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.. -CONTINENTAL «EU1MC PRICES) AUSTRIA Sdi.lS;,: W&.GIUH Fr j S ; DENMARK Kr i.S; FRANCE Fr 3.0; GERMANY DM 2.0: ITALY l SOOi NETHERLANDS Fj l.o ; NORWAY Kr 3.5: PORTUGAL Esc ZC; SPAIN Pt» *0i SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE 15p 





SUFvE-O*^ V H'JER?. hND 
AUCTIONEERS CF F.E.-.L ESTATE 


No. 27.7iy 


Monday November .20 19/8 r mu 


U5^j ^ 


>a!ey & ISaker 

Established 1830 in London 

29 St. George Street Hanover Square, 
London W1A38G 01-629 9292 

city nf LonnoN ii? «v broao nff£f t 
l wiDon f.c.’n w bf>:^ on i 


for two 
years 


Turbines 

studv 



« It INSURERS’ Tears - about 
large- pay demands leading to a 
-■ rixe in the rale of in/laLtflfl-ar& rc- 

- An American was arrested in Heeled far rhe second month rtfn- 
.Guyana last night after a U.S. nma in the November Finwicia I 
>" ' ICongressman and - four other Tunes survey o£ consumer confi- 

-.Americans had been shot dead dence , . , _ „ .* 

Jt a .i, Omhtiencc for lh* future is ai 

....*** re “| ot< - amJr, f. p ear the its lowest level for almost two 
.. . /headquarters of a religious sect. year . St -.he survey shows, and the 

Congressman Leo -Ryan, three trend is worsening l inage 29 

V.’' •RfCORU CHRISTJLtS spe^- 

- . .. members uf ihe Peoples Temple J oSI w lbfc ^ Y 
; sect— mostly Americans — were 1 a>,e * 

_ held aiwinst their will. 0 l : K OFFSHORE oil and 23 s ex 

The State Depart mem in piunni'in licensing Siiih'-U«uml 
. .Washington *aid reports vs ere chairs today, with. 46 JjiMks on 
.reai-liing the Guyana Government ° n '- r iniereM- is expected tu 
. that -’00 members of the seel had fl,cu ^ r «n areas of the South Wes- 
committed suicide while the air- T* rn Apprusiciiuts the.. eeulfal 
.1 strip ambush was going on. Nurih Sea ana to thft north-west 
-,... Page 2 of the Shellands. Back Page 

rRAtrin 0OPEC member countries 'have 

•'• rejekris* drawn up a production limitation 

■ ■PovntmnvA arrangement lo absorb thO “oil 

® ." L '* TllMr * ? glur which exerted a downward 

Israeli Prune Minister Menahem pressure on iboir prices' in tbe 
•.•/•. Begin rejected Egypt's proposals first half of ibis year. Uudef-tfee 
•'• for a fixed time tab Ip governing arrangement, each -producing 
. the introduction of self-rule on country has agreed to VimiT pro- 
' {be West Barak and Gaza, saying duction fo meet market demand. 
Israel would abide by the Camp Meanwhile Sheikh Yamani has 
David agreements but would not said that Saudi Arabia '.would 
accept any modifications. Page 2 prefer tu see a freeze'- on. 

Four people were killed and at P rices - PaSe 2 
least 20 injured when a bomb 
was thrown into u bus in 
Jericho. There was another 

• bomb explosion in Tel Aviv, in- 
juring two people. 

0 GOVERNMENT “think -tank'' 

has been asked tu study arid 
report on . rival . designs, for 
.Seventy -ftcven people died v-'iiidi turbine genera tors, ■•after 

an Indian Air Force jet crashed. the increasingly ' . bitter 
im landing at Leh. Northern competition between ■' GEC jilHi 
,Mt " a * Northern Engineriny Industries 

... . . . . « C. A'. Parsons division lor orders 

Ulster blasts : Tot; nsm advanced gas-cooled rtet 

. Abi/uW*njmUi>e were planiurt anfiUnAmn. » 

. in Ulster at the weekend, .IT af ■“* ^* Re ' " 

>. which exploded carting serious a $ENER»Uu „ ELECTRIC Gum 
fires. The horder town uf Newry panv , l|al j£ l0 build ^ £n ra 
was worst bit, with seven build- ^etory io North Wnles io-mam- 
mgs damaged. Thirteen bumbs facllire Hm p(J j n i washiug 
were found and defused. Page 4 ^chines ar e being reconsidered 
_ . _ _ becauw? of cheap - imports of 

Rebel sees Pope Italian inacbioes.yBack Page 

' Pope John Paul Ilhjs had a 0fQ is planning lo restart sev 

surprise meeting “with the rebel era i -p eTroc hejffiical plants on 

french Archbishop Marcel Lo- Teesside. whiA have been shut 

• • febvre. suspended from all guicc the suimner because of 

: priestly duties in 1976 after sk |H. ed s1a ft s hort:iges. The 

• defying liberal reFonns. The closures, have cost the cbmpany 

meeting was at the archbishop s aboul £i0m in lost profits. Back 

request Pag(J 

... Uganda demand 0 European makers of eiec 

* _ u. * 11 ..,™ trie motors have agreed to take 

• ’ action against alleged 

wiU_ try to i^se an emergencj dujn pj n g f rom Eastern Europe. 

; ■ rfr nriS They will lodge a detailed formal 

com plaint before -the EEC Com- 
^^rtules aircraft is ^‘Po^ver- ml ^i 0B i n rud-Decembcr. 
rt auled and fitted for u*e by pk Pa __ 
somewhere in the lsaeh rage 

0 ROAD FL\ULAGE Association 
has appealed to Mr. Roy Huttc-rs 
ley. Secretary of State for Priees 
and Consumer Protection, against 
toe Price Commissions recent 
recommendation lhat hauliers 
operatfog charges and profit mar- 
gins should be pegged for id 
months to the prevailing rate of 
inflation. Back Page 


77 die in jet 





new 


to avert pay chaos 

BY PHILIP RAWSTORNE AND PAULINE CLARK 


GOVERNMENT Ministers are preparing for new, 
leaders soon in a bid to avert Hie industrial and 
by a pay battle this winter with public sector and 

wag** cxi>l«i.<nui in ne\r years 
ru 11-11 p tu tho i.iiMn-ral Eli- 1 -tnin. 

Mr l:.»y Hauer? Icy. I’nia-s 
S‘.*eu-lai\v >airl ai the wt*Ck«‘ii<l 
1 ha l 11 wa? ” aliMiluK'ly t?&-«vn- 
ual " J<> ni.iinJaiii ihv partnership 
buftwwii (i<U'.-innii:nl and TLi.r. 
! roll vidua] pnipmak in lliv di .if t 
dt’ciaratian still offvrcO .1 tea-, 
forward 

The line ■>! a|i]»i'oeli UI.l-I> i>> 
hr y ur .-iirr} 1 - the JmolL-nn- 11 : ti- 
ll ■ »n of iirripiisal.- fop c^tahli-hin^ 
riiiiiparaluhiv links in-lvvrn 
pm .Mr ..ml jiuMii- M-rl'ir p.i> 

Km ; i-.WnJar. Ml- r>:i v 1 < I ••••• — 
li«'l f itviii-r.ii -mviary ul 
''•I'lipral anil Municipal W 
Union, asked “ Hmv r. 

puijifir si'rviiT* imi'iras ii-i-M 
iit-nrlll In Mii-ir UKTiihtT.'- 
w.is piw-ildi- up dr i l he pi 
cum papal) 1 lily exeixisv??*' 

Recognised 

Ojiinmn amnnu Minister? seems 
to be nuiMiig ill favour uf a 
wide- ran? me imimr. sy Mem ihai 
would ailvjst- ihe GuvermueDl on 
rvlativiiich. 

Individual ad hoc inquiries on 
pay m certain cases nughc kImi 
l»e retained hut it is remanded 
that their effect has u.-ualiv 
been tu achieve industrial 
ai tiie crisi »»f further triliainin. 

As il ui'ep ires fur ;!ns caJva^e 
operatiun with ihe union-- ihe 
Governmeni is also ruining 
under strong political and in- 
dustrial pressure tu clarify its 
pay sy net inns pulley 

its derision Ul principle *11 


The uryenf need for fhU new 
accord will ho underlined tins 
week When leaders of 2tMt.unn 
miners formally table a 40 per 

cent pay demand 

Other big union* are lining up 
for > 1111111 ) 1 - increases, including 
250.000 hospital ancillary 
workers, as part nf a big drive 
b> Lam local aullinnlv manual 
employees, who are seeking a 
i /00 a week m ini mum wage. 

Other workers preparing for a 
light over p.iv arc 00.000 power 
workers, and tanker drivers em- 
ployed i»> all the big ml 
ci.iui panics. 

AbuUl O.llfHl pruvnii i.d jnimia- 
li>l> and O.UULi l-'rutlv/ilial A-sur- 
anci* work cl's begin wurk-tu-rnie.-i 
lodio in su;ipuri of pay claims 
The journalist?' eutpiuyers are 
asking fur a y per eeni ri-e in 
be granted. 

The first tentative approaches 
tu the TGC by SlinisleiN may In? 
made at today's miteUn# t»f Ihe 
Labuur Purty-TLlC liaison com 
mince wtm-li will he duscu-sing 
the joint policy document. ** intu 
the Eighties.” 

Ministers are concerned ilwl 
the split on pay pulu-y should nut 
widen :ntn confrontation. 

Without seeking to re-open 
negoiiaimns on the draft pay 
agrcvineni rejected b.v the TUC. 
uff'.<ri= will be made to build an 
undersiandin-.’ that would lessen 
the risk of wuhvpread strikes. 

Ministers are also anxious lo 
avoid being forced imo tough 
budget mc-a sores to offset any 


informal talks with TUC 
political chaos threatened 
other unions. 

impose sanction^ aaam-l ^-uinpan- 
ics making oxccssiij lm; settle- 
ments faces ii v. -;ii ;hc im- 
mediate prol.leiii iT |.j u -i* 
these discretionar ;<>,.■ en if 
the Ford di.spu:» .-n.i- we ,.j: 
with a pay avrip! UL ; 17 Der 

rent. 

Ur. .lame 4 /I.. c i", demand-, 

t" the 

ui-lail the ii)!'ili<;. 1 iu<qv [,f >.ucu 
an award fat* rm. r.rv-.--. uf it- 
vehicles. sil-.-.f-l S'i;m jpv 

.Ii a eminent :i..-t mr. ,;n ' 

dlrwlfd ai .. .. 

increase. 


[ ] Jjl- 

Nr» GnVi*rii:i-.. 

'•> -rluciMi-n ii.,* 

ik.-rv- 

iH*i?n lahc-n. h" 

■•■ ■•r. '-r, how 

1 l.v 

filel;. ur ri_- -. 

■"usl; sa m-( ion.-. 

-i 'fl.- 

■rt-ujllll 111* !lli|)<i n 


,ti ii.-i i 

The w«*;ni:ii'.- 

a: ii- ■ 1. ii 

lu.'-vtl 

:<lso mclurii- Hi. 

■ -. illi-lr.v.al of 


.rid. fhf rjnci’H..' 

zoo uf fun'ncK 


ami in the 

c.f ihr- nuuonal- 


isuci indusirc-s. : 

rvc!u-.-iion in ihe 


cash fnr fnvu*-:r 

:u.*m nrojocij- 


H becarm- -i!i 

ihai ihe 


t'lovernmem v.v rupn,*:g ohort 
or time when Depart in cm of 
Employmeni ii-.*inv.. showed a 
Msnifirapi number ».•: emplnver" 
were delavlnv ■■■ vge iv-uiciuenta 
hecouse of uncertainly over pay 
policy. 

By mid-Oi-inh-.-i *.en"epie“ls in 
ihe first 2 ‘ e.:-ini|i> .if ihe year 
were iifroa.f* • iniiit :h.i per item 
heiniv the lP77 Ir-v 

On U\c iini‘.n -ok- failure in, 
fallow up la-i -. i! mi n p mini sc \ 

nf a commit in -m tt, r . :;5-hn»ir ; 

week .t« a pr.uniy in 1 hi* year's. 
ncgotitilinn-. l\:«- alnu-l certainly 
helped lo fii'-i the rush for 111 - ! 

Continued .»n Back Page 


if^sdufh gf England " 

M$&*° rpe h ear ing 

proceeding start at 
>v^4Cnehead, Somerset, today in the 
in whlcfi 'former. Liberal 
•4^-lfculer, Mr./Jeremy Tliorpe and 
others ' are accused of 
j racy to murder Ur. 
wSfKdnnan ScotL air. Thorpe is 
i;<§>^Liso : accused of ipcitement to 
r ^IjSmurder. There have been 1A0 
/^^applications from the world's 
L'^ipre^ for a seal . in the' small 


^pain plot 

- J .7^5pain:has foiled a Rightist plut 
seize 'Ui'e Cabinet and hold its 
'■^^aembers hostage to Force the 
of a Government of 
•'-’^Si'/nafional. unity. At l«sst two 
i7..-^bfficere In the armed forces have 
^ibeen arreaed.- Page 2 

’./^Sriefly . . . 

.li^Cbst of 'running the Church of 
-•/^England w;*s £102m last year and 
"'V^WfU be Jtl3lm. next year. ■ 
-^Oeean-gotug barge under tow 
35. miles olf Guernsey. ' 
•^^p5San. dr owned when his car went 
•T^fdyer the .'pier at Oban, Argyll. 
j gffij Jeariy Jews marched to the 
/r^Cenotaph. London, for their 
-^annual remembrance service. 
^-WreKJy -.£50,000 Premium Bond 
. i>5^wuuier fives in Tyne and Wear, 
dumber; 2PL 650074- 

toi Alen in a works Lancia 

advtbe Lombarrd-RAG Rally at 
r.j.ffgqfcq end ' of the first day. 


0 BL TRIUMPH shop stewards 
at Speke. Liverpool, arc lo hold 
talks with their local MP after 
their rejection of BL's voluntary 
redundancy proposals ai the 
weekend. Page 4 i 

0 PBUDENTI U ASS U R.VN CE 
faces disruption from today 
because of a. pay dispute involv- 
ing 6.000 A STMS staff. Page * 

0 STOCK EXCHANGE mem- 
bers are .expected to voic in 
favour of replacing annual mem- 
bership with life membership at 
next week's extraordinary meet- 
ing. Page 4 

0 CHINA has produced a record 
2Sm tonnes of steel so far Uus 
year, and expects output to lop 
30m tonnes by the end of Decem- 
ber. Production is expected to be 
about 6m tonnes better than last 
year. Page 2 

O SKILLED UK staff are attrac- 
ted overseas by higher salaries, 
wider experience and the UK tax 
system, according in' an annual 
survey published by Overseas 

Recruitment Service, the inter- 
, • i. _ .a rt * orni n 


iveuruiuucui ----- - 

national job placement arm oi 
the jjwtcs-'nsised Adi a uroup. 
Page 4 


CONTENTS OF TODAY’S ISSUE 

. ....... 2 Arts page 




f r^^^erseas-news 

JUyoHd trade news = 

I sr^Hoine news— general ...••• ■*’ a 

J&i;. . . —labour * 

■ ^-‘ ^Execntivc world " 

^ Technical page 1 


Leader page 

UK companies *_ 

Internationa) companies .. 

Foreign exchanges 

Mining notebook 


£?: 


features io 

Opportunities and dangers Justlntaii .. 

In the China trade JJ Insurance ", 1 3*20 

Holding down CAP costs... 21 Insurance 


A ■ -■ 


AppaiotaHts 

BuH^s 'Ksiu 

jlBrfvimmafl'f DJanr 
Covtncts '.u......... . 

Cmsvnrd ' 

Entertainment Cwhte 
Financial DklK 

luaraiKC — — 

haul, cspltd jnkUh 


221 

S 

2S 

2t 

l» 

U 

24 

25 
» 


Letters 

Le* 

Lombnnl 

Man ud MaLiers 
Stawe Infawnation 
Sport - 

Today’s E*®" 15 “ 
TV awf R *”° •• 
Unit Trusu 


21 
32 
IB 
12 
30. 31 
10 
21 
ID 
27 


Woaiher - 

Base Lending Itues 


INTERIM STATEMENTS 

JLemJofl * Mid. ind. « 
F. H- tloyU 22 

ANNUAL STATEMENT 
Brown Bremers a 


For latest 


/ 



Fear of 

• -i 

as 







: BY ALAN PIKE 

TALKS WHICH may bring the 
rwo-nmniMony Ford strike closer 
to a solution, roiune in Limd.m 
today with negotiators on both 
sides aware lhat the eventual 
settlement will almost certainly 
provoke Government sanctions. 

.. .The question of sanctions has 
been discussed privately between 
the Company's most senior man- 
agement and Ministers during the 
course of the strike. 

• Ford will expect the Govern- 
ment to take all the circum- 
stances of the dispute into acount. 
when' deciding whai action fn 
take. The company has already 
suffered an eight-week-long stop- 
page, which has affected its pro- 
duction in Europe as well ,-s 
Britain. 


in adfliimn. executive*, are 
known to Teel that. «nh the com- 
mon s good proliiuhiliiy and rht* 
expiry of it’* wage agiecmem at 
the very beginning or the pnv 
ruund. Ford became the inevit- 
able scene for a symbolic battle 
b.v the unions to break lilt- 3 per 
cent policy. 


Package 


1‘rubably the must direct .sanc- 
tion which ihe Government could 
apply would be to instruct public 
departments and local authorities 
not to buy Ford vehicles. 

Another possible penally area- 
through ihe company's applica- 
tions Tor price increases — would 
have lo be applied wilh care. 


Since uni hi era! restrictions nn- 
Ford prices might affect the com- ( 
pL-iitivc position of BL. > 

The rue offer m Kurd's } 

proposed pay package averages : 
ti.7.1 per vent— almost <',nubtv the J 
Govern men I suidc.'*ncs. A ,pr,»-| 
posed *uiiplemeniarv pa-meni ! 
system, designed to improve 
efficiency and new holiday pay 
arrange i ucn is. complete a intai 
package worth about 17 per cent. 

During iwn meetings las! week, 
union negotiators failed to raise 
the total talue of the offer. X^id iv. 
they arc expected to decide 
whether, having won some attrac- 
tive concessions in the application 
of the .supplementary payments 
scheme, ihey should recall mass 
meeting.- of the strikers. 


West 
over Iran 


BY DAVID SATTER 

MOSl.OtV. \'u\ . IS. 
THE SuVlLT UNION ludav 
issued a hi" 111 \ amhoritaiix e 
wanting (u I lie ITe-t nut la 
i mi 1 rf ere miill:iril> in Iran. 

Mr. Bi'r/lincv said : “If 
siiuuld be clear that aii> inier- 
fcreiH-r. especial I \ miiiturx. in 
Hie affairs uf Irau. a >iau- 
which direclly borders ihe 
Smiet In fan, would be 
regarded by the Suv i<*t L'niuu 
a> affecting ils own si*euril>.“ 

Tlu- staieiiicm was jssiu-il in 
response lo Press rejoins from 
Washington, carried here h> 
Tass, i he Soviet news a genet, 
that r.'ie I’.S. wa« piaiuuiig tn 
' iiilerlcrc iiiMilarilv in the in- 
lerna) iiflairs uf ir.in," 

Mr. lire/ Ii net said lhat ihe 
ev t-tiis in I ran. wiili which the 
Mil id t limn shares a I.2DM- 
in ill- harder umi inuiiiUins 
" good neighhuurly" ivtalioiis. 
hale a couipieiely internal 
character. The suhiiinri wa> up 
lo ihe Iranians iheinseli »■%. 

His slaicniciii ennies as 
Sm in coninienlaliirs show 
signs- of moving away from the 
non-cummiitat si umi of recent 
weeks, lu cautious- support for 
the opponents of ihe Shah. The 
weekly Soviet television news 
review today quoted lVesierii 
I'ress reports that ihe Shah was 
”high*\ unpopular in his 
eoiintrv 

■ProvoGatory" 

The ue vis review added that 
the .Shah had “led or rather 
dragged Iran into the tllilh cen- 
turj, but left ii at a dead end. 
The ii ii I \ wav out «f III is dead 
end i> lo reiniild ils social anil 
political si mc-lure." 

|ln Washrngiou. 5Ir. Cyrus 
Vance. U.S. Secretary of State,, 
said: “As President Carter has 
iiidicuied, ihe U.S, dues mil 
ini end to interfere in Ihe 
inlernal affairs uf any other 
cuui.it v and report- In Hu* con- 
trary sire iniaily wiihout rotui- 
daHuii. * ! 

The Suv ie| Union has 
deserilicd as “ groundless and 
pravonmiry, from beginning 
lo end ” ahsertiuns in the U.S. 
press thai Mill-2:! lighter 
planes hate made their 
appearance in t’uhu and Ihul 
I heir presence runs mum or lo 
Ihe 1952 U.S.-Soviet agreement 
on the island. 

Pravda said th;;t the news- 
paper article about Ihe Mig-23«i 
was inspired liy individuals 
from “ the opponents of 
mutual}} udianlajiratiM Soviet- 
American co-opera linn " ai a 
lime when negotiation* to 
tiiuit strategic weapons have 
cnicml a ••decisive stage.” 




BY GUY DE JONQU1ERES. COMMON MARKET CORRESPONDENT 

BRUSSELS. Nov. IN. 


DEMANDS by Britain. Ireland 
and Italy iur a tairur disiriuu* 
lion "f resource- inside ihe 
Gouunon Market to assist the 
. -i.no mu.- ilcvi*|i,pnieni of its 

poorer member- .ire expected in 
ue taken up by EEC Finance 
Ministers when they meet ill 
Brussels imiiorru*.*' 

The meeting •> the first lu be 
' held n th L * Kelgun tapua! since 
Mr -lames Uall;>ghun. the Prime 
'MitiKicr. called iasl Monday for 
iunriaiw'nia) ;n» i>f ihe EEC 

■ in end distortions ipiely to make 
Britain ihe sm ale hiygbxi nci 
cufiiribnior in ;h..- budget in 
Ifixii. wiih .» .uieni or inure 

.Ilian LSI »0 in a 

While II i- 5 il-'l evjjoeteij Ty 
: lake any firm ijecis-uiis. He; 
. un.-i.'lilig is tike);. :>i Jest reji-liun< 
lu Mr. 0 1 1 :< -'ll 'in's e«u ii plain la. 

Hu* valenla lions uti which 
they are h;is»*ii are borne oui 
in a repiin t»y i iv._- EEC Econnniii- 
Policy Chmuiitiee. which w ill he 
before ihe Mhiisier.s, hut Hie 
Prune Minisier’a strieiures have 
already aroused eriiieisuj iu 
i'an.s and Bunn 

Other Governments concede 

■ dial Britain'* budget share is 
; large, but point mu that the UK 
j had been prepared for this 
-before EEC entry. Indeed, the 
; Treasury had forecast that net 
j contributions during the first five 
| years nf membership would he 
| even higher. 

’ Some of Bril a in\ partners say. 
['hat the costs have been offset 
ihy “green currency " payments. 
; which cushions fhu effect nf ex- 
i chance rate movements on intra- 
; EEC trade in farm products. 

: If these were included, 
j Britain's nei cmdribulinn last 
{year of more than f-WMIp? was 
transformed into net receipts of 
ir.nre lhan £90 in. 

UK nffieiais retort thai -green 
currency payment* are made tn 
agriculture exporters and repre- 


sent a siifauly ii. |.< rod nee r> as 
much js in cun 'lime f.s. la ndrli- 
ii"n. the payment.- did not cover 
fully the extra cost in Britain of 
having in buy ns iniDurted food 
;>t EEU ftriet's. 

If Ihi.s diHVrence vvjs in- 
■'UkIitI. and if the L'KS budget 
I'ririrrihutiun lud nut been held 
down by 'einpnrary transitional 
arrangemenis agreed on entry. 

the net restuirci* eiWf of EEC 
nicinh-Tihijj :n its economy last 
V-ar would !>.:■.:« heeo almost 
i'l.'Ji.n. rhej '■'aim. 

Though some of Britain's 
point « are tacitly supported by 
Ireb’ui and Ir.ily. imrh countries 
are t-iii;uiasj<i;]H ih^ir demand 
f-.r invni'uieTi' ,u*l mure heavily 
than i he n.-od fur budget 

i *.-f-*riu -s. 

The Fin ir.< •• MinisN'i's a re al<n 
due in i-ouipleu- nrenjiatory 

'.ui'T mi i tv de'.illed oneration 
uf 1 1i** ji'-jiined Eurnneah Mond- 
ial *. Sv-si i*ni. ox pooled in he put 
m ula.-e at the beginning nf next 

or; r 

\ uisnii d-al uf progress has 
fn-'-ii mailt- j-oet-n » ]y at the tech- 
nical level, bin differences 
remain m on between the- most 
ettlhinmisric supporter* nf the 
monel ary system. They confirm 
Ihe proviso exchange rate 
uieehamsiu n> be used, the rules 
for iJentiri! B.ml: intervention 
and tiie si/e and cnmpnsitinn of 
credit fncilitien. 

1 1 is expected that the Minis- 
iers will submit a number of 
iIh-o dinVicnci'S in EEC beads 
<n govern ti uTit in the form of 
notions to hr decided at (ho next 
European "Summit" in Brussels 
u;» December and 5. 

Though Britain is not expected 
in join iln- monel ary system 
from the uuLst-t. il has sai*J that 

ii will nut attempt to obstruct 
the %c he m '*. Duly and Ireland 
are likelv io pa-tkipaie from ihe 
start. 

Farm prices Page 21 


Euro-poll decision 
week for Labour 


BY PHILIP RAWSTORNE 

CRITICAL decisions mi the- 
] Labour Party's approach tu next 
I vear's direct elections tu the 
| European Parliament are in he 
, fjeed by its National Executive 
j Committee this week. 

The primary question in lie 
resolved is- that of financing the 
party's eteci/nn rampafen. 

A proposal to provide- £100.000 
from party fund* will lie con- 
sidered hy Labour’^ Finance 
Com m ill ee tndav in advance of 


ih.* Full executive meeting an 
Wednesday. 

With demands Iur a further 
i’x'J.OOO already being made for 
ihe devolution campaigns in 
Si-Dllaiu! and Wales, the Issue 
will inevil a lily ruu>e cunsider- 
ahle controversy among the 
parly's deeply di»ided leadership. 

U i< likely tu lead to further 
pressure on Mr. -lames Callaghan 
to legislate' quukly tu provide 
ContiniuHl on Back Page 


Alternative suppliers found 


AS THE Ford dispute tioex into 
its ninth week, the group's Euro- 
pean strategy has become clear. 
It has consolidated production at 
jin bjoger plants whenever pos- 
sible. often at ihe expense of 
smaller units elsewhere, writes 
Kcanetb- Goading. 

Ajid it has found sui*pliers w 
replace components which would 
normally have been biipplicd 
from Britain. 

The Success of this search fur 
replacement component supplies 
has allowed a postponement, for 
at least one week, of short-time 
working at Cologne. Ford's 
biggest European plant, entpioy- 
ing 30,000. 

The cut al Cologne, where 
Granada and Capri cars are 
assembled, should have started 
today. 

However, it has taken longer 
to fill the supply tine at Ford 
Valencia in Spain, where S.500 
are employed assembling Fiestas. 


About 2.000 workers are to be 
laid-off this week, and production 
halved to 552 ears a dav fur iwn 
weeks from today. By December 
4. the plant should be back to 
full stretch with components 
from nther European countries 
should the UK strike continue. 

The main shortages in. 
Europe are of carburettors, 
radiators and instrument panels, 
usually supplied from the UK. 

The other plant still working 
normally, apart from Cologne, is 
the transmission factory, with 
2.000 employees, at Bordeaux, 

France. 

Elsewhere in Europe the posi- 
tron yesterday was: 

Amsterdam: Half the 1-200 at 
this heavy Lrucks plant are on a 
one-day working week. 

Antwerp: All 2.500 laid off ai 
this heavy tractor planL 

Genk (Belgium 1 : 2,000 out of 
the 11.00U employees have been 
laid off. The plant makes Tuunus 


tars (a version of the Cortina 1 
and Transit vans. 

Portugal: All 400 al Ford's 
small car anil truck assembly 
plant hate been laid off. 

Saurluuis. West Germany: Two 
thirds uf rhe 7.000 employees 
have been laid off. This plant 
usually assembles Fiesta and 
Esi/nrl cars, but all production 
of the Fiesta has heen concen- 
trated w Spain for the lime 
being. 

All lo plants in the UK. 
employ ing 57.000, were sit a 
stands! ill- and it would take a 
week, or more to bring them 
back miu full production after 
the employees' return to work. 

Ford has about 20.000 cars 
ready to be released into the 
retail millets almost as s»onn as 
the -.inke ends. They arc at 
depots, pons or af the end uT 
production lines, and represent 
about ihvee weeks' normal sales 


CBI attacks Companies Bill 
scheme to protect employees 


BY JOHN EUJOTT, INDUSTRIAL EDITOR 


A 


.. SHARP ATTACK nit the 
Government's plans to give the 
interests of employees a new 
legal status in company Board- 
rooms through the recently pub- 
lished Companies Bill is launched 
this morning by the Confedera- 
tion of British Industry. 

A statement Lined to coincide 
with the Bill's Second Reading 
in the Commons today says that 
the plan is M yet another imposi- 
tion on industry by political 
theorists whose ideas of business 
management ore largely unsup- 
ported by practical experience.” 

The Bill says that company 
directors should be required by 
law io have regard to the 
interests of their employees as 
well as their shareholders when 
making business decisions. 

This Is an innovation which 
has Been planned by both Con- 
servative and Labour Govern- 
ments in various forms for some 


years. U is linked with the 
industrial democracy debr.ie on 
worker directors, but until now, 
it has not provoked much 
opposition. Many company 
directors have aaid that it i* not 
important because they already 
take their employees' interests 
into account. 

However, the confederation's 
reaction, which is in lino with 
the views expressed recently by 
th? Stock Exchange Council, is 
that H could be far more 
disruptive lo straightforwar.1 
management than has been 
believed. 

Initiative 

This is because of the possible 
legal problems of interpreting 
employees' interests In a manage- 
ment decision. 

“We don't want lo open up 
Ihe possibility that every' board 
derision could be legally chal- 


lenged by disaffected employees.” 
Mr. B'-yan Rigby, the confedera- 
tion's ne v director responsible 
for tuiupany law matters, said 
last nighl- 

“ There should not be a re- 
course to law just because an 
employee disagrees with a 
dircctur'* commercial judgement. 
This will lend to kill the kind of 
entrepreneurial initiative wo so 
badly need." 

Every company recognised that 
it bad a major responsibility far 
its em f-loyees' interests, which 
had to he Fulfilled for a business 
to prosper. "It does not require 
leaislaihm 1° 4ell it to do this." 

Mr. Rigby said that the con- 
federation also agreed with the 
sior-k Exchange Council that the 
Bid's- proposals on insider deal- 
ing i-oul'l- if not handled care- 
Fully, inhibit, legitimate invest- 
ment. ahd discourage directors 
and managers from holding 
shares »i their own companies. 



Regular Investment Plans with life assurance provide 
one of the most cost-effective methods yet devised of 
accumulating a few thousands pounds. For every £ you 
save through ihe MSG Regular Investment Plan you wffl 
be able to darn Ifiip in tax refief, provided you pay tax 
at least at the basic rate and not more than one-sixth of 
your income is used for fife assurance premiums. 

This offer enables you to start a Plan through a life 
assurance policy with benefits finked to whichever 
M&G Fund you choose. On a £ 20 Plan, lax relief at 
present rates can bring down your nei monthly cost to 
only £16-70, in most cases appreciably less titan the 
monthly purchase of units on your behalf by M&G Trust 
(Assurance) Ltd. Anyone ever Ihe age of 18 can join the 
Plan and there is no maximum age Emit. The nanimum 
is £12 per month 

The future value ol yuur Plan will depend on the 
invest men! performance over the years of the Fund you 
choose. A man ot 35. for example, who started paying 
£20 a month mlo a Plan linked to M&G Recovery in 
April J971 <wften Ihe Plan was first used in conjunction 
with this Fund), would have secured units of £4,410 by 
the end of October 1978 for a net outlay of £1,522. 
This Fund has been the best- performing M&G unit trust 
m recent years and its exceptional performance may well 
not be repealed. It does, however, demonstrate how 


. effective the Plan can be as a way of building up capital. 

Investors should regard unit trusts as a long-term 
investment and not suitable lor money needed at short 
notice, and should remember that the price of units may 
go down as weft as up. 

Reguiar inveslmeni of this type means that you can 
lake advantage oi the inevitable Huctua lions in the price 
ot units through Pound Cost Averaging, which gives you 
a positive arithmetical advantage, because your regular 
investment buys more units mien the price is low and 
lewer when it is high. You also get life cover of at least 
180 times your monthly payment throughout the period 
ft your age at entry is 54 or under. An element of life 
cover is also provided for higher ages, up to 74. 

Ii you cash in or slop your payments during the first 
foui years there is a penalty, and Ihe tax authorities 
require us to make a deduction, so you should not con- 
sider the Plan for less than live years. 8J% to 94% of 
each premium (depending on your starting age) is in- 
vested. except in the first two years when an additional 
20 per cenl is retained to meet setting-up expenses. 
Alter two years, therefore, the amount invested wilt, in 
most cases, represent more than 100% oi the net amount 
you pay after lax relief is taken into account. When you 
terminate your policy you will receive a cash sum. 






To: M&G GROUP LTD. THREE QUAYS. 
TOWER HILL, LONDON EC3R 6BQ. 
TELEPHONE: 01-626 4588. 

I WISH TD INVEST [H~" 


... and the outstanding management 
group was (wait tor it) M&G, which had 
(wo in the top IO and no less,— - — 
than five in the top 25 trusts last year 

SUNDAY TELEGRAPH 1 ■ 


leach month (minimum £12) in an assurance policy wilh 
benefits linked to Ihe Fund ol my choice. (Circle the Fund ot yuur choice.) I enclose my cheque 
lor the first monthly payment, payable lo M&G Trust (Assurance) Lid I undetriand lhat this, 
payment is only provisional and Ihai the company will no) assume oxk until formal nnlificaliun 
ol acceptance has been issued 

II ■ It 1 ml" ’ «*■ v- ’ ' * I 

;L!.-. Ii ™r' < -! - 1 '-" 1 ; 

isuamnm ] 


P*~j| AolUtfy: 


fit .1 ennr 


I m FS 


‘ 53H28j| 


OCCUPATION. .. . DATE OF BWW . 

NAME AND ADDBE’JS OF USUAL DOCTOR I to whom reference may be nude) 


WvrAOtflCllK 
I mid M-tei lei) 
i II n.> t und it. -.dccicH 
yom ihiIicv will 
.luluinolurallv be 
linlusl lolWMSC 
Menaced Bond Fund ) 

MANAGED BOND 
GENERAL 
HIGH INCOME 

RECOVERY 

AMERICAN 
AUSTRALASIAN 
FAR EASTERN 


T 

I 

I 

I 


Are you an existing MRG Plan holder? Yes.- No 


11 you cannot rj»;n P^n 1 nl iho fitariar jiiun below oelcto il and r.ipn Pari 11 

Dedarelion Part 1 1 decbti- ihai.lu jhc best ol my betel. I am m good health and iw horn disease. Ihai l have noi had any senou-j 
illnm nr mami oinaaliun. Ihai I du not eflgar.e in any hazardous sports or nm soils, iftei l riu rud m avialinn wrcpl as a lare- 
pav>np. passenger un tuuwiiM-d rmile;, and lhal no in opbsal on my bto has ewsr l?W adversely l reeled ftou mini disclose all larfs 
which ,rf»r /ilirty lo influt-nce ihe a :si?55m«if or (his proposal. If you arc in duuU * ! (> fte ol any parltntMr intor/mdon. ynn 

shoukl dr-dux* >t. <« lailurc lo dn sn may alliu Ihe hcnelils Payable I Members nl the 

Part II I declare ifijr the premium-'. wiB be paid bv mysdi or mv • dwim, and ihe paver ul I iienitees' Associalmn 

Jlw: piwmumi will be nmdcnl m Ihe U K I ajirw mat any dcclaraiion rnait hy w rennoUioo wlh 
thn piupusal shall be ihe hasis til ihe ctirtidO between me and M&G f»r.l (AMwwmvf Lid and Ihai 
' wihaoL-cpi then cusinmary lomiol p-ijicy I aeieeto provide any furihei inluiiwiiun Ihe company 

iblc on reque-f ) 


may leauia- (A sp>.<cnnen ol the pUtcy lijrm r. availai 
SIGNATURE 


DATE 








I 


Saudi 



calls for 


i price freeze by OPEC 

BY KATHLEEN BISHTAWI IN ABU DHABI AND JAMIE BUCHAN IN JEDDAH 

^H£]KH ZAK1 YAMAN1, Saudi tere?t in a stable dollar-^tbe unit was something the rest of OPEC 
Arabia's Oil Minister said of account for oil sales — in the might not like to try again." 
yestercay that he would prefer !i?b» of President Carter’s recent He said that the UAE would 
* price freeze when the measure* to support the cur- prefer a moderate price rise, 
Organisation of Petroleum reiicy. but that if Saudi Arabia insisted 

Exporting Countries meets in sbirikh Yamani’s statement on a freeze, then the UAE would 
Anu Dhabi to consider prices leading to speculation that there follow suiL He declined to 
next month. could w a repetition of the 1976 discuss what a moderate rise 

. Sheikh Yamani. whose re- OPEC conference in Doha when might be. 
marks hold out the prospect uf s au di Anbia and the United A slight increase would not 
another -plii in OPEC's rank-* Arab Emirates went for a 5 per disturb the market be -said, but 
over prices, way speaking 1*1 C6a i increase and the rest for a a large increase would. ‘’No 
rcporier* accompanying Mr. ig p,.- cent rise. Saudi Arabia's country which is wise would go 
Michae' Bluraemhal. the U.S. „. V mns shot at that conference for a large increase." 

Treasury Secretary- on a lour uf Wj: j cal! for a price freeze. 


EEC meets 
ASEAN in 
Brussels 



not a 



BY ROBERT GRAHAM 


MADRID. Nov; 19. 


national TeoQn-ointtersDo^eda'serioustbreattowasalso'announced.at.theweDk- 

PLOT by Right-Ain 0 extremists g.vernraect ox naLO ai reecm- p tters p dea , ocracy; h« > eod -that, a regional -comsiaader 

mu the paramilitary police and ciliauoa. apaius Mexico that he ;has of the Cm! Guard. General Juan 

;thc armed forces to arrest the The venture oia not take [Place no jutentiah of curtailing his Atares Pena, had been put under 



-ji: 


oil producers. 

Mr. Blumenlhal left Saudi 
Arabu for Abu Dhabi ■-Ciieiria-. 
after giving no clear indication s^id it would gu 

that he had made progress rn ■ -»' J vh a policy Dr. 

persuadinz OPEC's laryest pro- ■ - K ‘ C ' J A l'Oteiba. the UAE 

t JDniiier said last niche 


Meanwhile Mr. Blumentbal 
Saudi Ar-Ihi»‘< rinse 3aid he WaS fa °P eful that OPEC 
the A Umtcd Arab woutd <?0n3lder the advantages of 


ducer tbai its best mture.st l.iv in . ,r,: . ''£!!. s „ ' a 1 f t 

protecting the doUar rather than ” •' l '\ y. a i! 0 w 1 ? 1 , e .Saudis 

in auppunmg an oil price 10 "" Ev f” lf ‘f,, 13 a 

iRcreasp rt ’nat the others will nor 


increase. 

But Mr. Blumenrhal is under- ac£t ' :: ‘’ 
imnd to have received Saudi T r. 

assurance* of moderation after a 


a programme which increased 
the value of the dollar and 
lowered inflation instead of a 
rise in oil prices which would 
do i he exact opposite. 

Mr. Blumenthal pleaded for 
extreme caution at Abu Dhabi, 
which is understood to mean an 
increase not larger than 5 per 
.’.l.nister said there was cent. But some OPEC members 
danger of a split in are calling for increases of up 


<? will support them." 


pom tins out Saudi Arabia 's in- OPEC. "The Doha experience to 25 per cent 


Begin rejects autonomy timing 


today 

which, it is hoped, 
lead to a co-operation 
Margaret van Hatten 
Brussels. The two day meeting,] 
the first at ministerial level, is j the loyalty of the military, 
not expected to produce anyth' 0 - > The plan was to seize 
of substance. 


_ record* of right-wing disaffection. SlrO^nT'vSS " Maraist and 

and the other a captain m the announceD - c inftoim.«Ani». a «i 


Some 100.900 : people attended 


, sns • ya.^. ■^s& is f.sss 

snut t.vUmSss’SS sra“ -answs'Srsst: ss^ssf!* t^,ps/is^ss 

agreement wUl be made with ihej ase t i, e Ministers as hostages state visit to Mexico on Friday an action for winch E l A. has rjanco 
Association, and not its meni-: l0 demand the formation of a if he had thought that the since claimed responsibility. it salute, 
bers— Singapore, Thailand, Malay- 


sia. Indonesia and the Philip- 

New Portugal Cabinet 

li/ius. is approaching eigni per 
cent, more than doublu that in 
the Community. Although :he 
I’K and the Netherlands have the 
closest historical links with the 



BY JIMMY BURNS 


LISBON. Nov. KL 


BY L. DANIEL 


TEL AVIV. Nov. 19. 


MR. ALEX AHEM BEGIN. Israel's Via^y. at party headquarters. The 

Prime Minister said tonight that .Mr. £«.;:n said Israel was demonstrators, many of them 

Israel could not. accept now iva*.:;- to .-i.n a peace i.-eaty ith wearing the skuil-uaps of the 

Egyptian proposals for a peace Layj" '.inti retaliate the icatuu- u lira -nationalist Gush Emunim 

agreement because Vr.e> were '.i'.r. aiiionumy for the <V'aitVi Sloei movement which 

not in accordance ••‘ith the ‘.'amp jr.d Gaza Strip on ha 1 , tried ;o establish unauthor-! 

David Sum in u. in.tfc •. oil s."!)-: i$ed it lenient* in ihi *" ' 

In ills first puoiic Viuu-n.en’ ihu I'.Mu-i jr.-'y should remain Bank chanted: "Bogin 


PORTUGAL'S 10th Govern men: of the !r.T?n ir: Sr. -loan Almeida Deposi cos. has- been appointed to 

region. West Germany lia* been j since a military coup toppled Pina iHuusing and Public combine the functions of Minister 
tbe most active hi testing the nearly half a century of dicta- Work*i; Sr. Acacio Pereira of Finisnce and Assistant Prime 
possibilities for invesimeni and ; torship over four years ago was Magro (Social Affair*;: and . Sr. Minister. He replaces Sr. ^ose 
joint ventures, and has provided i announced here yesterday by Sr. Apoimario Vaz Portugal Silva Lopes, who is expected to 
„ij inm ! dv ? from lhe !Carios Alota Pinto, the Prime t Agriculture). return to '.he Governorship of the 

round^Af talk* ° f curren! . Minister-designate. The retention of Sr. Vaz Bank of Portugal, 

rouna oi tains. Thp 16 . rosin Cabinet, which Portugal reflects tbe Prime Sr. Alvaro Barreto, the new 

{will be sworn in on Wednesday. Alinister-designate's determina- Minister for Industry, has bad no 
Bhutto's wife f rop I consists mainly of political iade- uon to pursue the handing back previous ministerial experience. 

c Lice j pendents and Technocrat* and oi expropriated land to private but has earned a reputation m 

Begum Nusrat Bhutto, the wife ] include* four Ministers from the ownership. internauonai business circles as 

of Pakistan’s condemned former i outguing administration of Sr. Sr. Jacinto Xur.es. a 53-year-old one of the country s most 
Prime Minister, yesterday ?nent ; Alfredo Nobre Da Costa They economics professor and ebair- efficient managen*- **-e is on the 

her first day of freedom visiting j are Lieutenan'-Colone: Antonio mac of the country's main credit board of Lis nave, the giant ship- 

Goncai'.e* Kiot-iro. the Minister institution, the Caixa Geral de repairing yard. . - 


after a Cam net meet in. tod a;. 
Mr. Eecin -aid Israel wuu!d n<.-t 
aaree t>j a fixed ti.nelauie (■■r im* 
introduci.un o: *eir-rul*- in 
pad the Wefi Bank, nor tu the 
presence of E ay pis sir imiiev m- 
an Egyptian liaison office in 

(.7 a 12 . 

The Prime .Minuter was 
addressing ibe central cnmniitiir'* 
r>f Herat, his own parry, and the 
iaraest single party in th».- 
coalition 

He sand Israel intended \o 
abide by the Camp David a^.-ce- 
menis to the full hu! could .if>T 


in '..'.'c-: Bar.lt 
i:i\ David accord. 


the Supreme Court where her 
husband's appeal again*-) his 
death sentence is bems heard i-od 
•?ee ■ pc representatives of thu 
Pakistan People’s Party of vhiirn 
she acting Chairm;.n. Cr.ns 
Shervell reports from 
Besuni Bhutto was released 'h.' 
ueekend from her house ..i". .-r 
VV^.st ' the Lahore High Court iulc*! tu.-t 
ji B 1 her detention "had been ilk---. 


after Guyana a 


THE S- iRs^T unni\ crsiiry of 
Pre*idi-ni Sadat's x isit to 
Jcni.-hhi:i u.i- markc-ii l;» a 

Ni-riv- ««f irrrorist a Hacks. 
,\i*4r Ji-richo Tour passenuers 
hit-: I- i lied and over aO noun- 
<l<'d. four of thorn .cri!icall>, 
nhen an explosive charge 
ner.t off on a' bu* travelling 
from i ii>- Dead Sea to Jeru- 
salem. L. Daniel reports. 


a? seed .n traitor." 

Earlier today the Cabinet j v: nBm „ lin . 

was briefed by Mr. Dayan and ! -NuLaragua patrOlb 

Mr. Ezer W'ckman. the Defence j A|ilu..i •. patrols were 
.Minister, aod considered the m Maiiagun and in Nicar 
:aleii Egy ptian peace negotiation ' pronnciai cities yesterday ri.'."- 
•,-i-opu.>a'.«. The discussion is to jin? official word that PrcsJo-n 
he ■.-onlir.ued and probable con- -Iri iSfi-so.' Somoza’s tro-T-' '"•d 
eluded on Tuesday. To-morrow ! 'vuvlled ;-n invasion by Mi— :n.- 
: he Cabinet will consider Lhe 
grown ne wave of strikes >nd the 
rapid inflation rate. 

Reuter adds: Israeli security 


T7ti*«.'PS .-cm j; 


Guyanan 


GEORCiETOAVN, Nov. 19. 

.31. Hamaludin reports from Temple organisation. At least- 


Chinese 

steel 

record 

By John Hoffmann ~ .«>•’ 

"• PEKEMG, Ncrv. ». ; 

CHINA "has produced * xccord 
28m louses of steel this year 
and expects output io passSOm 
tonnes by the end of December. 

Production will be ^roughly 
6m tonnes higher than is . 1977- 
— 4he iron and steel industry’s 
best performance, accbridinfe.ib ' 
the Ministry of MetalUttgieal 
Industry- .. - - 

In an unprecedented' an- 
oouncement to da y 

ages, Uv^ Miulstry said Abe 
year’s production target of 28m 
tonnes was reached on Novem- 
ber 15. 

Output of . 'rplleff: i *s|ed-. 


2U?rr:!ia« backed by fore -l 
R uder writes from Managi.« A 
Xitiuna! Guard comrauniqu-? > k -id 
Nic’.r.t-.njan Sandinist cue-rn!!.'. 


Mr. Lu- 

Ei^dll. 2 

L : S. cjn^ress- 

occurred r. 

,r Sa’.ur 

man .«fi:l 

threi’ ,im:i 

irna;:5ls as wel- 

amlJLJh il 

P:-r- K 

ts u . :r!u 

n ?: inais suicide 

120 . 

fi-r-r?: 

Ihr- ; 1 1 

•-IfiUjt '10 

■niiiune where 

sr.tl hi* 

-iii-.y ■. 

they v. >_■ i 

rc k: lied. 

a Government 

hoard an 

z: rcrzi-. 

O'fcVia: * 

jitJ. 


the capita! 

:. T.-.ey 


ick-niif:«r 

.-'jnerican 

24-liour 

Vriiidl! 

aiTsteied 

siiorti;-’ s 

frer troops and 

uie AJtiancaa-: 

police r. 

ifrhed to i 

h« 1,200-strong 




•r tonnes — HAS 

er? shout to of bis California constituents that ! November" 5. 
‘c return to the People’s Temple was holding 1 - --- 


People’s munity. 


seUlemcm of the " People’s 


and what it called 


forces broke up a demonstration ! national bripade from s:\ .t.>1 


.Tcir.ole" at davr.. 

iiitL'l - I 


by ni.Eh school pupils in the 


consent in any alteration-- or The security of Israel should be Ara V we * t * 0WD ® ama ^ a 

m .if! l fi f i on e Tha ■"•t *hC WCCKU fid. 


In Beirut. Lebanese rightists 
reported al ica*l five people 


Government was ready to .sum Jewish set Mement activity should 
the draft treaty as formulated continue, 
until now. The Prime Minister said he killed in sniper fire and shelling 

Tbe same position was would suggest to the Cabinet that of eastern Christian districts of 
adopted by Mr. Mosbe Dayan, the Israel accept lhe draft treaty as lhe city. 

Foreign Minister, who said that contained in the U.S compromise Also in Beirut General 
Israel was willing to start nego- proposals of November II. He Emanuel Erskine the com- 
tiations on the West Bank and also said Israel and Egypt should mander of the UN Interim 
Gwa immediately, but without a agree to withdraw two proposals Force in Labanon, said the 
date by which they had to he each side had made since then, force should not be pulled 
terminated. But he did not elaborate on the out of south of the country until 

Ir is understood that the nature of these extra proposals, it had completed its mission. He 
position taken by Mr. Begin and .Mr. Begin and other Herat admitted in a magazine interview 
Mr. Dayan was supported by Cabinet Ministers were pelted that the force had made no pro- 
prJ&cticai!.Y alj the leading with esg« by several hundred ores? since the start of its second 
Ministers at the Cabinet meetiny denif>r.«fra*n’-s when they arrived mandate rwn months acn. 


Nyerere prepares for long war 

S^V, Sj u 2"? r „i r T, 'Sied CaiVfo'm.'t " ' police "Vha'l “ T ,OHN WOMAU - 

rill. '' i *«“«■' ’2“!r.“Y. ,h * r * 7ASMXlA '* fnu ?". d ( 

(might cr niiii’t :nj*s Suicide. are :."<e peup.e for what i 


Latin American countries rijd 


Meanwhile in Wjj sing ton. 
State Department officials 


NAIROBI. Nov. 19. 


Namibia poll 


Amin as " a cancer which most 
be removed." On Saturday Mr. 

Mr Thomas R.sron a ct a ,p the Da! Sunday News Edward So koine. /Tanzania’s 

i ” '. :oday d“-c r -0 - ss 44 a prolonged Prime Minister, said* Tanzanians 

department , P uke*man. t aid a ■r r ^;icV: Id. .Amin.- SthoSh should " prepare for- a long war." 

Uganda Radio says that all 
Uganda security forces, including 
those on leave 'have been put on 
hour alert. 

Michael Holman reports from 

r»iuini -.-.um .-virtu* i ;*;ini • i , • . • ■ w» .niiica.'i ;eaur. *. luciuamg cne i 

derpuc .. Security Omnci? de^-r. f , existed, i hercsore. tniu mernoors o.-gan:sar.on of African Unity, «!S.v hSSSi 

fe <::.]] it «-ff. Reuier Tepcri- , r»f thi T*-iTiP.e in the l .S.— ?nC j ;i re &.>red. although riot - DOrt . t0 ^ a y denied 

Prefer i.i. But he repe.ut--! ■ sonic in California — might confirir.ed 'ffinally. that 10.000 ^ e .P° ^ ^ t^ ^th . In tern ati on al 

* ■ " ** " fiaa 


the December 4-S electien. CdJled: 


unilaterally by South Ainvn ri:d 
imt preclude a UN-suot-.-. iscd ! I* 1 ’ 
v-Ium.-n taler. 1 Beiticr 


3 i £ n bvttin lakin? tiic-ir o 


... n „ Air Transport Authority »« u 

"*■ * aassed M warned users of Lusaka Airport 

.... ^ 0 f possible ground fire, against 

The S.ind.v- News described approaching airliners. 


Publication, of exact atatistlcn. 
for the firat lime is pnAa|)ly 
designed to encourage ca- 
dence abroad in Chinn’s ability 
to meet its ambitions modern* 
isatfon plans. ' *' ’ -1 " ; r 

One of the nation's principal 
industrial goals ts io inerease 
steeL production to 60 bdl tihuics. 
a year by 1985 ' 

Renter reports: A Mra& poster 
appeared In Pelting . today 
accusing . Chairman; - Mag 
Tse-tung of having bee^ al 
supporter of ' - the exircmist 
band of four: It is tbe first 
time that Mao’s name has been 
directly linked with tbe gang 
led by his wife Otiang Citing. 
The four were arrested soon 
after Mao’s death and charged 
with plotting a coup.' -v - " 


fmamcul Tara. pubUsbea 4a By except 
Sundays and hoHdayv. D.S. aObncrispaa 
S2B5.W fair freight) S3C5.es ralf nain 
T»r Biumro. Second cUasnaenstt-ini&'at 
Wew Vnrtr. N.Y. ■ • 















Who really knows about Arabs ? Sursly. Ar a bs. themselves. V,. . 

That is why the Arab-British Chamber of Corrwnerce, with its Arab and t 
Eritish Directors, its Arab and British staff, ar.d.not least ‘the contacts it. can 
promote between its Arab and British members, is uniquely Qualified to 
help British companies trading or interested in trading with the Arab 
vvorid. Many Eritish companies are sirsady enjoying the benefits of the' . 
Chamber s ser/ices. But the Chamber has so far been keeping its *. ■ 
membership small because, as a new institution, it needed timerto V 
build up its capability of providing its members with a wide range of " ' 
services. Its resources have now been sufficiently developed.to cope 
with the requirements of a larger number of British members. 

So now is the time for British companies already doing business with 
the Arab countries, or planning to do business with them,-’ 
to seek membership of the Chamber. By doing so you will, pot yourselves 
into a stronger position to achieve your objectives. With the benefit of 
the Chamber's support, you will save time and effort by being regularly . • 
informed of the new trading and investment opportunities, and the 
changing commercial conditions in the Arab markets. You will therefore 
be able to cope more effectively with the different laws, bye-laws and 
regulations governing trade with the various Arab countries.' 

Details of the Chamber's services and application formefor membership ’ ’ 
can be obtained from : ' ■ "v - > . 


Arab-British 
Chamber of Commerce 


TheSecretary-Generaf 

Arab-British Chamber of Commerce 

PO Box 4BL, 42 Berkeley Square, London W1A 4BL 


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curbs 


; /./ ^ QUErtW W60. " .: £y- m . .' . r .-_ ^ • JOHANNESBURG, Nov. 10. 

■pAT.rrT flATXY - . ' MOTIVATED •; M Poiiticallyiiotiiafect trade tiuri in encourage further diver-, 
tradfr reairicrifrhs and' the'-threat restrictions. 1 !:" the- 2*9®*? . saJFsi • s iflcation, pointing to the success i 
a! sanctiptis 1 have not h^d any " are' not ftf- this 3 o. iron and steel and coal. as; 

serious ' tffect on South Africa's serious llmltafOonjota-'-atf export well as manganese and ferro- 
export perfonnauce.Qvex the past . prospects.’* = 1 . .-i' j H oy 5 , io support its case. 

5£v butifce. country remains li- quotes -VP #? Tht ‘ ^port als |{ ,tta cU!S 
ivertetiast- on too . narrow ' a actions ttnn South.;. , African speeihc areas where South 
range of commodities for • its exporters, those 'wlWrChum there African exports have _ been 
export eirnijiga. . - . • has been ho Cflterftte*Mtons partial arly successful. incluvJ- 

^Kew two -jnajrie-. conclu- or the threat of sanc<*Oh** those iny the U.S.. where they 
«6oi of the latcst annual report who admit ' they" tw t n increased 70 per cent m the first 

> ■■ . **• :T- ; l^i — * J flitmn <rhn ci* inr.mhc nt in. 


Electronics 
‘spying’ in 
U.S. denied 
by Japanese 


Timely start for Brazil pulp plant 


BY DIANA SMITH 


Iaracbxiz 

[ largest 
• with a 
per annum. 


EtTJZ CELLULOSE, the pulp crisis, wlulc Stocks nfbirc^ around the Dikmond sYarock '.of 

pulp factory in the world, short fibre pulp piled “ p ’. * nolosy enabling Brazil to P r °- Brazil’s first port 
capacity of 40U.00U tonnes gal and Spam had no Sue/^uln from eucalyptus wood exclusively to pulp e 

nnunt. was officially in- selling their eucalyptus snort duce pulp 2 ?grtenid has been built one. and a 


Billerud of for the caustic soda unit by 
Diamond Sharock .of the u-5. 

I dedicated 
exports has 

- - , ----- K?lXrBlKta toTbuiit ooe^S a half Ml* 

augUWted recently by Brazil's fibre output. already used at its Portuguese metres away irom the Ancrus 

Presided, General Ernesto The recent imnro-.amtni in the Subsidiary Ceibi plant, with initial capacitj for 

GeSeL world pulp market was under- subsidiary. Lemi. 35,000 tonnes dw vessels, rising 

=!«—£ \ £ssr« •**«« 


Japanese industry has eo- j and Da 1 *- ’ HSI-fnuhpr surmlicrs are likelv 'to Aracru2 has planted 30.000 acres watercourses, and will eject 

W sSn^ffi ZSUTfc'&GSk six months of"lU7B over” the same I paced* in unethical' attempts to 5ll nto Hne P? of nX Bwilian species-rose- [^Sl wastes into the Atian- 

?&AFrai" ci aim that the &^v-of boy- period lasl year. I get access in U.S. technology, l9 79 output of -J60.0UO tonnes laii mm line. wood, ebony, porcupine pod and tic ocean . throug h two 3.6 km 

c ™ r h «oS ari ^ tS S 3 fe*SS 

^n f ^^SS^urre“; ™WW™ d there^^a"s^ ual >ncludid Gabon. Ivo^ Coast.iin the heart of California’s l Teape of Great Britain acting as -subject to , increase. The ^ _ W „1 be treated with sulphur 

■£Sg“:3S5 - Si : *SS& = Malawi Mauritius and J- Silicon valley,”, m New 


,9 


; x .. .. 

-- • * \ 

*» * ? d. 

;V- 

•--* *‘a-! 

•. J. -> 

^ i 

... ‘ 


* * 


account . : surplus - 01 ■.■tv/avm ireno away , 

(£552.401). stimulated export-led small group pfprodi** 5 ^^ 13 ^ Mozambique, while in Latm 
growth to end a four-vear -roces- been. too slow, the r^ort says. In America, good potential for 
Sofi^in. the economy. - the lS66.the to^fiv^.^ft:Cab!gones South African products and 
SSaiSonctaims. . accoumed J ° f “ryme* exists throughout the 

While 1 merchandise - exports non-gold exports, wd-in'i#* 7 for region. Western Burope 
increased S3 -per cent in 1676-77, 39.8 per cent; ■. : ^ y - r ?I nai ? s , 1136 de& t tna u nn ^ 0 f con- 

larBelV because- of - : tl» miissiye However.-' ' there" ■ a siderably more than half bouth 

increase in coal and' iron ore change in the cotopOsdiOP _of tlic Africa s exports. 
exports ' through " Richards Bay. top. group, with.; Ohly^^amonds^ - According to the latest monthly 

11 h AAfa^ota <if mQfihinAn' hhrf TtnflSMtt iCQUID- 


and in Washington, includes 
representatives of the eight 
leading Japanese electrical 
companies including Hitachi, 
Nippon Electric and Fujitsu. 

It follows two years of per- 
sistent criticism of the Japanese 
semi-conductor industry by the 
U.S. industry. Typical of one of 


3Sfe*s5f«as SSfSSSa'S =*SiB»S%ga ss^Jss- * 

of nwrehandise- exports by South period. - \> • 

African . in the coming year. Salto argues f dr un 1 ve 

largely'-because of .the depressed policy of choosing .'tffebt^aepon - 
international . economic, outlook, sectors ’lor. concentrated- promo October. 

SHIPPING REPORT . - 

BP in the spot tanker market 

BY OUR SHIPPING CORRESPONDENT • 

ceded. J:be finical violence and jump in one seclicn Of the sale Delhi: Talks began yesterday 
oil field' strikes in irab. and purchase market last week, aimed at ending India s national 

This bodes welt" for owners' in -when Far Eastern -.buiers. took a dock strike which has paralysed 
Decernberand m the run-up to 74.000 dwt bidkearnerrhaUi m six of the county s 10 mam 
t^e OPECprice-fixiog ineetiiig in 1976 for S 14.25m, -subje^'^ in- ports, including Bombay where 
Abu Dhabi, rates cciuld We U im- spection. . . . .. - J <0 ships are held up.- 

troubles 


«/•! jrvi Ltui vvoiv m » j *■ • “ — ----- « $1 1 51 H C fi 

10 per cen t, respect inly. The Wiggins Teape trill last for ten ' nantuess sea-sa.i u««» 

remaining S per cent of the years and Billerud, in Tact, holds This anc[Uary plantation will. pumpe d into the ocean, 
gnaranted market will be taken shares in the Aracniz project, AraenJZ maintaios. help to re- By using the ultra- 
«-.*w . 1 ,- Anna Cruz ** th . ecootocicat balance of m^hrane cell methc 


by Brazilian consumers. 


Standards 


together with 
Tobacco. 
Brazilian 


__ . ^ _„. o modem 

- store the ecoo logical balance of mem brane cell method for 
Tobacco. This company is a ^ afea Jt , # already attracting ch i orine production, which disr 
Bntisn- back a wjde variety nf -* n * tu,n - 


Al though there is stilt debate 
over the advantages 
fibre versus lony fibre 


Brazilian offshoot of British- k 0 wjde variety of fauna pe nses with mercury, and two- 

American Tobacco, and accounts otected from hunting by a ^ age gas scrubbers, reducing 

for the 33 per cent of Aracruzs s r eciaJ | a w,. Furthermore. Ara- gase ous effluents to 9S per cent 

,11 debate non-Brazilian capiui!. c Ju Z spec i a Usts have catalogued safe emissions. Aracruz. which 

of short The remaiomg per cent is 3j000 lypes of insect in the re- sP e nt S103m of its budget on 

fibre versus lung nure pulp, held bv Brazil s Aanonaj a g- oresta ij 0 n area and will allow pollution controls, hopes to keep 

Araertiz’s management points out Economic Development barns lural enem ies of predatory contamination of water and air 

1 that the short-fibre market is now (BNDE), Brazilian species to preserve a balance, t0 a ra iniraum. 

- I erowins. more rapidly than long groups and some except for the sauba ant. for The complex will provide 3500 

that; nitre Therefore, they maintain. Brazilian shareholders. Tne pro- , hie h n o natural enemy is direct jobs. A new residential 

found in ject’s total cost of tOBrn hu taown . estate has been built 17km away 

and. pos- been part-financed Th . CQmD i e r v % -m have its own from the plant, for 3,500 mhabit- 

lechnoiocy secrets out ui sibly japan tor pan 01 the pro- the Svenska Hand.lsbank. chloride chlorine and ants. The estate has its own 

businesses by unethical practices. 1 not yet guaranteed an Gotabanken or German banks— a Mdmm chioriae. ^mori schools, health centre, shopping 

These allegations prompted I total foreign loan of S40.3m. caustic soda units, wun — — w farfiities. Pro- 



buying it with royally payments '■ 
and licence fees. 

The Japanese are clearly con- 
cerned lhat the allegations will 
fun protectionist sentiment in 
this country and impair the 
ability of iheir companies to 
expori here. 

Thus Dr. Ouchi argued lhat 
U.S. allegations that there are 
severe non-tariff barriers which 
Japan has creeled against 
semi-conductor imports are 
misconceived. 


prove further. 
The 1 . Iranian 


The -grain 
have ’ relatively 


World Economic Indicators 


... — . — ... The dock workers are demand 

quiet; in" spite;- of j ng higher pay, improved 
’"A conditions and the implernenta- 

t’on of agreements previously 
reached with the Government. 


N. Yemen seeks 
aircraft loan 


Beaune prices 
up by 40% 

PRICES AT the annual Hospices 
de- Beaune auction of the new 
Burgundy vintage from the 
hospitals' own properties, were 
about 40 per cent higher than 
those obtained a year ago for the 
inferior but much more plentiful 
1977s. 

The increase, large as it is, was 
almost modest compared with the 
doubled prices being quoted 
generally on the market here. 
These reflect the fine quality but 
short quantity of the 1978 crop, 
the shortage of stocks and the 
t buoyant demand especially 


RETAIL PRICES' 


UK 

W. Geijnany ■ 
Holland . 
Italy 



' Oct. .78 Sept.' 78 Aug- '*8 Oct. 77 
201.1 MOJS 199.4 184.5 

’ 145,0 . : 14SJI ■ ■ 145J H2A 

■ ml 122-3 12tH 117.7 

.1373 ' ' J353 . 134.0 . 1203 
Sept. *W Aug. 78 July 78 Sept. T 7 
- Z0i8 . 202J5 2073 186.7 . 

. U8A 728.3 „ 127.7 124J15 . 

W93‘ - »Z* 19^J . 18AS,. 

*Y243K - T2it mo m 2 


y Q Change 
over 
previous 


By Doina Thomas 

SANAA Nov. 19- . — , 

YEMEN AIRWAYS, the national J abroad Tor the limited quantity 
Work in the ports of Calcutta, iairUne of the Yemen Arab ! of fine Burgundy availaole. 
Madras, Marmagoa. in the funner 


•4 : . index 


Portuguese enclave of Goa. und 
at K and la in Gujarat state and 
*~'r— r Cochin in south India, has been 

. y jj Sj=ioo bad,y Uisrupled - 

in’ . - '1970=100 Mr. Ravin dr a Varma. India's 
*1 . -u»=ll» Labour Minister, appealed to the 

•123; ''1974-100 dockers to resume work after ; 0 
■ : . first round of discussions with 

• 93 - v . 19W=100 the strike 1 'leader, Mr S. R. Kul- 
33 - ' 19^—100 katni. president of the All-India 
io • 1963^-700 Port and Dock Workers Federa- 
33 * 1975^0(8) rion. anfl other union leaders. 


Republic, is seeking Siam to 
finance the purchase of four 
Boeing 727/200 aircraft A 
further S25ra may be sought later 
for the construction of staff 

h °Tb(T < airline. , Q wh j cb Sauiiia, 

the Saudi Arabian state airline, 
has a 49 per cent stake, is hoping 
to raise the money through a 
syndicuted Eurocurrency loan, 
which would be among the first 
for a Yemeni institute 0 


Yesterday's sale was dominated 
by Swiss buyers, followed by 
Belgian, Dutch and German 
bidders. 

The top price of FFr35.000 per 
cask (300 bottles) was given for 
the hospices' only Cote de Nuits 
u-ine — Maz is-Chambertin. Other 
leading prices included 
FFr 30,000 for Beaune Nicolas 
RoUn; FFr26.000 for Corton Dr. 
Peste and FFr22,000 for Corton 
Charlemagne Francois Satin. 


Setback for Irish trade 

BY STEWART DALBY DUBLIN, Nov. 19. 

AS THE IRISH Government con- as well as anticipated, there is 

iUnuefio agonise over the impli- some disquiet Abort t the 

rarionc for its vulnerable balance trade deficit which will emerge 
of navSenS of joining the by the end of the year. Indepen- 
European Monetarj- System, some dent economists are now predic^ 
had new-*; has arrived in the form ing that there will be a deficit 
of the ilde fiSes “ in merchandise trade of at least 

° f ExpoVudropped by 63 per cent £700 m. This is likely to .tngtote 
in October At £265m. they com- into a current account balance 

IS * “•» 01 ^ in o[ w p sx d ^i;.d ot « r 

It therefort S «m.unl^ ,h ? . gSM.TBg'i"® M 
the Export Board will .realise its - ma j] cr trade deficit it could 

target of a 27 per cent increase in a^m question the advis- 

exports for ahilitv of the country joining 

nl h ^"Sbn m fo%1 P fl re . 'he EMS without transfers of 
time ever, equivalent to about resources. 

half the country’s GNP. The Government has asked for 

To date this year, exports have ^ de f ™ ove^a^v™ year transi- i 
increased by 183 per cent. Im- nude it over n^y ^ ^ 

VrreSt ftefiS money would be used as balance 
10 months. Exports were £2Abn of payments aid. n _ n _ 

compared with imports of £3.0bn. The leader of the mam Oppo- 
The Irish Government has been S i on party. Fine Gael. Mr 
very concerned with the way that Garrett Fitzgerald, has estimated 
imports of consumer goods, in that it would need £B50m a year 
particular, have been flooding.in. f or th e nest five y®o. rs for 
With exports not having done Ireland to join the EMS : 


Israel may buy 
.North Sea oil 

By Maurice Samuelson 

ISRAEL IS interested in buying 
North Sea oil from Britain and 
Norway in order to reduce her 
reliance on Iran, her main sup- 
plier. She already buys oil from 
Mexico and is looking to other 
countries as well. 

Israel told Britain of its 
willingness to buy oil above the 
market price well over a year 
ago, but nothing concrete has 
emerged. The request to Norway 
was made during trade talks in 
Jerusalem two weeks ago, but 
the Norwegian Oil Ministry has 
said that demand outstrips 
supply and that the Israelis must 
join the queue. 

A quarter of Israel’s annual 
consumption trf Sra tonnes this 
year came from the ef-Tor fields 
in the Gulf of Suez, which will be 
returned to Egyptian control 
under the Camp David agree- 
ment. Israel would like to con- 
tinue to obtain this oil under a 
long-term, purchasing agreement. 




George Wimpey & Co. Limited - Europe’s largest 
contractor - recognise good construction equipment 
when they see it- 

That’s why they're using Data General Nova 
mini-computers in a big way. 

Novas form the basis of the Wimpey 'distributed^ 
processing network that provides their Regional 
Management with sophisticated computer programs to 
help them in their day-to-day work. Solving local problems. 
On-the-spot 

As each Regional Office is largely autonomous 
and comparable to a medium-to-large building company, 
that’s help on a massive scale- Right where it's needed. 

Novas are used to control progress and maximise 
profitability through all planning and constructional phases- 
of a projert. Work proceeds faster, with less risk of error 
and without the tedium of day-to-day record keeping, 
calculating and reporting. _ . 

Typical uses include assisting in the preparation ana 
printing of site wages (a complex business in the 
construction industry), invoicing, valuations, 
material scheduling and billing 

The Novas also help with special problems related 
directly to the building industry. For example. NEDO 
fluctuation calculations and material and labour fluctuations 
in line with Clause 31a of the Standard Form of Budding 
Contract. 

Recently Novas were used to expedite procurement 
procedures for a major contract in the Middle East The ■ 
planning/ordering/shipping cycle was so successful that 
further use of the Novas is envisaged for overseas contracts. 

Roger Cullingham. the Project Manager of Regional 
Computing says: “We started with 9 Novas linked to our 
central processor ovex GPO lines. We have re-assessed 
Nova twice as our network has grown and still believe they 
offer the best price/performance ratior 

Wimpey currently have 18 configurations using orje or 
7Z7X *v ■* more Nova processors forming the biggest distributed . 

processing network in the LIK construction industry. 

: K”' *'5^- " Data General has installed more than 50.000 systems 
worid-wide for all sorts of tasks. Systems that provide • /’ 
excellent price/performance as well as superior reliability. 
And everything’s supported world-wide. Send for 
information. You’ll find we can help build your business in ; 
a surprising number of ways. 


rTaMarketing Communications Data General Limited,"! 
I 3rd and 4th Floors, Hounslow House. 724-734 London I 
■ Road, Hounslow, Middlesex TW3 iPD.Tel: 01-57274 55. ■ 

I □ Please send literature. - • ! 

j □ Please sendliterature and have a representative phoneme. | 


| Position. 
j Company. 
Address. 


i 


site; 





\ 


♦•wiiiiHiiMiii'* 






so £ 



LABOUR-- MAYS 



FINANCIAL TIMES REPORTER 


Firebomb 
attacks 


in Ulster 


3/ Our Belfast Correspondent 


BL sets up unit i National 
for engine sales i 



BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT 





BY PAULINE OAftK, LABOUR STAFF 


A RECORD Christmas spending on inis time last year — to rise 
sprea m predicted n;. the Cnar- by Zi par cent next year. The! 
terhous? Group m ihelatest edi- Retail Price Index, affected by 
tion of Business: Forecast, its both the operation of the Price 
ouarteri v economic review. Commission and the favourable 
' This 'issi Mm coibumcii' '•“- iler ■ , ' hich has Proceed a 


BL, FORMERLY British applications. 

Leyland, has' reorganised its It sees as lie main area for ; 

.engines marketing open lion*. expansion the supply of lijnt. 
i plans a much more industrial diesel units in toe j 

SHOPS IN ULSTER are | approach and expects toWreaM 20 to 50 hp rang*, . 

expected to tighten security engine sales from c 4m in 19* * w The nev *' department v.nj aiso .• .. . 

in the run-up C lo Christmas 112m by the early 1980 <; continue to expand BL's existing, BOOMING ?- mflauoa- BATTLE between bakers’ their bread s trike tactics- 

‘ ui ^uxu.unas. | ^ j- p? ^^5 i Q the supply of original , sroof investment heipeo reduce ^ca leader * and Britain* two They voted ^unanimously to 

! diesel and petrol ooiver units equipment to specialist car the bigse?-. increase m toe b jg 5 re2( j suppliers hardened at continue the -two-weefcota. -Stop* 

made by the Austin Morris and manufacturer — items ranging ; Department of National Savings'll uptrend when ' ■ the- oase and- drew u£ 
i.puianrf i/ohminr j:..>rinnf will front transraistii 


spending will be fuelled by sub- 
stantial tax resales, annual re- 
tirement pension increases, a 
rise m chi.d beneut allowances 
and a pens-oiv/rs Christmas 
bonus, ft ex peds spending *.o 
pc-*:: and le«cl u:T caily lit 1S7S. 

Ciias L«>r:i'-u»c 1 :.: .y > that the 
ri:C in pufcriajiiig pnwer of 5 
per c-.-nt in 1 teruia during 


good b-rveiL is expected to rise 
S;. is per cent in 1979. 

Tee K' - iew argues that there 
w:l! !>•? r.o pay explosion. Public 
opinion supported the continua- 
tion ( y< wage restraint and. in 
>;>:te of f,:.ie months of mili- 
lancy and disruption, the country! 
•.vjuid return to more responsible 1 
:;nd ■--•-■rained pay bargaining. I 

Th'. 1 Gov.n Blent would seek! 


ia7b v.:!. loil-iweu j;. i Miiaiirr to ni:ri:v.ij'e wage pressure and; 
r;.-e of 3; per cent *n 1979. acc-jinrcnda’.e union leaders bvi 
Higher i eve Is ol home demand •oi^oing increases in indirect I 
are being met by .substantial taxes in toe coming months. j 
rises m imports of manuracturcd a further cut of about 1 per 
mods, but :b 0 continued expan- cent in 'he standard rate of tax 
sion of North Sea 01 ! production and an increase in allowances 


widespread incendiary attacks 
at the weekend. 

The Royal Ulster Constabu- 
lary said that 30 firebombs were 
planted by terrorists io seven 
towns on Saturday. Thirteen 
were found and defused 
but 17 others, in shops, offices, s 
and a Londonderry shirt fac- 
tory, exploded early yesterday. 

Some started serious fixes 
and the worst-hit place was the 
border town of Newry, where 
seven buildings were damaged. 

Police said that the attacks 
were the work of tbe Provi- 
sional IRA and many or the 
targets were in towns such as 
Dungannon and Omagh, where 
bomb explosions last week 
heralded a new offensive by the j 
Provisionals. 


w n «u U - ranging • Department of Nsr.ohai broogr ^ weekend when the- page and- drew u^ . planJ. : Tor 

Ley land Vebides divisions "ill from transmission gear sets to. funds under management for ;j 6 emp^ere confirmed -that they creating “flyxng ,squadsJ\^o 
he sold by a new department doors for Lotus, Panther, TVR months : ' were "no longer prepared - to'picket flour Bpfe.’QiSntf: toy 

known as Austin Morris Power and Morgan cars. The service has’ Savings’ receipli “»««» honour their- closed 7 shop federation members; ; ‘ 

also been extended so that. ; £269Jui .sna Wittow^{ aarpemenL ’ The.' two bis ’ bread: *6qps 

supply about 80.per i «rft'dF'tise 
market, but the effectiveness, of 

. , toe strike has been w eakeeed 

'iiis brought the overall increase l «?_ ™ strike* was swiftly efforts; to 

; in a,e D.poCMDf.rBOd. under Site ** V:.: : 

; management to £205.4im the stateme nt that It would "stand _ , 
ibest result since Jun^ IS.*. byn victims. Christmas .=* 

The Depa. .merit s total funds t* m3 H P clear that since, m the ■ - . - .- 

now siand at a record £10,741nL federation’'; view, the union had Independrat 
A major element in the bumper ^ntoea its agreement to keep Its ^ stepped up oui^t to^ieet 
'receipts figure was £89.6m of mera bers working normally after the shortage so 
i fresh money invested m the vear*® pay settlement, it was cent of normal bread ; -siffiftires 



should hold tbe UK balance of was likely m toe spring as tbe DaUiaffe 
payments in balance next year, balance between Government] 0 _ 


A contlnu-n-j impro'.enr'ni in spending and revenues would 
ihe US. balance of payments, allow further reduction in thej 
however, would lead to the dol- OuMen if personal Mxes. 
lar‘; recovery against the pound. © However the latest Financial ] 
The US. erect squeeze would Times survey (Page 29 1 says] 
reve-ihei'-cs lead lo slower future confidence of con-' 
wo-Jd output growth next year fUfner - iS at , a lowest level for, 

an rhirte-h ! ?i» pv D -cis UK -Mr. a!nw ? t -wo years, and the trend ! 
up 4 per cent is worsening. 


oul — at p:'-: :r n: 


'a o ~r, ,!rt5 -a 7" 


y 


s 


JL 




mmmmie 


BY MICHAEL ELAN DEN 



THE SHARP rise m interest money supply shows signs 
rate.’. ;yd by we jun.p :u tne ruim.ng 0 -: of control, 
minimum -ending rale by 2; per li'KP oudgeiary p.ilicj very 
cen; to 121 per cert, baj helped ea;j and financial policy very 
to create a very tight hna-.cial tight, the outcome for the money 
«v>cV broker* V.‘. Green- sa'pp.y ' A '-s uncertain, 
v-eli’ia-v t-dav. " it i ur iher actiun is needed 

constrain monetary growth, 
we cons.der. because we believe.' 


Security forces are taking 
the likelihood o! a rough time 
over Christmas seriously and 
arc expected to maintain toe 
high number of patrols intro- 
duced last week well into toe 
New Year. 

About two dozen bombs have 
exploded since Iasi Tuesday, 
causing damage worth several 
million pounds. 

Much of Ulster was brought 
lu a bland sail on Friday by a 
ricrii't of co-ordinaicd hoax 
bomb calls 

A gulf club at Siravene in 
County Tyrone escaped serious 
riamugo when two bombs went 
oil. It had been rebuilt only 
recently after a previous 
attack. 

The upsurge in violence wiH 
probablv he discussed hv Mr. 
Mason. Ulster Secretary, and 
bis security chiefs at a review 
at Stormont today. 


Union officials 
‘a ruling class’ 


'index-linked retirement issue of I m tender obUgedto cnipioi"only have been reaching the.&asps' 

> National Saving* certificates. t£n inn “members. Allied Bakeries has ^&i&ed. 'to 


BY COLLEEN TOOMEY 


This van a big improvement - g-j^rs v . r ho had their union be maanUMu»8 prodiWfiibft.;a!t.iIO 
|on previous months and cards confiscated would. -not be - per cent ..of normal ifltrtpg?; .Vat 
I reflected toe introduction of a from their iobs. - if the flour, pick els. 

THERE IS an urgent need for sources of income.” he says. ! new higher limit of £700 on the The union's threat of expulsion ful suj«xkes fcota. ftecferatiwi 
an inquiry into the wav trade Mr. Sherman advocates an urg- ; amount each pensioner can had an i rame diate effect in members can- ho. 
unions use their funds and for ent inquiry into trade union 1 uses 1 invert JoJthe issue- 
a review of the , -,«r ti,» 

which operates as 

fund, according t w J . . 

Sherman, economist and politi- and outside appointments. maximum . ncming 01 xouu. g f in the union executive %2'ck etosS' sfiS^raw'' 

cal writer An effective supervisory body Other pensioners were probably « h t it n(yw sees ^ M ° aCK 

T . should also be created to look • encouraged to add to toeir hold- attack Qn th e union by the Apart from finding a 

Trade union officials are now afle ^ j nlerests 0 f union mem- ings by toe favourable publicity „ much 2S a disoute b ^ e *^ “ 6 

the new ruling class- of Britain. bers ., ln lhe interim, unions i about toe new limit 2£”f.? n rau “ M d fmand, the umMtoa? nrhde it 

Mr. Sherman claims. Tney publish these figures as V,’: to lhe current inflation rate QV 5T p3 ‘,l j ^ ^ c ^ ear tha t a _pos t-enny^ - 



Overseas 


. received more benefits ana proof of good wilt.” ’ less thin S per cent— below the 

| honours ihan their European j n addition there should be.net r 

1 equivalents while their menv- ^oiie^ted data on allowances and . man 

j burs standard of living ieggea expenses of councillors. ; toe 

behind. _ “Unless this is done,” Mr. -sione 

‘■When you add to toe salary Sherman claims, “toe meek will: tot? outlook for the : cost, of 

«.f umoncrats and other mem- have less chance of inheriting toe j living than the ‘ Government 

: licfi of the new class, pavmenus earth than toe sleek." • * . 

; for extra meetings, expenses. The .\eireji Profession, by 

] porks 1 mortgages), free travel Alfred Sherman . Published oy 
I for wife lo holiday resorts, plus Aims. 4V Doughty Street, London 
: a few quangos (quasi autono- H‘C‘1 2LF. 45p. 
j mous non-government or^an is- • Wages are oerng paid to "ghost ! 
atiens — average fee and workers" as part of a £lm tax, 1 
expenses about £2,000 per fiddle m Fleet Street, according! 

'luangui. you find them enjoying to a Panorama programme to be { 
rax-free income well in excess shown tonight on BBC i. > 

of that earned by judges. The programme, Deadline forj 

1 professors, senior doctors, tech- the Times, is an investigation into _ u .. ,. vinv i r ,H a r, a mU»»it 
r.olo?iits. exporters, industrial the troubles of Times News-' THL of ln<,e P endent 


The federataon claimed : tbis shop agreement wout^.-iu^e-rto 



Warning over 


company 
accounts law 


It urged those stiH tin strike Mae conference ’mood' r»jf. , *very 
to return to work as wet! H since* aggress! ve? ;be cause ofAvfiaMm 
eo progress towards a settiesteht. seen as the emiMoyers- ■- strike- 
ean he made while the-. .union breaking tactics.' v ; ]-'z H- : 
maintains its present unrealistic The bakery belaid; 
position.” pared to continue ■ their, 

At a special union conference "indefinitely upte& 
in Birmingham, however, dele- for a £10 a wieek rise waa'iftet 
gates said they would strengthen in full.'.'' - ' 


Financial Times Reporter 


Their tales! m^neiury bulletin. 


-ay- lhai inicre-t r:»t;_-« are a>'-A- ^ iht arauineni about tou easy , 
in real term?, in re! a. ion tn the hudaelar y ' policy is S «U‘ng| 
innaimn r.<ie pro »aDjy at a ;broV . ;: h t a package wiL be 1 

r.a/'-irn _ s • ■ 1 _ . j I 


exporters, inaustriai Uie uuuiuen ui muca -- ' . 

manauers and others on whom papers, whose management has; Cwnpau'fcs renewed its > demand 

- ■ ... i*.... [qj. toe law com- 


the prosperity and weli-beina of threatened to suspend publi-; w «*ienQ . 

tin-- country depend.” cation Df The Times and Sunday ; ?el*ing mdtpecaeni compani^.) 

Mr. Sherman, in a booklet Times on November 30 unless all 10 3115 copies of accounts withf 


ASIMS pay dispute 
threatens 



wider 


record n:cn ^ fnrih'.omin^ which will include I , 

This ams -.musid’ “crowding jj sca | measures. If this is so.] 
out " interest rales may well have • By James McDonald 

“The finance Jo create more cached a plateau." CA . 

jons is being dented \o mdu-tr/ Tilfc . ia : ei , inC rea>e in MLR.! Hli,H . ER SALARIES, 
ai a price it can toerefiu-c . A - as important indication of ' experience and » 

toe job- w ill n^t be created.” lhe determination of the | system are the 1 

juubnri'.ie? to prevent exces- ! wn,ch altrac j skilled UK staff 
Deplorable SK growth nf the money supply. [Overseas, and many people are 

jn con jhis: to previous occasion*, .templed abroad for subsequent 

The situation v. as deplorable ljM au . hrjr!lie s were leading the| v »siU as well as one^jff short- 
Tne real viliam 1.* n'-*. h.gnor rathor than follow mg. [term contracts. 

•merest raw> out a much iv. Th ., new money supply targets I These are Hie main findings nr 
e*sy bud;eiarv policy. maKinc r , ?prcscnle d a slight tightening!^ annual survey— Pulled or 
the jump in MLR necessary in of lhp |ow leve , of ' D - 

op inflation from rising rapidij n niwl |, ln the first half of toe 
and Jons from nem? destroyed ^ ear 
in she mcciurr.-term. “ — ' 


called The Newest Profession, unions agree 
(published today, makes several practices 
•strong recommendations to rec- A secret document handed 
tifv the situation. 

There should be “voluntary 
claraiion by political leaders 
( ‘.inirincrafs and their academi 

the UK tax • familiars of tbeir proper! v and Fleet Street workers, 
main factors [ 


i their 



Pushed in 197S'.' A Report on 
Motivation for Working Abroad 
—published today by Overseas 


Firm action to stop the sterling ! Recruitment Services, the imer- 
There v:a- strong evidence that mune.* stock on the wider defint- 'hJ'Uonai job placement arm of 
Government fisc.il policy was tion (M3) exceeding the target ; toebwiss-based Adia Group, 
very ca*:. 'Further, there i* no range of 8-12 per cent growth! The s H rve - ^ na i > «S5 lhe motl : 
doubi that budgetary policy is m was more important than cutting ! vatlon of ne “, y , . I ? en and 
severe conflict with money supply thi- target range itself. j women recently looking 1 or over- 

poucy. to toe detriment of ecu- "The’ authorities should cer . seas positions through the group, 
nonne performance in the tainlv have accompanied tb*- » oun ”- ,neX P^ ri enced and less 
medium-term." announcement of the unchanged 1 m fSi “ p 

New moves by toe Government target with a clear statement of -°[ ^ raa,n groups seeking work 
to restrain public spending or to intent to reduce it gradually in 7. 

raise taxes might oe needed if the future.’’ other is main G men between the 

ages of 2b and 40, well qualified 



cad seen pressing for »; Cnange a pa v dispute involving 9,000 ataff :. Y et <un Alliance 
in the law for mors t&aja ye*, in the Association of Scientific, th t** 

"If toe Go vernicc aY^datinufc Technical and Managerial Stags.' 
to vacillate, it may weU be. tSt Tne white collar union, led by during toeir oegqtiaU ^ - itest 
thousands of independent coffi- Mr. Clive Jenkins, general sec- i ejr - Wtsat bappeM. 
pastes may have to consider ««»*?• lias decided on a series of The union wants 
refusing to file their accbuntsT actions this week, meluding an basic pay lo pre-inCom^pQIBiy 

Notorng was more dariteg. “paydJmaSl Sd Jev * ls ’ 2?? 

to a company’s competitive support of a_pay aeinana.ama cases.. there~;fe 

position- than to nave to disclose ffniSt- ’ sutetactiaiJy n f? u basic rafes.'pf up to 

detailed information to'- rivals v°Mr 1” r 


BY TERRY GARRETT 


j oeu»neo iniormation to - rivals p. ^r. Jenkins announced ; .ithts The company.' meahvrhil^Ma 
p 0 .; b0I LM a ? d £br . I vneekend that 8,000 members bad. said to have .stood firm 

icts oh.1ga.10n puts them | ovenvneimmgly rejected a 3 per offer of up to 7 per centi^-Wsic 


MEMBERS OF the Stock Ex- Exchange Council's control over • re . ,a -: on 
change arc expected to vote.over- me tubers, if adupied. toe:- would : wt J !ca ™ 
wheimingiy in favour of'a reso- mean toat a memoer couid no ] inl V. r ?.* t, < on co.aceruiaa 
iution to replace annual member- .onger alow bis membership to 1 »nasi^.i3r:e*- 
ship wito life membership.' at the lap*e as a way of avoiding Slbck! 
extraordinary meeting called for Exchange investigations. A j , 
tomorrow. - 

Under toe original Deed 


disadvantage in cent offer, in a secret ballot, and pay backdated : to Octoferi' wrth 
puctiff coapsmes ^med tha; -rbe umon was not kf^tber Z perxent.nexf^arto 


snies 

co: *" 10 - '“IfiSsat&Y- 


their 


Mr. Jeakins also claimed’ that 


For Exchange investigations. Akww • £ 

resignaaon need not be accepted, JrFOiGCtJOI3 iFOiH 
of by toe council immediately and ; 


Car component sales rise 


Settlement oi 1S01, members had presumably would not be if it; f (Qj-r/ArJcfc^ nnll 
to be reflected to toe Exchange was in the middle oi an investi-; 1 UilMj tail 
at the end of every financial year, gauon into a members 
The annual elections had discip- behaviour. 

Unary undertones but in recent There. has been some oppa»-,^ riaerV(luve cantUdate l0 ptfr . 


THE INSURANCE industry has 


years it has become a matter of tion to the proposed changes but 


. ! suade toe Government to amend 


by James McDonald 


and having a prime motivation 
of earning more money. 

"The motivation for those in 

their 30‘s and 40‘s arises from . . , . - * 

the taxation system in this j course tor members to be re- when the vote is taken tomorrow ^ R (Dauiaa-si Act lsxh 
i country and the reduction ofl^d. . . v , opposition is hkely to be fainy j 60 every houselo?aer to tS 

(living standards which has led Til ® proposals to be put to sinaiL A <0 per cent vote 10 1 counirv has proteeuon from 
them to feel that merit and hard members tomorrow suggest that favour is needed for toe pro- [ terrorist attacks anu hooligans 
Of toe quoted companies, 55; work, risk taking, initiative and; a [ JJ e 5 u ons are dot !? be- pas.-,ed. j Mr Jono y ec . d | e candicuie 


Government’s 5 net cent zuide- 

Lll "We hire not reached a sta# i!-* 

, agreement 1 that’S'-'fceen '5 per cent Accident Assurance had;jesutted 
—not one. Tbe average has been V 1 an overwhelming majority in 
12 to 14 per cent. Nope has ever favour of joizpoff -ASTMS. The 
been near the five per. cent nor union is also preparing a’ major 
will they ever be. u claim on behalf of General Acci- 

Mr. Jenkins told a meeting in dent staff for next April. 


NUJ claimis closed shop 
in face of owners’ policy 


BY OUR LABOUR STAFF 


MOTOR COMPONENT and acce? _ „ wwmm ^ tuuIC kttiJ 

sory manufacturer* appear to increased toeir turnover and Iraanagemem Hair’ are no longer ! aWa y wilh atld if someone wants At the usual informal half-1 lorTichfieid and Tamwort^saidl 

fare better toan the car and assets over the two years and I proportionately rewarded in this j t0 Ieave the Exchange he will yearly meeting uf member-, also} toat his London Hat nad 'been I™ Union of from membership 


vehicle 


car and assets nver toe tv.o years 

manufacturers they 45 ( 77.6 per cenli raised toeir i country. The incentive is dead, 
supply, according to toe latest profits: 65.5 per cent paid more} The Middle East, with the 
financial survey of ine industry to directors and S7.9 per cent ' 
by Inter Company Comparisons, enlarged their liabilities. 

The survey gives a two-year Motor Component and Acces- 
analysis of turnover, total assets, scry Manufacturers. Inter Corn- 
current liabilities, profits before panji CoinparisoTvs. Si City Road, 
tax and payments to directors London EC1. £40.80. 


„„„„ ,, after reaching 

have to tender his resignation tomorrow, plans to introduce a j ^adiv damaged b*v \rab *terrorl3Ls J °urnaHsts claimed yesterday a closed shop agreement with rbe 

rather than just let his member- levy on dealings to help finance (Q ui e ei bus attack outside tliat a closed shop NUJ when the .newspaper was 

exception of Saudi Arabia, is' ship lapse. the operatiun of the Council for: me huropa Hotel this summer agreement b ad been reached with taken over by' toe Irish 

twice as popular this year with! The Stock Exchange claims Lhe Securities Industry, will also But toe Home Utiice had rejee'ed the West of En 8land Newspapers Independent group: 
job-seekers than last. that the main reason for toe be discussed. ais appeal tur compensation " Sroup in defiance of Newspaper Mr- Noel Howell, NUJ national 

The three least popular areas I change of rules is to end toe A levy of S0p on all equity L, . ¥ . Society policy. . organiser, said yesterday that 

were South Africa. Africa and i expensive and time-consuming deals -J £5,000 and over is ex-!lSrainV QlSCOVeiT The group, which is a subsidi- ahout 50 editorial employees 

Saudi Arabia. 'job each March of processing pec ted to be introduced nexi | J ary of Mirror Group Newspapers, were involved in the new West 



CABLE EXTENSION REELS 

A small number of cable extension reels 
manufactured by Volex Electrical Products Ltd., 
may have been inadvertently cross-wired, which 
could render them dangerous. 

Volex Reels are sold by many retailers and 
cash and carries underthe names: 

© ‘HandireeP by Volex ©‘Extendapoinf by Wellco 
Electric Ltd. (Maroon Coloured 13 amp 30ft.), and 
the cable extension reel sold by Woolworth 
and Woolco. 



CABLE EXTENSION REEL EXTENDAPOWT ' HANDfREEL 

If you have one of these, stop using it immediately. 
You should then ask your local telephone operator to 
connect you with Freefone 6087 (Operative from 
Monday Nov. 20th) for further advice and instructions. 



application forms 

4.000 members. cash provided by institutional 

However, the proposals could investors towards the running 
help to tighten toe Stock costs of toe council. 


‘UK clings to notion 
of good government’ 


pictures of was said by. the union to have of England group agreement, 

brain made signed an agreement that ail new “This is further proof that in 

wur.out A-rays have been pro- employees must join the union, spite of political rhetoric, 

aucea oy tsMl research iabora- Exceptions would be made, how- employers are accepting the 

lories, l ne proces* used was ever, for editors, two editorial common -sense requirements of 
called nucitar magnetic resoo- directors, present non-NUJ union membership, " he said. 
ance - members and religions objectors^ Beginning today, the union is 

Such an agreement could mean- leading a nationwide series of 


BY OUR ECONOMICS STAFF 


BRITAIN' HELD on longer than independently of some considera- 
most countries to the romantic tion of the" political process 
notion that government seeks through which decisions cm these 
only to do good, and to the two sides of the fiscal accouuv 
hypothesis that government were made. Public finance theory 


Roman offer t ij e group’s expulsion from the sanctions by abbot 9.000 provin- 

fHt tiuuncryaiUe Commission is Newspaper Society, which said cial. journalists in support of a 
prepared to give a 50 per cent yesterday that its policy had £20 pay claim.. The Newspaper 
gram to CumDria County Council always been .that closed shops Society has offered a 9 per cent 
to help it buy the site of the were ultimately a threat to Press deal, providing this is approved 
cirdoswald Roman fort, near freedom.-. -by the Department of Empioy- 

brampton. Last year, Home Counties ment. 

^nth^hirG Newspapers group was expelled • The Sunday Times lost 130.00ft 

juiucuv a reLOra from toe society for agreeine to copies yesterday. Unofficial 

A SWISS burer paid a record a closed shop - aod ^ StratTord ' action by NGA machine jninders 

*- H U a recora Express voluntarily withdrew caused the loss.' 


£9^S0 at a Soetheby’s sain in 
Monte Carlo for “ Loie Fuller.’' 
a gilt bronze of around 1900 by 
Raoul Larche. At Sotheby's Park 
Bernet. New York, a painting by 


couid accompUsh most of what could not be wholly divorced J AnnT 
according to from a thnor.v of poUtte." j ma 


ic set out to do. 

Professor James Buchanan, of 
Virsinia State University, in the Asymmetry 

Professor Buchanan sets; out ] n a strong criticism of the 
his view of the development o£ political consequences of Key- 
toe theory oF public dfi»ice nesianism. Professor Buchanan 


during the past 30 years, ih'-the pointed out that it had destroyed 
introductor}' essay- to a -i ' 


£50,000 park fund 

THE' COUNCIL for National! 

Parks has launched a £50,000 


Speke workers 
to meet MP 
on redundancy 


T . . . - new a n important element of the 

Institute of Economic Affi*irs American fiscal constitution, 
book published today. It recerds namely the balanced budget 
the proceedings of a seminar-last rule. 

^*5^ on su ^j ec L ’ “Economists biindlv ignored 

The seminar discussed howthe toe asymmetry in application of 
new theory largely developed Keynesian policy precepts, an 
an d best known in the O.S- — asymmetry that tbe most ele- 
couJu throw light on problems mentarv public choice theorist 
such as how far individuals .can would have spotted. They naively 
or should agree, in spite of lieir presumed that politicians would 
confl icting preferences, about the create budget surpluses as will- 
supply of public (collective) ingly as they create deficits. They 
goods through government forgot the elementary rule that 
bureaucracy and the political politicans enjoy spending and do 
process. j: not like to tax." 

■SSSa-WSS of Kuo*.- b„ 



Vnur l - ,us Ct-UJU/imLJ bj r-UWLiCS, OU 

notable Lord 2kh James Buchanan and 

5*? r bly al0 ° g j2? ^ other lec.turen. Readings IS, 

their American counterparts, „ - . rann from of 

advUe^if thpvw^ 0ffC f lH^to Economic A tMn. 2 Lord North 

bewStenl dM^wh^So" StKrt LOTd °" S ' V,P 3LB - 

at their beck and call. r - 

I came to puhlic choiccT 1 * be ^ ■ « . 

added “our of intellectual KlSlflSZ COSLS 
Frustration with orthodox pre" 

World 
theory. 
anaJ 


appeal fund to protect parkland ^ J 

from what is describes as the TALKS are to be held this week 
continual threat of mining, between -the seitiOT shop stewards 
quarrying, trunk roads and at toe Leyiand Triumph Number 
reservoirs. j pi^f-at Speke,. Liverpool,^ ^and 

Imports pact rheir locai Labour MP.. Mr. 

KOREAN Footwear ManuTac- Eddie Lqydpn, after lhe rejection 
Hirers' federations have agreed b >’ tbe tgtal 1.500 work-force of 
to limit shoe imports to Britain voluntary redundancies. 

FeS * r eUl ™ “ ?***** 

tion, Lhe Lancashire Footwear VOted unanimously to fight any 
Manufacturers’ Association and redundancy .at toe plant, which 
the Rubber and Plastics Group, is working part-time on Dolomite 

production. 


Train drivers’ 
strike is on 


TRAIN DRIVERS rejected toeir 
leader’s peace plea at a London 
meeting yesterday and decided to 
strike on Wednesday in the 
Southern . Region south-east 
division, which includes Kent 
and commuter areas of South 
London. 


X 21 W 2 fl V 2 IIIfi 

the SCOTS firm. Holt Leisure Lerfsad to. trim .the 

Parks, are importing Jlmir 5 work-force by 450 before Chnst- 
yachts at £45,000 each from 35 of its programme of 
Taiwan because they are cheaper cuts. VMi. Leyden, .who repre* 
! than any built in Britain. Mr. seats the Garston division and is, 
David Cook, sales manager, said secretary of tbe Merseyside 
a comparable UK yacht would Croup - of Labour MPa, said that 
cost £S0,00fl. he would meet the stewards 

e x> either in London or Liverpool 

dOpWltn retires on Wednesday. 

SOP WITH, aged They toad drawn 'a great deaf 
90, the Founder president and a of experience from the closure of 


Id War If public finance THE COST of funnin S the Church ! director of toe Hawker Siddeley the LS^Td Ni^ber 2 TR7 plant 
ry. It made nn sense to me to or England w» ttoini last year. ; Group, is lo retire at toe end of [at Speke with the loss of 3JMJ0 
yse taxes and public outijM rs aa[ ^ w '^ m 19# 9. j the year, I jobs this year. 


Provide free 
intHTiationaitelephoTO 

friks for your dients 
fromm^ordtiesn 
Eurdpe;scancrra^ 
WSdc»eeastU5AUX 
and&ielsid 



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Swttutrtxfr# n .-i a b****v: jt\ : Q 



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9 






a choice between spending 
time working and spending time , 

watching television. 

You can do both, with the 
aid of the new Sony Betamax “ 
home video recorder 

■ It adds up to three and a 

quarter hours to your day by 
allowing you to watch interesting 
television that you otherwise 
would have missed. 

All you have to do is connect 
Betamax into the back of your 
colour television and your aerial 

into the back of Betamax. 

Then, before you go to work 
set the built-in digital clock to 
record the programme of your 

choice. . 

While you’re beavering away 


record up to irirec auu a qua^ci' 
hours of television, and then 
switch itself off. 

You can set your Betamax 
in advance to record a 
Drogramme that’s on u 
:o72 hours later Enough 
time to have a business 
dinner on the one hand, 
ora trip to Brussels on 
the other 


Betamax will even record off 
one channel as you are watching 
another Happily this means 
you can enjoy the programmes 
you wantto watch, without missing 
the programmes you ought to 
watch. 

Of course there are things 
on television you can well do 
with out. Who wants to watch even 
the funniest commercials over 
and over again? 

Here’s where the twenty 
years of experience that Sony 
have gained in the commercial 
video field comes into its own. 

Betamax is supplied with a 
: remote control switch that allows 
you to edit out commercials ■ 
f rom the co mf o rt of yo u r arm ch a i r 

It is also extremely easy to 
maintain. 

And it’s backed up by a_ 
Sony service network exclusively 
created for video recorders. 

If you have ever complained 
that you never seem to have the 
time to watch television please 
give this numbera ring:01-434 1713, 

The person at the other end 
of the line will be only too pleased 
. to tell you more about the 
machine that makes timeforyou. 


Sony (UK) Ltd, 134 Regent St., London W1R 6DJ 


D 


It isunk 


s,rful to record BBC or IBAbroatJcasSotheraise than 


i which is ihe subject of independently owned copyright maycnly be reproduced with the consent of the copyi ight ownec 


9 




- 22U2HC12JL i lines ^viuuuay. iwwuiyw fWrisw. 


~!5 S~ 





>ver 


£14m nuclear power 
station site award 


CONTRA 1 . T.' ■-•i.-ih more than -.vorkvh::: an nffiv* - ' complex and appropriate reception area*. F t fl y |J[| 

£I4n: h<; v: i^er. won ii> tv.ii.i-; nF ?;«: ''.‘.•"■<5 ‘.‘OCiijuctioQ For New building will comprise a ** 

tniemauonaJ. -he largest wins Toyota Ca - '- reinforced concrete frame and 

two pro.icvti Vo! fed :<i £9.25m Co.t.c v n I _ a disused floors to be set up on piled V^jll I|*j 

f or v. or-' : r : Ku vijri and Mecca, cisenu •" Finchley Road, foundations. Completion is 

-pi .,*,...' 1 -- j. Lor.dur.. -in lmpoaic: bead- scheduled for November. 19S0. ^AIK CLOUGH S not 

ini. co.i.,.3*... l-o *ni quarter 5 i.i.idms for Smiths . , h „ ,. , , , division is to carry 

■v rj.-iw.sh iiT: r l sresfc water been enrols to In tile mean hme, Gilbert Ash. portant task for the a 

main* »Mth«r ;i:h tne removal j, y^mcnon ' unrJ „ r an ;,? 0V1 ^ u ! , l S! , d ! ar ;>. '* *« but ^ a tcrick Camp, north 1 

t!:.!*™ ••* " r “* «-»ri * >t »buu. cum Si*? ^^ al ^. c,1 S"r WL*™ th, n.im 


• The company •••. ill la;/ ITS kni 
of rj.-ac.-ttsh *r: r J fresh water 


Monk wins 
bridge and 
road work 


Catterick 


SIR ROBERT Me ALPINE & erection and on she reclamation lUau truia 
SONS have been awarded a near- from the sea of some 300,000 sq . 

IMm contract by the South of ^ of !iC d vhtch is to be INCLUDED, m conttacB wo^ 

Scotland Electricity Board; for * w d hY a i nnn „, ettes inna over £4Asr. won by A. Monk ana 

preliminary works at the site JE^SS bS 3 Co is cne for the M5 motorway 

tv. iinn uw sea *ai u w -> a . r rr j 



THe rigitt;vvayt 


FACTORIES OFFICES 
&WAREHOUSES 

CREHSON' CONCRETE CO. CFO 

UoffCrandm Bucks. 

Tefc 208481. 



construct. .in ar.o rc-fooncn nf 
ductile .mm * ;-.:^r ;.ri:n - a: ihc 
. Fifth M.f.’i.r'h uH'i A-;y.'ar 
mmcrv.a..'. H.r. . und*-: a £5 ;:h 
. cr-nlra.-! -Tv. : . • iluv :-it Mini- 
. - 1 ry I.,' I' 1 .- t ..■■■ ;;:nj V»‘ai«*r. 
• IV fir.- :n. - <i :i.:w coni mi 

. and m-.i.;-d:p: *y%:cni >o ho in- 


In the meantime, Gilbert Ash. 
a Bovis subsidiary. is to build a 
£l.5m hospital in Glenrothes New 
Tn-.vn for the Fife Health Bnard 


■ard. Fa;rc 


- si ailed : f ih rt A (| ill In 

• mservo.rs oP-.l .'-fo-s:?j?i p uni pins 

s;at. on and io'; reinforced rnn- 
■ cretc rri.in, -n:"- ft"«r valve. 
. '.nc pits 

The M :•<■■■; ••■•nt-a.i >? wortn 


■ , ■ ex! •.•mo: : 
no in- . _ . j - 

Aquilri "■V -'-" 

Mpsns P . V-i ‘- 

I rnn- h ; 1 . ; . . 
valve. v ’ rf ’ ? : 

v I 

Ill fid It' 

worfn mm -fuel: 


£?ni. and cnTp.'.ae? v tr-.-hou -jnc w-iti ;t /c- 


<•" 3 ■disojjy oeniro telephone exchange in the centre 
.if coDiercn.'i centre of Stirling. 


c-£ &m Me plains 


”?.:■? rw!^ Industrie'. 
:d ar- .Tified a arowirj 


The catv> for each of ihe ihrcc 
dry docks' &re 17 met res hsph. ^ A 
?nd li>0 metres. metres and 4- / jrva lirni*?/ 

i?6 metres vide respective!;,. <w*ir». / JI41 TT lit is 
The concent for the sate* v.as A -w—i -a 


CONTRA' .TS w.-.rrh oo.sm ha' c *t-:ici; r :.?rta Industrie'. J - ,uv rc, " vlinT! >' tt 

been : ipner; :r- L-odon oy the which h.. ; :d or '.*ified a arowinj The concept for the pair*' v.as A tj— i . 

enairniLn Gnn«trucrjnn need 'ip-r-.v 5_ ..C 2 ! ! •■• and n**;. 2 h- developed for the Co'tain-Tayior n’O. ffH 

Materia!? Indu-.irtcs Omani .loinl bour.rr for h'.cr, q;:r.li:y Woodrow Joint Venture bj T. F. -*L 4 VilVll 

Stock Coo’-ran." . Dr. H.-.med AI- construe! r'-i 'ti-terials " , Burns and Partners and the ’B'T"* 

■Ril-ams. a- t'r'’ nr?*, .-r^p in sol- Pcor 'A':'.i-n K:rkp3mc l : snd detailed de?i?n. manufacture and "BPll* 

nnc v.p producii/h ■ entros for P.ir;n.'r' t.'K eimu'ltinv installatmn was eiirrierl out by ’N-A 

sand/Iirre c.-ie^s. ‘■•tiicklime and enginee:' s>nd is rosoon- T he Redpath Dorman Lon?- e^.TM contract for 


.nnc ;.p prod'-ic:; :-r. -cr.tr os for pjrm.'r- t.'K ei.n'i'ltin? insl 

sand/I i.tc v.-ie^s. '■iiicklnwe and ensinee:' r .' m -l bnd is resoon- T he 
. h;."dra:ed 'it.- :r :ho FuJimaie of /nr :V- ■■ '"•!>! r do-elopnien:. Cia 


to French 
Kier 


Oman nrmcir-f 

\Vp . ; : p;. ro r '~. ■ r " V I - •-■•' ■ > f M u -ra' 
S’Jopl;. ihe ;■■■"(' kiin aod h» li- 
ra ted 1 1 :;•.•? :•-■(! V.‘ li Pit.*- T'v 

rer jrrrc:;. ■• o.—.-:v:: -nr.u- g r jlii 

tti'p; I'-? ■• r'C' r»i.: ■ l.-ci - irmc ^ , - 41 

plan: ro ijorvie-'T ^ 

3H5icnm' n- , -.;r- • -/ V'-m '-:r- 
man;. 'n-. r\--. ntscu.- SJi'U’l 

«:ons .■ r** j , i”tf r ic*'u v.:ih 

B%bb:*!?-a of i v — .-pc / .;• ■ m- -a:.- -m /T - 
pi;- _ r.f Hr •?•-.’■ orj or; fieri 

r.c provided .< .• i • jc *» i I •. •■.-lab 


-•-o!, do-.ptopmen:. Clarke Chapman -foint Venture. ilonU defences on the Tharrm' 's J 

■.-.T'luch ^fl.co- :n «ub-con tractor.? i» Inc mam ln bt . undertaken for -he 1 

foniTactcr. Greater London Council bv Ki or. Q W/JTlIS 

■ri.« -If! U.,v Tko .-.'.ntn-i A.,.: T. 44-“* 


major opera aad Daller tounag .-) Ctc .b'='r ’950 

companies And for a full concert 1Jcl0D ~ r * S!jU - 

orchestra. The roof is being Compietion of Si da: Aiusria- 

raised 3 nd a new six-storey dress- :um's hniidinsF. designed by 

mg room win? and other facilities Roger A.. Parsons, is expected in 

will be added! July 1979. 

£3.7m Kyle Stewart 


fiacai orv 


eastern end of 5 kip ton northern 
bypass trunk road. • - 


Project in 

HOWFTELD ENGINEER £NC tas 
TT vdlCl 11 won a £479,200 contract for: the 

.-nii-t-aftrr — , — - - „ installation of -medianical 

" l c c Greater London Council b;. Kier. 3V^' 3_|i|S O I ' services at' a fa c'tory under :«io- 

Thc -b metres h: ah c-iffi.-rcl.'iin The -lontract. which is due tn ** struction in Colchester. -Essex 6y 

mss completed m J.i:m:iry 1977. start ji the end of this momh. WAREHOUSES figure largely block. The other award, worth kJUUMll . ■ W. -and C. Freocli t Construction ‘i 

-r.d i.-uiupnsed sheet pi lino, rock •••ill include sheet steel piling, jinong the lat«t contracts total- £fm is for a warehouse fy . ' for. Tre bo r" Sharp.- • The art-hi- 

.irmourirsy ^r.d Ei -If i million b'U'ed or driven load-bearing I Lust 13.7m awarded to Kyle Cadbury Schweppes THE. MINISTRY of Overseas tects. are Arup. Associates, 

cutir Mictres of s;unl. Tiii« iem- or reinforced concrete piim?. Stewarl. The company has also bezan Development is financing a. start ■. >itn in(i«iii n « 

imrarv dam ?cpar; icd ulwi v.U! b'ivkv.ork. struciurai sled! work. On the Lincside Industrial construction of 3 warehouse and on preliminary deagn work for ^ 

brenme The l«r S *" sh-p repair umbermp and embankment,. Estate. Eldon Way. Liltleiiamp- Awrrooia ar GurrKle Trading tnc Southern Darfur Rural SnonSTfS SSv EaE 

facility in the v.orlrl r'rrni rhe Kobert Marriott which like ion. Sussex, the company 'has estate. Taylor Road, Newport Deve.opment Project in Western |> 0ir g v a j Mirsate. Kent Arcfll- 

••••aters uf the Gulf during enn- K(cr . is in the French Kmr begun work on 16 warehouse We of Wight, for 11FI f £250.000) Sudan. Genera! ayns- of f the "J™ ire cSaTraifid mlStes 

't ruction t.f the three docks ., 0lip . - nas heen aw / rded a units for Thortrate ProperJes. “d of a four-storey reinforced project are to un pro ve. land J™ 4r^eeseonwtten» “S 

Kp Th a -.K^h r ^ mr r ie ! rrl ,:,5, tract -north over £1. m [or 106 This project is due for comple- concrete framed office block at uhlisavon m the ^onak zone. c^pSi^urst P^rtnShfo 

month with the aid of the cutler dweHin > 's at The Brade, Hert- lion in 40 weeks and will cost Clarendon Road. Wartora. Herts^ of Western Sudan and this start ^ • “ f - . 

su^tion dredger "' Global Bay." fo-d Road Stevenaso Hrr'c hv £lm. * or Slough Estates Design and will enable the newly formed- - !" . V 


progress 


hsbea rrr.z'- -,"i rt i; i.i'i/nnon i-- which .-'■■n-i 
to r.ive :r.v v rr'.-- pr-i.ioct com- dry doc 1 . 


COUPLET!' IN of she rfoc:-:;. 


.'aoiUy home i. or. 


SSShV Ge nera! ato of ^e Rovcx-*t:. Utrgate, Kent, Ardk- 

tects are Colin Tomlin Associates 


.5 ihe Dubai ■ r,10n,h l «th th? 


fih with the aid of t(w cutler dwellings at The Brade.s. Hers- lion 
ion dredger ' >..lcD3l Bay. ford Road _ Stevenage. Herts, by £lm. 


plescd '.‘n-s eri o' noxi year, siruviea r >;- t" r - CoFisin-Tay Inr The Costa in-Taylor Woodrow Stevenage Borough Council. Two further contracts are being Construction liSOO.OOOi. 


Then, annual •.■aa.icsf. w 11 • be Wood r 


entrire as main -loint Venture began work on the Another group member. \V. and undertaken at Brooklands Indus- 



up much 
faster 


Construction i£500,000i. Western Savannah Development . ' . ' ' 

Corporation to set up its head, |N 

- quarters in Nyala._the provincial 

Plane ffiFSiWn ca * , * ta ^* • O Work has started on- three 

JL lUlitj UI « 7! 11 Construction reqtiirfmeijts - of advan'ce factories for the Depart- 
I . the project include the Cor- ment of Industry at EJ1 a nd unoer 

l|T| tTBIlPil poration headquarters, a number a contract worth £442,000 

Ujl£ IJLlltV'U of development centres, water awarded to Tarmac Construction 

n suppiy schemes, from deep bore- ot Leeds. 

tacfpr h0 l 2 - -■ f ? r o thei dr ? and w ,; • Robert Watson and Company 

inhabited Qoz regions, small (SleeUorkl is supplying and 

SPEEDIER huiidicg design. irri f dt 'i , Ji f che u n ti ®°, d extensive erecting the structural steelwork 
especially mere .-i3ndnrdised roati J " d lrac,; development. ..f 0r an prhitcd board 

component- are involved, is Sir Murdoch MacDonald and assembly factory in Manchester, 
expected by W. 5. Atkins to Partners. ;n association with Value of the contract is *£200,000. 
result from the adoption, after Hunting Technical Services, is • Scott Hale < Contractor ) ha^ 
tnree months' trial* of available proviclm? general management -SLTjLrted a^ScMtocl 
systems, of the OXSYS packages and specialist technical staff in by ^be CVeater XonS corac^ 

2fciSb?id S for^Defel^ment hSS^ng^WMt 

S‘S a “ u&a - . 

Tnts building design system • A 29-bed gen atria; unit 

wfl! comaie.ment sireTiar faciii- Cl 1 •! designed by Foster Rainftfld 


drainage. landscaping and; street 
lighting at Tbamesmead. 

• A 29-bed gerialfia' turit 

-.vii! comalemeht sireTiar faciii- C* 1* JT _•! designed by Foster Rain f<#d 

Ties already in use and nakei, it B Qflfl Oil ConstructJon ,at tbe Northern 

much easier for Atkins engineers v “* . r -General Hospit^. Edinburgh, ias 

and architects to lay before - been completed . at a cost rof 

Clients alternative project — I £150.000, Main contractor- was 

schemes compared on a -capital I H jf f 1 31 H I Gilchrist and Lynn; ■ 

co -‘ b ni S ' 711; !t Abrt!lii h . e ' • Sir M. MacDonald and Part- 

". en n ? ' b? oom P a n> s m ners have been appointed, in 

position • — -ris .o.. s gn competi- OTiArQflAtl association witli Hunting Tech- 

-raw-. A., *** vUw^rtUUII nical Services and Sir Alexander 

^V;^3- a ‘ S - j dJ v- a ’ irnr-o vr.oc / _ Gibb and Partners, to uadertake 

nona) e»»auh.-hnieniS and big FOLR \ EARS after Parliamcn- a reappraisal' of previous 'pro- 
housing icnemes.-- will oe easier lary '. approval l' of the Zetrand posals for pump schemes on the 

S*re q iJ» , ? r l M , ' P 'i n l” d d d Slgn f S $ U W Co “ ncn Aet , 19 ? 4 .,^ vin i Nile tn the •Northern and Nile 
office s.aff *i,l be .eueied of the Council powers to build and provinces of Sudan. 

the nuroen cf turning out many operate a harbour at Sullom Voe-i- . - - 

individual drawings containing in the Sbetlands Islands the ^ gtwg g w» MMiii«i iHM » iu j-i . 
a high degree of repetition in SheUands Islands Council (as it ^ 

the detailing of identical com- is now called) has commissioned a 

ponenti. the port which wiil_ handle oil 


ponenti. the port which will handle oil 

One or the rea.-nn? for the from the Brent and Ninian North 
choice of Oxsys was the possi- s ea oil ftelds. 

d °^S L ^dlB> i 1 ^AtfcSSr 1 available include 

Which is the Atkins" package for ^ailaf^rrwt fldm'inistraHn2' anC ri 
the calculation of heating an o' ^ d J5'. h “.J 

cooling loads in buildings. ' ZS^Sf J^.. har , b01 ? 

W. S. Atkins on Epsom lo f d ' 

(OT 7 ° 7 t In ” jetbes designed to cater for 

cuj,- 4 » -oi-rij. U p L0 3 oo,oop dw't tankers. 

... The three other jetties under 

_ J J! m „. construction will be commls- 

■■}':■■■ 6 sioned by the end of this year 

and in the middle and at the 
: :h" end of nexl yar respectively. 

ITfiSrCnSI These facilities have been de 

»**** ,m '^'*- signed and thwr construction 

■/.yj supervised by consulting engin- 
■ : .-V. JlfOPrS eere Peter PraenkeJ and Part- 

v* uva u ners and are estimated to cost 

: : ywo ORDERS totalling oyer about £45m. 

£Jm have been placed with H. H. .. "" 

Robertson (UKi by Telford De- 

veiopment Corporation, 

These orders are for the sup- tit , at* 1 

ply of Trimat cladding which is WeSlSm VJanaU 

a laminate of profiled steel sheet r-* J T ■ 

and foam insulation. It is re- i UTlCl I - 1 

quired for the walls and roofs of 

factories occupyins im square Notice of Ann 

feet on Telford's Halesfield and wouce oi rtiir 

Hortonwood sites. . Talrp. Notice that an AnmiA? 



the right shutter.- 5 
at the right price..! 
at the right time, t 


Wharf Road Industrial Estate, 
Pmxton, Notts NG16 0LE. 
Tel: Ripley 811081 
L. Telex No. 377370 A 


Rattee and 
Kett get 
four jobs 

WORTH, better than £lm. four 
contracts have been won by 
Rattee and Kett {John Mowlemf.' 

Biggest job is worth £400.000. 
for the Roystort Centre develop- 
ment In Hertfordshire. This is 
based on a supermarket, pre-let 
to Budgens. and five shops with 
offices and Rats above. This 


Western Canadian Resources 
Fund Limited 

Notice of Annual Meeting 

Take Notice that an annua! meeting of shareholders 
of Western Canadian Resources Fund Limited will 
be held on the 29th Floor, One Lombard Place. 
Winnipeg, Manitoba, Canada on November 30, 
197S, at the hour of 9:30 o’clock in the forenoon. 

By Order of the Board 
W. Lome Johnston 
Secretary-Treasurer 

WORLDWIDE MEDICAL ASSISTANCE 




ictS 


;ii 
i. n Iif 


'.i'-' £l. 5m ho^pUal in Qenrothe.c New £ Loth ‘an the UK the other being Bradwell, covers an S.S km stretch of the . # 

' ••^■lifiin^i^oihcr JS"? f0! ; h , ‘ ne rif * h HMl J h Bnar , d Suof“the and Vork is now stardhg on site Oidourv. Duageness LA.' nfokley ^ norJ} 0 f thc Lydiate Ash gnfiO 1171 JFt ■■■-■ 

, :hr-c fionVlM 'akc ih^u- 0°”^" modernisation of ViSV- Bari-acks. flearMce and security fence Pwm 3 aad Huntemoa B, intercfcasge where ‘ the existing gUV^ U|l' 111 . 
dcvciopineuL * '. ' . ' ' Rt»:-Pl Signals Regiment. «iii take . . . y • dual r-ro Jane motorway js to be ■ 0 

%% s F ^s £3m contracts to Jarvis . gfg-rst a “" quick time- 

:nr-.-r;:u; ^nd o;ifk ‘Mth ; B */i« jnd pu-i hun? L required to build a three- ’ _... . , , -r /.f.mpanv is to construct 

r.-ms tf w.,;- ,, uoil- floors. Morey headquarters, an ud:n!r!- REBUILDING of the Palace Ph^e _r,-o ^ » the first phase of the Busway LATEST of the Superstores '.for 

Gilbert A arii lias a bn won an st r a live complex, civilian van lee □ Tneatre. Manchester and tne decoration puna s0U tberD Loop Com- Tesco, a four-block complex in 

V Lp : .ii? Jr.nes and award tn build j sime rn Perth and guardhouse, together ••-'itn Griffin brewery. Chiswick, -on- and the conve._..p3 ot aa \ Ojmo- ^ p.uncorn Town Centre Ballard's Lane, north London— 
•'* r tntendod i» pro fur John Menzies. one lo tii out other Joh s These include a nev.- don v\4. and construction of a . ard^V'av of for the De^eiopmeot Corporation has been handed over by Wafts 

iUP‘VMo ni — pro- a shop for Boots the Chemists in s ktd pan. obstacle training course ‘larger head office and warehouse and oars- bm-uis . . contract valued at Co ostruction 'within tbe 72-week 

;::*riern nfiic-? accom- ijlydebank and a Loniracr in do and a driver training area. for Sidal Alum imuin are moulded Mancnesie. _a.e uie araniwcis Work comprises 600 completion period. 

" floor, and the preparatory work for . new Thc division also has lltM.000 «a contracts worth £3.4m awarded gatn^m wJ be completed sfag!e 6 .j metre wide - _ dBB ^ .. i ddiu6na| 

<• j disojjy cenire i>?i«jphone exchange in ihe centre from the National Cml Board ro -larvis. -B aeptetnDer isriu. OTr riaw*av incorporating 310 , 13 was ._r esp il v e acaiupnai 

c#*a-rc of Stirling. f 0: - -.vork on a canteen at A; : or- . The first phase of the “O^T 3 ; Major redevelopment of tbe ra ijres of elevated structure and ™ 


for work on a canteen at Afler- . The first phase ottne mooern- Major redeve !opment of tbe „etr« of elevated structure and of officcs 

ion Bywater CoUieiy. Wctherby. «*“«« and extension of , he Bre - A - er j. 0: - Fuller Smith 2 go metres of embankment abS-e tiie 3 

11 is putting rhe fini touches to V'**?' iu£?¥!L£F and Turner -*-as designed and carnasevays. the latter surfaced litres of stores ‘nrcnaraS^ 

d neM £50.000 car park af With- Mancli^cer is bemg camed oui ea ^ ei:ed specialist main - vitb a’ flexible finish. IfreSf and officS^ p ” para ^ pn 

maton for Makro Self-Service for ^e ^ a ‘*® ster f P contractor Robert Morton DC of T . . contract valued at onr.CM. 

Wholesalers. Tneatre TmA. The stage and Bunm upon Tren: Slaffs . The rbe company sili con- ..Tbe total job cost was over 


cost was over 


Gainsborough'had not long been hting 




Gt^Builde^JI 

fbriOOv^atsM 




yPr 




\^XP 


begun work on the second stage 
Of a programme to provide staff 
residential accommodation for 
the East Anglian Health 
Authority. Valued at £350.000. 
this job covers the setting up 
of a block of 60 bed sitting 
rooms. ' 

Again iirCambridze. work has 
started on a £250.000 office 
development for Gredley Group 
('Holdings* to provide 10,000 
square feet of space on three 
floors. 

Fourth and final contract is 
thc construction at St. Ives 
fCambs) of a £175.000 extension 
to the ' existing telephone 
exchange for the Post Office. 

. In the meantime. Rattee and 
Kett is involved in the 
construction at Addenbrooke's of 
the £15m research laboratories 
for the Medical Research 
Council. 


Despite ^London Airport (Heathrow) being closed 
by fog on Saturday morning, November U, an 
air ambulance for Trans-Care International' was 
permitted* to take off. 

It was. en route to Hyderabad, India,, to rescue a 
desperately ill personnel member ' of one of oiir 
client companies. 

If you have personnel overseas write today for 
details of THE COMPANY MEMBERSHIP PLAN to: 
The Director of Services, Trans-Care International 
Ltd., Group House. Woodlands Avenue* London. W3. 
Tel: G 1'992 5077/507S/5079. Telex: 934525. 

YOU MAKE ONE CALL— 
TRANS-CARE DOES IT ALL \ 

*The co-operation of the C.4A ts d&epZp appreciated 


(1 


I r :«T *iC7 S 

til! '■ '• O 


sctricai 


•- S~: szr 


: ^0Pr n 

‘^PQHT 













‘-Monday. Novmfe^O- 1978 



ACCOUNTING 



• POLLUTION . 

Predicts the way a 
slick will move | 

TO- COMBAT the menace of wil are wind- and- -Bcflfi# currents. 


Support for the private practices 

ACCORDING to Zeus-Hermcs, Slrei-L Lonilun. firm rif rh.irfcrefl ptoS^s lovrl?: substantia! 
real-time wimiiunicatlnn*> and accinimanis. Zfiis-llf?rim*s has increase in productivity (less 
software specialises. of the 1.000 dov«')epi*d a pnrJ-a^p v hn-b. it fi*|ic 5pf*r/i ' n housekeeping t- 
or so accountancy practices in claims, will i n m ihe fomi opera- ‘‘ roV ,. c i vlu . n . .:, ld 

Hie LK with four or more tioiiai nwik r.r professional SJr' mv.i.J. ml with like 

partnep! (and therefore probably account aney pruci h e. n-J^and **ii-ctriir**v bills.’'Vate.,. 

n! (:;,nc d PArrr «l»r»cU«* an-Miir.- expend. c t. .. due to quicKer 
w“S ffJVinS ,anr i aml vani ™' data ™\ry and faster draft 

The cZinW^ta, - - n, - n " s un :i »° n W“ L --‘ 0**™' l - ,wr - 



(pen. . T.lMIlieC ClIHUiliyua • 1 ** J *'-" 

SUkXrak was developed, by ?hc tlailv meteorological ; data com- understands, the system itself. 
Oil .. -- industry • 1 International piled over uw years? . Bui the „ Working in conjunction wi 

Exploratiod 

Fonnn, • ..an. _ 

mdustry and. government urgaii« photo-oNldaCiom : C^ foom natural 
isations. operating -in the oil wavs in which oflf ^dispersed, 
exploration and production field. For' -the purp^clPf- tracking 

-It simulates the' creation of No, %J^,Jl? S hin 0 .v n 

an oil spill and predicts its *,«*?»■ 

movement and dispersal, making roughly- 23 ? e “7i 

into account factors such as vc tucnt sire because c oil 
wind. evaporation 
the .sea. currents 
.will predict haw. 

reach a particular coastline from - 1h ■„ 

any given oil well blow-out or d ? v . progress through these 
spillage. 


. Atlv.mfacrs include unpriced printer ■*»»uid vu«i £20.500 and 

.. ^ ilh cash now ihruucli faster hillinc would - 1 practice of peraaps 

knd " “Production system also stniuWes-tbe -eiTetts Croyduo and Company, the Fracd and clo<ei;- mnniiiircri wm-k-m- five or six partner* 

association o£ of . evaporation; and ^ . 

• DATA PROCESSING • ENERGY 

Quick check on entrants Two power 

rMTVffi »• cmircec 

. etc. Thus, it a tr0| )ics, has completed a proto- small iron oxide pari ides align ijvMi 

much ail wilt . ^ v ', h type ** automated immigration in a firm paficrn In form a « i 

coastline from these ,er minal.’* developed with sup- unique code. This code cannot . DIESEL-PRU r„\ generating sets 

port from U»e Department of be altered nr erased without aimed at vumus markets have 
» -VS f h= ^J9&££hl?whleh lnd “Stry. destroying the basic mau-nal. been introduced by both Pctbow 

Slikirab is available for use by Sect i£“m553MSShd size. Des7 SP ed specifically to read Each passport card will have a and Tempos Diesels, 

oil companies who wish' to test SSL 1 t 7fci!r^rtS?rtihOTter also 3 ncw of lravel document, unique tape, encoded with me 

efTects of potential oil spills, ft ^^ia%?ihp-u££SSS of anv f h ? Passporc card, which con- cardnuml-r VtK Pnh.rx machines are 

can alsP be of great assistance to to dififSS^'lbe slick tai ns personal data m a machine EMI data terminals arc con- transport:. hi... 'ilcnved general- 


facilitv ia available on the Scicnn , .C? 1 ir. “ watermark “ magnetic tape from t . .. 

bureau's twin Univac 1I0S con" cJ/Ini^hnw^incheifwlU reach ( nv<?n,ed and produced by EMI. unit (n read (he watermark. EMI aoisc hpure al n meires. 

outers 24 hours a day seven ft* ,,n lw!f« 0W -i2«anit where 1 ,s ,llis special feature w'bich lndustn:il Electronics. A^lrunam Called “SI inunund" ihe machine i 

SSK&F^- «*b level of H y». HjK- hove bo,n d,,u„ f , ,„ h 


vital informatlpp. jihirPlannin: 


Developed after, detailed clean-up operafiops,' & d-ln cost- 
research into the latest infanna- ing the need for insurance coyer. 
Upo about' how spiji oil moves Scicon, BriW?.- ' -Close, Kiln 

at sea. its ~ — “ lf1 

affecting the 

• SAFETY 

Removing the static 


This so-called watermark is S2TI. 


at sea. its major parameters. Farm. Milton Kcjwsr MKU 3EJ. T^*T,^C Tl|j|f|T f PriTtlfl/ll^k 
r >nbveaiept d£ a slick. OfiOS 565 &56. & Jr' - ** 4141 ' 




ROUNDING OFF the ranae of The agrermcoi with Feed hark 
cduipnirnt It can offer users’, tCL follows lie launch, in October, of 
has reached an agreement with the 10L 9500 Series nf retail 
Feedback Data of Uckfield. business sy.sipm». It gi ve> h’L 
Sussex, under which the latter the capability r»f supply mg 


slructifn. hire *Wi and offshore 
mduslru's in mind, imi should 
also prove .nuitable for Mlindb;.- 
applicatl'in: in pumicipa! and 
public wo/k* aiipiicaunns. .Avail- 
able with (*.;unmins nr nulls- 
Ro.u-c rnv;r th v gencr<itr<ra 
have skid has*'.- Tor on .site 
mobility. .•'H-nyr.c mineral non! 
noise in-ulaimn contained be- 


« INSTRUMENTS 

Precise for 
five years 

LATEST addition to the AutocaJ 
scries nf digital voltmeters from 
Norwich manufacturer Datron 
Electronics, the 10TI. will co on 
producinc accurate results for at 
\ea<x five years during which. 
ehims ihe company, ihe cover of 
the instrument need never be 
removed. 

The problem of recall hralinn, 
has h?cn overcome on all the 
ranges nf ihe 1071 using a 
simple lorhnu'ue carried nut 
from ihe front panel in conjunc- 
tion v.iih internal non-volatile 

ini*miirip> that eoniain all the 
relevant data. The conventional 
annual calibration is no longer 

necessary. 

.An unusual facility is that of 
automatic read-out of the maxi- 
mum limits of uncertainty for 
any particular measurement: 
when ar 11 error ” key is pressed, 
the instrument collates all the 
factors influencing accuracy and 
indicates maximum possible 
readme error in per cent or parts 
per million. 

Accuracy of the 1071 is claimed 
tn he hetter than ±3 ppm of the 
rea'lins. plus or mint's one ppm 
of full scale in the 61 digit ver- 
sion. 

Measuring ranges are of the 
calihre to he expected for an 
instrument in this eatesory. For 
direct voltage for example they 
arc 0.1. l.O. 10.0. 100 and 1000 
volts and there is similarly com- 
prehensive measurement of resis- 
tance. true RMS alternating vol- 
Uice direct current, and alter- 
nating current. 

Datron Electronics. Norwich 
Aimorl Industrial Fsrr»te Nor- 
wich XR« 6HQ 1 0603 4121261. 

© HANDLING 

Compacts 




electrical wnre^dabie? 


NO MINIMUM 
ORDER 



HO MINIMUM 
LENGTH 


' Thoi«u^rf^^and»^*istQ^forimmetSa^ . 

tQNDON0fr561&fl8 ABERDEEN{Vm)32355/2 
: MANCHESTER OG1 -872 4915 

: ‘ . TPANSffJt CAlL.-CHAJlfCK GLADLY ACCEPTED 

■ 24? HA. . EMERGENCY NUMBER Ot-627 3S«7 Ext 409 




i More and more influential business and professional 
people.are regularly caking rhe 





WORLD INSURANCE! 
REPORT 


produced by FINANCIAL TIMES BUSINESS 

NEWSLETTERS where ‘Specialist subjects 
receive sp ecialist attention w 

if your business interests demand regular information 
about the world’s insurance developments, P«« 
complete and forward this advertisement, and wewiti 

send vou a tree sample copy. 


Organisation 

Address 


ukcripnons D=pi ( W1R Fi.nnc.al ltd- 

ousc, Cannon Street. London EC4P 4BY i 



Senate 

Hou&e. 

London 

University 



market by, The Radiochemical tricaJly powemL'Statfc cliroina- * J{ ' js par , days t0 estimate tht- factory data’ collection Pow** r onip U i $ iiemeen 3 and 
Centre, Amertfbam. tors are ruled lotil - safety ]JOw . j^ ucb jj,,, contract could be systems currently marketed by 320 kVA are offered by Tempest. 

They make use of a sealed grounds. \ '7 . worth hut with anv luck, il could 1CL with the result that oxisiing with air cooled engines in 5 to 

radioactive source of low activity A likely application .will be rep re$ent something between users will he able to add new 50 kVA range hnsed »m Petter. 

contained in bars of. lengths he- where . moving -webS-.Of pon-con- £j m aod gjQm 0V er the next terminals to their systems nr Lister or Dorman engines, and 

tween 50 and 2,250' mro -placed ducilve material sdeb-as paper three vears or so. ' change to the 9600 without water cooled unttj up to S20 

so as lo ionise the air locally or plastic pass over rollers: apart ... * ' - ^ fl Xed j- or difficulty, and at a pace con- kVA based on prime movers 

aDd prevent spark discharges. from fire hazards, ..-aUUc- elcc- ‘ ^ ^ series which will venient tn them. from six different encine makers. 

The unit* are compact and tricity can be' uncomfortable tn - , „ h tailed the I CL Hnu'-e Putney, London More from Foundry Road. Siam- 

easilv installed, require no power operators, attract Itfusti cause . v„ i aunc ],ed and sold SW15. 01-7S8 7272. ford. Lincolnshire 10780 -J3S7L 

supply conne'cUons, ' contain no “wraparound” anff .^Uh pboto- worl ' d . wJde next bpr i n3 . 
moving parts "and so are -them- graphic products ..cause visible 
selves safe Unhazardous environ- blemishes. a MATERIALS 

meats. They can therefore he ■ White Lion Road.-JAmers h am, ^ b 

used in coating and- printing Bucks. HP7 9LL {,02404 4444). VP 1 

• CONFERENCES y £ ^ UI 

Three days on micros^ safety 

WITH THE aim - of increasing The conference,, which is ex- /»frj a] AC 

awareness throughout . British peeled io present authoritative ^UCL-LitvAv^ 
industry of the micrwrncessor, conlributions from kejr-sectors nDrtr , 11( ^ c 

Sira Institute is organising a of industry and government. AO SAFETY PRODi GTS fpa.i 
ihree-day : con Terence and ex- will consider ihe Impact of of British American Optical 
' hib'rtion commencing jfune lfi. at miprnprocessora on ll\e future of Company i bss announced tnai 
the Lomfan Press Centre.- " . ~ industry and .Hs yorkfogfc. jblw »! is now manufacturing a coated 
. .A, «uiunffJiee-- draw»> frortj ^the theddinces can do In'tfadsfdrm- polycarbonate p resen p non 

research, associations, the .De-; Ing equipment - performance, safety lens with a scratch resis 
partment -of ' industry and . the benefits to be- obtained; 'and the tant coating, 

5 — — J - J '.The product can meet British 

Standard Impact test, grade 2 
and. the company expects the 

technical management, ' trade coyerfed. : . ■ - - / “Kitemark’’ to be granted in 

anions, senior engineers, fac- • Sbiifh- Kin. Gffislehursl, Kent December when the Senses 
tory and personnel managers. - BF.?' 5EH f 01^67 26361. become available. 

IU --- 1JL - ■ ' ~ ‘ < The test means that the Ten? 

can withstand the impact of a 
{■inch diameter steel ball moving 
at 102 mph. 

To date, prescription lenses in 
polycarbonate have not been 
available from AO: because of 

the method used to mould and 
coat polycarbonate it was impos- 
sible to polish and arind the sur- 
faces in produce different opti- 
cal powers. 

Regulations concerned with 
eye protection in the Health and 
Safety at 'Work Art have 
ipcreasPri the demand for p^es- 
cription-lensed safety, spectacles, 
putting more pressure on the 
makers to provide the worker 
needing corrective safety spec- 
tacles with the same lietatveicM 
lenses as the user with normal 
eyesight. 

The company say s it can n<w 
make the new lens, called 
Duraligfat. available for users of 
Single vision tenses m a range 
of -powers suitable. for most pre- 
scriptions — for about- 60 per of 
.spectacle wearers. It Is hoped to 
extend the range to bifocal 
wearers within about six months. 

AO Safety International pro- 
vides a' complete, eye protection 
programme for industry which 
includes vision screening. 

'spectacle fitting and advice on 
the eye protection required for 
the particular - environment. 

Individuals however, need to 
visit their optician to obtain 
a prescription. 

AO Safety' Products. Radlett 
Road. Watford, Herts' (Watford 
335221; 

•PHOTOGRAPHY 

Ensures the 
right flash 

METERS which will measure the] 
incident flash intensity on the : 
subject during a test, flash arej 
becoming increasingly popular, 
with tbe professional, photo-! 
grapherWurCe they do away with! 
dials and tables and auto- 
matically compensate for | 
surrounding reflective surfaces. 

. Designed and made in this , 

Country by Bowens Sales and 
Service ia a meter which incor- 
porates 17 light emitting diodes 
in .a ringbone per haff f-stop.| 

Position of the f-siop ring is first ! 
set to suit the film speed io use 
and the meter is placed in the 
subject position. 

. Studio flash is then ignited, 
whereupon Ihe appropriate LED 
tights up opposite the f-stop to, 
be used for tbe actual picture. 

If desired, the studio flash can. 
be- triggered from the meter 
since a small flash gun can be i 
mounted on the latter; a photo- 
rell unit is used at the studio I 
equipment to receive the, 
slgnaL” 

Operated by two PP3 batteries 
In the base tbe meter measures 
only 132 s 77 x. 29 mm. The 
eentraJ dial reads in half stops 
from (2.8 to fl2S, against Sira 
speeds From 12 lo-36 DIM- . 

Royalty House. 72 Dean Street 
Londm-Wl (01439 1781). 


POWERFUL press-shears, cap- 
able of compacting and * clean- 
ing' scrap metal from cars, 
refrigerators, stoves, etc., into a 
sufficiently homogenous mass 
suitable for easy transportation 
and feed'ng into blast surfaces, 
have been’ developed by the 
Italian-based Yezrani company. 

The machines, are available In 
five sizes, and will he marketed 
in ihe UK by George Cohen 


Machinery fa member of the 600 
Group 1, Wood Lane, London W12 
7RL 101-743 2070). 

Shearing forces offered are of 
350. 500. 600. S00 and 1.0(H) 
mimes, respectively, to handle* 
all types of material over pro- 
longed period*. 

Tbe two main components— 
shearing apparatus and feed box 
— arc* set at an angle of 30 
decrees to provide a highly 
efferent gravity scrap f pe d sys- 
tem. says the company. In 
addition, the feed box is 
equipped with a lateral compres- 
sion wall io compress and reduce 
the overall size 0 f material pass- 
ing through. 

e ELECTRONICS 

Hi-fi for 
the ’ 80 s 

UNTIL NOW Ferguson fa 
member of the Thorn Group) 
had never pui its name into lie 
hi-fi business, it has continued 
its tradition of meeting public 
demands for products such as 
stereo record players, unit audio 
and. in particular, music centres. 

The company produced hund- 
reds of thousands of radiograms 
during the "fifties and 'sixties 
and a view of its newly launched 
Hi-Fi System 25 is extra- 
ordinarily reminiscent of the 
former ” musical sideboard.” 
The important difference is that 
this produi-t incorporates the 
latest technological sophistica- 
tion. i> British made, and is 
beautiful to •.(?(? and hear. 

The system f which h as been 
designed to meet ihe anticipated 
trend nf the next few years) 
combines individual units or 
tuner, amplifier, cassette deck 
and turntable housed in a storage 
unit, supplied with matching 
fioor standing loudspeakers. 
Records, cassettes, headphones 
and accessories can be stored 
safely and conveniently in the 
unit behind a smoked glass door. 

Freedom from unsightly trail- 
ing leads has been achieved -by 
the use of safety-approved 
shuttered mains auxiliary 
sockets. This means that all the 
units interconnect to operate 
from one mains switch only, yet 
still retain the flexibility to be 
used separately if required. 

The tuner receives long, 
medium nnd sioreo VHF wave- 
hands with switchnhle AFC and 
in’ erst.' »t ion muling on VHF. 
Twin meters indicate centre zero 




is part oL. 


Ifl Norwesf 
total capability 

KC : : ^-01-2 3599 5Vi^v ; '-y- 


for VHF tuning and signal- 
strength on all wavebands. A 
special refinement is that tbe 
audio circuits are temporarily 
muted while the wave change 
switch is being operated in order 
to eradicate unwanted noises 
from the speakers. 

The front loading cassette 
recorder accepts ferric, 
chromium dioxide and ferri- 
ehrome cassettes and features 
the Dolby Noise Red net fan 
system, and the turntable, a self- 
contained unit, is mounted on 1 to 
a structural foam moulded plinth, 
having its own power supplies 
and speed control circuitry. A 
separate motor actuates the 
automatic arm lift and return 
and cueing. 

IN BRIEF 

0 National Semiconductor has in- 
troduced an operational 
amplifier and voltage reference 
LMlO able lo operate from-, a 
single supply down to 1.1 V. 301 
Harpur Centre. Bedford MH40 
ITT? 10234 47147). 

'0 Linear and digital functions 
ordinarily requiring several 
integrated circuits to extract 
diaiial information from floppy 
disc heads has be.en combined. in 
the MC3470 from Motorola. 
Empire Wav. Wembley. Middx. 
<01-902 8836). 

0 PJessey Semiconductors has a 
new range of four element pro- 
grammable operational amplifiers 
designed for applications *in 
active fillers, oscillators and low 
power/voltage amplifiers. Cheney 
Manor. Swindon. Wiltshire SN2 
2QW 10793 36251). 

0 Cole Equipment is offering a 
range of rotary camswitches to 
provide sequential control for 
presses, lifting equipment and 
mining machinery. Church Road. 
Croydon CR0 1SG (01-586 7581$. 

© NSF can supply dry circuit 
switches suitable for low energy 
application*, made hv Cul’er 
Hammer. Keighlev, Yorkshire 
BD21 5EF (0335 61144). 


Cubitts have been associated with university, institute, college and 
school building since Ihe foundation of the Company in 1 810 when 
Thomas Cubitl, first of Ihe master builders, brought together into one 
team ihe many crafts and construction skills ol the day lo build the 
London Institute in Finsbury. 

In recent years. Stirling University, the Bristol University Chemistry 
Block, Liveipool University's Student Union and Residencies, 
Birmingham University's Refectory and Radiation Centre . . . and 
numerous schools for local authorities . . . demonstrate Cubitts" 
lively and continuing interest in this major area of public building. 

Memorable civic structures are at the heart of the Cubift reputation: 
from the pace-sening days of Belgravia and Pimlico, and the later 
building of County Halt. Westminster, to the greatpost-war 
construction period exemplified by the Royal Festival Hall and the 
creation of Thamesmead— all enviable contributions to the Cubitt 
tradition. 

HOLLAND, HANNEN & CUBITTS LIMITED 

Thomey Lane, Jver, Bucks SL0 9HG. Telephone: Iver 652444* 

CUBITTS ARE MEMBERS OF THE TARMAC GROUP. 



Stirling University 


4 

■ v 

3 




ESaiicial Times Bfon^y~Nbvember 20 1978; 



X i: XT V.’L'ZK ;i bin 

reij’jvc.-;: - ::n. L 'no'.n !i::n i»f 

fflaftazett'.er.t tonauiianb. Jr.: 
v."?h man" "SLi?‘ crcpc-ricnire. 
w;i! be offering expertise 
pubitci;. - for i.'io i’c-i time ai a 
5mai! semiui:: - sn Lntidun. 

Unui VI ‘Manage- 

me nt Cnn-jliae:- r.cnfined itrclf 
;o -iie pro:/: ms •;? one sinyW 
f.omp^n.-. i‘- _■ i j n t ;iarcn; 

Ur.iie : :: : v. v:\i.i : larger 
producer o; cuRfunier roods 
Until the be^inmr.n of lf«77 iji 
?.l b n a ge m e s u Co « ?u i r .1 n f. ; wa s 
•imply the Organisation Divi- 
sion and v fl j p-ji; of Unilevers 
heoil olnce iJaiT. 

LIS* any o'h-v nviy.v intev- 
7i3 Nona! O'jcijjii;. Vinievi.-r i> 
faced vruh larec heud office 
srarF * and ha* ;• ciesne in reduce 
:l. With t •■•<> ho>»J offices — 
London >'10 T‘ otter;! Bin — 
Vr :!*?*. c r may Sic- mere conscious 
oi tins problem -.nan thou. 

■While they ■••.ert 

of held I'Se: r-'Lff 
manasecien: eon*' 
m he i 



live Packaging Design a nd 
Production Planning. 

Tne first helps companies 
plan their distribution strategy 
h>- analysing' the profit contribu 
non from each customer. The 
second examines how to achieve 
the best packaging material 
size and arrangement as e VCT1 
small changes can make sizeable 
differences to costs of storage. 
- :.o:n- more Du.uness oy outside projects, bp to now materials and handling And 
L^Ncver than within. outside projects have come {he T hird is a computer' astern 
Oth-:-r writer examples are through Unilever contacts — a for production planning “ 
Unilever 1 ■■ research orgamsa- supplier might mention a parti- L 'I Management Cons 
non 1-.3L and advertising cular problem to the Unilever do nor mtend to lim : r their 
agency. L: now being ?oid. buyer who would put the com- services t0 th ese axw ^ a3 j if 
profit P«ny in contact with the con- faced with a problem which 
itancy. needed expertise which was 

At present about 5 per cent available elsewhere in Unilever, 
of the consultant's work is out- that could also be bought in. 


ou; 


Afrtr oecummg 

centr?. there was a modest fall suitancy. 
in the trnour.i of work the 
managerr.* 


consuJtancv was 


doing v.ithiit U rule vo r. This was s ^ e group. As for its total ui Management Consultant? 
inevitable since subsidiary i-am- turnover, it must rate the con- brief is that it continues to 
pj-ii-j* iof.j;i.d twice what suitancy as one of the smallest devote itself mainly to solving 


iof-Ud „ w w 

v.viv a-fcing Ul Manage- pimples. £5m a year, on one of problems of Unilever's business 


the; 

nic-nt i.on-ruiunrs 
-evvi-.e wjs -jeing 


to do: lilt- 
charged at 


the largest behinds. over £9bn 
for the group. 


i.rir.r "■.? 
Ikbc 


c- 


.-imp 

1\ pjir 

- fui! 

'.■dill 

ii e:\-.a! rates." 


;ho ■: 

iHcrnai 

Al 


; ;o Unilever. ? 

ub- 


■ WC-IC 

-Siiii: 

-• L'C* 

vipamcg are free 

to 

• •!' li: 

i'Oni- 

u.-e 

i*l: r- ■% 

'.‘■nsultaneie? 

al- 

:i r-:-. 

. A- lor 

ihnu: 

:h i: 

■iu!<i appear ihs: 

UI 

ipcn; 1 

■ micli: 

?ilan.-s 

u“sn-.- 

;■ Conoulianis i 

-.ill 

ur-i 

;ivj 

rornis 1 

:n 

r. m: n : ;h roi; s n o n • 


and according to David Mace, 
one of Its senior consultant?- 


dun 1 

Th^y v i ‘.:ne j b:t ol work 

for :> chan;-.- V” 

F>'livv-'r.r :• ertahlsJied 
pre-.-ed'-r/. : jp..;^t.on Division 

fis ; up a pro lit centre: 

:un-ijr.i£:i ::.i;y il:«=red it? 
: elation s ':.n -.he ;■ -> = r »■? iho 


the griiu:.. 
few t-iitfi 


s.-ouc. t;-.- 


's.-.r-'i 




i ; ■ j company 

r .:::o i * uv r. pruti* 

: ^ 1 v. n- ;r. 

tj r /•:• /or t” mt y Her 
. • ::c ■> n-l hr 


Alliiough ouiside work repre- there is litUe likelihood of u 
sen.ts only a small part of its becoming a major competitor 
total operation it has conducted 
over 20 assignments indepen- 
riem of Unilever since 1977. 

At next week's seminar it will 

tel! companies about three with 150 consultancy staff, with 
■til there can he management packages which it about SO in London, 40 in Rotter* 
c"niul '.antics to is offering in conjunction with dani 3nd 30 in Hamburg. And 
ma’.ch their -ixp-.rtiie on process tv.o_ computer consultancies. 0 f those about two-thirds come 
industry e: - : nnrporra ? irn. F International and Unilever from a orofessional consultancy 
The crop m work within the Computer Services. background, the remainder from 

sroup has oeen largely because Although the consultancy's Unilever management, 
subsidi: r- companies have expertise is vide ranging it is- i t5 success would" appear 
taken on some of the more j-!?rting on these three main fairly well assured: there ciusi 
rouune v-cr- to keep fees down, '-pocialif&tlons, since they are be a fair number of companies 
Avcordirg :s Peter Faziickcrly. ;.i 0.1s where Unilever has good interested in buying Unilever 
Uf ■fpn.i Cnnsuiiant's proven systems. management know-how. 

hea' q 0: division, iiimh The.-.? .ire: Measuring Cus- 

r.f -.-j..-.: been taken up t-jincr Prod-ability. Cost Effec- 


with the independent consult- 
ancies. 

But by consultancy standard?- 
it is a fair sized organisation 


Jason Crisp 


Cal King 
Simulation 


m-.m-iB! .-!< 


:.-i ■ 


j::;i 




-::m 1 . rr. 


o-.ric n<.-»-i 


reassert itself, plus a justifica- 
tion and 2 strategy for doing so. 
A tiuide to the Successful 
mean- is-.c .md ■aspirins senior managers. Management of Computer Pro- 
1 'mes nrogres- *'»n- -s a set oi concepts for .see- jects. by Hamish Donaldson. 
■t mi an urgamsatinn as an Associated Business Pres*. 

The firganic Organi>atiun and c-rcanic e.u:ty which, the auihnr London, price £10.95. This book 
flow in Menage It. by Hiwdon r.ia 1 mains. >s the opposite of sets out to home in on funda- 
A-; a-:: -led Bu?ine:- n-vv r:t organisation is iradi- mentals without getting lost In 
fVt'N-. L- .t The book offers t : '.naiiy viewed. The other is the techniques currently in 
: vii ! 0: ;h: light to senior the rived for management to vogue. 


nv'-il": - 

:r 


TDC INNOVATOR AWARD 



cost 
new 




"IT IS very crude, but very 
last." is how Graeme iliato des- 
cribe? tiie ink jer printing sys- 
tem which he plans to start 
manufacturing and marketing to 
the printing and publishing in- 
dustries early in the New Year. 

This may conjure up an ima^e 
of some rudimentary piece of 
equipment, but Mr. Minto is be- 
ing less than fair to himself. 

For the process that he is talk- 
ing about — and which has ju»t 
won him a £10.000 prize in Tech- 
nical Development Capital 7 ? In- 
no\"ator of the Year Award — i? 
both sophisticated and flexible 
— in that it can print on any 
surface, be it flat, circular or 
extremely irregular. 

It involves printing by mean? 
of spraying minute ink jets on 
to a surface at very high speed. 
No intermediate process, such 
as*platemaking or setting up cf 
metal type, is required. Though 
the principle is Did — it has been 
known since the end of the 19th 



Minto feels he is prepared to 
handle a manufacturing opera- 
tion. Prior to his time at Cam- 
bridge Consultants, he spent 
five years doing production en- 
gineering worktop, teleprinters 
at Marconi,, part of the GEC 
group- And two years ago he 
took a management studies 
course at the Anglian Region 
Management Centre in Essex. 


Royalty 


Minto says he has already 
identified areas where . he should 
be ■ able to start bringing his 
costs down pace production is 
under way.- This will require 
some further development, 
leading to refinement of certain 
components so that they can 
either be produced from 
different materials or ■ more 
economically. 

While this development work 
goes on. research will also con- 


Characters 


“^1 j** «%*-» ?T; /Ti .T- "Ti ^ 
S"2 m Ut. if-i -ii' 


COMPANY NOTICES 



Lea 'inp is '.he ninst sens i bit.-, most econni-iical way 
to r Luiin prestigious cart. - v. helher for companies or 
professional individuals. 

Many leasini* companies ai ve you oniy hair the 
stor.'. \\\f. i i<v.*-ever. make a scrupulous point of telling 
yoi .iwryifcn*} iir.'Mtf'fi. The previse financial benefits, 
"the exact p- 'silii -n v. hen the lease is completed... 

We in leasing lup cars for t«*p peojde - 

Ri'ils-Koyi f. i.i.innit-r. Bentley. Jaguar, \oivu. < IranaeJa. 

Men;ed'.< :n id •iv.nY . <t! lei •». 

\ ' •! I 

with US i ;.*>!! Iliify 13'. ihe 
pictinv. 


MOTOS 


r : :.v 01"SS0 877 



V’ 

Sales and Services 
For All Ford Products 

■«> APPOINTED 
DEALER 

Autoworld House 
30G Nor-vaod Road 
London 3527 9AF 
Tel: 07-761 3333 


Hill Samuel Overseas Flwd S.A. 

v>,-iv!i Anonjir.e 
Lu\cmb: erj. r-e Sotre-D<ms 

R.C. L.:i:mbfur2 ES.422 

Notice of Meeting 

Messrs. Shareholders <»re herehj ened r*.* au^ii z 
General Meeting 

■anwh v.jil be held wr.-die . Kredx-i^n*. >.\. L o\c mb-- jr_;s 
4.1 Bo'jl'.tdrri P.o.al. LusernNiui^- "0 ihc tih »>; Deu.-mbcr J:*”.« 
I- > hr. •- .ih 1 he Wk»« in^ .1-;.-..;.*.. 


Lord Seebohm (left), chairman of; Finance for Industry group which 
dkes in Technical Development Capital, presents, the Innovator 
Award to Graeme Minto. 

century — it is only in the last clearly riven Graeme Minto the close just how much has been tinue iu order to improve the 
fiv e years that it has been used £i]io >j e needed, just when he is invested in his system, but quality of the printing process 

commercially, most notably in about ro start manufacturing his admits that it is region which, says Mrnto with some 

the U.S. by TBM. u?in? a process equipment. For the one thing of "hundred? or thousands oF pride. uses licensed patents 

patented by A. B. Dick. -ha* h*< exn^rience highlights is pounds.” Much of that, pre- all originating in the UK. This 

;r. r SC1 ; S of funds needed to sumabiy. has been borne by is a British innovation and we 
ac hie. •? any kind of techno- Cambridge Consultants, which hope , to be the first all-British 
Jorica! development. ' no doubt hopes to recoup its ink jet printer. 

In tucr. :t icems unlikely that investment through ils royalty Clearly, to carry a ^research, 
it?? p--. 1 .' company. Domino agreement with Minto. . But and development facility, in so 
Vrin-'ns Sciences would now be additional funds have gone into young a company would be very 
at launch sit - if it had not Domino irwm Minto himself, expensive and it appears that in 
been 7c, r Cambridge Consul- and from his family, friends and this respect links, will be raaiii- 
tants. the Ciunbricze-bssed con-. helpful ” bank manager. tained with Cambridge Consul- 

■7^1— resesrrh snn cleveiopment Yet. to date, no marketable touts. Minto s royally agree- 

catuuitin? Tdr. Minto machine has been built And ment with the consulting group 

1 ’’ St’-Yembf-r. the when thev do start coming off lakes account of access to 
? C-iVbricUe Consul- the production line they will future development work. 

•ants’ ink ’-?i Printing systems cost in the region of £10.000 By selling to the printing and 
rg-'s-ar-ji 2 -id development each. 7*Ianufacture will make packaging industries, Minto 
sroup. .and ir was in this capa- use of sub-contractors, with will avoid a direct cbnfrootati on 
-"nj. *v; - cch n oiogy was- assembly taking place at the with IBM, which uses ink jet 
evolved over the ia?t seven.- Domino works in Cambridge, printing for one of its word 
vesr«. "ir. his sew guise. Minto where. Mimo anticipates, a processing systems (whereby iii- 
U-iil oc ur.-ig technology under workforce of six will suffice for formation can be stored and 
: ijer.ee :r-.-u Caiti bridge. the .first year, rising to 15 or 20 printed out - .automatically). 

Min:*.- :s reluctant to dis- later if all goes well. 


But what make? Mr. Minto" s 
systems different is that he can 
use very many more characters 
— 256 against Dick’s ten. Addi- 
tionally. he has married the 
system to micro-processor tech- 
nology. thus giving it a degree 
of control that make? it very 
fast and adaptable. 

Winning the £10.000 price ha? 


‘A'iji, HI 


Accnd:i 

! •‘iioni '-?»?! •-I the rc? -* •’f rhe B^rd 

2. App:<-i.il .'i Hi-; Bulm.e Sheet .iM :h-.* P 
•mJ a 


■ re 


Dirtwl.-r.- sr.d 
and L“ -s S'j-er-.en 


r'n 

b -i 


edibility that 
a 


Minto feels his.system is idea) 
for packaging because of its 
flexibility. 

Nicholas Leslie 



for uiz 

service you mp\% to receive 
feu? ssiaoni do 

Sc w CA?JS FOB IMPSECIATE DELIVERY 


- 300 Saloon. tc-nc 

1 GOO Saloon. 0-o.w oi cnJoo^ 
2000 Saloon. C r >e , C'; -1 cciM>s 
£5. C he*:-* e‘ £»: 

1600 Coup*. fJi .r- vourhi ..i—, 
1 600 HPE. ilfio-f* n* 

Gjrnn, Sal wn Cr- roliji.i 
C.-Rima Coupe. Cne.;- rj > .^l<? 



RICHARDSONS 

FOR lRUCltf 
OLD9URV BIRMINGHAM 

07l-?52 :SP3 -.56193 

' ~ s : ’ ' ^ ■? ' - V? 4ttS 



r.»r- i -.’r' C'H,n«i. UUI I'd.co-- 
Units Ion nmai c?« caw luei 
wi'.iimotnq. Law -tBirn Dflce. Pra -,011 
re- -.bills.. Maker* *u' - Werranla 

LifTi/led auantitv availabis. 

Phone now for our -atrcnely kcan 
=r|co 


LEASING EXPERTS 
LOWEST DEPOSITS 
1-4 YEARS TERMS 
1979 MODELS 
Immediate or Early Delivery 

FULL SERVICE 
MAINTENANCE 
SPARE PARTS FACILITIES 

KENSINGTON CAR CENTRE, 
181 WARWICK ROAD, 
LONDON W14. 

01-370 3152/3/4 



f m 

vfhCE 

ONE ON SATOKOAY y S MOTORING PAGE 
AGAEN 3N MONDAY’S PAPER 
BOTH FOR JUST £ 140.00 

For details of other sizes contact 
Simon Hicks 01-243 5115 


RICHARDSONS 

FOR TRUCKS 
OLDBURY BIRMINGHAM 



Skip lorry tpesialitu. 021-SlI i«UJ. 
IX 336193. Im median delivery on 
Bedford and Lsyljnd ehaiti*. 
Self-drive hire— 

been rates for short, or iong.temi 


pprop.-iitivn of re.-alw ,«r Y>ih S-.-ptcmber. N">. 

'Dwrharco oi ilu- Director i and -»i iJv. ‘i;anji.-*n At.Iisv f-r ;h r 
pronvr pvr:'«rmanvf •>! ih-*ir Ja’ie- |.-r in- p.-ri.-d -.-r.dGi >‘;h >';r' : -.-r.-:-.r. 
w*. 

■s Receipt ind acivn on a- t.mti. ■:■■■»>•. 7 ;!«iw, Dircci--'^ or j 

<■1 the 'la'uti- rv Auditor tor a new btavj'or;.- term. 

Renewal of the .lurhorizaiicn to the Board :o :»uf tun he- -i..tre> 
“train fr; .iblh-Tired Capua! for a further p-friod 01 r \-; %ear-. L 0 .r>:rrn_- .-r. 
I4rh May. .... 

h. An*, other bu-inov 

‘•Hareholder:. are a.1\i>ed That there no ouorum requir.-meur ;V r 
rhe p. mis 1. through 4 inelusb-e and rhe resolution* t hereon i.i:l rs; 
passed .31 the 'imple majority of rhe sh.ire- prewnr or reprc-A-nied me 
nu-finc. suhitci the resiricrion lhai n.- 'h;.reh.-*iiler erlher i-. h:T,-..-;f 
«*r In pri-xy e.m soie i.-r a nomher of ^h:«rv- m e\ce%- ••! ■ o: rh.- . h:.re> 
ivued »*r - • the .h.ir-,-' pre-rfni or repri-»;nicd .11 ihe nu-.-nnv. 

Shareholder*, are .ilu .idn-yfd that on nem 5. iln-r; !•. a r* * ■■ quorum 
requiicniem and rhe resolution thereon u ill K- p.on-d .11 a -Y me-.rin w f 
rhe shares prevent «-r represented ai the mevnnjj. 

Holder-. 01 hearer -hares may v..|., .n ihe meemij: in per -if, h-. 
produeiau -t: ih-: meeting either Their sfwre eer«fic.it-.-s'<r e. L«r.ift.ai< 
deposit which will he issued to them against deposit of their .Jure eemn- 

i. uc' with any the following insiituiions. 

Hill Samuel ii Co. Limited. 1 00. Wood S: reel. London E.C.2 
Kredietbank Luxembaurgeotse. 4.L Boulevard Royal, 
Luxembourg. 

Holder.- or bearer shares may v •■ie at ihe meeting hy pr--\y hv 
completing the form of proxy which will he m.ide available to Lbem 
against deposit of their share certificates as aforesaid. 

Share certificate* so deposited will be reuined until ihe meeting or 
any adjournment thereof has been concluded. 

Holders ol registered shares may vote at rhe meeting either in person 
or by prosy by completing the form of prosy which will be sent ro Them. 

In order in he valid all torms of prosy must reach the registered 
office of tbc Company at. least one day tvl- Tirhe date of the meeting. 

By order of the Board of Directors 


GERMAN GOVERNMENT INTERNATIONAL 51% LOAN 
(YOUNG LOAN) CONVERSION BONDS 


1930 


As ■ result a! the entry inw lore* an 1st Aortl 1973 al the sacand 
amendment to the Articles el Agreement or tne International Monetary Funs 
oar values have ceased to exist and can therefore no longer be rhe basis an 
wnich Uie amounts payable to holders ol Sterling Conversion Bonds are tabulated 
Consenuentlv. the Sterling amounts' paid- on 1st June 1978 in respect el 
Conversion Bonds drawn lor redemption and ol Coupon No*. 51 were cstaoUShoo 
bv the Bundesschulden/e-waitung. with reference to paragraph -C i c< Arii-rle 
13 ol the London Agreement ol 1953 and Article 2 at Anno, l thereto, o. 
ereari.-ig tne Belgian Franc as the currency of Issue wfuch. at that sale hid 
oepreelated the leas', since 1st August 1952 and thus bv reea'tuii'.ing ihe 
amounts duo on me basis of tne middle rare ot exchange for stcr'lnj afams: 
the Belgian Franc ruling for cable transfers in Brussels on 1st June 197S 

The Trustee ha» Been in f ar me d bv the Bundes3thufdcnyerwal{ur.c i.hat rt 
will make a similar calculation as regards the sterling amounts cu: bp 1 st 
December 1978 for Coupon No. S3 and mat the amounts parable will c? com- 
municated shortly before the due date ter payment. This calculation may not 
give rise to a further adjustment In the amouna parable. As toon as the 
amounts payable are communicated to the Bank of England, arrangements will 
be made tor them to be published Jit "The Time# *' and the - Financial Times 
thb should not be later than 1st December 1978. The amounts so published 
will be subfeet to any adjustment which mar be or mar become necessary under 
the provisions of paragraph 3 ID) ol the offer of Ult Federal Republic ol 
Germany dated 31st March 1ff54. 

The Trustee has advised tha- Bank of England that the euesiion of the 
application of Che Exchange Guarantee in the case of the rt- valuations of the 
Deutsche Mark of March 19fii and October 1969 and of subsequent currency 
adjustments remains unsettled. The Trustee hw also advised tnc Bank ol 
England that It is unable to agree with the method of recalculation of ihc amounts 
due. which is being aooMed by the BnndeiSchuldemierwaTiung as from 1st June 
1976. The rights of bondholders with regard to those matter:, there lore remain 
reserved irrespective of whether the coupons and bonds maturing on or alter 
1st June 1961 are oresented lor payment or not. 

In View of the possible adiustm* 1 * whleh may oc made at a later dare, 
collecting agents should retain details of the nolders ol all bonds on wnuse 
behalf coupons are lodged. 


Bank ot England. 


20th November 1973. 


ii s i ' a. vr* 

XL** ? 

JX. 

" V.' i\X:.Vi TDC award and the fngioecring company 

cu;-' u-= cs-L*j;W‘*y. V»Tier? we the href hers started is still 
is ere ftith, siiy, a manufacturing all the equip 

p.-niiuels cer.trol.er. ail of a rnent for the foam insulation 
suiiSi-:: .it- wer? known it) tfte machines, 
direct-jr of that company and he Perhaps the most significant 
wanted to fecaw whether it was single development has been a 
cea'ing wlt*» Bcaconet.“ ’ link np with Borden Chemicals, 
So s?: ? 7-Iiceael Coimett. joint of Southampton, a subsidiary of 
founder with his -' brother the U.S. group of the same 
7-iicfcac; of 3c acncer Equipment name (which, -in tarn, owns 
• Saiesi. jus*, over jt year after such companies as Faherge and 
becoming liie 19iT winner of Pepsi Cola). The agreement 
the Innovator .'Award. The covers marketing and now 
award, and subsequent Press means that Conneit is repre 
piii)!i:ity . --a'.e led to several sented in the UJ8., France, West 
devcI'irBicprs which, among Germany, Spain and under a 
other tilings, seem to suggest separate agency, in Scan- 
tnat the company is on the diuavia. 
brink yf e.vp I oiling overseas In the six months or their 
potential. agreement *' we have been more 

3.. a cony Us innovations have than pleased," says Michael 
he-;:i. Hr.-iJj, a machine for HI- Conneit. “They are very good 
ling ccviiy wails with foam at personal contact Their top 
insulation and. secondly, an- man deals with us and intro- 
other machine capable of inject- daces us to their top people in 
:ng foam into the voids of different countries.** 
concrete building blocks while It would be easy to get the 
they arc being manufactured, impression that everything has 
To cet their developments off been and is plain sailing tor 
the ground the brothers — the Catmett brothers, but they 
ignorant of the ways of raising dearly have had to deal with 
nrn'ie — set shout generating growing pains. M Any expanding 
suTdcient "ash by setting up a company _ has some financial 
g-MMTol engineering company, problems. But now we think 
By iiiing on only £5 a week we know how" to deal with 
each Lliey achieved their objec- them.” says Michael ConnetL 


tire within two years. 

Turnover of Beaconct rose by 
80 per cent Iasi year to around 
£Ju: and it has a current order 
hook of nearly £im. The num- 
ber of staff employed has in- 
creased by 30 per cent to 75 


Still praising the support of 
their bank — the Midland — they 
are now looking to expand fur- 
ther their production area, 
having trebled the amount of 
space in the past year. 

N.L. 


bihldiHg 

SOCIETY 

RATES 


Every Saturday the 
FinanciaU^fees 
• publishes a. table 
giving details of 

BUILDING SOCIETY. 
RATES 

on offer to the public. 

For further details 
please ring •- 
01-248 8000, Extn. 266 


MOULINEX 
IN THE 
U.S.A, 

After promising 

MARKET RESEARCH 
RESULTS 

in the U.S.A. 
Moulinex has decided to 
open a -production plant 
at Virginia Beach 
in Virginia: 

This plant, -which is 
now built will begin its 
production in May 1979. 


- £ 5 i 


pen- 

line 

£ 

4.50 

2.00 

4,30 


single 

column 

cm. 

£ 

14.00 

8.00 

14.00 


Commercial and Industrial Property 
Residential Property 
Appointments 
Business & Investment Opportunities, 

Corporation Loans, Production Capacity. 

Business for Sole/iYanted 5-25 16-0® 

Education. Motors, Contracts & Tenders, 

Persona!. Gardening 4.25 13.00 

Ho'-eb and Trqvi.| 2.75 10.00 

Bui.'k - Hubii>h' > r.- — 7.00 

Piemium positions available. (Minimum size 40 column cms.) 

£1.50 per single column cm. p.vtra 

for further details imie to 

Clafisitied Advertisement Manager, Financial Times, 10, Cannon -Street. EC4P 


THE BRAZIL FUND S.A. SOCIEBAOt 

DE INVESTIMENTO O.L. 1401 
NovembCi- 1975 *nd July 1977 lutic 
Bearer Dcpasiurt Receipts - BDR* 
Issued br Eurooean Overseas Issuing 
Corporation S.A. 

□ lVIDENDaCOUPO'J NO. 6 
Coupon No. S —ill be payable tran* 
ZO:h November ,973 onwards at one 
the unocr mentioned offices at Uw rate o p 
U.SAJM-8738 per l.DOO Deg«lt*E 
Shares and U.S.S2.608.72B pgr 10JW? 
Depositary Shares, less any additional triot- 
hofdine tax that may be deductible; 1 
— The Chose Manhattan Bank N.A.. 
Woolgate House. 

Coleman Street. 

London. EC2P 2HD. 

—European Ovei-seai Issuing Corpontlo® 
11 Boulevard Grande Dachesse ChortotlB* 
Luxembourg. ■" 

ThW amount reforaseins Hit dMdend O 5 
Cr.o.fil Per share, loss Brazilian «!*£ 
holding tn of 1S"o and tne Depositary F 
eomtniaiion of 1 n *. 

20rh November. 1970. 


CANADIAN AND FOREIGN 
; TK. o iF C . UR ! TI ! 5 . CO - ttMITED 

I 7,* fiWL ol Canada Trust Corpora. 
• nMe h ” c ^c ‘ e,,e,, we following 

| The Directors of Canadian and Foreign 
, Securities Co. Limited today declared a 
. divide nd o * _ on* dollar and twenty cenu 
j and extra dividend of nine-five cenu on 
ordinary stock payable December 29:h 10 

HS-az! m m£* No,cmbcr 2Qfh - 

LOndOrt EC4M 7ND. 
id A November. 1378. 


4BY 


. QUEBEC CENTRAL RAILWAY COMPAlTl* 
CAPITAL STOC-L , 

In preparation tor the payment of tg# 

! half-yearly « hi Send due januarv is. 197?; 
. on the above Stock, thr Tranffer bed** 
1 will be Closed at S 30 pm on December 
| 15 *nH wilt oe re-ooened on December 
19. 1978. 

W E REEVE. 
Assistant SeeretarVi 

50 Finsbury Square. 

London EC2A 1DD. 

, November 20. 1978. 


MEMORIAL 


HAMILTON ^ memorial ienrfcc for Jarmn 
Uwrte . Hamilton, ret red director ol 
SocKweW Ud., will be held on iSbday 
JW Detember at 12 noon at Sr. 

S'Knttf?' 5e ° U1W - 


CLUBS 


EYE. 159 Regent Srrpct. 7ja 0552. a la 
Carte or All-In Menu T'-rt-e Soecracular 
Floor snow* 10 as. 12 45 ana t.as ana 
music ot jonnny HawvcsMortn and 
Frn?MM 


GARGOYLE. 6? Dean 5l eet London, mi 
NEW STRIPTEASE FLOPRSHOW 
■■ AS YOU LIKE IT - 
1 1-2,20 Am. Show at Midmohi and 1 am. 
Mon.-Fri. Closed Saturosys. 01-437 M55. 



Building Society 


Announces that the following interest rates will apply to their 
investment accounts from 1 December 1978 


Ordinary Share Accounts (£1-£1 5000*) 
Subscription Share Accounts 
Capital Bonds 

2 Year Capital Bonds (£50Q-£1 5,000*) 

' i c ° above Ordinary Share Account rate 


Net 

8 . 00 % 

9.25% 


Gross Equtvatent 
at a basic rate of 
fncqmetaxof33% 

11.94% 

13.81% 


8.50% 

9.00% 

9.00% 


12.69^o 

13.43% 

1343% 


3 Year Capital Bonds (E500-£1 5,000*) 

1 above Ordinary Share Account rate 

4 Year Capital Bonds (£500X1 5,000*) 

1 % above Ordinary Share Account rate 

Deposit Accounts 

Save-As-You-Eam Accounts 

The guaranteed extra interest paid on all existing Capital Bonds 
continues unchanged. The actual rate of interest paid on ail existing 
Capital Bond accounts and on all other investment accounts on 
which composite rate tax is paid by the Society (except fixed interest 
accounts) will be increased by 1 .30% from 1 December 1 978. : - 
I'Upto £30.000 in joint account! • • 

Head Office; New Oxford House. High Holborn. London WCi v bpw 


7.75% 11.57% 

8.62% 12£7% 
















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Whatever you make or sell, it’s a fact of life 
that you have to pay for storage and materials 


The question is,needyou pay as much as 
you do? The answer is, no. 

For a recent survey by the Department of 

Industry showed that every company examined 


Which represents half the average profit 
matlp by industrial companies. 

Now look at four examples of companies 
which called in Dexion, and the savings they 

made: 

1 Storage capacity up 50%, no increase m 
floor^^der^icldng times dovm20»/o, 
estimated payback 2 years. 

9 storage capacity up 40%, floor area 
down 50°/o, cos* per pallet down 50%, estimated 
payback, 2% years. 


3.Value of stockholding levels down £50,000. 
4 Storage capacity up 50%, no increase in 
floor area, overheads down 30%. 

If you’d like to know how much you can 

save, we’ll be happy to look at your stor age and 
materials handling system and tell you how it 
can be improved. 

And although we make and sell a wider 
range of storage equipment than any other 
company in the world, we won’t recosmnend 
any of our own products unless they provide the 

best solution. 

In the meantime, you can read detailed 
case-histories by sending for our ‘Book of W0 
Answers! 

Next year; there could be more of 
your money in your business, and less in your 



i 


We’ll help you make money out of dun 


• • 


DEMON UAiITED,MAyLANI)S AVENUE, HEMEL HEMPSTEAD, HERTFORDSHIRE. TELEPHONE HEMEL HEMPSTEAD (0442) 42261. TELEX 82242. 










to 

LOMBARD 


[THE WEEK I N THE COURTS 


/ Financial Times Monday November 20 197& 

TENNIS BY JOHN 8AHRET7 


me 


value 






BY PETER RIDDELL 



• • 




by JUSTINIAN 

THE MOST significant economic Wednesday with those produced 

even? of the luf-v v.our: may ium io October 1977. Although the „ , . 

out nc: to have been the break baste of the statistics has been OPEN GOVERNMENT has been what happens where the materia. 

down of the Government/TUC changed from 1970 to 1975 prices widely discussed in the wake of supplied is used in th'* nianu- 
pay ra!.*s out rather the publica- the general conclusion is clear. lingering end of the Old faeture of articles read!’ i<?r 
tt-in o: inc new Treasury fore- For example, allhough the Bailey trial of two journalists sale'.’ 

Casts. Rut before readers rush overall rate of economic growth and a former soldier under the The practice has grown up 
of7 to mil ,’or ,n v iomujdiaie in- between the second halves of Official Secrets Act. If the among buyers and seller* of P ru_ 
c*;cera::<»n -roi.nd* of 1977 and 3 OTS is likely io have prosecution lamentably failed to viding in the contract lb-' 1 a P- v 

o'.« v: aus dic5b;l:5" brought on by nertt nearly as much as previ- piess borne the gravity of their manufactured articles would he 
« of ■'faiisiic* they rmnhi '■iii-'y expected at 3 j per cent, charges (the convictions on the given to the suppliers a.- security 

pans*- :o consider lh<' rcai stun:- the r.ijin components have not lesser offences and the imposi- of full payment of wh.it the 
fi*. -re® of ;h<: fc-rgca-:ti. iu -ncu f»u‘. as forecast. tion of non-custodiai penalties buyers owed, and that the buyers 


AS THE RACE for ' next son went on to lake the tie break Eosc6 . Taaaer * 

January's Colgate Masters enters nine P®*”” 1 . ^ "turned the * McEnroe’s swinging- ; serves 


January s GO.gate *%iasie» enters, nine pvi- - erve wraed the McEnroe’s swinging' serves 
the last ia?, 19-year*old John McEnroe's way—* a and lethal passes, taken often on 

McEnroe u f Doaglaston, New J*eS. to'love in the ninth game, the rise, accounted for him 


dapted by the common law York, has made certain of ohe of rm!t third set tie break was as 6 — 1° the other semi- 
Jdges to give the seders their d eight p j aceSi . . "fLS! a s the first. The firet final Guilikson had* a walkover 

rotection against £n insolvent “ ' p * ill went against serve, with Ashe, who had injured a 

ebtor. He capped a week of outstand- all McEnr0 ^ shoulder the night before.- . ; 

. . in S tenns? ye5terd£y by winning b k l cmllikson against to take ft j s a sobering thought for 

PfO Visions ’he £SS,000 Benson and Hedges g eGUi? nce 7 points to. 5. those who will _ accompany 

Championship at the Wembley ' voun «- e r man lasted better Britain’s Davis Cup ream tb'Palm 
The fjuestton in laH weeks arena. an d \ ne g n t prize .of •_ A 1 i Ip 'mutch entered its fourth Springs next month for. the Da^Is 
iso was whether the right to «sn nft hpnrior his faiinw t ,.-iih two breaks in the Cup final that McEnroe will be 


'-.L-iy expected at 3j per cent, charges (the convictions on the given to the suppliers a.- security cas e was whether the right to *isjqo beatins his fellow £«„rLnd with two breaks in the Cup final that McEnroe will be 
the -jin components have not lesser offences and the imposi- of full payment of wh.it the trace was 3 charae to which j ' T; 7;, )} iUr«m and eighth games McEnroe the No. 1 singles player for 

la-nou f»u: as forecast. tion of non-custodiai penalties buyers owed, and that the buyers Section 95 did not apply, and ^ * - * L, " I hi* bi^sest pav cheque America. 

In particular. consumer spend- indicate the comparative failure would keep the articles m their therefore was not vo,d ™ professional _ To Yhw of. the .JUUMpf 

in- it ■ v#-l v f ft bar* nudii hv SI rtf th^ ftnwnl the fu nrlampnta I n<inuoitt> rtf Al . n^r.« nH eWa . nnin-irjv ^ CrfidilOfS for ; 3 ::K la-UQg y OOlirS .SltlCG T>*vic fhm final -fhpjnW^ftTTBBWfto 


in_- i-i ,’:keiy to have risen by 51 of the Crown » the fundamental capacity of fiduciary ' owners on the company's creditors for lack I ******* «> “ w,us ** ; * ,n “ thi year— at the- Queen’s Davis Cup finhl/theTterfomaroes 

per cent. apainst the 3 per cent principle of the public's right to behalf oE their suppliers, of registration. A company man u- 31U ' U1 - 5 - . £.? r jJ e ‘ tau-namen* the week oF The British men .dt Wembley 

incren-o previously envisaged, know what is being done in its Ordinarily, that means »h.it the f a cunring chipboard had used in Seeded three. McEnroes— the *7 u ! n xvirnbledon! were disappdintipg-- JPhil'tiSoyd, 

Mi; manufacturing production name is a long way off total manufactured articles cannot be tbeir manufacturing process lOth-ranked American — had.-, noi “ ercire ' ‘ - n ^ who will aim o^.7*rta9wJy-filJ one 

h-.t nr ••• jib:;, increased by only acceptance. sold to third parties until the 30 me resin supplied to it under dropped a set until the final; This b3s r ? een *^ 3 L. „ loft 1 of the singles' plac^ Tosf^&is 

p?" -em. against a 3{ per But nnpnnev in pnvpmmpnt is nianufacturer bas paid th- sup- a contract of sale. where Guliikson's fine serving, autumn for the American ich- m&teh^- to; Statt-5tinth 

■•■cn» r:«e expected a year ago ao t restrirted'^ to oSbiic admini" Plier for the materials. But the , onditions nf s ,i e undPr kept him level for most of the hander wno. siace ® 6-3. 6-4‘ John’s hrtjfecT^avid.' 

! -liJ l3 L t0 . ba ^(n T « e = in^ Whitehall. C Likewise, street normally goes on to ^ d resl „ had been sup- miAcfc untii.towarsd the end. ha w;. 5 McE^roe^fc^^m.-SJing 

'; r .; : 'l a *l a r in 'i_f there has been a movement over Provide that the manufj-urer L . ontJ i ne£ | j^e following Dre tf v is;My. .of ,u(? *1. 'Hartford Con- V 

•oref. : ...ase Of 6 per cent, rhp vears no demanrt OOpnn««;s in fiiav sell his articles in th e nrnrieinn- •‘Risk anri oronertv. TVio r.-^-r c pj ttircMt'nn thd ipumam.nt- . ® Jt Was • left-- to i lhev.:]Bt3iSh 


rnav sell his articles hi “> c provision: “Risk- and property. The opening set turacd'on the ™urnai.i™ pVan^coVad list . 11 Vas w 4 

normal course of busmen- Goods supplied by the company outcome of ohe of the finest tie nechcui. SUn Fr - Gulik- team sjsdder g^e ai^ai^fcyk^ox. 


provision: “Risk and property. 


is lh.m instead of 


Goods supplied ny tne company outcome of one of t be finest tie ““V. Rtnekhnlm where Gulik- L ^ d ^ 7 
d principle of The question then arises shall be ar the purchaser’s risk breaks i can remember. McEnroe: h bis ~ c «j in now 3t._ to k e^p. th e-.q^^itrg. .. 

ty has been whether the supplier of The immediately on delivery ro the built a lead of fire points to one, . irin Guiikson He .had : 

ground. One material is entitled to a charge purchaser nr into custody od the only to see his 27- year-old- 9 D n c ' against W °Jtgk^ Flha^-nf ; -BtrfaBd 

iven a forensic on moneys held in the Pur- purchaser's bchaif (whichever is opponent reel off five po tints lo r ' b^foro Ktfing-vnlA _ oOMUt vte-thc 

a the Chancery chaser's bank accounts, and to the snonen and the purchaser lead 6— 5; set point forGuIIiksdn. . In his other tournaments No. 6 seed .hapay 
rtigh Court in trace the proceeds of sub-sales of should therefore be insured B . -McEnroe has wen a .nnalisi /— 5. • .-. . - ^ ^ 

id. r. Scottish their property into the account, accordinaiv. Property in goods t>Jt unen.i c-riroc . rve was or}l . fe g^ d a .<eim-finaust three The Colgate.. W 
* Lid. and , n a „ aT lhe supplied ' hereunder will pass to ^'^3° ■ tfmw so that yesterday, was .his endeii ia paim Spripg^lastw^k 

m3 ^ ' ihar lhe customer when- fa> the goods f ^ r J??‘ final in eight ^eek/^-a an , imfierttht r.rtetft^fpr 

^ntwi-f and to however, both linos- lk ,, oromnted Arthur r*v,ri c ff.u m 


r'ses n r :» : rr.pl; an ir.rent:r»u»- •> r “ ■ ' 

iicf m hlclihr-^c t< r ih<; |h ; s 

“rCflftir' .Vr?i;„ji= oetrt.: fulfil! led ha 1 ' 1 ' . 
ir r>r-ir-t;c'' — r front ; r ; :ncc crc-:’.' 
*b«- project! 'ins ibem-civr-.v do nos ‘h*- 
represen* ■ na- th*. T-ejiUry sws c. 
realistic >i ; r::?'! - .'- ;o harocn 


ut,u>. i>«- k-.-i -ric -cd :: is fortunate Section 95 of the Cnmpames the supplier could trace 

fl r ,h.- ;h. - ; I."."' T~:.. -ur.- and rhe Bar,!-: A^l I94S provides that any the property. The critical 

- fijihilc-ri ha'--' *ucppMled in. dis- ch a r ge on the land, undertakings question was whether such bar- 

; r ■•’nee crcc''-' redi: !"■ - ino hum nf or debts of the company mu.st be sains create a fiduciary rekition- 

o>do"noi ? ri r: .-vn.er - burd-.-n of over- registered in due fom within ship entitling the supplier to 

T’-ejiUr stvs r.i-.i'. the earl;. Utfn.-. days of its creation, other- claim moneys that are the prn- 

haVpen ■' ,ISfr . becomes void against the C eeds of the sales of the nianu- 


under this contract, have been was at least ;ix inches out,” he Bore." 


st prize oe sGtywv; . F -.;. 

In the piU’d 


r,r.s G^*s° 


Tb-y bi-.v. .w« idcreMe 'w- ‘ • ' ' 

»n h r!-. m r v borh v.l.-r r j. v r- f.r; rah !c assumptions 

Tr<a. r urv ‘.i* inks 1 - V-pn^mnc i" ‘ ,r - ■ ' ? ”"i a " unchanged 

t ;- o economy now ;.n«j ,;.r- ovrent c , :i:!i>n rale. Although the rare 


ensure ihat the present capital na^-rront for th* ,nnrt« .n, d e to imply into the contract of sale ing shot had hit him as it went tion in his path, including Dick {springs that next year s ypi gate 

structure, ownership and. control kv ’rh-*m m rhpir c^iior-" tnj- -k,-* a licence to use the resin in the hv. So the utnnire corrected the Stockton of Dallas - who had Senes finals mi£ht be held in 

of | he company at any time. Sh .hinX «?»* course of manufacture. score to 5 points all and Guilds- reached the semi-fiaal at the Britain, 

micht h e ascertained by any 3r v- 3?3af rem?dv ,s un- it was paid for. Judge 

KuriTSSdLWS.. buye™ "«»■? ««« •», 10 tow «“• & 

Ii was argued additional K that of the clause m i..e «.on- 


•"’7 1^*9 no - l C! J'.*r structure, ownership and c< 
f.r.’ r.: rah :e assumptions 0 f ;|j^ company at any 
?--i an unchanged micht he ascertained by 
ra;e. Althoush the rare interested party. 


I Vv 


o; its :wjT:!r.:*ir. ic-ous the e.-os».-::ie growth is expected 

poi-jt cvrr. on .• ‘vVou’-ibie pav to SiUVf'.n io 'l per cent bet ween 
outturn, "in .-her;. :i provides a tnc -o.-ord halves of !9TS and 


ncl»-!i : ed. if dcp-c.a’P.g. interim 1979 and ‘ho expansion of con 


r*-nort on Prip.m has u^ed S'-cndii? to 2; pi?r c"nt. 


pro; ided uy imports arc projected to rife by Jin the 


PrOtPPtinn there was no other proprietary tract was to create a fiduciary 

riUlCLllUIl renIP dv available to the stli-rs rejat : onsh,n between Lie sup. 

Thus openness I, insisted upon in-tiryin! their attempt to trace j! ,e t ! I”,? 0 L h *,ffl , K™t:!!7o r 'i™ 


CRICKET BY TREVOR BAILEY 


l-.e .v-'priri::n::y crowded uv s.njor.s six 

Ncr. 1 - 573 «•■( fi ; r-?r c r 

F -n :Yc ■ 'r:r : there was. increase :n 


■he :mr»nrt ncpexr^.J upon the company's property. 


openness is insisiea upon rn _ii ow fnrm.tr to face 

dealings of limited Habi- recover the proceed, of rhe ^ or-oceeds of the sa'« o^the 
manies with debts secured 'Uh-Mle* that had rome iron rhe Ij: ?3! ei 


ur.-*: :• dcr:*f- _r.-ju; The use 11 or. of manufactured products. I But not all charges upon a com 


r * ;.v -V x---‘ re -v<: -j. E jjic T : i.? only rre«nn why the current 1 pa nv's assets are caught bv the pur basing company. 


sub- mi rchasers into the hand* o? chipboard He rejected the con- 
a linuidator nr receiver of the tnilt the u f 5s of th ? r f sin 


10 ! 



PrSn’c i.nd "!r Heale.v eccoim! shou’d not deierinrate secr-on. as last 

■=rr?{s-c: >. r.-ir; :-r.d tg:m «!..,t one >•» ri«:^c oil prodiiciion demonstrates. 


week's case 


in the process of manufacture 
nut an end to the right to trace. 


Thar would certainly be the Thst ri n ht t0 trace' was. more- 
rios:hcn in the ordinary con- 0 ver. noi a charge within the 



rri - f c-'y ’■!;■■! h; < !i i p- 
rcn*n. .'"if’ *.j ■h'- '.i«.-vern- 

mcr, - ’s r- j.-r : f'7i.-.ry n--.:,| p-.li- y. 

Trc c:<V:r>» of the disnr-pr.-int- 
Tim; e.-r.'cr hope* is ;vrha''S 


mvan mat Britain is on tne ousine^men ro protect mem- provision mat stated mat owner- ir . vere j, a charae . .. 

brio-: of disaster, as Mr. Wynne selves acainst loss resulting from ship did nor pass until full pay- treated bv the com nan v and so 5AR ® AI ^- ,S * s 2 sr»aj : - heawb' from a junior league. Another are now tnercenancs .i .. pfcrer 

GodVv e o regularly prediefs. the grant of credit facilities, mem had been made. Rut the wa , nol VO id aaain't 'the com- ?°" u \ a!e< 2 I sJa . a ^- many tournament on a larger scale is 1 

though he is rish: ro point out when selling a commodity, the provision f hat souehr to impress nan ,. s creditr.*--- for l”>ck nf ’? Lr,e . , - a 7ic-bean - it never being phianed for nest year. muen higher tnan. that of English 

th*r ;he North Sea oil onpor- seller stipulates that the owner- the manufactured goods ior The re n ‘strat^on * " changed hands and remained a Confronted by the Brian Close club, or league cricket. •■* 

‘•.iRi’y has nor so far been used ship of the material supplied on proceeds nF sate of the nianufac- 0 ‘ British possessior. usttl -mdepen- eleven and rinding my side one one big advantage's that their 

in rcotnve any of rhe long-term delivery will be transferred to fired j-rnds) with a charge on > T_im-?f=_La wReport. Norember dence. 1: became Known as short, experience came to my ma j c h eS are two-inning* affairs, 
'■on-traints un Briiarn'« cennomv. the purchaser only w-hen the rhp pronertv or rhp morn- vs. was 15. T97S. Little England, produced^. the reserje when I slipped in a local sl . lgL .rt , over three sucecs^ve . 

the r^al value of :hc new fore- latter has met all that is owing held ro he successful An old i Aluminium Industrie Vcassen best policemen in the West who happened to be lurKinR.ncarr Saturdays on .very . good.-J.iasi- 

i.-asTi is in mn'-ina that message to his supplier.- That -eems do^rine of the Chancery Courts BV r. Romalpa Aluminium indies, proved ideal ior sugar by- He preceded io score a cen- flltclieSi unless it should rafif '4 

a :<;•'! !u: ely plain straightforward enough: but known as equitable tracine was Lfd fl97fi} l WLR fi76. growing, has an airport which turj. which was beyond the range tyyo inn i ngs ate h meanr Thai 


oo«: .h.-.v.n r ;;. corn;. g ring in- e:ist« Is in ma’-ina that message to his supplier.- That -eems do^rnne of the Chancery Courts 
Treasury fore cavils of last aronluJcly plain straightforward enough: but known as equitable tracinc was 



nresent demands— and adopted dad never even made the Bar- ne „ aLjve and wait for a declare- 
! cricket as us second religion. bacos team. * — ■ - - 


I Barbados has bred more out- pj J? ^^e^n^dc^and^Ba^ wickets in conditions that assist 

V-^I ? ner^-ousfSfiBJte 1 %an '-m bados Crickct Association side. Th^batsmeh ^for tbSr 

\var ii per rnuaw^uiilc tban any^ *u p ij,H Pr fnrliidpH t l^l-vpar^old ability. • The bdtsroeru, for tteir 

where else m .-the world. Sir Vrl^nt part, are encouraged to pFay both 


lion. They have, to! capture 


BBC 1 

.0.38 am For Schools, Collejres. 
30.43 You and Me. 11.00 For 
Schools. Colleges. 12.43 pm News. 
3 At Pebble Mill. 1.45 The Flumps. 
2.01 For Schools, Colleges. 3.15 
Songs of Praise. 3.53 Regional 
News for England (except Lon- 


8.10 Panorama — The Battle of Northern Ireland — 3.53-3.35 pm 
Printing House Square: Be- Northern Ireland News. 5.55-6.20 
hind "The Times" Scene Around Six. I.Oy Linfield's 

9.00 News Sporting Dynamos at Windsor 

9.25 The Monday Film: "Curse Park. Belfast. 11.45 News and 
of the Black Widow," star- Weather for Northern Ireland. 

ring Tony Franc iosa „ .. _ , 

11 00 Tonight En & iand-^i.3ii^J20 pni Look 

1L40 Weather/Regional News N ?, rl . h 


9.3U Looks Familiar Special 
10.00 .Monday Night Film: " 


lines 2.D0 Housepurty. 
Co e l?..'3on. 2J0 a .ones. 3. 
5. IS Thif Uniterm .Mr 


Yrttl in Hell rt irlino'' et^r- ; i-iwum ,inv:aiur.-s m '.ap;2in ynfsotuij i.ic w w antS 3 yoUPC. perfCCIIV enoriuuus love wiucn exist* »ur 

ring Su?A' , w ? hi&. Janet tiT*”! tfK Con° fast bilerf briftift fielder the game and .the .natyntt 

Leigh and Eleanor Parker " hoi.-i •• sramng Rod Tarior and Ka.-i eV jCr t0 ln 5* nc ' *“ e ; ; an uninhibited striker of the ball, athleticism -of the tababilants I 


2.01 For Schools, Colleges. 3.15 n'jQ Weather 'Re-ional New« Ea<?T fN'oruich); Look North * * ‘ * 

Songs of Praise. 3.53 Regional ' ° (Leeds, Manchester. Newcastle): All IBA Regions as London ex- 

Nc.vs for England (except Lon- AU Regions as GRCl except at Midlands Today ( Birmingham »: ce pt a t the following limes: 

dnn*. 3.35 P.jy School (as BBC2. .hp followine times: Points West (Bristol); South To- 

ll.l'O ami. 4-20 JIaxidog. 4J25 , day (Southampton); Spotlight ANGLIA 

Jackanorv. 4.4D C.R Bears 5.0U W 31^—1.45-2.00 pm Pili Pala. South West (Plymouth). pm t»i-.- Eiccnic Ttieaire 

John i"rnvon‘< \‘>-isrnund 5 05 4.40-5.00 Duwiau ac Arwyr. 5.55- 1.2S Antlia Xewi ZOO Housiparc 

cijr Peir 5 35 Ivor The En-ine «-20 W'a les Today. 6.50-7.20 Heddiw. DD r - Mr»ery Premiss. 5J! 

b - x- r ' 1 Dr lfie ^ S ne ' ttAft Nows- anri Weather fnr BBC 2 «“er«itv challcn;c. 6.00 About Anjrlla 

■1.10 News , - , iNe " s ano »» earner tor u *■ Th- Bnan I'onnoll ini. rvi>rM5 XL 

5.35 NaTionwidc (London and ” a * es - 10.05 am The Role of (he Nurse Movie: "The Spy Killer" siamu* i 

Sou lli -Ea* i only) Scotland— 10.00- 10 JO am For 10.30 Workers on the Board? Honan. 12J5 am Keiferiiou. 

fi.2o N:,i ionwidc Schools (Around Scotland). 5.55- 11.00 Playschool ATV 

6.50 (t Ain't Half Ilor Mum 6.20 pm Reportine Scotland. 11.40 2.15 pm Let's Go u.M pm G«r=i- Homiuon iv. xa 

7.20 Tycoon News and Weather for Scotland. 2.30 Roads to Conflict N«n*sd«# t2-25 Movies io Heme 


5.10 News 

5.55 NaMomvide (London and 
Sou lh -£»••• only i 
6.2<l N:,i ion •.vide 
6 50 rt Ain't Half I ior Mum 
7.20 Tycoon 


F.T. CROSSWORD PUZZLE No. 3,827 


' j 2 


i 3 I 



n 



? ! ! 





pi 

” j§|§ 

Li M ' 



^ i 

M 


Mi 

’sill 




BBC 7 rerwtv ct 

OUV “ Thr Bnai 

10.05 am The Role of (he Nurse Movie: ■■ 
10.30 Workers on the 'Board? yonon. 

11.00 Play School 

2.15 pm Let's Go u.M pn 

2.30 Roads to Conflict Ne^sdcsfc 

3.00 Knitting Fashion ' 

3.30 Making Toys 

4.00 Parents and School L«-fr. sui 

5JJ0 News on 2 Headlines with Aimers. 

sub-titles 

t5.35 Laurel and Hardy Show- „ 

case: “Hog Wild" News 2 

5.55 Schuhert 1797-1 R08 " Tt*— C 

6J5 The Devil's Music 

6.30 .And Now The Good News... pS. b 

7.15 Mid-evening News jama u:. 

7^0 Chronicle 

8.10 The Fred Kaps Magic Show 


ANGLIA 

12J0 pm Thv Elect rli.- Theatre Show. 
1.25 AnUia Xews 2.00 Ronsuparty. 2-25 
Mrsiery Movie— Amy Premiss. 5.15 Uni- 


Leigh and Eleanor Parker '■ Hw-'i " srarnng Rod Taylor and Ka.-i ev J « t0 riP^^Jncfa-rninniishwi an uniohibited striker of the ball, athleticism -of the inhabitants I 
1223 am Close; The Music of Mo,d - n 1 contact me. thirvic the most important single 

Cesar Franck with a paint- , htv cymru wai.es- a.< mtv General of « est Indian openers, beyraour B 3r )j ad os is ideal f nr a dub reason why the standard -of the 

in? by Auguste Renoir x-S<iiorf C Didf^oo-i-s S’n 1 ' ^'![ se ' ^ th « much . re “[t. d ”** tour and teams from the UK are Barbados game is. so good, is soft 

aii ira Rn.- i a Y Dydd.9jii«.oa yr wuhros this Li^nri 30' n S th ere Sn ever increasing balj cricket. 

All IBA Regions as London ex- htv west-.\s RTv ovnerai s.-mo Grimth. all came from this island, because there are so y This on its own is an excellent 

eept at the following limes: Ee4fi ' ln 30me respects even more raan y. RO od grounds with fine game, played under the basic 

ANGI 14 J ' r&markable is tcal^ seven of pitches within easy reach. The laws of cricket with the follow- 

12-30 pm Th* Elect it J Ttiwire Show. SCCTTISK Kerry Packer’s IS Westlndians 0 nLv problems 3re the power and tag amendments: the bali is a 

1.25 Aniii.a K«ira goo nousupariy. 2J5 uj# pm ramVousc i.2s and Eve oT lhe offic J al West the competiuveness of the oppo- soft tennis hall, dyed red. Which 

Pronli ”- y 5 Read swd Weather" ' 2js (('•■im. Indian tourine team in India, are sition, while the strength of makes it slightly heavier., the bat 

Th?" BrSf 1 'Xoli B . aiaus ' Although 1.2 of their the SUD and the rum are liable is a fiat piece of wood, the pitch. 
Movie: •• The Spy Killer" siamiig Rotwn T.“ai u toTk lu w tS nla>ers are currently out of vhe to prove an additional hazard. IS yards Ibng. needs no prepara- 

uortan. i2js am Hertecimu. Your Father Geis Home iojo Late Cali country. Barbados could still Barbados cricket is exception- tion and it can be played almost 

10-35 Tbe ^ coiomho. turn out a team, that would, out a ]|y powerful because their anywhere: Unlike proper cricket, 

U.30 P m Gears*'- Homiuon iv us atv cm itutdiu there, be ahout the equivalent of c-Urriate allows the came to he equipment costs are negligible, 

Nwisd-:sh t2-25 motics io Hememhcr I It ttvLx the strongest eleven from four played . .virtually throughout the which is especially important in 


Horton. 12J5 am HeHerlion. 


ATV 

12.30 pm Genr=!- Homiltor IV. 128 ATV 
Nvwsdcsh t2-25 Movies lo HmiMiiljer- 


51 “^.^“'28““."“^ *■*«!*“ 5**»5. - T6e Barbados season the Caribbau,. 


of \sirolo-v t.30 ATV Today. 18J0 ■ 
L<-fr. Rialu and Conirc. U.15 TUc Nev. 5 


border 


u. Face u.os The Nt-w Avengers liotl'n *he RrsT Pro-Am Cricker jc| and crickets takes Diace in find five matches, complete with; 


Festival to be staged there, and, January February and March, 
as far as f am aware, ever hold. 


12 jo pm wiidi.ir oiuhw tijd Bortrr Ki,rm Hrour-.-ss. Festival to be staged there, and, 

News 2.90 Housepanj'. 2L2S Manm-L-. __ as far as f am aware, ever hold. 

SnSfr.SJ 7.m fcj ™r Un an“ 0 M " lS^ No* .m ^ent. wSrt has just SK EntllHSiaSm 

Pro-'.elcbnty Snonfcr UJS Bunaby Giuema. 1.20 Nortn Eaw News sponsored hy Brit'^h Airways and 


inuary February and March. umpires and scorers, being 

staged at lhe same time on the 
nthmsiaSTIl outfield of a small ground. 

1 Nevertheless, the real 

Cricket on the-lsland is well significance of s.oft hail cricket 


janes u.ioam Hurder n^ws summary. an d Lookarouiid Z 2 s Famuy ‘ 3.20 oreanised hy Fred Rumsey. organised- at all levels, not the is that it provides voune bovs 
CHANNEL \SS^7£^a!SS u SS^ Some SO club cricketers frnm ait least nnportanf aspect being tbe with a perfect introduction to th° 


9.00 Monty Python’s Flying pnt Cban,,el t-wrtwinie News and Annhorn Li w. fcio police Cau L io.3o Tin | nver Great Britain of varying support "and enthusiasm to be game, and teaches them good 

what's On w , here J £25 The Monday Monday Film: ■■ Bo(." 12.15 am Eoilosue lases and standards took part. found- in the' country districts, hahits at an earlv ace. 


i‘7 


Ci reus Jyiai’s On Wwre. Z2S Tbe Monday Monday Film: ■■ Bo(." 12.15 am Epilogue aaes and standards took pari. found- in the' country districts, hahits at an early age. 

9.30 The Body in Question & c^n^^.oo .'h^aei r7I «- Tro d!rirled \ nt !' ^ ven where the best .fisht .their ay What would he an interesting 

IH. 2Q Word for Word ®.m The Bcacn-ombers. 73» Botanic Man. LiLSttK teams enen commandea hy a into the Barbados Cricket ■ experiment in England would he 

10.50 Late News tMS - olden 0,die -. such as Beni* Association league and. from a soft ball knockout competition 

II. 05 Schubert 1707-1S2S — “The u.ia* am channel GaSna- ufnowed ° by 2 jo Kaffirs. 3.5» ' the soiiivans. sji Com p ton. Brian Close. Reg there, into (he. island, and among primary' schools. In the 

Trout”: Christopher News and WeaiiM- in French. Canoon. sjD crossroads. 6J0 Reports Simpson, and reinforced by local eventually, national team. Jong term. I'm sure, it would 

Nupen’s film in latent of considerable class. They The association’s league games raise the standard and increase 


. ,u(icn a 4 , cril MiJn in, an Photocrarihv ln Focus n in ' - ■I^TT L uc i»nc Jin NU U uuu mili case 

12.05 am Closedown (Reading) GRAMPIAN in Search of . . . Loch Ness uonsier f °ok part in an eight-team com- represent- their ton Club cricket, the interest-in an area where the 

1.25 am First Thinv. 12J39 prn Make I! 1LI5 RMlImr npritinn An Rontnn anA In all' ■ (hair (rrctjilgei nrornn is Inn nNnn Onfi 


LOIVDOIV 


9JS am First Thinv. I2J3 pm Malt* » 11.35 BcdLlni*-. 
Counr. U20 Grampian Srws ETeadJlhos. 

2 .2S Tht: R<-^lnrrs Ru-purr. 2250 Raffles. WC 


1 n>: Rct.-mirs Ru-purr. 2.50 Raffles. IVCCTVW 4 OH 

8J0 am Srhnntc Programmes 3J0 Th^ Sullivans. 5.15 uaiwnity . llMJWAKl/ jwas won oy me only all-Baian slandard has declined in recent play but It is cheao ti 

12^H» Paperplay- w.i« pm* Pipkin s : wnSmB wSSSSESl* 1 * 1 *- which ** been selected years as so. many of their stars produces good players. 

12J0 What About the Workers? XCJS The Monday Preiw Maids News Headlines. 2.25 Thu Mondey Maiinei-: 


netition on Benson and Hedges in which all their first-cJass game is too often ignored. Soft 
■ lines which, not surprisingly, players take part. The overall ball . cricket is not only fun tii 
was won by the only all-Baian slandard has declined in recent play but It is cheao to run 4nd 


1.00 News, plus FT Index. 1.20 AH In .1 Row' starring Rock Hodfion. ' The Dolls Slsiers.’ siarrln>: Belly orable 
ThanuK AIoivl; I ".0 \hnut Rpitain '' n= ie Dlckiitmi and Telly Sa«Jas. and John Payne. 5.15 (/niwrsiry Challenge. 

« eWh ' B * j n " 1? ” am Grampian l«c Nlchi Qaadllnes. Wcjsr»ard Diary and Spons Desk. 


ACROSS 


DOWN 


1 English writer gets in after 1 I’m in the ruling military unit 


the toast (6) 


4 Station saint includes oriental 2 Sinks a novel captain in the 


sweetbread (Si 


ship (S) 


2.00 Afternoon. 2.25 Monday 
Matinee: "Time tor Loving.” 4J21I 
Clapperboard. 4.45 The Paper 
Lads- 5.15 Mr. and Mrs. 

5.45 News 

6.00 Thames at 6 
6.25 Help! 

6.35 Crossroads 

7.00 Bernie 

7.30 Coronation Street 

8.00 Robin's Nest 
8JI0 World in Action 


12-28 am Grampian Lait Nlchi Headline*. *■«> Westward Diary and Sport* Desk. 

7JJ0 Botanic Alan. 10.28 Westward L.n<* 
/— n AM a ■-% a • Nr-vi-s. ID JO Thi- Horror Film: “The 

URAtiAUA Haunl^iS House nf Honor" siarrinc 

I2J0 pm Kamihous,.- Km-hm. 120 Dodo. Frankie Avalua. 12-10 am Faith ror Life 
2-2S Monday Marinvo: Jlan" ytarruiB 

jarncy Earl Jonvs. 4.15 Th^ Uodersva VriPlTCHlDr 

Advonturos of Capra In '.'emu. 5JB What’S i UdAjnltvi: 

New 5.15 Crosyri>ad>. 6.00 Granada 12-30 pm Farming muiIoo!-. Uo Calendar 


RACSMG 


BY DOMINIC WIGAN 


is safest bet 


g Composer for a Frenchman in 3 One doctor with little informa- 1 RADIO I 


PBCt Ita NO TRAINER hu ■>!••»« in w Hurdle while Fp 8 ach Pin du» „ SoutWl tmnb 0» 

Mccioud. calendar rEmi, : y Moor and twimonr finer form as jet than Tony ought to - he' good enough to beginning of this month, again 

htv rtiiiio^. iajo pr ojjL'i-'brirj- snooker Dickinson, for whom I'm A achieve ant overdue victory in found one too good at Hexham 

>» „ u, Fa » n si^7!^rr?*si ta r«'ssf Be ° «« «»■ . , asl ^ »ul 

Wi««r Headline*. 1^5 Rerem wales Head- aad Direy ciih.-siw>. oers on Saturday, and I shall The 10-year-old Kirwaugb. a another - Stephenson gelding, 

bT. ^TW„, ?”* 'l ok ;"* 5 s ?™'' “f SSLtffi 


^dl, 


virtuous surroundings (S’! for the girl (61 «si sterBopm»ic bmdeast , SJi uo vm lbbbc Luocbtffna R>.-d-Raired Pncsi idiJi'vssion ahDiii in^ at Leicester today. to winning form in no uncer- fence He is clearly no world 

10 Bulletin from Queen Char- 5 A doctor's book of the Bible ^ ^"jgH =""« d>v B *»«££?.!? ° 3 S nSw w« rt S f Sifil'-jiS Dickinson has already sent out tain style at Perth last time, out tarter ^ In - the making, but 

iortes for Queen Marys bus- (■*» ,h„„„u - Trara - ,J10 slnion Ba,,a - ll - SL PuuI RK.flrds is., mo Bariob-s For odwren uj« a c<mv 4 i Bedunw. u. is The this Saint Vincent gelding to Making- au his own running in should, nevertheless be able to 

hand (Si ® Tne crone, tnougn upset, is BumvK. 2 J» pm Tony Biackbum. 4Ji Kid tg , S-15 uandsiann IS i. 5.45 Homeward Financial world Torndw. u.30 Today in [ an .l four consecutive races this the 24-mHes Fair City Hurdle, take care of his three opponents 

12 Fostered the Russian after a consistent «) f^i £ £ 5?“"? A T« a MiiB h 3 ValUamvnt - u - 00 Ncws - season, and judged on the eight- the ;Sea Wolf gelding ran out off bottom weight of 10 st 5 Ihfi.- 

Short time 1 8 i 7 Greeny kind of a 2.02 im Ag Radio 2 . FrouSeno cha Joe in. BBC Radio London year-old's last effort— a con-a six length winner -from the IneidentaDy (if all has gone tfr 

13 The accent is on footwear (6) 8 f n ^L® 1 r e ' er > one n* n in 1 1,500m and VHF !K& I !£ r ' , ^! ,,ami S w>T!l lVa S , S l < fc!; 206m and 94J) VHF spicuously easy victory over even-money. ■ favourite. Igloo schedule) he will be partnered-. 

15 It s lost if they have it (4) jn the group le) KALIIU ^ sk Tnn» 7,5? th« a S ,s, '. 1 ?£L?i«r sjo am as Radio j. «jo rush Hour. Venetian Blind at Teesside, Fire, after setting up a- decSive by that- popular former chain-’ 

16 I'™, 0 ?-, 0 ' Ule relinue 0n 11 Kl^-7.™" 811 ' ““ »SS» W ph™ S J» ™ ^LnT^’aSs »«.'■ Marshelstawn need only put in ^ ™y but. , 1 >inn, Ron Burry,. wS 0 landed 

board (|) , 4 be sootnmg (t) ThousbL 7J2 Terry Wnaan -si indudins iuo-iu5 Taniahis schuiK-n sms op stop ui*?n tjo Bbick LondnnUrs. 3 clear round to land the ATthough he was receiving another Colonial. Cup with- 

20 Dumb people get about in the M In Sicily the doctor is less W 7 Radns Bulletin »ndjwB Pause for record. Breakifirnusii. u.Bj Lai... Ai«hi London. Leceistershire Silver Fox, 21 lhe- from , Arthur Stephen- Grand Canyon on: Saturday The: 

rec “ rds 171 . _ gss^srerwj'isj; radio 4 : _ »* ^^^“sjstrssas » ae k.<»« th. “»■* . "hksl. 5^“ «b^w. w* the;. 


U’l x \ 

l! ” A * t 

LiVth tf 

L:ii * 


r*\+ 

w 


sounds the same \4) 


Brannon «si iDcinuuui jjo in cmajp 1 * 1 . Ll.45 2 /k Shout-aw tin name Run AJfl r^inh . . . 

ThousbL 7 J2 Terry Wdi» -s> indudmu 1WB-IL5S Tonlahi s Sqhubvn S«ns op Lo“dn^ ^» 3 C ear rou R d to 

ThLifm^uoz 1 record ' 7 BreainnnuBb. u.BS ur,, /v,«hi Leeeistershlre Silver 

RADIO 4 : . _ SS ^^* &JSZ2 TVP£Z!! For the forest, 

open House <s! mciBdjng LE RAC RaUy 434m. .130m. 2S5m and VHF .\ s Radio 2. winner of a match 

^ «».»?■»» hruiiiiw. n-ifl Kamw* T , r. , last time out. anpea 


~ . . , i wagsoners wmr. a iu -i , . r rom ,h.. House of Tommoni 1 tULTiow 1 uie lurevdAl, Aaoeuu, ICP . , , •—&»»», vnoireugiri lwuh uib . 

21 Flair that upseis lo. but 1. Separates the rich man and onen Hpmc «s» mdiiding wz rac r-Ui 434 m. 330m. 265m and VHF S Radio ” ^•"'winner of a mulch at Ludlow Kirwaugfa undoubtedly, put up Camden. prize in Sohih Carolina- 

rminrlf. tk. .11 tTi A 1 .1 1 TttQQStST 1 n C jH p f Cl I r»nAi4 i nrf 1 dC finArfii lllrtfc J iu n^Vlll > u . ■. __ ....« I . . _ 1 hkho-.v. — J ■ f. ■ _ — -0.1 M.- - m .• 


r&j ini « ^ ««« "w c *. Vi 55 — Monims nn*ry n.n ■m* u.id. . . 

29 Holly Sives spirit to Ireland 23 Th- sailor with a dale i* „n,t. 5SS.,“f nlr S"w. “i- “an.™™ SS'^S" Ca P ,lal Bad ‘" 


(61 

30 The part of ' 
has no storj- ? 

31 Network with 
tion (6) 

The solution of 


last time out, appeals consider- a useful performance, jthd it is- with -a two-lengths- victory over 
ably more than the erratic Red Probable that he will show -Deux Coup,.' Cafe -Prince, who. 
Trump, who lakes the field with- ‘ lin “ er improvement now that had scored- two . victories in the 
out (he benefit of a previous he *■- back in, action on bis race, way third/, 

outms. Favourite track. I Jake him to ;. 1TO .. 

At today's mher nipeting, Ayr. *’ , dd to Ms tally with a clear- , o . . - 

where on the corresponding cut victory over the lightly < 

afiernonn a year ;igri Gordon weighted FoRboimd, who again . mfl 

Richards scored with Kirwauch l p r his supporters down when \ 


1(9 ^ 

J -m v 


r - 




J.1S— MUk HJver 
■1.43 — Apache Pass 
2 J5— Erench”: Pi n *■ 

2.45— Kirwaugh“*“ 

3.13— Weather AW 

3.45- 4Eminence . 

LFJCESTER ' ' :v 

2 . rni—M arrtie feto wh* • -,-r . ■■ 

SLSO-r-Eqiilvocal ' 

3, W^Breathinlg EjfiWMe 'J 


t) 

Or 1 -'- t 

l^hr: 


.^Ii 








- Financial Times Monday November. 20 ; 1978 

Bouffes dtf Nordr JRarSs 





IT 


[Warehouse 

Look Out . . . Here Comes Trouble! 


.by MICHAEL COVEN EY 


bv B. A. YOUNG 




AfteV f&e. ingenious thrift: of 
Ubtt in P?ris and Antony end 
Cleejxarn at StratforC Peter 
Brook continues on ft is luxuri- 
antly economical course with a 
production of Measure ^ttut is 
■ far wore concentrated on acting 

Standards Uwii it is oossiablKb- 
ing jt»y- social or moral.. impera- 
tives 1 for what actually happens. 
When' Mr; Brook directed the 
play at’JStratford In - i960 with 
John Gielgud .as Angelo and a 
young .Barbara ■ Jefford as 
Isabella. he wpn't-' to ^ town on 
the / underworld. -George Bose 
scoring; ia memorable/ (by all 
arcountaUmpact 35 Pompey and 


this prisoners of the xitewfnorality 
wheeled. cwrenionioasly-Qn* oven 
dowo to the veteran * wild Ha if. 
can that stabbed , potsT- - 
A new and most -enjoyable 
French prose translation by 
Jean-Chute Carrlere;«e&JCei the 
play to its essontiais. dCnyiflS us 
any overall .view of-THgoua on 
the skids to present a landscape 
of characters surviving: - to reto. 
tion to each other. . Jbi»<3aiKiio 
is a trembling victim. . Of Ais wn 

social misdemeanour '-Jess con- 
cerned with justifying", his lust 
than -to explaining -lit/. -to bis 

sister. And Isabella: 'prated' with 

riveting, sympathetically '; 1 sanct> 


tnonious ' power by Clementine 
Amourous as a crop-haired 
novitiate in dark blue, emerges 
as an inevitable soul-mate to the 
whimsical expert menial-ism of the 
absentee Duke. 

In 1950, Miss Jefford was in- 
structed to hold a pause on 
"Look, if it please you, un this 
man condemn’d’* while Pleading 
Tnr Angelo’s life until the audi- 
ence could bear It no longer. 
Mme, Amouroux likewise wails 
ao awfully long time before 
launching into “Seigneur plvin 
de boaui. s’U vous plait, cei 
homme condamnc rcgardeMe 
comrne si mon frhrc vivait." The 


V.V- 

y'c 


S 'si 


l.'lf 


, v s 





Francois Marthouret, . Bruce Myco and HireiJIe Maalouf 


plea comes as a complete sur- 
prise as Angelo has been played 
by Bruce .Myers as an in ilex ink*, 
horrid puritan who. in the nor* 
Dial cnur.-ti- of events, would noi 
even command the loyalty un hi* 
death lied of an tivcr-loving 
mother. 

What is iiRequivncabiy fixed is 
ih* liaison between Isabella and 

ihv starchy nchtervusnens of 

Francois Marthuuret's Duke, a 
coupling ihai make* sense of Ihc 
Duke’s final speech and reaffirms 
the pla.« as a seines of arrange- 
ments bt*rwv<-n various ducts. 
The Duke and J-ucio. for 
instance, are much mure than a 
mi-re comic iiouhU-acti partly 
because the lartt-r is so 
marvellously well-played hy 
Maurice P-rnichou and partly 
because their .scenes together are 
uiveu rich, ironic force in the 
playing. An divas Kaisulas make-? 
of Pompey an interesting exten- 
sion <*r his Uhu Encbain»u\ 
taking to his enforced roie of 
hangman’s apprentice with un- 
disguised relish very nearly 
vented upon a helpless rodent. 

The evening is continuously 
interesting but never very 
exciting and l was not convinced 
at any stage of it of Mr. Brook's 
pressing m-ed to direct the play. 
There is an impress 1 ' ely sultry 
Mariana from Mireille Maalnuf 
and a momoniarily endearing 
Mistress Overdone (Madame 
Bienfarcye) from Lydia Ewandc. 
lull no sense whatsoever of these 
character* participating in a 
society torn apart by the sudden 
iiicur-ion of Angelo's legalised 
peevishness. i feel that Mr. 
Brook has pussihlv reached a 
final stale in his ’’ purr theatre 
cxjK-nuicut " and should return 
iliiniediately to the real world 
and wh.d a difficult play such as 
Dus niJgbf have in offer by way 
of comment or diagnosis. 


‘ "Trouble" ib this context 
means the doctor in charge ci 
■ the ward. He ii little trouble in 
: practice: h* ever prescribes 

for the menially disturbed 

patients «nd*r his care is 
i Valium or a to ik with the social 
worker. Sometimes they get 
Ibelicr. sometime?, they get 
! worse, but Mary w'Malley does 
I not presume i«« roll us why. The 
:glrl »nd the »:d man weeping 
together at ’hr end. while a 
1 " social '*■ progresses rowdily off- 
stage, are n« more than a symbol 
and a pl® a f'*r cipathv. 

Sympathy is easily engendered 
for ibis cnllr-ction of unhappy 
folk. who have no very clear i»i>- j 
what is w-nuc u-ith them. 
Because they 3 re so jnimvi- 
I uncoils. it's nut possible to slap 
the table and say •• if this or 
that were done, such suffering 
could be ended.” Janet, about 
whom the play revolves, is 
simply a normal girl, -able to 
hold down -a typist's joo at Scot- 
land Yard, anxious to gel 
married and have children, but 
so short of drive that she cannot 
imake up her mind ti. do any- 
thing. J?ne Carr’s pathetically 
vacant face in the part is almost 
tragic. 

Other? are driven mad. if such 
mild disorders can claim the 
word, by external circumstance*. 
F 3 -«t-!iving Sy]\ in i., searing per- 
formance :» i.’uyt- Brown > 
believe* lha» one word from a 

due tor will ye! her a in-tic r ll.it. 
bui as her demand* ■■(.main un- 
realised the;. uiiire and more 
outrageous P'simp uM Oine 
1 .Maxine An die;. >. d.-e^ed 20 
years too j cuing, seems only to 
want rest. Br.jiit yniinj Gftorce. 
sharply can:* hi ay >.’ lyej Terry, 

Wigmore Hal! 



Edwin Richfield, Jane Carr and Brian Hayes 


Leonard Bun 


ha? sacrificed a.!! ins reasoning 
power io astru'.ugj, with which 
he makes some splendid play. 
Dennis (Edwin Richfield! has 
hr-en driven to attempt suicide by 
wife truublc. Walts (Brian 
Haves t to drmi by mother 
; nmole. IVbat can Dr. Wilson, 
smooth. sympathetic and help- 
less. do but make sure they are 
cumfortable? 


Miss O'Malley does not offer us 
much beyond a colourful docu- 
mentary vien nf the ward in 
action, relapsing sometimes into 
catatonia, t-xplr-d-.n? sometimes 
into violence, venerating now 
and then a macabre humour. The 
doctor (Nicholas )e Prevosi) 
cheering the patients up at the 
social by swopping mad jokes 
with them <”i was invited to a 


conference on sebijnphrenia. but 
I'm in two minds about corns") 
is a? once very funny and de*- 
oerateiy sad. This might indeed 
be a verdict on the play as a 
•a hole. 

It is ably acted under -Tobn 
Caird’s direction, and the com- 
posite set is designed hy Sue 
Plummer. 


Leeds and Glasgow 


Two Didos 


by RONALD CRICHTON 


Early Music Network 

by NICHOLAS KENYON 


r. 


r*?!^ 


Tf 
*i * % 




27 concepts: six other groups of with more panache and rhythmic though the temptation must he writing. . . 

the first rank will follow during firmness than I have heard before to take well-tried music to the The prize, which is admin i- 
Ihe rt-<»T of the season from him. and included three of regions, the chance .of expanding stored by the National Book 

The London Pro Musical's tour the remarkable fantasias hy the scope of early music should League aims to reward a work 
can be recommended to anvonc- Albert de Riope (whose music is not be missed. The most enter- of qu-ality and give encourage- 
> within reach of 'Noitinsham. also reatitred on a recent Tele- prising of this ’ season s tours is rnent and prejslige to the winmug 
York. Sheffield. Dundee. St. fun ken disc>. that of a staged version of a author. 


Janet Baker as Ditto 


Beethoven evening 


1 ; -- 
: 'i* * 


Allied IrishBanks 
announce 
that the following 
r ate will apply 
from 

I4tli November, 

1978. 

Base lending rate 

12y 2 %per annum. 



The' Symphonies of London is orchestra was the repeated mar 
different It looks different: tcllato down-bow on the violins, 
director Wyn ■ Morris surrounds digging deep into the strings: 
his orchestra with strings. Mr. Morris contrived to include 
stretehmg a mamniotb line of it in all three works in the pro- 
double basses along the back of gramme. This sort of attack, 
the platform (ten of them, even though magnificently sonorous, 
in the Egmont Overture. Heaven rends to tire the ear. and in the 
preserve it). Its personnel is Eroiea an interest in such pass- 
different: at least, the members mg effects quiTe removed the 
are not the same as those of tension- and restraint and sense 
any one Of the London orchestras nf logic which a developing 
but include several illuslrious symphonic argument (even one 
names from every orchestra as massive as the Eroica’s 
Which isnt working that night, demands. 

Its purpose is different: ii is a The evening's concerto was the 
business venture, which records C major for piano, given the 
firs* - and makes occasional strangest and most erratic of 
public appearances afterwards— performances by (hat formidably 
as ‘V note in the programme, intelligent pianist Charles 
“The concept of Symphonica.” Rosen. Beethoven himself pro- 
put. it: “Symphoitica Music Ltd. tndes some excuse for inuonsist- 
is .3 production company con- ency. in the almost setf- 
cerned with- Ihe recording and parotfj’ing first movement 
promotion of a symphony cadenza (Which he added years 
orchestra. . . -" later). Charles Rosen made this 

And U sounds different. Wyn the centrepiece of his perform- 
M j>r ris takes a titanic view nf ance. reducing the opening dis- 
Beethovea, and his highly pro- cuss ion to the lev^l of a chil- 
fessional group o£ players dren’s plajiiine and then launch- 
reflects thft faithfully. Friday 2 g ‘"A" cadenza with all 
night’s performance of the the portentiousness of a thunder- 
ETroiea was massive, sprawling, ° oit ^hvered by an unexpected 
often momentarily impressive deus n rrtochina. The last 
but on the whole wearyingly started vividly and ex- 

overstated. There was individual hut by the time the lilt- 

playine of the utmost distinction second subject tame round, 
from, the wind principals (with ^ r - Koseq wg? sounding like an 
one exception) and a rich, deep ° v *™° u J* d h°Y u ” ab ' e 

string sound— noti cable because frenetic rush of the 

It reached ri£ht to the back T «®. Performance had a 

Wesks of each section. The certain manic wit. 
archetypal articulation .of the NICHOLAS KENYON 

' • : •’ ' l 



CC — These accew ccr;a d (}f 4 H 

carols to* Telephone or -at ihc Bo* oUtf 

OPERA & BALLET \ 

COLISEUM. Credit y, r « S2S8>: 

Puer«»liOW 01 -B 3 S 31 t >1 
ENGLISH NATIONAL OPERA 
TomOl . & fri. 7. SO MatiJim Butterfly. ’ 
Wed. & Sil. T 00 The Marriage — 


THEATRES 


Fioaio Thur 7.00 The ThlertnB MaOPie ! DRURY LANE. CC. OI-S 36 31 QB Mon. 
- E»ery ««ne 91 IP? U» atlcntion. Tins, i n SJli B .o 0 . Matinee Wed. and Sat 3 00 
A Visit W the Coliseum IS essential A CHORUS LINE 


THEATRES 

CRITERION. P30 SCIfi Credit card BkBSlOLO VIC. qlo 9 VIC 7616 ' 

Bj£ 1071. Evs. Mon.-Thurs. 8. Frl. and I JROSPECT AT THE OLD VIC 

Sa:7 5.4S. 8.30. -THE MOST HILARIOUS , _ Today. Wed.. MIUIS.. SeL 7 aO 
FLAT FOR tears." Financial Tunes Margaret Couuenav. Anllwmr Quavte in 
GLOO JOO I THE Kl”Aw 

Rv Michael Histings I Sheridan's comeoy w«h James Audrey.; 

"HAD THE AUDIENCE ROCKING WITH j?ta Blair. KenncUi J 

LAUGHTER " Eve standard . Ciffics. Mjttffwr Guritfrcss. Me* Martin. 

laumh i ti*. C 1 Trevor Hinm. Christopher Ncame. | 


THEATRES 


On Thursday night the Early Andrews. Peterborough or Keele Ths instrunientaiisU were madrigal-comedy by Banchieri. 
! The second half of last week (especially) vosLumes completed was now in full control of his Lament in the Iasi sc^nel Music Network launched the within the next fortnight. This joined hy the counter-tenor Thai :s presented by the Mad- 

. brought a shower of short operas this bouquet of pleasure. own idioui. eclecticisms anti all. appeared (in this programme ■ fourth of its nationwide tours group's undemonstratively must- Kevin Smith, more relaxed of rignl Players anti hegins its tour 

, on the Northern- part of these The company’s coniic_ wins To the Sanskrit story of Lhe de- especially) as an imperDnenrc. ! with a Wigmore Hall concert by cal exposition of renaissance voice than sometimes, trans- in Si. John’s. Smith Square, un 
I islands. The dispensers were was most capably ledfiy^Stuari voted wife who outwits Death The team uf Vick, Craig and. the London Pro Music*. This ensemble music is among the paremly clear jn texture but November 29. 

'English National- Opera North, Harling and Joy Roberts^-rfce.as and wins her woodcutter bus- Lockwood, with less to work «m. new senes, unlike ihe new well- most sensitive on offer in this occasionally sluung below the 

: at Leeds on Thursday: and the Husband who becomes a band tack to life. Dante Janet were less successful (ban in established loo temporary Music country, and on Thursday it note m the search For - a warm. r j- Kj r . rr : c ,.,{ nc 

■ Scottish Opera, at CUasgow on philoprogenitive mother, she as brings total mastery with the Sm-iiri. The church scene came- Network, is not organised _by the sounded cm excellent Form. expressive timbre. Lta.ic i utiib t j 

-Saturday. Since double and the Wife-husband : iTSttiese- additional blessing or spon- off. the i ttummeisei- round-tiie-; Arts Council tihnush the council The director. Bernard Thomas. Much of the programme was r>q V id Hicrhom Pri7e 

•triple bills are believed to be Tirfsias, the soarifte of? *bose taneity. John Shirley-Quirk as braz s cr epibode seemed patronis- supports tht- venture financially i succeeded in blending the woody familiar from previous Pro 

:2m ^ office poison! it is nice - to Sm teS lie aether is Death and PhiUp Langridge as ing. Jaue Manning. fightin ? a ;bul by the Early Music Centre, sound of his flutes and recorders the J97S Davhi H^ham Prize for 

j report that both the Grand the story's point of" departure, the Husband are worthy of her. heavy cold, contrived to win And it bus sprung from a genuine to perfection with toe accomp- confidence in performance. But the 19 S a id b - 

'Theatre at Leeds and the Theatre Mr. Harling. in particular A definitive performance. sympathy for the foolish heroine demand on ih«f pari or ihe region? Itshed viol playing o. Philip I hope that not all Early Music fiction for his book of short 

■Royal at Closgow were, full showed perfwt comic timing and Th0, wnrt- WwarH ,nhii» m-.L-in., it kImp vhv hnnrf. — narricularlv of the Renional Thorhv and William Hunt: and Network groups wlU be content stones Sliding (J. M. Dent. April 

(true that the Leeds occaiioTi a voice not robust buf Tmcom- . 

! marked the second appearance monly musical. Martin ilcEvoy effective but insubstantial 

jof the new company, this time as the Gendarme, Keith SfiftHts music theatre der' 

‘in the presence of the Prince a Reporter from Paris, Eah CSdity Hardy. Mr. Harper t , , 

JoF Wales, while the Glasgow cast as . thb Theatre Director who ““Sical styles wfth skill and produced playing 

riflriuded Janet Baker. -So. -high deJirers the Prologue (almost a- ■••■wononiy. but Utile remains not always heard recently at 

Jattendaiices. ..m?ty...hot . really Pduleaciasi- solo cantatal ■jh(Kt bel:iifld '' T ^ e references to Didos Glasgow Opera evenings. 

• signify^ the. . mending of ' Ways be mentioned. The efidrus v; • 

jor sudden enthusiasm for our. (trainer John Pry clones k^tna — 

i national treasure, Purcell s Dido Purcell 1 and ■ Poulenjf as 
.•ond Aeneas, included in both excellently as Ihev hi* suhg 
.programmes. • Saint-Saens the night before. An- 

? , The Leeds Dido, sparely and other. welcome featured the two 

* Ingeniously devised by Jan Watt- evenings was the high standard 
; Smith in abstract designs by of stage-management in ail 
; Alexander McPherson. sped three shows. r 
\ almost too swiftly and ineritably •■Scottish Opera ijs Dido, a co- 

■ towards the tragic climax. jPur- prodoction wjth the Aix-en- 

- cell’s concision needs no under- Provence Festival and alreadv 

- lining : hfs .mirirculons variety described here, was as different 
in chides mellowness and thought- from the other as cheese from 

; fuJ melancholy, yet few of the chalk. Janet Baker’s Dido is 
! performers caught these fleeting incomparable In richness and 

■ moments. Except for Jan ; Caddy’s poignancy, the master hand of; 

; exemplar? Aeneas the ’ singing Charles . Mackerras in the 
. was. efltdenT but thin, and that orchestra pit ensured that there 
; must stand for Ann Murray’s were slight but appreciable 

intelligent but distant Dido. The pauses between scenes. Other- 
jraal] group of dancers was .wise. John Copley's production 
cleverly used by Terry Gilbert was indulgent where the Leeds 
(one of the few choreographers. one was austere — masque-like 
who seemlto .take, opera work splendours cluttered with ela- 
serionsly) to bind ■ the action bora ie, hotiy coloured costumes' 
together, but it fas .too closely by the gifted but sometimes mis- 
houud — one needed a comma at guided.-Stefanos Lazaridis. What 
least at the end of scenes.. a pudding to send to France J 
Graham Larges lightijag did The event <if this programme' 
much but still not enough to was Holst’s Sotrftri. admirably 
relieve the . atmosphere of produced, designed and lit by . 
superior gloom. Graham Vick, Russell Craig and 

Puritan approval received a Victor Lockwood, who seem to. 
role nnd no .doubt intentional have worked in unusually close 
jolt from the companion piece, collaboration. To their names 
Poulenc's Leg Mamelles de must be added that of Mackerras. 

Tirdsia.*, given in an apparently fp r the technical excellence oE 
anonymous- but extremely deft the performance, including the 
translation of: AipoHinarre’s text, unseen but important women’s 
succeeded beyond expectation in chorus,' and for the light he 
righting the balance. In. all threw on the music. Sarifri, he 
departmerrts the company found demonstrated, is not all “simp li- 
the right, tigtrt touch. The city and economy." Nor. with 
EngHsb -..Northern Phi^bannonia respect to Holst’s daughter 
(terrible namel under the even- Imogen, had the composer at 
tag's conductor. Clive Timms, last “freed his thought from, the 
hroaghr further confirmation of influence of other music." 
their quality. Clumsily jp lay ed; There are traces of Wagner 
Poulenc’s score goes sticky, still in the remarkable scene far 
Much the rfrm e could be said of Savitri and Death. The smallness 
the stage action. John Copley’s of the orchestra does not pre- 
talem for inventing comic busi- vent a warmly luxuriant texture u«n 

ness (excluding what he did In suddenly reminiscent or cnaus- reotivai nail 
the promising sketch for this son. of all people, and of Dame • 
production seem not Jon® ago in Janet’s recording of his Chanson 
London at the RAM) has seldom perp6tweUe—a work Holst pos- 
beett employed to such ad v ant- sibty never knew. But 
age. Robin Don's set and does undoubtedly show that he 


D Til IM bates try Macs avail, for a/i 
oeris troir 10.00 on day Pi PVt. S«JTi 
still avail 'or janaman M-liec 4 lecture 
Tomor. 1 00 P.m. 


’A rare eevastatinfl. layotra asjonbhinu 
iianner.' 1 S. Times. 3r«S GREAT YEAR 


DUCHESS. 836 8243. Mon. to Thurg. 
EvfnlUBS e.00 Frl., Sac. 6 15 and 9.00 
OH 1 CALCUTTA! 

"Tne nuflltv w irunnlno.” Daily Mall 
9 th Sensational Year 


COVENT GARDEN. CC 240 1066 
iGarncnchai ge Credit Cants 836 6903.1 
THE ROYAL BALLET 

Ton't. 7.30 Serenade. A Month In the — 

Counrrv. Fawde. Temor. 7.30 The Sleep- ) DUKE OF YORK’S. CC. 01-836 SI 22 
ing Bcautv. Thur. & Ftl. 7.30 Let i Evns IN. Fri. and Sat. S .30 and 8 JO 
Svlphidct Birthdar Offering. Jaw I TC>M FELICITY 

Calendar. COURTENAY _.„-K 6 NDAL 

THE ROYAL OPERA CLOUDS 

Wed. & Sat. 7.00 L'Afriuinc. 65 Amphi' | "IS BLISS.” OWe-yer 

seats avail, lor all oeih. from 10 am 
on day Ot pert. 


Michael Frayn's lunniest plav." D. Tel. 


SADLER'S WELLS THEATRE. Ro&eOeiy 
Arc.. E.C 1 837 1672 £«!. 7.30 

LONDON CONUwrvnAm DANCE 
Tomor. '3*1* Perl.: Wateilcsi Method ol 
Swimming Instruction: Did Woman *" 
the Hau . i . Scnabin Preludes and Siudit- 
wed ic Sar. Waterless Met non pi Swim- 
ming ini-.ruclion; Scriabin Preludes and 
Studies. Class. 


THEATRES 


l FORTUNE. 035 2238 . Evgs. B. Thurs. 3 . 

Satxirdavs 5 00 and 8 DO 
( Muriel Pavfow as MISS MARPLE 
MURDER AT THE VICARAGE 

! FOURTH GREAT YEAR 

i GARRICK. CC 836 4601 Ergs. 8 . 00 ‘. 
I isharn Wen. 3 . 03 . Sata. 5 .^ 0 . 8 .S 0 
DENIS OUILLEY In IRA LEVIN'S 
DEATHTRAP 

A New Thriller directed by 
MICHAEL ELAKEMOKE 
THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 
Sunday Telagiioh 


The 


lUnnlest Mrv - Malalrop 
Men.* The Guardian. 

Mr Quavle's Sir Anihonr — -j wonder 
(ul performance." The Times 
Tue*.. Fri. 7.30. Sat. 2.30 
Anthony Quaylc as 
KING. LEAR 


THEATRE UPSTAIRS- 730 TSSA. Prevv 
from Wed. ne«i 7 . 30 . Kc^Kidce WorksncP 
. Protuict.an. Of. MASADA Or Edgar, White. 
VAUDEVILLE. CC. 01-836 9988 . Prevy. 
Dec- 4 and 5 at 8.00 OPEMS DEC. b. 7.0 
PATRICK GARLANO'S 
Adaptation 01 THOMAS HARDY'S 
UNDER THE GREJENWOOD TREE 
hare i JlRICHLY_ENJO_Y_ABLE EVENING." Gdn. 
VAUDEVILLE. 836 9988 . Ere: 8 00 . 
AN EVENING WITH DAVE ALLEN 
"UNDOUBTEDLY THE FUNNIEST 
SHOW IN TOWN." Sun. Express. 
LIMITED SEASON until Dec. ^ 


Bv popular demand there will be 4 £* &s 
per«. Dec 19 . 20 . 22 . 23 at 7.30 
" Nobody With any ' respect lor the 
theatre would want to mm Mr. Quaylc a 
Lear." Financial Timed. 
TWELFTH NIGHT reluriu Dec- 4 th 
IVANOV returns Dec. 7 th 
THE LADY'S NOT FOR BURNING 
retu rns Dec. 9 th. . 


PALACE. CC 01-437 6834 

Mon.-Thurs.. Frl. ana Sal. 6 and 0.40 
JESUS CHRIST SUPERSTAR 
by Tim Rice and Andrew Liovd-Weoner 


VICTORIA PALACE- CC. 01-828 4735 - 6 . 
01-834 1317 . 

Ergs. 7 . 30 . Mat'— Wed. ar.d Sal. 2.4 3 . 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

■' BLOCKBUSTING 

SMASH. HIT .MUSICAL." D. Mall. 
WAREHOUSE. Donmjr Theatre. Corinr 
Garden, Box Office 836 6808 . Ravel 
Shakespeare Co. Seats available ion". 
8.00 for Prto Atkin'S AAR. - Pe-.e 

Atkin's plavlng is as enjoyable as h*s 

PALLADIUM*. CC. 01 -437 7373 . { -dljlnaiw.:'. Times. A dr. bkn s Aid wrvth 
Opening Dec. 20 for a Season -WESTMINSTER THEATRE. E 34 0263 . 
„ liii S“' ‘ Tim Rice ana Andrew Lloyd Webber's 

as Merrv .Widow Twankcv .n • -JOSEPH AND THE AMAZING TECH- 
■ i ■*,. ujcrt ., ABANA->AR NICOLOR DREAM COAT" starring PAUL 
Saw-? ED wATLiifG S Br li Marshall l J ON,i - Twice Daily. Redutvd pr>ee pre- 
» W ^S’ l IuA , VNf cl VFP MARSM ^ U I 1 ,la r* , Nor - 27 ~ ^ 0 ®ni Nov 30 . 

JFprpr^ 'MjSKSLS"* 7 . 30 ... _ j ES** *»’ BOO ". N °-' Lmu *’ 

P ?£l N n X nn T w*Vx^in^e;. °x'nlnrt ^fyn ^1 WHITEHALL. C.C. 01930 6692 - 7765 ~ 
Ergs._B..pp _WCd._ 3 . 00 ._Sat. 5.0 and B. 30 . I Qp£NS MON. Dec ll. Mc-n. Fri. 2.15 Dm 


AOELPHI 
Mat' 


THEATRE. CC. 01-936 7611 .- 
Erenlrigs at 7 3 J i 

■. Thursday 3 . 00 . Saturday 4 . 00 . , 

An Lncnaii.nia New iwuSiUI 

BEYOND I 

THc ..AINoOW ' 

HERE IS A HAPPY FAMILY SHOW." | 
JJ»«. 1 >mes; l 


CC 


• BOUND TO RUN FOR EVER." 
L.cii^a Aewa 
• slifiN e TUNEFUL AND 
SPECTACULAR." 

Oa.lv Telegraph. 

Credi' --ro BoaltHgsi 01-836 “oil. 


GLOBE THEATRE. 

Evas 9 IS. Wed 

PAUL EDDINGTON. JULIA _McKENZIE. , 
EEiyANIIN VVH1TRGW 
ALAN AVCKBOURN’S New Comedy 
TEN TIMES TABLE 

"This mus: be the hanpicsi laughter- 
maker in Lendpn." D. Tel "An irresln- 
>bhr enldvable evcrnnsi," 


DIANA R 1 GG. JOHN THAW | 

NIGHT AMO DAY 
New Play by TOM STOPPARD 
_ Directed hy PETER WOOD - 


Sat. 11.00 »m and 7.1 S pm 
WIZARD OF 02 
Seats S 3 £.2 £l 


Sunday Times 


PICCADILLY. From B .30 am 437 4506 . 

Carer Ofcgs. 836 1071 Pr.’V 12 
13 Dee.. 7 Sub Eki 8 


ALBEHY. ^36 3878 . CC bki. =S 6 1071 - 3 ' 
frsm i 3 ') am Party rales Mon.. Turs J 
Wed -"a Fri- 7.45 pm. Thurs. ana Sal . 
4 . 3 D and C.OO. 

A THOUSAND TIMES WELCOME IS ' 
LIONEL BART'S 
OLIVER 

- MIRACULOUS MUSICAL." Fm. Time». 
w.'Hl ROY HOOD 

GILLIAN BURNS. MARGARET BURTON 
Evira Cnrittmas Mats. B on k Now 
ALOW YCH. B 36 6 A 04 Info 036 .5332 


j ic-iv en;avapie_ even— m. au 

I GREENWICH" THEATRE. 01 -B 58 7 T 5 S 
1 Evemras B OC Mai. Sat 2 30 Until 
j Nov. 2 S. Sleahan-e Keacham, David 
I Burke. Sus»n Hampsui-e. Jeremy Irens. 
David Robb. Jemes Tavtar tn 
AN AUDIENCE CALLED ; EDOUARD 


bv David PftwnaK 
•■A theatrical coup." Times 


ROYAL SHAKESPEARE COMPANY . 
repertoire Tonight 7 - 30 . AS You LIKE 
IT. " An evening of rare enchantment.” 


.. I 


HAYMARKET. 01-930 9 B 32 Ergs 8 .D 0 . 
Mau. Wed. 2.20 Sats 4 30 and 8.00 
GERALDINE MeEWAN 
CLIVE FRANCIS 
NIGEL STOCK 
PETER PAUL 

BOWLES HARDWICK 

and TENNELLA FIELDING In 
LOOK AFTER LULU 
tiy Nod Coward 
with GARY RAYMOND 


S. Tel With: Middleton & Rowlev i . HEft MAJESTY'S. CC. 01-930 6606 . 
THE CHANGELING (Tomor., Wed. m&cj J £rBS _ Mai*.. Wegs. and Sat. 3 . 00 . 

CORIOLANUS (Thur. FnlDayid Mercer Sf * THE NEW MUSICAL 

COUSIN VLADlMlR_(SaL). RSC also at 1 BAR MITZVAH BOY 

*' This stunnino production — unlouelr 
cnjotable," F. Times. ".TKe lumMesl 


THE WAREHOUSE (See under W;. 
xn»Barr'"FaBC - Tt>«EATiwr^7i a^RuoSrt 
Street! Lsmfen. W.f. Tel.; 48 S 5224 . 
MY CUP RANNETH OVER bv Robert 
Patrick ra-ennedv s Children), directed bv 
Anthony Mathcson. with Gloria Gilford 
tad Erie.* Sre-nnt. Unn) 16 December. 

M on -Sat., at i.tS om. 

AMBASSADORS. CC 01-336 1171 
Etgs. SCO Tues. 2 . 45 . Sai 5 . 00 . 8 . 00 . 
JAMES BOLAM 
-• A superb aerformgnce." FT. 
GERALD FLOOD 
« a NEW THRlLLEP 
” WHO KILLED 

AGATHA CHRISTIE . . 


musical around— bar none." S. M.rror . 


KING'S ROAD THEATRE. 01-352 7488 . 
From Dec. 18 Dly. 10 . 30 . 2-30 and 4.00 
THE ROCKY HORROR SHOW 
DON'T DREAM IT — SEE IT 


APOLLO. Cu. 01-437 2662 . Evgs. 8.00 
Mats T"urj. 3.00. Sit. 5.00 and ».h0 
PAUL rJANEMAN. LANA MORRIS. 
DENNIS RAMSDEN 
CARMEL MrSHAMV 
SHUT YOUR EYES AND 
TH'NK OF ENGLAND 
2 nd WICKEDLY FUNNY YEAR " Vc-r 
very fnrn- — °reaf enterra mme^f " Ntlil 
ART§“THEA'TR£ 01 -mSTi 3 Z 

TDM STOPPARD’S 
DIRTY LINEN 

■■Hilaimus . see It." Sunday Times. 
Monday pursdav a 30 . Friday and 
Saturday 7 00 and 9 15 . 


LYRIC THEATRE. CC. 01-437 3666 . 
Etas. 8.00 Thurs. 3 00 . Sat S.OO. 8 30 . 
JOAN IRANK 

PLOWRIGHT FINLAY 

FILUMENA 
bv Eduardo de FilidBo 
DIRECTED BY FRANCO ZEFFIRELLI 
-TOTAL TRIUMPH." E. News. "AN 
EVENT TO TREASURE." Mir. "MAY 
IT FILL THE LYRIC FOB A HUNDRED 
YEARS." Sunday Times 


Credit Cart Dkg 

Dec. 8 . Opens 

The increaii'Dflly popular 
BARRY HUMPHRIES 
Invites you to spend 
A NIGHT WITH 
DAME EDNA . 

Book now at theatre * ad agencies. 
LIMITED SEASON 


WINDMILL THEATRE. CC. 01-437 6312 . 
Twice Nighilv 8.00 and 10.00 
Sun. 6.00 and 9.00 
PAUL RAYMOND cnuenlt 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Takes ip nnp recede n ten limns wn»i lg 
permits' n'e on our naan ' News 
THIRD GREAT YEAR 


PICCADILLY. 437 8503-836 3982 . 

Credit card bookings 83*3 1071 
Richard Gooldcn. Ian Talbot m 
TOAD OF TOAD HALL 

Cnr'stmas matine es D ee. 18 -Jan. 13 . 

PRINCE EDWARD.' Uc. 01-437 6877 
Evgs. 8.00 Mats. Thurs . Sal 3 00 . 
EVITA 

by Tim Rice and Andrew Uavd-Wesber 
Harold Prince. 


Directed bv 


Rerr-et 


WYNDHAM'S. 01-636 3028 . CC. 
Fkos B 36 1071 from 3 30 am Mon.- 
Thurs. B. 00 . F-I. and Sat. S "5 and B. 30 . 

ENORMOUSLY RICH 

VERY FUNNY •• Evening News. 
Mary o'M«ir. V 's snv>sfi-hit comertv 
ON YE A CATHOLIC 

Supreme Comedy on sex ana ruHgion." 

nj'l» Teln-r,-lh 

"MAKES YOU SHAKE WITH 
LAUGHTER " G"’rlun.' 




trtlogv ACTION MAN. 


YOliN c=VIC STUDIO. 
Wed.. Fr>.. Sit F Thur 

BOZO 


928 66 . 
Premiere of 


MAY FAIR. 629 5036 EvB*. 8 . 00 . Mat 
S 30 and 8.30 Wed. MM _ 3 . 00 . 
WEI SH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MAY FAIR THEATRE- 01 -493 2031 . 
From D«k 18 . Oallv 10 30 . 2.30 and 4.00 
SOOTY'S CHRISTMAS SHOW 

NATIONAL - THEATRE. 2 SS 2 . 

PbSMnility ol nd perf Tbniflltl due 
uno Pula! slrlka action. Pjeose check 
OLIVIER fopcti stagol; Fri. A SaL 7.30 
flow price prev.ews). STRIFE 3 v Gals- 

•rerthv 

LYTTELTON < proscenium stage I: ToniflM 
7 . 4 S THE PHILANDERER bv Shaw. At 
6 . 00 ' Mimic hv Lamborghini Ensemble 
f 45 -ntin. platform pert., lifts 50 p). 
Tomer. 7 45 Betray at 
COTTE 5 LOE rsm*ll audiCdClumj: W«f. It 
8 HAS "WASHINGTON" LEGS? new 
comedy bv Charles Wood. 

cvdiTiNG BLACK AFRICAN micir., I Many ekctMlcnt cheap seats un 3 theatre* 

TWltoff." Mn a M N^ L l Cjr Wrt - wwaowm, w» 


PRINCE OF WALE 5 . 01-930 B 6 B 1 Cred 1 1 
Card bookings 930 0846 . Limited ron , 
before New York. Mon. to Tnurs. 8.00 
Frl. and Sat. b.Oo and 8 . 45 . 

ALAN AYCKBOURN'S smash hit ccimcdv 
BEDROOM FARCE j 

"It you do not laugh sue me." D » 0 . 1 

A National Th e atre p roduction. | 

QUEEN'S. Credit cams. 01-734 11661 
Eras. 8 . 00 . Wed. 3 . 00 . Sat. 5 . 00 . 9.30 
GEORGE CHAKR 1 S. ROY DOTRICE. 

RICHARD VERNON. JAMES VILL 1 ERS 
THE PASSION OF DRACULA 
“DAZZLING." 1. SMB. "MOST 
SCENIC ALLY SPECTACULAR SHOW IN 
TOWN." Punch. "THEATRE AT IT 5 

MOST MAGICAL." Times llL__Suo l CAMDEN PLAZA loco: Camden Town 
RAYMOND REVUEBAR fC Tuh“'i 485 2443 . THE BOB DYLAN FI 1 M - 

A? tSoT " 00 . C pm Open Sun 

AAiri DAVUfiiin - rt i < 1 D*« AN JOAN BA£Z in 4 TRACK . 

TOE FESTIVAL OF EROTICA f -SUBISa -gHBfe =.■&<? MiL L» JiallE. r 

Fullv alr- c otidllipn ed CLASSIC I. 2 3 . 4 . Ovftvrt Sfreet >opd. 

REGENT. CC. 01-837 9862 - 2 . Tottenham Cnitrt Rd. ti-hgi. 636 ' 8310 . - 

Man. -Sat 8.00. Mats. Fri ana Sat. 5.00 “ A nrem. Chnwrrn.jMi/-Brire_ 


CINEMAS 

AKC 1 * 2 . Shaft es-hurv A>e. B 36 8861 . 
Sep. perfs. ALL SEATS BKF-LE. 
l! DEATH ON THE NILE (AJ. Wk. A 
Sun 2 . 20 . 5 20 . B. 20 . 

2. DEATH ON THE NILE (Ah Wk. A 
Sun. 2.00. S.OO. 8.00. 


LITTLE WM.LIE JR'S 
RESURRECTION 

_ T hp First soul. I 

ROYAL COURT. 730 1745 

EVBi. Motl. to Sal. a: »■ 
PRAYER FOR MY DAUGHTER 
by Thomas Babe 


na-d Adam't WATER 5 HIP DOWN 
rUl Now will, •verpr.nkanlc sound. Frras 
t 4 * 4.89 6 15 . 8 35 . 

2 - THE PREEK TYCOON (AAJ. Progs. 
120 3 40 6 00 B .20 

5 - ' ACT 3 DAYS' Glpntta Jackson as 
*Tcvie /aa> Prws. 1 30 . 3 . 45 . S OS. 
R.ZS. 

A: Burl Re>tiol<ts i« HOOPER IA). Progs. 
.2 00. 4.10. 6.25- 8.40. 


ROYALTY. CC. 01-405 8800 

Monday-Thurstiay even mgs S CD. Fr.day 
5.30 and 8 . 4 S. Saturdays 3.00 and 8 . 00 . J CURZON. Cur»en Siren 
Lonatm Critics vale 1 YOU LAUGHED AT H 


Wl. '49R 37J7 


ASTORIA THEATRE. CC CIUtlPB CrO** 
Road 77 J 4291-4 39 BQJ1 Mpn.-Thurt. 
S 08 t’ n * Fri - E 00 ancl 8 ' 45 

BEST MU5ICAL OF THE YEAR 
EVENING STANDARD AWARD 
S ECOND GREAT Y E AR 

CAMBftlP r '^' CC. 01-836 6056 . Mon. is 
Thur* 8 “O' JpV’toMRI - 45 *** 8 ’ 30 


Seat prices C2.00-CS So 

DI " Mf GR^Y^R 50 ,nel ’ 

TTtANSr^iJg^freKAU. THEATRE 


2033 - Credit card book lags 928 . 3052 . 


CAMBRlP fte cc 01*836 6056 
Fo* Offic e now onen tor 
TROUBADOUR 
a new musical Marring 
KlM .BRADEN. JOHN WATTS 
npd price Previews from Dot. 12 
tfoenfrig December 19 


COMEDY. CC. 01-930 2578 , E»gs_ 8 . 00 . 
“ ThiJrt- 3 00 . Sat*. 5.15 anti ajo uu 
Tny BILLIE WHITELAW 
"The mfet powerful female aettna seen , 
In London this year." Observer 
T. P. MCKENNA In 
MOLLY 

(rv SIMON GRAY 
..IHTFNSELY MOVING." C. Hew* 
-FEROCIOUSLY EROTIC.'; S. Timet 


OPEN SPACE. _ _ ^ 387 6959 . 

BECKETT: Sold Out 
Brecht's RESPECTABLE WEDDING 
Rook now. Red peed price preys. Dec. 
7 - 10 . B o.m. Opens Dee. 12 . 7 p.m. 
From Dec. 13 . Tues.-Suns, 8 o-m. 


OLD VIC. CC. 01 - 928 - 7616 . Back again 
far a anecul Christmas season 
December 18 - January 13 MATS ONLY 
THE GINGERBREAD MAN 
'* A ffmmph . . . worth travelling- mllns 
to see." BBC Radio. 


PALLADIUM. CC. 01-437 7373. 
From Toda« tor One Week Only. 
CLEO laine 

with the JOHN DANKWORTH Oreh. 
SnoCInl GuesK- JACK PARNELL, 
renmY flAKER.' don LUSHER 
’ *0 Tues. and Thurs. B OO. Wed. 
I perf*. Fri., Sat. 6.15. 8.45. 


Tut. 

> 45 . 


Best .Musical 01 1977 

Tef. bootings accented. M*/o r credit 

cards. Restaurant r« 91-405 2418 . 

PARDON MON AFFAIR TOO (AA 1 

f English s«fi*ffj-s» FTm at 2.00 (not 
SundFVl. 4 . 06 . . 6.70 anri 8.40 

SAVOY THEATRE. 01.836 BBSS. 

Credit cards 734 4722 . Tcm Conti in 
WHOSE LIFE IS IT ANYWAYJ 

BV Brian Clark. "A MOMENTOUS PLAY. 

1 URGE YOU TO see it." Guardian. 
Evfl*. 8 . 00 . Wed. 3 . 00 . Sal. 5 . 45 . 6 45 . 

^rircj^rR cQnApe THEATRE '930 52521 
TNE WIND ne MUSIC 'll). Seo. p-nak. 
W 1 . 2 . 30 . 7 10 . Sun. 3 . 00 .. 7 . 30 . Sr^ft 
hkhle In irhnnfe by dor or at Bnr 
Offire tor 7 30 prop. Mdn.-F-i. and all 
orons. Sat 6 Sun. (No Late Show bfcg.T 

SHAFTESBURY. CC. 836 6596 - 7 . 

836 4255 . Oorns Dec. 20 Until Jan. 13 . 
.JANf ASHER NIGEL PATRICK in 
PETER PAN 

Dally 2 and 6 . 45 . Prices 65 . £ 4 . £ 3 . 62 . 
Reduced price an D*e. 20 . 21 . 22 . Jan. 
1 . 9 . 10 . II 12 . 

pn*nai. Havmariret. 273812771 1 

M'DNIOHT EXPRESS fXl. Sen. protn; 
01 ^ 2 . 50 , 5 . 30 , 8-30 o.m. All scats. 

oncnai. Leicr«ter Sauare. {930 ti » 

EES LA»RA MAM (AA 1 . Sep. 

STRAND. 01-835 2660 . Evening! 8 . 00 . 
Mat. Thom. 5 . 00 . Sail. 5.30 and 8 . 30 . 
NO SEX PLEASE— 

. - „ wrRE British 

LONDON'S LONGEST LAUGH. 

OVER 3 090 PERFORMANCES 

onrnhi. Manjle Arch. W 2 . F 721 2011.'21 
REVENGE OF THE P|H K PANTHER (A) 

Proa?, cpm. 3 . 15 , 8 . 15 . 

P,^IN 5 £ CHARLES. Lelc. Sa. 437 81 6 U 
Walerian Barowczvk's THE BEAST London 

X Sen. Peris. 12 , 40 . 3 . 10 .' 5 . 55 . B .35 
'Stm. '.ID 5 . 55 . A . 35 jT liteVh^ Fri. 
and Sat. , 1 . 15 . Seats Bkble. Llc’d Ba'/ 

ST, MARTIN'S. CC. 01-836 1443 . 

Evas- 3.00. Mat’nees. Tues. 2 . 45 . Sa!*. 
5 .M and a.ao. 

AGATHA CHRISTIE'S 

THE M 0 U 5 ETRAP 

WORLD'S inNKFCT EVER BUN 

26 th YEAR 

STUDIO 1 Wl Oaford Circus. 437 3300 - 
J iw. ClayPursh, Alan Bates In Paul' 
MMurjVrs. AN UNMARRIED WOMAN-; 

TALK OF THE TOWN. CC. 01-734 5051 . I Shaw Frl.' and Sal. 10 . 50 . * 

Alr-ccrndHIoned. From ® °°-„-,?' nin8 T ft*** 1 '" Christie's DEATH ON THE 

Dancing. 9 30 SUPF.PB REVUE ; WILE (AJ. Sep. Peril. Dly. 2 . 15 , 5,15 

RAZZLC DAZZLE . s. 15 . Law Show Thurs.. Frl.. 5 ai. 3 1 .1 si 

^ at 11.00 MATT MONRO 5 ceta bookable. 




FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P iBY 
Telegrams: Finanlimo. London PS-L Telex: 886341/2, 883897 
Telephone: 01*245 SitOO 

■ .Monday November -U Hl 7 fr 

A search for 


Opportunities and dan; 
in the China trade 


..." financial Tiffies^ How% ; 19 JS- 



BY COLINA MacDOUGALL 


W HEN' CHAIRMAN Hua come from one man. the 75-year- 

Kuo-feng announced last old Teng Hsiao-pins. While the TUF rUShlFC IT AN A CHOPPING 

March that China was contracts that go throu-h now I fit UniWMt Vf* « 9m#r;Y7inv 

TKfcl CONSULTATIVE paper ail. the need for such rules embarking on modernisation will probably be successfully - 1 ■ — — : — 

Setting Accounting Standards. an>e> primarily from the de- W ith a plan to double coal and fulfilled, inevitably a bis ques- VALL 

which was published by the mand; -il -hareholders and in- steel production by 1985 and a lion mark still hang.® over the PLANT SUPPLIER- SI3 

Accounting Standards Com- valors, for reasonably com- schedule of 120 huge new pro- long-term future of Chinese DEVLS CONCLUDED OR NEAR CONGLL'SIC 

mitree m September, is pnten- parable, and more useful, in- jects, the reaction among hard- plans and policy. „ . J * ... _ ‘ .. 

tially tile most important docu- formation. A comparison can be e ned China-watchers was sur- However, so far. so good. Equipment Tor six shaft W- German consortium utcraotng 
ment ever released by the UK made with the position in the prise and incredulity. Nine Trade is already increasing by and two opencast mines Krapp. Oreostein and Koppel 

accountancy profession. It is so United States where the months and raanv contracts leaps and bounds even though five petrochemical plants L’hde (W. Germany) • .van 

because it coos right to the heart Securities and Exchange Com- later. Peking's broad strategy little capital equipment has yet Xwo oxo-alcobol slants Daw Powergas (UK) ... $W 

or the accounting system, and oiis.M-in venerally refuses to for reaching the target is much shown up in the figures. The . ... 

deal- with the objectives nf accept accounts for registration clearer. Whether it will he CIA's National Foreign Assess- Natural gas processing huroda Chemical Construction wUfr 521 

financial statements and the if they do not conform to achieved within this tight mem Centre estimates China's equipment .Mitsui (Japan) 

framework »f standards within accounting standards. There is schedule remains to be seen total trade io 1978 at Sl9.3hn, Synthetic leather plant Kuraray (Japan) S3- 

which company accounts should no real enforcement problem in (and of course political upsets S4.Sbn above last year. The Two ethvlene plants Nihon Kivatsuvu and Marubeni 513 

he organised. As such it pro- this legally-based system. The could cause a reverse), but a reliable Washington-based China K (Japan) . 

v;des shareholders, investors and Stuck Exchange lacks the will, convincing start has been made Business Review, taking an even . .• y . 

ail other users of company the status and the power in on ways and means. brighter view, calculates that TV equipment plants Hitachi. Toshiba and Asanl Glass .- 5*7 

account.- with the opportunity to do ih.- job. The unly viable The backbone of the aew China's imports may exceed (Japan) 

secure much greater influence pui>Si>iliiy. iherefnrc. is" the new industry is to be imported SlObn while exports might rise integrated steel plant Nippon Steel et aL (Japan) S21 

over the way in which the coin- Oumnl for the Securities In- plant, a fact which even as above S11.2bn. r,.,. imn mimK Ksi^r Pnoinwo; (I!S I n_ 

pa ny ac-mumlng system u to be dusirv. recently as the spring would When the plants the Chinese Two iron mines Kaiser Engineers (US.) 

run m ine future. Rut There are other aspects have seemed inconceivable, are currently negotiating start ‘ " .-vnwn ttomp* 

of ASC's activities which also Western understanding of the deliveries, trade will rocket. UNDER TENDER 

“ Pi hi' " uetd reform It seems indefen- true intentions of the post-Man According to China Business Methanol plant Davy Powergas (UK) 100.00' 

ruoiu lasts „u,te. fur example, that an leadership has come a long way Review figure* China is already Sean]Iess pipe piaot Sumitomo Metal (Japan) 552 

li i«- nine yars since lire ».r-ani>aiiop rrpatoH nrimarik- since then. Foreign technology discussing S40bn-S43bn worth nf 


^ a - juui emoarkitig on moaermsauon *■»« yiuuamy oe succvasi 

belting Accounting Standards. an>es primarily from the de- W ith a plan to double coal and fulfilled, inevitably a big q 
which was published by the mand; -jI -shareholders and in- s te«l production by 1985 and a lion mark still hang? over 
Accounting Standards Com- verton for reasonably com- schedule of 120 huge new pro- long-term future of Uhir 


PLANT 


VALUE OR 

SUPPLIER SIZE 

DEALS CONCLUDED OR NEAR CONCLUSION 
IV- German consortium including $4bn 

Krupp. Orenstein and Koppei 
nts Ubde (W. Germany) various 

Davy Powergas (UK) S72m 

Kuroda Chemiea! Construction with S26nz 


li I-- nine >»are since the organisation created primarily sifl ce Ihen. Foreign technology discussing S40bn-S43bn wortn nl r ' 

a-;i;f<ur.ian..y pr-iree.-jiin look i.wn-e the needs of accounts anc * ^Quipmem will play a vital equipment for installation over 

up* *n f *hc task or develop. Uier * should have only one user role in ever * sector, nol simply the next five years. Thi* breaks 
in.’ standards •• ; t j narrow the am«.r.s it- members In con- Priding the essentials but in down as follows: iron and steel power stations 


.Mitsui (Japan) 

Kuraray (Japan) 

Nihon Kiyatsuyn and Marubeni 
(Japan) 

Hitachi, Toshiba and Asahi Glass 
(Japan) 

Nippon Steel et aL (Japan) 

Kaiser Engineers ( U-S.) 

UNDER TENDER 
Davy Powergas (UK) 

Samitomo Metal (Japan) 


S3 7 m 
5132m 


ST AGE 

mgACOTftl 

Protocol 10/75 

Contract" 
Contract Sfti 
Contract 11/77 

Contract 5/78 

Contract 7/78 


" worth well over $lbn and tt 
"Involve, exploring^ developing 
and marketing .ores. and. metab . 
— abroad. .. . : . ■- 

•In addition'. China has bough 
a new" coppetysmelting proces ' 
- from Australia, ir is also, cor 
sidering an aluzmnhrarplaat an V 
coppersnrelters’^om Japan znr 
Finland. In view: of - its ineu. ' 

■ Triahsationplans,' China’s -ahm 
• inium oeeds ire expected to ris ' 

: '.by about lO j»r .ient A year- 1 - 


?/n >: r:r - So fgr the powerdpdustry lL 

Contract 7/W- lagged: ta*ina^tber^li»a fist( " 

30- po^er^srxfiOTiSvTamong ■ \- 
$275 in Contrart-7/78 . pratje^' fbr:^ .pj^; n but (m v 

• '/ -three appeai^rao'-ilW ~ io ha 
Decision spring ’79 beenthe subject ofstasitive i 


Contract 3/78 


100.000 tons 
5529m 


in accounting practice. '' li did rejirc^en la lives number eight. I *ofrastmcture. S3.5bn: coal 84bn: ports -jj n - petrochemical plant 


:'■* * non laruoiy m response t< 
ouiMdv pren-ure fnii.iwnu; < 


uhil»* lu members are pr act isms 


area^ difference and variety lrasI . Jndurti} and cummercc raan^, cases et>er 5Thin2 bur the S21_hn: petroleum equipment 

in accounting prat- u*;e." Ii did reproem* lives number eight, infrastructure. S3.5bn: coal 84bn: port^ 55 n. p^j^chemicaf plant 

f * non larucSy in response t.. hilp 1 1» members are practisin'- Chairman Hua said China hotels S2bn-S3bn: power S-fin: 

nuiMdv pre.-. -UP.- fnil iwiny a acc.utua.us. A beiler balance wouJd d^IoP or build ten fisheries S2bn: aircrafl SI bn To 

-cries 'public -. a: es.' During m«.u I d he vneii if ihe preparers ,r °" sad steel complexes, nine help pay for this, the <-BR fertiliser pian. 

the p-.-.-.ou much useful pro- user* ami' auditor* -;f account* non - rer ro i, s m ^tal complexes, reports that analysts in «ong- 

£7^; -vds h:«»n made had <n ^qual sav in decision- eiglu coaI mines - len niI and honq believe that exiuin « could Asricultural machinery 

Ncvortiwlv^. i n r-.-cotu y va » making. Regreltablv. though ^ fields. 30 power sutions. six easily increase by 20 per cent plant 

ii ha* htc-nii: increasingly the Watts report discusses this " ev ^ lrur, k railways and five key a vpar, at least for the next five building plant 

evid-.-m that »he present p.i»ibilny; n conclude-, broadlv harboi J rs - Ij " ow 4U nofes . >' ears - At that rate. i..hinas . . 

ftandard-setliRj procedures "are in favour oi the status quo ,f . aIfl,0 r !?, a ' ,he tech- export earnings alone for -hose Cement plant 

cubitic* 5-\«*r<-. Jimiranon-. . - - — * noiogy for this programme years would total about $9nhn. 

M«M :niporian; " is the absence State industries wH1 <»»€ from abroad, and Add in tourism profits and 

mi an.v mc-.-haniMii i„ r n ? uch ls alread y under discus- remittances From overseas oil refinery 


One ol-ioe first-tasks of the, 


enforcin ' ^aa.Ia-ds anari from ° ne first-tasks of the sion. One can so far only guess Chinese and the fisure looks runner refinerv 

■Ji.- uualiii.-ii a- -Thic rei;,,, i-it J ii |, «cd standards group about the foreign exchange cost: very healthy even when i he cost pp 

mean- that ihc ASl is^eonrallv sRWSI3 ‘. " lo ‘decide whai the total investment (presum- of China’s imports other than 

u-idor n-.’-Mirv- irnm h, t h a ‘- , v* >ul,r,n: { "v-invenliun u is ably domestic and foreign). Li plant is knocked off. Polyester hbre plant 

audu..r> a»ci iiraT-H Hirerinr*. secJ;,r ‘3 io ' standardise. The Hsien-nien. a vice -Premier Oi! sales wi\l presumably Coal slurry pipe 

„n'- V, nr.riiin ‘.J'i .-hc h in renii on .seems to be recently told a Japanese group, account for some of this in- n iant 

d ri ??. f hah lo proceed frum a historical would be S600bn. Foreign ex- come. Under Japan’s Inna term Auton13tlc tteld,n * p,ant 

' -viwra.i.. aL>cp(vo m in- L . nsi iiarlin'’ nnint oraHnolU ..•ill nil nro Aluminium refinerv 


du5tr/. Tt.> resuli lu. been 


im proceed frum a historical would be S600bn. Foreign ex- come. Under Japan’s Inna term 

ensi Marling point, gradually change will account for a size- trade agreement oil expor* are Aluminium refinery 


working towards current costs (able share nf thaL 


u . r „o-e.r Huvi) ihi.. - wu-.-.ii. duir sunrc *»I LlldL- iicsiiueu Ml I L&V iu j-ioi i 

"t . i ’ ' H i " ‘ fho flexibility this permits. This import programme means year by 1982 and 30m bv 1984 

r -f an,i :he , - onfusion i] L-an cause that Peking win be faced with 1985 (about S1.4bo and S2 8bi 

”.'1...!“ 1 1 .' n e e ’‘ s ' " l,nit '-' s r!j!c -' are firmly laid a vast quantity of machinery, respectively at today’s prices). 

|. a.>a!jii.iy. LVrfmpi-< include dn-.-.-n ano ndhfrpH in ha* hp.-n ..ii ..j ic niH r-hin.. nUnc » 


destined to rise to 15m tons a 
year by 1982 and 30m by 1984- 

1985 (about $1.4bu and S2.8bn Integrated steel works 


AT ENQUIRY STAGE 
Hitachi. Mitsubishi. Toshiba 
(Japan). GEE. SAE (Italy) 

Marnzen Otl/Toray, Toyobo, Kanebo 
(Japan) 

Humphreys and Glasgow (UK), 
Tovo Engineering (Japan) 

Fiat (Italy) 

Isuzu. Hino. Mitsubishi (Japan) 

Kawasaki • Ishikawajima • Harima. 
Onoda. Nippon Cement et aL 
(Japan) 

JGC (Japan) 

Samitomo Metal. Furnkawa Mining, 
NTbon Mining (Japan) 

Toray (Japan) 

Snam Progetti (Italy) 

Hitachi Zosen (Japan) 

Nippon Light Metals. Shows Light 
Metals. Sumitomo ' ‘ Al nmlnfnm 
(Japan) 

Schloeman-Sfemag and. W. German 
consortium . 

Nippon Steel et al. (Japan)- 
Various U.S. companies r ' 


Sl-Ihn 
SI 59m 

60,000 tons 

S3I2m . 
S265m 


$I4bn 


quiry (hi Japan). "However t : . 

Chinese haye^ shdwsd greet > .« 

tetest In lcFOkihg ^^the. pair S 

indos try-j both " dn /BriSaia a 

elsewfawe and'fterd seems lit 
doubt that they wflJ buy in d - - -: 

l m ; yi \ 

Chajrznan'Hnk has listed fi _ ’ | C- i 

keyhartmnrs among; bis 120 p: * 
jects. = . Of these tbree alrca 
. appear to fcayfe ; been wmtract ’ • ■ r , t x ■ 
; out, two to " -tbef- "potTfeh ES‘ ; ‘ 
Asiatic Company,- which h v ■? • 
agreed to modern!^ Shangh V 
and Tientsin container por y - 
Others may follow. ; A letter ; ; v. : 
intent has been J.- signed w{ 

Dutch campanies.fbr the.co L 
structioo of a $2bn Jiarbour ■ ! - 
Lienyungkana about 700 -k-'.O 
north of Shanghai Alhrfhc 
much more expensive scherj , 
for a deep chaime] it toe mou . ' " 
of the Yangtze to pet shippii • - 
up .to the! hew Japariese-bui . 
steel plant at Paoshan is beir 'Y : 
Studied wftii the Dutch. .. -\Y~ 

The Chinese will build the ; v .' ' 
own railway linre, 5nd;.wt ,: v 
their increased steel product it -yj 
and imports they shbuld han--; _ 
no problem wito- ;the bas '-.X 
materials. What to^ do see • 
to want is new loccuhp fives at y. .. 
possibly electronic : trsfl 
handling gear. They are sa 1 
to^ "want' ^200 locomotives in : . 

3.OOO-4-.O0O h.p. ringe Vt a . cp-.v ^ 
of abbot. S200in. Ais thorn A f ’ • 

5 antique. The French Compaq - ' ' 


:r 

|s 

■i r; an Uf 

-iwl *£?'’■ 


Trad 


challenge 

EEC 


ir iLviuue (i uwn a nd adhered io. has been all requiring traniport and As Hua said. China plans tn ... ... . „ t ,, . v aantumg gear, mey are sa i, . .. 

/ '7. "T D tl.c re^ni ,n,i,|^5on. Credit ntm» deolop 10 tnon- oilAeia, » »«' *»« MPP«» Sr«i e. al. iloepimavs in tt 

1 ' p, -' ,n ;- 1 vapstali^auiin avcuunis uf the nationalised ncnls. even if spread over laree as Taching" (which cur- Six iron msm-s \anous L.S. companies SRhn <*sL . • . — 3.0OO-4iOOO h.p. nmge at.a.cow,^ ■.( 

0? - ,: -'P-m-' -'ri - ..p'?ndi ■ urc. the industries Many auditor-: araue a number of vears. are rently produces 30m ionnes a , „ , — - — — — — . — . of about. S200m. . AJsthom A 

exempt!..:. prop,. r iy com- ihai srandarciisation of account- likely to fall due 'within the year) Information on new fields r. ; lit ^ . lantique. toe French Compaq • 

panies s rom tilt- dvprcrciatiMn mg tan only militate against sarnf » period There will be is scsntv bur the Chinese have near Shanghai (expected capa- scheme is beginning to- .take is stilj expected to be . very and Heoschel in Germany., a^“ • 
standard, the cnanuv "t hi-art on the true and rair view which nl' problems of shortage within round oil offshore in the Pearl city 6m Ions annual!.- i i'.as been shape. • large." West Gbnnany has interested ia supplying' them. , 

deferred lax. and a failure i» awmints arc required in give China nr technical and manage River delta and have new on- allotted to the Japanese at a In anoiher important respect 'ahrtiidy signed- a protocol for Thus Chilli's ctirretlt shoppin > ' r 

enme up witn .me method for Bu , tl]0 objet . ljve nili „ be tfJ me nt skills, and an abrupt shore fields in south China. H..w- cost of S'Jbn. Although final the steel industry /wi!T be the supply of equipment for five .jp ree is closely related to tli ;1 .: 

cumim-. rrai>.3.mn a t a time nf narrnw down Ihe alternative cultural shock for the average ever, a substantial increase details of the contract remain foreign -supported. Tne Chinese shaft mines, two jipencast Initia t ion of, plan projects.' TH v 'L, 
impreceuenica fluciuati-ius m t-x- -a CCnw:TTT7I g — nierfrods 'available Chinese who will be faced with almost certainly needs foreign io be concluded, the Chinese are buying iron/ ore from mines, and a production line Chinese presumably want to g« . 

change raies. ir. companies. The present pnsi- a vast and sudden influx of participation, the Full extent of are already building the sue. Australia and Brazil. They for mining machinery worth these off the ground as soon a \> 

A oi.-siblc vehicle for Man- non is too much like a great foreign equipment, foreign tech- which is nor yet clear. Tne second, in Hopei province, have also signed.* deal with a about $4bn. Britain has sold possible, so"* it is likely the - ’' 

nard' enforcement would appear area nf “ safe harbour " lor the noiogy. and even of foreign Steel and coal have already may go io the West Germans U.S. company. Kaiser Engineers, over S200m worth of mining will tick the rest off t^ir list a 
I" be the Stock Exchange. After prelection of auditors. lourists. gone some way towards realis- who have been invited to for the design of two iron machinery and expects to sell quickly as -can. That mean 

If the Chinese put the jigsaw ing Chinese plans. Hua lender. Capacity will be Sra mines. During a recent metals more, and the 05. has become that when they have placed aV ' ’ 

-ra „ -j| together correctly, the timing announced last March that tons, and the reported final mission to the U.S.. the Chinese a serious potential supplier. tb e contracts they heed fwhicl 

9 I lAVWTA problems of transport and pav- China would double output of price about S14bn. Of th. four side asked for proposals for six Two U.S. firms are competing wfl) presumably be. over thi 

I H ft. IIJI I 1 IPS i Mf“* menl ma - v be smoothed out. strel and coal, at present due for expansion. Anshan is to iron mines, each r of which, with Japan and West Germany next six months, or perhaps 12) 

W This is a very big if. however, though! tn be 30m and 500m double output io 12m tons, and according to the CBR. could be to build coal-processing plants, there rtay be a sharp downturr - : - 

■unce their own past experience ions respectively, within eight the other three to come up to uorr h Slbn. including S250m Chairman - Hua’s proposed in orders. • 

£* jTi « ^ * 1 l in 1974 when ports were years. This is a mammoth task. 6m from im-3™. This would for equipment alone. nine non-ferrqus metal com- ■ For the next few years they 

B ¥1(1 A ■ jammed and hard currency and it is now pretty clear that give the Chinese 44m tons out Coal production, for which plexes have been given a huge are 7 likely to be 'deeply" pre- ' 

1 CrM jAvO M ' J ■ short) proved how difficult it is. Peking plans to do it with mas- o. the planned finm: ihe re- there is an even more ambitious start by the deal announced on -oecnpied with questions of pay- - 

- - The cultural shock, coming sive foreign inputs. mainder could come from target (doubling last; year’s November .14 for the supply of ments, transport and installs- . 

THIS WEEK rhn Nine E EC a nniytive recnnimendalion to after years of indoctrination on The Chinese have let it he growth at three existing large 500m ton output by .1985 and 22 noh-fferrous plants by a tidm Assuming that there are 
counlncs are due tn lake some Ministers and urge a rapid cua- importance of “self-reliance" known that they plan two new plants 'Vuhan Paotow and tripling it by AD2000) wUl be Frankfurt concern MetallgeseU- no-big political changes, if. 
fateful decisions tiur could elusion to the negotiations. ma ? be m0 L re mtractab,e - F « r - ,arce 8leel complexes and the Maanshan. Whether aU this proportionately less ^sisted ^laft and its subsidiary. Lural. seems probable that these will ' 

«eriou»it- affect ih»- rowih of thermore. the motive power for massive expansion of four more, work cau be completed by 1985 from abroad, but the foreign The details remain to be nego- be to® main domestic Issues for 

world trade in the i-onnn" Protectionism this huge programme seems to ODe of the new ones. Paoshan is a moot point, but at least the contribution in absolute terms tiated but it is expected to be the early SOs. - . ■ 

decade. As Hie Sve-year-lonp Th^ wisihle course i< fnr rh P — ~ " 

Tokyo round nf international Council to accepi ihe Comm is- m m b ■ m h ■■ m MOiBaiM Jk 

trade folks enters iis final sion’ recommendations. The nilLM A M 11 Afl A I ■ 

phase, the ball is firmly in the main outlines nl a deal could |tf | m . , lH JUklvIJ IVIH 1 8 Ullu 

Community’s court. At their then be worked out before * ■■ ■ ■*■■■ ■ ■ BHw • . J M 

Council meeting in Bnissels on Christmas, for approval by the ^ ^ , critical of Silkin. but I have Chauvinist Pig diary. ; M - 

Tuesday and Wednesday, the Community at a council meeting CrOTTOn S G3ITICS . - ? | - on* piece of reassuring news lor This latest fancy of John ■ B 

Nine Foreign Ministers rhusi in the New Year. It would be of , . , . 't'.'./ j ” i him. His own cunstitueno - seems Wright, originator of tbe MCP - • - ' .“V# 

either agree io press rapidly immense.- help io the U:S. 3110 IOC GOCKS . j/k to be standing beside him — at ue. includes instructions on _ 

ahead with tiie round's eonelu- Administration in iis efforts to R - fi rt . 4 of his as "“l fii Icasi for the time being The how to crush feminists— *’ When 

sion or risk failure by postpon- solve the waiver problem, and KhairtllJin of the Greater Loodoo JS5& \Y Dulwich area has returned accused of being crude, iosensi- J — 

ing substantive nvgoiiktinns secure subsequent ratification of irt . ou) C T — U { Silkin since 1964. He had pre- live and selfish respond by ■ A 

until Die .New Year. The rest the entire package, if it already , __ r _, va _ anc ^ Sir __ v 'ously been a councillor and being more crude, insensitive 

nf ihe world s major trading had a major negotiating success Ma iu- , f.- n f tnn travoliinp JSdLJ ( I his father was a former local and selfish. Nerer give in.” It - - 

nations most importantly the under its belt by early January- detemune whether T?OKfcP0j± L' Labour digmiaiy. The Young is also laced with quotations - \ 

U.S. and Japan; are now ready Ff not. there is a danger that 10 . . . . Socialists have been considering aimed at shoring up the egos of London to Dalla^-Forf Worf-lr norr irfrtrt 

w settle as many as possible of the new Congress will make dlf- C “ ^2J 1 !? b ^S P on th , 1 !; refusing to canvass for him and males who need such question- iS, HOff-StO P 

the main oui.sianding iuaues by Acuities over the waiver, and 1 H 0 ^ cos ^- | pr0J 1 Q C g t c instead working across the able props as George r. Dally- Its got all the right connections 

Christmas. ' quite possibly hang a cluster of ,.?V sl ? g ,r ie T r“v l ^ ri v npICS ' border for Price. But one local Farquahar’s: “Since a woman in. America’s OjUH try. 

, protectionist amendments on to P° ss, oiy-tn me uociuan . party' man tells me: "We don’t must wear chains, I would have 

L‘~S. Co/lijress »he Bill calling for its extension. He tells me it is still early pull the rug from under the feef the pleasure of hearing ’em . T%rnri)(T< rTilrwirfh) 74.7-t-fttac ’ 

Ir [hls j . ‘ h , nn „ n Vlno That, in turn could encourage days to forecast bow much that . .- of a man when he is in trouble raifle a little." " - on aaiJ > 

muiL mndifv Sl iti n thZ protectionist forces in Europe, might cost but admits that the -. in parliament." - MCP Publications — repre- : BrO^DOndon Gatwick at 1] 

tnnk at thpj'r Luxmub ure Cun'- A number of Cum m unity gov- '* marvellous complex " id Mon- HERE J M sented. curiously, by a woman ‘ Bailas-Fort Worth, arriving at 3.05pm 

cil (a-t month when thev told ernments ' m P a »'tit‘tiJar the treai had led to a net loss of !-^V.- k '?hg^W' . -tells me there has been “no- VlAtDalla^Forh Worth i'mmftriiafp 

5, 'SI ?l° 1 1 Vh ov,'. ^ h> , d French, have in any case long over $800nt. Crofton is in fact -.i v'.'.v • ffflH Forewaf'ninfi trouble at all" from women -W-uaiias-r on. VVOrmxnere are immediate 

nJmri tn J e " r ' PTf," had serious doubts about the just back from Montreal, having - - jjC4P HBK , _ And her ov.m feelings? “ MCPs connections Wltih BraUliff 


MEN AND MAHERS 


land the docks 


StCAPEMY 




JSueus 

c HERE 


conclude 


desirability of 


agitated message tn Washing- 


_„n ttr> ..i n ,„i., U£i « major new travelled there to see what went 

Th. SEreemem wrong. He argues that the 

_ Fnr , h „ d r . in current economic circum- factors seem to have been once- 

reason for the (.ominttntiy . » n( Ho«II rather than endemic 


critical of Silkin. but I have Chauvinist Pig diary- 
on* piece of reassuring news tor This latest fancy of John 
him. His own constituency seems Wright, originator of tbe MCP 
to be standing beside him — at ue. includes instructions un 
leasi for the time being The how to crush feminists— *’ When 
Dulwich area has returned accused of being crude, insensi- 
Silkin since 1964. He had pre- live and selfish respond by 
viously been a councillor and being more crude, insensitive 
his father was a former local and selfish. Never give in.” It 
Labour dignitary. The Young is also laced with quotations 
Socialists have been considering aimed at shoring up the egos of 
refusing to canvass for him and males who need such question- 
insread working across the able props as George 
border for Price. But one local Farquahar’s: “Since a woman 
party' man tells me: " We don’t must wear chains, I would have 
pull the rug from under ihe feet the pleasure of hearing ’em 
of a man when he is in trouble raitle a little." 
in parliament." * MCP Publications — . repre- 

sented, curiously, by a woman 
. —tells me there has been “ no 

Forewarning trouble at all from women. 

John Morns, the Secretary of f" d JJ *L' 

State for Wales, seems to have l?™* 


London to BaHas-Fort Worth non-stop 
r. Daily* It ’s go t afl the right connections 
^ inAmerica’sBigCmmtry^ - 

1 BranifTs colourful 747takes off daily " 
^mDohdonGatwajck at ll.45am to . 
' . Ballas-Fort Worth, arriving at 3.05pm. 

- Dallas-F ort Worth there are imm ediate 

' ' connections with Braniff 


heen Just : ■ Jutle caught out last can think f „ sh . -- - 

S3S, W ^Merthyr' ^ S: 


sympatico than a lot nf men I 


trade legislation l»c*v«,nd lanu- 'V. ‘ — **" v "*- c-rwuun, w«w « uwjur ».c«- yruutjs me ana. closure enuld lead tn the loss , J “"“"s a wrameni on 

arv 3 The leaislation waives a must be . t-nnsfress bv ihe sington and Chelsea, hopes that different boroughs involved, has of 350 jobs ' the man involved” and 

legal obligation on th* Admin i- * pr,n *J: 2 Ktan .? his feasibUity study will be never considered such a pro- ' bniisjn0 diSL . n _ continuing, wryly: "Discussing 

Oration u, impn cl.unu-n ai!- ^ ran htation. Even if the main completed next year, allowing ject. He also say.s that he. is not "’arkering is not withm 

ing duties on subsidised «LC-to decide whetlwr to sure where the Games could * to spend the following 24 hours our dutles under the A «-° 

imports. S... from January 4. ihe Toh^ pH *? pi K lh<? Ask ^ d h J? w s *5 cep,a “ s for de ^* , °f' thoroughly examining the 

Administration is legally ^ v -f, d r ' r l 5 r « La P bo “ r « rax,c,!1 «? ln “*« the docklands are already matter ^ th hls civil ser v an t s> - 

obliged m impose duties r,n up ^ friiSrS u ‘ jLC . f ”' , he " pUeS; J* ira P lemenTed - notably John Clements, head of D ° n * KnOWS~ 1 

to S700m nf imports, about half ii q th7 m ^°) ve p ? hUcs at Ihe Welsh Office industry Albania appears lo have tbe 

nf which enme from the Com- [ . . T" ,n .j - ,a P an stage and I nope it never will. department. problem of dissidents well in 

nullity “l ",!!' 11 h *l ' J f > “ e wls ou, . 1 !° e ?^ re ll ! a ' Rough on Sam:' delwrtan went straisht hand. The rest of the world 

At last weeks meeting of ■ '. u ‘. a , . se< * Olympics will not be a burden . . . to Paddington to catch the train may nor have noticed, but the 

senior negotiators in Geneva. ™ nTr, * s - ®s We '‘ as the develop- on the rate payers and that it is going to be a rough week bacfc hom ^ Thev wpn nol sur _ Uny republic has just held its 
ihe U S gave the European 1 ,''’ OBtions.wnoare already there will be adequate facilities for the Attorney General prised when M oms announced elections in which the votes 
Commission firm as>urance« ^ thm thfre is. noth- and rooms for the visitors Christopher Price, the Labour was not changing his deci- cast for the government's Demo- 
^that there would hr- mi di«rup- ? fnr them in the Tokyojound. expected. All this is arguably MP for Lewisham. West has s j Qn ^ Travelling wnh them on cratic Front totalled 100 per 

rinn of trade in the New Year. To ° much “ al s toke for the something of a change from a announced that a parliamentary ^ train to t ^ rcljff no doubt cent— or nearly so. According 

Mr. Robert Smuss. U.S. special taiks !o be avowed to fail at this man who in June 1977 was call- campaign is to start to oblige t0 dea , %vith more pressing busj , t0 the Belgrade daily Politika 

trade negotiator, said That a way la,e hour - rf lhe Tokyo round ing for quotas on foreign Sam Silkin to explain ness, had been none other than of the i,43&2$9 registered 

would be fnund to prevent the breaks down, tiiere probably visitors to reduce the pressure allowed the Official Secrets Tnai cte mcn ts himself. voters, only one failed to exer- 

duties' culled ion and pledged w 'b not be another chance for on London's attractions. Tbe to go ahead and. in particular - . cise his democratic right and 

that the Administration would a- similar negotiation for years, idea is criticised by members of the three defendants duty. An Albania watcher tells 

table a Bill i>xpsndinc the Special interest ^roup^ all the Labour Councils which charged under Section . One. Manhood 1979 me this represents a 50 per cent 

waiver as ««nin as Hie new Con- round the world will draw the house the Docklands which This specifically covers espfon- reduction in the figures of non- 
pros* convened in mid-January, conclusion that governments are Croft od considers “might be a age and the recent Old Bailey now imie l had. the Man vo ters since the last such elec- 

jle did not insist thnt the Cnm- 1101 wholly determined to stand very good site, though we are trial was intriguing in that it wno uas everything should be tions: “I doubt .whether the 

niunity put its sisnature to a firm anainsf protectionism. It nol looking at them exclusively was apparently the first tim® to e savins come January-. The gifts lonely offender will be subjected 
final flpal before if had a chanrc can only be hoped that the Nine Cliff ord Potter, vice-chairman of Attorney General himself has on the market for the MWHE £0 prosecution — it was probably 

t<» see whether these assurances Foreiun Ministers will give the Southwark Planning ‘ Com- not led a Section One prosecu- are a cn o| ce lot and one the Albanian leader Enver 

-,M>re fulfill'd. Th-- Cninmis.-ion. serious thought to the impltca- minee. tells me: “It does not tion. product wnicn may be nestling Hoxha. Busy man. Enver.” 

lor its pari, -aid i he* assurances lions of whatever decisions thev seem to be a very serious pro- The feeling within the Cabinet against hi* (Oy definition) still* ^ 

were B-iud enough for it tu make choose to take his week. * position.” Apart from men- is also reported to be strongly bulging wallet is a first Male K/DS&TJXZIT 


Gall y our travel agent or B 

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. d/ jfere are some'sample arirval times: 






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te^dii' T^es- ^fonday Waveinter 20.1978 


13 



SURVEY 


Monday November 20 1978 






For all the pressures of world competition Britain’s insurance industry 
last year maintained a steady recovery from the low points of the early seventies. 
Particularly satisfactory were the improved returns from overseas business. 


IS 


a 


BjEric Short 



U YEAR was a’ good rear 
fa JK insurance companies 
wi a continuing strong . re> 
eo y from the trough of 1974- 
19 Underwriting losses on 
-wl-wide ■ general insurance 
bijess were cut by nearly two- 
th ; to £54:lTn from £150.5m 
in 76. World-wide premium 
h jeexpahded by &9 per cent 
ir erling terms, however. so 
ti expressed as a percentage 
o premium income the under- 
v^og loss in 1977 (ekduding 
ir ne, aviation -and transport 
h less) was fc9 per -cent 
s ?t 2.7 per cent in 1976. 

vestment- income on general 
i trance funds last year at 
vied by £99m to £730m, re- 
sing in a net surplus in 1977 
3675.9m — 40 per cent higher 
ta the £481m surplus of 1976. 
T British Insurance Assoda- 
i,. when reporting •fcese re- 
is, stated feat the improve- 
it in underwriting experi- 
! and in invBStmjenl earnings 
jouted-fn -the. underlying 
of the industry and its 
Jty to undertake an ktcreas- 
volume of business. General 


insurance funds increased by 
16.9 per cent: :in 'IB 77 t0 
£10.62 bn. •- : ' - 

Lloyd’s also reported a record 
profit for 1975r-th£ last dosed 
account— of some ' £lS5m, an 
overall profit of:&5 per cent 
of premium income. This com- 
pared with a - profit. of £8 1.6m 
for the 1974.cloistti account, 5.3 
per cent of premiums. 

The major -improvement in 
last year’s results cdme fifom the 
fire and accident accounts, where 

tiie worldwide,, underwriting 

loss was reduced from £1 00.8m 
in 1 976 to £*3.8in Dj 1977 Ex- 
perience in the . UK, "which in 
1976 was hit by .considerable 
numbers of 'subsidence' claims 
and severe - winter weather, 
showed losses down to £Sm from 

£38m. Last year was remarkably 
free from severe weather and 
had a lcwer level oE-Spbsidence 
claims, both, coming from a 
mild wet winter. The results 
would most likely have been 
even better, but for the effects 0 f 
the firemen’s strike at the end of 
the year. . V. s . 


Forcing 


the continuing problems 
affecting the household account 
of underinsurance, subsidence 
and rising theft chums are now 
forcing companies to bike more 
positive action. They are in- 
creasing premium rates and im- 
posing underinsurance ■ clauses. 
The effect of this- latter action 
would be the reduction of the 
amount paid on a claim -where 
there is gross underinsurance. 

There was an even; more 
dramatic tom-round In the 

underwriting experienoeln the 
UJS.— the other major operating 
territory -for UK insurance com- 
panies. A break-evep poaitian 
was achieved in 3977 after a loss 


of £44.1 m in 1976. This improve- 
ment came from two main 
sources besides more favourable 
weather. These were the con- 
siderable rate increases made in 
1976 and 1977 and ihe correc- 
tive action taken in previous 
years to shed unprofitable 
business. The Commercial 
Union Assurance and the Royal 
Insurance both undertook 
severe pruning operations in 
the U.S. Thus premium income 
in the territory rose only 
sligbtly last year. 

Results from the rest of the 
world in 1977 were patchy. 
There was a general improve- 
ment in Canada, but the benefits 
were diluted by the refunds 
made under anti-inflation legis- 
lation. Results in Australia and 
South Africa remained satisfac- 
tory. But Europe has now 
become the problem territory. 
The controls imposed by 
authorities on rale increases 
and competition has presented 
serious problems for under- 
writers in West Germany, 
Holland and Belgium. Overall, 
the fire and accident account 
for the rest of the world showed 
a slightly lower loss of £15.8m 
against £18.9m. 

Underwriting losses on world- 
wide motor business also fell 
substantially to £28.3m from 
£4 5. 2m. thanks to a dramatic 
improvement in the U.5. Here 
an underwriting profit of 
£200,000 was achieved in 1977. 
against a loss in the previous 
year of £27.6m. As with fire and 
accident business, this turn- 
round arose from tie better 
weather, the benefit of rate in- 
creases and the pruning of un- 
profitable business. 

The situation on the UK 
motor account showed a com- 
plete reversal, with a profit of 
£490,000 in 1976 turning into 


a £20m loss in 1977. Much of 
this arose from a 14 per cent 
rise in numbers and frequency 
of claims. Tu-o major factors 
contributed to this increase— 
the removal of speed restric- 
tions and greater usage of cars 
as a result of unchanged petrol 
prices. The cost of claims — 
spare parts, labour and car 
prices — rose by over 15 per cent, 
outpacing price inflation. 

The motor account in the 
rest of the world saw under- 
writing losses in 1977 halved to 
£S.5m From £17.9m despite poor 
experience in Europe. 


Disasters 


A series of disasters hit both 
the marine and aviation market, 
though the effects will not be 
known until the accounts are 
closed at the end of 1979. A 
total of 1.2m gross shipping 
tonnage was lost during the 
year, with 57.5 per cent of the 
cost of the Venoil-Venpet 
tanker collision, put at £14m. 
falling on the London market. 
There were three serious losses, 
each in excess of £12m, in the 
field of oQ exploration. Last 
year saw the worst disaster in 
aviation history— the ground 
collision at Tenerife causing 
555 deaths. Claims for - the air- 
craft hulls were £35m and the 
liability claims, still being 
settled, are likely to exceed this 
figure. Overall. UK insurance 
companies transferred £2m last 
year from profit and loss 
accouots to Ihe marine and 
aviation accounts, compared 
with a £4rn transfer in 1976. 


The situation so far this year 
shows that the recovery is con- 
tinuing for UK insurance com- 
panies and that better results 
can he expected for 1978. At the 


nine months stage, all three 
major U.S.-orientated com- 
posites — Commercial Union. 
General Accident and Royal — 
last • week reported better 
underwriting results in the 
UE. and the UK. although con- 
ditions had doteriu rated in 
Australia. But tire warnings 
were of a downturn in the U.S. 
in 1979. 

Life and other iong-term new 
business remained static last 
year, with new annual premiums 
rising by only 9 per cent. 
Single premium business was 
more buoyant, advancing by £5 
per cent. Pensions business for 
group schemes was marking 
time ahead of the start of the 
new State pension scheme, but 
linked business showed a re- 
vival. The improvement in real 
income.* this year, together with 
the start of the State pension 
scheme in April, has sent life 
and pensions business soaring 
in 1978. 

The recovery in sterling and 
the reduction in the rates of 
inflation has eased many of the 
operating problems facing the 
UK insurance industry. But 
other problems have assumed 
greater importance. Competition 
from overseas insurers has be- 
come more intense, fuelled by 
overcapacity in many world in- 
surance centres. Again there 
are signs that many insurers 
are prepared to write business 
at uneconomic rates in order to 
maintain cash flow, relying on 
high interest rales to cover the 
underwriting loss. This resulted 
in disaster in 1974. but this time 
the UK companies appear re- 
solved to nay out of a rate cut- 
ting war. But UK companies are 
now being seriously challenged 
on their own doorstep as over- 
seas insurers expand their UK 



Fire and accident (non-motor) 

Motor 

Marine, aviation and transport 

TOTAL 


6.460 


6.043 


6.9 


Profit/ 

Premium 


-1977- 

"oof 

loss 


-1976- 


Profit/ yof 

premium* Premiums loss premiums 


! worldwide underwriting RESULTS 


Fire and accident (non-motor) 3,561 

Motor 2 ' 141 


-23.8 

-28.3 


TOTAL 


5.702 —52.1 


—0.7 

—1.3 

—0.9 


3-346 —100.8 

2.015 — 45.2 


—3.0 

— 2.2 


5.361 — 146.0 —2.7 


U.K. UNDERWRITING 


Fire and accident (non-motor) 

Motor 


1.386 — 8.0 

871 —20.0 


— 0.6 

—2.3 


1.206 

744 


— 38.0 
+ 0.4 


—3.1 

+0.1 


TOTAL 


2.237 


—28.0 


— L2 1.950 — 37.6 — 1 - 9 


l.S. UNDERWRITING 

Fire and accident (non-motor) 

Motor 


802 

448 


TOTAL 1 * 250 


0.0 

+ 0.2 

+ 0.2 



REST OF WORLD UNDERWRITING 


Fire and accident (non-motor) 1*373 

Motor 8 ““ 


—15.8 
— 82) 


— 1.2 

— 1.0 


1.366 — 18.9 

826 — 17.9 


— L4 

— 2J2 


TOTAL 


2,195 


243 —1.1 2J92 — 36.8 — L7 


operations. 

On the home front UK in- 
surers face problems regarding 
the imposition of direction of 
investments and moves towards 
Industrial democracy. In both 
cases the feeling is that policy- 
holders will suffer. The 
authorities are perturbed at the 
wav financial institutions this 
spring withdrew temporarily 
from the gilt market. Accusa- 


tions of a u gilt-edged strike" 
which had damaged the pro- 
spects of a national economic 
recovery were made at the 
institutions. The Wilson Com- 
mittee is probing the conflict 
that appears to have arisen 
between national interest and 
policyholders’ interests. 

The insurance broking pro- 
fession continues with its 
moves towards self-regulation. 


But nothing is being done to 
control and organise centrally 
the direct selling sales staff and 
methods used in insurance sell- 
ing The authorities are pertur- 
bed at high pressure sales tech- 
niques being used, the latest 
criticism coming from Mr. 
Gordon Borrie. the director of 
Fair Trading. More is likely to 
be heard on this subject of sell- 
ing insurance to the public. 



iuvuc Eastern country passes a social security act 
each of your employees there differently 

"four man in London wants to retire to Spain. 

four senior engineer in Buenos Aires breaks his leg 

and needs hospital treatment in Switzerland. 

There’s a change of government in an African country 

where you have fifty European employees. 

Tour sales manager in Hamburg wants his pension 
in dollars. 



Ifyou call cope with all this you don’t need us. 








■.1 r^Vi- * 

A" * r< 



For details of our w odd-wide employee benefit service 
with particular advantages to companies with large number* 
of employees in Europe contact your broker or Ken Stuart, 

, Pensions Group, Legal and General Assurance Society 
* Temple Court, 11 Cfecen Victoria St-London EC4N i 4TP. 
Telephone; CH-24S 967S (Ext 31 STVTcJegraphic Address 
Legenef London EC4.Tclex No; SSofcos. 









14 


Financial Times Monday November 20 1(4 


insurance II 








J.V TKt. PAS i rew weeks alone, five or 10 ’-ear?. the tendency insurance in April, 1377 and for 
^v«ral U.S. insurance industry tuvarti pi'-re detailed legal con- life assurance in May. 1977 — 
I'.acors have made ti-e perhaps trol c: the market as a whole both calculated to reduce the 
raih'.-r gleeful p"in: »!ist while anti the companies which make need for future public interven- 
American industry, aided it wi|j dhnlni^b or be reversed, tion and litigation. 

:«y “ cnliihtep.ed * State politi- 
; tsns and oifi-via 1 *. has made a 
s;:-rr on freeing itself from 
-*si vo ouh-:'.- roe illation. 


Meanwhile, policyholder pro- 


PoiiMcn! commitments, par- . , 

ticuiarly toward? the European teclion. particularly in eonnec- 
Communi?;.. worldwide compeii- tl0n w,th t,! f sale of llfe P° ,Icies 



. . , . , . , ico pru- dusti'v » puisc. ' Regulations under the 1974 

.essiona.* fnouI*:i V contcmplai- * Act which are in effect or 

n= th«r ...Id love-nare relatwn- V. mle sue trend, therefore, is shortly to. become so are in 
s.np wiir. tr*-? London market ;n towards more control, there is many cases designed to extend 
these terns-. Thai i: U a super- equally a ?r eat deal in the way int0 English laVk . lhe aims of 
filial readin? of the current and current l j\ insurance law lho6e few EEC insuranc c Direc- 
n respective UK insurance regu- revision and supervision are t , vt?s which have so far been 
\z:ory scene :? for the nviment shaping up ;o suggest lhat the adopted — Reinsurance. Non- 
irreievan:. given that confidence London market will continue jjf e Establishment and Co- 
ir; LACMion s role a; an inter- w-ith S-'m-.- ease to avoid insurance. The laborious quest 
nations: market centre may he becoming over-burdened with fnr a fi na i agreed shape for the 
at stake. law as i r- seriously hampered EEC Non-life Freedom of 

The UK in -:t: ranee industry financial iy sne operationally. Services 'and intimately related 
and market are sul! tn most The industry ’S role as large Insurance Contracts Law.- di ret- 
rospects the lea^t supervised in earner of “ invisibles ” for tives. and hence for a genuinely 
the develop*; 1 world. But in the Britain w:i! help here. So will unrestricted European indem- 
past five year- the industry has its function of providing a high nirv market by about the mid- 
b?eome subject to an increasing proportion of she technical and 1980s. adds .a new. and on 
weigh* of public controls and maria sent on: expertise needed balance, useful dimension to 
regulation?, main:;.* but ny no to run the UK-based interna- UK insurance law reform, 
means exclusively 1 itrouch -he mortal market. UK rules, arising from the 

Insurance Companies Act 1074 Directives ami the 1974 Act have 

and the '‘.ream 0: statutory ]K|i|H|'5sA so far covered such diverse 

In*! rumen'- fiowing from * 1 *' matters as accounis, forms and 

Surpri-:n: -i y O r v. rompl'v* Since : he Bubble Act of 1720, solvency margins: controllers of. 
?nd hsrhly d*:*. d a marker, which Ia:d the foundations of and deposits by. fore ten-owned 
1V74* wis only the the major composite companies offices in the UK: risk classlfi- 
reconri attempt hy Parliament land incidentally stimulated the canon (extending the traditional 
v-nri oo-.vrr.mont *n Bn u ins Lloyd’.- market greatly 1 and on seven UK authorised branches 
jlmof; 3t»f a r r.i^i‘ry ■>[ pro- through the Lloyd's Act of J871, 10 the Community list of 16 1: 
re-siona; under* r ; r':ij :o rcuu- British ti n d one r iters and other changes of directors or man- 
late cil insurer' and by implies- insurance professionals have agers: contents of adveuise- 
7 .on the : nciu.-tr;-* an-i market as scented adept at reaching ments: asset valuation (but not 
n 'Ahnic. Except for amandine reasoned compromises with yet liability assessment); and 
Acts ,\i 7 And 1.973 — the governments and civil servants, intermediaries, 
lauer largely ™r.c«nod with white fctunn? a high degree of Bu£ b no means aH or even ’ 

group :irc policics-thc nnly self-regulation to the industry of the current and prP ^ 

previous s.ii-,r.dwtry was or the craneh concerned. The pective reguIatorv and legal de- 

; V*t_ In '.“ ra l [ 5C ? .ict most recent and forceful velopments exercising UK. in- 

iRys - Oi.'^sch some provisions example of tr> is is the Insurance surance professionals stem front 

EroKers ( Registration I Act 197. the 1974 Act or for that matter 
which has eJTeCin ely permitted f rn m P.rinsh nr Communin' 


developments touching t -‘ ,n 
poliLyhoIders; and thus their 
insurers' obligations in P ro_ 
ducts, public and professional 
liability cases. In this connec- 
tion the proposed reciprocal 
UK-U.S. Judgments Convention 
remains a worry, as insurers 
fear that if .adopted it mi?hr 
reinforce any trend there may 
be in Britain towards the L : .$. 
punitive damages concepi- 
But the prospect which 
Eritish insurers and brokers 
and. they assert, their overseas 
clients would regard with the 
utmost alarm and distaste is any 
form of direct government inter- 
vention in the business of 


insurance; 129 of the 50 U.S. 
Slates ban dealings with Govern- 
ment-owned insurance organisa- 
tions. 

The UK insurance nationalisa- 
tion '* threat" in its latest form, 
as put forward by the Labour 
Party National Executive in 
October 1976— to take the seven 
largest composite and life offices 
into public ownership — has for 
the moment been largely buried 
by political events in Britain, if 
not by the vehement counter- 
attacks of the industry itself. It 
has not been adopted as Labour 
Government policy and has been 
described by Prime Minister 
James Cailagban as an electoral 


albatross. 

But more direct public inter- 
vention in insurance remains -a 
live Issue, against which the 
industry has kept up its guard, 
even in it* more recently meta*. 
morphosed form of proposals 
ior official direction of insur- 
ance companies' investments. 
Fundamental! y. i? is the Labour 
National Executive’* assertion 
that the major insurers and life 
offices lack “social responsi- 
bility " and fail to channel 
enough investment funds into 
industry, commerce and the 
economy generally — a complaint 
which is being investigated by 
the Committee on the- City 


Institutions under the chair- 
manship of Sir Harold Wilson. 
Predictably the insurance asso- 
ciations. in evidence to the 
Wilson Committee in June 197? 
and again lasr April, refuted 
the charge with appropriate 
statistical detail. . . 

The basic premises on which 
the insurance companies (not 
only the life offices) insist js 
that fundamentally they arc 
trustees for policyholders ?- .fun ds 
and therefore their investment 
managers must remain free to 
secure the best return for 
policyholders (and. in the case 
of proprietary companies, share- 
holders). 


The Wilson Commit: is not 
due to report finally tfiL next 
year, but on present howing 
some insurers at least now 
be. prepared to accept degree 
of official direction io gilt- 
edged securities (to unmise 
repetitions of the insntional 
" gilts strike " earlier tl year). 

subject to the creati Of 1 
permanent economic osnlta- 
tive machinery bclvveecovem- 
ment and iustitutions>£ the 
kind already .enjoyed y_ the 
TUC and the CBI. 

. r XJAyor 

Editor. FT World l^tance 


Better returns from overseas 


ap 

•fore 


V.'Ofjo V.'sr II nllti 


^-ht ha*': \t\ tits :'*r* of the broking industry to licence. event% 
L!oyd’= nierket tno the char- P° lic - s ‘ nri !(.n^ed be discipline VK \ 
: rod ivmpa.ii?- - Khe fir;: vnm- lts °' An memoers. continu 


underwriters and brokers 
continue to be highly concerned 
li <•> significant that the about z substantial number of 
eparimem of Trade Pre.ss domestic and international 
nines announcing the succes- legal and conventional rules 
on of s;a-.u7.ory insmunems and proposals which are closely 
..r.mni-in l-w. Act- n:ade under the 1974 Act are insurance-related and. they fear. 
• .-r-.-rnc P*'.r:.> ui the frequently annotated. "Agreed could lead to the need for more 
after con-uitaiion with the r.i- UK law or impose difficult 
.-uram-e industry ’’ or words to market 'conditions.’ ’These in- 
I’nai effi-ct. In moves which elude the current attempts to 
j-iirpr-seti m« st market profes- extend nnti-polintion legislation 
-.i.r.aii. the industry associations in many countiics: health and 
agreed with '.he Government safety rules: tax laws and agree- 
r,*.*xi God'.; *»f Practice for non-life merits: and a whole range of 


posr.es j 

;n i.ie euily 1700s. 

: '.-v.-errm 

or.:, pu bit o snd 'he 

enuris ’ns 

ve reiiod ■" iheir deal- 

wit! 

she ir^urunee lndus- 

tr>' : 

..‘■■mn-in l-v.. Acts 

r- sferrirr. 

; -•• .-f'-vome par:* uf the 

h*r- in 

t nr;*. : ife. em- 

piuierV 

iicbiii-y rciav.-d 

ec^T!":vr.< 

an j 

asvl mo 

Lonmin .’-.'.-is. 

T;ni ;• 

:: at r»re-ent ii!:.lo :«.• 


.' - iut v.'.nc-'.ever So- orn- 

meiv i.i 

in n-.".»*r n lhe r.vKi 


■THERE IS a good chance that 
the composite insurance in- 
dustry can emerge from 1978 
with an overall underwriting 
profit on its worldwide business. 
The seven major insurance 
groups are generally reckoned 
to have run up a combined 
underwriting loss of around 
£I25m two years ago which, 
according to some, estimates, 
they clawed back to a loss of 
about £35m in 1977. This year 
the industry could move out of 
the red altogether thanks to a 
further dramatic improvement 
in U.S. results and a substan- 
tial recovery in Europe exclud- 
ing Britain. 

Few people are banking on 
any major turnround io the 
overall underwriting trend, bu: 
it is dear that there is enough 
momentum in North America to 
give the industry a sporting 
chance of moving into a surplus. 
Assuming a broad average, the 
major composites write some- 
thing like 40 per cent of their 
business in North America. But 
for some companies U.S. depend- 
ence is far higher. Between 
them the U.S. and Canada 
accounted for 58 per cent of 
premium income at the Royal in 
1977. while orer at the Commer- 
cial Union the U.S_contrihuted 
39 per cent of total premiums 
last year, with Canada chipping 
in a farther S per cent. 

The. past couple of years have 
seen a tremendous shake-ou: in 
the insurance business :» the 
U.S. and as a result profits are 
now comiug through rapidly. 
Royal’s first-half 197S results 


showed U.S. underwriting 
profits of just under £lra. com- 
pared with a loss of £6.7m 
during the opening six months 
of 1977. 

Some very large premium 
rate increases in recent years 
are the key to the upturn. Since 
1974 motor car premium rates 
have risen by more than half, 
with increases in the liability 
classes extending to more than 
IU0 per cent. As a result, 
industry operating ratios in the 
U.S.. which had deteriorated to 
a near-disastrous I0S per cent 
in 1975. could well have 
recovered to around 96 per cent 
this year. 


Kindlv 


On top of the impact of these 
deliberate if painful moves to 
restore a healthy price struc- 
ture within the industry, the 
underwriting experience la 
North America has recently 
been remarkably free of natural 
disasters. Higher premium rates 
and sriffer penalty clauses have 
led to a reduction in claims 
frequency on economic groups. 
But at Lhe same time the 
weather gods have been casting 
a- more ' kindly eye ever 
America's shy res. 

The question of just how long 
this upturn in underwriting 
profitability will last is one that 
currently teases analysts of the 
sector, boih in this country and 
in the U.S. In the past two or 
three good years of profits have 
been regularly followed by a 
downswing ir. the underwriting 


cycle, as good returns have 
attracted more capital into the 
industry' and competition has 
prompted rate-cutting. The 
years 1974 and 1975 saw the 
trough of the last cycle. 

However, Lhe insurance indus- 
try argues that next time around 
the setback will be less severe. 
The experience of 1974 and 1875 
was a harrowing' one that the 
industry is in no hurry -to for- 
get. Much capacity was with- 
drawn, especially from trouble- 
some speciality lines like pro- 
duct liability. The industry 
remains in a cautious mood, with 
management determined . to 
avoid disaster; by expanding 
volume too rapidly, and content 
to accept a slower rate of 
growth. In addition, the TJ-S. 
underwriting industry continues 
to be restrained by a relatively 
modest capital base. The theme 
of the typical chairman’s state- 
ment in tite US. still soberly 
refers to the need for under- 
writing profits and retained 
earnings. 

The other major influence on 
UK insurance industry earnings 
this year is Europe, where un- 
derwriting losses of the seven 
big composite companies 
topped £40 in total during 1977, 
according to some estimates. 
Tie Guardian Royal [Exchange 
probably has the biggest com- 
mitment to the Continent with 
Commercial Union nor far 
behind in terms of premium 
income. Groups like tiie Royal 
and General Accident -have 
relatively modest toeholds, both 
of them taking substantially l&s 


than a tenth of total premiums 
from the area. 

But if the physical commit- 
ment of the UK industry to. the 
far side of the English Chan- 
nel is not dominant in the way 
that North American business 
is the sort of losses recently 
incurred in the area mean that 
any recovery is going to pro- 
vide a very useful boost to over- 
all profits. In 1977 Europe 
pushed up its combined ■ under- 
writing loss to almost 7 per cent 
ol total premium income with 
the actual figure more than 
accounting for the' world-wide 
deficit of the UK composites. 

A recovery’ in Europe is there- 
fore' of especial importance to 
the assessment of underwriting 
results this year and next There 
are two main problem areas. 
Holland and Germany. In 
Holland companies have bad to 
face a deteriorating : claims 
experience in motors and 
property. At the same time 
premiums have been held down 
by regulators in motor classes 
and very keen international 
competition in property. 


Behind 


But the worst appears to be 
behind. Domestic property in- 
surance classes were allowed 
substantial premium rate 
increases towards the end of 
last year, while rates in motor 
classes have moved up by as 
much as one fifth in 1978^ More- 
sthe-Jiad experience.. .of 
sears has. led to many 
Insurance companies withdraw- 


ing. _ from Holland 
reducing competition, 

In west * Geraar ^he 
problems are somewhaihmlar 
to those in HoHand. Hh- .a 
highly regUlated indus'.jfiad- • 
mg it. difficult to achi^ rate 
increases' with anythi^Hkcr' 
the urgency needed. ; 39771 
losses built 'up to a Tevwhere 
the ' : industry : was Adding 
towards ' a . considerabl^ake- 
out; capacity has betiadth^ 
drawn. ' 

As for the 

the Royal has a major T&e in 
Canada (a fifth of 
miums) while -GuardiaFfevai 
received 10. per cent l/,pre« 
xniums from this area -1977. 
Australian connections ; .most 
noticeable at Sun' iapee, 
which relied: on Austxa' for 
7 per cent of total pnjjums . 
last year..’ The Royal argagle 
Star both received S pecht of 
premiums from this are ^ - 
In Canada onderlylnpipoflt- 
ability has been improvg/bot 
the industry has been avtly 
regulated by the activ?* of 
the Canadian Gove rent’s 
Anti-Inflation Board. Acding 
to one estimate, underftihg 
profits for the seven maktHD- 
posite companies in,. thfcbun- 
try were reduced- from' per. 
cent' of premium ittcomto :a" 
bare 1 per cent by tbeaSrin 
1977. The AIB - is nowijpg: 
wound down: however.-' S?3s- 
scheduled - - to ■ --distesr 
altogether for the 1979 filial 
year. 


£3 ct □ v* 

^S-riS3 a ^ 



it experienced imepi 
answers some of your questions 


boHow wealthy is the 


mo.2penaent n 


Expansion has been dramatic over the 
last veurs tvnh the number ot independent 
surgical beds increasing bv some 30'--.; more 
than keeping up with demand 





—f-,' ■ ”jAuSElS» 

. ••1 it J ,\ ,\ H l ln\ ri:a / cr ffiv; crkuWf'Mn. 

I 11 die last 12 months, some 150,000 
operations were carried out in independent 
hospitals, a third of which were major. 

Nuiheld Nursing Homes Trust is a 
principal concrihur< >r tn this record growth, 
having added another touriuily equipped hos- 
pitals t« i the country's facilities rhi^ year alone. 

CbWlaat Is Nuffield Nursing 
Homes 


NNHT is a charity established by 
BUPA in 1957 to improve and expand 
independent surgical facilities in the UK. 

hinancial support tor its ambitious 
expansion programme comes from many 
source*, bur BUPA is by hr its biggest single 
supporter, having contributed a total, of over 
i.ii milii'.'ii from its investment income. 


C^Can’t illness be prevented 
in the first place?^^ 

BUPA pioneered preventive medicine 
in this councry and now has Medical Centres in 
London. Manchester and Glasgow. These offer 
comprehensive health screening facilities and 
make use ot the latest diagnostic equipment. 

Complete health examinations arc 
carried out including rests for heart diseases as 
well as breast ejneer checks for women. 

Over 30.000 people, took advantage of 
BUPAs screening facilities last yean 

d&Whart health care got to 
do with business?35 

A healthy business needs healths- people. 
BUPA helps to keep employees healthy bv - : 
enabling them ro have the benefits of private. ’ 
medical care: treatment at a convenient time to 
suit both family and business commitments: 
a choice oi specialist: flexible visiring bv family 
and colleagues; a private room with TV and 
telephone. 


In a recent NOP survey, 2 out of 3 
tuli-ume employees interviewed stated that 
they would be interested in private medical 
insurance if it were a benefit provided by their 
employers. A response that is reflected in the- 
number ot companies taking up BUPA 
Group Schemes. 

B UPA lias dev ’eloped health, insurance 
schemes especially tor companies and today 
over 19,000 organisations operate BUPA Group 
Schemes, including 800 of the Top 1.000 UK 
companies: „ ’-.a : . " sssss " 

(Tinses InJex) . .. j- 





WES. — 

.\U' Jem , •juij'invni .ir WHT lie-'pu.ils, 

€6 Wbat else does BUPA 


Scheme. provides additional cover for subscribers,’ 
.In addition to iri support of NNHT’s ‘ 

expansion programme, BUPA nowowns 
hospitals in Manchester and'London, further 
demonsti^ting the organisations commitment 
to the independent sector 

CCHow does BUPA benefit 
the commtmity?.55 

BUPA is non profit making andworks 
for evervones benefit. By expanding the .. . ' 
country's medical facilities, BUPA helps ; to. ; 
relieve some; of the pressure on the over* 7 ' . 
stretched resources of the NHS. • .■ . . 

These are the answers to just a few of 
your questions about BUPA and independent 
medidne. If you would like. to.knoW how ■ 

BUPA can help you and your buaness, . 

complete the coupon below. 

Agoodjob , 

iSVrA / A*wa*tion titrated,. . j 


y.% ■’ •’ . 


S J ii V 



BUPA often a wide range of sendees to 
both individuals and businesses. 

BUPA Nursing Services provide 
experienced nurses for offices, factories and 
home nursing. 

BUPAs Medical Advisory Sen-ice 
supplies a professional consultant facility for 
companies without their own doctor. And for 
protection abroad, BUPAs World wide Travel 


f 


Aitiodaticm LniTitcd,:. \ . 
I'rovidrntiLjme. E.-^-ftrect; 

London WC2R3AX.. - I 

t 


| I should jiictxi know more^bouc • • . ". ' j 

1 7j BUPA schemes for companies. (Tick as appropriate}' ; 
| TheBUE^. scheme forindividuaJs.T am under 65. 

[ N ame ■ • 

* Address - ' . • ' 


J Po sition - 

I C onipany 

l- — - 


SS33 


<flLOcx CAmks pleach j . . 

" 1 

XX I ■ 


Postcode'. 


(Business) 


~£\ 


A UJ i J, kJJLii.LV xyju j 


v fT/3/78/0A:| ' '“ 


y'-.-vv.y a 



r £ vV.' 


A . ---■ 


\ 


. ->! t 

1 1 

~5! 
- . : Sn 


i 

*5 


'3 

-4- 

=t 

■ 31 

™h 

"•« 

■* 

■f 



_ .*•’ 


--jpMcial - Tiziies /jffioo'dajr ‘NovemBer 25 T-5 1 S 



IT -HAS bn a difficult and 


complex ■'. .jf 
business 
institutions 
baps no j 
insurance 
itself or 


EEC talks 


for Europe’s 
ind monetary 
|nerany,.it is per- 
criticism of the 
nxnunity.- the EEC 
d victual European 


countries tfeay that progress 
towards habnlsatidh -of EEC 
insurance sfices has remained 
slow. 

Sluggish anomic growth in 
Europe . ol necessity 
obliged E pean insurers to 
■ look -ontsic he Community for 
brighter p pects — either to 
the U.S., Mch accounts for 
around h: of annual world 
premium some, or to the 
developing Mrntries where the 
need for lanctal- infrastruc- 
tures groi apa^e. 

Kor ha’ he problems of the 
dollar, wi their- repercussions 
on leadip uropean currencies, 
helped tc imulate. the search 
for ways] hasten co-operation 
in Insuraf- Now, with a Euro- 


Mol 


System high on 
it is likely that 
be further caution 
ice world — on 
the Channel. 

.has not,, however, 
barren of mores 
<e desired end of 
_ w insurance pro- 
The UK Law Com- 
currentiy studying a 
:uced -in Brussels on 
iportant question of 
contract law, and 
so a draft directive 
im of services for life 
business. 


I of. 


ig 


wife 


icant, feature of the 
contract law -from 

industry's view- 

fis that the convention 
sussed, which will hiriden- 
taffiefor-to aH contractual 
<*ljkwns and not just to 
ira*n® agreements, would 
TMtSoe for -contracts . apt 
n- j Cdisahr concerned with EEC 
JafnsG. Thus it would over- 
geri igreements ' eventually 
r^rrig to courts in the U.S. 
n X*raIia. both of which have, 
wgle scene of considerable 
business by EEC- 

d c»mpanies. 

ould also be borne in 
a convention of the 


EEC is hot mands^xy Twt 

depends upon , ratification hy 
each member State- Ba tifica ti n 
by the UK would aeew^wj 1 *"'; 
inevitable, pf r covise^althou &n 
spokesmen for the UK insur- 
ance industry have lose no time 

in' putting forward UK^prac^ce 
as the best niodWrttrW^J-- 
A major question for the con- 
vention on contract taw «« 
the area of choice of national 

law lo he appfiecTon :*jy 
ticular contract. 
alwavs significant in «ie inter- 
national market &WCii Brrasti 
insurers are traditionary acm e * 
ran only become more importan t 
as Continental insurers expand 
Into the U.S; and elsewhere. 
The tightening economic con- 
ditions of the past year bate 
al rea dy sli mutated 
co-insurance • arrangements 
between European r companies 
and U.S. groups, and .tb?« }* 
little doubt that this tread wii 
grow stronger in the years 
J ' r ' ■«" ~ . 

All these and other difficulliw! 
mean that the road from^- draft 
convention in Brussels to a firm 
law accepted throughout the 
Community will be a Jong ana 
bard. In. practice it will- be at 
least 18 months to , two years 
before such law.eoufcl<sHrie :" Jt0 
practical effect, and. this time 
span alone removes much of the 
urgency from the procedures or 
energies involved. ■ . • ‘ 

In the case of the debate on 
freedom of services, the d iscus- 
sions are likely to continue for 
sometime. 

Even when agreement is 
finally readied it wfll, if present 
EEC traditions are observed, be 
left to member States to in- 
corporate .the agreement *into 
their own .national laws oyer a 
two-year period. This : -would 
postpone the eventual,: timer 
table- for practical realisation of 
the services agreement bask, to 
about 3fl82-ronce. again. a pros- 
pect which hardly stirs those 
concerned to enthusiasm: 

Nevertheless, there/ seems 
every likelihood thar the UK 
Law Commission will shortly 
produce its initial working 
paper on the Brussels draft on 
contract law reform. The Law 
Commission Ms been consider- 
ing a number of aspects «£ 


British law likely to be in- 
volved. The UK insurance 
industry, represented in this 
case by British Insurers’ Euro- 
pean Commission, bus been 
putting forward evidence to the 
Law Commission and hopes soon 
to see a rough draft of its pro- 
posals— on which it will then 
have several months time to 
eomment before the Brussels 
machine begins to grind again. 

There can be no doubting the 
eagerness of UK insurers to 
enter the potentially lucrative 
European insurance market, and 
thus their eagerness to solve 
the problems involved. 


Small 


At present, earnings from 
EEC sources make up only a 
small part of total earnings of 
the UK insurance industry — 
perhaps less than a tenth. The 
rest comes, of course, chiefly 
from the U.S. market. And if 
the EEC Insurers would like ro 
lay hold on more of the U.S. 
market themselves, then there 
can be no doubt that the UK 
industry will seek a rapid 
increase in its European 
business. 

The difference between the 
UK and Continental altitudes 
towards insurance are legion, 
and reflect a genuine difference 
of business thinking. Con- 
tinental insurance has tended to 
be protective and inward-look- 
ing- It bas been slow to respond 
to such innovations as the 
equity-linked insurance package 

in part because the cult of the 

equity does not exist through- 
out Europe. Nor, it may be 
said, have some of the wilder 
unit trust/insurance linked 
schemes of the 60s left particu- 
larly happy . memories in Europe- 
Bui the great prizes are in 
the non-life field and it is here 
that a significant opportunity 
was presented to the UK in 
April this year. 

The EEC then agreed to 
permit co-insurance groupings 
between countries for the larger 
risks— such as those increas- 
ingly involved in the. North Sea 
or in the development of 
European atr passenger pro- 
jects. Briefly, the plan is to 
set up multinational syndicates 


with a single underwriter lead- 
ing. rather on the British 
pattern. It is m precisely Ibis 
kind of operation that the UK 
industry feels confident that it 
will lead the way both in 
expertise aud eventually in 
profitability. There has been 
little progress to date so far, 
but this will probably be the 
area to watch in 1979. 

On individual points of prac- 
tice. the record of EEC insur- 
ance proposals is somewhat 
erratic. Its proposals to check 
doorstep soiling, a practice 
generally criticised here as well 
as on the Continent, came under 
heavv fire from the' UK insur- 
ance industry. The debale in 
the House of Commons provided 
opportunities for a great deal of 
castigation of the EEC from all 
sides of the House, with Mr. 
Enoch Powell and others taking 
the opportunity to add their 
respective strokes. 

Mr. John Fraser. Minister of 
State for Consumer Affairs, 
rounded off the industry's com- 
plaints by saying that in his 
opinion sales of insurance on 
the doorstep should be the sub-| 
ject of an entirely separate 
regime. 

The incident itself was not 
of great importance but. like 
the squabble earlier in the year| 
over EEC hotel fire regulations, 
it indicated that "the family of, 
Europe” remains a hope rather: 
than a fact. 

The agreement on cooperative 
insurance syndicates between 
the various EEC countries 
could open the door to the 
solution of the major problem, 
which has so far resisted all 
assaults. This is the Con- 1 
tinental insistence that in-| 
surance companies shall not 
combine life with non-life busi- 
ness — a practice at the very 
heart of UK insurance group- 
ings. It is unlikely that this 
problem will be solved in 19<0, 
but -the progress made on other: 
fronts in 19T8 could well open 
the way to harmonisation on. 
this point That would] 
undoubtedly provide the UK in- 
dustry with its greatest, 
opportunity to move into the 
EEC in strength. 

Terry Hyland 







of UK market 


Jma RECOVERED rtronsrly m in thwSsh^ 1 

■-'3977 the composite insurance ljes competition, ■nie 'fpreign business is mextr ly ™ bsi(Jiarjes ^ 0^,0 insurance 

- and Life Association of] 

insurance industry 


the ties cuuiiw— - ■ --- d 

.ifisoy-w iuu*iue —* - market for insurance in this mix - . 

.<fs According to some esti- countrff ifi very mature and as Most insurance innusny Scot]and . Swiss r b has -a share- 

’ - iftes the seven major compo- a TeS uit has more or less stopped observers agree none the lees holdil , s ot a tenth in the com- 
■ ■ their com- expand mg. Existing business that overseas companies share which emerged m present 

f ^ ^-^Sriting spread among the C f the UK market remains ;very back in i 063 via the 

M toot**- major domestic insurance com- raode st, relative both \c ittajj merger of wo major Dutch in- 

^ses from £29m to little mo e itselJ enough to portion of business controlled nce groups. 

\:Un £l2m in 1977. This * c customer his-^ this country and to the 

icbve'ry has been held up to f xope for shopping inroads made into foreign in T n pQi »|0 

ST^irfl quarter, -of this year, g^gd. In rGC ent years, bow- surance markete by UK lilLUlUC 
futthe outiook on the domestic ever, many major foreign insur- insurance =J™P“«S- 1 Nationale-Nederlanden's pro- 

- rr . ^ 

The first half of this -yea- JnJlW attacks on the major re- the UK b one-third of total premiums, and 

saw Commercial Union move insurance markets m JJ ,S starting point a any ^ aJso employs some- 

• "out of the red in the UK with coantry app ear now to be aPP™ 5 ^ ° f compctltlon thing like a third of its staff in 

• a modest (£ 0 . 6 m) underwnting ^ into more general switeerland- foreign countries. For the first 

. - profit But the company made ^derwnttog- The Ivpwt ■«»»» six months of 1978 the company 

? 5o secret of the fart that it had , pany Switzerland u reported u incr ease of 15 per 

taken some of the sting out of T V T_ fa y fc l <a Ke, wh?di ranks as cent in net earnings on a rise 

the: figures by drawing on its J\| OtHD16 two to the Munn* Ke jn tt rf Mllghl y an eighth in total 

* extreme weather reserve_dunng er currency countnes mtmatiwal revenue to FIs 3bn. 

; the first qua^r. Gene^ TJ h ha v e been n«s_.m_tenns^of ^ nmemus The company is — 

Accident virtually MM A S ble entrants, with 


££■ * to rtditta. ‘to numerous The company is currently fte 

•S5 £ Eft&w 1STS2-S »— 

Royal — the larg est more recently by insur- .lnclua herween Natiooale-Nederlanden 

CMTATl TTK mmoosites in terms joine P* francc. Italy German i 



15 


Don’t the people wh 

create the nation’s we 



deserve to 


som 


themselves? 


Whether you’re in business foryourself. or an 
executive doing a vital job, you may weli feel you re 
getting a raw deal nowadays. 

S uppose your income is £1 0,000. 

Not so long ago, you could live well on that sort of . 
money. . and set aside enough to create wealth -*4 

foryoOrself.- , , 

Today, high tax levels and inflation have made 
life more difficult.lndeed.The Economist Intelligence 
Unit has estimated that anyone earning £10,000 


£0005 NET INCOME 
24| 


14 



14 


13 


22 


25 33 


LOOOs 6 10 

GROSS NCOME 

Source: UXTax SawriasfartieHiqhefPald.Fub.E.LU.lid. 


Salarv needed to enjoy the 
cuime standard of living 

Salar/ belore tax 
January 1571 
£ 

2500 

5.CCO 

7500. 

10.000 

15.CC0 

Based on a married rr 

Seiar>' before tsx 
January 1573 

fiasco 

145-00 

23300 

435G0 

S9.5C0 

lan vefth two children. 


seven years ago needs over £-40,000 to enjoy the 

same standard of living today. 

Yet the nmhlem isn’t insoluble. If you know 
how, vou can save -money that wou ld otherwisejSQ 
to the tax man, and use it to provide tor yo_ur 
own future. 

Todays tax structure, if you take advantage 
of it properly, can hel p you to create weakn for 
yourself. But, with tax regulations changing frequently, 
you need the help of experts. 

This is where we come in. At Equity & Law 
we have 134 years’ experience of successful money 
management We can prepare a plan for you that 
will ensureyou are able to accumulate capital free 
of personal taxes, so that instead of you financing 
the tax man. he’s helping to finance yourfuture. 

Talk to yourfinancia! adviser, or contact us 
directformore information. But, above ail, don t 




A comparison of net earned income after to: in five major 
industrial nations. (Example: a married man vAn two children.) 


for you instead. 

Equity&Law 



Equ'rfyS Law Life Assurance Sodety Limited JO Lincoln’s Inn Fidds,Lcndon WC2A 3 ES. j 



\ 




company 




North America must sjxrrg of Commcra- s ^ eth g ^; kc U ^ «ivabl y °le^i to the Dutch! 

include some nasty experience Th of roajor com- g- - op nations are with- group expanding dramatically 

. in the UK D3 Tii« in Western Europcshows inirtooi^ ^ Nort h and Us operations m the U.S. A 

The year could hardly hare ^ of , he top 20 Sutt America accountins forbid, if it emerges would be a 

■made a worse start. Th . e companies. 14 are to mTnP rcial a further 25 per cent. Fire big one by -any -standards for 

weather was the industry s QUt5lde the UK. ,^° inh 4 head’ business would appear to make Nationalc-NederlandeD. ■ The 
biggest headache, with Wizards Union a ' n d the Royal ^ lden tiaL the largest contribution to over- U.b. group claims to ' 
frflowed by 'severe flooding- h 1W hut . the v ^J SalTpSinn income. J?eady rejected ^ offer of 

st*| *r jrs s r AJin* Hr «. » saKtssass 

’srssss. s.-aAgS ««“s.sr — - 

propmy aud Uability businjss , iraitations nf the to sw; Th* major Italian itisurance 

im depressing. Moreover, this 5Slily exclude such ««£ ™ e ””,hrouzh its asso- 15 »“ Ueneral1 8™>P' 

upsurge in claims came at a in t he insurance .ndustr Stioi with tbe Norwich Union, uhich eucompasses more Oian 

ssas. stro^ s sr^Svf ^ -SSr js^sjs. 

tocrease^ at the UK market. suosiaianes ^ e pj where it ooerates an insurance 

At the 
were remi 

the ciutloo 

aTerr ^cii tods «t - dent which „ aimed at serviciug 

Lt'inifiir of the industry obvious r h t0 discuss , . . . , multi-national risks and tbe ex- 

We f do not expect themselves .are )fl peae . i n . Holland, a company witti change pf claims* settling 

tSs^ uTfo^ow be uj Sf^rtauce of Natiooale-Nedertodeu, Tbi, ;; Jeffrey Brawn 

• * p®itiba wbere a roarsmai 


The Mercantile 
and Carnal Reinsurance 
Company limited ‘ 

Head Office: Moorfieids House, Moorfields, 
London EC2Y 9ALTelephcrtie: 01*628 7070 


18 74 




reinsurance 









'16 



over 




PERHAPS IT !' nf ?ora<» e?rala“nn ■* repair costs who® UHrrlr low London pqrticipa- cargo for a longer pcnori. the problems within the aviation becoming brokers rather than pianj minor partial J«ses were anew, or P ro ^| 1 - sussl ^ ,t : -tiS’ 
comfort ; . sh!L>ov;ncrs in ih.*-c v.or!:i trade increases to a level tlon=— v?ry different from the defences previous!** allowed 10 market has been the extent •>/ underwriters. less than the qgduetJbie_UJ the su ranees. su £. - “xU® 55 -j^SM 

ilr day, rha -a here ar e once again fully position which might have ex- hsm are reduced, the monetary insurance capacity which has ln theory, profit commission past, nowadays relafavely few intime oulrf 

finding liw vmplv.cl ii some shiprepairers isted some years ago. Equally, limits to which he mav J.mir his . av-ilahie Repent!" .me anti good experience returns for partial losses fall within Jhe returns really oui^mye t^he 
?cau>* "I in*- j > o'ji of nnsiness before that the London market's partieipa- liability are increased, and the ' “.. . ' , operators entourage an assured deductible, with the result that carped by _ af . A nother 

i wisriilv.-ido >la zv i" r-cched the position tion in certain fleet-? has drop- periods for giving notice of ,, Jl? av . ,aI1 “ n unueniTirer at aQC j p ron <j e a reward for good a higher proportion of prenyura pointer is th af^u reiri- 

>si cl a .-*.•»<::> i.f ooiiJo !: H.mme more serious. ped. although in some cases claims and for making claims Lf0id s pemtea out ifiat, ;n new results. In view, however, of the income is absorbed by partial sy ranee is not nws $P*FHSily . 

Ti.e British insurance mar- underwriters would have pre- are increased; of the low level of premium competitive situation, the size losses. available as it 

<»v.T-ca pav^y kt*r h.?* a wider spread of huli ferred the London order to have Since shipowners will need ratos - n } a °y direct insurers ana frequency of such lncen- There is a slight feeling continues it w help to redwp-. 
ri.irs of the tiian any other in the remained at the. same level. greater protection, and will have rather than reiusmg to under- lives has been increasing. W jthiB the aviatipniuarkflt that the . capacity ®rwa 

t-xcepiion of 'Aoria. D.-c iu.se of local eontii- u» pay for it, shippers can write, renew or even reduce Underwriters are also disturbed conditions may improve. First, mwkpt- jt, ^'.Vv.vA.^'*.- 

1 ri sks Even lion- -cm- overseas markets a ran expect freight charge? ln Their lines on rud^had eon- t hst there is net always an in- are pspan= it remaps. titt Sg? whether 

■w area there ;i:.v.- a ; ir experienced the same ^ » increase. Nevertheless a shipper unued to niamtam the same line cenlive for the profit com mis- gion in ff j P |j n e aetivtty, although action of Utfs r 

expan-i'in i:i cnmrj'' l ’.'::nn as London. Last summer the London will not be able to* dispense with and reduced tnsir net and auto- S j on or good experience return _ orf business doesnot neces- in supers will ave 


com: or; ; > shipowner* in ih.—c v.or!:i *i" 
particular;.!' iji:r.~nlr day.- rh^t 'a ri iv 
insurer* ar? also finding the 
goli'V very bard because "f In*- 4 . > oui < 
exceptiunally kci’n wuriilv/idf >l3Jy i v 
eompeiitjun for most da>»(.'3 of coido - H 
bu«ms«. 1i,e t 

There i« revere . tv. T-ea pacify k.-r h.?- 
in v.-Mially ali seniors of ihv hu-: , ti , -> 

mzrk.'M. wiih. the t-.u-eplum of vioriu. D 
reriain MT->hi' r i* >-n risks Even lion- -o 
in that relatively new area there :i.ir 

ha? been s marked expan-ion 1:1 o imp ri 
world capacity, and .iv.tkiI \\ ’ :»• 

ca pamy fur a:i oil pn».li. , i; , :>.'i many 
plarf'irm :s n«'.w : :.u i> v. 
of SSim.iiti. -or.i i- 

The ; . u i I ?.■ >■ -;i!; i>ir» 1. on* 

lar?:-'! •e , 'f:.*n nun! marine not pr--' • 
und‘-r.'. .i/cui:r.;-. and un- b*-ir*.- 

happi 1 . 4 'h*' une where 1 - M n , iii: 


1 . .S.. a? in London, market amended the Institute cargo insurance altogether, and malic reinsurance expasure by to be earned, since often they sar jjy mean there is com- paled efiecl. Ctalnly.tHp avi* : 
■!r**:-.s have been refus- Classification Clause and also cargo insurers do not anticipate laying on sunsrannal facultative caQ be insured for a relatively pe 4 ^u 0n . tiofi rein^qfgiKS^^sl^aTiad - 

it*.- business at rates ( he advisory scale of additional a compensating reduction in reinsurance while making at ]ow premium— tous guarantee- . . . . _ its problem^ 'u «AeiiSly«Mu 


mo-l .J .riii'ii ! t for onricrwriirrs 1 


t#i -now a pruii: Mn-i hull a.-- 
eoiini* v.-rsi.en in tn«* Krui'.ii 
marker have h-er, pr«iJu. ;n., un- 


cntisidor lo be un- premiums for cargo carried in insurance ' pret 
mse Tiiat. however, has ships not of the highest stan- shippers. 

'T.r* d the i»u -mess from Hard*. This was the market's In the aviat 
: i;:m eln' where. reaction to the continued use despite significant 

I'liijins to be seen for now of old ;m<l sometimes 5ui>- tl,? insured valut 
-i.:r.*: of the 'Viit price" siandard vessels in the carriage (many Boeing 747 


premium* 


m reinsurance, while making at j 0 *. ppjru 
for the same time some very useful j n3 'that 
overriding commission. whether 


^.petition. tiofl 

oaid Secnrtdb’. it lwk« af thoqeh its problemx, ai furteptly^me 


will be naid Secondly, 11 1 BQKX af tnoyzn “*r*vHj«wae 

have been reinsurers may take a tougher 

line with dirPrt underwriters, not being suS®t»--»lfttfve. 


1 1 r'W i 

; M 1 V 

• [U % 

tr ' 


n;n a.-- -.j-.-i . ..0 stay in inNae«. 0 f cargo. The move brought a for aipounts in excess of $Mm> laying off the balance faculia- while insured values have been insurers. ...» miitd : 

Ki'ii.ji ' 1 -it ini J: -T<; inch in.siirers often mixed reaction. While some and insured limits of ilabslny. tively. It was suggested that increased, deductibles have not direct underwriters rotiid y nd ilnirtmt m'iraiirVr ■. 

:n.i 'in- *haf^i;i_ -igoiftcantly lower other insurance markets felt the story is . much the same, underwriters practising the been increased by the same pro- obtain rewsuwjr® raemue? 


socond. if some yp inawe j the 


, .. ■ ■ — u-u-i i.uui «iht iiiaiacis iru — *‘ jujij ,a uiulii Ujc uijuci viirn u piuui.i.iin *-***■ -*--“ ■ . . - f k arc «iph «* 

prontanle re-u]:.. r..r 1^74. IH75 rai*-- t h. 1 1 ". • hose required by the that London had not taken a There is much more capacity placing of facultative reinsur- portion: often they nave been certain types of business si 
and lb. 7 The pn-’iinn fur 1H7K rrj*iit;noai marke.is: riipir ex- sufficiently strong line. Greek than there is business, with the ante frequently were fast reduced. While, therefore, good experience retuyn lasur- 


i-’tniirablr, pci! ' 


despne redin.'i'd nreniiuir. rale* 


and a c-j.-iam widening *>f cm- tion 


diii'in-. 

The rr. ire :i*.'«>i*r,i!,|^ : n;i c:»'-n 


1 rat are also higher. shipowners in particular felt result that premium rate': have 
-fin - • leaf that if the sum- that this was a case of djscrimi- been pulled dpwn to uneconomic 
cnntin i-.*s, for wry much nation against them. levels, despite the overall 


ImXmeke 


!ur.j»*r sonic insurer- and rcin- 


Wherc. London scores In this increase in safety, 
j nc m ire : a*. 'our.-i : u;i c:»-.n jurors :n r irious parts of the type of situation is lhat, having Before 1977 there had been a 

dries nut. hi v. ever. aripcar in werbi may not survive, iu far, a worldwide portfolio of husi- feeling that one or two -erinus 

ha\y- ru-er. ’ir*>ughi about in - any w :ilulrriAaJs from the mar- ness, it can see how : business losses might bring the market 


tsiuih.c .ac-<.r-' .'Mvb t» - : ' , * , P kcT itjv-.- hv-»:n of no great gen- is developing and can take steps to its sense*.' with a hardening JL_J? S Jf S V ^ A ■ . 

steaming, lays tv up **r nlil.-r ion- erai si-inificrince and have been to correct adverse trends. It has of rates. In March arm April . .... • 1 ... ..^ ’ 

nage. a g rearer of ‘ , .r**w-' 1 inure ilian nude good by the :n- no particular axe to grind and 15)77. there was the ground col- _ • _ '..T : '--* - 

nr keen ••uni.t't-irrj.'-n 'or bu-ines? create in capacity from other i.s anxious, so far as possible. Iision at Tenerife, with consider- . ■ ' ’ • i ... . 

nn rne par *;iip-r* pa:rer-. Ir ■iiiarlvi-. that its rating shall be equit- able loss of Jife. and a Southern IT IS nearly 16 months since admini^r the Act, sft sbpqt It is int*WtlK.lfl n«te uiflt • 

can aunr.iiM-i ii.ainij n* 3n Lloyd* m.1 the rrnditional able. Airways crash. In Lon rh»n u was the Insurance Broker* iP.e^is- the task cf preparing the peces» Included in Uie specific «x- netyet a tuy peaa^.-.j',. ■■■■ 

serious roinp.mii*> in the marine mar- In due course if is expected felt that a tougher Jin.- could tration ) Act 1977 received the sary regulation! to paaka the 2 tnples is one which now gives The eegulatioav. : -Swww»Cs r ;; 


uniisuaJ ar— '*nce nf serums 
casual lie* — wi'u.h re.ilJy 

*l‘'fn : :ig ai"re liun a mailer ■»f 
luck. 


serious romp.mio in the marine mar- 


• ke; h:.v * tried to be selective that the burden of liability for he taken. Perhaps the reaction Royal Assent and set in motion Act workable. Sych 9 long clients the right <0 a * a ^ financial pr«i^<^ : ace •• 

1 ov-t rli*' pa* t few years. The damage to. cargo while in was too marked. The group u£ the procedures for rhe control period of silence w^s to be what commission he is recoining expected to be putshea ta-ote • 


ut J c - .. ;,!| n ha- h«*"n to write business transit will be shifted. The new underwriters which laid down and self-regulation of the ir.su r- expected, but now things are on the contract being recom- next week or Tgf'.TBj yji y .. . 

'' i:> - . un.i*-r-,*.Tii*-r? have only in n*-p“ct of the hotter international rules, known as guidelines may have bersi too a nee broking orofession. Since moving again. mended and whether any addi- noL however, 1 ik( ^g a- eff ect' 

h^nenicn f.-*jm :h<* /i .in peti t.on O-ria.’n'y. many i,f ihe t«iral the Hamburg Rules, are awau- inflexible /nr the conditions then. thins* hare been The Act sets out to regulate tinnal payments are being any but the smg- W te oker. - 

amons runj;r ya:.^ ;i i- ch ar Io-»e- which have been reported ins ratification. Under 1 he rules prevailing at the time. extremely quiet as the Regiatra- the profession by malting it received- This particular code although th&e i* atyfia^ rfr 

f.iar i.iit’ •'•'ill ■t‘- a -iuisitiLunt in .-•nvnt nui.ilhs have* had re- a shipowner is liable for the It seems clear lhat one of (he tion Council, the body set up to obligatory for apyone wishing has caused a Igt Qf criticism those spread over^Ca^itrr,; 

• ‘ * — * . - • 1 1 to trade under the title of insur- from certain brokers. But it The aim Is to ensurthat firms 


fisa^tea 




ance broker to apply for rests- does give clients the right to are mu on sound ft nciai.' lines - 
trarinn. This will only be check that the contracts are operating Iran ftfjftijpniffo. - - 
granted by Lhe Council provided not being recommended solely capital base. r r ~ 

the applicant has reached because the broker receives the J" particular brwp^ .wifl - 
certain levels of expertise and highest rate of commission, The have-*© ensure that snef^udd : 
•‘•xperience. has the necessary broking profession has its share t o them by eJ i eats fori&rdutra ~ 
financial stability and agrees to of black sheep and it is not is kept separate f^-Aotfwr 
sbide hy a code of conduct. The unknown for some brokers to assets and in safe 
broker alio has to lake- out pro- operate on the principle that assets. The BIBA htaSp|giiy * 
feisiuna! indemnity insurance the best pnljry for the client published a -list, of ra&ble . . . 
and contribute to a central is the one that pays the highest investment heidiegs i tn'Hjirh 
rescue fund. coninttssion. • funds: ■■ ■ | 

H has long been the desire of Many brokers, having read the The cost! of 

many insurance brokers that code, are not surprisingly some- so far are 0©t operqui ' 

they should have a professional what bemused. The British real dipt is going t S^rat 
stanqing in the e>es o» the insurance Brokers Association of ofetjdfflPg 
public comparable with that nf plans to issue a code of practice indemnity cover, ■ 

solicitors and aptountants. Ip — * broker's straightforward regulations have ntfieimirT" 
tins way it wp* felt that the and practical guide to the code published so brukd 'd^iet ; 
public would have confidence in 0/ conduct— within the next know «w.aiiijnHim wSRsdt" 
gcuas to brokers to arrange month or two. This should mapy smaBw ftjfc'v 

their insurance requirements. he l p brokers in their dealing indicated 4hSr 3p^Ea - ? 

Sfnnurmcr thar thpv urnuM ho - tut ^ zr ** FV"^- 


,/l 


knowing that they would be with the public. Meanwhile, if requirement: The 

dealing With knowledgeable, thpv adhnWTn thp nriin*mlp nf . 1 ' la ' 


dealing with knowledgeable, they adhere to the principle of insurance c^d serio4v a^et -' ' 
efficient persons with a high providing the contract that best 
ievei of professional integrity. meets the clients needs at a tians 

It was a lofty aim. considering price he can afford, then they lSJSE 1 

how a few slick operators have m mt ffleh, w Snd themselves - 

“bedfet hXk° f **“ ^ ^ ^ 




•.** —5;-: ijj? m 

- m 

I 1 .-..-,. ;• '-To 

v •> - vc ' 



are rql j^eiy ly pua memseives ™ 

, ?¥* * wry far ^ ** » wt ** The^BTaA&ted b 

generat body of brokers. code. For most broker* it 

TJ 1 4 -' means doing what they h»«- 

Regulations done for decades.^ ■ SS 

Now the waiting is over and hroken^d ^^ ings>itfi ckems and hfl^oe^ ■ 

«he first and second batch of ™ had;any bother in this-tspe^F:. 

reguiaiions have appeared over ^ “ theAct dow^ th J*. The ^ teke^by the 

oreer 5 2T STuJ’^STS ***£*> mSS. See” 

reoSration Th“ takef t^o ** difficult t0 « e how brokers 
forms 1 * First, «ch ^ »'”** »; abidp by the 

broker hps to apply for rogistra- 00611 , b J mrestigating *01? WbUptk now oKsr^e^j^, . 

tion. This will cost £25 initially „°f breaches in the of Its rights mid is prep^.ts?: 

and a further £15 each year (on c ' x * e ^ud.. )*. round proven to tmre tegftlvtttoB • tp ’ 

current values) to have the so ^f *°na of them. The largest award^d^-r 

name kepi on Ihe register. If *■ bi^dag *rgam^pnP.' 

the broker wishes to trade , ^ bpteh of regulations for profeMidhal no^ige n ctro'di 

actively, then the cost is £50 a has ©eon published setting up corned * one-fcteh. finir . wlehf " 
year per firm or corporate ^* e c ° m JWUees«nrOBB td fortunstety had insarapeft: t 1 

organisation, whether it is a one- comP'aiPts and the Meanwhile' jbe British 

person operation or a multi- 0 . r ? conside r disciplinary am;e . Brokers ■ 

national publidy quoted Uovd’s 5 alw ® for . infringement of formed, from the four bro^e^: 
broker. A company wishing to S.® regulatien requiraraojjts. organisations ' that prevao^^t 1 ' 
register has to have a majority This committee- has the power existed, had %een «a*r* 3 *Sr-- 







awr if -w 1 *’v t 

3'45;r«-' -5 



of its board on the individual 10 miposB.^ the ultimate sanetjon active cwor -the "mat vear.' irr - 

hmlf nr po<Hc»dp Tn 9 S3 l&X-ZS OTOkSTS &T0 COIlCOITied. J ^ ii!' 


broker register. In a partner- ” brokers are cqnca ipe d. regards -one - of its' -titW*’ 

ta ™ t0 be “ 222!»tL^!**!»*.^'' 


‘Cerameaxial and industrial insurance? 


Details concerning the pro- trading th«p to, pperafg' 4 «s brpkWS j' 

cedure for registration have now ; -*jj. *•**• of ussurapee. ^ current mrornfBiierit- T%&. ' 

been published, with details ■» sy5tem^oLlSatiou ^ 

being given in the insurance under another title. . mfiny sufaieets thatTmuina® o : - 

trade Press. Members can now s Y c ^ ? ' Ss bf brokers, often as '•gggritgert “• 

osk for a form of application, self-regulation wtii depend on ' 

But since certain regulations how^eC^ly^ese procedure* S-J ® S« S2 V 
have still not been published, work in. practice.. The eompOSI- ^ mSSLZ'- 

the Council will not yet be able ^ 0Q ** *• S^tiee looks mcSSX’tSiSLSjLSSS^ 
ro grant registration, UpydT* overloaded with broken and 

hrnker* are home aWvs«*rf »« this could be aji adverse wSwW*#*. 5 — 








| brokers are being advised to do this 


In a risk-filled and increasingly 
expensive world, the efficient 
management of any company's 
insurance programme is becoming 
more and more important. 

Whether your needs are fire and 
accident. life and pensions, 
contractors or professional liability, 
contingent loss or anything else, 

Alexander Howden Insurance 
Brokers can put a wealth of 
experience to work for you. 

AHIB is one of the largest London insurance 



... ........... ‘.*&y • kSsiViS 

:• ^ ^z'. r 

iri :: :' r •*- 'A' -^V*u*^* 


S»::»iiSSSSE^ 




brokers— with expertise available in 
any field, in any country.The group 
can analyse your risk, propose 
economical and competitive policies 
to cover it— and provide highly 
professional administrative and 
claims services. 

When you are planning to review 
your company’s insurance arrange- 
ments you are invited to contact 
AlexanderHowden Insurance Brokers 
for a detailed explanation of what they can offer 
you in the wav of more effective risk management. 


AlexanderHowden insurance Brokers limited 

lA member at the Alexander Howden Group of Companiesj T '• 

. HEAD OFFICE: 22 Billiter Street, London EC3M 2SA.Te!ephone: 0 I 4 SS 080 SJeIe)C.SS 217 L 


nothing at present. 

The code of conduct which 
brokers have to agree to abide 
by has also been published and 
frapkly one has to admit that 
it is a “bit of a dog's dinner.” 
At first reading it rounds some- 
what fatuous, the legislators 
having discovered that it is diffi- 
cult to spell out those abstract 
qualities— integrity and utmost 
good faith. 

The regulation setting out the 
code enunciaies three basic 
principle* and follows this with 
19 specific examples of the 
application qf these principles 
on the “thou shall*’ and “thou 
shall not ” basis with a warning 
that these are not exclusive. 
Presumably the Council got 
tired for thinking up Jaws for 
the broker* “Mosaic Code” 

The basic principles are as 
Follows: il) to conduct their 
business at all time? with the 
uimor.r of good faith and 
integrity; (2) tn do everything 
possible ro satisfy The insurance 
requirements of their client* 
and t*> place their interests 
above all other considerations. 

I *3 1 statements made when 
advertising shall mn be mislead- 
ing or exiravggahL 


feature - The consumer njay 


if '&je Sbortt 


'gjej ?;t*: , ■SV-'E^ja: 

f,- : 1 



m 


ft *.L 

e.- - - •• ..... ^ 



P” .'iSK 


International Inswwict 41 

Broken G CwstAmto 


■ . . StCUrelloflBe, 

30/33 Muiories, London EC3N xDJ. 


Telephone 01-58S 41U 
TelexS8^Q7 


elex 883397 

. afid - 


Standard House, 

Bonhill Street, London EGn& 4 R 2 . 
: Telephone 01^^84x1? 

Telex 883388 


M 




1 







WMM. 


vim*: 


Ws-. 


sj!^^ 


mmffm 




Ml -*V1-* M£o 




or over 


OVERSEAS EARNINGS OF INSURANCE 


iHg ITSSCSANCE Iadustry has 
#*de % large and «r*?wiD£ wn- 
tiibutiw tq tit* baJajicn of pay- 
jiwpti in wwjeavt y«ars and is -by 
'tie tfrp Latest single source pf 
City's ioytei We earnrrms — as 
- &£jntiN»& income of fin a n c i al 
ffrfftivrmz is known, . 
v Tfee -npeord Is certainly im- 
pressive." Net" overseas earnings 
jf jf*e -insurance industry— -in- 
^diair brokers and companies 
i 5 nuftU aa . Lloyd’s underwriters 
^inw Mted from.£297m in 1970 
#>;£ 0 O 0 m ia5t year, aceovditiB to 
Governments statistics In 


the annual Pink Book ■»" tbe 
balance of payraeBts. TWs repre- 
sented a inorp Than, ihreeioln 
Increase over tho period e ® rn " 
pared with a rLse^t;|a*t 
three times for theK total net 
earnings of the Cityi-Sfoireqver. 
in 1977 Insurance earirfngs in- 
creased by 14.3 per OTit.;WnUe 
those or the-Clty a* ^a®P* e ; fe, ‘ 
by 4 J per cent’ ■ 

- The result is Ihflt .thej** p w * n ' 
ings of the insuraqW ^ business 
accounted for 53 ROT t he 
City's overall M3!&£?.! ' 
pared with 35 per «3jt & *"« 5 - 


L/mkcd at another way. the con- 

tiauins importance of overseas 
husine-.s fur London a,s a world 
iu.sunuu.-i: centre is almwn by 
Hie fart That rmntfily iwu-tiurd* 
or non-life premium)* come from 
abroad while the proportion is 
more than rhrep-quanors for 
Lloyd's underwriters. 

Overseas earnings of the in- 
dustry liavc three main contri- 
butor* — the UK cumpames. 
Lloyd’s and the brokers. They 
include the profits of overseas 
branches and subsidiaries of UK 
companies on bust ness written 


oiltsid** the 1'K. This auiounreri 
in £23»m Iasi year compared 
with £4fii:i i» tin* ijctiually p'»*»r 
year of JH75 when earnings In 
rho important L'.S. market were 
particularly Snw. The nun pauses 
also earn money on iiiWierw ril- 
ing ovor^eas husinev in the 
UK: this amounted to £42m Jail 
yvar, compared with 14-liu 111 
ifl7B. Kurnmi-is mi port folio in- 
vestment amounted i« £04 ip 
compared wirh £73m previously. 

Overseas i-arnlnqs of Lloyd's 
in 1977 were ESTOni — a rise of 
331 per cent oil the year. The 


mi'tj rateyory the under- 
writing n-vrsea- Mii-ine^ 
written in i!i>* L'K — £333m 
asainst £27l»m — while portfolio 
in vestment ■■run .-lit m i4iiin 
against .faSni. 

Eumins* 1 "f ii» c thud main 

contribution. m-i:rauc? brokers, 
have risen particularly rapidly 
in the pa>t lew years — op from 
around £5Um jo Hu* early 19?0s 
to £154m in ll»76 mid ±l85m last 
year. 

These li?ure* highlight the 

mam sources u i earnina* from 
overseas l>u.sint-~s. The first 


Companies 

Underwriting 3° 

Direct investment 4S 
Portfolio investment 33 
Total 11 1 

Lloyd's 

Underwriting 

Parifolle invest nirnt 1-1 
Total t3C 

Br okers »_ 

Total net earnings 297 


Source: Balance of payments Pink Buok- 


lOloyd’s syndicates battle it out 

^ ... . .... .. i . : 1 . ram.- lli>- t-n-nnrinif.. 


M/ iVB'S 07 London’-* profits 
f^thc past completed under- 
yritfqg aew>uiU=*“Cur 1975 — were 
ap all-tune record si £ 135.2m. 
'Sijjne'tfffd the number of under- 
writing members t those that 
provide the vital capital on 
which. Lloyd's operations are 
bt^ed) has grown by 125 pur 
cent— from 7,562 to somewhere 
In the region of 17,000. Pre- 
miums have risen by 30 per 
cent over the same period to 
around £2bn. -The* figures look 
impressive. 

But put against tjie broader 
context of how Loyd's operates 
the • performance of the com- 
munity must - amaze many on- 
lookers. For most would agree 
with the observations of Mr. 
Ian Findlay, the present chair- 
man. that Lloyd's is a unique 
survival of ®n age °f russ ed 
individualism Jlurt has Jong 
pace disappeared from the city 
and is fastvanisbijig f/om the 
Whiner rial world in general. 

Lloyd's is after all not a 
company, -If it was, then iti? 
17,000 underwriting members 
would be shareholders, -it Is 
more a market place for con- 
ducting insurance burinejis, with 
administrative services provided 
by the Corporation and Com- 
mittee of Lloyd’s. .. 

The 17.0Q0- - “umierwritinB 
irvemhers, lend . their , n^ru^s, 
iheir capital, and. their -- truat 
Into one or mdi« pf 361 under- 
writing- syndicates. These are 
Hometifnes-Cpinppsed of . a small 
liuniber.of. other underwriting 


members, although '''JttsW- 
much larger, with several 
hundred members. • ' - 

Professional underwiliers jre 
responsible for the day-to-day 
business affairs of tbe.syndi^To- 
while ti»e majority °I v'.f.MBdgr- 
writing membership I s .b 015 * 
working Lloyd's. non ‘ 
working membership relies on 

the professional uodcrwril er 
moke it profits, but at -the same 
time by investing in Lfo>' d s 111 
does gam attractive tax advan- 

The business that 
underwriters insure is> brought 
to the market by 270 ^ pprovoO 
r.invd’s brokers, and ttafs.tf We 


IU UJL j U*unvi -- — f - jr - 

Lloyd’s brokers, and tnfc tt we 
onlv way that insurance ■ Uu*’ 
neia can bo introduced to the 
Lloyd's market. The-Hoya’s 
insurance broker acts, for nls 
client, the insured, but takes a 
eommissiori from the 
for the pUcomeut of any one- 
ness. 

Within . this ' iramewnrK 
Lloyd's underwriters' compete 
among themselves as’ 
against insurance comiauBitiQs 
throughout the world. 

And yet. in spita- -? jQ hC 
history of proven sucrarir-w 
Lloyd’s, tliere are signs that all 
is far from well- .Woj&3j£ 
wws owes much to. jin 
in being abifc to handle a suago 
of risks which other insuniuee 
coaeeoi-t- conJd not .popo with- 
Trrn*; this is still one of ..the 
pomrouaity’s main strength^ ' 
• But what Lloyd’s has had to 
contend with in recant y/ars js 


:m incredhin^ amount of foreign 
competition in its traditional 
markets, such as marine and 
avialion insurance. 

Faced Will I the prospect of 
limited growth In their home 
markets, and encouraged by a 
reasonably favourable claims 
experience on many classes of 
business together with the im- 
provement in investment 
incomes, many foreign insur- 
ance companies have attempted 
to make inroads into other 
markets to establish a platform 
for future growth. 

To become established aggres- 
sive marketing policies have 
been adopted by the foreign 
companies and premium rates In 
relation to the size of the risks 
have been cut. Moreover, busi- 
ness volumes have not increased 
at anything like the rate of the 
increase of available insurance. 

In order to hold its own 
position in the markets which 
have attracted the foreign 
competitor Lloyd's itself has 
had to adopt a morn aggressive 
role. But it is from the intensity 
of this competition within the 
markets thai many of the much 
publicised disputes and con- 
troversies arise. 

Broker* arc anxious to set the 
best deal possible fnr llnsir 
clients at Lloyd's and with other 
insurance concerns- In chasing 
the most 'attractive deal— the 
i insurance package which can be 
' bought for the most cowpctt- 
• tjvis peeni'Utn rate—' ihe Lloyd's 
; broker hjay not always be acting 


in the hi*si j men vi of »!»■ ' 
underwriting end of the Lloyd's 
market. 

Fur if, m I lie basic in sCTuri* 
an account, the broker an: idem - 
illy taerl links io advise tin* 
umlcrwriier of ail aspects which 
might atfcci the future claims . 
experience on a risk — and the 
p rum mm rate — Ihun very real 
problems could arise in the 
future. The underwriter can 
only determine his premium 
rales on the information that 
is presented lu him by the 
broker, which jie ?et’ - aaamst 
his own knowledge of particular 
classes of business. 

Because premium rates are 
depressed and claims are con- 
stantly increasing in value the 
market climate both inside and 
outside Lloyd's has led lu an 
increasing number of pitched 
harries fought in full public 
view. 

Insurers, and Lloyd's too. are 
reluctant to pay up on large 
claims which could be legiti- 
mately resisted because of their 
doubtful nature. If a doubtful 
claim arises on a Lloyd’s policy, 
but for which there is perhaps 
not enough evidence to success- 
fully resist that claim in the 
courts, Lloyd's underwriter* 
seek a noB<HiaU‘d or commercial 

seltiemcni. 

But outside Lloyd's the ir.su rr 
a nee companies prefer to let tho 
legal processes take their 
course. Insurance legal actions 
take many years to settle during 


u f i icli time ihv panics are 
no! obliged lu p.». :h.- claim*. 
Tins lends tn hanp..-n mure in 
Ihu reinsurance ncir. where 
i he reinsurance companies have 
no direct imolvriTii-nr wiih the 

i-nn^umer mill ilien-fniv are less 
likely U) tau'e .■ puhiiu uproar 
by resisting claim*. 

But Llo> d\- syndicates have 
become drawn into reinsurance 
battles. The famous Sasse 
svndicale is slogging ii uut with 
the Brazilian Reinsurance Insti- 
tute over fire and damage to 
property Jv:nsun.nci-»; the 
Chester syntiicaie i^ embattled 
with Oceanus Mutual Under- 
writing Association uier con- 
tainer rein sum rices: and The 
Stewart symiieaie i* in legal 
action with tl companies over 
aviation reinsurances. In each 
case the syndicates have nor 
been able tu recover amounts 
due to them under reinsurance 
agreements. 

Perhaps it is likely to be a 
feature in the months to come 
that other Lloyd's syndicates 
will figure in reinsurance dis- 
putes. As the premium rates 
have fallen and the value of the 
risks has climbed 50 Lloyd's has 
sought more reinsurance cover 
ouiside its own market. And it 
is the reinsurance companies 
which are becoming increas- 
ingly relhctam to settle claims 
which mtght.be reasonably eon- 
| test eclat a' time when premiums 
! are tight. 

John Moore 


consist-* uf the income from 1 
trading operations in the 1 
form of profits or losses. I 
The underwriters — whether i 
insurance coin pa me* or 1 

Lloyd's syndicates— receive the 1 
premiums for taking tho risks, 
out of which they must meet 1 
their expense* and then pay out I 
any resulting claims from this 1 
business. ’ 

The business i* either under- ] 
taken us an overseas risk 
written in the UK — Lloyd’s ’ 
operates solely in this way— or 1 
ir is passed through subsidiaries 
in the country where the : 
busines? originate*. The latter 
is. one t»f the main sources uf 
income for UK composite? .such 
as the Royal. Commercial 
Union and General Accident 
which have large operations in 
the U S. 

The insurance sector al*n 
earns money front investments 

held overseas— -either by com- 
panies or by Lloyd's. Thi* arises 
from premiums which are in- 
vested until the claims have to 
in* paid and there is usually a 
lung time-lag. In addition, in- 
vestment income is also re- 
ceived on reserves held abroad 
by the subsidiaries— for ex- 
ample on Wail Street. 

Investments income is heavily 
influenced by variations in the 
level of interest rates and by 
fluctuations in the sterling ex- 
change rate. Thu* in 1976 the 
pfirtfolio' investment income of 
- the companies and Lloyd’s rose 
by nearly 35 per cent at a time 
when Interest rates in many 
; industrialised countries were 
, climbing and. sterling was very 
' weak. I 11 contrast, during 1977 
! interest rates in several coun- 
! tries were lower, at least for 
. part of the time, and sterling 
’ recovered, pot ably against the 
t dollar. Consequently the com- 
. bined portfohp investment in- 
* come dropped by 14 per cent. 

' The other main source of the 
' insurance industry's overseas 
' earnings arises from the over- 
s seas trading activities of the in- 
surance brokers. Their activi* 
i ties’ overseas nave expanded 


rapidly in the past teu years. s 
The brokers benefit directly p 
fi 'lm the* impact of any decline .* 

in the value on sterling on pro- a 
mium income and also from the* t 
effects of inflation. 1 

All parts of the insurance s 
business have, however, bee*i 1 
facing increasing competition l 
and. as the Committee on In- f 
visible Exports' evidence to Sir 1 
Harold Wilson* inquiry argued. .1 

the companies have had to con- 1 
tend with restrictive policies in 
overseas • eouniries. including i 
nationalisation, and require- > 
merits that insurance should be • 
placed with local companies. 1 
The effect on the lotal earnings : 
of the industry has been mitiga- 1 
ted by the fact that the capacity i 
of local markets in developing 
countries is limited, and much 
of the direct business written 1 
there has been re-insured on 
the imtmational market. 

The Commitlee noted that 
the London reinsurance market 
had expanded to meet this 
demand and al*u the increased 
demand for reinsurance created 
by the growing size nf indivi- 
dual risks, though even in this 
field there ha.* been an in- 
creasing trend for developing 
countries to set up their otvn 
national reinsurance companies 
and regional reinsurance pools. 

Among other developments 
have been the establishment of 
international pools, involving 
' London brokers, to handle very 
largo new risks such as in oil 
: and nuclear power, and the pro- 

■ vision of cover for political 

; risks and pollution, and for 
p multi-national companies. 

One of the key inflenoes on 

■ the insurance industry is the 
• value of sterling. In the short 

■ term a fall in the pound in- 

■ creases the sterling value of 
- overseas eanunps. so long as 

■ they are not offset by higher 
sterling costs. This benefits 

2 those who have claims payable 
s in foreign currency. 

■- Over the -toncer^tenn. Imw- 
1 - ever, there can he unfavourable 
effects on those who have to 
i make foreign payments out of 


sterling resources. This caused 
particular problems for in- 
surance companies since, until 
a relaxation of exchange con- 
trols last autumn, insurers were 
unable to convert assets from 
sterling into foreign currencies 

10 march fully iheir overseas 
liabilities, and so they were ex- 
posed to an exchange risk if 
they had to meet claims in 
.foreign currency out of sterling 
'reserves. 

The Government recognised 
these problem.* in view ot the 
growing amount of business 
carried out in foreign cur- 
rencies. Insurance companies, 
in common wiih bank? and mer- 
chants. have from last autumn 
been allowed lo retain rather 
larger nmmims of foreign cur- 
rency a* reserves. For insurance 
t-ompanio. the change* have 
meant that they will be able m 
match fully their liabilities in 
foreign currency with external 
assets, a* acainst the 75 per cent 

limit permitted previously. 

A survey of the prospects for 
Invisible exports carried uut for 

■ the Committee by the Econo- 
; mists Advisory Group in the 

■ early summer identified differ- 
! cnees in outlook about pros- 
1 peels in the insurance industry. 

; Companies were the most 
. optimistic about earnings and 
• broker* also expected an im- 
F proveiueni. Members of Lloyd's. 
; however, expected a fall in 
r earnings because of the effect 
l of competition on premium 

- rales anti of inflation on claims 
1 cost*. 

r The marine and aviation busi- 
nesses are particularly affected. 
1 (hough the prospects may be 
s rather better for Lloyd's 
t general non-marine Insurance. 

- the outlook for insurance 
f brokers has been affected by 
s the recovery in sterling since 
r the end of 1976, reducing the 
s value of dollar earnings, though 
e hopes of a pick-up in the growth 

of world trade should help 
from uow onwards. 


Peter Riddell 

Econo run s ' Correspondent 


*)»[« 


1 











18 


Financial Times HonSay "November 2D 1975 


INSURANCE VI 







alarmin 




FIRE PAM AO E last S«?pt p m"ner 
soared io £30.3 m — only in? fifth 
r rrn? i'ial the monthly total 
produced hy the British Insur- 
•intF- Asso'.'iiijon fBIAi has 
oxreeded £3hni. So far this y*ar 
fire damage amounts to I2i7m. 
an increase of over per 
cent azainst the corresponding 
period last year. 

The r e are worrying ticuH 1 ® 
for both the insurance industry 
and The fire brigades. The only 
other occasions when damazo 
has heen so high was the month 
‘ha i took in the Flixborourh 
Vmica! plant disaster and the 
tree months of th" firemen's 
■trike at the end of last year. 

A few fires save the 

S-’or^mber figure a boost. There 
• -re fnur costing over £lm. 
.•■■''idn: one with £4Jm o: 

riase s‘ a warehouse. 16 
■■■ s? i"r . r 2i9.nno or more, and 
i ho: 5o causing over 
o-'o of damage. 
v:=i? somewhat ironic that 
'*' September fire damase 
vera rrJeafert when the 


*>n r re! *- : re Liaison Panel was 
introducing a campaign to 
in-rcafe s-'.areness of fire and 
it? ;on??cd?ncep. 

There u. however, a danser 
nf readirs: Too much into one 
mor.th'5 ncures or. for that 
msii'cr. *n ; ust looking at fho 
o-cr the past few 

month*. 

CerrHsr.i" ‘he. rpcent figures 
•how , worrying trend. In the 
pa -• *iv months fire damage has 
risen by s quarter in money 
term 1 . V°? this year s monthly 
figure* from the BIA are com- 
parinr u;th '‘a rood year.' 1 
f ire rid mace in 1977 in Great 
Britain ir.d Northern Ireland 
amounted to £293. 5m. an in- 
crease of only 6.1 per cent over 
the K’75 figure of £276. 5m. By 
compare sen the increase be- 
tween 1975 and 1976 was 
2i'.o per cent, and back in the 
yea - ? 1972-74 fire damage was 
rising by c.er 30 per cent a 
year. 

Bearing in mind the rate of 
inflation during 1977 the 


increase seems small 2nd taking 
the latest figures in relation to 
a five year pattern the rate of 
increase now is probably no 
worse than might be expected. 

The odd fact that 1977 was 
such a good year can be partly 
explained by low levels of 
economic activity. When indus- 
try is shut down for longer 
periods — there K 1 pm overtime 
or perhaps a shift is dropped— 
tiie risk of fire proportionately 
recedes. At least that is one 
theory. 

One of the key factors in the 
last 12 months was the tire mem's 
strike. Last year, when this 
survey was being produced, one 
could only guess at the likely 
outcome of a prolonged strike 
by the fire-fighting forces. 
Certainly some of the insurance 
men must have been worried 
sick at the thought of what 
could happen to claim levels. 
Understandably fire damage was 
much higher in the event, but 
perhaps nowhere near as bad 
as some had feared. 


The. firemen's strik? lasted 
from November 13. 1977. ?0 
January 16 this year. Fire 
damage in November amounted 
to £42.7m, a staggering £30m 
above the corresponding month 
in 1976. Ia December the 
figures eased .back to £33.Sm 
compared with fl7J2m. but in 
January the .damage was back 
up to £41m against £22.4m. Not 
ail of this was insured but a 
lot nf it was. • • 

For the three months losses 
were £l75m, more than treble 
those of the comparable period. 
Of course, not all of this jump 
can be attributed to the strike 
alone. Inflation plays a part hut 
insurance companies say that 
the major part of the increase 
was down to the strike. 

True, a greater national 
awareness saved the day to a 
certain extent. The actual 
number of fires dropped in the 
early days of the strike as 
people took more care. Once a 
fire was under way. however, 
the action that the Armed Ser- 








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vice* could take with out-dated 
“ Green Goddesses -f was limited. 
Fires that gained. a hold some- 
times had to be left to burn 
themselves out whereas the 
professional firemen . with 
modern equipment would have 
been able to bring them swiftly 
under control with a resulting 
drop in the amount nf damage. 

A classic example was the 
Tilbury power station Are when 
the strike was only -a few- days 
old. A fire broke out in the 
control room of the Essex pow er 
station and quickly spread along 
the cable ducts, in all, 50 Ser- 
vicemen with five “Goddesses" 

backed up by senior fire brigade 
officers fought all day to control 
the fire. An experienced fireman 
said at the time that the regular 
brigade would have got it under 
control within two to three 
hours. 

The effect on companies 
varied, though in all cases 
profits were hit. For example. 
Royal Insurance faced the 
first six weeks of the firemen's 
strike with relatively little 
damage to its profits. But in the 
last couple of weeks claims were 
much higher than the total for 
the previous six. The reason was 
that in the final weeks Royal 
was caught by a couple of big 
'fires. All the insurance com- 


panies must have suffered but 
the degree of suffering depended 
upon how iucky they were. 

One of the spin-offs from the 
strike one would have thought 
was that people would have been 
jolted into looking at their own 
insurance cover. It has been 
estimated that one m four house- 
holds lacks protection and as 
much as SO per cent of those 
who have cover are under- 
insured. So fears brought about 
bv a firemen's strike should 
have seen the public flocking 
l insurance agent. 
Yet while there was some new 
insurance being bought it was 
not nearly as great as might 
have been anticipated. Apathy 
appears to have won the day 
again. 

The other consequence one 
might have expected is that the 
insurance companies would step, 
up their premium rates quite 
significantly to recoup the losses. 
That does not appear to have 
been the case either. . 

Though it is easy to write off 
the increase in fire damage dur- 
ing the last twelve months as 
either a result of the firemen's 
strike or a catching up with 
inflation it is nevertheless a 
fact of life for the insurance 
companies that an increasing 


strain is being put on their 
fire account. 

To combat this the companies 
are pressing more for index 
linking by both the business 
community and householders- 
For the insured it makes sense 
and for the insurers it means 
a steady rise in -premium in- 
come without relying on higher 
volume. 

Meantime; in the. background 
are the efforts by such bodies 
as the Fire Protection Associ- 
ation (FPA> and the Fire 
Liaison Panels advising on how 
to minimise fire risks. 


Dwellings 


Unfortunately the latest 
official 'UK fire statistics date 
back to 1976 so there is no up- 
to-date detailed information cm 
the incidence of fire. It is inter- 
esting to note that the number 
of fires in occupied dwellings 
has- remained within the same 
broad range since 1969- Tn 1976 
there were 95.795 fires in all 
against 90.S56 in 1969. The 
high point in the intervening 
years was 105.328 and the low- 
point 59.310. 

Arson is a growing problem. 
Over the same period — 1969 to 
1970 — the number of fires of 
"malicious or doubtful ignition'* 


in occupied buildings rose £ro& 
3.S72 to 8.174, and it is worthy 
nf note - that only 'a couple cf 
years earlier in 1967, the figure, 
was as low as 2,303. ' ; . . 

To come a little iaibre up-to- - 
date,. statistics compiled -by the* 
FPA for. 1977 tafrifle. in., raa jar- 
fires only-«th^trf JE25 1 Q(^j' an 3..7 
ove r — arson was the'hlgbest- 
cause apart from the ‘‘unknown.*' - 
category,* In. 1977, hceOg itiifg to - 
the K PA; 306 fives- merer .started ■ 
maliciously or" intentionally, 
causing £42. 78m , v - 

Arson- seem s to bearer iucreas* ; 
ing tool for the vengeful^ Tb*- 
stnry is told ' of'h ‘thief leatigar • 
trying to .steal lead b£-Vvacatffc~ 
vicarage roof. Out on -hail thaV 
thief set fire .-to ther'^ie&ragdr 
Again hi front of the. ^ISencb:'!* 
this time for firing. the -idcarasaf;: 
he was put otrf tm bml^ for ttfe.. 
second time. ,*• ; AH eyw: were 
then oh the church itself -but 
evidently he resisted temptation^ 
A fm al nt^e for the • 

btlme^s.' , According; to FPA- 
statistics there were zshc ibaic^ 
fires- as ■ a- Tesnlt; 
rubbish-^the. total . . xxjst .. just; 
over 5350 ^BOO. So Giihk agaih : 
as j-ou pht a ; ittMeb- re t±* ■ 
a iit umn - leaves. - _ r . • .’ ■ --T -. v ’• 

Terry 


Slender motor 



MOTOR CO\"ER is arguably a fuel prices has gradually 
captive market for insurers, weakened. According to some 
After all. every vehicle owuer 

is required by law to take out ^ number of daims> 

some sort of policy, and roughly 


two-thirds of those who do so 
prefer the more expensive com- 
prehensive variety. 

Motor insurance has never* 


In fact, premium increases in 
1978 have perhaps been slightly 
less than anticipated at the 
beginning of the year. This is 
essentially because some com- 


levels of inflation but the latest for insurers. Acomling- to,hha 
figures suggest that the rate of company 80 per cent ^are now .; 
increase is picking up ooce young and inexperienced, . a. 
more. This is certainly a eknow- much higher' proportion than 
lodged by companies — - and for car drivers. As a result, 
experts feel next year’s pre- Norwich Union, for -example, 
iniums will have -to climb by charges ridere aged; between 16 . -1 
at least 20 per cent and 18 five times 'more than 

Llovd's has also warned that those over 25. Motor ; 

its motor syndicates will ^ become more sophlshrated 
probably be increasing rates by ex P enS1 ^® to repair, wtelq . . 
15-20 per cent in the new year. ^ a «■*' nmchines often- 

need to be fully replaced. 


Growth Is the watchword at Minets. 
After record results in 1977, our latest 
half year figures show further progress, 
with brokerage income up 25%. 
pre-tax profits up 16% and earnings per 
share up 25%. 

In fact, everything about Minets is 
growing these days. 

Including Minet 
House. 



To keep pace with our expansion and 
to maintain our high standards of . 
client service, we needed a head office 
complex designed to provide us with 
more space and the most advanced 
facilities. 

And that's exactly what we've got-at 
the new Minet House. 100 Leman Street, 
London El SHG.Teh 01-481 0707. 
Telex: 8813901 (Unchanged). 


The name ihats recognised 
for insurance around the world 

^ rL^HpJdiij^Liini ted, NJlaetHoaae, 11)0 Leman Sleet London El SHG. 



theless, become increasingly pa-ums underestimated inflation 
competitive in recent vears and 10 *9*^ X9i5 bht in their 

has a times shewn an'alarming 

. , the actuaJ rates in the second 

tendency to lose money. half of 1977 and in the first half 

In 19i6, for example, mem- , thi . r Areordte^ tn 

bm SSS! *** thV : insurance 

Association ijsia). quotations index which covers *u B x,*-ui*, c*.=uiy" r, Tni , 

th! moit of »««» for. youngsters hy \*T!*£h>*2S. 

the UK market— apart .rom the preniiums in the 12 months to 

Lloyd s syndicates— made a mere \- overaber g have increased by 


Motor cycle underwriting has 
perhaps presented the biggest Honfroi-c 
headaches in the last two fo i-'a.Ugcla 
three years, and as a result 
has demanded drastic action. 


t ™i 

. i i 

1 i I 


b’t' A 


Figures from the.. British 


£l.7ra profit on motor under 
writing — only 0 2 per cent of 
net written premiums. Last 
year the outcome was even 
worse — these companies 
recorded a motor underwriting 
deficit of around £20m. That of 6 per cent fNovember, 1977, 
was the first collective result to February this year), 5.2 per 
since the bad years of 1969 to (February to May), 19 per 
1971 when the removal of cent (May to August) and most 
mutually agreed motor insure recently 4.7 per cent (August 
ance tariffs led to almost cut- t0 November). The mid-year 


throat rates. 

Admittedly motor syndicates 
at Lloyd's made a record profit 
net of 'investment income, for 
1975. (This is the most recent 
year for which full results are 
available). On the other hand 
Mr. Maxwell TuUborg. chairman 
of Lloyd's Motor Underwriters 
Association, has said that both 
1976 and 1977 have shown 
deterioration. '* It was the Asso- 
ciation's view that the factors 
which contributed favourably to 
the 1975 result bad disappeared.’ 
he added. 

Meanwhile, motor cycle 
accounts in the last two to three 
years have been little short of 
disastrous. Some top companies 
have largely pulled out of this 
field while others, like the 
Norwich Luiion and the Co-op 
have made hefty losses. 

Inflation with its often unpre- 
dictable advances is the motor 
underwriter's worst enemy. Tt 
pushes up costs and hence the 
repair bill which ultimately has 
to be met by insurers. So far 
this year repair and replacement 
costs appear to have risen by an 
average of about 15 per cent on 
1977. 


Tbe Co-op, for example, hoisted i ica ^ F d ^^“ S c 
its rates for youngsters by a ‘•^E? t 2S£S25v - 

m gb ?** the bfgiD " ^ iSdi^ssSr ■ - 

More recently on September 

1 this, year, Norwich Union, one volving care and 'tfxaS&i*: f - ; 


*v; v«»»w 4liUI A LL4<J 

with no increases. The com-^ K'-J 1 ?? ■ 

pany hopes at least to break 

even in the current year after „-^°C ^ ) i f uraH 5 e f ^ ftongj* 
a period of continual losses. u and 10 per cent. 

y*. *u atWTe tbe average - may- be.. 

It is tile low average age of needed next vear, . - . 

motor cycle riders which has V " ■ 

slowdown partly reflected low made the sector most hazardous • I iiti Di cfea mi • 


17.S per cent 

Quarterly 

^ “ ICM 113 IO.LC3 UJ fj.ij ■ i " y-: ;jr . • 

This includes quarterly rises 16? P« «nt *lte « aonth, 




Amsterdam 

London 

Phiiidelphia 

Capetown 

Curacao 


Netherlands Reinsurance Group 

Gros.ii Premiums €134,000,000 

Net Premiums £ 87.000,000 

Capital and Reserves €172,000,000 

Total Assets £233,000,000 

The Group is active in all major 

insurance centres of the world. It 

operates in London through its 

wholly-owned subsidiary NRG London 

Reinsurance Company Limited, which 

plays a significant role in this 

market. : 

1 30 Fenchurch Street, London EC3P3BD 
01-626 3851 Telex: 886616 



Charges 


According to the BIA, in the 
12 months to -July this year the 
price of spare parts rose by 

10.2 per cent, garage charge out 
rates increased by 16.2 per cent 
while new and used car prices 
went up by 13.8 per cent and 

14.3 per cent respectively. 

Another factor which pushes 

up premiums is the incidence of 
accidents, or the Frequency of 
claims. The BIA estimates that 
the industry deals with some 
2’m claims a year. But after a 
Ions period of gradually falling 
real claims (relative to pre- 
miums paid) the level now 
seems to be creeping up agabv 
Last year, for example, 
General Accident found one 
driver in six was making a claim 
compared with a ratio of one to 
seven previously. Lloyd's syndi 
cates say titer are handling on 
average 11 claims for their 1976 
and 1977 accounts, against 10 in 
1975. 

Accident figures, meanwhile, 
do not readily support the idea 
that drivers are hitting each 
other more often, sn policy- 
holders may now be more 
ciaims-consrious than before. 
On the other hand, since die oil 
crisis of 1973-74 petrol has 
steadily become cheaper in real 
terms while motorists' i«5ist- 
ance to the new high ier( 1 of 





Last year; Gcnrral Accidents worldwide - wrththdrmbney ani itis i rcscbnability to - 
resources reached a massive ^1393 hl But not justify our stewardsbq^^ 
apenny of ic can we call our own. ■ 'wisely on their . 

It belongs to our policyholders and our can when paying x ; " ' 

shareholders. They have chosen to entrust us ' . ekims and Kcryfift xgjgjjgyttfc 



!> '• vj- «»■■ ' V-; -'J,. !: / '- 1 . • r ■ •.-...,’ 

V ' FunmcwV Tiifi^s Monday November 20 1978 


INSURANCE VII 


— ^ 

<Wt L5^> 




Share prices at low levels 


JPCarr 

&C<T 


SPECIALISTS IN 
EXPANSION 


ofit 


i- k^KOW they; look cheajfc but 
l ; rn~ -Overwei^hT.’ 1 ' That . just- 
ghiyjl sums, op the reaction of 
tae- typical institutional fund 
imager .in recent: .months to 
ci>«geSU0Q» .from --his- - stock- 
broker- that . he should take 
advantage of '. the low ‘levels at 

insurance shares of aU 
ti'pes' : -have been ' standing. 
- Overweight ”is a jargon -word 
which means technically that, a 
fluid, has-a bigger proportion of 
3 'bialictilar -type oC-sbare than 
rt^sponds to the make-up of 

JFT-Actuaries '■ All-Share 
latex. -.which-ia widely- used, as 
, a yMdsfick. Less technically, it 
simply, means that there have 
jjpe^.too many insurance shares 
ctwsfas too few buyers. 

4 n-- terms of relative per- 

fnrttftfnce 1.f has be ® n a ver * 
vj^' fear for insurance shares 
nf-aU- types. Early-, this month, 
-wdfc^inore "than 10 months of 
thbvyear gone. . the PT<Actuaries 
Composite Insurance Index was 
this ,«r? worst performing out 
n £,45. groups - and snb-sections 
mikiijg np the FT-Achiaries 
icrTes. -The Life-Insurance 
Ijider did little better, appear- 
inttfh-'Ust place. This was only 
narrowly beaten by Insurance 
Brokers, normally. a glamorous 
sector but this year trailing in 
39 »h position. This means that 
the three insurance sectors have 
jU come wiLhin the last seven 
places. .... 

The strange thing 1%. that this 


poor' performance -has 7 
achieved in a year in ws**^ 1 * 
looks as though 
growth uf insurance compah^S 
is going to be reasonably good, 
certainly, by the standards' of 
most British companies^ 
of which will do well to prpwM* 
any significant advanefc-vm 
profits at all during 137 8-; ~T ° e 
big seven composite Insurance 
companies, for instance; wu*® 
well raise their pre-tax P™™ 
by 15 per cent or so for' l®/®- 
Life assurance companies 
should raise their . profits’’ by 
around a tenth, much 'the' tome 
as the likely . average' -for 
British companies. . and" Insur- 
ance brokers should. also, shpw 
reasonable growth, albeit.- tatner 
slower than the rate of- expan^ 
sion usually achieved by -this 
sector -during many recent 
years. f •• 


Issues 


So if a poor current profits 
performance Is not the : -expjah^ 
tion. what is? In the .case to? 
composites, the mart import® 0 * 
of the three insurance eraugSi 
one reason lies in the wave., 
uf rights issues whereby; to* 
sector recapitalised itself 
between 1974 and l978,\-I«J th«t 
period Commercial Union b«J 
two major rights issues, 'and 1 all 
the other major companies aad 
one. The result was a biff 
Increase in the quantity. °J 


paper in issue, leaving investors 
unwilling to add still mare to 
their hnldings by purchases in 
the market. Because of the 
increase in issued capital, earn- 
ings per share growth bus been 
much Ii-s$ impressive than- at 
the pre-tax level. 

A second problem is that al- 
though recent profits growth 
has not been too bad (lust week 
CU announced pre-tax profiLs 
up 50 per cent after nine 
monlhst certain fears are 
being expressed about the trend 
in the future. One key area is 
the U.S.. where companies like 
CU. General Accident and Royal 
derive a large proportion of 
their earnings. The problem 
here is that although U.S. 
underwriting profits are still 
good, there is an increasing con- 
viction that the so-called under- 
writing ■■ cycle ” will soon start 
swinging down again. 

Symptomatic of this problem 
■is that with insurance profits 
currently very high in the U.S.. 
premium rates are not risjng 
very fail. With the inflation 
rate in the U.S. now at abouT 9 
per cent and climbing (it is 
currently higher than '(he rale 
in the UK) it seems inevitable 
that next year profit-, will come 
under pressure again. 

After a disastrous year in 
1975. when many companies in 
the U.S. showed losses even 
- after crediting investment in- 
’ come, profits have soared back 


again. From roughly 10S per i 

cent of premiums, in 1975. the t 

U.S. industry’* operating costs : 
ratio had eased t.» the historic- l 
ally favourable figure ot y7.7 i 
per cent in 1977. But many i 
analysts now fear that with com- 
petition increasing and Stale 
com rnl agencies getting tougher 
about agreeing to rale rises the 
ratio will climb hack to over 
100 per cent by 1980. 

In the UK. ton. underwriting 
experience promises to be very 
patchy. The domes tic property 
account, once almost a licence 
to make money for companies 
like Sun Alliance, is becoming 
mure difficult. Measures to 
overcome the impact of infla- 
tion have not been wholly suc- 
cessful. Although companies 
have been insisting on various 
forms of indexation to make 
sure that premiums keep in line 
with veal values, this tougher 
policy has been greeted with 
what is known as higher claims 
awareness — in other words, 
people are trying to make sure 
they get more value out of 
much increased premiums, and 
are making claims where they 
previously might not have 
bothered. 

Meanwhile the commercial 
fire account, though still profit- 
able in the UK. is being affected 
by massive rises in fire damage. 
Fur the first nine months of 
1978 fire damage reached £2 17m. 
an increase of over 30 per cent 
on • the corresponding 1977 
figure. 

Moreover, there arc signs that 
competitive pressures are build- 
ing up once again in Australia, 
a country where British com- 
• panies are active but which has 
been a source of recurring 
problems in recent years. It is 


a comparatively easy market to 
enter for ILS.- companies aiming 
at interaatioMl expansion, and 
there are few® that the industry 
there will soon be pushed back 
into making underwriting losses. 

These problems — especially 
those related 'to UK property 
insurance— are also afflicting 
the big life assurance companies 
which in recent years have been 
expanding their " encrai husi ‘ 
ness to the extent that the 
distinction between the compo- 
sites and life companies like the 
Prit. Pearl and Legal and 
General is becoming somewhat 


blurred. 


Over-supply 

As with the composite-;, rights 
issues by tbese big tile offices 
to recapitalise their general 
branches have contributed to 
an oversupply of shares to the 
market within the pa^i two or 
three years. On the other hand, 
the pattern of business on the 
lire side has tended to improve 
markedly. 

Whereas for several years the 
life companies have been 
troubled by. a sluggish trend in 
new business and by soaring 
expenses, ibis year new pre- 
mium growth ha* accelerated 

while the lower trend of infla- 
tion has improved the costs 
picture. Major factors leading 
to improved sales of policies 
have been the big rise in per- 
sonal disposable incomes this 
year, an active housing market 
and the implementation uf the 
new State pensions scheme, 
which has led to opportunities 
to pick up pensions bu-'iness 
from companies contract ins out 

In these conditions the ^hare 
price of Hambro Life, a tmn- 
traditional life company un- 


encumbered by a general 
branch or an industrial branch, 
has performed strongly because 
of the obvious new business 
opportunities. But the big com- 
panies like the Pru and L ami G. 
have lagged behind in the stuck 
market. 

It is not especially unusual 
for composite or life insurance 
shares to be performing in- 
differently — they have been 
among the poorest performing 
sectors in the years since the 
FT-Actuaries indices were 
established in 19KJ. What i- 
much more surprising is to find 
the normally high-flying insur- 
ance brokers also sluci- at lilt 
bottom of the rankings. But this 
is much more likely to be just 
a temporary phase, for this is 
still a comparatively highly 
rated sector which has been 
suffering from the exceptional 
weakness of the dollar < in which 
currency much of the brokers 
revenues are eullect-*ch and 
from uncertainties in the inter- 
national insurance business. The 
marine and aviation bu sines*, 
fur instance, continues *.n suffer 
from over-capacity and low 
ralPs. There have aUu been bad 
debt problems 

At first sight the chances nf 
recovery for" composite shares 
seem less bright. But some 
stockbroking analysis are now 
1 tendin'; to luuk on the bright 
; side. Thev note that insurance 
' shares usually perform reia- 

* lively well durine she later 
1 staaes of a bear market and The 

• early part of a hull pha*e. With 

• the " equity market n*iw well 

| below its peak, they hope that, 
5 it will soon be time for irisur- 

* ance shares to becin displaying 
; their defensive dualities. 

Bar rv Rilev 


* PLANNING 


Established and experienced, confidential advisers 
to U.K. and International Insurance Brokers on: 

ACQUISITIONS. MERGERS. SALES 

COMPANY VALUATIONS 

DEVELOPMENT STRATEGIES 

Write to or telephone John Carr: 

j. p. Carr & Co.. 

99-119. Rosebery Avenue, London ECIR 4RD. 
01-837 8899 




“An insurance service 
to industry for over 
170 years” 


BANKART MIDLANDS LTD - LEICESTER 
<; & J E BANKART LTD - NOTTINGHAM 
BANKART NORTHERN LTD - MANCHESTER 
BANKART PENSION SERVICES LTD - MANCHESTER 
BANKART EASTERN LTD - NORTHAMPTON 




nri m'SL^ERS lort at least bpmSorw. ^ a rainom -’. did 

- aa-aslimated £20ih last year on adverse ***** S °Matt* other insurance com- 

■.SSSnSlW experience pJ£? taS? li£T“ similar 

7 domestic householder, atxonnts. iobt P , . h with success. Such 

S0a„ Alliance and • Lojgjjg ^Sance acrion by itself dues not get the 

- leader m ^us field, muun.. AI ^ Dh ^ s ^ a , lt insuiV d correct.- bat it stops 

a loss of several numon pounds. Da ^5aj ms ouk-kiv and it getting further hut of Uhc. 

Thfre U? still a need for the 

.losses tn. l 9 J-6® nd * e t^ed by the Seed with which poli^holder to assess accur- 

. h&* continued this year. Wat strai y . L .| aims atiy the sum Insured at the 

’ housed, this turnrpund. in. The BXA last week-, 
cx^nence on ance is more thUn investment announced an aid to enable 

. im.always regarded as p ^ biggest problem facing policyholders to assess the re- 

a$e? ■ • underwriters over the past few building costs of their houses. 

For a start, the pasWew yea«» however, has been under- Companies provide forms - to 

- have ; seen _ a -.sf nes _ of insurance. 7 brought about by guide policyholders in adding 

of weather affecting ihe an.ee, g inflation up the_replacemen.t_.costs_.of 

„ UK n M a - 5 tofras Tp SLne^ced In the 1970s. Under- their possessions. 

cerned. with paradoxicaJJy th . w j t j, tts attendant Although these measures have 

long hot dry - summer of 1 pr _ blem ^'b as caused as big an achieved a considerable measure 

by far the most serious. Tlic ^ 0 ““ ns ’ o " as p^fitabiUty as of success, it has not been 

storms which hit the e^t coart P®« weath e r or increasing enough. It has also raised pro b- 
at the very begimung of Wtb -aaverse w ] P ms of fairness— the majority 

- cost 'insurers £4Qm, ®®d last . 1 ‘ resu i le rt i n the who keep their sums insured 

-winter's flooding along the eart houses' 11 and their up-to-date can be said to be sub- 

and south-east coasts « ost a ^nts riring dSmatically sidtoing the minority who do 

further £I51m. Q . J ~T m the 0 ngmalcosL So unless not. So some companies are. now 

But -the . summer of 1W. the sum taking--or are about to take- 

M which followed a compara^yeiy [f under 1 policies becomes tougher action. . ; 

t dry Winter and a pr^iotis JP*“ C h ^ ont ^f Unewitli the 1 Norwich ' Union ' flow only 
1 ..diyBSTF summer, resulted -aiae of Ute times markets index-linked policies 

.. Widespread subsidence in jda.07 cor e ^ premium is for new business. If its poiicy- 

areas as a result of the. ground “ e f ^ t “ e S" being holders' wish to leave sums 

-.drying out and shrinking^ H Insurers found that insured. - and premiums un- 

showed up the folly of btuldi’tS. covere . rising changed then averaging could 

Houses on land Mfleh our fore- riaims ^ r h8 t r h e an bee p n remiU m apply in settling a dalm. The 
"fathers: bad for very good much farter ^tnan ^ company . has found that most 

reasons carefully avoided-^wit- though all policyholders have accepted this 

ness -WfVenhoe- in Essex - Jt from L^e^ount^ have been change without demur. Sun 

- also showed up the folly of giv- . affected by inflation. Alliance' has taken similar 

ing free- subsidence «w®r on »d ^ hfl , der acc Junt seems action. Policyholders have the 
housebuilding policies, _ at *he the h . hit option not to index-link, but the 

request of - the buildin^ mos company has warned them that 

societies! on the grounds that _ if t he sum assured remains un- 
ions dry spells just do not J^XIOriS changed for two successive 

happen in this- country. This years, then an underinsurance 

cost, the insurance industry what action have Jn ® ur “\! dause will apply. 

£50m in 1976 and £l5m in 1977. cpnjpanies taken to S el *7 This is another form of action 
Then, again, the number of accounts back into profit a nuns- wb j c jj' some companies are 
thefts in the UK has climbed Mos t 0 r their efforts have oeen inn . odlicingi albeit reluctantly. 

" steadily over the years— a concentrated until recenti. j t involves th.e scaling down of 
symptom of the society we live getting policyholders to tnsu t ^ amount paid on a claim by 
m.‘ Insurers have consequently for realistic amounts. At xnt thc ajnount 0 f underinsurance, 
experienced rising claims rates- start, insurers relied on exhort*- But it wU ] on i y b e applied for 
Recent figures published by she ti on a nd publicity to P° 10 v gross underinsurance- 
British Insurance Assoctarinn the nee d for realistic sun^ Ki na ]|y. Suii ■ Alliance has 
show that thefi claims in 19 m insured. Sun Alliance ls ' increased the basic premium 

' amonmed to £30.3m, compared ren u y running a Press campaign f<jr boilsehoIder contents 

with £8.9m in 1972. Insurers using case histories to show insurance, on : which all other 

are expecting this trend certain individuals lost ne . ra t es based, .thereby ending 
continue to rise, despite all when a claim occurred- half a century of tradition— the 

efforts being made by the Bu ‘ t most individuals arc basic rate for contents has been 

police, the B1A and indindua. thetic about insurance. Com- 25p (5s) per wnt E i nce the 

Abmp^nies to educate the public ^ hflve acceptcd tha t people 192 os. But , h j S rate only 

into taking precautions to maK-j are Qj^iikely to t^k e the trouble app ii es to ihe low risk areas, 
their houses less vulnerable to 0 f calculating the premium rates in Hie higher 

thieves. cost of rebuilding their house ris jj areaSi suc h as London and 

Policyholders are also becom- ^ ^yajyjng their' possessions- nther major cities, are another 
ing more conscious of their g Q a new type of contract was 0, a tt er . one company. Prnvin- 
rights under honsenolder poll' , ntro duced - under which sums cia j T n g liraace ., has ceased 
vies and are claiming more g^d premiums are auto- acce ptihg hew business, at least 

frequently, usually for '"? ry m atically revalued each l' ear temporarily, in Centtal London, 
small sums. There is nothing us j n g ^ appropriate index. g pn . Alliance claims that this 
reprehensible in tWs action, provided the sum insured »s latest action, will not be suffi- 
provtding the claim conforms to dequare a t outset.- the sum c -, en r to ‘eliminate losses. More 
the policy conditions. But jt } DSure d remains realisU^- increases are . on the . way and 
adding significantly to claim lfl73 G enera i Acci- this is likely to be the pattern 

costs, especially in administra- J- . way j n nialdng for many insurers. There is also 

tion, by more than the under- dent _ company talk .of-- introducing high 

.writers had anticipated and ne jt This was excesses on policies to cut out 

allowed for in deterrrumn 0 i increasing suras ^e small claims. The era of 

premium rates. In addition, ? . zLjj pr€m tums at the cheap, . household insnrarue 

many individuals are. trying to “ . ^d automatically could he emuing to an end._But 

claim fbr losses not covered or nex them; unless the t he industry could, well c°o- 

.::-C\ i er_ii).tehde.d to be covered in .. ta . der specifically stated s i{j er whether the present style 
;■ the policy,-. often using it to try Pj» . • policyholders were 0 f. householder insurance could 
■ - apd replace items that na\e am ^ BCrea se over the be changed re meet modern. 

■ r worn out. Repudiating - lhes - *i ma ; n der of the policy year consumer needs. . 
claims costs. money. .. fonn was enclosed on VC 

r But ail 1 these facial* are an and a fornwas ^ their . - - 
■integral :iar£. - of. -insurance which tn } 







Are you on your own when it comes to 
providing for your retirement because you are 
self-employed, or not a member of a company 
pension scheme? ‘--i. 

Do you worry that you will be worse oft 
than all thosepeople with occupational pension 
provision? You should certainly think about it 
- and thc ready-made answer, a Prudential 
Personal Retirement Plan. It can provide you 
with a pension on very favourable terms. 

Tax deductible contributions 

All contributions to the Plan are. hilly 

tax-deductible, so money you would 
otherwise pay in tax can be invested in your 
pension plan. And the pension will share in the 
profits of thc Prudential; so the more successful 
the Prudential, the better will be your pension. 


Flexible benefits 

The Prudential Personal Retirement Plan 
provides a very flexible approach to pension- 
needs. It offers any combination ot three 
separate benefits:— 

1. A Retirement Pension - With Profits - to 
start whenever you like between your 60th. 
and 75th birthdays. And what’s more, you 
can take a cash sum. free ot tax, in lieu ot part 
of thc pension. You can also have the pension 
payments guaranteed tor five or ten years, or 
to be continued to your widow 

2. A Widow’s Pension - payable it you should 
die before your retirement. 

3 . A Lump Sum Benefit - payable it you 
should die during a selected term, or before 
your retirement pension becomes payable, 
if earlier. 


There is no time like the present to do something about the future. 


A top performer The Prudential Personal 
Retirement Plan has consistently been listed as 
one of the top funds in the annual reviews ot , 
past performance published in Planned Savings. 


]f you would like to know what could be 
arranged for you, get in touch with your local 
Prudential office, w ho will advise you on which 
particular plan will meet your requirements. 



The Prudential Assurance Company Limited 
142. Holbom Bars, London EC IN 2NH 

JG I * 


PRUDENTIAL PERSONAL RETIREMENT PLAN 













£§ 




>. v' 


t. Vv*: 


/TvT3_K 

■t'- '"Js^r • 


I 1 

I 

y-s 





tf'r] 

jf frr 




&?m/3 






nans 


[775 

'^Tv; 


1 ^*’: 


■ :ilT 

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nice 









Creative Insurance has our 
name on the cover. 


Lb/os chambers V"!i/ hutched Friars London EC 3 N 2 J 5 
telephone 0 L 709 0575 lelex 884033 

Better bring your insurance problems 

People have since 1710. ; 










#*"V . ' '•»* 'v, 


We've been insuring Britain's houses since the reign ot Queen 
Anne. Today we arc Britain's biggest house insurers because we’ve 
never stood snli ... In 1710 we h.id only a simple fire polios- to oft'er. 
Now wc can offer you a wide range of protection -including 
MasterCover, the streamlined personal package specially designed 


to protect vour home, its contents and yourself against mo&risb. 
And we make it easier for you to budget for realistic protection by 
enabling vou to pav premiums monthly. Find our more abour 
Mas terC over, our many ocher policies, and monthly premiums 
at any one of' our JoO branches- Or have a word with your broker. 


SUN ALLIANCE 

INSURANCE GROUP 

5grinoio.Ti?A Lens, London EC2N 2 A3 
G 


Boom year for 
and pensions 



BUSINESS IS booming for the with a direct subsidy. For the 
life and pensions side of the moment the subsidy will be at 
insurance industry. Endow- the equivalent of 174 per cent 
raent policies and other tax relief but the life* Offices 
traditional products are basking Association will have its. work 
in the sunshine of a massive cut out in future years to fend 
increase in living standards in off politically inspired demands 
the past year. Croup pensions for a reduction. Frdin an 
business has received a fillip economists viewpoint the tax 
from the major improvement in relief always was a subJadj' 
benefits employers have to anyway, but now it is generally 
make to contract out of the new seen to be so- 
State pension arrangements Single .premium bonds and 
which took effect last April. other linked life products have 
Self-employed pension plans been in the vanguard of the 
are selling in record numbers boom and sales in the, first six 
thanks to greater awareness of months of this year totalled 
pensions among the public £I54m. a rise of 40 per cent on 
generally — and among insurance a year ago. But even , these 
brokers in particular. Linked- figures mask the spectacular 
life products and other recent performance by some companies 
innovations have been one of specialising in single premium 
die strongest growth areas, ponds. they have- in some cases 
recovering from the battering reported sales growth of 50 per 
they suffered in the wake of the cent and mere. . • • 

1974 stock market and property The big attraction of bonds 
slump. :s. that their performance is 

Total premiums on new -bus:- linked directly to a -..fund 
ness in the first half of this year invested in shares, property or 
came to a record £548m. a rise gilts or a mixture of all three, 
of 24 per cent on the corres- IFitb the Index bouncing 
punding period last year. The around the 500-line for the past 
growth has been achieved year, equity-linked bonds have 
against a rise in the Retal Price benefited from the impression 
Index of only S per cent and it of a buoyant stock .market, 
follows years when new busi- Property has shown similar 
ness growth lagged depressingly strength and - the public's 
behind the rate of inflation. In memories of 1874 are' now all 
1977. for instance, new business but wiped out. 
growth was only 6 per cent- Among insurance . brokers 

bond-; have the additional 
WrPCtliriCT advantage compared to unit 

trusts in that they are life 
But it has not all been plain products and benefit from the 
sailing. The industry is still impression in the public’s mind 
wrestling with Uic problems of that they are tax-efficient. In 
adjusting to the new system of reality the 'pros and eons of 
ai’-ing policyholders direct bind* \. units remain a holly 
credit for tax’ relief through a del:a*-.d subject within the 
reduction in their premiums, saving, industry. 

The industry has successfully Al:h?U2h bonds do have the 
passed on some of the donkey advantage for high-rate lav- 
work of the changeover to the paver# that they defer Jhe full 
clearina banks— but even so the tax liability until they arc 
total cost to insurance com- cashed in— at which stage .the 
panics will come to tens of investor's marginal income ta.v 
millions. may have been slashed as a 

Moreover, the new system result, for instance, of retire- 
contains a hidden trap, for the raer.: — they are rot well' placed 
industry in replacing tax relief for tax on realised capital cam* 


and their position has been an excellent .hackdroR-.-asalns 
further undermined by. . tax which to sell endhwaent in. - 
changes this year. other regular savings policies' 

For most small investors the Tut- reductions have.also helper 
ca^e for investing direct through boost average^ net disposabli 
a unit trust is strong— but many income. . r ' V-' f*- 

brokers prefer to. sell bonds. linked life •• savings ha.yi ■ 
Sales of bonds are helped by generally done ; better . Thai 
technical factors; the broker s straight endowments, Showing V 
commission at 34 per cent is still j.^ of 26 .per cent in new -pro • 

significantly more attractive m iiuns in the firstnsix months o - 
than on unit trusts and bonds this year. - Among insurant-* 
can be sold- on a door-to-door brokers the image of iinkeifJif: 
basis in a way that is illegal for savings: plans r has beett en 
unit trusts. hanced recently by thd'entry-o - 

, several giant traditional: office - 

Soared int0 the field after a ttesah 

when they ■ .pooh-poohed . thi * . 
New premiums on self- idea as a passing— and peihap? 
employed pension plans in .the d ang erous— -phase. : \ 'y.~- 

first half of this y^oawd by Fof ^ ^ 

44 per cent. A big part of the _ 


For the future; '.an esciiinj 


inert*** Is ££££. to tt. - 

major improvement. m si s _ to ac festinfe^Tff 

commissions onpension plans ^)° S d w0 ^Sn&re 

SSI53s*«iS5SSS« 

pTS'HFSsSSSSaB 

scheme. The new State arrange- Em ^ oyere Life has been^mons 

! n f the first to recognise .the pofeib 
the .-elf-emplo> ed > . rate of ^ or - u»is new market tntLhas 
National Insurance _ comnlni- ]auQched a seh’cflK* whict if 
lions and brokers ha\e been hopj!S employers, will, 
quick tu suggest that the money mend t0 their workers:' 
saved — and more — could, use- . 

fully be channelled into retire- . The. industry' g'e'u Fnflly -pin 
mem savings. ' have to reform its Commission 

As a result of the higher system if it is to make -the-sost 
benefits employers' pension, of the new. opportunity: 

,-ciiemcs must now provide to commission system strongly vq. 
contract out of the State's new courages brokers to sell amnia] 
pension scheme. Total pre- self-employed plans rather than 
m.ums for group pension busi- single, premium ones. . But for 
ness this year are expected to employed workers even more 
show a handsome rise on last than self-employed ones, annual 
year’s £3.2bn. Already Legal plans are writable: is be-;’. 
and General has reported that caiisp an employee can never be. 

:n ;fic first half of this . year sure he banco atiraie- the plsn:to. r. 
a bout three-quarters o f • .its-., ini- re tirement ■ If," for. “lastia ace,- he ’ 
p rovement reflected Trigher moves la ter to an employer stith 
funding to meet the “.new j full’ con tracted-our scheme, 'he' 
standards. ■ ' i ...will be . forced to rnakeTiU plan . 

An increase of nearly 15 per paid-up. 
cent :ti average employee earn- ' _■■■ „ 

inzs m the Iasi year has been IbamOIIIl. tlttgletOH 

• - ■ ■ . 


Brokers view the shape 


of things to come 


■ r . ' > . _ . 


••THE REGENT Bowring-Marsh As Mr. Maurice “Hank " Green- UJS- market in order -to -prevent Bowring's UK competitors .are 
and McLennan proposals may berg, president and chicr execu- business by-passing the London looking for is a switch of tjie 
well prove the shape of things tive of American International community. In turn the new business, which Would hare 
lo come." obsen ed one stock- Group of the U.S.. a major inter- American broker Is seeking to; traditionally been produced for 
broker on the planned tie-up national insurance company, 6x- develop and consolidate its. Bowring by its pther American 
between the world's largest plained, “impetus was given to position in international mar— brokers, to them, 
insurance broker and one of the the creation of the New York ketS. handling lucal business.. -p flr - runs ffie argument Bow- 
largest UK Lloyd's broking Insurance Exchange,” America’s and supporting locai insurance ’ ofhe _ AmP riP2n friniids- 
liouse*. answer to the Lloyd’s style centre* in the way that the UK ^ * 

Indeed there has been an air market b >* Lloyds ruling, broking firms have traditionally p j ace business with Bo’wrihgdn'. 
of some expectancy — bordering Better relations were restored, conducted tneir business. the London- market nbw-- that" it 


of some expectancy — bordering Better relations were restored, conducted their business. London- market nbw- that" it 

on excitement — in the London "-hen Frank B. Hall was even- . But first many U.S. brokers has formed such close' finks wMh- 
insurance community about the tually allowed to bid for Leslie want to have a bigger say in a competitor. ' Bowring is 
future of the Lloyd’s broking and Godwin in a way acceptable , the 'London market. All Ameri- likely to go ei-growlh oh the 
houses since the controversial to the Lloyd's ruling. Under the can. and any other overseas business from its other UJS. 

Bowring-Marsh plans w'ere arrangement Hall is to own brokers, need to deal with connections, is the conclusion, 

announced. all tbe non-Lloyd’s broking approved Lloyd’s of London in- if that . is so then other 

The move surprised many interests of Leslie and Godwin,, surahee brokers if they -are- to brokers in the- London market 
observers. Lloyd’s of London “i 11 11 ls bem 3 permitted to hold place business with Lloyd’s. An. could benefit: and already there 
bad earlier in the year decided Pf. r ceot °f ,. e Lloyd s American broker may. have pro- are . reports That business , 
that no insurance company, operations. A complicated vor- duced. -the initial business for volumes firm the American 
underwriting agency ora non- pora,e , structure is being Lloyd’s but it still has to be' market are changing their liiual 

Lloyd's broker (all outside the arranged to satisfy the Lloyds passed through a Lloyd's broker, routes into London: .1 ! 

Lloyd's market) could normally rulin S- And although the .Lloyd’s However UK broker* rin wm 

hold more than 20 per cent of But the most inventive way broker may have only played a _ ftn ' , n r ?„!i 0 

the equity of a broker. vet round the Lloyd’s ruling passive role in the securing of 4] .^aieny to wait ana- see. 

The much criticised decision has been devised by C. T. that business he still claims part Th * tr - act? y! tj ' 

was taken uith the object of Bowring. Both Bowring and- of the arising commission. hmh thi» Tlif DC 
keeping effective ownership of Marsh are to formalise their. Meanwhile, as the •- Marsh- British lookTou^flr Arabia 
a Lloyd’s brokerage firm within Luks in a way which does not Bowring deal is planned- there long ferm formal partnership 
the Lloyd’s community. Accord- involve a conventional merger.. Ls another aspect that many Whatever haprau ^ the 
ing to Lloyds it was felt that or a takeover. All the insurance Lloyd’s watchers are studying London broking Market is 
such an arrangement would interests of both groups are do^y. A 11 London Lloyd's ' undergoing a period of chanei 
enable the Committee of Lloyd's being put Into one pot, so that' brokers have business relation- Srobab^The moTt Traumatic'Tn 
to exercise its self-regulatory eventual y ; both .would be pool- ships with many American its history ™° - • 

powers more easily than would mg combined broking incomes^ brokers'. C. T; Bowring is no • 

be the case if broking houses of about S550ra. How it will exception: ' What - many of. • * . John Moore 

were controlled by outside in- work in practice is not yet ' - - 

surance interests. known, but it looks likely that p -1 — — ■ 

The Lloyd's ruling had been the scheme will be administered _ - - - 

prompted by the takeover bids through a joint committee and ■ - ■ • . ■ - ■ 

by the third largest quoted one whet** both parties would "iTT TVT A "VT/^T A Y r F 1 ¥%/8'T , C* 

broker in the U.S.. Frank B. hare equal ruice. The distribu- ' FI 1 xt/ m sl Vi 

Hall for Leslie and Godwin, and iipn of -the earnings would be . -. 

Marsh and McLennan for Wig- based 0" a formula. . Neither . ^ilDCPQlDTBflU - D5ITST© 

ham Poland. Under the ruling group will lose its separate '. w-iallw wHlp 1 lUll IsnlLid ■■-- 

both bids were blocked and the identity. V The FT «an be sent by post to any address throughout ' 

American insurance market was Most important the scheme is - th >' world. Subscribers may like to receive a daily copy. - - 

oulraged. acceptable to the Committee -of of one or more issues each week, for any period up 'o 

The extent of the reaction Lloyd's. This is why the London 4 one ^ ear ; * 

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anxious to stress subsequently that more moves of this nature ’ EUROPE (LETTER RATE) .. .£102 per annum 

that- its decision was not a are likely in the future. ’ M '.nnT p f a«rr i alP TTTTTT 777^ 

jingoistic one, but that ir felt Last week’s announcement - ’ Jecvdi IrMSaudi^ahf^ i £15- per annum 

Lhat day-to-day control of a that Sedgwick Forbes and Bland I Egypt. Iraq. Saudi. AraMi..etc.) - • -{ 

Lloyd's broker should be best Pkyne, after a merger, were LAR EAST (AIRMAIL) - . £210 per annum 

left in the hands of those with planning a link-up with Alex- (Australia. Japan, etc.) - 

long experience with the Lloyd's ander “d Alexander, the REST OF WORLD (AIR MAIL)! ~£182 per annum 

market. second largest broker In the .. (U.S.A.. Canada. South Africa. India. Singap-.mTTc. ) : . ; 

“The door of Lloyd's can L.S., is yet another manifests- p„ 17717777 n — = t " ; j - - . ’ 

always be opened further, but tion of the upheaval taking By surface rridll th roughout tne world £fr_ per annum : 

it is difficult to close the door Place in the transatlantic . order form ' * 

once it has been opened too far. broking markets. ro subgiriDuon Hanster. FinaiK-ui. Tim-.i 

If. and I must say that it is a The U.S. insurance market '• picm^ :o mr- ai ( h,- 

big if, tile Committee were to produces about a half of the adunwi.bpw..- - . 

be satisfied that their conditions world’s total non-life insurance . eDIPr my SBbKr,ptlon 10 a a * ujv '- 5ue for t " le war ■:om rB er.Lim £ . ' . : 
regarding the entry of brokers premiums. World insurance - 

could be modified without markets are more competitive l eacioie mn.runituoce Mr : 

weakening in any way the cssen- lhan they have been for years- xaan- . * . " 7" 

lial requirements of control in Many other overseas markets p«s,rion • v . •■--■;• •..--. - •*- 

London then I am sure the have grovvTi in size and can M 

position could be reviewed.” handle insurance business : - - 

explained Lloyd’s chairman. Mr. which traditionally would have — - : - 

lan Findlay. been placed in the London - - : -- 

But the decision nevertheless ipsurance community'. •'-•■* ' • • * -. ' - . *. .'(Stocx La «,« ms ^please) _l~ . 

had brought a tension to Anglo- Lloyd’s brokers are anxious Redsterai office: 8^e»ce^Haa^*e. C (ionQn n 3?re*';7^aa’ECtp' -iBY. ^ 
American insurance relations, to formalise its links with the *•> ’/ - , 


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21 


!'"■ : v ’. ;i -' - 
;..: -.• , ,.- r •.. 


J gmaggbd Times Monday November 20 1978 


>Jj ; Xu* 








BY MARGARET VAN HATTEM, in Brussels 


\. aCTUHN IS the trrae vrtien EEC 

\ ■ officials, start -adding up- how 
. venues oore tht Conanunity vtfH 
need to spend in the conringr 
year, to support its high farm 
prices, and when Britain renews 
its- demands for -curbs on 
agricultural spending, , 

This year, true to form, they 
have started a Ram. EEC finance 
ministers meeting in Brussels 

• today are expected 'to rate a 
critical look at the budgetary 
implications of the Community's 

’ 'fbeaty spending on the firm 
'{ sector* the first time they have 
‘ "been directly drawn into the 
' debate. It .. contains two new 
'"elements this yean British 

- attempts to. force a reform of 
•■the ‘ Common Agricultural 

■ f -Policy (CAP) as a condition for 
eventual participation in the 
proposed European . Monetary 
System (EMS}: and a dawning 
recognition in the Community 
-■•'that the present system of 
: r collecting ' and disbursing EEC 
'■; rev«iues discriminates against 
‘• ■■.gome of the poorer countries, 

- - ; -jK>taMy Britain and Italy. 

y' ..Md to this Chat under the 
"^■present budgetary system, 
spending requirements are 
: * expected to exceed revenues by 
■; !, rig8l, and you might think that 

- this time the British are in a 
“ better position to succeed. Bui. 

- 'so far, most of the arguments 

• look depressingly familiar. Few 
-“in Brussels, London, or any- 
--—where else are holding their 
V breath in expectations of a 

marked drop In agricultural 

• ’spending — either in absolute 
/" terms, or as a percentage of 
• j r -the total budget. 

VJ. New arguments looking for- 
-ward to a monetary system 
which would help to stabilise 

• EEC currencies have not sub- 
■stantially altered the British 
case, nor the main objections 
to it. Put crudely, the British 

. : object to the present system of 


EEC spending because they get 
the least but of .it. /; 

Three quarters of the. EEC 
budget goes on agriculture and 
around three quarters-, of this 
on farm price support. 

. Relatively ' speaking* / Britain 
has the smallest farm sector in 
the Community, employing only 
2.7 per cent of the workforce 
against a Community average or 

8.4 per cent, contributing only 

2.4 per cent to Gross iNationai 
Product against an EEC average 
of 4 per cent. . Most /of the 
money spent, on . 'ma^jaiiung 
farmers' incomes flows. 'back 
towards the big producers of 
niUk. beef, sugar, and cereals — 
that is. France and Germany — - 

leaving Britain and Iialjr\wrfl to 
the rear. Britain cannot hope 
to enlarge its farm sector while 
the Community has" a surplus 
of most of the commodifies that 
Britain produces. So the only 
way for it io secure, a. bigger 
share nf Community revenues is 
by persuading its partners to 
spend less on farm support and 
more on other EEC- policies. 

Only policy 

Opponents of the British view 
quickly point out that most EEC 
spending goes on agri culture 
because the CAP is the only 
major policy the community has, 
and is likely to remain so while 
Britain continues to hold- out 
against common fisheries and 
energy policies. Britain Knew 
when it entered the Community, 
they add, that it would be pay- 
ing more into the budget than 
it gnt out of it. and should, slop 
trying to renegotiate its terms 
of entry. They also, say that 
since the Community budget 
accounts for less than 1 percent 
of Community GXP. it is in. itself 
far too small an instrument to 
bring the poorer regions' Into 
line with the richer. 


All of this is true. The fact 
remains that by 1980, when 
transitional arrangements run 
out and Britain, Ireland, and 
Denmark have lo pay their full 
contribution* in the EEC 
budget, the present redistribu- 
tion sysiem will leave Britain 
the largest net contributor. That 
was clarified two weeks ago by 
statistics attached to a confiden- 
tial EEC economic policy com- 
mittee report which showed That 
if the 1380 budget were jo equal 
that for 1977. EEC membership 
would cost the UK £S22m a year 
in budget terms alone. Thai is 
to say that Britons will be pay- 
ing £15 a head net into the 
budget each year, Germans 
only £8, while Danes will be 
collecting £65. British income 
per capita is third lowest in the 
Community after the Irish and 
Italian, Hence the UK Govern- 
■ mem wishes for a reform of ex- 
penditure. not to bring incomes 
closer together— obviously that 
is far beyond the scope of a 
budgetary reform — but simply 
to eliminate one of many 
inequalities. 

At this point those who 
oppose the British, notably the 
French and Germans, argue 
that although the British posi- 
tion looks bad on the budget 
balance sheet. Britain actually 
does very well out or the EEC 
in broader economic terms. 
They say that the “green 
currency ” system used to con- 
vert EEC common prices into 
national currencies allows it to 
keep farm prices, and hence 
consumer rood price*, snnie 30 
per cent below the EEC norm. 
The hefty subsidies (Monetary 
Compensatory Amounts) paid 
lo traders elsewhere in the 
Cnmmunily on their exports in 
Britain arc really a means of 
keeping British prices 
artificially low. they say, at EEC 
expense. The British retort that 


v- - -In • T - 










• Tuft o- HanTphno*' 

Frieslans on a Dutch meadow — part of the EEC herd of 25m cows. On average each cow 
produces 4 tonnes of milk annually and costs £68 in Conunnnily subsidy a year. 




fC-A j* ... <*r *. . 7: 


by world standards their prices 
are artificially high and that 
buying foud from the Com- 
munity rather than low-cost pro- 
ducers such as Australia and 
New Zealand costs Britain 
billions of pounds every year. 

This argument has been going 
on for years and neither side 
is listening to the other any 
longer- The British still look 
back to “ world markets “ as an 
index or normality, forgetting 
that ripening the large British 
market to many commodities 
would drive world prices 
higher. The other eight, to 
whom the norm is the EEC 
common price, appear to con- 
sider any comparisons between 
the EEC and world prices 
irrelevant. 

The strongest British argu- 
ment for a reform of the CAP. 
and the one most likely to prove 
effective in the short term, is 
that it is wasteful. Even the 
EEC agricultural Ministers, 
who often behave like farm 
lobby delegates, have had to 
admit that Europe is pro- 


ducing more butter, sugar, and 
skim milk powder than it can 
offload, even to it, own pigs, 
because of the open-ended 
guarantees of high pnees given 
to Community farmers. 

Farmers are being paid to 
produce directly tor the inter- 
vention stockpiles, and yet 
more money is needed to sub- 
sidise dumping the surpluses 
on third country markets. 
Although too agriculture 
Ministers will protest, the 
chances are that pressure from 
their finance Ministers and 
heads of State may force them 
to accept a protracted price 
freeze on surplus commodities 
in the hope of bringing mark- 
kets back into balance. Even 
Germany and Holland, major 
dairy producer? with jrrons 
farm lobbies, appear ready lo 
accept this if pressed. 

Most EEC Ministers accept 
the desirability of bringing 
markets back into balance, but 
few are ready i 0 take the 
political consequences of the 
sort of measures that would 


force the less competitive 
farmers ofT the land, particu- 
larly at a lime of high industrial 
unemployment. In any case, 
merely freezing prices will not 
bring markets into balance nor 
reduce rbe cost of the CAP 
substantially while EEC prices 
remain double and triple those 
on world markets. 

One of the more widely used 
arguments in support of the 
CAP as it stands, favoured in 
countries with largo agricul- 
tural work forces, is that it is 
and should be as much a social 
policy — a giant job creation 
programme — as an agricultural 
one. This widely held belief is 
one of the biggest stumbling 
blocks to radical reform. The 
German version of this argu- 
ment. as put forward in Bonn, 
runs something like this: " We 
cannot force our farmers off 
the land while we have no 
alternative employment to offer 
them. While they are on the 
land, we owe it tu them to 
provide an income in line witb 
industrial wages. We should be 


quite happy to pay national 
subsidies, but Community rules 
don't allow that. Therefore, 
with deep regret, we roust con- 
tinue to press for high price 
support” 

This argument is partly valid. 
Knocking the more vulnerable 
small fanners off the land 
would have a limited effect on 
overall production. No Govern- 
ment can be expected to force 
its farmers off the land now *r 
to abandon one of the main 
principles of the CAP — that 
EEC farmers should get a stable 
and satisfactory income. But to 
put forward guaranteed high 
prices as the only means of 
doing so is less reasonable. 

In practice the argument 
hitches EEC farm prices to 
West German industrial expan- 
sion, because farm support 
prices are fixed in units of 
account based or. the snaxe 
currencies, and hence they 
appreciate with the D-Mark- The 
rising trend is one That most 
EEC farmers, and the politi- 
cians they elect, have been slad 
to latch on to. They have been 
able to get away with it tor 
more than a decade -largely 
because food price cuts win few 
votes in continental Europe. 

Bui the price mechanism is a 
blunt instrument of social 
policy. It is estimated that 
only a third of the money spenr 
on price support reaches the 
farmer, the rest h-ting siphoned 
off hv dairy companies, whole- 
sale butchers, and other middle- 
men. The bit that .foes go fo 
the farmer necessarily gives 
more i»» the big producer, whose 
economies nf scale make him 
less dependent "n it. than to the 
smallholder working on tighter 
profit margins. 

The EEC Commission, and in 
particular the agriculture com- 
missioner, Mr. Finn Olav Comic- 
lacb, have fought hard to curb 


the rise in support prices over 
the past wo years and the 
“prudent- prices policy” to 
which they are committed looks 
likely to continue for at least 
another year. But when the 
Commission contemplates im- 
proving the CAP. what it ha? in 
mind falls far short of what the 
British want. 


Take for example milk. The 
British would like to see the 
daily industry scaled down in 
countries with high production 
costs such as Germany and 
Holland — so that the lower cost 
British industry could be ex- 
panded. The Commission's latest 
proposals to bring the milk mar- 
ket back into balance envisage 
nothing of the kind, aiming ar 
nothing more ambitious than 
" to stop the increase of produ*> 
tion " rather than cutting it. 
even though production now ex- 
ceeds consumption by around 16 
per cent and consumption is 
at saturation point. 

The Commission may be sen- 
sitive to criticism of CAP sur- 
pluses, but there is little to in- 
dicate that it sympathises with 
British demands for the radical 
reform needed to give Britain 
a bigger share of EEC spending. 
The Commission, in any case, 
sometimes appears more con- 
cerned with producing propo- 
sals likely to get through the 
Council of Ministers than with 
holding mm tor wliai it con- 
siders ought to be done. It 
will hav*.* it? hands mil getting 
the stringent proposals envis- 
aged tor next year's farm price 
rovi'.-w past the agriculture 
ministers. Winter is the lime 

when EEC agriculture ministers 
start meeting in Brussels to 
raise farm prices and talk about 
reducing surpluses .... 


Letters to the Editor 

: TLff not help feeling that my elected No hank may carry on its bnsi- in rural areas gravely mis repre- 

monetary representatives and their advisers ness, nor indeed develop its busj- sents the Boards position. 

would spend my money Wtter ness, without dealing with other The Board has made no secret 
— and at the same time would banks on a banker-to-banker of the fact that it regards substi- 
probably create more useful jobs' basis. Entering into such a rela- tut ion of buses for rail services 
‘■fVnm Mr J Neuman ra °re cheaply— if they supported tionship is largely an acr of as an appropriate solution to the 

the . restructuring of machine faith and. where information is problem of uneconomic service? 
Sir. — t must say that the tools production, rather than lacking, reliance is placed upon m certain circumstances. Indeed, 
politicians, civil servants, and speculated in sports cars. More- the opinion of other banks with it enlarged on this view in 
clearing bankers who have com- 0V er, one has the Impression that closer knnwledge. Boldness is ‘'Opportunity fur change” as 
menled so far on the European machine . tool industry's not a banking virtue and a posi- tong ago as July 1978. 

monetary system show a remark- pro b]eme are symptomatic of tive indicaihm is essentia! to Since lhat tlnie IhB ciovem- 
ahle ignorance of Lhe mechanics several sectors of British indus- their trust- mcnl's White Pap^r on transports 

. The process of initiating a put forward certain proposals on 


almost untoniied EEC jSSS? »^anced technology has ossifl^.' ba^^^hinker^aii^ is tow the future of this type of 
. almost unlimited fc.e.C tnterven- wd become a refined ability to formal one and until it is a service might he decided. No 

Lam ^ ^ ** n0W r^Ss^ oank^-^^unhiety •Sns fowe Ve r %av e been 

\ V’ltt. *rmp wan ^- s that an LTDl's request for such reached as a result of the Govern- 

! ; }:! el ^ e ' - The basic skills remain, the consideration will be entertained ment's proposals. 

pressure caSed by underKnl motivation to innovare could be by established banks. Naturally, we have continued 

* unsatisfactory economic per- Given these ground rules, can- to talk to bus operators about the 

fo rm an ce, the fact that the EEC P fand d \murs P sir? didale s tor recognised bank possibilities in the long-term of 

will always intervene means that u iJ ™ n ™ Jii status, other than offspring of this type or operation. It should 

the speculator will he in a win- }^' ou *® n * IS rouse more sense existing recognised banks on be emphasised lhat it is the 

, ^ ning position. Tbe costly Inter- British 0 ^ industriS— tike* 1 machine whom P ar ^ ntal business and board's firm v ‘ ew . 

I ventions of the Bank of England ro^l^witoariewo restoring standing have been grafted will ^idnot be s ™und off 

V in rcast sterling criv<r will be I ? C V 5 / v ' in a view io resw f ,n - need to develop their banking Beeching -type closures, but 

lV fommon Markef occurrences' To Uleir international competitive- b an d achieve “standing." that the bus services, if intro- 

.H n aS^v ?hl Sntrai ness ' 3 J>d consequent capacity re from a base SuSde duced. should be fully integrated 

• STnkera oTtof EEC wmTot ££ff ^ emp!ojraeflt aad the S's® jurisdiction. A British with the railway network. 


GENERAL 

TUC -Labour Parti' liaison 
committee meets at House of 
Commons. 

Ford management and unions 
resume pay negotiations. 

EEC Finance Minister? meet in 
Brussels to discuss European 
Monetary system. 

Financial Times' two-day 
conference on World Insurance 
opens. Dorchester Hotel. London, 
under chairmanship of Mr. 
Ronald Peet (BIA chairman, chief 
executive Legal and Generali. 

EEC Agricultural Council and 
iForeicn .Affair? Council start two- 
day meetings in Brussels. 

British Airports Authority 
meeting in Glasgow to consider 
future of Prestwick. Glasgow and 
Edinburgh Airports. 

ASEAN EEC Foreitm Ministers 


Today’s Events 


meet for two-day conference. 
Brussels. 

Representatives from 25 Latin- 
American and Caribbean 
governments meet in Uruguay to 
prepare for negotiations with 
EEC. 

Arts Council annual report 
published. 

New U§ per cent savings bond 
issued. 

Wesiinghouse. U.S., summoned 
in new court case. Washington. 

Exhibition of microfilm equip- 
ment. Unicorn Hotel. Bristol, 

TUC finance and general 
purpose committee meets at 
Congress House, London. 

British Cardiac Society two-day 


conference and exhibition opens 
at Wembley Conference Centre. 

Schools Music Association- 
Greater London Music Festival. 
Royal Albert Hall 
Mr. Jeremy Thorpe and three 
others accused of conspiracy to 
murder appear ai Minehead 
Magistrates' Court . 

Sir Kenneih Cork. Lord Mayor 
of London, attend? Byron Society’s 
Chopin Commemorative Concert. 
Guildhall: and Gresham Dinner of 
the Mercers* Company. 
Ironmonger Lane. 
PARLIAMENTARY BUSINESS 
House or Commons: Companies 
Bill, Second Reading. 

Select Committee— Ex nenri in i ro 


Education. Arts and Home Office 
Sub-Commirtee. Subject: Women 
and rhe Pena! System. Witnesses: 
Home Office. (Room 15. 4.15l. 
OFFICIAL STATISTICS 
New con? true Lion orders for 
September from Department of 
the Environment. Turnover of the 
motor trades (3rd quarter! from 
the Department of Industry. 
COST? AW RESULTS 

Interim dividends: Fashion and 
General Investment. Resmore. 
Ropner Hold in cs 
COMPANY MEETINGS 
See Financial Diary on page 24. 
SPHRT 

Motor Sport : RAC Rally 
Boxing: Young England 
U.SA., London. 

Snooker: Forward Chemical? 
Tournament— Dnue. Mountjny 
John Snencer. Mansfield 


^.bankers of the EEC will not profits * ' 

fre behaving like their namesakes , 

1 at the roulette table, but like “ 0l ? n . 

‘Tnen who have an infallible plan ??***-*’ H ^r C f U c t HfWS 
'■based on a grid of numbers. The Cavendish Square. H 1. 
ronly probability is that the „ . . 

: K i 6 .Tt h>pVnlS f«i ». Participative 

^underlying aim of the EM S is A y 

- worthwhile: international trade H33R3.j?6IUCni 
: demands a currency which is nor . . ° 

:■ at the mercy of U.S. processes. From Dr. Frank Heller 


LDTf is unlikely to be permitted It is. however, quite untrue to 
to do so. say that I have signed a paper — 

How. I wonder, would Michael confidential ^ otfierwisMblcb 
Blanden consider it possible to lDC J^ a g “ f 

«rnSB ite buta which cow ^ n / M P be bl rS,ed h Wfore”ilS 

comprise Che top echelon of mer- J* £ could be* establishSdl 

Of course. Government approval 


: demands a currency wmen is nor. ~ Warburgs Rothschilds and other ^ 

:• at the mercy of U.S. processes. From Dr. Frank Heller achievers advise setting about it? to aQ y action would have to be 

-The only -workable scheme here Sir. -Under the beading ^7^7 ££!&' ^JSSSa** 

..is, one that worked in the his- “Managers are afraid to take D^awofc^ Hiil House £C4 P r J b ^ b, y ... 

_ tnrical unification of the cur- decisions'* you report a very uaw » me ■ I hope that this letter will 


.-_.-5?h ci es of Germany: a “parallel important statement from Pro- rp _j . 

.currency ** hus to be established, fessor Wilson's inaugural lecture 1 l*3.nSTIOrT III 

-'Ey this I. mean that (say) 20 per at Cranfield. With hi? ex- * ^ 

• "cent of the. EEC member States periencc from senior Dositions at t __ _|_ 

.. [reseiyes should be placed behind ICJ, BOC and Babcock and AjUIJUUJj 
■■■ s nev European currency. The Wilcox, the view that managers From -Mr. N Senmer 
:• = tenting presses would 'have to are unnerved by “all the talk of ' * * 

JPJI to create notes of a suitably industrial democracy and par- l 7 ir *”r* v “^ 1 a . P 11 ?’- 5,nce 


reassure those who may have 
been disturbed by. Mr. Har- 
greaves' article that no closure 
programme does in fact exist- 
P. A. Keen. 

British ftatfteays Board, 

222 . Morylebone Rood. ATVI. 


jpU to create notes of a suitably indostriai democracy and par- .. r -~T/ iV h^ 1 “vP 11 ?* 5,nc . e ' ias 
: high dezromrnation (say around ricipative management ** must be toe trouble to reply to my Cc>nf\r\C I 

or DMLOOO) and these notes taken seriously. , i a h H S race ^ C OCCOIlIl 

^°. U W efreuiate freely through- Researehi however, has shown jJSSSSd to^mJeV aS? of toe rhniPP 

S 6 J F, C V °l V !XLF2rJ& that such fears are based on mis- JSSSEJ? wh/ch l pS SI CnOlCe 

."Spy. central bank, notes to the taken premises. Successful par- ... From tire Arcfiici 


.jsny. central bank, notes to toe taken premises. Successful par- j* olla U5 that G rea ter London From tire Archii'ist 
^S*l ue °f toe local curren^ fiejpation j n successful coin- Council Is proposinc expenditure The Bertrand Russell A rch ives 
. wauJd have to be withdrawn. parjies has av0 Wed this dilemma ' 0V w the Sir -~ lD hls artic,fe - “^ ic 

. Very quickly businessmen in and it b a p]t y that management J w -a «Sd and industrial option be damned " /November 
roember States would , s so „!„««« to look at ™ is 5 nrt ocramm e aSd™ 2V , Samue! Brlttan remarks that 
bus,ness research findings before gi'ino ljttJe j ess .. on ^ pu b'iie trans- Bertrand Russell thought of 

; Sue. ?? ,HZ a ^ eV-VW*** excluding the taking up __ economies - but 


Greshams Law would be Th ere is no pill but there is u j u i)jj e g L i n c. Since th»» Jubilee decided it was roa difficult." On 

* - Eeve rsed- core based on a careful regimen Ljne Wou | d cosl £280ni tiiat lhe contrary. Russell wrote in 

. Tbe inflation rate connected if the symptoms are recogni*eo means 3 lolal expenditure of 194S: “ lt seemed to me that 

“ new' currency would, early. around flAbn is proposed for philosophy, like poetry, is wortb- 

J think, be u weighted average (Dr.) F. A. He'ter, u „ m . jn publie transport— i.e„ about toss if it is second-rate, whereas 

by activity of the inflation rates The Tavistock Insitute of Human £ gs- m ppr annum. We are not > n economics much useful work 

to each member State; so that Relations. told exactly how much is pro- can be done by men whose abHI- 

those States where govern- The Tnrudock Ct'nfre. posed for roads- but we are ties are moderate. I therefore 

nients allowed inflation to rise. Beisize Lane. NW3. nevertheless Invited to accept decided that if my dissertation 

. . lhe new currency would more — that a “reasonable balance" is wcre toought sufficiently well of 

rapidly replace the old. In the 'Rp/vnYYllIlP 3 being kept between road and rail ?. would become a philosopher: 

, -other Slates the reverse would ilttuuiuig u expenditure (or proposed ex- ^ D01 - an c'-ononust with a view 

j ;apply so that a currency conver- ¥ penditure).- 10 politics.*’ 

‘s'an / replacement programme hailK Who. apart from Mr. Cutler, Kenneth Blackwell 

v {would have to take place, e.g.. has pr0 nomiced the proposed McM aster bmvereity. 

: ' U - country would have to place From Mr. V. Trct'ex balance in be the right one? oJJ, s Menuwia) Library, 

. increasing amounts of their sir,— I read with interest the Why. if massive road building is {r W if am ^ 

- •. preserves behind the new cur- vnvemher 15 Lombard column mled out has the GLC not paid Homnton. vntano 
■t jreney before monetary union is j tJ whic h Michael Blanden draws more attention to toe possibility — , _ 


%e new currency would more 
rapidly replace toe old. In the 
• vOther glares the reverse would 
I ;apply so that a' currency conver- 
. ‘»ion / replacement programme 
Jwould have to take place, e.g.. 


Goodness and 
beauty 


\!* c j> iB ved. attention lo the disconcerting of creatine some very useful. (wrhftfinpcc onrl 

■ : -f «, n A. Newman. - effect of one aspect of the Bank- but not very massive, "through- viut/uiiviaa auu 

Mincing Lane. EC-3. j^o gm while glossing over its ways" in place of some of hAQlltv 

J consequence. Provision for London's little-used rail routes? UEdULY 

i-f. .• licensed deposit-taking insmu- And. since he assures me that Frowt Mr. C. Gelraris 

, ^reatmff . tions (LTD!) to become rocog- the Woolwfcfa rail lunnel can Sir,— T sincerely hope toat the 

nised as hanks is no more toj 1 * 1 " stand on its own.” could he gentleman attending the annual 
• ' lnKc avowed intent on the part of tire please tell us how many pas- lunch of the British Compressed 

■' JUU31 legislators. senaers per day his transport Air Society (Men and Matters. 

.. ; Pr _ „ , , Tn nmlifv for recognition as planners estimate would use the November 10) had second 

■ .From Mr. J. DinQle a ? an k an institurton must carry proposed Thamesroead to Da Isron thoughts before telephoning his 

w v our second leader of a bank an m 1 p ra ,j T01lte? | S lt nnt t h e case boatbuilder. While it is auite 

^November 16 is critical of the on banking bus - that pafi«iPi>o e r*s at present usine correct tout toe adjective "kalos” 

. • ^Government’s use of subsidies to “ standiDg in Je financial wm )he r * Wool wfch-St.rat ford- Tzood. heautifuM is spell in 
■: . or Preserve job., and you ««“•». “«* J £ > Tn.tanhan, Hale n „te »uM he Greek wlS SiS - “ 

' £?J2&’ obszn - e ^ Government 3 nds \ ew, d . s ., named m a fleet of half a dozen kallos ’* (of which Ms Sta” 

■ ' ? SSS® . a 4f ,ve i in , ?2-* ,l ^Si2£ U S? J iistltttUon is nor buses using a rail-eonverted-to- sinopoulos possesses pfeofr) 

••■ ;*™ustnal “development some- baniL an msiituuuu roatJ simple Is the noun within the 

• *prea? we . n * to take yerw ra 5^ L k in name or” even ^isel Sevmer. same family, meaning “beauty. 

22JL risks * lth taxpa>ers Jibing itself as a banker, but 1 5 * Lonsdot cne Hood. SW30. chartn.” and thus more suitable 


ing Bill while glossing over 1 is ways’ in place of some of hAQlltv 

consequence. Provision for London's little-used rail roufps? iJEatMtj 

licensed deposit-taking insmu- And. since he assures me that From Mr. C. Gelraris 

tions (LTDl) to become rccog- the Woolwich rail tunnel can Sir.— T sincerely hope toat the 

nised as hanks is no more to an " stand on its own.” could he gentleman attending the annual 

avowed intent on the part of tire please tell us bow many pas- lunch of the British Compressed 

legislators. senaers per day his transport Air Society (Men and Matters, 

To oualifv for recognition as Pjwwwr* «£tiraaie would use the November 10) had second 

i° qiiauij prpDOSed The mesmead to Da Isron Wam Mk»hAi>i nA 


£5, rlsks * iai ‘“ pa,ers 

' Tn tie same issue, you reuort must el»o not “h , 11 g 
|that the Government Is goias to to f I. dleaje that it is 

Ve £52m to a eemlemsn who “" d f.T“° r d banker or", arijins 
-Meads to make sports Mrs ui a taJSiSs ” 

gotthem Ireland and that Rolls- 0 V hi s Ca?5i 22 is ' relativelv 
»0«e. «mnot get the mach ne __Th« Catch ^ 


By bus and 
train 


same family, meaning “beauty, 
charm.*’ and thus more suitable 
as a name than tbe slightly 
disconnected “kali." 

If T had a boat l would rather 
have her looked at as an unequi- 
vocal object of beauty than pos- 
sibly the symbol of a strange 


; *o?ce cannot get the machine *»» £“‘ and certai ni ? be From the Chief Passerujer Mother Goddess, which could 

- .H needs from tbe British supe modification of the Manager British Rotfuvys Board happen in the case of some less 

Jnachine tool industry- . but there is a more Sir.— Mr. Ian Hargreaves’ polyglot fellow seafarers. 

:4‘As.one with only a taxpay® rS pr ?r!i n ri causc 0 r concern which article (November i fi 'J on .tor Charles Gelraris. 
jnrerest- . in sports cars, aero- Hifficulc to counter, subject of : British Rail services 41. Belorooe Mews JVczrth. SW1. 

« jsngntes and machine tools, .3. can- » suoue auu uun 



ns a# 

; C **rTEJi J/// 





Nv 






(C°<P/o, 









Thisgyideis 

Can you affort 
without I 









If you run abusiness, then it is in your interests 
to know all about the rights of your employees. 

This new guide explains in a clear, concise 
way all the main points of the various Acts that 
govern the rights of your employees. Andyou 
can run your business far more efficiently if you 
know alxnituiifair dismissal, the lights of _ 
expectant mothers, equal pay, discrimination 
and SOOp» 

This employers’ guide is free from any 
local Employment Office, Jobcentre or 
Unemployment Benefit Office. 

Or better still, fill in this coupon right now. 


Find out about nGi311 
your employees’ rights. 

Please send me my free copy of ilit* Employ vrs Guide. to- 
the Individual Rights of Employees! ■ •; 

Name! *~ — ■■■■■ 

Company — — — 

Address — — — : — 

. ' Pririri.-m 

Post to: Guide for Employers. Department of Employment, 
P.Q.Bok 702, London SIV2# SSL- 

Department of Employment 






Financial Times Monday November 3M8Wr-: 









ects increased 


overseas 


THERE V.TLL be much oppor- ll— 11,1 irT 
■'inity for Luca* IndusiriOs in the D^fiS 
year 2 hesd but success v. ill be 
re i a ied to The uchiuvcment of »he t-.' " 
zrouo’- cu>lomcr.s. *;iys Mr 1 

B. F. v,*. <coi», the chairman. 

Prcjnccts :n Europe will be i- " 
influenced by iho outcome of 
e’ en ; 5 :n the L’.S. economy, "'.y - J ;: 
However, rhe director* expect -j-' 

demand for the company’s 
nrodycT* from European __ twe"** 
cu'tomer? to remain st.ronc and 
import an* increases are expeciori "p, na T:— 
Similar!;- continued firm demand ;...r.-.- ; 
irjrH-is. 

is anticipated in other overseas n init'ims 

In the UK aemar.d for cars :i.v, .. 

been ;ood .ilihou^n unfortunately - . 

much of the increases has been h-.t’.-u 1 . 
raet by import*, he comments. 

A: -I’j'y 31. bank overdraft 1 -' •■■’::••-' 
and shor-term loans were un 
£iS..55m :o £<5I sSTrrs and net qV'."’ . 
iic.uiduy sho-'-ed a fall or £24. Im. ' 

compared with £22m decline last 
tjme. Loan capital stood L".42m - 

iC’.-er at £45 01 m but equity 

remained aimosi uncharged ai IZIZ. '' J 
•SP.-l-im. £3., .‘fn ■ 

Emoloyees’ interest in the dividend 


BOARD MEETINGS 


parts of Europp £51m <£oo 51m): 
North America £4 l.27m (£30.9Smi: 
Central and South America 


>.om»r .!>- 7 i 3 .v £3fi.S9m i£ 33 .G 4 mi: Australasia 


’ n’.-i:n;s :o fh-= S:-J-:v £40.41 m f£40.ij3ixn: Asia £4l.3«m 

'riwS !r ri”Sa..*T. and Africa MlJSom 

.a, .rd>ca:.n<i% ar-- d: sv.,5!. (£-3.03111). 

■ ' '-•••■r <1. ••;■!> ■.]«! or: laiermn 
'±? *Ub-G.r.!-ORS 


o:i :av jsar's 


TODAY 

lws*'*s'- r, ‘*K , '..'S; HA Fashie- ir.J 
fJ-.-s re- FU-xinor?. Ropncr 

Final:— \ ■•'."I.a 32<J New "c*.and 


FUTURE OATES 

Imc-ims— 


Morland 
rises to 
£958,509 


cv OX TURNOVER ahead from 

. j. n . - £7.07m to £7.75m Morland and 

:.or.iar. trvex ' tv nor. ~j Co. increased pre-tax profits from 
.... b' .-. 1 5 £821.022 to £958,5014 in the year 
-'..n !nTv«::Re-» ...Jar 17 i 0 September 30. 197S. 

When reporting pre-tax profits 
of £420.675 (£305.8251 at the 

taxable profit for the halfway stage, the directors of 




slice 


i*r ' . « 

-isa* w . 


» ^ V A » 

4 . 


_. . reduced to £2J3tn after although reduced io vbfennte, haws 

IN addli-on >0 m3jO. _ on no nig vere ri Cm fnr . *h*» a^hipvpri hotter mardM than 


tN .a-oii-on *0 Ji'Sr'iJ iS !^2 r^i^cfrients of £lSm for the achieved better : margiss than last 

FBlSbSS iir'ro^d^ Kf 


->sn «£TS annas! report. a net total of 3 — 4 o, against 

Sandhill^ 


: h cha ■' -mi 5 r. ^y ? G ■ jrrme’s >ha re ca pi raL 

.*""*2 -Olsi UK firsisre carbn. Mem=*- Classo*'. D«* 

h?.e hee= comr-sratlvel? sroaii and. a * T*v*x. 

The de*:'?r r.i ;he group’s products . * 

-,es con?d f rre. to pu:n for an getter trend 
ir.r— e‘?e o: :r. ;* 5.*.r.rc. 

Thi; i? The -rsT Ftap:? in 1 a 

rn’To- !coi-:erm deveiapment 


December S 


well ahead 


n??ior !coi-:erm development 
- i- : ’ o’ans .*..-eady mace for an 
j i! --p f» :o be com- 

p. 1 ?■■■? ! b y mid-lf'Ts*. 

The cire '■‘or. 4 ai*o have an 


In the current tradibs period o* 
Hati&r tf&nn seven months, to January Si; 1979^ 

tseiier UCIIU Sandhurst Markuting has vro- 

. r t rtr .nn duced an iruertm reporf farfour 

3.t t. J OI1CS months ended October 3l< sh^- 

' v ^ pre-tax proftss or £130,500 on 

(Contractors) 

.An improved trend at Edward against the sa me perjod tast year 


atf* U P 


Frcd/Lc .‘.Iciuiieid 


; cir tv Ju!;. "!. 1978. was down this brewer, vine and spirits 
£3. 73m £ 73.05m and the net merchant and mineral water 


{*.1789 manufacturer, said they expected 


com pan thrn-jgr. the Lucas StaiT r,r " -* share — as reported steady growth to be maintained 

PerKii-r.s Tru-i. !.jca> Works .No-TmSwr 7 during ;he second half. 

V'-r.- r.r.s Tom *.nd the Lucas m current eo.-t terms The Sinai dividend of S9144p 


Sir Alex Page, chairman of Metal Box. at the Acton open top 
factory where two-piece beverage cans are produced. The group 
raake 5 more than 7 bn food, beer and soft drink cans a year at 
14 factories and is Europe’s largest packaging manufacturer. 
(The group’s interim results for 197S/79 are dne to be 


announced tomorrow). 


K l “- -tp-r \>ed rhe new surplus of £50300. substanttafly exceed- the THB.Offlr 

^inr-MfnV-ea-d streamline Currently the group, which is made in . : months: ^ & 

f 2 ^r-’.. Yi High active as building contractor. December 31, 1977.: v > - . - ., 

-V‘ enable the G- developer and plant hirer, is trad- Wj- Holme sais L the : geeaten 
.. .tomb, .s.x -l - in = profitably and the directors profit Is. especially encouraging 

?, T%J V— Vr*ion to the up- expected the better trend to b* as July and Ang^s are traflitnmal 

h :- 3 -or‘ -T- NV^nfSSalE maincained for the rest -of the lo^-raakers &r tte group. •• : 
hcl'Ter;- .a*. on Ac-.-n *-*- ^ yea: . Earnings .per :share : are ^shoivn . 

risen compi. ■-> . “ \\ Lax credit of £34.750. com- at 2.12Bp. L9f£p- f or six numthsV 


Pen.- r .. -*f i ru^l 

Emplnvee? Sh; 
November >!. 
unchiiTi ?ci over 

7-2’ i'CiV 


C 4 Bjnt .n ai*" 1 - 
:J7A rr-n<jin Ai 1 >u.'r *u 
Lie year at |)> tton.-i 


V f •-■ s .'•v-v member* a - 
*>e ;i*' A r pnrove .i *. 

n>-.'g-’ ‘ '■-<'•1 in ;o :i -v ye;. r • 

I 1 ’.- -fv. *• ;• ncr-n/* ef A vt 

“TiT-’o - u'.T<-r' mii'.i.r ir.e •> t ;; 

A “ ' ' v'-v' rvi.Ve'J «h.ire 


£971 17m EL* 


Hyde Guideline-- the net lifts the total to 14.41-Mp 
u; :o I.*;8.ii3m by adc'i- »12.45p.i Treasury approval has 
:• .al:on o f £2*.*.4ni and bepn obtained. 

’le-. of ‘-JJ oim Ic-** The company prooo*e< lo sub- 
i'.: -rment of £8.W*p:. divide the ordinary IT share 4 into 
.-■vnlimr-nt- timoumed four 2‘p -hare-, nnd to make a 
• v. rueh £i;4>ii’. h;.d "-orin i-’-.ue of fi*ur new 2.'p 
c-J ! e;t nr.: con- shc-e* for every £j share 

Tax if- £513.H\9. a-jatn<-t 
r>i. 'al an.d; of -ale? £43i».U42 Extraordinary credit? 

I *ir* i £308.»*.‘ni i are £I72.$!M», cumparcd with 


.-»g ir-ir. 4 t £23 gum. 
■‘ T -”, n V -ir?’. -* uar ter of the cur- 
or.-f'r intake has . been 


' a I an.ij* 
'-Vgf I Hot" 


orders 


H13t3r.mi. other £9?.9tt2. 



ITjViltli 


OMl 


tor the 13 months to Ms:- 19 Io**es in the new V.’est German 
1978. profits before tax of Radley suosidtary were substantial ;y 
Fashion Group amounted to reduced so that profit, before 
£199.117 against £205.881 in the exceptional items, shows little 
year to April 19, 1977— the figures change. 

for that year have been adjusted j n jj^ e current year, record 
to include the West German sub- Autumn orders were taken, but 
sidiary. _ again long delays have been 

Record orders have been ta^en experienced from cloth suppliers 
for the Spring and with the uddi- an( j production sub-contractors 
lionaJ production facilities arran- ara proving increasingly diBicuit 
ued. the current year should snow find. Steps have cow been 
improved results, the directors taken to increase the capacity of 


--^ ir or-.er :c:aKc nas oeen 
oi Vr "50 "p-.-r '.or.' more than the 
.. -* •- e-i.'. .j [_ j. - year and if this 

*:t-ja;:o.“i if rair.la.red. better 
result? " for ■.’?.* year can be 
expected . , 


FT CUnro dividend .at this - sdage ;btn intend • 

F I jlldlC to. pay the maxinma jferndned 

for the sei-en. months'.. period . in. 

Information . July next year. 
lUlUlUiauuu rt is also mtemaed. to ! pay -sn ; 

Cnrvinn interim dividend . in ..Noyemberj 

OGF t ICC 1979. and a final in: 'Juki, 1980, 


v.m: i; 


H. & J- Hill 

in profit 
at halfway 


P’rl S'X’TH. The A 
nr.i .r.ve-’imen: 
the fu'i beaejii- 
be;-:; •«k-.'r. no- 
■; r .’jr,ci >. -.rhr. 

■ j • Till.- -a 


i- trailer mm in 2 m:-ter..’.: ;id‘-ant»ge in 
r.-i.r.-e. ex.-eri* ctn .oi.d-T:ur. of .ntcrc-sts. 
of th>- oclions -.ri vri’ tone of Mr. 


the declared for the quarter. 


Earnings per share ire shown 


production at 17.83p or lb.40p dnr.u.i:i>ed 


r- 1 ■-■ m 0 ••• 5 . ned 

• i'.e. Mr. ■!. .«! 7;- *. 

’o:’.‘ *i'-e di'.p-j- 

■jydrtr : • 


the Newcastle factory and against -:.Tc-m, 
arrangements have been made for Group ha? re’u 
idditional production overseas. the fi": half 0 ! 


p— — , ’-l’-’-e- turnover of £134m 
-he H & J Hill 


Group ha? re ‘lined :o profits in 
the fi"T half M 1978 with £So .«72 
a £i?7.;S3 deficit in the 


a cei 

same period :-ft 


Minerals (Section: Overseas- In • addition to receiving . the 
Australia). Sunbeam. IVolsey normal 20 per 'ceDt' ‘ : reg3bnal 
(Section: Textiles). development grant on all dkpital 

expenditure, they have' beep able 
C* I cart Cnn 'Hr t0 negotiate a loan with -the 

Vrktlii iJUU 4V European Investment Bank of 

m or ' 1 1 _ £435.000 at a fixed rate of interest 

Morland warns ° f s = ^ cem ^ w 

A ” ' plus an interest relief grannwy- 5 - 

ni-f crirkrft*! il able io Spectra over a’ four-yearv 

U1 31IUI liaU period of £396.000. In ■ additUin. 

The directors 0 / Clark: Son & to this the Government will: also . 
Morland. manufacturer of sheep- payo SO - per cent of the remove! ' 


Tbv vh -i rill. 1 n. 
i mcc?:n» ;n 


T ur n-jver .. _. 

r.-^Jrr.j profit 



Dj.-.i.-a; p-.miifi. 


s.::* it'O 


; , . . l c [ini 1 icu-o.-reu iui:'iu Mitres. ir.:..-ri-. 

J r ’‘ .ij' 1 ! ^ ol.’C'j tin* week. It refers 10 "an The directors say the long E*’™ m,,<H 

,n i '"n ""r-^-r frr iho aidrmingl.v hich re.-.ignai ion rale delays being experienced from ^“ r,t tw,,n! la * 

V.,V .- ”*• ru !.-[ e anion - skilled and experienced suppliers could not be male good. x: : j-n,-ii;c7 


phiitr. -ijbiio.arv vhich ha* 
«ace « topped nrodueiior. Ii is 
<ec-k:r.E to im^rcve it-- pf»s:tK<n 
by The sa;c of ir.-.c-stm.-nix. 

It hr-oes :e rc’-e AvOir. from 
ihi* and M’ - Tyler said 

the bu ! k 7 *' The 1 u»i>‘ ■> wifi rc-nie 
from the -c.-’e r, f I: -..r, mr r- • r* ■ 
‘■•.Jil-’e ,n Alena uf AiKInilia. Th:-: 
fi! reoue® BH ' ; *’> , .;:.!i • :•> 

10 •'iif;: 

r'vf^od r-T t’r.,4 devi i :i-n :: T*i 
*=h ■ re J er - e: ■ t ; <: : * m . Mr T;. I •■ :• 
<i:d tha’. pthi-r rrajo- -n-.c-ir. -.mis 


Roan position 
improves 


least 5UU under establishment. 
RUM shares were 70 p. 


ROAD CONSOLIDATED. The 51 PATINO EXTENDS 

ZJ™ .SiSSir share offer 

arnnureod a Kwacin 9.78m Patino, me .Nerherlands-hascd 
1 .‘:'S. 3 rni net pr<>::: for the quarter minerals aroiip._ is extendina its 
eodiii '4 Septer’rj^r ■>'). 1978 com- Tf lf,?r L ’ r CS-tU-i iS. .pi a *bare 

. . _ _ _ __ Tr.r 1 J e Ai.'n e 'ai* L- imi ■ 1 Dnenmkn^ 


Regeot Ions cash rich 


’ ” s’? ; -t C ;f*:rd cuarier this year was 
c.4«' n-ij a? satis favory as the first sir 
mor.Ths. but there are indications 
‘r:i:« of ar. impravement in the final 
l.*. 53: quarter. 

S '.tbv diaries of the group trade 
in mining equipment making. and 
drop forging. . • 


£Im. are trading 

Foorwear and coat sales to date, directors say. 


satisfactorily. ’ the- 


F. H. LLOYD 


Highland 

Distilleries 


|s^-T£' 


Limited 


I • : -&?Z 

ht qgf. 


r-^rnir f 
ililliV * \ 


pared viib a n 'o4 nf Kf 33 m ^. r ns own stock until December 


Regent Inns has sold the 40- public houses, hotels and other 


<v.in r.oi rcr. • 
r!£cr«?r.ry if the" 


; 1’. ■; jifii.-un: 
. C’o ■*o ii 


Afifr Tec ivt.'-T-r-v-i-. ^ md 

tup r ion n; i.ji.h: Mr Tv'f'- 


-- rh.' rorre«r-.rd-r- tiU’-rle*- of 1 r,c " ner was mrouun 

!. L-: year, rep.iri- Miehael Holman S: ° Ck 

from l.usuka l - , *t i«*n„es LiM . vpteml.sr. 

Finished copP ,v ” v-roduenon a r oufi i- J •ieekuig to buy 

• , ha ; . — -jhares. about !.■> per cent 

I . .^ !! b n, , nn '- a> ^ ‘",uL o( ;h - e cqun v. nor held bv itself 

I < rt '>Tie.-. up n.H-n ...nn.;r ...r, the nr . Jri „„ 


2 *r. fhe offer was made through bedroom, muiti-vonference suite companies within the trade.” 


iho T. iron to nnd Mom real stock Watermill Hole! and adjacent M r . Franks took over Re sent in 


Tee price of new whisky fill ir.es 
w:ii need to so un if margins or. 
•hem are not tfr be eroded 
a^.ore'her. s?ys Mr. T. A. R. 


Interim Report .. 


'•Vhiie fior-o Inn at Bourne End :972 when it was rtinnins at a Micpbi..'. : be /chcirman. 


_Jhc a roup is ‘leekmx to buy Hcmei Hcmpsiead 10 Gulliver loss, ft broke eien in .fu.ne 1976. Highland Disiilkries Company in 
ir>7£!--ss« shares, about 15 per cent Hotels for an undisclosed figure, made a profit of £37 090 for the his annus! report. 


.. Unaudited 
Results. - 
for 28 weeks fo 
soars un. 


or affihaies m an attempt to 20 


■: Tirr.ai-Td rh..t 
ci-'idenJ mv-iMic • 
AsS-ii ^ ;.oar 
El! '■’•.■j::: 

?r .i.iAOm mer 


B!I South-- '■ 
ould h*' ai li\<si 1 


Mr. Miviiacl Franks, chairman 

•irecedir.u quarter But problems aVliat'e* 0 Bv \o*embor Tfi ' 1 19 707 anri n . ,a:,3 " ,ns ri ' rector of Regent 
on the export roj;e through -he fis ^'had' purchaled ' says that " this sale makes Regent 
r^niaman pon of Dares -Ml a am Th-s 11 thn second lime the offer 3 C5sh ril ‘b conipanj. We nr*; 
restricted the tor.r.i ge ‘•old ir. the ^ ee ' :i extended. The reason np ' >l art ' iVt *iy looking ai additional 

September quutie: 10 «U.Vi<6 h.is been :lie same in each case. ___________ 

lonnei. The dissemination of offer 

A company spo'-c'in. in fiO'Cn bed material and ;he receipt of r T , «. J-IL^ l- 

ihe profit lev*.*, a.-. •• barely resp on. -cs from -shareholders have jl O TOC i. 


entl'n’ June iftTT and for !« aeptars. r.c adds, that the; 


t!!! '-■i*j::i •-•■-• :*ic i-.-t” **f r-cp;cmo* 
?r .i.iAOm mer.or oif*-r from tonnes. 
N'oriil HI:. - :: - *--,*7. r< 1 *.- cuppaT- A COm| 
Thi- !>.■:< r been relucted. 'Ir. ihe pn 

Tyler ’..’.■l ,h:.r*:ho : ..k-r-. F*-c,.u-? sufficient 
ihn-- — V "i:' »ft *-• -in-- n i-ijs :rf 


li'77 75 turned in a profit of o'.er currer.: r.?rvest cood in 


£i0ii.0nC. 


Uurrer.i year profit should be 
I ? -en betior than last year 


sufficient " to r.'.*;-*‘i f!CM ca-h been hampered by ihe recent 
n .-n« and no »lr 'riend has been r.innr|iin nodal strike. 


To the holders of 
Floating Sate Notes due 1979/90 


These certificates have been sold. This amtomxemcnt appears as a matter of record only. 



W 


Empresa Nacional Hidroelectrica 


The Hokkaido' Takushoku Bank, Ltd. 


del Ribagorzana S.A. “ENHER” 


US $20,000,000 


Proposals for the amendment of the terms and 
conditions of the abo’-e Floating Rate Notes 
arc to be put to Noteholders shortly. 


Three Year Negotiable Floating Rate 
U.S. Dollar Certificates of Deposit 


All Noteholders should contact the Agent 
HtLL SAMUEL & CO LIMITED 
100 Wood Street. London EC2P 2AJ 
in order to receive details of the proposed amendments. 


Hill Samuel & Co Limited 

Banque Arabe et Internationale dThvestis semen t 


3 5th November 1973 


finance for industry term deposits 

Deposits of €I.0fl0-£25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 24.ll.7S. 

Terms 1 years 1 345B7S9 10 

Interest % 12 ,12* 12* 12fc 12 j 123 121 12J 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo F03d, London SE1 8XP fCJ-928 7822. 
ExL 177). Cheques payable to “Bank of England, a/c FFI." 
FFI is the holding company for 1CFC and FC1. 


volume Term-. v.;l: no: be of such 
h’ 2 h duality as i^-'t year. Despite 
!h:=. r.rices are much firmer and 
:t •■■ould appear inevitable that | 
ihe orice cf new whisky fillinss 
v nil need to be increased to 
protevT margins. 

Mara’im-’ on the bottle side were 
belied by price increases for 
both home and export markets, 
bu* the chairman feels this can 
hardly be described as satisfac- 
tory, especially if the amount of 
cash required to fund sales is 
taken into account. 

Oc the company’s prospects Mr. 
Macphail says that subject to 
Government interference they 
continue to be good “ with the 
Famous Grouse brand, backed by 
substantial promotion funds, 
showing every sign of continued 
growth.” 

The prospects for the industry 
as a whole he states are clouded 
bv the continuing parallel exports 
which are doing a great deai of 
harm in export markets by 
cTeatiy reducing the attractive- 
ness -if being a distributor for a 
Scotch whisky brand. 

This problem with contiiruimr 
discrimination by various govern- 
ments. includina 3 number of 
ihose in the Common Market, do 
not make matters any easier in 
ihe export field, "and ir one adds 
the Australian Government's 
decision to increase the duty on 
Scotch whisky by SO per cent the 
industry can be excused for feel- 
ing hard done by.” 

As reported on October 24 pre- 
tax profits for the year ending 
Ausrust 197S. rose from £3.35m to 
£4.0Sm. On the Current Cost 
Accounting basis pre-tax profits 


£’000 

External Sales 30,051 3L295 . G6.6SJ 

Profit before Taxation 1,408 2,122 '5.156' " 

Earnings per 25p share . - 2.8p ,-.4;lp.. .2L0p . 

Dividend per Share 

Interim T.65p - l-63p — 1 

. • Additional payment re - 

previous year 0.0558p 0.0507p ‘ 

Chairman's Comments 

The £1.4 m profit before tax for the 26 weeks ended 
30th September 1978 confirms the forecast in my July 
statement of appreciably lower profits in "the first half of 
the current trading year. 

The Engineering & Steel Division has maintained its - 
previous profit level and, although trading conditions have 
not improved, should continue to achieve profit figures 
comparable to last year in the second half of the current 
year. The Lloyd Cooper Mini-Mill has further Improved 
its performance and continues to operate at satisfactory 
output levels. 

The substantial reduction' in profit in the Foubthr , 

- Division is attributable to . our main heavy foundry unit - 

- at.F. H. Lloyd and the forward order situation shows no 

'improvement.', ' •' 

However, the general decline in heavy foundry business ., 
was apparent some IS months ago and we have consequently 
-been able to give continuous thought over that period to a 
complete reappraisal of. capital expenditure and operational 
efficiency at iower order . levels. We anticipate -being able, 
jn the very near future, to finalise our provisional plans to 
convert part of our Wednesbury site into an additional 
Mini-Mill- and to reequip the heavy foundry area to provide 
a highly efficient uniL The whole project could be opera- 
tional in approximately IS months from final commitment ; 
and would have the potential of considerably improving ’ 

profitability. - 

We intend to pay an interim dividend of. 1.65 p per : 
share thus maintaining last year's rale and so far as can 
be seen at this point we expect to be able to recommend 
-an increase in the full year payment to the extent currently i 
permitted. . / 


uii.iT . 
£'000 , 
3L295 
■ 2,122- ’ 


. BCaCB.fnr 
S^tfe$ksj]>- 

T.L7S ■’ ”■ 

-P* ' • • 

rode.; 


66.632 
‘5iB6 ’ 
ilOp 


0.0S58p 0.0507p . — ' 


ksi M( () MONEY IT ,N DS 




Healthy Increase in Sales and Profits 


Sat urn l n vest men 'pv> 
a ha jicmcnt-Cu'. - . Ltd:> :: 

■M CXS >i'C>W'STR EKTKC4N 6A F 


London & Midland Industnals Ltd 


Races paid for W/E 19.J1.78 




Eighteen 

Mentha 

30.6.78 


T'velve 

Months 

31.13.76 


Continued Growth in Sales and Profits 


Group Turnover 


106.262 




Pre-tax Profit 




Earnings per Share 


4,639 

9 . 3 p 


53,883 

1.980 

3.82p 


Mon. 

Tues. 

Wed. 

Thurs. 

Fri.'Suit. 


Results for the half year to 30th September 1978 (unaudited) 


Half year Half year 

. Sept. 1 978 Sept: 1 977 


HOW TO SUBSCRIBE 


Copies of ihe Report nod Accounts may be obtained from The Secretarr, 
7 Southampton Place, London WCl A 2DE 


THE WALL STREET 


JOURNAL 


H. G. Spearing, Executive Chairman, 
comments: 


“We expect the Group to maintain 
a good rate of growth in profit and 
sales’* 


c^M U2/> 


Rate for U.K, & Continental 
Europe 

S190 1 year 

5100 6 months 

550 3 months 

Payable in dollart or equivalent 
in local currency. 
Delivery by Jet Air Freight 
! From New York every business 
day. 

(Other area rates on request.) 
Send order with payment to: 
THE WAUL 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 ) 


Safes 

Profit before tax 
Extraordinary items 
Taxation ; - 

Available to shareholders 
Earnings per share • 


£'000 - 
10,321 . 
1,004 
4 

•464. 

535 

7.3p 


£'000 
9,036 
851 ■ 


.Year to 
31,3.78 
£'000 
1 8,493 
1,905 

(3) 
783 
1,102 
. 15,6p 


★ Main activities engineering, fasteners and consumer products. . . 

■id Ordinary interim dividend increased to 2j65p per- share {1 -9p). ‘ 

★ ' Reserves further rtrengtfiened. . 

ic The board believes that rasula for the year will prove to be- entirely w os fac to ry. 


. C M. BEDDOW 

17ch November 1978 -Chairman * 

Copies of the Chairman’s interim statement are avarfable from the 'company. 


[IJIUM 




23 





u > ] 

kr 




SNEVfS: . 



aaawtytsitgw^a witT^nENDSAND 


H 




4 »re a *4 SS& 

setback tender 



•; $Y RICHARD KOlf£ 

l N LINE with the, depressed 
: state of the world’s sugar 
' market, the iaterim' figures' from 
the Darban-6«&ed C. .6. Smith 
Sugar, for the- sax months to cnd- 
Septf thher are well below those 
for the previous year. 

- 'Operating - profit fell , from 
I? 105m MO . R8.lnT fSfl.3m). . and 
dividend ineoine from RIAm ia 

Bl.lxn. ", . ’ 

'-After tax and mmoiEUy. 
interests and with. . higher pre- 
ference dividends. reflecting last 
-year’s ■ issue of - Preference 


shares, net attributable profit 
down from 85.1m 

tSa.flml. . ■:. 

Earnings per share ttH’. from 

5.1 cents m "3S cents. .■ and 

although the jnrefiiif.'.dJTjdend 
has been maintained at 20 cents, 
the Board soys: that ' the ' final 
payment. 55 cents, last year, is 
oot expected to be maintained. 

C G. Simth Sugar ;l**t year 
absorbed Hloro. .Sugar ' Estates, 
the local associate \nrTjtfe and 
Lyle. to become Use-. 'largest 

South African sugar prpducer. 

By. contraau C; -<3..V Smith 
InypsTmenis which- hofcfc 86 per 


JOHANNESBURG. Nov. 19. | 

cent nf the textile group, Roma- j 
te.-;. :ti per cent of C. G. Smith j 
bU"ar and nru*- third of ihp in-, 
come of Huletti, the tugar pro- j 
oncers reported profile up from ; 
Rfl.Pm 10 RH.lm, pretax for the ; 
same period. i 

Earnings per share rose rroin j 
35 cents tn ill cents, and ;hri 
interim dividend wag pegged at 
b cents. 

The consolidation of Rouiatcx, ■ 
proflis nf which rose sharply fori 
the period, and the maintained i 
s-ugar company interim dm- i 
dends account for the improved j 
results. 


Late upturn at Kerr-McGee 


' KERR s McGEE CORPORATION 
expects fourth' quarter earnings 
to be higher than the year 
earlier 51.03 a share. Mr. Dean 
A 7 McGee, the chairman, said in 
" ah interview here. " 

- It was doubtful whether the 
gain would bo sufficient to offset 
a- 155 - per cent drop in nine- 
month net and to put earnings 
ter all of 1978 ahead of last 
years $4.61 a share, he added. 

But he predicted that the 
upward trend in-earnings would 
continue and said that if it does, 
the directors would consider a 
dividend increase. The quarterly 
rate was raised to the present 
31} cents in the second quarter 
Of 1976. 


After declines of 30 "per cent 
and 36 per cent in the first f*' n 
quarters of this year, warnings 
rose 31 per cent; in the third 
quarter, primarily because of 
higher gas production m the 
Gulf of Mexico. • 

Natural gas production -in the 
Gulf of Mexico will showa sharp 
increase in this year's second 
half. 

Five wells in a ■ new . field -off- 
shore Louisiana that went on 
stream in July were producing 
102.5m cubic feet of gas a day » r 
the end of October.'- The - group 
owns 50 per rent of foidr of the 
wells and a 25 per "cent interest 

in the fifth. 


CHICAGO. Nor. 19. i 
The recently enacted Energy j 
Law will have a favourable im- j 
parr on gas earnings and that the j 
company .should have a substan- 
tial amount of “now" »a> - that ! 
can be snJd jj increased prices. • 
Petroleum marketing and refin. ; 
log earnings have improved with ' 
Ihc reetni strength in gasoline ! 
demand and prices. Demand [ 
nationally was up 3.3 per cent ■ 
from a wear earlier in October. : 
the American Petroleum Insti- 
tute has slated. 

Mr. McGee said that 1978: 
petroleum earnings will he above 5 
Iasi year’s $7<i.5m Offshore ron- ; 
I rail drilling earnings will be up.' 
Reuter 1 


NEW YORK, Nov. 19. 
FRIEDRICH FLICK Group’s 
535-a-s hare- lender offer for 
74m common shares of W". R. 
(inter, attracted about 224m 
shares, a preliminary count 
showed. 

Thus, sairt Merrill Lynch. 
Pierce. Fenner and Smith. Hie 
dealer/ manager for Dip offer, 
the West Gcnnau company will 
accept about 23 per rent or the 
tendered shares. including 
fees and expenses, ihc offer is 
valued at S25Nm. 

The offer, which expired last 
Thursday, was aimed at incren*.. 
in 2 the Fllrk slake in Grace in 
31 per erni from 12 per coni. 
Even before the offer. Fllrk. 
which has interests in auto- 
mobiles, steel. machinery, 
paper and chemicals, was 
Grare'* biggest shareholder. 
Grace is « diversified chemical 
and fertiti'/cr producer with 
interests in consumers busi- 
nesses and natural resources. 

AP-DJ 


Triumph Intertrade 

THE SWISS company. 
Triumph Intrriraile AG. of 
Zuntach. is io float a capital 
market issue of SuFr 15m 
report* John Wlrks from 
Zurich. Proceeds from (he 
issue, uliirh will be In the 
form uf 31 12 year bonds, will 
gn towards the consolidation 
or the financial structure of 
flic Triumph International 
group. 


Bank of America sees 10 % gain in Asia 


BANK OF 1 AMERICA win 
expand the overall -volume of its 
Avian business nest year, 
despite its reluctance to partici- 
pate in syndications with *' rock- 
bottom spreads," the Rank's 
senior, officer in the region said. 

“We hope to increase our 
profits in the Asia division by 
10 per cent.” Mr., James B. 
-WJesfcr. executive vice presi- 
dent. Asia, commented in an 
interview with the Asian Wall 
Street Journal “We suspect 
that the brightest part of our 


growth prospects is in .south east 
Asia, seen over the next, five 
years.” •’ •' 

While the San Fran cisco- based 
bank, ibe world's largest in 
terms of. assets,' may continue to 
ignore invitations to participate 
in low-spread syndications.: it 
expects to generate its antici- 
pated growth from other- lines 
of business, such as foreign- 
trade • •-financing; -foreign- 
exchange transactions and com- 
mercial loans io non-soveteigD 
borrowers. 

The bulk, of the business; will 


come from South Korea. 
Taiwan, ihc Philippines. Malay- 
sia. Singapore and Hong Knng. 
whose economies are still grow- 
ing at respectable rates. 

As a result of the disinterest 
of many l..'.S. banks in lending 
at rates that barely cover the 
cost nT their funds. Mr. Wieslcr 
predicted that Japanese and 
Europe™ hanks would increase 
lheir share of rhe eurodollar 
syndication market next year. 

US. banks are finding better 
opportunities at home because 
of an increasing demand for 
credit. Bank of America, for one. 



Nor. 17 • Vw. 16 


BY COUN MHJLHAM . 

- Gold appears to be going 
through s very sensitive period 
at present, and some speculators 
undoubtedly had their fingers 
burned last week, .as the price 
fed from $210} at the close on 
Monday to $196 on Thursday. The 
fall of 4l4f in three trading days 
can also be set alongside a loss of 
almost $50 from the record level, 
remains unclear* but along wilh 
the doWars improvement is a 
major factor behind the metal's 
recent fall. If these . conditions 
of $245} at the end of last month. 


CURRENCY RATES 


NawntwrlT 

SurUne 

ES.- dotter ... — ^ 
Canadian dollar _ 

Austma 'schilling 
Belgian franc .. 

: Danish krone ...i. 
Ewistfra Mark ... 
OhMct- 

French- franc 

Urx — : 

Ten — ... 

fanregias krone' 

Peseta .. ... .. 

ferdfer krona 

Swire Irene 


Special European 
Drawing unltaf 

Rlnbts Account 


0.6HW37 

i zrm 
ijaw 

17.8876 

junt 

. 6.7510} 
2MUZ 
2L5&4U 
: &A2254 
.IMP 

2Ml.T34 

MTOO 

VIJW 

SS9S22 

-2AM8B 


C.674HA 

U1586 

rsaus . 

UJM7 

J9JS7S2 

Msm. 

isjxn 

2.7ZZS1 ■ 
5.77736 
111*27 
2S5J4 

&»nB 

9SJB225 

5.76675 

Z2AB7 


The. dollar’s performance has 
been the major influence on gold 
over the last few nymths, and 
this is likely to remain the rase. 

As the dollar has^ improved so 
the price of'gold.bas fallen, and 
the market now, awaits the next 
US. Treasury auction tomorrow, 
when 730,000 .. "ounces will be 
offered for sale. .Thereafter L5m 
ounces will be' auctioned by ihc 
U.S. each • month, and this 
coupled with the monthly u^Jd 
sales of the International 
Monetary . Fund, is expected to 
pur. some strain on the market 
over the next year. In 1979 the 
US. Treasury and DIF will 
supply, about 22m ounces of gold, 
which , is roughly equal to the 
annual- production of South 
Africa. In the first nine months 
of this year South Africa pro- 
duced 17.1m ounces of gold, 
compared with 16.9iu during the 
same period of 1977. On October 
18 the U.S. sold only 300.UHO 
ounces at an average price of 
$229.39. which is ^ulte a differ 
ence from the 1.5oi ounces io be 
offered, from December. 

The final outcome of alt ibis 
gold coming, to the market 
prevail il is - hard to see any 
recovery back around the S250 
level in the next few months. 


The nervousness surrounding 
sold led to a rise iu The premium 
domestic krugerrands towards 
the end . of last week. The 
domestic price of the coins rose 
to nOTi-lOSj on Friday, a 
premium of 5 per cent over gold, 
compared with £inQ-Xl04 on 
Thursday, a premium of around 
3 per cent. Worldwide sales of 
krugerrands have doubled tins 
year, touching 4.51m coins la the 
first -ten months, against 2.2m 
during the same period last year. 
Total annual sales are likely to 
be a record. 


THE DOLLAR SPOT 


November 17 Spread 


Bidii ituIlH-n i« rtnv 



Cl* in 

ilpenini; 

Mnniing fiiinx 

Arif>rn.K.n Azinx 


Unlit Coin, 

.infuecniiilly 

Kniirernuul 


SIMi-IM «l96,.JWf 
S19S-193J S.OKWk: 
'S 198. ID 61S710 

(SIBU1B, IE i 0.595 
. 5 IS7 95 51S8.HI 

<£101.52 1/ <Jl' li D. IM. 


Sew 4knereicn«.. 
Old SnveroiRTM-. 


Gold Coins 

1 ntemtUnriAlIv .... 
k nuj^nrn ihl 

Non Sn«Ti(ti> .... 

if hi Surnr Plpis 


92073-3093 

• L*187i- lDflsi .P1&6 104 
'X57i-Mf -iMiT S6f 

•1:28 1-503 1 124 29 
.*99-81 tsa^i 

Ji30i-5I*J '-al&O-o 1, 


S3I IfaglM 

Slu k«gie« 

* 


»20«4 5081 
;.i:i0li-lB7| I 
ibl-59 
i.M276-2»b) 
S5S-8I 
£30* 61 i, : 
iSSB 1-294 ' 

|i1»-l67 
1*102-109 • 


*20<iJ05i 
-L'lOe 104. 
Sc. 47-963 
•dir* «s 
»69J,S04 ■ 
■Lit £.1 
5^83 2? G 
9196-169 
* 162 lib 


FORWARD AGAINST $ 


Canad*n s» 
cmldtr 
Belgian Pr 
Danish Ejr 
D-MarX 
PorL'EM 
Span. Pia 
Ura ... 
Nnrgn- Kr 
Frinch. t-'r 
Swedish Kr 
Vtn 

Austria Sch 
SvtasFr. . 


HK6SM 

2-OSWW.OHJO 

29.«U-»J4 

S2NS5J1N 

1.90500.9230 

«iO46.90 

71-24-71^0 

845.75-M8J0 

5JSUUU1 

«jn04jO50 

*0710-40880 

1*2.75-195.70 

U.MSM4JI2 

10,750-1.7175 


(S0M50* 

20790-2JK10 

3H22-30J4 

501X5-50140 

1. 9210-1.9230 

4S. 60-46.90 

7L50-71.60 

MT.25-Mr.75 

5.0800- 5X1336 

4.4050X050 

tjUMJnt 

195-50-195-70 
14.O0-X4.O2 
1_ 7100-1,7150 


•UA cents per Canadian $. 


THE POUND SPOT 


Kow. IT , [ i»te 1 ’ D»y'« 

| ■" 1 . flprmrt 

. D-6. B' ’. I 81*j 1x170- LtWO 
Cwwdwa* 103* .2.28^2.1030 
. Gnilrfor -- Bkj 4J,0^4 64* 
Beljrtui.y 6 .56.30-58.® 
IkuUib I* 0 i M-iMMB.Mi 
D-Msrk , 1 I i. 70-6.746 

-Port. Bkc. IB ! 90.50:81 50 

-OpiiL Pw. 8 53-153.20 

lire 101a I I.t54-1.6bfi 

K. 7 9.8S 9-92 ‘ 

Preach Fr, Ql» 8XB5.67 

^redbhErJ. fils 8.47-0.96 

Yol ’ - ■ it* 5/2-5H2 

AuftrieSch. 41s 27.05 27 50 
Swire Fr. \ 1 3.275.54 


FORWARD AGAINST £ 

___ - . 

One month j ^P- 4 - |Tbr»iaMUhf-. % P-*-- 


/ I.H290 1.6500 
(2-2846-2.26 BO 

■ «.DMJn 
58J5S-M..4S 
UL24-T0.28 
8.704-5.715 
‘0.26*086 
I3B b8-UB 78 
1.654- r.h56 
; 9.65-b 84 
| 8.BO*aJ14 
1 8.47-8 49 
< 576-478 
! .27 05-2/. 16 
! S. 514-5 3.4 


0.48-0.58 c. pm: 
O-BB-QMOi-.pni 
lTa.7ae.vos 

68- 10 c-pm - ■ 

.1-8 ore dim ( 

45-24 V* ". 
6S-iracv»h. :■ 
PaK70.r^li« - 
2-b tue di* !■ 
r-*n I 
ii-Sj f.pm r 
4-2 ure nm ! 
4.20 -3.B0.i- piu| 
18-8-nr|m, | 

57a-2Tr%pm i 


2.87 .lJ25-r.1Sr.imi 
2.9} fi.1B-1.Kv.fim; 
4.11 6-5 e.j.m 
3 08 £5 -60 e. ym, 
-£.34 Mirty nrc.li* 
1U.11.10E-:? ft po> 
-JO-fiJ ‘740.2*0 v- •-!> - 
-3.U5 1M24ai^Hik- 

—2X1 (7-10 lire >11* j- 
2.14 4-2 ■«.- pm , 
4.68 ilOi-SJ i-. pra . 
4J6 »l- 7; .WT ju» 
12.73:U.W-.U>Tm 1 
3.76 .48 18 cro pm ) 
1!.2 j ( 113-lDJ c.pm | 


- OTHER MARKETS 


AiveniiQa Pew._. 1.811-1,815 |B38 60 940.6 - AuMH*-- 

Auxrelfa, Dotter.... 1.6976-1. r 046 iO.o 74 l-U.^7 53 Hdclmn 

Finhunl Markki, 7.79 7 80 1 4.0000 4.0100 Men mart 

Braril Cmselio— .. 37 55-48.95 1^.45 19.98 FmiiiT. ....... 

Uitfl Ondiint 71.6W 7J JS5, 17.1010 00 /,>rin«i«- 

Bens Kong Unllai-.^ 9.28tt-9.51>? |4.7BUW. /95 > llten ...J 

Iran Bail. .-..I135.7U-137.40; 70.40-70.70 .lnjmiii 

K, rerett fii nartKUi.l u.r29 0.a39 | 

XjJXembtmit; Freur 58.35 58 45 i 30. <5 50.28 :N’nrnn\ 

StAiarsuv Dollar. 4.8935-9 .308fi| 2.81 Iu-2.fi IrO il’-rruaml 

New Zrelud Dollar^ 1.8430-1.6540 1 0.9497-0.9528 L-4|oli> 

Nandi Arabia Rival. | fi4 5.g55 1 3.3 l 0D-3.5-.O0 ^witm-laml 

dlnsepnre Dollar... 4.28-4.291; 8. SOS 5-2.2 1' 35 I Unison 
South Atrinn lIaiKtll.6B71-l.7130 1 0.8676-0.6809 iViiitnaiirti 


I Nule Ratea 

272S 
59-50 lj 
I0.?ai0 35 
; 8 S 0-8.70 

J.70-6 80 
1630-1700 
375-385 
3.974.07 
9.85-9.95 
90-100 
139 143 
3 25 3 35 
| 1.94-1.95 

J 4244 


- Belgian rate "Is for convertible franca. 
Plimcial franc -S9.aM4.3B. 


ais^nonth forward dollar 2 35-2Toc pm. 
u-njonih 4.GD4.4DC pm. 


Rat* given for Anrennna la free rate. 


j MHEY RATES 

fc ■’ ^ ’ 

i . NEW y^RK 

Wfflo Rate 

Pti-fmOe ..i - 

| -Treason BiTh fllkwedti 
j Trerattj.BtUa' pkweekl 

• iSERMANY 

}•’ .®«w Bate 

OwmfithE • — : 

. One month * 

Btontlur 

| Sbr rovuils . 

i FRANCE - 

r-.'.-bisqBBnt Rate. 

I nvenmuir — --- 

f ' One ;«mi»i 

f pte^JsiMtha; 

i j.- Si* fiioothB ... — r — 

^•lAPAN;. f '0 

I ^ tea«fisu- : Hate • 

!-• Ctu .1-ttacnhdlrftaal) — 


LONDON MONEY RATES 


J Cl Hi ln^ 

St*. It GenlBoue InterUnli 
! tn de| « *u 


■ Local . local AutbJ 
Aoihority nexoLlable 
rtei walls bond* ! 


FUumk4 

Uduae 

DepMiTa 


uvemichi — 

t Jay* twin*.. 

( dura or , , — 

7 <l*v* tii'Mce..; “ 

Oiip mouih.!..' 12«*-X2 t% 
3w>0 IfKHIlilV.'.! 121*-1Z1(I 
'three liwwilim.i 121«-I2 |b 
a'wuhwitito— -! tfie-Jlft 
Mile Ilai-Ilag 

Uneven’ ! Ittj-ll/i 

‘I w,»veae**— — > — 


JlS«-12ti 

j 13^: iy*e 

Utor IS, it 

12U-12J# 
' 12 t ', ; -12U 

/ 

. 114*117* 


12 - 121 * 

U?8-I2l* 

1211-lZi* 

U-'aUk 

uiTuS 

12 - 121 * 


12- 12 a* [ 
lEij-iJca*! 

114-uai; 
iiifja | 

uia-Jis* 

nviu» 


Dlaeouni ' J Klluihlu 

Uompany martei I rtvaepry f Bank- Klpslrerle 

netywra nnpmlt [ Kills* i Hills? Bni«t 

I ia»4 j io-ii3«i - t ~ I 

j ia** - 

iUi* iu«; j 

i 12Je 12 : Hit 104, 121. 

j 1268 12 -'Jpn 12|* i 105a 

i — .1.2 116.1- 11*4. 12 12Jj , 

; - . - : - 'llrrll-H 5 13 





. . amhnrijv and finance house* seven daw aom-e. where wren dara’ feed. •Ungewonn local auihorfv mfirtaafe 

L0 2SLSS£ n Sai rears 121-151 « Jpr eeni; ? nu ' t2M3! utr cent; Brc years 121-13 per cent. 0 Bank bill rales in Uble 
taitf. norain^jy uiree » BiuniiR rate tor four-month tank bills 11 B». per cent; fair-month trjulc bills Hi per cent. 

aCS? sefliw rates lor gnc-rnonih ■nvanoy Bills llTjs prr wot: wA iwiwnonUi 11H1 *h • taf ww; three momh 

"LSL Aiwiwauie Mika* rale far ouMmnRh tuns bills 1 I»k prr eeni; hrt-momh 1115,9 per cent: and 
lit-] 18i m per ren^ . p fffl ^jnon-Jr trade biu» i2t p«- cem: twa-nmoih tSi per cew; and oIm fhr«4»«,ih *2] pe r cenr. 

•Jhree.monui .i t -ii i i i>> • by tbs Finance Home Association* TO per cent .from .November 1,1079. Out-tea Bank 

F i2*S C . e .J , f2r«HiflR sums at scum dW .naike.lfr per «au ciurina Bank &«m iu«« for Icndlns 15* wr cent Treasury 

~ , 










The dates when some of the more important company dividend 
statements may bo p-cpec;t*ti in the next few weeks are given iu the 
following table. Dales shown are those uf last year’s announcements. 
pxcept'Vff* re ! ^ e forthcoming hoard mt-e tings (indicated lhas*i 
have bean official!;, published. It .should be emphasised that the. 
dividends 10 he declared will not. npcossanly he at the amounts or 
rates per eeni iho- A n in iho rolutnn headed “ Announcement las; 
>ear.” Preliminary profit figures usually accompany final dividend 

unnouBcesocniii. 


RECENT ISSUES 



■Virtw md» • 
•AWiWl and 

Snilthrr* 

■Af! Food* •• 
ASWriaion 
C«nmanKH» 
ASsoelaliNl 

Dairli’S 

-AsoMaiteJ 

N'cWkpeP^rk 

*.\SZ BBtthW 

"A «'Wi 10*5*1 
dir tntol- 
•BPB IndP^ios 
-nArlat, iwnd 

Groin' 

I'harrUanon 

Iscr-v W i MUis 

RAfliiMCk 

.Hu* > 
*Bru. and Csmti 
Shlom/i~ 
■Brifiiiii Sai^r 
-Rroi+hanre 
Unr?'’"’ 

Coital ana 
i^Klen. Prop 

TounitiM' 

-n«m wan jail 
lii-DAral T* 
Da» -v«i 

imenuTtaMi 

nm 

nr,h«on Park 

Inds. 

Hiw «n * 

•Fr, acb Ki*r 
O-.nl. Flecrnr 
ill. I'nlt. Srri. 

‘.V* 

Hiibnr Ci*n>7. 
Hat* iMalitai.-' 
-II iijihros 
Ujn«nn Trfl* I 
: i” cis 
i*'i. 

Ji)nn«on-Rl<‘bsrd* 
■ II apJ R 


A.HIOlUli:#- 

T.HQI lift 

•• -'ir 
In' 1 .-79 

*•- .n- ; -..754 
IV 0 T4JS 


* nal ;j . *nrf 
rmai ; ::s 
ruui t :as 
ir.- r< 


f >:ia: .’ :a 
Fia«! r.,T 


in: 4 

V :r.a: IT. *13 

- injl j .i;* 

Final C 1 


In: 

in: C.nir, 
rmai • t-ib 

Inf 4 is 

Ir.i O.TZ 

' n- : I« 

In ..«rth71 
I :m1 i M7 
Inr. « 

J!" ’ TM* 

Kir.il i imr 
ini 4 
Filial * * 


Aanousc*- 
zn-r.r las 
f(»: 
Final ’.S 
Jni. j ii 
Id: So 

k:sj! lAltS 
in, * nm 
r.na! : 7 
Fr:. : «s 
!□:. •>.* 


F-.aa! ! 
irf I a 
F inal S.l 
It.:. ,-| :ei 
ICi. 3 5 


B 4M»r* 
*L:nda»m«i 
I.HfMi . . 

Llorli ar.4 

Sroclub 

*j i 

MEP< . . 
V F. Klronc . 
•M-tkl Co: ... 
Jti-rrr 

'Mont. L .- 
Xa-mnal and 
i : paid. Dn1:g. 
s «n-pit 

■\imnn. Foods 
•Pin-HAlon Bros. 
•PpwII Duffrvn 
“Ktqp Hays 

Wharf 

•pur 

•Rfloai 

F-Fki-lronifli 
•R.-dl^nd 
•R.i-s {.roup . . 
•5*tn. and 

Iniv-rre! 

•Sr-ftV 

sn,-:ij :mis 
S'j9*-s Irds 
,s:d j.-barr.'.- -d 
Rank 

S-ar. Huni.T 
Trafalaar 

Hous« 

Tutiffl tiiriss. 
ITu innl 

1 nianlr 
Whithreai: 

lav, *iai *r.\ 

Wllt.l7Vk>l; 

Mn<-h 


* Rn.ird nirtilnm intireas^d. - RUh»* 
•4Ji. <lfne madt - Tas ttv-f. 1 Scrip 
Hsu,- sir.vi- rnnd - fro-r rtscrrr. 



Salt S3 ,aT? 

— ; — 

~ HWii . Low 


8 »*«* 


?f„ - 

IZ i+ - r >■ 




42k P.P.'24iIi; A? 45 Arnciiffe HuUr» 45 u2.3? 2.4 0.B 6.9 

vSD.Wi F.P. — I lO 64 Athlon liming 60r 66—2 — — — - — 

JUJ • ¥.y. 22*11 HO .ms iJTErnujli Nrw.,„„ ...562 •‘*.7^ 11.9 2.4 96 

•4! F.l'., - 121' 100 KifihtwiM- 113 ... - - — 4-T' 



FIXED INTEREST STOCKS 



Tire. 

\2 

FiOll 7 475 

%>v. 


In- 

1 7 

Nov. 

2Z 

lev 

2 W4 

Nov. 

-.0 

iXIL 

, 1 43 

Mbi- 

-a 

ift. 

1 7* 

Drf. 


F r. 

a; -41 

N'or 


Fm 

ai 

Nov. 

A 

In*. 

ail 

n«?-. 

4 

I.T. 

7 in 


:i 

Final t 

Nov. 


In;. 

0 7M4 

D #* 

it 

Fiw, 1 C 

\OT 

■ire 

in:. 

I3ii 

Dr,-. 

l 

Tn; 

2 

r>..- 


In; 

: i; 

Nov 

J5 

!-l 

1 lAH 


«99=» F.P. - ihbr 
* 1110 1 4>1 l. > 

ElOC F.F. 16(11 107 
IJtl F .Y. - 

F.l*. 26/10 1.4c 
L97I-. £10 25 1 
»v r.F. - IV 
tsai'.i-so io i 4; 

1.-9 7 Ij t-10 Z6 1 


aki t Sojfi cars Variai»c 991} 

<1, knaioi W»terwf/rk- '•% Pr*. !W5 10 ...... 

101 'Crorhv Unuw IuJOjut. -w 7 .«» 103 ,| 

99) ,Nawnun tori* 10,*,, .Arr. Pr«-« B9f. ... m 

111 ,l’nn l*un.lfir l-s Unr.tn.-f 1 }S ... , 

■} :KI-.l.mau»W“Tlb 1 I'xbrMg? Water'd, ts .. 91, 

10A Kigbiv^ * ll s Ai*tn. I its. l-to 125 

?«<MU,srarl. l Orju lil}') 1>»). 46', - *« 

914 IVat KnnJ "air, i% 91- 



TOKYO. Nov. 19. 

is deveUipinc an " extreme ly 
prnfilahle ” husine.-* in rhe 
operation of its .vide hranrh 
network in C:iliforni:i and in 
•supplying the demand for ini! 
estiile and r-onsunu-r loans. 

Though European bnrrnwer.s 
have nailed down the lowest 
spreads .'=ern in the market — a 
mere J per rent over London 
Interbank Rotes in the ca*e uf u 
receni British mill lie* loan — 
some of tkit* recent syndication* 
for Asian countries were pric’d 
“ almost cis low compared lo Ihc 
risks involved." 

AP-DJ 




A.B.N. Batik 

Allied Irish Bunks Ltd. 

A men cii n Express Bb. 

Amro Bnnl; 

A P Bank Ltd 

Henry .\n>Luehvr .. . 
Assncial-'.s Cap. Cnrp.... 
Banco de f-ilu.m . . . 
Bank of Credit & Civ.ce. 
Rank of >'.} prus . . . 
Bank of VS.W. 

Banque l .id. ... 

Rannue ilu Rhnne 

Barclays tank 
Rarncti Chriiiu- Lid. .. 
Bremar Hnldinss Lid. 
Brit. Bank uf Mid. East 
D Brmvn Shipley 
Canada Perm’ i Trail... 

Cayzer Lid 

Cedar linidinu-- 

■ Charterhou 'f .Ijfhri ... 

Cbouiarton> 

C. E. Conte* 

Consolidated Credits . 
( In-opera live Rank . 
Corinthian Securities 

Credit Ly ennui-. 

Duncan Lv.-.rie 

. The Cyprus Popular Bb. 

Eauil Trust 

English Transrom. ... 
First Nal. Fin i V»r;>. ... 
First Xat. Sees. Lid. ... 

■ Antony' Ciho.i 

Greyhound Guaranty... 
Grlndlays Bank 

H (iumneas Mahon . ... 


BASE LENDING RATES 

ik B Hjnthros Bank 


Hjnthros Bank 1-2% 

Hil! Samuel 

C. iloare i Co I-?% 

Julian S. Hntlst- I3j%, 

Hongkong & Shanghai 1U:% 
Industrial Bk. of Scut. 10 % 

Key her Ullmann 12; ‘V, 

Kn Owsley & Co. Ltd 14 f% 

Lloyds Bank 1"-%, 

I.iindun Mereanuie .. 12;% 
Edward Hanson & Co. 13;%, 

Midland Bank 12: %• 

Samuel Muntacj 12: % 

Miirpan I'.renfcll .. . 121%, 
National Westminster 12].%, 
Norwich Genera! Tru.st 12i%, 

P. S. Bei>on »v- Co 121%, 

Ross minster 12 -%i 

.•al Bk. Canada Trust 12;%, 
SchPesineer Litniied ... 12;%. 

E. S. Schwab 13-’%, 

Security Trust Cu. Lid K5;.%, 

Sheuley Trust 14 %, 

Standard Chartered . 12*%, 
Trade Dev Bank .... 121% 
Trustee Savings Bank 12‘%, 
Twentieth Century Bk. t-1‘% 
United Bank of Kuwait 12;%, 
Whiter* way La'dl.-w ... 13 %, 
Williams t Glyn’s . 12!%. 
v '»rf:<hire Bunk 12 % 

\l-mhi.rs ui :i»i .Ac'**riiRa Hous.-r 
•.'• imnniKv 

!-<l.,r 10" I isnr.!!i B.-pon'* 

ju'--- 

7-rt.ijf dcrin-.:— . on bidh of f Hi ftUt 
jtirt imdcr IR'. it? i" OM io,*, 
ai:<1 nv-r ff.VMM 
•"all i|.'pnot>« over K*’" . 

P-maii.-t rt-w;(ls te*" 


30 V.P. /U J4 1V « • Mlj-A-tlmrr l Msdrier 

ab ‘F.l-. 30, b ^411 

350 Nu — — Bnwn .4. 

67 . Ni. 29.11 5 1 sifjon UlJ-tM l'«pi«r.SKilt 

12 ».»• 18.10 30 11 :• •»•**«»,• MW- 

88 F I*. 17 11 8 12 110 tiU J-xlte'iji*. i 

74 ,\il — — , tpin 51;,iui Inn, 

155 i F.l*. • h II 8 12. Jsw , 110 I rr.. *.-i- 


Hcmjnnattrm da-<? usually lust day ter 4*. aline nf <ijmp du- 
lu>rd iin prrisutciu • - umaie. a .*.*?; tuned dividend Jnrt v:'W. ,* K 

c-,vc-r ha*,cd **a pro' i year'*- eanun^-. ► Divid-.Hd and y.eld hav-d , 
>c .lUur '.lllcial p ::ina-.c* Inr 1979. i»Cr'.«. T Figure. a.iiihirC 

|.,r cnikvcrninn i.f ;h.i-* ■■ not new ranting ter divulv-r.d it rmtina ..r-Sy 
divvlriiflr. ! I'liOiw urirv in public fenct uni- <> mherwi* i- ir.di'.a 
b; leud'-r. 1 Offi-r-d in hoiairr-, -f nrStear; -hjrv> .»- a riah:- 

bv »•»!■ nf capiiab'aM,,n y Reinirndni-ed. " icuinI in v-ini-i ,-Ji.in u-i! 
i..,n. mcrfii-r <vr tai:v-Ter. 'i'! Inirndurin'-i. ”■ luni-d in |*mor ;->rei-r 
■ AlMmcni leM >-r- <-r fully-paid >. • PrnrlMt.nji or p.<r:t:--jald a[,V>i 

•ir ’.Vi;h w arrams. 


68 

3? 

48-.*». -2 

il-l-l.l ‘ 1 • 

14 - 1« 

110 ....« 
3l,|,io ..... 

170 


b Fifiurei 
.-:•« dividend: 

-•il pri'iSDPi.'fHs 
Ctivcr ailuvi--: 
l <r rr-iriciM 
n-U. ' HiuM 
- — I-.-’ieii 

:h re,ir^an;va- 

renrr li-iiders. 
rmrni hirers. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EPV 3Llt. Tel.: 0I-2S3 1 3 01. 
Index Guide as a( November 7. 1978 (Base 100 al 14.1.77) 

Clive Fixed Interest Capital 12SS9 

Clive Fixed Interest Income 113.69 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhiil. London EC3V 3PB. Tel.: 01-823 6314. 

Index Guide as al November 16. 1978 

Capital Fixed Interest Portfolio JOO.J4 

Income Fixed Interest Portfolio 100.01 


l.fL Index Limited 01-351 3486. Three month Silier 308.7 311 ji 
29 Lam on i Road, London SWTfl QBS. 

1. Tax-free trailing nn commodity futures. 

2. The commodity futures market for the smaller investor. 


SPECIAL DEVELOPMENT AREAS 


/A 


One niwiUi p.a- Three nwmte a .a. 

•mr-0.B2c pm 0.14 DJlMLZJc pm B.V9 
BJ4-BJSC pm L.7S l_6a-U0c Ptn 342 
31 -2c pm 1-53 I8-15C pm 246 

X.7S-2.2S«redlc -44* 5.75-6J5arodls -1.46 
X-23-UArfpm 7St 3.47-3. Wpf pin 848 
35-U0cdks ~7744 13| 500c db -2777 
par-BJBc dte -1-63 1.10-lASc db -*.73 
2.70-3JB1lrodb -4JS 94S-U.15llneiib -44* 
O.I59redb-OJSpm OJM XJ0-I.8>orodk -146 
B.96-8.7SC pm 2AI 2.83.2.73c pm 258 
D.85-B.T5are pm 2.47 24S-2.B5«ne Pm 148 
1.79-L55r «n 1B.C fl.HM.7fiy pm 10.10 
64B44«WO pm 4.73 l*^fr-M-Mqnipm 4.27 
1.45-UOc pm 10.13 4.744.6VC pm 10.91 





* ACE KILBRIDE 

(Why did 740 Companies before yours 
progress to East Kilbride? 

A good deal.) 


Many world famous and household 
names are among the seven hundred 
and forty industrial and commercial 
companies who have located in East 
Kilbride, since Scotland's No. 1 New 
Town was first established, and the 
direction signs which they followed 
are even, more obvious today. 

Why did so many companies select 
Hast Kilbride in preference io other 
Special Development areas? 

Probably becausefor thirty-one years 
East Kilbride has believed in a full 
team effort between the New Town 
and ihc incoming company, to make 
sure that you: move in and move in 
to profit with die least inconvenience. 


\Yc put our heads together with 
yours. 

Today, the top men in the East 
Kilbride Development Corporation, 
who worked to make a success of 
more than seven hundred relocations 
arc ready to put their accumulated 
experience io work lor your com- 
pany. 


If you think that thirty-one years* 
successful, practical experience is the 
extra that makes East Kilbride ihe 
Ace in ihc pack, a 'phone call io East 
Kilbride -1 1 1 1 f could pay dividends. 
Ask for heads George Young, man- 
aging director, or George Grassic, 
director of development. For a very 
good deal. 


East Kilbride 


We put our 
heads 
together 
with yours. 


<<{< 


SCOTLAND’S No 1 

The Town that was Built to Build Business, 


EAST KILBRIDE DEVELOPMENT CORPORATION- Athol! House. 

East Kilbride G/4 ILU. Tel. East Kilbride 4111 1. Telex 779141. ' 
Our London contact: Jack Beckcu, Scottish New Towns 
London Oflice, Tel. 01 -930 2b? I* 



























54 



K. 


Thiv jnn'-.'yn. ?r-:^: arrears as a matter pf record only. 

BANQUE ARABE L1BYENNE MAURITANIENNE 
POUR LE COMMERCE EXTERIEU,R 
ET LE DEVELOPPEMENT 

HJ.A.L.M.I 

U.S. $ 18.000.000 

v .. : -: :r floating rate note 

u n>: i jnr] irre*.o<ab!y 
jx.'irantred bj 

THE ISLAMIC REPUBLIC OF MAURITANIA 
LIBYAN ARAB FOREIGN BANK * 


a-rane*»J 

AI-UBAF Group 

“ I <1 Jr) hv 

UNTON DF BA F* '• L - Mif- I T m *NC \ISE* - U.B.A.F. 

t v. ■ i u \kh M inn 

EANOLf I :«■ T i R ■ < !"■ r I \ h N r \ I I ARABE i B.I.A.) 

\ ! t "■ I |M H \\OI I 

V i: iF IN i I i'N \T If »\ \l R \Ni; - i iiro 

A R \ R t 'll’- \ t i p it; \ \ r: \ m: - \ r i. ' b.-' n k 
A P U-:- T VI •. -I \ N 111 Y I [ * t I'M ENT BA N K 

itcrliml 

R WO i M- r-i 1 • V i| ^ V i \Rf <R \NK) 

BANQl.T A T B I I 1 J\U r\ • I U I,\ M 1 |1T\M M ISSEMENT rB.A.I.I.> 

• R \ N ’• l: ‘ F- I • I *.M M I IN WO I I Ml I L n 

u m r m w i:i in i i I’.nn f ikaliai s.p.A. 

:Tl n.'A Nv.osinicm Company 

f : a n i- 

UMON DE BANQULS A R ABES ET FRANCAI5E5 - U.B.A.F. 





WEEK’S FINANCIAL DIARY 



0 03 Bja 


TODAY 

company meetings— 

Service, ia 
SY cvruiac 10 1 

'I’^'^YKhmiUJBV In*. 75 . 5 »** L a "°- 

BOARD MEETINGS— 

Finals: 

Auar^jiia arm n«w Tpjij,,,. pjf, r s 

interim*: 

8msiI»cV sa 

FAjh.Or 4 nd Gvnoral ink!*;:. 

Reiman; 

Aognrr 

. DIVIDEND 4 INTEREST PAiME"™— 
Allantit Assets Trust a 4p 
Caterpillar Tractor 52' -cb 
E.c.ieiuer ifpc T9 RB‘m.'i« 

Glaus* fw. A j.) ! S | -Be 
susDlemenurv ainrihutlon £■' 
o h v 3 M 78 ) 

Ha» iNoimin) l.&p 

Manners a. 90 ap 

Midland inti. Fiqjpet (•"■'f' * J 

'U. 5.44.24 

M J n f frrsluae* v>M «- r « r *r* 

Hislrili»Non 0 ( o. 019 ]Sd pj t 077 ’ 

Nnllpp l ?30 

Kentakri o ? 2 o 

Sfracrson Murray * Elder i k*Je 
waoa A Sons q 57 d 

r.QMriN v SBBffigIL 

A'Sam Tr^rjimj Vretnns M«« 

««<! WC. tj 

raatoear Ind inv». Winrh*«>> Ui “ °' e 
Broad Si.. E.C.. T 2 

C-d'fl'i- inn Television. Straflv M - “- W ■ 

> 0.30 

P“ , C , 'ar»e«. Hcwmi r* «.le?*-rd 

L*pr« 1 J 

BOARD MEETINGS 

Final.: 

All,** Rrnw^'i^f 

Atlanta Rait niore 3r „ rh.rir' c «= 7 "»; 
Onpie Inti. 

Harehro* 
iv.ne Patter in* 

York-! ana Lsnr* lr—ejt. Tfft 
Int prime: 

B-lqr»y- 'P' jrkllpjt d) 

Bian A’r' 3 » 

Bra-rmar Trur-t 
C»an> nl Lord* 

Grampian TV 

CrnHn-i aim Ltnrnr Tt* 

Metai Bn 
E Sm'Ni Line 

yrnnortry 

T.me* Vaneer 
D1VIOEND \ INTEREST sa . MrtiTS — 
n-cuit'irai Mortaage Cnrp 3 r" Dea. 
ig? 3 -B 3 2 : ; pe 

Dn 3 «:|ir Drt) 1975 - 7 H » '.p- 
Arnijirdno Ecu I Dm em r.asabr 

Hi-«criirt Ire-,. 1 550 

RuWn IA r.» Ord. A A 0 fc 2 ?T 
Cain at London 5 'iof ig 7 ft-T 9 "it* 

O'- 7 .-DC 1979-81 J.'.k 

E’arr Smith GoldibrouBh M--* I 9 t* 1 - 
Nvaoaur-d fine 1976-79 Jpr 
Sharps- (Charles] Ord. 17 . 76 r 

WEDNESDAY NOVEH.tn 73 
rnMPANV MEETINGS — 

Barr ail Clnvj SuvoY Hotel lv r 1 7 
PPM JB Col morn Clrcu* C'‘ B *"*' ua - 

Ci-inlnqliam. 12 s <1 
□ aarnpy Dav Garrard H<-P 

V EC. 11 . SO 

Fl.on War Thptfr 

II i! 

Gaiiilrrir Rrmdlnv Pear Mia r«.«rtt» 
1." sn 

FOARD MEETINGS 

F Irak 

h.rfnn 1 -an^piyf 
' Albert i 

r— prlS r.lt. anrt rnmT»rri|| I - . a.. Tet. 
Snlerim.- 

M'r> iCagart Ralfpi.r 

•\ntf»“«i S|raf#i*lyd" 

Siwjlrri M»*9nnart 

Pi.lmrr and 1 . 1 1 01(1 

nit i 

::'|.tu- 
C— I-Ia-Jlfln 

:- -J„he) 

Fa-n" 

MK rianlr.r 
iru. i 

"i; in.eji. T?t 
ram.a Grp. ( r .|hl Ifhei-a ■ 
lain 

l? VII>»-|p 4 |WTCB£ 5 T Fft-. 1 SV.TJ 

"'jr-l A -Tl'ihlln r-n.i|m.r: -la? r-r. 
fi.a I Ip 


Ac 


f.r?.ian 

N-rlr'k 


B-a-nnsbeld fi '.Pc Red “J 1 1 7 » 

8*»ntr« •> *o: 22 11 ? 5 

E3 psa? 

Brwiwadd 6'iOt Bis. Red. <2 " 1 ”T 
E 3 .SS 0 S 

RriaMon 6 tor. B?». P»C. 22 11 “5 
£i S 50 > 

B'irniev 6 . oc Pbv. #*i 22 il 7$ E.T.03S3 

ChirMnew* - F M 5 .' Esti 0 4 a 

Cancianci 6 ".pr B 3 J Rec. iZZ "t 7 £* 

Ei^i" 5 ^?" Go:d*t?i" 0 . 9 P 3 S 2 o • I ncj. 

sano:ehientai.-y c strihur ci ot O.OiSSZ? 
n a yr. i97?i 

HerHordthire 5 ioi R?o 1S7S-50 Slept 

Kirk less 6 vpc Bds Rri 22 n ?E E 3 . 5£ , '3 

New Fisrwt 6’lF. Bd 5 . B«(S. 22 71 78 

NorthamBtfln 6 *Di Bl». Fed. S2.11TF 
£ 1.5505 


L vl-! 'S 


Rnvmnev Va.iftv 6 'sac 67 ; b »2 

22 1:70 

£ 3 . 550 ? 

Roc’inaie G •« 

Pdi. Bed- 

22 11 73 

L 3 530 ? 

E gr.-wr.vn b 'in- 

ROV. F*fl 

22 1 1 75 

£3 5503 

Sr'ip-i 6 .er X(i' 

e« :: ii v« 

£ 3.5503 


Sidra* CancrrlaTirn af n: t sc U7S. L". 
1URP.A1 (nr EAjtii .-»«h pf in F 0 Oi C. 
•i.in m U U tr«j. 

S Gtamoroan h'tpt S 3 s. h — 1 17 11 

C 3 SS 03 

Sni.ti.warb ft'-p. Bret. Ri»-( 12 1 1 7 S 

£ 3.5503 

St-»i'ord;nr« P'ter 8d*. Dej. . 17 . 
£ 3.5505 

Walker 'C a w i ? ~ :-r 

THURSDAY NOV[Mp{a 7 } 

CDMFANY MEETINGS 

Unseals 27 M-» 5 ».. YV.. 12 
GinfO": IM P.-Utr« p( w 

Souinpnn II 

Oi“an» Co B > 13 F.nh'irv C-rr'I. 


ea MtT 1 

r r 
Hevte O'd 


l f 

Wva‘- WTod-Tm Wme'veiTtr 

5 >-dFe sr-**» ec i :. 3 fl 
BOARD MEETINGS— 

«■"»»• 

ft L ,o«-1 and ST“*f! 

A(| 7 !<j Am*'. Cdn. o' 54 
BrntHiouse 

G'cnson (M J • r.^nyrr-^-f 

Hin Wharf 

Mejs,n a ,Tr>ns»agll pa, 

St.'tf-s , » ifl'c'.. r-.». 

.:«-Vlaka 

Interim.: 

A i *•«< Letlhpe 
B-imn nj 

r :tltal an«l !_"•!■- -.a, r~J. 

Darrmiju-h Inraffts 
O-jnhiM lAlfren' 

F mnrn K-e- 

M i - Inn lAmni: 

LotVer ITb-yria.i 

Fnwnl: O'lB'rn 

Red«end 

RnnoH 

Bn-lirijn ln -1 

DIVIDEND A INTEREST FA«rMENT 5 — 
C->nrra' Sret and Wfte- De». 9 n*rd F-.-j 
R-IV. R«»d. 21.11 T? Ai|.pr 

rMrlr«n I pH Took Oebe. 51- '? 7 -BT. 

'ft i? 7 .*I 21 pr 

Da~ric» Dat G-iup 1 25 p 
Orwh'lil 'I J ‘ o ic 

EaylbOume 8 ‘»pr B-J* R“H '.It TO 

4 ..[» 

Err.hrr. jc» 17 <er 1H| B-ir- 
H'.nl.nc: A«*.{*r led. 1 3242 ?r 
MIDglrnnplarv d'alr.SntiOn n! 0 02422 a 
-> a rr 1 0 - 7 ' 

K.AMVIrt 13 pr R-lv Kn«. IO j »2 

£5 0 «T 5 

L am ft a Jr/i .m mft-" ;-n-. .o'u-farr liq-i'da- 
itr.nl *r 

M,nr.fiaitr* V»-. Rale Pn« Serf 17 11 Sf 

If 1 J 

Cw-dHt * 34 r 

u.l|r. ».«!•«. Vat. Kate Ri-a. Ren. 

i'H»J £5 15 
►I'rlk M "| p 1 AS ■> pkr 
Qr .ana run n 71 d 5 p 

p. iirii-rT.a! At. 7 *« rir-l'd.i II 17 -'.—.'' 
l>. Iitl-.M*'",- ?f C» "ft a v- t 977 - 

F-1. n-n.-a : n-.r-r An! Ran H'.C «*..pr 
5 rTylntnvS.-e 1 .ft- Ri: Bar 17 IT 5 3 
1 "iP-- 

1 -pi;i.'i I. - 1 V.ft* l?t; “"it- 

W i -*iiB .1 ’arc Rrli. Reri J! 11 To 

4--P- 

FRIDAY NSVFMRRR 3-1 

rftMr.INI i-erTiNf..... 

ftka. — rnall cnart-re- A-r-..-*a-:t Mai- 

F t 11 4 5 

lrjlll Inn 7 % MarH-rre B« a -I-! •-• J->* -n 

17 ” 


•• ««. Ofceacg- 

. ■? 

M 4 e-K 4 "-t?*n,..er MAraHen.Gieitf,**, 

D-sl ' s-r C '4 5 C ,: *“" * SinPtRire. .12 
BOARD MEETINGS— 

Pins IS ■- 
Sl« L TU 
Interims: 

C'-TiTjS'B-, • 

R.» ruia 1 " Petr 

R:Sft'E 4 ft-. FOftAI 

2IYIOEN0 A fifTeBesT BA Yfc*ENTV— 
Aur-c-.-itj-a Mo-i 3 * 3 * Cerp.. 14 'rac Bus 
RC 5 . 24 u 7 S £ 7 . 3560 - 
Atlifu -d 3 3 p 
O r. C»p 3 i 65 o 

Anc-ic- C-;i-ica; Z-'p f'ne'Kdes «voo!f- 
tc.::y» d'kirb'jt'Tft of 003 o pi n. 
1977 

Anc-s 9 "-o-: B - '* R* 5 - 30 5 79 4 'tnlK 
Ashij,? 9.07 Bd*. Rn) 30-5 7R 4 i-'imx: 

Assa-r Frs-; n 7 e» 0 * 4 . 10 b 

DO. PI? 4 . 9 o 

Baker Cs’D 

Sasi'odr lire. B.is Red. JT 5 80 T--a? 
Bf-tb V»:»r >0 :0t B-H Red. 23 5 T 9 

Ca-rrst 1 6*n 
Carse*'* i 347 Ar 
C!ec:'sf:ea P««. Rea. i0 5"9 

4 !-i*a: 

Ct'i r'antal.r’'} 2 12 ?r 
Cnrjyap:r, o -p- pny. *f“n A-'i-eir 
Qj-J-rr 9 -7T B* Sft: jn 573.4i-.jnr 
E*»t StF^F-cs *-- -* 9 ".»C »es Bert. 30 8:79 

4 I’-nK 

Rarer- CSrO 55 tfly 
E-’s'-rt Fnrpat tn-.se Bd. Red 23379 
i'.p.- 

E- tv On* 2 i? 59 r ii"Tir»'iP» tuerfement- 
ar* !,»--iiDr of 3.955 to oa rr. 4977 
F|;r?" t^rlr:-- c‘ 2 jt? 3 n 
G 7 Aft a 'S'rrl -;. Fd Pt9. Pr*. AOo 
Gaif.mr- E--"ft'*v 3 6 A 7 e . 

Grodn-a- R-nj a. 5 ir.k"«" 9 . 913 b 
G' ana- Ord. I 7 .V»p 

Hade- Ca— e- !r 

Harm-., tl'ior Bdt. w W. 39 i *» I’-'iMJ*: 
H-’t-ir Fonlarai t liMSt - iVriud-’S 
sjoaf tnr'n a.*tt o-iUon cf. OOSBOSd 
O a »- 27 7 ?Si 

:-ea:' i-* V 25 o 
l»ti Cormetria’ Ran; if Ct-FJ. 'Tatoienl 
fn-'-t Bllr »*r.'c» I-ltJ U-.S. 453.81 
l*^rr E er-r. .-f* A Ord dr 

v eite, m 9 -.r: Rdt Red M). 5 ~g 4 *.-iior 
L-rdSlV 4 W r«a-r . tft 
LftfST- A M-q- 5 .r In. T — A El 5 D 
;e-> fa-> A S»- 4 »yr.*ee Tr o: t Ord. i.ijjh, 

L-!"i i- 10'jft-: Pa*- B »T 23 5-78 ' 5 >aiK 
L -,-t-in var Rax Pot Rrrr lA-J-BS C 5 A 75 
Varf'-.Riack Is 
Vrat Tra-M s-lftj»‘ ery 4 . 02 o 
M-,: P-~ft C'd. 1-33230 
F-CVi-r al t y j-wir—s 9 llkn 
Rr-.r| ■'ft llpr. Rrs Red. 2 1 5 ?? 5 :DC 
Re-.trr—ei 1‘tft 6-ii. Btn Kj-TU tu'iuv 
=e. T- Ci;tn r- Ord A JV.b-- 

S»“r> ff.pc Bra R«a. 30-5 79 4 -t*pr 
Sri.-duT 3 5 ’ 1 Eft ■|r- , ude» tuortemeoiterv 
ntj.TlKj.inn fi 7 Ct’ 5 o ■» I rr: 31 1781 
5 Krr-'ftrrt--.*" 5 iQ' Bds. R«d. 30 5 ' 7 R 
A If :.D-. 

s k erietcn va- Rare But. Pm. tb- 3-83 
£ 5.475 

5.- t-ama-f- l"n w-a:it asm Ena In nr) 

5 .nrjl Mi 1 1 ? ?a-“ FjcIfOt 3 5 o 
Si-u-h-nark va* Rale Bdl Red. 13:543 

£ 4 . 47 ft 

S 1 -; f.itI re 2 . 3 * 

5 -rne ?:a— l“7v. 7 . 7 I 5 ?I|t 'InrljOCS 

'•IW.pri — a-y d'*—.h'H-ir rrf A.OIOlSo 
r a Sit: 7 “ 

ptrnt.a ? -!■! *-• Rrit- 50 9 T9 ' 4 ;"mO* 
S-*ie Va- Rate Pi', ned 20 VM tj 475 
Taikj C — r- :*« C"o it- 
In.-ti— ;=c S Mfti.-rg Var. P*te Bav. R«t) 
1 ? S 3 £5 4 T 5 

T-an-'ft o-.-e HU Rnq JA 5 79 4 L‘,«pc 
T : — rr i 'iwii O-? 4 . 5 o 
Y/arw Va- Cat* hfv Rauf. 1 R S'RT 

£-. ITS 

WTift tv-vn'T*’ Vr 

SATURDAY NOVFM 8 ER 23 
Ba— i'r» ■; -.ft' B 1 V Sr. 1*1 J r; A*i>K 
r T -a ■ Sard -1 -ac-. Pdf Red 21 ‘5 iMJ 

«it- ,f i.' i- M, Re- 19 5 ?a 6 :, tec 
c.-rar Dr- 3 r-r 
E-m-a-.r- »:•« s’sa S -pc 

G-r>te- ir--r -J -or. 1 ?*J (' <R 
G».ir-^ May neater Jir.pr - Rov. Rod 

lr-'ne*r- 1 1 ar- R-* Re-. J 1 5 M gt’ -eiv 
I.! ::s- -i-a-.a. ~r 
rr— i. Va- 
cs 473 
5. --r- 


Bate Pm. Red. I?spt 

'aft- - a- Sen. Jltk-Ffll 


' Financial Times Monday' November. 

CONTRACTS : “ 0 

GEC drive motors ,k 




rFC EI.ECTR1CAL PROJECTS 
hac -c;Tived from Head Wnght- 
Machine Company of Middles- 
b SS f fl*. order for electric 
drive equipment and power d£- 
tnitT.it inn for new electrolyhc 

Jinn.nc comp*« f« r Zwka-Sabac 
Lear Bctarade. A total of approxv 
mptelv inn d.c. drive molors n 
m voiced 1 in the order, all 

supplied and controlled from GEC 
ihvristor convertors. Thp d.c. 
machine?, together wnh a further 
Sac. motors, brines the aggre-. 
r' !e power of rhe dn«n to 

arnunrl n.ipfl kW- In addition to 
fhP electrolytic tinnlnc Iwe. Uk 
GEF Elertnca Projerts contract 
rmcr'i i» rt cut-to-lenpth lines, a 
roil prenariatinn line, an mspecr 
linn lint- and dislrihiiuon switch. 
" , r \ flam looser for the 
b-)H hr kiippliorl h.v GEC-EUiott 
p r0 re- * Automation. 


JOHN F.PIST has ipnired two enn- 
tracis. together «-orth over 

CJDfl.oon to supply and tnswi 

bulk maiprjat? storace and hana- 
linc pt?n« for Brett' Bentonite, 
and GR-Stein Refractories. 

Ar 

DF-IAPFVA HONING EQUIP* 
MENT idfViAlon of David Brown 
Gear Industries! has won an 
order from BL Cars. Loncbnd^e. 
»orih over 1500, f«M>. Four fully 
auromalic transfer machines, plus 
cnpcial i online and fistures. will 
ho Riipnl'cd for honing car engine 
cylinder blocks. 

* 

SE J.AF.S JE?n) has .received an 
order from The People's Republic 
or China for precision electronic 
instruments. Worth over £110.000. 
I 15 for ihe supply of a large 
jiunihrr «f digital- voltmeters, 
claimed to oRer accuracies of 
butler than one part per million. 
* 

Work I«a» carted on p S.OOil sq ft 
sdiance factory for 4he Develop- 
mnni Cnnrnnssion on the^Trenant 
lnrliicrn.il Estate. Wadebn'dge, 
Torn** a?: '*t ihe terrace type, it 

ran he divided into two units or 
ahon; 2 .»wi ft each. The con- 
trari. worth about fW.OfKI, has 
hern awarded in JOHN START 
I CONTRACTORS), Truro. 

•h 

BHTti FL l rn ENGINEERING has 
.ja»n awarded a contract b.v 
She’d^n Industrial Equipment tn 


carry out- war tests on the " 
H a mm e [man - range Qf . high- 
pressure -water pumps. The aim. 
is to enable theurto give then- 
customers realistic Tigures for tbe ; : 
life of pump mternaf components 
over. 4 .wide: range o£ -warkiag- 
conditions, certified by BHRA d*'’ 
wdependeot experts: m 
of water jetting-,. . The' Brsr slaga 5 ' 
of this contract is -worth. £7,asiv 

T. B. PEARSfW AND SON. 'New-.- 
castle upon Tyne,: Iwa contract 
from Babcock and WUco* . f Opera- 
tions). The worn worth' over : 
£100,000 fa for (Tubs and duciworftr " 

A cos train worth about fToO.eto- 
for high performance hg arim; prei 
lector headsets bas been 1 won hv 
RACAL; ACOUSTICS, W^ible^ ^ 
Middlesex; Awarded: : by : the 
Ministry' nf -■..Ddfehte"' (procure^' 
ment executive), the contract a-.-, 
for thbusihdii ;pf ; ”Sanovahffi?*..r 
staff user headsets, used widely' 
by British defence, fnjtes equippeif 1 
with “Clansman'’: rad ip cmnnruo^' 
cations systenCfor use- nn 'gim. i ■ 
tiles and- in iohidesi 7 - 1 v- 
.-j-* .^J ;■*,;■ - V.-.^-z. 

' First' larce clanns coirtfad f9r>' 
Reflectafloat— a.'- . ^uew ; 
reflertlve solar nihtnd glass Erottt^ 
PILKINGTQN r-.will be MetrtK* 
politan House,' Jt ' ' 3K0 06 T gq -ft -i 
office block in - Wembley feint.: 
developed by Ghesterfield Proper- ' 
ties. Wo rth . fffiJWO; a : 

nearly iOOp sq' niea^ of silver - 
Reflecta float wiU_.be usW, Uea> 
majority. tnCorperated ih lirsu-.'- 
Utht double-glaang units, with wr-rr 
inner pane of ffymm ctear fifet 
glass. Sin gte-gteud RefiectaBoat 1 '.' 
wilt be used as spandrel jwtrelsittj] 
complete the buUd tug's > mirror^ - 
like facade. 5 ingle-glazed ReSecte^. . 
float reduces heai rransunsBion - 
4S per cent: and 'light transmit*- - - 
tance by 67 per cent ' Corcbhi.itiZ. 
with clea r float glass, .in. -doubfe^ 
glazing unite! the . glass-; rejected 
solar hear sairr _» summer - ajwl> 
provides thermal insolation sr-‘: 
winter, saving air-condinoning-. 
and heating costs. . ./ 7 . 

... ' . ' ~ , . “> 

- O ■ ■ . • • ' r»* 

Bank brhnch ; - 

BANK LEUSH (UK> is fo op^T',- 
a fourth Loud nri. branch at. Gants 
Kill. Ilford early Beit-, iyeaf i^:: 
already has branches To. ft e City^ 
the West 1 -Knit, a ad. Goffer^;.;- 
Green . . . * * 







Bowring in 
the UK and Ireland 


Your insurance problem may be relatively 
simple and personal. Or it may be concerned with 
the needs ot commerce or industry. 

Whatever its size or complexity. Bowring 
can provide an effective solution. C. T. Bowring 
(UK) Ltd. operates at 42 locations throughout the 
country. This means that near you is a Bowring 
office backed by the skills and resources of a 
world-wide organisation which places business 


through Lloyd's and other major insurance 
markets. 

Bowring service goes even further, to 
include not only insurance and reinsurance broking 
but also insurance underwriting, credit finance 
and leasing, merchant banking, shipping, trading 
and engineering. 

For help with your insurance problem, just 
get ia touch with any of the Bowring offices listed. 


C0NTTACTS:- 

ABERDEEN 

Man Munro. 

Jane IH Macabser b Absm Ltd. 
Bowmatar House. 

H Ban- Act oid Square, Aberdeen. 
ABS IVD. Td: 022* 53631/26133 

BELFAST 
Rot IDcfl, 

R. Martin. Son b Co. LM- 
Bedford House, Bedford Street. 
Be/faS BT2 7DX. 

TbMQ 32 4368I 

BIRMINGHAM 
CyrN Ayton, 

C. T. Borning 6 Hughes lid. 

Bank House, Oiery Street 
Brnrangham B25HH. 

Tel: 021-632 0100 
Dave Pearce, 

Shimon Insurance Services Lid., 
P.0. Box 500. 

IB Newiown Ben ret Centre. 
Birirangham B19 2SP. 

Tef- 021 359 2081/6551127601 
32721 607112556 

BLACKBURN 
John Sark. 

Bownng lyson Lid., 

Refuge Buh&igi, Ainsworth Street, 
Bfodtbu.-n BB1 6AZ. 

Tet Bfockhum 661779 
BRADFORD 
tan Oaks. 

T. L Daltos b Co. ltd, 

Forster House, Bradford B0 1 4TF. 
Tel: 0274 24243 & 27191 
Peter Bennett. 

Shipioo tnsunnes Sennas Ltd, 
Commerce House, 23 Cheapside. 
Bradford BD1 «ffl. 

Tel- 0274 32114 & 28073 

BRIGHTON 

Paid Sculi. 

Shiptnn Insurance Services Ltd, 

4G West Street. Brighton. Sussex. 
Tat 0273 3383 & 2338) - 

BRISTOL 
ffvfd Dawrtpon. 

C. T. Bowring (Western) Ltd, 


York House, Bond Street 
Bristol BS99 7AE. 

Tat 0277 423671 

CARDIFF 
Brian Speed, 

C. T. Bownng & Hughes ICart&ffl Ltd.. 
22 Windsor Place. Cartfiff. 

Tel: 0222 384281 
CHATHAM 
Pmm Bamte. 

Sthptoo Insurance Sendees Lid.. 

284 ffigh Street. Chatham, toil. 

Tet 0634 44355 6 47641 

CORK 
Patw Whyte, 

SdBvan & Whyte Ltd, 

12 South Meft 
Cork. Ere. 

Tet Cort 25331 

DOUGLAS, ISLE OF MAR 
Ledre Doherty, 

Bowing Tyson (L0JMJ Ltd., 

X Hdgaway Street. 

Douglas. Isle of Man. 

Tet 0624 23941 6 23236 

DUBLIN 
Briai Mathews. 

Mathews. Mufcahy & SuUwrtand Ud, 
1V11 South Lemster SreeL 
DuWn 2. Bre. 

Teh 0001 717161 
DUNDEE 

Drew Robertaon wd tan ItttchBl. 
Bownng Rotartson MHe&ell Ltd, 

Z7 South Tay Street, 

P ip u i — DD1 1NR. 

Td: 0382 21011/2 

aiNBtnei 

Doug Smith. 

Preston Piiwb# (Scrttaid) Ui, 

52 Albany Streat 
Edmburgh Bfl 30R- 
Teh 031-657 0924 

GLASGOW 
Alex Munir, 

James M. MacatasUr & AEsra Ltd, 
The Bowfiog BaUng. 

151 West George Straub 
Gtesgow 62 2NZ. 

Tat 041-204 2H0 


HITCMN 
George MomN, 

Bowing Bradford Ltd., 

Garden House, 42 Bancroft. 

Htchin. Harts. SG5 1DD. 

Tet 8462 54451 

LEEDS 

Grdwn Freeman. 

Jowht & T ree ma n llmnncel lid, 
Unerva Houta. East Parade. 

Leeds LSI 5PT. 

Tet 0532 38053 

UMBUCX 
John Bermktgham, 

Mathews, MMcaby 6 
Sutherland Lid, 

1 Upper Hartstonge Sheet. 

Lmasrici. Bra. 

Tet Limerick 49155 

LIVERPOOL 
Derek Cassidy. 

Bowring Tyson Ltd, 

291 Setton House. Excha n ge Baking*. 
Liverpool 12 3RP. 

T* 051-236 9681 

LONDON 

Roger Madde. 

C. T. Bow ring I London) Ltd, 

The Bowring BajMng, Tower Place, 
London EC3P3BE 
fet 02-283 3100 
Peter FYice, 

C.T. Bowring & Laybore Ltd, 

P.O.Box 130. 142/152 Long Lane, 
London SE1 40E. 

Tat 01-623 1811 
John Batman. 

C.T. Bowing 

PrafesBonal Manmty Ltd, 

The Bowing Bidding, Tower Ptace. 
London EC3P 3BE. 

Tet D1-2B3 3108 

NUUKHESTER 
Sydney Dobson. 

C. T. Bowring IMandraMBrl Ltd, 
Bamefllfouse. 

S3 Fountain Street. 

Menchoarer M2 2BB. 

Tet 081-238 4971 
P«er Uaifflw, 

Schofields fHefcSngd Ltd, 


Equitabis Beddings. 

13 St. Ann Straa. 

Manchester M6QBBA. 

Tel: 061-834 2323 

Dave Jenkinsun. 

Shipnm Insurance Sendees Ltd, 
P.0. Box 416. Si. Andrews House, 
Portland Street 
Manchester M60 1AJ. 

Tet 061-22B 2244 

Keith Rmrinon, 

Shipton hswance Services Ud, 
P.Q. Bax 449. 53 Spring Gardens, 
Mandnestsf MGO ZTH. 

Tet 061 229 3581 

MIDDLESBROUGH 
BN Pari. 

Preston Powel fTeesskM Ltd., 

122 Borough Road. 

MrUedraugb. 

Teesside TS1 2EY. 

Tet Mbddtashrougfa 249831 

MfLTOH KEYNES 

Budge Rogers. 

C. T. Bowring (East end Ud, 
Stephe ns on House, 

Brunei Contra. Bieirhiey, 

Mdton Keynes MK22HL 
Tat 0X8 6411680 

NEWCASTLE-WON- TYNE 
Hex Preston and Rots MBer. 
Preston Powel & Co. Ltd, 

Buhnan House. Regent Centre, 
Gnsforth. 

Hewc n st la m on-Tyne HE33LS. 
Tet 0632 850141 

NOTTUIGHAM 

Jim Martin, 

Shiptm Immanca Services Ltd, 
25/27 Maim Street, 

Notfiaghare. 

Tat 0002 5B348/5B416f55922/SB005 

PORTSMOUTH 
Tony Langford, 

Hapnin tasunmee Service] ltd. 

7 The Tricert. Market Way, 
Portsmouth P01 4AAL 
Tet 67BS0125B1IB1 1011 


Bowring Insurance brokers to the world jfe 

C. T. Bowring (Insurance) Holdings Limited, ^ Wv 

The Bowring Building, Tower Place, London EC3P 3BE Tel: 01-2833100 Telex: 882191 * 

A member of The Bowring Group 


i - 
i.' 




ROMFORD 
Gnduan Houdn, 

C. T. Bowing (London) ltd.. 

Penman House. 

16120 Wdoria Road. 

Romford, Essex RM1 2TJL 
Tet 7D 22444 
Pater How. 

Shipton Irauranca Services Ltd, 

14 Woriarn Road. Romford, Essex. 
Tet 78 22225 

S1DCUP 
Tony Rapin'. 

C. T. Bowing ILoodon) Ud.. 

Mariowa House, 109 Smtun Road. 
Sidcup, KenL 
Tet B1-30D T7S 
Ray White. 

Shipion Insurance Services Ud. 
Marlowe House. 109 Slaton Road. 
Sidcup, Kent. 

Tet 01-302 2561 

SOUTHAMPTON 
Jack Thomas, 

Bowring Rose LuL, 

Kauatadr Chambers, Owens Terrace, 
Southampton S09 4NS. 

Tel: 0703 34333 

5TUKE-ON-TREHT 

PtufipHwd. 

Sowing Tyson Ltd, 
ftonmch Union Hoias, 

Trinity Street Hanley. 

Stoke-on-Trent ST1 5LJ. 

Tet Stoke-on-Trent 20884 

SUNDERLAND 
Don Lamb, 

Preston Powel (Wearride) Lid, 

7 Grange Terrace, Stockton Road, 
Sutdertand. 

Tet Sundertand 78ES1I3 
WOLVERHAMPTON 
Join Kendrick, 

C.T Bowmg b Hughes Ltd. 
lOarenre Street Wbhrerhampton 
WV1 4JE. Tef: 09D2 773557 
YORK 

David Hddeum. 

Befis b Mitkfcton Ltd, 17 Undid. 
Vorit Y 01 2 DB. 

Tet 0904 58376 


i. -• 






. -i * 

















November 20 1978 


25 




«T LODESTAR 

•' . •' . 

SPSCULAJTXT 

raiiati ' dfcmjund 


Sanies-, in -as " a unique - and - valuable 
exploration- exploration tool." . The wealth of 



~ '** -rttfon. ‘ Ih'irtc curtailed hy the neology and regftMaUon that rocV. 
i . dowh'-uniier' summer’s ** big wet" types .have been ihapped 'when 
\ jenich scn^raily lasts through soil covered or pot . visible fo Uic 
‘ y vtrp ftl April. - naked eye. Thw. il is claimed. 

- •• ■ ■ThoFe who failed -to escape from drastically reduces exploration 
.ihd'markpt while the fires - were costs and allows a for .srtatw 
...* brightly may be encour- spread of prospeciiug activities. - 

•'**' waiL tor the next flwre-uo With the use of . maiW -W 

•'• by the latest views of the k fair's produced ACM reckons to. have 
’’ s >' ceoiogwat surve* -director. Mr. Joe discovered to date fire siKTifificajH 
who was a valuable-source uranium -anomalies ..-in.-— l«e 
. otiidd^ncc for this, column dor- Murchison district of W-A- located 

• - iirtihe nickel' rush at the end of «n buried xa lerctes where uranium 

v'thfiJast decutte. .would not have been picked jip by 

' Tj what he terms ‘’arm-waving 2“™^ , radiometric 
- ! zwtow" Mi> Lord expects *°“) c . of * !l ? c > a P ,ms - 

* 1 - crplora lion for diamonds eventu- -dlom. \iCbieiTl. 

•• - alLp-rio encompass the fringe nf A detailed dmnoK 

• dnvvhole of Western Auslralm’s ^hnfu rame ls to .bc.’-rterted 
’ ‘-pce«ambrtan shield covering vivll s > 

. • nyjr I0.00i>- Wlcenerres or some ALAI also proposes- to. use «& 
<UjO mite.s. He points out that ”«*» technique in the scan* for 
.? Cnnti nc Riotlnto. which beads ihe diamonih. by locating "'*2?“ 
r i." '-.Aridon- joint venture in the West outcropping kimberlite pi pes^ TjiP 
■ ki 3i ber leys, is focusing cm the ojefhod has already successfully 

. ^Waae al the ancient shield in its 'J“ v ®n rt ‘‘* t! 'p^ s from ciabt Jenown 
•■; p^gin^- of temporary reserves at P*P©*-. Pollov.'.up' field yfork-wifl 
. vKenpetly Range and Winning Pool 
swaci'l.WMJ kilometres south-west 
' . oC+ts-eriginal discoveries. 

.. Thu theory is that magma 
si v regarded as MOienliaUy 




then be done to carry, out. any 
pegging that may Be necessary. 

The part ner : : in the Landsat 
computer programme are! ACM 
32.3 per tvni and West Coast 
Holdings. Ait-kelore and Command 


■•■•- diamond forming, have been able “uiuin^. .\ii-Keiore and commana 
V to trwi’ ihraisch-cs fo the surface s Wl h -*■’* !,er ^ f u\5- ach ’ 

■ far lrt! hac minnMi« .-hirahnlifinnc 


-arpjs of- weakness, Thus 
^ some . of . the mqpl. experienced 
.jietdogisra work me- -in Western 
AuwiraHa vre looking for long- 
■-. ten* exploration programmes 
■' - 1 rippiing over many decades as 
. they have in South Africa. 

: v‘ • it is-also thought in Perth that 
’ Mrtr Lord's theory will result in 


ACM has minority shareholdings 
in the other Ihrce.euutemv Amas 
had a one-third .stake in-. ACM. 
If this. i< still retained *, 4h*.* 
American company might' hi? a 
useful source of finance.' ACM 
shares *rc quoted at 5p to ftp. 

* * V . 

Another cundidulc- has. popped 


fiotee of the siualler exploration up for the lung-runnins ' whatever 
“Toapanlos, forced into Inactivity happened to " ie rics. If Is 


darinc the wet season in the 
Kimhcrleys, starting to fossick 
around in areas not previously 
regarded as diamond -country, 
some of Vihich will extend into 


Australia's Peg min once noted for 
Its interest us «n Indonesian 
lead-zinc xenture id which it had 
Shetl as a partner at one. 1 time- 
Now Pesmm has raised, a hit of 
money through a share issue and 


h.JijL L die slate's desert regions. 

14 HIS. -One junior exploration partner- guess what? - 

' Ship, peat; producer Magnet Metals Yes. it proposes lo join th<? 

• . aJpjVK... with . Leonard, Oil . and diamond search and has* already 
\\ estern Queen is regarding the authorised a geological firm to 
... damond search as sufficiently ^ -selected claims M in the 
- • prnrrnsing tn establish its awn Kimberley region. Ihe ■ "inosl 
h«avji ; toedia separation and topical, area of mineral ex pi ora- 
— - — ir.oteraioztcal analysis laboratory tlon .- The shares are a .humble 
^Nln Perth. 3 cents in Sydney. 

.. Morp information has now come *. * * ■ . 

tn hand about Australian Consoli- ' • • ’ 

-^f'J^duted MincraLs’ prospecting Once again a r In-roarlng market 
Vi ^technique based on the has developed in the shares of the 

sj x ^ mputcrised interpretation of Canadian -Irish North -ale Explora- 

^'o^^jdaia gathered from, satellites tion group. Ihis nmc led by 
• s, |inentioned here in September. Westfield Minerals and a gam 
fThe company how states that the based on . uranium hopes, in 
jLandsat data stored on magnetic Newfoundland on this occasion, 
ttapes can -be- processed in a' way Previously it has been right to 
5that produces an acfuaj_geirtogicaJ take quick profits during ibe^J 
?map outlining, the various rock .sudden outbursts of., Canadian 
ittynes required. ., V ■* speculation. It could be this tme.' 

• This provides what Is described too. . ; 



False calls alarm 
insurance industry 

BY OUR INSURANCE CORRESPONDENT 

INSURERS providing crime lu-.s ntendaiions for rhe !Uanagrmi?Di 
cover on commercial risks, from or Intruder Abrnt Systems— 
large warehouses down to high which it is hoped will play a 
street shops, have hern inirras- positive part in reducing the 
loRly insi.sioni nver the last lu false calls problem. 

,vear> ii(ion the insljlluimn of :i The guide divide*, respunsi- 
whole range »>f ,mli-lltcfl devices, bilttirs for the instnllHlinn and 
- h nui,!ia ^ prescript tun for manageuieni nf alarm system*. 
“ n«i/ardnu« " gnods— those most hplween ni-*urer». alarm com- 
ai tractive tn thieves, sdeh as panms :ind subscribers-, and iis 
loba, c*i. winifs and spirits, Radius, recommendation* are beinu 
TVs. and so on— has been the drawn to the atu-nuon of ail ton 
burglar alarm. cerned by the association's 

Us installation has not only member companies 
o*-i-Oiue a prerequisite of Ihe The guide can lie obtained at 
fir anting, or renewal of cover, the cost nf &Uji iiicltidiir^ pusiace. 
but in many instances ns proper from Clms Woodward ni the 
mainlunanL-e and its efficient British Insiiraure AsKorialiun. 
operation have become condi- Aldcrmary House. Queen Street, 
rinns precedent lu insurers' London Er,4!'4.JU. 
aci efiimii.-c of claims. If after Particularly uf interest for 
loss and claim, insurers find that subscriber-policy hold er.> are the 
the alarm was not operative recnminrndalioa* set out on 
while the premises were dused., pages 18 and 1H yf the enidc. 
they are often able tn refuse tn deal in c with the duties of the 
pay. persons responsible for the 

But the positive defence the individual alarm systems, 
burglar alarm provides the Perhaps much nf what is set 
police holder land insurers) down in the lit points detailed 

ac-unst ci i initials, is unfort u- ought to be a matter of common 
naielv undurlnined by the large -‘cnse. of regular routine, on a 
number of false calls throughout daily basis where necessary: but 
the coumrv. partly because of I s clear front t h** continuing 
electrical fault, partly hecausc large number of raise calls 
of ruuvijn failing. common sense and regular 

Well ov*r Wl per rent of all routine remain at a ilisruunr. 
burglar alarm calls, whether just The ran of crime Iasi year 
bell* sounding otT. nr electrical measured ny the value of 


properly icpnried sliden. was 
little short of IlWim. alter taking 
into jicniiim Ctlm uf property 
recovered. This I* lfii- ligiui- for 
llu- wliole nf i hi- UK and <loCs 
i. oi include in:m> other hisses 
due to fiainl. fiilgi-ry. eml.ie/..!je- 
ment and the like, uisrejiortcd 
thefts. " borrowing ” bv em- 
ployees and the hulk uf unde- 
tected shoplifting. Thu >eji*'s 
figures are hound to he higher. 


messages ■►'lit in police nr alarm 
corn pain s rat ion*, are false calls. 

False e ills waste police and 
private n.-cuniy forces' time and 
ran luing alarm svstems into 
contempi. *>> ihal the criminal 
can go a non r his business while 
an alarm Moulds reasonably con- 
fident Dial the police will not 
immediately respond. 

In evtrei no ca^es after a 
number of false culls', police do 
issue nniir-es. warning that if the 

false calls Ho nut cease, police XEL AVIV 

surveillance wilt be completely 
vithdi.iwn. Tilts action causes b«pmr 

problem* nm only for subscriber _ ^ „ |,; 

poiir-iwM,,-,. Suit f..r Ijwnw. gr&jr7^J? "TS 

because rover is provided on the mr. nankhuMins 
assumption hoth uf properly rant BaiHulnn Br 

proleel.m pro and rapid KK, ’KSi! " r 

police re'-ponse lo alarm calls. 

It is in ihe interests of all 
except criminals that the volume 
of false calls is sitb.stanri.tljv 
reduced, but over the years the 
uroblc-m ha 

Each year there are many more Public utility 
alarm installations in operation llir « cl kk-um- a-rp 
and. as .the percentage of false !" v ? l ? e "l.. c ?!!! p , a r l,f * 
call.s remains much the same. !‘, ; "ai - nS inv.-i. 


I'm. .w rhjncf 

i^. mi ib.- 


na<sn-h liLMiriin.'.' Br. 
•tfii. M.irl ■.’;■!( i- I ami; Br 
•Ti-rahW Israel .Mnj;ai;i 
Land DmlwmcM 
Africa Israc-I loirsii li lfLj 
l*rj.*l 1 .4 i.fl Pcr.-lnp. Br 
proved intractable, rroix-nr and Kuildmr .. 


-arm 

jidi 
•mi 
ii<> ‘ 
'X‘. 

4ir. 

.•yi 

.UR 


-ai u 
-r.n 

-Ml 
-lyi 0 

-HO II 

■- ;* 
-1X5 


SIR -4;.H 


si.curiry strvires have CarnnKrdl , and !n du«Hai 
■with more false calls, a tii. Tvrc u Kuhb,-r 


police a:o 
lo grappb 

The Brsiish Insurance Associa- 
tion has from tim** tu time con- 
sidered the prnhlem of false 
calls, in consultation with alarm 
-companicj and the police. Nuw. 
ifter jis nmst recent rounri of 
•.discussions, the association has 
drawn up .i guide — Recom- 


tsi 

409 


-21 0 
-m.n 


I :a« » 

Kl. P Br . --«• 

A it w nun Tfsiik Br •.'.’O.i - XO 

••Ala" Ti-Klit*' ' B K" -.''.D 

Ani-r li.ra.-li Ppr. Mills -17.5 

A»SI» . . A' - 27 1« 

EliK- 'C7 -r.n 

r. va K.--SS 7^1 — 

Fuel and Oil • 

Sniin.-c Bank Lrunii Ir-lnra^l. BM. Tel 
At IV 


Ji-Y-S E ALL UUMMUN 


Indices 

NEW YORK -DOV JOSES 


\..i. 17 




lr. la 


y-t. \.w. ■ V.-r. \..» 

i; ik ib 14 


ts7> 


U. i' 


53.5* 52.05 51 52 51.55 50 is' 

■ .1)1/ 


}i(lT. X- » 
17 ' h- 


X f -r. N'T. NW. N.tr. 
1? !« !3 10 


1373 


SiaceCoeapiiM'n 


I ra-iL-l 1.875 1.875 l.B8t 

!*■«• — 1.1 IS 841 882 

» , S80 SOI 561 

« i82 4S3 440. 

\.-n I !>jh - .... — — . 5 ■ 

\-.l I. -A- .... _ — • 91 


Iheki . Lu* Hva U- w MONTREAL 


i-br 


iurtuBmaia* 797-7* .5 7S5.25 192.01 $07.0* 7 O/.I* 

■ jr i’ll 

H'uinB-art** »*- 91 «-S4 8E.:fi 86.12 88.2* -0.85 

•* li 

lun.pnrt.... M5 45 207.64 213.62 181.48 

l : W M 97 S, 95.55 98.33 s7.QS MJ14 


37.09 

I lutliu. full - ... 

.*»/M S5,9« -‘I.MB’S.JiO *0.440 20,3a 15.750 


lw«iKiMnd*xdJ»"*i-i tr.'ui Au^. 24 


113.96 

iJ L: 


Mk.lV 
• fl! -_'l 
SB. 1? 
•1^ !’, 
br.:) 
.4 l 
96.35 
.)* II. 


1061.70 

ll>l 13 


1 JtV- 
163.3? 

ft 44- 


<i.S2 
1 Z 1 -52' 


;cr , 
it' 


\-iV 

|4 


V v 
I-. 


la.’iul rial 
Ciniil'iit* 1 


m 55 au.s!) 206 57 H 
214.29 2I2.W 211'. 16 CI0.?t 


12.25 TORONTO L.oru.vsiw 12,' 5.5 I2S0.0 12215 12li.e 


Higli 

tn. 

• i .£ . K 1 1 ID. 

la? idti .In. 2- 

lSs.«l .!-• !o 

170 62 ibt' 1' 


9S8J: ■>.* 1 




:a.33 


JOHAN HESBORG 

I.Ml.l 

Inillirl rial 


2lft.; 

:-8«.2 


222.5 250.6 1 
265.1 2B6.9 . 


255.9 

267.7 


2 / 2.0 
731. S 


14 t. 

I.M 


105. U -J'.' «i 

194.* ■ lo- A- 


• Oav'i hich 79F.58 'f» 785.26 


17 


fir- 
Ch ill- 


hri. .MT.ywwi 


A-ir. )C 


IR-l. £7 


Year as<i aaaxnx 


5.90 


5.77 


5.89 


5.33 


STANDARD -AS D POORS. 


Xmr. 

J7 li 

«4JT 104.09 

94.42 33.71 


A..., 

I? 


N'.v 

M 


Xi.c, 

13 


Wfc 

5.a 

I H lij. r I/> 


j'acc luinii;'>la 


Austnli&f *. 1 ?n.£4 31S.S7 
Balfpun 't. 98.W ws.ii 
Dsxmuxk i"* 90.07 69.31: 
Franco *n> 7H-5 76.1 

(rgnuriM 1 *5!.2D 161.8/ 


.h, ; Hi- 
II 1 J 1 If" 


Ai A.“ 

17 

" ri ?- 

f LI Ills 

"Ui: ‘ 
UlR" 

131- .. 

Lnrt 

■■J..|i 411. in 
.1.5. 

Spain ‘.r 

91 .ill 

^1.2^ 

il- -Tr 

: *■ 

L j 3 b 

1-M.n- 

i^l'l 

Sweden •« 




.'4 

- !■ ft 

V.S3 

:(.\i 

Swit/erld ■ 



.Yi : 1 . 1 1 

\. r . 1 .A • 


.14 51 i>' 


(4-^1 


■ '» ■■ 


Hir.. 


Lm 


i.DI(>aU» 


102.34 1 02.75 103.43 106.33 lU./l.n.a* I54 .b 4 i.ai 

IaMi i». 4| . 1* l^a: i5Ji- 3V. 

92.71 92. «9 53.15 34.77 106.SB SB.90 125.45 4.40 

)2 4' ' .n.3i .111 w. . l.e 



.\.ir. la 

Nor. 6 

V .,. 1 

Fro- in', '«l'r'b.'X.i 

lu.l..l.«. vwM % 5.27 

5.16 

5.15 

4.78 

In.'. I’.h Karki 8.64 

8.81 

9.04 

9.42 

l-.tii; Ij.ii-. bbn.i vien 8 66 

8.76 

8.68 

7 78 


Holland •%: 
HOttgKOflJ 488.48 

IU1I7 'if.- «>•« 
Japan u<; «M.97 
Singapoiei<" — 


83.2 93^ 


3 16. Vi 


« «j 


- l.l 
/ 

■I 4) 
.ll- 
ift f, 


437 


V- ’ll 
Vj M.-J 

' II- 

osl.55 - I - IV 
»■ 


7ry.3 
1 IV M 

-.4' 

1,4 

: j.i: 
•IC I. 

.--rJ.i 4 

%'b 


Indices and Dnsc dales 'all nase values 
lv» except NYSE All Common — all 
.Sidadarils and Poors — 10 and roranio 
jimi — • mw. tbe last iumrd based on 1975 1. 
- b-Tcludina bonds. : nm, inductnais 
; 4 hr ludinrrlals. «R Uulnies. 40 f inance 
and 26 Transport, f Srdncr r.u ordinary. 

KeJaian SR "1 -'ll.' S3. ** Copeohasen RE 
l/l/B •> Pint RAiim> I0.-.I :: I'ninm-rT. 


oaok Pec. <933. 1 : Amsierdam industrial ■ 
' :-i7n V. Ham.- Sens 1«3nR Sl-'WU. Sint-a * 
Cnnimernaie UaT:ana i«i^ o loRvo' 
Veil SE 4-‘l '&* i- ^trails Times 10W. 

f.'.losefi 4 r.i'jdnu SK iu. 12/77. eSincic-' 
Ifiim Indnsinal 1/1. ■«. i Swiss Bank 
Oimorannii •/ Unavailable 

FRIDAY'S ACTIVE STOCKS 


• lull Mil 

1 1. -U-.II... Iiut 

CK Maliorv . _. 

7,-xa^o 

p.-u.pi K.-ir^uum 

Bm'iuii 

.-■-a.-, Ro.-ilK'k- 

C./m-r 

Mid-'Ju L’tl ...... 

t C./oUf 


Mm I.* 

.lu>-n>c 

on 


iraO^d 

price 

dj 


•>b 

•"I< 

J4) 

+ 

t 

JlL. 

MU' 

J7J 

— 



il"' 

4*1; 

- 


::gi 

i* 

;■ !i 

-+ 

■ 


*<i. 

.-.it 

— 

1 

j;i 


•ri; 

1- 

i 


t."> 

Jit. 

-r 

v 

u: 


J4: 

+11 



m; 

•r 

t 



-I'S 

- 

i 


EUROPE 


AMSTERDAM 

v.,. 17 

I'j.nai Kl. St 

•.L... Kl . . 

» ... n. l ul fl.luu 
HIV.' .V. U'l. 
\n.i.4«ub .Kt.P , ‘ 

I'.. • ii’i-'-ii 

! b >. n V. r ■ t HA Kris*. 
I'.mIiiih' Il-Ilcl'-V 
IIN'IK. ,1 : LUi .. 
>.n:.u\.l .Bmrrr 
r.n: i -li. i.t 1 d. re 

lii.l«ll;iiV1Ub-i H 
lll-.'l- k.'.l < pi. 

II •rlh.lM.'/O' 

llfi.t.-i U.iFI.UA/. 
K.I..U, . Kl.ltV 1 . 
till M-.ilUi .KI.i:o 
>ii v-N.iu-.n.iu 
Ni a« i..:Ux:K;.i‘-‘ 
A.«l >1 i,t1d. iFU*'. 

1 ‘•Til *5J/ 

«•«.! \\ .FI lOi . . ; 
'•mi «»Miiij-iin. 
ISL....M : 

I'm. fi|- • 1*1.10-. 

i.tVnKi.IW' 

ll lm. Flgl'. . 

11. I 

iiin\1'ia'i.-. - 

u>.i/>.P;ii. ij>n_y- 

-“lit-. . Ill-.MI^. . . . 

.M.ii-Bl.liOi 

r..ks .. iv. . 111 . 1 - 

I HU-. .-I Kl.jlV 
1 1/ i..s i;> - . 

U.-.I 1 ii »lv|i4. 

VIENNA 


Pi i.r 
H-. 


1 IX a . 

7 .(111 
37l> 5-06 
U7 -• 1 •• 

76 5 . 

5 - ut 
1 5..! 1-U3 
71- li 1 
%a > •• 

MOS ul 

70.5 -02 

5S.i - U.4 
97 U 
37 4 
2\ £ 


\ :•!. I 

i 


BRUSSELS/ LUXEMBOURG 


17 


Pn-e 

t:-. 


+ .ir 


Ihr. 

F.*». Y..I- 
kd » 


>18 4.9! 


I SPAIN « 

■ N-T. !7 

I 4 land 

1 Baiun Bilbao 


; H/uii. 


3'J 

.it. 

80 

2* 
a;. 5 
vi? 


o.J 
b B 
5 0 
5.7 
b.L* 

1 S 

5.4 


Ail-.' - . .... 

•ft.-il.rl ”K" .. .. 

• |t.l:. ■ m.-m. 

1.1.975 

r'-i-l I. 
laiii'i.u . 


2.14S 
g. 550 
1 166. 

395 
2 370 
T.ief 

i 100 :5 - 20 
. 2.500 


— 25 
-10 
,4 
-- 1 
-15 


• I .nuo . 


*4.3 a O 
20 5.o 


. m -i'i 


0.4 
U 1 
u 5 
0 a 
u.l 


! 14.4 
-jO 2 -It 
.109 0 
I7.MJ • ! 
290 ul 
1 38 
46 5 

24 8 -01 
64 

162 2 U 5 

151.4 • 0.9 

123.4 
122.0 

239.5 - 1 3 
96.3 -0.8 

li4 - 1 
1 19.0 -0 - 0.2 
33 5 - O 5 
422 0 - 5 8 


I 2 6 
5 _• . 
19 
48 
J! 


1.5 £1 


8.6 

4 2 
7 2 

5 3 
4 2 
7 9 


Il.lu4.rl- 

ll..rl,s.|>. 

I. I ullrl I.* li. 
ij> C.M.a'.i- I'.. 

Pull Il.lkllll^ 

'.'-i • ■ -iiii* 

-.. .< H-.i lini'a-ii' 
-u.-.l.rii. |'ji|i.| r 
■-.kill* 

1 lr. I m 1 . f.lr l . 

I • II 

I I. 1 I.. -l.l-.. 

1 .- 1.> >1 - -ja ■ *^11—. 


1.390 
1.510 
2.700 

1 87U 
7.J93 

.,-..6.140 
2.800 
5.265 
^.....1 265 
2.010 
5. .505 
2.565 

2 735 
1.160 

740 
1.800 


111 


. 5 
- 42 


- 10 
-S 

- aO 
. ys 

— 2 
. o 


4.6 
a o 

7.5 

6.C 

5.5 
6 0 
6 1 
6 C 

6.5 
T.c 
4.0 

5.5 
,2.-3 J.E 
183 t.o 
2C4 6.4 

14C. 7.0 

215 6.5 
12. IJ 8.5 
170 6.2 


116 

lOO 

177 
430 
i 70 
150 
&-: 
90 
17 j 
142 
290 
325 


• RC 


At Id III ICO 

C-hirjl 

L«:i-ri.,r 

>irni-ral 

■ •ron.ida <I.WI' 

lll.tunn 

In -1 Oi. . I.NRi. 
'•l«-J:i-rran>-u 


l.dM'.i 
r.aU> ■> 

Bali'. >■ 

):■■! 

B.iii'tj I'lrifl 

llilui. I*n;,u|jr 
.!/i. .. Ka-.lamk 
u 1 •'••111*111 
K YiZidi.1 

B.s -i **.arj4"/dii0 

|.yl.;-||lll.lH . . ... 

Iviii' A-if/jl-f u ., 

rt lb^.i.9 Wilcux .. 

Ihlll'-t-J'll' 

F.. I Arja-rtin .as 
K-pdiM.a Zinc .... 
K\pl. Itn* 1‘nitft . 


. .'.lu . 
1 .1'lK) 1 


L'„ 


..I.M 


25 t 7.9 l COPENHAGEN * 


is* .« j e 
55.19 -.9. 

20 8 3 


!*n*:e ' 4- "i ' I’' - • ' 

Ri.Mlur — - 


wQ XO 

6.7 . 

•“1 n 

lnilr!'ii>ii>'i'.. . 

140 


11 

7.9 : 

•r> s 

T 1 ‘ 

1 Jail'll- 1 Ik nk . . 

12SI-. 


12 

9.6 ’ 

kf, “ 

a . 1 

1 r 

h, 1 A-ihIb 1 ... . 

136't - 

* 2i " 

12 

8 8 

. l 1 ^ ii 

S3 

1 d 

5.B 1 

, 1 ■imii-IhiiiI.'-I'.. 

129 

2 

15 

10.1 


; »»• » j-i-iw . • 

554., 

. 4 . 

12 

3.6 


S>rt ll 


+ 1 »'•• 


I l.-ftll MII-I.KlS 
-ri . 


S4J 
2/0 
612 

rln, r| || c2 

■ • . • I •hiiiu.vi . — 201 

l-.i iiaM,„M|i„ 254 


16 

U 

*6 

8 

10 


2.9 
i.A 
7 8 

3.y 

4.0 


WALL STREET 


EW YORK 

1978 


Low. 


Stock 


.Vnv. 

17 



85 1 Abbott labs 32 U 

I37a lAddPMBOgntpb-.. Sill 
Alls -tActoa LIleACul A7H 

221s lAlrproducta I 26 

22 .AlnanAlo Biuum nl 33b 

aes« . Alena... 45 

■ 14 U cjAilds. Ladlnm....- , 147 b 
I 6&8 I.MIegheny'Pawftjrl 163* 
^ 50ifl Allied CbemJt*l.. : 31 >a 
.18*1 lAIlM 5 Iot«m....; 

BBia IAntxChaimnv.... 

3114 tAMAH 

827b. jAmerada Han....; 


. 197t * 
HirK . Low 


6V«.k 


Ni 


17 -• 


<s 


19 It 




I'-c . !Ma. Artier. Atrlirrefl- 
SBIb'-I kSR'i. Amer. Uran>6>. .. 
6Zia' : ::'346s Ainer. Browlcost 
431* t; 343* ,Auwr. L’an . — ..J 
32J*-> . 23lg IAjdwt. C^Biwraidj 
“ 33; . f Amer. IHst. TeL. 1 

207a t-Viner. Elei'l. Paw 
-Mlj jAmer.-JriXfnaa 
286s iAaierJrtooae Emu 
IBiff J Ain ee. - Medi c al — 
r . 7 'j5i* liiner. Votore-. 

\ 463! ’ 3Blg !imer. Not. fi«». 

I 63k}'1 323 b iAmer. Statuburl 
I '3?SC'.f.: Miff Amer. Stores....:. 
t-64ij '.i B7J a iAmer- Tel. 4 Tel j 
'^37jS4''}-276«!Ainetak ........ 

“&kS' l lSEr ::::::: 


■.5a 

e&s 




34 
301ft 
44 
28 
123* 
483| 

. 361ft 

a4a« 

2 Mb 
311* 
277b 

20 Sa 

, 5s * 
383ft 
403* 

3 He 
61 

28 it 
16 

. 303ft 

133ft 

873b 
-23»b 
197b 
23 . 
->**C 

■.80i4_Ki’3!w.. iAaaKu...w — 14 

.« 6 B'.f. ,273a lAnhUluil Uil 1 45l 4 

;*ii. R1cbfteid.'....| 55 
v ,236 b - JA iso Dote Pro — , 30is 

3 . m. I- lAVO:..i. 8 «e 

# 34« ,.'Z 8 % 1 X 1 tn 22)8 

i:i44U,lAv6o Piwlnrtn— ; 52 Lj 
.m.A , -24. - iftOi; Gob Elect... . 254 

•5toB':i'-;TG - 'BanKur- Fume 1 20 U 

..•«Ib«:.^)T^. [Hank' America-..- 25 - 
Solrero-Tr. N.YJ 331, 
r jairtwr Oii : — .] 23 s* 
■■4aSB * . if,-, jB^xterTnivepotJ} 40 Ip 
5 281? 7^?'/ ^jBeotrtce Fool...... 831* 

.- < 4h| l V:a6B!i,"^ite«bnJJicttin»i»n 33 
-23 ig-. U.-pe^-iBell A Buwell..... 164 b 

«■: ii-3?-- !Jlendl>..A..^ • 34i s 

2*4 i Bewpiei Coo* '8' 3 


!.\mpex :i 

Anchor Hocki 


Aubiuxer j 

^Vrmco.:. 1 . ... 

IAjSA. 

■- ' Biz lAoamera OH ; 


641* 
64 ^ 
36i 2 
30 . 
37 7* 
.42M 
21l 0 

31*ft 
491b 
[ 36s, 

• 44 

■ S4»ft 

I • 16A, 
r 29 
1 ’ 1904 : 

54Ig 
46 Jg 

611ft 

30i« 
33 


45Ib l-jmini: Ul»»u.- 54>i 
42lft 'CPC Int’iii'luYal 48 

231* L'nuc 24* 

21*3 PireLer.VnU /25': 

29Ju .Cniwii Zellri I«ij» AOij 
29lj I'uiiimlin-RnRiAe 53 
13 Curiiu, 1\ ligj.t.... 14 

ilflift iDana ’ H/sp 

•34 Jllait InOuBtrio.. 38 '« 

23 IHerlv.l 331. 

•22J* Uei Mavte 4Hj 

Sift .Lr-Hito.'. 7. * 

14iii .Ik-nufiJv Id 16|» 

14Js Jkinni KiIi*.iii ... 14/* 

191* J.*Jdjn«fi«i--Jw’W*. 

1 lie (Lifcltr'leni- ■ 14',- 

3Bi>s ;IVi 2 iuii V7pii| -ftTI'i, 

31 jj '.fIRw A7ie 

38 [Ihivri L*»r)»'n 40<* 

' 22 Sb‘ID.>w <.:>iemkal ...1 1 / 6 'ft 
85 . lUraru ..... 28-^j 


ttiali . Iftiw, 


biivi. 


A»i 

li 


•541 
881 2 
43 k 
38 tv 

29i, 

40 

5 

SOI; 

15 

^asft 
SHU 
381* 
50 ' 
24 i 2 
49*. 
Soij . 
39 14 

:bi-' 


24 >4 Mul n» MhiivIIIv... 

1 66 Jntn.-jin Jnhn -111 
j 22'j jJimiii— i»i i*-iiip.> 1. 
j 27 jj jj.ivlin . in tad -1 in 

231; !K.ll«rt'..|k 

28 { Kn I**tA 1 *: m 1111*111 

11 * ik'ft'vi IniluMriv*. 

! 19 , kjiM-i ^treJ 

J 0 /« |Knv ; 

1 195ft kvlllln'iU 

I 4DU 'kill Ilk-Gee. . .. 

27W |Kf Rk- WhIivi.. 

; 38-'; Kllulvrly l lurk.. 

. 19 'kiftHft-r- 

i 42 jk rr.fl 

1 25G ;Knig/?r Ilk. . . . 

27 J; l/v-m.i Tam, .. 
2 H; U'.i m'iiuk 


4fif| ' . 36ig b'resecr I 38's 

,3B j 973ft itbircini. 120 Js 


i.V 2J* jB 6 oswi Ci«i« 'B 3 

ft iBcthlehein Steel. 193* 

» iS : }1*rtr 4 iBtack A Pecker.. ! 6 i x 
*'W"KZ53V jBSeluj; 63 U 

-«V.} >26..'^Bnriw. • 26Ja 

iBors Warner : 294* 

,9 ibtaulft Lui 1178 

L IBnucin *A' 1S>2 

! :»44r'j.89V'lBrhaol Mjer* 3a>8 

. a Pet A Dnt R...I 17ij 
- **“ BnekiTsy Gto* -! 

Brmudriidc ....-m.j 

BucyrasErie 

Bukm WT«/.ib —a 
Bwiinj/ian iNibn.' 


.SV>:.18ia 




I Soup..., 
jfj yfliin PSgtficj 


■ Alit. £«tb' - 

J2tft {Canal kondohin J. 

toamatioD ... 

] Oorriar £ G-enemT 
:C*rterU*»1ey --I 
CaiwnLIhuTracUi 

CBS..: 

Cebmwe Cnrpo 


. : -38 

• i . 141* ■ (Gaatral io.W. 


-i' : 17lft: VQertilnteed-.:.... 

‘Ctthna AlnrraFt,-. 
ib>hsiii|i[un Inter.. 

.''2738 ^iGlBbe.UauljBitaji 

. 37«a' JlThetuiial Ift.SY. 
nrift ;-£W Fr.nd.., ex 

"35ia - s&.% {cttfmif 26 

59-.- -'4fc-, iUbk»*rd Uri4je...! 51 

r ??*’.. (Clul'ejer - g?« 

20 < B 


27ls 

15 

16 
85ft. 

373, 

707 fl 

517a 

20i s 

B Be 
281* 
113a 
165a 
55Jft 

5138 

411* 

141b 

181* 

187$ 

19<* 

303«. 

37Sa 

211* 



JiS-i;#*- 1 


•asv^-te 


hJisc.A£llscnn> — ; 

iGkieorp-.’. — ' 

;ltitlw<s«rviae_«.; 
iCity Iav0stUur.-~; 
23ii-:tawrtiiiid CUff-J 

VoeeCol* ! 

la.palm.__, 
■ AUunea — j 


ibis Oca.:...; 
ImaWm. Pint — j 
InaCoojlAaj 
Sn*».l 
. jbwtton Xq...: 
m’wth Bdbwn.i 
SBiertiie-j 
ipcterSclcnc-l 
Ufolna.....; 


rr“» . IZlft |i5onnu.-...-. 

[ B 1 I B fOoo. Edison 22 U 


245a 
62 ?b 
151* 
264ft 
416a 
17U 
»U 

27 

IS 

161* 

3478 

105* 

2568 

3flia 

1058 

a47 0 

131* 



2l5» '[Cooaot Foods.... 
357j Conisol 3aC Gn» — 
217b Consumer Power 
27.1* IConUbonUl Grp. 
Zfiift k'-onbneatel Oil.. 
145a lOoMinOdul Tele' 
2S3e [Centro! Det»....... 

403ft [Cooper ]odilir._..j ■■ 


21 3 l 

341* 

22>4 

27 1 * 

97Si 

145b 

316s 

457g 


13B 
25U 
151s .' 
673ft 1 
«Ue . 

323ft | 
IB U } 
35s* j 
3B7a 
28 1 * : 
.443, ' 
31? 
275a 
324a 

243 4 

62 1 j> 

,397a 

4Qi0 

16 

329b : 
25 

591* ; 

33 

4314 ; 

281g 7 
5 Us ; 
23ift 
3«7» 
111® ‘ 
281* I 

337 S ; 

1 SJ 4 ; 

151* ; 
49 1« , 
I13a J 
31 bs ' 
201 = , 
92 [ 

57 1 

347* 
333ft 
661s 1 

ZOIb 
33is i 
3178 . 
311ft I 
Bit i 
. 325a 
317 8 
44G I 

323« ] 
227 S 1 
181 * ’ 
34ift 
331ft ; 
91a 
315a 
143 b . 
16U 
635* 

77 i B : 

4i : 
227* 
72ift l 
44 ; 

31 lg ! 

92 ! 

52G i 
3*3* I 
72tg I 
131 b I 

34i 4 ; 
273ft | 
153* 1 
24 1 

323# i 
47 ! 

65*4 ! 
418e 
151* 


2818 1 . .231; IIjJ-Iij «li».K-nl.. 


161* 'Ka^le Pilcher 


6 

■a- 


ifinsi Airliner 

iKa-iimnii Kuilak.. 

'Em.rn 4 


163* Ih.c.li; 

343a Kj Hsm> .Taft. Git. 

25 Ifillm 

296a 'F.rnenon Eltrlnc 
18aa ItiueryAirFr laLl 

275® -‘Knituirt 

21* ‘E.31.1 

2 Ha 1 knaolliuiL. 

253a !E>inaik 1 

18 lEUiyi ; 

4oi* rKx-.au 

23 'Kauviii'iil.scm.-r*. 
321$ jFcrt. Ur) ft. Stmt*! 
12U ‘Finr-loue Tire....- 

24 Nm. B>*i«n. 

1 43ft Van 

183a fPlhHJisde 

287* ,Fluilrla Power.... 
303e I Fluor 


: F.3J.C 

.Foul Motor 


201 ® 

39 ,, 

17 ' jF'/ireroud lick-..: 

2750 ,FoxlMttu. 

63a -Franklin Almt _ 
18 ig [Freer"" Miner*-: 

24!ft :FranJiAiit 

8 J« iFuqua lari* 

10 . [G.A.K 

343i illicit 

67* taen^iner.lnv. .., 

223* B.A.T.k - 

11 >* Kien. Cable 

37jb Geu. Urna'iiu*.. 
441; Oeu. Eleri-i •«*.... 

265* Gen. 

£ 6 ift [Geuemi Mill" 

641ft Tienei*! Moiurs.. 
16B* Tien. Pub. Ul.ll — , 

24 .lien. Signal : 

28 4ien. Tel. Eleei...[ 

22fia |Gen. Tiro- 

Sia 'Geneftfio 

233« Georgia Pmdfli'...| 

20 Genftouit^- —1 

3338 fGeriyOi?_ | 


205* 

*>-■* 

581; 

335* 

26i* 

151; 

261. 

A& 1 * 

i.U3« 

a21; 

2 !i 
26 >1 
23>x 
203« 
50 > B 
293s 
a 2 l; 
1 -lg 
25 V 

isu 

2 bii 
ni >1 
315a 

23 
41>2 
19 

3 1 3ft 
57 e 
i55* 
27«* 

a ?8 

101 ; 
42 '« 
JO 
25 
141* 
70 
-193ft 
31U 
29 
541; 
111 * 
263ft 

283a 

23U 

43* 

25 

24 lg 
38 


37lft , 

5SSr i 
28 . 
3-aIft 
27 I 
2 «J'k i 
255* ! 
48 rj : 

a- 'I 

13 ! 

44 s fl . j 
•*ui a 
3 a -. 

56.1ft '! 

17»s ] 
261 ; ■ 

27G i 
a«7 8 ' 

li"-! 

IV' 1 

sss t 

393ft j 
54i, : 
bblft 1 
72 . 
69 1« ! 
61f* ' 

r, 1 *-; 

281ft ‘ 

32), ; 
22 ia i 


26i; Lu-kcII Group....; 

36/s iUU>iE»i) ! 

14G ; Oil I on Imliuilni-" 

13 jldukbrciiAma'it; 
171; limn*- riixr 1 lldiR-r' 
17. ;I/.i>k l*imm u>*.; 
20>a IlftniiHtana LjiimI...' 

S3-.J iUiliiinu 1 

15 ■ Jldioki St«is> : 

61* ;L’k*-Y‘iinj 5 i.i'«ii.i 

8 j» j AI m.}1 HJaii ; 

363ft jMm-j IL H 

29ia [Jins. U*niiu'i — . 

26H- ..M*|w : 

4V 'Manulvul'll 

J l-i I il itn nr M Hllmul... 
16*8 iMmslmli F>en'....' 

. 207s |U*t lH-i-t. r>u*(V 

•32!a .\ 1 C.\ • 

21 j« I Ri'l MniMii ", 

283 , [Mt-Uiiiiuri 1 1 *• -iifi- 

lbSg [UctiiftW Hill • 

26 (Memoiev > 

48la 'ileirk • 

I3)|| .•Urn-Ill J.fll.l,.... 
361* ilr« IVt 1 in.,' 

261, .MUM— ■ 

43i, jllmiiMnii'A.MlK 
5bSfl' -lliiliil liqk 

44*e Unnigmw 

393ft bliir^an J. P....... 

34i* IlluiinuUi 

53 'iliirpli.v Uil 

231, !\«iiiM«> 

253ft I.Ihioi i'Iii-iiinIk. 

14 ,.Ya>ttiiiiitl Cau 


243ft 
177 8 
16l B 

26 /ft 

2738 
53 S 
253a 
IIS* 
12 ;« 
us 
611* 
50 3* 
14i a 

•• t "iim 30b' 

z H. J.. ....... 57^ 

lUftmLeiu Z/ift 


231 e 

17tb Goodrich B. r.... 1 

161 * [Gitodyear lHro 

247ft Gould 

237b GtbcoW.H , 

5 ICirCAiian PacTe* 
22 Ib -tiit. Ni-rtb iron.. 

Ills lireylii'im'i 

11 tiuli A AVcsiem- 

221* liulft.MI 

547* 

501? lianna Mimu*.. 
14 U Urn uiM-IUrger.-.. 
28 ?b Hftirr- 
34 itleinz 
24 


617ft iHenie Paekanl 
14ic 'Holiday Intit. 


301# 

431* 

101 # 

17 

20 

101b 

10^4 

203, 

34i* 

48 

5588 

111 * 


HomestnLe....— 
HrajerwdL 

Hoavnr 

Hnsp-Cory- Amen 
BcmatonNat. Qu 
Bunt (Pb-AJ'^bm 1 

iHflttt (E.F.) 1 

I.C. Imiuwrlfla ...*: 

INA 

Incerwll Rood,..; 
Inland SteeL....... 

Ids 1K»— ->i 


807ft 

17 

903ft 

63>a 
10*6 
37 
231* 
11 »* 
161« 
24^, 
37 
48>t 
54 lg 
12 


303.371 2361b 
278b 
44 
451b 
25 
19* 

48*, 

151s 
35*4 
63U 

127a 

3418 


IBS! 

20 if >1101. Flavour > 

26 la dnil. rtarvebier... 
34 ;tnH. Min iChem. 
(nil 31ullU'«bl'.... 

Into 

tnll. Pi)*!. ' 

■Iml. JiHiiliier 

Ini), lei. * Te! — 
lo*n Be»r.. -...M 
ll : fiilernaimnal- 
J no Walter- 


^1 Z61 

238b 
3314 


17 

1312 

35Sft 

6 I 4 

267ft 

271* 

101 * 

2618 


34 U 
17'# 
15'a 
40 

9 

26 

52 

iu'« 

ZB3a 


Hit*. 

1 J-io ] 
54;a-' 

62 ; 

o?ib ; 
i.7l« = 
■>41,.. 

aasa- ■ 

121 , [ 

24 1 

27*4 j 
4 lift 
2 B'b 
36*4 

211ft i 

2b If 1 

28jft 1 

191a i 

253ft ! 

28 li j 
341, | 
237a 
25ift 1 
21* [ 
22 * 1 
10*4 ' 
3014 ; 

Si*! 

lo Ib 
37i a ; 
33* ; 

2BT B 1 
56 

38is ' 
27 | 

1968 - 
76 ■ 

357 S 
471* 1 
207ft ( 
2518 • 
241ft [ 

59* I 
15±« I 
3ll 8 : 
92* 
231; , 

■*6Jft 
20 * 
27*a ; 
lfaSj . 
56-, [ 
33* f 

277, 

4Blf S 


18* ..\ai. ]>)%i ilitm. .. 
lfti; >»:. Sritur Init. 
291* l .%at/i,iu»I 5leel..-| 

53>4 'Vaimiuk. 

571ft ;Xl K , 

13 :.\e|iiuiir Imp 

21 J* ^><-m Kii^UuiI b.J 
511* [Sen Kn-laivl'ld: 
Nhi^mn MoU*«k[ 
.Vwcttr» abrnr....; 

L. I ud urn ne*.. 
SorfnlWsW ®-lem. 
NorlliNnC lima... I 
IN Urn. Staves Pwt^ 
LVlharRut Airllneii 
NlL«el Bunco rp. 


133, 

9* 

l&J, 

203. 

54* 

25* 

•AO 

am 

16 

161; 


Norton Smion .... 


Ucrkleaui Petrol- 
18* |Oj;ilvy Mather-. 

16la Ohio 

13* ; CMia i 

203ft Q verve** nblpa...; 
26* Uw«tn*CV>niuiK...I 
IP* 'iivHinTllinoi*....; 

22 i Para Itc fin, I 

ItJl, 'Pa<'lli<- 
19* IP*.. Pat.* l.t B ... 
4 . ' il *1111 Ain WurRI Ail 
[Parker ll&nuidii. 
t’nlxli lull—. . 

Pen Pn .v L. 

PfUD.vJ. 

PciuumiI 

Peuplty- ilruc^.-M 
t’cuplea Uh....... 


30 

201 „ 

197b 
32 
2612 
7 

5l7 a 

24* IPefnuw —j 


171, 

32*' 

25* 

17* 

16Sb 

66 . 

271, 

33* 

IS* 

17* 

16* 


PdrkluKJuur ..! 



Pfi*w 

Phelps JDodse^.-.i 
Philadclpbi* SJe.- 
Pblttp Mt>rrta...M.| 
Phillips Petro'm. 
Pilliboiy 

Pitney- Bowea 

Pitston j 

Piestqy Led aur> 


85*- I Polaroid 

133ft Potomkc RIK-— 
83* I PPG InduHtrier.. 
733; (Procter Gninble.. 
21*' {Pub. ner. Elect... - 

24 .'Pidmna 

15 [PureX 

20* Quaker Uat* 

5* Itaiild American. ■ 

291b iUorthnon 

22 fit' A 

22 [Kfipublie 3tnal....| 
53ft tBMORa UoL— ] 


23* 

76 

S3* 

29* 

25.* 

33 

191* 

12 

Z27* 

45* 

29 

43Vj 

20 

441, 

s3 

52V 

a33* 

1/41* 

341; 
44ift 
21 >f 
18* 
19* 
171* 
00>4 

44 

15M 

7 

9 

37* 

&2* 

2&<b 

o4ss 

15* 

163, 

23 
;9i* 
*3U 
30* 
-2* 
SOig 
59* 
16* 

37 

60 

66* 

SOU 

•45* 

40U 

48'ft 

237a 

27 
16* 

16 >a 
14 

29* 

39* 

30-', 

20 

22* 

;2* 

143* 

10 

1870 

22* 

56* 

24 U 
263* 
2o 
16i* 
163* 
20U 
16* 
167ft 

21* 

28 
19 'ft 
2k* 
20* 
19-'. 

6* 

23* 

2l* 

19* 
3a* 
27 * 

9* 

52* 

55* 

25* 

64* 

523, 

20* 

lb* 

701, 

30* 

a6* 

USA, 

Hit 

193* 

47* 
• J4* 

25 
64 
22* 
54 
10* 
c3* 
13* 

45 

ftSii 

23* 

26 


1*11 

Hush !*•" 


Sl.a* 


17 


581; 
39-4 
64 
30 ?p 
57* 
40 U 
66 1 ; 
171; 
23* 
49 J 
45<f 
51U 

34 r* 
691; 

7* 

6* 

16 J; 

93 

23 

18-» 

24* 

B* 

38’* 
28* 
lb * 
37* 
47* 
565g 
471* 
58 * 
58* 

14 in 
25* 
50* 
100 
5* 
45* 
26* 
17*, 
38 
541* 
56* 

54* 

29 1 * 

23U 

49 

38* 

29* 

48-'* 

54.. 

40* 

49* 

19 

70 

46* 

55* 

36* 

15* 

48* 

117 

9 

34* 

12 

27* 

24* 

47 

92* 

S3* 

30* 

60* 

35 

637ft 

445, 

19* 

23* 

38* 

29* 

SO* 

40* 

20* 

T* 

41* 

40* 

44* 

41* 

25* 

46* 

621a 

27* 

42s, 

11* 

67 

60 

a* ft ; 
is* 1 
55 

33* | 
2ii, ; 
52* : 
516 b I 
226, ! 
10*8 ; 
50* : 
567g I 
317* > 
31* : 
3278 

43 * ; 

38* ; 
21* 
24* ; 

30 ; 

31* 1 
245, ; 
24: a ' 

23fc| 

31 


3d '.I.Virhi 

25* 'fill mild- .U 
52 id lltrynoktr. IL J... 
20 Ifk-h’-t-n Mm rei: 

28 -e 'l(.v-k«ril 1 

201? Mi.iluu .V lUi, 

641; [lliil-m J Hll--tl . .. ' 

10 fliTU 

ll) .llu— T"H- 

15 ■ f My.ler > vm*-ui. . . 
35* ;"!ini-rft» Sl«.i*~ .. 

22* [*!.')■*• Uliml*. 
25 U [SI. Uck" l'H|"*r 
30* i*ii|* Ki- Ink... 

3'x .'am lim-r • 

4* , 5/1 v. >ii Jml- 

91; st-lilil.- Ui<-\\ii|M. 

64> 

IS* ”11 

18* • -.••■U Plt|qrl mmm .... 

IS* — .Tvii Ilia 

o’; [ScirMvi I Inn. V 1 * ft-. 

16 ib ,“‘ra Ohm mner ... ; 

2.* seaMien, 

11 -Uavie tl.L'.i 

20 'h "me lialiurt..,.' 

•49* iSKLU-'li 

28* Shell Uil 

37 ISlicll tnui-|*>n.. 

28 !>'uiuil 

30'<r si*>n.-le C'fti 

a* siini-ilo'iv Pm.. 

13* oiujser 

87* Smith Inter 

46* smith Kline. 

13* ShiIi nm 

18 jSonihiliiHir. . 


63 
51* 
56* 
12 ‘i 
32as 
53 
69* 
10 * 
104 
21 
39* 
33* 
29 


llt-i. * 


M..-V 


.Vim 

17 


23sg ISuuiliem L«l.K.I.; t4* 
14 Sm»llieni C'-i. . 1 J * 


238a 

27 

441, 


Slim. Nbi . I«i-" 
|S»iiibrrn Bacit'k-.i 
li«a nliailn a,\ ; 


jS'a'i Uaiikliaraa . : 
piB-iry Uuia'li .; 


22 1, riunllilao-J ' 

234* 

15 ... 

32* rivalry llmi'l 

2 1 Sa .Snnilii. • 

22* IStmulani llimini.. 
24 ig [Stil.tiiiL'aiiltirnoi! 
44 isi'1. Hi) lihliaiuu- 
29 ■; ;Sli1. dil OliHi. ... 
54* iSlauR t tiemloal.. 
12Vg Sleilnia l*rns ... . 

43 1 a Hill*” after • 

33sa f ' i iin i... ' 

3 Is, ‘SIlUiftlKJlil 


31^ 

27 
47* 

28 * 
24* 
15* 
41'* 
i7* 
23* 
45* 
52* 
58 
59* 
14* 
56* 
56* 
22 
32* 

9 1« 
42>« 
89* 
5 

30* 

/it 

23* 
20 
35'* 

79* 
29i» 
19*' 
38* 
20* 
464* 

36 
15 
19* 
30* 
22* 
17* 
33* 
17hg 

54 * 
267 B 
30* 
41* 
Id* 
41* 
08* 
27* 
35 
9 

54* 
62 

B* 

87| 

US Bancorp.^ 26 7| 

US Gyproni ...... J 247* 

CSSfoe i 22* 

USSiral : 22* 

ltd TechnoiogiM , 1 
UV J ad u* tries.-. 
Virpnia Elect.-., 

AYngreen | 

— . WftnuvUommn- 
24* Wftrner-Inmbert.. 

17* Wane- Man ’men 1 
24* [WeH-Fan-n 
236s 'Weauro Bjmcrrt^ C47g 
20 * Wefcjern N.Anrer: 257g 
15* jH'eatwn Ijiiton._' 153, 
113, .WetUujjhUe B|*c| lei, 

227, [UVvaa..... ' 233, 

203, eyerharuner. ...' 253, 

20 iM'hirlpocd zi 

17 Wbfte Con. fnd..- 177, 

J5 jWllllarn Cr. 15* 

21* WiMmnin Blent 4 251* 


224a 

17. 

Ui>.|" ortL, 

19 

7* 

J x 

Urn 

5 <4 

b3* 

41 

S'H"- 

621'. 

19* 

ll': 

>Ci|« 1 lH 

•-144 

10 ie 

m 

/.-nil" 

13 

t95.; 

96 

t .-.T tTO -..J“l+’. 

’SO >6 

82* 

r79s. 

1 *• ac- 

’94 

9.00 J 

6.07 

1 a. nil* 

*J 

■0 

Ul 


CANADA 


50* 



r* 

181, 

10* 

5 

10* 

4.30 

10* 

43 

24i. 

e8* 

26* 

141, 

1 V 1- 

4 a 7,; 

a4 1 . 

15 

■ASH 

17 if 

10-8 

2a 

18 * 

7 

• j® 

*.7a 


43 * 

ss 

18* 

23* 

ion 

i£iv 



11 lv 

19 

13*. 

2U* 

18* 

14. j 

32* 

;9.00 

2.Db 

34 

au 

J4 

441g 

17* 

11" 

41* 

12* 

8-... 

32* 

14o, 

a* 

9 

305* 

. 2 - 31 . 

14 

221, 

10 

43* 

25 

151- 

91 

251; 

15* 

3 

681] 

51 

29* 

5.12 

3.05 

,.41* 

ll*. 

0* 


Ppi»r.._.| 

\MIII— KA'.-Ii ..- I 
\:.-*n \ - 111 * 11111*111 

\IM.,|,M 5|",-| 

\ »-~l— 

I’.llik.H M-nlif-al 
lUuk N..t n Si 1.1 m 
l f B-k Ik — 111 .TV.. 

I la'll THt-|lllaa|ie... 
Ik.n Ymlev lni«..', 

Ill' UiU'l* —1 

ill* -ni ...... 

Itlllla-aa 

1 . jlaxry P"» er ... 

niiiOa.'A Mine* ... 
t-.iiuaJa I'MIwnl ..' 
i. BlrB'ia MV Ijftu.- 
1 *n. 1 mj. Ilk Cairn 
1 . .mui.Ir Iniliavl ...- 

••.mi. pH.'IDa- ,.| 

.' bu. 1 'in -1 lie lnT.j 
Tim. .-iiii^r Uil... 


>6* 

o 

19 

<5 

-*5* 

e5 

Cl 

4.v0 

61* 

8l't 

187, 

16 

:8.5 > 
58* 
13* 
12 
07ft 
28* 
Cl-i 

C2* 
68 1; 


1 itrilu^ll'Krcie..i 4.36 
■-'•j-.lar Avl-evlajfcft Sift 


29* 
34 
373, 
1918 
d* 
13* 
14* 
I 82ft, 
! in 
1U6I' 
281; 
231, 
17* 
36 
02* 


IB* [S.tnrei... 

8 [I ■r«BTlllU'tllal_ 

32Sr (lekiii.nix - 

67* ilWcilm* 

2* .Telet ' 

28* Teiiean 

7 "I mini ivrnaieuui 

I 22* IVxara. 

i ID, Il'eoujiuU" 

1 33 ! I'e-uua Iui»i*u-n 

: 61* Iresa* Invt'ni 

' 24* HaiiUiliGu. 

: 18U ji'exok l.'tiiitiea...! 

343, | l ime* In* 

I LTmra lUiTOr...... 

[Mmlrea 

; lisne.- - 

1 ITxnns erica 

1 1‘rsoioo 

Two UnVm 
21* 1 L'no-vv luirn.. 
9k, Fran World Air.., 

‘I'ravren 

I nL'uc Unenial- 


22* 

41* 

31* 

13* 

17* 

30 


26* 

17* 


. I'i 'Uni OH A liai.i 

I It IV 

Afl li t'emnry Fra' 

C.v.U 

I AKVO 

I'GI ...... 

Ijnllever 

.L nileeer N V 

Union Smitxirp... 
I dkuj LarhUte....' 
. I.'uion (.uinmerce. 
45* 'Union I’U CIH... 
41 |bnkm Faeikc 


3* 
27*, 
20 lg 
193, 
iB* 
18 
3b3, 
50* 
12* 
341, 
6* 


Sif (Uni royal : 

6* ib oiled fituda.J 
29* 

211 # 

21* 

22* 

32 * 

17 * 

13&8 
161 B 
29* 


56* 

17* 

Ml, 

237 8 

40* 

C46, 

54 

263ft 


361ft ; 
15* 
a-* • 
9 k . 

4b 

47* 
53* . 
24 
47., 
21 
MS 
24* 
22 * . 

16* | 
12 

19* I 
16* , 
9* , 
4.85 
25* ! 
lb* - 
30 

501ft 1 
4 I 
30* ’ 
187, j 

40* 1 
6* ! 
2.30 > 


17 >, 
23* 
2U, 
lb'j 
4.95 
7* 
6>, 
52 
70i, 
55* 
21* 
14i- 
12 

16 V 
69 » 

Z5v 

10t» 

2 b 

5 

AM 

37 

1»* 

161- 

40 1 -. 

17 

27-4 

18K 

15* 

si, 

9* 

13* 

13 

67 B 

3.25 

15* 

9* 

20* 

28* 

1.90 

21 

14* 

15* 

3.5a 

1.00 

33 
31 * 
6* 

з. 0LI 

и. 8u 
19<ft 

9-; 

10* 

1.05 

I2n 

8 

24* 

251. 


I’i iiei Lam .... [ 

L’.aitiw.'U • 

K mu'. UalhurvV... 

1 i.nxinier Go*....,' 
>..rek* ltesrairveBi 

• ■■•Jain 

|i<i.MI I let el > 

I ■•ill- m .Mine*... 

iv.inr Mine- 

Iv.ine Prlr-'leum. 
|i.Hiimii>nJ1ni<ee 

i'"Mil»r 

I ingiovir 

rni-.Mii'ge Nbtkel.. 
I .-r-t Jliftnr Lim . h 


'.mill 1 "liw Luilf' 

■ ■ml 1 anaita.. 
llaMkei Siil . 1 an. 
Iliiliu-ri 

Il’inie i»i I .. 

(Iii.Iwiii Hav Mini 

tl.i.l-11 Hr\ 

I In- 1 -'ll (hi A (n> 

I 1.1’ 

Imp mi. 

Iix|a'nal Oil.).. ' 

I in*..- A 1 ...... 

lii-la — .1 

Inland Nat. fii-.' 

1 ui'p.i . I'naf-Liftie; 

1 . pi-rr Kepuorrb«| 
Imiri Fin. Curp-.i 
hiikB Com. *ii' 
'.lenuTn Bkied..., 
11 a -wet Kerj-nvun 

Mrlnlyrr- 

vi'.x.- vVicpa ...... 

M."iiilain State II 
\..r»mU Mine— 
-.."■-■•ri Knorry... 

\lli. 1'eka.nOI 

''■La.«l Kniii'n 
|-p. iili'i.'n|,cr 11 . 


Iv. il.r Pel role, mi 
rkii.lan.Fef ini 111 

Pm 1 ib- 

I '-■ •l ie- Iiepi.b...' 
)'.«• e I ftli. H < Jfi- 
ria.-pllUveluiaul, 
i , .>nerUd|pH»t , in 

Pi iit : 

.i^n.-li*-- SiurgeunJ 

KniiKer Oil ■ 

PteilSteubcaw— ; 
Ci.. A Igom. 

Iknal 8t.nl Can.< 


60 

tu* : 

201 s . 
o.OO > 

2.30 ' 

28* . 

Zla, ; 

123 . 

2.40 i 
19* ; 

141; ! 

38), , 

37 lj 1 _ 

20 ! 111; .l-n*'Tni« 


10* 

Ml, 

17* 

83, 

37sb 

7'b 

29 

4.00 

491* 

225g 


fill 

22* 

13* 

4.3t» 

225g 

4.3d 

22* 

2.3d 

34 

165ft 


■ ieef il raRetaama, 

Sri^iBIi 

-nr 1 1 Canada... 
'-lifirtB G.MIbm,' 
«ii4ieni0. S. • 

9 1U1|M» 

■Meel of Canada...^ 
-let'ii iliB.-k Iron . 

I rum L'anada 1 

I .m<mu Unm.Bk.; 


IS* j 13* ■L;mn'0.nPi [ »Ln. 


10* , 
16 <8 • 
is* : 
b* : 

38J« . 
12* . 
20* { 


Sift 

IO 

10 

7 

28* 

10* 

13* 


ITim* 3louDl Mt-*" 

i'rii*t; 

I'nk-n Ga. 1 

I TiuiaMreelfinra; 
iValkrr Hirasi .... 
tt’e-l l*il Traiw' 
li'wrero Geo.„...l 


26* 
c3* 
11* 
I0.ft 
5.00 
lu 
lln 
82* 
79* 
79 * 
7*3 
Cl* 
J5* 
al* 
72 

33 
10 , 
SAh 
7 * 
42 In 
43* 
19., 
cl* 
45* 
i7.» 
b6 
•c3v» 
18* 

13* 

12 

lb* 

lb* 

91, 

4.15 

22 

11* 

23* 

54* 

2.72 

b5 

16* 

35’ft 

4.30 

1.75 

60 
37* 
ZD'j 
5* 
1.75 
26. e 
20 
23 
1.14 
155, 
10 lj 
351# 
*4* 
18* 

6 
31 
IS* 
77 8 
371# 

267a 

3.70 

471, 

21 

171, 

8* 

116 

10* 

9 * 

37* 

115, 

195* 


f Bid. SAsIwd- i Traded. | New Stock. 


K h I'm m. 
llaiBle-’iid 
ti..\ li*Till..kl'* 
\"|.I k«i« . 

A Ili.ill-ll. I- 

It.ll-rBlallk . . . 

|-.l.l.llMltr 

Pf... lll-IPI'll 

-.'| ll. Ill'll U'tll. 
1l|«-l ll« 


GERMANY ♦ 


.Sim 17 


• '; -l; 

1 — O . 
262 
179 
222 
11? 

130 « 
lit.i. 

571 . ! 

159-. 


- 

- 1 
-l 


12 

12 

12 

10 

12 

11 

12 

12 


I P;iii • j • ’ » 

. Cal Prekichtf. .. 
'tlr jpn *- eUT-'inri m 

| HRin.l* 

Iljerdhero 

' ularra 

1 *-.n»-l.-ra» Rrur.irijj 

, 1-. .r"iltrr 

Peir.ileu, 

Sarrm Papulera ..... 

Sni> » 

'jjrfita 

Ti-Wi.nirj 

T-irr, . Ilnnench 

-_ilnb»eei 

8 . I i.iniun Klee 

3.8 
6.7 
45 


Per.-tnt 

121 

273 

23J 

nC3 

254 

14R 

231 

172 

KO 

21a 
Mb 
27b 
321 
? J4 
244 
147 
3«3 
24 

147 

64 

37 

1P1 

5230 

U 

«1 

52 

loS 

86.75 

0.75 

73 

41 

115 

178 

34 

47 

127 

71 

75.50 

SO 

62 


TOKYO «l 


S.aV. li 


1 Pil-e- 
1 i-n 


+ 2 
- 4 


- 1 
- 1 


- 3 

- 2 
+ 2 

+ 2 
-r 1 
— 1 
- 1 


+ 8.25 
1 1-25 
+ .1 
9- 2 

+ 2-50 

+ 1 

+ 0,50 
+ 0-50 
+ 0.75 
+ 2 


STOCKHOLM 


• vain l.ln*.* 554 14 

. ' 1 1.. *1. . .. 441 - 9 1/ 

■••I.- 910 -35 J5 

lim- .11 560 - 1 ‘JO 

61^ -2 ifl 
565 - 36 16 

254 -1 \2 

477 -7 IB 

1 120 . . 53 

256 --S 12 

1 7u0 - 10 60 

760 _ 15 13 

2.010 -10 - 
1.130 -20 10 

368 t 5 10 

269 - 2 15 

3.500 - 210 36 

7U2 - a 20 

280 -1 10 

120 ta 

430 13 

29B -1 14 

SOT - 1 20 

l.bliG T 10 lb 
059 T 19 lil 
c60 - 8 lo 

1.550 » 10 48 

270 -4 l£ 

942 - 1 30 

1.300 -10 Alt 

'>'lr 1.550 -50 *HJ 

laiet... Mann. .... 250 -1 U 

IhViiOi i_ li. irilini. 443 — 5 Is 

1 1 IK 2.040 -r 10 SU 

! I el. -1 11 125 -1 10 

[• l"h» Mur.n..,.. 516 j-2 11 

li'ki..k.o I)W. 1.120 -e 100 a 

j l.'fci iwiiim 341 -1 12 

i-iih 161 +1 10 

I ln-lu' if,. IV 133 10 

i I.m. ' in 887 -25 20 


I ' >• ii-p- -n Pi mi 

' 111, I I'll. ft.. 

I I III -■.->• I 

I II..I.M. M.ft. ...... . 

I II P--.. 

1 1 . Ii..| 

■ li- . 1 *'l.vli., . . 

It.-. - 

i ». \.l_ 

: lilll J- Iri'l. |'e . 

I ki-lllillnii 

I h'.l-lP 

, K t "l'»Sl 1-.IIII. .. 

II n I Il» lll-l. 

; M II r lll-l- 111 licit, 
V|i;-lll i-iii lim" t 

M.l lH 1-1,1 I .,i|,., 

, Mil- III .-. C. 

II "I •»!»•'■ I 

■ . l|.|-.|i ll. lln... ... 
, S'l-l-'ll -IIIIIIMII.. 

'. .vi- -jin M"i. . 1 ...... 

• l‘i.iii.— 1 .... ..... 

; ' llll.l.. I'lrlil- .... 

I 5irl.it 11 1 Pri-lHl ■...., 
: -r.j- - 


2.0 

1.4 

1.4 
C.6 

1.5 

1.3 

2.6 
1.9 
1.6 
2 5 
0.9 
0.9 

tk4 

2.4 
2.6 
U.S 

1.4 
1.8 

5.0 

1.5 
2.3 

1.6 
U.5 
0.7 
1.2 

1.5 
2 2 

1.6 
0.8 
13 
2.2 

1.7 
0.7 

4.1 

1.1 

3.6 

1.8 

3.1 

5.6 

1.1 


9.2 
e.l 

3.2 
7.5 


N..v, 17 


""Pi-lee "+ ««r" ‘ IHi'. - SI.F 


Source ’iifcko Seeuriiieo. Tokyo 


kr..|i..r 1 — 1 K 


I'm.* 

Mm. 


+ i.r Mit.V'.i. 


A»i . 

A 11 in I Y ''nKiti.. 

huh 

MA-vp 

1*' 

Ualft'i . 

Pa-.ei Vrreii'vl.k . 

I. il*|iil.\tvl.nil> 

■ '.ni.iin'i Iwiik... . 

■ ..ini ■ .ui'iiin . . 

I<piiiiKvi-IW-ii4 .. . 

I S'” 1 1 v- * 

IS'iiia^ 

Moil lie 1*1' k .. 

II, 1— llll'i l*llk. . 

I*. k.-'i'.-n /'-ini. 

• ■■ii rt limit: -- - 

Ilp|*l^ 1.1'lVd .. .. 
Hp'I'MII 

N"ir» l'»l 



ll.Hl.-ll ' 

Iihii llll'i >al/ 

knr-in.il 

KpIiPh.I . . . 

Kim- Uih-i M Ml'.*.' 

Kill' 

K 1 u 1 1 • MMlvJ.. .. 

I .Hide 

1.490 

I llllllllllHI ... 


8U.4 -0 2 - - 

494 t3 31.2 5.2 
2 >4.5 -0.3 28.12 12.6 

13S.& 18.76 7.0 

140.5 jO. 3 18.75 6.7 
3 12 -l 20.1 2 4.5 


326 -2 

155 

430.5 - 1 
66.5-2 
339 


28.12 4.3 
26.56 5.8 
28.12 4.1 


250 -0.5 26.5b 10.5 

179.5 17.18 9.6 

512.* -0.9 >e.l2 4.5 
244.8-1.2 20 12 5.7 

180 9.58 2.6 

240 5 1 10 ?o 7.6 

98 - 1 14.06 14.4 

153 -1 15.63 lu.2 

loS.E -0.2 IK. 7i 6.9 
49 4 -0.1 
160 ... 9.56 

142 7 -0.7 14.04 
529 - 1 23 44 

251.5—0.5 167i 
93.3 - 0.5 - - 

199.0-0 2 18.76 9.4 
106 - 1 

281.5 -0.5 


2.9 

4.9 
3.6 
7.4 


A II ■ kr-H'1.... 
AIM l-BvnliKr.&O, 
i-'kA .kr..HUi . .. 
Ilia' I "|H-"'kl^.' 

Plilerild 

U-.I.M • 

'. pi-K. 

( elliil.va 

l!lnA , 'llt-|l , .kr .1 
h rii--.-i.il 'll' 1 krtie 

l.velle "M" 

P»;eivla 

timii^ep 

1 1 Hll-ilepl anieil .4 



'•I.. ii.'Ii |i.in>i>i..; 
baiidvik -IP Km., 
e.K.K. -Il” K i-«....i 
-.kill.) Kii-kt'iin ..' 
I , in 1 -lik -K': Krtt't 
I .I'lelii.liu I 

V.'IV'J ikreT' 


195 -el 
143 -1 

81.0 j-U.5 

116 e 1 

47.0 , 1.5 

112 

184 -2 

219 - 5 

US t1 

123 

290 t 2 
96 e 1 
51.0—0.5 
382 -f 5 
125 

60.0 + 6.5 

260 

60.0 

159 +3 

62.5+0.5 
59 + 1 

87 5 + 1.5 


HONG KONG 


5 
5 

5 

6 

4 
•4 

5 75 
10 
-5.25 

5 

• B 

4 

16 

8 

5.75 

4.5 

0 

5 

it — 

6 


2.6 

3.5 
6.2 1 

0.6 ! 
S.b 

3.1 
4 6 : 

4.5 . 

5.1 J 
2.0 

4.2 ■ 


Hum; ki'iic S 


Niir. 17 Nor. 10 


A IIUI lK» Hill e< Itlll4«r 

*. i"ii:iM K.him 

ii'iih l.'aiii '. • 

' ieii,..i..iiinii I'r. >| *>rt lo^. . 

• Ilm* ■hii 1 iimiel 

1.. t’ll Nil .;al Bill 

Hill" "el If | Uni 

rl.'liy k.'llj In ..-nil I 

1 ; K.him Kir* -I riv 


4.2 J ll-iiz ln’iufl,'f* ktttnWliail 23.5 


295 
11.10 
26.60 
l.rS 
5.7D, 10. B 
4.50 

162.00 177.00 

65.00 90.00.5 
6.65 


2.95 

9.00 
22.20 

1.55 

8.80 

4.00 


5.75 


6.4 


7.5; 
6 0 
d 0 

6*9 ! 


SWITZERLAND + 


tl.A.N 

U n lllli'- IIUIIll 

Metall-t- 

Minii-lieii.-i f.iu'L. 

N.i'kt'i ihnIiii 

Piu-anM tin.. IW. 
Illiel in IVe- 1. Kin'. 

*ihei imjs 

-*ielili ll- , 

^ii.l /.ii-.-kei 

Du -—-11 

\ aria 

VKK V 

V ere 1 11 -A ” e>l 1* 
\ i.levi^tn 

MILAN 


- 1.2 
-3 


96 
233 

180.1 ... . 

258 

655 20 

165 el 
141.8 e 1.8 
181.2 . . . 

262.2 - 0.7 ZB. 12 

292.5 - 1 25 

252 .. .. 17. ib 

118.5 —0.2 17.1b 


25 4.5 

25 8.4 

9.38 9.8 


Prh-e 

Mif. 

Nov. U | l’r». 

* 

Alunilliliiiii 1.100 ' 

+ 15 

8 

HIM • V 1.630 1 

+ 20 

10 

■ ili.i.eia.1 Fi.l-O 1.050 ! 

+ 6 ' 

22 

I"., far! Celt...- 830 \ 

+ 20 

22 

M-. lii-ji [ 633 , 

+ 8 

22 

1 . iblil >iii*'" 2.175 ! 

-10 

lb 

k+i-l ail 1,820 [ 

+ 45 

10 


25 


5.6 | 
3.0 
2.1. 

2.7 1 

5.6 1 
3.71 
2.0' 
4.4 : 

1.7 
1.7 

21 2 . 0 . 
21 1.5 

mH 6.5 2.7! 
eSb.7. 3.8J 
15 1.4 


■ii" I*. .ii" f Jin.t 

il.'iia k.'iitMieai' list Uant. 
1 l..i|.jk"ii..<iian.-linillivll> 
k.'ii" IVii'|ibune. ... 

Mill, lllia.ll 1\ llMIII|«« 

I.11. line Mi H 11.-M.11,... 

lil-lllle *i*'i 

j '*■•« Wi.i 1.1 Mevelopmam 

| Kill. lf> I m*l 

; .in.. IJiri.i 

i « lie I'a.-iil. a — .... 6.85 I 

yf.l. > '1 heelip-L .Mar. ten A 2.50 1 

- j Wl.ei-i.. k .M Hill I me a 3.20 ) 

JttniH* In-iiiHfiii 2.60 

*d Rs+UrHlenn f Riiiro f. 

Suss. Susnended. 


8.00 

16.60 

17.00 ' 

26.00 1 
4.15 : 

12.10 
5.65 . 
2.00 < 
4.20 1 


33.00 
9.20 

31.00 ' 

5.25 
14.30 

6.70 

2.475 

4.25 

8.30 

3.075 

4.005 

2.90 


1 Sellar. 


BRAZIL 


■w. 17 


"Pnet> _ 

L’nre 


4- or"iCruz. run 
— Jl>iv.l % 


Fi'.liri ((■•v'leri- 570 +10 5 

I'i 1 i-n. 65.250 , + 500 11 AID 

li... 6.550 +50 1IU 

IS. 76 6.0 ' lineri.e-l B 3.675 

17. Id 9.0 i lelunli ■ Fr. t'.kii . 1.430 

15.53 6.1 . Ne-lle •Ki.IOUi. .. 3.190 +40 

28. )2 4.3- M". kV* 2.275 +10 

_ _ iieilik-ii UiF.'ixi, 2.600 +10 

- - l*i ■ rill 4|1'*l .IOOi 285m + 1 

6.9 *»aii-li'. 'P.— 3.475 +85 

5.4 Mm. Pan i.eii-.., 425 +8 

4.2 ■i-liiii'lln I'liFI'C 26D . + 1 

7.2 iiilret i'i , pi .ICO. 305 +15 

7 3 ■jni.-ali iti.J&Oi. 788 

184.5+0.5 16 1b 4.6 >*Ipb link' Pi. ICO. 343 +2 

133.0 9.36 3.6 i -ni- ■ lie- Pr.^' 4.750 

294 -1 28. 12 9.6 ; I men think 3.010 —10 

247.4+0.9 25 5.1 1 /.iinrli In- 10.700 


N..r. 17 


Privr 
Li 'X- 


*r Fl.v 
l.l.. 


IS 

26 

2b 

32 

14 

JO 

10 

40 

20 

44 


S.3 1 


1.9 I V.H 

3.1 
4.6 
4.6 
4.4 

2.9 

2.1 
3.3 
2.1 


tbemia 

Iipii.vnl.. Brazil ... 

ti.ii.ii Man PX .. 
Ik-ie*. \l nieim i.'l' 

I n 1 la— Illiel . 1 l.l'. 

r'eti'.liniH PP 

I'rreili up. ‘ 

■i-iUBI '.'ni/ tip... 

mi. I'k 

Km II..+ PP 


088 

1.80 

1.51 

1.05 

3.14 

2.17 

2.40 

2.32 

5.60 

1.16 


-O.DJ.'0.12i13.S3 
— O.M1O.I6B.88 
+ 0.010.37'24.3fl 
+ 0.02 0.0B 7.61 
+ 0.040.206.36 
—O.IM'0. 13-5.99 
—0.100.16 11.42 
+0.010.22 9.48 

0.25 4.46 

+ 0.010.1B'15.3l 


AUSTRALIA 


17 


Turmirer Cr lORum. Vn|unn> .V.Sra, 
Source; Rif de Janeiro SE. 


\ Mi 1 1 32 25—1.75 — - 

i*-i'i£i [ *94 +5 — — 

Kim 2.690 -83 150 5.6 

lm. I'riv '1.999 -63 150 7.5; 

Kinidei .[ 137 -14 — — 

tinlrineiii 1 23.510 + I.OOtl bllu 2.6- 

.329-17 - - 

.39.600 - 5d0 1.0U0 3.0. 


Ilpl-l.ier 

'll* li. ' mu. -a , 
ll-'Ml.-llM'll.. 

I'.nrll. I'll* 

I'lnnll 1 1* 

p'l. ili -|ip . 
i'nta l i*» 


174 

1.296 

1.855 

90S 

872 


- 1 
-41 

- 23 

- 10 
-28 


taO 7.0 
8u 8.6 


Ai. Mil. :i- .+ in-, 

\rn>w An-lialia 

1 M \ I II. S| 

\ni|a.i K v|.!..iari..n ■ 

: INft I..MHIIII 

M.llnial. 

I*l|l|» Ph | el b| 

L‘"it. In-li".li»e . .... 
1 'iin-lai i.-n lnv"»l — 


Ami- 

X 'MR 

i.\'. 


OSLO 


.W. 17 


P. .*+ 
Ki*. Her 


, Yl 


(let urn Bank . — ._ 

Ikinesaard " 

< imluiwnk 

Ki-iwn 

kreaiil Lflnnen ...... 

Nurvi dv«iro Krt' 
Sli'irLrahd — d 

PARIS 

No*. 17 i 


101 

64 -1 
116.75 +0.25 
262.5-7.5 

llb.O 

183 -5 

87.5[— 2.5 


8.9 

.-*! 
7.6 ; 
8.61 
5.2 
8.0 


Price 

Frv. 


+ .1! L»i*. 1 
— Kiv. 


379 

• -1 

21.15 

383 

-2 

. lo.i 

535 


.. 2b 

505 

+ i 

14.’5 

8U7 

+ 7 

1 42 

506 

- 8 

140.S 

2.146 

- 2 

1 1* 

395 

+ 2 

! 31.5 

1.000 

+ 1 

; 76.30 


2.2 

9.c 


446.5 -0.5 
514 -4 

130 -1 

fil I - - 

695 —1 ,SJ./i 4.9 

142.0 +0.3 . 10.5 9.9 
260.5. ' lO.i 4.0 


llrnie tg 725.6' — 2.2 

AH Bftiie 06 id’t'e. 

An l.i'|iii'lr_ 

Aiftinlallie 

UK M.-M... 

IVtil'ilb 

!!..•». X. 1 irrvai: .... 

■ ai irJ.ii r.. 

A.'i.K 

t .1.1. Aieatal 

L l, Hilliilie 

ft.. lull Ue-lllel-. 

L'itHiI **•*•!. FP.+- 
L'iohhiI * nre. .....[ 

IJiiror/ 

Ki . I'd niltu 

lieu. iit» -Mrofalri 

Imelal 

lacquea Horol ..... 152 

lamrrte ........ 240 +6 

I.'l) ml - 742 +8 

Ijesraml..... ....... 1.936 +2 

11a i sou » PbronLx. 511 —2 

UJcbmiD “B" T.240 -8 

Vl»etHHine>My.. SB3 +B 

lliHiilnei..... ‘ 

I'Hntau 

r«1iinrr...n 

I'f iiiivl "ll Icanl .... 

Prudent Mtirwn. 

P'lt'lmn 

I twlti' Technique- 

UblDiHe , 

i.'iiuue Pralenc 
■*1. Ci<aui.....n>' 

Ski* KgaaisnoJ...- 1.829 . — 11 
auc. : 293 + 3 


Vlnl'lt+iv. . , .. ........ ..... 

i,jw j»j, .»>;+. 

Hlllll.J l lnft f*nl.|.. ....... 

Il'lle llMnl III- 1........ 

li-UgmllVHlr ««*| 
i'ijuiI-iv In.l'.D*'*— ........ 

I'i'A'ii U111 l*oH'ri*,ar> 

I'M NJIII' ' 

vailtiHi t nitbi lli+i*eiv... " 

« ■>!! .41... 

1 .i'ir.iini l en.rnl ......... 

*_ • Ht—. 'If. . 1.1 ,.n..«.,.n...na. 

■-"U*. ••'■Mfu'Mlb Ami.. 

I "iilaiiier 1 SI) 

•..ftt.-iiK' l.'l'.l >nl<'..,: ' 

Amiaiu AnMralia 

Miiukap IfiiU+riJll. ' 

K+ACHi ■ 

killer -Sum h 1 

hiPlmv.-iir Heron ree» 

I../-, luiliialnea ...... 

■ft... 0.6 ' Pb.|n*t1 V t'nibt. ... 

5.6 Hmnen.|(.y 

4.5 ' >*■•*« 

4.m ' I* 1 A"’lr»lia 

2.0 I luler-*'. .p.j^T 

5 2 ! leuiiru-i ln-l'i*lHro 

6.9 j d.'ite- 'Mat 

3.5 ' I arlltla ivl Uil 

7.9 ; Meial* l*j inraii.in 

7.7 : .Meiiamiu Mineinis 

2.7 I MI.U I IhJ. I l1l|.n n.,.,.,—i 

A) Vers Km [m min 1 

New* 

N I, -lulus IiiiciiLiliiiuai -.... 
N.jilh Ui.ftniH'.linftilSX-li 

Haklft+lifK. 

Mu "earvli 


72 

1 11.21 

1C 


58.0 —0.1 5 7 1 9.8 1 L*pl..nnl..n.» 

52.0 +0.5;, — . — ■ Lmiii - rrfe | 


l nno(«inqok~. 
ITn ,m*.ni Krwn.il. 
i-iin-T • 


141 

200.8+0.3 
87.10—1.45 7.S 0.6 
313.5 +3.0. 10 ; l b 

499.9 +2.9 l/.2t 3.6 

224.5, - , - 

438 +1 27 I 6.2 

591 +1 30 | 3.1 

142.9 9 I 7.5 

143.5. -2.3 14JC|10.1 

‘ 39 ! B.O 

25,t j 8.7 
797 + 16 25.tl 5.2 
2S1.0 +0.5 15.1b‘ 6.1 

2-4S -I- 


lb./l 7.0: Ub.'kllLX l'vlinui...n«a, l .; 

lvg;, sis 1 * 

Sv.It 19 ' ' ,, "ii>tan>l Minim: ■■■ - 

At (• 7 8' 'M ir ~ ,n Kapintwllon 

22.6b ilo > *!v ul f b '**- « - 00 - 7 

12.6- 2.2 ; - iO-74 

5 2.1 ' Mlnmi! isOeent*! ; 11.57 -0.01 

l-.-t 1 dl© i " v •. tl.SO ...... 


id. 69 
tu Dl 
r2.0a 
* 1.22 

10.74 
tl 25 
M 75 
il 87 
;.>.y& 

I I .CD 
ID 54 
;.• 50 
to. 17 
:0.9B 

II 57 
tl.59 
id. ID 
11 35 

11 69 
;5 20 
;l 35 
r+I.OB 
l4 SO 

12 65 
18.93 
11. SO 
11.47 
10.86 
12.K6 
tO. 20 
12.80 
11.38 
XI. 1U 

s0.77 
:2. 10 
:o.3o 

tJ.88 

11.14 

tJ.20 
nj.al 
;0.i4 
12.25 
[1.56 
12.55 
tJ.&O 
1 1.24 
i 1.56 
to. 10 
10.28 
11.64 
tSJ.75 
10.63 
iJ.25 
:j.30 
<1.69 

10.74 


-0.0 1 


- 0.0 I 

>»r ; 

+o.u> : 
-0.0 1 

+ i."2 ! 

-a. ob I 
-0.05 | 

-j.oj; 

-0.05 ( 


JOHANNESBURG 

MINES 

N'iV. 17 

A uf In American Cnrpo, .. 
fluirler Cun -fluid ted 

E.i ' 1 Drief, mrein 

KI'Kite 

| II irmr.ny 

I KlUro'S ....**.*«***» 

j KllUlf 

: iiu-ienburK Plaiinirm ..... 
• < 1 . Helena 

: ,i.'iiih\iidi 

|.;«M Flel'1-. SA 

■-ni..n .’.iri.i.r ji ir.n 

ll,- pe-i-' Mel eTed 

■ 1 III 1 ■"•nil r . -1 1 In 

I-..I-I Nj'iil P"- 

. p.-w .Vdit- j;<d,i.*d 

k’ri'BlriiT llrjrnl 

IT' -nIrnl Sr«-yn 

Xi 1 II "iili'i 11 

11 ell. "Ill 

'.1 l-»l Mrir-'.'iilein 

l-.■|■^le^^ H"hins* ... ... 

WeMern Pet'D 


Rand 
6.10 
T3.33 
IS SO 

1 .33 

8.43 
4.85 
9 £0 
l.« 

tli.30 

.... S.^3 

U .AO 

.......... 5_iU 

h.Oi 
5."j 

'5 r.n 
T.'J.J’rt 
15 5U 
1J -5 
5.d0 
ft ftli 
33 75 
37.50 
14g5 


INDUSTRIALS 


A EC I 

*0 07 ' DB ' n ' An,er - tnduswlal 

-o'ob ■ ii4 r|ow Rond 

*0.01' 1 '-'N A jDwe'imenls 
i Cume Finance 


ril.O® | oe Peer* Jndusirial 

I FrtKir, Cnn'-nlidaied tn*. 

| giliijr.-: Store* 

Ei cr Heart v Sa 

l-.'rii+jlr vn'.k'Koleasmss . 

• :rcnleriiian> Slurps 

Unions .............. 

1 .1 A - ..... 

MiVarilij Kriduay — 

M.-d L'jnk 

■ >K H.izaarb 


+0.ub . ; 


+0.L5 

-0.09 


-0.01 
*0.01 
-0 01 
+0.U1 


I Tenner Mill, ni; 

ITciurM Ccmrnl .......... 

*0.02 1 Proiea Hi.litln^ft 

-u'ul ■ Koiid Miner- Properiien .. 
*0.24 • Kcinhrjndi Hr nut, 


Keivo 


jJJJi-iAPM 

-0.0b 


1 ; 77 Smith SuRar 

4A Urcweriec 

Tincr Oaia and Nall. M1 r. 
I "nsec 


3.35 

10 go 

4.45 
I ?.20 
0.95 
12.75 
3.85 

* 35.50 
12.13 
1.75 
Tj.3l> 

7.10 

2 Oi' 
.0 ill 
' — 1 

T.KO 

5.40 
73.25 

I 35 
1 . 9 " 
3.57 
0.3H 

2.40 

5.45 
JJ13 

11.4MI 

1.10 


+w— 
+U.05 
+0.06 
- 0.10 
+ 0.U2 
+ 0.10 
+ 0.05 
+0.10 
+ 0.07 
+ 0.50 
-0.05 

+ 0.05 

-tijil 
+ n iu 
-1.00 

-*-ii 05 
+ U.07 
+ 0.15 
— 1.35 

+8.15 

-8.85 

—8.18 

—0.30 

-8^1 

-0.05 

-8.50 


-0.13 
— B.10 


-0.U5 
+ U.B3 
-0.U3 


+B.16 


-0.25 

- 0.01 


Securities Rand SU.S.0.68 
(Discount of 40.S7%) 


NOTES: uveneaa Dtivas esduae i oromlkina. BelaUm mviaena* are after 
wiintiuldinK tax 

9 DM5u rtenoin unless otheruise staled. V rlaa. a *" 1 deiwrn. anlesa rttbenetse 
Hiaieil + Kr 100 Hcihfd. anle» otherwise Slated. 9 P'ra Son denom. "Bless 
otherwise slalra Yen be rtenoin unless Mherwisc ,ia»ed. i Price at rime uf 
euspen&inn n Fiortni. a Sehitunss r Onis. 1 Dividend after ocnrtinn rrcata 

and/or Bcrlp issue e Pei share. 1 Francs, t Gm** rtiv. %. <i Aesinned dividend 
aliei scrip and/or ngins Issue. 1 After local laaea. m % tax free n Francs, 
mdudituc Unllac fliv. r Nam. a Share rolli t Div. and yield exclude special 
1 Indies red dfv. » Mnnificiai rradint c VJliwrtfy holders nnlv u Memer 
■ Ashed, r Bid. } Trorten. r Seller. - Assioned. sr Ex risbu. xfl Ss 
ze Ex scrip issue. *a Ex alL a Interim Knee Increased. 


USVTITPflL 

ppnrline. 

dividend. 






Financial ; Times -aionqsy - f s —; 



INTERNATIONAL BONDS 


BY FRANCIS GHILES 


n , npn uT INTERNATIONAL BONO i55US, 


Market runs ahead of itself 


Borrower! 


Amount 
fit. . 


Maturity 


Av. life 
year! 


Coupon 


Price . lead manager •- 


T'H r 


[hYLLAE * T.;ijr,r 

-r- rri« tit" middle ■>:" 
■.*}-■ ■■.tcV ir »2 ?m* ru Trent* ;• 
? ..i*\'cr I'UiO Ih^n .1 

r., - n;nl ;-.iv. time r»int:** 

nl Prc>idcnt <\ir* 
rer'- -».«cka .<■ tv.-i vu'i/l" «*;i ri :«• r. 


./•c-.rl qu.irti-r nf m*\; :-c:,r. market. Jin re than one dealer purchase orders 
H* 'T the likely trend tn in- a> su "priced h\ the rush of thr completed. 

:i-r— ‘ r.-.lcs apoarenti;. no lonuer in-utulinn* min the marker 
.. i.ajor effect nn the uric? unich.ai lhe “lari »J trading last 
.n - ht and ha* hern re leu j- Thursday, led re price rises nn 


r>uy- 


\ re.r ‘..lire 
r rai* 
flr. l ;v:e» ' --f <1 


n;> 


*n 


Ti- 

ST '■'I.’ 

t®r.n,r-r 
r*'7 e ,.^ 
f 

>;r !" 


:iru*-. >»nnri-irr:ii 
■ ea-i.'d shuh'l. 
(I.ir-di'iionitnal'-d 

nui; .mil a ha if 
in** v. i*i*k. 

7 *. ‘pre-ad; fi" 

•an! ? ih.it prim,* 

r.i'i'* climb in 1‘! 

*>• rr;id-iy"{* and irun 
!• nnd- onibJ *.■■■11 arer* 
r^r enn" dunrtu i'n<* 


•ir> 


l' s 


• • -cCOTidary >t:» , n?* 

nu.-ifinn :«ri»c- as :■■ 

.*. - , r"HL*ly-i,j*.eil :hi- revie.il 
\v* :»’.arS*»i i*. Many dealer* 
!:■■■•. as 1 1 ■ !l S:*:mi,*l ;<:if i; in 
*.. - !<*l*s »lia: "the market 

• .-.r; tu have run aneati >«f 

, J ‘ " 

\ : 4 *:-r Pfifnii.- ,*xnre>se> 
,:v* over :he market's nd- 
,*... a* «i On v. helh'-r it w.i* a 
:■ ''toil :‘a*t ton <orin.” 

.'■i ':•■.* "he recuviTj ;n bund 


lit" v.-ake 
in - ;i;ti> 
•a/* re in 


■f the (larli'i* 
.nsimniunai 

i*. ily m t!u- 


Mitric ivsite.' uf up lu three 
0 tuiters ul a pomi in the first 
ifi j uunutes' business. 

Anatrsl* noted that the dullar 
markers Fun da mentals had nnt 
changed but that there was nu 
mistaking v. ha I was happening. 
Tuij much umnev was chasing ion 
lev. - imads. a.- in.-lituimn'i seemed 

re he lakins the lunuer-term 

i ie*A that a peak in shun term 
mteresi rjie> trill incur In next 
-urn trier. 

Some rea: bujing intoresi uas 
fi>*. firmed tlmugh Kidder Pea- 
bud;. nhserved lhai ” uiosi uf the 


“The failure of tire nt.ir^et to 
execute the orders because 
the secondary sector h-i- nn sut)- 
alanUal long invvnt' , r!e.* ! . !' the 
institutions needed any fin ? 1 
cunfirmation of ihe market s 


... ,. r e never President Carter’s package 
ing back into the market. 

Slight mdijestion *s close m 
hecomin? a permanent feature of 
the DM market. On Friday the 
lucent Finland bond, priced 
earlier ir rhe week wj* uuoied 
hi a discount of 1; per cent. 


US. DOLLARS 
• t' 'I ndustrial Bank of 

|apan Finance NV' 50 
tSonatrach (g'reed 
Banque Extericure 
(TAIseric ) 50 


1935 


1992 


14 




7/ 


100 


ICO 


Morgan Stanley, tBf 


CCF 




lack of dppih the'- ««nl> have tn equivalent to the size o: ine 
look at the price '.uii-n *»i mdi- selling group discount. Trading 
virtual issues on Thursday." 

Buying dollar onn»l? nmy he 
not just an act of faith t»d.*.y but 
it does imply a degree of trust 
in President Carter* udm in is I ra- 
tion which many in me market 
did not have only -• t''*' - weeks 
ago Bond yield- nave fallen 
during the past tv.* **.oer. c . with 
9.50 per cent now about the 
norm on good -quality paper. 


volume wa? described as fair, but 
ies> than in the previous f-y* 

week?. The »mly new straieh: 
issue was the twice-delayed 
DM 400m bond for the World 

Bank. 

Convertible# continue :n favour 
with a DM 150m bond for the 
Japanese electronics company. 
Sharp. This is only the second 
time .-Tich a large -I a pa neat cun- 


d-marks 

Hiachi Shipbuilding 
iFinlznd 

■'Souih African Rail. 

& Harbours 
World Bank 
SSnarpCorp- 
FRENCH FRANCS 
Societe Nat. Elf 

Aq uitaine __ 

SWISS FRANCS 
; First Chicago Overseas 
Finance NV 
GUILDERS 

;Norges Kommunalbank 


50 

150 

50 

400 

150 


19B3 

1983 

1933 

1088 

1?S8 


5 

5 

5 

10 


52 

A 

n 

31 


* WntLS 1 • 

100 Dresdnsr Bank ’ 4^'- 

.991 5HF-Bank .. ‘ f ‘ - . jjg; 

100 Deutsche- Bank- . 4U5 : 

180 . West LB . , ■ 


150 


19?8 


’2 


BNP 




That figure U simply neck-and- vertible has been issued, the last 


;Norg« Kommunalbank 
f s’ teed Norway? 


70 

1993 

n.a. 

34 

■100 

..Credit Swue - 

iSg- 

75 

t??3 

10.5 

H. 

1004 

.AmRi! 

Mi- 

C5 

500 

19S6 

6 

a 

. 991 

'.. Kr«f Ter bank Litxcm. -; i: 

'• ' 7 . '■ 


EURO CURRENCIES 


BY MARY CAMPBELL 


Controlling the markets 


• li.’ L **TIl : \ 
r':i: i-.-llo-i - tl- ! 


"f 


cunirurtin- 

tho'IJii 


‘r»- — i h, 
ih.it ne 


-'■■mu - hub* 

■ mild i tin up 


• :r .1 .i'ii uri 


'/ther ciTirr.il 

bjnke most 

--■■sint 

7 V. V. .11: 


r,>r :-*-.;- thr Bank nf 

Enjlaiid. 

L*XlT ri 

: er. i • : ■ i ;; f] ;,f Ihi- I 

s. 

E*:r *.:.].■ rk,-l bu-ut 

I* n>,H 


r;- : ■1 \ ,• RiUiI'il 

.... 

‘ .i> . . ■’[ pl.lllk 'll 

the C;t} ,»f 

In 

*. r-vr;/- had 

■d;. 

!.••• d- r'- ::!teriijt:*jn 

a 1 RnaniMi 

i r y 


u»n r.f i hr domestic monetary 
iiggre^.ie- uf the main developed 
I’m eviik*n*.T i«f ih«< 


■:ri"*> ■■! *. 1 1 : ■ . s * i . ; — jiwI umii 

• i - — f j . : Th«- :*tn 

;q. : >.•{■ ■ ii Bank »«: Uncljnd in.- 

p . :*. » ; iiui again 

- -- — r 1 in ..n un;Hibii'*f-'.il 

: - i . rn.-n- Si i Oir'lim 

.. -I.si r 1 -.,-! I ‘if 'h<- 

;.i .••■.'J.* -<f 

cl -• - .• : •■•r*riij:.‘i a*-*' 

M* ' -I'-lMii'. n; v. 

. • .• i.-i- .< r:pi !'• i.iunjrc" 

• 1 : in; i.n iimne;. 

: •. : i. • II.* man |irnin 

•- . .1 .uo lid uild »iihf! 

iuv..-lij.,i;i). 
- •<! •!■■■• In'. i-lr-tvi* hi- 

-t - 1 ;r: •.uiiiro: the Kuro- 

i.» i-.et 

f.-ti- * .• i.i- sir* —tot*- men i 
'rtv.ee r. 1 '.i/,rv tr. j n ha- , i*; , .-u 

r-i-. r. •'•*. '• 'iiiie. rtlsL-u.- 

•-.,*.(■ i,;.; :; I , : O -' piaW l'»i 
. . ri ; . I;, • !; -iiu-^ 'be 
*7- " i . » j i - Ll‘ ■ r, -. within thr 

. ■ ■ , 'iii' Ba-:e-*> Flanl- 

• r l-s-; i s**Hl .•iii'.-m- 

r.n. *r i* ri- purling r»- 
■ i ■ • i*: i. :i ; - . ••.•!■* r l.Herna!ii.iJi:»i 

. - .nu — ■ >n Thci- 

•• ■; irri-.u ■.•uiinmttve 
•• men *n I iii* v.nrrts 
■cn 

ni,‘*di 


• : ,.-:.* r.-**-. s! ^ ;um- when Ni*»*. 

V.i.-- .. f- ra-.ina i*. ;*<-r -*..in»- .if 
*h-.* 'i-uiesi h:n*k. ih»* Rank uf 
Ha*. w;Ii il'iubllo- hr 

,-iJ.i.j:. *n j l , *;nii i i!:- an;, ngnif.r- 
n.' ■•■iiitrn! *. h'i*h ih:*i.*.it*'n.* 

t'u* '■.!*. * ii* dnuar markel. 

R.r *f Rr::j-h -vi-iniera*i a 
*:..i.i'tr : actor in iru- B.ink'- pn-i- 
i ••»"*.. r*r i* 1 - 1 ■ a ••rent deal uf 
ji.il* r,‘ ; av. ii •-•.■•.-dmv: >*n i:- 
•' Gurduii - -n *\*a- 
.*: ..I*. \ ■ * ^pe'I ; r . j r >ur ;h,- >h:nk- 
:r.j i n.r.d Ihe irtirreni ju.»i *.<*;. 

Hv 5 ! rled :*ii s * -p-.-eeh b;- ini 


ih" i.tle-l monthly . review 
\mex Bank l hi* finer r is 
:»mni<*:i mueh mure -pecificaily 
ai ihe ta\il> m IS. umaelai > 
:>i-»lit*\. 

Entitled " Tighter I'.S. inout-y. 
cure fur t^iirudollar glut.” the 
A in ex **tiulv says if Mu.* excessive 
wth uf ihi* .-lipplj of u li shore 


’»*en ■ 

.Hilur.. 

■■ S*’* 

r i .-r i *:i 


f'.'itia'.' 

h : iii si 

l*TT 

ajjinst 

. :e r.f ti, 

■ Eur> 

•m.ii 

•»ei> as 

-.■rphu’j- 


ul - 

taleu's- 

— ;*h : 

■ 11 j -. 1 ? 

•*‘n ■ 

:-.-ii hi- 

•■. nresofri 

i,\ 

Mr 

.Miiicr 

•'■•.li'.-s. 




r>. in 1 

fb;. 

.-..it 

Sir 

-aid. 

" -h/-;. 

n. 

• tura.-;. 

-uiiR-.vn 

3 ; i l : 

iriutnu a mi 

C rt*eui- 

>iryn 

^ f,. 

r *,,i ne 


.‘I 

. ••*: •. 
r- - :i* ri • 
S** 


:r.- 


..-..1 




>“e rir.i 


n: hn.tr d — 3nrt it i- .1 
; ’ *■ n 1 he ennlcxi uf his 


riitlUl be cheeked. Noting that 
ih.; Eurodollar market t- equiva- 
lent to d.1 per cent nf U S. money 
siripl} FM^t. while "if.shi.ire 
deposit# in D-marks arc* equiva- 
lent to Iti per cent nf tier man 
do. -lies in* in 
-huve held 

» < ni of Swiss muitey .-upply. the 
ii^nk sajs that "the present 

• • verb hr g i»l excess Eumrii.il la r- 
purtCBtl* much worse in Hat inn 10 
cuiii'* in the l.'.S. imlesi# the 
excess rale i, f offshore dollar 
deposit creation t> slowed. 

Accord; n 
the growth 

a necessary prcrei|uialt« to : low- 
ing ih- d>. predation of the dollar 
— could happen in run.* nf three 

wat-. 

The fall uf the dollar has cut 
ih.,- size nf the U.S. banks rela- 
tive r«i those front "strong" 
currency countries, hut as the 
I alter bank# increase then rote 
thr-\ may prefer to do it in their 
n o'-* ’i cur tv net vs rather than in 
■ I.. Hart. 

Secnd. an accelerated growth 
i>i wm Id trade could inerra-e the 
Iran -act ion demand for real 

dollar balances. 

Third and. m the word- nf 
Amvx. "nio*5t assuring fur inter- 


Rc.-r.TVc could it’l a uiuirli I'.iwrr 
I nfnriuna"*'.; . ope no**d not iunk target fr»r thr growth of the U.S. 
far Vieynmi 'r.e eailoeii’.e expan* don.c-uc monetary ba.-e. 


dollars ci, u id he arreted. ‘ then tbe terms, which m- E 

the perhistcni dollar weakness ' ^ d, ‘ P ei ' ,<:1 • rf J| ,na 1 

_ r . tfrft in nropiiiint rn htvn f 


being in Ma> 197S. for Sanyo. 
The conversion premium w*t!i be 
the usual 'A', per cent. The Sharp 
shares stood at a high of '"4*7 
and a low of Y31S cm the Tokyo 
Stock Exchange* this .tear. They 
closed last Friday at Y446 

The next con vert; oh fur > 
Japane-v clectronicr cor.tpgn;-. 
'•nieron Taieisi. 1 .- expected, 
through BH'F Bank, early next 
month. 

T!it* French Franc -odor w;> 
ne-sod n> third issue si ace it re- 
opened two monla- a JO. t:','# 
time For a prime French name. 
Kif Aquitaine, the uii company 
in wnicn the •date has a majorv.;- 
-;ake i* 5 raising FFr 150ii ur ten 
years on a coupon of 9; per cert 
The average life of ;hi- issue, 
which 1 # being arranged by 
Banque Nationale *ie Par:# 


KUWAITI DINARS 
;CNAN (g’tced Banque 

Exterieure d’Mgerie) 
;Pa.Tama 

Bjnque de Devel. 

Econ. de Tunisie 
t g~:ecd Tunisia} 


to 

6 


1986/90 — 

1985/90 6-4 


1985 — 


8i 


too 

100 . 


BAH. JCfTCIC 
K1IC 




KIC 


*S 

M: 




SPECIAL DRAWING RIGHTS 
Swedish Invesmenr 

Bank 25 

* No: rrz priced. 


1985 


5-4 


• -.■*.: .-'..-r...; ->V •-•■W. 

Credit 5uine. Fi rat Bostaq 


: Fiiwl lerem. •‘Placement. .t Floating rat* note.' ; h Htuhwww ... ^ .'SCuiWertJU*.^.- 
- r Registered *»idi UJ. 5ecm*We» and Exchange Cnnminion. .1 Ptanduu tuad.\ i yr 

Note: Vields are calculated on .AIBD basil. - • . .J-: • - . ’ —’Ffy 


neck with the U.S. indaiiun rate. 

By comparison tiic net yield to 
be had on Deui^che-JIark 
denominated bonds, today stands 
a i 4-4.1 per cent. «uggciis that 

while the haicydon d:iy.- of the 

DX 1 sector may he u*. cr because 
tif the very heavy -vhcdiile of 
new i.ssuca. Lhe shin** i* far from 
having worn off cucn paper. 

The only n %x issue in the dol- 
lar sector last week was a >f5fiin 
14-year Homing rate nole fur the 
Algerian stale oil and gas com- 
pany Sonatrach. u- first dollar 
issue. The borru-ier i l ! pay 
a spread nf J j.er cent over 
Libor and the bund.- will oe 
retractable at par ;«* in-- option 
of Ihe note holder- ;it the end 
of years 3. 10 and 1- 

The length of the li;i;o maturity 

Banque Nationale de Far:# is ; -• , - .... 

i us i under nine years. A sin^ng D!LT?.'3ENT trend# in the ton? 1* _;ittr;outed to .the stronger secunpcs seclor -prices of 
•iroun discount apm-ar to have fund will start operating at Lite and «h»jr; ter r.: credit markets in per:or;tianve of the dollar on ihe imn issues itw_a pomVoi^^^e 

resulted in one loading French end of the seventh year. the U.S. btean;e more manced Foreign exchange. But this >as The- Treasury S. 

bank from refusing u» join the The terms of this i#rue !:!!•> .-ce.-‘ ■vh:’e Treasury eor- 

management group. The terms tighter for tne investor than those pora-.e and yaakec bond sectors 

of this issue however are very uf the recent l" ni lever bond !»u: of Ihe long :erRJ_ market raliied 

e!os>e to those on the .?40.;t Hoaier -omewbai more generous than eon vta daily with prices rising 

and :-£.gs rbllins. 

The iitor.L-y markets continue to 


u.s. BONDS 


A plague 


BY STEWART FLEMINC 






loncy -ii/'ply and 'off- li! r Banque Exterie are I’Alaerte 
Swiss (ran cm to iM per ? suc ,A currency quoted a; 


■ r r - ■ - 

1 : 1 *V C 

i or:.; ->f .-iie*.-i.H.l :niern.<:m.na: 
r* juis-’f-r. nr rorifm;.’ 

S:r *»• rdon -aid Thai tin'- rich' 
"=■)*•■ *'r nn •.■■Jilin,: un.j 

-•I* :! the v.-niiai ii.mk.* 


itivn: 

!t*r1st,n. i 

> >r/-.* 

r i f.'nui ’.riu r,jli,,:ia; «*en>n- 


>V „r ,-iar- 

: n -1 7. 

u‘|f>na! si::iop.-|-iu;. authi- 

1 : r 

■•.■spnnsibili- 

■ ;i'*- 

.vi‘*v:.'vj4 rather than ;hi* 

i:'Tr 

vi-'irv t«.*,*h 

•<:hv ■ 

■■••■j.v round. 

a-' 

thus th-' 

E:--« 

'.**, v.nu A;,-- Rank'- l,,:tj- 


■■hi- are a- 

hr, ill 

ev* that thr Furi'niarki’t- 

mu; 

n; -ill;- '.*r<:ii- 

in. r.<. 

at, ' than ., tr:,;i-,;i;.--ti,n 


’ in*. JliiV. !•{ 

:n»*'*hj 

r-,t *,n mi;*,, riant 



-fit: re ’ 

oi icdeiwadynt i-redit 

1 ; • r. 

,> \»h-tm*r 

L*l«*al:* 

*'.\ „r mulupiicai'.'tn. Sir 


-nriubl i ,* 1 

•iiirdun t;<ui tn,.* re-i,un^thi!:iv 

*. y>: 

Hit’s -Tati- 

f/,.- :n 

datiun mrsmlv *1 the dunr 


l i* *. jUi>* 

i,f ox*- 

f*-- •iv;n«-t:iry ••xpun-ion. 

•*. AT' 

rant If h« 

"To 

«.*x;*;i;n ih*s iiimirtury 


t«< lighten 

f-xr-ar 

-•••n fir.c dne- nnt have to 

r.',t 

already on 

bifil: to the :'i**’rn:itiar»al market# 


-ecior 


possible ixsue of m to .^10bn- 
worth of U.S. »ii - . eramem 
foreign currency -;-rur:i:v? wa# 
tu Aniex •’lowin' 1 onc factor which hi; the market, 
r ,.ir#hme’ dollar#— The snnuuncMnem vf vhai many 
banker# regard a- too heavy a 
calendar of new i--t:c- for the 
rix week- up to i.Iii.-Mmas did 
not help either while :ii lack of 
qua lit;, of many of the bor- 
rowers ita> a further cau?e of 


ihose o: the previous E1B lesuc-. 
which ’•••»# « bullet. The : ejoa- 
dary nvirke’ to the Franc -ec - .*,- 
ha.- been very .-ready recently. 


96-9 

The Deutsche M.; 

■tarred the week on .« -oft note. The next French Franc-denonrn- 
The uncertainty surruori'i’.ng the ated ound. possibly before Chrtsi- 

nta#. i> also expected to be for ^ 
French address. 

A new financing vehicle ’i 
pia.tiicd tn the Swiss franc bond 
market — a floating rate note 
issue. Banque «’lutwi!ier Kun 
Buoecncr plar.# *a iaunch early 
in December a Swis# frxcc FR\ 
on bcivj'.f o.‘ Eanqu; Nat: jaure 
d’ A I gene. 

The amour.; *:>f The :-suc s'O 
far undecided. Jju; pr>pu*e'j !e r:ns 
cad for a spread o: ; per cent 
over thf- six-mnrtth Swiss d:,n:e§- 
v.ith a 
per cm:. 


bt, a .a sued oy fears of lurilier tn- 
cr*jj#e*# :u short term interest 


..... one source of encourage- £dr example, jwere' yielding, 
men; 4K J r ccut at Jhe eiKt. o£ theeiti^ 

A reiarively nutdesi supply or compared with 7 & 8 Q a-weefoagfl 
new is-ucs ts anticipated for the But there >&; no concensus 4& 
balance of the year. This^ the market has fipally tuximCaeg 
coupled wiih the spreading" the' tindery-rag fear of lufiaiil’ 
recessionary psychology: has led and -some, seep tic isrti iBterfff 
more investor# -to conclude -that administration's 'eouuuitlnc ‘ ^ 
Ions term raifts have uow peaked tackling ihe problem remain^.T-. 

Miner's i^nxibuncetRCT 
the Senale Bankiuff Ghb 
did 'noth iu? lo. -reassott- 
Tbe improved lone of the bond the sceptics; He did. reduce 16 


worn. 

Frier- however ended the 
week on a strong,-: nute v;tn 
many of tbo.-e whn h^d >u:.1 DM n,- interbank ru:e. 
paper after the ann.-uncunrent uf minimum ini,. -rest of 4 


..^' 4 '* :e '’?:.!? s? ? rie c ^ a * rm ^ G wnih the result that . they are. .• ‘Mr: . '3 
!■’ . .tillers appearar. fc c Ct . ;n . n j t *, na more of . their ^ ^ heavy befure th 

oe:cr? :oe senaJe oanking com- c& , h -esomvefc to Lhe market. . miilee ,d 

Tte improved lone of the bond the scspL^. *» c 
'It ' u fll market showed up particularly. Ml monetary growthrateta^ 

^uju-.j^/.*. another mea-ure , n lfae new j sgu€ . sector where, from 4 -tiY. -per - : cdht’ to- iMT-pfe 

for example, offerings from cent. Thts. is generally ^een'SSf# 
" = ro (b ,ale tar^e - p u |,jj t . Service Electric and Gas n tech art i cal. adjustment tortite 
and Dana Corporation sold nut account' of the "fact that IssBfif 
Psrhaa* :hg most significant quickly in spite of aggressive ttonaL changes at the eommetda 
develop:-. en:s came in the long pricing. According to Salomon bunXs. which in effect allowi^ 
;em: bond market# however Bruthcrs. new Issue yields in the meht o£ interest- oe di^ 
■.■.■here :he firmer rone emerging corporate sector . dec imed., any-, deposit#, have, begun to 


■■ e*.*r' jgo became well estab- thing between 10 and 20 ljuti# the significance oT JU and^ipi 
.':#hed. ir. pan of course this can point.#. In the government it# likely growth, rate. V. . JM 


H^rlium t.rrtt 
t?n« Icrrn 


Eum'lmir 

Crdfl 


EONDTRAOE index and yield 

1®7S 

Npypmbcf 17 Novcmbc 10 High Low 

IS -5 B.SA 04.35 S.5T K.Sl (1« «l H.7J 'SD 101 


0.23 


•0 15 1.25 


*1.07 (I* 0) 


SI 53 U3 13) 


EUnOBOND TURNOVER 
Inomiiwl V4tu» in Sm) 
U.S. dollar bond- 
last weefc previous WClb 


1.371.8 

C21 


J.JJI.2 

317J 


0:b?r bnml' 

last w<*efe orcv'-ius weak 
an j VA s 

>17. b 253.5 


FT INTERNATIONAL BOND SERVICED 


. :2 


*2B0 l*sv»t in*.-. r r.i : ■.>*. a! ^and.- for which an adpquaic secoadarp- market. exists-. The tirtces oOT Ar-wot 
* Boad:.-ai)c- hr.. \V Cr..<l|t Comm^rual rtc 1'rauve: Credit LyonuaJs: E. T-- Hutton Sefvtap 

A f :. Deui'fih. Ssr.r vt; '.Viisrduiitschi- Laaiivsbank Gtrarcmralej Bahou>- -InH'mattonaio junnitUodse; 
Kir..> Luswvu:.. .\LieaU':m I'-uD*. Xeddrland NV. Plenum. H-Mruw 4 JMI Pie; van: Cm«t Suisse. Svlss . 

atiofirtl: Ey.*iqu*> krjmiilK'- d** Crrdit ImenratiosiJojJi^ 


r i:'* ;S>-.r r, 
-cr- -ipsli-d 
5 vNL Ci-rt'crrrar- 


Lr..or a---* a* S-.trr-.rJj-.-s* AJ.*rny«f ^iid knuiiisrsr Ountcen TniM . Inii-rnariMml: 
-•775 :**.-«i-;sr:n'.i! Sans: fivn-j J-nrat-* NVf Del’«* Tradins Company: Dillon 


Road Ovtnmaa *Corouri«lion:'EBC; , _ 

• •old-r.t-. ii.t.- :. *..Tiauor. J : Cowras:->n: llanthros BanC: IBJ lnipraaricnml: Hitt Sumucl and Co . KKlder Peahndy taS^nahBM; 


Tb 


-;c*ree'r ?- 3 «.* -tcarc ony. 


European Ferries Limited 


toccpo.'&zd r. S-clarvj 


Trig Amsterdam Stock Exchange has granted official listing for the Ordinary Shares of 
European Ferries Limited, evidenced by bearer Continental Depositary Receipts each 
representing 100 Ordinary Shares and issued by Amsterdam Depositary Company N.V. 


T u « avch^nro : r‘rr^^^‘inn ftB S b?£7T 3 r r=.-G fC bt 

ALGEMENE BANK NEDERLAND N.V. 
AUSTERDAM-ROTTERDAM BANK N.V. 
BANQUE DE PARIS ET DES PAYS-BAS N.V. 


Ik 

S. G. WARBURG & CO. LTD. 

13th November. 1078. 


7tiaia Sorut» k»wirm )nn pltevrf, tfii« uwrooncimert Eppeuni •! > mutter of rosord only. 


New Issue 



November 1978 


The Council of Europe Resettlement Fund 

for National Refugees and Over-Population in Europe 
DM 20000000.- 

6 7.% Bearer Bonds of 1978 (84-88) III 


BERLINER HANDELS- UND FRANKFURTER BANK 



MEDIUM-TERM 

CREDITS 

Difficulties 
remain for 
Poiish 
Euroloan 


By John Evans 


nto»t danger- 
economy in 
appear- to be 


POLAND. THE 
uusly tndehted 
I'kislcrn Europe, 
near to artrinprin? a largo loan 
-indication on lhe Eurocurrency 
i*;i pi t:* I markets. 

No specific transaction ha- yet 
been drawn up. but a figure of 
between S250nt and .9500m is 
being quoted in thr Euromarket* 
a- the puvitble range of the 
financing 

Poland's ability Lo successfully 
ho r row a Eurocredit of this size 
i*. not a Foregone conclusion, 
according tu many hanker#. 

Its debt-service ratio i- csti- 
maied lo range Fiom benveen 
3 n per cent and 4T» per cent, and 
its gro*-; debi is calculated at 
around the f-'l-i.abn mark by the 

envl of 197S. 

This implies debt-re rv icing 
costs of over SGhn this year, and 
there has long been anxiety in 
• he m lerr. aliens l capital markets 
that part of Poland's “hard cur- 
rency “ debt will have l,« be 
rescheduled. 

T'ur credit now to hr ?oii£ht 
by thp Poles will apparently 
represent entirely new finance, 
and not a rcitriKturing opera- 
lion involving any of its p3#t 
debt. 

One problem 'he international 
hanks face in deciding whether 
tn participate in a new loan tg 
Poland is their pre-ent level of 
lending, and a size'ihle cumber 
of hanks are believed re have 
reached their internal pruden- 
tial limit# on extending fresh 
credit to the country. 

Another major stumbling 
block, many banks consider, ha- 
been the reluctance or Lhe 
Pnji-h Government hitherto to 
provide full economic informa- 
tion un the economy when under- 
take n.e borrowing in the West. 

The International banks arc 
keen to *eo comprehensive da;a 
on Poland's hard currency debt, 
including the repayment and 

servicing schedule. A relaxation 
bv Warsaw on this point will 
go a long way in drawing wide 
banking support fnr the new 
transaction, bankers suggest 

Poland's last large" Euro- 
currency loan was completed in 
January this year. A £2 50 in 
syndication was mounted for a 
high-grade copper mine, as part 
of projected expenditures un the 
protect. at Steroswicc. of 

[51 4 bn 

Manhattan Hank look a 
I’Cinral mb* in the loan, which 
had an pighl-jeur nialuriiy at 
-p re dr ranging fr«nn 13 and I ‘ 
per cent over imcrhank ra ics. 


S‘.a.-, 3 :.-av:an iaav 


Jr *:■ rki !n*rmf:.-oaa: ?: , .s s »iit Tremsnn Satorntn f?rp;ln*r* tntvrnafiomt. Samuel Momasn -inlpXXtr 
*ST«u:>* TunibuU an! C« Vomiiomn Finance lueniatimal: S. G. Warburg ji*i r«.: Wood Gurthr-^-v •$'- 
. • . Closias prices .on. •KurcsoaefeH 

• ** - * • ^c. 

YEN STRAIGHTS " Issued ' BIS OUor -day weetc ’gjw 

Aslan Or. Bk. M « • is-. TO| 

Austrana a.fi su » -.101 low 0 

RrCE 64 00 H HI STS -M -Bf ,S|| 

Eurounue.ssa w. .-wi -fif # -«r «» 

Mniaml S.7 is 23 - SB •Rf"l .-.-OS ■ -IHI 

Norway j., 6.1 2S- ua lOJi — 01 -R-O 

ggiOff of 6.6 9fl »' -07J 9Bj; -81 

SXCK 6.fi 90 XT VTS SBJ -« H« W 

Sweden 6.3 90 . 4ft Hi . - HI- — «1 -04 -^4^1 

s™** STRAIGHTS . Issued Rid. ORer daY 
Ra| tk n '5 Hold UJ AS 12. ,«1 «7l--N- -« XBi 

lb. -Vbt-.m -B1 +« ' «» 


U.S. DOLLAR 




Change on 


STRAIGHTS 

Issued 

Bid 

Offer day 

week Yield 

ASa A’-; Pj -5 

25 

951 

Hi 

+tw 

+at 

9 . 8 S 


.... 175 

97} 

47; 

8 

+ U) 

9J4 

Aatl-aild 2, T; 

75 

99} 

i« 

+oi 

+04 

9.T7 

Bcitr..* rodiit ;; i'j 

». UQ 

95* 

*6} 

+Bi ;+K 

a.so 

“:a =i S7 

50 

94. 

94 J. 

+■» 

+1 

9.71 

>:zr.\ #■. 

25 

97i 

•71 

+81 

+13 

9.31 

ls*:a m k .. 

25 

IS* 

99 

+B1 

rU 

9J8 

CVT S P3 

75 

96 

96} 

+8S 

+U 

9.47 

.a r J J j3 5 53 _ 

. ... 231 

Hi 

Hi 

B 

+ »} 

9.22 

fauade ? .0 ii . 

. . . zsa 

93} 

96} 

8 

+IU 

9.24 

-an ads SS 75 . .. 

258 

9i: 

•51 

8 

+ 81 

9JS 

T.snjdi 9 

... . 1D0 

99J 

108* 

B 

+83 

9.17 

•Tinsda 8} ?? 

.. S5B 

103' 

m 

+fi 


<US 

CinaC-T 6: 6C 

78 

Hi 

H' 5 

+ U 

+2 

9.59 

UomL'.ior; Bridge lo. 

? #5 25 

971 

94) 

*Si 

.+« 

10 A3 

r!3 ri ii 

... 10S 

h: 

•71 

+ 0 ; 

+81 

9J9 

EIB ®; 56 

125 

971 

98* 

+8* 

+61 

9.55 

r.f 3 P,- ?# 

1DD 

9&: 

w; 

+B1 

-11 

9J6 

F'=st7t .Iwiani S *5 . 

. 25 

■5a 

96* 

+04 

o-Bj 

9J» 

EksaonShxn> S 5# 

50 

971 

97? 

+#} 

+X 

9.48 

c ir.tar.d SS Ti 

lDB 

97; 

971- 

+03 

+01 

9.62 

l*:.:lard 9 rs .... 

100 

■7 

971 

+ « 

+ 03 

9-65 

:tisp:-a: •» . . 

. . . 35 

961 

9« 

+8* 

+ t> 

9.97 

I-<5 F!aan« i? . 

25 

■a; 

943 

+83 

+ 04 

10.69 

::el F.isk* «: /‘0 .. 

... 28 

92', 

92* 

+94 

+ 13 

U.U 

,T C Peine;* v. 

. IM 

97 ; 

97J 

+81 


9 16 

Mae Cloa it - 1 t'i 

SO 

97] 

98 

+0* 

+ U 

955 

X2T Dev. Fir. SL *C ... 

20 


9« 

+ 13 

+1! 

9.69 

XZ D-«* Fii Si Si ... 

. .. 20 


941 

+B1 

+14 

9.52 

Vat. We?> j# . . 

.. .. 75 

97} - 

9S 

+0J 

+1! 

9.41 

t.'»fnin4|,vil p; '-1 

sa 

97 J 

■AJ 

+«} 

+ lt 

9 A3 

Vord ,m Rk. **s 

25 

97} 

97# 

+03 

+b: 

9.16 

Vir^i.a Komm. S» ?■ 

75 

93 

98) 

+ 0i 

+ 0 : 

954 

V'irs-»- 7 ; S3 . 

258 

94} 

95 

+84 

+13 

9J4 

Vorrjy sf ..... 

1-3 

■8 

9W 

+03 

+« 

to 

•,-.-id' i;a| >i S', 

. . . . 75 

*2 

92V 

+ Bi 

+a; 

10 SS 

nr- Hv-ire <* 

125 

9« 

Hi 

+01 

+13 

9J9 

, iiii-h-r R-dro Pj “3 .. 

... . SO 

931 

981 

+83 

-*■« 

9A0 

vrf.-vj Qh 

. . . 125 

9t; 

991 

+ B4 

+ 0 : 

9 W 

VF *■ 13 

... . 200 

■<ij 

<rr 

+91 

+0S 

9.W 

UK ii S3 

150 

97: 

oa- 

+U 

+b; 

9J5 


DEUTSCHE HARK Clwnseon 

STRAIGHTS ' hsued Bid 

Arvenrna £ 15 . . .. ISO VS 

Asian Dot elon. Ek. os ?: ISO 431 

AuPralw 6 e# 2S0 Uli 

'.iwra '.j PO . .. US H 

BanKamenca 33 99 . ... Ul H; 

Bnur. F.*p Alsene TJ 35 IDO HI 

i.ECA « St 150 V7J 

Lauda tj VI 600 9T; 

•“Jras-; 'Unhdiian O S o P3 100 DC; 

iloiimprriiank int. ww G> too IDS? 

Omovrirbanl-- Im. X'W a-; 100 83i 

Copentuser Ciry 6 •'0 . 75 H] 

t:oun>-il ar caronc 4; . 100 48 

;e o m 300 97j 

EH Anunaine c, S: 100 V!l 

FJ i M 100 «t 

In-lonesls 7 ii 100 4T1 

Kohc. Gliy or S: ... 100 1091 

U^h- Sen icos de Ele:. .. 150 0T1 

Mcttea 6 43 ... ... 200 H 

Miisulnahi Pei ro 23 #3 .. 100 101 j 

Nippon Suet 3: *5 . 100 101 

v«iji« Kornm a W loo vo 

Xart-ay JI W . ... 2SO HJ- 

Xon'-C3ian Ind Bk. « 00 .. 125 Ml *M +M 

Prirotw Brazil t S- .... 100 Ml 003 . +01 -.+#1 

PhlliDPiTUr- 4'. Xo IDO 051 fb!'-+Di ■+&! 

PK Banian 5'. 5S IH V3J 04} +•«' +0t. 

Ouobe*.-. Prormue nr f- W> 130 061 H8 -+81- +S4 

Rj*j:arnul:Iii ,)y j. -s SO oil OflJ . 8 +01 

Rii-oh .s: >3 so ion; um '. -oi -04 

Fodin I* s.- 238 OJI Hj. - 0 . 0 . 

Suiolt n <« ... iso 001 1H1 +91 +•* 

TTnndherm Cifl' of o’. ... 35 042 05T .”*01 . -Htf 

LDS ftrijiip *1 65 uj, ill -HU 

Venezuela «; 00 150 94{ 041 r +01 -Ofr 


Offer 

day 

week 

Yield 

9» 

-83 

8 

7.U 

93S 

a 

-Ul 

6.41 

Ul* 

■ 8 ■ 

0 

!ua 

96) 

a- 

+0* 

6 28 

too 

a- 

u 

5.78 

97 

+03 

+Bi 

- 7.90 

983 

+e: 

+83 

6J9 

98) 

+84 

+01 

5JB 


8 

0 

5.75 

186) 

+0i 

+1* 

2.76 

S« 

0 

+« 

5 7B 

97 

+ 83 

+ Bf 

6.U 

98} 

+83 

-2} 

6J7 

933 

+83 

^+8} 

6J1 

94* 

+8) 

+84 

6.08 

993 

+03 

+ *). 

SJ2 

9« 

0" 

0 

7.% 

jHi 

+03- 

-13 

5.66 

90 

+83 

—91 

7J3 

96t 

+01 

+03 

6.73 

tail 

+83 

-Ui 

5.45 

uu 

-03 

-«J 

5 JO 

991 

+81 

-a: 

6 .07 

97* 

+BL 

+K 

5.19 


6J6- 

T.07’ 

TJS 
6JA 
6.45 
6.62 
5JS 
6J2 
6JJ0 
6.45 
6 06 
7US 


SWISS FRANC 

STRAIGHTS 

Issued 

Change an 

Slid Offer day week Yield 

leosa 3« SS 

. *0 

1031 

104- -8T -li ,4.75 

5rihcr= Tunnel l 93 ... 

ia 


94 -1 -11 4.11 

Wj i; 93 

too 


w .-.u -is « 

Cha'.B HjnhJltsn ; BH 

T1 

1B1A 

inn -iv -u 2 lm 

I4VHD 1-1 30 

. 53 

THj 

m 

.97 - -U -2 -5.13 

v.nuni'H or EuroD ‘1 t* .. 

. 65 

1884 -li -1 • -fi-n 

B»nkumpric0 Si 03 

n 

103) 

m -ot 3.t» 

BVDE j SS 

. 75 

•91 

UU..rU'-~n .« 

Dcrtmark 4* PO 

IB* 


MJ . -L..- 13 . 0 J 1 

Deninarr-Muruue Bk. . 

. SS 

nu 

u5i -u “ B« 4J7. 

EIB 4i 33 

. 100 

983 

4H :-U -2 ..4JT 

Eoraiom 4: 93 

. m 

tot 

-«*,«■»- 

F. L. Smidih 49 #9 

25 

m 

1081. -03 -8* - 0.07 

Finland 4> K 

1] 

*084 

UOi -01 -1J fl ,05. 

fiZR 4J K 

IS! 

108* 

ipi ~1* -U . 441 

miU-UrctiiPtwrin 3i 


103} 

10* -1J. -12 5.90 

1CI Flu >V 4i 93 ... 

me 

182 

•82) -1 -11 4:0J 

\1nlaXSI3 90 

at- 

98'.' 

94 r*. -ti: .0-89; 

M^nunha 4 PS 

137 

OH 

ion - -ii -ii 4:02 

Bnuian-lck EFC 

103 

951 

ow -u -as «t 

Xeu-au 3 93 .. 

TO 

93 

m -IS -11 <U6 

vorj,* 1 ! Komm 44 90 

'ta 

101 

nn? -1 —« 8J4 

‘IKF 4 « 

so 

183 

Iasi -b} + 0 } in 

njr Vntra 4 99 

#3 

102} 

1822 “+•» +0) e.7i 

*>?Jf 4‘> 

J? 

mi 

mil -0* O A-1S • 

^nn.lrifc 4 9u 

85 

loot 

101 .-81 -8) 1.92 

'• t* ?P 

15 

U8‘, 

101 -OS 4 84 4.49 

Vu-ei-Alpin*. u 

IH 

m 

1811-84 -l.C» 

Vfira'I'i-rs Krafl t 93 .... 

30 

991 

108 -8). ~1 . 042. . 

"i* nn? 4 7? 

178 

99} 

m -81 “Iti 8.92 

w.irtd Bank fi 03 

.. 250 

1083 

lOU -« . 4.17 


■Alifo Cole. Basq. 1X1 EDA 

CnwnhaKen 7 03 EUA 30 
Finland tnd; Bk. 7 03 RUA 15 
Komm. Irwr. 7; “i EL'A .. IS - 

Panama «i 33 EDA i. 

SDR France i ?3 EUA .. 32 

Alsi-mme Bk. SI H „ 75 

Brarll Tj S3 FI . . . .... ?S 

£££■ M,,xlco 7 i S3-FI— . 75. 
EIR 71 OS FI . 75 

Ni*Uet\ Mtddenb W S3 FI 7S 
Zealand «? S4 Ft .. 7s 
■Vnnrny fiJ S3 FI ]» 

OKB *4 93 FI 75 

EIF. *?‘S$ FFr 233 

RAT » ss LusFT .. -. . . 258- 
Rarer I irt. 5 j* LuiFx _. 258 ' 
K1B 7* ?s I.urFr . .. 250 

Finland I Frt. S :!S F.iiiFr 259 
Norwiv 7t S3 i.inFr ... 23S 
Renaad 7! »l I.urFr •;* 508 
Sohray Fin. S St l unFr . 503 
'HH I t.irnFr 533 

_ Ciflmrji.O S Fin iil-m 1 » 

Ftnaner Tnr Sod 10 m V u.:-. 
- f7i»Krnmer Hltf. BV ! I SS £ 1 is-- 
Ornnjcbnnm 101 B»-£ 35 ' 

tVhllllivcHl iW 90 £ ... ■ J5 


0SJ 
068 
98 
061 
0TJ 
,'OSJ 
HI 
HS 

W 
05* 

05} 

041 
oz; 

•OB* 

.051 
. OS - 

052 

053 
HI 
964 
09 

00* 108* 
843 85* 

85* am 

■tu m 

842 85* 

84 85 - 


on -'. « +1 _ 

97J -01 +98 “ t TM 
W.-HU +Rl r rB 
OT* fl- +21.M4 
98' ft 8 . 

041 0 • - — 81 lO 

« -01 -M "Ml 

07* -re* o 
051 -0 » '«! 

061 -W -I8-7W 
HI -H -« - Ml 
051 —01 -« * 

OH -H T* 

. 98i . B. +«.* Jb* 
HI .+#* 

» .-rtt +» •» 
.Hi -ffll .;+« ft» 
0« -H +D4. AS 
07i: *1* d-«..-U8- 

071 -fei +M 
Ut .. 0 . +01. .*» 
+H . 6 - a*D 
+U *U U23 

78 i3 St 

+fil +2} IZ.W 
+03 +U 


FLOATING RATE . 

i Spread Bid Offer Cdate Cqw'CsS 

American Express S3 ..... 01 90 00} 20.'4 IM l*-tl 


Arab tn.U. Sank MS 5 93 .. 0* .051 
Banco Na<- .Ararat, .MB S3 U HI 
Rank Hamtlowy. Rtf SS ..-. 11 - H* 

flank of Tnkya M3f tn . 01 ' Hi 

Fkinque Worms M.TI « .. 01- 072 

flw Ear. 4 'AIr. M#37S M Of . nxi 
Rniic. Eat. fl-Alt M7.-5 65 , 01 0*1 

B<rae.- Indo cl -Snee "M55 ' 01 ' 07f 

' nr - 'fr. net M6.5 S3 H 97 
CCCE Ma’a BS. m q*2 

^ M-w 65 . «- . HI. 

Hiase Man. n. S J.T5J OS.,, oj HI 
rreiftr National Ufa* S® 1 ^ U 9M 
Gaiahanken fllfi SS B1 -971- 

IchlkHH-aJIma MSI 85 . ai 071 

Lluhltanslrn M7 75-85 1 . 961 

; i-TCB Javan M»l .65 . . . o.;- OBJ 
Midland. Iml Mil 3n ._.. 0) ._ 97 

\ar. tVe^T. ?.T5*-IW . Bt .07* 

Nlnnon Ci- e iiii c- 1 ei- .08 

oku-.hjk ** ,. .. _■ „ 

Uff*hnre Mining S« 01- 07J 

SFTE MS S3 - D£ OH ' 

Srandart Chart. 315 J «l_ . Ot ** 06* 

. Sundsraliowrkeri S5._- ai 
. Ufd. nyersHas-Hk. bpi S3 . ttt 
COnWERTIQLE 
BONDS . 

■AM,* .ir 93 .. 

Baker Tin Fm. - jr, 

Rnnis S.’ BS. .. .. 

Coca-Cola Hording W 
■ lio-Ydbado 5* W 
■.Noyn rrdustri 7 sg .. 

Tcariin. ,\ir. 7) 1*3 
■ Thor* fnt..-Fpi. 7 S3 
. _Tvro' ini. F'n -ja .^3 
Tj-co tni Fin:' .1 JU 

A«ahl OpiK-ul n* n.M 

Casio Camp. 3* kS DM 
Iriimtn 3.' .'.OK DM 
JuffL-o ot SB n.M 


06* 310. « rOJ! 
o« nn. . 01 - -9j:- 

97J 25/11 048 :l* 
07 18/4 III 

■9» 15/12 

OH. 0/2 OS. o* 
HI 2/5 US .-..IMS 
All 25/1 -Oft VS 

m nn .ot o# 
HI 3/2- 0.»- 9JI 
99* 3/5 12i r 1 SS 
-.47 27A- 9J1 0J! 
9TJ n/l ■ 9J0. 9A> 
071 15/5 1231 1242 
9« 27 '4 IQ UAI 

07 ft/1 JU 19. r. 

OH 9/5 liSS 12 £. 
m -.28/1 0.44 +.71 

073 2L/T3 9J1 0.51 
OH 15/3 01 TA* . 

00) WO JO-36 ti.H 
OH - JO.a 044 9M 

OK- 5/4- 10 JW TBJt 

08 U.7 IH tj: 


oti- HI 4/4 10,16 -1D.C 
. «« .. 991 4/S- 1231 l&C 

Citv. Cnw. . ChB- ■ 

date price- 8W Offer day Prtrr 
9/78 628 90* 1001 -01 T.r 

H 90+ +21 * 831 

89S .9DJ +fll -3.T7-. 
831 851 +83 173! 

UU 120J -3 -IP 
oil «3 -oi ^-.e ' 

81} 322 +21 '253! 

97 98. ■ +« -SJJ * 

9IJ 03} +« aoja ' 

7U 731 +01 147 J*. 

951 HI +1* 2BJK 

1061 1871 +21 .631 
10« 1653 +01 43! 

971 0« -01 X3.3I- 

OTj ■ 9H +83 '8.* - 

US 106 Q VUtr 

071 933 +23 UJB 


. 1/70 . ■ 34 
2,79 - 24* 
4/7+ .9 

6/78 1*71 
Ml 250 
. 4/79 143 
.11/78 ZJil 
. 0/78 n 
5/78 ULS 
12/78 588 
11/78 841 

..... -M'TS 989 
1.79. 1278 


94t +5* +03 5J7 

122 12U +1* iD- 
08 ooi -m lioi 
WJ 001 +1 330 . 

103J. 1B4* +ftt lOM 
im 12B* +u M.65 
Mi «i +H-4.K 
imi m 3 a -ia. 
or* ' oa'+ii 
oa oh +u uk 


Renlshkreku ;«+ S3 DM 1/70 ■ *12 
: Marudai t-wd 3} DM .. 2/79 1813 
Sturato Man. r* :W DM. . .11/78 '4B4' 

NlpIPih Air.. 3.5 S3 DM 12 /TB SSL 
NIpbw Stnnpan 31‘ DM ... 8/73 . 738 
-Nrw a n nieset 3) SB . . zm «7*. 

Olympos. Opnral 3} 89 DM 2<n 703 

RIMh 9) <W DS4 . .**. . 18/78 «T 

ssnkre Eiernoc -it nw... s/7s bh 

. fenye Fiftctrtr « dm .Jim- asi 

. Soiyu States 3} S 6 DM .. P-'TS -1275 
Sinter Electoral T>M 11/75 S2S 
Tno-Ke nomnd 34 H DM 11/78 711 

. . . * No- Infnrmjnoti' available — prcvlma dkjV nrtco. * ‘-* 

. • » Only one market maker sopplied a priw. • . 

Straight Band*: The yreJtl 13 rtip yteld ro'redemirtloii of-1h 
miij-pric^: tho- amount issued. i»‘tn cnllllmts of eurrenc. 

■ wilts esmor fnr Y«# bonds .where h.'is 4n.btUlons- Chou? 

. nn.w^-k --Change over pri,^? a week earlw. 

FlMtins Rate Motet: Denominafed. in dollars onle*s oflBJi 
- wiw mitlrarod 'M-Wnhiniun conpon. C.date— Dare- ne? 

. coupon hwnisei fB/fliyt, ' Spread =Marsdn above slxmont . 

. olTmtH}.* ra»e' for .u.s. dollars; C.cpn— The uorre/tf codpot 
CyjdrThe niriieut yield. 

Cenvi+t ifati .bpttds*. Deunminstel in dollars unless otbeiirfT' 
rndlcat<£rt."'. Chn. ilair y.nhun£«* an Cn«, fiaresPi/ff 9ai “• 
for ronvefaloH Hrto.slMreT. G»r». onre^NomlnaJ amuuntA 
hnnd per share expmmcd In ri’n^-iii-v of share ar cmtwii 
Mnn rare rhu*} at isrud. P3*cnia:|*Ar«'niaige premium at lb \ 
mrrr-ni - wire rn .Hfimirtrifi shares via U«e l*on'-. * 

mer ifcw mnsr- resent orli.e. nf the iJihks.':- - . *- 

■£* Thr FlnaiH-tal.'TiBK!'' Irn. lBTS. TteprealncMon tn whdlA 
or, in- pan' ip. .. am. form nor sr-nnliicft' without, unite. 
,:<iiiv.-nt. Data #upiilicd b> Inter, Bond Semeua’. 








$f&vember 20 1Q7& 



27 


fe@pri^fe^ *-7* r’.^' 


*•/ a .■ g. .. i^'_ 


AUTHORISED UNIT TRUSTS 





•* 


i«**y ObU t«- Hlxucn- U& t*» TTralingtao Unit MW. LttLfa) **»*«■ Fond Manacm Ltd. 

«csB»« 5.7. inrtk** V»cd EC+K SDK. OW»WI Ofinn#- ii-« Anh«fq.O.M. ui+cnnyo 

*■■ ffit .*. |S Aiwsiewi... ... MAI — ‘I ' K5 I3 - - P 7 -' 3*13] . i im 

wSff - 4z$f +P^if £T* liwu* T-t ’VM* rtfA/ nit vl 334. Fverupfo c M 'IN 6 lfrS 


J5 £IjvteW‘ .(JSJ 
plni UN.,^ 
■...rCrfW.T - '* -.- |05* 

ruil'tS ' Wp£ T>r iSM 


45J 

U5i 


. A 


t 

. jLQfcd W3nArT> Group? {afcgi. 
‘iTitfmi I'** h'xw, ftwiiwtf. Emm. 
■|S5w cr Brentwood «KTi =11468 


: #|*| IS SStev- -j 5 & , _ . 

- *-■-$ III ftMSSJa-r-,' )H.v 


■iM: 


n 

*n 


Inl.fjtm.rfc J-.j 

Ito .Venn* 


iiotfc 

.1111 


Uifajv_ 

11U|+Q 


£ 5 - 


btanrrd ftonfc 

• iw... .T «m 

.n&Fkmf— — (6* 7 

sac* * ‘■"L 


:.p6<! ■ 

Dct.^9 

!«,. JfcTfl 


Fvtrmptot _ 'IM« KOI .. [ 5 » 

*« !HI..\ Unit Trust Mr^tooL Lid. 

1-5 < ' 1 , , .* ,L iiv ; it ai* : . oi a»7xn. 

**"* r " Mt t,, “ Tr -^SSa, 

US KB MMwAirMN.rjarcaw.ca3i.-lI Ml-331 «ai Qullfer Management Co. LbL? 

4JS ‘> u European^ [82 0 873) 

IvaUr;: D*r Friii+J Oua.lr.ml t> n riL.nm? 137 5d .. ,.| 

IMS I 




.PUOnoni-ad. Doric <?«. 

*?««*■ Pro*. Cts_w.l .... . 

•- Do.Aceim ISSA - 54«j 

JSI ^3 5?5 CT - H*»gew W? ■•• 

iMrei Ma a. Rqta7«arBaaM gw •• Mjaffln 

■tJ is. jmss:3 

*■* uaJ« *-» 


IAd.¥ Sair h ProfiP«; 

cirxraua Srstbit.-: SefurUit-* I.td.y 
■6*3 -Jri r= 4 v.^.,'. . 

128*4 *8 5f 807 . .. j**« 

PradL Pm-Unliti Mngre.Lld.?fs«bVc) '' ,^l, ' 

U-iir^ni Par- tl! 405(63 

Prudential . . .]a« S 132* ♦ O S) • » 


Provincial l.ifr I nr. C< 

222.hliUiOr?cai» K ' ’ 
ITNIHrl.lill 'fcl 1 

High Heal* ;»a5 


Z"i k , ’.ih C. f? 41 - 8 2» in* ' • ;jj 

^•«i.n»:vn.’---J l IV 1 . , p' 1 ’ , ' 7«s Trader L'nian L'nil 

ji , t v » 1 ' ' , j " . l-ai.'AMwt'-ins-I.E*'; 

SrMninzer TTOW ltd. lajt/i „. ;T ,. |P 2 _ [M , 


14.1 ' --*!?>■ SI reel, f’ter 


vSv ill: ft sjirwSHto 

7W 


•'K. 


' FoA* . . 

■ma Yield Fd W8 

~seeir- 

'£5SSSi/“* ffl f 

f&.j.eVv'" I--. ( *}J' 

. b.- k id Antcn-'a . }U 0 

rsAi^ , wS , «*.-.*8b 

. -iS&jScrCo.* r J^ -Si* 

E3c2S;.!?::& 

SifeCitep-.. I«1 
mmeu E*rMnjpt |S7 4 

yTfTsnlr W< ■ *l23il 



GT. >a nan bom . !»9 
851 ‘ - <2^ ! 

C.T 

G. & A. Trust UMgl 

•' Bwrtifi*!i Her. Bivtitwood 




..J JU TtieAfc.K-rhj-iRa.Ei'SNlll!' 

Oua-lr.ml l> n r il. .1103 2 

Bfulaa] full Trust Managers* (atfgl Qu«drantln.«>ny:. |coo 

ssuZSTS Miaww l,Bil «««• 

Hnlinijn-.Trf lug 735-011 TJ* RHwwIlw .TuilrldtcWdlsKI. MSI 

flhll n tK o*nioi««iiyE.( ..UI 71 

ST* Tli V Me - Hi* 47 

Coameiria! ^i^t w... . iu h 


•».ni lil toll* •’ L v h 

*- Smaller 0£- P * 


jSS ~li3 ■ J- »DII»I j nr. T -a lug 73 jt _n il 

. jRL 7W : »?n Riuf«~Mn. ws chi) ” | sis OjaKwiM-ir* r.i ..iu< 7isi. . | boa ii~ w**- v 

“wSttS Mahul llseli Yld . 15.1 ST* *U *^“*3*1 V' 1 * - «’ H p 7 ! } 3 ' 3 »' 1 »' 

w& ra.1| sxhmal anti Conrnxrrial ^ ** i?l 

> iS ? } - vt *"■*«•* Square F.UrSmr.hfOl^MSlsi Ridgrfleld Manaaeiwnt Ud 
ssoj — .r " a . swif.w is 1157 2 mn ... ,i s» K-nnojv st M., n . m-.-i-r 


. ues w atano 

MBaS-nnr ““ 
Carbnore Fund Manager* t tiMSI 

Ol-fflJJil] 

1+M ®|P 
»oir is 


lAr-nm L'Sib- 

irapi Sir. |-.. 

• V' un 1.'^ if. . 



)1SS6 

Naiional Provident Inv. Mngrs- 
«. • .wh hurrt S* .ftaPSKH 
VPI W5fc 488j 

t \n inn 1. hit- •* . fit & tfl J 

NPI *« 4t,,, Tran -U32A in 9*| 

L'r. mn t. hlr%.-- . 11*70 110A 

US. ' * , ™«' un ikl 30 Netf dt-alim 
m Price-1 on Nor 1 »>*t doallnr 
T3i National Westnnijster* (a) 

5*5 l ”« M 8*awi«>*. ElTV BEU. 01-806 0080. 


E",airtVwVvw:.J»’ 

Eit.’Jlr..- Trf. • g2 
S3 1 In- •i-l . — - ■ • ™ ' 

If., '.ft'. Wifrwt 

;r~**i — 7?i 
.. .. i. hi*..— *■»“ 
'.Ijrk*t(t adert jjj’ 

PV t'l.i'lT-el Jgj 


12 


•■ -irt mvt : 

22j.ft.ft-_ 393 


1'antK TsL Men. (Smilandi (Uh) 

ift .vei:>'n--'Mii f.:ir .'• 3 

T..-.W -nerliiJWCj: KT'-f* 1 “* 

T.ir •*» Tlffil* - ^;3T9 *?*.*.'• 61b 

JeA :->trair-o-i«: .1 '59 2 t>3 7 13 3* 

nit Tst. MaaaRersV 

i- 1 f»afr:: 
5Zi . S4S 


.ns, »■'. 
JMII 


TrsttiiailffltiC and Gen. Seen. Co* 

f-MJSNrw L/ndtnRrt C he] rvloni ?J4 5 S : *> r I 

5« 


-m 


70 

SiS KfinicanNir.. !«_ff4 0 

4 « i . l.vwn VntL*.‘. IN 8 

9 jn P-r:<.FipS.CW.2*.l9B7 


; ."3CRS3I 


14-xuai Ur.; 
*9 s' *r ■" 3 <» c--iw»N.v r 
;s«> - jv so? oro Vat; 
ft ■' SCi ». 

:-5 3 ' *J4 

.312 -?:; Hi 
’ t» M 


‘9? : 

-. -1124 0 

>«• 5 • . iSJ 7 
.'..-inli". . S7 9 
%i»- [si 6 

• v- -i.n 1 ri> ! - . ,672 
M.iflbftroNer. 14 . M Cl 
’■• vln I * •■• . .57 6 

14 .!*91 


OFFSHORE 
OVERSEAS FUNDS 


Alexander Fond' 

77 n.r Si.ii- liuiie rf. 

."•leui derl'i i*H I S' SIM ! , 
\rt *.i-i ■ alut- '.u' .: 


Krvsrr V'llmana Qd. 

7*. Mllk’i'H-o:. I-J SVAIf 

, Irifln 

I "■ .''■ ft d ■•■!«' v - 

i mi i»i4u , ip 


C1-8M9JW 


In;;.* J.522I ... . ] 500 
::i2W — - 

£137 53 177.8^-3 03^ - 

•:«« - I . I — 


Allen Haney A;. Ross Inv. Mgt. ilCl.l 
i'h*nr.s'-W'. , .ft.H*'5*er.Js-.v :. «534-7j:*l King i= Shaxson Mgrs. 

l« lwnn:i'inv s * Meli-r. Jcr*e>’ i!B34'737U 
h'*i- P»u>r ".il*. ilnji. iMI< SWOT 
buira^MKW. Inv ■;!.-!% 10.il. „ fOSHl4®6 


m 


2 St- HuyAuftEQAlHP. 

itiAmerltm T«. $255 

BriCthTll lAte, - 55o 
SfnwmlB SHurc . 11455 
bio lerorr*. T^,„ MJ 

‘lew E»4 Trust _{J3 T 

. abdenoB I'oit Trnst MOaaflen Ud. «oe«aeniiw . . fni 

itofcftriioerbS^tClMSVA 8S«St BS53 W““Bji- aNStSSf- *3? £21 ?''* ■*»■“ 

— 1501 5<2| ...I-*.!* 5*a^il;oS* S5aa:‘”.".p5l 

AMhaeber T-'nU MgtnC . Co. IAtL Gibbe ( .Antony > UNtU Tst. afgt-IJd- £2S* lwv - ----- 
4 Jjb&lr St. EC2V7JA 01-838378. 2. Frbd^nct'n PI..OU1 Jewt7_ECS. 01-5884711 PonlolmlarKd 

^.....,^-i n* ■ ■WAG.Tncone-.—MOfc 4*1 ' * ' 

lir A‘i , -ruwLafr -M2 4J. 

ffliA-G Far EaM*. ..>29 7 27 

Dealing “Ton rtw 

}\1Z Gantt rjobni* 

77. Uiudoo ValLTC* 

b'Btr.Nov.a (1343 Ml 

Do. acconi Unit .Ml T6T 
Nfirt ikuiug day Nk 


Fnud .[175 1H5J ... . | ^.09 

ArtatbBol Serqritirs Ltd. (aXel 
. 37.l}ueBi» lomtonECtRlDV 0U238S2SI 

.^Md£..r=:}SS 

. 5^t»eora*jFrt ...'3MT 

■getraurffi 

Si% MTdn*1.UU.i 52 S 
{lefrmjre Fiujd go 
IYf r1 Tfnit^I . U7 

: Caortal Fund l 18.4 

i gLoW^ad- M9 

Umui i860 





. ^s^dret-V-'.— -1*9® 


^Fd 064 

iMw eyiiiid - ' |M< 

fiSoa^JW — 

fess&il-ste:" 

r 4i.Aaa7 8ilat.FdW.9 



64 In 

112. Bn 

. 42b 

-n 

it! 

XT I 
63.4 n 
92 Jo 
59 7a 
-177 
39J 
460 
35 3 
42.0 
27 Ja 
.24* 
U( 
86* 
27' 



117a 


W'96 


9.45 


9.95 


4.45 

— Il 

12» 


1229 


BAB 

-«4 

5.95 


5.95 

3.06 

+81 

255 

+QJ 

155 


258 


138 

+o.i 

439 

-06 

147 

-03 

U7 


iso 

IM 


I7O5 

T.70 l'nlv»-rsaJ l’d,d... ,532 

>*EL Trust Managers LULy taHRI 

..S!i2i,.-n Cain DorktoR Sum* 

. . Nclruir ..ISaa 613 

Nelrtnr High | nc . _ 1« 4 


Rottascbild & Lowndes MsmL ill 

Si. Sin Huns Lane. Ulit, Lt.4. 

Nfwi’l Fitm.r* . -IE3Z20 129.. 

Frier* on No»'. ti Next dealmc 

Rowan Unit Trud Miigt. LltLV ill 

i'il> GM<- 1I4OT.. FinahurYSq . Ol-W.IpW Jfl fit. AndireSO . EdmS-ai «h 


S I -CM use ' I-o8n.1i bIWAM - gb 6 list 

01 -8 01 3 89 * J«Bi ^ 7 — S 2 ? S? 1 ' 

nc Dec. IS •Itotuen NWT- 1 ^' -'33* 


T.Midil! Managers l td* 

18 famtifir Knftd. Bri*t-,i. 

IntnneNoi 1.1 „ '990 
■ Acrum Vntli-- . 183.2 
CupiLj! Net- IB. .. .1X256 


Ft* U> eM3T,'< !uibt ... 

Soottish EROliaWe Fnd Mgr*. Ud.y £££ \*^ 5 - jgj 


Aimnnui Nov. !8._ 
f4-<*irilk*iN«-« H. 

limb Yld Nov. n .. 
SOU t Veoin. Units' - 
Ud -*a 51* Mnclin Not. li 
SO 9| 3 BO? '■««»*• Uou..- 


bOS 
l&ao 
52 7 
77.0 
|784 
,97 0 


63 5d 

mor 

55 4i< 

sa.ii 

52b 
1014 


177 Inmini- L’nJl* SS'Z 52* 

J IS Viinni.nl> If* blbf 

8 7* Ih-*liitC da.' u ndav 


Cli sviomi , ftr.-om L- 


SIUl Ibr-nm L'n.l.-I .. 15*2 
SJ% IM urn Nov. IS.. 1243 4 
SIS 1 Vruri. Un'ixi. . 127*4 


Norwich (‘nfos laimraace Group tbt Rural Tst Can. FA Mgr*. IM. 


3»GresiutDi$L.ECS3*2I>S. 
Srrnctoo Nov.u pi; n 

ns* 


■ Aceina. Urn*' 


Mothl UnJta. 
Endeuv Kov. 14 


GmebtU-. Sox. 17. 

lAcctun.'UnltiO. 

LabBnl1.Ne7.1s. 




r o. Bov 4. Noruich. NTH 3N<i. now 22=|io ■■* Jenoj n Sued, s v 1 

Group Trt K«t — £353 i J7X.71 +0*| 560 
Pearl Trust Ma stagers Ltd. taMgHzt 
ZSSHlRh Holboro, WC1 V7EB 01 405 MSI 

Peart «SramA F«t_ 23 s 2SJI _ .j see 

Aeeurol'Dit* 27* jffiol .] 5 02 

Pearl Ice. _ 5* 7 34 7] 7 in 

Peart UnUTu 34i 1 ‘ 1 ' ' 

(Act urn. UnilM.._[45 7 


*-0 *[ 8 74 Ih-ftlinc da. - |*rel Net. IS . |105b 

* flo i Sebag Cult T9L Managers Ltd.y rai '•' ca "'U >lNl - -i 1 ” 4 

4 J9 FTi lint ,-.|l pe»lbiy.Ii-' F. ; 61 £28 V«xl *<■ twain 54. laioburgi 

ud. is 



197 P^Scaa. Units Admin. Ltd. IgXxl 
f* 81 Fountain <^,5tancbe«tar 061-2385885 

100 PeMcanUnitf jm.i 40.4M 4 «-9a 

5.5 - Perpetual Unit Trust Msgmt.9 <■» 

Goardiwa Soya] Ext Unit SQpes. 144. ^SalwoStf^^TA 1 *" 8 * *t4 .^^**<5? 

xjt.ij.Tc* i I ®or*i ^change. £C3P3D?C «««wt Piccadilly Unit Tnirt (aMb) 

V® 14 l*-_**t*- (lXc ' tbtlGwudhmTn_190.9 4J7 Amlmy (i| ^, Vnh T ^ 

X 


oncaa2S2 Security SdeettoD Ltd. 

■/ :&1 3S3r J ,vl,7L "’ cr - ,l, “ nctv:,1: -' A, -‘ 

I'rir.vb at Not. |a Next douilng Nov. 3li. 

Save A Prosper Group 

4. Ciw Si Helen*. Lnactna tnp 3EP 
68.13 Queen Si- Edinburj-h £1(2 4 NX 
Dealings In; OI-BM use or UJ1-23B 7391 

Save & Prosper Securities Ltd.? 

limdtad Fuad* 


... ! 146.0 
Wall r.rxjnp 

m 4Q:0338S UjpKuXiiotvtb . .r 

I - ti*. 1 Ctb T 4 .Ve — OT » Nt . ! 235 Do Vcruni 

I r > NJthlMInr- P» 3 21 61 ! 2 39 Ettr* tse. i.ronTr. . I 

swnart Unit Tst. Mana-ers Ltd. i»* - 

4S.CharUdleS4-R6>' ,t ' ,Jt J'b. IVD-SSIJSTI jlo Asrurrv " 


54 V . 


Si::: If 


159 


Sl7 ffiah Helbam, WCl V TNT. 0l«n«3A TT _ rtl . rg _ t __ . .*, ,,,/rVci 

S7.g| _ ..j t in. HOMelWin AmUBSMtOBT Win® 


ATchwiS Fund .182-5 __ 

Prices at Now. 18 Next mb. day Nov. 23. 

BarciflfB VaJcora IMLP UXeftgi 


.-CT Adsdik. 5 Raytagh 

Brentwood. Essex- 


a,, Frodjuiek - s Place. Old Jwit. BOB 8RD. 

Ol'W fill 


- UrdrornHo 2SC BoiuJord Kd. E7. 

* L'nirwn vtiKnca _ 

.pO-AicU A>'». 

■■ jn.JCtKl Inc.. . . 

.VSo Capital- - . 

Jo.*xetrirtTH 
SouErtra [tv -mw 

-^CtTnaneja) 

OiftimTA .... 

TPrt A ns Tcl. 
at U«. 31 


iWiid’j 

PHrtfleTist.... _. 
.JnJFdiac. (STB 

. P»8 



01-534554* oibaRcmesy. 


33* Extra Income - . _.. 
Small IVt F<L _ 


iv> -f . Hit 

fclm- ...H4b 
h Ac r j4S 7 


-oil 

Uoi 

Ji 

.'^aSai "Brothers & Co Ltd.? (Ml) 
RR (eadwboU a,£Cl ' O X, 1 ' 


Can. Grown: 1 

Cap Groviih . 

Income & \f*eu. . |530 
Qlb Imhm Dtndx 
Rich Income . _..I6IS 
CftbM Extra Inr J55 8 
C«botrrcf&Gth.. ',488 
Scrur FuMb. 
Financial* ITU’- .ISO 

Oil £Nai_ Rev |265 

IntawdSanai 

Cabot 

aiBf utim l 

H'dL Wide Nor 


622 

3.B4 

184 


!BZ 

30.7 

-0.1 

375 

40* 

-O.l 

414 

45.14 

-oa 

439 

47 T 

*0.1 

349 

379 


614 

666 

-02 

586 

63.5a 

-or 

1 12 

29? 

*n ) 

211 

vi 

+05 


“-a in 


Capital Fnntl 

- lot Ems 4 Asset*. 

Pnvate Fund.. .. 

Arcumltr Food .. 

Teelin«U',e» Kurid. 

Far KM bd 
Amern-.irt Fund 

.Practical Invest. Co. Ltd.?' (yrti’l 
44 filtmnr bury Sq Wi'|\*hji 014CJ8RSU Hleh-Pinitnuni land* 
Prart" al N.u I.A 114*3 1S5.J1 *1 4j 4S5 SeleeilmerT.al. 1243 2 

Atcnm.ln.ts ... )a0 9 224.4) 4 55 Srlert lln-ome .. J51 9 


IBM 
7.40 
650 
6 U> 
5.60 
630 
feJO 
2 30 
350 


Unix. Growth 
IbosmIbI mi Pan 

High -Yield 52 2 

High larone Fa 

High Return. 

Income 

C.K- fn«*a 

UK Equity M3 9 

Ot«r*engi Fanftani 
Fairt'i 

Janiin 9 

v L .\ua 
IS 

Srrlar I and* 

L'ltmiMMill., 

Kncr^t 
rlnun.'ial b 


561) 40 1| 


420 

620 


:.|S!I 25 


♦0’.] 

40.1 


ISirwrl .AjwitIctc Fond 
FUiwIaM Unit* — 4 

AcriiBft Un'.Ls Wj 

W ithdratt j i Units - S* 1 « 

. ,« 'SM^art BrtUW Cnpiai PBnd 

130 Fumdard. - [pi - 1486 

4X2 ACL-unt Un:l* — — J1565 173 0) 

1.97 pealinc tTue* * Fri 'Wrrt. 

Sun Alliance Fund Must. Lid 
7-72 5?nAUl<*nralta»H6r>h4iTv 04C8MI41 

Fro Eg Tft-Nmfl-|C14 9 22b .... 1 4.4$ 

0*1 Wrte Farm Ir Fd.— 1943 100 j| .. I 401 

Target Tst. Mngrc Lid.? laHgi 

’I iirerha.-nSU.FC2 


795 
83.1 
382 
1461 
15 0 
193 


104 r - 

1T2.4 1 

132.0' 

tBbB 

nan 

164.21 
255 S 
290* 

112 O' 
M161 

173 2' 

144 C 

174 41 

85 O' 
089 

495) 

%£z 

bb* -a 


i 

864 
8 M 

4 rr 

477 
836 
S3* 
536 
53b 
12 36 
12 86 
m 325 1 if 


9*7 

55$ 

555 


■ 701 
• 701 
I 13 24 
| 1C 24 
512 
; sis 
8.72 
335 
662 


MicMar. FTiont*. 162 2 6 b* -0 4, 

IrirraaltAfMl. _ J27 1 28* -0 41 

Special Siu. |D.4 55.70) -Bjj 

TSB L'nil Trusts 1*1 
2L Gantry Way. Andwer. Hants C2B4 82183 

ticaUnftn to 02SA E3432.3 


I h TSB General IMS 

imtttt Artom. 157 3 

»bi TSB Income (59 3 

ib< CmAerum lili 

TSBSeottlxh W6 

■.biDo.Accum. 1873 


~02! 4 1& 

J4«2) 43* 

631rf *0 H 7.43 
67^-^?-a 7.43 
85 M -Oil 233 
92^*01 233 



462(*04 3 38 Tnr^.xCunifDPdlty 

Tuny - ' nn.melal 

95 Brt *0 41 j 25 T.,r;t( Ftiuill - -■ 
114* *0 (J X 43 T^.Vl rJ sit. M 
19 41-li 191 «L» w Uultr 

71 Of ‘ I 0| 0 64 Ti.r.M Gill Fund 
Tar-i-> ■'.[■mIIi . . 
78 1: flef 4 4J Turret Pn^ifleF.l. 
?10 »0i ! 106 l**' Item. . Lnit*. 
7JJ .ml 3 50 I-"- - ."'"!' ■ 

T;i l> •;©> 15 
T:l lr.. . .. . 


135 I 
(577 
36 5 
199 0 
276 J 
117 9 


neaii nj* oawstm L’lstcr Bank? lai 
37 7rf -5 T. 4 04 Waring Street. Bella*' 
SS|*t7 483 :h>';iwr'lrmeh 1364 

7 21 
731 
300 


39.. 

209 5^ -Z 
591 U — ; 0 
123? *Ci| 

29 8*. *Q 1 

26 9| • 

30 0' 

13 4j - PI 


513 


•JfrWtfoTRU ,11724 ISO* — J 434 nno. 


ClVv^ 


«a Ut Progressive Mgmt. Ca? HiH Samuel Unit Tst, Mgru-f 00 


^Rlihpir-Rbie. Z.I2X 
5tpPr-*Nov.7 ....11823 
Tier (2fn l “Nov.7_.(a7.0 
jrgabelnUN.u. |4..(lb06 
•ItfecTniJ N<J» 14 ...|17S3 
>'/c 'N«U sub. d»'. "Noe 28. 

'-tttUJKc Fund Managers tai ic) 


01-6888280 «BeechSt. EC2P2IJC 
ibi Brldsh Trust — (1478 
t£l hoi TntM. 


1943! — J 416 ■ 
23u2 J 436 f 

17b3 . Z\ 286 J. 
189.N....I 236 ? 
r 5i_ • ’ 


igj Dollar Trust 69 

•bl Capital TnnA.. . 292 
ihrPwieUa Trot. 86.9 
ibilnedmeTnud .... 26.1 
(bi Security Trust „ $09 


» W -llM.KIaBWItI. a ma..EC+ 01-0234851 'btJDcb Y.rtdTrf |299 


OFffiSOOU 

7u iix 

XL3 -MIJ] 435 
930 * 03 500 
2U» 40.11 736 
545 -AM S48 
32.G 8JB 


Property Fd. 

Property Acr. 

Selective Fund 

Con'MlNr Fund . 

money rond 

.•Prop- Fd. S^r -i 

f95lbn.Fd.Ser 4 

•Equity Fd. her 4.. 
iTCnqi. Fd S».-r 4 .. 
tenu} - Ed Scr « . 



Uirricibi * Gen. 1 . 21 7 
. . 444 

£Uit3llncr. 35.8 

ar -:f? 

Dealing 


22.9) 
S5.7b .. 
33 In .. 
42 6 . 
1480 .. 
16 9« .. 
131 


IAS 

70S 

396 

396 

579 


Intel.? lUMC) 

1 5 ChnUOpfaer Street, tv' 2. M -3471243 

lntcL Inv. Fund -105 6 925) .' | 730 

454 Key Fund Managers Ltd. inngl 

01-0007070. 
-131 375 


- — w- ■ «* 2S.Milk5L. EU2V3JE. 

Tutu. iMfnm. races Nov. KerEn-rcy In-Fd. (73 Q 
I4.1IW13 Key Eijurty tOeti.. IS.9 

VrKa»i.!a Trart Managenmnt UMgl tSSSSSBt -K, 7 
3 London Wall Buildingn, London Wall. Key Fixed Int Fd.. M3 
Ixsidon EC2N SQL 0 - ,-B38(M7»O47B Key s mall CV* Fd . . [103 2 


Assets 

Capital Arc. 

*ind. _ . _ 

_ i*J ity — : 

Domertlc - 


cEasx 

j FltiauUI Secs . ._ 
MdAOMetaJ. 
Gpo-xth.. ... .- 
burfrCrowib. 

'LntgGrowtb — — t-. 

JmeULTn Klllres.. 

-Ktaerals.. 

K*. High Inc. 




437 


| -»oaj 570 


•Equity FU. Acr 
TFucdlnt.Acc .. 
•Gxd Mono* Fd. Ac . 
Ivtntl Man-Kd a cm 
T Prop. Fd. Arc_ 

• ITpHCljl*. \cc . 
Eqiufr/lcfl Fd. Ate. 
Fixed LPeo_Vcc _. 



331 Klein wort Benson Unit Managers? 
t- 48 MuFecchdreh st-E CJ. .... . . 01-8238000] 

K.B L'nil Fd. Inc . 

•ICB. t1a1tF<i_\c__ 
kIb Fd Inv T*U~- 
KA JMJdTsLAcC - 
KBStnlrCo'ftFdlnr 
KB-SnvCosJd. Ace. 

High Yld. FtLIuc- 
KlEhYId.Fd.Aec 

jg L&C Unit Trust Management Ltd.? 

100 The Stock Ecfcaage. ECSN I HP. OL-fSB SHOT 

13 -SiliS 

5o? Lawson Secs. Ltd.? (awe) 

2 68 3r7.Qut*Jo , *St - lejodon EC4R 1BY 01-2305281 
5-05 -tOttw. Matertala— 

2A0 


322 

203 


5.14 grAcciim Unit* I- .. 

*Gnro41» - 


•*■0-11 

♦0-4 2M 'Crn^tn Fund 

British Life Office Ltd? fa) H&l 

tMianccfipe.ToBbridgeWelK KL0mC222TT iAmancan Pd 

dMfc-:gH .at’? 5 ! S« ""IffiS-.' 

Ni; ii. l Ni..d-igK». , a !«*■ * &■»£ «■-" , 

inm.sp** ft Co. Ltd.* tu 

01 -POO 8KB (Accum. L - nils.i _|75A 80.01 | — 



fues tfWod iThort 


poo nden CL. EC2 
^N(x .I4- (2135 
iSov 14. . -PM.9 
17*14 lai (j 

Accum. 

Income 

eutne — . 




01-823S28B 


537af *0J 


751 


*0.41 


$59) +0.1 
7Djj +0.1 


488 Next «nh day December 13. 

488 Leonine Administration Ltd 
4bB a.Dolw5ULoatt0l»WlJIWP. dt-»86S90l 
IS LmDiu..,. .._._. 1748 78.71+021 503 

13 Lep.Accam- _. IE? 8621+03/ 439 

% ™ Lloyds Bk. Unit TsL Mngrs. Ltd? (a» 
).U Hccidrar * Dept.. < Tort ng- by-Sea. 

4.47 Worthing. West Suawv 
326 talwud - . . [50 0 

459 Do. i Accum i — 169.9 

„ 6.15 World«WoGwlh.„ 52 Q 

LOrt. I0—. 0GJ 5TI«f - 457 pj.cAcciani -fe.4 

Life Unit Tst Mngrs. Ltd.? ^rvA?e5m.::i".'|SLr 

i ' WSHieuSL. FYxtecs Ear, Hertt. -P.a*r5U22 Ertralncoow g|4 

; ^G«W:—Q81 «.l) +341 456 Do J ArCTiUM — _._i.p9.4 

•SESr£w u * S5 q 0 Bja Uayd** Life Unit Tst. Mugw. Ud. 

^l«A^5C:-_f«.7 473+0.21 832. 72-80. Gatebou«nrL/Wl*»tany. 

^ lonwcl ltd U " ' Equity Ac rum 17UJ .— -I 4^3 

r u antes) jHngL LKL? „ - c m + v w#*u*i 

1SL.EC2N IMQ 01-588 WHO fcirOlTp? lyNCKZI 

jA g7 91 . _J 5.45 Throe Qmvn Timer Hill. EC3R3BQ 0I8W45SH 

1 1 85 Z] ..['&09 ' See aim Stock Eftchangc DoaUnaa. 

.VAthABiertckii — ]93 0 xoo.Oj ..._.| _ American J443 46.9+04 2J? 

^©IiSa m Nov. {&■ N«ct denHiW Dee. B. [Accum, Units' g-1 W-Oj +09 

' . Unit Fd Mgrs. Lid? fa)ic) ssS +a.s 

ifEoiiserNewcaoUMipon -Tyne 21185 CommcKflpr P5 2 »-?(-! P 

«iu 31 


838ft) 

124.4 

•w 


+04 

+04 

+oij 

+ 0.1 


477 

477 

198 

3.98 

629 

629 

ft 




(Arcane Union El 

Ccmmund C,ranti\. 1 05.9 
Ccmndin ilrowili WO 
Canrordoa Inc. — 573 
Dividend-. . - : — U98 

(Ac-um-UnllAi 225.4 

European— — ' — /4T3 


nr sRniniA i Accum U nlo.) p0 6 

01-5831815 Ex0ra Yields - ... 


Yield.— J40.6 431»0-. J 3.94 
». Unite . IB 7 53* . J 894 

t.dWlin* date November 31. 

Official invest- Fd? 

WalhCCSNIDB. 

fcrW T | li-J ■“ 

0«ay.a*^ilaMe lo KM- A'hnnrii** 

OirtiMNiaae'Japbet see James Finlay iNindofin* : T.Wft.._W5 
Trust Managers Ltd? fang) 

*aH St EC231 4TP. - 01-283 2832 (Acvuro^l'niW - - PM8 


■49 

(.AcruTO-Unital— - 116.7 
Far Eastern -513 
/Accum. U Qlt*-> [573 


ksH96 

c Trout. — 

l y™ 14X0 
wthral T«-..hcj22.7 
i JJgnw Tid-tzS 4 



I +0.41 


I +0.1J 


X91 

LH 

9J6 

137 

*33 

761 


High lncomo 


:h Tst. .1238 

on Funds Mgt Ltd.? fa) 

lane. Wi!TA 1HE 

.J44J 46 5( . —| 

!tan Fond Managers. 

London SWLXSEJ. 01-2368525. 
-GUiJa-QT* _ —9 If 5 -2? 


(Aeciim-Uaiun IJ762 

Japan-...—— 0^5 7 

/Accum. CaitM If 7 . 

AT.pT.uTi .. ._■_ B9f 4 

f .vccum union CSX.7 

Midland-. D76.7 

(Accum. Unitsl— ,- [299.7 


oi -2+2 0282 ffigsHias»zr. ,BS 


(AmuiLi’tiitsi S73 

SrrcnO Con. — 171J 

lAcnira l-nllal 2N..0 

SmBUerCno. W.4 

lAccunvUnUM J209.2 


004.7 


87.4 -LI 
1132 -0.^ 

63 9 -D « 
7X7 -Oil 
129.1 -I.S 

244.6 -2M 
52 7 -0 1 

53.9 -0.il 

90.4 -O.fl 
1243 -LI 

. 55.2 -LH 

6X0 -xl 

6X3n 
774 .. 
1771 —16 

275.6 -26 
11X5 -0.9, 
1576 -15 

187JB +2.4, 
189.4 +24^ 
214 4 -33( 

270.6 -4 1 
1332b — X6j 

3142 -2.7} 
910 -0» 

93.9 -OS 
1364 -L+f 

. 28X2 -2-ffl 
1784 -0.S 
227JJ -0 3| 


2-32 

2.13 

2.13 
5X4 

3.14 

S3 

842 

828 

828 

3.74 

3.74 
8.77 
8.77 
X21 
321 
S.4« 
5.4* 
622 
622 
6.70 
370 
261 
261 

4.75 
475 
725 
725 
4.13 
4.13 
530 
538 
436 
436 


JWJ) 


.5X0^-0.411130 ££tee. 


Sped^ised Fund* 


r A ream Unili' -(8864 M2.J| 


MU I»*sf 'J-5 


104.9*4 , 

m ^ 


-xol 


696 

69* 

1157 

315 

81$ 

5.98 


int Unit TsL Mgrs- Ltd.^^ 'rSintlond Nov. 14j 
t Lane. BOV6HH. 0I-a*9^ Oiartfd Nov. 14 — 

3lTk«4i«c ... _.US.B 50 0j -O JI 18.00 (Accum UniKi — 

. Amwj tan — 146 6 SO.jl +LW - Pens Ex. Noe- 13- 

^f^*«Di>ilahliic.Ka7 so 7( .. 930 Management iLtdL 

Unit TsL Mgrs. f^d SU Cmrpc *. Way. Stcveo»«e. 

i Crea: Edinburgh 3. - 031-22S4W1 c^hUnUs (542 S6*+1.0t 4.47 

cr Fct gL8 »?5( *?■!/ ’ » 

821 
5.12 

194 

iary Unit Fund Managers imeiuil.^ 7 - --^ 45 J 

• oi.«M4485 Mercury Fund Managers uo- 
XXch lu P70.6 la.ffdf . - J 548 pji. KrrahAln s'l . tlYPEKR. 



Mayflower Management Co. Ltd. 
M f«.Irtmh«*Sl..2X3V7AU. 

!SSE ! ia-.V. BY 

InlerntT. Nut i 1436 


$88 

3.00 


..WiDCbeaer Fund MagL Ud. 


a Jew* EC2 
KMftncV^rtcr .1180 
‘•Wh-er o sen«176 


Cii-SKi-167 . Jcsr ]nf \o*. IS— 
19 61 - I 4J5 .Acr. Vt- Nov. IS.. 

19 « ! 4 53 uerc.B« i»*u» 




46.3 

7X4 

2437 


209.81 
2769 
755 
763 
253 A 
J07 7 


If) 600 4 Aid 
448 
4«8 
198 
2.93 
440 
4.90 


_ iDmllmM .171.1 7&.«j . i 

. ’©JL F« Eqoitas Securities UA 

St Abfrej Unit Trust Mngrs. 

^ # 4 Law Un. Tr. iff.? (aHbHCHzi 
lR4,HjghW)t!OOtfw- 
7* Law. (M 7 6ff II +«.tf 


Unit Trust Managers Ltd.? fa) 

rt»oM Hon-*;. Silror Struct thud _ 


v*™? mssr. 

430 


|59.5 

•tea- 


, Stales Finlay t'nlt Trust MngL Ltd. 

' - ■? > 3®ts*Ni]eStreeUu4ag««' 1 dilrfK 

1:72 

8.65 no ac/uki..- •- 'KSfc 
2 60 Equity E»emf4» - H2f-| 
2.6® Do AccuKi-. - - 1*02.5 
4 *5 J span * - - 5'-“ 


i'Fiday ijitenujTi | 



^3 

37 W 
370 

m 2 

34« 
3D a 
348 


pneflleld-SiaKH 
rmwnodtty&Lea 627 
DftA«u(a . 
r.rtwih ||9 

1 25.8 

3.% 

Income }«■' 

Do. Wcum. 
rnlcrnatmnal - 

DA Ae F‘ J 71 •'•165 5 
Htfiblield. • — ..IM ’ 

lift Accum. - 


Teh 0742 1* 12 


63M-0 4 
309 -0.4' 
M.6 . . 
414 .. .. 
27.! .... 

303 -01 

54.8 -0-1 
639 -0.4 

45.9 +0.1 
48J ... - 
65.S +0.1 

7 1.9 +0J 
10&3 
ioai 

SOD 
500 


*67 

5 67 
335 
315 
4 05 

6.93 

IS 

057 

SS7 

b-07 

6 07 
1J0 
100 


NC.il dMlme Xer.-~ 


Japan - - — ... la+n 

Ned darns' NoV *. 


CORAL INDEX: Close 470-475 


insurance base ra tes ini . a 

■ t Property Growth -- - ! .10.87°o 

f tv anbrugh Guaranteed ZZZi'imatr Eond Tabir. 

' - Uddri^A ahoivn under In+uranre ntirt P»t>pcn. _o___ 


Unit Trust Account & 
Km j William ,4( EU+BSAR 
I’lUnNii - Fund 1*389 
«ificn,rt). br,J i39 8 
Mn A., am 310 

Wider r.roiAth Fund 
K/njU ilium +1 Ki+KPAR 
lomunr l n.L» 129 8 
cum t o:: • . J33 0 


0=32.Vi23t 
791: ! |H 

MgmL Ltd. 
n; c«i 
I 471 
i a» 


41 0 
31 « 
36 9 


494 


.'.inulIiEdSriL. ItMH 10151 . 4 U* 
Arbathnot Securities iC.I.) Kindled 
PD ficaXE*. ft. H+IIct Jer->+. 053472177 

Cap Tu ■Jcm+» ■ jUSO i;90j ,.| 420 
N«n drains dale Mor-emror 21, 
I'icft-’tSer.* Tq . i99 1M| .. f tt« 

Next dealing date Nm ember 30 _ ^ 
E6>li!n»IT'4 r|i“lD4 in; : 535 
Smt drjlini Uric ',n'..mh«r 23. 

Australian Selection Fund NV 
Market ripponuniUee Co Ini*i YcunS & 
i>jlfcraile liT. Beat Ft. Mf.« 

US»; Share* | 5US149 ;-Q 0^| - 

Ne» »rw value X.i-.+mhcr 17. 

Bank of America International 5. A. 

•IS pnulmarii Ru»«I. l«»+mi *o/rs G D 
VMdiaic** lr^om+ tV -UtK rjsa-CCI 763 
Price 1 *1 Nc^ 16 Sc»i x.h u*ic No. — 

Ranque Bruxelles Lambert 
2 Rue Dc !■ Reecer* 8 1000 B raise fi 
RenwFi/ndl.F,-3Ba2 1WD| -8} 7.98 

Barclays Unicorn InL iCh. Is.) Ltd. 

1 Charrfis Crcn*. 6L Hclier. Jr*.i USM 737*1 

O.erscas Income . . [46 6 49.* « 051 12 1 

U n. do liar Try* . .BU5Ut« IBlS J 838 
L'aibcad Tro« .. In. -It 37 i;x? . ./ 190 


89« 

103 Id 

939“ 


ix* 

1XS 

12 JS 


•Ml Fund J-r-t •. J8 90 
i-iliTni'i ?oM .'1225 
U:li F rnl. 'lucrT.y-.W 35 
lint ‘mwi, sec* Tc 

rirH >ft-rJinc - 'ilfiT* lft4¥ .... ' — 
F:mlntl [5193 58 19J.W* -...+ — 

Klein wort Bensos limited 


JO. Fonchunrh S* 
Eu»lnii*«i Lij -:. f 

Guom'ei Irt 
;.+» .Vcun 
TiPf^rtldM fd 
•KRIMl Fund 
KB Japan Fun.I 
K* P f.4 Guth Fd 
Rtmudj 
In:rr:ll M Id 


cie 

I 1.114 « +4 

IbS 7 69*d 

182 4 87.61 

. 'L«0* ' 

■ :-l SI 1 Cl 

■ 51 ’41 25 

s: Fll 48 

E« 

MOO - 


l-J 


J.I* 
4 35 
4 IS 
1# 

&2? 
0 78 


Barclays Unicorn Int. H. O. Man) Ltd. 
I Thomas St . Dougla*. i 6 M 


I.IOA’ds Bk. tC.I.i ITT Mgr*. 

pu Box Hriicr..Vr*« 093427MI 

Llrn-dj Tv. n «.j, |E B 55 6 | . | X4» 
a>»i d-Jlmc Jaw Dc-inbcr 15 

LI o> ds Bank International Geneva 
PO Bo\ +JS. dl i".i,-n-»v ; i iSviiMrlud 1 

198 
510 


Llovrfifnl Grmrtb.ISFZH# 297 00) . 
Xlord» in:. Income JiFSIH 3X2 5Cj . 


Unicorn sun. Ext. [433 
Do Aua.uin. ._ mb 

Do.Grtr. Partflc !*6 5 

IaxIsU. tr.ctxne— 
Do-I.of Ma*iT«. 

Do. Manx Mutua: 


Z .*66 5 

i zM 

a: -1252 


sz 
32. 
n 

39 

47 

172) 


0C448S6 Management International Ltd. 

Bank of Bcrinj'la Building. Bermuda. 


-OAi X70 
-09} l*> 


+ 0.1 


880 

920 

ISO 


RishopSKale Commodity Srr, Ltd. 

P.O Bo* 42. t'uuglft>. I O M MC4-23811 

arj 2 .ac - fict. a. — pnus »a| ._.| .- 

AAfiJIU" Xav.S.— (CX175 i . 1 

OUNT-Nov 8 .62.692 2 L... .. .. . 

Original !y (•.•■ued av *S10 and **£1J)0. 

Bridge Management Lid. 

P 9. Bos SOS. Grand Cayman. Cayman la. 

NbashlNov.l i YJ7.954 | | — 

G p.o. Bov sea. Hong Rang 

Nippon Fd. Nov lS.oIfU* T.A^ _. J a7$ 

Britannia TsL Mngnrf. (CD Ltd 
30 Both St. St Heller, Jersey. 


Canterbury Cvn 57 punt* | . .. J — 

M & G Group 

Tfirecbuay?. TouvrKillEC3RHBiJ 01636 *5*8 
Allenlic Nc* 14 |K'f21 JJ3I '- 

Auw.Ex.Xoi-. 15.. .iSIalCS 134).. 

oM.Et-Aee.Xo> 74 f‘f4 8 M . • - 
Maud ... .... . 1270 i:s»bc! -D* 44.C8 

(Accum Unit?'. I1B33 196 &| -*, 3| 94 00 


1M Samuel Montagu Ldn. Aglx. 


1 14. Old Broad SI . K.CJ2 


Apollo Fd Xm.t» 

JapfeU No*-. 15 

J 17 Group NOT. IS.. 
ItTJencjr.N'nv ] .. 
IJTJsyO'iiOct 25 .. 


.4F42J0 

KK33« 

'.'.<7311 

£534 

iW 


456J-L3K 

ur-’jM 

-B-02o| 

1015-0.21 


411 

096 

X14 

072 


SurSif DcnobaM fa. 

Growth Invrut 135. Q 

I noil Fd. hji 

Jersey EnersyTa. - M81 
Cnlrol STstSti- . 0.97 
Huth InLSUg T«— I £0 96 



Murray. Johnstone (Tar. Adviser) 
0334 77114 103. Hope St. Giasgco. C2. (M1-22135M 

•Hope St Fd I SV44045 1-1 JM — 

-MurrayFonH ... J SUS1044 j.p.ill — 
NAV N'ovemue? 13. 

yegit SLA. 

10a Boulevard Rval. Lum=ibv4r( 

NAV Not. 10 JLS1254 I J - 

Birgit Ltd. 

Bank of Bvrmoda Fldcr . Maiml'.im. Prmda. 
NAV Not 3 IC 6 46 — ».. j — 

Phoenix International 

IA> Bo* 77. Si IM*' r for., linmiw* 
Irler-Dollnr Fund iS2Z8 2.4? I — 



UjS. Dollar D w t nl aat ed Fd*. a 

LtaraL STsi ISIS4 99 52S-0,ld - 

louHi«h>m ?*... |k» 4? :»#(*« oil 900 

Value Not. J7. Ne*i dealing Not 30 
Brown Shipley Tst. Co. ijertryi Ltd. 

PO Be-. 383 Si Helier. Jersei 053474777 
si crime Bond Pd tf909 9 931 11200 

Butterfield Management Co. Ltd. 

P •> Rot lift II anil lion Bermuda • 

! l:m:rr*A Eouiii . [S'.' .'lib 124i ... I 175 

, Buttio- Ir^mne .. Ill' SI .94 28il ■ t 7 87 

fnl*.' \of & A'rtt <u6 dk) Not II 

For Captures . SA see under Kryser 

Price a: Not IS. Next deft, mg Not' 22 

Richmond Life As*. Ud. 


Abbey Life Assurance Co. Ltd. 

IJJSt P»u}-*C2rorr±rard.ECl 010480111 


B5.7 

307 

1SX2 

16X5 

90.6 

i? 

Si 

p3 

□32.1 



Crown Life Assurance Co. Ltd.? LIa\*ds Life Assurance 

Crown Ulr 8*c_ Wofcf og. G1721 IXIV O4DS25033 SO. CUHan St- EGA 4.VX 


| Prices at No*. 14. Valuuiion normally Tuc*. 
Albany Life Assurance Co. Ltd. 

01-4.17. r oa: 

201.9) ... 

14751 


Maag'd Fund Ace.. 
Manifd Fil Incm _ 

ManfdFdlnlL 

Equny Fd. Acc. 

Equity Fit incm — 

Equity F<L Ml 

Property Fd acc . .. 
Property Fd lncjn..l960 
Prnpenv Fd. IniU. (99 6 
In* Trt Fd Acr ... 

Inv TiJ Fd Inrm. 

)»». T *1 Fd Imt . 

Fixed Im Fd Arc. 

Kxd Int Fd Incm. . 


Mill Gt Nov. 8 

. 808 Cip.5VPr.Nw.IC- 

10fc.S+0^ - Op5 A BsLNOT.16. 

“>a ' - opr.'VHv not.i£l. 

7.05 OpS'A'Uan Nov. 18 


31.nldRurlingtooS( w l 


■1918 
,140 1 
1165 
107 4 
112 9 
167 5 
'228.5 
1788 


Otd-Mou J'en-Acc. .11333 


IlUl.Mn-PnFdtcv . 

Prop-Pen Acc 

SfpJc invJPoi.Acc 


04 2 
,1295 
1207.0' 


122.6 
UX# 
118 7 
1763 
240.5 
1883 
1402 
1201 
136.2 
217.1 


Inii-r'l FrL Acc 
Inicr l Fit Incm. 
Money Fd Aft. - 
Mnnvv Fd Inrm 
lii« Fit incm 
Crown Brt Inv.'A' 



136*41 
.144 4 132 

1135.4 142.1 

1550 163. 

154.3 162. 

1 30 



Royal Insurance Group 

New IfaU Place. t+rcrpooL OS1 2274422 

Royal Shield Fd (1434 15X7] .... i — 

Save & Prosper Group? 

4. CtSuRekroX Lmin . EC3P 3SP. 01-5M ®99 


Bat Inv Fd 11297 

Property Fd" 


Wmilartc I'arfc. kftiwcr 
i4ip f.'r^vrtli Fund . 
♦F.M fjrmjK Fd 
OEftctnM Prop fd 
•Expt lev. Til Fd 
Hr xiNic Fund ... . 
lm Tran Fund — 

Vincula Hmixe, To**wr PI . EC3 0l>!M«Kil * 

diitPro^Xc*-. 7-./T39 . , - m&g Gnup9 


Crusader Insurance Co. Ltd. 


— Opa'AT*pt.Xor.2d-|2276 

975 London Indemnity A GnI. Ins. Co. Ltd. ' 

IBM The Fortiury- Reading S83f.’ I - 

Urme: Manager 02 5 34 

M it Flexible . B9 0 30 

Fl.u-d fnlcrce . {34 2 J4 

The lamdon & Manchester Ass. Gp.V 

no£C-i:ij5 

j-p;i - 

i-S"! - 

- 0 . 

-i 
-0 


.1604 
1123 0 


Comp Pri*. r"d»_ 
EquityPcnsFd 
Prop rcasFd* 
ii»li pep*. Fd 
Do p<y. Pens.Fd t 


1373! 

169.5 .. I 
129 5, *3.4 
U26‘ ‘ 

2179i .. I 
19} 2j -0.4 
345 V . 

«d*0 3f 


232 7 
137 9 
962 
1531 
112 2 
113 S 
*44 
1014 


1259 
207 0 
1630 
.12328 
r**7 

.|lD20 10741 . , 

•Pneei no November 7. 
tWeckly dcalinj:- 

Schrodcr Life Group? 

Lnlcrpnsc Uou-c. rurumQuih. 07rt.« -7733 


31 = 


F<jmP.- 1 
f-luiN 4. . . 
Fi<«rflai 4 
Managed 4 
V-tOL-x 4 .. . 
utarxeas 4. 
Pro pen* 4 


Eagle Star Insur/Midland Assur. Thrc-vuaya.TOTrerHillEcap CBQ 01-8U45M tULsSavt -Sees 4 


4MEV Life Assurance Ltd.? 

Alma Hstt. Alma Bd: Rcigatc. Rctgwe4010L 


1 . Thread need ic Si - EC7L 015881212 AroericanFdBdr: 145 9 

Eagle'.Mid Units - -|52.9 54? I 621 Coov KepoaP — 1203 

Equity * Law Life Ass. Soe. Ltd.* SvSwHiSk~ BJ 

Amersbani Road, Bi«ti Wycombe 0404 33377 Famllv7»«0~ J16SB 


AMEV Managed — (190.9 

AMEY Mgd '£■ J119L4 

AMEY Money 6d ...{186.9 
— VFqui.TFd -RlO-b . 
J nwdToL-.hO. 7 
Prop. Fdt:..J992 
ASIEl-HrfPten.Fijl 1 05 
aBEV DigdPcn 'BiilO.fc 

Fleaiplan. 198.3 

AStEV/Franrilugtoo 
American. gl 8 

Iccranc — .19X7 

Int Growth -1831 


14851 
1258 
1126 
1165 
95.6 
1045 
116.4 
116 5 
103,6 


II; 


-L8 

4-0.2 

-il 


Equity Fd — — — 
Property Fd . 


[1125 

•hl25 


— Flscd Interest F ... 1107.9 


Ctd Deposit Fd 
Wised fit- 


1121 


if*". = 

ufS+o.i _ 


General Portfolio Life la& C. 1149 

80 Bartholomew Cl _ Waltham CrD=+ 
PonloImPond .1 14X9 

pprttollp Managed 1424 
P" folio. F»d Int M7.5 


Fanufiri-ae'-. .‘.n9oa 

UiIlM.md— Il06 9 

InleroatnL Bond* 
JapaaFdBd* — 
Managed Fd."" w 
Pen. Pennon"" ... 

Pro pert) pd."*_ 

It ■ run -H Vut • 


JMl 5 


PTUlBTl Rv«9awyFdfrt 
u, ‘ Pri cos on •Nov. 



B fi. Pen Up B 
B.S Pen. Acc B. . 
MagJ. Pen Cap B 
.tfn«d Pen Acc B 
F Ia(. Pen Csp I 
l‘ lm Pen. Acc. F-i 


_ Money Pen. Cap B {97-2 


Money Pen tcc B. 
Prop. Pen, Cap, B.... 
Prop. IVn. Acc. B_. 


222 8 
136 9 
1348 

■BV 
162 1 
1211 
124 3 
1368 
2088 
I2F14 

m 


239* 


ioxo 

3089 



01-3483 



Scottish Widows' Group 

PO Box BTC, Ed, □bunrt’ EH 18 5f.U. *»1435 8000 


Merchant Investors Assurance? 
Lena H sc.. 232 Hi2h5l-Crojdpa 


TnvpIy.JOTneft i 


- 1 


For Arrow Life Amniicr «v 
Providence Capitol Life Assurance 


"Barclays Life Assur. Co. Ltd. 

252 Romford Rd .£ 7 


Barclay ti oods* — . 
Tqufl}- 


Gilt-edged 

rropeny. — 


Inlerauiraa) 

Managed . 

Moan'.'. — ... 

Vlao.PenftAccum .. 

Do Initial 

Gill EdcPror-Acc. 

Do. initial 

Money Pna Arc. .... 

Do. Inloal [990 . 

“Current units value Nov. 14 


12 5J) 
1163 
1DJJ 
1105 

87.4 
1090 
100.7 
1001 
965 
■BA 

92.4 
1034 


131.* 

123 0 +10.1 
1340 

1164 , w , 
92.0 +0.4 
I14J ... 
106.1 +0^ 
105.4 
10L6 
108.9 
973 
1084 
104 31 


Gresham Life Ass. Soc. Ltd. P ro per p ., 

Z Prtncr Of wale» Rd. B'nuiuh «OT7S7IS5 P * n! ' 

GJL Cash Fund 198.7 . 303.2, 

G.L EqnjJyFund Jl0&3 JU ? . 

G L Gill Fund . . J11L6 U75^ 

G.L. Inti Fund .. -H05.2 170 7^ 

GL. Ppiy. Fund (100J 1K5| 

Growth & Sec. Life Ass. Soc. Ltd.? 

ill g-w .... Weir BanX B.*py-CTI-Th«ne>. Btrka 0CBS42BI laji rfau'icvJ 
Fkatlblc Finance. 1 £1506 I . I - Do. A rm. . - 

Luo d bank Secs — 5411 J ! — Inlt lianas ed 

Landtumk Sea Acc.1116.7 119* . — Do. Pan ilOOO 

G-iSJupcrFd. I £7903 1 • -J - NEL Pensions Lid. 

Guardian Rqyal Exchange Nilion Court. D-Tim*. Sumy 

Royal Exchange. £.•: 3 • 0I-2B3TI07 Seles Rq. Cap. _|3«5 

Property Brmd? (1898- 197-7)- I — NelmEq Accunt 1153 

Nd« Honey Can . 6IJ 


Equity. . 
Equity Pern.. _ . 
f.arw Jlartct 
Money HDrt Ix-n- 
DciXMit. . _ 
l>cpo«ilPei|x 
Managed 
Min«:erl r+nf 


1599 

«?i 

13X5 

1452 

1063 

1401 

941 

1000 

970 


01-9889171 Ecl.LAct* 
- 0.1 
- 8.1 
'-G.il 
♦02 

♦ 0 3 
♦05 
♦0 2 

:iSi 

-05 

♦ 05 


•0 5 


Inst. Cadj NOT. . . 

Eei.LAee.Nov IS 1385 
Ex Hire Nov. 16 _ [131.1 
Jlag. Pen. Not 15 -1267 2 
Solar Life Assurance Limited 
70 12 ay Place London E C.IN CTT. 01 212306 


*14 

105Jf *0? 
144 C *0 {, 
136.7) *05 
2*7.21 -32 


Solar Managed S_ 

— Solar Pro perl' 5 ._ 
■- Solar Equity i ..I 

Snlar Fxd Hit S -. 

— Solar CaahS 

— Solar inti S - . 

— Solar Managed P 

— Solar Property P 

— Mir Equity P. . 

Solar FftdtnLP. 
So.'ir L'ayh P 

.9811 Solar InlL P . 


1259 
109 0 
1645 
1155 
102 4 
861 
1254 
1086 
163 9 
lie. 3 
M2.0 

i&o 



Beehive Life Assur. Co. Ltd.? 


71. Lombard EL. EC3. 

Bit Horae Nor. 1 I 


13208 | 


01-823 1288 GUiWged 


Hambro Life Assurance Limited ? 

7 Old Park Lvie. London. Wi OMW0031 

Flt«tiIat.Dep .. . 

Equity ... . — 

Property .. ... 

Managed Cop... - 

Manautt+j Acc 

Oycrseoii. _ 


Canada Life Assurance Co. 

5+5 High St. [Potter* Bar. Herts. P Bar 51 122 
EqtfGtbFdNov 1_| 61X I...1- 

ReL-jK.FedNov.6..{ 114A | — 4 - 


Cannon Assurance Ud.? 

J Olympic !Vj„ WemWey HA0ONB 


05-9028878 


EquiD'Cr 

Property Lai 
Equity Honda ec. [ 
Prop. Bond 'Exec -l 
Bal Bd.'Exe«tUnlI.( 
fleposftBond 
Equity Accum. — _ 
Property Acctun..-. 
Mngd. Actum. ...... 

2ndEqUlty . 

2nd l y u pc uy — — 

2nd Managed- 
2ndDfcpodt. 
SndGUT-- . _ 

2nd Aiwrieati -177.2 


- -OJMt - 

1X11 -0.05 — 
14.55 . . — 

14.14 -0.02 — 

120 1] . ^ - 


AincrtcinArc ..... 
Pen.F.1 Pep Cap. 
renJ'.I.Dep Acc .- 

Pen. Prop. Cap. 

Pen Prop. Acc . . 
IVn. 31 an Cup . . .. 

Pen. Man. Act 

Pen (Wl>EdK.C*p._ 
Pun. Gill Bag. Acc . 

PWl E.Jx Cap. . 

rcn.R-9.Acc .. . . 
Pen. DA-F.Cap — 
Pen. D.XF Acc 


Ip 76 

1344 


18X0 

1906 


1705 

1795 


M3 4 

15X0 


in.9 

1075 


1231 

129.6 


1261 

1528 


So. 7 

9X3 


1301 

1370 


153.9 

1623 


212.1 

2233 


2770 

2916 


210J 

2215 


274.6 

289.1 


1213 

129.4 

127.7 

U35 


1269 

. « . 

146.3 

153.8 


184.1 


106.9 



O! . 

121 J -l.fl 
65.0 ... 

70 J . 

53 8 ... 
5SJ ... 

. .. _ . , *19 .. 

NclMsd Fd Art .|53J 53.4) .. 

Ncx: Sub day No* ember 25 


Sun Alliance Fund Mangmt. Ltd- 
Sun Alliance I?ou/c. iiorLhair (MB64141 
Exp. Fd Ini Not B .ltl«9.2_ ,15961 


lRl.En. Nov. li. | £1222 

Sun .Alliance Linked Life las. Ltd. 

SunAlllancvHftu-c Hor him 040384141 


NcJes Mon. Acc 
NelcxGth IncCae 1512 
NdR GUI J nc Arc.. J53 1 
NeIMxd.Fd.Ccp. S9.t 

' FquiivFund. 

Fixcetalcro'-tFd 
lYopFriv FuDd _ 

48LGracecburi:hM EC3P3HH 01-C342OT iclenuiiicma) FB 
fti* Nor | Next dealing Dec' 1 

New Zealand Ins. Co. fL'.K.) Ltd.? Sun Life of Canada >L’.K.i Ltd. 
Maitland Hnnye Soulbcnd SSI 2JS 070262956 2 3.4. Cork*pur St .SW1 Y.A3H Q:-ffi0M00 


“ NPI Pensions 3!anagesaent LUL 


124 8 

1J1* -05 

11053 

110 5 -0.1 

|116 2 

122.+I . 

«P9 

1DZW -0J 

08 7 

1D3.« . ... 

'109.4 

115.3 . . 


IGvJ Key In' Finn 
Small (To'rFri 
TcctanoiooiFil 
Extra Inr Fil 
Extra lor. DwL rd- 
AmericonKd . 
FarEimFil- - 
Gilt Edged Fd _ 
Coa Dep«.'iii Fd 


1088 
91 8 
104 9 
190.4 

tei 

1661 

i*3 5 


^S-0 3] = 

UO # -0 9 - 

952 -X3 — 
1003 -0.3 _ 

93! r24 - 
111.7 *05 - 
Jill -0.2 - 

10351 - .. — 


.Maple I J Orth. 
Maple LI. M.'ftsd 
Maple Lf 


203 9 
132.9 
l?8! 
207 3 


Hearts of Oak Benefit Society 
13-17. Tavistock Place. WC1H8SM 01-8375820 Norwich Union Insurance Group? 


Frr-snL Pn. 

Target Life Assurance Co. Lrd. 
Target 

Burki 


2ndEq.Pano.Acc_ 

5 ml Pro Pcnft .VC v 
2nd SfttL Pras-’Accj 

2nd DcjiPajaAcc., 

2nd Gilt PauJAcC+9S.4 
2ruLAm.Pena./Aco. M).0 

L4ESLF *“ 

L&ESXF2 


F 

3022 



Current value Nov. ]1 


Capital Life Assorance? 

collision House. Chapel A*l» Wton 090228511 

Key Invert. Fd. — I 9952 j I — 

PacemakartnvJd .) 102.96 J I — 


Hearts of Oak _P7X 3981 1 — 

Hill Samuel Life .Assur. Ltd* 

N LA Twr- Addlacombe Rd, Croy 
♦ProportyUnit.*.. 

Property San c*. A „ 

Managed Units . ... 

Managed Sene* A. 

Managed SirlesC. 

Money Gnus 

Money Series A „. 

Fixed Int Ser A.._ 

Equm Senes A — 

Pns. Managed Cap . 
m* Managed Acc . 

Pm C teed. Cap — 

Piu G'terd. Acc. — 

Pno-y Equllj Cop- 
Pons. Equ Itjr Acc _ 

Pnt.FiuIIcu.Cap — 

PniFiilntArr — 

Prof. Prop. Cap — [96.7 


POBox ANor»i*h NRI 3NG 


Van. Fund Ire 
Man. Fund Acr 
Prop. Fd Inc 


Pena, rrnp Acc.. . . 


{162.2 

170.4 




105.6 

11X2 


— 

160.2 

168.7 

-06 

— 

945 

995 

-0 

__ 

no 

958 

-0.4 


129.0 

1295 


-OT 

993 

1045 


a«- 

931 

931 

+0.1 

« . 

898 

94.6 

-03 

_ 

ML1 

148 6 



150.9 

1588 



1073 

1129 




120.7 


■ 


105.4 


— 

jT7tT~B 

1073 



954 

1005 


— . 

973 

2B22 


— 

96.7 

1818 


w 

[98.4 

103.6 


— 


Managed Fund 
Equity Fund. 
Propertc Fund 
Fixed InL Funi 
Deposit Fund. 
Nor. L'nil. .Nov. ;j 


2154 2267 +0 3) — 

. W7 0 3652 -0.4 

134.4 14X4 *6j 

15X4 1593 ... 

1082 113.9 *+I2i — 

2112 

Pbeenix .Assurance Ca Ltd. 

4-5. King William St .EC4P4HR. 

Wealth Ass- |UL1 U7 

EVr-PKA*..- — -* z «, 

Eb> Pit Eq.E ITT 7 83. 

Prop. Equity A- Life Ass. CftY 
1 18. Crawford Street. W1H 2AS. 01-488089 

ft Silk Prop Bd 1 186.6 

Da Equity Bd . 7L2 

Flc*jSooe> - Ed . 1 I486 

Property Growth Assur. Ca Ltd.? 


080322200 Prop Fd Arc.' 


Prop Fd. Inv., . 

Fixed Int. Fil Inc JIMS 

t*ep.Fd Inc. " 

Ref. Plan Ac IVw. 

Rm. PlanC bo.Pcq- . 
Man.Pcn.F4Arc . . 
Man.Pcn.Fd Cap. . 

■Jilt PcnFd Are. _ 
01-6289878 GiliPcnJd. Cmp 
Prop. INnvFd. Are 
Prop Pea. Fd. Cap 

Gaar.Pen FrtAer 

Guar I'en.FdCap. 
r> A-Pcn-Fd Acc_ . 

D..vPcn.F,it'ap . 


H.'Uie GalrtanuM* Hu . Ajlcnburt. 

,V> le>b Jiy 0296 5541 
960 101 If 

178 8 125.1 

117.8 124.01 

1510 
1150 


vi-oajmi 



— Transintematiowal Life Ins. Co. Ltd. 


— L*+*n House •T»v»'<li-n. CRP 1 LU 


Property Fund 
Proj^rly Pund *.A» 


Ciutrtexhoaue Alstgns Gp.V 
Stephen non N>a Brunei Centro. Blcletatey. Vnnaftcd r jnd ...194 4 
Milton Keynts*0806+54 1272 Ptxwi lot. F<t. - - g * 

rtirthae Energy — 135.9 37.91.. .. I — —E'S 


CbrUtse Energy .. 

Ch rUw. Slrmey 30.2 32. 2. 

I'hrthse. Managed.. 393 4J jj 

fnnhae Equity 362 _ 382) 

Manna Bid Soc 154.5 

Jlagna Managed .-.. 15X0 


City of PTeat minster Assur. Co. Ltd. 


Imperial Life Ass. Ca of Canada 
Imperial House, Guildford. 71354 Agncuifurni Fund 

CA Fd Not. 17. ,_J74 0 80.4) +0.11 - .A^nc. Ftrod_A 

Pens Fd. Nor. 17 . |*7.b n U +03) 

Unh Linked FortJoho 

99 3i +0 51 

ion a *o A 

.. 103 5] *0.1 

Equity Fund 197.5 ID2.6I -n.6j 

Irish Life Assurance Ca Ltd. 

II. Flnrburjr Square. EC2. 


Abbey Nat. Funn 
Abbey Nat. Fd V 
Imrunenl Fund 
lnv*>uncni Frt A 
XquUy Fund.... 
Equity Fund i. *.■ 
.tforiej- Fund. 
Money Fund 1 A, 
Actuarial Fund 


Blue Chip r 

"rnS« 




Ringnewd House, 8 Wtdudiorac Road. 


rrovdon CRD 21 A. 
WeMProp Fund . 
Mori seed Fund — . 

Equity Fund 

f until and Fond . 
Mcner Fund ... 

■ tilt Fund 

rt’L\ Fund ■ 

Pena. Mngd Cap. . 
Fww Mngd Acc 
r<'nu.jrtwaj'Cjp 
Pena. Money Acc. .. 
p ens. Equ i ty Cap. ... 
Equity Acc...-' 
Fund currently e' 
Perform Eiuta.. _ . 


01-8848084. 



BLCpSr YlNov 15- 9U 
Man Used Fund.-- Z34 0 
M»nS Fd- Ser. D.. 945, 

Exempt Man.Fd.. 1115 
Prop.Mod.Noc. 1 189.9 

Prop Mod-Gth. _ 2122 

Prp.Atd.G r(h SecJl 1995 
King! & Sbaxson Ltd. 

52. Corn hill. EV3. 

Bond Fd. Exempt .[102 98 . .. 

Ncv. dealing dale Dec. 6 


7H U ° Did® tu G 1 h-edged Fund 
23 *07^ *** Cllt-E*ed Fd. ,A' 
961I+0.JT — ARetlre Annuity 1 
®t«nicd.Anm.,- 



190 7 
1888 
BJ08 

793.1 
1581 
1586 
680 
67A 

JS* 

1704 

144.2 
1433 
1175 
12X1 
12X1 
187.9 
1535 


01-68(10806 


•All Weather Cap. 
91nv Fd Ptf - 
Pension Fd I lf 
C.tov, Pens Fit 

n 1 ^ 5433 Man. Pcnr-FYL L 
104 45|-0 58) — Man Fens. C an 1 
Prop Pen.-. Fd 
Trop rcna-Cap l !; 


SMsSArgf *|H“ Lut 


Langham Life Assurance Ca Ltd. 

Langham ffs. HoltabrookOr. NU'4 0I-2U352U 
LanEham- A' Plan. 1663 69.81 .. .. | — 

•Prop Bond . . 0463 15aXl} . . — 

Wlap ,SP> Man Fd 1772 813) .. .| - 

Legal & General (Unit Assur.) LuL g|j ^S. Fd sfi ' f^we 
Kingsanod _ Efpua4*. Kl nff.sruori. _T «fuona_. Pension £q u "y - K 5? 


1416 
134.1 
15X6 
XJS.8 
15X9 
1375 
15L6 
»5 8 
116.0 
1231 


♦0 3 
♦ 03 

*23 

+ 0.2 


2 Bream Eldg«.. EC4IYV 
trrullplOTCFt Fd ..1I7X6 
rrulipliaacd Fd 1112.9 
•Man Fond Fi«_ -11164 
Man Pen. Fd. Cap .1119.7 
Mai Pen. Fd. Acc. .ll»..7 
rwngd Inv Pd Inti® 1 
•Mngd Inv Fd Arq969 


0I-40W4&7 

1502! 

11a® . 

12S . 

1J5» . 

134.4 _ 

lexii .... 

10)91 


Trident Life Assarance Co. Ltd.? 
Runxlade Honjo. ijluuceaer 04523®41 


_ Mnnapcd . 


Old Med.. - 
Proper*.*.. - _ ... 
Equltr American.- 
L JL Equity Fund. 
High Yield .. . . 

Gih FJct-d 

Money-— 

lniernali4nal.„ . . 
Fiscal .. - 

(irovrjh Cap - 

Growth Act . .. 
Pcnft.Mned.Cap. . 
Ten* UrgLACc ~ 
Pen- Ctd- Dej,. Cap 
Pc.ms.Cld. Dej> \cr. 
Pcff* Pplr ' op 
Pen* Pt>'- Acc. - - 


Trils Bond 
_ Trdl.fi I Eqnd - 


*1| 


Bdeg S«.e Pen H 

Blag! Soc Cap l"t _ ^ ^ 

Providence Capitol Lffe Asp. Co. Ltd. 3. W a ; Nm. i« 
30.l'4bridgc Rn.ul.'A'lSaPG 01-7498111. Equirt 16 . 


i»a 

154.8 
162 4 
345 
11631 
1«6 « 

1277] 

132 0] 

1D3 7i *0^ 
13X1 
131.6} 

137 0; 

123 01 
1296} 

11031 
!1&2| 

1X3 8 
1305 
38 


Mull value lor ilw prcmicm 

Tvndai] Assurance/ Pensions? 

IS. fanvnsc Road. Bristol 027: 


1122 
*1462 
1533 
79 7 
1098 
1387 
1206 
1253 
979 
1266 
1243 
1293 
1161 
222.4 

104 1 

109 7 
1169 
1232 


..toi 


&2 


City of W Ml minster Assur. Soc. Ltd. 


TdepVme. ni^8| &w 

Firrtl'nit!-.— 11292 

Froparty L’njia J54.7 


■HI 


Commercial Union Group 
Si Kota's. 1. U ndenbafX EC3. 
Vr.Xj.Ac.Nov.I8 ! S7.24 J-8W - 

Do. .Aaouityl, ts j 1835 ( -...I — 


J96 1 

Iki Accum .... — ... WS 1 
- 1275 

1283 
1X164 

P 

K 
121,0 
11002 
10X3 


u It}- Initial. - 

Do Accum. . - . . . 
Ftactf Initial . . 
Do. Accum- — 
IntL Irillcl. - 

“«• 5tS3fh»wii.:r- 

Do ArCum 

rropcrtjlnlilfll — 
lip. Accum — 


Bureh Heath 53456 Panaiqn Fxd__lni 


Confederation life Insurance Co. 
50. rhuncefy Lane. WfZA 1UE. 

•ffluityFhud (168.6 17701 

•Manured Fond . JlS&J 195-M 

•PlPFY:iid..._ 4103 

|784 

784 
w78 


Legal & Geaexal il nit Pu«ina*i Lid. 


Deposit Fd. Cun 

— Deposit Fd. .VT 

— Equily Fd-t'ap 

— Equity Fd. Acc 

— Fxd lm Cap 

— Fxd lm. Arc — 

— Ininl.Capb .. - 

— IMrI.ACC~- 

— Managed Kd • ap 

— . Managed F«J Vc 

— groih'rtyW.XaP 

— Propcrtj' Fd «*cr ■' ■ 


!!»' 

I474 

m- 

U5 6 

ft* 




92.2 

U0.S 

1292 

1196 

50.0 
500 
47 6 
47.6 

494 
4* 9 
481 
481 
4X6 
ttb 
Sfl5 
582 


florid Not- 10 
Property *Iov Id. . 

OepoaiNn IS. -• 

",t.W rv Pn. Nftv 17.. 
ri+rvln. liii Id 

XIuPixJ'FNot 2. 

linEquI!'. \m 2 . 

Du Bond Not 2 • 

Do Prop Not- 2 

Vanbrugh Life Assurance 

4 1 -43 Mad' to* St. Ldn WIRGL.Y 


124.9 

j 

162« 

1 

1 

16S 4 


1091 

. i 

130 5 

j 

1496 

1 

7J7 

1 

1766 

.. . | 

27JB 


181.0 

■ ■ 

900 

.. .1 


P»a.aL Ivn Mngd— 


y.allSd.Mjinl .. 
(■rCuP.MqgdPen^. 


FI n>d iitf. Pen .1206 8 


Equity Pentiort. _ 


Property Pend on. .ilaO 1 


BO.* 


ii|-- 

si 


n EieraptCiftJi IniL., 

01-3420282 Dp, Accum 

Zxtmpi Eqf). Uni.. 
Do Accum. .... 
Escrrrm FUed IniL! 

Do. Accum 

Exempt Mngd. InIL 
rm Accum. 


^9 

2340 

137.7 

115J 

UE5 

129.9 

iuxs 


Provincial LifB Assurance Co. Ltd. 

2a2,Bl4hop»g»v t;;>. 01-3*7 E33 Vanbrugh Pensions Limited 


Manacrd K<1 . . . |1»6 6 1544] *0 j 

Fquil.v Fd. - . 234 5 24*.9l *0 ^ 

fntnr.Funrf |96.« 281^-04) 

Fixed litD-rv F(L . .jlte 5 17J5| . . 

Property Kd. _ . . 144 jb 1525; -0.1 

CaaSrund .. 1121.3 127.7j 


01 -ISO 4933 


Pruv. Jtsnaertl F«J 
Pror. Tafh id. l}™-' 

Gilt Fund 5". ;1J5.2 

Prooeriv Fund . • - 


Comhlll Insurance Co. Ltd. 


3S. C (lrnblll.E C 3 
Cap.FACirt.15_ [3 3D Q 
GSKpci:.OcLl5..„M5 
jln'Shfrf Oci 20. p79 5 


I I 

mol 


01-826^410, 


E.\cmj»t Prop rmt.HSJ 
Do Accum 1300 9 

Legal 

I LWucon Victoria 

LXGPjp.Fil Not. 7. . 

Ne»» mb day Due 1 


Eqiuij Fund . - i» 7 

FSwL Ini- Fuml Iy *- 7 


I Prudential Pensions Uwiled* 



Credit & Commerce Insurance 
I Jft. Rnecnt?dr-. Londin W1RSFE- Bi -35 7081 

CiCMnBiFd. (1218 U=-0| 4 - 


4 1-43 Maddox Si . Ldn.VIRST \ 01^99492: 

Managed... .. .. IW-2 IMS -03} — 

Equity. . . 1 103 5 lOT.ffl *0 l( ~ 

V iu>a I mcrert . . . [98 0 tOJ.q •fl.ii — 

Propun; •• - liooi lasa, . | _ 

Guararuccd set ‘Inr. Sue Rffc* table. 

0 i-4p59r2 Welfare Insurance Co. LuL? 

SOSUi-il 
183.6 J -t>*| - 
._ . cajc nricr :o The losdon 4 

Reliance 3*utu0< Manchcrtcr Group. 

Life Assur. Co. of Peonsyfrania Tunbridge tve.;:, Scm. _ . 08K2H7I Windsor Life Assur t o. Ud. 

3W2Saw flood SUd'l70Rij V1A9S03B5 fc-L Prop. Bd? ! 7W0 I - I - Ro,ul Alhcn lt*c.. 5hm Si V.:nd- 0 r 6814+ 

lAGOPUniU- 197 « 10*3) 4 - Rnfh«bijd Asset Management Lueln.Ptmt . f 71 #..-. 74 *! • 

L»0>'da Bk. Unit Tst. Mngrs. Ud. sTsu^m-i-r^ uwimxifd oijd66«6 rKv^fiihiS'.i ' / 

71 Lnnibard st . EC.t 01-02? 1288 \ c ITOP l i 70 , — Re* .'.?>■< P"ti>. ; -^*.12 i 

txoirpi 196.4 1D14J | 7.$J ' ‘ J< ei i sub. day December A «s*. in. Grows . IW5 • 106.9j 


- r- Z ™1 ... HiJbora _ OirtfHtea Welfare Insurant 

* General Prop, Fd. Mgrs. Ltd . _ . ir . IC26.37 27.W I _ win-iiadcPurL. Exeter 

jnV]ctmi«Sl.EC4N4TP 01-2WBS78 ^ lnt f* 1 |p ” MowrinaJserFd.. , 

i.FdNov.7„)9B.7 J03J) „..../ _ Prpp, Fd Pcl )* - For «tier lur.d* p'ri 


U 11 man Ltd. 

Capital International SA. 

27 rue Notrv-Dame. Liuen-Jinurg. 

'.apitallat. Fund — ( SI' SI 7 48 i . | — 

For Central Assets .Mogt. Ltd M 
under Kejrser l Ml man Ltd. 

Charterhouse Japbet 

1. Poienmicr Row. EC4. 

.\dtropa iWf 39U 

AdivertOT— •P’ffl® 

Ron dak JOM3L98 

^Dndi* _ 

SSK'ShzM. 

Clive lovesamenfs /Jersey) Ltd. 

P O. Bov 350. St. Heller. Jmsot' 0534 37301 . 
LllvoGiltFtXiC.Lj.g54 955A .._ | 1152 
Clucfiilt Fd.'J*j'.'.|950 95M ...I 1X57 

Cornhill Ins. (Guernsey) Ltd. 

PO Rftv 1ST. Sr Peter Port. Guernsey 
tmnl Man Fd... ..11710 186 0) . | - 

DWS Deutsche Ges. F. Wenpapiersp 
■ird&cburgueg l!3. 8000 Frankfurt 

Invest a. 10X13778 396#l 4 — . 

Delta Group 

PO Box 30 IX N»ftftiU Bahama* 

Delia Inv Nov 17 |SlS|4t I St| | — 

Deutscher InvestmeoGTrust 
PoftUarh 2SBS Biebergaaae S-iOffWQ Franfcfu rt. 

Concentra I01O87* 22M . | - 

Int Renlcofftnda !dVU3I JB5#-« J0| — 

Dreyfus I nterc ant mental luv. Fd." 
PO Box N371X Na»*au. Bahama*. 

NAV Not 1 . . JSV6U4S ttCf . . ( -- 

Gmson & Dudley Tst-MgtJrsy JJd. 
P.O. Bt>< 73. Si Helirr. JersCS'. 053420581 

EJX1 C.T. 1122.6 130.51 >L 3) 3.8# 

The English Association 
4 Fore Siren, ECS 01 -MB 7081 

^■^‘v^ips sa i • 

-New dealing New. 21 —New dealing Nov. 30. 

Eurobond Holdings N.V. 

HandehXade 24. Will emit ad. Curacao 
Loaduo AgeaU: ImeL IG Chrtftopber 5L. ECS. 
TeL B1-=4 TvS 4X Trie*; 88144*8. 

NAV per fhkr* Nov. 17 SUSOOSO 
F. & C. Mgml Ltd. Inv. Advisers 
I't Laurenee PounUtey HUL BC4BOB.4. 

oi-szj+eeo ~ 

Lent Fd.Nov.8.. I SLS558 I.. | - 
Fidelit)' Mgmt. & Res. lBda.1 Ud. 

7.0. Box 6X0. Hamilton. Bermuda. 

SUS2L67 , 

STS28.75 -t 

Fidelity MgmX Research ijersryl Ltd. 
Waierioo a*c. Don SL, St Heher. Jerscj . 

0534 27561 

SericaA'IcmLi — 1£353 1-0031 — 

SertevB 'Pacific'— €93* 1 . . - 

vrSm . - 


Quest Fund MnCmnL (Jersey i Ltd. 
P'.I Bot 194. St llcli'r J.KW .1534 27 441 
i5uot( Sxl* Kid In; :57 4 °2 5! ' 12 5# 

OueiL Ir.tl. Sers . SV.ilri? e*.l) ' ? M 

JuMlnil. Bd . |5' .J.T J«a ! 4 00 


0624 2391* 



u.vaq rr.ft.ici.ft.- 
O.CJnC-Fd. Nor. ]_ 153.7 

O.C.InU.Pdt 15123 

OCSmCoOcc3l IXulS 

O.L. Commodity- ... jttL9 


n.ii 


7.16 

US 

3.98 

ejo 

066 


♦8. Athol Street, rvniilas. I O V 
. ftjTbe 51 Ivor Tni ift. 111X9 
Rjcluaond GJ.EtX -,'1S9J 

Do. Platinum Bd |144 5 

Do. Diamond Bd. [95.0 
Do.Em LnqomvBd. 

Carillon coimooda. 

Tfillt lav. Bnd. 

Rothschild Asset .ifanagemest (CJ.l 
P.OBox 5B. S*. Jubans C*. Guernsey. 048! 26331 

O. C^q Fr. Oct-3: - |5?4_ 4 

1435) 

u.i..fta mio oiua-...|Wi.T ft589t I 

OC.Mr.ConjdB.t...l<C8.6S 305x1 1 

- Prices on Not-. 14 Vnl dealing Nor. 30. 

1 Prices on Nov. 7. New dealing Nor. 21 

Rothschild Asset Miigl. (Bermuda) 

P. O. Bm 684. Bk of Bermuda Bid- Bermuda. 

Rwnv AncB Fd Ul’SIB 9 D) . | — 

Price on Nov 7 Next dealing Nor IX 

Royal Trust tCI» Fd. Mgt. Ud. 

I'll hr. < 191 Rrtjal Tft[ Hse-Jew. tl5, , »4p744! 
n.T.lmlPd. . -JS9D9 9 68rf . I 308 

R.T I m’l. -Jw i Fd WO 0 86 (M -I 3 21 

Pncc* at Not - . 14. Next dealing Nov. 21, 

Save & Prosper International 
Pealing tn 

37 Broad Si . S«- II oiler. Jew 0634-30801 

l .5. Dellar-drneininMed Fonda 

Dir. Fxd. Ini -l . 1916 973).... 748 

Internal, fir. *t -'7.73 B54H — 

Far Eastern *7.. ..15131 55.911 .. — . 

% 169s} . "".. = 

S5Ss^rs« -i * N ^ 

Channel Iriaodrtt- 147 9 155^ . .. 5X7 

Commod. " 1131.6 138 7i -7 (J -- 

St. Dvpos;!* .10X2 10X3J -Kl D 0X5 

StFlsed— t '1063 113 M -0 V. UM 

•Pricer nn Not. 13. —Not IS —-Not 16. 
tW+eklj- Dealings JtPally Ccallngr 

Schlesinger International K=gX Ltd. 
41 La MoueSt . St Helier. Jersej 0534 73188. 


S ALL ..... ... 

S-VO.I 

fiihFd.. 

In* 1 h'd.Jenijr 

intni.Fd L\mbrg 
• Far Ea*l Funrf.. 


|8BS 

?r 

1067 

ICO 


78 

m 

31 S 


•1, 

■oci; 

- 0.01 


.... 1C6| 

'Noi sub. d*v November 22 

Schroder Life Group 

Enterprise House. Portsmouth. 


1 53 

20 


070S27739 


Fidelity Am. Aar 

Fidelity Int Fond. 
FideJIiyPac.Fd. - 
FidelityWrld Fd - 


! H = 

MM - 


International Funds 

(Equity . . . 
SEqurt)' — 

£Fi*«l Imerert 
SFbced Imeresi 
CManJC'-d . 
managed . . 


1091 

1384 

U?8 


116 0( 
147 2 
1462 
1UJ 
13* 5 
129 5 


Series D i AruAss 
First Viking Commodity Trusts 
a St Gcorcc'4 St_ Douglas, last. 

I«4 +«2 Ldn. Agm Dunbar & Co_ Ud 
LX Pad Mall. London SW175JH. 0I-KW7S57 
Fst .Vjk l'm.T-4 — U&a . . 37.71 -,1J| : 2 5tt 

rrtV*nu0pT*..Jf£f - tasf .. .) 45 $ 
Fleming Japan Fund S-A. 

37. rue Noire- Dame. Loxetnboure 
Fleming Not. 14 ...| SCS64.8* | . | - 
Free World Fund Ltd. 

ttnnerticM Bldg- Handlioo. Bermuda 

SAVrtei.31 1 SV 519X85 | | - 

G.T. Management. lid. . - 
Park Fife . 16 Fliutauqr Circus. London EG. 
Tel: OJ-ffiS 8121 TLX: 886100 
London A cecils for 


J. Henry Schroder Wagg & Co. Ltd. 

13}.Cheap*iriaE.C2 01 -588 4000 

XU. 


. I 51S1105 
.1 5 1 -.9123 JO 


Cheapl Not. 14. 

Tra/uEar OcL 31 .... _. 

Asian Fd. Not. 1 i -IS'SNtJ 29771 
Dart inc Fd. Not 1 7 |lAl 86 1 .98] -0 07] 

Japan Kd Nov If. .itLiSeA 4301 


265 

5.70 

0.43 


Anchor'B InRa — 
.Vai-horCili Edge— 

A-ic hi .rl nc Fd 

Anchor to. Jay. Tat 

Berry Pac Fd. 

Bcoy Fae Strig _ _. 

C.T. Asia Fd tSHHSJJ 

fi.T. Ama Sterling- . 

C T. Australia Fd. .. 

fi.T. Bond Fund. 

fi T r<o.'larFtL 

G.T Dir 'Stria.' Fd 
CT. PaeiCeFd... 


St F1J2: •- IH) 
e?JS 939 

iva« S3o 

28 6 • ' JO 5 
SC SB. 67 
325.0 340.08 

XU 


-0.1? 

-OJli 

-03*1 

-0.0fl 

- 0.0 


19* 

1353 

1.98 

107 

051 

087 

iM 


533 

153 


896 


093* IX2H 
P.V9 81 xoif 
5VS13U 
„ SUS652 
XX W 8AS| 

_ . . ' SUP 14 40 

G T. [TiUipt+iMsFd .. (SVS157 B23 

G art more Invest. Ltd. Ldn. Agts. 

XSl Yai> Aae. London. EC3. 01.^893531 

Gartmore Fuad ftKjp. IC.L7 Ud. Ituhl .... - . . 

J I . P.roid Ri_ St- Heiror. Jersey o£H-7374i Tokyo Pacific Uldgx (Seaboardi N.V. 

fiUtFnndi Jersey I...WI.OO 1888) ... .| 12 25 ] B iinn« Management i?o NV.i'ursraa. 
Garjmore Fnnd MartlRr Easti Ud taNhi NAV per share %ov. 13 SI.S+8.B3. 

15C3 Hutch Lson Hsa.10 Harcoart Rd. HAotig- 
HKhrae. I'.Tw .1^3.715 3Wi-0Ji| Tyndall Group" 

P.O. Bot ISS Bxatiltm 5. Beromda. 2 -2760 


Sentry; Assurance International Lid. 
P.O. Hot 320 Har-;lii>n 5 Bermuda 
JUnwced Fund . . 'lUaiW XX’5: . I — 

Singer & Friedlandcr Ldn. Agents 
-H Cannon SI- EX'4 01-248 ASM! 

Dekalnnds |t'irttJ7 ::wi .1 612 

Toky o TstOcL 31. | $1. 542. 90, « | .1 144 

Stronghold Management Limited 

P9.Bo»312.St Heller Jersey 0534-7)480 

'.'•'inmodlty Trust IBS5J 91 191 I — 

Surinvest i Jersey) Ltd. ixi 
Queens H^e. Don. R'J SL Heller. J»r 0534 27348 
Ameriran fndTM |£73B " 43) -0.2TI -- 

Copper Trust . . . £1L*5 1X721-0 Z7 - 

Jap. Index Tst ... iilLJO II 43) *013] ~ 

TSB Unit Trust Managers 1C.I.1 Ltd. 

SagalHle Bd- St Savtnur, Jcne> 0534 73+94 
Jctm.-" Fund . .. 1476 50.1) ' 4.79 

fiuemsev Fund . .1*7 6 so il . . I 4.79 

fi.lt Fund W8.0 100.0 . ..) W.OO 

Gilt Fund i Jersey Jot 0 idvo) ... .1 12.00 

Prices on Not - . 15. Neal sub. day Nov ta. 

Tokyo Pacific Holdings N.V. 
lrtiutt* yianasement Co N V. Curasao. 

NAV per share Not - . 13 5l-S67.CC. 


7 ft pan Fd. hr**# , 

N. .American Tst — 1515972 XI Jd .. X80 

IniL Bond Fund - — IST51IJZ 11W l 5.60 

Gmwrt IwnoaanJIaEL luLhi 
P.O. Box 33. Douglas. loM. - 062+23811 

GartmorelntLluc. 120.7 22.81 +011 11.50 

Gartmore Inti firth)68.4 7i? ] 2 40 

Hambro Pacific Fund Mgmi. Ltd. 
2110. Cmnaugbi Centre, Rone Kong 
Far Ea* Nor. 13 .. (SHXMfT »71| .. . 1 — 

Japan Fund PCSW9 l#ilj .) — 

Hambro* Bank /Guernsey) udj 
Hambros Fd. Mgrs. i.CJ.l Ltd. 

P.O. Box 86; Guernsey 0481-28521 

C.I.Fuod 1144.0 153.M I J.70 

IatnLBond 5i:sh08.72 112W ...I 853 

Ini. Equity SI-SOB!® 1XM . . J 210 

Ir.L Sfgs. '.A' SUSO* TH J - 

Int. Svgt 'B' SlTSfLU ll4 1 - 

Prito- *n Not. 15. Next dealing Nov. 22- 
Henderson Baring Fund Mgrs. Ltd. 
605. Gammon House Hong Kong 
■UpBi Fd Nov la llUCJJI, 241X1 ... .1 — 
I'ac.fteFd; Xer.15 .1 SCSJJ67 ... - 

Bond Fd Not - . 17 -j SI S1Q599 I -90T| - 
'Us elusive of any prelim, charges 

Hill-Samuel & Co. (Guernsey) Ltd. 

<S LeFeiHte sl. PtXee Fan Guernsey. C.t 

Guernsey Ta IW7.8 158.L4 -rB.7| 3 ’6 

Hill Samuel Invest. Mgnt. IntuI 
P 0. Box 83. Jersey. 05W 273B1 

KS Channel ts. F. . . J117 > 126.11 . . .1 3 08 

Box 2622. Bern. Snlt+erlaixL Tew 33425 
H.s. Ou**u FdJr.'SlJB m 
C.S.F FdJAccum.^Sns^ 15,9J|-0.73l — 


O'soas Not 15 . lil >1 IS 

■ Accum. In >li. ISlilJl 

3- Way InL OcL IS . 1st S3S 
2 New PL. SI. Holier. Jersey 
TOFSLNot ie.... - 
i Accum. Sharo.-' .. 

American Not. 16 

■ AcCtiniaharv:-' . 

Far Earf Nn. IS . 

■ Accum shares, 

JeriOTFdNOT. 

,Von4. Acc l'u ■ . fKJU 2 
fill: Fund N«r. - . IS 101 S 
i Accum. shares. . 1159 2 
Victory House. Douglas. Ideal Mm. 0824 Z411X. 
Managed Oct 19 - ]134 6 141 . I — 

Unill/e Assurance (Oversea*! Ltd. 
PO. Box 1388 Haim I ion 5-31. Bermuda 
Intern! Mngd Fd. pi'SIM - !...-! — 

Lnion-lnvcstnient-Gesellschaft xubH. 
TOTUa-’h 16767. D 5M0 Frankfort 16 
Ailantiriond-.. - -IUJ5 11 80) -C JO! 



KuropnfonJft 
I'nilond* 
Inircnia.. . 
Vnispccial 1 


2555 
17 95 
38 30 
00 


IT' 

Us. 

160.1 


2690 -010 
IE 90 
3950 
6510*040 


11X5 

2558 

1798 

3852 

60 04 


Ltd. IntnL MngmnX (C.I.j Ud. 

14. Mulcasier Slroec SI Helier. Jens' - , 
r 1 B Fund !:LS1M3* II# 5J| . I 7J8 

L'nited States TsL IniL Adv. Co. 

I+. Rue Mdnnger. lqxcmbpure 
V S TiLInv. Fnd . |:n03 - 1*0 1D| 0 97 

Nut Oiirii Not 16 


. 5. G. Warburg & Co. Ltd 


CroSibo - A - F«l lAcc.i SF5.67 J.76j-^ 0i| -- 

ITF Fd. iActi|Sl"S7.9l t«+0.r 

internal joual Pacific Inv. yingl. Lid MCmhimStKCL Eci 
PO Bv 71237 S«. nn St. Sjdn+J-. ,%u« Civ. Ed Not - IS I 51*9828 

Juveiin Equity TA..I&A2J23 2J4|-fl,03l - EnM lm Not 15 | SI SJ 6M 

r t 7 T it, in 1. 1 ii j y - - . , fir Si SFd (Jci..'I..i L S7.18 

J-E-T. Managers t Jersey) Ltd. Merc F.M n m - 1 o .. . tj 2 1135) 

TO BnxM Channel H ouae. Jer«y. 053473873 McrtMnj MttN'oi fl "10 10 10.U. 

Jersey LxtmL Tst_117X0 ID. tt ...I - 
As at i> i 31 Next sub. day Not - 30. 

Jardiqe Fleming & Co. Ltd. 

4&h Floor. Connaught Centre- Hong Koos 


01-6004558 


1727 


JarriincEdn T-a.-. I 

Jnrdin+J'pn.Fd 

JiirdjneS.E.A.—...- 

JardineFlemlai-. 

ir.ll.rjc.Seca/LirL - . 

Do. i Aft co.m. 


KK&ZU6 

5L'b?0.89 
I IKS 12. 42 
HK515BB 

NAV Oci 31. ’Equlialent st-fiBlix 
Next sub Not. 15. 


Warburg Invest. Mngt Jrsy, Ltd. 
l.'.'hanngCro+s.At. HPiier.Js) - . n 053473741 
(. VFUil iw 2il . ... IP R457 R 95! 

orr Ud O CI 2d . . U4.62 15 OOl 

L« ifrtabTVt.'Jci [0.. VL2W IS SI 

080 TMTNvv.9 ;5L«ft 1021; 

1.70 'TMT Ud. N ot 9 . !i9S7 lO.lii 

- World Wide Growth Management? 

IPs. Boulevard BuyjJ. liirnibpurx: 
Worldwide fith FdJ $1*514.59 |-5I4| — 


NOTES 



i 





BSC 


APPOINTMENTS 


Executive changes at Grindlays Bank 


Mr. A. Anderson, a! present 
cenerai manager. United Arab 
Emirates o? GRIND LAVS BANK 
GROUP, is io become regional 
s tremor. Middle Ea-it. iia«ed :n 
Bahrain. from next month nit the 
retirement of Mr. J. II. MurDonuM 
Mr B. A. r.roa>«T, rtircriur of 
Grindla>« BrandK in Ijondon 
responsive for the Eurocurrency 
rl* parr men t. i* jo :m reu tonal 
r. i recto-. Pari fir E-t.-un. for lb? 
t-oup in .I;>Ri;ary operating from 
Hon" Konr. He 'vil! nicceed Mr. 
R. r. Jackson, viho i- rcliirmn- 
*o Citibank. Mr. R. W. Parsons, 
director nf '““indSays Brandt-' in 
Tendon remon-thlc for shipping 
finance. ■■t , I al*n lake chare? of 
?h? Eurocurrency department in 
place of Mr. Greayor. Mr. G. G 
Howard, a member or the group's 
'•?ninr management in London, 
v ili he regional director. Africa, 
in Jarviprv. bared in London, on 
th» retirement of Mr. H. 31. 
Jackson 


opera imp-*, for CIXCOM SYSTEMS 

international 

* 

Air. Philip Isaacs, a director of 
Moccv. its? been apnomlcd Chief 
Barker I president! of the 
VAWIr.TV CLUB OF GREAT 
BRITAIN for l?t73. H C lakes 
offic 01 -lantiarj 1 in *ucee«ion 
so Mr. Trevor Chinn, chairman 
■ir-A r.tspa^ir.e director of the Lex 
G-oup. wh« ivt- been 
Cric" P..Tkcr for tvn successive 


Mr. M. J- Foden has been 
appointed nianasins dircclor of 
GOUGH COOPER (CONTRACTS) 
and Mr. K. F. Fraser has become 
a director. Mr. R. J. F. Barrett has 
been made a director of GUUGH 
COOPER SERVICES. 


PORATIOV on Februai? 1- I9 *?- 
He has been legal ad'i-' er *°. e 
corporation’s Welsh division sulce 
1974. 


>lr. R. L. Marshall, investment 
mat-j.v of Lhc MERCANTILE 
vvn •".ENERAL FCINSl R.XNCE 

f.i'dlPAvV. Will retire nn 

Det-xirr SI because of ili health. 


Mr. A J Murray hrw b D en 

- srtmirictrarion 

r- -f .. -M :i-.‘ n r BRAP-V 

).£>LiFI D ni ’ i. 7 ■■ 1 Mr. 

.1 *». U. OisintMer. d-'i'Ut: rh-.’r- 
r*.*.:t "ii ryimutii-b h - - jvwlion 
f •; .re-M.-.- .irvl Mr. K. C. T 

.Sheen -y •-ecri.-l.ir;. 


Mr. Stuart McGrceor ininod 
f-r R.'a-d nf RED LAND PI ’RLE 
a- director. transoori oper3iion?. 


Mr. Manuel F-rentcpani has 
beer. ; m. -.inted in the main Board 
o f SKETCHLEY from January I. 
Ho •. ;I! have executive responsi- 
b: I : r y o- managme director of 
yiet.'hk.y Industrial division. Mr. 
P.rerrecir.: is at present ppneral 
T.’i-.'-yr. Metaiastik Croup. 

Purl?" 

+ 

Mr. T*<ti> Livermore has been 
jj,i>i ! direr i or of finance of 
Pi'NT \ : r*TELS. He succeeds Mr. 
Tun cv. who has taken over 
the re-, position of company 
.-ecreiary. 


Mr. John Bond previously area 
manager. Wembley, has heen 
appointed deputy general manager 
of NATIONAL WESTMINSTER 
BANK'S related banking services 
division. He succeeds Mr. CjTil 
Townsend, who becomes general 
manager of management services 
division. 

*■ 

Mr. Rnhcrt l-eiKh-remhcrinn 
has heconie president of the 
WHITE ENSIGN ASSOCIATION 
on the rciirement of Sir John 
Prldcaux: Sir Donald Gosling has 
been appointed chairman of the 
association and Sir John Read has 
been elected to the Council of 
Management 


Mr. John Smith. Secretary for 
Trade, has appointed Mr. Terry 
Walker MP {KingmuuiU a* his. 

Parliamentary Private Secretary. 


Mr. John Wolf h.i? neen 
appointed oversea-* adviser ’.nine 

CENTRAL ELECTRICITY GENER- 
ATING BOARD frnm 1. 

1979. He succeeds .Mr. Peter 
Vinter who relires early next 
rear. 


-fr 

Sir Thomas Sopwlth. founder 
president and a director of the 
HAWKER SIDDELEV GROUP, is 
to retire from the Board at the, 
end of this year. He will remain, 
founder president for life- < 


Mr. Gilbert Hogg has been 
appointed head of British Gas 
Legal Services and will take up 
his new position at the head- 
quarters of BRITISH GAS COR- 


Mr. Robert Dowdlns has been 
appointed an executive director 
of HAWKER SIDDELEV INTER-, 
NATIONAL, responsible for Larin | 
Amprica. He lea’ 1 ** Plessey j 
Avionics and Communication*., 
where he was area marketinc] 
manager for Latin America. 


Mr. F. B Swift ha? been 
an-vMn’pd finance director of the 
VICTORIA MINE COMPANY He 
joined the company in It* 74 a* 
S nance controller. 


Mr. Richard Lewis has joined 
MIDDLESEX POLYTECHNIC as 
a**i':ar.i director with responsi- 
ble t; '"or ii nance. Mr. Don Harper 
i* :i> rev. dean of business 
s:u'.i;c- a: w .i management. 


Public Works Loan Board rates 

Effective from November II 


Mr Graham Carr hj> been 
.'inennteri director, marked ns of 
M*v ELECTRIC from January. Ho 
trike- o'-er frem .Mr. Peter Joyce. 
V no i* joining another company. 


Mr. Michael <■. Cocks lia% been 
appointed director. European 


Mr. Sum A I per has been 
jpp-tiw.ivf chairman of OGLE 
DE-'i'-N ir place of the late Mr. 
J.il.ii *.»g -<-r. >1r. Michael Wilson 
h:i> bn’.ir.-'* a rlin.-vtor. Mr. Alper 
i- .-hairmtih of Caravans Inter- 
nMinrai and Mr. Wilson, manag- 
ing -tin-. ; or of Marketing Im- 
pro - ti.'.er-!-. 


Vearj 


Quota loons repaid 
at 

by ElPt At moturfcrS 

Hm-qnota loans A' repaid 
at 

by EfPt ar matorlly§ 

L"p to 5 


izi 

123 

13 

13* 

131 

13} 

Over 5. up to 

in 

12 

131 

151 

131 

i::: 

13S 

Over 10. up (o 

t-7 

131 

I-*4 

Ml 

132 

mi 

132 

D\er l-i. up to 

25 

13) 

1=4 

132 

131 

13; 

I3i 

Over 25 


134 

13J 

132 

13} 

13; 

13; 


■* Non-quota loans B are 1 per cent higher In each case than non-, 
quota loans A. + Equal instalments nf principal, t Repayment by half 
yearly annuity i fixed equal half-yearly payments to include principal ; 
and interest). §\Vith half-yearly piumenus of interest only. 


THE LIST OF APPLICATIONS WILL 3= G 9 ENED AT 10 a.m ON 
7 HU PSD A T. 2Jrd NO'/EMBEP 1976 A NC WILL BE CLOSED AT ANY 


TIME THEREAFTER ON THAT DAY 


THE LIST OF APPLICATIONS WILL BE OPENED AT 10 a.m ON 
THURSDAY. 2Jrd NOVEMBER 1978 AND WILL BE CLOSED AT ANY , 
TIME THEREAFTER ON THAT DAY. I 


]H% per 


Ui nss 1 cent EX 0 HE 00 ER STOCK, ¥1 12 i% per cent TREASURY STOCK, 

1885 ' 2003-2005 

iSSL/E CF £700,000,000 AT £97.25 PER CENT ISSUE OF £300,000,000 AT £95.00 PER CENT 


•5 ^ 

88d 


FAYAeLc in full on -FPJIATIOM 

'.'725 trr co/ £'21 ' :::ck cgplifi :zr . 

\z.t payable half-y o.i 22nd m-y 

AND 22nd ;;D.' SMSES 


y \ V A Kl.E .V; y 1 - LI. t.: WS : 

• rtpn'n j:ihr £13 AA iK-r c-q- 

■ •■I (--••M--. :(h n. .---iii-- r y>;- rmno per n-i.- 

On till Jjiitury i^Te i.V» Mt |,^r (v 


Pit v.-h: 


INTEREST PAYAEtE HALF-YEARLY ON 21si MAY 
AND 21st NOVEMBER 


>•- ■(.. •*? 
i.! .. • n-.t-::- 


>:?; M Ml.T/i) l lit: furl :l :■ 

! :-*■! .ll'f-m •:i:nn hv. f-^. « 

■ r ? I: .Mrnnp.u l> ;< • •. 


Iir-'r: I’HttiK u;t ut r .{ [h.. Fir it ;r~hcti:l - •• 

>: {<• .-, iimJ-j riic Own.. I •• 

(!.-• SI., -I- i> I l-r lllll I„ ’l-i: t.ial. 


•■..Ml i.v Till: r 
,• v-s • i- i’-hi.'i-i • nor. — 
...<• r- - rv. <1 -i 

■ -r n-u: 


• - . ,-r. .... . . . . THL i.'iVLIfMiK \SU Oi.MPVNV «.»!■ THE BANK OF ENGLAND jrc- ju’&orisee , 

r /. ’ ar- J I n,,r:. -rt ; joaiuannna lor Jho ahov- S:ock. 

■-.Oi - T.i- ■- 1 ■ i 0 

• j D-.-S; lor, Tr.- princmoi oi and uus-rvbi on in.. SiocS ■, il! be a chara^ on lbs waul Loans 

l- ur.it .» s:fi iwourw; ro ibr Con^idatid Fund of rfw Uon-ud KinaCOm 


7 - • - - ■ 

• • • • 


h • 

<«•!■ • • 


•:u; l jj.- 


r. • ir- 

*■ 

•il « • T- I**. 

il 

: -• . *..♦». r..-‘ 


Tf ■ .• 



: ■-? r •• i 

J.'ni '. . 

i..' - .• ■ 


7‘, . 

• • . 


- i .r. 

1 — ! 

.*■ r- v — ■ 

■ii ir 

r 1 . i 


— * 

-a iii.- i 

irul*':-! 

■ . -i- 

■rn:;v.ir 


n" 


■ -*.i ’ii- •••• 

Ira - -' 

• r> , 

V fr.- 

i- .• 

;■ • 


• .;?•• • :rl: 

•n ::r,; 

t. i sub r. ’ 

.. •'•,.- , 


\( ir-.ijuusly n.-ds-'iiii'd. rh>- S:«p- |r vein l>o repaid j; par on *.o: • mber . 
.friS bu- H?r 1 Uj.; 5 Iv h TKanirv r-. =-*r--. :h«mseiv«f th^ nghr r-i m ih- 
S:o>t .n :t hot: or :ii nart. drau-.nss o r oUieruiSf. at par ou or j - ■;i} wni: ; 
j!: - No-. ..-ruber -W3 on kiiizia not l-rs* ;ti^n thr^v month 1 iwtu- - ::i the ; 

LonJon iia:<:t.*. i 


• ' :■» • .1 
r> ... ,_. x .. - 


r-j'.ni. r- „( :v. -r -oiii 


Th wdl b- r»ctiM-rc<J .it lh. Rook n! E-:?l.icd or al ihe ot 'r-'and. 

h-'r.ii:. and will h,- transfcrabl-: m niul;:j>i-*s ot ••rv-e- otw ponoy, S>v ;;.s;rum : ni ir, 
srnnr tu josordanco »mU» (h- Sm-'k T.-an-JT Avl IW3. Transf-r> vi:i, bi Treo 
j-aina duty. 


•; rr. • • 


t-trft-i -'ill N.- m:'.-iI« 1-» hRlf-r-OKrly on "1*1 Kay aid VIM November, tnconi-* taxi 
.mi: i'c C-ducr«d irom paymoins ot itiorv ihan £3 p-.*r annum. Im.r-.st wa-ran:s 
■<i" srunamiited t>v po«. Tli-i first paymom witl bo wade on List Mas !97V . 


Aeollcsmons. whnli mast bo accomnaniod t'* poymont in (oil. namo y ETT.iS (or , 5,: ib^ rat-: tft £3.tS)«l p-.-r THHl of tho Srncfc. ■ 

i Apoli«Uons will be received at the Hank of England. Mew Issues. Waiting Street,! 

amou^w UB ' it L’ BM London. EC4M 9AA. Applications for amounts up to E2.DOO Stock must be In multiples ■ 

E :e 2SSJJil. 3M iboSh 1 ^ Q ” : «»»«bons for amounts between £2.000 and EStLOOO Stock most be Ini 

"JJ, ^T!h« °* “3U ; applications for more than £50.000 Slock must be .n molUp'o of; 


must he in multiples cf £503: applications for morn fftan CiO.OOC Stock mu« be 


In multiples of £1.000. 


: multiples of E53U: applications Tor more than £50.000 Slock mint be m malUp'cs of : 
■ a. M0. A separate cheque reprttsemlng a deposit of 05.00 per cenL of Ore I 


Letter: alMi'iier.: ;n rasped **f Sio--k alioucd will l«* des...ii- ‘-^i h-. imi ji ine 


1 ..ii-i.'c V, amount applied for must jccompany cacti application. 


ntirWr 'ihe^aaplT'-ant" N^aVlM^iir w,i7 w'b^' 'or im i .1,,"!,,^ ]u S 1 -"? mr' "V-s^-'uioi^.n^ ^ v’’' \ 

Si. id- in the cent H carnal allotment, me balance m ■ne uaid .?■ "• * L .. 1 „ 1 .l' . J‘. ® iJ,, » ; h ' 

ar.pl wot I* w.i: fcp r- fun-ied h- .'h-qiii* H— ■ u.nctU'd bv i.*-«i it *->- -i ‘ -.1 ih» ' : 2', .) , * .. r J, 1 -" V i V rlT'T ihT'^- ' 1 

j.pnhe.in:. .1 no ah is -nade ai.io..,,: pa,d on abku-.-aimn -w re-uriwi ! 'a s ' .li. 1 , '.h-.TJm •!:' Iw.-rV-U Paj.i: m , 


Leuer, »•: ail'w .eni may nc sum mm dcrrK.nnnaii-.ns -it : u:" 
■*n;i-5 r- ;ti- r •.-■r. td b> :r.v b.m. 01 E:u- ai-1 N--.s !:su- 
t.nndnp K "-S:. V. " 1 o.\ jiiv ,ji -n- r.ran. h*-s of :h-> L: i'.- 

date n»: later than ! 0 :h .tanuary ItfVi* Surh leiiu- si- innsi r- 
be .m i mparci? rfr-r 'if ullnimmU 


I.-i:ers of alloin-n:. uc's-tni-uni' rt b» a -.n-iunleie.: 'u.i-irji-.. 
Ind.-ed lor r . ,, •-r.»-on fnrniwuh and ip uiv case iiv. i.n 
re^r.iration up i. '-t d-.-n liib tamur tl'TS 


A i.oni:iii-' , r,-i at it.e ra».- .-I r .-j,, ;,pr tlu-> ->i tl-c Stn--f 
cr r.mcktrck- r\ u‘t ..:i-v.m-nir. mad- in oi apa'i..v 


ii- ! -11 in-- '• r „r. .if .1.11 ;ini- j .- 1 Ml- 11: in bu i;u duu-iin; will b- drllu* • J j 
••1 :l'»' un -••■li .layiii-iii. fi-i -ill • ili-' .m-t-iii 1. ii-, i- vuiiii- n: tn ns due dai; • • 1? i 
!•• •- ■> I- 1— 1' jtui j.iy :iiiialiiK*iii pr .< mj<I; -.: :d liatvK :u furfeitur- and :hr j 

1 ■(* o.. .,p\ [ -i-imMi- III I' Jill ■■ll.lil--!- 1 

: - 1- -i-i:' J , , -- ni u rni,.,ii i„. ,p:u 1 , hi dor-.- in as. nr. ^ 01 iuuiai-1.' 01 £1C0 or. wr - " " I 
■ - i , i.-- r, ! h;. 'I- U.m 1 - -’I f;: cl..i :5 '.u t.^Ucs. VdllhU Str-et. f oni-r. 

. .-.I- -el K* r 1 ->r !•}. mis -t in hi-.K-h-- ot :h- h.n-.i Ecalan-I on tnj- rt-ji- :-n: : 
'••d-ii-j mr Ijfrr Hun .1 .mu. r 1ST.. Sum r un. sm h. .irr^ must b; accnmou:- fl J 

V :.*:•• l-.f-.r* ui j J l-i.i • iciit <bii' l-.-iii re idnnci t- -air i! .my iihf.ilmeo: c-Mu " : • 
I.- o- rdu* >. 1 

r,rf,.;,-r- • 

, r . ..H [. L-.--fs nr ill-ji'h.r.T musi b- surrcrd.-r-d t-r r- c.-iratiou aKotnpanied S' 3 


H-fwr-er. pa r •.nil bv 'tia-Vs ■iie:C Slie ban-er *■ .:- -r -r v ■■*■!<] ■ ■ rt siii I .-••-d r- -liir .linn u-rrii wh-i In - tniat ii«ia;:ni n! i-. r-si-i unless pa> n.vr.' ! 

rarenc 0 . •. j jin- -ion a —<-1 -u le-.s ih.m ;i i m mil iri* I v i- iiri-l- Inlvr.; -.1^ iu-- -imr .- winch cnav i!k> must br surrender; -1 , 

'or r- -.i:ivn not lai-r rhau Mh January idro 1 


Ar-i.lirjiiO" i-r:.t #:i,; m iiu i-in-wt' may be --main-'; ji.e Bunk n: 

England. ?;«•» Ivue W.iHuil- Mrcei. I^nd-m. EH-?T t.-.%. .v •-• .n. «: i:-e 

bran-'in^ of the Bank •»! Eiu 1 md: .11 (lie Bank ni Ireland, t'n. |in-i>j.-ni 

Place. b-!f j - i. LTI .H'.'l. a- Mullen . ft . 13 Munruat- ! nadon. E'r- P s.W: -r 
ai any r-fli-e nf Hi- -'uiclr Exctian^: in Hie United Kuikdom. 


» .. 1:11 :. :im mu a: tli. rj.<- cl l?!r cr flOii of :ln. Srnck will be D.ud to bai'k- r: I J 
vockbrukcr* .-ilioinu-n:.-. mad- in rc-r— • :t ol aorl Kaunas h-jntis Ui*ir ctica. ]| 
I’n - . .-r r-o on;. in- 111 Mill > na-i- Mirer- the bnnk .-r or siockbroVer would r.cec.v •* 
t-y t.pv comnii.,ioii a t-HjI nf to-* than £1. 


RWr- Oh ENGLAND 
LONDON 


17 November IST5 


This form may be used 


.M-l-|:- inor form-, ,mri raiiK-s of -his nr floecui: nuy h-. nhraii' i d ai tbo Raid; or 
Kn-laud. New I-sues Wariirv S’rc-.i urndoi:, F.CJM 9AA. or at any nr ihe bran n. = 
nf B.in v ni i-'-i.i.-ird' 9 'h- Rink ■>* Ireland. P.r*. Bn\ la DoncyaU Place. 
B- *I.ijI. HTl -»r:x. 4 , Mu ||- ns A Cn 13 Mn.,rL-». . London EC2R SAN: or al any 
uffi- « ol Mi-' Srncv Escliauce in the Umcd Kingdom. 

HSNK OI- EN'il.AND 
LONDON 


For use by Banker or Stockbroker elaimino commission — 

VAT Resn. No. 


ITtti November IW- 



f Stamp) 


l if not registered put "NONE""' 



THIS FORM MAY BE USED 


For use by Banker or Stockbroker claiming commission — 

j VAT Regn. No. 


THE LIST OF APPLICATIONS WILL BE OPENED AT 10 a.m. ON 
THURSDAY. 23rd NOVEMBER 1978 AND WILL BE CLOSED AT ANY 
TIME THEREAFTER ON THAT DAY. 


(St2mp) 


(if not registered put "NONE") 


12J per cent Exchequer Stock. 1025 

ISSUE OF £700,000,000 AT £97.25 PER CENT 


THE LIST OF APPLICATIONS WILL BE OPENED AT 10 a.m. ON 
THURSDAY. 23rd NOVEMBER 1978 AND WILL BE CLOSED AT ANY 
TIME THEREAFTER ON THAT DAY. 


TO THE GOVE? NO? AND COMPANY OF THE BANK OF ENGLAND 

Tl:e 3Til-.li- I-.I n ■'IV1.1 ■»•:•-. r-.«i— ■ i- - 1-1 in .ill-.t ro h im 1- r -i ii.ji-iird^n-'- v- - >b i‘ie 

tt rets of ’ti- .‘I'yi,.-. .'u.. d-' i J-'iir .'.uvirnbiT in-> u P 


i l\ per sent TREASURY STOCK. 2003-2005 

ISSUE CF £800,000,000 AT £95.00 PER CENT 



i TO THE GOVERNOR AND COMPANY OF THE BANK OF ENGLAND 
Th' Median: u.-m-d b'-low ronin'^ia you to allot 10 him h-.-r in rortanf: w»h -h 
rcrnin of th,- pr-»jKi.(ii3 aati-d irrfj November 197S o I _____ . 


oi ih- above-named S:r>«+ Thi aoo'i 1 ,m requests tbai any 1-iicr of allotment in 
r* *o-a ui fhv Siock allotted he sent lu turn 'her by post at higher risk 


Tac sum oi b £ ... ... bcin; iho amount roqulr-d lor 

pa > meni in full mam^lv t97.'Ju fur every- £100 oi Lhc SiijcJ; applied fori, is 
enclosed. 


ol the above-namwl hi- k ard hereby eiwasts to nay Uw insialments as they uhal' 
becom- du- on aiy allonnent th ' may w made in ru-r*e-?i of this appUcanon. a* 
provided by tbv said prospectus. The aonlicran' requests ihal any letter of allotmeni 
la respect of the S'OCR a Hailed be s^-t to him "her by nasi at hix/ber rtsk. 


<■1 We declare dial the appimni i* nnt resideni outside (he Scheduled Temtoriesd 
and ihal the security is nut beiti^ acquired by Uie appli'am as ihe nominee of 
any person-si resident outside ihtose TemfuneS. 


The sum of M below th-.- amount of the requlrec 

deposit (namely U5.N for every ElM of the Slock applied Ion is enclosed. 


............... November 1374 


SIGNATURE 

of. or on behalf or. applicant. 


- I W- declare that the applicant is noi resident outside Hie Scheduled Territories a 
and that the security Is not beunt acquired by the applicant as the nominee of any 
person's i resident outside those TemiortES. 


November 13IS 


PLEASE USE BLOCK LETTERS 


PLEASE USE BLOCK LETTERS 


SIGNATURE 

of. or an behalf of. appticaBt- 


SL'RiVAME OF APPLICANT 

MR MRS MISS OP TITLE 



SURNAME OK APPLICANT 

MR MRSTfllSS OR TITLE — 

FIRST NAME'S) IN FULL - 

FIRST NAME'S. IN FULL - 

ADDRESS IN FULL 

ADDRESS IN FULL - 







Apnlicalions Tor amounts up la £2,000 Stock must be in multiples Of Q00; 
applied Lions for amounts be, ween £2,D00 and £50,000 Stock must be in multiples 
of £500; applications for more than £50,000 Stock must be in multiples of 
£1.000. Applications should bo lodged at the Bank of England. New Issues, 
Wading Street. London. EC0M 9AA. 

A separate cheque must accompany each application Cheques should be 
made payable to " Bank of England " and cros«d " Exchequer Slock." 


|i this d«rl:iraii«-n l-uhujt b- made i» should be d-!vi,-o ;mrl reference should 
be made to an Authorised D-posuon’ or. in ihe I'epcblic nf Ireland, an 
Approved A*cnt. through whom lodtanenr should h- Authorised 

DepuEitjriOJ jro Ic.iee in lhc Sank uf Enslan-i ■- Nnucc EC I :ind include 
mrtr f.iMi,t->: and block brv,:ers and solicitors oractivru m iho United Kincdom. 


Ih^ cti.'.nr.e! l>l.mds or ibe Isle of Man: AOprov-d Ncrnis -n the Republic of 
Ireland are deiiaed in jhe Bank of England's Nut ice EC !U. 


The Scheduled ferrnnries af present compnae ihe Umied Kumdoni. Uw Chaimel d 
inlands. Hie Liu of Man, Uie Republic ut Ireland and Gibraltar. 


Applications lot amour, I* up I.' E2.U00 Slock must he in multiple* °* 
appllcaUn.-- for amoums beiinen £2 TOO and E50.D00 stock must Ik io mnluulvs 
of ESDO; appflcaH • » fg> more :haa £50,000 Stock mini bo in mnltlplo* of 
Appllcallm Mio. id bn lodged al the Bank or England, New l¥SU<*- Wailing 
Street. London. EC0M 0AA. 

A separate cheque must accompany ean application. Cheques should be made 
payable to ' Bank of Engianc and crossed "Treasury Slock". 

II this dcclaranor eannoi be mad- i* should be deleted and reference should be 
made to an Auih.trlsi.-d Deposltani or it the Republic of Ireland. * n Approved 
Aseni. throwai whom lodgmpjr shout-, be u He nod Auihortsod Depositan esar c 
listed in ihe Bank of Enaland's Noncr EC I and include most banks and sto "' 
hroiiers and soUi-uom nr*i'ii-um: in th- Uoifed Kingdom the channel fWSnas or top 
ls.lv - Man. Approved AsenU: In the Republic of Ireland arc denned |D ^ tunK 
of Ensiand's Notice EC 10 

The Scheduled Territories al presen' comprise ihe United Kinsdn*,’ Channel 
islands, ihe I&u of Man. tne Republic ol Ireland aud Gibraltar. 


Reed (nternatfonar Limited, 
London 

7J5& DM Bearer Bonds of 1973 



NOTICE OF REDEMPTION 


NOTICE IS HEREBY GIVEN chat, pufsuans to ih. pwo««» of th* 
Loan Terms. 

Group No. 9 in die amo-aac of DM 1C.800.03Q 

comprising 

10. MO Bonds of DM 1.330 »:h 
Ns. CJ0 0DI-09C 0C3 

hu be-n d-a-vo by tot. for rtiempua* on jaoaaTr 1, 197f. 

The Bonds specified aba*r will ae redeemed an Janetry I. 1979 a: tf»ir 
principal aiRoune plus accrued unerase Ian aid pnxipil mooaz) u such 
iare at ofBcsa af Uie banks .-u.ied o-i :hc Benda. On and afew such date* 
intc'eu on the said Bonds will cease ca accrue. 


“?x L i2in * M lS?wide variabit.spced 
F^ur Hi S h Mill. 

, c m x Sin x 9in wide variaols speed 
" Cniir High Mill. 

50^ i2n w.de fixed speed Two Hi S h Mill... 

lUin X , , . Mill 


Telepiicmc. 


join x 12in wide fixed speed Two Hjtb Mill 


The Bandj due for repayment must be sjrywidered Mgather with all 
unmatured interest eeupons. Ir. case unmaured inMrest coupons art not 
surrendered at the time when the Bonds are presented far payment, tfee 
principal amount el Lhc redeemed Bonds will be reduced by the a doom of 
the interest coupons, not surrendered. 


Frankfurt am Main 
in November f97B 


Dresdner Bank 

Aktisn«es«[lschafr 


U.S. $50,000,000 
Midland Internationa! Financial 
Services B.V. 

(Incorporated v/hh limited liability in m J--e Neii-vandsi 

Guaranteed Floating Rate Notes 1987 

Guaranteed on a subordinate basis as ro payrr.eni o! principal 
and interest by 



Midland Bank Limited 


For the six mortths from 
20th November, 1 978 to 21 s: May. 1979 
the notes will carry an interest rate of 1 2^ per annum. 

On 21st May. 1979 interest of U.S. S67.S3 will be due 
per U.S. 91,000 note for coupon No. a. Print pa! paving agent 
European-American SenJr & Trust Comtaiy 10 Hanover 
Square, New York. N.Y. 10025 ’J.S.A. 


Agent Bank: Morgan Guaranty Trust Company cf New York 


LOCAL AUTHORITY BOND TABLE 


Authority 



Minimum Life of 

rielepi»0i:t' number ;k 

ir.vcresT 

raya&ie 

sum 

bond 




£ 

Year 

Bamsl-v Metro f0 22fi 2031*22 » 

12 

: 03 7 

25 1) 

77 

Barn-lev Metro. «U226 203232 j 

II; 

:-;-ear 

250 

3-4 

t.honev iOL' 572 Still t 

Hi 

:-:-rjr 

1.000 

5^7 

Eveter fu3l*2 77Sb»» 

12 

; ecr 

SOU 

6-7 

Knousiev (U5i 54c> 6SS5I 

■■> ; 

a- ; 


I .two 

6-10 

Manchester t06l 236 3377) 

11 

j-year 

500 

3 

North Kesieven (0529 303241) 

iu 

••year 

1.000 

5-7 

Poole <02013 5151) 

11 

i-year 

500 

2-3 

Poole (02013 5151) 

m 

--year 

500 

6*7 

Pnole t 02013 5151) 

11 j 

4-year 

500 

5 

Redbridzr (0i-t7)S 30201 

ui 

i-year 

200 

4-5 

Set Ion 1051 M22 4040) 

iii 

1-year 

2,000 

4-7 

Southend (0702 45+451) 

ioi 

i-year 

250 

3 

W rekin (0952 505051) 

12* 

yearly 

1,000 

5-10 


!7in x 20in wide fixed speedTwo High Mill. . . 
IK l 36in wide x 300 HP Two High Mill. 

1973 THOMPSON & MU N ROE STRIP 
STRAIGHTENING & Cut-to-Length machine. 

1970 CUT-TO-LENGTH LINE max capacity , 

I 000 mm 2 mm x 7 tonne coil fully 
cyerhauled and in excellent condition. 

STRIP FLATTEN AND CUT-T<M£NGTN LINE 
by A R.M. Max. opacity 750 mm x 3 mm. 

SWF TWO-STAND WIRE FLATTENING AND 
STRIP ROLLING LINE.- lOin X Sin roils x 
75 hp per roll stand. Complete with edging. 
r 0 ns, curk'n head, flaking and fixed recoiler, 
air gauging, ere.- Variable line speed. 

750 ft, min and 0/1.500 ft/min. 

SLITTING LINES (2) 300 mm and 500 mm. _ 

capacity. 

8 BLOCK (400 mm) IN UNE, NON-SUP WIRE 

DRAWING machine in excellent condition. 

0 2.GCC ft/m<n variable speed. 10 h.p. per-' '• 
block i 1563). 

24i„ DIAMETER HORIZONTAL BULL BLOCK . 

by Firmer Norton f 19721. 

PACEMAKER SIX BLOCK <22" x 25 hjj.) - - 
variable speed Wire Drawing Machine by. . 
Marshaff Richards.. .•••-• 

2 15 DIE MS4 WIRE DRAWING MACHINES, 
5.000 ft/min with spoolers by Marshall 
Richards. 

9 DIE. 1.750 ft/min SUP TYPE ROD DRAWING. 

MACHINE equipped with 3 speed 200 h.p. 
drive 20m. Horizontal Draw Blocks. 22in. : . 
Vertical Collecting Block and 1,000 lb’ ' . 

Spooler. '.Max inlet 9 mm finishing down •'" 
to 1-6 rnm copper and aluminium). 

7 and 9 ROLL FLATTENING & LEVELUNG. 

machines. 

100 TON CAPACITY COINING PRESS by 
Taylor S ChaHeh — : yirr'irally uniised~fully ' 
automatic 160 s.p.m.:x 24 mm stroke. ’. 
HYDRAULIC SCRAP fRESS MACHINE 
bv Fielding & Platt, fully reconditioned,. 

TYPE 10004R CINCINNATI. PLATE SHEAR; 
max capacity 1000 mm jc 25 mm MS. Pbtei 
ccn-.piete with full range” of spares. 

No. 1 FICEP SHEAR, max capacity 5C mm 
rounds. 75 mm x 35 nrm bar. 400 mm x 10 mm 
flats f spare shear blades). 

CAYMAN ALLIGATOR SHEAR, max capacity . 
90 mm rounds. J00 mm x 40 mm bar and 
600 mm x 16 mm- Hars (spare shear blades). - v. . . 
No. 34 OLIVER QUICK. V/ORK SHEARS max 
capacity 10 mm.- Mild Steel. . 

CINCINNATI GUILLOTINE 2JOO mm x 3,mm 
capacity complete with mag n eric -sheet 
supports and motorised back stops; 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with" batch: control. 

3 CWY MASSEY FORGING HAMMER*- 
pneumatic single blow. 

COLE MOBILE YARD CRANE, 6-ton 

capacity la trice jib. 

WALDRICH COBURG HYDRAULIC PLANER 
capacity 160" x 50" x 50".- Almost new . 
condition. - * 

4.000 TON HYDRAULIC PRESS. Upstroke 
between columns 92" x 52" daylight 51" 

ANKER WERK 400 TON INJECTION MOULDER 


0902 42541/2/3 
Telex 336414 
G9D2 4254 U2 J 3 
Telex 336414 


0?M 42541/2/3 
Telex 336414 
0902- 42541/2/3. 
"Telex 3364 1-f 


-.0902 <2541. '2/1 
Tel.ej 3364L4 
. 0902 42541/2/3 
T rJelex 336414 


0902.42541/2/3 
Telex 336414 
0901 42541/2/3 
* Telex 336414 


-:vm 42541/2/3 
.... . -/Telex 3364 W 


0902 42541/2/3 
“ Telex 336414 


-:Q902 42S41./2/3 

• Telex 336* 14 
0902 42541/2/3 

• Telex .33641* 


■ 0902 42S4 1/2; 3 

X Telex 336414 
0902 42541/2/3 
. ’ Telex -336414 


0902 42541/2/1' 
Telex 3364i-i 


.0902 42541/2/3 
.• Telex 336414 


0902 42541/2/1 - 
-. :=Telex-3364j.4.v: 
.0902-42541/2/1 ‘ 
. Telex -336414.: 


0902" <254 ? d/3 " 
Telex 336414 
09C2 <2541/2/1 . 
' Telex 33641* 
0902 42541/2/1' : 
. . Teiex 336414 

0902 42541/2/3 
-. Telex 336+14 


UPSET FORGING MACHINE 
4" dia. 750 tons upset pressure. . 

2,000 TON PRESS. Double action area 132' x 84 N , 


W1CKMAN 2i CSP AUTOMATICS 1961 and 1963 
EXCELLENT CONDITION. ’ 

WiCXMAN 1 i" AUTOMATICS, 6 sp. Excellent 


W1CKMAN ir AUTOMATICS, 6 sp. Excenent. 


CINCINNATI CENTRELESS GRINDER. 
Excellent. 

LINDNER JIG BORER, rverTaccrararte,' :*.* 






SLOTTING MACHINE K* stroke, excellent- 


0T -923 3 13! 
Telex *6f7H; 
01-928 313J 
Telex 261771- 
01-928 3131 
Teiex 261771 
01-928 3131- 
Telex 261771" 
4)1-928 3131 
Telex 261771' 
01-928 3131 
Telex 261771' 
01-928 3131.. 
Telex 26177r. 

01-928 313f 
Telex 26I77I. 
:01-92R 3131' 
Telex 2fiI77I : 

Telex^S- 

TeT 




Eiued by Dsnya Sutton 


The world’s leading 


.. NIPPON MEAT* PACKERS:.®}^^ 

(CDRs) . '4:.'- : 

B USLVESS KESIXTS FOR THE CURRENT : -;/| I 
FISCAL YEAR AUGUST 1, 1977-JULY U1, 197S ;J ' 




v. .-.situ ii 


Arts and Antiques 


Published Monthly price £2.00. Annual Subscription £25.00 (inland) 
Overseas. Subscription £28 CO USA & Canada Air Assisted S56 
Apollo Magazine. Bracken House. 10. Cannon Street, London, 
EC+P A BY Tel: 01-243 8C03. 


Cin million Yen 
unless otherwise 
specified) 
sales 

net profit far current year 
profit per share (yen) 


current fiscal precedinsfiscd 
year • year..:- 


Amsterdam . iVopember 6ih, J973 


214,020 . : . 203.991 . - ■ 
4.711 .... 4/288 --J 

32.64 - 32.59 

AMSTERDAM DEPOSITARY. 

. • . COMPANY N.Y- 


CONTRACTS AND TENDERS 



INTERNATIONAL INVITATION TO TENDER 




OFF-SHORE GAS FIELD OF MISKAR 

(Tunisia) 

SUPPLY STEEL PIPES FOR THE OFFSHORE PIPELINE 


m 


The Groupe Efude Miskar, acting for the fa tore entity in charge of > 
Miskar gas field project implementation in Gabes Gulf, off Tunisia, is ; v 
presently inviting to tender for supplying pipes of the offshore, pipe- ' 
line, in order to transport- natural gas from the field location to &e; •• 
Tunisian shore (about 100 km of pipes Jjf 26" or 28'') 

Constructors or suppliers of pipes interestedby this mternational bkidiiig are, 
invited to get the bidding documents wibich-.^are available starting Wednes- 
day, November 22nd, 1978, at the following address: ' : . 

GROUPE ETUDE MISKAR - 11, avenue Khereddine Pacha - TUISTIS r 
Teles No. 12128 TN (TUNISIA) • 


against payment of two hundred (-200) Tunisian dinars- or its’ 
equivalent in foreign currency 


Rids must be submitted no later than Tuesday, February 201^1979, till 5 p.m. 


TURKISH AIRLINES INC. 


announces that jet fuel A-I is required For the period of 
.January 1st (inclusivei-December 31st 1979 (inclusive) at 
European and Middle East Airports, and will be purchased 
under sealed tender by adjudication. Bidders must deliver 
their proposal on or before November 24th, 1978 to ihe 
address below. Readers wishing For full information on bidding ‘ 
and list of technical and administrative conditions should 
contact: 

TURKISH AIRLINES INC. 

11-12 Hanover Street, London WlR gnF 

or 

TURKISH AIRLINES INC. 

Fuel Management, Operations Building, 

Ye$ilkoy Airport, Istanbul, Turkey 









29 





J-l. I^U> 


j^ nagd^ -lKxBes Monday rJcremfier 20 3978 



l|i^W : -My>E : FAIRS AM) EXHIBITIONS 


This week’s 
business in 


,-:V» 

u. ^f Coprent . — 
v Current 

^ Gurrfnt 

'■if: r-- - : : ■ 

':• '• ; -Current 

V 9 : *v .■?/■■ - " 

* *• S iflv. ?i— 

;• s.|jSotf: 26-30; 

-‘|:^ov; 2M3CC. I.. 
* /,1’flcc. 4— 8....; r 

;■> s- j—~ 

• J. Dec. . 5 t- 7 

--r Dec. 0-7 

r | .Dee. 5— S. 

*'-? Dec. 5— 8...: — 

- j 


•Title - ' 

Home and Beauty Exhibition (until Not. 25) 
Int ernatfn ft^ l KitVh*» p eoi ' Show— FIT 

(until Nov. 26) — _ , ( * .. ~ 

laf. Renovation and Home IrnprowBaeot ’Shoff 

■ -■■ (nzztit EbvJ26i - ■• -•/" 

British" Cardiac Society Conference" and ’Exhibition 
• (untiVXov, El) “ ":-r - 

Breadboard Exhibition (Some Elec triaaU*)- 
Wholesale .Buyers' Gift Fair 1 / r . 

Video Trades Exhibition \ ■ : 

Royal Sraithfleld Show and Agricultural machinery 
-Exhibition • 

Computer Peripheral and Small ■ Computer Systems 
UK Automatic Testing Exhibition '.V" 
COMPEC *78 (Computer Peripherals)- . 
Export Services Exhibition - • 

. Container Technology Conference- and 'Cargo. 

Systems Exhibition 
Performance Car Show 

Exhibition and Display System Fair— -3SQDULE1X 


Venue 

Olympia, Blackpool 
Olympia 

Olympia 

"Wembley Co of. Centre 

Seymour Hail 
Mount Royal, and Mostyo 
Hotels, Wl 
Heathrow Hotel 

Earls Court 
Olympia 

Royal Horticultural Halls 
Olympia 

National Exbn Centre 

Birmingham 

Metropole Centre, Brighton 

Alexandra Palace, N22 
West Centra Hotel. SW6 


> ±r&ec- S—-17— Performance Car Show ' ■ Alexandra Palace, N22 

: £ Roe. IS— 14 _. ...... Exhibition and Display System Fajj^3Sp3>UEEX West Centra Hotel, SW6 

I - OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Sao Paulo 


. # Current; ; Automobile Show (until Nov. 28)- • Sao Paulo 

r Sec. 21 — 24 Trade Fair for Clothing Textiles — ENIBRSTOFF Frankfurt 

?'JT6V. at^-Dec. a. International Exhibition of InveuCioaS and New Geneva 
“3_ . Techniques ’ 

: Hev. 23^-Dec. 3. Music Exhibition . . , Brussels 

i Nor. 26—30.. Middle East Building Materials and; Construction 

I . Machinery Exhibition ' Bahrain 

. 2" Ncnr. 3 *— Dtc. 2. Raw Materials Fair — RA VARMESSE. ' - . ' ' ' Copenhagen 
-* Nov. 23-^Dec- 10 . International Trade Fair • Dakar 

A Nov. SO — Decj... 'Swiss furniture trade fair Basel 

^ jj.ee. 2’ — 10, International Woodworking Exhibition.;*; .• Brussels 

I BUSINESS AND MANAGEMENT CONFERENCES 


Copenhagen 

Dakar 

Basel 

Brussels 


Nov. 22 

* e-Nov. 32 — 

Nbv: 22— 24..1..... 

J Nov-. 22—24 

.** Nov. 23. 

)l$w23... r -. .... 

£ Nov/ 24 

■j Nov. 24 

i Nov.26— Dec.l .. 

J iov. 27 — 2€L 


ASM: Estimating Project Costs— Seminar . 

AGB: Executive Selection Technique*— -Sc® hw 

-Wharton School: Finance and Aceoundng.for the 
Non-Technicai Executive _ 

RASE/ADAS Conference— Farm Business Tax 
Planning 

EGCI: Establishing a Joint Venture Overseas 

CPI: Seminar on Retail Planning: &ROWS of 
current information 

ASM: IndustriaUTribunals: How lb defend your 
decision to dismiss * " 

Loodon Chamber of Commerce: Seminaron Future 
Trends in the Arabian Gulf 

Bradford University: Industrial Marketing 
Management 

CMTC: Self-Financing Productivity Schemes 


. 4 Jtfov. 27 — Dec. 1 

28 

i,Nov."2-S 

X Nov. 2S 

• • * t -• 

iSov.28 ... 

Nov. 2S — 29 

rxbv. 28—29 

.^.NOV- 2S— 29 .... 

■ v • • 

: Vj.>v t Nov. 2S— 29. 


| Nov. 2S— 29 

Nnv. 2S— 29 

;:Nov. 29.... 

4 Nov. 2# : 

\ Nov. 29 

- f Nov. 29 

; , ... .. «. Nov. 30 ■ •iifttiBlMIk*** 
... JJMov.30 • < IblBIHBVHI* 

• ‘ *; .Nov..30 — — 


-:Nov-3Q 


. IPM: Selecting the Right Candidate 

. NLMRA: “Richer from Rags " — Lhe lecovery , and 
re-use of textile wastes 
. ACE International: Managing your Time . 

. BOTH: Earning more from Exports 

. CALUS: Standard Method of Measurem^t 
. BACIE/ITO: Training for Skills 
. BIM: Implementing Added Value Schemed ; . 

. CCC; Choosing and Using a Subcontractor in 
Construction Projects . • ; 

. Strategic Management Teaming: CrastTvity ■ and 
Innovation Workshop - 

. ASM: Managing and Controlling Subcontractors . . 

. FT Conference: World Banking in 1979 
. Marketing Society: Economic Growth— The . \ 
Marketing Challenge 

. McGraw-Hill: Corporate -Fraud for Auditors and 
Accountants 4 - 

. CCC: Competition Law in Lhe EEC .. . 

. FD1C: Marketing Society Annual Conference; 

. Economic Models; UK- Engineering Industries 
; Forecasts— conference v^_ 

, AGB: Essentials of Employment Law 


Charterhouse Japhet: Conference on “Your Private 
Company M — Maximising Wealth'". Creation;; for 
you and your family . : .-sV. 

ELEC; A seminar to discus? the settiag up p^the 
proposed European Foundation 
LCCIrUKEcontiimc Prospects In 197£t .. 


Piccadilly Hotel. Wl 
Cafe Royal. Wl 

Gburchitl Hotel. Wl 
Nat. Agricultural 

Centre, Kenilworth 
Cavendish Conference 

Centre. Wl 

Strand Palace Hotel, WC2 

RAC Club. SW1 

69, Cannon Street, EC4 

Heaton Mount. Bradford 
Regent Hotel. Leamington 

Spa 

Whites Hotel, Lancaster 

Gate. W2 

Regent Centre Hotel, Wl 
Park Cnurt Hotel. W2 
International London Press 

Centre, EC4 

Royal Station Hotel, York 
Euro pa Hotel. Wl 
Royal Station Hotel, York 

Inn on the Park, Wl 
The Selfridge Hotel, WC1 

Piccadilly Hotel. Wl 
Zurich 

Royal Lancaster Hotel. W2 

Royal Garden Hotel. W8 

Hutel Inter-continental, Wl 
Royal Lancaster Hotel, Wl 

30 Old Queen Street, SW1 
London International Press 
- Centre, EC4 


Royal Lancaster Hotel, W2 
Quaglino's.-SWl 


69 Cannon Street, EG4 


TODAY 

COMMONS— Companies Bill, 
second leading. 

SELl-irr COMMITTEE— Ex- 
penditure. Education. Arts and 
Home UlTicj* Suli Committee. 
Subject: Women and the Penal 
System. Witnesses: Home Oflice. 
(Room 15, -I.J5 pm). 

TOMORROW 

COMMONS — Surial Security 
Bill, second reading. 

LORDS— Pensioners Payments 
Bill, ail stages. Motions rn 
approve Unfair Dismissal t In- 
crease of Compensation Limit) 
Order 1H7S and Employment 
Protection t Variation cf Limits i 
Order 197S. Motion to annul 
Fund (PrnhibMinn and Repncin;! 
Order 1D7S. Dr lute on the Slut 
report or the EEC on a common 
system of VAT nn Works of Art. 

WEDNESDAY 

COMMONS — Motions 'on the 
Referendum Orders for Scotland 
and Wales- Motions on Lhc 
Northern Treland Orders on 
Health and Personal Social 
Services and nn Rehabilitation of 
Offenders. 

LORDS— Debates nn the con- 
ditmns of poets and poetry in 
Britain: the desirability of Euro- 
pean airlines buying European 
and not American aircraft; and 
on domestic spacu heating. 

THURSDAY 

COMMONS — Banking Bill, 
speond reading. Motion on the 
Children and Young Persons Act 
1969 l Transitional Modification 
of Part 1/ Order. 

LORDS — Wages Councils Bill 
(consolidation measure), second 
readme. Motion to Approve 
Ancillary Den ml Workers 
( Amendment) Regulations 1979. 
Representation «f the People 
(Armed Forces) Bill, second 
reading. Public Records f Amend- 
ment) Bill, second reading. 
Motions in approve Distribution 
nf Fool 'a ear I Prices t Order 1978. 
Hpalth and Personal Snci.il 
Services t.N'orlhern Ireland) 
Order 197S, and Rehabilitation of 
Offenders (Northern Ireland) 
Order 197S. 

SELECT COMMITTEE — Race 
Relations and Immigration. 
Subject: Effects of UK member- 
ship of the EEC on Rac-c Rela- 
tions and Immigration. Wit- 
nesses: Migrant Action Group. 
(Room 6, 4 pm). 

FRIDAY 

COMMONS — Private Members' 
motions. 


TATE & LYLE 

The Copenhagen Reinsurance 
(U.K.) has been appointed sole 
underwriting acems for Alhei 
Reinsurance Company. 

Athel Re., as the company will 
be known, is a wholly owned 
subsidiary of Tato and Lyle, and 
since formation in 11H1 has traded 
under the name of Athel Marine, 
insuring only Tate and Lyle group 
marine business. 


FT SURVEY OF CONSUMER CONFIDENCE 

Optimism at lowest ebb 
for almost two years 


Dsmetics 


BY OAV1D CHURCHILL CONSUMER AFFAIRS CORRESPONDENT 


/ V 


h° : ABC! MEN 


— UWSCKB MWIBEttf : 

. — PMTWDSPWT* ii 

-—.COSO BADTJ5K TO Biff ~ 
CUUUX5 . 


CONSUMERS’ FEARS that iarae r' 4fl ^ ' - — 

pay demands mill lead to a nsc , n -. ALL ADULTS 

in Ihp inflation rale relieved 3o .'. . 

tor ibc second month running jv* \ / 

in the Financial Timr.^ survey - t n — 'V ~ " 
of consumer confidence, pub- 
Iishcd today- jjJ 

The survey ‘ n "Vv-; that confi- <r| , “IL. yiiaiEii iSffrjMu’: 

dence of consumer-, ahuut the .hvj pmtpbbspurt* LZ= 

future is now :i[ 1 1 , lowest levcf '“•'Var,*;™" — .snoo babtik tdbvt j. 
for almost twr, ;.t*ars aad lhe w Aut ) MtN aamus 

irenrt is worsening. * ‘“J- " 

Althaugn the .*nvi:mhpr “future ,-'w" *’* fc *-„ y 

cr>rifldence ,, indi.-v jtiowcd d slight . 

improvemeni r<f l per o-m — ^n. ^ 

minus I4 per ci-nr :is.unst minus ' t» Qir — - / • ? \ — 

15 per cent la-.* muniii — the 'in- \o=r'-' w Vv‘“ — 

longcr-lorin trend has been :o " • 

steadily downward- “v S mooth murine artrases > — - 

The Novenibi.-i- ind«x averaged ” ' 

over the past .-.it: m«mhs shnws 1970 197T~ W72 11)73 1971 V 

that the proporiion nf «.-on?umers 

lielicving that v.-ndimms will mi- Broken down by social class ar.d penty I 
prove against those trim expect age. the survey results show that increas 
a worsening is minus S per cent, ABCl women were lhc most pcs- month. 


\/ 



Bmoflth movine artrases 


steady 
25% return 

By Colleen Toomey 

COSMETICS and loilciriPA are 
still among the most profitable 
products manufactured with 
more than one-quarter of the SO 
Icjrting British manufacturers 
consistently showing a- return 
on capital employed of more 
than 25 per cent a year. 

The latest inter Company Com- 
parisons Business Balms' report 
on toiletries and cosmetics manu- 
facturers fur the three years end- 
ing Deeemher last year, says that, 
even though the last three years 
have been a difficult period for 
the industry with a severe 
squeeze on disposable incomes, 
there is now an average return 
on capital employed of 19.5 per 
cent. 

Cosmetics and toiletries manu- 
facturers listed in the report 
achieved an overall 36.5 per cent 


Broken down bv social class and penty balanced & similarly sdxarp increase in sates— almost on par 
c. the survey results show that increase the oth<-r way last with the 35 per cent wholesale 


prices increase shown for the 


minus S per cent. 0 f consumers feels belter oil now markedly that it v.as a bad t*me,d US i r y mas is S a much more un- 

8y far the nm*: significant compared with 12 months agu. to titty now. with a drop or lb t »ven trend among individual 
reasons given hy (■■■iisumcrs for fell 4 percentage points from per cent. men, from the companies. One company for 


While consumers in ihe siir- who fell worse off. recorded an increase in the feel- per cent in three years, despite 

vp y have confix tcnilj been eon- According to the survey, men Jn ~ that ddw was a good time to ja drop irt the final year, 
corned about ih.- level r>f price f r c>m both the profewiona! and buy. i ,.i„ induntrii sector analysis on 

rise*, the number w :h»*e giving executive groups a» well as The survey was carried out by Toiletries- unci (.V*sn:eftcs mnnu- 
trade union juiwer and strikes as manual workers felt relauvi-iy ine British Market Research I; fuel urers. I tiler Coin imuui Com- 
thr reason for pc^imlsin h3S WQrsc . <»ff jast month, but this Bureau lor the Financial Times | pnri-.oi/.v Buxines.* Rut urn. 8J. City 
risen sharpli freni •? per cent in c^rp fall in feelingj of pros- between November 2 ami S. Rom/. London. LC.l. Price i+T. 
September, to 33 per cent id - ■ - " - — — — ■ — — 

IWembor. p^== - ' ■ = — " ' ■ — 

Sr3£ Ss^fS FORWARD TRUST LIMITED-BANKERS 

ennsumers gave ihi% a roa.vnrj rvxrwrfcClT* ni*rrc 

for pessimism, compared with b ULFUoil KAlti) 

per cent in November. 

it appears that, although an- Depositors are advised that with effect from 20 November 197S the 

ffiStiSto becoming 1 leJ/rffn following rates of interest wiU apply: 

percent roaJw NOTICE OF WITHDRAWAL (DEPOSITS OF £l-£23,000) 

fnr pessimism in \n\crnhcr — ^ _ . ... 

the same as fur la.st month— i days 10°,," 

compared with 14 per cent in I month 10.'.°,', 

September. ^ mnn th< - m r»o 

Analysis of ihe survey results ^ moninb Vin 

suggests that there is Mime un- h niontHS II n 

certainty over the altitude of lhe 12 months ll| ir „ 

Government in the present cron- 

nmic situation. Both pessimists -Applies to existing deposits only. New deposits at seven days’ notice are not 

and optimists mentioned the accepted. 

Government less as a factor this 
month. 

Among those who felt options- ffl A ■■ _■ mm jn. 

lie about the future the most C ■ 3 I 

significant factor was. paradoxic- Wl VB WNdlU ■ 119% 

ally, an increased feeling that 

inflation was under control. ^This y w further information apply to: Forward Trust Limited, Deposits Department, 

^nLmhp l r a a « b -^dnst P oniJ 0 l° l ner P0 Box 362 * 12 Calthorpe Road. Birmingham B15 1QZ. Telephone: 021-454 6141. 

rent h» b Ocfobe? 1 Forward Trust is a subsidiary of Midland Bank Limited. 


NOTICE OF WITHDRAWAL 

7 days 
1 month 
0 months 
K months 
12 months 


(DEPOSITS OF £l-£23,000) 

m? 

101% 

n% 


* Applies to existing deposits only. New deposits at seven days’ notice are Dot 
accepted. 

© Forward T rust 

For further information apply to: Forward Trust Limited, Deposits Department, 
PO Box 362, 12 Calthorpe Road. Birmingham B15 1QZ. Telephone: 021-454 6141. 
Forward Trust Is a subsidiary of Midland Bank Limited. 










. ; *■ . ;« 




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This little stgn sYmTOlizesoreo ternat . anal wide: partners in loans. Partners in new ventures. from all over the world. _ _ . 

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Credit Suisse since 1856 "Your bank. 




-gam QUajjo Boulton HofljKwO - Jobanwsbuqi iondon losAr^aies kusrasourji JWarjm* KsiMUR 1 * fck:r.taCarl4 {.Idr.trcal hkujw NdsuU HevAark HiodeJa^siio SanFar^iito EioFa.lo ichrao ioityo Toronto 


I.:!, 







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t' so 


INDUSTRIAL AND COMMERCIAL 
CONSTRUCTION 



Henry Boo! ConstruCiiW L>sK 9 fi 
London OV373 3494 Sheffield 0246 4+0 


FT 


INFORMATION SERVICE 


Financial Times Monday ?76vieinber g) ig?k . 

FOOD, GEOCERISS—Cont 

!•• Si |ni|Sfe 


W*iifr«b ! 
F-sri 


BONDS & RAILS— Cont BANKS & HP-Continued CHEMICALS. PLASTICS-Coni. ENGINEERING- Continued 



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2 I! 7 9J10 2 


Sept. Mar lAJlieiJPien- - 
Feh. Sept, .‘.nnl iHi! *7 i‘Jp _ 
Jan. JuIrliiL'-i.'Ixaui . 
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Bet.-ij.cjt ErnefT 
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BUILDING INDUSTRY. TIMBER 
AND ROADS 

2.UH +4.t»s ; 3 % 8 . 8 ] 
| 6 S 6 33 

l+dU'l! 25l 5.L 

4.?7 ; 111 9.1 
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June 

Jan. 

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J ApJy*.» {Tran- Can Pipe 

S.K IXn Prcnrium 40-’ i f *r (based on 52 .231 8 per £1 

BANKS AND HIRE PURCHASE 


COMMONWEALTH & .AFRICAN LOANS 


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Imcrra 

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Price 


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188 

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255 

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Ntn. May 
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Jan. July 
Jan. July 
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Ovtolier 
Jan July 
Apr 'Xt 
May 

July .Feh 
July 
Feb. Aue. 
Mar Sep: 
Feh. Sept. 
Ian July 
Jan. June] 
lan. July! 

Liec. June 
Ian. Julyj 
Jan. July 
Mar. Sopt-j 
'Apr. Dec. 
Nov. May 
Apr. OcL 
Jan. 

°] AprilSejA 


FINANCIAL TIMES 

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Tele\ liffi&l Tel 554667 
L'-vd-- P-.rninneni II-xi-.-, The II. -ad row. 
Tv-1. 0522 454064* 


ManrheMcr Queen's House. Queen Street. 

Telex 0OW13 Tel. 0C1-KK 9381 
Mi-scow Sadov o-Sarootechnaya 12-24, Apt. 13. 

Tele* 7300 Tel. 200 2748 
New York- 75 Rockefeller Plaza. N.Y. 10019. 

Telex 68380 Tel- <2121 541 4625 
Pariv 36 Rue du Scniier. 75002. 

Telex 220044 Tel: 236 5743 
Bio do Janeiro- Avenida Pres. Varga* 4JS-10. 

Tel. 293 4fl+8 

nnme Via della Merrede 5A. 

Telex 610032 Tel- 678 3314 
Stockholm- c.-o SvcnE>ka DagbladeL Raalambnagcn 7. 

Tole* 17603 Tel: 50 60 88 
Tehran. P.O. Box 11-1879 
Telex 213930 Tel: 682698 
Tokyo 8th Floor. Nihon Kelzai 5himbiu 
Building. 1-9-5 Diemachi. f.'hiyoda ku. 

Telttv J 27104 Tel 241 2920 
Va«hington: 2nd Floor. 1325 E. Street 
\ u . Washington D C. 20004 
Tolex 440340 Tel. i20£i 347 8876 


M.mrhrt-i cr: Queen's House. Queen Street 
Ti Irx 868813 Tel: 081-834 8381 
Now tork- 75 Rockefeller Plaza. N.Y. 10019 
Telex 238409. Tel i2I2, 468 6300 
l*nr^ 36 Rue du Senller, 75002. 

Telex 220044 Tel 23686.01 
Tukx« Kaxahnra Building. 1-6-10 T'rhikanda, 
I'hivoda-ku Telex J 27104 Tel: 295 JU50 


UierseJS adtertixemvm representatives in 
Central and ?>njth Amertea. Afrieo. '.he Middle Fa.- 1. Asia and the Far East. 

Fur further ilrt»,|... ;tlw«; cuniuft’ 

Ovvrseas Adv en isement Department. r 

Financial Time's, Bracken House. 10. t'annon Street, London EC4P 4BY 


113.11 

26W 

. U \ 
lauffl 

10.7) 

z.ioj 

m 

J-3 

, M 

{i % 

iog 

iL7a 

is a 

, 24 M 

1513 


dlO IS) 
! tl n7 
1.3J 


30jy+<iM c : 


87' 

2 li 7 L 

2 8^ 3.71 
71: 31 
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3 5; 43 


ill; 


1 7lliA 
\nr.39 12.y U] 
t.i:.:: 1 9 ) 4 4 

44 !° 0 5 6.0^ 

+04 0 33 5.9^ 


1*0. 'A 10?.. . 
kd&Bld 


Fed land! 
FmlwJvha. "w 
Frnrti-Pkr tv?. I 
Fr<ini'j'i(i F. :*vj 
FrcnhKje: .. 
Inlhlnr/I fir ro 
kHbhc Ti.-iy \1 «p| 
ij-le+inr. 'J: .•T.-l 
OCLHilo^xp i.J . 
I'rsfcMvpcrJOp 
H AT dtp '.fir -1 
Heli'-jl Bar . 
Hcnn-T-.V !"p 
IHtrMie.-iSj lrtf. 

: nh.7nr ''or: 
Henra Wrc ?fti 
Hi0rfthlll. - 
Hover T^hom .. 
Pa Re. V It. 
HwaniShut IOp! 
IDCaip ; 
IbstwkJoluwenJ 
lot Timber . ..I 
Julyil.B UnHin^llp | 
U.CJS'I - 

Jarxis'J •. . 

Apr. Sepdjemun??SA0i>fl 
' Tjobrjuo Rjvlwni 
□ones Edwd. IOp 
lKent«MP.*IOp , 
'LalarseSAFlOtj 
LainS'Jobni'.V.] 
Lalhanv J i£l. 
Lawrence 1 W.^. j 
Lee.h'Wm.,20p 
Leri and Pairu 
, Lifter FJC. 
London Brick. 
Loielifk' J.,„ 
(McNeilDimip . 
Slaenef i; r (hnv , 

.Uailinswi-Peonv 


1610itdl75 
l63*tdL79l 
T133 • 


d?95 

1.70 

342 

185 

+187 

t3«*Z 

5J6 

in 67 

ii t4 C3 


Feh. Aug. 

July Dee 
May. Nor 
Dec. July] 

Nov. June] 

Jan. Aug. 

May Nov. 

Aug. Dec 
Apr Sept 
Nov. June] 

Jan. July 
\pr. Nov. 

July Nov. 

Apr. Aug 
Jan. Juri 
Nov 

r^e 

Aug. M’ar.'.Mario 


Pi' idrtKb 
Paid 



Mviv.r+r.'.'T- .. 
Not .'.'.vanradeSaiJ 


1 .'.tt i.ic, ci" ■ ruu?\ 132 

f u. :fn" iVt ! 102 

7l-‘- i'er .» 56 

** J“= ,« 

1. 

Apr 

• — • HfTT.-K Etc. 'Kip 

No; f-mlvv )*.*nrr 'Wf : 3151 . 

Au ;. .'-ifv, Virt+rtr.iFNun. 
f'-d. M.i-iSi.Ttir.TtjO?... 
f'itT .T':n-:h*j2tv (' ;!% — 

i Kjcfsnlies ;r- je«'A.x ■ "-'/t - 
- — !r.:iV •j+entitp lBp 

Jan. Jul!%!L3l._.. -- 



lo 

AsdrO'+Ji !‘+p- 
Ea'^er .=St- K+i- 
Lta:- ‘•i-re- 
Becuie i . 12E 

Sor.till' !vp • 38 

lElomi'.'r* 21^ .! 22 
Boardous K'+Sp | 19 
Bolt _ ‘ 

Bremcc; 

Brit, iioct 
Bnwn 
Burirr 
Do 

!«■» A . 

i.'OEkc'iS U’V— 3d 
I'liaiiO- . I 1W 
Come En: !2-;p 1 109 
■.'or’esKrv'f .1 54 
'.'onell DretL' yp. il 
Court: A ! 105 


3Sr. +1 55 
13 ■ 7 — 
40 : 9e: 2 r 79 

* 1*»3'C f i“ =5> 65-' lclIO.8 

1-10 * :\ ’ l ' s Q 


. ipr. .'tejv. tEiT^n 

<*p;. .Var'j&jilurthap 

May r»ec.|Ea.Tei-sPnil _ 
L' - - nQl^h. Auc ,5JtUtri'.eiJHvs_ j 
. ; ?S- T 7-30 MV-C Feh [■siRWttB. lUp_ 

i 1 ^. 3 i -<*aul t _ jane».‘aiMer-x3l «uo 


• *,^' ! !PilSi8SS5 



Icu-.C 


Ian. 

Uan. 

Jan. 

May- 

Mar 

Ian 


Julv 

July 

July 

'X'L 

s . e r*j 

Juixl 


1 169 


May Nov 
tune Sept 
IJuty Jan 
pan. July 
iJun. Xte 
Mar. '.K.-L 

Pune N ov . £31: s i C-cId ip ., — 
Nov. Junej£njp-je store? > 162 
E\«jte-.20p._ ! 44 


."iLScjmc.t !‘T- 15 

nebenhar^ 83 

[iewH:rr.:0p 74 

re m 


r.:c?; 55 ; 4 7, 57 
i 4 =! S3.42 7 3 3+1 6.7 

1 : 2 - : 3 t. s > . s a 

1 llr’+.-C 1610 Bj -"5:27 8 

• J7 C . — : 1 — -194 

• : f 5 ■ 4 2- r £; 6 6 

ritl: 4.: 4.--'. 9 0 


Dixtos 7+ioto 10p j 127 


'.c'.:! +5 33] : 7- 97. 75 
I i::, :U ! 5C 3C.; 79 

I z:3i4r i 55 r? 63 

26*- +: 9? ' L2*:G.9;i:2 

'"‘|j:fi+5 3o' 2: 5312.8 


Oi Maypescutter^ 



Pune Dec 
Apr. Oct. 

July Feb., 

Dec. JuaqGoodiisnr-r 5p.j 12 
" |Graaa.t Ware_ 95 
Gl UrJ+er-al _. 304 
Do ■ Vf'nL. .{ 300 
■Jre MiUea«i0p.j 45 
Kanfc.'Ftra.- . 34 

Do "AWT I 34 

jF.eleac Lea IOp . ■ 23 


Au^. Feb. JCoapAir - ... 
. : -jre Dtw.|Co7.«etr.tiIiQ_ 
Feh. Sept l-r+wT Stef 3V-. 
O-. L Apr {Cooper Tp 1IW)_ 
Mar. Septj-.'ooperinds iflp. 
Mar. Acg.]Cursergu B 3Pp. 
Au2. FeJj.j'.'reE.ieGfiOip—. 

F eb. J u iy^rrowr: House 

Ju-e Dec .'L'-jrwiim, 7EOJ _ 
Mar. Sep'-lDaLkyi^o+wTtna 
Jun. JaiyiDsnm'thlDv.un_ 
;DcsA Met'AlOF 
Dzryt’c: 

. .Prison! 

laa. JuaeiDeta Metal. 

For-. July f 

Mar. Jalyl 


i«snbJ H.10p„ 
'ier:tw»i59p 


.IWmeteaelOp. 

Septemnef (Drake & Scull 

[Ductile Steris— 


. i:-:iu.S5 ' 30i 9.5? 5 G 
2J: 5 5+ 74 
:t::E37 ,30:43,320 
i:r!53j 3C;4!12.C 

127. T I ?8 : 33t 591 5 4. 
’ij!: : 3?) - 

7Q il . - : - 


Pa 12 at Car ?rf 



if * ?19t ' 2 2-: £ Oiild ^ 
Ilf,. 1C ! 0 7=1 c ■/>./* 5S' 


<+hL(W 7« 


:iD^+d9.i2 
+623 
t715 
hi 08 

! .1961 1 L7 
11 
Ib 


3.9l 


an. June Mauinnn-i.'ennv 
»nv. June MandersiKltk;- 
lee. Apr. ilarrhtiiel. . _ 
mu. Mar. Mtirit-v __ 


, I10t +258 
16.101 


Mar. 

Feb. 

Mar. 

Jon. 

Feh. 

'jel. 

Apr. 

ik-l 

Nov. 

Jan. 

Jan. 

Jan. 

Jun 

Aug. 

Apr. 

Nov. 

Kch 

Jan. 


• tcL! 
Aug 
AutL 
July 
SepL| 
Feh, 
Nov 

iS 

July] 

July 

June! 

July 

Feb 

OcL 1 

July 

Au* 

Julv 


June te 
lan. i'h-I 
i TI. May 
July Liee 

l^er July] 
July Nov 
Noe. May! 
Jnn. June] 
Apr. iTcL 
Dev. July] 
uci. May 
Dec. June] 
Oct. May 


Nov. 

luly 

July 

May 

May 

Feb. 

Feh. 

Aug. 

Mar. 

-l >r 

In*. 

July 

Jan. 

Jan. 


Apr. SejvL 
Nnv. 

Mar. 

OcL 

May 


July 

Nov. 

Wt, 

Oct 

OcL 

Aug. 

Feb. 

r *cL 

Del 

July! 

Nov 

July 

Junef 

■ejiL 

May 

Ucl 

July 

OcL 


Mar&halKKfo 
May! Ha-sell J 

Hear- Btik 

MeliiHeli AW 
Mevor ‘ M-.-nl L-. 
Milbury.. _ . 

[MillerrSun- Tup 
'Mutconcrde . 
yiMod Engineer- 

MonkiAi 1 

Mcmlernu) 

Newanhdl £1 _ . I 
Voraea Holtt. . 
VotL Brick SOp . 
<>me De. «. ICp ..] 
Parte: Timber. 
Phoenn Timber 

Pnchms. 

RML 1 

Re-ILand 

RVh'ds Wall ! 0 |i 
RohertsAdlaid- 
Rijh.Tii'i'roup.._ 
jllnwlitbon l')ps. 
Ruyco Group— 

Rcberuid 

Ructr: P Cement 

IST-BUmup 

SriuhTintfier lnp.| 
Sharpe iFtsber 
Smart i J - IOp.. 
.■southern On. 5p 
Streeter- I0p_ , 
rarmac 50p 
Taylor A'oodrou. 
TiWCtcU—, 
Travis 6. Am old 

Tunnel B5op | 

CBM On -up . . 
Veni.4 Stone Iftp 
Vilimplant .. .. 
Ward Hides IOp 
Warrincion | 
Watts Blake . 
Wntbrirk Prods 
VVeocm Bn® _ 


21flt2.74 
19 

1 16-101 


V0imhn''2au... 
Whit'ijb'ra IC'jp 
Wicsin.'1'nn IOp 

WilsontCartiwIIji 

Wimpevuieni [ 


278 

210 

2034 

160 

ias 

<0.87 

274 

1 , 66 

1U4 

68 <d 

13.11 

t4J7 


266 

+150 

183 

?lfi 

10.69 

35 

4! 

rf?68 

48 

13.5 

3.18 

lib 

.54 

16 ID 
126 

vr 

83 tt 

1311 

t529 

J/ 

24 7 

7 61 

33 

i‘ 

L01 

33 

:u 


125 

ifi® 

tdZ.54 

78 

25 

069 


BSRIOp. . — 

i Best & May 10p— 
Jan. June Bowlliorpe IOp _ 

Brocks IOp 

Bnigm ‘A - 5p 

Cabldormjp — 
Campbell [gnuri . 

( July Dec. ChJorideGtp 
June Dec. iSflordSSoolSp 
Aug.. Feb. Conet RSav 5p_. 


,375 

26Jdhdtt 


1.7Z 
+9.95 
78)7.72. 


- - 1445 
13:123 9 2 
3| 7: 63 
371 8 li 40 
7 3| 83 
7 6* 57 
10.2 
141L6 
9.- 


Sept. 

June Dec. 

Feb. Oct 
May No* , 
lan. June 
Apr. OcL 
Dee. July 

Xov. June House r< L«ose 

- Jcnes-EnefiT'ij 

- Knott Moil '.Pp . . 

- rtEuoici .-Jcoi . 

Apr La-Ies Pride 2£ic 
July LeeCocM.-_- . 

Niy.'. LibKtv ___ 

Nov . I*o Not Vu. L7C_j 163 
Apr. LtQcroR-i.!0p .1 50 
Apr. MET Fire. - je .Op ] 142 

- Maple i9o. .. . j 21 
Ian. Julv+V!arVs it specter 1 84 
Feb. JulyiMann.Ne^s — ! 206 
Jan. Julv Menries I 

llithoel J +te- 16 I 
Feh. July Mid. Edj«L S?p * 

! Uu ly Jan. Kothercare IOp 
! July Feb. SS5 News '.5p— 

June Dev.OsenOaen 

Jan. JalriPrafcse •&'•!<)£ 

Apr. OvL Patwt WL _ 

Jan. Apr Pfler.'ttores !0p 
— PoGyPecklCp . 

Feb. Sept Preedv iAIlim-.. 

Apr. Oct Psltaan R k i ;p , 

Dec. JuneRamarTecisp..! 

.Mar. SepL Ratceri=:*)r — 

Mar i\-L Fj+berirlop . 

Dev. July ResdicutSp ... 

July nec.Eved.A'JStin A'. 

Apr. Sept. R.vliL-n*45 

ftoscll .ip 

561 Stores 1^;F 
I*0.25*«PI !2!;p 
Jul;. Saa=eI'HrA'_. 

July Sebnrsartp - 
Sheraar. S !trp . 

Feh. July Sistfc V E'A'5cp . 

May Nov stanleyA'iSp..* 146 
Sept. Apr. S!Mu»T<iMt.'Jp • 180 

1VL Apr Seinber.' !Gp • 22 

lan. July SnnneMip i 31 

l-lan. July TimePtoc? iOp ““ 

F eh. July IDS Groap 

tune- Dev I'pomE 'A — 

Del. May VaatonaOip 

May Nov. Walker Jos. • 

.May Nov. Da XV 

June Jan. Wallis IOp— 

May. N'ov. Waring 6 Giliow 
Jan. JuneiWearwellap. - 
an. Sept. Wharf MlillCpr. 

May Nov Willresn Warbrn 
Apr. tJCL Woolaonj] 


6.4! i.4i 54 


39i:;-i4-35: ill 11.1 70 
50 ! - *b=.5 ; 23' 5J‘13 0 

251,: £7i» - 

IB i - ;*::'.67 ; 26| :.5i 78 
60 1 Tdthl.%' 4 4 4.r. 7.0 
169 st3+fcl89| 55 :.7> 63 
163 ,-ci:l+h293: 53* It- 9 3 
, .lc:-j'»r.l93! 53= 17, 9 D 
78354 ' 3910c 27 
[ ia.Jd2.21: 73 23. b2 

I'i+'il+hilr’ 27 1 ' ^ +43 
; -Li. -6.7C , 4 5' - J- 5.8 
t'Lbi . 7.1* 1 _ 112 
- - 5.6 

«« - , 16i 0 1 2£ 5.018.1 

156c 13 Jtlrti. 3JI 23.159 
95 I Hj? +112 : 5.5! ; 83 

115 
20 
58c 
41 
9 
80 

5, 

70 
89 


June 


^iro'Hldas 

LEllol'fci 

Ear fardClotb . 
Eialmistries— 
Evpacded Metal 
Tanne<S.W.,._ 


IXLiFlrii 4j3EI0p_ 
Aut'iFoitesTBQ o.v£p 
"uneFrastisIfitfa. 


31c-. 

Feh. 

Doc. J 
Ja-_ J 

Nov. Juis 

Jan. .Aug. 
j aa Aug.jGlynwed 

iTraugecEIDO 

May OcL[Greenbank;iqp- 

Xov. Junefilreea'sBcm 

May jatOGiNU — 

Jan. Au-DiwtPrerisonJrt 
Nov. Jar-«EadenCatrtef_ 
Apr. ijcLjRsH Ett^iOp 




Jtfe' 

Ort. 

June 

No-.. 

'.lay 

Tan. 

3ff 

inly 


JuIyiEarfle Mac by. .. 

DeM&kaSd 

.Apr [Hill fcSnEtfa 

Dec-iHopSansmsaDo- 
Mar.ptmM Mschy _ 
' AtLjSradai Gnap_ 
< MayiHastMoscrop3p 

MarJJackaiJAIIBjp 

jan.penkstCatrif. 



61 I 21 rj ai 
J 'ly/iiOV 

! 30*1 1: 86 

I 315 1912 

I *S “I +r.aO 
■aiSrcliJ^ 

i.;4 7j 21 02 

?i :ci t4.3o 
7 Si e 35 
4 -■ n 41 
! :97{303 
I 10.7 +4 37 
2 I'll +A 74 
!jd 10tb7£9' 23| 

I :£l 2 5 02l 

_ ■ ;fcfciiil39 30 4.1 

59tril3:ll t3.42| 4.0 8.7 3.4 

81 I 2nd +421 51^ 7.9 52 

78 i;c:5!M637 lH12.il 4.8 

14 2: OH 

00 :iS&20 

00 1 c7 a — 


19 
22 
341 
27 
63 (T 
42 
350 
130 
33 
35 
313 
63 
222 
144 
95 
93 
69 
334 
54 
23 


lSie 2110.7. 
19j 6.51 9.4 

Il\ 371 4.B 
4.4100 3.9 
65 4 M 46 
31 5.^ 32 
o.S a^a*- 
i7^n a 7.9 

2^!DJ fcfi 
2310^ 5.8 
3 51 6.4j 67 

3 2 33.400.7 

. - 59 

4 2 7S 

2HI3.I 
3.BJ 4.3 
4 4J 5.6 
51] 48 
3 B 8.9 
lH £3 


: 2-2' 5eii?j|J4s. JunefJ-jfcasoc&Fiith. j 
niJ+Se*! a 3; 35*14 ^ Juaeb.-cesCttnp-Op.' 
— 1 — : — 133 ; ■ tw-, aw— « 


74?{1S6 ; 3 5*. 5.6 

. 4?5f:6 : 2c °.:;as 
■ 361 4.41-72 
! a^C35jlSC» 55 : 9 8 
:59i 532 29 5 T; 93 


- , 42!'crj”!+7tl' 3 . , 

Efi -L« 1 42j 4.9' 75 

18* 4 77 JIG* OS S3* 7- 
27 i oT: - 1 - i - : 82 
22!; ITc _ =3 

223-1 
173 


Dec. 

Ju’y 

Apr. 


Feh. 

July 


Jocesabipmae- 

Lotrdi^wtp. — 
LietEMiot. - 
Lane Percy* IOp. 
Lee ■ Arthur LT-’. 
LeysFoandrie--- 


Der. J.rriliiBeacl 

Wd-ra- 

liiiybftr'T-Sp — 


Mar. SepLjLradaB^ffidl'dl 


223, '7ti - i — ! ' 

73 * 3^6JX?! 19! 4.JJ30J fel 
J:g £ i'-Ji j 4£j 7.3; 3J JJg 

'ii[*Z23' 1 2 . F-iio’a 
::? th394. 2 S'. 4..T20S 



13 

146 

146 


1 24a+d4.12: 2 6i '.4170 
] 7.a du.9= ■ 2 7- e-' 8.6 
__ 1 na:.52 i 12 : :y. ss 
170c:i3i:!FJ^9:ili ; Jul 63 

89 


37 

119 

112 

99 

83 

123 

35 

22 

78 

68 


I Mil +5 IS ! 38' S<?i 78 
jJ0.iu ;2S , 03! 9S-216 
7^+5.^! 51! 6t! 55 
52! 3 V 66 


-.1923 3 


* 


£8 


14.71 r.dl CD 5 _5i i HlLl 
793.5= ! 42; 73 

lTw - i - ! - 115.0 
207r I.42 p _ J 96; — 


:ft+ti.42 i~ 

11C Td5.15 2 3 

21Q 4.24 14 


Jan .iJSeEechnie aros. I 



13 111 35 SC 
dl© 
+7.52 
, +4.5 

tut * 'Jij 7.19 
055 « i!§655 
164'! rsl hd3.7 
23 C5 L53 
222c j 13 II] +4 14 
64 T^ti.O 
96 3J:C|r514 
28 IS^tlZS 
HI ! 4^t4 7 
16!3i078 
iS4 +3S4 
24.7 tdD.92 
:■** L30 
:: 11 4 76 
ISIS ',63 
'A< +5.46 
-lli 1294 
!3Uj 3.9 
M M 353 
26 d +1.47 
ivij t45" 
liHl 25 
ZaiJ5.39 
12.6j0.88 

2fg&75 
2.8431 
312210 
25)603 
BTU533 
2lf 10.41 
: ithLOSl 
% 


S3 
43 
6.9 

51 

50 

52 

. 89 
a6l 76 
22.0*639 


[June Dec. 
[Apr. OcL 
Jatraarv 
'Nov. May 
July Jan. 1 
Apr. Novj 
.July Jan. 
|«jct. MaH 


ELECTRICAL AND RADIO 

21C| 5.63 
!55> t4.I9 


.AB HecDWiir- 
Allied Insulators 
.AufioFidriitF IOp 
Auto ted Sec iflp 
BlCC50p 


6^199 
■WJ 


$ If 


April Nov 
Apr. OcL 

Dec. May 
Apr. Dec. 
Apr. Dec.! 
Feb. July 
Sept Apr. 
May Dec. 
Oct. June] 
Jan July| 
July Jan 
|.\ue. Feb. 
Feb. Oct 


4.6j*8512 1 
4,9 


3.«12 .21 
LHIOJ 


Apr. OcL 
Nov 
|July Feb, 
October 

| Apr. Nov, 
Nov 


3810.5 


CHEMICALS. PLASnCS 


Jan. 

July 

Jan. 

kpr 

July 

July 

Oct. 


May 
Dec. 
June) 
Sept 
Nov 
Nuv.| 
A; 


Nov'.jX 

Mar. SepL 
Felt. Aus.| 
,lan. July 
Jan. ‘ 

Jsm May 
Iw. June] 
Mar Seirf 
Mar. Sept 


lan. 

I:ut 


\K70 

lAionaieliuk. 
.MidaPack iOp ... 
Ail'd Cdlotd ll*p 
Anchor Chem 
Bayer .V-.PM.3il. 
FtlaSdenNoaki-. 
Brent t'hcmts Hip 
Brit Benzol Hip , 
BnLTarhd Mpl 
Burrdl3|f 

JuIj'k^rlew.'.Trcl :-Jr- 
Vatalm. . 
H'ihaG'iiv T , i , jL , i( 
n.iff'dhvP’ W 

Dofl‘iVnv22K| 
■-j.iIiivi.Vtn 
KVuUv Rro- 
I a* AW... 


July 

July 


SUBSCRIPTION'S 

». «vp:^ obtainahTe from ncw«a£f*ntv itnd VH>Vst*!ls vrnrldxide or nn rccular mbscription Iro*i+ 
.Sob'Cnpnon ncpartmrrii. Finnn-.inl Timw. I/ondnn 


Jnn. June 


May 

Feb. Hi t 


Jan 

Jnn. 

Jan 

Miiy 

.\ui 


Aui* 

July 

July 

N-fi 


Spj-t 3 u nejf.'nrj * Honi-. c> 3 jj 


Turin li.L JOfi _( 
'rr-ii;i ini 1'efd.} 
r.-l.iLitcin _ 
lEllw 4 Hvcmrd. 
Fnjlun Hastio 
IjrtnFwi ) 

:, ->l'ti-ariiJ * IOp 


Fcb.jUks. l\d.hz‘.’p.l 


575 „ 

O.U TfiltU 

126^66-42 

autfel ?5l 13,55 


lMf&Jf 

23C M3J7 
210 0.6 
m tzu 

115 dSV 
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6 14 

31 63 

51 23 

7.7 2.7 


December 

| May Oct-I 

April 


£3 trooic iGp.. 

Ion IOp 

t*o GpcFoav "S-HL, 
Dale Elect J0p._ 
Decca 


Do -A 

Derritroa IOp... 
Dewhurst’A JOp 
DontdinctHnp 
Dreambnd IOp . 

DohilierSp 

]EM150p 

Dri.8*j t 'tConv.’3I 
Elect comps IOp 
[Electronic Mach. 
lElec. Rentals IOp 
Efler^rSeiTf 10 
EamthennlM.ii . 
Farnell Bee. 30p 
Fidelity Had 10p 
FutwardTeclLaOp 

I GE.C 

FDgbland EL 3Dp 
(Jones Stnud 

Kode InL 

Laurence Scoff _ 

LiecRriric 

JuiyfMJk. Otttrir — 

Motorola S3 

iMuirbead 

Newnjan Inds 

Nemnark Louis . 
Montand H.20p 
Iftriin-Eliner-lpe- 
Fetbow HldglOp 
Philips Fin. E-V-a 
'Philips Ln FW... 
Pileo Hltrts. 2(lp_ 

| Da'A Sip 

Plesseyaip... 
'Ptbsmc II S»„ 

jpye Hides 

RacaJ Hectncr . . 

|RfdiUudun 

RotaOea G E. 10p 
Schntes'tiH- _ 
Sony Co Infl ... 
Sound DtfJj-n. 5p . 
fTdefusinnH 1 - 

Du'VNV.ip... 
JunefTde. Rentals — 

IDioro Elect 

iDo npri'm Wri. 
[TIi rpt- F.Vf. It>pS- 
L’nil&'b 10 p . „ 
Uid. Scientific^ 
IWjrd&tMliJ . 
|We1ko Hid- -V*. 
Westinnhoo* . 
WhitmnthEl 3p 
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[WtgfalllH.1 


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85 

106 

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316 

92 

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305 

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May Nev iUbtaB | 130 

July Jac. HcosEcj'f • 65C 

Apr. Oc'JXeensend 

Jur.e Nov.jN'eSlJariKds*, 

May Nov.lN'emnanTonks 
Or. Apr DtothemEag — 

Sept Feb.|Norior-M'X;3p. 

Jan. Aug jPegW-Han r*!e; 
Juneftiner iliad 2tip 

AuclPraa.r 

Nov. Reriw-ch Parser .! 

Mar Pries i Bee i 

DecJftwcri '.6 kSH 8 
Dec.jR.CF. Koidinsr. 
AprJRaiseEsig s Wp. 

Janl+LH.? 

.Vov.jRnwmes >ira.£I 
|Hau:lifc'e lads. - 
.RatclififtaA.- 
Apr. Record PJdgw: 

*JcL R'dino FTnan Ii 

Feb. RenoW Ei 

June Nov. Richards of Leio. , 

Feb. Aug. ffiehnsFesLaOp-J 
Oct May RotHosoa'TlK&i 

Nov. June Retort IOp 

July Jan. SanoeiTOKarsa 
Mar. On. SatiUeG.UOptt 
Nor- June SeniorEh)! 1 ® IOp 

Feb. Aug. Sere's 

OcL Apr ShabespreJ.SpJ 
Jam July Sba«Francis2QpJ 

Jan. /Mtg. Sheepbrida: 

Jan. June Simon Eng'j 

Aug. Jan. SOOGrtwp 

August Smith iMniLiiip. 

Jan. May Spear i Jackson 
July Mar. Spencer nt sop. 

Jan July SpeucerGeanap J 

Nov. June bpirafrSarco 

.May Nov. StarinteOTp 

Jail Stavriev'Inds £1. 

May Sone-HafL 

Apr StotberUPittEI 

May Sri;esiH«suyi 

•XL TaceKta 

May Taj lor Pallbfer. 

July reralemi! . 

Fe+*._ Sept. [Tex. Abras 10p_ J 



May Thyssen DmlQ _ 

Apr. OcL Tomkins FH.5p. 
Feb. Aug Triplex F dries _ 
<X-L Tubeltrreas.fi. 

une Turrifi 

June Nov. l^zacbiVAMOp 
J uly Dec. Ltd Eo^g IOp.. . 
July Feh. C-td Spring lup.. 
July Jan. L'td.IVlrpijoup 

Jan. June kickers Cl 

Apr. OcL Virtor Products. 

Jan. Aug. W GJ 

Nov. June Wadkm50p 

Mar. OcL Wagon bujastrT. 
Dec. July WaSer'CAW.L. 
.Apr. Juf> WardfT.W.i,. 
Dec. June WseneWrighUB 

SepL Mar. Wrwicki 

tan. June Weeks Assoc. IOp 1 

Jan. May Weir Group 

Mar. Sept Wellman Eng's „ I 
Feh. Aug "" " 

July Feb 

Jan. JancTWhessoe 

- Wheway wisn. iflp.. 
June Hlutehouseanp.. 
Jon. July William i W*i .. 
Nw. Apr. Winn t James.. 
ml M ay Wolf ElecL Tools 
July Jan. WoU+Hurhes .. 
Ayr. Nov WhacU Fdv. lUp | 
Apr. Aug. Woo4i&A'*aip..[ 
tXL Apr.[Wh'sCKixn 12^ [ 


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266 lJbfi : 
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jOtUl 

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HOTELS AND CATEBEjS - 


For Adda see Cfratfwt 



Huref-J.FrW. 
Zrent Wrtkerop. 

HdrisU-T- . 
mmitHtliiL HJp. 
''*0 Vcth H'jieJv . 

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Mac. t-cLJ 
May !'*rt 
June 

Apr. l»w 
Apr. H- f 
De*- .?unc[ 

. July 
July Oct 
Juiy rtrL 
May 
Apr. 

Sep!. Mar.p.-«itK.-an Ini ^ 1 , 
Apr. *X'tttr±iH.F-Tne.- 


reb. '"'ct. 
Jan. Au? 


jSi. -t.' ‘ A" I0p_ . 
Stj'-isiRoolJOp. 


Tmis'Jol' A'IPp. 

WtedcrsIdF 







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9 IF: 

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iss.'w 


INDUSTRIALS 


.‘«pr. O:! 

Idii. 

OcL . Apr 
Mar.. Ort 
Fell. Oct 
Dec. 
Ma;' 
Jau. June] 
Julv Dee. 
Mar Oft 
APF. Sof< 
Apt Mr. 
Jan 


iS 


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JdnejnGE Resareb... 
Vrvison Srca. Eaf 
'.+*«» UA ...... 

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-Al ptw.* Sides. >p.l 
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JuJjjaari.wSd BMC i 
Barrow Hepburn 
BaU* St ftrtiamt. ) 
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Dec. 5favlBealsoiu.Taii- 
Feb. Auc. feeecham — 
Jan J uly Brilai? Cos. IOp.) 

May Bw rfims- 
SepL Apr. terisfords- 
Dec. MayBcovickTuupo^i 

L*rL Maj-BestrMl 

OcL .May 


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Jin. J J.vjonoker 6fcC. 50p. 

May N*w *Bc*ot iHrarF* SCp 

J Jan. iulyiBotLi : — 

| Fe3!yA cNv |Ectg-W ilSSUO. 

'uly Nw'BrtanTU 

jJjtL Aug.irTtibpLedjelOn 

Jar- A«ii ! Bmfc bids. “A. . 

OcL May Hcmaer:Krjjp J 
— En-jcendProc. 

Nov. May 
Jan. ._ 

Feb. Sept. BBZtEA — ^ , 

Aug. Bnlunet 
— &it Steel Const 
Jan. June Brii 

May Nov, 

May OcL Brittains. 

Nov. MA>k F. Prop, to£- 
!Jan. JuIytBrook SLBr. IOp 
Nov. JunqinjobsWataip., 

Dev. JulyjBBwwn flov. Sent 
Oct Mar.;BrBHtoasllfiu6L 
Feb. N*w4BaxTODe*ti^„ 

^^'AwK<’totfilp4'-27 
June KebjOilmnsrlOp^ “ 
May Not [Camret2to. — 
r*e. JuSvjrrinnne^^; 

!cn. M^jCa.nef J 
Feb. June-" 

Mar. Sept 

Mar ott 

Feh. Ailg.lL 

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Apr. OctJCTinsOe-TI" 
Nov. MaypidfriesldLl 
Dec. Auc-Oubbr 
Feb. Junej'larkeK 
, ^ June Dec.CpkiR.RU- — 

9 3.9 4 2 July De.'JCmptaWdA2»p. 
9.6 7.7 £lr JeS.D. TCodI'L GmSl 
,5.4 35 Apr. JuiyJC'jol aabanV MpJ 
U-S f47J June Feh.jCoFeAlinEm5|n? 
6 . 7 | 5.2 SepL MayJCapyde*M^_U_ 

6.4 Jnn. JulyfCasalt 

6 J May pec. 

5-1 Mar. Oct L'cmnde 
75 July Jan. Cram 111 
94 Apr. N». rrest NidwJlOp. 
7.6 Nor. July Crosby Bbase£L 
74 Jan. ‘Crosby SprtMp. 
5.5 Jan.- July Danes ttriroo. 
6.4 Dec. Aog. DeLaRce„ ' 
B.7 Apr. Aug. lienhyware. 

Nov-Da^taftSMi 
29 6.6 7.9 Feb, Sept Diamond State 
J-3 ,3J 344 Jan. June Dinkie Hed5p__ 

10 111 ilJtfi Apr. SepL Lnp!coi3_ 

1.7 1L3 » 8 SepL Mar. Dcteon Park IOp 

21 M,3» Jan - July Don Hid^jr 

Z8| 4.3 120 MaJuSeDe Dcw-GenvUS 
5.0J 4.6 Jan. MayfDomis Start 
5.4 May '.OCt. Ikilay Ritiim- 
4.7 Nov. -.Apr. DunbeeGom. Wp 
June Feb. DuiiakmLan20p_ 
Jan. Duple InL 5?- — 

[Aug. Apr. Durapipe—, — : 

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Feb: Aug DM^'J.L. 

Apr. Ltot D 5 B 0 ntJ.i 1 J» 

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51 July- NtR'.EUCTbids.aS»- 

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Jan. EBkfaFbWifljc-l 
JuneSwn4&*hins.| 
■Jude Osar 

Dec. r 

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„ i A February Eag. & Cv®^I 0 p| 
5? 8-6 4.8 July. April fing. China days 
21 8 ? 3.4 Mar. - Nov: Esnerama ESa. 
♦t268[iS.j 6.4 64 Jaa.; June Euro Ftmes—^ 
5.0 3.8 7.8 Mar. Sejjt EvodeRldgs.ato 
4-7 8.6 27 Feb." A ue. Ewer George IOp 

3 7 7.9 43 Jan.. JnL Ei,tri 

^ 28 8.4 65 oct June PsirialrnLawsoB- 

-+hd0.?9j 4.9j 5 9( 51 Jan. J untjF eede.v 10 p^._ 


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264 4.70 
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161 
385 
766 h0.89 
155 233 
155 41.15 
2J4 +249 
las hA29 
155 7.48 
1610 134 
247 4435 
2U 236 


FOOD, GROCERIES, ETC. 


July- 


ENGINEERING 


April 
X-L Jut 
Apr SejA] 
Apr. Sept 
May Noi . 


ft *cL M.iv 

| Ian. Julv 
HcL Apr 
May Nw 

I Mar. Sept 
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NE 

115 

TO 

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343 

29 

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Apr. SopL 
FeU. «h>t 
Apr. Ovt 
Feh. Sepi. 
May Nov 

Feh. Aug.| 
June Dee 
Mar. Aug. 
Feb. SepL 
• ta.-l. Al»rll] 
May SepL 
lan. July 
Jan. July 
Apr. «cl 
S ept. Mar.] 
Mar. Nov. 
Jan. Junri 


MpneSXt LUfta. 
Junej.Aw. fUscuiiajp... 
-Is- Bril Fife, ap 

Aa Oatries 

.1st Fisienes. _ 
Aiana Croup6p. 
(BantetiSidnQ-f; , 

Barter tn.l(te_ 

BaTT-.VG.' : 

Barroiu-Millins . 

feSMtUGeo*.. .. 
Baileys York lup 
Bejanildp ._ 

Bibtn.--J.tCI 

Bishop's Sores.. 
Do ”A~.\'<Yb_ 
bluebird t'onf. 
BnL SuyarSOf*. 
iBnt.Venri'aiOp.. 
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Dec JunejiTadhu^'S.-h'p- 
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Fen. Nov. French THos IOp 
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l&l 2*55.08 
1331 +14 
lOJ'.+tBO 
2 l£ 46.6 

3J 0.41 

nn 11.95 

189 h762 
K9 +201 
230 zQ5.1 
266+280 
1631 +h2: 
ail +4.65 
SLIT R6.94 
; 

,84 

.18 
355 53 
24.7 t4'.Ql 
189 +257 
7.10 +135 
1332(^434 


8.D * 

43 3.9 

6.4 SO- 

ait 

7.5 so 
6.0 S3 
52 108 
69 El i 


8C * ' 
.01113137 ' 
4.7| 27120 
— 252 
4,0 7.9 48 
27 69 82 '* 
92 13 .»?,• 
7 A 2.7 hh 
33 3 2 65 . 


Dec. Jul>; L*Ejlysie63obaip 


HillftTotlElrL 
HiiQ Mal'«>t,2fgi... 

HdUen+A* 

Hdl£saroi3_»_ 



107 

273 3.L_ 

30M11.4 
7£ 284 
113 M.58 
3CJ0 338 
174 4.05 
7J +197 
73 

189 331- 
4.9 1.G2 
21 f +026 
10.7 h067 
238 WJ.85 

m 

aissm m 

242 *.34 23 §1 

*7.4 +3.01 21 97T7JL 

m 4.05 29 94.45 

1175 _ . JrjjiB. 
Ufl +3.05- 23 .73j 9.9 
12.fi +5.02 18 5.B1ZZ 
, 189 335 3.8 6 «L 60 

U3Ji'UW9 33 14.lfa.9i 
34 105 43 6 H'SES. 

U89-" r 

as tl 83 29 7^ 

- U3.62 3.9 7JJ.61 

Z4.7 436 ♦. " 


I; 


v;9: t-' id 


•‘Jet- 
Jan. 
JilW 
.. A P 
.Nov. 
Hi!*' 

4 Iwc - 


• LEISURE 


••■n-innrr 

.Juft 

r M..I 


2 •w'jii J '*< | '.!76 

b.’]| 7.1 “> r "ifiilt Tt. K-. .10,1. . 

6 3 — .*i.ir . [hi •.,< *146 

5 II — J-'i- * il;r* l/.ndSi; 1 44 

- <• i Mor 'T.i.tl i 220 

I VC (•rin Silif : - V ilSi; 

. Ar« r !>*- t M.-.r .*■ In'] • f 70 jj :"i 1 &3 * t 

5 »l*r. t i-u 1 1 aii'M Htfc!*- J»i- iJ7 7-! 2.j 2S ; 

lu-c J\,nr '■J-.S'i v 137 M=, 1 1 73 19 ] 

— ?.1.tillmrn.»i. , li..|< 20 - fc<JG33 SO 

— W.irferE.-L Ur 3-1 £7* . — - - 

7 r ! 64 „ J "L :, h(;' 2 5 3 2 - a g 


3.9 0]2d 7 

03 * J bS* -i 

:.j ai ; 




Vop. Apn! VW KtalProp- M3 301(4 562 111 i«47 


MOTOR?;- AIRCRAFT TRACES SSi ^ B HAT H&Ry 

. . Motors and Cycles - = RStSfe 2 $ *3 “ 

fB.L5toi 20 Jnl - T Oct KwittiEu„ 39-; 1&SJL29 1-Sj 4.9|21J 

n l- n q::s: n 7 1 67 

1 - teSSfe ", z ; “ }?■; SHIPBUILDERS. REPAIRERS 

b &e, 5'*J 4 ^te^3fl ,en '' £131, Vtnvtf S? I? 27 June rHa-.llLwIhuniLSflp j 71 IlSTj* - | -J - J - 

Ua> Iw g”*-— ^ 33 7 . 6 r« JWHtawrHumcrrf. 156 12 n£>% J.» 6 * 13.0 

, Commercial Vehicles June DeefvMrR [190 ifliso 4.3 3 . 9 ( 7 jo 

- •• 5.15 I z4j * 


Teb. AuB-fiILr.l®te.J-Ui6 1 7B12 46 13.lt 3 2| 2 5 
j August t£o*aStafci-— I =>* 353339 6.2 


Mar Ja 

July Oc 


fibs 5 saw irp 

UKS -- JOl f SliifhJ.flw 3.3| S aw 7 


Jon. M«yi"anf4r'.^p 1 322 | 15 j] 

SHIPPING 


YaUtaUerlBpJ 47 2L3tdZJ7 5.3 fa 5 4 0 &«■ Aup.Bnt iOrmStp. 297 :fc£ «40 3.4 4.B 9J 
1 - ; 1 aJ> May Ticc.ICflnminbna.wn. 160m D13 652 * 61* 

wmvcraenw on. .175 im tlss 7.71310: 


Jan. Ju’yjR'tlanfawdes.l 5S?a|»J«J2? 3g Sflj.44- JWV l/i-.l J n£/i 

Fe 79 3 SI Si 5i July FeblAikhewllW.J 26 IF 51 cl 15 2 

May iZecfiirA 50p — f _ 7 ^J y ;!/ 47 I 24| B.4| i j sppt. Foh. Birtn'lnln h „ 50 3)10 4 46 3. 

Garages ifflO Distributors A|«I Jtec. ro*ntarImv ■ 66 210 rtfl 3«» 2 

_ , . . ._ f, fl. Jam. Giin>At5ri4lilait I 101 2.M t457 4. 


sept April itoattfitog- M 218 44,r ( 3.0 96 5.2 DecenAcr HcalumSuiB^i. 47«J 1322 H1.7 7.9| £.4 

- Ahaaatejn- u — 2J| So*. Maj- [LU«r-30p 104 1610*4.97 13,1 7J 

Not. Mg? M634I 2.5 1L6 66 Juno ltec KSho,* 70 30.5 *130 

AURAAagragrfflC. im 7 «. 37 i5 10.9 93 Apr. OcL 49 218 \\2l 


Noj. May jlgJggdggr ^gM6 54 2-513_6 6.6 Juno 1>«. i;Sh»>: 70 30.5 *230 

Feb. Auk 3BB 78 . 37 2.510.9 43 Apr. Oct. Lan«stHIh.23p_ 49 218 1122 

Jan. .July BSGiajOp~_ 37?, jOjfi *i.l& 3.4 8.6 33 Apr. Oct VntbddfciMD. 51 109*284 

Aufi. Mar. BraWaroSO- 35 2C.7 4140 4.8 W 52 uct. AwJ Oiirerrtr.V 54 IBS tL9 

.. “v i?4? ^ 2 i §-2 2'S ’an- May PilLardGrp 51rf 1311 t2£l 

May litre. artteA^^ V/hra 1311 2F1 .2.3 7.9 3.0 Feb. Aus. SiejdtSim'.V.. 36 107 216 

Mar. July ££SJlMp! ^ JP p « 2^10.3 6.6 Mar. Kw. StrwwiFishsr- ‘62 1610 4 73 

Jan.- July Cat^ymSDp 97 26*650 2310.0 66 July s'hloSho* 69 21i 2.75 

J.tn- S«pL CcfanoiBlnrs,— 32 24.7 rfi41 U ll^dUi Sept Apr. T-i'niprfffcElOp- 41 « tufia 

Jan. July CowwtTT&P-— jJ*7dl73 4 6 5.9 39 Sept. MayWmiWliile 91 21#M4A2 

Jan. Ang. DatfCoteny- 92* 107 jJ2 5| ».4 3.6 February ffearralOp 27 247 fUS, 

Jan. June DnrafeL^. 70 .49 lB.1 2B10.9 5.7 


Jan. July Dalton ftafemt. 44^ 1311 f2.85 3A 9.7/3.31 nnvTrnry . . - Tf - 

Augnst MF£1 « 107 135 6.4 5.2 4.6 - SOUTH AFRICANS 

March QanfiddUW- .33 301 L27 15 5.7 17.4 . „ , 

May Hnas-bmUpL 48 D-i d0.47 17.4 15 5J2 Apr SepL AbemmROJO-. 

Jan. June IMal 15Jltd4.1B 3 8 6.0 66 »pt. Mar. AnptaAmLtRl 

Jan. JuJy Hartnefe^- 9Snf DJI (680 5.7 10.4 3.0 -\ u £ Anc.^Jlni50e 

Ang. Apr BraijsSOp 1M ^6 t8.71 32 10.9 5 4 Smlei^er G^FIdiP^jc 

Ocl April Boob Mb. Gtp. W 214 3.64 3.7 5.6 5.8 W P^- S r ^'A^r 

May Not DaHtacto — : 060 17.4 010% 35.0 f6.4 - Feb. Aug. HulrtTsCpiLm. 

Dec. Jane HnritSaW- 25 3h.05 3.0 10 J 4A »«;. May Oh BazaarsSOc- 

Jan. July lessens I«p |M 13J1 1.9B j 7.9 ♦ Manrh Sept Prim rose lO cts,. 

Apr. OctKem^jS-ZI . 69^ U t4.21 26 9.B 6.4 _ - 

Oct May LnSmte&o. r757 2 21S b4.5 3 7 8.9 4.0 Dec- July S A Brews 20c.- 

WL ;.50 2 7.E t!50 55 76. 25 May Nov. llw <Hto Al- 


Ang. Apr. BeufesJ^i 119 

Ocl April Heron Sttr.Grp.- 97 
May Not Dolta eOn.— 06/ 
Dec. Jane HnciiSadetfi -B6 
Jan. July lesaiwlto 37 1 ?; 


Jan. July lesBurelfip SM Oil L« f 7.9 A Manrh Sept. Fttm roe lOc ri^. 

Apr. Oetlte^KI- . 69*2 U T4.21 26 9.E 6.4 _ — , , 

Oct May lASenteOiL '7S12 21E b4.5 3 7 8.9 4.0 Dec. July S A Brews 30c- 

WL A^Urt^Z^Z. 50 2 71 t!50 55 76.23 May Nov. W/alsR] _ 

May Gttljtailjofl :74 ia« 6 09 n 123 5.7 May Nov. Umtec 

~ ■» - h214 13 13.2 9.9 

. ■ - SSf -£■ ™ Z ~Z^ TEXTILES 

Dee. Jane ten iJDMtt* - 107 30.10 1M.33 7 3 3.8 38 cw. M*r.lAniedTo»tilP._1 1A4 I TIM 


i«SmfcefiiL rTO 2 2U b4.5 

Lottos ;50 7.[ 1250 

Ijonilyofl T74 10*609 

tor.\a.Cn»Sp '.30 - h214 

Ndsoc DaildM- . 8>4 1072 — 


entaM*- 

Unlms- 


June KOT.^MfturmStr.iOp.1 41 151ri*2£3 2«d 8.1^ 72 47 rtS 5'7? 

Dec. JuljrlwetonUtxjrilOb 115^223 I 'M M ® fiSfiSKfllSt 29 lS 2M 
’ ' ...,' ... ~ ' Dec. Julyl&r/riit'John' — 33«f D.ll 246 

NEWSPAPEKS. PUBLISHESS u - J2 = 


Mir Bri Eildloa.—, '14 3' 1 
r. Sept am Hoiiair — 54 18 


Uan. AnE.tooc.Nw* — 180 16.7 5.90 39 4 9 ao }Aw. Sept Bnt Mohau- ..... 54 

jN'or. 235 210 H08 7J 26 7fl fcb. Auc. Bnln.7Lrob.33p_ 54 

May Dec.BPMHldfs-.V_ 62 16.10 32 53 7.7 3.8U“- JulyCa^ Lundw/... 20 


s 6 Ha Hi 


Apr. Sept Bern ftothe»_ M 107 237 29 5 5 93 1**- Maj-Cjnetil.iLaOp- 57 161C tl.67 2.4 4.4 ^3/ 

July- OcL Blank rA.«t. i— 143 105 <14.97 3.1 52 9J Bto Nuv. tergal itda.' 3^2 M.9 «.B ZJ 92 ffiii 

Feb. SHT.lMlltM 134 10,7 6 52 21 73 9 7 Urtobcr uwlnrind. — 31 2t7 2 46 «31J §41 

<kt Way Mliit; BiilunL. 140. 149 4.75 29 5.2 76 Dec. June Oto fttou — 6&ul UD to.31 3.1 t 

Oct May De“.V_. _. 138 189 4 75 29 51 75 1 May Corah. 36 Tli t! 88 3.9 71 45 


Apt 'JcLjGordoaiGolch. S3 
OcL .May) Ht-me Vo’inues 75 


I Feb. Aucbnb rteT.VSOp - 350 10128 1.4 5.5 19.5 Mar- SepL tautouldf.—.- m 30i 7.67 13 1112 19.9) 

Jan. Julyfc. Kid Allied. vl 57 12^Th21 33 5.6 5.4 Mar. Sept DaTJiDcbKn £701, 7. i07% 202 d3J - 

v m268 4.7 4 8 65 July CrowtoerJ.i — 34 126 d0.66 - 29 - Aug. Dec. 

1457 28 91 6.0 Feh. Sept Dawsunlnli 90n 297 hr7.0 25 LL6 5.1 5*4? Dec. 


I m2 68 1 4.7 4 8] 65 July CrowtherJ.i 34 

1457 28 Oil 6.of Feh. Sept Dawson bdL 90« 


Ocl- Teb. indnnident».„ 180 107 1660 2.6 5510.7 Feh- Sept Da ‘.V ...— ,89hr Z4.7 hP7 0 25 1L7 5.1 fj™ Dec. 

I — 1rLT)ict»od||.._ 255 — blOc 3.5 3.0 80 F<*. '-»ct DtxomDaudl — 114 211 13.73 4.7 4.9 48 Dec. July 

du Con: 2Z0 105 35 F.4 ~ Kw. JuM&riy(06 M. 10p 26 1610 201 21 115 62 Jm- Aug. 

OcL Apr L'pnolD PusSOp- 123 l&S 17.37 2.4 5.9 71 Jam. July Vaster iJohoi 40 . 155 125 2.8 9.2 55 June Nov. 

Nov. July Marshall Ca-..lfe 4S 16J0 t4 43 1613.8 7.0 Apr. Nm jfae^asfj 1 *lk . lg W9 *0.76 H| 08 M5 tor. Aug 

Nor. June]\W5lnr 245 m 1903 4§ 56 5.8 Apr. Non. Hjdug Fstfipp 106 7.24 23 10J (51) Dec- Aug. 

* - - - -=-= 1 -. , -’ J *ro!.5p_ 10J Z 305 076 2.6 10.8 55 Mar. Sept 


Nov. July PfenwnUnicac- Z14 ,211 6.08 43 4.2 81, July K/cWBros.5p_ Ml, 305 0.76 2.1 1M 55 

Feb. July FcrtsmOitSiifld.. 73al DD 13.15 4.]) 6.4 6.7 Jan- AutlLslimm. — 51 lie 3.06 3 0 8.9 58 

Jan. July Pvnmd.'On - - 40 303 d249 2.3 43 70 Mar. Oct H'jJl*i7rp%j_ 64 7i 4.56 2t 10.6 62 

A SntRamteMKP. 193 2U4.il 4j\ 3.2 10.9 Aiyj. Feb. HwuL-dj 39 305 d3.17 0.9 121 (IMlltot «i 

M^y n?t Oui*.srs;Hk*. 140 305 M3 40 S.eJ 3 6 7.2 fHrt Mar. lirgworlliML2ft» 30 2.8 150 50 75 2.9 1 Oct Mar. 


NOT. JUDefctd r-ewWrs 3J5 3814.19 33{ 6.3 67 |«cL Mar.llki-.V20p - 29 21i L50 S.8 7.8 2| fq*. Mar. 

Oct MartWebsta^PuhJp 56 3fllffl-rt36 3.« 3.9 97Ki ,n - Aug.llBgramiH/lOp- 29 31 tfl31 Oil 67 293 [Apr. Nov. 


Risen Bn* 20p-j 37 


PAPER, PRINTING 
. ADVERTISING 


85 Apr. JuMAsor. Paper — 50 

43 Jan. July Da Sow Con v.- DM 
| 7.7 Dec. June .taltiwiborg— 391* 

10 a Dec. Mry Eemrose 77 jUffl 1JJB9 ZB) 731 JO. Z .Sent AnrtMnntlnri _ 74 lfi 

Jtl June Jan. Brit, rtiouw.— « 2J3 t35 3.0 10 .^ i4 0i j^T NphaManlf — 131 16] 

124 Jan. Jub Brawn BCCrp— M “6 d33b 3 3 85 55 ^3,.. Sept NoraJerseySOp. 37 a 

6.8 Jan. July mBatnt »lg- g S « H a J-Z J«- June Parld and -A’ — 74 12 

73 Nov.' June Buml Pulp 92 16^ 14* July PicktalW.ifcCo. lT^ 16] 

-61 Dec. June o9 16Jfl 193 3.2 7.4 65 ,\ug. Dec. Do WNVIOp- 9^ 16.1 

12.8 — CmtoitSirl* - g 1274 - - 7, W Apr. July Radley Fashions 59 27 

215 Jan. Aug CtoranBalsflp.. ES J2fi 3.9B 15 7.0 B3 Ocl ReharkettLlZOp- 54 ZL 

5.4 Sept May Clay'Rid , 3d , ~ « /MhlCT 35 4b 4.6 May Nov. Richanlsl0p_._ 21 15. 

4 June Nor. LdteUPsenlOp 75 13J2 M 66 Aug. Dev . Riviruuu R«d- 63 12 

— tnKcrG-jenl — 23 102 3.3 6h 70 MnT. Oct. S££T.30p 64 a 


142 .) 3l9f 5JJ 60 Nw. Mot JerojneiHlcter. 50 

Jan. July Leeds I>ers 64 

nrwr/t November lyaghMiiis 21 

ING - Leiex5p 15 

Xfx Apr. Dec. Liflcr 50 

ffj Jan. July Lv|esi&)20p — 60 

-.1 r . m May Dec. Mackay Hush — 45 
.4.41 8-Bl S.4 Ap r . Oct MaddnoemScoW' 47 

Jan- July Martini Ai20p__ S3 

>7.98 2.4 7.51 8.6 Nov. June Miller iF.l lOp— 45 

QP 701,7^10.2 Sept Apr. OonUaet 74 


• - De>yii3L'p 19 |75 ~ - - 7®^ July Dot Scott RitoUon, 45 305 12.71 

Nov. July DRL- — — ■ — 117 21£ 1711 12 91 92 w Sekerslnl !(to._ 34 2bl 1L5 

Sept Apr. Earilan-.-i Fpr_ 63 J2 t3* ?-9 7.4 72 Fo E 7 Aug. ‘1/mi^s/Op- 67 107 155 

July Nov. Eflcalypnis — 57 Vil 17 * 5.2 June Dec.ShilobSninncts- 33ml D.ll 166 

Apr. •Nov.Psnyrifc , 0?.- 67 M2» M M g| Mar. SepLSiito*lMfc50p_ 84 126 6 II 

Jan. June 7«rs Grew nn>. « 3V& K3.0S 2110.3 68 j an . -^1—- - 


eiHldg&i. 50 1610 M2.82 3.6 R4 60, 

Dyers 64 305 10-53 55 16 72 f 

Milk 21 2.10 d!29 2JJ 92 (Il3) 

5p 15 174 - — — — r 

50 1222 dLO 7J) 3J 64, 

&l20p 60 303 499 X1133M.2J 

y Hugh — 45 210 d3J5 0.5 10.5 15.6 

uotScoW 47 30J 1.67 5.4 53 61- 

iiA»20p_ 83 115 t!76 42 69 33 

(F.llOp— 45 1610 HI 62 35 5.4 08 

st 74 1SL5 1334 22 72 9J 

Manlf — 131 1610 tl29 61 32 67 

erseySOp. 37 at 15 0.6 60 443 

wT.V 74 Ui d323 66 65 31 

iW.lt Co. 17i z 1610 ±0.7 21 ± 12.1 

L'iWJfip- V 2 J6JJ5 S.7 22 3 66 

r Fashions 59 272 631 4 U-5 * 

.eJOLlZOp- 54 ZU H3.55 3.1 9i 4l 

dsl0p_._ 21 15i 1X05 3.8 9.0 67 

ion Reed. 63 116 d4.49 25106 43 

r.30p 64 2LS L84 9.0 43 J.fll 

htoUM. 45 305 12.78 25 9.6 (4.8) 

ilntlto.. 34 2bl 1X53 22 68 64. 

atoslftp- 67 107 255 13 5.7 202 , 

Sjanncts. 33ai 13.U 166 13 75 168 * 

, Inds50p. 61 Kt6n 1510.9 96/ 
iSildar 106 lolO d3.15 53 4.4 64 


Dec; May Hamxra 81 M “S426 2A106 5Gy u | y Dec. SnuN&TIdnBs. 45 49 12.03 16 6713.8 

Apr. Sept unere-sb-p - 63 33-S ^2 Z ^ Apr. Aug. SaV^osamOD- 69i 2 177 — — — — 1 

Dev. JuneL4P Pa>lervJp 202 16-K T085 23 73 7.6 A pr. Aug Da Pnv.LIOOO.. «H 2 177 - — — — I 

Jub- Feb UcCcrquodt/fii- 265 Ui 11446 2 6 8.1 55 F eb. OcL SpeownGeuL. 37* 1&9 123 16 101 73 , 

Sept XdtoHdfc. . 96 ZU 321 42 5.0 7.1 A pr. Nov. Sfcddard'A' — 30 4.9 dL33 23 66 8.0 J 

May Kor.lfDstA3en-«r =02 «■ 50 6.2 3.7 55 Jan. July ShtoRikyDriJ- 31 10.7 132 61 73 29 A 

,&2l July Dec. Mc« VFKTlOp n XLW titojn 3.0 5.9 83 _ Snnbeamfrolser 41 - Q3.75 27 9.1 5J> 

7 0 FJ.SD fXtotV.E-^-a'JsrfnDWOc 4.1 24 10.0jan. May rereConsuWe. 69»l 1311 J3A 5.0 8.1 6A 

6* Sept- Apr. Of ires Fjperaip. 43 Si t2g JS 7-S 2 2-f Mar. Se^. TcsftdJry.lOp. 33 7i 1.01 42 4.6 73 

Jan. June OsJev Frlirf «.rp-. 63 t^H 67 60 |6 Febraan- Tomkjnsons 60 1Z12 3.81 13 9.512.0 


62 Sept- Apr. Olinss Paper aip « “ ir?i Kar - & 

73 Jan. June Oxley Prim.' iip... 63 t2-H 67 60 |6 Febraa 

Apr. Sept wduiSkti 117 34 3-9 Feb. J 1 

?b Mar. Julv Snail! iDiidiap. f® 10J P4.75 4.4 8.9 6.8 — 

b d ItHudsi 192 1WE 17.45 26 5.7 10 0 April C 

11 *7 Jan JnK 1 Trarnaarm! PUT. 65 36.0 5.01 13X1-5 9.0 jmi- Ji 

pvh Au£ SSp- 100 26 1 4334 11 5.0 28.8 M^r. 

li !:£■ 64afllll t332 33 7.7 61 

w jan. July Ware Craip20p- 59 21D thX58 52 4.0 L 

152 Feb. Aufi. 192 10? 1X31 U 10, 

PROPERTY 

July Deal^d^nWPl » 5.5110: 


reroConsnlale- 69nl 1311 136 
rextrdJr^.lOp. 33 7i 1.01 

romkinams 60 1Z12 3.81 

rental 45^ Dll 12-76 

roray Y50 60 2flX! QlOK 

tonntd Carpels 26 7L8 X69 

rscm1Ilel0p„ 79 1SJ 2.35 


169 OX 9.7 
235 * I 45 


?■“ «■“ Mar. Sept VHa-Ttm SOp — 56 219355 22 

77 60 Mar. Oct Yots, Fine W.SBp. 43 269185 il 

5-2 J.Z Oct MasYonehal 33 109 4208 — 


TOBACCOS 

a 1270 1 . 7.9113, 


r - . Apr. SeptlKATImk 270 7.9tl32 

r - - DoDcfd. Z35 71 — 

' Jea- June CwnhilliAJ I0p_ 382 266 8185 

206 2.W 5.5)10.7 Nov. Mar. Imperial 82 189 5.75 


JM — - — 4.1 

5638185 S3 35 7.9 
895.75 IS 105 (64) 


,Jn£ SeS" KOiMUdOop- 214u! 1311 d437 2 2 3.0 22.7 Jan. SeptjRoliimjisiaijp. 59^ 7^257 8l fLa i7 

C-Z&pr* |r ^ s 1 it mr Ju,y&lfej 52 

Baiuuttiii Ithi^ 36 71 613.87 1 1 67 19.0 TRUSTS, FINANCE, LAND ‘ 

n a! { u t Investment Trusts 

s: 55 assss”- §L 1 W, is !l?l k fistsasaa: >M|sr « ifs* 1 

Dec. Auk. BradfnrdTrcp. — 250xr; lil) tb.9L 4^. 4.1 67 Jan. Sept Ailw lav. 109 21? 4.86 10 66 218 

— Brdish Und — ?S 374 — — — — Dtc. July .UDancelnv 104 4.9 3.05 10 4.4 33.7 

Apr. Oct f« l-prOn Jffi- FlSS 216 -17.9 •- OtL May A/liaiw Trust .. 2041* « 721^ U 5327.8 

ji5|v Nov BnsSOn Effi'it— 3.33L 210 1194 17 u* {29 3‘ Nw. July Ahiinredltir SOp 114 1610 18.43 Li 110 133 

Jan. Jub 1 Cap fc Counties.. 5*2 ^ t73 12 44 g 5 Nnv. July Du i.'jpiial sdp. 187 1610 10.43 — 03 — 

j an Sera. r^riiuJon Ir - - . f Op 98 41 d228 12 33 36.7 Dec. July Affitooselff- Inr.-. 56al 1112 1437 1 2 1 22 10.4 

— CnlPHinnM'XiF SC T74 — . — — — — . DaOap 76 - — — — — 


— ' IX'.afi^P — ~ — Oct May 

rhadiie-ltff — “■ ~ ~ 

Ann Jan-cKfieid.-- 116 4.06.. 2.2 l.EMJAug. M ST. 

■j£l' ^Saa2®50s-- 62 ■ 174 l ia 4i ixi June" Dec. 

to** (SS&fflop a* m 52 ^ 


— — Oct May American Trad, 4flij 4-9 1137 U 5.0 271 . 

— — — AmencanTsfB' 3W 2 — — — — — Jan. Aug-. 

I f |82 Aug. Mar. Anglo Am Secs^ W 2 307 3.05 11 5.0 27.4 „ f 

23 %.7 Sept Apt taglo-luLDIt^ 40 M 325 10 121 121 Oct Mar 
4,4 202 — DoAssSSha^ 150 „ - — — — — Mar. Ang. 

4.E 17 2 June Dim And&ScoLInt. 41ba) 1311 18 * 6f * 

3.617MJ Aug. Feb. AithanedMlnt. 76 3W 5^3 It 103MJ 


&GalzJDn- 


AW tofiSeW 7M 1203 2.8 13 412 _ Do.Cap.Mp— . 35 - - 

tor Oct CnliyNe*?. WP- 7. Juu 0 ArnoInv./iAL— 133 3Jfl Q12 1 

SSuS rSIftstBlt 1» ^ 44 12^2 Aug. Mar. AafdWDiM^ W JMtUfll 

Mar Sent DaeanilSilg?'- ME M.7 3M 30 w.4 M January Atlanta Balt. 1 Op, 53 28.11 031 

fib ftrcrEstuslfy'- J? ®-? 5-6 November Atlantic Assets- 100 2JC 0.41 

D^< borriaatanlOp.. |5 X1S 1314 .16 8.5 111 Doc. June AtlasBwt 5»2 IfdE 1.93 

iSf 6 ttnURwAu nn |J3 8.8 10.6 i»B October AnstAJatfilW. UH 3.0 

^ Sew iSStS?-. ££ ftS®£J?!-3aZ - N(K - July Bnnkx^lnr 55 1UD 255 

oS Dol&tCtav.™. F78 1|5 Ql2^ 60 H5! ~ . Decemba’ Beny'Dusl— . 71a! 1111 106 


i.twia rw rkflrii'iTan 33 •**** J" 4 a>J uo c. June,. * „ 

Ecg rxSf- 5“ & LgflM.fi i»l October MIMOH- W*2 185 3.0 U 4, 

& Se« LoR^CmT-. L76 36J ®£fl94.Mf&7 - Nw. July Bnnfcc^lnr 55 1UD 235 10 7, 

Anal oS [tolS-Chv..P- F78 149 Ql2W 6fflMB ^ Decemba’ Beny'Dusl---. 71rf 13J1 106 12 Z 

AP hil- Es«.i Agency- 47 10.7 0.46 1H 1557.7 — Pchopseteftnp.. 6^ 3110 

Knv Illness ft i*n sop- 20 P 1 tlffi l5 7.616.1 *’«. June BishopseXeTd. 173 15Jtd634 18 5, 

w' wI'Wf!.. « 16J0 Z36 I.« 3.6 217 May Dec. BrntertWlDp 55ljnl 1311 L70 « 4. 

^ m&LuU..- 8b 72 tIJJ2] 3 .h 2.318.4 June Er^tlRuiriMl S1K. 67J QS0.93 * 9. 


JuJ? E^iiAgniry- « 
Nov. JundS* ■ ft 1 '* n . ^ - S 
v,. ■ (Pcit Pmn In-.-., . » 


q? te EtoSiwt»BiL 120, W 431 &ll(43jjan. JulytBrmilliiy.CiSl. S127 WOSS3L 

73 July BSwtlift. ^ M 103 U SA 9 - ? - BranarTd. 24 24.7 

July r.iiasi p Vm . 7# 117; — — — _ Jap. Aug. &idgeraier_ 7lj 41 

ind39P- 2W J 7 1h2.95 22 2.1 32.2 A pr. 5qt Brit^iftfietu 39 2U tl67 
31 M * MU-SApJyDJtffl British A smssl- 69al !U1 2.4 

jan. APT.g^a, ^1 BaBSi-— • 1a&F Kw, tOL Ea* Sect 5p. 3010 OJ 



Serving the world 
with 

financial exrcrtije. 



m W 


■■a? w v* 


Tokyo, Jnpsn 



234 IjOlC* 95 


5-0 ai 6J 
42 4.6 73 
13 9.512.0. 
23 9X 5.71 
10 19 55.0 


NOTES 


I I'llew utenilae Im Mc ltd. price* and net diUud) arc 1 b 
I penc* and demnlnatiOM arc 3Sp- w-m— prieefevulMB 
) ratios andcaren are based «n Waal annul trpocts and accamita 
and. w here possible, are apdated on half-yearlr Beua. ffb am 
ealcntaled on Uw basis of net dimtrHmtWm; brachofied Bruts 
Indrst IQ po- cenL or non iBfla tsw U adcnlaud on “nin 
dariMiw. Oarers are fcawnl on "mmauu- dlsMMiOB. j 
TIeWs ore based on middle prices, are cram, cdjwtod lo ACT of j 
33 per cent- and allow (or valor of declared tUstrihatlms and j 
rights. Securities with dcnoiidiudODS ocher than sterling are 
quoted luMvc of the I nvestmen t dollar bread am 

t 

A Sterling denominated s ec u r i ties which include i iiwnuoi it ! 
I dollar premium. 

' • "Tap" Stock. 

I * Highs and lows marked thus bore been adjusted to allow $ 
' for ngbts issues for rash. 
i t Interim since increased or resinned. ■ 

| * Interim since reduced, passed or deferred, 
i 11 Tax-free to nra»- residents on application. 

■ * Figures or report a waited. . 

tf Unlisted security. 

* Price at time of suspension. 

I 9 Indicated dividend after pending scrip and/or rights isniK i 
cover relates to previous dividends or forecasts. 

* Merger bid or reorgMuretioo lo progress. j 

4 Not comparable. 1 

i o Some interim: reduced final and/or reduced earnings j 
Indicated. ' 

i Forecast dividend; cover oa earnings updated by latest 
interim statement. i 

t Cover allows (or conversion of shares not now ranking lor ! 

dividends or ranking only for restricted dividend. ; 

ft Cover does not allow for shares which mar also rank for 1 
dividend at a future date. No PfE ratio mnmiiy prodded. 

9 Excluding a final dividend declaration. 

* Regional price. 

/I No pur value. 

a Tax free- b Figures based on prospectus or other official 
estimate c ferns, d Dividend rate paid or payable on pare 
of c.ipltal: cover baaed on dividend on full capilaL 
t Redemption yield. * Flat yield, g Assumed dividend and - 
yield, b Assumed dividend and yield after scrip issue, 
i Payment from capital sources, k Kenya, m Interim hlgbor 
than previous total, a Rights issue pending q Earnings 
based on preli mi muy figures, s Dividend and yield exclude a | 
special payment- t Indicated dividend' raver relates lo - 
previous dividend. P/E ratio baaed on lalcu annual 
earnings, a Forecast dividend: cover based on previno*. yea Fs ' 
earnings, v Tax free up lo 3Up in the £. w Yield nil owe for ' 
currency clause, y Dividend and yield based on merger term*. • 
x Dividend and yield include a special payment: C<r.er door: hot . 
apply to special payment. A Net dividend and yield. B 
Preference dividend passed or deferred. C Canadian. E Issue , 
price. F Dividend and yield boned on prospectus or other 
official estimates for I9T68H. C Assumed dividend and yield 
after teodingarnp and/or rights Issue. H Dividend and yield 
based on prospectus oc other official estimates ror" 
J873.7P. 8 Fi cores based oo prospectus or othor official 
estimates (or 1978. M Dividend and yield based on prospectus 
or other official estimates for 1STO. N Dividend and yield 
based on prospectus oc other official estimates lor WTO. P ' 
Figure* based on prospectus or other official estimates for * 
1*18-79. Q Cross. T Figures assumed. Z Dividend lota! us i 
date ff Held based on assumption Treasury Bill Rate stays , 
unchanged until molarity of stock. ■ 

r 

A bbrevl at ion y.ri ex dividend: it ex scrip iwar.sre* rights; ne* . 
all; d ex capital distribution. • 

** Recent Issues »* and ** Rights w Page 23 

This service is availBble to e very Company dealt in oa 
Stock Exehaages throughout the Uniled Kingdom for * 
fee of £410 par annum tor each security 


REGIONAL MAMETS . 

The following is a selection of London quotations of sharef 
prer/oosly listed only Jn resjonuJ markets. Prices of Irish 
uwies. most of which are not officially listed in LAndoa, 
are as. quoted on the lrltdi exchange. . 


18 3.4 595 I 

12 eM| 

13 4 9 28. 

U 4J28V 


55 269 
4i « „ 

9.2 * 0< 

94 *93 Feb. 5ept 


issues, most ot which are 
are as. quoted on the Irti 

Albany Inv.SOp 26 .... 
Ash Spinning.- bOia — 

Bertam, 15 .... 

BdB'utr Est SOp 323 
noverCroft... _28 .... 

Craig i Rose El fiffi .... 
[h'Son iR. A. 1 A. 37 

Ellis iMcHdy.. 66*d 

Evered £5 ■■-■■ 

File Force.^.— g 

FmljyPtfrSD- 5 .... 

nroigShlp-El— .... 

Hicsons Brew... 75 .... 

HohiJosi 2tip._, 2Q .... 
LO M.SIRLEI.- 1?B .... 

Ntho GoWsTnilh 65 .... 

PeareviC.H.1 — lgW .... 

Peel Milb. 21 .... 

Shefliel d Bncfc 52 *4 


| Industrials 
A. Brew 

A. P. Cements. 

B. S R. . ... 

Babcock 
Barclay Bank. 

Betcham 

BooLs Drug— 
Bowalero 



British“oicycaj 
BrouTi iJ.i — ~ 
Bun on "A' — 
Cadbury*- — 
Cotmo ulds — 
Detienharas— 
DLuillers— _ 

Dunlop- 

Eot/ic Star — 

EJLL 

Gen. Accident 
Gen Electric. 

GJaco 

Grand Met— . 

GUS.'.V 

Guartliun 

G.ftJv..- 

Hawker S i dd.. 

House c#F»sW. 


ShefLKrirshmt.] 67 
SindaUtWm.i._.( 114 


I.C.X 20 

ffi •'Impo"-.., — - 6 
Iff I.CJL 20 

9 Invcretk — 8 

11 KCA 3 

25 Lad broke — _ 17 
35 Legal & Gen. _ 14 

15 Les Service _ 7 

16 Lloyds Rank 22 

24 ‘-Lots" 4 

6 London Brick. 5 

20 Loorho 5 

12 Lucas lads. .... 25 

5 Lyons (J.l 10 

10 “Mams" 7 

B MriLs.JtSpner 10 
15 Midland Bant 25 

7 N.E.L 12 

11 NflL West Bank.. 22 

14 Do Warrants U 

17 P&ODffL. 8 

15 Plessey — 8 

40 R.H3L 5 

9 FtahlcCTg. ‘A’_ 18 
30 Reed inuiL 12 

13 Spillers 3 

22 Tesco — 4 

20 Thorn ... 22 

12 Trust Homes.. 15 


nusn - 

Oa ev. 8%‘B(W82. £89i j +>* 

jVlIiance Gas.„ 96 

Amott 350 

Carroll i PJ.i.„ 95 ...... 

Clondalkin.— . 97 -5 

Coticrele Prods.. 130 

Hetton IHldgs.) 49 

Ins Corp 160 

Iiluh Rjupes lift 

Jacob... 55 

T.M.G 172 

Unidare 88 


Bates ■ 

I Tube Invest. _ 30 

Unilever 35 

I Ltd Drapery.. Th 

Vickers la 

Woolworths 5 

l Properly 
, Bril l-inri. — 3^ 

■ Ca^. Counties. 44 

Intreuropeam" 4 
. Land Secs— . 36 
[ MEP»; 12 

1 Peachey 8 

Samuel Pn^s.. 9 
’ Tcwn & City._ 114 


BrlLPetirdema. 45 
jBurmab01L._ 5 
Charterhall_ 3 

Shell 2g 

Ult ramar 20 


' Charter Cot**.. 12 
CohsGpId.^ ]4 
RioT.Zme— . 16 








































































































Building 
Society 

stronghold for savers 






Hwd Office. Hijh i 
6023 1DH Tel: 0:5c 
Linden Office: 31 H:ch 
V.GI-Z426I-:? " 

Aivt* ClSUniv"' 

Kr'rrtpvfi^rd '.t inoiin 




Monday November 20 1978 




Awoddwide 

:in& servte \* T ' 


Had Office: Biitn Dawr- I^Mirw+ks.TON TXl 

Telephone: 01 -48* 33?2.'Jdrt:WfWI ; ' • ; 

. •>-- a Tract cr ei :hc JncucapiCosp 



akers fight 



BY MAX WILKINSON 


v.l * r 



plan 
by cheap imports 


Br MAX WILKINSON 


aireody ’ha - . i.i'k- with the Ej?t Obstructive 
Europ-;-r.% could start soon after- 


ca'Cs tu.:n;:rac;tmis their own labels. 
j«.sod :>.<■ Ej't Euro- The East European countries 
:er* do not own cover to be named in tlie complaint arc. 

•natcrial. Czechoslovakia. East Germany. j THE GENERAL Elect* ic Coin* that Candy machines ore nem; 

>u:t ttf th-'se tactics. Poland and Hungary. . paoy's plan to build an Slim marketed in tne LK Eiec.r:- 

•>c penetration of ir.e Motors are atso being imported factory in North \Valc< lo iiiakc city hoards. He said tm> gave 

Hotpoint washing machines, is the machines a kind of omei 2 : 
being reconsidered because of seal of approval which helped 
Cheap Italian imports. private retailers to market cui- 

The new plant, ai Rhyl or price forelan machines. 
Llandudno (where GEC already Candy has increased Us LK 
makes washing machine 1 *, was market share in the last two 
expected to provide about BOO years from almost zero to between 


AM'Ef; .MOKE tlian Su* jvar* of 
in».»>aclu>f e tMkj. Emor»ea:i 
it-..T<r> c'-etnc .iimI oi s 
acri-cJ ’•* take joint action 

a'S-yed duiiiptnu b> 

Casein Eur-.jie. C.-t 

The ii::tnu:'a*.-;»irvr< expect t».* Dav.i -'i>i ha-? ri-on to 50 per to We*i Europe from Bulgaria, 
ay re* a detailed complaint >*n cc:". P.”-’ ration is j n*und 33 per Romania and the USSR in smaller 
December 15. v.bn.-li will br: . : France, Italy, Belgium quantities. However, for 

forcanJoti fo i hi- European Com- ;,r:j lo.Ti.uark. and in West simplicity, no complaint is to be 

missK.n »:i Bru-seU for action, i«- .-man; . it is 15 per cent. made against these countries in 

The L'OiiTutis.i'ji: ha* indicated ’ the first instance. 

The European Commission 
would have Dower lo impose 

wards. 7;:-- ..-ders in the present quotas, or tariffs, on imports, but; Mr. Chaim Schreiber. inanag- Although - Common Market 

Manufacturer*. particularly in r.tun i ‘.-f talfca in West Europe it is more likely to seek a volun-i ins director of GEC-Schreiber, regulations do not 2 ilow dis- 

Germany. France and to a lesser ha-.o l eer the French. For tary agreement with the Eastern t which makes Hotpoint. said crimination against machines im 

extent in ihe UK. have been se-oraj years. West German Europeans. [some Italian machines were porie_d_ from memoer countries, 

<=u fieri r.y acutely from an influx Mar.u.'reiurers have been lake- The formal submisison is being 
of motors from Cnmniunm --:a rsn <jt obstructive over the made by COMEL. the co- 

cciumries. o' ten priced .it 30 p~r pos-i.vli'.y of taking action ardinating committee for Com- i what he believed were 

cent below those of West Euro- .main?: E-j*! Europe. mon Market associations of [ omically justified, 

peart competitors. One reason ii that West rotating electrical machines. This | The unfairly cheap 

As a result, the West European Ger-iiuS manufacturers Import organisation is now preparing a 
industry is running at only be- 
tween *>0 and 7o per cent of 
ml! cipae:*;.. 


jobs. 


5 and 6 per cent. 
Although ■ Common 


be- con? f|iiamites of motors final draFt of the complaint which [were 

its from Ea ( T Germany. The West member associations hope to (because 
Ger'iian* :/ien market them under agree next month ] obtainic 


being landed in the UK at the UK manufacturers would like 
prices which were well below a tougher stand to be taken by 
ecou- the British Government on the 
technical approval procedures of 
prices, foreign machines, 
particularly of Candy machines, . 

made possible only Pnce range 



e design bids 
think tank 


BY JOHN LLOYD 


SCREAMINGLY totter division hosiers 
between Bn tain's manufacturers iT-bin. 


be worth 


obtaining ^uppoVt^rrom 'the , The Electricity Council said 
! Italian Government. Otherwise, l ^ aT - three years ago. a. 1 the 
1 he did not believe that the electricity boards Eleetra brand 
I company would be viable. washing machines were imported 
i "Candy machine* *re being from Zanussi in Italy Htiweie,. 
sold in Lhe UK al‘ about £130. more than nuH were now-supp.md 
whereas most UK manufacturers °> Hoover in .Merthyr 
: are unable to get the or ice much Electricity hoard? were obliged 

under £200. to jfiucfc Machines :n c complete 

"This is not because we arc less price t inge. ;F They wished to 
. efficient. Our plant is just as compete with omer nigh street 
; efficient as Candy's. The retailers. 

.difference is that we inv<? to be ^ '‘.-as pusstb.c, mere. ore. _thai 
: profitable, while they, apparently. boards were selling raaensnes 
j do not. made bv Canny, but they repre- 

i “The existence of this kind of sented a fairly small proportion 


of turbine generators has led lo int Ci-rne Chapman division maintenance and is much better 
the Prime Minister asking the- of Northern Engineering has .-uited to export markets. The 
Central Policy Review Staff— the alrer.d;. aeon told that it will company has exported about 
Government's “ think tank " — lo receive the design contract for 7.600 megawatts of four-exhaust 
study the nva! turbine designs, ih* hollers via the N'ueiear turbines. 


and report to the Cabinet 


Pcv.er Company, the operating Paraons has yet to receive an 


Reeves adds from 


Lame duck 


about GEC says that the four-exhaust , — 

is Cheaper to build, requires less competition calls into question of tniai sales. 

our plans to invest in n new Robin 
factory in North Wales." Cardiff: 

Mr. Mervyn Phillips, chief 
executive of Clwyd County Coun- 
cil. called on the Government 
Mr. Schreiber said he was not to support British washing 
worried by low-priced ynmpeii- machine manufacturers against 
lion from some Italian cum parr es what clearly was unfair com- 
like Zanussi and Indesit. which petition. 

Their sales price? are not 
Indesit is a - verv efficient enough to cover manufacturing 

alone provide for 
e cost of shipping 


The think rank's intervention division of :'ne National Nuclear export order for the six-exhaust, 

comes as the *v.v> turbine manu- Corporation, though it is be- The previous Review Staff re- 

fa cure rs — Genera! Electric iiftved That The contract has not port on the industry stressed that , . 

c GEO and the C A. Parsons been finalised. export orders should be a prime j he ^ regarded as generally rai: 

ti'vi.Mon of Ni.irtiiern Enjinvennc No such decision has yet been consideration in rfie ordering of i inaesit is a verv el.ici . .. 

lndu-:r:e»— orders i-iret: op ;p.u turbines, however, power plant for UK power : cor dpany, which stand? on its cu>i>. let ai 
fir fr.o two ad'.eni.ct! .■;ivrnyicd :tir..-jch :.ie Central Electricity stations. °J ,n feet. VVe cannot imp .am profits and tr. - - 

reac: , *r oj- rir “'.wi-r »»atlon.-* of 1 .‘.-.I era'in. Guard j? L nought to The Cabinet will al>.» wish to ^hout their prices, and nv are them into Brit j in. It is patenuj 

have : >J*J ::i..r Review Staif that Take account of ibe einploymenT » n,>1 frightened by Zann-i. How- clear Ihmr sales are being subsi- 


T*. rn>.:- :n-l iic. *r. j!ii. auv.* ::n.: i.evicw Man mat >ast occuuni oi iue employment , “f ■- V “‘ .v* w ‘ 

I; Ii.-. - oi.n-ii*’ ci lua:.' m: u nr.;:, r.-: ins design known as Miuatiun in the various plants. ’ ever - when we have in compete disefl- 
S.i- A: \i'cin»ti<c!.. CEf; ii-,.. ha u->t sy sic. u. nude b> Northern Engl neeringh plants, in ,35a- ns r a lame 'duck : •-To®5 the . he Gnri 

diivt.-r. Sir Air.'di! I'ar-m?. i \tr the teur-exhaust Tjn'^ide. have a .strong case on • Channel, wpicn is r-cinv rup- end irj tn 


- r. -j : i : . 


rernmer.t should put'an 
the unfair competition. 

h?: -arc- -Sr'.:: r, r .w made hv GEC. Tim vocwl "rounds being "in an'area ! P^ied by its Government, that either by coming to an agreement 

dtr'-e.ip.i i a v:d uf the de.-i^n S'-Mih of Scotland Flectriciiv of ln;h unemplovment. They '» a noi her matter." wan the Spanish and Italians, or 

'OrtrL-.-i ■ h : ; .ir'.-iiie- by :v.u R.a.-! - hicii fi build Torn<**«. ala" lack the expurl work enjoved j Mr- Schreiber has - iMlcstcd lo by off >rtnc equivalent advantages 
in'-n'h-. e..ri : i ;< ::r. m.-iiu-.oJ to favour the six- hy ^EC. which ha., a major plant: the Government about the fact to British manufacturer?. 

Hfi-wu-r. I :;r» fi.-.-r-s tn. t ‘.MiacM in Larne. Northern Ireland — ■ 

ii:-? R ■.’.[■:■■■. S-jtr roml. i .' leaked. lLov-cve 1 ". n'-r'hor il nor the though ihat. ion. is an area with; 

■ jild 'j.rii.'jcir.-: to the m;lu- G*?ntri! ES-.-frintj (;»netating a high h-vcl of uncmploysuem. 
try. It.- r-.-iurt on iho pnv.er Boar.: -.-iM nercrmine v. hivh com- Parsons is confident that its 

r.idni: industry a- a vUiuU?. pu"- pj.py iD^kc? rhe four turbines, or technology is the preferred one. 

:i'h?d !j- ; T :-'.Mr and ihariii" now maay. Tli _ r decision is no'-v and that if it is awarded the 

vsittca! ■>: certain a.-pecL. “.a, to taken by the turhine comraet. it will 

extensive,;.- •j-.-d •■;- "•‘-•r- .-a- ijjbinet. " slicngt hen i is position for further l 

co!iippuT.'.-> is *rviilenctr ihat The basic iii-puie. ini j which advanced gas-cooled reactor! 

Bnii-n '.MrinicniLS '■■■'.■ rv the Review Sti-iT v:li inquire, i? a officii. j 

%nj*flicjom. _ technical one. vuiicerning the GEC may be able, however, to j 

Tr..- r.i^f-nanic-'] '- r.i>: on .nc •jthcicncy uf ; . i two v ystem&. switch back to production of the • 

•hat the- six- six-exhaust system— which il 


ICI plans to reopen 
all Teessfde plants 


... ... — -- - -- klll.1V .tv ( > ■ '.I 

Jvti'ion-. sre' tiding tlie boilers as Parsons ciau.i- 


BY KEVIN DONE, ENERGY CORRESPONDENT 

-...Alt t n .‘ Turhine' ■Vill he -.vhatisf 't. i. h c.nVo ^rt,'. -.nrf h\Z ' ^ _ ‘‘ IMPERIAL CHEMICAL Indus- The artificer stan nas now 

' • towir nr.ee ,£2S KSSSl ' !^ m &pe{S,cffi SXS S£' 

[plants on Teesside, which have severs* apprentices have 


iers oppose call for link 
of price index to charges 


been shut down since the summer completed their training, 
j because of a shortage oT skilled The first plant to be brought 
staff. back on stream will he the 

The closure of the plants had S?n 0 t W tt .u^h^Sl SKj 

cost the company about £10m in ^ ^iri^nmr 

maintenance. LLI now expects 

J.hAlJmn n^. f M tr to be able to keep both ethylene 
chairman of ICI, said last week. p j aots at yvilton in production 


by james McDonald 


justification for 111*’ Price Mom- WWU!,e ueismeu C usis currea 

s.i!iSio.T* recent recommendation ;‘ f f7 :c T cu ^ e " d t ^ i" creas ’ 

........... , , the index is nut relevant to the the ex 

that uauliers u.ue rating cbar.es majority of the items of expense charges 


and 


THE Road Haulage Association year to the Retail Price Index intends to conduct should 
says today that there is no would be wronc. says the associa- identify the increased costs in- 
justification for the Price Mom- because the weighted costs curred by hauliers, use these 

increased costs in determining 
extent to which haulage 

Cl . . .. , ... ges can be adjusted and, in 

profit nu.-jins should be m a haulage business. _ addition, make due allowance 

pegged for months ti* the “rate - increases in the costs of some both fur the need for hauliers 
oF mrfation prevailing in the items, such a, vehicles, fuel, to recoup the reductions in profit 
economy generally." wages and vehicle excise duties, margins experienced in recent 

it ha, appealed to Mr. Roy have a significantly greater years and to cover depreciation 
}!aliersie>. Secrctotv Tur Prices impact c*n haulage costs than on expenses evaluated on vehicles’ 
and Consumer Protection, to the Retail Price Index.” replacement costs." 

refuse t-j interfere with the road The memorandum points out The Commission said in its 
haulage industrv in this wjv. that- while in 1P76, the index report that the industry's costs 
In -i Pve-nv.7 mmnnrinff.mi r. rose by 13,6 per csct> the as s°cia- generally greater than those 
Hr H-ilw-iw "hn -ff-n.Mniinn tl0n C0£LS ro3c h Y 15 P ep cenL-wbicb ought tn be incurred by 

Sw -Hlf-? , ,, of ln 1B7r - the inte ™« by 9.3 efficient snpnliers. 

11 , 1 ? j numo'.r jt criiicisms of .. nr i .ha Rm uia sunniiti 


the Commit on? rpnnrfon the per cent and the associaUon But the association says that 
SnLsiS -Kh v-^ m.hh.i!^ R ^ ro h y 14 P cr ctnl - and ** Commission has failed to 
last mrfnV ann r-aiis Jr J m! B - d January to June this year, the recognise the constant spur of 
tost month, and call, f jr d m-.ei- comparative increases were 4.06 competition among hauliers, 


ing with th*? Minister so that it 
can put its case and discuss the 
report’s shortcoming*. 


“During the next 12 months their work with the M greatest 
the continuous review of ’ the possible efficiency and at the 
Pegging charges over the next industry which the Commission lowest cost-" 


THE LEX COLUMN 







■ ',?r ? 

r - : ti t S 



y 

v 


jL 


% 


f. a 


La,t Tir.irsday the Society. of 
Investnoen: Analysts held its 
annual debate on the prospects 
'or the edt-^dged market. 
Although there were mixed 
feelings about the outlook for 
short-term interest rates in the 
next few months, there_was a 
big majority vole for the view 
that yields at the Jong end wiU 
fall significantly over the year 
ahead. But if there are many 
potential buyers of long-dated 
gilts, there is also one very big 
seller— the Government broker, 
who on Friday brought out 
£800m-worth of a new long tap, 
and added £5 00m of a medium- 
daied stock for good measure. 


t.* 


r I- ACTUARIES . 

HIGH COUPONS 
FIXED INTEREST YIELDS 


25 YEARS 


Mi 

r 

i 

i 

i 

1 

1 

* 

a 


wK 

i 

fe 

i 

5 

& 

1 

i 

K 

l 

a 

2 

S 

1 

1 

1 

i 



n 

1 

1 

1 

1 

1 

i 



m 

B 

■ 

■ 

■ 

B 

r 


such as - Bibb? LiBe^-.T^njbull . v 
Scott and London' afid-OVeiraeas 
Freighters have Ldaaitted - -to 
.applying for hetp. nothingBKire 
has been beard (ptibUdy. at v 
least) about how twscfeeme'is . 
progressing. So lev ot^IiK shipr 

ping company -appears-;^.: have 
accepted- the officiaLtertps Fdr ti ' 
moratorium on its 4pan-'.tepay> [, ' 
merits and one wei^plaped 
source in the shlpp &ig indnstiy 
last week susgrated tfia* irf-fte. ' 

10 or so campaniek app3yisg<ior. _ 
-help, perhaps" nb^mprer ^ranjetiji ' . 
would accept dssist^tce^ tinder . 

the current 7 scheme.- ; Beardan •' . 
Smith was- one ' . . 

^ pint companies to 


In" the six *momhs 7o mid- decided to anticipate some of t [Ternm^eht Air^er^toe^^^p. ' 


October the authorities sold a this rise • rather titan- face 
net £3bn nf gilt-edged to. the another gilt-edged sales famine al^nratiw aira^emgg^whiclr 
nun-bank private sector. A at a more awkward moment for were no soft optforr..^^rtfn)sn <l 
iar^e further amount, possibly sterling^ _ . _ ■ 

over £0tW»m. will have been s»jld 


The ^Government's third tea turium on its Ibansl.f compart 



more than anotber £2bn during still a great deal to play for. - ■ = . 

ihe rest of the financial year. The current policy is to threaten - < 

and the bulk of that sum is further fiscal measures if big loss. If ^ 

covered bv the new taps. The settlements are reached. But the schmie-are «hywhere^h^.:« - - 

puzzle is 'why the authorities gilt-edged Md foreign ex^nge tra^-a^Tfae^bo^^^mJar' 

havp fe.-r it necessary to sell so markets might well decide that' ^ , * ] 

hard, pushins long yields to if the Government is faced with I^mres have j 1 

uoDrecedcntedlv hiah real the stark choice between rising accept help from the-Giivern*^ ,*1 L 

levels, ahhouah the market unemployment and devaluation ment. - 

■ntsht at present respond better it would evenhiaUy.'opT for the • SZS^SSKSi- 

to a carrot than lo a stick. laner— even if after the general nQt 

election rather than before. - dram. bF - Hp 

Pnce-cuttmg Ahead of a period in which, technically hust ;vr^Shlpj*i^ . 

The sinister explanation sentiment promises to be vola- companies' birt bn .the other 
would be that the Government t j[ e the Government can there- hand there. Is not : mncSd pomt 
knows something the rest of us f ore be seen to be taking the in announcing a scheme 
do not. But there was nothing bull by the horns.. The analysts strings attached are proMb®p&,-; 
in last week's stream of W bo ‘follow the gilt-edged With one UT r.tW 0 'T®TCcptiifls. 
economic rtatistics to justify its market have still not got the i 110 ?* UK . .'shipping ./.tidmpaaiQB' - 
earlier action. 10 days ago, of proper Iw lance of fiscal .and caQ sUU weather fbe TCaii^n;- 
cit! ting the price of the previous rao netarv policy which they by selling off tmniage. 'In ’^^ 
long tap below the - market hanker 'after. : But at least the close. ’to ■■■W»-:«hi|*p*aEe. 


level. A more likely justifies- authorities now seem to be sold this yearv^^.& 'P,.;^ 


3 £5 at* 


lion for the recent caution of anticipating events rather than example has sold ovdr^& in,®^ - 
nfficial gilt-edged tactics is trailing beliind them, and are past couple ef. year^: .Ine sktL' - 

.r -■ I _1L r r . _ — C iL - - .rw JkAN LmAU 


>r der»i 


simply mat the authorities wish prepared to pay the price of of .the UK fleet 
to maintain a modicum -of slope running a fiscai deficit of the reduced froth' a : '• 

in the yield cunre ahead of current sire at a time of reia- dwt at the end of '1073;td^^fe: 
what could be a fairly protracted uvely buoyant economic growth- 4km dwt today. 
period of high short-term .Meanwhile the gilt-edged Some of these 
interest rates. brokers will not be wholly un- replaced by modern 

The Government faces some happy at the Government's tonnage (Britain 

major economic uacertainties. insistence on pre-empting at of world container. 

First, the Cabinet Is likely to leas; £5b« a year of private inevitably spine of thfe-SBjps fw 
give iw verdict on joining the sector savings. Their equity col- being-- sbld .to 
EMSat its meeting on Thursday leagues may not feel quite the epmpaniesS’sbort-termFtoic^" 
week and while a decision to same way. . commitments. If ^jfte:-;:Wori^;' 

stay out is unlikely to lead to jj. . . _ ... . , . shlpping-v^ceasida'rii^ml^/j^^;.,,. 

pressure on sterling (foreigners olllpping UieDOat . . on Weil - into the .ngxt^eca^;. .. ... 

might be more fearful of a . Ii is : well over sly. months there might be cmai^tani^s-e 

devaluation if we were to go in) since the Government first where it coujd be in fiieuatidnldt 

the Government will dearly announced that under certain - interest- to?-.- offia^’r.temporaiyij?. * r ^ ^ 

w:?h to appear in firm monetary circumstances it would be pre T assistMce 'to;vUK.J;Caanpan^\ ^ * ‘ ' ^ u 

control. Second, the peak of pared to help out UK ship- given their' ^ irapqiitant' contrioiK ' 

U.S. short-term interest rates owners when they were having tiaa to'the balance of paymentsf. 

may not be reached until later diflSculty repaying loans on But at'-the^ moment : jhe current 

in* the winter, and the ships built in Britain. However, scheme appears; to .-bave tittle.. 

Government may well have while a number of companies relevance;: "v,".: > ■’ - -- v 


The company has been in dis- from the end of November. Onlyjp .. j 

with one has been operating since Continued from Fag6 


pute for nearly two years 
the electrical ami engineering June. 

unions over the training of fitters In spite of the recession in 
and electricians to become instru- petrochemicals trading, ICI has 
ment artificers. been forced to ship in ethylene 

The dispute has not been from other parts of the UK and 
resolved, and there have been from the Continent to replace 
few formal contacts between the lost capacity. But supplies bave 
two sides. But the company tightened in recent weeks, and 

said the success of a recent with demand picking up, fCI is ; polirlcal parties with state aid 
nationwide recruitment campaign clearly anxious to have both j f 0r tbe election campaign, 
had cased the shortage "of plants in operation. All the: Although the Conservatives 


European 

elections 


artificers, the men who maintain closed plants should he working 
and service control room again by the end of this year, 
instrumentation. The shortage of artificers 

The company reported in June could cause more difficulties next 
that it had only 230 artificers at year, however, 
the key petrochemicals site at Together with BP. ICI has been 
Wilton on Teesside. Ideally, it building a huge 500.000 tonnes- 

needed 350 to run existing plants a- year cracker at Wilton at a i scarcely enough cash for 
and another 50 to commission cost of more than £I50m. Tbej„ enera j election campaign next 
new plants. Plant is two years late and costs " ear . and anempt ^ t0 ^ 

Since June, the company has have risen dramatically, but it; fund _ Qver i oc Ti aip-tion^ thu 
had to close four plants. and should finally be - ready for com- jSKSitEF rSerenS and 
reduce capacity’ at another It missioning in the first half of ! assembly campaigns, as well as 


are opposed to such a move, the 
Government could secure enough 
minority party support to get 
such a bill through ParbamenL 
Without it Labour will face 
serious difficulties in mounting 
its campaign. The party has 


has also heen unable to npen 1979 if enough skilled staff canj-u Euronean contest, could 
a new £20m ethylene oxide he found. It is possible that j Da c °^^ lec c t ° Q 'i“} 

derivatives plant which is ready another plant will have to ibe shut j effectiveness P ^ 


to start production. 


to free staff for this project. 


UK TODAY Is. of Man, S.1V. Scotland. 

CLOUD AND RAIN spreading Glasgow, Argyll. N. Ireland 
from 5.E. to all parts. Windy Becoming cloudy with some 
again, especially in Ni. rain or drizzle, hill fog patches. 

London, S.E.. Cent. S. L*. Max. 9C (4SFj. 

England, E. Anglia, E. Midlands, Aberdeen, Highlands, Moray 
„ ha ™" 1 ‘i . Firth, N.E., N.W. Scotland 

-nr rn’ 3S ' £ u f Bright, showers at first; rain 

more cloudy. Some nun in jnMaf | ina fronl w ._ 


evening. Max. 11C (52F). 

W. Midlands, SAV. England, 

S. Wales 

Sunny spells at first, cloud 
increasing, some rain or drizzle 
later. Max. 10-11C t50-52F). 

Wales. N.W., Cent. i\'„ N.E. 

England, Lakes. Borders, 

Edinburgh, Dundee 

Sunny intervals, . scattered 
showers d;-ing ouu Cloud and or drizzle at times, 
rain spreading from W. Jo ter. 

Max. 9C iiSFj. 


spreading from W., heavy in 
places. Hill fog, clearer with 
showers later. Winds strong to 
gale. Max. S-9C (4W8F). 

Orkney, Shetland 
Showers, sunny intervals. 
Cloud and rain spreading from 
W. Winds becoming strong to 
gale. Max. SC <46F). 

Outlook: Mild, but windy. Rain 


HOLIDAY RESORTS 


BUSINESS CENTRES 





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Offshore licensing round ends 


BY KEVIN DONE, ENERGY CORRESPONDENT 


THE SIXTH round of licensing 
for UK offshore oil and gas 
exploration closes at noon 
today. A total of 46 blocks are 
on offer scattered around 
various parts of the UK con- 
tinental shelf. 

Interest is expected to focus 
on a small number of especially 
attractive prospects in the 
South Western Approaches, in 
the central North Sea, and 
north-west of the Shetland 
Islands. 

The South Western Ap- 
proaches is one of the few 
promising area*: of the UK 
continental shelf still entirely 
unexplored. Several consortia 
have been formed to bid for 
prospects in this area, where 
15 blocks are on offer. 

The other important region 
being opened up Is to the 
north-west of the Shetland 
Islands, where 13 concessions 
are available. 

The Government's offshore 
oil policy has come under in- 
creasing attack from the oil 
industry in recent months, 
because of the introduction of 
tougher state controls. Most 
oil companies already operat- 
ing In the North Sea, plus a 
few newcomers, are_ neverthe- 
less expected to bid in this 
round— the smallest since off- 
shore licensing began in 19M- 

They must take into account 


several new licensing condi- 
tions including the options of 
offering: 

1 — the British National OH 
Corporation more than the 
stipulated 51 per cent m in i m u m 
equity share in concessions; 

2 — Lo carry all or part of the 
corporation's exploration and 
appraisal costs: 

3— to give the corporation 
flexibility in buying more than 
its share of crude o3 produc- 
tion from any discovery. OH 
companies would have to accept 
only a first siage. exploration 


licence. Production licences 
would be issued at a later date. 

The UK continental shelf as 
at present designated— some 
areas between the UK and 
Ireland are still in dispute — 
amounts to about 624.556 
square kilometres, of which 

about 60,000 are covered by 
production licences. 

On average a block covers 
250 sq km. Licences covering 
about 24,400 sq km arebeld by 
British companies and licences 
covering about 35,600 sq km 
by foreign-based companies. 


Continued from Page l 

Bid to avert pay chaos 


S2® d battle regional sSipMs EU& 
Mr.* om JackLon diairmau of Oxygen will be considering today 
the TUG and “eneral secretary of the company s latest S} to 9 per 
the Union of Post OfficeWorkers, cent offer-also above the Gov- 
snnke list Wednesday 0 * ernment guide lines. 

“rapacious" attitude while bis The queue of workers seeking 
union was drawing up a 24.4 per “special, case * treatment is 
cent claim He could not afford |e^thenmg ami the Goveni- 
to stand aside amid a wages ment s promise in its White 


The GoreSment cannot rely suffered from the 1975 cut-off- 
on big employers to set the tread date when Phase unc of incomes 
for acceptance of its- 5 per cent policy was introduced has been 

* r- 1 lA^accr nllii i q L* An ii a nv 


Paper to consider groups who 


ceiling. 


successfully taken up by 


Apart from the 9J5 per cent plumbers and pipe-fitters in the 


Ford basic pay offer to a total private contracting industry 


effectiveness. 

The issue has been complicated 
further by legal problems over 
the ability 1 of trade unions to 
offer financial sponsorship to 
European election candidates. 

Labour’s cash-starved position 
is also being bitterly contrasted 
with the European Community’s 
own generous allocation of funds 
for an information campaign in 
Britain. 

On top of these acute financial 
difficulties, the party seems cer- 
tain to run into more internal 
wrangling over other aspects of 
the elections. 

The national executive is to 
consider a proposal for barring 
ail Westminster candidates from 
standing for the European 
Parliament unless they withdraw 
their candidacy for the" Com- 
mons. The ban has already been 
imposed on Labour MPs. 

But the fiercest argument may 
develop later over the anti- 
Market influence which is being 
exerted on the campaign plan- 
ning. 

Selection of candidates by local 
parties early next year is e* 
pected to show a heavy anti- 
Uarket bias. 

The Labour Common Market 
Safeguards Committee— an anti- 
Market pressure gronp— has 
added its weight to the push in 
this direction by urging aspiring 
candidates to support its 
demands for withdrawal from the 
EEC if Britain's relations with 
the Community are not drastic- 
ally reformed. 

Labour's national executive 
intends to reinforce this 
approach ‘by ensuring that the 
party’s European manifesto 
maintains a highly sceptical, if 
not hostile, line. 



■ 3 ,'r ~: ~ 

“ i* : * i 


• ! £n 


' , I n J 


« 

* 


by 


CRUSADER 


7v- :: 


.Who are pleased to announce 
their new U.K. contracts. - : 
Crusader administer a large . 
portfolio of.U.K. andoverseas 


» 


\ 

* 


using an 


costs to a low level, thus 


For full particulars write to: 

J - Douglas W. Scott, Manager. Group Sales &SenricaOepattmenl,"^ 
it Crusader Insurance Co. Ltd., Yfncula HOuse.TovverPlace ' 1 
•| London EC3P3BE ' 1 j 

» 1am interiBSledin the following Crusader Booklet (Sas read). « r..' 5 E^*fc*TT 

rVimnunip* uii»i -I 1 * ' 1 ' fc ^ 


• ' 


Companies with 5-50 employees ' |~j 

Companies wfthover 50 emproyees Q' . 


Name. 


Address. 


FT 


I: 

I 

j. 

I 

>: 

i j 




■ifrt 

’.*<0 


•rv 


- t 


• ' A memper^ wrfwSoiwjhjt3««p ." " j- 


. “vS.’f 


Reglsier^' ki toB Pom Office. . Rantad br St. Pres; toe and. ooMdiwth 

bar tlw Financial Thnoa Lul H ' : afacisfeii BcaMt -'CanSon . k&%ek^Landmr. : B oo!5^ > 
* - Q The FMtiria1. 'TIi^ I.lJ | MW ■