Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


Li^tfnrCnbwe < No ' 2 ' ’ ' 1 ' 

••A' -r A 'A .*% SI^Fft i '• •- -v : 

j4. •- 


Friday November 1 7 197 S I W, 






Timber, Building Materials, Heating and 


Plumbing Equipment for the Construction 
and Allied Trades. Northampton 52333 


CONTni^MVSQJJKG JUICES?; AUSTRIA _OB&UM fr 25 ■ PEWHABK Kr J.S; FRANCE Fr J.Di GERMANY DM 2.0: ITALY L MO; NETHCTUNDS Fl Z.O: NORWAY Kr S.5: PORTUGAL Esc 20; SPAIN Pta AO; SWEDEN K r 3.25; SWITZERLAND Fr 2.0; EIRE ISp 


NEWS SUMMARY 


U - ' 

nrt 


' * DOLLAR Tiisein life London 
trading helped by OT££p; reports 
oo the major economies and 
1 LS. official statements; Page 2. 
-3t . rose to DM V 4 1.91271 


Times 






-ffljodesia last ni^ postponed. 

■ / ■ until April the eontttry’s transi- 
: rjlidtttQ Wadt majsrify rule, due 
■Vjjo have “taken place by 
' . j J)ertmber3i. . ' 

Vv ; /rtie fodr-monllL delay,. in the 
' teahstkmal - 'programme,' . -drawn 
■ - up last March, wSs -accepted as 

- - ‘jaerifabW by black nationalist 
' '■ leaders , Bishop- AbeT MUaorewa- 

l Shd the Rev- Ndabaningi Sitbole, 

... 'cSl*E opponents .tp.sucb.*a pOSt- 
VV-pqnement =, " . '■/•*:* . . . - 

o’-'Ttoe move came after nine-hour 
involving the executive and 
‘ i- ' rthiifi tBrial council. 'A Govern-^ 

"..-merit statement «ai(F‘ that ohe* 

• ,Tua&. one-vote elections, would be 
pn April 20. j:.:; 

-T " 

-fhorpe plea 

pv, ;• .* tawvers for former Liberal (P®® 1-8955), and -tOr-.SwFr 

barter Jeremy Thorpe, facing- 1.-6815 (SwFr L6395). The dollar 
/charges of :eonspiracy and- also rose sharply against the 
.V ■ -.incitement to; murder,, failed in Japanese yen after .new? of 
• ' Court move t0 chanenge japan’s lower trade .^orpins, 
■" V 4he- immunity from . Prosecution ending ^ y-^ its 

::-SS"«. Wn 'jSEii; m <sc |TwrtS«.7 ed *^^^)“ lr ' 

,;fdr. the DPP Peter . Taylor said rowed to 8.7 per ceot {9.3)- 
■•'Lttat Immunity did not protect _ <vnn r.ii «7i in-slsfi in ! 

- ;>Mr. Bessell from any perjury VaI 3 

. Charges which might arise out dce 

o{' the case/' - the dollar and proposed Increase 

"W; ... in U^. official goldsales. In 

-IV «nrnnr deal , ISew Vor^ the Comer November 
. .. setflement price was. 30' points 

London Weekend Television m/at'5198.80. V: 

have negotiated, exdusive rights ^ 

for coverage of Football League • EQUITIES were - --marked, 
and • Football League Cuf down on Treassury vle^of -UK 
matches from: the start of thc.._^__ m{ n rtuou>f-tc mui flip FT 
lS79/80 ^«.n.B«S T W , ■; : <.SSSe.JSSS S^tT^ 

• : Golds responded to the pB w 

. P*MTlcM=f©5 Orq©T bullion price pnd^he Gold Mings 
! Scottish Dally Record and index feU X?W130,3.- y-2*i 

- Sunday Mai M. Qasgow haa.'ttt; 1 "* 1 ' j-TL • ■ yj.fjj 

■; pav £3P2,0(» daHJager fo t^itaK^GILTS Improved with ires tv 

Life Assurance; -j Company of l^estanent diawn to ^wrts. The 
Wolverhampton -. --for- three Government Securities ./index 
defamatory articles, an Edmv dosed 0.014ftWn at 6i27. .. 

- burgh court ruled. •• :■ • . ■ . ■ 

- • WALt'STKEET e^psed 8,58 1 

Fireman kilfed jap at 79^18 bh bargain hunting. 

- A fi reman decorated by the Ot UK tyfflSTSY vsupy/y growth 

• Queen this year was killed, and has been ; held below the 
four, of his colleagues- hurt, in a Govechmeiifs'- target range of 

. terrorist firebomb attack on this S-12 iwr cent^n the first half of 
Bass brewery in Belfast. 1978.' But /Bank, of England 

figures shotrh substantial under- 

' ‘‘Doc*- suspended . f? 

^Soccer manager Tommy Dochert>’ ..In the' 'U.S T , the Federal 
was- suspended by his club, "Reserve “his. siffialled a further 
-Diurby County, for seven- days tiebteniirg in ■ money supply. 
Wfrfi* his future with the cluh is with growth targets for the 
decided. The' • susiwrision narrowest definition. Ml set at 
followed a Board meeting at 245. per 1 cent from 4-61 per cent 
which bis- abortive- High Court for the year, ahead. Back Page 
irtel.acdon was feruESed. « CHANCELLOR or the 
, ’ -‘.Exchequer has- said that -uie 

&jlty verdict reason fnr ; the expected fall-off 

^ rji SoKhn A K n -^ 0^*1™ marS, Page 6 

^dlct-on Time. Out journalist * JAPAN registered a balance «»F 
Crispin Aubrey, pleading pavl nents deficit in October for 
* .-v fVl3:^2i l :Sui)ly to aiding -and abetting th g time since November 

j v ‘.fL't*’ C^upbell. has yet to be reached. 197 g_ Trade surplus fell from 
^ i i / . . V;. SL872ba in September to SI- 070 

~c . *v^lrH«er crashes -■ bn and a current account surplus 

,Vr*P"w5r 7 ^ S3 i5m in October became a 

^ 5^ a l f St. 404 bn loss. Baek Page 

l&er.- packed with Moslem piir 

crashed whUe trying, to * EUROPEAN Monetary Sysrem 

{ Colombo airport during Green Paper will probanlv »e 

IPi I j-U Storm, *i] ling at least 199 of published next week, a week be- 

&-W 1, -282 -passengers and crew, fore formal Cabinet decision on 



to cut 12,300 jobs 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

British Shipbuilders has told its trade unions that it wants to cut the industry’s 
capacity by 32 per cent by 1980-81, with the loss of 12,300 jobs. 

Official confirmation of this, sidered four basic options for its Some men, however, would have 
and of details of a breakthrough first corporate plan. Apart from to forfeit any increase in basic 
m talks on a common date for the favoured option these were: rate — productivity schemes are 
annual pay negotiations, came retaining merchant shipbuilding exempt — for two and a quarter 
yesterday at a special delegates' at its present size with 33.000 years. 

meeting of the Confederation of employees, which would require The formula ?eis minimum 
Shipbuilding and Engineering an intervention fund Df 1300m a earnings levels for a 40-hour 
Unions in Newcastle. vear; and two possibilities in- week for all manual workers. 

The pay proposals would volving 20.000 and 25.000 offering. £S0 for 'kiliwf men. £70 
involve some men forgoing any redundancies. which would for semi-skinea <.na M2 Tor un- 
rise in basic rates for more lhan effectively mean a total shutdown skilled. 

rwo years. An additional problem of merchant shipbuilding. The total cosi ui ill* package 

for British Shinbuilders i.s lhat *ri,o inuniuori has not 9 een as>c ***ed as a per- 


rejects 

talks 


ers 



DJ FMAMJJ.RSDR 


1.111 leaving only 2J2 per cent tonnPS lhis year t0 430JJ00 egrt JJ ro i5* Tn ihe*' -an 
available within the Govern- in 19S 0-81. increasing to 530.000 sen \lnm* EJf 

ment s five per cent guideline. cprt iqqojsi Thi« would herv ?^ ei ? s . '. ' -7- 

The plan to cut capacity would r fJ ujre an ‘ a n^al intervention workforce '° r lv;,> - th,rds 

involve increasing the annual fund of £n0m in 1979 .i9Sl. of J^. e ^nFeder^K.-i 1,-iri^hm 

rate of the Governments ship- £Wm in 1981 ^ 2 and £50m in i.TScommendfn- C 

building intervention fund used ,s recommenuiii ?..e nea. on me* 

! to subsidise orders, from ES5m to grounds thai -hiptaildme 

rii Hm The pay formula put to the workers did wen !.:s! ;.ear with 

Mr. John Chalmers, chairman meeting ycsierdsy. which has an average of 35 per rent and 

of the confederation’s shipbtiild- been agreed by British Ship- that the industry *i:np i:- cannot 

in° committee said he was builders, the Government and the afford to pay rr.or«-. 
dnubtrul Whether the proposals confederation’s shipbuilding com- Earlier this wv : Briii=h Ship- 
could form the basis of an agree- mitJoe. was described by onp builders reported a I*j«s fo r its 

raifnt member of the committee as a first nine niontn- ein>m 

K the plan was to have anv revolutionary proposal more 9 The date for Si- or. Hunter’s 

chance oF success the Govern- advanced than in any other capital reconstruct r. ; n j^heme- 

ment would have to meet the full nationalised industry. under which .-h •relv.Mers will 

social costs of the change — and It would eslablish a common share the Elam . i\ i-r^nicni c«»m- 

that meant keepine redundant annual pay agreement date of Pcnsation frir nM’.-T'M-inc (be 

men on full pav until they found January 1. beginning ne\t year, company s snip ,, i , >. , i nv a'-miov 

work. and would replace (he 1HS ~ ** ilw n»-xi 

Delegares were told that separate negotiations which have 'C' v days, rat*- _.i 

British Shipbuilders had con- taken place in the last year. Editorial cor.mii m. ''age IS 


TT--P b ft 


; :fay COLJMA MacDOUGALL 

j' ; V 

TRADJ5, BETWEEN Britain and 
China Is' to be significantly In- 
creased -to a total of 88-10bn be- 
tween, trap and 1985. Arms 
sales are also to be considered. 
. This way agreed between 
Wang Chen.', the - Chinese vice 
premier. and .Mr. James 
Callaghan at a : meeting at 10 
Downing Street yesterday. 

The high-powered Chinese de- 
legation is. however, going back 
to Peking disappointed lhat it 
did not secure a contract for the 
purchase of Britain's vertical 
take-off Hawker Harrier jet 
fighter ' during its visiL Mr. 
CaH^gbab Insisted that NATO 
allies. had to be consulted over 
such a sale. 

Officials on both sides were 
anxious last night to play down 
reports that negotiations between 
the two sides had been strained 
because the Chinese felt they had 
not been accorded reception 
appropriate to the vice premier’s 
rank. ' 

Mr. Wang yesterday unex- 
pectedly. cancelled a Press con- 
ference in what may well have 


€» v V 

Zj 

*y 


been a si?n of his disappoint- 
ment at ibe way in which the 
negotiations had turned out. Mr. 
Wang clearly hoped on his 
arrival to sign several contracts 
including one for the Harriers 
during his visit here. 

Mr. Callaghan, who in an 
attempt to mollify the Chinese 
moved his talks with the vice 
premier from the House of 
Commons to Downing Street, 
stressed that Britain wanted a 
balanced relationship with 
China and not simply that of an 
arms salesman. Clearly the talks 
have been very tough. 

One element in Britain’s 
reticence on the arras side would 
have been a desire not to impair 
Its relationship with the Soviet 
Union, which has snuEht to pre- 
vent arms sales to China. 

Despite the awkwardness that 
has accompanied the negotia- 
tions. Britain has clearly’ secured 
an economic agreement of some 
magnitude. Trade by 19S5 
between ihe two countries should 
be three to four limes its present 
level. A draft agreement has 


already been drawn ufi, and i> 
hr be signed as stum as possible 

The draft contain.-- no under- 
taking Lhat trade sbuuld balance. 
?nd it seems likely that British 
exports will outweigh imports, li 
is expected, however, thar there 
should be sufiicient Snnnce and 
export credit available to sup- 
port the proposed level of trade, 
and mure. 

More than a dozen areas of 
trade are covered in the p. 
posed draft, which includes 
power generation, mining, 
metallurgy, steel, agricultural 
machinery, ships, ports, airports, 
railways and offshore oil. 

It seems likely that the agree- 
ment can be seen as an implied 
uuderiakine to provide at least 
the military aircraft that the 
Chinese have been so anxious to 
buy. Mr. Callaghan stressed in 
his meeting with Mr. Wang that 
the relationship between Britain 
and China was to- he 30 all-round 
one which v.nuld cover a number 
of field- - bin would also include 
defoncr. 

World Trade News, Pase 5 


By Philip Bassett, Labour Staff 

SUSPENSION of publication of 
The Times, its three supplements 
and the Sunday Times from 
November 30 became virtually 
certain yesterday when the 
National Graphical Association 
confirmed its refusal to negotiate 
until the threat of suspension 
was lifted. 

It decided not to attend a meet- 
ing of printing uninn general 
<errelaries called by Times 
Mi-v<spaprrs for Tuesday. 

The un:nn, which hr- WS.fWf) 
members also withdrew from a 
mr-etine in hare been held with 
1 he i , omi*:iny soday -.m ihe intro- 
duction of new ic-chnolngy Its 
national council noard v ns lord ay 
that Time 1 ' Newspaper*’ prn- 
1 pnsals involved the ln*> nf half 
| ihe iohs held in Ihe company by 
i its members. 

The union wrote tn Mr. Duke 
Hussey, chief executive of rhe 
company, informin'; him of the 
national council's decision. The 
company says it will suspend 
publication a I the end of the 
mnn'h unless all unions' 
tiranchej agree on efficient and 
••■in: in 1 mu s production. 

The letter from .17:\ .foe W.ido. 
T h? union's c-neral --grretary. 

"Until -uch lime as you 
• Mr Hu.----e 1 1 -ire prepared ro 
withdraw ihe threat r ( , suspend 
•’•iblicalion of a 1 ! >m.ir new.— 
.-vipers an d la remove ihe dead- 
for completion of rmroiia- 
ti-ins. ue w ouirt .to - to 

o--. miii . 1 lions taking Place between 
jpe NiJA and the company at any 
»e-rel 

! "S'* far as (he ti A n on- 

1 corned, there i-ouid be no r|-i<*->- 
••on of reaching agrt-emcn; on 
ir.y :.<pecl of your nroposals 
> Ih'iu: proper i-nnsu'lstion :nd‘ 
- irr-cment with our London- 
and chapel i office ! 
Vanrhi, | 

"Your -sii-jgesliun of a merlins ■ 
•.tin the general secretaries 1 
■ pnears '.n be an ntfompl on irc f 
•'j" 1 . r -f ihe i.-nmpan:. to reach 
jcreovnenu and unrlrrstanding*- 
-. -rh Ihe ■j.*n-'al secretarir: with 
•Hi he ineolvrmrmt of the 
-•■neiies and chapels.” 

The On mp wiihtlrew from fc- 
day’s prooa?ed folks on -new 
:rehnolc«j because, it said, 
ihe c unipan v remained deier 
nvned io commit the union to 
ihe principle and practio* of 
di’ft unui tn cmnpu'.eD by non 

\ > 1 r. fl' 

Mr. Wade said last nieht that 
the company was seeking an 
agreement based on direct input 
bv journalists and advertising 
staff lhat would ultimately more 
than halve the jobs for his 
memhers at the company. 
e Journalists at the Press 
j Association. ' Britain's national 
news agency, are 10 call lightning 
strikes from rifonday over a pay 
dispute. 

The National Union of 
Journalists chape! said after a 
two-hour meeting that it would 
also impose sanctions on work- 
ing. 


BY JOHN MOORE 

THREE OF the world's largest 
insurance brokers are planning 
to regroup. They are Alexander 
and Alexander Services of the 
U.S.. and Sedgwick Fnrbes and 
Bland Payne, both based in ihe 
UK 

Sedgwick Forh*\- plans tn 
merge with Bland Payne. Ont-c 
established, the new croup will 
c**-nrdinaie iis business v.ith 

Alexander and Alexander, the 
■-ccond largest in-u ranee broker 
ir, 1 he U S. The two groups could 
then hi- pooling i'r«>l--i.ig incomes 
of around ^nOOm. and produce 
lofo] ciinhinetl pre-tax profits of 
i-i mind SHOm. 

Th»- move will mak- the new 
grouping similar in *:re to the 
planned tie-up of llnrsb and 
McLennan Cumn:inu-% af the 
t.'.S with T Bun ring one of 
thr- two biggest in ihe l r K. 

Sedgwick Forbes shares were 
tftffwnded on rh c London stock 
exchange yesterdav ar 4J0p. 
which values the t rouo at £I25m. 

Di-jpussions have been fokins 
nface between Bland Payne and 
Sedgwick Fnrbes since tb* 
summer Another dimension is 
added 10 the pi-ms because 

abhn’igh BTsnd Payne is a 
’rhollv-owiiod suhsidiarv of Mid- 
land Bank. Marsh and McLennan 
Comnanics. ihe largest U.S. in- 
surance broker, has a 20 per- 
cent minority shareholding in 
F?'3nd Payne’s - main insurance 
Vu-nkinc businesses The Midland 
Bank is tr. acquire the Marsh 
minority for cash. 


Exoertise 


Mr. John Began. Marsh and 
McLennan'* chairman, declined 
r. say last night how much he 
fuijld expeci for Marsh? stake 
:- r d said he had heard nf the deal 
the fir«t lime last Friday. 

Mr. Neil Mills, chairman of 
Ftt.-ind Pavnc. s.-id larger hrnk- 
•ng operations were required to 
deal with ihe mammoth lines of 
ranee business of mulii- 
ratiunnl corporations. " Big 
cl fonts want world vide 
pvpertisc. It is the hi-.-«ynan*s 
d;iy. Medium-sired hn kcr. 
be having quile a tough time.’’ 

The merger of S; ivwfok 
K..rhe* and Bland Payne ;• '0 he 
■t .’h» evert through the iuge of 
shares by Sedgwick For be--, in 
Midland Bank -in exchange for 

• hn shares comprising the Bland 
Payne gmup interests, after *he 
Midland Rank has enmofoteri its 
•ash deal with Marsh and 
McLennan 

Bid the Midland Bank envis- 
ages retaining a shareholding of 
i'gniflcant value in the merged 
UK company. What that stake is 
ikeiy to be the Midland would 
ont say. except that it is to he a 
•rade investment and not one 
which would bring the stake 10 
•ssociate company size. It will 
therefore be under 20 per cent. 

With its shareholding much 
•■pf'iie»‘rt the Midland is to nfT«*r 


its own shareholders and conver- 
tible loan stock holders the 
opportunity of participating in 
the divestment. 

Once completed the merged 
group will co-ordinuie its world- 
wide broking rater sts with 
Alexander and Alexander in a 
pooling arranuemeni similar to 
ih;ii nf :incl McLennan 

w iih C. T. Row rmg. 

The l*V-?tmng ruling com- 
miiti-e of Lloyd's gave its 
approval to the- scheme .it us 
week 1 1 im eiinu on Wednesday. 
I; said yesterday mat a-sui-anv'^ 
had been received from .Sedg- 
wick Forbes and Bland Payne 
lhat the arrangements, when 
fina'ised. will not broach the 
letter or the spirit uf the com- 
m ii loo’s requirements, v-hn-h 
limited ownership of a Lloyd’s 
hrnkpr by a non-Lfovd's insur- 
ance interest to 20 per cent. 

Meanwhile, dealings in Si-rig- 
vick Forbes shares ere i«> he 
suspended for ihe lime being, 
all hough shareholders arc in he 
kem arivi>od of developments. 

in 1 he year in DeccmtH-r 31. 
1077. Sedgwick Fnrhi;s pro-lax 
profit? amounied m L'23.2m. vhilo 
B I a nrt Payne's taxable profits in 
!U I art financial year in Septem- 
ber an. 1977. a mourned u» Cdl.Sm 
Forecast results for 1973 of 
Sedgwick Ferbc' and Gland 
Payne arc in preparation, and 
discussions on tcrm> will lake 
place when the forecast; arc 
completed. 

Johu Wylcs reports Trom Now 
York: No official or Alexander 
and Alexander was available for 
comment on the announcement, 
hut New York brokers believed 
the merger won id encourage the 
development of a more infor- 
national. bui more cnnccmraied 
world insurance brokerage in- 
dustry 

Alexander and Alexander is 
second in Ihe U.S. only to Marsh 
and MacLennan in its annual 
revenues which are expected to 
he this year, rising to 

more than S3 50m in 1979 through 
•he acquisition, to be completed 
in January, of a smaller broker- 
age firm. R. B. Jones. 

Alexander and Alexander's 
growth has been aggressive in 
the past five years thanks to xn 
active oenuisirinn noliev and 
also impressive success in 
attracting new business 

its relative lack of presence 
internationally is held to be 
partly responsible for its relative 
weakness in reinsurance broker- 
age and the link with Sedgwick 
Forbes should clearly prove 2 
remedy. 

Lev. Back Page 


Syt I n.*R?-3&75 S1.9HS0-%36 

1 111. .nth i 0.V-0.4 1 .li,. O.M-OA7 .li* 

X 1, innih? • 1.18-1.13 lib. 1.20-l.Uriis 

\Z ni-mlr , 4^0.1.19.11- J.lfd.Oft ,i, c 


Nuclear delays hit Shell results 


at a fiance 


bt.keyin: done, energy correspondent 


&P°n 


Briefly • * • 


7 XL 


-- 3 whether Britain should join. 

HlflJy j£V ' ' • GMWU Shop stewards repre- 

Briefly • * ■’ . . seating, a third of Brtiains 

A,. -• • . j . „ • 90.000 power workers, are seeK- 

Imeves used a wheelbarrow to j QR - a p ay r j 5e “very much 10 
away a safe they sinlo from e x CBSS " nf the 5 per cent guide- 
^ a, Egrtey Post Office, Suffolk. lj nfiS T h e miners are to table 

^ I** ^ postal hitch precerued actor formally -with the NCB next week 

*X‘ Slfaert '.Finney and his French their 40 per cent claim. ine 
Anouk Aimee from Union of Post Office Workers nas 
divorced in a London drawn up a 24.4 per cent claim 
JfedfTr Miss Airaee’s letter of and a demand for a three-hour 
, Mpsen? had not arrived. cut in. working hours, page v* 

- - 4fS§ttiriIa -is to stop using the BRITISH OXYGEN made an 

.3w®Vs portrait on its postage i ni proved pay offer to its 3.ouu 
•tapips. drivers and cylinder handlers 

' S&redJSandleadcr Lou Praeger who have already rejected 5*-a 
^1 -died in hia Majorca home.- per cent, 
ibbut 200.000 workers In Stxfial nAupiMirc 
’feburity offices and textile -fac- np _., av nrefit 

: Biles in Portugal wenut on strike • BOOTS reports pre ■ P 

r S wages. g ' «» ^' 7.1 pJTSSTt up >1 

. ' ftaithy haby was bom in Austria 29 

• .‘S?r -Bwwing to full ^«ze in her £5lm - ^ 


THE Boyal Dulch/Shell group 
yesterday announced disappoint- 
ing results for the third quarter 
with- a '20 per cent drop in net 
income. '-.The share price fell by 
7p to -close at 570p. 

The . improvement in oil 
trading . conditions continued 
through the third quarter, but 
group, results were, hit by 
additional fox charges and by 
the increased, provision for losses 
arising from Shell's involvement 
in the -nuclear industry through 
the Genera] Atomic Company. 

The increased losses have been 
caused by the mounting delays 
at the: Fort St Vrain nuclear 
plant m Colorado. 

Net income for the group for 


the third quarter (before 
currency translation effects) was 
1252m. a drop frnm £3 17m in the 
third quarter of last year. Net 
income for the flrsr nine mnnths 
of the year was £820 m. a 2S per 
cent fail compared with the same 
period of 1977. 

Outside North America, sales 
of oil products showed a three 
per cent increase in the third 
quarter over the corresponding 
three months last year. Demand 
has picked up significantly for 
light oil products, such as petrol 
arid kerosene. 

Sales of natural gas have 
fallen because of the decline in 
sales of UK and Dutch gas. 
which is facing increasing 
competition from supplies from 


northern North Sea fields, such 
as EkolW*' xnd Frig?. 

There *'»• 3 jump of 10 per 
cent in ihe volume of chemicals 
sales m »he third quarter, 
compared with the especially 
depress**! t fading conditions of 
the third quarter of 1977. Shell 
said -.esteday the general 
chemicals business environment 
remains disappointing wiih most 
products in «erious overcapacity 
causing weak prices and low 
margins 

Rov a: Dutch/Shell group 
sales’ for tb<' first nine months 
totalled E2l-39bn compared with 
£2I.27hn in ^tbe first three 
quarters of J .? 77 - 

Details, Page 28 
Lev, Back Page 



CONTENTS OF TODAY'S ISSUE 


• -noiher's fallopian tube. • uunAm/in i»io»' - nn 

1979 is MiM foie 1 , iuirs , a&ra« 0 

MS PRICE CHARGES YESTERDAY 


1 ULTRAMAR pretax profit? ^ 


tes in pence unless otherwise indicated) 

Hoskins -and Horlon 

equer 10pc 1983 £8SJ+ 1 ICL ..... 

& Commonwealth 291 + 4_ 


0 +* 


teadalkin Paper ... 192 + 13 • 

and HamWy — 43 . 0 . 

Miwbury 54 + ? 

^Wrtbn and Wright ... 136 + fi 

United 229 + 10 

auraa Gold ’ 2S +.4. 

^bribbrn Mining 82 8 

drthgate Expln. ... 435 65. 

&rth West Mining ... ‘R 
Afield Minerals ... 2o4 + 67. 
fcl- • • 


by Leslie 




60-4 
W -? 

413 - 8 
360'- t 
29C - 6 


ICL 

Kwick- Save 

Lad broke: 

Lloyds Bank 

Lucas lnda. 

.Modem Engineers 

P & 0 Derd: 

Spear ’fJ. W.) 

'TatVofLeeds 

United Scientific 

Shell .Transport 

Gdtfirie 

Charter Cons 

Cons. G»W Fields -- 

:EL?burg','-,.,._ 

TmpaJa Plat 

Prudent rSteyn 

RTZ 

Ventgrspost 


European news ...t?? 2 

American news 4 

Overseas news 3*4 

World trade news 5 

Home news-general 6-S 

• —labour 14 


Petrochemicals in vestment 
in UK: Limits to Indus* 
trial strategy. 18 

Politics Today: The curse of 
Harold Macmillan 27 

Zaire: Creditors press' for 
economic-, and political 
reforms 3 


Parliament .'. 14 

Technical page 37 

Management page 15 

Arts page 1“ 

Leader page 18 

UK companies 38-31 


FEATURES 

Energy Review: Companies 

in the sixth round 8 

Tesco under a new breed of 

managers 15 

Around Britain: Southall 
and the AEC closure ... 16 
U.S. steel industry: Cost 
increases and trigger 
prices 33 


Mining — ... 39 

Inti, companies 33-35 

Enroniarkefo 33 

lffoncv and exchanges 3fi 

World markets 38 

Farming, raw materials ... 39 

UK stock market 4fl 


Foreign hanks branching 
out in Bong Kong 35 

Bavaria: High cost of 
Alpine fanning 39 


property register 

This comprehensive office property 
register containing details of office 
accommodation, is available on request 


FT survey 


Frankfort 


Apptlwrftenis 

APMlMmMs juvia! 

Bart Rctiun .. 

CrH&natrl 

EntErtalptitTOtCcIda 

EUTMIlttal ... 

Fort price*, . 
FT-Adaufe* luitces 


Letters « 

Lex 4® 

Lombard ... U 

Mu and Matters ... U 

Properly M2 

Racing U 

Sail room It 

Share Information ... «M3 
Today’s Events 27 


TV and Rodt« U 

Unh Trusts « 

WeaXhcr 44 

Base Lending Rates M 

INTERIM STATEMENTS 

Brain Leslie 29 

Stats 28 

Royal Insurance ... 39 


Amber lad 

Caledonian tnv. . .. a 

BHu & CwcaHhi Sh. 30 

Ultrama 35 

Globe Investment ... 34 

ANNUAL STATEMENTS 

Mortnnatr Inti. 

Tr afford Park Ext*. jq 



For latest Share Index 'phone 01-246 8026 


May & Rowden 


77 Grosvenor Street London W1 A 2BT 0 J • 02 9 7666 
and City of London, Edinburgh} Parist Amsterdam, Australia 












, e J i!r> 



forecast for the 




PARIS, ^1^4 


as Italy iaces 


BY ROBERT MAUTHNER 


BY PAUL BETTS 


CRACKS 


fragile muaiits. 


w^w'kjF I THE SECRETARIAT of the and Italy. The situation likely 

| Organisation for Economic Co- in the second half nf next year. 
m . operation and Development to- when the slowing of growth is 

* * day forecast a slowing of the expected to become more rapid, 

S^lk) Western world's growth in 1979. is considered Darticuiarl v dis- 

offset by an improvement In the quieting. 

area's overall current balance of Even the secretariat's less than United states 
payments and a further drop in optimistic fieuros are felt by Xanan 
ROME, Nov. 16. inflation. some detevg. 5 , Anoint too *£" e 

The forecasts, contained in a bright a picture It forecasts that West Gefman . 
who have not taken paper submitted to the OECD's U.S. GDP. arte* anurias by 3 .8 France 


trend, particularly on the pay- v vU ■’•' r • 

meats front, is in tbe righfjdlree . X . 

"Seitife; 

S125ba°Si4 s«a?^wMle theuf ;^1 

deficit is expected to he reduced & S'KSrSLS' J 
to 51 2 bn next year fronr $I9.5bn 
in 1978, according to the •■seer^ 
tariat This wiH be ncaempanied 

by a ^bstantlal; decline next % 

j^ar fa the amt nfriaWTof jfr-SUSSS i^?£*gR 

the two leading, strong- econo- tt-fe espeeted'ihat 

mies. West Germany andjapait, the 'GfeOnlaaders wUX-att^-obe 
from S8.75ba - to $£25&&. iqxttte home rule; off^iAlthtfuglLfore^i 
first case and TrOm fiZObn to andrtefenee Ttfoljcy 'wur'-rsnain 
■Sl3bn in the second. BSostof/lhe “under- Dtoish edntTol F -£be .Cofen-; 
"convalescent" countries will he' hagea -government hassaid that, 
back In surplus, tiest sem: :-i >• should a- majority of the rGrfeen- 
- But inflation, a? * the' -table tenders wish to < withdraw -i#om 
shows, still remains intractable Ift ; Demra^rk - resgeet 

most countries, although - the warn;- =- . - .--•j 

ivern^e OECD. 

to fail to H5 per cetit. next- year 
from S.O per eent ta lflSS. The 

nmtng of any reflartoaary ^effort S&S 


GDP growth 
in real 

terms (%) 


Current account 

balances (Sbn) 


Consumer price 
index (% rise) 


■h iu uiiimuauc ngures are u -» japan 

some delegations to paint 100 wl rt-ma-v 
iu a bright a pictured forecasts that ™ est <3efman y 
CD's U.S. GDP, aner growing by 3.8 * =ra f “ 


Netherlands 


a token Four-hour stTike today m 1 mmbeii 
the Mezzogiomo. underlining the 0£Je “^lr greatest critics. In 
level of social discontent in the an unusually blunt front page 
country, tbe rows over an headline, the Communist Party 
imminent Cabinet reshuffle and newspaper, njnita. declared; 
a proposed law to eliminate ‘This man must go. 

Italy's arehaic system of tithe .*? l Ju n * ^ en1 ?^* 0 Zaccag- 


-I?5 
2 05 
0.7S 
2JS 
0 

- 4.0 
55 

- 2.0 

0 

45 

- 125 


3.25 

US 

35 

- 45 

6.0 

- 25 
0 

5.0 

- 05 


The secretariat, which is fore- 


Germany's 


farming are coming to a head. 

The controversy over the 
government reshuffle centres on 
tbe apparent refusal or Sig. 
Carlo Donat Cattin. the retiring 


? a J ,0 J? 0 «- ? arUn ; 1110 ret f r i? g soft 'to the Communist Party ' ~ other ma 3° r member' countries economic' .gri^th. "which was greater effort from the: ?e coua- 
Tndijah-y Minister to accept the This , 3test polidcal row .Jitbin ®»c h as tbe U.S.. the UK, France adopted at last July’s Western ines over foe next few monJL.. 


' r „™7t* la Xn'lXo him This latest political row within 

*SS,“ iSLE? the ruling Party, which Sig. 


OSciais pomt out_. that the matter 


SXSf. Sfiw!?. ,to A " dreott ‘' 


5/. „ his return from a visit to four 

Si_,. Donat Cattin was recent l- Ara -., c3p ] ta ] S- ls only ^e latest 

sign of increasing. political 


*no’ 


general of the -Christian Demo- ir f itatlon ouer Ital y- S 4, rese nt 
cr3 > Partv and according to an 30 ,.„ rn n!; formula. 


a ' The debate On the proposed 

h0 d Z |3W ! ° abolish tithe farming. 
m S« te nt n - P ? T1 / , arti'-» hn>vM-or a ,r «d. v approved by the Senate 
S', h ° « X.' hul blocked in the Chamber nf 
nas claimed the ruht ro se ec. with more than 1.000 

his own successor. He was 


on Europe 
Parliament 


Gunmen murder former 
Chief Justice in Madrid 


abortion 
Bill agreed 


Denmark's - ..third . i^QFter 
cumaxtr iJhalance 
deficit v&s DKr L4Stem compared 
with- DRr 2.42bn in ttte sScoe 
quarter last year; the ButeajjL of 
Statisalca - -has reported- 1 The 
Government is -ainwng for-a cor. 
real -defidf-'ln- 1578i ^f ' abbot 
DJCr 7.5 bn; . compared with, last 
yam^sOKr lObOt • 


.therefore intensely irritated ^ 
when Sig. Ar.dreotti. who a* 
Prime Minuter effectively enjoys 
'the constitutional right '•'> 
choose the membei* of his 
CabineL sucsesteri appointing 
Sig. Romano Prodi. a respected 
economist and Christian Demo- In, ‘ 
crat sympaihlser although not c ”.; 
actually a member. ^ ,u " 

This appointment. Sic. Donat 
Cattin claimed, would unset the ;p -p 
current balance within the 
Cabinet of the various faction 1 ; ; ~. r ' 
of the Christian Democrat Party ™ ! ! 
and he has been insictina on the dl r 


BY ROBERT GRAHAM 


r,: .7, j ■ T By David White 

a in >.'on men is tabled, is a Iso | BY ROBERT GRAHl 

pr>r>nz pressure on Sig. j PARIS, Nov. 16. 

t£TS\ tTsZtir sceptical FOLLOWING THE Gaul list RPR ™° v ™™3®, 
reaction' of the trade unioSs to f h arty ' s strong campaign to limit SraSctawTSSuI^fon! 
ih^ mint's nntirv for he powers of the European par- T..Mi.o in 4k? 


MADRID, Nbv. 1IL 


,J..r 

By Charte* Batrftefor 


Lie^teastem j oins *«' 

Council of Eiirope ' 


AMSTERDAM, ftov. 16. *1 J U«atensfeiii wHTPRUt r Hte.^S0. 

- - _ . L*Vn6MR*. fV ml S af l CUu*A«\A . . 


reaction of the trade unions to 


# r« =-”■ S,„M=.e ?U a, hi S . h™e in b«. . «* 4 

» 111.4,1,. I direct elections are held next if?*™ 


flassemblv's powers after the first f^spo n si hi llty for the 

!• ' _ . • . V. ... Ulhinll AAin«;j.. it; 


rine past iu TOi' vr---;"- Vadoi Bounded hy Austria and f 
The major points of tbe new Switzerland, IJcchteastein has a > 


cuitic.< th< Government is likely j!, ct -•* tion of the Government'* cam- *»5- x “ e uici* »ua 1 h.j, aiiAili a iue »»•*-*«« uc». «wm« «m ,v« Mtuace 

to on -ounter m i;> attempts to dU J!5' Fnrainn cl „ a paicn for the referendum on the grenades down the steet to cover act in exoracing damocracy—by decide jointly < tebether an -• 

’.nv-odvre an income* policy. The s * 3te ‘ constitution. their escape, but these did not \oting “yes'* for the constitu- abortton should he. tamed Out. Me^ISlii XR r ^l0SCOW 

Ri.-t while alt the main political ™« n i, ‘L 3 ™,* l? in response to a evr-lide- Immediately after the tion 13 the referendum. although the woman can turn no CoLMengiMtf Halle Mariam, 

[xr. l n :!'} d L n *** Cora- ^Tscbmwt the West GenSan kild in red in jSiy set up As of last week, the Govern- jnotjer doctor M tbe gthhyiffl^^-ng^^ 


have oobnlv “ aid ihev mul Schmidt - tbe Wes * Gerraan kind in Madrid occurred in July 

n ! na ' e °P cn| y ' J,n ,ne - v rhnnpAllnr vhn a-jiri »hp alorrprf u >knn hm 


did r.'jt 


Government 


of Sig. Andreottl’s supporters, i* indict- the individual parties, the a unanimous agreement of inem 


Chancellor, who said the elected when two "senior army officers 
assembly would not he content were gunned down jus* when 
with its present powers. Parliament was at a crucial stage 

The French statement re- in its debate on the constitution, 
affirmed that the powers of the ^ . . . . .v,„ 

parliament were fixed by treaty. p IJ ki'| P M n t rdot. P r^ l ^f d fpf i« r i^s 
“These can only be modified by ™ h , C ° urt / r ®L u }£f 
.. norokmonf n f mom. untl1 ‘Di disbandment in 1976. 


& r ^ioscow . : v , 

toftr lUfte Mariam, ’ j. r |AA 
oteader. arriyed in tIPi it, t 

1. tfiiU scale - slate. Ufc- 1 * +" 


scale-state 
1 which, are 
the fighting 
1 Ethiopian 
et economic 
inoB, .QSrld 


Portugal textile walk-out 


in its debate on the constitution. ^ v . Qrk of tbe revo i i T lionary ^ ar ^ jnd a much tougher jemam ip tbe penal cqdft.; ^- -, ttesirq for fn^^et^rtffl.ic 

Sr. Mates presided over the group GRAPO (First of October system of controls established... • No abortion, can he carried ,^d -^.tachnig al- .agts tance, . Q&ld 

Puhlic Order. Court from 196S anti-Fascist Resistance Group). Last ntghL two alleged mem- ou ^ a ft er the. , 20th .vQMlL^Of L uui Mospow.. - ^ 

until its disbandment in 1976. However, the militant Basaae bers of ETA were killed*. In a --- ^W^ '. Media aaifff^ Hear® 

w ,, c q ur !„ w fp one of the most organisation, ETA, shoot-out with security forces in • '2K5?.'SCSbr?7^5-. - 

hated institutions 01 the Fra ^co subsequently claimed responsi- the Basque town' of Mondragoo. j“ . a *' P 4^- ahtLo^^Westett ®Iej* 

regime since it was here that bi!Uv , and this claim was This followed a police, chase but after this Ume the operation gatxpns-. to : ^ .UNESCO .saifi^Iajt 

the major- political cases were accepted by most observers.^ after gunmen had fired on the 

Ei, S l MiteU t , fflUS '' therefore, So far ms year> CTA has headquarters of the . Guardi a hv T ,h P 

^ ,°^ VI0 ^- s: ' mbo1 of claimed responsibility for more Civil there. Poliee cornered the version - nf^ «m- 

the former dictatorship. than 40 of rhe nnliri M »lv car in a sauare and then odened He ? U ": 


BY JIMMY BURNS 


LISBON. Nov. 16. 


j French Government and the *>r- «ateu must, tnereiore, g 0 f ar thU 

French parliament are opposed s ® en as a? obvious symbol of c ] a imed respons 
10 it " the fonn « dictatorship. tfaan 40 0 f 

Questioned aFter a Cabinet One of the dead judge's sons motivated kill, 
meeting yesterday, M. Louis de was this afternoon quoted as The authorities 
Guiringaud the Foreign Minister,! 


MORE THAN 200.000 textile Textiles account fur a fifth of 


workers •vent on strike today as the country's total industrial j 


said there was no question of> 
France participating in a move; 
to change the treaty terms. 

A special nicotine of tin- RPR 


t of the latest wave of tndus- , co 1 v * r 30 ner here last Sunday called nn Euro* 

i! action in Portugal over c 'TrH-!vv ^ I exo°ns pe2m h eaC j s 0 f Government at | 

,0<ldys sirire w,,! De their Brussels summit on Decern- 


Irish bid to find pay formula 


I Council of State for its reaction C-y:^; 
and will then be presented to| ^ 

Parlinmpnf *- ' ■•". I.TiM : StivM. nian9il».. arri 


«4U eliini. The , trike, air, ns feri^edtomomw bv ritriel iteib Brussels summit on Decern- »Y STPflfMT DALBr i ’b,V“ncul,rff “ra^Wr 

ri'a^h •Sf r mrIi»h Ch ff»n aV ® action by more than 200.000 J p.frn nca n°n^fi 3 mpn^ wnu id IR,SH TRADE xantan officials According to one suggestion. The Government ba& not com- Catholic party wing, are expected 

Kick 6 if lft n?»ntiatir f n« w wor kers belonging to the Com- ^ ^inpvin be - an a rDun 4rff,r i alks today the Government might be pre- raitted itself to abandoning the (to oppose t?. ■' • • — SS P SSS?'^? 

lmniAL-^- ne «H l,a , t . 1 ^nnc bel,,k ®? a muni*t-dom inated Federation of n °r ho'" !«r jLTni wl,h lhe PriaMJ^.-'Jjater and pared to abandon an across-the- old system of wage Bargaining} ! A h'berfiHshtion of • SolfttttTs 

Meta&Workers Unions. It is Vvf^rl^i' oLher Government, ministers fol- board average increase— last basically calling for average abortion Haws* ha's beea toiler RaBif^.<ni 

rfn fl C0 f«S U 5SS the -^ econd strike by metal- fS.f J r ' lowm s the decision earlier this year’s was 10 per cent— and increases on a yearly basis, but -discussitm'.for tbe-past decade, ft 

Imimin dUe f ° r eD xbm * workers in less than a month. ir t n or week by rbe ,risb Egress of instead lay down voluntary is thought ready to consider private membeKs" motion «?on- 

autumn. , They are demanding a 20 per rnrnmun?^ f -U*^ S R ^ rade Un,t ! ns n - 0T ,0 enter nego- guidelines, making allowances other ways of wage bargaining. . sored.. by Laboik add Liberal 

Althougn Portugal has yet to cent waae increase, the maxi- 7 „ r L w „ i „ m t,auons on 3 neVv naDonal wage for productivity deals. The Government might try to party -AIPs underNhe previous 'v S; 


DUBLIN, Nov. 16. 


alks today the Government might be pre- raitted itself to abandoning tbe {to oppose it. ' • • * w 


Parliament. " Two Soviet.- wiarAips arrived- in 

In a first reaction from the 'I^hbuf yesterday for ^foe first 
parties. Libgral MPa appeared -courtesy -vWfcjto^TOjMsh ^>pprt 
to welcome .“^he draft Bin,. 'bat 5? .^I 8 ^ 0 5 e£ i=^^ ' 

r-orae Christian . Democrat* 
particularly members of the 


union mum allowed under the Govern- 


experience an all-out union mum allowed under the Govern- La a l>lat,on pact. The I 

offensive, strikes and stoppages ment-ira posed ceiling. Emplover* Tnc3a : v accused the Government nF xhe talks, while Ostensibly con- General 

are increasing, and industrial are offering 11 per cent, claim- m * k,n ? domestic political capital cerning Ireland s desire to enter largest in 

action often affects, key sectors ina that labour and production J* 11 * nF elections, white the the European Monetary System, mstnimer 

of the economy. costs are already too hiah Communist daily ‘ LTIumanite ' and economic conditions eener- (he reject 


preadmjfr L sfovflSrr . vaiuth 
f ^wecwjr prtmce. has 
- tiae , ^ -de pk f U ttB Pt '. t of 


yesterd . ... 

Paris: TfirCe agricultural workers 
fimn ' Saint r Jean -fo . .Chteglu, 
Savoie, were taken for preventive 
treatment at the Pastejir Institute 
in Lyoniaft^r, befog contaminated 
last- week:' by a-'eow _which had 
beep hittaa- by-ia fox. rCases/of 





It is good to reme mber that most people live 
their lives untouched by any form of cancer. 

But as all too many are aware, cancer is 
something that casts its shadow far beyond 
those rt directly affects. That is why so many 
people think it right to help the urgent work of the 
Imperial Cancer Research Fund. 


Kadar in talks 
with Barre 

By Our Own Correspondent 


talks, or whether to find a new benefit poorer people, and that thrfy have lagged behind Democrats last year. 
formula for holding down wage revision of the National Health particu/arly during the 1973-74 Abortion :is in theojy qnly tbe disease- Jfove becai reported 
i inflation. Service. reces^on. availr&le in Holland on medical: In some:40 dfcRvhe^i 95 nebart- 

7 erounds but the law Is alreair nents. . It wa s : flrst dfitectotPia 

7 Interpreted! fairly liberally. \ tb t^ >r i n ^ 9 yehr^agn^nd'bas 

A • • • - - V reaphed areas jarooi^ . Paris.. , ^ 

to converge JL&G economies Ford lay-off Finland pn<» n» f 

^ ^ --. FSnland’s 'consumBr^ 4»riCe .^&ldgx. 

i Strasbourg, Nov. is. aid rejected 


Ca 


PARIS. Nov. 16. 

.MR. JANOS Kadar. the Hun- 


BY PHILIP RAW5TORNE 


STRASBOURG, Nov. 16. 


garian Communist Party chief, THE EUROPEAN Parliament to- should not be deflationary but ing, Britain will in the end par- 
today met French Communist piSbt called for the immediate “on the side of growth and full ticipate.” 


and Socialist leaders during a introduction of Community and employment. 


anu ouiiansi icducrs uurm# * --v- «..» ci^iujiunit. / The proposed system could be a — • - . . _ , i fy", > rr'-Fi-'-'n n 

three-day official visit to France. The ti ^ D S «? foe debate was stepping stone to_economic and 


iy . pur Own Correspondent ■ 

. AMSTERDAM, Npv! 16. 


inland’s 'consumer^ jpri£e 
index rose' . by 0.5- pejf :cerit'. .in 
Ocfobcr-frora - S©ptMnb®*andrtby 
H J per centrtnwo October. - 1%J7. 
the Centzai. r Rtzr^EUl'of'''6tatistiC8. 
said . yestanday, AJ?-DJ; .reports 



Yesterday Mr. Kadar held the sure the convergence of rt e econ- apparently mishandled by the monetary union. Lord Ardwick ™ fu * Bd t0 ^P°. W 

first of two meetings with Presl- omies of the member states, parliament's bureau. Mr. Roy said. "Bui thetV is nothing fo li N t <ie, ifl!i t0 ,f lraw : arr i ta i 0 , S^SiirSu 

dent Valery Ciscard d’Estaing- Guidelines should be issued for Jenkins, president of the Com- to compel the Community ever to ^ *** ■*&*! : ® f “jyw® appuaoceg, t?je 

the first ever at this level b<- “J on^ monetary wed t and raission . who had wanted to take go beyond that stage," he said. S°5 e iL l S id of - die ' ' V- ; V 

tween the two countries The ^etary measures that under- part had t0 leave for Brussels The EMS proposals should be Swedish pOpuIatlQIli'-^- 

lalks focused on detente and P* n the proposed Europe, n mon- before the debate began Most considered solelv on thtkir own A Ford request for 1,200 of .rte ■ .. c . 

disarmament, and took place in etary system, it suggestc 1. ? e r is fin» S bS meri-S ^ Amsterdam assembly plant wort- population : 

"an atmosphere of sincerity. Thoughout a debate in Se£ado?i ?S«S SflenSS M Francois Ortoli rirr _ force to be officially registered *£$*&**$ ■ ft, 
frankness and trust." according I Franco-Gennan proposal, HPs „ m „ th _ -.no MP _ nr-eid-nt nf rhn — as -working “short-time * was 


disarmament, and took place in et iT y system, it suggest 
"an atmosphere of sincerity.! Thoughout a debate 
frankness and trust," according Franco-German proposa: 


STS SS» joint state* S Tba, tSTSI '«S55 giiLg "?”^ Eg*Z£, ZSTSm TTKT soS" 


a second meeting tomorrow. steps were taken toward- a com- w WittU vtamfo ^ex- tackle at ii AJbdda. This means Ford will 

After a v/reath-laying cere- "ion economy policy. Ina lequate was staU vlgorous,y ex ‘ ? ue ^on of bribing teta lfoe not .be able to claim. 80 -per cent BS&C fSS 

mony at the lorab of the unknown The Socialist group, highlmht- the economies of the Nine. The ° f ifcs e in P I {V® e s wa se« back fancy wnj fo ereas ^ aR WW ^ 

soldier under the i^c de ^ 2S i°g British Labour Party's EMS would not be "just another ^employment funds. tmmbei of elderiT- people. Tne 

Triomphe, Mr. Kadar this mom- woidd break the systc i, said vijlua j isoiatt^ on the issue, snake." It was designed to en- - The Minister is not required number of children wIH. shew- 
ing met M. Jacques Chu-ac, mayor MPs. R«*ich strongly reafBrtned its commit- courage both stability and to make_ say payments to com- ever, decrease, the Bureau !sai(L 

of Paris an d leader of the V° rt ^ Ardwick. the Bn.ish , ^ tj. e EMS pla n and to economic growth and would re- by a strike within D 

Gaullist RPR Party. A series of Labour peer who opened the de- eciSiomfo aSd monetarv Wire integrated action fS ^ co“P*«y or at another com- Peace DH 2C TPOITy ■ 

private talks before a dinner bate said a lasting com irgence economK: and munebiry beyonfl ^ moo ' l g" JJJ This would am onnr to in- ^ Norwe™ -Nobei <v>fommee 

with Prime Minister Raymond of national economies ws vital. in rtinnri nn tion, he said * n ftuencing . the -course : of the said ndTrvff 

B'rre. this, evening, jnclud^d. [he “Tt>t ■ does not tap , that tg* Manfred Lahnstein. ;fc«l«Hl...Kr. AIM. eei^^A^ciSlrt ta?°a i»i 


The mein laboratories at Lincoln's Inn Retds 


private talks before a dinner bate said a lasting conwrgence 


HlSi: 


with Prime Minister Raymond of national economies w 
Barre this evening included the “That does not imp 
French Communist secretary- national policies must I 


vital. uo-Wfl. 

that k° r< * Ardwick, in his report, on 
iden- behalf of the parliament's 


Manfred 


French Communist secretary- national pni.cies must J? men- , Committee reflected Wes ' German Deputy Finance said, in a letter to -the company, consirfored imfficioniiy- secure W 

general. M. ueorges Marc ha is. ticai or that performances must twnomm raiecten tnl<! thp narUn ™ Q « f ... A Ford official said todav that the DecenthPr 


and Socialist leader M. Francois be equal" he said. But 


One of the ways you can help us NOW 


lam sending the sumof£ as a donation to the scientific 

work of the I mpe rial Cancer Research Fund. 

1 dafdormt require a racaipt (please delete appropriately). 

"As -/du are sure to know a donation made by means of a 
Covenant allows us to reclaim tax paid, thus increasing our 
resources at no additional cost to the donor. We have op- to- date 

delaits of howto make 8 Covenant arranoaniant- if you would like 
them sent, please put a ilck minis box. j j 


Mitterrand. states would have to a 

Mr. Kadar said last night a priorities, 
number of possibilities for in- "The closer the coov 
creasing trade lies between the Tewer realignments 
France and Hungary remained ties would be needed. In 
unfulfilled. New framework divergence, would mean ' 
agreements are expected to em- stability." Lord Ardwick s 
brace sectors such as energy, a “less perverse" .flow 
chemicals, copper and alu- sources within the .Cor 
minium. would be needed. ■ Tbe 


the overwhelmin'* view “Politi- Minister, told the parliament -A’ Ford official said today that] the. December IP ceremony when 
ree b M cal £tll has asserted itself over £ at , al L technical problems tte^Bow w« swnsWermR withe* pew» pdie .will be^warfea 


nrforities JUld ^ t0 T“ ^ U« timorous teclmiciaos of b J_ proposals 


eat h" ,o the general scepticism of the *“' u f. Ministers still wanm-ju «ugwmi u ou saoni k, niWm Taa, .jwi^ -:a a ii, 

RriH«h I hour Party “I «uill fo?t all the member tiihe because of a strike at. .a Sawtivs and hnwayn ua. sabaerf^wa 

lid that British Lanour par^. l still states wou]d participat ta ^ DAT- factory in Belgium. vmju reir freistar iww iwr -mSv 

fen!S SSta oT^ JSSfllKnSaS ■>— «” » s ^rahlisto^ ■ btto Nm. te 1A . .gfflg £?*.**’ ."ff 


Vi Labour News, Page 14 . ^ 


would be needed. • Tbclsysreni and economic cHffioiltMS of tim- 


I J . Please tit*, far our Christmas Card Brochure. 

I ^ 

, MriMrs/Mlas 


Two Germanys sigi traffic pact 



BY LE5LIE COUTT 


EAST BERLIN Nov. 16. 


Tha Appeals Secrelaiy, Room 177(14 
Imperial Can car Res earcfi Fund. P.O. Box 123, 


| Llncoln'BlnnFieIds.London,WC2A3f% W 



-§^Tlie Sayings oCftrePatriaidhe^ 



. “In life, the unforeseeable 
presents an exciting challenge. In 
wine it is usually a disaster,” 


: PfeRE PATRIARCHE 

RED AND WHITE ViNDE TABLE 
k For once, don’t worry about the wine. 


EAST AND West Germany 
today signed a series of long- 
term agreements here that will 
strengthen West Berlin’s ties 
with West Germany while pro- 
viding East Germany with a 
source of badly-needed hard 
currency amounting to some 
DM 7.1 bn <£1.9bn) over the 
next 11 years. 

Atjiie heart of the “trans- 
port and traffic agreements." 
signed at a low-key ceremony, 
is the construction or a 75-raiIc 

stretch of autobahn between 
West Berlin and Hamburg 
across East Germany for which 
the Bonn Government will pay 
DM I^hn- ' This . first new . 
autobahn link between Berlin 
and West Germany since the 
.Second World War is to join 
an autobahn opened earlier 
this year between Berlin and 
Rostock. 

It will cut in half the current 
four-hoar driving tine 
between West Berlin and 
Hamburg, and will provide 


Ea>t Germany, Creches U takla 
and Hungary with faster i ccess 
to the important poi of 
Hamburg. 

Herr Kurt Nier, East Ger- 
many’s Deputy F reign 
Minister, who signed theidocu- 
meuts with Herr GnnterIGaus, 
West Germany's permanent 
representative In Eas# Ger- 
many, said the agreements 
“maintained th e principle of 
providing one service In ex- 
change for another.”/ Herr 
Dietrich Slobbc, West Berlins 
mayor, stressed the “fattening 
together” of the *»'!! ^ pr ' 
manys which he said v built 
. into the new agreemefli- 

Thc firsi DM12flm instal- 
ment payment for th - au *°‘ 
bahi) is due Id Mareh; 
construction will start n „£“ nc 
and will take until ndd ^ fo 
be completed. East I ermany 
has agreed to purefaas some 
DM lOflm worth of tm l build- 
ing machinery from West 
Germany. Although tl e West 


German contribution per mile 
Is considerable, it is seen by 
Bonn as part of thp price to be 
paid to obtain improvements 
for West Berlin which lies 110 
miles inside East Germany. 

West Germany has also 
agreed to raise to DM 525m its 
annual road toll payments to 
East Germany for travellers 
using the four roads between 
West- Berlin and West Ger- 
many. East Germany, in 
addition, is to re-open the 
portion of tbe Tellow Canal 
running through West Berlin 
whlrh will shorten by two days 
the barge trip from West Ger- 
many to West Berlin and make 
this form of transport even 
more competitive. 

West Germany is to pay the 
East German government 
DM 79m for the re-opened 
canal and another DM 120m 
to repair and dredge the Mittcl- 
Und tonal and Elve-Havel- 
kanal linking West Berlin and 
West Germany. 


S« ai 


■fop Danmarits ^sarekasserAktbsaef^kab 


iPM 16 ^ 000 , OOffL 

Medium Term Loan 


• artangadby 

Wesfdeutsche Landesbank 
•. Oirozentrale - 

provided by. ” ' 



■ 

; V : 

-VI.- 

• fix 

- .if" 
:ic' 

' t ih' 1 :- 

i' l _ ■» 

rrff.;-- 
• • 



-b. s? 


WestLB International S^V. 
Commerrtianklntorna^ 


1 — rr — MTWT-'-m '■ - - «*b \i •• -r, * ^r. 







«?**** ¥W'*- * 


\:' femes FrMay Koyepal) gr ?: 17.‘l978 

C “ "' 



ZAIRE ECONOMY 


;: / |: \ . 

Creditors press for economic and 



reforms 


BY MARK WEBSTER 


JUST. ENOUGH western aid is 
i jeacbins • .. the :, vast central 
;A- African Tepobl ic of Zaire to Keep 
. -vits side economy from dying, or 
.... r jks feet Bui-. the . alow. . steady 
J.rtrausfusion . aid has ensured 
-• ?, ^shauFfcsidcnt Mobutu 5ese Sefco 
■i • ■ t autocratic pro - western- head 

V- •' : of state’ las "kept : « T tijiBt bold 
’ * i-^on Ihe rams of power .despite an 
Nil.:*- Inefficient ‘'.bureaucracy.' dis- 
V- V.'ftrited ariny. antF widespread, if 
'. . . !;#agmfented, opposition; ‘ . ; 

; ; ^ The . May' war in - the -vital 
•;/ ;. !Aoutheco ;' 'mining'- province of 

. Shataa delivered a.crippiins blow 
: > an already shaky economy. 

_ : : ^Since then, observers -say, . the 
“ !i. ’West has based its policy towards 
. ' Zaire on two major, considera- 

'*■*■ -i- fions;. The firet-is- to maintain 

V- J regime jn Kinshasa which will 

r,.- provide a ; bulwark against the 
• i-"» Spread of Soviet influence in 
.*s central and southern Africa. The 
'•'fecond is to recoup some of the 

■ -- ■■-''estimated $2 ’ W $3bn in accumu- 

' la ted debt* .and to clear the 
■ 1 , ■'-mounting arrears of interest- and 

- ” i'- principal on government and 
• AKteinmercial bank loans. 

. . ^ Western economists agree that 

- j ; the. overall picture at- Zaire’s 
’"economy. remains gloomy. The 
.“country is still struggling to get 
■-" ouf of the economic pit which 

it dug by borrowing excessively 
abroad during the - heady days 
of rising copper prices. The fail 

. in the price of copper in 1974 
TWas compounded by ill-conceived 
. /....natioriaJisatJon plans in 1973-74 

■ I’jnpd the lack of a co-ordinated 
: s ^-'abanagement structure. Tbrougb- 
. : ..‘eiit the same period agriculture 
. ■ [.-was neglected bo that a country 


which was self 
agriculture at thfeP.ine - °- 
dependence . .is 
estimated SJOOm 

year. 

Heli able atatisti 
about Zaire * is 
foreign exchange, 
bank but there 
apparent improv 
per cent negativ 

recorded in gross 
duel for 1976 and 
factoring industry, 
running at ono-tiiir 
because of a chr 
of spare parta-azuR 
Foreign exchange 
only dribs and 
aid bump -up the faStaff receipts 
for mineral, diimmSf Abd- coffee 
exports. Though oxtail exports 
are only thought t5rji* ¥ ® fallen 
5 per cent during^ns -last year 
allegations much 

of the money. goes^sirafKbl to 
foreign bank aeflSouara^’J n “?tion 
is ruaaing at arcuod GSfper cent. 

Zairean- ^iplftpiyfafco tap lain 
that the western 1 governments 
which rushed to. bdp^Zidre back 
in June when; Mobutu 
Government was - Izr-^Unmin e n t 
danger of collapse been 

slow in making fbeb£-«oxrtribu- 
tions to the $9Qm eoo^ency aid 

programme agreed a^ tbe time. 

Nearly six months' lotqr paly two- 

thirds of the did' has"actually 
reached the country Xhhd the 
Zaireans say that substantial new 
allocations of emergeircy aid will 
be neded soon. At a-TO^dt' meet- 
ing of the ** club '" of major 
western government 7 .-creditors 


^formation 
^scarce as 
its; central 
been no 
. in. the ii 
ajvth rate 
iestic pro- 
Manu- 
, ; 8aid to lie 
jjt eapaciiy 
\& '.shortage 
r pi ater > a Is. 
ibf Tight that 

of foreign 


’ n Brussels the Zaireans urged 
faster payment of the promised 
aid. 

There is also a mounting back- 
up of payments on commercial 
debt. There are reports from 
bankers that Zaire is now RJOOm 
in arrears on payments of prin- 
cipal for commercial loans 
though the country has paid an 
estimated SSOm into a special 
account with the Bank for Inter- 
national Settlements. It is also 
said to be up to date with 
interest payments. The prevail- 
ing view is that there will he no 

formal rescheduling of commer- 
cial debt (unlike the December 
rescheduling of government 
debt) because the banks are 
allowing back payments to pile 
up. They are gambling, bankers 
say. that a quirk pick up in 
receipts for any of Zaire’s major 
exports will allow the banks to 
recoup their debts more quickly. 

At the same time the commer- 
cial banks have shown no Inclin- 
ation to commit themselves to 
further loans. A $220m loan from 
a consortium of banks headed by 
Citibank which was due to be 
signed just before the invasion 
of the Shaba province is still bold 
up until an agreement can be 
reached an a stabilisation plan 
being worked out by the Inter- 
national Monetary Fund. 

Nonetheless, there is general 
agreement among economists 
that the first slender shafts of 
light are penetrating Zaire's 
economic gloom. The wesiem 
creditors are thought to have 
taken maximum advantage of 



the plight in which President 
Mobutu found himself during 
the summer to insist on Tar 
reaching economic and political 
reforms which had previousli 
been unacceptable to the 
government. The IMF bad been 
negotiating for some time with 
Zaire about a stabilisation plan 
but the Zaireans had apparently 
baulked at the scale of sacrifice 
they would have io make. For 
as one economist put it: “When 
you talk about putting Zaires 
economic house in order you are 
not thinkins of a lick of paint 
but new foundations." 

On both the economic and 
political fronts the first fruits of 
the west's arm twisting can tie 
seen. On the economy, the 
presence of a five man IMF team 
led by Herr Erwin Blumenthal 
has done much to convince 


international creditors of the 
sincerity of Zaire's recovery 
programme. The team's first 
job. observers >a\. win be to 
compile; some reliable data on 
which to base Tuiui" predictions 
for growth and development. 
Another IMF team will shortlv 
lake up .residence in the 
finance ministry. 

One immediate effect of the 
IMF’s presence was the 10 per 
cent devaluation at the beginning 
of this month of the grossly over 
valued zaire. -Measures have 
also been introduced to make 
sure that 30 per ecnr «f all evport 
receipts are deposited with the 
central bank and some effort is 
being made to contain corrup- 
tion. On tlm basi-, of the data 
already available t h P western 
natlortg have a-’reed io finance 
a maximum balance of payments 


deficit for 1979 nf around S66nm. 
Thirty per cent nf the money will 
come from the IMF provided 
Zaire carries out monetary 
reforms. 

On the political side President 
Mobutu has also made some pro- 
gress. The rapprochement 
which has taken place between 
himself and President Agostinhn 
Netc» oT Angola emild prove 
crucial in a long term plan to 
stabilise central and southern 
Africa. For the moment it has 
brought immediate economic 
henefils with the reopening of ihe 
Bengucla railway line to the 
Angolan port of Lobito. 

While Benyuela was closed. 
Zaire bud to depend on the long 
rail route through Zambia and 
Rhndcbia to the South African 
port of East London plus its own 
precarious rail and river route 
?n the port of Matadi. Once the 

Bcnguela route becomes opera- 
tive it will also help Zambia 
whose copper exports now have 
lo leave through the congested 
Tanzanian port of Dor es 
Salaam. The heads of state of 
the three countries will mept 
soon to discuss details of the rail- 
way and also, it is thought, to 
forge a common policy towards 
their neighbour South Africa. 

South Africa could well prove 
the fly in the ointment of the 
three countries efforts at friend- 
ship. The third faction in the 
Angolan civil war, Mr. Jonas 
Savimbi's Unita is still thought 
in be receiving South African 
aid and has threatened to dis- 
rupt the Benguela rail route. 


But the Zairean revival still 
batiks on man;. unknowns. 
Copper exports are back up to 
around 3SO.OOO tonnes a jear 
haring fallen, partly hecau>c of 
Shaba, from -150.000 tonnes. 
Cobalt production has been main- 
tained to safeguard Zaire’s hold 
on 80 per cent of the world 
market and the price has soared 
to £21.000 a innnp Trom £82250 a 
tonne earlier ihi s year. The 
coffee harvest is said by ILhe 
Zaireans U* be around 80.000 
tnnnes hut they admit that pelrnl 
production is down 17.5 per cent. 

Although the Zairean economy 
is Tar more widely based than 
many of a is African neighbour 
— notably Zambia — it must wan 
for an upturn in world prices 
before it can hope to right its 
balance of payments deficit, it 
is only once there are real signs 
of an improvement in the pay- 
ments position, observers 
believe, that the West will go 
ahead with the Slbn worth of 
new investment which the 
Zaireans are said to be asking 
for. 

The new investment plan 
would only follow the successful 
completion nf an IMF stabilisa- 
tion plan. JBu-t provided that is 
completed the new investment 
will fall into four main sectors: 
transportation, road and rail: 
agricultural reconstruction: 

mining and general industrial 
rehabilitation- If all those 
sectors are encouraged, econo- 
mists believe that Zaire is still 
potentially nne of the richest 
countries in Africa. 


Amin army 
withdrawal 
‘complete’ 

By John Worrall 

NAIROBI. Nov. 15. 
DESPITE conflicting reports 
ami without the benefit of 
objective on-the-spot obser- 
vers, it appears that President 
Idl Amin uf Uganda has 
completed the withdrawal uf 
his troops from the 7fl0-squa re- 
in ilc Kagcra salient inside 
Tanzania. which he has 
occupied for two weeks. 

Tanzanian troops, however, 
according in Tanzania radio, 
are pressing on with their 
counter offensive in (bis area. 
According to some sources, 
Tanzanian troops hair crossed 
the Kagcra River, hut it is 
difficult lo see how. The river 
is in Hood aud President 
Amin’s men blew up the only 
bridge when they reached the 
river line Iasi week. 

Uganda Radio today is say. 
ing that President Amin 
watched the withdrawal of 
his men. He said he was 
surprised at Tanzanian reports 
Lhal troops were attackin' his 
forces on the western shore 
of Lake Victoria. “ I saw only 
three dogs and two cats,” he 
said. 

Earlier. Amin told a 
Nigerian mediation commis- 
sion headed by Lt .-Genera l 
Da ii junta that he was prepared 
to flv (p War es .Salaam “in 
under an huur" in talk to 
President Nyererc. Meanwhile 
in Tanzania President Nyererc 
seems determined In rolluw 
the retreating Uganda troops 
into Uganda. An austerity 
campaign has been Initialed. 




m . ?-l 


Islamabad N-bomb 
device ban ‘too late’ 




BY SIMON HENDERSON 


.• - •- 1 


-. EFFORTS BY the -British GOv- on the verge of ' falh^hu clear 
eminent to prevent the export capability when he W over- 
of equipment which it believes thrown in July 1977. 

Pakistan wants in order to manu- France recently weriftbgcfc on 
,:&cture a nuclear bomb appear a contract lo supply^ rakis tan 
-;:to have come too late. with a - nuclear Teprofcestfbg Plant 

A shipment of the equipment, because of insufficient safeguards 
known as inverters or frequency for its by-product, _ plfttonium, 

- changers, was made in August whieh can be used in tfie'rinanu- 
. '“ before an export control law was facture of a nucleate Tioinb. 

; 'amended following tbe spotting Observers believe Pakistan is 
~uf the loophole by Mr. Frank trying to build up its.reaerves of 
Allaun, Labour MP for Salford enriched uranium, whidi^ut also 
Bast. be used. to make a bomb,- The 

.In a written Parliamentary country has an experimental 
;V question, Mr. Allaun had pointed reactor near Islamabad . and a 
xiut that the equipment could be Canadian-built commercial 

. !u'sed in the manufacture of reaetor • in V Karachi.: V Canada 
.nuclear weapons. - . Inverters stopped supplies of uranium?ifcr 
."ensure continuity of electrical .this plant -in “late 1976 because 
. supply and are used by British It was not satisfied with the sgle- 
. Nuclear Fuels and most power guards..’ “ ■ 'i'. ’■ 

stations in. this country-- : > Emersons’, second, and anraWj 
In a' letter- to Mr. AHapn this filled contract wifjx, Pakistan - has 
month, Mr. Michael Meacher, the not yet been cancelled Respite 
Parliamentary Under Secretary the amendmenMo the Export -of 
, ..of State for Trade, describes the Goods (.Control) Order 1978. 

- August shipment as unconnected which came into effectelast week. 
. with a second order, worth Unlike the first contract, which 

£1.25ai. which is to he prohibited, was made directly with Pakistan, 
* ' But a spokesman for the manu- the second, is being organised 
. facturer, Emerson .. Electrical through an ..agent. Weargate 
•Industrial Controls, of Swindon, Engineering. of Swansea. 
' .Said yesterday that the delivered -Emersons says it - does not know 
’ equipment was identical to. tbe who the goods are intended for 
‘ second contract and it had been this time. . 

destined Jor the Pakistan Govern; • Christ Shea-well adds from 
.. merit Islamabad; Latest reports indi 

"•C It is understood the consign- cate that -construction of Paki- 
,ment was addressed to. the stan’s nuclear -reprocessing plant 
-^director-general Special _ Works, is -continuing, at Cbasma on the 
Organisation . Rawalpindi. : The Indus River. But the country still 
Pakistan Embassy, in- London lacks tbe sensitive technology to 
refused to give the name of the ■ complete the plant, and any 
; ^director-general denying the attempt to “go it alone’’ will de- 
-existence of any such organisa- mand time and money which the 
■ tien. It is not listed in the* country can ill afford. 

; Rawalpindi telephone directory General Zia-ul Haq. Pakistan’s 
V but the name- is, similar to 'the 'military leader, has repeated In 
iFrontier Works Organisation the an interview this week that 
\ ahhy unit which built the Kara- Pakistan does not intend to 
r ^arain highway linking Pakistan manufacture nuclear weapons. 
; . : ^ith China. ••• An apparently authoritative 

,.--The significance of this first article in a recent issue of the 
sale is that, inverters are based Pakistan Economist, however 
on a complex concept but can be says that while a reprocessing 

- manufactured easily from readily plant -eanuot be part of a pro- 

, available components. gramme for making nuclear ex 

. The consensus of international plosives, the "relatively unsafe 
~«ifi|omatic opinion is - that guarded uranium route” would 
.Pakistan wants to build a nuclear be better. 

-':bbrnb, and Mr. Zulflkar All Pakistan has no enrichment 
..Bhutto, the farmer Prime plant, but is believed to possess 
“Minister now under sentence of enriched uranium in a research 
- death, has said the country was reactor in Islamabad. 

Pakistan to ban interest 


. - BY CHRIS SHERWELL 

-PAKISTAN WILL move in stages 
"to - eliminate interest from its 
.hanking and financial system. 
3?fcafessor Khurshid Ahmed said 
.fere today. Prof. Khursbid is 
•the. key administrative figure 
-hehind the country’s attempts 

*a aiign itself with the require- 
ments of Islamic law. 



■ y\ -He said the reforms would be 
'■■'made, gradually but refused to 
when they would be made. 
The first stage would affect lend- 
ing’ by banks for consumption 
> and investment purposes and 
onJy.wbeir that is complete would 
there be a reorganisation of the 
banking system i-tself. 

The military Government’s 


ISLAMABAD. Nov. 16. 

economic departments are known 
to have been concentrating much 
of their attention in recent weeks 
on the proposed changes, which 
will also include a wealth tax 
and a tax on land produce. The 
reforms are being made largely 
at the instigation of General 
Zia-ul Haq. Pakistan's military 
leader, and orthodox religious 
parties in his civilian Cabinet. 

Prof. Khursbid said the new 
system would not be introduced 
before the end of tbe year. The 
Government would be standing 
By its commitments to pay 
interest to international lenders, 
but added that even foreign 
dealings would eventually be 
affected by the changes. 


Pilgrim airliner crashes 




wM 


s'r T ' 


AN AIRLINER full ef Moslem 
pilgrims crashed while trying 
to land at Colombo airport 
last night. Sri Lankan officials 
reported that 199 of the 263 
people on board were killed. 

A total of 63 survivors was 
reported from the Icelandic 
Airways DC-* which crashed 
in flames in a coconut planta- 
tion, four miles from the 
airport runway, while trying 
to land during a storm. 
Thirty of the survivors were 
taken to hospital and stx were 
listed as critically hurt. 

The airliner was a, charter 
flight for Moslem pilgrims 
returning from . Jeddah. Most 
were travelling to Banjartnasin 
in South Kalimantan (Borneo)- 
J’ One of the survivors was 
Brigadier-General Soebagib of 
the Indonesian,. Anny» who , 


COLOMBO, Nov. 16- 

said he escaped with bruises 
and some burns.. Police said 
an air hostess was the only 
survivor of the crew, but 
Icelandic Airways and Lloyd's 
Agents in Colombo both 
reported five crew members 
eseaped. 

Reuter 

Eric Short writes: It Is 
understood that the aircraft 
was insured for more than 
$12m (£6.Im) of which about 
two-thirds was placed on the 
London market. Settlement of 
tbe claim on the hull insur- 
ance is likely to take place 
within 24 hours. There is no 
indication . of the expected 
amount of liability claims tn 
. be made on hehaH of the 
passengers. Jt could he months 
or wen years before they are 
settled completely. . 





. ' ' \ 


1 TWA puts full fare passengers in a class 
I by themselves. We’ve established a 
special Full Fare Goach section to give you a 
quieter and more comfortable flight 







As a Full Fare 
Coach pas- 
senger you don’t have 
to beat the crowds to 
the airport to get the 
seat you want 
We can give you, 
or your travel 
agent your seat 
selection for both 
outward and return 
trips up to 28 days 
in advance. Just ask for them when you 
make your reservations. 




3 


Full Fare Coach passengers get 
the advantage of exclusive check-in 








counters at 


Heathrow 
- Airport and 
at all gateway 
cities we 
fly to in 
America. 




You get priority 
service on the plane. 

As well as being served first 
Full Fare Coach 
'•> passengers are offered 
a wider choice of meals 
together with 
complimentary wine 
or champagne. 




If you are a full 
fare passenger to 
America make sure 
your travel agent 
books you TWA 
Full Fare Coach. 
It’s a class by itself. 







Full Fare Coach service is subject to Government approval 
TWA carriBSniore scheduled passengers across the Atlantic 
then any other airline. 


TWA 

No.l across the Atlantic 


4 









' tC-, 1 ' 5 - 1 ** 


SOWERSESS NEWS, 


AMERICAN NKWS 





•\ :*-#» *• ii- .-; 


iRJT 


New SEC rules on 


T'i-i •- >:-- 




message from Sadat 


BY O AVJD BUCHAN 


WASHINGTON. Nov. 16. 


THE FATE OF the stalled thought to feel that the Jerusa- tomorrow of Mr. Eaer Weixman. 
Egyptian -Israeli peace negotia- Jem Government should at least the Defence Minister, 
tions appeared to hang on the he tied down to a specific and Mr. Weizman was due to meet 
personal message from President fairly immediate timetable for Mr. Mubarak in Washington this. 
Anwar Sadat which Mr. Hosni autonomy in the smaller Gaza evening to hear Cairo's suyges- 
Mobarak. his Vice-President. de- Strip, and a more general com- tions for resolving the deadlock 
iivered to President Jimmy mitmenf lo negotiate nn the on the Palestinian issue. 

Carter this morning. West Bank- Mr, Mnshe Dayan, the Foreign 

White House officials declined Before meeting the Egyptian Minister, said today that the 
to comment on the outcome of Vice-President. Mr. Carter denied Egyptians had raised new 
the meeting which had led Mr to a sroup of reporters at rhe demands in the talks and were 
Meoahem "Begin." the Israeli White' House that he might call seeking a special statu* in the 
Prime Minister, to postpone a another summit meeting to Gaza Strip. 

Cabinet drhai* on the peace break the deadlock, as Israeli Addressing the Knesset foreign 
raISs until the new Egyptian pro- newspapers have reported. He affairs and defence committees, 
posals are known. These pro- expressed his frustration at the he said that the draft of the 
posiis are said to contain sep- pace of negotiations, saying that peace treaty was almost com- 
arate time-tables for Israel lo “I had anticipated that a few pieted. but the linkage question 
granr autonomy to Palestinians days after Camp David we would remained a serious obstacle, 
on the West Bank and the Gaza have an -agreement.” Another majur concern to 

Strio. • But he seemed relatively opli- Israel is the level of American 






, , . ;;newtork,Nov.j6^ 

4 i BY JOHN WYLES • :i. • . . «>"L’ - i 

t aments to Board noniuses. This w«!.»5ply wrtb-a hank .which .has made 
| .SHAREHOLDERS ■ in L.S f B .- aoard piKfc -to ail companies for Sscal .ynr loans to the comply greater 

§ corporations can expect siwre ident.. > nominee cate- after Dece;« ner Mid . will than. 1 per heal of-tSe company's 

# » inform* live prosy statements fur t. SiiateS ScSde: total assets , which- 

f : the transfer of voting uuihon-a- . -ir iad ^ ervde nL •Whether f director «^arjrst- ever is - 

, ; non f r..m she end of the year ar/nm-c--- of L . orp oraa(>ns ctiusin or c loser reLatfy&^ofta .-.In addition, pompaniwy wffct 
V jThn fnliow the first revision A. ter a =',^ d Lbut suitably management also be TeqQb£fctt; ; tetr. their?" 

i in « years or bow m-if-* •ward csn&dafes may marriage or adophon-r: -sirareboldecs Wbe&iec 

• . information is given to the sn^.e- they could # Whether a nominee Js er.Tnein-^adit. -sobtiimtlsR; 

• j bolder when see, tin? his prw- ^ ‘ definition of inde- bef of a lav firm rewM hy .a' OTrapensattoo cbxmnitt^^ndiTt^ 

The new rules ad op tea b.- JJLSJt s;ec staff revised the company during the prertoos xwo ifo, to describe theft function^. 

| Securities and Excnange Lom- ^ena-n ^^ management, vears or aviated. ‘ with - ^ Directorciho Sttehd few# 'thffir.;- 

i I mission are asyfier version m c. e f -- seiner , t and un- .Investment ba nk whtch;has-per.75-per .. cent of 

= proposals jT fried in J ib- ncn-ns*nasemeat. formed service for threompanj. and ^ -committW meBtlnjs 

I ™? h , d TX*W-±Z l s and Bu?t"e Commission felt that duriss the same-pennS.;^ 'also h ff 

I plaints .roV’-^l, 1. duals and .-.-eadnspr,!* might still® Whether a 'director ;riasr.a. .'But in. addition to.dropptiiR-l^p! 

j .irgaiusationsS -rrd.n^ 10 r. aualifl'ed-people supply relaaoosim) . xjthrbugh. labelling prbposal,'; .tht'JZffiapg**:'. 

v-! Harold u iili^i» keSEunj^ *■ ,j, e sa ; :e T:nie drawl a e affiliation witb : another company sioh. has . abandoned- its saggew^ 

■ -5 : Q Lf;, noi' undesirable d: ? ;:ncuons iwemo which- has ■ flradv.vfeeaeats tton tbat-institutlonal^hvesto^r ' 


King Juan Carlo* 


*i . man. the 
1 ■ a brill 1 ihe propn i 
i ihe most valujiiii 
“ ! any «er of SEC 


The issue of linking an E?yp- mUtic th-t the whole negotia- financial aid to cover the cost of 
tian-Irraeli treaty with progress tions. which are supposed to con- ihe military withdrawal from 
towards a wider settlement in- elude vilb a formal peace treaty Sinai. Officials here are await- 


volvins West Bank and Gaza by mid-December would not now ins a report from Mr. Sirncha 
Strip Palestinians has bedevilled come unravelled. Erlich, the Finance Minister, who 

the peace talks sn far In the • David Lennon adds from Tel is also due back tomorrow from 
face of srrnr.s Israeli resistance Aviv: Israel is waiting anxiously talks in Washington with 
to ruch a link. Egypt is now for «hc return from Washington American officials. 


Parade of power by Iran forces 


Spanish 

King starts 

Mexican 

visit 


American Airlines’ departure! R*^|p 
attacked by NY city authorities 

b, n..» Own Cormnnmirnt • • . - NEW \ORK, -Nov. 16. .. .•Vr'-: ... 








I 


By Our Own Correspondent 




TEHRAN. Nov. ifi. 

CONSULTATIONS ON the make- sage, the Shah has praised the demonstrator*, wounding four, 
up of a new Iranian civilian miHrary rank and flic who “have in the south-western town of 
Government continued today as proved iheir devotion to the Behbaban last night, 
armed forces running the country country and to its prosperity and But the state-run oil company 
prepared for a major show of are read;' for any type of sacri- reports continued slow improve- 
strength. See." He also voiced “heartfelt ment in the industry after the 

Informal «oundines are ? ati? f ar,inri with the officers, sol- three-week strike which cost 
be Moved to be aimed al finding di " r ‘ . i r, 1 entployoes of the near!;.- $!bn. according to un- 
suitable candidates for the l n,Derial Armed Forces. . . . official estimates. In lost prnduc- 
kattonal government which the Thr ? hah ' < . r,?n l 3rk ' ' vere arid export*. 


By William Chislctt in Mexico 
City 

KING JUAN CARLOS arrive* 
here today in a visit which -wt- 5 
the leal on' the new trend in 


I AMERICAN AIRLINES, decision 
to move us corporate head- 
quarters and 1.300 jobs from 
Martha HJn i'» the Dallas Fort 
Worth Airport has brought a 


_ , 7" “ — Ib^iI <l;'|'CflIS IU i.»C JI'JISUU J IJ iflM* J 'I <IWvlTU I II 

a or ‘* nine r ° u * es >n the uncertain balance between a Partial strikes continue in 
c^piiai jomorrow for Armed gradual return to normal and some installation*, with workers 


thp dictator— -were tlipl 
relations between ihi 
ronniries restored. 

Now the old, riilaj 
Spanish embassy in 
City, which continued 


these guys :n compames who are- . vjy.i 

Solomon, so ' worried about sbarprange -A -KOR^A^-^that; 
economic cost-cattin? realise that Tfeey bancs’ pa^ne fading, Tratw .wiltTu 
. “in our "may be doing a disservice . to JtlitnbYo 13 per cent by 
■rican it their future customers and a twL that tjie economy wiU .eoter^A - 
r wanted markets by ru n a i n g aV^y TrAi» a reces^Ip n Ta ter H - 

s Which the cities into the cimotrysitfe.?’ Itnaae ojr Shakers Trust-. Com. c 
r." Mayor ... patty in Condon ' yesterday. ; 

; corpnr- . While unhappy-, shout [■“ tjrts ' ' . The . fiari* ... nrondy." market " 
y for the . American decision toi. leave, jlrl jeconomist,.-.. Mr. -.'iiAliff ‘■tLerneiCi.,-. 
or' five Solomon noted that Tpprpoxitte cominenttrtg 'on ‘ihe.iatefit'. D.SWW 
fit near flight from the city had stirwed Tstepslo'WicL the dollar, predicted' 
in recent years. He. Wddeii '^iat diaf '-U^i .interest! rates 'Would 
director. Ebaseo Services, ad;oDgiheerinS .? 

of New finu with 3.700 emptoyeek; =aftd ; h|l| " 


:Koftiu 

:)■}{ % i III 


iu ip-i. presence of »ne military in foreign experts. But in other back to the Spanish siatc 

Supnoners of the regime win most to-.'n* of any size. important sectors, such as the when diplomatic relation' were 

dmibtiesi view it a- a timely dis- Wimesse* reported a minor petrochemicals industry, the restored. There is a new. far 
p ey of force in show a restive clash today between armed official Par* news agency plushier embassy at ihe other 
population that the 11-day-old forces and demonstrators on Teh- reported settlement of strikes at end of the city, where the old 


restored. There is a new. far j 
plushier embassy at ihe other i 
end of the city, where the old i 


BY DAVID BUCHAN 


military Government i.* firmly in ran's Istanbul Avenue. Police plants in Abadan and Shahpur.J remaining exiles will gather 


control. In an anniversary me*- also fired in the air to disperse Reuter 


Money 


worries HK 


By Anrhony Rowley 

H«j >G KONG, Nov. 16. 
VK. PHIL r P HADDONCAVE. 


Japan’s small business^ 
increase capital spending 


BY RICHARD C. HANSON 


TOKYO. Nov. 16. 


U: v V,.‘rt hprft w,' v hi SMALL AND MEDIUM manu- have been demandina increased 

wairhir-? »h* faetumtx businesses in Japan efficiency from their smaller 

-'.iPAv v.-iiv l,«; 11 n tn S! e?‘^rnate that tbeir capital spend- suppliers so as to remain coui- 

snd"mn«<iL ! > « plant and equipment in petitive in the export market | 


snri rnncirimni lui > <»‘«U C4 uii--ujciii ui ^cuuvc m me i uihiivci 

mi-’bt bo taken 5 to restrain it^ tbe P r - sent fiscal year, ending despite the sharply appreciated 
u7_ t ?/ e fi r _ d!I 3sL L -. , ! next March, will increase by yen. 


hi , n , next .March, will increase by yen. 

Lc-H 12.3 per cent to Yl,209bn. accord- The Economic Planning 
mountin^-pri' r-,7 pr.npprn 138 l ° a surv " e V released today Agency said the latest spending * 

? -r, w f h n 1 n’ fhJ the Goyernment-owned Small projection for the smaller Com- 52* 

which nrlp ' ' BusinessTinance Corporation, paoies was slightly below iarse- defic 

h ,’r,kpr° t^ enCan The survey, conducted in mid- industry projections in recent 

«,L k Pn .in-'' e r ' bed t0day as October; shows a change from samplings, but it noted that the 

,. ani.lll,- Dirlio. tnur/Iinn.- i « hi- kiK.in.v, I .. CVUG 


tn drink the health of the 
new SnaJn with the Kln=. 

Sr. Jose Lopez Portillo, ihr 
Mexican President, who Hi- ■■ 
*n many Mexican' i' »f 
Spanish descent him*«-1f. went 
lo Spain last year and ihe 
King is paying a return \i*»«. 

Since relations were re- 
stored. trade between ihe two 
countries has almosf ilonMed. 
La*r year Spain's exuurts to 
Mexico were worth Sfi2m and 
Mexico's exports S3flm. 

In the first half of this year 
Spain's exports '■ tatajleci S45m 
and Mexico’s S46nt \Vhai 


j ^ ^ * ‘ -) - : J : * Ha- «t#»ciad t^ie- 0'S:, edononijr. • 

_ - ! to >xperienee .^’.average reaL , 

Big spenders catch the votCfS^.gg|g®§£&' 

BY DAVID BUCHAN WASHlNGTONijBbv. ^ 

| ACCESS to funds is stiii the key director. Hr. 3Iark Grea. com- candidates to search:.- ?S!&iflS?raMh2S5*^ 

factor in American election*, menreri. .•■eld for a large Y ; ,num : ot Wger-art^toD-wuId^begTO 

according tn a study just uub- Several of the Senate victors, smaller contributors. ; to ■ their -j 

liohed showing that candidal*** such as Mr. John Warner in campaigns. A particular ca.Se In' ^ 'J™ ! "Sf'c 

who outspent their urponents Virginia or Hr. Chaires Perey tn point this year was Senator Jesse ' 

v.nn So per cent of this year's Illinois are millionaires. The Helms of North Carolina, who] P ^yg Yaltterabre tobtgher shoTt^'^ 
■contested Senate seats. U.S. Suprenve Courx had over- raised over S8m . .frum^ ■. somef Mv. Lero«r said...... f y ■:.• 

turned a restriction that Con- 370 000 contributors y 1 rntTne J; - €T % 

The Mttidv isued r»v '"ringre** aress n^«*erl some vear«t a an on Congres.' as a bodr ba$ so far PPrated, housing starts would..,;.. 


The study isued hv '"rincre-* ires* some year* ago on Cong res.* as a body, bus so far starts would^f. 


congressional elections, ground* that it was an uncon- elections, which can now be time, reduce consumer . outla 
showed that the bieser sr-ender. stitulionat re«*riction on the financed partially out. of public ,' an ®. create, a "ripple effect on' il 
whether of the Democratic or individual ? freedom of expres- tax money iniitead of private entire : economy; *. • **.■ 


. • 1 Republican persuasion, v.on 2S sion. There are limits, htnwver. contributions. ' Both , political 

c- 1 " °‘.. >iMS JJL ar I of 33 contested Senate seats, of ?1.000 onv hat other iOttivi- parties would frown on such a 

Xr2 ,r »*L- e »!2- n . 5m !Two were uncontested. There duals can give to o coiUfMMn.- move. Incumbent senators and I$F2L 

i was clearly a significant cor ret a- and of $5,000 on wbai a^CTin- congressmen .have built-in ad- 
•^ av * ur °* * Hon between lavish spendine mittee can sire. . : • " vantages. of free raailWfe. perifca- .- lDflP 

defi't '«6pertSf t * "d'^tl * 1 3nd success, the Congress Watch These restrictions have led nent staff 'and publicity r - V v 


arouwfr' $30m. as a re- 


L " rihed t0day as October; shows a change from samplings, but it noted that the sul ^ of '* he Qfport of JHe^ran 

"Ap Financial earlier sounding*. It covered big business totals were heavily to Spain. ^ et ™J_ , * ns 

. e 'Z‘ '"S |' S 2 ' "° S.SI6 Of the 00,542 smaller con- weighted toward spending by the »«*««« fPemex . the State- 

vj-r,'v ( cer ns in Japan. electric power industry. owned oil monopoly, s gned a 

5 0 ner w K d ^5fISfK? if! Ca P itaI ^pendinc by the Most of the expected Invest- control in Ain P to sell 30JMIO 

'(.U’oolr-'i ' 5ma!!l?r sector !ai ‘ >'«r Wl P.9 ments for small com panic*, bawl* pee dav. 

v VJAh, ‘ 7 -P-l. ^ >e f r - ^ cent. The new burst of amnlnyins from 20 tr. 299 . Snalns number one export 

I ?r s 0 '* ‘punting for .pending resnli* m part from workers, will centre on new *n Mexico Is. honk*, which last 
‘ »ir iLSLnVJiS L .. , \ pressure by large com panies who higber-performance equipment. ^ ,T _ were . worth , SMm-a 


ST. JOHNS fAn ttguaL Nov\l6. 


BRAZIL'S JCONSUMER ’ ptim 
indt« reached Ti§L4 in ; Ot|ob?$ 
up hy —O; - perV cent- from - 
Septembe* and.41.4pw cent from ■ 
a year earlier, ihe Getulio Vargas a 
F oundatiun reported.’ T - . , . - , 


rjn ere 

tC in v 


not bpheve that the measures 

to restrain monev supply growth T • • J • accompanv King Juan Carlos. s . n,p - peq arras to auutD «tnca via 

zxZ'p'Tu * inv .^ ed - but Israel once index rises if any, signifiduat trade Ant ‘^ ua - 

maicated that the whole ques- WV1 A* 7 * ^ WV* £UUVA tiavij agreements are expected to be Mr. Bird said in a broadcast 

tion of interest-rate determina- BY L. DANIEL TEL AVIV, Nov. IS. signed for, as one Mexican last night that he was consulting 

tma must be given further Foreign Minlstrv official put other Governments on what 

thought. Rates are now decided THE ISRAELI consumer price trzint in Government expen di- it. “The visit is' symbolic and action he should take, but he 

by a cartel «?{ private banks, index rose by by an unprece- ture for months, but the civil psychological rather than com- hinted that the company might 

which recently decided on two dented 5.7 per cent in October, service has grown and a supple- merclal." be forced to leave the island. 


TEL AVIV. Nov. 16. 


fairly sharp rises, but has been due to a big jump in the prices mentary budget is at the corn- 
criticised for not reacting more j of flats, clothing and footwear, mittee stage. 


quickly and more smoothly to ' The increase brought the cumula- The Treasury and the trade places around (he country and 
rising rates elsewhere, thus caus-|tive rise in the index for the first unions blame each other for the doing what he is very good at: 
inq g net outflow of fund* from 10 months of this year to 35 per run-awav inflation, and labour promoting the cau*e of the 


agreements are expected to be Mr. Bird said in a broadcast “S—jT * at J BS space research had -channelled 

signed for, as one Mexican la*: night that he was consulting sanctions. The company does arms to South Africa via Antigua ^°f ary -' P re ^ ureg I -■ - 
Foreign Minlstrv official put other Governments on what not shm. and never hp shipped fj ad previously- been^ ^ met • tiiRD.tiioae .in- u ^ 

it. “The visit Is' symbolic and action he should take. but. he ®«t™i to Smith strong^bvenimoDt^ite ^ 

na,n — KceSw, is^ansBsr ««“; B Irt , ^ 

liK Tlle timc S "vIsilET" 4 urinl 1 *•«•> '< l*« question “-ae'clenlal came after a BBC Premier's sons, threatened libel ^ - 

places around he ISSl 1 ! 1 " "* 1-“°" M . Govertme^ «Eeiils «fe-W*,.V. 


Hong Kon?. I cent. troubles are likely to spread. 

Mr. Carl Gusravso. Cha«e Man-i A* the November and Trade union leaders are calling 
har-.yi Bank's general manager December index will reflect th* for strike action and demanding 
in H<->nq Kong. *:rd today he 1 higher cost of fuel, water and a revision oT both the cnsl-of- 
hjq been “alarmed” hy ihe j other items introduced at Ihe end living allowances ( from a svmi- 
nioney supply growth and felt ■ of October, a* well 3* ihe 15 per annual to a quarterly payment), 
that the rale-fixing carte! had 'cent plus wage increases just and full compensation for rises in 


ai’fed “responsibly but late” in 1 negotiated fur the public ser- the index, instead of the previous 
raising interest rates recently, vices, the total for 197$ is likely 70 per cent. The Deputy Finance 
Mr. Haddon-Gave 5 aid he is to be at least 42 per cent. Minister has indicated that he 


new democrat lr Spam 
The Kina's visit j 5 in f^ct 
I 1 '** find limp thr.i a Spanish 
King has comp to Mexico sIBce 
Ihe enunfry w.-k conque ed 
01 or 400 years ago 
Since the death of Fran n. 
Spain has become increasingly 


interested iu Latin America 


and sees itself a* a kind < 


to his recent forecast The governor of the Central does not intend to accede to this bridge between Europe 

»r PAnl r!:n thic vair in n.>i, kn.,. I.. i a • r 


■ . OA. 

- ;. to 

- .2 

■■■■ •• 

. mii 


of a 6 per cent rise this year in j Bank has been calling for res- demand. 
Hong Kong’* consumer price __________________ 


* nde *- Growth rates are still in — - „ , n outciai Mpani'h circles, in- 

domestic growth must *inw q French offer to refugees I s±s^i"^”K 

- m ^V” WHITE PARIS - ■* 

}.2™ 3Qh FRANCE IS ■prepared to accept to leave Vietnam, are not genuine To koidp this smacks, as ■ ne 
riiv.^ 1 on ifHimi tnis ..ear. viemamese refugees who liave refugees. Mexican diplomat put It, of 

- _ ;been stranded off Malaysia For a At. Stim ciled France's ” tradi- “The mother country gather ng 

i Glirism t<3:KS iweek on board tlie freighter Hai tiion as a land of asylum." It is all its little children arodnd 

BANGKOK. Nov 16. j Hong. Malaysia has refused to not clear how many will want to it." For the relations ip 

A SIX-MEMBER delegation led I admit them. come to France, which has between Mexico ami Spain. ; fid 


Latin America. 

There has also been men* on 
in .official Spanish circles, in- 
cluding reference in the Klite's 
speeches, to a greater urpty 


*£?,,** V 3 reac ^ I FRANCE IS prepared to accept to leave Vietnam, are not genuine 

niv* ihn ifHimi tnis jear. I Vietnamese refugees who liave refugees. 


among fhc Spanish-spealang 
nations — "Hispanidail." 1 


be a 


mm 


Client, 


Tourism fa?ks 


former Thai foreign ! ln the official offPr of hos- * W*? 1 ■ 45 .' 000 refugees from probably with most 
ha^ arrivprf in Phnnni ' ™ rm ' Indochina since the communist American countries, in 


that Spain is the .-mother 
country and hate to the extant 


minister has arrived in Phnom ' nitaiitv to the ’1 500 Vietnamese Hid ochlrta since the Communisi American coumries, in a loye- 
Pecb to discuv* the possibility ! of %£Z are cEe” M y]Ctow , K in th f Jormer French hate one Lov e In the seise 
of reopening the rums of An-k-.r i i„ S secretare of state Protectorates of Cambodia, Laos that Spain is the . mother 
to foreign tourists, the official I FreSi. fSSS MlntaSrl ^Vietnam. country and hate to the extlnt 

radio Phnom Penh reported the National Assembly that . T *^^ a | H< ^? J roil f ^L" ir d be that many Mexicans to this « y 
Tbursdav. vranre was readv marimit those admiHwl n addriaon to the regu- still feel that Spaniards 

Angkor has been closed to ^ wished to come to France. lar F tr y quota of 1 JKJ0 themselves as “COnqulst- 
visitors *ince the Communist . . f month. The standard criteria dares. | 

victory over the Government of Malaysia s dental of admission for entry are a knowledge of On the eroiiomic frofct 


. i.knj tn M Vrsnqo «r r rex icu raijy quwra oc i.uuu mems 

who Wished to come to France. a moQth T|je criteria dorPS/ 

Maiayfia's dental of admission for entry are a knowledge of On 


“Cbnquisi 


economic 


Lr-n Noi in 1975. 
AP 


is based on the ground that the French, or family or other links! Spain is interested iu reach!: 


' Hai Hong's passengers, who paid with France. 


Australian minerals row 


BY JAMES FORTH 


SYDNEY. Nov. 16. 


some kind of agreement dn 
participation in 'th e Andean 

Part, whose memhers ai 
Venezuela. Colomhia. Ecuador. 
Peru and Bolivia and so ba*T 
access to that market for Hf 
industrial good*. Mexico is 
a member of rhe pact bat haj 
good relations with tbi 


4 - 

'■•All 
- -^rv 


THE PREMIERS uf Australia's month after Mr Anthony, on the Governments own back- good relations with . thi 

main mineral.* exporting states, ere of a visit to China, an- benchers. It turned out that Mr. countries. 

Oiteensland and Western Austra- nouoced that the Government .Anthony had neither notified *n this resp<-cf it i* import an 
•ia. hair, stepped up their cam- would effectively control future Mr. Malcolm Fraser, the Prime to note Spain’s election it 
paisn to rvnmade the Federal terras governing ihe export of Minister, of the details of his September tn Hi*- hlock tnad< 
Government to abandon its iron ore. coal, bauxite and announcement before he up of Centra! America, fflroc* 


recent decision to tighten export alumina. 


delivered it in parliament, nor and Venezuela, which is rep 


controls over several minerals. Mr. Anthony said the com- cleared it with the Cabinet. tented hi-fore the IMF and tM 


Mr. Job Bjelke-Petersen. the f anJ « ih^rnviromfm Mr - fraser then declared the JJS known i* ,h 

Queensland Premier, sent a trac ?5r . b ° \}» ?L tb n - r -C<fre« new ? uideline P° ,ir i' "as in part nf Larin ^ 
strongly worded telex message dra » Fonn onJ >- He «« th at on from » n ntsjl 


w Mr. Do,,=T 3 s Anthony! the to ™id ta Ton! hj-ft H> 

?T DernV^ri^ mS=V Sw hive to "SuhTiSIfc i.f i he™r“ *ren°lil'.f 

after “'"mtetine in S“i “Tl.,. 1 "™ i£, flnally .etiicd De^itl thS "■JL *''"' ««?■ y™* ■ ■“4 

today with representatives of 15 f. Qfe /ii hJS- n-t^Lo *S? the Dppartmenl of Trade and J? l * an] ll . he ?* 

large mmins companies. W0U -£.-! l * 1 if l ,|, Q .? 0 Resources is already implement- th ‘“ 1 there is in Mexic 


^ CHAirrEREpSURVE\TBS ; 

We have nearly 150 years of experience in property. 

Apart from the professional services that we offer 
as Chartered Surveyors, Si. Quintbalso.have an extensive 
range of commercial and indListn^%ropemesfordisposaL 

Traditionally, we oil er ad viceon planning, 
management investment and development to property 1 ; - 
owners in the U.K. and Europe, ■■ • i- •' 

These are j ust sonic o f our useful properties. ’ : ' 




Sir Charles Court, ihe Western negotiate outside (be para* De ooVla tions *" ' sr. L,nppz Fortiilo look paO f 

Australia Premier, has also sent meters. ° the Inspire turn for the political 

trlcx mcs.*a ?Cs tn executives of The Federal Government has After today's meeting. Mr. reform which bp is promotirfe 

major m mine companies setting expressed concern ihai the Bjelke-Petersen »aid that the from the Uct clopments in P°#‘ 

mil ili*> stale's uppusition. and depressed world economy had policy could binder several Franco Spain. I 

reminding the companies that resulted in Australian companies, negotiations now taking place — — ./“■ 

their “main eontrai'is and main accepted contracts which were berween companies operating in L’-b- COMPANY NEwt* 

interests lie with the state.; from ton low. especially from Japan. Queensland and markets in 4 - , h- 

whence they act th*>ir right* rn The policy provoked a strong Japan and elsewhere. There has . »nal divifle ■ 

m:ne and where they undertake reaction from the state already been a cool response in ®*rm n PS rise at Are “ r 


approval ue.u.e vuuia was finaliv settled Despit 0 this. , It Mica a 

enter into negotiations, and th Department of’ Trade and t ‘ epl 1,5,11 b, ‘ | l , «antffled. in Spai ‘ 
would have io n back for implement. there h 1 in Meric, 

approval u they sought to in „ lhe npw DO iicv for the coal T he r p ' are snnit ' who say th* 
negotiate outside (be para* P ° 11C> l0r “ e CM Sr. Lopez Porullo look oari«f 


Sr. Loppz Portillo took pari f 
the inspiration for Ihu poliHcJl 
reform which hp is promoting 


V:filnm H Queen Street Place. London EC-J R lESlTWephone 01-2364040. Tetex: 8SI2tS» ' 

st Quintin.LPjrk Pl,ioj. Leeds. LSI 2RyiT*lephoiie:(K32-4flOES5w 

St. Oaintin S,V R ue Joseph If. Ii.uij Bruxelles. Triephoite: 010 -a 2-^.32-S. Tefcxi filJSL 


BT 






s?ppi 


U.S. COMPAN Y NEWS f 
Uniroyal omifs final divide 'd: 


,lfc « 


• i-.,- - 1. yta •m-o* 


ierr-rjSjti 4 mV . 


thP 5 r ha'ic operation*. " Premiers, many larsfi mining Japan to }| 

The dispute .staried late last comp^nipa ■und money of the announcement 


the state already been 3 cool response in Minings rise at Are ur 
arse mining Japan to the new policy Andersen; Dart hid for. oS’; 




lory makes progress — Page! 33 


1 






* 






j-i. . 



) Finafi(^"5iBies .Friday’ November •' 


VORLD 1 RAD! 


EgC FEARS TOKYO ROUND INjfJEOPARDY 




tl.S. pressed irer threat to trade 


BY REOINAU) DALE, EUROPEAN EDITOR 


3&V 

■ 


R 



THE EEC was tonight' seeking 
stronger assurances from; the 
jj_S ; that it will “act , to avert 
The‘threat of a damaging trade* 
wart breaking _• out in the New 
Year. Without’ U.S. action, the 
Comm units' fears that .the 
dosing stages of the Tokyo 
Roifad of international trade 
negotiations could be .jeopar- 
dised, thereby risking a plunge 
hack Into protectionism around 

the world. 

r£ on. "the other ' hand, the 
ui>v .gives satisfactory ..assur- 
ances during three days of 
intensive - negotiations. that 
began .here . yesterday.- Com- 
munity officials .believe that 
most of the outstanding Tokyo 
Round issues could, be solved 
between the main negotiating 
lartners (the U.S™ the EEC and 
Fapani-by the end of this year. 


slon. the U.S. has. told 
m unity that the Admj®£K}2° 
Intends to 

extending the waiver ^^ 0 ^ 
Congress reassembles HWAhiiary 
15. But the 

concerned about, the PgF-r 6 *“ ie 
of : its exports, to 
January 3. partiojasw .“L K* 
new Congress does q*- swiftly 
approve the legislatiodf^ TTe 
. Mr. Robert strausa*2p e X'f; 
Special Trade NegotS^- has 
warned the ComzaiKW?.-^ J“ e 
risk of the legislation, 4jWr2R!?s 
into a “ Christmases* 
lavishly bung with p« 5 «M oni . s ' t 
clauses. The Europeaifepommis- 


sion. however, today took the 
view that despite this risk, deci- 
sive U.S. Govenuenl actum 
remains necessary if all Nine 
member states are to -be 
persuaded to press firmly ahead 
with the negotiations at next 
week’s Council oF Foreign Minis- 
ters meeting in Brussels. 

The Commission's main aim in 
Geneva is to secure a strong 
enough, written undertaking from 
the U.S. to head off new objec- 
tions to its conduct of the talks 
from the more reluctant partici- 
pants, such as France. 

Commission officials are also 
going to great pains to avoid 


GENEVA, Nov. 16. 

giving the impression that they 
ore actually negotiating points of 
serious political substance with 
Mr. Strauss in advance of next 
week’s Council, at which they 
will be seeking fresh guidance 
from Ministers. It is admitted, 
however, that possible solutions 
to many of the oi* J ‘ J 
culties are being 

The U.S. negot'i 
delicate presentai 
They do not wa 
names to writtet', 
ply ins. at lea 


mding difli- 
|d. 

dso face 
problems, 
put their 
rssurances im- 
technical 



BY HILARY BARNES 


^ latent 

P I) A good. deal or tidying-up would, -_r 

rurj* however. , remain to b p done in DANISH MEAT eannflS/are 
'UllJjj the opening ■weeks of 1979. giving dismissal- 

h 




the opening weeks of 1979. 

The Community’s immediate 
concern stems' from the UJS. 
Congress’s. failure to extend the 
life of legislation freeing the 
Carter Administration from a 
legal obligation to impose 
countervaHing duties on sub- 
sidised . imports. After the 
waiver expires (on January 3) 
the'- Administration will find 
ilsflf legally required lo slap 
duties on up to STOOiu- worth of 
imports — despite the obvious 
danger of retaliation by its trad- 
ing. partners.' • 

Ih the high level talks here, 
intended to pave the way for 
the 'round's successful conclu- 


some of their workers 1 ?!*- os® 
they are hit by PUS. *y? 1 * er ; 
veiling duties from- * 

if the GATT trade negotiations 
break down. 

The EEC canned v’ meat 
exporters will be among 
first to be hit by . thfc ALS- 
dutics. and the U& fa i 
market for Danish- -.tsmne® 
hams. . 

With 30-day advance warn™* 
of notice obligatory, the Itefflisn 
factories are issuing; ^iOTwss* 1 
notices now as a ewtiBgW 
measure. 

A spokesman at Ja ka; o ne o* 
the three major crporttng com- 


at risk 


COPENHAGEN. Nov. 16. 


parties, said: “We are putting 
our coats on for the storm, but 
we sliil hope it won't break.” 

Jaka is giving notice to ISO 
of its 460 employees. Plum rose, 
another of the major exporters, 
said it is dismissing 150 of the 
400 workers engaged in this 
division and other factories are 
planning to dismiss a similar 
proportion of (he labour force. 

The Jaka official said that 
the U.S. duty would raise tbe 
price of Danish products by 
7-8 per cent. They expected 
this to cause sales to fall off 
substantially and If they tried 
to hold their prire to the 
customers, sale*: would HO 
longer be profitable. 


terms, their determination to 
find a way of flouting the wishes 
of Congress when the waiver 
lapses. The hope on both sides, 
however, was that a formula 
could be hammered oul in the 
course of this evening. 

Meanwhile, representatives of 
the developing countries today 
told the Community that they 
were prepared in discuss an EEC. 
proposal that safeguards againsi 
cheap imports should in future 
be applicable selectively. Bui 
they strongly opposed the Com- 
munity’s suggestion that it 
should be possible to impose 
such safeguards (against one or' 
more selected countries) without 
prior consultation. 

Officials here today were also 
hopeful that a oew international 
cereals agreements could be con- 
cluded by the target date of 
November 24. although it was ad- 
mitted that imonrlnnl difficulties 
remain. The new agreement, set- 
ting levels of world cereals 
prices and stockpiles, is seen as 
an integral elemeni of the agri- 
cultural side of the Tokyo Round 


UK bankers 
in Peking 
credit talks 

Financial Times Reporter 

ANOTHER F1V ? British banks 

are negotiating deposit facilities 
with the Bank of China. This 
brings the total currently under 
discussion between British banks 
and China to 

Tbe five oe w banks are under- 
stood to be Barclays Bank Inter- 
national. Klemwon Benson. 
Midland Bank. National West- 
minster Bank and Williams i and 
Glyn's They follow Lloyd s Bank 

International a nd S- G. Warburg 
which have for some months 
been jointly negotiating a dlOOm 
deposit facility with the Bank of 
China and Standard and 
Chartered which has also been 
arranges a facility for the same 

These latter facilities are now 
in an advanced stage of negotia- 
tion add V* t inu r a L‘: v ready 
si-ming by the Chinese. But 
there is some speculation that 
since China is at present con- 
tinuing to place orders oa a cash 
basis the deposit facilities and 
credit lines may not he con- 
cluded until Cbina is ready to 
award contracts which need lo be 
financed on credit lerms. 

Anthony Rowley u rites from 


China 


steelworks pact next year 


BY JONATHAN CARR 

THE WEST German consortium 
hoping for contracts from the 
Chinese to build a huge, inte- 
grated steelworks in Hopei pro- 
vince does not expect firm orders 
to be given before the second 
half of next year. 

This was made clear at a Press 
conference given by Schloemann- 
Siemas. the consortium leader 
and one of the world’s leading 
manufacturers of heavy rolling 
mill equipment. 

Herr Heinrich Weiss, the 
executive chairman, noted thai 
representatives of the c ? n ‘ 
son i uni which includes Tbyssen 
iind Siemens, were currently in 
Tsienisin to go over technical 
aspects of the project with Tbe 
Chinese and to prepare to make 
a tender. . 

The total value of the steel- 


works. whose first stage is due 
to be complete and working by 
19S5, could be a maximum 
DM 2Sbn (£7.7bn). But »t « 
pointed out that the Wert 
Germans are not alone in toe 
hunt for the business. British 
steel is known to be highly 
interested, and perhaps toe 
French too. . 

A kev question remains ine 
financing of the project. The 
Dresdner Bank is ready to bean 
a consortium to put up credil for 
the Bank of China, and tne 
Dresdner’s chairman. Dr Hans 
Frlderichs. has recently been in 
Peking For talks on the issue. 

But Dr Friderichs. ha- made 
clear that such a credit ofTer can 
only be made if Bonn is prepared 
to support it with Hermes. Gov- 
ernment-backed guarantees. Here 


BONN, Nov. 16. 

the prohlem is that so far tbe 
Chinese have been seeking dollar 
credits while Hermes cover 
can only be provided f° r 
Deutsche mark credits. 

For the year as a whole, the 
company, part of the Guiehoff- 
nungshuette Engineering group, 
saw after tax profit rise to 
DM 15.7m against DM 14.3m in 
1976-77. Turnover was down by 
20 per cent to DM 350m — partly 
because on-site delays by 
customers meant that some plant 
delivered on time could not be 
put into operation. 

The orders intake during 1977- 
197S (without subsidiaries) rose 
sharply to DM 66lm against 
DM 392m in the previous year. 
Orders in hand amounted to 
DM l.Sbn on June 30. 


U.S. in Peking hotels project 


Hong Kong: The president of 

rhase Manhattan Bank. Mr. 
Willard Butcher, will head a 
delegation from the bank to 
Pekin** next month lo offer 
financial facilities for China's 
development projects, promotion 
of U.S.-Chlna trade anti ways of 
hroadeniug Chases banking 
relations with China. Chase 
already has a correspon- 
dent relationship with ihe Bank 
of China. 


BY OllR OWN CORRESPONDENT 

A CONSORTIUM or Hongkong The group visited 20 possible 
and US hoteliers, including sites for hotel projects, which 
Hvatl International Corporation, would include multistorey hotel 
is" proposing to huild m.OOO first- in Peking. Nankin? and Shanghai 
class hoiel rooms in China at a and resort holels in olher tourist 
cos, of com HKS 5bn ,£5000.,. g.l£ 

Vr^'TSliK'^SnS They were, l-rf.ed bFj*je 
a "roup of architects, hotel Chinese Minister of general 
managers 3 nd administrators. Administration for Trade and 
project financiers, and construe- Tourism. Lu Hsieb-chen. Mr. 
[ion co m pan V representatives to di Tullin said the group si *n.d 
China for . two- week tour of nine .letter of men ™» h *he 
major Chinese cities. Chinese to continue the study 


and a concrete proposal would 
be made in three to six months. 

Mr. di Tullio said China had 
plans to open to foreign visitors 
another 100 cities, including 
some in ihe a ut on onions regions 
of Tibet. Sinkiane and inner 
Mongolia. Many of these 
hitherto inaccessible areas have 
not been opened sooner because 
of the lack of tourist facilities. 

The Chinese indicated they 
would like to see at least a 15 
per cem-increase in tourism each 
year. 


iy 


' Ti 


iii 


UK officials hope to 
heal Malta textiles rift 

■BY RHYS DAVID, TEXTILES CORRESPONDENT 

BRITISH GOVERNMENT offi- under control agaiff next-year- 
ciajs are hoping that the textile It is now hoped the jaanese 
rift with Malta can soon be will decide not to nsfc-wmer 
healed and that talks on next disruption • to their inquiry 
year's level of exports from the which new restrictions ne?t-year 
isiand can be resumed. would bring. . 

Th, EEC decided this men* 

— at Britain s request to lm- commission by banning all Uh 
pose restrictions on Maltese ex- lexUJe imports into the.vfaUmd 
ports of six categories of texti^ d action has beeni'hacked 
products to the UK for the rest ^ order j^Ha's 

of the year. General Workers’ Union. vbUuek- 

As a result, the Maltese have jug imported cars and television 
declined to take part in talks se is from the UK. 
ovejr the level of exports next Unrestricted access for Maltese 
yea'r. products, it is said, would -have 

With the restrictions due to undermined the global -ceinocs 
end on December 31, Malta will secured last year by the EEL 
be free to resume its experts — with low cost suppliers, to tte 
but if these grow too rapidly Far East through the GATT 
they are likely to be brought, Multi Fibre Arrangements. ^ 
. v - ' — • -ari 

$92m credit backing for " 
GEC in South Korea 

BY MARGARET HUGHES ' „r 

A BUYER credit of $92m was “significant role kb the award 

sie „ed in L S d» rt »«isa I 5 a *^“,5 SbKk-; 

IZL o GEC a Turbine ?eUti«“for U.. «der. 

&- Jsr “ 

Jp aWSTBS cK 

and guaranteed . by Britain s . Korea as an tnter- 
Export Credits Guarantee Departi country under the 

men! (ECGD). Is being Internationa l Consensus on ex- 

by Barclays Bank lnteraaUonaL rt cre( jtts, the interest rate 
Lloyds Bank Internationa! and be 73 pe r cent for ert-.ts 

International Westminster Bank. QV€r flve years, it can be 
The £ 50 m contract, awarded to assumed, however, that to ra a ten 
GEC in May of this year, is for foreign competition ECGD ha, 
the design and supply of two had t0 extend terms which are 
1.690 MW turbine generator units ro ther more generous than this, 
with' moisture separators ana They may well be closer 10 
rebeaters for South -Korea’s lhose offered for pure nuclear 
nuclear units, No. 5 and No. 6. . plaDt exports. Credit terms, ror 
Thev will be constructed at nuclear plant are outside tne 
KoRi near Pusan, the location international Consensus and are 
' of KorS’s No. 1 and No. governed only by an OECD 
2* nuclSr units. GEC won standstill ” a 8™ e “?" L Tnaln eK 
the contract against competition This means that the mam ex 
from Genera) Electric Westing, portere agw^ some three >e 
house— which is the main ago not to offer more g to - 1 
supplier for the nuclear reactor terms than *® y ^| re ca ° S e of g ihe 
units— and Brown Boveri. giat tim 12 years but 

» ye- 



r Occidental-Soviet deal 

MOSCOW, Nov. 16- 


BY DAVID SATTER 


OCCIDENTAL P ™? e L 2 

majoryioday sl^ed coMctt ^0^350,000 

worth approximately ^5Pjn tonnes shipped to the U.S. next 
with two Soviet foreign trade binder that contract bring- 
organ f zations for deHveries Jto J*f r t soviet ammonia ship- 
t hZ Soviets of superphosphonc ^ u. Sl next year 10 

acid for liquid ferthuwr p a- 950>00 q tonnes. tnriav 

duction and the purchase from The contracts signed today, 
the Soviet Union of ammonia involved the first ^sn^caiti 
and urea. quantities of superphosP priL 

The contracts were signed acid and U rea. 4i1d 

with the Soy uzprom export and de spite what Dt. Hamm . 

Soyuzchimexport Soviet fore ‘«° was a ou O Soviet 

trade organizations and are the last ye ar on lhe sale * = 
first major step in the commer- ammoma due to a a 

y e a ar im agSenf°o n n °feStize“rs “‘ThT^year agreement caiis 
bS£ee?^Sdental and the for shipment Ml In 
s55r Ntinistry of Foreign ac id from 

Trade signed m 1974- ^liDme^s of Soviet P ro- 
under the terms of today's increase with tin® 

contracts, the Soviets are “ of what Dr Hammer 

receive 480,000 metric tonnes of "gljgj; ^ world's largest 
superphosphonc acid in aranl0I iin pipeline. _ . aX 

and Occidental is to purchase prices paid for Soviet 

600.000 tonnes of a mm on m and The^P urfia ^ eventually 
approximately 570,000 and lor U.S. superphox 

of urea. Dr. Armand Hammer, po^^h ^ ^ t0 he adjusted 
president of Occidental Petro- P Hv ^ over l}** 
leum, said there had also bee of £ he eS timated S20bn fer ■ 
agreement on Soviet P«Jash agTeemn t each sldtJ , Tj r 
deliveries but contracts woul cbase aQ equivalent dolla 
be signed later- , t J alae the other’s products. 

There have already been soviet 

3-year shipping recovery forecast 

m id-1978 From then <m more 
S *tobeen scrapped than 
has been brought Into 
. TWs is good news for the Ger 

mwsMpimHdere who have been 

oredictina a crisis lasting well in- 
w^e^d-iBSfls. Tbe \m ubt»s 
forecast Indicates that xecotery 
will be rather sooner. 


Do you know that most small-to-medium 
size companies are wasting 10 to 15 per cent of all 
the fuel they use for heating, power and lighting? 

Over 12 months that can cost a tidy sum. 

It could be the difference between making a profit 

and just breaking even. 

And, even if you’ve already started to tackle 

the problem, you’ve a lot to gain by finding out 
how much energy you may still be losing. 

Pin-pointing the wastage isn’t that difficult. 
Especially if you take advantage of the Energy 
Survey Scheme. 


All you have to do is fill in the coupon and 
we’ll send you details of the scheme and a list of 

independent professional consultants. 

When you’ve chosen a consultant, he’ll 

spend a day at your premises studying your 

company’s energy use. He’ll send you his report 
recommending simple modifications which could 
lead to substantial savings. 

And the Department of Energy will pay 
up to £75 which is most of the cost of the survey 

So, fill in the coupon and find out how to 

reduce your company’s fuel bill. 



To: Department of Energy Free Publications (ESS), P.0. Box702, London SW208SZ. 
ENERGY SURVEY SCHEME. Please send me leaflets and a list of consultants. 


Name 

Company. 

Address 


BY GUY HAWTIN 

THE INTERNATIONAL shipping 
crisis is now past its worst 
and demand is slowly improving, 

according to the German 
of Shipping Economics. However, 
the recovery is Hkely to take two 
or three years. 

Monthly statistics compHsdjW 

the Bremen-based institute show 

that the continue increase in we 



Position 


■ J 



. yfoafl cisl 


HOMF.'-' 




British 

Airways 

doubles 

profit 


Consumers’ 



estimate revised 


Tax relief 
on home 
loans will 
be delayed 


BY LYNTON McLAIN 


BRITISH AIRWAYS made a 
profit of £51m after tax in the 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT B 7 Michael Cassell J 

, , . . MORE THAN 4m people with 

CONSUMER SPENDING in footwear, and durable household the first nine months' of this home , oans m have to wa n; 

I recent months turns out to have goods. But spending on motor year spending was lOi P* r c ? n . 1 until next autumn before jeceiv-; 

been even more buoyant than at vehicles ia estimated to have higher than in the same P erloa ; n p additional tax relief on the: 

first estimated, according to fallen slightly, as has already of last year. . , ne ^ly annou^»d higher homei 

official figures published jester- been suggested by a levelling Expenditure on cars an “ j loan rate £>$3 i 

dav. cut in new finance house credit motorcycles wae -ms dct cent _ . 


Healey explains wh; 
Britain’s economic 

growth will decline 

gy PETER RIDDELL, ECONOMICS CORRESPONDENT ; 


day. cut in new finance house credit motorcycles was 22.5 P cr cent ^ 

the volume of consumers’ ex- ' There has been a particularly higher in the flret nine months The o 


six months to September more penditure between July and large rise over the last year in of this year compared with the nounced a 

Sen; ember was £16.68bn. at 1975 «oenditure on durable house- same nerin* vear-as mortgage ra 


than double the profit for the September was £16.68bn at 19i 5 expenditure on durable house- same period last ye^-as J 

corresponding period last year P nces ;,fld seasonally adjusted, hold goods— up 12.2 per cent m already reflected' in the rise mii®« 

corresponamg penoa last year. aCconJin , t0 Central stalls- the year to the third quarter. In new car resgfotrations. sa,d 

The figures reflect the success t j Ca } office's second preliminary rev * 

of the airline's cheap fares, estimate. This represents an up- __ ___ _ tna|i 


including reductions on North ward revision of £3S'ra from the 
Atlantic flights and cuts of up fj rs i estimate issued in mid- 
to 40 per cent on selected routes October. 

to Europe. The revised figures confirm 

The number of passenger- that third quarter spending was 
kilometres flown on scheduled slightly higher than the previous 


CONSUMERS* EXPENDITURE 


Revalued at 1975 prices and seasonally adjusted : £m 


services rose by 29 per cent ini peak level at the beginnina of 
the six months to the end of [1973. after a rise of about 2 per 


the six months to the end of [ 1973. after a rise of about - per 

September, compared with the! cent on second quarter level this 1973 

same period last year. Air year. ... . 

freight services increased by Spending has risen sharply IS'* 

21 per cent durinj the last 12 months and in rr^ 

^ the third quarter was about 5i 

The total growth in traffic of per ccn{ higher than in the late jotc 

26 per cent lifted British J ummcr n F last year. L _ 

Airways revenue for the period Thjj5 rlse Was largely the result 1977 

from £697m last year to £S69m 0 f the sharp recovery in living 

this year. i standards during the’ last year. 1st 

The airline said yesterday that! But real incomes are expected to 
other factois had also helped to I rise much more slowly from now “ uu 

double last year's first-half profits on. and a fall in the level of sav- 3r( j 

of £25m after tax, interest and inss underpins the new Treasury 

amortisation of currency losses. [projection of a 21 per cent rise 4th 
Last year, the airline lost 'in consumer spending between — — — - 
income through the air traffic) the second halves of this year laiSlst 


Food, 

drink, 

tobacco 


Bousing, 
fuel 
& light 


65,497 

64.070 


19,904 


1 1.992 


63,320 


19,663 

19,336 


12,153 

12,305 


62.732 


19.511 

4,809 


Durable 

household 

goods 

j 3,270 
_ 3.060 
2,968 
• 3,680 
2,908 


Cars& 

Motor- 

cycled 


last week but nflk fciland Revenue 
said yesterday fsrad decidea to; 
revert to the III system of- 
making tax y.; adjustments : 

annually. j 

Last vear, for the first time.; 
the Inland Revenue tried to keepj 
up with home loan rate changes j 
as they occurred but it proved; 
difficult. ■ 

It said yesterday. "No sooner, 


have to' wait; ^ REASON' why Britain's 
1 before receiv- - ra j e o{ economic growUi is ex- 
c relieF on the. p^cted 10 fall off next year is 
higher home > because - manufactnring iadus- 
{ ny will be usable to stand-up 
societies an-j sufficiently to competition 
-ent rise in the either in home or export mar- 
' 113 per cent.} kefs.” Mr. Denis Healey said 
hland Revenue .yesterday, 
tad decided to; This unusually frank admls- 
■1 system of- sion of the nature of Britain's 
Tj adjustments ■ problems came in a speech by 
I the Chancellor of tbd- Ex- 
the first rime.' 10 a TL'C industrial strategy 
le tried to keep ( conference in Birmingham, 
n rate chanaesf Mr. Healey's comments came 
but it proved > in a section discussing the in* 
i plications of the Treasury fore- 
it. "No sooner, casts published on Wednesday, 


cars declined .by 10 penteht 
In the first nine months of this 

year— before the Ford 

demand for cars In BrJ®Unxose. 


in legal 
action 


By Kenneth Gooding, 

Motor. Industry Correspondent 


It saia yesieruay. au suwic , 

had we done one change man, although he said that.; the 
the rate moved and we had to, margin of error in the foreoMs. 
start over asain. .was “enormous- and the. 

theories on which they ire : 
hosed are of uncertain talotV 


by 24 per c^t^while . rar oox- THE Puerto fijeb authorities afe 
put Increased by ^ consf^ring- legal action against 

CC Thc perfonnahee : dt! : raanu-- Mr- John DeLorean,-. 'w hoi;,- has 
factoring Industry (wis^the; : decided to. site his newsports 
central jwohten^ cat'plant m Northern Ireland-' • - : 

otbev* sector? ta the erimomy:; - 

^-agriculture# retaifr district', £ 

rionT the financial -Writes, ^P** confirmed; . yesfeta^-*h£ .. 
tourism and ' tl«y are to coop erate m i-gmgto 

competitive,” ingdesign and development of 

But there were ^ drining the:BMC-I2 sporta.car.^ , , 
exceptions” even ptanafac- But it was ndf possible to . 
turtog ns .10 per -eenr -of confirm that the UK.atithdritiea,- 
Brl tain's cumpanfesf temteiL-td backing .the JJeLgrem- venture to 
teJbetter than the international ^ e . tune 1 _of nearly bad , 


System 1 j based are of nl 

“ We are not computerised. yre| rv r nutnut 
only wish we were, and with _ r 


average and nearly arfi&K'jnst- . steered, the Amerman ^ -fiipup 


as -good. a . " 

"That suggests: : that 

the- -problem does •wst lie. in 
1 some difference. la » 'national 
character between .British 


towards Lotus before -Jnally ' 
agreeing the financial' package. 

Before settling on WestRelfast 
for- tbe site 6f ; bis Vplant, Mr. 
DeLorean .spent lot /months 


more than 4m Borrowers to cope 
'with by hand it takes a very 
long time.” 

Under the old system of 


The forecasts are relatively 

pessimistic, pointing to only a - 
slow growth of manufacturing 
production next year, but a fur- ' 


S?C abroad, 


-matter in some fundamental 
defect In the economic,-, social 
or political env i ro iuu e a t in 


annual adjustments, tax officials ! ther increase in’ import peae* which British iudU8 ty| to J ment area. 


Economic- Developmept-Adminte. 
tration "about .establiSEmg ' a' 
factory - there^-a hSkfrimemploy- 


normally act about August, after; {ration and a deterioration in 
beinq given 2 chance to process' ih e volume of net trade- In 
buiidins society returns made at: manufactnred goods- 


operate. . ‘ • 

“The problem -1^68;:- on the 
shop floor and in board- 


Puerto.Rico QfFeredtbjm S25m 
in add, and the w?-- federal 

Government a further and- 


control assistant’s dispute and and next year. 

the need to strengthen the wings Between the second and third 

of some Trident aircraft. quarters of this year there were 

i increases in expenditure on food, 

Success fueI and lisfatl clothins and 


16.361 

16,373 

16.686 


the end" of the' tax year. Mr. Healey said the problem ■ Toom of the IndJ.vldudiactoiy ter with the 

So the latest rate changes—: was not a shortage of demand r. or plant. _ ' V- S development organl^Bon.-^ : f 7 , ^ •- 

which could be followed by, but of supply. “Those who be- By fff" 1 , The laJlffl hati tak^conasel’s 


Source; Central Statistical Office 


The success of the cheaper' 
scheduled air fares was emp&a-i 
sised yesterday when the airline ( 
said that the capacity of its: 
charter services had fallen by 2! 
per cent in the six months to | 
September compared with thej 
period last year. 1 


Italian oil rig design chosen 


BY KEVIN DONE. ENERGY CORRESPONDENT 


I csp^ci^Pv if n€ 

PHILLIPS PETROLEUM has The Phillips platform will installing the- steel deck and f e renluajjy going 


I w r hich could be 1 oil owed by. 0 f supply. “'Those, who be- 
[ further adjustments in the next; liei> that we can solve alt our 
'■Few months— may not be acted; problems simply by pumping. 

upon by the Inland Revenue for- more money into the economy 
at least nine months. 1 should look at the motor 

The Inland Revenue did say, 1 industry-" 
however, that if the mortgage, Last year car registrations 
rate looked set to remain steady. - rosc fov 3 per cent, bat prodne- 
jthey could consider earlier- tioD D ' f ^ the UK fell by 

a ^4. t i stn J, en - l i j- _ , . 6 per cent and sales of British 

The Building Societies Associ-; . 

ation said: “The decision should t . - 1 .. .- 7" 

not worry anyone too much. > ^ ' 


The 

ten iX-'-y 


operation’ with particular firms sj 11 10 carrT 
and sectors, the Government j the matter fmthfir. 

That was Tnade. dear' by Mr. 


kas been able to; help -manu- 


facturing Industry : to Achieve f Jos6Madera4 of the development 
a very substantial Improvement J 0 rgaiusatio o^ , m r- the ; Thames. 


in Its trading 1 ' performance 
over recent years. 1 !' ' 


if he knows he is. 


to receive the 


The move away from using air- J. ,^ lian desisn for t h e probably have capacity for stor- production modules in sheltered ti7 . re }i ef ‘ due 

craft capacity for charters [ ducUon p | at j 0 rm for its in R 650.000 barrels of crude, an water close to shore before the - The Revenue is not com- 

acceleratedtn the quarter to Sep-,* Field in the North Sea. important feature If the Depart- platform is floated out to the pIetel heartless and we are 

tember 30. when there were * per, - 1 design contract, awarded mont of Energi clears the com- field. certain it will move qulcklv in 

cent fewer charter seats avail- jocnomare is for a steel panys plan for offshore loading. Early production wells can be cases of hardship " 


— , ' , , 7. — ■ . _ , cciieiiii 11 win uni 

steel panys plan for offshore loading. Early production wells can be » cases of hardship/ 


pr-ivitv nlat’orm a type that The department is thought to drilled .through a template at I 

o - * * ■ 1 p : _ hn L'onn In rvnoAiiraaa Phlllinc t fi t Vn CaM linCn.. H.IntfAcm 10 


; Small basinesses [ Statement 

J J ' ’• Y«rfc Vesberday, Mr. 

, * c ^.1 ^ • J 9 . " ' r " • . Madera said -'the. prdgramine pro- 

i "VnilGT sensed an. accurate outline of his 

£llU»3i llUTv will organifiatKin-spostionand legal 

’V action /' was. : .sti&iander ctra- - 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR .. .. 

.. In ; the'.' programme, Mf. 

A FRESH INITUXIVE in: the He said on BBC radio a few 

i Goveramenfa campaign to help hours after Ms appointment was. ^ ' 

I a malt businesses was launched announced that such, palliatives terffiteg it sour grapes. 

' yesterdav bv Mr. HanHd Lever, aimed at special sections of the The programme - pointed out 
Chancellor of the Duchy of economy only diverted Ministers ihbt'i be was offered the equi- 
Lancaster from what should be-their mam , T alent of!- £Mm:. by Detroit to- ■ 

h. ' called on Gnvertiment task of creating a stable economic his venture • (on the 

Denartm^ and ftKFSEh 2 nd P o!itical in WhiCh udderstanding that it be made 

Mates foa‘d them thb^b businesses could -thrive less ' ambitious aud tat by- a 

□ dklies LU JiU uieiu ualuu gu Mr T avor cnirt that thppf* wprA ^ j . 


Television programme. ’ Inside 
Business, durwn.'tU'tiie London 
area- last.ntght.aBddue for show- 
ing in other re^aas this week. 


The growth in scheduled P»«- never been used before in be keen to encourage Phillips to the field, before the platform is! 

nepr ,ir cpmipps ,Un ".linsri n ‘'® ire»ci u nin. tho nil lehnrii hut that .. >v.. j-. 


senger air services also gained 
pace in the quarter to Septem- 
ber. with a total growth in capa- 


the North Sea. 

Phillips has placed the design 


city of 34 per cent against the I contract before receiving appro- srna ^ er coran iercial North Sea 


same period last year. Total 
British Airways air traffic rose 
by almost a third. 


i Ener"y°ror iiffieM^ev^iopment fiel^andTs“ underatoodTo have Tbandoned* thTsecond^vel^on | 
I ni=n oi f S ‘ d developmeni reserves of 140m-lb0m barrels. block 3/23A- without making any 


pipe the oil ashore, but that located, so that crude oil pro- 
method is unlikely to prove econ- duction can- be started much 
omic. Maureen is one of the more quickly, 
smaller commercial North Sea 9 Chevron has plugged and 


> almost a third. Annrovql is not exnected for . commercial find of hydrocarbons. „ _ ^ ^ ^ Chan cel- or 

several weeks, hut Phillips has Advantages The well was drilled as part, OfODOSSl Lancaster. 

TTlkT , j , placed the contract in order to No contract can be placed to a farra-m deal in which Sr aT He cal 

UN cash Dledfie keep development of the field build the platform until the de- Chevron _and the British By Michael Lafferty Departmec 

Lasil ^ ^ chedu , e * partment has approved the devel- National Oil Corporation have) 7 Stes to 

BR1TATN has pledged £40m to The Tecnomare design has ooinem pian. It is thought, how- acquired a. share in the block j BOARDS of directors will have:r K ni, 


Accounting 

disclosure 

proposal 


BY JOHN ELUOTT, INDUSTRIAL EDITOR 


By Mtchaei Lafferty 


design has opment pian. It is thought, how- 


iA FRESH INTnATIVE in: the 


■ Sies io a-d them Sh businesses could .thrive. . - less ambitious and nit by - a 

: ?heir burin- and otter JoEdfs Mr - Le - ver that „ there »» third) and £37m by the -Republic 

; ^ »">■. patronising sense . but acce^^e UK Goverinnent’s 


/joint statement 






03*5 


p eM® 




lOS^'^oFFiCe 


sri 6 ? 


Ill 1 1 1 re. . ... . ■» •null AUtVtVtfW.UI Ml lUVUUlJ ; ■ 1, • ^ w - « 

The proposal comes in a new encouraging- private investment that projects like the London yefiterday^hat. M began 
exposure draft ED 23. Account- But Mr. John Biffin, the Con-, agency could be .started^ . at Ii0tus*5 plant -at. Norwich, 
ing for Contingencies This 3erva tive Party’s / new front- The other was where there was where rnniungHprcaot3eEies. or the 
should bring about much better bench spokesman^ small busi- a commercial relationship, with DMC-12 ^wrtSf.cax^ffiB^^Siaiiily 
disclosure of contingent «ains in nesses, said ye^fterday that a the small business bffing a sup- at thq/. US. marked' been 
ilnancial statements according future Conervahve Government plTer, sulncontractor or ^customer, delivered and where r a joint 
to Mr. Jim Cam- secretary of . ’-vouid not create a special “The large firm can give pnic- engineering/ .team tram Lotus 
the standards committee. j agency to make loans to them tical help in purchasingv, policy and .DeLorean Motor- Mis been 

The draft says that tbeiat low rates/ and. practice,” said Mr. Le^er. ... established..- - . 









following information should be 
disclosed in respect of contin- 
gencies: 

9 the nature of the condition 
nr situation existing at the 
balance sheer date. 

0 the uncertainties which affect 
the future outcome: and . 

9 an estimate of the financial 
effect made at the date on which 
the financial statements are ap- 
proved by the directors: or a 
statement that such an estimate 


r ■ ■ ; . ^ . .... • 

General Motors to spend £10m 
oil Milton Keynes parts depot 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


■*T r - : 


cannot be “ate- l GENERAL MOTORS is to spend locations from Southampton to Genkraifsatibii of warebouang 

tTposure Draft 23: .4rcmmttnp|£i0m on a new central warehouse Liverpool and these will . be and distribution, should - cut 
ht m tmpencies. Copies obtain/ and distribution centre for car clotfed- down as the new' Milton matreials haiidHri g • ' a~nd.- ' frnn s- 
o fe, price 50p from the parts and accessories at Milton Keynes establishment comer- on- port-, costs, improve/ customer 
.•urn un ting Srajidards Com- Keynes, Bucks. stream at the end of 1980. service . .and allow.' .modern 

miffee, Moorgate Place. EC2. ■ ^ “ — - - - - — ■ r --* ■ 


ta 



£33,000 


' — — - 1 — -vwu. . •. ouu ruuutur 

I This vear GM has annniinnprt The.:4M employees affected will, materials hanffiJng systems to be 


inrluriinp a h(»l» “wc iu nuwon yvsierasy. , 

a" C the former Rolls-Royce factory & offered posi- - At Milton Keynes^GKE wiU 

in Belfast and a £5m ieoroani^- ha,e ■» a near neighbour Volks- 


collar 


in Belfast and a £5m reoreani«- t22r, w ll,B “V s as a near nesgnnour voiks- 

Hon cf its ^uSiimplw S? „d Plants-m^ing AC wagen (GB). tte Loarto sub- 

oil Delcp components— In Britain. si diary which distributes VW 

SperatloS ' aCfUnng ' ■**? a l MUt0 ° and Awii - cars in thi^k and 

. - ... - ^eiBes and tiie mitdai phaseof wfatehmtjved mto afT.Sm-head- 

GMs warehousing facilities are the new facility -will have, quarter- in the new town earUer 
presently shared by nine 450,000 Sq ft. of storage spate this year. . . . :■ ~ 


A DIAMOND collar made by 
Roucheron around 1SS0 sold for 
£33.000 — the highest price of the 
day at Sotheby’s in a jewels sale 
which totalled £246.606. 

Elsewhere at Sotheby's, the 
disposal of the collection of raill- 


BY MICHAEL THOMP5 ON-NO El/ 


lathered "bv^thriate 0 CteriS COMPREHENSIVE legal con- meats tor new cars household, of assessors monitored nearly 
TnJLii ~ ^ .-Vii lro15 of advertismg are unneces- equipment, horticultural - - 7 


Lovell produced a tote bf lrols aa . v l rtlsln e are unneces- equipment, , horticultural pro- 3,000 print advertisements. Anv 
£161298.. with the best price yes- I rad *“8 Jlf&SSra i’SSSS^SH. 


111 bet you had problems 
obtaining planning permission? 


• e rd^ tee £1.6M pa idby Stanley said yesterday. But the Director ^ ^dVof -‘pS 

Gihbons for a DSO and orher General of Fair Trading. Mr. *5g tfirf %££ the length 

r t wel a ^nj°lll5 l - ^ G T° B “ me '- WanL, P ° WCrS 10 •rSSS* 

n. tween lsyo ana iaio. seek court injunctions to halt dealing with complaints. “This ing advertisements. 

publication of advertisements meant that an occasions, Where From the sample — out. of a 

which seriously breach the code thB.^jpuhlisher had not already total of about 25m 'print adver- 
_ _ _ _ of advertising practice taken action, offending advertise^ tisemente published each year— 

SALEROOIVi tn f _ . menls oontinued to appear for 93 per cent .were, estimated to 

According to an Office of Fair a ; ainsaerab.le time after a com.- conformto the code.’ !The highest 
by AN7QMY thobncboft Trading survey of nearlv 3.000 olauit had -been made” - ' '-:fatiinrn-VstP«- : wnr« -mm in +h« 


You'd be a loser Mr. Chairman, 
because that's one of the things we 
do fast and efficiently at Hunting 
Gate Groun. Whether vou oroviae 


With an in-house team of 
professionals that have designed 
and built factories, warehouses 
and offices for names such as 
BOC Ltd, Robert Bosch Ltd, DuPont 
Company (UiC) Ltd, International 


Gate Group. Whether you provide and offices tor names suen as 
the site or our land bank does, our BOC Ltd, Robert Bosch Ltd, Du 
team of developers, lawyers, Company (UiC) Ltd, Intematic 

architects, quantity surveyors and Computers Ltd, Motorola 
engineers will help speed planning Automotive Products Ltd, The 
consent and make sure that your Goodyear Tyre & Rubber Company 

start date is on schedule. (G.B.) Ltd, we're of a size to handle 


most types of commercial and 
industrial projects. 

For further information please 
contact: J. R Walters ARICS, 
Developments Director: 


BY ANTONY THORNCROFT Trading survey of nearly 3,000 plaint had -been made." V failure rates^ - : were ieen in- the 

national and regional Press and The Office of Fair Trading sug- national Sundays (15 per cent) 

— — : — — — J magazine display advertisements .g«st£-.that- advertisers be given and national weeklies and month- 

7 P er cent wcre J' u dged to have ***5?.“ P eri 


a top price of £1,450 for a George 

til nYri twn-bandled tray. 


offended the ende nr n r a ,»i« stahtiate ^advertising claims that formers were j^gitmal. weeklies, 
onenaeo tne coae of practice. . - -^aliehisefL Th« rmnrr with 9 hiinra.rX'nr^u e n .^ 


Hunting Gate • Hitchin ■ Herts SG4 0TB • Telephone: (0462) 4444 ■ Teles 82444 


Gate 

Group 


A?* - » e , d tray - iLllrha LZ,! J pracuce. -^allehged. The report witha failure -rate of^wHy 6 per- 

At Sothebys Bdcrana. office Amono the national daily Press, doubts^'vhether sofficilent saric- cenL' ■ 
eniiipraent and sclentiflcinstru- the proportion rose to 11 per tions-are .available to tackle . Review vf-lhe ZIK Self-Reouto- 
ments bronchi m £45.30— A gent, and among nationa! E0 »u&_advertisers. - t&nj Sustem of'Adt&rtisina Con- 

Powell and Lea land brass micro- Sundays, to 15 per cent. . ;The survey included $ research trot ' Fair Trading, 

« 0 -™ ™ c ■’’UI'm” 1 50 “ or The bi S8 est offenders were project conducted bythe British Field House,:Bream& Puildtens, 
Tfle Museum save ma if order advertisers. Advertise- Market. Retearch Bureau. A panel' London, EC4 (Of -242 2858). 

£600 for a teiepnnl Dutton - ■ ^ ^ 

camera of around 1900. ■' -.r. 

a I'o.o^r^dy fflrSEffi GROWTH OF WONETARY AGGREGATES (£m) 

sold for £S,400, while nearby in Money Stock Ml : -r<: -'I-Mimey Stock M3 .- : : Bank lending 1 *. : Domestic credit 

Bristol, Osmond Tricks sold a \ Sterling , «pansion 

watercolour of the bay at Zante Seasonal!* S wa mily' “ - SaxranaU* ' ■ SMDoaaHr 

by Edward Lear for £3.600 to Unacflanri MjustMl %— adtosMd % ■ UsudftMtd- adfnnid UnadJo«t«l vgoBH 

the Fine Arts Society and a J* 77 . i 1 . - . - ■ - : - 

drawing of the Avon Gorge by ® c t- 7 “J* 594 .IB;,... - W9 595 . U. 5S0- ... 439 ‘-...277. _182 

Turner for £3.100. Nov. 16 481 325 15'-- 438 296 QJ-- -97 226- ; _ : . 38S . 355 

At Bonham's, furniture fetched Dec * *4 663 233 f.\ - ®8 : 442 1JJ- -44 . 308 ‘ 504 ’ 161- 


Money Stock Ml 


_ . Soasona!!y 

UnadHmed Mjustcsf 


"Money Stock M3 
. Sterling 

SoaaBnally' 
Unadjusted idfosit 


Bank lending^ . : Domestic credit 


eotpansion;. 

S— i a aatfy 

UnadJottKl adfoctM 






SIA-* 


develop am 


he ^fessional 


Turner for £3.100. Nov. 16 

At Bonham's, furniture fetched Dec * *4 
£34.111, with a George III 1978 
mahogany chest selling for £2.700 J®* 1 - 18 
and a George II burr walnut Feb. IS 
bureau bookcase for £2.500. At March 15 
Christie’s South Kensington, a April 19 
brown bisoue headed hebp doll May 77 
made in 1878 fetched £2.200. June 21 
— July 19 

Delfont office SS“L. M 

LORD DELFONT is the new Oct. 18 
president of the Printers' Chari- 
table Corporation, succeeding Sir 
Billy Butiin, whose appeal during The sterl 
the last year raised a record after sea 
£302,000. end of tl 


■Si 

0J-- 

U6- 

ar 

~oa- 

ij 

ZV 

TjOt 


• To private uctar in nerflnj incknllns Bmk at Fugbnd lwo, nf rmuntirltf I 


254 

,960 

1^31 
l.ITJ 
314 
104- - 

.-r292 . 

-713 

: :s3s ■; 





canon- 

Intern: 

jitierc; 


turoc; 


; w 


\r 




, u> ]' 




' J W j".^ i i~ 

x.. 


£ 


sir 


K... * * 


r . 

\ tf- 

t » . V 


rr-.. 


a record after seasonal adjustment last month, bat Its growth sq far ^hiB year relnaineil telawLtheii^Wa 
end of the GovenunenCs target range of B-12 per cent. ‘ 









!$:■ 
• , \ 


*3<. i- 

v ; t ". - • 

•Ss." 


■■'- §l ■ 

'•ir 

' 1/3 



rytping we do adds up to onekindof bank 








A 

’I 

*B 

ui to »» 


E 


OR companies arid I for an ability to mobilise a wider 


JL who Operate multi- 
nationally, Lloyds Bank/ 
International has many .7 
different resources to cfflfer. 
Our strength is world-wide.lt 
lies in the skills of our people, ; 
backed by the Lloyds Bank : ; 
Group assets of £14 billion,.qtff 
ability to mobilise hinds quickly 
in a variety of currencies and in 
any part of the world, and our 
detailed knowledge of the inter- 
national financial stage -the . 

important people, the markets, 
the opportunities. All these Md| 
up to a depth of resources & 

capable or solving your knottie^ 
financial prohleml "7 •- 


Hi; 1; 


>011$ 


One of our major skills is putting 
together the right package of 
eurocurrency finance for our 
individual customers. In 1977 
we managed forty syndicated 
loans totalling US $6 billion. 

In 1978 We have been one of the 
world’s foremost banks in lead' 
managing syndicated euro- 
currency loans. We are under- 
writers in over 85% of all 
eurobond issues, and we are 
active as managers in this field. 
So you can see that whenever 
you need finance, it is worth- 
while askingus first about getting 
the resources together. 


/> 




r f\ v 


interpretation of technical data, 
empathy with the non-banking 
experts involved in the project 













v; 


& 







U*S $70 million pan of die financing package for the New Zealand 
forestry development project. 

- our level of involvement in 
this complex aspect of finance is 
only inatched by the skills we 
dtp bring to bear. Among major 
projects in which we have been 
involved are a large shipyard 
development in the Republic of 
Korea, an iron ore mine in Brazil, 
an aluminium smelter in Dubai 
and a liquefied natural gas plant 
in Iran. 

Export credit 
the know-how 

Often a vital part of international 
financing is the provision of an 
export credit package, plus the 
necessary guarantees. The Lloyds 
Bank Group holds around 25% 
of the market for foreign currency 
export cred its^^ 


UK. 




SA N Proj ect finance, 
I while it contains 
F A a very large 
funding 
11*3® element, calls 


.dAl 


/lk 


, Skilled local representation is oneofLBI’s major strengths. 


In addition, we at LBI have 
experts in the right places round 
the world with me local know- 
ledge to put resources together 
in exaedy the right way. This 
on-the-spot representation by 
skilled professional bankers is 
one of the maj or assets of the 
bank A major resource, if you like. 

Allthe services 
you need 

Supporting these key aspects of 






^ ** *Yi X 




The agreement is formalised after negotiations to match 
borrowers and lenders requirements. 

our world-wide activity are all 
the extra resources we offer in 
our full range ofbanking services. 
For example, we tackle corporate 
finance from an international 
point of view, helping you to 
raise capital in the most efficient 
way or to make the best use of 
the money you already have 
available. Here, our money 
management service plays a vital 
part, enabling corporate 
customers to use the banking 

S stems of the world in a way 
at maximises return or mini- 
mises borrowing requirements. 
Our investment services broaden 
the opportunities available to 
make the best use of your 
existing funds, either short- or 
long-term. And to complete the 
catalogue of the resources we 
have immediately on call for 


you, our trust department helps 
you and your key internationally- 
based staff to solve a host of 
legal, taxation and insurance 
problems. ** 






.5 

f* * 








The Cerron Grande hydro-electric scheme in FI Salvador, part 
of a major development project of the Corrosion Ejccuciva 
Hidroelecmca del Rio Lem pa, construction of which LBI 
helped to finance. 

LBI- the 

resourceful bank 

Think of resources in the 
broadest possible terms, and 
you’re thinking of Lloyds Bank 
International. People, skills, assets, 
in-depth knowledge, mobilisation 
of the latest techniques and 
technology-we have them all. 
And they add up to the sort of 
international bank we are. 
Resourceful. 



The Lloyds Bank Group has 500 
offices on all five continents, 
with a total of 15,000 employees 
outside the UK. Representation 
is particularly strong in all the 
major financial centres of the 
world. 



LLOYDS BANK INTERNATIONAL 

A member of the Lloyds Bank Group, 

International banking at its best 

Lloyds Bank International (Head Office), 40*66 Queen Victoria Street (PO Box 241), LondonEC4P 4EL, Telephone 01-248 9822. Offices and subsidiaries in over 40 countries around the world. 


I 


JjUSI 





£ 


^Enmr.Tun^ t- 





HOME NEWS 


Increase 
in steel 
demand 


likely 


By Roy Hodson 


£21 in coal 




for power stations 


BY JOHN LLOYD 


THE DEMAND for steel in 
Britain is likely to pick up in 
'.coming weeks as stocks are built 
up at steei mills and ware- 
houses. 

. Steel stocks have been 
allowed to run down to abnorm- 
ally low level? during the steel 
recession this year. The British 
Steel Corporation took emerg- 
ency action to clear its plants 
and has been operating on the 
lowest possible stocks. 

- Consumer steel stocks, mean- 
while. have fallen to 3.8lm 
tonnes — the lowest level for 
several yoars — according to 
Industry Department figures, 
published yesterday. 


Deliveries 


Consumption of finished steel 
: in the third quarter of the year 
is estimated at 3.93m tonnes, the 
■same as the previous quarter. 

But steel deliveries from the 
mills to consumers and steel 
stockholders fell to 2.9m tonnes 
during the quarter. Previous 
quarterly deliveries had been 
"running at more than 3m tonnes. 

Less than lfi weeks' supply of 
steel was held in stock by con- 
sumers and stockholders at the 
end of September, according to 
the department's estimates. 


THE Central Electricity Generat- 
ing Board is to receive a subsidy 
of more than £2lm to persuade it 
to bum extra coal this winter— 
£4ra mote than previously pub- 
licised. 

The Government said last 
month that it would pay £17m 
to the National Coal Board to 
allow it to subsidise the cost of 
iU coal to power stations. The 
move was made both to help to 
burn mounting coal stocks and 
to relieve temporary difficulties 
in the Board's cash flow. 

However, it was not made 
clear at the time oF the Govern- 
ment's announcement that the 
Coal Board would add more than 
£4m to Ibe £17m. 

The £4m represents the money 
which the Coal Board would 
have spent on interest and other 


charges incurred for producing 
and stocking the extra coal— 
which it would not otherwise 
have sold without the Govern- 
ment subsidy. 

The level of subsidy which the 
total payment puts on a tonne of 
coal Is between £4 and £4.50 over 
the next six months. There are 
no firm "plans for renewing the 
subsidy after that period. 


Worry 


■The effect of the subsidy is to 
bring coal-fired power stations 
automatically up the generating 
board's merit order, which is 
based on which fuel is cheaper 
to bum, and to lower oil-fired 
stations on that order. However, 
there are “ knock-on '* effects 


which worty the generating 
board. 

The first has been that the 
generating board has bad to sell 
off 600,000 tonnes of coal, which 
it receives as part of a ten-year 
contract with Australia. at * 
much lower price than it P aid 
for it. 

The coal has been sold at 
around £5 a tonne less than the 
purchase pried- to the French 
electricity generating authority, 
a total loss of more than — m. 

The Australian contract speci- 
fies delivery of about lm tonnes 
of coal a year at £10 a tonne 
cheaper than UK enal until 1983. 
If further subsidies are granted 
to UK coals, it may be necessary 
to put more of the Australian 
deliveries ofi the open market at 
cut prices. 


Firemen’s 


strike 

‘saved’ 


'*1 John Elliott, Industrial Eftfor A 


£ 18 m 


THE nine-weefe-loiiE 


strike ear?." 4 '* 
local auth 
Wales £1 
spend an 
native cov 


Coal Board target 
‘calls for £500m 
investment a year’ 


BY JOHN LLOYD 


Both the Public and private | THE National Coal Board must wastage. Immediate replacement 
sectors of British steel making; mvest £500ra every year if it is was necessary if the nation was 
now believe that limited re-| lo mecl itfi larget 0 ' f producing not to experience “a dire short- 

1 ' ' and 



in recent years. 

*’ High interest rates could hit 
the re-stocking cycle but so far 
there are no signs nf that happen- 
ing. The domestic demand for a 
wiiJe range of steels is stronger 
than at any time since the 
industry faced crisis conditions 
a year agn which resulted in 
the EEC Davignon protection 
schemes. 


near 

work on steel stocks in hand of; Sir Derek. a rter a visit to “f 

between 17 weeks and IS weeks | Be vercotes Colliery. Nottingham- ,I( ® «f p 1 ejvoirj w j}f™ 

shire, described as "snort- * he Coal , Board P lans t0 s,nk 
sighted" those opponents of the ‘ our P l £® i, n a £500m develop- 
Coal Board’s plans who pointed ment, the largest of its future 
to nuclear energy and North Sea projects. 

oil and gas as reasons for not Local residents and other 
investing in coal. groups strongly oppose the plans. 

Nuclear power stations could "I believe the Vale of Belvoir 
not produce petrol, diesel fuels and the North-east Leicestershire 
and petro-chemicals. North Sea coalfield can produce both food 
1 oil would last for a com para- an d energy without unduly inter- 
tivelv short time. faring with each other. We are 

“Estimates vary: even the 3,1 concerned with the health of 
svs\/\ • . | most optimistic do not speak of our econ ® m * and equally for the 

£720.000 more than 20 years, and last Preservation of the environ- 

* 1 week Offshore Operators gloomily sa, £- 

predicted that it could be as ® 9 0a * Processing Consultants, 
short as six years." a .I° mi Coal Board-Babcock and 

At least 10 years were needed * ‘I™ " b 
before a new mine could produce !* e 

no from Drayton ^SSg methort, ' oF recn,erin e " llfll 

by Rodman Hecnan for!?, praclIciibleLaiioijnj i-Msnn- j’ rod “ c n I f s “' h « ° n . d J‘ ! ' '™ 

able time for democratic debate" L 0 d a . h fU lL'Ym 

with further develODment of coal de, * tro . ed each je.ir in the UK. 
“ tiVtps ucvc,u - 1 4 a pyrolysis treatment process 

n " ‘ niav . . . aKrtll , >s believed to be capable of yield- 

0\er the next decade, about ing 0 j| S and other rKil j ues f 0P 

iSht TV'.hS “HISS use in ** chemical industry to 
might oe lost throu gh natural ma fc e f ue i oils and carbon black. 


Liverpool’s 
port loses 
£ 2 m profit 



rri^hv Manufacturiire th- « me 3 »n™nt agaia-^more “The shop stewards’, commit* 

; Ind^zSeriaB 5 workers-’ 5 : Sui iSS^evalopinE the Ktrfcby: tee, with the.two director* take* 
returned to business. . . poUey deta sions^bjit the -shdfC 

? ert o- as proposed in a - The plan involves, about. 260- stewards -are 4fte £ on. a difficult; 

• Government "report published redundancies among Jhe -720 position. On thegho^floor then 
-v-Sdav on- of the most con- workforce 5 nd is subjfiWrtd Inal frequently, find themselves ^acthtgi 
: trove" r 5 ia*' s n it iatlves. taken !bv Mr. approval by the Government's, in opposition, to-deepnons ttkerfe 
: ir»hnnv V.'edgwood Benn when Industrial Development Advisory on the shop stewards -committees! 

■ Secret arv for Industry will be Board, which has expresSed.;8mne ; “ KME has- the worst rtf.’jfls. 
firemen's ibrou -hi 'to an end. " - reservations about ■ WorcestfiSs worlds. It : has failed; to-deveUpt 

p - ■ • a new form of organisation as:sc, 

workertdr 



£3.9m of Government money. 
, vesterday hr '■ Since then a succession of prob-. 
Elite of Public 1 iems has increased the Govero- 
-atanev show meet's bill to £5.6m and more 
firemen's Ic 2 sh will be needed if any.form 


r igures . 
rhe Chartered 
Finance and 

redi^fresb-rescueistosoc^d 

the* “Green Goddess" fire: Mr. Alan Williams the Sinister — 

enrinec and servicemen’s 1 0 * State for Industry now. urine’s 

e = i responsible for toe co-operative, asanufactunngs 

i admitted yesterday. 


NEWS ANALYSIS 



marginal costs. 


"Cosmetic measure' 


Wg factory— caf structure is not' 

<ubi » wu ■ - however, equiva lent in size to', ffve fait wefl.** .'•./■ 

!fcat this was a relatively small sized Football pitches— rand-large Kirkby Manufarturing*s.- 



The Frice Commission 
night described as M litGe 
than a cosmetic measure ' 


! Prices' and Consumer Protection, i anxious to see the cooperative Sparing ^Smn^tlS t0 roasoaable levels, 

continue in its present form and “’J® . r ®, - off 


Its overdraft : abd“- 


By Lynton McLain 


10 site 
to be developed 


Trading Estate, 
to be bought for 


BLACKPOLE 
Worcester, is 
£720.000 
non 

development. 

The estate comprises 24 acres of 
undeveloped land, half immed- 
iately available for industrial 
use. and 17 industrial units, 
totalling 45.000 sq ft, all let 


SEVERENCE PAYMENTS to 
more than 300 dockers at the 
Port of Liverpool are expected 
to cut profits by almost £2m for 
the. financial year ending in 
December, Mr. Janies Fitz- 
patrick, the ports managing 
director, said yesterday. 

Mersey Docks and Harbour 
Company, which runs the oort. 
made a trading profit "5 £4.fim 
to December last year, compared 
with £5.2m tfib previous year. 

Mr. Fitzpatrick said that the 
port's _ annual report w ould still 
show 'a profit to shareholders 
when published in the New Year, 
but that severance payments 
would leave little for profits. 
Funds might also suffer short- 
term pressures. 

Investment in new facilities at 
the port had been £5m to £dm 
this year compared with plans 
for nearer £li)m. 

The port employed 4.000 
dockers and was responsible for 
funding all severance payments 
Mr. Fitzpatrick said that it micht 
be time for another body to find 
that money." 

Mr. Fitzpatrick added that the 
burden put the Port of Liverpool 
in an unfavourable position com- 
pared with the Port of London, 
which has been condi J »ona!l.v 
offered £35m assistance by Mr. 
Wflli am Rodgers. Transport 
Secretary, towards severance 
costs nf registeredidock workers 
and staff. >' 


, T j I • a l 0 -„ 0 is backing the report pab.isheff minimum redundancy pagmenfs 

Lame duck charge of * «ork.= g pan, a. Against this tectaraiag the 

l virtuallv impossible W' recruit working party rejectcdiideas ft% 

" : . o-ij, *• a : t. thi» rvi^merativ- 


t ••foolish '" 'fades U P • 'month a^c- to map out a Taln » u «ure iaai u- us now Against 

union investment : *» these fie fdi." A*i the co-operative, jo remain .in;,^ 

which could "turn a healtoy P*:- ^ S ,V; \ auonflEateroriw Board duct development -had been Present fo^ But it imxn^sooi^ 
rcchcmicaU industry into y f x delaved and tnaricetTleft on- what W Its #Mi3UMN 

the Government aor rbe.NathmA 


industry into yet 

?r^ «**>*»* *«««*■ :***-*«*+■ « 

r h^mloa T '^n d ti strles C Associ a t ' otf • ^dlani-based central heating m dealing with tbe%il^ ofthe N^talj^ver. 

Chemical Industries .Associat.oo. r(jm called Worcester enterprise to operstfe effectively. Other big central heatmg -cot8S 

] Enginee'rin’ " as a co-operative, v- * paaiea Uke: Mysoitiraml Met!^ 

Coal contract I it would become a full sub- “KME has not usedift? stated Box's -Stelrad^ show^ Urtmfiafr 

, „ J ^ : cidiarv of v. o.-cester with the as a co-operative Jp _aevelop a only m . picking .njr .'Winp jrf 

The National Coal Board has • Government loaru new organisational., strurture. the pieces aftmv£.li<iuiaaho^^ 

awarded a contract worth £10m ^ ^ be Vne f01 ^ of The firm is manage! ,xjn i«adL the Worcester; 
to Murphy Brothers to win a °. ; cmnulatSJe redeemable r-'pre- Oonal lines with the directors, was wcoraraeh<^d^;./-:v^> ^ 1 
estimated POO.OOO tonnes of «lares plus a £68ft00ft ictfng effectively ■. Sfeninr .Therwo»l^gi|?ailyfsichaii^n^ 

rtn-vor jlatlon COal from the west : ‘ ,,‘T ' 'rvi, — - - 


Moss site near Cowdenbeath 
Fife. 


\v est : rBgitmaJ development gra nr- a n d" tfiahagem ent The otbermioagere Pro feasor ■. T) oBRl»;jaague^ ad- 
J ’ “la £500.000 interest relief grant, do not take a full share in deci- m fated yesterday. y though, that 

.•» « . _ _ l ttiArr ftiTFrf iTifniraM'ul u’lAWt w aIaqp mvlrp ^ *T M - 


New ships for BP 


On top of this, Worcester sions. nor are they fully informed there were “ciear . risks ?. }n 
t Engineering would spend about about developments. - what was being proposed. * "^ aas 


BP Oil has ordered two products! 
carriers from Appledore Ship- j 
builders. North Devon, forj 
delivery in the spring of 1980. j 
The two 3 000 deadweight ton: 
tankers will be used on coastal j 
duties in UK waters, carrying; 
white petroleum products. ! 


Fewer companies sc^ ^ j 


FINANCIAL TIMES REPORTER 


V-f. 




Successful drive 

Up to 40- ships coming t 0 the 1 brers’ product 
Tyne for epairs worth millions ' concentrated in fewer .hands 


[THE TREND for UK inantf- product concentration generaUy consensos of procJiictloiiL .'j ! 
1 facturers' product sales to"" 1 be rose. • The: mfeasure used for th3 


The number of products where study was_the share of .total ou^ 
concentration was 4&ereasing“was ' puf > held , i>y -the five lars 


of pounds, could be the result grew slightly between 1963 and g rea i er than those where mann- enterprises. The use ol 

of the recent sales drive by the 1975 . according to the latest f aet urers increased. -The median additional'^ 


South Shields-based 
Repair Group, the 
chief executives said yesterday 


New cinema 


The National Film Theatre has 
won planning permission for a 
new 189-seat cinema on its South 
Bank site. 


Cheap phone service 
for calls abroad 


BY MAX WILKINSON 


A NEW telephone service was 
introduced yesterday allowing 
UK subscribers to dial overseas 
offices of some international 
companies for the price of a 
Jbcal call. 

The system is run in co- 
operation with European tele- 
phone authorities by an 
American-financed company 
named Group 800. Its European 
system is called Service S00. 

Its main aim is to make 
communication easier between 
the public and large multi- 
national companies. Customers 
for the system so far include 
airlines, credit houses and hotel 
chains. 

The idea is that the large 
company should rent a line nr 
group of lines from System 800 
in chosen count ries. 

Members of the public in any 
of those countries may then dial 


the company's European head 
office for the price of a local call. 

The local call is forwarded by 
computer to the company's head 
office abroad and the company 
pays the international charge. 

Some companies prefer to pay 
international telephone charges 
rather than open a branch office 
abroad. The service is not yet 
available for forwarding long- 
distance calls within national 
boundaries. 

The' network of telephone lines 
is maintained by service 800. 
which, in turn, rents telephones 
from the national authorities. 

It subleases the lines to cus- 
tomers for about £300 a month, 
pays the charges, and recovers 
them from customers. 

The system is adapted from 
the Toll Free dialling, sprvlce 
widely used in the U.S., Service 
800 can be contacted in London 
at 723 1092. 


Coin box prices to rise 


THE POST OFFICE said yes ter- freeze has prevented the Post 
day that the price of calls in Office from raising the charges, 
telephone boxes would co up . ^ William Barlow, Post Office 

:;°Z: vpr Z r rVTJ eb f S 5"' t h? ra f 3o m al ir o b n , IB 

had nat yet heen decided if it boxes over the past financial 
would rise in April, when the review, and said that charges 
Post Office price freeze ends. were under review. 

• Plans to convert the 327.000 Call boxes lost £31m last year, 
call boxes, at a cost nf £im. have nearly half of income, and £23m 
been under consideration for the (38 per cent of income) the year 
past four years, but the price before. 


Makers 5 injury liability 
^should be increased’ 


BY DAVID CHURCHILL CONSUMER AFFAIRS CORRESPONDENT 


MOST people are in favour of and compensation for personal 
increased manufacturers' liabi- injury, fit has written to all MPs 
lity for defective products, urging them to support the 
according to a new survey pub- Pearson committee's recomnien- 
lished yesterday by the National dalions - that- manufacturers 
Consumer CounciL should be held more strictly 

The survey, carried out by liable for defective products. 
National Opinion Polls for the “It is entirely wrong that the 
council, discloses that three- people who. through no fault of 
quarters of the 1.S4S people their own. are injured by defec- 
surveyed believe that mamufac- tive products should have to 
nirers should be held liable for bear the loss 1 they suffer them- 
iiiiury or damage caused by selves, said Mr. Michael Shanks, 
faulty products bought by con- tbe councils chainnan. yester- 
sutners. day. The NCC also believes 

ZA similar proportion believe that P^facrurers should be 
manufacturers should also be responsible, since it is they who 

held liable for faulty products F an m !! st th,? Sl i y i% ke s I ep § l 
which cause damage or injury to « t * lc qua * ,t y of the,p 

someone other than the pur- product s. 

The survey also disclosed that London to keep 


most people are unaware of the 

present extent nf manufacturers' (VfnrAr Til air 
liability. More than half mis- X 1 dir 

U-fcenly thought that manufac- PLANS ARE going ahead for 
turers were already liable to Motor Fair at Earls Court, Lon- 
co'niP en sate purchasers of a don, again next October, 
faulty product for injury or Mr. Tommy Sopwith, chairman 
damage. of Motor Fair 79, said yesterday; 

The council has published its “ It is our object tn create a 
survey to coincide with todays motoring event for London and 
debate in Parliament on the the south easr, designed to appeal 
Feiarson report on civil liability to the specialist and the family.” 


. o -- facturers increased. The median additional' "measures" to give { 

Tyne sm?|j 5SUe 0 r t }j e Government pt/blica- change was an Increase of -about more rounded view of concentrag 
company s ; rj on Trade and Industry. . 3 per cent between 1963 and . Hon was ruled, out, to avoid 

However, that dmceals 'some 1968 and of 2 pex cent between disclosing sales figures. 9 

large rises and falls In- “ cohcen- 196S 2 nd 1975. ,' J . Trade and Industry... observe! 

(ration ’* in particular '-|nroduct The concTiiaons are derived that .output concentration differf 
aroups. . - from a comparison of data from- market- concentration if' ’ 

Refined oil products '-'sales collected in the quarterly in- that'the former includes produq 
diversified markedly between quiries of manufacturers' sales'' tion for export and does noi 
manufacturers, and . tn the in 1975 with similar figures allow far. the effect of impoif 
textiles and clothing .industries; drawn from the 1963. and. 1968 competition. ' - ; ' g 

• - rS-'LT 1 .- • .'--f- - . l~ 


ENERGY REVIEW: COMPANIES IN THE SIXTH ROUND 


BY KEVIN DONE, ENERGY CORRESPONDENT 



SHORTLY before mid-day on almost literally up to the last be offered first to BNOC. In 
Monday an undignified scramble minute before the deadline, and the few cases where farm-in 
will take place at the doors of the new terms introduced for deals have been agreed in 
the Department of Energy, the Sixth Round have made the recent months BNOC's explo^a- 
Senior executives from a host decision-making process especi- tion and appraisal costs are 
of oil companies will arrive to ally fraught this time. Oilmen being carried by its partners, 
take part in a ritual last-minute with long experience of bidding To add a little more to the 
drama to stake their claims to for concessions have found it air of mystery surrounding 
a place in the UK’s latest impossible to get the feel of hnw company tactics, applicants may 
round of offshore licensing. The their competitors will move, be- also offer to sell all or part of 
flurry of activity the last time cause of the number of variable any future crude production to 
that blocks were on offer was factors that have been brought BNOC ** at market prices.” At' 
large enough to draw the into the game by the Depart- the same time they may offer 
personal attention of Mr. ment of Energy. The new condi- the option of being ready to buy 
Anthony Wedgwood Benn, tbe tions will unly arid further un- BN'uC's share of oil production. 
Energy Secretary, to witness certainty to the already compli- if for some reason the corpora- 
te event cated job of sifting nut the best tion cannot handle all its 

But applications for the Sixth Prospects on offer through the entitlement. 

Round of licences may well be evaluation of the mass of The Sixth Round is offering 
made with a little less s ^' sn,,c anf i drilling data ivaii- the smallest number of blocks' 
enthusiasm than on previous ahlp - — 16 — of any round since off- 

occasions. The chorus of com- / The principle was established shore licensing began in 1964. 
plaints from the oil industry in the Fifth Round. tha$ the The Government has chosen 
about the Government's North British National Oil. Coijpora- deliberately to go for smaller 
Sea policy has grown steadily tion would take a 51 per! cent and more frequent licensing 
louder since the conditions for stake in all licences. Bui this rounds in order to try to build 
the latest concessions were first time hopeful applicants Jhave up some continuity of work both 
announced in May. - Repeated been asked to offer BNOC or offshore in exploration and 
warnings have been sounded the British Gas Corpomtinn appraisal and onshore for tbe 
that Che oil companies were more than a 51 per cent ability service and supply industries 
losing their confidence in UK interest It has not been fade Thc contr oyersy over tighter 
offshore exploration and were a mandatory condition of abply- conditions has tended to over- 
beginning to look to more mg. but it is a device available shadow lhe actuaJ blocks on 
favourable dimes. to companies which xvanj to olTer which have not aroused 

There can be no doubt that swing a decision their wai on particuIar excitement. Indeed, 
many companies have engaged blocks they are Particularly ej hf Qf tf]em flfe coming for 
m considerable heart-searching anxious to acquire. The djvie* lhe wt . ond time . But there are 
d *2f«B to t P ar tieipate. was fought by the complies enough concessions in truly spe- 
k"? -I f J ,n v ° uneas r 5 s wheD th / J icensin " conditions culative area s such as the South 

S3 rl T i- - firs l P^P"^ F he Western Approaches and to the 
biggest operators, on the UR Government, however. Mi it North-West bf the Shetlands to 

as a useful way both of ptoli- 



UK OFFSHORE OIL 


T0TJU. THEflRETTCALiy HECflVEflABLE 
OIL FOUND 




«»» 


3,01 




1,080 


Tl 13 -T 3 T« W ..ir'JI 


1 HO -17-25 34 59 75 5T 58 

WILDCAT WELLS' 


1 - 2 2 3 4 8 17 1810 10 2 

DISCOVERIES .. 



K 




Of THEORETJOAIIY 
RfiGQVERABtE Off 




890 . 


800 


•14001 


20D. 


‘tjtt. -•» •« to;*' !» 71 '- . 74 .' Ts/di '■’ff-.j n. 


continental shelf. 


The- indications from most in* the companies’ limits |f or Mer , ; ^ntiye^tojbid for to jwo.tUMB .'of 'the OK’s pot* 


companies, however, is that they accepting tough conditions »na be reme mbered that for com 

easing state-*, interests 

future prospects in the ItK. It offshore. If companies bite. 




. . ■ “ "V irivv^w m C> * kVJi MIU JXj ut UMU kflMf MVll* l|J 

are not yet ready to abandon of- Inarmtns eta^terfets rSSS?teJdSl C S7‘S?."?J7 in - .-^alieady bee. 


c =s=!s: s v 

The blocks on offer arc: 13/12. 13/28. 13/29 13/30* 14/ito. of being able to offset some - C ? t ^f r ^ disc °uraging factors whefe flocks we on offer close thdess.the prospect^ are goc 

16/3b. 16/18, 20/1, 20/2*, 30/6, 20/8. 42/27. 47/3c, 47&. 4T/|r ® l ° indurt * tho , " r * 1 *" — 


include the total of about 15 to eJtistJn'g' finds,- Surprisin^y enough' to be drawing in some 

gainst riksnrwiinfinn .1 . , . ._-l- it' aII' ku.'».L-- ,L r ^ i, i »» • • .4 


72/20, 73/1*, 73/7, 73/8, 73/9. 73/11. 73/12. 73/16^ 74/1 4 ^ eSng^erelopmem? 5 h *7* ' ^ ^ 


Most of the 46 blocks are verv the ? nr * ™ the In%r^raSy'iirth in.. the ipa the^UK offSho^vsucb as His 


85/23, 85/24.' 85/28*, 85/29, 87/11, 104/20. 106/10. 107/11» 206m, most oi xne *» diocks are very -jrxr c ao r . ■ ~ *" w ~ m Z7Z £ T j75irr m jz ~ a m „a;i a . . . - 

206/3, 208/15, 208/10. 208/20. 208/23, 208/24, 208/26*; 209 M, speculative and only a few are ? nd m ' th *' St - of Beatrice Field, for panOti, .the ^Spanish state oi^ 

209/6, 209/7, 209/13. 214/20. Those marked with an asterisk likely to make companies take 0cnrge3 Lha °neL this xouhd the area appears to company and Svenska. the Swej 

will be operated by the British National Oil Corporation- \ up the bidding opportunities. The lhre e hlncks on offer off have been ruled out because of ais h state oil company, whidw 

promising coast of- Wales— two in the JocaTenyirpnmental and fishing- commmjqg-Tirith Tricentrol§ 


One of the most 


would not be the first time of time it is the sort of licensing areas that is being opened up ” ort J nf Cardigan Bay and nne inter^ts, but blocks could wefl on ^» 

course that the industry- had technique that could-' well Se is the South Western jn the Bristol Channel — appear comapip in the future. nanief ™ C ?*v^ 

. . . ..Z.^ i Approaches, where a total of ^ have little to recommend <=™ «i*. panies In the world-, is us)ne» 


packed its bags and left an developed 


_ __ _ Sotne of the most interesting "5 i.' 15 

attractive oil province. It has Another uncertain element bf 15 blocks are on offer in a wen- One of them, 104/20. was prospects for the long-term lie. £!«.• [a tte j 


happened before in Indonesia, bidding 
Malaysia and Nigeria, for duced 


instance, where conditions be- 
came too tough to bear. The 


er uncertain element pi oiocks are on oner in a wen- ™ j" was prospeui* iui u.e long-rerm ue » -r 

that has been intro- established sedimentary basin, relinquished from the Fourth in tae dutch of. 13 blocks avail- J?? t f I ? 1 J r p £! < ? acbes : 
is the provision for The offer of concessions in this ^ nund - Coming to more tradi- abfeltfi -the .North-West of. the rf* ,5 dIy trying, to i 

“ a , ii... .. . iii > t inn q i ornlnralmn gun- i» *u_ — • .. . i_ y :.^i • eSiaDllSll llSeif 3S 3D OperatO, 


applicants to offer to carry area had earlier been held up by tional exploration areas in the Shetland?. Little is known in SlfS 

BNOC for all or part- of /Its the dispute over the location of ^rth fea. the ^nmistry appears detaB'. of . the geology of : this 


waters. If has long 


a ppncatio.nsT'that "come * in * on exploration and “appiSsal” costs the median ilne between the to have been surprised by the area, but totb e West of the « rett ^ d its -I9 7 0 dedsion to h 
tnw thy. Aft Kinniro nn an Rivth ui--iyo The French and British sectors, but n “fir oi a small number nf con- sheftonri.c Rp-hafi mado iiiti-ii.-';; 


Monday for the 46 blocks on on Sixth Round blocks- The French and British sectors, but Shetlands BP has made what-is fo Comm S c- 
offer might not be exactly an costs would be reimbursed with the disagreement was settled “J? 1 ™ L’J Sf likelF>t» prove a commercial ofita* 

expression of confidence in the interest if BNOC elected to pin after arbitration at the begin- Sea to the north of the Rough discovery in the long-term in UK?il^^ani2 P 'Th f e D^SS!- 

Government’s present policies — in the development of a .£ is_ m Q,^ of 1978 - ^ d ' block 206/8. The oil is much ment of Energy is-oalv - 

though inevitably they will be covery. This concept has The prospects fnr the area These part hlocks have all thicker than in the North Sea exnrrirfltinrT 

seen as such at the Department already been introduced w a 7nust , have been downgraded been relinquished from pre- and the reservoir appears to be ■—! mlSV " • 

of Energy— but thev shnuld limited way when companies recently, however, by the dls- viotisly licensed acreage and the broad and shallow which woiiia would hV/.«nfirmprf 

prove nonetheless that’the latest are wanting to sell part of appointing results nF wells current price that British Gas make, production difficult, but Jmalt 

turns of the screw on the oil their existing licences. Any drilled on the French side A Is willing to offer for southern the find has significantly im- iS .V. chSfoi r 

industry were far from fataL proposed deal to allow o ther t flta l of fntJ r wells have been North Sea gas production is proved prospects for the area. rinn -/TrAMi M oc»'^-rt 

Adjustments to companies’ groups to “ farm in * to an -? Unk nvPr th / three years hardly likely to inspire much 

licence applications can be made existing concession mnst. now in the area of the Mer.Ceitiaue, competitive interest . . ... 




? you 3 
ior ind 

Preps ! 
area . . . 


f ■. 


ww thf 
»01-93 





r ... . the area, tion CHbrdlnsslandCIuffOiI^ . 

In the first -four rounds it is could 'obteiu'iireilr first operatb^l"' 

issiois- mat -a« -murh se » ' 


powiWe- feaF as jjiucli as a ha If: /shij fe '.. - : 



r\ 


~Z • 'T' r VIpZ*' 





- ■ ■■■ .■ : * • 


Tii^Friday Novemto^i7;'i97S 



BT JOHN, BRENNAN 


Leaping the field gap 


A T 3fBAft AGO a 24-point rise in 
the Minimum Lending Rate to 
154 Ter cent would have sent the 
p&perty investment market 
crashing into reverse. Today, 
properly buying institutions are 
shrugging 'off the higher Interest 
rates. And although property 
shares have been given a leading 
zqfe in the equity market's -slide, 

- hpjdng yields for prime invest- 
ment properties show no signs 
of i moving upwards. 

On the face of it this ts an 
extraordinary state of --affairs. 
Before last week's MLS increase 
the. : initial yield, gap between 
returns on ‘longdated gOt^edged 
" stocks and-.' on; ; , prime -property 
purchases was already : historic- 
ally high. And yet a straw poll 
or* institutional : fund managers 
and- Investment surveyors this 
week suggests that the foods are 
willing to see that gap . widen 
without too much concern. 

. .There are,, in fact, extremely 
rational explanations for this 
superficially _ . cavalier attitude 
towards general interest rates. 
"The first explanation lies with, 
tile sheer weight of institutional 
investment cash and the short- 
age of- quality property Invest- 
ments. 

'in 1977 the financial institu- 
tions placed just over £l„lbn into 
direct • property investment, 
around 15 per cent of their total 
cash -flow. This year the overall 
investment is expected to be 
similar, possibly larger. At the 
same time the rate of property 
company disposals has fallen as 
pest-crash degearing programmes 
come to an end. and the scope for 
forward commitment of funds 


Into developments^**® b * CQ 
limited, firstly by *&*m*?B 
effect of oversuppIi'^ 5 >rovjDClal 
office markets kefiffPS 

-below the level nWW&to justify 

new building, °y 

the shortage or siflfchfe indus- 
trial and retail /4$7Pk>pmeiit 
lanl The result more 

money funnelled - -iP” fewer 
properties Thfe- jug inevit- 
ably kept baylngTgjgh* 8 L ow - 

Tbis "weight ofW 
meat does, of cguS»V 1>88 
question of why-fta^^^® s .““ 

willing to commit thSeP^oportion 

of their : inveatablft^^sb 
property when alteriffl® 9 ® Invest- 
ments are, apppxisWly* more 

attractive. 

Them Is one structST*^ 35011 
for this. The locaTatiffiority pen- 
sion funds, which" vi^fcfreed by 
the 1974 amendments-^* 0 - “* eir 
investment code, more 

cash into property/#*? 6 oe j- n 
anxious to increase JlH^property 
content of their iDvesfteent port- 
folios. These local jr.BOthorlty 
funds have been makinft'tbe run- 
ning in the property investment 
market for the past lS monrus, 
often chasing yields i fowP -*o hair- 
raising lv optimistic, levels, it is 
these funds’ price insensitivity 
which explains some offfl e mo re 
exotic buying yields Hxat receive 
misleadingly wide pnhCcdty. 

Another, more logicaT reaso n 
for Institution's "wflitoSBess to 
continue buying property on l° w 
yields Is Iheir view of the general 
inflation rate- , 

The higher the general . level 
of interest rates in the economy, 
the greater the chances- of an- 
other wage explosion aim yritb it 


another boat of double figure in- 
flation. inflation tends to filter 
through to rental levels provid- 
ing a high enough expectation of 
rent growth to justify a low 
initial purchase yield- 

John Darby, who runs Norwich 

Union’s £6Q0m property port- 
folio, echoes the thoughts of 
several . other fund managers 
when be takes that rent inflation 
argument one step further. 
“What worries me,’’ he says, “is 
just how long British industry 
can afford to pay higher rents 
if the economy remains in its 
present state.” 

Commercial tenants' long term 
ability to pay projected higher 
rents is a double-edged worry. 
On the one band, a commercial 
tenant struggling to keep in 
profit in an unhealthy economy 
is likely to put rip a fierce resist- 
ance to proposed rent increases. 
On the other hand, his rent is a 
first charge on the business and 
it could, and is. argued that ris- 
ing rent income is 8 sounder long 
term bet than rising attributable 
profits able to support a steady 
increase in equity dividends. 

This argument for Lbe long 
term quality of rental income 
provides another point in favour 
of continued direct property 
investment despite temporarily 
higher returns on ordinary 
shares. 

Away from the investment 
logic of property investment 
there is one further explanation 
of the seemingly alarming gap 
between property buying yields 
and the returns on alternative 
investments. That argument 


Development .-embarrassments 
left by the property crash have 
become the staple diet: of pro- 
perty hungry funds in recent 
years. One former financial 
embarrassment that has 
improved with age is Conoco 
House, the oil group’s British 
headquarters building on Black- 
friars Road, S-E.1. 

Two years ago Keyser Ull- 
man. as the initial developer's 
mortgagee, was Jeft to complete 
the 60,275 sq ft (5.Gf)0 square 
metre) block on its own. Now, 
with Conoco as tenant and with 
242 years to run of its head lease 
from the Christchurch United 
Charities, the bank, advised by 
Richard Ellis, has sold the build- 
ing to Norwich Union Insurance 
for “In esccssvof" £7. 5m. 

Norwich Un.'fcpeliks up 36 
Oats along wit'ij fiats 

built into the T*%fne as part of 
the planning f^gotiations and 
now let at a yppereurn rent to 
the London snd Quadrant Hous- 
ing Trust. Overall, the purchase, 

centres on the inaccuracy of 
information about a< prime " 
property yields. 

‘‘Prime” properly bas always 
been a subjective term, and lbe 
impossibility of arriving at a 
universally accepted definition 
of a "prime" commercial 
building undermines lbe talk of 
general levels of “ prime *' 
property yields. The “prime’’ 
yields broadcast by surveying 
firms can only be taken as a very 

rough rule-of-thumb guide lo the 
market. Reports that these yield 
guidelines show no sign of 
altering under the pressure of 
hjgber interest rates could be 
explained as much by the fact 
that only a very few top quality 
properties actually change bands 
at the yields talked of by the 
agents as by tbe rational arqu 
ment in support of today's wider 
yield gap. 


\j£o 


w SpiUers on the move ■ 

SPILLERS. the food group, is rank as the second largest vacant 

understood to be planning to office building available in tne 

leave its 90.179 sq ft 18-378 sq City. The Ingest is bun Life 

metre) Old Change House bead- Assurances llOuOO sq ft 

1^:. quarters building on Cannon former headquarters in Cheap- 

ilSi • Street, EC4. aide. 

; jSw. Spillers has occupied Bernard The acute shortage of_ large 

fTWr I.TV Sunley's Old Change develop- office units throughout Central 

ment since 1960 when ir London is s.ighUy eased this 

-mS. acquired a 42 year lease for week with the arrival of two 

? ■ around £1 a sq ft with just one major blocks on the market. 

*&•• •• rent review, in 1981. Although UK Provident s lb--500 sq ft 

Spillers would make no cam- (15.06/ sq metre; Holted htog- 

■ J PTHscj: 'I’S**! ir ment on its move yesterday, dom House — tbe refurbished 

Sunley confirms mat it is now former Waring and Gil low build- 

TTSs^’ ■ having talks with its tenant. i°g at 180, Oxford Street, W1-- 
‘J J - i 7t v It is believed that one is now being offered by toward 

possible new home for Spillers’ Erdman and Gross Fine and 
411 -^3 headquarters staff is Grosvenor Krieger Chalfen at a rent of 

‘Xs Fctatps* RS.Onn sn rt /R 175 sa E2^m a year (£l3.54p a sq ft).. 


mm 


i— utfduqujjicio man is ~v ■ — * j. JmZ ... i 

Estates’ 88.000 sq ft <8.175 sq £2-2m a year (£l3.54p a sq m.. 
*; metre) Belzrave House develop- Tbis week also sees Bernard 

* nient in Northampton. 73.000 sq Thorpe adding 80.000 sq ft <7.432 

• » fet of which has been standing sq metres) to the City market 
£• emoty (at an asking rent of with the offer of the former 
It £3.50 a sq fl) for tuo years. Johnson Matthey headquarters 
i. If Spillers does leave Old block at 73-R3. Hatton Garden, 

- Change House the building will EC1. at £11 19 a sq ft 


Hu oh notUU.fi k 

which was finally signed earlier Norwich Union an initial yield 
this month, is likely' to show of slightly over 6 per cent 

t U fk/tf trw to the initial rent charge- 

J.01V1 IU Weatherall Green and Smith. 

. i T • i acting for IBM, confirm that 

A enCOD 9 jink details of a 25 year lease on the 
im building, with standard five 
IBM! IS to take the ubole of tbe yearly rent reviews, are now with 
Greater London Council pension the lawyers. The block, which 
fund's 157,000 sq ft (H.5S6 sq m> would bouse around 700 staff, will 
office development in Ajencon be used to bring together IBM's 
Link, Basingstoke. General Business Group and 

IBM’s move, which has yet to there are no plans to sub-let any 
he announced, lakes the GLC’s temporarily surplus space. 


IBM to 
Alencon Link 

IBM IS*' to take the whole of tbe 
Greater London Council pension 
fund’s 157.000 sq ft U-3.5S6 sq m» 
office development in Ajencon 
Link, Basingstoke. 

IBM’s move, which has vet to 
he announced, takes the GLC’s 
£10m scheme off ihe market some 
months before its formal com- 
pletion. Hillier, Parker May and 
Rowden, who project managed 
and let the schc-me. had been 
asking £5J>0 a sq ft for the 3ir 
conditioned block. But as the 
computer group is expected to 
take until early 19S0 to fit out the 
building and to make its move 
to Basingstoke, rent free or 
reduced rent periods are likely 
to make a significant reduction 


AFTER 18 months in Monument 
Street, EC3, City surveyors 
Baker Harris Saunders are mov- 
ing to the City Corporation's 
Blackwell House offices facing 
the Guildhall Yard. EC2. BHS. 
best known as agents for Trafal- 
gar House and Whitbread’s 
450.000 square foot Chiswell 
Street development and tbe £30m 
plus Standard Life. Cfiaddestey/ 
Grevcoat scheme for the Cutler 


Street warehouse site near 
Liverpool Street station, starts 
work in the new offices on Mon- 
day. Wrieht Oliphanl. a fellow 
tenant with BHS at lbe Monu- 
ment, is moving at the same time 
to become BHS’s first tenant 

A new West End agency also 
starts this week with Derek 
Harris move from Dnice and 
Company to set up on his own at 
50, Maddox Street, VI. 

• 

THERE WERE some elegant, if 
occasionally harhed comments 
from Peter Grafton in bis presi- 
dential address in the Royal 
Institution of Chartered sur- 
veyors on Monday. 

On the controversial moves to 
tiehten up educational and pro- 
fessional standards for sur- 
veyors at both qualifying and 
mid-career stages. Mr. Grafton 
told members that “education- 
ally. I am, unashamedly, an 
elitist ” 

Plans for mid-career examina- 
tions have not been greeted with 
much enthusiasm by practising 


surveyors and the President 
noted a letter from- one member. 
“ who resented what be described 
as a * slur on his competence.’ 
Unfortunately, be slightly under- 
mined his argument by misspell- 
ing the word •competence’.” As 
Mr. Grafton neatly explains. “ I 
don't think we are seeking to deal 
with simple ignorance, which is 
when you don't know: rather than 
compound ignorance, which is 
when you don't know that you 
don't know!” 

On the thorny subject of 
defining specialisations within 
the Institution. Mr. Grafton veers 
towards a federal, three chapter 
structure. The three chapters 
being Land Surveying, involved 
with, “ measuring and mapping 
the features of the earth;’’ 
Quantity Surveying, covering 
“ construction economics and 
accountancy and the procurement 
of buildings.” and a third in- 
corporating tbe Institution's five 
remaining divisions. “ being con- 
cerned with the use. manaaement 
and development of buildings.” 


INDUSTRIAL A 



BUSIN 





PROPER 





If you are looking 
for Industrial 
Property in this 




tiCingsLynn 


Peterborough 


Cambridge* 
•Bedford 
•Milton Keynes 


Norwich* 

. . Great Yarmou}] 


•BuyStEdmuncfo 



Ipe^ieh A- 


Colchester* 


jHarfow 
Chelmsford* 

Southend, 




Clwyd 

atthepeakof 
Welsh potential 


With its large, multi- 
dulled workforce, proxim- 
ity to major markets and 
national/Lntcraatioiial com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene.Tbe 
news is CJwyd is about 
sales, not strikes — and 
it’s a. great -place to live, 
too. 

«. Talk to us about the 
low-cost sites and factories 
pips extensive financial aid 
available to incoming in- 
dustries — we’ll make you 
a deal you can’t refuse. 
Contact Wayne S- Morgan, 
County Industrial Officer, 
Clwyd County Council, 
Shire Hafi, Mold (teL Mold 
2121) for free colour 
brochure- 


Ibn McDougaii 021-300713& 

industrial locations - 
information service 

|fi 5 untij 
f$UcJfaST!i£ 



PRIME OFFICE 
INVESTMENT 

FOR SALE 

South Charlotte Street 
Edinburgh 

F-R. fc L Lease 

■ ■ Ket Income £8,000 Per annum 

Kenneth Ryden and Partners 
H Hanover Street. Edinburgh 
tni-223 SSJ2 


My clients stilt seek freehold 
Investments secured on shops 
and commercial properties. 
Prompt inspection and decisions. 
Detorts please to: 

JACK MENDOZA 

FS.YA. 

-.100 Blatchington Road 
. Hove, Sussex 
(0273 ) 722795 


Gmvenor 
^ Centre 


f AA At A 

S Ms ^P^^offieesnites 
Vr' intkfwToftficcitv 



ToLet 

* Central Heating * Full Carpeting 
* Suspended Ceilings * Marble Tile Entrance Hall * High Speed Lifts 
* Male & female Toilets to each floor 
* Light Fittings 


rSofeS^ents: 

Healey & Baker 

£Uibtstud BZO inLanlat 

29 St George Street, Hanover Square. 
London W1A3BG 01-629 9292 




ABINGDON, OXON 

53.000 sq. ft- 
Factory /Warehouse 
TO LET — NEW LEA5E 

ALDGATE, E.l 

Second floor 

Loading 300 lb per sq. ft. 

M.700 sq. ft. 

TO LET 

BRIGHTON 

Only 3 Units Remaining 
From 10,200 sq. ft. 

ENDERBY, LEICS. 

New Warehouse Unit 
24.620 sq. ft. 

IMMEDIATE OCCUPATION 
FOR SALE FREEHOLD or TO LET 

SWINDON 

21.000 sq. ft. Warehouse 

TO LET— IMMEDIATE OCCUPATION 

TAUNTON 

Factory /Warehouse 

4.350 sq. ft. 

TO LET— IMMEDIATE OCCUPATION 

TOTTENHAM N.17 

Single Scorey Factory 

12fl00 sq. ft. TO LET 
Rene £M0 oer sq. ft. p.a. excl. 

IMMEDIATE POSSESSION 

WATFORD 

New Warehouse Units 
3 x 10.137 and 34.083 sq. ft. 

IMMEDIATE OCCUPATION 
TO LET 

King & Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 

01 *236 3000 Telex 885465 

Manchester, Leeds and Brussels 


JOHN FOORD & CO. 

Chartered Surveyors 
61 Queen's Gardens. London \V2 3AH 
are pleased to announce that Keith Bradbum FSVA 
FRVA. formerly a partner in Fuller, Horsey, Sons & 
Cassell, has joined the firm as an Associate. 


Large Private Company 

with ample funds 

requires to purchase Freehold Industrial Estates, 
fully or part developed. Principals only to A. C. B. 
Thorne, 79, High Street, Pershore, Worcs. 


OFFICE ACCOMMODATION 
REQUIRED BY TRADE ASSOCIATION 
AREA 2,000-2,500 SQ. FT. 

Mv.iudinfl Conference Room. Vicnrii 
area P'el e-red. _ Would »hir« with 
i.imlii or p-}feitional body. 

Phone or write: 

J. f. ►i3i«".Th|r 

A.HE.M. 

54 Warwick Sq-ia-e. London, SW1 
0»-83« 0855 












10 . 


Tpinancia* . . 



M&stminster Palace Gardens, 
Artillery Row. 


A Freehold 

Office and Shop Investment 
With a Residential Content 
of ^ventyEight\kcant Flats 



Chartered Sun-evors 


ToGrosvenor Street. London \VTX0JB. 01 -499 0404 Telex 8812560 

and in the City of London • Kensington -Hyde Park -Utile Venice -Chelsea 


iIMM 



Huge energy find switches UK economic centre to west coast 
through discovery of three trillion cubic feet of natural gas. 

Get your bid in fasi for new plant and development sites close t 
new field. 

Call David fvlcwat 



Bfe 


; ; . V ■ >T i/ l 






Liverpool Development Officer,' 
PO Sox 88, Municipal Buildings, 
Dale Street, Liverpool L692DH. 








New office building 

13 , 800 sq.ft. 

Amenities 

Fi ‘T Ceriraf Healing • • =rc. us j, c Tiled Ceilings 

■Cd-awmg [hroughoul • • -ifl Private Car spaces 

completion August 197 9 






'■O- 1 ® SOUJK. L'mWn W1 SiT 

01-4376977 


Join! So*e Agenls 



Ce^pUi Cwmorcbi 
UGiimm S»t*ri 
90 « 

01-493 4933 

Lew Bwi-’'* 

05253 2588 




Or the instructions of 

ihc London Borough oF Islington 


N.l 


DUNCAN STREET 





central luxiiry ofilce accommodation 


By Road 

Anwc-'^ House 5tands c,ose !o 

Birnine^ms Inna 1 Rmg Road the 


City 5 mam arterial link to the 
motorway routes at Spaghetti 
Junction There is basement oaring 
lw22cars - 

By Rail 

lust a iflW hundred yards away 
tromthe su^bly designed accc-m- 
modation d Atwood House, ito 
Street Station gives direct access * 
ever.' major British city via ihe in-.v-r- 
Oty System. 


/ ✓ v 


j ! ■’V* ■'} 

' <H i 

S-*r-‘+L XA 


ByAir 

Birmingham’s E'^ccr. fr'TjQK.Z^j' 
20 minutes away, orovdes Irequsn. 
scheduled flights x many major 
British and EurcpeaT centres. 

- By Telephone 

Simply ce«i either c*. the 
*- numbers beiow ’Dr an ear 7 
inspection ct this p'-^, 
cty centre ioceticn. A tour ct 
the j’jiiy carpeted -r. 

conditioned arccm. . iXiat.c--. ws >i 
quiciJy cc-wr.ce ycu of the mary ^ 
benefits vour business ccu-cge' JJ 

a move to Attwa* '«2 usb m *o:a-- cs 
25 coo so ft, i* eWtSSe m three 
floors at 3.S0C sq.ft. each. 


</-. ,r 


!; > 


^ ' " . V "■» asuGccT!5;i-*e.^«>c , 5e--e^ 

.. ' \S7 ^rvto-Vl-^ScG CISBEK 

1 -w Ca^’^cn a r ■.SCHSraKivjrt 

t -*s : ■ n. - . urerxa*:# 

'■'^esne re: C"scs ^a- S- 
... ^ ■ . A-rsr-s*- S 


r jwl 

r r> 




fvVutn ! 


*V ' ' ■** * W *** 

ggsfafc 




W'sis 




75 Grosvenor Street, London,' W1X OJB 

01-499 0404 


,N. 


13,535 Sq. Ft approx. 

Self-contained, first floor offices in open pL 


and Commissionaire sendee. 

For further details contact M.G. or R.E.AS. 

Chestertons, Chartered Surveyors. For all your property needs 


U.S.A. 

OFFICE I WEST MENTS 
FOR SALE 


f CENTRAL SCOTLAND 

- t • • Stirling ' 


CHICAfiO 

MICHIGAN AVENUE 

r-iin.il* 

AMERICAN EXPRESS & 
AIR FRANCE 


NEW YORK 
FIFTH AVENUE 

$3.5 M 

r HI'I. p- -in'... 

ANCHOR SAVINGS & 
SEIKO TIME 


fmc 

I * < ; A f 

m: 






23,000 

square feet 


MODERN FACTORIES 


i IT •-. 


r,, r ifclui/% i>l llitv q.m mjirr prtTJii' 
jii caIiiii Hi i'1 , P>ir|mi»t/i'.' ••! rh« Lulled 
’‘hires 


J ames Andrew 
& Partners 

Con suluju Surrey vo £. Afrmls 


^ P -'LL -'‘-\LL LONDON SWIV SU7 
TEtCPIlIJNt '■il.ji-4-y +4J6 


Central Region's newest industrial eslate Bandeath, is 
an ideal spol for developing your business. 

23 000 sq. ft. factory blocks are now available, each 
composed of 5 bays. 124 tt. long * 190 It. wide, 17 It. 
eaves, some with overhead cranes. 


CHSSLEHURST; 

KENT 


TO LET 

Office Building 
with ancillary storage 

16,550sq.ft. 


APPLY JOINTAGENTS 


Vsgers 

A Frederick s Place. Old Jewry, 

London EC2R 8DA 

01 - 606 7601 0322 28891 


PRALL 
CHAMPIQIM 
S PRALL 

7A 76Spdal Street 
Dartford DAI 


PRICES FROMSOp PER SQ. FT. 


For more details coniact ' 
Industrial Development Unit. 
Central Regional Council. 
Viewforth. Stirling. 



Upon instruction;, from The Lee Valley Regional Park Authority 







M 


Ssaa!a*/.’;; % : 

ABBEY MILLS, WALTHAM ABBEY, Essex 

The FREEHOLD interest on this smart office building on 


two floors containing 5.335 sq. ft. together with outbuild- 
ings and rear land of _ 

sr«aw“ Chamberlain 
S=:,. &Willows 

eic. from Sole Agents tsiaii- Apmts -hinrwn. Ailucn 

01-6069611 

L I in r\ 1 1 1 {■ . i m-. In fil i k »VT I -n „■.! m H.CJk SHj 


Interested Developers should apply 
quoting Ref. L.A.C./A.G.B. for further 
details to: 


_ * ,-j ’.x 

Peterborough 


u-e^eioyiifrer 


VICTORIA, 3.W.1« 

TENANT REQUIRED FOR 



OFFICE SITES 




77 Grosi emir Si reel. London WIA 2UT 
T'-Irphuni 1 : 01-829 7666 
and City of London. Edinburgh. Fan'. 
Anv-ierdam. Ausiraiu 


RingJohnCase 


READY FOR OCCUPATION MID 1980 

12-30,000 sq. ft. 


0733^689Si 


Princio*!' cr Porained A -err; cnly 

Write- Bar T 4°F'. Financial Tim??. If}. \‘r,n non Sfreet. EC^P 4BY 





Floor loadin^.Wbs/sq.ftforcoi^utin^ 
and datapro^sslng equipment-:. 
i23 car spaces:-"?; .- • v ; . 

C3S fired Centraifeeating •- = T- : 

Automatic passeriger liftS: 
AcoustiOtilgdteiitngs “:- 4 -V 
7,750 sq.ft.’ peffioof r:\; : 

imposi ng reception area ; ■ ;> 

Adjacentto statioriimotpcwa^u," 5 4 


Plans and further detads f rorir : - 
joint lettfrfe^gents^- .: - . 


p 


f--, 

E ARSON'S H 




FULLY MODERNISED 
OFHCEF10OR S - 
7,900 sqft 
Four automaliblifts: -"r 

Fu" centralheati^u. 
Part double glazing 
Carpeting 
Suspended ceiling 
with fluorescent lights 

Joint agents: 


DE GRDQi 
COL LIS 


309/3UJ HighHolbom 
London WCTV7LX •; 
01-8317651 




MATTHEWS GOODMAN 
& POSTLETHWA1TE : 

: J1«3CStUVsP.K>Qv 1 ?ASi5- ..•■•' 

01-248 3200 72UPPERTHAMES ST LONDON EC4R3UA I 


BAYHEATH HOUSE, STATION SQUAJRE 

PETTS WOOD 

• ' KENT " • - 

NEW SELF-CONTAINED OFFICE 
BUILDING 

■. Approx. 8,686 $q. ft . . 


■b Full carpeting + Central heating- :. 

^ Suspended ceilings Lift : 

Ample car parking =*■ Marble clad Reception 


station (Victoria 28 mins.: Charing Cross 
.'=='■ 32mins.) 


■ :>v,. TO LET 

ON NE-W LEASE AT CpaH^KON^ RENTAL OF 
•• £i •p.SQ;FR^RAv.EXd^% ■ • 


/ F i>Ti further details cpplji io joint AOlexigefU^ 

’ DOUGLAS 

. Lflh'crsJi House, l Walter's Yard, Bri)in1c>v^ltX',iQA^: 

*• ■' ‘ 01-460 34 K; r - - '' ’• • 


- “ s/. ic,.U ,r> 



MODERNISED' OFFICES ; ' 
f y BdliVERIE STREEtt ElG. 4 ? ^ 

COMPLETE SECOND FLOOR ' 

3.051 sq. ft. at Low Rent - 


CARPET : PARTITIONS : LIGHT FTnTS.TjS r LlFT 
. . Hole AftctlUt: ... 

FAlVpRV & EVANS : : - . ' > : 
. 2? « Conduit Street, W1R 0 HH , fll-62D 5602 




^4^ 


pi 























Industrial Property 

N orthfleet, Kent. 

New Indu s frial/Wa rehouse Units. 

StiU onry £1.25 per sq.fr. 

KOOO- 86,000 sq.ft. 

Bountentouth/Dorset. 

InduSfialAVqreliouse development* ;-*• 
Urotsto let. 4,000- 60,000 sqit. ' 

Industrial Department 

33 King Street, London EC2V SEE. Tel: 07-606 4060 


$85557 


wester yavote 


Modern Refurbished Office Building 


13 , 980 sq.ft 

Immediate Occupation 

0 Close to Underground & 
B.R.Mainiine Stations 
Double Glazed 

• Fitted Lighting & Carpets 

• Substantial Private 
Car Parking 


103 Mount Street 
London W1Y6AS. 
Tel: 01-493 6040. 
Telex: 2385a 




VJj, 


l 5/> 


Colnbrook, Bucks. 

Warehouse Units. To be built 
7,594 -30,376 sq.ft 

London, E.4. 

Factory Units. To let. 

11,500 sq.ft. 35,700 sq.ft. 

Bury St. Edmunds, Suffolk. 

Warehouse Units. To be built 
To let. 7,000- 37,000 sq.ft. 

London, N.W.l. 

H.Q. Commercial Building with high standard 
office content. To let. 72,000 sq.ft. 

JLW Computorr- jj, 

A Complete AnsVjjJk’ 


JONES LAME 


.HTJr “ • wcva 

liiwi ill "in’-**! 
iWMI 

lnwu i/A» wj 



Chartered Surveyors 


Important freehold 
office building 
FOR SALE BY TENDER 


No. 104, 

Lancaster Gate 
London W.2. 



v •• 'v-i 


having mainly ilfse* urur and ! 

rc qu:rir.g scir.e renjibsshniont ; 

C!-.£:na dale for Tordc-r i 

Wednesday. -Oih December. 1773. I 


Particulars frcir. Joint Sr-ie Ag?r.li 


J ackson-S tops & Staff, ciom puinney * co -* 

14 Cuicon Si reel, S8-96 Fore SU eel, 

London. WL Hertford. 

Tel 01-49S 6291 Tel. Hertford 57311 


FOR FURTHER INFORMATION CONTACT 
SOLE AGENTS 


CHARTERED SURVEYORS 
44 STJAMES'S PLACE LOTJOON SW1A1PG 


m 


Renovated period 

Office building — 4,300 sq. ft. 

25 year F.R.I. lease 
Occupation December 197S 
Further details Tmm Snle Agents 


Pearson 

Williams 


ComnurfioJ £ hJa ,'nrptrlj .If c.ita 


Victoria House. 

26 Queen Victoria Street. 
Reading RG1 1TG. 

Tel: 10734)599-°. IS. 


Pit order c7 C’catur: 

FREEHOLD SHOP INVESTMENTS 

43 WESTERN ROAD, BRIGHTON 

in a prime position close to Churchill Square 
17, IS, 20 & 29 GEORGE STREET. HOVE 
EARLY VALUABLE REVERSIONS 
FOR SALE BY AUCTION nn 12lh DECEMBER. 1978 


ML graves 

SON s 

PILCHER 


Drlallr In m Auctioneers: 

51 OLD STEYNE 
BRIGHTON BN1 1HU 
Telephone: 0273-25991 

Tried: 377021 


80 , 000 sq ft of air conditioned offices planned around an inner courtyard, 

including top floor executive suites with garden terraces, magnificent main entrance, 
wall to wall carpeting, suspended ceilings, solar glazing, high speed lifts, etc. 

-all this only minutes from the City and West End of London. jRgmard ThC 


and Partners 

1 Buckingham Pala:= Road 
London SW1 WOOD 
Telephone 01-83-4 -3090 


, «*&-* 

Stye V/ir;'- VM, - ?-- 'r *1 




■ i. -.v 




■ 


Y 




I U 

f' r 4 % 


i '» 






u ■ 

•i-^' ■ 
»-.•» . 

- ; >4 


; - 




i® i;v ■£ « ;? -t;: 

i&'P ^ 

. 31M 


mmm 



















new heart 

Horth Shields 


H 


Dealing in Property 
is a business the 
Financial Times 
studies 
exhaustively. 



Tn® r.?w ;?v,n c**^' r e c : - Nc-rih Sh-" c c A 65,000 ?>■; ff 

jsur.i»ir id.r e!. .V? reLui trur^.iou; i.i:->?- r siai| ur.iL.ar.d on sire 

m* pari ma In: 4;-0 

B^cjyn in M.<v 1977 rir d*.oir.pi: :to Orly 13 months Idler. 

£.15 iv.:ilmn suD^'e'.drr "I ;i?-ian trading at tl.eeno of 

C- rol^i.juii ISn.onrhs <uvn n»e. 4 W : •'•®->r , .adeon siift. 

Teri/nv i imj-ide Allica Sur-ci.^i -” ; os Hinton. Bools, 

“ ■> .v 1 u;i .%*. T & G Alia:;. Fc i.~ . C 'JrteSS. T impSOn. 
i.'v ’■ r/>. Jr.hn Caller. Ru:i-hWov. HartcintlPan. Victoria 
■/. i-. Conte*.-'.. Radio R-jnidls. • =■! 'A’e&tnur.^rcr Bank and 
H jcdeisf.'jld ar.c Braatoro Bu’lc i-n wOCiely. 

Only four units remain available 

D? . sorted !•. Jh- ®-? Millei ■ 'ZZT.i' Limited in conjunction 
1 r n :r.- t.*Btioool'tnn £ croucti of "■■■"• d Tyneside and CiN 
Pi roeitie? Limited. r ■>t.'. , «*Ltorx: Miller 

Co.'i'iiuriion. V.ol eiteid. ■ i 'C' i! , . , -:> : J' l! 'n Bruntor. aid 
P.iri L* % »-d; Join* te'i-no &■?,* ii Healty h Ba; er. Loidcn; 
Hill ‘.VeKn. London • *. Slar !••.". ’.ai» L^eds. 

a ■■■> -.r.conrr* ih.?:s j.;r«-dii ro *:! .oncerned. BlhIi qui* - ! !y 
urn •» J lic:?ntiy. oc ropied S.isr E ‘Pi i'"d :o be fully let be-.ora 
. motion. All leadv ;o :u‘. r. ; »■’ into Noith Shield i. 


• • VT-Pt * 
— qfeep 


,-“i L .. 

A,. 43. 


sf \ ! 

»> ;? 2 • J J 

£ -"Q “ g "j® 


H4SB5 J 

•iwnhbftr 


L.J. 


: gKOC* 


'c AwilM^ 

lUt W!* 1 

■ '.wiof 


i.»n Friday Property receive? 
special .mention with several 
pages of property advertise- 
ments supported t»> 
authnriiativi* article analysing 
the stair nf the property 
market. 

When a wider Tser-Dective -f 
the industry 1? required, when 
aspects of the industry need 
to be analysed at greater 
length then the Financial 
Times publics a Property 
Survey ' * r i^ 

More St : _®ro?ean Busi- 
nessmen VkWne Financial 
Times thdnM other daily 


newspaper*. That is why u j s 
Europe's Business Newspaper. 
It is read by businessmen in- 
1-0 countries by S4Q.00Q 
people. These are the *orid‘s 

decision makers. 

Fur further details about " 
advertising and forthcoming' 
Property Suneys, please 
contact Cliff Cannier at the . 
Financial Times.. - 
Bracken House. . 

10 Cannon Street. 

London. EC4P U5Y. 

Telephone 0I-24S *009 
Ext. 234. 


CLOSE T° 

HEADQUARTERS Buy ins 

■ ‘ jf . ' TO LET 

IoFHCIS 8,000 sq.ft. 

• ’and 

WAREHOUSE n- 17,355 sq.ft 

: £jia&©il® n 't Specification and Finish 
. Just Completed • 




fiKancialtimes 

EUROPE’S BUSINESS NEWSPAPER 


IVIE LLER SH 43 ST - JAHE5 ' ? PLA ct 



■Eu^iwa; F-i»!.ni irnraa s Read^rsfi^ Surrey l?rj 


I i.i-rnT 

I sc»sn wwnr j 


- 

S 


BEDFORD 
STREET LEVEL 


i ! ! ■ i 

JjLLll 






STROUD, GIoucs, 

Single Storey 

FACTORY COMPLEX 

19.200 sq Ft 
on 1.75 acre she 

FREEHOLD 


EDWARDSYMMONS 


Tel. 0834 &=?54 






-?c- c-. 


. _ - - _ LONDOH. 3 W.t 

CHAR DING m 493 6141 

• ^ •. L-i:-*cv T PLCX:?<3tO 


OFFICE SUITES AVAILABLE 

high HOLBORN W.C.I. 

1,00C^B,800YCi^?? 

Modem Building, Lifts, C.H. 
Rent £6 pjer sqYft. p.a.x - 
Long or short (ease . 

P. J. WILLIAMS & r CO MPANY;' 

6. Straftoir SC London WIX 5FB>; 

01-493 4164/5 . 


JpsLI- -V- 




ESTATE AGENTS 
DIRECTORY 


HDRsnnn- ... • • . . ■ > - 

Kim and dusen^re : 

Carfax. nonteon. T*t . \ 

u/ ■< e( ' -•• • =- ■>- v?-_ - _ 



AVON 

ERI5TOL 

Alder (Stanley] & Price. 7 ?• 
5-r-<- pii t?. ar. s rD: 

2STI3I. 

BEDFORDSHIRE 


Kiiror. F«a:^ ■>? Lores. 

Bi.Ux-d T<;!«.phanv i'Ch ■ jVCZ. 

BERKSHIRE 

Chancellors A Co.. Comm-rotai 
Pmp try r*Hl« .« '.‘r?yfnars K;-ad. 
Readme. ITJt j-*>~ 4. 


ADVERTISEMENT ... ‘"Middlesex - s '. 

. .. .... HEATHROW . • ' John. Stickler “JL -Co- Ondi-^Wi.Sv- : 

•■••• :.'■-•■■••• APC fniernalional. n l nrt ^52fL, '• Te.vnrs. 14 BrisJ«oa ^«oa<L 

nE agents 

VT- nw - ■ - : V T-l- IWII- 57511. . L if:', ir, 

, : • - T™,“!; s a 5. ns> rhanircnL Snrrejmr*. HORSHAM- ... £ ' •; - 1 - 

1 A 4:^13322* Bramnton ^ ^ 

'■Sffs- a„.J \..iu«rs- •-■swintaor Road. w «“ s . ■ 

. .• . wray'LMm Tv- wraysbUTT ■ saw.- - Pewell aflidTPowelT; CMnem^utf'jSW^- 

ROMMEV MARSH AND DISTBJCT - ~ Comirierart. ig^ 

TioHey a Clinch. Valuers aaT-Saate ■ 12 dAr^nct- -"Scree r. 6-7 S I. J^ tiBg-SQaara^-Gaplitf^^yj^lP... 

c. ^ *' c ' Hora:ey - «R3i.'Jggi. ro su.ntu nsa.-\ 

r.sra: -D-'r.': ?•«“.* ft ’; FR ‘°/ l< T « e NORFOLK / 

CL-.W S-.veauaK*. Ts.: 336).. a Co chaitered Surrerort. Cooke & ArinprioliL OiarteialSiiiTmWs..; 

TUNBRIOCE WELLS . 'i ■ •!"* t . -..jr»irti. Tel 6056L Bfadr-;. -Commerctai.- TndiatilhL-'--rRkrta|lWdl- 

... Ceerlnj & Coljrer. Cahtmi Sanrrgn, r... " Kiri-> Linn. Tel: BSM. 1 SpedllMl.’ flflhxs ai.-Cainliff W#. - 

i-rr Gw-r — - 4 '!f^L Tuahridge ffella, Piar- Bolt. Tel.. .3343 and -Wear Yrjdsctm BteH. Swantea^ ji 6UL_ gayer- : 

wr 'jJOTrf TeJ . . I.M-J -3136. . - • ■ £!1. , "ni.T Tel: 3764. Tordwesi ■ '4MF; .-'VaRMd> 2414,- :?lsfefdni 

B * rL - • "••• ■ -env* and: London . . - 

^.-’“■LANCASHIRE '■■■''■. NORTH EAST •.• : 

PRESTON - 0 Eiiuan & partners, ^4 NorthinBlMr- -Street. LLW .SAD. fflfiSU-.TMBSS- 

Derrick. Watte and Waters, Vateentn. Ianri **■*■» J Te ? 'BWHUBHAH -:..;. • -• 

Coraai-rela: Lord. Walk .Pmw 1!!^' asr,^ ” ■'■ ''' ■ ; • V 


ROMMEV MARSH AND E 
TmMey £ Clinch. Vuikts 
heer.-s. \« > horeney. Tel 
-•OAKS 


TUNBRIDCE WELLS 


Connells Cammeremt. A«r« S e ^^ ,B9 -. a fnarv S: Kiri^^ Ljrnn. _ 

Va-iirTf dn-i iuriemri. 5 I'Krisr 'Jeor *- =■ r 4 TuaSridg* • ifeiia, jiar'^e: Bolt. 

?-r. 1. Lira:. Tei - - . ■;,..- ‘ Sirue! vf^m-r Tel: 3164. 


LANCASHIRE 


CAMBRIDGESHIRE 


cAMERmcE & surround ms LINCOLNSHIRE .■!*; a^w Bennett, frjcs. ffl t itep SI- "" .^rrrr--*?' ‘"TV 

ARtAs • . ■ Nonhiin-.t-iaii. Tel: iUrtti-Uili. vnwcuinp 

Douglas J. Jannnry 5- Partners. r-S V’ 5 SSlS E: : ' ‘ 'i' ^ 

D'-n-pg s-rcr!. Cambr.-ic-r. TM '«?T- A-tt.j. *.. er Sr-.oi. LlncMa 6B3.31ML NOTTINGHAMSHIRE Sheffield . - . .. ... . 

■cn.'l Ec?:» A?' r.?' Pur.--rom. T. Saxton 8r.Co~. Qaartfemd PuTVWirs. 

V2!u?rs Land Asm;' asi Au'ioniers LONDON '"'■ NOTTINGHAM y-V . Estate Awaits anj VJl«J4> .r^' QB*en 

nf a(i T9 tS of Re$t1cii:ial. Indnsmal. . -7-.. Beardsley TheobaWt. ^ Chartered Sur- Street.. Sheffield. Tel; -i.fiS3 r; andJ m Tie 


NORTHAMPTON Hlsh Streer. Hartonw -BW WIF.-K14B7 

Arnold BenneH. FRJCS. -fit Shcrp St- - -- .- -• =.. 

Nunbdir.p: on. Tel: 'iPOCi- 33517- YQBIt5HtPF -‘ ‘ - l,: 7 - - 

• " SHEFFIELD '-1 ' ' 





SITE 

FOR 

MAJOR STORE 


SHOPS AND 
OFFICES 


OFFICES, W.C.1 1 

LEASE FOR SALE 

5/C. building. Present occupier. 
Publishers. 2 000 sq. ft CH. 
Lease expires: 1991. Pre-»?nt 
rent: £7.250. Renews June 1980 
and 1987. Possession: March 
157C. 

Price: £12.500 for Lease. F A F. 

So'- 

JACK MENDOZA FS.v.A. 

1G0. Slatrhnaton Faatl 
rio*-:. tail S-jssct. BN 2 : VF 
S- rh-s-' 4 

WA TfORD— Free” 3. s Snap mjl! a!» nos,- 

:'sn 27 *<-on tiac Gordon Hudson & 

Co Waiiard 39711. 


Mad M4 M3 LOCATION — tjaw :<al 
nrsportr in Thames Talk* area. Com- 
nercruivc Roomer inihri -ca A?nlr 
'.-oh and Co.. Windsor 51 25 1 
1 2.351 SO. FT. Preside o-.;cs. Hires . 
' M.d<*'wc» To L*:.. s.10 .-. a- :cns term. 

e-.nnoiniiil rort. hilly :*-ac:el. .-ilft j 
: -:sr oarklng lull deta-K ar apri-ea:.?". , 

A. C FROST COMMERCIAL Windsor 
5 1555 ». .;■ ' • 


Gnnun. rria: and XarinCrwal 9rno.'n:«. 


FOR iWV^ST.YSENT 


FREEHOLD INVESTMENT |!aND For Sa'j ■ 
m the lean <rt t: 1 Midlands Fu:’- ! 
Serviced 70-a:re compi-u. PLOTS mi* 
:o :our'.«en airta. £38 J00 n a Ritiei\- 
Whdiahrr -vi I gtug vsu -sr draiils rrer.i 
hi"» no- WlT'enhiH 'ft wi:s.! 609 1: 

DEVON — T.:OTEL INVESTMENT Resent i, 
em'i Ma:ei with m; u*ss tenant 25 
rear tease gn l. 9. 1 I bas.s a: 
529 500 n.a. **i:h rent renews e.cr- 
5 »cs.-l. Price £550.330. FLEUR E fS 
— 0’-S36 6995 

FREEHOLD COMMERCIAL and DniWR-.u 
In-estmo.-its for sac r.v auction Dcce-n- 
ecr S-h. Sale -nclune* lort at 268 
}.vnf 3 . 1 Hill. fJ la. 112 H.grDurr Pari. 

-J 15 13 3 3a El* Ron. €.1 56 New 

Kings Road S.v: 6. ma. oner uononc . 
a-iri Pro.Inclal ? -evert) sf.- High rever. 

I clona.-v oofcnsiil-. CaTalogue Irom , 
Hjinm H-nir & Co.. 14 ReOe- Street 
London WC1N 2LN. 31-405 3581. 


and PmpeTV Cn.'.sultacfj* ' S Sr. -Bndt-. * Kl L 


hartered.r AucDimeers . and - Crofts, oRiherhim. JM.' New, 
nfs C«nrncn:lal and Real-. OWm: 5J Uarfce; Ptape; . Retford.: Teh 

”***.£**■ 0602 48751 ,w sa Lochwn*. 

rojaaPi.- Bank Chambnrs. i SHrTejiars. 'Pmpemf Xati^ifiwirts;' Sales 
?r N«tmftham. MWttJi 411023. and Advic* Ht .ciXHwcttwi vmn Com-' 
tl-Uh Edward Syvmwru & merdal 6c indnstnol ■ ProDerHeg, Porf- 
•' London and MaiH-fwstar. IteMo. Pr«»rt>--Manap«»’nr rocwmvnt. 

F NMiWaham. . Cham-red 6a CamporLadK Shel%W Si 2EF. Tel 

^8 -gjnftrsBflih Gale- . r flW2 , 

VUIIam H. Brown.' Pronmy Brojuler & Spewcn', ^^5“” 

Friar Lane. NoiUnshara. e-nare A?enl?. AnnfcEmr and: Rano* 


ESSEX 

ALL ES5EK 


cv’K /.[ fire 47,14 nranj uane-. criaiesBum uwr/ ivximp ■• . ■ » 

Hampton a Son*. SP"nrr S!o«l. f Pw 5** 'SQJSS^Jg? JSiJ 3 Stpd '“ eU Ahrrdecn^MiDbariii. ’GJasHOW. LoodoiL 

sr>- ;i::l f.n-idnr:. FC4 Pi-rtfi WQI. 


Braid Lane- Brldlesmilh Gate/ Komiw 
ham <P«Ci M37! and al 43 Stock well 
Cato. Mansfield HW23I 33C7. 


»»• s »» S^'^-ts.wrfeSrSS' awwV- 

. Ill'll 1 1", i , 1 _*v37L. B'.i-*. . 

BARKING rhs-ornd Kiiruon Ncwion Perklntt Sn.-.evors. Valuers and BURT ST * 

f S *' r cror5 ‘ Ei-.a-.i 4x-.D-s.-V' No-htanber’.awl Alley. L «T ScatL'.Cftf 

n. r.asi sr--.. ni.j^ .an. „ r - T ... „♦ . sa n 0R iHniitBi' 


SUFFOLK . Hl"mer Parkty M«y i.^W*o. 5 Snmti 

BURT ST. EDMUNDS EAST ANGLIA . Chgfartg Sr^ XdintjBTgh. I K:i.225 ®S8. - 


TO LET 

ON BUILDING LEASE 

InicrcMecl Rciailers./Dcveloper.' .ihould 
apply qiiuting Ref. L.A.C./A.G.P-. lor 
furrher details tn 


PROPERTY APPOINTIViENTS 


ryp« of ResIdMirtal. Indmnial, Cota- 031-326 60EL also ar NntraSite- 
mcrcial and AgricuUuraJ prw^rues. Lpayars, Georce Street. Tel: RJK 

SURREY Rydow Kciuethaid Partners, Chartered 

GUILDFORD Surveyors, n . Hanoi er Street. EH2 1EF 

BU1LDFUR0 Trt: WJ-3K. 6612. , ■ 

Cabin- B Wart. Commercial Surveyors, GLASGOW 



n**| l, fc W wad» a w.m n "emiintM 573L E*»W Awo«. Surreyors. Vataere. 

r 1 J:«rj.,rei 1 i 'indnrt rui de^'npmenr. Rkhard C*rey & Partners. Chartered and A » ri, - uUura] PnH^TUes. Leavers. -TS.'gft Georee -Street. Tel: 

in.-vttmen: and leiU'ia si^i-ial'T 1 *. Uun^-ors 13 1 !* Rii.-kln^ham Str-et. rl , Doev • ^ " '' • 

i.’i rnujhoii* the I K in conjunction wnh x-ryr.d. London UT3X 6DI' 'I’-SRti «<W!. MJKJttT Ryden. Kenneth 4md Partners, Ouuiered 

pi-r.cinn nffirr. Dr Gmot Cnills. Ena - - A=-Wi. Va.tKrs GUILDFORD Surveyors. 71 .Handler Street. EH2 1EF 

_ - and Surr^j-ors. S19 3in Hioh Koitwm. "• .. _ ■ _ , . ’ - T>1: MI-125, 6612. - • 

saffron WALDEN ft n M -«9i nut. Cabitt ft Wart. Commercial Surveyors, GLASGOW 

SURROUNDING AREA5 Lander Burfleld, Charenil Sunc-ors. 44 Ruth^ Btreet. ■ GoildJortL GidTdfort Conrad RUblat 6T COi, Consul!, Surv. aiid 


m 


in 

ii 

er .1 

[barker 

k| HV .1 ){«>\*<lf-lt 



77 firost riirir Sirt-ri. l.untlon It I t 2RT 

Trlrpliniir: «|-Ii29 Tlififi 

.mil f.ilj nf L"n<kiii. EdinLuj'JL T'o ri v. 

A niri I r.. r«t:i 1 11 . .\u.- 1 i*:i I i:i 


forr . 

J.R. EVE & SON 

Cli.iiioretl J'i: t,i.i7 

8/ 12 Bromham Road 
Bedford 67301 


FREEHOLD 
INDUSTRIAL LAND 

LUTON 

4 acres close MI 
Package available 
up co 90,000 sq fc 

FOR SALE OR RENT 

Modern Industrial Estate 
Joint Agents : 

KILROY COMMERCIAL 

50 St Loyej Bedford 50952 


Bedford Hitchin AmpthiM Luton London 


This position will include high 
remuneration, car. 
fringe benefits and provide 
excellent career 
opportunities. 

Please telephone 
Martin Myers or Neil Holmes 
on 01-493 6040 . 


91JUTWEND-ON-SEA 

Willson. Tctip'c. Talbot __ S While. 

.'hart-r ■•! lnr— \pt* "M i".ir |, ni"t S: 
T,.| i n V7 ■ VM:i7 

GLOUCESTERSHIRE 

PpwpII and Pewrll. ' h.r-r»d c nri- it. 

• n’iim'T--!l! a.ld It* loi-.tr ■ >’ ■ i V'.".i': , s 


H.-par limi'c V as ■ r.amh «- rnnrliut WSJ 77SW or 8WS5.' IS oIBces In Sfflr*y. Vlrt., 3 Royal Cres., GS 7SL. Oil-KS 
s:r>r ■>>:•: in SI.I. Tel: "l-*rii ftr.i: Susaa and Hampshire. \ • M77. • ■ • 

N'tei King ft Ptnork, Siit.'vois e^. . ^ .. _ v - bomb Wallace and Partners, 117-RVsi 

Aaante and vsin^rc 4i ijarcj Street. David SfrHrtiyes Pannrrshto. rommPKial r.nnree .street. .^Gla&ctnv. Td: Ml. .23. 
?T'J tiMn; 4J!>i irofisoltanis. I V.'r«t Street. Woking. 4301.. - 

t, WOhJnk 65666. . . R/knn. Ketwib and Partners. CharmrefT 

WEST LONDON Niw ft Ce.. i.hjrtrr>»l Sirrvi'yart. SurTprori ; • l?i Wrw r.rorve -■siri^t 

TVohine. GuIMfnrn. ^ymtH-rlef. Haro- nijRL-otr. GC IOS. T-l: «4l-2M fin. ■ 
Antnnnv Barrlman it Cn.. F*ir- *ynni AiHl. KltlBStan-UPOn Thanien. Walton-'. Wfebdcr ft Co..- r.haRPr»d SurvpTfirs 
sra J3 rfhrT,of Units... uaim-Tiiafiies. -M A'swmied t*fficc#<2l Wesi Nile Sr..-Gl ’PJ 077 r 

■- > mu Rnmf Sirrel. U 1. T> t i*l ir»i ihruuchmit Surrey. Hants.- porks.. > .- ■ 

Avon HiHtnet. I'hanerwl Sum-ovrf «nd Middy Siunts and Dnr«ri. Head nfli.-e- ,ecr « kir. 
rst.it- l|" Kino S* Wi. i»hb » ComiU. Trial Way W4nn Gl‘:i 1HB. 


an.-J r"-rs!nc*nr. aid Klmltichoin 
Chrstertnn. '"h/n. rnl Snrv-Mir •, .iur) 
,nr ' P<-.i’- .iL-i!:-. Fnd .'tm-.s 

' : 'S F l.v.trl. s Vor'liniii. s .<>, 75 


Trl Woking iOW!i 7".*7i • in lines- 

SUSSEX 


Listtcy ft Son, 19. "n pnnrgdll Sgnarr, 
Pas* Bel lav i r«m. 3S9«. 

CORK 


•:il '.• ir-.t" ■ c 'r- >•' CI*»i|.-« r '.M i;w.. w t-r,,, WIN gift n;.im (IW1 Clifford Dann Commercial. Ghan-r-d tlvtey ft Son n Grand -Pi rad* r*rk 

;F\ Tl ..ii« »: ■ T'ltf :;i« C«"nntls CnmwrUI. Kst.,-- s.ireeiws. Albion Htlllkn. L*«W4 167916- TriSimfl . FarartP. cam 

'■j!"|‘T' .’nd -Siin-nfftr* r.-." r:r.w<-rnnr *.7751 *Sis local offices . DUBLIN 1 

CHELTENHAM ft DISTRICT >1 - v ana -|.4»; *«7" Erie Mflretuwt ft Cn_ 71 7.3 Ghnr. fl Hd. Jane*. Lana WaaltM liA'U niu«in 4r - 

Lpwopii ft Lawton rjr.r-.r-d V-.'ia'mn 9 Dnr *‘ l R,, 5'^ . a '^uvil'anr a °'' lJ oT*' 1 ' nI?^'.JJ*. ll>ni c r C ia ^ Duhllh ? Tel: 'twmi't TTllfl. TeVi: 4l":s! 

.V*”'’" " t V-...., -; r ,..- 1 . n - vine "nr* a tut \aln--r*. M.Jn>-r ll.ui«.- u and Prnfns'.mnal neuaTinroniF. s-les Leavet-Si 9 Dawson Street DcbLn Trl 

v| r ,.,.| ,'hrllcrhjnt t. 1JIF iVi: yjnlh.J' ^ S,, „ 'J1 PI 11 I4*» LeDjllKh- , ^*7 ,t . • ■ ' 

:iv7 n 


GREATER MANCHESTER and Snr«'iir» 9 Cl' (Ton 

Sunona. i.-'iart-r. d upwon *' -Trini nj.Tsj |--|*s 

i'. a mm*. wi->17 7161 Mid H- P.ill*r Sinn Harricen ft Pi non. OPi 
'’■’-.die Hich Ian-. i| SMIr. Tl'inrlfprU S' «'1H 34 

bruise an<1 WliniO.vv in Oi«h:>r N.-v Hamm anil Parinen. I 


n-iwlt ft Co.. P-nrn «i •.•.•t K<t 
IS'"'! Valuer. .*• F’l". ej,-..n i*|.kt7 i««| 
Dr GnHit Cn'll*. K«-a*.' \i;.-r>:« Vi'li.-rc 
and Snr»' , iir» 9 Clifford Sir? •■! V.' I \ 
"U. 01-731 res 

Harrican ft Pinen. Offi'-r ^u-nolrir 


Review. Surveys. Planmna ilanage- L ls«iev ft Sons, t., SinDlk>ii‘i «’.tv 

S. S"!" 6 Duhlm.i Tel: rimflU 764471. Tdcx:- art! 

5!H( W mUS 'SSS'®^ 

3W44.'W.irtnin3 1^*2 and Cm wiry 3l«r,i.. ** Uo *»" s = T 


«!■ ' 

t ? Ouriered Surveyors 


•~'-\dre HifiH I an-, ii jp«*‘..<h-dti S'lir. 57 7i> in df 0 rU S' «'ih sap ni4K Cwfc'.flWtc ft Co. tConint»Toiai ni'Mri- Lc Fosse Estate Agency. . Gla'Mng 

bruise and Wl.niUi'-v in '..hrriiirr N.-v Huron end Partners. Evate Ajmnis nieflt*.. "tf'H . S*hlu Sirgei. Briatnon rhamtr-rv. - niatvgny Esplanade.- «. 
■fi’li and Whalrjr Hr.rti-p in Drrhrsnir'.. Valn-rs aid Snrv-’vont. illy Sarlr-i||a 4»7T W'.l* ».* Ior»l pHi.-'"* - Parr. GtiiTnyey TmI (HSH 21013 

'-pp'.-raiiH In Vnri:shtre s-r.«? L.ndnn. HI Ti*l- nl.417 'TCI |obHMaBMMR^BMMgHaii^HBnaiBHHnaHa^H 


103 MounrSlf eel. 
London VV1Y 6AS. 


HAMPSH’RE 

SOUTHAMPTON. PORTSMOUTH 
PARFH AM 


Lcovnrs. r.e Rrur.m Str...-t. ivt- ^ \p 
' *"di. 'lyin'* in Fdinhijrah 

aid ircr^- itfHi'r in Rnhlln. Main, a nd 

‘"ijn 

Alihan v Lid’ on A Co., •'-ffi- ' Ir.'.iitr al 


FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

ESTATE AGENTS DIRECTGTY 

The Estate Agents Directory appear.-? utr the 
middJe Friday of each month and enables Estate 
Agents, irrespective of size or location, to bo 
known nationaliy and. indeed, internationally. The 
cost of promoting your company is as follows: 


Half Pa|n ft Foster. t.*Mr»rrd 'ir.ernri and lnr.«:m*nt Siir-eyor^ rnrrnn SI . 
Vain, r* F.catr sj-m* Londmi Rond "" •■’-■*' ?™n 

Snurh.unp'nn .rtm» :«S15 Mnadaw 5rhnm> ft r -mofny. ,-g a p ar j; 


6 insertions of ‘2 lines 
each additional line 
12 insertions of 2 lines 
each additional line 


£26.00 

£15.00. 

£48.00 

£18.00 


Snurh.iinp'nn «II7TI”» > Mradaw Srhumr ft r ~mofny. ,-g a p ar fc 

“T'" ■ IV 1 til Ml -«j; 

“ "* r ’ , -fr ft C« •nffli'r ,.-il i-«Tn mf rr|.,i 

HERTFORDSHIRE r-nwrr RiMniinn itf -;* v pond 

HATFIELD V ' ,V PPr * nl 4n| ”■» 

hat^illd un Srott ft Cp.. E«mi> is-n:i and 

M>ult ft Co.. RIGS Cnm and In-1 Siiriryor* P’ rfci»|rv H»<rt. jn R^rfolt-v 

Pr.ip.'rtr and Prrf-i.inin<*ni Om-iball'j Rirr.'l Lon din Wi ni-Ml pnf) 


PLANT & MACHINERY 

Ab«jr ERtwfetle. iS- jf I'rosc Snvnr. HamiHtu' Raffoty. i'A.irt-r^d Sur- 
JriaDttieSer Mi *AQ Trl Pfll^STA 9177- v«rors.' . Awrlonrtri and Valut-ri <*/ 
Balrswwe fitw, Valuers and Aur- Plant ' htacblttfuy ..and Katigrs 
[lonwir* fl.-plmii ar.d aiatlilrrery Jid-' Priclft^ -thnditBiit-. hiftiHf Klmc. 
Tradf /Siochs . fhrouxhaui rhr a.Ti.. dam;-. Pt> Poi 1. -lo -flihT SirJ-i 
. /grtlirmJLos JWulh. EC3M. 3UL. 01 ^23 . Tlurti :Wycomlie.' Barits. . Xcl- i MW i 
-. iS3l. v . > . 51134. v -. 

•- i=rank Gi.Bouw" Umlioa jEst tMJi. kim> ft -Cw ' ■riiriwii'-'TiHK. 

#prcJaJtst j Aut:iionrrj-s- jirni ^faeri j -Jtnrrn; e 5ni*' 


f.alribury ^a-. "Hatrtelrt T«*l- W47u. 
HEMEL HEMPSTEAD 
R. J. A itch is an. Qnrtrrr.1 Snn.-.-r: 
■S \1 irloti-nl flnm.'l l|rmpVi-jrf Hilo 

LETCHWURTM. HITCHIN AND 
kTEVENAGE 


Smith Mcltack. Sirrw-ars V-ilu.'n «>d 
K si air 4^-nls. ‘ Cork Firr^i i\-t -r,.i 
■11-13® Djll 

■’"“M WST 

Jamn Andrew ft Puirs.. r..inm!ia 3 i 
y.lr> finn and n.-jit \g.?nti. fi’ Pall 


“ SEUrr J 2 v .Ty.^r s 


sIImv »Lr ,C SiiW ,h 3771 H,,0h "‘ London” "sin Slr *'"' 

“nV5TON ft SURROUNDING AREAS r. . 

Douglas L. January ft Partners. - 7 ” ^ , e fV 

Hah Hill Rnyrion Trl .n7«l' 4»-’i i,n ' E - fl *^ E T « 1- 

petnip Surveyor*. Vainer! Lind 1 -- 

A.rniv and 4w-iinn>-*-rSi nf all tytie? n* NORTH 

Ui-.id. nil.il. Indnct.rlAl. ComnuTcial and Mlchag) Birman ft Co.. Shop. Off|r« 


Aicrteuluiral Dng«m>:«. ladusiri^l 

■UhTFORD R0aQ 

Gonlpn Hudson ft Ca.. 547 Th» Parade ’’"UTH WEST 

lVatfnrd -Sill * 50 Ilfi'.-*' Brniten ft Co- 


Indusirlrfl Sp«. laliiis T» Rr-^anis Park 
Road I'uu-hlvJ. %'J. 01.149 9211. 


COMMERCIAL 

INVESTMENT 

Sl'RREY 

let to 

CHRYSLER U.K. 

£4n».iMM» freehuld 

01-724 2317 


for INVESTMENT: 


i SHOPS producing t-l =55 ad annum 
Oiiers araund tdd.ooo mvltcd- Write 

Fai T 4983. Pina r,; I j| Ti.-att 10. Cjh- 

non 5t««*. ELae i&v 


wanted 


AMILY TRUST FUND -*•. 4-4 1*51' 

<■1000 000 C .’..r**,;- rmri-nli.' 
-".CIW let 'nr.i"K 

Lrn-"J'' 'id !'•* Eit I -nrr r.-ji4 ,— 

dicisishv ® as »;' "'*iiM >• necessary. 
Bet R.DA 01-432 7663. 


Complete the coupon with details Of ycr.ir Company 310^ 
return to: — 

Cliff Cannier, 

Classified Advertisement Department, 

Financial Times. 

Bracken' House, ID, Cannon Street. London EC4F 

Name PcMtinn 

Company/ Address 


KENT 

ASHFORD 

Burrowc ft Day. Charurcd Surrerirs. 


Rnniten ft Co.. IA7 rticklriraod Bread 
«■«■■ SWI. 01-452 6 Wfi. StK»clall«rt in 
■ ntnmiycial and ncsldennaj proportinG 
Philip Fisher ft Company, -Plxher 
Hn'tsv. '* 379b Hendon Way, London 
Nll'4 3LS. Tel. 01-503 6SB3. Incorporated 
Valuers. Ancttoneers and Surveyors. 



and Estate Agent®. r.0-«l Bault SirenL Jalwt Roa, Indusmal Shop. Comm^rciaJ 
T..I: .vshford fOKBi 24121. Kum. 

Coerlnq ft Colter. Qiari.-rcil Surveyors. Tgivn Road. ITUTS. 0L257 2071. 

Rjii). Street. Ashfnrd. Tri: <62311 24M1. 

PROMLEY ft DISTRICT MERSEYSIDE 

Baxter. Payne ft Lcpper. Chartered LIVERPOOL 
Sun-cyors. 19 East Srreet. (11 4«4 ll£J. _. „ . _ _ 

Dixon Henderson ft Ca.. Chartered 

HARTFORD Surveyors. W Old Hall Streut. L.1 Bpp 

Prall Champion ft Prall. iJiarTer-'d ■<l- , - l 36 4456. 

' Surveyors. Aiirunm-cr* and Esiate , *’-®«rs Murdoch ft Pwers, rorim<- rn4 i 
A-'-nis. 7R Spii.il Strvut. Tel. 2SS9I Propen? and Investment v.ilugnj. 
MAIDSTONE ^'3' Liverpool L2 TLfl IKT-22B 144s 

'le-rioa ft Cslyer. Chartered Siin. '-ors. *• f-. 5 ” rt * c *“ eyora. 

« . iilman Hnn^n Kind Street Maul. - 1 stru<, L T * ,! Ujl ‘— “ Wjm- 

tti.r- TH >*«;;. i«Kg|. I" : j H.-h jt. HELENS 

«. r ^_. Tnnbrwi.. »- IX Tel .nvrii Divtui HendemM » Co.. Chsi-irrvtf 

’"■* RanliS’rr-r. Aihfnr<l Tri «4;.1Si Ain 'vnr® and Estaif Acynu A Claueh- 
,, " I I t'.f< ,«;re.-.i Wain I PR S* 54,tir 


Onmn HendemM » Co.. Chsrtrrod 
eun -vnr® and Estate Aaents A Clauch- 
f'.p eirr-t WAIB IPP S' H"lfns 54117 




BulWvrti": Pinni and Materia to. Trade Wrai uw taStoToLi«. 
plucky.' etc . ill the . UK. 15 Cirft 

w r 3244 - r.O. .Rot. 119. Umfon SW.m BAJ. 

■ Henry S Hither ft Co. Inc. Leopold Tel- 91 ■*» SlSl-Tcdwii - 997291. 

' Forintf. ' . ft ■ . SOm. Aucthtncent; ft e.' » — - 

yalueri, 3ft-S2 lllph llolboni Unilop ^ 

ffcWTKd Tel: 01 -M3 «11 AIM oriri t ■■ 

•e o ri w ®.--- ■«*. •ssuii«c%a£ ! SBB.rsa- 

•cotoixoafe. -Evan* ft McKenzie. 5 Tel-.«i^KI-.i»s?-«nri aT BU-ihtrreharti. 
UuiliK Coun. Chancery -.Lpne. Dublin. Maiulieatcr. Sydner ft 

- fc«idoB- WC*A tltP. Tel: ni -2421 363. MeTtioiirna..- ' ; - •-.- •: —. r . ; - ■ 
-SDtfdatUFT Valmm and Aucrtotieera r Samlet-sou Towmead- ' ft' CHbert. 

- M- dw Printing iDddMry Sfiddlfshroogh 06C ' H4I8L Nt-«: 

•- J ' ..v«ne 0S3S S1288]. 1MrItfl£l6i^6325 ' 

EddHons .. Chartered Surveyors. S2S*43 7. m- 

-tnduGirisi . BulMInB. ' Plant ft .' 

SUchliwry. AucUon&rm ft Valuers. 

Priwiine Hotue, Russel i Street. _? aw 

wed* -LSI JRZ. Tell . IB33S) Ml«.. ?*!?£?■ 

Hufld^W- Bradford and -IrfStS** 1 ^ . 
Kaitnx. - Bdmpl, ^ymmons -ft- Partners, 

Cil— r d f . stgvmod. Benin, . 78 Awn towers ft Viinrrt, W65 Wllfon 
.Cotmore Row. Blrratnahaiu BS 2HG. Road, Loridon SW1V 1DH. ■ Tel: 
-Tsk -6ZI-S36 SW. -01-834 jtS ' MErichesier~’ggi1 ~~ 

FoowL Ctmnored Snrveyms, _ , ! MUn ^ saa,; ' ...--. 

.O Qiwen’a Cardens. W2. ^l-«2. 8381.. WaMcr.jftHwt.ft iWga, Chartered - ' 
Vetters . cf . Lodnstrial Property. ' Surveyors; Vainers and Auctlonoora ' 
•Jp|anr ana - Machinery in Uu> U.K. .of-.Pjant tc. MaciUngry and tod# ‘ ' 
amt abroad for lio. years, . _ Eiorics tfirxmnftoUt the United JOna- / 

Fuller Palter, Chartered Sorvesbrs, « 

t LM>I»W Street. SlwfBeld Si IRW! SrSSe Stortwen - 

Tel: 197431 2423!. • Telexr 547m f 0623> .35427; . 

fttad Offiw London. , Mart*? .PUco. ■. 

. MeUon Mowbray. Tel: 0664 BaSB. 

Ooddord and Simth..KKinsSir«r, , 

SL-' Jameson. Ijmdon SWIY 602. Sm^ ChJriered 

Ty: 01430 wi. Valuers or all *2™"*?! Aaents, 22 

PJaiit and MarJilnery and IndiwiiaJ flv25f e TJ n h aiIC « l ‘ m, ?® B * " r -^ 1 Tel: 

.premises ihrenKhnut rne United Pr lars. . 

-Klnxdmu and Co niineot. - JJJK'-Ei a. dt-fiSi Kjy 

. ■ Wawcrall Homs ft Gale, Chartirrd 

Ketwetty, Lunib Ljih:. Audrnshaw. Siitverare v Rataio Akud's r ji i 
JIPiKfiMter. MM 3GW. ..Tel: B6I-370 • iJTdwr; SB King ..Stcret iJwds! ' Td? - 
• 5-DA- 6333 '442666. . • ■ 


















If you are looking for a luxury saloon, the Peugeot 604 ^ eCti °^^2f_ roim d independent suspension system with 

S^S^'^ asmooU '“° ,f ““ ble t 

with the traditional Peugeot streng^i ^ , ^ It has a superb braking system which is servo-assisted 

to read dials with curved protecte gl operated sun roof and front windows, halogen headlights, rear 

distraction of refleaions_ vou can be forgivenfor fog limits and driver's door mirror adjustable from the inside 

Take S Se3- i , ! — f^rniirito arm rliflirflt ofthsCaT. _ _ . . 


10,000 miles and there is a straightforward 12 month unlimited 

Mesasmorthcomfortableride S SoJtf it’s luxury motoring you require at a sensible pnce, 

why not take a test drive in one of the 604 models from one of 

system which is servo-assisted our 231 Dealers throughout the country. 


MddOTmcratted ann rest at the rear which often doubles as a | 

writingsurface. h kt rich velour or on protective lacquer, centralised pneumatic door locking system . 

and has twin cam snalts tor maruiu or for those seeking leather upholstery and arr-conditionmg. 

models to choose from, the SL carburettor,^ ^ B Main service intervals are once a year or every I 

that edge on pe^^manc^th^l f^UesLdlable from Peugeot Finance Recoiimiendcd retail prices inchiding V/T, Car TJJ and seal belts. Excluding delivery charges and number piates. Pnces correa at ih e tune of gomf 


Please send details on the <504 SL and TL 

Name 

Address 


m 


Peugeot Automobiles UJL Linutsdi 

333 Western Avenue, London W3 0RS.TeI: 01-993 2331 


i 














' Tr'rr'r *'**>■» •■* ••■'■ ’ ' 




adian stalls on State 



IVOR OWEN 


pay policy 


Williams 
‘wins £1 5m’ 
for school 
children 


MS. JAMES CALLAGHAN, the round for Ibe nationalised iodus- 
Prime Minister, refused in the tries, and if so, how do you 
Com VO nns to explain bow Ihe intend to enforce it'? " she asked. 
Governments 5 per cent guide- Mr. Callaghan immediately re- 
line for the present pay round ferrcd to her early Government 
v ill be enforced in the national- statements on the incomes policy 
ised industries — despite persist- and told protesting Tory MPs: “ It 
oat questioning by Mrs. Margaret is quite clear I can never satisfy 
Thatcher. Opposition leader, her whatever l say." 
irritated bv Mr. Callaghan's 

stone-walling ' tactics. Mrs. p^: ctfSf l 
ThaLCner tossed a copy of the JL 

White Paper “Winning the , „ __ , 

Battle against Inflation" towards Undeterred. Mrs. Thatcher 
him from the Opposition Des- renewed her challenge, only to 
pa.tch Box. 


it landed — apparently as in- 
tended. well short of the Prime 
Minister. But h* was clearly 
angered by the gesture and. 
ignoring chants or “Answer!" 
from the Tory backbenchers re- 


be told by the Prime Minister 
that Mr. Denis Healey, the 
Chancellor of the Exchequer, 
had made Hie position perfectly 
clear in his statement to the 
House 24 hours earlier. 

Amid Labour cheers, he 


• used lo add to his earlier added: “Unlike the Opposition, 
replies. we don't change our policy from 

Mrs. Thatcher launched her day to day on pay or anything 
demand for clarification of the eNe." 

Government's policy For applying Mr.'. Thatcher recalled that 
Mir- 5 per cent guideline in the Mr. Healey had merely referred 
nationalised industries by recall- MPs io lh<- policies in the White 



Mrs. Margaret Thatcher 


me that in 1974. Mr. Callaghan 
publicly urged the miners not to 
J-cccjJi a pay settle meat of 16 per 
cem. 

* Is ii ynur policy now to slick 
in'? per cent in the present pay 


Paper. As she poised herself to 
loss ibe- document towards ine 
Prime Minister, sbe snapped: 
nolicies, wbieb 


• Which 
;rapbs? ” 

Her gesture brought a 


approval from ihe Tory benches, 
but the Prime Minister made no 
para- attempt to provide any further 
elucidation, or lo retrieve the 
roar of While Paper which flopped onto 


ihe table dividing the two f™ nt 
benches only a few feet in frolU 
of Mrs. Thatcher. 

Mr. Callaghan also refused to 
be drawn into comment on 
the speech. by Hr.- Tom Jackson, 
general secretary T of ‘he Union 
of Post Office Workers and this 
year's chairman of the TUC- in 
which he attacked union leaders 
who voted against entering into 
a new accord' with the Govern- 
ment on incomes policy. 

Sir Paul Bryan fCon., Howden) 
claimed that the failure to reach 
agreement with the TUC showed 
that the basis of co-operat> nn 
between the Government aad 
the unions had disintegrated. 

Mr. William Malloy (Lab.. 
Ealing North) . contended that 
the co-operation shown by the 
trade unions over the past l'*' 1 
years in wage restraint had not 
been matched by- the CBI w 
restraining price Increase.-- 

The Prime - Minister agreed 
that Inflation had to be ind'lcd 
from the prices end as well. He 
praised the progress made in ihe 
nationalised industries, both fa 
the interval between one -»ri 
increase and another, and 'h^ - 
total amount of the mere: 1 ??- 


By Michael Dixon 

EXTRA. Government spending 
of £lora is understood to have 
been approved by the Cabinet 
vesterday to save the nucleus 
of a scheme proved by Mrs. 
Shirley XtgF* 


for EdncaU 
pay means- 1 



Secretary' 


•cience. to 
r^rants to 


pected to 
basis in 

e country 

ided the 
Education 



ents inquiry soon 


BY jCHN HUNT. PARLIAMENTARY CORRESPONDENT 


THE PRICE Commission is to be estate agents. Since then, there forward last session as a Private power the Prices Secretary to 
asked tu examine the charges, had been free competition Members' measure. Now the make provisions ensuring that 
cojia and margins of estate bet won them. Government has brought forward estate agents dealing with resi- 

dents. Mr. John Fraser. Minister "The Government recognises its own Bill with support from denliaJ property satisfy a mini- 
of J State, Prices and Consumer that the level of estate agents' both sides of the House. mum standard of competence. 


school sixth 

The scheme 
start on a tr 
selected areas ol 
next autumn, ] 

Government’s new 

Bill can be passed throngn 
Parliament fairly quickly. 

Mrs. Williams originally 
wanted to institute the scheme 
nationwide at a cost of £lO0m- 
bui even a £lSm concession 
Mould he a notable personal 
victory for her. especially after 
Tuesday's adverse decision on 
incomes policy by the Trades 
Union Congress. 

For several weeks. Cabinet 
Ministers have been opposing 
unv start to the scbPme for 
fear that further public spend- 
ing might be viewed by politi- 
cal opponents or the Inter- 
national Min el ary Fond as a 
falturl ug in the Government's 
stance againsi inflation. 

The case for institnting tbe 
proposed inducements for 
children to stay at sebool 
hpvond tbe compulsory age of 
16." was farther weakened by 
the Cabinet’s recent decision 
to forego savings of between 
il50m and nOdm by limiting 
next autumn's rise In the 
school-dinner price to 5p a day. 
instead of 10p. 


Protection, told the Commons charges are of very' real concern 
last night. to riiany consumers and the 

His announcement was warmly amount of fees on any transaction 


welcomed by Labour back- 
benchers, hut received a sceptical 
response from the Conservatives. 

Mr. Fraser did not elaborate, 
hut ir i.-» understood that the 
reference will be made under 
Section Two of the 
mission Act 
goods and services. 

If. the Commission recommends 


are substantial.'' he declared. 

Mr. Stephen Ross. Liberal 
spokesman, who was an estate 
agent until five years ago. inter- 
vened to say that as a general 
rule charges by estate agents in 


Mr. Fraser pointed out that 
Private Members had been un- 
successfully trying to get legis- 
lation of this kind for" the past 
90 years. 

The present Bill applies only 
to domestic property. Under its 
terms estate agents would have 
lo pay clients' deposits into a- 


Although he welcomed ihe Bill. PssrficinSl fp 
Mr. Neubert said that the Conf»i- A ai 


»f the Price Com- the U.K. were below those of any separate account which will have 
v'hieh relates to Western country. They- were l0 be r0 vered by insurance. 


extremely competitive.’ 

Mr. Fraser told him that he 


Subject to a right of appeal, 
the Director-General of Fair 



under Section 12 of the Act. experience, he thought that the 
A fuller announcement is ex- rates had risen in Britain since 
peeled from Mr. Hattersley today, the abolition of scale charges. 
The examination is likclv'to take Because of the huge number 
•a::- months of estate agents around the 

From the Conservative front country, it would be unlikely 
bench. Mr. Michael Neubcrt that the Price Commission would 
viauned that the Government was be asked to carry out an invest i* 
merely seeking to use the estate Sa'ion as a result of individual 
agents as tcapegoats for the compiaims from clients, 
recent rise in house prices and An examination at the behest 
mortgage interest rates. of Mr. HalLersley was the only 

“rThis is clearly some cosmetic va V it could be looked aL 
brought forward by the Govern- From the Labour backbenches. 


do *ci. 
The 


legislation will also em- 


vatives had reservations. He d:d 
not want the provisions for a 
minimum standard of com- 
petence to lead^to a professional 
closed shop. 

In particular, he was alarmed 
at the powers -given to officials 
to enter estate, agents" premises. 
The legislation would enable 
them to seize documents and 
break open containers in their 
search for .evidence, he said. 

Small wonder that this has 
been named “the KGB clause." 
“It smacks more .of 1SS4." Mr. 
Neuhert added.. 


‘Butter for Russia 5 
attack by SiSkin 


BY OUR PARLIAMENTARY STAFF 


ment lo give the impression that ?, f- Ken Weeicb (Ipswich), said - r 

1 ‘ the Government MR. JOHN SLLK1N. the Agricul- sbt on reforms of. the Common 


so file thing is being done about that many , on 

this very serious housing silua- side of the House welcomed the turo Minister, attacked in tbe Agricultural Policy immedkneiy-. 
tin A'." Mr. Neuhert declared. ' examination. “Perhaps it should Commons the larest attempts by Mr. Silkin assured them that 
He pointed out that in the first be a very rigorous scrutiny," he the EEC to sell 20.000 tonnes of the Government's policy in the 

nine months or this year, house suggested. “Indeed, tbe costs of butter to Russia. next negotiations would be to 

prices had risen by 21 per cent moving bouse are absolutely H e told MPs that the A*-j\ press for a frecze 00 al! common 
and were still going up. On top frightening." shelved Tor a week underlined’ P rices on products in surplus, 

of ibis. 4.5m existing home He claimed that price agree- the Primp Minister's remarks at Mr. Ian Nikardn (Lab. Bethnal 

and Bow) said the EEC 

go on resisting reforms of 
Common Agricultural Policy, 
demanded that unless 
reasonable progress was made 


In its limited form, the 
scheme is expected to start in 
local authority areas with high 
unemployment among young- 
sters. and where the number 
of schoolchildren staying on is 
low. In practice, this means 
low-income parts of the 
country. 

Consultations will take place 
lo identify local authorities 
which are "suitable and willing 
to participate, even though 
the starling areas will coiiec 
lively need fo find a further 
£1.7m from their own re- 
sources to fund the grants. 

The maximum rate of grant 
will pryhably be approximately 
£7.50 a week, on top of which 
the parents of each child stay- 
ing at school will draw £4 
child allowance. 

The scheme is being opposed 
by the Conservative-controlled 
local authority associations, 
which are demanding that 
central Government should 
provide 110 per cent of the 
cost of the grants to compen- 
sate for administrative 
expenses, instead of the 90 per 
cent offered by Mrs. Williams. 



an Order of 1970 had prevented An Estate Agents Bill was 
agreed scales of fees between defeated when it was brought 


Left-wingers 
fail to 

unseat Hughes 


PM backs Iran elections 


By Elinor Goodman 
AN ATTEMPT by Left-winger* 
to unseat Mr. Cledwyn Hughes. 


THE PRIME MINISTER refused 
to respond 


Rojal visit to Iran be 

iv net lied. 

''There are important move- 
ments of opinion that are taking 
place throughout the Islamic 
world' at the present time, not 
»'nl.-' id Iran." 'Mr. Callaghan told 
the Commons. 

"We should endeavour to 
understand these movements as 
well as to try to support Ihe 
movement towards a stable and 
democratic regime." 


' within a reasonable time. 

The way to remove surpluses Britain's membership . of the 
was to reduce support prices and Common Market should be 
increase consumption. Mr. Silkin reconsidered. ' 
added. . Mr. Silkin: “ We have made 

There had been a fuss in tbe significant progress in ..the last chairman of the Parliamentary 
Common Market when Britain two years. We shall make even Labour Party, failed yesterday 
wanted a 6ip subsidy on butler, more significant progress in the when he beat off a challenge 
and yet none about a 47]p next year. from. the Tribune Group’s candi- 

Tbe basis on which we are date. Mr. Norman Buchan, by 
Demands came from both working is a four-year strategy. 159 votes to 68. 

Labour and Tory anti-market I think we can do it within that Air. Hughes, a highly-respected 
MPs for the Government lo In- four years now." backbencher of long standing. 


Next week’s business 


the British Government on the 

id to n Labour back- issue of human rights in other n £ n f . 3001,1 a 

bencher who urged that the parts of the world, including the Sl rJm-.nS. Rl l?, S n f 1 a 0 n W1 \5f«' 
manned Ro>al visit to Iran be Soviet Union, will you make it 

perfectly clear that we shall iD 
no way condone the corruption, 
torture, imprisonment of oppo- 
nents. Ihe shooting down of 
hundreds of unarmed demonstra- 
tors and other atrocities asso- 
ciated with the present Ira mao 
regime? 

"Will you advise that no 
Raya] visit should take place 
either way at the present time? " 

Mr. Callaghan: “ You attack 

Labour Left-winger Mr. Stan the shortcomings of the present endum Orders for Scotland and Motions! 

Npwens (Harlow) had asked the regime, and there is no-one l Wales: Motions on Northern Monday (Nov. 27 1: 

“ In view of the know who denies those short- Ireland Orders on Health and and Measures Bill* 
by comings. Personal Social Services and Reading. 


Power workers to seek 

% 


- -a 


rises in excess 



BY PAULINE CLARK. LABOUR STAFF 


SHOP STEWARDS representing the end of la* ^Ltet year the Gotermneitf ’ 
w'o?kers° are^io 111 demiad^ a°pay rejected narrowly. e«ap«d major coafroo, ’ 

rise “very much in excess" 
the Government's 5 per cent 

W Th e fmade?t clear yesterday year, 

that they, would be wat^ vSire shop St°£&s SSSSSSS^ * 



'SLi^gS number be fanned .^££2^4 

is to be tabled formally with the of grievances Jater taken up at bum 


a* 


The ' to SSn?^ 

■ » -S^SSSSaE & *&&&&■ 

claims uus winter. be ^promulgated.^ -t ‘ claim for a ,35 

yet to OB K ° In hnllriioe - uttk: uilhVn 


The decision was reached has yet iw — r-- . - 

unanimously at a special con- Mr Jack Biggim national Parity • 

ference of power workers' rep re- officer with responsibility for The ~ 

seotatives in ihe General . 'and- power industry, said after the 5 • 

Municipal Workers Union. conference yesterday. -J® 1 ® to v. - 

This was in advance of a meet* power .workers are adamant that transmission , stafioDS.^aud-j. 
in? planned for December of all i 5- per cent pay rise would-be . -Vj 

four nninns renresentinp werittV tntaUv tnndeouate. We bavecpp- The hpltoni.;b8Si£.-.^teJor, ^ , : . 



S added that the conference £10 weekly bonus, £3^in:seIf- ; ~, 


A foretaste of the power decided there should be a phstal! fin^ing pi^ctiyity. ar^shift,-- 
v.orkers’ mood was given towards, ballot before acceptance, of any and unsocial hours allowances. 


TASS recognition 
‘victory’ at Bedford 


BY ALAN PIKE. LABOUR CORRESPONDENT 


THE TANGLE over union r Other points of the 4g»tt- 
representation of senior staff meat undertake all professional 
in the engineering i nddstry .. obligations of engineers will .he 
took a new turn yesterday protected and there will be a 


when TASS, the white-colhr : 
section of the Amalgamated 
Union of Engineering Worker^: 
won recognition at APE-Atfen ; 
in Bedford. 

APE-Anen's refusal to; re-: 
cognise the non-TUC affiliated ■ 
United Kingdom Associatioa oL 
Professional Engineers led -to 
an Investigation by the A<K>.; 
visory. Conciliation and ArW- 
tration Service which Idled. ' 


^distinct and separate onion 
structure " wi thiii TASS to 
ensure their special interests 
are safeguarded- 

'. The boundaries Of. '''the 

tecognition agreement wiB ba 
determined at factory level 
bat. in practice. TASS will be 
; seeking to recruit the rame 
: people as the engineers’ 


association. 


Mr. Charles Hickling.. deputy 


-- — . -^nrarent rS.e2t£^r: 


to recommend recogifftion. general 
despite strong support. . The 


services report was sueces- ; 
fully challenged by the associa- 
tion in the High Court bat an 
appeal by the service is doe to 
be heard on December XL 

The decision (o grant TASS 
recognition for technical staff, . 
beyond those covered by: for- •. 
mai engineering procedure- 
agreements. was made at ft * 
meeting this week attended by- 
officials of the Engineering Em- 
ployers’ Federation. 

In view of the pending Ap- 
peal Court bearing, the feder- ' 
ation look counsel’s optidon 
before ibe decision uus made. 


clation, said the implications of 
the recognition decisidn_were 
being considered. It demen- 
strated that there was a need 
for a separate ba rgatn ln g ^ion 
' for senior e n gineeriaig-staff »«S 
the association had been aegu^. 
ing for a long time. . . • 

APE-A Hen’s recognition of 
grades of staff beyond those, 
automatically covered % 
agreements with the Con- 
federation of Shipbuilding 
and Engineering; Unions .is 
similar to existing practice in 
a number of other en^neering 
companies. 

The engineers’ association « 


Officials of the engineers* Recognition application at APE- 
association immediately sought i^Allen , .vm resisted- byline. 
Lheir own legal advice when it; employers’ Federation amr.tne 


was announced yesterday. 

It was agreed at the ineetin*. 
between federation and TASS 
officials, that Jobs with a signi- 
ficant managerial’ content 
would be excluded and that 
there would be no eomnnlslon 
on employees to join TASS. • 


confederation. In June. Mir. 
Justice May decided in the 
High Court that the arbitration 
service had “misdirected .Itself, 
in law" and declared void its 
report which failed to recom- 
mend .recognition for the 
association. : 


Union seeks shorter week 
as price for late banking 


BY NICK GARNETT, LABOUR STAFF 


Monday: Companies 

Second Reading- 


Bill. 


Tuesday: Social Security Bill, 
Second Reading. 


Wednesday: Motions on Refer- 


Rehabilitation of Offenders. 

Thursday: Banking Bill, Second 
Reading; Motion relating to 
Children and Young Persons 
Act. 1969. 

Friday: Private Members' 


Prime Minister: 
commendable aland 


taken 


Weights 

Second 


hns already announced his inten- 
tion io retire from the House 
afier the General Election. He 
has been unopposed as chairman 
of the PLP for tbe past three 
years, and it was assumed that 
he would be again this year. 

But the Tribune Group decided 
lo put forward Mr. Buchan in 
the apparent hope that having 
stood for the chairmanship once, 
he- would have a belter chance 
when the job comes up for 
re-election again after Mr. 
Hughe's retirement. 


WHY PLAID CYMRU MPs BACKED CALLAGHAN: ROBIN REEVES EXPLAINS 

1*0111186 of a fruitful time for Wales 


i'T IS not without good reason 
that the three Welsh Nationalist 
MPs and one of the two Welsh 
Liberals backed Mr. Callaghan 
in last -week's crucial vote on the 
Queen's Speech. 

Fag-end Parliaments may not 
be normally remembered for 
their legislative record, but in 
this instance, the Welsh con- 
tingent decided to give lheir 
support Tor n final Parliamen- 
vary session, because it promises 
in be an exceptionally fruitful 
time for Wales. 

The announcement or the 
devolution referendum on St. 
David's Day. March 1. was 
tibvir) US i v important factor. 

Distinct advantages will accrue 
in having the Prime Minister 
and his Government campaign- 
ing in favour rather than, pos- 
sibly. Mrs. Thatcher at No. 10 
and tbe Government machine 
against. 

But the referendum decision 
W3s not the decisive factor. The 
foundation of support for Mr. 
Callaghan was the 
legislative 
Welsh issues which have been 
stuck on tbv political agenda for 
years. 

From the Welsh fringe, it is 
considered that Wales has been 
.suffering in recent years what can 
best be described as Government 
by (!ecision-m-princip!e. 

The normal consultative pru- 
c cases are completed and the 
case for government action is 
accented in principle, hut ihe 
actual legislation never gels the 
final go-ahead because, as the 
pjoblem is confined largely 


the Welsh television channel. 

It is more than four years 
since the Government accepted 
that broadcasting arrangements 
in Wales satisfied neither the 
Welsh nor the non-Wetsb-. press 
speaking communities; and that work 


tary. just before the Queen’s 
Speech vote, to troop into the 
Government division lobby. 

Signs are that the TBA will 
be . mandated very shortly to 
ahead with engineering 
essential 'if the new 


Royal Commission on civil expiring lease, 
liability and compensation for But the Act set no limitation 
personal injury. on the lease market and these 

When the commission report, days, there are widespread coin- 
published earlier this year, plaints of exorbitant prices 
proved unable to recommend a being demanded -by some free- 
scheme. there was much dis- holders. 

an urgent need existed lo intro- work at.' Welsh transmitters — appointment. Last but not least, there is the 

duce the fourth channel as a cbanneJ is to ue on the air in But now there is the promise Queen's Speech commitment to 

Welsh language service— what- Wales by October. 1982— the of legislation this session to extra funds for the Welsh Devel- 

ever the ultimate decision, on date set ' in last. July’s White establish a £4iri-£5m compensa- opraent Agency, 
use of the fourth channel in Paper. lion fund for those who are un- It is not yet clear how much 

The Opposition can rightly able to claim damages for money will be made available, 

claim that it. too, is committed silicosis and other respiratory and whether it*will be earmarked 

lo the Welsh Language service, diseases. for new initiatives. 

But the Welsh contingent took Bilingual education is another As things stand, the agency is 
^ issue on the Welsh political. scene not complaining of lack of 

" ’ which fs now promised legisJa- finance for the tasks it has set — 

Wales has been suffering in recent years From what can best be tive aid - ^ provision of new factories 

described as Government by dccision-in-princinlc. But if the Hardly a week passes without and infrastructure, investment 

3 row at local Government level., tn bolster Welsh industry, and 


THE EXECUTIVE of the at 20 branches. Midland ti pro 
National Union of Bank Em- posing a similar scheme for late 
ployees is seeking_ a four-day opening.one day a week, and says. 


week for bank staff as a price 
f o r ag ree i ng longe r openj ng 
hours during the week. 

A special delegates’ con- 
ference to consider the issue of 
banking hours is being con- 
vened by tbe union after rhe 


that If the project is successful, 
it migbt wish to extend it to 
about 500 branches. . ■ l- 

National Westminster Is set 




study group to examine opening 
hours.' Mr, Mills said Lloyds 


spate of experiments on changed had proposals on late bpea- 

npening times proposed by the in 5v . ' ' . 

banks. The muon has withdrawn its 

The conference, on January wanting of strike action within 
29. will be recommended by the the English, clearing banks,. over 
executive to oppose the opening Christmas- Tiofaday entitlement, 
of bank branches on Saturdays. A secret ballot in four, areas 




Postmen |6 


plus cut in 


,vik 


By Our LabQar-£ffif9< y Vw j ,-V n 


if- 


A 24.4 percent pay etaim. 'asdja 
demand for e threSSdq ive©'jRr , ' r 
the Vorkiog we^ic frbftdi TOuld •_ 
raise the : total To 
per cent; been dnmn'uii by rf 
the Union .of PosvQSce Werfcer^- 



'Th e demand ; for 
week will be .partidiiT 


success 4fr tim Post ;G®ee ^ , 

steering .Union , Si. S winning 
reduction- ; Mri: -Tomr ^acteoR, 
pUP„W. gener^l^ ^et^etary^ -- has % 
already said -Ahat his.tuSBmhers-I 
will expect: similar' cdacssldhsr . 
jiri - Jackson. fTUQ T 




WedheSdor with fierce' c ri t tro rif * 
of. some/ of jus TUG .«<Hi8agWS: ! 
for votitfg ai^stPtiie^proiMsWJ' 5 
agreement with i; the Government; 
on pay >rlces ahd'InfiaUtnL A" 
champion 'of wase^ claiming, he 
said: the trade ^nion ; movement . 
had.; “lost its' way "Lahff' com- j 
plained' ; of unions’ ■“rapacious } 
self-interest* 'T '.. ,,r ... . j- . 

His union; . defends : its', pay * . 
demand— for January 71. settle- * 
ment-^by'saying’that it, “ cannot i_ 
afford t» j#and asideiLlheraove^ J 
ment forge ta -jts .true- purpose- ; 
and a wages'and prices rat race j 
deve Iop& .”> a .. 7-' s- *'• 
• A UPW confejftnce in ^Bqurne- ». 
mouth, begimnuR oh ^Decefther J 
7, .will be asked 'tb adopt a ciainF t 
for 8 per centna basic rates (to | 
meet current inflation-).' $ per ■* 
cent otf aifov^ces.’5^4)er cem^ -r 
to consolidate intoTbasic rates tbe * 
pay policy roppfemets. 2 per cent ! 
for longer holiday^ and 0^ per j 
cent for naiTowing ^increnipntal ' i . 
scales. oostT : 

£180m if met; andTwould'add 2p { 
to; ■ postage rates . as wfeUT'- as 1 
increase telephone fates.' 7r- ^ 

; Weekly hours,- Including ■inral-'i* 
breaks; range from 41 for -*ele- 4 
phonists to 43 ion postmen. Totaf !{ 
basic j»ay, mdoding supplements • 
w.- Presently,, -at7:the. maxinuhn; 'j 
|55.44 --for; postmen. '-<£5X23^ for 





higher, grade postmen). 

telephonists, £57-44 ifor 4ele. I! 



For 

graphists arid; : .£3,62& .X.yearJl 
T £89.70. a. week) for counter 
clerks; = — 1 
. Next -^month's . conference will 


. \ 


It will also be asked to ensure 
that full consultation with the 
banks must precede any agree- 
ment on changed weekday open- 
ing. 

Mr. Leif Mills, the union’s 
eeneral secretary, said yesterday banks 1 ? is - over .the 
that the executive will also before: foe Christmas 


showed .a majority in favour of 
industrial - action among those 
who actually, voted, but a 
minority among those entitled to 
vote. 

The- disagreement with the 
half-day, 
weekend. 


the rest of the UK 
Had the channel received the 
20-abead when firet mooted, it 
would be on ihe air now, broad- 


Prime Minister honours promises made In the Queen's Speech, 
the picture is set to change soon. 


arising from effnrLs tu -reconcile derelict land clearance, 
present educational facilities 

with a burgeoning demand for p of or on fill m 
bilingual and Welsh-medium iVcflcicnQUlli 

In this instance, the Govern- ■ . *«* a f^ er lhls >' ears ®‘ eel 
ment is planning to " make ihvre remains consider- 


casting, a comprehensive mix of the view that the hiatus which 

25 hours of programmes n week would follow a possible change 
from the BBC and HTV. of Government and the general 

As it is, one postponement Sas Conservative backing for an ^OOO^va'iiablVto eonurensate able concern that Welsh unnem- 
„ f . .followed another, with public 1TV-2 rather than an -open broad- w e is h local aufonriHpc ami other Payment hovers ' around tbe 

° expenditure restraint, the need casting - Authority would inevit- organisations for the extre toan- iOO-OOO mark or some 8 per cent 
,* Ct wh£h oF t0 wail foe. the Annan Report, ably mean further delays. c i^ burden of bJIinou'alism. of the working population. 

vvhich havp hoon and the broadcasting Wiiite Another long-standing discon- DuraeQ .of mungualisn. _ If alJ th e Se Welsh “goodies’* 
Paper all providing a series of- tent is compensation for disabled -n . go through, the Labour Party in 

excuses for delay. quarryraen from North Wales’ xFCSSlirfc Wales will undoubtedly be able 

Each postponement has always once-massive slate industry. . v to go into the General Election 

been accompanied by a solemn Unlike rhe coal industry, where- Another measure of particular with a respectable record of 

statement reaffirming the Gov- mineworkers disabled by dust interest (o Wales, which', the achievement, though it will not 

ernment’s unwavering commit- diseases of the lung have Government has agreed to exam- stop Plaid Cymru and the 

ment to the Welsh Language recourse to' a compensation ine sympathetically, is the intro- Liberals claiming credit for what 

service. But after Tour years scheme run by the National Coal duclion of a ceiling ou the cost is dnm?. 

they had lost much nF "their Board, many handicapped slate of leasehold purchase. ' '- , Tl ? e potential slumbling 

credibility- - quarryworkers -are unable in A high proportion of property blocks are inal eiuier-the devoid- 

There is still an cast-iron claim compensation because the in the Soulh Wales valleys and tinn referendum will be lost, 
assurance that this sessiun will companies fnr whom they worked Cardiff is leasehold and. indeed, removing the incentive to prop 
i,i see the required legislation. But no longer exist. it was political pressure fr° ra t"t* -internment after March 

----- u-v>i^K i.-ireely l. nr that Mr. Cal aohan will. 


require “a very high price” for whidi- foe. union claims its mem- 
agreeing longer opening hours ber&~sJibuld be* allowed to take 
including a four-day week. The as hafiday. 
conference will consider opening Mr. 7 Mills said the vote bad 

times at all the financial insti- shown; that there was consider: 
tutions in which the union has able ’feeling about foe issue, and 
members. the clearing banks should dis- 

Barclays is planning a pilot cuss. - collectively with, foe- 
scheme of late week-day opening union:' L - ■ 


£35m "overlay " r productivity 
scheme, which the\UPW has 
said ik not be.neficiaJ- enough to- 
many of its. 197,000. members. - 


cedd i 


wo ht 


BL strikers 
may be urged 
to stay out 





would breach guidelines 


BY OUR LABOUR STAFF 


EMPLOYERS of about 9.000 favouF'- «g- . l a c ow m e n dtrig sanc-1 
provincial journalLsi^ have tions’tc start 'on. Monday aimed 
nffered to argue a case with tbe at affecting *BeWspapers when 
Department of Employment for Chridtaas advertising revenue is 
awarding an S per cent pay rise cooiins in. 


this year — 3 per cunt higher than 
the Government's ceiling. 


However, the National Usinn 
of Journalists is likely to reject 
tbe offer at a meeting with News- 
paper Society employers today 
and to give foe go-ahead to a 


Profit-sharing 
plans ‘exempt’ 

By Omr-Pariiamcntaiy Staff 


ByOur Midlands- Staff . 

SHOP STEWARDS are today 
expected to urge a mass meeting 
of workers at a BL Cars’ : com- 
ponents plant ta continue a 
strike which ‘has already made 
uearb' 30,000 employees idle. ' 

' The unofficial - strike : leaders- 
seem IlkeTy to ignore a warning 
yesterday from - Mr. - Ray Hor- 
roiAs, managing ; director of 
LAimthrMorris. - that, a prolonged 
dilate could Jeopardise the 
furore of foeDrevrs Lane plaqt. 
Birmingham. . - " . - . - 

Mr. Horrocks made It clear 7 
that the company would have to 
e xam in e " whether alternative 
sources -of supply could be 
ftnrnd*. how quickly, and what 
the .implications, - would be -for 
the : 3,500 workers at Drews Lane. 

Shop : cstewazdfi appeared un- 
moved by Mr- --HOrrocks’ warn-. 
'ong> but. they -are likeJy -to be 
confronted ■ with ^appeals from 
some;; groups -of workers today 
for a return ta.Afork. Unrest is 
-evident- among employees about 

the walkout, which took place 

even before management bad-.* 


»\'aips. il remains low un ihr* 
i ;fi\ern mentis lisl of priorities. 

N'Uhinu lias il lustra tnd this 
gji-ire vividly lh.m the Sd?a of 


ihe three Plaid tiymru MPs were The joint Labour Pariv—Plaid these areas which was largely 

.-ufficientiy reassured 
clcvcnth-huur dj-jf-ussinns 
Mr, Mery In Rco. Home 


aficr Cyuiru campaign in Gwynndd fnr responsible Tor the 1967 Lease- after «]!• deride to run far an 
with a Gnvernmcnl-backed schrmc was hold Reform Act. giving -- a I? * he . l, c " ,s **' 
Sccre- urged to await first the Pearson occupier the right to purchase an live programme is complete. 


national campaign of industrial PROFlt .. SHARING schemes 
action in support of a £20-a-week under this year’s Finance Act 
increase. are exempt from the current pay 

Mr. Noel Howell. NUJ national bolicyr«r. Joel Barnett. Chief; 
organiser, said after a seven- Secretary to foe Treasury, con- 
hour meeting with the employers: firmed; 

We have not seen anything that " Schemes under- the 1978 
will change our minds about PinaBCe Act are capital sharing 
action." schemes,- with their capital 

* w«* 

rWft-WS! Syaye—w •» ««Av 

Provincial NcASPaDers' Indus. H fe p : : to id m .- Jobn p artee- 

r.al •.ouncil of the union before Libert! economic spokesroao; 

the niectinj. that he saw nO' need . to bring 

A dclesafo conference in Bir- thjs . exemption to. foe special 
mingham last weekend voted io attention of. pay negotiators. 


ft. - • 


prt the full terms ol Tils; pa^3 
ofier to the yrorkforte.^; 7--'.-.--v^ 


on aviation 


By Our ParffameuUry Stuff - 



BRITAIN'S -AVIA3TON equip! 
inenf. industry wiR;he atde^w 
compete for foe' supply ol'ggufp- ' 
ment imfostrie -ou the - 

same", basis "as . "foe Frenclx and 
German industries. - Mr. Leslie ' 7 
Hucfcfidld, Industry. 1 : - linddT^.,. 

Secretary said. 

Previously; : the 7 German' au"^" 
French Indastries enjoyed - 
preference era the AirbnE'Tpro- ’ ; J 
Sect' . But" typei of equipment . 
to he supplied, wer matter for . 
commercial -^negotiation, Y ’ 



;-v 

’ v Af: j 

•. ‘ *15 


- J ■ ‘ ' >;■ • 7. ■ L7-; 




WHEN-TESCO took the .decision 
to drop GreeacShield' trading 
6 wraps Train "its 600 ’ stores 
immediately after Jubilee Day 
last year it was ain historic move 
for the company in more ways 
than one Not only did it repre- 
sent a fundamental shift m the 
Tesco trading philosophy— and. 
in Hie process spark o S one of 
the bitterest. High Street, price 
v/ars for years— hut. it. also 
empharised just how far the 
enmpany had changed from a 
patriarChial tu a participatory 
approach - to managing • rapid 
change in the retailing world. 

Tcsco has developed' from 
being a highly centralised 
organisation controlled by a 
small, family orientated group 
in the early 1960s to. a more 
dispersed operation run by a 
second non-family generation of 
management 

Just how successful the move 
has been will be made dearer 
next week when Tesco’s half- 
vearly - results are announced. 
They will be closely scrutinised 
by -both the City atid Tesco’s 
High Street competitors for 
signs of profits growth to match 
the sparkling surge in sales and 
market share. Sales were up 36 
per cent in the last financial 
year ending February 25, 197S 
— which only included part of 
the trading period after stamps 
were discontinued — and in the 
full year since that move turn- 
over was up by some 43 per 
cent. Bat the increased sales 
were at the expense of net mar- 
gins. and pre-tax profits were 
slightly down at £28.5ra. 

J. Sainsbury. Tesco’s closest 
rival in the High Street war, 
revealed last week that it is 
possible to increase profits as 
well as turnover. The company’s 
interim results revealed profits 
up by a quarter while turnover 
increased by just over 28 per 
cent. 

But since stamps were 
dropped Tesco’s market share 
has increased by half to around 


12 per cent 
grocery market 
market shire is f n - s per 

cent— and both tftfiS? companies 
are well ahead rcst of 

the field. . .■%$!■ 

The . decision 

and adopt an ag^SSssiv® pric^- 
cuttfng - policy iijsnder the 
" Operation Cbe##*. 
paign was the 

in the carapanj?^ n l ar ' ie *' n " 
strategy sinco Sir’^hn Cnlirn, 
who celebrated h^BOth birth- 
day last month, cff * r ' 

the control of tlnefe^cojnpany in 
I9«9. One-.of Sir^ck’s most 
brilliant coups was$h®' decision 
in 1963-64 to- bec^" ^ firs » 
major siipermarlffi^,'® 53111 
offer trading stamps ' 

But Tesco's — anr l 

that which faces entrepre- 
neurially run compjOdes at some 
stage — was how ; ^.follow on 
from the man w® 'bad- domi- 
nated the burines£v46r-.®° l° nc - 
The void foirowtPB v Cohen ' ,! 
departure from . thg-^ar to day 
running of Tesco filled 

by his son in lavviMri Hyman 

Kreitman (from 'IS®..*?. 19«”1 
and then by his other son in 
Jaw, Mr. Lcalie . the 

cu rrent ch a irutari. S-‘Z ' 

While Mr. Krettmj*> P cnod 
as chairman fbe is ^iH- 0 n the 
main board) can .hoy' " be seen 
a-i the interregnum ;; }p Teico's 
management trapsittap. after 
Cohen, the accG.ssioit tp-thc ,0 P 
by Leslie Porter alsa|tpincid«.*»l 
with the emergence of 3 ne ' v 
generation of ybimger profes- 
sional management with™ the 
company. i./ 

This new breed— typified by 
Mr. ian MncLaurinl’the first 
non-family managing ./director 
of the rompany— had largely 
worked their way up through 
the ranks and thus wore well 
grounded in the Tesco' retailing 
philosophy. FouTj out of the 
five regional managing direc- 
tors, who are all in their early 1 
40s, are products of Tescn’s in- 
house recrui iment-an'd manage- 



a new 



msm development policy. Mac- 
Lflurin himself joined Tesco as 
a ttamee manager at age 22. 

It is to Leslie Porier’s credit 
•h.ti he encouraged the develop- 
ment of a new management 
style which relied less on 
patriarchal decision.* from the 
top and more on a decentralised 
approach with responsibility de- 
legated down the line lo where 
u mattered, in the stores. 

This swilrh in style, fur 
example, is illustrated by the 
f :«cl that the eight-man Tcsco 
property committee now takes 
decisions on new’ stores sites on 
n strictly democratic basis; in 
the old family-dominated days 
the chairman's decision would 
have been final, whatever his 
oih*T cullcagues thought. 

The decentralised manage- 
ment structure is based on five 
regional managing directors tu 
whom individual store managers 
are initially responsible. But 
Tex-n’s head office at Cheshunt 
in Hertfordshire still retains 
responsibility for. buying, 
marketing. ’ distribution, and 
stock control. 

But while Tesco was going 
through a management upheaval 
after Sir Jack relaxed his grip, 
it v.as also going through a poor 
trading patch. Its sales and 
profits growth — and consequent 
Stuck Market rating — in the 


TIME/COST 
C 0 NTR 0 H 


V#*' >'-’aL 





PR 06 RA 



Construction Program Management 


Cali us in LONDON (before appointing designers pr consultants. Ideal lyT 
on 01-200 1234 at Fai row House. Cotmdeep LaneJLondoii MW9 6H£ 
Tele/ 922991. Other Heery Associates Glbces: ATLANTA 404-88 £1666. 
Tele.: 54 2165 BALTIMORE 30,1 -94 4-3700 BOSTON 6l7-723-60g0 
LOS ANGELES 21 3-479-4256 AMMAN. JORDAN 42451. Telex' 

492-1 557 DAMMAM, SAUDI ARABIA 2 1 749. Telex 495-601 If 

& Including Energy Budgeting 


&The Sayings ofFere Patriarcbe <©> 

“If you have bought twelve bottles ot 
m t ^ lc san)e v ^ nc and wonder whar each 
~ “ r^L one will taste like before you open it. . 

you ve'bought the wrong wine “ 

,_ PERE PATRIARCHS 

RED And white vin de table 

jfy/M I For once, don’t worry about the wine. 


BY DAVID CHURCHILL 

early Wills were sluggish and 
the a-qrcsstvr- image built up 
over lilt- y^ar.- by Cohen and 
ru-inlY-rci'd by tii<? Green Shield 
mnvp in l he mid-fiOa had heemne 
tarnished. Ti-scu. which was 
always used / ■» leading from the 
IroiH due vi. Cohen's entre- 
preneurial H?tr. suddenly found 
itself without a positive 
marketing strategy. 

Yet throne hi the Ws and early 
70s the executives whr» were 
now emerging at the top had 
been quietly movies the com- 
pany away from its traditional 
trading has,, of a down-market, 
cut-price fond chain. By the miri- 
60s it was becoming "clear that 
total rood sales were stabilising 
as. after consumers had spent 
a certain level of riispnsnhlf in- 
come. the i-xtrn went on dur- 
able items rather than nn food. 
This has beut borne out in the 
1970s a* Government statistics 
show that expenditure on fond 
has. in proportion fn total in- 
come. elightiy declined. 

The Tesi-o response — and an 
example nf how it responds in 
external change — was to diver- 
sify into n on- food items on 
which i -on turners were likely to 
spend their excess disposable 
income. Non-food goods also had 
the advantage of earning higher 
margins than fnod sales. But 
such a move demanded more 


space— which ih? then Tesco 
stores were ;nj small to provide. 
Subsequently. therefore. the 
1970s has b cm marked by a 
steady trading up *,f Te-co store 
sizes and tlu- -iosur.- .if small 
(under 5.0*HJ vrpiarc fcoti stores. 

In 1977-7K alone Tesco closed 
58 small slorv-. in tlie 

last six years is ha,- opened al- 
most 100 stores, puny of 20.000 
,«q ft or more. ;i n d will add 
another 60u.ik«u .,q ft 0 f large 
store space to ii- ;ntai hy the 
end of the year. 

And while hair Tesco'? stores 
arc below 5.00'i square feet in 
size, they account for only 15 
per cent of the total selling area. 
In 1972 these >nial] stores ac- 
counted for snm» ;;o per cent of 
selling space. 

The rtiversifii.-atjiin into non- 
foods has meant that only some 
fil per cent of tne total selling 
space Is now dviot^d to food. 

Tesco is also experimenting 
with some of smaller sites 
by retaining the properties in- 
stead of selling them — and de- 
veloping them as fast food, 
take-away outlets. Already it has 
opened two such stores — under 
the trading name Bake n'Bite 
— and has plans for a further 
four. If they prove successful 
then Tesco plans ;«> open more. 

The fierce price inflation of 
the 1970s had madp most house- 



Mr. Ueslie Porter (left), chairman of Tesco, and Hr. Ian MacLaurin. 
the first non-family managing director of the supermarkets groui- 
The new breed of non-family management has largely worked its 
way up through the ranks and four out of five regional managing 
directors, all in their early 40s, are products of Tesco's recruitment 
and managing development policy. 


wives extremely price sensitive 
which, as was subsequently 
proved, far outweighed the 
promotional effects of trading 
stamps. But despite the logic 
of the move. Tesco's final de- 
cision did not come easily. 
Some mam Board members 
were unhappy ar the prospect 
nf abandoning Ihe weapon 
which had proved so successful 
for Tesco in the 60s. Their 
recalcitrance probably owed 
something to the fact that going 
into stamps was Sir Jack's last 
great achievement and it would 
require a whole new trading 
philosophy if stamps were 
abandoned. 

Even Porter. MacLaurin. and 
the other senior executives 
were at times hesitant about the 
move. They prepared their case 
for dropping stamps hy a test- 


marketing operation in some of 
Tesco's Adsega stores (this con- 
firmed the price sensitivity of 
the consumer) a? well as a de- 
tailed study nf the US. 
experience where stamps had 
fallen into disfavour some years 
earlier. 

Moreover. Tesco repeatedly 
asked Green Shield in vary the 

terms of its Franchise-acvee- 
ment which restricted Tesco 
from dropping si amps from 
some stores while keeping them 
in others. Had Richard Tomp- 
kins. the man who founded and 
still owns Grpon Shield, agreed 
to this revision of the agree- 
ment then it was possible that 
Tesco would have renewed its 
five-year agreement with the 
trading stamp cumn.my when it 
expired in .June 1977. 

But Tompkins maintained a 


hard line and Porter and 
MacLaurin became even more 
convinced that the decision to 
drop stamp-, was right not only 
in the slmrt terra conditions of 
the mid-1970s but also to provide 
a more adventurous strategy for 
Ms Hading upcralions in the 

l»8ilv 

Tesco's greater than expected 
success, however, also put it in.,, 
the embarrass in? position of’ 
•straining almost to the point of; 
breakdown iU distribution 
system — one of the most vital 
ingredients in a successful retail 
operation. In April, 1977.' 
Tesco's grocery warehouses . 
were handling some 1.75m 
grocery units per month; just 
after "Operation Checkout” was 
launched, the figure was 2.4m 
and a level just below this has ^ 
been maintained ever since. 

Tesco responded to the pres- 
sure this caused by locating and 
opening a new 100.009 sq ft 
warehouse within three months 
of the Checkout campaign start- 
ing at h cost of about £lnt. Since 
then, the company has made 
plans for a further expansion 
of its distribution network lo. 
come nn stream early next year 
to cope with any future upsurge 
in sales. 

Not surprisingly. Tesco’s 
overall success in changing its 
management style and aggres- 
sively adopting a new trading 
philosophy has revitalised the 
company's image and made it an 
obvious target for takeover 
rumour?. One of the most 
persistent suitors is believed to 
be BAT Industries which has 
been conspicuously unsuccess- 
ful in its previous grocery 
retailing aspirations, notably 
with International Stores. But 
the grocery trade would be 
extremely surprised if Tesco 
now decided to let others reap 
the benefits or its current 
success. 


ITS NAME is unwieldy and its 
office spartan but in the JViMiier- 
lands the “ Foundation for the 
investigation of business infor- 
mation " — SOBI — can claim an 
mpressive list of achievements 
in its first two and a half years. 
By a series of actions brought 
against companies charging 
incomplete or improperly drawn 
up accounts SOBI has already 
made a considerable impact on 
the body of company law in the 
Netherlands. 

It was founded in April, 1970. 
by rJr. Pieter Lakeman and a 
few friends to ensure that 
everyone involved in a com- 
pany's activities — shareholders, 
employees, works councils and 
creditors — was as well informed 
as the directors. It is prepared 
to carry out investigations and 
give advice to anyone who 
approaches it while it also 
undertakes work on its own 

initiative. ' 

SOBI looks at annual reports, 
prospectuses, half-yearly and 
quarterly reports and other 
public*statements by companies, 
to see if they conform to com- 
pany law. If it comes across 
what it thinks tn be improperly 
drawn up accounts or incorrect 
statements it will take up the 
case with the Business Cliamher 
of the Amsterdam court, with 
the public prosecutor's office or 
with the disciplinary council of 
the Institute of Dutch register 
accountants (NIVRA). 

SOBI was born out of the 
more broadly based “ Founda- 
tion for Socially responsible 
shareholding " when Mr. 
Lakeman realised the need for 
more detailed information 
about companies. 

Surprisingly, in a country 
noted for its social conscience 


A watchful eye on Dutch companies 


Only the Japanese 
could have engineered such precision. 



Record button. Convenient index 
finger positioning. 


Volume control. FmewUp 

cos rrol oyer playback -to lome. 

Built-in elec tret 
condenser mike. 

Crystal-cleat recordings 
no fumbling with wires. 

Pause switch. 

Bandy wrist strap 

Built-in speaker? 

Small, but powerful 

30-minute 
microcassette, a 

full 15 mioute* per 
side. Supplied wih 
machine, additional 
Blnatone mlcro- 
uasetiesorc available, 
or Pbf3i ps micro cas&ertes 
may be used. Quick 
-loading - no adaptor 
necessary. 


_ Foot-pedal sockct.optjon*! 
foot-pedal can be used lo maximise 
transcribing ease. 

Mode switch. Main cnntiols 
«aaD positioned under' thumb. 
Only a few milti metres of 
x movement arc required for 
*5®. \ Play/Rccnrd, Fast rewind, 
and stop functions. 

Earphone socket. 

Earphone included for 
private listening. 
Optional secretarial 
earpiece for trans- 
cribing operations 
can be attached here. 

Mains adaptor 
Jack. Dual 
power source - 
internal batteries 
Of optional mains 
adaptor. 

Designed 
to fit your 
pocket, in 

sire and in price. 
Just 67 x 1*1 x 
25mm. Price- 
includes VAT. 
earphone, 
leatherette case, 
icrocas&ette and 
batteries. 


jjjOBPA.-*- —• i/W* “ 

OniyEasatJ^ . 
how engineered ths pme. 


On the more.-. - 


. on-site appdrations 


family aurinfl*. 



A Scarariil p**. n>n>rnttt? Ihs 
»tw* fepiipreu. k amhfck 1 *: 
♦hr recent ofic pure of 09.? i , 
mcLVAT. 


iHinruuiiM 

MM *— ■ . , 1 T mice of £29.95 from the following stores, for a 

3.7S. Ava0sWeal . »n BINNS. SELFRIDGES OF LONDON, 
riod only: MJMBELOVb '“"SSieSSSct MMWS, UNDERWOODS, ARGOS, D.H. EVANS, 
LEEDSAi)ND0N^A.C5- &ODIER LARG£ b.B. ADAMS. SHOPPERS' WORLD, 

WOOLWORTB^LECTED W^SNUTH ^^J^fp^OIFFUSION I YORKSHIRE I, 

■i£5SE2SK ™ ,yx * - 


and the readiness of its citizens 
lo protest against abuse, 
nothing existed in the business 
sphere untii SOBI came along. 
“It provides a rare combination 
of legal and economic exper- 
tise,” Mr. Lakeman says. 
“Accountants and business con- 
sultants tend not to know much 
law while lawyers have no 
economic background.” With 
Lakeman to provide the 
economic know-how the legal 
input conies from lawyers on 
SOBTs advisory council and 
from other lawyer contacts. 

After studying econometrics 
in Amsterdam. Lakeman joined 
the Rotterdam shipping com- 
pany Van Otmneren where he 
became the head of their small 
operations research depart- 
ment. **I had a very good job 
but I thought I should develop 
over a broader area. After 
three years I left to set up 
SOBI. I feel more satisfied 
with my work now. I feel it is 
more useful." 

Mr. Lakeman, now 36, is not 
on the payroll of SOBI. He is 
living on his savings from his 
time with the shipping firm and 
on fees for writing articles. 
“ Friends doubted if SOBI 
would succeed but the first two 
to three years have gone as I 
expected." 

Challenging company 
accounts is not SOBTs only 
activity but it is the most 
visible part and one which up 
to now has taken up a great 
deal of time. Its success rate 
».o date is 3J wins to li defeats. 

SOBI's first success came a 

month later when the business 
chamber quashed the 1974-75 
accounts of the foundry and 
metal products company Vui- 
cnansoord and ordered the 
Board to prepare a new set. 
After a further delay in produc- 
ing the accounts SOBI sought 
an injunction. The court ruled 
again in SOBI’s favour but 
decided not to press for the 
accounts to be made up on the 
grounds that the company had 
been placed in the hands of the 
receiver. SOBI is about to 
appeal against this decision. 

Pressure 

It persuaded the court to 
order the since -liquidated 
starch and foodstuffs group 
Scholten-Honig (KSH) to pro- 
duce an attendance list of the 
1977 shareholders meeting in 
order to be able lo call an 
extraordinary meeting to bring 
pressure un the company’s 
management. KSH appealed but 
the original judgment was 
upheld. Continuing to take a 
close interest in KSH's troubles. 
SOBI succeeded in getting the 
business court to annul the 
company's 1974-75 accounts. 
The supreme court is still con- 
sidering KSH’s appeal, while 
SOBI now plans to seek a court 
order for KSH to produce 
properly-audited figures for 
1976-77. It has so far only 
produced provisional results. 
The half-victory was the accept- 
ance by the court of part of 
SOBI's action against the 
Amsterdam company Eggerding 
to get it to produce full 
accounts. 

SOBI’s challenge of the 1975 
accounts of Holland Amerika 
Lijn Holding is still before the 
court and Lakeman is now pre- 
paring tn contest the 1977 
accounts. The court's judgment 
on actions against the trans- 
port, stnrage and property con- 
cern Pakhneri Holding and the 
Van Gelder paper group arc 
expected early next year. 

SOBI expects the number of 
court actions to decline as a 
body of law is built up. Although 


SOBI’s legal costs are low 
because it conducts its own 
actions and can call upon the 
help of friendly lawyers for 
advice, court cases are still 
costly and time-consuming, a 
reduction in court appearances 
would leave time free for the 
more profitable investigations 
for works councils and other 
bodies. Companies must pay for 
these investigations even if the 
outcome is not to their 
advantage. 

How have accountants reacted 
to SOBTs challenge to their 
work and reputation? “ In the 
long term SOBI's work is in the 
accountants’ own interests," 
Lakeman says. “In the short 


term though, they feel left out 
in the cold.” SOBI's activities 
have already led to a strengthen- 
ing of the accountant's hand 
when directors attempt to 
persuade him to put a favour- 
able interpretation on the 
accounts. ** I hear that 
directors are now being con- 
fronted by their accountants 
who argue * We cannot do that 
or we will be taken before the 
business chamber by SOBI he 
says, with understandable 
satisfaction. 

The vagueness of legislation 
has meant companies could put 
pressure on accountants. “ Since 
the accountant is paid by the 
company, the directors can put 


pressure on him. The directors 
can say: “ Look, this is not for- 
bidden " and that is true, 
because in many areas little was 
forbidden." 

Lakeman welcomes plans for 
a European community directive 
to require companies to draw up 
their accounts according to a 
uniform set of rules. This is 
expected to come into force in 
mid-1980. But the setting-up of 
the Dutch business chamber 
indicates thaT the Netherlands 
is already well advanced with its 
own regulation. 

The growing volume of Dutch 
— and eventually European •— 
legislation will mean SOBI can 
devote more time to investiga- 


tions fur works councils, share- 
holders and others. Lakeman 
sees a growing need for investi- 
gations into the circumstances 
of company liquidations. He 
feels this is an area where 
creditors in particular have not 
come off well in the past. 

Lakeman is at present chair- 
man of SOBI but it plans to 
make him a salaried director. It ' 
also plans to seek a subsidy from 
the Government. '* We perfnrm" 
a public service, winch is really 
the task of the public.’ 

prost?cutor." Lakeman says. 

" We carry out public work with- 
out the disadvantages of being 
a Government department with 
a bureaucratic apparatus We 
don't want the subsidy to 
become our only source of in- , 
come though. I'm fairly con- 
fident we will get it." 

Charles Batchelor 


THE BEST WAY TO 

QT TO NEW ZEALAND 






Flying direct to Auckland 
can be a most unpleasant 
business. 

It's a very long - hauL 
About 27 hours. 

' Long before you get there, 
you'll feel like death warmed 
up. And by the time you 
arrive your suit will look slept 
in, and vour face won’t. 

The only thing you’ll be 
looking forward to is a day j 
and a half in bed. 

Fon imately, there are 
some very pleasant 
alternat i ves. wh ich will 
have you ready for 
business in 
New Zealand, in * 
just about the same time. 

A!R NEW ZEALAND 
FROM RX)5 ANGELES. 

For a start you can stop 
off at Los Angeles en route, 
and take advantage of one of 
our special packages. 

You can stay at the 
fantastic Marriott Hotel at 
our special rate, so even your 
expenses won t suffer. 

And after you’ve 
freshened up, had a swim, 
even taken in some of the 


Geaeral Sales 3ddsh Airsiyi, 



•'■•MM' 


/jSrfev ■ r fe •• ' A 


-A 







sights, you can fly out in one 
of our comfortable wide- 
bodied DC-1 Os and arrive in 
Auckland in good shape. 

TVe fly 10 times a week 

from Los Angeles. 

AIR NEW ZEALAND FROM 
HONG KONG OR SINGAPORE. 

Or you can stop off at 
Hong Kong or Singapore 
en route. 

In both cities, well put 
you up in luxury hotels at 


special rates. 

And then when you’ve 
relaxed, and enjoyed some 
Eastern hospitality we’ll fly 
you non-stop to Auckland. 

Wo run 2 flights a week 
from both Hong Kong and 
Singapore. 

MORE SOUTH RACIFIC 

AND INTERNAL FLIGHTS. 

But don't think the 
advantages of flying 
Air New Zealand stop at 
Auckland. 

Far from it. 

Once you’re there you’ll 
discover we have more 
South Pacific and internal 
flights in New Zealand than 
anyone else in the world. 

So we can get you to 
exactly where you want, to 
go. in the quickest possible 
time. 

For more details of the 
best way to fly to New Zealand 
contact your Travel Agent or 
Air New Zealand. 

London: 1 3 Charles II St, 
SW1Y4QU. Tel: 01-930 103S. 

Manchester: Suite 142, 
Koval Exchange. M2 7BZ. 

Tel: 001-83232150. 


\5~ 


V.'e fly the Pacific. 


<* 




38 

LOMBARD 


science is 


Adi 


BY JOHN GRIFFITHS 


IT WAS lunchtime football as that the effects of closing Obtaining that without 

usual on the strip of grass out- Southall's biggest single digging up his Southall -roots 

side Leyland Vehicles’ truck and employer would he so dire that may present difficulty for 

engine factory in the west “a ool ideal deriai*... needed Southall's story is one of long 


BY. GEOFFREY OWEN 


engine factory in the west “a political decision is needed Southall s story is one or long 
London town of Southall this to keep the plant' onen " Ealing and steady decline. Roger 

. . .. — . . ... . tU l' CU ' Dnllnr'^ t.'n tiMTIMlIaV 


IT IS PART of the conventional really got 
wisdom that the UK is good at ‘‘science." 
basic research but bad at apply- applied? 


much to do wash 
whether pure or 


selves have been used as a foot- tions. 


Ihg the results. This is a theme Several studies have shown ball by BL in its restructuring g ut chances of a reprieve 
.which appears in a recent report that the process of innovation operations, while on the touch- aT)D ear neftiisbl* •£•*.* nenari- 

nn Toninacn infTnptmi Iiip f K a i _ ctoma mmua «L n Iiha* 4b#. vnet nf IKa 4#vmn _ _ 5*' ■ 1 liC ^ • 


# and plans ^further deputa- sfiMKea mignc oe mexwirama- 
ins. ' • tic. But with hints of run-down 

_ ' . , . at other of the area’s employers 

a r £P rie ' also in the air, local officials are 



Sa 


M .Japanese industry by the in industry stems more from the lines the rest of the town ment 0 f Industry h*Y slreadv voicin S deep concern. 

Select Commirtee on Science pull of the market than from wonders anxiously quite what +„m *hp the 

and Technolo’v. It was also ihp tmsh nf scientific disPtnim-. tv- tv- ™ 10 rne . . DOr ° u 8h UUH ™ c 


and Technology. It was also the push of scientific discovery; the effects of the plant’s now Government .rand in 

taken up last week by Sir Alan in an v case dramatic innovations almost inevitable closure will WUi 1101 

fostnll. former chief scientific are probably less important to Sr inevitable closure Jte of commercial decisions 
adviser to the Cabinet, in a industrial competitiveness than by • BL s chairman, Michael 

lecture to the Royal Institution, continuous technical improve- ®L announced on Monday Edwardes. if backed by the 
Sir Alan pointed to the contrast meats. Industry is about design- that the plant, which under 'its National Enterprise Board — a n d 
between the flourishing state of ing, making and selling useful former name of AEC has made it is clear that' the plant's 
tbe basic sciences in this country things which people want to buy. buses and trucks at Southall future has already been dis- 
las measured, for instance, by What Britain has lacked is the since 1926, an d which was taken cussed by BL’s ‘Board and the 



The Le^aBi Y«ycles, Fonnerly AEC^pI^ jl ' 

.* . • J ^ *.'#• •• » •* f. ^ . * v’f 

and Chamber of Commerce"of%e biggest and nwst . ‘ ! 

officials to voice fears oi an iu- perous domestic niarket -n^-tbe' Soutl^all offidally^ote aottoraj 
crease in racial tensioDs bajag. lJR. ;. We’re pi ugged mt0.^lKe;^a part. T . "i ■ - d ' v. ' ,■ 

nvnlnitori Hv j mnlilFWaV JietWOwi-ttM-V- -tt-ic 


the number of Nobel prizes won competence to make the right 
and great discoveries made) and product at the right price and at 
the weakness of what be called toe right time. This has to do 


“industrial science." 


over by British Leyland in 1863, NEB. ' 
product at the right price and at .5—.. or 

toe right time. This has to do G,earI - v - K>0; muv of the 

with enriaeeriDB, not -with ftereefc competitive sector of w0r k_f orce have been* expecting 
--- _ _ , the move and a^ e ££ed it 


SOUTHALL 


Southall’s current unempioy- 


rooaas nvenoi exists Between. ■**““*• rxmdnnunU 

the Mamet pdiiii!srt»n.nc<aw- -««*jaeM2j. r, ^. l 22S22>V» 

ing the SO-lOO-yeaMld now of th ° JJJJ 1 ;bas been yj.rta^y 

the central core arid a ^.Heathrow ««l»£ ^ent-to ■ : r 

population : which mainlyteu-r'doorrtep a mi its e ^ 20. yeai^fajid,^ «hu 1* .is . . '*. .= 

pies the inter-war semi-del#64ied ;t "Taad aonds at me ^vily Cpngested -iroad^^to : '. 

homes on the outskirts. tn*t fcitor Ji'“t st ra 1 ? f n r ^nd^TdS ' a bysmd L-4i«ds - 


. Mr - Michael Fores has argued tion must be ratianalised to ^ fact , g g0 raen t raIe ^ 5.3 pe r cent. among 

in several recent papers that the “at* e ^ pe ?? e< J, de ™ and a, | d The first batch of 250 voluntary' men — covering some 1.000 wor- 
S£ 22^. tfaat.the Southall works, an old redundajjcies . - ^ lwo kers-may not be high when 


T • I Mr. Mtcnaei rores has argued wwn must oe rauouemsea to # act 1^3 , a, 

J_i6SS commercial in several recent papers that the match expected demand and The first batch s 
' . , confusion of engineering with that the Southall works, an old „j iib j,..!.. ■ 

From the early post-w&r science is a peculiarly British plant, is a inon-starter in the SJf* 5 

years, successive governments error which has had lasting jjl- rationaiisation strate*T montht ago will 

generously supported basic effects. It is illustrated, for ra^0nal, ■ al,0,1 siraWe -‘ «— 

science, in the hope that science example, in the name of the 
-would do for our peacetime buildins in South Kensineton 


redunaancie5, . . agreed two kers — may not oe nign wnen 
months ago. will soon take set against hard-core inner 
effect, and the rundown should London areas, such as Poplar. 


science, in the hope that science example, in the name of the ® ut Southall meti claim be complete by June of next with its 13.7 per cent; but it is 
-would do for our peacetime building m South Kensington that the Plant could make year. Redundancy terms. like still the highest in outer 
economic problems what it had which houses steam engines, aero- money, and that the, reason for those for BL Cars' Speke plant London. Some 600 of the un- 
done for our military problems planes and such-like objects— the failure to meet production tar- on Merseyside, include extra employed are young men, and 
during the war. Governments Science .Museum. Whereas gets has been a deliberate run- compensation for co-operating there 'are suspicions that fur- 
S, e t a r l« L ° nd c n - h2S ltfi College down which has seen the plant with the rundown and transfer ther significant but limrecorded 

wh'ch .,3w ie Srid SL. Sc ‘f"S e IrL r'SS st ^ »' compoaents. „f work elsewhere ' They've Uhemplovmei,t easts emens 

But the total effect S govern- engineering sfS s hale the . Union J* 1 *. plant u *?7 r a ^rrel.’* observes Asians and West Indians who. in 

ment policy. Sir Alan concludes, word "science’’ in their title* - ^ ave ' vowe d to fight the closure, Ken Wade, a fitter with 14 the two central wards of Nortn- 
has been to achieve the very these schools teach parts of and a mass raeet i n g is scheduled years' service, who expects to cote and Glebe, account for 50 
opposite of what was intended, natural science in the course of * or today. Roger Butler, district pick up £3,000 or so in redun- per cent or more of the popula- 
"Pure science— the less com- producing engineers. What secretary of the plant’s largest dancy pay to cover a recently tion. The throwing of a further 


mercial. the better — has pros- technology means is not at all union, the Amalgamated Union taken-on mortgage while find- 2.000-plus men into the labour 
pered under these policies, but clear; it has been defined as “ a of Engineering Workers, says ing a new job. market has led union, council 

inrt'ic. rtol 1 nr>l ian caiaiiaa hoc 1 J V.. 0 * 


nomes on me aarw-i r w. mac tnior 

which the Asian" population con- 5*™^ C anal f a Vnultfr ties Pbot 'pufflSp trams^rt, 

tiaueg-to radiate.,, r '.; ^^igs an 

Council and Chamber of Com-, *wfional s European , , prbmte ^i ; f ^ .jaS2:^jd%:e»e " 

merce officials are. setting tip a ‘ There is n ^ matters ^ ' ' \ ‘ ' 

WorMpg party to rry and dm *£$$$£. V Bnt chaige'&T ' 

SaUo™=d Tp ™e SS ••••• 

rnZnri 1 in rh* local ^dvertWnf - ‘ Thi! Le viand site, its- long- vhieh disappeared -Svi%>.aer r 
reoreamsation of ^1964, has term future undecided; iwuld changes in.. SonahaB’s^ilAn-ijgTai 

trial loans under the» Itftaer- •« -.the «»ae time. Ioc^,flfficteT9. ; imi>Btas tr . 

Uriian A^s Act— but has teen concede that they are fa^ng an fiie As&n.coMupg^^r-. 
given noexTra fends with irtjich ; dnequal struggle topidl ra new ; 

To make them. 'V- - '-industry to sitesalreadyhoaan^borpugh ^ ■ 

John Beeston,- • president' of prdblemarlcal old huildin^and^iyen t^.hlS-Brunerp^efc!^- 
the Chamber aL,&xm*i* -agaSnst the rival draw- a ^ >: : 
stresses that the • town has gor 'eminent fi nancial . • incentives, clean-up; drive &d, Whp^ia-.Tbe V- • ' 
to work hard to uself: 'offered first to the regions* deve- process has earned^ bl^taaame : ; 


industrial applied science has word used by non -technologists 


been discouraged.” to describe 

§lr Alan is undoubtedly right are about." 
in putting the hlame for this dis- 
appoimimT' outcome not on T ««. j 
science pnHey as such, but on in- JLiU tt | 
dustrial policy in the broadest 


to describe what the other people 


W'lfSfJH.'. 


Low prestige 

The over-valuation of science! 


s^nse. The Government has in- „ “ 

s Li luted a number of manor pro- 5?. < L_V ,e inflrtnr e “ gmeer ® 85 
grammes for the scientific P“SH ? 


Midnight Court can improve 
his impressive Ascot record 






sifersfS E=SS F w 

as^at corporation. But any sue- the enmneerinPfiiS££*»Sin r »Mi- A. 0000 covering of grass and a the Martow Ropes John Skeap ing disappointment and a blow to ; 

ces<“s they may have achieved rniintr t -nmnstmi^L-ith *>.« ^ Iram 111 *^ e last couple Hurdde at SandOwn on November many if be cannot win Division 

have t»een totally submersed by i; f Fll f.f in p P it mn v- ailn holfi ^ <*»>'* tes provided several 2 when ohaHenginy Grand Two of the Singles’ Novices 

t- major national! policies which conSibuted to L n£m snraU but intri P ,in e races for Hurdle. 

have had devastating effects in occupation with “ science-based ” As 00 ^ this afitemoon. The Kirk and Kirk Chase could Clearly an above-average 

the very opposite direction.” Sir industries like aerospace at the Midnight Court, undefeated in provide Uplands with another hurdler Dowdali should prove, 
Alan iisi* the familiar catat'ioigue exoense meehaniral anrf seven races last season includina good winner, for Flashy Boy has good enough to outpoint Orange 


wmte elephant projects, support muc h mn re imoortant to the Cu P> takes 00 Cour opponents an Cousin and Roman Holiday to 
for lame ducks and all <the other country and where our competi- the Kirk and K* 1 * Hurdle over beat. 

policies which have made the y V e performance in relation to -i n^es. and it will be fascinat- Having his first race for hi 
climate for industrial enterprise saVi West Germany is particu- to see whether he can add to new stable- at- -Worcester 01 
uafavourah'e. i a fly weak. already limpressive course November 4 Flashy Boy kept oi 

All this is perfectly valid as far The use of technical skills in record here. well In the closing stages of i 

a? 11 goes, hut uiie cannc.i in..,; the design and manufacture of — — — — — — ^ miles chase to finish a respec 


Cup, takes on four opponents an Cousin and Roman Holiday to The Tote has produced the 
the Kirk and Kirk Hurdle over beat. first prices for the Colonial Cup 

miles, and it will be fascin&t- Having his first race for bis to be run at Camden, South 

ing to see whether he can add to new stable- at. .Worcester on Carolina tomorrow. They are; 

an already 'impressive course November 4 Flashy Boy kept on 2-1 Grand Canyon and Cafe 




wanderin'? whether the i-mcwi useful artifacts to meet custo- 
of - basic versus applied science is mers’ requirements is an honour- 
particular] y h* -Ip ui! ur ri-.icxoti: able occupation in its own right, 
an understanding of «he It is men who have these skills 
reasons for Britain's poor tardus- who are normally to be found 
tcki! performance. The assurao- at the top of successful German 
tion is Fr»:uc* times made that if companies, and they do not 
only our hriJiiam scientists corild regard themselves as applied 


well In the closing stages of a Prrace, 6-1 Owhata Chief, 7-1 
2± miles chase to finish a respec- Fire Control, 16-1 Leaping 
table sixth of 11 behind The Frog, 14-1 The Champ, 20-1 


RACING 

BY DOMINIC WIGAN 


Champ. 


Deux Coups, 33-1 Mister Know 


With the benefit of that much- All. 66-1 Over the Fiver a--d 
needed run and an additional Tribune. 


bt dominil wivan half-mile. Flashy. Boy may prove 

up to giving 21 lb to the course 
r “" 1 “ and distance winner My Friendly 

The Uplands chaser may not be Cousin. t 


te : persuaded to apply their dis- scientists. How to raise the as quick as he was over the minor The Fred Rimell Dike gelding 

cov cries to industrial products status of the occupation and obstacles, but I still expect him Dowdali has attracted a fair 

ana processes, we could -begin in attract more able people into it to lake advantage of the 9- lh he amount of Champion Hurdle 

catch up with our competitors.- is perhaps the central industrial -receives from Kybo who came interest In the rast feW weeks 

Bui. has our -industrial weakness problem for this country. J down heavily- at the -fifth fiight in and it wilt clearlv'Wjnreas a 


ASCOT 

1.00— Bedford Lodge** 

1.35— Raznblix 

2.05— Catsgore 

2.35 — Midnight Court i "‘ 

3.05 — Flashy Boy 
3.40 — Dowdali* 




t Indicates programme in 
black and white 

BBC 1 

10,00 am For Schools. Colleges. 
10.45 You And Me. 1L05 For 
Schools, Colleges. 12.45 pm News. 
1.00 Pebble Mill. 1.45 Heads and 
Tails. 2.02 For Schools. Colleges. 
“~0 Llangollen 78 Eisteddfod. 
3-53 Regional News for England 
f except London). 3.55 Play School. 


5.40 News Heddiw. 7.30-8.00 Cawl A Chan. . Thames News..- 1410 Farmhouse fflra: “The ^Shaped Room," acurins 

555 Nationwide (London and 10.15 Kane on Friday.' 10.45-10.50 Kitchen. 2.00 Money-Go-Round. l * caUe Caron xTr*f l!lL 

South-East) Regional and National News. 2^5 Friday Matinee: “MeXaugta- , _ HTV 

620 Nationwide Scotland— 10-20-10.45 and 11.05- tons Daughter." 4.15 Raven. 4,45 JSL Up ?m 

7.00 Tom and Jerry 11^5 am For Schools. 5.55-6.20 Magpie. 5.15 Thames Sport SkS^mPSL inSSr ^jSuttatS c“ 

7.10 Star Trek Reporting Scotland. 10.15 Spec- 5.45News* ; ! Fir.." starna^ Sicu-art Gnuscr and 

8.00 Going Straight trum. 10.45-10^0 Regional, National 6-60 Thames at Six K-Ux. j.is uraae and shu-ky. 

8J0 Rings On Their Fingers 

9.00 News 
9.25 Target 


8.00 Going Straight trum. 10.45-10.50 Regional, National 0-60 Thames 

8 JO Rings On Their Fingers. News. 6J8 Emmerd 

9.00 News Northern Ireland — 10.33- . 7.00 The Mu 

9.25 Target 10d3 am For Schools (Ulster in 7-30 Sale Of. 

10.15 Tonight— In Town (London Focus). 3.53-3.55 Northern Ireland 8.00 General 
and South-East only) News. 5.55-020 Scene Around Six. 9.00 Vegas ' 
10.45 Regional, National News 10.15 Festival Gallery at Queen's 10.00 News 
10.50 The Late Film: “ Southwest University. 10.45-10.50 Regional, 10 JO Police 5 
to Sonora," starring Marlon National News- 10.40 Soap 

Brando. England — 5.55-&20 pin Look. 1L10 The Lon 

All Regions as BBC-1 except at East (Norwich); Look North 12-10 am Geoi 


646 Emnierdale Farm 

7.00 The Muppet Show 
7.39 Sale Of. The Century 

8.00 General Hospital 

9.00 Vegas 


10.40 Soap 

1L10 The London Programme 
12.10 am George Hamilton IV 


Oil's. 2-25 Thif t rid ay ilatliwc: “ Green 
Fir.." siarnaii Sic wart Granger and: 
Grace K.Ur. 5.15 Utvcrae and Shirks. 
S.OO Rcptin West. h05 Report Wales. 
kXI EmcnerdaJe Farm. IC3S Keoort 
E^tra. til .05 The Friday Film: “ Cany 
on Cabby."' srarruiR Sidney James. Had 
Jacques and Kenneth Connor. 

HTV Cymrn/WaJe»— As HTV General 
Service escepL - L2B-L2S pm PcoauJan 
XcuTddJon Y Dydd. 4.15-4j« Plant V 
Byd. fc.00.kl5 Y Dydd. 18-35 Letter by 
Lclier. 11.05 Outlook 1U5-1A30 am The 
Ouisidc-ra. 

HTV Wesv— As HTV General Service 
exixp;: 1.28-1.58 pm Report West Uoad- 


4.55 Crack erjack. 


F.T. CROSSWORD PUZZLE No. 3.825 


4.20 Hong Kong Phooey. 4^0 the following times: (Leeds, Manchester. Newcastle!: 12.40 Close: Derek Gilbert reads lu, ' ?s ■ * JS * J0 Rw P0 "._ y wL 

Jackanory. 4.45 Captain Caveman. Wales— 1.43-2.00 pm \ant-Y- Midlands Today (Birmingham); a no®nr by Robert Herrick, SCOTTISH 

4.55 Crackerjack. Pant. SJ5420 Wales Today. 7.00 Points West ('Bristol): South Ail DBA Regions as London 1 ~ 25 pm nows nnd Rond ^nd Weather. 

— rS,1? h y i?.°. u , ,l, ^tt,V ( h? P0 W ei " M at u,e r ° u ” ,i ” s ttaKS: “c 1 * 1 'SSS'-fS f C^ ".S5S 

F.T. CROSSWORD PUZZLE No. 3.825 ^ ^ j- - «. 

■ Baar’ckX’ssr, ssai 

East rVpu- ra ct|p) FriHav North- Fr, “*r Laie Fihn. Only Tirp Can Play. MRjintKn 

SSil 11 ? P * l " s « ,]eps Mai ZetterUns and l-» nm- Southern News. 2-80 Women 
North West (Manchester) Home Virginia Maskell. IZH am Men Who Only. i25 Fnday Matinee: " Queen oi 
Ground: South (Southampton) It’S Mailer. . ihc Siardnat Ballroom."' starrins Maorwn 

Vour Bid; South West (Plymouth) iti: S'apkuin. 5JS Laixnw and am«r -MB 

PpninvnlA- Wad (RrictoM Puhlir All Day by Day. tJ» Scene South East 

peninsula, west (Bristol) Public XJ0 ^ ATV Xw!ltf us Movie 'Souih E^sa Area ouiyi. up tl-u mc 
“te. Matinee: " Tho Million Pound Note." Another. 9^9 The Koundaoon. 1IL38 

xiarrins Gregory Peek. 5.LS Happy Days. Weekend. 10J5 The Southerners. IMS 
nnr 7 ATV T«*ay. MJO Snap. IMO The SouUtem News Enra. UL15 Soap. UJt$ 

uuv *• Creature Feature: " TTil- Creephw Flesh." The Late. Late Shaun Between Wan," 

11.00 am Play School (As BBC-1 Pe,er Cushing and Chrtstopher surrin* Cork Redgrave. 

1.25 pm ^Racing from Ascot/ BORDER i ra T J“ 000,1 Word to} 1 **®! i>» 

Tennis— Benson and Hedges tua pm Border Nous. 1Z5 Manner: ESS b New* Md^Lo^MMilHd 8, Friday 
Championships Tjm M n. gwim, n. *• K WSTm S SSS. 

5-35 News on 2 Headlines Jifay w* -1 "LoSkaraand' Fridax’^aS S 310 ” Anthony Ouliui and Insrld 

t5.40 Laurel pod Hardy Show- niimriu .^SjTvn H r F, aSp: n* tnTixSJSZ&t fSS 

case: “Towed in a Hole" ^ v\\m: M^iwd. ixw «m Border cSSr^naraS 

6-00 The Voyage of Charles Nws Sunin,ary - Jjhe ^ 

,n»S an 1 D n CHANNEL ULSTER 

7.W iviountatn Days IJl put Channel Lunchilme News and UD pm Lunch 1 1 me. 1.39 Rolf Harris 

7JI0 Mid-Evening News Wltofa on Where, la* First Act. 12JS US Friday Matinee: ■■ Smashing Time.” 

7*5 Delia Smiths Conkers 11,6 Friday Klim: ■■ Notorious." 5-15 atarting Rtia Tnshinaham. Lynn Redgrave 
COOhery Enimcrd»lo Farm. fc.OO Report at Sbt. and laa Carmichael. CU Ulster N*« 
_ “ Durse _ 6.35 The Lost Islands. 7.30 Bemle. M 28 Headfincs. 5J5 Jlr. am) Mrs. fc.80 


Course 

84)0 Country Game 
8^0 Westminster 
WW Butterflies 
9^30 Horizon 

10.20 Sounds Like Friday: Leo 
Sayer 

1040 Late News 


Channel Late News. 11032 The Laic Reports. 630 Sponscast UL30 Friday 
Movie: The Legend of Lylab aare.” FUm: " Testimony of Two Meu.” 22J5 am 
12.65 am News and Weather in French. Bcdume. 

GRAMPIAN ' nj* J^gSTWARD _ 

teSar- “vSsjb 

- m (h! Sm 4 Netvs Headlines. 130 First Act. The 

a 1 J e 0a S" m ^,'£rf" 5 Friday Film: " Notorious." starrins Imrrld 


___ csM^nrHaLi g.—, « M r iaaj*. niHunuiD. MUmiu* uofria 

UJB scSsriSis'iaiasss 


ACROSS 6 Just enough pay for a parson 

I Tin church left cross out (6) (6. 4) ■ 

4 Passionate to alter clicbe 7 Artist born with name of 
or. . . . (S) eastern princess (5) 

10 . . . operatic heroine at a * Design to raise Cain (6) 

stroke (fl) 9 Compensation for going to 


_____ Championships (highlights) come lo the Ceilidh, lnjo The Enter ytjr RaraJe'u heart 

-mm 1 1 1 1 1 1 n.45 Rock Goes To College S!" cr £* fu£ ^ ^ Latffqv^f^Th? 

6 Just enough pay for a parson 1225 am Closedown (Reading) Jfri..” i&» Cr^Si ““ 

(6, 4) j niKinmvr Heading followed by Road Report. r,ovafc ^SJSSmin 

7 Artist born with name of LONDON GRANADA v _. H „ 

, c . - _ _ UrtrtltlADA _ 1-20 pm Calendar Nwt. 2JS Friday 

eastern prioress WJ 9-20 am Schools Programmes. 130 pm This Is Your Rkat. J-2 Film Mv Unco: “ Tomt on TriaL" stamtut 

8 Design to raise Lain to) 11.54 Beany and Cecil' Cartoon. The Amazina world or kmUil zjs John uoin. uo Cartoon Time. M5 

9 Compensation for going to 12.0a A Handful Of Sones 1230 Din Friday Matiocc: *■ A Girl Named Saomr.” Happy Days. 6.H Calendar fEmlcs Moor 

fSI r sianizut Lee Remlck. SJS This la Your and BeJmont edirionai. 635 Calendar 

party (O) Rainbow. 12^0 Three Little Words. Rtgbt. C.ranada Reports. fcj» Kl>* Spon. 10 JO The Many Wives of Patrick 

14 Game with two kinds Of bacon LOO News plus FT index. 1.20 Off. UUO Rcpum Eaira. tlLH Friday UJ» Richie BrocUemon. 


LONDON 


11 Line of trees loses a scene 
of action (5) 

13 Catch sight of eastern agent 
(4) 

13 Job transfer (ID) 


17 Fix allowance of beer on RADIO I 
logical basis (9) «* 


j> a niA t 247m Puna Recital ts>. 12.15 pm -Midday prwnuMK news. 6.00 News. 6J0 Gains 

. * . . I Jo neon, part 1 (SI. LB0 Nows L85 Places. 7J» News. 7JS The Archers. 

tSI SMroapMnlcJwoadcam Playbill tSi. UO Midday Ctmcen. t»ri 2 Pick ot the Week tS». U8 Profile. 

7e Tr" — 'V ' c 1 11 -ps* nT , noint ftf Pnine to flp«d . J Medium Wave 1S1. ZJB Soutboro CaihcdraB Festival 830 Any Questions? *35 Letter front 

15 It paves the way for snake 18 FM on pamt Ot going to nrst SJW am AS Radio 2. 73a Dave L**- 7g fS ,_ X3S Olio and Plano reclt*’ IS*. America. 5 JO Kaleidoscope. S.S1 weac&er. 

to Stop (7) Oigbt (8) Tnivls. 9J8 Simon Bales. UJO Paal us m Short ttalk,. A2S Vlraldl conuert U.W Tho World Tnnlsht. 1DJ0 Week 

16 H , e L d , ™ P=P" rroteerf a> HwUgte ^mrg. as qaairel S ^ .f^r Si 8 ''*® MS 'i 1 - JS^finLa 

child frnin kinp ffit SUOSaOeS (>) 9 ibj» tho Frtriav RnsU Sh.K „ m rimMi 11 v im.. 


— : .71 , *. * ... * MU jetuen. ivninuusunr. ■-» jv Homeward Bound itfrotn BJBI. »-»» a booe at Beoitme. Inc r 1 nancial 

child from king (6) suosioejs I I Radio 2. HUB n>* 'Friday Rock Show Noprs. rjs At Some iSchnaMl play® world Tonight. UL30 Today u Parilamem. 

19 Having even less money than 21 Domestic goa goes over the is*, ulmmjb am as Radio 2 . Recihovimi. 7jo Schubert coocoru part 1 12 .ee New?. 

a stockman? (6) German domestic store (8) „ ^ ^ . «9i. sjs The Pursuit of Hawm«« » RR p rf a# i! rt 

. 22 A crimfi SQuad one caught RADIO 2 l^OOm and \HF the lEih Century, bjb Schubert, psn - iSISL KSQIO LOQuOU 

21 Match alternative transport CL^miue snur f6\ 5.»a« New Smunwry. SJ« Ton? -*S). . 9J5The obx-r u’Att fsrery W 206m and 94 J VRF 

craft (7) OJ J 61 ___ sS^fSi tadiKwi Pau* ™V &&*!■ '•* MuAMs concert 'S'. SJ0 am As Radio e. 6 J 0 Rush Hour 

23 Accidental drawback to work- ^ Splendid part of organ (o) nmwhi. 732 Terry Wosan 'S* iDCludlDk AUa^r Coofee’ BJB London Live. lLdfc Lobby. XLOS pm 

h^r?B 4i 26 Girl in' Service gets the bird £7 RTctaTeitoUB «T las Pau« “ ^ ■JSP 0 * T< nm 

house ID, 41 & ThniuihL MJa Jlmmv Youna tSi. 123S om Sc i! ,, 5? rt — on _ cori 't. __ Kun. fcj# London Sports 0«k. *JS Good 


25 Pole on yacht seen to become 
suddenly prosperous <4> 

27 Fancy giving many a lot of 
paper (5) 

28 Drunk a beer in it some- 
how (9) 

29 Officer writing about ojie way 
of becoming a settler (8) 

30 Erisl to give advice on where 
to enter 16) 


Solution to Puzzle No. 3,824 


DOWN 

1 What a ropy form of travel 
(5, 3) 

2 Essential material for men of 
letters and composers (9) 

3 Just in uniform (4) 

5 Message from forage merchant 
in disorder '(7) 


HBEH00 EQ050SES 
E fl B 0 15 G a . 0 
ES00HQS- EBS0EQQ 

a m 5 ffi- s m 0 u 
araes hdeeessshb 

E E fl Q 11 51 55 

a m o g a be b 
sasBSBQv Eaanna 

0 B 0 C! 

EBEaBSaasBv.ssga 

sr b n m m 

SSHESag: ' ESJKBEga 

E 0 B 0 B a 

agasasaB Bnwnn 


S_2T RaclDi t Bullous and 8.05 Pause lor " a f z * 1 ™: 5 a«ws. 11_5S-U35 Tonignt * Call in. 2-33 206 Showcase. OJB Home 

ThomihL 10.82 Jimmy Youna tsi. 12.15 pro SCBUhert S«* on reconl. Kun. fcj# London Spons desk. *JS Good 

Waconers’ Walk. 1230 Pete Murray’s „ R * -I, I * VHF 0 bI »“WO- 7JO P*" °5 >an FUhlnp. 7JM Look. Srop. Llsien. 7J0 
Open House «S» Indndlnfi Lffi Sport* umTerslty - . ' • Stick Londonars. 830 Track Record. 10JB 

Desk. 238 David Hamflioh ts» inoludln* RADIO d Jr 31 ^ London, maun#**: As 

VS and ** Sports Desk. 430 Was- "* Hai3la -■ 

mans’ Walk. 4-4$ Sports Desk. 430 434m P 330m 285m and VHF loiuinn RrooHoMlinv 

John Dunn i St inchidntji 5-dS Sports Desk. , „ ' Ww r^ ^^^Familne 1 - onaon Kr0anCaSUn o 

fc-45 Sports Desk. 7.02 Born Dance in rite a 7w ,c £!. ««SSnS5 261m, 417m and 97 Jl VHF 


Boners' Walk. «-« Sports Desk. 430 434m, 330rn. 285nt smd THF I/inHnn RrMHoaelinv 

John Dbnn iSi inchidnw 5.4S Sports Desk. , „ «, ' ^Tp ’^ LMrtaon oroaflCaSting 

6-45 Sports Desk. 7.02 Barn Dance in the todu^SS 261m, 417m and 975 VHF 

Radio : Ballroom tS'. 8.02 NeD Richard- Makaaitt. “““jj 5JM am Momma Music. 6.00 AM; nan- 

son conduct the BBC Radio Orchestra ta »L< Head- slop news< inlormatioii, travel, spon. 

'S>. 8.45 Friday Nisht is Music Niglit SJ*' W^iwSi - S « »■ Brian Hayes Show. L» pm LRC 
'S'. 435 Sports pesfc. 10J12 Support &“«?• p?ff,aL ’“f L^S, vSZk, fJH Heports. J.00 C corse Gate's 3 O'Oocit 

Vour I.oeal. UUO Lcfs Gn La'in iriUt l «? pn I:„5^®r'fSSclple. LBC Rvporin ivuniiDuesi. 8.00 

Pete Winslow's Brsrillan Sound. 11JO Ai,pp E ‘^ 1 - MfihOme. JJ» am 

Tennis— Benson and Kottiea: latest news. JS.STPrSK mSS KiBbl 

11.01' Brian Matthew inn-oauc?* Round ni? a v towo Your r nn j ( ,p o_j_- 

?.f ictnuthl Including 12.00 News. 2.BD-232 am S^ R.rMnSs All Capital RadlO _ 

News Summary. a , Sea ^ob Revs, UJK pW Ton and 194m and 95.8 VHF HAYMARKfr. 01-930 9852. e* 9*. a. 00 . 

vannt 12.27 siv Wnrd' r -ISV .1 2 . 55 UU am Grit: am Dene's Breakfast Show Mits. wm. 2.30. sitt j.jo and a.oo, 
RADIO 3 Wm. Stereo & VHF weaUior: programme news .' . ^ 'Si- 5J" Tony Mya» e iS*. *1230 Davcj GE c*h?E 1N FBANcfs Arl 

635 am Weal her. 7JM News. 7-AS world at One. 1J0 The Archers. B'ffST % MI ' „ Niokt STOCK ' 

c^s?’4iKe« w ^Si, M ^ B^suir JS ■ETfl&vSt SSTJSr. f & S1B5J8; ".-«a „ mS&k* 

Kr fJSmel is’ 4^ yS Moih^sS S m-%. ^ » «SV IM0 Mlhr — V23P&JPV&3*. ln 


... vannt 12.27 iiv Ward' ISK .1235 636 am Graham Dene's Breakfast Show 

RADIO 3 Wm. Stereo* VHF WeaUlor: progrllnme u* . 7^ 1 5P **3“ D 55S 

in ivoaihor. 7JM News. 735 World at One. 130 Th^ Archer*. ■ P*™ IS'. 3 00 pm Roger Scan i«i. 730 


Ireland Orchestra «8L UJ5 Oarlnei add PM: News magazine 5JS Weafesr'' 



Nicet. STOCK _ 

- PETSR PAUL 

. BOWLES HARDWICK- 

and FENNELLA FIELDING In 
LOOK AFTCR LULU.', 
bv NoH Coward 
with GARY RAYMOND 















t’JV* 


Ic^^TSffi^vMday - ?^eSibirjtt' 1978 



Cinema 



17. 


bv. RONALD CRICHTON 


The Mess of Vietnam 


we laduni:. 

•. Gilbert Py. 
'■from France. 
>le .and sytn- 
-a strong man 
ioed .of his 
■of the voice 
lower dniwo 
.. dtoess. but 
i&eiflR as the 
*ad of i be 
Is an advan- 
> little of the 
Ed Samson 
1 one of ihr 


, North Not that ihv. 

Qn Samson is sun* 

Wednesday night at the., home a dramatic tei 
Base - oT ; Leeds. The. present. He Rives a ert 
welcoming .and- now eentenarial pathetic portrait 
.Grand Theatre, Was, packed, besotted and X 
the mood cordially expectant weakness The 
Cautious optimism was. justified: rings out stsan 
this was: the most heartening there is some i 
occasion of the ' kind since to have -a hum 
-Scottish- Op era moved into their hero of this tale : 

Glasgow home. The central usual hunk of 
. .powers have acted with quick- lage. Sir. Py - 
, ness and decision. Now it is up scene with the 
n .to teal authorities in the areas at the treadmfl 
concerned -to do their. WL In scare's strongest^* 5 - Meyer- 
these, , weird times when the beer would have .Antrived some 
^ public for opera steadily grows thins more effect® here - Other 
and widens while available funds wise, seeing ' Sew* 0 * £0 sour 
freeze and shrink in value, ail after L'Afriaiia£:J> ae couldn't 
^ forms or support are essential, help admirinjTilSp “*? w,, h 

• The opening performance indi- SiWc^onc*Hfieii 

' cated. that the musical founda- lt *? a J'uSrtP run 

• : tions have been -stoutly laid. Not wonW^aV®. o u 

all my- colleagues, I know, share Tb^Dalfla ifffliherine Prin; 
r. my lingering affection and is l^LZi^fcr-excessivei^ 

' ^ Sain^SaS® «* *»■ so f?r tiSTdSffc handsome 

. Samson. They musr surely admit Sona-jawed* SeSstically bus! 
,, that It was an astute choice for Hng iS? tor^Wgests th« 
„the opening, flench opera has y treacher 

come back; unlike many other ous prSt«sSS^fl» storj 
SST^TSL??- impli expert. 

r5s& &* ’$& sfss 32* “jqge&yjyjg 

„ tunes are lodged in the public efperialh^viSluirABmbers like 

J e thSaimStvSKfepet with the 
-people In these parts who jjjgh Priest of Dkeon'in. Act Two 

* remember or at least have heard "d&est norr«- 

7 . tell of days when the work was JfJJJ di's 

-• ; c ?m"!T... faT °“, ri t . e -.. J h ‘” , dl * aSpoim^We tra» of silker 
a Withering, and grossly unfair r.*.* sttii Iks vocft^^dnctlvf 1 
. hatchet job on one such per- 1 ■ - “h 

^formance On this occasion the ^ sup p 0rtin g /performance 
serai-oratorio, hybrid nature of are eood. \ritb a mosf -promising 
c y or,t was advantage. study of the Higfi.^Priest from 
or The long opening choral scene T n ^ n Fawnsley r a.;t|W^ing Old 
' In which Samson incites the Hebrew from John Trader (two 
- lamenting Jews against . their .young sinners with-' an eucourag 
oppressors, soon showed that * n 5 motion of and 

David Lloyd-Jones and his col- an effective Ahwn«ecb from 
leagues have picked up a lusty John Gibhs. The opera, presum 
r chonis“ ' The subsequent Dance al, ly *. n h on on r of "the 1 troc r. is 
. Df the ‘Priestesses even more snog in French. J^tter-French. 
strongly confirmed the already ^ * s a relief.. lit'/ «Wfc- than we 
high standard of the English beard at CovenpCardeo ear her 
Northern Philharmonia. In fact m the week, slight .though that 
Mr. Lloyd-Jones was the main comnliment ma^’-be.-' A small 
boro of the evening for the eronn of dancers ’-is tactfully 
"Rnssian-type zest and forceful- handled by Teny-’tSoOort — tbo 
nes« be brought to a score bacchanal sensibly" “ involved 
always -in danger of .smothering chnnis and princfpals as well. 

‘•in its nwn statelyness, also for Patrick Libby’s production In 
the speed and efficiency with designs by John Stoddert con- 
wh’ch he bad prepared chorus jures an effective siiectacle out 
7 and orchestra — more vital to the of little.. Mr.-. Ubby.-Skil Fully 
A- permanent well-being of an disposes his large- company on 
. . opera company than star soloists, the narrow stage. He . is least 



bv NIGEL ANDREWS 


convincing in - the dull unsu^- 
gestive movements imposed on 
his heroine. Mr. Stodd art's s-k 
are fconomical bur not drear> 
For once, thank Heavens, no 
black surrounds. This designer is 
rather too fond of that brilliant 
pillar-box red that looks desper- 
ately fancy-dress under stay 
lighting — the choice oT the hue 
for the entrance to Dallla’s cave- 


riwe!;ing ought 10 ha - . n made 
Sam-on run for hi- life. The lin.il 
catastrophe, when ih«- blimletl 
hero pulls down the ir.-mjdc 
pillars and destroys the In!. »*> 
pretty well managed. If rhe 
afurosairi local authorities take 
lhe hint uIuu.it whal huppenv lu 
obstinate Phillistincs. the chnire 
of SantMon will mm out to be 
even shrewder than one thought. 


Lyttelton 


Betrayal 


by B. A. YOUNG 


Trace backwards - through a 
prism the bright hues of the 
..spectrum, and you arrive, inevit- 
ably. at the single originating 
' point of colourless light The 
- variety and the contrasts have 
;:gone. Those- significant little 
/lines which indicate the presence 
of this element or that are no 
longer , to be -'-seen. There is 
nothing but plain white 

v Thls is the process that Harold 
, r Pinter has Chosen for, his new 
■play BetrayaL Through nine 
1 short scenes moving 'backwards 
' in time from 1977 to. 1968. save 
.for a brief time-shift in 1973. 
we approach the beginning of 
the events that have led to tin- 
situations revealed in Scene One 
.in Scene One Jerry and Emma 
sit in a pub recalling, with the 
occasional memory-lapses Mr. 
Pinter enjoys inventing, the 
background to their life together, 
’’which came to an end two years 
. before 

Their life together was illicit, 
for both have wives and families. 
They have rented .; a. flat in 
Kilburn and spend golden after- - 
"noons there when they can find 
the time from their occupations, 

. be a literary ' agent, sne tbe 



• Not many v'lth a cost list 
[headed Jan* Fonda and 
: Donald Sutn-M-: 1 nd i- c 0Q 
I shelf for ri-v.-ra! years while 
[theirdist ri -"U *rs scratch agonised 
j heads over h„ w . or whether, to 

re ^ ease tltem. 0 ;ip nf two possible 
! reasons_usujii;> ^ccounis fur the 
deJay. Either the Sim is politi- 
cally Ctmirr.ivor.-ial; or it is just 
plain bad. 

Or in fome it js boih. 
F.TiA-. thi-w ’■ only new 

London rcl*-a-i:. i.« a record of 
i the oversea- tnur thji Fonda. 
] Sutherland and other ner/oruiors 
t undertook in 1971. e;»rr'ins their 
■ anti-mllitar;. n-vuc ' “F T.A." 
1 [which start.:. f ( , r o amn The 
i Artnyl to vsrioiii corner^ of lhe 
' Pacific, hoping k* whip up paci- 
fist 'feeling aicunu the soldiers 
I fighting m th« Vietnam War. 
i Banned from r-. rforming in nnli- 
! tary bases, they hired nearby 
sradiums or theatres — in 
Okinawa. Hav.a.t rhe Philippines 
Japan — and presented their 
special pol-po:irri of satirical 
sketches ami ^on«*s 10 enthusias- 
tic iso ti>e film toils usi 
audiences nf t:ti. 

Half the pn.ifrit-m with the film 
is that th° \ uMnain war is a 
topic of dchaic viriuall} dropping 
on its feet -■•-iih faiisur by now. 

All the arguments against the 
war. and nm--i nf vbe arsuinents 
1 fnr it. ha* e boon exercised nri 
jiattwxjm. Tne nlbrr half of the 
problem i* thji me film, co-pro- 
duced by Fonda. Sutherland and 
Francine Park it. and directed 
by Ms. Parker, i- n hopelcs? mehs 
both aostheneally and ideologic- 
ally. Instead nf a sincle-mimled 
devotion to i^niiin.ilinn the Viet- 
nam war. ihi- film slin;$ half- 
baked radical _ ideas at us on 
every topu: frmn charge?- *»r 
? pni»cide in rhe -• ar rsclf to 
racial and »*r:a] inr-rjiiaJitifS at 
home and i-hvod. 

Meanwhile 1 n.* raincra. when 
not reprodtt.-inj th-: erratjr c«n- 
lenls °f lhe rr-Mir- itself (.lane 
; Fonda's cxiil'- ran'-H ttirns murh 
[base metal n« •-•old. but Hie ntlier 
, performers, even Siiihcrhind. 
'have le<s alihemo-al rtair). 
prowls around nviirilin^ Inter- 
view’s with sundry servii-emen 
and servicewomen, who feel and 
say more or less what Fonda and 
Co want them in *a>. Opposition 
is no more than token — visa 
I troubles in Japan, a group of 
rednecked Cl hecklers at one of 
(he group's performances— and 
the film slowl;.. remorselessly 
wilts away from dialectical 
undernourishment. 

+ 

In comoensalhm. there are five 
forthcoming films :<i the London 
Film Festival ilia? must be seen. 

I expressed my wplicixm about 
rhe selection a 1 - ti whole last 
week: but there are some 
isolated jewels, and they should 
| be snapped up all the more 
voraciously fnr I heir rarity. 

Sumitra Fenes's The Girin. 
(which I saw and mentioned 
I from the Madras Film Festival. 


show? this evening (Friday) at 
the National Film Tbeaire and 
is an exquisite little film from 
Sri Lanka. Married to the fore- 
most and most famous S ; n&- 
halese di rector. Lester Janies 
Penes. Mrs. P. has .struck out 
on her own here, and composed 
a fable of gently fj-usirated Jove 
and amhition that ha? a- haunt- 
inc sadness. The “two girls’* 
arc sisters, one ill-ratedly in 
love with j ynuny schoolteacher, 
the other seeking glamour and 
fulfilment as a beauty queen. 
Mrs. Peries invests her story 


you since it is about male homo- 
sexuals. A journey through the 
Stygian night and the concealing 
day of gay London, written and 
directed bv Bon Peek and Paul 
Hallam, the film tells the story 
oF a young schoolteacher and his 
hir-or-miss (mostly miss) search- 
ings for True Bomanee. The 
6!m is mournfully funny, and 
more revealing than 1 think it 
knows. How many of the 
characters' nmi;>hty hangdog 
mannerisms, and the banal tics 
of everyday conversation (the 

script might have been en-writlen 


has the courage of its own ".bad 
taste ~ and a fierce. unrelentiDg 
ingenuity in its storyline. Take 
a sense of humour and a cast- 
iron stomach and go and see it 
Finally, a miraculous 40- 
minute British short by Peter 
Greenaway, a Walk Through H 
was funded by tbe British Film 
Institute Production Board and 
makes up for many of the 
Board's nberra lions to be found 
elsewhere in the festival pro- 
gramme. In tbe roice-nIT put sc of 

a strange, plummy-voiced, pos- 
sibly dead bird expert (the film's 



with a dream*, narcotic beauty, 
and the film's drugged 


— low-key perform- 
in'.** of veiling fore- 
fWoratiun (fronds, 
eti-.). lneilitiueusly 
music — is quite 


qitietude 
jnces. j 
ground 
br jnvae> 
renet il he 
hypnotic. 

Donald Chase's Lulu 1 Tues- 
day I is oul of Frank Wedekind 
by way of Alban Berg and 
Aubrey" Beardsley. The play js 
Wedekinds *ale nf a devious 
temptress who lures men to 
destruction until she herself is 
lured thither by the knife of 
Jack the Ripper. The music is 
Berg's, from his opera. And the 
visual style is High Camp in 
Tableaux, courtesy nf Beardsley 
and the decadent fin de siecle. 
The film, however, is fai from 
being the embalmed experience 
that this rnnfluenre nf influences 
might suggest. Chase is one of 
those rare directors (Pahst 
another) who somehow manage 
io 'njecl a contemporary 
frisson into the elaborate rituals 
of 19th century eroticism. 

There is nothing erotic about 
Kighthrrwkx (Sunday), which 
may be reassuring to some nf 


A scene from “ The Hills Have Eyes " 

by Pinter 1 . crept into tbe film 
unconsciously? Bur -it is quite 
an eye-opener abr:i;i homosexual 
life, and in its simple humaniiy 
perhaps the bp%t British feature 
on view in lhe festival. 

Next The Hills Have Eyes. 
written and directed by Wes 
Craven and showing at the NFT 
next Friday. This extraordinary 
mish-mash of liorror-cum- 
violence-cum-farce tells us more 
about the bizarre workings of 
the American Id than any film 
since The Texas Chaiu*nu> 
Massacre Like the latter, it is 
tbe story of a beleaguered group 
of “ innocents " versus a nasty 
group nf American psychopaths. 
The psychopaths here are a 
family of remote, hill-dwelling 
primitives with a penchant for 
ambushing and killing passers- 
by. The innocents are a family 
of “ ordinal?' ” Americans unwise 
enough to take their car and 
caravan on a back road through 
the MidwesL The two families 
meet, and after a brier exchange 
of incivilities mayhem erupts 
with a bloodthirsty, sardonic 
thoroughness that outstrips 
Jacobean melodrama. The film 


second title is The ffemcn motion 
of an Omitholntjisf 1 . Greenaway 
conducts ii< on an imaginary 
journey through dozens of multi- 
coloured maps. No human 'is 
v*en. only iliese maps, inter- 
spersed with shots of hirds fn 
llight. Riddled with enigmas and 
won ki -quiturs. and often very; 
very funny, the film is like a 
Monty Python sketch specially 
written by Franz Kafka. It is 
arguably the best film in tbe 
entire festival, and it shows-^ 
put it in your diary — next 
Tuesday at 2.30 and 9.00. 

r 

"Play Away’ at 
Riverside Studios 

pint# Air ay. a Christmas enter- 
tainment of comedy, songs, 
music and jokes for all the- 
family, will he presented from" 
December 13/January 7 at the' 
Riverside Studios. Hammer- 
smith. It is presented in associa- 
tion with BBC TV and based on 
the BBC 2 series. 

It will be performed by the 
regular team led by Brian Cant. 


Penelope Wilton. Daniel Massey and Michael Gambon 


Ltaniirti Bert 


youngest child Ned in the first 
scene. It is of course ioteresting. 
as it was in the three plays of 
Alan Ayckbourn’s Norman 
Conquests, to catch the references 
as they faJL But there are no 
complexities in the straight-, 
forward tale of multiple adultery, 
and the object of it seems 10 be 
put forward the rival claims of 
wife and mistress. 

“Have po» ever been unfaith- 
ful ? " Emma asks Jerry one day 
as they prepare for 3 Kilburn 
afternoon. . “ Who to ? ” he asks. 
“To me, of course,” she says 
firmly. It is not altogether a new 



- manager of an art gallery. This 
' lasts seven years, though. Emma’s 
Jbusband Robert knows what was 
going on. . Jle has his own 
infidelities too, but he keeps 
quiet about those until two years 
. after his wife’s affair is done. 

-■ The extraordinary thing is that 
Mr. Pinter has -presented these 
_nine episodes quite straight. 
jThece are up subtleties to be 
ppfeked up, or at least none that 1 
discerned, though I did think how 
-plever 1 was. to .notice- the extra 
emphasis- -put oh Emma's 

Coliseum 

• Madam 

... by ARTHUR JACOBS 

‘ .7 No - Shakespearean director newcomer as the Bonze (FhUip 

Aveuld cast as Juliet an actress «U fiSESS 

? ho. has been playing rotes of thick mostly 

.lhe calibre of Lady Macbeth for ^edifies the traditional crudities 
20- years. Opera managements are faut incongruously leaves a 
tor some reason less sensitive. <• magistrate ” as a divorce judge 
MiUa Andrew’s impersonation of in the u n j te( i states. 

-Butterfly — 15 years old. as she originally staged by Colin 
tells us in Act 1 — was not helped c rE ham.' the production has 
by the haggard look and long reta i ne d n ue ncv under the 
black hair in the suicide scene guia^e 0 f Christopher de 
■which might have done duty for Souza Fluency — indeed more 
the murderous, avenging Medea. ’^ 3 ^ a quite exceptional 

But whatever could be dooe expre ssive power — also marked 

by strong and supple singing, by contribution of the orchestra 
wtceptioaalJy go«d diction, and un£ f er Mark Elder’s baton. Less 
by vivid (but never ovrrrlon^' happily, Mr. Elder has also ven- 
Eacial reactions, Miss Andrew did a little way down the 

on Wednesday. In this way, and welsh National Opera’s path and 
5 gam si odds, she ucbieved a true foas re-inserted some passages 
pathos in the role, rightly win- suppressed by Puccini’s own 
tring long applause at the end. revision. One of these, wnere 
Her attention to detail indeed Butterfly describes to the Consu 1 
recalls Ava June, who lau-ched bow sbe first met Pinkerton, now 
This English National Opera pro- seems particularly gratuitous, j 
duction so successfully four think the composer also 
years ago. A highly convincing his business (and bis a . ud ; er ^”_ 
Pinkerton (Henry Howell), an when he split the original. - 
outstanding Sharpless (Neil long second act into two. Over 
Howie tt) and a most promising long is what it sun is. 


argument; they have been faith- 
ful to each other in their fashion. 
What makes it such a dull one 
in this instance is that Mr. Plnier 
has made his characters such 
uninteresting people. There is 
no- humour save occasionally 
when Robert ventures a witti- 
cism: such as: “ I've a good mind 
to write to tbe Doge of Venice 
about it" They are. I am sure, 
uninteresting because Mr. Pinter 
wants them to be so, and the 
colourless performances by 
Michael Gambon and Daniel 
Massey are no doubt exactly as 
colourless as he and Peter Hall, 

Purcell Room 


the director, require. Penelop 
Wilton, usually keeping some 
thing unspoken, is no brighter 
than the men. 

Moreover there is the threat 
banging over us all the time that 
we know precisely how the play 
must end. When it docs so. in 
Emma’s bedroom in 1968. when 
her husband is giving a pub- 
lisher's party, it is just what it 
needs to be and no more, the 
little point of white light where 
Jerry, once best man at Robert's 
wedding, derides to seduce his 
wife. Well, so what? We knew 
that. 


Janacek Cycle 

' by DAVID MURRAY 

_ The. pianist Jan Latham- Given this wholly winning per- 
Koenig, his Koenig Ensemble formance. one cnukl forgive their 
and various soloists are iiioud;- inadvertent intrusions earlier: 
ing a “Janacek Cycle" in the offstage touUiny had been audible 
Purcell Room to commemorate during the resit* in Pohadfea. 
the 50th anniversary of ibe com- Janacek’s splendid “ fjjiry tale * 

for cello and piano. The cellist 


£3?. *L P T n ° Alexander BailJie, who spun 

musiw the chamber and con- a sbapely Vme with much 

certed music with piano and the subtlety, occasionally shaded by- 
song cycle Diary of One Who Lathaoi-Koenig's assertive piano 
Disappeared are to be heard. — striking a just balance in the 
The opening concert on Wednes- is „ no1 “ easy 
are <J 5 S**£ 

November 22 and December b — ■ inspiration, was scarcely 
also included . the . irresistible compromised: the pianist's 

Mlodt (“Youth”), the wind enthusiasm was clearly In tbe 
Sextet In which the 70-year-old spirit. A little Presto for the 

Janacpk «vnk»ri r P ** flavs same duo - n^ w t0 me . made an 

. carefree days oxcel!ent pendant to Fohodko, 

unsulhed by second-guessing. jagsed- brief M striking.. 

The performance was a model, The rest of the programme was 
full of bright details that never for solo piano. If Latham-Knenig 
impeded the bubbling rush of pressed a degree or two more 
the muslt It is a little master- v io|ence into the early Theme 


piece, quirky 


a 

as can 


be but 


and Variations than the music 
apparently nuite guileless, and seems to contain, liis 

SeSp/uS, f^usLl Y oiati . le identification vvith the 


the clever players refused to 1 m 
pose too hig h a gloss upon it 


fraught mature works — the 
Sonata 1X1905 and the cycle Jn 
the fl list — was entirely to the 
point Inevitably, he owes a debt 
In Rudolf Firkusny’s searching 
readings of these pieces, but hi? 
_ cc _ own playing is far too taut and 

* TJkp mnut- art< s^sociations the 1967-63 the grant fell last >ear S50 applications and gave 6(0 fresh to sound second-hand. The 
_ ijixe mosr arts associauuua, « , “ k— .. u «r inf] a- <n*nn» G a * h »*i >,« nannon u« complexity of the 

rendered sharp and 
sometimes al the 


Scottish arts in danger 


irSB terms because of i* grsuts. A to, el of £1 40.00» w« eomrionel 
abmir mnnpv In its annual lion. This was mainly because glven tQ j ndiv , duals, a jump of music was 

%&,“£££ Sirii ST SSssnz ^ s 

agf .-s, 



" The arts arc hit harder by in 
fiition that most, other instil u- 
tions.and for -the first time -since 


igSOOO to 600.000. whereas ir has just 3.7 per cent devotee will discover some re- 
in 1977 the council received of the. population. markable music. 



even more 


copying time and money 
with the new Oce 1700 range, 
Here’s how: 



NcvVthe 0c? 1700 '& 8 complete r=r.ge to give vou more choices losuil your parii-'uiar 
copying needs, “his system also saves you hours 01 wasted secretarial and ciencal time. 

Oce 1700 

The Oce 1700 is the classic in its field - gives you hign-quality copies regularly a r. a needs 
very little maintenance and service. 

Oce 1700 with document feeder 

The Oce 1700 is a last copier turning out up *0 37 copies per minute. The Oce 1~00 .viih 
document feeder speeds things up even more . . . you save uo to 10 seconds per original and 
you’re always sure your original is placed correctly on the machine. No more crooked copies. 

Oce 1700 with choice of sorter 

Another big lime- and money-saver is the Oce 1700 vvith sorter. You 
have a choice of either a 20-bin or a 30-bin sorter - boih easy to operate 
and as reliable as lhe very reliable Oce 1700 ilself. Normally it would take a 
secretary two or three hours 10 collate 30 cooies ot a 40-page document by 
hand. Collating with the Oce 1700 with sorter requires no time at all. The 
sorting is finished when lhe copying is finished. Over a period of a year this 
t'me saving adds up to a sizeable ameuni of money. 

Oce 1700 with document feeder and sorter 

When you order the Oce 1700 plain paper copier with document feeder 
and a sorter you have chosen a comofele, new kind of copying flexibility that 
gives you qualify, speed and reliability while saving you time and money. 

Makes sense, doesn't it. 

Fo r more details contact : 

Oct-Skycopj'B.V.,-1-12 New Qx&d itrse*. Lc'dc'.V.ClA 1=3. Ts ! ephor.s ul-J05 8494 


Oce is sensible coping. (OC0) 






W'SR 







FINANCIAITIMES 


PETROCHEMICALS INVESTMENT IN THE UK 


•Financial Times Friday November 1? $78 ; : ; 

BY SUE CAMERON 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantirao, London P54. Telex: 886341/2, 8S3S97 
Telephone: 01-248 S0OO 


n 







Friday November IT 1978 






S OME OF the inherent possible: the second was t0 countries, the ; trade unions yj 

weaknesses in the Govern- invest sufficiently to prefer the say. "It is against this back- 
raem’s industrial strategy home market: and the third was ground of a senous ana 
were highlighted on Tuesday by to invest heavily and so steal a deteriorating balance of pay- 

the failure of chemical com- march on the rest of Europe as ments position with the tw- 

panics and trade unions to soon as the upswing in demand tliat the trade _uniqn, members Deficil with 

agree on investment plans for occurred. of the petrochemicals sector ac 

ON THE FACE of il. the money that however widely the official I UK petrochemicals. And more Union reoresentati-cs on the ' vork J n I ? pa ^' . , * "I* '} Surplus with 

' ' * fireworks from the trade union «.,. r nr wnrlriJ -L nrmlv lias falIen d£mn « lTs of werid 


UK TRADE BALANCES IN PLASTICS MATERIALS 
£m-(current prices) 


- 32 -.'SB' —138 — 66 


of werid — S9 — 64 

Overall balance — 27 4. 


interest rates by a point more catch, but get some idea of TL'C’s industrial strategy con- a jj V e«, think this wuiild he these might be achieved, 

than the market had already general conditions. and adapt ferenee in Newcastle on the unnec ess arily fooihardv given Tbo unions are directing 

dictated. The officially defined iheir_ policies accordingly. chemical and plastics industry. present overcapacity in most of their anger against corn- 

money supply, as the Chancellor The possible sources of distnr- The disagreement between plasties materials in both panies like BP Chemicals ^and 

had already indicated, hai t j on are numerous. The most dis- the two sides took a spectacular Britain and the rest of Eur.«pe> Imperial Chemical IndussJie* 
grown at an annual rate nt only cUSse( j 3 *c the forms of private turn when union representatives They also say that JIcKinsey's which have invested on the con- 
' t per cent rn ihe first half of j en diiig which by-pass the bank- on the tripartite petrochemicals market growth forecasts arc tinent. 

t.ne financial year-—beIow the - m „ system — notably the sale sector working party-one of 39 now orer-oplimistic and they y et j t j* extremely doubtful 
ornaal range of 8-1- per cen». 0 f a(;c . L -.p;ed bills to non-bank in- groups set up under the aegis want to follow the second whether any UK-based chem> 
Di»mest;c credit expansion, at v - e5lpr ;, which have been grow- of the National Economic option — although investing ca j s major would find it feasible 
r“.a»n. 15 B S B * n ,V *J* within j n „ sharply since the imposi- Development Office — accused rather more than would be to p llt a n jt$ investment eggs 
r H af rt? in ii 0, !f r PJ r ccnl lion or the corset regulations the multinationals of trying to strictly necessary to protect i n the British basket— no matter 
oi uicLonn allowed ror the year f l)rcet j banks to limit the growth "sabotage" the industrial the home market. how patriotic it were. Expert* 

nas yet v?en taken up. 0 f eiterr own books. This takes strategy' completely. The unions "Specific decisions »n invest- ence suggests that in order to 

Out of hand the place of the on-lending of want to see substantia] invest- rneni must depend on the actual gain a real hold on Continental 

It i- true that the first si"ns dopn?iis by the banks, but is not ment in Britain's petrochemical company situation at a given markets it is necessary to have 
of imK-h-iJjsfU 5 !»ed funding measured either in the money industry and they are furious time with respect to individual at least some production on the 


-H32 -f-120 
- 6 + 54 


* have been avoided If the sector 
ALS working party had looked at the 

f&ti- contradiction’ between a TJK in- 
dustrial strategy and the inter*. 
1977 .1978*) national nature of the. chemical 

; — industry- .at the .* outset— long 

-163 —220- ^ore it decided to commission 

— . McKiesey. . 

- m -+- J7Q . The companies are at last be* 
-r 30 - 50 ginning to recognise the- risks 
tsthtss -of aHovring people to pin their 


directinj 


dictated. The officially defined iheir_ policies accordingly. chemical and plastics industry. present overcapaViiv in most of their anger against com- 

mnnav wiir.nl v as rhn r.hancollnr — ~ --, L . .... ' , ‘ur.ih nanips like BP Chemicals and 


has yet been taken up. 

Out of hand 
It is true that the first signs 
of the much-discussed funding 
crisis did ai lengih appear in 
banking October: for the first 
time .-.ales of central government 
debt of ad kinds fell sharply 
below i!k- monthly average of 
ahnui £500 m required for 


the place of the on-lending of want to see substantial invest- ment must depend on the actual gain a real hold on Continental 
ns deposits by the banks, but is not ment in Britain's petrochemical company situation at a given markets it is necessary to have 

nrt measured either in the money industry and they are furious time with respect to individual at least some production on the 

in supply or in DCE. Another, less about the much more cautions products." says the Chemical spot. This is partly because of 

.‘ st discussed, is the proper weight line being taken by company industries Association on the transport cos;- involved in 

to give to official sales of certi- managements. behalf of the management sending products from the UK 


debt of a 'I k-nd= fell shsrpfv Prates of tax deposit So far as The unions have some strong representatives on the senior w West German. French or 

h"Iow iii* - monthly average of these arc used instead of money areHments f or that, savins the working party. “ Investment by Italian markets and partly 

ahnui £ 500 m required ~ f..r 10 p2 -' l ^ es ' the - v can hardl >’ chemical companies should in- UK-based companies overseas because of the attitude of 

roa^oiidble comfort i and £600m c . num a : f. ny form of funding of vest heav ilr in the UK in order will continue to be necc.-sary in Continental customers, 

would •)« much better], and net , p Ui . sec ’t° r c [f fic,t - to prevent Britain falling even particular cases to complement ?1 j n:s out thst it i-.-o-'ld 

sqjnv. ,,f 2 ilt edged stocks almost ihird arises when ihe local f ur tij er behind its European UK expansion, and general nQt j )e j R notional 


ri 7 =. .;! :io 1 .mi; micht\u=n^-t cflfecrivoly go imr» com peUtnrs in Ihe plastics statements on long term invest- {nten?sl% for chemical com- 

fi„» ?(rhor:i>e« of making the ban.-ing btisine>a. bicri.ng niaferlaJs market. But the case ment levels for aggregated pan j e? i 0 huild plants in Britain 
another lend h'-h’v Mice-sful) '! ,r -^-''cn-day depo.-us whicn they are putting forward ignores S r oups of products in particular d , hon rtn(1 1hpv . A - ere una - D ie 

thA f!r\ r»nt tfnh Id take ....... ■. •_ , ,,nn>,/inc I m". n ! !n ... . 


srieniot n- h r c:'k a log jam in 
lit,-* ”i? ; =: im.rkci by ra.i*iii« short 
»erm in‘i?r«--i rates h’rrh enuuyh 
hope-, uf a fall — 
has ii”nnif‘ knov.u 3"= th** 
n-»kc »*r V^rb: nrpt^sy. Hnw- 
il;i<. is :■> confuse cause 


the ban'rj do not wish to take VL'helher it is economically sen- locations are not relevant 
Cm- fear of exceeding their glWe t „ take a nationalistic ^ realities of the situatiun. 
effhval instead id ,-,pp roa ch to investment fn an 

borrowing from tne banks. industry that has a strongly TVT~ 

, international structure. lNO SDGC12I 

ntui$ a e of ^ reaions: ( j 7c . {H . 0 -v 

in these and many uther pos- sjj ej j have now failed to agree aQV^IIiShG 


borrowing from the banks. 

Understate 


v. ;ii efi'ci.t. The vilts market sibic wa>c. such as direct inter- l on a common investment policy 


.ii-i-’t l un bccauji.- of a gpnernl company lending t which still j s that they cannot agree on "Nevertheless it is dear Uiat 0 f the chemicals industry— 

f«*ciinj that rieapi’e the official appear^ subdued) or non-bank the likely future growth rates companies in the peiro- would simply be too expensive 

fisrres. credit expansion was investment in Treasury Bills 0 f the demand for plastics chemicals and plastics sector* to ship abroad and companir'S 

g. Min .■ "lit of hand. It has which has actually fallen) the materials. Investment decisions are currently investing within which tried to do so on a iaree 


niuns are not rciewm iu ^ the materials produced 

realities of the siiuatjun. t , 10re 

ICI adds there is ‘‘ no wa;- " 
cnooiol that future European demand 

oJjcLSmI for a iraTerial like ethylene 

* could be me? from British pro- 

aavantage duction. It says ethylene — <'-ne 

of the so-called building blocks 
Nevertheless it is clear ihat 0 f the chemicals industry — 


out of hand. 


revived nnr because ra’.es are growth uf credit and liquidry l must binge on market forecasts the UK at a rate which will scale would b? priced our of the 


A In 1978. the year is estimated frum comparable headings (582 and S83) hopes OH the achievements Of 
for Che first three quarter*. 7. . • Tre dt SMiala vf ;te UK the NEDO sector . working 

w -°" rr ' i parties. Mr. Gerard- FairtJoogh, 

- who has just giyCT up the 

managing directorship of' Shell 
Chemicals UK. said last month: . 
.*■ I feel there Is a real -danger 
in expecting toc^ mucfiV-from 
. NEDO in -the form of. definite 
action, since an exaggeratectex-- 
pectation could lead to (lie good 
communications which we now 
have being .replaced, .by .the.. 
’ presentation ‘ ot prepared, 
politically . orientated stage- !. 
ments.- 

. - ‘‘ ■Recognition . of IlNEDO's 
iimltatioris : In crease^ ; f^ r 
than diminishes its: value. It. is . 

only by pfimnion nPderstaniHng- . 
■ between all the' parties .con- 
nected with our industty that 
. we .can hope to. solye our r prob- 
lems. " ■ " ''f. S' 

; As a prediction, - ;-3fr. 
Fairtlough's -wordshave proved 
. to hespot-fli- 

.. The qdestidn BbWdi frhetWer 
- the petrochemicals -Sector : work- 
ing party wiB.jbe able to forget 
its irreconcilable • diSereoces 
about - investment strategy, and 
start looking at areas. Where it 
might be able . to make' same 
progress. It cmil d, for example, 
consider . ways of puttipg.TJres- 
■;sure on. the" UK cousmj(9ioh 
industry" whose reoortl-.fftr ;i lal& ! 
Construction of the BP/lQ ethylene cracker at Wilton . on ' “cumpletioh dates ■ is^ ^'icfefenrlng : 
Teesside. The project is two years behind scheduled completion, foreign -companies .‘from Thitiekt- 

.. ing in chemical-frpiants in 
The way in which Continental 22 per cent of the total invest* Britain. Monsanto s- actylotdtrile 



Construction of the BP/lQ ethylene cracker at Wilton oh 
Tees side. The project is two years behind scheduled completion. 


p? a vi"* n 


dennitinn nf rate of about 11 per cent, and 


NEDO commissioner! generally. But they 


ihe -ucplv er money becomes that varinus unofficial broader McKinsey to make an indepen- give UK petrochemicals and 
j; :> . i: of official policy, definitions also suggested much dent report on investment plastics producers any special 


a cruciter. chemical concerns set great demand in ^e 1980s ire more 

I: it- estimated thar 7S per store by thi* when arguing lha n matched bjr. a in bit to us Pames 'vpuld.wefcome 
ceni of the ethylene produced about investment policies with p i ans already announced— plans am0D5 tl ? tackliag 

in Western Europe is used in the unions. which some European "com- i.proojenk , ; .y ; . r i : l . 


«; begins m b-vome misleading faster $rowlh than the ^ official straws options based on some economic advantage over their {he m?J . llng of p2 ^ t!W and Thsv cIgim that Uieir Con- pantes already rogard as auda- ' tVheth^r.. fhe : --petro'^hetnteafe 

— a.;-l .. i * : r} nmn« C J| h Ml iS nih r Ihan^th^buMnni f ’ 0nfidPT,r,a ,n,ormat,on - fSlri vp ^tSp r f a resin ^ Bul oal >‘ 51 P er eenl nf t mental operations are not only cir*us to the point of improvi- sector worHng; -party Will work 

me mo * *.'»n inr-ed mnneu.Uts l.mit rath.r than tne b t ^ rn. The McKinsey report should a pre-empme strategy. Su^h a the p rop vlene produced is used nec°ssarv because of the stnic-'dence.” out -a .useful role.:. for . ifcseS 

S^SSS 

ts-, been ^Ten-need in ev»rv some rather debatable “fund- risk-** ^ ^ h ‘ ch bui ds * cracker has to unions have not direciij contra- uk when their products are in- But its performance to- date 

count"' whTch haf enfold ing!" is probably some way tTZ 1 tra(?p Iinl ^„. DOint out Bad a market for the rest of ite dieted this but they fc»ye luider-^at^uy-based. -fe'-.a^ex.-s^gdsl^ 

innnefarv rar^et- if the autho* ahead of its permissible growth. JJ.** 1 - 01t heat Jha^ between P ropyIen jT u r sed make so1 - standably demauoed some hard txemely powerful one. Bnt they which Cabinet aiiiiisters placed 

ri:ie» chov.- to control the note Official action was expected, n^Tuesdav Si ere was 1963 a£d 1975 *^ 0^5 A a re ? ClS “i* a ^° U ?* 001,1(1 P^baps be criticised for in thestrategy_asaway nfre- 

. . „.. ^ffieiailv on Tuesday there 'was 1963 and lUio me civs snare plastic*— and Uus could neces- degree of advantage the ‘ puli- raising investment hopes among generating- ^British . -industry 

plenty of room for all sides of Common Market plastics cjtate investment in a Coalmen- t^rou^h effect” ■confers on r *,p - chemicals trade unions have been misDlace<L 

rn say that McKinse/s projected materials production fell from IS , cracker if the only outlets Brirain IinK S L nli ? oeen miapiaceu. ^ 

growth rates for plastics 22 per cent to 13 per cent, that ar(i on the ot u cr of *u e Br - ram - w , h ' ch The petrochemicals industry, 

materials demand— between 6.5 the trade deficit on plastics r.hannPi The companies also stress ■bilfty f | OT i the Intentloh to with its . comparatively’ high 


are on the other side of the 
Channel. 


BP Chemicals savs one o' the ^ " hile they are not prepared fulfil. They.-alsn seem tn have grow th rates and good record 

vnemiu.s says une i>. me ihi.,4 r,r xr<*trinc»<- c hppn - Isirwlv rpcnnnnhlt* fnr j 


v.-iih 'T.dorsed ciicnues and be seen is ' 
English note-. Liquidity and ment will d 
credit can rake so many form* conclusions. 


I** an< l be seen. ls «te , h?r the Govern- tllere , 0 ^ open tn queslion 
rliiv and ment will draw the right fiscal K 

cnnclusions. This paved the way f 


in reaSns It hlrb-en makin- to adopt the third of McKJnsey's been largely responsible for OD fadnstriaT rations, appeared 
>n reasons 1 1 na. o.en maxing n .,; nn . — hp.ht investment in mu >ne over- the McKJnsey re- k*. fn r 



dsion time 


BRITISH SHIPBUILDERS has estimated that_ to maintain the 

had two mam tasks in the 16 industry at about its present ■ " " 

months since the industry was si7c would probably require an ______ 

nat:i»na',i:«?d. One has been tu inlerventlon. o r subsidy, fund faffl pRI H E&| al 

reduce its current rate of loss for new orders almost four times lufl Rn jl P ll 

v.hicii earlier this week il re- ns large as the present limit of E V B oal v Fu 

ported a*> having i dialled £10Sm £85m a year. On top of that. 

— after drawing sume £4fiin further suin> wn'ild no doubt 

from the Guvcrmueni fund for have to be provided to meet ffOtTI 

subsidising new shipbuilding production losses. 

"i'di-rs — during ihe corpura- There has been some talk of EMS corral 

non ,* fifNi M.iie month*. The arirancin? part* of the naval _ , ^ ... 

n? her has been to lay plans for .shipbuilding programme and European Parfiamcn * 

raising ihe indio»uy's perform- a j si , 0 f an international scrap inept handling of the debate on 
amc and efficiency >‘> that it an d build programme for raer ‘ the European monetary system 
may hold i*S nwn without L .hant ships. The main problem has raised a multilingual chorus 
ibivernment support when the ]j es on the merchant shipbllild- 0 f Euro-dismay, 
n.arkei reenvers sumetime in ing s jde and the industry's , ff nf de h gle nD 

1U50,. Thii> Inner usk i, J lUty t o win whatever orders .^"in^llin" subject" 
the sublet of the corporate are o 0[ ng will depend not only l A ^ lwion u , bwan at 4 pm 


o f° M c K^nfe v -s^t h ree ° *1 1 rat e "v wo r king party has been dither- materials produced in Britain, chemicals sector. ICI alone manoeuwe that has achieved expectations is that invest- 

opUons should be followed b'v in « ovcr thc McKinsey report It adds th P at it has purchase d exf^ts ii? net exporKthte year nothing hW Ill-Will mem was .too ambitious an 

the nertochemicals industry \fl i“P orls ot plastics materials piants t0 wh ich it was already 10 be worth about £700 m and The whole .exercise of trying issue to tackle; Companies ana 

Ihre^rilons were ahnrf at ^ avG risen from -30 per cent to supplying UK produced feed Alart.n Trowbridge, director t(1 v/flrk oaf an investment unions might have done better 

Ecil mde in Stics » P« cent of the UK market J&i There would therefore of the Cntmiei Indus* strategy tor the • plastics. U f tiiey had started by confining 

materials between the UK and in value terms have been no point in building *™ s S f 5 L b ? mB *«rlalf industry In Britain th^mselves to- purpomUng ; and 

the other members of the EEC “Imports of plastics totalled anew in the UK and duplicating ^ ,,f t ? ,s :^? r the uf seems to be provrog inci^tog^sqlvnig^me.of : tfie.smanerand 

bv 1990. Tne first option was £520in in 1977 and around 75 per plants that already existed on investment m UK perrocheim- fruitless.. Yet the waste of- more - manageable . pro blems 

to delay investment as long as cent of these came from EEC the Continent. cals will have risen to a "record time, effort .ana money might. facing... the; indystry today. 


MEN AND MAHERS 


it 

mk 

Mods 


to try to kill the rumour. 

The company proudly pro- 
duced a leitcr from the Ayri- 


Music makers 

Admirers of Schubert will bo 


uulwre Secrcury w.tif.vins u, al,le '? 1 "J dl - e something of 

the regular cheeks on Ul e f, musical th.s weekend, 

company's meat. * h * : ‘ 50 * h . anm veesany of his 

„ _ .... ... . death. At St. Johns. Smith 

McDimald s 15 getting used tn c; ( , uari . the Argentinian pianisl 
such debacles with the public Alberto Portugheis — who bears 
consciousness. A few ntonibs a strange resemblance to the 


NORTHERN ROCK 
BUILDING SOCIETY 


ago it was whispered, more composer — is giving a recital oE 
ci'lnui-fuliy. that some of the three sonatas at 7.30 pin. the 


INTEREST RATES 


c. »m pony's profits were de ruled exact hour of Schubert's death. 


to ;» San Francisco Satan-wov 
shipping cult. 


There is also a commemora- 
tive mass in Westminster Abbey 


Minimum flow m aJ io n L’l U5 hart l eft Strasbourg for Brussels 

A case could be advanced on Hansons In short there is t0 .welcome the President uf 

««■»««>* r kcepin * ,i,e sjsSssJ? -Si sk ^ » Eu ™' )e ' 

industry at broadly its present indlIJ ^y» s labour force and He was not the only one 


.japan u.. mu*. I rt, e agenda to be changed, 

majority are a long way behind [ Strashoura for Brussels 


\sS&. 1 


A minor consolation is that on Sunday. And for those inter- 
such rumours hit competitors ested in Schubert's more ob- 


tou and these have also this scure work, the Austrian lnsti- 
week been protesting the purity tute has arranged a concert al 


of their products. 


industry a: broadly its present 


.size. First, the industry did . doWT1 ■ v ^ rdSi not siroplv in absent. When he sat dow*n. the 
not expand during the past oO lirder reduce capacity, but in Labour Peer, Lord Ardwfck, 


Emptying bowl 


years when others, such as or( j er to improve etbciencv. I who opened the debate, was 


All summer we read how 
Thames Television was recruit- 


All Hallows tomorrow, when' 

the Vienna Court Organist. 

Martin Haselbock. will give a 
first Loudon recital of three 
recently-discovered Schubert 
how organ fugues of 1812. 


He lelte me they were found 


■ijpan and many developing British Shipbuilders’ own pre- 1 practically the only British MP It is doubtful w hether even Brightest and Best of jn t j le 0 f y 


io be a minimum viabte size fo? Cnrk^ l,U11U,aU Ja,HUW,W ^sumption (smoking. « a T tomorrow.” ' Thames"'^ faSf. ° m 

a shipbuilding industry in terms P 9I, # P in !L rr ‘vhn n > nl „ chewing and sniffing]. - After quiclf lp re je C l such heinous . he^ur/rr^T hv^c 0 ^ h 10 

of labour skills and experience. J, Desp]t0 w " nin » ^ r£ ' u Shout that there is a proposal to align a q c , u>ralioo . s . “The BBC has its i'ow ^ 

.■ n «a*w.k nr ,A mitiaJ hostile trade union reac- the week of such an exodus, the ia«« on l. r. ..t M0W S° u o are they? “Ah. 


a shipbuilding industry in terms , rhZ (-1^ Thn n n , chewing and sniffing). - 

of labour skills and experience, for ^ ^ ^ rc f iea . rs - Thc Despite warn,n “ s Ibrcmghout that there is a proposal to 

research and development iniUaJ host3 e trade union reac ' tIie week of sUtb 30 exodus, the Community's laws 

potential, back-up supply Indus- Uon expressed at Newcastle the Parliament’s procedural tea ctor-to wing hooks. - 

tries and economies of scale, yesterday was ro lie expected. A pedants could not be budged. 

FinaJIv, British iarmur ousts are bigger test will come when the The reason, it was said vaguely, 

relatively low by European Government is faced with the was that the debate could not 


only one 
nown to 




plains when licence fees are ^ h ‘ L -tV,v „ \ T 
being considered.” Heselftoek. They are not Uis 

Thames was quick ro assure ° n ?" “ c,assi ‘* a ' 

me that none of its telephonists s are ' ■ -i 


flow uf orders could be won m toarher-heddm* 
the face Of the v.ursi over slump expected nl a U 
in demand for new ships and a employment, 
considerable underlying prob- should have le: 
lem of world uver-capaeiiv the experience wiu 


nur TTLZ a mie bit wild.” 

BBC and one 

: blandly told 

is good. We — — 
But elsewhere 

iligher salaries Only asking 



MORTGAGES 


The rate. of rnteresf on all mortgages wiil be 
increased by 2.00% from l;Jtan. J979. Incfividua! 
notices quoting revised month^ instaimajTts;wil! be 

sent to aH boriow&s as soon as possible .; 


u very much tor inviting me 
lunch. Does this mean my 
■dit is good ur that i owe so 
ich money you are beginning 
worry about it V" 


I Save safe with 

Northern Rock 


_ A (. 'niiTtr^ridcBuiUci£ Society ** 


r = - f 


Atlanta 


. ^ 


ffu- nf R<.ct- Kciu«, Y.O , 2 • 

' l ?F*$****. 3 -iPL: Tck R hbnci-tJ.3S2S£;?}9i - ■ 




:eiH^ 
.if Wc 


Uwi * ‘ - 


I 








Frankfurt lias become the financial capital of West Germany and, as such, 
one of the major business centres of Europe. Bui the rapid pace of development 
,v : in Frankfurt — now one of the richest cities of the Federal Republic — has 

produced what many regard as ‘a city without a soul’ 


Business 
centre 
of West 
Germany 

r By Guy Hawtin 

\ Frankfurt 

Correspondent 

fBANKFURT CAN fairly be 
described as the financial 
capital of West Germany, but 
-it is capital of nothing else. The 
.fact that it failed to become 
capital of the Federal Republic 
can be blamed on Dr. Konrad 
^Adenauer, the first prime 
'minister of the Federal Repub- 
lic, although as a former inde- 
-pendent city state, it had no 
! rlaim to be the capital of the 
$late o[ Hessen in which it is 
located. 

But if Fraukfurt has been 
short-changed in this respect, 
fortune has smiled on it in 
others. For a start, it is one of 
West Germany's richest cities 
and is likely to remain so as 
Germans and foreigners flock 
in it for business.. 


Frankfurt has been deierrh-ti 
by many nf its detractors a - “a 
city wiihnut a soul,*?. bn t thi- 
hardly dues the place, jtixtne. 
Certainly, it is brash, new and 

aggros.‘.ive. Yet, If . has a 
character which has. survived 
despiie a massive. ■ influx *ir 
"outsiders" both’ from within 
and without the borders of the 
Federal Republic- . ; 

When the allied bombers 
descended on Frankfurt during 
World War II, Europe lost on*,- 

of its architectural jewels. The 
closely built, 'timber* frame 
house:, in ihe city centre burnt 
like tinder and It' is a tragedy 
that there has been:*5o lit lb: 
reconstruction in the manner 
of Nuremberg and Munich. 

Today’s Frankfurt -is. dom- 
inated by concrete 'and gla-s 
monuments to Mammon, stretch- 
ing towards the haze which 
hangs over the city for ioucb of 
the year. 

“Oh my god." an American 
visitor to the city once 
remarked. “ it looks just like 
Indianapolis." 

Frankfurt is not entirely to 
blame for its failure to recon- 
struct in a manner : niore In 
keeping with its ancient tradi- 
tions. After the war, materials 
were scarce and it seemed that 
the city was to beepmc ^he 
capital of the new ■ Federal 
Republic. However, that said, 
the Social Democrats, -.who 
until recently dominated the 
City Government, could have 
shown a little more concern a 


imagination after the immediate 
emergency was over. 

Instead, a wave of speculative 
prnperiy development in the 
I »«u.s and early 1971 is destroyed 
much of that which remained at 
the heart of the city. The 
Roomer, the huge cobbled mam 
xiuori' has been left bare hut 
i'»r the reconstruction of several 
buildings, including the fine old 
uiy hall, the cathedral and fine 
little Gothic church. 

Restoration 

Even the old Opera house was 
h-fr ;i hare shell, despite many 
aiiciiiptb in force the cny coun- 
cil in restore the building, 
which was financed by Roths- 
child money and modelled on 
the Par in Opera. The best the 
council could come up with 
was the solution that it should 
h'l demolished — a suggestion 
that was vociferously rejected — 
but it was not until last year 
that restoration work started. 

The council has been accused 
of permitting the wave of 
property development to drive 
people out of Frankfurt, fndeed. 
the population has fallen in 
the past five years. In 1372 
it boasted a population of 
678.000, but by the first quarter 
nf this year, it had fallen to 

Certainly, homes were to some 
extent replaced hy office blocks, 
but this it not necessarily the 
basic reasnn for the population 
decline. .The city is well served 


by an excellent rail seme? and 
has loriMrnciHd a "Scniiell- 
bahn " local rail system which 
rapidly transports commuters 
from the cm where they work 
lu the .-vniall villages that have 
grown into dormitory towns. 

The Germans are, one can 
t*ay. addicted iu Utc cuunlry&ide 
and the coming of the motor 
car. inereasvd prosperity and a 
mudi-nnj. roved rail system has 
obvitui'-ly been an incentive to 
many former t-uy duellers 10 
mo ve to the equivalent ot •• mou 
repos" in I In* hinterland. 

Frank furl’s climate is also an 
incentive i«» gel nui of the city. 
For people who were not born 
and bred in the place — and that 
is ihe majority or the population 
— it i.s wry hard to hear. The 
area is located in a '• kcssel " or 
" cauldron ’’ surrounded by high 
land and Ihe city is subject to 
regular thermal inversions 
which give many people split- 
ting headaches and make the 
majority of sufferers extremely 
irritable. 

While many people who have 
never suffered fr-nn the effects 
may find ii far fetched, doctors 
here claim that there is an 
increase in rnad accidents 
during these, thermal inversions, 
that the recovery rates from 
operations decline and that 
there is an 1acrc3.se ia heart 
attacks. 

It is Dolhins unusual for 
surgeons to call for weather 
reports before scheduling opera- 


tions and- ‘he '■.'■ratiier bureau 
pruvides them aj a regular 
service. 

Frankfurt i-. n*.«: exceptional 
in this pario-i.-Ijr v. eat her con- 
dition. Bonn arguably worse 
and most town, m a r j,. L . r valley, 
particularly a!-*ng the Rhine 
and main river-. -.luTct from it 
to some doan-e t<r another. In 
Munich, capital n£ Bavaria, 
there is an cvm more un- 
pleasant condition — ihe foehn — 
which make; !?!*_■ wen mure un- 
bearable. 

However. ev-**> dedicated 
Frankru rlers, people who would 
live nowhere vi>e. to 

move out of the place, often 
every weekend. Usually they 
head fur the heavily afforested 
Taunus Mountains m enjoy 
walking in the ensp fresh air 
wiiicb is so often lacking in the 
city. In doing «*■•. their convoys 
nf rars make life ;n the fashion- 
able dormitory towns extremely 
difficult. 

But despite ii- climate, there 
are many rewards to be gained 
from living in Hie city itself. 
With such a relatively small 
population for such an import- 
ant financial and industrial 
centre, Frankfttr; i* on a human 
scale. It is by no means as 
impersonal as New York or 
Houston, for instance. 

While no police chief will 
ever admit that the crime rate 
is anything bu! a cause for deep 
concern, th? d reels are safe and 
ihe only hazard to children is 
fast moving traffic. 


Traffic in Frankfurt moves 
very quickly for a major city— 
a tribuie to the infuriatingly 
thorough one-way street systems 
which seems to change with a 
rapidity that confuses towns- 
man and tour! ft alike. There is 
a ru>h hour, but it L- child’s 
play in comparison whh New 
York. London. Pari?, nr even 
Munich. Experience indicates 
that it only add« t*»n minutes 
at in on i in travelling tune. 

Cultural life, while not per- 
bapo as famed as Hamburg and 
Munich, is rich and varied. The 
city boasts an opera, many 
theatres, traditional and experi- 
mental, and there are concerts 
in plenty. The city also has 
many cinemas which regular t« 
foreigners stage late-night 
shows with fiims in their 
original language. There are 
also many excellent museums. 

Exciting 

Frankfurt is a cosmopolitan 
city, with a large foreign popu- 
lation. Naturally there are 
guest workers v.-ho have come 
in Germany from such places 
as Yugoslavia, Turkey. Italy and 
Spain. But there is also a very 
large foreign business com- 
munity— with the Americans 
heading Ihe list. In many Frank- 
furt gatherings it is hard In 
hear a word of German spoken 
—a result, perhaps, of the 
Anglo-Saxons" reluctance to 
learn German and an indication 


of the hospitality of their 
Frankfurt hosts. 

Business is Frankfurt's raison 
d'etre and. particularly for the 
financial community, there is 
probably no more ex ci tine city 
in Europe in which to work. It 
is. indeed, possible to argue that 
if Frankfurt had not been 
rebuilt the way it -vas. business 
could not have come to Frank- 
furt. Even so the constant con- 
struction work — particularly nn 
the new Underground system 
which is likely to W in building 
beyond the year 2.000 — is fre- 
quently an infernal nuisance It? 
motorists and pedestrians alike. 

"While there is not much nf 
the old Fraukfurt left, the ex- 
cellent City Museum and con- 
tinuing traditions provide ample 
evidence of its history. Occupied 
by Roman legions — who gave 
their name to the Rociuer 
Square at the centre of the old 
town — they were followed by 
the Carolingian and Hohen- 
staufen Dynasties. Written 
records refer to the city as 
capita! of the East Franconian 
Empire as far back as 876. and 
German emperors were crowned 
in the city, starting with 
Frederick Barbarossa, in 1152. 

The city— which Inst its self- 
governing status achieved in the 
14th century, following annexa- 
tion hy Prussia in 1S66— has for 
long had a fiberal tradition. A 
liberal climate was vital for 
commerce and it brought with 
it freedom of thought and a 
flowering of ihe arts. 


The poet Goethe is probably 
the city's favourite son and the 
city is justly proud of the fact 
that it provided the home for 
the short-lived all-German Par- 
liament which assembled in the 
Year of Revolutions, JS4S. to 
proclaim a democratic conslilu- 
liun. 

Nor can one overlook the 
Goethe University, many of 
whose .'indents and staff no 
duubt se« themselves as con- 
tinuing the area’s radical tradi- 
tions. Although life has 
quietened down considerably 
since the late 1960s 2 nd early 
1970* when student unrest was 
at height, radical polities 
remain the order of the day. 
Demonstrations frequently halt 
traffic — lo the ire of the 
motorists 2 nd the relish of the 
students. 

All in all. Frankfurt may not 
be beautiful — hut it is a com- 
fortable place in which to live 
and work. In which other 
international financial centre is 
it possible to leave one’s desk 
and within 2fi minutes be among 
some OF the most beautiful 
countryside in Europe? 

No city is without its short- 
comings and Frankfurt cer- 
tainly has them. However, it 
is a place which has always wel- 
comed the stranger— from the 
foreign businessman lo the re- 
fugees who flooded in at the 
end of World War II — and no 
such city can be utterly without 
a heart. 




jr 


7MTC ' V ■ 



i tfi 

uw -.ft 

f\ "< ■ /. 



* 

■i 

'i 


f* * , 

/.< * k . 

i . ■mid 

i; 

/;■ / .lr^ 


■ M- - M ; 

$mW 

, i** vJSfaSra • 


/I 


w- 


v • ' i 


\ mWi 

“““* :’g W I 


Gervinusstrasse 17/19, Frankfurt am Main, 
headquarters of an engineering group — 

Lurgi plans 


Foreign business makes up about 85 £ 
of our turnover and about half of that comes f 
from our foreign organisation in j 
Amsterdam, Bruxelles, Caracas, Johannesburg, 

Kuwait, London, Madrid, Manila, 

Melbourne, Mexico D.F., Milano, Moscow, New Delhi, — — / . , 

New York, Paris, Rio de Janeiro, Riyadh, Stockholm, Tehran, Tokyo, Toronto, Wien, Zurich. 

___ _ • ■ !• .1 1 


fe'"v; ■* 

V.'. . . *' ■ rt . 


1 


Lurg i Chemie und Hiittentechnik GmbH: Inorganic Chemistry, Ferrous Metallurgy, Non-ferrous Metallurgy. ^ 

Tliw ? KnhIe"W Mineraloltechnik GmbH: Coal Technology, Gas Technology, Refinery Construction, Petrochemistiy, Fiber Technology* 

— 6 Lur gi Umwelt und Chemotechnik GmbH; Dust Collection and Emission Control; Waste Gas, Water, Air; 

Thermal Processes; Cellulose and Biotechnology. 

Lurgi develops processes, constructs plants, sells know-how 

and grants or buys process licenses. 



.the plants axe ; . 

Inalt by Durp 


D-6000 Frankfurt am Main 2 - Federal Republic of Germany - P.O.B. U9181 


a 

f* 



20 


"Financial Times ,F^a« • VX978^/ 


.^■■v ^tr.'-'r -v- ■ ■ 


•""iSP 


Books contain 



FRANKFURT II 







;ut BfG can tell you more 
about the Gentian 






__ 

As a m*j:r Gevnan bank v/ijb over 
240 branches. BfG has ihe expertise sr-d 
offers ire :"p.e&i service in alt aspects of 
internal:' r, a i [racfe and finance. " 

With our offices and participations Lcrdcn, 
Luvernbcurc. I ie.v icrk. Amsterdam. Bsiie. 
Tel A'. iv. Vienna, and Sao Paulo. BfG 
sen/ice for lean?, deposits, foreign e:< ;he 
end money market transactions - the 
range of international banking. 

Count cn BiG. 


.yjr 

■■p 


Head-Office: 

BfG Bank (Or Gemeinwirtschaft 
Theaierpiaiz 2 

D-SOOO FrantiurVM-1, TeL (0311) 25S1 
London Branch: 

83. Cannon Sire&t London E CAN 8HB 
Telephone (01) 248-6731, Teles 887623 

BfG Luxemburg S.A 

14, rue ties Bains, Luxemburg 

New York Branch: 

400 Park Avenue 
New York NX 73022 

Bank fur 

Gemeinwirtschaft 





TRADITIONALLY, Frankfurt 
and the .State of Hexe 
firmly in ihe social demnu" a: :v‘ 
w nip. Indeed. it was pnlstK -1 ? 
that earned the state ila mis- 
name: “ Red Hesse.” 

The Social Democratic P:;: ? . v 
(Sf*D> has dominated H« 
Government since the 
lishmenr of the demo. mi:* 
system aT the end. of. the v. ar- 
ia tterly lit coalition will; iii? 
small liberal Free Donmna: e 
Party iFDP). The same ws* 
true of the city oF Frank fun 
until J977 when the j5o«-!sI 
Democratic Lord' TUayor 
forced out of office and repi.f — g 
by a Christian' Democratic 
l." n ion I CDL : ) Miccessor. 

In real terms a divi«i><;* of 
city and State politics u.vjM ■>" 
an exercise in semantic*. The 
diffk-uitic* which have lie-'*: : >'■ 
■SPD al city and State Je\e !i 
stem from the same un>icriy;;ij 
source: namely that it wool. I 
\ak ea party of very much moi' 1 
than saintl y sweet ness to p 
the majority of the eld -'orate 
happy for 3t» years or nuuv. 

Since 1970 the con'erv;.: .vc 
CDU has steadily been ira :n: n -• 
ground in local and sta ii- 
tinn-.. It< share nf the %■<•»*• i-i-*- 
from 39 7 per cent in t ic i'.T*' 
lo.-al elections when inns: of i!:* 
Stales major cities fell its 
arasp. 

The Hesse State parlia- 
mentary elections last nv-nri 
»cf*m*.*d certain to m.ny 
observers to end with the '.“DU 
and it-* ebullient .chairman P:\ 
Alfred Dreager firmly in inm- 
tnand of the State leii-la:u:v 
which is honsed in the tornvr 
palace of the Dukes of N^s-.u: 
171 Wiesbaden. As it •*. in*.- 
ole co rate resisted the CPI"? 
blandishments and the SPD- 
FDP coalition sirrvived with ::n 
increased majority. 

For the Social Deni" 1 .:./.*, 
who saw their share of !iie • ote 
advance by 2 per cent r. ' 
P ,- r cen». compared with ti:-;r 
P'-riormar.cc in the lyTT .:i 


elections, the coalition's victory 
was a vindv.-.nton hi their poli- 
cies. For rt* small coalition 
partner. win^e share went up 
fi-.ini 5.4 per cent in 6.0 per 
Ceil l, ihe ‘ outcome v/ds even 
more crucial — it guaranteed the 
survival nf a party threatened 
hv its failure u» 4ain the 5 po r 
cent of The vote needed for p:.r- 
1 id men dry representation in the 
Hamburg senate and lower 
Saxony stale elections earlier 
this year. 

However, ihe fact remains 
that the CDU is still the larges: 
party in the Parliament of ibis 
uauTiiotially Social Democratic 
Stai' 1 . The outcome of :he 
Mate elections 'hould really be 
seen as a h; or. thing space dur- 
ing which in*- SPD must repair 
iis image in ihe eyes of the 
v.iter ai both a local and Stale 
iccel. 

The State oK-c lions, it- seems 
fair to say. were really won by 
iv i body. They were lost by the 
CDU. The coalition was un- 
doubtedly helped by the fact that 
the future of the Federal 
Government bun? on the out- 
come in that victory tn Hesse 
would have given ihe CDU a 
majority in ::ie Bun -ties rtf. the 
Federal upper '.mi *■<.*. sufficient 
to block uli -g-i\ eminent lecisla- 
::un — thus f oicin g the Social . 
Democratic ChancoHr-r. Herr 
Me I in » i Schmidt. to the polls. 

Chancellor Schmid', is im- 
mensely popular in both Frarik- 
furt and in*.* State cf Hesse 
and few other Gian convinced 
CDU voter* v.ojld be ready to 
ditch what tf ‘•een ;n be a 
generally -uecessrul federal 
admimst ration for ihe pleasure 
nf teaching the Hes:e Social 
Democrats a lesson. 

Furthermore, there «. a.* the 
>:ance of Dr. Alfred Drcager. 
an immensely pei -unable 57- 
year-old. under whose leader- 
ship the CDU ha? n:3.'le it? rap'd 
advance among the electorate. 
Dr. Drearer -tand? *o the rii'.i: 


of his party and the basic fight 
in tis election was for.the 
middle around— a floating TOt^ 

consis'iiitfe mainly of -young 
people and disillusioned Social 
Democrats. 

Dr. Dresser, whose slogan 
vis " a change works wonders." 
worked hard to attract^ the 
middle ground, but his basic 
position.- on many issues were 
probably a touch too much .10 
the right fur many of Lh'e people 
whose votes he was seeking. 
F.vea so. had the future 0/ the 
Federal Government not bung 
on the election, he might well 
have pulled it off. 


Talents 


All three parties mobilised 
their lop talent — generating a 
certain ennui among the 
clccturaie with the local stars; 
Dr. Drcgger and his' SPD 
iipno'i-e number Herr Holger 
Biterncr excepted. Despite Dr. 
Dreayer’s many assurances fate" 
in the campaign that it was not 
the CDU "5 in’cntJnn to bring 
down the Government; it was 
clear that Ihe SPD-FDP Ifoe 
prevailed air.ono the electorate.-- 

Herr Boomer, a former 
build ina craftsman, is a cheerful 
*■ nan-«»f-!he-peop!e " whiise- 
unflagging coud nature has wbn- 
hlsn considerate . popularity 
among the Hc><e electorate/ 
However, bonhomie alone will 
no insufficient to rehabilitate 
•.he parry in the eye? of all of 
:t= former -supporters. 

The Social Democrats face 
many prohlerr.: — some of their 
own making and some that stem 
train «::e natural results of the 
post- war drive for economic . 


recovery. 

appearanie 


Kerr Boerner's 
in Hesse is 


rv 


indicative of 1 * ,e former. He 
Was rushed i- head the State 
Cowramcnr from Bonn follow. 
ing’. the resignation of former 
state Prime Minister, Herr 
Albert Osswald, after his name 
was linked with mismanagement 
of public funds. 

Scandals among some- of its' 
respected old -uard have rocked 
the partv and shattered the 
faith o£ many voters. Against 
this,, it hab 10 be said that no 
-party can be tn power for 30 
yeara without having some 
skeletons in the cupboard. Bur- 
even so Dr. Dregger’s charges. 
- of jobbery an d mismanage- 
ment ohvinusly struck/' .some 
-sympathcnc cords- aiuotig the 
electorate. ■•:. 

.There i? a lsn considerable 
electoral dt-aaslisf action. /with 
ihe SFDs stewardship...- to; a 
number «»F areas, education' 
being among the- - most 
important. An attempt-:, to ■ 
■ introduce comprehensive educa- 
tion brought accusations that" 
educational standards/'-tWere-. 
being lowered and that bright 
pupils were being sacrificed, on 
the altar of sue io logical theory^ 

- Even those in favour .or. the 
.comprehensive schools — ■ arid 
they are few — complain of the^ 
fact that there are insufficient 
teachers for the number of 
pupils in many schools: A large 
number of pupils in Frankfort' 
and Hesse in general ' have 
regularly missed a day’s - school- 
ing because no teacher has been 
available. The argument 1 ib at 
Germany is suffering from the 
effects of the ” pre-pili bulg^- 
_/ind that things will sort ..them-/ 
sehes out in a few years has'not 
proved acceptable. - ' * 

On Liie other hand, the .SPD- 


vV-?/v-> 


A‘j 


can scarcely be accused of 
acting like wild -eyed radicals - 
during their 30 years in ' potter- T 
and much of the dissatisfaetioV. 

probably results from the elec- K 
torate's changing -priorities as*, 
the economic climate, itself, has. i, 
altered from; a drive --fyr-.Z 
growth to an awareness of .-the.-f 
difficulties; that growth' brings to- 
its train.'..'. ^ . 

. In Frankfurt, current; dissatiSF<:i 
faction with the. way in . which Z 
property development has,.beeto> 
allowed to run- ohtraaimelicd^ 
over heritage, tends to overlook 
the. fact that without . the;/ 
development there Would -havejt 
been no prosperity-. , Gi^ 
has. always been .the /city's life- 
blood "and the needs: of com- 1 *, 
me tee — office accommodation 1 / 
and. .infrastructuxe-TT^hinot.." .tie:.- 
ignor.ed. i > . ' £ 

Memories -are short ■■ 
people tend to forget the excite^T 
meat generated in the -,1950s add Ji 
;J 960s at th e image oFth erbright i t- 
new Frankfurt emerging 7 front- ^ 
the wartime .ashes./ ; In those ji' 
‘days few of the eiwittrrate.-iiadr^ 
much .'sympothy. iWdth. 7 -thnseiii 
eager to pnt p reservation :6f The'-V-> 
past before ; economic; grqwtfij^. 
Yet today Christian pemomtiie; 
plans- to : restore /the. ihisforfeii* 
Boemer. Stjuare enjby imivertal- ji 
approbation /as cioes the much:* 
delay cd- recpnsEfnclfon d£ ithe 4 *? 
did opera. \ , T ’ U--”? 

The Social / Democrats are/“ 
learning- the hard - way thf^trufh^ 
in . Liqcotos pol itical /; h om ily 
that one cannot, please ail pfthe r rf ; 
people ail of Afifrtimfc No .doubt 'r 
the time will, .'dome;/ ,when.~thd.; w 
Gh ristian Dcm ocra Is.- ,'iea rh 
tod.' .The 'question is:.-Whe&t// T; 


GoyJfawtja^ 




3d 


ML 



sfLB Ii^ndc 1 










jm-ri 


*v- 

- ?•*.■ ■/ i tv 


WestLB London. Ihe full-service branch WestLB London is also active in inter- 
of Westdeutsche Landesbank, one of bank money dealing, client-oriented 

the world's foremost wholesale financ- foreign exchange dealing and Euro- 
ing institution, ranking among Germany's dollar bond trading, 

first three universal banks, can service 

you with speed, international flexibility Sterling finance can be provided to 


and professionalism in all important 
areas of commercial and investment 
banking. 

Short and medium-term Euroloan facili- 
ties are available for both corporate and 
public clients. For long-term capital in- 


domestic companies for medium-term. 

WestLB London is also a prime address 
for certificates of deposit and term 
money, 

With a balance sheet total of more 


- a-.-V' '€?*** •.vjSteji 

■■ ■■ • Jgf j* 


• * ? ' ^ ' Trinr mm iwiiiimwiMiki' 

rch, -t:c ucin ilii n! rt Triwkfurt bf okef ’s' office ns the dollar .slid to oiie of i&C nbiD • 
Ions on Eiirufjean money markets, earlier this year: '. . . '.->//' /.V;. K ’ ' - 



vestments, the Bank is a major force 
in arranging and underwriting large' 
amounts in the international financial 
markets. The Bank is known for its, ca- 
pacity to provide large-scale DM loans 
on a fixed interest and long-term basis. 


than DM 80 billion and as a state- 
backed institution, Westdeutsche 
„ Landesbank is a wholesale bank you 
can rely on. 


Westdeutsche Landesbank 

London Branch 

21, Austin Friars, London EC2N 2HB 

Telephone 01/638 6141 Jelex 837984/5 



A strong force in wholesale banking 



Westdeutsche. Landesbank 

PC'. Bov 1 US Q-4000 Pij-.-. I.TpI. C0 11/3261 ■ EWL-Wyrt •‘if/Lrei 7nl 0fi*1 2*7?l 

?’nf.rh<’. Uilci.-.n.T.I r. ; ^nU1 M-9.V York 7el. 754-06:10 Tol.Vn.Tvl 


^ r p*<.n!aji-.e0ffi:?5. Latin ^ri-.*u£2 Cf fi-s fie.v York, Tel. T ? 4-9 



IT IS a fact lhat uf the 300 plu.i 
banks in Frankfurt, around lfiu 
are foreign bank branches or 
representative offices. 

At an educated guess, at Ica>t 
4UO American com panic}- have 
lheir linger in the Frankfurt pie. 
And if one stretches the defini- 
tion uf the Rhine-Main 
industrial area, then you will 
find more than 4tt industrial sub- 
sidiaries *»f English parentage. 

But. as one Frankfurt trade 
official ruefully commented: 
"The useful statistics really 
stop with the banks, and they 
certainly don't have to tell us 
everything. 

"If yuu regard effective 
control nf a company, nr oven 
a significant presence in Frank- 
furt. as a .sli.-irehiiJriinu nf 
between 25 and -J9 per com. 
these companies are under un 
obligation tn tell us about over- 
seas ownership." 

Yet there certainly is over- 
seas ownership, interest and 
involvement. First, rhere are 
the lore Ian hanks. The great 
influx, came in the Jate IHGOs 

and early 1970s. 

Bundesbank statistics for the 
Federal Republic in general 
show that 15 Foreign banks had 
established 21 branch opera- 
tions by !957. The figures had 
risen to -19 and 88 respectively 
by 1976, and 51 and 92 at the 
end of last year. 

This looks miniscule in the 
contest of the numbers for ihe 
FDR — 5.997 and 43.761 respe<-« 
lively, excluding postal giro and 
postal savings bank offices— but 
it is possible to make progress 
frnm a small base.- The Bundes- 
bank’s analysis of the market- 
ing position of the banking 
grnups since 1971 noted a ri«e 
from 1.5 to 2 per cent in the 


foreign -backs' share of business" in teresit to' the igrbupjr-the hriltK ' j 
volume. . - . ing company tor the Fichlei arid ■ » 

It ‘dw?s not 7 necessarily follow Sachs: concern- Which' dominates . / < 
that a small base should be seen the West Gerbla it" . automotive 1 
tn signify either quantity nr clutch market.' 7 ;. ; - | 

4 ii a l i i y .-bT o p p or t u ri it y . West ' The "West yiehh’aii ' authorities " ; 
Germany^ universal hanking had. argued that cpmpetition m ; ; 
system .'-means that domestic toe German automotive - .parts ' * 
ba nksrare, both lenders -to (and niarket; ’ diminished^ 1>y '-'the - . ' 
major- 1 investors inY the dominant - position; that , ibe ; ; 
duniestic : corpurate sector. Sachs faniity concetn- .had buUt . .. ; 

These. cJose. ties mean stiff jip. wtHiJrf ^be fiirthei - diminished. f , 
fompetitiofl/for domestic cor- by a merger with GKN. - ; 

porate /-business: . and .the best -Conversely. 'last. June, share-/ : 
"pickings’ 1 .;. outside that sector holders in the . ailing AEG- 
vroulilf seeto; Rfeely to go to Telefunken -narrowly rejected a 1 

fureign AbanJjs- from countries controversial- company- proposal I 

with i'hi^tihiestment stak6 id that voting rights be limited -to t 

West , Germa^i' fcndiusLry and- cbm- 10 per cent.- Here. 1 there' had • 

me rceA^JreX -.'America ns, with ibeen speculation Vover possible > 

ihvir'ijpiiritjnartdnal client lists/ Arab interest in the_ shares and - 

and to tt,relpe?t3tie extent, the although tfcie" Roard: saw this as ; \ 
British,";^, vi'v - 1 -. a i^hcitentiai-: stumbling, block to' \ 
-Ofif ; ••.-eapfttriata . merchant .future . J plans,/ . sh«reiidlders ; j 
liankef; \an . inierentin^; believed - otfaerwiser -One- of -the ; 

tl o m estf c Irpbs iti on. talking, in. latter . asked:: T-Ciin we get nut ; 


gf*neral':- : tenni> f " recalled .one. 'pF;tbis mess, on -dur owri. ^r dh j 
B r i ush^mhpahy.-wh ich came on .vie. . ' heed 4 < a bijt.' . brothaf: 7 " ^; t - 



sidcr over. The mam, -have - - hecti / {it- no ticc^b iy j3J- i 

criterijgvieicVffOjSNp.hy, stze : of 1 perfdriiief. in the -i97jDs. • 
in mo vefcand- product. The sl/e . The. intemaGonaU“ piefciin^r.§,^B» J 
of the'market place may be in Frankfurt ;nre hit. n& mea^^S-f 
influenced by ? the fact that so' linyt^d to banking OT -ta^eov#^. I 
few afd&est ;Germany/s. 2.000- 5/ 

plus pu-bUe companies have. a ; rhdustriallsts a"part.a.-swifta:^K^^ 
stock exchange quota non. - / / -ihrough-the-city's/t \ 

This ,; does not mean that community.;' will-.' retell ‘.' r 

West German industry, is. ripe aricfr'-.and coimnodh? bipkei^ ^ \ 
for . we picking. . Late -• lit 

rictohefe the Frankfurt-basedi hoieii’ers,^ /aecouaptaaisi •; 

Commerzbank confirm'ed that: it -and operators/ 1 1_ ■ 



EC^PS decision to sell fts • obatenfltf/L-.— lV _ T 

shjireftt-.fol lowed the-. Federal breeds -iUs- .; 

Supijfffie Court's decision 

prpyiflt^ February to refuse.it.-furt/'-^vtiiat^as'. 

perntoiaan to acquire a maiorily' s^ld/ ^ 

cotifiisiuEp-oN y 









FRANKFURT'S whole reason 
for existence is that it is 
an excellent communications 
centre. The Romans,' Garolin- 
giaas and Hohenstaufens in the 
past all: made their 1 contribu- 
tions to the development of the 
city for Just -that reason. 

Situated bn the Main not far 
from - its-, confluence with the 
RJvijve,:-th e ci t y found Europe's 
commerce flowing naturally 
past its gates.-: Until the com- 
ing of the railways it had few 
competitors as a staging post 
for intra-European trade. Even 
after .the “Iron horse" arrived, 
its position 'on the rail network 
ensured it 5 ' continued pros- 
perity. . 

Although the city’s status as 
a self-governing . city State, 
achieved by the middle of the 
34th-century. was’ lost following 
its annexation by Prussia in 
1866, Frankfurt was nor totally 
eclipsed by Berlin. Certainly 
the Prussian capital became the 
focal' point for much banking 
and commercial activity, but the 
custom . of centuries is - not 
easily changed.' 

From the middle ages 
onwards Europe's merchants 
have met in Frankfurt "to 
wheel and deal.” In 1510 the 
humanist Ulrich von 'Hutten 
summed things up rather more 
elegantly when he wrote: "The 
people seek it from far and near 
and flock to the city, for this is 
the swarming market place for' 
the Wares of the world.’’ 

Von Hutten s inspiration must 
have come from the many trade 
fairs held in the city where 
traders met by agreement to 
exchange, goods and establish 
commercial contacts. Some 800 
years ago the market held at 
the Feast of the Assumption 
began to develop into a tirade 
fair— and. indeed the Messe-und 
Ausstellungs-Gesellschaft which 
operates the city's huge, fair- 
ground : continues that tradition; 

In. 1240 . the Emperor. 
Frederick II granted the- royal 
privilege under which. . mer- 
chants travelling to Jhe.>fair 
at the Feast of the Assumption 
were guaranteed the protection 
of the Holy Roman Empire- 
Then in 1330 . the - Emperor.. 


\ vi : X • 

Ludwig the Bay &rijPV granted 
the privilege to thff^ring fair. 

At the turn of ^ce' century 
Frankfurt pioneerol'the -great 
technical exhjlntfefS*;; w ^ch 
firmly established rjp*'. modern 
concept of the.tnufpajr- 9°e 
such was the:-cleg® tecI,ni S a ‘ 
exhibition •of; 7 - v \SI%k-'- w hiie 
another pioneering was 

the internatima^ iv^ -bvmlion 
exhibition of . jtaqar; -which 
attracted 1.5m: an 

enormous nuinfiertJRW 7 * those 
days. -; 

Trade 

Today FrankfttAis.true to its 
traditions in' that- if:-&tcrs for 
the " trade ” rather>tban.' bold- 
ing the vast .. genbr^^aira °f 
the type that Hanurer'docs so 
well. But although vjfts fairs, 
in. comparison with-thb huge 
Hanover Messe, are" jslstively 
small, they are . essentially for 
the businessman, pertkfcfly the 

-public visits- many p£. -them in 
droves, but they -aire ilhe gilt 
on top of the gingerbread, the 
spice to the solid fare" of com- 
merce. v 

Even the Frankfurt Interna- 
tional Fair held tiKSHt spring 
and autumn is a trade occasion. 
The name may give the' impres- 
sion of a Hanover-type opera- 
tion; in reality it is 23 specialist 
fairs — 12 in the spring" and 11 
in autumn — created ior the con- 
sumer goods industry. Itr addi- 
tion there are 13 ,'jtfthec} large 
specialised fairs covering such 
fields as clothing anjid textiles, 
the fur trade. samtatian;-.heat. 
ing, and air condi tioning,* mot Dr 
maintenance and accessories, 
office equipment, and 7tHe meat 
trade. Under this headlngr too, 
comes the massive Book. Fair, 
-the- largest in the wjtiridT and 
Europe's- most importanEjMolor 
Show. - - ■■ r? . 

Frankfurt is also; theiiase" 
for two of West Germany’r best 
newspapers — the Frankfurter 
Allgemeine and the Frankfurter 
Rundschau. While in- reality 
West - Germany, has ;S^ _ rtwn 
national newspapers— 3>ie -Welt 
and Bild .Zeitung — the'iPninlF' 
Jurter Allgemeine enjoy? hifiji 
regard throughout the country- 


Conservative In politics and 
typography, it is the country's 
most authoritative commentator 
on both national and interna- 
tional affairs. 

The Rundschau is much more 
of a local newspaper, but even 
so it has built up a substantial 
counrry-wide reputation for the 
quality uf its reportage. Its 
interest in international affairs, 
coupled with ils radical political 
line, has earned it a standing 
similar to that of the Guardian 
in its Manchester days. 

The city’s excellent road, rail 
and air communications have 
drawn the Financial Times to 
Frankfurt. The newspaper is 
establishing a production centre 
in Frankfurt which will pri- 
marily serve its markets outside 
the UK. Taking advantage of 
the latest technology, the news- 
paper will appear at the 
businessman's breakfast table 
not only throughout the Federal 
Republic but Europe-wide. The 
city's excellent air connections 
also mean that the Financial 
Times will be on sale in Wall 


Street at 9.30 a.m. on the day 
of publication. 

With 10 European capitals 
within a 600-mUe radius, the 
airport — the third largest in 
Europe — is obviously or vital 
importance lo the city’s com- 
munications. Indeed it was 
one of the reasons which led 
the Financial Times to select 
Frankfurt as its pruduclion 
base. 

Passengers 

In the first nine months of 
this year it handled some 12.1 in 
passengers — 3.9 per cent more 
than in the comparable period 
of 1977. During the same 
period take-offs and landing 
increased by 2 per cent to 
164,890. while air freight 
throughput went up by 2.7 per 
cent to 441. 7S4 tonnes. 

Tn terms of air freight Frank- 
furt airport is Europe's largest, 
while world-wide it en joy’s 
fourth place after John F. 
Kennedy in New York, O'Hare 
in Chicago and Los Angeles air- 


Mifes 


40 -t 


AIsfeTd 


port. Last year 590.000 tonnes 
of freight were shipped out — 

some 70 per cent of the Federal 
Republic's tuial air freight 
volume. 

On a daily baais an average 
of 1,600 tonnes of goods were 
handled last year and for 1976 
the Frankfurt Chamber of com- 
merce and InduMry estimated 
that The daily value of the 
freight shipped through the 
airport was DAJS2m. la 1977 the 
transport of freight and post 
equalled 44-6 per cent of the 
airport's passenger business. 

The airport expects air 
freight to be the major growth 
area oE the future. With this in 
view it is building a new freight 
terminal estimated to cost 
DM420m. When the terminal 
is completed m 19S1 it will 
have an annual capacity of 1.5m 
tonnes and all the airport's 
freight busine-s win be con- 
centrated under one roof. 

As far as surface traffic is 
concerned, Frankfurt stands at 
the centre of West Germany’s 
excellent autobahn network 
and at the geographical heart 
of the Continent. This makes 
it not only an excellent trans- 


mu 





Passengers throng Frankfurt airport — the third largest in Europe. 


shipment point — as the airport provided the city- with its life- such as the products of the 
emphasises to its international blood, is also a major asset. Hoechst chemicals plants sited 
freight customers — but also an Inland water transport is cheap within greater Frankfurt, 
ideal manufacturing centre. and efficient It is widely used 
The river, which originally for the shipment of bulk goods. Vj.il. 


r 1 /. jr • \ 

■’■Tv 

»-»li„o -— - ■ Cioccon / *• 


Wetzlar - Giessen 


LimburgJ 


E £ S E 


Foreign banks 


CONTINUED FROM PREVIOUS PAGE 


t C \ FRANKFURT;. 

^-WIESBADEN A' ’. 


WUalWZ^^ussH^iM f J* |= 

jte DARMSTADT 

. // iBensheim : 4 


J / ASCHAFFEHSURG 




Mannheim! 


AP 


L,dwigshfnt^HElDE LB ™ / 

/ % )/ Baden V arttemburg 


round the airport. Frankfurt's 
the only place where you can 
get in, do your business and 
get out, all in the space of four 
hours.” And anmher comments 
that “you tend to look at 
Frankfurt as you would at a new 
town — once over the initial 
reaction, you're reluctant to 
leave." 

The attraction for the 
expatriate is that he 15 on seem- 
ingly common ground. Every- 
one in Frankfurt, perhaps sub- 
jectively. appears either to be 
ao *‘ Au slander *‘ or a native 
German, seconded to Frankfurt 
on temporary assignment. This 
means that the newcomer is 
under pressure to move out and 
meet people. Since there are a 


lot of newcomers, the quality 
of social life appears higher 
than in their normal domestic 
pattern. 

One old hand, however, notes 
the structure of the expatriate 
community has changed- To 
begin with, post-war, Vickers 
(taking over Zimmer), Dunlop 
and 1CI had a big proportion of 
top-echelon operational staff — 
•They’ve all disappeared," he 
said. And they had done, he 
reckons,- by the end of the 1960s. 

More particularly, he stall sees 
marketing as an international 
challenge: "Industry is spread 
over Germany like sugar bn top 
of a cake. The expense of sell- 
ing may be very high, but it’s 
a big challenge, a big market, 
and very sophisticated.'’ 


And it so bappens that more 
and more foreign corporations 
are marketing their stocks and 
bonds in Frankfurt for other 
than the conventional reasons — 
that is. to give a quotation to 
established shareholders and 
.establish the corporate name on 
the German capital market. 


Beaten 


The volume of foreign shares 
traded, below 10 per cent of 
total stock market dealing for 
a long time, reached 12 per cent 
in 1977 and 20 per cent of total 
trades in the first six months of 
this year. With IBM topping 
the overseas charts at DM 160m, 
more than six shares have 


beaten the DM 100m figure in 
the first 10 months of 197S. 

But the neatest deal must be 
for Japanese companies borrow- 
ing in D-marks. They receive a 
rate of 3 per cent — or just over 
— in a currency’ that is weaker 
than their own, hence low- 
coupon and low-prospective 
capital repayment. 

Tbe German-based banks win 
the business: and the foreign 
investor invests less for the 
coupon than for DM currency 
which, to him, is a rather hard 
option. There are few places 
but Frankfurt which could offer 
this— just one paradox among 
an attractive number. 

William Cochrane 



Deutsche Bank, a century of universal banking. 


Multiplicity 
makes for strength. 


Just as the multiplicity of 
services offered by a universal 
bank gives it its strength. 
Deutsche Bank has at its dis- 
posal all tiie skills and services 
that will give your international 
financing the strong support 
it requires. 

If you're bidding for a major 
project our services begin 
with the bid bond. They range 
from advice on all aspects of 
the financing, through advance 
payment guarantees and 
letter of credit confirmations 
to export financing in the form 
of supplier or buyer credits. 


Versatility, experience and 
financial strength are the basis 
of our many services - and 
your guarantee that even the 
most complicated forms of 
financing are given the strong 
foundation that they require. 

Come to Deutsche Bank 
and give your business the 
strong security it needs. 


m 


Deutsche Bank 

Central Office: Franksul iwisuO/DJsselocrf 


Deutsche Bank AG 
Louden Branch 

10 iSoos&v* ■ P.OEox 441 
£adoTiEC3P2AT 


/'♦ v ' • ; Xk' j - Y> h ’\£ ■ • * • • 


9S£«a 


Deutsche Bank AG 
Succursale da Fans 
X), Place Vendcnna 
F-TSOOlPana 

Boile Postale 4® 

F-25Q26 Pans/Cedex CEL 
TeLflfiKD 361 8203 


Deutsche Bank 


Deutsche Baal: AG 


Cotnpagnie Fmanrifira Luxembourg Ffiiaal Antwerpen 
BHSHSS* Fianknjldea' 156 


BoBe Postale 585 

Lux e mbourg 

33.464411 


Postbus 223 
B-2000 Antwerp 
Td. 031/341224 


Deutsche Bank AG 
Succicsale de Bruxelles 
Boulevard de P.6gent, 50 
Bca’tePostete 1405 

B-iCOQ Brussels 

Tei. 02* 5)loi id 

5U 7276-73 CFores) 







FRANKFURT IV 


. ' Financial Times Fn3ay NTovemBer TFW8:;- 








■r-^ V: ' * 

■:® ■ -• S 


..'A.-VlSV- 








IF FRANKFURT missed by a 
hair's brcadrh becoming the 
Federal R-? public's capital, no 
i.-iiy has managed r*i replace n 
a< the country's main financial 
centre. Despite challenges from 
Dusseidorf. Hamburg and 
Munich, the city remains the un- 
rii/pu:*d financial capital of 
West Germany. 

A leading hanker from 
Munich, the Bavarian capital, 
wnsch is notoriously touchy 
about claim- that u play? second 
fiddle to any other German city, 
adm.ttod recently: - It would be 
impossible to opera i c as a major 
bank in ih-- Federal Republic 
•ai: hrni? a substantial repre.^en- 
taiion in Frankfurt " 

Ho wa.- idlkuii; about inter- 
national hi;.« - nesj m which 
Frank Kuri reruns .-upp-im-. Few 
■:nu n tries ar<- a? thoroughly 
fciiorali-i.d at Wes* <ierniau>. 
or 3? well l.ank.-rl, ainl u 
he impo'oiihSe fur a .-in vie city 

r-orri'T il:' 1 market in corpor- 
al-.' finance in a roiiniry where 
t.hc head(»uaro r* «U the \ndu-v 
*r,al majors are s-» widely dis- 
persed. 

F s en -v*. Trank furt rcl* mure 
• ! '^n jiv v ran in call.v fair 
« :, a r e of We- 1 German in- 
du :Try‘. Iinan.o'v: ri'qum'im-nt-. 
'•Civic mucii or' the export fin- 
i- nope ihr.uivli Ham- 
knrs. Frankfurt ai-, ha- a 

*”b*:ani .a: fincer ;n the po. 

'V«;in« of Kraikinri lumkiii” 
r • nack more the .i.ju year* The 
firv re- onjorl place ,,f money 

°icc ian jo. or. i ii R oi-uutIhtc hi 
•V heart of jhe city. Hates liack 
to 14 'C'. Mu--ii ha n ki nr: husino-? 
v»« iransa. *<yj a- a re * tilt of the 
regular internationally painm- 
:«-nde f.\ir- --.hi* h have been 
be i,i m the city ••’.nee the Middle 
Aff'. 

A s' nek excitative, culled ; he 
••Burs’’ an! the forerunner of 
the present Frankfurt bourse, 
v- as established by merchants in 
’■ 5 Sn. Tn doir.v »o. they iaid 
‘he foundation -tone for one of 
the vVct G Titian hank in; in- 


dustry's most important activi- 
ties. 

Since then Frankfurt has 
provided Europe with many of 
it? lesd'.nv bankers. If the 
name Rothschild is the most 
famouv. it is by no moans the 
oldest: Bethniann. Gnniard. 

Hahn. Grunelius. Hauk. Dreyfus 
and Schiff. for insiance. 
B Meuier seel. Sohn and Co., 
which founded in 1674. is 
on a of Europe's oldest banks 
remsininc in family hand-. 

Frankfurt money provided 
the finance for the industrialisa- 
tion of much of Europe as well 
a« Germany itself, it pro\:ded 
l he ca-h for railway construc- 
tion »' home and abroad. And 
u pu‘ up the funds for the 
i.ontinen:’.* wars. 

Bv i‘3o the city's population 
hud -_r r tn oti.iiiiij people and 
H v.«i? r-k ii'ied in have one hunk 
fur «••. ery 170 eit Irens. To-day 
i he rjf" is very much lower 
hut bonk, ns remains Fratik- 
fu.-i‘> nm-t important industry. 

The <:iv hou.-es sumo MO 
Mb-- 1 G'.ri'i-m financial insiiiu- 
non.- ;,n-t al.-u the -He of the 
F.unde.-i*<utk headquarters. 

Kurihon.cire. foietgn banks 
have h-'en flock ins to We.-t 
German in recent tea is and 
the m.i;"r:ty hate been drawn 
tn FranMuri The bulk of tho 
oil-odd ioreicn banks with 
bran-.-hef in West German) have 
In. -a led in 'he city, as have those 
with representative offices. 

While i he enthusiastic inier- 

nalionalisni of Frank furl lia« 
been lit-* spur for the bankers 
cominv ‘o the city, the strength 
nf the industry which provider 
them v. :ri, their livelihood is 
drawn rum We-i Germany's 
awesome "universal" hanking 
system, which gives the banks 
a breadth of action unrivalled 
in Europe — or North America 
for I it a i matter. 

Unlike Britain and North 
America, deposit and invest- 
ment nankins functions are not 


separated by law in the Federal 
Republic- All hunch the system 
is very closely supervised, the 
West German banks are free in 
offer the entire range of 
services under one roof. They 
hold the country’s savings, pro- 
vide industry with finance, act 
as investment institutions, offer 
-lockhrokerage services and 
investment advice. They also 
own a substantial slice of Lhe 
country's industry and control 
even mure through the exercise 
of the voting rights on shares 
deposited with them. 


Freedom 


Eut although the We-t 
German hanks take full advan- 
tage of this frcodiun nf move- 
ment. i he foreign hanks lend tn 
limit i heir opera (tuns rather 
mure narrowly. They tend lo 
concent rate on the foreign 
cxchanae market, the issues 
business, often in partnership 
with German banks, corporate 
lending and advisory work fur 
diems. 

While foreign bank* wilh 
i 'ranches enjoy the -a mo free- 
doms a-- their German counter- 
part;. none. f'»r instance, deal 
on the slock exchange. A 
Briiish hanker said: “Xu 
foreign bank is active in the 
bourse a> lar as I know The 
•lay may i.-uinc. of course, hut 
it -coins h long way away." 

Perhaps one of the most 
important reasons for this is 
that Frankfurt really did not 
re-establish ibelf as a major 
international financial centre 
until the mid-1960s. The West 
German banks, preoccupied first 
with finding the wherewithal fur 
ilie reconstruction of the 
country's war-shattered economy 
and then with financing the 
" economic miracle." were rela- 
tively late in moving into the 
inlet-national scene. 


But the coming of the Euro- 
market and the 'growing aware- 
ness of the Federal Republic s 
economic strength thrust them 
into the international arena. 
Today overseas business is con- 
tributing a growing share 
turnover and a disproportion- 
ately hefty chunk of profits. 
Scarcely a leading hank worth 
its salt derives less than 3“ per 
cent of its earnings from 
abroad. 

The expansion of Frankfurt's 
influence in the banking world 
can he judged from the increase 
in the number of foreign b.-nks 
which have established branches 
tn the Federal Republic — mainly 
in the city. Jn 1957 13 foreign 
hanks, mainly American, had 
branches in Germany. By l s ”5 
the number had expanded 49. 
rising to 51 last year after !f»7fi's 
dazzling banking profits. 

It is difficult to place * figure 
un the business that the foreign 
banks do in F-rankfurt. Las; 
>ear the aggregate business 
volume of the 51 foreign bank 
branches reporting v the 
Bundesbank amoun'ed •" 
DM 33bn— down from i97K 
when 49 branches reported a 
loi.i! volume of DM 34." 1 bn. 
The figures also look puny •.-•hen 
compared with the niTsive 
DM 1.746.S bn aggrega ; e busi- 
ness volume of the entire V. e-t 
German banking system last 
year. H amounts tn less 'non 
1.9 per cent. 

However, it must he remem- 
bered that there are numerous 
representative offices which d.e 
not obliged to report '<■ the 
central bank. Although these 
uftk-es do nof-conduc! business 
as such, they are nciitely 
involved in developing business 
in West Germany "for their 
home-based banks. 

Because of the reporting 
requirements imposed upon 
hranches. many leading banks 


Tocos on Hessische Landcsbank - Gimentrale - 


content themselves with repre- 
sentative offices — -The British 
Midland group included. While 
it is difficult io assess how many 
there are. the business they 
generate is thought to be sub- 
stantial. 

A number of bankers. 
Genua ns included, claim that a 
representative office provides 
banks with the most cost- 
effective way of operating here. 
Not only are overheads lower, 
but representative offices are 
spared the close attentions of 
the Berlin supervisory office and 
are not suoject to the stringent 
German equity/credit ratios. 

Admittedly, there are draw- 
backs tn that representative 
offices cannot actively trade in 
the market. They cannot be 
involved in the foreign exchange 
markets, and they have the 
added problem of having !0 
introduce business which is 
then concluded by head office. 

One alternative to the branch 
or representative office is the 
joint venture. Perhaps one of 
the most imaginative of these 
is the Deuisch-Skandanavische 
Bank, which is jointly owned 
by the Bayerische Landesbank 
und the Skandanaviska En«kilda 
Bank, the Nordic countries’ 
largest commercial bank. 

It was set up towards the end 
of 1976 and at the end of its 
first full year of operation was 
already well in profit With a 
nominal capital nf DM4flm and 
total assets which have passed 
the DM I bn mark, it is well on 
its way to achieving its goal 
oi being the West German 
specialist in the Nordic 
countries. 

Frankfurt is not an easy city 
for the inexperienced, as many 
foreign bankers have learnt — 
especially those who arrived . 
wilh the idea of teaching the ; 
Germans how things are done. ; 
Profits are hard earned, but ; 
they arc there for those with | 
imagination enough to take ‘ 
them. , 




■* - : ,~v- --I .V 


' J • ‘ ? "• - • 7 . • >'• '."I- 


. - y - : ' *7 ■ '-i'i -s , w ■ ■ r*-“ 


■-V •*..->>>-•" 






■“x't-isr I 

* 






Frankfurt's banking skyline . 


G.H. 


CAPITAL MARKETS in West 
Germany have expanded- 
dramatically in recent -years, 
confirming Frankfurt— already* 
the banking centre of v the 
coantG>' — t!ie dominant finan- 
cial city within the Federal 
Republic. 

In ;97G. gross new issues of- 
domeatic bearer bonds totalled 
just under DM 21bn. By' the 
end of this year the capital 
market w:!i have put up close 
to DM Iffilbn in new paper. 

Borrowing by the Federal 
Government more than trebled 
in the three years, to 1977 from 
less than DM Tbn to almost 
DM 22bn. But despite this 
striking surge is official demand 
for money, the financial Institu- 
tions remain the ' capital 
market's biggest customers, 
notably the hanks and ilie 
insurance tompanies. Figures, 
produced by the OECD show 


that the Federal Government Deutsch'emark unattradtlVje ' The ' 
accounted for 17J per cent of gambit bas not worked.'^ Mpse?. 
bond marker funding in 1977 over, .with ^hrtrteji^altejij^lr. 
with the financial sector taking , now being made by . Biei TT-S/;. 
up something like 88 per cent, authorities':, to- staHIfte' : 

For tlie moment though, ;■ the dollar, many prominent banket*.., 
borrowers are holding off. - A in, Frankfurt are: beginning rq’ 
prolonged period of turmoil in nrgue that West ^'German interest, 
the foreign exchange markets rales jnay! now. : lje toa JoW- in 
culminating in the • 'Carter an internaiionaV-'context^.''-' . 
“package" tn support the dollar. Certainly -' the differentiar 
has left dealers in Frankfurt between money costs, in ^ ^London 
groggy and uncertain. The- and New! -TorkVaud those ih 
situation in currency markets Frankfurt . is- ^npw histo'rieajlr 
is still very fluid. 'At. '.the same' veiy ■' ; wiidte.> ;; Ar'the . -same -time. '- 
time the market faces a number growth of ' the We$t-\ Germad " 
of internal constraints, not the economy^ ^ is suggesting that a : 
least the central -bank's damp sighiflcantvqptiirn in demand; 
on short term Interest rates. for .toans ttijf ttccuf'hexf yeat: 

To stem the inflow of foreign Continued -evidence of ' the ; 
currency anxious to avoid the strength of. the.':\Ve$t GermaA" 
ravages of the dollar, ' the economy cknle with-the puhlica* 
Bundesbank has been holding tion of the latest index for new ! 
down short rates in an attempt industrial orders- Qr^ers fh the 
to make' investment in : the two months to September w*ere‘ : 

' CONTINUED ON NEXT PACE ' V 


“Half of Germany’s top 10 
banks are Frankfurt-based. 
We’re one of them.” 


, V -• : 


Deutsch-Skandinavische Bank AG 


Mlpr 

vuiCi 


Let's rtart with Frankfurt. 

\Miy is Frankfurt so important? 

‘Trankiliri rank.! amonu the 
world's li.»r.-most hanking and iinan- 
ei.tl ccni'.TS. 152 German banking 
ins li lu lions operate here, and 
Frank furl has loi international 
banks, more than any other city 
in Continent ai Lurope. 

The Bundesbank i-: headguar- 
terc'.l here, and the I ranklurt Stock 
L.\ change i> German) \> largest, 
accounting lor nearly hall »»] the 
si'.'sk e whang-: Iran -.actions. 57 per 
cent oi' dealings in lureign shares 
and 8!» per uni of ihe business 
in foreign fi:-;ed-inieresi securities. 

Perhaps loss well known imer- 
n.iiiunally is that Ili-ssische Landes- 
bank is on-: of Frankfurt's big 
nuti\ e-bom hanks. Half of Ger- 
man;. 's lop iU banks are Franj-Jurt- 
based. We're one uflhcra.'* 

Now about (he bank itself. 

'N Jiafs iLs .si/.c atid structure? 

"W nil iol.il a *;sc Is of J >M 42 biilioD, 
JIc'Nsischc Landesbank isGcr- 
jn«in\ s Mh Iciig-.-si bjnk. 3rd among 
Landeshanks. As a g* «vc rumen t- 
backed rcgiunal bank, our liabilities 
are guaranteed jointly bv the Slats 
of Hesse and iU Sparkaiscn and. 
Giro Association. We also act ns 
banker io the Slate ofHesse.from 
which, our name is derived, and 
perform clearing functions for the 
52 regional Sparkassen.” 


i • 

1. 31 


$ IW. z 

'St-JL. "TTHHl 


\Mial aboui your service facilities? 

“We concentrate on wholesale 
banking and medium to long-term 
fixed-rale DM. lending. Asa Ger- 
man universal bank, our facilities 
cover ihc lull range of commercial 
and investment banking services. 
Because \vc don't operate a branch 
network; we can devote our time 
and energy to wholesale banking 
. activities. 

In recent years we "have strength- 
ened our international investment 
banking capabilities considerably. 
For example, in 1977 we participated 
in 2S9 international issues. And 
we provide comprehensive invest- 
ment management and brokerage 
services, including securities trading. 
Our membership of the Frankfurt 
Stock Exchange facilitates dealing 
in quoted shares and jQxed-Interest 
securities” 


And sonrees of funds? 

*A large part of our funding is 
done by issuing bearer bonds and 
SD Certificates (Scbuldschein- 
oarlehen). The total m circulation 
is more than DM 20 billion-” 


Who are Ihc bank's main clients? 

“As a wholesale bank, our sen ice 
facilities are tailored for large, 
internationally active corporations, 
foreign governments, and mher 
financial institutions, as well as 
subsidiaries of international 
companies operating in Germany. 
As bankers io the Slate of I les.se^ 
we naturally support iis Mate-uide 
and municipal programs. WcaJso 
w ork closely with I losse s Spar- 
knssen and their clients, especially 
on the foreign side.” 

How do you see your position 
developing international!) ? 

• “Frankly, n number of German 
banks oiler similar high-quality 
services, and some of them have a 
head start on us in the international 
field. Without neglecting our home 
base in Frankfurt, wc have assembled 
a leant of banking professionals 
devoted to building a strong inter- 
national track record based on 
pragmatic banking principles, the 
must modem technical and support 
facilities, and the highest standards 
of client service. Bunking in Frank- 
furt is quite competitive, and the 
banks w ho try harder Tor their ; 
clients and give them la.si. personal 
serv ice often have the edge. This is 
one of our major objectives* 

Hessisdie Landesbank 
- G inven trale - 
Janghofsfrassc 38-26 
D-6000 Frankfurt/Alain 
Telephone: (06 Uj 132-1 
Telex: 0411333 


yj)^ 


-/VV* 


l£u> 


Helaba FuajiralMPaiitrS 

Hessische Landesbank -Girozentralo- 


Highlights from our Balance Sheet Cn million DM) 1977 

Business Volume . . 1,033 

Balance Sheet Total_ 1,025 j 

Credit Volume ■ '' ■■ , - _ . 558j 

Share Capita! - V 40i 


During its first full financial year the Bank, established 
in 1976, could substantially strengthen its position as special- 
ist for Scandinavia. 

In addition to loan financing- including a forfait activi- 
ties, money dealing and foreign exchange transactions, the '. 
Bank entered into fixed-interest ^ciirlties trading^ : _ 

Through the two shareholdets^Bayerische Landesbank 
Cirozentrale and Skandinaviska Ensfciida Banken, the-Bah.k^ ; 
has direct access to local markets around the world' 


A- * ' ‘ . 

... v ’• 


Deutsch-Skandinavische Bank AG 


Alte Rothofstr. 8 • D-^ 000 Frankfurt/Mairi. 

Telephone; 20471Je!ex:W3413<ie5kfd 


Foreign Exchange:TeL: 280671,TeIex: 4-11188 deskx.d • Money DeaIing:TeL; i28067S/at^wyimJe5WKS y : - ••;’ 

;•'/, V »: *•$: •- v' y < \ : & f h ’ 







23 




; : TtHies ^xiday November 17 ISIS 


FRANKFURT V 


\j£o 






$5 ; 


s» 




DO 


FRANKFITRT. /WHEkE CtrarTe- securities on - *wQ' st ® el< the seven other West German 
niagne held fcis first congress in exchange. In' ail, s®“- 1,500 bourses play the same role in 
AD 792 -ran trace iU "history as securities were officipy traded financing it as their Anglo- 
s' financial centre back to the at that time. ’V'-'' Saxon counterparts. 

*« 8 ? S ’ Th ® C,ty But that wa* WhenLtfc* bad At, an illustration. within a 
* toffye 01115 ** xim *$ began. After wrid War total market capitalisation of 
eariy as One the confiscatiop^io^t’n some DM 135 bn for West 

By... -the mid-14th: century, securities ln Gennanyifestroyed German shares. between 
wbenTv became a self-governing the international cohS?*s. main - DM -2m and DM24bn has been 
cityr/StaM.^Trankfurt;; wasa tained by FrankfHrt|^« the traded annually. In domestic 
notaWe'-centtc fdr trade - and years. The doniestj^i^ 3 ^ 011 bonds, valued around DM 450bn, 
cdnaherifet^fAnd ft jvas the of the 1920s niade^f" ‘stock t he annual trading figure has 
trad^a i>V hb'j nln e d forces to "set exchange *• prosperl^^'^^b been around DM 300bn with a 
. up the. forerunner was apparent rather- <wib- rea L bis con lent of over-the-counter 

of Frankfurt Stock followed by therH^’ld-wide business involved. 

Excl^^S.flWo-centnr ies.iater in depression of 19^ The reason for the hyper- 
1 58Sci furt Stock Egcfianj gy ’ -;tem- activity in bonds is that banks. 

ReittiaK^frade ih loans and P™* closure in, -WMv; the dealers and investors have 
d eWtitilra Mantis had.starte 
the jffld.tifthe, 18th century 

the rSariy^' JSthr - the baxu.,.® - - - • r -~ -r ,, . . . - - , , 

hott^«fi;:JBetliinann Brothers .-With Berlin -dW.4e^^P oli ' n^f S? 1 !!!?** 1 

and^to^acbnd .ield a leading Gcal stalemate between f and 50 per cent, 

position/ on ■ the -loan mairket. li. Frankfurt regained -itfcst.iitus 7 h ®> hd ' c dealt actively, too. 
Apart^rtan' ‘these iwo, names as the financial 'capiwl^^at 

such,aa.Goota/d,'Melzler. Hahn, is non- rhe Federal of JJ* 1 ,. dl nt™- wiih t 

Grunelius. Hauck, Dreyfus. Germanv. In tenns,.>f the of imcresl rates, and with a 

Schiff .and others have become, domestic stock market thV only *" 

at one time or another, house- real chaJJenaer was Mussel dor f "L,,.. a ^F 

hold names throughout the (now the second most important a k. capital ^ain*. 
financial world. financial centre :and .-!;’.stock Thai, ai least, was true until 

The first official list of the exchange in the FTO).. (Whose the end of February, by which 
Frankfurt Stock Excbana** proxinniv to the Ruhr acted as time the yield fur JO-ycar bonds 
KS from 17*7 the S d v a spur to growth as a 6pm me r- was down to 5.7 per cent. Since 
dend-yie?d“ne shares traded m cial centre. Again ahead of then it has escalated to 7.1 per 
Frankfurt were those of the DuxMildorf. Frankfurt was the «ni. There are genuine 
Austrian- National Bank issued ma * n centre of attraction as domestic Tears. The nei funding 

foreign hankers flockedlo. West require.!, en. of the West 

i" I? ’ tran^Hion inerted -Germany in. the late. 1960s and German public sector could r.,e 
slock transaction increased , 1970s ' from DM 521m in 1977 i„ 

. DiU 6fl bn next year; and if lh<* 

:.' economy is strong Ihc private 

_ •-, sector cmild be a taker, rather 

tuafe the positive; this is how . ^ ^ than a supplier of funds. On 

the Exchange tackled the second Listing statistics tfor . yne tup of lhati if W(fSs>t Germany 
half of the 19th century, and Frankfurt Stock Exchange p er has , M lJie jj on - s share nf 
the early years of the 20th. l be past in years bear out fhe j;jobn projected U S. 
Although Frankfurt lost ils “-with one _ major exception/ ey i jjorrowmg requirement on the 
status as a self-governing city «ne end of last year ine total international capital markets— 
state in 1866. following its number of securities Ii5Ud_on the , a |j. heiog S6bn in DM 
annexation by Prussia and l »e ptenange wss- _*-//*■ borrowing. $2 bn in Yen and 
BerliD. as the capital of the v, r* u ally double the -.391 -a 50^,11 in Swiss francs — the 
German '* Rejch." may have. had pnd-196r. Taking the bond-ana pressures on rhe bund market 
its time as the most important equity markets ovcrau.vtne Jng cou jj p rove awkward. A spokes- 
stock exchange in Germany; but numbers came in _bonasy-ooin man ff(J . onp of t j lp .. gjg Three ” 
that reading history backwards, proportionately and in grOTtn vVest German commercial banks 
was the time for Frankfurt to ra *®r _wl1 ' 1 se 1,1 .w 1Q ?a- m did not think that yields would 
switch ils financial aspirations 2.04>6 to 4.384 over the lu^ar go higher than 71 percent next 
from the domestic to the utter- period wamst the increase from y eari talking in terms of a 3 
national. 305 to 38i in equities. y per cent inflation rate against 

Over tlie years Frankfurt The foreign listing, statistics 2-21 per cent currently. But 
claims to have gained, along were even better (if from a. the market is clearly reserving 
with London, Paris and Vienna, smair base) in- bonds, particu- its position, 
a leading position as an larly, where numbers rose *ota Equities, this year, have done 
exchange of world-wide 69 to 407. Foreign share listings rfar belter. First, the effect of 
importance — above 'all in inter- went nearly as well, up from'3$r\Vest German corporation tax 
national arbitrage dealings and to 156; but that meant a decline reform, cutting the effective tax 
the placement of foreign, issues, from 266 to 231 in the domestic -joh dividends, to the domestic 

As evidence.- it- points-out-that-mafket-.— The^witraetion- itself ^rarehufrieTr-war-lo lift the 

just 'before ■‘World " W ar* Oris tiie has been mainly ' "si result ' uT' average yield by 25 per cent— 
Frankfurt Stock " Exchange merger's: but the fact' remains* despite the fact that 197- was a 
official list showed 388 foreign that West Germany's industry bad yeart for earnings and that 
bonds and 51 foreign stocks— remains largely in private hands most rampfnie* cut their gross 
the greatest number of foreign and that neither Frankfurt nor cash dividends. This, coming 


constantly in the following ,he earl i 
Good traders tend to accen- LlStillSS 

■ n rrv thn nneifriira' tViie ic linu* ^ 


Tir.'i/ii/;/ in /jryr/iVAs ut lUc l r runl:fun Slock E.rclinupc 


at a time when bonds were 
becoming decidedly less attrac- 
tive. gave the market its initial 
injectiun of liquidity. 

Then, since September, ilie 
fundamentals have unproved. 
Full year GNP growth fur West 
Germany is projected at ai leas, 
2t per cent in real terms this 


year, rising to b-'iv.-' , 3< and 
4 per cent in 1979. Wuh inicrmi 
reports better than e - : peeled, 
ihc prospeels f-<r er-rp-raie 
■‘arnings ha\e imi-n-wd ai a 
time when the ,- "'i «»l lninc 
index is only a hule ever 2 per 
eeiu higher and 1'eiatively mild 
wage increases — m ihc area «»f. 


say. 5 per cent — seem a 
rca'onahlc possiruiny. 

All this took the Commerz- 
hunk index up from a May i2 
low -if 759.4 to an October 19 
high of $63 S: and while there 
has been a reaction since then, 
there could be plenty of action 
still to come. 


The other effect of corpora- 
tion tax reform — reducing the 
yield to foreign investors — has 
not stopped them continuing to 
be net buyers in the Frankfurt 
equity market. Yield is no 
consideration in the sort of 
interna lional equity investment 


which tries to combine share 
price appreciation with invest- 
ment in a hard currency. It 
seems, tins year, lhai the U S. 
pen.ii on funds have become 
much mure interested in 
Germany. 

William Cochrane 


Dealers 


CONTINUED FROM : PREVIOUS PAGE 


From our home base, we can fly you to 11 5 destinations in Europe and the world. 


nsa 


German Airlines 


5i per cent above those for the 
June-July period with domestic 
orders rising by 4> per rent and 
foreign orders increasing hy no 
less: than 8 per cent. Clearly 
optimism about the outlook is 
for the economy in 1979 is now 
beginning to swell. 

The financial community 
points with eagerness to the 
chart for real GNP which for 
the first half nf this year shows 
a rise of 2J per cent over the 
npening six months of 19- 1 . 
Within tliis performance the 
second quarter managed to grow 
by 11 per cent over the first 
three months of 1973. Plainly, 
official revisions to historic 
figures are part answer to the 
buoyancy. Bui the results are 
nonetheless proving far more 
encouraging than many ec-mo- 
mists had expected. 

The. outlook for Uic world 
economy remains as unsure as 
ever., But some estimates of 
private consumption now 

suggest growth of between 3t 
and 4 per cent during 1979. As 
a result West German industry 
-^fter a number of lean years 
—could start to spend heavily 
on capital account. Recent 
surveys of manufacturers' 
investment intentions indicate 
that real spending on fixed 
assets and plant may rise by as 
much ax 7 per rent next year. 

Thus, the demand for capital 
could shortly begin to harden. 
Faced w»h this prospect the 
suspicion is growing in Frank- 
furt that the next move for 
interest rates is upwards. 
Recent -tactics by the market’s 
new issue managers have 
already begun to suggest as 
much. 

Last year, bond yields °n 
iverage declined by something 
ike li per cent to close 1977 at 
tround 6 per rent During the 
'■ariy weeks of this, yields con- 
inued to decline against a back- 
,Tound of formal approval from 
he Bundesbank. Thereafter, 
natters started to get out of 
land. By early March yields 
tad dropped to 5 6 per cent — 
heir lowest level for more than 
•0 years— as heavy inflows of 
ci reign funds forced down 
merest rates. 

This was plainly an over- 
eaction and was followed by 
ae inevitable self-righting pr* 1- 
ess. By the middle of the year 
ond markets became more pre- 
ccupied with internal factors, 
otably indigestion in the Euro- 
*M bond market, and, in the 


domestic arena,' an upsurge in 
yields within one particular 
■sector, mortgage bonds. The 
latter situation arose through a 
Tash of new offers from the 
mortgage banks seeking to 
match an upsurge in loan busi- 
ness with underlying borrow- 
ings. 

As a result the market in 
government debt turned dis- 
tinctly soft through July and 
August as investing institutions 
switched into the mongaee 
sector where yields at one time 
tupped 7 per cent for lU-year 
paper. Correction finally came 
as the year beaded intu autumn 
and the dollar crisis gathered 
pace. At the time, a renewed 
upsurge in demand for DM 
assets gained impetus from some 
favourable fiscal news from 
inside West Germany itself. This 
was the realisation that die 
Bundesbank was much further 
ahead in its financing nf ihc 
public sector deficit than had 
hitherto been suspected. 

Demand 

Against this bat-kgr-mml 
demand for all types nf bunds 
surged vigorously. Bui Hie 
situation emuaiued many of die 
slightly unreal elements s-.-cn 
earlier in the year with demand 
susceptible to currency swings. 
The uncertainly made for a test- 
ing time in new issue circles, 
and pitching the terms nf a new 
issue with any attempt at finesse 
remains a remarkably tricky 
business. 

The two most recent new 
offerings are a graphic illus- 
tration of the problems involved. 
A 10-year issue from ihc Slate 
of Hesse met a cool response 
and has still nM been fully 
placed. Learning from this 
experience. Lhe Federal Rail- 
ways stuck rigidly tD the middle 
road, when unveiling its DM 
550m offering. 

In contrast to a traditional 
liking- for long term money and 
dealer expectations of a 12-year 
offering, the Federal Railways 
eventually emerged with a six- 
year bond, carrying a coupon oi 
6 per cent and priced at 991- ■ 
Deliberately and strategically 
aimed at the middle range of 
market maturities, the offer was 
quickly snapped up- 

One present uncertainty tor 
the bond market concerns the 
size, nature and timing of the 
issue. of DM. dennminated bonds 


by the U.S. government. Pro- 
posals to issue foreign currency 
bonds were contained in the- 
U.S: Government's recent dollar 
support measures, and it begins 
to look as though a significant 
amount of . the S14bn envisaged 
will find its way into Frankfurt. 
If. and when, this happens it 
could conceivably snal; up a 
Mzeable proportion of available 
investment funds. 

A small but nevertheless 
important adjunct of the main- 
stream. capital market in West 
Germany is the market in Eurn- 
D:,I bonds. From the point of 
view of the investor there 
little distinction between a DM 
foreign bond and DM Euro-bond. 
All DM public issues are listed 
on the West German bourses, 
and are thus subject to the same 
trading and issuing supervision, 
irrespective of whether nr nni 
they include foreign banks in 
the managing syndicate in- 
underwriting group. 

From the point of view of the 
borrower, however, the two 
types of paper differ from one 
another’ principally in respee' 
of the composition of the issuing 
syndicate. The Euro-bond would 
be internationally syndicated 
whereas the foreign bond would 
be syndicated exclusively aiming 
West German batiks. By agree- 
ment, - all Euro-bond offerings 
arc lead managed by a German 
hank. 

After (he dollar, the DM is 
the must frequently used cur- 
rency for international bond 
issues. New. issue volume .in 
this' field has grown from the 
equivalent of $780m in 1970 to 
$6.3bn in 1977 which compared 
with $4.1bu in .1976. Gross news 
issues in this market for the 
first nine months of this year 
were sharply up on 1977. 

All. DM issues by foreign bor- 
rowers raising more than 
DM2Qm are informally regu- 
lated . by the Central Capital 
Markets Committee. The Com- 
mittee is... concerned with the 
maintenance of orderly condi- 
tions in the foreign bond mar- 
ket. It nieei£ at regular 
interval^ and determines appro- 
priate ' levels of forthcoming! 
new issues, as. well as The | 
sequence of new issues for both j 
the represented and the iwn-| 
represented West German i 
issuing banks. j 

-• Jeffrey Brown! 





. “No publicity whatsoever 
is associated with our trading activities. 

On the contrary”. 

This was how Wilhelm Merton, founder of In the world of today, a good show is no longer 

Metallgesellschaft in Frankfurt, described the performed discreetly, behind the scenes. This 
style of his Company. A spirit of enterprise, also holds good for the trading activities of 

stability, watchful observation of the market and Metallgesellschaft Backed by tradition, experi- 
shrewd planning provided even at that date the ence and a considerable financial potential, 
impetus for the launching of Metallgesellschaft the experts of Metallgesellschaft are also active 
as a worldwide organization for international at the LME on behalf of the firms of their own 

trading in metals and ores. Today the Frankfurt Group and of / 

Company, with its research, mining, smelting, international / 
processing, engineering and plant contracting, customers 

as well as transport operations, is one of / 


^"Financial Times 

FRANKFURT VI 





in food 


the leading trading concerns in the. world. 

Metallgesellschaft AG 
Reuterweg 14, Postbox 3724 
D-6000 Frankfurt am Main. 1 

Metallgesellschaft Ltd * 

19-21 Great Tower Street 
London EC3R 5AQ 

The Ore & Chemical Corp. 

605 Third Avenue 
New York, NY 10016 

* Ring Dealing Member of & 

the London Metd Exchange vSv 






v' 


im 







-&M --T 

^ v : ^! 














m a 

/V : ■ 

ft / it I- .. 


/i How much will your exports 
f be worth this year? 

4 Before you answer, read this: 


i ! Since conditions ofintemational trade are changing constantly, 

./i your bank must be able to provide the expertise and capacity you 
need to operate at maximum efficiency. Proven experience, 
international know-how and the flexibility to meet 
Jd!l 4 your specific requirements are essential. 

JBL Commerzbank, one of Germany’s leading commercial 
banks with consolidated total assets of more than US $ 35 billion, offers more than a 
century of multi-market experience in foreign trade financing. International customers 
rely on Commerzbank for expert advice on hedging foreign 
currency exposure and for in-depth knowledge of local 
requirements around the world. fpl 




'With 850 domestic branches and 
a global network of offices, Commerzbank 
can put you in touch with trading partners anywhere - or arrange contacts for joint 

1 ventures, mergers or acquisitions. 

West German Foreign Trade 1977 I 





Internationally oriented since 
its establishment in 1870, Commerz- 
bank - headquartered in Frankfurt - is one of 
Germany’s foremost financial institutions, 
offering a full range of commercial and invest- 
ment banking services. 

For sound advice on trade financing , or any other financial problem, have* talk 
with Commerzbank, 

COMMERZBANK Stt 

International Head Office: P.O.Box 2534, D-6000 Frankfurt/Main 
London Branch: tO-H Austin Friars, London EC2P 2JD,TeL: 638 5395, Telex: 8812230 

Chicago -Len!k>n-NwYo}k.F^-TaJ^ . .^..London 

SutefeSafes and RwmsertaSve Offices-. Amsterdam . Bshit . Brussels • Buenos Aires ■ Cairo • Caracas • Cooenhaaen • Jakarta * Johannesburg • Um*,. 
iinmngQ^pfjttu • buiiaraa (QatoSi) • Motto City -Moscow * New York -Rio do Janstra * SOo Paulo ■ Singapore * Sjdnejf * Tehran • Totyo • wnonow 


AS AX unwilling schoolboy, my 
grandfather always eased the 
agonies «f the return lo incar- 
ceration after the freedom of 
;he holidays hv caking me lu 
Rules. Simpsons in the Strand. 
i., r — if he was feeling particu- 
larly expansive — the Savoy, for 
what he tenned “a good feed.” 
The food was plentiful, substan- 
tial. plain and tasty, and was 
usually awash with savoury 
gravy. 

Had grandfather been asked 
lo describe the typical food of 
the Frankfurt area, he would 
certainly have put it in the 
••good feed " category. It would 
be pointless to describe food 
from this part oF the world as 
anything other than “substan- 
tial,” but. while it is a world 
away from the French tradition, 
there are a number of dishes 
served here that are anything 
but contemptible. 

By no means all of the town’s 
Ga-tsiStten — the small restaur- 
ants that are the German 
equivalents of the English pubs 
— manage to rise above the level 
of over-cooked. pre-packed 
frozen schnitzel. But. although 
a goodly number rely heavily on 
this stand-by. which frequently 
has all the appeal qz the 
standard British pub pasty, 
there are more than enough 
offering an abundant selection 
of good, plain, local dishes 
which should appeal to all but 
the most jaded palates. 

After the “Frankfurter 
sausage," which can be pur- 
chased as a tasty snack from 
stands all over town, probably 
the most truly “Frankfurt” of 
all dishes is the ubiquitous 
rippehen. This is a smoked 
pork chop, which, despite its 
name, is anything but small. 
Rippehen is either served cold 
with brown bread and mustard, 
or hot with sauerkraut. At its 
best, it is a most noble dish, 
boiled together with spiced 
sauerkraut, itself delicately 
flavoured with bacon. 

Hot rippehen mit kraut is not 
necessarily the ideal dish to 
offer a delicate maiden aunt but 
it is just the thing for hard- 
working people on a cold 
winters evening. Cold ripp- 
ehen, lashed with mustard and 
eaten with bauernbrot is an 
ideal — and none too heavy — 
supper on a hot summer's 
evening. 

Scliweinshaxe is a dish in a 
similar vein, although it is even 
more substantial. It is a pork 
knuckle, the lower pan of tradi- 
tional shoulder of pork. Usually 
roasted, and often sold by 
weight it is like an individual 
joint of pork, richly covered in 
crisp crackling. 

A review of Frankfurt cook- 
ing cannot be allowed to pass 
without mention of handkase, 
accompanied or unaccompanied 
by music. Handkase is. as the 
name suggests, a pat of cheese 
which was originally moulded 
by hand. Some of the local 
farmers still make it that way, 
but no doubt the machines have 
now taken over the bulk of the 
business. 

Handkiise. although sharp, is 
not one of Europe's most 
interesting cheeses — indeed, to 
all but addicts it has a very 
high boredom quotient. How- 
ever. handkase mit rmisik is 
a different kettle of fish, if one 
will forgive the mixed 
metaphor. 

Served in this manner, the 
handkase is smothered with a 
dressing based upon oil. vinegar 
and diced onions. Every house- 
wife and gaststatle has a 
different recipe for the dress- 



Yineyards at Rudesheim above the. Rhine. 


ing— ours includes., caraway 
seeds — which adds a whole new 
dimension to the cheese’s 
flavour, making it worthy of a 
place on every cheese trolley. 

The dressing itself, is not 
strictly ihe “ musik.” , But: 

foreigners. non-Fran kfurters 
that is t n say, who ask where 
the musik is are . laid with ^a 
snigger that it comes later— . 
a coarse reference to thf dress-.. 
ing's mere than justified reputa- 
tion for causing flatulence. 

To return to a higher plane,, 
one should not overlook Frank- 
furt green sauce which is made 
from fresh green herbs* eggs 
and sour cream, although l am 
□one too clear as to the exact 
recipe. At home it is often 
served on its own over potatoes, 
but its piquant flavour makes a 
far better accompaniment : to 
the traditional Frankfurt 
speciality, boiled breast of os, 
than horseradish sauce and 
elevates a rather mundane dish 
to one deserving wider, note 
than it currently enjoys;.. . 

Xo guide to Frankfurt cook- 
ing should be allowed, to 'pass 
without reference to -. game 
dishes. These are by no means 
purely a speciality of the. city 
for. in my view. German game 
cookery is unsurpassed any- 
where in the world: 

Game in Germany is 
generally cooked far fresher 
than it is in England, all the 
belter for those who. like 
myself, are not enamoured of 
the graveyard taste of most 
British game dishes. While 
British game cooks may gasp 
in horror;' far more game is 
eaten in Germany than in the 
United Kingdom — they con- 
sume more U.K. venison than 
do the British — and one should 
bow to their superior know- 
ledge. 

Venison — which, despite 
hanging until it rots, usually 
arrives like leather at the 
British table — is cooked pink 
and, as a result, is tender. 
Partridge and pheasant are 
cooked fast to keep the juices 
in and, while the flesh is 
naturally firm, the knife cuts it 
with ease. Some cooks advocate 
the par-boiling of older birds, 
before roasting. 

To turn to drink, the 
traditional Frankfurt tipple is 
apple wine, known as apfelwein 
to the posh nr ebbelvoi lo the 
locals. Frankfurt is surrounded 
by apple trees and its apple 
wine, the like of which is Found 
nowhere else in Germany, is 
dry in flavour and considerably 
more subtle in taste than the 
usual run of English ciders. 


The apples are pressed in Badly thfs is* not ' entirely hra« " 
early autumn which Is the justified.- IVhile there arepTenty • 
reason for “stlss,” .the un- of gaststatten servi ng 'good, 
fermented, newly-pressed apple plain fare, cooking of: the 
juice. Suss has a beguilingiy premier class is bard- <o find 
fresh, nutty taste and is_an ideal and costly when fOund. - 
thirst-quencher on hot summer . -.That " said; there are; rgrod' 
evenings. But the novice. should.' restaurants, “although there is, 
beware. Most experienred; apple perhaps, not the variety that one 
wine bibbers will warn .that; like would expectln aijjnternational , 
fresh apple wine. rtis-ejie^f the- city ~bf: Frankfurt’s-- standing; 
most powerful emetics'- yet The French re&taurmrt ,Tn' the • 
"devised. Frankfurter. Hof maintainr 'a . 

• For those left cold ‘bjTippfe high; ktaiidariT in “the Freitcft 
wine. Frankfurt’s two large tradition; and its , duck and 
-'breweries. Binding and -Hen- game? *re ; particularly- -tq >be- 
ninger, both produce excellent recommended. : 
beers. Dedicated beer drinkers,'- Hesslscfter: Hof^res-v 

however, claim that their taurant also has -4 *hj^b 'repute-:- - 
products, while good, are not up tidn L and -specialises.'.. In .tract/ 
to the standard of the northern tibnal.Germfiri haute cuisfne/ it' 
or Bavarian beers. ' Still .one 3s ? certainly ttwsv? pfcce to -try . 
seldom hears complaints from . boiled breast of Ax-with Frank- ' 
customers. ' fart green sauce and ..its- venison 

Frankfurt is not in a wine dishes . axei . superb'- Beylarid - 
growing area, but even so .the-Weinstuben.-in Kaiserfiofstrassa • 
Rheingau — one ot the country's ^Jso serves traditional German , 
main wine-growing regions-— is cooking, as' ;veH -as some ;of; the 
only 30 km or io up the mad. best fish ..‘in.- Frankfurt, 1 As a . 
Wine drinkers with a little time bonus it his one- of- ihe finest; 
to spare can be tasting excellent lists, of Germah? ‘wines in. town. ; . 
wines at the . vineyards which, - A good French wme list . 
border the Rhine within an hour harder to find. aBhoiigh goodr 
o£ leaving the city's confines.. burgundies ,are easier to uiK- 

earth than clarets. .However- - 
On^ilifv • ,.. Erno's, Bistro. in. Lfeblgstrasse 

yUdlllj has a -French .'wine list that . 

The Rheingau fwhose -wines wouIdTJmt most. leading London 
are known in Britain as Hock restaurants -to- Shame^ at prices 
because much of ft was origin- which by. Frankfurt standards 
ally shipped from the village of W reasonable-in, the. extreme. -• 
Hochheim) are considered- by Erno’s eooking is the best in the .. 
many coimoisseurs here to be .city 4nd it is prte of those rare 
the finest of Germany’s growing restaurants : 7 seera, .to - 

regions. But. as with any Other improve year by year. Krtw.; " 
wine growing region, care must who learnt' bis craft; at one of . 
be exercised in buying as France’s greatest restaurints, 
qualities vary considerably. - As .changes his. menu 'daily serving ■■ 
a general rule of thumb, beware only what' is ‘ available fresh': 
the cheaples. However. DM 5 to from the market— a refreshing. 
DM fi can provide the drinker change -in a country rapidly, 
with a first class bottle, going over to pre-packed foocL . 
especially when bought by the Everything is good, but his" fish:? 
casein the region itself.' : and fresh foie gras should .not’. 

Among the region’s . finest raiss^d. His beef, is; 'the. best -• 
vineyards " is Schloss Volirads ^ Frankfurt- 7 ”■ 

where the district’s traditional At the other end "of the scale, 
standards -are rigorously main- the greatest exponent Of the. ?' 
tained. -Wines from Schioss.Voll- scheinshaxe is Kochersperger in - 
rad are much sought after by Schifferstrasse ' in' ; the “ less • 
connoisseurs and as such are fashionable quarter of Sachsen- 
not easy to find. They are deli- hausen. • Kochexcsperger, is an 
cate and dryer than those unpretentious . place, which, v 
-usually found in the district as' fortunately Tor its pre- 
the owners have stiffly resisted dominantly- working ' class 
the post-war move to sweeter.clientelc. . is unlikely ever to.-; 
wineswhich growers feel appeal, figure in one pf.-'. t&e -gastro- ; 
more to the average German noinic. guides. But - although - 
palate.'They can be found in the gastronomes- may -sniff, its ? 
best .speciality shops, but are schweihshaxe an enormous , 
probably best bought direct chunk of" meat — isTiighly rslPd 
from the Schloss itself. by true afficianados of this dish, 

Despite its culinary tradition myself and many of Frankfurt’s 
the most frequent complaint ‘late-night cab drivers included. - 
made about Frankfurt is the " T _ . 

shortage of good restaurants; . - ij.n. : 


SCHRODER, MUNCHMEYER, HENGST&GG 




2000 Hamburg 1 
Bailindamm 33 
Tel.: 32 95-1 
Telex .02-1 62 151 


6000 Fran Wart 3« M„. 
FriedensstraBe 6-10 
Tel.: 2179-1 ’. 

Telex 04-13 756 











23 



flrrarijnai Ti rb'es Friday November' 17-197 8 


FRANKFURT VII 



fv- -.%%■ 

' 

■ • . 
r-cri'- 

- ' T'tfff 





its part 



till 


FRANKFURTs " ROLE as a 
(oral pairtf • for industry is 
frequently . overlooked.' With, 
the spotlight on the Bundes- 
bank, the multitude or -domestic 
and foreign hanks and their 
branchef, the insurance com- 
panies and .other members of 

the financial coin mini iiy. it is 
easy-, to forget : that -there are 
producers o£. Wealth, as welt as 
distributors. - 

It ; is .true: .too. that Frankfurt 
is dirt ibVcemre of large-?cale 
indtistrial’: Timdiictmh: ' J 'Amung 
the‘ really; hi?, to'rporaie- name* - 
*m3ToQction: units, in the 
Fr^cfeturt' af esrVre Hocchst. one ■ 
uf :* ’.rfie-: three . German 




machine sub- 
srdbrjr^f- General: Motors- of 
tbe-^5.*;'f rC ~ ' 

fine industrialist put it, 
recedjliv'.wnpldybrs lend to go 
where- the labour is. . Or. if they 
Co Jol/pr "finer judgment than 
that, they tfill locate production. 
heaHcuiarters,' design or trading 
siaft jn areas which, oil her have. 
nr^s&naibract -a' supply nf r^e 
appropriate., personnel. What is 
remarkable about Frankfurt i* 
the high proportion of decision 
iskprs »o line workers that tlie 
employment ' statistics have 
suggested, and lhat industrial- 
ist* themselves confirm. 

~ The inenry goes a.s 
Recent statistics- show a tnfal 
population for Frankfurt of 


633.342 inhabits ius.^4 57 , of furtafter the war from Leipzig 
these foreign hatidiiaBE 4 nd a jvhile Offenbach, adjoining 
very low unempJoyajgpt, tauo. Frankfurt, is the traditional 
So evpn with its ruMfaf com- centre uf the 'leather industry, 
tmmicatiuns advanlagsH* c ®. n ' But perhaps the most encuurag- 
trale position in GerflSH*y.;° r in 1T| ^aspect for internal 
Continental Europe, Gjnr,. inter- observers is the proliferation uf 
national airport with hBJ4** essive small businesses which promise 
air-freight facilities, *§£. Rbme further growth in the future, 
and Main waterwa^^;»P^- Bl „ U , asue German CQn)paQ ies 
date motorway. net_ with administrative centres in 

works-:— prospective. tj^wmers Frankfurt, apart from Hnechst. 
with n high labour r^sireajent include AF.G-Teleftmken. Metall- 
would have to thipJk^Pwe- gesellschaft. Degussa and 
1 Philipp Holzmann. AEG could 

R P Ctril b " c,es *- r,1 »ed as the increasingly 

•• weak sitter jo Siemens in the 

Entile i S m.vrso'S6»^Mi yxv:" rm ?r s ,akcs , 

Uie Iasi 30 veaiisiiB&l^-rar ’j. “ d Ptr cmt 

rbatrnnnrinV arf- *** '» . Kr.rwerk l.nmn 

ssssr- ’Hirstes ™ " 

S2S8T 1 o 7* *•« 137S - 

generated all sorts :-st&PvrX The sale agreement did 
operations one n ' M ,,uTpr Siemens' assumption 

following upon aaomd'r.,FfBnk- w**™ stemming fruin con- 
furl ingested an uiSsw .flf-ibdus- lrai ' ,s brought -by AEG 
trial headquarters, aceoiditan is 
mi huu -mg: it saw a, -massive 


into 

KWU. La M September ii was 
agreed finally that AEG would 
pay si. m m DMl.ilSbn In viiver 


£?mLn^ '.'If** ,,n l ‘ nnn ? rts hroushl 

further extended ^ 

AH these things have- created announced that this, «n tup of 
a very big service inBustry m a had business year, would 
jnri around Frankfurt, which result in it reporting a 1978 
also has a 5oi of lighter: ind us- lo-> Thu will be AEtiV fifth 
try including the production nf year in a row withoul paying a 
s grejt variety nf .cqnsunier dividend. 

guilds, fr. mi ce.-d niies to. iexlHesi. IVhere -M’cJV problems have 
ihe fur trade moved to Frank- been pa i titular, those of Metall- 


gesellschafr iMG». the metals, 
engineerin'.- and transport com- 
bine, have accentuated ihe 
general. Much or irs business is 
conducted m sterling or dollars 
‘oit it must accuiiut lo ils share- 
holders in Deutsche in arks. This 

has been a typical complaint 

frura Japanese, Swiss and Uer- 
man indu&lralists rrcenlly, al- 
though most of them have 
played down the consequent 
saving in import costs. 

In its interim report earlier 
this year MG gave this— or. 
mure particularly ihe decline in 
the dollar — as ihe main reason 
why earnings for the first five 
months uf 1977-78 were well 
below target. But another vita) 
factor had been ihe weak state 
nf the market m zinc — a metal 
of which MG i* an important 
producer — and it was Telt rhat 
the zinc market situation would 
play a decisive rule m the losses 
of the group's smelting and 
mining activities. 

Last September, indication* 
uf some stability returning i.u 
rhe zinc market were mentioned 
by Air. R. T. S-e miner in bis 
statement wnh ihe annual 
report of the Anglo-Transvaal 
group’s Pneska copper-zinc 
mine m South Africa. But he 
added that a strong economic 
upturn must occur in major 
cinisuining countries before 
prices »f both copper and :'in.- 

recover m more realistic level-, 
in real terms. 



A tanker tit il-c Hucchst factory in Frank! :irt J«*r remotiug orgunii- •.'ftCinicuLt tL> lIic cohijxii mis m/icr 

’ pi a nls. 



the arts 



FRANKFURT AND culture: Frankfurt is a very musical settings have sometimes got in 
not so much a contradiction city, whether ii he pop in the the waj of words and meanings, 
as a challenge. Frankfurt, the Messcgelandc. jazz on. a ; 'river- Revo nt Shakespeare pro- 
city must people love to hate. boat, or Bach in one of the big dilutions are a case in point. In 
particularly if they don’t live banks: and not only professional T/rrl:h Siylu, characters went 
there. But while bombs and music, as a glance dowii.the through a scries of sado-maso- 
property development have local events column -‘■jfrofind chislsv riniau which served to 
blasted out must of the centre. Christmas would reveal. Frank- distract from rather than con- 
Frankfun is not just the bleak furt has two musical adadeip.ics. cenfra’.e -.ittention on what the 
financial capital outsiders tend Voting artists may even he words were about. The trans- 
to imply. It is true thnt ever lucky -enough to perform before latum took «.ut all the poetry 
more office, bank and business audience through thelhiWa- so that Uic down (a w'omeni 
blocks continue to fill up uvt of members of a prominent did not sine. If she had, it would 
crowded air space, but that Frankfurt family who arrange not have been “What is love?" 
does not mean that norhins 'regular concerts ai fheir-jiouse. bur “How is Jove?" Similarly 
happens on the ground.. Even But Frankfurt still lacks -a. icl . ca nf making MaJvolio 
underground. Frankfurt has a good concen -hall. At present-fkeep his finger well up his nose 
superb new communications there is oiily the Opera House' reading the trick letter is 
network for commuters. . who or the .Tahriiunderthalle. 'a" amusing, but then the letter ilt- 

can now gei trains which will multi-purpose building whfc&solf. L‘ amusing. As it was the 

take- Them, siraight* into the rises like a large co&crjrte^sh- bettor got .'rather lost in the 
centre from towns all round, room from the fields beyond the nose-picking. Visiually and 
Considerable pedestrian areas, city houndary. What is more technically, theatre in Frankfurt 
landscaping along the river, the acoustics can be something has oftertbeen exciting. Wilfred 
restoration* of old houses, and of a technical nightmare. It Minks' fotest in Midsummer 
preservation of older suburbs is hoped that The icsiiJt of Night* D ream was a blaze of 
have much improved the city's private initiative- • nudging garish colour: Pre-Raphaelite 
appearance. slightly unwilling local autho- rose bowers next to aspidistras 

rity will be a new toiiccrt hall a-nd head lest? deer. Itwaspopu- 
Ovprcnannwpfl built into the sheir of the ««ld lated by an army of grotesques. 

Opera House. Not a dream but a nightmare. 

For a city of such inter- Alrhou£h perhaps a little too Cinem » fans ajre w ® n looked 
national importance Frankfurt rii^SVSart after; with the Kommunales 
is surprisingly email. Hs popular fi j Frankfurt Ballet has" re KJno; which has 3 » n% *« nt| y 

s ’;" ms** 11 enav Fr “d ?SK J”nZ filra 

tends to be slightly over- nrnriurtions ' classics. 

shadnwed by its larger relations " p City children have some corn- 

such as Hamburg. Munich and After the arrival of Michael p Cn5 ations.- The Frankfurter 
Berlin. Yet if Frankfurt docs Gielen, opera has been very jrjgurenth eater has a series nf 
not set the pace, it certainly much in the news. There was S p ec ially written plays which 
is not standing still. Like its a very beautiful produ' i ion of are . marvellously funny and 
archirectui*e. . a bulldozer Don viuronwi last season. rous i^ai]y ' stimulating. There 
marriage uf warm sandstone Through .ingenious lighting j s g Christmas Fair, special 
and concrete grey, the city |§, effects tne mam characters were pjay^ntres in the summer, 
full nf contrasts. So the 'dust caught irt such a way lhat they rea dj'xig competitions, and often 
ha? no time rn settle, even seemed ro he- singing from t ic c j,jj^ ren , s ^ a ,. s flt the theatre, 
where one might mosl expect it! frames of 18th century portraii . Frankfurt spends a lot of 
-In recent years the city has E y no n ’ ea " s ° nIy money to support the twin-city 

hern making detennincd efforts n P era 1S 10 op 1 . programme with Lyon and 

In. -bring culture to . a wider pr'^rtimme. Shortly after h Birmingham, something which 
public. Theatres and -museums ^ ar .? performance qf Hand . « IS TXor always fully reciprocated 
have, been opening front add Caesar 3n . ® There is a regular programme 

hack doors, wilh discussions Tnodern opt J5 a J l |j e uf guest performances and ex- 

between public, actors and pro- ““If** ^ OOP A . A . n F J hibitions. - 
rtlieers before and after major £?£*»«■ v-v t- 

prhdpctinns. With jazz and J IlJler 15 announced for tl,c ' Ne JjlOriUOUS 
classical - concerts — - • both ' ear - _ ■ _ , 

Popularising- experiments — Over The past few years The Bopk Fairissnenor- 
museums' have helped to theatre in Frankfurt lias some- " ,ous ■*?*<* inlematjonall. 
break down associanons of 'times reminded one nf rh f^^ tha i^ h ® rd, ^?f^ ds h !" cn ' 
nti'drile-class stuffiness that such explosive possibilities uf broth 

institutions tend to have for when stirred by too many cooks. £? n . ' f- ? « JlSi 

ihe ..younyer generation- The. One municipal -theatre may ^ Ihf 

Historical • Museum has been soon dose as a result of jn P B a H P viihpi 

confroversial, but it has drawn overdose* of eo- determination. " 10S ?h®^ ‘rmiid a 
♦he” -’crowds. Other rauxeums although its one-time director ^ „ 

hyvraUn recorded much higher was Reiner-Werner Fassbinder ^ into 

attendance figures: the Goethe one of Germany's most brilliant ? l 

House-; the Sendkenberg Natural and prolific dramatists. Pro- 

HwtdiT Museum.- the Liebig and durtions in recent years have J Other) kinds of culture maj 
SiadeF Museums. For its size been a mixture of emperurs be found at the botanncal ga^ 
*ho Stailal has an outstanding new clothes and attempt to dens 

cnllection. perhaps particulariv shock a now relatively unshock- the mo which has recently 

of Expressionist work. A l inched able middle class. It has been opened a social house for ^mght 

TO it>are both art and craft very much directors theatre in animals. There one can see 
schools. which dramatic, even traumatic among other creatures, a des- 


cendant of Rikki-Tikki-Tavi 
Kipling's formidable mongoose. 

In fact there is always some- 
thing on if one takes the 
trouble to find out. Even early 
on Saturday morning, when the 
flea-market opens shortly after 
six all along one bank nf the 
river. That too is just one 
inure example of Frankfurt's 
genuine, sineer* attempts lo 
bring the city to the people. 

Dr. Jo. Rippier 


However. MG jreat 

-dace in the perb^isnance nf it-, 
highly successful Liir-; plant 
construction subtii!: jr>. This is 
where the interna-. uual and out- 
V a rd -looking i-haraHor nf 
Frankfurt shows ihnuijh. MG 
spends around DAIl’-Iin a year 
•nr air and travel ro ket--. Lurgi 
already has jn S3 p.--r cm: 
export ratio. MG nope* it. help 
Giuna land itself • m ihe wayi 
in developing a nun-ferrutis 
metals industry. H aisn has 
plans for coal gasifi^aiir.n in the 
U S.. copper in Chib: and bauxite 
in Venezuela. 

As a variation nn MG. 
Degussa. the metal? and 
chemicals concern which was 
unscrambled from a cross- 

participation between itself, MG 
and Henkel following the 
Allies’ stipulation-! on ilecarteli- 
sation after the war. was thank- 
ing a rise in precious metal? 
earlier this year for one bright 
snor in a situation where world 
chemicals demand remained 
slack, and margin.*, hud been 


patvd by the downward course 
uf the dollar. 

But that was in March. Ey 
Ociobcr. Hoeclist was talking 
far more cheerfully about 1973 
prospects than ii did only four 
inonilis earlier. " Muled 
optimism." or more specifically 
a forecast of at le^st main- 
tained profits after a slide of 
25 p«.-r cent in ilie first quarter. 
wa> one reason why the invest- 
ment brigade hove been talking 
about better " fundamentals " 
recently. 

Still in the chemicals sector, 
the Darmstadt-based E. Merck, 
one of West Germany's leading 
pharmaceutical concerns, said 
that !97S had started with a 
considerable improvement over 
the disappointing performance 
in 1977. 

Perhaps one of the most con- 
fident reports this year was pro- 
duced by Philipp Holzmann, 
one. of the leading construction 
companies in West Germany. 
Accentuating the positive again. 
Holzmann noted that, for the 


first five months of 197S. build- 
ing output wns a fifth higher 
even with ihe domestic opera- 
tions running marginally below 
their JS7T level. Despite chans* 

ing currency relation.- hips, it 
said, tiie development of the 
overseas construction business 
was " positive." 


Positive 


Even more positive, in inter- 
national terms, was Holzmann’s 
October move to take over the 
U S. company J. A. Jones Con- 
struction. Jones mainly 
operates in the V.S. domestic 
market, and at present Holz- 
mann does no work in North 
America. It would like a North 
American arm to reduce its 
heavy reliance on the markets 
of the Middle East where it has 
built up a large volume of 
business. 

Perhaps the most inde- 
pendent, and outward looking 
note anions the Frankfurt-based 
companies is struck by sub- 
sidiaries of much larger 


parents. Moeser Griesheim. the 
producer of industrial gases, 
welding .vnd culling equipment 
— owned iwo-thirds by the 
Hoech-it group and one-third by 
the Messer family — is on record 
as saying iliui it sees the world, 
as well :«s ’Vest Germany, as 
its market for solving energy 
and environmental problems. 
Uhde. a wholly-owned sub- 
sidiary nf Hoechst. beat the 
Japanese after two years uf 
negotiations lo secure a 
DM20uni contract to build h 
polyester sranolate plant (to 
make the base product for poly- 
ester fibre and filament produc- 
tion) in the Soviet Union. 
Earlier Lurgi and Kerf Stahl 
landc-d a DMoOUm contract 
which will play a major role 
in the development of the huge 
Kursk iron ore field. “It all 
goes to show," said a local 
observer, that Frankfurt also 
lias a high capacity’ for "blue 
print transfer" and the export 
of technological knowhow. 

w.c. 



Frankfurt’s new opera house. 




in 80 different 



A good idea in English can 
sound like a lame excuse in 
Malay.That's why it helps for your 
international banking partner to 
be fluent in word and idea in the 
language concerned. 

We're thought-perfect In 
80 different languages right 
around the world. Which makes 
us the ideal partner to help you 
open up new markets, make 
new business contacts, find new 
material sources and finance 
new projects abroad. 

Our services across the 
world range through finance, 
bonds and stocks, under- 


writing, moneymarketing and 
a whole lot more. We also 
have something of a repu- 
tation as originators of goocf 
ideas. And as people who can 
translate good ideas into profits 
in almost any currency you . 

care to name. 

We're one of the world's 10 
largest banks with total assets of 
the Dresdner Bank group now 
approaching $ 60 billion and with 
a century of valuable international 
banking experience. Cal) us and 
say hello in whichever of the 
80 languages you're speaking 
atthe moment 




Bank with imagination 


Drasdnsr Eani* AG ■ Head Office: 7-8 Gallusrilage, 6 Frankfurt Wain.TeJ.: 2631, Te!er ■ 41230. Federal Republic of Germany 
London Branch: 3. Frederick's Race. London EG 2R SAT, Telephone: 0i-606-7030. Telex: SSt 540. 

Branches: Cheapo ■ Loa Angeles * New York • Singapore ■ Tokyo - Panama fDegisch-Sudarpenfcan.ische Bank). 
Represents^ Cfrcea: Asunoon - Bahrain • Beirut ■ Bogota ■ Buenos Air« - Caro ■ Caracas • Gua'emaia ■ Hongkong » 
Houston/ Texas ■ Istanbul ■ Jakarta ■ Johannesburg • La Paz ■ Lima • Madrid ■ Mevico * Montevideo * Moscow * Paris * 
Quito -Bode Janeiro ■ Santiago da Chile - sao Paulo - Sydney -Tehran -Toronto. 


MEMBER w? AEEvdfl ^ 



FRANKFURT VIE 


Financial" Times 






the visitor 


FRANKFURT AM MAIN. once 
one of Europe's loveliest 
medieval cities, was devastated 
during World War II and has 
been rebuilt in modern style. 

For the visitor there is little to 
prre>t the eye or excite the 
mind. For sights of note the 
tourist must so outside the city, 
up to the Taunus mountains to 
the v.est and north, south tu 
Heidelberg, or west to the 
Rhine. 

Beture embarking to see 
tourist attractions arnund the 
Frankfurt area it is a good idea 
M visit the few noteworthy 
points within the city. One 
starts with the Roemer. the old 
town hall that stands as the 
symbol *»f the city. Built in 
1405 the building has a gothic 


facade and, within, the 
emperor's chamber. Emperors 
of Germany were crowned at the 
Cathedral. which is in the same 
complex as the Roomer in the 
centre of the city by the Main. 

The pedestrian area between 
the Roe mer and the Cathedral 
(Dorn* has been earmarked for 
rcfioranun. and in the future 
vi*nurs will be able to see the 
medieval square restored with 
typical houses of the time. 
Curp.M'.iy one can view excava- 
tions "f Ruman ruins on the 
bite. 

Not far away, on the Grosser 
Hir- iicrabenstrasse, stands the 
Got i hi- house, where the poet 
was born and spent his child- 
hood. It has been restored and 
a miueum created in the 


neighbouring house. 

Otiter museums of interest 
include the Historische Museum, 
also in the Roemer complex, 
which traces the history of 

Frankfurt from Roman times to 
the present day. The Senckcn- 
berg Museum on the Suneken- 
berganlnge has the biggest and 
finest natural history collection 
in Germany. 

Frankfurt boasts an excellent 
run as well as a fine bn tan teal 
garden called the Palntcngarten. 
Both the rno and the garden 
are centrally located and well 
signposted. 

Trad i tin nally, those seeking a 
true Frankfurt aimoopherc arc 
directed toward Sachsen hausen 
on the sou Hi side of Hie river 
whore restaurants and pubs and 


apple wine “stuben’' v:e for 
the nightiiFe customer. 
hausen was • only sightly 
damaged by war-rum* h"nibing 
and its narrow streets old 
houses preserve some oi iue old 
Savour or the. town. In the apple 
wine stuben one can la*!* ,oca * 
food specialities like vippchen 
with kraut (boHed cured pork 
loin with sauerkraut* "r buy a 
pretzel froth a -vtn'mr *•* ? n 
along with.a bemble oi Ebnelwni 
ihurublcs being the tra»ln<anal 
blue stone jugs in wo mb the 
wine made from appit >5 
served t . 

Slaying in Frankturi van be 
»>i expensive proposEU'U with 
double rooms in fir<i cla*.-* hutel; 
costing from DM 90 f£2S and up 
outside of falltime and DM 1-0 


WjSs 






ri '^rrrrr^L. 





- a8PE2aKSB^^- f’rVw* 

\ *i I - 1 • 

ri#* f n 


i V. ■* -..r ■*** *■ 







The Haupticcidie — The old watch headquarters— awl the main shopping area. 


(£32) and up for a double when 
there is a fair on. Slaying out- 
ride the City in one of. the 
nearby mountain towns means a 
substantial sating to the pocket- 
book. A night in a Gastalie — a 
small pub hotel — in this region 
can be found for DM 35 i under 
£10 1 per night for a double. At 
plushc-r hotels in the country- 
side the prices are still likely to 
be a third or so less than hotels 
in town. Frankfurt after ail. 
caters ju«t *.n the tourist but to 
■ he merchant and the banker. I: 
is a business city and its skyline 
today is growing more impres- 
sive as tali towers of commerce 
reach toward the sky. 

At the riverside just behvw 
the Roomer v:>itor= can. in 
season, lake a cruise on a sicam 
boat up river to where the Man 
and the Rhine meet or even 
further, if you wish !o make a 
day of it you can do a Rhine- 
Main cruise in the early morn- 
ing. returning late a; night. 

Convenient 

Frankfurt is convenient to 
many noteworthy tourist sights. 
The drive io the Rhine to view 
castles, the Lorelei and to taste 
the fine wines of the Rhhiegau 
region take abuut 2-23 hours. 
Starting at Rudeshe/m one can 
drive along this famous route 
towards Koblenz or embark on 
a boat Several of the boats have 
bands on board traditionally 
oompaahbing their way along 
the river. 

To the south of Frankfurt, 
about a li hour drive away, is 
Heidelberg. Here perched above 
the town is a large castle where 
one can lour restored rooms and 
enjoy the view below, which on 
a clear day extends from the 
Neckar Valley up to the Main 
Valley. Below in the town the 
old bridge and the Heiliggeist- 
kirche (Holy Ghost Church) are 
worth a visit. Across from the 
church stands the Zum Ritter, 
which today is a hotel and 
restaurant. Built in 1592. Zum 
Ritter is the oldest surviving 
building in the old town. It 



Frankfurt's old Opera House is being converted tntii^a. 

. -g..-.-. completion X 


eonterence- 


sen e; excellent food and has ‘a. 
good selection of local" woe. ' 

Although Heidelberg Is more' 
touristy than many other 
attractions around the Frank- 
furt area, perhaps because of the 
large American Army presence, 
it is still worth a risfL \ The 
student cates in the centre of 
the old town are a pleasant way 
to rei ax. jit down for a beejr 
and look at the . mementos of 
dueHin? days which decorate 
the walls of many of these pubs. 

The best approach to the 
castle and on up the mountain 
is by the Bergbahn (funicular), 
which gees in two stages nil : the 
way to the top - (the Koeatg- 
stuhl) and affords a panoramic 
view of the valleys below.- -■ 

Another good day trip from 
Frankfurt is to take the B roads, 
such as the BS north of^Frank- 
furt through the Taunus moun- 
tains. The views are pleasant 
and the goal is a small, town 
called Weil'ourg, where- the 
palace of the House, of Nassau 
stands. The tour through the 
state rooms is worth doing and 
combined with the ‘ pleasant 
drive (about lj hours from 
Frankfurt by car) makes a good 

day trip. . ;• 

Half an hour's drive: east of 


Wei l burgh lies Braunfels with 
its fairviale castle and old town: 
Meals and lodging alpng this 
route at any attractive gpfitstatfe 
with Frcmdenzinuner (tourist 
room;) will be far cheaper than 
in the tourist., centres 
mentioned above. Off the beaten 
track, those are - primarily, 
places v hich attract - the 
German tourist rather. than the 
visitor from abroad/ but worth 
seeing all the same. • . .. 


Dotted 


The some mountains* ' : iitie 
Taunus. are dotted .with spa 
towns, some of which are very 
dose to Frankfurt! such as Bad 
Homburg von der Hobe. . Bad 
Homburg has a 44 hectare Spa: 
park. As well as attractive gar* ; 
dens and a small 'palace. Bad 
Hem burg has waters that are 
reputed to be- good for the : 
stomach, liver and circulation. . ' 
About 5 km north of Bad 
Homburg is the,'. Saalburg, a 
reconstructed..- Homan .outpost - 
with artifacts of the' Roman 
occupation from many parts" 
of Germany.' The Saalburg is 
built on the site of a -former- 
Roman fortress which gtiarded . 
the boundary of the -empire 1 , 
when it- was at its height 


Severed* other spjt ^whs ite'. 
within : cbmmdiin^ 'distim^e of 
Frankfort. These ia<3b<fe/Kpbn- 
berg, which ha&; i£: geEgfttfijtl 
tiny casUe built 
century --and ■ from 
can catch' a good view of'EVanF- 
fiirt down, toelqw; Rpenigstein, - 
with castle rtilAS above -the bid 
town which arer/great : .frtii : T 9 r_ 
children. tb jexpisr^tjfe "iure 7 
here is wa tec, reputed-good' for 
circulation: Ba d -So den ; whose 
thermal . baths rare! iiated : 
therapy Tor heart 'problem^ itSd ^ 
rheumatisth among others and 
which has ; functioned _'-as 
: thermal b a th~ and jspit; ance/thgT 
Roman times. 7 : a ’ ' ; V'.- 

Further -information'.! about : 
_touriag in and/aroand Frank- 
furt cM ' be -obfemed' jKTm' 
the . !' ' tourist /- / ISfOnnatien 
. centres -around S the city,,, the . 
Verkehrsyerein ; .(mfonnaBen 
bpreau): stands in : the station’* 
and airport a$ weR.as undec. - 
the Hauptwache~the old watcji 
headquarters in- the middle oT" 
the - city's shopping ' district? . 
Here, . tao r - one : caa : bbtai& -> 
inforination on . theatre, " opera! 
concerts and eshibitioas. arotuffy 
towrf:.' • . • . , ^ ; : .j- ! ; . ■ 

€hari6tt^0nxobmidf^- 










i C :• --- ‘y ■ -i * : - V .. 


□ 


















To consult In Frankfurt: Frankfurt am Main. City in the heart of Europe. _ Tbconatirt 

Office of Economic Development For centuries center of trade and fairs, banking and industry. Association for Fairs and Bchibitipris/ 



J&ax:* 


Pojstfach’97C026 
ikfurtarrrMain 37 


You wish to leam more about Frankfurt 
as a location? 

Then you will look for information on 
commercial sites, office space, buildings, 
residential quarters, the economic 
structure and development, the labor 
market and public subsidies. 

We, the Office of Economic Development, will 
assist you in these and other related matters 

We facilitate contact with state and 
municipal authorities. 

We are competent consultants for investors 
and businessmen looking for a location 

We advise you on an individual and 
confidential basis, and without any red tape. 

Office of Economic Development of the 
City of Frankfurt am Main 
Gutleutstrasse 7-9 
D-6000 Frankfurt am Mainl 


^ Frankfurt am Main. A city where \ jXu 
business is booming. Convince yourself . 
by ordering our brochure “Frankfurt Economic \ \ 
Center." \ \ 

It gets you acquainted with Frankfurt’s economy 
and gives information on services and products of 
local enterprises. You should ask for this Information. 

Just mail the coupon. 

To: Office of Economic Development of the City of 
Frankfurt am Main, Gutleutstrasse 7-9. D-6000 Frankfurt . 
am Main i.Tel. (0611) 212 36 36, Telex 0413064. Please send 
me your brochure "Frankfurt Economic Center." by return mail. 


Economic strength and quality of life are 
^ but two of the advantages of 

this location 


Showcase of the wdridi Gn art average "1 
of sixty trade fair days;peryear, many 
exhibitors meet with trade visitors and/. : ; 
buyers from all over the world From here, ^ 
many businesses, have c^tured woiid , 
markets. They know; Frankf urt and its ; r 
fairs are indispensable; 

if you need any further jnformatton, ff you . j 
require special information on individual ; ; 

farrsand/orexhibitiohs/ifyouwant! 1 
to know the exact date df an event, if ydu } 
wish to visit the fair, please contact 
Messe- uncf ^ussteffuhge- 
Gesefischaft-mbH, 







Kor^Sfer 471978 


POLITICS TODAY 


-«* 9 *1 


S'.-. ? 







curse of Haro 



07 

jL. I 


' : W-- 




■i^Kii ; CONSERVATIVE-" party Conservative- Party bugbL’SUX^ly 
-itt^jfe^a going through; another to ' be big enough *Wi 
<^its«rises-of confideiioe. There, a little focal diffieuHfe’- 1 
te w^iAJective reason for'-this, Yet the problemW*' that 
Ifot-ihe'iif niS mp 'U nmistakable: manifestiv it is nav£&& ie an d 
diubts - about' tite ' leadership, again, it is 
(fo.uh^ a^utjthe partj-’s wursei upset iu It . tafce&£$?ty - lhe 
a»dc*cessiye introspectJoa The tiniest incident the 

firkrtuueson every fewmonths. ' Party back into a M r & seIf ‘ 
• ■; tezbpting Ta put the pre- doubt. There ia vexy.iS&Z sense 

«p?t- bq&t- 4pwq^ to the Berwick of authority. • • ,- 

ah^-^^^l^tWah-bj^election ■ -Tt would "he. 

an*' v .4hc' re^pwrgeiiOe - of 2tfr. to put the explanatipj^iiown to 
Hsah r; ami perhaps, these -events absence from office. ..SlJur'this 
wetowTiakset itfoiE But "if you theory 'too does -'nbt^^d^P- 
tBfok ^bptipif fbr a "moment, the -The Ton.- Party- was^m- j bffice 
p^^ -piiist“i5ave beeD in a par- from 1 970-74. : Whe^grtto 5 " 1 ^ 
ti cfllar l^ jittery stale in the first to Opposition, it : r relrted by 
pl«^ to, he’ so upset . by such deposing its lead&$V& b y 
reiatltstjjiihnor.incidents. having periodic dcul^j^bout 

? Of ;toiir^e,J£ would have been bis successor ever sin^PfV? 1 is 
much/ nicer ;H~ the by-election- also actively eiujagfetw; r £- 
won. Mr.. Denis writing the histoTy^^. _tbe 
HeaJ&y,; the Chancellor ot the 1970-74 a dm inistrailbn^ : .\ To 
' ESw&egaejf,- would have been un- border on the psychologist it 
to.; make taunts that the is therefore difficult tb/ijscape 
pbpnfart'fy ; of the Government's the conclusion that something 
inefiroes policy, has been happened to the Cbqmfetlvt 
decisively demonstrated, by the Party some time agp .iretjl'yhich 
voters.. . - it has still not fully M&frered. 

.•Mr.. Healey .is .talking non- Actually, it. wa$ tb& ; TiwigTia- 
sense. Not- only js the incomes tion of air. Harold Maonfllan in 
policy visibly faTllng to pieces: 1963. and the 7 . .particular 
foere is also no reason to think circumstances which surrounded 
it had anything much to do with it. One does not even; hare to 
the result in Berwick and East be especially well-informed, to 
Lothian. The Government . is note the consequences^ which 
doing well in Scotland because flowed from — and - which- are 
ft has been paying attention still flowing from— -tit at event 
to Scottish grievances. It has yet In the first place, Mr.- Mttcinfllan 
to be shown that it is doing well did the unforgivable by resign- 
in England. In other words, the ing during the party conference, 
situation is much the same as it thereby throwing the party into 
was when Mr. Callaghan chose a turmoil. If the resignation 
id postpone the general election, had been delayed by only a 
'As for Mr. Heath, there is no week, everything else might 
particular evidence that the have followed more ; sedately. 
Labour Party’ has ever suffered There would never, to "start 
unduly at the polls because of with, have been that unseemly 
its. internal divisions, nor that public battle for the succession. 
K(s differences with the present In the second plartY \-tbe 
Tory leadership are anything manner and timing of -the 
like as great as those which resignation led to two major 
hove existed — and exist— on the refusals to serve under the -hew 
other side of the House. The administration of Sir Alec 


Douglas-Home. • It may not have 
been clear then, but It became 
clear beyond doubt very' shortly 
afterwards, that Mr. Iain 
MacLeod and Mr. Enoch Powell 
— once the closest of friends — 
represented . different stands 
within the Tory Party. Both 
were romantics and both had 
Popular appeal, though Ur. 
Powell's was developed laler. 
Y et, in so far as these terms 
have any meaning, Mr.' Powell 
went off to the right while Mr. 
MacLeod remained on the left 
The party was thus deprived, 
at least for a time, of two of its 
main buttresses, let alone of 
the now Lord Butler, who 
departed from politics 
prematurely. 

There should be no doubling 
The bitterness of that period, 
despite the fact that the Tories 
did something to - conceal . it. 
Mr. Macleod privately titled his 
famous “What happened’' 
article in the Spectator “ Some 
of what happened.” He also 
remarked that, conrrary to the 
genprai impression, Sir Alec 
Douglas-Home was the most 
arrogant man he had ever met. 
Sir Alec's dwn bitterness 
toward Air. MacLeod is barely 
hidden between the lines of his 
autobiography. The bitterness 
hetween Mr. MacLeod and Mr. 
Powell as (hey subsequently 
parted way*, after having acted 
Logo Die r was a new factor. 

It was not that Sir Alec was 
n bad Prime Minister. By 
general consent, and under ihe 
circumstances, he did. rather 
well. Yet when — by the 
narrowest of margins — the 
Tories lo>t the general election 
in 1964. all the old feelings 
that had been partially sup- 
pressed after Sir Alec's appoint- 
ment came out again. It was 
felt that he was not the right 
man fur the job and that he 
would not have been selected 



A pensive looking Harold Macmillan In l® 63 with Lord Home, as he then was, bis Foreign 
Secretary and soon to be bh» successor at 10. Downing Street. 


if the Party had had more Uni* 
and more privacy in which to 
make the i-hniiv. 

Indeed Sir Alee himself has 
written that he was unprepared 
for the task. Anyway, the dis- 
play of naked ambition and 
rivalries that came tn llic fore 
at Blackpool in 1963 could 
never be completely covered 
up. Tories were not supposed 
to behave like that. Once they 
had done so, it would never 
be quite forgmten. It was as 
if a sense of legitimacy had 
been lost. 

The result wav that Sir Alec 
departed before his time. But 
equally Mr. Heath was elected 
to succeed him before lie was 
ready. There was no particular 
need for the Tories to have a 
new loader in 1H65 except that it 
was felt that they hod made th- 
wrong choice in 1063. Sir Alec — 
it is again clear from his book 
— held no special brief for Mr. 
Heath, and in the normal run of 
events Mr. Heath might not have 


been expected to for the suc- 
cession until towards the 1970» 
by which time he might have de- 
veloped into les- impulsive a 
figure, and ore platnly ahead of 
his rivals. If he had not the suc- 
cession would veil naturally 
have gone eJseu fo-ro. 

In the event. Mr. Heath's 
election solved nothing. Between 
1R65 and 1970 the Consen alive 
Party went .Through the same 
>ort of periodic doubt- about 
the leadership, about policies, 
and about its general direction 
a> il has been iluinj; since the 
election -of Mrs. Thatcher. The 
respite should have .-ome when 
Mr. Heath unexpectedly became 
Prime Minister in 1979. but in 
so far as it did. it lasted only a& 
long as his premier.-. hip. In 1975 
Mr. Heath wu.> ciepO't-d quite 
as unccremoniou-ly iie had 
deposed Sir Alec, and by a 
woman of startling Heath-like 
qualities. 

True, both Mr. Heath and 
Mrs Thatcher were elected by 


ballot rather than emerging 
through the customary proces- 
ses of consultation, but the Tory 
Parry does not necessarily think 
that that is the best way of do- 
ing it. It is quite capable of re- 
gretting its own choices almost 
immediately afterward*. What i: 
harks back to is something lilt 
the laying. on of hands. Thus in 
the late 1970s, as in the late 
1960s. whenever anything goes 
wrong, the leadership is ques- 
tioned and thoughts go back to 
that moment in 1963 when some- 
how the laying on of hands 
failed to take place. 

You can *ee the consequences 
uf the events of 1963 to this 
day. Mr. MacLeod is dead and 
nn one of his kind has emerged 
lo take his place. Air. Maudlin? 
— another of the then candi- 
dal)** for the succession — has 
faded into political limbo. Mr. 
Butler and Sir Edward Boyle — 
both now ennobled — went away 
to academic life. Mr. Powell 
stalks the House of Commons 


and the country, and shows no 
sign of stalling. So nowadays 
does Mr. Heath. Boih of these 
figures are a formidable, even 
hair-rai sms presence for any 
leader of the Conservative 
Party to live with, especially in 
opposition. 

There was a particular 
instance towards tile ond of the 
debale nn the Queen's speech 
in Ihe House Iasi wek. Mr. 

Healey had been aT his destruc- 
tive best, partially defending hi? 
own L’-tums in economic policy, 
but mainly just attacking the 
Tories. Then Mr. Powell rose. 
Mr. Powell explained at some 
length the fallacies behind the 
Government’s approach to pay 
bargaining, hut wont nn to say 
that he disliked The Tory 
approach even more. The point 
with which he had mn;t fun was 
the distinction between a norm 
for pay increases and an aver- 
age. An average, said Mr. 
Powell, was calculable ex post 
facta. Therefore it was a non- 
sense for the Tories to say that 
ir could be put forward in 
advance. 

As a matter of fact, the West 
Germans have no difficulty in 
purring forward a figure for 
what they think the economy 
can bear in the way of pay 
settlements and refusing to say 
whether it is a norm, an 
average, or a forecast. It also 
seems lo stick. 

What, in those circumstances, 
is Mrs. Thatcher to dn? Well, 
there Is a number of possibili- 
ties like dropping the Praetorian 
Guard which, some Tory’ MPs 
say. now consists mainly of Mr. 
Norman Tebbitt and Mr! George 
Gardiner, and consulting some 
wiser members of the Shadow 
Cabinet instead She might even 
try again to talk tn Air. Heath 
and even (why not?) Mr. Powell. 
Alternatively. ?he might lust sit 
back and wait in the hope that 


the Government will lose the 
general election when it comes, 
regardless of \vi»ai the Tunes 
do. That, of course, ii the be*t 
bet, but it does not preclude the 
other possibilities. 

Meanwhile. Mrs. Thatcher has 
reshuffled her shadows in a way 
that does not exactly pander to 

ihe Tory right At the beginning 
of the week, the thought was 
that while Mr. Francis Pym 
would certainly be cunfirnied as 
shadow Foreign Secretary, he 
might he replaced as shadow 
Leader of the House by Mr. 
Angins Maude. Air. Maude has 
some admirable qualities, not 
the least of which is literacy, 
but he is not well known as a 

constitutional reformer. The a tv 
pointraenc of Mr. Norman St. 
John-Steva-s — the authority on 
Bagehot — to succeed Mr. Pym 
thus suggests that the battle for 
reform has not yet been lost, 
even though Mrs. Thatcher her- 
self has still to be converted. 

It remains, however, that Mrs. 
Tharcher is not entirely her own 
master. She leads, if that is 
tile word for it. an uneasy party, 
still unsettled by the hitch m 
the succession in 1963. It is not 
her fault, and there is obviously 
no way of having the 3963 
decision reversed. But there is 
no way either of having it 
obliterated from the party 
memory - — except by success. 
That would amount to establish- 
ing another Papacy. Perhaps 
the only real consolation is that 
suggested at the beginning: 
internal dissensions have nut 
prevented the Labour Parry 
from achieving office, so why 
should they prevent the 
Conservatives? 

Malcolm Rutherford 


Letters to the Editor 


Farming 


incomes 

Frrrn the European Dir e c to r, 
AGRA Europe 


main in the fund. Th? receiving 
fund is in the same bpar and 
cannot grant a transferee; a toll 
pension on an earlier period of 
service without a dispropor- 
tionate allocation of assets jo the 
detriment of the other members 



Sir,— Mr. Michael .. Strauss Q f that fund; IE anyone -wants a 

ii J n^ r r mher Is.quite nght: simple -answer to die trance* 
EEC farmers, that is all 4.5m of problem it is— give all trustees, 
them, do not earn three times bottomless potif of money! 
the average national wage— they in the real world, however; 

earn far less. especially ip the private sector,' 

The point which we are there is a limit to bow much is 
. making in our report is that available for pensions and .while 
: farmers of \ -. only average that perststs. employers have fd 
efficiency— those in the above 50 decide whether to spend it ori 
hectare category— are earning those who remain with them or 
three times the national average those who leave. In most cases 
wage in the important product there is no contest. l- 

categories of dairy products. Hopefully our economy will 
cereals and sugar. allow the continual improvement 

If these only very average of pension schemes both for 
performers can thrive nn current those who stay and those who 
EEC price levels, then the larger leave. It will however, be a long 
and more efficient fanners, who time. I suspect, before the bene- 
are increasingly taking over a fits provided for members who 
larger proportion of Europe's remain in service are at a level 
land, must be profiting even where employers feel justified in 
more; spending enough money to 

We do not accept Mr. Strauss's dramatically improve the lot for 
charge that t he- data we used- was those, who leave.' Legislation 
"unrepresentative.” It is the could speed things up but there 
same data which the EEC Com- are many, wider issues to be con- 
mission itself uses in its annual sidered before that. The Occupa- 
price-figing calculations. rional Pensions Board is cur- 

* -Our conclusions are in any rently investigating this problem 
i case reinforced by further data ant ^ perhaps we should all wait 
! based on a wider sample, due th to see wbat their report says. 

] be published by the. Commission 7 am sorry Mr. Shaw, there is 
{ during the next few weeks. They P° simple answer We are dcal- 
are also supported bv “repre- rag with money and attitudes and 

! rj e t tbe other * ay rouD,i - 

y 'yie' accept,' however. .' Mr. 

Strauss’s: figures on the profit St Dari ' d > s arise. 
margins of the average British FamboroiMh. Hants. 

farmer: provided that Jie- accepts. ^ 

.rffaat they.- are substantially less 
than. those being earned: on the 
^Continent. 

Indeed, he emphasises the 
mare" ■grgninedt ~bf our report: „ „ , _ 

'. that current, price levels in the Fr g™ "*£- T ° atL . 

Jnairi . agricultural producing Sir * Tax planning 
'countries of the Community are-.™®* 1 . appropriate 
so high that an annual cut in achieving tis aims is b> its yen 
real prices of around 2 per cent £ at « re ’ a , 1,1 
: in 3 per cent will do nothing lo !»“»"«* *" li J -av 

Stent - increase *■’ in ■ thp out-nut nf involves taking a financial x-id. 

: " rea,! correct "dlagnoas V^vSe 

Efficient Eure- 

farmers are- making excess nartlcular investment In the 
W i&L 20 per ce l nt ( ? 30 ^ ci^umstanees ^en Mr. Grif- 
■■'*Silt b n!Sr ial ret “ rn * ? n filhs (Oct. 281 Staled that higher 

fate taxpayers should approach 
“5<2£ beriveen British ^ investment bond u-ith the 
TiStS***-*!*' aflDrded utmost caution, he was perhaps 
v.iae .bfeen pound. being too rigid, without advanc- 

- : ?£j; an Gardner. ing any alternative. 

". , ■ A4 Europe, 216 Rue Sterirz, U 7 ith the passing of this year? 

: '04o Brussels. Tinance BilL, 


deferred until death, when if British measures in its domestic 
will become a charge against market. There is no foundation 
the estate for capital transfer in fact for such an idea: counter- 
tax. evidence abounds to disprove it 

The disparity between tax on The criteria that hold for trad- 
income and tax on capital ing are simple: providing Ihe 

to wh : ch Mr. Griffiths refers will goods that are wanted at ihe 

;be of little relevance here, as a time they are wanted and at the 
retired person would be ill- price they are wanted. The 

, -.advised to commit a sizeable Metrication Board by its aclivj- 

■ proportion of capital to unit ties obstructs these criteria for 
: trusts with low yields with the the British shopper; its demise 
hope of securing tax-free gains would be welcome. 

-from year to year. As there can Margaret Needham, 
be no absolute guarantee that Elizabeth Main. 

. such gains will materialise in Druwtfirrap, Edrom, Duns. 

any one year, it would be i — 

fooDsh in my view to recom- 
mend '.that a person should AL-... 
supplement his retirement ADOVe aV6Fage 
income in. this way. . . |«. 

•• Finally, a- point worth remem- MlGlUgCnCC 

^ ri P£, 0n J h !L T"™ 11 ' , b “” i d . from Mr. C. Vmicrhm 
15 , li . rt is gj r — j Was iaterested bv the 

preferable to effect the bond tn Ietter from Mr Usney (Novem . 

the joint names of husband and b er tj) because I have recently 
wife. In doing so. any tax subjected to the opposite 
charge will be delayed until the argument i.e^ that there will be 
aoa.ta of tbe survivor. growing unemployment because 

John Todd. of a proliferation of low-level 

4tJi Floor. ‘■production-line" jobs at the 

Castle Chambers, same lime as the general level 

Castle Street, of attainment in the population 

Liverpool. is rising. Yet Mr. Edwardes 

• comments on the shortage of 

PoniAnoI 800d engineers in BL lends 

lVCglUllal support to Mr. Lisney. 

1 wonder if there is not some- 

accents thing in both arguments. Couid 

it be that in fact tbe level of 


GENERAL 

Ford management and unions 
resume pey riegOirar:nn.s. 

Retail prices' index for October. 

EEC /OECD officials discuss 
extending EEC cotl" of conduct 
Tor companies operatini: in South 
Africa to OECD member.-. 

Mr. Edward Heatii speaks ai 
Bow Group jubtlen dinner. Grand 
Hotel. Birmingham. 

Statement from Pre-idem Eanes 
or Portugal at end of .stale visit. 

EEC Budget Council meets in 
Brussels. 

Prime Minister Guilio Andreotti 
of Italy - talk s to Jordanian 
Government in Amman. 

Mr. David * Steel at Liberal 
Students' Union conference. 
Imperial College. London. 


Today 5 s Events 


Last day of European Parlia- 
ment meeting in Strasbourg. 

3Ur. Peter Shore, Environment 
Secretary, speaks ai Hemel Hemp- 
stead Labour Party. 

Dr. David Owen. Foreiim Secre- 
tary, attends annual dinner * of 
Neath Labour Party. 

King Juan Carlos leaves Tor tour 
of Mexico. Peru and Argentina. 

Financial Times* conference on 
"Business in Mexico." in Mexico 
City. ends. 

Times management and NGA 
leaders meet to dKaiss introduc- 
tion or new technology. 

Mass meeting at AEC, .Southall 
( part of BL>, to discuss resistance 
to factory closure. 


Statement from civil air trans- 
port employers on pay claim. 

Sime Darby annual meeting, 
Kuala Lumpur. 

Sir Kenneth Cork. Lord Mayor 
of. London, lunches with Master 
Mariners' Company aboard HQS 
Wellington, and dines with 
Coopers' Company at Mansion 
House. 

OFFICIAL STATISTICS 

Preliminary estimate of gross 
domestic product based on output 
data (third quarter). 
PARLIAMENTARY BUSINESS 
House of Commons: Debaie on 
the report of the Royal Commis- 
sion on 'Civil Liability and Com- 
pensation for Personal Injury. 


COMPANY RESULTS 
Final dividends: Radley Fashion 
Group. Interim dividends: FDA 
Construction Group: F. H. Liovd 
Holdings: Wedgwood. Interim 
figures: Eucalyptus Pulp Mills. 

COMPANY MEETINGS 
Brown Bros. Corporation, Great 
Eastern Hotel, EC. 11.30; Banks 
(S. C.», Garden House Hotel, Cam- 
bridse, 12: Fairview Estates. Win- 
chester House. 100. Old Broad 
Street. EC. 10.30; HTV, TV Centre. 
Cardiff. 12.30: Kent (M. P.j. The 
Towers, St. Stephen's Road. 
Beacon Hill. Bath, 12; Mucklow 
tA_ J.i. Chamber or Commerce. 
Edgbaston, Birmingham. 10.30; 
Sandhurst Marketing. Spindle 
Way, Crawley. Sussex. 10.30: Siart- 
rite. Great Danes Hotel. Ashford 
Road. Hollingbourne. Kent. 11.45. 


7m mij-a. a miejr. intelligence in the general popu- 

‘VL, J nrole J a ^ le wa ® Union remains normally distrl- 
ulfcneris Tettw; of November 1. fiuted with the average near to 

aPTPPin" u.*1lh I nrti Kmiu Insl u i « i » « 


Investment 
bonds : 


and 
means 


tbe 

of 


From Jfr.-S. Ashley. 

Sir, 

Faulkner's 

In agreeing with Lord Snow 'bat where it always has been, hut 
we .would be better off without c „ rve Q f - iuielligence 

regional ^accents, he is being related to jobs" is becoming, or 
very .abort sighted. hus become, double-humped. 

The enormous variety that is with one peak at the lower end 
displayed in the UK's" accents, and a second at the top end hut 
colours, faces, altitudes, etc., is a trough in the middle? If this 
one of its great glories. It is is so. it would imply a large 
also a variety that cannot be number of th» averagely intel- 
escaped whether one is listening ligent faced with the options of 
to the radio or walking down tackling a job tnn demanding for 
Waterloo - Station — and thank them, so running head-on into 
goodness, for variety breeds the •* Peter Principle." or accept 
tolerance. ing a lower level job than they 

1 suggest to both Mr. Faulkner are really lilted for and hecom- 
and to Lord Snow that next time ing easily bored, discontented 
they hear the tortured vowel and demotivated, 
sounds of- a Geordlc emanating p. \y\ Underhill, 
from the rad fo they think on the ]g % Eden Bank, 

1.000 .years of history that Ambergate, Derbyshire. 

created - those sounds; or perhaps 

they could, profitably - imagine 
the clash between the plummy 
voice of- an Eton and Oxford 
banker tmd the hardnosed prac- 
tical sounds of a black country 
artisan out lo exploit each other’s 

inherited talents. J!* E , C . en ^ Tal Manager. 

Would this country really be stee ^°^- 
betrer off if the banker and tbe _ frn _ 

artisan both spoke with the fiat _ £ r * . 

ness of BBC standard English? Schumann (Nov 14) concerning 


The market in 
steel tubes 


Tinance BilL the substantial 
capital gains tax concessions 
applicable to a direct purchase 
of unit trusts have created a 
climate where it is generally 
in the best interests of an 

investor, irrespective of 

personal tax position, to buy 

units rather lban ; & f, nds 


for 




* 


Transferring 
pensions 

D. Prescott 

■hV-Mr. Shaw (November 10). -- 

./ootea tiie i simple a« : of Com- oapi i a] orowth. Indeed, if the 
' ^ and Cprapany B swapping ^ nn high ta v payer and 

...mpiDSMs OF similar salaries, g^eiis .o pursue an active 
: d p “ l i»fry‘ce and asks d ^ in poJicy , hen \ x would he 

£ hfr 11 .I 5 fa,r ttat lhe5e e?en more advanraseous lu 

• fflployees should lose pension . . „ n}lJS 
•* ^bse of the swap. If Mr. Shaw ^ »*etireineiit. however, the 
‘ ,!5f tj e a, « cases where two or positio ‘ n is b0 ,newh«t different, 
we employers do exchange em- f he hig h- tax payer will wish to 

loyees on a regular basts then _ e( j uce the tax burden as far 

ISpl** man >’ bav t ! as possible so that he may enjoy 
jutebje tfansfer arrangements [ife ^ Jhe PuU ThP pra spect 

Jn th e . e lL pen ^ Jon schemes. The convertjn y heavily taxed 
j! ? ervlce ,s a d’vidends into tax-deferred 

rth its transfer club. Unforto- .- nQmne wiiJ naturally appeal to 
m niost transfers do pot Tall ... nutsjjjp 0 f the application 
*tWn this “ swap ” situation and giuidged securities, 

erefore trusiees and ti»^r Jv effeLlt jy e , nen ns of 

raust treat - cach i t ai-bievlnE this is b*.* an invest- 

^dually with a view ro be ^ investment (or 

jr-^to alt members. . , premium) bond, prefer- 

The simple reason why Hans- • h wMch js , inked t0 a 

rthft S S e t a ly ! et not ra usualIy high income unit mist in order 
that trustees do not ., u ?V a tK^t the 5 per cent per annum 
:ve enough money available to that toe ^P^rce p < * 

ertde . mnsfer. value wh.ch mcoffie" 5 Tbe 

1 secure a pension to ™ ^ gamins the 5 per cent 

totever it is assumed that mdi ™ s < nium wIlt]drawa | S are 

^floS^p^portiopaJe 


of course -not:- 
S. Ashley. ‘ 

3. Princes Rood, 
Wimbledon. .SWT 9. 


the supply of steel tubing. from 
British Steel Corporation raises 
the objections which steel 
stockholders have been fighting 
against for many years. 

Tt is not surprising that 
material is not available off the 
shelf direct from tbeL^teei mill 
when tbe BSC is geared ro large 
volume manufacture and not to 
holding large stocks of finished 
tube at its ‘works. The rapid 
growth in steel stockholding 


Obstructive 
metrication 

From the President bnd 

Secretary, Scottish Housewires' 

would be difficult u. , ha9 1 b Jl n J T lJl ar I dUC Ki?Ji e n ;! d 
deduce Ironi your remarks on t0 )r L d °f s t?h n bef I!!S r ^ e 
tbe Metrication Board Report manufacturers ^ who. n owl ^to 
(November 3) that metrication Ptoduce in volume and the user 

is now, officially., voluntary. Thai w bo wants . much smaller 

is the ruling .of Parliament and . duant i jes_ 

it means that there is to be no . ^ a ^' va l s ^ ru ? either 

coercion that one a P ren, tom . for 

Why then should there still steel tube purchased from a 

exist a - Metrication Board with ® r ?^ l3 !' h _ S ^, a J,' nlK? 1 n? mm 
its expensive offices in Kiugsway. 

London, its salaries and adver- Reaper frorn^ a stotftist than 

rising-, paid for out of taxes. “ i H* 

whose function is lo . coerce statw Jjf JS lW S e, v , pi ?’ 
neople?' gramme has been delayed by sis 

Tbe-.' propaganda emanating tended mill 

f rum- this H Quango ” has been deliver) which musl have 
exposed in your correspondence increased the ret)l cost of his 

,-olumns m the past, bul sttil its st °n^tri hntfffn^tiv'n., nh c . n , : . 
false claims are quoted far and Distribution throu 0 b siockats 

w ide — lb tbo very best and ** , a ?. ) ,n P° rt f r,t ,n tb e 

most reputable Press’— without ,ri A U: '!P ?* A® ; 5J7 3 L*2SS? r *L e d ' 
rest rain l and the sled stockholder does 

We see Hie Metrication Board P ru vide a very necessary 
clinging .to . the. farcical claim serT ice to the steel user, 
that . Britain's ■ “competitive G. Malher.- . 
strength iit world markets " is P.0 Bor 14. 48-60. West Street, 
affected . by the- British using Midtilusbroufik, Cleveland. 





















ring you down wr 

bump. 



By nov^ you’re either in or out of the 
Ne\v State Pension Scheme. 

If you're in, what should concern you 
most is what you're going to get out of it 
What you will probably get is an 
inadequate pension at retirement 
Quite clearly, there's a large gap 
between salary and pension, and the 
higher the salary the bigger the gap - and 
that's where we can help you. 

Equity & Law have the right policies - 
both for'individuals and groups of 
employees not only. to help close the 
gap, but to provide what the State 
Scheme does not, a cash sum at 
retirement or a lump sum benefit on 
death before retirement 

Call your financial adviser, or contact 
us direefat .any of our Branches. 

Then youlf have more to look forward to. 


NEW STATE PENSIONS 


Salary 

£25,000 


Salary 

£20,000 


Salary 
£15,000 j 


Salary 

£ 10,000 


Salary 

£5,000 

1 

i 

i 

I 

• 1 i : 

i 1 

; i ! i 

; | 1 i 

1 

1 

'/7?; r r r ' 

kg 

! 

! ■ ; 
-rrrr/.'T. t/T-'.yr 1 
f ,'s ///.'/, 


Bd 






&-:*>■* La.- L: f i 7 lS. 




NEWS 


Financial Times 


TO COMPACT BIeBoGhTS 


Provisions hit R. Dutch 


in 


quarter 


*£$!!**”*? lhc Rn ' al 1>uu ' h,/ 25p” -nare ai nine months the same period a year ago. 

! - roup of fompame-i for ihe ^mnnn'ud in 43 ( 71 R4nl and Excluding Shell Oil and J 


Net income per Shell Transport volumes and prices improved over 



il Vd ouTtnr n7 n !S-. Iei For ,ho amo.invd lo 45.6P t71J34pl and „ Excluding Shell Oil and Shell 
.! f.4 uane . ' ,h amounf e(i for fioV.il Ourch, NFi L2J>3 per Canada, sales volumes of oil 

a — i*.m against i'::29m in the <* n - iXFl 2II.S4). products increased by 3 per cent 

Mme prnnd year in give a « expenditure came to over the tnird quarter of 1977 

..^1 noun from li.O.ibn to i ■ .icim HLfiL'hnl uriih £fi3fim while sales volumes or gas 
“ r,, ! >ni l " r > ,r * nine munih». in Europe and 1579m declined due to lower sales of 

f ,h . qu ‘ irll-r r «'u:t bene- jfri.vjn i m the US. New borrow- OK and Netherlands gas. 
utu from nel currency irar.a- . les*; rena vmnnro «tnnd at «;i mriino nnnri.tinna 







Braby Usl'JL 

Brit. & Co m/"- Shipping 
5i7« (Godfrey) •_ 


r Ant bacher 
Ha m River 
WeW3ro*__— 
KitdwnQ«5S?L-_- 

Save 


Page Cot.' Company ■ ' JV'Pag* Xol. 


S London. jPtudehreH. 


1 . LWT Hldgv 


29. .'.4.'rNorriwm f GbH ^lths : . .31 

"~Z 9 _4~ ~ Ro»ai:Patd tfStoi Op.-, 28: 

? j -- r Royal Ins. .. „ 

28 4 S£. ; T»lren- ..\i / . 28 r •'. 7~ 

•31" - J 2- Scottish Mer cantile . 3J:- g 

; -s- : $p*ar (jwyy f > ; at- .rr 

H 1 Swaii Hunter- '29 ,, 3 

Til Ultra mar , v.yjy, ,*•'%: ^ T^ry-g 

29 >:• .*•<■ ; Valor - ■ 

'•». T Wrtan Imr.; 


.•it Jr;- 

m 


fft 

M 






Vraeaw MurnaeW 

Mr. Michael Montague, chairman of the Valor group, best known for its gas heaters and - 

cookers, inspects part of a consignment of gas mantles bound for installation m the new com- - 

. "r~»“ ““ . j x - ll_l.l!_ n nvtamc ii-hinh mata noi «F “flaw ntn 


1 -i-i-m again-i an £S3m dctieit 
1 year. 

The directors say results nf ih* 


ihud quarter u ere also affected 
by addiuV.no! lay. charges arising V.!' i •'ivT^unes. '«£' " 
Ndju-iimenr? [o deferred tax 1.. 


provisions, and by an increase in f 
1 he provision by a group com- 
psny for its share of nuclear £«* and". 

'"••'C* m t.eneral Atomic Com- 
nar.v dee to further ilelavs at the - - 

Ton si. \ ram plan! m Colorado 

V&- '•*. 

In .iddmon lo the lector. men- - 

turned f»r ;.hi< quarivr. the i, ,l J.*' . ' 

;n not incnmc for m*i nine 
mnnlh^ Ill's i. I!i77 - vn> Net .ncomc 

pri.Tiorily due tn tin* coti'e . .. 

duencos or 1 he FIFO me: hod „( 

■rincV valuaiinn uced by n>o,; 

Shell tom panics, which v. ore r 3 

par:;cu!arly mnrhed rollowina lh.- i-, ::2n; l«i 
• d^EC ..rude oil pi ice lnuca^e 
in -Isnuary, I077. [■'■Si-n* 

However, during ihe Hrsi nine ^ii-v 1 


Costs and expenses— 

••• and uinraun: 

•> adnOn 


Nine month- earnings' in some countries '»• j 1. _ 1 T) awtaI • JB- J*- w-w "“V ; ' TTr^» : 

,; ! £ssa“: U-S. recovery helps Royal ,.y^£m& 

’v579 %.2S7 10 per cent higher than in the .... . . . .... ' 

16.913 i6.9« third quarter of 1977. However, A ^ . • j V Joseph Srbag and Co« the Savings and the mam Spokesman 

<£• « s the general business environment f/v i* 1 OT FIIVID WlAllfhC • prominent London stockbrokers, for minority sbarthblde«- who 

™ for chemicals remains disappoint- F|1 t I M/Wfl VLl II 1 11 V UIUII 111*3 SSe resigned as brokers and have also been . ..jrtesslqg . .fe 

17,5 179 ing with most products in a “ fi^nciai ^advisers to Saint Plran, boardroom changes. - ,"V.- 

12 4.1s i;ji7 surplus position and a consequent . thp pnntrovertrial mining and con- . “Their contfntrt lri; this -inaaer 

if».’7 i Tie pressure on prices. A SUCCESSFUL underwriting £l3.0ra last year, the drop in profits business. But the company i*L. P ,i«n uroup. has been absolutelar.idrTwa.' and 

Present . indications are that experience iu the third quarter refleciins generally increasing reaffirms its determination ^orto ; i. .. 1 hope they' wJ^cOnfinue- to. Seep 

this situation will not improve in resulted in pre-tas profits of Royal competition and in particular an accept business at . dearly The brok ® rs **2 open a channtf^tw«rar : *e;cbi£ 

r?i the near future, the directors Insurance Company advancing by increase in claims frequency for uneconomic rates. - comment yesteraay. out i|is_ weu pany . an d fts shardroldew Respite 

I.™ IJJ! state. . , .. 7.7 per cent at the nine month personal auromobile business. No Underwriting Josses ah Europe known that they nave been flu- ftieir resignation-’*' V.‘ .j. • ' ■: 

World-Wide capital eupenditure, staKe t0 £ ll2 .4ni compared with provision has been made for any were Rightly reduced From_£2.6m satisfied with “eg^wawn. . The- daiSoVity shattBoWer^' are 

u* ibm both ,or !he ,hirri qua ™L r and £HH-3m m the same 1977 period, refunds under the AnU-Inflanon to fZ.Ora. There was a dramatic many weeks lney reques^ Mtive ^ considering- wbat acUon 

the fir-i nine months 19^. was Pre niium s writ tin showed only a regulations improvement in the Nether la ods that new take! SoSIbf ttieaTSSS 

'•'* . 4>nr l 1 l Ic's ihnn in mainly reflecting marginal increase over the period „„ demerit in « Qra gf i n with the loss being cut from them ^ould be appointed, to me phaijenged tlie' vandfty'of Certarn 

crude oil lower expenditure on chemicals frfaS^ hbBS?S»Ji 4m Bii this th » ffv ‘o^r me Sne moitlS »*" 10 But this was Board to replace others who have JjSVf 

ss T ani,r T^r*h?^«r«« x ,eve ' tj- chant*. in g e 7w n ™ ^“sss ^ ^ & **<***** m ^ed. . ssfihj 

dr/ilv fmd MnTn me ?x!ue nf fl !he US f and cxchans ^ raIes - * he under,y,l1g o!T last year’s corresponding Germany a nd Spam. The Board consiste^of ..only at least some of H^Teompla hits 

1 , Vi S7 m £ "Lj?i ei„ifJ!? real growth being S.6 per cnt. Beure of *12 9m. But it repre- Investment income improved three men. two. -oF- .whom were within. 10 rdays.^.T^r, fee relac- 

1 . -i-Sim Canadian dollars against sterling. Underwriting in the third JSS a iieniBcSt recovery from by £6m to £S8.6m. but. this Sten abroad, until the ; appoint- taht. to call Mi'-ECWbr request 


from 


*V \ * ? , 


BY JAMES BARTHOLOMEW; 


SUCCESSFUL underwriting £13.0m last year, the drop in profits business. But the company 21gL n group, 
eriencsln Vht> rhini Quarter refleciins generally increasing reaffirms its determination not ‘to « rucl,on ^ _ p 


Joseph Sebag and Co, the Savings and the 8&ln spokesman 
oromioent London stockbrokers, for minority, sbareholdera who 
have resigned as brokers and have also been ...pressing ; .fo 
financial advisers to Saint Plran, boardroom ebanges, 
the controversial mining and -con- - “Their condnct fai thfe-Tn^ter 
Sruriion group. has been absolute^-. «brrecfc and 


reaarms its neterminanon. not to r ... -■ . 1 hope theywffl : cOntinuetokeen 

accept business at - dearly The broken J»®UkL Vttln- no 

uneconomic rates. comment yesterday, but U is weu Dany . an a-its shardroldets^esnite 

Underwriting losses in Europe known that they have been dis- S 
were slightly reduced From £2.8m satisfed with their position for. Th «. mlSoV^ 


ww>l salc-i proceed--. £l.S7m Cnnadinn dollars against sterling. 

;ne '‘sii-”’: nil rnmnini in the US Capital expenditure on oil quarter showed a profit on world- "intTurred "in the first advance was held bade ; by merit last week of Mr.' William ^ offeia) ixi^jry«-^llL^^^are 

■in 1 ami sin-il Canada reported a 19 nrodurtlon faclliiies remain- at a wide business of £9.Sfm bring the quarter owing lo severe winter changes m exchange .rates. The Allen as a non-executive dinKTtor. betng contemplated : as , a last 

«i! ^ n : and '• per cent improve- high level rr both North America total profii over the penod to J;. eal j, er an d large Sre losses underlying growth was 15,4 per He was appointed -without. -con- 'resort.'. • 

1 he nu n; resiH'Cthelv in ihcir dollar an d Europe. £192m—£1.4m above that for 197». -j-^ company paid out £5m in cent, slightly lower than At the sultaiion with Sebqg. - • , > The Saint Pi re7r®oaM-l»s:bjap 


•nvjronmem. 


months, re-ulls hcneliieri fruir. ami «iu!ll Canada reported a 19 production fac-liu io.« remain- at a wide business of £9.Sfm bring the quarter owing to severe winter changes m exchange rates. The Allen as a non^ «secuttve director, being contemplated a» , a last 

:<n improving (rend in ih^ «-i! ^n: and ■» per cem improve- high level in both North America total profii over the penod to weather and 'arge fire losses underlying growth was 13.4 per He was appointed -without. -con- 'resort.'. 

_ J ‘ _J ” £19Jm — £1.4m above that for 197«. company paid out £5tn in cent, slightly lower than At the S ulta;ion with Sebag. - “ " ’ ‘ 


Ther Saint Pirprrl 


iSTOSA 


Against £16.99bn for nine months, and 


See Lex 


Discount policy lifts profit 
at Kwik Save in tough year 


wiMlinrr. mese losses n*'* ■»«» indi'V-linked only basis for house Per unJ>- 
bcen more than offset. Exchange ho)der contracts and is already 

rate changes have depressed the experiencing steady growth :n ® COmmSflt ^..j 

ThI« r wT? a P !^™.fi^^TiT'rvetter Premiums. The personal motor Like the other major insurance 
a aiuntfitatuL oetter accounts incurred a marginal companies reporting ihla- week; 

, U .?. d i, er ^f re ?. ul1 m „ r .^fh.,Ti'Xa' 'os* » ith claims frequencies 4 Roval has produced a very satis- 


URuV.TH IX profii now repnried ■■■nu 1 ' 
by Kwik Save Croup for IM77 T'i from 
;> con fi rniii linn ih:il :■ policy of in 
:>erm:m-nl (|i>i‘oiint.c on nil line-, ni .t 
■■ill continue 10 produce bi-ncitl- lies. 
i-i «-u- miners mui shareholder* uo >• 
Ailkv. 1 iic direeiors si.-uc. iih 

For l he >i.*:ir in Scpicniher ■». ;n«Tv 
IN7*. idxalilc prnlii ;id\;ir.ce«l *** tL ' p 
I rmn .‘>.1. In. I'fio ir. f!«. 701. mm •• it n |'* r . 


with all major line* contributing 
to a turn round from a loss of 
£S.Sm last year to a prnli: of £2 5m 
so far this year, wnh 'he third 
quarter showing a £l.fim profii. 
Tile property classes, accounting 
for over 49 per cent of US. 
business, continued to achieve* 


programme 


1 xeptemner 1 about lo per cen.L Progress next ^ WARNED in March,", taxable right dawn to just 2i per. cent "Jn - 

Jn Australia, there was a small year will probably be more modest. _ rofil nl ^WT (Holdings) slowed the second half. But this was hot 

. !.!_ _ -r pn m kn* .inl-l's wnmL—HnV'il If - .. ... . . _ _ . T .. ,'UM U. 1 ' . 1 . J_- 


, „ continued to uchicvc underwriting ios« of £0.4m com- bur— unh«-e some— Royal is expect- down kn ihe second -half-' Of-' the unexpected as LWT haw already 

i-d ■■■nii'd hate shown improvements cushion the blow. Bin expansion fne’reabed profits. hilc io-‘i- were pared with a profit of tO 7m last ma its L .s underwriting profit to yea , t o .Tulv 23. 1978. after a junto warned .that prtwraronie . expend!- , 

7v from »:.'.4p in 7.fi4j*. cmiiinucs jit :i heel it* pace: m re£ jiiced in autom<*b>ic liability vear. The satisfactory experience bold up well, with the help of frorn £549 m to £7.55ro -in" profit "rare was building, tip.', at-.a,- time 

nf in :in«* wnh the midway foret-iisi !9,s- ( ri n plans m build :.n new workers comi.vimiiion in motor and workers com- dr j row :ng property account. The before Exchequer lew at midway, when advertising- revenue was ; 

ni .s :in.il nf not less than i.iip stores, which together with ilic p rerniuni grovuh ip inv L .S. is pen.^aiion was offset by a <*on- UK side i? also doing well -after Despite this. the. tall-time' Jotal slowing-': dovm: ..QveraiLi-i^rjBsliHt'' 
i* she loisn div.dend is Mcppvd acqui.Mlion nr Lee X *>i? will runnif)i , ai , he raU . of n Pvr cent imuing decline in ho m^c holder? a siorm-hit first quarter. At 34Rp. wa «, „ n f lftm £H54m to a record profits for Hie year "‘Elm nip a* 
rs IIP »*. • itK^P i2.2i'4»r. equivalent ■ give it around I’Uii uutlels next a vl . Hr account Market conditions the live yield is around uju.im before a levy of £tU»m. £fitm are jn line with City, expecta-. . , 4 

•..:;ii ;i I.Kb.iSp final on capital August against l.ji! m Auau*’. un derv ritin'* proii* nf £Snm remain difficu.'t and ‘.he enmnarr- S per cent, covered roughly 3 aaain «i 1602m. nn lurnover- .up tioni "though the r jump ^ tfie ^ ! Iji : 

•*. in.-:-.:. serf hy scrip and rights m7s. and 124 a year earlier If uas achieved in fanarla jjainst has experienced some Ic-f of tinic-s ay likely 197S. earnings. £9 12m ai £40 57m.' “ . ' fipal'divTdemF W ajbit better than ‘ -. -I s -- 

:*<l I'-uc. present margins can he held the a third the way through had been boned— this is the ebm; i ( 

in Prolil at the trading level v.<m xroui 1 could make oier I!2n* - the nirrent vear The group, wrhduw 'panv's last chance, to Take advanfc' 4 ] 

Wim ir*.m £7.3l4.iiiai to iXMS.Uim. pre-tax this year, with the Cte \ T> ■ J J _ 1 B ._ * „ „ * „ r -m 4-Z J- - i. leresls include TV programme, aise -:of^ freedom from, dtridenf j 

■•* In m !d it inn. concessionaire rentals Lee stores not making a su!i- SE O a - B 4T% ^ K Eg C ill 10 fig S SB VJ ill 8 S 31 1 • - comrading. property investmenL -restraint. At .rtinthf neW-KTOj.: j 

■I; i.:u(i'.ici*d £1.477 lino iIU7ci.iMW). stantial ■•ontribuiion .in»u !?•*'•- VXB.'Lfl'*'- «* Jl vll *£1 *3KJX |^JL vF .. electronic equinment. manufacture ta^tter' cent .And. ihe p/e is fit 

ig :m.| nlcrc-t rccencd w:i, higher H'SU But long-term reservation- * ■■ ^ a and film production, is nn target. LWT^e major ■ prodn'ctlofis 'during 'j- 

.1 m ui iu.miii i£i2i'*.'Nint. v\i?i about whether Kv ik Sav.*'- ^ ^ m Even -o. giv.en -.the continuing. rise last tear were . ILIJUeJV - .Lydlw .. J— :*. 

y. Du lib ml- in-i £i 7.)i:oiii» , w . ,n ? hw I/xriiTrT/vo TJ jP^ £ / /S S^a m ■ i nondinR "on televisiair and “The FroifesSionaTs. AU lwve - 1' ' 

•d | r l 3"»l (.mi i k-ivriv* a retained S 1 ^^- e sllt ' Ct,s -s .'ud «hr shares BP/|VP^ > jh f. 4A|fl I 0 1 ¥ programmes, which, reflects a anod nitientiail .for overseas sahsfr.- j 

ba±i of H -144 uno o!lSi fe!1 1,1 S2,) - " here ' h ‘- v IvtlTtO JUP Ai necessary investment in the j he profits frimk which are frtt i 

a tialAWl ' uo.Jib.oiiii». 4.!i per rent and trade *-n a fully future. Mr. John Freeman, the from' the le^y; while the w# J 


in ;in«' wnh the midway forecast I97S-79 it plans to build :in new 


C.'.gss.nui, 


‘■l*c. present margins can be held the 

Profit at the trading level v.a* aroMP could make mer ll2u; 


.'■.4.X0 l.ii.li> :.i-, tr*.m £7.3 1 4. ma i in £H.mS.um>. pre-tax this year, with the Cte \ 


'■iimuv; in the sc* , »*n«l hall hj:l«.*s in midiiinn. conccs- ion: tire rentals Lee stores n*il niakmg 


during ihe .13 Meeks in v.hicli i.:u(i'.iei-d £1.477 Him lIU7ci.lMI0). "tantial i-ontribUlinn .in'il P'7'i 


higher I9WI But long-term rc-sc nation • 
e\i?l about whether Kv ik Save's 
--.. retailing formula will show 


" r UWIWWOI. iTsi no? "m «nd !%l\ ,.n » fully 


taxed multiple uf 114. 


ronipeili t\c e*>udili**i<- previulmg :m.| nlerc-t rereni-ri wa, higher P'S'J But long-term reservation- 
in the rv'ail f».n.l iradv levied ai ro-iiJ.llilU i £l2l , ..'i‘lOl, exirl about whether Kvik Save's 

the group's iraitmg pliilosnphy. nm.ii.«.i- ri tv: mm retailing formula will show 

•■'•re up a: i't.VJ :;!nii. •.-nmpared « n ar.i mhh k-arm- a ~rct" lined c * ura !? ,e succes., and ihe shares 

Mi'll £Pi2..s*.im l.--i lime. ha lance nf *'3 .144 imn (i'o SliSOiifi) ^ e '* ' l|1 1,1 s “ l> - " here *h-y vicUi 

c'.nrrcni Irwiliug w tunning at a * - ■■ - ~ ' 4.9 per cem and trade *.n a fully 

•ati- factory level and taking into © COITllTient taxed multiple «f 114. 

account the •••entua! benetit- of . . . . „ 

ihe full in: eg ration .if the Cc* n *> wlk * :, 'V r,,I1 '>; ei,r fi - u r e< e '' ,n : Rl AlMH PAYMi- 

I*<e Si lire- - nun ill- gniiip. the firTn ,tlL ' sharp s]immin.'-dm<*n oi DL-AllvL/ i.A 1 ]HL 

B.»**rrt lo.. 1 *. fin-, anl ir. ihe linure ttiarijins -hov n ai the interim \tr. X'icholas Samuel son. 
with ciinfidenri* stoge. Sales are up 21 per cem managing director of Bland I'aj ne 

With thy tax charge, tip from ,n sce.md half larouml half (I'Ki. insurance broker. a 
n.3::7.nflu to w.iat-s.imn n*.*i prom of this may -l cm From c-nlarg.d snl..-, diary «if the Bland Payne 
lnv. cr a i fi.iiti7.fimi » £7.273.000 » trading sp**cvj but trailing proii'. yroun. i« leaving ilu* cnmpanv to 
'r;i*. ins cs.rn’iigs per tup -hare a| rose onli •'> per cem. giving become a director .rT .lardine 
7 “Up 1 1 1 .'iitj'i i . \o proiifimi his margin.- Ol 4; per cent :-g:ntisi M:ifhi-«r>n ln-,iir:<n**c Brokers, and 
hi.-cn m.oic for deterred ins P.nd almost 3 ;»*-r cent a yenr »*a.*li**i* chaiiman nf il- UK and life and 
the • hole irt 3m provision from Price cutting by .u «L*>*marl pen-iunv company 


Reduction in shipping profit 
leaves B & C £2.4m off 


AS ANTICIPATED the increased assets 


BLAND PAYNE 

Mr. X'icholas Samuel son. 


:hat much to do directly ehairman. * does not. expect a pany' enn also., offset the. p: 


siili.-idi;ny *if the Bland Payne 
■-■ rou n. i« leaving ilu* cum pan v i.i 


contributiona from non-shipping An anaJvri* of operating arofi: *., ;th shipping these days. Us ''gniHeant f lather ■ advance In Hon costs: Also with the 
aciixiiiv at British and Common- for the half year -hows i£ui)iV. f i T * o--5t*c:”»un into everythin' nr ™J ab,lll 7' • • - taWng a hard- look Rt fbf-eow 

wealth Shipping ; Company have shipping im .4-1^*: air tran-p-rt fh e ta s ch a re ef o r theyear was panies as the time for -the ne* 

been in-ufiicienf 10 offset ihe and helicopter operation. 4.777 fW!W hehcop.rr .o.uvu.yr ^hp.e! t«P from &95rn to £3.t4minaklrre Tranfrises draig ^wmost c^. : 
-ev-ve reduction m proii : earned 1 3.720 1: aviation >upp»rt services '*nd office equipmen. ha.- ins t i.lal. d net -profit- SSSlm- .(£2:57^11 for tractors want :&''!& steens.pldiw.- 
from shipping oner;. lions and 1.1*27 r 933 »: leisure .ndu*trr. 43 i» remarknhiy well Trom the per 25p share of Z0.87p mppey j,ack inta progranimH£ 

pre-tax protiis lor ihe firs! half (.310 ; office equipmem 1.4C2 r 707 * : ravages o! she ortd sh* oping re- A .. n , Hna .‘ dividend ot 5^, the recent profits. slowdown* 

or 197S shov a 12.4 ni decline .it mher acl , vines l-'WU '1.3731. L . e s--.on M 'he haffwnv stage pre- •?”« i£S ra,Bes - th « total n ot alarming arid ^n« the yetf 

ReaH-ed curr,n tr In.. .« lo»er. “^JSRd'MSSU Wwd . .t 


avl)\ilU“ at British and Cmnmun- for the half year -hows (£uuil»: *jp o-oPcs-iun' into everythin- °'^ a 
wealth -Shipping ; Cmnpany have shipping yii t42Sltf.: air tran-p-rt f ' hr ,..’ eon , PP- * 0 i U v U ^ v Wet- 
been in-uHicienf to offset ihe and helicopter operation. 4.777 rwsn hencop.rr- .0 -uxur> nq-et U p fro 
>ev-ve reduction m proii : earned 1 3.720 >: aviation >upport services .*110 orngc equtpmcn. ha.- insuut.d nc. -p 


1 •ni- year? has hecn rol^a.-ed I*.-* rodii-i*.! hr ik “> 

i*> rt-erves and comparative? ronsidei-ib!;- ..■■•in pel it 

.■(*■•:? ted Hnd a full corporation laze anil 11 ha- nc 

charce been made earning*: henefff nf 1 r,ntfn.i,f 


• •nipcliijvc ad*. -n f J ,i> ne sad ye«terd:iv »hpt 
ha- net had lh*.* lef» on tlie mn*t friendly 
runUi'hl -ertiir .*«» terms 


-iiran-v* Broker?, and ' . Reali-ed currency lean :o??e« *.■*, i.-.sfit- arc 15 per cent lower. Reteired earnings emerged at eni ?' . 3t ^ ver ^ s | Tlsr - - re ^ uD ^ e . 

ii- IK ami life and . ih'-re * fiirVl-«*r s,rif ' ho " n w he <Su ' ,n fro: '‘ 1 Shmpina nru.il> have dropped £1 R7m. ^compared with £i:57m last D ‘cked Bpnpiu and the j 

nivtny al.lmugh Uw.re "ill be a further £l!S50Wl lfI c-u.^oyn. v . r -«>xiiw nnthm B time. son acoutsftion wfH : make a firpl , 

(V.inmcnTin- nn lh- ni.vv- Bt-inrl decline *n rv-ulU or tin* remaining *• 1 ■* - r ** tn '*r*u»u> noining '.j— » TVu,™ » c erffl- '■ 

v(*si*’r,l:.v fh:*i • J shipping arm by. pre-tax proi.t. r a i 0 ,! ftn : 0 * Mere •■ I" ^ohah'% be n loss this A rn mment " • 


hr snipping a.nviy. pre-iax ur.a.i- p Q l« r I nn iji 
", for the -ccond half -vd! LaieUOma 
anproviojaie lh«*se Of the first I n ,,«cf mionfc 
—-Tin- would give a figure of around In* cSlmcIllS 
_ I £2<lT>4m. compared with £29 31m p 0 r the ?ix mo 


year)' - bsi: ^hi- n> to' a larae • COITOTient . ' around £Siryof cash iilthe bal&ni^ 

ex lent been offsei b.v a £2.3m Profits growth at LWT has slowed sheet 7 ... ' . -’ - T ' i". 


ivcMiiiuiiis :nt :*.?wm *n» :u *he non-thippma 

For the -ox months to Septem- ariiri'ies. in the first s-i* monrh-j 



Half Year Results 


The unaudited results of ihe Bools group for the six month? t* 
3Ulh September. arc given heiow:— 


These indications do not take her 30. 1978. Caledonia Invest- nf r*ie .. vear fust under hdif 
into account a loss arising in an rnentN. whose principal investment B and C? profits came from the 
associate company upon the l5i , ls 49 per cenl interest in air transport and aviation support 
conversion of substantial foreign {j an '^ £ reports an increase in «ervice« and another 23 per ceni 
currency loans into sterling, the pre-tax profits from £l.58m to fr <>tn a hotchpotch of other acti- 
group's share of which amounts £1.74^. vitles R and C’« shinning interest? ( 

to £1.8m. ' ' . , , .... . ... faoart from SaFmarine) are now 

The net interim dividend is The dire 3! ors ft ,re £ asl that full- j arEe j v concentrated in OCL. 
lifted from 4 25p to 4.75p on vear P rohls wiU 1 * l,ow , ? JJ, »* T ^Vhich had a rotten first half. But 
slated earnings of 16J2p fl9.7p) cent advance on last years £3.I6m. f 0r t ^e year as a whole OCL 
per 50p share For the last Tull Earnings per 25p share are should make around £35m and 
year a (otai 9.33347p was paid. shown to have risen from 5.1 9p with B and C taking in a fifth of 
Nni w i.h.iunHi BO rh* t0 598 P “»<* the net interim these profits its own pre-tax 

inreslnteni 1 In "Overeeas div,dend is stepped , up from 3 * 75p for lhe . fu l , 1 , year win prnb ' 

Vrnpr* ro.. t0 4 - l23 P- The total paymenl for ablv be marginally dow-n on last 

from , ^ was S.oOl-Up. year's £29 3m At 29Ip the shares 

proii k -bows a marginal reduc- yield 5 per cent 

'iuii at ihe halfway stage The 

mrr.M.p i,. Iin-.ne.n« rh»ru»< h a < © COITinient 


TD THE HOUIERS OF . 


$25,000,000 Guaranteed FloatmgEaie NotesDue 1981 
In accordance Witih the provisions of the above Noto, West? 


year profits will show a 10 per ^vhich had a rotten find half. But 
cem advance on last year s £3.I6m. f 0r the year as a whole OCL 
Earnings per 25p share are should make around £35m and 
shown to have risen from 5.1 9p with B and C taking in a fifth of 
to 5.9Sp and the net interim these profits its own pre-tax 


therefor; has established the Hate of Iriere^r^jSich Notes 
far the semi-annual period ending May 14, 1979 aS tsyefve and 
five- sixteenths percent (124ie%) per annum. Interest doe on 
such date will be payable upon surrender of Coupon No. 5. 


• amers. the -hare of associates wst Z' wa<t k illl4in 
profit » -h*»ws a marginal reduc ldsl year was S jUHIp * 

'iuii »l ihe halfway stage The 

ioerf.i-c in tinr.neing charge? has • OUiilinciii. 

been hroiuhi about principaily Despite its name British and Com 


" - BANKERS TRUST COMPANTJ 

DATED: Novembers, 197S ' : 


by further in*, cstmenl tn (ix^d mniuveallh Shipping does aoi : 


f mi i lions 


Trading profit 

lnemne from short term investments 

Interest paid 

Exchange loss on nei current assets 
uf ovi.-i-M.-afi rubsitliaries 


Profit before taxation 
Taxation 


Profit after la*;.ilion . 
Minority 1 meres is 


Trofit ailribuiable iu shareholders 


1979 

4S0.D 

1977 

3‘Jl 7 

change 
+ 22.S% 

50.1 

4.0 
( 1-S) 

45.0 

3.4 
( -7) 

+ 11.3% 

( 1.3) 

( 1) 


51.0 
(27 2) 

47.6 

(24 S) 

+7.1% 

23.8 

l 4) 

22.8 
< 4) 


23.4 

22.4 



Godfrey Davis makes 
first-half headway 


JNVESTMBOS 


.\<4 


iiilcrim Uiiiili'iidt 

The Direct. irr have declared an interim dividend for 197S/79 of '2.5 p per share 
( I.il779|. last jiai ». wind) aiiK»uni> if. ra.9U4.iyS and will be paid on HMh January, 
1979 in xliarehoJders reaislered on Sin Deccaibcr IS7S. This dividend was pro- 
vi-n.rj;.l!;. iurecast in July 197S when US-53U million C«>nve ruble Bunds were issued. 
The DirtCii.r.% have alsu declared a third interim dividend lur 1977/7S uf .Ul'SMJp per 
share which represents ihe additional dividend which it is permissible lo pay lor 
I ii;. t je:ir con. sequent upon ihe reuuciimi in the standard rate nf income tax From 
:»4 ;n 3::":,. Thi.- dividend, which v.a- provided in the accuunls to 31st March, 1978, 
amount l<. rHj:i.2ijK and will be paid al tin.: same time. 


INCLUDING exchange profit.? or always be met because of 
Ori.wm compared with losses of difficulties in getting enough Ford 
£T4.iiiMi. pre-tax profits of Godfrey cars and commercial vehicles. So 
Ifaris. car hire specialist and Ford far so good, but the second half 
main dealer, improved from could lake a nasty hammering 
DSJISm to £3 22m in the six from th»> Ford -irike. The lirM 
monih< 10 September 30. 197H. operations to be hit were leasing 
Turnover for the period rose and contract hire. A number of 
from £40m to £4K.9m. vehicles due to be replaced are 

Ad lusted to reflect the reduc- still in operation and in some cases 
:ion in AfTT and to reduce dis- will still be there by the end or 
iiarify wnh rhe final. Ihe net ihe financial vear. even if Knrd.- 
inltTim divifiz-nd is raised from went back next week This mean< 
9-77 n 10 I 2p on stated earnings th a t maintenance costs increase, 
of !3 Ip in.fip) per 25p sharc_l^axr an d more importan* there will noi 
.rear's into] dividend was 3^05171 p so much profit on sales of 

Trom proii is of £3. 7m. vehicle? tn come into the p and I 

a _ mmAn4 . account tlf course the dealerships 

w commeni suffer but with a lot of imported 

Godfrey Davis' 20 per cent jump Fords waiting to fill the pipeline 
in pre-tax profits before exchange a.s soon as the strike is over CD 
items is well U p to expectations could make up some lost ground 
I hank- in buoyancy of .r> in lhp final quarter. Even so the 

Ford dealerships and continued company is warning that profits 
growth from it.« hire interests The for The year might not be much 
one difficulty the company ex- better than last time. At 92p the 
perienced was nn leasing where shares could come under some 
curtomers' requirements could not pressure. The yield is 6 per cent. 


The directors have declared an increased interim dividend of 4.125p~per ordinary stock 
unit of 2Sp in respect of the year ending 31st March. 1979 (1978— 375p). Additionally, following 
the reduction in the rate of advance corporation tax and in accordance with a resolution passed 
at the annual general meeting held on 26ch July, 1978, a final dividend of 0.07091^ per 'OnffnSry 

stock unit for the year ended 31st March, 1978 Will also be paftL 



These dividends will be payable on ?0tf» January. 1979. to stockholders^ ^Tegisfered at dose,: ?! 
of business on 8th December; riWJ: - “ ' : - r •' ' 


A statement is given below showing the estimated group profit for' the six months to 
JUth September. 1978 with comparative figures for the corresponding period 6f the previous 
year and the actual figures for the year to 3 1st March, 1978. 


... p ^ esent indications are that, the profit of the group attnfcutablV to ordinal.' sttxkfidders" 
W,H sl,ow an improvement of some 10 . per cent when compared with the prevfbus year. 


UNAUDITED GROUP PROFIT STATEMENT 
FOR THE SIX MONTHS ENDED 3QTH SEPTEMBER, 1978 

Six months Six months 
fo Sept. 30th, to SepL 30th , 
. .. . f978 . • t7977 


Turnover 


Actunf.yeor 
■ to Marcb.ifst, 
-197*. 
' - : COOO 


Income from investments 
Franked 


Unfranked 


RcmiIIs 

In the U K. thorp has been, as expected, some revival in consumer spending deriving 
from real iiK>iva*t» m persona! incomes, us earnings have risen faster than prices; 

and small reductions in personal taxation. Retail sales bave Increased in tbe 

hair-year b.\ 19%. half uf wiuen is a real volume increase. Gross and net margins 
h<*\c been maintained. 


Industrial Sales of pharmaceutical products show good increases at home and 
uvursea^, and the recent acquisitions in the U.S.A. and Germany are making satis- 
factory progress. Margins particularly ot agrochemicals have suffered somewhat 
due lu diilicult conditions in world markets. 


World sales for the period have increased b.v 22.8% and trading profits therefrom 
by 11.3%. After deducting from such profits interest costs and the reduction in 
value in sterling of overseas current assets, resulting principally From the depreci- 
ation in value of tile U.S- and Canadian dollars, profit before taxation has increased 
by 7.1%. 


The Directors continue lo expect tbaL satisfactory results will be achieved in the 
current financial year. 




DIVIDENDS ANNOUNCED 


Cons. Company 


Wltan Inv. 

Scut Cities Trust 


LWT (Holdings) 

Braby Leslie .... 

J. W. Spear .... 


Mnrland 


Kwik Save 


Current 

Date 

of 

Corre- 

sponding 

Total 

for 

Tola! 

last 

payment 

payment 

div. 

year 

year 


382 

Jan. 2 

O.S 

0.82 

0.8 


5.5tt 

Feb 2 


__ 



25ft 

Feb. 2 

— 

— 

— 


**1 

— 

1 

1 

1 

...Ini. 

L2 

Feb, 1 

1 

— 

±3 

8.5 

Dec. 20 

3.1.1 

S.75 

8 

tile 

2.37 

Dec. 21 

2.01 

3.37 

3.01 

,.inL 

0.8 

Jan.S 

0.77 

— 

1.54 

Tst. 

2.05 

Jan. 5 

155 

3.05 

2.85 


l.IS 

Jan. 3 

1.04 

1.SI 

1.44 


5-73 

Dec. 15 

3.34 

y.zs 

6.19 

..inL 

2 

.Ian. 12 

1.67* 

— 

4.38*9 

...int 

0.7 

Dec. 20 

0.64 

— 

1.875 

...ini. 

4.T.1 

Jan. IU 

3.75 

— 

8.5 

.^int. 

4.75 

Jan.n 

4-25 

— 

o;t3 


R.WL 

— 

7.45 

14.41 

12 45 

.ilit-ii 

1.2 

Jan. 3 

0.77 

— 

331 


1.84 

Jan. 15 

1.43*t 

2.64 

2.2*7 

...int 

0.77 

Jan. 26 

0.7 

— 

2.14 


Dividends shown pence per "bare net escepl where otherwise stated. 

* Equivalent after allowing for scrip issue, v On capital 
increased by rights- and. or acquisition issues, .t Third interim or 

0 029p now declared for I977-7S. 5 Additional 0.0187p for 1977. 

1 Additional 0.04 lp for W?-7S. i! Includes adjustment lor change 
in ACT and Is to reduce disparity with final. M Gross throughout. 

South African cents gross throughout. 


Interest receivable 
Profit on trading 
less: Depreciation 


U72 
172 = 
-3Y8 .. 
:'-42' “- 



interest payable on loan capital 


Profit before taxation 
Taxation 

Imputed tax credits 
Other taxation 


-3.162- 




Profit after taxation 
Minority interests 


Extraordinary items 


' KiaP; • . 3 
** “ — 

■■ V' :.iv 

.til 5 ? : .v-- 


Preference dividends 


Profit available for ordinary dividends 
Earnings per ordinary stock 'uiilt ’of. 25p 


: 1.937 : ,*?; 

••"'ri.-r — ^ 

l' 




16th November, 197$ 











% ‘V^'v :•;■ : ■ • - - ■*• ■ * .V - ■' 

; -T^ttesyFrid^ November 17; 



„>-»•. v > r' 


VS::- 


Martonair 


■sSr/ - 

'-is^CT 




.SiV;’ 


Mr. George Godwin report' 


' ^ l am very preasetf to report another year of solid .. 

progress,. resuftfn gr : again in record ,turnoVor-J^ i . 
profits. ~Prqfit..fpr -the year before taxation 
£4,887,732 ar> increase of 33% over the figure^/ 
£3,654,81 6 in the previous year. 7 

^Thfi TTWXirmim: permitted final Ordinary divider^^ 
under current restrictions is 4.28p per share ?- 
. dividend_of this amount is proposed for payment 7 
or> 12th January, 1979. This payment, together wjth^ T 
the interim dividend of 7.75p per share paid *0# ;S' 
- j; -i18th May, 1.978 will make a. total Ordinary .dMdan4:>- 
- of. 6,Q3p for. the -year. We are also propp singer 
on e -for.- te ns crip issue. . . .. 

Group- turnover increased from £26,632,472 ■ 

.'I s .-. £30.469,341 of which more than 75% was iriV; - . 
.-^'respect of direct exports from the U.K. and saiesjiy.? " 

: overseas subsidiaries. Our sales organisation'll.-. 
U.K, has continued to make excellent progress a»rtt : ■* 
r .--- turnover increased from £5,876,358 10 £7,423,^74. 1 

• ^fcWe have made a good start to the current yearancf _ 
■77. - turnover arid sales, both in the U.K. and overseas*; 

> I ^are ahead of the corresponding figures for the: 

•_ previous- year. In . the absence of unforeseen"-,, 
circumstances, we again expect to consolidate and . - • . 
i-'r > improve our trading position in the coming year. 


peaki 


MARTONAIR INTERNATIONAL 
UNITED 

... i - -Manufacturers of pneumatic control equ ipment - . . , 1 ; 


Firm date 
imminent 
for Swan 
hand-out 


Boots 



improve 


to £51 m in first half 



'VITHI.X 


be paid at itlie si™ »mie. 

Last year'i -P^'-'^usij declared 

i,»ia! was 3JJ852P I:riJ p..iu on 

H record p re-lax Profit „f EiOTrr.. 

will be toirl when they caricxiicci clirceiors or ihe Cuuis lompaii) Th- directors nrnnr* liiai in ihe Ul . 

•he cash handout planned under .say they continue to expect thin ^:K there ha* tat ‘ en . expected, At. 

the company's capita! reenn- satis far too result*. will be sonw revival In consumer spend- . ' '■ or,QI1 

achieved u*.cr the foil year.- ] nt i deriving _ f roni r cai increases ,uarKtls - 


ANNOI : W:i.\fS a 7.1 per ecus 
advance in 1 111-1 ax profit from 
■•'•nio THE next threr days or £47 .Gm lo £jl;n in the iir«i -is 
h o shareholders of Swan Hunter months 10 Scpicmliei 30. tiiTS. I Ik 
will be toirl when they can' cx|>cci directors or flit* Cuuis Company 

the i — _i j -«d>. — •_ — — — ■ 1 K ..1 


ruction scheme. 

The Board is now putting the 
finish my touches to the scheme, 
which fellows nationalisation nf 
•he shipbuilding operations and 
•ne £l5m compensation received 
Trom the Govern ment. 
fn July the company said that 


First -I 1 . 1 1 1 sale* improved by in perstinaljnwmcc. a s >wmn q« 
22.8 per com from £ 301 . 7 m 10 have "““JHEJ ». , apd , 
£4«0.Pm. After tax up from £24 8m small reduct.ion. i.i personal 

to £27.2m. net profit rose from taxation. . . . 

£22.Xm in £23.Sm. Retail r 'greased in 

As forecdst. the net interim the hnlf-jW^, _ Jf r ct 'nt, half 


^fftaFF^sS sSisS ^ 

rf ffiori1 y T£ learnt tin, “in&l of pha™ 

wiihin the next feJ days !K M** in respect of 1M77/7S wUJ ceutleal product- .show »ood 

company would be Bh'im? ihe 
Stock rsxchance a Arm date for 
publication nf the scheme. 

The basic principles nf the 
•scheme are already known. The 
company will an into voluntary 
liquidation and e hnrehp]dcrs will 
he clven the £,3m cnmpensallnn 
money :md any sum, us e.i<h nni 
rennireti Tor Swan Humor's 

rpmainin» activities. These _ _ . 

activities would then be con- PROFITS BEhURE tax or Brabj 
tinned under a new enmoanv in Leslit!.. mechanical and _ ‘-■ivil 
which Kuan Hunter shareholders enBineer. were down From Xl-lUin 


Braby Leslie down at halfway 
and sees depressed results 


^ j rnrm 1 rntTR sales nf £2.75m because or retailers' overstocking 

increases a! home and o\ersea8 FROM LLmtn I “ , , Christmas. At the heart of 

ant! the recent acquisitions in the aeainsi^S.Mn^projils before ^ [hg probIt . in is a d i slur bin? riend 

C'.s. and Germany are making rVom^l trim *o £713555 that “ educational ’* indoor games, 

satisfactory progress. .Margins, shatrl> from £R^-m m £71^ which spear specialises, are 

particularly of agrochemicals. £;“ u ;®er becoming la* popular.. Generally. 

in the second half 10 slightly the product range w looking 

exceed in value that for the second dated and in recent ye c ra P rnfil * 

half ot 1977. but profits wfll be growlhhas been achieved on the 

soznewhat lower. For she y® ar 10 Scrabble, which has been 

December SI. 1977. the gn^P enormously popular However 

reoorted profits of £2.3Sm from this year demand for .sersbb e 

turnover Of M.Bfim. has been much weaker, probably 

Turnover in the first half this because of a saturated raarkel 
year dropped by some 6.5 per cent and stiff competition from other 
in value due to difficult conditions products such as invicta s 
in export markets and to a level- Mastermind. If demand continues 
ling-off in demand Tor some to fall off for a product that 
products, say the directors. The could contribute over 30 per cent 
profit reduction was due to 0 f profit* then there are going 
increased costs and e*P®nses j Q be hard times ahead. After 
connected with the move to the two years of declinmc rates oF 
new factory. profits growth, the company now 

The interim dividend is raised forecast* a downturn for IHTS. 
from 0.638p 10 0.7p and the Profits this year might only reach 
directors intend to recommend £, .73m— a drop of a quarrer— 
pay mem of the maximum per- which would give a prospective 
mined final — l3-*i 'ear'., final was p, e 0 p 0.2 while ihe viclit is a 


£al«t> 

Tirfiii. - pr 'E: 
Inv^siinem laeurne 
lnii-r«.i paid — 
Em runs? to"- 
Profit before tu 



Firr. 

ball 


ISTS 

1977 


C.n 

tip 


ISO. 9 

SHI. 7 


50.1 

4l.tt 


4.9 

3.1 


IS 

6.7 


tJi 

0.1 


SLB 




24.? 


23.S 

ii.8 


0.4 

D.1 

-l i 


See Lex 


wil, receive new shares. 


BTCKTR EXPANDS 

tti'vkrr Group. the paint 
concern, has bought Conway 
Coatings in a move to expand 
production in the UK. Kot-kcr 
is a wholly owned subsidiary of 
A. b. With. Becker of Stockholm. 


to Xl.lMm in Lhe half year ended 
September 30. IP7S on lower turn 
over of £l5.0am :< gainst £15.4Um. 

The group is operating at a level 
in excess of hi, • but n is not ex- 
pected that results for the current 
year will match the record EJ.lllim 
pre-lav nchieipri in HM-TS. 

Earnings per "hare are shown 
at Gp CTp'i and 4.9p l.V.ipi 


assuming a -full <- nyr cent tax 

charge. The intecin. .Jmdend i? 
eiTcctfvely raised Iron-. !.«W,7p to 
2p j,nd a muximum Permitted tin.ii 
of 2.ygp ih roreva: j^ains! fast 
year's equvaleni 2.,<iXop. 

Following the reduction in tax. 
an additional JIMlup i> also de- 
clared for I977-.S. 


Briggr brewery equipment sub- 
sidiary which turned in a record 
result Ian year on the back or 
booming -brewery invest men t. 

t.irder* are currently harder to 
obtain and Braby also claims 10 be 
suffering from subsidised com 
pelinon on the continent. Else- 
where. -\u«n Diesels has done well DPBfll 

CL... Dalhn... I ho MimnanV IS . 


1J2344P. 

Shareholders ate also receiving 
a supplementary of notSTP > n 

respect of 19< • »» a result of the 
reduction in the rale of ACT. 

IMT* IRT7 

. i 

•. montns 
:j>. rt'.n 3.B?-5.w»D 
70S.27A 48704# 

1 Hit :l#.3AJ 


mere I.li 

times.) 


per cent 1 catered 10 


*5ai* 

Profit 

Assoluib sroflf . 

Profit before lax 


Valor optimistic after 
36% mid wav increase 


• compient 

L.i»l vear acqui-.f.-ins helped- Liverpool idfU! 
ft-v.e Braby Leslie's profile industry t had 

Ihree-lifln . .w «... w... «™im h: 


7U.RS5 U17.4M 

■ii: S74 4fih.fi3» 
“-.■-.j 54tl.(«i3 

- :,-.7 1 s.«r-j: 

• • J-O 25.TC:- 


First half 
dotvnturn 
for Alida 


OX TURNOVER up from !$•*'. from 41.5 to 54.7 
£ 18.43m to £1 h.55m. pre-tax cubic feel, 

profit of Valor, maker of heating The demand for 
and 


almost ihree-imn- huher. 
such a useful boos; concealed a 
duii underlying trading imitern. 
and this is fully appuren: m the 

miermi results tr.ts time. Pre-tax 
profits are 10 per tent down— or 
tfi |ier cent without nr*! time 
ciin'ributtons from Pay ter and 


show ins every 


the market 
Spear’s 30 


In ihp h;iir year ended Septem- 
ber 30. t!>7R. sale< by Alida 
Packaging Group were a little be- 
hind ai £4 4Km. against £4.l54m. 
and profits before tri\ fell 
lifts. 74 S 10 £ 228 . 478 . 

The companv. which rerently 
became a >ub--< diary nf the Rock- 
ware Group, is not declaring an 


1 4 j- 

4* 


: 




TRAFFORD PARK ESTATES 
LIMITED 

Extracts from tiic Accounts presented at the 82ait 


• • 16 th November W78 .• 

. 4 A’ 

Year ended 30th June 

1978 

1877..'’* 

, r \ ■ ■ 

. 

•- £■'.•• . -• 

■profits before interest antf Tax:^..- 

1,433.684 

L274.636 - 

:c interest payable: **s. . 

■ C4WjB65) 

• T470.749) 

' : - 1 J 

Profits before Tax — 

ijmjn 8. 

• 803.887* 

■ Taxation «"■ 

(3334183) 

(330.501) 

' Minority Interests 

(23,947) 

. (26L705) 

’ 

675,988 

^446.381 

Cost of Dividends 

337428 

V302.174 

^ .Retained Profits 

- £338460 

->£14437 

Earnings per- share - ■ 

8L12p 

/ ZZTp 

. Net Dividends' ^per. share ............ 

4-Ofip, 

3.63p 

Net Assets' per share ----- 

99.1 8p" 

95.1 Ip 


proin 01 vainr, maser 01 ncaung *•>= ur,. .»■*». „;a< appliances. 111C 

and cooking appliances, jumped cookers and heaters, is strong, he entir e profits short nil 
by 36 per cent to 10.71m for the states. "We etirrenijy have out- . - - 

first hair to September 29. 1978. standing orders beyond that 
Describin'* the results as «hieh ;ve would normally expeci 
“ cheerfui." 0 Mr. Michael Ufe are concentrating on imnrov- 
Montague. chairman, anticipates ing profit margins where fhere 
thai second half results wdl also »s lhe first sign or a move towards 
be •* nleBsing.’’ a feasonab,e level on cookers. 

Prospects continue to improve Gae wall healers, the successors 
due to ever growing public lo electric night srorage heatcrv 
awareness of the financial benefit continue 10 be in heavy demjml 
of gas appliances as a reliable The company has launched .* 
low cosr energy source and derivative of the low-cost gas 
V'alor's technological competence cooker, the Vanity, with fool 
enabling the company to increase pedal electronic ignition to the 

market share, he added. . ... ,„ UKS _ 

'r»,« . . , iu sj nr ,j The chairman says that within 

raSrf fr« m n-non tn n^nrl? a few weeks Valor will start pru- 

94 n e ^h-, r ^ ra -rSo duemg two new balanced Rue 
Zop snare. The chairman states Several other 

that the measure of the final out- ™fiant pas neaiers. beierai otner 

come of the year will influence 

awr s™..ffissav ^ 

room the company possesses to ° L 
increase the overall dividend. 


bin. like Pei bo«-. the company is ;,iin,'.rin-.s 
timiing the overseas generator ini<>rmi dmrt*-iwi 
market increasingly difficult. Braby 

drums to the chemical f comment 
a quiet firsi ball 

Em bm trading ha* since nicked up Kh |0 - v 
* while «;iJn orders at the Bnsrol sign of a =-°™ 

p'» n ' per «n? n nreBls Ampin the di, ktenrt 

dble Alton cos.1 w ‘ =■ . lhe p rsT half, and the shares slipped Because of the basis adopted 

!fi installed nexj 5^8 • u n lurn ->7p to IBSp. Although figures in providing for deferred tax. the 

company can only aw a dj upt urn -ip 10 • . appears that directors believe it would be mis- 

m demand «h | te wkm. ^anta^ are noi - hieh nortna , ]y accoun i loading tn provide for corporation 

ciin'ributtons from Payter and s _ 8 ^" funher acoutsit ions of P around 42 per cent of group tax in the half year, if tax at 
trillion Edghill-whfie i the N J w P I fi n Se shares are on a fully sales, have taken a beating In the full rate of o'- per cent «as 



shown to the public next 
spring at the Ideal Home Exhibi 
tion. These new products are 


„ . . . tion. These new products are 

Basic earnings per share are intended f0r ll!e ipto/SO season, 
staled at o.02p for the first half. 

against 3.12p last time. Fullj' Turnover and related profits 
diluted earnings are shown to be from overseas operations are 


4.73p tO.OOp). 
For the full 


year to March 31. 


eonsob'dated 
figure due 


a "lower sterling 
the change in 


1978 pre-tax profits amounted to exchange rates of the relative 
£1.65m on which dividend of currencies. 

2.133d were paid. Negotiations are at an advanced 

■/...Mr. Montague says that confi- Mage to refinance short term 
fdenee encouraged by the borrowings with a term loan 

publication of official siatisllcs from a • deanna bank. At the 
indicatin'* known UK reserves of same ume-some term debi will 
natural- H&i whaw riSn! i" the be reduced From . the company’s 
last four, years 'up "to .the end of 


THE -LONG-TERM 
CREDIT BANK OF JAPAN, 
LTD. 

Negottebl# Floating Rate 
Ui Dollar Certificates of 
Deposit 

Maturity Date l*th November 
1980 

In accordance with the provisions 
of the Certificates of Deposit 
notice is hereby given cha: for 
the. "six month, interest oeriod 
from 20th November. 1978 to 
list .May, 1979 the - Certificates 
.will carry an Interest Rate of 
I2J*iper annum. 

• j. Agent Bank 

Manufacturers Hanover Limited 


own cash generation. * 

-0 week*! 


19TS 

19— 1 


£ 

f 


.. i9.ss2.irr 

i8.t32.14! 


„ 722J8S 

522^7T 


.. isr.nn 

lun.iss 


.. 5sj ntc 

TOi.n:- 

Ordinarr dir 

rs.oob 

70.91 S 

Prefer* no.- div. . . . 

47,«« 

47.teS 

• comment 



Valor has continued to 

show 



Mechanical and Civil Engineers 


JMTERIM StATEM ENT FOB THE SIX MONTHS ENDED 
- 30th SEPTEMBER 1978 




Half-year ended. 

30th Septegjber 

1978 1»77 , 

£000 £000 

Year ended 8 
31st March H 
1978 B 

£000 | 

Tu>hover..’ ..." 

NET PROFIT before taxation ... 

Taxation ( note 7) 

NET PROFIT after taxation and before 
extraordinary items - "... 

Extraordinary items . 

... 

15,094 

15,417 

31.376 | 


1.041 

(430) 

1.156 

.,(447) 

2.390 1 

(383) | 

... 

611 

7oa • • ' 

2.007 I 


611 

709 

2.0-14 | 




--■7-bo 

19-Sd R 


strong profit recovery although 
currency movements affected the 
rnnsnlidatinn of the South Africa 
and Malta based subsidiaries 
While both performed weiL the 
improvements were not enough to 
overcome the exchange rate 
changes induced by the stronger 
pound, in the UK Valor’s gas 
cookers and heaters had a buoyant 
period and -ale*, in both volume 
and value terms were well up. 
But margins, particularly on 
cookers sold through ihe gas 
board, were slow to rise, although 
there were signs of an improve- 
ment in margins towards the end 
or the first b3lf. Offsetting Ihe 
gas side l« some OTteni are the 
motor trade component? opera- 
fin ns— hit by the Ford and BL 
disputes — and the drop forgings— 
slightly denresepd in line -with 
the industry — which could take 
the edge off the final result. Bui 
if the normal seasonal pattern of 
earnings- is maintained the final 
figure will be around E lm. The 
shares rose 2p to 49p giving a 
pec live pc of 3.2 fassuming 
first half tax rate is main- 
sd) and a yield of 7.3 per 


KITCHEN QUEEN 


Earnings per Ordinary Share 
Earnings per Ordinary Share assuming 
full tax charge at 52% . 

Net tangible assets per Ordinary Share 


[note 2) 


4-9 p 
78 -6p 


5-Sp 
61 -4p 


11 -2p 

74-7p 


NOTES: 

1. — No provision 
forasMable future. 

2. — The earnings and 


.ni«r,n^blo probabilrtv lh« it 'wilt not cryaaNiss in lho 
has been made for deiened tattlion where there . .. 

.. ^ „ -ft-u &, n ioiniJC r hflV0 be®" b 338 * 1 on 10.101 JBO shares. 
x._ ira! aim net tangible asseis pw Oiduiay 07? d«-«8d w have been in issue from Ibi April 1978. 

Including the M pital«*tlor. issue ol 1 tar 5 ^.dmaivShaio h.-rve wen adiusred to reflect such caprtal.su.mn 

The comparative tigunis lor earnings end r.ct xangiDie 

•— srssi “.ST™*" — • *—• ™- —■ 

paid last year. ciicumsranccs. to recommend a final dividend of 

^The Board expects, in the .of ‘ * flnding 31sl March 1979, making a total of 4-88p 

, f «f- lVs P h a rrh?mi*imu m permitted. For the previoee yee, divkiehde will imtpun, ,□ 

thaequivalentof 4-41 60p (gross 6 ' 628 ^^*!^ r ®' avc had a satisfactory ha(f-year but the Group 
•in general the mechanics 1 8n J ne * r J during the halM-ew.bV s - B h 9 QS & Co. Ltd..-whrch 

results have been aifected by loW ^ ^ ° h manufactures brewing equipment, showed results much 
was acquired in 1.977. W " J 0 7 t S e ^nd^ 

higher than ^ e « ed r ^"f re S m ^ t for p^nt by the brewing industry'- As anticipated, th.s demand has 

reverted 6 to^rmaHevels during ^ ggaJn eyporte d more than 60 per cent of Us 

I •Auto Diesels Braby UnM ' K , ef J ts the -increasing d.ilicuity of aecuring orders due to 

turnover although its ljtian an d faffing demand. 

. import Si;otland gchieved very wUrfmanr niuto .nd have 9 °°d 

I •The civil engineering, subsidiaries 

I order books. . i nftf Annual Statement made in July 1 978. and, 

•The level of orders has not rj-r « mjjgj in excesS of 197 7. it is not expected that results for the 


The Klichcu 
ale of fi^m 


Queen offer for 
shares all r acted 
ppli cat ions for a rolal of 
shares. 7 htu» the offer 
wjs 3(t iime.% overall hvri bed and 
50 as was suggested by the 


There will be a ballot for appli 
lions. Applications for 5fl0 to 
...MO share.- will balloi for 50n: 
iri.onti to lfl.onn bailm for BOO and 
0.000 and over get 4 per cent. 

Preferential apoiicarinn forms 
were received from employees for 
tiSl.250 shares. 


BANK RETURN 


I Wr.lm.-ilr V 
■ \«n. tft" 

1 1P7? 


•i.-- ■+' ■' 
. Her. ■— i 
i-r vrerli 


KA\klM> IIKP AK ntllv.Vl 


V 


1' 


i.lA 1*1 LI I I f- , - 

Wiioui N.spj.Ctt.' 

, K.TJ0.0t 1 

- I «.-| I |< 1.U4.X<i.aO 

Krtiki-i- — 

\ lllllM 

I "li.m.M 


ill. if 0 
42.N50.iKX 1 
10.WO.aJfl 


E.-<14.709.B*5;“ 

19jee2^77 

.WSLT*-' 


Gcn-t. nccui'lvm..;l.&>l .VW.I.C6 — 

le.f3J.000 



' 

7.99U1'. 

Pn-in i .p» .fcijinn'i ; 


\ i«1h-i ->i> - IW'.KS'.irfl t 

86.505 

.\m« • C.iao.ar: 

luatili 

Cviu. - ... SiXi.agJ — 

!l.Ta 

• 2.214.709.847 - 

19.^2,577 

!'»-*L ► HKi'MIl MkM 

i.lAtill.J i il-.R i: 

K 

\i*tn ivwiei".. . . t.MX'.'JUO.OOe 

_ 

In Clivuuill'iB. E.cS'i.tiuA.WIi? - 

12.J38.?f.‘- 

i n flank ' ■■ l>*pi • &. 190.^53 — 

K.S3.77v 

. .A»SKTS 


5,i vi. UdM Il.Olr.WVi 

— 

Other *«».■■. 7.347.601.2*5.— 

7.53! 

Oi'iW 'piinue* l. , »l.SSa.w7 * 

7.351.K6 


&.&»,OX’'.L' l OO 



e months results 




3=^rssa.'wrs s a? 

are given below. 


General Insurance: 

Premiums Written 

Underwriting result: 

U.S.A. 

U.K. and Irish Republic 
Canada 

Europe "(ex. U.K. and Irish Republic) 
Other Overseas 

Total 

Long terra insurance profits 
Investment Income . 

Share of Associated Companies profit 

Total profit before taxation 
Taxation 

Minority Interests 
Adjustment under Canadian 
Anti-Inflation Regulations 

Profit after taxation 

f pence per unit) 

The operating ratios for the U.S.A. 
on the U.K. basis are: — 

Claims as % of earned premiums 
Expenses as '« of written premiums 

Operating ratio 


period 

9 months to 
30 SepL 78 
£m 

941.4 


9 months to 
30 Sept. 77 
£in 

935.6 


Year 1977 
£m 

1. '235.5 


68.0 

30.0 

98.0 


64.6 
(43.0p I 


72.3 

29.2 

101.4 


25 

74 7 
f 49.5>p I 


TOO 

29.2 

99.2 


principal rates were:- g (q , months ’■< f _ 

30 Sept. 78 30 Sept. 77 

',,n. SI. 90 SI.72 5* 

U.S.A. mi. sjiRj Sl>fi 

Canada 5?'ii 1, gj.57 


AJthougiflhe r premium income^ growth in sterling was only 0.6%. in local currency 

The Effect of The cSc n^es’ in exchange rales on lhe comparison of 
me enect oi si „ nifican ,. the underwriting profit being advert!) affected b> 

income by £6.9m. The underlying growth in investment income 


ruiuuugii w.t k .... — - ~ 

terms the underlying growth was &.« «• 

The effect of the changes in excna- a . ■ --- — - 

J97S and 197" was also significant, the underwriting profit being ad\er-e : 

I2m and investment 

— was a significantly better result compared with the 

wMIst losses were reduced in automobile, liability and workers com pen sat mm 

in ihH United Kin-dmn there has been an excellent recovery 1 Troni the severe lmnart 
of ^"t^rVnffaic fire losses in the first quarter on the property account. Personal 

m0t Tn .Hr li-Mevef ”/ log profit th.s year refiec.s generally increased 
competition and an increase in claim rrequenry in the personal aulom" ule bm . 

Marker conditions remain difficult in Australia. There has been some lu< i s , of ^ 
because we have.Tn accordam-e with our general policy maintained nur 
not to accept business at clearly uneconomic rates. Satisfactory experience in b- 

workers compensation accounts was offset bv a continuing loss m ihe hou.seholde.s 
af-enunt- overall ihcre was a small under\»-riting loss. , . . 

In Europe the improvement was due lo a reduction In the undorv.TUrnJ u>- 
Netherlands from £3.4m to £t.4in which more than offset some deterioration id ow. 

European countries. _. . . 

In tin- Other Overseas territories resuits overall were proti table. 

LONG TERM INSURANCE ... .. w 


New Life and Annuity Premiums: 
Periodical Premiums 
Single Premiums 

Total 

New Sums Assured 
New Annuities per annum 


9 months lo 

9 months to 


30 Sept. 78 

30 Sept. 77 

Year 1977 

£m 

£m 

£m 

16.4 

32.5 

17.5 

16.3 

16.6 

21.0 

32.7 

291 

38.5 

830.5 

640 6 

902.2 

' 36 JS 

24.5 

3 1.2 


fciiij Royal 



Insurance 



■<* 



30 


Financial. 


-to' 


BIDS AND DEALS StafleX 

shares 

Avon Rubber pays £1.9mjs sspied 

v waicftivord /or charehiMae; 

{ » J & X - • • A A Sl.iHc\- International, she J 

or rest of Lippiatt sss: 


MINING NEWS 



PATIENCE MUST 5U« he 
^aiclrvord /or chare holder of 
Sl.iHcx International. ! hc ,e3CM, * : 
company which h»« spent /he year , 
slimming down ii< business i n : 
order fo repair it<4‘rm»n«s. : 

Yesterday the S lisn*> -'ere 
suspended "pending: clarinet ion ; 
nr Ihe Hnanrinl a«Tnr>i< rPSUltinqi 


RTZ moly hopes 
by road permit t< 


5ft 

iifM !> 


BY PAUL CHEESERIGHT 


. The .JWo ,TtetO“anc. iproip** 
Canadian B&iAig«wi~«pori£-(h4t' 
driBlnsta .'Its yHjocaties division 
has disclosed three gold depots 
on the Caper Ray geld -project, is 
miles northeast. 'or Sort -au* 
Basgaes, - siwfotmdland. 

In eaoft-of the deposfts fee 
mineraiisatioa consists. of ■ fine* 
grained free g^d v aid base. Jmstal 
sulphides, the company- saitL'_ * 


niE IMPETl F of the Rio Tint®- <jeoo registered: dSe the* VoducSn dT jte 

Sine pom# JI £££ S?D^Sbl?S “^fiSitase CoUlec? Um mapping, geoph Mttaiitofa 


does not already own. b° paid if . essces 

ALH carries out repair work .Additional 

on underground pipelines, prin* has ijeen met bj 
.cipally for the jas industry — 1(i7 - 1 ■ ordinary 
using systems it has developed eac.i ana the baia 
jointly with Avon. In the year to in C3 '''- 
February 3?. 197S. ALH earned 
pre-tax profiti; of £393.000. , I rvivncD 

Mr. Peter Fisher Avon's mana?- nrccct i 
ins director said tiiat his sroup KLjStLL 
was already a ntajor supplier of Alexander Russo 
: materials to ALH — srenerdlins the capital of \V« 


profits were drafts 
consideration lower. 


i^i.u ...uuauies auropts : * ,n c S rou * ,! ' ‘r:, r “ aT npcp-TTber 8 Horrmtase -r mappmg, gwpoysH3i w sta-veyma; 

At the end of Auuujt share- ;up a po^nuaily rich molybdemini ziVecevtovr*. ... S, j 5rn tonnes of raw .coal Tterind'tte drOIlog Of 

holders were sent a circular « hicb . ^posit in the south e3St of The payment ■*“ is subject to appropriate . j^g ig^' fb^^rizigaig^he- fdtal 

outlined the package of d^posa's Alaska has been' checked by which follows Goreninient approvals. Qakbndge. C u£u2Sve footagS^trsW^ fe 

and refinancing Swflex bad delays in the granting of permits oi op was SlST were LHP m London gg holes began S 

embarked on. 'to build an access road. beptemaer when ^half-yearly snare. .i.vsrt-ii saiTt :* 

A kev tiianb tup oronosed i ** nrsesm iho ripnoxit. which figures were announced. ■■ .-yester J- ...... ^ ■» . ... 

►mg paid - Algqnrgig ■ 


u ‘ ■ ins»aimeni^ rrom wiihw sale i 0 DH3 nf Siaflex* enure. } , 45 m n e s east of Ketchikan can Two interims are bang mid . -^-r rtT flunrv in 

a ; hatl J \ in-c i« European, interlinin'-' d ,<rnb,,i '°n : nn | V be reached by helicopter. • t0 counteract any adverse effect- |\PW TlUlT Y; HI 

\LFX4NDER of , £3.S3m at end-March !»•£»« network. The idea us« lor Mafles ; thu ‘ s preventing the driiiin? pro- of the chanze in -year-end which l \ , j 

RtSSELL EU’VJf.nd Wehnld KcSVp^'Jh" °h’ J ^ j P 1 L“^ d ‘"” “ WCStfieW. . ,.,v 

«?awa x^sSmSa? a—* is £L:*g%i oSzsrTFiXS 


has been coo&oed. to-tw^rjotSftHnix 

One represeuto i^^lnite'istrare 
length of the major' Cspe-^ay 
-fault, and n waslKltliiUfaBs 1 !^*^ 


sales of around £fm a year. Avon Brick {Newport), u produ^-ur of C23n.0fl0 and there was a liability mission. 


acquired its :J3 per cent stake m liuhxei^lu aqgrrzate buildinii amounting to £2«i.,000 for hire DHJ and StaR a .. r ced m an: V. 
the zroup in 1972. block;. The acquisition will ex- purchase liabilities railing due mierim arrangement under 

He said thal .ALH— with net pand Russell’s existing capacity after March 31. 1979. v-hich DHJ wax’ to linance the ... 


as.sets of £075.000 excluding for rlie manufacture and .-ale nf jf C (; re ^o 

deferred ia\- «»f £379.ftui) — had similar products in Wales and the proRls £323,001 

recently been tonkins overseas for West '-nuntry. sales oT £7.1 Uni ir 

orders and was currenily working 'Hie company has been acquired j^.ptember 30. in 1 
on pipelines in Tokyo. at the net asset value and Ihe 'jrjTS it earned a 

ALII prnfiis have continued to con -i deration of £123.000 was p ' n sa j e!I of £11 
rise in the current year and un- denied in cash. .Mthnuph Hie ^3 rtoo on £S.62m 
audited iitnires Tor "the first half unaudited accounts nf Welsh 
show pre-tax profits of £'m — Rln*.fc for the year to May :»1. 
compared with £1-30.000 for tiie I97S. ‘bowed a 1o*> nf £33.000 i!ip RIrDiVJAN 
'same perwKl last year. cnmpwiy has operated at a modest I a VI") Pftp 

- By comparison Avon's fir-u-'nalf profit m the five month period to r k , r 

profits were down £tnp.ntin ui date. Redman Heem 


after Marcn -#i. 19*». which DRJ tn lilian-re the 

The STctJregor croup made Dutch factory in order to keep it in 
prnfiis Of £323.000 ( unaudited! on operation until tin- distribution 
sales of £7.1 »ni in the half-year to ^ale "as finally negotiated. 


An RTZ spokesman yesterday Selection Trust stated ^ yesterday « encourapin".’' values indicate '.a good ' 


£2.-kn — following last year’s 
sharp re '.si very when pre-tax 
profit' more lhan doubled to 
£5. 4m. 

To pay for ALH Avon is raising 
£I.S3m cl- a medium-term wan 
from National Westminster Bank. 
Further payment- r.f £250.0<H> 
apiece wil be made on the anni- 
versaries of the deal. The-e 
future payments to be met out of 
Avon's cash-flow. 


JSORVVEST HOLST’S 
BORROWINGS UP 


REDMAN HEFNAN 
LAND PURCHASE 

Redman Heenan International 
has agreed to buy for £730.U00 
fmm the Drayton Corporation, 
the BlackpoJe Trading Estate on 
the outskirts of Worcester. The 


adviser* thought it prudent to 
suspend the shares. 


MR. LACEY BUY S 
INTO a WARDLE 


Subts.snthl changes 


».ne nu^SMI L3 VI 1 lie rnilt.fifui'T,. . . »■ i J 111 

Ihr zr»° it.cn nsi <lerin= iw g-«StJSS SK ' i ^ 


i """The 'Chief Forester h&d denied * the ' acquisition ■ of work tog Almft CiflXliriP V ' 

an appeal from the Sierra Chib, options over a further 30,000 A T-VWf}- ^5yK?Ss». S. 

The gran; of a permit, the spokes- Oakbridge now acres. 0 j] and gas interests, 'JjltS' ''1^ OT'tb^'R.'t^^'' 

man^expiamed. But be added that 1 1 Westfield announces .that it has - ry 

the case was bcins reviewed by I(?SS DU0V3I1C ‘ . acquired a r? n p t'L5* n * f w S r ^§ CAN AD A’S Northgsrte Ejpforafian 
W for Asncujture Ort*rt*ii r W S' 

-«■« •«? >™n*r is. ■“La ta sa .sesjs^ S. An«u <■ •• 


Oakbridge now 
less buovant ! 


; Mine clpsnjfi? 
hits Noijii^te 1 

CANADA’S. Northgsrte Ejraferattan 


.rt.jpn H 


|K2a& w ^- T&Z 


.lid* vl? fiH 


moved from 


Strength - 1b da ; e nhtained br the Eatehrt- " rf C* 365 - 000 Xan&aM;*** QOhts • -V . 
t .profits to Sf-M, Oil Canada, BF ErpJoraflon -gC*Sg^Sf!P^%- /•. ; 


purchase borrow ina< had for industrial development. 


Congress v er.t 


BRENTNALL BEARD 

Rrenmall Beard (Holding-) 
has paid the additional purchase 
ccmsiderarinn of £499.473 in Ihe 


The British & Commonwealth 
Shipping Company Limited 

Interim Report 1978 


RESULTS 

The prnfit before taxation for the six months to 30th June. 197S amounts to 
£13.270.000 compared with £15.668.000 for the first half-year of 1977. As 
anticipated, the increased contributions from the non-shipping activities 
have been insufficient to offset the severe reduction in profit earned from 
the shipping operation. Notwithstanding the increased investment in Over- 
seas Containers Limited, the share of profits of associated companies shows 
?. marginal reduction at the half-way stage. The increase in financing charges 
has been brought about principally’ by further investment in fixed assets. 


DIVIDENDS 

The Directors have declared an increased Interim Dividend of 4.75p per 
ordinary stock unit of 50p in respect of the year ending 31st December, 1978 
1197/ 4.25pi. Additionally, following the reduction in the rate of Advance 
Corporation Tax and in accordance with a resolution passed at the Annual 
General Meeting held on 26th July. 197S. a Final Dividend of 0.07587p per 
ordinary stock unit of 50p for the year ended 31st December, 1977 will also 
be paid. 

These dividends will be payable on 9th January. 1979 to Stockholders 
registered at the close of business on 8th December, 1978. 


OUTLOOK 

Present indications suggest that, although there will be a further decline in 
the results o? the remaining shipping activity, the profit before taxation and 
extraordinary items of the second half-year will approximate to that of the 
first half of 1978. These indications do not take into account a loss arising in 


an associated company upon the conversion of substantial foreign currency 
loans into sterling, the Group's share of which amounts to some £1.800,000." 


Group Profits for the six months ended 
30th June 197S { unaudited) 


Turnover 


6 months 
1978 
£ ? 000 
121,500 


to 30 June 
1977 
£000 
117.30Q 


Actual year to 
31 Dec. 1977 
£’000 
238.100 


Profit from shipping, aviation and 
other activities 
Profit on sale of ships 


16,461 

75 


17.395 


31,548 

278 


Depreciation 


16,536 

7,751 


17.395 

7,061 


31.826 

14.963 


Operating Profit 

Dividends and interest receivable 


8,785 

4,351 


J 0,334 
4,529 


16.S6-3 

10,523 


Interest payable 


13,136 

3.796 


14,863 

3,299 


27,386 

6,S39 


Share of profits of associated companies 


9.340 

3J930 


11,564 

4,104 


20.547 

8,765 


Profit before Taxation 

Taxation 

Group 

Associated companies 


13.270 


35,668 


29,312 


4.527 

2,002 , 


5,935 
2.039 , 


1 10,586 

^,674 


6,529 


15,260 


Profit after Taxation 
Minority Interests 


6,741 

1,484 


14,052 

2,871 


Profit attributable to The British & 
Commonwealth Shipping Company 
Limited before Extraordinary Items 


6,394 


11.181 


Earnings per Ordinary Stock Unit of 50p 16.2p 19.7p 34.5p 

Notes 

1. The figures for the six months ended 30th June. 1R77 have been adjusted tn reflect 
the change in group accounting policy relating to associated companies which was 
applied for the Tull year 1977. 

2. The analysis of operating profit by activities as shown below: 


Shipping 

96 

4,218 

2.74S 

Air transport and helicopter operations 

4,777 

3,720 

9,G27 

Aviation support services 

1,127 

935 

2 242 

Leisure industry 

43 

36 

"(429) 

Office equipment 

1,402 

707 

2,052 

Other activities 

1,630 

1,373 

1,568 


9.075 

10,089 

17.808 

Profit on sale of ships 

75 

— 

• 278 

Realised currency loan losses 

(365) 

(655) 

(1,223) 


8,785 

10,334 

16,863 


S. The charge for taxation for tbe six months ended 30th Jane. 197S has been based on 
the estimated effective rate for the full year. No ebaoge has been made in the method 
of providing for deferred taxation. 

1$ Kouember 1978 


Yesterday BCWT. a prr are in- 1 " Such a bill was left aside v hen cult conditions. At yesterday's Westfield has -earned rits. ; 3$- per 
vestment group o^ned hy Mr. I the fl.irh Conzress went into meeting in Sydney the chairman, t Marking interest - .-in the 
Graham Ferguson Lacey ind Mr. | nece° B ia*t month and ■'•ill there- ■’ tr - Grahame Mapp, said-- that j ease s by its contribution W the 
Cecil McBride, announced that it; fore have to be re-introduced into profits for the current -half-year first earn :ng wen which Aas- now- 
had bought a 10.22 per ceni stake 1 uip Mth Congress. ar e well down on tma tbe .j^gy, completed as” an 1. Indicated 

in Bernard Wardle. Wardli? manu-i The bill is tiie focus of conflict- comparable period of 1977. . . 01 -j we j|_ currently undergoing: 

tnciures vinyl coated fabrics and ■ jnc pressures. The Carter He said prontjp wou ld . be pj-oduction testing..-.'. : 
felts, largely used in car moling. ! Administration's apomach to the affected by the new Stale -levy.. on ^ Meanwhile, Westfield, lus . ind.de 
BCMT was criticised by tfeston /development of Alaska i? much export shipments, a reauctJofl in a net income - for-.the: bfne 
Evans Eloard when i: rai-cd its more cautious than that of productivity at existing j mines, the m pnths to September 39 of 

initial 2fi per cent *iak-: to over induct rv or indeed, many state relocation into new working areas c§7(5 141 f£33.0001 compared with 

an per cent thereby iruge.-ing off politicians. and industrial disputes and a j 0 j s 0 f CS41^05 in Uie same 

jo automatic bid ar:J ar acri- To this extent, U.S. Borax Ls in absenteeism. Mr. Mapp said the periwi of last year. Westfield 

monious tussle for the company, the middle nr ? dispute, the immediate outlook for coal profits glares bare come tny 'from T30p 

1 esterda.v. Hr. Ferctiion Lacey outcome of which is uncertain was not good and this woul d ha ve s jnce the previous announcement 

“.as careful to announce that and over which it has little a significant impact, on group re e a rding the. Neurfoizzidlaiul 

3CMT intends "to increase its i influence. Certainly, a full evalu- results in the December period. uranium prospect' ah 'October. 19 

holding tin Ward lei .»? : he opper- ation of the molybdenum “However, it is expected that ■ - 

tunity arises although i: i« not property cannot be made without the factors causing this downturn • - TTV- - 

envisaged Lhat this investment the access road, which would be are short term and, if. this proves CRED1TANSTAL1 

will exceed 23 per cent. The 11.3 miles Ions and link the :o be the case, results should 

purchase is also clearly d-?fcribed property with the coast. improve in the second. half,” be LLS. $40, 600*000 FI 6a 

■is being “for investment pur- The outcome viJI be significant added- 

poses." for the RTZ ctoud as a who«f. ?,i r Mapp also announced that Notice is glven_ piH^ant toca 


YUM NFG ft£SQU8iJE$ S 




INFO PtoMWi Hrtdriwt * W.V. j 

. Uwni iicUr tU, Ma mi mihm- ’ 


In its last full year W'ardle The eventual development of the Oakbrid'-e has reached agreement 
made profits of £lm f£770.V00) on deposit would be a valuable wit j, j apan - & Sumitomo Corpora- 
a turnover of US.fini <£]-i.i)m>. diversification into a market tjou conjunction "with" Shuu- 
Since then it has bought '.he where prices have continued. to lomo Coal Mi ning , for them 
Armoride PVC sboeling and rise even during the recession jo[nti~ to acquire a minority 
lea therclotb division of Champion and whose size Is lively tn grow shareholding in Oakbridge 's 
Associated Weavers. Difficult as new applications are found tor uhoflv-oivned subsidiary. UUwow 
trading condition? however, what is called the space age vaBev Colliery, 
meant that pre-tax prafiiy tor the metal. Sumitomo win acquire ia per 

2S weeks lo June feii slisitlly to -TOiTO-r a cent of the issued capital of Uth- 

S561.0UO despite higher urnover. afcL. IKUM: A gow tor AStLSm, payable- as to 

Over the past fortnight bardie's crroivn T VIL ’PRl ASS60.000 120 per' cent) on 

share pnee bas risen from ".p to 3EC.W1X17 IniElivIlTl November 30 this rear and the 
36Jp. but following tilt- announce- SELECTION TRUST, the London bailee nn July 1, 1979.' 
ment that BCMT« purenase was 1 mining finance house, yesterday The purchasers will complete a 
for investment,, the nrice came | declared a second interim divi- feasibiliD' study of the total 


CREDITANSTALT— BAN KV ERE IN 

U-S.$40,000,000 Floating Rate Notes .1984 

Notice Is given pursuant to condition s .(d)ofthe terms and , 
conditions of the above-mentioned Notes- that the" Rate r dT‘ 
Interest (as therein defined) for the lrrterest" Period (as 
therein defined Kfrom 20th 'November^ I97S: to 21st «ay." 1979, - 
is at the annual -rate of per -cent: The U.S. Dollar amount 
to which the holders of Coupon -No. 4 will be- entitled onduly 
presenting the same for payment on '22 st . May.: 1^79.' will be 
U.S Dollars . 6L93,. subject to such -amendments thwetfl--! : 
made by ^trepean-Ainerican .Bank &: :Trost Company as; 
Principal Paying Agent (or appropriate, alternatlve'arranger 1 
ments by way of adjustment made- by the Principal Paying '•' 
Agent, with the consent of Lloyds Bank;-- Limited as Trustee),- * 
without further notice, in toe event of : an extension u£. - 
shortening of the above-mentioned Interest Period. 

EUROPEAN BANKING (X)MPARY LIMITED- 1 
17th November, 1978 . . . - .\'(A&P f - Bank) 



back to 34jp yesterday. 


FEB TNTL. 

Feb International has acquired 
the freehold of the factory and 
head office of its chemical division. 
Feb C«T Britain, ar Swim on. 
Manchester, from the Cn-noeretivc 
Insurance Society for £230.non. 

The property was previously 
held on a long lea«e wj*h 144 
-ears unexpired and rent reviews 
ftvorv 14 tears. The current 
rental was £l.t,flfl0 per annum. 
The property has been profession- 
ally valued at £473.000. 

The purcha.«' s is financed hv a 
medium-term l«ian from Barela vs 
Bank repayable in equal quarterly 
instalment-! over a 10-year period 
with interest M 2 per cent over 
Barclays base rate. 


SEDGWICK FORBES 


BLAND PAYNE 


BRICOMTN IN\ r . 

The offer hy Brlcomin Invest- 
ments tor New York and Gartmore 
Investment Tnnt has _ been 
accepted in respect of 2,598,Ufl3 
shares. 

Brlcomin now holds 97.476 per 
rent. The offer has been extended 
and remain^ np*-n until further 
notice. The balance will be 
acquired compulsorily. 


ALEXANDER & ALEXANDER * - v i C 

SERVICES ISEVC. -V 

PRESS ANNOUNCEMENT 

The Directors of Sedgwick Forbes Holdings Limital ("Sedgwick Forbes'*) and of Bland Payne 
Holdings Limited {"Bland Payne"), two of the leading U.K.-based international insurance and remsurgnc8 



6 months 

Actual year 


to 30 June 

to 31 Dec. 

Analysis of 

1978 

1977 

1977 

Operating Profit 

£'000 

£'000 

£'000 


COMPANY 

NOTICES 


MtCARTHV G30UP LIMITED 

fJncorporatr^ in the BepuMIe of 
Soutn A l rlcar 


_ NOTICE TO SHAREHOLDERS 
PREFERENCE DIVIDEND,. NO -62 

NOTICE IS HEREBY GIVEN thet ttic 
slirtv-secor.a Hall-v-jrlv Orel nee 
Jt Uic rale oi 5‘- .five and a nain cents 
per thare dnclarcd bv the direc- 

tors and Pdrabl? to holders oforcicr- 

once sharr^ rerjis^cred In the eoo l 'a o f 
the conipanv it the close ol business on 
30th Oer*-tM r. 19?a. 

The dividend it declared in i m 

currercv Of th<* RerubHc O* 5oun* Afric<. 

For the purpose of establisn.nq the 
-.harchalders entitled to oartlcioatc >n 
this dividend, the preference transfer 
mQhiter ot Ihn companv will or cin-_jntj 
from tst Jan, dr/ to Bth Januanr. 1979. 
Oo'h davs Inclusive. 

Dlvidrnil warrants wilt W OOJtTd to 
shareholders on or aoout 26tft January. . 
I9?9. 

Ip terms o' th~ Republic of Fouth , 
Airtw intnnr Tax or 1992- as amended, 
the nan-resident shareholders law or , 
1 5°*. "HI bn deducted tv the eomppnv 
from dividends onvabla to shareholders 
whose adHrrssci In the rep H tec are out- 
Side the Rciwhllc of South Alrjca. 

Bv Order el Ml* Board. 

8. J. CLOUSTON. t iC IS. 

Sccretaor. 

Reotstrrrd Office- 

1101. Mvilhant Circle. 

57T. Pol-it Road. 

a 001. Durban. 

Transfer Srcrrtarn.«- 

Hill Srniurl Rnoi;frars JS-A.J Lhniseo. 

P.O. Box 62318. 

2107. Marshal I town 

17th November 1978. 


broking Groups, announce that they are holding discussions to see if a. basis can be established for merging 
their two Groups. .. 

It is further announced that the Directors of Sedgwidc Forbes and of Bland Payira are:hd!cfing 
expioratory discussions with the Directors of Alexander & Alexander Services Inc., ('V\fex9nder & A{exandei / 7r 
a leading New York-based international insurance braker,.wittTa viewto the^co^oitiinatiqn of-toeirwor|dwida 
businesses. . -V..- y. 

The Committee of Lloyd's has given its agreement in principle to these proposals on the basis of. 
assurances received from Sedgwick Forbes and Bland Payne that the arrangemeirts wherrfftialised wiff nor 
breach the letter or the spirit of the Committee's requirements relating .to^sharehoHm^:'^..nbiT^Uciyid's.- 
insurance interests in Lloyd's broking companies, the purpose of these requirements' tifeh^rttOr ensure- that ^ 
control of all Lloyd's brokers remains firmly in the hands of . people with long experience of the market and tiiat - 
they remain subject to the regulations and disciplines of the Committee of Lloyd's. -' “• > •>-? v 

The Boards of all three companies believe that the implementation of th^se proposals, would result hi .. 
the overall -Group being best able in the years ahead to riandle-the requirements worldwide of their 1 clients. 1 
Whilst the proposals would, allow the fullest collaboration, they would not in any way be exclusive, the 
existing trading relationships of all the three Groups are highly prized and their Continuation arid development- 
in the best interests of clients would always be of paramount importance. 


The following purposes will also be uppermost in the minds of all three Boards in -pursuing their 
discussions;— ' , .* i... 


1. To create a unit of unique financial and professional strength in the London insurance' market - 
by bringing together two leading Lloyd's ficmSr whose operations are widely complementary. ' 


To bring into existence a comprehensively international insurance broking organisatibnicapable. 
of making available to its clients throughout the. world the highest standards of ihstoariCeibrtkmg 
skills. This will be achieved by bringing together not only the insurance technique^ experience 
and markets of the two largest insurance centres in the world in the U.S.A. and UjC/Europe, 
but also the combined strength of the partners throughout the rest of the world; • . 


3. To complement the respective businesses of the U.S. and U.iC partners by giving therirran interest 

in one another's Indigenous business. -. •- - ; , 



4. To provide a springboard for continued .solid, growth of the combined of^arifeatioh in the 
interests of diems, staff and shareholdera alike.” ' . • /_ . ./ 


Bland Payne is a wholly-owned subsidiary of -Midland Bank Limited (’’Midland B3nk")^aIthough - 
Marsh & McLennan Companies, Inc. is a 20 per cent. tTunonty shareholder in the sub-grdup.comprisirig the - 
main insurance broking businesses. As part of the U.IC merger arrangements and conditional tndreon it is 
intended that Midland Bank should acquire for cash the above-mentioned 1 minority^ interest. ■ -- ‘i ;.. - 

It is envisaged that the merger of Sedgwick Forbes and Bland Payne will Jre implemented by means- 
of an issue of shares by Sedgwick Forbes to Midland Bank iri exchange for^ the shares comprising the Bland ' 
Payne Group interests, of which Midland Bank will therr-be the’ sole owner. -* . . ... -..Lv" 


Whilst Midland Bank envisages retaining a sharehofding of significant value- in the merged UJC • - 
company, the level of such continuing shareholding will involve a very substantial divestment end ft is trier : V- 
intention that the Ordinary Shareholders and Con vertiblff'Eban Stockholders of Midland Banfcs hail fe affo rded _ 

the opportunity of participating in this divestment. - ■; • .- . -• ->V' 


Particularly in view of the above, it is considered appropriate thatdealingslnthe shares of Sedgwrck "' *' 
Forbes should be suspended for the time being and Sedgwick Forbes shareholders willije kaptfully infonned ^ : ' 
of developments. : . ; ’ v - ' 

In the year to 31st December, 1977 Sedgwidc FortjesVprofits befdretax ambufited to £2312 million - - ' ■> 
and the net profit attributable to shareholders was £8.8: million;. In the year to 30th' September, T97TBTarid ‘ . 
Payne's profits before tax amounted to £21.9 million «nd the net profit attributable to sharehoideis fi>ut •' x 
including the present.Marsh & McLennan minority interest) was. £1 0.3 million; . v - - . ; ‘ ,'. v ' r f 

Forecast results for 1 978 of Sedgwick Forbes arid Bland Payne are-ln-tbe. cours&of pfepaT^od^nd 7 ^ S 
discussions on terms will take place when these forecasts have been completed. .... . . !.>• 
Any proposals will be subiea inter alia, to theapproval of the shareholders of Sed^wfck ; F^ies.\ ' - ft 


PUBLIC NOTICES 


GATESHEAD METES?,*! 11 ** 

BOROUGH COUNCIL 

Z.fim 9 1 -tj * i E4IK. BW^l 1 rU R i, 

.If -=J '?• nj ' 


1 6th November, 1 978. 


14.2 79, n 11 ,f-,Vnrtlnn 

UM1IM tor. No OtMH mriw*." 0 '""- 





■ ■■ ■■ -.-'to, :••••>• 











: .Kn^diai“ 17 197S; 


^ UX^ 



demandat 
Hield Bros: 





look brighter 

growth 


- • ^•JWCRGIJ'&L 'improvement in IMPROVEMENT QN7';' 

' * pretax profits for the stz months Pressed results sees 
V*.‘- ft- October 1, 1 B7g, j'a reported by hopod for at .... 

. **hl -urothers, worsted etoth “/rectors also remain ; 

-maker,.. • . - v ,ha t the longer term/ 

. .Pre-tax profits amounted to gie of renewed' 

■, £298,000 compared with £284.000 toShar ProUtaWlity,. . 

jast year. Turnover was £4.77m Read, the chairman. 

J . compared with &27ta, of which North America ;e 
V overseas rotes, accounted far. 71 paTt 30 

■'■ tier cont cempared with 73 per a “ a irs. Last year .-_13 
. - -'SSt test ST™ ■ . W for £170 Am , 

. . -, x JTbB ' results -are struck before 
. ’ . ^«traordIuary item - of £47,000 

: ‘ '■T^nsentfOE’- the projected cost iOTS 

■^°»* re o£ *e- group’s *rK» w nc *,u 0 / 

^ed ‘ Ambte- subsidiary, aft«r yrg r • time 
VPWJttlale WaS^ofit^e^^eaa 
vV: Coflunendngpn the results, Mr. 

: v • A G. Park.chainuan says demand lhe wrid the 

rj«y disawjumng and current -from buoyant. SirOohfi ^S^ 

- gpjler^apacity . workln^ will The reverrat saffered^ tho 

- extend welL into the second- Ttalf. group's medical husbtesiv- ,n 

- *. J&der $be present adverse condi- 3977-78, dae largely t 

flohs. in,, the industry, ft Is. hot due* a US. market, s^23*e con- 
•v ^possihle- to forecast. results for the side red in the coatexS-otvibe 
."• ' fuII'yeAr: with any certainty. separate results for ftteL'aetfvity 
■•.--'■-"ffi 1877-78; the group reported In recent years, the- ^£tafa?nan 
pre-tax profits Of £650,000.. - comments. , ' -i.*i -2’ — 

• -- : ’ ” - He points out that eveglp M^ 

m - for the loss sustahtfldja« 
5jn > rea, » in the six yews\ 

482 profits totalled £24m~on- »®diea I 
ids electronic sales. rnal nifc^. 

■ *g® scanners, amounting: io' S22Sm.. 
^ The group's tot*F-" medical 
no electronics business basIsOTfloDed 
— substantially. In addftiottjrtp. an 
enlarged range of scanxjeOi'It-pow 


v ..Ttenurer r-.-.-- ■■• 

?■ -Tniilpii "wdEt .->-■■•■' 

'SeptMladaii -■ 

Bsenat 

Wf4wt profit - , 

■i. , TWS 

Jr ■ Nri proBi ... 

* ‘.J: Extraorf, debit 


awo 

4.75? 

MB'- 

in 

- SB 

- 292 
IBS 
J4T 

4? 


% 


Hall and Ham 
River over 
£L4m so far 


covers other areas' of '-.-medkal 
diagnostics Imaging —TMiably 
ultrasound, ana nuclear- m ajidn e 
as. well as cancer iberapy systems 
and advanced therapy, priming 
equipment. V 

Patezxt infringement actfons'. on 
scanners have been ihsfitnfed in 

..' mplu. of £190.000, S'n^1rarm rt L5^?-(S2M 

' igawsti3,000 laytime, ou the d^- Electric Company offhe 't£S-:- fa 

: ever 7 0856 EMI has snxraltanwusly 

2? im, *ted licensing discussion* with 

s» fljary . of Ready Mixed Concrete, manufacturer concerned*:..* 

^ fnr^the The £ f0U P’s intei^o^^ 

jCMS^OO to-^2.41m for the half- production programme made 

year to Jone^, 1978. Turnover encouraging headway in 1977 : re. 
- - was up from £37. 15m to £4L4m. in the current year it wiP benefit 
. share- of aroociates profits ilom investments in thfee Kghly 
.and that of * successful Columbia/BMTIpresen- 

•* were lower at £219,000 f £484,000). tations— namelv “Close Encounters 
,-Tar took £U7m i£981,000) leav- of tbe Third Kind.*’ "TfcrBeep” 
lug a net group balance ot £L14m and “The Cheap Detective."'' . 
(£L02m). ' Following entry into' J the ;J7K 

, u^-?ra v S«.?7 dancing market last year- the 

BH» smb company now has a neqt business 
41^03 ST.ise.of considerable promise, - Sir Joim 
nr in says. • "i 

3 sl The directors look ttrfurtfer 
i» * progress In the group’s enteftsrn- 
. 2i9 4S4 ment- and leisure activities. ‘^The 

2*03 2 J67 a0 " per '• cent-owned Thafiies 
1-3711 • Television enjoyed-' buoyant 


p-g. Turnov er — 

'Jbbw - 

’Uttirwiattoii - 

JlepMfen 

--SStDtEpnsal surplus" . 

• aBsnrtates* • . 

j. pr»<ax pr»fR 

'via* - — 

J|pf profit - :: 


^ 'On disposal of properties. 
Reflow saUsMury. 


trading conditions and-artneved 
.substantial increases in air time 


anrj rivorscas enles of its TV 

pragrammes. 

Group taxable profit for the 
year ; 0 June 30. 1978 slumped 
£64. 74m to £25. 97m on sales 
C1.4m better at £872,6m, and 
the net dividend is 9JSn (9-24p) 
per 50p share— as reported 
October 6. On a current cost basis 
along the Hyde guidelines, profit 
is cut to £lfi^3m by additional 
depreciation of £9 -33m and extra 
cost of sales of £9.5lm less a 
gearing adjustment of 19.8m. 

Analysis -of -sales and profit by 
activity shows. with £000s 
omitted: music £439,031 (£430.335) 
and U6.S2U (£32.703); leisure 
£131^37 (£94,883) and £11.773 

(f?233): television £80305 

(£50.58fi) and £9.113 (£8.093); 

elcclronics £174^40 (£182,107) 

and £13.536 (£12,118) and medical 
electronics £66.542 (£93305) and 
loss £13,175 (profit £14.711). Less 
interest payable of £12,103 
(£10.120). Exports were down 
from £146.2m to £120.7m. 

For the year funds showed a 
net outflow of £13.15m (£13 73«n) 
with liquidity up £3.69m (down 
£2.08m) and bank borrowings 
higher at £37.54m (£20.7m>. At 
year end net current assets were 
lower at £473tin (£Bl.Sm). 

A professional valuation of 
Croup properties revealed a net 
surplus of £35.r»nv of which 
£21 .5m is to reduce goodwill. 
£13m 4s to he taken to reserves, 
and Il.lm credited to minority 
interests. Ah a consequence cf 
the revaluations the depreciation 
charges will increase by about 
£lm. 

Capital commitments amounted 
to £43.09ni (£S1.7m) of which 
£2?.C7m (£3S.77m) had hepo 

authorised bur not contracted. 

Meeting, Tower Hotel, E, on 
December 14 at 12.30 am. 

Witan Inv. 
improves at 
six months 

Earnings of Witan Investment 
Company improved from X977.S21 
to I1.1S8.000 for the half year to 
the end of October 1978, after tax 
of £702.184 against £514,613. Gross 
income was up £0.S5m at 13.22m. 

■ Net assets per 25p ordinary or 
B ordinary share at halftime stood 
at 124.Sp ( 112.3 p) with currency 
loans and prior charges at par, or 
fully diluted l29.8p (117.7p) with 
them at market values. Invest- 
ment currency premium amounted 
to 13.3p (9.5p). 

On October 12 tbe company 


borrowed LT.S.825m from a con- 
sortium of banks (nr investments 
.in certain authorised EEC 
securities. 

Earrings per share were up at 
I.4£p 1 1.1 4pj— last year’s final was 
I3p paid from record pre-tax 

revenue of 13.29m. 

Investments and subsidiaries 
amounted to £L22.<Wm (£1 09.8m) 
at midway with invt*tmcnts dis- 
tributed. m percentages, as to UK 
54.96 (63.35); North America 19.41 
(19.3): Pacific area 23.34 (15.42) 
and other countries 2.29 (1.93), 

Northern 

Goldsmiths 

headway 

BEFORE other investment income 
of ffi.027, pre-tax .profit Of 
Northern Goldsmiths Company, 
retail jeweller, advanced from 
£95,5fl8 to ' £109.851 in the six 
months to August 31. 1978. 

Mr. C. M. C. Royds. chairman, 
reports that trading has remained 
buoyant throughout the first half 
and with profits over 29 per cent 
ahead at halfway and Christmas 
sales still to come he is hopeful 
full, year's trading will produce 
excellent results. For the last full 
year pre-tax profits totalled 

£364343. 

First half lurnover rose from 
£1^7m to 11.49m and tax for the 
period took £G0J25B (£49,708). 

The chairman states that the 
company’s venture into Manor 
“House Finance has proved a 
sound commercial investment 
and. with the recent increase in 
bank base rare, returns from this 
income source should prove even 
more lucrative. 

The net interim dividend per 
25p share is maintained at 0.85p. 
Last year’s total payment 
amounted to 2.0SG9p. 

KUALA SELANGOR 

Having regard to the current 
level of profits, the directors of 
Kuala Selangor Rubber have 
decided that dividends, hitherto 
paid as one annual distribution, 
should in future be paid as 
interim and final distributions. 

An interim of 2.5p is now 
declared for 1978 and the board 
expects that the total distribution 
for the year will not be less than 
the 6.6p for 1977. 

Harrisons and Crosfield has a 
substantial interest in (he 
company. 


Progress 
at Fraser 
Ansbacher 

FURTHER PROGRESS has been 
made by An i s bachrT during 

the six tnoRtbs ending September 
30, 1973.'- ^towards reaching an 
adequate ^ level of Profitability, Sir 
Samuel GoWndan. the chairman 
reports- ; - 

Profits before tax for the first 
half are iWi-WW nxainst a £53,000 
deficit in saiT1s period last 

year. 

Tax charge is I-O.OOO (£34.000) 
and there Is also an extraordinary 
debit of £18 jOOO (£100.000) this 
time being' ® e co -< of disposal 
of R. Fraser Securities. 

Again there is no interim divi- 
dend— the last payment was a 
single 0.0325P in Inc 13 months to 
April 30, 1976. 

Henry • Ansbacher, now the 
group's 1 principal subsidiary, 
together ‘.with its three sub- 
sidiaries. .all showed increased 
profits compared with the same 
period test year and the second 
half last yeaf- 

Figures - for the half-years 
exclude the results of Eastwood 
Leisure Holdings, whose operating 
subsidiary is under the control of 
a receiver and manager, or 
R. Fraser Securities u hich ceased 
to be a subsidiary on September 
27 this year. 

This company is no w only a 
debtor of the group and its pro- 
gress in realising assets to reduce 
the debt la satisfactory, the chair- 
man reports. 

Robert Fraser and Partners 
continues to operate at a low level 
of activity pending final resolu- 
tion of the investment in 
Eastwood Leisure Holdings. 

In the second h3ll of the year 
there will be some increase in 
overheads in London as the result 
of a rent review in respect of the 
premises at 1 Noble Street. EC 
The chairman is hopefuL however, 
that the progress recorded can be 
maintained. 

Downturn 
at Scottish 
and Mercantile 

PRE-TAX profits of Scottish and 
Mercantile Invest mem slipped 
from £414,737 to £390.:>31 in the 
year to March 31. 197S. 

The dividend is raised from 
3.01557p net to S.36739p with a 
final of 2.36739 p. Earnings per 
ordinary and' A ordinary share 
are show nas 4.76p (5.35p). 

Tax Js £124^46. asainst £122.742. 
Minorities are £21.777 (£19,4SS). 


Indonesian operations boost 
Ultramar’s profits and cash flow 


WITH THE third quarter giving 
£8.50m compared with £7.4 3m, 
pre-tax profits of Ultramar Com- 
pany finished the nine months to 
September 30. 1978, some £ 11.3m 
ahead at 126.7m. This is already 
£2m up on the figure for the last 
full year. 

Indonesian operations were tbe 
major contributor to profit and 
cash flow— a record £2Q.93m for 
the nine months. The Eastern 
Canadian refining and marketing 
division incurred losses but to a 
large extent these were due to The 
weakening of the Canadian dollar 
when measured against the U.S. 
dollar and other currencies. 

Mr. Campbell L. Nelson, chair- 
man, says he expects results for 
the last quarter to be at least as 
good as the average of the first 
three quarters. 

The year will have the highest 
cash flow from operations and 
operating profit in the history of 
the group. 

The effect of foreign exchange 
fluctuations is not predictable, he 
states. Since September 30. the 
U.S. dollar has improved against 
the Swiss franc and the Canadian 
dollar has improved against the 
U.S. dollar. Hopefully, this 
improvement will continue and 
the large provision for foreign 
exchange fluctuations necessary 
at September 30 wii} not be 
required wholly at the year-end. 

For the nine months, basic 
earnings are shown to have risen 
from 17.6p to 24.4p and fully 
diluted from 16.4p to 22.9p. 

The company has submitted the 
necessary application to tbe 
Canadian Foreign Investment 
Review Agency to seek approval 
of its acquisition of Canadian 
Fuel Marketers. The latter is a 
large and successful petroleum 
product marketing organisation 
selling in excess of 70.000 barrels 
per day. mainly in the provinces 
ot Ontario and Quebec. The 
directors expect a response to lhe 
application in December. 

A continuous drilling pro- 
gramme is being carried out in 
Indonesia and also in Western 
Canada. The Indonesian drilling 
results have been successful but 
the Western Canadian exploration 
drilling has been disappointing to 
date. 

There was no drilling in the 
North Sea during the third 
quarter, but the tempo of activi- 
ties is expected to pick-up later 
this year when the company will 
participate in the sixth round of 
bidding and possibly begin 
development of tbe Maureen 
Field. In 1979 Ultramar will begin 


BOARD MEETINGS 

The foUwrJne cum panics have DollRcd 
dales of Beard mwim K5 t0 U« Slock 
Exchange. Such meriinc* are usually 
held for f»» ounw» of considering dlvi- 
dends. Official indicaimru are noi nal!- 
ble as lu whether dividend* are inicrimn 
or Hnals and the suh-dlu-jnn-s shown 
below* are based main)? on last year's 
umcuhle. 

. TODAY 

Interim* — J. BlUam, Manned James 
Industries, F. U- Lloyd. V.ndon and Mid- 
land Industrials. Sheffield Refreshment 
Reuses, Virers. WnjcH-And, western 
Molar. Wharf MID Furnishers. 

Finals— F.PA- Construction. Radley 
Fa? Won. Sandhurst Marketing. Town 
Centre Securities, “ tv » Ribbons. WeUco. 

FUTURE DATES 

Interim*— 

ABcn I'Etfsarl Balfour hw. 23 

AmJn-wa Strathclyde Nnv. 33 

Century Oila Nov. 33 

Dartmouth Investments Nov. 73 

Dvkes *J.) N«W. 29 

EE lot t fB.t Nov. 78 

International Faint Nov. 32 

Latham tJameti Dec. 7? 

Pyramid (Troop (Publisher; i Nov. 23 

Reardon Smith Line Nov. 21 

SonuNUin Not. 21 

“ The Times ** Veneer Nov. 71 

Vrnteo . Pot I 

WalHs Fashion Nov. 79 

Final* — 

Aided Breweries Nov. 21 

Atlanta. Baltimore and Chicago 

Regional Investment Tru't Nov. 51 

Barton Transport Nov. 23 

Bass Charrtnvton Dec. 14 

Davenoom* Brewry Dec. 4 

Fourth City aod Cnmmrrctal 

fnvprtmetit Trust Nov. 27 

Mitchell Colts Pec. 7 

Mflrheh Somers. Dec. 14 

Vatrr Breweries - Dec. 14 


exploration drilling in Egypt. 

Nine months 
1*79 1*77 



fOOO 

£000 

SaH 

.... 414JM ! 

151 .34S 

Tradinc proflt 

M.S05 

so.on 

Depreciation, etc 

.... 0.003 


Profit before tax 

..... 26.103 

15,067 

Current tar .... 

1««S3 

ton 

Deferred tax 

.. 0.6T3 

4.S94 

Profit after tax 

11.341 

R.IW 

ForelRn exchange loss 

6.105 

5.444 

Tax effects . 

403 

1.555 

Leartnc ...... ... 

141 

$.nn.i 

Conv. red. pref. dlv 

7I» 

794 

ACT vritre o oft 

•W7 

— 

Attributable to ord 

... . 4.MR 

5.509 

C3<H flow 

.... 

1C.IR1 


Group opereting profits are 
lareelv in U.S. and Canadian 
dollars? 

The toss on foreign exchange 
fluctuations of £5£m relates 
almost entirely to long-term loons 
of individual companies repayable 
over the years lo 199::. 

Tbe group’s entitlement lo 
income from Indonesian LNG 
sales is included in the profit and 
loss account after deducting 
transportation, liquefaction costs 
and debt service on the loans 
raised by Porta mina to finance 
tbe whole of the construction cost 


of Iho Badak LNG Plant which is 
operated on a break-even basis. 

To match income with these 
deductions, the group's entitle- 
ment is adjusted to reflect an 
equal annual charge for debt 
service rather than the uneven 
repayment schedule established 
for the loans, all of which are 
repayable within a 12-year period 
starting in 1977. Effectively, 
therefore, the cost of tile plant 
will be fully amortised by the end 
of 19S9. 

A statement of source and 
application of funds shows work- 
ing capital of £32£7m (£4 ’4m) as 
at September 30. Long-term loans 
at that date amounted to £7-L.4Im 
(£S3.1£m). 

e comment 

Ultramar is still playing the 
dividend card close to its chest. A 
final decision on whether to con- 
tinue with the M scrip In lieu " of 
cash (which has been issued since 
1966) is not expected until the 
preliminary figures are issued. 
The problem remains ACT, which 
will remain irrecoverable for as 
long as Ultramar continues to 
have Insignificant UK earnings. 
Overall, the shares still remain a 
high risk investment. Almost 
everything depends on the large 
Indonesian gas field (which was 
discovered looking for oil). And 
gearing is likely to rise even 
further over the next two years as 
Ultramar tries its luck in the 
North Sea (assuming it gets 
something out of the sixth round) 
and expands in Canada. The 
shares closed 4p lower at 226p. 

London 
Prudential 
makes headway 

Before management exuenses 
and loan interest of £31,958 com- 
pared with £20.343. total, gross 
revenue of London Prudential 
Investment Trust improved from 
£155,1 5S lo £195.263 in the six 
months to October 31. 1978. 

Tax for the period took £54.612 
(£47.2341 and earnings per 23p 
share are shown to have risen 
from 1.4 tip to l£1p. 

The net interim dividend is 
raised from IJJop to 1.5p — an in- 
crease of 20 per cent. Last year’s 
total payment was 2.S5p. 

At October 31 tbe net asset 
value per share was 102.3p 
(95.7p). 


INVESTMENT TRUST COMPANIES 

The information in the columns below is supplied tiy the companies named, which are members of The Association of Investment Trust Companies. The figures, which are in pence except where otherwise stated, are unaudited. 


'Total Assets 

less current 
.• {labilities 
(11 

£millkm 


Company 

( 2 ) 


147.7 

84.9 

- 124.5 

27.1 

10.8 

11.4 

t 

59.4 
43 9 

11.5 
G9.5 

63.0 

32.8 

77.7 

25.0 

36.2 

25.4 
475 

J109.1 

’ 26.3 

t 

' 8.0 

t 

' 552 
205.7 : 

48.6 

- 4:o 

.4121 

37.9 

7 753 - 

. ' 21.1 

- 82.4 
,82.4 \ 

119J 

59.4 

■15.1 ... 

4L2 

35.8 

15.5 . 

42.9 

: '-58.3 

-.21.5 

12.2 

.8.3 

-74.1 
287.7 : 


-37.S 


5202 

22.7 

7.J 

5185.4 

30.2 

1.8 

M 

25.0 
26^ 

12 
. 5 2 
:1L0 

23.0 
• 115 
1 22 
; 52 

72.2 
. '17.5 

83.3 

37.1 
122 

520.1 

t&}£ 

562.6 

20.0 

721 

t7.7 


Shares or Stack.' 
. (3) 


(^LuA'hON JlibN^HiT " . 

I Alliance TrusL-.k../^----- • 1 • 

Anglo American Securities Corp- 

British Investment Trust ----- 

Capital -National. Trus tj 

Claverhouse Investment Trust - 

Crossfriars Trust . 

Dundee * London Investment Trust[ 

Edinburgh Investment Trust i 

Fir.4t Scottish American Trust. | 

GreSr NmSrn inV«trgrit Trurt- j gj 
Guardian Investment Trust. *. ........... ^ 5o 

Investors Capital Trust 

Jardine Japan Investment Trust 

London & Holyrood Trust .i. 

London & Montrose Invest.. Trust ... 

London & Provincial. Trust 

Mercantile Investment Trust 

Do. Do : 

North Atlantic Securities Corp 

Northern American Trust ^—(capii'aTshares 

Save jk Prosper Linked loves L Trust) q,.^ StocIf 2 s p 

Ordinary 25p 
Ordinary 25p 
fOrd inary 25p 
Ordinary 50p 
Ordinary 25p 
Ordinary 25p 
Ordina-ry 25p 
Ordinary 25 p 
O rd. Stock 23p 


.Scottish Investment Trust 
[Scottteh Northern Invest Trust 
Scottish United Investors ......... 

Second Alliance Trust 

JShires Investment Co. 

[.Sterling Trust .... 

Technology. Iiwestment - Trust .. 
United British Securities Trust 
[United States & General Trust ... 
United States Debenture Corporation 

Do. Do. Li...'.....—' 1 

Baillie Gifford & Co. 

Scottish Mortgage & Trust 

Monks Investment TruBt 

Wlnterbottom Trust 

Baring Bros. & Co. Ltd. 

Outwicb Investment Trust : 

Tribune Investment Trust 

City Financial Administration Ltd. 

•- ''Investing In Success" Equities,..'. 
East, of Scotland Invest. Managers 

Aberdeen Trust - 

Edinburgh Fund -Managers Ltd. 

American Trust 

Crescent Japan Invest Trust ... — 

General Scottish Trust 

Do. Do r....- : 

Wemyss Investment Co - 

[Electra Gronp- Services Ltd. 

Electro Investment Trust - .... 

'Globe Investment Trust 

Do. Do — '■ - 

Do. Do 

Temple Bar Investment Trust ...... 

Do. Do '. 

IF: & C: Group ' - 

Alliance Investment 

Cardinal Investment Trust 

"Do. Do.' ....... 

F. & C. Euru trust 

Foreign * Colonial Invest. Trust ... 

, General Investors & Trustees 

[James Finlay Divest. Mgmt Ltd. ■ 

Provincial Cities Trust 

Gartmore Investment Ltd. 

Altifund 

Do. Do. 

Angto-Seottish Invest. Trust 

English ^Scottish Investors 

Group Investors ........... 

London & Gartmore Invest Trust.. 
London & Lennox Invest Trust — 
London & .Lomond Invest. Trust ... 

London & Strathclyde Trust 

Meldrum Investment Trust 

■New Vork ■& Gartmore Investment 
Gartmore Investment (Scotland) Ltd. 

Scottish National Trust 

Glasgow Stockholders Trust ... 

■John Govctt & Co. Ltd. 

Border & Southern Stockholders... 
Debenture Corporation 
General Stockholders Invest Trust 

Govett European Trusty ...» 

Lake View Investment Trust — 


Do. 


winvestmen. ™ 1973/58 

— -si 


MJXMm . — - . , 

Stockholders Investment Trast 
aT. Management Ltd, Orrtfaair 25 p 

w«»«re Trust S^Loan ibw 


Ordfngryr25p 


Berry Trast 
Do. Da 

attan Investment Trust ......... - 1987 

Ordinmy S5p 

qc Adi Baled for sate a»e. 


Ordinary 25p- 
Ordinary 25p 
Ordinary 25p / 
Ord. & “ B "jOr 
Ordinary 50p 
Ordinary 25p 
,0rdinBry.2op 
l n Deferred 
Ordinary 25p 
Ord. Stock 25p 


Ordinary 25 p 
Ordinary 23p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Cbnv. Debs. 198S 
Ordinary- 25p 
Ordinary 25p 


Conv. Loan 1993 

Ordinary 2-»p 
Ordinary 2Sp 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p 

Ordinary 25 p 

Ord. Stock 25p 

Ord. & “B” Ord, 
(Ordinary 50p 
Ordinary 25p 
Conv. Loan 1995/2000 
Ordinary £2 

Ordinary 25p ■ 
Ordinary 2Sp 
Conv. Loan J 987/91 
Conv. Loan 1985/90 
Ordinary 25p 
Conv. Loan 19S7/91 

Ordinary 2.»p 
Deferred 25p 
Conv. Loan 1985/97 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 25p 

Income 50p 
Capital 50 p 
Ordinary 25p 
Ord. & “ B " Ord. 25p 
Ordinary 25p 
Ordinary 50p 
Ord. & “ B " Ord. 2.ip 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 2 »P 
Ordinary 25p 

Ordinary lOp 
Ordinary 25p 
Ordinary 12!p 
Ordinary 25p 
Ordinary 25p 


Ordinary 25p 




Net Asset Value 
after deducting prior 

Investment 

Tola! Assets 


• 

chorees 

Currency 


Annual • 

at nominal 

ur market 

Premium 

less current 

Valuation 

Dividend 

value 

value 

(see noteg) 

liabilities 

(4) 

(5) 

(») 

(7) 


(1) 

£millicm - 

-31/10/78 

Pence 

• • - 7.1 

except where 
274.1 

£ stated (see 
- 282.7 - 

note d) 

25.8 • 

24.3 

31/10/78 

3.0 

126.9 

332.8 

13.0 

4.3 

31/10/78 

4.85 

1R7.0 

390.3 

19.2 

47.0 

31/10/76 

. • *4.6 

.. 172.1 . 

174.9 

16.0 

«.0 • 

31AP/78 

31/10/78 

. .3.8 • 

.. 3.7 

108.2 

114.0 

1U8.2 

114.0 

02 

tI40 4 
• 21.1 
. • / 7.0 


.f 

' 6.75 

r 

276.9 

7 

292 2 

ilo 

31/10/78 

2.85 

121.9 

123.9 

13.0 

6.7 

31/10/78 

2.1 

102 9 

107 3 

4.S 

2.4 

31/10/78 

3.87 

125.0 

138.fi 

8.4 ‘ 


31/ 10/78 

2 .M 

107.1 

111.7 

1 «•» 

20.2 

31, '10/78 

".‘■0.875 

riii.o 

*14.3 

2.1 

.11/10/78 

7.75 

- »fi. n 

102.7 

11.7 

112 

' 31/10/78 

0.85 

217.6 

217.6 

49.7 

22 0 

31/10/78 

3.6 

l.ifi.8 

160.6 

16.1 

129.9 

31/T0/78 

5.9 

256.4 

260.7 

27.5 

.>.5 

31/10/78 

3.4 

148.7 

151 J 

15 9 

37.1 

31/10/78 

1.25 

*34.0 

58.5 

2.9 

• 

Sl/jO/7 8 - 

£4.50 

£82311 

£87.80 

£4-30 

31.0 

31/10.T8 

3 07 

119.2 

122.5 

JL. 

6.9 

.1/11/78 

T 


t 

t 


• 31/10/78 


168.3 

1682 

“ 

«7 

- 31/10/78 

T 

t 

• t 

t 

102.2 

31/10/78 

. 3^36 

128.6 

1.17 0 

8.4 

32.0 

21/10/78 

1.6 

95.7 

98.3 

32.1 

13.1 

. 31/10/78 

6 3 

233.8 • 

242.3 

■22.4 


31/10/78 

9.464 

Tfifi.7 

• 156. i 

~ 

ll.C 

. 31/10/78 

5.3 

227.1 

233.9 


46.7 

31/1 0/7S 

2.6 

138.0 

• J40.2 

l? 


31/10/78 

4 44 

1B8.0 

' 

3n.3 

276 

31/10/78 

5.94 

249.3 • 

. ijn.9 


21.7 

- 31/10/78 

3.52 

1 12.6 

116.9 


31.X 






41.5 

31/10/78 

£5.00 

£123.00 

£128.60 

£11.30 

4.6 

3.1 

v 3 La f?/78 

3.3 

140 9 

MS 4 

12 3 

31/10/78 . 

1 6 

64.0 

64.7 

52 

49.1 

,31/10/Tg 

4.6 

247.5 

260.5 

24.7 







- £50.4 

-3/11/ 78 

1.625 • 

69.6 

73.3 

5.2 

*38-7 

.24/10/78 

1-4 

95.6 

AS.S 

13.2 

31.0 

17/10/78 

2.904 

254.0 

357.0 

26.1 

18.7 

*5.3 

31/10/78 

5.3S 

177.6 

187.4 

12.2 . 

25.0 

54. L 

31/10/78 

*1.35 

56.5 

58.7 

4.0 

31/10/78 


242.1 

242.1 

42.5 

45.3 

31/10/78 

3.35 

• 110^ 

113.0 

7.8 

67.9 

Sl./l(f/78 

£5.50 

£140.70 

£143-50 

£9.70 

117.1 

31/10/78 

1L75 

358.9 

358.9 

- 34.6 

6^ 






i5.5 

31/10/78 


144.5 

144.5 

72 

24.5 

31/10/78 

5.0 

154.6 

154J? 

7.5 


31/10/78 

£5.50 

£134.30 

£134.50 

£6.50 

20.9 

31/10/78 

£6*5 

£l</.70 

£173.00 

£8.60 


31/10/78 

4.75 

123.5 

125.8 

2.0 • 

72 

31/I0/7S 

£6.00 

£106^0 

£10S20 

£1.70 

29.4 

3I/10/7S 

3.0 

148.7 

753.3 

34.3 

47.4 

31A0/7S 

3.9 

154.4 

159.8 

13.0 

.32.3 

31/10/78 

£6.00 

£125.10 

£129.40 

£10.50 

31/10/78 

1.0 

69.2 

092 

11.4 

13.2 

31/10/78 

3.77 

225.7 

284 2 

27.3 


3 1/10/78 

3L/10/78 - 

- 4.0 

143.0 

349.7 

10.8 

74.0 

’ 3.48 

37.4 

S7.4 

- 

15.0 

31/10/78 

8.3 • 

102.5 

102.5 

6.0 

107,8 

31/10/78 

0.415 

279.9 

279.9 

6.0 

31.4 

31/10/78 

IB 

60.6 

62.7 

42 

32.0 

3 1/10/78 

•2.45 

100.3 

106.0 

6.2 

4L6 

31/10/78 

■ L0 

81.0 

84.5 

5.1 

30.1 

31/10/78 ' 

§1.0 

90.9 

96.0 

12.8 

15.9 

31/10/78 ' 

•n-1.667 

67.6 

70.0 

6.9 

178.0 

31/10/78 • 

2.7 

1112.9 

305.2 

6.2 

40.9 

.31/10/78 

1.6 

55.0 

5S.7 

4.6 

53.1 

.11 '10/78 

1.85 

60.6 

60.6 

0.2 

65.3 

31/10/78 

0.4 

30 r, 

30 6 

1.9 

S&S 

.11/10/78 

3i) 

105.0 

198.7 

20.6 

XJS.fi 

2.8 

31/10/78 

3.4 

134.7 

12S£ 

14.9 

.31/10/78 

1.7 

80.5 

81J) 

7.3 

33 

31/10/7S 

2.4 

87.1 

88 2 



31/10/78 

22 

149.5 

16L4 

19.0 

2.6 

12J2 

31/I0/7S ■ 

1.8 

Sti.3 

86.3 

12.3 

-.31/10/73 

2.4 

125^ 

129.2 

11.8 

31/10/78 

£4.00 

£167.00 

£17?J0 

£15.70 

. 19B 

31/I0/7S 

iS5 

m2 

1332 

14.0 

-r Sl/10/78 

0.875 

98.4 

98.4 

&1 

11 2 

31/10/78 

£4J25 

£142.60 

£142.60 

£1L70 


iinons 

2.0 

241.7 

2417 

27.4 

12.3 

: 31/10/78 

£3.50 

£149.90 

£149.90 

£17.00 

31/10/78 

3.45 

-37L4 

176.9 

16.3 

31.3 


Company 

( 2 ) 


Hambros Group 

Bishopsgate Trust 

City of. Oxford Investment Trust... 

Hamhros Investment Trust 

Rosedimonci Inveslment Trust 

Henderson Administration Lid. 

Witan Inveslment 

Electric & General Investment 

Greenfriar Inveslment 

Lowland Investment 

Enclish Naiional Investment 

Do. Do. 

iPhilip Hill iManasemenu Ltd. 

City & International Trust 

General & Commercial Inv. Trust 
General Consolidated Invest. Trust 

Philip Hill Investment Trust 

Moorgaie Tnvestmenl Co 


^Industrial & Comml. Finance Corp. | 


J Ivory & .Sime Limited 


Viking Resources Trust 


Throgmorton .Trust 

.Kleinwort Benson Ltd. 

Rritish American & General Trust 

Brunner Investment Trust 

Charter Trust & Agency 

Enelish & New York Trust 

Family Investment Trust 

-ios Holdings 

London Prudential Invest, Trust ... 

Merchants Trust 

LaTjtrd Bros. & Co. Ltd. 

Raeburn Investment Trust 

Romney Trust 

Martin Currie & Co., C.A. 

Canadian Sr Foreign Invest Trust 

St. Andrew Trust 

Scottish Eastern Invest. Trust 

Scottish Ontario Invest. Co 

Securities Trust of Scotland 

| Murray Johnstope Ltd. 

Caledonian Trust 

Clydesdale Investment Trust 

Glendevon Investment Trust ... 
Glemnurrny Investment Trust 
Scottish Western Investment 
Second Gt Norihem Invest. Trust 
Schroder Wagg Group 

Ashdown Investment Trust 

Do. Do T. 

Australian & International Trust .. 

Bmadstone Investment Trust 

Do Do 

Continental &■ Industrial Trust 

Trans-Oceanic Trust 

Do. Do 

Westpool Investment Trust 

Do. Do 

i Stewart Fund Managers Ltd. 

; Scottish American Investment Co. 

Scottish European Investment Co. 
Touche Remnant & Co. 

Atlas Electric & General Trust 

Bankers’ Investment Trust 

Cedaf Investment Trust 

City of London Brewery 

Continental Union Trust 

CL.RJ*. Investment Trust 

Industrial & General Trust 

International Investment Trust 

Sphere Inveslment Trust 

Trustees Corporation 

Trust Unton 


Sizewell European Invest. Trust ... 

Atlanta. Baltimore & Chicaeo 

West Coast & Texas Regional 


VALUATION THREE-MONTHLY 

Cumulus Investment Trust 

Safeguard Industrial Investments ... 

Carli Di/Tyneside Group 

Carliol Investment Trust 

Do, Do 

Tyneside Investment Trust 

Do. Do 

East of Scotland Invest. Managers ... 

Dominion & General Trust 

Pentland Investment Trust 


Shares nr Stock 
(3) 

Date of 
Valuation 
(4) 


Net Assn 
after dedn 
cha 

at nominal 
value 
(6) 

et Value 
cting prior 
rges 

at market 
value 
(7) 

Invcstmcn 

Currency 

Premium 

(see note s 
(S) 

Ordinary 25p 

Ordinaiy 25p 

31/10/78 


£ stated tsee 

257.6 

note d ) 

12^ 

Sl/10/78 

3.:; 

. 92.3 

9fi/2 

- 

Ordinary 25p 

Capital 25p 

si/io/rs 

3.75 

1326 

142.7 

(t.S 

31/10/ 7S 

- 

120.2 

120.2 

1.1 

Ord. & “ R ” Ord. 25p 

31/10/7S 

t 

JI24.K 

129.7 

*1.1.5 

Ordinary 25p 

31.10/78 

1.35 

104.1 

105.3 

10.2 

Ordinary 25 p 

.11.10/78 

1.45 

127.3 

127.3 

13.6 

Ordinary 25p 

■11. '1(1/78 

2.5 

699 

K9.il 

2.0 

Prcfd. Ord. 25 p 

31 10-78 

1.93 

35.1 

36.1 

— 

Defd. Ord. 25p 

31. 10./7S 

2.S2 

*3.4 

69.5 


Ordinary 25p 

31/10/78 

4.7 

129* 

114.0 

fi.4 

Ordinary 25p 

31/10/78 

5.82 

177.7 

187.5 

7.3 

Ordinary 25p 

31/10/78 

3.75 

10S.4 

111.1 

4.5 

Ordinary 25p 

31/10/78 

7.9 

234.5 

238.4 

n..i 

Ordinary 25p 

31/10/78 

3.82 

10S.0 

110.4 

12 

Ordinary 25p 

31/10/78 

2.92 

S6.6 

89.7 

ti.0 

Ordinary 25p 

31/1 0/78 

3-5 

92.3 

93.6 

3.0 

Ordinary 25p 

31/10/78 

2.95 

94.fi 

94.6 

0.5 

Ordinary 25p 

31/10/78 

0.4 

131.0 

137.7 

23.1 

Ordinary 25 p 

31/10/78 

2.6 

Sfi 6 


10.6 

Ordinary 25 p 

31/10/78 

U 

131.6 

1.J4.5 

24.4 

Ordinary 25p 

31 10/78 

1.X 

112.1 

112.1 

10.4 

£1 Cap. Loan Slock 

31/10/78 

_ 

_ 

175.4 


;Ordinar>' 25p 

31/10/78 

4.37 •> 

101.3 

103.2 


Ordinary 25p 

31/10 78 

1.723 

33. n 

64.1 

26 

Ordinary 25 [> 

.71/10/78 

3.8 

129 4 

132.1 

S.I 

Ordinary 25p 

31 'lO.’TR 

2.2 

7.1.1 

75.3 

Till 

Ordinary 25p 

31 '10/78 

3.0 

9K.n 

9S.fi 

6.5 

Ordinary 25 p 

31/10/78 


103.7 

105.7 

0.1 

Ordinary 25p 

31/10/78 

2 375 

62.6 

62 6 

1.7 

Ordinary 25 p 

31 /I0T8 

f 

102 O 

3*4.8 

3 ? 

Ordinary 25 p 

31/10/78 

2.9 

90.9 

04.4 

7.8 

Ordinary 2Sp 

31/10/78 

3.7 

162.6 

1691 

15.1 

Ordinary 25p 

31/10/78 

2.65 

115.5 

117.9 

10.7 

Ordinary 25p 

swam 

385 

M.T..7 

149.4 

13.5 

Ordinary 25 p 

31/10/78 

4.15 

146.6 

15l.fi 

12. R 

Ordinary 2op 

31/10/78 

4.5 

165.4 

171.5 

18.7 

Ordinary 25 p 

31/10/78 

2.175 

85.1 

86.4 

10.0 

Ordinary 25p 

31 AO/78 

6.85 

2232 

243.1 

23.7 

Ord. & “B” Ord. SRp 

3I/10/7S ' 

*1.85 

orl02.4 

ocl 06.0 

“34.3 

Ord. & “ B " Ord. 25 d 

31/10/78 

*L9 

97.7 

1005 

13 8 

Ord. &"B" Ord. 25» 

31/10/78 

•1^5 

1272 

130.2 

1S.9 

Ord. & “ B ■ Ord. 25p 

31/10/78 

*1.7 

101-1 

10L3 

32.7 

Ord. Sr “ B n Ord. 25p 

31/10/78 

*22 

1205 

125.9 

16.6 

Ord. t“B" Ord. 25p 

31A0/78 

*2.0 

109.8 

313.5 

15.7 

Ordinary 25p 

31 A0/78 

4.03 

173.6 

1S5.0 

17 6 

Conv. Loan 1988/93 

3] /10 '78 


£125.00 

£129.50 

£12.30 

Ordinary 5Ap 

31/10 '78 

3.0 

119.4 

119.4 

19.5 

Ordinary 20p 

Sl/10'78 

5.15 

i 198.1 

200.7 

19.3 

Conv. Loan 19SS/93 

31/10/78 

£4.50 

£128.70 

£I-*fiUt0 

£J2£I0 

Ordinary 2op 

31/10/78 

6.4 

25(1.3 

260.5 

12.1 

Ordinary 25 p 

30/9/78 

5.0 

248.7 

255.2 

nn.G 

Conv. Loan 1988/93 

30/9 AS 

£4.50 

3:3 

1155.50 

£159.50 

£19.10 

Ordinary 25p 

31/10/78 

1.17.5 

140.8 

14.0 

Conv. Loan 1939/94 

31.10/78 

£5.00 

[ £123.80 

£126.80 

£12.60 

Ordinary 50p 

31 /10/78 

' 2.6 

106.7 

107 .M 

5.7 

Ordinary 25p 

31/10/78 

1.5 

56.3 

50.3 

4.5 

Ordinary 25p 

31/10/78 

1.9 

85.2 

88.2 

4.5 

Ordinary 25p 

31/10 '78 

2.55 

74.1 

78.9 

4.0 

Ordinary 25p 

3 J. '10/78 

2.75 

90.8 

J>3.3 

;i..i 

Deferred 25p 

31/10.78 

2.76 

79.6 

84.(1 

1.0 

Ordinary 25p 

:U/HI'7S 

3.5 

159.1 

lfi4.fi 

12.l> 

Ordinary- 25p 

31/10/78 

2.1 

94. S 

99.3 

6.5 

Ordinary 25p 

31/10 78 

1.75 

72.4 

74.6 

4.fi 

Ordinary 25p 

3 J/ 1 0.78 

‘>.62 

1ft1> 

1*8.7 

6.0 

Ordinary Sap 

"t, W78 

3.3 

156..'! 

Nil. I 

10.1 

Ordinary 25p 

SI '10 78 

4.85 

195.4 

201.1 

0.0 

Ordinary 25 p 

31/10-78 

3.4 

144.11 

148.3 

7.2 

Ordinary Hip 

31/10,78 

J2 

108-1 

K»S.3 

9.2 

Ordinary Hip 

31/19/78 


60.K 

- Bfl.8 

30 

Ordinary 30p 

31/10/78 

0.75 

13.3 

75.5 

5.4 

Ordinary 25p 

31/10/78 

t 

42.9 

44.9 

2.5 

Ordinary 25p 

30/9/78 

4D 

20&3 

10S.1 


Ordinary 25p 

31/10/78 

3.85 

163.9 

3G9.4 

122 

Conv. Loan 1994/99 

31/10/78 

£4.50 

£141.00 

£145.70 

£11.40 

Ordinary 25p 

31/10/78 

3.85 

154.1 

158 2 

12.4 

Conv. Loan 1994/99 

31/10/78 

£4.50 

£152.50 

£136.10 

£10.70 

Ordinary 25p 

31/8/78 

7.75 

26S.7 

278.7 

28E 

Ordinary 25p 

Sl/8/78 1 

4.05 

167.2 

171.7 

19.7 


t Company -will announce year -end or 


— ■ ■ . 1 . . . racial dividend, oc AdJ Baled lor serte a»e. ' ur Adjuwed for l6KM - • — -. . . - - 

Applies ro Ordmary/“A" Onnnar: (»i»- £ ™Bipif»We-w«n orevmuS pabCsM firare. BDepe«den.M - B- stare -cooreatans. tCtense In tt» 

fsnfj results sfiordy. xSeo me (0^ - 

ror charges since ihfi pre«'»» publisncfl uwe. . 

« mUHnulae prices; uMnMed M dlrertww vahatfao; bath tnclinta 1» av rent, rf any Imstmcst cwrwey 
(Juawd InvostmeflU , C JL, Ih? wemtain "" ■>» (urp> u > «• »W riiMfall <* foreign currency assets against foreten onrency taans. 


i) Cab. 1. 6. 7 

• •) CMs. I, K 7 
1 CpIs. L 6. 7 
flCMa. S4 


2SS - «I"S? , Si S'™ WSw* - w 

All rcvnnw acoinni flEmS «« a» usable nahw which mbbt arte vn «wu ' burestmews. 

N 1 Krtbrt VJ^SVeSSU SST»«k. « *" — - 


War dwptfali of foreign currency assets against foreign currency toons. 

-hl{* might prfn «o fuure dlmcal of In v e s tm e nts. 

C sterna $ precisely stated; eshmns U to Merest aoe tonto d s wnr 


(e) Col. 5 
CD Cols. W 
(g) Col. S 

rn Cols. « 



DWdad Is toe last declared unul dividend or firm forecast, excluding imputation credit. Incerfft ° n te aB siecks Is stated gross of income tax. 
Fnsr charges are deemed to Include preference share capital. 

TW^Bmaunt per share/stock unit represented by 1» per cent, of lhe investment carrenty premium applied In calcululng the valuarion tar Cots. 1. 

r“'!^ rcTxnCC * Uek * lr « , * d I" tbe au which prednees Ur lower q.s.v. per sbare C""wrtllilc sioclrs are iraaied os fully converted 
at me rare >or Ur seat conversion due. or where a figure Is marked “ a ” as urior charges; warrants er sobstrlotlon rights are Ireaied as unemrelsed. 


A free booklet “Investing In Investment Trust Companies" is available from The Association of Investmeffl 
Trust . Companies. Park House (filh Fluor), 16, Finsbury Circus. London EC2OT 7JJ 






The Financial Times 



■own** 











33 


Financial Times FstSaK^tJveinber 17 ^1878 - 




. Y. : V- 1 


NORTH AMERICAN NEWS 

final Earnings 
rise 3.t 

dividend to conserve cash Arthur 

Andersen 


BY JOHN WYLER 

UNIROYAL.. the third largest 
rubber manufacturer in. the t'.S- 
vesterday underlined its cash 
shortage by withholding declara- 
tion of an end-year dividend on 
ils preferred and common stock. 

At the same time, the com- 
pany’s hoard abandoned its offer 
tn exchange a new series of pre- 
ferred stock for 5i per cent con- 
vertible subordinated debentures 
d.w in. 1995. According to a 
spokesman, a variety of factors 
hPd contributed to the decision. 

which was clinched by the low- 
ed mings now foreseen for 1P7S 
; ,nd l he continuously rising costs 
of mnney. 

Iniroyai paid a 12i cents 
regular quarterly dividend on 
September 30 and $2 on its pre- 
ferred at the same time. The 
company said that the preferred 
dividend must be earned before 


‘--“^Sincp 


it is declared and , — 

197S earnings were expected to 
be lew, ir was ewnsidererfil*)™ 1 * 01 
to set aside any. declara!!** 0 on 
tlie preferred at this 
UniruyaJ has been unHWgOjn- 
major in-house surgery 

past, four years tn , 

reduce its debt, burden and 10 
eliminate . unjirofitabte mar- 
ginal product areas- Witi;S475m 
of Iona terra debt. Ihc osmpaov s 
debr:equity ratio is aiBtflsl pne 
to one. while an \ srfaitional 

burden is imposed by ?5M5m of 
unfunded pension UabHilieS- A 14 
a- tyre, manufacturer. Uaf/ftyal J* 
considerably smaller than r either 
Goodyear or Firestonei : '*nd in 
earnings in the US’ aatf-^prope 
have been hurt by lbe price cut- 
ins prevalent in the. -tyre 
industry. Unirpyal's domestic 
foonvear division - is being sold 


NEW YORK. Nuv. 111. 

to private investors after merca*;- 
hi2 !os»cf. while golf equipment 
'ind fabrics businesses tiave 
•already been sold. 

In liie nine months to the end 
of September. I 7 ni royal’s sales 
were S2h n . about the same as 
las.- year. 

But r-f>t t-iii'nines fell rrmn 

SH.iin to S3. i m. The company 
is not expected to do much 
better lhan break »rven this year, 
and Hearty the patina of divi- 
dend-- is a husbanding of 
resource-, aided at tiding the 
ounpany over until it heclns rn 
reap the benefits of rationalisa- 
tion. 

Among rnher things, it is pin- 
ning ils hopes on a new pension 
programme, which puis future 
ppfis-Hin benefits after December 
31. 1S7S. on a pay as you go 
hasii. 


Dart bid receives boost 


by our own correspondent 

THE $225m tender niter by Dart share tender offer -launched on 
Industries f«r P. R Mallory, the Monday. •' 

Indiana battery manufacturer, re- Lust Friday, a federal dismet 

W i-e<) a hnuit" veslerdfty whon it "'“": n L 5aU< ' [i 0 rt,. r lc '"^"S„tin,- 

exempted from the provi- Manor>> „ s . sl0C khrideHv 
Mons uf Uie Indiana takeover Indiana nfiicials from fnvbktng 
laws. the Stale law. This ruling was 

The Indiana laws, in common upheld hy :i cuurt of appeals 
with more than 30 olher local yesterday, and after vnwds the Tp- 
slaliites around the U.S., offer dinna Securities Commission 
some protection to the target issued an order exempting 
company in an unfriendly bid. Dart’s tender offer from I be pro- 
Dart's mam public concern has visions of t his law. Apparently 
been in eliminate any possibility tins judgment was influenced by 
of the Indiana law being used hy a recent landmark decision. by a 
Mallory, which is incorporated tn court of appeals, which ruled 
that state, rn impede its 348 a that a similar takeover law in 


NEW YORK. Nov. IP. 

i he slate of Idaho was unconsti- 
tutional. 

Dari has sel up a subsdiary 
in Delaware as Die vehicle for 
■t< lemter '-(Ter. and couri hear- 
ings C'.uUiued yesterday on the 
company's lad to have the less 
forceful Delaware takeover 
legislation -cl aside also. 

On news nf these moves. 
Mallory's --Turk leapt SI 31 to 
8431 today, amid expectations 
that a rival bidder may soon 
appear. While recommending 
shareholders to reject Dari's 
offer onlay. Mallory's hoard 
'tisclo-'Hii {ha| other companies 
had shown interest 


Wcolworth earnings upsurge 


A FURTHER substantial ara>in in 
earnings tor the third quarter is 
reported by F. W. Wnnlworlh. the 
multiple store .trader, although 
the rate of increase bears out the 
Board's previous forecast that it 
would slow down hy -comparison 
with the opening quarters of the 
♦car 

Net earnings have risen by 95 
per cent to 824.2m or S0.80 a 
'hare, against £0.4fi In the 
first half of tills year the store 
group achieved a gain of more 


than 150 per cent in net profits, 
with the second quarter bringing 
a gain of more than 375 per cent. 

At the nice month stage, earn- 
ings now show an increase ot 121 
per cent at S50.4ui or $1-63 against 
S0.69 a share. 

Third quarter earnings 
included the 52.7 per cem equity 
In earnings of F. W. Wool worth 
nf Great Britain, amounting to 
82.4m against a loss in 1977 
quarter of S2.2m. 

The unfavourable impact of 


NEW YORK. Nov. 16. 

fluctuating currencies cut earn- 
ings 11 Cents in (he 197S quarter 
and 14 cents a year ago. 

The nine month earnings 
included equity of $4.7ni in earn- 
ings of the Brit ish company 
against 82.2m a year ago. 

Mr. Edward F. Gibbons, the 
chairman and chief executive 
officer, said the company expects 
continued sales gains and “ a 
satisfactory level nf profits in 
the important fourth quarter.” 
Agencies 


By Our Own Correspondent 

NEW YORK. Not. 16. 

A 72 per cent surge in overseas 
i-arnlnis has helped Arthur 
Andersen, the fourth largest 
l„S. accounting firm, to n IT 
per cent increase in partners' 
prafits for the year ended 
August 31. 

Andersen's anuuai report 
released today adds to the 
picture of an extremely good 
liseat 1978 for the U-S. account- 
ing Industry. Andersen re- 
corded a 16 per cent Increase 
in fees to 5545.6m, which com- 
pares with a 17 per cent in- 
crease at Coopers and Ly brand, 
now claiming to be the world's 
largest accounting firm to the 
annoyance of Peat Marwick 
Mitchell and Co., whose fees 
were up 14 per cent in fiscal 
1978 and which claims that It 
Is still number one. 

A central feature of Ander- 
sen's report is the spectacular 
growth of its overseas opera- 
tions. While l).S. Tees rose 
13 per cent to $3954hn, fees 
earned abroad ro>r 24 per cent 
to $14 9. 7m. U.S. earnings were 
up 12 per cent, while iuconu- 
from all olher countries leapt 
72 per cent Earnings for the 
3 ear rose fruni $114. Im to 
$ 1 35.7m, including a currency 
translation gain or $2. 15m com- 
pared with a loss or $L62m in 
1977. 

This left active partners 
earning an average of $11 9.090 
each at Lhc year end, up 17 
per cent from fast year's 
$1(12.000. 

According lo the animal 
report. 55 per cent of the com- 
pany's - non-IAS. fee-s came from 
Europe. 16 per cent from South 
America, 9 per cent from 
Canada, 7 per cent frnm Aus- 
tralia and 6 per cent from 
Japan. 


FT INTERNATIONAL BOND SERVICE 


The list shows the 200 latest international bond 
’Xtsts. For further details of these or other bonds 
^n the second Monday of each month. 


issues for^hidlf in adequate secondary market 
see the conjpletT* list of Eurobond prices published 

s *: - - _ «t i * n 


y= ... Giosing.jmces on November 16 


25 
.. 175 
.. TS 

. US 


Ml 

971 

Mi 

951 


U.S. DOLLAR 
STRAIGHTS 

>s» AH. 'U TO 
Wsrralia * *1 *r. .... 
•■•JMrjIu S'* Ki 
5. uric- Foods 7t S3 
ECA ii *7 
EC A D TO .. 

■EV\ ?| W . 

-r;r 3 s: 

■anadn S *3 
lauadd Sj 
anada fii 95 
Mtads 9 83 . 
anada Bi *5 .. 
'.ariartur St $7 


cm s | &r, 

C'S 9i os 

ilB 31 08 

ibatu Jutland 9 95 
Ct'HJominans 9 Si 

'in land Si S3 

■ir.li/.d n to 

lcK,pnal |) S P S3 25 Mi 

■rl Kmanrc Pi SS 25 M 

i^l Flnani'- a: w .. 29 « 

* c. r-n/i- ?5i in m m 

Iji Blut-di-l 91 50 07i 

■2 pi-v Tin. SJ 5T. 28 031 

•7 Di- . Fin. f. Si 29 Ml 

■'aL W.-rt. 0 ^ 75 Mi 

•t"«1i«iin4lrii"* 9 1 9'1 53 971 

'tr.f Inv nit s: «* 25 Mi 

>; yr.TT.TT., •»! ;i< .. 75 97! 

•vrwar s - ; 2S0 <M1 

;nr»ar * > ; 7 IK 971 

->(j-n,l 75 oil 

•ft nrdr» J ' . 125 05! 

Vh-.- Ujrlro »; SS 071 

p’ .tm ?t o> 125 Ml 

K ... 2M Old 

F. Si SJ 159 97J 


Change an 

ksued Bid Offer day week Yield 
M +0* +0* 0.00 

+9J . 9J4 

+C£ 1.01 

+B£ 8.12 


- +M 
m +o; 
% ^01 


YEN STRAICHTS 


0.7J 


96 _ 

941 +01 
92J +81 
97S +8« 

or; +oj 

94 +« 

04! -rOi 
07? +0J 

07i +0t 
97 i +9i 
0*1 +«i 

IM +ot 
oat +0J 
021 +oj 
94i +04 
o* +ai 

90 +0i 
06J + 01 

91 +W 


+02 M.73 
+M. 1L23 
+0S no 

■vU 9SS 
+li 0.S7 
+ Ii O.M 
+ 1J 0.53 
+ ! 9.W 

+W «-» 


tQ’. 
f i; 


0.S3 
0 « 


Astaa Bt. si ss xs 

Australia H.4 ■*» ' .... 53 

BFCE 6.4 9« - 30 

Euroftnw n.3 to ■ 10 

FlnliuJil S.7 Kb - 25 


Chame an 
tuned BW Offer day week Yield 


Ml 

lint 

97 

082 

07; 


001 

131.' 

072 

083 

0«i 


0 

0 

+02 

0 

-02 


+»i 

-0* 

-M 

-02 

-01 


5.90 

6J3 


6J9 

7.13 


- 25 

TO 

W 

+«i 

+01 

9J3 

Osin. c»r or &.□ 90 

X5 

481 

481 

0 

-Bt 

Ml 

. ... 3 


481 

+ 0i 

+1 

.4.41 

•SNCF 1« 'J" 

23 

98 

TOJ, 

-81 

-Oi 

6.92 

.. . 3 

«st 

45i 

+e; 

+0i 

92 , 4 

Sweden 6.3 90 

« 

9*1 

47 

3 

0 

*A4 

... 2S8 

461 

»1 

+01 

+01 

9.22 








2S0 

9bi 

46* 

+ 01 

+«l 

*M 





Change on 


258 

W4 

45 i 

+M 

+0} 

9.38 ‘ 

OTHER STRAICHTS. 

SSBC8 

Bid 

Offer 

day 

•reds Yield 

.... 433 

«{ 

IMj 

+« 

-+0J 

4.17 

Rank i> S Hold 1U AS ... 

U 

9 tt 

4/4 

+01 

-01 

12J7 

350 

U04 

zoo: 

+« 

+o: 

9.39 

Auto Cote Cjscj. 7 82 EUA 

16 

-974 

9/4 

+ 04 

+0J 

7.28 

. 78 

45 

45} 

+w 

+ii 

4X1 

Copcnbae-" / ft! El- A 

38 

mi 

974 

+ 0i 

+1 

7.31 

? TO 3 

9 31 

4K 

+0i 

+0i 

ID. 23 

Finland Ind. Ck. 7 9Z EUA 

15 

9441 

9/f 

+81 

+0} 

7_M 

- ... IM 

4M 

4W 

+« 

+o; 

9Sb 

kitditi. insi. m eua... 

15 


TO4 

-Ci 


7.73 

. . 13 

47J 

« 

+ 01 

+ 04 

9.59 

Faiiania 9.1 EUA 

» 

9461 

971 

B 

+11 

864 

... 100 

14U 

W 

+ttt 

+K 

9.62 

son Krani'i- 7 P.! EUA 

22 

47} 

48! 

+ 01 

-01 

7.23 

3 

4S1 

4H 

+0i 

+04 

4.TO . 

.Uiu-niMi'. Rk. 6. S3 FI ... 

75 

43i 

Ml 

—81 

-84 

7.94 

50 

MS 

474 

+0i 

+01 

9J7 

Firarit 7j 5! FI 

•TS 

TO! 

«>1 

-Oi 

8 

8.88 

103 

47 

-471 

+s; 

+0} 

9.7> 

CVE Mi-xn.1' 7i S3 F! . .. 

IS 

961 

9?2 

0 

+0i 

8.47 

.. . ion 

4*S 

471 

8 

+ 01 

9.72 

FIR 7: #3 Ft . 

75 

TOI 

451 

— 81 

-84 

8-28 


+ 01 0.47 

+ 1 10.58 

+Oi 0.12 
•MU 9.79 
+DS 0.61 
+02 .0.44 
+ » 9.37 


'EUTSCHE MARK 
TRAIGHTS 
•nrrnr,p.- n- 150 05 

■ ■nan 1W OOli 

'Ktralia 250 tlOli 

"STria 51 !ni 150 M 

America .l' "0 150 Mi 

; 9W- E\i Al-vrie 7j 05 100 062 

tC.A b :s ... IM 072 

aiuda 4: SB MO 07S 

Mpr.fiaJi.m ii L .s»~. 100 1021 

ntnm«nh»nli Ini WlV U 100 tlKl 

•nsrKrrhji# hit XiV 3! 100 +832 

■dK'nhjLvi'ii i >■' 6 l 'n 75 06 

i'i:n>-i| t , | EnrDp* oi l 1 ® 072 

ifc « 99 3» Ml 

I A'liil'Aino V. 100 03! 

-J .» « 100 08i 

'Onr-^ia ; >4 100 07 

I!!*.. f,ir Of .V l«f 00; 

'dr. S-r-i.-o-. di- EI“l 100 071 

inun A S'. . 2M 052 

'■tnueishi Pdnj ".J »’• 100 ilflli 

■iron S»;rl v5 . . 100 101» 

er_r-s Knmm h DO 1°° 00 

■’r-uy 41 -". 250 MJ 

""rjaiBP Jr.1 Bt * M IS Mi 

'•JTniro Brazil 7 « . . XM Mi 

’I'rmnincT A. i-i 190 W; 

K Kanlr. n Si S- 1W 032 

f'+pc. Pri> r inr^ .^f s fi fi l'n os! 

wrannjr. 1 c> 3; 50 ,,J 

“^11 5» *■". ... » tlOOf 

■air. ( « 200 0*; 

I'. S’- I«i 0°f 

"""ftfini ruv or "•! 35 942 

hs nrnun 3" v. 65 062 

■ Be/iKla !.• ■>" 150 94i 


Change an 

issued Bid Offer day wee* Yield 


*5! +<M 

m 0 
IBIS +0( 
Ml +M 
108 +0! 
M2 -02 
072 +8i 
0B1 +01 

1022 -r04 
10M +01 

ais +oi 
062 +81 
9*4 

«1 +02. 
4di 0 
Ml +0i 
07i +01 
1331 -r04 
071 0 

96i +81 
10U 8 

1312 -01 
001 +04 

OT J-02 
0B) —01 
00* +01 
«*1 +0i 
94? -01 

06? 0 
W -rOi 
189; +01 

96i tOI 

n»2 0 

ost O 
07* J-Bi 
042 +01 


-02 

-1 

0 

+OJ 

0 

-Oi 

0 

0 

0 

+11 
+82 
+01 
-2 
+ 01 
+ai 
+oj 
0 

-H 

-0i 

0 

-0J 

-0; 
+ 02 
—82 
+01 
+01 
+01 
+ 01 
0 

-01 

-01 
+01 
-1 
+ 04 
— DI 


V»S5 FRANC 
HAIGHTS 

■+sa W *<■ 

Iftera T>itmr'] 4 $ 

&J n; r. 

'Ou Manhauan 4 
TtD 4', 90 
ttadl o. r Enron-; 
.'akaircrii-a n{ vt 

itJE 5 SS 

■rnnarfc 4» 90 . . .. 
hmart-Mormage 

b « to 

raiom 4} 9;: 

L Smidth 4J 59 . 

'land 44 93 

B 4! S: 

t14juch;nslPin 4t 
1 Fin. XV 4( 53 . 

larsta «; TO 

oiiofefi 4 vt . 

■<r BrunTtrjfit EPC 
"W t 9: 

nje* Fvfitm 4' 98 

B 4 03 
XnVia "■ W 
f-14 57 
Htnif 4 
is 4« ?v 
?s»-Alpin" 4* 
ralber? Kraf: i 9; 
uni 4 

rtd Bank 44 K . . 


4: 


Bank 


Issued Bid Offer 

100 
Ml 

ton 

Mi 
1072 
Mil 
2801 
13* 
IDS 
1302 
10X2 
1812 
1QJJ 
1821 
105i 
2031 
Mi 
^11 
972 
100 
102 } 
2311 
102 ! 
1012 
1012 
1312 
102 1 
108.- 
1031 

mi 


n 

« 

100 

70 

50 

65 

m 

75 

100 

80 

100 

SO 

25 

80 

100 

25 

100 

SO 

100 

IDO 

70 

100 

80 

23 

38 

55 

15 

100 

» 

108 

250 


104 

Mi 

M2 

M’S 

076 

lOi:. 

im 

1W 

1«D! 

lira 

1004 

101 

1031 

1632 

182 

105 

103 

992 

101 

071 

001 

+102 

IfflB 

102 

1012 

loot 

m 

iou 

100 

lDft 

10M 


Chanse an 
day week 

-02 +1 
0 -1 

D 0 
0 -01 
-Oi “N 
-02 -O’. 
+0t -02 
-M -W 
+01 0 
0 +1! 
—02 -Oi 
-0i -« 
+fti +02 
-ffi Si 
-02 -82 
+0* -02 
0 D 
-M -02 
-01 -01 
-0! -M 
0 1 -01 
a -oi 
d +w 
0 0 

—0* +0i 
—in -06 
-o; 0 

-0i -04 
-0; -0i 
n P 
-W -81 


7.15 

641 

541 

h_20 

5.7B 

7.02 

6J3- 

5.28 
575 
2.78 
5.73 

6.45 
6.30 
6-26 
6.10 

5.28 
7J6 
5.70 
7.21 
6.76 
S.« 
5-03 
6.00 
SJ2 
6 20 

7.00 
7-58 
6.62 
fc-«3 
6.62 
5.12 
6.52 

6.01 
6 43 

6.46 
7.20 


Yield 

4.60 
4 82 

*72 

sn 

5.M 
8J2 
3.6d 
4 07 
4.20 
44B 
4.28 
CJ1 
«0 
4-49 
4J0 
3.77 
?.0S 
4.79 
5.38 
SO® 

4.82 

4J» 

3.91 

4.74 

4.1D 

3.01 

433 

4.31 

3.08 

3-08 

401 


Neder Ukldenh. « +3 FI 75 051 

N-W Zuiljml 6i 94 FI ..... T5 051 

N.irwaj- o’ R 130' oaj 

«1KB.:;S5H .. 75 92J 

pin >+; -IS r Fr . 2B9 Mi 

n\T s « LnrFr .... S3 M4J 
Rn-.-r I in a l.uaFr ... 250 +062 

KIR "• S f> I Iixl r . 250 TOSI 

Fmlaml I Fd 4 ca I.jbFt 251 1 j051 
\nrvav 7! f-"i f.mKr . ... 235 MSi 
Ki-n;>uii 7; bu’tl r , . 503 «6i 

Sulvjj Kin . Si I.uitr .■ 528 «t 90 
Swedish I Pk > +V UutFr 589 *. W0 
C>|i'nrp ■* S Km !■' n i 20 84; 

i inaaw lur iui i'« *.'J £ . 12 • si 

f.V**«»/iiT aw ft'-' :> *> t 10 86? 

rtranl'-hnirn '*'• t • 15 84; 

U'hiihread l ft ! m i ■ - 15 *32 

FLOATING RATE 
NOTE? 

,\pipnr»n l'enr-*s ■- 
>rah lr.tt B?n‘ M'*; *' 

R*nr«i ’.hi. \r ?'* *5 
r.ank Hani+lnw:- Mo - 
Rank of Tn, vn ?.»■' tn 
Panmi' Wnr+« MU *■ 

P.q C«. d'Ai*.. »*■ " T3 
Bun: f,»*. .i'.*’- •* *- J 

■Ruin- In.ln c: Sivr 3'M 
fin. Ini Mr. M0 3 f Z 

r.>:cr. Mi ::i 

enr ?.!*' s' 

+ 'h»w* Man *'■ * ■' y- 

t r. +.f V «HADN ’I"*. 1 
IM ih,i||:...n M' 1 ’> 

M.j: 

I. in > >Hn n-fen 7-1 T T V 
! THR .lan'.n 75 ^ — 

Mi-IUi- 1 it'll ^ 
tv.-' 'ri' •»•' _ . 

Ni+nnr Fr-.+tif 3’-"7 * " ■ ■ 

riFR si*-; 

ii<*ihnri sti'i'iu ■+ 

SKTF M 

S' 3 rut a rd i“?t.*Tt M > ■’ TO .. 
SnndPt-alUhant- " J!J *”■ 
fi,| is- . rjj .i* Hi MO S’ 

CnNt'FRTICLE 

BOND5 

Asks V. 

Ra+pr in’ Fin "3 3/79 34 

Ftails fi: , .. ^ U i 

.■■n.-4.t’«;.. rmllm. hi • *-2 

7l«i.Y*»:idn '■ J 5 • 

Xovu Indtl'iri ■ ' ‘ * 

T-ees I'd Air JOO K5 

Tlinm In' Fin . *> 1178 3.67 

Tyn. Ini r-n " * • 22? 2l 

Tym im. Fin 3 61 5>n 6L5 

V^ahx I' 1 *' - - - 12.7* 588 

ram r.Sw PM - O'* Ml 

Izurals-n .:•■ I'+'l 

.iiim'o o« D7J • 17s 

KVuttshirplni 7 
Manxl.ii F .-Mill 
Murma Mali 
7;tpr«in at 

Ninpdtt Slimpin 
XtM.m Pwvl r. 

fiivmons •'■p' < ■ 

Rtrnft +6 PM 


to; 

06 i 
052 
9S2 
081 
IS 
071 
o*»; 
061 
991 
07* 
130 
103 
OS 
S3: 
st: 

sv. 

84} 


-04 
—84 
+02 
-02 
+ il 
tJ. 
+02 
—62 
+ 24 

+0 i 
-o; 

-rOl 
+ D2 

+0; 

+ 0i 
+ 0! 


+0S 

-01 

+ 04 
-04 
+ 9} 
-0J 
+1J 
+0; 
+nj 
-01 

+ 0; 
+0; 

-04 
+ 0! 
+ 12 
+3: 
+2! 
+ti 


7-M 

7.64 

7.0B 

703 

0.07 

8.72 

8.69 

8.38 

IJi 

8.84 

BJ6 

8.10 

0.07 

1232 

12J0 

JJ.47 

12.78 

13.25 


Spread B>d Offer C dale C.cpa C v'd 
01 99 90 ! 70 1 IS: 10.71 

0; 


01 

14 

04 

8! 

02 
Qk 
02 
04 
O'. 
»l 
w 
0 i 
82 
84 
1 

.04 

0! 

01 

C4 

04 

O’. 

Oi 

0s 

Oi 

Hi 


«« 

OM 

96j 

96} 

978 

971 

94! 

»»i 

961 

962 
092 
964 
962 
97 
07! 
06! 
9Bi 
962 
97 
*8 
99 
971 


96,* 

w 

07 

07 

9*! 

®7J 

97 

90 

911 

«!} 

902 

964 

97! 

97! 

o«; 

07 

90.' 

071 

97J 

98} 

Ml 

97! 

900 

96k 

of; 

991 


31- 1 
2 1,1 
25/ 11 
It '4 
15/12 
9 2 
2 5 
25-1 
12.1 
3*2 
* 5 
2T1 
11 '1 
1? 5 
27*4 

ion 

15 
20'1 
21 12 
lS'S 
18/8 
10.1 
5.4 
10-2 
4/8 
45 


«.• 4.75 

4; 9.73 

9-56 1.SS 
13! 1B.K 


9 

08 

12? 

OI 

48 

0.10 

124 

432 


923 
9B7 
17.10 
939 
9.66 
0^3 
12 J3 
9.64 


944 
464 
9S8 
£"». Cnw. 

dai«« price . Bid Offer 
9/78 622 1034 1014 

46 97 

892 908 

032 842 

1314 1322 
91, 931 


538 

79T 

4TT 

701 

617 

864 

205 


79} 

948 

01! 

714 

03S 

104^ 

104S 

48 

06J 

185 

TO* 

«; 

lm; 

TO! 

052 

104 

UTS 

Ml 


o>; 

97J 

93 

72/. 

94i 

106* 

1052 


949 9.87 
1231 1236 
111 11.86 
u: 18.61 

12.06 P-26 
0.88 0.73 
•31 458 
.4} 0 67 

1035 18, M 
4.94 4.« 
13.M 18.06 
H-48 037 
10.86 18.41 
1231 12-45 
Che. 

day Prcm 
-0t 7.6* 

+ Bi 836 
-*J — 434 
+ 14 Z3J3 
-37 -0.F4 
+ 11 6.38 

-l» 27.05 
-1 -1.85 
25.06 
187 91 
28.75 


084 

1« 

064 

051 

121? 

00} 

«i 

104 

U92 

084 


-01 

0 

+ 1 
+ 1! 
+8; 
+ 14 
+1 
+91 
+ J! 
+ 01 
+04 
+71 
+0! 
+o;- 

-5! 
+ 02 


5-61 

4.02 

1634 

820 

14*7 

11.35 

4.76 

110 

11.70 

2.43 

17-24 

10.58 

8>1 


1771 

nvt . 1«79 *u 
RM ... Z/19 1843 
•J! DM .. lXm 854 
si PM 12/78 
DM 

si 2/74 

« Dll 2/79 

... M.-T* 

Senkro" E»«tn* v DM -i- *T3 

Qai|Vf» PlW’lH'' " P •' 

Su re & lores H ** P^ - IPS ll« ll^S -01 -1/0 

Sartre nrein+- -■ P « ■ U/7S «3 06, 07} 0 o.l* 

riw-jMirfift} « DM 11/1* ni 01} 921 +01 9.TO 

“ $n Iniermailon nreiliMe preelm da*"s price. 

' - only on-’ inarket maker supplied a ari«. 
siralahL Bond*; Tim yield is the yield to redemption of the 
mid. pnee ii'" prrimmt issued is in nill)t*rjt of currency 
ttni/t t-rn/ni I ar Yen hands where Ir Is In h'lltnns. Channe 
on h-.iuS-i-Iia* 0 t>rpr 111109 8 ' wfe vuriler. 

FlBA'inu’pnu* MfliM ; . Fi^nomlnaied Ir dnffar^ unh-w: olher- 
w ini. r-dica+rd M -Mlnlmnai. roupon c.rtstusDaic n«l 

run non bfmit"? ■' ffecu*^- Snrc-ld-Mrirrin .ihnve •Umomh 
.-.ffrrvd rail- <" r 1 s ftoK4, T- C.cpn=T!te turrent ronpon. 
IT Mr Hr i4W M THfi. 

Can vert ible bo"dn r-nnmlnnled m dnll:irs tmk-v oth+riw 
mdira’i rf eh*’, 'ii y - Change. bn dar rn-. .lat-.-=Virsr datr 
[nr i-t.nrr.T'dnn .it" 1 shares. Cnv. prim - ^ununal amonnr of 
hnnrf ikf shnf'- ■■anressed hr eurrencT nf <Ji»n' ni cont'er- 
c,nn rritL Psed »« is«ie. PreiT) - F-rcunrar- pp m'um nf the 
mrrrti, *.‘w ™'Wonlrlnc- <ha.-»-5 via thf bond 

liver’ the mo f t n « '~nt onr» w-thr ah nrn 


fi'The Kininerii T'«h:a HflV l?rt Rcprodi'enrn in 
' pan ir. t.r. "3'- PSBtn«ed « .Uwut wriu-n 

consult DM* sutplfctTBy tw-Bcmd Sw-ices- 


Paper boosts 
earnings at 
Power 

By Robert Gibbeni 

MONTREAL, Nov. 16. 

POWER Corporation of Canada 
the financial, industrial and 
transport group controllod bv 
Paul Resmarais. had operating 
earnings of CS15.3m. or C$1.18 a 
share in the third quarter 
against C$6.1m. or 43 cents. i.n 
gross revenues of CS75m com 
pared with CS68m. 

The company recently sold il« 
holdings in Argus Corporation of 
Toronto. 

Power’s nine-monl h earnings 
were C$27 m or CS2.03 per share 
against CSl«.3m or C$1.12 a 
share. Gross revenues were 
C$l85m against C$IW5m. 

The sharply higher earnings 
reflected increased holdings in 
Investors Group and higher 
corporate profits at the pulp and 
paper subsidiary. Consolidated 
Bathurst. 


BY JOHN UOYD 

TENNEGO EXPECTS - satisfac- 
tory improvement " over last 
year's record earninss of $4.38 a 
share, Mr. James L. Ketelsen. the 
chairman, told analysts. 

Revenues this year will be in 
excess of S8bn for the first time, 
and “closer to Sfihr;." 

Capital expenditures for 19T9 
will be Sl-lfibn. u/iapared with 
$950m for M 

Overall production of oil 
should average S3. Out) barrels a 
day this year, compared with 
77,000 last year, and the company 
expects production to be “con- 
siderably greater" in 1979. 

The Heather Field in the 
British North Sc3 will average 
4.400 barrels a day through the 
r>nd of the year. 9.800 barrels a 
day in 1979 and will peak at 
14.300 barrels a d:»y tn 1981. 

Tenneco’s South Marsh Island 
61 C platfon# now nets 170m 
tmhir feet nf ras daily and pro- 


U.S. QUARTERLIES 

| Campbell soup 


First quarter 

1478 

1977 


S 

S 

Revenue 

533ra 

474.3n- 

Net profits 

30.9m 

2S.Itr 

Net per share... 

0.9- 

0.8- 

{CANADIAN SUPERIOR OIL J 

Third quarter 

1478 

2977 


s 

5 

Revenue 

54in 

39.2m 

Net profits .... 

15.5 m 

89ir 

Net per share. . 

1.6S 

l.W 

i ft lac Hnmlu ) 

Revenue 

lfi3.9m 

126.3ir 

Net profits . ... 

40.5m 

36m 

Net per share... 

4.42 

4.21 

( i vrcmnoNA l controls ( 

Third quarter 

1978 

1777 


S 

S 

Revenue 

20.4m 

ISSro 

Net profits 

791.000 

802.000 

Net per share... 

0.20 

0221 

Nine Manus 

Revenue 

59.2m 

59.5m 

Net profits 

3.0m 

2.5m 

Net per share... 

0.79 

0.67 

| NATIONAL STANDARD 


Fourth Quarter 

1975 

1977 


5 

S 

Revenue 

67.2m 

63.5ra 

Net profits .... 

1.77m 

2.25nt 

Net per share... 

0.43 

0.54 

Year 

Revenue 

■jsg.sm 

26S.5m 

Net profits 

12.1m 

11 6ni 

Net per share... 

2 95 

2.79 

jPENN DIXIE INDUSTRIES | 

Third quarter 

1978 

1977 


5 

5 

Revenue 

102 lm 

SUm 

Net profits 

1 65m 

■2.4Sm 

Net per share... 

o:«J 

'’047 

Htue Months f 

Revenue 

245m 

216.3m 

Net profits ... 

*2.1 m 

"5m 

Net per share... 

•0.40 

•0.94 

1 <Lo * S 1 

| ROTHMANS CANADA 


Second quarter 

1971 

197? 


5 

5 

Revenue 

41Sm 

407.6m 

Net profits 

13.3 ni 

12.3m 

Net per slure... 

2.53 

2.33 

[SEA CONTAINERS 


Third quarter 

1978 

19TT 


S 

S 

Revenue 

35.Sm 

23.7m 

Net profits 

7.20m 

6.69m 

Net per share . 

0.S3 

0.88 

REQUIREMENTS 

Revenue 

9S.5m 

63.6m 

Net profits 

23.7m 

ISm 

Net per share... 

2.78 

2.38 

tV RATHER 

Third Quarter 

1978 

1977 


S 

5 

Revenue 

13.0m 

fl.Slm 

Net profits' 

lm 

1 11m 

Net per share ... 

0.43 

0.49 


STEEL INDUSTRY 



increases and trigger prices 


BY STEWART FLEMING IN NEW YORK 


AS THE third quarter results of 
the major U.S. steel companies 
came chattering over the ticker- 
tapes last month, it -.ruuld have 
been hard to resi-i the impres- 
sion that the industry was ex- 
periencing a bii.j.n. 

Cumpared ®d*h u« third quar- 
ter of 1977. profit. :|I us. Steel, 
the industry leafier with almost 
one quarter of Uie market, more 
than doubled to SS&m compared 
with a net or r"j5ni. Republic 
Steel’s earnings tripled \q &o.fiin. 
National Steei’^ earnings alsn 
tripled, ond Armen's increased 
by 90 per cent ?fi0.lns. 

The impressfrin «>f hoc>ni con* 
ditions is, of cours..’. misleading, 
and tlie clue, m part, was 
provided by Bethlehem Steel, 
which reported :i iW.Tm net 
nrofit for the third quarter com- 
pared with a loss :• year earlier 
of S467nt. While Bethlehem, 
because of the !i«.;.\y costs of 
plant closures, «"*„ t(>^ worst hit 
of the steel cnnip.m.ies in the 
third quarter of 10. .. in general, 
it was not just th;-» quarter but 
most of the year ih.it umstituted 
a wore or less depressed period 
for the industry. 

High costs. Inadequate pricing, 
the closure of inefficient 3nd 
antiquated plants, and a jump in 
the share of the market secured 
by foreign producers all com- 
bined to erode profits of the 
domestic steelmaker,. 

This year, tt i„ true, things 
have been different, at least to 
some extent Capacity utilisation 
in the industry, buoyed up by 
surging demand. hus been 
hobbling around the HO per cent 
market compared u it'n 75-SO per 
cent a year ugo. However, the 
first quarter coal strike made a 


hole in the profits of those 
sections of the industry with coal 
interests, and the hole was 
bigger if they were suffering Uie 
after-effects of the strike in their 
iron ore mines. 

But ih$ by the second quarter 
of the year, a profits recovery 
wa> already under way. The third 
quarter’s figures, while generally 


to which that cost erosion will 
continue. One reason why prices 
have finned so significantly in 
ihe pas! year has been the im* 
pact of the Treasury's trigger 
price system for controlling 
imports. This has helped the 
industry to push up prices with- 
out running a serious risk that 
imports would grab a bigger and 


The latest hatch of quarterly results from the industry shows 
a substantial rise in earnings, but this must be seen against j 
dismal performance last year, moreover, the help given by the 
Carter Administration must now be balanced by its concern 
to combat inflation- 


maintaining the profit levels 
secured in the second quarter, 
did not generally improve signi- 
ficantly on them. In some cases — 
Bethlehem Steel For example — 
there was a modest decline be- 
tween the second and third 
quarters. Bethlehem earned net 
income of $S4.Sm in the second 
quarter and S79.7m in the third. 
In the case of U.S. Steel, the 
slow down was more marked, 
with earnings down from S117.3m 
to SSS.Sm. 

A key factor in the trend has 
been that the industry's rising 
costs — a new wage increase came 
into effect in August, tor example 
— have begun to erode the 
benefits of the looming prices 
which has taken place. Most 
estimates suggest that over the 
nasi 12 months, steel industry 
prices have risen by between IS 
and 20 per cem, taking into 
account not only price increases 

hut also .the elimination of price 
discounts given in slacker 
periods. 

The question now is the extent 


bigger share of the market. 
Now. however, with the industry 
more profitable, the Carter 
Administration’s priorities in the 
steel industry are shifting. Thus, 
when earlier in the month the 
administration announced a 7 

per cent rise in the trigger price 
to take effect at the beginning 
of 1979. at the same time it 
announced that the major steel 
producers had agreed to back 
Phase Two of the inflation policy. 
This will probably limit those 
companies to a 7.5 per cent price 
increase next year. 

The first portion of that in- 
crease. perhaps a 4 per cent rise 
to be announced next month tn 
take effect in February, will 
undoubtedly help the industry. 
But some people are predicting 
that costs could rise by 10 per 
cent in the industry next year. 
If a recession conies and demand 
slackens, domestic shipments 
could also stagnate or slip back 
front the 9Bm ton love) now 
expected for 1978. Mr. David 
Roderick, president of U.S. Steel. 


is hoping that imports will bear 
the brunt of any s lu ggisth ness in 
steel demand, and that the 
industry's shifiinenia will (he re- 
fore rise to 100m ions, helping 
it to absorb cost increases. 

Much will depend therefore 
on whether, as grime are now 
suggesting;, the trigger price 
system is begin ’tig lu work hy 
eliminating the extent to which 
foreign exporters can undercut 
U.S. steel producers. 

The outlook for The industry 
next year therefore remains 
uncertain. Few doubt that it has 
bad its pricing freedom further 
eroded by what has all ihe 
appearances of a deal struck 
with the Administrat’on on the 
latest trigger price increase. 
But it can hope for import relief 
if the trigser price system, for 
whatever reason, now begin.*: tn 
slow down import growth, 
especially front Western Europe. 
The Japanese exporter*; appear 
to have been voluntarily 
cxcerc:s ; ng restraint, with their 
exports to the U.S virtually 
stagnant for three years now. 

But as Republic Steel has 
pointed out. even the profits 

recovery 1 that has so far been 

recorded looks more impressive 
in the size of the increases than 
it does on closer analysis. Thus 
its profit margins on earnings 
for the first nine months uf 
1979 L*re only 2.7 per ccnr iat 
U.S. Steel the figure is a m 'surly 
1.S per ccnO. and its? return un 
equity well below the average 
for manufacturing industry, tn 
the long run. the problem-; 
facing an industry which needs 
to improve iis efficiency and 
increase its capita! investment 
look almost as daunting as ever. 


Improvement at Tenneco 


HOUSTON. Nov. 16. 

duction is expected to rise to 220 
cuhic feet or gas a day in 1979. 

The Walker Manufacturing 
subsidiary plans to open 
company-owned retail muffler 
shops. 

Mr. Ketelsen is leaving for 
Washington to confer with 
Energy Secretary Mr. James 
Schlesinger. He hopes that a 
discussion nf possible U.S. pur- 
chase of Mexican natural gas will 
be among the priority items dis- 
cussed. 

Reuter 


Caterpillar suit filed 

PEORIA. Nov. 16. 
CATERPILLAR TRACTOR has 
filed a suit in a U.S. District 
Court in Chicago alleging that 
earthmover vehicle tyres 
recently introduced by Goodyear 
Tire and Rubber infnnee U.S. 
patents held by Caterpillar. 
Agencies 


EUROBONDS 


Dollar sector more active 


BY FRANCIS GH1L£S 

THE DOLLAR sector of the bond 
market had a very good day yes- 
terday. with prices moving up 
between J and 11 points. Trad- 
ing was described by dealers as 
hectic, especially in the late 
afternoon. The strong perfor- 
mance of the dollar explains this 
rise, and it would appear that 
not 'all trading was professional. 
There were signs of investor 
interest. 

Prices in the Deutsche Mark 
sector picked up yesterday by 
about i of a point in good two- 
way trading. This movement con- 
firms the trend which lias been 
witnessed in the past day nr so. 
The DM 150m bond for Finland 
was priced at par with conditions 
otherwise unchanged by the lead 
manager Dresdner Bank: it was 
heine quoted in early trading at 
a iHcrnnnt nf 1J per cent, equiva- 


lent to the selling group dis- 
count. 

The biggest-ever Deutsche 
Mark-denominated convertible is 
expected today for the Japanese 
electronics company Sharp. 

• AP-DJ adds from Fraokfurt: 
F Wilhelm Christians, manage- 
ment Board speaker for Deutsche 
Bank, said yesterday that he fore- 
sees the first tranche of the pro- 
posed U.S. foreign currency 
bonds, expected to total SlObn, 
coming soon. 

The first Deutsche Mark 
tranche should amount tn 
DM 3bn f$1.57bn>. consisting of 
some DAT 2bn in open-market 
credits and some DM lbn in a 
form similar to U.S. certificates 
of deposit. Herr Christians 
added that both issues should 
carry a life of under four years. 



OPHOC51QN 


September 30 


Financial Position ijn Thousands) 

Total assets 
Deposits . 

Loans, net 
Shareholder’s equity 


1978 


1977 


$ 4,488,351 
3,730,750 
2,240,195 
231,056 


§ 3,751,088 
3,023,357 
1,859,175 
209,241 


l 



URSTdlY 
BAMX)RPORAJT0xY 
OF TEXAS, INC. 


September 30 


Financial Position ;in Thousands) 

Total assets 
Deposits " 

Loans, net 
Shareholders’ equity 


Operating Results 

Income before securities transactions 
Per share 
Net income 
Per share 


1973 


1977 


$ 6,653,817 

$ 5,695.078 

5,599.206 

4,713,631 

3,389,103 

2,855,063 

342,571 

302,060 

ror the Nine Months 

Ended September 30 

1978 

1977 

$38,066,000 

529,490,000 

3.42 

2.66 

36,994,000 

29,959,000 

3.32 

2.71 


LhiIm And 

StvtjrMa* 0 " How 
:« B^Wc'bcrr. London EC4N 8DR 
TdcriiTO' 0!- J«.3fi(te . Tdoc 885535 
IncorT^r-iieil Baited faUit* « the U.S.A. 

Martin C fowi, Vi« Prtti&nt and M&z&r 

Kaun Branch 

pn. Hex iW 

Hnic w. 1*M* TTOW 

TctephujC' IV'NMl 

Te'ev FIKiTBANKTiMM 

r^rw K«i ■**•■“** 

Fir t-L-iera fcpraeBuifec Office, I*j™ 

Ne* r»»;.v Buiiduij.tUjoci 30» ? 

5-1 tfjrooocchi. 2-dncte 
(Tjr«d4-fco,TplfTO. BJJ ]jpm 

TcJcpirae 05t ItLHKfcfi . Was J 23754 
SjuturtMi OkudJ, Vtt* PrtsiaajeJSttiUTgfprTirsasM 


M0r Buildme 
Oll;-erQtny 
Sfftgiipnre |. Singapore 
Telephone 3Z21«5 • TeJo: R5 2547* 
Jerre! D. Branoa 

A-snmu Vm PrratLxl azJ Rep np.utirM 

Main Office 

loot Main Street 

Hoedfth. Texas 77002 

f.O. BoiSS.vTTWI 

telephone • 71?i 655-467 2 

Telex: {TKMjmNS 

ft>Dcrt L~ Hoimd 3 E x eB gjc Via Pr&akB 




OML 
K 

OFtfOtSEYW 


Ms&te? Firr Cirr Bffl«n»Wi*8 ** T«m«- Tse. , 9 Sank. 
iS. .,.no oaccua? ViVh »7 saaiv. ih.-Mifch-.im Tout. 

aMUi. Member FMC 


V 


t 



















34 



raises profit for year 


BY JONATHAN CARR MUNICH, l6 ' | 

M’lenn’nener Rueckverslcherung, A major reason for the better profitability here totals less than The balance sheet value of the l 
considered the world's largest showing was that the results 0.1 per cent of total premium company’s investments amounts} 


Norwegian 
bank share 
sale price 
agreed 


‘ vy » •. 

forces more 


vear fto June 30) on net profit DM 5m » had been well below reinsurance had been life 25 per cent in Allianz Versiche- . _ _ Gjester 

up to DM 47.2m f$25ml from average- This had meant positive (DM 22.6m), Fire (DM 18.5m) rung, the country’s largest m-J 

DM 34m ia 1976-77. The com- results both at home (which and “other sectors "—including surance company and 25 per ce *“ ! OSLO, Nov. 16. 

panv is confident that the accounts for about 60 per cent technical insurance (DM 23.7m). in Regina Verwaltungsgessell- ; jjje; OFFICIAL commission 
dividend can be maintained for of turnover) and abroad. But liability, accident and motor schaft, Munich, which itself holds j entruste d with putting a “fair" 
f he current year, too— but warns However, one major eafas- together had brought a loss of morc than 25 per cent of the,- pr j ce 0 n the shares of Norway's 
That profits will be down some- coold easily unset the DM 43.2m compared with a loss Gutehoffnungshuette Engineering ; 2? comn i e rcial banks. In case 

what. Z jZ™.. h of DM 24ra a year earlier. For concern. j sSareh0 !ders should wish to 

The company will also propose plC[ ' ' . " . this the motor insurance sector Stakes of more than 25 per! them to the state, has 

ro shareholders on December 8 noted the hurricane was principally to blame. Yet cent are held bv Muenchener i reached its first judgment The 

. u.. rsw* OI- - rn-iolh 1 in MJTR xoiienrl *1 nnl ,lJ M u > luut I . a Oarean Rank. 


l Lll wwiljJauj will areij jiiupvac , 

ro shareholders on December 8 noted 


FOOD PRICE MOVEMENTS 


a capita! increase by DM S4m to -Capella in I97B caused the company could not refuse Rueckversichenino in among 1 bank involved, Bergen Bank, 
DM 279m through a two-for-five damages estimated at DM 175m. motor reinsurance business with- . r « n - ir® M .' rr F .. &r \ is one of Norway’s “big three, 
rizhls issue. The new shares will The company’s special reserve out losing custom in other, profit- uesellscii->i { shareholders in banks were 

have full dividend rights for the for just such occasions now able sectors. Cbennewerte Cwbich has more; gj Ven the option to sell in case 

whole of the current business totalled DM 115m — thanks to an The lion’s share of net profit than 25 per cent of the capital of 1 objected to the new law- 
year. increase in DM 15m paid in from —around DM 42m— came not Degussa, the precious metals putting public appointees on 

At a Press conference here tiie I977-7S net profit. from reinsurance but from business) and in Veritas Ver-J Boards. 

Herr Hnrsi .Tannott. the execu- Further, only DM 5.4m of that - general business "—that is pri- raoeaensverwal . Tungsgesell- Four oot of five of the com- 

live chairman, stressed that last net profit came front reinsurance manly investment income. This schaft. Munich (which has more lssions mc mbers said that 

Year's improvement merely business alone (compared with income rose in 1977-78 to than 25 per cent of the Hapag - s& redemption price for 

brought net profit back to a loss of DM 15.4m from this DM 469ra from DM 406m a year Lloyd shipping and tourism com- „ b shares should be 

about the level of 1974-75. sector ia 1976-77). That means earlier. pany). 105.80 (S21) the 

— . equivalent of their average 

price over the three years end- 

FOOD PRICE MOVEMENTS I E^^nsatwSrtorv 661 

November 16 Week ago Monthago ^111310 IMSatlSI HClOTY Sa. 

BACON' *’ BY GUY HAWTIN FRANKFURT. Nov. 16. holders could redeem bank 

D.'.nir-h A.l per ion 1.140 1,115 1.115 shares either at the Janaary 1 

British A.! perron 1.110 1-0S5 1.0x5 FRIED. Krupp Huettenwerke Bookings from third countries, market price, or at the average 

Iri-'h Specui per ic-n 1.110 J-010 l.nio (FKH). the steel-making arm of on the other hand, had shown a over the preceding three years, 

Ulster A.l per ton's 1.110 LOjO LQjO the K rU p P group, appears to have marked increase. which ever was the higher. 

BUTTER something to show, even if the Behind the weak demand from The dissenting member of the 

SZ per 20 ka 12.61 12.74 L..61/I2.74 12.59'l2.ra showine has industrial rather domestic West German cus- Commission, stock exchange 

En-’.;?h per w|t .. ......... *9. 14 .d.i4/<9.lo iTM'7*K tban financial significance For tomers lay a steep increase in director Mr. Erik Jarre, be- 

Dan^h sailed p.r c\.t?... S0.9S 63.72 8 .0SS3.<- 78.08- SI. i- the first nine months of the year, imports. Foreign products. «aid ljpved the price should have 

C ^“n E 5 i ona , ir, ,n i mi so Volume sales were up 12 per the rep ort. had been saining a been fixed higher. 

L'-.i. 1, ‘°° ,l61o ° Llbl.oO cenl compared with the same prowing slice of the West The DBt redemption priee 

E tonne h dd d 1345 — 1.345 period of 1977. but cash turnover German market — with the for Bergen Bank shares, after 

rrr< . ‘ ' " ' was slightly down because of a importers’ share of the domestic] deduction uf half of the divi- 

E Kime-nroduccd - h, £ h 5evel °1 c >‘ por !' « , j,,. f ro!jed steel finished products dends paid dnrins 1975-77. has 

H Size P 4 2 .SO '3.10 2.60/2.80 2.65 2.81) E arm n g s d ur m th e first half market rising to a peak of 42 been faetl at NKr 101.13 per 

Size 2 3.30 -3.70 320/3.40 3.10/3.40 > ear improved, out n emai inea per cenl w Jul share. Shareholders have until 

generally unsatisfactory. _ In the nr lam tn decide 


BY DAYID WHITE 

THE CHEMICAL branch of the 
French Pechiney-Ugiae-Kahi. 
mann combine is to -Shed 7d9 
workers in a further reorgan- 
isation of its production 
operations. 

Produits Chinrques Ugioe- 
KuWmann announced that its 
big plant at Auhervilliers near 
Paris would, as expected.- be 
closed completely and activity 
at another plant near Marseilles 
sharply reduced. 

The move - follows a ■ pact 
between the company and Foiat- 
a Mousson. part of the ~ Saint- 




TAHS.Kw.lB. 


h r. 


Gobain-Pont a-Mousson couglom- 

tote to poo 1 lheir Berests in 

^0 activities of Uglne- 
Kuhlmann'5 AubemHien plmt. 
tadDdins phosphorus . deriv- 

atives. alkali and intermediate 
nroducf; for polyurethane,, are 
-JJJjb® ^ansferred to three other 

^Methyl chloride production at' 
E^aoup in the south of France 
is likewise being moved to- 
smother P^nt and sodium 
sulphate production there shall 
he discpoiinued- •'••• 

The rcorganJstion fits .into the 


company's policy-. of concentrat- 
ing on certain, /sectors. : par- 
t : cirlariyPVC,_antt;'of -moving 
producti cm", ” away.' ’ " f^in-^fes 
which ;. have/ pro'ced /'unecoQ- - 
omicaL ... - - - 

. Research' : . fnio '^p&stics >'nj3 
resins, is to be btottght together 
into - one _ operation! . it. the 
company’s s . , VtiitoSaint-Faul 
facilities north of- Paris, "wl^ere a 
new. dye production TmSt ja.:to 
• be. built - : • - -- X, v.-, . 

The job r^ufitiutL'p'rograhitoe: 
is • planned prfncgalfy/iUiftiBM' 
early “ retirement . . andr .. him. 
replacement. ■ 


Renault-Bendix in plant link 


November 16 
£ 

Week ago 

Month ago 
£ 

BACON 

D.-inir-h A.l per ion 

1.140 

1,115 

1.115 

British A.l iwr mn 

1.1 TO 

1.0S5 

1 .0X5 

iri^h Specui per ion 

1.110 

1.0-0 

l.nio 

Uisser A.l per ;on^i 

1.110 

1.050 

1.030 

BUTTER 

NZ per 20 kz 

12. 61 • 12.74 

12.61/12.74 

12.59 '12.72 

English per cwtf 

79.14 

79.14/79.15 

77.61 '78.02 

Danish sailed per cwtf... 

S0.9S S3.72 

80.9S. 83.72 

78.08- S 1.72 

G-rEE.SE* 

NZ per tonne 

1,200 

1,161.50 

L161.50 

English Cheddar trade per 

tonne 

1,345 

— 

1,345 

EGGS" 

Home -produced: 

Size 4 

2 80 '3.10 

2.60/2.80 

2.65. 2.80 

Size 2 

3.30 '3. TO 

320/3.40 

S. 10/3.40 

November 16 

P 

Week ago 

P 

Month ago 

P 

EEEF 

Scottish killed sides ex- 

KKCF 

54.0 '5S.5 

54.0/380 

53.0/57.0 

Eire forequarters 

36.0 SS.O 

37.0/39.0 

35.0/38.0 

LAMS 

Enali^h 

50.0 54.0 

52.0-56.0 

52.0 56.0 

NZ PLs PMs 

— 

— 

— 

PORK i ail weishi 3 ) 

37.0/48 0 

37.0/46.0 

36.0/46.0 

POl'LTR V — Broiler chickens 

35.0 3S.0 

35.0.-38.0 

36.0 38.5 

* London Exchange 

i Unavailable, r . For delivery 

price per 120 eggs. 
November 11-1S. 

t Delivered. 


Earnings at Krupp Steel 
remain unsatisfactory 


BY GUY HAWTIN 


FRANKFURT. Not. 16. 


I BY OUR OWN CORRESPONDENT 

I RENAULT, THE French state- ists in the field of. integrated 
j owned motor group, and Bezidix circuits. . '. ... 

of th, us T „ to jit up 

J macufactunng Facilities for etee- yn“ a stake 0 f 51 per cent is to 
ironic car components near fc e called Ren Lx Electronique. and 
i Toulouse. . . . : will carry out research and pro- 

! The two comoanies decided to duct ion of electronic systems for 
Irak up In August, foUowtng gj“ r bSl au 
several months of negotiations of FFr som (5185m), .will 
between the French company and eventually employ about' 450 
U.S. interests, including special- .people. 


. PABiSi Ntre m 1 . 

For Bendix^ the' jofiif venture 
with Renault replaces -its Freni* 
interest in more conyearticajal- car 
components. lls ’ Sl per cent 
Interest is. Um DuceDlCT. gnmpi' 
held thrdugh a French subsidiary, - 
DBA, recently , passed in# the 
effective control of the.FYench 
Ferodo . /components: - coheetn 
under an- agreement itill : T«tng 
contested bv the "othe'c^Isharfe- 
holder. Luces ' Industries of fee 
UK, - ■ : - :• t-.’-.r/- '• v . 


Control of French bank for Dresdner 



Ws are 'he wholly-owned subsidiary in Luxembourg of 
Badische Kommunale Landesbank. a leading German 
tank headquartered in Mannheim. Our Eurobanking 
services include dealing in the 


and Foreign Exchange 

O.- Eure -specialists have we trade in fixed-interest 
:.'e /n ability lo deal securities. 
s.:v;rS:fu.:v in the money To find out more about our 
rr.rte:? r.yn on an inter- Eurobanking services just 
c i iiitutionai basis contact; 

V™. , Voiign tSSSJ " Mana9in9 

%£&&&** " Syndiraled Euroloans; 

Compiemeniing our money .LOttaviani- 
markets arid foreign ex- f.ioney marl;et and Foreign 
change operalions. we pyrhanae aealina; 


. . . exchange dealing; 
manage or participate tn 
‘bed-interest or roll-over •DcH.Eraun- 
s_. ndicaled Euroloans; and Security trading 

BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL S. A. 

Zzz E j r.c/4 1 ■ PC. Be.-: oJc> ■ L'J^smtouffl-ViSe - Tel.: 475144 
T etepr.r-=:C"53!5 '.Dealerc* 

We*: i Ti:. l ~92 •.Cealersl. 1 733 iCradits) 



This JBaoancmmu apptm M • nmUn of racard oofr. 


U.S. $36,238,759 

Wellington Tankers Limited 
Auckland Tankers Limited 
Marsden Point Tankas Limited 

Wholly-owned subs i diaries of 


Papachristidis Shipping Ltd 

Montreal, Canada 

Secured Notes due 1990 and 1991 


Tbe uad-ratnnj orm£eid the prirata plMOamtof (Aon rfatvtwith 

inii'mrmul intnftm to Bnmrro One ja'OJnct ctnlen 
(avoIvcJ ia Nr" Zmltad cmUf tudu. 


Lehman Brothers Kuhn Loeb 

Inrarpmtaf 

KWVWE • ATLANTA - BOSTON • CHICAGO - DALLAS 
HOUSTON • LOG AKCEUBI - BAN TEANCUOD • LOXSX3X • TOKYO 


Itor a c b er IS. Ift9 


Credit (ndustriel 


cic group 

The leading 
private 
banking 
organisation 
.in France 


LONDON 

;4 London Wall EC2M 5N£ 
Telegraphic address ; 
Canonicus Ldn EC2 
Phone 638 57 00 (20 lines) 
Telex 886 725 Canonicus Ldn 
Foreign exchange 
telex S88 959 Canonex Ldn 


third quarter they "fell as a Imports fro mthird countries, the end of 1980 to decide 
result o q f a decline in work and outside the EEC. had-thanks whether lo rell at ttib prire 
fhP ciihseouent reduction in pro- t0 ,he Community's measures — Yesterday, Berger Bank shares 
diction 22“ ry remained under the average! were quoted on the Oslo Stock 

Unfortunately.' there was no volumes of 1977. However they! Exchaitee at 101J0 A 

real sign of a sustained economic were still affecting price levrt*. spokesman ror .Berjen Bank 
improvement in the Federal and it seemed that ihe EEL s| said it was advising share- 
Republic that might change the I've was frequently not being holders to take heir time 
unsatisfactory situation of the observed. abont deciding whether to sell 

steel market. The EEC Com- During the period under at the olficial price, 
mission measures should, how- review. imports had asain Both the banks and tne 

ever, stabilise nrice* further. started to increase, including government are hoping that 
Reviewing the industry as a those from other EEC countries, most commercial bank snare- 
whole, Krupp Steel in which IVithin the Commuri'y itself, holders will not sell, pie 
Iran has a share of more than steel prices remained under banks hope to a '' ol d 
25 per cent, said that tbe pressure, while J n contrast it gradually nationalised. The 
German industry had reported a had been possible to improve government hopes to avoid the 
drop in bookings after a promis- prices for exports io third large cash outlay which such 
ing start to the year, and that countries. However, a large a development would involve, 
even after the holiday period part of such price rises had been Even if only a fifth of share- 
there had been no real upturn, offset by the decline in the holders should decide to cash 
Compared with the figures for value of the dollar. In their shares,^ it would cost 

the comparable period' of 1977. Bookings. compared with the state NKr 500m. In prin- 
the inflow of orders from the those during.- the first three clpie. the government hopes 
domestic market and customers quarters of 1977. were up by to resell any shares it has to 
in the European Economic Com- 12 per cent — as a result of buy. provided this can be done 
munity showed a slight decline, particularly high export orders.' without significant loss. 


BY OUR OWN CORRESPONDENT 

DRESDN’ER BANK ' of West other sectors, wonid 'feeep a 
Germany is expected to acquire minority stake in the bank, 
a controlling interest in a small Banque Veuve Morrin-Pohs. 
French bank. Banque Veuve based in Lyons, had a J balance 
Morin-Pons. if terms of an agree- sheet total at the end" Of last year 
meat with the French holding of just under FFr L4bu (S325m). 
company. Price! are approved by Clients' deposits increasetf lS per 
the French authorities. - cent last year to FFr 859m. 

Pri cel. a group with interests The move is -seen 'as part of 
in textiles, chemicals, paper, and Pricel’s efforts to reorganise its 


■ PARIS^NpvLJia 

holdings; ■ahd^to^itdafcer fresh: ? 
investments fn : .o&er companies - 
in .which if hasTmajxjti stakes. " - . 

. Pricers tnaitiio Wings: fycl&de' . 1. 
34.6 pct cent lii'the paper nialfer;"T 
La /Cellulose rdn pin - hnfi, JDti&or . V - 
shares- is -the- RhoDe-Pqulenc • - 
chemicals group > amt- : .BSN-: ' ■ 
Gervais-Danone r „ thCr 'glass .. and ? ■ 
foodstuffs .coiiglomerate;-: : 




This rdvertaament comp fiasyoit/i tha requiramants oftha Council of The Slock Exchairom. \ 







Kvaerner sees earnings drop 


BY OUR OWN CORRESPONDENT 


05L0, Nov. 16. 


THE KVAERNER 
and engineering 


shipbuilding orders were booked by the con- booked this year, as of October 
group, of cern's two shipyards. In October. 24, to NKr 3.36bn. This com- 


The figure Includes NKr 16m the concern's msiory— tor 'fie marxet ror Norway s heavy 
from a property sale elements of the second platform engineering industry was stag- 

A« forecast this year’s result t0 be built For the Anglo- nant in the second four months 

is well below be record prof! Norwegian Stalfjord field. or 197S. There were signs of a 

' JJ. aC hi eV ed in 1977 The orders concerned the plat- slight increase in investment 

of NKr lb9m achieved In 19* f . . . . d th firl5ns 3Ctivit v folio win? moderate 


LE&8R HTOMATIOXAL INVESTMENTS N.V 

(incorporated under the Commercial Code of the Netherlands Antilles) ■ 

u.s. $60,000,000 ’ 

GUARANTEED FLOATING RATE NpfES 198 ^; 

ISSUE PRICE— 1 00 % V ' - v f }. 

Unconditionally and irrevocably guaranteed as to payment' of principal _ ! 

- . «hd interesthy -,>* -. 


; s WP n below the record profit -■‘orwegian otaujoru neiu. oi ikio. iueii siaus* 01 a 

nf NKr ifipm achieved in 1977 The orders concerned the plat- slight increase in investment 
bufll Larded Mtisfacwry in form ' s steel deck - and the firt J n? 3Ctivi,y ' Wtowlng moderate 

n^ cJSent businesL con out of its concrete shafts: they growth in the world economy 

diuons Ufiuidlty fs Z th, total of orders and in world trade. 

described as good, and liquid 

assets at tbe end of August T . . _ 

,0 To”du^g the January- Landesbank opens London branch 

August period was NKr 1.16bn by MICHAEL BLANDEN 
down by NKr 533m from tbe 

same period of last year, mainly THE Bayerische Landesbank its only branch outside West 
because of delays in billing some Girozentrale announced yester- Germany. . 

larger orders. The total for the d 1hat . vj}h s nb D * England ^ Commenting on the decision, 
year is expected to be about the J miccir „ •. . . „n<rrariprt ^ r - Ludwig Huber, the chairman, 
same as in 1977, when it reached permission it bad upgraded its ^ London wa5 tbe most 

NKr 2.4bn. London office to full branch important place for bankers in 

Orders booked during the first status. the world. The joint managers of 

ei*ht months were worth The bank opened its first repre- the London branch are Dr. 
NKr LOSbn sllgbtlv down from sentative olfico in London in July Wolfgang Niblcr and Mr. Victor 
a year earlier, because few last year, and the new branch is Stevens. 


11 

j r ■ 

1 » 1 





The Notes constituting the above issue have been admitted to fee Official List by tha" 
Council of The Stock Exchange. ' .• .. ■ . •' . 

• . * ■ I ■" _ ’-j;:' 

Particulars of the Notes are available in the Extef Statistical Service and may be obtained 
during usual business hours up on and including 1st December, 1378 from .: ■/_ 

BANK LEU Ml (U.K.) LHHITED 

4-7 Woodstock Street, London W1A 2AF 34-35 Queen Street London EC4P 4BT 


CLIVE INVESTSIENTS LIMITED 
1 Royal Exchange Ave.. London ECSV 3LU. Tel.: 01-2S3 1101. 
Index Guide as al November 7. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 128.99 

Clive Fixed Interest Income 113.69 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 CornbUl, London EC3V 3PB. Tel.: 01-623 6314. 
Index Guide as at November 16, 1978 

Capital Fixed Interest Portfolio 1D0.14 

Income Fixed Interest Portfolio 100.01 


BRAZILIAN 
INVESTMENTS S.A. 

Net Asset Value 
as of 51st October, 1978 
Per Depositary Share: 
13^124^2 

Per Depositary Share: 
(Second Series): 
U.S.S92.36 

Listed The London clock Exchange 




f iMUMi 


LIMITED 


Interim Report (unaudited) for the six months ended 30th Sept 1978 
Earnings " . Six months ended • 


Bayerische Landesbank 
announces 

with pleasure the opening of its 
Branch in London 


Gross group revenue ' 

Group earnings before taxation 
Taxation 

Group earnings after taxation 
Minority interests 

Earnings attributable to 
Ordinary Stockholders 


. Six months ended - 

30tb September - • 
T978~ . '1977 

£9,857,000 . £9,759,000 


£8.422,000 
3,105W) 
5^31 7,000 
412,000 

£4,905,000 


T £8£21j000 
. 3,418^00 
4,803,000 
r l 389,000 

£4,414,000 



Bayerische 

Landesbank 

Girozentrale 

London Branch: 

99 Bishopsgofe • London EC2M 3XD -Tdephone 6386711 -Telex 886437 
Managers; Dr. Wolfgang Nibler, Victor L Stevens 

International Banking nith Bararift 11 Dnre and friendliness 


Interim Dividend ’: 

An interim dividend .in respect of the year ending 37 st March',' T 979 of 
2.5p per Ordinary Stock Cfnirwil! be paid on 31et January, 1979 to those 
persons registered as .holders of the Stock at the dose of : business dhi 
3rd January, 1 979. .Sich: dividend will, absorb. £3.855,400. Mo com- 
parable dividend was^ • jiaid in January. 7978 due to the. merger in 
September. 1 977 with .Cable Trust Limited, 

The Directors anticipate that subject to unforeseen circumstances, they 
wi 1 1 be a ble to recommend, a final dividend of 3.0p per unit. 

Assets 30th Sentemher 31sf " 


Investments at marketvahje 
or valuation - 
Net assets attributable 
Ordinary Stockholders 
Net Asset Value: 5 

per Stock Unit of 25p 

allowing for full conversion 

of Loan Stock 


30th September 31st March J 
■; “1 978 . • : 1978 C 

£309,594,000 £268,455,000 

£265^89,000 £232>877’c)00 

172p I55ip 

■'/; " 168ip ; ' 151Jp.' 



ANELECTRA H0U5E COMPANY 











INTERNATIONAL- FINANCIAL AND 


FOREIGN BANKS 




reopen m 


*ap,i 





»T KATHLEEN BiSHTAWi 

JpiE AJTttAN Arab - Bank, She 
<dosure of which in May, 1877 
precipilalfid a banking, crisis . in 
the United Arab Emirates, is to 
reopen under a new name, with 
different shareholders in January 
■next year,' a spokesman for the 
new. group said today. 

" The. bank wiU have a new 
■licence from Hie UAE Currents 
"Board, and one of the largest 
: capital bases jff any banking in- 
stitution .in' the UAE. Capital of 
•■the previous bank was DttlOra 
(just over U.S.'Sa.Sm). and with 
the establishment of the new 
operation, this has been raised to 

DH 1 00m (U 5 .S 20 .Sm). 

Nearly 80 per cent of the hank's 
shares will be owned by promin- 
ent Saudi and Kuwaiti banking 
and finance houses. The remain- 
' mg 40 per cent will be appor- 
tioned between UAE companies. 
. UAE nationals and the Govern- 
’men i of Ajman, the smallest 
.emirate in the federation. It is 
■ beb'eved that -there has been 
Jfiarce rivalry between, the Saudi 
and Kuwaiti groups for larger 
-stakes in the group, and final 
shareholdings will not be agreed 
upon until the end of this month. 

The bank is being fiiriher 
aided to Its Tect by a long-t'erra 
loan of U.S.S13m from the UAE 
President. Sheikh £aid. The loan 
carries a low rate of interest and 
has a 25-year maturity. 

The new bank will be taking 




over all local assets of 
AJman Arab Bank.' 

eludes three branches tnc 

emirates of AJman, 5baiJ«t ant * 
Abu Dhabi. The ucnf-4B5Ptu boo 
has also applied foi~t.WQ... n,t > r e 
.offices in. j:h© countrSV&i»- ; 

With toe Jatse capiwpase. toe 
shareholders of ibe.-nsw.^TOUD 
say they are hoptog to;estatmsb 
a presence throu^hout-U^ Gulf, 
and.on the international Seen*- A 
representative officeto-EGadoc in 
also under const decatj^ : ;, 

A spokesman for tbfeW*Fb3nk 
commented: “We felt we had to 
have a strops base. Vaod start 
strongly in order . -mj;face the 
competition from Tbe.eaabHSned 
local and foreign hankf-in toe 
cnantry.*' The bank HUo; have 
western, probably British* man- 
agement. .r' 

There is a moratorinpu- imposed 
by the Currency Board' on. new 
banks opening.' since; the 1977 
crisis, and tbe board haisoushi 
to encourage some of.tbe ; ¥ AE's 
smaller local banks- to' merge or 
increase their capital hases. 

Depositors are now;-bfiiug 
offered ail their money iai* over 
it ten-year period, or 40 per cent 
in immediate cash. •’>•••• 
The original shareholders of 
the old bank are also about to 
start what promises -.to be a 
lengthy legal case in -Miami 
against the W.F.C. Coloration 
of Miami, which previously-held 
22 per cpnr of the bank!® shares. 


Branching out in Hong Kong 


THERE IS rather more Hum 
Shakespcrean rhetoric behind 
the questiou " what's in a name?" 

far as foreign bank'* opera- 
tions here are concerned, a* 
many nf them have discovered to 
iheir ro 5 i during several years of 
operating incognito. 

The iii.year long official mora- 
torium on foreign banks opening 
branches in Hong Kong, which 
expired earlier tilts year, led tn 
•he growth of a secondary hank- 
ing sector in which banks mas- 
queraded as “ deposit-taking com- 
panies and where lh«* word 
“ bank '* was clearly ruled mil. 

They soon discovered that one 
of t'ae things in a name, at 
least if it happens to be Ihi- inter- 
nationally-recognised name of 
your parenr bank, is the ability 
to obtain business, particularly 
in the stntus-rnnscious foreicn- 
evchanga and international loan 
iii.'trkeK. That is why ihe rush 
in open full branches is on. now 
that the moratorium is ended. 

No fewer than 21 foreign 
hanks have been granted licences 
In the past few month* to oper- 
ate as full banks, albril Horn a 
single branch onlj-. and ihf* wail- 
in? list for further registrations 
is believed to be lengthy. Many 
of the banks involved are chang- 
ing from quasi-bank to full bank 
status although some are ex- 
pected to continue operating a* 
deposii-iaking companies as well 
as hank-s. 

The origins nf the curious 
ilory of how backs twtne to be 
able to operate as banks in all 
but name — and of how . those 
which did not happen to have 
the word " hank “ In their nam* 
came off best — goes hack (n I97ti. 


Sr ANTHONY ROWLEY IN HONG KONG 

some ten jrars after the mora- foreign banks r,;,. h d:d not ific monetary authority of z 
toriura u a.-' introduced. have the w ® rd " in their country in which a bank or 

The 1966 moratorium was title— -say -Credit l.vnnnm-* nr financial in-uitution is incor- 
designed lu preven* Hong Kong Manufacturers M.-ruivi-r Trust nnrated should he responsible 
from bpecuni.n? nvcr-banked and for instance — • j o^uhJish for the worldwide branches of 
to stave r.iT further bank failure*. Tull branches under the D--pusil that institution, the implicating 
such as that of ('jnton Trust In Taking ConipnR"-*. urri : nance nf Hon? Kong’s policy became 
1965. After tout the authorities su»>n ted to a uiaior anomaly. apparent. 

toyed with idea or allowing Foreign, bank •* .- :i» C h did have R\ i-ompellmj 1 foreign bank* 
“ finiitcri-iiecnce " banks, but The word “bunk >r. jiieir title or to incorporate local *u|i*idiaries 
finally decided against iL any derivative ->r ^ ( wnich rather than set up fui! branches. 

Instead they upled to allow means just abo:;i ;> jn ks. in- Hung Kong was in danger nf de- 
banks to carry out most, though eluding e* en lnr Banker* trust, pricing itself of the protect inn 

NO FEVER than 21 foreign banks hau> been granted licences in the past few 
months to operate as fuU banks in Hong Kong — ail hough only on a single braneh 
basis — and the waiting list for further registrations is believed to be lengthy. 
This follows tiie lifting of the J2-yoar moratorium or foreign banks opening 
branches in Hong Kong. Many or the banks involved are changing from a quasi- 

bank status 


nul nil. the fune-Lions nf banking 
under toe eui!*e of finanre 
companies, registered under ihc 
Deposit Taking dun pantos 
Ordinance. J970. instead of ihe 
Banking Ordinance nf 19tW. 

While nnn; nf ihe deposit- 
taking companies — there wre 
now 239 here — were straight- 
forward finance cum panics offer- 
ing properly mortgages, con- 
sumer loans and so on. a gn*:-.t 
many more were institutions 
carrying on high finance in Hie 
.shape of wholesale banking, on- 
shore and offshore. 

The -stipulation lhal they 
could noi operate current 
accounts or lake deposit* below 
HKS50.000 meant Uiey were, in 
theory al least, sealed off from 
the general public, in v»hu-e 
Interest the moratorium had 
been designed. The fact rimr 


which got caught jv t had 
in register t- 'ii*-ji‘iiiarici! 
under the r.-.j r.-.nte. For 
m*i,<ni-e. Cbcmu-a; tt^nk ijcca:ii»- 
Chemical Fina: <••• JJK. j.tJ 
Bankers Trusi h.-c..i:i.- BT A-ia. 

The dis-liocti. , : 1 niure lhan 
academic. Bran h<-> which had 
ihe assets nf their ;on-nt- riphind 
the in were able -•mh.-.rk upon 
mure advenlurou* '-Tiding puli- 
cic- iban ih*.-i; lutailv-incor- 
porated co*mii.Ty.iri>. who 
needed gun ran :e.- -..r “i.-omfori 
letters" from ho:-.d ottici*- 

in urder to en>». ‘ a r -up- 

pnri. and oven ih 1 - had to be 
dune on a loan-!.;. -..inn hunt. 

Hong Kong J ihji Hie 
prublcm wa< nul ;,:i .a ; :il . i.ankS 
side. too. When a.' cen.eni was 
ri'iiched a few car* ;.;u ur.der 
the auspices of ’he Bank for 
Iniern, - >*ional Swi^iiPnN ihui 


1 1 i -on id enjoy from enun tries 
within ihe agreement. By revers- 
ing its policy in this respect, ihe 
Colon;, thus end* lh;s anomaly 
as we j I as the prohJrms over Ihe 
prohibition on ■.'ailing a bank a 
bank. 

The deposit taking companies 
hitc grown very rapidly, to the 
pusni where their tolas foreign 
currency loans as of April 1977 
available figure i matched 
th»wi* or ihe then 74 licensed 
banks (l here are now around 
95 i. at around HKSIShn. while, 
at HKSSS’in. ihctr total assds 
v. ere n round j third of the 
bants* lutal !is%tl». 

Hung Kong is demanding a 
quid pro quo from the moneiar;-' 
authorities of countries whore 
banks want to open branches in 
ihe Colony. First, ihose authori- 
ties must exercise “effective 


supervision ” over Their banks 
t ironically the New- Vork 
Federal Reserve i- currently 
probing the nffeeiiVL-ness of 
Hnng Konsi's own liankma super- 
vision before allowing Honskou? 
and Shanghai Banking Corpora 
lion to take over .Marine Midland 
Banks', anti second h there nm-i 
be some reciprocity towards 
Hong Kone banks. Banks applv- 
ing to open in Hnm Kone.niusl 
also be of a “ substantial size " 
and have “tola! assets, net nf 
contra i terns ** or at least 
U^iBbn or tbe equivalent. 

So. what appears to be a 
banking stampede io Hong 
Kong at present *ho<iid be seen 
more as a banking metoinnr- 
phori*: iiibeit thai the prospect 
of lendtng on -nme major 
infrastruriurp projoci- bore, a* 
well as prospetiiv. i*.-nding to 
China will coulinup to allruct 
some riew entrant. 

The Financial Secretary. Mr 
Phiii;> Haddon-Cavi-. has . marie 
it clear that he dor* not wani 
to precipitate a wish of foreign 
hanks to the Colony. “We :«re 
not actively •>ei , kiny to 
encourage more hanks to enme 
to Hong Kong, bul -imply < n 
allow the more refutable nr 
lho*e who have i-i.miu. and .ire 
coming. t<> operate a- full 
branches rathei than as finam-e 
coni panic-." he says. His 
decision to impure a 17 per vent 
tax on offshore imere-t profits 
earlier llu* year should help 
temper any banking boom. 
There is already strong evidence 
that it has cut the- volume nf 
uffshore lending from the 
Colony .significantly. 


Japanese steel 
concern upturn 

TOKYO. Nov. 16. 

SUMITOMO Metal Industries, the 
Japanese steel coerem. has 
announced a rise of 8S per cent 
in after-tax profit to Y3.89bn 
f$20.7m) in the first half of the 
- financial year, from Y2.07bn in 
The same pennd last year. 

However, the outcome will 
depend largely on the dollar-yen 
exchange rate and export sales 
to the ILS- according to the com- 
pany. 

Sales in the first-half were 
little changed, at Y494.4Sbn 
(52.6bn ). 

Earnings per share was up to 
VI. 72 from Y0.92. 

Reuter 


Nissho-Iwai 
profits soar 

TOKYO. Nov. 16- 
NISSHO-IWAI COMPANY,' the’ 
Japanese trading - bouse, - has 
announced that its n^r profit for 
the half-year to September 30 
rose 70 j per cent . to Y252bn 
($13.4mj, from Yl.48bn. . 

Sales, however, fell . 6.8 r *er 
cent to Y2.0S trillion (million 
million), equivalent . to \Sllbn, 
from Y2.23 trillion. . 

The company predicted that ijs 
net profits for the current fiscal 
year, ending on March 5Uwould 1 
reach Y^Sbn, to show a gain of 
92 per cent over the previous 
year's Y2.34bn. Sales:, for the 
year are expected to he about 
Y%V3 trill ton. up slightly from 
Y4.2R3 trillion. . . • . AP-DJ 


Writ against Moscow Narodny Nedbank assets growth 

O* BV HiruAsn urun lilUlVVCCRI’IJr. Vbo 


BY JAMES BARTHOLOMEW 

MR. AMOS DAWE. the Far 
Eastern financier, facing fraud 
charges in California, has issued 
a USB 32m writ against Moscow 
Narodny Bank, the Russian- 
owned bank based in London. 

Mr. Da we is seeking a high 
court injunction to stop Moscow 
Nam day Bank selling over 16m 
shares in Consolidated Hotels, a 
Singapore company. He claims 
that the share.; belong to him. 

He is, also claiming damages of 
approximately U.S.$32m for 
breach of a loan agreement. The 
Russian-owned bank agreed to 
lend him money to help him buy 
a majority .stake tn Consolidated 
Hotels, he claims. But the Bank 


allegedly let him down and he 
was only able to buy a minoritj 
stake. Damages arc al.so being 
claimed for wrongful retention of 
Consolidated Hotels shares by 
MNB. Dawe alleges that ihe 
bank agreed to lend the com- 
pany funds for development once 
he had acquired control of it. 

Also named in the writ as 
defendant* are Ltom Unnq 
Chong. L iem Slew Poh. Y. T. 
Chou.’ Premium Estates and 
George Chow. 

This latest writ ;s one of 
several outstanding against 
Morenw Narodny Bank. They 
have arisen out nf a rapid expan- 
sion ef the bank'* loan book to 


the early 197fi= from it? 
Singapore branch. MNB has 
since foreclosed on many of its 
clients and snmr of iher.i are 
suioy for dainagt-s. 

Mr. Dawe ha- another writ 
againsr MXB oin«.,cd;ng m 
London. This on*- claimed thn' 
the bank had broken an agree- 
ment to procure •-uni’iuitas 
finance for Mr. Dt-we'- purchase 
of the Peninsular National Bank 
of Burlingame. California. 

Mr. Dawe is current; v in Cali- 
tornia where he face* charge? ui 
having defrauded :>nrf conspired 
to defraud this bank and two 
other Californian hank«. 


BY RICHARD ROLFE 

NEDBANK GROUP, which ranks 
‘anion? ihe bi? four South Afri- 
jean banks, shows in its annual 
(report that total assets on the 
(consolidated balance sheer rose 
| from R2Shn to R?.3 od tS3.Shn> 
j in the year ended September 36. 
• and shareholders funds from 
:RJSSm ;o R206ir.. of which RSm 
jwa> the imerest of outside share- 
holders in subsidiaries. 

But •.••nil deposit and 0 !h**r 
accounts up from Ri’bn ro R:\3bn. 
the bank, in ihe words of the 
(chief executive Mr. «.». S. ?.luller. 
is “ the most underlen* * t have 
even been— in common with the 
others." Against ;be MR ratio 
bciween shareholder'* funds and 
■ippnsits ;m>l oih*»r accounts per- 


JOHANNESBURG. Nov. 16. 
mined under local banking legis- 
lation. Nedbank's present ratio 
is a conservative-looking 1:11. 

Attributable income fast year 
rose from R31.6m to R 36.7m 
tS42.2m) and Lite dividend was 
raised from IS cent.- in 21 cents 
Despite tbe general drift in the 
stock market since the pre 
liminarv fi-rures. in-» shares have 
held up. and- at 290 cents yield 
7.2 per cent. 

Though rhe board makes no 
forecast fnr the current year, u 
is clear ihat runner progress 
wilt depend to some extent on 
stimulus to the economy, where. 
Mr. Muller said Iasi nich;. " there 
is evidence that tbe recovery is 
oihriilins." 


Gadsden to 
buy ACI 
can-making 
interest 

By James Forth 

SYDNEY. Not. 16. . 

PACKAGING groups. Austra- 
lian Consolidated Industries 
anil J. Gadsden Australia have 
agreed upon a major rationali- 
sation of the can manufactur- 
ing industry. ACI will sell 
a SI per cent interest in ils 
two-piece can making opera- 
! Jon- to Gadsden. 

ACi however, has hail nothing 
but (rouble with two-piece cans 
since il first joined with Daiwa 
Can or Japan in 1973 to estab- 
lish Pacific Can. ACI h:id a 
per rent Interest and Daiwa 
Can. The venture was unprofit- 
able from the start and ran 
ii |i heavy losses before Dai via 
sold nut in ACI three years 
ago fur ASlm in v-ush and 1.5m 
AH share*. 

The d*-al involves an 
unstated nntiiuui of cash and 
1.3m shares, issued ai A 33.20. 
or a value of ..\S4.Rm 
ICK$3.31mi. compared wiih the 
present market price uf AS2.68. 

MTiilr both ACI and Gadsden 
are involved in other areas or 
paekaKinc. Gmlsdeti has Ihe 
greater experience and exper- 
tise in ean making. The deal 
siviiches Pacific Can over fo 
a . subsidiary »f Gadsden. It 
will also give ACI a HA per 
cent equilv in Gadsden, making 
it the second largest share- 
holder. 


HOW TO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 

Rate for U.K. & Continental 
Europe 

S19D 1 yea / 

SI CO t months 

950 3 months 

Payable in dollars or equivalent 
in local currency. 
Delivery by let Air Freight 
From New York every business 
dsy. 

(Other area raxes on request.) 
Send order with payment cor 
THE WALL STREET JOURNAL 
international Press Centre 
76 Shoe Lane 
London, EC4. England 
Attn. Mr. R. Sharp 
Also available at major news 
stands throughout Europe. 
ASK FOR IT 




tr. *s J! 
!:• r ^ r' 


Ultramar Company Limited 



Rewewof Opersfons and Results 

for the nine months to 30th September 1978 


I Operating profit before taxation for the nine 

liionthsto 30th September 197S amounted to 
• . ; : ■ “#^6.703,000 compared with £1 5,407.000 for the 
^^KHTesponding period of 1977. After deducting __ 
£$ 3 irrent and deferred taxation, the operating profit 
■ ■ Rafter taxation for the nine months came to 

• l r 34t ,000 compared with £8.092.000 last year. 
#fedreign exchange fluctuations had a severe 
Adverse non cash effect in the third quarter and 

• Softer giving effect to these charges and to 
^Iteference dividends and ACT written ofl . 

..Maminas attributable to.ordinary shareholders 
• 4'Were £4968,000. compared with £5.209,000 tor the 
ftrene months to 30th September 1977. Cash flow 
•LJroni operations at £20.929.000 was the highest in 

^fte history of the Ultramar Group.for.any nine 

•^feionth period. 

• : M Indonesian operations were the major ^ 

Contributor to the Group profit and cash flow- 1 1 lu 

^Eastern Canadian refining and marketing division 

Incurred losses but to a large extent these were due 
.iTjt'O the weakening of tbe Canadian dollar whe 
i%easured against the US dollar and other 


currencies. 

A. 


■ Canadian Fuel Marketers Limited 

'P- We have submitted the necessary application 

?10 the Canadian Foreign Investment Review 
“•"Agency to seek approval of our acquisition 
aiof Canadian Fuel Marketers Limited 
:^he latter is a large and successful petroleum 


product marketing organisation selling in excess of 
70,000 barrels per day. mainly in the provinces of 
Ontario and Quebec. We expect a response to our 
application in December. 

Exploration and production 

A continuous drilling programme is being 
carried out in Indonesia and also in Western 
Canada. The Indonesian drilling results ha\e been 
successful but our Western Canadian exploration 
drilling has been disappointing to date. There was 
no drilling iu the North Sea during the third 
quarter.^but the tempo of activities is expected to 
pick up later this year when we will participate in 
flie sixth round of bidding and possibly begin 
development of the Maureen Field. In 1979 we 
will begin exploration drilling in Egypt. 

Outlook for last quarter 

. We .expect results for the last quarter to be at 
least as good as the average of the first three 
quarters. The year 1978 will have the highest cash 
flow from operations and operating profit in the 
history of the Ultramar Group. The effect of 
foreign exchange fluctuations is not predictable. . 
Since 30th September the US dollar has 
improved against the Swiss franc and the 
Canadian dollar has improved against the US 
dollar: Hopefully, this improvement will continue 
and the large provision for foreign exchange 
fluctuations necessary at 30th September will not 
be required wholly at the year end. 


.137- 


■ r 


16 th November. 1978 


Campbell L. Nelson 


Group Results for the nine months to 30th September 1978 


Consolidated financial results 

first nine months 

197S 

£000 

first nine months 

1977 

£000 


> ear 
1977 
mw 

Sales ' 


£414.294 


£351.348 


£472.652 

Frofit on trading 

Amortisation, depreciation, depletion and amounts written off 


36,305 

9,602 


:o.97i 
5.564 • 


33.126 

8.417 

Operating profit before taxation 

Taxation on operating profit: 

Current 

Deferred 

10.689 

4,673 

26,703 

:.4:i 

4.894 

13.407 

3.632 

8.479 

24.709 



15.362 


7.315 


12.111. 

Operating profit after taxation 

Foreign exchange fluctuations — loss 

Less: Tax effects 

6.103 

903 

11,341 

3.444 

1.355 

$.i>C 

5.615 

1.492 

12.598 



5.200 


2.089 


4.123 

Profit after taxation and foreign exchange fluctuation 1 : 

Convertible Redeemable Preferred Shares dividend 

Advance Corporation Tax written off 

786 

387 

6.141 

794 

6:1)03 

13)59 

8.475 



1.173 


794 


1.057 

Earnings attributable to Ordinary Shareholders 

( ash flow from operations 


£4,968 

£20,929 


£5.209 

£16.931 


£7.416 

£26.74 l 

Earnings per Ordinary Share (before foreign exchange fluctuations) 
Basic 

Fully diluted 


24.4p 

22.9P 


1 7.fip 
I6.4p 


27.Rp 

25.5p 


Consolidated statement of 
source and application of funds 


ilrst nine months 
lv7S 
£000 


first nine months 
1V77 

- cam 


K uf is to Group Results 


Source nf funds 

From operations: ' 

Operating profit afier taxation 
Amortisation, depreciation, depletion and 
amounts written off 
Deferred taxation on trading profits 
Indonesian debt sen ice equalisation iNote 4) 
l.ivvs on -»rie of fixed assets 

Cuili llv’v. front operations 
From other sources: 

Long term portion of L : S5?5 million loan raised 31.061 
J «’.w: prepayment of existing USS25 million loan 9.596 


Proceed- on disposal of lived assets 
Miscellaneous items 


Application of funds 

Acquisition of subsidiary companies 

Additions to fi\ed assets 

Capital expenditures 

Proportion of long term debt now due in one year 
Exchange adjustments due to currency realignments 
Convertible Redeemable Preferred Shares dividend 786 
AtUi: Advance Corporation Ta\ -'J* 7 


1. ' iroup iip-r.iiinc pr--iiK .ire IjririF in US 
.-util (. yiuili.nl Jnflur-. 


1 1 J4 1 

8.092 

Z. Ihe !«.•>. -*:i UTCICM i-mIi.hiUv IliiCin.i liens 
,-i if.I!*M«'iiiliirniy ih,- mivc m-,n'h- !■» SiUh 
"ii-picnihrr !■«:« r,-I.ik ' .<lmi*--i i-min'lv lo 



9.602 

5.564 

li'iriti-ii.-rm l.iaii-. ,il irnlividii.il o-nui.imcs 

4.673 

4.S94 

rep.r .ihli- uver rlic v c i r, in iwi. .mvl i-- • lue 
in ih-.- Mil in . .ilui-' uf ihe l .iii.i*) i.i n Jull.ir 

(6.2381 

(1,806) 

jl'.iiii - i live 1 S d-'lbr ,in>.l the 1 . S Ji-llur 

1.551 

187 

rhe /r-in,.- .»n,e rive- hc^innm^ uf 

_ 


llw >-.r. 

20.929 

1 6.93 1 

3. 1 r in .l.ii-.un jr..l ^-.in .cr-i-'-n wcliimcc r.ilcs 
n cvl pv iIk- Liruup :»fL- : 


21.465 

J.652 

361 


Increase in « orbing capital 

Working capital as at 30th September 1978 
T.one term loans >t'30th S ept em b e r 1978 


£44.407 


16.573 

16.573 

2.484 

621 


1. 173 

23556 


£74.41 1 


794 

409 


Slt» 

1.175 

58 

- -£18.980 


1.5b2 

10.328 

11.890 

'5.314 

469 


1.203. 

104 


•ii.-l.~X 

%n w “7 

:-i iz.' 


1 75 

t 

r .'4 

l .«> 

Z.lu 

l.is 

1 «i7 

1 ir< 

1.5-1 


1 


l t cusijf. t sy 
1. 1 ci'i.ii' '. .m 
l S?l cqu.il- U'.m.S l.ix 
L SSI k->|(ul- S-.v I r. 1 .5-1 

4. Hi.- t.irmip'* v-iuiik-inem l" inomu- imm 
IiiJmik-.i.ui I Mi -i/c- I- mvluik-J in Wic 
lirnii' .ii'id Ii-.- .i'.--iiuni jiii-r Jc-liKiint 
ir.in»i--vri,iiir.ii. liqu-.-i'.iciii-n (ivi. .uij Jctn 
sc-r - kc I he Io- ill ■ r.n-cJ b- I’crl-imm.i l*> 
lin.iiKi i lie 'ihi’k 1 ui’ilic .■■n-ini^u.-n u">i uf 
i I k- B.i'l.ik I. M , Hl.nn Ahich i- upvniUiton -i 
hf'.-.ik vn h.i»i-.. In urJ«.T io nvucli incninc 
»nh [h,-'i- liciliKli-'in-.. liii.- vifiiup’- cniiilc- 
in>.-ni i- .iiljii-.ii.-vl ti» rcik-i.'i .-n ,-qu.ii innu.il 
,li.:ree t*»r Jfhi -.yr.iu- r.nlivr ilian the iim-vu. 
repay niinu 'cliedule v-uh||shcd i*vi Mie tonn*, 
ill mV which arc repay a Me wir/iin a 12 'cjr 
period -i.iriinem W 7 " Efieciivelv. «hercfr>re. 
the eo-i of ihe plant v- ill be full-, .imoni-cd 
h- tire end uff'S". 



163.176 


Operating results 


first nine months first nine months Notes to operating results 


Sales of oil ('barrels per day) 

Oil refined (barrels per day) 

Oil produced (barrels per day) 

Gas produced ( thousands of cubic feet per day ) 
Gross wells drilled 
Oil and gas wells completed 
(in which the Group has varying inrcrcsts) 


1978 

1977 

202,700 

• ’ ■ 172.100 

97.800 

108.500 - 

9,800 

6.900 

202,800 

. 38.500 

30 

16 

16 

15 


1.- There were *uh«wntial purchase and sate 
■ r.in-.iciion; in ihe (.rude oil market during 
i he iir-t nine momh< of I'GK. This iv the 
princip.il re.i'-un V.»r ihe n-e in the volume oT 
..lie-; of oil. 

». The k i roup' ‘h.ire of j.m* produced in 
Indonesia throuehou! the nine month's is the 
rea.-vn fur ihe marked inovsisc in rjs 
production tuniparcl with the equivalent 
pi.ri.-d i.i,i e.:r. 


Ultras 






2 Broad Street Place, London EC2M 7EP 



-k' 








Financial i 


mm 



r. 


A word with the key Swiss bank 
could open the way for you. 


Dollar up on 

OECD reports 


THE pound spot" 


5or 1? -Sj ! •■ < M •: 

; 3, j ; • ^.y 

•—7 — “'"’'giT'UgOO.UfiSB fl.SS1a-MH5 

s * 3 <■ jaBua.oiui 



Report $ from Paris by the 
Orsajiis^uon for Economic Co* 
operation and Development on 
the world's major economies 
boosted the dollar in late trading 
yesterday. Japan and Germany 
are bolli expected to experience 
reduced balance of payments sur- 
pluses next year, and this, 
coupled with statements from 
President Carter and the chair- 
man of the Federal Reserve, was 
very helpful to the U.S. currency. 
Any intervention by central banks 
was on a very small scale yester- 
day. 

The dollar closed in London at 
or near its Grraest level of the 


Sparer MtW3»Be«3 | r 


SWISS 

FRANC 

Trad* -nwgbred average 
inn* .thanga in Sic FrLIwm 
- SmiUisofMn central rales 
against 15 other auiviens J i 


I/I ■ ; , ; m ii978j 

"'DJFMAMJJASOH 


Underwriting. 

Say the word 
to tiie Swiss Bank 
Corporation. 

You could 
view the subject in 
a new light. 

Because the Swiss Bank Corporation 
is the key name in Swiss banking. 

All over the world. 

The speed and efficiency of under- 
writing handled by us are the result of 
many years experience. Our expertise 
and placing power are world wide in 
this field. And our reliability and stability 
are all that you'd expect of one of the 
biggest Swiss banks. 

Talk to us about underwriting. 

Or about financing, transfers; or foreign 


APPOINTMENTS 


'/. .S\ 

Oceanic n 


Oceanic Finance Corporation 
Limited 


INTERNATIONAL BANKER 


We offer an interesting and challenging 
opportunity to join a leading financial 
institution operating exclusive!} in the 
shipping industry worldwide. 


Significant experience in the eurocurrency 
markets, or project financing is essential. 

Age: 25-35 Location: London 
Attractive salary and benefits package. 


Write in confidence to - 
The President. 

Oceanic Financial Services Ltd. 
Princes House. 

05 Gresham Street, 

London UC2V 7NA 


PERSONNEL MANAGER 

c. £9.000 plus benefits 


ACCOUNTANTS 


err to the top &r 

STARTING THERE 


Th« hiding owwu Investment Sank 
require! thr establishment ot a p«- 
ionnel lunition, Tour ;ogd academic 
bict;round. couQi-d with personnel 
e>ptrienc- m Kertham/ Investment 
Sinking of Broking, will allow you 

w contribute to the development ol 
both English and oversea! staff in a 
challenging environment 


Application with e.v. 
to Mrs, L. Acngelley 


iirostaff 


Our organisation has bicomc s-iccess- 
ful by careful thought and panning 
Allow us to apply that s mplc but 

necessary formula to your future 

carte'. 

Contact a Specialist Consultant at 
Financial and Accountancy Division 
IPS GROUP 

Lloyd’s Avsnuc House. __ 
i. Lira's Avenue. London. EC?. 
Til*aHTn*: 01-481 SHI 


•I II- ,i 

iS/m\ II //' THf 


SKIERS WANTED — Full amt part time ■ 
Instructors wanted ter Scotland. Tel 1 
l ot-940 7782. Peter Kite. I 


SKIERS WANTED — Free weekends in , 
Scotland ciflcicu m good skiers. Tel. . 
01-940 7782. Peter Kite. 


APPOINTMENTS WANTED 


MANAGING director 

t mid-thirties > 

U\v and Economic Studies in Europe: qualified in negotiations, 
international contracts, co-ordination of international relationships 
and joint ventures, especially with Mid-East partners: fluently 
German English. French: is footing for a Frankfurt-M,-b«ed top 
position. 

Write Bon F 1061. Financial Time-, fO, Cann* n Street. E C4P IBY- 


exchange. 

You'll see 
why the Swiss 
Bank Corporation 
is a name to be 
reckoned with. 

A name that could open the way 
for you... 


Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 


dar. rising 10 DM 1.9327} frGiB 
DM i.S9o5 auainbt the_ D-mark, 
and 10 SwFr Z.6S15 from 
SwFr 1.6395 in term? of tiie Swiss 
franc. 

There was also a sharp nse 
against the Japanese yea. follow- 
ing Lhe OECD report. ar.d earlier 
news that Japan's trade surplus 
,*ta> sharply reduced last month. 
The dollar" • finished at YI94.I0, 
compared with Y1SD.S0 on 'Wed- 
nesday. , _ 

The rate against the Belgian 
coni menial franc rose above 30 
francs once attain, but eased 
'blishtlv. to close at BFr fiO.97;, 
compared with BFt 29.67} pre- 
viou»iv. while the dollar also rose 
rtwrpfr acainst rhe French franc, 
to finish at FFr 4.3825. compared 
With FFr 4.3375 previously. 

The dollar's trade -weighted 
depreciation, as calculated by 
Morgan Guaranty of New York, 
narrowed to $.7 per cent from 
9.3 per cent. 

Sterling opened at S 1.9600. and 
touched a best level of SI -9635 
in early trading. By mid-day the 
pound Tell to Si. 9600 once again, 
ind declined lo a iow point of 
$1.95(10 as the dollar improved 
in the late afternoon. Sterling 


closed at $1 .9515-1.9523, a £aQ.<jf 
1.60 cents on the day. 

The pound's trade-weighted 
Index, on Bank of - England 
figures, eased to 62.4 from (wg 
after standing at 62.5 at noon and 
in early trading. 

NEW YORK— The -Swiss. 
Japanese yen,, and D-mark all 
lost ground against the very firm 
dollar in early trading. Trading 
v:as fairly active, with 'the U:S. 
currency sustaining its strength 
over the earlier part of -this 
week. Toe statement by. Mr. G. 
William Miller, chairman' ef the 
Federal Reserve, on the growth 
of money supply was interpreted 
as an indication of Washington's 
strong resolve lo fight inflation. 
AMSTERDAM— In late ■ 1 "trading 
the dollar rose to F1.2JKKQ, from 
its fixing level of FI 2.0560 
against the guilder. Wedneaiays 
fixing level was FI 2.04550. 
FRANKFURT — The dollar rose to 
D5l LS02S against the. - Deutsche 
Mark at the fixing, froth 
DM L8920 previously. The Bundes- 
bank did not intervene at the fix- 
ing. The U.S. currency continued 

To improve, rising above DM L9300 
in the late afternoon, while /the 
gain in terms of the Swiss franc 
v as even - more pronounced: 
Bundesbank intervention - was 
e ii spected at some time during 
the day. 

MILAN’— The dollar remained 
firm against the lira at yesterday's 
fixing, rising to L£4L55 from 
LS40.55. The Bank . of Italy sold 
SlOm of the SISm traded officfaRy, 
bur this did not affect the dollar’s 
strength. Major European cur- 
rencies were gea era! lyJ weaker ' m 
term? of the lira as. the dollar 
ro se. 

ZURICH— The dollar remained 
firm during the mom ing without 
any sign o: central bank support. 
Switzerland’s trade -surplus in 
October fell to SwFr 14.9m from 
SwFr 122.3m in September.: The 
L'.S. currency rose to SwFr 34545 
by uiid-morning, from - an- early 
rate of SwFr 1.6520, and continued 
to rise to SwFr 1.677a_m- the 
afternoon. 

TOKYO — News of the iaD in 
Japan's trade surplus in October 
came too late to affect trading, 
hut the collar improved to Y1&L35 
sea test ti’.e yen ot The dose, from 
Y190.05 on Wednesday. - The. U.S. 
currency opened at Y 191.50,. and 
touched a high point ot YlftL-40 
during tiie day, the firmest level 
since mid-September. The threat 
of central bank intervention was 
put forward as the main factor 
underpinning the dollar.' -Spot 
volume totalled 5515m. 


,CA! • 

Guilder 
Belgian ? 
ilknifb K . 
D-Mark 
Port. Ike. ' 
Span. Pk- , 
Um , 1 
1 Nirwgtu h. 
French Fr. _ 


*»■!■«:? WBBS 


"gjT 4,Ulj4JG 4.6At-4.94l 
S “• M SidAttAt. 

a {iiais-iut i&anaso 
5 i 5.I8-5-7B SJWJ4 
} 90 50-81.79 9UW1J9 
1 1Ss.S4-158.63 mB-MB# 
iSlui I.b43-l.Gbfl j 1M-UM 

7 '1 8.69 aJat-u4Bi 


91.1ll4ll.69 

I95.B-1&-&0 


Lfc43-l.ftfl j 1M-1.BH' 
8.UJJ4 ja.BSl-n.9Ci 


J**“ r h - r 0L,! a.«L-8.3« 

awariirthr. O- rnm 


SUSTrr 8-M-8Je 
£2*5: • 6L?i a.M-8.36 

awertWilir. ^ 573^,. 

W HAMM* W26^;.SB 
JgJP : 1 |S.M4»5* 547i-LS8i 


18-Bpropin 

37a-2Tac-pni 


BaiRiaTraic is for c«wenfl>te fcanca. 
•pfigS fraac JMMMA . 


the dollar SPOT j forward against $ 


IlMtirterUW^ 


-Canad'n !" 
GolMer 

BrtsJan Fr 
Dantsb Rr 
D-Mark 
PWt. Esc 
Span. Fta 
Lin 

KnrSR- Kr 

French Fr 
Su-edlsii Kr 
Ten 

■ Austria Sch 
Swiss Fr 

- L'.S. 


spread . ..Qua ' ' 

&U3-SUA CJM5.03 ~ 

ZffSO^Bbaa 2.BUS2AUQ 


29JWH8.02 3 8 J W B. B Z 
5JS1MJMS . SJStB-USB 


j_ TO20- 1.9115 inuunis. 


71 JB-7UE5 ' 1USTUT 
WUBMmM MUSMU5 


SJl«a-5.K65 .'5XS1KMS38 
^ &3 WM J850 


4-KCIM3M5 OUHJM5 
Z9U0-194J0 293.9MMOO 


13.91-13.951 13.94i-13.95j 

1^515-1.6830 1.68HO-I.6830 




cents per Canadian 8- 


CURRENCY RATES | CURRENCY MOVfEMDlTS 


November 16 


Sterling - 

U.S. dollar 

Cana<lian dollar . 
ius tn an achillina 
BeLsian franc . . 
Danlsft krone — 
Ceu.scho Mar's . 

Gmld-.r 

Frcnidi franc .... 

Lira — 

Yen • - — 

Xonestan Ktooc 

Peseta — 

5-icdUti krona ... 
Sniss franc 


Special 

Omrial 

Riahts 

0. 65034 

1. TKv n 


37,9100 :• 
383162 
6.7S39S-’ 
2.442S7 . 

lissm , 

539391 

10I3JM . 

246058- 

6.485U7 

91.400 

ssnst 


Enrapnn 

Unitor- 

. ACCTPBt. 
0.675512 
. 132427.-. 
: ;i3994S ■' 
1&41B3 ' 
59-SGL 
6.96245 - 
231994 
2.7ZUHI 
5.77323 . 
,ma:ig . 
2S43U 
-.648629. ' 


V 


OTHER MARKETS 


Ar-mtlua Fo- 1 1.82^1*28 934-^ 

JSlflkiltar- L7L-83.J L7168 Q.b7I! 
Rt.tapl3l.rtta..-! 

gS ih»-hinn”« : 71 821-74 5761 36;7! 
tSSa K«a Dnltar..i 9.3 .40 9.36W>|4 J8» 

IrWRia-T. 138.40- 140.00 [ 30 91 

Kunait Dinar KD).{ iJWMO.I 
Iji A t?tnt"-rurg l-tanr. 58 4i-66.5fl 1 - 

tu, Ji -la D-War 4.994043040.2.2 . 2 

\ C ir Zealand Ddtadl.8c05-tt69a [0.‘ 
sau-ii A cabin Kiyal. 6.^6 ^7 |3. 

tilsernt-TV DpUiu-...^ 4.39-4,30 |2. 
SiUitli Aftiosn Kami: 1.6936-1-7 196 JO-ou. 



Rats efwen Air 


T 0 tai 9 - Si- ?C‘ ml'ion Customers 1 d90C s ": • 

Si'. 20.C7t ml '.on C-anit?-' J-r-d rcir^es: St r . 3,235 rninicn a- :■=£ 
iocii5iomers: Sir 20 »35 million !.s:pxM:S!r. 237 million : 
o' s’an . 11.500. Gene-ai l-tanacorrer.i ir CH-i 002 Basis. Aescr-r- •. o'Sia 3*. % 
ana in CH-6022 Zunch. ftaradectitr o. Over '70 offices Irtrouc - - 
Sv.tLreriand. Branch-?? Atlanta Banwn Chicago. London. ' "o--- 

San F:3nri-?.;o. Smgaror-: and vv-.ri Sult-sid'ans*. affilialec c:moan:e» 
and 'SDreseniauvei t. rOome? rountnos ihroughout*'- - 


EXCHANGE CROSS RATES • / • " : : -C • ' -V-.. • 

r.-unii Meriir.a L'.S. Dollar De-i • •-■heM arLJ Japmfc«e l'en | French Frau. ; Swi« Franc | Patch GoHderj Ittton Lta jCorndm DoHwfBefccfan 


COMPANY NOTICES 



441.8' r' ■ atfl4r- { 16.66 


408.6 i , 0J668 . t :: 14.49 

A -I V ?AA 


L -ii in. nix r< fk>u*r 1 0.436 

Ik-.g'.m Fntnr I'C ' 1.7C9 


L431 

5 611 

1 

l* 

6. 

360. . 719.2 '.'I 

902 - 28B0 ; 


. 3.921 


COMPANIA DE ELECTRICIDAD DE LA 
PROVINCIA DE BUENOS AIRS, LIMITED 

tin Mumners' Voiumarv tieuiaauaa 


EURO-CURRENCY INTEREST RATES” 


Rcgis-ei-ed Odice 6. SI. Br.ae Straet. Lanaon. SCJ4 40A. 
Register en in Encijnd no. 1171 S3. 


: : Liuuuttari ..f 

\.'i. 16 <u-r»:ii{r . L.r. Dr-Jif Lto -nr DutcJi tiutkiei 


Anadflw3jd6- 


IN THE MATTER ol WC Companies *« 1946 and in me matter ol Csmoama 
Oc Etectntidad dc ia Piovnuia de Buenos Aires. Limited tin Memuers' Voluntar>- 
Liquidation). 


NOTICE IS HEREBY GIVEN Ours, ant to S-cliOn 289 ol the Comoj.i o A;t 
1946 that a General Meeting o! the memDers ol me above named comojnv w-n 
be held at Horei irons. P’ace dc ia Care. Luxembourg iGrand-Duebv ol Lu-ve.-n- 
bou-gi on Tucsdae. 12th OeLemner 1973 at HjO o' Jock 'o.- the auroose Jl 
reecving m account D l lhe Liau'dators arts anc dealings and of the conduct 
oi the winding uo to date. 

f N HOOCaE WERF 
K. U. SAN ME 
Joint Liquidators 

■O Rue Goeme 

Lu'cmBOJrq. 

■'Grand-Duchv ol Luxembourg). 

17th Mo.fmMi. 197# 



Slnsai'nr,-. 


m 


NOTES 

1. A Member cnriiled to at' end and vcic ar the ano.e-mentidned meeting is 
e>i! tied id anodint one dr marc crovies ro attend and. upon a ooil. vote 
instead ol mm. a orovy need nor also be ., memoo.-. 

2. Fcr/ns ot orc>v fir use *i the meet.nq must or ueodsited v , 'ti> 8mder 
Diner otic S A . 43. R»e Gdclhe Luxembourg -Grand-0'j;hv of Luvembourgi. 
not late than 4 o'clnct in rhe aliemoon ol llth Oe.emoer 1978. 

3 Holders ol 3nar« Wirrjnts lo Bearer will ee adimneq -o :i*e Meeting on 
orescn-ing a lie. tih.aio that :hev ha -c dcoositc.i itieir lArirrants in accordance 
with lhe Articles ol A,iq:ialion a: least two -.iear .aavs ocic.e Lhe dav o' me 
Meeting witn Barque Beige L.milcd t. B.shdusqa'.e London. E.C.2 Or some 
other Anrnorisea DeDosiia-y- in -ne Unrreft Kingoor-i or the Channel Islands 
or with one ol the following Depositor. e‘. r. Belgium or Luxembourg- — 
BELGIUM' So-f'.-te Gen -.‘ran- dr E„r,q.je 

3 Monragne du Parc Brussels. 

CramQ-DuCHY OF Ci edit Indusmel d'alc t. . c' de Lorraine 
LUXEMBOURG 103. Grand rue Lavcmbourg 

A dull completed Cel.h;i-t ol uepoxit mist oe p-oo.i-:cd bv the holder o! 
Share Warrant- to Bearer aiteno.ro in aersen at tne rneji n: 3 r must accompany 

the Form ol Pro»r il the Holder Jetircs to vote >v a pro»v 

Ccrtnrcai» ol Deposit 'Injo-noratinq a lorm ol prory may be obtained at 
the Oi'icea oi Binder Hamlvn 3 St Bride Strec:. London EC4A 4 DA. and 
B.ndcr Di|kcr Qtie S A.. 43 Rue Goc.nc. cuxcmboiirq -Grand- Duchy ol Luvem- 
bouigi or a it ol the abo-c- mentioned Banks rn Belgium or LmembOurg during 
usual business ho rs on any wcr>dar n'lor to rhe day ol ihe mcermg 

Autheri-ed Depositaries «re listed in Apoenai, ri ii *n.; current lUue Ot tha 
Bank ol England s Notice E C.1 and include Barks and Stockbrokers In and 
Solictors ara< 'ising in ihr Un.-ed Kingdom or the rnjnncl Islands. 

II not included bv name m me list ot Auihoriscd Deaosiuries rhe classification 
under which they ire included must h e stared 


INTERNATIONAL MONEY MARKET 

U.S. rates mixed 


Further 

fail 


toot-ssrsff 

r Hzi 


THE RIO TINTO-ZINC CORPORATION LIMITED 
NOTICE 

To holders of Warrants to Bearer 


ORDINARY SHARES OF ISP EACH J.S" a "B" CUMULATIVE PREFERENCE 


Notice (8 HEREBY GIVEN mat an 
Interim dividend ot 3.5o per Share will 
be duid on the 2nd January. 1 979 in 
resce:'. ol the year ending 31st 
Oetemuer. t978. 


Payment ot tn.s di.idend will oe made 
after presentation ol Coupon no. 36 at 
any ol the undermentioned oHiccs of 
Da vment. 


SHARES OF £1 EACH 
NOTICE IS HEREBY GIVEN mat a 
drvidcnd ol J 7So =er Share wifi be 
paid on the 2nd January. 1979. in 
re.',-.ct Ol the half-year ending 31« 
□erember 1973 

Payment ol m s dividend twill be made 
alter presentation ot coupon No. 33 at 
any ol me unacnnNbiimd oJTites ol 

payment. 


OFFICES OF PAYMENT 

The Rio Tinto-Zinc Corporation Limited. The Rio Tmto-Zmc Corcoratlon Limited. 

• Registered Office. iTransier Offi..ei. 

6 St. James's Square. Central Registration Limited. - 

Lonaan SnIY 4cD 1 RedcliR Street. Bristol BS1 6NT. 

Barque Rq-hscn.io Banque Bru.etles Lambert S-A-. 

TSaon P^lT. f'rance. '* B « cnte - 

Soc ie:«. General de Banque. _ a0 ° _ ru ‘ s * ls Belgium. 

3 Mi tagne du Parc Baoqne Generate du Luaemoouro s a 

1 D00 Brussels. Belgium , 14 Ru 5 Aldringcn. 

Banque Internationale A Luxembourg Luxembourg 

S.A.. Socieie de Banaue 5uLC#e. 

2 Boulevard Ro.al CH 4002 Basle. 

Luxembouig. Switaeriand. 

Union Bans of Sw-ticrland. Crcdn Suisse. 

Oahnnolstrasse 45. Paradeoljt: 3. 

CH 3021 Z-irich. Switzerland. CH 8021 Zurich. Switzerland 

Under the Imoutatlon lax system in force in the United Kingdom these 
dividends will be oayabie without deduction ot United Kingdom tax and »or 
Shai eholders residenr in tne United Kingdom, will carry a rax credit calculated 
or relerence to the basic rale ol Income tax applicable at me date cd payment, 
•nnv'c a double tax sgreenun- so provide*. Snarenoieer} ickident oulWde me 
United Kmqdom will obtain a tax ered.t. against which some UftlW* Kingdom 
lax inav tail lo be oflset 


Coupons, which must be listed on special iorms. which e»n m obtained on 
pr atler Monday. 27th November. 197B. at any ol tne above offices. ma» « 
deposited on or alter Monday. 4th Ore ember. 1978 CouoonE ttreseni™ lor 
payment in the United Kingdom mult be 1e*l FIVE CLEAR DAYS for -«ani motion- 


Shareholders mould noie that uiwcr [he Comoanv's Articles of Association 
adopted On ZOih May. 1970. provision .% made tor the (oriel [urc .ol the aoove 
dividends ;i not claimed within 12 yens trom lhe 20H> SeoteinbcY. 1» 7 ®- 


6 St. James's Souare. 

London 5W1Y 4LD. 
17th Naicmoer. 1978. 


Ey Order ol the Board. 

D. A. STREatfeild. Sccreury. 


Interest rales were generally Threc-momh money was quoted to S-8J per cent from 7J-7| per 11 

mixed >Y*ierday t»iih 13-vvek 3t 3.75-355 per cem and the sis- cent TOll 

TrvaMiry btlls up from S.U2 per raonih rale eased to -185-3.95 per _ .. . M (ill 

cent lale on Wednesday to S.05 cent from 3.95-4.05 per cent 12- BRUSSELS Deposit rates for • 

per ceni, 26-week bills ea<ed momh money was unchanged aj. lhe Belgian franc (commercial) 

huu ever to 8.97 per cent from -LJ 5-12- 5 per cent. At the routine showed Jittie change. With ■ one- Gold fell to -clow- at Sllo^ 

9.02 per cent. One-year bills were fortnighlly meetinc;. lhe Bundes- month deposits, at S}-81 per cent , 1964. itt active. trading^Conditions 
quoted at S.97 per ceni from 9.02 bank announced that there was against S}-9 per cent and a tnree^. j were very neenc m tire morning, 
per cent. no change in iLs credit policies. morufa n ** Per cent com- wheo i. the., metal wm - ■« 

Opinions vary in the oiarkeL Hen ever, earlier in the heek there 'Jiared; 1 ^ with 8J-8S per cent. Sjk- SJ79J0. .the .finji. fixing fielou*.S200 
but it would appear that a sliuhr was speculation that the autbori- 'mooth; deposits were quoted at since'’iLUBU^ ^)-iTTad teg was also 
upturn in demand for paper may lies were considering moves to Si-83 per cent from percent — , > l. — — , — 
well reflect an improveiuem in reduce excess liquidity, which wa j while the 12-raonth rate stopd. at : - TSwy.'te-- •'». 16 

Nentiment over the recent somewhar nullified bv their percent against S*-8J per ■■... r~- “7 — 

measures announced by President decision to sell DM 225bn in cent - , . ' • ' 

Carter to support the dollar. Treasury bills uhieh in fact .PARIS -- Interest rates were «201»-SIM4 

Certificates of deposit were quoted atlracled bids of around DM 4bn. weneraUv static tvilh call money 

at 10.1 per cent for one-month. AMSTERDAM — Intere>t rales at 71 oer CMt and the 

10.55 per cent for uro-month and showed a slightly firmer tendency w month rate unchaurad i nmmi ffTinr ' muli?® 

10 75 per cent for three-momh with call money at Ml per cent S ?„? unctian ^ at ^?HSSSifc ffiSw 

FRANKFURT — Where changed, from SSI per cent and onVWnth ^ Gold Mn « 1 

interbank money market rates rising to Si-S'l percent compared HONG KONG — Conditions in K^dnmwUraiiy....;. j - • 

were easier. Call money fell to with *8{ per cent. Th e three- the money market were generally SiU, , 

t. 8-l.fl per cent Trom 2.0-22 ner month rate wa- quoted at Si-S! easy with call money at 9* per ji*,- taBwwi-llSS? . arS" d 

ceni. while Lbe one-month rate per cent against S-8J per ccnL cent and overnight busin es» -dealt I . '• * - - . ^ nx2S£d " tss-^Oi ' 

wa> unchanged at 2 .9-3.1 per cent, while the six-month rate firmed at 6- per cent. ' • Old Soy«winfci;__Ji*ai«4 ' «69*-bl 

«... '.'Jjai-ar, .XeDi-SHi 

Gukt'Ccrtns^ 4..'4 

UK MONEY MARKET ' ' *^S35SE2=|rtii^ 

'll • J ' 

Vjkino 1 1 QCClCTQnnA ■- 


. j XB-JU. 

169A-61 



UK MONEY MARKET 


a ^d, 


Small assistance 


|OW' Bo m waft-V . '■ . " .t^SB-Sgi j B34-c I 

...ktaO-al - . 


Bank of England Minimum 
Lending Rate 12) per cent 
(since November 9, 1978) 


- ' S3J Engles ...~_..._^.[|x8S-2>B . rt8t*-S844 

cent and 12 per cent for most of there .'was a small . excess of 
. . y ; HOW * ver °?t everyone GOyermneut disbursements, .'over .. . ". r ™ 

was so fortunate and in the inter- revenue'' transfers .to ' the active in the afternoon, when the 




.'■om a small amount of Treasury lor most oi tne day took place biHs! In -the absence of any /S199JI her onrweV te- the after- 
bills all direct to the houses as a Je^een ll per cent and ljj Per anflouncement Bank of England iion.: co^arSWtth ETrSo 
result. Most houses appeared to cent before rising towards the minimum, lending rate was un- «*00 flS) momSm. and 

bo quite comfortable after the close. changed. at m per cent. R m- /mm 

official intervention with secured Banks brought forward balances C Rates in the table below ; arfe ,(^08^2) Wednesday 

rail loans fetching between 11 per a little way above target and nominaf in some cases. . T^^ranfcfirrt +fux vitn har 


‘BJfff thl m ^^W iC^ Wedne^ 


LONDON MONEY RATES 


•loTline 
■■I 4ei<-:i 


L(*l 
A ill hurl ly 


Uval AiiLtiJ 6 'Iuaiki: 

; n 6t* aUt Uwiae uunnov 
•! UepYsit- DewwuS 


PLANT AND MACHINERY 


FOR SALE — METAL-PROCESSING PLANT IN SPAIN 

in iho industrial wci gl B»rc«lom, near motorway. Modern nwl» in ®» J®I 
sheet-mcul work, surface trcitftltnt, cutting and machining. SiB ajw * 1 



In Frankfurt the 12 1 kilo bar 
.was. fixed at .DH 12,170 per kilo 
(W 9854 . - per etmee) -Keotopared 
with , mi 12.635 CJ 20756 ) pre-. 
“viouBly,.-.. - • 


MCMEY BATES 


NEW YORK . . . 

-Prime Raw UH-H 

jrnndB - • - - _ 9-6175 

Tnsunrx Bffls 03-ure^iV-r, S4H - 

Treasury -Bills n^wadc) — 4 8.V7. - , . 

-GERMANY ' •'< '• -V • 

-DhKatmt Rate :-.J~.2. - S 

'DvernlKln US •' 

One tnooth: SM 

Three znomhs wo 

$«» owniha W4 


m2, gf which 3.800 m2 buili-up with 3 mtcrcennictinc halls 

storing sh«d. Vinous cranes from 1.000 » 5.000 kfi working 

supply HO/saOv. natural gas connection, sslf^upplr water 

oHicas tnd cant:?n. Posaibiliey of Hkinj a-s' Qualified personne*. *™*L ® 

n.gotiitiom. J00 ml'lion p«*r»s Thu inn* include* Iighfog. 6e»o"f‘ wawfl 

compressed air jnd crjuej. but not machines. 

Nhm nnd mminef to- elplwr 608* MOSSE 3NNONCEM LTO^ 

P.Q. SOX. CH.B 023 ZUMCH/SWIT 2 EP.LAN 0 ' ' 


Local auttionu' and finance home? seren 
ralcii nominal b Utree years lJa-UU per uii«: 
are hu%in$ rates for prune paper. Puyins ra 


iereit days' aouce. o^ers seven days' ns&L--* Lonaer-tena local aottoriry moMsa»lrt^^S.r -"Tri 

*** rSrt 12M8 per cem. a Bank bin rieVnitSte I : 


threNanonui 


FRANCE > / 

bta?mw «src -,. v ; .ff 1. 

Orenjubt- ....L4 

One ouHOh- 

Three ' months ,.... ..-..v...'.....,.' 7SB S • 

SI* oKdYfttt " J37S . - 


rmanc naiuc kbiw ipuun-n^j ay idp r nance nwt .ww u-iiw. ip 0fi . gM.hn prov*mbor l, IPfS. Cfeartsss* Baric 
Dwajtt Rains for small soma a; '«ren da" nnr|,-a m p er rent ClBariog Bonk Base Rales for LenUtu lfl per tent Tre»a« 
Bills; Ai erase tender rates of discount 11 WHS per cent . ^ ^ Tra “ tt f? , 








































37 


.V:S- 

- ; v ga. 

‘Ay 



hi 


EpmE^SV ARTHUR BB*1KTTAKD TH) SCHOEJBB 

^MATERIALS . . 


j 


• QUALITY CONTROL 


COMMUNICATIONS 


ttf AU- A ’ . ’ . ^ * ’ .V___ — U3CU Ul taut ILUIUJL, *11111- L* 

SUCCESS IN til© treatment of titanium dioxide, cate computer circuits is of In the eq 

“” re lo jV Production capacity importance, because even one the surface 


Tests wafers with no damage Two minute facsimile 

ACCORDING TO 3M, the fact 533 mm, is only 117 mm high 

EXPERIMENTAL lasewcanniog Thus the development may as representing various defects £ T*£ S^ifilhrfv 

methods to detect microscopic contribute further to the de- such as scratchy, cracks, dis- Pa ,>J lC n*npr 

detects in silicon wafers before crease in the cost of making locations, precipitates and other ^pn^tfnn h!^Vh »ir V^h» <= i ^ ^ e « £ 3 ?h p 

they are used in fabricating intri- computer components. imperfections. ?i.Jh n %m?i™n°t lh lnrf Pr 5!n5£ KJln S i?th ®“ l ° Jjjt 

cate computer circuits is of In the equipment under test. Capability of this laser- ?2 fi «2 P ? h e . I i« 5r2u « e i ,n k» 
importance, because even one the surface of the wafer is scanning method *s m *haip * in 

such d**fi»pt ran ooiica ttiA faiinra comnni n loor Ac nnnimet with iha: df i>nrpnnt . ^ carapanj s latest machine. machine and automatically 


'We shine in a" 

^ power cut! ; 

• * . . . * • ‘ • * 4 ' 

generators from 21: VA 
to 2000k VAior role a nd 
hire -worldwide • • - 

DAWSON- KEITH 




‘ GENERATORS OF POWE R 

■■ -,;y :'Tel: {0 j 05). 4 Z4.122*}. :-y v _ 
^Tel^; 3$4SrD^i't:a : v G- ' ' * 


■ i'i - • 

\<£#. 

•* .v< 

n : V 
• 7 


stindins example, of - this ^fcS&T / ^ 

iag-heafseal properties- to papers Tn nJn_.tH.V- 


scanned is perfect. 


SS^lwSfTrteaTQd P^Hnaki^Caj^^ .Because the approach is non- When the beam passes over a tlve of the ^tch. More- transmission eosf ^ reVulTsTassum fS” "J •JSjgJ u “ machines were no longer for 

coffee bags. . stand up well to the prBCSWand destructive, it can be used to detect, however, some of the over, a batch or .refers can be ino a connection exceeding 56 ■? a . optical method, to specia!ist users such as adver . 

Caii&lm tfabhanie chosen- bv mauynew propeftieC^t examine silicon wafers for excited electrons recombine in sampled only before the circuit- km established in the earlv rece ? Te ’ electrosensmve paper is t jsf n » a *enrtes newspapers and 
aLiuhmiiv fhr rhi n/m, same time.it is.an ectaniW Mf^^ y defects before devices are fabri- it. and the surface voltage drops, fabrication process; there is nn nnn t Ho pnet fnv lu>n fftiit* employed in which a coating is :lf’ n 

Ion'll' nrnFoccinn hut pniild 


detection procedures r V e ■ M * b - 1S relatively raexpen- wrapped round the scanning , 

render t», e w ,r~J Sive ** r £T -‘*°0 < £5 ° ?? r month drum, the operator having company was taken over. 

_ With rhnse nrn. to re nl) and can transmit an simple to select the speed, set . At a recent London demonstra- 

only a f-J A4 P^e of typescript, drawings, the scnd/receive switch and, ^on the company emphasised 
hatch are usually teVied hand *riting or photographs, at W h Bn a “ready" lamp comes l K hat . 11 w »s in the facsimile 

Sfa operator must cfmliJ acce P‘ able definition for most on , press the start button. business “ to stay and would be 

thev irn . Office purposes, in two minuies. »„ «. pntl mnrfft , h „ Iinit cuncentrating on pulling across 

', Ph ?r T ta ' A considerable reduction la ^“ a ^ 5?“ ln 5 i.L Hw line ^ meSsa 3e that facsimile 

nr - ‘'? tch ‘ Mo ” J ' transmission cost results; assum- s] „ nn T ip -i * tn machines were no longer for 

„nlv l)° rurr ^» ?" b . 0 excradms 56 £lg> 1 ", is S, ’ eC,ali5, U5erS !UCh « 

on r . c *1** circuit- k m _ established in the early PT nr*in«id in „us-i, sf tising agencies, newspapers and 

0D tn P e*am ? ' Lh . er ? n, J afternoon, the cost for two. four burned off the Burf 3 ^ oatin ^. p the legal profession, but could 

iy to examine individual and six minutes of telephone ° ff the 8lirfa ce to 0 ive now be use p u n y adopted by in- 

i tne procoic. line time is 24p. 4Sp and 60p ul „ un . d us try in place nr other com- 

er details from IBM. respectively. Annual savings Use ,s made of a micro- munications methods. 


: Jphe materials are dwirriw ^ Carifll adds its ■: chemiutl - ^dd manufacturing process in order These voltage chances are T w,,'.. '/ will denend on hup hi-t at Tn processor, -one function of which ' 

j^biSSSff :**%£$& ao lf ture ^stance.v.-.^ermsl tn determine which steps need registered on the screen of a Thomas X W.t«» Researeh is to simplify fault diagnosis in 

Itrea ^'oii the aurfiicesof whSJ stabu «jr. and gooff ,;ele«ncal adjusting to improve the process cathode ray tube, forming Centre. POB -1- Wkt°*n thp t wn.mtniite transmis^inn the T hc machine can as a S*?”? d com P lote telex 




4 * 1 : branched Dolynronvifiiie moisture resistance. raerm*i m aeiermine which steps need registered on the screen of a 

fibres on the surfeces of which stabUi *y. and gwrf -elecjncal adjusting to improve the process cathode ray tube, forming Centre. POB -t.. Wktown 

Prions mlhsal additives hew P r °P ertie s. Cable' insotMors, yield. pictures that can be Interpreted Heights, NY 105.*S. u.S. 

been partiaily embedded. Since ba ? e 5f separators, capadtors 
the fibre: itself is tough, and a ^° papers are attested 
highly resistant to water -and Products* - ?t ; 

. -.tiffs ' is a • notable . • ®M advantage can -he htor®/ • CO M P LITERS 

achievement. _ . thermoplastic properties fe;heat- 

Surface modifications thus seal, thermal emboss or ionn. or rw-^ • a 1 1 _ £• jL ^ ^ ' l rj _. 

x Aight check on weight ot tea packs 

**$£& b®*.!* 14 ? ^®P,. b l*. con ‘ lam j na ^s and many 5thf33£« COMPUTERISED weight contrnl The small central computer Details of all these tests will 

trolled to.giye a stable diaper- products in which the plastic can equipment to help improve pack with disc storage and two he printed-out in iho Ir.hnratnry 

5100 J. n lSat J c f;;,_ Also v depe nding be used. _ ' ' ' . ' ■ weight standards and meet thc printers sited in the quality nn one of the priniers. while the 


COMPUTERS 


Tight check on weight of tea packs 


i with- bpth thermoplastic and woven fabrics, 
mineral, characteristics.. . Shell Interi 


®^*”/ abr f cs - 4 . , - Twining & Co. electronic li.i/ance nr continuous for the wlculalinn of weight 

Shell I n^exnaliapa E -\ CbMa "Bu Kins AppF'cd Technology of checkwcigher — located in tbe adjustments. Tho* 5 '? summaries 


the twn-mtniite transmis^inn lbe Tb <? machine can as a w irk. C0m P |Cie ieiex 

rather than four minutes, gives resu,t be set U P us,r ig a fifteen nei " orK - 

a f«)fi saving. position test switch in conjuno For the future, 3M is Under- 

Realising. however that the r * nn w ' tb six potentiometers, stood to be close to announcing 
2346 might have lo communicate Fault correction is based on a digital machine that will 

with other makes nf machine, module replacement reduce thc A4 page transmission 

3M has designed It with four The machine, fully approved tio}® to 35 seconds — at which 
selectable speeds — two. three, by the Post Office, is the first P°*pt the running cost becomes 
four or six minutes, assuming complete design by 3M, previous a b ®tier proposition than using 
standard CCTTT protocol. units owing a good deal to the tbe ordinary mail sendee. 

The machine measures 368 x Magna vox designs acquired when GEOFFREY CHARL1SH 

© SAFETY/SECURITY 

Loop will defeat tbe petty thief 



CM3 | gs , _ Daiaum _ supnat ft _ and SE L 7PG. 01-934 1 2 34. - -_ its K1000 prepack weight con* Weight data from the < balances men! and 1 p.jvide he ab i e to protect up to 40 items mittent piercing alarm is. aett- majority of liquids encountered 

■— i-- troller for inslallation at the and check wethers will be pro- weight incorporates thc latest advances va ted if a mass theft is involved, in tbe chemical, petrochemical. 

Hfl ■ tea company's .Andover plant. cessed by thc computer and thc grading btanoar^ um .^rs to i n lts compact control box and The control box automatically oil refining, pharmaceutical and 

■ I R BB M000. apart from helping operator mstnicred to make any monitor adneren. . loic^al re- sensors. resets itself after 30 seconds. food industries. 

■P ■■ Bl- meet the requirements of the weight adjustments necessary to quiremenm. The control has an indepen- industrial Maintenance and A float with integral magnet 

nlin proposed EEC legislation, ensure that legal requirements WS Attms,- wood cote Grove, dent power supply, audio and Services is interested in appoint- assembly surrounds and is 

will provide detailed operational are met with a minimum of over- Ashley Road, bpsom. Surrey visual alarm, and an on /off i n « distributors for the alarm guided by a nonmagnetic tube 

. ■■—Km _ “S'; <iata on machine and product. pack. KT18 5BW. Epsom _bi,o. switen. pc box supplies up to throughout the United Kingdom, which contains a magnetically 

1 HinjJHl MLi nl 7‘ H independent loop alarms, it is a division of Computer couple float follower. The latter 

PIE. W ■ llWnl ' ' . ' ■ Three types or sensor attach- World Trade at Excel] House, conveys the float position to a 

. ■■ ■ WV ■■ 'i_. ■' ments are available for linking Trust Industrial Estate. WJJbury measurement drum via stainless 

* ^ are ready HI OW. aCl0r,eS and serviced sites ■ J Terminals to recognise more words SilESiSaSS ^'^- hin ' Her,s ' SG4 -° UZ ' 

S ★ Government grants are a va liable and ~ B EMI THRESHOLD has increased The range ts expanded to in- large character displav nr a -* -r . . wei - hl nf the' float follower is 

■ B ' - auiemiu . t . — I , v . v, » ■ *•-*_. Hude the Threshold 60h. a com- VDU. Software changes in the a spring loaned needle and lock nrr M A * 1A compensated by a spring system. 

-B; . -Substantial rent concessions may a ppfy. ;B ' L* 5 . ran * e °! Vo . ,ce Data Entry e flexihle terminal Which host enmputer are unnecessary. L ’°niaci: and a lignt sensor. Approved for installation in 

' H it New motorways fast trunk marie HInh : ' B ' “5-l ceS wtlh pnces startinje at ran ' be programmed to accept Threshold 54fl» -s a four- The alarm is easy rn operate O hazardous areas the BM51. being 

H ^nflpri Trairift ^ 0?. ”'9" . _B, v .£5,500 for a 32-word vocabulary and display from 64 up to a maxi- station stand-alone or saicllhe and is quick and simple to install. | | elandlew. is well suited tn 

89 •• S^aTramsandmodem docks hnk you. .■ . B-‘- machine. raum of words nr phrases svsiem complete with disc. It allows prntecied items l" |©V 0 ! 111111 measurement in pressurised 

vffl Wltn all your Suppliers And markets. - 1 -B^- All models are based on the and translate them into an out- printer and ,c°i]tr ruling micro- remain protected while being . _ . yessels The indiralor is housed 

W- ★ New Town hoasinoavailahilin/ *■ Threshold 500 processor which put of customised characters or computer. The £42.000 price tag examined by the potential cus- A HIGH level of safety is m an epoxy coated case to protect 

B ^ 1 own nousmg availability. contains new recognition soft- strings of characters in ASCII includes some applications soft- tamer. Snow room display items assured by a tank level indtea- it frnm Porrns iv e atmospheres. 

M Cwmbnm is one or Britain's most auncessfol . B-' ware using dynamic program- code ware for standard fund ran* such can be moved without fuss, or tion system offered by Krohne A , ar;mi5 and e , ec | rjra] transrais- 

g| lndustriaJ developments-- little more than 2 hours . B - mine and other hardware and This unit is designed to act as as management information leaving other items unprotected. Measurement and control, due to - in _ M n h# nrnvin^ 

fig IriwnliondoiLbyliM or 14 hours by High Speed Trala • B'" SfSai dSSlopriSJti? te give a plug-terenlacement forlnv reports, etc. j ^ But when an item is forcibly complete separation nf internal =»ion of readings can be provided. 

B and li hours from Birmingham by railor motorway. - , j ...n.iivi. » nrn iin,i EMI Threshold, B!nh Road, removed, a continuous horn and external environments at Moulton Park. Northampton 

Cwmbran Development Corporation has already 

- - built and letmore than 130 factories; arid tie 

current building prpgramme^ provtdos a wide choice 
of modem, leasehold industrial pr emises in 1978. 

Fully servl ced.'leaaeh'Bld si tea are also available.' 

We have 45,000 people, excellent housing, schools 
and amenities, thriving industry, and a splendid. 

Shopping centre - amagn.et for the regioiL 
.Get the Jhcts about industrial opportunities- .. 
and Oovemmentgipntfi at Cwmbran. Housing wfil . 
bo provided for all vmrk&rs in new industry, and- 
the key men who come with you Initially WlHih© 
housed Immediately. 

. Please unite .phone or vselh* coupon TODAY- ' . • -• 


Terminals to recognise more words 


EMI THRESHOLD has increased The range is expanded to in- large character dispiav nr 3 r f n „ V 0 P a //T -mm- , . 

«• r* e si voi “ 7 ta „ En 7 sss 'SJirwiiis vss hSV-«nSSSTr fxss&t ~ ani . us? iLr. Magnetic 

devices wtih prices starting at P. m b(? proa r ammec j I0 accept Threshold :s a four- Tne alarm is easy rn operate & 

£5,500 for a 32-word vocabulary and display from 64 up to a maxi- station stand-alone or satellite and is quick and simple to install, 1in *f 

machine. ra um of 500 words nr phrases system complete with disc. It allows protected items m Uilft- 


All models are based on the and translate them into an out- printer andcontrr^mg micro- remain protected while being , , _ . ^ . yessels The indicalor is 

Threshold 500 processor which put of customised characters or computer. The £42.0*10 price tag examined by the potential cus- A HIGH level of safely is in an epoxy coated case to 

contains new recognition soft- strings of characters in ASCII includes some applications soil- tamer. Snowroom display items assured by a tank level lndica- j t f rnm corrns j V e atmos 

ware using dynamic program- code. ware for standard functions such can be moved without fuss, or tion system ■ offered by Krohne ^j arinSi aD< j e j ec irical tr 

ming and other hardware and This unit is designed to act as as management information leaving other items unprotected. Measurement and control, due to . readings can be or 
software developments to give a plug-in replacement for anv reports, etc. But when an item is forcibly complete separation nf internal ® 

imnroved sound rlconnition felcorfiiteKamDatSle terminal EMI Threshold. Blvth Road, removed, a continuous horn and external environments at Moulton Park. North 
accuracy. ° “ • recORDiLon a ThrJhold Haves. Middlesex. 01-573 SSS3. alarm and pulsating flashing the measuring point. NN3 1JZ (0604 49H704). 


Unbreakable strip code 


!■■■■■■■■■■*■■* 

It.- W. Howlott Goneral Harut^er ' . j Ji ' • 

- Cwm braaJtevalapm ont Cg tmmgtan Owmbran Gwont NP1 3XJ Wales. 
Tal ep hgoaQgii>bauiS7Ti7- — 

-P1nnnH!ii«HY}Tnfi1i5farrrM±tfmnf»wT^-fTi^Tiid^^ rqjyrHammBa. 1 ~ 


tflHI 


1 7. JJMI BATA has success f iff lv orient the particles and thus 
completed a project with DFebold define the coded data. The 
lijc.. manufacturer of electronic result is a- unique magnetic 
• banking terminals, in which the pattern or “watermark” which 
latter’s TABS 910. -automated cannot he erased, altered or 
" teller machine has been copied without detection. 

? : ©quipped with a “Watermark Watermark magnetic tape can 
Magnetics" reader. The Diebold be encoded and read to all inter- 
. terminal was recently shown for national standards and is fully 

the first time at the American compatible with existing mag- 

B.l bankers ..Associated • Bank Card netically encoded cards 
^,.■1-. Convention- in the U.S. The modified Diebold TABS 

- ■ . WatemarkinH is the name 910 operates in the normal way 

B given to magnetics produced py but has the additional advantage 
' . — " a process - '. whereby coding is of reading the watermark code 

^2? structured into a magnetic layer and validating the card before 

H during manufacture. While the ^ transaction commences. 
mcm dope containing the suspension n t Ai-n-i Road 

i— 1 of magnetic particles is.stUl in ™ S rks SL4 3JA 

the liquid state, magnetic fields Windsor. Berks bL4 aj.a. 

IjkV are applied which selectively Windsor 53111. 


electricalwire&Gable? 

■•■aar Universal 


KOHININ 

ORDER 


•--- Tbousands of types andsizeshstodrfcFinnmecii^c^ 

LONDON 01-561 Sfia ABERDEENmtiB355j/2 

MA NCHESTER 061-872 491 S 

TRANSFER CAUL CHARGES GLADLY ACOtFTED 
14 HR. EMERGENCY NUMBER 01-437 3S»7 Ext. 409 


TJila announcement appears as a matter otnxord only 



Uncwvflfiof»D>r»*ar«nloedtv ^ 

THE FEDERATIVE REPUBLIC OF BRAZIL 


: jtrrugfKf by 

CENTRALE RABOBANK f 


INDUSTRIAL filter elements for regenerable sintered - metal 
purifying. liquids, gases and com- elements (bronze or stainless 
pressed, air are being manufac- steel ) for filtering relatively 
S red i^^ n >,L St o a °^J d 5 fining coarse particles from air. steam 

grades’ by Ultrafilter GmbH, fiv ® j. re ^ 

Dflsseldorf. efficiency grades with disposable 

Six grades have permanent, two-stage or three-stage elements, 

for total removal of oil, water 
. • and dirt from air and gases, for 

odour removal, and for 100 per 
, .»«t» cenl bacteria removal. 

^ , Pore sizes of itae sintered 

elements range from 100 micr.n 
down to 1 miL-ron, while the dis- 
posable elements all have a 
nominal pore-size of 0.01 micron, 
1 10 CA rtAA with efficiencies as high as 0.01 

US S OU.UyUiUUU PP“ for oil removal or 0.005 

” ' ■' ppm for odour removal. The 

sterile grade, for bacteria 
removal, can be steam-sterilised 
'eras Loan - u p t0 ^qq times. 

Each grade is made to identical 
=ORTHE dimensions in the nine sizes, per- 

.... . mittffm complete interchange- 

ability within filter housings. 
Two standard connection options 

1 zl! -L ■ are available: screw-in and push- 

lu-Ji i^Ji fit, each with a silicone-rubber 

. O-ring seal. Housings can be 

supplied with the elements; 
alternatively, the company offers 
an engineering consultancy ser- 
vice whereby elements can be 
manufactured with connections 
and adaptors to suit virtually 
■ DRAyil any existing type of housing. 

DrvM4.IL. .. .. Ultrafilter, 33. Sandy Way. 

Tamworth B77 4DS. 0827-58334. 


FOR THE 


LA. 


Managed by 

CENTRALE RABOBANK 

“NCA) DG BANK Deutsche Genossenaehaftsbarfls i 


0 IN THE OFFICE 

Counts notes 


CREDIT AGRICOLE (CNCA) DGBAA 

onbahaWoflhe 

. UUICO BANKIMQ GROUP _ 


Provided iff 

ANDEtSBANKEN A/S DANEBANK 

BANK EUROP^SCHERGENOMOISCHAFTSBANKEM 

CENTRALE RABOBANIC 

CREDrrAGRIW5LE (CNCA) 

DQ BANK INTERNATIONAL 
SocUtfi Anonyms 

GENOSSENSCHAFTL1 CHE ZEN7RAL0ANK AG, VIENNA 

LONDON t CONTINENTAL BANKERS LTD. 

nagrafin bank ltd. 

(OoncaMi^enals uao ■Agrtoritumfliww 


Agent Bank 

CENTRALE RABOBANK 


Nov«fl&eriS7> 


A HIGH SPEED heavy duty 
document handling machine is 
now available in the UK from 
International Money Processing 
Machines, International House, 
Windmill Road. Sunbnry-on- 
Thames. Middx TW16 7HR (093- 
27 85666). 

From the American Brandi 
range, it is called the Countess 
825, and is said to be ideal for 
handling currency notes, 
coupons, vouchers, forms, pay; 
slips, punched cards and 
cheques. 

It counts currency at up to 
1,200 notes per minute, and en- 
dorses and cancels cheques, 
stamps and . coupons at up to 
1,000 per minute. 

Applications are suggested in 
accounting and wage depart- 
ments, busy retail stores, supers 
markets and cash-and-carries, 
banks, local authorities and 
similar organisations which 
handle large volumes of “value" 
paperwork. 


New Issue 
November 1 7, 1 973 


This advertis e ment appears 
a& a matter of record only. 


OLYMPUS OPTICAL CO., LTD. 

Tokyo, Japan 


TOKYO 


DM 80 , 000,000 

372 % Deutsche Mark Convertible Bonds of 1978/1985 


Offering Price: 
Interest: 
Repayment 
Conversion Right: 
Listing: 


100 % 

37*%p-a., payable semi-annually on May 1 and November 1 
on November 1, 1985 at par 

from February 1 ,1979 into ordinary shares of Olympus Optical Co, Lid. at a conversion price of DM 6.79 per share 
Frankfurt am Main 


Deutsche Bank 

Mnengetsllschaft 


Nomura Europe N.V. 


Algemene Bank Nederland N.V. Credit Suisse First Boston S. G. Warburg & Co. Ltd. 

Limited 

Sumitomo Finance international 


Amstardam-Rotterriam Bank N.V. 
Banca Co m mere iaietta liana 

Bank Julius Baer International 

Limhcd 

Banque Bruxelles Lambert S.A. 

Banque de I'lndochins et de Suer 

Banque de Neuflize, Schlumberger, 
Mallet 

Banque Populaire Suisse S.A. 
Luxembourg 

Bayer fsche Hypotheken- und 
Wechsel-Bank 

Berliner Handels- und Frankfurter Bank 

Credit Commercial de France 
Daiwa Europe N.V. 

Delbruck a Co. 

Dresdncr Bank 
jUiwngesefiscluft 

Robert Fleming* Co. 

Limited 

Hambros Bank 
Limited 

Kidder, Peabody International 
Limited 

It rediet bank S.A. Luxembourgeoisa 

Merck, Finck & Co. 

Mitsui Finance Europe 
Limned 

Morgan Stanley International 

Limited 

The Nippon Kangyo Kakumaru 
Securities Co- Ltd. 

Okasan Securities Co v Ltd. 

Osakaya Securities Co., Ltd. 

N. M. Rothschild ft Sons 

UfritBd 

J. Henry Schroder Wagg ft Co, 

Limltod 

Skandinaviska Enskiltfa Banken 

Soci6t6 G6n6ralede Banque SA. u 

Tokai Kyowa Morgan Grenfell 
United 

Union Bank of Switzerland (Securities) 

Li meed - 

Vereins- und Westbank 

AlOiWBfiseJlscIwft 

Wako Securities Company - 
Limned 

Wood Gundy Limited 


Am hold and S. Bfeichroeder, [nc. 

Banca dal Gottardo 
Bank fur Gameinwirtschaft 

Aktwngasrllscliafl 

Banque Franpaise du Commerce ExtArieur 
Banque Internationale S Luxembourg SA 
Banque de Paris et das Pays- B as 

Banque Rothschild 

Baya rise fie Landesbank 
Girozentrale 

Blyth Eastman Dillon & Cq. 

International Limned 

Cr6dit Lyonnais 
Dai-ichi Securities Co., Ltd. 

Deutsche Grrozentrale 
— Deutsche Kommunalbank— 
Euromobiliare S.pA. 

Goldman Sachs International Corp. W 

Hilt Samuel & Co. ‘ 

Limrieti 

Kleinwort, Benson 

Lknrtod 

Lazard Freres at Cia 

Merrill Lynch International ft Co. 

Samud Montagu ft Co. 

Limited 

New Japan Securities Europo 
Li mi ted 

Nomura Europe GmbH 

Sal. Oppenheim jr. & Cie. 

Pitfield Mackay Ross 
Limited 

Salomon Brothers International 

Schroder, Munchmeyer, Hengst ft Co. 

Smith Barney, Harris Upham ft Co. 
Incorporated 

Swiss Bank Corporation (Overseas) 

Limned 

Trident International Finance 

Limited 

Union do Banquas Arabes et Francaises-* 
U.BAF. 

Vickers, da Costa International 

Limited 

Westdeutsche Landesbank 
Girozentraie 

Yamaichi International (Europe) 

Unwed 


Atlantic Capfttf 

Corporation 

Bank of America International 
timited 

The Bank of Tokyo (Holland) N.V. 

Banque Generate du Luxembourg S.A. 
Banque Nationale de Paris 

Banque de Paris et des Pays-Bas 
(Suisse) S.A. 

Baring Brothers & Co., 
titrated 

Bayertsche Vereinsbank 

Commerzbank 

AktleoflP5ait-chjrt 

Creditanstalt- Bankvorein 
DB Finance (Hong Kong) Ltd. 

DG Bank 

Deutsche Genoese iwchaftsbank 

European Banking Company 
Limited 

Groupement des Banquiers Privfis 
Genevois 

Industriebank von Japan (Deutschland) 
AkHengeseftsctofi 

Kredietbank N.V. 

‘ Lloyds Bank International 
Unwed 

B. Metzlerseel. Sohn & Co. 

Morgan Grenfell ft Co. 

Limited 

The Nikko Securities Co.. (Europe) Ltd. 

Nomura International (Hong Kong) Ltd. 

Orion Bank 
Limited 

Rothschild Bank AG 
Sanyo Securities Co., Ltd. 

Singapore Nomura Merchant Banking 

United 

SoeiAtfi Gfinfirals 

Takugin International (Asia) 

United 

Trinkaus ft Burkhardt 

Verba nd Schwaiarischer 
Kantonalbanken 
J. Vontobal & Co. 

. Westfalen bank 
AktlengeselbchHlt 

Yamatane Securities Co., Ltd. 




I 








St. recovers 8.6 on stronger dollar 


Financial Times Friday 


Indices 

new YORK- aoy, °” s 


K 


LN VESTMENT DOLLAR 
PREMIUM 

S2.60 to n — R9J°& 1851%) 

Effective 51.9520 42!% (401%) 

V.TTII THE dollar's fresh improve- 
ment aiding sentiment, Wall 
Street made a more successful 
rallying attempt yesterday on 
bargain hunting and closed near 
the day's best level. However, 
trading was rather slow. 

The Dow Jones Industrial Aver- 
age regained 8.5$ to 704.18 and 
the NYSE All Common Index 
. finished cents higher at 852110. 
'while pains led Josses by 941 to 
.>01. Turnover was down to 
21.34m sharps from Wednesday’s 
total of 2fi28m. 

The market resumed the reeli- 
nical recovery cut short on Wed- 
nesday when Presidential Inflation 
Adviser Kahn warned that a deep 
depression or wage price controls 
v ere the alternatives if President 
Carter's anti-inflation plan failed. 

Analysis .-aid investors viewed 
Kahn's comment and a similar 
remark yesterday morning by 
President Carter more as rhetoric 
than economic forecast. 

Federal Reserve Board Chair- 
man Miller told the Senate Bank- 
ing Committee: "1 do not see any 
conditions that will bring about a 
recession unless there are unfore- 
see nfactors in the economy." He 
alsosaid that he does not fore>ee 
a *■ credit crunch.” 

Analysts added that they 
thought they detected a pause on 
Wednesday in the recent credit 
tightening moves of the Fed. but 
the credit markets were thrown 
into confusion yesterday by some 

NEW YORK ! 


ciianttc- announced by Miller in 
the '.’a}' the Fed will report money 
supply dJta. 

After the stock market dose, 
the Fed reported that the nation's 
basic money supply rose -S 1.1 bn 
in the latest reporting week, but 
said li-urcs on its new category 
of money stock were not immedi- 
ately available. 

Texaco, the volume leader, 
hank-red ; to 823. A 100,000 share 
block changed bands at S24‘. 
Anion/ other ePlroleum issues. 
Exxon added ; at Will. Gulf Oil 
2 at 824; and Atlantic Richfield 
Si al .-'•*41. 

Boeiusr, the second most active 
snek. climbed 2\ to S 62 ;\ It 

has received orders Tor four more 
jt-: planes on top of iis huge 
orders announced on Wednesday 
valued at nearly $3bn. If all 
notion* are exercised. General 
Electric, which won the engine 
contracts on Wednesdays orders, 
put on in 

Ilillnn Hotels advanced '2; 1o 
843 1 on a proposed stock split and 
increase d dividend. 

Occidental Petroleum added [ 
io SI.*:, it has arranged a S23Qm 
deal m exchange fertiliser for 
shipments of Soviet ammonia. 

Chcssie System put on 2 to 
S'2t>;.. The company has agreed 
to nierce with Seaboard Coastline, 
which moved ahead 2; to S30}. 

Canada 

Muirp gains in Oil and Transpor- 
tation issues led the Toronto stock 
market further ahead in active 
early dealings. The Toronto Com- 
piisiie Index was G.n higher at 


1.227.5 at noon, while the Oils and 
Gas index, after Wednesday's ad- 
vance of 3o.d. rose 20.S more to 
1.649.9. Metals and Minerals put 
on 1.7 to 1.062.1. but Golds receded 
a further 12.1 to 1.303.6. 

Montreal stock indices were un- 
available due to computer prob- 
lems at the Exchange. 

Power "A’’ gained 3 to CS1S. 
after resuming at the opening, but 
the shares were hailed again later 
in the morning. Power owns 5S per 
cent of Laurcntide Financial, 
which has agreed to mcr/e with 
Banque Provinciale du Canada. 


Tokyo 


The market yesterday showed 
some resistance to the recent 

reactionary trend, with Light Elec- 
tricals and some other export- 
orientated issues moving ahead in 
response to the dollar's 
improvement in Tokyo. 

Overall falls held a narrow lead 
over gaining issues, although the 
N'ikkei-Dow Jones Average 
recovered 19.50 to 5,919.68. while 
the Tokyo S.E. index hardened 
0210 to 437.90. There was a 
moderate business of 240m shares, 
down from Wednesday's volume 
of 310m. 

Among recently- neglected Elec- 
tricals. Sony advanced VSQ to 
Y 1,500, Pioneer Y30 to Y 1,540, 
Yictor of Japan Y30 to Y1.100. 
Ricoh Y20 to Y5S0 and TDK Elec- 
tronic Y20 to Y2.03U. Toyota 
Motor. YS62. and Canon, Y432. 
gained Y6 apiece. 

Cotton Spinners. Paper-Pulps. 


Xpv, ‘ Nur. 

It ' Id 


A M»>ft Lol-b 

A: ■ rx l.i:i* 4 

A:r;.:.,|n. i . 

M.-anAInn 

,1k •.« 

AHtC. Ui ilun.. 

A : l*cri(.nr F-.-ier 
A r.M-i>.h«n. 
.Illlftl Mill*. . 
Alli-I lnlmtrv . 

\ M \ X 

.' ni"ii>u He 1 •. 

.\ »•«€• . All-: ill-’. .. 

A»:n. Unili I-. 

i iin.—, i.'nn 

Aon-r. t. van* 
.\mi-r. |Iim. Tel.. 
At.iie. k :m :. !■..» 

AM'-". r-.(.r»« . 
.\mcr.H«ni* P».p.l 
Air Urlii-tl .. 

\ tiiw-r. )[■,' r.r., . 

Amor. Aar. I>s!.. 
A •in-:. ->i»iilinl. 

\n.Mr. .-‘Inn- ... 

A-ner. Tel. L Td. 

AniMlok . 

*MK : 

A'lH 

A>.i[K.r 

Xih'Ii-' H.- kinj . 

Ailmiiiw Bii-i. | i 

A 

J.S.\ 

.vutmera Mil. . . 

t-*il»i.| 0 ;l . 

Ml. ICli-hilrM.. . 
.V'l* Dm* Prv . 

.\v«; 

A -W 
\v-.n 

Unit, fia* K\- 

K*Q“or Punin.. . 
Ural. AniMrVK.... 
^xni.crs T-. N.Y. 

R»rijor ‘'ll) 

Jiavt*rTnir*Ui|.. 
Heatnc* F«.*l 

Foil A Howell 

Bornli-: 

lVngiiet !.*in* -B\ 

Bi-i lilci'Min 

Wa*:U ,t rift-kor.. 

H"ema 

IMw O-'H-ir .. . • 

a-.|.-n 

H-rx Warner .. . 

U-nmft Ini 

ilrauna ■ V . . 
Hntr -I Mycra — 1 

H. lvt \ Ur i t; . 

MI*!- . 

Hnin-ni.-k 

ll'i'-vni: brio . ...' 
]lnl»-.a Wat.-li. . 
Hnrliii^i-iii Srhn. 
Hurvnel' 

1 niii|.liM| I tM.iiji . 

•.'rwkIuiII l , m:ii:i- 
i.'aunl Jtan-lvlpb..' 

i.'aiiMtion 

Lirrirri tirlie.Til 
i artor Hit-.- lev ...I 
i ■lerpiilarrnn.l'i 
• U- : 

I elin« C.'i-irn ..I 
Central & fj.W ....- 

I'crramrpH 

I Ain mil... 
t bani|ii i, n Truer... 
C ha-r Maliballau 
i' lie nil'll Uk.N Y. 
I'tatirhr^h B"U'l.. 
i.'hvffh 
I hiisiff' 

f hn»liT 

On*:. M ilai nin... 
tlllo-rv 

I ilur< Si-ri-k'O 

«. itr In vesting... 
I'lwhnrt CliiT. ■ 

OraLi-l* 

f nlpk Palm . . 
iVIlirn Aikmaa . 
folniukia l-as... . 

I. irilnmhla J*i« I .. 

■I. nm-tinCw-vl V in 

1 '.mhublina Euji . 1 

l.-'irnlnjrlion 
i Fwii-i-n. 

■ nmm. -Saierliia. 

f..no Lif«r Ins • 

I ■•nia.- 

•.cn.liili-’ii AY.. ; 
i i.n^'l F.,..k1 - .., 

i .m vl .Y*r (•«- .. 
i '■iHum.-r l*n?ir 
i ''ill irii’nial hit. 
i.oonnenial i m.. 
i "in niirnini Tele 
'.•.•nn-i Uara... 

Indfiu .. . 


1 1 nrnmr (•:«•■. 

_lc ii Iiiifni:..v 

I l.'ranv 

I lltM-kir: Vr .... 

| L-jnn Zrl!?r*is. 
i i aiimilS- K'ia'.l • 
j i. ntLus Wr ji'i 

I Dmi .. . 

INirf Inniiiinif- ■■ 

! 1'i-rrir . . 

. Ilrl Af-.Dle . 

I L>m1:.:.iu ... . 

IVnl-piV Ini ... 

Lk-incr 

j Uian:-in>t.?ii^’ii.' 

L'i-.-iat'li'.nv 

tilBWal tiiwr-.. 
Ul-nrv i Vi ail- . . 
D-rv-C..— i-'ii.. 
ljoin..'i|i . 



Hretiei ... . 

Pul- - tit . . . 

tagle Pir»-i;«*.. . 
Ran A:rf:ihri 
Di-iTin K -u.„ 

Fa I "ii 

k. r.. k Ii. 

Kl Pa-.. >ri. i-a- 
Film 

Kirier.-'n l-l— n--- 

K:nri y VirFr'ijiis 

Fniliail 

K. 'Ll 

Kneel hard. . 

Kkirark 

Klb'l 

K:.%»n 

Talidiil-J ‘.mn-i 
FW. D» pi. -I. r«f. 
inrwoge Tj-r... 

i F-i . ,Yat. iJ'i'-i-iii. 

flo\i Van 

Fiinmuir 

Pi"tM» P"~ci-. 
Flu-^r 

F.5I.C 

Ford M«<ff ; 

K»rem«it 

FuabiTM 

Knuililln Mint ...! 
F»wr«isi -Wine™.; 

Fran Cum it 

Fuqua ladi ■ 

O.A.F 

< laini-r; 

•ivii.A mcr. lav. ... 

0. A.T.X 

1. ru. faille 

fiL-n. Dyaamkv..: 
lieu. Kieuuiia — 

iii-ii. 

ucnqrm) JIUI- 

H entrnl Hi* 1 !)... 
lien. Bn*'. I til.... 

(■ell. Mgual 

lien. Tri- KIptT... 

lien. Tire 

lieiieftv • 

ii«<'i‘gia fti’ilit 1 ... 

(,(iiyiiirr<! 

deity Oil 

(■Welt? -i 

lli»ali-|i-li B. F.... 

I i i'-iii ear Tire....: 

i.oul.1 

( i no: W'.U 

Mn.Atlau Pai-Taa, 
Ini. Aorth Jw‘n..j 

liTvybouuit • 

i ■ nil & Western^! 

linli OIL ; 

HalMnictuu 

Mhiiim Aiioioe...: 
Uannh'hleger....', 

Uarru l-Yirpn J 

Htln* H. J~ : 

Uwulicin ■ 

Hcuie Pai'kani...' i] 

IJ.'li'iH.v lunj j 

Hi'niwake 

H* .newell , 

t|n.tMcr , 

Uo-p-Corp. Amer ; 
Hini'-liui Xit.riia 
lluul i P*i. AlChlfl! 
Hum it.F.i i 

l. r. I u<ln«riefc...| 

IX A. 

liigers"!! Han't, .j 
I r rian t Steel 

I niilt-v I_ 

IBM ’ 

liai. Fiarmin 1 

lull. Hancsier...; 
Ini L AIJn A ri't-nii 
Iml Multirtaato-.l 

IlHn , 

loll. I'aper 

I nil. I.'veiifiet 

trail. Tel. A Tel—' 

l..«* Beer 1 

11' Iniernaiimial-j 
Jim Walter 


-Iiiiiiia Alan v I lie... 
J.il.ui-iii Jc>lmi"'n 
J»lin->>n CV-ntri-l.l 

■■••.vAlaninai.'tiii's- 

KMIarCurpu 

K a laer.Vl om in i* n i . 
Kai-er In-lunriM- 

K ai-.fr »:eei. 

liar 

keiine'-'.ii 

Kerr MrUve. ... 
MilJe W*|i, . 
Iviniberty liar-.. 

Kfpper> ' 

Kraii 

Krrger Li* 

Trail* . _ 

; ljf« i ei'iaiL- ' 

j J.iMyOn. F".nl. . 
LiBiteit It roup... 

[.illy . bii'i 

Lllli'll tilililal it#- 
La-eifbe&t lin-r'-.l 
L-.ui-Siar < n-ln-i 
laiuj latnoo IA>1. 
la-ei- laua LaiM.. 

I.nl>n.*"l 

Uiukv M«.rc- .. .. 
f.'ke Y'i:ni:»i'nn. 



I Alm v U. H. . . 

At lie. Haii. ver. .. 

Ala;o> 

Wamiui.nlul .. . 
Marine M hi la ml.. 
Man La 1 1 Furle. . 

Alar Jjepr. Siore^ 

ML A 

Jk-1'emi..n 

HctKaini'll IIuub 

AIvTihit Hill 

.UenH'rex 

Alen-I, 

Merrill Lriu-u. 
Alei* Pcrroieum. 

.All.i At 

Alma Jllnc J.AI»b 

AliitUCcrp 

Monianio — 

Moiynn .1. H 

M.ftorula 

AI.irpbyCHI 



Xaleo Chemit*!?. 
.Xuivoal tau 

\at. UlMillera.... 
VhI . Servnee tnrt. 
Xaeiiiiial Sleet.... 
.Xnli.mil* 

mi: 

Xeplime Imp 

Xe»- knchn>l t... 
.'■'•ci tnulauil le: 

Molsa*k 
Xm^aiH Share..... 
X. I- I n<t'n>irie> - 
Xi ■rfelkA W‘e»lciu 
X'.inh Xat. llaa... 
Xltin. States Fnr 
Nlbeil Airlines 
X’lheest Banevrp' 
Sinitiu .... 
Oix-hientai Petn-I 
••'Rilvy Matfaer... 

i ihio Edison 

Olltl 

Oversea* SMps...' 
Owens Corn ini;... 
linens Illinois....; 

Pa eitio t.ia* 

lAaritk- Lijdirin^..' 
Pun Pwr.A lij'.. 
PanXniAVnHil Air 
Parker Hannihn.; 

Peafaatr lull i 

Pen V w£ L. i 

PeunrJ. C 

Peuu/>'i1 

IVaiplealini^;.. . 1 

Peoples lift* ' 

Pcpilco , 

Perkin Elmer 1 

Pvt , 

l Hirer 

I 'helps J Kalin?- — 
I'lilladelpbia Elc. 

Philip Morris 

PliiUiU* PelP.i'in. 

Illbhirr ; 

I'imer-Bowe* i 

Pit Hi >n j 

Pleasey Lt«t A1W 

Piilaroid , 

p..|.nncr ELei- • 

PIT! Industries.. 
Pneier Oainlile.. 
Pill., wr. Elect 

PlllllllM 

Punr\ 

Wiiakerlfal- 

ifapM .American.. 

Ka>ThCMfU ’ 

KCV 

liepiiMii* Steel... 
Kcm > its lull • 


Ilevl.ia 

Ccriiiiliis Metals.. 
Ile.vn'il'la K. -I. ... 
llieh 4 -* m Morrell 
flieknell Inter...' 
Knbm i. Haas 

Mural Duii-b .. . 1 

UTU 

lima Ti'ff' 

kvder ?.iV<vn... 
Saleway Slite- . . 
St. .fie Minorah. 
Si. Uetria Pa] rr 
nanra Fe lints... 
Saul lineM- ..... 

Saxon I nils 

S.-lilll.- Bronlru*. 
Si-lilumberger. .. 

fli. .AL 

Soil 1‘itjer. 

■Vueil Mm 

.tuiiJJer Duo. Cat. 

Se* Coutainei ... 

Seaeraiii 

Seerle i(i.l>.t 

Soars kiebuck... 

SEDCO 

Sti-ll Oil 

Shell Trans i— n .. 

Siitual 

stgivde C«rr 

Simnllcltv Hat... 

Sinter 

Smith Inter 

Smith Kline 

Sillimi 

Siiittulunn 

Siinthem lal.Eii. 

Smiilteru t.i> 

St hn. Xat. ho .. " 
S-utbern Pieifiv. 
SuutbcmUailtrat < 

giiitthianrl 

S'cr't Bans ha res . 

S|fen>- lluleh 

B perry Haud ! 

S'lutbP ; 

•Standard Hnift.. ; 
Std .OilCal Iloruia 
Sid. «>ll Iiiitiana.; 

Std. Oil Ohio ; 

SiautT ChentimL.I 
Sterling; Dmc ... ; 

Srndehaker 

Sun — ; 

Sunstrand. 

Syntei • 

TcHntlodiir.— ... - 
Teklnaiia....w— .i 

Teledjne " 

Telex 

Traeeo 1 

Tesoro Petjoletun: 

Tes*o>- — i 

Tcxaapiilf...-. | 

lexw FiUtern — 

lews last’m 

Texan Oil A: t»a*« 
Tc.x&Jt I'rilltlea...; 

Timea Ina _ 

Time" Mirror ! 

Timken J 

Trane. - 

Tnnsmerica. ' 

Tranaco 

Tran Lnion— • 

Tran-way Intm..: 
Tran AA'orid Air.J 

TnirtHH 

Tri-Cuntincaiul..' 

Tnl'ii Oil Jt Ga-.' 

THAI 

a*lhUruury For 

U..V.L. ; 



L;GI 

liiile'er 1 

I’nilever XV 

Pninn Draft'd*..' 
I" nii ii Carbide 

CutiiU I'anaim* 
Cnloo Oil faltf . 
I’niira Pacific .. _i 

Cniroyai 

1‘nilel Hi a ads ...• 

L"S 

US (tliwuiii 

L'S Stine 

i s Meet 

r id Tcchnoli-rie-: 
UV Industries... : 
Vinrinla Elect.. 

H'llpwi '■ 

Warner -Coi n mu ' 
AVanter-lfttuI arrt .. 
Waste- Man'inent 

W'elta-Faive 

AYftfiem Bano’rr' 
Western \. Ameri 
Western l'nl"n.. . 
We-Jingh'oe Elc: 

"'ey a i-i 

At’crerhaeuaer. . 

AVhlrlpnot 

Ulilta (,'eo. Iml.. 

William ijo 

Wisconsin Blcel . 


■•round on a * i ni buving HKS17.30, none Kong Laud -.0 

u to H K. 

S S E !S Sin" Jafdiw .-Vlathwon 40 cents to 
cawcr on further pwht-tdkii nKsj-j go, Swire Pacific 30 cents 

- ■ to HKS7.25 and Wbeetoek Marden 

Germany u .3 cents 10 HKS 2 . 60 . 

Stock price* further hardened Elsewhere. China Light shed 
over a wide front with domestic HK51 to HKJJ2L20. Hang Seng 
and foreign institutional in* errors Bank H1CS4 tc* HK^lTS. Hong Kong 
showing greate? interest in the ttluif FiK.S2.B0 to HKS2650. 
wake of more stable foreign Cheung Kong 50 cenrs to HKS9.50 
exchange market conditions and and Honk Kong Hotels 70 cents to 
the high degree of liquidity hi the HK$I$.IW. 
domestic money market. The 

Commerzbank index yained a.3 Johannesburg 

more to 831J2. , ® .. 

Ranke , nJ n< u • » xtanufac- Markets were lower across Jje 
tu^were d to ?he fore o" *he boards, with Golds. reflecting the 
market's nse. Babcock improved sharply lower BUijtOfi price and 
DM 2.30, and GHH DM 3 JiO. while Industrials retreating id the face 
Commerzbank and Deutsche Bank of widespread but low-volume 

tS ?, a iv' Advanced ‘TSHSTSitod that the decline 

DM 9.50 ° mo?? 0 while in ^ Stores in ln l u h :5tri ? 1 ; ° t 1 v ! 0tts a t per ‘°i ,?l 
Karsudt and Kaurhor put in strength m the sector, -Aith 
D^tl '* apiece operators showing uncertainty as 

The Dom^tic Bond market also to whether the higher levels can 
maintained its firmer trend, with be sustained. 

Public Authority issues showing Losses in Golds ranged to 300 
fresh rises of up to 20 pfennigs, cents, while Mining Financials 
The Regulating Authorities sold a followed gold producers do\;n. 
nominal DM 8.9m of paper De Beers lost ground on local 

< DM 15.8m). -Mark Foreign Loans and Overseas selling, closing 30 
were well maintained. cents cheaper at R6.95. Platinum 

shares recorded losses ranging to 

Hnnp Krxna 12 cents, while Copper. Asbestos 

s xvuu & and Co]iicry issues were 

Share prices fell afresh across easier, 
the board in nervous trading on 
persisting market rumours of a p ar Ic 
possible further rise in local Best x M 5 

Lending Rate. The Hang .Seng m- Markets displayed a firmer bias 
dex retreated 21^7 more to 516.99. yesterday^ in moderate trading. 
■ — — 'j although Bourse sources said that 

\...- x„ r a B^nk of France report showing 
Stock ji." 15 a rise in October industrial 

— - actixity over September and a 

Wouiwurtii... ib: l 17;« return to pre-summer levels had 

Wyiy — 53.- 0 J 4 little impact. 

— iji’ Foods ana Stores performed the 

Zcahh'iteihi 13 i s 13>5 best. With Carrefour moving 

C.s.Tiwa.qf>V9?c 80 :-, t94.'. : ahead 52 to FFr2.147 and 
W l>w4j%75.&. '94-. 'flOj? Thomson Brandt 2.5 to FFr250.5. 
u.s. SMay bill'. 6.15„ . 8.02% Also making noteworthy 

progress were Comptoir deis 
or mi An A Entrepreneurs, Price). Sanpiqoet. 

CANADA Pheniv, Talcs de Luzenac, 

Saunicr-Duva), Darti' and Jean 
AWUW Ptafr.... 1 .- 1 . ie U Lefebyre. _ 
vinico Kaj-k*™.. 1 nu However. Eiecincals. Slelals and 

AkraAiumiiii'iii 3-*-: i8_ Oils were generally easier. 


lort. dir. yield % 


sellers continued to predominate 
in second-liners, which remahsed 
easier-inclined. 

ERP recoreerd S cents :to 
AS?.US. w'nfle G. J. Coles, in Starts, 
picked up 10 cents to AS2.ia 
although Myers Emporium re- 
ceded 4 cents tc ASL55. 

Among the Banks, Natkmal. 6n- 
p roved 4 cents to AS2A2 and 
ANZ 3 cents to AS3JS, while 
Bank of NSW were- steady at 
AS5.60. " r :‘ . 

On the Mining posts, -{he 
Nabarlek uranium . partners, 

Kathleen la vestments,' -AS2.60, 
and Queensland Min es , A$33Q, 
gained 19 cents apiece on a re- 
port that an agreement with the rooR» 

Xorthem Land Council- ww» be SIABDABD 

signed before, the weekend. *■ I y „. \ ' » OT . l.Sov. t 

Elsewhere .in Lranlums. how-. 1 is i b ' If ” 

ever. Pa a continental -sbed 20 — — ~ 

cents more to AS 1050 and Peku- tinduamU’’ 104-US; 1 BL 8 <} 102.75. 1W.«J 

SaSSl 10 * 3 Iurther ; 33.71 «nl.iu| iiis. 

Some Copper shares Improved 1 * ' • ■ . 

despite a fall in tbe London 
copper price. Diamond 'specola- 
tives showed some recovery,.' with 
CRA regaining 5 cents' to- A$3.00 
and Otter JExploraD'on 7 cents to J Aiv 
27 COTts. . .- iran.™ j 

Western Mining were' S ' cents 

bener at ASL5S, but a weaker i : — - i a «6 

market for gold and a setback l u,,K:,,0 '- >te f ,®« 6 
m the tin price caused f ails -of 
60 cents each in Central Norse- 
man Gold. A 312.60, and Renisan 
Tin. ASSA0. 

Oils mainly had another bad 
day, with Woodside hitting -a 
new 1978 low of 67 cents. 


SoyrA-;-. ] P*- JT *R»-»Ppfjx 
3.77 - 


I9B ^ ■' J5ftef¥ 0to{gtain 




tobjsj mssj 1 iu^vl «aE-r 
j Tj'iiw 

MJT 84.0 IB&98 

-I i'OMH-flWl. 


j Yooiraga^pptaKj 


moetreal 


]Q| lust riot 
Corobioftl 


CANADA 


Amsterdam 

Shares mostly moved narrowly 
on meeting little interest to finish , 
on a mixed note again. - 

Dutch Internationals' were gen- 

e rally a shade harder, blit- Royal TORONTO Comportte 
Dutch receded F11.10 to FlL 2 ^o. -- — ~- 

upset by lower third-quarter net JOilANSESBURG 
profits. V 0 ’* 1 

Elsewhere, Elsevier rose FI7. to ** 

F2290, while also notably firmer - — ■■ 

were HYA. up F1A20. and OCB- .. 

Van der Grin ten, Fi3 higher at • 

FI 172. _ : - = 

Sute Loans were lower. 


Issue* Xraderi — _;-IjB73 i lJBS^Ll^qo 


«£.i wo 


«Tl..'L38 


i2i9.il laazj tiEfta 




SOig AWfJW Pkper.... I-' 1 ' 16U 

a \anico liable i - • 2 l * 

4 a; AlwuAlumini'ii; 3-': 48 

97 - .Umma Steel.... 25:; a 4 rj 
86 .Xabe«o».._ t 4 i 43 »* 

17 bantof MwiIiohi <i3 

14S« HuilXom^iilh 21 211)3 

18je Basic Braniim'?.. ■•■JO 4.cU 

67 fl Bell Teleph«.'ne... 6 t. 

Bok Valley Inti- 21 18n 

18 

2aig BP Canada- XB>- 18-2 

111 , Braun..... 16 15*9 

301* Brinco ?6.2S :8.5 ■ 

L'nlflwy Power... 48U 

Camfloa- UIik- .. 13L 13 

rjn^l fc Tiim pn; ! 2 '« 12 

Canada NW Lan. . Hi? 

Can.ltnpBk C>in. 2 = 3 ; ae5a 

Canada 1 ml oil . . '2Pi 213* 

Oil. Pacific 23?? *l3:< 

Can. tV'iflc In*-. 221? ie2 

b 6 va Can. Snjjer Oil.. t 8 l’ t 6 i* 
2 ? a Carl tut; U'Keeie.. 4 5j 4 . 1 a 
27 Ccaaiar Aal«fi>.».. - B 

til? Chieftain 26U . 25l, 

8 CnfOlDCD .S'i • 423) 

Ccnv. BaUjurrl . ■ -i* 44U 

l-«-aui)er Ga*.... li'i lElg 

Cosaka Veaouift- 4.95 4 .96 

C. ^tain 1 t| t»o 

n«<*n Derel lUf 113« 

Deolaon Mine*... 82 ' 821s 

Dome Ulnca 793 , bl 

IV'rae PttioMnni. 79 lg umi- 
Dnminlan Brid*.- 2 ■*» t*T3fl 

D. wnr»r _! 21~a ; ulsa 

Dupont ».■ 143* ' »41« 

FaJft>n'geX'iek»i.i 51 i 31*2 
Ford Motor Cau-.j 711s | 7 Ha 

Genstar 325* | 33 

Gian* Y-.-imkaife lOJ* i ill* 

film Oil Canaila..! 2 33* 33 ^ 

Hawker Ski .Can. I .3* ! 7aj 

HcMIinuer 42 j 42 

Horn* oil -A' 421 , , *' 11 ; 

flnd v >n Bay M ngj 19'a ( 19I 2 
Hihifn lw\ < Hj i *1 
Hods*. n Oil i.G«i -4jg ! 44 

IA.C..._ J 17^c 1H'3 

Ima-a" J, StJ* . 351; 

lmpen*il Oil.... ..l 2338 I 23 
Incu'A". | Itifl l 13!i 

Inrta — J I 23 t 121 ; 

lulaud .Vat. Cias.1 1*1* U’* 

lni'p.v.f*nw Line lt3« 16i? 
Kaker H'lTiinrtai ■ 15** laj* 
lanri Fin. Corn- — .73* 

JJihlair Com. -B' ** 16 4.10 

Memrt'n Hind... 22 : *: 2 l; 

Uaaoey ForjiuuQ 103* ! 11 

MelntiTc. 831* j isi? 

Miwe I'Tpo. | i4 | a2re 

Muumaiasraielt' 8.7Z | 2.70 
Xonunla Mine — j c5U i o5i* 
Noieon KneneT-J i ; *1 1 ~=>B 

Nth. Telw-im | 341a ■=43* 

Oakwo .,1 P«tn.‘ni 4.25 4.15 

Pn>.-ideCop(ier3L| *.78 1.75 

Pt'-iBi-J'ei r-leunii — SP 8 
Pa n. Can. I'etn >1 m »7 I ®53i 
tv I ini' < 4 vJ 8 ‘ 

>Yi>Cle« 1 * 1 " 

Him; Cbii. A Op.'. 1.75 ! 1.77 
Plaivtl'i'ti lHpBirJ 1 5|f 25i; 

l l, >»rtC<iiH'i7i'fli 193* I 18 

Pri-3 . 1 -o '83 

Ou<'lii',.>riii-^eiA.| 1.09 • 1.05 

Italiaer Oil ( l5 I 14i* 

Ifi.t.’.l Sfenlirn/ie—l luTg i 10 

llnAlp.Tli a3 | 24 

Bi-yaJ Bk.'if CanJ ;4-'i ! 34 3 e 
lli*_\-alTni?i i 18S* I 19 

^ptwINaMiira H 1 

Srawraui- • 30 ■ 2y-, 

Sln.-ll Cana»1a....„' i57g 15 
I'liemll ' t. M lne»! 7o* . 71; 

Sicla-asO. 3'Ss 3/1; 

Si’np-uD _.j • i; . 

SimI *ii Canada-.: te 6'8 5613 

Sleet' Iron.] 2 vO 2^70 

Teia-j l nna<1<i ...| 471* , 471- 
Tnmiii" lii.n'.BkJ 21 | 

Tran ‘ I.Ji ■■ Pi |n.-ba 171J j 17a? 
Tran* Mi.>uni Opl; 8^5 I 83* 

Tnw I t!5>? J »1S1 2 

rumnija* I 1 »3 1 103# 

l.'nlibis:.e.liinl»! 9 1 * 1 
Walker Hiram ...j 3 b 3 « ! 26i* 
U'««t (l«.i Tnitt III* ; 11*1 
Western Oin.—..\ 19>* * 1 9 1 - 

t Bkl 1 A«aO- « rrafled 

B New ««». 


Australia 

Tile overnight rally attempt on 
Wall Street encouraged some 
bargain hunting yesterday in the 
recently depressed Australian 
markets. However, buying was 
concentrated in Blue Chips, and 


NOTES: Overseas prices s fio wj oetow 
exclude I premium. RelzJzn djvKteDds 
are she* wnhhoklina tax. 

♦ DM 5n damn, unless mtenrlse staiea. 
vielec bssfti on Dei atvWenrts pins lax. 
VrPta SflO rfenom. unless nKierwue staled 
4> PKr IBB nenotn. unless orfienrtse stared. 
fSwF> Son deoom. and Bearer *ftat*s 
unless otherwise crated. 7 Vsn lenora. 
unless otherwise staled. « Price at tune 
» suspension n Florins h ScMDlnas. 
" Cent* d nivtdoiwl q fT-7 norytlna 


GERMANY • 


Milan 

A widespread rally took place 
in fairly active trading ahead' of 
the closure of the monthly 
Account, fallowing the -recent 
weakening performance on 
technical and speculative' sales. 

Montedison picked np 2fi to 
close at its par value' of JLI75, 
while Snia Ylscosa rebounded 29 
to L784 and Fiat 57 to L2.607. 


and/or *mp issoe. e Per Bara, r Franca 
n Gross dlv. %. a Aastmnd dlvktaid after 
sens aiXHtn ns&ts tone . kiAfts local 
taxes, m % tax tree, n Francs: mcfaxthie 
L'nllac dir. v Non. a Share Sola, a Dt» 
and TtoM exdode special nannent. r inn 
cater- rttv a U n offi cia l na ffl au . n Urarltv 
bobters only, o Merser penatno. • Ashed 
tent. kTradetl t Softer r Aasnmrd 
xr Ex right s ml Ex - 1 UvMlewL xc ex 
scrip Isme. xa Ex all. . a rntrafn xfnre 


TOKYO y 


ttfV 9L25 




©«■ wa tfAmsHnupf/tahiaiid 


AUSTRALIA 


tu.70 1-0.07 




tl 38 M.8T 

" JOi 

M 


••li-iu *» eat. Eiec 


r*f.ia '-tan 


1RB5- i—fl.03 
^.00 .4+04* 


Jennings 


AlwM CFl.aj» 1 14.3 +163 

Xkxci 1 F 1 . a)i ' 29.14-0.3 

AiuembukiPi.iiA'! 37 J = + 2 
AMEV (FI. 10) c6.2 — 1 


12.55 |+0J4 


SWITZERLAND « 


BASE LENDING RATES 


EUROPEAN OPTIONS EXCHANGE 


Jhh. 

I. I». 


Apr. 

V..I. IJtn.li 


F.380 
F.390 
F.27.50 
h.30 
F. 3 2.50 
F.3S 
F.78.90 
-60 
f. 32.50 
F.35 
>280 
t-360 

r .120 
F. 133.30 
1'. 140 
F.150 
F.160 
F. 171.40 
K-110 
K.120 
F.2S 
K.27.50 
I '.30 
F. 120 
F.130 
K.120 


17 - . — 

3.20 - - 

3.60 5 4.50 

20 3.50 

0.90 20 2.4C 


10 5.50 


1 10.90 

1 5.50 

30 a.ao 
20 - 1-90 

J0 0.90 
47 8.B0 


A I S6Q 5 ll; 7 

\ S70 — I 1. | *» 

* S 80 — J ~ — 

LB F80 1 ! 63« — t — 

TOTAL TOLL.UK IN CONTI! ACTS 


■lulr 

V..I. fji-t 


— j — F.3.70 

2 5.50 129.10 


21 2.50 

I - F.76.50 

— ' - S543. 

- F.37.1D 

5260 

19.. 

— . — r. 127 


10 10.80 
0 . 7.70 


— — 1 F. 1 14.40 

7 2.90 F.Z4.60 

II 1.30 ' !! 

1 9.60 F. 122.50 

1 , 7.6Q, F.1 18.80 

Mar 

. • 561l 2 
6 41, ■ .. 

4 i 21; 

- | — sBers 

519 




A.B.M. Bank 12i% ■Hambros Bank 121% 

Allied Irish Banks Ltd. li!i% BHill Samuel 512$% 

American Express Bk. 121% T C. Hoare &: Co 125% 

Amro Bank 12i% Julian S. Hodge - — 131% 

A P Bank Ltd 121% Hongkong & Shanghai 12J% 


Henry Ansbacber 125%, 

Associates Cap. Corp.... 121% 

Banco de Bilbao 121% 

Bank of Credit & Cmce. 121%, 

Bank of Cyprus 12t% 

Bank of N.S.W 124% 

Banque Beige Ltd. ... 121% 

Banque du Rhone J3 % 

Barclays Bank 124% 

Barnett Christie Ltd.... 124% 
Breuiar Holdings Ltd. 13J% 
Brit. Bank of Mid. East 12 j% 

E Brown Shipley 124% 

Canada Penn't Trust... 12!% 

Cayzer Ltd 124% 

Cedar Holdings 124% 

! Charterhouse Japhet... 121% 

Chouiartons lli% 

C. E. Coates 124 % 

Consolidated Credits... 124% 

Co-operative Bank c 124% 

Corinthian Securities 12 4% 

Credit Lyonnais 12]% 

Duncan Lawric 124% 

The Cyprus Popular Bk. 114% 

Eagil Trust 12]% 

English TransconL ... 12i% 


Hongkong & Shanghai 12i% 
Industrial Bk. of Scot. 10 % 

Keyser UUuiann 121% 

Knowsley 4 Co. Ltd.... 14! % 

Lloyds Bank 124% 

London Mercantile — 124% 
Edward Manson & Co- 134% 

Midland Bank 125% 

I Samuel Montagu 124% 

I Morgan Grenfell 12*% 

National Westminster 124% 
Norwich General Trust 124% 

P. S. Refson i Co. 12 J% 

Rossminster 124% 

Royal Bk. Canada Trust 124% 
Schlesinger Limited — 1215 

E. S. Schwab - 134% 

Security Trust Co.- Ltd. 13*% 

Sbenley Trust 

Standard Chartered ... *24% 

Trade Dev. Bank 12*% 

Trustee Savings Bank 124% 
Twentieth Century Bk. 13*% 
United Bank of Kuwait 124% 
Whites way Laidiaw ... 13 % 

Williams & Glyn's — g 
Yorkshire Bank 


ao 

12 a .6 
14 * 1.8 
»o 4.4 
10 

40 2.1 
20 3.5 
44 ij.1 


497 +0.S 


Securities Rand ILSJ50-fi8 
(Discount if 4Q^%) 


781 +4 


MILAN 


AUx* Copco ( 


English TransconL ... 12 i% ■ Manbrts of the AccejSn® Sousa 

SSKS: g l • 

Antony Gibbs 12! % t T-day deposns on sra» of 

Greyhound Guaranty... 121% - -""g,-,!? * 


« | I ■JIB' fun over sa.iaw 

Grmalays Bank i-s% ■* ^ a n dpposits m-pr fi.owu^- 

Guinness Mahon 124% j Demand deposits ur4. 


VIENNA 


CtvdltHiii'Eitli J 342 1 j 10 . 2.8 

Perimnmier J 270 9a j 3.5 

Select* j 611 ! ] 58 7.9 

Semj^rir 82 '—1 i — — 

SiCvrDsimler 201 1-3 8* 3.9 

Veil M *g nigH— 259 ' 10 ! 3.9 




Tehffonirar. '7B30 — > ■ 

TMT^ 'HOStCTCb v^^ 

'XObsjfiex - -nay. ^ BZ 

«nton~*glik>:- r„-_- iAri'. -".IB - '-,^= 136 


































































•. V ' • . . • * . . 




Financial iTiiiies Friday November' 17 1978 


M 1NG AND-RAW. MATERIALS- 


> EEC fish 
price 
proposals 

BRUSSELS, Not. 16. : 
• THE EEC Commission ias un- 
vciJcd its proposals for Com- 
munity fish prices suggesting 
. pnce rises for six species, cuts 
, for two others and leaving un- 
changed prices for remaining 13 
\ categories including cod, her- 
y : tlng, mackerel and sardine. 

The Commission proposes to 

N increase the target price for pike 
49 per cent to 1,370 units of 
-account .lua). a tonne;, pollack 
. 4.9 per cent to 362 ua; haddock. 
3 9 per cent to 47 1 ua; and plaice, 
' 2 per cent to 615. ua. . 

; The Commission also plans to 
. Increase ' the - shrimps price to 
1 « . • LORO ua per tonne from 1.011 
V -ua. and tuna for industrial pro- 
d action hy 3.3per cent to 723 ua 
. per tonne. 

X ■ ■ -A 4 per cent reduction to 492 
ua is proposed for the target 
price of hogfisb. For -the inter- 
vention price of anchovies, the 
-Commission suggests a 3,5 per 
cent cut to 191 ua per tonne. 

\ The target price is the minf- 
mum a producer should expect 
to receive in the. market, while 
' the intervention price, generally 
below the targei price,, is used 
■ .to absorb surplus production I 
. . with Community funds. 

. The increases are not likely 
v to be reflected in consumer 
' prices, as target prices are , 
generally well actual 

market levels. AP-Dow Jones 

New whaling 
; meeting 
N next month 

.THE 17-NATION International 
Whaling Commission will meet 
in Tokyo next month to set 
catch limits for sperm whales in 
the North. Pacific. 

The special meeting, on 
-■pecember 19 and 20. will also 
review limits of southern raemi- 
’ sphere sperm whales. 

• At its last meeting, in Jnue. 
..the commission classified all 
Vsouthern he mis pen? sei whales 
as protected stocks, forbidding 
- 'any catch, but decided to await 
N. further data before classifying 
‘. sperm whales in the North 
Pacific and setting catch limits 
.. It will consider setting up 
working groups on subsistence 
whaling by aboriginal people 
such as the Alaskan Eskimos, and 
on an expanded observer scheme 
to ensure that regulations are 
followed. 

The meeting will study means 
of persuading non-member 
countries to join the Commission. 
Chile, Peru, South Korea and 
Spain have indicated their inten- 
tion to join and that would leave 
... only Cyprus, Portugal and 
perhaps China whaling outside in- 
ternational regulations 


Coffee futures hit by 

Costi Rica price cut 


BY RfOiARb.MOQ&t--'. 

COFFEE PRICES fell beftvfly on 
the London futures .Cfttfket- yes- 
t lord ay as a result of jfc ^Jrprjse 

announcement by Costa 
"Rican . Government . that’ it .had 
abandoned its iniztimuiv ®*P° rt 
Price. .".■A” 

The announcement^ 'pushed 
New York values Jawer.'tffWnight 
and when trading begad 'M Lon- 
don yesterday moriSSg!-® e arby 
prices were d ov?» a tout ISO a 
tonne. -.* i. 

• Further speculative and stop- 
loss selling pushed London values 
still lower and by -thie-.dlpSB. the 
January- position was:, hunted 
£67.5 down at fl^fitfi :iltqpne— 
the lowest level foe ihrif* nipnihs. 

Costa Rica had been Holding 
its minimum price at lfld eents a 
lb. about 10 cenrs ahbve the' mar- 
ket level. The freeing of coffee 
exports allowed' merchants to 
come dawn to the market- level, 
where they readily found>U?ers. 

Costa Rica Is not- believed to 
have a great deal of coffee left 

to sell but Its action appears to 
have broken the deadlock -jyiuch 
has ruled in tbe coffee .market 
I recently. Other Central Araeri- 
I can exporters have also teen 
! offering coffee' more cheaply, 
presumably in the hope that their 
Governments will follow .Costa 
Rica’s example. 

They are evidently prepared 



to risk having tu make up their 
ex*>url receipts to the minimum 
levels out of their own pookets 
rather than find themselves left 
out in the cold when tbe pent-up 
demand is satisfied. 

. In New York meanwhile lead- 
ing coffee traders said the first 
foreign disclosure deadline in 
coffee contract futures had little 
apparent impact on the market, 
reports Kcuter. 

The Commodity Futures 
Trading Commission (CTTC) 
requires that brokerage houses 


General rally in metal prices 


BY JOHN EDWARDS, COMMODITIES EDITOR 


THERE WAS a general rise in 
base metal prices on the London 
markets yesterday, with ^ the 
exception of tin. • 

Following several days, of 
lower values, copper. -rise and 
lead prices all moved higher, 
especially lead. 

Lead, which bad fallen by .£30 
this week, rallied strongly on 
forecasts that LME warehouse 
stocks could be as much as 5,000 
tonnes lower this week. Cash 
lead gained £9.5 to £387 a tonne, 
and the three months quotation 
by £10.25 to £377.5. ‘ 

In late kerb trading .three 
months moved up to more . than 
£381 as buying . . 'interest 
persisted. 

Tin moved In the opposite 
direction, despite a small rise in 
the Penang market overnight. 
Continued . . speculative selling 
pushed the three months -quota- 
tion down to £7,380' a tonne at 
one stage, before rallying .later 
on the weakness of sterling to 
close at £7,447.5 a tonne, a £65 on 
the previous dose. The cash' 
price was £60 down at £7,565. 7 
The fall in the value of sterl- 


ing also helped to lift copper 
prices, after four successive days 
of decline. Cash wirebars closed 
£3.25 up at £734.5 a tonne. £12 
lower than a week ago. 

Canadian copper producer, 
Noranda. yesterday warned that 
deliveries of its refined copper 
would be cut back by 25 per cent 
In January because of the con- 
tinuing strike at its Gaspe facili- 
ties. But it also announced a 
cut in ib, U.S. domestic price for 
cathodes from 71 to 69 cents a 
pound effective immediately. 

Two U.S. producers, Newmonr 
Mining and Inspiration, - also 
announced they were cutting 
their domestic copper prices to 
69 cents a lb. London brokers 
Inter Commodities in a special 
report on copper issued yester- 
day said a major "bull” market 
for copper could well be delayed 
until 1981 or 1982.- 
; It said that after four years of 
large surplus and depressed 
prices the supply-demand situa- 
tion has now turned to deficit 
.output in 1978 and a probable 
balance of supply and demand in 
1979. But large stocks, unused 


production capacity and the 
economic outlook would restrain 
price rises. 

The repnn suggested that the 
cost of new production capacity 
would only determine the price 
of copper when there was insuffi- 
cient current capacity and this 
was unlikely to occur until the 
early 1980s. 

B Noranda Mines said in 
Toronto that it plans proposals 
to merge with Matlagami Lake 
Mines and Orchan Mines, reports 
AP-Dow Jones. 

It said the proposals, which 
would be subject to approval by 
shareholders of all three com- 
panies. envisages a merger with 
Mattaeami on (he basis of one 
Noranda share for each 2.5 Mat- 
iagamj shares, and a merger with 
Orchan on the basis of one 
Nnranda share fnr each six 
Orchan shares. Nnranda said 
either proposal could proceed 
without the other. 

Noranda currently holds about 
34 per cent of Mattagami shares 
and about 45 per cent of 
Orchan shares. 






and clearing members report 
the names and addresses of all 
foreign brokers carrying open 
positions in " C " contract futures 
as of the close of business today. 

ft also requires a report of 
gross open positions, domestic 
and foreign, totalling five or 
more contracts in any one 
month. 

This information will be com- 
piled in the form of a statistical 
publication, which will probably 
he available in January, a CFTC 
spokesman said. 

When the CFTC initially 
issued the coffee disclosure re- 
quirements some traders warned 
of a mass exodus of foreign 
Investment. 

However, on the first dis- 
closure deadline most traders be- 
lieve foreign accounts still make 
up a substantial portion of total 
open interests in the market. 

The disclosure requirements 
were devised in response to poli- 
tical pressures generated by lhe 
sharp rise in coffee prices and 
public charges (hat the market 
was manipulated by producer 
interests following the 3975 
Brazilian frosts. 

Traders here note that poli- 
tical interest in the market dis- 
sipated as retail coffee prices 
gradually stabilised below their 
highs. 


Eggs and 

bacon 

dearer 

By Our Commodities Staff 

BACON WILL cos t more than 
ever In the shops next week 
following an across-the-board 
rise in w’holesale prices 
announced yesterday. 

The rise wa s by ^ 
Danish producers who have 
lifted the first -hand price of 

their product h.v £25 to h record 

£1,140 a tonne. British and 
Ulster bacon is also £25 a tonne 
dearer, a* £1.110 a tonne and 
Irish £35 dearer at £1.1 10. 

Trade sources said ihev had 
been expecting 3 price rise as 
this Is normally a tiny, of 
buoyant demand. Further 
increases could lake place in 
lhe next few weeks as tbe 
Christmas market « e t s under 
wav. jbev added. 

The wholesale price rise Is 
equivalent to about in a 1b 
across a whole side or bacon 
but traders said most of the 
increase is likele to he concen- 
trated on gammons, which 
could rise bv 2o a lb. Middle, 
back and streak v bacon and 
collar Joints should be un- 
changed to lp a Ih dearer, they 
said. 

Housewives are also In be 
fared with higher pcs prices. 
The rtnldentnv markn<r*c con- 
sortium annminred vesierd* v 
that mice* for all i»raHee will 
ri«» 4p a deron nrxl wvk. 

The prc-Fhristnas - pull ** 
ulus the cooler wmlher has led 
in " verv eood demand i»*p«»il." 
a «pok*«man said. Snonltes 
are clighllv loner, possibly 
reOectine an inrr»av> in the 
ciitiinc of old hrru be added. 

This latest rise bring* tbe 
increase In - nrices to ftp 
a dozen In the past fortnight. 

Europe sugar 
estimate up 

By Our Commodities Staff 

SUGAR statistician. F. O. Licht, 

, yesterday raised his csrimate 
of European production to 
29.89m tonnes compared with 
his first estimate of 2904m. 

West European sugar output 
shows the bigeesi rise, up from 
15.56m to l6.4fim mnnes. East 
European production is put mar- 1 
finally higher at 13.47m against 1 
13.43m tonnes previously. 

The increased estimate was in 
line with markei expectations, 
reflecting the improved weather I 
conditions that have helped to 
boost EEC sugar production to 
a higher level. 

India confirmed yesrerday that 
it had sold four cargoes of sugar 
for December shipment and com-, 
pleted its quota under the Inter- ( 
national Sugar Agreement 1 


BAVARIAN AGRICULTURE 


High cost of idyllic 
Alpine farming 

BT JOHN CHERRINGTON, RECENTLY W BAVARIA 


UPPER BAVARIA, the foothills 
of the Alps, put on Its best 
clothes for my visit 

The fog cleared at about 2.000 
feet and the mountains were 
sharply silhouetted against the 
blue sky. 

The towns and villages were 
incredibly neat. Many of the 
houses, like those in Oberatzi- 
magau. seemed to have had their 
frescoes newly touched up. 
although l was told this was not 
so and the paintings had lasted 
a couple of centuries or more. 

There was a sprinkling of snow 
in the perpetual shade of the 
mountains. The grass had in most 
cases been burned off by frost 
and had tbe brown colour it will 
retain until spring comes next 
April or May. 

There were few grazing cattle 
to be seen. The land is all grass 
with wooden hay sheds every few 
acres. The farm houses are 
clustered into small groups 
denoting the small size of the 
holdings. 

In most cases the bouses — 
traditional mountain chalets — 
have the cattle sheds built into 
one end with hay iofls above and 
only a dung heap to show that 
this marvellous scenery has an 
economic function. 

For this is the heart of one of 
Germany's major farming prob- 
lems. tbe “ disadvaniaged " 
mountain farms of tbe Alps. A 
number of other EEC countries, 
notably France in the Massif 
Cent rale and the Pyrenees, have 
them as well. But only in 
Germany have 1 seen such re- 
sources put into sustaining the 
Alpine way of life. 


Because the farms are small 
and there is little industry close 
at hand, great encouragement is 
given to fostering tourism. 
Houses letting rooms have the 
family name in large letters on 
the wall. Advice on catering, and 
the business of what might be 
called taking in lodgers, is given 
by tbe Bavarian advisory 
services, along with that for 
farming. 

But even so fanning appeared 
to be paramount; income from 
tourism amounting to no more 
than a third of toial income. 

Tbe farm 1 visited was about 
125 acres overall. A third was 
good pasture, another third moor- 
land for rough grazing and cut- 
ting litter; and a third wood- 
land. providing a small income. 
There was also some communal 
grazing for the young cattle. 

The 17 dairy cows, lying in a 
modern cowshed were Brown 
Swiss and Franz Degerle. The 
farmer looked after them with 
his wife and some help from his 
faiher. The yield per cow of 
5.06S litres ( 1.120 gallons) was 
extraordinarily high considering 
that only 050 kilos of compound 
feed per cow per year is used. 

Something about the moun- 
tain air seems to give the hay 
and silage made on the farm a 
special quality in this part of 
Bavaria. 

AH the cattle were lying on 
slats and the slurry is collected 
in a big freshly built under- 
ground tank. 

There were ohvious signs of 
prosperity with the new cowshed 
and modem machinery. But 


there are also certain Govern- 
ment aids ef which, no doubt, 
tbe fullest advantage is taken. 

There appeared to be little 
chance of increasing farm size. 

“Only a fool would sell bis 
land,’' is a phrase to he heard 
all over Germany. Tbe going 
price for this sort of very mar- 
ginal country was, 1 was told, 
about DM 35.000 a hectare, more 
than £3.500 an acre. 

Keeping these people in these 
surroundings and in small farms 
everywhere seems to be of par- 
ticular interest not only of tbe 
Bonn Government but also to the 
Bavarian State administration. 

One of its developments is a 
farm school operating in the 
winter where young farmers of 
both sexes can learn tbe theory 
of husbandry and housekeeping 
for two succeeding winters. There 
is. 1 was told, no drift from tbe 
land as elsewhere in Europe. 

This may. of course, explain 
the fact that in a factory I 
visited later in Munich. Turks 
and Jugoslavs made up some 70 
per cent of the workforce. 

The whole German farming 
scene is a gigantic feather bed, 
well supported by the highest 
price 1 ? in the Community. In the 
simple terras of a traditional 
economist it is a nonsense. But 
remarkably few German voices 
are raised aga'nst it. Even the 
consumer organisations appear 
to be spineless. 

This is fine for the Germans 
But the cost is also shared by 
other Community members in 
various ways. Should it not be 
whollv home by them? 


UK wins more cheap milk powder 


BY MARGARET VAN HATTEM 

THE EEC COMMISSION has cut < 
the subsidy on fresh skimmed > 
milk powder sold for use in pig 1 
and poultry feed to 78 from 78.75 | 
units of account per 100 kilos. ^ 
Despite this. British compound 
feed manufacturers have been , 
allocated 13.895 tonnes Df powder : 
at the Commission’s monthly 
tender, compared with only 700 
tonnes last month. , 

The low allocation at the last 1 
tender caused the British , 
Government to protest to the i 
Commission, claiming the move : 
had severely disrupted supplies 
to UK feed manufacturers. 

The subsidy, worth about £Bm 
a month to Britain, is meant to ; 


encourage farmers to feed 
animals on milk powder, of 
which the Community has a 
chronic surplus, rather than soya 
beans imported from the U.S„ 
which are cheaper. 

Each month. EEC feed com- 
pound manufacturers submit 
tenders to the Commission stat- 
ing tbe quantity of milk powder 
they intend to buy and the 
subsidy they want The Com- 
mission fixes subsidies large 
enough to keep prices just below 
soya prices. If soya prices rise, 
the subsidy drops accordingly. 

Last month tbe soya price rose 
slightly and the subsidy on fresh 
powder was cut by 0.5 ua/100 Kg. 
British manufacturers apparently 


BRUSSELS. Nov. 16. 

did not allow for this and ten- 
dered for too biah a subsidy to 
get more than 700 tonnes. 

This month, the soya price rose 
a further 0.3 ua/100 Kg and the 
fresh powder suhsidy was cut by 
0.75 ua/100 Kg. Commission 

sources suggested that the higher 
allocation to the British this 
time around indicated they had 
calculated the effects of the soya 
price rise more accurately than 
last month. 

Our Commodities staff writes: 
In London the increased alloca- 
tion fo British compound feed 
manufacturers was seen as vin- 
dication of the protests by the 
UK Government that Britain was 
being unfairly penalised. 


COMMODITY MARKET REPORTS AND PRICES 

DACT MPTil C . afternoon an uncertain start <w Cotztex. off stop-toss selling. In the aftet 

D/&i3E-, iYlXi A /U-nJ saw the markei here trade around rTSO to fresh buying and the downturn In stt 


afternoon an uncertain start tug Comex. off stop-toss selling. In the afternoon mm A 
saw the market here trade around rrso to fresh buying and the downturn in sterling VUt.UA 

£753 before the weakness dr sterling prompted t rise 10 £7.4«S prior to a dose rw, ttiroueh- 

caitsed the price to n*» to £359. 5 on the on the laie' kerb or £7.460. Turnover: nl ^£, rau 

th^l^Mrm“ caJwe"r, Ld«i ' ' \ |+> “p£- ft " ■"**““■■■ reports GUI and 

at 1736. 36.5. three months £754. 53.5. flN | Offloai \ - LnofDc— — IJimuK : . .. 

53. 53. 53, 61.5, 53. 93.5, 54. S3J. S2. — — — jYmerttay'si + nr j B.istnei* 

51 A. Cathodes, cash £717 Ihrce months fcUgn r * ___ l v __ * COCOA I Olnee — Done 

£740. ».5. Kerb:'- Wirebars, ,hrM L*-u ...-.17080^600 j-TO 7570-60 _7l) ; 1 


Cathodes 


Settl'ni'ntl 
iC-ii. Mnt.l 


*.tn. !+ or 

Offictoi j — 

lim. 

Unofficial 

jf+W 

j £ £ 

£ 

1 * 

1 72B-.5 !— 4.5 

734-9 

*5.25 

j 751.9-2 -4.fr 

766.5-7 

[+3 

720.5 4J 



717-.5 —6:25 

721-3 

1+2 

739.5-40 — 4.6 

743.5-5 

I+2JU 

717.5 

62b : 

•78 



months £7315. 53. 5L5- Afternoon: Wire- * mwah-. .465-70 -1 tJ, 7466-70 L/I.B I I 

bars, three months £757. 57.5. SS. 58.5. Mitiani. 7600 -7B - D «• !+ IB0 2I1B.I-RJI7 

59. 583. SS. 573. 57. 56 5. Kerb: Wire- BtAodard „„„ „ Usn-fi_ 2!M.e-M.O +19.0 vl88.u-M.O 

bars, three month* £7W. 59. 60. 39. 59.3. l+n,..,, ^70-80 "ft* 2560-70 -60 May..... ,2178.0 7B.B +15.6 8195.0.64.6 

cn =o e una; 1 OiMitliii. 7WbJO 1—76 744550 l..i- loiaa i so n 


rnm A rest mil. Mafze iother than nybrfd for srOWEV GREASY — CM*e fin order PRICE CHANGES 

VUVUA seeding I— 7B.«, nsi nil '79-09. rest ml>. buyer, seller, business, sales). Micron ta wanes unless otherwise stated 

r-jww» _,™. Bodnrttout— 1.61. rest nil <1.61. rest nil i. Centra a: Dec 248 0. 348.6. 348.5-348.2, — — 

Cocoa prices remained steady through- .. . .. ni i ,7- Msrch 35C.8. 5533. 363.5-353.0. 13; I 

nut the day with some manufacturer c j serghnm— 7735 rest nil <77.65 May K7.2, 738 8. 357.5-357.4. 4; July 3M.5. X«*v- IP + or I Month 

hv rwt'nib. Wheat er mixed wheat and rye -WO 8. 381.3-3613. 4: Pel. 36?. 5. 163.6. ml. 1778 — I "IT' 

rLr!!f*“ proa, ? tMkln *- reooru G(U and flwwwr , >80 ,122.33,-. Rye flour— 134.06 ml: Dec. 364.5. 365.0. 363.fr 364 J. •; 

_ 1124.00.. March 3M 0. 371.0. ml. ml; May 369.0. ; 

jYenefttajr'si + or f Buatsen 374.0. ml. niL Total sales: 77. 

-ir"*, w 1 - | °~ RUBBER MEAT, 'VEGETABLES Aluminium J£710 [..._...|£710 

I I FltlPB immiw nrt fh# lsinrlnn nhvnrsl L. — . Pr*» market <e«)- 8U78/90 ......... SI1M.4D 


U.S. Markets 


Nov. 16 

-for 

Month 

1918 


ap» 


RUBBER 

EASIER opening no rf» London physical 


C.S. ymt.. 685 .1 -78 ' 56. SBS. 69, 60. 59A a mooUi*. 7MMO 1-76 | 7<t45-50 >_6B July 5 BfrO I+18.7B 21B0 v Mi »A5~‘.;50i‘''ceTn‘r'a Uto inoimo2*'buyVr! 

COPPER— farmer on balance on lhe TIM-Easler. • A rise in ibe Penang joS olios 1+ Is'l jiJOfrMM Pocer,l - er .'' — 

London Metal Exchange. After moving market saw forwanl sumtonl uwUI .vlge I fl?-- i.n 21W ^ 20B0 i 

ahead ro £757.3 on the pre-market forwanl np-io £7-540 on the pro-market. However. ■ — J 4 IP- No. 1 Ve"i«-nt»v>i Previous • Bumncs* 

mritl fell back to £751.5 in tbe morning in the rings the price fell away in £<.3>» Morning: Standard, three months £7.400. Sale*: 10J85 <6.384 1 lots of 10 tonnes. Rjj.S. Ci<«> j Cloer I tone 

rings roliowmg speculative selling. In the as chartist and speculative selung louenefl 7,3^0 pq 7.400 JD. 20 38. 40. 30. 45. Intcmattonai Ckh OrgmilsaUoa lU.S- , 

. 40. 45.. 40. 50. 45. Kerb: Standard, three ccnt * P«r pound 1: Dajlr mice Tor Nov. 15 

coffee 1248-1261 gm\.> - **<< <>"■»•• JS-u.” .‘SSC SSJS Hjfiuo 

-JtSrf.S*- COFFEE j»bh%!ji|S5S8|S£i3 

**• .. . . LE AO ^-Rallied Stress I y on rumoors of rtrr „- r ... r rrfrrrTf - r U«- Dec! 6 35 68.00 63J»frfi8.10 68 lu-67.00 

»e smaller Investor. a substantial macks decrease over the ^ MtenSa WM..I .0.10 .0.4,, /U0-71.J5,' ,1.00-70.10 


-I-.G. Index Limited 01-351 3466. March Coffee 1248- 

29 Lamont Road, lomioa SW10 0HS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller Investor. 


Msitg npwiinr nomeuinaon pnrncai smithrelO -pen.* per pound*— Boef: .», h w Bar E734A +5.2b£743 

market. Good interest at lower levels. c eol ,| S h killed sides 54 0 to 58 5: Eire w J, _ 

asb arasto. , st. , a-w ; S| “ 


-7.87B B25B 825 
+ 9.5 ,rS96 
f 10.25, 1-301.75 


asb arasto.'st/s.ss m f 

i h, S'«!? d fe-'S? gRiiSbaSLn 

So. 1 Pwioub ' Bu»inc** medium 50.H lo 34.0. heavy 44.0 lo 55.(1: Ktrtlr-l f i _ 

bS:; | ,:,t - j ra: a 

Ikw, 1 « eo sq Ml' SB wi gfl ffKJifl wt p,rk: English, under 100 lb 37.0 to 1 i 

iksSfun S'Unlnl fi0 ' i t? 8 ' M «?-2- » b »•“ «•». DHi lb pi.rj n „mmrvoz... £I42 IfilSO 

JS-*- 8 v *~ -*• <« iglK 


68.0fr-fi8.10 68 IU-B7.0D 240.0. 


i month*.... 2H7. lp — 4.4 jdlJS 3p 

Tin Caab t'7.565 -60.0,C7,fl66 


oer°^»rt^«? A e^D| — P where 6 m onlhiZJ..Z'. P1M1 *\-€>b.a‘£l'.S7£ 

y r . Wd»M «CWJ f WH T kingnten r.-| S X4a.7lL“...jSl+ 1.S8 


GOLD SILVER 
PLATINUM 

Buyers 'Proeesson -Ref inm . 
Basic Metal Co Ltd 

Vineyard Walk, London EC1 

01-278 6311 Telex: 27159 


CLUBS 


eve, 159 Repent Street. 734 0552. A la ™cial 1 
Carte or Ali-ln Menu. Three Spectacular wKl or 
Floor Shows 10.45. 12.45 and 1.4S and tonnes. 
music ol Johnny Hawkeswortfi A Frlrnas. 
GARGOYLE. 60. Dean Street. London. W.l ••KAf 
NEW STRIPTEASE FLOOR5HOW 

■■ AS YOU LIKE IT '• .■ 

11-3.30 am. Show at M^nlpht and 1 am. 

Mon.-Frl. Closed Saturdays. 01-437 6455. 


a-m. « 
Urtlrfa- — 


41.01. J+ oi 
UfKJHci«i I — . 


ntiuniir'i 1 

COFTBK - t'irve + or 6u*mo 

[— —— — J Done 

£ Iw < un lie 


SOYABEAN MEAL 


i.4«ti„.._..[382.5-3.B +4.7B 586-8 +9.5 ^romner... 

* rnonumj 373.54 1 + 5.6 377-8 +10.2 J'rauao - 1364-1365 -67.6 141U-lStO 

ttfM RU 15 - M*ruh._ 1254 1265 -7 l.S .293-1160 

l’.s. _ <36.36 way 1200 2/O6I-73.5! 1250 nos 

T. : l .~ ; " • - j«iy llB0.1183l-67.0ili2S.n7ii 

J 3 ®*, Septemlier .. 1145 1108 -7 1.0- 1199 1 160 

Tnoyto JWB. 71, 72. TO. 72.1. 73. M. 71. ,12.8. N.irt-mliw... 11301 146 -64.5. 1186-1146 
Kerb: Three mnnihs £373.5, 74. After- I 

nooo: Three monUis £377. 78. 78. 79.5. ' 

79. 78, 77.5. 78. 19. T8. Kerb: Three Sales: 2,136 U.MCi lots of 5 lonocs. 
mom!*? an. 78. 73.5. 7». 78.5, 88. 81. ICO Indicator priced tor Nov. 15 tUS. 

ZINC — GainM grotuid in Unc with lead. c « f r i7^ nd 
Forward metal moved ahead throughout ta’io 8 tom? ' 

: the day to close at the day's highest level {jSSj 

“ “? <■« ’SR£ m SLSns i» 


COMPANY NOTICES 


-'--CONSOLIDATED COMPANY BULTFONTElN MINE, LIMITED 
- GWOUALAND WEST DIAMOND MINING COMPANY, 
DUTOITSPAN MINE. U Ml TED 

tBoth Ineorporeted in the Republic of South Alrical 

DECLARATION OF DIVIDENDS 

NOTICE IS HEREBY G'vEN that divert^ rt^aboremenHonedwmpanrtv 

■ h«a declared dividends for the resp«tJve companies on 

.St fSSSSR i r B %^he ,n dW^°h!S. 0 heen^dec r 1 S^n the currency o« 

lha Repabnc of South Africa. ij.im, nrt burn and the United Kingdom 

Warrants will be posted, from the Jonamwsoure ano onr wn,,™ 

ofltoes of . the transfer reShe^tiiB Uniivd Xinoaom 

. sbareholdecs paid .from the K iW? ■! Tho w5l «luc o> their dividends 

CuTTency equivalent on 23rd January. 1 ™<» ” ei^ct to be paid 

flew appropriate Caxesi Any s uc h a j«* ll | S | , *SaSSS to received at the ofhees 

a MS' sssy-JSRSft ffijasw. or >» ^ un^ 

on or before 29th December; 1578- .► ar «i lo kie«" tax is 15 per cent. 

. Tta tssa c »t 

and «* V™* K,nQ00m - 


.ICrlerdaj + oi 

j t'k^e — 
lt';«ri livine 


t>«M<IIT»> 

Dune 


l.fiO: Cyprus: 3.06-3.70: Israeli: Jaffa 2.65- Lln*e*y1 Crude (v>.. £346 

3.23: Cohan: 2.60: Texas: Bert Flush S 50. p*(m Ualajan SS90* 

Apples— French: Col don Delicious 20-lb 

72 84 2.1*0 2 10; 40 lb 13810/175 

■1.50-j.ou. )trnbl>* pack per pound OOS. Seeds 

Siarh Crimson 20-lh 72 1.802.00, S4 L60: o«pm Phillip S670f 


c p so::::: 


£326 

(— tO.O'S610 


-10.0 8545 
-5.0 :S2B0 


|+ or) p.m. jt+w 

— Uanflria, — 


I i- tf 

E'4»h J 339-40 +.76 34 1 2 


Sales: 2.136 <1.666i lots of 5 looncs. - I 20,00 O il! Avocado*— Israeli: 3.50-3^0. Plne- 

ICO Indicator prices lor Nov. 15 <U3. ■l<7.5t-a*.r f — 1.6 1 _______ appje^^g African: 7,1*s 3.50. Onlonsr-- 

ct-ai* per pound i: Colombian MUd Sties: 150 Id's or 190 tonnes. Spanish: 4.00-4.20; Duicb: L80-2.60. 

Arab leas 173. H tl72.50<; unwashed c . . . n Melons— Spanish: Green 4.00-430: Israeli: 

Arabics? 153.36 iMtwi: other mild jIlliAK Carmel Yellow 4 20-4. W. Tomatoes— 

Arahicas 14587 fl49.33i; Robust as ICA , Jersey: 2.20-3.00; Spanish: 3.S0-4JM; 

1676 14* 1147.89); Robustas IC.A 1968 , REPORTS M'* 1 a * a Dutch- 3.50-3.60; Caoair: 3.Sfr4.W. 

147 (148i. Dally average 145.W 1148.17). low PMoe caused lhe market to open some Cucumbers— Can ary: 10 16s 2. 00-2.40. 

56/15 points bL-lou- overnight levels, reporu capsicums French: Per pound 0-30; 


jumble pack approx. 30-lb l.aO-130, Snral«an (D.S.) 327 lie £-6.0 I82B0 

Cranny Smith . 20-lb 72 2.40. S4 1. 60-1.00. } ^ ’ ^ 

large boxes 138- 150. 163 *.60-4.50. Pears— . ] 

llalian: Per pouud William* 0 lfrd.17. tiraillB 

Passacrassaoc 0.10. Grapes— Spanish: iwlev — _ 1 __ 

Aimeria 3.00-3.20. Negri 3.20: Italian: Home Future*.... £83.3 — 0,l,i82 5S 

While Obaoes 2.10-2.40. black D tones 2.20- Maire 

2.40. Bananas— Jamaican; Per pound French So. 3 A in (£105.8 +0.8ij£I02.3 

6 14. Avocados— Israeli: 3.50-3-60. Pine- Wheat | I 

apples— S. African: 7.7*3 3.50. Onions— No. I Red '<priag{C95.5f — 0.7s|£94.3 

Spanish: (.00-4.20: DiHcb: LSO-2.66. So£ HardVrinwr!1.87.Sir — 2.28. ■ 

Melons— Spanish: Green 4.00-4 JO: Israeli; K nc i(„i, II t| line 1 1x98 £91 

Carmel YeUow 4 204.80. TornMoes— ,hir>,nrat ,£g.lB9 +M.Q £2.038 


Carmel 7eliow < 2M.W. Tohimpbp- ^hjwneat ,t». 1B9 +16.0 £2.038 

Jersey: 2.20J M; Spanish: 3.S0-4-0; Future Mar. l£2.193 + 16.o!E1.S76.5 

Duich; 3.50-3.60; canary: 3.30-4.M. CpiT«i Future. I 


Jan _... £1.364.5 -B7.5 E1.492 


GRAINS 


K LONDON FUTURES (GAFTA)— The 
5-7B market opened un chanced and in fairly 


fruSqiHSi Si" 357-8 ,+5.« quiet trading cSST wtoa, beaver offerees blunted the advance. _ 


Viotva. _ 340 


„ i i- , | eased after initial commercial support 

< run. went | — | ^.... j '35.6-4. 5 i at unchanged, lo close unchanged to I5p 

Morning: Cash £339. 3BS. three months Jower - Barley paw reasonable commw- 
OSB. 52. S. 5g. SLS. 51. 5Z. 5I.S. 52. ii.5. clal and *9** support at 10p lower. 
52. Kerbs: Three jnooUu £352. After- particularly in distant* In the aiio> 
n.jon: Three months £354. Kerb: Three 00071 «** lon .«"»* country selling unis 
months £355. seen but values dosed about steady 



. i .. 


fret. 

Vcw10PlR\ N rrwWnia 

llu-iniv. 

I'-omni. 1 
1 Vin. j 

1 l'l<*r | Clou- | 

IVkw 


— Californian- Per pound 0.52-0.55: - Nominal, t New crop. 2 unquoted. 
Chinese; 0. JO. n Nov.-Jan. a SepL I Nav.-Dec. “ Jld. 

English Produce: Polo tore — Per 25 kilos w Dec x Per ton. i Indicator prices. 
l.2fr!.4n. Lettuce — Per 12 round 100. r Indicator price*. 


CriouaJand Wes* Diamond Minina .Company. 
D Mohs pan Mine. Limited 


South African Currency 
Per Share 


5<s cents 
23 cents 


i ALUMINIUM rtiiiitr following cover- - 

IttR against outside demand and the down- wheat 
turn hi sterling which lifted Iorwanl 
metal to £608 prior, to a dose on the late [ *■ 

; kerb of £601. Turnover LBN tonnes. U'ntft 


i v.n, I Mushrooms — Per pound 0.50. Apples— 

Per pound Bramlcy 0.04-0.07. Lord Derby 

_ £ i«r mum 0.64-0.1)5. Cox'S Orange P»PPin 0 OfrO 14. 

m M Air Sy£aa£sS 

May !11B.7<i-l6 75jiffi.06-lfi.lb H7.M <4.75 Cabbages — Per crate 0.70-0.80. 


By order of the 
For and on 

ANGLO AMERICAN CORPORATION OF SOUTH J^^^eUrlW 

• J, C. Greensmith 

^n. »«., SISSrcl5SS.3T!“«. 

40 Mol born viaduct. p.o. Bo> 102. 

KIP tAJ. Charter House. Pari; Street, 

Ashford. Kent. TN24 BEQ- 

17tfi November. 197B. ~ 


■»!«- — 

5 month).. . 596-. 5 


lYMrcntov'* 

l*ll»P^ 

-for 

YmUrriayV 

ekwe 

89.10 

-0.16 

81.40 

90.90 

—0.15 

1 85.2J 

92.95 

—0.10 

85.50 

93.&0 

-0.16 

BS.UB 

89.70 


83.411 


Per 12 Lincoln 1.30. Kent 1.50-L80. Beet- 
root— Per 2tUb 0.60-0.7 0. Carrots— Per 
2H-lb 0.40-0.70. Capsicum*— Per pound 
0.30-0.35. Courgettes— Per pound 0.36. 
Onions— Per bag lid-2-20. PickJers 2-3ft- 


kerb of £662. Tunwvcr 1.606 tonars. M'«l* ernre — ekwe — Dee I24.;0-I4.7i Ix3.06.25.fit i<4 00 root— Per 2frlb 0.60-0.70. Carrots— Per 

: — Jlarvn .. I2B. 40-29.501 12fi.7fr27.fi, \i s.mi 2»»-lb 0.40-0.70. Capsicums— Per pound 

AWnV A.m. 14« ffujL 1+tw SSK StS =J‘S S *^ ^ » «««»■ L^Per^aTl!^' Pi°cS 2^ 

OH**. - - I,";’; =0!W BSilo ZoliS 

JUv 9S.SO -O.lb 88.U6 -WJB a una- for T^d^^d Per !s4b 0.70-6A0. ParsaiPS-Pi-r 2fr1b 

S { Ot. t ... t ^1^1 89.70 j. 83.40 _ |-0. IB iSSS' ex^n 0 8IW..90. Sprouts-Per pound I.N4H. 

3 month).. 696-. 5 — 600-1 +5 Business doiw-9rt»t: Nor. S9.3fr88.15, lattrutima! ^Si»ar Aarecmem fU.S. C „p , ^r^MHIS5I0N e -Avtrase faisiock 
Jan. 90.65-90^0. March 93.1frB2J>5. May «ntg per pound, fob and stowed Canfr or ?1« AT at C0 "pre S e"»iivT^ » rte ™ on 

Morning: Three NKMIha"^^ ^ SlITUTS™ « ?*£?* ‘ * '\£ S %E^ M S*'Z * 

99. Kerb: Three months 1594.3. After- mmas SOMiy flaffKSmL LOUDON DAILY PRICE (raw sugar) liveu^inht » UK— Sheep 132..P tmr 

n*n: Three months moo. SW. 99A. HO. ^ £lflfr» -same, a l«u* of for Nov^Doc. M *£"< “if ™PJfiL£ 

vOOJ. Kerb: Three months £»02. shipment While *ngar daily price was Uveweleht < l.li. England and w «»~ 

* Cents per pound. [ tsi per picsL HCCA— Location ex- farm spot prices, fixed at rioo 00 'flfll.50'. Caiflr numbers down ,J per caul, a rerape 

f On prevtous unofficial close. Other milling wheat: N. Lincoln 86.50, WHITE SUGAR— Close fin order bluer. Price 67.58p i-o.OSr. sheep numbers down 


(1.80-0.90. Sprouts— Per pound 0.04-0.05. 

Cobnut*— Per pound Kent 0.40. 

MEAT COMMISSION— Average faisiock 
prices at representative markets on 
November 16. GB — Cattle 67J9p per k* 
hvewciKht »-0.19i. UK— Sheep 132.2 p per 
ks edew t-l.fi>. GB— PIks 6S. 4p per k« 


SILVER 


HCCA— Location ex-farm spot prices, fixed si £100.00 < ridl.SQi. 

Other milling wheat: N. Lincoln 88.50. WHITE SUGAR^lose Un order buyer. 
Hams and W. Sussex W.56. Feed barley: geiit ri: F C h. 1K.13-113J8, April 117 00- 


- — SILVERffrte fixed 4.4o an oonco lower The UK monetary coefflciedt for the imn' April 137.00- 1 43.00. Sales US. 

' 1 1 ““ “ for »l»t delivery in the London bullion HW( buglnnidg November 20 i based on _ _ 

appear ai the Ume of hearing, in Person market : yencrdar al >8B.0p. U-S- ceni H GCA calculations! Is expected In remain. WOOL FUTURES 

or by his connwi, for tbsr son**: ud MaMkvs.ar the fixlns levels were: unchansed. 1 

a copy of to? Petition will be furnish^ spot SBTJc. down 10.2c: ttaraWh uiimnTFn Whnr- CVmi No 1 vu LOHDOH— The martw was dun and 

. bv ihl undcralcnod in any creditor or 5S0.fc. dowa 9.fc: six-month 5S3.&-. Mo. L Ml tfataniess , repmis Bacbe. 

r^ntSinort of lhe xaM Company requinnii down 8.7c; and 12-momh S17.7C. down j** . 1 \ , t W .£I £**7 qiTJLr U '?' < Pence per kilo) 

contnPinorT oi we sam <.<«<)*•« 9 Ac. The metal onetml at *8U-283lo Darfc Northern Spring No. 2. 14 per cent, — — 

mch cow on PafinciH of ih rt* ,574-5780 and* closed^ at M5-296p (57H- Nov. 5SJ15. Dec. 5850 transhlpmcni east Auataglwn ifJvn'J' *j+ “ 8n*ina« 

chaise for jt. m 5771 cj. roast. U.5. Hard Vnnier 131 per cent. Greasy Wiwi ttoofr — bone 

A. K. HAMLD4 & cu., _ Dec. 87.25 ouoied transhipmeut east coast — 

SSfSS^LSSTm'renf EEC unminted. Maize: U^VFrench on- ! 

1 SILVBK finlffan f or USi.K, -{- or quoted. French Nov. l«3.rt. Dec. ■ 105.00 

^.“ren/tTUPri iobB Pe* - ' fixing — dure — east coa^l. S. African While Grade 1. December.. M.fril-O — 

5ff: tniyor. price Jan. 66.40. S. African Yellow Grade 1. j4 Bn? h l2J3.friS 0 - 

£££»?%, mim«. 7 ~~ ks«N - - 


N. Uncoln 78.20. ilant* and W. Sussex 
70.611. 


LEGAL NOTICES 


meuwa Of 1878 corririmnary 01 me «« ”■ 

No. owns* finch WPT on parmctH of the rt* 

In the HIGH COURT °F ^tarse for lhe same. 

Chancery Division Companies Court. W A- g_ b AMLIN k CO., 

lie Matter of ABIBT0OS LIMITED and Roxhushe House, 

to the Matter of The Cocapaoies Act. 27fr2S7. Re»em SireeL 

1948. Loudon W1R 8AO- 

NOTICE IS HEREBY GIVEN- that a Ref: 1WB 

« mam* ror the PeritlP*r» 


shipment W hile sngar daily price" was Uvewetehl i-l.li. England and Walw- 
££T SThii M *nnSh. Call U- numbers down 7J per caul, average 

WHrre SliGAR-Close (in order buyer. P"" 67 Mp sbccp ^ 

-ii,... ii" 15-113-50. Anrti 117 00- 21.1 Per leni, average price 132.1p <— L,i. 

m M lull-’ VSAS-mSL iem! 125.60- nw»bers down 6.6 per cent, average 
in'Sa' Nov lisi-OfrULM, Feb" litOfr P n « 65.4p t-Lli. Scotiand-Cattle 
HI'SS' nfLiirrm numbers up 20.1 per cent, average price 


numbers up 20.1 per cent, average price 
69.MP i — BJ4): sheep numbers up 267.6 
per cent, average price i3L2p <+6-8i. 


COTTON 


Husinan 

bone 


ftSsB'-mt, p:J SS^S sa*ftW' , irtsa = rSSB 

SM St r'-ST-S 5 ? m? s s ™ ^j gy-sfc sr^sua 

sm irtfvs-srgss: as ~ r - ■ - 1 - - assr ff c «ssLr„« r *s — — -»« 


TTSAJSfStS. SS£ 53=“- 1 f ! - J ■ - SSSSf ff C <JS^n , rl!S,*5 I - - Corpontion .nnoMCed" rS^rl 

:• vssrs stss ^rtss stus surt& sss s s : aasatiai. Zl sswr- XI3 ° : — ^ Miis elcSm 

sufJa yu\JL%smt* S£ tsrsui u jssArs -a st«a mms * . F5t-WT£Tia 


LIVERPOOL COTTON— Spot and 5hi ti- 
me m sales in Liverpool amounted to 50 
tonnes, bringing the total for the week 
so far to 545 tonnes. Mluur replenishment 
orders reported with onto occasional sup- 
port in African qualities. Other American- 
type varieties to restrained request. 

★ 

GRIMSBY FISH— Supply modw-atu, 
demand good. Prices at ship's side <nn- 
pmcerwdi tier stone: Shelf cod G-OO-ie.CO. 
codfliKv H. 06 -M X; torse haddock I4.S0- 
£6.06. medium I4.0friS.6O. small £3.6fr£4.(W; 
large plaice f4.Sfr25.40. medium £4.4fr 


INDICES 

FINANCIAL TIMES 

Nor.l6|NoT. lfr EootK - ago Year «g* 

Z59.4g | 25 6.571 dBO.aP f 4Q.8i~ 
(Rare: loly L I033-1M) 

REUTERS 

Nov. l6jSov. 16 jUonib agoj Year ago 

1505.2 !l506.8 1 1515.7 | 1489.T 
(Base: Sewembii' ih. ifinSlMi 

DOW JONES 

ItoW Nov. Snv. Unnth f rax 
Juno* 16 15 tun ago 

Spot.... db3.42394.il iB6 21 36128 
Fntareu MMjiM 07 . 92 6 2 d 18.88 

(Aver* Ur 1934-&J8=10ir 

MOODY'S 

Nov. | hnv. Momblrer 
Moody's 3fi j 16 ago 

Sple Comtnry Is 68. 9^965.7 BBS 6B2L< 
(Dmanbei si. i8Sl=imit 


FARM LOANS 
EXTENDED 

The Agricultural Mortgage 


st&zt 1 *: snsms ™ ** - im 


^ i , car J ,s the Corporation’s long-temi 

31-3al kiln? nfip per kilo; 2B-30* tains 7 Sd: i i , , „ 

22 -isj ktios sop. Light cows withdrawn l oans have been available for a 

«p. No calf offered. ntairiTniim term of 30 years only. 


Gold rises; 

cocoa 

unchanged 

NEW YORK, .Nnv. 16. 
PRECIOUS METALS closed higher on 

speculative buylnc and short-coverinc fol- 
lowing. ihc slurp declines <4 recent 
weeks. Copper tJuseti higher on renewed 
speculative buying on expect a up ns of only 
3 relatively mild recession neat year. 
Cocoa and sugar rinsed unchansed on 
mixed trade and speculative activity. 
Baehe reports. 

Coc»»— Dec. 1KJ35 1 1 S3. 50 1. March 
182-75 ' 182.75 J, May 182.50. July 181.50, 
Sept. 176.75. Dec. 175.65, March niL 
Sales: I. 000. 

Coffee— ■' c '■ Contract: Dec. 1SB.M 
<144.001, March 131.33 < 135.33 1. May 125.45 
asked. July 126.20 asked. Sent. 124.50 
asked. Dec. 121A8 sakad. March 119. Ifr- 

120.50. 

Copper— Mo v. 6520 i64J0i, Dec, 65.70 
<64.601, Jan. 86.35. March 67.75, May 
«85. July 70.15. San. 71.23. Drc. 72.40. 
Jan. 73.00, March 73.90. Mai 74.80. July 
Ja.fifr Sept. 76.45. Sales: 8. 160. 

Cation — No. 2: Dec. 66.65-66.70 <67.01 ». 
March 69.95- 70.05 «7M7<. May 7].«5-71.So. 
July 72.23. Oct. 67.00-67.26. Dec. 6J.M. 
March B6.rtHE.Plt. Mav Sfi.7fr97.5fl. Sales: 
8.883. 

•Gafrf— Niy. lBSiO r'19S.50l. Dec. 1M.30 
1 189. ID i . Jan. 201.H0. Feb. 203.20. April 
20. JO. June 211-26. Aug. 213.30. On. 21B.40. 
Dec. 223.70. Feb. 226.18. April 232.60. June 

237.10. Aug. 241.60. 

t Lard— Chicago loose 23.75 < samei. 

NY prime steam 25 J5 traded i samoi. 

JZMaize— Dec. 22S*-22Cj <2261 1. March 
23*>l-236i <236'. May 244t. July 2485-2451. 
SepL 249 i. Dec. 252. 

SPlBtlnunv — Jan. 3(tt.;o.303.50 < 309.70,. 

April 304.40-305.50 <313.50<. Julj’ 306.00- 
307.70. OcL 309.10. Jan. 312.50, April 

310.50. July 315.90. Sales: 1,537. 

FI Silver— Nnv 581 sn ,56&.2n>. Dec. 58300 
ISTTJOI, Jan. 596.00. March 593.10, May 

604.00. July 613.18. Sept. 022.30. Dec. 

637.00. Jan. 641.90, March 631.60. Mar 

051.10. July 671.30. Sept. 6R1210. Handy 
and Harman spot bullion NY 575.90 
<573.00'. 

Swabcani — Nov. R46I-U8 ,fi43i<. Jan. 
661V 662 ' 6531.. March 672-674. May fiSfrSTS, 
July 686-692. Aug. 680. Sept. 655. Nov. 
644-645. 

ilSeyabean Meal — Dee. 1H.3HSO.OO 
iJSfl.HL. Jan. JSJ.OO-Jfij.sn ilSIMi. March 
183.00-183.30, May 183.00-182.30, July 
183.110- IB? .80. Aim. 182.MMfi3.00. Rent. 

181.50. Oci. ITS. OO-l 77. 50. Dec. 177.50. 
Soyabean Oil— Dec, 23 60 23.113 <23.20 1. 

Jan. 23.80-23.84 <23.42,. March 23.95-24.00. 
May *4.05-24.10, July 24.10. Aug. 24.05- 

24.10. Sepi. 53.70-23.80. Oct. 23.65- 23.60, 
Dec. 23.3fr23.45 

Sugar— Nn. It: .? an . 8.40-S.50 <s.4j. 
March 8 .68-5.93 <R0!.. May 9.11-8 12. July 
9.32. Sept 9 50-9.32, Oc|. 9.fifr9,02. Jan. 
9.55-9.75. March 10.15-10.19. Sales: 4.O6O. 
Tin — 688.00 nom. i698.00i. ; 

•‘Wheat^Dec. 3SS 35Ri <334i<. Marcfi 
349-3494 <3441 <. May 3394-339, July 323+ 
E22. Sept B4. Dec. 33W. 

WINNIPEG. N«v. 16. TtRye— Nnv. 103.30 
a^cd 1 105.00 tu<m. >, Dec. M.70 at-ked 
1 102.00). May 106.50 asked. July 110.00 
num. 

ttoatt— Dec. 83 30 bid tB2,» bidv, 
March 7S.W hfd <78.70 asked). May 77.60 
bid. July 77.48 bid. . 

JZBarley— Dec. 76.60 bid <76.70 Mdi. 
Myrii 75.60 bid 175.70,. May 75.60 asked, 
July 75.60 bid. 

SSFlusccd— N ot. S56M bid '2SX 
aakctJl. Dec. 256.70 asked I259.M askedi. 
May 262.80. July 262.80 asked. Oct. 20 00 
trwheat— SCWRS 13.3 per cent pr“ 
cuoient cu S l Lairrence 184^4 1 184.74). 

AJJ cents per pound er-wa rehouse 
unless otherwise slated. *?s per troy 
ounce— lOfrouoo? Inis. 1 Cbicaeo lapse 
$* per 1W lbs — Dept. D r Ac. prices 
previous day. Prime steam fnh NY bulk 
tank cars, i Cents per 3ft-lb bushel ex-' 
warehouse. .I.OOfrbusbel lois. u* per 
troy ounce for 50-0* urns of pq.B per 
cent purity delivered SY. ; Cents per 
troy ounie .rs- warehouse. !| Nyw ■' B ". 
•contract In h a ahort ton for bulk tots 
of WO ahnir ron* delivered fnii cars 
Chr.:as.n Toledo. St. Louis and Alton.' 
•• Cents per 39-lfa bushel in siorc 
r* Cents per 24-lh btuheL ji r en is per 
4S-lb bush, I ex-w a rehouse. ;; Cents per 
jfrlb bushel ei. war 'bouse, LDOO-busbel 
tots. Vi CS per tonne. 




l 


. ii 

-i. 




oomy after Treasury economic forecast 

ex falls 4.6 more to 471.0— Short Gilts rise 


Account Dealing Dates 
Option 

‘First Declara- Last Account 
Dealings tions Dealings Day 
Oct. 30 Nov. 9 Nov. 10 Nov. 21 
Nov. 13 Nov. 2.1 Nov. 34 Dec. 5 
Nov. 27 Dee. 7 Dee. 8 Dec. 19 

“'New lime” rfcelings may take place 
From 9.30 a-m. two business deays earlier. 

The Treasury's cautious view of 
economic prospects neat year— 
continued expansion in activity is 
expected but at a slower rate — 
and doubts about the underlying 
figures on which it was based 
caused another and broader mark- 
down :n equities yesterday. Insti- 
tutional sources were again 
unresponsive and the mood 
deepened following the Royal/ 
Shell third-quarter J) gurus. 

These were adjudged extremely 
disappointing and sent leading 
industrial.' easier still, despite 
slightly stronger hopes that the 
prolonged Ford dispute may 
shortly be settled. Another 
influence contributing to the 
extended reaction was thy Chan- 
cellor’s admission that no fresh 
tailis would be opened with the 
TUC on the aborted anti-inflation 
statement. 

The aceno was thus set for 
another very .-low day and, 
although tlv* amount of stock 
coming onto ills' market was 
generally buyers were just 

nui in :c re. v It was no surprise, 
therefore th:-t the number of 
bargain- fed to the pitiful level 
.if again >t the previous 

day’s 4.936. 

-ured by the FT Industrial 
Ord iy .-nare index, Uie easiness 
v.a- --i ..pparen; at around mid- 
day .i.K-n the tail was 6.7 points- 
Ra,:, . : were attempted but proved 
u.i iiiccwifui unlit the uciober 
Ra-ney supply figures w;ere 
announced. The gloom than 
Cleared a liltic and prices 
hardened here and there to 
reduce the Itus in the index to a 
net 4.ii at -iii.O- 

Fresh mveumenl funds were 
drawn to short-dated Gilt-edged 
securities on the assumption that 
the current yield structure was 
attractive, particularly if interest 
rales have peaked out. Views that 
the authorities would probably 
Mue a long, in preference to a 
short, tap when it is decided to 
announce a replacement stock, 
perhaps today, also encouraged a 
certain amount of buying. 

The longer maturities were 
restrained by tap possibilities but 
s.?:»n roc. ;ii*d marginal losses and 
were edging higher late in the 
day. heiotd by the latest money 
supfil: statistics. 

South Afneen Gold .hares went 
lower on thy fall in the price of 
on limn, but the eiTert of this was 
countered »o an extent by the 
stronger inv»siment currency 
premium. Nvertheless. the FT 
Gold Mme« index Lo-t 3.3 more 
lo equal the low for the year of 
1JU.3: expressed in dollar terms. 


the es-prcmium index save up 4.4 
at 91.3. 

Condition* remained thin in the 
investment currency market but 
institutional demand and short 
coverin'-' by small professional 
clients ieft the premium with a 
fresh rise of 4J at 89j per cent. 
Vcsterd.iy's SE conversion factor 
was <1.7021 (0.7179). 

Only -n$5 contracts were done 
jn :iio Traded Option market, a 
further contraction on the pre- 
vious day's total of 731 and Tues- 
day’s 1-230, but slightly higher 
than lift week's daily average of 
426. Nearly a third of the deals 
vests oy were completed in 
Grand Metropolitan. 


Wallis provided an exception at 
83p. up 3. after revived demand in 
a thin market, while Stylo gained 
2 more at 69p in Shoes on further 
speculative buying. 

The Electrical leaders fluctuated 
narrowly and closed without much 
alteration on the day. Press com- 
ment on the half-yearly results 
prompted further selling of 
Chloride, which closed 7 off at 
104p for a two-day fall of 12. 
Farnell reacted afresh to SfiOp, 
down 7, and United Scientific 
gave up 6 to 252p while Electro- 
components. after recent firmness, 
lost 5 to 250p. Decca remained on 
offer at 4 lap. down S. with the 


Royals dip and rally 

Easier at M3p in front of the 
third-quarter lieu res. Royals 
rallied on the bet ter- than -expected 
profits to close unchanged on the 
day at 348p. General Accident 
hardened 2 to 204 p following 
further consideration of their good 
third -ouarter performance and 
Phoenix rose 4 to 220p in 
response to a newspaper mention. 
Dealings in Lloyd’s broker 
Sedgwick Forties. 41 Op. were 
surprisingly suspended after-hours 
3t the company’s request pending 
a statement: details of talks 
about a likely tripartite inter- 
national merger werx released well 
after dealings had ceased. 

Q molly dull conditions pre- 
vaded in the major clearing banks 
and rinsing falls ranged to 3. 
Else” here. Australian issues 
moved higher on domestic and in- 
vestment currency influences. AN7. 
gained 1.3 »n 2SSp and Dank of New 
South Wales added JO to 540p. 
German concern Deutsche rose 
2i point? to £11 fit. In .VTorchant 
banks. Brown Shipley cheapened 
3 more to 245p on further con- 
sideration of the disappointing in- 
terim report and Ke.vser Ullmann 
save un 2 to 4Sp following com- 
ment on the first-half figures. 

Housebuilders Milbury provided 
an isolated firm spot rising 9 to 
54p ahead of today's interim 
results. Elsewhere in dull Build- 
ings. a lack of buyers and 
necr-ionnl offerings dinned 2 from 
Marley at fi8p and 3 from Blue 
Circle at 253 p. RAIC eased 2 to 
123p and Tunnel "B" 6 to 274p. 
Awaiting today's interim state- 
ment. FPA Construction shed 2 to 
lfin; the announcement of a 
£3. 7m defence contract made no 
impact. Modern Engineers of 
Bristol. a recent takeover 
favourite, gave back 4 at 47p. 

Id drifted 4 lower to 3«4p. but 
Fisons. down to 307p at one stage, 
rallied to close unchanged at 311p. 



closed 3 down at B20p. after fi!8p, 
while Boots ended the same 
amount down at U»5p. after 191p. 
following the disappP' nrin? 
terira results. PUkinglon relin- 
quished 8 to 275p, while Reed In- 
ternational cheapened 6 10 loUp 
as did Unilever to 536P- Elsewhere, 
J. W. Spear dropped 27 to I93p on 
the interim profits setback, and 
Braby Leslie gave up 5 w MP rol ‘ 
lowing a standstill in interim 
earnings. Dealings in Hoskins and 
Horton were resumed at H#P com- 
pared wtth the suspension price "f 
16Sp and. in thin trading, the 
shares finished at 152p reflect uig 
disappointment that TaJbcx had 

sold its near-3B per cent stake and 
that bid talks have been termin- 
ated: Tal bex also resumed trading 
and finished a fraction harder at 
13 ip following an active business. 
Long and Hambly added 5 to 43p 
in response to the preliminary re- 
sults and Broken Hill Proprietor) 
rose 20 to 665p on confirmation of 
the existence pf hydrocarbons at 
the Fotescue 2 oil well. Dealings 
in Stafiex were suspended, at 7Jp. 
at the company’s request pending 
the sale of its European Marketing 
interests. 


occasional buyer, Monntviw 
Estates firmed 2 to S7p. 


Stores dull 

Interest in leading Stores was 
at a low ebb and price* drifted 
lover. Gussies “A” declining 6 to 
20Bp Elsewhere, the picture was 
much the seme with falls of 4 
being recorded in Currys, l^p, 
Empire. Ie3p. and Raybcck. SSp. 


A shares 5 lower at 405p. Neu- 
man Industrie . were quoted ex- 
rights at 78p, with the new shares 
closing at 31 p premium. 

Dullness In the Engineering 
leaders mainly reflected the 
absence of support. John Brown 
eased afresh to 394p. down 4. with 
the new shares a similar amount 
off at 4 fip premium, while falls of 
around 3 were recorded in Hawker 
KMdelcy. 224p, after 222p. TK.\. 
25Pp. and Vickers. 192p. Secondary 
issues also tended lower, where 
altered. Edbro came back 3 to 
£20 p. while Hill and Smith closed 
4 down at 64p. Against the trend. 
Win. Bo niton responded to 
favourable Press mention with a 
rise of 1 to 19}p, while Ash and 
Lacy encountered further buying 
interest and put on another 4 to 
14«p. 

Foods remained sensitive and J. 
Sainsbury eased 5 to 225p. Tesco 
2 to 32 Ip. Unigate 3 to 6Sp and 
Bejam 4 to ROp. Despite higher 
annual profits and the Board's 
optimism on current trading. Kwik 
Save shed 3 to 82p. while the 
lower interim results left P. Panto 
a penny down at 26p. 

In Hotels, lack of interest and 
small selling left quotations with 
falls to 5. 


J. W. Spear fall 

The Treasury’s forecast of 
slower economic expansion next 
year served to depress the miscel- 
laneous Industrial leaders further. 
Still overshadowed by its proposed 
£S2^m rights issue. Beecham 


In the Leisure sector. Press 
comment on bid prospects drew 
attention to Norton and Wright 
which gained 6 to a high for the 
year of 13Gp. 

The Ford dispute continued to 
depress Motors, although a few 
buyers were showing 3 little 
interest at the lower levels. Com- 
ponents, hit by possible short-time 
working, fell back with Lucas 
losing 6 at 294p. after 2f2p. In 
Distributors, Ford main dealers 
were again affected by supply 
shortage; Heron Motor reacted 3 
to 97p. with the ID per cenr Con- 
vertible 10 lower at £170 and 
Tate of Leeds shed 5 to G9p. 
Despite a 26 per cent rise in six- 
month profits. Godfrey Da\ is gave 
up 2! to 82p on fear* about 
current trading. Elsewhere. Group 
Lotus hardened 2 to 47 p on news 
of a design agreement with the 
De Lores n concern. 

In Paper/Prmting. OnndalkJn 
rose 15 to 102p in response to an 
investment recommendation. 

Leading Properties recovered 
earlier modest falls and closed 
virtually unchanged, but lack- 
lustre secondary issues extended 
Wednesday's decline. Hammcrson 
A and Church bury Estates gave 
up 5 to 580p and 3*K»p respec- 
tively. while Chesterfield shed $ 
to 340p. Allied London eased a 
penny to 57p: the chairmans 
disclosure about the sale of 
Peachey shares acquired at the 
time of the abortive bid made 
little impact; Peachey eased a 
penny to 79p on further con- 
sideration of the annua! results. 
A good market of late on the 
sharply higher profits and the 
proposed separation of property 
investments from housebuilding. 
Bellwav gave up 2.1 :o 72p. but. 
on the appearance of the 


Shell disappoint. 

Oils traded on a quietly dull 
note, sentiment being undermined 
b» disappointing third-quarter 
figures from Shell which reacted 
to 566p following the statement 
before dosing at 570p for 3 fall 
of 7 on balance. British 
Petroleum moved in sympathy 
and closed a net 2 down at fWp, 
after 900p. Dollar premium in- 
fluences, however, left Royal 
Dutch t to the eood at £43}. Out- 
side the leaders, satisfactory nine- 
monthly figures failed to help 
Ultramar, down 4 at 226p. Re- 
newed speculative interest ieft Oil 
Exploration 2 higher at 228p. 
after 232p. while Slebens (UK) 
were also firm at 262p. up 4. 

P and O Deferred remained a 
poor market at 77p. down 2 ;. 
sentiment not being helped by a 
Press suggestion that the company 
may call for Government assis- 
tance. Elsewhere in Shippings, 
be tter-th an -expected interim 

results ieft British and Common- 
wraith 4 higher at 291p. 

In generally lower Textiles. 
Cnurtaulds eased 2 to 113p ahead 
of next Wednesday's interim 
results. Tlield Brothers lost j to 
10 In on the company's gloomy 
comments on current trade. On 
further consideration of the nre- 
vinuq dnv's mid-terra statements. 
Dav^d Dixon, imp, and Sehers 
International. 34p, cheapened 2 
and 1 respectively. Parkland "A.’’ 
on the other hand, attracted 
interest and improved 3 to 74p, 
while Allied Textile put on 2 to 
144 p for a two-day rise of S. 


S7.575 lower at $196.0 per ounce 
w hile the . Gold Hines index lost 

3.3 mare to 130.3— a three-day 
fall of 7.8 and its lowest. leva 
since the be ginn i n g of: the year. 
The ex-premium index dropped 

4.4 to 91-5. ; - 

• Gold shares were marked down 
at the outset, reflecting the 
overnight weakness v of the 
bullion price in ’ ’ Americaiv 
markets, and thereafter tended-td 
drift on lack of interest although 
Continental buying steadied 
prices at the lower levels.: 

Also ’ sustaining prices ; in' 
sterling terms was a further rise 
in the investment .-. currency 
premium. 


Heavyweights fen by up to } as 
in Bartebeest. £11}. - W« 


rest 


Golds down again 

A strong improvement in rhe 
dollar caused a sharp decline in 
the bullion price, which fell 
through the $200 an ounce level 
for the first lime since late 
Aucust, and prompted renewed 
celling of South .African Gold 
shares. 

The bullion price was finally 


Driefontehj. EJ9* and Free State 
GednhL £12}, while in. the lower 
priced issues new lows for 197S 
were seen rn EJsbnrg,' 5} off. at 
72*p. Western Areas, 6 down at 
!16p end LeraJne, which gave up 
3 to 62p. - . 

The weakness of the tuffioo 
price and the downturn hr the 
equity market depressed . Finan- 
cials. Of the South African issues. 
Angle American and De Beers 
were both around 3 cheaper at 
2 SSp and 345 p respective!)-, while 
Gold Fields of South Africa 
declined ? to £11. 

.Among London-registered issues 
further consideration of the half- 
year results left Charter another 
6 lower at 12Sp. Gold Fields and 
Rio Tinte-Zine were both a similar 
amount easier at 168p and 232p 
respectively. 

Australians were boosted by the 
firmer premium. Diamond- . ex- 
ploration issues gained ground 
with Northern Mining 8 up at 82p, 
while Haoma Gold rose '4. ‘to'-SSb. 

Elsewhere. Westfield Minerals 
soared 67 to 234p. after 244 p, 
following the latest quarterly 
renort. ^ . 

O'her North gate group com-' 
parties to move ahead . included 
North rate Themselves. which 
climbed 65 to 455p and. Anglo 
United which put on lO to 220p. 


financial times stock indices 



eoMnmseo* eecs. ~ 

F.i«u Interest. j 

jfirto-nw' — -j 

Gold Mine - 

Gnlii Min'?" 

Ihd. L«r. f»»l— «■ 

fiatw men |*J — - 
Deal i Dp- marked- — ■■ 
Bqdliy tun»v« Em.. 
Equity han!«u» 


G9A6i «LS2i 69.41. 



474.51 473.2 


i5j>7 ,te.7a. 
'8.151 vifcwfei' 


8.64 ■ "8.111 ■ 8.501 . 8.15] vRIBf- -Rfl5] • 93Q 

3.909* 4A3fr 4.847 . 4^73J 

— - 74,661 72.10l 55.78 ^4S} 37, 

' j4>wl 14.21a is;573ri4.8i9f. "' v “ 


'48'L®: 


487 .... 

WiK ’ lS8 r l[*.t38BHlbJ7f. T3di, 
10021 . 99.7 

5.ss| 5.7 1| 5.73j“ . - a.76! 

15.8 
8.5 


5^6 


rt^ao. 


Minas 


10 am 47M. ' Uam 4B3. - Noon 48BA l jm • -A • 

.z pm * m 489A. 

Latest Inlec B1 f236 8026. V- ..,7 - 
■ . '•*01=7^8.- • 7” '' 

Basis 100 GOVL Secs. I«m/28. -Fixed: IQL 19»_ i Mk. gnL IfTfij . - CsB . 

Ex-S pm mdex sauted Jana, 1072. SE AetiritS Jiar-jjoc..J5c. - 


highs and* l.ow$' s:^' AC^Ttfrrr^ 


1378 " jShiee Cwn|dta*loB 


UigO 


bovt. sec-...l 


Fixed lot---! 



78.08 
>3/li 

81.27 

-,8/b 

555.5 . 
1WW1 

206.8 
llW) 
132.3 
■14/8) 


low 1 U«Li 


67.92 

rtftUj 

89.50 


455.4 

(Wi- 

130.3 

16/11. 

90.3 

ihjipi 


1»7.4 

19/1/96) 

150.4 




. 549.2J 

|lW/W/77> 

442.3 


i *37.1 

.7 


’’ low 


49.18. 

i5/l/76i 

50.35 


*■ - ’ , J".‘ Sw. J HS^’ ' 


! — Uai 

loausumiy-l, 

ApMnlutve.J 

1 Tnalt; 


49.4 

43.5 


|l22/S/75) Jt36/10j71, 
54V3 


i88/MSt 


• -j 

lnthMtr*!- 
3pMnuxiv»^ 

T ottVli^u. 





kv- 


*- 

&S 


■Sr*: 


M-l . 


X 




-A:- 






- -- :! >-‘ 


LONDON TRADED tfj» TMWslifeS 


NEW HIGHS AND LOWS FOR 1978 


Vhc :oiiowng secu-it.es auolei> m the 
Shjre inb:mi:ton Se-vrce veste-efa* 
attained new Highs and Lows lor 1978 
NEW HIGHS f4) 

INDUSTRIALS II* 

Sanahurst Marketing 

LEISURE 11) 

Norton and Wright 

TEXTILES 

Sirdar 

MINES >1) 

Patino NV 

NEW LOWS (29) 

CORPORATION LOANS il) 
Liverpool 9 'apt '83-34 

BANKS IZ) 

Hill Sanue! Warr jn:» L:oers S Scort.sh 
STORES *2» 

Debenhams Crartan Wareho'jses 

ELECTRICALS -1. 

Untied Scientist 

ENGINEERING >5 
t M.l. Tex Aor.si--cs 

Sr Las .Henr/i 

HOTELS -1> 

Lad broke 

INDUSTRIALS <6 

Abeev Hswt.ns a^d Tipsoo 

BE and EA Hesra 1 .- 

Camrtt Hr3.-e-“A” 

elsw'cL-Hopoer Spear J. W.l 

MOTORS 131 

Dunlop 3ramali *C. D ) 

Braid Grows 


Mttnernev 

P 4 0 De<a. 
Prog. Sees. Inv. 
Assa^i Frontier 

Eistur: 

Ski:*, sat 


PROPERTY II, 
SHIPPING lit 
TRUSTS >1). 
TEAS <71 


MINES 14) 

Westers Aits 
Lora ii»e . 


YESTERDAY 
RISES AND- FALLS 


UplVotm Same 
20 — 56 

and 

5.-2 54 

191 453 885 

Financial and Prop. _. 65 1ST 290 

Oils u a rn 

Plantation ■ ' 1 M .16 

Mines 31 .62 48 

Recent Issues - •-•4 . 4 . 14 


Brirish Ponds 
Corpns.. Dom. 

Foreign Bonds 
Industrials 


Totals — 328 7B2 1^1 


1 

Jiidi. 

“ rV -- 


Kx’rci-t- 

IAo~IIIE 


1 J 111 904) 

' 

»*«*■ 

. \iffei 

; Vot. 

H 

Of 

BOO 

40 

' 16 

i.P 

9*0 

• ' 12 

3 

l-.iD.- Go!-' 

160 

. IT. 

3S 

r-.«irtHuiri 

110 

- Sr a 

.r.3 

■_ niiruuiJ- 

130 

:.. IH 

.. k y 

<.Kt 

330 

■ 8la 

. — . 

ci : 

&6u 

. . a . 

- ■ — 

i.r-n 1 Mm. 

100 

. 3- 

... "i— ■. 

Gnind Met. 

11J 

4 

.• .63 . 

■ lull,: AiuL 

120 

.' 1 . 

58' 

IU 

33J 

42 

— 

U. t 

*6J 

22 

' — ' 

)LI 

290 

,71b 

a. 

tci 

490 

1»* 

. AO 

uin-i -ef». 

900 

- SO 

-.6. 

r^in4 Sec*. 

240 

4ic 

-8 

»l-rk i 1 . 

70 

16 

r 

Mart- 4 £>(’. 

. .80 

7 

5 . 

VMrU-i 3J-. 

90. 

3 

. — . 

•IlHil 

eoo: 

80 

5 - 


850. 

51 

30- 

SSitrli 

' 600 

Sig 

8 

1.4*1* 



245 





Sfwemikit 

O-FMwmiV’ 

'■V 


hoi: lun.- 

. -70 

1 1 


1 

6 

'>'85 

68p •. 


180 

- 17. - 

10 

2a VI2 

28 . 

- ' 



200 

2 | 

12 

11 l -’18’ 

n: 



220 

•-Jar. 

- _ • 

. 4 ici : 56 

-11 


- z • 


260 

' .1 



■■ -60: 

•'.-a - 



HU! 

140 

3 

■.18r'-W 

.22 


148^^ 



• . 1 

25 

■ 4. 133 









T r . " 


1 ^->'2 


APPGENT^cNTS 


NatWest re 



Mr. airi^tophcr J. B. Hatton 
has been appointed a direcior of 
.\or:h Rvuiontil Board of 
NATIONAL tt'ESTMLNSTER 

BANK and F.dwin J. Thnmp- 
«i»n. hri< oeenme a director of 
i he West Midlands and Wales 
Rcclnnal Board. Mr. Hatton is 
chairman r.f Grccnall Whitley and 
Company and Mr. Thompson is 
chairman and managing director 
of the Wolverhampton and 
Dudley Bren erics. 

Mr. A. F. CMinp has been 
atm.iinied a director of R. B. 
HUNT .AND PARTNERS. Mr. 
E. R. Forsj-lb has become a 
director of R. B. Hunt tCharter- 
in^». an associated company. Both 
have represented the partnership 
in Tokyo and Mr. Forsyth will be 
moving to Hons Kong in March 
to lake charge a joint shipping 
venture with Kalli Hong Kong. 

Mr. Stanley R. Harding, a 
director oi Hill Samuel and Co., 
has been appointed chairman of 
the OILFAB GROUP, consultant 
engineers in Aberdeen. Oilfab is 
working with Union Oil on the 
Heather Field project Other 
appointments to the main Board 
or the Oilf3b Group are Mr. David 
Bennett, and Mr. Greg Marshall. 
* 


has been elected chairman of 
COPPER DEVELOPMENT ASSO- 
CIATION replacing Mr. R. C. R. 
Toller, who recently retired as 
the representative of Mount Isa 
International Ply.. Mrs. X. Cabcro. 
European director of the Chilean 
Copper Commission in Paris, has 
also become a vice-chairman of 
the association, with Mr. R. V. 
Mellon, marketing director of 
Inco Europe. 


Mr. S. 1. Redstone has become 
group managing director of rhe 
LESSER GROUP. He joined the 
group in 1072. and was previously 
managing director of Lesser Land 
and a group Board director. 


BAYER1SCHE LANDESBANK 
GrnOZENTRALE states that 
formal permission has now been 
granted by the Bank of England 
upgrading its London office to 
branch status. Dr. Wolfgang 
Nihler and Mr. Victor Stevens 
have been appointed joint London 
managers. 

* 

Mr. S. F. Moore has been 
appointed chairman of the 
BRITISH VALVE MAUFAC- 
TURERS’ ASSOCIATION. 

* 

Mr. Don Cnliins has heen 
appointed managing director of 
FAIRMILE ENGINEERING. He 
was previously managing 
director of Bourne Steel, where 
he is succeeded by Mr. Roger 
Ring, previously deputy manag- 
ing director. 


Prince Michael or Kent has 
been elected president or the 
INSTITUTE OF THE MOTOR 
INDUSTRY for 1976-79. 


Mr. M. C Hughes, vice-president 
of Texasqulf Export Corporation, 


Mr. L. D. Grider, manager of 
engineering, has been appointed 
an executive director of RUSTON- 
BUCYRUS and Mr. R. G. Olander 
has become a non-executive 
director. Mr. E. P. Berg, Mr. J. A. 
Thierry and Mr. P. V. Carter will 
retire from the Board on 
December 31, 1D7S. 

* 

Mr. Robert Campbell, chief 
executive to the Epping Forest 
District Cnuncli since 1977. has 


AMBER INDUSTRIAL 
iiOLDINfiS LIMITED 


UNAUDITED GROUP PROFIT STATEMENT 
FOR THE 6 MONTHS cNDED ’Oth SEPTEMBER, 1978 


Actual 


6 months to 
30.9.78 
£ 

Turnover 1,706,600 

6 months to 
30.9.77 

C 

1.520.000 

year to 
31.3.78 
£ 

3.032.000 

Trading Profit 

Depreciation 

219.000 
38. GOO 

213.000 

28.GG0 

433.0C0 

69.000 


181.050 

185.000 

364.000 

Interest — Received 

— Paid 

5.000 

| | 2.000 1 

3.000 


5,000 

, 12.000) 

i 3,Ct'u 

Profit before Taxation 

Taxation 

186.000 

97.000 

183.000 

9S.G00 

361 .000 

199.000 

Extraordinary item 

89.COO 

88.000 

1 62.000 
6.000 

Preference Dividend 

89.000 

1.750 

88. CTO 
1.750 

I56.0CO 

3.500 

profit available for Ordinary 
Dividend 

£87.250 

£36.250 

£152.500 

Earning per Ordinary Share 

of lOp 3 34p 3.30p 6.06 p 

While if is too early to predict the outcome of trading tor the 
lull year to 31st March. 197°. present indications are that the 
profit before taxation will approximate to that earned for the 


prqwious y?ar. 








been appointed chief executive 
or the INSTITUTION OF CIVIL 
ENGINEERS in place of Rear 
Admiral Garth Watson, who 
retires in February 1079 after 
serving 11 years in the post. Mr. 
Campbell takes up his appoint- 
ment on February 1. 

* 

Mr. Graham Fusey. has been 
appointed a director of 
NATIONAL UTILITY SERVICE 
INC. (UK). 

* 

Mr. Knud Hansen, Mr. A. G. 
Perry and Mr. Bernard H. Flash- 
man have joined the Board of 
STORNu. Mr. Finn Heiiand. 
former managing director, has 
retired and is now with General 
Electric Company of the U.S., the 
parent concern. * 

★ 

Mr. Nicolas McAndrew has been 
appointed a director of N. M. 
ROTHSCHILD AND SONS and 
managing director of N. M. 
ROTHSCHILD ASSET MANAGE- 
MENT from January 1. 

* 

Mr. David Burn has joined SIR 
JOSEPH CAUSTON AND SONS as 
works director. 

+ 

Mr. Nicholas Sarauelson is to 
join the holding Board of 
JARDINE MATHESQN INSUR- 
ANCE BROKERS and will become 
chairman of the UK company and 
the life and pensions company. 
He was previously managing 
director of Blond Payne (UK). 

★ 

Mr. Graham Posey has been 
appointed a director of 
NATIONAL UTILITY SERVICE 
INC (UK). 

* 

Mr. Lew Small is to be 
appointed managing director of 
RANK LEISURE SERVICES in 
place of iHr. Raymond Outfield, 
who will be taking up a position 
outside the Rank Orsaisation 
early next year. Mr. Small joined 
Rank in HH8 and was made a 
member of the Board of Rank 
Leisure Services in 1969 as direc- 
tor of techn ical services. He 
became assistant managing direc- 
tor of that company in JUTfi. 

A corrected agency announce- 
ment states that Miss Josephine 
Prevost and Mr. Rex Pingle have 
not joined the Board of 
CHEMICAL ASIA, the Hone Kong 
merchant bank, as reported 
yesterday. They have become 
assistant directors. 

* 

Mr. David McWilliom. an 
assistant general manager (inter- 
national! MIDLAND BANK and 
previously managing director of 
Thomas Cook Bankers has been 
appointed treasurer (inter- 
national > Midland Bank. 

* 

Mr. Mnldwyu Thomas, chairman 
or Rank Xerox, has been 
appointed a non -executive director 
or INTERNATIONAL MILITARY 
SERVICES. 

★ 

Mr. David Band, vice-pre-idcnl 
nr MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK, ha* 
become general manager at the 
bank’.-. Paris office in place of Mr. 
Jcan-Loiiio MaMirel. 


OPTIONS 


DEALING DATES the call included Swan Hunter. 

First Last Last For Avon Rubber. Loral ne Gold. Lad- 

Deal- Deal- Dedara- Settle- £ rokc J/.D.T John 

ings Ings tion meet Brown Oil Exploration. Premier 

«... oi iw i vnh *9 e Consolidated, GEL. Maple Mores. 

Dec. 19 Jan 8 Mar. 22 Apr. ■> Swire Properties. No puts were 
tor rate uidicnhnns see end of reported hut a double option was 
Share Injunnntian Service completed in Mersey Docks 
Stocks to attract money for Units. 


FT-ACTUARIES SHARE 


These indices are the joint congiDatiaii of the Financial Times, the Institnte Actnaries^ 


and the Faculty of Actuaries 



BEKS -' . V;" " ’ 


ACTIVE STOCKS 

No. 


Denomlna- 

of 

Closing 

Change 

197S 

1978 

Stock 

tion 

marks price ip) 

on day 

high 

low 

Shell Transport ... 

2ap 

14 

570 

— 7 

602 

484 

BP 

£1 

13 

904 

— 0 

92R 

720 

ICI • 

£1 

10 

3*4 

- 4 

421 

328 

Rank Org 

25p 

9 

240 

- 2 

296 

226 

BATs Defd 

25p 

S 

235 

— 

304 

227 

Barclays Bank ... 

a 

s 

343 

— 5 

368 

296 

Distillers 

50p 

s 

196 

- 1 

213 

163 

Grand Met 

50p 

7 

104 

- 1 

121 

87 

Inchape 

£1 

7 

355 

- 5 

443 

350 

Lucas Inds 

£1 

7 

294 

- 6 

336 

240 

Midland Bank ... 

£1 

7 

343 

— 5 

390 

330 

P ft O. Defd 

£1 

7 

1 i 

- 2) 

11$ 

77 

Taffies 

5p 

7 

15} 

+ i 

254 

14 

Beecbam 

2dp 

6 

620 

- 3 

743 

5S3 

Boots 

25p 

6 

195 

- 3 

237 

184 


RECENT ISSUES 


EQUITIES 


197- 


, | = J c t 197 

i*n.f S— ” J §- | 

, - His* I 


.■ iiii.il,,-, 

z,+ f, . x ; = * -ff ■ 

1 _ ; >e !s S 


+21*1 t.e :^4,u 

ASfl.60 F.H.. - 

lul V.V.-£-< 11 I'JU 


«3 lAniL- lfti- H ; 43 


iO I 64 |Atiit<ni Mlulrnj 50- 68 

'Ai ! MS i^rfrooll Xcw j. 


1362 


3.4 U.6 03 

;+« i - ! — i - 
b5.7S' I » V - 9.6 


*« I K.P '44.11 ,9.1.1 nijMuM >■( (irp Jlrtn 30 ’-Ms '• 'il4: 1 . 10.7 10 4 
I F.l* ’ - ' !«• | 100 K»k».i '113 '+ 5 1 — ! — I - ,4.7 


FIXED INTEREST STOCKS 


Si 4/ ! 7 ; 




L97B 


£. ~ ~ Hiyhj f 


J 

, ? o ,+ o. 
• C - ' — 


r.P. 


- d*Pfl »«n»i.n iw 1 99l; — I B 

■j . » j- 4 1 i. jy 4. iin-lu Wmcruon.- 1% I'n. l-.*3 10 

KICK. F.F. 16^11 107 I 101 'l/d*!-* »!«••«* •■rtC-riv '■/■* _..100 J 

t£l F.l’. — 33, ‘ 98, .Ve*ni»ii lnJ» lbij, Aw- l*rw • 99p 1 .^... 

4 r i. 4evJu ( i 1 lib Vim Ip.iiihiii«> 1 -^ Luv tn.c' . I ic 

wSrii. Clu 45,1 slj! ’ » liieUB-iium.Titi .» W«t«i }% 8&_.. 91^ .... 

t.l 1 . _ 136 ; WJ Idshm lyj (Vm*. I n*. ‘lisa 

c99l:. C60 lu,l ■ W *«*Uliw«rk llr-i. I«7 46 

4971..- glu 4tj l 9li IVm Kh« i“, I'wi. Iff! 9»e 


“ RIGHTS ” OFFERS 


Ul->1 

Meiiuuc. 


lUTc- 



m 

linlc 

30 

K. 1*. 

1 11 

S3 

. M'. 

y-i t £4-ii. 

dbU 

.Nii 



67 


?9 tl 51 

IV 


la. 10 ji . 1 1- 

»a 

f'.r. 

in: d u 

74 

.Nil 

. 

165 

i-.r 

*. 1 1 oli- 


Slnci. 


!tJiouiqj4* 1 1 

i Frii» — 




»■; I 


no 

6f-. 


U^IgldK - >**111 

If ■ linty tt .I,-. 

104 f 4 II, I- * * H«l * mV 

a, Inn. 


17U 


60 

57 

46|»n — < 
4ieini> —I" 
I* 1 : 

IIP , i 
Sijpn- .. . 
170 -2 


HenniK'niwn nair wnalb i,,ry . “ 2-**- 

(law: .... ur.,s L .pci.i. ^rniaie. fl Kvvwnert 'iKrtMirt »nn vi*M « 

-iivm nr .n,im vnu‘ , E< eafniTiBs. ► Dmi-n/i jwI vicln **ased nn Dn,>ihri-tn 


Mr. Stan Cooper is tn join the 
Board nf 1TDD STRONG BON as 
sales director from November 20. 


Crnv. : jwimwl ; Cower 4i1,w. 


>umn< in proriiMr. vew''' 1 . 

... niiif tli^iot t'sinn^rR 1 ^ ^ 

!..r fi.in-*TM..|, i"» *»"“ rdnBl,l ‘ i '"*«?»* •' r -.nl* r..r rr>:r,.f«o 

m i Haem* D n« ^ = uMlc - p - “"J"" ‘ rirt ‘ ra: 7 ri - s 

n: i-'i-ier ! miernl l«* hnWef' iMinor. -haR> : . » ruh>> ■ - Ivn-n 

5v „r .-junaii-amn Jf BffotrwIiKMi 3^ h-'im in mi minion «irb 

ln'rort-ire. ^ t-i-d -o Wr ^ 

■ Silo-mm! Icitcr* <« full»-P*ktl ~ 

+ With wamatif 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
stocks per section 


Thur*r "Nov.. 16/197& 


Index 

No. 


Day's 

Change 


EbL 


Pt>. 

Yield %|Yleld%i 


(Max.) 


49 


51 


5h 


99 


CAPITAL GOODS (171) 

Budding Materials (27) 

Contracting. Construction (28) - 

Electricals (14) 

Engineering Contractors (14) 
Mechanical Engineering(72)— 
Metals and Metal Forming(16)_ 
CONSUMER GOODS 
(DURABLEXS3) 


Lt. Electronics. Radio, TV (16) _ 

House hold Goods (12» 

Motors and Distributors (25)_ 
CONSUMES GOODS 

(NON-DURABLE) (172l 

Breweries (14) 


Wines and Spirits (6) 

EntertainmenL Catering (17) _ 
Food Manofacturi ng ( 19) 

Food Retailing (15)..^ 


Newspapers, Publishing (12). 

Packaging and Paper (15) 

Stores (40) 

Textiles (25) 

Tobaccos (3) 


Toys and Games (6) . 


OTHER GROUPS (99).... 
Chemicals (19) 


Pharmaceutical Products (7).» 

Office Equipment (6) 

Shipping (10) 


Miscellaneous (57) 


INDUSTRIAL GROUP (495) ... 


Oils (5) 


227.04 

192.87 

36084 

52839 

356.79 

178-17 

160.46 


196.88 

24536 

169 JB2. 
11836 


20339 

22439 

276.61 

2S232 

20025 

216.00 

36739 

13033 

192.09 

17366 

22439 

9237 

19235 


37434 

24L82 

ES32 

395.78 

20657 


212-81 


50835 


- 1.0 
— i.4 
-L2 
- 0.6 
— 1.8 
-0.9 
—0.9 


-L4 

-L4 

.-05 

-15 


- 1.0 

—0.7 

^0:7 

rll 

-LI 

-25 

—8.7- 

-L4 

-0.8 

-L2 

-0.7 

-23 

-13 

-LI 

-LI 

-0.9 

-13 

-L6 


-13 


-0.7 


S00 SHARE INDEX 


FINANCIAL GROUP) 100) 

Banks* 6) 

Discount Houses (lOj 




-L0 


Hire Purchase (5)...^ 


Insurance i Li fe) ( 10) ; 

Insurance (Composite) (7) 

Insurance Brokers 1 10) . 

Merchant Banks 1 14) 

Property (31) 

Miscellaneous (7).. 


Investment Trusts (50> 

Mining Finaoce(4) 

Overages Traders 1 1 9i 1 


ALL-SHARE fNDEX(672l„ 


16035 

18533 

203-82 

33639 

12836 

11923 

319dM 

7567: 

24827 

104.74 


200.49: 

10034 

30624 


ZJhJW 


-0.7 

-15 

405 

-12 

*+02 

-0.7 

-03 

'- 0.6 


ri0.4 

-Z7 

—3-1 


-L0 


17.18 

1833 

2057 

13.74 

18.06 

18.64 

16.94 


1758 

14.81 

17.93 

2252 


-2632 

15.11 

1539 

14.49 

1950 

1420 

2L48 

19.78 

1L87 

1850 

2456 

24.44 

1630 

16.66 

1L69 

1939 

15.70 

1827 


16.64 


13.75 


16.18 


2520 


17.86 


14.96 


3.71 

2435 


18.77 

1634 


(ACT 
at 33%): 


'558 

587 

450 

351 

623 

625 

8.91 


538 

438 

670 

733 


634 

634 

520 

6.97 

557 

5.48 

658 

7.65 

4.84 

8.42 

836 

6.97 

fc43 

6.88 

476 

6.08 

754 

6.83 


&01 


3.95 


5.69 


6.09 

633 

8.63 

604 

732 

735 

534 

6.47 

-3.03 

8.03- 


531 

7.11 

7.68- 


581 


JEsL 

PlEr 

Ratio 

(Net) 


7.99' 

751 

6.98 

10.06 

751 

7.19 

820 


1759 

9.47 

7.68 

556 


826 

921 

9.70 

1087 

782 

951 

658 

666 

1234 

690 

4.82 

4:79 

789 

7.81 

10.42 

*35 

833 

-727 


885 


7.90 


8.03 


5.95 


739 


984 


45.01 

536 


656 

7.76 


Wed- 

Noi-. 

15 


lndor 

Na 


22938 

19589 

*532 


532.04 

36351 

17980 

161.98 


20187 

24887. 

370.72 

239.99 


2055Z 

22616 


27885 

25589 

20256 

22174 

37084 

13212 


VB.U 

275.69 

22587 

94:74 

194.74 

27197 

24442 

12650 

40083 

209.901 


22581 


5 31 88 


239.75 


16155 


18829 

20279 

33718 

12982 

21903' 

32158 

7629 

24978 

104.71 


20133 

102.95 

309.49 


Jtov 


Index. 


Na- 


23254 

19686 

36673 

544.91 

-36752 

m63 


16421 


20283 


25054 

169.82 

12086 


209.46 

23027 

28351 


26L41 

20573 

224.91 

371.78 

13285 


19699 

17679 

29030 

.9519 

19753 

283.02 

S049 

12690 


40330 

m 61 


21&58- 


51913 


243.44 


16347 

29U9 

20279 

13782; 

13022 

120:79. 

323,05 

7639 

254.03 

10474. 


20138 

105.00 

309.46 


2X880 ) Z2L84 


- .Nov. 
13 


'Index 


Nft 


227.96 

1 9387 
36020 

53295 

36121 


37788 

.16174 


19887 

243.76- 

16945 

11786 


203J3 

2336 

27470 

253.74 

20070 

22037 

369.08 

130.91 

1911B 

17333 

22121 


9425 

19*48 

27710- 

2^49 

22*51 

400.42' 

20636 


2324 


532.41 


237.9* 


160.46 

18057 

39987. 

13026 

32048 

U669 

31424 

7612 

245.65 

304.74 


200.49 

102.71 

30905 


21726 


'.~10 


index 


Na- 


22659 

1:19327 

36011 

523.0 

3S5J4 

17727 

26320 


199.05 

.244.76 

169.49 


271 JB 


26975 

2SL& 

19922 

219.78 

369t» 

130.77 

19054, 

.17372 

22023 


9429 
JJ98.79 
27382. 
24534 
12523 


■402.88 
120060 ’ 




49886 


23682 


158.75 

18148 

-199.97 


127.34 

-H7.D 

312.70 

TOS5 

242.46 

U5.04 


200.76' 

100.94 

33029 


2153? 



n* mh - 

■ - J . - 


**■ 


.202.7^ ;. ; 

' .. 
'4M3C8'-'. ; 

2ULI54, .; . i. : 

•sms-.. . 

BMPl'-.. 

'-fir '■ ■ 

MKr. 1 ''!!, .. 

TB2.48 . . . 

‘"■'v-iV'- . 

19776 ’ 

22638 i. 

23 :• . 

254©'.^;, ? : - 

-MSTA r^ ' - - - 

35553'. ?=-■ V - ’ 

12695 -I v -- r 
< *• 

iW87. J • 
227.7Z'r«^.-’ . 

10W5-- 

25901 -’V - ,^i- 

12259:..?%^^ .... ’. 
ra83-- -•‘iir,. 

19984 :^. 


r * 


203.79- ~f t \ 


50530-. 


22830- T i- 


wsr-gnf - -. 

18687 * *V. . 
28427*"'? - * 


28427 

j37.tB';r'/. /; V- 
128.96^- > : ‘ 

335. 

83 .90 -f " 


102.74 


Ur. 


194.9L 

8733 

27924 


ws: 1 ., 


ms*.::?. [■: v 


FIXED INTEREST PRICE INDICES 


British Government 

Thur.. 

Nov. 

lt> 

tiny’s , 
change , 

•s = | 

ttJodj. 

■Today 

xdadj. 

1978 
to dote 

1 

Uadeil years 

103.04 

+017 

- ^ 

8.19 

*1 

5- 15 years.- 

11199 

+0.02 

• — 

832 

3 


lux 




4 

Irredeemables.. 

120.39 


i.' - . 


5 

AU stocks. 

109.81 

+0(17- 

.- ' — ■ 




9 


Teau-. i^v . '• L ■' -1 

• .ajn 4i- r 

(approxj **•- «; a . ; 

1 

2 

3 

LSKI,,^ 

9.60 

1L44-- 

12.15 

;V ISO 

’ 3235 

. .. &»•' *•? ■ 

. . 

4 

s 

6 

Medtdm- . - -5 years... .-..j .... 

Coupais ^ 15 year3.;.„_:;.:, 
• " i5'-yeais-M.-Z 

'-12361' ■ 
■*"»»* 
1167 

ma- 

im 

*«*!»' 

'1033 - 'in. 

7 

8 
9 

High ; 5-yeare,...;ir.’^ 

Coupons is years. 

■ 25 years!,. 

• bail. 

13J3 
. . 3327 : 

1Z67 

03a 

33J6 


a 



.JUXLL 

v>.' 


• ProrulDoal or parfly-iMId tUntmenl isturs 




: Tli nts. Su*. 16 

WeiL 

Xuv, 

16- 

Tiie*. i XHon._ 
.Suv. ; ! Xnv. ' 

M ] . 13 

Frirfgjv-.J Tlntn, 

.» Nov..' 

■ 

-Nun. ■ 

■ Nwr. - 

; -it.. 

iodrt ;,Yi*id 
-.So. . . % 

15 

16 

17 

2U-yr. Red. Deb & Luans ( 15) 
Investment Trust Prefs. (15), 

Conil. and lndl. Prefs. (20) 

i 56.10 it 13.46 
, 51.54 j 13.57 

; 7L52 ! 13.06 

’■ . 1 

55.10 

51^4 

71.52 

55, K) 

«-54 

71^56 

65.07 

51,43 

71,60 

B5.l3-|- 55^35 
5L4if-SL&5- 

S6.1B 

.51.681.61^8 


> v %? w." ♦ 
■*- 




i6-na*"U 


i^RedmvtiM mM Wihs and bn record.- hoc data and vaimi »d - co^nHiiMtt chanva : af^ pab»»«l; M - 

tSta. kc up « jjggy* ,rimi PBWW » r »- *»»_ Ppanejal 



r; ■ s*jJ jw-V <■ fi.il 

' '' V ^' V " 


4 


< 

































: ^>*vv v — .'- 




'4r 




f'V3'>‘+ 


UNIT TRUSTS 


T®. Mum. tti W Framlingtm ("nil Mgl. U4 t»A : Minster j M.-inacrr> Lid 

^ <m>r<Xil S-7 J^Uirtv-r-l EnBSIHt -IW**?™ M" l '!" r [ { ' VrbrM fH «l 



OFFSHORE AND 
OVERSEAS FUNDS 


-0 


S3 


**6 

a as 

457 

««ji -an <3i 
MJui-OS <74 


iss&m 

t 5^Tl« PW« TW-iM? 

. JtEicd Hanibro GroapT ia«gj ■ 

■ yckg HM . Hunan. Brentnond Zw^ 
; n55a j»i «■ pm»aod Hem iii«s 

: pfatt*! FM* 

e-FOPd* 

i8SR:.-:B 

i. Inc. . . .,394 

W f"" 1 * * , 

WtnHtd-: ... j443 
W.OtAWPrina .tea 
liAExcnntt*. - T»2 
i;, tS-tato* Tw* 

' - *WWCe..-» Fit - 'MB 
(Smlr. Co* f d.-**b.l 
WOffSIU. MS 

«L»a*r*y wj 
;ijl Saif. Co*. -4g328 


Ateem*?. 

* *phj( T n... 
tewmTii • 
kil ilrovth Fit 
.Do Amun 


ipss 

122* 


.S» ; 


l£» 


limn i r " 


MB 
iiu n 


:U4< 
)« 
i 38 


in.m-sa 2?" 504 ° ! 1 

"**■' , nit Trust .IftWOBL Lid. 

■*■ *» Wf», V.VMI BIG 

• ■** 14 I fgi*,. ije i 47 b 

FrWw«s: Pm*. vTUtlr. 3W=ur_ Murray JuhMuue l T >1- 

sssssas. «- 


Protiiwial 
|!i*tii>1'«x «> 

rmlilii l III 


I .ill v lair A ITwipW c«linu...i 

ill vri.iJ 11 -nihiiN Securi"*-* ll,| 4 
86 J- 1c Wi >1 


: 173 


I'mlilii 1 mi- '83 6 86 J"- 1' c, *24 liSi r"* 1 * '. I 

ITi*iH i’». .»m.- -ii :» 122 4.i in. aw %. nju-m £■■■ . :t; 

Krndl. I'unfuliu Miierv tjil.V laKbKr* 'ilii ' '??} ® 

ii.,ii.a<iiur I- n ■li-fi'.'cu: ’'.■.'I v.„ p Nn: ■ . , 'J 15 

p '” J "" l,al 1240 ms: .••>. 05/ jJhtS.Sw TrsM Mnsro i.td 


T»rS':i Tsl. 'Hr* i srnl lanri' <a><bi 

te irliii.i |i“Ti".i !■■•:■ • J?' H'WJ. 

'.riir^-a' 7*6 ••. 
7-r.r. . MB Cl.' 1 ?!' 

t. • Vj -58.’ *3 ? 


33 CS 


Da Aixvm. .... '.*3S3 

211331 sS «-T. l *« U Mimasers LiA¥ • 'A^ 

.-a “ »•— — • -H*L. 


"ropeaji.. 'HZ.O 87 Jj 
IlMlIng Dav Friita 


3 63 


^ajli -Sjj " IREln»inif»' f ip-ui -ZuTtiD .IlhSfl?^ 


mil ail 

75 91 -0 


*« 

A7Z 

140 

3231 


75 2f *» 

69 Of -0® • 7 OB 

4 3 8f -0V 7.1* 

!7 » -02[ 7 •} 

47 51 -OS 711 

51*3 123 


GT.t .m lot 

Do. Acc. 

GT. Die. Fd. I T n. . 

•»■ T l S &<«n ‘ 

GT J>nn&i«i 
•Cl.-Peus.Ex FA 
•;t Juri Fun<l 
ti.T FowrYil’d 

<*■ A A. Trust laxgj 
5 Rarlaiflt R4 . 'rironmood 
ia.9 



Nrhlrsintfer 

Quitter Mnnssnirai I n. Inly ;*i •«*iiiS , ici«.l^" l, > ! 

ll.rSH F-uiu-i^' :i!f III Alii 4TT7 on F.untfw S, 

. miwln.nl livi K. I ' 10 j; 187 S. -. • 4» I™ * "W.! 

Mutual Unit Tnu Managers^ (aMs» uuwlrjnt lno«. 'VHH 1R5. .7 54 i'tliStitijhMd. 

J i 5.;'opuin , J Am Ki'jrTBL m-aoe-wn Kt .|i anea . i- n ii >iqr 4 . ud.» 

Ri-brfiirfiii*-, runi.nJvp v.'i-n . m «(«.■: 

iMewnuiub ! .1 '44 9 71 S' 1 6 0S Inr ;i|“. MHrwl 

■M-kfnnlP T . 1.-V J44 3 <7 4} ..f! « 5 75 

Snklnnl* f Inr .142 4 <5 51 nw S75 


Mutual m-.- n.js. . fSO s' 

Muium In,- T,| ^ ] 

Mutu aj it! l i-i hu. M 2 6 
Mutual fitch Y!i! 651 


81 -« 

59 3! -U 


440 
7 73 
4*4 
912 


! l.-.cmMHIB*VM- »■“ 

E- i.niju MJrt Ulr> S i 
I Mr. 1 Inc T-A • -i*r 3 
f’.-.TI li-.ivnrl' 1 'l - -q? 2 


*•« -r.r 

•’ 2 ; 

35 O' 

77 1.C. - 1 : 


1 -. rv+i; 
399 


Trad** 1'nmn l nit Tnt. llaBaiPHy 
■A.-.i>:r.i* I 1 2 1 , 

.1 1 r «i srs 5« 

TrannMiantic and Oea. Sees Lo.V 


rCTffl 337300 


Natitmai a a d rorrunrrcial _ 

SI. Sl ^nrtriru square. Edinhurih rai-iVSHl.M Kidgafl* , lil IWanaRrnwni l2d. 
lncnny \™ . '1S7J UStA I 5*0 »+) S\->:»»il> S» . Man. I« «l'l Zu rj.L '. 

21S2 22J.il I s» nldi^irldlui I T [SB ag . Jj 2% 

|12a« mu J 4 M RldcHU-Id Imurru- |02 UB: II 0 40 

■ a 05 

|V***I ManaiMiiTwnl 


Taol %o> „ 
■Atciim Funs 


|3L0 

Inrnl 'Ina 11 ! - !S? 

!•>•. T-i i nit* - le i 

Uivkri 1 waiter... . ;J4i 
•*.il ViclH’... 

JYn t tiilr T ruS 
Shares 


0S0 
811 
444 
9 70 
4 51 


154.6 16241 


Gartmorr- Fund Managm 

2S.5I»i;-.i« El 3 1 S8F. 

Br*tl*ilT4./Aw.i }559 
Coucanin, suaie ..*144.1 
Extra lurww I >i 2d J 
LfEarRawTruu- ;34 5 
IlieWlnrompTir ‘5*9 
^derMn Unit Trust Managers LtiL |y” Fund. [71 1 

.jSi 
!20* 


sag -o. 
493 -a 
i«I -o , 

«i on -ai: 

41J -0 
2442 -1. 


4*1 

*53 

5M 
5 47 
422 
532 


-.. « FtwcJuireh SU EC3N 6.*iA. 

. ytwIlT - „ 1501 - M2) 


533SQ31 
1 514 


tfcA*cfcer -t'uit Msmt. Co: Ltd. 



j&jWoStECSVtJA.. 

, v .fbutbuot Securities (id. iaHci 
'■ rQutyn ST Uxuton EC4fl 1BV 0173*4381 
. ash Yield . 

fjf wtip ^iniUi * 

' itpeoae Fd-..(104 9 
In* Fund - 39 5 
^Mm-uoitsi. _:*55.e 
WdrwLUUj525 
StemnceFund.- 25 0 
-fig 7 


(D-GaftTK AFirdrrict' 1 


4i4S3S3i 

is 

Gibbs (Antony) L'utt Tst- SgS- W- 


■ JeMtatel Provident Inv. MnRrs. Ud.f ^ <Mh ** chiw 

MTS VlHttt . ' l^WUrt W . M 3F 3HH ul u23 4*10 

'• ' 523 X 1 * 1 ?*5* 456*4 ! 5 05 > .*• 


I 5.05 
1 7 M 
230 
:m 
ir. 


A ill 

. 1145 0 

hmO 1 1 i'll. TM 1019 
M Inrsrnw Fluid 144 0 
JiC lull VM line 010 
■if lull I'd i.U e n82.6 
•Ci 1 Smllr '''iillfO b 


.I,:. nSK.'-Wt 
1751 -0 « 3 57 
IC84«|-14| 2 70 

.91 1 54 

IfcOii'n^ 4*3 


Ins Amiiiis . 
!<Kt E^n.-nm Fd 
is'Inll in !Ace 


. —t _ ■ - PI Oltf Jeurr. ECS W JWU11 *L 170 J 

l«l i 9*9 >•> A G. IneotSC*. -,}48-t 8Ust -.-i l n»«r«l Fd-U. . 1S3 0 


«jiai rood Jia < 

jOBOOdnyFaniT [592 
.rcua. t nlui - -.'643 
Bsw-drwf t:-.- -teGj 
,(tPurp74 •• — |1W 

4MlsFund 

tnm Cull}' — 
.vnhFnod - 
■rvum fiutai- . - 
SSallwlV^FO .. 
MRni. Inti. Fd. 
JbWdnel-ElS.i— .|1*8 

Set™ Fd. WL4 

jUoer It Int. HUB 6 



'*’• AU Crovrhn 13 *? 

• 3.4 k. FarEant-- to 7 21 

De-Du* 1 ms. TtWi 



KMbM-bild A I aim 

S> SwilliiRh LniH-. Mr 
Kruiri. Krrmpi ICl 29 0 
Prlri 1 .'. i»n i irl 


Id 


137 0-T 
\r»l i!im!: afi Sin 


Kenn'cf} Sw 7. IW » 

•FiC t» •"‘■OT’ 

Rnwan Unit Trust 3TnRL. Lid V tat Si-nltish Eqnitaeie F u.l 
ilrtiMriL'e Km-i-un s u J j. ; m i(w nw 3 in: Andre-* 


Govett {JotinW 

77. London Mall ft 1 
i hir tfw 3 . . [U« 2 

Do A rrue> I nti '141 3 W3 
Srvt dcal;nc dl> Xtr>' 

Grievesoa Vlansgemeot Ce- Ud- 

ASGrraham M. KT3»*s|», 

Rmtritn N ot s mi w 
' tcfosil'niis. IZ3L4 
Bioif-H Yd. Vo. 16 i.75 5 
(Atfciam r mis' te*7 
Endrav Nor. 14 223 5 

•A:rum Fiulv . S3 1 
Cmi-A'ir Vn lo (37 7 
lArmm. r/nitv. mo 
La ABTtii Sc* IS 71 6 
lAcrncn fnlti'. [753 



, A;. cu ! b '-"H"’ 566 ‘ 68. 

St ti-i-MiuN 7m,i . liia 134 9- 
‘'i'.JS* 1 ':» ••“ . 1142.0 150J | 

• i— "' l '■" 1 J* NCXI droll nr Nil'.' 

“'W' ■*" Nir> I Next den line No.- 

National IVpstmuislerV lai 

161. ■ hiMfKidc B.-2V dEL‘ 1114416 dWW 
tapil .ll Scrum, i >64 3 69 1| -0.5 4 41 

Kxirsinr Ik 2 70 0« -0 7 *15 

Kiniiarial . is3 -0 7 3^2 

J.rmiTh Iru <5 1 9*3 -AS 5 24 

iiironv 14 ? 34» -0 « 7 66 

S69u| «! ) J?5 AwnunSi* it» ‘60S 63 5; *05| 

NEL Trust llanflgers LUlV uitgi 

Milton i.'cairt DurLins. sums :«»l I 

NcJuar. >S*l Ulri-OB 520 

Nfl. tar filch I nr te« SOfl 0 501 

Norstnch Union Insurance Croup ibi Rotal Tst- Can F«|. >lgrs. I.td. 
Fit H ..\4 Vi«xl«b.‘illl)Mi M1S3A K.J«iiiinMmi '» 

GrrsipT,: Fd . (3S27 J713(-'4J 5 66 . •>|4l»l Fd !66 7 

Pearl Trust Manager* Ltd. laitxMi* ,a pSX» w s. 

26^ llirl- Mnlh»m. M*. Jl 7EB Otai'.MIl 

Pearl i;n,»u, Kd 123 8 


IZ76 
13! 

261 

sp«v ij| f ii To . 2 

k. i, i.rtn 'txWffii 
V K..;rh dub . .. !t*7 .. 

4. Hrnrv Schroder »at:« a t_ o. UiLV 

i neul^iile. ECi 
.Jlitl-IVo 14 - -!>?» 2 

. MID 


Jl 3r' -I r 

«s - j ■: 

:ir o :■ 

;?3' - 
ICL- • j -V 
29 5,.. 

ISO. ■ 1234 
•SO Is ?J< 
J2 3. : 2 21 

-’JJ- -v: 

70 1c- -i' t, jo 


•i !.!»;,> A I Jj.ii:' 

rjn.iuii \ir ir, 

■ \IVU.~. I Ml* 

n-r''K*i« *•*« — - 
Eir'.L'iri Si" Ifl 
. Iccubi. Ci.ilr . 


! 52 
569 

' 495 

■“>i „ 


153 D4 -7 1 
Ski >1.4 
87.2 

160 21-04 . 

««»• 'ai .*sss; ! i"ai? 3S ft\ 

i. hV4 III -iCN 4.06 'PriAt'bJl- ih\-t34 ,1/2 • 


I n*«w W 14 • 

■ uviiix I. ml»i- - 

■ itnrral '•«.« 15, 

• A. mm l nilsi 


123 6 
1926 

t»61 

853 
107 1 


.si«V« 


;wa- 
i:s (• 
144 S 
74»4 

84 3- 
::: 5 
■pt ; 
1*6 * 
IS7 0 
753 fc 
:oji 


"KW -i:*i 
2 67 
: 267 
. 71* 
: 7 1* 

4» 
toa 


till • 
■74 0 
‘ 11*8 
■90 7 
m 

.99! 
122 1 
'150 7 
. '51 7 

'579 

V.6 
>672 
'5*0 
157 6 
14 44 1 
'610 

Van l!v\-« 14 170 0 

\j'M T.-C'-l: IS «4 

..Uveia 
Mlefc'r Nu» :n 
-A-s ..in l ml* J73 1 

w.ftiiii *.i» :d to 6 

[Mi Wfiii. '7B2 


• vci-jia l int' 

i umW Nii. i> 
V'l 

-JI.-1 *:.'•■ 14 . 
-.6-rr nrr. >. wi'' 

M*r:.iii:.'Ni« 

■ Ir. uin I'nit* 1 
V>» i,BRh No 
,*.7. .tr t :nl' 


14 


766, *:.; 
121 9- 
914. 

83 41 • I. 
103 2 
129 — ■ 

154 7 

54 

630 

55 6.' 
n * 

573 
60 1 
S17 1 
643 

r:t: 

"67 
48S 

« 

-73 -1 
KB- 

*14 


Mevouder Fund 


Jl '* 64 
.,l!uC Nii, 


Allen Haney & Ross Ini. i|«t. 1C .1-1 


Keiscr Ullmann I.ltl. 

'. . IMr KJE P1-PW70W 

l-.-in.-iu* . lFilja 1 5W i 3.f9 
— -'•■rllBIS 1N2| . : - 
■ c:<( A 1 '-cl: -Tiip .. 1037 75 137.621 -4 ” - 
l.r;T=oi«.« Japan .;<J20? — i . .. i — 


l.'.'.-ar.ii. Si IM:vi 

.‘.lift «. ilt FJJ I'd |UC 12 
Arhuihnnt Sciuritics tf.l.i 
pi. P...A«.'-r /(tln?r. Jem., 

• ap T4 Jen. *« ■ . (115 0 1140 


. i .V-ulmr ilulo 
■o' ; ie. . Ts: !99 101 

'.■■.I dralir.; date NAtetn 1 
-n-.TLIn:: r42iTi n*« 1!'. I 

V«-c .Mir.. <J«:e %«,.«tif-.'r — i. 


Australian Selection Fund NV 

'•art i4 iij^«in:in'!ie- i •• lr - 'h .iirii 6 
• ■ulT.'tMie. :-1 Krai ft. ■.•.i'll 


O' 


y.C.: 

597 
592 

4 04 
3a> 

5 21 

6;e 

615 
75o 
7 50 
517 

517 

•»o: 

3 61 
;.i3 
3 1’ 
a ■»: 

6 74 J 

* 74 ( Banaoc Bruxelles Lambert 

j .' Fine |e* la RiKi'ni'f U I 1 **! isru 
f.vnlj l uriill.F ! 1.840 1 948 


u-.r~ 73741 King & Shannon Mgr.*. 

10 !5. ■■ il>! 1X96 t ■■R.nr.eeCnm.S: !lpl*cr.Jer*fT.’GNM'7W74i 
\ .1‘1'S' hhr M IMi-r I -tin. I'lWW. >M*1 ' 74T0* 
I T'lr-nj. vjwi I^Hi*la::. I !■ W ' 'n€St , 4*.'S 

• :;ll h'lf.l lor-j*. 1. :*90 89?;-iJ4» 1L25 

•iilt Tm-1 ‘T I..XI..-.I18B S I03.1 t: 1215 

i (!lt Frol. •i l fsni.teyi935 939| . 1 22 25 

IqiL tun ya To. 

MrSMitrUiii !a*3« 1845! 

. . j 


I, i uiflcd 
■|\VI ;?|77 
I 420 


**: 2I_ 
r 2U 


1200 

335 


i.'S5T Fhr-e* 


01 si 51 

>" u|iji» Nil rv.r^' l| 


I — 


Rank o( America International SA. 

y 1 .»■-. iril Knssi laiKIU Mr- . ■ ]1 
vv; Iir-i-i irn.me |j - «U«B Rjjs: , 7 36 

Crirv* jl :■■■'• 5. \e\i w.e .lute .« l.V 


: -101 3.15 
4i& <33 

7.6 .. «B 

l i?5 


2.06 
; 8« 

IK 


515 

:!i 

846 

£46 


Mars 


AnuTtran Niir. In [60 5 
ScinrHies N'qi N 168 0 
IliehYld Nov in 54 4 
I \ri-niti I'tnl-- . 76 8 

Merlin S*» 15 7* h 

• li-cum I nit-.. ,97 0 


lb* l 


178 0} 

in Si 


177 
4 15 

>07 
507 
419 
* 39 


lr,t .uno I 'tub. -'JJ2 '*9. 

A.ium. I'niis 'T 7 ’™ »lt 

pealing da 1 .' »e*Pl- * . 

Sebas Unit Trt- Mana^.-n. 
tv.lloxMl.BrWbrv Il*r.v 
■■v •»>;.- ! ’Mlfll rtJ. [32 3 .'4 9 


If ZOO 

423 
. 399 
: 4 7? 

l.id.V 

Avimi 
: 5 33 
5 33 


Tyndall Managers Lid. 9 

I * I 'joiner Rud. RnSirl 


.Ki.V ' 81 
'• ..*w: '-'rti 
-0 u 4 03 
5 to 


104 0 
192 4 
122.0 
186 8. 
lit? 

i6< 
7554, 
240 4. 
112 0 
141 6! 


urtrsti 
864 
1 8M 


lifi 1 

496 


4 96 

35 W 

730 

38$ . 

020 

49 a 

520 


rckway Unit Tst. Mgs. Ltd* (ailei 
5*s._ T.Hlgh Holbom, WCIV 7NL 0l4Bld233. 

TlwFosd . -1825 ,87 0 -O^ 6 06 

u QpNpri«» »1 Noe. I ft Sen sab. da? Mr. Z* 

'utbyi Unicurs Ltd-V laHcMgl 
denra Ha 252 Romford Hd. £7." 01-334 5544 



Aciuml'niii 1201 

Pearl I ue [32 6 

Pr*H I'ntlT.i .ns* 

I.V'OIIT r niL> I <463 

Pelican Units Admin. Ltd. (gllxi 
*1 F KUiiUJn M . ifancbcitcr (Ml 238 

Pclirnn 1. niLs . <8* 1 40 4oR - 1 01 4 98 

Perpetual Unit Trust .Mngtm.V <a« 

1*0 n ii „ , .. 481luri SI . I|«4ileyim lliaru-. P4912GW8 

1.08 Guardian Royal Ex. Unit Mgrs. Lid, ppefuainpiah [394 424| -J W <63 

oidZSJOl, Piccadilly Unit Truht tilth) 

«7| — LSI: *59 A„Um> fillftM fnlt Trim Manager* Ud. 
Henderson Adminsf ration V (aKcX|D 1 ggttojrt’t Place, i.ftd Jewn*. EC2R Blip 
Premier CT A dm: a . 5 Raj kfich R**4- 9HP2& r^~nTin.!.„ 

Breoiwood. Ewejt. 0C77-«17a8 fSlulrtvpH 

Cap.'ul Fund. 


B*»aJ Sjchanne. EC3 P3DS 
laeiGuardhiUTrv 1903 


( 77S 

I ■ la- .■ 1 1 1 g \m :*> 

Save Sc Prosper f.rnup 

4 Ijri'dl S* Helen- I j, niton PUP 1KF 

tiH-73 i/uw^i SI. h.dmhuicli FII2 4S'. 
[u-.Jimr- In 01 .354 Iton ..r O'* I 238 7USI 

Save & Prosper Securities LitLV 
lalmialMaa) Kuwh 
'.mid . - '55 6 

ITU . ?4 Q 

I .'mi Oriwih ‘h* S 

iMcrcwIn* I nremr Fund 

Hlgh-Yielil . iS2 1 

Httb I or tear Fund* 

Hiiih H.-iun, [65 8 

iticMne M2 1 


;4.i,lit ininiUK - FA *35 5 1 

oi ecsici: Security Selection Ltd 

70 4J I 3 71 ;.T i;t i.,nmln->lltr FieM- ■>• .• »lt:(S)tS 

I n-. I lifbTst lit (3 { 5 ; 2 34 

I nil "US Tut Inc r2* 3 21 e '239 

Struin Unit Tsl. Mana^ere l id. >ji 

J.',.i ntirlo'Jr > 17 . Edinbur^li »<■ ^, 1 , JVT I 

"-(run Vmfftcw F«Bd 
>:aniL,m I'niLi. • (55- J TO’; S’ 159 

.M-mn loft ,»5 ?i5 "? 

V.'ith'IrnTrul I'niis .44* *74. ■ >, 

•Nntn Bnti*6 FmlUl fwoft 
M.oi.l.inl . .. T*|4| Nil 4 29 

\c n.i.i 1/nitK . J15* 5 173 0 • 4 70 

IValinf TTU« 4 J-i -.r 
Sun Alliance Fund Mnai. I. id 
56 01-0/q 7 63 ;„ n -.Hi anue life Ftoshan ,+X‘ iK:« I 

Ktji hWT<Nir..8. |£21« 9 276 3 : 4 4* 

*17ie h:.m»k Fd *9*3 I'M V \ ![ 4P! 


in :■ 
144 a 1 


.18 21 -III] 
25 5m -0 11 
71 814 


7 SI 
4 12 
1 97 


sa -S3 


862 


friciM al Ocl *L Vex 

lWM*ldeTR..-te 4 


29J 

31 7rt 

~D.fi 

7L6 

77.4 

♦ L2 

56 4 

61.0 

+10 

tf J 

70.5 

-0.7 

W7 * 

11199 

-08 

aj 

30.4a 

+02 

60.3 

45.2 

-0.4 

7*4 

804 

-0.6 

313 

33C 

-0.3 

*00 

Ml 

-0.7 

8*0 

"Mi 

-D7 

145 5 

«3;2J .. 


1*2 
JS 

4 62 
650 

»a 

5 26 
618 
637 
441 
630 

, 4 95 

Velrt mb. dav .Vnc. 2» 
39 47 5j -0 Jl 611 

147 12«0<-)N 52* 

. „ ‘ 523] ♦0.2} 2 40 

•Rjo-FdJnc 58.7 613ri -0.3 531 

t Arcom 1684 713) -09! 651 

fdag Brothers & Co. LttLP iiMxi 
leaden hall S;.. E.C 3. 01-S883SU 

km Tst. 0728 180 « . J 43* 

(Accum. - P17 0 2262 ... I] 434 

Next sub. <ia> Not. 21 


LJt Pud* 

Cabot P-Mtitfrt . i*62 
Cop U roam Inc <44 7 
Cup firourUi Acl- . M5.9 
Income & .AtortS >33 0 
High Innnnr Fund) 
High Income .'61 • 

Cabot Extra Inc 55 9 
CnboiPrctL'^m . !** 9 
Sector Fmuh 
Financial A ITU - 12S 1 

OiUeNbLP.cr U6 7 

Intern Mleoal 
CatvX _. - - .-1*7 1 

Intern ulion.il. .‘Ill 

WdL Wide Nor. 10-1723 
Ovenran Funds 
Aucicaltao . 

European-. 

Far East 

N Am. . , 

Cabot Am. Sm- [433 

Cxempl Fundi 
Japan Rxemm- .11003 
N -VclExpLNov.it j 1103 



233 

MB 

-1.01 

374 

407 

-03 

1413 

<52ri 

-03 

Ml B 

47.6 

-Oi 

3*9 

37.9 

-0^ 

U.6 

to 8 

-0 J 

588 

27 1 

63 7 a 
29 J 

-0.4 

20 .b 

2Z4 

-03 


Im Erpi St Aftotf 
Frli'aTcV'und 
Accvml'r Fund 
.Tccbn'.iliiL'.' Fund 
For t'sji FH 
Mwrififl Fund 

Practical Invest. Cal Ltd-f (ylic) 

94. Blnomsbur* Sq Wi.-| ,\ 2RA -Ol 628 HR*i 
Pt-WicjI ■.-«,! \\ 11463 155 41 *0 455 

IZ10.7 224. 4J ->P B) 4 55 


730 

SJ0 

670 

580 

630 

6.70 

230 

360 


L'.K. Kuudx 

UK EqtHir 

itceriNB. Famtori 

Kuntpr 

Japan 

9 L Asia 

IS 

Crrlor Fond* 

1 iimniodjlT 

Fiirr** ■ 
Flnunrlul Se.-» 


4 to Targrt TsL »1ngrs. t.iriV 'ansi 


1*2 0 

'88 3 
106 5 
381 
165 1 


*6 01 - 0 n| 5 40 


Acrum. I'ml* 


J7J 7 
65 6 
167 3 

Hlth-Mlnlmum fundi 
Nrlerl liilrrnji [2*2 4 

Scicri Income !S1 6 


MM ; 7! 
11*3 -j in 
40 4 -S 
7UM -1 1 




70 , 
71 Cj 


Oil 

1551 _SH 


738 

144 

1M 

065 

440 
1E7 
3 51 

101 
■ 03 


10441 -031 
114.7x1 -171 


joboiMsate Progressive Mgrar. Co* mu Samuel Unit Tst. Mga.t (a) 


iteopoftsie. £ CA 

••Noi-7. 11823 


fUtS.“Noi. 7 — (217.6 
v. 14 .Rm.6 


01-6888280 
190 U i 4.16 

23 LS . I Al| 

(StelnL Nov. 14 .[U0.6 170^ 2B6 

inm)Nm.H..-|l7*2 139 61 . 1 itt 

Next sub. da? *,Nov 38 —Nor 21 

idge Fund Managers tal (cl 
gU Use- Kins Wild am st_. Bf*4' PI 
wHi'Ilq tc Gcn4. 


pital liter. 

,/tev.f 

Sr^lnVir.:' Z_*isa 

Acc.t. — 
xUn* Tue, 



*5 Beech st-Eczraux 
llw Br.llxb Tn«L..-.n47. 1 

«) lull Trutt . 346 

UCDoUnrTnut. — 690 
tliiCapKalTrun ..294 
(biFloanclalTnial. 86.6 
tbi (nrotce Traat _ 26 0 
iRi security Tnur.. 507 
ibimxh Yield TW 299 


oi«aam 

*>ArM IS 

7 315 .i« 

27^ JJ IS 

»1 ^ol ’ 


42, 

1 * 8 .*] 

16-9d . .. 

J17.7 1*5 - — . -_ . 

iwed. JThurs rnra Nor. 
14/19 10 


Trust Management taKgi gjaasaPBr' - .» -id lo.« 
nudoa WoU Bntldln**. London ; Key Fixed lot. Fd 603 *4.11 .: J 1120 
lrion EC2M5QL 01-R38(M7ffOO Key Small Co's Fd_tffl3J. . -. 109.9 ♦O.l] 0.96 


Intel. V laKgl 
16. t hnaopher street. E C 3- . 01-3*7^243 

Inlet Im nmd... »S 6 Cfl -0 « ;XK 

Key Fund Manager* Ltd. (aXg) 

2S. Milk St- RC2Y SIC. 0I-8D8707IL: 

SrrKnmrtliiFd. T743 
St Gcd. *U,57' - 
jlFd _na.7. 

Fund- (775 


VI 

UL 


MU 733 

dial Acc 54.7 

tnnAlnd 57.1 

atj -._ot.9 

"^*Sft5nno"^Ilr 

rEasl -.11' 

i-nadSad"* 


78.61-0.0 4*7. 

450 

5f? 

75* 
9,69 
3.41 
571 
356 
XW 
838 


1 \" "! I'ldiiCenaml-J ,|79 

j i owili — .-.fc 

i, ■' '-6 Growth— m..|67— 

' ' 3 1 Jwctlv — . .—(59.6 
•eacTst-Sharea ... [4*3 

ceraU -1323 

L Hie* Inc— ..— .176,0 

. — w Ip un— — B5.7 

rtb American .... pb 4 
>fc»*ioiiisl 1529* 

m 

■tesCfcance... . IZ9.9 

ivEnerc — . (316 

ie British Life Office Ltd-V tal 
nance Hie., Tunbridge Welfa. KL0883 22271 
Rrflixh Life [49- 9 52.0 -LW 603 

-tefc.llj gg-3 is 

‘Prices Nov 15. Next dealing Nov. S 


a At -0.9 
4i oc -a*| 
1233 k -13 
425 -03 
212 -03 

68.0 -05] 
ffiS -L9 

W 3K -L4 

S|=f| 

§3:l| 

27 Jot ♦O il 

*8|:H 

48 71 —0.6] 

32.1 -03 
34.W -03] 


3*i: Klein wort Bam Unit ManagersV 


20l Ffenchumb St; KSZJX 
K.B. Dnlt Fd. Inc— JK> , 
‘ dK-3. UuitFd-Ae.— 1X0 
RB.rdJar.TAn- 5 35 
lLB.Fd3n.TttJVcc. 50 
KBSmfrS'aFdloc- 49.7 
KB-SULCos-FdAcc. 99.7- 
HJrfrTlctFd. Inc— fc.4 
HlSbVld.Fd. Acc- 46.4- 



I2t L & C Unit Trust Management I1AP 
The Stock Echanfe. GC2N I HP 0 1-588 2300 

a?&i&n*iw •: aa-1 is 

Lawson Secs. Iid.0 (iNO . 

37. Qimeo'asL. London EC4RC&Y 01 238 5281 


4.07 

377 

RBI 

435 

45? 

368 

5L06I 

534 


ftRmv. Materials 


,071 



own Shipley A Co. Ltd.9 


0tv Feundera Ct- ECU 

«K0=|B 

■ ia> i 



'fenaance 

'tevy 

mhplSS. 117— _|56 


x XI--JT-H&J 


014008620 

H: d *8 


. 35 « - 

-493-0.4 
m<2 -oj) 
3X4 -*3 

».g -o3 


if 

Mi 


a g| 

■i.vceom L’dmji... . 63 0 
tlUilt and Warrant 57.7 - 

^American Fd 211 . 

UAccumUmMi — 219 . 

DeaL /Ultra. •Sea ftWed. iThurs. 

Legal & General Tyndall Fund* 

IS. Cadyuce Road, BritfoL 02723224! 

as "1 i" 

Next sub. day Desamber 13 
Leonfaw Administration Ltd. 

Z, Dtrto Sl. London tTUtSTP. 0TAS60SSI 

Leo Wat 174.6 7*5] -0.71 5 8* 

LeoAccum isxfc./ K5_qj -0 M 4 61 

Lloyds Bk. Unit Tst. Hogrs, Ltd-V (a> 


01 8231388. 


_. ■ .rralnin SJ_ F>"2 
1 jt-.-I ' .'fratujdKF [*-' 
Tan ci F/nannal . g(5 
Tjrrw fquity. - . g", 
Tarrci Lr Nw 15 gjja.6 
<tn., :*er l nl3. ’ 
T and C«lt Fund 1176 

T.’rcr* 'Irnwtb U7; 

r.in.* 1 ! I’anfic Fd ‘5* 

Iw Kcinv I nlU '77* 

Tore ct fm 'Jly, 

T-i it Nia la .^*3 

Tui In.- EJ 

T^i It, - i R33 

Tm - penal Situ 119 6 


I — .1!-.^- "^/.Wl 
JBa; -a*l 3 46 
6.* -a;: <85 

J=»J - ■ ir »3l 

2175' : 655 

395 11 ' 695 

lla 5' - la; 3 00 
29 n Ti 5J2 

26 4, -£'3 2 08 

»0 Cl =08 
JJ5' • 

It: 4.rj • * S3 
J?Dd-i,| 8 7B 
I;| JlJ 17 30 
:i l 1 a ;i » o 


liv-.rav '-'in 13 :49 0 

Akivm Un,l« ' 111 ! 

'.'aMl.ll !'U Ii [125 b 

,wi*m i'b. 1 '. 1778 

t.-vim'i '..I 1- I 0 B 6 
• **ci:m I D!"- lit? 

Ini. Farr ?:,r- l.’i [2*3 4 
i.Viuiiv l/iisti-- p76* 

I’m W 1.‘, 1056 

Vri 'je l n"i», 1137* 

ll.ridloi.. I/di b ( nirch 
.•ii: Inc ‘"i I. - , ,164 8 

«fci< Cap Yir. I', 'U7ft 
, i^ciin: Club. 1 166 0 

Inlm Wall t<;aup 
(C|i,ijl';r,»9i '79 5 

U,i ,-»:m '83 1 

E'lrjlrv. ■■r>.4i!i III: 
nu (mini '46 1 

Ftnwclal iT rv '15 6 
Im iiim '19J 

liichlur l'nurii\ 62 6 
Ix!i-'~i4/i>.ii:iI '26 7 
(prijh.:. '33 6 

TSB I'nit Trusts tyi 
21 l 'harm A;n. lad,.. ♦r Hnni» V6I12I6' 
iH-alin: :u (BA32-7 
-b.TSi: i.nv- ral [44 5 
b 1 1 ■,, Acrum 157 2 
■S. TnR Ir. .‘me '591 
■I,, 1 >, \c, um. 634 

T'<K '. nm !i 'SO 5 

(.•Li,, xi'i'um 157 2 

Ulster Bank* lal 

" mni: (i'iwi. Bella.'. 

I.,l' liter OnjWh /*6* 

Unit Trust Account & Mgmt 

KissUilhama'. E'.'4B9VR 
Fr.ji' H-c Funa ,':384 
vt icier i.rh Fnd :29.B 
tie wum *35 0 

Wider Growth Fund 

kins'-ViiliswnM E'TRBVR 
IitCivteelVara 129 8 V. *■ 

Vrruic. Units !»B 369 


477 
8 36 
8J6 
536 
5 36 
1286 
'.2 86 
031 7S I IfiS 
9*7 

sss 

* I 555 

B-.T2 22241 

2 S 0 - -a:, 701 

889 -3tJ 701 
*10 -0j' 10.24 
j* s' -i'\ io jh 
u&-5.:: 5J2 
:o£-:J s.i2 
671' -lit S67 
235 -o: 319 

35 9rf. I 5 54 


47 6 -Of. *17 
6121-:.', 417 
62 0.*-:?! 745 
67? -•’ o' 7*5 
5570-31! X24 

92 8, -O:.- 2 24 


■1272 2.323: 
541-Oil 54* 

I Id. 

I 471 

1 464 
' 4*4 


■1 0> 
31 4 
364 


. I* 

■ I 7*5 

Barclays Unicorn InL iCh. Is.i Ltd. 
l.n.ar:ii*'.Yii->.Nt Hc-liPT.Jp.-. ».*iU73741 
rwr-vj- IneiW .(444 488" .1 123 

f si- Uillar "nipt it-. =U 57 1JJ>‘ i 190 
l nlbr-m) Trii; I llfTOf*. ISIIU | 850 


Barclays Unicom Int. ■!. t>. Man I Ltd. 

! 1 1 un.v m . Vk*is:.l.. i M 
».'c:ci.ra Aust Ex* I 4 * 8 52 5; 

rv. \iio. 'l:n [30 8 33 2«rf 

U-i'lnr rbLilir [66 5 71 6| 


DM Ini! .. |U93 58 193.9*1 I — 

Klcinnoit Ren son Limited 

jn.FmctiurckSt.E.Tt n !-e23flOCO 

Eunn 1 Ci' i. Iaix K. 1 1109 , 

wefts 1 ! li t - '65.7 6* 9ip 

rv- it'nn .. tel* 8?,i 

KB far tL l Fd i S'.'SUI B* 

KWnU knnd.. . . 9LS1114 

KS J.xn.n ( und- I 6VS41 26 
K.B. I S. Ilweh Fd. ! St.'Sll *8 
Sisna LP.'.Tuud,i . ! SJ54.S* 

Inturntl btLl'd... -i5LSl» - 

Lloyd* r.k. rC.l.i U/T Mgrs. 

I- *i. Bo. I9.Y -( i Idler Jerr) . WMrr.'dl 

Uoj O’ Txt i.i -. isms. (53 * 55JH .1 X43 
Mr.l dCHhuj ±,:c December It* 

LJoyds Bank Internationa] Geneva 

PA 4:t8. IIIU iJcneve ll iSvrtuerlwidi 
Lli^cLs in* i if cut!' WWO 293JIM ... . | 190 
UcnTUInt lacr-OH-.l-THna Itlsil I 510 

Management Intcrnaturaal Ltd. 

( 170 R«il bi Bermuda Ruddm*. Bermuda 


Irtl Inrofiu* 

I v-, I Max T-o. 
!i» Manx Murual 


ItoS 
36 8 
44 4 

125 2 


396! 

47 3; 
77 2l 


1.80 f.'aaiertiupj t-' Jf 27.|5C$1I5 


an 

420 

158 


Bisliopsgate Commodify Ser. Ltd. 


i uxi 


Sux 4X I 
\IC* ,,-iVI 2 't' JIX 

NRUt..' '.'rt. b |L1 175 


j; 

\ 246, 
£2 69? 2 8551 

u ««1 at ■91" hi,-! 


! IB* 
1 1«.' 


H C34W. 

I IM 

■ *8* 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. Crown Life Assurance to. Ltd.V l.loyd* Life Assurance 
18R. Paul - :. Churchyard. EC4 01-2489111 Cnum Lie ll«. Wi*:nft.«iin:l IXW 040025*113 30 . •‘•Iinnn V . EC 2 A 4M.X 


Equity Fund 
Equity Acc— . - 

ProperJx K<1 

Property A-*-.- . . 
SdCCtnX* Fui.ri - 
COnvertil.lc Fund 
OMouey l-'und 
fProp Fd Scr 4 
VUbjl Fd Scr 4 
VBquJO' F'l <er 4 
UConv Fd Ser 4 
VMoncy Fd Kcr4. 
•Pnre* at 14 


Albany Life Assurance Co. Ltd. 
91. Old Burlington Si .W I 


I 5 7 

376 


50 7 

32.< 


15X7 

1591 


1613 

170 1 


90b 

95* 


133 9 
12*3 

I*Lt 

1309 


1374 

139.4 


1338 

1401 


34* 

M3 


114 3 

1204 


L 12 1 

118.1 


V,i]uii|inn nOtrablJi 


Mauc'd Fund Arc . 
Manc'd Fd I mis 
Al.viC'd Kd Iml 
V'qu.l. hi Ac*- 
Equilv K<1 Incin 
Equity l-'il Iril 
Pr-ipcr.' Ill \or 

Pnn«H.c Fd imm 
Pr»|icex' Kd lml - 
Int T-4 M A.-i 
ln» T*t Fit Ini-fn 
hi. T.-t Fd 1 nit 
Klse.1 Ini I'd \cc 
F-td Ini ''it Incm. 
InlL-FI Vd. 4cr ... 
Infer I Ptl Incut 


VEqoiiy Fd. Arc 
Wised Int Acc . 
YGld-MonraF'd A-. 

J lntLMan Fd-Acm 
PrMxFtLAcc. - 
rjrpielnc Acc 


1191.8 
1401 
1165 
707 4 
122 9 
7475 


_g ^tu^v 'Pen Kd_Acc. |22SJ 


I. Fen. Ace, 

GTd M on. Pe □ Ac c . 
JpjCMn.Pn FdA rv . 
PmpJm.Are 


KpUliiv.PeiUcc.|3g7* 


ni -1T7 Mac Money Fd Acv 
-xnn Monrt Fil Incm. 

20L9I *09| - Dl , VA lni;m 


1788 
U3J 
124 2 

ms 


1475 -18 

122.6 +42 — 

1239 -On - 

118.7 . — 

276J -OJy • ■ 
2405 +1 2 - 
1885 >2.4 - 
1402 +0,2 - 
120.1 -0.7 - 
136-2 - 

2171-0 7 - 


102 9 

1082 

-OS 


100 7 

196.C 

-0 ■. 

8 08 

1010 

1062 

-ftS 


940 

93" 

—l ^ 


923 

971 

i 

JOS 

928 

97 ( 

—1 *• 


960 

101 c 



960 

101 c 


975 

946 

995 

+0 1 


976 

1021 

-1 t. 


950 

100 fl 

■ i 0 

665 

*61 

>011 

— Ifl 


100 2 

105 * 



990 

104 2 


12 07 

109 5 

1152 

-0 7 


1095 

1152 

+02 

601 

977 

1023 



953 

1001 


1000 

1014 

1061 

-0 5 

951 

1592 

•• 

-9 5| 

— 


Crime Bit Inv ■ . 

Crusader Insurance Co. Lid. 


Mill. til Nurd 

i.«|iS'A'Pr. NocAB— ft*84 15261 


iqij'VEql Xtr.-JB 
■ i|i.T VHy. Nis .16.. H 
- >t> .VA'VUn.N ov. L& US*.? 
Up N YTipl Nov 16. (125 6 


i*: if 
lal 2 


1 30 7l >l»li 


Royal Insurance Group 

n*w Hall PW.ce. LnerpooL 051 

Riq-al Shield Fd 11*3 4 15171 , - 

Save A Prosper GroupV 

« i;lSi Helens Lndn. F.C3P 3EP. Cl 55* <089 


lA'jn.Thc l’orhotr-Remhiiji 5KU-1 1 
tlrtuyaiiMW S? S£ 

‘4 \1 i lex 1 1 ili- W3 15 91 

Fixed Inlere+t . .041 36C, 


Sal In. Fd 
Pt.ipeny Fd • 
OJlFiL ~ - • 

HepoxilFd. 

i.’orap Pen* Fd t 
FquIljPwif Fd. 
PninJ , W».6rt'. 
(WI* PenT Fil „ 
Depos-Peru Td 


[1297 
1664 
122 6 
125 4 
287 0 
18X6 

I 2 * 8 

[202 0 


2328 
1387 
965 
1541 
112 7 
13=0 
850 
231 J 


I 


-2.VJ15'. 


AMEV Life Assurance Ltd-T 
Alim Uie_ Alma Rd.Raigaie. RdemeCOIOL 55S&.Vfea— 

JS "2 "i “ FljcSlnlertaft 

1/54 

112.4 

iasj 
95.9 . 

1045 

116.4 
1165 
103.6 


Win -l*de Park. Extser 
Cap i.rmnh Fond. 

4 l- .ox Exempt Fd 
OEvempl I’rtip. Fd, 
eFxrx im T«t Fd 
flexible Fund . . 

In. Truh l Fund.. 

Vim-ul» Hpumt. T lawer PJ . BC3 01^2SW3I 

chPiupN* 7x. P3i “ a| ' 1 " M & G Gwmp¥ 

Eagle Star Insur/Mldland Assnr. Tlrrrevna;.s.TowwHUlE(.iRFBQ m +06+388 
I.ThmulneodJeSt.ECS. 0T 588 1212 AmencAnFd Bd." .. 

EaulcIDd Units.- |5XS 54 9| *ai| 621 Coi.v. peposU’ • 

Equity A Law Life Ass. Soc. Ltd-V ^a'IcIi!FM?bu. 

Ammuham Road. Hicb Wycombe 040433377 F4*m_lj 7M0* 


•TTir«. in 
lUVekl.' 


137 31-0 3 
ltfi 
t»J 
13X61 
217 V 
I92Q-12' 
24571 I 
49.4 

107 4l ♦6.21 


dealt nj* 
-Schroder Life GroupV 
FalfTlOd Po,i*c. rort .mnuih 


*.i:ri-N.« 1 
' ■ttizidMI 1 
Bridfie ManaxesnenL Lid. 
r>> b». linuiil iA.uui, 'Vifj. l« 

:.• 4»- hi *.u. L -i V 17 454 ! - 

■ : i'll (j- i9U. Hvu II* in.' 

N.pfmn Y>1 Nn. IS 111 NX DC 111 1 0 75 

Britannia Tst. .Mngml. tC‘1) Ud 

Hilp.m, M NI HM|.,| Itrux IOM73U4 

^trrline IItbmiiIuH (16 

libWII- In ■ <— -I 354 38 JJ I X00 

Imnl.Fd. .... 82.1 ESB LOO 

J«xmEk W 'T.-1 +16J 1257 1 1J0 

Ui,..il JTVl.Afi . 12.03 2 14 1.00 

il.-li 1 -I SUjTm-. £0.95 0 981 | 12 2* 

1' sx. Hollar DcaomlnMrd Fd» 

1'n.i^.ST* _ . ;P.'S»12 i-MJ , - 

iixuih - T-t |n.'i»96 eqq 1 ojo 

\ .due Nux |n Next dcallr*. No n 

Broun Shipley Tst Co. Ucrsfil Ltd. 

I'U Bex .MCI. ?»* HcJler -Icrsry U-C474777. 
Merlins Bond Fd 1E9.W 4 9»| I 1X00 

Butterfield Management Co. Ltd. 

I'll Ifn* 111?- Hamilton Bermuda 
Kqui*. ..-«L'S2I6 II*. 

Hull re.!- IricumC'.. . |SUSX99 ZK[ 

Pn^jr- (it Ni.x ft Next -..ih d..v 


1 73 
7.87 
11 


>1 & G Group 

ThreeQuaj+.T.mrJ-HlU EC5HBBQ ni«S42aS 
V'lanllc 14 IP.nLTB 105*. ' - 

.diT.L M . tsi’.»K 23*' . ...J - 

I. 14 ExjVrr Nn- |4 ln>915 10211 ... - 

I -Inn. I .... . . ,.|:27.8 1375u +0 2 1 B J 47 

vccaml nlf... .(1842 1911] *0.2] «5 97 

Samuel Montagu Idn. Agls. 

1 14. •-•lit Smart SI F 

xj-.llcpd Nm ft . IjEWU *680! . I * DO 

J. ipte<li'ict Jl . HK3*« Hid . . j 0 79 

1 1 . -',rn*jp--.> I. tOHi* "JJ® .... ! 210 

I iT No*. I l£554 5.821 .... I 0 72 

II7J*<JM.VI 23 iLSSa lOJfi} , .| - 

Murray. Johnstone I lor. Adviser) 

ifa.lli,|e.u .tilb^au cx 0 + 1 -3Z1 sfsl 

"HopeSL ra .1 SUS43 48 ( I - 

'Murray Fund - -I Sl'MU) 1 .. -1 — 

NAV Uctobcr 31 

Negit S.A. 

10 j Boulevard Rsq-al. Ln'.embourc ( 

NAVSrn in .1 SC 61250 1 .1 — 

Xegit Ud. 

r.nnk til brrmudn ftldpi, Unimllon ftrTrda. 

NAV Noe 3 - .. !i6.46 - i .. ; ~ 

Phoenlx International 

Hi Bo< T. Si. Peter Port, Ouerniey 
Inter-Uallar Fund..|S2_28 X47I-091] — 

Quest Fund Mngnmt. 'Jersey ) Ltd. 
PM Rn-: :w St. Helirr Jerrf ■. 0.154 27441 

Quett StL-.rxd Int [87* 925] >0 «| 12.M 

r9aH-C.lSd 300 

ChiC'-t Inf I El iJVnJC f 9M1 - W3[ 9 00 

Pnrc at Nix*. 15 Next deatins Nov ~ 

Richmond Life Ass. Ltd. 

48. Alhnl Street. Lmuilv. LCLM. 


For Capdirrac S-A bm under Kejser 
V liman Lie. 

Capital International S.A. 

27 me Nixjv Dane Luxeml.ourc 
'.'apiial I nl. Fund ; Sl'S17.*e 1 I — 
For Central Assets Mngt Lid eee 
under Key ser Ullmao Ltd. 
Charterhouse Japfaet 
I Pmemcnaer Row. Ei'l 
Adirnpa ... . !t'M38ift 


082423S14 


,\.Tbe Silver Trust. 11843 
Richmond IkLfld (107.8 


1U>1 


Adi\*rba ..ltftW»7S 

Foniiak PU3L9I 

I’mdls, - • _.|PMZLH 


r*o ritidnuinLd..., 143A 

D". Dunawd Bd. i92.i 

lra.Enli:*oincJfrt., [1653 
■ ’anl Ion eomnwdft.. 1950 
'll 2483960 Ciltln'-.BiHt. [95.0 

;w Rothschild Asset Management iC.L) 
4.9* r O.Bos 58. St Jubauf tX Uuernfcx'. 0481 26331 


mi* - 

15x3 -6.? 

WO , 

17* IS *03 

m3 

uw.4 



OC.Eq.Fr. Oct. 31^ 
OC.lneFd Nov*. 1— 


>53.4 

153.7 


OC.lntLFdt ,BL23 


iM.SlW'nOcwai. 
(J.C. Cornmodlcy',. 


1415 

114X9 


56.6id 

1635a 

150 

1485 

150.9 


0705 27723 


I - 


AUEVUvwffBd— 1*26 
A3*EVMpt*B*j_^. 119.4 
’ JUIEVKniflgr Ptt .. . 106.0 
AMEV Equity Pit- 1093 
AMEVPlxedlnt .. 4X0 
AMEV FTop.Fd._l 992 
AMEi'McttPeoJ-'d. U0.5 
AMEV MctLPm'B' 110.6 
Flexlplan.. : . .. R« 

AME V/Vrnnft InftlM. 

.Vmcricw). _ . . — |7XB 

Income _ . . .1 _ Mi' 

lBLijrowtk tax* 


For Arrow Ufr Assurance see 
Providence Cqtul Life Anomct 


Equity Fd 1U 

Properly Fd 112 

Fixed Intern* F._ 1Q7 
GttL Deposit PVL . 101 
MlxedFdr, {112 


178 

-0 

.128 


1122 -14 - 

133.4 

1134 *0 1 - 

10bJ 

1178) -0A 


75.71 ,.. I - 


Family 81-86-' 

cjlliBond— 

_ Inimuonl. Braid* 
_ Japan Fd Bd * — 

_ Muutrod Bd ,. 

Prr*w Poasion**' . 
General Portfolio Life Ins. C- Ltd.9 imp*rtyB;i •• . 
60 Bmtbolomcu Ct. Waltham Ootm. WX31B7I 
Portfolio Fund .. .1 MX9 
PorUollo Managed. (C.4 4* 

P-folio F»«f lot . 1*75 SO 

Greshnns Life Ass. Soc. Ltd. i mparts - ■ 

» Prince of Wale* Rrt. B ramilh. ttSC 787655 SJSS^""'* 



Equliy I _ 
Equity* — . .. 
Fixed Ini. 4 , 

Managed* 

Ucim-i. _ 

Oxerrcas *... , . 
Property*.—,. 
KtSCo-.t-Sees.*. 

B.S. Pen Cap B 

B S. Pen. Ace. B 
Mnftd. ren Cap B_ 
Mned. Pen Act. 


_ F. Int Pen. Oao BI9S2 


_ F lot. Pen. .Ait. Bl 


Money Fen Cap. R .(97 2 


Money F^n. Acc B.. 


_ Prxxji P>aL Arc B....|1039 


222 0 
136 4 

..Ki 

ffi 

1368 


239.6 


97.0 




.. . , l ^.‘3- 

Prtcen or. *Nox IS “Nor 16 "'Oct 10 
Merchant Investors Assurance^ 

I «o<r Hne.. "13 HIshSL.Cn.v'don. «l*W0|?i 


GO. Cosft Fund 
GlL Equily Fund 
G.l. Gill Fund . — 
G L Int!. Fund — . 
(XL Fifty Fund.. 


7 

106J 

UX6 

how 
[100 3 



Equity-.. 
Equity Pern. .. 
llootp Marisci. 
Money if ki Pm- 
Deposit—- 
Deposit Pccy 


RcicUtnr'a Dept. Gorlne-by -Sea. 
Worthing. W 


<47 WorthinfcW«* Sussex. 

326 Balanced 149.7 S3 4*d -D.9j *80 

439. DarAccmn.1 693 7*.7 -13 *00 

BXS ^TaridwideCwth .514 JU -62 101 

*37. Do .Accnml 65 3 70S. -0 a 2.01 

teda Life Unit Tst Hngrs. UOJfi- SSSSsETTr: §36 ti 

. Rtgti St, Potter* Bar, Rena. P. Bar 3 1 122 Extnitnrome . S4J UJb -ft* ft» 

t iDin. -.988 *on -fLri 457 . Do. ijxccum. ' M3 . 745 -0 81 818 

777 I** Untt TgL Mn ^- LtA 

: >84. Accurst --M3 . 46.9 -0 7.77 .TWO. Gaiebouxe Rd , iVylertMny. 02865M1 

pel James) MngL Ltd.* Equity Aceum. ^ptt.7 17X31 I * 23 

•M«WsL«!k 1BO 013688310 M & G GroupV OTNCKII 

m-i r .- w» * -87.91 1 345 Three Quays. Tore* E11L SC3R 6 B<i 018M *988 

— .Wl ffiij . ..J 309 . dec also Stock Exchaage Doallnp. 

rtii Anwrtcnn ...]S.3 lCO.ol | — American _.-._l02 46.01 +0*1 

5fa*s on Not. is. Nezt dealing Bsc. & 1 Ac cum. UtriDJ—-. 4*3 

; *4W Wir Fd. Mgrs. Ltd? . t«Xc> L^^umtaTTT. Sf 

AnfntbimNeweaotlwnpm-Tyno SU85 Cotamodity.. - 7S2 

M2rfl I 4 92 (Accunv. Unital — J- 83 J 

Compound Growth. 1098 
Conversion Growth UJS 
Conversion Inc. 626 

Dividend 1202 

(Accura. Unii*»-:_ 227.8 

European <96 

(Acrum. Units' 511 

Extra Y i old. 016 

r.Acctuu. Unlad-—. U77 

FarEasirrn M3 

iAccum Unltx) -159. 


•I 


<22 

IN 

39* 


[^^STuSSt:^' o.*{ 

■ SffiSte© IH -J 

•^Jlsvt dea Kill date .Vovanber 39. 
nrittw (Hflod Invest. Fd* 

'■'4RldnrWaD.EC2N7DB. 01^881815 

Onl9 available in Ree Cbanttea. 

‘ Jspbri see Janfs Finlay nuBertav t«* 

' hf^WnTrast Managers lid? laMgl " .'l 167.8 

■ fjSStECtolATP . ■ 01-883 2633 'Accum Cslim - . 

' sssacf* fl “ aa-J IS 

. fljjfififiiiC uszz-b 4 m3“^'j |w 

WrJ— CR^T ilEb!* 27^ -O.J *33 


-Acrum Units'.. . 

Japan. .... 071* 

(Accum. Dniu> — {176.1 

Maanum g 02 J 

(Acrum Units) J2553 

(Acrum Units' L. 

H«cpvcty...„. H.4 


0.73.1 

S62-? 


^GrcrwdiTst'J^* 24.61-031 7.0 

■dntsraUan : Funds UgL Ltd? it) 

WmyLanttTOWlHE oi-MOOT flSEKSffll' 

'RhilSuuL— — 1443 . *631. 1 4.11 Second Gmv. 

teapfriJUm Fond Managers. 

'flbt Street Loudon SW1XBEJ. 01-2338585. fAreum. Units). — 0093 

: assess 5 sa .-■ .1 & *** M 

ssas-aSTC 

tAceum. Units)— ....J1S7.6 1903 

Pens. Ex Nor 13 . [1367 1442rq 


kO 50! 

lO 49.1 

17 50 ‘ 

teeoit Unit Tst. Hftsrs- Ltd farfgl 
* | ai*-Grai, Edinburgh X 
CAmor.Fd.._.m.7 23Jx 

VtotaruafL . _ J|K.4 66. < 

t Hlib Dis. ... K 7 46.9 

kRtterves.-.-.M* 


4 Tokyo— _ .1." 


253 



*mibnary Unit Fund Managers laternll Nor 7 . 1*36 


4601 +04 237 

47.1 +0.4 237 

5X8 +0.6 2,12 
5Z9 +03 Z 12 
8X1 -0.3 5 07 

885 -Q.« 5,07 

11 9 J -PJ * JO 
6* 7 -0.1 3 44 

7ZC . . 838 

130.4 -0.« 8.19 

2473 -8 7 8.19 
5XB -0J 3 71 

54 0 -0.2 3.71 

9X2 -0.2 8.70 

125 4 —0 3 8 70 

568 -0.6 3.08 

6Z8 -0.6 3 08 

623* -0.1 5 4J 

77.* . 541 

178.7 -03 618 

2783 -I.* 618 
1U4 -03 8.62 
1893 -fl 1 8 62 

1S4.74 -03 Z65 
1873 -03 Zg 
Z177 -0.7 4.67 

27* 7 -ft 9 J.67 

1898* +03 7JH 
32X9 +0* 7 18 

91.8+06 *.08 

947 +03 «M 

187.8 -0.5 5 27 

28S3 -03 5 27 

178.7 ♦0.2 4 40 

msl+OJi *.*0 

688 
6 Si 

1157 
015 
815 
5.98 

Manulife Management Ud. 

SL George'* Way. Stevenage <M3 ? 3 2 , i , r 

Growth Units ..*8.1 55 9| I *35 

Mayflower Management Co. Ud. 

U-ia Crrohan 5L.£C2Y 7AU 0 1-8060000 

InctnneNiw 7 . .0W3 10* 

General Not »;• -1683 


B 89 
588 
3 00 


UonfleW 5L.EC2JI 7AL 


01-8384485 Mercury Fond Managers Ltd. 


,'OeNor.lO .. [1706 IffiOri . ! 5.4fi 30 ,GroshiiaiSt..£X 2 F 2 ES 
p. TOnchesier Fund Mngt- Ltd. i5fc!} 

Wri.ECS 0I-eW21ff? £^ L Mm.!S...66J ”1 " 

Sglncbtoter 1180 19 « ... I « « Ace. Um No*. 35— . JJ « -J?9 ■■ 

’radfer 0'«udl76 - I 453 Merc.ErUXt. 2 S 2« 7 253-3 

jii Dudley Tst. MngmnL Ltd 71 

SSSEtitiii n * “TStt uSSrSUfttSSS Ltd.? «, 

.iStaito stfanto i w. ssasstsff ' s,lrer ltr * w * & 

;W Ahbty imit Trad IttogfL commodity &Cen 1651 
tiiy & Law Un. Tr. M.? (a«b«cH*> gjjg - * K 

team Rd.. High Wycombe MB433377 DoAcrum.. - 

Iftc La* -..164.6 67.9! -0* 433 

ktt FiRlay Unit TTast MngL Ltd 
•*atKik! Street, ClBteotr. 0*}3!KJ321 


o: <00*565 

4.48 
448 
2.98 
2.9* 
440 
4.40 


Tel: 0742 79W2 


latenson. pi 2 

-mUniu 25 1 

d*y Inraizw > .{34.4 
iliy Eoxoi'In. I27J2 

O . Tnlts 1323 

jlrrFdjflTH.ga? 
teUDttft — -132.4 . 

'•ctt Nov. 15. Next dnliiu Nov. 



Do' Arcurn. {2*3 

income 

Da.Acruav - p?? 
lotcmflUro®*- rf-5 

Dp Acciua — — -riS-r 

High Yldd - — (&H 

Do Accunv lfn+_ 

Equity Exempt'-. n0L5 

* _ Do. Accum'-.- 1023 

4*5 japan&Psriflr ...W70 
4.45 Do. Accra— -, r , WSi 
Prices at Del. 31 


Z72 

2.72 

8.65 

ta 


w.a« -oM 

8X3 -0« 
JM 
41* 

*73 

30.4 +01 
549 -0T 
68J -OiB 
45J *0? 

48.8 +05J 

m 

50 

59... „ . 
Next dekling inr. 


53* 

5.64 

335 

3JS 

u 

33* 

3» 


kBI 


30 


CORAL INDEX: Close 468-473 


INSURANCE BASE RATES ^ 


' •9RroriPTty _ Gfowth .• 

t Vanbrugh Guaranteed . .. 


10.87?-o 


Ibruan , .... 

♦ Address ihouTi under In-uranre and Property Bond Table. 


Barclays Life Assnr. Co. Ltd. 
254 Romtatl R<X, E7. 

Gilt-odgnd : M3 

Property 1105 

IntBnuuoiinl 87 0 

Managed 109.0 

Money-—.—. — 10ft7 

Man PfnB.Jman .. MJ 

DalnlUnl— - 963 

Giit BdePanvAoc - 91* 


Da initial: — ^*^ 


Money Pen*. Acc .. 

Da Ini Uni 199.0 

♦Current nnlts value Noe 14 


13X4 +ft.t 
112.9 -0.8 
11*.0 +0f 

1UA . 
9X6 +1.1 

114.8 -0J 

106.8 
10S* 

10X6 

100.9 
973 

108.9 
104S 


Growth & Sec. Life Ass. Soc. Lld-F . 

m sMuij Weir Bank. Braroo-Tkaowa. Boric* US2S-342M intLEqniti 

Plexible Finance— I CX506 | 1 - Daren. — 


— I^ndfwnfc Secs.. — i 


54JI 


“ . LandbankSra. Acc.|116.7 119 

C7.903 




Infl. Managed. 

Da Pen* 


159.8 


16U 


576 


1 to D 


1*33 


186.6 


13L3 


14*9 


1058 


139.6 


943 


1080 


963 

.. . 

100 0 



O. AS. Su per FA , - NEL Ltd 

Guardi an Royal Exchange MUtoo Coon. Dortmc. Surrey- 

Royal Exchange. ECS 01-5837107 Nel^Eq-Cap 5 

CnvonyBunit-.-POgJ 197.7) } — NrievEq. Arrura. jl2b2 

Bsmhro Life Assurance Limited ? !$£ C TeeA 6 * 

TOM Park l-vnc. London. WI OM 990031 Kriex (Rhine Cap. 51 2 


Scottish Widows’ Group 

PfiBoxBOXEdhthurchEHlfiNlU. KI-TOBW; 
103.5 103 51 

976 102.3 
999 1053 
1379 143tf 

130 6 xvia 
2M.0 26*D| 


Inr.H; Norte* t. .. 
Inv. PI«. Serie* 2 .. . 
lumt-L'a-h Nov ip. 
Be t*L Ace. Ku\ . 1 _. 
RaULInc Mu 1 
MdR. Pen Not ft 


Solar Life Assurance Limited 

Hr l; Ely Plucc Lraiitna ECJN8TT. 01^422906 


Solar Uxn.i;raf S 
solar Property S- 

-S<Har EqiuD S 

solar h-A lnUSu.__ 


1263 

U*.B 

165.7 

U5.1 


— Solar Canb S 10Z.4 

Solar InttS 04.1 

— Solar Manoced !•_. 1260 

— Solar fYoperty P._ . 1J4.4 

— Solar Equity P. 165 J 


Solar Fwtlm.P„ 
Solar Cash P 


114.5 

1020 


1332 
120 9 
1743 
12X2 
106.8 
K.4 
132.7 
1203 
173.C 
120.6 
10&4 
893| 


Fused InCDep-... 
Equity. - 

Property... ... . 

Managed Cap. 
flMiwri Ace . . 
Oicma» 

0IS23CB8 , ’ ai 5 l 5T d . • - 

• _ American Arc 
1 PeaF.I-DepCftt* 
Pen FJ Den Acc... 

Canada Life Assurance Co. fj" 5^ 

2-d HiSltSf- Powers Bar. Hen* PRar 31122 p^n] Man i^p" 
Eqfyl iUjFWJar. I — ] ' 6X1 | .| - Pen. Mon Aer 
RelmL Fed No»8 I 


Beehive Life Assur. Co. Ltd.V 

71. Lombard SL. Ed 
Bit noroe Nor i; . | 13238 | 


1144 


177.6 

18X0 

170.5 
143-4 
1774 

123.1 
1241 
847 
1301 
1539 

212.1 
-.2770 

210.4 

274.6 
1213 


Pw .)ill£He.Uftp . 

Pen. Gill Edit Acc. .1129.4 
11*6 9 


Cannon Assurance Ltd-V f$o r]s .\cc 

I . Olympic Wy- Wemhlqr UASONB 0I-P028878 Pea f’->-F C «P 

Equity Uolta .-iC7Jn - 1+682] 

PropMtyUnlU 30.4S . - .. J, 

Equity Bood/Exec.. 0149 liI6|-ftin] 

Prop Boud/Exec _ 03.75 1*35, 

Bsl. Bst/EwcAJnlt. 0338 14. W 

Derwrit Bond ._s_j 1135 120 J . 

Equity Acrum ISO — I +1 

Property Acrum. 03 27 - I . .. , 

Majid. Accunj : U4S I +l| 


2nd Equity _ ...„.|JJ4 

2nd Property- JM7 6 

12nd Uftna Red 1991 

2nd Deposit 

2ndGilI7T_- M.B 

2nd American ... (7*4, 
2nd Eq Pent ; Acc .1975 
ZndrroJ^nniAec. ..{1127 
2nd MRd. Pw»Arrii«2B 


2nd Gill Pcns,Ace.[90* 

2nd AmPBtisjAce. W73 

LAESLF. .: &90 

1.4 EAI.F1 — . 127.5 

Oirront value Nov 


3H 


9*.« +0J 
113 « 
lft*.« 

10*3 _ 

9S.& -0 r 
7S.M -2M 
103 Jl +0.1 
1193) 
lOUl 

iwT 
95.R 
8XB +0 J 


134* +01 
190 6 +21 
179.3 *0.1 
i5r«+LJi 
1873 .1^ 

129.6 +2 ] 
1328 +0X 

91J -0 7( 
137 0 
1621 
2233 

241.6 
2215 
2891 
1277 
1361 
1335 
153.8 


Pen PAF Ace_ 

Hearts of Oak BeneTit Society 


83.1 

122J -X*^ - 
650 
7BJ 

53.1 
55J 
5X9 
534 


NrietGUi Inc Arc . 53 1 
Kol M*d Fd Cap.., N9 * 

XelMad.Fil Acv.. lM.9 _ .. ... 

TVexi Sue tlu} viiuuiwr 25. 

NPI Pensions Management Lid. 

*8. Grocechnrcti SV. F> 3P 3KH 0l«23«00 
MaoBeod Fund |135J 16LH . J — 
Prices Nov 1 •■ext deahns CKk. I 

New Zealand fnv Co. (U.K.I fjrf.f 
Maitland Unu?«. S.«nl«;a.lSSl SIS u7DSfSS» 
.Klvrl Key Inv. Plan il« 8 lS.«j 

Small OVgFd. . '9C1 .96.9 -1.1 

TpchncioCTFd (105 7 UX3 -ft. 

Extra Inc. K it .. . 926 973 -Al 

Ewralnr.Difl Fd. «* 2886 -33 - 

American Fd. .. 868 9X4 +1 

Far Kart Fd- . 1C5 1 11X2 .. 

GiUEdtodKd 105* 110-g - . 

Con. Depoat Fd — |9B3 UCJ| .. 

is-17. Tavuftock Place. wc i u 9SM U1J87 5020 Norwich Union Insurance GreapV 
Hearts of Out... .1377 798| . 1 - POBox*, Norutch NItl 3SG 0O»22a0Q 

Hill Samuel Life Assur. LUL? ' JUnwgrorul - gj| J H4 

NLA Twr. Addiioombf R-L. Cray 0|-<R64^SA PropexVjViratf ’ flp.l 141. Jj *i'l\ 


in.Kni.iM! 
□ = 


♦Property Units - 
Property Setiet A 
Managed Unix* - - 
StaoR+ed Senes A 
Managed Sene/ C 
Mouej' Unix- . 
Jlntiee Snie A _ 
PU nO InL See. \ ... 
Equlri Soric?. A 
Per- Managed rap 
Pnt Mnnocrtf Acc 


,1622 

^608 

,120 0 

S! 

1411 

W04 


Capital Life Assurance? 

( 'onlsfon Haute liappl Ash W Ion D90D2BM1 
Kej' Invert. Fd.._-. -f _94^ I.. ..j - 


PnsG'leed ■■ap...p07i 
Pns G'lirori An 
TVn. Equily Cap 
Penv Equity Vcr 
Pn« F*d lnLi'411 
hnKul InX/Vrr. 

Pons. Prop, tap ., 

Pen*. Prop. Acc .. _ 


1114 7 
IlM) 

I 


17041 

ms 

1693 —05l 

99.9 -OJj 
962 -0 3 

1293 
10* S 
9bo +o a _ 

94.9 -03^ - 
I486 
1588 
1129 
120 7 
105* 

1073 
IMS 
1022 
1018 
103 6 


Ft+cd InL Fund 
Dero+ltPnnd . 
Nor. Oml Voi l. r - 


1514 159 31 

. 108 1 uir. 

21X2 J -9 4) - 


Phoenix Assurance Co. Ltd. 

4-5. KmK William Si ,b.'*F4lih 0IA7GD7P! 

Wonlth Aas. . |1111 11711 j - 

Eh'r Ph. Am . , W 2 J - 

EhV. PhJvqj-: 1 79 7 03 91 I — 

Prop. Equity & Life Ass. Co.? 
tl9.Crstv(cirriStre« ».* III2AS 0l-686f«S7 
R. Silk Prop. Pd i I*** 

Dn Equity Rd. 1 72 2 

FlauMoney- Bd 1*84 

Property Growth Assur. Co. LltLO 


Solar loll.?-. (WO 

Son Alliance Fnnd 9£angmL Ltd. 
Sun.UItani'c Hiuuo. Horsham (KGS69141 

ExpFd.InLNw.8-P*92 159.61 . I - 
InLBn Nor. H_* I £1X22 | . . .) - 

Sou Alliance Linked Life InB. Ud. 

Sun Alliance llouec. Ilomhiun 04U3SU41 

SqoiO Fund (12*5 13X1/ -2.2 

FivedlniereslFd. -1052 110JK -f'.2 

fYirpert>'Fur.rt__. [116.2 122.J +0.1 

lnterovuonxi Fd. . [*73 1023 +J.7 

Dcposil Fund... . ,.|9t7 103.9 +ftl 

Manage*! Fund . . |1094 U52j 

Sun Life of Canada (I'.K.I Ltd. 
til I'ock^air 6L. 9W6YBSH nitBu.svOfl 

Mxule IJ.Grth ( 2019 I +? 

Manic LL Ml>n*<t I 13X9 

Mcple li. Bqiy 1281 

Hmnl.Pti Fa. ... I 2073 

Target Life Assurance Co. Ltd. 

Tar-ct Hoowl Gotehmuc Rd.. AT f itoi n r . 
BucXv AyleUmrydlasSiSWl 

Man. Fund Inc 

Man. Fond Acc 

Prop f\J. Inc. 

Prop. FA Act. _ . _ 

Prop. FJ. Inv 

Fixed InL Fd. tnc. 

Dcp.Fd.Inc 

P.ef Plan \c Pen .. 

RecPLinUft p Pe n. 

Man Peit.F>L \er. .. 

Man. Pen. Frt-Cap.. 

C.ik Pen FitAcc. . 

■Hit Pen Fd. Cap . . 

Prop Pea.FiXAcc. 

►Vrap. P— n . Kd. r»p . 

•■.uarFcii-Fd Acc . 

■JuarPwi Fd-i.Tap 
DAJron.Fd.Ace _ 
t» a iron FrtCap - . 

Trans international Life Ins. Co. Ud. 



Farcm+kcrliwJ'cl .1 


102! 


Charterhonse Magna Gp.» 


<(cpbefuion Hse. Brunei -Cenhro. Blelchiey. Managed ITOnil 


Imperial Life Ass. Ca of Canada 

Imperial Hutu«.GuilUf>jnL 
fAFilNw IO. . .1738 »5j 

Pont. Fd. Not. 10.../672 ttll 

Unit Llcl.-i-d Portlnlin 


Milton KeyneriWWWurTS 
flirihso Energy — 135.9 

Ct.rthse. Money 303 

Chrtbee Siaoaend- 393 ■■ ■ 

I'hnhro. Equity. „ J82 

Martin BM. Soc .; 1345 

Magoa Managed .. 151 0 


Flxedlnt Fd 
NeeurcCap Fd - 
Equity F’und . . - 
Irish Life Assurance Co. Ltd. 

1 1. Finsbury Square. ECS. 


93.8 

3 

» 

1 


— Bhn.i1gp.Nnv ft. 


I —0 6| - 


Bl CpSrilN wi*. 

City of Westminster Assnr. Co. I Ad. Man‘2d! 5 Fd , s^.i]‘- 
Hiiueftead riouve. 8 Wintrt<no Road. E tempt Matt Fl! 

. 'roydon CR02JA . 

Wert Prop. Fu»l_£ 162-1 65 

>: jnafiod Furvl [l82* 192 

Equity Fund L- - . .[60* 65 

85 

1 Si 

64? +0 I 
17b 
127. 

1 | i 

ll - S3 


Farmland Fnnd _. . 8L1 
Money Kimri ._ _ . 125 8 

Gill Fund . 61 6 

PULA Fbntl. ... 1733 
pen-. Mned Cap 121.0 
ironx Mned Ace . 126 9 
iron*. Money Cap. _ . *73. 

Pen.- Money Acc. .. 5B.I 
ren.'+Bjuftyfftp... 54* 

IVna Equity Act _ 57.0 . , 

Fnnd currently clroed io nw Imortment 
Peri onn Unlts_ ... 2193 | .... 4 - 


W4.1 
903 
£33 6 

B*-3 

U235 

(1899 

mu 

998 


78.0 

954 

2*3.1 

993 

1193 

132* 

2233 
105 8 


Prp.MiLGrfn Ser II 
King ft Shaxson Ltd. 
SXt’.irnhilLKrtl 

Bond Fd Excoip* .. 1302 32 II 13 87| +0 *ij 
Next rieallne dntc Dec 6 

Langham Life Assurance Co. Lid. 


Leon Hum cnr-'VrfL '"RF IUJ 
Properly Fund . . 

Property FVndi A. 

7I25S .Vcncnttura) Fur.d 
Acric. Fund, Ai _. 

Ah bey ria*. Fund 
Abbey NaL Fd <A> 
InrortmaitFund 
Investineni Fq . a> 

Equity Fu ml _ . 

Equity Flm.HA* . 

Money Fund. . . 

Kunfy Fuctfr.Ai 
OI4CSB^S.f Actuarial Pond. . 

5M U’H-«tecd Fund .. 
sw Gl It- Edccd Fd 'A. 

OKetlrc Annuity, 
dimmed. .Vnnfj' . . 

Cnx Crtfuh Pen 
All wtlier Ae Ufa 


■ji^wopk:? 


•All SurfhirCfle [123 1 „ .12171 


UuiRliam H: . llolinhroofc Lit. NW* 
IjwIimi'V Plim 1663 6* 

if Pro p Hnnd . .(1*63 154 
wicp iSl'i Man I'd (77 2 81 

Legal & General (Unit Assur.) Ltd. 
Kincmnoid lloo^e, KingriroraL Taduieiti 


fPlnv Fd lii. 

Pnpam Fd. Ui> 
rionv. P»-nft Fd. . - 
Cm Pur i'np O 
ft|«Sla*32 MnB.ppnn.Fd 

Man irorvfc. Lap l'i 
l*rop Pens Pd.. 
Prop Venn Cap L ; i: 
Bdia Soc Pen L-t 


190 7 
1888 
0003 

793.1 
15BB 
1584 
680 
476 
17X2 

170.1 
1*4 0 

143.1 
1175 
12X1 
1211 
1BT.9 

!535 .. 

« Aanlnev Ud. 
131B I»1 


l*Xfc 
1541 
15X6 
135 8 

15X9 

1375 

1516 

1358 

L360 

1231 


as - 


3 lire am Bldtjx . ET* I N v 

vrruupln-.ert. Fd. 
VPiiflp Wantfrf FM 
VMan. Bond Fd ..._ 

Man. Pen. Fd. Can.. 

Man. Pea Fd. Acc. 


,142 6 
1124 
1164 
119.7 
1277 


VMnjtd Inc Frl Int 1146.1 
VMncd Inx Fd. Ac«96.9 


1502 
UBB 
122.5 
125 9 
134.4 
101.1 
101.9 


<•1-495**97 


ui -2*05211 Bid's -Soc i Jay, Ll 

Prori deuce Capitol Life Ass. Co. Ltd. 


Trident Life Assurance Co. Lc «LV 
RenfdarieHou-to.Gb'iacasm- 04SCSBMI 

Manaced 1122.7 129 91 . 

■ltd. Med.. . 1463 1541 

property U5X3 168* 

Equity- Amen ran.. {79 2 83.9 

U.K. ZiTuitj Fund 109L3 1158-1^ 

HiCbVieitU _ .138 7 1*6 9 

< llll Kdecd _ [12»A 127.7 

_ Money . — .. I125J 132.D 

Internatuma] . .[976 HQ* -Q 7 
Vlwal . 1266 13*.l 

■ Irowlb Cup . „ _ . 1121-3 1314 

CTnvUt Aer . {1293 1373 

Pena. Mnyd. Cop . - (1161 123 1 

ITOdj. Mtual An . 128* 124 6 

Ironx-'lld Depfap 16*1 1103 

HensUld 1*CJ» ACV 109 7 1161 

rv>n+ rpty.Uap pi6J I23J 

PCiis. ny. Acc 1123 2 1305 

Ml bond .. „ . (363 38 3* -ft i 

I -Trrtt Ci I Bqqrl I 963 | 

■■'.■uh mine I'.'r t UM premium 

Tvndail Assurance/PensionsM 


City of Westminster Assur. Soc. Ltd. 
Telephone 01-88* MB* 

First Unit* 1— .11293 13661 .!-• 

property Unit*-..- .p*7 57.4| . [ - 


KTZOCEt- 


Connxiercial Union Group 
51 Helen’*. l.Cmleraha#LEt3. 
Vr An.Ae.Nor.ll [ 5630 

Do Annuity Ut*. 1033 


surrev- 
Cash initial 
L>o Aixuiu 
Equit> lnlual 
Dn -Vectim. 
Fixed initial . 
Do Accent • • 
Inti liiilinl. 


Set Ukt Kd. i.Up 
se) MM. Kd bid 
PWVMOU Equip 


1+00^ - 


Do Acrum. . 
Property Initial. .. 
Do Areum. 


(*4J 
941 
1221 
1260 
135.9 
UM 
878 
891 
1171 
120.8 
1002 
103 3 


Burgh Heath 53455 Pension F>i1 Lnl 
Depuri'. F*I Caa 


lAfa) St General ilalt Fodml 


Confederal itffl Life fnBurw.ce Co. lni[ 

So. 1 Trancery Lane. WL2A I HE 01.2*20282 rhi Acrum 



* IV HP 13 

017' 

87 2 

922; 


10* fl 

U8§ 


i:5 1 
11b 0 

129. S 
U93 


*74 

47* 

500 

500 


*51 

*76 


*51 

2S 


*73 



473 ' 
45.6 

•99 

083 


*5 6 

48l1 


461 

48.6 


(6.1 

*84 


^76 

M2 


476 

502 



vKquIty Fund— _..{U86 177.01 

vMjranK«fdK«od. .13863 195hl . - 

f PIP Fluid J *103 


p.naX Pro. Mnad_. 7E * 

staffrdJinsdJTO _ no 
i ;n>np Hnftd. Pen. ^ 197J 
Fisert Int Pro. .. 2060 

Eqcliy PphsIoo. 250* 
FroptTtj Pranon .. 150 1 


823 

823 

2313| 

2070 

2S6B 

1S3.« 


Escmpt Boh- Imf 

Do. Acrum ' - 

Ex erupt Fined IniLj 
Ik+.ucutn. 

E-rempt lined IniL 
Do Acrum — . — 
Escmpt Prop I ml . 
fv Accuia 


[&' 

13*.0 

337 7 

g? 

E 


Denvit Fd \. c 
KquicyFd.cap 
Equity Kd Arc 
Fad lnl. Cap .. 

Ffd InL Acc. 
lnlnl. Cap . 

Intel Act . 

Manned Pd. Cap te 
Managed Fd Ace. . pb- 
Properly Pd. i^op ‘ 

Property Fd. Ace. 

PmviaciaJ Life Assurance Ca Lid. 

312*78333 

12X61 
1124 
12X1 

1067 ^ 

104 6 -0 7| 

1014 


12*9 

-07J 

1629 

-Ofi 

155* 

~o3 

1C9 1 


130 5 

fft.2 

1*9.6 

-7.fi 

737 

—l.n 

1H6 

' [ 

2738 


181 0 


909 

-1 


0M*«E3, 



ComhfU insurance Co. Ltd- 
32 tiimtiUlEl'J 
• ■sp.Keb.l4t.I5 .11300 ; 

lib Spec f >ri 15 . 15* 5 . - I 

.UnUUi;EttO«L2fc.|m.5. ..3B90{ 


id cfl.mo 


i redll'4 Comnnw insurance 


IJti RftieidSl.UrodonWlRftFE "1-43*9081 Tl. U«Mird« ,EC> 
Lfcf-HBBdfd —.11220 132 Qj | — EscraiA. ..„.|9b* 


212. BinhAi^paiu E.'“J 
Pixrt MftuadPdFd [117.4 
Pi\* f Ufh Fd - W» 7 

fiilt Fund 20- 1160 

PrnpWTO.' Fund ■ |J 0 t + 

Equity r'uarl 137, 

Kid. Int Peer! .!W>7 

Prudential Pensions Limited? 

Legal ft General Prop- Fd. Mgrs. Ltd gK" *2 “ 1 ’jSl 
1 1 1 * 110*1 Virtona St. EC*N 4TP 6 l ^*«0rf7a Kvrt l nLOri Ji) Ja9 20 
lAL,Frp 1 -fL N.tV 148 7 10331 I - Prop FU Orl 18 \tZ7T 

N«-*l wjh .toy De, |. _ ... 

. . . j- « « t Reliance Mutual 

Life Assur. Co. of. Pennsylvania- Tonbndrewolu K-m i*tt! 2 £! 7 l 

IP-C Nw Ronds, ,W!7UHQ-. fl|-4Ri8X* Rrf prnp Kd- I 20,0 ! I - 

I^.'.ipcn:,. ]W* 1023, , .. Assfl Management 

Llsv-ds RX Unit Tst. Mngrs, Ltd. yi.<#>ridi,«. L*nc li">don Ei* m«6«56 


27im 
19 *S 
2860) 


HI -Knit** N rpj 
101 4| I 7 43 


11206 128 V 

Neil +111' dJ‘ tto-em.-» 31 


I - 


18 Caqynse R+»d- Bnjol 
% V. j> Not 10 
Equity Not 16 
Pond Nov IG .. 

Property Not 16 
IVpCfr-UNm 15. 

AWayPn, Not IT.. 
fi'pe.v* Inv Not IG 
vln.ni-3-K'rief 2 . 
tv. EqtmyOcL 2 . 

Dn. Bond Oct. 2 . 

Pn. Frop. On 2 . 

Vanbrugh Life Assurance 
4 1-43 Mvtcinz SL Ldn. WI R UL*. 

Managed Fd. 3463 

AlhnU, .. 234.1 
Intel. Fund. . . .959 
Flied Iniera Fd. 1653 

Property Fd 144.7 

Cash Fund..... ..... . 121 J 

Vanbrugh Pensions Limited 

41-13 Mnddcix 6L. Ldn. WlRa_\ OI-«104SC3| 
ManmtM. . I99J 10**1-0 51 - 

Equily U03.4 108.9 -Lij - 

Fitro ln(er«.-»i „|S7.4 lQ3.lt .1 - 
Property _ .. |IO01 105.*) | - 

Guaranteed +f 'Ini. Rtoe Rfll« [able. 
Welfare Insurance to. Ud-? 

WinaliKlo ParX Etrter f»3K.*-SCIS3 

MOnermaier Fri I 10*0 I f 

For nUMT fuciU pleiici* rrfet In The Lrodon A 
Manchcrtrr droop 

Windsor Life Assur. Co. L4d. 

Renal Alhen Hrt Mien SI « :mtsnr 
IJtolni Plain, . '710 74 ll 

FutereA:*d.r,ih.ft- 1900 , 

FnutrnA>«i.Gthib' 6J00 < 

Hrt p»n+ ! U612 1 

riev Int. Growth ilSl S 1B6 9| 


hBI+l 


Fmtieror Faari . |5330 
Htopnno--. _. . Pl*CB 
Clive Investments I Jersey) Ltd. 

P.O. Box 320. JK. Helicr. .lerrtfy 081427301. oc] filrTi.mdty.t"‘!S5‘68 30 ill 

C1I' erilltFd »•:.! ■ (934 955«e J 1X52 'Price* on Noe I*. Not dealing N 

•.ThvGlMFil (.1^.1.1950 451iJ I 1X57 ~ 

Cornhill Ins. iGnemsey) Ltd. 

PM Ho*. 137 <1 Peter Fort, i.oorn^— 

Intel Mnn-Fd. .. ^11710 13601 j - 

MVS Deutsche Geo. F. Wertpopiersp 

'jnmrv'unc—c ) 1 J. WC FtmHnn 
Int * 3 * a.. . UUOTM 3944+ft^O, - 

Delta Group 

P.O. Box mild Xatrtiu. Rabsmwr 
Pelt* Inv. Not. 17.-1513149 l5H-ft.CN - 
Deaiacher InvesttnenMYust 
POfCteth 2885 ElromtaaetMO 6(00 Frtinktuie 

'’oo centra __ 103069 2 X 10 j+ 020 j _ 

Int. HentrofotKto-..|r»S 8 U 702S( . .. I - 

Dreyfns Intercontinental Inv. Fd. 

CO. Box N3712. Sbssxo. Bahama* 

NAV Nor. 1 ircase U«|-«C7| - • 

Emson ft Dudley TsXSIgtJrsy.LuL 
P.O. p«s n. SL Heller. Jersey «534 . 

EXDJ.CT. 11212 12931 .. -I 330 SSSSSSfc 

The English Association 


238 
1.1b- 
135 
3*0 
4.20 
066 

.. . _ . 

♦Price), on Not. 7. Neil drilling Nor. 2x 

Rothschild -Asset MngL iBermndat - 

P n Dox Bk of Perrau'lft Bid. Bermuda. 
Rerhe A.-.++IC Fd pi'SUl 90] . ... | — 
Price cn Not . 7 Neil dealing Nov. 14. 

Royal Triist (CTi Fd Mgi. Ltd. 

F 0. Box 194. Bo. altiL H*fc- J*tw 0534 !?441 

RTInt'LFd [19.69 968<4-031( 198 

RT Infl. J^.-Fd. M.0 H.Oxft | XU 

Price x xi Nor K Next dealinj* Not. 21. 

Save ft Prosper International 

Dealing to 


37 Brood St_ SL Heller. Jersey 
VS. DeUar-droominaied Fnnd* 

DIr.F«LIrt~t W.tt 4. 

InteztraL Gr.*t P-73 

FarEasiern*i. 

NraOi American'^ . 
scjrao:. . 



0534-20*01 
7.48 


k 

♦awl - 


4 Fore Street. EC2. 

EnK.Ass Slerilni*. (£5065 5031 

Wnttfeafc Cm W.*[OX50 12JWI . . I - 
'X«t daUinf Nov. 22. ^ Next dealing Nov i» 

Eurobond Holdings N.V. 

HandetokOTfe 24. WiUemstad. Curacao 
Xroden AeraKt Intel. 15 rkrifoyker », EC2. 
TH. 01.247 7342. Tries: 881*408 

NAV per "here- Nor. 10 5l'S20J»' 

F. ft C. Mgmt Ltd. Inv. Advisers 
1-3. 1 jurcnce PquhIikt HUL EC4S OBA 

01 -fir. 48B0 

f'-enx Fct Nov. 8 ... | 5US5J8 l...! - 
Fidelity MgmL ft Res. (BdA.1 Ltd- 
P.O. Box 070. Rami Hop. Bermuda. 

Fidelity An— | JUS2XS7 
Fidelity Int Fund _ SUS2J.15 
Fidelity Pac.Fd.._ 5USK39 , ... 
Fidelity »rid Fd_| 5US13J4 (♦ft-O^ 
Fidelity MgmL Research l Jersey) Lid. 
F««rt» line. Don SL SL Uellcr. Jcney. 
ftS34 27961 

Series A ilnteL' t£3-56 I I — 

Series BiPacHici 0938 J. ..) — 

Scries ( AclAks. I.JE1339 I . . I — 

First liking Commodity Trusts 

B. Nl i taovpe’r St_ Douglavi. VoJU. 

082* 468P- l^to. Arts. Puvbar 8 Co.. Ud 
S3. PnllMaU. London SW17SJH. WWMK 
F»l. VIXCm.Te — (375 3931 .1 X»9 

FxL V t DhLC*p.T» ..Sfi O 68 B( | <50 

Fleming Japan Fund S3. 

37. rue Nntxe-Dame. Luirmtonre 

MwnilNov. M ..I 41F6U4 | | _ 

Free World Fund Ltd. 

Bnttcrfleld Bid*.. HamUton. Bcrtnutto. 

VAV Oct 31 J 3USM8.95 | | - 

G. T. Management Lid. 

Part Uscl. 16 Fjnibei y Ctm m. London EC3. 
T«! 01-628 8I3L TUL 888100 
London Agent* lor 

Ancbor'R' Unit* 1SI51J2 XM) 

Anchor Glh Pdre — 8933 93« 

.\Bchorlnt Fd SM 

Anchor In Jsy.Trt.t2SA 3051 

Ben? Par Fd. 5US5537 , 

Bmr«tSili.....ta5J) 3*038 

U.T. AainFd._ pUKU* 

G.T Aria Sierlltis-ltM.M 
G.T. AurtraliaPd. .ISA4.I1 U2B 
•XT Boari Fund... J SUS1S.91 
G.T. Dollar Fd. ... SUS633 
G.T Dir. tStrii. Fdj£8.43 8.79] 

t pnc-.nciM rr wsus.aa i 

T. PnilinpineFd .(nStMl UN 
Gartmorr Invest. Ltd. Lrtn. Agtc. 

— -V Mjut AiaiondcaErtt tfl-383."i2 


oi«eww S-SSSfB 


75 438. 

■es 14.45| +B.t 
Pnad* 

0 246.4] -0J 

9 155.7) -0.7 

138.9 14631 . . 


a 


m 

825 

12.85 


s>L Fi*ed—i ....... . 

"Pric»j on Nor. 13. ■•Ncv. 15. ***Nov. a 
t Weekly Dealings. *DwUy Deadingi. 

Schlesin-er International Mngt. Ud. 
*1. U Mone*. SL Holier. Jenwy. (■5847358B. 

4.AI.L ~p 77] ..._ 9.«2 

kaol —Job* ob* _... 5.« 

' 'ill Fd. 522 22^.. .. 1122 

■ nlL Fd. Jeraej' m 97| ... 379 

lr.tnl.F<LLx(nhrg. |l0.68 lLJO - 

'FarEort Fund — JlOT 106j . LBS 

•Nevt mb. day November 22 

Schroder Life Group 

Eaterprlsr Hmisc. Purunroith. 070927738 


Internal too* I Fends 


tEqnitj-_ — 

S Equity 

1 Fixed Interest 

s Fixed In 


P09J 
3384 

Sas.6 

L Menaced 1124.6 


SMaanged — 


izxs 


11601 . . . 
1473 .... 
1*42 .... 
1123 .. . 

ms .... 

1293 


J. Henry Schroder Wagg ft Ce. Ltd. 

120.Che«podc,E!.Ci 01-5884000 


tTheep S Nov. 14 — ST5U05 
Tratugar Ocl 3L„ SCSI 2330 
Asian KU k .'ov. 1J_. JUSan 71 U 
Darlins FdLNov.la. SAX88 2 00 .... 
Fd.N'n. ra^wau on -on 


2.61 

165 

5*0 

0*5 


uw-oj4 
15293- 073( 




HUH 


riJJfci 


Japan Fd. Nov. is^fsuau 930f-0nfl 

Sentry Assurance Intern attooal Ltd. 
F'O. Box 328. Hamilton 5. Bteouds 
Managed Fund . |51*2J» IB5J . . J - 

Singer ft Friedlander Ldn. Agnus 

20 .* vnnoo SL. EC4. 1*1 2*1108*9. 

WHlonds .jrM26J7 t7« . ,| bU 

To^nTsL(VL31 ,| Sl-S4Z.9SiO | .. ! 14* 

Stronghold Management Limited 

ru.Sov.7lS.SL Heller. Jcrtey (UM-TUSEi 

■^Kcmodrty Trust . 10833 9J.191-724| — 

Surinvest (Jersey) LUL (xi 
Queens Use. Don. Rd Sl Heiier. Jsy. 0S34 27840 
- „ American Ind.T«L..lC7 06 7211+013 — 

1-2? Copper TruxL £21 23 1139-0.07] — 

X07 jap. index TsL 101.17 XX30]+fliri — 

3.11 

0 87 TSB Unit Trust Managers (CLI Ud. 


198 

1333 


LBS 

261 


5J2 

X51 


0** 


Bagatelle Rd. St. Saviour. Jersey. 0534 734 04 

.terser Fund — 147.6 50.1) .... | *.79 

■ ;ucrnc»y Fund . .—.'*7.6 50.il ...1 A79 

'lilt l "quit 9BJJ lOT.fi ... I 12.08 

■jilt Fund (JerwyiWao lOOfi .. .112.08 

rrlces on Not- io. Neil sub. day Nov. 22 

Tokyo Pacific Holdings N.V. 

In'itva. Mstfiaccmcnl Co N.V, Curacan 
, .. , „ . N.»V per snare Not-. Li lUffiJB. 

OntiwiT Fund Mul iC.I.i Ltd lathi 

4l lir.vri.si SI iidicr Jersey OTCri- t; rr-u Tokyo Pacific HIdgs. '.Seaboard) N.V. 
tlkFumVJroroj, F95.08 1ft0« I »» lr i.m.i Mwas^nt .'o N.V. 

tu “' N-\v per fchare Nov. Lt SUMaW 

15*13 Hutrhlson Hsc. 10 llaruouit Rd. H.Kcnc 

^ 17 ™ 15!%™ *1W I )« Tyndall Group 

%\A^ri'-arT« ... |JV>972 lXlU-njl l.SJ ru - r,c ' lv ’* H*ndltro 3. Bermuda. M7»a 
Inti. Bond Fund . ..hmU . 5 60 

(isrtmore imnlmw SSaBX Ltd. («■ 

P 'X Bos 32. Dnuglas. 1>>1L 


■ seas Nov. 1 "• BCSX15 

lArsum Unilsi ^... HTiXn 
0GH239H InL O cl Ifl _ ISCSA1 


XUi-3.0*] 4 8 

AM - 


TriAAL Nm . id 

lA.+um-ShiTOT" . .. 
Amcrtran Nor. 18... 
■ 4 ,'Ciim a!inres< . .. 
Far East Nov 16. 
i trvurL shares'- . 
JprsevFrt Nov. 13 _ 


tans 

0X25 
76.0 
76 5 
845 
5*3 
12122 


,’on-J. Acv L'ls. i . _ pOO 2 


■Jill Fund Not. IS. 


1018 


famnorclnll In, 120.6 21.91 f 11.60 nHirr.Jawy 

(.artmnre lot). i;niij68.4 72.fi . / 2.40 * 

Haxnbro Pacific Fuad MgmL Lid 

llin. CunniHighi t'cnire Dong Kone 
FarUbrtNnv 15. BlIKMCl 15711 I -- 

.lajwn Fund [ji’SlS JS I0U) | . 

Hambros Rank lGuern.se}’) LldJ 
Hambros Fd. Mgrs. IC.L) Lid. 

PC' KksH Uncnrsv iur|.2it*^l 

'I Fun.) 114*0 153 .4 at 3 70 

Inlnl. Bond 5V." 5 168.72 112 BS. S 50 

InL Eipilly SCSI 10. 85 lXlfi 2 JO 

JOT S.*.*- A SUSX06 109 

Int 3('i. B- SUSll.ll X14| 

Prices on Not 15 Ncrt dealt n? N«q 3: 

Henderson Baring Fuad Mgrs. Lid. 

(■Vi. Cunm»n limiie. Hung Kuo^ 

■'“win Fit Not 15. I ST 'SB 36 71 

Pact icF<?‘ Voi |3 Sr*&867 

Bond Fil 'Not- |U , JI.TSIO 68a , 

■ftrlwnc vt any prelim, rharpe* 

IliU-Samnel & Co. i Guernsey) Ltd. 

[M UrKrtr.Tr PL. Frier Poa Guara-nr,. i l , c , . , 

GutTn-oTM |147 1 157*4 - 16 ) 377 Lid. infill. MngnnL iC.I.i LUL 

, 1* Mulcjrier StreeL Si Helier. .lerse,' 


m 


, ■554,87881^ 
7 4S— 0.151 _ 
12x3 -ad 
8131 -3-0 2 DO 

ni -2 a - 
9X0 -33 2.00 
*1 fi -3.fi -- 
226.fi-l.fi 7 0S 
31&5 -Z2\ - 
..,*«» o 103 8 -3 2 11 56 
A, -min share.', .. .1199.2 14X81 -0.21 - 

Vieierv House. Dmurlai. Isle of Man. 0884 Z4T1X 
Menaced Orf 19 . 0343 14Xfi .! - 

Uniiife Assurance (Overseas) Ltd. 

P" Bo- 1338 Haro! lion 5-31. Bermuda 
latemL Mncd Fd.. [SU5160 - | | — 

Un ion-1 oresttnent-Gesellschafr mbH. 
I'CR-ltorh 16757. H f*«q FranSfort 16 


Mlunlieiunils 

F.u n,(uJond+ 
l l"t"IKt' - . - 

I'nironls .... 
L'rl- penal I 


1X00 
25 45 
1795 
[3838 
5945 



110* 

25.*8 

17.96 

3830 

5968 


Hill Samuel Id vest. Mgzxu. Inlnl 

P'.I ButSJ J erac;. Uj3427"4C1 

IIS Channel Is F. _ 1 11 7.8 12621 1 j 00 

Box 3rd. Bern. Syriizerlfmd. Trim 3342Ti 
H5. tiersem Pd.|SU!37it lIM-OJUl 

'J K.F Fd (A«umfKni59* 15 Wi+fl.irj . 

LrtushuwFd., Acc. ; )SF3 65 1 721 .1 ■■ 

rrr hd. iArc.iR.wo /w+oofi . 


er*e> 

I. I.B Fund .. UITJS3* 1UIB| 1 7 50- 

I niied Slates Tst. IntL Adv. ۥ- 

14 . Riot Aldrmper Luiembourt 

t e Tii im . Fnd .{rcaui - i*ojw t m 

N« a*»«5 N«n 19 

S. fi. Warburg ft Ca Ltd. 

M. fjieiliaia StreeL ECi 


i'n» Bd No*. IS... 
Knee InL Not. IS .„ 
•'ir. ml SFd. Uc-L 3l .. 


57.' 5.9 20 
SUSliW 
5US7J0 


HKS37S36 

HK5432 01 
SUS2B.89 
IIKJ12.42 
HK5153C 
HKH5.96 
Equivalent SCS91 .,3 


Merc End Nor. 13 - IR51C72 


1 99 Mvtato T«. 'tot In . aX90 
OBO TMTNOT.fi - - . BTSM5 
! 70 TMT ml rite'. 0.. 4937 


1011 


91-W043M 

-032} 

+PJJ - 

-an Bin? 


imernatiffnai Pacific inv. MngL Ltd. 

Ki BOX K23T. 38. Pitt SL Sydney. Auu. 

\3w. eJIn Equly Tax (SA2J2 ZKj ( _ 

[J-E.T. Managers (Jersey) Ltd. 

P*:> R<w 93 Channel Houfc. Jersey 0534 73FIU Mcrc'InyMkXNOT'&lCifl U 

n-^rs M-P. Jm- Ud. 
jmmnmvack. lul v % 

«*li Floor. Connaught Centre. Iloog Fun; .'MT LI'l OcL3&.,.Sl4.62 15JW .... i 

JardiM Estn. Ta. 

■ardlneJ'raLFd*. 

JarrUne S.ELA . . 

JordlnePlrtnlDl 
l niLPuc-Suv^ Inc. 1 . 

Do '.Acemn. 1 . 

NAV Oct. 31 


13 

1021 

1033 


J- ■' 


Next huh N 01 In 


World Wide Growth Management^ 

lust. Bou1ot=(OT 1 Royal. 1 Jivemboor; 
Murldttidn tilh Fdl SCSI* .73 |-001| - 


notes 


Price* do iirt invltfdc 5 pri;miuni eu-eni ■xtorrr indi< airriy. and are in pen™ unless cihermr- 
indlcft'ed nridr .iliuur, in Inq c.'dumn' alki” ior all Wjmt ftpww a ■'.'tiered Rriew 
Inf lude oil b T(kdin '+prite> r \ si*Id baOTd on of tw ppi'B- 0 LSuatri j; To+Xt', t 

~ lope ni dj price, h Dictnneticn &»e ol V F last+.n Periodic pr-°ri,inm inrarnncr pines » i'njl* 
' tpfCTTuuin |rs»jran,-e e UHered rrire include? *11 “trcni*--' ever* »Cen»'r commaifion. 

.... .... . * PreMuus day ■ 


Uttered prop iip. lu.tf. all >1 Iriujhl IlirrtlCh maniuers 

Net ■«[ "n iralifo, 1 raii'.'l a.uri ur,6.-“ 1 "d ■■■.<! e>. P» C ■ "Hit-rn 
♦ f |..|>l iM'lUr- .lcr".- I»lt * L+Mlodc. I. +■>.■» 


> -,u.-T>endeft 


. i • 


Mil 

PANTHEON’ SF.y I i-iiric 


■J- IIMITED 


Financial Tinies J 


FOQDj 


1 wrt 


Bigblm 


t£lTO£ 

£31% 


BONDS & RAILS— Cont. BANKS & HP-Continued CHEMICALS. PLASTICS-Cont. ENGINEERING— Continued 


lyrkwwdi 


ITU 

High Inn 


; wcp ; - : vs ;r JT ;sr«iW! lm 


BRITISH FUNDS 


• 55 4.? Hnn: 7- *v 

; 77 tfi [r^lrndf?;^ T.K 

j f? 5T'< |rH»nu“ p PI-T. 

. J1 77 pnO^p- :«!■¥ . . 

: 4"5 26z i'tpan-p- ]I1 V»- _ 
157 63 lnS;vEW#5 

riltO 14(1 ! v-rn i ^ ”> . 

| ??3 op SU! fT’pc iS**_ . . 

KM TmnAn.l'd! 


i?r* 

Hi# Low 


!- nr! Vir'd 
| - i 1 91. i Rd. 


b »9 b^t-lTjrnPnrispI ' 

IlMOllliM^ljTunrt.ivlSU 

i 77 | 9J (rni^ja- JLjw . 


P jft.wrrA'.W 


‘‘Shorts” (Lives up to Five VeNfi i 

17> : j T - ' \ 'Treasm i 1 v-f ~££ j ICO-'-. ] r. : . Ill | 11301 

V «!* Tre.vj-sp.; 7<z 95-4 j:5j 2«j Hirfi L*w 

! ?'•: £!«■• fa.-H.Jv 7 J-T 3 . 96 * - f? ] ,?K 


I- - *-- .■ °S : ! ire-’ .r: "!>sr .. 

; ' i’. lev. .■ -TOT). „ 

i'u.^ 9 Ha' Lr! v 

: : : - 1 ^ . it . ■ ’• rt ' *> . 

, c >« ;? i-i 

h 7 ': ;** = 

I *.i . ,7:«:.vv»r .•.•<- '.'C-\ 
Vi: 7:o..- ■.-«*» - l 


U S. J & DM price* exehiric inv $ pix-tmum 

• AMERICANS 
STL | S«ci | E 


«“> I r *l.-, F.-:i *.-• . . I 

♦N-.j <-i i |F.kO p^,- ;.is: ! 


r"'.i 1 %5‘- ;£>.*■ * 'r- 'i 'i 
C7 . i o; . 7.,.. ..-yi; 

in" j-r IrJ.'h ijVr- :- o ;r- 
«;■ | r-;. !7v.j. y-.'er. 


K '- 1 

7C0*.--‘ - 

?c- 

23 j' 


! c ' laws. ! -H.'-- •' :•• - «•. 1 


i: ;c' ■ <a 'i 3-; * i."o:p.:iv 
I? 35, k- I.'- • •• -t— 


S S‘7 •• » 250 VAKesLU.- 2te -i tlltf «Z 5‘ 

5*1 fS 460 3r0 5chrpda>i!. 400 1 1 72 j — 4.4 - 

97 | I 3i, 379 255 190 .VrrnmhelirC] 200 tL7 5J ^ M.J - 

Iiicic inv 5 premium 92 70 Smith St AuL . 80 50° - 9jj| •■■ 

452 578 'landihiianEl 398 l°b4 3d 7 Aj 51 

CANS 5111« S®4 TraikPev S150. S10i QS5e 32l 5]1 6. 

..... ?56 290 I : ninnDi*fI ' " Kij05 -- 50j -- 

‘ "H I*i». « 32 I'PT * li _ - - 3.J 

■l I - [firastlrwirirs C25V, FJ5i,»>l|pFan!nS5_ £17J. 5140 _ 4 4] - 

17rf -I4 SL00 _ ?9 74 M Wimfwia, P“ - M .. . Mtf - ^ ~ 

!L *i ■ s ia . 'l l ffire PuKhase, elc. 

22'j +\ $160 - 36!39i, 26I4 'ftbs* Ift 

13‘<*l +>« 60c — 2286 £74-^ D5 Cie Bert FY 100. 

l£H->c +14 40c — 2D 8 8 CrfrUlPatal 

217.J1 +S. Q44c - 1.5 111 83 Llc«*3<Sw»J 

*\z 90c — 28 52 30 LndSoxFin.1 

25 +3, 52 56 — 5.2 14 8 MooTttteMerc. I 

+ 1 * SI 00 — 3.5 118 85 Pn*-. Financial. 

830n -la 50c — 11? 27 15*4 Srls Credit 11 

rOor-'fl +23 70e — 3.9 SOU 10N Stuna HldRS j VM u , , —1—1 — 1 - 

50*4 +1 SI 60 - 1.6 4ff a 38 Was® Finance- 1 40 “l'" h2.09| 2J| 7.8| 4i 

37 3 +«g 5160 — ■ 0.0 

40% tl s S210 Z 26 BEERS, WINES AND SPIRITS 

21 + J 4 S2 20 — 5.2 , _ *rl*A1 


-il.40! 50: 20; 96 -2: 


SUur-'O +23 70c 

50*4 +1 SI 60 
37 '3 +7g 52 60 
+1 S270 
40*i u +s s S2 Id 
21 +»4 S2 20 
IS-; -'j Vc 


.... HKV-I 10 ?6j 91 
£73>| +2 ^12^ -lO- 

al* _2 - «A1 24 7.2 3.1 

| .::::! hS 96 B b i«4 

40 ZZ"lh2.0^1 2-3( 7.8| 


DRAPERY AND STORES 


8.2 80 
5.7 iW4- « 
6 175 

7.81 « ^ 


Broan .Irfa n 

Bailout 3Dp__ 


Uwin'ni’ISp 
UweUar. _. 


Ik 




HOTELS AND CATERERS 


78 I.AJlici Brews | 


716*i'.fl +13 04ilc _ 2B 46 26 /ural D:aPr.l0p_ 25 

-- 1?:, +r, Sl6 z Z 3 171 157 fci-;<rhjrrtcm- 161 


WpM» «00 - SIPS 1^ 2 « 


12N.C +J4 SIM — 


>iv c to Fi.’l^a I’sars 

' 5'.’. 1 ;r. .. . esv :'-^ 

'(..j- ■ j, S.M>: ; fil • ■ 

c *'~- 1 ?c : - IT. ■•.•., j.- .t- 7> I ■ • 
ft.:: If .r.-ir.ril' : ,: -r= » 7: • ■ • . 

Yf ■ ! *'■ : ll---* 7V ' 

k • I t;-: I * r rr I t/. 

7-.:- c:’ s 7--) -r v ! 6- .: 

115?4!lo:':;7-o-.r 1 r, 'S*r I 10T ; 

£*'-J7r l'.-i. -Jr N.fT'AT I i> : -> 

l’v-i «. .. |T:»- . .i;-: ,«. j y 


12 92- 


5; 1 lerjl >:•.'! j-:-. 

i:r ; 11661 :v±- i-. t-r- 


■ •;p-.v+- 

if >».'«• . 


: : uwi 'n * f: -w.* 

4 1177. ir« h7ij i ?7: 
:i; I 912' :*• ! U'. >:! ••. ■ 


22-; +% S2I0 
W- H« SI « 
23*. +?t SI 50 

22-ri+it 51 «0 
41v \- !'j +5140 
24— « 22 25 

17*4 1—: S! rA 


35*'5£ i — | S3 4i* — 


10 70 ?:•. 

12 c-: r.4 

11 *6 >*» 

13 03 


897|i ! -14 S’ Vf - 6.: -7 

is«i s-io - 4;.?-? 
22V 4.1 S13‘| - 27 !{« 

29*4 .cU“ } TO* 1 - t>: 

18>4.t !•*■•. SI 20 - >0’-°* 
35 

27*. *<.]■*•• 1 Si t*i 1 — 4./) 


/, ? 56 37 rdH3*enB,-«»ejT. 43 

41 111 88 Boddispiw 88 

j 7 92 66 Border Brew’s 76 

a'n 128 100 Brewer rStathew 108 
5 8 51 40 BucUec'sBnev.. 43 

157 llAijBulmepRP. 135 

1 7 174 1-0 B);r7ic.ttii,yl 168 

4 ' a 68 55 Oi> Ion Dei 57 

c. 4 !68 114 > ijrk-Matlftea.- 140 

j 4 115 lei DteidlersnOp. 1% 

t > 29 IS «.1<-roor..L' !i>p . 22 

4: O? H> '■< .far litp. 50 

;7 1:6 9? <::wra!i*.Miiiltf 115 

hT 1-0 117 ii.nj 287 


-1 t4-?» 2.11 7.9^102 5*> 47 

-1 076 l3 4^317 228 173 

t4 91 3.3 4.tt 9.9 47 30 

_8 50 $ 3.W * 200 103 

Z... Z0.42 -J u - 184 99 

h265 251 4-f Ilf 42 25.: 

r3 5^ 2.0 7.1L0S u 

1353 14 55 U.6 1% 150 

.. 2 E2 f 25} 5 e|lO 1 136 7? 

1 70 I 20 7.4) <3 11 57 23 

....'! 345 1 4.9l 31 10 3 15 8*; 

-1 2.79 I 1« 7Jl25 124 34 

-r2 4 7« 2W b.2 92 22i 162 

1 1311 “ 3 M 

I I« 6 5 7.7 77 40: 

1 pc I All 3 5,10 8 176 124 

>7 2.B! 3Sil39 3 • 1? 


31 : ’ Eanyer'tarerlOF- 144c ‘-2 }*fcli5l 65« +6*10 B g? j 55 

84 BeameJi’A’ 128 1.—. -256 62; 2.ij 89 7 a 53' 

25 3entalisl0p 33 25 4_.;13J3 ^5 51 

13 31na2tten3»c_ 22 |-1 j — —I — j — 75 i 55 
12 3oarrhnai E05p 19 ! .[dl.69 861 6.4 w 1 4s 

10 BolicoTexLSal HU*c : 0-63 * | 811 $ Jg I »6 

47 Brewe- 49 ; |3^E LBjllslZD ^5 } 35 

173 Erl EicaeSis.- 193c -5 1 23. 4.9!j55 5^ 


10 Boltcc Text 5p_. 3.63 $ { 81j J j k 

47 BrcsBg— _ I 49 3^S lg'.lMfl 35 

,73 Erl Kane Sis. - 193c -5 7oJ6 23. 4.9fj55 5^ 3+ 

30 2njwai\i2{a._ 38 1.-.. 251 271 J& 66t k - L 

.03 Bjrtoa'lmnOp, i74 *-2 152 — ( +3j — 135 gr 

99 Do ’.VNTKhL 164 -1 152.. -J 14! - 2s iSn 




vceni.VSp 


2 5J I I Vi 65 7.7 177 

:-~i 5 3 imm 


Cepe Specs 5c - 54 -4 ;“?i0^10^ 051278 23 I 
•.v-nKO^SSf U I- - -J - 054 p 

■>jr* A 105 1-1 13 55 42^ 5.0^ 66 43 I 

62 !•’)+— r 169 -4 j t4 61 4 li 43 9.0 <3 : 

14 CarnrastesOp- 15 ; ♦— — J — 1 — £109 It 

81 IivV.-.i-ul: _Z 82 -33£l L7^ 98J73: « f 

>*rs .1? U\i H 1-2 IS “ 


31 'itheslMs - .-! 82 
40; ; &pr 73 

174 Vwj : , _’C= 126 


127 *:i *|M n :; ; ^)p 144 - 
7? er.CsTiler 142 - 


- 150 t7 13 I 2 4: 7.11 77 1M Il3b 
p 144 -3 : :: 3 3? 3 3| W2- 65 !?• 


24‘ 126 .._.. ( 142 55! 2«? 63 Us 

1? D::-iWd5p_ 26?r l »2 93 ! LS1M1I2 hS h. 

3b !F.T'.r? t, f^e* 1 163 -4 U: 39 ! 23; 4 9129 *34 * 


It -: - v-’+'T - 


V jr 'Wl~: 

:* •_ . r , •?. ! 
i.'* ^o-- ' r ’ ur. i ... f‘. 1 


•I 3 [ — [ 3-63 


Cher Fiftoc-E 


"i* .• • '-I 

c -:\ lr..r . • »N I 

JP.V; 75:;l ?■? - 


*? • '. 7 T . : jT-e.-. •-.? 

1 4 1I1 . 


[ns: 1311 40 r+iuv-K 

I li 1? • 12.71 14 "4 c65pt7ra" ; -n5e:: .".S! _ 


4: ' i i'i ■ ■>" T 

F r : | J r- ve JV- 

?"• > 4f.’. 

’ n.' • i7:o. ur 7 .: . “’ I.Ts , 


107; +.1, s; 1)0 

Zh +U V: 00 
le.r -V S! tO 

33 e t*> 5140 


Si 00 - 4 7 =1 

COO — 39-7 

S! t>) - 5.1 69 


15 _‘lj 

45 i^niord ’i K^)_ 
55 Pe*l Bros 3)p 


K-i ! w^iLvc.::;.. 


VsuStPd 


%'iZZj I i23'|975^l335j-.|r«;if: j; ; .' . 

!.- ■ -I , \llfi 141 t I742p|.ipa - v. -. 7 , 1 *: . 
i - ■ u - 03 tS.E. Lisi Prrm.'im ill ft 


}?-: ■‘■WSiM - 27 5.33 .^a 1. 


ir-c M-i-JSi GO — 

6T5|*I.. 1 7';- - 
BSip rCl .<.•««• - 


uclafl 


Prrm.-im t~ i'N inasrd no l s31.:i5!J8 per £1 41 
(.031 its ion laclor 0.7T2I ■■IJ.7I71-) '<-** 


CANADIANS 

• It ’• I K' ■ [.- ’ ’.'m: v. :L- 14 J 

l.V; ! ill ’, ic’j ’\iS .!.*••. „ 12-4 I -j 

a:-- I ;:'. d 37 i-' 


61 [F*1uait>’!l Pena. 

75 Lin* 

21 Jsiit feisl-'inr-. 

24 I’-Tevr. Jr.ni. 3lq 21GX 

to-: |j7«’*T)’*-'C H 69 

it feaif- ,S 


*>. C uIaNAa I : r Vr,'\'- V ' 

7' * i> “-a: — I &j 1 ... i :: ts| :7-i j wj; i'l 1 - h- \y- it - ' 

CORPORATION LOANS 


■■J ., ’J ■ 


37 I- - I S4 2 

1» v -3 I hx- 

•MOjr; li II a 
17 . - 43 


. , Ira 113: ’hrifliK 

— I ? 1-.15-? [i'J |:-.c:tBe'Ji<Hi£L. 

— I i'«*| I .'T •• .=>•-:* ’V:0f>. 

— 3 .> :6 ;; * ■«.. 


i4 I =7,,- 

3C,’,-' 1 

Zil\ -I'd SI 14 


r» :•! J ;:3 
■J 9i ~s : 

* ’'ill- J I I F..O-: if .1* 

?-• 78 2~ ’■•■nr J.'n. 

131 253 l’.:7 r 
«• 6j 48 | li I’nOrl'.iK'e 'o 
4 1 1 !v-t i r,’. •’ Sic: ... 


446,* -17 4C- - 

rs-. *v — 


riKtii'p-Sip.. 101 


Ml 77! bi 


Lee ' .ox* 


2 Til O.7;i0.1 


14: 82:127 


3 'I 6 5;® 


: 1B‘ -]2 |K3.67l 26! =* 7 8 Its ! i 
I 60 -t i»hl9fc. 44< 4 9 7Cjfn h* 
. 167 -2 j+hlSSj 9 9; 171 62^ !” 

168 .... hh2 93 6 3 2.6* 95 '19 ? 

. 163 .._..to!7 53 ; t3 i - ,.o ; £ } c - 

. Sv 3 54 j 3.91161 27 rgg Ju 

142 .... .-c22l| 75| p.;^U : K |3 


i [3 

: « ■ ’■'M’5' 1 2 7! 5 2 l4j *35 ( • 

. 205 -2 ti.73 1 4 5 53 < 

1320 .... | ;2el • 75| 21 12 2 ; 

' 25s :♦£ ' : 2.:.' 5 :••?.: | ®v*' i \ 

S3; II ^fjg M 

MS -.-Jt2?9. 35; I ? li £ J ST fi 


;-i 1 !•: 


_ 3; 

pi t> 2T ?' 122 


4 -ii: "j a 
. r. ! 0 ; 4 


ri 46| bl 


( 151 &°lll 8 
. 3 E' < 7! S3 


79 ia 991 84| 
7 C 1 fill it 751 


| 68 j-4 ,5 55. . 2 9j 5 7. 92 j£,:£ 
42-;>r ^4 :. 77 :c.:i- 

I 9£ ... *19 , - Z, 76f.]-9 | ^ 

: 13^: ....;;• 19 ' or i ;2'.w5‘!i 

I E !£:£• 

173 i-i : r.? - 3 : :» --m 

2d,.' ;-*4 4 6- 7T; 


- i-.-ISSB^ :? 


| | Ini-zlI and hire purchase 

IGWiI 99 i\«vi'k ■■JV* ISS) ._ 9? ,‘cl . .. iT60 12 8 * im I | 1+ orj rUr 1 [V Ml ! ai': 

Hi?h Lw j S(ork j Price | — | Ns |Crr| UF»| P(7 J 4 ? 

COMMONWEALTH « ArluCAN LOANS ua i;» iavisai 1 288 i+nitwsci 3 . 11 3.51 7.4 S 


e:f i’, h * ;r,p v 

’irrcC'!? “6 37 

,„ u , 3o *» c • .\L’*e.|+r"p. 69 

- L W Lr «=! ■- T ‘ :m !Vp- 21 

. rr|lir«| fiT. n 2 l li-leLci! T.r . _ 23 

n rq 74 95 59 HendYii. ’V lOp. 91 

0 ol S 241- 41 lle.wler.y_i0p_ 69 

£220 DoTtc onv ... £130 
ori Z ^ 64 Hey*ral7nk5(fL. 135 

Z 59 I YL 93 w Huj£siHm.._. 65 

in 3_ 92 66 Hovennghaai.. S7 

” iSZ 90 55 Do.Res.VV- - 83 

q-a - 22*4 12*j Howard Shut lOp 17 

” (§3 Z 138 104 lDC.20p.__ . 126 

z iL W 125 rbstttkJohijseiL 163 

15 6W152 185 108 InlTunber. . _ 122 

* 3 S * 41* 3 J B HeWincs%_ 57m 

ft 6 3 1 0 30 14 ir.ZG 141j 

3.6 ^7.» 197 ls7 J 8rris ,j .„. _ 157 


; 95i, 92^ I iua =s-tic TT^i 

■ 33*« 81»; [it ;p-' .71^2 

9C NZeicTB**. 


Sri 76*4 Do-.k'BMS... 

i9?i; 89 *>h.;Jn-aajcV!:»«:. 
•70 50 ?aFiV.12*;w'e-70 

96 I 75 FaSpc-fcii 


«’•: ... 
B1V .... 

W * -i* 

- 

C; 

86 


. - ,13 :Q18c 3; 

5 91 1 1-M7 1 — 270 4>\:-Jt'iD£l 24? ... 14.55 - 

2 to 12 53 £i.V : £<W a vl:ei»neH 100 Q23 +? 4 nJ23:% 2.! 

-2 J' ::4 *> 3 .Allen Haney £1 320 fa5 fh]?4* - 


S’t? 9725 23° 150 AJ'ieJInsI]. 202 <d -1 HE0 

ir'77 M2? 174 i4n -WwaaoILH- 145 .... 10.23 

J *‘ 7Z ^ tank tow WJ OH* -eU 094e 

~ ~ j'465 215 Bli. Ireland £1 .. 405*c -a 115 23 


LOANS 

Public Board and Ind. 


■:a: £137 D+WpeCnn.. £181 Qlfi% 

r7: ; 111; Bfc bfurn I£l _ 14 016% 

1 170 150 BLljeumi *UK£1 170 . . T47 


64'; 58i 
90!; SO’- 
33'. :-6 
154 107 
9i *: 37 


ISO Bfc N.S W SA2..- 540 +10 Q32c 
15 5 Bank Scotland £1 275 -5 trlO! 


-5 t*l 05 3.1 
+7, tsiOO - 
-5 Q3-28 5i 
-3 79.41 - 
+3 +nl7.17 - 


57 
116 
! uz 

I iiM 
£3 

ar.r^;. 123 

3£ 


?o 30 14 

197 157 


i'lsanciai 


107ij 9‘fj FniSpriJSl 

110 I0i': rv. i4r>:7?.. .. 

1>«J Ml': C*o jlpcTB . . . 

85 75 [•'Firnjrtl+b 'aUT . 

Ei-. 7ii; [u Ap-.-i* 31-W - 

°9 filij Do1fi?«cUHLn.as 
9f ,: ’ Ho ilrcl'nsLn. c3.... 
l''i : ; 50'; Do.li iPcVr.iLP-W 
71-' ■ ro2'; (in T‘,p:.ADeh ’89-97 . 
71*: bl Dc7<.pcADh 9iM._ 

64'; 72 Obfmc’A Hi-S? 

81*4 68 Do.SfpeLn. SC-07 


| *£1? a^ICnm’.-bkDMIW 

13 0M£2P 111 5 |r*ijB.HbRKrl«l 


p* I r 
l?6ffl pa r, 
i:«C« f.LiJjH’ 


♦4.85 - 
016c 2.5 
- 


I *£1? ai^ICnm’.-ht OHIO* £17*4 +'« p 
.'13.03 l/iy^f’ 115 rhjn.HbUKrlW Q6 3 : Q'lITI 

1394 1?60 la I’nnrulrtVi JO d. 27 t(l.7l 

.. 23.85 i;«!£2* GIMjCnA France F7S £21 -’4 +’i 09.87' 
i 6.93 12l5l 4o 7 r>a»csnI.R: 15 

BJ5 12.5S -£i^. nenlnieBanrMei £1161: +Z-* 4 Q1P°, 
1184 12091 53': :>3 F r Fmanet 70 . f203 

12-39 13.001 1*4 First Nat lOp ... 5 

1297 1533) 2 DaWmsTvSi 1^ ... — 

1189 U^l 1? ‘Jjj Fns5CT.Ans.inp. m . .. - 

12.17 13.45) 1?6 157 Gerrard NatnL_ 180 +2 c9.12 


c p c 3 123 73 ienningsS.W'0 . 75 

E* 3 1W 79 Mum-Rmnb. B5 

n 1 17 10 JonesEd*! Mp 12 

go I 45 31 Kent iXF ilte . 41 

SI 69 £41 ^ Q4 H LafarseSAFIrtl £38 7 s 
0 87 71 LaingiJo!inr.V 73 

■n “ 130 04 LathamJ 1 El „ 110 

Vq 47 109 88 LswictkiV:*.. 93 

20 '*95 70 Leech S2n 


:. 3 a i ; 


12 w :>g 

1239 I 13 00 ri 

1297 15331 2 
1L89 I333f 1? ^ 

12.17 13.45) 196 


130 04 

109 88 

*95 70 

99 57 

80 61 
80 bl 
123 74 

59 28 

156 113 


La land Pami.- 
61 LillA FJ.t . . _ 

bl Lnodon Bri< - li 65 

74 LooeilfY J.u 305 

28 McNeill Group . 28: 


12.17 13.45) 196 157 Gerranl NalnL_ ISO 

127?. 13301 5° 37 Gihhsf.Ai 43 

13.09 13-30C5S 155 GiUeaBros.il.. 212 


FOREIGN BONDS & RAILS 


1? iVjndefftMxyJip 20 
96 Gnndla;? 220 


& 1 

1541 _ 
□ 13 — 

279 7.2 


McNeill Group . 28 j» 
Magnet 4. 4| ha'. 127 
MalVina* -Denny 50';«C 


Guinness Peat_ 1 110 1-1 H5.15 — 


19751 

Hied Inn 


l+erlDh.^j Bei 
— Gross XWd 


?« 17 

<1 33 

51 % 

415 350 


17 ArWaca.4a Illy — 
33 I 1 ' .-■[« =■■*«( . . _ 

98 ’■I’lkarMr.td ... 
£0 'J-Tn.ii '-’n.' +-r* 
■It :.r^kTr> 

^ b ; ; ■■■ .h . 


-*0 lr«.i,*r- .Mu i.ii \j 


217 155 Rarohros 163 -2 

ICC 31 Hill. Samel 83al 

600 las Do. Warrants 188 -12 

3b0 105 Hon^.Thn^ESO. 260 

69 52 Jesvel Toynbee.. 59 

21 j 160 Jovpr,iLeo,£l . 1M 

55 37 KAierUllmsnn. 48 -2 

74 56 Kins4Sha\2Clp. 60 

314 ES neiiewtR.! 88 -1 

:■*: 24; liojdbCl 253 -5 


-2 9.76 
t4.97 


7.7 - 

io.a - 
1 °- 9 

I 3i 4.3 
1 7.0 - 


lb6 107 
93 63 


4?: Mallina*-Denny 50';tC 
34 MaTKteni nidii.. 100 

107 Maretaiel 110 

63 Mnrley 

71 MarsaaDsiHfa'^ 

57 May 4 Hassell.. 

13 Wears Bros 

38 i'reinlleD 6W._ 

73 Iderer'MonLLi. 

32'; Milbury 54 

9 MiUeriaan) I0p 13 


a?4 

-2 0.67 


35 IMcii Engineers . 47 


79 iMcntiAi 


_ 141 EQ3 MuwicmiJi 104 


-5 t923 | 4.8( 5.41 5.7| 


FINANCIAL TIMES 


P.l» \CKES imi.T-E. 10. CANNON STTIEFT. LONDON EC4P 4BY 
T?i'?t Erfif'-H.t 8 fSSfi.v‘1/2. S"vPfi7. A<i»-’f*rtisfT' PS5/C3. TeJcgrams: Fmanllmo, London PS4. 

Tfiepho.se: (11-348 WOO. 

For .Share Indet and Business NVws Scnasary in London, Birmingham 
i.;« rrpoul and .Vanefacster. Tel: 246 8026 
I VN fl NATIONAL AND BRITJ.SH OFFICES 


EDITORIAL OFFICES 


p.ii F-7v 'TT^ XmsMrrfsrn-C. 
T^lr-i hit: T t! CIO o.- 
Pir.-nineb^m Iwi-i: Ho;'-' 1 
T..-1-.a .X^SSC Tel H2I-SA-I WT 
r.-nn rr-«)i.->u- II l<*4 ll-n- 2-10. 

w.; t l* 7 vl c;rn.-’> 
rmvi.-l‘ ;<!) Rii*- r-ifr-i' 

Tel". lt-l 512-yaT 

c*a:r>- r < i Hot a’,|it. 

T*.-l Ji13S 1U 

r*i: “I iij- R ynmllpm 

1 ole i S4I4 t (•: 7K.-t.ai 
Fr.jTthiiTJh .17 S wfi - ;’■) r'--' 1 

t<-:. i 72-W4 Tri -ai rzr. :i”0 
F-ar.‘%fer. Iti Sbt-hM*nlb^»r IX 
1 lr. 'lit?: 7.-1 SOT-i 
Joh.-.nti»»lii:r.- r»i. I f,, 

T(lu £ dJ; 1T I'd; ;<a-7MS 
LiFi»n Pr;.':.i da A log n a 58-ID, Lisbon 2. 

Telex 12513 Tel: 382 S08 
Ua>lr:d- Espronce*ia 33. Madrid 3. 

Tel: 441 6772 


Manchester Queen's House. Queen Street. 
Tele* 666313 Tel: 061-634 B3SI 


M--- nw. Sa-^ni-o-Sammechna>a 12-24. ApL IS. 
T'.-l-w 7900 Tel. 200 2748 


185 138 N'ewarthill £1 148 

108 79 Norwed Hold.. 89 

310 210 Not! Brick Kip _ 292 
58 40 i^rmeDeiit. lop._ 55 

114 97 Pa-kerTouter^ 110 

175 133 Pbocuix Timber. 140 

172 82 Pochms— 135 

156 107 RH.C 125 

173 116 RfUaad 154 

96 70 R’ch’ds. Wall lOp 77 

104 94 Rcuerts.AdlanL. lOIxr 

1 112 80 R-jhan Group 

33 20 Rnwlmson IDpf- 

45 29*; RojcaGroop 

48 30 RuDCTtriil 

90 66 RurtnT. Cement 

388 135 SGBlkoip... 

40 32*a .SalkiiTiarerlOp. 

50 30>; Sharpe 4 Fisher. 

55 36 Smart i J.) I Op 

10*; 6 Southern Coil 5f 

. 38 20 Streeters 1 Op 

1174 124 Tarmac Wp 

J474 330 Taylor Woodrow 
318 233 nlhJiyCtgEL. 

194 329 Praois 6 .Arnold.. 

314 225 Tunnel BSQp 


318 233 
194 329 


771; 64 L'BMGj.jup 


New YorV 7S R.» k«?f.-llcr Plaza. N.Y. 10019. 

Tt.lch Tei i212i 541 4625 

Tins Rue du Scnlier. 7S002. 

Tr-l-. v 11:0044 T.-l 23857 43 
Pn' rte Janeirvc AvemJa J'res. Vargas 418-10. 
tv I -J.W 4S-ia 

Roto V‘j dellu Murcede 55. 
r--le.. liirnCI'- TV I C73 3314 


200 155 
42 32 


SNKk’r.dTn- c o Sven«ka DaghladeL Rulambsvagea “TLS 


T' Kx j 7R03 Tel: 50 W 88 
Tehran: PO. Box 11-1879 
Telex 213830 Tel: BS36B8 
T ol:> o. Slh Floor. Nihon Ketzai ShimbUB 
Building. l-P-5 Otemscbl. Chlyoda-lni. 
Telex J 271W Id. 241 2820 
Washington: 2nd Floor. 1325 E. Street. 
N.W . Wash in dor DC. 20004 
Telex 440340 Tel: i202l 347 0878 


24 Veclis Slone JOp. 

L55 VitxoplanL 

32 Ward Hldax lOp 

35 Warrincton 

95 Watu: Blake _ 
30 '.Vest bn cl Prods. 

5b Wenern Eros 

37 UfjiJ!nti25p_ 
28 Whit gh'm 12ijip.. 
22 BlCfiinsCan. LOp 
99 WilsjuiCOTnoUyi 
63 Wincey djeoi 


CHEMICAL 



'225 ■ 62' 


3 buue:.v>7n ' 1+6 : -2 2 5 i „:C5 

I 134 i .. .Iicii 11. :e l i 'JS 


• rii'.^s : :: p s 2 


:: n 

69 ,-l ♦:!£; I£ : 


S3 +3 l*d! 32i 5 51 18L; 
123 . . 3i9 I 4 2i 4 4' ; 

35 — J — ( — [li 

2 ...... 142 - 9.6. - 

73 td515j 2J> 99} i 

67*2 ..... 424 | 1.4] 9.4(11 


L AND RADIO 

134 1+1 15.63 j 1H 6313 
61 ... 1419 24(10^.4. 


134 +1 5.63 17] 6313 

61 ... ♦4JL9 24(10^.4. 

33tff 21 4 | 9.ft d 

B5 -3 tL74 4 « 2.4 1 13 

122 -1 t7.16 LSI 8.9 a 
85 -2 +4.S4 25 25 5 
124rf -3 t434 4 3 5.3 5 

62 . .. 3.09 * 7.3] rt 

70 tl 64 4.1 3ft 8 


lal fid 

L8J 8.8 a 


2.9A io.: 
♦522 z; 
0.64 3.1 


62 . .. 3.09 A 

70 tl 64 4 

W -1 13.45 III 7 ft 17 

30 7133 12' 6&12 

73 -; 3 33 3 OT 6.7f 6 

130 .... 2W 10 - * 

104 -7 1522 2 

29 +1 0.64 3, 

130 .. .. tbd233 4 

29 -2 1.47 2 

14 — - 

IS; +j, 124b - 

162 2.75 3. 

415a! -8 11.95 2. 

405 » -5 11.95 2 

24 0.74 3. 

25 70.84 1 

29 L21 2. 

33 tbl ?9 3. 

231; -1 ML 01 L 

149 al -1 9.38 0. 

£97 -1 <»i* 1L 
2B0 -5 thL55 8 




508 li 
tOJ 4.C 
H3.5 b4( 


360 -7 16-7 


8i t5.a 

128 6,91 

315 4.07 

37 dl.19 

101 4W 

124 -1 t4.77 

102 -4 5.03 

76 fdZ63 

210 -1 5.9 

£291* +11, QSI .o 

1S7 15.03 


-20p.| 42 
r4pf J £90 
RJOP ». 


7Brr -21; K6 0 
255 _.... 6 76 

42 287 


£51*2 1 

B60 +5 


Q49i - 
bd43B 33 


556 +26 

49 dl.24 

34 L32 

32 -1 1 32 
L33 +1 J5.93 
148 -6 1162 

1101 Q5% 

78 L63 

156 -2 4.05 
Bl -6 M6.09 


3U1 

3 .01 

-1 549 

..... 30 

3.62 

-3 3 94 
-1 4,86 

tL6 

18.52 


L33 +1 
148 -6 
1101 

78 


ADVERTISEMENT OFFICES 

Birmingham. Gt-orse House. George Road. 

Telex 338650 Tel: 021-4M 0922 
Edinhurch. 37 Ce-Tie Sireel. 

To|“w 7;4S« Tel U313ES 413" 

Fra a kfii ri lm Sarh=<*nlxgi»r 19 
Teles I*BW Tc' NWft 

Ferm^nem Muu.ta. The Readrow. 
I’d. 0532 4o4P60 


Manshs.i'er. Queen’s Rouse. Queen Street. 

Tele. 06W13 Tel. 061-834 0381 
N®'v York 73 RnchefeHer Plira. N.Y JTOiP 
Tolc^ 238400 Tel- *2ICi 409 KIM 
Pnric -Tfi Knr du Sender 7S00S. 

Tele* 220044 Tel 2MW0I 
Teltjn- Ks:Jhara Ruildmg. 1^-10 tvhikanda. 
■ ’hivodx-ku. Telex J 27104 Tel- 295 4050 


£11 
302 
146 
90 
79 
C57 
275 
-21 
31 
*66 
14* 

41 
49 
t**5 
£9** |£S3 


_l _ 

9.6/ 6J 
3 9.0 
3.^123 
a 7\ 5 5 
29(23 5 
7 6)10.3 
2.|i5.7 

fcllOO^^ P®5 |l r EMarlnrwy. I J15 


ENGINEERING 
MACHINE TOOLS 


arle^ i a pci )«a 


Oierseaf ad* ertisement represent allies in 
I'enlral and South Amenri Africa. lh«- Middle East. Aria and the Far EasL 
Fi>: further eioa'-r cxul.lCL 

iTieneax Advertf'-Kmem Pepartment. 

Financial Ti*ne«. Prnclc*?n House. 10. Cannon Street. London EC4P 4BY 


SUBSCRIPTIONS 


C»nie<; ohtninaMe from neu-czeeni* and hnrtrnallc u-nrldu-lde nr on regular «uh*,cn prion from 
♦ub*rnpii n n DepartiBrni. Fmanrixl Times. London 


c^jJi -oU-e \S1P 



1.9/10.1] ao 

«> raw -- 

4 (9.4 - 


5. 

1J 

1J Vi !, 
M H b 


. 343 

-2 *5.8 


29} 4.51119 


td»cd Group . I 291 

I Ucan.Uiurcnium 140 
\IIptuEi Billmir 1 “■ 
Alien Wf, . 


DS fnai. FVraer . . 
»8 indiji 9*dri(e . 
29 AnfjloSwis* 
tl Vft £ Lucy. . 

5*> A<- Pmi-Fi l2-;p 
25 .l«u Tmllr.c 
IB'; Arlnllirf’l lflp . 

79 Aurora Hlcfe . 
92 Au>iin 'Jiuneo 


56 -2 
« .... 

130 

66 

31 

146 i-4 

7 
40 
23 
86 
106 
169 

149 -4 

8U +4* 


f!53 

.. .. t2.53 
-1 13 0 
. 99 

-2 4 40 

.... 6256 

t5J6 

h2.39 




- ’ 56 • ’ • 


;- K, ^\( 












































































“ 4 1 '-- \ 



Z% ISocanlTeieas. 


Wbrj 



•«J£i Sti 
*10 3*. iff] 
i*l 1 1.?) 

m ' 




.40 


a-uiff 2 sansraas 

2®|£270 DaSWCoOa 

Stoflexlnt , 

Stag Furniture-. 


GsEl 
. AMP - 
. Sflflrts... 
S' - iisoyaiyajji,- 
39 /SBuerWrai-^ 

i taaitesa. 
[j* rarthneSTS^? 

23»a feotkpic , 

10 Mstsoa&BaM. 
764 MawwOws.™ 
$75 lotpmi&ay a 
— tauitaiftjiopJ 
KiteaawoWpw 
Kelp? 

&SnO*SE£l0p{ 
SisMiW<AJ5p_' 

fctojSgBMs* 

LTP.HWs 

LK.lBiTl.lm_ 

3?1 LBX.Ial.IQp; 

.53". teattxzJLl, 

"fTBHSy 

38 LeB«iEtfi___ 
41 Lefc^Pflbd lOp 
36 LcbwH8m5.._ 

76 Leisure Car. Ktp 
*235 LepGrasplDpL 

W a .!SSasK 

Z? : tWeaJ0p__ 

32 EisdwiS'nB 
j Besides ___ 

Ua&jatucGrpJ 
LOpgKnWy.'IOpL 
Long® Trans. 
UmsSahrinlmi 
Lowt.ftasr30p 
MA'.Dait lto„ 
SteanieLfa!l(»p, 
M’r'rtfe’Ri.28p. 
MadarlaseGri _ 

McGee? L 3 A 

HKldtasif aw 
KacphersoifD} 

bsssr 

BSBiMLi 

tfardiatf * fcniv_ 

Mattto-fflafi 

J&1 2 Maltes«U57wc- 
126 Hwnanfc25n._. 
20 UfdsrenSteriOp.. 
10 Mentaweap. 

38 MeleJBcxfL 

77 Metal a«ures 

£000 srsaSoSpr'K^. 

6 Mramroem JOp .. 
Ifargan Crucible 
ManalKAbeO— 
MossiRobuiOp. 
Monte* lQp__ 
Mp _ 
Nadi tf.F.l Secs. 
Nafhanl8.&li_ 
SaLCrb’wglilp 
NXJLfftnn-, 
Segreai&ZMtaL 
Nel&Sp'nce-Uto 
1U; Nw^iOpt 1 

77 Korcns 

06 NamcSees. lOp 
, 22>j Nn-PwiR5p..Z. 
£91 0« Finance Cv_ 
Office! Bed.-. 1 

fflreiHJp 

Orenstone CJjc . 
P-MAiBoldjufisi- 
i Pzii^KcoirA 1 . 
Pauls t Whiles- 

ffiffi/fc 

PmhJSlOp-. 

PHTTCtW L21^p 

JSBg 

Platt: Chut lflp_! 
Potjrmrkiop — 
w»k 

•roeUDufl-SOp. 
Press (Wm>5p— 
Preaijje Grasp _ 
Pritchard Svs.5p 
PrOT.Iaunfkqp. 
LFUt Group lOp 
rm&wipSto- 
RarfiantJtoLl&p- 

RandaDs 

Rank Organ. 
ReddttOi50p-. 
lerifearn Class .. 
ReedE!lee.5p._ 

ReedOnU.a 

HefronPBWS— 
RoKwnlltt.'ySa 
Reuwick Group-. 
EestoML. 

Umm 

Ricar#^ 

— "-JllOp- 

Da'A^ 

jsst 

! Wares— - 
!Uf.4'10p.- 

iIS-GotafflfeflO. 

ileTUno' 

flmKMkUO? 
— step 

JSchlumc^ern 
'~3W.. . - . 
Hertiablff 

f&E: 

icorwii— 
A'N-vl— 

Smites^ 

N-V 

Ware20p 
ebe German— 

ilboaecte A"3Jp- 
17— ISIrtthcrw Wp„ 


+*2 I QllSi; 

97 -1 «.9> 
«5 ...... 23.S3 

38 t£93 

Mb : 2.3* 

97 ..... 323 
35 -1 . 160 

00*3 .ii... tl£U4 

75 ...... d4 33 

88 ...... *4.86 

s ±& 

jam 5 22 

12W _ 

« f +1JJ5 

■O 1 I1-7V 

,3.32 

-1 h32S 
3.46 


I N rt ifS7{cr»J?jr. 

WfUaoj 67J0I5 
!5jw_! 2 W 9 4 B.2 
«lO-qK3 

-£1A« 41 

. 1.71 9 

P-OI 2TjlO. 
!-l* 3.^13 6 
•3 9| 6.4 41 

3 5 431 
Z:U 9.S 

? S E.¥ 

2t 3.^104 

WUllI 96 

2.3]4rtl02 

* |I9.? 6 


TttyB 

INSURANCE — Continued 

I- ,rt ! 


PROPERTY— Continued 



43 


70 

ei 

9.6 

66 


4.0 6.lj 
3jS 4.a 

A II 

2 .W 23^268! 
2.2 Bti BO 
2.51 aa s a 
52 
84 




52 




36hI Z03 , 

15*c -h 1 30.93 
302 -4 15.10 

100 «27 

87 T215 

£100 

6 .._. 

114A I *536 
43 +1 12.46 
.... ,2jn 

034 

1 tml02 
5.25 
-1 *335 
+1 135 

± & 

*233 


[242 


* 


h io 


49 


ISaaSHir8? 


,fs 

- thaw 
737 


SnathsI 
Bc-Lwaop- 
dc. 




p.a — 

JK5 

PUtts 


m] 


_ . HXSU 
rlak^ip. 

laws— 
rfF’]Dp_ 

T.lfrp. 

. .teak- 
aJtachKi: 
ePadheBDc 


alSpid — I 
uTuuesvn.5p.l 
IMHetnv.-l 

sautRr 

ritato. 
lUMII 
. tDev... 
n«oodGp5p 
INeK-EL. 
Cnn 5p 

IKOlnU. 

rmesralacfesrs. 

, .isifles lOp 

iPnllei-er. 

"DVS.VJ112— 
l Carries !0p 
itiaslntk. 

[.Guarantee 5p- 


VLnersIOpi. 
^mtenGni3!Hj-. 
iTWRibbooslOp. 
iPottalOp- 
ilker Umr.Sp-. 
‘ lap — 

ffabopaK-UW- 

MOd 

. Board lOp 
LSiHltSL 

, j S Angel . 

iWhiteChGdiB., 
aSecrcft- — 
rfefciaSiW- 

Tilkes'l ) 

SUdnslfitcbdl 
£1. 

Dd lOpcCnr — 
■fiflianBiJj 
” iGe«sai_ 
HWMt&Up- 

9iHarfD»BBSL 
iocdiSansSp- 
- KAitirjriap 
iHaH. 


I: 1 .. ® 

d0.9 

a 75 




-3- 


Ut 


25i 

4| 

5 i 5.7 
4^4.1 
7.U £4 

2 . 6 | 93 
3^ma 

“B 


- S:| “ 1 M I “ 

9.0 
33l 

62 
3 .to 


-911a 




TNY. TRUSTS— Continued - FINANCE, LAND— Continued 




?97 

■a 

M 


7.6 63 
. .. 69 51, 
66 4.0 48 
1.9 8 U 10.1 

4.6 4.8 65 
92 3.2 3 51 
ZS 8.8 bfa 

2.7 81 7.0 
23 6.5 9.3 
18 12.0 70 
1710.1 B9 
34 7.212 0 

3.8 3.7 72 
* 30.2 

2.8 9.1 

2.9 2.fcjl93 

3.8 4.7 83 
L911.7 7.1 
5 2 4.4 6.8 

274123 
23 63 
60 S3 
29 85 
*? 09 
4.2 43 

2.9 85 
57 37 


MOTCHK^iiRCRAFT TRADES 

Motors and Cycles 


Gen 

Lriue Car 13p— 
RsfeanlSW.aP- 

VoSwKtSO 


1 _ 
!Q275«- 


M5 24 

Q 12 


Conanercial Vehicles 

69?, ERP.tra^Sj— 

49 ffUdasiSip^ 

7i> JPealifeResalOp 
57lj [Plsxtoai^l-rr 
« ji'ortTnao-Wi 

Ctfqpoaeais 

44 Ul*eyB2Dis— ' 

3D* Airflffijssnam.- 

is aaas 

52 Vrinroodse- — 

56- BIikckJBms^ 

20 '« BmsfnBBr Kfr. 

Q4 [SjsaCfBrpS — : 

1152 
64 

96 np. 

8jj jfenSimlhiOp... __ 

31^ IStmnjGnMplflji 

55 FPjfiwUSrwten- 
B6 WwtteadU.U, 

78 JZ?5itlr.4‘5t|p— : 


1.71 




7.2 


2 4) 7.71 


5J3 


6.7 

1D.0 

173 

97 

73 



Garages -aid Distributors 


10.3 

3.7^ £4 . 
3.« 7.1 63 
3.0 58 
93 53 
61 43 
3.2 9.4 

2.6 14.4 

12.4 6.1 
28 9.9 
33 522 
Zb 13.0 

4.7 4.7 

4.8 14.9 
&n (44t 
£2 5.0 
85 73 


184 
41 
12.4 
6B 

nil 

* 


5.4 66 


insurance 


lsuwiag/c.T..'~ 

I gnj BAlOp. 
Britans w — — 
bobiudAttSL- 
tesw Union. 
ffiarieSter 


J-2 


iHawhm ljto- _ 
Pfestttcgjap- 
j'sRos.ir.-jtB- 

Bfiist 

b&6GdnLW 
Rm4Ka.Sta- 
lljtAn DattriSii 


170 1 
204a 

nW 


S) 

, t& 22 1 
tl0-32i 
1 1203 
t4.90 

tm 

et (®6 


5) 8.4 
7.8 


.. - SJ 

6.8 4.2 53 
Z614.2 “ 

2J6 91 
3310.4 
S -2 6.0 
87 32 
9.7 




£7.6 

6-3 

Wfi 

7Z 

zf 

4.» 9.91140 
7| 72' ~ 

H 


AxtonsGItom— 
.yesawtoftpL- 

asst 

t K«WWp_ 

Brand! iC.D.i—, 
BraCaABtUPp- 
casBWp_l 
CjflynsSJp 

1 C oJnv rrpyyrtf - 

ro»ielT.!5p^_' 
Rnib Godfrey^- 
Parada — — w, 
DnttoaFocias- 
i lUtesiy.GJ— 
libnnddLnrt- 
HanrerlmiMp 
HarnsanCTCj— 
HatweRs- 
!ealyf2%i 
ficrfiilcGnL'. 

I DaltoOw.J- 
l!jrst(uiarta>_ 
teiHipsltlp — : 

sgsM 

Jtffl&ItfnnJ"" 
IfelsonDavjdS 
4 PtennineMte 1 
77 

"26 „ 

&ix illn«s> 

Went Leeds— 
madhmntolOp. 




68 



3D] 9.61 5 2 
- - 21.1 
23114 6.7 
2.5 10.9 
3.4 86 
4.8 60 
3.1 83 
23 U 
82180 
23 9.B 
11 112 (1131 

4.6 5.9 3.9 
53 5.4 33 
2310.7 £.8 

3.6 9.7(3.[ 
64 52 4. 
15 5.717.. 

27.4 IS 5J 
3.3 60 61 

K81 li 
M If t 

26 9.01 



NEWSPAPERS, PUBLISHERS 


130 jAsac. Ne**_— 
865- te&xwP.SOp- 
46 BPMMdss-A.- 
42?z ttsio Brothers - 
70- Bb.-kiA.iC.— 

105 - Brif!'>JPost 

123 Coliiar WilliMn- 

265 rwvvlitTSi?'.] 
38 Zstd.Ws d-A' 
65 Gc.'don&'Joech: 
55 HorreCuacliti.- 
115 liMhuesdcntf. _. 
?45 ImThoraMXill — 

103 aaCcm 

122 Lpool D. PoC 50p.. 
46> 2 iferahaHCar.lftp 

2M Ncaslai 

1174 r»arsnnlflnninii-| 
PttrtaaUil Sual . 
Pyramid ISp — 
Rnqd' > dp?« !3*_ 
ShajeiT. - N.iHhK: 
m Cta ^tvxpapers 
23Ji WefcstmPutSiJ 
35*2 phlscw Bros. 



PAPER, PRINTING 
ADVERTISING ' : • 


75 
ML® 


16 


S\ 


Astne. Paper. _ 
IViSi.-ocConr . 
Ault!Wiburc - 

Bemrose. 

Brit Prinfinc — 
Brunmnt.'iirr' - 
j Du.Rssti« VlJ — 

[CiuisttnuSr J . . 
.rhafTOntd Vip_ 
fCla? (Richard' . 

ICtiltetP'sw ■| ,I P 

"Cutter Gnarri .. 

: 

EanLan^i Ppr 
[Euiulj-ptur. . 
F*iiry Pirt Wp - 

Ti>eriGn* s, <T 

Harrvm 6 
1nren«k>in> J»*d 
ij-JcP f'riefWp 
rJcCuronoJ.-^iI- 
'AWrrrlfcl!' 
Mills! AJIfn5»f 
Vure'.VFcr - H 1 , - 
toI.?£5iL' - 
OfiresPSHKi^Op 
KCtley Print i.rp 

i.tes.aifcSHrii'P- 
Srrathflhni'3^ 
gIluu^ll•'ie^^' , .■ 1- 
jTraiu=paren! f*pr 
ITridantGro'Jp - 
FUsIkt Walter i ftp -j 
Warejiuupajp 
fWaddin^lun (J — 
jWacnrrjchs..- 
|WyaUi«i'dpr*'iF-t 


50 

mo 

(S ' 2 

48 

63 

53 
Q 2 
39 
22 
85 

54 
74 
22 
19 

118 
68 
57 
SB 
42 
60 
63 
202 
262 
. 96 
2 C 0 
78 

£l-«y«| 

44 

65 

112 

£0 

192 

65 

ISO 

6 SO 

59 

152 

99 

16 


-I 


+1 


rZ93, 

W 

t3.B9 

§L 86 

d386 

flP 

«S7| 

t332 

102 

S. 

4.25 

236 

K3.05 

436 

M.W 

»9.E 

tl4.46 

3.24 

rth3.07| 

taffijc 

iZ28 

*232 

Ni314 

P4.75 

J7.45 

5.01 

4334 

*332 

ThlJd 


1131 

3.91 

0.1 


,4.4 Bi £4 
243 £9.0 
2=4 73 86 
2JJ 7310J 
S-« 10.9 «.ff. 

33 as 53 

33 9.9 4.7 
33 aO 4.9 
33 7.4] 63 
^ 34 

Lfl 7^133 
3S 4.6j 9.6 
4.4} b!n 52 
33| 6.91 6.7 
^ TO- 0 

ia 9.d 9.3 
2.3. 7.« 72 
ITtllj] £4 
3.N 43 87 
ZfllO S 6.8 
zmioi)(53i 


zz 

Zb 

4.2 

62 

3.0 
4J 

1.0 
6.7 

43 

44 
23 


201; 


-] 63.T-.L9f2 
2-1 


43 


|9ll3l 


A\l’dT«i‘V»niito] 
AlLiali Lprufiir. 
.VttCK-TB) 

[Apes. Pf 1 '! 1 '- 
Aquis 5".‘. S P 
Avenue Ci'-xc -*ip 
BtaumftTi Pto^ ; 
Jflacc/' i - .'I ib- 
tell'vay HW|!f 

SftleJerHafnrtfft- 
BUlofl'Feny , ~ 
BradfnniPrr^ . 
BHB’M'uaJ - ■ 
Do Hpeftv.'JKCt- 
BrixlpnEuaie .- 
(Cip. & ConnLi^ 
CarrjilflBlnv.if^ 

iCunriiKial 20p 
Da Cap. ftp-— 
JOiaddesley 
f'beaerfiarf. — 

ChnrchtjryES... 

KStjt.ffi«s - 

H'mheXickrtls.- 
ContrulSecs.!ft? 
iCcm Eichaasc l'^ 1 
Catrv'rfWT./ty - 
CWitDtsL’Op.' 
E>eeyvh (Hlda? 1 - 
DsresBW. -ftp 
IVomngionFip-i 
|Eng Fftp-SOP— 

Da Lit Car - 

JESSSS- 

Esa Prop, lav— ■ 
Evans Leeds--- 
F^niesSSs iO?- 
FmaBeeifcdlft' 
{GUcateiOp. 


mWVn BKrfbW: 




57 

Zl3rc 

-1 

-1 

d?37 

10i 4 



R4 

-1 

hi. 31 

20 

-ii 

0.69 

7b 


165 

0b 


M3^7 

55 

-2 

d4 5 

72 


2.91 

130 

-2 

132? 

172 

-1- 

t£Z7 

25bn! 

-2 

t£91 

39 


• _ 

£155 

IM 

nr+ 
1 1 

012% 

fl99 

55 

— *!■ 

173 

99 


d228 

£2 


„ . 

81 



46 

-i 

*" 

.340 

-8 

J.D6 

300 

-b 

4.66 

65 


ti.92 

62 


199 

35 

-1 

*0^4 

?’4 


42.03 

29l.i 


OH, 

113 

-2 

0.88 

102 

-2 

J.04 

171.- 


*031 

55 


HI4 

33rf 

-1 

2.33 

f.76 


46»i% 

£73 

-i 

$8% 

47 

-1 

fl.46 

20 

98 

-2" 


86 

120 

-4 

tip 

19*2 


l&S 

70 




2,14 

-2 

+WL95 



(5149 

S-2i 

— .■ 

— 


7.3 

82 5.4 
5.0 73 
3.7 5.4 
5.9 86 
2 .« 10.0 
7:7 10.8 
80 23 
42 89 
&S M 
£710.0 
1311.5 9.0 
13 SIS 288 
33 73 6.4 
52 4.0 72 

L6 8.9 30.9 

33/ 53 . 7.7 

as 


2fii 561103 


ITU 1 
Rich [M 1 


SInrk 




! C,i 
irB'i 


.1 km . 


;r.i; 


t-i 


r.n 


1 1. ft ; 
o-l 

: r .u ii'^ (• ..1 .1 — 

l.Cjjfl-Kj '.J 

» 1 


\I.V 


*,. f A 


17? 

',■) 

55 
V* 
ior. 

36 

!J 

! 145 

% 

103 

« 

, 68 
'280 
cl 
290 
SI 
\ 
s 

7? 

59 

.*.■9 

71 

97 

,291; 

100 

170 

31'i 

56 
111 ; 
82 
18 

240 

119 

:« 

131; 

16 

W 


It'"-,--. •< 
!.iu l. 'hil'iij- 

!.->n l"nn 5h;i 

I, ni Mni;,iti+ 

J All!. in llrL: ah: I 
’.IE1* ‘ 

iMarlluvxnd. .'ic. I 
Mari« . 
MHatTm.1 1' 1 ;, 
Utr^.Siv-SV 
iMIrih'Jls-V.’fi >,• ,j 

youiiivicu sp. 

*.lU’Mw.‘h\ i.i : 
\o)‘‘ir: 

Irathn 1 . 
HOptillli 1 ilm 
Prop Pari' p 
I7f.|. 4 r«. ■. . 

Prrp S<. In. "<ip 
fi.vJan Prop Ly 
r.-.-.lur. 

Ke.-in;.j| Prop . 

lx- \ _ . . 
RmjI. . Ti'iijip;!? 
jsvltwi-l Prop. 

Smt 'iKni;- ?<ip| 
!«*vnpii:uy iii). 
Slj-j-r L • 

II. , sad | 

|StlnLl\'nl'CMl a| 

SunM , iii Ini 

Suire | 

IT.tcti iritis 

jT«rtiuSr , 'Uy I0p 
(TraUi'!*! Parit . . 
i.’K I'nipcrty .] 

L'ld Rvol Prop -I 

(WamiTEslffli- — 1 
Wunli^Jtn) 3h> 
■Mianinjl' -j 

jtt imnderP SOp ] 
'Win-.lrm His. 


-1 


‘1 


-1 


-3 


-2 


-1 (1 20 


* | OlH v t 

2 5 ? 2118 41 

5?! 


08j 6 

{J«L»I 




22.3 
|20i 

i9D> 
254 
2.6)40 3 1 


7#2 


215 


SHIPBUILDERS, REPAIRERS 


R3 th? 
160 1125 
230 1135 
345 [260 


jvamwiihi. . . 


1 73 

1 "' 

155 

-2 696 

190 

■ • ; 5° 

320 

. 5.15 


SHIPPING 


.309 
203 
3 BO 
348 
157 
411; 
39 
145 
255 
39U 
150 
138 
118 
140 
46 
135 


30 

65 

80 

108 

60 

109 

81 

54 

59 

63 

58 

48 

72 

78 

41 

118 

32*2 


125 

635 

145 

97 

175 

125 

& 

190 

90 

680 

72 


1252 

112 

112 

{206 

Ron 

31i- 
, 25 
1107 

poo 

104 

n 

56 

29 

59 


jBriLiComnUp 
(Cnnnaiuroi. aini 
VlstwriJi ... 
Fkirnew- Witlv El 
,Hnn*jHi;0itKti.£1_ 
pa.'aiigiiJ.hSOp 
iLte nSetf.FVj. 
ILylu Shipping . 
Mai Linen ^jp . 
M-tfvr;. Pk. I. rut' 
IS'ilL'orJ tV'fL'i]. 
li'eaii Trarsnnr! 
PSftMdb. 
fu?anl"nSi\’. f4)p 

RusrunaiitW •„ 


251 

-*-4 

*940 

39] 4.9] 

lcOic 

-3 

6 52 

4> 6.1 

ITS 


Tl 55 

7.7 12 

229m 

-3 

*8 29 

4.C 5.4 

110 


S3J.7 

I 

35*; 


di.sa 

77 7.4 

75 

-L 

_ 



130 


t4.97 

0.5 5.E 

215 >c 


5.18 

23 3 6 

381; 

♦Iv 



117 


272 


105 


837 

1611.5 

77td 

-21; 

6M 

0 9 12.5 

82 


0 1 

- Oi 

34 


1)1 

- 04 

61 


M3 75 

21 9 3 



Hiltons Jip 

|u S*IIX7 


SHOES AND LEATHER 

161 ; 

50 
56 
93 
30 
M 
47 
36 
38 

. .... 

33 Sieau&Sno'A - 
54 Slrwuri Pilmr. 

41 dtylo5hosr-„ .. 

IPs TL-nerWiElto. 

66i 2 Vforri T.Tiiii 1 

24 WearralUp 


26 

-I, 

£115 2.0 

671 

50 


4.46 34 

233 

66 


d439 2.1 

IT 

101 


t4 57 41 


■57m 


HI 7 7.S 

Mb 

104 


f4.97 23 

Eb 

69 

i-l 

rv, 50 


49 

—7 

t3J2 25 


49 

-1 

t2.84 3.0 

ft 

54 


*1.9 2.7 

5.2 

51xc 


*Z81 4.2 

HE 

36 


lib L7 

kfj 

62 

~2 

4.73 IA 

114 

69 

+2 

L75 3J» 

38 

41 


ThLlfi 3.E 

41 

91 


AM.02 ai 

66 

27 


+133 2.6 

7.4| 


SOUTH AFRICANS 


80 

AhercwnR030.- 

85 

-5 

1016 

1.4 

119 

4 >n 

.‘jiglo.'itn. In. R! 

•Wl 


Win 

2 A 

7 7 

83 

Anc TrstnfLSIf 
liofd Rds P 2U- 

177 


$,*<].* 

43 

10.2 

55 

55 


li^,i 

4> 

54 

95 

Gr’tmb'A'fWc 

123 


Q 20c 

47 

97 

K7 

Hulett'«rpn.Rl- 

93 

-2 

OTRr 

1 £ 

r/ 7 

288 

i.'KIteaars.iOr _ 

37V«I 


rQWr 

1 ^ 

9? 

35 

130 

Ro Tnietoa -var 

53 

1« 



* 

6.0 

Si 

58 

SABrevtsaOc.- 

60 id 

~lh 

Qllv 


445 

50 

TiperOBsai_- 
tmsec 

570 

52 


19 

& 


'PS 


TEXTILES 


164 

58 

85 

85 

30 

35*2 

42 

ft 

f 

26 

70 

43h 

35 

84 

£m 

39 

105 

105 

115 

35 

48 
,190 

no 

72 

56 

34 

32 

40 
54 
72 
21 
16* 
61 
66 

49 

5Z»s 

107 

48 

74 


H3o 

48 

53 

20 

28 

a 

a 

5f 

12 

2B 

63 

J 1 

T 

W-2 

49 
55 

24 

25 
35 
79 
10 i 2 

45 
53 
39 
27 

26 
26 
42 
38 
15 

7 

34 

55 

42 

21 

73 

29 

46 


Allied Textile... 
lAHdnsBnjs._ 
[Bedes U.)20p 

Eecbmn A. tOp. 
BlackwoixlM.irt. 
Bond Sl Fab. lUp 

Briett'7ohn>. | 

BnerajGipnp.. 

Bnt. E nk. i loa 

BnLMohmr 

BnlnwL'mii 30p_| 
Cairdilflinaeei..: 
Carpstilni Sup.. 
Carr'rfnlljflia. 

CawOT Inq 

Coats Patens- 

Corah 

LiUTti-jl*.- 

, AirSEWiCsT 
jCrnwth eT'l i„._ 

IDavRon lr.U 

naW 

[Dium (Daridi 

Ka-U <C • & M. 10p| 
[FnaeriJohm., 
Ha’casU.iUip 
Hi dung P’S. » 
aiddWKsp.- 

[Hi chan* [ 

HrtLajI 


147 D02 
” 34 

56 


22 \ 


IA 23\ 
12 
12 
O 


u 

12 


3.1i 


226 

453 

32 243 
3.2 39.9 

, 67 19.0 
12.9 0 
62 * 

33 29.6 

5.4 192 

44 a? 

f7.9j - 

2-6 iZKTi 

4.4 282 

3.4 37.0 



1 ! 3 M 
22 366 
4.4 252 
4.E 17.2 
3i ilM 
L31412 

121211 
iq 9.6 

4 3j'4Ui 

asm 


22 322 
£6115 


19 

w 

25 

91 

74 

53 
40 
73 
3b 
99 

106 

45 

106 

66 

48 

77 

34 

43 

79 

35, 

66 

54 
62'; 
321; 
90 
60 
4«J 
59 


346 

304 

400 

69 

*P 


12 

8 *. 

41 

34J 4 

18 

66 

48 

25 
18 
20 
20 
84 
M 
20 
271; 
IV. 

36 

26 
23 

37 
23 
18 
46 
44 


144 1-+4 


-1 


ta , GrpSp.— 

[Homfrr- 

llO'S-JlirtbJiaJp 

Do ‘.V30p. 

pn^anuH.riOp- 
UeroireiUdss-'- 

fLeedsDj-ert- 

Leifti Mills 

[Lever ap 

[Lister 

Gfau&iSOp 

KtKkjrfiugi) .. 
|Maf knmnn .^cotr 
Martin 1 Alp Sip _ 
Miller 1F.1 lOp.. — 

I Mm tf rot 

Nunt-Msrl«.„_ 
INnraJer«;-20p. 
[Parkland - :V — 
PicHesrF.iACa 
Do-.VSVlOp.. 
BjfBey Kashi cos 
ariumotKauSip. 
tochar* lOp . 
miviMionfteed.. 

EF-T 20p .... 
SMB Hnterfcwu 
Seser.lnL lijp.. 
FhjD larpuslup. 
:ShwhSf» nwr* 
jSidlan Indsaup 
laidnr ... 

Sired I tTidnrt. 
Sn Vivo-al ;3H. 
rm Pm.LlaOO . 
SpenccrUiw r... 

'Sadrtatf '.V 

Stroiri Rite lir'd_; 
San twain Wo] jr+ 
Tern Cpnsu tai.c— 
rexl'niJrs; Jdp 

ritfnWnsOns 

room! 

3J(; Tora/VTSO-. . _ 
26 Trauorri Capets 
48 rnciniilelup-- 

41 Vh»Tex2qp 

34 Yorfc. nat-W.3)F 
29 noughal— 


-1 




*2.92 

4.98 

0.63 

264 

2.46 


+2.76 

326 

tiSl 

Mb 


72 1 


35] £fl[ £3 

L 7 |ia.o &e 

35/13.6 32 L 

LB115 55 


3.3 7.61 5.4 , 
3.^ £6 4.5 

45llL5iL 

2J 9.4 (55! pi 
1^115 6.6 -- 


m 

7 67 , 

a?I? 

bF7.0 

hP7.0 

flP 


P 

7.24 

0.76 

306 

456 

d3.17 

150 

150 

dl31 

MZ.82 

til 5 3 

dL29 


10.1 1 10.0) 
d3J 

2^11.7 
25 11.9 
42 5.1 
22115 

1243 Si 1 
23 10.2 (52 1 
26 10. B 55 L 

3.0 89 5£P40 

2.0 10.6| £2] 

0.9 ia? 


... £7 293 OP, 
3.y £4 5J 
5.3 3 6 7 2 

2-fl 9.2 .65) 


— 1, _ I - I - I 


+1 


~1 


cELO 
14.99 , 
d3.35 
167 , 
, +3 76 
HI 62 
t3.54 
t329 1 

i- 5 . 

1 d323 1 
& 7 , 

,5i« 

1 184 , 
t2.78 
*153 
2.55 
>166 
£11 , 
d3 15 

tao? 


£.331 

03.75! 
*3.6 
1.01 
3 81 , 
+276 
Q10%] 
169 ^ 
235 

m , 

t2L0B] 


J Ji 103 

1 10.9155 

5.3 61 
£9 3.5 

5.4 &B 
7.1 9.3 

3.5 6.7 
£0 44.6 
£5 32 

: 117 

. . * 2 
JlO.a 4.7 
9S 4.1 
a6J 7.0 
110.3 '45 


TOBACCOS 


260 

227 

330 

71*2 

■15'; 

52 


IBATTn*. 

Dn Deld — 
Dunkill'.AilOp- 
[Irawna! . _ , 
Hotiinan.-'tS.-p- 
r: efflu-d Hti liip - 


-2 |tl321| 


TRUSTS, FINANCE, LAND 
Investment Tnists 


, 1061;j 

: 203 1 
900 


60 

157 

121 

117 

1250 

124 

1215 

62>2 

82 

,»■ 

“13 

162 

52»> 

81 

43*2 

.14} 

74 

liS 

69>; 

105 

66 

77 

Si 
, 68 
1 ? 

9 

•46>?. 

87 

J2‘? 


49 

118 

193 

113 

129 

a- 

M 

.40 

[104 

36 

64 

■2fl& 

106 

49 

M 

s # 

4S 

452 

43, 

140 

13 


Afcerriiv.-i 1ms - 
^bertiewnTnist . 

,Vil=alm 

Albaircclm ^... 
alliance 

Atufundb 5dp 
Du Capital aOp. 
.Bniin-'elir. lot.. 

Do Cap. 

Amenean Trust.. 

\UWiranTsi B 
.illJo mStf.-tf.. 
lAlwWni.Di* - 
Da.4.«HSIi:.- 
.'iicilo-Swt. lm . 
.kichuneoes lac.. 
Da Cap Nip. _ 

l/iShdoanlT.' - 
Atlanta BoH. lOp 
Atbntir .L'jeif _ 
Atlas Elect. . 
AuAA Wi.iOpi. 
EaBteis’lttv ... 

BmyTnifi 

totapMai^Pmp 
BishtipejiteTsi- 
Bnrfkrfc^ihn lfm 
;RranI Fund CrSl 


22 

6 

3®z 

60 


1-2 


-1 


[595 .[Brazil In - . 0*1 J 


BrenorTsl. 1 

Bridgewater — I 
BriLAnA-Cm- 
Eritish As»i£s— 
Bm&ipSectSt I 


1.0] 6.4 232 
62 * 

, . £6 2i0 
10 4.3 34.1 
1J 5.2 27.B 
■ • 11.0 5.3 
, D - 3 

12^12210.4 


tl37j 13\ 5.126.9 

-1 I - l-'[- _ 
103 14.7 1 


u 


16 


'W 

Uoo 


[Bn> Ini 4 ■ 

KSS.-* 

irnUdMiic !•' 

. !■ iilwhniiitiT ■ 

'f m-IF 

liffjr’-'ii 
1 -in A.F-C'1 . 
1 .iTr.Lil k Sn* 
lvv ir .. 
CnnhcJ Hi-: 
rjclidHi'.- 
Ccdafbr* 


d, aairtttroiser*T. 
h Olfumlni: 
p. (7xtJ«viiie i/. 

1“ Do-’B". 
i i.'ntoflialfw- 
5 Cmtiftent , lx!-..| 
t L’oK'JntsHH.i.':. 
i nes'at lapse :it 
j 1'YMdr.ar _. 

I pjffliii(o« (r,: 
p, Daaaeilr.r 
DolCep-i'h 
5 Detaimirc'..: l 

1 Perti; Ts: b. il! 204 
] Du. Lip hi*' j 154 

2 iMnnimliir-. > 186 

i DrajtOD'.ijmi 
| Da Con& - 
J Da Far 
; DaFrema-r 
1 Dt'ahvstlni V; l 
i DdCapuali'. i 

j DundeefcLrot 
iii Entolxirfh \d T.-' 

I Erfinlm Tii.i. j 
iii QcctraFn - . TV ■ 

) QcctiGen. i 
I Eng-Ataiena: 1 ! 
i Ect*r»VTnir. 

} Ens iSrts.Li'. 

I EduihM'enrttl 

1 uausl'dtfp 
) Fquitrlnr .tOi- 
J Estate Duur-. 
r F.6C Euraroc 
) Farifr ln-.Tst 
I- nniSreLAc: 
r FirtsenA'VJ 1 
r FCJUTjRuJ* ; 

\ Fondimfe-l In-. . 

I Pa Cap. 1 

3; (IT. Japan.. . 

] Gn.it Conan <1. . 

! CeB.C«jnsa/Jrd., 
i General F>Jivt_ 1 
t Da Conv. !0p . ; 
t Gealnvesu-r-.. 
i 2 Gen-ScoOish... 

OoiSfhWrs.fJij 
I BasgwS'Udr- 
Gleitfrvontn-- * 

>1 DoT ... 
i> (Oeunrra} in-. | 
i fta.'BTCra— 1 
r • Gkfcelm. _ ' 

; GtMriEurope 
i Grange Trust- . 

I a. North'll lir. _{ 

’ lireentriarhr...' 

, Gps&anln--. 
t Group finedrr*. 

1, rkumanlnv 7s. 

T Bambnui 

\ ffllliPfeilrp/- 
1 HnmeHU&~A . 

i Da“B“__ 

S; tccteMlS) 

1 DaiD 

> 4 Industrial £ Gen 

t> Inlenstllm — , 

' &tr.mSkHxe» ..{ 156 [-*-1 {2. 
l; Investors Cap. _ 

> lanittie Japan - 
ia laifineSo-IiEL 

Jersey Em. Pt i.^ 

! jer9gfGen.il—, _ , 

i 2 JosBtMngs — J 45 [-1 
Jowbrv.Tnc.10p 

DaCap.2p 

KevrftMbp.SLip . 

LakeVtewlnr _ 

! LanttLwLlav 

b LawDdieiiture-J 95 j-rij 
M LsacdSfltRes.'Pi 
LedaJnc.Int2£ip 
DaCajxSp — 

LeValtonerlnv- 
I/jji. Atlantlr.. — 

I/M.iGartK'T- 
LadniKrtsnwt- 

2 Lofl-iLamux— 

LoD.tIiv.10p_ 

1 Lcn.tLomothi . 

Loo-tMoatmae 

Lon. tPrtn 

xm. ProdeniiaJ . 

Lon. A-ffrir*— 

z Lon.Td.Wd. ... 

Lowlandlnt — I 
MtGOualbe.lOp 

Da Cap lOp 

toSuilSallatMj 

4 Da faro Ip 

aan.4iferop.lHv. 

He!dnuiilnv.__ 

Meretroulelav 

Merchants Tst_ | 68“; *l, 
MonisInv«t._. 

ManLBusrcailOp 

2 DaWrrts.£l_ 

Mbnrgafelnv 
MooradeTrust* 

Negil.S.A.JUSI. 

2 Ne* Thine Inc„ 

DaCajLl 

Do. Nev'Wrrts_ 

2 N.Y.tGartmarfe 

]S28 ln'-’est , 

2 Nlh. Aii3nlic Sec I ^2 

5 Nt ha American. !> 1 

; Norther; Sees— 

itilLAi.sjc.Inv_ 

Ontuiehlns 

Penifandfav. — 

Proa Sc Inr. 

2 Province] 'TiUes 

Raetnirn- 

Reabrooh tut. 

Rights 4 1-'-. Cap 
BuerL Merr — 

Ri'erMaieDeL. 
i,Robenj ErinSO 
Da'-ut : ; h‘sF15 
>4 Rdm.'iiV. FBX 
Dj Suh.^-isF15_| 

Roimiei Trust — 

RmcdunxidJac. 

Da Cup , - . , 

Rotlis-nliH'iiisOpJ 199 |+1 
Saier-'-d ind_ 

SL. Andr‘*«'TsL_ 

2 iOL Afn.l3V.50p_ 

Scot. Out* 'A — 

Soul- £aii fm — 

SniL European- 
j Switi^hlnv 
SwC.Mort.LTst. 

SM. Nations] — 

S«L \onhero_ 

i Sen. uniano 
SouLl'Mlnv — 
i Si-oL’icSteni — [ 

.vet HVji 'E'-_ 

Se»_.\lJ:LiiKiTsL_S 
Se'.GriM! Nthn.. 

Do "B‘ — 

; <ft-unlir?r.Sc_ 

SeMRuhlv SUSS 
Shire# bv.5n>,_ 

Siie-ic’.] I0p — 

Sphere In - . 1 

SPLIT In" iftp— 

. SFUT'.^p. !Up_ 

Sunhofw'Jon — 

SterlintTS 

SUtWKildervlBV.-! 

r«hiHfc^}‘ 

! Terapte Kur— — 

. Throe ' AroMir — 

ThrovTOJiMn- _ 

i [w. (t-‘,Lran_ 

Tro Ia.fcsl.lnc_ 

Do Cap.— — 

rans. tVeamc^. 

‘rihuneln.est— 

> Trpif-sS-ltviOp. 

Da Capita/ £I_ 

Trust Ini on — „ 

Tnineesi-orp— 3321; [+1 
, . . TmewdPl.T — 

1 106*2 «rt Bnt Sen— 

'* ltd rv»p>:a!« — __ 

» L c Iwh l'*rrp> 85 1-rU 

l’/ i * icner* T<_ 174 [ 

USTnriHird»l- 710 |+ib 

WCr LTv*jj»wp, 

Wcc^i lo' *1 ■- 

Wjnlerti<£iom_ 

VTtmJav 
rift ' B~ — 

YeonorJrr. .... 

Vurk* t 

VouafiCosiwiL 





MNES — Continued 


ion 

ilic'n Lp* 


AUSTRALIAN 


Snxl 


Price ■ - 


or] IMv. 
Net 


9 

.'irnsxSnc.. 

10 

-1 

64 

&ti; j ai' ,T.; 55 Toea 

115 

tI 

63 

UHSo'iinto 

11 b 

-4 

150 

L.cr.trr.r Fat»nc__ 

325 

-r40 

148 

foMiniftMui’Minf, 

250 

-5 

91, 

Er.'teT.uiirjk.- 

161; 

+ lv 

4? 

ii 'i K.'iJ'.ivillw ji . 

§3 

-i 

1H 

H.virvi'iiH 1. . 

23 

-A 

81 

Il.*^i;4i' Vv.e,jp.. 

121 

— 1 

10 

SM.il- f- , 

26 

-2 

1?5 

V. I.M \ r 

188 

-r5 

in 

M: nniL-irAF-.il'- 

15 


lb 

•«1.iimi!--ril^>- — 

29 

-1 

71-. 

\ei.TWi.-J if«- 

5 


79 

Nun. I ti HilLukr . 

106ffi 

-3 

W- 

Vi Iv'lsurli 

12*2 


1? 

Mb 'iir.m. -. 

22 

+3 

117 

■i.!..‘>r.iJii*S , ii- 

124 

t2 

70 

renlimri.' i. . 

23 


in 

f>-ilic firmer. . 

57 

-3 

750 

facciW! -V . . 

675 

t25 

I. 1 

fTtnr.vo "ifL-..-r . 

171; 


310 


443 

-6 

50 

?l«llr.i-m iS-llir . 

130 


M 

it": in Minir.-rfv 

131 

-r4 

35 

'AlnniUctk i>r 

55 

t5 


KtSc 


WOc 


1355 

Q9c 


OS; 


Q13c 


QISc 

Q3r 


VTd 
Ctt Gr‘i 


L4| 


24 


131. 


19| 


0.7] 


4.4 


4.4 

30. 


4.7 


11.2 


21 

i 4 


TINS 


I L73 

H5.5 I 

1E , 
*213 
*393 
.1147 
203 
19 , 
+274 
331 , 

If 1 


020 * . 
Q9.49 
*1.78 
t266 1 
2« , 
tl.67 
C.Bb , 

!Q47c 
^•1 
355 
609 , 

fif 

*181 


1.2 


5.9 15.4 1 
7.918.7 

ijjiibubI 

6919^ 

4 3 31.1 
63 226 
72 19.8 

L0|lL5 n 7 52 


-i, _ 


dl52 

S 

SM 

060 

W 1 

f 

m 


5J0 1.0 10.dM2 

fil" ~ = ~ 


IL88 

127 

t29 

1.62 

089 

3.W , 

$£' 

156 


u 


ltl% 

307 

3.05 




* 

-V; 

-1 

-t 


169 

t731 
40 
14.57 
t264 | 
8.74 
t457 
1152 
t260 
*3.35 
3-9 
;3.41 
H217 
*faL62 
t2.23 


H6B5 

|Q25c 

859 

, 19 , 

■ +3.35 

| n ia I 

■ ,u , 

1 f5.38 
, 12-39 
264 , 

1 h4.82 1 

20 

4.45 

"G* 

0.57 

5.08 

hl32 

*4.46 

. *3l5 
4.85 
3.91 

[4.46 

*0.95 

S 8 

gOc 

0.76 

125 

T4.67 

*233 i 
0.07 
: 7.70 , 
cl. 52 
*3 71 


OVERSEAS TRADERS 


its 


3.4*i.a 


??4 

-j— ro". Lake* 

285 


h3 57 

60 

:>l- '..t* .W- 

106 


03 3* 

% 

Strvttus .- LT... 

152 

-1 

ThJ.19 

45 


53 


629 

2SN 

n- i.-it- !•>; 

t>Cn 


IS? 

83*i 

r 'b - - .1.-ro?fi„ 

Sb 


u5D 

9 : * 


140 


K4Hb 

£.49 

•jtMrailu ... 

£56 


<M2°. 

>25 

Hr. 1 • [ jv i: 

512 : ; 



ffc. 

iichrun---^. 

74 


•<32 

550 


355 

-3 

15.23 

21 

Jww-fr. .. 



73 0 

9 

.'j+ti.fieus.-: - 

li 




55 


6: 

“I 

665 

40' ■ 


42 >' 


545 

Tftfi 

'-.ir- r-. 

210 

+2 

17.43 

63 

llfl l-l-'.'.-p 

US 


292 

lbs 


178 


SO 

lofl 

Im. .i V r r - 

m 


rtf) 

27 

Ssr.|r'JE«!«p. 

54 


£4.43 


£*5i>3;j;2r.Vir , 

Sd 


B- 

43 

ii.me Ian* iOc 

100 

-3 

Z Q3.D 

775 

Stvri Bros. 

190 


16 5 

40 

TkcKwb 3p 

49M 

-'i 

*3.15 

W/ 

lw Ppctav. 'C;. 

£93 


08*, 

41 

L" Ci*.- Men: lop. 

-I7al 


(f.W 

41 

L*a lupcLc. 13p 

47 



QliT'/J 



19 D L*a 
1 1 2.0 
4.H 41 
1JI165 
3.1 3.5 
80 

23 

24 L^iZITI 

hU™ 

ayaH 

ftel: 





24 


281 

?40 

■vc-.-Hil^iSMI . 

305 

—5 

1,1300c 

45 

'Scroll Tn__ 

55 


tn.Q 

m 

fkT.anlaiSMl . - 

210 

-5 

yilDr 

ni 

i.te. 1 ' "* 

170 


5.04 

2?fl 

'rfildi Flaw i5;p 

10 ij 




'icp". , ce‘'ini _ 

310 


tl5.36 

130 

Hi-u-coni,’ . . . 

295 



78 

Irin-lOp - 

83 


J 12.0 

7 

Jt-.il>-- 1 - 1 .- ii . .. 

9*2 



65 

K.iro-jnurcjfic.Si. 

65 


Wl/iw 

44D 

K:!li!iL>t::<!]-. _ 

630 


0125 

280 

Sb'wIWScjiwSM . 

395 

-5 

«75- 

40 

iPaSst-' . 

50 


flfltfr 

SO 

Pen*tat‘*» ! 0 p .. 

65 


06 O 

165 

reslin;Ss:i . .. 

230 


7ft 

39 

«amip»raii_. . 

83 

+1 

47 

Scuta Croft*- Kft> -. 

65 


4!9 

14(1 

S-roih Kirii jSr'-i57 

. 198 

-? 

4/14ir 

?W 

Slta ,'fi 1 ara.-: 5.V!J 

300 

-5 

■ JlP V 

r*4 

S-ro-'oi 

190 


CtbSr 

55 

Bi 

? jpro-.v. Con-. S>i 1 
Tanma: . ,: o . _ 

70 

S7 


ZQlOc 

6«) 

74 

rm:el-ah Hitr C-l! 

85 


040”, 

>48 

TfunfttiSSLl 

205 



17 4 
21.1 
11.4 
113 
4.4 

73 


4.1 
19.8 
10.0 
0.3 
152 
8.0 
63] 3 6 
2W 96 


0 6/257 

i! 


94 
7.4 

0.8)113 


105 


COPPER 

lIle'.MnaROji? ] 64 

MISCELLANEOUS 


..\V8te\ 191 * 


13.3i f8.7| - 


RUBBERS AND SISALS 

M ! 


69 a 
8.2 20.6 
10 535 
5.0 30.4 

5.0 305 
13 352 

5.1 283 

5.0 _ 

4 9 30.9 

6.0 253 

6.1 212 
7.1 22.9 

931851 


I S«k < 

4ndo.Irdone<e_.| 

BenarnCam ii p. 

i Bird'A/nca; — 

3radwsil!0p._ l 

CdUefieM l(jp — 1 
CtrtKonwlfc — 
i Cons FSi’nts lOp 
GrandCenirai Ifrp. 

GeihneJI , 

Hansn. '.D;. Ls. lfrp_ 

! HisrJands ViiO! — 
i KuafaKepuiigU*]. 
riKuliaMSJc— — 
Ldr- Sumatra K*p_ 

MalakoriMS! 

' Muar Rner Kip — 
PU.tacaaidgvUip 
Sun^ei Snap lup.._ 


Price 


Dtv. 

No* 


TId 
Cxr Ur's 


% 


T79 

103 


355 

17 



56 


♦1.73 

?50=r, 


OfM 

5f> 


4h)4 

jT 1 -; 

-1'J 

:j3U 

ill* 


056 

315' 

-15 

15.25 

1*0 

. .. 

d«.0 

101 


h'A'Si- 

6W1 

-Hr 


47^ 

-1 

Ijllic 

165 

-5 

f-406 

63 

-1 

Wise 

St> 

-i 

W 4S 

06 

so 

~2 

-3 

tKB 


35 

Cir.-ran 

48 

-1 





9 

Burim Mines ITio 

14 




180 

Tens Miifcli. !»h. - 

190 


}Q10c 

2.6 

T44 

N'orthsoIei'SI . . 

435 

+65 



164 

R.T.2 . 

232 

-6 

95 

22 

50 

Sat'irj:co_C31 

40 

-3 





7bl) 

43 

TtraErartSl. _> 
T-'idv liiDPral* !0p 

800 

80 

■*12 

«1~35 


120 

VutonCon*.C$l_- 

13G 

+2 

Q7c 

2.91 


Is 1 

2.4 


GOLDS EX-$ PREMIUM 


ij-'ndon quotaiioo# for vlei-tnl South Airicno gold nnnios 
vh.irfc* in L'.S currency excluding the investment dollar 
rrciniiim. Those prices arc available only to non-UK 

resident*. 



TEAS 

India and Bangladesh 


S 23.4 
22.7 

zai 

453 

2^1 

19-4 

U.ml775 

13.W112 


265 

335 

123 


-teamliooarjf!... 
.3iy3niFT'jr.D“Xil. 
.teajnhns.il — 

: Empire FlantslOp 
La\'.TK;Ptanu£l - 
McLfc.ri Rurieiri . 

Moran 61 

SLuiloHltfjs Kip.. 

Wcrrenrlams 

KiliiantsonLl — 


255 

278 

93 

25 

332 

215 

335 

25J; 

113 

153 


-2 


+ll>j 


5.9] 5.6 


4 5 

3 

I 


P.rnlvss otherwiv ivflcaud. prices and ocr dlvtdeitds are in 
UrDtf and dtiucm.'iallaEf ate 25a CsinsSn) pricefeorGlnRii' 
ta-.ivsDne cmmarrbauiion telwst anniul reports and arcmmls. 

where pKriblr- ar. 1 updated on haU-ycarly iimmi. P/Ks are 
[calc a bled un the basis of net dixtnhaUaa; bncheted fi Rural 
Hndicai>- W per cent, cr menr difference if emlenhud an “ofT' 
[d.iui;,_t; .n. Covers arc h «aed OH “mao morn" diiOriboMon. 
IVIeids srr baaed an anddic pricer-, arc grass, adjusted to ACT of 
p3 per ront. and allow far value of declared dtetribmtaos and 
kiKbi*. s-curiiin with deeoranMkm* otlier than Merlins ■** 
hwiri .tci j-.lve at the invesocem dollar proud urn. 


5.4 Ji 
11 4 
12.0 {■ 

6.7 

9.4 
67 
10.6 
95 

12.2 


Sri Lanka 


- I - I - j - te»5 |123 |Lunina£i. 


.1 216 j-1 ]558 ] 1J| 3.9 


13 181, 

6 .& 2 L 8 

5.5 6 
53 a 
4.4 288 
58 25.8 

4.6 27.7 

5.6 Z5.9 
73 18.9 
86 * 
502£7 
52)2X6 

T61?2 , 7 . 
6.9 203 ^ 7 8 
5.6172 
5.6172 


4.9 283 
22.0 1 27 


Africa 


Eianrvrefl 1 

RuorjSJes [ 


600 

135 


50.76 1 * \22ja 

*13.2 1 M t 


SltUj|2uffeI*F.i.„ 

S10>; 

-s. 

Q170c 

lfl 

7567 


E«cr»r.yni._ . 

830c 

-14 

*Q7Bc 

1.7 

10.8 

330c 

SM Rtr.-i Prp. R1 . 

385c 

-10 






SI bn, 

F.S Gt-h.li:5<V.... 

5165* 

-U 

0315c 

6 

217 

974c 

Pn- Srzr.d jOi-.. 

S10*8 

-Si 

0150c 

e 

161 


St folcna HI . 

975c 

-1 

Q190c 

u 

??.5 

life 

■vtiiiontansfic 

370c 

-26 

«p?n 

69 

S163f 

VaalRecuVSOe- - 

$171., 

-S- 

QX15c 

3.3 

7.7 

V4 

V.c.-tDncRl 

$271; 

-1 

Q3B5c 

L7 

161 

CIO 

WSc 

Pc-HlfleLML-._ 
VV.aj err ’.Hi.-j' Id— 

113c 

— t b 

— fc2 

3&5c 

$4 

252 

10.0 


NOTES 


MINES 

CENTRAL RAND 

PurhaaDwpRl.... 

EEiiSandrTp-R:. 
pjUKui’nfnes’-fa 


781; [We*! Kan-iRi 


311 -4 - 

278 -2 - 

E2©; -J, tC350e 
971; -2W *Ql3c 


EASTERN RAND 


4 9131.1 


4.8)323 


■ [Rnr^ciCOr | 

EaitDsg-.+ M — 
EROO.rv'v.. 

I'.rootvleiSfe. 

iCnros?Kl 

L»h*5H - 

Marie-, ale Riii 1 : . 
f. Alr.eprlri Uv - 

viaaoi.U'in'cic 

KideUiSiir' iii 

wn.Ki;z:VJs 


I 661; 

1 24 

' 293 

-4 

.-'->56- 

35*; 

-2'; 

1OH1 

246 

—2 

C2>’ 

siOi; 

-U-. 

ijTlr 

811; 

-IS; 

ro4bc 

53»; 

-i 

— 

42 


Q25c 

578 

-rt 

QI5** 

331; 


— 


l- 2-Sj 7.4 
6.7[ 8.0 


* 39 .5 
13.49.8 
— il0.2 


14.3 

134 

3L0 


LW44.0 


35.6 

13.3 


FA 3 7?E3T RAND 


0.9| 3.7J- 


iii,. 


tttioij] 


1373 


134.1 


445 

250 

Elr.ior35_ 

2M 

EJj:» 

702 

2ulfrJ* 

759 

HOB 

66 

TiedJkraa! ROJO.- . 

321; 

101 

214 

IxoraiuntsinP.i - 

231 

9.>0 

585 

Ea^D.nefil 

600 

200 

lbi 

EtKeroiti'itdisc - 

195 

153 

Illy 


fl*2 

£16 

(590 

HanrbeeJKi 


657 


rJwftSoMRJ 

C70 

6E2 


LibonouRi.._^. 

434 

614 

109 

Sfluthraai r>>e. .. 

469 


■Ni 

4tii:m:on3V 

2uS 

£J7*j 

ni 

Vad reeiy>V - 

£12J; 

265 

123 

"cnier-fbiKl . 

141 

£291; 

E15S? W .EcieF.! .... 

£1576 

Z41 

126 

Recent Areas R I 

126 

970 

EB9 

Rt-JcixIieepRl . 

6C7 

268 |163 

Zandput RJ 

195 

no 

75 

0. 

FYee State Dev. 5tc 

F.S. 

95 

£20"? 

Olh 

FJ5Ged-j|d»A- -- 

q?4 

121 

59 

F-S-Saaiplaa* F.! .. 


4,56 

7.5b 

fianncin:. role ,. 

268 

134 

til 

Uirar.eRi 

62 

£115; 

667 

Ptk Brand S*: 

750 

£105* 
£10> 1 

565 

616 

Piftr-Steyn Sue 

Si HeJejiiJf.' 

5TB 

705 


190 

R'elVoniSk 

206 

£247, 

as» e 

9. Hetdia^iSdc 

£13 ^ 


-27 


-11 

“ 10 . 

-5Uti?845f 


-10 

-j 

-15 

-12 

-6 

-:e 

-5 


q63c 

0170c 


Q59c 

*Q78c 


OlpOc 

v4;> 

Qlfjlc 

te 

+U_rc 

tVi'.Sl 

< S5c 

Q5Pf.r 

rvitic 

jrvdlrc 

y4i-X 


6.8 2L4 
7121.1 
£5 23.9 


Finance, Land, etc. 


5.6283 
51253 
3.4593 
0.6 324 
4.9 285 
4 8 283 
7123 0 
2.2 573 

55 210 
4i 6 
92 * 
4.1 241 
9.4 9.B 


AbtrdSroitfcers 
Anwar Tr. iop- 
> vj-jiiTr-!^' ^ 
Bntaaai3A™J*- 
■ I'halk-u^'^Pfl 
' CharteriRUfJ^P 
4 Cnrnnnp I-** 1 - ! P- 

Daljd>£! 

i Dawnajftj} 

' f7DwIi>'ic’-4 — 
Eritn Ird l '3-^- 
E:*>ioM.a:i: .«P -| 
L r --ir,r.eHv"-*<- 
Fj.La3*b!0p— ■ ■ 
Esjilnrji'nt * 1 n "I* 
ap 

Fittr"! Inwfi- .. 

Haim<nr.Tft.a> 
ttiwra.” h Jl__ 
luLinr.TftJ?.£U 
InvegmaittA— 

ertVv Cairr »jn. Itj*— , 
‘uut'n.TJvlwiup 

Kwahui^— — 


208 

J* 

& 

59 

£14 

304 

37 

22 

9 

54 

39 

14 

.» 

134 

au 2 

30 

JS» 

47 
233 
. 1 ® 
130 
44 
42 
88 
21 ! 


14-1 


-2 


-1 


-2 


17.0 


QUIA 
*3.41 
,5 


StiBl 24| 7.9 


1.75 


dlDO 

L92 

\2 

0 J 0 

501 

2 ii 


V 

tfl-5 

IDS 

3-84 


5611221 22 

7.0 

Z3l 5J[ £5 

ia ir° 


2.9^ 7.1 


19JM 


281 

74 

1 

3£1 


17: 

aa 

& 

M 


( 7.4 

55 


83 

6 b 

34 

81 

186 


296 

63 

73J 

14.7 

143 

3.8 

9 



Qllc 

7.01 

—U 

tol5c 

4- 

_2" 

_a 


Ic 

0.5 

-io 

QljOc 

4» 

-32 

-15 

u80>.- 

©»c 

e 

♦ 

-9 

(JW>r 

4> 

-J* 

lv>15c 

4 


1.6)15.0 
1. a 13.2 

ImiTs 

1 7| as 

lew 7 0 

1.6113.0 
23 5.3 
2 0114 4 

1.0 33 

3 1 55 

i|l*l 

2.7i £7 
2 4J 7.2 

0 Iii* 


156 


Srert-r.f nrpomlnsied seninilis which include investment 
ilo.ljr arcrrn.rn 
■ T../' <•.. i 

Hii'hx and L marked thus have been adjusted to allow 
Iit ncht. i% -mi i«r r»«h 
Inlr r'ip ..i.nv invrcaH.fi nr resumed. 

Inlenro vmcv r.'irt-jrod iUMeil nr drierr-fd. 

J? Tax-.'r.f in nor. -luwidcnlv ns appJicnUoji. 

Finuu - ur repor. awniU-d. 

Srt UniiKid ciumj 

FYi-i- .-.t urn; vufpenrtnn. 

lm’iv.iN— di 1 ••lend alier pc.ndinc scrip and'or richts lsso« 
uni -v'ales l»* pruilnui rlit-tdcnris or iorocasts. 
rilrrrv. - i.nl or r-aircanimiion in proCTras. 

N>, r Mtapi.rnrdir 

Same inienm. reduced final and. or reduced earning* 

indivat'.-i 

Kr.r ilvldcnd; on earnmis updated hy latest 

interim *;n.HK*r.L 

fdii-: .iJl.w. • (or vonicrsion o£ scares not now ranking lor 
dii.ilciid. nr mni'liiK only (or rcalrivled dividend. 

■Jmer in', ullw for sharp-i which maj- also mnK for 
dfti.h-wl .ii a future .inic Mo B ratio usually pnnided. 
Ex.'Iiiiit.c u I mol ibvidcnd derlttrnuon. 

Rociowtl pr!«-«.. 

No p..r in'uf 

Tm free ■> Furore-! bnnod or pnepeetu* rr other offi-ial 
Jcstimale c v • if r»u >( 1 cnd rate paid or poyahle on port 
p • .hit Uv<<d un dividend un full capital. 

' Rcd-riiiw ficW. f fine yield, f Assumed diififend and 
ic!it h V.-.iikv !l divulend nud rield after wrip io-im: 
Payiw ft ir»m vid-ital sourcen. k rienja tn Interim h'.pher 
pJmn prs'i n. :oiai n Hi~hL; i.ku<- peadlm; q Earning* 
nase*i i -a preliminary ficure-. s Di .■■•fend and yield eirladt n 
[mecl.vi (Ciy-uni i Indicated dividend - exer relates in 
v.ni:- di-idcriit. p-t ratio based «l» lutejl annual 
pmin.i u r-Jicwca.ldiifde.Tif riwcr hjwtd on {winusyeor's 
nmn.R .. v li; free up in Ttnp in the iL w Yield .-Hows Ict 
LM inenn .•lyu-e > fhiidcnd and yield based on morser temB. 

Pi'ideml rn-i ■•told itn lu-ie a >r«',-iul f^iypionl: Cover tUiw ii'd 
bpply i.. »j«- 'i.d p.ymfil t ;«lct Juidend imd rield. B. 
JIYelercn- r -h-ad po.iiw-1 or dderrd. C ConndlEUL E lyiue ‘ 
ipni-e. r lli«M«»i jcdjieW tui^d on provpecbi. or other 
lulLicliil .-'i.mjl-Y ! vr inr7*W>». C .\ssunwd dividend and yield 
bfiw pcniun^ -<r-u jnd'or riRhta i.tsue R Dividend and yield 
pared on prw.r-jcius or other utlicia! estimates tor 
[IS78.7J. C Fici.ru- on prospectus or tiher official 

Jesunjalcs lor : -CS. Inviitend and yield based on prospectus 
or nth->r oh's-Ml eKlirjres for ISTH V Diridcgd and yield 
[btfced on nr<is»f.-'.-tui> *>r other otlicial esumalca lor 1CT9. r 
[(■icurcji iwol on fro'reclus or olher official estimate* for 
UTlft-TD v> tl-cw T Kljlirfc Mimi-d. Z Dividend local io 
hale Jr Yield he.-M on anaimption Trea-atry BIU Rale -day* 
pnchtinjc’! until nciuinty of stock. 


FINANCE 


755 

474 

SiiS Ani , 'usiSic- 

573 


OAJc 

34} 

i;a 

J4o 

.'.n J'i Airor JOc . 


-u 

Os* 2c 

20 

f.pfp, 

f.!4A| 

.Ana : xtG-,|(ihi 

£14 

— '-s 


11 

9S0 

f-vf! 

•,-v:-Vt..!.Vic . . 

725 


vjllsr 

33 

1 n 

1)9 

1 Jianeji.Mb 

116 

-6 

rt-3 

ril 4 

;?04 

I5i 

1. en> 'Tji'l C:el'> _ 

163 

-6 

919 

? fi 

lb 

ibii 

E^i P-i.idi.rin «:p 

17 


LOf 

1.3 

F.TtMt 

F.14 

ftei Minin'; R2 

f 16 

-it 

T«*?Ae 

21 

£16% 

LiO*.i 

t«td Fields j i r* . 

f.ll 


r ilJSr 

1.9 

TjR 

'.IO 

.‘iiliir-.'Cfln* Pdl. . 

£12* 

-it 

<j170c 

36 

2 A 

LW 

Middle 7*ii25t-. _ 

160 



15 

61) 


MlKCC-rpli.p . 

60 


Q27 

19 

m 

126 

MjDorLtiSLL>L40. . 

152 


Qllc 

li 

IS8 

<K 

Ve* Kit :«V - 

ZOZ 


CJIfl9e 

6 

C'24, 

io0 

PalinoNV Flr.'i. 

U2\ 


[JC50C 

* 

-S6I1 

19 

Kami Itfiidnn Inc 

39 


110.' 

30 

518 

375 

SeletruniTruri 

438 


13.95 

IS 

23! 

161 

Ser.tna4 Iftc 

174 

-3 

CJHV 

15 

59 

29 

SilM*rmjfl& S;p . . 

57 


*2.54 

L7 

189 

122 

Taut* Coti 50p _ 

163 


WiQO 

12 

93 

/d 

un pro SOp . 

92 


Q9*a 

163 

U> 

‘11 

Fraal ’.on;- ULP.1. 

£12 


Oil Or 

2/H 

182 

L'.t.!ni*:Rl 


-l 

ItBBr 

h 

HI) 

lit 

Union Corps. 625c 

250 

-10 

iW 

16 

73 

40 

1 (rjels 2-s . . 

60 



1.0 


123 

58 


83 

361 


188 

1S.0 


63 
73 
69 
9 5 
102 
a: 

94 

8.4 

7.4 
6j0 
9.3 
3.2 

4.0 
12.0 

23 

153 

6.5 
[10 3 

♦ 

6.J 

7.8 

56 

90 

9.1 

7.5 


Abbrev i; 
laJI.de. 


«*■ •id • dividend: it es senp issue: ffe* rights.- oa 
•ru.il distnbulfw.. 


** Riprc-ai Issue-3 “ and “ Rights '* Page 44" 


[This seniee is available to ev^ry Company dealt in an 
(Stock RHri-anr/* throughout the United Kingdom for a 
fnr rJ EVAi per annum for each security 


REGIONAL MARKETS 

]Thc follnui if ■» ti oel«li**n of Liyndon quotations of shores 
'prei-iou.'l 1- Iwcd "olvjyi rvslonol niarketi Pjii« of Jns-b 
wiles, kvv .1 uf which ore not officially listed in London, 
|are as quui-.'i on the Irish exchange. 

Ibany Ip'. i**P 
LAsli Spinning 

BiTt-im . - 
M' Wtr r'.-L 

tTrtwnrCn.'ff 
'."nncii Drectl 
Lb.Mjrn!; 'i‘.t 
EliifcS. M-rtldy 

Evened - 
Fifo rV.'C 
r inlay 11 - 

J ' 

Hlu'jhnf r rv". . 

HnliiJ 

I “M sim t-1 
"iln r...ii! nii-l- 
iPlViVCII if • 

, Pci-1 Mill 

S,iO»il-W trek 


DIAMOND • AND PLATINUM 


£49 
«S 
£13 5 4 
230 
a? 
117 


£jn 

[285 

925 

128 

54 

70 


AnriftArolr' 5*V 
I ie bcc.'< I'l 5f. 

Tin 4mr*Pf Ri 

".ydeiib'JKUit .. 
IlUi. i bL iOr 


r £34 v. 


Oh;»- 

1 343 

-i 

nji- : if 

1 953 


Q20'Jr 

261 


60 


;^ie 

I S7 

-3 

CJ& 


i j::ci 

3:.: J ! 
jai Sir’s 
J. 2 l r. H 
6 ) b.8 

* I 5.5 


26 



66 



60 *J 
16 
323 


Smdall [Wnu... 

114 

-1 

22 

605 


IRISH 


37 


Conv. 9*, ’33 B2. 

£89*4 


MiM 


Alliance <Jas . .. 

96 

■*■: 

25 


Amort 

3M 




« UtTt'IIlPJ 

95 


21 


■ 'iundnlkir. . .. 

102 

■*■16 

14J 


travreicfTvvt-: 

330 


75 


lleiton iHIrlpi.i 

49 


157 


In.-. 1 orp. 

160 


178 


1 n Lh Rrijif-* . . 

110 




Janni . . . . 

55 




T 11 

172 

-i 

21 

46 


1 nirtare... 

88 



OPTIONS 

S-KKinth Call Rates 


fndnstrlat- 
A. Dre«. . . .- 
A.P. Oo>vrnt 
BS.R. 
Knhmch 
Barrla; Pass 
ftttwhaiii 
Eixuv r>ru? 
Bfwatrft. 

n .>. t. 
r.mish 
Brviwr.tJ >■ 
Burton ' ’» ■■ 

CtHtiiy. - 

Couitaui*'-' 

O-'honh'-.i' 

l.ST-.H.., t 

f'uitkM* 
Fa*’!t , M;ir 
ILM 1 

i>ro. At • i»4srn"| 
jeu F.l»- tri< | 


l.CI. 

Imp 


CENTRAL AFRICAN 


2 J 0 

24 

30 

41 

1^2 


R55 

14 

52 

29 

'Ji 


F ikon TtBJtx { 

Rttsin Crop iPjn.l 

RojpConf. i'A ! 

®ankK'7d.Rh.; J 
aaaCjfie£is/"4_i 


155 

34 

70 

29 

33 


[-5 


QWe 

057 

Ok 


23 5 
6.1 


19tet> 


•Vsi|,.|Mc-L 
1 • Si \V - 
Uui;rdror. 

K V 

Hawker si'jd 


"Imp-. .. ...._ 

xrL .. 

lm crash 

Ki\\ 

1 jiib/ohc 
Le^ni * trf'ii. 
Ix-K Ser.-ico 
iJoj'dv flank 
"Ltiif ' 

l/ynrh-n Brick 
l/mihu 
l^ioslnds 
J.. 'in?'.! • 
Maasv" . . .. 
Mrkr tk ‘tuner 
Midland Bank 
: 7 In s:i 
j ;i j v .ii '•'.wt run; 

| *i I si vVai vi] 

17 fpsonw... 

ifi ji 'lirvVj . - 

, 40 Ill.H M - . 

1-9 lr'_i*-. "rc ‘A 
j 25 | ilu«l Intpi 
j 13 j .'pj Iters .._ 

I 22 jTevfrt . , . 

‘ 20 


HouwnfFroiei • 12 1 Tnisl Houstp. 


Tube Invest. 30 


Unilever 

Vtd Drapery- 1 

Vickers 

\Vdolvuorths_- 

Propeny 

BriL Lund 

Cai>. Counties. 

ELI'. 

Tntreurepciun 
Land Secs 

JIBPC. 

PoacSw 

Sarmiel Props. . 

Tcnvn & City.. 

Dili. 

Bni Pcwo'.eno I 45 
Efurjnah 5 
Chart erhall .1 3 
«holl ... j 28 
LTiiamar | 20 

Mints 

Charter Cons..] 12 
Cnn?. Cold . J 14 
RioT.Xinc - 1 16 


,\y 


A si ift. ::<••• “f optima traded is given on the 
i.vnJon t Eychaoeu Report p&ga 




44 


• -i- rr ; Til-': r '•_ 


THE COMPLETE CONSTRUCTION SERVICE 
FOR INDUSTRY 




IALTIMES 





Friday November 17 197S 


Horny Boor Consiruclion Limned 
londr-i f>l 373 MW Sheffield OMfi !O i:i 


MONEY SUPPLY ON BOTH SIDES OF THE ATLANTIC 




targets 


BY JUREK MARTIN 


_^25£ 


WASHINGTON. Nuv. 16. 


is 

internal 


BY MICHAEL BLANDEN 


THE FEDERAL RESERVE today impact of bad wthrr nn the duce the new mepurement 

implied some further tightening harvest— and that it would he the result of a i Ion? 

in the U.S. money supply, but “difficult to break the mornen- debate at the Ted- dating ^.acs 

coupled this announcement with turn of inflation” with sn many to Dr. Arthur Burns* tenure a- 

?. disclosure of a new monetary cost increases already in tbe chairman. 

THE GROWTH of the money There are. however, a number measurement winch it felt would pipeline. Mr. Milier emphasised today 

supply has been held helov the of in the figures suggesting nffer a more accurate guide in Although hts inflation assump- th. t there remained considerable 
Gn'-'ernmenfs largct r^nge *if 'hit rne basic trend or credit the future. lions are rather less optimistic ,, neeP t a intv over the speed and 

S-12 per cent during the first and iquidity is rising quite The Fed's action, outlined in than those publicly offered by extent to which the public would 

. testimony this the Carter. Administration, his la ^ e advantage of the oppor- 


half nf this financial year. 
Figures published by 


the 

Bank nf England yesterday 
suggested. however, that there 
was a strong underlying upward 
trend in the demand for credit 

last month. 

Pressures on the lending 
market, which, because nf the 
distorting influence of the 
corset controls on the growth of accounts! 
the hanks. arc not fully 
reflected in the money supply, 
were one of the main reasons 


liquidity 

rapid!;-. Congressional 

Ar;ei failing in August as the mormn 
bank* adjusted to the initial Miller 


ng by Mr. G. William overall economic projections re- t , in i l i es provided bv the transfer- 
, its chairman, consists of a main more bullish than those oF a - Di j ity n f f un ds from savings to 
rertuptuin for the vear manv nrivarn □onn Am I CTQ Vp.cier- . J 


the growth of the money stock f rym 4 l0 fit per cent. Ml con- economists who predicted 3 mild been substantially widened 

on in'* narrower definition (Mil. 5 j s t s 0 f money in circulation and recession, worse unemployment Although no reduction in 

including only cash and current current accounts at banks. and higher inflation than the targets .or the broader m ® ' 

counts. Fed chairman nients bad been taken, ne ex 

Thi-- measure increased bv 1 u But recoin innovations in he cnairraan. pe rted that they would grow at 

ncr cent last month afier a *2.1 banking system inctuding the closer tn the lower end of their 

per rr-nt jump in the previous automatic transfer of funds from Long debate respective ranges. 

• ■ _ . . ■ cinnnc In ouoMnl o f*Pii 11 ntc hue O 


ri^-! in 3 ahnji 5V ner'ccn” ^ induced the Fed to come up with In particular, Mr. Miller Over the last year. Ml has ex 
Fa-i’-' londin" to thr- private another measurement, to be thought that the housing indus- panded by about 8 per cenL 
SKln- increwd bv known as Ml pin.-,, consisting of try could weather the impact of much the same as in the ir 
• 1 • 1 "... 4 HtteI.* mi E'lum-c ur-i'mi nic it slower economic growth 


VIOUS 

more vear. and well in excess of the 



for last week's decision tn lift 
minimum lendinc rate by 2- 
per cent to 12 1 per rent. 

During the four-week period 
to mid-October, sterling M3 — 
the broader measure of money 
supply — increased by £520tn 
after seasonal adjuftmenL 3 rise 

■if 1.1 percent. This was in line iurcne r >sse in oorrnwin? miMuyu >'«"•*•<» *»■*“ i‘«'> u>»vu «•**•*** - -- l.. ' Product 

with general expectations in the company bills taken up by inves- drafts. ^'h*. fnrp<Liw n0 j U , n .' o L 'Vnrmarable 

City ;,iter last week's banking tor* outside the banking sector. The target ranee for this jjJJJI’SL and "** A * 1 i, ijfiL ^ pa o*It 

figures. Total domestic credit measurement has been set at 5 hoiisin & starts dropping to an monet^r> expansion m other 

The increase in Merlmg M3 expanded bv £939tn after to ?]. per cent for the year ah ®“ 1 ,1/.' ra “.[S cmintTtes. «« a J s JV 1 

over the Rr*i six months nf this seasonal adjustment during the ahead. The ranges for the £?? r ; “I* 11 * 11 ™* 1 1 lhla years ”?. s,nj : Jd P an arid 1136 tnited 

financial year wa*. just over month, with the public sector broader calculations. M2 and - m ievei - hinsdom. 

per cent, equivalent io an annual contributing about £200ni. The 313. have been left unchanged He was also encouraged by the Moreover, he argued that this 
rale of about per cent. centra! Government horrowina at fit to 9 per cent and 7‘ to 10 relatively low current rate of year, both M2 and M3 had been 

The nev. figures, therefore, renm remem. at £52*5m. was well per cent respectively. Overall, inventories to sales, which, he within the target ranges and. in 

confirm the indication given lasr down from the previous month's .Mr. Miller said, the Fed anti- argued, should mean that busi- hoth cases, were 3-3( per cenrage 

■ ee k hy Mr Denis Healey that exceptional £l.22hn. cipates lhat bank credit will ness investment “should remain points below the previous year 

the grow; h was nearer 7 per cent The public’* holdings nf ciU- grow by 61 lo lit per cent in supportive of economic expan- He promised that the Fed would 

a ;.e.ir than S per cent, in bis cd^on s»ock> declined, but there the year ahead. sion.” continue to work for gradual 

«a;emeni announnne that iho were further subsiantial pur- Mr. Miller admitted that there The intention is to announce deceleration of monetary and 
proton; monei.trv iarcot« would chase; by the public of national were considerable uncertainties the Ml plus weekly, along with credit expansion, 

h? maintained for another six si vine* and certificates of tax on Hie inflation front — including the other figure*, starting this . 

month* denorit. international oil prices and the afternoon. The decision to intro- Editorial Comment Page 18 


Exclusive ; First Japanese payments 

I deficit for three years 


contract 


BY RICHARD C. HANSON 


TOKYO. Nov. 16. 


BY ARTHUR SANDLES 


:.J\P AN’ REGISTERED a balance fiscal year ending next March $6.Ibn in September. Finance 

■ of payments deficit in October may reach ahnut 614 5bn. above Ministry officials estimate that 

1 for the lir*t rime since Novern- the latest (.iovernmeni target of about Sl.Sbn or the total was the. 

• her. 1975. while the trade surplus $13.5bn but well below some result of its emergency import 

also shov.ed a significant decline, earlier projections. programme, which aims to import 

; Emergency imports and a sub- Uciober exports (FOB) on a *J b " h in V £!3 ,S SJ <ls ^^oro- 
N^alial tall in export volume dollar basis rose by 20 per cent besinnine to have 

THE FOOTBALL League has cut the trade surplus to *1.070bn from a year ago to SS.35hn. but * J ntLriv thrnuoh nav^ 

signed an option for the from SI. S72bn in Sen) icm her. On slipped from S8.71 bn in Septem- menKrcSri^ 
exclusive television coverage a scasonallv adjusted basts the her when some special factors m ' 

nf all English soccer matches surplus fell t« SSKHin from boosled (he total. On a yen inHudino Vhe nreHmin-rv 

under its control wilh London jS1.643bn tn September. basis, exports dropped 13 per October results— revised figure's 

M’eckemi Television, acting on ; The current account surplus cent front Iasi year. The nor nially show little change^-t ho , 

hehair of all the 1TV com- .of S3lSm regKtered in October Economic Planning Agency mu- current account surplus has heen I 

Pa |1,,,4i - ; was transformed into a deficit males _lnat export volume was nmmns a { an annual rate of 

ITV will pn} substantially , of 81.404'm f6US4bn seasonally down / 9 per cent from Scptem- al}IJU{ Slrt !, n s j nce t j, e ^scsl year 


French 

steel 

merger 

plan 


B/ Our Financial Staff 


more than the £5MMMIfl a year . adjusted). There was a record ^ r - wh ^n volume had been up be=an in Ap ;j| 

ioimly .61 Ron outflow in the ion r- term 5|i_ f Pr cent. _ 1 e ^}!^ rler _ s j ft now appears that, even with 


which the RBf! and ITT 
pay for coverage at present. 
The new deal more than 
doubles this figure, while 
guaranlenirg m the rlitlis lhac 
thn a mo 11 in of soccer on tele- 
vision will be halved. 

The option enables LM'T's 
negotiators lo have their 
art ions ratified by ihe other 
commercial television rum- 
p.-mies. H is unlikely that Ihe 
companies will do other Ilian 
rnnfirm ihe arrangement. This 
will mean I hat l hr BBC will he 
left with international matches 
and l hr FA Cup. 

The rxrltisive rmrragr of 
this hi*: British spectator 
sport by one television 

channel, can be expected lo 
a furore. 

The SBC. said: “Ten years 
ago. at the instigation or the 
Foihali League and ihe 

Football Association, it was 
decided football coverage oil 
television could only he 

negotiated jointly with (he 
BBC ami ITV. 

"No company had the right 
to exclusivity— and lh.nl has 
been the position for the past 
fen years, liutil the o'clock 
this- sitternocn- the official 
negotiators jointly appointed 
by ihe BBC- and ITV were 
totally unaware or Ihe bid hv 
l.inidnn Weekend Television, or 
I ha l company's uni lateral 

negotiation with the Football 
League. 

Mr. Michael Grade, lAVT's 
programme con I roller, said the 
company had sensed fhe mood 
or the chibs and realised that 
a renewed deal with the BBC 
could not he aeeepted. There 
fore, LWT had gone in aJouc. 
“The deal i* good for ITV 
and good for football." he said. 

Mr. Alan Uardakcr. Secre- 
tary of (he League, s-aid Iasi 
night that, without the deal, 
there would have been no 
snreer mi trie vis inn 


capital account following a Sllf k as the motor industry, are 0llt emergency imports, the 
*l,32Rbn outflow in September ^peeled to show further ue- eurrent account will show enn- 
hecause uf heavy bank lending mmeb in coming months. tinned monthly declines when 

oversea*. October imports registered a compared wilii the test six 

Uflicials :ii thf- Economic record monthly dolhir-hased months of the fiscal year, though 
Planning Agency n*»w expect the peak of ST.CSbn, 42 per cent up the balance of payments deficit 
current r-ccounf surplus for ihe from last year, compared with is unlikely tn continue. 


Kirkby workers back take-over 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


; wnrsers co-opcra live 10 »e 0 f { h e workforce to be made ^auonai tnrerprise eoaro. 
i returned in the private secior. redundant. Credit facilities are They said this in London 
when a mass meeting of the i-ft a | Sl -, needed with bankers and a Department of Industry r 
workers involved decided by an other organisations, including which recommended 


overwhelming majority to 
accept take-over proposals front 
Worcester Engineering, a Mid- 


THE WAV wa< cleared y ester- operative in thr past four years. Ministers and MPs during the 
day morning for the Kirkhv jh r matters to be decided in- next fnrlmghi for the co-opera- 
I Man ((fact tiring and Engineering c ( Ut je firm arrangements for 260 10 he taken over hy the 

workers « o-»ipcrative lo be 0 f jh e workforce to be made National Enterprise Board. 

when 
report 

recommended the 

the Brilisb Steel Corporation — Worcester takeover was pub- 
si major supplier of raw material ihhed. Thev clashed over the 

lands-haswl central ' healin- r as we ‘ l “ a " a ? reera ^ nt matter with Mr. Alan Williams, 

enuiomenl f-.elorv International Property Develop- Minister of State for Industry, 

equipme I . I r inent which own* tho factory s who said lhat neither the Gov- 

0n ‘ J ,,ul workers ' oted lease. It is hoped the takeover ernmem nor the NEB agreed 

can then go ahead in two to with &uch n solution. 

“The workpeople of Kirkby 
are very disappointed that a 
tJoveruincni nf their choice ! 

w , , ^ould allow a co-operative to* 

On Wndncsda 

Board cave on... , . . . . , . 

approval to £4 111 slate aid. partly «l the factory until they became 


against. The future of ihe take- 
over now depends on the settling 


of a number of matters lo the lh Th/rutSre of'^hc two leaders 


satisfaction of ihe novernmenTs , . . . 

Industrial Development Advisory the cooperative ah Its 
n„,r,i lie decided. They are Mr. Ja 


Two leading French stec! com- 
panies, Usinor and Chatillon- 
Neuves-Maisons. the main steel- 
making operation of the hCiers 
Chalillon group, plan to merge. 

Usinor is Frances number one 
steel company in terms of output, 
and Chiers-Chatillon ranks 
number four. They employ about 
47.00 people, and last year pro- 
ducer 9.5m tonnes of steel be- 
tween them. 

The move, which will consti- 
tute a major part of the rescue 
plan Tor Frances ailing steel 
industry, is not unexpected. It 
follows an announcement in -Toly 
nf cIo«er co-operation between 
the two companies. 

They both have plans to build a 
new steelworks in Lorraine, and 
the market is sufficient to sustain 
only one of them. 

Cn-operation agreements al- 
ready in existence between the 
two concerns in the steelmaking 
region around Lille, cover the 
interchange of materials. Tbeir 
activities overlap both there and 
in Lorraine, where Usinnr has 
sieelmill at Thinnville. Chatillon 
one at Neuves-Ma Isons, and both 
have plants at Longwy. 

Usinor has a capital 
FFr i.4.Tbn. and Chalillon 
iVeiivcs-Maisons FFr 5B8m 
Usinor made a loss of FFr 2.06br. 
in 1977 on a turnover 
FFr 9.71 fan. and Chatillon 
Neuves-Maisons lost FFr 648m 
on sales of FFr 2.79hn. 

No details of the planned 
merger were immediately avail 
able. The deal has still to he 
approved by shareholders 
both companies. 


the lex column 

J 





The shape of the world’s “ 7T~~7Z eren^Gasnfiite- 

insurance broking indusor is Index fell 4.6 to 471.0 - 7 -3 

. . . _ * l,uv unfh n Mut siyivi'vuW >1 

cnangins radically W7lhin.^tbe 


space of a few months. The- talks 
announced in September be- 
tween Marsh and McLennan and 
C. T. Bowring raised questions^ 
about the future of Bland Payne* 
of which Marsh owns a fifth and 
Midland Bank the rest They 
also concentrated the minds 'of 
other leading brokers on the 
attractions of transnational 
mergers. .. ’'!■• 

Now Sedgwick Forbes, which 
has a marker capitalisation of 
£12510. ip talking merger with 
Bland Payne — a company which 
is almost its size in terms nf 
earnings 3nd not assets. .".The 
idea is that Sedgwick win buv 
Bland Payne from Mitfland with 
'hares, and that Midland will ■ 
in rum buy out the -Marsh 



TOrapaxed.with aJetiR asoSHwI;; 
kerosines were up by. 
cent. But fuel- . 
reflecting the duUaess of t] 
trial demand, ' Jmfi. stay^ar^g ;J , 
changed all . . .year, _ 
fluctuations - apart - iT 
group’s petformaned 
improve in fee 

with oil product 4* 

and -output oFSheQ’sThi 
responding 1 more ito the se^o^^--- ' ’ ’ 
upturn. 1 i-' ~ 

rel v? . 
Ekofisk gas, whidj-^Scras^^^^T^ - ' 

With Oil pTOdHtSKKL.tBflf.it^lt?^, ' 1 : 
come ; .of -■ 

looks ’ a' s pEhtly f ambit 



get' and^ in /oh§t7^^a®;jr^rJ' ? 


yesterday , to 570p*^whe|cK^^ 
prospective yieH ja. 
cent— =5heli --TraosmAt 

minority for cash— say. £!Sm or to rectify. It has raised, three 
so. tranches of $125m.on the 

Midland will then divest itself bond market since .T076 
nf all but perhaps 10 nr 15 per with the latest £98m 
cent of its holdings in the en- issue proceeds under.. 

’arged company, either by offer- the question is whether .. _ . . . ... . . 

ins them in the form of a rights now contemplating . -a major - '^^5 

issue (if it can get around tax international acquisition- In the £ p : SOQt^onEjigr ; * 

problems » nr hy some form of past it has considered using tax profits come jmr-nay T pgr . 

offer firing its shareholders Bland Payne as the vehicle for cm*!'-oetter... : - . . . 

nreferentiai treatment. its U.S. ambitions bur -this, is tflis is ohthe,Ibwer^d^pTip^fc. r 

‘ Either way. very large sums now ruled out. This may, revive Zf! 

of mcnev (maybe £6fr£80m) speculation oE - a bid for . 

will be involved — especially by Standard CharteredT^urrqrrtly ; 

the standards of a stock market capitalised at .£270m, «»(ighly 

epetnr which is valued at around equivalent to the amount- of come out- at - ; - 

E700m . Short term, this pros- money Midland has raised over Jatue for n^bod , 

peer may have quite an impact the last three years. ' • ’ 

insurance brokers' ' share • .- ■- 

prices. The taxman wtU make r> __„j n*.f ; : per cent apd. /a 

=ure rha: Midland does not offer R °y al Dotch/bhell . offlits r- • • 

the shares tn its shareholders at The pessimists proved & be the j a b - : 

a bargain orice. and the most right about the third quarter picture is-very .^nfflar-t^Ji^. SS'* ,TA 
Mkelv form' of sweetener is a figures from, the Royal .Dutch/. seeims iq. he :ii?p{^ainfc4ftC^, ; . 

Kig dividend increase on the Shell Group. . Despite- improve- world pharnMCOTHcal- .■ market . 

S»flewick shares. ments in North American- earn.- generally^- Sates; ; - 

This deal is not conditional ings. and rising sales volumes .well up; Ttaf ^cpjttpetSgr- - 

nn the nutenme nf talks which throughout.the group in oil pro-, and adverse, .currents '' 

The tw«» companies are concur- ducts (which outsMe = North mentk have iefrwarginsxsigrtteAJ 
rentlv holding with Alexander America were 3 per cent higher cah.Uy.lover,;;^fe^d(l3^|; '' - 
and Alexander about ^pooling than itr the same^ ^ quarter ..'df are 

arrancement on Marsh and 1977) the group could manage show forthep-jm^qyeiii^u^^ ’ 

\TrLpnnan 'Rowrins Hn«i.' which net income of onlF £252m.“the UK retaU - slde, it m^fe " 
would not involve the issue nf before a positive FAS S cur- another yedr oritwa befote^-i : - 
^hare* If all thi* goes through, rcncy adjustment of £2(hn. This hbpact of Froben XiBe new 
:t will bring together three of compares with £317m a “year rhHimatic„'drligfc Teafly hegfes^ 
the world’s best regarded ago, and £282m for the immedi- to come throogh. at--the • ■ 

hrokins srnuns— each of which ately preceding quarter. .. . line. . Alrea^" however, 
has very roughly trebled its Part of the deterioration Ms is daindng 5 

profits in the past three years, exceptional: Shell has provlded volumos 
For Midland, the funds come for extra deferred taxes aifd-nlng^at GO rper.lcdht.flibs^ ®^ 
after a period in which the more-nuclear losses at General Brufen. (an jraarfier -Ari^t^: 
hank has become much more Atomh^,and together thCse rasuir Wiiiqh itself bas -gain^d 
aggresrive. It has been fhe .mly have knocked £40ni off July- dent more volume ' 

clearing bank to. launch 2 rights September net income. ■■Ity.is year. ; -. -•..£r»-:a 

issues within 3 years and by plaint however, thafinarglns in ■ " 'TOe BbStj'ioard hdp^-^rj 
cleverly anticipating the intro- chemicals have been disappoint 1 -safisf aetbrj. ' jesnfe "f for : 


duction nf the corset if has man- in?.’ despite a rise of ’a -tenth in year/ andj^maiysts are 

a?ed to increase its UK market volume over the - past year, white, ing this at. some&fng Uke fI^: i .. ~ /u •“ 


hare. earnings from gas are down:- (HD7mV^ wfaidi-.' leaves _ 

However, the glaring weak- third quarter gas vmlumer fell by -shares with fdw: attractions - 
ness in Its expansion plans is 9. per cent outside the. U.S. V prospective fully t?xed ; ^ ‘ ' 


its 


limited 


international In' nil 


exposure which it is now trying growth has been decidedly un- pei 'fcent 


products, .meantime, of ahoirt l2 t with a yield :of 
5 been decidedlv un- per cenL •- • '• ----v- ri-. 


2j j? 

Mr Si. 


of 


In 

ack 


.y nighl the Spriggs and Mr. Dick -Jenklnv ^ handed to private ^.0 - 
Vnly qualifierl were senior shop ..wards p ; isi .;- s Vid Mr Spricgs - \Vc 

. : J .... Ill H»r» faplorv unJil ihpv Iwamp *■■■.- -‘ir. ■ 


wilf not impede the Won?e*rer 



making 

E5 5m has been paid mil in Kilroy-Silb. made it clear rhat 
Government grants to the ro- they inlend lo campaign mining News Analysis Page S 


New cigarette 

A NEW international length 
!. ; cisa retie. lhe_Suprcme. is heinp 

Hedses 
price 
in the 
avail 

able initially on selected 
distribution only. 


Tricentrol offshore bid 

BY KEVIN DONE. ENERGY CORRESPONDENT 



, . . ....... . UK TODAY from west later. Max. 13C (55FT. 

TRICENTROL. the independent switched to consortium members • CLO up V anri m ], d . S nme rain W. Midlands, N. Wales, N.W., 
British oil company. 15 makina a wilh greater resources. . m N. and \V., mainly dry in S N.E., Cent N. England 

season “Th , h "*3 ^ UK^hnre 3| Brtiish ^tional’ j tond»H ^.. E England, E. B«!«r cloudy P^lug OCCX- 

noTha'vn ar , ^ lin,,W 'exploration in the Sixth Round which will have an automatic 51 ! ». lh J '" 8,, “’ 1 ‘’ Hpv . ' ,0 al 31 ’ Max ' UC (54Fk 

noi ha\c arcvpicil an improve- nf licensing, which closes un „ L . r renl e „ u i ly interest in all , „ R ' ,,hp . r mainly dry. Lakes. I. of Man, Borders, al! 


mem on the old deal.’’ fie said. 

In a complex contract. ITV 
has as reed in *ive more lime 
lo prm inrial matches and the 
League a big slice of foreign 
proceeds from .soccer pro- 
cram me sales. For the inill- 
tidiial rlubs. it means substan- 
tially more Ilian the prcseni 
average return of £5,000 each 
a year. 

The new arrangements were 
i-mj firmed at a special meeting 
or Huh chairmen yesterday. 
Of the 51 people present, only 
one voted against acceptance. 
Thus, the BBC was left out ’n 
Ihe rnlrt. 

The meeting lasted only an 

hour and the near unanimity 
ef the vote suggests that the 
BBC ha' lit Up or no chance 
of Belli in** hae«, whatever its 
lien. Tin-re is some ittdica- 


C|UI V i.m . v-i 111 !•>.-. ,==ir, 

licences. Other independent UK-:.'; h 


t Monday. 

! It has formed a consortium nil companies bidding fnr an 
with the .s[:iLc oil companies nf explnrntinn opera tnrship include 
i Spain and Sweden tn apply for oil Exploration (Holdings) and 
i North Sea licences. Cluff Oil. 

it is also bidding as nperainr The smaller oil companies 

for a larger consortium Tor could also he attracted In Ihe I 
for blocks on offer north-west of n cw terms for offering BNOC 
1 the Shetland islands. more than a 51 per cent share 

; Tricentrnl’s main involvement j n licences, an option that is un ':v!"f!f m - 
jin LfK offshore nil development likely tn he pursued by the I Bahrain 
; romes from us 10 per rent share larger oil groups. _ ! i;ar*« Inna 

■ in the Thistle Field, for which ip the North Sea. the Tri- 
; the British National Oil Corpora- cenrrnl group will include 
j lion is operator. . .. . Hispanoil and Svcnksa Poiro- 

j But over the past year il has leum. with equal third shares, 
i made a dr.iermined effnri to build For licences off the north-west 


Ceni. S.. S.iv. Enxland, Channel 
Is., s. Wales 

Mostly cloudy, rain spreading 


Max. 


business CENTRES 


YVldj , 
uiuMMyi 


f: "F 

1‘| jO- Madrid 
17 ir.lMancbstr. 

"J m Melbourne *- El >■ 
hi rii'MestroC. S ip ks 


v ii.iy 

mi-JilHi 

K 

S in :>fl 
J) Ifl 


Scotland, N. Ireland 
Cloudy, rain at limes. 

11C (S2F ). 

Shetland 
Rain at times. Hearing later. 
Max. 11C (52 F). 

Outlook: Becoming colder, with 
showers spreading from N.W. 
Snow over N. hills. Windy. 


HOUDAY RESORTS 


foil 

l.lml l*!« 

soccer Huh-* 

ere 


•’ •' the BR(- 

was 

♦nl; :tg ’ 

vitirfi for 

»r*in' 


•' in deal 


i " 

natives 

i.»- 

1 • ' - 

.» more 

ht'.jii 1 




in preparation for the latest will bn jninnri bv Hamilton 
round. Rroihers— nper.ilor for l he North 

The con r]il inns for the Sixth spa Argyll Field— Black friars 
Round offer considerable en- (ih c Associated Newspapers suli- 
cnurascmcni For the liandftil or sidiarv) and Oil Exploration 
smaller UK oil companies— 1 Holdings 1. In the Snulli- 


initial 


ing only 
licences. 

Devp|npm*Tit lirrm-ps Tor any 
disenveries will be given later. North Sea Energy Review 
wheu the opcralorship could be Page S 


exploration Charterhouse, of which Gulf will 
be the operator. 


| Rtirui 


is 












HelfaM 

c 

7 

13 Montfral 

r 

-i 

.10 



S'Uay | 


Y'day 

fM-railo 

L 

11 

Moscow 

c 

4 

:» 



nintd.n 1 


midday 

! Berlin 

F 

1? 

.■in. Munich 


M 

.li 




' Fi 


't 

f 

Hrnuhm. 

s: 

i« 


s 

a 

•w 

.Viaixm 

S 

17 

ffl '.Ipruy 

F 

IS 

!u 

Bnslnl 

s 

it 

.Vj • \<rsr tK>lhi 

s 

“J.i 

,7 

.ilslors 

S 

111 

*ih ! 1..H, Plms 

S 


7T» 

BruKM-l:. 

K 

ID 

.-.ftlN.-w Yon* 

s 

:• 


B!arn:r 

r 

IJ 

.■7 • I.Qi.arnn 

S 


31 


C 



r 

4 

jj 

RUi-kfhml 

r 

in 

.•o. Majorca 

K 

:*i 

an 

B Air-s 




r 

u 

.•1 


r. 

i.i 


I- 

?ll 

ii? 

r.4irn 




s 

w 

HI, 

Boulosnt 

P 

n 

.IV, Malra 

r. 

17 

111 


C 



c 


in 

teliliiiM 

V 

1? 

di> Xdirohi 

R 

•:a 

lM 

eiiii ;(“n 

r 



t 

-1 

■Ml 

Cso"' Town 

h‘ 


7-‘ ' Naples 

s 

m 

fil 

I'nlovni- 

|7 



c. 


.11 

Corfu 

S 

is 

fit Miy 

s 

Tfi 

M 

ronnlivn 




s 

ir 

■iTi 

Pulimvnik 

5 

IS 

SB Mivisia 


1*» 

nn 

nuiiiin 

t 

n 


s 

-.•5 

*1 

f .iro 

C. 

10 

us'Cionrin 

I- 

17 

in 


C 



c 

■1 


I- Inr.m. f 

* 

1.1 

Rhnd« 

s 

Ifl 

rw 





«. 

in 

"in 

Funchal 

c 

•-■n 

RsiSalrhiirc 

s 

1.1 

.*.'i 





r 


f 1 

Hlbraiiar 

I- 

19 

luilTandPr 

F 


TJ 


c 

s 

ifi* Tehran 

5 

IV 

v 

GiipmMy 

r. 

IV 

*1 (Tenerife 

s 

VO 

Fi 


I- 


4;i[TeJ Aviv 


ID 

iM 

InnBbnu.'k 

s 

!) 

ft Tunis 

F 

IH 

n 




— flTokyn 

s 

17 


Inverness 

r 

R 

4*| Valencia 

F 

17 

FI 


r 

In 

»n. Toronto 

s 

*» 

11 

Ir-le of Man C 

n 

ft i Venice 

S 

9 

W 

Llfhon 

c 

t.i 

3P> Vienna 




Tnonbui 


1-1 

SJ* 


















Lice mb s 

r 

i 

W’Zorldi 

C 

ID 

30 

b— SUflflV. 

F- 

-Fair. C— Cloudy 

■R— Rain. 


A few words 


international operations. 


'/•'.fi; V'4- 


As you might knout 
Token Bank is one of the / ' 
/coding honks in Ihe world ’ 
unth over 15.000 emp/oyees - 
and 200 offices established 
/ 




ft probably doesn't surprise 
you uie're modern. 

progressive, and one of 
dte first banks in the world 
to ubhze on-line 
computerization in ovr ■ 
banking operations. 


’Whcff moy ' 
^surprise you . .V 
fs-.pur ex3rivnitmenf ~ 

to .Intemdfion’oL . 

:S banking:^ j i 



P: 


/ At present we have over ; 

j 20 offices and affiliates ' .-1; • 

/ around the world, and 
j we opened in Toronto. 

\ And recently 
\ opened in 
\ Hong Kong. 


Currently Were sewing ' • 
the world thmugh . loans. . 


of banking _ 
experience. 



: - And also /ending - 

something as valuable, .• .. Y \ if7inn _ tl/ 4^, ^. v? - 
as money Financial . - . p* d y^x ihese SanK 

advice gained- through^ f S TKbrR df.us as^av ; 

; ; Gtw 100 years’ ■■ • - .. :■ -( . bimfethiit serves- - 



w 




chaos 


1-1- 


“> 


i^SNvn 






i 




r -t 



Nish 




a™, t », v , , * kt 3xhome; Naka-fcu, Nagoya. Tri.:, 052-2 r. ...... 

AgenciKl New York. Los An gales. London. Frankfurt: fReptasenwtjve Offices! -Toronto, Mpxio Cir&M 

P3 !'l:J 6h S a ?- Svdnev - Singapore & Jakarta: (Subs ifliar lea L Tokal -Y •-/ - . 

Neck?r«nd -N.V^ Tokai Limited; {Aflilaws & Associates) UndonrParu. Biws^JVIana^^-l®^ 1 
avaney 


Rcsiaterert 41 the. Post OlUce. Pruned bj St 'ClencaVs 


br tbc^Hnaneia] Tutks ini;, Bracken House. Camion ' 


Q Tbt 


* •** .. • * * J."' ' s- *'T ,v » * f * *-