fonfflch 2885 Biebcrea«c&10 (M00 FrankfurL pcalmc to- 

Lonventra.-.- _|PM28J| 2jg+010j — 37 Eioad Sl. SL HcJicr Jrr-cy «53L»5PI 

nL Rentenlonds _. |d 1IU JO 7H*s| 1 _ VA nolUr+tawalnatod Fund* 

Dreyfus Intercontinental ln%-. Fd. r-lr KaAint-t 1916 9 73J+0.S 7 A0 

PO Box NTH* Knuu. Bahamaa. rUS.'.™': «« J jS ~ 

NAV Nov. 7 |SL'SU51 UV I - Tjf *S ?9 ““j “ 

Emson & Dudley TsLMgUrey.Ltd. sopro* 15 04 1643) _..J - 

P.D. Box 73. Sl Heller. Jersey. 0534 89501 ijttalingdenmninaled Fxwto 

^J.rr. - l m* uM] : ....j 3X0. S4 KmM 3&! - 5§ai83 iis 

Hie English Association ("o.-ranod |1389 1463| _.... — 

t Fore SITOCL Hi nt-MOlWl SLgepasiit 10L0 ,10*J 0.25 


Mnnafied4 1348 

Money 4 109 6 

ihenwi4.__. — 817 
Property4 16*1 


IS gaFencbiarhSLiELCA *: 
fS KS.TJnMFltlnc._JB7: 7 
7S *K.B. DnilFAAriZJu.0 


1ND5 


l-t 


?SksS±: bra -SB +0* . m SSSSSSSPSSffi? ga ..--Jrw ■MSMlfTOd— ftSS ' — - 

W • »% 53 H 5B3B;a^* 3z"CiS ^ E r 

Ssi “si % M Wm&i i I = = 

MaL.!H?hJra-^ 77J2. 8^ JA<Hne Fd__^— |14L3 ' 1«JP_J 8*6 AJffiY-SSLPen.'B OI6 1165 — - 

N+wtaoiex — — . 36 5 34 fl +TL? 4J9 liGlntltGen Kd .198^ lOJjf __2] 2X6 Fl e x tp la n ...,, „ pBJ KBAj ___ — 

8Sa5ar=§&-:‘.j6 & 4 3 ix 7 lawon Bees. LttLV teJWT «g B5r**V ., 75.7] _..| _ 

3p" S:- 2M For Arrow Lite Acotranre see 

■.EBiaSfcjl- ,H3: DJ ! ur. a—, cm 

cuo M.JfP'Saats ^ S333z 


; -jcB.ro cav.flpM 

KRNxnCrwmiAcci 


Prop.P.'nApp - _ p294 1362] 

ATple InvJ^auAec- |207X 218.6] _ 

AMEV Life-Assurance Ltd.9 


Ainu H«.. AlmaJtiLRelKBte. Beigatc4010L ufj m3 ‘° J — 

{S?W-fiSS‘'8HH- SKSSfeir: m : 

ild= saj^rif^as jsSzz = 


7. Threadnenfle SL. FtX 0i588 1212 \ merirnnPd.Bd , '_ 45 9 

Eaglc.'MiA UniLs__|5*8 54X! A 622 . ..nv Depo.il- 120 3 

Equity & Law Life .Ass. Soc. Ud.V gV 

Amershml Boa A U ifih Wycombe W94 33377 F+oulv 1654 

Equity FA 1137 1196] -OJj — fl J^— “ Jff’i 

ftmdSEkPy JMa3= WSBS5i*® 7 


Thr^eQuays.TBwerrii:iE'J3E4BQ.01^K4fl88 K tSGort See*. 4.. 12L8 


Japan Frt. 596 61 

M-*i»C«dBd: *372 14- 

Pcf*. Ccniioa D6 1 — 


5 oi| :r 

_62.7T -1; 


_ B S. Pen Cap. B 124* 

_ BS Pen. Act. B- ._ 1368 
_ Mart. Pen.Cap.B_ 208 8 
Mncd Ten. Acc. B 25X4 
_ F. Inr. Pen. Cap. B 96* 

_ F. JnL Pen. A« B 97 Q 

_ Mono: Pen. Cap. B . 97 * 

__ M0nc7Pcn.Afic.iL 991 

— ^P-™- vap-B_ 107.0 

Prop. Pen. Ace. 3. - 1089 


2331 +2.0 — 
144* -0* — 
14X2 +LC — 
115.5 +0* — 
935 +1.7 — 

170.7 +0.1 — 

128.3 +0.2 — 
130 5 +0.2 — 

143.7 +0.4 — 
2191 +14 — 

SSSi A? = 

1022 -O.l — 
1025 +0* — 
1H4 +0,2 — 

1- 


rjiimyjMaw-io. •• -Rj] - n . J iA7 sT.qw+n'ist.Umd 

wfSSSssF 


iEE 

103 a! — 


1^5 


General Portfolio Life Jus. C- JUd-V Proper; <-Bd -+.__]i65 6 174 0] . _ — 
60 Bartholomew CL.Wallham CiOM. WX31071 T-’Ljfi ? JT 

PoniolioFund | 141.5 ) -64) - Priwon »».«."*«* 9. IA 

p-*Mi , iv. U £+ , i"T^ ,:<1 'te4 ■ — I ~ Merchant Investors Assurance* 

PfahaftAlrn -.to 50.0] .....1 - , <0a „ se 33 HlebSL l C ro wl l . a . 014B69IT 

Gresham Life Ass. Soc. Ltd. T^vp-mr- 159X i — - 

= Prince uf Wale* Rd_ B'puulh. (C02 967SSS Pwr+rty 1MJ ...... — 

G.l_CaJiFund M7 103.91 +0. 1 — SSSjVi r*n< — I ~ 

mi “ mSSSSSSm*— ■ 1«J I ::::_ • = 

G.L. Pw. Fund.— (100* VSM + 0*1 - gR -- - 


~ Scottish Widows' Group It Fore Street. E 

— rf. BocSOS. Edlnburcb EB165BL - . (D1 +B 5 6000 fc’S.Aaj. S I crl l 


Rothschild Asset MngL (Bermuda i 
l'.u. Ho* -by. Hk n( BiTRiurtn Hid , Beranida. 
Jlwrvc A.-’ci; Fil ISl'SISl * 51] . | - 

Price on .*."(■«. 7. Nv\t den 1 1 rip Nor. 16 

Royal Trust iCl) Fd. MgL Ltd. 

J' Bo-lfH.PojoJ rn llv!., Jcrsci 053427441 
JIT Imi Frt . |ll-S9 U *6*ni-0 U| 300 
KT lnil.Un iFA (W0 86CM-I.0| 322 

Price* .it Nin. 14 Next dealing Nw. 2L 

Save & Prosper International 


1.8 DolUr-dmaal noted Fnmfc_ 

T'lr Kid. InL 't 1916 973 

]niern«.Cr-J... .. 773 8J6 

Far Eastern*; 51X1 5548 

North American*; . 3 75 4 lo 

Scprot 1504 2643 

Sterli ng-d+Donii noted Funds _ _ 


*Oc:. I A InvPIy Series 1 1035 

. - Jnv.Plv. ScncsS--. 97 6 
1C ^T invrr t'a»h Nov. 10. 99 9 
O1-0B60I71 EC l;L Acc. Nov 1 - 137.9 

1 _ Ev Ul Inr. No*- 1 130 6 

1 _ Mag. Pen. No* . 8 264.0 


105J — 

1431 .... — 

1362 — 

264X — 


Mag. Pen. No*. 8.— 1264.0 264X1.... 
Solar Life Assurance Limited 


L'ardcue Cm Fd+-(ai58 12.051 .. _ ^ nTI.iil. 

Sen dealing Nor. 22. doallnc Nov. 30. tHcetly Dealiags- 

ilarobond Holdings N.V. Schlesinger Intern 

landel&fcado 24. WiUcmrtad. Curacao 41. La Motto AL.SlHcIii 

■oodoo Agents: InlrL IS Christopher M, EC* S A-/.-L- 172 

eX 01^47 724*. Trkv 8814408 R-J-gX R»J 

NAV per share Nov. 10 SKSOIJW. vHItFA. |22* 


_ 1815 Ely Plure London E.CJN CTT. 01-242 2805 IF. & C. Mgmt. Ltd. Inv. Advisers 


Br.BnlirhLife :KflJ • sxa] -0*1 55 

• *Pn.++. Nov: 15. Nod dealing Nos. 28^ 


Xtogts. . Fou nden Ct_ EU2 

BS tinlLNov, 14 123*5 

. pcciCC.iNor. K-_.|S8-9 
"geat&'Trwu tw i« • 

rinM Cal .. . _ 141 0 

Cmcnd BBS. . 

Grtmr b A ecu av — : M6X 
In rormr^. 436.5 

Incoma —129.0 ■ 


„ '-:-=:bji Dw.abw.14. — 63.0) -3.S 5X2 GUt-rtfied 1082 

010008520 (AecmK On(Lij_:_{75A 80X] -4.fl _ Propertj'— — — U*5 

_"aJ 4 88 1 ■ " Nertsab. day December 18 (□trrnarirmal-.... . 85.9 

— ^Ji'-9X8 IomiM Aihniiririntinn till -. 


-L e giine Adoti nfctrati on Ltd- '■ 5on5™ M7 loto ^ 

i. ■ • ‘ 466 S-D^St-Dhudoa-WlMOIP. 01-1885801 JtoLPeniAccum. _ W0 1 305.4 — 

in T+niKot m* -TO^I— nil enn Do- ini ha I • 965 1016 

r ~ H M-J r 

976 Idoyds Bk. UiritTsLMiigrs. Lt«L¥ ta) Manor Peoa Acc. _ 103.4 ioa9 T"! 

0,^31* ^^fesru&valne^.H 
- 0 - 2 Pal sated 1505 "." 3"J-3*d -OX] 4 71 

"i. . f-S- Pp-i *M* un.. — [70.7 • 76fl| -o3 4.71 Beehhw Uf e Assur. Co. Ltd.? 

- fl '* JVorl*OdeCwh._ sa 56ffl -o3 2.00 “^7. 

“■ -*?T. Vo.(A<9aRw te.6 70.51 — o3 *M *M«™BdSLS£3. 01^ 


: tides j. ■-■: mj , 

{WJWI* K.2 

lW«JnaniB.H_ S5.9 
- Bwosery. . 23 0 

hmit.OA to^. pAS 


d. Growth & Sec. Life As*. Soc. LIA9 — JSi - 

01-5345548 TVcir Bank. Bnu-co-Tbane*. Berks. M5&J42M imj Eouii-' 9ti 

_ Flexible Fimmce.. I £1506 | —..] - Do.Peria ‘ 1MX 1” 

V«, LondhjnJibeca. — I 54*1 J -... I — IntL Manbad 965 

tni H Lan.JbankScs Acc{n67 U9H -. 1 — Do. Pens 1000 ...... .... 

**'* Z G. A ii. Super FA.. 17903 I — .] — 

■7'. • - „ _ , _ . FfEL Pensions Ltd. 

rt* = Royal Exchange wmonCoi'- D.r kll u:.surre,. 

_ — Rqjal Lvcbonge.LrJJ <11.307707 Netex Ha. • '.•(• ....64 5 8391 

— mpeny Bonds — fl89.8 1977) ] — Nelex Eq. A.cnm _ U76 123.J -2 

— ~ Hambro Ufe Assurance Limited ¥ SeSex"^!' c “% III "70 ^ 

“ — 7 Old Park Lane. London. VW CI-«9(KBI NetceGih iiwCnn 512 5*J 1 .! 


1164 — 

905 -Oi- — 

IMd +0* — 

3054 ” — 

1014 — 

— — 

iBaS n:: — 


— SnlArManascdS... 1265 133 21-02 

— FoUr Property 6— • 114 8 120.9 ...... 

— Solar Equity UA7 174.5 -03 

— Sol.ir FxoL Inl S ■ US* 121 2 +0 J 

— Solar Cash S 1024 10B.I +0.1 

— SolarlmJ. S ..841 89.4 -06 

— .Solar Managed !'. — 1260 13*7 -02 

— Solar Property P.._ 114.4 121X5 . 

— Solar Equity P 1661 173 8 -Q.h 

Solar FxdlnLP — 1145 1206 +0.2 

Solar Cosh P 1020 1094 +0.1 

5PU .Solerlmip 01.0 B9J -X6) 


■ CAatb lit* Unit; n/o 
, st - HCris. P.Bor3U3a Ex(ral»oSm__-__ S9X 

CWCiXrapitt — OS5 : • 40.«^0.'1J '-*51 Do ' Aecinuj-; 70.1 

ni-ritm-Aceum. — 1476 50*1-0* 45* *. a 


89.7a) -0* 6.14 Btfc.HaraaRw.l-_l 13*08 | 

323.3 -0.5 AM 

*rej Zol 2x7 Canada IHe Assurance Co. 


— J — Fixed Icl Dep 127 5 

— 4 — Eqoil*. . 1790 

14 FToporty — 170.4 

SlanaccdCfip 1423 

Manxu:cdACC 176 5 

*•¥ Overseas .1211 

01408 1288 GUt Cdfirt 126 0 

I American Act. 8GJ 

1 Pen.FA.Dep.Cap_ . L30 l 

Pen JJ JDepAca — 1539 

Pen. Prop. I -op 2121 

Pen Prop. ACC- 777 0 


- x.gyjr_-:fe 7 ?-. sgar 04 fg uojd-. ufe.cntt ts*. Mngrs. lul g£g&***? 

. ^9^1 1 3a ^m.Gotehoasvsq, Aylesbury.. IM8S0U fSuSKSlSnB: IMA llj— P^Cri^C^T: 121 3 

' C^a -I JammjvMn^.- fjtete Equitj Accum. ___J16*7 37L3|+36] 023 , Pen. Gil lEdfe. Acc . ^9 4 

• - ■ t't.'TCiN- iBCt *■ - «M88«nn M jfc fi Group* (tfcKz> Gnmaa Assurance Ltd.¥ pSIIa??:''':;: ma 3 


“" “Bnv ' * ■-4" , J 7 9 Three Ouoj-l Tovter Hni."EC3R 6BQ. 018 

. ; r ; Nwlh TtaW,«BlfiEx jS o| “I } l 8 *. SS'^Ss'h^o" 

on-Niw- feNpH drallu+Ifcc. 6. (Arcnm vinltoi OS 46^ -0 1 

^SSJ^StST' w** "i.S 

• . •22^' Ho “^ Nww 8* t tertlpO«-^!S«C. sa I®, commodity 164 8X4.. 

"'‘•'nSSW .vttS.7 - 6fl2rf^ft7J . A22.fAcctan.UiiiL+i : B3 S .889 +0.3 

.- - tVCAreiBU. Dnito.._]any. - - B34| -8.fl] 422 Compound Growth: USX 1192 +05 

. -*>£$33 I 5 t J| si 

■ 1 ••• oiaritL^ "ifSr' SI S?.! +2.7 

cnartltes Oaicial Invest. Fd$ -European , 5*9 -0.2 

i ... ;.^LQOfciB.Waj|.£(5NlF)B. . 01-5887815 »n ma 

• •■■tesaSirBai.' = ' j ■■ j t* §5Si*?fez: mo 3S7 

• *®[I?®3«!J I onseJapliet see James Finlay pTmdofinT.Tsts__ s&6 s*4k + 0.2 

' FwljJ _ + -- — • uh--^-i: — * - ■ — . — — . CAccUn*. OnltsT*— 7X7 . 77.4 +41.1 

. , ,%*X7~ a l M an a ger s Ltd.¥ (aHgt General ;liU 1794 +1.9 

- t "' ^ ;**?®yAECWJiIP^_ .. . 01 30283* lAcciua.Unlt« 2624 1795 +2.* 


ce Ltd.¥ 


Pen.CillEdfiCap . 1213 
Pen-GiltEdA Acc.. 129.4 

Pen. BS. Cap. 1269 

Pen. BS. Acc. ._. 1463 


574 Three Owl Tovtar HH1."BC3R 6BQ OlttW 4588 1 l-CHymplcWsc. Wembley UA90 NX 01X028878 Pen. DAF Cap. .. 


734.3 

IBS 5 

179 4 .... 

149! 

1358 ... 
127 5 .. .. 
133 7 . ._ 
431 . 
1370 +P-? 
1611 +0.7 
7233 +0.6 
7*1.6 +13 
23.5 —0.6 
2891 -0 6 
127 7 -0 6 
136 3 -0.4 
133 5 .. ... 
IS3J .... 


Neic!* Eq. A.-c.im “ u76 lSl -25 - Sun AHiance Fnnd Mangmt. Lt«L 

Ndoi Hen,- Cap. 618 .45. W — Sun Alliance House. Hcrsbam. M036U41 

Nelex Hp~ 4rr c68 70.5 — Ejepfd IntN.n-8 . |U992 159.61 J — 

._ Nairn. Ih i iw i an 512 53.3 — inLBa Ntw.H_ .1 1 . .. 1 — 

_ NelexGtl. i-c A. r. 53.1 S5l _ _ .... ' , . . - r * * . . 

^ NctMxd. Fd i on . «94 5l.9| — Sun Alliance Linked Liie Ins. Ltd. 

— Xri *tsd_ f.l ~y ■ . - 1508 _ _ 51 4j . ..J) — Sun AllionroUause. H-vsham 040364141 

Nr,( y..!.. .loy Nwontter 25. Iquil+Fund [1266 UL3[ +0.31 - 

~ NPI Pension^ Management Ltd. &i ed L nl S!7 s if d ” i“ ? * a " ~~ 

■WGr^bcM.S. raPSHR 0*« l 4200 SJS55tiS?l YdZ 955 iSl ri.1 = 

Managed Fur, A 1155 J 1615] ... ,| — Depout Fund — 98 6 1031 .. .. — 

Prices Next deal Inc Dec. X MnnsK+dFund. 109.4 1152 +05 — 

New Zealand Ins. Co. <V.K.) Ltd.¥ Sun Life of Canada flJ.fLj Ltd. 
MdjUaod Hpu..' -.F oulhcwlSSiajS 07D2S9s'5 *3. 4. Coclcspur 5t_ SW1Y 5BH 01-0305400 

Kuiteln- -Iji lSOg 153 4J-10JU — M+pleU.Grih 1994 1 — ■ 

SttoUCefcF.i .93 0 97.* ..”1 _ Maple U. Man (id - 132 9 .... — j 

TechrwloK*M. - 1063 111? +0N _ SlajdeLT Etoj... - 3281 .-. I 

Kxtralne>d «.5 300.S -04] — PcwiX Pn. Fd . 204 1 . . j — 


I- 2. Laurence Pounluey U1U.EC4R OB T. 'FsrEaM 

II- 623 «W ■« 

"cot. FdNMP.A — | SUSS JO ] .... ! - c rh _ d _ 
Fidelity Mgmt. & Res. (Bdaj Ltd. 

no. Box 670. Hamilton. Bermuda. . ... 

Fidelity Am. Asa.... SUS2L67 1-0 -« - 

FideliX'-’ Int. Fund- Sl’S*L15 I.. - ig2“|g— 

FldeUiyPac.ro— 5U556W . - fESiy.V.' 

Fidelity TV rid Fd_. SUS13.49 I-0:;| - 

Fideli ty Mgmt Research c Jersey i Ltd. oinnsged 

Wswrioo Hu, DooSx.SX Heller, ieror;-. SMsnoged 

isw 27561 j Henn 

Seriea A.tntnl >.._|D36 I .... 1 - 

Series B (Pacific i. l£95S I. - U’.vhcap 

Sene* D (.Ym-Ass.i (£13 69 1-O.itJ — e henn IN* 

First Viking Commodity Trusts Isianro: 


Schlesinger International MngL Ltd. 

4 1. Xa Motto SL. SL Metier, Jeravy. CI634 W50B. 

S A l l 72 77] . 9.42 

K.YOL 084 0X91-0 0] 5.06 

Gilt PA 722 224 ... 1*22 

IniL riJorse*-. ...91 97 . . . 3 79 

Ifltnl Fd.Lxmbq;. . 10 68 3 X2^-0 06 — 

"FsrEaM Fund.. .. 10Q 106] 7| 2.83 

■Next sub. day November 22. 

Schroder Life Group 

Enterprise House. Portsmouth. 070527733 

International Fund* 

XEquiO- 109JL 316 0 +3 3 — 

SEquii* _ X38 4 347 2 -1.7 — 

£FixcxtlntereM. .. 137 5 2462 -0.1 — 

IFlsrt IniercM.. . 1D5.6 11*3 . .. — 

{Managed 124.6 132 5 .... — 

Ski an aged... . .. 12X8 129.5 -0* — 


St Geerse's S>L. Dauclss. l.oJL 
7E4 J«C! I+ln. Agls Dunbar ft Co. Ld . 

S3. Pall Mall, London SW1TSJH. 01-050707 
Fit. \ ik. Cm. Tst ...|37j 39.5] .. . I 2 40 

Ffl.Vk.Pbl.Cip.Tst. )65.0 68.0) +1.0] 43P 

Fleming Japan Fund SA. 

T7. rue Ni’ire- Dame. JUixcsibmin: 

Fleming No*-. 14 „.| SUS64X4 | J — 

Free World Fund Ltd. 

Bull erfl eld Bldg, Hamilton. Bcrmcda 

NAV Ol'L 31 I" 5US19&0S ] .... I — 

G.T. Management Ltd. 

Park Hml. 16 Finsbiiiy Cirrus, Loudeu 1*1 
Tel: 01-828 8131 TOC: 886100 


iSa +1.11 

115 J 40*1 


7Zfll +VJ4I 
130^ +i a 
247.* +2.71 



— +0*7 — 

ii*5+oir — 

145! — 

M.li+ftM — 
L 20 * .+ 0.2 — 

— +2 — 


. .Extra I nc. P ri ' . |987 
. American FJ ..®1 

PcilDjlF. Acc. — I 1069 I | — : gIKbSSm'fi jKm- llt3 ~ 

Hearts of Oak Benefit Society Con Deposited. .1983 lOii] ._.] -- 
35-17. Tn>i*tocbPiare,wciH9SM 01-3873030 Norwich Union Insurance Groups 


103.9 -03 — 

896 -3.1 — 

11X3 -J.6 — 

110.9 — 

10ii ..... — 


Maple LT Eqli... - 
Pcis4iXPn.Fd .1 


Hearts of Oak 137.7 39 8( 4~ 

HID Samuel Life Assur. Ltd.f 


PO Bax A Nor. nh NR13NG. 


Pcisrt.Pn.Fd I 204 1 | . . 1 

Target Life Assurance Ca Ltd- 
Target House. G alehouse Bd . Ailcsbui 
Bucks. AyJesbuiytQCSi 

Han. FUnd I nr _ .195 0 100.M J 

Mon. Fund Arc J1175 123.7] ] 

Prop Fd. loc 1178 124 0) 


SHwiaged... . ..]12XB 129.5) -09) — 

.7. Henry Schroder Wagg Sc Co. Ltd. 
J30.CheapMrte.EC2. 01-5384000 

Cheap 5 N«**. 14 ... 5l'S1105 1-0*0 261 

TrafaJcar0cL31... SH5323J0 J - 

Asian Fd No«- 13 . II ■sSHU ai7| ... . Z65 

Purl i nr Fd.Nor. IS . SAX 08 2 Offl -0.03 5 40 
Japan Fd. Nw.2 IlCteM »5fl 8*2 


3 Bd. Aylesbury. rrex 01-628 biji tlx: 
Aylesbury 102S6J5W1 London Ageni* tor 
100.« J — lAm-hor-B-TjniW- ..BC5 


Managed Fund 


— ( _* — NUATw..\ddlv:on*hcRcX,C-roy. 01^64355 ^S^y U K u d n .j 
•• J . Cri “ ePropcrtrl'njb.. -11622 170.4 ( — FixedlS-Furj; 




JtelSEf 


L— .]u)18.7 202] -0.21 *00 -JUfiblnwro. — x- 105X1 

' " 25 3 W8 tAeetmi.UalW.^,. 177.7 

r j gPrl acwBB- *__BX2 ' "44 -txi 9*2 Japan-—-.-- — ... 1739 

JP'cotoUonalTat — ItfdzA ■ 2 4. <3 ..... 2X9 iAcrum.lrtta>j— 1765 

Trtt-fci- . - 27.3-0* « JO Magnum _ 203 2 

'r»»a.a»ttihT!t— KJ.0- • . ro.-a ...... 755 JAccuxaumi+j: — S6 4 

i ■ ~ p - . _ • • < ■* ■ • ^ Midland—.. - 173.0 

^ yteoewsBrion Funds MgL LtdAf’te) lAccum. Puite> — . 30x9 
-*.«g.qw »v Lute. ’WCJ A XHE 07-2420282 Tfizmlisrr - — 555 

■ ■ . .4651 ■! 4kll 17X4 

.; ■ SMtovOiion Fo ntf Mariagem. k lESBiSX* ims 

3»PiJal StTcct.-Lr^idon SWiX 9EJ . M-23SS52H. 

;-:*SBWeWI,- 5iS3-*US 

■5^f?* oant thitt TsL'Mgrs. Ltd- t -veum irtui— -..pqa.B 

*• . EC*V «aL' . oi^psasat 


53.4 S7.4 -1-0-4 3.08 CnrfPTtk.t w- fa.r- 

593 63 4 +0.4 308 2h<**3&PiHa 

5 SA 624k +0.2 5*1 2nd DbuTWuI 

7*7 . 77.4 +0.1 5.41 2nd Gill PeoaM^ 

lfcBA 179.6 +1.9 614 2nd tmP wi.u„ 

22« 3793 +2.4 614 LftBSJj ^ rw« 

l°5u6- 1323 +XD 8.H LftESU.2 | W3 . 292 

173? . -*6 CBrMrt nll “ Kw - 1 

1763 188.0 —27 2.64 _ . *• 

2032 218.4+1.4 4g Capital Life A8&ixrnice¥ 

Id to9 719 Cw ri twi R oute, Chapel AabWtot 
30X9 rt'4 719 ^Inv^roJTl 9952 

ms 915 +10 412 PweMtartnrxa..| 10296 

87.5 - 94.1 +X1 4 U 

SI s*L Charteriwnoe Magna GjtV 


99* +ii — 
113* . — 

1049 +03 — 
1043 +0* — 
95.7 +0.4 — 
8X5 +25 — 
03* +X2 — 

08.»+03 — 
xa3 +o* — 
95.T -03 — 
axa-03 _ 


rtii = 


7*9 ConUtoa House. Chapel AahW’ioa 000228511 

719 Keylnvest.ro 1 9952 ( — J _ 

412 PBcemsk*cIiirJd..| 10*96 ] J — 

412 


PropertySen o A 
Managed l'nlt* 
Manajed Series. A 
Managed Series C 
Money X' nits 
Money Series A 
Fixed Int Scr. A 
Equity Senes A 
Pus. Managed Cap 
Pcs. Managed Ace 
Pna. Glced. Cop 
PusLClead. Acc 
Pens. Equity Cap 
Pens Equity Acc 
PnsJfccf Lot. Cap 
Pna. Frd. InLAcc 
Pens. Prop. Cap 
Peas. Prop. 


169 8 -0.5 — 

1B0.Z +0 3 — 
965 +03 — 

1293 +0.1 _ 

3M.5 +0.1 — 
971 . . — 

951 +03 — 

I486 . .. — 

1586 — 

11*9 — 

1207 ... — 

105/ — 

1073 — — 

100 5 — 

18*2 .... — 
iaxB — — 
103.6 — 


DepotltFund . 

Nor. L'nlt Oct.:' 


2164 
3514 
134 0 
15X4 
U»* 

! 2205 


twoaaoo Prop. Fd. Are -.. 


2278/ -031 _ 
1593 +03 — 


Prop Fd. Inv. ... 115.0 

Fixed Idl FcL Inc. 100* 

Dcp Fd. Inc.— 47 0 

P.cC Pica Ac. pijn. _ 70 b 
TUt PlanCop Pm— 584 
ManPeiLFi-Xue 1235 

Wnn.PenFd.Cap 11* 0 

Gill Pen PdAre ._ 1325 


3055 ... . — 

102* _.... — 

767 — 

63.4 — 

130.0 ._.. — 

Phoenii Assurance Co. Ltd. ghip^pIxaS’^I 13*5 +06 — 

4-5.KlncWiJ]--m5X.EC4P4KB. 01-6C69S78 Gill Peo.FcUlnp.— 1235 1300 +05 — 

IVcailh Aw . -|U11 117*1 J _ PnwLPen Fd-Aec. 1624 1709 — 

EbtePtLAsr . - •* 1 ”.:1 — r-ropPen.Fd.rap_. !M9 349 4.... — 

WuPtLEq*" -. 79.7 83,d .... I __ GuarPon.FiX.4rc.. 970 102* +03 — 

Z? ' .... _ Guar PenPd '"ap. 962 10X3 +0*: — 

«DJ>. Equity * life Ass. Co-V DA.peaFtL4ce . . 465 . in b .. . — 

llS,CnrrrfMilFirc--T.WlH2AS, 01-48608&7 H-'-PetvJa.Cap-. 960 1010 .. . - 

2cv Eqirih- “ " i >$12 I — J — Transin ternationaJ Life Ins. Co. Ltd. 


Anchor *B’ L> oils- .. ISCSI 02 IN 

Anchor Gill Edge... £933 939 

Ancbnrlut.ro. - SUS5.M 5JC 

AncborIa.Jsy.Tst. 286 305 

Beny Pac fd, SL'S57.08 

Berry Pac Si rlfi 3Z7.0 3*2 lfi 


zoo Sentry Assurance International Wi 
| +1.0] 450 pfi Bor x£. Hwnillon 5. Lurmuda 

3ian aged Fund . _|a ‘UM 15B] | — 

Singer & Fricdiander Ldn. Agents 

I I “ gn.r unnon St.. Ex"4. 01-2tt»46 

Ihrkafonds. - . (DStaiT 27 831 .. ..] 612 

m-j, lokjoTri-Oct 3I...| 51S4Z90O” ... J X44 

.... I — Stronghold Management Limited 

Pi - ' Box 315. M Hclicr . Jersey 0534-71460 

DDd-i-a i-.'l ■.'onunodirj Trufl . |95 40 100.43] J — 

Sarin vest (Jersey! LUL Ixl 
i 148 ajuernsHtc Don. Bit S* Hclier. J«* - . 0534 27?qt 
+®W n3J3 American Jnd.T$L..(£& 94 7.M-0 JO] - 

-- Cupper Trufl pi 29 115^-01)3 — 

JS2 .Up Jnder Tft .. „jaj.01 11241-0 J7? - 


Fd. . ... SK£1I72 H27i ... J 77 

|G T.AsiaSlcrlinR. U49S 1602 b .... I 250 
KIT. Australia Fd. SA9BJ 1020 .. 

G.T. Bond Fund — SUSM.02 -OCd 5 20 

G.T. Dollar Fd... .. SUS66J _.. 3 Sl 

|G.T Dir. iSlrig.i Fd £B43 8.79 . - 

IGT.PacIfjcFd— 5US1686 -0*t 090 

iT. T PhUIpplneFIcL— pCSIUT . - 

Gartmore Invest Ltd. Ldn. Agts. 
ISt. Mary Axe. Loodoti.EC3. 01-^83 3551 

lamnorr Fond Most iC.I.i Ud (ahbi 


0-87 TpB Unit Trust Managers tC.I.l Ltd. 


0594 73+M 
I 4 79 


i eq Bucaielie Rd. St. Sa>ic>ur, J ersei- 

Jerwi- Fund 147 6 50. 

5 20 Guernsey Fund H7 6 50 ; 

351 Gilt Fund _ 96 0 IMI 

_ Gil: Fun-1 ' Jersey .|9a 0 100.1 


Tokyo Pacific Holdings N.V. 
InluniK Management Co N V.. '"uracao. 
NAV f«r abure Nov. 13. Sl'StT.fC. 


ftssayso.-i id : 

Property' Growi h Assur. Co. Ltd.? 


— -J “ T1 

■] “ SBrcarnBldfiO-EtMINV. ' 01-4050 

...... I VTulip InvcM. Fd. -fMZ6 150.2 — 

Lld-V rrub p Maned Fd.. 11*9 lias . - 

OlOtfltiRM •**«>. Bond Fd . 1164 1 27 .5 .... — 

01<B0O60a Mon Pen. Fd. Cap - U97 125 5_.... - 

— — Wan Pen.FdAcc. 1277 134 4 _.... - 

— VMned lnv Frt Inil961 18X1 ... - 

"1 — •Mom* InvFAAcc|969 101 9| . . - 

— Trident Life Assurance Co. Ltd.9 


■V., 8 ?” j S . USLHcl i i £ r Ai ert *?«- w OKMNIM Tokyo Pacific Bldgs. (Seahoardl N.V. 
■Ill Fund. Jersey,. .195.00 | 1X25 jM ^ >UnacclBent Co v V . Curavan. 


Imperial Life Ass. Co. of Canada 
Imperial Huuie. Guildford. 712S5 


Cii.Pd.Noi- 10 173 8 8031 

Peas. Fd Nov. JO . Ib7* 73 1] 

l ! nlc Xinki d Porllrtlio 


RS=I - 


Leon Houw. i : ir I'no, CBS 1 LLT 
Propenj Fund • I 1* 7 

Property Fund • J 18 8. 8 

Acnrubursl Far.d l 800.8 




22M|+1. 1| 4.40 

Chrthso Energy 

155 Jf +XBI 686 


-JS^aEBs- ajta ». *rz£lFj?- m ? fS 

Ij„rt TO. Men, IM. faMgl ^ 


Xihnribond Noe. Ml 
-Chsrifd Nov 14—E 




Brunei Centre, Bleuhla?. | 

3791 I SecureCap Fd — 1?7 K 

32JJ I Equity Fund 198.1 


I Food (93 8 98 St J — 

LFd 95 3 1003 ._.J — 

'ap. Fd 97* 102 4 — 

und 98.1 303jy J — 


— — Irish Life Assurance Co. Ltd. 


* * a tj runt' 

Property Pund' 
Afiriruburfil Fur.'! 
Acne. Fund ■ a - 
Abbey Nu. Fu:io 
AbbrvNiL Fd ■.'> 
Tr\+stinenlFiir»l 
Iavnstmeni F.l 
Equity Fund 
Equity Fond . \. 
Money Fund 
Moarv Fundi ' 


,.i jni<i»Bil Glrrtj, » ,rr ro»d SnKL fFbr Eotf I lid tsHht 
ui-+uae«i7 1503 Huicblroo H«e. 10 Barcoun Rd. I|.K» 


150.2 — 

1188 .._. — 
122.5 .... — 
1251 _.... — 
1344 _.... — 
18X1 . .. — 
1019 ... — 


NAV per +hore Nov. 13. Sl"S4a83. 


HK&Rac. LI.TM.— IH53B5 4J1W .... 190 

Japan Fd. . b' S»« *£» 0 M 

X. American Tat pl'SUfl Jiof 1SD 

IniL Bond Fund... ..ISUSUAZ lBffl 5 60 

Gartmore investment Safit Ltd. lo) 

P.0. But 32. Doufila*. loM. . 062^ 23fll l 

Garlmnrc IntLJac. 120.6 2X« ... . I II 60 

GamnorelavLCrthUftA 72 S ... I 2 40 


Tyndall Group 

"ffl P.O. Bo* 7256 Hanrilloo 5. Bermuda. 2-2780 

5 60 ii'seas-Nm-.*. ..._ ISUSl II 1 251 i — 

• Accura. l-niv — kl'tLK 197 . ~ 

3flU 3-Way Int. Oct. IP. ..]!! SJ IB JO*! . I - 


Honsladr Uwv.KlMicmur 


3«i^y w-°® tA«iniLi;n)«i_r:fis7.b 
sy _0 - 3 1 r-A Pete*. E*. Nov. ia_]l367 


3 H=d s 


S. 15 1 Magna Bid. Soc. 


V a|no 


SSSSSSSST M^qSSgE. 

$53 xtw Mayflower Management Ca Ltd. ] 

3-12 14, 18 Gresham SlL EC2V-ZAU. " 01^05 1 


-“I ■ •! 11, Finsbury square. ECi. 

35X0 — Blue Chip Nov. 9— 74.1 

~;| 5.9a .. .. .. BI.Cp.Sr.il Ngv 8 — WO 6 

CHtr of Westminster Assur. Ca Ltd. Ate^F^ser.Tu §3 
lunwni Hing nte nc f House. 6 Wbliehorae Hoad. Exempt. M an . Frt — 113.S 

i iB Cwdan CBoSffi oi -684 9066 


01-62S82S3 Actuarial Fun.1 

™«| —I i» SlSSESK-:' 


ingys- ^iiSS IS it'ac^nsCEgv™. ■.'^^KjSKinSrZEj- 

1* ; IS JSfKS^rrS 5 

"Wtetionaiy Vnit Fpad Managers intornthjtov.7— . — I 3nn } p\ilafb°«i - 1X713 

^S?*e*dsc,3iWMTAL, 01-638-M85 Metcurv Fnnd Managers Ltd. 

‘Un?.No*.ir | 2___(37D.6 I8SIM 1 5.48. 3n crcslwinSt_E122P2EB» 01 


Ego tty Fond.. „-..t 
Farmland Fund t 


3^::: = 

64*1-0.1 — 


Prop Mod. Gib 12122 

PrpJ4d.Grit5erJl |99 8 

Xing & Sbaxjson Lid. 

52, CnrnhjU. 6C3. 


245 W — 

99J — 

1195) — 

199 « — 

22331 — 

105.0 — 


m - 


+ 0 * — 
! +0jJ — 


Taijji'c.'Nm.in 


... . di, vnsusi si. u-r 


' *[^WlBPiiofli!rJ.|lB0 19.61 ._...[ 4.94 ^ C c. UtS.r*iv, I5_.7X4 - 76Ch ...-■ 

^.JRaetfc- 0 - «aii«76 19.6) — _| 45* McrcFM i^rt26 |j43.7 253.9j 

^•wwi Sc Hadley Tst Stagnant. Lid •'ateoB.rra.aoMt.ai.lBSA » 77 1 — I 
*5*h»>gi0n.si..s.w.l. 01-4907551 Midtand Iteink Group 

£uw»iJu*iie* , Tst..nil 7S.fl._-i a8L Unit Trnst- Managers LtdV tai 

. ,te - For Rquitas Securities Ltd. SJiTer - SArC ^„f.^ 2 

" - J ' ‘b« *Umh iTaif TmtMnnc. SbefOetcLSI 3RD. Tst-uK- 

.^tomnodgyftGca-Jtt.7 - HU 

& Lsvr Un. Tr. SL? ^A reiua-— ^|io* 

■ ■HgttabamRtt, Sidh Wyeojnbc. W 0133777 Do AcctiBL. »5 *LM+02 

^fcL W _J6SA 68 8] -031 4.46 Ul xt ZZ 

?«Ws Finlay Unit Trust MngL Lid gj gS 

West Nile Street, (Uasgpw, (WI 201 L32t Jjjt*raaviooal— 920 "* 45 fl ___. 

■L gfaijf In tortofi’ ] [ai- g . .»«+ 2.72 Do Area A — *415 48*i -0JJ 

mi Emits 
---njaylncome— 

3 t c <iUarEiinxFta_ 

Unit*. 

■>^ p rtayFiUn.Tal.t2S2 

. . 7— -T-.-oo 


iSS GPtFuod_ u.5 6471 — 

3 “ W LA Fnnd 0 . 1767^ — 

Peas. Bnfid. Cap. _ 1210 1273] — 

Pena. Mafid Are. _ 1269 133^ — 

'*56 .penaJtoneyCap,™ 473 50 3 — 

SS — 

1 S PetegquUFCap._ 54 7 573^ -0.1 — 

2 98 Pres. roudyAec.- 573, 60j| -0* — 

22? „!2 nd ranentty closed to new irtsesuneul 
4« PetfonaUnte 1 2195 [ | — 

City of W eshB au rter Assur . Sac. Ud 
Telephone 01-flM S6M 


52. CnrnhiU. 6L3. 01-B23 5433 SC £“ r-T ‘ . 

Bond Fd. Exempt ...I101« J03 46| -0.0?| - mS?S^.cVi ' 
Not dealing date Dec. 6. • Prop Pens Fd. ■ 

langhxun Life Assurance Ca Ltd tl 

LanchamH5.HolmhrookDr.NW4. 01-3W5211 BidSLSoc.Cap. t' I 


+Ttclire Annuv . 1 1*7 9 ..J — 

Olmqted. Ann :• I 1535 ... . | — 

Prop. Grmb F+n'inM ft AatmtHct Lid. 
AirwitwrAi? mg .._. _ 

TAUWcatherLir [123* 129.7 — 

•Inv.Fd. i. u. .- }«.6 __ 

Pension Fd. L i.-. - 1 334-J — — 

Con*. Pens. Fd..- 3«6 ._... — 

Cm’. Pn» Cap. 1 1 }* 0 ..... — 


Managed 12*7 

GtdTngd.. 14n z 

Property . 1533 

Eqyhj 'AmeiicjuT.. 792 
1.1 1C. Equity FondL. 11 0.8 

High Yield- 1387 

Gill Edged 120.6 

Monej .1253 

Iniuraalitotal'. . 982. 

Fiscal 126.6 

Growth Cap. 1243 

GrouthAct 129.3 

Pens MngcLCap ._ 116.1 

Pens. MngCL Are 122.4 

PonAGUirbepCap.. 1041 


D4523S541 Hambro Pacific Fund Mgmt Lid. 
4 4 — 2110. Connaucht Centre. Hoofi Kane 

■12 — Far Last No*. 15 [IHEUB 1571] -OH I — 

— Japan Fund Jiim38 U«)...| — 

~ Hambros Bank I Guernsey l Ltd./ 

L3 Hambros Fd- Mgn. (C.LI Ltd. 


S PtowSt. Si. Holier. Jersry 
TrtFSLNor.9 ...C7Z0 .... 

I i Uturl Shnre*< . [1155 1*45 .. 

.American No*-. 9... 785 84 51 ... . 2 00 

•Accura shares i. . 785 84 5] 

— Far East Nra-,9 .. 88 0 94 5 2 00 

— i.Arcumstinresi . . BS 0 94 5 .. . 

Jcri-cy Fd-Nev.B _ 213 fi 2266] 695 

.VmJ. -A re F is ..... 302 4 320 U _.. . - 

Gill Fund No*-. 8.... 1M0 107 CM U 21 

■jrS — P.0 Box86Guemsrr jm«’ 50?1 •AceusL.Starew._l>?* 142.0] .... - 

Cl. Fund — __(144J1 153.4*1 i j 70 Victorr Reuse. Douglas. Isle of Mm. MZ4Z41 11. 

D4 H Intel Bond SL-S 108.72 11213".] B50 Managrt Oct. IB... 134.6 14X31.. I - 

J'2 Z " Int. Equity SI'S 10 85 lllfl 110 .. .... . _ ... 

_ ini Slip. ‘A sds 1.06 iofl — Lnilife Assurance l Overseas Ltd 

— ter SraajJB’ SL'SOJl I I fl ... | — p.r. Bt « 1388. Hamilton SOI. Bermuda 

— Pf’W* on Nor. 15. Nert denims Nu. jmvrol.Mngd. Fd ISVMOI - I .. . I - 

= = L,d - to— O-ltoB. 

“■ ' __ Japan Fil No*. 8 nta*U SflU I _ :‘iis*facti 16767. D WOO Fruktun 16 

_ Pacific Fd* Oct. 25.. I SL'Sl 0.071 J — .AUanucfoads 110.95 USM-ltO 12^ 

Bond Fd. •Nov. 10 | SUSlQ.t>86 — Euifpofoods ,(25« 268M-2.60 27.91 

ii. -Exclusive of any prelim, ebarce*. I nifonds 17.g 1B.8M-1 W 19.43 

y Hill- Samuel & Co. iGneraseyi ud. }; S, ! 5^i?ai iT* ' ’ |s9.45 6*5fl-o*o 59. 7S 

027232241 8 L^rFcbvre SL, Pclcr Port Guernsey, '.’.I v_i_i Vi,vn,»l if f » T*d 

GueroaeyTst.. .....[1496 160JS -0.S) 371 Ltd. Inlnt. -rin grant. IC.I.I Ltd. 

— Hill Samuel Invest Momi 14. Mulcasier Stre+u st Heller. Jersey. 

"■ - LLBFu n rt_...._ W .<l«« 1M I 

\Z. — HS Channel Is. F. JI178 1261] . | j.M United States Tst. Inti. Adv. Cfl. 

S^Fd W ri J ri7B ,,d - hjpJSH 0 * Rwe Atiinncur. Luv.'tabuutg. 

= “Ip-^gS^iESS " LSTsLIuiFni.^ll - |-01H 

_ CrosstxmF<UAre.i]SF3 63 3.7a — ,\Cli'«Ii.N« H. 

ITF Fd. lAcc 101 57 77 7091-005 -- c- r n 1 i — t. r» I 


md +a 
104.3 -a 


137.0] +0i 
123.il 


£ o1:d= Providence Capitol Life At 
Wlsp tSP. Mon Fd \712 81j| A - aO Cxbrldfic r^ri. W128PG 

Legal & General Illait Assur.) Ltd. gaftB Iimo iioi 
Kmgsnwd Xincarofld, Tadu-orth. PtaisiMiEqutii •• ]}?fi 

Surrey- KTM 6EL . Btayh Realh 52466 Ponriwi F\d. I«t - VJ** H3! 

Lash Initial... fltl IDXd ....J — Deposit F4.< an riTi 3?.l 


to! Ufe Ass. Ca Ltd. 


PeoR.Gtd*>pp.C«p 1041 110J 

Henv Ctd-Dcp Acc 1M7 Ilk* 

Pens. Ppty Cap 1269 123.1 

Pens. Pi> . Acc 1232 1305 

TrdLBond ,36 4 384 .... 

*7rd».C I Bond .. 968 

-Cosh value for £100 premiuin. 

Tyndall A ssu ran ce/Pen tfi on sF 
IB Canyoije Road, Bristol 057 

B-tVayN-.i.e .] 125.1 | | 


frices h'or. 15. Nett dealing Nov. : 


gSs £Z-ZZ z: £.9 -M*a 3J5 CAqaieticul Union Groop 

J3TT7 Do. AecunL- »5 * ! 4Lfl *02 335 St-Hti«»^^D B( j«*sft.BC3. 01-283 7S 

Cap i t al . .Wg S? 2 m Vr. An. Ac.Nor jj .[ 5630 I I — 

t| 1*83 i-4- 

DaAccsoi. 603 64.91 -0J 

'¥=}■ — - 22 - Sa Z£i 337 Oon*edttatk« life Insurance Ca 

M2 WglSdirilSS . 66R ™ ag aLChteeraylssfeWCgAlgE. 01^42021 

! I^SSSEfi 

4.45 Japan ft PacUle — 47.0 XM — ~ 

^’^TicS'et 04. 3L N«ti dealing Nov. 30. 


Do. Aveunv 99 1 

I Equ i O' Initial 12*9 

_ I- Do .Acrum. — ... 1278 

1 Fixed initial 1161 

Do. Areum. 119 7 

IniL Initial 87.8 

M.«m Do. Areuni — C 9 2 
01-M7500 MBnaKC d Initial — 118.0 

1 Do.Accuftv 2217 

"•"4 — Property Initial — . 1002 
Do Acrum. . .. 103* 


+0.4 — 
+0 3 — 
-08 — 


La LML y.W«yN«n.0 

(2 8PG 01 -7 AS PI 1 L Equiiy Nor. 9 

f 2 9*2| _ Bond Ntn 0 

148. llOffl " " Propenj Ntn.- 0 

!51 1293 +i o . JK-posil No».B 

:60 1192 -iK 3 Way Pn Dcr. 19.. 

14 M.M.. __ 0 «ewlnr Nov.S., 

f* H 3 _ • MnPnJ-WOcLi _ 

■* 47.3+5 8 _ Pa. Equity Del 2_„ 

i 1 47 3 +0-B _ Do. Bond i id. 2 

'3 49.3 „ _ fio Prop. Oct 2 


Lefial ft General ll uil Pauienst 


Eouhyro»daa__ 

Propra^proflhjn 


nTo.rU> Exempt Cash IniL.. ®,3 • 

€1-2120282 Do. Actum. _2W9 

— ... — Exmipt Eqiy. lcic.. 1340 

. — *«• Da Areuni . 137.7 
— . — Exempt Fixed lost 135 j 

— Do A ream US 5 

•— Exempt Mngrt. IniL 1299 

.... — Do Aceum ’ — 133 5 

— EaetnpC Prop. IniL. 983 

— — Do. Aceum. — (100.9 


35191 — J - 


Deposit Frt., ."ir t+ZJ SO M __ 

DcpoiU Fd Ai v . M.ffl — 

Equity Fd Tap- - *•} +0.0 — 

Equity Fd. Act... +0J — 

Fcd.lnxi"ap... . "Ti | *9fl-.... — 

F\d biLAcc . «2-3 — • — 

intnl.fap.. — -ff® W-jJ +03 — 

InlnJ.Acc tefl+0.3 _ 

Managed Fd Car - J® f S-fl +04 — 

Managed Fit Ac- . +0.4 — 

Propcrij-roCap.. _ 

Property Fa. .Act ....J — 

Provincial Life Assurance Ca Ltd. 


iraon House. Hang Jiang . . 

LNar.8 KLSH 03 5W I __ !*iistfacii 167b.. D 6000 t 

"d- Get. 25.. j Sl' Sl 0.071 H — .AUanudoDds 110.95 

.•Nov. 10 1 SUS10.fc86 "■ — Eurapafunds .1250 

LdiUive of any prelim, cbarcc*-. I nifonds |17.ro 

nwel & Co. ( Guernsey! ud. }; "i'^reiai iT_ ' ' |s9.45 


2S22. Bern. Switzerland. Tele* ,'OE^ 
Otencas Fdp SlJS7 uni-02: -- 

f. Fd iAccuiu.rti>F1525 25 571 —0 0 J — 
obowFcUAre.i |SF3 63 3.721 — 

Fd. 1 Acc flSl S7 D 7n|-005 -- 


1A. Mule oner atre+u s, Hell+r. .lmey. 

I LB Fund IA5U8M UIS] | 730 


Rue AlilnnfiuT. Lu-.cmbuurc. 

L S.TsLlm.Fnd.. BtYUU - |-9U] 0.90 

Net I'ltii Nw 1A. 


2£>.Bi4hoi&c.i:r f 
Pm. Manaert Id- }*'■+ 
Fmr Cash Fd...... 

Gill Fund 91 ~ 

Property Fund — - }** J 
EqniyfVnd..^.- jg»» 
Fad. InL Fund 1 1 * 7 


01-347 E33 

12361 _ 

7124 _ 

m± z 


Vanbrugh Life Assurance 

41 43M«ddoxSL,LdnAYirt9j c A. (MUSS4B 

ManaRcdFd.^ 1468 J54.H -fl3j — 

Equity Fd 2374 2«9.4-0.5 — 

Intel Fund i. 94.9 99.9 -0.9 — 

Fixed Intent Fd 1655 274 3 +03 — 

Property Fd 144.7 352.4 .... — 

Ca*h Fund 12U 127.7J +H.1J — 

Vanbrugh Pensions Limited 


1 - - . . . . S. G. Warburg Sc Co. Lid. 

1 - I International Pacific Inv. aingx LuL M , ;reshim 3lrw;1 . ur . 

nee yo Box 0237, 56. Piu Si. Sydncj. Au>l i m Ed Nov I- SI/S922 

La. 1HUS84SZ3 ,BVP,| a Equity 2 *L.|SA2J2 *42] 1 — V.nfiC. Ini.Nai. 1A . "SIS1658 

»3 -M - J ET - auniwm (Jerseyf LW. gSiBMM 1 - 1, 

99 1 Inq p»2 »«t SB Channel House. Jcrs*5’. 053473(R3 JiercMnyNktNin-.6U10*» 20.; 

274 3 +03 I ersey Fjnrnl. TsL. i271. 8 281 K ... j — • 

152 < as at oct 31. Next sub. day Kov. 3u. Warburg Invest. iUngL « 

227.7j -io'.i] _ Jardine Fleming & Co. Lid. \ ' h+f =np cms*. Sl Hclicr Jsy i 

““fed Floor, e^aaucht Centra . Hong Kong l-^T hri S C14 6? 15* 

MM Z &BSsO m ^Sa - i 70 T,rrUd.Nro.9.. |t9.8T 20, 

“ inU^S««lac.). HKSlSao T. - World Wide Growth Man: 

iua+I+u.q Da i Accura. 1 HKS25 96 .- . _ . . — , , . 

e Rates' table. NAV On . 31. Equivalent SCsSii ?. ,,a 

_ Aeact sufi. Nov. J5. Y. urldw-de Gib Fd| 3t.b24.76 


_ Prudential Pensions Lim i ted^ 


PUUDAkJL t 14'<'. I'AAW-ri 4JI TO0 9J6 

i -oa — 3fanaceiX_ L[J?6. 104.fl+03j - fj? 

-1- — Euwfr 1043 lloJ+o3 — 

-44 — Fixed Interest 979 10LU 4fl3 — 

— — property |10O* lBfl +0. l) - g 

W* Guaranteed aeo ‘in& Bose Rater table. I 

01-4051022 Welfare Insurance Ca LttLV 

H * — l — WliwladePark. Fader * 0302-53155 — 

t "I Moneymaker Fd ._ | 2M0 I f _ 

» i Fef other fund*, pi raw refer lo The London & • 

Maochoder Group. _ 

■ 085122271 Windsor Ufe ASSUS. Ca Idol . Pl 

I a- Rma] AJhert U mrivus*- fan !!! 


Cemhiir insnrahee Ca Lfd. 
33.Coruhin.Eiia. 0I-GS341O 

Cap. Feb. Oct U EUpg _ 1 I __ 

md rj — 

Credit £ Commerce Insurance 
iaXH®gentSXJrfjndcnWlR5FE. 01-^STfSl 
cftcuastia^mao Huj j _ 


Legal & General Proa FtL Mgrs, LUJ ” un f w 2 ' ^ ^'''S Z 
11 . Onecn Victoria SL.F.C 4 N 4 TP . 01-3480678 Kd Inl oS l« ^l ^ 9 - 20 11 

LiCIVp.Fd.^7 >98.7 1033] — R2* Ft fct W - •» » 

ur. .^c ssc 
sss^isr* — w - , . mraB •*«*- ' **. 


Warburg Invest. MngL Jrsy. Ltd. 

1 i harinpCrri'.i.SL Hclier. Js;.- «"l 053473741 

'"MFLld ifcn.as — |?i MIS M«J. | — 

,'MTLui. Oi l 36 . . £24 62 15 M „_J _ 


World Witte Growth Management^ 
lna Buulerarri RocaL Luxerabount. 
V.urldivide Gib Fd] Sf.'S14.76 )-0.0d] — 


NOTES -*?- 


ao* include S prummin. rccn » irrc mdu-aicd v and are in pence unlcvr othemse 
Yields SiFhouTj m l^, 1( fl urW i; alloy K ?H bmins 4Kpcnw.' a OHercd prices 


7. im- i.r IteLFrefiRil-. 1 i — jit-ai \iher:Ha- < beet Si renii * h-hputi m la51 l(IU nm' auov v\>'ins espenw.' a unerro pncei 

LACOPlnm 1 974 1 823f | — _ . , . j umimm. . ■ no's 1 -A, oe«nse,»M«aL. Windsor 681-H include all ex penaes. b To-daF* Pncw c Yield hn-cd in offer pries d FsLImairt-ft Tcrtoj " 

I Imds Rfc f*nit Taf Itinnnc ha Rothschild A >set Management ®penina price, b Dlutrl button Irco rtf lii ■+• or. p Pcnodii-prrmiuniir>n:ranee i ptaiis.s Single 

UO>US Bt L nit igt. ningrs- Lin. St. ^u..ih|Q.» Lane L nndno. SC+. 0I-6S6435® ' 2JSS — “ prenuum inuirimce > Dflcreri pnn iri Imli5 ;>!■ «;• exrepl aceni.s countbnon. 

Vf.XombartlSl-Ea. 01-623 !SS i-rpron . :iJC6 1233] ...J f in ” *; f»ffwd Price iBCIndcs af| l( Mnchi ilirnuri' mjnasreK r Pkv io.r' d#;'« prrj. 

BMnpt 1964 UL4] ] 7.93 ' tW £mbub. day Decfianbea^ Flex^LmvthZ UnJ^ULvj Z.. “ * Nil * taaonreoliwdcapteji ^nsjinl<^+ 'Ij.'* “V^kIT .iTm.-!.'^^ 3, “* * 


ri 





Financial Times ^ .' 1 ffi*-' 



FT SHARE INFORMATION SERVICE 


tsar; 

ni?fr to 


FROM WftPKIW YOUR 



BONDS & RAILS— Cont. 


BANKS & HP-C 6n tinued CHEMICALS, PLASTICS-Coat 


"5 1 ■ I|5 .-PClbr*TPp.ni' to 1 

* ikSSwa . . 90. +z. 2a v : _sS 4 s .6 o 

Bfe*S?O v +±ii «289l^4i 

tessss^v is g ss 


•« .. i 

■>■ : ;: ._*■ 
t •,... - 

r '£ .. .- 


fornumerkiifly eantroHed ma chines. 

Wodi in IWbchinr Tools. WcnJeclr Way Leireifv'lE4 'HU. 
Telephone. 0513 7695«].r«l». 341531. 


BRITISH FUNDS 


197? 

High Lne 


(- off VirW 

- IlSL : IN. 


pri« U ar 

Ui« r . 

Red. 

! 1 - 

Itaie* 

Vic Id 

50 

4*» 

15.66 

68 . ... 

12.80 

83‘* -'4 

7*; 

1309 

rr-4 


03 42 

375 



_. 

68 . .. 

6 

1196 

150 >t ... 

3 

200 

75p 

6*i 

867 

S94*? .. .. 

9 

953 

DM91 id 

6 1 .' 

845 

97 

3': 

379 


1 !VK! 


ENGMEEMW-Continned Haim 


“Shorts” (Lives up to Five Years) 

3051; «■; 7«*oi i ! .[> Tit? ..! 100 11 50 

97 94li TrwMir. ftp 7S* . 95 U s Is 

9P* 95-V £fc.ffii-flrirT4.» _ %v 442 

104?*. 08-i Trei-bn l*^, . W 4 -A, MS 

%*j W3« Eln-ini ! . n* Th TJ» . I 96<a . 3 §5 

103‘j %*t Tiim- • ufj'.ii-. i»ii* . 07 *■'*12* 

102', W Tre>ur 9 l |.- »C . W- - u ? 978 

95U 92- ? Tf»a-or.- i; |>- — -rt* _ | W*4« -4 371 1 

96 1 : 93*9 r ( :rdnv. , J4|i , ?^S | ^ I 95*»'c * : j 5j3 | 

im 10Qh EuftmiKr Ui>- iwd 102 W - „ 22 82 ( 

106- - 4 07" TYP.VJC i;: : |.-lSK1“ 9&; -,*. UK 

91-? 88*4 Trca-ur-:;.^ l:TW?l ' 88 ; ... 3 % | 

JOlL «M’ Twaf.io«iP-.-i:*!^..( 95*? I ... Mg! 

97.; F.'r!i Pan IMF! ! 92^.c .. 8% 

OOflS. 9?-* turn 9*>i»* lttl ... 93- 1017' 

87 -i 85" r.-xh-ftps :Sfl‘ 35" .. 3 50 j 

97 •„ T:ea- \ v:al.!e 31« . %';ic 9 « 

11! 100 E--r. iSfttlHI** ■ 1001. rr . 1269 

Wt 89^4 »M£S .. 9fi*4 -*: 9*>r * 

85 ST4 TrM-ur.>- 822 83^ . 338! 

115*. 103-i. Trc^-ur. Up.; 82*7 . 103'? Ls 5; i 

'Jb'; 94 Trear V.inahle'JBff. . 94ji*c 1015 



~<* 055*' i 3 
hlf> 0:| - 



V- I Sl\ Trea* o W«pr 4! _ 
100*4 8*>A F.u h. !K.fx 13ffi . _ 
96V1 87=r E..j|KVf- |»n 


85=4 79 ! - 6 twMpx TO . 80'j 

114*4 97H tlrHV.Tjr. ;: t . |«tj; . 97 ‘l 

100**1 87" (Tiea'i^ti'.pi W . ..I 87‘,' s . 

Five to Fifteen Years 


so'j ' 2SIJ2&® U? s p «V ■■ , S?8 “ ii ® S Kr.: ?! 

97 i ‘ - li 25 12.62 32’* IV4. * a t lnrl> $1 22 —*4 St.10 — 4 9 -jto inn Bjuit. iMatthewi 108 

S7*;C 1 1C 52 ! 12 74 26 l|. a IUM.SI*. . ^ « Tl 4D *2SgST * 

Years . .. J ^ ffiS 3 1H8 - 11 iS ^ ~ « 


95’. 88 Lu*i !<1».19?r. 

89?r 80*4 ?ur.ri:ai V-|jr-fc:jMi;. 

96”* T'«a.-iir-'»>- «U«a. 

87'. 75-- Fun.i;nJ&,r*. -ft-?7t: 
80-^ 79 U TrM. ur-TWV-flBS. 
t&h 60*: Tr^isflyr >- 7W& 
75" 63 j 4 Tre-Mi^.v- - 

1X5*4 101^; Trpjsur |:«pi. lirtitt. 
89*'t lb TitJjur. . 


* ictus j#.«4 2Q'i i.frtinzeii.v. . li'ttc — ‘<3174 i*n Rnnuiiivd 

88'- >r 1 11121' 1298 471, hfliH.irtler-HanniexS-. -90 +**«!.«- 1 B X m * 5? ^ 

*“■ ■ ' 6 91 1 10.72 37* 22 |E.itnii(>pS030- *'’« an .M .55 id> Lon IUl _ 58 


•30 09 I 21 6Sj 26/i J Ifc Smart - 


8 61 1 JIM 40 28*4 Ewnn II . 

9 97 il-76 12*4 670p Kire'JoneTireil _ 

4 93 I 9.22 19?g 11*4 Firrti.Tiicnw 

7 89. 10.70 32'? Hoot On? U _ 


~ i2 63 55 Cuy Lon Tva. _ 58 

1* frii - 4 A i68 119 C!art<Matthe»i. 138 

3& :l : 9.3 “ 4 f « ig BBKSfc- » 

-S |110 - w M 4 1 ! ^ M 

i?> g-iS - 136 93 LeenaUWhmEc U5 

*£2 - tf 31? ?u IcirerroKing — 287 


106*? 92:.- Ti^i-Lr.* 1 Ujp* I an 1 
75‘t j 63*4 Kiindmi-'Ane 1T 9:S 
lll‘fl 98i? Trra-ar- I'J’ii** £&? - 


... dhL9 4 8 9J %2 

.... n.02 10 ao 49 

... .0.89 M 43 52 

*14.21 14 9.7 D98 

.... tZ46 1.4 105 ICA 
3.4 1.9 8-4 95 

._.. £134*94 — 4.9 ..-is 


atltadT. 1«T *i£ -J636' tail 2 

L-A'.Tta^ /m -X ihlffS 2512.9 

, 34: ’ am- IS 3.1 HU 
tefflM&J - m A *«25 ilffl ji-- 
'234-- fe 2M il 9.6 
rHdstBp: 32 y i.:>; 1^8*- ' M 6:1 .V. 
iefEKfr^ 47[;lt 17.8 




«6’r 04 Ttej'Nr l'if» lift! .. 84- 1 - . 

113 %-•■; tarh IC.ik' K: . 97'. 

ilDV %■', Tr-rt-uty IJ'>|>* Kitr j 100 

72-j bO * Fur.ilinLlii* 1SSJRJ5 . | 60 7 ? 

Over Fifteen Years 


120=4 102'-ITrea.«jry !2**pr ISsTd 102ic« . 1335; • 

128 7 ; liO'r Irwiir. 14- p. ■'SUtt 11034 .. 13-56 1 
J14' t 97«- E‘Hi l-"|«*I9W J Wj .. 1312 1 
B® - ; 75-*4 TresMioip-.lMtt 76*4 >c . 11 SO 1 

106-* 93 TPSj*-:n& bt. .... . .12 99 I 

51 4?*? Ha :*p- Srifi’. .. 44 bWll 


95 32*4 Erfh I-**,;.; lSEfi 

1 14") 97 T m-Jr- lr ; 4p. 

90-? 76 1 rea.vjry sta. 

].7] *. ) 121 5j Trej-ur. i.^p Ttg^ 


bi DeiaiWal cS*2ic -*i 5«J i-' 

32 DnauJ-a-Dp.- 42 .*_.*.. 1286 2210 S3 

:47 ftenend5^..: 152‘* ... 1012 2* 9.9,5* 

34 Dejoutler 130 ..... t560 3J 6.^63 

50 fwraebraeiQp 31 ..... M2J2 1211.4Q&* 

IS l 2 DraijifcScnll -36*? .. .. 2102 - -TS 

10 DactfleSJeeb;.. 115 -1 5.41 42 

61 Daport 631? .. . t4.56 2.6 HHt-ife 

26 F*^: HW g .. 2H 1+8 6 35 34 42»,« 

39 EIKottsH 145 *-3 5.41 4.4.5S-53 

75 E?e Can! Cltto. * .. 3.03 52 4S:s| 


BUIH JF 1 A4*?|. u.cj ju; J W **5 1 /3 cfS-'.Ea'.KU. » . .. I^.ua T*a*3» 13JL 

qbVjaT. 95 .. ♦5b»( 23^8 « 7.4 107 37 E.flptrfres _ 92> . . . M.87 3.0 8^. 55^ 

niiepaJ 1 309 -2 830 3 0^ 4 1. 120 36=; ! :5 Espmdwllfclal ,72 -'2 73.79 LI 721.93 ^ 

*.VOTd.. ‘ 302 -6 8.30 J 30| 41jl22 148 jllb Fsnw*S*.\_ 134 b759 23 Rtf IS &■ 


f^Ewps ;• 

-59^ ViBRcaPaftii; Hi.- ^Z*T -R2.59 2s! 35 172 
tewsoBtorlfe ' 6 <l =z:j 335^-.' 40! 7*9 (Sir 
i, 337 IbteylJH 7 3& t >_:• Q334 :?3 .* 

" [43 AffStaa^SteL- m *24i 

i .Upiwiadp® -67*2 23E- r iCSo 110 

- 2a- s* Amal.MetaltfclV: 2Z& .V., «605 

:: ^ 1 Aitt.Alij Asstofc w X -1 ' - ; 2T -• L2rfel S.4 

- .98-; MtaBHtato’A' 316 -X 665« 73 ?4 

i : =27. •: As&S^sjwsWn; 35 ^ Z77 


• ■ t* . 


-11?4 -“-W 4061 2M.7.^86 
S6 V 1*0.; AvwoRnbbilL 175 +3 19.41. .52S 8Tj|:Z6 
W ^BRACrettp^ =Brf U®Hg«’* I36S 5?-- • 
Efc; 95r- B£T.flrfiL.._4 312.-.- 2*- 7l 6S _ 

X* - SJCJn&iL — : 6* >3 ffl -7« 4 8 


llTSUOO E'ineauerl.f«u. 9fi; 

50 42=4 Rtitmnuufi.ifif )SR>flb. 43 'j 

U5*« 1007(1 Trea-nr* -sr^ 104'4 

98*; W'? L\cho9i!<r !u>?pf I it 17 85*s 

88'4 ) 73 ? f Tm-ii" '3ife' 1397“ 74'? 

72=4 ! 591- Treis'jr- , ?jp' 95-W- 59^ 

135-'s llS'i Trea« l-V.-pcTBS -- 116 

10C': 91*? E\ch- lip lifiM . . 92';«r 

W? 771? TrKWJE* 0 !99!Vr; 80 

Op*. R!'« Treaitr- lrti-.pt- !98S* - 82>j*c 

96*4 9jU Euh 1> win 94 

4I-v ir - undm^-;K'awi4 36** 

80 > 65 : < Trcasur? ftp.- iC*M|* 65 *j 

58‘; 46U 7iea*up - .v?pc '«*ii: 46K 

76*; 62'*? Trej>iir*-7 i «i«' ‘U-l.'iti 64*- 

93*? 90*S E.v.M2pc'ff*I7. 91" a 

Undated 


J>07 1|H 23" 14*2 Rjchtfc.a-JUTiLSl'. 

HR HR “IP 255j> Saul'E-F * SI 

HS Mj* 28" 181; SWJM1SI 

l l 11 ' H R 989 882p Siuter-SlOi 

700 I 986 3s 2?5p Stern fond MsO 
U 25 13 n 331, igq tSwIuc Si'* . . 

HS 271 « 183 » rtnn ^ -■ - 

12-32 J? S 361 131 iv» ur.UStk . K IP 


ll*«t ... 88. 

15*; *», SI 06 
353 p -4 - 


AND ROADS 


fFuft.OLlOp . 35 t-1 25 o; 

FtJkesSnntM 23 JoCL39 3.< 


989 -»,! 

28>4p +*4 
24*40: 1 


,?r* 7;?; 495p reorolt ISVUK: - *WSp 

^, 16 ?s RS 22 1<*£ re\*vS£jS .... 16*j * 

92=i*r .... H01 j 1310 4fl ^ nrolnc . . . 27 - 

80 .... 1; 37 | H 71 14 _i 4 8fc5p TraiucacncaSl - 10Y? - 

82'j.c .... 12 73 . 12 97 41 i. 21 ,i ruLToc!- AW - 25^ - 

3?- — HHliliS M, a 15't I'ASirt-JJI .. 15s«w - 

3bv .... 9 95 I 11 27 17 11*; Wijdwirth- S3 1 . _ 12 *jxc - 

: Hw ^ 28-=2 XemOuqiS? - , 34»* - 

46-- ** 12 0?; 1231 975p 585p Xonu-lce UV .. 685 nd 

64*: .... 1251 ; 12 53 h;, 741 p Zapata I’orp 2.V 830p *■ 

^ > tf 13 ul 1 1303 S.E. List Premium M'«0 lbas«i on 

I Conversion factor 0.7179 ( 


tamitnuiu.^ .i/w ..nawuz a.B i 3.9 

25- Basel I'M "Mr. 

79 air&eRd RH)t 2I4tf -4> > 03Sc '* ^4 i . • 

27 amuwHeph*^ 38 ^ 4.4 & £j .. * -j ; ' . 


BeatmnCbSS 17fr -X 
Beecbue^JtZ 623 4*27] 


:SR} . ■ 

5Jf220 


mm 


U 7* 


37'- 1 30*? 1 orix-Mpr _.. 31" 

37 ■; 1 28" A Jt L-ulj ■>;/. 2 29.c 

39' j j 33 1 *ir, T. p. i\ \lt .. 34*4 


2S£j 23 Tre^-t.r: :ii< itf All ._ 
2«'il l® -4 -m-il-S-i* 

24 J 19=4 Tie* -..ix*.- 


I9: 4 |tk* :r. : .fx*. I.j 19^: j!!!! ilT 95 

INTERNATIONAL BANK 


1303 ! - 
12 01 - 
1035 - 

13 03 I - 
.11260 1 - 
12 95 - 


•16*1 10*; BLJftrtmlK: . 
lto 10,!. Bk '.auSrtf 
42^ 30*4 ReUCana-kiSii . . 
15 A 600p Be* Vjlleyil . . . 
MS* 825 p Erascml) . _ 
•21,1 14 Caalmp.Rk.SJ-. 

it' mc- n.l.r. .R 


CANADIANS 


miJ.VWg . 
(Arma&p 


t£SK 

aPeL'A lfjLj 

«rlteC.#a 

!Jjteuy«9ta: 


xmn 71 

^ 5:7 (89. 
52 82 


10'? T*. h5c ~ 0 2 51 40 CanJohre.. _ -a rraru.--. . 1 *31 

925 p +9 510 _ 5 0 68 40 lirron... . . 62 . .. t36i 11 82 >U.f> ^ 

16ft _ 1 si 48 - 4 0 ’OS 6S>j CdmrtRufaoiv. 93 +1. this 35 4J M g 

13 . . 97c - 3 4 38 27 CwnOenGp l*jp 31 -*l N24 17 li d 9J ?r. 


62 .... 7363 


| 79'. |?p* 4io:k— 4C_ _ | 


20 ParaJseiB. lop 
24i a Paosoa'Ml,. 


CORPORATION LO,- 

98-!» I 91*> Eirm nr-m^i- 7ft«l _ 91i* ! 

94-* 4 87'4 Bn *•.'.' 7 4 pc 79«1 . .. .. 87*4 *C 

207 98\c VS : p,. eL ... 98*4 ! 

112 97*4 tv. U-.jp.* i 333 . . 97-4 -V 

97», 88*j (Gliivjou 9"f»*. 8»4E1 . . 88*:«i 

94 «*0>4 Hen* SWT&ai .. 91*4 +*. 

102'? 88U Uvcrp.ifopc #v3i.. Baijn: . 

29*4 25*? l*i*3*'pe]iT«rt. ... 25*a 


>n* .. uxjt * 7 ict op ■ * - . 

,298" -4< H6W 4,7 g 2Q.0 ’ ' . 

S jx h to v • 

.71- 3.4 93.36 

--56- - t 4 I 353- w : 9A - . ,-•:*. 
-IH9 .*35 T62JH 35 3.9J113 . - 


d25 

-1 539 
088 
...... Q881 


99*4 87 b*r. -orp«ft<pp-8we 

97*4 94-!. J..-1/fipc-rc-S - 95*4 - 

92'; 84*;. r*n3*.p. 77*81 854c - 

87' , 76'- ihj.i*;ix- !CA* 78 | 

71'; 65*4 [*%• ff^=7 66-;i: . 

to' ic *4r.> cC . j 


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U -i. 113 ' 


s' m 


w x m « a iM 

nunss^w, "21 £52v 20 ltt£ « 


»i BnxAS 
Hi Br«*s 


71.X 66-14: ™ 1147 l^ 1 : |880p|TraiiiCan. Pipe _| WSMi [ 103c- 1 - ( 

78 65 Du^>. W r *l . — I 65'; l+i; 10.69 12 95 S.F, List PrcmiuiB 3SVr <i»s«i on $2.3136 per 

26*' 22*; [W; .!j>- 3' Ml. .... 22' -I 13 47 - 

9! MiHH, Sm JSW . 9l>4 -‘4 572 12 06 d*V 7C ATVJTk HIRF DTIPPHAC 


» S; Sh IS as banks and hire 

2«Af 9?'|»-aru/rff»?Mi8w. . 99‘,.f| ... Jl2 60 i 1289 lw f I (+ « 

High Low I Slock | Ptnr | - 

COMMONWEALTH & AFRI CAN LOANS 3J8 [184 | \NZ Sl\! 1275 1-2 

5??* I i '‘.-ir.’P- * - I 95M . | 5-SI K 17 ^ £1 \M\. 


ft 3 2 VlEki&l'* X j WT iWA bj ITS *73 KKW 148 -2 t^|23TSi5.6*S li BsW H "T ns9\i1\ 4 

* 66*? «i : SSSdfdVr Sp" 63 ..." 342 3.7 aj 4.0 1* ^ SSusDUiUT 1B4 -1 rfd432l 2.H 3 3ll74 37 23 «o^M 2ilp — 37 -...0.42 S3 L 

£l 40 25 liihbsIVih i l5p 38 !.S5 2.5 7 3 3 3 22 13 SentaSlO|i„ 22 .. . dO% 2 7^ 6jt 5b 155 98 .._ 131-1 172c 15 6. 

_ 49 36 i^^nuniM T -iQul 37 »1.B7 55 7.6 57 34 .22 SiameSip . . _31 -1 L52. \22i r . 3 95 74 64 5feUEjtf2__ 65a; -..*.64 ft ML 


h ^it «3 ‘I 

73 Sji-S 
.5 ? LTfko ^ 


iBov.Kenr 

JDSlUlHSt. 

Dem— --, : 


8 b 

2 

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IS 35 »v C-lLtoJ 

73 47 Camret: 

13-74’ 56‘ CaanlM 


m ’«* dl®*- Mi 

• 65 • :’.. 094 iS.4.g 63 

if* *••»*» *»»■*«*■ 




33*4 8H? U. Sijp auc 

%*? 92 •.ibp.TWTj 
87*4 76*4 (*/ 7r. £■#, . 

95'? B? SIS .Ur..-4 9*a*:T!WI 


70 50 l<h Bh-vt j'.m:TO-7'i 

% 75 ! l+O-p. 7ft-*! 


95*i ■ 

5.91 

81 x 

679 

93’« — *6 

6A9 

76'4-r -1 

9.75 

89-c . . 

10 72 

53 . . 

— 

86 

— 


LOANS 

Public Board and 


."-si ctn .uien rumey li — 93 m IRfol !li» 65 -2 t3 5 

X3° 150 AJIifldlJM). — 204a: .. .. iiaO - 57- 93 S JfonmiT" ^ «J1 

89=c . 10 72 1429 ^ J-j® p Uh , UI , , i^ii?k }% BP “ 1 9 ? “ 90 55 %n Re* Me. 83 +2.11 

S3 I* _J _ £22>; -J3-4 EankAmerllaffi £17 +*j Q94c — 31 • 22U in, llcmar'l ''hut lOn 17 hlD 

B6 I —1 — , * b 5 315 Bklrelandil — 4l0tt tl523 — 5 5 -- 133 lnq' inr-jm 126 -2 td912 

56 1 H «P £ ,^ 7 RM 10 'm/"Sp| V '“ ^ WS 0 - 1-S - W S ifiMUf 1U .. 

I7ft‘ iBi : B, L , LeiJ f B .1!.?, • VII a 7r M 145 108 Ini Timber . . 123 f7.15 

170 150 Rk.LeumiiLK£l 170 7 47 15 6c 15 2 ^ 411 , J e H oii£n> !0u 57w! hUffi 

70? -wn hVV-ilVIV* 530 -5 D3?r A 3 5 * TV ,.9^ ,Wp " n. n4J " 


t3 5 53 8 Oi 37 *W;| UH weanteiisp. .. * 

f2Jl 41 3.6(203 24 19 SliarfMill IUp;* 22 

till 4.1 3 si 9 8 * 61 Wilkasa Warouu 78 

hLO -23 8 71 7 3 73 | 61 |Weolirortti | 67* 

M9.12 0.7 10.dl91 


64*i £fli, \jr. Ml -.p-,* -fm . . 58- > . . 882 12 45 £32** £21 7 5 Ranker N Y510. £23'; -' 8 QS3.0Q - 6.5 . . 73 Siai'MsSVftM 75 -2 

90*5 4fean;a’;prT»iH ... 85' .... 13.D7 1350 368 296 Rarci^U... 348 -A lU.M 57 p.7 54 ^ 35 .. 

33*4 26*4 Me! ®lr i‘pc E‘ 27U ...1126 13Q0 2b8 200 Broan^pky-£1.. 248 -7 79.41 - 5.8 - 17 10 jones Edmi 10 p 12 

154 107 LSM-'9piSC. ... 114. r +2 7.90 - 28a 2 j 2 Later JMErCI.. 250a ... thl7J7 - 10 2 - 45 31 KenlOlP'Ifln 41 

95*? 87 D" wilfnut Wananl* 871?* +u 10.29 1330 M 67 i>.e Bis BtSrp . 73 . . M8S - 99 - - K i7 B e 14% LafareeS LFIHO £37'? .. 

re,,,,..:-! -255 171 1 nm1.lus.i5.Mi- 190 -3 Wl6c 29 5.2 67 g 7 71 LainciJoha • V 73 

, , Financial -fi<? ci2> 4 :oait*Dvm- £17 .. mv. - 4.0 - $ & Stamj"cr 110 *5 

107I4I 09<4 im i> iWI I 99-4 1 "’*4 1303 13 06 £10 £15 '~hM.Hhk.KrHW £16*? .. fflK - 7.0 -.S S SktckcVi 93 -1 


ELECTRICAL AND RADIO ^ ^ BSffiSf.?. z:: ffr -♦_( 9.41 a'hjK.n cdamfL-. vSS7 s 

1 1 pssu V '1 M, ittiSZ g S EgSte g : “ & £ 8 H £ &. aS®a A & 1U % 

I 25 ludia Fidelity 10P | 33a -1 2.1 ft ] 9.5 ft ,62 ft ,54 58 5.1 37 ^ 32 Cent StaSa^ [ftp M . 1,- X 

8o .. T134 4.«i3iH7ilS 1J7 Ra»ld£l_ .. 130 -2 958 L5 110 (77) 731? 53 CopeAUmBi3pi 65a -1. 3:5 . ft 

123 -5 t716 Lfl R7 8 7 93 55 Richard' of La c 86 J3.87 4.4 6.7 5 7 38 27. ft«yd6ilflpi.*-l 36 -1* f £ ZIrXt 

87 -1 t4.84 22, 83 5.6 66 42 Rui>WeSL5iip _ 48sd +1 MD. . 17 14.3 6.4 82 40*? asaK^LiU**, :58rf -JZ25 & 

127a -1 1434 43 51 58 ® 62 RobutsonOWi 70 .*^** -g-43 3.4 73 6.1 73 55 Gnatiirl^W.- 71 ..i; ^ 


110 101'j Lor H[\ 7J 

114U 1021; If, 4pr s: 

85 79*? i- F> i-n, rieh 'AUC 

8l*i 73*1 Lv t?4j- l*< -.fl-W . 
49 89'; !*. >;J. f n 1.11 W„ 

94*4 90*1 I Vi Up* r> Li: W . 
101'? 90 1 ; Ivi U -4l. ( a'lci TW... 
71*? 62!; Lm 7*41. vrieh >S*5c!_ 
71*? 61 Do ?4 |«.\IHi T«I*W- 

841, 72 ivitor \ "9! *94 

81*4 68 Lwft rpcLn. SC-97 


2.b 8i 6.7 1 H 82 IBSRIOp 
f. 51 ft 175 124 

Pi i a s, & 

10 Ip .5*6. 31 g 

11 n u !§ &> 

4.0 7 5 43 135 ^ 


25 Mdia Fidelity lOp 33a -1 
42 Untaled Sec. 10p 80 
99 [BlCCSOp. 123 -5 


3|U| 

if 68 ;; : 

ms;:r 


FOREIGN BONDS & RAILS 

rs I [ Pri« I* erlPir. *5| R*i 


W; 11*89 1j 55 13 96 FkkcrAM lOp. m - - 

61 12.17 13 45 1% 157 ifemrdNjnnL 178 s912 - 7 j 

72*? 12 .71 13.50 59 57 UibltttVi- . . 44 ... 223 - 7.i 

701; 13.09 13 30 255 195 iJilleaBrwfl 212 ... 15.41 — lO.i 

■“ ^ 19 1'ioode Dl Mry 5p 20 013 0/ 


~ — I 57 j 42*? IWgllinson-nennvf 51»c . 


_ 106 84 Mandert'Ulil.' 

— 166 107 ‘-iirchoHH 

— ?3 68 Marta}..- . 

— - 138 71 Manhalls-IUi 


142 9b ffjnmlla.ft - — J 120 [+1 2.79 711 3 5] 4 31 M 57 Kti, ft!las»dl 


I9TR 

High low 


U0 93 Pjuinnes' Peat ._ Ill 
217 155 Hanftw 165 


h5.15 - *<! 
9.76 - 8£ 


24 17 AntefaraJjRly 

41 33 UaJvp-Pref 

98 98 Chiiejn Mi ve<1 

415 350 'icnninVft? 4*jv 

54 46 'IrcrfcTpc tr» 

51 46 Do8K3'<|jh tj* - 

44 40 L*iHr> Mr.cti.lw . 


firna rwld. 10° 81 Hdl Samuel _ 83 a +1 f4.97 -90-99 

wa “' 600 200 PoWartaGb— 200 .... - — — — 60 

— I — 360 203 HnnaSbngJB.50. 260 -3 hOS^- _ 27 - ]8 

lUpl -■ 69 52 Jei5efTflytJjee. . 59 th332 — 84 — 75 


31 13 Hear* Bros 19 

48 38 MH'ille F* 4 W 39 

99 73 Meytf-Mom l.. 80 

60 321? Milhury — 45 

18 9 Miller ..-4ae- lir 13 

75 52 Mixcom. rete 61 


51»c . Z83- 1 *28 8? 65 21 13 

100 . r238 -3.1 3912 7 22 

110 . t5Q8 127 b9 5.1 189 128 

70 -1 ft? , 53 35 5 4 >5 9> 515 390 

130 d586 3 9 67 4.2 500 380 

67 L° b l W » % 

19 • S-5 16!; 101? 

few jpgs 7.1 30 20 

4.74 2 4 ae 6.9 39 19 


1310 215 160 I^ph-Leo-El.. 160 ... 8.74 - 83- 55 35 hkd B kiukt* 


4*; — 55 37 Ktyser UDmann. 50 -1 0.67 — j 2.0 — 257 77 95 

3 i? 2SS ^ S r, S &s S“? ) P “ Iff* “Ifi “ 141 103 HwIcti-Ji . 104 

6 f6 24 114 88 KlnnwonfM 89 t4.18 — J 7.0 — is5 ]X8 \cwarthill i I 14B 

4 15.13 2°7 242 Lioy.fc-Cl 258 -7 |9 23 4.8j 5 J| 5.8 1Qa 79 \ on(n t !loi*a . . 89 

310 210 \<*t Brick :<il< 292 

58 40 irmp r<ei' Hip 56 


: i a i 

-2 cltS 7 


12 I? ii 9 39 w 

3.8 81i3Ai 28*? 14*; 
12 8 7 13 8 i«J0 130 
L9 7 9 9.8 £l%i. E92 
17 8 0 11-0 318 ‘159 
5 7 5 6 4.7 27 27 

29 95 3.6 145 106 
70 5.0 44 2)i, lot? 


70 X tL64 tl 3.5 Ll 7g? 60 Samteoflkjy^. 62 1 ; «5- 17 1W 15 198 140-1 0 

70 +1 t3.45 11 74181 ?2*i 17l; Sanllei. i Kipi*.. 31 dL_63 2.0 7.9 9.4 W 

30 . .. tL33 1.8 6.6 127 29 21 SeaiorEngglOp 25 -r" fH! U il* 13%. Ci 

73*2 +-*2 3 3 3.0 6.7 68 ^ 79 Smk . S 2 2 Kin! 11 l»z W O 

130 -5 294 10.1 34 M A ^ SJatep re J^p.. 27*2 .:..*• 2510.6 5.6140 108- D 

111 -5 r522 1.7 7.1103 31*2 25*j Shaw Francis 3^j_ 27 . 2.68 1*14-8 6 4 500 230‘ D 

28 . Tbf 36 14145 32 Sieepbridw-. ^ 

230 ... thdZ3S 4.3 2 7 120 296 1% SinwiEnfiS-. 2SM +7 89 4i 4.6 7.0 £573 ^71 a 

31 147 2.4 71 8R1?6 69*? tiOOijitmp. 94 +1 414 2.9 6.6 8.0 jg., jQt a [> 

14 _ _ _ _ 15 8 Smith iW^it'5p 12^ *•— - 03 3.5 234.4 j j- f,' d 

15 12“o — 181 — 146 110 S peart Jackson. 128 d9S2 10 111 -Dih 209 128 B 


8sw-jP3;:%||4i 

: 2 r : ^f & «» 

Croskw* Huose£2. 113- -3 ; v-?,. 7s. T, 

Crosby Spr'gWp. 15* 2 ..... Wfr: « .53 

DariestN'wnsi. 137 - +1 +7.41-* ^,^ ^ 1|*6 
DetoBue__ 3BW -32 ftOK : » &■ 
Denhwrore 108 . J C25.45 ^ ^-7 


Bvare^. 108 ..^35^5 

exSsuSf ^23 . +l" 
ieHedap^. 13 .... th026 

nna 2’. .178 +2 3.® 

onPark% *101 -1. b4.06 
ffldgsiop.- 83. --^dWT 
rCo»l’Sll_ £28*; +*; QSl-W 


162 275 3 8 1 5 15.2 38 29 Spencer l Ik. 20p J2}- tC.43 1.7113 7.8 *122 67 DaSonPariHOp. *101 -1 M.06 -27 |0 7.9 

423m -5 11 95 21 4 2172 bpmrerisearrSp _ I7«l 0.6 45 5| 45 ® 63 Dwhffldgs: lOp.. 83 - <H. 6£ 3* if 4 124 

410a: . 1195 2.1 4.4 16 6186 lg Sftrjx&uvo .158 ...A tM34 2* 43 120 £3^4 £24*? DorarCotp l’Sll_ £2ff; +»; QSbO r “ ?=- 

24 ... 0 74 3 2 4 6 10 01 47 64 fttartme20p 115 389, 62 5.0 4.6 52 30 Iwnts Sml. lift 04. . .. : X236 L£ :Ti ufiflj 

15 .... «84 L7 8.3 108 307 214 anreteS&Lfl 2€M ■ MM « J* 6 53 ■ » , . ..T. ^ =B r« lit 

29 .... 121 27 62 9.0 129 98 Stone-Hatr 105 - -1: t3.66 .4.8 5-2 4.7 ya 84 DunbeeCom I0p -90 ■ -2 566 33 37 

33 ... fhl.29 3.2 5.8 6.2 253 135 SWbert L Pitt £1 220»! r.5 , *1285 ft 9.0 * 45 28 DuEan31p . * «T, +1 : hL44 

24*? i-l VL01 1.9 6 1 13 1 102 7S sykes 'Henry . . 75 ... 1 WO 3 7 8.0 64 2 4 12 Duple Int apT.. 23*? 1060 J2 3-S 95 

15<hr -3 ** 38 0 8 9 3la.3 31 23 TaeeUta _ 26 ^ •• 1*27. 3.9 73 44hb0 93 ItSaripe-T 140 7 j Alt. 13 4J .8.5 


150tr -3 « 
£98 .. k 
285 i*2 t 

22 ... 


1 Jr (8 9 - 93 TaylorfilhaeT 89 -.-. 435 3.4 7.6 5.8 13, gj. Dvrtiioupl^r 11+?. . . Q20 90 22 '62 

85 1 3 13 0 *160 105 TenlemiL 129 -2 £561 S3 6.4 70 391; 23 mkesiJi—Z. 35- ...*_. •— • — - 

- - - *> Tei \hras.lte.. 4ft ItpJ f 9 « 59 S55tf.*i4— 71 . .. 363. 3J 76 6.2 

2S 61-76- ^5 Tnyaeri Dml0._ 877 ..„ . mi9U LO 3 3 303 72 49 £io A" . 65 ..... 3.63. 3103.57 


FINANCIAL TIMES 


[114 97 Parker Tfinl^-r 110 . kS8- 3 ' .. 

|l75 138 PhoenixTimlw 140 4 3T 0*3 5 1 

172 82 PurhiQN 137 -2 d&lS % r ’ 

156 107 RVA*.— - _ 127 +1 2* 

173 U6 Redland ... 156 -1 \ 

9b 70 RrtVfc Ualimp 79 . td457 2. 

104 94 Rnl«ls Adlard. lOln «J9 2. 

112 80 Rohan Group . S6 . 1®, J- 


89 d fife 4.4 73 43 201 142 
*. !ta?2 3.« 6M59 430 186 
56 *&• 0 9 7d*P|, 93 68 


BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BV 112 m SS^ . S6 

Teles: Editorial 886341/2, 883897. Adrertiseroenfs: 885933. Telegrams: Rnaatimo. London PS4. g ^ 

Telephone: 01-248 8000. 48 30 RuWroid;- ".. 40 

For Share Index and Business News S umm ary **» Loudon, Birmingham, ^ ^ Ka^ Menvri jv 

Liverpool and Manchester. Tel: 246 8026 40 31 u SahahTimrft^i 3S* 

INTERNATIONAL AND BRITISH OFRCES » » 2 3SKl iSSHT. 38 


101 4.69 3.' 

125 -2 t4 77 3.1 
106 -2 5.0? 3. 

76 t di63 5.1 


90 66 RuebvP ( envtil 72*? -Ji 

188 135 SGBilrwtp 158 

40 31*; SahahTiiriwK* 35* 

50 30*; Sharpe ft Fb4wr 49 

55 36 SmartU i!0p_ . 38 

10'; b Southern C>jo. .ip 9< 

38 20 Streeters (Op . 21 

174 124 Tam*. 9* 148 

474 330 Tad*rft’«rtn« 409 
318 233 riftairyt.tr £1. 278 

194 129 Tiari«4 Arnold 160 

314 225 Tunnel Ba* 23) 


rtuup 158 -2 

TintwJftp 351; . 


EDITORIAL OFFICES 

Amsicrdam P" E.i’t 1^S6. Amsterdam-C. 

Telvi J-171 Tel. L’-Pl SSA 
Birmingham Uvurfje Houit. Geonjc Bead. 

Telex 338ffi0 Tel* n*JI-l>4 (I92i 
Bonn Pri.'S'ftaus n ifM Heu'iallee 210. 

Telex 8W&S42 Tel L'lraOS 
Brussels- 39 Rue Dunale 
Telex 23^0 Tel M2*f»137 
i.'niro* PO. Box 2^40. 

Tel B38.sm 


Wan.’hcster yueon'* House. Queen Street. 
Telex 406813 Td. OBI -KM 9381 


Iiublin: 8 Filtwiliiam Sijuare. 
Telex 541*1 Tel. 7X532 i 


Moscow. Sadovo-Samotccbnaya 12*24, Apt. 15. 

Telex 7900 Tel 200 2748 

.New Vork* 75 Rocke/eJler Plata. Jf.Y. 10D19. 

Telex 9S390 T.;l .212) 541 4ffl5 
PanN. 36 Rue du Sender. 75002. 

Telex 220044 Tel. 2365743 
Hio rie Janeiro Avcmda Pren. V areas 418-10. 
Tel. 253 4848 

Rome* Via della Merccdc 55. 

Telex 610032 Tel 878 3314 


110 . "' kw- 3 0 32 61 145 97 

140 . 43T 0.4 4 6^ 340 233 

137 -2 c&IS 5.4 5.b 50 49 21 

127 4 tS& 2.8 6.9 7.7 W 82 

156 -1 Al5 3.4 4.1 7.9 153 77 

79 KM57 22 8.7 ,U- 125 98 

lOln V H HiH ® M 

86 175 L£ 6 5 12.6 J43 137 

28 W 13 74 £35 £26 

42 tlS 25 5413.7 218 156 

40 " «29 17 8.6 9.& 97 Ip, 

72«; -2i 2 M L| 8.4 10.0 280 158 

158 -a* 3.E 5.0 7.8 50 39 

35*, 4.8 7.0 f4 £107 £69 

49 . tL?2 2 2 55 94 i« W» — 

38 " d 239 ft 8*0 * £58*2 B1‘; Philips HiLaSrt £51*; 05^% - fll 

9ii W - - r, C10**no PhilipalJi PICL. 855 +5 Q17N. 2-0 5 

21 r» 3.412.2 3.6 112 84 Plico HhEs 33p . 92 +2 3 01 4.8 4 

148 -2' J-iW.0 5 5 109 84 Do-.V3ip.-_ 86 t-1 3 01 4.8 5 

409 -7 51 9 7 125 87 PteawySOp. 106 -4 5 49 3.9 7 

278 -2 3134 15 10.9 55 1O8 59*? Prestfc lOp % .... 3.0 ft 4 

360 62 3.b 6 8 1M 77 PyeHldss ..... 81 +4 3.62 4.5 6 

230 -2' IU4 2.B 5.9 7.6 362 196 Racal Elertncs . 317 -7 3 94 6.1.1, 


124 -1 508 25 61 <7 6- OWc 720 Tnyaen Dml0._ 877 - M } 3 * l 72 49 f» A - 65 ...... i.63. 

lS.tt- 4 to 3 4 0 2 9 12.S.2ftj U T"rabw FM 3p 23 O.W 34 63 6.9 ig 91. E/Ca-esHte.. 10 i. - 

177 -3 H3.5 (AO 3CU6a)05 72 TnpieyFdne. . 86 *v 42 H 541109 75. Eastoo PnriaUju 80 t-3 14.42 

367 -6 to 7 3.6 27 153 43b 336 Tbhelmc4s£l. 372 - -A rZL27 85 5.1^79 220 Dbar Inds. 50nT 245 • tl00 

81 -2 t531 1.4 98 109 95 bO ... 82 ... 239 i* 4.4 48 1 171, 121? EiMftOp 151; -l? mJ3 

128 ... 691 17 81(10 7 27 20*? Ttoek.BAUOp 75J . ... 1.42; 35 85 5 0 50 39*? Q«oJ0 p_ .. -S3'.;* 194 


128 .... 6.91 17 8110.7 27 20*? 

315 -7 4.07 6.9 L91L2 77 » 

37 +1 dl 19 27 49 UJ 32 20h 


s 5 !® 1 a F.^ i8 : p;st HI III 

k-Jn 95 ll MS-2 2& .i sSSsp^. JX .. 


211 -1 5 9 46 4.2 63J36 109 WatSdnayi.. . 135 .... .. t695 3. .. 

UB -> QS1 0 4 0 1 8 15 7 55 UO VuonlwfuCr I. 139 *1 732 M 74 3414 20*? ,22 0.7 

187 *1 1508 36 id 139 « WaterfOkW*. 2J6 -1» m6 O.ffl 69 4.8 34 X* tog Cbm tops} 75 13.97 

S3 *1 460 K2S1L1 3 7 8} 55 Uai<i<T.W.i_.. 72 14i4 163 122 [&pcaizalfijp_ 125 ,'L 5.67. 

255 -5 6 76 4 8 4 0 7.9 66 38 WareeBfcehilQp. 63 ML6B 12*9 M ft5 193 '99 i^Ferrie; 1 124x01*1 *204 


83 UX 460 
255 -5 6 76 


42 -l 2.87 2.8 102 50 « 77 Wrwekfi^Ap 39 " ....*. 

£90 . .. Q4*. — 14.5 - ,36 23 Weete AssocJOp 24 / 7.7... 

88 -2 hd438 33 7.4 52 133 97 Weir Group lflSa! -1 

£51*; Q5VN. - flL7 - 61 42 Wellman E&fi e . 45 ■ -*2 

855 +5 Q17% 2.0 5.0 9.9 36 18 K BraiSpV.Op. 

92 +2 3.01 4.S 4.9 6 4 ^ 29'? H-esrW... ^ 3dT 

86 i-l 301 4.8 5 2 6 0 97 63 Whessoe : 

106 —4 5 49 l.i 7.7 <83* ,?? 12*; WhenayWla. lOp. 24- ■ 


77, » li 3*1 Z 01 * EapACrerislOp ,22 .- 0.7 2.9 *M t8H 

W S*{ 85 4.8 24 72 ^.CbnaC^s 75 - 7 D.97 22 7.S 9.8 

jM J.1 |6 R| lbS m EsperanzalSa*- 125 . .... 5.67. U ft81L2 

S®f *23 H §|J43 '99 EtnoFerriei— 124xd *1 tt84 55 ?4 63i 

V? H 11 ?i « . 31 BrttaHMstflp 39 -1 hl.16 4.7 64 

5 5-Z H 3W* '20*? Ewer Gear*® I0p 33 6187 b2i HA 56 

3? ll ll fl 136 90 Edrf ll 135 t-3 550 2J TJ 10J 

?„ 24 ?*1 W 78 53 Mtfaamrlasai . ffift- ac?j» 24 IFfi {5.7} 


'HSAil » .28 .H5S 


-■-!»« 33.1-51 UTx- \ h 


Op —11 3tb\~—.\ ti.4 ' | 3.1 
1HTT3-X56 23 


usoalud.^. 1*6.6 24 

nmanSDp.^ -29-4-,^|V.4L- j- — 
layi'AB.'C.: 36ff.™.itl5S 23 


35-5 “ * * 

7.2. irftr.. 

10.2 - £'- V- 
8.0 . 


771? 64 l.-BMlinmr . - 70* .n: Uf&Wi 21 H w SS 


/»*? 04 I. u.imnmp . . /UI, 

38 24 VerU* Stein Mp 30 

200 155 Vihroplam . 133 

«2 ?2 Ward Ifld;, Hip. 35 


b? 35 Wamnaiwi 

125 95 (Watts Blake 


Kdmhunilr 8T Gvurcv S' reel. 
Telex. TL’4*t Tel IKJ1-S26 tl24 


Sipckholm: rto Svonxka Daehtadet. Raalamhsxjsen Tj 37 j 22 |Wi 


66 30 Vkesihrirk Pro** 54 

116 56 WetieniRii* . . 81*r 

46 37 WJiatliadsiip . 37 

45 28 fthiC-.'h'm U',p. 33 


>'ranldur<' Im Sactisonlaccr 13. 

Telex. 418283 T«*l 533TW < 

Jiihanneshurp !■■'» Kr>x 2128 
Telex 8SZ;.7 Tel «3frT54.i 
I.isliun: Pracu Ja Alvina 58-1 L'. I.isben 1 
TeU. v- I1S33 Tel :<6t! 508 
Madrid tspnjncedn 32. Madrid 3. 

Td. 441 8772 


Telex 17803 Tel: 50 00 88 
Tehran. PO. Box 11-1879. 

Telex 2LZ900 Tel: 682893 
Tukvo. 8th Floor. Nihon Keizai Shimbun 
Huildinfi. 1-9*5 Oicmachi. Onyoda-ku. 
Telex J STUM Tel 241 2830 
Washington' -id Floor. 1325 E. Street, 

W . Washininoa D C. 30004 
Tele* 440340 Tel l202i 347 8S76 


WicemsOm I ftp 34 166 

1 Wits onii’minnlK il 127 I . l+ffl i 


30 ' .HJ50 3 0 5 <5 8.7 55 37 RotaflexG R iOp 40 .... tL6 3i 6.1 56 

53 J&69 2 0 8.7 5.8 305 253 SihdftiGH. ... 305 .. 1652 15 9.110.5 

35 "' £68 L0 11.4 <116 740 456 SgqrA.Va) 530 +8 ft Ll * 

« US 10 9716.4 52 33 SouiicUnflMi .ip. 49 -1 <024 45 3.8 63 

115 -l‘ *6X84 3.8 3.710.8 43 32 Tdefu.qonSp..^. 34 .... 132 17 58141 

54 VK 3 7 4.2 9B « 31 Da VNA Sp . 33 1.32 1.7 6 0 13.7 

llit "’U29 0.7 9.8 7B3 J56 111 Tde. Rentals. 132 ... . tS.« 2C 6.7 llA 

37 -1 2»- 3010 5 48 400 308 Thom Seri ._ 354 -2 11.62 3.4 *.9 8.9 

33 -J Ifil « « U £109 £90 Oo. Spcfar. »W UOl +2 MS 22 2 15.0 


50SJ *J L 
L24| 43 3 
J2 171 5 


6 1 5 6 230 176 WrhlTHm*^. 2M*1 7.48 $ 5.S ft lfeT U fSSTlSq ‘ .^.^280 3) 

9.1105 33 18 Wh«a Fdyjop g L34 SB 6.3 2.9h9g ,53 Pnfwtyi&i t.-. 152 - -rf. tt«.59 9.< 

H ft. S ^ Wond'SUtSte o . :% ^d4 35 03 25j34JhS3 - 128 PweroKraftp^ 1^ -2:[*W*5 i 


3.S 63 34 
5 8141 


28*;K;-:.;1.236 -| 0.' 


1.32 1.71 60] 13.7 


FOOD, GROCERIES, ETC. 


M2' *111 74" FtaheralDfcnQ. loaf. U R6.94 T.fi 93 

860 . 400 FMoIcEb k&ra£.' 405 i-5 .Q30c ^37> 

76 6T- FnacliThos.ap 65=-. .; p 45 b& 
‘ 112' 85- FriedandDCt-. 9S-' I... . 71.4 53 

.132 65 CJl ; UB-.v j 5*3 .- ' 8-1 


'6T.I : >i*.-. :i 
•62* ?*.:■> . 

H.sSte 4 :: -2 

=* 

L 5 a i 'r«o ^ ? • 

‘98 4 H 

9.4 j T.:.-:. .. 


— v" r-i 

s 0 . iCs.- r - ■ '• 

68 SJ? 

5 . 


147 99 Wilsonii. mmnllyil 127 td2i 

101 63 WiDW<iec»- .) 79*; -*; 0 ifi 


CHEMICALS, PLASTICS 


ADVERTISEMENT OFFICES 

Birminsbam GxMrse Hxhim.*, Oiiinlc Read. 

Telex &WHT.& Tel. 02HS4 Ott^i 
Edinburgh: 37 Ceori!i‘ Si reel. 

Telex TL’484 id: Kll-^Ifi 4139 


Fran Whit Im SachsunLtcer 13, 

Tele a 1K163 Tel .VM6K7 
Lr«d.i Perm-inenl llmn'-e. The Headrow. 
Tel- OK 12 4&4&t» ■ 


Manchester Queen's House. Queen Street 
Telex 08JBI3 Ted. 061-EH 9881 
.New York: 75 Rockefeller Plaza. N.Y. 10019 
Teles 238409 Td: «212i 489 8300 
I'ans: 36 Rue du Senlier. 75002. 

Telex 220U44 Tel: 2388801 
Tiikxo- Kasahara Building. I-S-10 l.'ehikanda, 
fTiiyoda-lni. Tdc* J 27104 Tel: 2S-S 4050 


Overseas advertisement representatives in 
Central and South Amenta, Africa, ihe .Middle East. Asia and the Far East. 
For farther details, please contact: 

Overseas Advertisement Department. 

Financial Times, Bracken House. io. Cannon Street. London EC4P 4BY 


SUBSCRIPTIONS 

Copies nhtainahle bran newsagents and h^okslalls worldwide or on regular subscription from 
SjLvs-ription Pcpariinvni. Pimineiul Times, London 


£11*4 600 AKTO . . .. £10i e . 

302 220 .M-zmabrlud* 221 n -4 

146 84 Mida Pack 10p . 143 .. 

90 61 .UrdCMIudltfp 70 -1 

79 60 Anchor Chem. 72 

£57 £401? Ba-erAli [41 jU £51^ +% 
775 122 WaKden Nuokts* 240 -2 

-216 134 BnenlChna-lftp 187 

31 19 Brit Bcn/r,| H n , 301. . 

•66 45 Brit Tar Phi Hip 47 

j 14lj 9*i Bundlap ,. 9*; .... 

41 27 ,, arfess'ap.-l Hip. 31 

j 49 4l I'atulin 43 ....: 

£95 £87 Mhalgy ?. 4 SIji £92U 

£83 f«ff“Wnutl W £86'? +*; 
£981; £33 U.^VnvSlSli £85*; . . 
81 64 lYdiie'Vm . . 71 -1 

79 59 uales Brij. 73re 

78 57 [to *VM .. _. 69u: 

27 19 uvxiiluniieinp 19 

65 401 1 C rorta Ini Iftr, 54 

34 30 i/ahlWMii. 32 

-40 16 1 ijslalaiu* r ip . 31*; -*; 

111'; b9 EllisA Fzcntfd . 93 

65 42 Emilun PlicJu-x . 65$ 

75 36 Hum Fowl 69 -1 

W 311 Fhnpx£l ._ . 311 u: -13 


iZm o.q ±il2i* 258 180 AP.V.30p„J._ 197 ... t5.8 44 4.4 7J 1|9 104 Bnt6ttjar bOp. . 141 - -2 rM.82 4.9 

33 45 a5 138 104 Aciow... 120 -2 t2.53 4 2 3.2111 33 23 Bni yeafjj%. 23 ...... ffi.52 73 

, S 1 19101 80 111 68 Do. "A" 87 -1 *2.53 4.2 44 80 5^2 93 Brooke Bend -h 3.09 L9 

^Sk ft Si - 310 225 .W«eftfiroup.„ 292 10.0 38 5.1 7.7J « ^^i^Sch'fs.. 5fz 3^9. U 

ng<^ ft 19.4 — 165 137 Alran nluttsiuum. 140 9.9 2.9110 4.7} 66 41 tan's Silling 64*-. ...... 1267 3J 


ftj *9.q — I 65 46 .MlemE'baliour 58 
4 7j 5 9| 541 52*« 33»* .Alien «r.fi 44 


4 40 lmlijiMlflM 71 Cartiers 3Jn ~ -9fciih":..Jbd2Al 
hL56 33) B.7I 3.91 W 42 aiTbedSiries.. 5& L- L94, 


5.1 4.3 40 H HanULm*lZjp_ 40 . -... 

L4 6.0 IM ,6? HanimexQiac. ' 6ft - -3. 

93166*154 121 Hana»Trast_J -1 

85 17.L5 £89 CT5 DftSjpc CnrWOl £76 _,J 

6.2 4.6 61 51 Rahjearesaiji. 60 .v..J 

3.7 89 95 65 HsrQK<7b.«2o£. 76 ^ 

5.0 fc5 W- 43 BamrtgicMon. 43 


- ll 

434*. S 
t3:0T. ^ 


*2s. . 

Sf 

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V74 \i-yi ;...* • , ’’v 


& St SKia JP-riSUMaMIS K IBKit- “I wii* 


77*2 1 56 |HajlcwifsP. 






4 *'• -'4 .- ,.'..\Sa 

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jj. 


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FflfbeMOp" 


8.0 8? 
2.8 11 J 
108105 


3 n 13.21 CI94 
b4f 7.4 E1U 


PEOPSCTY— Contiused 

nr] So* [ Frier |*J"| £ |cw|5s|wB 

5 1554 f L7I l 


TRUSTS — Continued 


FINANCE, LAND— Continued 


nalffUflflv.'Sa 




<<£>! 




irt P3? 

181 154 
• \ 43 28 

; f* % 

’ zij* 10 

. « 25 

:i J 

3Z7 


RcgiaulPrapu-] 74 

,W * ■ " 67 


Do WMVinv.SO 




B* 

75 
194 
90 
102 
100 
87 
94 

162 1124 


193 
Bi*b Low 


j-r w !««■ Vid! 

- \>l I'lT l.r\ IKE 


M 1 


NEW JAPAN SECURITIES 

Tokyo, Japan 

.Mew Japan Securities Europe Limited I 

I. .'wujil. L • i r ?H - 7 JH T.l (. c 36 ' , SV 3 
• PianHon Oitice: 7 .-‘ r^'v *>n 


mg 

mgh \m 


MINES— Confciimed . 

AUSTRALIAN 

| f* orj Wt. 

Sock I Frit* I - | Net 


ItoL»;i d ‘jij 


M— w roial Vehicles 

118 [-4 12.46 imi 3.1 1 25 


10p 63’ 


IS 6.613.0 
45 3 9 7.0 
♦ 2.4 * 


!f iag.| 

0.9j 12.51 Mi 
11 9.1 35 


104 
135 
205 cc 

4«’ EiviftssL'l 491 , 
97 
86 
162 
44 
35ot 


Da Con-. ’Op 


:w; 


SiV-, 


v-. 


"E 




Mir Gt*»J 100 

rc CUt SZl £180 

5 ?f 


i 


Ml 

& 


20 6.66 M 7. 
3413.3 33 

21 9.9 6.4 
4.1 6S 48 


27] 5Jjl0.7 
4.2 8 J 4 3 

uj 9 . 0 I 10.2 
1 41 11.0 100 
3ij 3 . 9 12.4 
3.1 4 9 3 

3.1 6.6 4 7 
2.i\ 7.4 7.9 


m 


74 

22 

29 

32tf 

6 

14 


54 

55 

’a»rri 'Dundee* I 20 
58 
35 
32 

37>j 

,115 

£70U-Du7Mieb8a7 CTO';. 

31 JCiwW^ril ... -1 34 

49»a lull 1 8?-t 


$6.7 Z 
d0.42 3. 
100 2 . 
t439 3. 


r": 




Culler Guard 


liiiulan&mor 


510 i a |- 3 a [QELIc 


T[| 


1C 

1400 ->2 


I 


RradfoniProp. 


Da Cap W — ■ 




257 154 
34 21 


21*2 u>2 

61 46 


NOTES 


L'nlnu Mbmriir Indicated, [new and n« d>iidud< 01* in 
pence and drjxmunatiens arc SSp. EKtimatrtl priceWnlng* 
nlloa and cmbsuc band no Untanand RinrttDdXMnli 
and. where pwdifc are d printed 03 bail-rsrlt figure*. WSi are 
calculated on the basis of net duanbuUoa. braciielnl n go res 
radical* ID per cr»L or mare difference il cafralMrd on "nil - * 
dirinbaiion. Owen are taunl on Mantuno - drsulbnclnn.. 
Yields arc based on middle prices, ore cron, adjusted to ACT of 
M per rent and allow for »alo» at declaim AdritalHw aad 
ngbiv Stvcrilir* with r>pciiiiicjti<nLi albrr Ibao sierfiag are 
quolol i aviator of the luicrtmrnl dollar prradum. 

I .wet] mi: rt*notiun.iIc *1 .cvunlier which include mve-unent 
nollur premium. 

• T..u Sli- 1 

• iiiur.s and Luui m.irte .1 inu.* ha>e ■«« sa;'jnci :« .-.Ifn-s. 
inr r:r.hi- i-e-LO;- for cst-h 

t ,'nlerir.i since 1 ncrr.-a.x 3 J or rp-,u.v«*il 
; Inter. m 'ince reduced metd nr 'Inferred. 
tl "i.i i-frm in nm- residents nn bi-olication 
t> >' icuros or report awiii’vl. 

II Lnlio-.-J -.ncuriTy 
t Pn'L .if lime nf suspensive 

9 Indir.Ui.il .LnUeiid .iti-r pcnHinc — rl (• ini I or rct-.t" :«sue; 

.•l' cr relates .0 nrei.mf idvnn- 01 lor>A.v:« 

*■ MdWf hid or n.-uruj:i,.<ilior. if. progrot, 
f ?JW .-'.gnuararie 

t h.imc 1 nUrnai ri-ducotf i:r.il ami pr rti-.i jeesi earnings 

inOn.iii.-d 

4 Koi.-mc «*(■ idi.-nil i-i.-.er un ean.ing* h> lafcct 

m: mm sr.denieiii 

: ."•..•r allow. 1 nr cr>n-.cr'-iiM ■■! ,-hari-s r.oi r.-.w ra..l-inr for 
ifi ads nr rank in ■; ynl> f-w rc-irn-in« dii-.iM-ud 
Jt ■ v.i-r din-, re.-t alio*. |**r lure rhl.-li mj» i-K> vn, lor 
1I1 i0->nj at a I mu re drue ‘ii- f* K .-.ilo u.uali.. I'ffls.drd. 
V Eolu-linr a final diiuK-aO dec larai inn 
r F.i-t io:/l pnee 
|[ ”n |ur ralll* 

a T»J free h future*. hj^e*l on n~e|— .-r.is >r mher .''flcial 
CtJ_:u •[•.• e 1 cnL. d I ■!•. nlend rale |Knd i.r |d< ihlc f-n part 
r<i &i*Mil.iJ i-mer h*-eif un i1ivi-ji-r.il uu lull cniuUiL 
c fli.ili-ruiHii-n > n.-lri I Hjl yield | A ..udiocJ Jivujend und 
sie'-J ]■ A- -lined di-idend and yield alter .-crip ismc 
J In/ni capital oourcen. h Kenya m Imcn-n hicher 

than preimus lotdl n RiRhld i*-«-je pending q gamings 
based .m irel 1 mi nary figures a Dividend and yield ■."'elude a 
1 aped hi paynn-nL I Indicated limriend rou-r riJalft^ to 
prevvtus dividend. P'E ratio fused im latest annual 
cannms o Forecast dividend, cenex fused on prei iuu*. far i 
earnir\(s. v Tox free up to 3Up in the t or Ylvln alleiw ft.r 

currency cJauve. y Dividend and yield based on roerecr leant 
itH.idcmi und yield include a special p-jymerr. Ccncr •I'X-s net 
apply Id special paynvDL A Net .Jiiirfonri anti yitlrt A 
Prelerenc*.- ilividftlM pa.tM.-d or delcrrcd C Cimadi-m. E is*uie 
price. F Dividend arid Meld based on pnwpb'lcs ■« other 
eCIiLiul C'timiites for I!)M(| *1 \SMjmed dividend und yield 
after renJint *cnp and.tir rirhir iswe II t"i< Idend and y icld 
based on proiqsMtus or uther offic.ul cwiiaai-.* !or 
1PT8-7S. K figures ba**d an prosper In.* or ithcr i-.flici.il 
CKO males for ISTO. M CHndend and yield bused on pro:. 7 «ctu * 
ur ether ofQciul eel i mates for IffTb N Dividend and y ield 
hh5c*l on rmpertm t* ottier rfllcirt eriintries. lor 1*759. P 
Figures based on prospect iis tv other official ostimal'is far 
ISTS-n U iJriMs T ripiro as.-mmed. Z Uivitlcnil lalsi !o 
dele. H vield based on assumption Treasury' BUI Rale slays 
unchanged until mal'iniy of -Jock. . 

Abbreviations- d ex rti’idend: eex scrip irsuc; rex right*: oes 
i 2 ii ^ silt d ti capital distniiutiein. 

1.0 12.7 * 

lo 14.1 “ Recent Issues ” and " Sights ” Page 40 
20 3.0 

23 4.7 -nus service is available to every Company dealt in on 
27 103 Stock Exchanges throughout the United Kingdom (or a 
L7 1?0 fee of £400 per anoain for each seenrity 

27 6.4 

24 6.9 
♦ 124 


r<TniafBiKf 




t 


New Wil 50r. 


k'ellockWP 


207 

s J 

AP 

22 
9 
54 
40 
14 
S 
114 

21 

30 

4?^ 

235 

18 
130 
44 
42 


Peel Mill.-' 

Sheffield Brick 


OPTIONS 

3-nsontk Call Rsies ’ 


lwfPSnals 


,I‘-I . 

6 l »l , *iinpy M . 


A.P Cemi-ut— I 10 ll.l'.l-. 


20 Tiifie In'cs.'. 30 I 

6 l.'nileior. 35 ! 

20 rtH Iirapeiy 71 ? 

8 Vickery 15 

3 fVe<il worths 5 1 

17 


[\K\y 


AND PLATINUM 


r'S EL 9 lmere.sk 8 Vickers 115 

Babcock 11 k '-"A . .. ... 3 iveol worths J 5 

Bflltlbvg Bank 25 Ladhroko .. 17 

Beechani 35 Lepal&tien... 14 Pinperty 

Bootf Dreg — IS BriLi^arJ 31 ,. 

Bowaier* - JJf ^2 ; - ? p roimUes 41, 

BA.T 24 "Lofy. ... 4 E «t 5‘ 

Brtlishi>;ycen 6 Umdon Brick 5 ; rifTOjr ^^- q 

*row\\ - 20 Lenrho ....... 5 Lep^Secs..... 16 

Burron • *. 1*. Luraylnd? _... 25 \ffiPC._ 1? 

Cadbito^--- 5 lrnnj»J»--~ 10 Poach ey ? 

lATUrtaii^ .. 10 " i„ Samuel FYnpc.. 9 


Audo-AnilnT50c_ 

DeBeeraW.sc 

Da«pcFtR5_ 


rirfienh3T»... 8 MrtetSpnrr 10 
PMillenM .. 15 Midland Hank 25 


Dunluti. .. 7 t* 1 

KMleMjr ... 13 Vid Wests* 
£h! I J4 Bn- W'.-srni 

Oen. \rciiienl 17 I'StfJDfri ■. 

(>11 Elec Irii:. IS Wescuy... .. 


M rta & Spntrr 10 * n 2?" ,, 

Midland Hank 25 1 ‘ I 

K • . U uh 


13 Vai West SfC»- 22 , ' 

J4 Du. W’.-srnml.- 10 nrjf Mfiiletnn 

17 I'tWlMri-. 8 P.nm»h f>ii . 

13 Plescui S ''hartcrliAll..,. 

30 HUM'. 5 Shell 

9 Rank ur= - V .19 nireirwr 

20 Reed Urfrti 12 ... 

18 Splll-rs . . 3 ■ 1,n " 

a XV' A 2, ' harlfr '"•inf | 

2 Q Thivn *2 Cpjy- , Hflg . 


rilavo « £•".’! 

Grand V-f 9 , 

GL’.S' 4 ' ■■ 70 Reed infrti 

Guardian. . . 18 SplU-rs . 

15 K.N - - 22 Tr>-r " 

Hawser 20 Thivn 


hankie Coi.Bhl 


House 'ifFre.-cr ! 12 ITniH Houses .! 15 lRir.T iinc | 

A selecnon of Options traded 1* Riven oa the 
irmrfqn Stock Exchange Report page 





















































































































































































FINANCIAL TIMES 


Why invest in fixed assets? 


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Thursday November 16 197S 


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Fears of recession 


Government to 


THE LEX COLUMN 


as OECD talks start J* £52m int ? 

BY ROBERT MAUTHNER PARIS. Nov. 15. Belfast car plant 


ibins a cash 


BY ROBERT MAUTHNER 

FEARS OF a world recession 
next year, as a direct result of 
President Carter's recent anti- 
inflation package, will cast a 
shadow over the iwo-day meet] ns 
of the OECD's high-level 
Economic Policy Committee, 
starting here tomorrow. 

Most of the forecasts prepared 
by the OECD Secretariat for the 
meeting of officials from member 
countries, will have to be revised 
as a result of the latest U.S. 
measures which, it is widely 
believed, will result in a slower 
rate of growth in the Western 
world than was originally 
predicted. 

The concerted recovery pro- 
gramme adopted at the Western 
Economic summit in July, while 
s till basically valid in the eyes 
of the OECD Secretariat, clearl,- 
needs to be reviewed in the light 
or the latest international 
developments. For the U.S. 
growth rate, which President 
Carter said was likely to be 
about 4 per tent next year, will 
almost certainly fall well short 
of this figure. 

While U.S. officials arc >lill 


talking publicly of a 3 per cent 
sravtfi rat*» next year, private 
forecasting institutes are pre- 
dicting a year-on-yea r increase of 
oo more than 2 per cent, with 
growth declining even more in 
the second half of nest year at 
an annual rate. 

The OECD Secretariat is 
plainly in a quandary. Having 
urged the U.S. to concentrate on 
lowering inflation and bringing 
its current account into balance, 
it can burdly complain about 
the slops taken by the American 
Administration. 

But there are serious doubts 
that the expansionary measures 
taken by West Germany and 
japan, even if they are fully 
implemented, will compensate 
for the depressive effect on the 
world economy of the U.S. anti- 
in dati unary package. 

International officials are not 
even convinced that President 
Carter will achieve the goals 
which he has set himself. They 
point uut that, over the past 
year, the U.S. balance of pay- 
ment? has benefited ’ from low 
raw material import prices, a 


PARIS. Nov. 15. 

’falling dollar rate and stable oil 
prices. ‘ 

Commodity prices however, are 
rising -again and an early sub- 
stantial increase in oil prices is 
a virtual certainty. While it was 
originally thought .that oil prices 
might go up by no more than 5 
to 7 per cent, this estimate is 
now* considered to be over- 
optimistic. The experts at OECD 
headquarters here are working 
on the assumption that the rise 
will probably be about 10 to 15 
per cent. 

Since a 5 per cent rise in oil 
prices is estimated to cause a 
deterioration of S2bn in tbe U.S. 
payments balance, it is cob- 
sidered improbable that tbe U-S. 
will manage to attain its target 
of cutting the current account 
deficit by about half next year, 
from the $17bn-$20bn range, 
even if growth falls to 2.5 to 3 
per cent. 

“ We are in for a tough time." 
a high official said. “We can 
only hope that there is enough 
momentum in the West German 
and Japanese, economies to pre- 
vent too serious a recession next 
year." 


U.S. warning to partners 
over trade subsidies 


BY REGINALD DALE 

THE U.S. today stepped up the 
pressure on its main trading 
partners as the troubled Tokyo 
round of International trade 
talks went into its final phase. 

Mr. Alan Wolff. U.S. depoty 
special trade negotiator, warned 
that the Administration nilpht 
decide not to present Congress 
with the outcome of the ruitnd 
—the world's most com prul ten- 
sive-eve r trade negotiation — if 
other countries did nut agree to 
satisfy new rules on Govern- 
ment subsidies that distort the 
llow of imports and exports. 

Without Congressional ratifica- 
tion. the five-y ear-long effort io 
revitalise the rules of world 
trade, and ward off protectionism 
in the coming decade, would 
collapse. 

The subsidies i*»ue was "on 
y knife edge. ’ with no room fur 
manoeuvre on either side. Mr. 
Wolff said. U.S. officials later 
confirmed that if other countries 
would not accept a subsidies 
agreement, there was "no 
deal." 

The warning came as repre- 
sentatives of the world's leading 
economic powers began three 
days of io tensive negotiations 
aimed at putting the round back 
on course. 

Mr. Robert Strauss, the U.S. 
special trade negotiator, has 


GENEVA, Nov. 15. 


BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT 

THE Government is to provide should speed the process of 
£52m towards the setting-up qf bringing the new car to the 
tbe De Lorean sporLs car pro- market 

ject in West Belfast and Group Mr. De Lorean, who had a 
Lotus, the British specialist car meeting with Mr. Roy Mason, the 
concern, is to help with design Northern Ireland Secretary, in 
and engineering. New York on Tuesday, said last 

The Government wifi receive a *h a * Motor had 

payment for every car produced t o r ^olace U tiie ltS Bri^k>? f? orts 
pkb fnp Aii>h nf * 1 .^ sra 10 000 t0 rcp^ce the British Govern- 
Si « ® n cent's £17.757m of equity capital 

and £45 a car from then on. wilh u s . financing after a time. 

IF De Lorean Motor achieves He had hoped to file necessary 
its forecast production rates of documents with the TJ.S. Securi- 
20,000 in the first year and 30.000 ties and Exchange Commission 
a year subsequently- the this week, but this might be 
Exchequer will get its money delayed because some suppliers 
back in 30 years. had not yet provided all the 

Tbe scale of tbe Govern merit's- ^ ? 01 ?* 
contribution is much larger than mcai work still had to be 

of M siate 0n for C °NoX 0 S 

T’v ? m ° ri *»* details of liXS 

“ ioumod ■m'kuST i 10 tbe C °-™° ns 

It works out at £26.471 for each * The Northern Ireland Develop- 
of the 2,000 jobs .to be created by ment Agency was committed to 
the project in one of the UK's an equity investment of £17.757m. 
worst unemployment W.ick spots. Grants of £lS.718m would be 
De Loreao Motor is expected given by the Northern Irel’and 
to provide about £20m as its Department of Commerce 
share of the project cost- towards the cost of factory con- 

Full details will be jntK'unced. structioc and plant machinery 
today of a link with Group and equipment, and £9.75m in 
Lotus for completion of the employment grants in respect of 
design and engineering of the first 1.500 employees; and 
De Lorean's DMC-I2 sports car. loans of £6.718ra towards the 
which is aimed mainly at the cost of factory construction 
American market ’ (secured by a first charge on 

It is understood that work on the factory premises), 
prototypes has becun at the No rent will he charged for 
T.otus plant and that a joint the first three years on the exist- 
Lotus-De Lorean engineering ing factory which is being leased 
team is to be established. This from the Department. 


cure at Beecham 


made it clear he will be press- 
ing the o.iier main participants — 
the EEC and Japan— to set the 
stage in the coming days for a 
i-fimpivhensive package agree- 
ment by 'he end of the year. 

The iall> received a severe jolt 
last mo nth when tbe U.S. Con- 
gress failed to extend legislation 
freeing the Administration of an 
obligation io impose countervail- 
ing duties on subsidised imports. 
The EEC partly retorted that 
it would not negotiate under the 
threat of a trade war. 

Now that tempers have cooled, 
however. Community officials 
appear to be acknowledging that 
the Nine over reacted to the lapse 
by Congress, which was almost 
certainly not deliberate. The 
countervailing duty waiver runs 
out in early January, before 
Congress has another V-bauce to 
renew it. 

Waiver problem 

The U.S. has been making big 
efforts over the last few days to 
convince its partners that the 
difficulty is not insoluble, and 
Mr. Strauss will doubtless make 
the point again this week. Never- 
theless, Administration lawyers 
in Washington are still trying to 
find a legal way of coping with 
tbe problem. 


The Community, following Mr. 
Strauss's visit to Brussels last 
week, is far from fully satisfied 
with Washington's assurances. 
But the European Commission, 
which negotiates on behalf of the 
Nine member states, now seems 
increasingly inclined to press! 
ahead regardless. Commission 
officials today said they intended 
going as far as possible over tbe 
next few days, and suggested that 
final approval of the outcome 
might be left until January, when; 
the Community can see whether 
the waiver problem has been 
solved. 

This means that next week's 
Brussels meeting of the EEC 
Council of Foreign Ministers 
could be crucial io deciding the 
fate of the Tokyo round. Herr 
Wilhelm Haferkamp. the Com- 
missioner for External Relations. 
wi| be reporting on this week's 
talks and seeking fresh guidance 
from Ministers. All parties still 
agree ihat a package could 
theoretically be agreed by 
about the end of the year, given 
the necessary political determina- 
tion. - ' 

The main outstanding problem 
areas remain subsidies and [ 
countervailing duties, agricul- 
tural trade, and rules governing 
tbe use of safeguard clauses 
against cheap imports. 


Farm support freeze 
urged by Gundelach 


Ford concession in peace talks 


BY ALAN PIKE AND ARTHUR 

FORD MANAGEMENT last night 
offered an important concession 
in an effort to make its proposed 
attendance payments plan more 
palatable to employees who re- 
jected the company's ** '' pay 

offer earlier this month. 

Tbe company told union 
leaders when negotiations re- 
sumed that workers who failed to 
arrive cm time would lose Uic 
attendance allowance — worth up 
to £4 per week — only if they were 
guilty of persistent latesuess lead- 
ing to suspension. 

Under the original proposals 
employees who were more than 
5 minutes late or laie more than 
once a week, would have lost the 
bonus. 

Ford did not raise its basic pay 
offer, averaging 9.75 per cent, 
during yesterday's, talks and the 
negotiations adjourned after 
eight hours and will resume 
tomorrow. 

During discussions on the 
attendance plan, which the com- 
pany sees as an essential way of 
improving productivity and 


efficiency. Ford also offered to 
relxx the conditions under which 
men who were absent with per- 
mission or sick, would lose tbe 
bonus. The company remains 
dutermined however that workers 
would not receive attendance pay- 
ments for any week, during which 
they were involved in strike 
action, official or unofficial. 

Yesterday's concessions offered 
by tbe company on the 
attendance plan will be welcomed 
by employees. 

Tbe fact that the two sides 
are meeting again tomorrow, give 
some cause for hope that the two- 
month long Ford strike may now 
be coming closer to a solution. 
However, shop stewards on the 
negotiating committee arc un- 
likely to see the changes in the 
attendance plan as sufficient 
reason to recommend acceptance 
of the company's 17 per cent total 
package 

The combined effects of the 
Ford strike and BL's troubles in 
Birmingham are now leading to 
layoffs in component suppliers. 


Lucas Electrical announced 
yesterday that five of its 14 fac- 
tories in the Midlands would be 
forced to go on short-time from 
the middle of next week. 
Thousands of employees will be 
affected by the move which, said 
the company, had been “delayed 
until the last possible moment." 

GKN San key has told trade 
union leaders that 300 redun- 
dancies will be necessary at fac- 
tories in Bifston and Telford, 
partly due to the Ford strike aod 
partly to the recession in the 
world tractor market Guest 
Keen and Xettieford also 
warned that continuation of the 
stoppage at BL's Drews Lane 
component plant could lead to 
short-time working and lay-offs. 

The number of workers made 
idle hy the strike at a BL Cars 
components plant v/as approach-! 
ing 30.000 last eight. Shop; 
stewards at Drews Lane meet, 
today .to prepare a report for a 
mass meeting of the 3.500 
strikers likely to be held in tbe 
next few days. 


BY MARGARET VAN HATTEM 

MR. FINN 0LAV GUNDELACH. 
the EEC Agrii’uititral Commis- 
sioner. is expected to press for 
an across-the-board freeze on 
farm support prices in next 
year's farm price review. 

Broad proposals for a general 
freeze, supplemented by mea- 
sures to bring milk supply back 
into line with demand and io 
give direct financial aid to the 
bardest-bit dairy farmers. 3 re 
almost completed. 

They will go before the EEC 
Commission on November 29 
when they are not expected to 
meet strong opposition, and to 
the EEC Heads of State meeting 
in Brussels nn December 4 and 5. 
A more detailed set of proposals 
Is expected to go before agricul- 
ture ministers meeting here on 
December 11 and 12. 

In initial discuss idiis on prices 
last week, the EEC Commision 
came out in favour of a very- 
tight prices policy, continuing 
the trend of tbe past two years. 

It is suggested that although 
a price freeze — the first since 
1971 — would meet strong pro- 
tests from the farm lobby, the 
case for price rises is particu- 
larly weak this year: ' 

Dairy products and sugar are 
still heavily in snrplns and the 
so-called “ objective method " 
used each year to calculate the 
farm price rises needed to off- 
set mounting costs indicate*: a 
marginal rise fur next year, com- 
pared with a rise of more than 
4 per cenr in 19S0. . 

The Commission and farmers’ 


BRUSSELS, Nov. 15. 

organisations are said to agree 
on this point. 

Although Mr. Gundelach has 
not publicly stated his inten- 
tions. he gave some indication of, 
his thinking at a private meet- 1 
ing in Brussels last Friday with 
COPA. the organisation repre- 
senting EEC farmers’ associ- 
ations. 

Mr. Gundelach is said to have 
told COPA that the endemic 
EEC problem of high food sur- 
pluses had been aggravated by 
this year's record harvests, re- 
inforcing the need for a tight 
prices policy. . 

He hinted that the wide 
regional disparities in farm in- 
comes might be attacked through 
a form of incomes policy, with 
direct aids for the less-privileged 
farmers. 

On tbe question oF “green 
currencies” — the exchange rates 
used to convert support prices 
from units of account into 
national currencies — Mr. Gunde- 
lacb is believed to be reserving 
his judgment until it is clear 
how many countries plan to join 
the proposed European monetary 
system IEMSI. and when. 

The wide disparities in green 
rates allow weak -currency coun- 
tries to devalue their green rates, 
and thus raise prices. 

In the unlikely event of all 
EEC members joining tbe EMS. a 
radical attack on green curren- 
cies would be possible. Other- 
wise, a minor green rate devalua- 
tion may be proDOsed. 

Britain attacks butter sale to 
Russia. Page 39 


Although the credibility of 
the new Treasury economic 
-forecasts • suffers from the 
political need to assume -7 per 
cent earnings growth, the clear 
picture emerges of an 
obstinately high borrowing 
requirement At £Sbn, how- 
ever, the 1978-79 PSBR esti- 
mate is £0.5bn lower than the 
Red! Book version last April, 
and there have been more 
pessimistic estimates in the 
City than the Treasury’s £8.5bn 
for 1979-50. 

Beecham Group 

Beecham does not often ask 
its shareholders for money (the 
last time was 23 years ago) so 
there must be good reasons for 
the surprise oce-for-ten rights 
issue at 560p announced yes- 
terday. All the same, there 
were oue or two unkind re- 
marks around tbe City yester- 
day for a group which has 
passed up what, in terms of 
market conditions, were better 
opportunities for a rights issue 
in tbe past couple of years (re- 
fusing, for instance, to use this 
as a way round dividend con- 
trols). Instead. Beecham has. 
chosen a time to suit itself — 
even though its shares have 
been under something of a 
cloud because of difficulties 
over Amoxycillin patents and 
prices in the U.S. But in fact 
the institutions were happy 
enough to sub-nnderwrite the- 
issue. They pocketed around 
£lm. which Beecham could have 
saved if it had chosen non- 
underwritten terms of one-for- 
five at 280p. 

Why does a group which 
showed net liquid resources of 
E84m in its last balance sheet 
need cash ? Beecham explains 
Lh3t the existing cash is all 
overseas, whereas its -biggest 
commitments are now in the 
UK. Against UK trading profits 
of £26m last year, it is paying 
out around £30m in dividends 
and its UK fixed investment 
plans average £35m annually 
for the next three years. It 
also recently paid £14m for a 
UK acquisition, Scott and 
Bourne. Apparently Beecham 
does not want to repatriate 
funds unless there ts do alter- 
native. A secondary reason for 
expanding the equity base is 
that on some . of the more 
rigorous formulae the group's 
gearing can be made to look 
moderately high— funded debt, 
for instance, ..is 39 per cent of 
capital -employed net of good- 
will— and the U.S. bond market 
could now be a little easier to 
tap. 

Fair enough, given that this 


Index fell 11.9 to 475.6 



I ' 0 4 E » # RJ J AS.9K ..I 

J 

is anyway a light issue. But 
tbe market likes a sweetener, 
and it did not find one in the 
promised 15 per cent dividend 
rise or in the modest’ first half 
profits growth rate which, at 10 
per cent, is Beecham’s slowest 
for quite a while. The shares 
lost 27p to 623 p. about twice tbe 
drop which could have been ex- 
plained by the general market 
movement. 

Woolworth 

As so often before, Wool- 
worth’s results are slightly dis- 
appointing: third quarter pre- 
tax profits rose only 3.5 per 
cent to £ 10.45m. Despite some 
volume gains gross margins are 
under pressure as supermarkets, 
moving away from food, in- 
creasingly impinge on some of 
the group's traditional consumer 
goods business. It is encourag- 
ing. though, that the company 
is at last planning to raise 
capital spending— by 50 per 
cent next year to £27m. 

Even if Woolworth again does 
well in the vital Christmas 
quarter and shows pre-tax pro- 
fit* -of £54/55ra for the year, 
subsequent progress may be 
very slow. The chief attraction 
of the shares remains the yield, 
a historic 9.2 per cent at 671 p. 

Chloride 

Chloride's interim pre-tax pro- 
fits have jumped from £7-2m to 
£12.1m. However. £3m of the 
improvement reflects the 
absence of last year’s strikes and 
compared with the outturn a 
couple- of years ago. when the 
company eimed £ 10.8m. the 
performance does not look too 
impressive. In the intervening 
period, for example, sales have 
risen three times as fast as 
profits. 


In terms of sales volumes 
Chloride seems to have done 
remarkably well, recovering its 
market share in the aftermath 
of last year’s nine week strike. 
In Europe, which takes in the 
UK, industrial battery sales 
volume is claimed to be up by a 
massive 70 per cent and in the 
case of automotive, batteries the 
growth is of the order of 30 
per cent Even after adjusting 
for the distortions caused by the 
strike Chloride reckons that in 
volume terms sales of its motive 
power units (which go into fork 
lift tr>*-ks. mHkff"- 
risen by a third over the last 
couple of years. 

Clearly, raising sales volume 
is -not a problem. But In 
Europe. Chloride is fighting to 
win market share and profit 
margins are suffering, as they 
are in the U.S. For the full year 
Chloride should make upwards 
of £30 tn (against £25. 1m). How- 
ever. it needs to improve its 
margins if it is going to re- 
furbish its growth image. r *At 
lllp. the shares yield 7 .per 
cent. 


Philips 


The “ Dutch disease ” has 
severely affected Philips’ third 
quarter figures. Despite the fact 
that group sales volume is up 
8 per cent in the three months, 
net profit shows a decline of 14 
per cent to FI 120m. The most 
important factor has been tbe 
weakness of tbe dollar against 
the guilder-evidenced by the 
increase from FI73m to FI 1 30m 
in the item ** other charges.” 

But Philips is also citing con- 
tinued cost increases and 
stiffer competition in Europe, 
the group’s main area of oper- 
ation. According to figures 
released by Philips, US. and 
Japanese labour costs are how 
only about 80 to 85 per cent of 
those in Holland. This con- 
trasts dramatically with J970, 
when it calculates U-S. costs 
were more than, double those 
of Holland. An internal study 
of group operations in Holland 
has concluded that Philips may 
have to shed almost 25 per cent 
of its 85.000 workforce therein 
the next 12 years— nuJess new 
products are developed. 

Philips’ shires dropped 30 
cents in Amsterdam to F124.6U 
—near to the low for tbe year. 
Forecasts of net profit for the 
year may now be trimmed 
back to around. F1640m— about 
the same as last year. Neverthe- 
less the shares have their 
atractions on a prospective p/e 
of over 7, with a yield of 7.3 per 
cent 


Continued from Page 1 

Healey: No more talks 


Bonn expects only UK to say 6 no’ 


any fresh proposals f° r a new 
anti-inflation policy to fill the 
vacuum Idt by the’ trade unions’ 
rejection on ' Tuesday of the 
joint TUC statement with the 
Government. 

Instead, ii repeated its belief 
rhar the right course for the 
Government is to relax the im- 
plementation <ff iis 5 per cent 
limit while adhering to that 
figure as a broad target. 

The eon federal ion a ho pro- 


Continued from Page 1 


were an Italian he would not 
go for wider margins at all. but 
that does not meet Italy's 
particular difficulties. A formula 
has to be found to ensure that 
llalv does nut appear lo be a 
second-class participant in the 
system but rather a member, 
with full rights aod duties, that 
has temporarily taken advantage 
of the technical possibility 
specifically built into the 
system. 

Ireland, the other conceivable 
non-participant, has made clear 
to the West Germans that it does 
not want wider margins, but it 
does need funds lo develop its 
economy. Bonn has promised 
active support for subsidising 
the. interest rates of loans from 
the European Investment Bank 
and perhaps from other Com- 
munity facilities. 

If that Community course 
became more blocked. Bonn 
would also support provision of 
funds specifically For Ireland 
land Italy! from the resources 
Of countries participating in 


the system. Ireland wants 
£650m over five years — more, if 
Britain stays out of the system. 
The current view is that Ireland 
will receive enough of what it 
says it needs to persuade it to 
become a member. 

West Germany' is also well 
aware that more resources might 
be devoted to the Community’s 
region a I and social funds if a 
more restrained attitude were 
taken in the annual agricultural 
price-fixing-— which would help to 
cut surplus production and hence 
the cost of storage and disposaL 

The question is whether such a 
step can be decided by the 
European Council in leas than 
throe weeks' time. That is un- 
likely. But moves towards tiat 
are seen as desirable and will 
become •.-ssemiul as the Com- 
munity approaches enlargement 
to the south. 

Bonn sees other technical mai- 
lers involving operation of the 
system as approaching resolution 
in a way satisfactory itself and. 


just as important, to the Bundes- 
bank. 

That goes, above all. for central 
-bank intervention, the West Ger- 
mans have firmly opposed any 
formula that might have forced 
the Bundesbank to intervene 
alone in the system, forcing up 
domestic money supply and in- 
flation. 

A formula lias been agreed 
with the French and. it is ex- 
pected. will be approved by other 
system members, to ensure mat 
such unilateral intervention will 
nut be compulsory. 

It cannot be maintained that 
all French and .West German 
officials have seen/eye ro eye ail 
this year on the technical details. 
But the shape of what is now 
emerging appears lo coincide 
with the original vision of 
tiic system's instigators — Herr 

Sclunidt and President Valery 
Giscard d'Estaing or France. 

Peter Riddell, writes: Mr. 
Denis Healey, the Chancellor, 
had talks with Herr Manfred 


Lahn<:ein. the State Secretary of 

the West German finance Mink 
5 try. about the European 
monetary proposals. 

It i» the first senior-level 
Anglo-German meeting since the 
heads of Government summit in 
Bonn at :,k- end of !a>t month, 
and thus the first discussion 
since it became clear that the 
UK was unlikelv to join I he 
scheme a, at present constituted. 

Yesterday’s meeting had no 
npecific agenda hut the talks 
were expected to cover the 
remaining differences on the 
intervention mechanism, the size 
of the credit facilities and the 

so-called concurrent studies on 
the Com mu nit v budget and the 
regional and social funds. 

. There has recently been an 
intensive sent* of bilateral 
meetings aimed at easurina that 
toe remaining detailed 
differences on the monetary 
schema can her esulved at next 
Monday's meeting of finance 
minister* in Brussels. 


duced a five-point list of 
demands: 

j — Tbe Government should say 
where it stands on its pay 
While Paper and should “show 
firmness ** in public sector pay 
negotiations. 

1 — The Government should stick 
firmly to its money supply 
targets and “ rein back *’ public 
spending plans, while urging 
moderation in pay settlements. 
3 — It should agree in talks that 
will take place soon with the 
confederation to at least allow 
arbitration on the implementa- 
tion of public sector business 
contract pay clauses. 

A— It should also spell out bow 
it intends to interpret the 
impact of pay rises on prices 
uhen deciding whether to 
operate the clauses and other 
.sanctions. 

^ — It should start immediate 
*" talks with both sides at 
industry on hte long-term reform 
of pay bargaining, including the 
creation of u national economic 
forum to stiumlale public debate 
and understanding about pay 
issues. 

Tn spite of expressing concern 
nliuut the “damage” that Tues- 
day's union rejection would 
cause, the confederation was 
still pleased that there was to 
be no joint statement. 

“We believe that the talks on 
the joint state rjirni should not he 
renewed.” said Sir John 
Slethven. the director-general. 

“Parts of the statement are 
wholly unacen table to employers 
and parts of it are seriously 
ambisuous. Taken as a whole, 
it could be seen as a weakening 
of the Government's determina- 
tion in hold to its counter, 
•filiation policy." 


Weather 


UK TODAY 

MAINLY dry with rain or drizzle 
later. 

London, E. Anglia, E„ S„ central 
N. England, Channel Islands, 
Midlands 

D ry, becom log cloudy, ra in 
later. Max. 10C (50F). 

W. England, Wales 
Cloudy, rain later. Max. 11C 
(52FL 

Lakes, isle of Man, W. Scotland, 
N, Ireland 

Cloudy, some rain. Max. 9C 
(48F) 

NJE. : England, Borders, Central 
Scotland 

Dry, cloudy, rain later. Max. 
SC (46F). 

NJE. Scotland, Orkney, Shetland 
Showers. Max. 6C (43F). 
OUTLOOK: Cloudy and mild. 
• Long-range forecast: Contrast- 
ing spells of cold and inild and 
dry and wet weather, with one 
or two stormy periods. Tempera- 
tures near average. Rainfall 
average In central and S. England 
and S. Wales, 


Has the dollar readied 
aturningpoint? 
v Come to a 
^^^Merrill Lynch 
llMw forum 




BUSINESS CENTRES 


Am swim. 

Athens 

Bahrain 

Barcelona 

Belfast 

Belgrade 

Berli n 

BinnKhm. 

Bristol 

Brussels 

Budapest 

B. Aires 

Crnro 

Cardiff 

Chlcaao 

Cotozne 

Connitagn. 

Dublin 

.Bdlnhrah. 

frankfurt 

Cuocva 

Gluucnr 

HeHnM 

H. Kong 

i o' banc 

Lisbon 

'amdon 

i.mraibre. 


’ VM»r i 
mid-day 1 
m C °F 

S 10 so j Madrid 
S 16 BllMancbsir. 
S 23 ?7 < Melbourne 
■S 17 63 [ Mexico C. 
K 9. Milan ■ 

C 0 33i Montreal 
S 9 4i Munich 
R )4 ST KeuxasUe 
C H J7 New YOHt 
S 11 32 Oslo 
C 0 32 Paris 
S 20 Perth 
S 3 TJ Prague 
C 14 57 RpyWaett 
S 9 IS RtedeJ’o 
S 10 50 Rome 
C 10 50 Singapore 
•R 10 50 sipcWwhn 
R 14 57 Sbrasbr®. 

C T 45 Sydney 
Fg A 38 Tehran , 
R 12 G4 Tel Aviv 
F 5 41 Tokyo 
C 22 nfToronlo 
S 23 7Sj Vienna 
S 15 SSlWarsai# 
r. is S3: Zurich 
C 7 45‘ 


Y'day 
mid-day 
“C «F 
S 12 TH 
C 13 35 
C 16 61 
S 20 «S 
S 9 -4k 
C * 39 
S 13 55 
R lo 39 
S 11 52 
C 7 43 
F 8 « 

n so «* 

s 8 40 
F 1 30 
C 20 79 
S IS 04 
S 30 9* 
« 9 46 

F 9 4S 
S 22 72 
S to 50 
S 19 06 

S 19 66 
C 4 39 
C 0 32 
U 9 49 
Fg 4 39 


HOLIDAY- RESORTS 



S 

IS 

64 Jersey 

C 

12 


Aimers 

S 

20 

6s Las Pirns. 

S 

24 



S 

20 

6S Locarno 

s 

12 

M 

Blackpool 

H 

13 

55 Majorca 

» 

19 

ae 


S 

13 

S3 Malaga 

a 



Bunkum? 

C 

9 

« Malta 

s 

IS 


rasablnca. 

s 


72 Nairobi 

R 

2ft 


ctmeTou-n S 

30 

6S Naples 

F 

17 

63 

Corfu 

s 

I* 

64 Xice 

fi 

?Q 

ft 

ouhrortuk 

s 

XT- 

63 Nicosia 

5 

19 


Faro 

s 

21 

70 nporro 

S 

IS 


Florence 

s 

Is 

64 Hhodc-s 

S 

i*i 


Funchal 

s 

21 

TOSulzburs 

S 

12 

54 

nihraliar 

F 

-19 

SU i Tangier 

s 

2 

7“ 

nuemsey 

c 

14 

57 ITeneiUi- 

s 

21 

TB 

inn«bnjcfc 

s 

9 

4H| Tunis 

V 

19 


mwrnevs 

R 

J 

41 1 Valencia 

s 

IS 

64 


U 

13 

55) Venice 

s 

15 

59 


F 

V 




• 


c— Cloudy. F— Fair. 

5— Sun. 


H— Hare. 
Y3r- Fog. 


' Do you have ■views on where die dollar is going 
next? Merrill Lynch does too - based on vast 
international dealing experience. Whar's more, they can 
suggest some positive courses of action for you totake 
. maximum advantage of current developments in foreign 
■ exchange markets. ... 

. Por instance, itxhedge gainst currency 
fluctuations, Merrill Lynch can help-you to deal in 
. : interest-cate futures or exchange rate futures. Or they 
can help construct a dollar hedging program. Asone of 
the world’s biggest securities firms they have vast 
experience in sophisticated financial techniques. How do 
you start? Simply come and listen to the professionals at 
die next Merritt Lynch forum on Wednesday, 29th 
November. Ifs being held ar 6 p jn. ar tbe Time Life 
.. Bonding, 153 New Bond Street, Liphdoh-Wl .. 

All serious private investors are welcome. You’ll 
"•.■ .find it useful,- sdmulatihg and — in the long run - 
hopefully profitable. Andit’s free. To reserve a place, post 
. die coupon today, or ’phone Susan Frith on 01-493 7242. 

ri^MerriDi^i 1 

1 Mei J Fenner 8 Smith Ltd. i 

{{§ Licaatddealefiut-sexnitcs. 

■ Merrill Lynch Pnsce, Fenner ScSmiih'Lid., . . II 

lSSNawBondStree^LoridonWIYWA. ' | 

I Please reserve placets) for meatyour Dollar Forum ■ 

. cm Wednesday, 29ih November 1978. -' ■ ; 

■ Idodldonoi nhaweU^.dallarhoktingaaiprcxent. ■ ' 

■ Name — ■ — ■-» ; i . ' / ■ -> - i . — 5 « 

I Address-: ' J,' ' ~ | | 

| ' ' ^Nariaiialiiy ’ ‘ B ? 

Telephone: Office' : ..Home " ' •' ^ j 

■ • ***' i 

Registered at the post Office. Prthied by St. Clement's Press for and puwwiwi - 
hy the Financial Times Ltd.. Brechin . Douse, ©*■■■’"" Street. London. EC4P 4RV. ” 

• " H & The Financial Times L«L, I3K?