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• eriVii * 



CONTRACT HIRE 

for business Cars&Vans. 
Telephone 0783 70491. 
0636 4131 or 0254 57021, 


FT 


No. 27,7'jfi 




AL 



MES 


TucscLiy November 21 197S W 



EEARiNfiS 
P PROPS 




CONTINENTAL SOLING PRICESi AU5TAIA Mrtli BELGIUM r, 2 j ; DENMARK Kr J.Sj FRANCE Fr J.P; GERMANY pM 2.6 ; ITalY L MO: HETHEBL*Mt»s r, 2 nOBW/ii- K, 1.5; l*OSTUGiL E « J0 : SMIN •a «; 


Li'.'i .r< l.t 




Commons ‘kill 
Scott’ talk 

The House of Commons room of former Liberal JeaderJeremy 
Thorpe was fJw* setting for a pre-Christmas meeting ai which 
a plot to “Ket rid M of Norman Scott wu, raised, it' was 
alleged yesterday. 


bffTP 


Jm 


bid for 









rl i^7$ hi 


seek late; 


•V Peter Bessell, a former 

Liberal VIP, told magistrates 
at" JUiaehrad. Somerset, that 


exposed and his career 
ruineil. 

UesseU said that he and 


he and Thorpe wore alone In Thorpe — who is alio aceospd 


BY MAX WILKINSON 

General Electric lias tak 


the room at the time. Befell 
protested about murder talk, 
to which Thorpe allegedly 
replied : “It is no worse than 
shooting a sick dog." 

Cesscit- first prosecution 
witness at committal proceed- 
ings in which Thorpe and 
three olhers are accused ot 
conspiracy to murder Scott. 


of Incitement to murder — 
discti.ssprl various ways of kill- 
ing Scott and disposing o£ the 
hn<ly. by hiding it under 
rnhhlc. dropping it flown a 
mineshaft or into a river. 

Thorpe was alleged to have 
said that the man to . kill 
Scott would he David Holme*, 
rhiiti-^h Bussell said . h*- 


Icucral Electric lias taken a major step into the office equipment 
it it an agreed $100m (£52m) bid for the U.S. company A. B. Dick. 


claimed Thorpe was depressed thought Holmes was "loo 


beccosc his homosexual rela- 
tionship with Scott might be 


wrt “ to do l he job. The bear- 
ing continues today. 


B&KERAL 


Some 400 bodies have been 
fvjnd in Guyana following the 
rrra?5 suicide hy members of the 
People's Temple religious sect, 
which is based in Los Angeles. 

At l be weekend. U:S. Con- 
gressman Leo Ryan and four 
other people who had gone in 
investigate the sect were shot 
dead on a remote airstrip as 
they boarded an aircraft to fly 
home. 

Treaty hope 

Irraelt Prime minister Begin 
welcomed President Sadat’s 
statement that a peace treaty 
can be signed “shortly,” though 
the question of whether it will 
include a timetable for Pales- 
tinian seif-ru’girtn Gaza : and the 
WesuBauk WV<~£-.to he respited. 
Page 5 ‘ JF 

TV soccer deal 

tendon Weekend Television 
formally signed a contact secur- 
ing exclusive coverage of soccer 
on television for next session. 
Alan Jfanfaker, Football League 
secretary, said: -“This completes 
the formalities” 

Webster charge 

Martin Webster, National Front 
chairman, was sent for trial to 
Kingston, Surrey, Crown court 
on two charges of publishing 
written matter which was 
abusive or insulting. 

Pretoria crisis 

Thn Smith African Government 
ia facing more trouble, wriih in- 
creasing public recrimination 
between members of tbe Cabinet 
and hostile criticism from the 
usnally-conservative black home- 
land leaders. Page 5 

Politician jailed 

’"U:S. Congressman Charles Dig? 

: was . .sentenced to a maximum 
three years jail on charges of 
-defrauding the Government of 
"more than $60,000 by padding 
Ibe salaries. of his Congressional 
staff. 


BUSINESS 

Eouities 


'iriirai* 


Silver at 
new peak 

6 EQUITIES were restrained 
as Institutions continued to 
bide their lime. Selling pres- 
sure on lead in gindusldads was 
light but the reluctance of 
buyers was unsettling and the 
FT Ordinary Index closed 4.0 
down at 468.8. 

• GILTS were affected by con- 
sideration of last week’s two 
new tap slocks The Govern- 
ment Securities Index closed 
0225 down at 67.97. 

O STERLING rose 55 points to 
SL9350 and its trade-weighted 
index was 62.2, (82.3). The 
dollar’s depreciation widened to 
8.4 per cent (8.3). ^ 

• GOLD "rose $l{ to $I»S. in 
London. 

• SILVER rose to new peaks 
which triggered fresh spccula- 

r 31Ch Pence per Tioy Ounce- -- i| 

Silver i 


') im di-.fl. rnm:l mir'd afti-r i»nl*. 

fi V/t-nks nf la Iks. will yiv»* 
'•E*.' u v.-iM-lilwiilr sales and 
service ni-iwi-ik m Uiq nflicc 
equi;>:in ni industry. 

1 1 n il! ;iIm» bring M iniu ihr» , i , l 
1 1 1 1 m n v. iib i he indiisirj - 
nni!!ir.i:i(ini{ "lani-; inelmling 
l:ii..*i nai;'-n.i} l?n .mr« Atru.-hini->, 
Xc-rnv ,nri Inii-rnalionui Tele- 
prr'iin- Trlegrjuh. 

' udoplinv. a sii-:iU , g> 

sji:sil.ir m >!:4i nr tbi-sr. larger 
ii«r ; . s> •icel-'ing in merge 
•-ad!' n. ail n*iitv equipmini wirh 
lh- ii:<»-: rnnth. rn U-lr-vnmnomii- 
caiioiu and computer techniques. 

week. GEC will he 
aonounring ;i new iiuni-L-ornpuler 
range. dcv r "lr,|..; d spr-cifiin I ly fur 
and eommunicMions 
Hfipiicaii'ins. It will seek in 
ini. -ra:-.- these new tcrlinnlogiri; 
Vi'H :• '.h" iii'ji-.- ir.KLtiuiial product 
r.in-.e >if A. B. Did: 

A. B. Lick. which is expected 
to have >an*s uf >-atlm and pre- 
tax e.,rn:u::, of $lL*.5m this year, 
i-. ec lit rn '.led by the i *icW fanny 
and Dick family iru-ils. 

The family ha; given its 
appro vn! ir. the rj.-j| in pnnnple. 
bui u requires I he formal con- 
sent of i he boards nf limh 
Ciimpentc-s. and the cmwni «f 
U.S. re’jularinr;.’ bodies The 
elnsm? date fur i be acquisition 
is April -1 

A. E. Ditk nia---- and • !!« a 


I ■road line nf iifliri: prudncli 
mclndin^ 'iiiplie.iu-rs. onjHi-r-. 
nnn-imp.iri ink jet prinlcrs and 
u-.irii pi-<M-. % s.,ing rf|!i;;imeni. I? 
linpiois 7.500 pi«nnlc. mn-» rtf 
iluMn ;n thr U.S. 1 main oliic.< 
nr, trr 

GKC* rtlTiv !-• .s|»i.‘i j*-r s'j:.re 
nf i-ninmon sloe!, .nnl sin*' p.>r 
x :i I u >- per -hare uf A. B. Dici.’s 
preferern ■■ ni-l. . 

Sir i- Teiir.rd, .i director 
of firr .iml maniginj dirijsitir 
of (;k,” Marconi. ilCi-cnbci! lhe 
Rinvc l isi nig'nv as "very rapid 
and eimly evening." 


Network 


Hr sa:d: “ U‘e have had our 
eye.- on i iic* hi I.’ in 1 vs auimnsliun 
market fer some time. Wo ran 
bring advanced t> chimin .-y to it 
from fnir lelncniwnuiiiciiihos 
and ei,m;,in»-r div: ions. 

“ Hiwe\i , i - 1 we have not. ca 
r.1 r. had I hi- snips an«1 s. , rvi i 'c 

m-iwr.i J: A p. Pick will >ii;i:'i- 
this. Th-v linvi- i;s s-dcs oPic-.- 
in i ho t : S. ?nd r.S »iln r o:1i-.-<-y 
and si- fv- 1 t— nin\s in every 
pa it nf lh*- v.-nrld ” 

Sir noberi s . id it v.:-c li.-p -d 

:!ia; MOU'cl he ahli.* to ir?- 

i*-.'t niO'I'-rn P- Jniidogv ir.io an 
nni<-‘* ■■nuiiMicnt 
wbi»*h iiav'd I a i-.-i-ty nti 

i-i«’»-trn-nv. !i.nii--.i! pn-d i'.: -. It. 
v.-;i> rin i !;- in .-..i.v. luv.- < • i" 


Imw much GIT. e\j 
vest in its new rubs 
longer term. 

Sir Eoberl 
nut spilled ; ■'! '»• 
J)t»-k Mould If m; 
r.|.»:. as a s»t.l,-i*:.:i , 
«!>• ns a dt'.t-m;- 
The rapid'-.' 

• ;R< - mn»e • 

nf ii> c Jtir- - . •••■• •: 

in the Dcpv 

a.Vj have --.-rt.-J ; 
in i.ikn no * r> « ; i ^ 
.-roving i-'luv 
jadustry. 

Tbe IfK ha-J "* Nr; 

r*aynieni^ 

ri r*. -d uc I s. w h s * h If 

* rirsen in th* • 

roa-nn 15 rh,- 
•Ii-veltipnienis aav. 
I.,;er. v::;do:ti-. J • 

;|i -n l’s cm-” " x 

I7i.* i.-i.’.-' 

r-c ■ -n r lar_- 
. .m ."tfer ? •-••• . '• •• 
dirtei-r.' . • : • 

. n-i--. inrin-.;. - • 

..r.d cfii.ipui- . 

•:e-d- .iflli 

I In- .’vjli'.'il' ' i- 

ci- hi-conlir ■'• • . 
!..>•, ill a .-ar-... ■ 
mis market 

i».» up 

••-s-.-icb 

•Hi* idiHry 

•dim is of - -■ s «■ > , ■ 
'.•■.riiip.ir.n *. 


market 

rd fn in- 
:>.y in the 

- al-ri 

her .\.B. 
r . into 

•: •; ip-uy 


. r.Y JUREK MASTiM 
! V. ASMSN « Vs • i . ? . i- . "fi. 

! \ ? ■*. r s Tr - .• - •• .•■ nu-^; 

• ha- * m i ha.-': -*»i ; ; i V.S.. 

• ■ \ i*- 1 l it.i ,i ; : . .1 • r- . n : U 4 - ■■■•' . t - 

land e>di’. v. -n-nd- 

• :n.: \:*a-.nr;- I'^cc-y.-ar; in 

’ in d-.r in fiamh-e la - uf 

; :>ir- JoJlar. 

| in an I'sscrv! yw --u r i!;-bed in 
.me Wa^iurjl'in P-s-l .Mr 

Anrip-n; >'•!-> ••'■■n ib»- t.'nder- 
1 -i; re i^ry :>■: A:Ta;r<. 

.- :'fl !h;*i ad M'.r.fr’e: v.-ere 

•;... s:r.- ... ♦ ret •- 

lull- • ••* n ' r. * 

, Tgi- •-'•e - . - .. •-•■•'•■mo 

. the .•!:•••: <•'. * h : ■ r...--* M'^-ii— 

• giT, 4 . • 1 1 1 ri.-i-y' -n.ea g;*: i, iy iV.e 


r V-tynjen' 

■- jl.-ipc- r-f 
.n i dice 
.i.eo in 
:• line 

< : :::'ca' 
:• r 


: He nl-i >. :«! *s-..v r ? 

• a ’cn it*-. < .• - - :c 

! ;-ia; - r.vt- h.-.c ct:_ ". i d..-ron 
: *•;•;. ..v-r tI.c la'- ‘ 

■ Pro viou. h- -a:1 ni# , *---*-ii*in 
barf . : «vn •' vt.-j 

I-J jl “ rp.'—jv-- I • • " 

y-rre '■>. ' • •• .< . !• 

' .A" i |‘V i'H .“. - i . 

■V:. i‘ - -. • : : .-■■ ■ 


| BY KEVIN DONE. ENERGY CORRESPONDENT 

.-I NEARLY m i r-mpani^ have roiv*iiie lax ra‘.e>. have net in 
'•annlir-d for e\p!«.raiinn con- any v;-y teduced the interest of 
ii ceisudia it! 1 hp U-.'- latest round ir.c oil cuu;p.;n:ps in dgvebL- 

-i. of rt(TsIlOl'* , 'iccpsina. Mr. Iiieni ulTiborr. 

\ Anihonv Wed gw. an I Benn. the A ir.lal of 55 arplicalimis hjxe 
Encrqv’ Secreiar-v .--a: quick in been submitted Ter ths* ■?•'. blocks 
‘ 1 ciaiai* la.<l nicht'tnal Iho oil in- on cirfor. .\botsl 10'' e.in.papies 
n ■du-i'-V;. response sh.iwcd clc-irly are involved in the various 
r ;h.u the Governuionfs lougher bidding consortia. 

[■- ! p-'licv towards nffshorc oi! Ai least otic app!ieal:on has 
< ! rf/.-.-fiopment was n»t driving b-'en made for every block a-ail- 
■m. on: panics awa-. from the UK able The ref !>on?g must be 
-7 '\, n i mental Shelf. particuLrlv one. rnra gins for the 

” ' "* . , . , tmvermitc-nr when ir ■; co.TUurod 

- . '‘I* in,U ’! r: ‘,K with '.he f.fih reund. which was 

disencnantnieiir -.-.ith pr« v . • ,j, e fjrii time thru tbe stare tr.ok 

; condi tu.n> d.-/. or.ft rab •- a 5[ ccnI ^..,re in new 

•he surprise deeiMf.n of Ex>.on 

;■ ihe .-...rld j larv^t o:l , n he ,j ; , r ,-, nii 7T hl-. Js 

'■ n-M to apfl: t' r > n<> *; v ... r( . in .,>x 0 r 7*..^ -i 

- *>' ’■*!« ,,n . ''«” from l’:.3 

■ s *••’* r ''C lSt ' :, ”i 0r - in ' a pnr.teb but on'v 51 .1 .be 

<- - ; , c N**r»h S-a. n.adc nntv n ' • , , . f(ir 

' 'i.tv.i.-d re-Punse Si- resiru-t-nf ■ ■ \ , 

^ ? :i- non'icatihn 10 -v small croup . u ., 

-••of v-neks on ofT *0 »n*- n >r\h- '.'V n 

d: 1.1'. Willy 


of rbo Sh-.-J'-d Inlands. 

whn-b ’. - it:---.id, m- 
rl ;<o.v ;ivp •. *bn :b N cJb 
; Rd .b-.-e’.o- in- p 1 .. 

d h.-d 1 i‘ — ■ 1 Y d-e-'":i 
7-:, .'IK • ■■*'•' .n the -.\: v i 

l.'J'lt.'Vi *J Jl' 

.-! ■c*!' ■ «ln : ir il rf:.or.-. 

|- -a a- n"i :.'"-e.-d i'-V l ! !'- "i! 


Th- 5 'I- •' 
\s.- >• :-!i-ip 
:hc • •*. • 

• -r.ij b.c. • : - 

merea*- '• t: <r 
; 1 :l i 

: >n lb 

V. 

i; 

I.. .. 

• .t . .-—'ii • •: 

- jii.i ! ■«_ -■ • irii-e 


- 1 

»'• 

, •; .< ib-' 

h*«r- iio-n-ipg 


1 v •! • 


pir-i.eei- • !b ierf h. .ti.c b. g : i* t H'-V — ..r.rf to : ■la’, its 
1. i:u- -1 - ; • a -bi*. I’--’; ||< i..-. p - :’-.'!-. m -id-.. - l ■ .rn- 




, on i- 


•'- •I i*f -F-h-r 


V -ELI 


JlIH 




draws mge 


BY GUY D€ JONQUERES. COMMON MARKET CORRESPONDENT 


VT j London 

w v Buflion Market 

280 Spot Fxing 

Price 

197B 

270 1 

AUG SEP OCT NOV 

live buying interest as the 
London bullion spot fixing rose 
ll.lp to 307.75p. 

• WALL STREET was S.«I up 
at 8R6.74 just before the close, 

• TUC is to roll Sir Hamid 
Wilson's cnmmillee on financial 
instiiutioos that 10 per cent nf 
institutional funds should be lent 
out 10 UK industry. Back Pace 


A NUMBER of key aspects of 
the planned European Monetary 
System will still he unresolved 
when beads of EEC governments 
meet in Brussels on December 
4 and 5. 

This is despite progress made 
by their Finance Ministers today 
in narrowing some of their dif- 
ferences over the scheme's 
opera Linn. 

The main achievements of to- 
day's meeting were in produce 
a stronger identity of view on 
the size and composition of 
credits to back the monetary 
system and an agreement lhat 
lialy should be offered a wider 
margin of fluctuation Tor the lira 
than for niher currencies par- 
ticipating in the EMS. 

Italy will he permitted a maxi- 
mum fluctuation of 8 per cent for 
the lira on either side of its 
central rate in the EMS. if it 
decides 10 enter the system. 
Other participating currencies 
would be limited to a maximum 
Hucluation of 2.25 per cent, as 
in the current snake. 

In addition, the Ministers 
agreed lhat the exchange rate 
mechanism used in the system 
should be reviewed after it had 
been in operation for six 
months. Even if some EEC 


coum lies do not join the 
scheme, they will t.«e entitled to 
pa flic 1 pule in the review. 

However, the precise exc'unge 
rate mechanism, the rule* for 
central hank intervention. »hc 
provisions for settling official 
debts and lhe conditions «m 
which raeduim-term credit 
should be pranted arc ajrn-nq 
the important pc-inis which mirt 
be decided il the scheme is 
to lake effect at the beginning 
of next year, as planned 

Though the need to A vc-nglhcn 
weaker EEC economies in 
parallel with the operation or 
lhe EMS was discussed today, 
nn decisions were reached on 
what measures might be taken. 

ti will thus be up to lhe Prime 
Ministers of Brit-iin. Ireland 
and Italy to argue I heir case for 
a bigger transfer of resources 
from lhe richer countries in 
front of their EEC colleagues 
at next month’s summti. 

Despite the widespread im- 
pression Thai Britain will not 
join the EMS at least at the 
start, Mr. Denis Hcaiej". Chan- 
cellor oF the Exchequer, con- 
tinued today lo urge modifica- 
tions in its design to meet UK 
demands that it impose sym- 
metrical obligations 


BRUSSELS. Tin:-. :0. 

Put ;-':cr the : t ti. . he 
pr- sec! i.;:'.;ippeiR'iiv. •: r vhj.t 
he J'v ;i- th*.- *. th-. H!:V 

In di.'-i'k-p ■» n-.-*. '.-ii-.-mk:' 

Fiat m-.j..im pun ;i i- i* _• :nc- u:r 

hiljMfx !;r -■.■! >.>.«• i y.V.r 

i C acii-;-tf - i-.-ti ilie> in*' 1 in Bu-u.'-n 
la-i -Inly 

lh dr: up -.il that a number 
th-.- aim: proposed in Brem»r 
had n<>' I l- h im-t and s**-.oe 
bar'.-iv *Ii«-'i->i.-'j. T.vse meludvd 
i»r»»r"i !:*!■* x ‘f u-e the nlanm-ri 
Eu-.-up.*.in currency vrit a: t.nth 
a means of senlemenr htTv/e-'ii 
EEC ten*:::! banks and as :> 
reserve is "ei! a: I».»r a 

genuine pooling of aainmal Li.r- 
rency reserves. 

While Mr Healey refused 10 
predict Primin'* eventual de>-<- 
sion, hi' afimmy as-cssmi-nr l-.fi 
the strong imprc-ssi«n that ;i 
would h«; unlikely in join th<- 
EMS unfcNS next month's Fimimii 
produced j grander design. 

The Ministers agreed ten*a- 
t J uply thai the available credii 
for the EMS should he 25un 
European currency units (about 
S-TJbni. This would apparently 
be the Tull amount Tor d ravine 
by debtor countries, and the 
total amount made available by 
creditor countries would presum- 
ably be .•■"inewJiat larger. 


•. v-' -,!••. •• i 1 

r - "•? 

?;•. ->.1 - .! i.-rfv .’•• r - "i' 

.1 !'•••■ r: : • '* 

• ■ .*■• ..'ih: • •• -. *■ '• ■ 

1:1 if. ■: ' 

f>; .n ; ii: o-T . 

! tc.i'ioin.' *<t i..*' • ;:'i 

• ft.»* * \ .1 r-'jVr-. •■■• •.'J 

• ■ »r lino- : • ■ ■;■•■* 

!•*'(.—••• "Tf 

| ••• 1 -••:* :■ i ! i-i: 

n .’ rr.ti-imia- 

!ti* 1 f =■•" 

v.e.;!-. ■-. '•••*•! l-ahn. 

• t - -j i-i 0-- -I in:-. 

! . > 0.1: = ■ , ’f. •' • • ;• he 

! 1 ,ti. U -r. ; ■;in.i > r- 

! .-i-i-iif 1 ■■ii'r;**r ’ ;i r ... 

I p; " ---r r y 

•: n- : enns'-its -. • -i- 1- 1 vn-rt'. 

i r >f'- i. I! i. :« .‘ii I'ilt- 
!i-; t-nf' ' . • he : k.og:-. '': ; ' 

': icsi‘d -a hr*: .i l i;.'C •* > 

' ii.- ifn i-i*h " -i: * iv- 

fop-e-ic-.r -.'i : r :n-i!i« l^c 
. ..so l .Ti-ir'— : . *■■!■. * V -.11 ■; 

. y l- i ’.-' -h • id 

, .’lii-hail r.t.'i'.ii-n vrin.--*t Th-- 

• * ! * * 1 1 g :i • n • -ii ~ 'i :"i •-ly 

if!;. ;r. f <i o--— ha:i-" ; ’a:‘- 

Gmfinuv.t on D.ic-k Race 


r >r. ' - •• V..r); 


0 It n»c; 1 conditions Ml/ »»| . Ilf ll» UI\V 

r.u* 7-«r. Bi nn -.i;d ilie oil in- She1i/E> f o h,i.. ---.iried in oyn*’ 
*;•>; i-.'> re?n.-.r.-~: (icniun«u:i:t l --ii from tn.; Dunrfn I K’:*' •.ni'i 
thai ‘“the nev conditinns d«- tne B.ynt pipeline, j.nd "i> 
»;»ne-1 :*i ^wngihen mir e" pee led in reach Sisljoir, ' iif 

po-'iuun and the pro- trie fir.-t lime on :'o‘.ciiii'er 
r u -.cl mereas** 1.1 the pelroleuai 24-25. 

Hopes of pay settlements 
at Fordband BOC rise 


.. . 

1 .-uion-: mi 

nn 

• n-i r..”*' . : ■ i- 


n ■ 

. i •ovo;::)ii< 

■n: 

Mr ■ .-■«< ‘Jv 

•/.*.. '.!! *: I. I.T- 

I.-C- 

,.ii* siui ? con- 

n • • : . - ! '»i ihe 

. ‘.1 L.'i-i, -."id 

»li 

ilevclimini 

,*:n 

• «■!.!;•.• ii iw - -.is:: 

.• >; !; ;r.C fnr 


irt- rile 

Dl 

li-.-c-nvt- : . j.-.-'i-st’ c'i 

r. mut 


KIM 


«.T i.-rT'.v.cnr • 

. ;nvi i.m- 


ri limited 

Its 


m 1 he hope 

fill' 

• -mail .n 

ie:i 

:-":ilv.«- '.' 

l.i- eh.*n_e f l 

mi" 

(iccouni i 

Lhe 

r«-r»-[v ih.' • ntl :h< 

c <o*. oil-; f'.tr 


Ii..- the li.-cnw- 


BY ALAN PfKE A.*:r NiCK GARNETT 


•' . n. ■> I. - ' • • 

i' •• 


HmPF.S ijF sct«i*»riieni- in the 
p^>- disputes ul Ford .'0*1 British 
1 i.v. ven wore rising las-. r,:.h:. 
‘.•:t m iiutlj cases il ^t-i-iind lhat 
• r.y rev out vouhi he /.-tn.-ido 
;!ic- *>■■ -or anient's 5 p-.-r cent 
'".ndoiiitc?. 

A'':er ;* further ser-sioo of t.di < 
li.-iing several hours yestc-rdav, 
FOl'.O union negou aiit.s 
s-jo-vrt r» recommend Vie com- 
puny's 17 per cent offer :o m:.ss 
nv/eiings tomorrow or lilt 
"iT.fion strikers. 

.Such 3 settlemeni ainm: 
•ertrin lo provoke Covemmeni 
*ar.cii"ns once it is si^r'-ri. 

Hu ring >*■ /terday’s neiplialior® 
v.iih T'orri — the third -.-sunn 


rince in? comprir.; "n Snai offer 
’•.as re: Oiled by i.liv striker-' 
i-rfriKT this niiiiitr. — the unions 
i-rn-e jgniu failed to ge» the com- 
pany to increase its basic olier. 

The 1 had earner sue eve -Ted m 
cons’ ueraol;- reiaxirtg ta? con- 
dition- .-urrounding a .-iiopl*?- 
mentary pj; menu, -viiem-.- '.or'.h 
up to £4 a v.i.-vk. and ; c*tferd.iv 
won further improvements 
on hoi 1 day pay. 

Under the ortsinal supplemen- 
tary payment*, proposals, men 
win.:!'! have boon per..tlis\d f>»r 
bi-!ne late or ::hsont v. iihout per- 
mission. The only inajo" sanc- 
tion n iv remaining is r.gamst 
men who a 10 «nv"|verl in ‘trikes. 

Continued on F.:.ck Page 



is a I 


Customs queues 

P?ssengcrs at London Heathrow 
airport are taking up to three 
hours to clear customs as 
' njstnmfi men continue Iheir 
“ work, to standard.” 

TV soccer probe 

' The Ho'uso «f Commons was told 
that lhe Ofiire of Fair Trading 
: H inrestigating the deal in which 
. London Weekend Television has 
w'ihi exclusive coverage of Foot- 
haU League matches: next season. 
Meanwhile. LW'T and the League 
signed a contract j*esierday. 

Briefly ... 

:Ba<iqtie separatist guerrillas 
"•-killed two policemen and 
:..*oanded nine others in Bilbao. 

^Pbe officers were playing 
}.' football. 

.Indira Gandhf returned to the 
Indian Parliaraeot after her 19- 
month absence. 

i-' Ethiopia and the Soviet Union 
-signed a friendship treaty in 
Moscow, Back Page 
Allan Newman, son of flint * tar 
. Paul Newman, was found dead 
. in an hntel near Los Angeles. 
: He was 2S. 


9 WEST GERMAN' Federal Car- 
tel Office has started proceedings 
against the Korf steel and engi- 
neering group for failing in 
report that Kuwait had acquired 
a 30 per cent stake in the West- 
German and U.S. holding com- 
panies- Back Page 

• ACCESS, the credit card group 
run by Ihrc-e of itae bis four 
hanks, has increased its interest 
rate to borrowers from 1 ; P'' r 
cent a month to 2 per ccni in 
take effect from January 4. Rack 
Page 

• ACAS has decided to pull out 
of trade union recognition talks 
at Michelin because of a refusal 
by the company to co-operate 
in an employee opinion survej-- 
Michelin employs 15,000 in the 
UK. Back Page 

« STANDARD LIFE has decided 
not to proceed with the sale nr 
its Canadian business to Manu- 
facturers Life Assurance. Pa»c 
20 

6 GOVERNMENT is to set up “ 

standing advisory committee in 
carry out a continuous review 
of company law. Back and P a S p 
14 


Minister resigns over Kirkby 


«!i£53 

88 


BY RICHARD EVANS. LOBBY EDITOR 


MR. BOB CRYEK resigned last 
night as Under Secretary for 
Industry because of the Govern- 
ment's decision to return the 
Kirkby Manufacturing and 
Engineering workers’ co-opera- 
tive to the private sector. 

Mr. Cryer. MF for Keighley 
and a member or the Tribune 
group, said he helieved that 
Government financial assistance 
should have acme either directly 
in the co-operative as originally 
requested, or been channelled 
through the National Enterprise 
Board* 

He strongly opposed the 
decision that Worcester 
Engineering, a Midlands-based 
centra] beating company, should 


acquire the co-operative with the 
help of more than £4in in Slate 
aid. 

*' l cannot defend the decision 
as I would he required to do if 
1 remained a Minister, and I 
have therefore told the Prime 
Minister Lhat I wish to resign, 
and he has accepted this.” Mr. 
Cryer said. He bad a 15-minule 
talk with Mr. Callaghan last 
night, hut there was oo exchange 
of letters. 

The resignation is unlikely to 
cause any undue stir within the 
Government, as Mr. Cryer was 
known in hp put of sympathy 
with a nirmber of its policies. He 
will nnt be replaced as Under 
Secretary, and his responsibili- 


ties for sm-ill businesses will be 
taken over by Mr. Leslie Hm-k- 
field, the niher Under Secret dry. 

Although the co-operative was 
the major reason for the resigna- 
tion, Mr. Cryer made it clear that 
he was also opposed to any 
application of Government 
sanction': against companies 

which break the 5 per cent guide- 
line for wage rises. 

He also ^'ipports the growing 
campaign in Parliament fnr more 
open government, and he plans 
to support mnves to put the 
burden of justifying the with- 
holding of information oa public 
authorities. 

Feature. Page 18 


wif- 







• Mi 







nw 


CONTENTS OF TODAY’S ISSUE 


European upws 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise indicated) 

r /in 


Overseas news 5 

H’orid trade news 6 

Home news — general ...B, 10,11 
'—labour J2 


Technical page 


Money and ^changes .. 

... 2!) 

Management page ... 


World markets 

... 30 

Arts page 

17 


25-27 

Leader page 

1« 


... 25 

U.K. Companies 

20, 31,23 

Farming, raw materials 

... 31 

Mining 

21 

U.K. Slock market 

... 32 


„ RISKS: , o 

Carl inn Tnds 227 + S 

f^dar HJdgrs 24 + .1 

dark (Matthew) ... 150 -r 1(1 

Michael fj.l 2» + •• 

Myddletmi Hotels ... 295 4 R ? 
-Norton & Wright ... 153 4- 11 
Pacific Petroleum X3fi; + 4 

Parker Timber 127 rf- 10 

IH.) HI - 4 

Redman Heenan ... 54 + 3 
[Swtchj & Saatchi ... 123 4- R 
Westfield Minerals 2S2 ^ 26 

ty . FALLS: 

treasury 31pe 1083 £»7l - 5 
fechqr. 12 pc '99-02 £fl3* - I 

Seectnun BOO - 10 

5'rown fj.) ‘New’ 42pm - " 


Cunning (W.) 

GEC .- 

JTK * Shanghai 

Jardine Matheson .. 

iUK Electric 

Northern Eng 

P & n. Dcfd 

Ratnere 

Reard nn Smith 

Sunn Darby 

Chersonese 

BerjunUii 

Charier Cons. 

Conzinc Rionnto •• 

Dc Beers Defet 

Malayan Tin . • 

North Broken Hi»! 

Pahang Cnn<. 

Western Mining 


FEATURES 

The workers’ to-nporalhe: Swiss and Germans keep 

A political own-goai 18 wary eye on money 

Insurance: The brokers* supply . 

„ . , line qncstione de langue 

transatlantic trysts 19 di7jdw! the canudluns ... 

i rending Trentiuo s dray Crown Agents: getting back 


Ascending Trentiuo's dizay 
heights 16 


to principals 


AappJntmcata .. .. 

12 

FT-Atiuariei Indices 

M 

Saleroom 

S 

AwMlaiitiBius AdvL 

BW3 

J»h« Column .... 

22-23 

Share inEermatfan 

M-35 

>nlne» Oopts. 

21 

Letter 

19 

Today's Events ... 

te 

One Rates 

M 

Ur 

3* 

TV and Radi* 

19 

CnKnrnn} 

16 

LerntMuU 

U 

Unit Trtesljs 

33 

EiucrtatflrtKM G<lde 

16 

wen Md Matter* 

19 

Weather 

M 

Fureman Oats. . 

» 

Ratine ... 

It 

Wwid Value »f t 



European chemicaN: a re- 
covery in demand 26 

Singapore Exchange: 

Further development ... 27 
EEC Ulk 1 ?: Fishermen back 
SilkinV *tand 31 


INTERIM statements 

h.a.T. Croon 21 

Rrjim'vo 29 

ANNUAL statements 
jalcwvd l» 1 . Inns. 21 

Wr'icn Minins 29 


If you're joded by :he problems ond tedium or mt=rno?i:-rid 
trove), experience Air France Concorde. 

Our service stoned with one of the world's most c'omorcjs 
cities: P,io. 

Then we added Caracas, Washington and NewYcrk zo the 
Air France Concorde net work. 

f Jovv we fly to Mexico tv/ice weeki In just 7 hours ^0 minutes. 
You arrive at Mexico City airport relaxed, v.iih che whole evening 
ahead of you. 

You fly from ftoissy/ Charles de Gouife - rhe world’s rrosc up to 
dace airport There ore convenient connections from London. 

Air France Concorde is a superb experience from the moment 
you check m to the moment you arrive. ' 


!>.■= ;l Frc.>:e oil the v.crld. 


LcrJ'jr"-': . ..... .:•> -■Oie:.C^p::Ol-499 Sill 

UK rieod Ornce and Aarmnatrauca Ot-ooa 4411. .Vtfjcns jst f^fc.fcrvO'jc-ri- Cci-5u2 76 il. 


f 




Financial Times Tuesday. N°ven^r 2i i87S. 




Concern in | 
Ireland as I 


Spain three years after Franco's death. Robert Graham reports from Madrid. 




Barre tries 
to cool row 


vam 


By Stewart Dzibjr 

DUBLIN'. Nor. 20. 

MR. TACK LYNCH. the Irish 
Prime r;Tic:stc: - leaves /or ?ar:i 
tomorrov v. ".be first let: of u 
toyr v.-hich / ver the next dj ;•* 
v;ii a: ;n :ai.-£ hint ig Bru?s*-if 
and Lor.d'/r for discussions ua 
Ireland'. p-r,«;r l >en membership 


• S? MANVEL FRAG A IRIBA77S. 

• ’.he .eader of the ri^bt-wing 
j Allan?: Popular, today called oa 


:bc Sparii'h Government to give 
a fuii account of the weekend 


of the 

Evf 

epean 

Muaot.iry 

System 1 

EMSv 



Hii ir! 

p com 

aga' 

;nst a back- 

ground * 

:-f rrc 

>v. ing 

concern in 

Ireijnd at>ou; 

the E 

MS on two 

fro 3*-- F: 

ITr 1 .. l!: 

.ere 

the in ere a*- 


ir.~ prospect that Britain, to 
vrnore currency Ireland if- firnuy 
lin-ed at parry. wiU not join. 
Second. 2nd related. 15 to* ques- 
tion of transfer of resources. 
Th:s concerns Britain's proposed 
reforms of the Common Agricul- 
tural Policy 1 CAP), to which 
Ireland is firmly opposed. 

There :s aLso the particular 
prooiem 0 ! the transfer of £550 m 
in grant aid which Ireland has 
asked for over and above 
transfers from the CAP and the 
EE 1 "! Regional and Social Fund 
over a five-;, ear period in return 
for jo.nm^ the EMS. 

Mr. Lynch made it clear m a 
weekend speech mat Ireland is 


revels ri'-n* of a foiled plot by 
diiiTtm'.A- right-wins para- 
m:i : <-r v a-d military officers to 
carturc the Cabinet. Three days 
aiier .c P-ot was revealed in 
. tb-> the Government has 

-ti 1 : rr.:;!c no a item pi to clariTy 
•jiv r.dr.: obscure details. 

1 Tn* Go '.eminent's failure to 
’ give its r-a account Df the con- 
in: racy. '■■hich led to the arrest 
l.';-- -f at least two officers, 
v. j= c^nTibuied to the uncer- 
;_;nty cere. No major political 
loar-y. w:tb the exception of 
A'.icnzr. ?:?ular, has yet made 
; the .- :nd of demand expected— 
' such a? •■a] ling for a special 
debate tn Parliament. 

The Socialists and Communist 
:££!*. ie* 2 though always fearing 
! r:ch:-v.;r-' military adventurism, 
have beer. disconcerted by the 
: reality. No matter how far- 


fetched the scheme might seem 
to bold the Cabinet to ransom, 
in exchange for a Government 
of national reconciliation, the 
Left here is willing to suspect 
that the two officers known to 
be arrested are scapegoats for an 
action which had wider military 
support. 


Against this, the extreme 
Right is voicing the suspicion 
that the whole scheme is part 
of an effort to discredit them in 
the run-up to the referendum on 
the constitution. They argue 
that agents provocateurs sounded 
out the more gullible members 
of the armed forces and the 
para-military police. Then, once 
the plot was formed, it was un- 
covered. enabling the Govern- 
ment to weed out nnt only the 
more extreme opponents of 
democracy but to rally support 
for the constitution. Whether 
this version is true is less 
important, at this stage, than 
that it is believed to be true 
by the extreme Right. 


Toe overall allegiance a' * he 
armed forces is not in question- 
But the scheme, nuv '.'.•Uea 
“The Galaxy Plot,” aft '-f a 
Madrid cafe where the officers 
met underlines the extent to 
which the Suarez Government, 
and especially Gen. Gutierrez 
Meilado, the Defence Minister, 
have alienated by their reforms 
those people most attached to 
the Fascist dictatorship of Gen. 
Franco. 


cloaked in Catholic and national L * 20 

values. The General was securer *«« s:w:id hec^e fiie. 

promptlv ar rested. Interior .minster, -state tetters 

It is significant that the of praters., or ?*** a r«e to 
greatest unease over the scheme against the Government, 

development of democracy in eta's determination to pursue 
Spain is found not so much this tactic in tee referendum 
The armed forces hut among the , r£s emphasised today, 

para-military Guardia Civil and jj,j S corning, wo policeman 
Policia Armada (whose officer were billed and 11 others 
corps comes basically from the wounded when passing cars 
armed forces). The arrests so machine-gunned a group playing 
far have been made among football on a police football pitch 
these two groups. aest t0 a niolor&'ay in the 


For these people, the present 
constitution, which the nation is 
expected to approve by a com- 
fortable majority on December 0. 
embodies (he " treason " n ? w 
hein? perpetrated in Spain. 
Their attitude was symbolised 
last Friday, when Gen. Tuan 
At a res Pena, a Guardia ‘..ivil 
regional commander, Interrupted 
the Defence Minister curing a 
ceremony at Cartagena. shouting 
that the constitution supported 
Marxism, abortion and divorce— 
the abhorrent opposites of 
Franco's Fascism, which was 



on Europe 
Parliament 


im 


They are the people who bear Basque town of Basauri. • The 
the brunt of democratic change, attack was the worst this year. 


They are also the main targets .. heartoirarters 

for political assassination, since ** 

they are the most obvious Basaun ‘*as wuere. two months 
symbols of " oppression " for ago. several hundred polieciuen 
ETA. the militant Basque barricaded themselves in and 
separatist movement. By con- -s suited their local commander 
sistcntly selecting Guardia . Q prc test at the way tvroof their 

deatil iS r boun'ii io ralM uaiiOB comrades had been gunned, down 
within the security forces. by ETA. Subsequently, 57 
targets, ETA is deliberately policemen were arrested . for 
trying 10 foster the kind of insubordination and up to -500 
dis^ruotlement now' in evidence, transferred. 



Gen. Franco: supporters say J 
‘treason’ now being perpetrated | 


una teraciiy opposed to a rvrorm ■ 

rii' \'r<f CAP if .1 :r. vor.es any cut; ■ O !! gg n 

in prices for Ireland's agricu!- 

»ura: good*, jrrcaoective of what; 12 is 

Br:‘.i;n may feel. j 

Ireland's zr.d Britain's) BY PAUL BETTS 



ROME. Nov. 20. 


ini crests is far as CAP is con- 
cerred are diametncaiiy 
opposed. Ireland. wi - h 22 per 
c o_ ' o' it? workforce encaced ir, 
srricui-ure snd just under 50 r>er 
o»n‘ of Its exports fieiny aqricu!- 


■:i 

-a) g?ndr. 

cannot 

countenance 

ar. 

v C-i* 

in 


Beam. 

•rfitrs 

In 

tr.ar 

3 

rjor f. ^ 

of iu 

. n rk- 

fr 

on 

:he lanJ a 

rid :i n-? 

ir.)- 


r:^r nf 

food, tends 

to urote 

c: its 

fl 


r? 

ratner 

man 

its 


farmo“s. 

Mr Lynca has said that Ireland 
v _ resist any attompi* by 
3-i'a.r. ’o "t’-e r*'fo v :ii of the 
•LA? 3 c-zd.'.io-i for joining the 
r;v_; 

in the !.;*h: of Britain's 
evidently :r.croar.ag dill: deace 
towari:- t!:a E.Mi* livl.trd ii^-. 
scru:;“.*e-1 more c!o«e:y its 
demand tor the £R30r.i rtsoitrce 
t • r. :• r A ’r.cu .r. r> < '•••* . rr.- 
n;'”ti oTc \z' ha: ycl speS: out 
h r.bi figure v- jS arrived at. i: 
<-*' niMii'ed or. '.hi assuti.p- 
t. or. tl.ai Er'\ i :n wvuid olio be 
:o»r.:ng the EM 5. 

There .s u rw.-.n? ne!:e: 
•h fore in G '/'em: nee: circlo.- 
"r. : r •; :h a * l re! :■ r. n .*.••!! need nt 0 r •' 
: : • n : nc m i-rms •-■f 

ha ar.ee ?f nzyments av-i.-tance. 
e- well as money for In Ira- 
s' ructure project: like to! op here-' 
and roads should Bntaia not 
y- the EMS 


ITALY'S MAIN poli^cal parties, 
sr.i*' tiding the ruling Christian 
D , ?:v,'"Tjtr. the Communists and 
Sc::a:-5ts. all suffered sei- 
b a in ioeal elections in the 
northern reicon of Trcruino-alto 
.t'Jtzr rene.ting the growing mis- 
civrr.g; or. the electorate at large 
over th- country's current 
7cvera:".c coalition formula. 
Thi- : ^e= the Communists and 
foc.a'is:? directly supping a 
inir.jrit; Christian D“mocr3*. 
g:.vr-rrr.ier: 

AM hong local issue; obviously 
had a z.’.ajor influence in today's 
poll results, the elections at 
Trento ir. paricular were re- 
garded a? a iTidjor tesi by ilia 
poiii.c::! pmies. 

At Trento, the Chri-t;:.r. Demo- 
crat ! r ;t for the first time in 
some 30 ye.ir; their overall 
ma;r.ri:y. dropping to -IS per cent 
co'V.t’tirod •nh 51 per cent in the 
June If'75 general elelc* ns. This 
i? a major blow for the ruling 
party'® new pres: d eat. Sis. 
Flimir.lo Ficcoli. and is tanta- 
mou.r. to a virtual defeat in his 
own electoral college. 

The Communists, however, also 
•ti w their share nf The vote drop 
from »5 per cent in 1P76 to 10.6 
per cent A new I .eft- wine group- 
ing nesd'.-d by the small Radical 
Party and ‘.h.y extreme Left-wing 


“ Lorta Continua " gained 4.5 per 
cent. This confirms the eroding 
electoral effect of the extreme 
Left criticisms of the Commu- 
nists for their coalition with the 
Christian Democrats. 

The Socialists dropped from 
10 1 per cent in 1S7G to S.9 per 
cent, but the smaller national 
parties, like the Republicans and 
the Liberals, maintained their 
earlier electoral position. This 
goes against the forecasts after 
in exclusive 1976 general elec- 
tions that the smaller parties 
would eventually be engulfed by 
the larger ones. 

At the same time, the local 
parties campaigning for greater 
autonomy for the region, gained, 
probably at the expense of the 
ru!in gparty. 

At Solano, yhicvh unlike 
Trenio is a predominantly 
Germ a a -sneaking area where 
local issue* are far more pro- 
nounced. the Sud tyro lor Voiks- 
panel nhe local right of cantre 
autonomous parly) increased its 
majority from 59.6 per cent in 
1976 to 61.26 per cent 

However, here as well the main 
narties lost ground with the 
Christian Democrats dropping 
from 13.2 per ceot to 10.79 per 
rent, the communists from 10.2 
oer cent 10 7.04 per cent and 


the socialists from 5.5 per cent 
to 3.35 per cent. The new left- 
wing grouping gained 3.56 per 
cent 0: the vote here. 

These signs of a'generai dis- 
affection by the elctorite to the 
current Italian governing for- 
mula, however much timed by 
local issues, are expected tc add 
to the present worries of sig. 
Giu'uo AndreottL she Italian 
prime minister. To-day's results 
will doubtlessly worsen the ten- 
sions already existing within the 
main parties over the current 
political alliance. 

The prime minister, who re?- , 
turned late last night from a 1 
visit to some Middle East capitals ■ 
and is scheduled to meet Mr. j 
.Tames Callaghan in London on j 
Wednesday, will have to tackle ■ 
a series of major political preb- ' 
lom= now coming to a head in j 
the next few weeks. 


Portuguese trade 
deficit narrows in 
first nine months 


Oslo plans 
help for 
shipowners 


BY JIMMY BURNS 


LISBON. Nov. 20. 


By David Cony ■ 

j£ RAYMOND ' BAFRK-- the 
French Prime. Minister, hss 
tried to take the hut out of 
the controversy in France 
about- the powers cf ttis 
directly elected European 
Parliament v/j.th a statement 
that any increase" in the 
assembly’s powers would have 
to be negotiated by the 
member sate?. * He star feinted 
that this would have to be con- 
: firmed by a popular referhdum 

In France. .• - . 

His appeal to tbe ‘wefr-estabHsfeed 
Gaullist technique . Of . the 
referendum, is . catenated ' to - 
defuse- the Gaallist. RPB' s 
attack on the parliament as 
an inevitable eventual , threat 
-to French sovereignty.'^ ^ At. the 
same time/ M- Barre insisted 
that the parliament wwldLnqt 
have the means, 

TYeaty of. Rome, -to increase 

1 its own powers unilaterally. 

The Curore over to.e -parGaraent 
was set off by the; xetoa?k~jby 
.Chancellor Helmut Scfiniiqi, : 
the West German ChanceilpF, 

.a week ago that it: .waE-iuh- 
likely that the parliament 
would be -content -with; jfg • 

- existing' powers?:. This '.caught 
the Gaallists on->. raw 'nerve : 
since -they have ; TOSictained 
that, howevk , 'mwh|hoFrefHfh 
Government might oppose" ex- 
tension of parlia^ienisy 
powers, other EEC members 
quite clearly stOofi Tc'P a -dil- 
ferent conception of itstrote. 


j By Fay G jester Government niight oppose' ex* 

OSLO, Nov 20. tension ' of pariiajhentaiy 
,. nn .i-rrMv powers, .other. EEC rmenbers 

THc. NOR vVEG 1AN_ Government quite clearly stdod'-Hb'e >- 4fll> ' 

has tabled a draft Bill mined at f eren t conception of its. rote, 
Liding the more successful com- ' . TTc— v 

ipanie; in Norway’s troubled Tbs GauHIsts. had. totfeed. list • 


oTli-Shn Tnlhe aune*period'?ast (LMF>r“ W ““ ^“imodcro. economically liable 1 

year, according to Bank of Th:; is that the current account! ships, now beiogsald abroad in declaration fromner Ehropek 

Portugal figures. deficit should he reduced from « large aumbeft of sbJP-i JSS?SSKF*S^S 

Imports increased by 5.3 per ? 1.5b 3 t? >lfcn in the period owner.' liquidity problems. ^ !n q-uratiy 

cent :o 33.5bn while exports April 1 97f -March 1979. > the first 10 months of 19^. these . hasOuietlv tunie^rfnwn 

increased by 1? per cent to Nevertheless, despite the I ship sales amounted to 194 

Si.Thn. This is an improvement optimistic forecasts, Portugal’s : vewel s totalling 4.1m grabs Schmidt’s remarks provoked 

on last year when im ports considerable hud S e? deficit Ini- j ton lies. m i’y JStiitfS 

increased at a much faster rate mated at around Es SObn 1 The modest package of mea- president Giscaid 

than exports. (£&.$ba>, or rougiuy S.6 per cent , sures. announced at the week- . -. . • - ■ 

The deficit was offset by a of GDP. ha; extended outside 1 end. has been condemned , as Sint* then there has. wqn a riot 
39.3 per cent increase in jnviribie the limits unposed by toe -IMF. ! inadequate and “very disappoint- . of declarations .to. -%France. 
earnings over the nine months. According to the Portuguese \ ■■ bv Mr. Nils Werring Jnr.. ‘ ”• J esM ?ierr e ^oocaflfii. 'a 

These came mainly from tourist “ letter of intent," the overall . president of the Norwegian former Finance iflna- 

revenue which provisional figures deficit of the public sector should Shipowners’ Association. associate of tqd president 

shmv to have increased by decline :o 6 per cent in relation! . and head, of a br anch ' jthe 

40.7 per cent tc S294m. and from to GDP bv March 2979 f lbere a [ e main elements Giecardlan movement;.- lias 

emigrant remittances which 0 About 40 003 postal and tele- i ^ the p2c^’e. r™y. toe rules « gone on record as ^avhnmg 

increased by 26.5 per cent to communications workers went on l®- tno state-uacKea uuarancee more powers fer thC.parUa- 


passed'a resolatibn a^fn^'tKe 
French Government to s^k -a --■ 
declaration from her European 
partners', ruling pnt : any racfei- . 
siorr -of ’powers: The Goveft- 
meat has quietly turned down 
this requtst However,' Herr ' 
Schmidts . tematta provo^d . 
an icy cdndenrBatimt' rfmin 
President GiSBzrd : dTE&t^ng:' 


There are three main elements 


The most immediate issue i; 
a miner government rcfhuffie to 
rcrlace the retirine industry 
minister. Sig. Ca-Io Donat Gatlin, 
who is to become the ruling 
party's new deputy secret are- 
general. This reshuffle has al- 
ready provoked a major contro- 
versy within the Christian Demo- 
crats as v.-eli as between the ; 
parties now supn^jng the' 
govern menl. • ’ 


increased by 26.5 per cent to communicat 

Si Vnn. strJte today -iiroughout Portugal ! { m e nt - 

Invisible payments showed z to back demands for a 20 per ; r ^-' * , • are L* to * I” f M, Francois Mifferttmi' the- 

surplus of Sl.lbn. a 25.5 per cent cent wage increase, Renter 39ve Ty respects, to enable it toj Socialist leader. ' iras • pro- 
improvement cn last year, leav- reports from Lisbon. provide more help to shipowners, nounced bimself f<rr “tte 

ing a deficir on current account This wa= the second one-day i Secondly, the state wlU set Treaty nf Eome.' afr th^Tfeaty 
of 3S32n.. The deficit on current strike by communications; ay ido N Hr 300m (£30 .42m) from 0 f Rome, and nothing blit. tfee 

•MiitAimt in T-iniia m- /C.i r.tnm ko r nninliki'AAr - n C-a K.,V tk« fPil * HCT i till p’c I intVlmmitfpM Dhtn/i n 


Institute for ships and drilling j 


M. JeaLO-Pierre Eomrade, . a 
former Finance Minister, long- 
time associate of the Presatferit 
and head of a brahdi 'far.j&e 
Giecardian ; . m ovement, lias 
gone on record as favouriiig 
more powers for 'tiiet parlia- 
ment.. • . ... . : 1- 

Francois Mitterrand; ; tbe 


Portugal. :f present trends con- tained 


; money will be used to help 
1 " sound ’■ Norwegian shipping I 


the Press In Ireland, Vbas .said 


. J V i-v; ■ w » l v"Mi |ia "W" « 


■ ,H, >v 


TneE-E-C. headquarters, Brussel f. 


I 

. -i ! 
■* ! 


j 5ouna Norwegian snipping u, at if it, *tre 'left to ItiCSe- 
- ! coT.panies buy second-hand ships would caU off^e electf^Mt 

Communist electoral y^n ■Under the proposed ^scheme, j • ^ aiSi^- 

BY OUR OWN CORRESPONDENT LISBON; Nov, 20. 


■' - ■*'. •' 



BY OUR OWN CORRESPONDENT LISBON. Nov, 20. 

THE PORTUGUESE Communist coincided with aa: outspoken, able to. give state guarantees for 

Party sfVPt has retained muni- attack on the recently announced up to :^0 per cent of a ship's pur- ST favour '«* 'ihprea.^.^hp 

cipal control of the town of Government by Communist Party i chase, price. • tjowcts of 

Evora. the capital of the Alemejo. leaders. Tney have acmsed it of; Thirdly, shipping companies Svidehee 'of tfe SSS^i-of 
accordin? to eiecuon results oei eg tne mort Rignt-wing ; w m be allowed to write down un- France’s 

published today. aamim-'tratioa. since before the taxed reserves hy the of entangle her jfi - %;-'6erman- 

A Communist-oacked electoral revolution. ; any losses made io 1977 and 1978. American domination, ' 

front called the Lnlted Peoples siamifiraafly.taeEvonelec- 
^ 33 p K r f? 1 «ors thowl a consHerable in- 

fi-'JH? 2 s Q . abs f^ crease in the abstention rate, 
majority of 12.64a giving them T 'niny-five per cent of those who 
control of the !oca! municipal rored either abstained or spoilt 

1; h ^ ad *. ai,eR vacaa ‘ their polling carrt'L indicating 
following recent resignations. :hst Evora ai?ht ^ fleet the 


mm* 


foHowing recent resignations. :hst * Evora might re fleet ‘the 
The Cc-mmunist victory, snow- ;iiusionment on a nationai level 



■ _ . - _ ■ ■ vu a uvuouai ic\ vr* 

ing a mar^mai increase over the uith the division? and politicking 


party's majority in the municipal of ihe political parties 
elections two yc2ry ago, v:;l 


cause some embarrassment to tbe The Socialist Party's declining 


Government of Sr. Carlos Mota strength was confirmed a* Evora 
Pinto which has pledged itse! f to where they lost more than half 
pursue the controversial handing toe votes they von during the 


a®.. . 

. ■ 

I®*:- 

■ v isSw 


back of expropnated farm land 1 9 "5 municipal elections. 
The Communist victory has 


Danish GNP 
prediction 




By Hilary Barnes 

COPENHAGEN. Nov. 20. 
DENMARK'S CNP growth rate 
will increase from l A per cent 
this year to 3 per cent in 1979, 
according to a report by the 
joint chairmen of the Economic 
Advisory Council, Denmark's, 
" three wise men." 

The unpublished report is said 
tn predict that real private con- 
•njmprion next year vilj r«e by 
2.5 per cent compared with zero 
grn-, vth this year, and that this 
'rill form »be main enn-ributi^n 
tn next year's increased GXP 
growth. 

The renor? «aid that the rir- 
rent halance nf oeymen't* deficit 
will fall from DKr lOhn f£973nt> 
in 1977 tn DKr 7.2hn 'ETOlm) 
this year, rising to DKr 7.abn in 
1979 lntpn»=t payments on 
Fnreicn debt aril l come to 
DKr 5.1 hn next year. 



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fw 


XT 

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.*♦ * *V J 

.. . v* 

* i: i\- 


S^ aM Germans take a buffeting. David Marsh reports 

A wary eye on money suj 



W. GEEMASI 




SWITZERLAND I 



THE W. German v liote^ale price [ EAST- WEST relations, especially to ' ®“?„ are fL W S vi ^ r ' rumours 6 circulate 6 in Budapest 


; lit r«. r- , nant i B f 0r a -um.eo iruni muu£u ~ — me Hungarian ana nmau- 

CM*. « «u - »™ j^i.^sasspis sssjrs. urt : 

I^W ■»> ™n,h n,!^Vr.^..“«Pe«ed ,0 SKSjlS." e “ n “ mic 

;p™«n, dominate .te lon S -ov e rd U e War- Eiour' "of - dimS« rcl,- J". n tUc „* “w 

i reari'n year l>« "in Seplcmhcr ■ mw Picuummii mretng schc- nous •• (or a permantnt dialogiiP • J 1 miners speculate that . 
| i. addSd ! duled in heg.u on Wednesday in - in a constructive spirit in Mosc £ w ma v issue 

i Meanwhile thn producer price I Mosc°*. £“LL»« d rj?mminisi aSd workers not only a joint communique but 


ijjjB -WEST- GERMAN and Swias u 1 

- centra) banks.' flow .getting, down 
to thetr- annual exercise of poo* • 
aertflj? naonetMy guidelines tor 
the coffltar year, . »*.. looking 

back Tucfxmy oaa year in which 

their monetary, 1 policies have 
been shot to pieces by the plight 
of the dollar on the foreign 
exchange market 
’Dr Otmaf Emmlnger, the 
wiesideat of the Gorman Bundes- 
bank,- and" Dr. Fries Leotwikr, 
wjjf opposite number at the Swiss 
National Bank, are normally the 
last t* be accused of handling 
monetary affairs with reckless 
abandon.' 

Yet, because of massive lnter- 
ssntion. to support the dollar 
(And, - in the "case of the .Germans, 
the weak currencies within the 
Europe'' * 4 "saaka-**) for most of 
4978 both men have been tolerat- 
-teg a build-up of money in their 
economies which has been well 
In excess of their own estab- 

- Hsbefl targets, and has created a 
^finite inflationary potential in 
these ' two most inflation-free 

countries..- 

' ■•' The - Bundesbank expects that 
ltt monetary benchmark. money 
--stock {cash in .'Circulation plus 

' dfflftSestSc.nabl lilies) will rise this .'•• indication when the AmbajH dor > car in East Ben ’ ‘ 

■war tiv an average 1L5 per cent, • I would reiurn. ! Amid repeated Sonet u a. nin^s 

'•■JS'Avf the 8 per cent target S5b n to Germany’s monetary German and Swiss currencies are hank ha* uS,? «r h?Ik* ? mlS- : Thr four, wanted in connection j against the “ adventurous cause 

. aSptedJn December 1977. reserves - the Bundesbank’s too high. 2SS d !S -™ m wrilwSl* «Hins last year nf three! of China and the denser oi a 

*- a Cufiac «Wrstanatine is even tnost concentrated burst •**£ «*- Also, because of the sluggish n,ul T! l _ f n «t P ciT 1 prominent West Gcrm.n;. wore I military conUict in Asia. Hun- 

:-,.^e SyMSovrawt^ys ctct terv . ention since floa ting started state of both countries' of the inflow* of l "J“ p , R i [.pleased on Friday by YusoJav ; 5 arian and Yugosiav ouser.ers 

8 S?lSnaw»c ih?i Ml fcash to March 1873. , economies, excess liquidity is bul rt Sf„„ N 1 B ' nk j authorities after the Serbian predict a major Soviet effort in 

^ £?5? ^ ti Wtri It Jnand Swiss intervention, on a «la- not thousht at the moment to has done nothing. j supreme court reruwd to ahoiv ; for „ s a united front, io he 

phteidght depositsywuicxpana tjTe ba ^ s has higher: he a particular threat to anti- Swiss liquidity, measured bx. ||iejr BXt r a di«Kin :o west spelled uui additionally in the 

1 bv l ® T P i 7 asamst “ the National Bank has . pur- inflationary policies. Largely the cash balances of the banks l Cennany . fnrm (lf a dcclaraUon oi solid- 

3ajgeteu ; a per cent: chased around S3^bn ifl tbfi Isst because of depressed import and the non-banking system at i arity with Vietnam. But .Mr. 


W. German Links with West, China to 

wholesale __ , , . n 

prices do mina te East bloc talks 

fall 0 . 1 % ... .TT’Z'l. 


do mina te East bloc talks 


VIENNA. Nov. 20. 


i above October in. - after a u: prime Ministers and euretgn a n effeenve bov ei msiruinf-n. »• " v, " j ' ’ M Janos ■ 

per cent year-on-ycar gain in Ministers, accompanied by other j oin t policy-making Its supreme modcraic lcjder as Mr J*no 8 _ 

September. hi g h parlv officials from the body has so far held only 15 Kadar. the Him^arian rirsi 

! ii j Soviet ^Union. Bulgaria. Czech tv meetings, although the statutes Serretaryfc-und unccessary last-. 

1 FnvOV recalled Slovakia, East Germany. Hun- originally provided for con- ni»ht to attack Ch na. 

Egflyuy Poland and Romania, ferences held according to need However, it may be politically 

West Germany's Amta-sador to ° ' 1 summit con- but at least twice a year." more significant that Mr. Radar.-; 

1 - SO Yugoslavia was recalled yester- The ,ast E a «t hIol summit co Althnu „h X h e key positions. w>ho has just returned from a . 

! « ‘.r^SLSRSSi 

2- 2o i ssme. i .ssjg^ sait ■ 

Izeo SSSSStt SraCl. r de^ne^ ^ sTren.thcn mil.tt.ry s {, P use t,. , „ 

1 Veleaseof the Baader-Meinhof ! ^ od ? *? meetTn" in’ 6 «!oher ibis co-operation and to restore a Stressing absolute lo.vahv to 

«an" suspet-is. There i.ai no j v-ai- 3 ;* Fuji Berlin greater degree of discipline and (he Soviet L*n to n. Mr. Rada, also 

indication when the .Vmbajsador > car lD East Ben ’ ' unity in foreign policy. spoke out indirectly in favour of 

acu-m I would return. ! Amid repeated Soviet warnings Meanwhile it is understood the Western Communist panics 


targeted. S per cent. chased around S3^bn ill the last because nf depressed import and the non-banking system at ■ anty with Vietnam. But Air. military ' >pcn 'ns > 1 ' west svsiem in Socialism, he stressed. 

.-Neither the GeTpians nor the - ^even weeks. ■ . prices arising from the fall or the National Bank, is aL a rc- 1 Cy^-g mort^aZCS Nicolac Ceausescu. the hnk bet _ ec -a h fhis statement can he regarded 

Swiss- have decided yet whether in Germany's case, laid months x j, c dollar (down to the level of co £d high of ^. n i^ e - , Romanian party chiei and Presi- J- uro l? e ”Fj ■ 1 rv as covert political assistance for 

. They will set a target lor inonc- intervention was the climax to lhree years ago in Germany » l88.3bn », more than double the ; ^ Swiss ^monaage debt Is equal denl . 1S understood so have for both JJ ?hc sniallcd Euroconimuoist 

tary growth in 1979 in continue- monUls of mo unting .rarest consumer pPice inflation has minimum necessary Sj^.f b "’tio about bwTr 20.000 I already rejected such pressures iniesratmn -in^ I hi ^ "jjjj!? 0 ia ^ ics 

■SJ-of.-the poUcy both have wilhin lhe ^ke. Total.. DM f a n cn prnci?ssivcly this year to But the Banks view is ih-t a«; h „ d or P«wi» nm - " c r? rd, .%g^ . last month at a stormy meeting spending by the Warsaw Pact l-itic - 

■adopted over the last four years. ime rven!ion within toe float 2 .1 nor cent in Germany (the tone hs demand ; i ; st,l ? a ir«;^ zcH a nd inhn \v"ck"i 

A Bundesbank; official, admits endJune and' the mid- lowest r.incc I960) and 0.4 per be economy remains low. i £TrS*zir?Si Thr Rank! , , /a ./ 

thatJftheBankselsagoal.il October DcutscberaaJ* revalua- CPnt in Siwitzerland (the lowest 1,v «| J » 11,1 huh liqu: 1 1 " ^mongagr commitments : X X J /x«rmAA^ -w j awa OiOBif*lT 

will ;. be difficult to make it Uon ilgeM ca7ne w DM 8 since 1960t. p Where do the German* and nuts “ M C01jmr J >omc svTt: #-| B g Q flfl PYTlPPl S ll3YBlMdlL llvllvll 

-crtdible. SuKe 1975. the^Swiss figure which gjjpiuinj some. Ger- Nevertheless both central hanks Svu -\ s ii26.5bn as of ihc end of A C-Y iJV'V/ 

National Bank has^ achieved man officials* fears that the fiee the potential inflationary pe, l d 5 °7 ,h dollar. Bo *■* c r 1 J , "| The annual growth rate nf G.7 v „ 0 

Federal Republic would be. grone danRI?r of „ cess liquidity, which }ral bank* i »re PjM-' ^ h lbat b ^ i nor cent is said to be much 1«- CHARLES BATCHELOR AMSTERDAM. Nox. -0. 

targetry. but the Bundesbank eiiii hicher speculative attacks rftt ,i d s „rfH P niv release pent ud us - federal Reserve ha& D . ee ",, han -, a previous years, of the bt charlu bim-nti 

bverahol; eacb timt. - . j n (jj e larger currency grouping demand for goods and services ih^Hsunn'ffrt^Dackace V ^was Si ^n C - j toT aI. SwFr lO^bn was ! 0 l LAN d EXPECTS its balance that Holland had a current nfed for the 

By early summer this, year.- represented by the European ^ 0ll | d the two economies pick JJU in *p < f p0 „ a iJ5f c ;»? Deutsche I *’4bn b r«sDectivehr r of payment.-, current account to account balance ^ ® f d Jf f J te * 0 distorled^tfie picture, while 

n^MiAiv that t^ipVr 1Q7S isrefits Sfifk ^Wp Hermans .tllC ^ ^ Mark^and “Iwte France U swap '^"nSaMe^aiffpcmiSn ' ‘finds I show 'a deficit in iST^-for the on * £03“ m f'in 0 She first six sfaUsti’ca^faclor/inay have made 

^ublielythatgelr 197S targets ®oth the German This fear looks more justified n n es (increased to ceilings of and SwFr 1.3bn b« public bodies, first time in seven - ea, J- monihs^of 1978. Correcied for the 1978 performance appear 

would be eke^^- ^ss have made a clea c» ^ Germany . s casc w h ere the and S4bn respectively). primarily the Swiss Accident , country s b8l ff ,cc h - 0 L r< 5 Lgir nf seasonal factors, the deficit rose worse than it is. he said. Despite 

the result of Mws caused by — the. mflows of llquidi^^^ economy has gained ground Thfi centra i banks, nowever. Insurance Office. j performance in the first half or JL 5JJ According to the these distortions, the worsening 

r SL'S«T«! b. S. ta «g5^ ^S'SrS^'S ISSSIHE UNESCO compromise / ast S“"1 M 

rise in bank -leading - to con- current disniption Switorland. the National Bank Fr^c li?uidiiy in^be sa me way UNESCO director-general Amadou rent account but I this has now u rafsubstan- t?ade in recent years. 

sumfere - ■ - • ■ . . - * ' occur if the central banks, stood we( j lctiinE only 1 to 1.5 per f= tf ihev themselves had done Mahtar M'Bow is prepanng a been confirmed by the Finance J- i «-ro m Lhseauefit A survev nf the Dutch balance 

But -.toe margin of overshoot- bs*k from toe market.:..: - . ‘ s er T E J inSreento^ compromise draft declaration on Ministry. c u . ^ a i rc SU ^S.in P in a surolus of pavnierits position carried out 

ing has' been' Increased dramatic^ The' Bundesbank and,ytbe . n „ vmminper toe mass media that he hopes -There will he a deficit this years, ralm: mating m a P ■ xi^emene Bank Neder- 

ally by substantial toflows inter National Bank have deliberately Thus tots month Dr. Eknmnger pat is why Drs. Eramingcr wjlI ^ consensus approval here year , hut we do not know how of FI i.4bn in 19. b. Last year b toe ■,*** bH hed this week 

’ both countries caused by the refrained from tightening -credit and Herr Karl Otto Poebl. the and Leutwiler hope tiiat ibe L.S at the UN aaeocys20Ui general bjg it wlu be.” Finance Minister the surplus was cut sharply to land and pumi 1 ^ of douie s- 

*ffia KTtfbSSMfiifSE -aBBTvSTSg.p'Hffi ffiiSr.i&.’S F Three" factors k.v. eccoeme, 

yf ■ "»“ r w »» w^rgi t. war, a** ■•sstmsri asij;, % ss.'ff.jssss £ sk S’rSSST, ftr\« fr.tt E.^jassSuJ-Tfflfi 

stefis&s s-fru “ s.-ss f 

% S^Wmd. .the antooritieg tog with their reputations for .meruati^, nationally and ^ultie^ MipLcfr> . figures show althougb this will be enmpen- share of GNP cut the bank said. 


partners i 


vSifif L»tJ -the valuM .of'<S are: mort- relayed, The Bundes- mopetary orthodjxy 



To run the finances of a multi market business like 
The Thomson Organisation, a man must be as multi 
faceted as his company. 


David A. Mori rg, Vice-President, Chemical Bank. 


Through Chemco International 
Leasing, a Chemical Bank subsidiary, 
they helped Thomson’s Britannia 
Airways lease a Boeing 737-200 in 
minimum time. 

Says Brown."Chemical Bankers get 
things done because they don't have 
to go back to the head office for 
.approval on every decision!' 

Obviously, Michael Brown works 
with other international banks. But 
David Moring's personal understand- 
ing of The Thomson Organisation and 
the bank's flexibility are two impor- 
tant reasons their relationship 
continues to grow. That’s what usually 
happens when financial executives 
get together with Chemical Bankers. 


In-depth financial knowledge not only 
about Thomson's products, but about 
the countries in which Thomson 
operates. His Chemical Banker, David 
Moring, must have the same. 

“Davids understanding of our 
business is important! 1 says Brown. 
‘But so are the flexibility and fast . 
response heand his Chemical Bankers 
come up with!* 

Working closely with Michael Brown, 
David Moring and.his team have 
provided TTO's publishing interests 
with multi-purpose, multi-duration 
credit facilities in six local currencies 
exactly when required. In a half-hour 
meeting, they thrashed out an agree- 
ment in principle on a medium-term 
loan for North Sea oil development. 


As Finance Director of The Thomson 
Organisation, Michael Brown must 
ma nage the financial resources and 
helpassure the prof itability of a large 
and rapidly growing group with 
interests in publishing, travel and 
petroleum. 

Thomson publishes The Times. 

The Sunday Times, regional news- 
papers, books, Family Circle in the 
UK, Living,numerobs trade, technical 
and educational publications in some 
ten countries around the world, owns 
Thomson Travel and its subsidiary 
Britannia Airways. Through an asso- 
ciation with the Occidental Consor- 
tium. it is involved in the development 
of oil fields in the North Sea. 

So Michael Brown must have 


The difference in money is people, yit iwl G MMuferifoi wk 

Chemical Bank House, ISO Strand London WC2R ItT Td: 3797474 Repnaentatrw Oft**: Scottish Provident House. 

1-2 Waterloo StrMt. Blnrineham - Charlotte House. 17 Charlotte Square. EdinburghAVnn atlia 1 flew Vcrh r,.Y. 

• Abidjan. Bahrain. Beirut B-nninctiam Etacoia. Brussels Buenos Aires two Orocas-Channeljslanos Cri'caBo Dubai. 

’ Edir.csjrfch Frankfurt Honq Ken's. Houston laflilute* ,’dkuia London Madrid Manila Me*>u>Cii«; Milan^Monnavia.ftess4aP«ifc 
Ru de Janeiro, Rome. San Franci soo, Sao Paula Sir^apore. Sydney. Taipei. Tehran. ToK/c, Toronto.^ Vienna, tun-*. 


> 




Financial Times Tuesday November 21' 1978 : | 


&ih 



Member of 
Congress 




Somoza 

defies 


Contending interests. in Canada, writes J W; L. Leutkens, could wreck 
Prime Minister Pierre Trudeau's attempt to renew Uie ’constitution 


say- 

'ill 




i'll 


sente 


to 3 vears 


BY JUREK MARTIN. US. EDITOR 


WASHINGTON. N 


opposition 

deadline 


5 / Our U.S. Editor 


WASHINGTON. Not. 20. 
MR. UiARLl.s HIGGS, rhe 
drier Siau^ntan ni the black 
rnn"res*.ji.n3l caucus was 
toot} '■rnG-nceil 10 Ihrce years 
in prison after bein? found 
suihy la^i rr.viUh »f illegally 
supplementing his Con* 
xressionui payroll From 
G-fv.-rnmeni fund.. 

Mr. Divas’- office said a 
rtatemem nnulri he Issued later 
this tapeSt. presumably on 
whether or not be will resign 
from Congress. He was 
re-*?!eClt*rl ihij. month hi an 
/AtTKlielniinL' margin for a 
T"in form in th«* House of 
Represeniutjws by his i-on- 
pLituency in Detroit, Michigan. 

Hl> irwyi-r saiil he would 
appeal against ifce sentence: 
rhe Judge in fact appeared to 
offer tilt hope of reducing the 
sentence if Mr. Diggs made 
sub-lanra! progress )q 
reducing rhe ^ire of his out- 
sisndlnz drills. saj»i to total 
ahrnjt >17.1.000. 

There i> nothing in the law 
to preioni Congressmen from 
ceniimtlrg to sene while in 
?ri>en. .iliho’igh a member of 
thr Rouse cannot vote from 
jari. 

Mr. biggs had become an 
extremely infiueitf iiti < nngrrss- 
TOn. in o< Mi domestic and 
frr»- : .gr. affairs. |!e was widely 
c-:n f ■r*»-retl 'he expert in the 
j-? ifo’-ra and has irnce'I 
■r. '■.uren-, ili*s < arter Attmini- 
n r*d-i.*n‘* Africa policies. 


! WEST ”• 1 • : i { - VS E For po r j uo it 
: was tod.:.- fined S30Q.00Q for 
I ran it in; .liesal payment* fo a 
senior E-UP*iixn civil servant. 
. idtsuificd : u s'ourt papers as Mr. 
Ahmed 5 .:i:an Ismail, unit! la>i 
1 month Deputy Prim? Minister 
. in PrOiitli" 1 . Sadat'# Gyuvninenl. 

Till' c.’". appeared ia.-i iiiomh 
1 to ,>e m r ^ towards a relatively 
. routine p :, -a-har£ainina solution 
■ i .etwee r: ’‘■e-'inchoii^e and ti>*j 
, Jy-itce ■> pertinent, nut wa< 
throw r ;r/..i unexpecleri lurinoil 
v. hen Mr Earrinztnn Parker, the 
federal . ,- :dgc handling the ca-e. 
rejected '.he settle men'., partiy 
heca'J*'c i'iv rim sides had agreed 
to incg" f >r. neither the country 


in v hlcc Hie oajments were 
made nor the mdi\ idual 
recipient. 

Judge Parker al?o objected to 
the settlement including riie pre- 
cise fine to lie pain by Vest is- 
house, thus removing his judicial 
discretion. 

Suon afterwards, however tne 
Wa-ningion l J i«*i. fiuormg 
unnamed >nurc-»s. identified Mr. 
Ahmed Sulran N.iuil j\ hmi.ix 
taken $322,000 in tin pm phi ;..i y- 
ments from Lho company m con- 
nection *-ith V.'vsiing house's nid 
fur a 330m electricity plant cor- 
!R««*t in Egypi in 197-i 

Tile Justice Department 
lawyer inrtHv admiited there was 


no fount iu continuing :■• K,:n- 
hold names tn»m the se::l?nttffii. 
Earner. tiit? Govern mem. ■-••Un 
in<? hiil support of me S'jte 
Detriment. had argued it 
■•■•■as r.nt in U.S. foreign n-.l.iy 
i Wen-sis to have f h« n <n.* - s 
refoa-ed 

Tins is still the Gnvcrn.i. 1 nt'- 
|.ifs;lnn. and it is deuft: ''•-•! •’ 
liv combined effort.*- n: Ja'i** 
P.irser and the Washinsl-m P-'St 
nave effected much chang? tv «he 
ijfucrnment's hasic aprru-c:> Gut 
■a chink may have been -ivr.c-ri 
tn Hie legal defences a* % re*!*! 1 
o; this Ci;<e and may. at ^ r C e '.i : l. 
he nd further. 


By Hugh O’Shaughnessjr 

GAUTAMA LA CITY. Nnv. 20. 
GEN. AN.ASTASIO SOMOZA. she 
President of Nicaragua, is ref us- 


Une question de langue 
divides the Canadians 


r*/ a 

'i. i > ' 


World population growth slows 


in? to nun the Presidency de.-r*iio 
international and domestic pre?- 

• sure. 

As tomorrow '* deadline fixed 
by ilif .ippo-irion for the abdica- 
tion approaches Gen. Somoza 
ins'** 4 ‘bar he will no* resign in 
. soire of increasing financial and 
nolMicHl d!fl‘C-.ii:'es. In a speech 
V9«re*-day he co:nmer.:-»d: “ Mv 
nnponerti believed 1 w3< *tuc'* 
op With saliva, like >:a:r.ps“ 

The Somoza Governments 
' financial dio’cjMiie.s were made 

i'»ear hero y- tve week pad when 

Dr. Hoberto lneer Barone.-o. 
chairman of she .Xicaracuor. 
Central Bank. rr.:*de a 
nra: application tr* llie Ccnrii! 


MR. PIERRE TRUDEAUS en- a number of areas where the 
der.vot-r lo renew Lbe Canadian constitution can only be altered 
tonsiiJjcion a> a matter yf by the British Parliament, 
urgency looks like comic? to because for over 50 years 
grief because of the contending Canadians have no l been able 
i me res i« of the nine English, to agree on procedure ror 
speakinr provinces, the am-, amending i* ihemselvK. To air. 
b;=uoi:s‘ 3 u nude of Quebec, and Trudeau that is redolent of 
the weakness of his ' ot«ni colonialism and coRflicts with 
Canadian Government. the establishment of tliat truly 

A group of ministers from the Canadian " 3ti ; n ^i^n F^nEh 
provinces aad from Ottawa will secs 55 ?. f Qnd bct French 
meet on November 23 and again English. 

:n December 14 lo consider pro- Toe Trudeau formula has all 
posaJs tor reform. TTSon. on the makings of a conflict with 
February 5-8 Mr. Trudeau and ibe Par:: Quebecois Goveninient 
i he ten pron.iciaJ premiers wilf in Quebec City. The Pam Que- 
rn eei to ?ee what can be done, becais has adopted a programme 
The arswer will almost certainly of political sovereignty for 
*?t “not much." Quebec tnough in econoraw: 


! BY OwR OWN CORRESPONDENT 


WASHINGTON. N-.. W. 


THE UNITED STATES Genius 
Buri-iJ b.s found v.*ha» o 
de-- r oes 4 - * a •• ery si -mficaii ** 
-tec me me •■at'* of increase 
. -..-J's pr.'liijulion. 

T;.** £• .r-5'i slid .n o rcr*"ri 
reiav-ti tn n\ i;t 1978 t’ie 

tco ..atior. crc.-. 1.7- 
ter cer*: for the (le.jd* *•> 


k uer cent. • .• fii *t 


:r/.e fallen oc;i'* - ‘ - oer 

ccr.l ; ir:e ne-liaieiv after me 
S-oor.d v.V.r.d tv'ar. 

A^-'V-.-gn; iij on n ‘ir 

rep-T - . - '.7.n'*'.na\ mth*--'. ; r-e 

Ci mamiv in ••h" 


sirn-down in the ra’e of increase 
10 years uefurc ;t v..i< expected. 
He emphasised however, thai he 
still did tiijl anticipate •• zero 
cr-'Wth rale untli 2020-2075 at 

the earliest. 

A nu inner nf other slud’.es ;n 
the las* year na»- nc*:nl«ri : *i 
'jrnn-ing and ncrc?ntib!e fails 
in OMpulaiiun g:ft.*ri ra'e. 
'.u'i ugh population e::n*.*rU hue 
can.-fu! lu .*aiit iiia' ihc 
nu«h.*r, re*nain -u lush tha' r 
j.li possible lo conclude ihp: 

■ no v!»o!(* popul:.ttOR *’ pro >Sct.s.“ 
^nd iru- nocertary a:.-.*ra*i |, i uf 
'■ resource*, hss -ud-lcni - - 


p?en solved. 

The report p-stimale* :r; 
rhe middle of last year Tn- c 
n-.pulalion stood al 4.?'nn 
pared .■.Mb 3.5 bn 10 year- vv 
Generally, projection- >i 
w ii rid population by the 
200U are in ihe 5.Sbn-fi.3!i;t *■■ 

The Census Bureau .-itidj 
particular .mention i- 
.t '•clinc in the rale of gr*-. 
Sri L:tr'-:.:. the Philippine-. 
sfAiith Korea, t'o 1 '-: 
Africa. Turkey an.i 
a-ly Ch ni i though the U. 
are imprecise). 


^ A f!SS ,n «f J, ! S!S , ' T .S3S Quebec tnoush in *™ie 

' absence of the chairman nf Co*m Mr Trudeau has ihroughout union , 0 J[ Canada 

Rica'* Central Rank, the applies- -ears e> federal prime min- PQ ° an” S 

; »inn could n^>; be anprovpfi. :ster wan.ed !o achieve -two ® UI ‘ -kp-uiers met in 

Karl'e- this mnn-h the Son'*?', things in -he consriretional field. Provincial P-e-uiers met m 
Government met U.S. opposition He wants the constitution - to Ottawa iron. Orioter » .« Doc- 
in the XmfK7f «««..««, , ? .r,n rer of U, f ■SSTjLSrf » 


.3; in 

in the inrerr.a^rinal 


ilor-ai 

Fund :>> nrs af’?.' ■?:?: 

ion for ■■ 

cun- 

?20;n under ; h 

e com pen- 

i.ii-n-. 

*ni.i-. finiir.ee -';r.^:r.e. 


ihe 

Meanw-siie. S^ndmis 

:n aaerrti- 

.•••Mir 

las are -i*?pp'ne up 

letivitJe* 

unu*.-. 

.i2a;n*i Gen. ?-'»r.uva. 

Th<?v car- 


nei -jm rv._. hani: 

ra:d ; :n 

ibe 

Nla nn Sstiirda;-'. 

The fifih 

:'n in 

ftieii in a v: «-«•!* 

Hie week * 


thP population and the French “P** the omer premier. m«i< 

St ~ m zMttSs otjs 

»A* K to have rejiti^uMMaM 

?■ Kill n* k 1 ■Tr.ic tinontan Ann ■ — . ■ 


Thousand suicides feared at jungle camp 


EY MAURICE IRVINS 


LOS ANGELES. No 1 . 2‘- 


GF0U7J Of n'ez ind 'vomen. 
~.oi! 'j : 1 n- t* black. s«cud outside 
M-.o v.T'i'J^r' iron gates of the 
U.S. ■.* s**J 7 :a lor* o: toe 
Pvop'e - ic.v;.l-; :n San rraccisco 
’•■W; . v j,:: :ng in!- r.e—s of 
rult:r-.r< cr.d :r:ooi-‘ a*, fiie cult's 
’■ar.cle camp i r : -u;.?r.a 

Some J 1 J-' » • -oil ;> - i^v*- heen 
foti'. j u-. J ; ".v •:•■»’■ n camp in 
n-iriii-v.v-' '. G .. ;.ru after a mass 
ssjj-. J .driu people, 
nearly ? i zeT*«. are 

r-eli-r “i ? i-ccn ir.tn? ^t 

the casm nr.o ••• f^r ‘here is no 
wvircaii-j.n of {'r.i fait of ?_n*? 
eT.irrs. 

Mr S'.y,xn Eatzans. a 
Cai:iorn:an j-fychi.logist who 
iravelitd *o Guyana v.-nh an 
in vx-stt gat.] on ma:ii led by 
0<ihge r «f.an Leo Hyan. predicted 
that to. rrii>r.3 would ail be 
found dea>: Mi. Esttans, who 
had bc-fed m o rescue bii daughter 
:'r o*r J >nc sai-i cull 

r'ol.’.mer-- •::;»! fayed m.i? c suicide 
.-f.-l-ci-r-T.; . .lid b-i'i /uic'do notes 
in G'lliio.— in before moving lo 

?:r ! ;. ;- “ and >our other* v.pre 
'■•'Imd :? :>rr.">i r. n-.ar the 

c.-mp -<r. S.-.v.T'lsy niiiht. 
l- :i mile* from the Guyana 
ctT-ita! of G.;..r;or.:-r. They 


were about ‘o board an aircraft 
lo return to :'ne capital after a 
24-hour fa*.: -finding mi-siur.. Mr. 
Ryan- ■> is:? was prompted by 
allegations mat the People'* 
Temple v.£- holding People 
against :hei- will y. :i* Junes- 
lev*. n aori-.-iiPural eniPimiM'y 

The cult'.- ‘eader, liie Rcr. ,T..p 
.lore:, i Cti . forma, i- desonu^d 
here a* j pr ^het of God " why 
predicted i foi-ci'i ta'sv-ner <»f 
America fr-tio.-e-'. 4 

oucieur :' i. s:a ii«. Acc.iring t>t 
report* 'r:»m Guyana. M' J.-.n-*.- 
i* believed •■: have taken hi- > n 
life. 

The lores oeadquarter* in San 
Francisco remained picked 
togjy. Tn? fjtal membership of 
the cul; remsiniD? in California 
i: believed lo aumuer several 
hundred. 

A spokesman said radio 
contact w^h the .tnttcle c.omp m 
Guyana had oeen broken for 
days. 

At the heigh*, or his influence 
in S?n“ Francisco five years ago 
Mr. Jones va« e-iuned hv pnli. 
licmn.s. hankers and business- 
men. who pr.oi.-Tr! f-:= v.nrk and 
benefited from hi* political skill 

AgeTW. .Tone* enme from an 
obscure MidAYe.*terr. mission 14 


year? ago. He ho -a me rhairman 
(■* *ho city iiousin;. coRitnissiCT. 
and at one >l£?e forennn <^f ^ 
San Franciecy grand jury. 

His temple meetings *■« re- 
al tended by the vi'.vV poiu-e 
ei-te: and mayur and bj ?-Tr 
J erry B men. C;d i fern i ;> s 

vb-vernor. Mr. done* mci Yive- 
Prcsidcnl Mondale and joined 
President Carter? «-ifc during 
an election lour. 

R.-.iori* rryin d**si»P<Ts. «vlm 
Hod ihe Guyana •aino s-uti <i:i«i 
Mr. Jones, wnn is vim«. p.-.sid 
as a iisix'iir-.* uf Christ and 3 
reborn Lenin in his largely 
black i-ungrcsaiirin He is 
alleged to have «-!.*imed miracu- 
lous Hires and »o have 
resurrected the dead. 

Among his prophesies was* one 
of a world-w i.i£ race war m winch 
the blacks would be driven into 
za* ovens and the We«u»-ni world 
would be destroyed by mhi.-st 
bomb*. Mem be is of the cull save 
a'l their goods ro Lbo temp!'*. 
Transgre-sor.: oi ihe cull - -me. 
rales faced a hoard oi cdui'alion 
— *aid to bo -.v unden paddle 
melded by a muscular man 
Cuit member* received aboui ->2 
a week nockec nmni'j. Some 
begged on tlie streets of Ssn 


?'r?rr:sco and L-os Angeie*. ' ohor* 
r.iide articles which c-u'.d nu 
><•11 for tile cull. 

Political leaders iv.no , .: i :s!ed 
ihe cuil's temples were - ; i>vn 
merrhers wnn planned m j.- re- 
formed criminals and -J^uj 
addict-* The thousands •••’ m. a m 
i.ijr- helped Mr Jones's ?<-'iiica! 
friend* in eiectinns by d<.i;v>*r- 
ir. campjisn niateri.ii. -.id 
Toting a.* a block. 

Mr done* »Vv. in Guy&r.? :>-ur 
viiiT- .on ii» crejte a c"h sanc- 
tuary. A friend explained "Jin 
read an arlicie about til- nine 
he.*: places in the world tn hide 
from 'ihf great holocauri he saw 
coming." 

Mr Jones acquired several 
tn-ou-and acres of jungle for bis 
refuge, using money sun- lied by 
l.is follower*. Bat cqptnljinis of 
prutal conditions «t the camp 
ieakeri back lo the U.S. 

De*orter* who returned 
recently said ihe leader had 
issued order* for mass suicide if 
tile cam? vx* r ver ai tacked by a 
U.S. GoV'VPmcni agi.-ncy. They 
said. Mr. Jones llioyghl the FBI 
v.a- nu: in destroy ihe temple. 
It *nc.rs that liie investigatory 
vis;: ih*> Ryan :r*.im wa* seen 

as just such an attack. 


-jiisi. The ; > r,,:id Opposition Front dycun-.en; it would as its political r u .“ V,n ‘the kev hiksimh Mr. 

wno-e 7oc-m icr* include business uer.: repiece incorporate a guaran- r i-enmined adamant 

litre* anri t:v?n. i* di*- ie- .Jibe Isnguage nghfs of the Quebec ill not agree to- a for- 

apPOinted vitb *ne iseas.-e four ding nations. Tlie key !* , ' - nr L . ; *, ending the consti- 
results of L .<.-soon*ored media- promise is that where, the -mfil there is agreement 

lion efforts, between the Govern- French— or. as in Quebec; the op h ' ...' \ 0 re-divide Dower* be- 
me.it and i:.pno*iuun. I: i* piaa- nns!i?h— are in a minority, their lweM1 j ht , f.^eral and provincial 
nine tn caii another general cbildrea sr.ould ne of ,, uVl , rnm ents in a nnnner alias- 

strike in an effort :o persuade ng.tt to o? scnooled in their f..; ' aspirations,. 

President Somoza to so. parents iaiauage wherever - " . , 

The strike could v.'ei! be fo!- cumber; warrant. ' Un tne fa.« o. it. ‘Jat really 

..... : lowed by 3 new Sandinis^s offer;- The second, longer term objec- 7,1 ea 715 ?° 

sive in the n^xr few weeks and live, is to turn ihe constitution ver >. ? rw: °und vhauge of hearr 
the re*iarrjr.g of the general — at present an Act of. the in Quejec 1 11 as _®V«..- 

•her* ir:*uTreciion aga’ri*T Somoza rule. British Parliasneni originally remember that tne previous 
i pc Report* from Oi«t& Rica and passed in 1857 — into a Canadian attempt t-i patriate 

Honduras >ay that the Sand:- document. To this day there are Car.ud.ait coRstiHiucin. as M is 

niifac hsv» roc^-.-prf mnr*. am; ~ Called. *'3S torpedoed Ifl 1— 1 1 


vaiwrep vr.uuiu -iv sssurea oi KuV * Pni n e ni!i in a Winner Si,US- 

;r.e ng.;.t to be scnooled in their f.T in , i;s aspirations • 
narenL: fanauage wuerever * ^ . ,, 

cumber; warrant. On t :ie face of Jl. that really 

The second, longer term objec- ai «* M " ?° nH U "h?Jpi h o7 hUart 
live, is 10 turn the constitution ver J. pru ‘-'“, r |? . I, 5f 1? e „°! 


ni*ta* have received more arm* 
<u?p!ies and have been stepping 
up programmes to train hundreds 
of new recruit; who have jrined 
the guerril'a movement *:nce 


lunity lo increase their . own 
powers, and iu particular from 
Mr. Peter Lougheed of Alberta, 
and Mr. Allan Biaksney of- 
Saskatchewan . Their principal 
interest was in Mr. Trudeau's 
readiness to define more closely 
the provincial responsibility for 
natural resources, which t* hud 
down in tbs. existing Brituti : 
North . ^America ACT ("ENAj. 

The reason was tfcaL this par* 
liculur proviociaj responsibiiliy 
is often bummed in by other, 
federal, poweis. Thus Hr.' 
Lougheed. wbifoe provtnce is ibe - 
main source of Canadian oil and 
ess. found sonre years sigo that’ 
federal ■ responsibility 7or : 
foreign trade prevented him from ' 
increasing deliveries 19 'the U.S.. : 
where they would base^-cons-- 
manded a higher price., than = is 

Canada. Clearly. Ottawa- will -not 
abdicate its rights over foreign 
trade, but Mr, Trudeau' has 
signalled a readiness in bargain. ' 

Mr. Trudeau Is ready for .a ' 
deal in several other areas... One’ 
is cable television; whiert botir 
Ottawa and .the . p.rorincesi;clairti 
-as their own. -Besides, be offered ' 
to give constitutional ^taraniees;- 
for the so-called equalisation. pay-' 
ments which Ottawa - makes ^io . 
the poorer provinces ti»Jraproye.* J 
their revenues. H is of erucial 
significance to the easteminosr 
provinces ' that these payments 
must never. be stoppetL . ".; 

The position now . reached' U ; 
that the-se questions are- being 
gone fixer hr time for ihe resump- 
tion of the fire* Mini Heps' .meet- 
ing in February Mr, Trudeau 
clings to the hope that , their 
meeting- will' clear the way 'for 
two steps to be made by Jtilj l. 

One is the Bill of -Rights.’ The 
other is a reform of the constitu- 
tional court, with the purpose- <5 F 
making it more representative 
of the divers Yegitras tff Ganadt • 


Greek strike over 


Greece- leiecfirninunicettor* 

recbniran/ returned 10 verk 
yesterday a f o-week strike 
which hrnnrhr tne country's 
tc-'ephonc ind teles net'vork to o 
r.ear-slxnd;tiJL AP «n:e> from 
Athens. Officials of the -tute-run 
Greek Telecommunications Or- 
gani.^jtion 1OTE1 «aid 1: would 
take ;ome time until services 
returned to normal owing to the . 
backlos of »ork. 





V 


U.S. COMPANY NEWS 


Hudson's Bay bid values 
Simpson's at S337m: Fruehauf 
chiefs resign after fraud case: 
Kennecott seeks to appoint 
Exxon officiar~Page 25 


-, 1 .1— 

Mr. Pierre Trudeau 


; •; ,.f~ by Tiic. Lwesque’s predecessor, 
sir. Robert Bourassa. a federal- 
E?-7r is! and LiUeni like Mr. Trudeau. 
Eg:.. . Bui *: v-ould be quite wrong 
la. -' to say -hat Quebec is the only 
E& " sumblin^ block Several of the 
TO . Engiifri-tianadian premiers, at 
SKk' the Ottawa conference had 
HBT duubt- a hour rhe proposed bill 
fflE of r.Jht- Any attempt tn tackle 
rjy; the language problem is more 
fV L- likely to fi>*e than to sain votes 
- A.' in -.vc* tern Canada where Lhe 
‘j:; V. French are few and far between 
f ’ A ; V” Morejver. tile British tradition 
0: 'he absolute supremacy " of 
*■£' parliament is deeply . eh- 
trenched in Canada. Mr. 
:-5^ Trudeau’s Bill of Rights had 
y^Syiew warm Friends. ' . 

-i-I-T* ' _Ye» .the Ouawa conference did 
Vi-; net pass off without progress. Mr. - 
! • >•; Trudeau got things moving with', 
,.v ars offer to redefine the alio-- 
• j| cat r° n 'Of powers between Ottawa - 
'• .^HP and the provinces. That caused " 
an . irmpediate response from ' 
premiers' ’-bb scented an nppor- v 




#- W;*, ;• 

-i-' vr^ab 


ar; - — -• r ■ ■■:• *■*— ** • 


ji-r-jj: it!- r^iSik.-lA 








Mr. Bene LevCsqd'fey!.- r u 


; Ge-eral ?.'s»s 



2.nriU&ar 

4.;.!e:n 

5tT 2XKO 

6. *tarrUnJ O 1 e* Csiryr.'a 
t.Imetmkrji Bjsin*osU«ri. 
aGotfOd 
iGmtalE’ectr: 

10. Cr.rvsier 

1 1. inumafiau! T el i TtL 
liS^ndiid Cui 
liAr^rtcKtS'e'd 
KSMiO'l 

:5. JS-S'jsI 

I£ c. Lou Pantc« • :»mrjR 
1» CwilTSPlJl 0-1 
16 Vwstt=! Eieslrc 
IS X»anc« 
iQ. Procter & 'ii r a* 

Union Canioe 
2?.lkatfnr Tnt&RuNw 
2 .Sjd 


2i R-.HiijSp*!r3leum 
si OurCImm 'km 


7-tL Wesiingra j* zitd'iz 
7-7 CccilenUI ftCrol? jm 

38 IntmalionjlHirvasttr 

39 Easlmifl Wa* 

H) RCA 

31. fijchndl Wemahonjl 
CitmpSar TVacte 
33 UnianCJ at CaWwn:j 
3* Techiviaff » 

3£, BeWsOem Steel 
idBeirice Foods 
37. Es.Tfarh 
33 

39 Xmt 
*C 'jenenl Foj rSi 
*:.p j Pfrraiasted u Wei 
4i Ashland OH 
*3 LTV 
•** UonartO 
Anterad^ H»« 

*0. Flresione Tin A Rubber 
*7 Qm.S »rce 
Marattan OH 
*ft Swing 

5*1 yxriKota Mining S Uie. 
SI W R. Grace 
5? Ph3« 

S.iliferfioiinij 
5* Coij3te-Pa'r<b.» 

55. Rdlso- Pur-na 
S6 Gea^i-PKrP: 

S’. isrsmaScnal Parer 
5& CtrOnenW Guus 
59 Guif*We«a-r, Inducts 
«Deet- 
ei.Qic»Cob 
61 AmtoSleel 

o3 PepsiCo 

64. McOwinH • Douglas 

65. Amaiwi Can 
66.StanoanlOil 
67 Sorter, 

68. Cnanipor Intematwral 
tfi. L-SOn In&sints 
70 AJumrnart, Ca el Amenca 
/l.LRWRed 
7? GeOyOil 
73 Bend,. 

~ l Vle-.erraeuser 
/j.SoErr/ tana 
7d7=v; 

V7 Naional S'itl 
~B Firrplinrt Industries 
7«l G^-ial Ccmi*n,M 
80 Allied Chemical 
JI Joe.r.Mn A J-innran _ 

■ H-jmmII & 


emr*™-** 

lCf Cej-resa 

lG7.EsasCar»« 

ICS C-c*' Zetedicb 

lCS.S^ei 

Ij.lAa-j-iszn V331 

I i 1. S r. 

i:2.7itevrs 

^ l-.3n>Tcr ? .’jrtrs 

.1* Sauer Ai-T.-^-itCItefr-eal 

;I5 7er.w!Sc»i 

. .& /i.T-V:3es 

j ianda-d S-arcs 

.li I’laS-s cs 

»rt ArT-^Djriiij. 1 •'a’lrt 

i.-CLl'-ge-K-Mtaa 

ie!.EaK»; 

: .-.irrsi “^e i e ,atir 
'12 Bvnvjgn 

Teas Instrj-nenS 

ili Ccmowror c -‘vr.errg 

US. War 

Sorg-War-a- 

:Sa. lira reef P-acasias 
:39St ( ?eg!sS«er 
ISQ WvIgsqi 
i?2.Mort/'A J -e«-cnn 3l ’ ri.ps 
ViZ Satcocl- 
133. Atorffsvest lndi*£lr-« 
i 34. 1C induKnes 

135. H 3He-ir 

136. Anhei2«-Eu4ch 

137. Uatoda 

138. Mmo 

139. Ersrssr, Sedrfc 
i*0. ?rueh9ui 

I* 1. Dana 

1 *2. A rr<rrca.1 3!»n d»rd 
142. Camotn'j 
144L>l«i 

14* MOrftrS.tr-,-, 

1*6. Krotwiy^C*''* 

1*7. Itec* 

:*iHsreul#4 
1*9 4van PftdcrSs 
15C Aasocwri»aWi>PftdJce*s 
1=1 jWJ 

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316 Spros Mills 

31 7. Cone Mills 

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331. Teacnsoh PiOttjCS 

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financial Times TuesSav ‘November 21 19715 


tiOXEESMS iSEWSSS 



Iraq says OPEC | Cracks appear in Pretoria’s facade of unity j" EW Mi .Mrun facina 

T* a • m ! RV niiEkiriu sea TftHA\\'P5PI^?r. W.i 10. 


production pact 
Ms restricted sales 


BY LESLIE MITCHELL 

OFF.C members bav« held bark 
from x*ivttiuu"e n( the 

opportimuy W sell add i: ion a I 

vrudo bccciw of ihr dr«p in 

Iranian production, according to 
Mr. Tayeh Abdel-Korim, Iraq's 

yil Minister. 

He said ibis was because of a 
production agreement jruachjd 
3 r the OPEC mcecins in Geneva 
Iasi June. 1L was aimed ui 
absorbing the surplus of oil 
which bad been exerting a down- 
ward pressure un oil prices. Mr. 
Karim said the arrangement 
would expire at the end of the 
year, but might be invoked when 
the oil surplus reappeared. 

However, Saudi Arahia's crude 
production for the month of 
November has been running at 
over 10m barrels a day — above 
the year's ceiling >et by thy 
Government at 6.5m b/d. But 
even if production was raised 
to 10.5m b/d for the rest of the 
year, neither the overall ceiling 
nor the Government’s export 
ratio of $5-53 light -heavy crude 
would be broken. 

According to I>r. A -.raj Sbafcr 
al-Ani, director-general at the 
Iraqi Oil Ministry ojneerned 
with OPEC affairs, each member, 
under the terms of the arranyc- 
niL-nis made lJ.=t June, had 
volunteered to do what it could 
to limit its production to meet 
market demand. 

Some had aerecd In terse 
limitations, others to ones. 

:,nd »uirn» lo none ni all. Neitlivr 

liie WinisUT nor Dr. al-Ani 
would disclose which rouniry 
had agreed to wliai bill Kuwait. 


KUWAIT* Nov- 20. 

Venezuela and Libya have been 
absorbing the bulk of production 
cutbacks. 

Even before the problems In 
Iran appeared. Kuwait had been 
restrirtinc its customers* liftings 
to contract maxi ran ms- In Wfi. 
before the OPEC price rise 
voted at Doha, it allowed 
eusiomers to lift heavily ovpr 
contract maxiraums in the fourth 
quaner. 

•»n the price rise to be dis. 
ciis-aud at the OPEC meeting in 
Abu Dhabi in December. Mr. 
Karim said: " We do not demand 
jn unreasonable increase but we 
warn a reasonable one which the 
consuming countries can bear, in 
the li^al uf the inflation rate and 
depreciation of the dollar." 

Kathleen Sisbtawt reports from 
Abu Dhabi: Mr. Michael 
Biumcnlhal, the US. Treasury 
Secretary, found a generally 
sympathetic reception here today 
to his arguments that it is in the 
long-term interest of oil pro- 
ducers not to go for a big rise in 
prices at the OPEC meeting here 
next month. 

One of the principal u.S. 
arguments is that if oil states go 
for a terse increase, the effect 
on the dollar will immediately 
wipe oul any trams that the 
increase generates. 

Tin- first two stops of Mr. 
P.iumenthnVs tour— Jeddah 3nd 
Abu Dhabi — may prove easier 
than the next — Tehran and 
Kuv.-.iil — which are known for 
rit-ir more hawkish views on the 
pricing i -sue. 


Sadat statement on treaty 
welcomed by Begin 


SY L DANIEL 

MR. MEN AHEM. BEGIN, the 
Israeli Prime Minister today 
warmly welcomed President 
Anwar Sadal of Egypt’s latest 
fi.irenicm that a peace treaty 
between the two countries can 
he signed shortly. Mr. Begin 
suggested that he go to Cairo 
to sign the Hebrew version 
there, and invited President 
Sadal to sign the Arabic text 
in Jerusalem. 

He also suggested that Presi- 
dent Jimmy Carter should be 
asked to attend as at witness at 
both occasions. 

Despite the current problems 
over the linkage between Israeli 
withdrawal from Sinai and the 
establishment of autonomy wi- 
the'. occupied West - Bank and 


TEL AVIV. Nov. 20 

Gaza Strip, there is feeling here 
that the peace treaty will be 
signed. 

Mr. Ezer Weizman. Israel’s 
Defence Minister, today briefed i 
the Knesset Foreign Affairs and : 
Security Committee on the plans; 
for the Withdrawal of the Israeli ! 
forces from Sinai, as worked out, 
in WashingUp. It is understood 
that the Defence Minister 
reiterated his view that although 
some problems remain, Egypt 
definitely wants peace. 

Mr. Weizman reportedly said 
that Egypt had to try to obtain 
a time link between the with- 
drawal from Sinai and the 
esraMtehmeru of autonomy in 
the West BaDk and Gaza because 
of its position in the Arab 
world. 


{ BY QUENTIN PEEL 

SOUTH AFRICA’S Government 
Wii* facing crises un two fronts 
i'*d ay. with unprecedented public 
rt-.-riiiiina turns betwi-i-n its fu:nl- 

in ” members, and mil spoken 
■ riti-!::in of jj;; policies by 

normally i-un-a-fi alive black 

! homeland leaders, 
j The disagree men is have sur- 
faced just a new (tehiner. 
[with a distinctly moderate lean- 
ing. was swurn in bv Mr. John 
jVnrMer. The president, 
i The I radii ion a I farnric or mono- 
: liiriic unity presented hy the- 
1 r»lin-j Naii», n;i i p a ny has peon 

■ riuletj. >b;.!U>red by >h<- lnf.irm.i- 
[|ioa D«*p:.rlnivn( scandal involv- 
ing jllriMtimis uf misuse id 

! public money and possible cur- 
1 ruptuui. 

T.mi t-i-y leaders. Mr. Pik 
| Roih.i, the Fftreir.n Minister, ami 
| Dr. Grmnin Mulder, the fr.riu.-r 
lnfarinaliDi) Minisjer. were ui- 
vi.Ucd it: a puhlv slanging 
riidir.li at lie- wi-ekend. At the 
: niic time. Mr. P. V. Dot ha. lliu 
Prime Minister, delivered j 
pubbe rebuke in all hut name 

■ to Dr. Andrus Treiirnichl. the 

i 

! Gandhi success 
could realign 
! Indian politics 

j By It. K. Sharma 

NEW DELHI. Nov. 20 . 

AMID JI-XIPs front the ruling 
Jauaia l'arit benches and 
threw from her Congress (II 
supporters, .Mrs. Indira Gandhi 
was led ay ..worn In nqaiu as a 
I member of the I.ok Sabha 
| (Inwi-r bouse oT the Indian Par- 
liaiuenlt after a break of lfi 
I monilis. Sin- «va* plertwl from 
I the f'bikmagalnr roii.sliliieiiey 
In Karnataka stale earlier this | 
i miiiilli. 

Mrs. Gandhi’s re-entry into 
(he Indian Parliament is 
rl early a landmark. i>nltr apart 
from the remarkable romrliark 
to public life after an ignomi- 
nious defeat in the 1977 gene- j 
eral elcrthin, it could lead to | 
a realignment in Indian poli- | 
lirs. 

A I read v Mr*. Gandhi’s fac- ! 
linn in the Congress Party has i 
: made feelers to Ihe official 
Congress Party — from whfrh il 
broke Iasi January — for unify 
and has not found the (alter 
unresponsive. 

With prospects of Opposi- 
tion unity under Mrs. Gandhi 
era win*. Hie ruling Janata 
Parly finds itserf fncreasfnsfy 
djstinited. |l< leaders returned 
to New D-dhi over the peek- 
end arter a Tonr-day meeling 
at Ujialn. a small town in 
Madhya Pradesh state, where 
they held a biller discussion 
on the Goeerninrnf’.s perform- 
ance — or *■ non performance.** 
as Mr. George Fernandez, 
Minister of Industry, put It. 


Deputy Minister uf Plural Rela- 
tions t Black Affairs I and the 
leading rosiM-rvjiive candidate 
iij succeed Dr. Mulder a? leader 
uf I be parly ;n Tran. -vital. 

Both Mr. Pit. Bulh.i and 
Dr. Mulder acuseil each r.iher 
of lia*;k-s|.ibl»in" in tin.- c«nti-t 
fur the r'lemiersbip, in which 
they were lir-uv.; candidab-s. and 
in (he miI.m-i juent liifiinuatiun 
Department debacle. Dr. Mulder, 
v.-lin re-.igni-d from the riafiincl 
and Tranr.\aal leadership U’n 
weeks a«u. nan- notice uf his 

inti.-nds-il rvspruist; when the 
“time was ripe.” 

The Prune Minister’s a 'lack on 
Dr. Tretirmeht. v.-honi in- deli- 
herately |i:i.«m*iI over in tin- 
latesl i.abi.iel r'---iiulTi».’ in spite 
uf hts pu|ni|.irit> with ill** ■ sir iy’. 
eunsi-rvalivi* ^ra.-s r«<oi.s. eon- 
uTiied ilii* Inner’s mie rprel.il. on 
**f the g*u’<-rriiife:il's propu.sals 

fur i’on..i!tir.;iin::l rr-fnrm. Dr. 
Treurnii-hl had -iriid lii.il the 
planned iniilti-r.ici.il Guuuc:! «>f 
Uahinel.s would b»’ ntcreli u con- 
sul lain e body. Mr. Riil'li:i said 
that on the eoulrary the pro- 


posed council weusi pra^Oic 
legi'larion. 

Surti pubtir m-fsjrh'.-p.g vir- 

inafjy unheard i n iru- rabng 

fiany. and eriDteni-,-*. j-p;:,? 
of appeals for unity i;-ni:i i:i.»r*y 
party leaders :i n. i new .-papers, ss 
■j. clear mdii-arr.n ,;f .,g.-.~,s. 

mg on v -‘b-:m Afr.kuier- 

doni. 

Tb outside J”::ek on ih« gov- 
ern men t came from > luootir.g 
in Johanoeshurg <if -.he le^dvr-; 
of ail the tnbai bonK-iand.-s. or 
their represeni.il ives. The :neet- 

in-g concluded Thai ;a.s -iniiey of 
independent nnio-i-jn-.i; and c**n- 
sliiutional atii<-n.Jr.»e:i:i exclud- 
ing any black ri-pr<--*-r.t..:;i.n '* -s 
unacccpiabU* !■* rr.jjr.ruy 
blacks, und th*.-r-.-f.>ri- :• m ..-.bj. 
n. in to the Sou:!; Africa:. 
l-:i| impasse.” Th- 
leaders decided :o a f-.ir:.»i-r 
meeting lu d*-. ■ an agenda 

fur “an urver.-. iu-|.t.ng ’’ 
the Prime Mir.:-.»er year. 

The agenda ww»i:.: c-:i:.-:n 
gc.slions for :• “Lir l- :'>n" 
fur all South Afrioar--. 

Meanwhile. police nave 


JOHANNESBURG. Nov. 20. | 

arrested 23 armed guerrillas: 
i.t-Jonging r.-i :nc banned Pun 
Afrji-ar.is; fjnngrees. according to' 
Sir. .i:::t;.iy Krager. I r Minis'eri 
of Police. Mr. Kruger, who 
claimed il.u puin-c had J ready J 
mdi-ntifird mo&’i o: tt»v 4.000' 
N:mu:iali-’t guerrilias being 
trained oiti-idc the coualry. aaid 
the PAC had TS recruits bcin? 
trained in China. There were 
a!. 4 1 * training czmps for the I 
banned African Nar.-inal Cun-' 
:n-.y in A.-jgute. Mozarabteje. 
Tart/aniti and Zambia. 

Mr. Kruger <aid -n u radio in-: 
terviv*' :h:-t South Africa could 
nni be defeated -t conven- 
tional war. .*ul “ ierrun^ “ 
were • undoctir.g a p.vchf.l.jjit.il 
-iru-^-'l*.' to undc-ruiinv c<r.:Iuenc;- 
in ihe countr; -icurilv 
measure.; and -e.-iriiy forces. 

Six Mack leader.' rt-.ea»ed iron 
detention ai the weekend have 
bvt-n -t-rvod with L.i.nnin^ and 
rv^irjctitin urders. Tiie si:;, all 
ir.emoer. r.f ihe banned Bk-efc 
Pf-opieV Cnnv en'tor.. !;^d ueen 
held v. it in rat trial s:n :e October. 
1977. 


BY DAI HAYWARD IN WELLINGTON 


Hua and senior leaders may be 
target of Peking wall-poster 


BY COLINA MacDOUGALL 

A WALL- POSTER in Poking 
criticising the father of Chinese 
Cum in un i -m. Mao Tso-tung. inay 
be dire vied ai M-veral senior 
leaders, ime-l notably his sttcccs- 
\ sor. Chairman Hua Kiio-fcitg. 

The po<i«.T — the first dir.'Ct 
aJlai-k on Man since the under- 
minin'.- of lit % policies jn Seplem- 
In-r l!'7t! — was still un view 
yv-'cril.iy. 

Writii-n hy work nr* in a 
| Peking r-ir rena-r gai-a-'o. the 
| poster said that Chairman M.m 
1 had hcrome h'Shly inula physical 
j in his old age and had sup nor ted 
i Hie “Gang of Four” in racing 
their hands in strike down T«-ne 
itetun-ping. The Gang, it con- 
tinued. had used Man's mistaken 
iudsment about class struggle to 
bunch an all-out offensive 
i against Chinn's revolution ary 
uan'-i.-, 

Th- V reference lo V:>n a« 
** in'‘t:i|«hy< : cal ” is an escalation 
of th rt fierce campaign against 
“idealism" — an aberration 
pinned nn »o the Gang of Four 
( Man’s wife and three col- 
leagues! and Lin P : an. Man's for- 
mer heir, who died after 

an abortive- coup in 1971. 

The imnliration of the pokier 
musi ho that these close in Man 
in te.«r vp-jr;. a group vvhi'-b 
inelitdos Chairman Hua Kun- 
feng and several other senior 
tenders in the current admin is- 
tratinn. are associated with his 
mistakes. 

Current Chinese policy 




ir Per* 

6 






7 ^ Jl 

L-; I 

m. :* m 


Tcng Ilsiao-pcng 

stresses praci.t.jG-in and learn- 
ing bj experience, the opposite 
of *■ idealism.” Tins mrc-ct 
attack on Mjo is anoilxr s;i|\u 
:n lhc power -iruggle lu-iv’ccn 
the veteran eflicia’s i*d by Ten? 
Hisino-ping and the h'-nenciarics 
of ihe CuHii.’jI Revululinn. 
cluef uf whom Chatrr.tan Hua. 

Hov.ever. Cnairman Hua. 
whose claim iu supreme power 
re-sts on MaoV alleged choice of 


him as successor, tea* Sinrdiv 
fi.-iiil.- .dvoi .li-.-d h . • v i :* '..' : ih 
ti.c ven'-ians hy v.-r.’:r.g an in- 
«c::r-'.i *r: fur a t-oor 0 :' poems 
uri.-ir,:-;!.' ;-:t: v.:» .n T-on An 
Melt S'pu : <_• n Apr.l 197 r i in 
e«:-!i-u- a.*-* at i-.r, • ‘ dead 

Pi.--m.-r. i ’ j r.n-te,. 

The e.»:n:-. o c-re- 
hio.n .-- led "i has been 

r. .av l-I -'r.’-T--:- : r nt:nu and 
:in a r-.-i uf ::.e ?. r’.i^panis. 
\« e.* 1 * 'T.-i-c: n ' re- 

ci-i!uy :.r.j -as', r.t'-v.h’s 

iIi-'inL-s::! of W'u Tvh. '.he .Mayor 
of pfVing 

White ’.h;« may save Chair- 
man Hc*a. other ^cior leader; 
may nuw ln-'v rheir jobs. The 
nu«"i:if>n of Vice-Chairman Wang 
Turiz-Hsing. fifth in the 
hierarchy and once Mao’s body, 
evil r d. vvhr. chan zed s-des ti» 
arrest Man's wife and her col- 
tea «;ie< in Oc’oner 197$. looks 
jnereii singly shaky. 

Tuc attack on jI! t K ose resnon- 
sible for 'he cultural Revolu- 
■Jim moved intn hi:h gear la=t 
wuei:. On November 15 it was 
announced ihar five important 
Red Guard luaiJf r<. nreviousjy 
memners i.f ;ne Pekin.' Revulu- 
tinnary Coiuini'ieO. had b^c-n 
arrested and de^lt with according 
In lav., .i phrj-.- vhich appear- 
lo ui'-un execution. 

On tlv same dny. the Ku a na- 
ming Daily newspaper rerudinied 
th.- '1985 article which had rir 
nalb'd the start r.i ihe Cultural 
R-vulutinn 


ON PAPER New Zealand's 
National Party under Prime 
Minister Robert Muldoon appears 
to have a secure grip on ihe 
Treasury benches. It has 2 Com- 
fortable majority of 21 in the 
ST-seai Parliament, has strong 
support in five new seals created 
for this Saturday s election, and 
opinion polls taken two weeks 
ago give the Government a com- 
fortable load over Lahour. 

Labour needs a 5.2 per cent 
svinv [o lake power oo Novem- 
ber 25. and during the campaign 
Has failed lo produce my fiery 
enthusiasm to capture the swing- 
ing voter. 

However the re-utt is by no 
m«>3ns so clear cut. No political 
commentator is prepared lo con- 
cede a major National win. 

One reason is tiiat never 
before have there been so many 
imponderables in the New Zea- 
land political scene. There are 
also local factors :n many elec- 
torates which could produce a 
surprise result against tiie 
nal.ona! trend. 

During the election campaign 
the Government h.ij managed to 
divert public aticniicin from the 
economy and us attendant ills. 
Although Labour has tried tr» 
make these election-winning 
Issues, it has failed to do so. 

There i*- no it.»ub: that the 
Government, and particularly 
Mr Mu'.doon htui-e'.F. coni| | iviul> 
mi.' re ad ihe fei".*Rg> of women 
and tens of lh-u.-jnd< r.f New 
Zealanders vihvii l*. ru-hed new 
TouuJier unti-aburtion tews 
through pariiiiiiivni in a non-stop 
■J$-hujii’ st'f-io.i i:--; year. 

They aasu.m-d ;ha"i mice the 
nuw tews came into r-’.ree the 
zui.ritun agitation would die 
away. 

In* tend it has rall'ed women 
of ail parties into u greater puli- 
ncal awareness, creating a move- 
ment entitled “ Repeal ” dedi- 
cated to defeating MPs with 
strong antisiburtion' views. 

A petition organised by women 
with the backing of Church 
leaders — apart frum Roman 
Catholics — prominent New 
Zealanders, legal dignaiories, the 
mayoress of Auckland. Christ- 
church and other major cities as 
well as well known women from 
every walk of life, collected 
325.000 signatures. 

Bearing in mind New Zealand's 
population of 3.1m this was 
massive support Tor repealing 
the abortion tew. New Zealand's 
four women Members of Parlia- 
ment forgot their political differ- 
ences to jointly present the peti- 
tion to Parliament It failed to 
make any impact and was 
brushed aside by Government 

Now a well organised women's 


lobby is ur-.'.ng vi.ir.ien through- 
out tile country to vote against 
any candidate of any p:*r:y who 
does ru'd agree lo repeal tiie 
aburuun law. 

Another factor i' the .-‘item 
voter. These are i:io many New 
Zealanders '.tubapi’j vitn reiviU 
trends, vim National Party 
policies ami Jinrud.s an. I v.itii 
.Mr. Muldnonti- own very personal 
style ol polities: 

'There are man;, concerned 
with human rights and freed tun 
of the individual who believe 
these are being eroded in New 

Zealand. Mr. Middoc.n's repeated 
attack, on “ jme tier mate.'' the 
media, and his aggressive, bel- 
ligerent altitude to individuals or 
urgjni&atiuns who utter the 
slightest criticism of the Govern- 
ment or of himself, worry many 

On the other hand, many New 
Zealanders, including a signifi- 
cant number who a few years .v:o 
would be solid Labour voters, 
identify more clo-ely with Mr. 
Muldoon at:-.'; m.- somewhat 

intolerant :il : .i:ude*. 

They admire hi* touch sty 'p 
and me;n-.>d-. his fr.-'in.-ni 
vitrioiic atijCJ-.s on ••pponetiit 
and the biu-umj aside nf :snv 
diplomatic nieelio^ in making 
clear te foreign governnii-rts, 
trade unions o r e'<'n in.’liv.cltiate 
that New Z<>:< lands gi.veri'iinent 

i.s not tu be intb.-l w!:h 

Labour iVi.’ed t » :u.ike the 
h-iped-frir iiupa-.-i tth it' nuw 
t:i\ prono-al'. These v.iiiid free 
tiiottiC.indf of N' -r pa o.i ’."orkers 
fiMin the :>>e. f 'ity of paying 
any incimi-- u. .a a!- while 
ulhers would pi;. .« much 

reduced ieit-J o: income Ijx. 

Uiiier La e< i :.i r i.ix inducements 
were las cnnco-i-n-. :-.r farmers 
and lug lav reductions mi over- 
i uno uarntP-v* 

Labour's s-otii-j planners put 
considerable iui:>ananee on its 
new lax sirurtiir'- .is a vote- 
catcher and election winner. 
However it ir-il«-d 'o explain the 
proposals simply and clearly lo 
the man in lhc street. 

Labour's sehviue would reduce 
the total income tax bill for 
salarv and wage- earners hy ahout 

NZSl'Om fflO.Smi. It would re- 
coup this loss in revenue from 
new taxes on overseas txciiange 
transactions. 

The final unknown quantity in 
the election scene is the impact 
which will be made by the third 
party— Social Credit. A few 
months ago Social Credit won a 
by-electicn from National to pot 
its solitary representative in 
Parliament. 

Il is fighting hard lo increase 
this representation and has made 
considerable impact on the elec- 
torate. Opinion polls now give it 
about 17 per cent support. 


> I ■ /iTi 

x \ -1 1; 


i \ T: C 

ii 


il- 


... J#' 


II 


md lb 


|v3 


xx'i 

I ■ 

\ H p* _ 1 ^ 

fc'.-'.f >} 


■ L ' 

H- *•*» -J 


For the first time since the advent of the ring-pull can over 
ten years ago, a major packaging innovation for beers and soft drinks is 

now in retail distribution. 

10 1 I V Th e Widemouth bottle from Rockware 

r (3ass is being adopted increasingly by 
iPv both brewers and soft drinks manufacturers 

f';- ' 'SHBHy as a strong alternative to the can. ' 

' ‘fe’ Rockware developed this container in 

the kno^edge that research confirmed 
jjgffF yaj glass as being traditionally preferred by | 

fe- y y beer drinkers. Also confident that soft * 

iii drinfe sales could only benefit from 
being packed in a Widemouth convenience container. 

Hence the Widemouth, with its ring-pull closure, plain lip for 
drinking, lightness and modem image - a host of advantages for 
consumer and packer alike Added to these quality features are - 
opportunities for faster filling speeds with resulting unit cost savings. 

Rockware’s new Widemouth has already had significant impact on 
the packaging market The beer bottle, for example, has collected 
impressive p a c k aging awards against severe competition. 

Widemouth is available in a variety of sizes for both beers and 
soft drinks For fbrther information, comprehensive technical advice 
and installation expertise, cal Rocksrare-our revolution in 




S ir 1 1 


Rocfcjare GlassliniUed, Kwrside Hoasev Erersiffe Wjj Northamptwilffil OT , Slq»hoQfiQtt)4r21255. Tto 3U473- 










Financial Times Tuesday. November 21 1978 





MW; 




CROWN AGENTS 


back to Principals 


BY LORNE BARUNG 


Lever heads 
City mission 
to Spain 


THE CROWN* AGENTS, while 
apparently suffering at horn*: 
from tiic aftermath of their much 
publicised "own account" finan- 
cial iocs«4_ are confident that 
the traditional services which 
ir.cy provide to foreign govern- 
ments and public authorities 
have not been seriously im- 
paired. 

The belief that their overseas 
Principals — or clients — have not 
neon discnura^ed by she prob- 
lems i? supported by steadily 
rising orders for goods which last 
year amounted ti» £195m. more 
than double the fieure for 1973. 
More significant, perhaps, is a 
distinct shift in orders towards 
more sophisticated equipment. 

With the morale nf the J.Oflh 
Crown Agent-:’ <:mp|i<tec« at 
home and abroad clearly m need 
of a b'lo?;. renior management 
has now ad ;p:ed a policy of 
rigorously seeking new business 
by settinr up a marketing and 
development department. 

Due to constant changes in 
trade patterns it is thought 
necessary to discover the real 
needs of Principals rather than 
supply services which the Crown 
Asenf.* Think they require. Th*»v 
stress i he fat', that they can pro- 
vide package deals from initial 
studies to administration. 

Historically, ihe ro| e of the 
Crown Agents, much obscured by 
revelations resarding its "own 
account" investment activities. 
ha« wen something akin to 
quiri^rma-rer to the Common- 
wealth. providing anything from 
bonu for police forces to roads 
and oridree. 

It i« that expertise which the 
Crown Agents now intend to use. 


act:.": ?r. behalF of a large num- 
ber of Principals, mainly deve- 
loping countries, seeking to buy 
the rr'i’tf * suitable products and 
services f°r their economies. 

Mr. S'inev Eburne. Senior 
Crown Ajtcnt and chairman, 
bcSieve? that changing require- 
ment* if. the Third World, such 
3 ? the need for more advanced 
equi?"-'- in! * provides a challenge 
for ’-he Crown Agents. For 


£31 2m compared with £24.3m the 
previous year, while uniformed 
services requirements fell from 
£56.2 m to £26. 7m in the same 
period. 

Transport equipment orders, 
including road building, rose 
frnm £24m to nearly £50m and 
demand for medical supplies 
declined in line with improving 
capabilities in buyer countries. 
However, the average value of 


“ ... it must be remembered that we are acting as 
agents for the many Principals who employ us 
aild therefore we are expected to buy in the best 
market, be tbat Britain. Japan, Singapore or 
Hong Kong/’ 


e-ramp.*. 1 . the organisation 
p.-c-inti;- completed liu* supply of 
a c-ib-gr television station to 
Brin-;., drawing u.n both internal 
and external resources in carry 
out me ‘■•-■asibiiity study, place 
order.- - ana manage its cunsiruc- 
ii'.n. Finally, they recruited the 
nece.ssarv personnel to run the 


stonr.-r. 
Few ■'< 

.'•n panics, if any. can 

pr ide t 

hii range of servici'S, 

the Cr-«>. r 

i Azenls claim. In addi- 

linn ’■'* 

its own engineering 

der-ar:xc: 

nt. close links are main- 

lamed w: 

:h private cnn^uliants 

and si.li'' 

nrranssatinn* such as 

Trjn-rtar 

fBrnish Rail's over- 

se.i- <:nn; 

rating arm 1 and tbe 

P>1: : - jf,\ 1. 



Recent .a ! ucs nf procurement 
orders provide a clear picture of 
the char r’. is pattern of demand. 
Last year orders for tclecom- 
niumcv.mr equipment rose to 


order? remains comparatively 
iow at around £5.000. 

The Crown Agon is expected to 
place orders with British indus- 
try worth around £150in this year 
compared with £144m last year 
i around 70 per cent of total 
orders! but except in its role of 
managing the UK aid pro- 
gramme. the organisation is in 
no way obliged to buy British. 

As Mr. Eiiume explains: "The 
total value of orders placed in 
the UK is considerable and 
since a large number of these 
orders has an average value of 
amend £5.000 we are providing 
assistance to small manufactur- 
ing companies in helping them 
export. 

“ However, it must be remem- 
bered that w e 3re acting as 
acent= fn r rhe many Principals 
who employ us and therefore we 
are expected to buy in the best 


market, be that Britain. Japan. 
Singapore or Hoag Knnn " ^ 

in the administration nf 1® 
British loans and prams made 
available by the Ministry of 
Overseas Development. 103 
managed by the Crown Agent.? 
at their Principals' request dur- 
ing the last financial ye ar - .*£ 
addition they were involved with 
H World Bank and African 
Development Bank loans 

Mr. ‘Eburne accepts that in 
time, developing countries will 
improve their procurement cap- 
abilities but he still sees plenty 
of scope for the Crown Agents 
in assisting this development. >p: 
example in the use of their in- 
spection services. 

The Crown Agents are also 
looking at new service* such _ as 
a health, care division, with 
emphasis on the supply of pre- 
ventive medicines, and an ex- 
pansion of its already extensive 
training services to include 
courses on hospital stores, a 
vital function in new hospitals 
with limited resources. 

A good indication of ihe Crown 
Agents’ recent performance as a 
supplier of goods is presided by 
figures for orders placed with 
British industry, which usually 

comprise around 70 per u-nt of 
total orders. In 1974 UK orders 
amounted to £113dlm but fell to 
£11 lm the following year. 

Although a comparatively 
unimpressive £115m was 
recorded in 1976. the figure 
increased substantially List year 
to £144m. In the first eight 
months of this year a total of 
£M3m had been achieved, 
indicating another, but less sub- 
stantial. rise in husiness. 


By Robert Graham 

.MADRID, Nov. 29. 

A HIGH-LEVEL City of 
London delegation led by Sir 
Harold Lever. Chancellor of 
the Duchy of Lancaster, today 
began a three-day seminar 
with their Spanish counter* 
parts designed to . promote 
closer contacts with British 
financial institutions. 

The main focus of the 
seminar is to make Spanish 
bankers and financial Institu- 
tions more aware erf British 
expertise in invisible exports. 
It comes at a time when the 
Spanish authorities are begin- 
ning a major overhaul of their 
financial institutions in rune 
with measures to liberalise the 

economy. 

In the past year there has 
been a gradual liberalisation 
of interest rates, important 
changes in the structure of 
official credit and a decree 
passed permitting the esiab- 
lishment of foreign banks. 

The seminar itseJi was 
opened by Sr. Fernando Abril 
Marturell. the .Minister of the 
Leonoras. who outlined the 
Government’s plan to cut infla- 
tion to 10 per cent in 1979. Also 
present were Sr. Francisco 
Fernandez Ordonez, the 
.Minister of Finance, and Sr. 
Jose Ramon Alvarez Ren- 
dueles. Governor of the Bank 
of Spain. 

Mr. Gordon Richardson, 
Governor of the Bank of 
England, was replaced a( the 
last minute by Sir Harold 
Lever, the former having to go 
to Brussels. 


Japan TV groups 
China production 


BY CHARLES SMITH..,. 

j CHINA IS s oitsdtng out Japanese 
; cicctric-I vcmpsr.ica on the possi- 
: oiiity ?f io.r.o production sharing. 
;ss lire ba?is for purchasing. a 

■ colour television assembly plant 
•from Japan. 

; China has already signed con- 
! tracts fer the supply of a tube 
. plant and an integrated circuits 
plan: from Japan, in both cases 

• undertaking to pay cash in 
; doiisrs. 

! It is new suggesting that a 
: Japanese TV manufacturer 
should supply sn assembly plant 

• Ine value of which might 

■ approach YlObn fabout $5 2m) 
and receive payment in the form 
of TV sets produced at the. plant 

China has made sinuliar pro- 
duct on sharing proposals to 
other Japanese consumer mazm- 
fav rarer?, including at least one. 
motor man nfa era rer. "The 
. Japanese response to the idea has 
]so far been estrem&ly-cautious. 

Five Japanese electrical com- 
1 ponies are believed to be 
.interested in supplying the 
Chinese TV assembly plant They 
; are Hitachi, which signed . a 
: YI5bn contract for a TV. tube 

• manufacturing plant last July, 
Toshiba, which has contracted to 
supply an integrated circuits 

' plan: alio valued at Y15bo, 

■ Mzts-jshita Electric. Sanyo and 
; Sharp. None of -the five has 

admitted receiving “ formal pro- 
1 posais " from China on the’ pro- 
. ducrion sharing idea. 

The only major Japanese TV 

■ producer no: potentially in the 
i race is Sony, whose sets use the 


TOKYO, Nov/ 20. 


mpriallv designed Sony Trinitron 
rube and could not therefore use 
tubes from the plant Hitachi will 
be building in China. . 

4 spokesman for Toshiba, told 
the Financial Tunes today that he 
was" aware of the proposal in 
general terms and that his com- 
pany had doubts about Its. 

acceptability. One problem 
bothering Toshiba Is how- to 
guarantee the quality of Chinese 
colour TV sets. 

There is also the question of 
access for China-made sets to 

markets, such as the U.S., where 
Japan's colour TV exports are 
already being restrained under 
orderly marketing arrangements. 
China has no previous experience 
as a manufacturer of colour TV 
sets and would thus be a new- 
cover to world markets. • 

Reuter adds: China and Japan 
will next week hold their, first 
trade talks since signing a Peace 
and Friendship Treaty in August, 
the Japanese Foreign Ministry 
announced today. 

Thev may discuss ways ,t& 
modify international embargoes 
on the sale of strategic goods to 
Communist countries., govern- 
ment officials said. The talks in 
Peking on Nov-ember 28 and 29 
are also expected to consider 


preferential tariffs for Chinese 
exports to Japan and an expan- 
sion of a SCObn trade deal signed 
last February. 

Trade between the two 
countries is expected to resea 
a record $5.Bbn this year, 
according to the Japanese Asso- 
ciation for the Promotion o? 
International Trade. 

• China is reported to have 
told, a visiting French -delegation 
that French companies could 
invest directly in its Industry, 
according to AP in Paris. 

The Paris business newspaper 
Le Nouveau Journal' quoted Mr. 
Francois Giscard . •d’Esiaing. 
brother of the President and 
head of the delegation; as saying 
China "formally” -proposed 
that the Peugeot - Citroen auto- 
mobile manufacturer and the 
Pcchiney - Ugiite - Kiihlmaim 
chemical group -“invest directly 
in Chiba.” 

Mr: Giscard d'Estaing^ head of 
the French state-run Foreign 
Trade Bank, has returned to 
Paris from China bat was 'not 
available, for -comment 'on the 
report. 

A spokesman . for Peugeot- 
Citroen, however,: Confirmed that 
the company's; .talks in .Peking 
involved the possibility, bf direct 
investments, but. said' ft""- was 
premature to' go Into 'det ails. ■ 


if 1 ; r.<?f ! u 


Milkmen 

■ ) 1 HI 


improve in October 


BY OUR FOREIGN STAFF 


“Landing a large export contract for chemical plant can take 
a long time. 3 years is not uncommon. So we find it pays to keep 
ECGD informed of every step right the way through the negotiations. 

“This means that they can and do react very quickly when 
the time comes, without the need for complex briefing. 

“Its not c us-and-thenf, we work together on a project. 

‘fin fact, if we had an arm's length relationship with ECGD, 
we just couldn't deal with clients in the way that we have to when 
facing tough overseas competition. As it is, we're definitely winning.” 

Mr F. E Korn OBE is Marketing and Sales Director of Con- 
structors John Brown Ltd, engineering contractors, who recently 
won a ,650m overseas contract for a high density polyethylene plant 


[BRITISH EXPORTS to -Japan 
increased by 51.3 per cent in 
I October, compared with the same 
month last year, putting the 
j cumulative total for tbe first 10 
months of this year up by 1S.4 
per cent, according to provi- 
sional figures from the British 
Overseas Trade Board. • 
Although Japanese exports to 
the UK also rose in October and 
cumulatively were- still rising 
faster than British exports, the 
crude trade balance is nor 
widening as fast as last year, 
the board pointed out 
It is anticipated that ship- 
ments 0: cars from Japan to 
Britain will drop in the last two 


months of this year’ wrth. .some 
impact on the visible trade g$p. 

The increase Jn volume hof* ex- 
ports to JapiuT is now' rumting 
at nearly double the Bri'tisti:ayer- 
age for the test, of the: World 
and, according. to the boards! well, 
above that . of West Genftany 
which was. 3 per ccrit.'W /fc' . . 

Sectors which ' • .'RaveViSlUrini 
strong growth In the. Km eight 
months are agricultural tractors 
(up 97 per cent, to £20J9m), wool 
;fabrics {up 47 per . cent to : 
£22-lm). pharmaceuticals (up 
27 per cent to £192in j; pissepger 
cars (up 77 per cent to £S.9m) 
and clothing (tin 5S _per cent to 
£6.7in>. .- 




Swedes lift pulp prices 
in bid to resume profits 


BY WILLIAM DULLFORCE 


SWEDISH PAPER pulp manufac- 
turers will raise the prices of 
the market pulp delivered to 
their European customers by S30 
a tonne with effect from January 
1. -Finnish manufacturers are 
expected to follow suit. 

The-new prices should restore 
the Swedish mills to profit after 
two. years nf substantial losses, 
it is. Calculated. 

The lead price of . bleached soft- 
wood sulphate pulp wilt rise from 
S3S0 to S410 a . tonne with corres- 
ponding. increases in other 
grades.. Strengthened demand 
[from European papermakers this 


- v STOCKHOLM* Nov.. ». 

. . j'_- . ■■ .'. .v- 'jivi- 

year has enabled &e Sweden to', 
reduce' their unsold pulp stOefe to : 
normal level? and to _raise pro- 
duction at the mills £rom 7Q to 
close to 85 per cent of capacity; 

After collapsing to : $8&M330 
a tonne in the. first half of 197S, 
the bleached . sulphate . price ’ has 
been raised to 534C- ; a -tonne=fo" 
the . third quarter . and vio 3389 : 
tonne in' the last three moattu 
.' These' increases hav^ heeitpsbrtl: 
undermined by .the . f^l '-fcithi 
dollar exchange .' rate^ amU-mos 
pulp makers will, reourdcftirthei 
severe . losses in 
accounts, v .i . 




Poland reduces hard ; 
currency trade deficit 


BY CHRISTOPHER BOBKiSKt 


POLAND'S HARD currency - defi- 
cit was reduced to $8l9^m ln the 
flrst nrae months of 'this ye'af 
according to foreign trade statis- 
tics, just published here. This; 
represents a drop of 42 per .cent 
on ihe $1.44bn deficit recorded - 
in the. same period of last year 
on Poland’s trade with the West.: 

The deficit on Poland's total- 
world -trade is smaller at $742.8m.: 
due_to. . a surplus on trade: with.' 
(he: socialist" countries. '. The 
world trade deficit compares with 
the $L5bu deficit in the January 
to "September period of 1977. 

•Around 30 per cent of Poland^ 


. WAlSAW^Ncri; ;20. 

‘foreign - trad e is tfadffibaallj 
done m .the .lasto,uarter. ^hd;lT is 
estimated ’that they. ‘hard^ . car 
Tency deficit 'for 197S:'sg(ralfebe 
kround $L2bn. The fiiard^Sur- 
rency ■ deficit ip. 197T:waS>Sxfb n . 

• Hard currency .trade turnover 
in the first 'nine mpriths~ r nf33tis 
year has gone" up. by 4 pdr ^ent 
bnturaover.in.the rsameTperiod 
of 1977: ;. .. --: <W 

^.-Imports fdr.Jjinu'ary tb Sep&n- 
ber,' 1978, at $4325m are firmer 
cent - down: on . last year jjnd 
exports S4.Q05.2m afer 9 ; per 
cfent up on the first tbree-qaaffers 
of 1977. 1 


Swiss arbitrationlaws 
criticised by Germans 


BY A SPECIAL CORRESPONDENT «•"- 
|ssri^5. : ARBITRATION law and. At , the .^Stuttgart J z aee grig 


practice were , criticised . af -a Zurich’ aiteacted most. criticism. 

Hiiabtirif* V ■: arrainsed . ' hV. ' the Bpcaiisp ^Ztirich^- ' arbitration 


meeting ^arranged, by .; the Because: - 

German Institute- for 'Arbitration ..'awards can -he: .'set -aside* -by 
in 'Stuttgart last week. : , courtjs : fof -rfailure 'to rsatlsfy-^cy 

■ The-uie'eting -gave the 'Gernutn. 1 Of .'-'die '..'numerous-: ■ fdrinafib'es 
participants ;an. opportunity to .ffequired by-'. the Jaw,, it" .appears 
vpice. complaints about matters that it Is. indispensable' now to 
which'; - : Recently have, -been bave a Swiss, idwyfef - : actb$ a s 

iniiraaclnplv .“irritaHinr fhivls-n Bapratara 


[increasingly .-Irritating foreign secretary ‘of : the Arbitration Tri- 
Who . had their disputes bunal ; and: .this-''.ls; -bbund to 


parties. — .. — — , „ 

arbitrated ln Switzeriand.. - - result ’- in, -considerable- increase 
Ihe “main complaint was that in <?o'sts. -• •*“ 

the -Swiss arbitrattoa Jaws'. allmv' Geneva’^ibiriatidn was seeabd 
too:;sreet a, posaibllity. of fleck- in,; iioe- -of ^criticistm-.. Withi a a 
tog the Intervention of the very , short .time three 1 arbttra- 
coHrtSj ^ocrai aunng the -arbitra- Won awaTti& vm&de’ ' under ' the 

n Ftftf an n lire wf in mnrln Li' ' ■' — - ‘ ■ 


iwruna after an award is made, rules. - of - - the : lijteniaUonal 

DQTfLB Mwmietn. tB’ m m iv-i ■ 


je.same compjairv u .often-. Chamber- of Commerce^ Were : set 
nfade about British arbitration - aaide ~by’ Geneva courts. 

-iTsasrs : jf *^ h ******» 

tum almost any' arbitration _. into; - 1 

iDroation' tevislation. announced oultjes encountered jq 


ECGD insures from date of contract or despatch of goods. Cover is available for contracts in sterling or other approved currencies for: Continuous sales worldwide of raw and processed materials, con- 
sumer goods and production-line engineering goods □ Sales to and by overseas subsidiaries of UK firms □ Sales through UK. confirming houses and by UK merchants □ Single large sales _of capital 
equipment, ships and aircraft Q Constructional works contracts Q Services. ECGD also makes available : Guarantees to banks providing export finance, ol ten at favourable rates of interest, including 
project loans and lines of credit to overseas borrowers P] Guarantees for performance bonds Q Guarantees for pre-shipment finance □ Consortium contingency insurance Q Cost escala t ion cover. 
Q Cover for investments overseas Q For full details call at your local ECGD office, .* - |ga 1 — 1 11 ■ 


To make an appointment or for information contact the Information Officer, Export Credits GuannittDeparnncau-qtioiingraerence FTN -at ffla^ow, 

Cambridge* Bristol, London West End, Croydon or Tottenham offices; or Joan Swaika, Iniomvtdoa Secdoa, ECGD, A ide nn a nh uiy H o u se, London ECarabi- iacj. aj-oasoogg, jam. 


INSURANCE FOR BRITISH EXPORTERS. U*7ivfci. 


IftigaUon.. tegislation^annoynced . 

in ^thc;’ Qu«d>. Speech “ will *rMtfr 

remove this cause of dtosatto- ^ 

faction by enablinc parties. tbe. rawnt 

contract -out of. a- judicial review P^g^ b^ beea:e^r83sedrate° 
sf. the arbitrators* ^dedaiou. ; , 

-■Swiss arbitration law,, which «0dfi. r pf 

originally differed from one ."private law. ^ . 

Canton to another, . has been ';•**• : their . report- .published 
partially unified by the 1969 eartier tM^-montU 'rthe.-^pin- 
,l arbitration concordat” 3tated that “the. ptspi- 

adopted by ' 16 Cantons, includ- “Utty Of recourse to -the -Cantonal 
Ing Geneva, Berne, , and Vaud courts . . has 1 been-.. frequently , 
which arc particularly important ?. bused do; that; Swiss artiitmlhn 
for .. intern^tiorfaf arbitration, has. - now : 4ost~ ; a*?nie - 
Zurich, however, which is prob-. GSiEl 

ably the most popular Swiss '< The cbmmittee^witl . "pri^ie 
centre of arbitration, refused to that ..‘.the . 'newv^-eode/v^mijd 
Join the concordat and instead .restrict, the jiDten'eatibu pof 
enarted its own arbitration tow "Swiss;? ' courts _':-£iL£ r irbiteiiioa' 

‘ rroroertlnHeV ' "• Lr r+'- Tj: ^ •'~‘S r -. r ■ 


• . proceedings;- 











1 



If s notjust advertising 


service. 


Mi 


A... 



on the fees/ (their word, not ours). - : ; 

; But the improvements are genuine* Increased 
payloadThe engine's cheaper to maintain and 
Afrd.the redesigned cab Iayoutalpne is a 
indng argument 
not using the vehicle. 

Milkmen stayovemii 

The DavidAndersons (father and 
son) use a Sherpa todeliver milk in the 
3 Shetland Islands. 

Early on Saturday morning, 
28th January 1928, they set off on 
'theirmilk-roundthroughl5 inches 
of snowat sub-zero temperatures. 
The roads were chaos: cars, 
'vans, trucks stuck in drifts everywhere. 
After completing their round 
_ andheadingfor home inblizzard con- 
ditions, they too had to stop. The road was blocked by a 


Sj5n 

U, Y UI 
it-- * , ; : 

mU . •- 


Moving the obstruction tooklfelfours. 

By thenvisibility was down to about 3 feet 


screen height Although how only two miles front 


a 


first time; 


j- 


\ 


Injheir own words: TLohg live'the Sherpa?, 


Nods from professional cynics 

‘Truck Magazine’ reported a comparison between 
Sherpa, Transit, BedfoidVW and Dodge Vans. 

Their conclusion (still endorsed by the magazine) 
“...the Sherpas were best all-rounders at the test track 
with consistent economy, respectable performance...”. 

A Sherpa Diesel is the only laden van on 
a 4 Motor Transport Magazine road-test to break the 
5Qmpg barrier. 

An all time record 

Sherpa, the back-up to big Macks 

“If a big Mack hits trouble out east, we send a 
Sheipa to the rescue!’ stated Andrew Maclean of 
O.H.S.,Transport,Rainham, Essex. 

As long-distance truckers hauling huge tonnages 
with the motto ‘The Reliable one in International 
Trucking 1 , they can’t afford an unreliable rescue van. 

Their first Sherpa 
has now been replaced 
by a second. 

In less than 
six months it has 
already been 
to places as far 
away as Eastern 
Europe at an 
average of22mpg. 

"History is bunk" said Henry Ford 

The Sherpa engine has a reputation amongst 
engineers, trade press and operators alike as one of the 
toughest,most rugged units ever made.Thafs history. 



Some learn from fai!ures.But our policy is to 
learn from success. 

Now a good engine has been replaced by a new, 
even better one. 

In broad terms: it’s lighten more economical, 
requires less servicing, is easier to service and is well in 
advance of today’s pollution-control standards. 

It is fitted with an aluminised exhaust, for far 
longer life-up to 40,000 miles. 

Kerb weights are reduced and payloads greatly 
increased-by as much as 2641bs/120kgs. 

Everything has been tested. And tested again. 
30,000milesonthedynamometer.Fortheenginealone. 

1,500,000 miles on road and track from desert to 
sub-arctic conditions. 

Don’t forget the driver 

The cab layout is re-designed. All switches, 
controls and pedals are readily to hand or feet 

A lot of head-work lias gone into the seat design. 
A working bum needs all the comfort it can get 

The moral in all this adds up to that intangible 
asset: driver or employee loyalty.This also pays off on 
the bottom line of the balance sheet 

Britain’s best warranty, too 

Sherpa comes with Supercover, Britain’s best 
warranty. Not that you’re likely to need this -but good 
to have just in case. 

Your Sherpa dealer can tell you more, or write to: 
Austin Morris Ltd, Light Commercial Vehicle Sales, 
Grosvenor House, Prospect Hill, Redditch, 
Worcestershire, B97 4DQ. 






Financial Times Tuesday November 21- 1973 





B { Kenneth Gooding, 

Motor Industry Correspondent 

THE BUOYANCY at the retail 
end or the motor trade u 
rejected today in Depart mem of 
iniuytry >1 » -'tics -.vhieh snow 
turnover up -ft per cent in the 
third quarter compared with the 
same pcri'-d of ! year. 

The neorer reflect price infla- 
tion ro =ome e::*.ent occausc they 
are of turnover at present prices. 
But :here i s no do'ib: that nmlnr 
L'^der> have been rieinc well jnd 
he headin’ for a record 

year. 

Ir. the third quarter, turnover 
from new vehicle sale.* — both 
c-ri and common.: a i vehicles — 
wa* up 34 per cent compared 

h the same month; List year. 
For uied vehick-j the rise was of 
13 per cent. 

Other tales, including those nf 
petrol, nil. tyres, •snares and 
accessories as well as receipt-" 
from servicing and repairs — all 
area.? where there has been 
much more con -timer resistance 
to pr:ce :ncrea-c; — rose by only 
£ r>er certt. 

In toe Sr?r quarter of this year, 
compared wirn -he same period 
!:- ;r year, motor trade turnover 
rr.yo by 17 rer cent and in the 
second ny.Tter by u-S per cent. 

E-* ' : j •? end of October new- 
c^r rec: Stratton* were up 22.2 
p-t •.■or l op in*- ton months 
of last yc-jr vhife the com pa r- 
ar.'.e r.rure for new commercial 
*. kpi.’Jcj was 17 per cent. 



BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT 


MR. DEREK WHITTAKER, ex* 
ir.amrm- director of Ley land 
Car;, sj 1 O'" ins GKN after only 
so; on m-otiis. He will be join ms 
i he R"C* w:>re Group next week 
where r*e ‘.jkes over as manag- 
in' director of Rockware Glass 
i on January 1. 

{ There was no disagreement 
i between Mr. Whittaker and 
j GKN. whrch he joined in April 
1 as genr-r:-! manager in charge 
. of product development. But 

i his departure will come as a 
. blow to GKVs plans to develop 
J new automotive products — an 



.Hr. Derek Whittaker . . . 
new Rockware Glass chief 


area where his experience in the 
motor industry was of consider- 
able value. Although the post 
had not been created for Mr. 
Whittaker, iie was the first per- 
son to occupy iL 
H:s appointment as managing 
director of the glass division at 
l he Rockware Group comes as a 
result of internal changes. Mr. 
David Bailey, who has become 
managing director of the whole 
group, and whose position Mr. 
Whittaker is fitting, said the 
recruitment came about 
“ through the normal head- 
hunting procedure " 

Mr. Bailey's appointment 
follows the decision of Mr. Jim 
Craigie to give up his position as 
managing director of the group, 
although he will he staying on as 
chairman — a po\t occupied by 
Peter Parker until he became 
chairman of British Kail. 

For 45-year-old Sir. WTiittaker, 
the Rockware appointment repre- 
sents a return to the task of line 
management which he undertook 
at Lcyland Cars. He went to 
Ley land after being spotted at 
Ford by Mr. John Barher, aod 
from then on his promotion 
within Lcyland was rapid. When 
the Ryder Report was 
implemented, he was the natural 
appointee to head the new cars 
division. 

Those who worked closely with 
him al Lcyland Cars took the 
view that he was doing a difficult 
job reasonably well. Rut his 
manner during a series of 
damaging industrial disputes was 
sometimes regarded as abrasive. 

.Mr. V.'ii it taker's letters to riie 


workforce about threatened cut- 
backs. which were ali widely 
publicised, were not always seen 
:»s the host way of dealing with 
the problem, although Mr. 
Michael Edwardes has su ^; 
sequent ly carried out some o* 
the throats. The two men rlcarly 
did not see eye to eye. and Mr. 
Whittaker's departure from BE 
came shortly after Mr. 
Edwardcs's arrival. He was 
followed by several other senior 
BL managers. 

His job at Rockware is likely 
to be less onerous as regards 
industrial relations. The g!-iss 


Iraqi ban 
leads to 
jobs cut 
at Dennis 


Capital development 
company moving 
into management 


division accounts for abont SO j 
per cent of rhe. group's business, 
with a turnover of around £100zn. ' 
annually, and employs aoout 
5,000 people. Mr. Whittaker’ 
will be based at Northampton. | 

One of two major glass con-j 
tainer manufacturers in The| 
country, Rockware's recently es>; 
pressed interest in a merger with ; 

Redfearn National Glass— follow-! 
in? a similar interest having! 
been shown by its main compe-1 

by SmS, ’ta IK* » * dart, be available to only a a»,«d 

win, a*mst the pumic ^ ^ 5pec[a , ist eommerL.HiL hv other institutions in- number of investment* where 


By Kenneth Gooding, 

Kotor Industry Correspondent 


as 

interest 


Glass makers ‘face tough 
competition from Europe 


■ ciai vehicle manufacturer, to cut 
its workforce by 100 to 835. 


BY NICHOLAS LESLIE 

rv a nniicv shift. Technical ments. Is bring set up as a Sub- 
Development Capital. the venture sldiaiy of TDC to proviae the 
Stai Subsidiary of Industrial service and Mr MomtchUoff is 
and Commercial Finance Cor joining the TDC Board as an 
Doration has decided to take part executive director to mastermind 
S the management of some of the operation, 
the companies it invests in. Management participation will 

■ • - * — ♦«. only 


studied by other 

volved m both 

financing nnd in 


BY LISA WOOD 

BRITISH glass manufacturers 
are facing tough competition 
from glass container manufac- 
turers in Germany and France, 
which have a surplus home 
capacity and view the UK 
market as a potential gold mine, 
said Mr. Vic Hcnrier. group 
managing director of United 
Gias;. yesterday. 

Mr. Hender said that imports 
of glass containers in the first 
nine months nf J97S were 20 per 
cent above the 1977 level, and 
now had 10 per cent of the 
ra.irkeL 

But in contrast to German and 


UK 
! form 

! ment departments and agencies, 

French mannfac.nrera United » 25 
(.ilass was stilt profitable id a 
home market which had shown 
only a 1 per cent growth over 
1977. United Glass expected the : 
market for glass containers in 


1979 to grow by about 2 per cent. - company has no: won orders it 



this type of TDC feels it has the relevant 

--- anancim; ...u — providing de- expertise. TDC previously argued 

Dennis has had a steady flow! velopmon: capital for companies' that its expertise lay in assess, 
nf orders for petrol and water expansion programmes mg 11 ? vest ^ ie p. t " p ^ rt ^, a ’ Tl?s 

tankers and fire engines from TDC's decision is also likely which had a c a _ * P success 
Iraq, but these have now dried to be studied by Mr. Harold father ft <P?.F ‘ hci ® 
yn leaver the Minister who has a itself. Now it plans to recruit 

The bnvcmt bc^an after the fsneriai brief f n- r small companies, people with a strong industrial 
-K eVie Ued 1 1 £35 dio?L?ts !,S b' Sir Harold Wilson's com- background to provide, the man- 
onn ufndon in JtaS. GoveSimiHee which is looking into the agement expertise it wilt offer. 

worktoes of financial institutions. Mr. MomtchUoff says manase- 
Venture capital for new com- ment participation will be offered 
nanS is proving one of the more m the field of mi cro-p recess ors. 
emotive aspects of the debate on both software and systems. TDC 
small companies. It has been 
argued that more new companies 
would -tan successfully if in- 
stitutional venture capitalists 
provided management back-up 
for their client companies 
Mr. Ivan MomtchUoff, assistant 


cent of the economy, were told 
not to trade with Br.tain except 
in ** special circumstances." 

Existing Dennis contracts were 
allowed to continue, but the 


has experience in this area. Mr. 
Ian Cuffe— who took over as 
manager of TDC earlier this 
year from Mr.- Tony Stevens — 
was formerly managing director 
of an electronics company. 

TDC has set no target for the 


shield for family-size soft drinks] '-term any. 
bottles. Other UK 


I encral manager of Finance for number of companies it will pro- 
Industrv— whose 1CFC subsidiary vide with management back-up. 
.77K™«.nr eomniur to TDC— Nor it is disclosing whether it 



per cent inflation rate. 



BY JOHN LLOYD 

POTENTIALLY significant agree- 
ntorti- have been concluded 
tor-eon the Central Electricity 
Gen o:\Yitr_ ftosrd and the main 
contractors tor the Drax B power 
station in Yorkshire. Northern 
Enzmocrinz Industrie? and 
Eabcocrt ani Wilcox, aimed at 
reducing the number of disputes 
r.n site ar.i < pot dm;; up the 
buiidinr proc-:-i 
I* h.i« beer. agreed: 

© Tn;-i the iioarl monitor the 
huiidtnc — : T.t-t-d to be com- 
peted ; y 19^ — and review pro- 
g r <: * ? e v f • - 1 ;c “i e n ! hs . 

C i a comp.-*ny is found 
to be ■i.rir.u-'!." beh’nd schedule 
over . -x-month period, and can 
s r .ow no re:. son external to us 
own 'f-vatt-ns for being so. the 
bojrd may •-.vihold one or more 
of the regular payments on the 
contract. 

© Though the payment may be 


Newsprint deal on list 
of restrictive practices 

BY DAViD CHURCHILL. CONSUMER AFFAIRS CORRESPONDENT 


beesn and this, together, with J technoloetcal 
other problems led to a cut of I A Dew company, TDC Develop- 
100 in the SOO-strang workforce. 

Both companies hare also been 
suffering from the downturn in 
economic activity in other parts 
of the Middle East. 

Mr. David Hargreaves, chair- 
man of Hestair. Dennis’s parent 
concern, said yesrerday: This 
does not change the long-term 
view or plan; for Dennis, but 
sometimes you have to take sbort- 


Spccial article Page 15 


Building industry orders 
continue to improve 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


witheld for 2 time, it will, in 
tb? end. be paid to the company. 
The mam deterrent is thus 10 
ils cash flow, though it could 
incur extra interest charges by 
having to borrow while the pay. 
i.iems are witheld. 

© The main contractors, to- 
geiher with the sub-contractors, 
ha»e agreed to achieve roiinh 
parity on the - second-tier, - ' or 
bonus payments, which have, m 
the past, caused dissension be- 
tween groups of worker- em- 
ployed i.-y different contractors, 
working on the same site Pay- 
ments have 3t times varied on a 
scale between one 10 five. 

These agreements are rhe first 
fruits of the board's aim. out- 
lined in Us corporate plan for 
this year, to achieve better pm- 
ductivity and efficiency on its 
power station rites, which have 
been dogged with delay and snip- 


ing between the board and cnn-J 
tractors. ; 

TTie board has reacted with: 
astonishment to the suggestion! 
from some contractors that the 
period within which Drax should,' 
be completed — eight years — ; 
is insufficient. The board says- 
that the period is about iwn! 
years longer than the customary • 
lead time for power stations. 


neni replaces an earlier wmeuir.es ? ou o w «se sDort-, 

aect on behalf of the UK!*™ “^aiures you dont like loj-nTE RECENT pattern of im- moi 

rint users' committee, : ?3 ^lr! u . ara r “ e rlJlur f' * . provemern in building industry the 

was abandoned in March.' .This cut ,n employment is an J orders continued into September, par 


Railways grant 

A GRANT nf £S94.nno i F to be 
paid by the Depjilm^nr of J 
Transport to Hall Aggregates] 
i Thames Valley)— part of the 
Ready Mixed Concrete group— f 
toward* ihe cost of providing rail • 
freight facilities and wagons fur | 
an azgregate distribution centre i 
at Beddington Lane. Croydon. ' 


A RESTRICTIVE trade practice The newspaper producers' 
agreement between Britain's agreement replaces an earlier 
national and provincial news- agreement 
paper producers, for the pa rename newsprint 

of Scandinavian newsprint, was which was _, a , 1 

put un the register of rcsiric'.r.e The new committee represents = ; ' p \rl no*°S 1 

practices yesterday by the Office the Newspaper Puolishers' v.n!. ^ 

of Fair Trading. Association. _ the Newspaper EL 6 ?/! 5 ’ ; it i0?e 11 15 JUSt a tem ~' 

The aTPeniEnt u»c rp^istcr^ff Socitly* thp Scottish D3ilv Ncwsr • ? ■- - 

in the name of the Newspaper paper Society, the ^ rerodicaj Pub- , 

Raw .Materials Committee, which ^"5 Association, the BBC, “y 1 1™ 

was said to regulate negotiations ?- C Thompson, and Mirror 

with the collective scliri" or-ani- Group Newspapers. Ha.n.a t,ne.e.. services director. ^ _ , 

canons of the Scandtoavlm news- Also put or. the register yes ter- ■ Dennis s turnover, with some tie construction sector's orders the April-June period and 21 per 
print producers. day were three new restrictive contribution from the Eagle! showed an $ per cent increase cent up on the same period of 

Under th" 1976 Res»ric ,, ve practice agreements in the bodybuilding offshoot a Kited by ’over ihe previous three months 1977. .- 

- — ... ... . . ‘ ■ "per cent up on the Public works orders, received 

period in 1977. by contractors in the third 

the recent im- quarter, were IS per cent up on 

petition must be registered, it is 


,- month, were 5 per cent down in 
third quarter when com- 
pared with the previous three 
according to the Environment months and 4 per cent below the 
Department. level recorded last year. 

The department said, yesterday In the private housing sector, 
contractors won work valued at where contracts during Septem- 
£84im during September, against her were valued at £191m, 
£813ra in the previous month and against £188m the month before. 
£72Sm in July. new orders in the third quarter 

In the third quarter as a whole, were 15 per cent higher than in 


Under the 1976 Restrictive practice agreements in tne onay maiming ntisnoor owned by; over the previ 
Trades Practices Act, agreements "black-top*' sector nf the road Hr--t a ;r. reached £2fim last year! and were 11 P' 
between companies or ir?.de building industry— bringing the : f£l 5m fmrr^ c^por; sales). Profits: corresponding 
organisations which restrict com- I° tal registered to 132 totalled Z2.53.-n. | j n ^axe 0 f 


(hen up to the Office of Fair 
Trading to decide whether to pur 
[he agreement befor? the 
Restrictive Practices Court to 
determine whether it is illegal. 
Until the ca«e cnrnes^bvfore the 


City revival aid sought 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 




to operate. asree “ en ^ ;i3 ,aUowed MR. REG FREESON. Minister private sector, particulitly in! 




provement in the value of new the second quarter and 3 per 
contracts being placed. 1978 still cent higher than in tne July- 
seeras set to prove another , poor September period: of 1977. 
vear in terms of the actual Orders for private industrial 
volume of work carried out work were. 3 per ctfnt up on the 
possibhr showing a 2 per cent preceding quarter and showed a 
rise over 1977. A similar iin- 12 per cent ingwovement over 
provement has been forecast for 1977.. -Private i&snmerciaf cq* 

for Hnusine and Construction, ice smaller “possibly 'Jn-i^Sie^department said new per-cent* 1 over 6 the * second 
yesterday called on the financial glamorous projects in ' tbei.^.. . - ? the pablic hou gi D „ Quarter of this vear and a climb 

institutions 10 cive more support recoven- areas." the Minister 1 ?!25 , in Sr SS LiKSI JS fff i21S 

--n- tnnor rprfpvAirmmont «^n urfitSJ. sector. £103m in September of 25 per cent over the compat> 

,o. inner cit, rederelopment. asked the -0 mriitutiona! fund; iajft in ^ previous able period in 3977, 

The enormous potential tor managers at the conference:; ° 

rede'.vlnnment will be realised "Could not the financial institu-j : = = ; — L - 1 — 1 — 

nn!y if covernmenr. both certrai ttons involved in property invest- r 
and local, the developers 2 nd the ment make a determined effort; 
financial institutions, learn to to devote a reasonable fraction 1 
under.-tand and respect each of the funds available to them j 
other’s problems and in work to invest in smaJl-scale projects! 
together .” the Minister and firms? “ 


Appeal by Racal three delayed 


FINANCIAL TIMES REPORTER 


tosely together." the Minister and firms? THE THREE men faun, guilty Burn, former managing director 
told a conference in Bristol Sneaking Df the problems of [in the Racal corruption case in of Racal BGC; and Lt. Col. David 
organised by the National expensive- land in the inner; January this year have had their Ran del, formerly in the Ministry 

Association of Pensions Funds cities. Mr. Freeson confirmed , appeals postponed until next of Defence, had -been expected 

and the British Property that the Government is studying ! year! to.be beard on December IS and 

Federation. the possibility of introducing! The appeals of Mr. Frank 19. It is now expected that the 

Tn spur this "partnership" some form of supporting finance | Nurdin former sales director of appeals will be heard towards 

between the public and the for developers. iRacal BCC, Mr. Geoffrey Well- the end of January 1979. 



show 



Consumers ‘often sold 

contracts’ 








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BY ERIC SHORT 

| THE INSURANCE industry had 
not gon? very far in recognising 
and projecting clients' rights, 

| claimed Mr. Christopher Zeally, 
I chairman of the Consumers’ 
Association, at the first day of 
! the Financial Times World In- 
surance Conference in London. 

He claimed that consumers 
were often ill-informed on insur- 
ance. In many cases, brokers 
and salesmen did not adequately 
assess the insurance needs of 
their clients and too frequently 
I hey were soid inappropriate 
conlracts. 

Such situations arose because 
| of inadequate training and also 
from the methods of paying com- 
1 mission. 

He cited the change made in 
1976 for commission paid on life 
assurance contracts which, he 
| claimed, had done little to cor- 
rect the basic bias towards in- 
vestment insurance. 

His association sought three 
J requirements for consumers in 
their dealings with the insur- 
ance industry. 

The first was choice and the 
| second was to be given the facts 
jto help make that choice. 

Consumers, he said, were 
demanding freedom from being 
[misled or deceived by insurance 
salesmen and by Insurance 
advertisements. 

Finally, he sought quick and 
easy redress in dealing with 
complaints. 

Mr. Zeally called on the insur- 
ance industry to improve the 


situation by giving better train- 
ing, by a higher standard of 
advertising and by the establish- 
ment of a single body to regulate 
the practices of the industry. 

He thought this body should 
have outside represention and 
be able to handle consumers’ 
complaints from an independent 
standpoint. 

Mr. Ron Peet. chairman of 
the British Insurance Associa- 
tion, and chief executive of Legal 
and General Assurance, said that 
further Government intervention 
in the insurance companies' 
freedom of operation would be 
damaging to the national 
interest. 

He claimed that the success 
of the British insurance industry 
depended on two key freedoms 
— the freedom of investment and 
the freedom of consumer choice. 

He rejected arguments that the 
financial institutions represented 
an investment monopoly that 
needed to be curtailed by State 
conrrol over its investment funds. 

Such thinkine. he claimed, 
failed to recognise that the mar- 
ker consisted of a large number 
of institutions, all with separate 
portfolios, handled by different 
managers with differing clearly- 
defined objectives. 

He also attacked those who 
put forward the claim that insti- 
tutional investment should be 
subject to constraints in the' 
national Interest. 

The insurance industry had 

produced overwhelming evidence 



to show that it had not denied 
Industry with funds required for 

investment. 

Tliere were no grounds for con- 
sidering " that Government 
decision-making for investment 
would be more efficient than .the 
operation of the market. If 

there were investments to be of expertise, had sufflicent finan- 
made on purely social grounds rial solvency and . would abide 
the : funds should come from by a stringently drawn code of 
general taxation. conduct 

Sir.-. Peet reaffirmed his belief Brokers would have to. take 
that tile insurance industry could out adequate professional in- 
confer wide benefits, on the deinnity insurance and con - 
whotewonomy in an atmosphere' supers would be further pro- 
of freedom. . . tectod by th<U establishment of 

The British insurance industry some form 6T guarantee fund, 
had prov«I itself an outstanding He discussed how this fund 
success and’ be called on the would be financed so that the 
Government to build upon this burden would be fairly distri- 
stfeiigth.'.''. butted among all brokers. 

The - passing of the Insurance - Professor Dr. - Hans Ammeter, 
Broker?’ (Registration) Act 1977 formerly genehtl manager of 
had moved the broking industry ‘Swiss' Life Insurance and Pen- 
to wards professionalism both in. sion ' Company; discussed . the 
the' protection . of the consumer practical problems of coping 
end nf ■ the insurance market, with several different statutory 
said Mr- Francis Perkins, chair- control, systems, 
man- "o£ "the -British: Insurance' He described how Insurance 
Brokers' Association. had become international busl- 

- Brokers-had now. for the first ness and managers had to be 
time, the right to reshape and able tp cope with varying insur- 
adminfster the insurance brnk/na a nee legislation and' supervision 
industry - -by. self regulation in-- each territory in which they 
through the use of sanctions and operated. 
couFd do this without having the This supervision started from 
great :drawback of statutory con- tiie -moment an insurer sought 
troL ■■ - authorisation to operate in a 

He descrihed the various nrd vi. country. Most countries, insisted 
sions'of the Act, how consumers op. a separation of classes of 

would ^0 protected by ensuring business and the division was -not 
that' brokers have a high degree necessarily consistent. 


Moscow School icon bought for £2,000 


CONTINENTAL DEALERS were 
the main buyers at Christie’s sale 
in London yesterday of Russian 
and Greek icons. But an anony- 
mous bidder gave the highest 
price — £2.000— for a representa- 
tion of the Virgin appearing to 
S5 Sergius of Radonezh and 
Nikon, from the Moscow School 
in the 17th century. The sale 
total Was £132.210. 

Ex Oriente, Lichtenstein, paid 
£1.400 for a 19th-century Russian 
icon of St George slaying the 




SALEROOM 

BY PAMELA JUDGE 


dragon: and the same price was 
paid by Pahler. Germany, for a 
calendar icon 119th century), by 
Schonewolf Germany, for the 
Resurrection and the Descent 
into Hell, by Climcnt Spain, for 
another calendar icon, and by 


Kadri. Germany, for. a similar 
work. 

In the morning at Christie's, 
South .Kensington, silver made 
£13,492 while; oriental works and 
sword ^fittings, in . the afternoon 
fetched a total of £21.136. 

Mandscript. and printed music 
and autograph letters of com- 
posers -at . Sotheby’s attracted 
£20,$3flv'T*rtth just oyer 3 per cent 
bough fini . Schneider gave £2,600 
for a 3565 manuscript and £1,200 
for' some 17th-century English' 
" Ayrrir.and Dialogues." ..Works 


by Johann' Sebastian Bach went 
to a Paris buyer at £1,400. and 
Barron. London, paid £680 for a 
first edition of ..some songs, by 
Jean-Ben j'amln de ta-Borde; 

Antiquities ; and tribal art sold 
through the same house in the 
afternoon amounted to £38.0S9. 
A Roman marble torso of Aphro* 
dtte went for £800.. -In -African 
art a'Sepik, River wood .meat- 
book '.made. £550, and a group, of 
miscellaneous antiquities; includ- 
ing' Cypilor terra-cotta 'heads was 
bought for £500,. •; . : - r 





Black tends to eclipse everything. 


;f> hnni(* Walk 1 ' 1 

Black Labe 


30 


ginancia! Times Tuesday smemsiT 21. ^ 





Tinto-Zinc accused 
of racial discrimination 


BY JOHN LLOYD 

THE 


■ BY PAUL CHCESERK5HT ! 

! 1 

'RIO TiNTO-ZlXC. the Lnndon The only way Mr. Malcolm War on Want about group treat- . 
.•niainu ir-up, was yesterday at Fraser'? Government in Aus» ment of Aboriginals threatened 

• ths '■en 5 rc of more’ controversy tralia would change its mind legal action, 

over i a? treatment of racial about discrimination against The threat was never earned 

1 minorities Aboriginals would be through out- but the group's solicitors- 

! it he-.ame the target oF a international pressure, he said, wrote to War on Want, warning t 

• campaign for Aboriginal rights Mr. Miller and his delegation that the group was not prepared . 

microelectronics ■] ;!Une } t ed hy War on Want, the led a demonstration outside the n accept further “scurrility." 

Comalco has 


Big five 
hold 

half home 
loan cash 


Chemical trade 




muons 


INM05. 

company which will produce ; charily z roup, and an association London headquarters of RTZ and 
mass voium* silicon chips, will ' CJ iiUd' Coioniahsm and Indi- submitted a Ikm oT demands, 
announce it? centres for research Minorities Research and These 

and development in the V.S. and 1 Action Abori 

the I'K wuhin the next sis weeks. The campaign is led bv three compound 
The British centre is now certain [ Ahorinna'. leaders from Queens- Sroup 
la be in Bristol. j j a nd. ‘Australia. where the RTZ fortune 

The Bristol technical centre . ^ur,. in a joint venture with without any payments lo them. Yesterdav RTZ did rot have 1 
■*n! initially employ about oOj Kaiser Aiuminium— Comalco— is and called Tor "just contpeosa- scaior executives available to' 
engineers 2 nd technicians and ■ CI1?2? ed <n extensive bauxite Uc ”V . , .. . ,, . . , meet the Aboriginal leader; from 

gradua.!.. expjod to .00 '■taff over ; _j -.tiimir.a nrnrtu.!t!Dn_ The delegation also called for Oui»en<i:mri e«s»i rh..t it v.'iiuld ' 


BY SUE CAMERON 

1 4 TtFPflRT callin' 1 for nnirrnc ■»*- Ttavid VSTbDltOD, national, the totlBBT -tsrnli the hiZG tff'the 

! £ 5 ? 

1 ment. was h 2 i!ed by trade industry could improve its com- shower term. -* . . 

'unionists yesterday as M an petitivecees. but it was suU . j$ r> Harold. Kioaberfey 
1 important step towards industrial nifleant toot management ana ^m^ght and Wilson* the *ftair- 
j democracy.” -union reprwentauees nan. of “the manpower sub-com- 

! Toe report— Chemicals: a tQ wckie t&e qae ^ Qon l miltee of the Chemicals. Econo- 

coru^mlv , M0RE THAN Mf of The total ! «¥?!» & flTnttr force ' S£ 

opmeOT Com- ^ aDour 1 . „ not necessarily mean, that .-igdivi- 

Gorernratm 0ne of tbe ^ duak had to work totter.-.,. The 

industrial many of the streamlining of dompany adrainis- 

•ntsm«>jr litre!-.' to concern productivity trsrinn hnnrnved an A 


By Michael Cassell. 
Building Correspondent 



recommends likely 10 concern P™*u^y tration, unproved ^ training; and 
_ _ _ . . . . ^ industrial and manning level* energy savings, could alsa iead 

The Building Societies Asso- : development committees at com- says mat. between to higher productive aad'fiiese 



UK canid " no* be expected to help the UK chemical indortry has ductivity wa s to, cut numbers 
than 1 improve competitiveness unless scope for improvements m labour while but 

Hutu _ *• r . . « 'v «u n *<Annv>t mvc Tirt ctroceaH fh*»t tm rrorih • 


.Miller, chairman »»f and lhe Aboriginal leader-, enn- account. Mr. Benn said he sym-'cent or total assets. The degree ploy tea in tbe chemical- industry 
i Queensland Land linue- a dispute with RTZ which natiii*«cd with rhe account of of concentration among 

r.ich i, re-kinc emors-d -imply and liriprt.v .t ASori ? io*l pwbkro but ths: ihe i nroducii-ity;- the report ays. he strMsod .brt.lte' trade rations 

increasing 1 ning are done on a co-deternxina- One. area for further examination would not be -going - into- -the 
10 be tlie: tion basis." He said this was would be “ways of handling development coraanttee scheme 
: v.-hr \'.'e report’s re comm end a- initial changes arising from the on tire basis that; wega a round 

34 x 111 .- 1 . ■ ■ , , __ 1 1 . iicu rtf- lahmir in inproacina . pffipiaapD . Kb." 


BY EAMONN FINGLETON 


80 r 


UNIT 

TRUSTS 


ope ratio:*. v.hi-h -*il! he r*tcc 1 is Mr. _.-l‘ 

'iz^. *iM bo concern i*d v. itb the th*- ■ \' J ■ 

rir>s:cr: * r >f m:cropruce-sor<; and C"UR'. ... 

niemoj-je - . miren '«f A^onsmal land ri-;hi*. ihp RTZ annual meetinu in Lon- UK 

Mihouvh Eri.siri! om> of ih * 1 i.'im''!. , ! ?, c , i ;.esrerdaj that Ahnri- don la<l May. 
r »w i-ia I.:i: L-itioi not wuhin >-r-: io- ; n^ land resenes Sir Mark Turner, the cha 

do’.elocnw-n - . area and ihu- not 10 m.s.nr companies. man. angered by criticisms from Norlhem Territory. 

<*!i2n!e for indu^irial a^si-lancc- 

— Inc d?!. sion j = believed 10 ha - . e^ 
n»cn T2ken neevure of the need 1 
to attract scarce professional: 
staff to cn attractive environ- _ 
men ; . ; 

The centre* whe-i* the chips 1 
vi!! be manufactured will prob- } 

?t?'- b p announced next spring.! 

There will be four production"; 
piar.t-'. oica employing 1.000 i 

No decision* have been taken | 
on The Iryation of the plants. 1 

which need nor be near the tech-! .YEW .ALLEGATIONS of com- the unit trust arm of Lloyds 
nir .si centre. It is also possible < mission-hunting were made Bank, said: “"We suspect that 
in:.:, ihc production plants may ! aauinjt insurance broker; :■ ester* some of the selling lately has 
be split up. : day after figures were showing been prompied by intermediaries 

■ Inino- 1; determined not tenths: she number of unit trust who want to switch the money 
a-i-vy »ne Go-.emtnent to select 1 investors c.-;hing in their hold- lo another unit trust, 
the iocution of itf pi«nis purely < (-. s * is, eon'inuinp at high level*. "We first began to notice * 
on employment or social criieria. : unit* repurchased by lhe high level of repurchases in the 
■' will seeV »o lake advan-. i n du c :ry nhat is. unit 1 ; cashed sprinu and thi; coincided with 
tio: • f d'.ve’.opment grants j n ^ .n- t e*iorsi totalled UfO.ilm a general increase in conums- 

vge-c n recardu them as oems n’ jr.tn. This is do* a i'fi.L'm sinns paid by the industry." 


t;o\ernmcnl could not do *n 


anything about preventing the the trend towards i: 
air- production of uranium front the _ concentration appeared 


liens marked such an 
step forward. 


important more effective use of labour in increasing efficiency 7 - by; r axing 
the industry.” It says that, id people.” ;. . 


Commission huntin; 
claim revised 


40 ^ 



k i 


\. -I 

; REPURCHASES 


1975 1977 1973 J 


Underground silica dust risk 


BY LYNTON McLAIN 


:.ed : Ur*':-- whicn arc attractive | frCin , Semombcr's record I38.5m, Lloyd's unit irusls are alnin-t 
on '■'t'ncr zround- v.ui if =ti " ' considered far" loo unique in continuing to pay only 


■ Decline 

! In the U.S.. lhe larges! five ; 

' saving* and loan; associations ! 

Cthe " equivalent of building, 
societies 1 accounted for only a; 

’ little over 7 per cent of the move - 1 
mentis assets. | 

; At xbc end cf i3it year the f 

largest U.S. >?’-ings and loan LONDON TRANSPORT research silica dust at levels higher than, silica, in the form of-qqartE, was 
association, in Los .Angeles, had : has shown that levels of airborne the threshold limit was made by- asked to investigate new forms 

; fewer total assets than either of i silica dust on some Underground London Transport in tests over a of blocks. ; '' -s’- - 7 - 

i the two largest UK building lines exceeds safety limits re- year ago. The; aim -ty^s -Jo reduce the 

societies-. However. 16 ssso- ' commended by Cioyernment's- Trdes union officials were told silica . content in . the blocks. 

| ciations each had assets in excess 1 , Heaitli and Safety "Executive: an d Ferodo. one of the makers Ferodo, is' still working • <fa- thn 

’ of Elba asainst only eight in the • Silica dust Is created by -the 0 [ brake blocks ctrataining pTobiem,- - V'. 

j uk " w «ancg of brake linings, and up : ; =■ v .7. ' .v. 

. ^ 10 three rimes the safety. levels 

" Tfce aw-iaiion a*.o hiinh?h>s b2J hepr , detected at tunnel exits. 

. the con Milling .>Odrp der^ne in, oa s:2 ^ g:x 33D roacries. 
the number or UK oundicp ■ ■ ... - 

• -ocicf.es Of the 796 societies i= : ^ London Transport said yester- 
i existence ar the end of 1952. that its staff on the most 
419 had been absorbed by other : affected !i=es. including the 

— » less than ei^ht 

he silica dust. 


Business loans problem 
for small companies 


by }ames McDonald. 


hub b> :r.du?try expert.-, who H P*?r com commission lo inter- 
: noir.i 0:11 - 3:11 it i>s "he third oiediario*. Most other trusts have 
iurn-t ficuri- -,n record. nnw raned their total com in Is- 

i The ind;:-;-.'s s.vrs ;<• inTe'i- ?i0:i ,n 3 P c r cent, by paying an 
■or? 101 alied i "—lhe .-arr.e as CXIra “ nwrk'tun? allowance" to 
’ in Sc -i/ m '.or. mo*t rniermc diaries. 


for operations 7 


mcnl? fell by more than I6:u 



Mr. Lea Plummer, manager of new marketing allowance of II premium contracts. 



by ]ames McDonald 


Doctor attacks 
Health Service 
bureaucracy 

S« Paul Taylor 

ANOTHER V.ack r<r. tine nrgani- 
M:-,r.n of in'* National Health 
So.-, ice wa; -n«dc yesterday, in 
the Britan Mectca: Association's 
magazine. 

Dr .1 Stuart Horner, chair- 
man nf the Association's Central 
Committee for Community Medi- 
cine. claimed th.n there was *■ an 
unacceptable degree of centra- 

Service. His "comments closely; THE INDUSTRIAL SOCIETY, The simple methods of leader- national rrganisation of similar 1 terraced houses.' 

follow tho s e made two weeks! which a ^ ta s to promote work ship training which help mana- size.’’ 1 

am hy :,fr. Patrick Jenkin, : involvement in order to increase gers and supervisors to obtain j Ir j,^ n Garnett director of 

OopoiiUnn -pokesman for the j effectiveness and satisfaction now the co-operation of their people ' 0 ’.; elv < aic j ve-sterdav the- 

Socia! Service. - has 15.000 member organisations, more effectively, arc more and or -.nn ; s *a tion was British Airvay«' : 

lJ r ( f^ordmSl^^en! n| ^ any form of ^strong engineering staff. ! 

<:.nversni*m depsriments to ibc;™^ ® r hcjl bonnes 
*x-.cui that ibe act i\: tics »f some 

depart mem ; “ actually work in I \ n * s * ?s ine is happening and why 

rtppo-:tir>n in the declared oh- , sac,tlJ 5 a,ir,u - il rvpo.i. lions are increasingly using the industry that democracy has two . 

jec-r.e? *.r ir.e llcatib Service". The number nf irade unions simple concept of consultative part*, one concerned with repre-. 

lie called for lhe delegation j involved in the society’s work committees to discuss how all sentulion. about which so many- 

or effective pf.wer and respon- . continues to increase and the employee; can be more effective.'’ people tali: so much, the other, THE GOVERNMENT is defeat- 1 

«ihihiy in in cal unit - a; lhe- first 1 report says: "The level of activity The socieiv helped Ford concerned with execution, where: in? its own policy of reviving! 

sien to curing the :pr\ ice's ills. ; in monetary i.c shown by Motor Company to improve us we need tn nrguni«e work in dinner city areas because of the 

Mnrp aueminn -nould be paid' the society earning i2.2m Hast efficiency 10 >cars ago. "Now small team? with manageraent i over-corn p/b. -a ted methods White- - 
:n health education in an effort I year) for the work it does." we are involved in another appointed leaders." j hall uses to distribute £7.5bn of; 

tn ji-Piluc** :he pressure on the j central funds to local authoring.-. ; 

H*4!ih . Scrvsc** and cncourace | ■ | according to a repurt published. 


per cent was encouragin: brok- ■ ocielies a : lbe cnd 0 f i a?L year. ! Bakerloo. worked It 
er 5 to recommend undue !ien-; A furliu . r 4 s h2( j united -to Form hours exposed :o tl 

ir.g were first aroused ! y the L . ;J riCW s0 ,.; C tjes. ; T=e safety Lmit, expressed as THE NUMBER of small concerns bank loans 

bt-p ernoer ngures. . ^ \ . r rh „ 1 . t n^rp - he threshold iimii value, was which fail to obtain bank loans developmenl and Jlfrptir' ^.«nt bad 

, The .udustry^ recent. , At ‘ de:er=:;r.ed by the safe average for business expansion because been unsuccessful because;, of 

■ ru. mow i«.stcrday v... .. nw.- ' 'l' Q «P '1, '., VcTjO 1 ievc-I :hat would occur to a. they cannot provide security their inubilily to provide" accept-, 

th^t ne investment of n-v cj*a b90 ir. 19-.o acd -.-Sb .c LOO. 1 wc , r> - ci . eS po*ed for eisht hours could be as high as 40 per cent . able collateral. . .' " 

in '-iniv-iiQKea insurance --. r range- T ni-= year y.-as .liter.- to be a- a day. five days a week for 40 according io a poll carried out t "Yet it is this, sector- from 

0 record year for building _soci9 iyj years". Few passengers would among 2.000 businesses by The. .which any real increases ii job 

?:cpc sed to levels beyond Koruni of Private Business. creation will come."., said Mr. 

It showed two-thirds of the Stan Mendham, the ' ForUai’s 
levels of bu?in***«es responding bad sought chief executive. . 


Since proportion 0 :' 

first-time buyer; purchasing ter- 
raced houses ar.d fiats has risen 
from 52 per cent to 51 per cent, 
reflecting “ the increasing 
demand for owner occupation 
from lower income groups. . a 
high oroportion of whom are able 
to 'afford only modest hemes, the 
majority of which are flats and 


support 
methods ‘too 

' ‘J*! 1 , Participation and involvement is " Thrnughour tbc year the! n i A ji 

in ,- n ^ lhat people should know v.hat society has put over to Govern-' COIUpllCStGu 

: . ' ,i - 5 l ° e is haapening and why. Orpanisa- n.cm and to alt involved in: ~ 


By Michael Dixon, 
Education Correspondent 



prnpfp 

retinat. 


10 become more self- 


Two companies 
w ound up 

TWO Fleet Street Press and 
public relations companies — 
Gavin Starey Industrial Com- 
munications and Gavin Starey i 
Industrial Liaison — were com- 1 
pulsoriiy wound up in the High 
Court yesterday. 

The petitions were based on 
a £9.422 debt to the Customs and 
Excise. The case against Gavin 
Starey Industrial Liaison was 
supported by the Inland 
Revenue, claiming £24,453, 


Plea for stronger arts 



BY ANTONY THOR NCR OFT 

A PLEA for a ?tronger popular 
lobby on behalf of the arts, per- 
haps built up round middle-class 

housewives who do such an 
effective job in the U.S. was made 
by Mr. Roy Shaw, secretary 
genera] of the Arts Council, 
when presenting the annual 
report in London yesterday. 

He envisaged something on the 
lines of Concerned Citizens for 
the Arts, a body in New York 
which was able to bombard local 
politicians with 15.000 letters and 
telegrams when culs in the art 
grant were planned in lhe state. 
The cuts were rescinded. 


Canadian envoy • Robinson, chairman of the Arts 

for Midlands 



j yesterday. 

! A study by Mr. Tons’ Travers, 
iff North East London Poly- 
{teihjiie, indicates that, between 
1974-75 and 1977-78. the metro- 
politan districts of England and 
outer London boroughs have 
_ jdone better out of the central 
The main events of last year 1 f t , n( j s distributed in the form 
for the council were its contri- j of rate support grant than have 
bution to keeping open the big j inner London boroughs and 
provincial theatres as suitable i needy 


the demands of its 1,200 clients. 


homes for touring companies, 
and the establishment of English 
National Opera North, which 
opened last week. 

Although the council alone is 
financing the opera company in 
its first seven months, Mr. Robin- 
son was confident that local 
authorities in the area would 
contribute before the summer, 
thus ensuring the survival of 

the project. 

As always, the council was 
worried about ihe size of Its 
grant, " For the past two or 


urban areas such as 
Liverpool and Newcastle. 

Outer London, for example, 
has enjoyed relatively slow rises 
in rates and high increases in 
local government spending, 
whereas inner London has 
suffered big rate increases 
coupled with only slow increases 
in expenditure. Mr. Travers says. 

Compared with the benefits 
received by suburban areas, 
"shire" counties have aiso been 
treated unfairly by ihe distribu- 
tion. 

He says that the system of 


Mr. Kenneth Robinson 


! Council, both <fi.v-emed a erow- 
I if?g appreciation among 
• politicians of the electoral im- 
MR. PAUL MARTIN, the High ' porlance of supporting the aris. 

Gummissioncr for Canada, will. The Arts Council grant has 
pay official vi.-us today and to- 1 heen increased from £41.725.000 
morrow Jo Birmingham and Wnr- in the year under review to 

L-pstcr. The aim of the visits is ' £49m this year, and Mr. Robinson "Hope/ul of a generrmg increase 
t n nnipba-i'C the significant . was hopeful that a generous in- 

Canadian interests in the region crease for next year would be Such a large increase is un . 

>ed also tire considerable amount announced before Gbristinas. “If likely, hut In the arts, every some local arts centres would 1 ment to control the action. Toj 
r.f import and export irartf he - 1 we cot. f70m. it would transform extra £Jm can be very important have tr» make do without heat- lhe accountable, the system musi : 
tween Canada and the area. | the picture.'* he said. tn the Arts Council in satisfying ing during the winter. | be ' comprehensible.'* I 


three years there has been, at j allocating the rate support grant I 
best, a standstill ia the amount j — based no The sLatisiuvl tech- 
uf public funding fur the arts, nique of multiple regression 
which in fact amounts to a cut," [analysis — is too complex. I 

says the report. J “Tj, e complexity obscures 

In particular, money for ho us- [what is actually happening, and 
ing the arts had been cut to the intakes it impossible for politi- 
honc. which would mean thatlvians in central nr local govern-! 


1™ — 
1 

• - p— V -J -v .• K 

i : rSY- ,-v * 

" . -vre-.v B 

. t' -^-v >r'. j: j - '.-- ■ ■£ 1 

^5 

rS&m 

1 To: Ck)mmen^ DcpartnKnt Welsh Development | 
| Agency, Treforest Industrial Estate, Pontypridd, ■ 

| Mid Glamorgan CF37 5UT. 8 

■ My business is expanding. Reasegfve me the fectS - ■ 
8 about WDA faaories. "'I 

_ Name 

■ 

| Position _ _ 

• t 

■ Company 

. 1: 

1 

I Address 

- • ■■ I 

1 . ' I 

1 Tel: 

'. 1 52- f. 



/ If your business is expanding 
( fastOTthanyoureristmg ; . - 

j premises, we'd Efce tohear f 
■ from you. > • . y\ 

( lie Welsh Development t 
Agency has factory units for ■ 
rentorsale from 1500sq^fe. to \ 
50,000 sq.ft.WeTl also build to 


Complete the coupon and 
we’ll tell you what we have to: 
offer; We'll tell you what Wales' 
has to.ofifea; too. . . . ' . , 
Welsh pewelppmerit Ag&acy, 
Trefbrest Indus trial Estate,. . . 
PonEypridd, Mid GHaraor^n . 
CF37 5UT. Telephoto: Treforest 
(044 385) 2666.Telex: 497516. 



non- 


Only Delta Air Lines flics non-slop between Gatwick Aiiport and a 

Atlanta, Georgia, capital of the US.A!s Soutiieasl:. Delta Flight. 11, a Wide-Rid e 
L-1011 TriStar, leaves London at 1210 and arrives in Al lanta at 1(52-5 every day. 
Flight 11 continues on to New Orleans, as a Boeing 727, arriving ai 1830. 

From Atlanta, it’s just an easy Delta-to-Delta connection to any of 50 U.S. 
cities. No other transatlantic carrier offers as many connections with no 
change of airline. For information and reservations, call your Travel Agent. 

Or call Delta in London at (01) 6684)93-3,' Telex 874 SO. Or call Crawley (0293) 
517600 at Gatwick Airport, Horley Suitcj; RH6 0Dl r . Delta Ticket Office is at 
140 Regent Street, London, W 1R 6 AX 



London-Atlnnta Basic Season Fares 

Budget or S Lind by Single Fare- 


S 82.00 


Basic APEX (Advance Purclt ase Excursion) Return Fare 14.00 

14-45 Day Basic Excursion Return Fare £270.50 

Regular Basic Economy Single Fare .& 198.50 

Regular First Class Single Fare (Valid all year) £3(57.50 



basic 14-45 
Class 


Fare is -vuiiil jx-ar-ruuncL 


flightswithinthe continental HSA1'- ■ 


Super Savers to mostDelta cities. And 25to36 ^cent off wiflh 
daytime Super Savers to' all 86 Delta cities tn the continental USA. 
Naturally, there are som ^qualifications. Call DeltaorypurTSpavei - 
Agent for details. A'DSLirA. •• 





%, ajlPieiT; . 

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BKtt I 


v«v' ” -J-* • • 
... . .-. -< 


November 21 1978 


: ' ••"■ >? .'• i 

■•?, ■ =s.-i 7 .- . ' ' 


BY PETER JUptiELL, ECONOMICS CORRESPONDENT ; 

.- \A ! .:’WARPrjENG that .Gome City t xy in the home; . ntarket are pany sector Is projected to rise 
: .analysts may ihave become too already being sonoered must to about £3bn next year from 
' -^'essimtet3c about '4ihe ouitdbok. for therefore be .treatert^with some about £2bn in both 1977 and 1976 

- cora^iaby profits and liquidityhas caution." ; . . — as a result of a faster rate of 

come' from stockbrokers Phillips The author alscrsqys that the Inflation' and a consequent rise in 

' and Drew, • - ■ " fall in .profits between :the first slock appreciation.. 

' An- .article I n th e Noyegnber and second quartjeiis.jQf this year Mr. Percy does not think this 
“Issue . of:; The broker's * market shown, by officlai fiipnes must be should have serious repercussions 
", review says- that, the financial treated with caution; . on company balance sheets. 

A defidt- of ttier-chanpany seetor . . ’ Although short-term borrow- 

.. . would have- to be much larger Assimmdfln ; ! •' ings could rise by around £3 1 bn 

TOwnr '• enwen t - /forecasts axe . . nest year this might only lead to 

- suggesting"'; before' there- was. a He says that industrial profits an increase in gearing — total 

iVunfihY of 'ftArlnUQ llrniufifv hort I..- enPAMJ _ nn . 


The businessman’s guide to incentives 
available in the Areas for Expansion. 

r* 

Capital grants 

Manufacturers can obtain capital grants of 


. ' t&e-firnii says that profit: margins, .whole. On the Assumption that aod 21 per cenL 
as -measured : by the relationship 'earnings rise by slightly- less than He says this rate is still low 
between prices and -costs, appear X4 per cent in . the current round. by standards of earlier years. In 
.-to-be abontthe sameas last year, a 15 per cent rise. ipJodustrial 1P74, for example, gearing rose 
“Suggestions -feat the profit profits is forecast for 1979. from 22 to 26 per cent during the 
margins of maniiSactraiag indas- The financial defick.ofc.the com- year. 


20% or 22% for new buildings; also for 
new plant and machinery in many Areas. 


□ 


Tick here 



Glasgow Life 


expansion 

urged 


jLiie assurance may 
show record year 




e 


BY EMC SHORT- 


5 K 

mk 



Ilii^vU A SUCCESSFUL third. quarter other in non -pensionable era- 

’ • . - for new individual life business pluyment remain buoyant, with 

.By Michael Donne, has enabled life companies to new annual premiums 53 per 

.. Aerospace -Correspondent - - maintain their -growth'; rate of cent higher in the third quarter 

_ .-rhw ah h*> «V the first .half of,-, fids year, at £19m. 

according to figures; -yesterday So far this year, new annual 
.panded to enable it to coj^ with fronj ^ Uf e company premiums on this business 

■transatlantic fijgni^ ^teaa tf associations — the Life Offices’ remain strong at £65m, against 
only short-ham TJK and Euro- Association, the Associated Scot- £43m — an increase of 51 per 
pean fights ^ *t mnrnt. tt m ^ Life offices, and the. Indus- cent. Regular premium business 
giggested byfhe Scottish Tourist trial Life Offices Association. At for assurances and other 
Board yesterday. ' • ' this rate of growth; record annuities was 24 per cent higher 

> Mr, Robin. MacLeilan, chair- figures for both annual, and on the third quarter at £llim, 

man, said at a meeting in single premium business’ for insulting in sales over the nine 

Glasgow organised by the British 137% seems a possibility. months at £326in. 

Airports Authority to discuss <- repnlsr premiums on a , Growth in single premium 
theluture of the three M Lowland basi? wer?SToer cent b l isme5!s s,owed down consider- 

Airports nf Glasgow. Edin- ah! - v iD the third quarter- 

burgh and Prestwick.- that" only S^the l th^?^uaSr^6f ' 1W7 ? dvancin K b X 7 7 P er cenl t0 
15 ?er cent of the lm overseas ^ bJ£2‘ q S2F annual “* 0m * »sa'n*t £l30m last year, 
visitors who came to Scotland JSlum iSiimTSw" IhrSst Ta,s ha£ resulted In sin 3 ,tf 
each year landed in Scotland SSf 19TO ■ Drem J um business over the nine 

directly by air. The others came JSLhw m months amounting to £4 17m- 

intn Scotland from other parts SXfi?lS5l &y SwS £" JHJS* ceDt ab0ve ‘ * e 

Of the UK. - - (if 97 nor -ont iC . ei UF !»</. 

• 4 « ^ • , Linked life assurance business 

oJSSTSSrfffi 8 rowtb contrasts ^sharply continues to move towards a 

Scotland find it difficult to get with, the rather sluggish situ a- ri?CO rd year, with buoyant third 
here d™^, or ^ejjensive Jo tion in 1977. when, annual quart er figures annua! 

come - h«e mdirectay via premiums on new individual life premiums were 42.6 per cent 
London, he said. . business were only 9 pfr ; cent trgher at £21.1 m and single 

“In the long-term, there is a higher. This, however,-; followed premiums 22 6 per cent higher 
potential market for direct .air several successive years, when at ressm So far this war 
travel to Scotland."’ -• growth had been wen-ahead of annual premiums amount' to 

. The meeting was -called by the inflation. - fain;— 37 per cent above 1977— 

'Britlsb Airports ^Authority to Sales of personal pension and single premiums £223 m. 40 
debate three options forfhe long- plans to the self-employed smd per cent better than in 1977. 
term development of the *ir- . 

.ports. One .is to. maintain the .. . .. 

present position, ..with Prestwick 5 ’.•■•• - • 

handling: all transatlantic traffic, ^ 

and' Glasgow and .. Edinburgh: i/A nvt 4inn * tv** Ola* 


Interest-relief grants, or favourable-termloans. 
Fixed-interest loans from European I I 

Community funds. I I Tick here 



ent-free factories 


Up to 2 years rent-free (exceptionally; 5 year s). 
Options to purchase on long lease. r I 

Wide ranee of new factories available. I 1 Tick here 


Wide range of new factories available. I 1 Tick h 

Rent-free offices 

Grants for office rents for up to 7 year s. Gra nts 
for new j obs created within 5 years. I I 

Grants for staff moved. I — I Tickh 


air talks 


handling Uil i(U 
f - The Second . is_t<r shut.Prest- . . ... . .,. r • 


(RESPONDENT 


Stalemate 

9T HICHAS. . DONNE,; AEROSPACE "CORRESPONDENT 

traffic at Prestwick, . buti- distrl- y *\ , 

>ute ifc -extensive Itog-haul THE . ANGLO -SCANDINAVIAN GatwickN woud cut across the 
charter traffic tp-Ekl In buxgh and air talks in Loudon have made Heathrov^-. approach and depar- 
Glasgow. .!•; ... some progress overJhe past 10 lure paths! causing hazards and 

The least cost— about £12.5m~ days, ''but -the medlng is ex- congestion. . 
would be involved fii' maintain- pected.fo end todaw'wilh no new This has surprised the Scal- 
ing the present position. This agreement to replace the pact dinavians. because many of the 
money would, be needed .to im- which expires at 4hc pod of ibis additional flights which Britain 
prove facilities .to keep pace year. . • wants would be by British 

, with traffic growth. • The two sides remain firmly independent airlines to and from 

The most expensive option committed to their opposing Gatwick. When those flights 
would be to shut Prestwirtc, in- views. Britain wants to see many were first licensed by the Civil 
volving the low of about 2,900 more air sjfevices to and from Aviation Authority (which also 
jobs, with, about £50m. .being Scandinavia, including several runs the air traffic control ser- 
spent at Glasgow and Edinburgh bv independent airlinps in addt- vices in the UK ). the possibility 
Airports to bring them up to the lion to ^British Airways, with of air traffic control hazards was 
standards required for «rans- much cheaper fares. npt raised. 

.at Ian tic operations. - The^'Scandinavians, however. : Britain is understood to be 

— : 1 . want -to keep the independent prepared to consider a limited 

‘ • . - airlines out. and lo restrict ser- transfer of 5AS flights, out not 

- Rsrfhw nilf rin to. Scandinavian Airlines gj 1 “e e3 g ,e .° s ® of restricting 

,J>dilUU put yU.-._ System (SAS) and British Air- ffifihte by British airlines. 

• -- - • j |* a ... ways as the two flag carriers of ’ 

S3S snort list’ , ! be eonntries concerned. 

; • The number of servicer i« the 7 . . 


Above is a brief guide to 
the investment incentives 
available in the Areas. They 
apply to companies moving 
into ; or already in, the Areas for 
Expansion. 

Greater benefits are' 
available in Northern Ireland. 

Are you planning your 
company's future now? 

Before you do anything it 
could pay you to get in touch 
first with your nearest Industrial 
Expansion Tfeam. tick the 

boxjes) above for the informa- 
tion you want and send in the 
complete coupon. 


London tel: 01-211 6486 

24-hour answer-'serrice for booklet 
enquiries only: 01-&342026 


Scotland 

Glasgow, 


West Midlands 
."BirmiQghjm, 


Tel: U41-2482855 -Tel: 021 -632 41 U 


Wales 

Teh Cardiff 62131 
1>TD code 0221) 
NorthcarJlegion 
Tel: Newcastle 
nponT'*neW722 
l STD code 0632) 
North West \ 
Manchester. 

Tel: 061-236 2171. 
Liverpool, i 
Tel: 05 1 -236 5756 
Yorkshire & 
Humberside 
Tel: Leeds 443171 
(STD code 05-32) 
East Midlands 
Tel: Nottingham 
56181 

(SID code 0602} 


Sooth West 
Tehrhrmouth 
2 1891 (STD code 
07521 or 
Bristol 291071 
(STD code 0272) 
London & Sooth 
East 

London, 

Tel: 01-603 2060 

Ext 221 
Eastern Region 
"London, 

Tel: 01-6032070 
Esl 359/360 
Northern Ireland 
Teh Belfast 34488. 
(STD code 0232} 
or London 

01-4930601 



Tick here 


To: The Industrial Expansion Team, Department of Industry} 
MiUbank Tower, London SW1P4QU. 

Pleiise send me full details or the benefits available in the 
Areas for Expansion, as Ihave indicated above. 


Position in i 


F Business 


THtflBtM . 
I HM I 
|tXFSNSION[ 


Address 


FT 20 / 1 1 G 


Areas for Expansion 

lAwtxiHY IlItlJ^AKTIVIENTCff lNiJt>St^ni«i»i>d«tlcw^LiitixSaittijh£anKniikrl4»g^Pq»gTan^«^ 


■ - airlines out. and «o restrict ser- 
• Harrow mil On to. Scandinavian Airlines 

JXE11U W_ put yll _ system (SAS) and British .Air- 
- . . * . . a* . ... ways as the two flag carriers of 

S3S snort list’ countries concerned. 

.. . ■ - ... The number of services is the' 

BARROW. In Furaess is. being -ftey issue in the talks, but the 
considered as a possible, site for question of moving SAS flights 
the terminal of the JJorecambe ■ from Heathrow to Gatwick has 
gas-_field. S miles off Blackpool, ] aiso been' raised. S*\S. which is 
* Xorw-ay. 


in tiie'Lriah Sea. 


joint ' : airline 


sefi 


'-Mr. ; Windsor Biggs. Cumbria Sweden and Denmark, had sug-' ' 
■'County "- CotmcH’s planning J gested moving all it* flights to •- 
officer; told the county's develop- Gatwick.- in a bid to get its case ■ 
ment. ^pritrol': committee . j-ester- /or iinutin# air -services accpccd. Li 
■day*.' th’ait alt bough' Barrow was Britain- has declined this oiler. - 
1 not ‘bn. the. original list nf four, 'mafnly -'because, it claims that 
"wSh the'Lune Estuary, Pilling, this would cause air traffic con- ••• 
the Rihble Estuary and the Dee, trol camplications. The air 
it was now on the short list. traffic between Scandinavia and 

Manchester station site 
development a step nearer 

: THE FUTURE of Manchester's A crucial issue is the condition : 
"cdarroversiaL "26-acre Central of the former Central Station • 
Station site moved a step nearer train ball, and structural surveys 
settlement yesterday. when have been authorised to establish 
Greater Manchester Policy Com- whether it can be retained in . 
mittee announced the completion future plans. 

"of interim arrangements for the Mr. Tony Harrison, chief exccu- 
loilg lease of the site to the tive of the Greater Manchester 
county- council, and proposed a Council, said yesterday: nie 

formula, bv which the county redevelopment of Central Station 
cnuld receive the freehold. These is of major significance tn tn<» 
two moves will help provide a prosperity of the City ™ 
basis for funding the develop- Manchester and the v/noie 
ment of the site. conurbation. 


Vtfefe up to our ears in wafer technology 


To mankind, water is probably the 
most important of nature's elements. 
Without it nothing grows and people 
suffer. Unfortunately, we can not always 
rely on Mbther Nature to put the water 
where it's needed most, and that is what 
water supply systems are all about. At 
Kubota, our experience is yours to use. 

Since 1890, Kubota has deyeloped a 
vast knowledge of water supply systems, 
and has helped in the building of maqy 
in Japan. 

Kubota has won ^ 
acclaim the world 
over for the products 


it produces for water supply and is today 
helping supply many of the world markets 
with the highest quality Pipe, Pumps and 
Valves. Kubota is a leading maker of 
ductile iron pipe in the world, and at the 
present time we have also built the largest 
diameter ductile iron pipe in the world, 
2.600mm, using our centrifugal casting 
method. Kubota we are proud to say has 




been a leader in the field of anti-corrosion 
research and development for pipe. 

And our technology is available the world 
over to Water Supply Consultants and 
Engineers, if the need be Pipe, Pumps 
and Valves or helping to select the best 
route, even the actual laying of the pipe. 
Kubota also manufactures a variety of 
products for irrigation systems. So if it's 
water you need, Kubota will help you 
get it where you want it. 



Standards in royal parks 
cafes ‘need improvement 













e>. -|J_ I 

. •- Jp . c : 1 





FINANCIAL TIMES REPORTER 


PRICES ABE loo high ia the This is the second year the 
royal park catering establish- competition has been tub - 
mints ™b 32? - and Lady Birk, Minister responsible 
range, of food is too wide. Over- for the parks. 
alL. caterers have not made a Lady Birk said yesterday that 
sufficiently detailed sfedy o£ standards had risen skigbtiy since 
wha4 customers want. last year, tbongfc most of the 

These are the findings of five -g ^^Hchim gnts “had a long way 
lodges who ale in 17 restaurants _ 0 " t o fulfil .the requirements 
and cafes Jn-'tbft royal parks in . for money, quality ahd 
search of the best. Only one, the fresauJe5s 0 f food, good service 
Serpentine Buffet in Hyde Bark, _ cleanliness and menus meet- 
us by Trust Houses Forte, won needs, 

an award. There was no rest an- T . . . rjoDartmsit of the 

rant award even though Pern- Tbe J^KLi. -rants flve- 












a^?“. 


Dopartinsit 


SLKXmiB fS. SSTS 

which offers suhree-rourse lunch year enn . - e ^ royal 

fur £180, was, regarded a ?, l confidential 

. eweptianal value for raouej, „ rpTiare( i hy the judges to 

rt was given. .orily a commended rfi P® r *f_JL^, ar ? 
vaiiaag • each caterer. 


- J*.;’ "■ ■ > "AtherisOHfca- 20. 2ffitii5f Cfatt^r iStre^l Piloitiel; Gft.' v 1 *:.-- 



w-:c ;.%i . 





12 







H ambros Limited 

$US 24.000.000 9>s % Bonds 1985 

Kredieihank S.A. hereby ■_»ives notice that, in accordance with the. 

tcr~, <if ihc abovc-mcmi*.'ncd lojn. the of SUS I..SUU.U0U due 15th December 197-S. has 

h-.-e.n iiru’.vn on No\ ember 1*0* tor redemption at par. 

The s» •!!• -..in;.- B.mLs have been drawn and may be presented to Kredietbank S.A. LuxembouryeobC 
43. Buule’.ard Ri »y:il. Luxembourg or i j the oi'h :r Paying Agnus named on the Bonds: 


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Bonds surrendered for redemption should hove attached ull un matured coupons appertuinintr thereto. 
Coupons due 1 5ih December 1^78 yhi.uild be detached and collected in the usual manner. 

For payment in London, Bondi must be lodyed through an Authorised Depositary. Bonds will be 
received on any business day and must be left three days foe examination. 

.Amount ouisianding:$US ip-fiHO-NM 

The followint: Bonds, which has e been drawn previously, have not vet been presented for redemption ; 
1*2-803- i 14o- j an?- m >- 1M3 - 1890 - 218b - 2W5 - 3287 - 32»f- 3294 - 32% - 3W3 - -4966 - 4T7 - 
5728 - 6696 - b”17 - 6735 - 7432 - 8143 - 8146 - 9941 - 15*78 - lrfctO - J 669*3 - 18350 - 20475 - 22 X21. 

Luxembourg, 21st November 1978 KRED1ETBANK 

S.A. Linembcmrgcoise 
Principal Paying Agent 



\ Vandal Times Tuest&f 



s. Times | Shell manual 
paying | challenge 5% 




Financial Times Reporter 

TIMES 
many more 
The Sunday 
turn up 

Panorama programme 
lust night 


BY PHILIP BA55ETT AND NICK GARNETT 

The company will respond to The 4^00 workers at Harrow, 



cent. 


The procram me suggested tout The claim, nn behal: o: more 
widespread corruption had grown 
' out of the system b. 
j unions allocate casual 
different newspaper 
; It said that many “call 
. documents issued by un:°" 5 . on basic pay. 

Which entitle a man to collect j t al?n j nv *il-. e* consolidation 
! pay. were made out 
i fictitious names. 


V manual workers had been irnm a productivity scheme 
aoolied throughout Micbelin UK based on meeting company 

“c™. iS!SL “ a 60 



• vlUl of all ountanciing supplements. \ 
substantial improvements in ‘ 

Thr reporter Michael shift pay incUidins sn immediate 
Cnckcrcil. said: “Some wn £150 add iiiyn io ?h 5 ft allowances EnCOUragC 

apparently use blatantly f.il ; r and a commitment io a 35-hour 


the 
who 

11MT " V*1 .-.VI 3 .1 C UUV IV >“<CU r “ I ^ 

meet early next month to con- day. are standing out against the 
sider further action if the com* deal's overall acceptance, 
ns ny does not substantially • The majority of the Kodak 
improve its proposals. 'J. work fnree were dissatisfied jnth 


engmeenng 
workers’: 
merger : 


; names like Mr. K. Mouse week. 
| Sunset Boulevard and Sir Gordon 
Richards of Tattenbam corner. 


settiemea; believed to be within attendance plan we re -j ®* ter ®£ 

enough for the union side to 


John Milier. national Government 


„ guidelines was 

i-heiuka! industry secretary for res?>?d with the majoritr of its reenmmend acceptance. 

General s.MH manual workers. Workers -viil now lose a weejes 

represents The deal, which stives pay and eaminss from the proanctmty 
ihr refinery worker®, said the productivity increases of.. up to. scheme for certihed and un- 

of the money in the in per cent, will encourage, certified sickness ^aose nee and 

absence 1 
possible 

However, the union would no! in basic pay are coupled with earning? on a pro. rata basis, 

negotiate if Shell substantial productivity, ih- Holidays will not 

cr cent limit, creases. productivity earnings. 


affect 


■ The money in such oay packets ! ‘i? ■ ‘ ! 

I was shared r,ut between people ^rkeTtri-nn -*15? 
i ,,-hn h- a - A nrocont worker- L-n.Ofl n 


always very difficult to work out _ 

'how many people ynu have in n continue' iV^eaoti 
j publishing bouse at the same at | be red' to the* 5 per 
time. You are not really m a . 

! position to go round and count 

i them.” 

I When asked iF be ever batl: 
tried to count the number of! 
people at work. Mr. Hussey- 

replied: “I once did try and . . - 

I fell far short of the required : BY JOHN LLOYD 

Kfiat'e information fi of' wh' A SHARP counterattack against Chappie, general secretary of moment ploughed right back into 
ad. uiat mformaUM of ..h. . moves ^ end [he post 0ffice t - Qe ElectricaL Electronic antf the business. 

nrp/p'nt cS of nr in r monopoly for the supply of sub- Plumbing Trade Union, in an- “ That would mean a decline In 

room labour "avc' “a ereVdejl seriber equipment, such as tele- nouncinc his support for the the service itself, or the customer 

** ^ . nVirtTin.- -in/l • aIav- vn o^h’lVOr Ii nC 9 T1 ff.mfin/inft 1 V IflhhV . . tin II 


; of latitude to the shop 


ji no - phones and telex machine*, has anti-monopoly lobby, 
been made by the Post Office 


will have to find more money to 
.... r , u aUat . ae tf maintain the quality of the ser- 

I some cases, he said, this latitude Engineering Union. private manufacturers- - were. i^surorisfnfl^Sja^Mr 

! bad been abused. Mr. Brian Stanley, the union's given access :o the market now . c| * ^ houJd support a Gon- 

| The allegation was srnnulj general secretary, writes in its controlled by the Post Office, d*:™5tive demand ?P The trade 
; denied hy Mr. Ginger V'd-en. , journal: “There can lie little mand would oe stimulated' '-and-.-' '.SESrlSn nnt=,7noort the return 
I deputy father (shop steward* i of, doubt that there wii! be increas- jobs fn,- bis members saved or ”J 10 ° s n ^-r n° rhpnuhlle seetor 
}rhe Sunday T ! mes chapel i office inq pressure hy private manu- created. . • iLftfl Hv‘ a t «SSr" . =. 

| branch) of N«tsopa t National = facturers who will seek to move Mr S;an , sy beIieres .the An editorial in tb6 journal 

direct opposite. “What this comments that when the manu- 
demsr.d of Frank Chappie’s would facturers’ appetite has been 
I would take that to court I lUK un '°n Is particularly do would be to take money but whetted by supplying equipment 
would fi~ht that in law ir &v <*- ■ annoyed by the initiative re- of the telecommunications busi- to subscribers, they would 
I they made that accusation ah ?ut cen,ly taiien b --‘ Mr. Frank ness, money which is at the demand Turther de-natkmaJisatldn. 

Jme. which in turn reflects on. 

my union On r casual system in : 

Natsooa is the fairest in the! 
inriuMrv.” I 

Mr. Wilson denied that any! 
printers collected money not 
addressed to them and chal- 
lenged ihe management to prove 
otherwise. 

During the programme Mr. 


! Societv 

and Media Personnel). i of telecommunications work/ 

He said on the programme: ; ^.j 


Pay rule strike at GKN 
given little support 


BY NICK GARNETT, LABOUR STAFF 

THE unofficial one-day strike, baited 


By -Alan Pike, 

Labour Gorrespoadwt ' 

PLANS BY .leadters of the 
Amalgamated Union of Engineer- 
ing Workers, to turn its. sectional 
structure 1 into one body ..have 
suffered a serious setback: {tom 
the constructional action. 

. The section’s executive has 
rejected a proposal to use .the 
Trade Union Amalgamations Act 
to- create, a. single fuUy^serged 
union.;, out of. ■ tbe :1 e**S4lrig 
engineering, construe tionai and 
foundry sections- ... ; , 

Construction section - - leaden; 
say they would a gree to fhiatmly 

wore tore- v. c ,c if the fourth AUEW . saiion- 

the nmductivhy element of- the | TASS. which represen^V^ute- 
deal at mas® meettitigs two. weeks I collar staff— were amalgamated 
aeo but in nesotiationp some ofj in the. sarac .way. - - . . ; ..... ^ 
Xad-k ve®»erdar » pav the' conditions attached to the Leaders of the enjaneeruig 
Ka ® - * } f ^ n fan were . altered : section, w1ncb v representajtui.e. 

than 1,115.000 -of the AUEWs 
total L3S1.000 membershig. 
envisaged using the Aet.as^^-ay 
oF breaking the .* long azhaleaiha- 
tion stalemate. This ? .weald 
involve the smaller :'seetfoas;jn 
transferring their . .members .'to 
the engineering sectibh . with 
ballots of- members." reqtared 
onlv In the m rnorNy gronps. . 

Delegates, to last year’s. TAjSS 
conference decided ^ that they, 
would he willing to complete ihe 
amalgamation in 'this wap. ontv 
if the new union adapted a rtfle 
prohibitTiK! further - :;. ; mergers, 
through the . Act. . . ' - V-_ ' ' 

This reflects fears' among the' 
Left-wine TASS feadeWbfa,' tbit 
the coiwtitiition : 6f ~th'e r AOEW 
might be changed ey^htuaHy to 
accommodate a merger' fhe 
Rfectrleal and ^lumblnj Trades 
Union. ..I 

Mr. John Baldwin, construc- 
tional section general- secretary, 
«a fd -yesterday tha t tm exeenfirc 
had- decided after Taking - lecal 
advice that it wouldt Jbte-I wrong 
to .go ahead ..with a. transfer 6f 
members under the, A'et unless 
ft. tribladed TASS, which Was a' 
partner in' the original amal- 
gamation. , 

The decision jwill please. TASS 
officials. There has .biseri , 'a 
recent lose of enthnriasm' ainomr 
some Right-wing' leaders; of ihe 
engineering section for retaining 
TASS in the amalgamation and 
a fall merger of the other three 
sections -would Isolate ifcv: 

Mr. Baldwin- said 4ris executive 
believed; T^S ;sho«ld .relax its 
position on a. merger under the 
Act so- that all four sections 
could advance the amalgamation 
together. • ' - . • ' ■ * ‘ 


Post Office monopoly defended 


Cowley pay 
talks resume 
on Friday 

MORE TALKS on the pay claim 
lodged on behalf of 6^00 manual 
workers at the Austin-Morris car 

guideline, appears to have the’ Sheffield area where'-" -fte | assembly plant at Cowley are to 
attracted little support. association appears to have 7 its be held on Friday. 

ion bf HfJ 'vhite-collar workers in 'the UK panies. which have widely differ- (district secretary for the Trans- 

ST p ■ F 1 wU me, nad responded to the C2lf. from errr settJeraenr dates, have been, port and General Workers’ 

GKN 


Harold Evans the newsmn*rV unoiiiciai one-aay striKe, naiteo Decatiseoi tne strike 

S w t {; P M ' cal,fd ^ E! ^y throughout tte Three of that companies, 

about’ the continued labour Guesl Keen and NefJefoid group Ambrose 
DSnblemi Sn«l”he ih« ln .?PP«ition to the 5 per .cent Engineering 


the paper® would be shut down 
at the en daf this month because 


Shardlow. Laycock 
and Hector, are in 
Sheffield area where the 


unions. 

He reptied: “1 feel a comhina 
tion of anger and despair." 


Union, st.id that the unions were 
entitled to expect their claims to 


the unofficial GKN workers affected by industrial action over 
as *oei alien. pay this year. Some of the dis- 

The association, claims to repre- putes have been solved by the i 
sen: white and blue-collar introduction of productivity ; 06 taJ5en senoasl - v ; . 
workers in all the group’s com- deals. ; He expected management to 

panics but does r.at have official Four hundred manual workers j negotiatt in the responsible way 
u nion recognition nor negotiating at GKN 5 Newton Transmissions j it had in the past. Local negoti- 

pnimril vnnvp J . plant at Newton Abbot. Devon, jations meant local setlements, he 

lUiUBlll 132^ VC The group said production at v.en: or. strike last week in pur I added 

THE Advisor'. Conciliation and > four of ^ 200-plus rlants was suit of a ciaira above 5 percent.! ' -- -. • - . 

^Sn'Br.i T, TT TTVr , — . — rr^ — : , 

! a;,: r s*.'ai NUPE action nits schools:^ 

of school children - Maintenance of swim mine | — 

affected and some 


NUPE action hits schools ^i 

l- 3 ,b« . a .. ^NDREDS of school children - Maintenance 
•merit ‘and Licensed ' Restaurant ; !" i S ^! fo !L we t r ^ aK«««d P ooU was affeci 

i Waaes Coucil into a statutorv ' d J - . - snd “rtrial action by 3fl0 pupils nad to wail 
I mint industrial council. - - ' of the National Union for school meals. 


make an order converting the _ 
Licensed Residential Establish-' c.liplTt. . 


GUIDELINE DEAL 


wait up to an hour 

joint industrial council/ (T pS p, ^ ' ’ ' 

An application for conversion j u u - ll c tinpioyees. 0V ertime ban and work-to- 

was submitted hy the trade! Union ui embers inciudinc rule by cleaning staff and porters 

unions. All but one of the ' car<?takers at 10 schools took at hosiptals in West Suffolf is i accepted ^ a pay offer within 
employers' associations have sub- work-to-ruie measures intended continuing. Evening classes at ( Government guidelines.' A secret 
mined objections lu the pro-; to draw attention to the pilghl some schools in the countv are ballot produced a small majority 
posal. ’of lower-paid workers. also affected. iin fervour; 


More than. 4,000 production 
workers employed by Scottish and 
Newcastle Breweries yesterday 


Newspapers 
threatened 
in provinces 

By Our Labour Staff- /. -Tf 

PROVINCIAL '- NEWSPAPERS 
are: .threatened/' with mounting 
disruption later, tis week when- 
plans are expected to- he for- 
mulated for co-otdinating indus- 
trial '.action' by \tiieir own 
Journalists and those employed 
hy the Press Association. 

Provincial journalists working 
for morning; evening. and weekly 
papers throughout the - country 
started taking a variety of sanc- 
tions yesterday in support .of. a 
£20" 'pay claim covering ahOut 
9,000 editorial employees. - 
The National ‘ Union of 
Journalists will; hold an emer- 
gency committee meeting later 
this week to consider a request 
by journalists in the Press Asso- 
ciation — also ..-a . Newspaper 
Society -member— to begin light- 
ning strikes in. support of their 
claim for pay increases to bring 
them up to Fleet Street levels. 


APPOSNTS^ENTS 


Gelnness Peat Aviation head 


Mr. Geoffrey fc\ Knight has-been 
appointed chairman of GLTNNESS 
PEAT AVIATION, the Shannon- 
based aircraft sale*. Iea.*ing. and 
finance company jointly owned by 
Aer Lingus ar.d the Guinness Peat 
Group. Mr. Knicht. who Isexecu- 

tive- vice-chairman 'of Feuchurch 
Insurance Holdin»s. ij a main 
board director of the Guinness 
Pont Group. He wa.* formerly a 
director and vice-chairman of the 
British Aircraft Corporatio£ ' 

1 

! Mr. R. G. Smet hurst i* lo be a 
! part-time member of the 
1 MONOPOLIES AND MERGERS 
(COMMISSION from December J. 
j 1U78, to June 30, l««i. He is direc- 
tor of the Department . for 
I External Sludics. University of 
I Oxford, and a fellow or Worcester 
| College. Oxford, and was aiT 
economic adviser ro the Treasury. 
1969-71. 

* 

Rear Admiral Michael L. Stacey 
. is to bo director of the new 
MARINE POLLUTION CONTROL 
UNIT In the Marine Division of 
the Department of Trade. Admiral 
Stacey, who is at present serving 
as Flag Officer and Port Admiral. 
Gibraltar, will retire from . the 
Royal .Navy and take up his new 
appointment on a full tim$ basis 
towards The end of January. 

★ ■ - .■ . 

BREMA R HOLDINGS has ynade 
the following chances in riwuaBe- 
menL .Mr. Erwin Brecber 
continues ;«s chairman and 
managing director and lMr.’ J- A* 
Pereira becomes deputy chatrisa 11 
and remains joint mana?> n C 
director. Mr. Geoffrey 3L 
Simmonds has also been 
appointed joint managing direc- 
tor with special responsibility for 
croup development and Mr. R. S. 
i Minton, formerly with . Wells 
Fargo Bank and executive vice- 
president of Bremar Holdings 
Corporation. New York, now join* 
the main Board. Mr. Brian R--Bf** 
has been made general managed, 
and Mr. Brian s. Johnson, 
business development manager 
Tor Bremar’s UK commercial 
banking. 

+ 

Mr. Dale Ratliff, executive vice 
president nf Revlon since 19^ 
has faeeti appointed wori® 
nresidenr and chief esroutiy® 
officer of MAN FACTOR and will 



Mr. J. Quick 

[akc up his new post in January. 
As previously announced by the 
company, Mr. Samuel Kalish is 
to step down, as president and 
chief executive. The parent 
concern is Norton Simon Inc. * 
* 

• Mr. J. R. W. Castle has been 
appointed deputy managing 
director of LOPEX. Ho joined 
the Board as ~rnup financial 
director in 1»7.T. 

Mr. J. Qoiek. regional managing 

direclor. has been appointed to 
the mam board of H. AND J. 
QUICK GROUP. Mr. M. Davis, 
managing director of Quicks of 
Chester has joined the main 
board oF H. AND J. QUICK 
LIMITED. 

■k 

Mr. Keith Mjtcliell has been 
appointed chief executive of the 
INSTITUTE OF EXPORT. 

Mr. John Bathgate has been 
appointed chief design engineer 
of the WELLMAN BIBBY COM- 
PANY. 

-* 

Mr. R. F. Moore Metro-Flex 
tUKi. ha.*- sucroeded Mr. J. Lowe, 
I Ml Valves International, as chair- 
man of ihe BRITISH VALVE 
MANUFACTURERS' -ASSOCLA- 


TION". Mr. D. N. Hookway, 
Saunders Valve. has been 
appointed vice-chairman of the 
Association. 

•k 

Mr. Lindsay Pitkethly has been 
appointed to the board of 
MYDDLETDN* HOTELS' with 
responsibility for sales and 
marketing. 

+ 

Mr. A. R. L’Angelllcr has been 
appointed 10 the board of BUX- 
TON’S AND 11MB from Decem- 
ber I. The company is a member 
of the Astiey and Pearce Group. 

+ 

Mr. Brian Redhead, journalist 
and broadcaster, i* in join the 
board of MOBILE TRAINING AND 
EXHIBITIONS. 

★ 

Mr. Chris Kraushar has been 
appointed director associate and 
licensee operations of the 
PERKINS ENGINES GROUP. 

Mr. Andrew Graham has been 
appointed a part-time member of 
the BRITISH TRANSPORT DOCKS 
BOARD for three years from 
April 1. 197P. He is a fellow and 
tutor in economics ai Balliol 
College, Oxford. 


‘House prices 
to keep rising’ 

HOUSE PRICES will continue to 
rise despite the 2 per cent rise 
in mortgage rates, the Royal 
Institute of Chartered Surveyors 
claims today. 

Mr,. John Thomas, deputy 
chairman of the Royal Institute 
of Chartered Surveyors, said the 
rise was “unlikely to affect the 
supply and demand situation to 
any material degree, as the 
measures are likely to be short- 
term and come at the time of the 
year when the market is usually 
at its quietest It will certainly 
not cause any reduction in 
prices.” 

He said first-time buyers should 
think very carefully before con- 
sidering rented accommodation 
as a temporary measure, because 
if was likely to he more expen- 
sive in the longer term. 


> i .. .j:_sr-= 

-1 j j.' ' ' - ___ ^ — \ 7. 


£■;■ '• 
•’ ’•t'. 


about yourwfll 


. .1 the tax you can save 

. the happiness you can leave . . * . ; 

. . ; the ceotinui ng benefit you ean starti- , 

. : Have , you considered how the little publicised 1 
changes made by the Treasury in 1975 affect you? 

30ne important provision means that you can liow- 
save taxhy a bequest to a charity. A gift of £1,000 
actttally saves £200 on a £40,000 estate,, if there is 
nb-surviving spouse. Gifts upto£lOO,0OO tocharity ; 
are disregarded for duty. • -- ; - .'-'-i ‘ - *: -3 

-Consider, too, the joy: you-'can "leave needy old . j 
people with the start of anothe^-li)ay Centre; with- 1 
a : jmflibus for the housebound; regular Ibott for the 
hungry overseas; or with a; D$y. Treatment Centre .: 
‘for the elderly. . s /' - r - 

: because Help the Aged trustees put a priority 
on work of lasting benefit toroid people yotn- gift, j 
can; go. pn working for generations to .coiiie .and 
because of the thousands of volunteers who . give 
their time .and devotion a .great deal .ls achieved 
with evefy £ you bequeath: . ; ■ 

Your ljegacy will therefore be lised either for^a 
special purpose as you .direct or the- need most ^ 
urgent — when -the time comes — Help the Aged .;•] 
pioiieered simple flats for old 7 people, lig^t work 1 
. centres, and now day. centres aiid day -treatment 
centres. - . ■' V. •' ' ' ■: - • '• ; ' *’• ' ' 

♦Free Booklets; The facts, about charity legacies 
are contained in. two interestm^ booklete, written 
in lay. language withskiHedadvicer^How tor educe 
capital transfer tax">nd on << Makmg a wflI” Both* 
sent on request toiVHoh . Treasure^ The Rt ; Hon. 
Lord Mayhray-Kmg, Help the Aged, jRoOm. FT6L, , 
22 Dover Street, Itohdoh W1E 7M’ <No . stamp . 
needed). ' ; 

£1.50 inscribes the name erf somebtiedear to.ybu : 
on the Dedication Flaque -of ther. Day- Centre: if . 
helps. £100 endows ak hicekitai'bed. overseas. 





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9 CONSTRUCTION 


THE FIRST installation of a 
C and . H Lufiungsraster-Decke 
ceiling system, manufactured by 
Grunzweig and Hartmann of 
West Germany, has been com- 
Garden 


pleted at the Welwyn 
City offices of Rncbe Froduris 
by Wembley Roofing/Ceiiings. 
Apex House. Fulton Road, 
Wembley, Middx HAS ODD (01- 
303 6022). 

It incorporates an upper ceil- 
ing membrane of perforated 
acoustic panels laid hto parallp] 
lines of recessed main runnens. 
designed to accommodate lSQOmm 
x 75 W fluorescent lighting fit- 
tings. and providing retum-air 
facilities for beat reclamation. 

The company says that this is 
the first time that the G and H 
system has been interconnected 
to an air-conditioning plant 
designed for energy conserva- 
tion. using terminal high 
velocity induction units installed 
within the ceiling void. 


IT IS nnt necessary to make 
structural alterations to the 
factory shell in order to achieve 
effective noise insulation, says 
Acousticabs. Stonebow House, 
Stonebow, York (0904 36441 ». 

Noisy areas can now be 
separated from other working 
spaces where quiet conditions 
are necessary, with a temporary 
acoustic enclosure called Acous- 
ticurtain. 

The basis of this is i inch 
flexible pre-based sheeting con- 
taining a heavy sound -deadening 
filament, v.-hich is suspended 
from a simple framework or 
from sliding gear. It is available 
in roils 4 feet 7 inches wide and 
15-20 feet in height, and is 
coloured green. 


^Financial , Times Tuesday November 21 1978 


BOTH) EH ARTHUR BEHJVETTAND TED SCHOETERS 


• PROCESSING 

Filters that will 


O HANDLING 


Quick cut-off for molten steel 


germs 


AGREEMENT between the and secured mechanically and d» a light flame is required on non- 

Hahan Sannc company and nut have to be set in critii-al preheated ladles 
tpsei-o SteclmHIfi International tolerances, Use D f springs. and There is „ 0 ncre . ss!v for 
has enabled the latter to intro- the attendant problem nf dr ,j'* n ™! *«*,!! 

dut-e second-genera ti on sliding detempering. has also been se P arale d Ji y i -» mcns Other 
gate equipment for steel ladles avoided. features include an independent 

from 15 to 300 tonnes capacity. No workshop pre-assembly is quick-release nozzle, which can 
as- well as for c-nntiouous casting required and the Fonccn Sannc be changed without disturbing 
luqdishes gale can hr* prepared quickly the mechanism, a hinged bottom 

Patented. Ihe design is in the casting area. The refrac- assembly for rapid interna! 
J*-vtremely simple and has already tories can be changed and the access, and air cooling of both 


TECHNOLOGY DEVELOPED in microns. Coalescing filters. ^wn l ° re du « installs- aai<* rom-mMed in "less than IS nozzle and gate exterior, 

‘.ttrrmunv for the purification of resistant to oils containing acids l, 1 ,. 0 an . runnm 3 costs. It has minuter, in many applications. Normally, tne only ladl 


ly ladle modi- 


cas and' air is lo be applied by and svnthetic lubricants, cume JjV' en evo,v ^ d ro £?P e w I t * 1 nnzz . le Lengthy dr>ing periods have fication needed is the welding on 

a new British organisation to be m two" series' M which takes out ■~ n V' u, L s from -5 to 130 mm in n'-n b^n eliminated. The re- of the levelling plate. The gate 

known as Gemoc Fluid Pro- everythine above 0.1 micron to V ;V^ n . d mode, «- fraetorres are Cited dry. mortar- mechanism is rhea bolted 

cessing. 99 tfer emt- & which ,• Intncate construction and in a only being needed at the directly to this plaic. 

Parent company, based In eliminates everything above 0 01 h^ e " CO »" SU - min= J pr S. , J arBli ? 11 have *? 5n1 bcr 7*'‘' cn rhe nozzle and Foseco. Long Acre. Nechells, 
Dortmund, has become one of the micron to SSwrSnt. eliminated. The refractory plate. With preheated ladles. Birmingham B/ 5JR. 021-327 

European leaders in the area hi-H P dles ‘ for CMmp,e - *« ,ocated dr - vin S ** »anecess a r> and only 1911. 


known as uemoc Fluid Pro- everything above 0.1 -micron to 
reusing. 99.99S per cent: S, which 

Parent company, based In eliminates everything above 0.01 
Dortmund, has become one of the micron to 99.&999S per cent. 
European leaders in the area DosdUj* thL* prtrcmclv hlsh 
despite the fact that it has not performance, pressure drop 
been in operation for more than through both types does not nor- 
i w k raal, y fio above O.B lb.fl. per 

™ifn^£aniJ S st l uar e inch. They take out free 

performance diyens and filters water and oil droplets.. 

W!th capacities from 5 to 10.000 Active carbon fillers have an 


-speed train control 


• IN THE OFFICE 

Eases keyed 
data entry 

OPERATORS who are concerned 
with kc> board data entry and 

similar tasks can have ihe work 
made easier using a motorised 
document holder offered by 
Perforag ( Sales i of Greaves 
Way. Leighton Buzzard. Bedford- 
shire LU7 SUD (05253 66743 i. 

It consists of a 370 x 240 mm 
plate with document holding 
clips on which is mounted a 
horizontal cursor that can be 
moved a line at a time using a 
foot switch. A horizontal slider 
at the bottom of the plate 
permits adjustment of the 
vertical spacing. The plate itself 
is supported an a multi-joinied 
arm so that it can be put in the 
mo;t suitable position for the 
user. 

Two pedals are provided, one 
for inching on the spacing and 
the other for pulling the cursor 
into reverse using a "kick-down” 
action. Extension plates for 
larger documents and a magnify- 
ing cursor can be supplied. 


filled 'vith a somewhat viscuus 
conducting fluid. Connection is 
made by five hermetically sealed 
vertical comae*, pins and the 
device is mounted vertically. 
There is one central pin s»r- 
rrnmded by Uie other four dis- 
posed at tbu four corners of a 
square. 

The device provides a propor- 
tional output for large tilt angles 
in a working range of ±20 
degrees in each plane with a 
sensitivity of J00 mV/deg. Re-' 
peatabiUty is 2:3 minutes of are. 

A number of advantages are 
claimed over pendulum and 
mercury switches. For example, 
the action is highly damped, pro- 
viding immunity* to vibration 
<<n(i sudden movement eliminat- 
ing erratic action and chatter. 
The proportional output ' also 
enables closer conTrnl to be 
obtained with a servo system. 

5. Church Street Crewkerne, 
Somerset TA1S 7HR. (0460 
74321). 


cubic feet per minute, initially. im^tW ddsT fii«r a «d are ^F VVU ** ***** VVUUVI inFo ro£r*ui!£g^S-d 

parent organisation but. as time sintered^ f material* AifS scries -bSS*n rh^ ?| Jp .P li 5 d “ 00 ° eT1crgy is transferred to power Should the warning not be can- fa rger' docunmm and^mai 

• Bs^asas fsiTJz -a t t iQs cursor C3n be suppli * 

shire.. Immediate delivery £ grossed aif SiSodrKee ““S* 10 5 1,B * *>“ ° r 80 bi,s ls ,iien *«■ S t o e< S 

. specified for units up to L000 and contains contaminants !" Vf , s - the advanced passen* mediately sent back on a sub- 1 ‘IV CQV ^ \ .. ..A ELECTRONICS 

cubic feet per minute with 10 to a mountin'’ to less than 0.01 mill:- f Lr tr ,‘ i U I' < ’ l^PT) (o make best earner to display the Jecal speed Plessey .aj* that other appu- 

12 weeks far larger models. grams per cubic metre. Usp ■ track when the new limit fn the eah. The system on cations of rbv system are under T7* J 1 1 

* Four types of filter are pro- Bacteria free compressed air Eurton S™ in is dupUcatod for safcly ronsideration— I Tor example, to JH JTBQg |gy£| 

' vided— dust filters, ultra-fine suDplies can be obtained through -ea? d G 5 ° entral nex* rea ,ons. control heaim 5 . I $hunp. vcniila- V VI 

: coalescing, active carbon and the use of ihe sterile filt-J series. — -j . s _=- ,n ” dl ! cd ln 'l tl0 1-,- Ild -' w -' ,u ‘ h,I, 3 fi >c 


Qtprilp ,n nl . . . nt r _ A c-k^vu i«iiii m iiiu.\iiui(jfr :i i in i c UL Ifiuunc tauiM ua nit iram I naves 

Durt filter will remove 0990 s Chandlers Ford ^JsMeTeh HmIs II?,!'' not ap iT ,y tn lhe APT one ki,omclr e and at other loca- from one tramming Nation s 

per cent of part. cl S above 5 S05 3AR rWSlfSs, th « n «» rad, ° Wem will lions (before jtinctioos. for coverage a-ea m another.. Jn 

P P 0 e ° J AK. (04- 15 00345.) allow the driver to see the limits example) where <need mighi addition, the --y.tem can be 

nnicn apply to him at various have to be reduced. “inverted.” with the trans- 

poinis along the route using a IT data is not received on die oonder in motion. 50 that it can 

-1 . m n -» airplay in the cab. train at the appropriate inter- h e used for train and wagon 

flii3f-£*rcr nmhiam i. er,al - moun . , f^ . u .? de r the vaJs - ,he rab w blanked identification. 

JJAtfUcL Ol pi UUIvUa transmits a 14 1 kHz signal out and an audible warning Plessey Controls. Sopors Lane. 

c . ntmuously. When the train is sound? — as also happens if ihe Pnolc Dorset EH17 7ER 1 n°nt 1 
tENCH-DEVELOPED, a com- that as one become!: saturated. over a transponder, suffricent display changes to a lower limit. 5161)! 


J ■ j ransoonners are fitted in tne tion ana cnann-.M switching for • t 

Aonual tracksirte speed limit track at maximum intervals of mobile radio (as the train moves ITT TWO QYPC 

>1^DS Will Dot UOdIv tO tllA APT On? P4* snH Til r^hpp lnn'i. fr/tm nnf» TrincKiininr* . w. n a - ^ 


Eases platers’ problem 


idea 


9 INSTRUMENTS 

Ultra-sound gives deptli 


FRENCH-DEVELOPED, a com- that as one becomes saturated. ov *r ^ transponder, suffricent 
pact ion e.vchange system for so the flow of effluent is diverted 
the treatment of plating shop to a fresh unit. Pure water is ecriinarv 
effluent is being marketed In the reclaimed for recycling to the W 3«H#UKI I T 
UK. nr.se stages of the plating pro- 

It is claimed that the equip- cess. PhfHlA |, no 

ment removes the responsibility Saturated cartridges would be A HUTlv ULilv 
for effluent purificatioo from the removed on a regular basis for 
eiectroplaler while it is so small regeneration at central stations olrav«WB 

thui installation presents no selected for ease of service. £2 T tfl f f fifl 

problem, even in the most The developer claims that ^ 
crowded shop. there is no problem with any 

Typically a system would con- industrially occurring effluent jfUCtff 
sisl of a closed loop arrange- and that the process is particu- 

ment with circulating pump, larly useful in eliminating un- -T.' R TING NEXT year the Post 
sand nr carbon filter and a rack wanted chrome and cyanide (q run trials in Norfolk 

containing (he Son exchange car- residues. an ? Suffolk nf a scheme w use 

1 ridges selected according to the. Evers and Associates. Hastings existing public switched phone 

type nf effluent being handled. House, 43 Foregate Street, Wor- ,,n « 10 subscribers’ premises as 
The cartridges are so arranged cester. 0905 2G2S3. a means of raising the alarm in 

the event of burglary, fire or 
othe>- emergencies. 

Srime 29 telephone exchanges 

® fMCTpflMrMT1T W| H b;- inrolved and depending 

(ilSiKUlfibnid on public reaction and the extent 

T • 1 jTI t '' ' A ' lich thc co-operatinn of 

Ultra-sound gives .depth ^ 

^ might t-e extended to other pans 

AVAILABLE from Welin Davit When an interface is reached an of the country. No tariffs have 
and Engineering Company is an audio signal is produced by the yet been announced, 
ultrasonic probe designed for associated electronics. The level Known as ABC (for “ alarms] 
lowering into tanks and con- is Then read directly from the hy carrier ”1 the equipment! 
tainers to detect liquid/air and tape which is calibrated in when activated will send an! 
liquid/liquid interfaces to estab- metric or imperial scales. alarm signal above normal audio 

li«h controls. Measurements to 100 feet with frequencies lo a special terminal 

For ullage and interface an accuracy of 2=J Inch can be at ihe local police or fire brigade 
gauging Ihe device takes the made. With an appropriate headquarters. 
form of a piezoelectric sensor probe, temperature measure- Activation will be from con- 
creased iff -*a ‘ s&fcnless- steel meats to a tenth of a" degree F ecaled call points operated in a 
tubular probe which is are also possible. ' s’mjlar wav to “ break-glass ” fire 

suspended on a tape incorpor- The equipment is carried in a alarms common in industrial and 
aling conductor elements. The small wooden attache case, is commercial buildings. Thumb 
Tefzcl-jacketed tape winds off a battery powered and ’has a pressure releases a microsnitch 
handreel and the probe feeds BASEEFA safety certificate. and initiates the emereency tone, 
through a small hole or gauging Dudley Road Brierley Hill. Any attempt by intruders ‘to cut 
slot in the tank (subject to DY5 1HR, West Midlands (0384 the phone line produces the 
standing safety require men is). 7S294). ; same result 

The signals are sent to a cen- 
tra] control tc.'erjone exchange 
using time and frequency divi- 

Probing in deep waters rUff'Su- W“ ™?. 

JL 1 MJLM. TTMi,vx^ g ^ ncy cont ^ nl roo™ equipped 

DESIGNED for deep water pressures of tip to 1.000 psi. The a P,r intin .^ ierminal able to 
applications an ultrasonic probe design is such that beam shape, 

has been developed and manu- pulse length and general imtaL 

factured by the UatEvtl NDT characteristics are maintained I?* “.t!” fnrifSSnS 

Company.' It is additional to at these -high pressures. Typical S^Sons nMd?d wii some 
MatEval’s standard ultrasonic applications include corrosion m * e 

range introduced, last year. • Jj^Slment of “deep witw and A separate filter isolates the 
The new probe is of the com- high ^ressure°structu res telephone circuit from the 

prewion wave type and is housed MatEvAj. I Belvedere Road, f^? 

in a casing which is leak- N>^ on -le-WiUows. Merseyside, Sf ^^ exchan-eTnl and 
resistant and water-proof at Newton 22006. v.„„ & 


A GRAVITY sensing electrolytic 
transducer intended for "the 
measurement of tilt in two axes 
Has been put on th* market liy 
The Tikinolith Electronics Com- 
pany. 

Glass capsule nf ihe 7655 has 
an overall height of 30 mm. a 
diame'/.T of 15 mm and is partly 


G PRINTING 

Blanket to \ 
improve 
legibility ! 

RFC — reduced fabric construc- 
tion — printers' blankets which 
are more resilient and give better 
print quality- are coming from 
Dunlop GRG Division, Skeltners- 
dale. They incorporate high 
strength synthetic fabrics with 
3 specially formulated resilient 
interply layer of rubber. 

Because of the methods 
employed in producing their 
carcases the RFC blankets are 
much less susceptible to pack- 
down. With improved resiliency 
the plate-blanket, blanket- 


Cram 

industrial 

Filtration & Separation 

~RVigffow ~ 

"FgYftO-CHEMlfcAL- 

Twabine/offshore 
"General industry 
POWER GENERAtiON 

BT— FFtAM INDUSTRIAL 

L!an!risi- 7 i. Ftoni'^An. 

r MdGiamTe(.<OddS; 33000. 


impression pressures can also be 
appreciably reduced to obtain 
maximum contrast values — umi. ■ 
normal conditions by up ■■■ 
0.5 mm (.002 ini. 

These low- operating pressur**. 
reduce plate wear and assist : ^ 
improving the sheet relea-u 
characteristics over the compm- 
able conventional blanket when* 
lighter weight stocks arc 
employed. The synthetic fabric-« 
and solvent-resistant rubbers also 
make the blankets highly 
resistant to attack by wash 
solvents, particularly in the 
carcase. 

Extensive tests bn screen, tine 
and solid work, using both con- 
ventional lilho and dry offset 
printing processes have been 
carried out and throughout the 
test programme .sheet sizes and 
stock types were varied success- 
fully. Very sharp reproduction o f 
screens and letter reversals were 
obtained. 

Dunlop at 10 King Street. 
London SW1Y 6RA. 01-930 6700. 
SkeUnttfsdale 0695 24111. 


© B;» agreement between the 
Financial Times and. the BBC. 
information from- The Technical 
Page is available for use bp the 
Corporation's External Services 
as source material for its over- 
seas broadcasts. 


Probing in deep waters 


MalEvaJ I Belvedcro Road, formal, 

Mersc> ' 3ide ' J™ ;? ‘is «s 


vice versa. 


IW NEW TOWN 

ic New leasehold factories and serviced sites 
are ready NOW. 

ic Government grants are available and 
substantial rent concessions may apply. 

★ New motorways, fast trunk roads, High 
Speed Trains and modern docks link you 
with all your suppliers and markets. 

★ New Town housing availability. 

Cwmbran Is one of Bn tain ’5 most successful 
industrial developments -little more than 2 hours 
from London by M4 or I j hours hy High Speed Tram 
and li taoiu-s tom BinTarcrbara by rail or motorway. 
Cwmliran Development Corpncation has already 
built anti ler more than 130 factories, and the 
curren', building programme provides a wide choice 
of modem, leasehold industrial premises in 1973. 
Fully serviced, leasehold sites are also available. 

We have -ju.QUO people, excellent houem^. schools 
and amemtie. 1 -. Uu ivins industry, ;uul a splendid 
shoppi ns t ea tre - ■* magnet 1'or the rein o n . 

Get. the facts about industrial opportunities 
and Government sfraute At C wmbran. Housing will 
he provided for all workers in new industry. .and 
tbe iioy men who come wi ( h you in j tial ly vri 1 1 ho 
housed immcdUrelT. rnnn / 

Ficus-: pii*ne vr Vic the • o 1 * e • •: / UUA f . 


R.W. EowI%';tGeni'aJ Jisnas-cr „ Wnlt 

■ turabran DeTClocme nr Co tporaMon Cwmbran ; ■ P 4 3 XJ « ait 

Tftlephoae CwmlfM m . . . 

Flea» send me mft>raai.<on«bd«at laauairtal vpportoniraa. 


y*Kr 

joamo%_ 


electrical wirestcable? 


9 HO MINIMUM 

ORDER 


HO MINIMUM 
LENGTH 


~nwjS3n(is of types ard sizes in stockforCTi^^ ^ ^' y ^ 

tNDONOi-seistta 

MANCHESTER 06U87 f t .Z?l„ 

« H>.* , nll!gwCT C W'*M»I> Wi ,sa ~~ 


! Qd ite apart from getting you to your 

destination quickly, Inter-City saves you 
having to stop to eat. 

So you can travel fast and comfortab ly 
in a reiaxed atmosphere. 

And save a good deal of time into the 
bargain. 


Eat well, all day 

On most early morning trains, you 
can pop into the restaurant car for breakfast 
while the train eats up the miles. You’ll find 
a traditional English breakfast -the Grill Tray 
or grilled kippers -or a continental-style 
breakfast if you prefer. On trains with the 
Gold Star menu theres an even wider choice. 


On many trains you can have lunch 
and, later on, afternoon tea or high tea if 
you fancy it. In the evening, you can have 
a very pleasant, relaxing dinner Just the 
way to end a busy day. And the only way to 
have an evening out at the same time as 
going home. 

f 


Financial Times Tuesday November. 21 197S 







i tfVS 



ms c 


up 97% 


, , :;rf 


3Y IVOR OWEN 


‘has cost 


a* i •,•!-. ji-, Mi-. 

R-\] moved ?■. 

■■ ■'•■;r.:seri ’bat ‘‘is d:.‘- 

. • 

S r -C'i."5'J ‘i" ' 

• - raprcr’.easihle 

V, . i- ■ 1- . . fY: 

:.;i;f-ni i.i.-i .:r..i: 

: : ! :nno*.-ent and •j-ofiil 

:!".i > I . v-„rr.m<:: 

a: r-^cci’-vd 

• - - ea?:or :o n.-uum-c 

--L " ':rr.: that 

Ti-r- MF-* 

m . •• ’-.'tan ',0 embody :n 

.. T.:, 

into •■•iT'iiv 

L :.- -*uige. 


•v to ■ 

.. 're w i* h :o male i: 


hji. .** seer. In .'a'liir * 

! - .1 vr-J ». : . r .• a c rsm in:-:i 

Mv. John \nil. Shaun-.-.- Tririe 
''■-I.- - ,-r <J anvious Tyi;. 

■ of- . :h_: .hero v.-ac rrn 




*.-• :: .n •;..* Corn- 

- < .fir." N- 

t:»i •* L;-jJ •t :• <■•••!• 

t . v\ 1 

•■*'.< f. " 

r- A 

It tic 

• • - i- r.y, y.-.l 

- i'u; 

:: . •• A - h:>.n in 

: i •• : : r ; -t a <'r;:ii:n;:l 

.. • . •- • ; »r r* f . 

• . • - ~ . - '>'•■•: j*-. i ir-« ;.* 0 C'! 

.*,• r A ih;:n 
. : • •• • «i -• :*»•>: * ir.r /es 

•• • •. * :**.• cem- 

' v !de range 

: i • • * r tiuV. ' 

‘ * • . • 1 1 -J * • - • # 

• i,-? . J • •\ , a:nnc 

' .* R - *; af;cr ■•-ip 

j '.••‘" •r 4 ' d 4 ”' 'd ' .n " 

• • -• T’T'i i.e.-'l.ny 

7 .!.• • r.<i"' 4 i tha; i : ie 

: r : .p-id-ir doJiinr 

r.A-J been 

:i-; ' : - u r* ! for the 
*■ !n'iv-.:ry. -pi-alin j F'<r 
r jr.’* -r and 

• - ‘••t-:- , ::;cj firmly 

’ v ‘1 *i - .; « ,• 


■■ml'? ;;ie (.i-vic miner.: 

■nv.nrted !-■ ;ic mirn- 

' '-•’nninaj :>?.n '.-irons. i: 
uKsnd lo make i? 
Tor le-zi: Imaie or 
• "nvities i«j con uni!'?." 


cnr.j^nt of the Director of Pubii- - 
Prosecution.-;. In Scotland. tit'- 1 
consent ui the Lord Advocate 
would he required 

1 think that with tin? imrr,- 
a nci inn of new offenre.*. it i.* 
•« a!i:ar>lp and 1 hope rca^'surin-.-. 
lo have "itch cOiHtYii. winch will 
dca: with af-yrehen-ion of iU- 

f.i.mded ‘u:i nonv-ihe-le.is hiuhb 

duniu^in.i; private prosecutions.'' 

Mr." Smith recognised ilia* ih( 
Provision empowering the 
.ippnintmen: of inspector*; in in- 


ui- ci;ieCle l 


: * caic gory, explained 

ve«tiuale ?uspOi.-ied c:i ; v< o r 

fur nr-i- 

Mr. S:'.:: 

i 1 - 1 h.'ui in ;u:r.d .*:ur»- 

insider dealing in market trans- 

Mid fiaiiiiiL-' 

. : j l : r: _ : 

; "Miployc-e* :.nd iin.’i.'- 

actions marked a eonsiderab!-" 

and 


• •.••jnin.mw?' f-ir .t!u»m 
.r- m. ir.-.rc a* live 

cx lens ion h..-;- nmi ihc u>uai 
power? ««f in'Csiicaiion ul 

rcaii:i'.C'-' 

r •!•> . 

*i *h<;rc 

criminal offence.-. 

m :li-.- 


r*Mc m* iniv-iaua 1 

Em: h o believed that ibi-s f-v- 

o- :-'n*r.s v a* 


' ' financial journal. .■* 5 * 

i^nsiun v a* ju-n fieri by tiie need 

.Inhii *mish. 

It *i 

' : infwmat.Mn and 

t.j provide an effect i» e means ul 






nirtee's report? and rerorr.- 

inendatioTiS. 

Dealiiu: it h iccticr. n: the 
Sill cMiii.'hn^ -i:e cMistinc v»«rv 
uj.-.ri lau- duties •' " irirPot»r<. Mr. 

pr»m:ed iha- u hram. 
ntit l-een malic ‘ n C! 2 "?C 44 10 
!:.k»? nccoitP; *f crilicifm -A i he 
dr:jli 1 1 !i i vision ;'.;tr>!ish- i ii ir. .Tu ! " 
rjthrr chances were und 1 .:' •-■on- 
sidcr.ttion. 

In sott'n ^ "’Jt the ij;>ooiitirir.'s 
j r :>iiid<> ;c- in - deaiin,^. ?.;r. 
Nr.: i cendem rn‘d the ;t. pro rer 
use x.f c^nti-ientiai and 
:nf ,, r 1 :-a | .iO“ /‘•‘ir the purpose 
private u’jirs jR anij.p «.,■ rriis". 

!■£<■ a - nre*?ared to jccf’T t : ■ u I 
•sOUIC ■ r." 



* * ,-r 

r 


jmpumo - jierfortii- ?ctiin; to the buiiom uf aus- 
pCcU’-J ca>cs ef insider dealing. 


- ^ 
r' =v<« 


*. i i laimvd ;h;*t tite 
■ • *hc Bill re meson ted 
reasonable h:* lance 
i-'ierrinn v. rorntdoers 
• .'niragini; i.'iO't* v*h<,. 
no vvTong al all. 

- nov.-jedeed that the 
vh ivii I he i.wem- 
*: ;*lf in% Ued he! 
■■'*ne diReren-ec of 
parti-.-ular dr-<f»ins 

"»• «to*«h; ti-.ii e-e 

■|'h|v <.;ri»triisc.: m 

.:nd the » ;<-.<-ronient 
>:fn « are l*i tie- argu- 
will ;r.* n 


“They will be is valuable in 
perntittipj people to clear tbeni- 
or their client^ uf su> 
piciors .*.< in narrowing the held 
of suspicion.” 

ilfr. Smith announced that he 
proposed lo set up a Stand ip a 
Advisory 0 , ntmiitee on Company 
Lav. . which would he composed 
of represen i atives of the profo- 
,-ions. industry, the Cuy and ihc 
irjde unions. 

It.- task would be to undertake 
a continuing review of company 


a •« v •■•:•■ 

: -- ■- 


it ■"?!■- 

cr ; --::n_i '< 

••mbracc — m--- 

■ nff .r.co. *■ 

•j* Thai nffenc' 

could .‘c 

tiv*>l-. defined. 


There were 

cheer? fr<;: 

Tor;, 'icnchyi. 

v lien Mr. 

emphi-i'Cd: ‘ 

■But Far’i 


MR. JOHN NOTT 


law so as lo provide the D-?' i ::ri- 
ment of Trade with advice both 
cu general deveiopmetit.- i ; nd 
specific proposals. 

Many details had s'.ii: L ' ,c 

sciil«?d. but he hoped that tt 
would prove possible to j'ui-hsl: 
many of the Advisory Com- 


ihi-’.ilri 'j«- very cauuou= dho;:: 
vroaimg ’te-.-. crimes in r^spens'.- 
:u .••oli'iiccl pr*:«5i;r-'. and p^r- 
t.cuiur': so wr.'.-n : r».- force* o: 
lii-.i arc yi full;- 5: retched. 

"if it sU'pecii tea: a criminn: 
deierrvn: may he iar.re ■.■at her 
than ies< dull cult : />n enforce, 
.■jid if iiicr^ i- :ns.s:!ic:en: cor- 
-f-r.-’j* ur. hc--v the crime should 
i,i: define-'., u -iu-'jld pau?e and 
consider the Matter vi:h very 
gerat cure.” 


Try Vm'-ter drew ai'en’.b’n to 
provided for 
; r: • - 1 -ankninpy. r<--;eiv.-rs 

urd Iiq.-’d ’>, rN- v-lm verv al! 
••vJ*. - • r. •Mie.vtion r-.disc 
s .• . i- irder tliotr • i>nir'*l. 
are! ■•ne wlii* no:*!-, wssvti 

1 .. die r dn so v.-\'i :• view to 
iiiinr 'i.’i , -rue sensitive mt'ornu- 
-.if-n i:i.iK- 2 profit or avoid a 

The importance of iris nspecr 
of ;i*.? srovisioas should nt-i he 
•iverivoked. 

Tiic ;rr.-=ier 3 lso pninteri ->ui 
th.y --;.-e- v:ior*s ir. Engiar.d and 
Vi'jie-f — C 'l.v iction couiii b.-ad to 
up ‘d .-oars ir. jail and an 
isrlis'.ircd fine — con id only be 
;-iv.ii=-j the Secretary of 

S?.i?e ! ->r T.-rtde nr bv r r with :he 


Vendetta against Lonrho— Tory 


THE TAKEOVER bid hy Lonrho 
for Scc<iri?h Lai versa I Invesi- 
ment Tm«i was the subje-d of 
11 • •:• I y exchangus in the Covu- 
mtins. 

>Ir. Dennis Cauavan iLab.. W. 
Stirlingshire 1 claimed trial Mr. 
“Tiny” Rowland. Lonrho’* chief 
executive, was solely concerned 
with profits, and accused him of 
“ exploiting workers.” 

But Mr. Robert Adley cCon.. 
Christchurch and Lyniingtom 
>aid the Government was con- 
ducting “a mean and spiteful 
vendetta ” against the com- 
pany. 

.Mr. Canavan declared that ilie 


takeover bid. which hud boor 
referred to the Monopobv? 
missinn. was causing con-:-.:"! to 
the Scowisa trade union iiitv-j- 

IlifRt. 

They were worried about thou- 
sands of jobs being uken over 

hy a huge multi-national com- 
pany like Lonrho. and ” headed 
by a tr.an like * Tiny ’ Ru -.-urds. 
wnose sole aim is to nusKiinise 
his own profits by exdioislns 
workers, whether in Scotlr-rd or 
Sou^h Africa.” he altered. 

Mr. Adiev claimed m-t*. Dr. 
David Owen. Foreign Secrete ry. 
had “his knife stuck ;r.:o *;iis 
company.” He called or. in-? gov- 


emsioRt t*i s’od '' this dtor?" arts 
spitvfui vc n dot it- atiainsL spiiv. 1 - 
nne who is tv. <. rely iryicg to ran 
hi* company properly." 

Mr. John Fraser. Mirister of 
Stale. Prirej -.t:td Consumer Pro- 
tection. said anyone ■•-. i»o v.-.inted 
to offer evidence 'o ihe Mono- 
pol.es ilonimission should send it 
directly to the:'.:. 

He Sft’d Mr. Ad!e> ;hr.‘ fis 
ir.ainrained “ ahv.-.uie impartia- 
lity” auout the inrcover. 

Mr. Fraser sa:d be had agreed 
io a reciues? from ’.he Coni mis- 
sion to extend the ‘.inie alic-wed 
for su'T.iit:lng rbe ; r report to 
February !i next year. 


EFTURTS by llur Ford Motor 
Cotupuny to **tick la the 
Gotemment's “asinine” pay 
policy bus co«t rhe company 
E-tiffim sa far. and ibis could 
be held as a reasonable justi- 
fication for increasing its 
price-.. Mr. Nicholas Ridley 
iCop.. Tewkesbury j said in the 
CominuQj. 

If the Price Comraissiou 

in-. r*li gated Ford it might find 
thf c-osi of the present strike 
could he held as a justified 
reason fur increasing prices, he 
added. 

Mr. Roy Hatiersley. Prices 
Secretary, replied : “'Whether 
the Price Commission investi- 
gates a prict; tncrea-e in Ford 
— v.ere one to come along — is 
al matter for them.” 

Mr. Michael Latham tCon_ 
Meltoni asked whether, if Ford 
was “hlack-listed- by the 
Government and if tite CBI 
muater-sjnctions to the black- 
list were to work and other 
British motor manufacturers 
refused ’ to nil the sap." it was 
:he "Minister’s intention to ask 
To? “la and Datsiin to fill the. 
gjp." 

Mr. Hatiersley : ‘I do not 
believe ihe CBI would be so 
irresponsible a* io try t 0 work 
against the Government’s pay 
policy. 

’’The pay policy is in the 
inn- rest* of the economy as a 
whole and despite some or the 
rather extreme things said at 
:lie ( BI conference. I believe 
the leader-hip oF the CBI wifi 
be a good deal mure responsible 
than given credit for.*’ 


Confident 


't v*i- 





■ ■'<■/ J. 
' ■# f 
. ir $ 














4 • k ><: \ 


- ■ *' ■ *1 It '.i.gjj.-, s. i’.- . 


mm 


Failure 10 reach agreement 
■ would have 11 a significant 
effect on the level of wage 
serticnicnts or Lbe prices In- 
dex. 

But he added : ‘1 do believe 
that 1 he economic success of 
this country needs a successful 
working partnership between 
the Government and the 
unions.” 

•* There i« no reason why the 
12 month rate of increase in 
retail prices should return to 
double figures if pay settle- 
ments are consistent with Ihe 
policy outlined in the Govern* 
msnts White Paper." 

Mr. Erie Heffer (Lah, 
Walton), aitacked .Mr. 7o.ii 
Jav-ki:.-!. TIC chairman. w!iu : 
had argued in support of Ihe 
5 per cent policy— hut whose 
union had pm in a claim for 
25 per cent. 

Mr. Hcffcr crossed swards 
with Mr. Jackson at a Parlia- 
mentary Press Gallery lunch 
ia>i ueek. when the union 
leader claimed that the trade 
union movement had !o-t ils 
way. 

*’ The 5 per cent policy has 
now been broken," Mr. Heft'er 
said. “We ought to get back 
»■» the sensible position of free 
collect he bargaining, and al 
ihe >arae time recognise Uiot 
the claims wight to bu kept in 
reasonable hounds." 

3ir. Hat tors ley sgid >j r- 

Jackson had demonstrated "a 
consistent atiitudc " in his 
speech. 

Sea supremo 

Mr. Julin Smith. Trade Secre- 
tary. raid Britain s new marine 
pollution aiiure!- to i«- in take up 
ilia - j •.•*.• early nex» jcji. 

Rear Admiral Michael Stacey 
will I>e the nead •>'< J h»» Gut em- 
inent ’s Marine Toijunon Contrnl 
Gnii. lie $»:d -r. a Ojinmuns 
written rep 1 ;.. 

The unit viuufd manage 
Britain’s ar.n-'i; pollution 
re ?ou ret- v. cb-.elop a optional 
plan, and lake charge of sea 
operations in any poilutum emer- 
gency in British '.vaters. 

Mr. William Rodgers. Trans- 
port Secretary ti-ndentncd in a 
Common-- wrln.-n arsv« : - the i:n- 
ofiici;:'. acti<m Sv ruilmcn mi ihe 
South Moslem divi««..in y. British 
Rail Southern Region. 


THE I'i'ST of living under 
Labour ’ant h ? almost 100. 
per cent w>c ‘-ninnions heard. 

Mr TkOv HalMWlcy.' Prices 
Socret iT' ‘ [feed a barrage of 
oitir -m" fee announced that 
qoisi: Price Index had risen 
b". 97 .T nor yp.\ since 19T4, when 
Labour >:.nne l‘j aower. 

Bel he yd i»?d that toe Govern- 
ment hi'rt kept inflation down to 
<.n"!e figure?. 

Mr Peter Rost fCons.. Derby. 
shiro’s.E. ■ a*ke-'1 why prices had 
doublet: tshdsr Labour, and Mv. 
David Knox iCon> Leek) said 
thev had 4 -.-ne uu by four times 
a; ’min-h a? Western Germany 
and f.Mco -5 much as Japan, the 
l/< and Fru-nc*. 

M- Hatiersley hlaraod the 
previous Conservative C.overn- 
me'nt ’“This increase has been 
caused b- a Governmeni which 
Kilowccl the money- supply and 
the Public Sector Borrowing Re- 
cuirecient to ? et totally out of 
fca-d That is why our figure is 
different fro.n that of our com- 
petitors." . . , 

Slr^. Sally Oppcnheim. Shadow 

Prres Secroiary accused - Mr. 
Hatiersl- 1 *'*- '•! having moth-eaten 
alibi* "The total increase in 
i *r.i! ’li , ‘ , n and.;r ihi- 1 ' Government 

lfi pel- cc-nt. That is th*> level 
v.hii-L. tiers to the consumers 
of rirfs eo’-intry.” she said. 

Damage 

Des-jrs with another question. 
M- Hstier - ley ;sid he was most 
v-ho!-; ht-artvdly opposed to an 
overall pr.ee ir^-re. It would do 
a ar-?it deal of damage to 
in d riser? and empioytnent. 

•• The effective way of controil- 
inc ’.>ricei m the sort of economy 
we" -nar.age i? to run the right 
ecosemic "policies — and that we 
have nee n doing — sail second ty, 
to have a policy of selective 
price restraint, and that is 
organised by the Price Commis- 
sion/' 

Mr. Hatters 'ey reaffirmed his 
condier.-.-e :iiat the Government 
wijiilri c;-n:rol inflation next year. 
“ l Pa vv 20 reason to believe 
tha: we will not have a success- 
ful year ;•! cuunter-Jnilation 
po in I97&.” 

He defended the Government’s 
record m inflation agaJn-rt claims 
by Conservative MPs that it was 
cer , .:;;r’ ’.o rise to double figures 
nex: year, and that action by Ihe 
Price Cc omission had damaged 
.nvascjie.'U and jobs. 

The Price Com miss-ion was an 
aavr.:-y for preventing unjustifi- 
a • 1 v price increases, not an 
d^acy for keeping down the 






• 

MIL ROY HATTBRSLEY ‘ 

Retail Price Index. . 

“We have now a good prices 
policy which is being operated ~ 
wisely as well as determinedly/* ~ 
be said. 

In reply to another Common's - 
question Mr. Robert MacLennan, ; 
Prices anti Consumer Under- : 
Secretary, said food prices -ia - 
Britain have beea lower lhaaJ. 
those oF France, the U.S. and/ 
Canada for the past 12 months. ” 

Commitments . ' 

He told Mr. Robert AdJey." 
fCon. Christchurch' ■ and' 
Lymington). that the food price - 
index in mid-October had in- 
creased by 103.8 per cent, since 
February -1974. 

“However, in the 12 months, 
to October 197S. food prices rose 
by only 6.9 per cent. "The 
level of the index has now re- 
mained virtually unchanged for* 
the last five months/' - : 

Mr. Adley spoke of a Guar- 
dian report which referred to - 
Labour's record on manifesto, 
commitments having been car- 
ried out. But h* said “little 
things like jobs, cost of living ' 
and food prices were. not even, 
mentioned." 

“Could it be that if anything '. 
is carried put, it will be pen- 
sioners living on fixed incomes 
feet first if we. have much more / 
Labour Government V’ 

Mr. Maclennan said the level J 
of increases had been very en- 
couraging in the past five-: 
months. 


rates will soon fall 


BY RICHARD EVANS, LOBBY EDITOR 


THE PRIME MINISTER faced 
protests fr.-m trade union and 
Labour Party leaders yesterday 
over the impact the recent in- 
crease in Minimum Lending Rate 
would have on industrial invest- 
ment and on lae housing pro- 
gramme. 

But Mr. Callaghan, while re- 
gretting the jump in interest 
rates earlier this month, argued 
th 2 t the only alternative would 
have been to allow money supply 
to rise and inflation to soar, as 
Lord Barber had done when Tory 
Chancellor. 

He told a meeting of the TUC/ 
Labour Party liaison committee 
ihat he hoped the sharp rise in 
interest rates would be only 
reuipurary. and ihuL they would, 
soon begin to fall. 

Mr. Callaghan accepted that 
some trade unions would inevit- 
ably be unhappy about the effect 
«.n industrial borrowing and 
investment, and subsequently ou 
jobs. 

Air. David Basnett. general 
-ipcrelarj of ihc Union if 
General and Municipal "Workers 
and former chairman of ;he 
TUC. said the issue »»f interest 
rates and their impact on employ- 
ment was one that the union 
leaders would wish to continue 
discuss in s with Ministers. 

The only other pressure '-n 
the Prime -Minister at a fairly 


low-key meeting where Incomes 
policy was not mentioned, was 
over the Cabinet’s forthcoming 
decision on whether Britain 
should join the proposed Euro- 
pean -'Monetary; System. 

Mrs. ; Barbara Castle, backed 
by fellow Left-winger Mr. Eric 
Heffer, urged a special meeting 
of the liaisun committee to dw*. 
CUSS the matter. But Mr.' Calr 
Iaghan was distinctly hostile ..tb 
the proposal and it gained ho 
further support. 

The Prime Minister pointed 
out he was having detailed dis- 
cussions with Common Market 
leaders in the next few days. 

There was to be a debate 
within the Parliamentary Labour 
Party next Tuesday. Mr. Denis 
Healey. Chancellor of the 
Exchequer, was to meet mem- 
bers of the- National Executive's 
Economic and International 
Committt.es next Monday. . and - 
he was also having talks with 
trade union leaders. ■ 4 

He saw no point in K further 
discussion in Lbe liaison - com- 
mittee. ... 

The Cabinet is .'to discuss 
British membership of fhe EMS' 
this Thursday and on Thursday 
week, and there is to be a Coni- 1 
irons debate next week.. The 
decision must be made before 
the next simuml of European 
leaders in Brussels un Deceit- r 
her t 







M Warning on ambulance dispute 



T f your company uses or processes basic 
commodities, there may be toes when. 
you could use the advice of a knowledge- 
able commodities financier. 

And one of ihe most knowledgeable is 

Banker* Trust. 

Yv'evc been financing commodities 
Cuniinuoiisly since 1909. 

Our knowledge of ihe commodities 
trade— iLs people, products, markets, trad- 
ing customs, government regulations, 
hedging practice*, etc. — is the product of 
long and close personal associations with 
ihcSe activelv engaged in trading. 

Knowing' the market as we do, it's not 


surprising that the market knows ns as a 
major commodities bank. 

Our experience has shown us the im- 
portance of emphasizing- continuity of as- 
signment for the officers who serve you. 
And the necessity of striving for innovative 
approaches to financing of commodities 
imported and exported'here and around 
the world. 

Needless to say. we serve a substantial 
number of the major international com- 
modity merchants active in primaiy trad- 
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But commodities financing is only one 
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with the capacity to lend, 
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worldwide. 

A visit to the Pyramid 
can be a rewarding expe- 
rience. 


MR. EP,!C DE AKINS. Under- 
secretary Social Services, was 
accused bj j Labour ?.!P in the 
Huu«e ui i.>)iinion.* r»f cumpij- 
ccncy over ihe di.«uuie involving 
West Midlands '-•rnhulanvcmcn. 

The atiack wa< made by Mr. 
Gwilym Roberts l Cannock i. v.hu 
warned thin iho f li>ruplion 
"could .spread oni ion wide with- 
in tlai.s." 

Mr- Deokin.- - . anaverinp an 
ei.Hfrit-ncy quc*t.ion from Mr. 
Jeff Rookcr iL:.b. Perry Burn, 
had said that -}00 of th<? t}50 
•jiiihulanceineii in tht? V.'es? Mid- 


lands had boon suspended from 
duty by yesterday for refusing 
lu return to normal 'vorking- 

Mr. Roberts said Mr. Deakins 
was taking a complacent attitude 
to the dispute. 

“A mass meeting is taking 
place today which could vote to 
>pread this dispute throughout 
the whole of the West Midlands 
heaTth region, and it could spread 
nationwide within days.” he said. 

But Mr. Deakms said he was 
aware that ihe .meeting was 
taking place. He hoped the out- 
come would be favourable an d 
the problem would be Seedily 


resolved. 

Mr. John Stokes fCon.. 
Halesowen and Sluurbrid^e i 
suggested bringing in the Army., 
to help out in emergencies, - - • 

Dr. Gerard Vaughan. Opposi- 
tion health spokesynan. criticised 
the v.-ay negotiations were being 
carried out. and said that p.n 
meeting - had been arranged 
between -NTTPE and the Regional 
Health Authority. 

Mr. Deakias said if this after- 
noon's mass meeting was un- 
successful. the union would have 
to eet ‘ together with the 
authority. . . 




2 gO Park Avenue. New YurL '■'.Y. 1<«)17 


! I . nJ | R.inVin;: SunMvliarws in -he l rited Slates: Chicago. Houston. Ir* Angcle? and Miami. Overseas Branches: LONDON. BIRM^HA. ^ • PARb. T0k\ 0. 

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. Member Federal Dcposil lasuronce Corporauon t- Bankers Tiu»i Cumpany 


BY PHILIP RAWSTORNE 

THE LABOUR Party's finance 
com rail lee yesterday deferred 
until next month a decteinn on 
Lhe allocation of runds for tnc 
party's European elections 
campaign. 

Transport House officials are 
lo prepare a report for the com- 
mittee un tin? estimated cosi of 
the campaign and the suurcr>s 
of finance, including FltC funds, 
available to it. 

A proposal that itbO.OOii siiould 
he al Inca ted from party funds 
fur the campaign was ycsji»rd3v 
hitreriv aiiackcd by .Hr. tail 
Mikardo. she ieft-’-vine Mp f or 
Poplar, and former raom&er of 
La'oniir's national cxecutr.-**. 

In a letter to Mr. Ron Hay- 
ward, the party’s general seerb- 


fary, Mr. Mikardo said he was 
shocked that the party should 
consider spending such a aura 
“ on an election lo which parly 
policy is opposed. 

Pointing out that Labour had 
refused i ospend anything dur- 
ing the EEC referendum, cam- 
paign. Mr. Mikardu said that if 
the proposal were .adnptefi, he 
would make no further conrri- 
hulinns to party funds beyond 
the minimum necessary for i'arly 

membership. 

“ l shall noi be surprised if 
thousands or other members do 
the same.” he added. 

Mr. Mikardu's protest may be 
taken up by other le^i-wing 
members Of Ilie. natioruil execu- 
uVtr when it uieeu tomurrow. 


Government Ministers on the 
committee may also come under J 
renewed pressure to legislate ^ 'for- ^ 

• State aid to political parties for 
the campaign. •* _ ’ v 

A proposal that £80.000 should' ' 
be. allocated from party funds 
for the devolution campaigns in.* " 
Scotland and., .Wales was also y 
shelved by tiieUnaace conuriitteeA? 
yesterday. 

■ The national executive, which,^ . 
is being recommended by the 
parl>;s organisation commiKee * 
tomorrow; . io sanction '{he .. 
expenditure, could decide to' go ' ‘ 
aiiead with the proposal, but 
seems more likely to await the 
ft mince committee report next 
monliL . 






* • - - - 

* .. . ; r ~. .p &pMV . &Z rp ■- _ =. \- ... . - >7 7 - - • . 

\ Jgjf’-T $*: ^ ■' v l-;' V . • V " " v • " : : " 

1 uesday Noye^nber .211978 


The Management Page 



15 




iv 


David Carry reports on 
put one of France’s < 


Francois Gadot-Clet is attempting to 
companies back on its feet 






dispel the image 
matron 



FRANCOIS GADOTCLET flips 

through 3 . copy of Paris Match 
uBtU he pomes 'to a large photo 
of a trio on a’beacb — a leggy. 
modeJ in a teeny-weeny bikini; 
a solid jriuscied rnan with a flhn- 
«ther skinny 
franfiS^of 5 -- GadptClef himself 
pdna^fesembllng Woody Allen. 
Xbe|mp4^ ^ ^ American wife 
( »nd^]4Sfref: : : »an. is ' Raymond 
poufidprf 'the French cycling 
herc ^m pm Gadot-Clet has hired 
to iSp'-lifttli promotions- and 

i . “ That's. wi»t : we want," he 
\ . dec 4 «rep, . “ ba^L of publicity. 
We’vegpt.to aispel the Imago 
of the dowdy matron. We’ve got 
- to be- part' of the Pepsi 
generation." 

Thus speaks the 37-year-old 
chairman of a 93-year-old em- 
pire — Manufrance. Manufrance, 
with mail-order, stores and 
manufacturing activities, is one 
of the -oldest industrial names. 
In France. - Based at Saint- 
Etienne, in the' southern Massif 
Central, it has a strongly 
regional character and a vital 
'"'■y^role as one of the main 
' employers. 

Manufrance has come within 
a stone’s throw of bankruptcy. 
It is under the wing of the com- 
... mercial court to whom Gadot- 
Clet had to present his recovery 
programme. 

Gadot-Clet ‘ is the- latest in a 
long line of last-ditch chairmen, 
four having come and gone in 
the year before his appoint- 
ment. Each tried to bring in 
sew capital; each tried- to 
impose redundancies; each tried 
. to reach - agreement with 
creditors for a rescheduling 
and partial abandonment of 
debts. They all failed: - 

For they all hit a particular 
snag: Manufrance has one par- 
ticularly important shareholder 
— the city of Saint^Etienne 
which controls some 28. per cent 
of the equity. And in March 
2977 Saint-Etienne- elected a 
: Communist-controlled - council. 
Henceforth, the battle to save 
Manufrance became a bitter 
political flght as the manage- 
’ meat confronted with, tfcPBPfe.. 

Trjsition to redundandes oFthfc' 
‘"’'Communist -controlled COT 
union, sought to reconcile the 
;i opposite political interests of a 

.i Communist major shareholder 

and a conservative central' 


government— within the' frenzied 
atmosphere of a' general 1 election 
run-up. .. _ 

Gadot-Clet, who 'took .over the 
company in March iflOTt’-'liad 
one big advantage: he knew his 
way intimately around; the 
political scene He also. bad;- ODe 
big disadvantage: he had never. 
In his life, so much as managed 
even a bowls team. 

Two people persuaded hith to 
take The job. The first was his 
boss, M. Edgar FaufA Edgar 
Faurfl is a perennial of French 
political life, having served in 
most ministries before becom- 
ing President of the National 
Assembly. ' ' r ; 

When he moved to Manu- 
france Faur€ gave him four 
pieces of advice: get the big 
battalions on your side. -(the 
CGT and the Gaullists): play 
the game of SaiirtEtienne 
chauvinism; make sure you 

square the Communist; -town 
hall; don't forget that .most -of 
the people who matter Jive in 
Paris. A'V 

The second person who 
influences Gadot-Clet is quite a 
different cup of tea. A stocky 
businessman, speaking, - the 
accents of his native Midi where 
he began life as a shepherd. 
Jean -Baptiste Doumeng has 
made millions. He owns one of 
the country’s largest agro-food 
export businesses, is jin. import; 
ant figure in co-operative farm- 
ing, is a partner of the 
Rothschilds, in various, .real 
estate and commercial activities 
—in other words, typifies. the 
poor boy made good. He Is also 
a dedicated Communist and one 
of the French Communist 
Party’s leading private sources 
of funds. . 


Hierarchy 


9« 


n !■: 

ti :• 


With his contacts in the' Com- 
munist Party, Jean-Baptist e- 
Doumeng is a counsellor to< 
Gadot-Clet and a useful ally in 
selling business propositions to 
the local Communist hierarchy^ 
■ Gadot-Clet faced several prob-- 
lems. He first bad to inspire 
.the :Goye?nmeijCrad creditors. 

a minimum of confidence 
in the company so that it could 
continue to function.. This 
meant tackling straight away 
the problem of overstaffing, 
excess stocks, and low morale. 


NEW 



RATES 

.Following the recommendation of the Building Societies 
. . Association, Gateway Building Society will operate 
the following rates of. interest from 1st December 1978. 


Investment Shares 

- Gateway Bonds (3rd Issue} 
(Two-year term ; investment} 

• (Three year term. investment} 

- Monthly Income Shares _ 
Monthly Income Bonds 

■ TTwo-'yearterm investment) 
(Three-year term investment) 

- Planned Savings- . 

Deposit Accounts (Personal) 

: Deposit Accou nts 

(subject to basic rate tax) 

- ,SAYE Bonus/interest as before 

-.-Savings Accounts issue closed) 

. Gateway Bands 

. (2nd issue nowclosed) 
(Two-year term investment) 
(Three-year term Investment) 
IFour-year terminvestment) 


8.00% net = 11.94% gross* 

850% net =12.69% -gross* 
9.00% net = 13.43% gross* 
8.00% net = 11.94% gross* 

8.50% net =-12.69% gross* 
9.00% net =13.43% gross* 
9.25% net = 13.81% gross* 
7.75% net = 1157% gross* 
6.50% net = 9.70% gross* 


8.50% net - -12.69% gross* 


8.75% net = 13.06% gross* 
9.25% net = 13.81% gross* 
9.75% net = 14.55% gross* 



•To Those liable to lax 
at the basic rats of 33% 


It also meant achieving a work- 
ing relationship with the local 
town hall and the CGT union. 
In the longer term he had to 
work out a re-organisation of 
the company to bring in fresh 
capital and new expertise. 

First of all. what is Manu- 
france? It is a manufacturer 
of sewing machines (Omnia); of 
hunting weapons (around 40.000 
a year}; and of cycles (45.000). 

It is a mail-order house with 
a catalogue of more than 30.000 
items. It is a stores group with 
some 90 shops, almost without 
exception in prime city-centre 
positions, selling basically the 
items which appear in the 
catalogue, manufactured by 
Manufrance and others. 

Finally, Manufrance is a 
publisher: Le Chasseur 

Fra ncais sells around 700.000 
copies a month. In a country 
where slaughtering the wildlife 
is a passion from the President 
downwards, Le Chasseur 
Francais is a prize possession. 

In 1976 Manufrance 
employed some 3,800 people of 
which 2,700 were in Saint 
Etienne itself. By May this year 
employment was down to some 
3.000. The company buys some 
FrsI50m of goods annually 
from local suppliers, providing 
some 4,000 additional jobs in 
the region. 

In 1977, although turnover 
was around Frs585m (of which 
Frsl76m came from mail-order 
and some Frs234m from the 
stores), it lost Frsl07m. By the 
end of May this year the losses 
were already around Frs50m. 

Wbat was wrong with Manu- 
france? Gadot-Clet gives 
examples. “We had a catalogue 
of 33,000 items, but the profit- 
ability of the catalogue had 
never been worked out page by 

page. 

“In a catalogue almost every 
Item priced under Frs70 loses 
money. Well, about 65 per cent 
of the catalogue sold for under 
Frs7Q — and that represented 25 
per cent of turnover. We shall 
teduce the number of items 
ander Frs30 -to a minimum, 
check' profitability by page and 
reduce^the total size to nearer 

24.000 items-” 

He jumps to the sporting 
guns activity. “ When I arrived 
there were 31,000 guns in stock 
and some had been there for 
six years. I . was told they 
couldn't be run down because 
someone might want to buy 
them'. I had threatened to fixe 
people before I could cut the 
numbers in stock. We are now 
down to 8,500." 

The hardest job was cutting 
manpower. It was here that 
Joseph Sanguedolce, the Com- 
munist mayor of Saint Etienne, 
played the most constructive 
role, according to Gadot-Clet, in 
convincing the unions of the 
need to reduce the workforce. 
Previous chairmen had aimed at 

1.000 plus redundancies. Gadot- 
Clet obtained agreement on a 
total of 334 by . redundancy and 
early retirement 

The cutting of the workforce 
fulfilled the essential condition 
necessary to obtain Government 
support — a recovery programme 
which had “bite” to it The 
Government has promised 
FFrs 20m in long-term loans and 
has . so far handed over 
FFrs 8m. 

Gadot;Clet is anxious to get 
to grips with a salary system 
which depends heavily on 
bonuses paid without regard to 
performance and he has pro- 
moted . young managers from 
within the company having, on 
the whole, sent the existing tier 
of managers packing. 

Gadot-Clet thinks already that 
the signs are pointing to 
success. He says he has some 
FFrs 70m on hand now against 
nothing a few months ago. 
Creditors have agreed to aban- 
don half the money owed to 
them if they receive the remain- 
ing FFrs 90m by next March. 
Suppliers are now permitting 10 


days credit and sales volume is 
improving. 

To get new capital into the 
company Gadot-Clet is creating 
operating subsidiaries covering 
the manufacturing activities, 
mail-order and stores, and pub- 
lishing. in which the capital will 
be held by a new Manufrance 
holding company and by part- 
ners with expertise in the 
various sectors. 

Thus France's biggest pub- 
lishing house. Hachettc, is 
taking a 50 per cent stake in 
Le Chasseur Francais (FFr 16m 
profit last year) for FFr 40m. 
Cadot-Clot wants Hachette to 
add to this by taking a position 
in the stores group (and create, 
for example, book-shop areas 
within the shops) or In mail- 
order. 

The chain of some 90 shops 
is, Gadot-Clet argues “ badly 
run with the staff uninterested, 
unmotivated and badly paid." 
He intends to modernise the 
buildings, rebuilding where 
necessary, and to gear the 
stores more towards leisure and 
do-it-yourself activities. Seven 
Manufrance franchise opera- 
tions will open by the end of 
the year and three shops will 
be closed. 

In 1977 the stores lost 
FFr 20.5m on a turnover of 
FFr 244m; according to the offi- 
cial restructuring plan the aim 
Is to make FFr 14.6m profit 
on some FFr 400m of sales In 
19S1. 



EDITED BY CHRISTOPHER LORENZ 


TDC to provide 

management 
back-up facility 


. .j> 


Francois Gadot-Clet (right), latest in a long line of last-ditch 
chairmen of Manufrance, and Raymond Poulidor, the French cyding 
hero he ha* recruited to help with promotions and design. 


Hunting 


On the mail-order side Gadot- 
Clet is looking for European 
partners to enable him to maxi- 
mise existing warehouse and 
handling facilities which are 
turning over at only 50 per cent 
of capacity. The 1979 catalogue 
will be snappier and brighter 
than its predecessors, trimmed 
in size, but there will also be 
mini-catalogues for special pro- 
duct areas. Prospects this year 
are for sales of some FFr 1 90m 
to expand to FFr 370m by 1981 
with profitability more than 
doubling to FFr 48m. 

The manufacturing side pre- 
sents other problems. Manu- 
france makes half the hunting 
weapons produced in France 
but accounts for only a quarter 
of sales. It already beads a 


group of local arms manufac- 
turers and its main need is to 
re-conquer the domestic market. 
The aim is to improve produc- 
tion ' to some 45,000 weapons 
and 25,000 barrels by 1981, but 
at the moment the run-down 
of stocks is depressing output. 

The sewing machines lack 
both volume and technical ex- 
cellence. Manufrance is talk- 
ing with Singer about some 
form of co-operation. Certain 
Singer items are already in the 
Manufrance catalogue and other 
items, like vacuum-cleaners, 
could be added. The rescue 
programme talks of increasing 
output from 5.300 to 16.000 by 
1981. 

One of the big efforts is being 
made on cycles. This explains 
why Raymond Poulidor has 
been hired at FFr 10.000 a 
month to publicise and help 
design the company's machines. 
Production is some 45.000 a 
year but Gadot-Clet argues that 
with aggressive marketing, 
geared more to hypermarkets, 
a rapid expansion can be 
achieved. He is hoping for 
100.000 production next year 
rising eventually to 150,000. 

The general scenario for the 
manufacturing activities as a 
whole is to push up sales from 
the FFr 96m of 1977 to around 
FFr 140m by 1981. Losses 
should reach their worst this 
year at around FFr 39m (show- 
ing the cost of job-cutting) but 
by 1981 losses should be slight 
and the recovery under way. 

Altogether this year Manu- 
france expects sales of some 
FFr 650m and losses of up to 
FFr 100m. Gadoi-Clet is hoping 
to attract up to FFr 120m into 
his new joint venture sub- 
sidiaries. He already has the 
FFr 40m from Hachette; 
FFr 8m out of the Govern- 
ment’s promised FFr 20m; and 


FFr 15m paid by two Insur- 
ance companies for a stake in 
the new Manufrance holding 
company. But the rest pro- 
mised if not paid over has to 
come urgently, because by next 
March the FFr 90m or so must 
be repaid to creditors. 

He may well seek further 
Government support, both for 
the ready cash it brings and as 
a gesture of confidence to sti- 
mulate other investors to take 
tbe plunge. 

.Tean-Baptiste Doumeng, at 
any rate, has promised FFr 5m 
iu fresh capital, and his nose 
for a profit is respected univer- 
sally. 

Gadot-Clet cannot afford to 
stray too far from the forecasts 
made in the recovery pro- 
gramme. This estimates that 
cash-flow will continue to be 
negative up to 1979 but that 
thereafter it should recover to 
FFr 57.2m in 1981. It will help 
him to get the new structure on 
the ground quickly, if only fn 
order to be able to distribute 
liabilities to the best fiscal ad- 
vantage and achieve, at least in 
certain activities, a strong 
balance sheet. 

If the difficulties are still 
multiple, at least Gadot-Clet 
can claim to have got a lot of 
things moving in bis nine 
montbs as chairman. The man- 
power problem has been 
tackled; a rejuvenated manage- 
ment is in place; and the worst 
aspects of former managerial 
laxity are being corrected. He 
has achieved a working rela- 
tionship with the town council 
(and has a signed letter from 
M. Sanguedolce that the city 
will not use its shareholding to 
block necessary moves of re- 
structuring. even if it means 
diluting its stake) and has 
obtained the first credits from 
the Government 


S A result of a major switch 
In policy. Technical Develop- 
ment Capital, the venture capital 
arm of industrial and Commer- 
cial Finance Corporation, is to 
involve itself for the first time 
in the management of com- 
janies in which it invests. 

The decision to take this step 
was reached after considerable 
deliberation by the directors 
and senior executives of TDC 
and of ICFC, the institution 
which, backed by the big British 
banks and the Bank of England, 
channels funds into small and 
medium sized enterprises. 

Although the directors con- 
cerned are tending to play down 
the significance of the moye, it 
will nonetheless be widely 
interpreted as an important 
change of heart, particularly in 
the context of the general 
debate on venture capital. 

Until now. TDC has, in 

common .with many other ven- 
ture and development capital- 
ists, avoided participating in the 
management of client com- 
panies other than on a veiy 
superficial level. This has been 
partly because of the cost 
involved and partly because it 
has felt its expertise has lain, 
and should remain so. in assess- 
ment of investment opportuni- 
ties — something rather different 
from running them. 

Thus, ICFC controllers, for 
example, look after about 40 
investments each, which leaves 
them tittle time for individual 
involvement. 

Under the new strategy, 
according to Mr. Ivan Momtchi- 
loff. assistant general manager 
of Finance for Industry (parent 
company of ICFC). executives 
of TDC Developments will look 
after only five or six companies. 
The executives will be recruited 
largely from outside the 
TCFC/TDC organisation, he 
says. What he will be looking 
for Is people who have nad 
several years of managerial 
experience in industry who. for 
instance, may be looking for an 
opportunity to apply their 
experience n a smaller forum 
where they will get a much 
faster feed-back from their 
decisions. 

Mr. Momtchiloff is guarded as 
to the reasons behind the change 
of heart tm management parti- 
cipatiniv but admits that pres- 


sure from TDC’s own manage- 
ment had some effect. It also 
seems fair to suggest that a 
report carried out by the 
American consultancy, Arthur 
D. Little, and published last 
year by the Anglo-German Foun- 
dation for the Study of Indus- 
trial Society, may have been an 
influencing factor. 

Within the context of a broad 
analysis of the commercial 
reasons why so-called tech- 
nology-based firms have been 
less successful fn Britain and 
West Germany than in the U.S., 
the report maintained that 
"... without participative man- 
agement the odds against TDC’s 
success are very much 
increased.” 

In deciding on the introduc- 
tion of the new service, Mr. 
Momtchiloff says that it was 
recognised that many entre- 
preneurs are technically very 
good, but are not as able financi- 
ally or commercially. Now, 
through TDC Developments, 
“ we will spend more time gett- 
ing to know companies, think- 
ing through their problems and 
giving them more support." 

There will, however, be no 
“dramatic" developments in 
this direction since TDC will 
need to build up a greater 
degree of industrial experience. 
The areas in which management 
participation will be provided 
will also be limited. One sector 
will be micro-processors, both 
software and systems, but TDC 
is not disclosing what other 
industries may be embraced in 
the new service. 

It will only be new invest- 
ments that will be offered 
management back-up; existing 
ones will maintain the same 
relationship with TDC as 
hitherto. As Mr. Momtchiloff 
puts it: “The distinction we are 
making is that we are applying 
staff with particular expertise 
to a small number of specialist 
companies. This is in contrast 
to TDC which has a more wide- 
spread range of investments.” 

The cost of the new service 
is to be borne as an extra over- 
head by TDC. with no fee being 
demanded of client companies. 
The success of the service will 
clearly not be measurable for 
at least a couple of years. 

Nicholas Leslie 


gateway 

BUILDING SOCIETY 

, Member of the Buildin ? 

Assets of £575 million. Authorised for by Trustees 

. ■ District Offices and Agents throughout the u.K. 

f ,yi' ' For further details call in at your Joca I G ^ b ox fsV"^ 
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is now entering the 
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range of sophisticated 
system-level products. 
This step is not only natural 
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For the past decade, we’ve 
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oosiDonea 



BY SAMUEL BRITTAN 

• v:\wr 


i* 'M'KS'S 

i v. i . • = : 

'•P. Ki'iT: 


rr.'T- 


;f v 

:-i:p;>3 ;■ V" 
n :< C’ JL'. al 
Lirisi-* }m»i i- 


u: 


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irj-i- 


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■iv 


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<pj. 

: I - ii r- : 

■i ••. r f?!i; .W-nMn*‘* :ir.;i ; i-‘ 
il n iMP-TO. 'mi t> - ■ •; 
h ♦ ■ r« iho h J"T , - ! ’ r 


1 s.ii-nc vi' 

L'.ir.'M Tr • ■ ;,i 


:u 


vc III 


j ■ 


i;*i :r 


l*i 

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ur.J i.;:i 

— K -i .v ■ 


d 3f»7r. 

fi'.-.hn-lii 
<c:it Bui. 
in* ■■nrlj — 
■■ if* cir.fr — 
.il-'R 


:nj 


jn >1 t > ;i»v '.acrrx-r 

jhr rffcclive 
V> iho 14:-15 per 

1 "Sine period nrice? 
••r c«»ni. mo^.'-ured 
•crssl flliP doll 3 1 
'' fh.m $ r-'r coni 
• ! inn?? mde \ — an 
■re* di-.ropancy. 
>iJP roio h> nearly 3 

. the average of a 
vures and rr. 4 per 

■I'hajiy mure reiuMo 

measure Th*? mono- 

■ ■•n wj- «hsi« .-utSi 

i'0 iho incroj'i? in 
:t putlinu ail” =ir«:n 
. omp’orjiionl. 

vor. the mnnotar;. 
.*. !:v lijhienod. Dur- 

■ "iiK mnnih* nf l ho 



Trentino’s 


:\ Financial Times. Tuesda>" November 21 1978 : 



AS THOSE who have driven particularly eond sparing and is slightly swee». 
into Italy over the Brenner will varieties, although the crcster Marrfminn. iu wnicn w.. 
know, the Trent inu is a very proportion is red laWe » , » nP * tnnamtan.s are 
attractive 
tween the 
Yenefn. The 

very wide, is bounded by steep 
mountains that rise lo 6AM K) feet 


province, lying be- and most are named after 1“^ ii^itcr wine, vn.n an aitrac-.i.e 
Alto Adige and the grape varieties.. iromj that reiuinn.- ae o: “ 

e flat valley, never j n S()me pv .„ nt t >, p varimis s-ni«t)d? or tii.ivr ciiei iies. niJi 1 1 

is hounded hv steen • u e e ‘ v ? nt th ’ ;,w a sli ji- “ cut about ?ne flavour mere 

is bounded jiy steep wine* have their own -•pocincd . hrr j . refreshing ir. 2 youns she K 

location in the 3B 11 * 




VELOCITY OF GiRCULATiON 



il'O' 


— - 1 — r - L 

— GHPat Market Prices 
-• Divided by Sterling M 3 - - 


I 20; 


- v-e. 



;&7o 


1975 


1978 


'• h.-» h'lppfrn-.l Sn;." 1 
•1 i«i :h” i’- 

•• r 1 r,- m tfi.ir 

n:il Inc. 1 


•I ,*1!»1S *.f 
•'•v ' 1:1 :.i 


'•in: -!»*r 
. r i : 1 1 

-n* >1 ii:.* 




i- ;»■!• 
j . 

V I-. 

n .1 

•!«W1 

and 


• 1 ; ■ ; ■ 

I-.. 

1 : • • - 

n: .- 1 :: 




in; 

i‘j r 


II.Uv”. " 

l > n<-”- 


rn- -1 ' 

• P.-- 

\ r.i 

rni * 


• l;s:f! mr ;i 

I:n 

' :iidf.:- i-nr:- 
• ■car f 1 ' 

■■if.M'iio l> 
-, er of tf'77 
i.T |fi7v 

vj>i''i.i f ' 

' r- .Ucriir” 

1 - Pj;ik 
1 : l.’iy u;. 
cur- 
fjiry 
ry cmr-il ‘ 

'■ ' — ? iif 
.. '1 

i'f - n ■.* i’: 1 

Ti 

.■‘■■j ■’ :i;. 1 

]«7\ 


eUT'.inj MM urev 
rale of lii'l^ more 
■.■■..ni. M •.‘.-r til.- 

• ;:"tm **> »'ir n" 
r .« unde re? I Mia!’: 
■ !y of »<fr - i;i i 

- 1 n.' fac-.- ff’-cr- 
Ifril COniafrlldl. 

i* ai:n«i-r '•••min 
-i.i- increased since 
-:er uf 1 S*7>. Thf 
::cy ■ uiorje ■■ **:i : J 

• a n so r 1 1 ■.■••! 'he 

-eoi.erii 'isor.fiar;. 

.■ r fori i fru-iraMru 
.:. t v.acv: haw so 

• !>• r.*>e :ar umro 

Vicos id . 1 in'- >iiie 

of ster:i:'.;. Bui 
••■r.Iir;’!** fc; \er\ 
” m>u: zi‘ m j rwc 
; : nfii nurcin*. 


\ *.•!"•.■ 
■ Brin:- 

I •.Till 
i>. hi r-. : 
•f! otf-< 


i»f f'-Il'iv. 

1 In li.c J>*ig 

oj 'c. hm m she -bon 
1 lerti* 11 m ill i-nanuc 
:a'i :aliy any dra-;it 
r. niinvlarx gn-wih. 

i-;. ••nh'>r w,.-e. 

r.ne rtf 

p*i ! icy •■■ ill rli- 

• : n 1 f.-^ ra :•-• . o r ••• c » : ! I na \ c a 

• n;.»j':r re v ion Bui " even 

. Hi,.! ;. " CMiit'd *•■■■ die other sid? 

ind-.r .•[ the elvfy.mn. 


Kvn-'-- 

III a, "■'■•S 

ne ia ry 


d 

mTiic- 

nr more above sea level. There producing ' communes 
arp vineyards on the valle> example. Teroldego. the P r "' 


with the -.974 TtaUge- at YA Cabernet ran jfmduee -«ie v «l Einnt m: the 

dafltse -mt £ veer Inter. The the mo*: attractive Trent™ .entamon » Qjw M 

red VeWedis* «r. be madeVii.ee. wtth ju*t e bmt * At Femn-e .bfttd » »«»»«» 

'-fur i ff local stvip of -■'•ii Bordsaur. - .. of., that, and for the while 

..nm a m.sTL.. ■- L ‘ . • wine only Pinot Chardonnarv 

^ srs?' i vsysr 


Hour, tiumgh they are tending 
ti be ousted ’ by Ihe nnm 


vince's special pride. i ? lT"V r 
in the north, and so is La2Wi n: 


profitable crop of apples, but The Riesling— mnstlv 'be 
me nncs occupy the mountain- i la j jan . though some of the tru' 1 


sides, rising in some parts to German var,«tv is aU" grown 
ihe exceptional height of 10 (M _ and lhe pin ' ot Xero IJll>rt :y 


Uine came from the northern »*nd •* 1 


but Marzemino is confine*! to - -. u 

the smith, also favoured f-*r ihe by Don Giovanni in that uni or- mus: awarced DOC status until 


sides. 

I be e 

foci above sea level. 

growing i« largely confined to T he '40-niiie-long’ winV di-tricf. 
the Adige valley, to tht* valley 
of the Sarca which flows info 
ihe Top of Lake Garda, and the 
"PCdacular Gem bra valley, 
whose dizzily sleep vineyards 
have earned r ihe local name 
<»f "the Rhine Valley of the 
Trcniino." 

Hulieriu ihe Trent inn wines coloured, full-flavoured, 
have noi been very well known with so«»d aroma and plent; 
in Britain, although they are body. The Treotinese ’.iMU’Hy A but some of ihe former s 


r. d w.ne. Manemino has a sumptron dtu-jJs? a inaea largely u«ed for sparkling ^ine. duction ^ liimJed loo, to less 

One into re -ling rarity, however, fhan 40000 o hottlcs a year. 1 

■ - — ■ — " is Vin<> Sanm. ^ 2d ^ on, -'’.“' particularly likpd the Ferrari 

..four communes in tn. .bares _g rut that had no added dosaae 
■ valley by the TnMmo co-npera- of slJgar but they also make 
: tire and ten P n va?e S»>ers^K lhe jMs dry Extra Sec and a 
is a kind or Heciuto made from ro se. The union of-cd-operatives. 
Nosiola an« p not grapes Cav ^ pro duce 5 as exceptionally 
afEected by the botiytiS of „ 00d j. iosc spariBiiig: wine, 
: sautemes and dried .W b?«s. which very unusually ^y. keep 
u Traditionally itjs not fermented f(j{ ^ Jea5t _ Wft years before 


WINE 

BY EDMUND PENNING-R 0 W 5 ELL 


'•xpori-’d in considerable quan- 
t .iii.**« t«i Germany and Austria, suitable fur strongly rij-.«fjred 
Tnial product imi is about lm hi 
a your of which tine quarter i> 

Denom-nazimie d'Origine Gnn- 
:ri»ilaid — a high proportion, for 
tiaiinnailv rhe r»OC wines 
acmunt only fur ll p*r cent of 


.«n?cial fam*? for bcinz enjoyed made from “noble " grapes u ’ttamtinaany «*. *«» »»«■•»» for least -two years before 

s until. Holy Week— hence the e f ■ 

- name— and This is not complete - 

name— aiiu i*u. r . Cavit, a ^ O-yeaivold. ^reup of 

still Champagne's U ^ 14 locai. co-opeTatives. 

customer it is is lh ® biggest wine-'cmifcenr m 
surprising that proinnee. - Also, importarit 
: jn u wine pro- is the Mezzocorotia : cy-ppe^Ttiye 

wine while. The Caldiro lake is not French, did not msmute the ■ ctuction 1 * on the .increase Jn 

,f m ihe Trentino. but :n -Jie Abo equjvaient of the -VDQS grade, many parr, 1 !S “ SSUS%3S[ 

The other two important long oeen e.-tannsnea in tne - of f&» nrAvinrUl 

regard it as their best red wine, commune.- are allowed to make black Trapes, the Mertot and the Tre’ntir.o. The firm of Ferrari k »* 



been 


much was foi-rdod in Trento fh 1902. Production, hut -thOr^are wme 
muen was ioi.*.u-u energetic : private, firms, job^ 



yiiung. For this reason ;i mu^t Castelier 


ralr.frr 


i.iial imiipsit. The i.h strict pro- ha\e tw.. years 1 maiuri:i-* being 3 blend nf Schiavs. Merlos Bordeaux and 'brought backrthe what esorerlc jabel ,EouJPPa j S._ 


vidos an unusually interevtins before bottling. It ha? 


ran^i? of win?, including som* 1 colour, full bouquet and o'-iy wnt 


h,’ and Lamhrus.-a. Th's is 2 re- two Iead:n 2 constituents flf -fine -Their well-made wine is made place, e.speci4Hy. the Teroldegb 
DOC. taking ciTec: only :Iaret. For my taste the from the black and white and the. Marzemino; : 


Chokwaro can win Ayr debut 
in Cniroy Novices Hurdle 


IRISH RAIDERS have enjoyed in the Culroy N<>vi 

j good strike rale — particularly Hurdle 

under .\jrionai Hunt rules — ai If. j? reports sugse^f ! b? 
.Ay r in recent years and Glen ilirfe-jear-nld. trained by “ 
‘.'.•irnlj ?hou;d be able to add in Ea»'.ori»;.. has taken lo h;> new 
the : ,» 1 1 j. tlu> a tier noun. tare^r. he should ha’. p 

Tin.* T-fimuy Gar berry- pmoicms ir, outpacing 
:«:i.-i nc-rod .-•■ven-year-ulil is opp.-siLinn w ijjeli has 
j.i.tm: ‘he i e\ ».‘n runners for ihe •''■-’•■'r.eneri by ihe 5 iir;»:’.-.n_; 
Barsk :m:n -n^ Xu v leva Hiinile. -*‘ , scncc of Beldale Recor.J -*tia 
•jihich v. en* t-i Ireland a year Saagaer Slick. 


AYR 

1.15 — Forest Guard 

1 .15 — Chokwaro “ * • 

2.1.7 — Current Hold* 

2.45— Drink Yp 

:U5 — Legal Exiraction 

3.45 — Glen Lorrib* - 


ihrou;h Deep Money. 

RACING 

BY DOMINIC WIGAN 


Ailhnugh there are nni; r 
rur. tiers for the da>\« •■re 
event, the Bass Speeinl • ' 


under the chaimtsDship of 
Pr.ifea.-or -Sir Da-, id Evans. 
fo!lu'.\ini: expepeace gained 
durtna the 197S l.rcedir.c season. 


ihe Tennem Calc.!'<r. - .fR j«ri eontai.n:. a factual accouai 
Breweries race is another e'vrt nf ihe measures taken this year 
worth aeoing. , r . eonlrol it. 

Gt.ncello will be trying i" fiistributiun of the code of 
concede from between ihn.**. a/.d prae:ic». j 'o breeders is beinn 
J9 lif to his three opi'«'T:frl.-. underatten h\ the -Thorough bred 
Bishon'-. Pawn. Current i.oid and Breeder# Association. 

Fair \’iew. 


Glen Corrib showed some 
promise r.n both hi> appearanffr. 1 - 
:*'i cea-r.n mid lie again ran en- 
couragingly on in# reappearance. 

! lake him 10 ^et off Ihe mark 
wiih a win at the expense of smaiis and Durham T - 
Barge. In- l-jd... a ^-lengths Hevham lale last month 
onqueror of Romany Light at 1 ^,.. H<. retrace Betinu 

Teessidi* earlier this monih Bn. fid tuda> publishes a r-.-\ ised ton’s evening newspaper, the 
A couple of hours before he code of practice for the control Chronicle and Echo, yesterday, 
goes to post, it will be intriguing of contagious equine in-.onus for The plant, which houses some of 
to «ofr how that lough performer ilu- 1979 covering season. Britain's mnsi advanced prir.t- 

from the Flat. Giinkw.iru. fares The code has he.’n rc’ i.'td by mg equipmem, employs 0$O 
on his dehut over the minor the Beard’s scientific cum mu sec. people. 


He may do sn. hui my r.irri-w 
preference is for Current Goid. 

’■•hi, looked a high-cla#" 

in the malting when toying vnh 


i.ff x : 


Princess opens 
newspaper plant 

PRINCESS ALEXANDRA opened 
in? new £5m plant of Northamp 



ENTERTAINMENT GUIDE 


CC — T>e*f P-eit-fi mcc&et orrftin ct«Wf 
:a*ds 7T* ?« 9T k Bos ofci.. 


THEATRES 


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OPERA & BALLET 


GREENWICH THE*TR£- 0I-S5E 77S5. ; ROYAfl. COURT. . 
E^n ngi S QO. Mil. Sar__2.30 i _ Unt'l | Mort ' *“•-»* 


: ?30 TT45. 

—lull. iu ^ 1 ,' At.fi. 

R FOR MY DAUGHTER 
by . Tnomjs BatW- 


COUSEUM. Ires: ca- 33. Cl -240 3ZSS. . 

Resistors 3’-SI6 S'BI. I 

ENGLISH NATIONAL OKU 
Ts^. 5 -: I'S F-. 7.30 Matfairi H,Spitr ] 

Tjr.jf, i-i 5i?. 7KJ Tne MariMCW- ol . — — 

Fiji's 7-..- 7.00 T.-f T-.er:na MJDSIC. . __ 

= .e-- i-s» :-e anmtiGii.-' Tm. HSVMARKCT. 01-930 9812. Evgi. S.00 

-A mr. ii :.*4 Cor.j«cm i MiMtial"i Wed =.20 tfA.; nd a 00 ' 

r Te 1 -;a scccit ktt3 ivi.i tv ,*!J ' G;RSl.DJNE_ MetWAN 


Nan 2 = . £ - .'e:"'* r "e Bejuaiuri. D»xifl 
Burke. Susan Hamoshir*. Jeremy Iron*. 

3 ik<S Rosa James Taylor in t ; 

AN AUDfENCi CALLED EDOUARD f ROYALTY. CC. OMOS BROS 

Uv o»»iel Pownall i Moodav-TiiursilAy.. rcmJngi. B.OQ.- - Fruuy 

*'A ;hs«-.C4l SO-JP. Times. • ^.30 and 6 45. SaturcMVS '3 OO ar-0 8 00. 


ae-G t’S-i ‘ S JC en da* . at Bert. Seats 
-S-- js-sL-a.: Mr.ler’i'lcourv : 

•■W 1.08 O’*. . - : ; 


CLIVE FRANCIS 
NIGEL STOCK - 

PETER PAUL 

BOWLES HAROWICK 

.re fennelL A FIELDING In 
* LOOK AFTER LULU 
Noel Cowart) 
u.;th GARY RAYMOND. 


COVENT GARDEN. CC. 140 -1064. | 

'Gi'tfr-c-a-se C-eeit Cards S36 6903V. 

THE ROYAL BALLET 
T »-■: Ms-. 7.IG THe, -SMewng ; 

Beiisr. 7-_*. a -;s Frt. 7 JO LnivIHUa. 

S "-' Ca ' ROYAL* OeERA U - r ’= s | HER MAJESTY'S. CC. . , 

j™ sar r iM lT«3rcaine. 65 ! £»9S. 7 . 30 . MaB^ WERJ. jnd Sat 3.00 . , 
w*a:s i*a ‘. -as Ml pert* Nora • 
s-. sa- :• sert 


Lorroan Critics TCie - 

RUBBLING BROWN SUGAR 

Best M uveal ol T977 . . 

TH. bookings accepted Vmiar -credit- 
cards. Rtsunrinr. res. 0!-Uli 2413- 

SAYOY THEATRE. - 01-856 535 P.. 

Credit carets 714 "4721 Tom Conn in 
- WHOSE - LIFE IS IT ANYWAY? . 
bV Brian Clark. "A MOMENTOUS PLAY. ■ 
T URGE YOU TO SEE IT." Guardur. '• 
Ergs 8.00. W*d. 3.00. Sal. $45. 8 43..' 


4)1-930 4606. 


"err; 


SHAFTESBURY. CC. 8=6 SSSA-T. 
. 836 4255. Ocms Dec. 20 ertll- Jan. !-3. 
JANE ASHER. NIGEL PATRICK ’It 

.. , Penn PAN 

THE NEW MUSICAL ■ f - Dally g and 6.4S! fnces £5. £4, £3. £2. 

BARMITZVAH BOY > Reduced pr ee -on . Doc. 20.' 21. 22. Jan. 

t-ur.mnG prodaUien— unlouelif ! B, 9. IP, 1 1 12. 


SADLER'S WELLS THEATRE. Rosebery 
Ate.. E C.T £J7 1672. E»gs. 7.30 
LONDON CONTEMPORARY DANCE 
Ten ah: GALA a-rt. : Wa'.erleu Metltod os 

Snr.n-.-n.r9 ;.--s:n:s7.an. Cid Wonan in -the "iLL'ij;:' ; • o.v.‘ 10.30. 2.30 and 4.00. 

bri. 4 ’. hi r V' . ! THE ROCKY HORROR SHOW 

Aa.eriesa MiOiod -or. DON'T DREAM IT— SEE IT. 


anPata9<e’' F ’Times. "Tut funniest | — 

raus'ca. around — bar none. S. Mirror. , strand. 01-836 2660. Even.ngs E.OO. 


KING'S ROAO THEATRE. 01-352 7488. 


Mat. THurs. 3 00. Saw. 5.30 and 8.30. 
NO SEX PLEASE — 

WCRE BRITISH 

LONDON'S LONGEST. . LAUGHi r... 
OVER 3.000 PERFORMANCES 


jn-.fl-T.irs i-;r--::.SK. senabio Preludes', 
arc Stud e».-C’. ass - ; 


THEATRES j 

ADELPHI THEATRE. CC 0’-«38 -781 1 . 
E>cn ngs at 7.39. 

Mih US. Sa-.u'dav 4.00;' 

An £r.-i-! T New M-n car, ■ 
BEYOND 

THE RAINBOW. ... 
-HERE IS A HAPPY FAMILY .SHOW. - 

Tne T>me» - . 1 • 

"BOUND TO RUN FOR EVER." • 

Ertr.-s Ne#-s. 

-SUNNY. TUNEFUL AND 


ST. MARTIN*. CC; . 01-636 1441. 

I Eegs. 8.00. Matlneu Tun. 2A5- Sars. 
LYRIC TMEARE. CC. 01-437 S686. | 5 00 In* B OO. -,, 

Ergs. SOQ. Tnurs. 3 00. S4t. 5.00. S.3D. AGATHA CHRISTIES .. ■ u- ■ 

JOAN FRANK i ' _ THE. MOUSETRAP 

PLO 1 .'. RIGHT FINLAY | WORLD'S LONGEST EVER RUN 

FtLUMCNA . I - ... - 2€m YEAR- 

br Eduardo de Filippo , ! — — — 

DIRECTED BY FRANCO ZEFFIRELLI 
" TOTAL TRIUMPH." E. New*. 

EVENT TO TREASURE." D. Mir 
17 FILL THE LYRIC FOR A HUNDRED 
■ , YEARS." Sunday Time*. 


MAY 


Cedi Ctri Bss 


SPEC” AI'j'.AR. 
Da'i» Teteg- 


.. aph 
-S* C1-93S 7611. 


‘ TALK OF THE TOWN. CC. 01-734 5051; 
V Alr-condHToned. From 8.00. 'Oln L f>». 
i Dancing. 9 JO . SUPERB REVUE 
RAZ2XC DAZZLE 
■t 11.00 MATT MONRO 

— — - .’ ■ - r . -i - y .. 

FAIR , 0ia E.M 8 00 Ma- . THEATRE . UESTAlks. 730 2554. Pr«*K ' 

i*l n L ^ ■ i« # iLiSR 8, tm Ma *'-t tomorrow 7 JO. KeGcidm . work'iAen «r«- 


WELSH 
' • UNDER MILK WO| 


■ DYLAN THOM.AS S d 


T 1 ti>! ' i':i* i i l ttnicrutiinip 
it!. it i- .,inf whiir 


B»K‘ I 


."K ul’r 
pill 


: i;, I}... fir 

.’ 'I ! *lfr - 11 I'-' 
::j;ii r'lf-i.- 

r.’ii 


i »m 

•• l.«. • 

-• . i . 


lie ; 3.2*1 iif.'i.ul; 

4.25 .1 : •. l ' '. n"r. . I.i Ii > ■.■ 
5.' i.i .* ■ • i i *i • '.• •••i, . 

1.1 II Tllv Rf..:-..' .) .. 


•’ 'll!! 

2 .Ml Yif I 
< ffilei'.'.. 
2.12 I.I I O I . . : i 

n. , "c.' I i: Ln.f- 
■- in. RB' : 2. 
P;.v. 
il Id 
•r*mind. 


«nn<?ctions 


Ncv. s 

5.55 Nalinnwidr 1 
S-iutn-Ea-i • 

6.2II Nitionv. i’Il- 

R. lil Hand Ew; 

Soulh-E.**t i 
7 2« .lame* B>irl 

S. Hl Dallas 

9.IHI \f?'.'. * 

S.25 P. 6 > l or ’li-fj.iy 
10.55 Toniaht 
1 1 .23 Road? Ir. Cot flier 
12.1KI Wedther Hcjir.nji Xev.s 
All Regions a.* ItP.C/l ctcept at 
Iht* rolbiuinu times: 


WrIol— 10.00-1 0.21) am \ 

il.fn.!..n' and Ysjghon. 5.55-6^0 Wales Today. 

fi5*i Ilvddi". 7. Ill Point I y t.wm. 
7.40-S.1U II Ain’t Half Hoi Hum. 
i London and 11.25 Dechrau Si j rad 11.30 Nfrns 
and Weather for Wales. 


LONDON 


9.T.H am Schools Pro zr.'imniet. 
12.00 t.'horlion and ihe Wheel le-^. 
12.10 pm Pipkin*. 12.2« A Ripe 
Old Ac.'. 1.00 News, plus FT ln- 

..... „ . dvx. 1 220 Thame?. NVus. 1.50 

iJrtZSZ tTT-f- L Pm „H ^ rl ' Crown court. 2,fH. Afternoon. 2.25 
i n = 5 -i c ° ,l:, " d l ‘ i V ll .- T ?, m Raffles. 2210 Heart lo Heart. 2.50 


F.T. CROSS” OR D PUZZLE No. 3.828 



.vr.iis.v 

Take iiie lj..iiue 

,\ 'l 1 , 1 . 1 . ;:i*'.' «o. 3. ">. ■ 
and 2.‘» tn in* : ::i.itf_- a*<nei:ilfr 
’•ikf.'i naif ' : i l- Jaj. iu fimsii 
'hi 

r."!if.- .n'l TV need me 

i : .- 1 i • 'n r..' 1 'i i'll *3i 

ri-.- cm i'll* Ai lif.'m.ij.s nf 

b-*l n ” i'j.i -tl,’.. , !'YlltlOUn l5. 4i 

i:y t-n l, i n fruitle?- mix- 

( i-i. " -it 


12 \.'.v . 1 

1 -ji! < 1 j j 1 n rl e:.P'’ 

IS J-'.ICL- 

[' ■in v. uli i 

i.i.inm 

r <7 1 

I.i I!.-:..-; 

, 1 * :■;! ri-lit 

ref 11 

• * 4 ■ 

35. - - 

— : lit*.- 1 1 y -.r 



j Many turning perhaps for 
_ hi.* mil of hair <7> 

6 linfii — and playing truant? 
Hi. 2. 4 > 

7 Showy insect round the tree 
tbi 

S Not outlaws. Suit they come 
A'lth the wife i:Mi 
14 Tea f r »r two in the dance? 

Try une more <:*-3-3l 
10 Scottish burgh gives entrance 
io West Country town IS) 

17 Notice Quaker sot inside 
cuunicrfeit com <3. 01 
IH Sketch of unfashionable slock 
(7) 

2f» Withdraw sapper to the area 


, , , 21 Sweet to. toy with (fit 

...if.'iMMirs Piier 22 Craze about information to be 
' :‘- t 4 ' _ fniind m the a.th-iray 1 3-3 1 

•ii Hv.' r,\ ?r 2S Rwf come-* up fit for a kinq 
{fii 


SOLUTION TO PUZZLE 
No. :?.S27 


6.55-7.20 Ballad Folk. 10.45-11225 
Tuesday NTqhi. 11.50 .News and 
Weather for Scotland. 

Northern Ireland — 2.53-2.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 6.50-7.20 
Children And Their Music. 11.30 
News and Weather for Northern 
Ireland. 

England— 5.55-6^0 pin Look 
E.ist ( Norwich i: Look North 
i Leeds. .Manchester. Newcastle): 
Midlands Today (Birmingham): 
F*oints West ( Bristol >; South 
Today (Southampton r. Spot- 
light South West (Plymouth). 
I*. 5»-7. 20 East (Norwich! Spot On! 
Midlands (Birmingham) Action! 
7S: North (Leeds) Lifelines: North 
East (Newcastle! Tuesday North: 
North West i Manchester i Sit Thi 
Deawn; South (Soulhamptnn i 


< usden on Location: South West shm. 'uVw.^,^ 7 ”.^! 
< Plymouth} Peninsula; U psi Ohapier anj v-?rs«. 


l Bristol! Day Out. 

BBC 2 

WHO am Working for Safety 
II.WI Play School 
2-20 pm The Engineers 
3.D0 Propaganda With Facta 
3.30 The Living i.'.itv 

4.45 Upen University 
5-25 News on 2 Headlines 
5.40 Schubert 17M7-1R28 
fi .10 Tales from Ifoffnung; 

6.20 " Digjnie ” 

6.45 Mid-evening News 
6.50 Empire Road 
7JZI) The Birds Fall Down 
R.IO The Voyage of 

Darwin 
9.10 Wodehnuse Playhouse 

9.45 Man Alive 

10.30 Floodlit Rugby League for 
the BBC2 Trophy 


A TV 

1-20 P"i 'TV V. v. -I .-I. 3.55 Top Elor. 

fri. ITh-uirc Sh.i-..- 5.15 Th.' FTiomono''. 

LOO .vi v Tudai . 7.00 EniHitnlale Farm. 

7.30 I-aiius) l-land 11.30 • in.-ar Pelorson 
Pr..v*iii« P-rm.: S-.n. ruf r. liBO Som®- 
(lung Differ. ns 

border 

tl.70 pm K..n].-r :....|S. ZDO Houseparty 
3J5 RUBbv ■:«ni l ..i,-4 Sr. rvlc.es v Ulo 
Xcu ZfjIanJi-rs 4.18 C^ri.ion 5J5 Th» 

Sullrv.ui). t.OQ Lnnr ^r.njnd Tuesday 7.00 
Emni^nJatc Farm. 7.30 Fantasy Isbud , , 

11.14 9ki-n:e -.th Gins, lino Border l ‘ nos _. S l f ^ Vi* 

News Summary O 1 *"" 1 ' 435 The n 

CHANNEL 

l.U pm CHann-1 I urn-tuun* Newt »nd 
Wli-i't .in \ih-r?. 5.15 Mr. and Mrs 

E.DO R.?pnrt ji Su. 7.M Tr-.ajure Hun;. 

7j0 Kani-i']* Island ia.28 Channel Late 
Charles ujh Pm-rei-bnu- sm»Fv 

12.19 am Gummi.niar-s 
Mt'leorologiqiii.-s. 

GRAMPIAN 


GRANADA 

1 *0 pm 7 .i.i Is Your R.shr. 500 Wia; 

• 513 '.-.wr'-iia- *00 ilrar.ad 

V r-.f!' »30 :- n.iri. rla .• farm 

. I’lil'-nH 7.30 Fao'asr 

h!a;n! 11.' 0 Par Ai.^usg 

HTY 

1.20 pm Rop-j-t I'.'- r. Headlines. 1.25 
F t.": V. ai-.: H-adl:r.i-e 2.00 Hnnrc par: i 
2.25 nugiiy; ’^mi.ned S'TV.lsF v ehe New 
"•alani. r< JAO ''-oiy Gophers ■•.•artooi 
;"T| • 5.20 "rissrva>li 6.00 R-’port W<S 

A 15 !' por: li'a!-!. AJO Buianlc Man 

7.00 Th--.. L:!:le Words. 7 JO Fanias, 

: - : ji. j n.3o :odv r 

H TV Cymru /Wales — A* HTY Grcera 
ii - .. rv-.vp; 1.29-1-25 pm Ponawdau 
’vydfli )n j Dydd. e.204.05 Gog! 
tf.OO-6.15 V C-vrirt 10JO Ryaryd. 11.30- 

12.00 Looks Familiar 
htv West — as UTV G-n-ra! Servic 

•?t'...nt 1.2B-L30 pm Re pen West H.'ad 
:in-s. M3AJI Repur; West. 

SCOTTISH 

1.25 pm News and ruud and weather 
2.25 Rugby Union- Combined Semt.es 
the Nrv. Zealand .YD Blaeks. 3.10 
".inoon. 5.15 Cannon. 5 JO Crv^sroads, 

Vo nr 
11.30 

Life Call. 11.35 Pro-Lelebnry Snooker 

SOUTHERN 

1.20 pm Suuihern News 2.00 House 
P-ny. 2JJ5 Rugby- Combined Serti\e« 
r Nv-fl Zealand. AJO Gannon T:me. 5J5 
The Undersea Adv.-'iures of i:apiam 
'•'?nia. 5.20 i .-ossroads. 6.00 Day by Day 
1 -.'IijrLnB ^euibir-firt. 7.00 Emmf'rdale 
! arm. UJO Souihern News Exira. 11.40 
Pr(M>Icbr:;j Saunter. 

TVNE TEES 

5.25 nm The Good Word 1 0 Uoued by 

"orih East N'l-ws Head lines. 1.20 pm 
'. Jr:h Ea-.i N-. -.»■» and Lnoka round . 5J5 

Til.- Brady Riini.h. 4.00 iNnrtnern Lift 

7.00 Cmnierdale Farm. 7.30 Fantasy 
i':and. 11 JO The BpI> Newhart Shaw 
12.03 Pul iv e Sura- -on. 12J0 am Epilogue 

ULSTFR 

1J0 pm Luui.-hjiiiio. 2.25 Rus.'by Union 
0.1b Canonn Time, ajfl Ulster News Head 
5 JO Crossroads. 6.00 
Harr Tyler Moore Show. 
7.00 Emm.'rdaU" Farm. 730 Fantasy- 
Island. 1 LJ 0 Bedtime. 

WESTWARD 

12-27 pm Gns Honeybun'S Binhdars 
1.20 Wesi-vard News ITcadlines. 5.15 Mr 
and Mrs. A4K) Westward Diary. 7.B0 
previsions Treasure Hun: 7.30 Fantasy Island 

10-28 Westward Lalu News. UJjO Prv 
Uf-lebritv Snooker. 12.10 am Faith for 
Life. 


The Sullivan;. 4-0 ttel il Tngoiher. 

4.45 Magpie. 5.15 Em me rd ale Farm 
5.45 News- 

6.00 Thames at 6 
6.25 Help: 

6.35 Crossroads 

7.00 Botanic Man 
7.30 Charlie’* Angels 
8J50 The L pcliat Connection 

9.00 Fallen Hero 
10.00 News 

10J0 A Ho 11 ac fnr ihe Future . .. 

A Thinu of the Past? 

11.30 Thame? Debate: "Can the 

• invernment Survive?” 

12.15 am Close; A paintinj bv a.ot yvniijni Tud»> I 1 J 0 wbat’s 
Rnnoir with the music of 7 ?? IT ii T ? C "i 1 :»._r.'l rri l 

Cesar Franck. 

All IRA Redons as London 
except at the ritllnwing times: 

ANGLIA 

1J5 mi Ir.tii.. ;.00 Puusepart". 

Rolf Harris 


t3-3S am 


9.3 am I-lrw Thing. 1.20 pm Grampian \-nrn~r r (l n r 

N'WS Headlines 2.H Pustbr; COBibinett I 

Str\-|o.'s v thr Zcil.ind^rs. 5J5 Mr 1-28 pm Cak-ndar Nows. 3.29 Calendar 
and Mrs 6.00 Gramami Today. 4J0 Tuefdar. 5J5 You're Only Young Twice. 


11.10 Late News _ 

11.20 Schubert 1797-1528- Cham- Oounlry F*.-U8. 7.00 Buiamc MaO. 7J0 A.OO Calendar < Emley Moor and Belmont 

hap mucin Fannsy isijnd. llJt p.iw.-r WUhout editions-. 7.0 Emmerdale Farm. 7 JO 

nn; Il n j .r, ‘ :lor} 12 25 am K-7fli.'L-Uanj. 12-30 F-nu»y Island. UJO Tha Bob Neurtun 

l-.tl.-y am Clnsedown (Readinsi Grampian Late Niah; H-.-jrt:in-?s. Show 12.00 Stars on !«. 


RADIO I 

(S) Stereophonic faroadcast 
iMcdlum Wave 

5.00 am .U Radio J 7.00 Dave Lee 
Tr.tus 9.00 Simon tale*. UJ1 Paul 
Runti-i: 2.09 pm T.my Blaokburn. 4.31 
Kl.l J.-U.-.II. 7.30-10.00 AS Radio 2 10.00 

.Lhii l\-l «S. 12.00-2.02 am As Radio 2. 

RADIO 2 

500 am -%-.•« < 

Isrundnn <S- 


3J5 7.23 File on 4: Zambia— Crisis In the 
3.20 Frunt Lice. S.BO Black Rhrtbm and Roors 


JrfWOm and VHF 

« « Suninijry 

mrludms (• i: 


247m Music ar St Genrcc s. Bristol i5>. 

Radio Frooui-ncy Change '5'. 

Hohiu Hollo-.i ay <Si. 4jo Master Celhs'-s 8.45 a Symphony or the Body (Si. 9 JO 
• Si. 5.15 Jazz Thliiy (<!•.. s.B Home- WrsnoB on the Wind; "Kaleutoscoi>e" con- 
ward Bound -S. %.3o v,»s V'S Al Howe: sid-.-rs itie dramjn.; art or Peter Brook. 
llmiKiriani play Frinr L:sr.r f5>- "-5^ wv-aihcr. 10.00 The World Tonight, 

l.ivri jnd SL.-hub.-n ■ lllii.irai-d talk by lo JO The Jason Erpla nation of Failure 
Alau Waltir tSi. 3.00 huy.il t'uocerT for -S'. 1LW A Bpu!.- at E^durae. 1U5 The 
the lesuval of Si C.-nlia part 1: BU^. Fman-.lai World Toniicbi. 11 JO Today in 
•.VoIf F -rrar:. H-.-ctlinicn -S-. BjC The Pdriwm. nr. 12.00 News. 

p.M8n.^ n «,niiO!«7. BBC Radio London 


2 U 6 m and 94.9 VHF 



l.uj RAC Rally rrpuri and I L" 5puris 
P' P'f. 2.30 David Hamilton 'S> iniln-Jinic 
4.' :.nd MS Sports Desk. 4J0 Wagoners' 


walk. 4.S5 Sporis Dost. 4.48 .i'nhn Dunn 6J0 


4.14m, 310m. 285ni and VHF 12.00 .u Radio c. 12.05 am Question Time 
LM am ,*«•«■» Brieftn;. 6 jo Kanoins irota LVJUkiKi uf Comment. 1^5— Ciow 


As Radio 2 


imiuilms a .4.7 Snuris Desk. 4.45 
Sporty Desk. 7.02 On The Third Real «S». „ . __ _. 

7 JO Folk TS presents Marv iVllarp in ''. n '-?' _. , 4j l Th(, “’- ! *' Jnr 

V f_s [onlay In Parl.amunL 9.00 bc«W- 
NeM. M-* 5 


8.02 Tuesday Nlxbt Is Gala 
5.02 Anions Your Souvenirs 


Lnndon Broadcasting 
8J5 2Glm and 97-1 \HF 

5.M am MamlnE Music. tflO AM: non- 
si up news, information, irarel. sport. 

LM pm LBC 
clock 
M 
bt 


9.05 Tuesday Call. 



6.55 «m Weather. T.00 fiews, 7.65 Over- 
mrr i S'. S.M N'eus. 3.05 Uorninp Con- 


194ni and 95.S \UF 

am Graham Dt-!io'« Brcakfas: 
" 9.00 .Vr.-.hacI A spot iSi 12.00 
3.00 pm Ro^tr ,-irot: 

Rrran 


Archer*. 1.45 lYomai.V Hour lncjudinu 
.No-.vft 2.45 Listen With Mo'nvr. 
f.rx '.S* 4.00 Ns irs. 9.05 This Week's 3-M X«-w-s, 3.16 (.'uestions lo thS Prlrl,L 
Ciinmuser* Rtni'ky-Korsakov 'Si. 9J5 .Mnusur ii\e inuu the House of Cot®*!* 1 ]* 

Uienneih Pryor oiauu rcinai <5i. 16 .55 3JS 

ll.i.d -milh*'. Ftr-.: Tun Ouari.-t< iS'. vuth 

12.03 pm BBC vv-imi swn.ihouy iin.he.ira Mut-.-r nf B-Ii*nirh • " 5.00 PM: .. M x _. 

r:. par! 1 -Si. LW N=w‘ 1.05 The M.isssin- SJ5 lvraih*r: pnwrajn.m- “j" J ’ 1 . . 

Arc WnrMwid-. 120 BBC W?|:t n-'s 3.00 New: 6 30 Th- Peter Hudson “j® * m Duncan Juhofion & Plight 

Ss'BibhOfli ozcnutxo out l t 6 ). LIS Sbow «.S». I4W News. 7JJ5 The ArcM * 1 


Van.ly !-a;r 4.M V.y Delphi J-00. '.m-dnr. KkJ.v 7.30 Btror 

L..-U Alf-n. 4J5 5:«r> T.mc: ’; Th '’ ' ‘‘ ur i “ 0 ^ 1 

..r ..f aj',.»n-..- :hi pm- News -.^il^n It .*:«<• Horn* '>■ 


M- 


i.41 ' 


itin-.i 


>S;. 


ALBERT. 32E 3978. CC. Bks. 836 1071-3. 
Frirr- 9.35 t-r Pa-:v -*•« A-?r. Tp«».. 
W*c a-: P- 7 i- =-?.. Th j.-s. and Sa:. 
A 32 and c Z* 

A THCL5AND “IMS' '.VELCOME IS 
uiCr.L* BART'S 

OLIVER 

"VISJiruLS'JS ML’SlCAL Fin. Times. 

fj • - Y 

GILLIAN BURNS. MARGARET BURTON 
E»--a Man. Br;‘ Now. 

ALDVYYCH. 935 Bad*, lafa. B36 3332. 
ROYAL SHAKESPEARE COMPANY .r. 
reo?.-:o -f Tan.sh: 7. 3C :om or 2.00 ana 
'IS M d?.e:s.i m; Rcwiev's THE 
CHANGELING. " Sets tne Dulses 
« :c.r^ Th- 7t.-r.ei >S*.ude«i stanch* £1 1 
W :r CORIOL AN 115 Tiers. Fn.i Daw. a 
Vfrce-S COUSIN VLADIMIR :Sat ■ RSC 
alia a: THE WAREHOUSE <S«« under Wl 


MAY FAIR THEATRE. 01-493 2031 .[ . UNDER THE GR££N»V06d' TREK 

mStYS ^Hr’iSTMaI sHOW 4 i "RICHLY ENJOY ABL^ E V ENlNG-CGdn. - 


} VAUDEVILLE .CC. 01-8^6 99BB. Prwrs. . 
D«. A and S « 8.00 OPENS OEC. G 7 jj 
. PATRICK ■ GARLAND'S. 

Adapt* a an at THOMAS HAfltjY-S 


NATIONAL THEATRE. 92 B 2252. 

OLIVIER 'open Lttaei. Frt. and Sat. 7 30 
'taw pnee or*vs.> STRIFE br Gaiswonhy 
LYTTELTON -Br<»L-enlum stage!: Tonight 
any tomorrow 7. AS BETRAYAL, new play 
b t Pin ter. 

COTTESLOE i small audliortum>: Tomer. 
ar.S Thur. S HAS "WASHINGTON" 
LEGS? »cw earned f pv Charles Wood. 
Marry e»Le1lenr mean seats all 3 theatres 
day at pert. Car parK. Restaurant 928 
2033. Credit card bkgs: 928 3052- 


OPEN SPACE 

BECKETT: Sold . Out 
Brecht's RE! 


X87 E969: 


RESPECT ABLE WEDDING 
Book now. . Reduced price ■ prees. Dec. 
7-10. B D.m. Opens Dec. "12. 7 p.m. 
Fron Dec. 13. Tnes.-Suns. 8 p.m. 


ALMOST FREE THEATRE. 9-19. Rupert ! 

S: r e«:. Lcndon. Wl. Tel.. 4S5 6224.- 
MY CUP RANNETH OVER by Raher; I 

Patrii* iKennedr's Ch.ldrer.i a rected by • ■ 

Anthony Ma’.hescn. with Gloria GiBord : 

ane Er-ca Stevens Unr, I _1 6 December. | OLO v ,c. CC. 01-928 76181' Back *s*In 


VAUDEVILLE. 836 9938. Ewer. 8 JJ 3 . 

AN EVENING- WITH OAVE ALLDS 
UNOOUBTIDLY THE FUNNIEST 
SHOW IN TOWN." Sun. Exotess. - 
LIMITED SEASON urI .1 Dec. 2 


VICTORIA PALACE. CC. 01-828 4735-8. 
. 01-834 1317. 

G*9*. 7J3L Mats. Wed and 5at,'.2AS. 
• - .STRATFORD JOHNS 

. SHEILA HANCOCK 

ANNIE • • 

-- - • "BLOCKBUSTING— -v : 

SMASH HIT MUSICAL." - D. M«lL 


Mon. -Sat.. *: 1.15 sra. 


AMBASSADORS. CC 01-336 1771. 1 

E>gs. 8.00 Tues 2.45. 5at 5 00 . 9.00. 
JAMES BOLAM 
" A superb performance." FT. 
GERALD FLOOD 
In a NEW THRILLER 
“WHO KILLED 
AGATHA CHRISTIE. . ■ ." 


far .a special Christmas season . 
December 18- January 13 MATS ONLY. 

THE GINGERBREAD MAN 
" A triumph . . . ' worth traveling mile* 
. to see." BBC Radio. 


APOLLO. CC. 01-437 2663. E*gs. 8.00 
Mats. Thurs. 3 00 . Sit. 5.00 and B.oo. 
PAUL DANEMAN. LANA MORRIS. 

□ ENNIS BAMSOth 
CARMEL McSHARRY 
5HUT YOUR EYES AND 
IrttNK OF ENGLAND 
2nd WICKEDLY FUNNY YEAR." Very 
very tunnv— great erienairment." NoW. 


ART5 THEATRE. 01-836 2132 

TOM STOPPARD’S 
DIRTY LINEN 

Hilarious . see is " Sunday Times 


! old. me. 

( PROSPECT AT, THE OLD VIC 
i Today, Fri. 7.30. Sal. 2,30. Anthony 
i Qua vie as • KING LEAR. By popular 
demand 'there will be lour extra perfs. 
Dec. 19. 20 . 22 . 23 at 7.30. . " Nobody 
with tarr respect lor ihe theatre would 
wanL to miss Mr. Quavle's Lear." Fin. 
Times. Wed- Thurs., sal. 7.30. Margaret 
Courtenay, Anthony Quayle in THE 
RIVALS. Shendan's comedy, with James 
Aubrey. Isia .-Blair. Kenneth Gilbert. 
Carol. GO Me*.' Matthew GuHiresS, Mel 
Martin. Ffr*or- Martin. Chrisioprjer 
Neame. The 

nare seen.".'T3 .... - ... 

Sir Anthony— a wondertal perlarmance. 
The Times. TWELFTH NIGHT returns 


WAREHOUSE. - Oo'nmar'. Theatre'." Covert 
Garten. - Bon Office. . 036 6800. Ravil-- 
Shakespeare Co. Sean amUMe ton't. 
jJjyiPT.- B-OQ. Jar premier prod. Mary . 

9^51? 1.7?. L 9? K 9K 7 ■ ■ ■ MEftB COMES 

TROUBLE! Ady bkgs.- Ahjwych. 

WESTMINSTER THEATRE. 834 0283.' 
T!2L_ R;te 4n<l Andrew ttoyd Webber's 
JOSEPH AND THE AMAZING TECH- 
NICOLOR . DREAMCOA-T." uarr.no PAUL 
JONES. Twice DaHy. Reduced price pre- - 
views from No*. 27. Opens Noy. 3C. 
Tickets : £ 2 . £3, £4. Book Now. Limited 
Run .... 


928 7818 WHITEHALL, CC. 01-9 JO T7B5.- 

' OPENS MON. DdL JI. Mon.TFrt; 2.1 SpS 
. Sat. 1 1.00 am add - 2 . 1 S Pm . • - 
WIZARD OF OZ 
Seats £3. £2 £ 1 . 


WINDMILL THEATRE. CC. 01-437 63,12 
Twice Nightly B.OO and 10.00. .' 
Sun. 6.00 and 8.00. 

PAUL RAYMOND presents - 

RIP OFF ' : 77; 

THE EROTIC EXPERIENCE Of* THE '---i 

-. MODERN- ERA . 3*-- 

FlHr funniest Mrs. Mai apron i i" "Takes to nr precede rued Nmil* vdor.k" 
V The .Guerdon. "Mr. Quiyle'sl^ perm(ssibje o.n . our |UMc'~..N 8 Vk' 4 .- 
y — a wondertnl pertormancc." 1 . THIKO Cotat. vtso • • . .™. » 

TWELFTH NIGHT returns 


THTTO GREAT YEAr: 


Hilarious . . see it" ' Sunday ’ T.mes. Dec. 4. IVANOV returns Dec. 7. THE ! wYNQMAM-* - 

Monaav lo Thursday B 30 Friday and; LADY'S NOT FOR BURNING returns L ’VC™?"./? i nyi nS 3 « ^ C £':^ 


Salurda 


□ 0 and 9.15. 


Dec. 9. 


ASTORIA THEATRE. CC. Char.iig Cross! ! ' . ! 

Road. 734 4291-4J9 8031. Mon. -Thurs. \ PALACE. - ' CC. 01-437 6B54. 

8. 00 Bin. Fri. and I 5ai. 6 00 and 8 . 45.1 Mofl.-THur*^ Fn. *M Sat. 6 and 8 40 

jsMrc&Lrattt I - s«ssw 

SECOND GREAT YEAR I ... 


• PALLADIUM.' - CC - 01-437 7S7X. 
CAMBRIDGE. CC. 01-836 6056. Mon. to ■ _ T ZJO LAI N E 

Tnurs. BOO. Fri.. Sat. 5.45 and 6.30 with the JOHN ■ DANKWORTH Orctu ■ 
IPI TOMBI .Special Guests- JACK PARNELL* 

EXCITING SLACK AFRICAN MUSICAL KENNY BAk ER. DON LUSHER. 

" Pulsatins Musical " Evening News. ■, This week. Tan'l and Thurs. 8 . 00 ; Wed. 
Sear pr.ces £2.O0-£5 so 8.45. 2 Pert*. Frf- Sat. 6.T5. B.4S. 

□inner and :ce puce seal £9 SO incl. • ■ -7 : 

FOURTH GREAT YEAR . " 

TRANSFERS TO WHITEHALL THEATRE PALLADIUM; _ CC. / .01-437 7373.- 

□ ECEMBER 6 . I Opening Dec- 20 tor a Season. 

; ; DANNY LA HUE 

Widow Twankev in . 


Bkgsr 836 1 071 from . 8.00 am 
Thurs. B.OO. Fri. and 5at. A. 15 and 8.30. - ; 

-ENORMOUSLY RICH . • 

-VERY FUNNY,"- Evening N*wg-. . . 

Mary CMiHey-s soiash-hH comedy .-• ". 
ONCE A -CATHOLIC ... 

-“Supreme Comedy on set and reifglMj*.: 

. Dally Teleonphl i * .i . 

“MAKES YDU SHAKE WITH 
•. LAUGHTER.;: .Guardian. ; - ■: 


YOUNG VIC 923-6363. Thur.^Frl.,;*#t.' r.- 
Mon. 7.30 THE TEMPEST part of SbaYpl 
, sura re trloloer ACTION MAN. 

| - — — -- — ■ — - ■ ---< 

i YOUNG VIC STUDIO. -. * 928 - 6363;- 
Tpmpr.. . Fr».. SaL B- Tbdr.^ 7 premiere ■. 
of BOZO, ' ' ' . .- ' •• .- 


CAMBRIDGE. CC. 01-826 B056. 
Baa office new oner tor 
TROUBADOUR 
A new musiral stirring 
KIM BRADEN JOHN WATTS 
Red. sr-ee Prevtews tram Dec. 13. 
Opening December 19 


ALAOPIK 
ALFRED MARKS Si AH A NAZAR 
DHVS WATLtNG. Brian. MARSHALL 1 . 

•laid WAYNE -SLEEP .... , 
Pre? lew- December 19. at - 7-30.' 


COMEDY. CC. 01-930 2 57 8 . Eva, 

Thun. 3.00. Sau. S. 1 S and " 

BILLIE WH1TEL4W 
' The most nowerlul Inmate acting seen 
In London this rear." Observer. 

T P. M;K ENNA m 
MOLLY 

by SIMON GRAY 
'• INTENSELY MOVING." E. News. 
FEROCIOUSLY EROTIC.’ S. Times. 
LAST TWO WEEKS. ENDS DEC. 2. 


, PHOENIX THEATRE, CC. 01-836 2294.1 

S. 8.00. tfj. B.OO. wed ..TOO. Sat. 5.00 and 8.30. j 
8.30. I DIANA SfGG. JOHN THAW 


CINEMAS.,: 

ABC 1 and 2. SKiftasburY' A*«- 836 8881, - 
Sen. p-tTS.- '.-ALL ATS BOOKA4U7" 
1: DEATH ON uGTnILE tAlHWk. and 1- 
! Sun. 2 - 2 CL .5 20. 8.20. 

? ''gatiiFV’iJp"*-'- 

Sun. -2.IW: 5AO.--B.DO. ~ • 


NIGHT -AND DAY 
■New Play by TOM STOPPARD 
'-Directed by PETER WOOD 


CRITERION. 930 3216. Credit card bkgs. 

836 1071. Era. Mon -Thurs. 8 . Frt. and 
bat. S. 4 5 8- 30 "THE MOST HILARIOUS 
PLAY FOR YEARS." F.Mnelal Times. 

Gi-OO JOO 

Bv Micnael Hastings 

“HAD THE AUDIENCE ROCKING WITH l ■ _ 

LAUGHTER." E«g. Sundard. [ PICCADILLY. 


PICCADILLY: From . 8.30 am. 437 450B1 
Credit Card- bkgs. 836 1071. Prev. 12 
Dec. 9 . spawns IS .Dec. 7. Sub. Ee*.,*.; 


th? I^ncread ngwl. popular 


BARRY! HUMPHRIES 
Invites You to spend 
A NIGHT. WITH 


.J1AME EDNA 
Bock now ir 


— theatre and ait agendas. 
LIMITED. 5 EASON 


CAMDEN ’PLAZA. • -fogoL -Camden Town t 
T ube! 485-2443. THE BOB DYLAN FILM- . 
.RENALOO-AND CLARA <AA* With BOS 

DYLAN aocKJOAN -BAEZ in 4- -TRACK ■ 

.-5TE0EP. . Propsi.^O -antf 7;30. d4«y-'. . .. 


CLASSIC T 5C :'3T T, TWorrf ,-Slredt looo. 
. Tottenham. Court-: Rd. tu(?nj. - HS6 -031 q; 
•AJ-anjd -A progs, - Ch iMrefi- halt-oriK. 

- lA -Wiactf - Adam's . WATCRSH ip-: Down 

-tU) Now with Lter Pop&onlc BO 

1 .45 . 4.00. ETS.JB35. . .... 


sduwll-PrdBT. 


.437 8503-836- 3962.' 


Crane card bookings B36 1 071. 
neiiDV a .up rr mis ,, nn , RIcttaM Goolden. tiff Talbot- JR 

O.RWRT LANS.CC 01-816 3108. Mon. | rOAO OF ’TOAD HALL - 


to Sat 8 00 . Matinee Wed and Sat. 3.0n l 
A CHORUS LINE I 

"A rare -devastating lovous astonishing I 
Stunner." 5. Times. 3rd GREAT YEAR. < 


:-2i'TO* GREEK +YCCWNV {AAli'PrOgt. ‘ 
Tl-IQ- 3,40. « k flD.:ift20. r -,'w.r.- 
. J: L AST TWO DAYS.*- Gtenda -Jackson . u 
.- STIVIC (AA),. Progs.- .1 250,' 3A5 V 8.05. 

■ VB-25,- Tombrrowv'Tz 'noan .only' Sgecial . 
"1 -Matinee, - Aft “fens '-*1 -OOr Silent 
WITNESS iA1. 

4: Burt Remolds' is 'HOOPEK^CAI- Progs. 
2.00. • 4.10. 6/25/.-Bw40i' 


CtirtMUMS matinees Dec. 18- Jan. 13. 


PRINCE EDWARD. CC, w^.,. 

Ergs. B.OO. Man^_ JTnurs. . sac 3J» 


01-437 6877. 

DUCHESS. 836 8243. Mon. to Thun. I Eroa - . B - OT * ""*Kvji T ’ ” 

Lven.ngi 8-00, ^St^S and 9 00 br Tiro a n d C Andrew Uord-Wehb^. 

"The nudity is stunning. " Dally Mall. | JJggg* £f si . C lS2 nSFxt. 


CURZON. -Curran . Street. W- 1 . 49B 3737. 
YOU LAUGHED AT HtS- AEFATR . . . 
NOW. LAUGH AT HERS . . . 
PARDON MON AFFAIR TOO <AA< 

- r English subtttlosF Flfra at 2.00 inM* 
Sundays!. 4.05, 6.20 and BAO 


9th Sensational Year. 


DUKE OF YORK'S. CC. 5122 i. | p RINCB 0 F WALES. 01-930 8681. Credit 

Fn. and SaL^5.30_ ; nd B.3D ! wa oodklnga .930 M46» Limited ron 


Ergs. I am 

TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

'■ IS BLISS." Gbtemer. 

" Michael Frayn's funniest olay.” D. Tel 


before New York. -Mon. to Thors. 8.00, 
. Frt. and sat. 6.00 and 8.45. 

ALAN AYCKBOURN'S smash hit comedv 
' BEDROOM FARCE 
"If yt» do not. laugh sue 'me." 0. Eap. 
A~ Natloiwl .Theatre Production, ... 


FORTUNE. S3S 2236. £*> B. Thurs, 3 
Saturdays 5 00 and 8.00 * . 

Ml,ri MU R P DER %T 5 TH ^ 1 WCaR 4 GE LC ,n ’ QUEEN'S- Credit eard*-^ 01-734 .1.165, 
FOURTH GREATLY EAR “ 1 **-««• W«--3 : 00. _S», 5,00,. Bjo! 


GARRICK. CC. £36 4601. Evgj B 00 • 
snarpi. Wed. 3.00. Sats. S.3C and 3 30 I 
DENIS QUtLLEY in IRA LEVIN'S 
DEATHTRAP 

A New Thriller directed br 
MICHAEL BLAKEMORE 
••THREE CHEEPS FOB TWO HOURS SF 
MARVELLOUS ENTERTAINMENT." 
Sunda« Teiegraoh. 


5at. 3. . .. 

GEORGE CHAKIRIS, ROY DGTAJCE. 

RICHARD VERNON. JAME5 VILLIE 
. THE PASSION Of DRACULA 
'■ OAZ2 l-ING." Z. SWn., V MOST 
SCENICALLY SPECTACULAR SHOW 
TOWN.'-' Pimch. ‘‘.THEATRE AT IT5 
MOST' MAGICAL." Timas. Ltf. Sup. 


LEICESTER SQUARE THEATRE (930 5252) 

' THE SOUND OP MUSIC m Sep. PfMS- 
-Wk. 2.30. 7.30. Son. 3.00. 7.30. Seats 
;bfctd<F. t« advanca by post or at. 8a* , 
QBrfe tor *7.3o wog. Mon.-Fr). and fell 
Dross. Sat. A Sun. 1 N 0 Late Show Mcg.t . 


OQEON, Haymarket. -mO "2738/2771.1 
-MIDNIGHT EXPRESS- IX).' -5«P. progs- 
Oty. 2.30. S-30. 8-33 .p.m. AH S«at» 
bkWe. • 


OB EON. Leicester Square- (930 6111) ' 
EYES OF LAURA MARS IAA*. in. 
progs: Dir. dgora open 24)0-. 4.4S. 743. . 


GLOBE THEATRE. CC 01-437 1S92 
Evgs B.1 5. Wed. 3.00. Sit 6.00. 8.40 i 
PAUL CODINGTON. JULIA Mikenzie 
BENJAMIN WH1TROW 
ALAN AYCKBOUPN S New Comedy 
TEN TIMES TABLE 
• Thiy must he tht hdootsi laughler. 
maf'er in Le«don. 1 O Tel. -An ,r»«!*i. 
bty enlayabte ewnina.- Sunday Timeg 


RAYMOND RCVUEBAR, CC- 01-734 1593 
At 7.00. '*.00. 11 410 qm Open Sun. 
PAU L RA YMOND presents 
THE FESTIVAL OF EROTICA 
Fully alr-eondilioned 


ODEON.-llarblfr Ann. Wi CTZSrZOTlrZ] 
.REVENGE OF THE • PINK- PANTHER (A|. 
Progi. com'. 3,1s,. 8.15. 


PRINCE CHARLES.- Lute. So. 437 BIST. 
Wflfenan AorowgayA'* THE BEAST Londen . 
X Sep. Parts- 13.40 : 3. TO. 5.55. 6.35. : 
jSun.- 4.10, S'.SS. -tUiaC.Lau. snow -Fri.-. 
and Sat. -1T.15. Seats Bkbir.- Uc'4 Bar." 


REGENT. . CC. 01-837 9062-3. 1 

Mon. -Sat- -8.00. M»UL Fri.. ana Sat. B4JO 
■ LITTUt WILLIE JR'S. 

- RESURRECTION 
Th* fint Soul Gospel Musical, 


STUDID‘-1' , d«iit 1 -A'''OTtorO-.CircOT. 437 33DC 
Is. Jill Ctarburgh.. Alan. Sates In Paal 
NlaTUiltrj-'S- AN - UNMARRIED" WOMAN 
(X)v .-J»rogff. I.OS. 3.30 6.00 .'81357 Late. 
Sho“ Fn. an* SaL. 1.0-50. ' 

4: Agatha Christie's DEATH ON THI 
NILE efltj. . Sep.. Pots. 'Dly. *2.15; S-1S> 
a.TS. Late Show Thun,,' Fri. ,SM. Ll-IB- 
Scais 'bdoksate ^ • - . -. . 


o 











.... JSSS?*-*- v 7.-". 

Jy'P.iy: .*• 


:|k-. • ' . - ^ Tuesday November 211978 

5.- ; Bush..-.^; ;;v: I'- 





A Greenish Man 


by B. A. YOUNG 


Shoo Wilson's 80-mintite one- 
act play, which yotr : might 
describe as a comedy-thriller, is 
in fact a television play, and for 
once-:, the -progremme is honest 
. enough to say so. But the 
imaginative production by Dusty " 
Hughes is truly theatrical— 
indeed brilliantly theatrical, the 
movement between the areag of 
the. composite set achieved with- 
out the least , interruption of the 
smooth . continuity of the 
narrative.' " 

-- Troy, who has been six months 
In hospital with lead poisoning 
from work at O’Malley’s paint- 
factory ."comes back to demand 
compensation and 'finds' himself 
among a mad party -of IRA. 
conspirators. Only one of them is' 
better than half-hearted, and he 
is officially dead.' Young Patrick 
O'Malley, an expert bomb-maker 
who- blew -himself up, : actually 
survived, though without his 
legs. As a wanted naan,' he has 
to be. concealed in his father's 
paint-works. .. 

There . is no hope of compensa- 
tion, - for the business bas 
dwindled Into bankruptcy and 
O'Malley’s brother George, who 
keeps tbe pub. next door, wants 
to buy the premises. Troy is 
taken on with the gift of a 
formula for making green paint 
out of grass; but his real Func- 
tion is to murder Patrick at a 
dinner of IRA supporters, tbus 
setting tbe factory free. Other 
guests at the dinner are Troy's 
separated ..wife and her new 




17 


Hayward Gallery 

The German perspective 


by WILLIAM PACKER 


friend, an American who has 
been supporting the IRA. from 
Berkeley University . ..without 
really knowing what ibe move- 
ment Is about, and George's 
little daughter Deidra. : ' 

From this material Snoo 
Wilson weaves ab evening of 
comedy and of tension that never 
slackens for a moment, even 


Paul Kember and Dudley Sutton 

when we are following 
apparently parenthetical paths 
for fun, or watching Deidrc 
I Elizabeth McKelvie) do an Irish 
dance on the table. What looks 
like extraneous matter always 
turns out to have a practical 
funcrion: the play is one of the 
best-constructed short pieces I 
have seen for some lime. 


There has been abroad for 
'some years now a most lively and 
fuseful scholarly curiosity con- 
cerning the art, both European 
land American, of the earlier 
decades of this century; and the 
consequent adjustments, revalua- 
I tions and revivals that have been 
I forced upon us have been excit- 
j jog and fascinating. 

f In particular, the received 
I wisdom that Paris was the 
— r natural, inevitable source of all 
significant development bas been 
vigorously and successfully chal- 
lenged, her assumed and 
jealously defended pre-eminence 
now seen to be a tribute quite as 
much to her si v ie and confidence 
as to her actual achievement; .she 
was important. oF course, but she 
. was not alone. And it bas 
I become increasingly clear, more- 
over, that while the English, the 
! Americans and the Italians were 
iup to many interesting things in 
! the outfield as it were, the 
i German action was as hot as any. 

Jn little more than these past 
, 12 months. a series of ambitious 
Lcxntard uuri , ani j sometimes magnificent exhi- 
bitions has confirmed the point, 
the vast Council of Europe 
exercise in Berlin last year most 


It is admirably played by all 

the company — Paul Kember is - „ - .. 

tbe thick-witted Troy. Dud ley aM * set 5 ut 


Sutton, smothered in green 
paint, is O'Malley. Denis Lawson 
Tbe gentlemanly rebel Patrick. 
The complicated set occupying 
most of the theatre Is designed 
by Grant Hicks. 1 recommend 
the evening warmly. 


Royaf Academy 



El Dorado 

by ANTONY THORNCROFT 


“Gold is what gave them 
breath: For gold they lived, and 
for gold they died.” So wrote 
Juan de Castellanos in the late 
16 th century about the Indian 
miners for gold in the Buritica 
region of Colombia. His com- 
ment could easly have covered 
the Spanish adventurers who. 
after destroying the Aztec 
culture of .Mexico and the Inca 
civilisation of Peru in tbeir 
pursuit of gold, concentrated on. 
Columbia, such a rich source of 
the mesmeric' metal . that it 
supplied the reality for the 
legend of El Dorado. 

The Spaniards found Colombia 
both more rewarding and more 
frustrating. Gold was every- 
where: the natives dressed in 
little else, and there were 11 dis- 
tinct and important gold working 
regions in the country which 
had been developing an exper- 
tise in the metal since tbe time 
of Christ But there was no cen- 
tralised government which could 
be. taken over complete and 
exploited. The gold had to be 
captured tribe by tribe, even 
family by family. Much of it was 
already hidden away, buried in 
graves with the dead owners. 
“Other clergy bury the dead, but 
this vicar dug them up,” writes 
a commentator of tbe 1550s about 
a Spanish priest, more anxious to 
accumulate riches on earth for 
himself than save souls among 
tbe heathen. Tjhe tradition of 
robbing graves in Colombia is 
big business even, today. 

Some of the pre-Conquest gold 
can now be seen in London, at 
the Royal Academy, from today 
until March 18. 1979, in an, 
exhibition presented by Benson 
and Hedges, the' Times Newsr 
papers, and the Royal Academy 
itself, entitled The Gold of El 
Dorado. The Museum of Gold 
in Bogota has supplied the 


majority of the items, but this 
is not a dull procession of gold 
objects buried beneath glass. An 
attempt has been maae-to re- 
create tbe pro-Colambus civilisa- 
tion of the region, placing, gold 
within the Indian society. It 
is a wise decision. . In itself, as 
gold nose ornament follows gold 
ear ornament, the mystique of 
the metal dissolves quiteTapIdly. 
especially as it was used for 
utilitarian as much' 'as; cere- 
monial purposes. The. excite- 
ments in the exhib’tibh'are not 
the rare and precious objects but 
the evocation of the people that 
created them. ■ ~ . 

After a procession of rather 
claustrophobic rooms, not far 
removed from venturing down 
your personal gold mine, - the 
display opens out into a' celebra- 
tion of Muisca life. the'Muisca 
being the tribe which created 
El Dorado. There is a native 
hui enlivened with jungle noises 
and the throb of drums, and 
here tbe objects - become more 
real, not just ceremonial gold, 
but wooden spears, a deformed 
skull narrowed to follow the 
fashion of the day, and a bag 
for coca leaves, the drug which 
dominated both the routine life 
and the ritual of the tribe. Then, 
after another room devoted to 
the differing styles of gold work 
of the regions, reality strikes 
again ' with a celebration of 
native death and after life. There 
are - mummified .-bodies and the 
re-creation of a burial chamber, 
complete with tbe golden 
funerary mask and other golden 
needs for the next world. And 
here are * some of the most 
impressive objects of the exhibi- 
tion, the burial urns where the 
remnants of tbe dead were 
deposited, not made of gold but 
of rough pottery yet remarkably 
alive and poignant, with their 



the tendencies of the twenties 
in a group of related shows; and 
we should also remember the 
Du da and Surrealism festival jd 
L ondon last spring, and more 
recently the^Paris-Berlin exhibi- 
tion at tbe Centre Pompidou in 
Paris. On more modest a scale, 
but significant nevertheless, the 
I Cityscape and Tbe Modern Spirit 
exhibitions also made their mark. 

Now the Arts Council has 
carried on tbe good work by in- 
viting ■ Dr. Wieland Scbmied, 
whose subject is the realist paint- 
ing of tbe period, and who bas 
played a major part in this 
) recent flurry of exhibitive 
scholarship, to concentrate our 
attention for the first time 
(specifically upn n vhat is known 
as the Neuc So rhf ichkeit that 
flourished, if that ls the word I 
want, in tbe Germany of the 
| Weimar Republic, and is now 
recognised as being a particu- 
larly distinctive contribution to 
European Art between the wars. 

In common with most such 
labels, tbe usefulness of which is 
not always a function of tbeir 
.precision, this one should not be 
| read too closely: for Objectivity, 
Reality and Detachment, all 
proffered as possible meanings of 
the word Sochi ichkeit, each in- 
vites an infinitude of semantic 
quibbling. When so much of 
the work it embraces is mani- 
festly partial in the view it offers 
of humanity, openly political and 
vehemently satirical in its social 
commentary, and wilfully idio- 
syncratic in both imagery and 
treatment, the New Objectivity, 
lor whatever you choose, of the 
title .may be seen to he no 


Objectivity at all. But the Play, 
in this case the Exhibition, re- 
mains as ever the thing, names 
and classification notwithstand- 
ing: and this one contains more 
than enough matter to trap any- 
one's conscience. It .is indeed 
among the most exciting and 
extraordinary to have come to 
London in an age when impor- 
tant shows have become almost 
commonplace. 

It is a large show, made up 
in essence of seven related dis- 
plays of the work of single artists, 
but filled out with a large sec- 
tion of photography, a smaller 
group of foreign work, most of 
it French, to provide some 
external reference, and a certain 
amount of lesser material. To 
get the carping out of the way: 
the photography, as it is shown 
here, is perhaps a mistake for 
as it stands there is too much 
of it. and yet the photography of 
the period is so important that 
we want to see more. 

In the circumstances I would 
rather have had a quite separate 
and extended exhibition in place 
of the Cariiier-Bresson upstairs, 
excellent though that most cer- 
tainly is. Otherwise a reduced 
and * concentrated display to 
maintain the concentration built 
tip hv rhe paintings thus far 
would have done very veil. The 
show is quite big enough, and 
some slimming would not have 
hurt it: which lakes care also 
of the secondare- complaint, that 
some of the minor work towards 
the end of the circuit is not 
really good enough, nor even par- 
ticularly interesting art — historic- 
ally. The pace slackens too much 
once we leave Schlicbter until 
tbe amazing Srhad makes us 
jump almost at the very end. 

But these arc comparatively 
minor points, in no serious way 
detracting from the exhibition's 
almost excessive virtues, fore- 
most among which is the chance 
it gives us to sec in some 
strength the work of evidently 
major figures who have yet 
remained all hut unknown tn us 
in this conntrv. Karl Hubbuch. 
Rudolf Schlirhter. Christian 
.Schad and Franz Kadriwil) are 
artists of whom we should have 
known long ago. hut never asked: 
we are fortunate to he told now 
in such full and graphic detail. 

Of Otto Dix. too. we should 
have seen a great deal more, 
though he does at least appear 
in all the histories. He tends, 
however, to he given only pass- 
ing consideration, always put in 
the shadows of George Grosz and 
Max Beckmann. It is very much 
to Dr. Schinicd's credit, there- 
fore, that he should have had 
the nice discretion, without at 
all putting down those two great 
artists, to bring Dix out into the 
light and to give him the floor. 
The show of his work here is 
quite unprecedented in this 



. Portrait of Eduard Pfietzsch, 7729 by George Grasz 


country, both copious and of 
extremely high quality, and quite 
rightly it dominates the entire 
exhibition. Dix reveals himself 
as a figure of great importance, 
not one to be ignored quite so 
easily again. 

His work is extraordinary, 
superficially with much in 
common with that of Grosz, the 
sa m e pre - occu pat i on with 

violence and corruption, the 
sante prescient characterisation 
of German society: but it is more 
extreme in its imagery, and 
rougher, cruder, more active in 
its handling. Whereas Grosz is 
coldly, bitterly political. Dix 
evinces a more desperate and 
fundamental despair at the 
loathsomeness of humanity itself. 
His whores and cripples and 
deformed lovers are made the 
more terrible hy the delicacy 
and finesse of his drawing and 
handling of the paint, and the 
unforgiving sharpness of his eye. 
The range of his major portraits 
is unforgettable in its accumu- 
lative psychological intensity, 
the harsh, brilliant and witty 
Journalist at one end, the oddiy 
compassionate Pregnant Woman 
at the other. 

The show does in fact begin 


with Beckmann, with three 
splendid self-portraits and a fine 
run of figure drawings among 
olher things, hut he is known 
to us, and there are no sur- 
prises; and the same is true, in 
his very rfi iTe rent way. of I he 
Grosz section that follows, in 
which the somewhat later 
portrait nf Eduanl Pliezsch is 
outstanding, and most useful in 
preparing us. by its more freely 
expressive handling and its 
sombre mood, for tbe psycho- 
logical expressionism of Dix. 

Overall, though, the painting 
nf the incite Sarht ichkeit most 
certainly makes clear its peculiar 
virtues and characteristics, its 
final identificatlion is with rather 
wider and older a tradition, not 
merely with contemporary ex- 
pressionism or Dada. nor even 
with the symbolism from which 
they sprang, but that old 
Northern tradition that goes 
back on the one hand to the 
phrsiral passion of Grunewald. 
the surrealism of Breughel and 
the metaphysics of Cranach; nn 
the other to the more dispas- 
sionate realism of Holbein, 
Durer and earlier, the Flemish 
masters. Art has a curio js way 
of coming together in its variety. 


Festival Hall 


Huoh Rovilcdac 


A pectoral figure with head dress 


expressive carved faces and 
suppliant arms. 

Not that all the gold objects 
are routine. The gold pectoral 
design illustrated here, a figure 
with an elaborate head dress, 
typifies the minute craftsman- 
ship which was so widespread. 
And although it is a replica of 
the originaL still confined in 
Bogota, the finely worked votive 
offering — depicting the El 
Dorado ceremony when the ruler 
of the Muiscas is taken on a raft 
to the centre of the lagoon of 
Guatayita where he is stripped 
and covered with gold dust — 
catches the pomp and the im- 
portance of the occasion to the 
native mind. He then threw into 


the water gold and jewels and 
thus sparked off the legend and 
the ceniuries-iong search for El 
Dorado, which, ’in ’"its practical 
form, involved European techno- 
logical skill in draining the 
lagoon for its treasure. Much 
was recovered, much still 
remains, now protected by the 
Colombian Government. It is 
such human glosses on the gold 
which give this neat not too 
large, display its appeal. The 
eye-catching images may be few, 
but the insights into a totally 
alien and little-known culture are 
great A catalogue should be 
acquired and consumed before 
venturing into tbe six well- 
defined rooms. 


What do wine drinkers 
look for? 



Shippers 
they can trust. 

How can a label help you choose a good wine? It can teU 
you the Ivpe of wine, but not whether it is from the ng) t 
source. The Appellation and the Vintage, but not the tare 
taken in its fermentation and its maturation. The producer, 
but not how it is blended and bottled- . nriJ 

The shipper's name alone is your guarantee. Bo 
Aine assure you of a high standard. Our name has numuined 
its reputation because we expertly select and earef } ■ P 

arty the finest wines. _ . . , „ i. oftW V ou 

When you see Bouchard Ame on the label. >ou^now 
are getting a very good wine from a shipper you can trust. 

Bouchard Aine 

SW1. Tel: :hi>5 3661. 


Elizabeth Kail 


Adelaide di Borgogna 

by MAX LOPPERT 


By strange and happy coinci- 
dence, three of the four Rossini 
operas given their first perfor- 
mances in 1817 have been pre- 
sented Id London, on chronologi- 
cal t>rder, over tbe last month. If 
1817 was not, for Rossini, an 
annus mirabili* of universally 
acclaimed masterpieces, it was 
still an extraordinary year of 
production. Censrentola, the 
dramma giocoso, and La gazza 

ladra, the opera semiseria, had 
great .. successes; Armida, an 
opera serin (and the work miss- 
ing from -our London list) bad 
only a moderate one. Adelaide 
di Borpogna, a dramma in two 
acts written for Rome, failed, 
and- was soon withdrawn. It has 
gained, in most of the Rossini 
studies, tbe position of most 
derided opera — in Toye's words, 
an “extremely tiresome, medie- 
val-melodrama (that) has noth- 
ing to recommend it.” It was, 
presumably, to put just such 
received opinion as this to the 
test that Pro Opera mounted its 
concert performance on Sunday 
evening, providing Adelaide with 
its first airing in modern times. 

Wbat emerged was of an un- 
even quality to supppon the 
supposition that Rossini’s atten- 
tion was not fully engaged upon 
its composition; but tbe music 
is by no means negligible all the 
way through its course. Tbe 
listener with tbe radiant comic 
humanity of Cinderella and the 
remarkable comic-tragic fusions 
of The Thieving Magpie still 
fresh in bis memory must 
inevitably find its libretto (a 
thin, jerkily plotted affair by 
Giovanni Schmidt) dull and dis- 
appointing: and. in this light, the 
predictability of tbe opera seria 
conventions seems at first like a 
retrograde step. 

Even so, one of the unfailingly 
enjoyable things in the fresh 
discovery of any Rossini serious 
opera is the resource with which 
the composer adapted his fami- 
liar formulae to the task in hand; 
and in Adelaide, even when 
Inspiration is running at an only 
moderate temperature, resource 
is still everywhere apparent. The 
opening trio, for Adelaide and 
her adversaries, bass-father and 
tenor-son, may not offer any 
unusual touches of melodic 


interest; yet one notes the detail 
by means of wbicb a serious tone 
i$ set — the careful use of solemn 
unison strings, say, or. in a new 
cantabile section, the noble 
sound of tbe soprano voice as it 
strikes out above a bare accora- 
panimenL 

Adelaide (soprano) and her 
warrior lover Ottone (mezzo) 
may be no more than rough 
sketebes for the later Semira- 
mide and Arsace; but in their 
arias and duets there are many 
beautiful things: notably a 
melancholy cor anglais obligato 
at one point, an imitative duel- 
ling of soprano and oboe at 
another. The ensemble music is 
carefully and fully worked — the 
expansive way in which vocal 
quartets grow out of and back 
into the cboruses, and voices 
twine in duet and trio after their 
introductory statements, is the 
mark of a master, even on an 
off-day. 

One would have liked a cast to 
be made for the work’s dramatic, 
as opposed to its purely musical, 
worth. - For that a conductor with 
a more certain control over his 
forces, a less fallible method of 
sustaining tempi and articulat- 
ing orchestral texture was 
needed. — Leslie Head and his 
Pro Opera Orchestra were always 
valiant, but Often flaccid and In- 
sufficiently assertive of rhythm. 
Two well-tried Rossinians led the 
cast in fine style: Della Jones, 
following her recent Cinderella 
and Magpie Ninetta with Ottone 
(was there perhaps a shade of 
tiredness on her tone?) and 
Eioddwen Harrhy as Adelaide, in 
limpid, colourful voice apart 
from one or two edgy forays 
above the stave. 

There was much difficult florid 
music for all tn sing; both 
demonstrated Iheir easy and 
always expressive mastery of it. 
The Peruvian tenor Ernesto 
Palacio made a pleasing impres- 
sion as the tenor; there is not 
much character to his voice, bat 
ir moves sweetly and cleanly, and 
with admirable agility. Roderick 
Earle, a slightly raw but dis- 
tinctly promising young bass, 
and two superior camprmutrii in 
Aramtpad Wilkinson and Pene- 
lope Walker, completed the cast 


LPO/Haitink 


by ARTHUR JACOBS 


Whether anyone invoked the 
Trade Descriptions Act. and 
demanded a refund at the box- 
office I cannot say. But certainly 
the promise on the posters of 
“Overture and Ballet Music, 
Prometheus " was not fulfilled 6n 
Sunday evening. Instead of the 
lfi numbers which Beethoven 
wrote for this ballet (and which 
it would be interesting to hear 
occasionally in complete form) 
we were regrettably cut down to 
three. One was tbe vigorous 
finale using the tune to which 
Beethoven returned in the final 
of the Eroica symphony. 

Equally regrettable, and more 
surprising in view of the high 
standards wbicb Bernard Haitink 
has established as principal con- 
ductor of tbe London Phil- 


harmonic Orchestra, was the 
poor execution. There were many 
examples of a failure to realise 
Beethoven's sudden contrast 
between loud and sott. of poor 
balance (a solo cello entry was 
blanketed out), of less than 
unanimous attack. Perhaps the 
demands imposed in rehearsing 
Stravinsky's Dumbarton Oaks 
concerto, a work for 15 players 
not usually included in a 
symphony orchestra’s series, 
robbed Beethoven of due pre- 
paration. 

But Beethoven received his 
due in the performance of the 
Piano Concerto no. 3 with Jean- 
Bernard Pommier as soloist. A 
fine precision of rhythm, a 
subtle car for the shaping of 


phrases, and an aptitude for 
dovetailing his part with that of 
tbe orchestra — such were the 
clear, characteristics of this 
interpretation. A failure to pro- 
duce true pianissimo iu the open- 
ing chords of the slow movement 
was the only lapse in Mr. 
Pominier's artistry. 

Dumbarton Oaks is. I have to 
confess, one of those pieces of 
that period of Stravinsky's life 
(1938) which still strike me as 
both enigmatic and perverse. I 
like neither the supposed 
" homage ” to the bygone 
baroque. nor the specific 
modernities. Yet I may com- 
pliment Haitink on the rhythmic 
clarity and lively spring of his 
performance. To have a per- 


ceptible pause between tbe first 
and second movements (instead 
of the composer's attoccai is 
surely wrong, however; what is 
nominally written bs ihe end of 
the first is harmonically the 
beginning of the second, or it 
is nonsense. 

It is notable, and no doubt 
heartening, that the presence of 
a Stravinsky item of this kind 
does not apparently lessen the 
orchestra's ability to fill the hail 
(almost) with a programme 
otherwise built on the solid 
appeal exerted by the names of 
Beethoven and Mozart. The 
Mozart was the Jupiter sym- 
phony rather heavily delivered. 
This was an evening when 
Mr. Haitink left me les* ex- 
hilarated than he usually does. 


This announcement appeal* as a mauer of record only. 

US$ 18000000.— 

PROJECT FACILITY 

with the guarantee of the 

REPUBLIC OF THE IVORY COAST 

Managed by: 

SODITIC S.A. 

FIRST INTERNATIONAL BANCSHARES LIMITED 
INTERNATIONAL COMMERCIAL BANK LIMITED 
STANDARD CHARTERED BANK AG 


Provided by: 


AMERICAN FLETCHER BANK (SUISSE) S.A. 

BANQUE DE PARIS ET DES PAYS-BAS 
(SUISSE) S.A. 

CANADIAN COMMERCIAL AND INDUSTRIAL BANK 
FIRST INTERNATIONAL BANCSHARES LIMITED 
NORECO FINANZ AO 
THE PROVINCIAL BANK OF CANADA 
STANDARD CHARTERED BANK AO 
WARDLEY (VILA) LIMITED 


AMERICAN FLETCHER NATIONAL 
BANK & TRUST COMPANY 

CAiSSE NATIONALE DE CREDIT AGRICOLE 


FDESA INTERNATIONAL FINANCE COMPANY 
INTERNATIONAL COMMERCIAL BANK LIMITED 
PKBANKEN INTERNATIONAL (LUXEMBOURG) 5.A. 
soomc sjl 

SWISS ITALIAN BANKING CORPORATION LIMITED 


Agent: 

^SODITIC S.A. 


Trustee: 

BANQUE DE PARIS ET DES PAYS-BAS /SUISSE) S.A. 


October 1978 








FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, I#ONDON EC4P 4Bt 
Telegrams: Flnantimo, London PS4. Telex: 88fi341/2, 883897 
Telephone: 02--2M SOW 

Tuesday November If 1 W8 

Germany set 


KME TO RETURN TO PRIVATE OWNERSHIP 


Financial Times Tuesday N6vember ;21'197S 

BY JOHN ELLIOTT 



CO 


a political own-goal 



T HE FINANCIAL troubles of how a company acquires the 
of the Kirkbj Manufactur- of a co-operative, 
ing and Engineering But KME’s leaders, especially 
Workers co-operative on Mersey- Mr. Jack Springs, a former 
side and the plight of the 700 «*ni or and militant ^Amalga- 


mated Union of Engineering 


Workers' shop steward who is 


THE SUCCESSFUL political rale, bu: 2- should not be A . urker < involved have fur mure "V* 1 ™ V"”" T ■ 

comprom:« #n Wtst Germany's «ou ? h >, ,.t the alarm Ml.- po.it.ca. - 

TlX WEST! TLv bu*inw* >«* <* ■ nB » n,ulde . “ f «» "»-■ -»■< ra.h/r beISLn nv„ 

ru.-lhK bd:»l!un ;l.a! ihe dcacc .« mWicaled bv buny.n: Prnponmn up Iheir impnnamc „ a cooperative hj- the NEB. 

uountrv a ,et f.. r a phase ..f demand investment seeds, tn cither the nalional eeuneniv He a!,., sees the NEB as a fall, 

steady evpansten. There was and neariv all industries are nr the problems ol Ihe local hack _"0 nll.ll If the Voreeste. 

never much dvubi that the repurun- o.gher orders and Liverpool region. hid ; alls through. However. 


X if 


never much doubt that the reporting u.gher orders and Liverpool region. hid ; alls through. However. 

Government wuuld reach agree- raised Thf \ outlook During tin* tunc the vo-.pera- ^'Ij./ have rejected 9 such ‘ a 

•■neat with the Oppu#i Sion, wlutfe remain? o;o..K for crisis sector* t| .. e wni ,. h is un Uie brink .»f " "« n J su " n * 

approval a neve^ary fur ihe /ike : run 2nd ^tceJ. mining and being returned to the private J 

package to pa-s through the shipbuilding and it unlikely iCl . Ul ' r f various problems are The Government is not even 

Bundesra:. But Herr Schmidt 'hat 'he renalwnary package , roned out during the next iwn pro Da red to lei its proposed 

a i most certainly warned tu war -•■ill *!•.■ th-:-.y. much quod given W1?ek - j 2 a s been used as a preference share holding in 

until he could see mure dearly the interim ...’nal nature >»f tneir p rt j,|j t ’ ;< j f,»othaI( by ils sup- Wi»rce«ier to so to the NEB. 

where the economy was heading. difficultly'- _But porter.- in the tus-dc constantly even though its share in other 

Now that the Government in the car inquiry and mechanical j^i na waned within Hie Labour " lame ducks” such as BL and 


Now that the Government is 
apparent;:-- confident that the 
emerging eco Humic upswing will 
generate increased tax revenue. 


en;incer::tj a; i seem tu be head- Panv a |^ ut t j lc future or its Alfred Herbert have been passed 
in? firm:; m :r.e right uireciio . Jndu ‘ s;na | po .'iiy. and in par- the NEB. and the NEB has 


- 1 ^ worse than in- most - other, com* 
r - Wi v ‘ It. panies.’’ ’ 

= ■! ■ . %■' The co-operative s - leaders 

I if. -j jgi'$ • recognise this and suggKted to 
.§/. it ||{ i the working party that' they 

if: should reform the- -cdnstitctioTi ' 
r\ 'cl t a*. along more democratic and 

■ V. V?J, Jj4' co-operative lines“by setting up 

•. •; P' - y t i t an advisory consultative com- 

: vf X if -ir .f ■ mitiee t hat would' meet : regu- ' 

• s - laxly, plus asuper^ryTetintrol 

"1; '-"jl .' -p* board” of worker and' Govern- 

■■ Y raent (or NEB) aomineeg. The 

v ^ - '. £.-V. : actual worker -ownerflup.'- aspect 

- A would however have'- remained 

* in its present yery.lkpiledJtorni 

WJL - of each worker holding: just a* 

aL'.!. ' -V single £1 share: 

I. * r ‘ i Mr. Spriggs and hK cotleagues 

f : i r ' accept also that ‘they- -have 

- .~3$£fc:J£9. IK. ducked major decBionsVVn : the 

~ past y ea r... J - ..TKty^ kilo th ey 

. ... v. jiuaii itaBuJdi should have appoihted/a' cfiieF 

1 executive (at perhaps £ 15 X^IQ. a 

.Mr. Dick Jenkins (left) and Mr. Jack Spriggs (centre) the convenor/directors of the KME year compared .wi^ the present 


- -^0 


Hugh Itoull^dve 


gener.ire increased tax re-.enue. The pa:!.agv, _ given it* ii..-uiar over industrial deinuc- been given a role both in help- workers' co-operative, with the Industry Minister. 3Ir. Alan Williams, at Thursday's Press lop managerial saiarjr .of about 
n feels beirer sh!e t«> agree to eniphasr: *’'5 ‘- a:c relief, will put rjc ... ar)( j the proper function, ing small businesses and in conference reporting on the Industry Department's working parly. £7,000)/ and^ that: they -Should 

’ncresie the overall volume of more money into r hc average ‘ socialist term?, nf the developing the Liverpool region . have raised their radiator 

:h.e package along the line* ciuzen'- p-'-.koia. In the light ol Xaiional Enterprise Board. where it has a local office with . . . . ‘ hu «v p mneb more sharplyS They should 


demanded by ihe Opposltiun. At past 0 riper - '.nee. there can be 


£3 Sbn. the Sral package, large!'. - no guaranitr that tin? yxira tra-li llje: , r 0 f KME tu stav alive «n 

j .r .... .■ ....11 ^;rainnt 11 U . i ■ It. 


the political a- hieve- its own regional board. 


The political twists in the competitor, and its importance Board — and others by tiie also have improved market inc 
saga of KME are only the most could rapidly decrease when Cabinet itself These include a ail( j engineering: expertise; while • 


Vital elections 


11 i- n«u 


clear now local 


managerial and other problem*? 


• Indus; rial advisers and invested 


auinor;;.-.^ ha- provided opponents <.f now 

i.-vuir.^ : ” f.irm- of industrial ornani-ation 


is were , 
remain - 
a .their.' 
rightly ; 


Bonn na5 been s.ovr to snC s. lr.dui’.r/V main cyinplatnt ; ” fTh ‘ i% . previous owners, lnternainmai ^ have been a Br]tisb Motor in g party- estimated that, to give taken over by Stelrad had the self defence they' can rightly 

3';r."»w.ea;9 *nat sustained 1 p. ; r cent increase in V “ . nf th-> f-u-t that the Prf T rt> I development •Indu>- Corporalion sh0 wpiece. BMC’s the business a five-year Aifte, PrinJe Minister not said a few S ay that no-one. frbra Mr. Benn 

jp-A.nsi? re: is;- reiing under vat due v.ru July, by which ! s n ‘ re-anlod hy lriJ 1 !? d v. hee » , put ® ,n C Fisher and Ludlow subsidiary either a £3m new radiator- plant, da vs earlier that there was not onwards, offered them debited 

w:->. Tne Gr. err. men: ha, mean-, r arju«. the G-tern- ;■ ' p j e a ^„,. ia ,ed with th^ «'' wlver f 1 hlp b - v Barclays Bank was il5 firsI 0CCU pant producing or a £Jm modernisation of exist- to be a General Election. This constructive advice in their 
i! ' f 'he pa*s by uienT 1.- saiw.-.j away w::h nsw ■ i' a (ironrcaiiv now mvoixeri m domesiic 3C , D h a ncP5. A 3.000 ing facilities is essenriaL . • removed the immediate risk of early, days on how to run their 


:as its first occupant producing or a £Jm modernisation of exist- to be a General Election. This constructive' advice in . their 
bines tic appliances. A 3.000 in S facilities is essential. ' removed the immediate risk of early, days on how: to run their 
rorkforce was planned for Hie ^ main ^ co-operative dying under an State-backed' factory and they 

S-acre site, but there have unfriendly Conservative Govern- were left severely atone-to-cope 


ra has beui lack 
it overheads, and 
ive management. 


ment. and Mr. Spriggs used the on their own. 
fact that Stelrad had refused to 

be named as ihe~ likely bidder Tho mlp flf 
as an pveuse to shv away from ' - 1-UC. lllIv V* 


3 ? < J. r firs'. fi^..r:er jnd cim- ante. 

<.de,-ob!e about the , - . 

.■ecu ptl n—>\ ;he Fm^n & MOM concern 
Mnis'.r.- 2'-:: ;::e Bundevbank Tim 1 in-. mo 


prupusL-d that ihe co-operative. 


; « " r<:sen !; 2 » « *n excuse to shy iway Tfoni 

h a >r ^ d nrw and ^ T receivership solution and 
, built icr 3.000. and at- least a ,l,„ > .Kami- cnvomnumr 


Vh:r h - io;r Woo.o5rbVnveen Around the same time Mr. since 1900 it has changed ^ ^ the 9oor iace Tin- ^ ^e Labour Government 
April and September, bringing Be!i » helped create two otner owners, management, company used while *j. e main office block for a new llfel:Re - 


1 In t«ia! 


unions 

Despite poor productivity 


a! lo><es to some £3.5m., cntruversial co-operatives One name ant} proc j U ct line with j S ' 0S i T half used. Militant de» His efforts continued through however, industrial relations. 

I br taken over by W'.t- wa f f he Scottish Daily News frightening rapidity. BMC's ments j n t] ie workforce who September till the . eve of the have not caused problems. 

Engineering. Worcester, which. had only a short -iie. ine troubles in the mid-1960s, when backed Mr. Spriggs in. his fights Labour Party's annual con- although the existence of wage 

would occupy twu-thiid? other is the Meriden motor cycle factory was making losses. *-jth former owners are still fwence. Then the fear of KME restridat policies for most of 


•■■.ir.rde::: : ;r* conclude to iS:i:e ii-rcign-denom mated 

publicly *na* the iiici i-pen ? jl*!o loan* a- part of the campaign 


and central heating manufac- 
turer. Its operations com pie- 


»r:.-.eqj>...e> e:::''.ed tu.- se,f- tu rescue :;ie uoLar.. Luv Bonn | inenf KME's main business 


iter personally to co-operative, 
ne of his Cabinet g Q ^hile KME may bot be a ' 
ind authorise the perfect cooperative, -It ha* at '., 
the working parly ^ eas t been a brave and deter: . 
appeared last week, mj^ed attempt by . -soni& of ■ 
done so Mr. Benn ^ workforce to. buck the local; 
i were geared to try trend ^ sia y in their jobs in 
ugh the conference a f ac tory that suffered froiff . 

■Inm nnWmil th nr fhA _ ■ 


dependent. Industrial Develop- given back to the private sector main products are “Toprad** 


Abortive 

plans 


with an m flat. 1 *n rate or 3 r. per mi-:* Next \o ir if orc*eil ! . ; N.u»^..«.ii B m-nriu pnr- uv... u.uuj. . - -- — ... aeieqsive amioa. oy iU , »« k ers . 

rvmi THg: m^an* 21 :n reav lgnal- prove right i .vjM turn tereme snares), plus a further picture of what is virtually a Today the factory has some , KME was thus once again at who- simply wanted jobs., jind . 

of 1 ri-' r .-ent n V »r i : u- - .'ar * our 10 b* ;h«» he-r fur v.'-'it Gcr- “ 4,,! by "tester itself, mainly State-owned. shop steward- importance to or.e sector of the ADOrtiVfi the centre of political intrigue, was - fostered by left-wingers 

i ; jcejv 2 5 per «n: inflation manv since the r-il rriii*. funded ihrougli a Barclays Bank managed factory in a 12V per UK economy, perhaps for the * " not becau^jof its official status who* .as Mr. .J.o Griinpnd.: the ; 

overdraft The Government'.* in- cent unemployment region being first time in its life, because its rtlonc as a workers’ co-operative but former " Liberal' leader, put it", 

__ dependent Industrial Develop- given back to the private sector main products are "Top rad” jftwua because of its symbolic import- last week, like the idea of 

|J lt jh- j-71 4r nrl mem Advisory Board gave this v.ith the carrot of further State domestic radiators. Developed Throughout this year Mr. ance. Indeed last week’s report “ Government funded syndi- 

a* fii III 1 |i| 1 qtialuied approval last week but cash is ton easy a target to he from a Potterton radiator Spriggs and hi; allies have been underlined its limitations- as a calist enterprises." KME is 

JflL A JL A l/kjl was worried about tiie security missed by Mr. Benn and his sup- bought by rPD in 1972 from De frequent visitors in the London co-operative by saying it was thus quite, different from thft " 

of the funds and the technical porters, especially twn Mersey. La Bue, this now has 10 per offices of the Minister of State “ not a co-operative in the sense more idealistic sort of -co* 

• j a ant * other abilities of a small side MPs. Mr. Erie Heffer and cent of the UK market at a time for Industry. Mr. Alan Williams, that this term would be under- operatives. basedontheworkers - 

ItlVAClIlflOini company to tangle successfully Mr. Robert Kilrov Silk, and Mr. when there is strong import and of his civil servants, stood by the Co-operative. Mpvfr- Involved taking ■ a financial.*-'''' 

I'i.M wilh Talks are now in Bob Cryer. the junior Industry competition from Italy and else- Various abortive rescue and ment -as a whole — commanica- stakfr in the enterprise, that ari 

progress tn iron out such prob- Department Minister. who where. But the factory's poor takeover plans have been lion between ‘management* now being backed by -Mr. 

TD , nr T-N-if.-c , 0 hi..h u-orfl moa n 0 nf lemi and also to dev * sc 3 ' e S al resigned last night over the prouetmty and lack of product studied, some rejected by the and the shop floor in KME seems Grimmond and various insti- 

1 rw\ D r- riilt -T1 v _ _ l- v-nu_n seen cS a Uieans OI cnhltinn in nnvpl nrrihlpm i^SXlP. Hpvplnnmont* moL-o it •% TnHiictciql TUirAinnmpnt AHvicnrtr nn anti in CAIRO intinvir utiH nraan icstirtnc 


solution to the novel problem issue. 


ment because it creates jobs, enabling unions lo play a more 

Companies invent when they active part in companies* invest- - 

think ihey can make a profit out ment decisions. 

nf it. This i* a pnrfec'.ly normal In practice individual invest- HJVPBA| Bg m | jP| 

ditTcrcncv of viewpoint; as long ment decisions are the very lasr HifM Ba «M g| n£ 9 8 

as unions understand and accept thing which thr management Bf i bIv 
wh;*l companiCN ;ir.- in business representatives arc willing to 

f nr. there is no reDs-mi uh» u di-cuss within the «<vor working , ■ , . . 

should lead tn fnetiun or mis- party. They aiv. alior all. in WOriU“WICie TlpplGS 
understanding. The diflK-ulties I'ompetition wuh mher cmn- , . . 

start when uniun.-. refuse iu panics represented murid the 31 min6n63Ci 
accept ihe assumptions on whicii lalde : they have n.. intention of Su |v m , , h .„ n w . 
Hie cumpanie-' invest men I plans diselosins their forward plan*. ; , ' sin-de stnrv 

are ha-cd. In .he pel rod., mi- 1 ms possible for the >edor work- ^ « n f ^ 

cal indu-irv :hv union irpre- m? parly to cmnniPMon uui.-ide . . * . p , 

pcntativc' tm work- dat^ last nighL ^.t ‘ii.en 

pan i "are” he in » f*« to X pX t vhc.mr.ls case. h„, the cm- ^! :,r number of takes from the 
k In h market "fure- «nn„t he compelled ... 


development make it a weak Industrial Development Advisory no better and, in some wa.ts, tutions-.and organisations. 


MEN AND MAHERS 


panic? arc being far io.i pevd- 
niiNlie in their market fore- 
casts and too limuruus in ihgir 
capital apciulinv; io mnke 
matters wor>c. some «»f them arc 
investing heavily outside the 
UK. The manufacturers, in ihe 


accept the consultants' con- 
clusions. 

it is questionable whether a 


news desks hut rhc Press Asso- 
ciation replied ” We van up to 
120 during the Steven Ward 


sector working party can make hearings. They added: *' We 
much of a contribution in an * v ouid be putting out more if 
industry's overall investment our journalists were not in- 


“r nS , """I A = = voiced in an industrial dispute.” 

ernnTent S should consider' with- r " ,e is> *« i-e^ridfn^the Bu * ,ittention is not confined 

drawing ihe " mas.-iv.? sub- obstacles which ate luldin^the tn Britain. The case is attract- 


sidies" which the indusiry 
enjoys unless i; agree-? to a 
more ambitious investment 
programme. 

Strategy 

That till* row «hniiM have 
become pubbe is perhaps no bjd 
tiling, since it m«i;. help to fm;u> 
artenuim both un tiie factors 
which underlie investment 


indust rv Induslr >' batk and l *’ exa V 1 ’ ne mg " a great deal of interest in 
■rce* to a wa - v * ,,f reni ° vl - !I t , hcnl - S " me the U.S .” I was told by the New 
investment l,r these might involve govern- york Times offiL . e in London . 
in cMJiiem mcnt policy; a common front 

hy management and unions. ” For a people with the mo ra- 
th rough the sector working Hstie views of the Americans it 
. . . . party, can soineiimes change it. is rather shocking,” was its 
mi in Another central issue concerns comment. The television net- 

i.tp5 no bJti ppuducnviiy and labour ulilisa- works have been running pro- 
7 P lion, but union representatives grammes up to 20 minutes long. 

,e * aclur ® arc nfien as reluctant lo be South Africa loo has been 
inve-tmem en g a?C d m specilic discussion "running it pretty fully." says 


Thc'e <if ' hesr “rr-’i n,anasemcm s , ia r ^ .*.« u,.i 

E ^ llif Hand Daily M a ,l and ollu-r arP ^ r|(?ws for lawySrsl „d. „ n the board of its S 

a , S p iKS U f the X,t,..„ai r js»..h Afncjn «>r».l.y, f.r no„ne .to.. African subsidiary. The , 


joins to bring about the trans- papers. He says this is both journalists lend 


Economic Development i.iffit? as formation of British industry, because of the basi 
part uf the Government's nidus- Their ability to influence what because of the So 

trial strategy: the idea was thm j, ocs on in individual companies ji n k alleged by Wih 
representaiives from the irade i;; extremely limned and it is change from the 
unions, management snd the better th3t liicir limitations Department scan da. 
relevant Uoieiiinient depart- should be accepted by all the without necessaril) 
ments wuuld join together in participants. What they can do of the change, 
examining ways uf improving _ an d'this is not negligible — 
the sector's performance. j s l0 contribute to greater Reuters confirms i 

Because the sector working mutual understanding of an a H d the C° nim °nv. 
parties are associated with the industry's problems and thus to | r * es have been ke 
industrial strategy, there is lmnrove the climate in which in 3 the case but saj 


i having "lost ail sense of faip ment has been well received ini 

c=t0i ness and common sense." He all quarters. And the group i 

f 3£S£ is now experiencing at first hand makes it clear that it is not plan- : 

ZfES the effect nf the long delays ning to turn its hack on South 

I M'ri JOE $0AP wh,L ’ h . Lbel actions Africa. "Mr. Motsuenyane is 

jl r,„. T nrrrv " ' Ve Published the book in committed to the widest possible 

rf 1 if s POU yUvK. 19'5 and sued for ->nr».uoo free enterprise and to continu- 

X-Aft fi-nUOQCS 1>raeli P t,und ^-_ Af /hat time i ng f ore i 3n investment fur the 

AW , I here were I£35 nr 1136 tu the benefit of all racial groups.” 

SgSHM QP&JM p«»und sterling, which represen- Motsuenyane is thus at some 

FSCrfVX a fa, riy hpftv sum. But odds with the message of Sieve 

MBt ■ _ ,here . ,s , near i>- 50 Per cent infls- B iko and his movement. But he 

V"" 1 " : Isra e!. so we fee! rather has Jcing been something of an 

jB - If W ° 0Se pcr h ails exception to the general rule. 

bBbL* The New Year will see the 3 b 4? k L -' IhP 

cominuatinn of the case. The mlhShiSj ls o an . A . frikaa " s 
review itself was by-lined with PuJjJuhin^ „roup and is presi- 
H?-/ th? name o f a London Jewish “f the National African 
Sb\ f Chronicle staffer. He parried my C ham ber of Gommerce. 

questions about whether he had 

£ actually written the offending — 11 

i piece — "It's very complicated." _ _ _ j 1.1 _ _ - 

adding "I don’t really want to «OSPel ai Trie Cafe 
be involved." a sentiment not -Health'’ and "pcrsonaT’ are 
"I think be Mas a Fleet Street uncommon among those caught among the familiar reasons for 
casual:" up in suc ^ sterile court dramas, "resionation" of the mighty. 

but ’* Christian commitments" 

" was a new one on me. It is 

" ’ " n lhe explanation put forward by 

yy # , Kace SCtXer Michael Fenton-Jones. 48, 

war OT words niiis.m U el has just became the ®*P u j“ ^rector of 

5 erhaps aware that libel actiuns first British bank to have a black )r h- prop 5 rties ' 

ire good news for lawyers and. un the board of its South ~ L h, ®.5 8t 

lorniallv, fur no-one rise. African subsidiary. The move f rhri*;iian J?Nrt S more 
uurn.ili-sts i on, I wnrried t,me for Chm-Uan work among 



casual:' 


War of words 


eMmining” wayr'uf^imprvvins ° f ^ ^ P ‘?hc m^nters involved arc ^ ^ 

the sector's performance. is l0 contribute to greater Reuters confirms that the U.S . J Jl r 'JJl! ? and ^ ’ wanted l< j ’. knn . w j“ st still maintain a very rigorous 

Because the sector working mutual undemanding of an ? nd l , he Commonwealth coun- ^chael Adams S authors oF ™Jh«- P "¥S Wlt I! eSS ' Uk# Sir 

parties are asfociatcd with the industry's problems and thus to tnes hove been keenly follow- p’S, i t fl « ot * 3 iilit which ^ould ha\e. The answer Hill Maunce Laing. 

industrial strategy, there is improve the climate in which '"S the case but says U Is early t hey see as a corrective to years amount ^he^n'pw ^nnnintw? rhri«rfl! S rt ♦* Fe . n to ”’ Jn " e s , ‘ 

an understandable desire- iho.e problems can be tackled. 10 *»y h °W Euro P« is reacting: 3 * S the The new WUWt. Chnsuan i activities is the Full 

especially on the unions' side- if one of the ke>s to the UK's "Our French translators feel p “j’ biaS 1D Sam Mrisuenyane, will be a non- Gospel Businessmen’s Fellow- 

for them to take strategic economic future is a wider ^ are overdoing it," ope ' V ?Jf n » £££ rev i cw «coui«d ^ ^ ^ 

decisons. The unions hope thai appreciation of the connection journalist comments. • thi?m of prnduc j n ® - Na?i-st. vlc m e 51 of the hoard - nLn t MiS» t ?»^h d, n n 5 r 

the couipjnics' investment between profit, investment and Bur one area is showing a propaganda" and averred: Asked if other blacks would _ . J h “ tnlfh!!* 

decisions wit! be different from jobs, then the .^cior working notable lack of concern, the - Arab money is starting to he appointed. Hill Samuel ■ a ' 

what they would have been if parties have a role tu play. The Soviet Union "Our people are talk." ' replies: "He takes his position .. ' k ® Phridfil S 

the sector working party did not confrontation which has not so much interested.'* "I don't think I have e ver P ur riy on merit. We feel a j. timp’ 1 r 

exist. These expectations may occurred in the petrochemical*. Inestia “ays. " \\'e prefer In mad anything quite so offon- dialogue at this level muit be 

li.no he**n liei-’iiiened by ihe ennip-. shows iir»A- much educa- delay until something definite sive abnut anybody." . . says gurid for .South Africa. The /) h op p 

failure uf planning agreements, ticnal work still has to be done comes up." Adams, who was described group claims that the appoint- *** I 


. .-' Whea one has .known, a certain way of life, and rising 
costs look like taking.it all away, who Is. there fdr people, 
like-ustotumtp? ■ ■- . 

: v There is the Distressed Gentiefolk’s Afd Assoriation. 
. TheDGAA is run. by. people y^o.uodsrjfivid,. They 
know that we want to stay in out own ho nits, snrroundea 
by our possessions, and close to the -friends 'of a lifetipie. 
SOj thcyhelp us with allowances and w;ith clothing parcels, 

. Onlyrwhea we can hqT longer cope do the' DG AA see if 
they can’ offer us a place in. one of i heir ij Residential and 
‘Nursing Homes. '■ /’• '.■■■; • ' _ ' • 

'.The more you can help thf: DGAA^ tirf 'more the 
DGAA can- do to help odiers. _ fTopadons ait atedfid 
iirgratly.' And please, do_.'ren^mt«r. the . DG.AA .when 
making out your WilL 


AID ASSOCIATION 

YIGARAC F. GATEHOUSE ; VKAB^QE GATE 
kTLN5INCTONZ.pNDG.N-WS 4A$ 





- i. 'f ■ ■ 


% ■;• Tlnies-iTiesday: Ndvember 21- 1978 


^^^GssssnmsmmwesSBSfd^t 


19 


New trends in insurance: BY JOHN MOORE 


The brokers’ transatlantic trysts 


the TRANSATLANTIC insur- 
- juice broking trommunity nas-all 
the appearance oT a child'* care- 
fully assembled jig-saw after it 
has been knocked over by a 
. wilful brother: 

Lang standing -business rela- 
tionships that have - been forged 
between . British and. U.S. insur- 
ance brokers are undergoing 
the most widespread upheaval 
and change in their history. The 
latest in a series of major 
realignments was announced last 
week. - Sedgwi?k Forbes and 
Bland Payne, two of the largest 
Lloyd's of - London . insurance, 
brokers,; said that they. were in 
merger discussions, and that at 
the same ' time they were , in. 
exploratory talks with Alex- 
ander and Alexander Services of 
th6.:U.S. f With a view, to the 
rfvordmaticn of their world-wide 
businesses.” .■ 

Because of the size and sheer 
ambition of "the deal the an- 
nouncement . stunned London 
insuranee -circles: A merger of 
Sedgwids Forbes and Bland 
Payne -would make the new 
group the largest insurance 
broking group in Britain. 
Between the two of them they 
would be handling insurance 
premiums of around £1.3bn a 
year which is likely to increase 
substantially once formal links 
were established with Alexander 
and Alexander, the second 
largest broker in the.U.S. 

ln fact the amount oF pre- 
mium which Sedgwick Forbes 
and Bland Payne will be hand- 
ling equals the entire premium 
nf one of the world's biggest 
general insurance groups, the 
Royal Insurance Company. Even 
Lloyd's of London Itself only 
handles around £2bn - of 
premiums. 

The trend towards the estab- 
lishment of giant broking units 


is viewed by many people to be 
an essential development -if the 
long-term growth at the.-brokers 
is to be assured. Many' large 
brokers b ave 1 "reached a stage in 

their development where in 
order io show appreciable 
growth in the future,', large 
accounts will have to be- secured 
and maintained, and other.-busi- 
ness volumes . increased' sub- 
stantially; ' i~- : 


Overseas 


Large brokers are approach- 
ing this problem in -two ways. 
First, they try to get nearer to 
their important international 
clients through the establish- 
ment of overseas .'-networks. 
Secondly', they arterapt to forma- 
lise links, with .. a . principal 

market, the U.S„-whidfi accounts 
for around half the world’s total 
non-life premiums of .well, over 
SloObn. • : "’V: ". 

Giving a more rormat charac- 
ler to . historic links 'with the 
U.S. — whieh have hitherto had 
a much looser basis : of mutual 
co-operation and. goodwill — is 
now regarded as of paramount 
importance. Insurance markets 
are more competitive than they 
have been for years. • Many 
overseas insurance markets Jiave 
grown in size and. flexibility, and 
can handle insurance business 
which traditionally would .have 
been placed . in the London 
insurance community. 

• Lloyd’s brokers are; anxious 
to ensure that their linksy with 
the U.S: market are secure in 
order to prevent business by- 
passing the London community. 

In turn, the large U.S. insur- 
ance brokers have reached a 
stage of development in their 
home market where to integrate 
substantially among themselves 
wrtuld probably lead ..to anti- 
trust difficulties. Besides, 


American brokers are seeking 1 
in develop and consolidate rhetr 
position in international mar- 
kets. handling local business, 
and supporting local insurance 
centres in the way in which 
UK broking firms have tradi- 
tionally conducted their busi- 
ness. A tie-up with a well- 
established and respected 
Lloyd’s approved insurance 
broker has considerable attrac- 
tions to the Americans. 

The large Lloyd’s broker is 
obviously keen to Jink arms wjih 
a broker in the U.S. who enjoy 
comparable status, and provides 
the vital growth for the opera- 
tions of the British partner. 

Here problems arise for other 
insurance brokers on both sides 
of ihe Atlantic. 

The large British broking 
houses are not the only insur- 
ance broking grou ps to have 
established Jinks — if on an often 
Informal basis — with the U.S. 
market. Many medium-sr/ert 
groups, loo, have enjoyed long 
relationships with American 
brokers. 

The American insurance 
market has long needed the 
capacity which the London 
insurance comm unity has to do 
business. London's ability io 
underwrite the most complicated 
of risks has made it the insur- 
ance centre of the M'orld. By 
comparison the American insur- 
ance market has fended to 
restrict itself to underwriting 
the business where it has speci- 
fic — often domestic — expert ise. 
The American broker’s business 
has been channelled through an 
approved Lloyds of London 
broker, or several London 
brokers according to I he ser- 
vices required, because an 
approved Lloyd's broker is the 
only broker who can have access 
to the importam Lloyd's market. 


A YEAR OF BIG DEALS AT LLOYD’S 


April 1978 

Frank If. Hal! of the U.S. and Leslie and 
Codwin of the UK. and Marsh and McLennan 
of th** U.S. and Wighani Poland qf the UK 
in bid talks. 

April 19 

Committee of Lloyd’s rules that no Insur- 
ance interest outside the Lloyd’s market may 
normally hold more than 20 per cent of 
a Lloyd’s broker. 

April 2(» 

Hall pals its bid on ire, and Marsh's 
approach to Wighani comes to a halt. 

April 26 

Lloyd’s committee blocks attempt by Swett 
and Crawrord. a subsidiary of insurance 
group Continental Corporation of the U.S.. 
to take a larger than 20 per cent minority 
slake in Harris and Dixon Insurance 
Brokers. 


June 

C. T. Bun-ring and Marsh and McLennan 
in private talks. 

June 29 

Hall rerises 12.7m bid for Leslie and Godwin 
which satisfies the Lloyd's committee. 

September 

C. r. Bowring annonnees that talks are 
under way with Marsh and McLennan which 
could lead to a pooling of their insurance 
interests. 

October 

Swett and Crawford allowed 20 per cent 
stake in Harris and Dixon by the Lloyd's 
committee. 

November. 

Sedgwick Forbes and Bland Payne of the 
UK to morgr. Then planning to link-up with 
Alexander and Alexander of the U.S. 


If an American broker uses 
a London broker lbe commission 
is shared, although the London 
broker may have only played the 
must passive oT roles in finding 
the original business. . This is 
another reason, many people 
argue, why the Americans want 
a bigger say in the London 
market. 

As (ho years have passed 
several U.S. brokers have been 
taken over by larger brokers. 
Thai is why there is such a 
tangle of common connections 
with America in the London 
broking market. Fur although 
several Lloyd's brokers did not 
st a rl on t with a link with M a rsh 
and McLennan or with 
Alexander and Alexander, these 
two groups’ acquisition 
program me has caused new links 
to be forged. 


For instance. Huge Robinson 
Croup's link with R. B. Jones of 
ibe U.S. -could become a link 
with Alexander and Alexander 
once Alexander has completed 
its takeover of R. B. Jones. 

Looser links 

With the new formal Jinks 
emerging between the largest 
insurance brokers un both sales 
of the Atlantic there are 
growing fears that the existing 
looser links ar>* likely to 
crumble, and that business 
volumes will shifi dramatically 
to the detriment of the market. 
Insurance professionals are 
raving that the American 
brokers who currently do 
business wilh T. Bo wring and 
Sedgwick Forbes and Bland 
Payne are not likely to cominue 


lit do so once they have linked 
up wnh a competitor. Other 
London brokers could gain. 

But although there are 
reports in London that business 
volumes are shifting as the 
Americans seek new' routes fo 
the London insurance com- 
munity. it will be sunie ume 
before they do so in a significant 
way. Large accounts that have 
been serviced many years by a 
hrnker cannot he shifted over- 
night. Most of these involved 
in London agree that while the 
move towards larger broking 
units is essential for ihe brokers 
it may not be a healthy 
development for the insurers. 

As larger broking grutips are 
created, so they achieve more 
influence in the insurance com- 
munity. The increased size of 


their respective accounts is awe- 
some and un occasion could be 
used to work against the 
interests of the oilier members. 
The reason is that underwriters 
in the future arc likely to be 
conscious uT the weigh! of these 
enlarged brokers accounts, 
something which many of the 
big brokers arc not likely to 
let them forget. Tt will be 
interesting to sec whether 
underwriting standards can he 
maintained againsi the sort of 
broking muscle that is now 
developing. 

But before any of these 
problems become of concern to 
the London insurance com- 
munity, a large and difficult 
merger has to be accomplished 
between two of the major 
broking houses. Sedgwick 
Forbes and Bland Payne. Both 
arc of comparable size, both are 
successful, both are ambitious. 
Insurance broking mergers arc 
notoriously difficult to arrange: 
the Sedgwick Collins. Price 
Forbes merger or nix years back 
was not without problems. 
Insurance broking is still very 
much a business involving 
people, relying nn individual 
expertise, and a strung personal 
element — the relationship of the 
broker with his client. 

When Lwosetsof ambitious and 
talented groups get togeiher. 
not all ambitions are always 
fulfilled. The result sometimes 
is that the insurance broker 
loses some or his best assets — 
men. and with them some 
accounts. Moreover, the larger 
broking unit in the early stages 
of merger has to maintain the 
same standards of service if it 
is not to lose accounts. But 
whatever the operational prob- 
lems of a larger broking unit. 
even the smaller brokers are 


admitting that the small-is- 
beautiful argument has a 
slightly hollow ring. In the end 
it is size which impresses and 
gains, and has access to business 
which is becoming increasingly 
di (lieu it to secure. 

Many brokers are anxious to 
know what if anything C. T. 
Bowring and Sedgwick Forbes 
have left them in the way of 
possible future links. The 
existing relationships are as 
follows: 

SEDGWICK FORBES with 
Marsh and McLennan, 
Alexander and Alexander. 
Frank B. Hail; C. T. BOWRING 
wilh Marsh and McLennan, 
Alexander ami Alexander, 
Frank B. Hall. Fred S. .lames: 
M A TTIT E US WHIG KTSON 

with Marsh and McLennan, 
Alexander and .Alexander, 
Frank B. Hall: ALEXANDER 
IIOWDEN with Alexander and 
Alexander. Mar«h and 
McLennan: WILLIS FABER 
with Jnhn.Min and Hjcgins. Guy 
Carpenter <a subsidiary nf 
Marsh and McLennan i: BLAND 
PAYNE with Marsh and 
McLennan: M INJET HOLDINGS 
wilh Fred S. James. E. H. 
Crump. Emim’ii and Chandler 
loan of the Pinehurs! Group). 
Eowes Holdings: LOWNDES 
LAMBERT wjih Frank B. Hall; 
HOGG ROBINSON with R. B. 
•Inner. Cnrrrmn and Black. 
Market Service: C. E. HEATH 
wiih Rollins Burdick Hunter. 
Alexander and Alexander; 
LESLIE AND GODWIN with 
Frank R. llall. Fred S. James: 
GLANVILL ENT HO YEN (sub- 
sidiary of the Chnrierhouse 
Gnuip> with i.'onunn and Black: 
STEN HOUSE has a North 
American presence through its 
link with a Canadian broker, 
Reed Shaw Osier. 


Letters to the Editor 


Importing 

food 


From flfr I. Campbell. 

Sir. — Great Britain 'should has 


tloned (quite correctly! that the Mr. Davis had second ihought? the public *t large m he 
extensive transfer dub network because J resigned tor other accepted and easy way to think 
surmounts the difficulty.. ‘He reasons that should perhaps metric, 
concludes that we should - all remain private, unless he wants To the president and secretary 
wait and see what the SSupa- a semi public debate on the of the Scottish Housewives 
tional Pensions Board 1 fwhich subject. Like many experienced Association (November !«.». 
ha® miu*h infiupnrp hu> no financial journalists. I would would retort ‘'talk to me when 



. - . ceptionable ... 

House guests (reported Nqvem- they uni v reiterate broad brush Richard Milner, 
her 14l that our contribution is points on this subject which 'are- The Snnrt,i\ Times, 
too high, when the amount of widely expressed. They 200. Grays Inn Ruud. WC1. 

this has always been entirely amount. to saying that the prob- 

under the control of him and his lent is difficult, so let us pretend: \Jaht YoolonH C 
Cabinet? . it is hoi there -or leave it -t^V^i ' v.T* ZjCalilUU 3 

It is largely based -oh" the others: we "have other things 


tries outside uie unm- 'ine prooiem is indeed aimcini F ^ Director 
ity. We import nearly half and unfortunate and has a£ny Wnp Zealand Dairy Board 
food, and this enormous facets. But no one in his right ' sir— Enou°h has di 


amount of food we import from do. Trade 

countries outside the Com- The problem is indeed; difficult p rom ^ Director 

munity * 1 ” ’ --■* 

nur 

amount is quite unnecessary. . mind can accept as fair the 
The 
Policy 
even today, 

immediately adopted EEC farm ir*u, •“« to establish that no arrangements 

pri« S . »e could b.-.tao.t «tf- »"* ,c Z n ‘ have been made with Japan 


609.fi nun-busted lady. 

Jn point of fact— despile what- 
ever the French may do— the 
average height is not 1700 mm. 
not even t.70 m. but simply 
170 cm. And generally one does 
not revert to mm except for 
technical drawings, or when 
expressing comparatively small 
measures, just like one does not 
nrnhs.hU- reverl 01 except when 

" .1 measures or distances over 2 m 


supporting within the next few private sectors are 'nm. The .. . reduce the L"" 1 *' ‘ u ‘5‘ hjc s.-uuoim 

years. What is needed is a great system is out of-: phase uyh j UUJOrlant . e -pfew- Zealand of <m subdivided into rbree neal 
increase of production per acre, Mj^ty for people:; and pensions C01 f tinued ac ,. ess f or butler to space.-, the first quite correctly 
by a larger work force, which are f° r people- - - • - sinm-im hmi. ,-,n inn mm u>» 


Yet I have come across an 
educe" the ruler showing the standard 


would help reduce ■ un employ- . Correction ts*. bv knock 
ment and revive, some of our knoclw partly, a matter 


the British market. 


shuwing both cm and mm. the 


fr,r To nni ihf* Japanese market secc ' nd inexplicably showing only 
J ?, , r,v blank spaces between cm and the 


higher proportion of our income ensuring that costs for this pur- the* oast fiwyears ^countered on its own except 

for food, bit this could be offset pose, incurred by loss making or SSSSSa So llRp proSoSons when vbualisin * 3 ^ d,n - which 
hy^ower taxes, financed -S^ - j5£ B ^SS B,, iSS| l supplied from New zSfand^ K* Properly jncidentally _con- 

1 r„t „ choan supporting private sector enter- 

IS?** 0 prises according to their ability 


•h's entry's decline: which ^ Se e^n^y and eocie.y . 
aimed at keeping wages low to - 
encourage industrial exports. .R-’ J ® ant '® s ’ , i° n ® s - 
This hasn’t worked for years. Paf«ieeff_ nnT*. 
and today only annoys our Loat Sheen. j-». 

European partners. 

Finally, having been grudgiiig Two more 
Europeans for so long, .let us 
‘show good faith hy agreeing to 1 f ll$| 
adopt the common currency, 

Why not transfer all national From Mr. SI. Greener 

Stints tn Brussels and produced Sir.— In the week just passed muiT"nroduciion in Japan was 

era ui-,c u dpnlahFe nutrrv in ... r, . i nrc j 


Ecus there for all the member mere was a veritable outcry in over j» per rent up on 1976 and 
states? This would he a huge Parliament against the present lt j S continuing to increase. 


T-.tal Iniauru Irym ,ainS 1 1 k P- 

iiuieon* Zealand That a manufa«'lurer should 
produce and sell perhaps even 
successfully because of an 
unsuspecting public such mis- 
guided rulers thereby corrupting 
it metrically so to speak is a very 
poor reflection nf the work which 
f has half-heartedly been carried 
No., significant tonnage of on by (he Metrication Board, 
butler has been sold to Japan . 

this year, and in view of the Emilio Bancnero. 
tread of Japanese dairy produc- ^ 

lion, none is likely in the fore- ^ Elizabeth Meir*. MV 3. 

l ” ta ' Progress in 


1974 

Momc 

2-4.S59 

inns 

8.309 

1975 

2.202 

76S 

1976 

19.205 

9,914 

1977 

1978 (Jan. to 

3,520 

408 

June) ... 

748 

292 


seeable future. In 1977 



M boost for- European trade, and ra pid growth of the a "P 0 Japanese hutter production in 
tnipht help to revive nur flagging fq'uasi-aulonomous non-govern- September was about IS per cent C. 


metrication 


economy. 

Irar Campbell. 

29, Cadopan Square, SWI. 

EEC farm 


. September was about IS per cent r rnm the Chi*/ ln/on»miion 

mental organisation). Concern above the same month last year. Ugicer. iWcfriralton Board 


was expressed at the uninhibited _ 
expansion .of this species due to 1 ■ jnurpRr- 
the unbridled operation of Far- « ^ ^ jgJ 
kinson's Law and of its ever- Tooley Street, SEX. 
increasing demaads on the pub- B 

He purse. ' • • . , AlF TOW OVCr 

Might it not in this context, be v TT v 


Sir. — The Metrication Board] 
has a lot of sympathy with Mr. 
Farrell (November J6j when hei 
draws attention to inadequate! 
metric progress in engineering. 
The need to put this situation 
right is one of tbe main points 
in the Board's recent report. We 
have put considerable efforts 
into removing impediments to 
metrication in engineering and 






incomes ■ relevant ‘to point ^ out that the 

From ihe Co-ordmating Director p r p poset j Scottish and Welsh VJa.lYTlL.JY 
of Economics and Europe. Assemblies will provide us with From the Managing Director, 

The National Farmers' Union the archetype of the species in British. Airports Authority 
Sir, — The fact that .the EEC the form of such. -barren and gj r . — Muchaei Donne’s piece on we make advisory publications 

. data -quoted- by Mr. Brian expensive Quangos that win oe a [ r . serv je es to Spain and Portu- available, including a special, 
Gardner (November 16 ) are used removed only by an equally gal |/vir row threatens holidays, booklet for small firms. We are 
ia tbe annual price fixing calcu- cosily political volte-face. Surely November 14/ provided, as ever, currently discussing possibilities | 
lation does not make them repre- there are better ways of coping a raas te r iy analysis of a complex for further action with the CBI 
fcnlative. Indeed, the compilers W ith our unemployment prooiem. S j tua rj 0n and others, 

of tbe figures warn that "since M i C j, ac l Greener, There are still, however, a few 3ut the fact is that we are not 

this sample js not yet fully g Romillv Park. points - that should be made to likely to get really thorough 

representative - . (the! results 'q^j. g Glam. complete the picture. Iberia is metrication in industry until 

cannot 'he considered ‘ truly " ■” - - . quoted as putting the cost of tbe there Is greater use of metric 

representative. | move from Heathrow to Gatwick units in everyday life. This is 

T fail to understand why the f HlSIlClai at £20m a year. In the absence one of the reasons why the 

above-50-hectares-group should __ T _ . of more specific information — a Board argues for “ completing 

comprise farms of onlv average VVpPkIV breakdown of individual items the conversion or those activities 

fifficiencr This group’ includes mvviuj for . instancc-rit is difficult to where people really think about 

the larJpsx farm businesses in From Mr. R. Milner understand how the figure is so weights and measure* by 

the-EEC and it is not surprising Sir, — Though almost reenti- large. Nor has there been any which is meant principally the 
that income there is higher than ciled to being considered a mention of the money that the retail trade and road signs. 

Ihe national average wage megalomaniac buffoon within my airlines concerned will actually hew people are likely to learn 
IB5.7 per cent of EEC farms are family circle. I object to your sa v e as a result of the move. about the metric system in isola- 
smaller than. 50 hectares.) “Men and Matters” columnist Landing and parking fees at ti on. So the Board has a firm 

Incidentally- “ representative giving this unfortunate nus- Gatwick are significantly lower P™'cj nf basing public education i 
gross marrin'data" does not take apprehension much wjder lhan at Heathrow, so Iberia will on the significant t-haneeovers in, 
account of fixed costs and ton- currency on November^ 16 .^ He 5ave itself at least £250.000 a year JJJfJ “ 

-sequent ly should not he used as quoted Bill 
an indicator of farm income. Chief of 
particularly 
of comparisons 

sectors in the economy. wanted ‘’a “hnsY'sVaff of 40-50 blf - urged^ to^ make ’ exist sTstem—the major point is that j 


Davis. Editor-in- on this item. In addition, 3n ^ w e .shall he conDnuing this 

nor ur liirui -• the forthcoming there will, be a considerable sav- programme— for example as 

lv when it is a question Financial Weekly, as saying that j in fue , of the order of more major prepacked foodstuffs 

•ari^ons with other they had second thoughts about g^ >000 ?a31on8 3 year. metric next ye ar . 

tVia »i-nimmv having me as editor because T -j-^e “inducements" we arc As to the merits of the metric 


M. P. Strauss. 
Agriculture House. 
Krightsbridge. SW1. 


Transferring 

pensions 

from Mr. R. Bartkes- Jones 


■ urged . to 

writing journalists' already. 

This is quite simply not true- Muikem 

mi. 

nf 12 (including Davis and 

myself) was adequate to prod^e \ T¥lP2SUr0 
th#» bulk of a 60-page quality * \ UltaaUIC 

weefc'v. sMci,i»-^p«j Ar, „"„ r never met 


discussion. 


V - 



-generaiiy do not hav 
atoncy,^ -having earlier 


men 


. comparable, publicat/ons. 


it is increasingly used in industry 
and commerce throughout the 
world. Britain cannot ignore this 
trend. PraclicaJJy all interna- 
tional standards are now in 
metric dimensions. Accepting 
Mr. Farrell's point that more 
people should become aware of 

the advantages of metrication it 

would help considerably if more 
. . „ _ businessmen emphasised in pub- 
agree with Mr. K. |j r what the value is tn their own 
November lfi) 3nd ,eel jnriiMrv and export trades 
Metrication Board ha? Ron Yhvr«. 
principally in educating 22. King sway WC2. 


B t inch era 


UENER.4L 

Second day of EEC Agriculture, 
Foreign Affairs and Association 
of South 2asi Asian Nations EEC 
meetings m Bru^scL. 

Final day of Financial Times’ 
conference on World Insurance. 
Dorchester Holt*!. London 

Management and unions (ex- 
cept NGA) di-vcuss future of 
Times Newspapers. 

Three-day hcaitn? starts at 
Appeal Court into Burma!) Oil’s 
case for relea-c of confidential 
BP papers. 

Two-day conference opens on 
Regulation of the Brirish 
. Securities Industry at London 
Hilton. Speakers include Mr. D. 
C. Macdonald, director general or 
the Panel on Takeovers and 
Mergers; Lord shawcro<s. chair-, 
man of theiPane?; and Mr. J. W.- 


To-day’s Events 


Robertson, deputy chairman of 
the Slock Exchange. 

Members of the Slock 
Exchange \ote al extraorOinary 
meeting un replacing annual 
membership with life member- 
ship 

Tbe Gold of Eldorado exhi- 
bition opens. Royal Academy. 
PicLadiilj. (until March 181. 

Benjamin Brilivn: Concert in 
Wc.<iminsu-r Abbey marking 
dedication of a memo rial to the 
composer. 

Sir Kenneth Cork. Lord Mayor 
nr London, attends Carpenters’ 
Company dinner. Throgmorton 
.street. 


OFFICIAL STATISTICS 
Department of Employment 
publishes November provisional 
figures for unemployment and 
unfilled vacancies. 
PARLIAMENTARY BUSINESS 
House of Commons: Social 
Security Bill, second reading. 

House of Lords: Pensioners 
Pajments Bill, all >tagcs. Motions 
to approve Unfair Dismissal 
(Increase or Compensation Limit) 
Order lf»7S and Employment 
Protection (Variation of Limits) 
Order 187S. Motion to annul Food 
(Prohibition and Repricing) 
Order 1 'j 78. Debate on the 31st 
report of the EEC on a common 
system of VAT on Works of -\rt. 


COMPANY RESULTS: 

Final dividends: Allied 

Breweries. Atlanta. Baltimore and 
Chicago Reg. Jnv. Tsi. Duple 
I nlerna tional. Wade Potlenes. 
Yorkshire and Lancashire invesi. 
Tst. interim dividends: Bel^ra\e 
(Blackheaihi Black Arrow 
Group. Bremor Trust. Evans of 
Leeds. Grampian T\‘. Ham hr os. 
London and Lennox Inv Tst. 
MeiaJ Box. Reardon Smith Line. 
Sompnrtex Moldings. "The 
Times ” Veneer Co. 

COMPANY MEETINGS 
Assam Trading. Viciori.* House, 
Vcmnn Place. WC 12. Fool wear 
Ind. inv?.. Winrheslvr llmr.f. HiO 
Did Broad Street. EC 12. Rtdif- 
fu^ion TV. Siratton llnu-'C. Y*’ 12. 
Charles Sharpe. Fln.st»n P.oad. 
sinaforii. Lines.. 17 



Rather tlian dealing in opinions 
wliich cost time and money, tlie Location of 
Offices Bureau pro\ides a complete advisory 
service on office location throughout the 
country-free. 

In addition to our fact sheets on over 
160 cities and towns, we have published a 
new guide to help you cope with change 
before it happens. 

We call it a Location Audit. 

The idea, rather like a financial audit, 
is based on a yearly assessment of your 
organisation's present and future office needs, 
with cost effectiveness in mind. 

Tor your free copy of our Location Audit 
lose 


7iv J iit'Louitum ot djuv> in. 2/ Cv. i;;a ’'T Lane, 

London WC2A1S.S. frt 0!-i05292l. fch x:2L^3. 

Please scud me a free copy oi your Uxijiion Audit guide. 

Name 


Company. 


I 
I 

I Address 

l 
l 


■ , J**-. - 1 % 


L .-**' 3 . - . ,7 six 

•t # *. :■» ' -r*. 

vs *. ' * * - 


L™ fJt 



W’ ! 




Guide, just till in and send oil the coupon. j Set up to promote a better distribution 

I of office empJoymenL 


FT3 


U 






NEWS 


DIVIDENDS ANNOUNCED 


. ; 7 Financial Times' Tuesaay November 2T;lsriS.; >' 

NEWS ANALYSIS— MILLETTS OFFER FOR SALE 






ard Life says no to 
iian transfer deal 


A\Z Banking 

Cambrian and Gen. 


IntnI. Thomson ... 

Res more 

Town Centre Secs. 
Thomson British ... 
Wilshaiv Securities 


Current 

Date 

of 

Corre- 

sponding 

Total 

for 

Total 

last 

payment 

paynient 

div. 

year 

year 

li* 

Jan. 25 

12 

20 

20 

.. 2.38 

Dec. 39 

225 

35S 

3j 

jnL 2 l 

Dec- 22 

1.94 

— 

4.94 


Jan. 15 

— 

— * 

— 

inf ! ::9 

Jan. 1< 

3 25 

— 

42 5 

li «Jl 

— 

0.S2 

0.91 

0S2 

. hi 

Jan. 15 

— 

— 

— 

Ml 

— 

L32 - 

.\ll 

332 


New Year 


t In 


BY SRiC short 


Dividends shown pence per share net except where otherwise stated, shops, which operates the 
•Equivalent aTler a >!owln5 . {or scrip issue. "On capital A MJCett Shops chain, 1 
increased by rights and <»r arqussition issues. ; Cents per share .rjityng its stack market 
throughout S US. cents: 10 cents tola! forecast at time of reorgamsa- aroan: i the mm of the year. 

tiOH. ?»!■ M>nt nf 1 


8 Y TERRT GARRETT ■ -- 

MR. Alan Millett and his fentfy 'tbe same mjw. “ a substffltial tepmmnwt to 

•■■iVi end a little extra in their Alan i;enV of towns without a Despite the. medTocre summer 
Christmas s:ocfc.ns$ this yew. SHjU?! s |* ore . weathered Jett likes -to see hot 

Their company Millett Leisure . q f the rmmter of summers and cold winter^— sales 

.... ts 1“ T • .fiiiAtt !. ,h»a ehAwn ffnrui pains .an tha 


l * v * 


tore 


a large amount' of year could grow. » the £12m mark. 
But it is- also This growth has been achieved 


S'.i'idard Life Assurance has factors beyond the control of holders on the transfer, 
d . . d'.'i nnt r.o proceed with the both corr.ranies. So Standard Life intends to 

f it* Canadian business to Under tbe original deal remain in Canada, where it has 

v:" crer.-j Life Insurance. Standard Life was proposing to operated for nearly iotl years, 

l* of ihe original transfer transfer Canadian business in and endeavour tn correct the 
;v.:-n rn July' this year. MaruLifr and CSi.abn of its l*nib!enus of an rebalanced port* 

ounc;r:2 this surprise move assets in Canada to meet the folio. It had already hired a new 

; -<ijy. Mr. David Donald, the lisbililc-s o: that business. The - 3les manager prior to the pro- 
a. mano.er and actuary of inr.iicr '-as being made under P°- C ' d iransfer. In the past two 


•• :ard. dialed that when the ihe Ciinadiin and British Insur- or three years the proportion of 
ty if. - , j^y entered inio 3n 35?rep- 3ncc L.'jnip*sni0S Act- ivith-proiits business nan been 


Rexmore well ahead | 
midway to oyer £0.7m| 


Aimind 35per «. of » Ebb*-*** Jigg -SS.TO 
XM^lhS ^"SS-lSt S5S it? 0*” "Citizen" brand programme. In foot, .the number 


h ManuLifc to mer^c 


apparently it has been 


*lowly growing. Now it In! ends TURNOVJ37R up 22.9 per cent to 
r ‘ that this move will he accelerated. £1* Jflm together with a ri*e of 


f ; r • ai.-.ri -m ntprpsi* t was - ", ", . ..vr, . ..TV... uns move win ne acvcieruiea. tusemer wun a rs-c 

.-—’. f'u.fj jh:i; ibis v -i>uid be a 1 ^ V/tenaff e . ltn * U J Th ° company u ill still operate 20 l per cent in profits 10 £7910*- 

lari-, efv straight forward and ‘ h? , n°P' , 1 ,' ' U ™rn#»i!t* isl-n trom Quebec and Mr. Donald are reported by Rexmore for ihe T *■ lp!Krur« lom^asies 

^ ou ;in>.-ss." ‘ fjnard suss vz» monlhs ended Sepieniber 20> ^ 


BOARD MEETINGS 


Not aji in* 113 v ' _■ of stores has dedmed by around 

MiHett s vsy “Arizen " accounts for about 10 during the last five or so years, 

shares being sold wiB represent Cinze Millettf turnover though 4he selling area has been 
ce» money -or the company. - JjL pe .l*]u des clothing, camping increased by over 50 per cent to 
MUIett is one of the largest tJJJL s “ and footwear. Most of. its 210.000 sq fL MDletts has ex- 
retailers of leisure wear and.jj"jr nhel <»oods are imported tended or resfted about half of 
camping eqtapicent in the Far East; .where '-the its shbpsJn tbe past six years, 

country- but your local Mffletu oany has its own office in Helped by the idOO.OOT of cash 
store may not be one cf.this H __£ Kong, though a small from the offer for sale Alan 
chain. In feet there are six other (perhaps 5 per cenO is MiHett Intends to step up the 

chains of ?.Ii!letts shops, if. tbe 0 ri' , in. Millett is intro- company's store ' opening pro- 

quoted Greenfield MiHetts is rill _: nCT as a pilot scheme sports gramme. A further nine will be 

In -«<l s. nnmVor nf nfhbW uuuu e . .... :>. itii. Mn-tl.f-.n 


"* .* J" rvceriil uo^troment powers to ^^ole position in Canada would 1979. 

It n.v- now become clear that do >om-:ih;: ; T that is reserved for bc con . jdcr ccl afresh. But he The increase in activity 

, 50 -} n 9 blandard has the er>r. ,u>. au tbori 1 1 es. th*jt » doubted whether the company across the whole group and i 

r, veiled to withdraw iu c-hjr.ie -he nature of poll c>- vould set as favourable terms, peels for the lull year are c: 

• '” i.« v s , i' i 1 ' h ' ° r *han expose holder*. ...nirance policies. As far as {JK pc ,[ ^holders lent, provided the buoyancj 

?■! '1. i . e r° ar ’' 1 L ‘*7 Had *hc- iransfer continued in were concerned. Mr. Donald was present consumer demand 

. iv, '. , .‘..‘ jn jnKno ’ An ,K * riod °* nccordaiiee with Sccuon PU of ihe emphatic that there wore no sustained, the directors s-V- 

j. , v.r.a..i.y ,\ct. then company v as liable implications for them. Standard Tax will again not affect P r 

Vr fior..iIt! omphn'-ited that ihi? in be ch. iiengcil by policyholders, would run ii* Canadian bu.sine>s due to stock relief, first*. 

t : > 1 a : -i no ■•■.■ay reflecicd on I* n^fi v i-v; dy encountered oppo-i- prolii ably without recourse to UK capital allowances and unrein 

.■.[yji'jLife. hut wa; due solely to lion from a group of policy- policyholders' funds. prior rears* losses. 


Livhar.ac. SucD o.-etuus are usually rh -VTillett f amKr 
livid (or !b- purpoic of coasldffiog iiu- me «a muy. 


unread throughout the country— isize of a HDBetts shop is- around 

^ Po ntnr 4 mrv - frt onfl /1 erf 'ThA'now.chmw- ««n 11 


ton in i90S. Max Millett helped Tbe stores are serviced by The shops, are a mixtujee of 


vu 


(F^ €>.T 


aameg warns 


allii ^ 


5Y ARNOLD KRANSDORFF 


L-nniiig‘s f.yeeast in August mem of If-TS. and at Hie time of ing industry. Third quarter sales 
■a , ..-: - je‘iiry progress liio inter. m stnlcmeiiL that the arc a quarter lower in volume 
•r. } -:«jj! no: no-«- material- y v :>r :■ ou>J result in further m;il - n , v n r , im» tn a 


accessories to the bedding, up- jnd Manna 


. ii‘u r.u-K iu.net iai- vf-r :>"u.u rrviu in lunner ma j n i v because nf a move tn a , uizinuuies 

i-ccor-ific !c Mr. Alex Hnu«c- sal is fan 'or;, progress, in view of *• ot J 3 V\_ 7 accessories to the bedding, u 

m. o. ■-* rij ;i :iu a n. the unforeseen downturn thii will ,iew "^rehouav and a number ot holstery and furnishing trades, 

no, -it he fere leaving not nr.-, rnaieriali.se." he said. industrial disruption problems, all 

o - .er.:eas agents ami in the li-hl of the chairman's of which have affected deliveries. ^ 

e c':.::rrr, .-•ii said that >i.i lome-.l. analysts now expert Induslrial disputes among the \A/ | |o|g q \%t 

*.c: - *;ral are:;s oF ;;?ic Birr'tn'.ham-based electrical company's 9.IWI customers have “t lluilu VT 

been ..'Ticied by an and ffiechamcal engineering com- also affected the order book. _ 

fgli in L'K sales nnnj to turn in pre-tax prnfir* of E Nowhere, \t T . Canning Engin- r<AAAn«l In nlr 


i-Tvifiwu'-uaacu .’.gUQQai LdnraDI^UJ« aus. -- I n «, 

pJjos a^d distributes fabrics and Pwcdr ^AJireti- — Dec. !:j • 


» EZ ’t gS&t.lSZ* STMSf p™?? J- l-SS- eS&Vlg&SFSS&i: 


■••.ctcment before leaving 
:r * :> r o'.yrjeas agents ami 
■«. trie c l :.:trrr,.’ , ii said tiint 


fgM in UK sales nan.' to turn in pre-tax profile of 


COr'Viny a 

/r, of i.i.Tnv 
.-•-g-.-n anno'. 
... u g»*.*r\*:n 1 
J r. - d i 


'bird quarter. ie<s thtir. £!tn for the year, against coring, which normally contn- 

'bsro price yesterday fl.iif.m '. 3 ;i ume. Al liie interim butes about a tifih of group pro- 
•>•• .*2r '■•n ihe new-. n-<ifi:.< were down from fir<. was hit by continuing delays 

cop'vmy a market £u Tf-ni tn £0.72m. by customers in completing plant 

. nf i.i.Tm. h't has been the mm- bui'rfing progrrminqs. 

r- - n annh'ited the nany'- subsidiary. IV Can- Jn «pite of the expected do\'n- 

u w. erg-in economic ring Matorials l normally 70 per turn in group profits, the final 
d indu*tr*g| cent o: profit f i. which provides dividend of 2.2S3p twt— forecast at 
•* AJihouvh the direr- -peeiaK-e J ehemcals and polish- the interim stave— is not thought 
J al the commence- ;ng mater.sls for the metal finish- to be in jeopardy. 


Wilshaw 
second half 
pick up 


W-ht-.-l. r's Fcruuranis 2S. ■ ■ ■ ' ' •■ • ■ , : ' , f ' 

SlJiiMiill Eleco poised for buoyant year 

Sh-m Homer' Pec. i c ‘ ■' • - ’. 

at THE start of the current year, the results, the chairman says. production - by the^ turfber 

overall group orders of Eleco The property division of Bell expansion of its new fc ^<*ry _at 

lo-Hinc tn the eanceUa- Holdings were double those, of a and Webster has already demon- Haverhill and the HatertBI 
difficulties le.din? to tne canreua * ti-.Mrr Its va ue to the group by compler - JS. now. - mafnJy 


. ••. economic ring Materials I normally 70 per turn in group profits, the final porary cmplovment su 

. - . J d cent o: profi»H. which provides dividend of 2.2£.1p iwt— forecast at Wilsbaw Securities, hydraulic 

" Alihvuvh the direr- -peciai:-: J chemicals and polish- the interim st.tce— is not thought an d equipment maker, as for 
•: - yd ai the commence- ;ng mater.aU for the metal finish- to be in jeopardy. return to profitability in 

second half of the year to 

at? -1 ! a j. ti 73 T? 31. 197S, with a taxable pro; 

Lcre Allmsn to shed ^ossmakers 


xWd BY a G y_. .en,. "S? 2Sg5 


-5-j a - st t^i^****** - ^ rss 


Wilsbaw Securities, hydraulic press into a £324.4. , deficit. R«en7 investment policies a mafor part of its development products for the Ministry, of 

and equipment maker, as forecast There is no dividend for the R«ent inresMnent policies a majo p company stiff Defence - and - overseas navies. 

return to profitability in the year this time. Last years. pay- ^r.i„^ hm^ver a Efficient demand-, for - which increased 


increased 


rpius. leaves the net loss at £156,765 fication into property will id due Dr0De rties have been let includ- road signs. The budgets are set 

At halftime, due to unforeseen (profit £o4,o55). course, give an added lustre to one newly -constructed, for a 20 per. cent increase in 

Together these three wDI add turnover.’ In the current year 
— - ^ -a '■ I 1 A £107.000 to The rent roH, bringing which, if achieved, -will show a 

Record order book at Pressac ‘«sr^r^-s 2E.3E3SSS 


rr-.-t f -r.r ^"n! in £1.33 di on For she year to July 1, 1:«7S. :hc 


Jsiiarp rise 
for Town 


surplus. leaves the net loss at £156,765 fication into property will in due Lronerties hare been let includ- road signs. The budgets are set 

a cl icy Towards lo‘ - s- Some of the benefits of «he 40 per cent when the remainder At halftime, due to unforeseen (profit £->1 ,o 55). course, give an added lustre to 0ne newly -constructed, for a 20 per. cent increase in 

r- • ,i be.nc i. *.l vd at Cope increased capital spending over is drawn. Together these three wDI add turnover.' In the current year 

inivrnHii'inji. .'iTr. L. J. the i:i'* f-vn years have begun w Sleeting. Royal Automobile _ , _ _ _ — ^ £107 000 to the rent roll, bringing which, if achieved, -will show a 

vnaiman. says ihjt show in ;ho group overall ar.d Club, SW. on December 14 at 11 />MrSr k M rt 4~ Ul«ArC*n A it to U76.000 per annum. further improvement s profits. 

„ r.-.r,a.r,a: 'umpanitis in the v::i! he reacted in profits from am. | IB §5 I SC Sm fi 1 Further pre-lets are under The concrete and building 

'.r.-'.i-? r-.T, :ir ur.nrnCiabic despite me current year onwards says aYI/VVI U UvVflL M-ia 1 VkJkJMV negotiation which, if successful, divisions of Ben and "Webster both 

i - •-> rr. r-.-gerr nt action. If Mr. Manw-n. However the in- ^-iU add a further £125,000 per did very weH- in tire Tace- of the 

co r.-ic- v make !o-«cs the created vlIuo of the pound con- »*■**. THE CURRENT year has started The chairman says it is The new ordinary shares not annum to the portfolio income, continuing building' recession.. A 

-■■■.'"fi '-^y: «’lo-.e or dispose t.'nuc- io riikc it difficult to re- g well at Pressac Holdings and imoossible to forecast what may taken up have been sold in the The chairman expects that within' rise of 33 per cent tn turnover 

of !«■ ■.•.•iris. mam eemoefftive in certain of 1± orders are a record, says Mr. be’ expected from the motor market at 109jp and the net the next five years, rental income was achieved and profits rose 

tHo paci-'ging the company s major export mar- n> r*-j G. \V. Clark, the chairman, in his industry and therefore the proceeds, after deduction of the could be approaching £500,000 per substantially.-. Order books. at the 

.i'.rivn •• l y. -n jfi . . -7 , > proitis kels. TflTF* r annual statemenL company does not count upon issue price and expenses of the annum without having to acquire start of the current year were 75 

f -r.r- .-.liivim £ 1.53m on For she -rear to July 1, lt«7S. the -K. VF vv VA As nlrea(lv pre-tax growth here despite a substantial sale, will be remitted to share- additional land. Moreover, the per cent. up on a year ago. . 

= £';4 2.:r :>:M tirfi.u.i.n. companV.*' UK exports v . err up , profits for the year to Julv 31* increase from Pressac components, holders provisionally allotted. development necessary to achieve Meeting, Great Eastern Hotel, 

T:i?rv .r a r.-rc ■-,u:m.>=Tic out- only fi p V r cfn i a t £2im compared fl OUfTA Ui7S advanced to *1 012 621 The company looks forward to ' ' this should be financed from EG, Deccmber-13 3L noon.. 

!oi-f: i or ioro-c; *:afv-:«— one par- v .-iih a 37 per cent average rise compared with I660.52R after growth at home from gas ignition 0 internal resources and normal ..... 

;rcu.-r ; re^Mc-. area v.here ]n the previous inree years. To! a l Fn , . nwlvr , fr __ II42678 losses from its German and from “white goods,” particu- Ft lie ACr cash flow. IllPrPilCA fnr 

d- had fven. sales were ahead Trom £145.73m ^n^nn r-.uago JU a T P miHM nv subsidiary larly with the more advanced «■ For tbe year ended June 30, UlUedM; 1UI 

Tnv recover-' in the ?ero=..l to £irrt.0m. group taxable profit n r p- : ax ornni^nF Town Centre A breakdown of 1977-75 technology being applied to l\J p IJ Q rr lvr Qim6 thegroup reported pre-tax 

b-n:rc- re-n in the recond *** 4 own I0.4m at £9.1Sm and E3SLJ 1 ^finished IhTjune Sn l" r rover and profit shows:- UK washing machines and, other iVICXiaiUj alfllS profits of £10m against. £0Win . JT StSillOH 3011 

ns di cl . w year b-v« continued. net dividend is raised from -,vnTl /hnd it S ^04 electro - mechanical - components domestic appliances Previously from turnover of _ ... 

A!1:‘.J3C« to the c^n’roversy c .n -13-’lp to 3.302 n Per 5p &hare— J 0 «nired wrih £4Gh 474 iSW ’ £fi.4(*4,l44 and £774,440. L'K special . Benefits are expected to show Jq QlVerSltV £12.44m compared with £102m. fipllpral TllVf 

Puoroc.rhon arcOMri propellants as reported Odoher 5. GroVs^ rerenu? amounted to purpose machinery and precision Jrom Pressaco in the current year All sections of the group ' JCUCld * 1U VC5U 

o-c r. much vr.imer in the Steps have been taken to bring £2HnS'«G a-ainst I2-*3D43fi end P aPls £1.°32,403 and £226.1 <0. . heneefo: rth. follow ,ng its It Is experienced a better demand for An improvement in. pre-tax 

r.’air.r market.- in Eurorc. a better bahnee lo the debt irnliK vcro'struck after slichtly {,nd overseas electro-mechanical fstab.ishment as a major supplier grow-tn in fuel od dsmbution of products and services. Davis profits over last year's £143.000 

In Edition .h,- group's no,- Jorffoiiobyrarmg the long-term ftdSSd'' ' f ntere f o C £1 S3 components £371.444 and £12.011. to the Italian telev^on industry S*l3£ K g £?% re?3fi« most successful and the ma^hnum p^mitted 

v-:-.v- - C us? With alternative component. »y< Mr. Manson. A ( £ins.i030). In television, new business at ° ' ai ^SSSr ir-'-S S? year to date by concentrating on. dividend ..total , are forecast, by. 

r.re now on the 12-year loan of £3m has been stated earnings rose from 1.4p home continues to bring benefits Sant as itif do’ cv ^ Leitif f “ rt f®IT iar ^ et Penetration, both -FOsfaion and General Inrestarent 

: ---ct inc. h-f.e jarned accept- negotiated with Finance Corpora- m i/p»r» ner 25u <;hnre and the and, with 23m receivers now in Il a ' a * P fif. -11 f cl n,-' boiw home overseas. In the for the- year to March 3lv 1979. 

-Vv v.-.-h cus,.,m,rs. Furih-r lion for Industry. Long-term dividend total h the maximum *n the UK. the replacement g £ain™?c ? 'JSce S SjL SS2".S "S ^ *”5 

•■■■? r »Pd -i'l help to t0 4m> and . nou ' pronn^d s"me 3m sets. Mr. Oark reports. 'voiiinph^m Jp 8 - 3 -! c0!lservatlon umt ^ been the same' period of last year and Interim dividend is stepped - up 

•• • i ' <• jr,» r.’d profitable constitute 31 per cent of total T „ char?e for ^ year took Also there are Ihe innovations 7 g o ;' n -'‘ Nc,tl,n § ham - December s^jp. alternative *-?. S1 ^ are ^ ti3 ^ t ^ position -jj-pra l.BSCp to 2.1p~the previous 

-'■el'.-Se bu-incT. ^»ns with £2.5m of the FCI loan £411 -S3 (£153,^1 and there were of video recording, which creates " ptl ' fi'f nSl r ci and w ™ continue during, the year. total was 4JB6p. 

'!:■ '•': drawn and will rj«e io more than minority nrifit. of £1.252 f £1.005*5. fur, her demand, he adds. ^ increased eomaeritlon. ’ the . E . ,eco ^ had . * letter year . The ultimate holding company 

— — = ■ -- ■ • ■ = = ■ I UpVPniiP I| n iroun-s off SS ? ?rnSroved to with pr0&ts «P by 40 per cent, is Scottish and Mercantile 

| XlCVCmir U|J oa sales ,mprove<1 1,1 and continued to rationalise its Investment Co. 


*t i A • • " 


hold 


Tn* recover- in the vero^l to £ir.g.9m. group taxable profit nre-C nrnnrs nF Tmvn Cemre A breakdown of 1977-75 technology being 

vr.i’.t b-ivr-C"' -p-n m the second dov n I0.4m at £9.1Sm and q. n ritic«? finished the Tune 3n turnover and profit shows:— UK gashing machines 
«»£ *{ -W year b.v* continued, the net dividend is raised from 5Jnd at *£800.504.’ electro - mechanical ■ tKS 


A !l: ' J - !c * ^ 1h - C r ‘ n ’ roversy on % 5P &,13rc— compared with £4Gi».479. 

r-jO'-n.;,rr.on arco-n! propellants jS reported Ucioner o. Gross revenue amou 


development necessary to achieve Meeting, . Great Eastern . Hotel, 
this should - be financed from EC,- Derembep~-1$ at- noon.-, 
internal resources and normal . - . .. 

year ra ded June 30, InCrCaSC IOF 
1978. the group reported pre-tax . - 

profits of Him against £0Mm JT ^SfllOH HQU ' 
previously from turnover of •’. __ 

£12. 44m compared with £102m. i Tpnprill ItltiPCt 
All sections of the group VJCUCKU ■ 1U 


> I’v hin.’b'-d during 
— - v . • r nt}ri -i'! help to 


Jr.' r. 'd profitable 
■g!i* bu-ine-rf. 


drawn and will rise io more than minority nnlit. of £1.252 (£1,005*1. fur, her demr.nd. he adds. 


STERM MINING CORPORATION! LASTED 
Chairman’s Address to Shareholders 


St CSfilljriSn & However for fuel distribution 

“ the weather Is a major factor the “ 

S»#Sfl£irQl indifferent summer helped to k- g|n« 

AJUfllti al sustain sales, but efforts with coal P Kill 

For the year ended September were hampered by supply Jt ■■■■#! 

30. 197S. revenue of Cambrian and shortages. »v 

General Securities increased from Total group turnover for the 3 - fir 

£245.412 to £271.287 after tax of year to July 31, 1978. was up at £3S9S9Sr 
£100.809 against £91,918. £U.62m f£8.91m) and pre-tax . 

Net revenue at halfway was advance< ^ t0 . ?® 2 -® 38 

down from £71,790 to £67375. ig 230 ^ 3 * ~®* reported October TLJRIX 

The final dividend is 2J75p 26. The dmdend is raised to . 
making a total of 3.S75p compared 3.0412op f2.i23ap). 

with 3.5p previously. At Kittybrewster, rentals now ' .■ 

Break-up value of the ordinary make a substantial contribution to 
shares amounted to 1193 p against group profit with all available 
112.8p. warehouse and office space fully 

occupied throughout the year. 

CHTifm ri(T The direc tors have recently agreed 

rUlHfcKlFlLLi a lease adjoining the Kitty- 

41VI1 PADVFV brewster depot and proposals for Group Turnover 

AixLf flAn TLI a further major development have Pre-Tax Profit 

FothergiU and Harvey’s rights received^ planning permission, iess U.K. Tax 

! issue of 2,054,163 shares at SSp ^ Ir - Leith reports. - 

each has been taken up as to 94.13 Bank overdraft at year end , " »« . , 

per cenL was up at £216,191 (£189,544). LesyMJnonty in 


group's oil SS ?e ?moroved to with profits ^ by 40 per ceilt ’ ls Scottish ' and 
oa ^ es ,m P roved to and continued to rationalise its Investment Co. . 


C company .... , 

Mercantile ' . j ' ^ f ‘ J ? 

v ‘ w u a .« J | 


1 The annua? rr.eiirno of shareholders of West- 
c'i t.f.nin.n Gsrpcnfion Limited was held in 
h'etoourne cn November 2. 1970. The Chairman 
o' Directors. Zir A-ji Pario, in moving that the 
Aon-j3l Repc-n and accounts for the year 1977- 
7C be approved, made the following remarks in 
regard to developments since the end of the 
j luancla! ,mr. 

\ S-: Lindesav Clark, «ho had been a member ot 
• Ire WWC 3jird singe its inception in 1933, had 
! 7:-sided nc: tc stand for re-election at the 
j Annual General Meeting. He h3d played a 
i ur, cut role in guiding Ihe Company's develop- 
i mc-n: lor c/er A0 years, which had led WMC 
‘■rm its initial gold mining activities, to the 
n:jor Alcoa of Australia aluminium develop- 
r?nt, the v/orld-scale iniegr3led nickel opera- 
no-is and ihe discovery ot uranium at Yeelirrle. 
n was with great regret the Directors had 
accepted Sir Lindesay's decision not lo stand 
for ra-elecrion and shareholders would wish to 
join The Board in offering Sir Lindesay and 
Lady Cl2rk best wishes lor the future. 


grade ore reserves. Kafijoorlie Mining Assoc- 
teles had also started the year well and it was 
hoped mat this operation would achieve a con- 
siderably better result than in recent years. 
WMC's beneficial interest in KMA was 11%. 
Recent studies of the economics of resuming 
operations in the Fimislon leases cf KaJgoorJie 
Msmng Associates have shown that the capital 
expenditure necessary to re-open the mines 
not yet justified. Investigations were continuing. 


Jn 1979 on a soie risk basis by The South Aus- 
tralian Oil and Gas Corporation. 

Seismic work was planned tor the Innamincka 
Block in the Cooper Basin. 

The next phase of operation at the other areas, 
the Pedirka Basin and the Abrolhos Basin was 
under examination. 


MINERAL EXPLORATION 


ALUMINIUM 


NICKEL 


World demand tor WMC's main product, nickel, 
had improved since the er.d ot the year and, 
following reductions in output, world pro- 
duction W3C now at a lower rate than con- 
sumption. World stocks of nickel are. therefore, 
decreasing, although it mey take some time for 
the excess stocks to be consumed. It was also 
significant that the stocks held by many con- 
sumers were presently extremely low. Re-estab- 
lishment of normal consumer stock levels would 
add to demand. This will occur as a balance 
between supply and demand tor . nickel is 


Alcoa ot Australia Limited, In which WMC had a 
20% shareholding, recently reported a profit of 
$41.3 million tor the nine months to 30th Sep- 
tember, 1978, compared with $44 million in the 
corresponding period in 1977. Demand for 
alumina had weakened in recent months and it 
was likely that production at the Kwlnana and 
Pinjarra refineries would be eased back during 
the remainder of 197B. The outlook for alum- 
inium metal was tor an improvement in demand 
and possibly a world shortage in the early 
19B0's. 

On 18lh October, 197B. the Western Australian 
Government announced that alt necessary 


Further drilling at the Olympic Dam copper- 
uranium prospect near Roxby Downs in South 
Australia continued to yield excellent results 
and to add to the extent of mineralisation. 
Since the last quarterly report further- mineral- 
isation had been intersected. It was apparent 
that a major mining and processing operation 
would be established in this area. 

At Benambra In North Eastern Victoria : where 
high grade copper mineralisation with some 
zinc was intersected during the last financial 
year, a further diamond drill hole (No. 19) 
completed since the end of the winter season 
Intersected 9 metres of mineralisation 50 
metres down-dip from drill hole number 18, 
assaying 7.4% copper. 1.2% zinc. 0.2% lead, 
and 36 grams/tonne silver. 


Rexmore 


LIMITED 


INTERIM 

STATEMENT 


■* 


TURNOVER PLUS 22.9% 
PROFITS PLUS 20.1% 


Unaudited 


UCM highly confident 
for current year 


6 months 6 months 

to 30.9.78 ; to 303.77 

£ , . £ 

Group Turnover 17.387,000 ' 14,1 51,000 

Pre-Tax Profit 7QU012 ' 579,526 

£essti.K.Tax ; lyiL. NIL 

- • . 701,012.-. 579,526 

Lest Minority Interests 8.930 5,374 

692,082 574,1 52 

Dividend (Net) .122335 107,657 

• ’ ’ ■ - ^569^147. ' £466,495 

Eanwigs per Share 7.$fp . -..v 6.65p? 

*i$77ifguras for Comings par shorn have been adjusted to '/affect the issue of 200, 000 
New Shares.in January. 197S. . 


Dividend (Net) 


Eanwvgs per Share 


6 months 

to 30 . 9.77 
£ 

14,151,000 

579,526 

NIL 

579,526 

5,374 

574,152 

107,657 

£466.495 

6.65p? 


approvals had been given for Alcoa of ^is- This prospect which is 51% owned by WMC ta 


iralia to proceed with the construction of a 
third alumina refinery at Wagerup. about 40 
kilometres south of Pinjarra. . 


being investigated by, jointly, with BP Mining 
Development Australia fPty.] Ltd. Many other 
prospects tor various minerals continue, to be 


Alcoa has announced that site works at Wag- investigated, some under joint venture arrange- 


erup are expected to begin in January. 1979. 


URANIUM 

Since the end of ihe financial year WMC had 


merits with other compan ies. 

BUSINESS CONDITIONS 

In addition to the significance of conditions In 


approached a^d pr'rtfurere* “mV WTW announced a proposed joint wmture with Esso "jj^the - important Mhjjgj. on 

prlca increases from the present very unsatis- Exploration and Production Australia and L 

factory level. Urangesellschaft of Germany for the develop- me exchange rate of the Australian dollar lo the 


While markets and prices have had an over 
riding influence on the results from the Com- 
pany's rvcfceJ operations during the last several 
years, the mining, conccnlratlng, smelting and 


ment ol the Yeelirrle protect. These two com- P u ^. 9 'I 1 ® y .?® r s ubsi ant iaJ prog r^ 

pan ies would take up 15% and 10% equity was made m reducing the rale 

respectively in the project, with Western Mining J" Australia and In .restoring Australia's ability 


respectively in the project, with Western Mining 
Corporation retaining 75% of the equity. An 
important feature of the arrangement from the 


refining operations had all performed extremely £ JuL 

well. Productivity and efficiency had been C omp an y e p oin t of view, was that WMC g 75% 


improved at all operations. At Kambalda, sink- 
ing ihe Long sh3lt to its planned deplh of 936 
metres was completed. The Long orebody. 
which is a major ore position, was expected to 
be available lor production by early 1980. The 
new and larger smelting furnace and auxiliary 
equipment at the Kalgooriie smeller were com- 
plied. making this smelter one ol the largest 
and most modem of ils type in the world. Heat- 
ing the new furnace had started, and it was 
expected to ccme into operation towards the 
end o! November, 1978. 

At Kwlnana. the refinery had been working con- 
siderably below capacity because of low de- 
mand for metal, in recent months the pro- 
duction rate had been Increased to test the 
plant, and during October nickel metal was 
produced at the rated capacity of 30,000 tonnes 
per annum. 


share of the project would be financed entirely 
against its equity In the Yeelirrle project and 
the Company's other assets would not be at 
risk. Work was proceeding on the various 
approvals which must be obtained and it was 
hoped that these will be available to enable 


in Australia and In restoring Australia’s ability 
to compete In world markets. The exchange 
rata of the Australian dollar had been main- 
tained by a substantia] overseas borrowing, and 
without this borrowing our dollar would have 
been devalued substantially some time ago. 
Holding the parity of the Australian dollar at an 


5 sffS£rjsyssrL ^5 ;xi£ 5 i S 3 £nL&si an fii p psr s ^ rs 

good, says Mr. E. C. Sosnow, the year. N£T.-(1.25p in 1 977). With the associated lax credit of ,688p per share 

chairman, to his annual state- In 1977-78, the engineering and (-6439p per share in 1977) this -makes a total -of- Z.083p per share 
ment. automotive division contributed (1.8939p per share in 1977). ■ ' ; 

As reported on November 3, increased profits and with an Thp D'wiilpnd will hp naid nn thn 17th lannani 1 070 
pre tax profits dropped from overflowing order book. Mr. . The Dividend will be paid on the T/tn January, TO 

£4 .05m to £2.75m for the June 30, Sosnow reasonably erpects The Board statethat the. increase InactjyityJ^asnean 'achieved. acro^ 

1978. year, stnjck after an another very good performance. the whole group, and prospects for the ful] year are excellent provided 
£832.000 exceptional provision The turnkey-project for tbe first the btioyancy in present consumer demand is sustained, 
mainly comprising an overseas phase of a jute industry complex ^ •„ L.. ' - _ ■' ■ :• . ■ .... 

debt relating to the previous for Vietnam has been completed . Taxation will again not impinge on Group Profits dueto'atock relief# 

year’s trading in South Africa, and discussions on the next phase, first year capital allowances andunretieved prior-years tosses. 

The net dividend is effectively substantially larger than the first, 

raised to QJSSOp (0.7488p) are m progress. - ■ - . : — : 




artificially high level was equivalent to levying 
a turnover tax on export and import competing 
industries. This levy was regardless ot profit- 


work on the Kalgoorlie research plant to begin ability and was therefore a serious burden on 
In January, 1979. The proposed arrangements many Industries Including the Nickel Industry. 


were satisfactory to all participants and were 
satisfactory from shareholders' point of view. 


PETROLEUM 

EXPLORATION 


The price of nold had Increased from AS162 
p?r ounce at ihe end of the financial year to 
AS235 per ounce on November 1st. This in- 
crease had bean predominantly a reflection of 
the unprecedented weakness of the D.S. dollar, 
bul 't was also relovant that Ihe industrial de- 
mand far gold was high and at present growing 
faster than production. 

At current prices Central Norseman Gold Cor- 
poration, ol which WMC owns 50.5% was earn- 


Expenditure In the 1978/79 programme would 
require only a modest financial contribution by 
WMC to Petroleum Exploration. In the previous 
year the Company had been involved in the 
drilling oi three petroleum exploration wells In 
addition to the normal ongoing programme of 
mineral exploration. Two ot the above wells 
yielded hydrocarbons, although not in com- 
mercial quantity. Indication of hydrocarbons 
were very encouraging however for further 
exploration. 

Dinar activities in the petroleum exploration 
area included a regional seismic programme tn 
Ine Surat Basin which was being funded by 
WMC's partner. Shell Australia. 

A seismic survey in the Patchswarra East Block 
in the Cooae: Basin has been completed and 


Canada accounted for 45% of world production 
of nickel. It was relevant to note that .since 
November 1976 the Canadian dollar had fallen 
by 13% against the U.S. dollar, while the parity 
of the Australian dollar had increased by 16%. 
The relative competitiveness of Austral* 8 " 
nickel production had therefore declined by 
approximately 34%. 


FUTURE OUTLOOK 


ing good returns, primarily because of its high • the "Besnbus.V No. 1 well will be drilled early 


Sales of nickel in the current half-year were 
likely to be higher than the previous corres- 
ponding period, but prices will be appreciably 
lower. 

Together with a further affective reduction In 
prices because ol the artificially high parity °> 
the Ausi. dollar to the U.S, dollar, the net effect 
was that profits from nickel wifi remain de- 
pressed during the first half. Sales were OX- 
pected to exceed production and stocks were 
therefore expected to be reduced. 

Earnings from aluminium were likely to be 
about the same as last year, income from B*<> 
could be higher than a year ago. 

FCB/l 8 /ff 7 


raised to 0.8S9p (0.7488p) are in progress. 

adjusted) and a one-for-eight Trading in the an Lina J 

scrip issue is also proposed. by-products sector ts maintaining 

Since the end of the 1977-78 | r ^Si«ed a ?hb iln yS7 ed Pr ° Sts 
year, trading to ail sectors has Erourt hute?Vwri , nrlnto 

been active and the order book trade « V erv active 
is good, the cbairm-vi points out. H “3£ 

The group’s UK leather manu- geographically to many European 
factoring activity suffered from and Far Eastern countries, 
the general downturn of output Its banking subsidiary has 
and profitability to the industry, consolidated its activities and has 
caused principally by competition become a most useful banking 
at subsidised low prices from ann of 1*0 group’s international 
South American producers. trading activities, Mr. Sosnow 

UK leather manufacturers have adds - 
raade representations to the “ e points out that as in the 
Department of Trade and Mr. P ast » the group has avoided any 
Sosnow says he hopes that in the speculative trading activities and 
near future some steps wiH be ! s the mam reason that cash flow 
taken to remedy this situation. is most satisfactory. 

Unaffected by South American A *eetmg, London Hilton Hotel, • 
competition, the group's tannery. : v i.. Decemb er 1L noon, 
and leather factories in India i — : 1 


■' ii: f <rm 


Bankers 

-MBeddey StfeetLorefau WD£ SAE 



exceeded their expected con- 
tribution to profits. The Indian 
leather division is poised for 
rurther expansion and the chair- 
man hopes for an excellent con- 
tribution during Lhe current 3’ear. 
. The group's timber sector 
profits were adversely affected by 
the reduction in price and volume 
nf timber imports in the UK. 
France and Holland. The new 
season which will open soon will 
find UK and overseas markets in 
much better shape than during 
ihe past year, states the chairman. 


Do you nnd currant information on 

Limit*! Comp**!®, (neMms Bahnco 
Sheets, prepared in 5 days at a con of. 
only £ 150 ? 

You wed I 




sitrep 


Far non brfsnnA'cn, mitt ‘Qtnsf on your 
rteSng on! tod rare a tw- 


- Barneff, ChrisffalJmited^tnnounces tfiat - ; , 

witfi effect from the close of business 
oiil7ih of November 1978 
and until farth» notice, ' 

... , its Base Lending Bate wHlbel3^5L 


tCA Canprar RW. Ho™* 

»w*tHir.8e»«r.Q*te n L 




As* ( X 


-.ft- 






"%;,f 

r ‘ S. *, 






: :?V -•i-9-r. •*• V- 7 


ill ; ’/ 4^Mciai;$imeSjTuesday Ni>w7ii6r 21 1978 

M i . .1: i 


antvin 


i rs® 


r»; . .«* :i- 

f Lvw *' 

Jk 

i; 1’s** 




BIDS ANB DEALS 


Lloyds & Scottish £9.6m 

agreed offer fi^r Cedar 


' Cedar Holdings, the ’ second 
-' mortgage group which was one of 
xhe ea'rly casualties' - or- .the 
'.'secondary banft. crisis- is no wbeing 
wooed bar odd of the largest -of the 
independent finance groups, Lloyds 
and Scottish- •I" '". -,.J 

Vesterday I r and S announced 
^an agreed offer of £9.ftm. amount- 
ing to 26p In cash -for : each 
ordinary Share and 76p ia'cash 
10- reach preference share. On the 
news Cedar's ordinary shares rose 
5P to 24 j» in The market and the 
.preference, shares increased by 21 p 
to 88p.-‘- 

• the “offer- £s already- assured of 
'success: . It. has been Irrevocably 
.accepted by the four Institutions 
^w’bich have been supporting Cedar 
since - 1R74 and : which own just 
tinder -BO per. cent of the equity. 


The director? have aisn accepted 
the offer and their vows. .together 
’with those of the institutions.. jji\c 
L and S-68 per cent oflhe ordinary 
.shares “and 70. Bper cent of the 
preference shares. ' 

Lloyds and Scottish . h» chosen 
an .opportune moment to. npke its 
. bid. Only a fortnights 3go Cedar 
-produced its annoaL accounts- for 
the year to Jnne^ which ' showed 
that the company had *itp**d an- 
other £4.Sm co the institutions, and 

£91:7,000. ..... 

increased its -profits ’.to a net 
The group now owes less than 
£2m to the institutions compared 
with a peak of £5£.5m;during the 
worst days of the crisis.' ' 

So steady has beeh-the- improve- 
ment in the group that- Mr. Simon 
Cuorsh, the chairman/. intimated 


strongly in hK annual statement 
that the company would shortly 
be seeking relisting of its 
securities (bargains can at present 
only be struck under, special 
rules). 

The background to the improve- 
ment is a steady increase in the 
secondary mortgage portfolio — 
the area in which Cedar 
specialises. It is this which has 
attracted L and S also. 

In the official statement yester- 
day L and S said that the 
acquisition “ represents an impor- 
tant extension of its consumer 
finance interests." L and S intends 
to continue running Cedar much 
as- it is now and has promised to 
pay off the remaining funds due 
to the institutions. 

See Lex 


Ladbroke expands hotel side 
with £4.6m bid for Myddleton 


BY JAMES BARTHOLOMEW 

- Expansion , "by the Lodbruke 
.'Group, Into the hotel industry 
continued yesterday with the 
announcement of an agreed £4.rtm 
.bid for Myddleton Hotels. 

Ladbroke 's. avowed intention is 
to bccoriie a'~ significant force in 
'hotels to widen It's profit base. 
It's casino profits could be hard 
hit if the recommendations of the 

Rothschild Commission on gamb- 
ling 'are exorcised; ' . • 

Myddlelorv- nuns -seven up- 
market hotels siruated mostly m 
provincial tourist centres: Rath; 
-York. -Bournemouth, Oxford, East' 
bourne- and Brockenhurst. The 
seventh holel-is In. London. 

Ladbroke has. gone for, provin- 
cial hotels' because London hotels- 
are '* impossible "to buy, "said Mr. 
.Cyril Stein, chairman of Ladbroke 
yesterday.- - Foreign buyers, have 
bid up London hotels to a '-level 
;whcrc the yields are too low, he-, 
said. 

' Myddleton Hotels would he 
treated as a separate division of 
Lad broke's hotel business if the. 
deal sjoe.v through 

The other two divisions are the 
Dragonara Hotels. provincial 
:hnlc!s catering ln-»he top-end of 
Jhc business market; and Mercury 


Inns which is aimed lower down 
.in the same market 1 with an 
emphasis on hotels near motor- 
ways. . ‘ 

The current executive directors 
would remain on. -the.- Board of 
Myddleton and Ladbroke has com- 
mitted itself to maintaining “ the 
present management style and 
philosophy.” 

But there will be some changes. 
Ladbroke 1 s marketing would be 
brought to bear on XlyddlMon’s 
occupancy rates:" The. 'three 
division would ** cross-market " 
each other. And Myddlefan -would 
be subject to Ladbroke’s "financial 
conrrols and would take part in 
Ladbroke' s expansion- plans. The 
new hotel being. bulll by Ladbroke 
in Edinburgh would be. pul into 
the. Myddleton division.. Other 
hotels bought by Ladbroke in the 
future would also, be 'added it 
rliey fitted into the 1 - Myddleton 
style. ■•••>' ' 

TXhis -purchase would “by. no 
means complete 'Ladbroke’fc' drive 
Into hotels. “ We are StiU a min- 
now- compared to Trust -Houses 
Fone " said Mr. Stein,-' “ bUT it 
won’t bp. long before we-' start 
getting close to Grand" Mctropoli 
tan." - - ‘ . 


Gulliver takes 70% in 
new hotel company 


Mr. James Gulk>*it i.fprinpr 
chief executive of Oriel Poods 
and the Fine Fare: sirper market 
chain h3s added a new dimension 
to his business interests by mov- 
ing into the hotel market. 

' Gulliver Ajssociatesrr'rtin by Mr. 
Gulliver and -his- -^ivo-dose 
associates Mr; Alistair Grant- and 
Mr. David Webster— has : taken a 
70 per cent stake., in a new hotel 
company which completed it? 
first acquisition at the weekend. 

Mr. David -NewJing Ward owns 
the remaining- SO per cent of 
Gulliver Hotels which has put: 
chased The Water Mill Hotel and 
the While Horse Inn at. Bourne 
End. near Heine! Hempstead. 

The new company aims to. 


develop a’ chain of hoteH m and 
around the Thames *yalJey. 
CotswnJds and Home • Counties 
and is currently investigating: 
several other hotels. V\ 

Meanwhile : the. :he.wly; formed 
Gulliver Food's group may be on 
The- po int ;.of - a mjoii ncing its'ftrst 
acquisition. The £foup IS’ol'der 
cent-owried by Gulliver Associates 
and 49 per cent, jointly owned 
by bankers Noble GrossarF and 
Charterhouse Group. Z K 
Mr. David Webster, a director 
of G u I li ver Associates sa id 

yesterday ■ Dial he hoped the new 
food group- would be able 
announce" an acquisition 


Christmas. 


x 


r 


Ferguson Ind. agrees to 
sell Randalls stake 


Ferguson Industrial . vHoUhtRS, 
which could have posed an ’ob- 
stacle to Whiteeroft's plans to 
take over Randalls, 'the building 
trades distributor. . yesterday 
agreed to accept air increased bid 
from White croft. 

,The terms of .the new .offer are 
one Whitecrbft share pins 124p 
cash for every .two Randalls 
shares. The new . bid values" the 
company at around HJfim., - ,. 

. Ferguson, which ea rl ier this, 
year itself made a bid approach 
to Randalls. says that it'has made 
a £150.000 profit on the deal — 
raising around £750,000 for its 25 
. per cent stake. . 

Whir'ecroff, the textile. •• en- 
aineerinc and building group, says 
that; fallowing the recent offer, 
it now- has received irrevocable 
acceptances representing a 51.2 
per cent slake in Randaffs ,-r- .in- 
eluding the former Ferguson 
slake. 

The Randalls’ dirertors and the 
croup's merchant bank advNors 
County Bank are recommending 
•ilher shareholders th areepl the 
bid. Whilecroft had originally 
offered nne of its shares Pulus 
U4p cash for every-two Randalls 
shares - which -then valued the 
KtQup at £2.Sm. 

Mr. Lacey . , 
resigns from 
McNeill Group 

Sr. Graham Ferguson Lacey 
has resigned " as - chairman of 
MeNelil Group, lhe troubled- Irish 
construction outfit. His place is 
to-b^ taken by Mr. S. M. Smyth, 
\*bo- hr --to take the job on a 
temporary basis. 

.Iii a brief statement, . Mr. 


Ferguson y-Laccy said. having 
failed to ’ieceive the support of 
the Board for my proposal 
resulting --from a‘ detailed review 
of . the group, which I have carried 
-qul since my appointment on 
October 2. 1978', my partner Mr. 
R C. McBride and., myself had 
today resigned as directors. 

Earlier this month the company 
had asked, for its shares to be 
suspended on .the. Stock Exchange 
.pending, clarification of the 
group's financial position. The 
Shares were' suspended at 28|» 
which . valued the group at 
.£762,359. \ - 

Mr. Ferguson Lacey, who with 
!ilr. R. C. McBride holds 23.1 per 
cent of McNeil's equity, became 
Chairman fn October. He said at 
-the Lime that he intended to carry 
out a . complete review and 
ro-orcanisation. of the group 
including the sale or closure of 
loss-making subsidiaries in order 
to cur util trading losses. 

In its last financial year ending 
December 31, 1977 McNeill 

showed a loss of £l.27m. For the 
six . months to June 3fl in the 
current year -it incurred a loss 
of 1 £667,000 compared with 
£140,000. 

Meanwhile the group's bankers 
have conflnhed that they are 
continuing financial support on 
the usual terms. 

McNeill S3id yesterday (hat 
chartered accountants Stokes. 
Kennedy and Crowley had been 
appointed by the directors to 
investigate ihe financial position 
of the group and to report a* 
soon as possible. A further 
announcement is promised in due 
course on the results of . the 
investigation, and any. necessary 
steps ih’at will have to be taken 
that will, lead to ibe restoration 
of the shares. 



HAT 

GROUP 


LIMiTEp 

. construction ami maintenance services 

Interim Report for the Half-Year to 31st August 1978 

• 6 months ended 6 months ended 

31.8.78 
(unaudited) 

£000’s 

/ . Turnover 3 f ■“? 

Profit before tax . ‘'fr* 

Prof It attributable to members 
: Interim Dividend of 0.825p per share payable on 
. 27th February. 1 B7S. 

F The turnout andnet profit before faxationf orthe 

year ending 28th February, 1979» Lcl year 

stance* apart, should comfortably exceed^ 


31,8.77 
(unaudited) 
. CQOO's 
32,000 
1.140 
790 



The hotel vide could make pro- 
fits of the order of £5ni near year, 
he said, and the spending would 
continue. Cash flow was .good and 
cash balances higher than at the 
beginning of ihe year when 
liquid assets stood at £J3in, he 
added. 

Further acquisitions were likely 
lo he of independent hotels m 
ihe provinces and on the out- 
skirts of London. Expansion 
would al<o be pursued through 
extensions and new developments. 

The terms of ihe offer are 300p 
cash or one Ladbroke share plus 
cash itiving an aggravate value of 
300|> for each share of Myddleton. 
Directors of Myddleton. members 
of iheir families and certain other 
major holders have irrevocably 
underiaken to accept in respect 
of_ 30.3 per ceni of ihe equity 
1450.487 sharesi. Ladbroke owns 
3.6 per cent (SLOW/ shares). Lad- 
broke is also offering 30p cash 
per share for the preference capi- 
tal Myddleton shares closed yes- 
terday a i 2ar.p. up SOp 


MINING NEWS 



Fortunes are mixed 
at Hudbay 


BY PAUL CHEESERIGHT 

THIRD QUARTER earnings at 
Hudson Bay Mining and Smelting, 
the Canadian unit of Anglo 
American of South Africa, 
represent n marked improvement 
over the same period of last year, 
hut tbe total for the first nine 
months of the year is running 
well behind that of 19m. 

In the three months to 
September. Hudbay's net earnings 
were CSPSs.OOO (£427.775) 
compared with a loss in the same 
period of 1977 of C$2 .33 m. In 
the first three-quarters of this 
year, profits were C S3. 63m t£1.6mi 
against C$501m before extra- 
ordinary items in 1977. 

In the second quarter last year 
Hudbay received an extraordinary 
payment of C.S52.3r>m. mainly for 
ihe sale of potash interests. Some 
of these funds have been used in 
ncrease the shareholding in 
Wbitehors? Copper, and with 
Minorcn. another Anglo American 
company, to extend its slake in 
Inspiration Consolidated. 

Whitehorse made a contribution 
io the third-quarter earnings, and 
Inspiration's third quarter copper 
sales were a third higher than 
over the same period of 1977. But 
while the average price Inspiration 
received "as only slight ly higher, 
costs were considerably more. 

Tbe overall picture fur Hudbay. 
however. has been mixed. 
Although net sales have been 
running at a higher level than 
last year. Hudbay still had lo 
roniend with losses incurred by 
copper and fertiliser interests in 
the l : .S. over the third quarter 
The Canadian metal* division 
has been doing substantially 
better m the last Three months 
than during 1977 and the first 
half of 1978. Copper, zinc and 
sold prices have bpen belter, and 
the profits have been increased 
by the lower value of the 
Canadian dollar against the U.S. 
dollar. 

The re-ulls for ihe li/s! three- 
quarters in. fact include C54.24m 
of unrealised exchange sains, 
before deducting minority 
interests. arising from ihe 
translation of the account* of C S. 
subsidiaries- inlo Canadian dollars. 

Hudbay’s quarterly results are 


the latest in a succession of 
figures from major North 
American mining groups, suggest- 
ing that the worst o! the recession 
may have passed. 

Share split at 
Denison 

DE.V1SQN ML\ES. one of the 
major Canadian uranium 
producers with extending interests 
throughout the energy field, is to 
sub-divide its shares on a four to 
one basis. The existing shares have 
a par value of one dollar, but the 
new shares will be without par 
value. - 

Announcing ihe change. Mr. 
Stephen Roman ihe Denison chair- 


man. said that the shares had 
recently traded in the CS75-CSSG 
range and Lhe subdivision would 
make them more broadly available 
to the public. 

The effect of the change will be 
to give Denison an issued share 
capital of lS-27m shares, compared 
with 4.56m shares at present The 
Board's intention is ro declare 
quarterly dividends, starting in 
March 1979. of 25 cents illpj on 
tbe new shares. 

Meanwhile Denison is to pay an 
additional cash dividend of C$5 
a share. 

Consequent upon this move, 
Roman Corporation, wluch holds 
32 per cent of Denison, is to con- 
sider paying its shareholders a 
dividend out of Lhe 1971 capital 
surplus. 


Northern extends its 
diamond interests 


NORTHERN MINING, the Mel- 
bourne exploration company 
which earlier this year became a 
favoured investment for those 
seeking an entry into ihe Ashton 
diamond venture, n .-'preading 
its diamond tntere>is to New 
South Wales and Victoria. 

This is revealed inj letter to 
shareholders from Mr. X. R. 
Towie, who explained that a 
search was taking place in areas 
where diamonds had been found 
in the past. The annual report 
shows that an exploration licence 
has been taken up for 594 km 
In the Beechwonh area of north 
east Victoria, and application 
has been mad*' fi»r 256 sq km in 
ihe Copetun area of New South 
Wales. ‘ 

Nevertheless the main fncus of 
Northern's activities remains ihe 
Ashton \cniure in Western 
Australia, where Conzinc Rio- 
tfnto of Auslrafia is the leading 
partner. Mr. Tuwie warned share- 
holders that mon with a 5 per 
ceni participation level, the de- 
mands on tit* companv's cash 
resources will ne considbrahle. 


These resources are now con- 
siderable. Following share issues. 
“ the company's liquidity has in- 
creased to more i han A$2.75m 
(n.6inl. which is (he stroogcsi 
financial base the company has 
achieved since its formation in 
1969." Mr. Towie said. 

Non hern was able to catch tbe 
share market when investor in- 
terest in exploration companies 
was running strongly. It might 
be less fortunate now. Yesterday 
the Northern price declined a 
further 4p to 74p. which is less 
than half the nigh for this year 
of 165p recorded last May. 

In a reiteration of company 
policy. Mr. Towie said ir fav- 
oured spreading risk capital over 
a number of ventures ai modesi 
levels of participation and ex- 
penditure. To this end. Northern 
was continuing ihe search for a 
major partner for the Murchison 
iron ore project in Western 
Australia. 

At the same time Northern is 
seeking io secure an interest in 
proven coal deposits. 


21 


-SAFEGUARD 
INDUSTRIAL 
INVESTMENTS 
UNITED 

Helping small companies 
to raise capital. 

Extracts from the statement by Mr.John Keeling, 
Chairman. 

dk At the start of ouryear the F.T. Actuaries All -Share 

_ Index stood at 224.45. At the end it stood at 22835 — 
a rise of just 1.7 per cenL The theoretical break-up value 
ofour company,after deducting the Debenture Stock at 
par, was ^ll.ii89,000 equivalent to 106.27p per share, 
compared with 93.73p last yea t; representingarise of 
13.4percem. 

The increased interest in providing finance forsmall 
businesses has continued during the) car. 

It remains the case, however, that this vital sector of 
our eermnim is frequently over-taxed or under-financed. 
Very often this is because the businessman does not 
know w ho to mm to for help or advice. Safeguard has 
been active in this specialist field for twenty ’-five years 
and has always aimed to provide advice as well as finance 
whilst not insisting on control. The small businessman 
or entrepreneur is by nature a free spirit and should a 
be encouraged rather than fettered. ™ 


•■'A. - 


Year to 

30th .September 
1978 


Year to 

30th September 
1977 


416,963 


Netrevenneafter&sariori 457.t>25 

Dividends: 

Interim ptid flp) 110.000 flp) 110.000 

Final proposed (3 pi .'30.000 440.000 (2.bpl 286.000 396,000 

Revenue retained £1 7.b_5 £20.963 

Earnings per share 4.1hp 

Netasscis jfll,6S Q .6fr9 

Net asset value per share 106.jp 


j 

£10310,758 


93.7r 


0*[M'S..I’ihc Annual Report -and Vcr-urns a rt available from 
Salc^j-i ret Industrial lm c'-’mcnls 1 .imised. ST Eiton Place, 
London SMI. Telephone: 155 9b9j. 




THETENNECO RECORD 


lfemeco 

raises dividend 10%; 
7th consecutive 
annual increase. 


Tenneco has raised its fourth 
quarter dividend on common • 
stock by 10 percent, from 50 cents 
a share to 55 centa This is the 
Company’s seventh consecutive 
annual increase, the eleventh . 
since 1965. 

The increase brings the 
annual dividend rate at year-end 
to $2.20 a share, compared with 
. a former rate of $2. The common 
stock payout for 1978 will be $205. 

The dividend increase is 
based on Tenneco’s current 
financial strength and realistic 
expectation of improvements in 
the future. During the years from 
1971 to 1977, Tenneco's fully diluted 
earnings per share increased 
from $204 to $4.11, an. increase of 
101 percent. 


Annual dividend rate at year-end 


$220 


$2.20 


$200 


Current annual 


dMdend rate 

$ 2.20 

Current stock price 


(Oct. 24) 

$31.63 

Yield 

7.0% 


Tenneco continued its com- 
mitment to growth last year by 
allocating capita) expenditures of 
$714 million, more than half of 
which went.toward energy explo- 
ration, development and facili- 
ties, And the figure will be even 
larger in 1978. Underlining the 
importance of energy to the 
Company, about two-thirds of this 
capital outlay is devoted to efforts 



$1.60 


S1.50 


1971 1972 1973 1974 1975 1976 1977 1978 


to satisfy the energy needs of 
Tenneco customers. 

Sound diversification, a vig- 
orous program of capital expen- 
ditures, centralized investment 
decision-making and decentral- 
ized operating management have 


combined to help Tenneco grow 
The results speak for themselves. 

For further information, secu- 
rity analysts are referred to 
Tenneco's Statistical Yearbook , 
Tenneco fnc., Dept X-5, Houston , 
TX 77001. 


TfV.tCOM. a TFMJ5SSEE!S«TPJWSMltSW O JIWS C 5 I'i^UOTTVE O 

rrvfisrC'ycuttii C5 -two* i «RS shtoiujmq o roughs coup or , tewccc -.‘.tv 3 







'Financial Times Tuesday November 210978^-^ 


THE JOBS COLUMN 


The international league of head-hunters 


THE carradon group 


London Office: 

33 MARGARET STREET, LONDON’ WIN 

Telephone fll-SSO 7831.. 


5Y MICHAEL DIXON 


WHICH ARE the principal con-” 
suitencies specialising in the 
recruitment of managers and 
specialists? That question is 
regularly thrown at the Jobs 
Column by, presumably 
ambitious, readers in various 
parts of the world. 

Unfortunately' it is not one I 
have felt competent to answer 
comprehensively. The main 
reason, to be honest, has been 
that the operations of the major 
head-hunters tend to be 
scattered around the U.S. and 
elsewhere internationally, and 
Su are considerably farther-flung 
than I am, as yet anyway. 

A second, more sensitive in- 
hibition is that regardless of 
the term 1 ; in which it is ex- 
pressed. information provided 
ny a column like this tends to 
become viewed as a recom- 
mendation. And with all due 
respect to professional head- 
hunters. I do not generally have 
(he personal experience of their 
sendees which is surely the only 
sound basis for any recom- 
mendation. 

However, estimates of the top 
executive-recruiters’ billings in 
the 1977 tax year have just been 
produced by Jim Kennedy for 
his U.S. newsletter, Consultants 
News (Templeton Road, Fitz- 
william. New Hampshire 03447 
— telephone (603) 5S5 2200). So 
I am drawing on his figures to 
supply the oft-requested data in 
the accompanying “ world's top 
twenty” league table. 


Fee billings (in U.S. $ 


PA. International 
Heidrick and Struggles 
Egon Zehnder 
Spencer Stuart 
Korn/ Ferry 

Ward HoweJf/Comulting Partners 

Boyden 

MSL 

Russell Reynolds 
Arthur Young 
Coopers and Lybrand 
Billington Fox and Ellis 
Peat Marwick Mitchell 
Eastman and Beaudine 
Emit and Ernst 
Paul Ray 

Booz Allen and Hamilton 
Lamalie 

Staub Warmbold 
Canny Bowen 


Elsewhere 

1U 

1.8 

11.2 

4.7 

3.0 
5-6 

4.1 

7.0 
15 

3.7 

2.0 
2.9 
2.0 
2-2 
0.7 
0.4 
0J 


million) 

Total 

12.0 

11.8 

115 

11.2 

10,0 

8.8 

3.1 

8.0 

7.7 

6.1 

6.0 

5.7 

5.0 

4.6 

3.1 

3.1 

2.6 

2.2 

22 

2JJ 


In making bis estimates, by 
the way. the redoubtable Mr. 
Kennedy paints out that in the 
cases of Ward Howell/Consult- 
ing Partners. Billington Fox and 
Ellis, and Eastman and Beau- 
dine, the companies’ operations 
outside the U.S. were conducted 
by affiliates which were not 
wholly owned subsidiaries. And 
while he ventures no figure for 
the total world-wide value of 
the executive-recruitment busi- 
ness, he puts its worth in the 
U.S. alone at more than $300m 
a year. 

Lest any of the above- 
mentioned questioners are think- 
ing of furthering their ambitions 
by asking to have their names 
and track records placed on top 
head-hunters' registers of will- 


ing candidates, I will point out 
that consultancies seem to fill 
only a minority of the jobs they 
are asked to handle witb a 
candidate from their data bank. 
The proportion thus filled is 
generally no more than 15 to 20 
per cent, although I cannot see 
why going on the register should 
do an ambitious promotion- 
seeker any harm. 

And, as I said, the informa- 
tion 1 have made available via 
Mr. Kennedy can be viewed 
only as information. The only 
one of the accompanying 
“world's top 20" whose ser- 
vices I have sampled for myself 
is MSL. who interviewed me as 
a candidate about a dozen years 
ago. 


They did make a Somewhat 
outre remark about the pipe 1 
was smoking at the time—" in 
shape and conduct, of under- 
graduate standard." Apart from 
that I certainly have no mis- 
givings. although I do wish that 
they had spelt out precisely 
what they meant by another 
comment about me. As col- 
leagues hare since observed, 
the phrase " potentially fit to 
open the highest doors ” might 
be merely a recommendation 
for employment as a commis- 
sionaire in the penthouse execu- 
tive suite of some sky-scraping 
corporate headquarters. 

But my satisfactory ex- 
perience of MSL does not. oi 
course, give me the slightest 
idea of how its services compare 
with those of other consultan- 
cies. So let it be clear that all 
I am concerned with here is the 
estimated relative business size 
of the leading head-hunters, 
and with nothing else whatso- 
ever. 


concerns and recruitment con- 
sultancies and agencies. 


Personally. I would hare 
thought it best to leave arrange- 
ments between employers and 
the “ middle men ” of the em- 
ployment market to be worked 
out by the particular parties 
concerned. But numerous 
people evidently believe tiiat 
there is a need for some centra) 
guidelines. 

So the matter is hereby 
thrown open for debate. I 
would be grateful to hear from 
readers on either side who are 
in favour of such a code and 
have reasoned arguments about 
what ii should include. If there 
are enough of Them, the Jobs 
Column will then see what it 
can do to further the idea. 


issue cf retirement Trie. , 
people in Luxembourg. Holland ; 
and Belgium seem relatively!, 
optimistic about retiring from ; 
work. Bat those in the UK’ 
France and Germans* are re la-; 
lively less happy about toe idea; ! 

mnri flaliane and Danes dislike* 


OVERSEAS' OFFICES: . 

NEW YORK —RIYADH — CAIRO 


We are an Anglo-Arab rnanageiaeiR servi^-and 
consultancy organisation wRh interests in theiotxk 
leisure, construction, and consultancy fields arid 
have the following positions^acant; ‘ 


Euretirement 


and Italians and Danes dislike- 
it even more. . j 

Ireland. :a the commission’s 
words -fplease cote that I did i 
not say this): “records a par-; 
iicuiariy high level of ‘ don't i 
knows 7 f l 

Those questioned in the nine 1 
EEC countries were also asked ; 
whether, given economic im- ! 
provement they thought it : 
better to increase pay or to: 
reduce working hours. . ] 

It turned out that, of afi who ; 
answered. 52 per cent favoured] 
shorter hours, with only 42 per ; 
cent opting for higher pay, and j 


ASSISTANT TO MANA^G jOrnEeTOR , 


The applicant should hav$ formal qualifications,: 
languages and a spedalist toiowledge'la one of our 
fields of 

post demands flexible homs^and f reqiient f omga 
travel would be involved. .. Preferred age range; 
25-30. .. • • - 


the balance was tilted the same -I 


Another code? 


BEFORE leaving the topic of 
head-hunters. I will air a re- 
cently received proposal. H is 
that now the Institute of Per- 
sonnel Management has 
launched the code of practice 
to promote good relations be- 
tween job-candidates and re- 
cruiters. this col umn might 
usefully try to originate another 
code with the aim of improving 
relations between em pi eying 


EUROCRATS anxious about 
youth unemployment are doubt- 
less in haste to put into force 
some work-sharing device such 
as earlier retirement. After all, 
it may not be long before the 
growing numbers of European 
" oldies " wake up to their 
increasing political leverage and 
follow the apparent example of 
their American counterparts in 
securing the right to work on 
well beyond the present retire- 
ment ages. 

Sadly for the Brussels Com- 
mission. however, an official 
survey just published shows the 
EEC throughly split on the 


way throughout all the income ; 
groups represented in.. the^ 
survey. In national terms, bow-] 
ever, Ireland. Italy and Luxem- 
bourg preferred more money. 

On the issue of the best way 
to reduce wonting hours, about 
37 per cent of the whole sample 1 
wanted a shorter day or week, j- 
about 33 per cent favoured a ■: 
lower retirement age. and only ] 
a quarter opted for longer holi- 
days. But here again the 

nations were split, with Luxem- 
bourg, p ranee and Belgium [ 
giving top place to earlier j 
retirement; Ireland, the UK and j 
Denmark preferring shorter j 
hours; and the rest inconclusive. 


INFORMATION SYSTEMS MANAGER 

C. £7,000 pA 

The applicant should ‘ have formal .qualifications 
and have D.P. experience. He/she will be respons- 
ible for maintaining and developing an inf orma- 
tion system for its conversion tt> computerisation. 
Information specialisation media Hdenrational 
intelligence, company profiles, market teends. 


SECRETARY W&u 

Apart from the assumed high -standanTof secre- 
tarial abilities the applicant should be proficient 
in audio typing and it would be advantageous 'to 
have some practical experience processing. 


TELEPHONIST/TELEX TYPIST & SfySfib- P*’ 
An alert and able presentable person correct in 
speech and manner capable' nf ;ac"c^>ting above- 
average responsibility to operate - a > four by 
eighteen switchboard and 


Director 


FINANCE & MANAGEMENT SERVICES 


for a company with a household name, part of a very large international 
group, uk sales embrace consumer and hospital markets. Location South of 
England. 


• A sophisticated control and information syste m is well established. There 
'is a divisional marketing structure and multi-plant manuUcrurc. The role 
carries a discinctprospcccof general management responsibility later: 


• A professional accountancy qualification is essential and there is a strong 
preference for consumer products experience, ideally including some 
commercial and data processing management. 


age: 35-45. Base salary: about £17,500 with good additional benefits. 


■Write in complete confidence 
to A. Longland as adviser to the company. 


TYZACK & PARTNERS LTD ' 


MANAGEMENT CONSULTANTS 


lO HALLAM STREET 


LONDON WIN 6 DJ 


12 CHARLOTTE SQUARE * EDINBURGH EH2 4DN 


INTERNATIONAL 

STRATEGIST 


c. £7,m 


The Director of this major British group, responsible for new 
markets and industry opportunities, is loo long for a further 
executive to join his team. Current strategy is to maintain and 
increase profits in the medium and longterm by further organic 
growth, acquisitions and diversification at home and overseas. 

Immediate responsibilities wifi include the analysis, identification 
and evaluation of new business opportunities on a world- 
wide basis. 


Candidates, 26-30, will have a good degree, be numerate and 
understand the principles and detail of corporate planning. An 
ideal background would include training in a blue-chip company 


ideal background would include training in a blue-chip company 
followed by a few years’ experience in industry or consultancy 
covering market research, marketing and business development 
The ability to present fully argued recommendations at Board 
level isessential. 

Salary will be around £7,000, but could be more for a particularly 
well-qualified person. Large company benefits include relo- 
cation, where appropriate, to the Southern Home Counties. 
Candidates should send a detailed career history to the 
consultant advising on this position, quoting reference Gill FT. 


IWii Recruitment Ltd 

Executive Recruitment & Selection 
40 Berkeley Square London W1X6AD 01-6299496 


/ 


Taxation Consultant 


• A long established City firm, of Chartered Accountants offers 
a career opening leading to partnership in the short term. 


'• prime responsibility is to lead for the firm in all tar matters. 
The role will include management of a tar department; advice 
to corporate and personal clients, imaginative tax planning, and 
research into the effects and implications of relevant legislation. 


• expertise in this field and clarity of verbal and written 
presentation are the principal requirements. These are likely to 
stem from a professional accountancy or legal qualification and, 
preferably, a university degree. 


preferred age early thirties. Salary negotiable around ^14,000. 


Write in complete confidence 
to R.T. Addis as adviser to the firm. 


TYZACK & PARTNERS LTD 


MANAGEMENT CONSULTANTS 

SO HAX3AM STREET *, LONDON WIN €sf 
12 CHARLOTTE SQUARE *• - EDINBURGH EH2 4DN 


Managing Director 


for a rapidly expanding business marketing a range of quality 
Hi-Fi equipment in the UK, to both professional and domestic 


sectors. 


• the task is to ensure further profitable development 
through an effective marketing and sales effort, based on 
competent import, warehouse, distribution and service 
operations. 


• A RECORD of achievement in marketing consumer durable 
or specialty products is essential. 


• PREFERRED AGE: 30-40. Remuneration is negotiable and 
■will not be less than ,£15,000. 


Write in complete confidence 
to A. Longland as adviser to the company. 


TYZACK & PARTNERS -LTD 


MANAGEMENT CO NS CUT ANTS 


2 O HALLAM STREET 


LONDON WIN 6 DJ 


22 CHARLOTTE SQUARE 


EDINBURGH EH2 4 DN 


ADMINISTRATOR 


SOLICITORS 

Head of Administration required by substantial 
firm of solicitors to assume responsibility for all 
non-legal staff and services. The successful appli- 
cant will have a degree or professional qualifica- 
tion in Management or related studies and will also 
have had five to ten years’ administrative experi- 
ence in a similar organisation employing over 200 
persons. You will be expected to participate fully 
in the development of an expanding modern 
Partnership. 

Generous salary and conditions negotiable 
Apply with full Curriculum Vitae to: 

Box A8546. Financial Times 
10 Cannon Street , EC4P 4BY 


STOCKBROKING 


Well-established City Stockbrokers invite 
applications for position as Assistant to the 
Office Manager. Ideally candidates should be 
in age bracket 25-35 and must have a sound 
knowledge of Accountancy. Experience of Stock 
Exchange procedure and systems would be a 
great advantage. 


A competitive salary will be negotiated plus 
bonus and other benefits. 


Write Box A.6547, Financial Times, 

10, Cannon Street, EC4P 4BY. 


R. P. MARTIN & CO. 


Limited 


International Money Brokers 


are seeking 


EXPERIENCED DOLLAR 
DEPOSIT DEALERS 


Reply to: 


Personnel Manager 

36/40 Coleman Street, London EC2R SAN 


The posts demand career minded, professionals 
with the personality and dedication t&*qmp1ement-V 
and contribute to a dynamic arid , progressive fast- _• *. 
moving international organisation. Applicants 
should phone or eall in person for: an' application _ ;■ 
form. . . r -••• •• '* . •. = 


The following are required for overseas projects, aged 
preferably under 40.- - >. .. _r 


^SOOOSOOOOOOOOOOOOO^pOCreOOOOCOOOOOd O DOOOOOOgK' 

I GULF DEVELOPMENT f 
j CO. LTD. j 

o The following are required for overseas projects, aged © 

§ preferably under 4fl.- .. •’ V;-'C f' © 

8 Mechanical Engineer with' project-; management . 8 
o experience. - : S 

g Negotiator with legal qua^ificaticak v * . ; © 

8 3 Chartered Accountants or Economiirispreferably 8 
8 with merchant banking and ' negotiating © 
§ experience. .- § 

8 Marketing Executive with administrative and o 
§ negotiating experience."; ••••' ^ : - ‘ o 


Mechanical Engineer with' preject-; management 

experience. >!;'.■ : • •• : ~ ■ 

Negotiator with legal quaiificaticak v • * ■ 


3 Chartered Accountants or Economists prefer! ably 
with merchant banking and ; negotiating 
experience. .- 


Chemical Engineer with experience in the oil 
industry. . . • ~ ’ ■ • r 


Agronomist 9 

It will be an advantage for candidates to have previous ® 
overseas experience and additional qualifications including © 
languages. Good salaries. wUl be paid to tbe^ight person © 
for each category. ' s' .« 


o Apply in confidence with curriculum vitae to The © 
9 Secreiarv, Gulf Development Co. Ltd, .128 Part Xase, © 
g London, W1Y 3AE. ' r - 8 

a9i09ec00900s90090900009909e0 9000000 oodeeoooefi 


LAGOS-NIGERIAN 

engineering/construction 

INDUSTRY ' 


Nig erian associate of major ' international engineering/ 
construction group operating in area of industrial projects is 
looking for a. managing director for newly ^established 
Nigerian company. •" r - •• 

Successful- 7 candidate will have .^recognised., engineering 
degree together with -experience in prpfnotioto and negotiation 
of .'contracts for torn key .projects and- jit- least five years 
experience ' In maiiagement of medium-sired eJectrical^and 
mechanical contracting companies operiiting;: overseas, l-' 
Interviews will be held in Milan, Italy; and applicants should 
submit . a detailed curriculum vitae which rWill he-teia in the 
strfclest confidence add should be Sent to Mr. K- BL. V.-Dixon, 
fi Snhw Hill, London EClfi. 2AL. . 'ry ' ■’ ' '. T 


TAX PARTNER DESIGNATE 


Required by a medium-sized and expanding Holborn Chartered 
Accountants. ' . 

The 'successful applicant will be a tax manager aged 25-30 
with experience of personal and company tax. - 
We are a happy firm In whieh: professional life is enjoyed 
by. partners and stall and we intend to keep it that way, 

. \ . : Write:— 

NEVILLE SA551ENEE 
BARNES ROFFE & CO. - 
. ' t ; .24 Bedford Row • • ' 

London* WC1H 4HA 




Ifyou are m the job market 
riow - we are here tahelp. 
Coutts Careers provide'*- 
'^ Excellent job search • • 

assistance. - 

fr A thorough knowledge '. 

of tire job market,' 

* Contact with top 

reernitmem. •> : 

* Cohfkferrtial and expert 
counselling. 

* Superb Sea e t aU . : 
backtg). 

Telephone now for a cost' 
free assessment meedng. 


UNIVERSITY OF GLASGOW 

SENIOR LECTURESHIP 
OR LECTURESHIP IN 
ACCOUNTANCY 


.Awbctba^.are':Inyitefl' for appolnt- 


jneot -to ji : wtancs Jtt U». IWwrnnent 
6r Acemntanc& (Sector -l^fmreghljj 
or LecHTres&tp accanbne Id ftiialfflca- 
.aoas aad. experieacei to- - assist 
primirny .lii. tte • ta^wrorino of post- 
araduste reaOlns and re s e a rch. Rele- 
vant. experiedee. and .record of pobU- 
caUM9 la UwRUwe- imporUtR. Place- 
mfcot will be at an- appropriate point 
-on ihc Sttlor. Lecturerf ’Jicaifl. fliBS- 
£8263 - f lnie rfnr> -jar - Lfetanzgre’ pcaic. 

r2SKLf77Sl fmfanftll ' * 


X38B3.X77S1 CnttennU. 


-Further partib^ars ' may . 

-from tie- Secretary nf the Unlvaratty 
. .Court ‘fKowH "ML t^verahrof -ClaB- 
,eow. G Lasso yr GU PCtCL- wlrh wfeflm 
appUattiona 18- eopfnrv (osetbar with 
ttw names JUJd-. addresses or ^t&ree 
referees,. shMUO tw ledaed- Oft -.t>r 
before'' art . J^soh&j. IRA ' 


la -rertr jfeasetiWte Re£.-No. J -flt?AS- 


Percy COUTTS & Cq. 

“ 01-8392271 " 


ACCOUNT RNANOALLYt 
- .. c. €7.600 ^ 

.-Thls.JK- Qie flompamF. ta-.be psrt trf. 
.enloylnp. aoellent- Dm ab ts witn a 
"bar and -soda) ~ dab: -and lots-: of 
taelilueti yon ■«». Jte "Bte 
am up financial ' atxounUBt WRh 
real - -■ j rotwgt to n. - f dRkpccb. ; v Jaa 
vMiie -nuacMd aB»^HMU«i me m 
.ch*np» ..fbr. the. fnaJi" contact, 
jxp-Aia Roscse :o*) a;-S2S. sobs 1 
NOW. •> ... .. < • 

• . OHwelilU ptnomu ConsnlOnnu 


■140 -Grand BuikTrogs i : 


mtm 


(M2S8055^a;v 


Qrpreiiill Peuafuid Conmtenfa 

. AMord Banae^jlS Wa ton Road. - 

LtmdonSWlVfLT; - 




FLI5IH 


FOl L V 



L. 







23 




1 f . V . • , ;• ;. ^'-y^ ^ ^ ;"y. ^ 

4v: ; ; • ./fi’mndar :Tifr 

: W v * 


5Tijeiday‘rNpyeip^ r .2r 1978 


,'• 'V- 


CO-OPERATIVE 
bLOPMENT AGENCY 


av?.-: 


".to- -the_CDA; Act ISfJS^the Agency's task is to promote the co-operative 
form of organisation as an alterative to the public and private sectors. The Agency 
invites applications for the following, posts: 

ASSISTANT DIRECTORS (Salary scale £10,073 - £12,273) 

^There are two posts at this leveL^The hoIder of the first will be responsible to the 
Direictor for the Agency’s relations with Government and major representative 
organisations -and for advice; fe: the. Board on the conduct of those relations. An 
..-important qualification wid be tlie ability to negotiate with Departments and 
; organisations at high level. 

The Jiolder of the second A D post will be responsible to the Director for the 
- oversight 4i)f the Agency's advisory 7 and promotional services and for advice : to the 
. - .Board for the development of those services. An important qualification will’ be the 
ability tp'undertake commercial appraisals and monitoring of specific projects. 

PUBLIC REI^TIO 

(Salary scale £6,791 - £8,729) 

• This, officer will be responsible for Agency's publicity and public relations. 

EDUCATIONAL LIAISON OFFICER 

(Salary scale £4,842 -£5,718) 

:The officer's main task will be to obtain information about co-operative organisations; 
to answer requests for information; and to liaise with educational establishments. 

: - -Applications, -identifying the .post . applied for, and supported by a statement of 
qualifications and experience, present salary, full curriculum vitae and the names and 
addresses of two referees by 11 December to: The Director, CD A, c/o Room 332, 

- Abell House, John Islip Street, London SW1P 4LN. 


LEGAL NOTICES 


^ — 

International 

Bank Auditors 

c $17,000^20,000 


exbress 


American Express require iwo Senior Bank Auditors lo join a 
professional internal audit department. 

The petition «. require al least live years’ operational experience in a 
large American or European international bank. PKn ious auditing 
experience is dcai rable. as i> a sound knowledge of foreign exchange 
and foreign bills procedure and accounting. The I osiiiutcol' Bankers 
qualification ora Degree would be advantageous, but not csNcnti.il. 
The com pany olfers competitive injuries. first class fringe benefits and 
excellent promotional opponunities within iLs international banking 
division. One position is based in the L r .K_ entailing fftO"., travel 
throughout Europe, the Middle East and Africa. The other will involve 
continuous travel throughout the Asia. Pud tie region. 

Applicants ideally aged between 25 and 35 should write giving details of 
career to date to Roger Brown. Personnel Manager, American Express, 
Amex House, Edward Street, Brighton BN2 2LP. 


PUBLIC NOTICES 

US810.000.000 
Negotiable Floating Rate 
Certificates of Deposit Due 
23rd November 1981 
THE SAIT AM A BANK. 

LTD. LONDON 
In accordance with the pro- 
visions of the Certificates, 
notice is hereby given that for 
the initial six months interest 
period from 21st November 
1978 to 2 1st March 1979 the 
certificates will carry an in- 
terest rate of ISi'V. per 
annum. The relevant interest 
payment dale will be 21 st 
March 1979. 

Klelnwort. Ben«wi Limited 
A""nt Rank 

THE COLNE VALLEY WATER COMPANY 
NOTICE IS HEREBY GIVEN that (ha 
I ramler Books ol all the Debcntura 
Stocks ot the Company will oe doted on 
Slh Decembei, 1378 . for one day only 
lor me preparation ot the Warrants lor 
Intei mt payable on 1*1 January. 1979 . 

The Transier Books ol the 9 '. Redeem- 
able Prefer enes Stock 19 TB will be nnallv 
dost-d on 5 th Dccemner. ' 978 . lor The 
Dividend payable on 1 st January. 1979 . 
Dated this 21 st day ol November. 197 a. 

W. A. COSGROVE. Secretary. 
Blackwell House. 

Aldenham Road. 

Watford. 

Hertlornhlre WD 2 2 EY. 


LEGAL NOTICES 


COMPANY NOTICES 



Co-ordinator 

. . ... . i. -• . . 

Mobil Services Compenyrequires an insurance Corordinator for its U.K. based 
international Insurance Department. The duties arid responsibilities of this 
position involve providing professional advice and assistance to Management 
on all aspects of insurance for Mobil Companies world. wide including 
negotiating coyer and handling claims recovaries.Tha incumbent will be 
required to travel outsidethe U.K. as part of his or he'rftbrma! duties. 
Applicants of either sex should meet the foliowfag minimum requirements. 

(a) GC£A Jevetein two subjects pJusACII qualification;. ' 


insurance company, insurance brokers or major international company. 

(c) Ability to deal directly wkh senior management apd top level contacts In the 
insurance field. - .j- 

A competitive sailary will be offered together with ftlll range offringe benefits 
..including company carscheme. 

Replies which will be treated in strict confidents should be addressed to 
D.D. Fox, Mobil Services Company Limited,. 

’Mobil Court. 3CIementsTnn, nn^nll 

London WC2A2EB. 


No. B03SSA oT UTC I 

Tn Uw HIGH COURT OP JUSTICE 
Chancery Dtvis.-on Companies CouR. ID 
■he Mailer of MEL LAC REST LIMITED 1 
end In the Matter of The Companies ■ 
Aci. ISO. 

NOTICE IS HEREBY GIVEN that a 
Petition for the winding an of (be above 
named Company by the High Coon or 
Justice was on the ITUi day ol November 
IK*. presented to the sold Court by 
MAROON FLEXTRLK PACKAGING 
LIMITED wfiw* mustered -office is ai 
Mkdsomcr Norton. Both. BAJ 4 AA In the 
County of Avon. Flexible Packajmu; 
Manufacturers, and that rhe said 
Petition is directed to be beard before 
die Coon sitiltu: ai the Royal Courts or 
Justice. Sa-and. London. WCZA 2 LL on 
the 18 th day of Dercmbrr 1078 and any 
credllor or coninboiarv of the said Com- 
pany desirous to support or oppose me 
making of an Order on ihe said Petition 
may appear ai the time ot hearing. In 
Person or by his counsel, for thai 
purpose: and a copy of rhe Petition trill 
be furnished ftr me nndenUtned to any 
crerjiror or contrtiwory of the said Com? 
pony retminnfis such copv on paymem 
of the reaulaied charge for the some. 

•TROWT 5 R. STILL * KEELING. 

a. New Sou »re. Lincoln's Inn. 

London. w.C-i. 

Raf: RGW'AJB. Tel: OT-W 5 Ml*. 

Agents for. J. N. B. SPARKS. 

Bedminffler. Brtarol. BS93 7JR, 

Soliciiors for ibe Petitioner. . 

NOTE.— Any person who Intends to 
appear on the bearing of the said Petition 
must serve on. or send by post to. the 
above-named notice in writing of Tils 
; intention so lo do. The notice most aure 
Ibe name and address of the person, or. 
if a Arm. ihe name and addreos of the 
firm and mum he signed by the person 
or firm, or bis or their solicitor t\i anyi 
and most bo served or. I! posted, must 
- he sent by post Is sufficieni time to 
reach the above-named not later than 
four o'clock In the afternoon of the 15 th 
day of December. 1978 . 


NO. 003 U 42 of ! 9 TH 

in tin HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
Ute Matier of SAN LI NO (IMPORT A 
EXPORT* LIMITED and in ibe Matter 
or The Companies Act. IMS. 

NOTICE IS HEREBY LIVEN. that i 
Pen! ion for Ibe Winding up of tho above- 
named Company by ihn Hurt] Coon of 
Justice was on the lfth day of November 
1978 . presented to the said Conn by 
J. TURNER £ CO. (WINES i LIMITED 
of M wappins Utah Street. London. E.i. 
and that the sstrt Pennon ;s direct'd la 
he heard be lore m» Court siring at 
Hie Royal Coen of Jusitce. Strand, 
tjondon WC 2 A SLL. on the l»;h day of 
December 1878 . and any creditor or 
i .-omribuidTy of iV said Company desirous 
lo support or oppose ;h. : making of an 
Order on the said Petiuon may appear 
a; ihe lime of hi-:«nns. in person or by 
nia counsel. for thai purpose: an d a copy 
of the Peutioo will he famished by the 
undersigned to anr creditor -,r eomrihuiorr 
of the said Company requiring such copy 
on payment of the regulated charge for 
the some. - 

STONER AM LANG TO:; A 

PASSMORE. 

8 Bolton sire*?. 

London WlY SAL - . 

Raf: MM. 

Solicitors tor me Petitioner. 

NOTE.— Any person who intends to 
appear on the Deanna of rhe said Petition 
must serve an. or send by post to. the 
above-named none* m writing ot bus 
intention so to do. The nonce must state ] 
rhe name and address uf taj person, or | 
.f a Him the name and addreu of the : 
firm and nan be siiaied by the person 
or firm, or bis or their solicl-.or iff anyi 
and nuts be served, or. if posted, must 
be lent by post :n sufficient time to 
reach the above-named nor later than 
four o'clock in ihe afternoon of tile 
15 th day of December ! 97 S 


No. mm of ton 

Tn the HIGH COURT OF JUSTICE 
Giajtcery Divitmn Companies Coon, tn 
the Matier ot SHERWOOD SECURITIES 
'VfTDLAND&J LIMITED awl in the Mailer 
of The Companies Aci. 1948 . 

NOTICE IS HEREBY GIVEN, that a 
Petition for Ihe Winding up of the above- 
named Company by thi High conn of 
Justice was on the 10 th day ol November 
1978 . presented to ibe said Court by 
THE CITY OF BIRMINGHAM DISTRICT 
COUNCIL, i^ounfil House. Birmingham, 
and that th-> said Pennon ts directed to 
be bi-ard before the Coon sluing a; 
ihe Royal Courts of Justice. Strand. , 
London WC!A CLL. on :h» nth day of 
December 1978 . and any creditor or 
comrlbitrorr ol ibe said Coutpacy desirous ' 
io support or oppose ibe making or an i 
OrdLT on the said Petition may appear i 
ai the time of hearing, in person or bv I 
bis counsel, for thar purpose: sod a copy ; 
of the Petition wUl be furnished by the 1 
und-roaned to any creditor nr comrlbarorr 
of the said Company requiring such copy 
on psym-n; of the regulated charne for 
the some. 

SHARPE PRITCHARD & CO.. 

ttJ 9 Klngswar. 

London WC 2 R PPZ. 

Her: HRR/ORT. 

Agents for: F. H. WILSON. 

. Paradise Circus. 

Gueensway. Birmingham B 3 3 EH. 

Solicitor for ibe Petitioner. 

NOTE.— Any person who i mend a ro 
appear on the hearing of toe said Petition 
must serve an. or send by post to. the 
above-named nonce In H-rtrinu of his 
intention so lo do. The notice must stale ' 
the name and address of the person, or. i 
if a firm the name and address of the 
firm and mus: be signed by ihe person 
or firm, or hi* or their solicitor (il anyi 
and must be served, or. If posted, mnsr 
be sent by oust in sufficieni time io 
reach the above-named not later than 
four o'clock :n the afternoon of the 
Sin day of December I 9 rs 


GENERAL MOTORS 
CORPORATION 

NOTICE fS HEREBY dVEN fbar resulting from (he Corporation's 
Declaration ol a DIVIDEND of II.M (gross- per share of the Common 
Stock ol the Corporation plus a special DiY.dend ol *1 50 oayahle on ! 0 ih 
December. 1979 . there will become due in rcspevi ol HEARER 
DEPOSITARY RECEIPTS a gross distribution ol 12 ] cent* per unit. 

The Deparitary will Rive further NOTICE of the STERLING 
EQUIVALENT of (be del (Lstribution per UNIT payable on and after 
IMh December. 1975 . 

THE CORPORATION'S THIRD REPORT FOR 1 »^. Au’horised 
Depositaries arc assisting la the dlsiribnnun of this repur to holders nt 
Bearer Depositary Receipts. Copies may also be obtained from 
Barclays Bank Limited. 

Barclays Bonk Limited. 

Securities Services Department. 

54 Lombard Street, 

London EC 3 P UAH. 


CLUBS 


eVE. 1 59 Repent Street 734 OS 52 . a -a, 
Carte or AU-m Menu Tnree SoectvcuM- | 
floor Shone • 10 . 45 . 12.45 ano ’.45 ant, . 
IHMk - Of Johnny Hawfcnworili ana 


GARGOYLE.- 69 Dean Street London A. I 
NEW STRIPTEASE FLOOR SHOW 
“ A 5 YOU LIKE IT " 

11 - 3.30 am. Show at Mianignt ana I am 

. Mon -Frl Clojed SvvirtMyi 01 - 431^455 


ART GALLERIES 


AbNEW GALLERIES. 43 . Ola dona Si.. 
W-l- 01-629 6176 . DUTCH AND 
FLEMISH PICTURES FROM SCOTTISH 
COLLECTIORS. A loan exhibition -r 
■id of the National Trust ’or Scotland 
tint -I 8 December. Entrance fee 8 Dp 
A nd FRAGONARD DRAWINGS 'or 
- Orlando Farioso. Until 1 5 December 
Man -Fn. 9 . 30-5 3 0 Tnu«v until 7 . 
9 MELL GALLERIES. Fine B.-l-itii and 
French MODERN DRAWINGS »"d 
Modern British MARITIME P 1 CTURE 5 - 
42 . Albemarle St reet Pctmiliv w .1 
SUSAN SWALE'S SALOME. Fletdboume 
Galleries-, 63 . Oueen's Grove. nw.B 

5 B 6 3606 . 

THACKERAY GALLERY. 10 Tha- lr-ra. »i . 
Keniinaton Souare. w.B. 01-337 SF 13 . 
JACQUES Unti' 3 * Now. 


RILHAKP GJtELN GALLfcKT. 44 Uuwer 
street. W. 1 . 01 491 3277 . ANNUA. 

EXHIBITION OF SPORTING PAINTINGS 
Daily 10 0-6 00. Closes Mwemner 2* 
THE PARKER GALLERY. 2 Albemane 
Street. Piccadilly. W. 1 . ExnlolTi on o' Ola 
marire. mlliiarv and sporting and 'ooo- 
qraphicol prim, and oaln;tnas and in.pi 

model l. 

AGNEW GALLERY. 43 Old Bond SL. W.T 
01-629 6176 . DRAWINGS -OR CHRIST- 
MAS PRESENTS. Until 22 Dec. MDn.-Frl. 
9 . 30-5 E C: Thura. u.- m| ? 

SrrPAUL-S GALLERY. S Art Marla Lane 
E.C .4 ell LiMaate Hill). oi- 2 ae <sio 
Oir and Wiferrolour Patmings. Sculpture 
Framed and Unti-amed Fin* Art Keora- 
durtioni inriudme Signed Limited Ed‘tion 
prints. OBC*l 9 OO-S.IJtl Mo- -Fn 


GOLDSMITH'S HALL. Foster Lane. E.CJ. 
"TOUGHING GOLD AND SILVER." 50 J 
years of Hallmarks. Until Nov. ADtn 
Free 10 . 30-5 30 daily, not Sundays. 

MALL GALLERIES The Mad. S.W.l. 
NEW ENGLISH ART CLUB. 131 st Ennb" 
Mon-Fri. 10 - 5 . Sat*. 10 - 1 . Until 25 No* 
Adm. 20 p- 

MAA 5 GALLERY. Evhlbltion of Miter- 
colours. Ura wings an- MIS by JOHN 
ward R.A at 15 a. Ciitford stitei 
New Bond Si reet. W.l. Mon.-Fn. io-s 
U ntil November 24 tn. 

COLNAGHI. 14 . Old Bond. Street tonoon 
W. 1 . 01491 7408 . PICTURES FROM 

THE GRAND TOUR. 14 Now -16 £W 
Mm -Frl. 1000 - 6.00 <a'i 10 D 0 - 10 D 


ELECO HOLDINGS LIMITED 


Notice Is RiveD that ihe Ordinary 
Share Transl-rr Books ol th- Company 
will be closed from : 3 rd Smernber 
lira to ( 3 ib December 197 a. buth dates 
mduiitt. 

By Order of Board 
R. FltOCTiJR. 

Secretary. 


PUBLIC NOTICES 


HAMPLHIRfc COUNTY COUNCIL 
Um. 91 day Dills issued 6l'f7B. due 
7l2 1 '7S « 1 0 . £31 m. applied lor. 

L2S.S outstanding. 

GREATER LONDON BILLS 
£3Sm Bit's Issued 16.11.76 maturing 
15-2.76 at 11. 92”,!. Total applications 

E740 ilm B'lM outtfand-'O C60m 


PERSONAL 


Mm -Frl. 10 0 0-6 0 0 «a-i 10 00-100 
DAVID CARR 1 TT LIMITED. 15 Duke 

P^ngs^ 15 5 &£L T 

b-r Mnn.-Fri 10-S. 


AtbMfHAM Srnool S'tKilsrshlps 1979 . 

Prosnertu*: now available. Music E*»m 
i In March; Arademlc A Art In Maw. 
M»». swar-K at 4 ins. Phone Radlett 
1007 7>i 6131. 


A FINANCIAL TIMES CONFERENCE 


World 





The British National Oil - 

Corporatiorv expanding its activities 
in the marketing and supply of crude 
oil and wishes to appoint aSoliq tor or 

IN’ ■ i l- 4U#.ty I nnHAFl hsicorl 


M v4>i ■F 1 " 

probably be under 35 and heorsbe 
will probably already haw gained 
several yea rs‘ post qu aUBcation - ■ - 
experience in oil and other commodity 
trading with some knowledge of 
shipping and" financing arrangements. 


The post will carry a competitive 
safary and e rceflent associated 
conditions of employment including a 
comprehensive relodationplan. 

BNOC is a yoLiqg, v^orous 
enterpnse. whose progress to dale 
has laid firm foundations for the 
growth of Britain's national o’rt industry. 
If you would like vuurcareer to be part 
of that growth, please telephone or 
write for an application form tothe 
Personnel Wan ager, British National 
Oil Corporation, & Hans Crescent, 

■ London S'A'l . 

Tel No. 01-539 4565 Ext. 315. 



IheBriHsh Notfonal Oil Corporation 


rontroleur Interne 

Madagascar 

>■ 

prob^iiy accounting an d financial 

French since respoMibmn - ° s and compansons, for a 

; manag^^t 3600 pe 0ple . 

manufacturing unit empiopng months, long-term prospects are 

. P^>|^‘^°"^ ho ? sin g ^many Cher 

in addition to a generous salary. 

• J? ■ ‘ 

Q. time, or s^nd Ml per^elaml^ CEmNT SELECTION 

'MSA auoting reference2H0i.t.i. 

' Applications are welcomed from men and women. 

biiERTQIl RinnSGEmEIIT SEIECHOIIi 


NO. .003395 or 1978 

In the HIGH COLTtT OF JUSTICE 
Chanrery Division CompaniM Court. In ihe 
Mairer or ALTOVBOROUGH BUILDERS 
LIMITED and in [he Matter or The 
Companies Act. 19 * 8 . 

NOTICE IS HEREBY GIVEN, thar a 
Petition for ihe Winding np of Ihe a hove- 
nam»:-d Company hr die High Cron of 
■funice was on the 9 :b day of November 
1978 . presmucd in ihe said Conn br 
, EftFTH It COMPANY LIMITED whose 
rcalsrered offii-e :« sirua'c ai - 3 .'-e Hiyh 
Road. Lcy:nnsi<ino. London EH 3 EQ. 
Builders Merchants, and that ihe utd 
Prililnr is dir-r'efl u he heard before 
'h* Courr s-tiina ai 'h' Rnjal Courts 
«K .lunir:. S’ rand London *A'C 2 A OLL. 
o.t ihe Ilifi day of L'orenibrr 1 F 7 S. and 
anv •■rrdiTor nr conirih'i-n-r of lh*- <aid 
Company desirous W ruppon or cipon*" 
file .makmc ol an Ord-r on Ibe said 
Pennon may appear ai Ihr rime of 
heanoc- in -person «r hv hre counsel, for 
’.'iai purpose-' and a copy ■! t (Ik Pennon 
will be rurolahed by 'he uiHlertlgiwd 
■(•>. any creditor or contributory «f (he 
I laid Company rewtirlnis meb copy on 
I Paymeoi or the regulated charge tor tits 
1 tame. 

RRARY V Y-'ALLER. 

: :i. Hind Coari. 

Fleet Sirser. 

Ijjndna FC4A SDS. 

R»f: FTTH Tel: 01 - 5 R 3 Sail. 

Solicitors for the Petitioner. 

NOTE.— Any person who inienda to 
»m>-ar oa the hearing of the said Petition 
must serve or. nr send by pos: ro. ihe 
above-named entice in wnrlng of his 
Micntion so :o da. The notice must slate 
rli»- name and address of the pi-rson. or. 
■f a linn the dime and address of ;hc 
ffirro and must he signed by ib* oersun 
ior firm, or *ns or their ‘olidn-' •'« snvi 
land mus: he nerred. nr if rww- i muei 
I be sent by p«wi in sofficirn'. 'imr lo 
I reach the j hove- named tu» laier than 
i four o'clock in rtfe afternoon of the 
I.Mh day of December 19 Tn. 


I N'o. 003 W 9 of I 97 h 

In the HIGH COURT OF JUSTICE 
CbancYrr DivLtion Companies Conn, in 
j Me Matier of STKOVER RESTAURANTS 
1 LEIfTED and in Uie ’Mailer o f Ibe 
; Companies Aci. 19«. 
j NOTICE IS HEREBY GIVEN That a 
* Petition for ihe wlndliu: up of ihe above- 
.named CompaBy by tin; Fllah Court of 
' Justice wav on the I5'h day of November 
1 1878 presenrMf' to the said Conn bs 
J TRUST MEAT COMPANY LIMITED. 
: wholesalers of mr-m. and ALf-VLA’I 
* COMPANY LIMITED, importers of 
j wine* and provisions. bo:h of whose 
Regiiiered Offlc<s are at S3-34 Chancery 
: 1-atv?. London. TT C2. and that the said 
Petition is directed to tv* heart- before 
■he Courr sr>|n£ ai ih" Roya’ Ccunj of 
-Tirerlne. Strand. London. V.'C3A 9LL on 
:be ISth day of December JB7S. and any 
• vrriliror or contrihniniy «f- ihe said Com- 
pany desirous 'o sopoon or oppose the 
• maklns of an Order on the said Petition 
:map appear »! the ame of hearing in 
: person or bv bin Counsel for Cut purpose; 
and a copy of [be Petition will he 
1 furnished br [he undersigned to any 
. credllor or conrribuiory of the said Com- 
pany reouirtns such copy on payment of 
rbc reiailaicd chars" for ibe same. 
SILVERMANS. 

II Hush Srreei. Barnet.' 

Hens. EN 3 SUJ. 

Ref n.MS sso u. Tel- oi-t« 0943 
Soltciinrs tor the Peillnjiiors 
! NOTE.— Arty person who latendt to 
app-ar on tile h^arjnu uf ibo said Perl if on 
I niuv -fierve on or send by post lo the 
abm e-rumed nn'ir-n <n wnnns of his 
lOlcmion so to do. The notice must state 
, :.V iwntB and arirfrvM ji up- iierson, or. 

. il a arm. the name and addr#a> of rhe 
• firm. and'RiuEi be sigted by the nen>un 
5 "r Arm, "or hig or [heir solicitor uf 
an> i. and mu« be served or rf pasted, 
most be sent bv png; in suffiaon: nmt 
id reach ihe alinTe-natnea nm iar«r ;nar. 
fr.nr o'ciucS 3 :he ’riercooa of Jill ISih 
day at Decaoatm UTi. 



ZURICH NOVEMBER 28-29, 1978 

“World Banking in 1979”, a major Financial Times conference to be held in Zurich, is 
sponsored in association with Investors Chronicle, The Banker and Swissair. 

A unique feature of this conference will be speeches giving the borrower countries* 
point of view. 

International lending and borrowing are other key topics with special attention to the 
assessment of the risks involved, the role of the international capita] markers and the 
importance of currency stability. Euro banking will also be discussed, new problems 
analysed and new approaches explained. 

The occasion will be an ideal opportunity for senior members of the international 
financial community and those with financial responsibility in industry to meet and 
exchange ideas and information. .. .. 

Among the distinguished speakers. are: 


Citoyen Bofossa 
Governor 
Banque du Zaire 

Mr. Walter Frey 
General Manager 
Swiss Bank Corporation 

Mr. Guido Hanselmann 
General Manager 
Union Bank of Switzerland 

Senor Manuel Moreyra Lordeo 
President 

Banco Central de Reserva del Peru 

Dr. Hans Mast 
Director 
Credit Suisse 

Mr. Karl Otto P5hl 
Vice President 
Deutsche Bundesbank 

Senor Don Jose Ramon Alvarez Rendueles 

Governor 

Banco de Espana 


The Hon. Cesar Virata 
Minister of Finance, Philippines 

Mr. S. M. Yassukovich 

Managing Director 

European Banking Company Limited 


Tor Financial Times Ltd., 

Conference Organisation. 

WORLD BANKING IN 1979 CONFERENCE. 
Bracken House. 10 Cannon Street. 

London EC4P 4BY. England.. 


j Please send me farther details of the 

j World Banking Conference. 

] BLOCK CAPITALS PLEASE 


Name . 


Company 
Address __ 


v 






24 




Financial Times Tuesday 


BUSINESS AND INVE STMENT OPPORTUNITIES 

READERS APE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMAVTMENTS 



GRESHAM TRUST 
LIMITED 

Permanent and long term capital 

for the successful private company 

Also a wide range 
of banking services including- 
Selective finance for property development 
Commercial and indu- trial loans 
Bill discounting 
Acceptance credits 
leasing 

For further information 
please telephone 01-606 64-™4 or write 
to Barrington House, Gresham Street^ 
LONDON EC2V7HL 

Cn.-h.;— Tr-si Ltd, Barrington House Cr-ishan: Street, London ECZV7HE 
Tfci: Oi-oOoi.W-i 

? “irshi" Office Edmund House Ncwhall Birmingham, E33EW 

TeL- 021-236:2” 


We can make available immediately 
For use in Belgium 

AN INVESTMENT LOAN 
OF UP TO U.S. DOLL. 
15-19 MILLION 

or Belgian Franc equivalent at a fixed rate 
of interest below 10% per annum 

For a period of seven years with annual repayments 
uf interest and principal. 

The source is a fir$i-cla<* Belgian bank and 
consideration will be given lr» lirst -class borrowers 
only. 

Pica«: write in confidence to Box F.1062. Financial 
Times. 10. Cannon Street, EC4P 4BV. 


EX CHIEF EXECUTIVE 
OF PUBLIC COMPANY 

has substantial funds to invest in a profitable 
engineering orientated company. Discussion with 
principal.? only over acquisition ur participating in 
an equity holding. Continuity oi management 
essential.' 

All replies treated in .strictest confidence. Write 
Box G.25I31. Financial Times, lu Cannon Street. 
EC4P 4BV. 


BAD DEBTS PURCHASED 

•V? ojrc'r.ii* v?l-jrr.» isniumer crcd.c accoun;; :,nrf gad doub:*u! 
nob:: Rate: aaid dependent on quantity and quticy of iVr. 

Immediate substantial fundi available. Please cor wet: 

Mr. Win. Bell, Director 
LEGAL & TRADE COLLECTIONS LTD. 

15 Moor Park Avenue, Preston PR I 1NX. Tel: 0772 22971 

Oflcei: Glatgow - Edinburgh - Preston • London • Dj b>:n 


ADVERTISING AGENCIES U.S.A. 

Investment banking group specialising in mergers and acquisitions is 
representing several substantial U.S. agencies seeking joint venture./ 
mergers with similar U.K. /European companies. Replies in strictest 
confidence to: 


A i.CP. Inc. 

3~5. P»ri Avenu*. 
i:?w 10022. 

T-l » 2- 2 ■ **30 I ref. 5&» Or 


Br/ljr Dvr Ltd . 

G ardor’ Haw-e. 3:a: an R ? jd. 
L»ndan. N.W.7. 

{0H R0S G«l*/T (•’? 


FINANCE FOR 
THESMALJLER 


hi u 


For lurther infarmation contact: 

K. Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E Sussex. 

Tel: 0424-430824 


EUROPEAN 

COMPANY 

it looking fer exclude repre- 
sentation for any products 
associated ««ch the building 
industry. Excellent warehousing 
facilities, office & telex and tales 
representation are available. 
'’•H r 

PENTAGON PLASTICS AG 

Mi'Sugsmsc-j.: 117 blit' il.S~.-T 

0 7l;.UTl 

T- .-». ^ 50t 7 F--IW a 
T-: n? M 


PROPERTY INVESTMENT 

Kode-ii-m 2 -r : i-zrtnKl ;o:ugt lor 
u'c i.i Miinaiho-t. Eut Central S'oi- 
'nd St. And-jwi 32 ■ml*:. £9. SCO. 

Fill leetlna :;'n:c available ta pur- 

:hwere. Oezailf 

Town and Conner/ P-oper-tioi (Kiniouj 
2B. Stacen Rwd, 

H inroai. KYI 3 7TG. 

Tel: 0577 63793. 


Business and Investment 
Opportunities 
Businesses ForSnic/HlAinted 

Every Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
i 3 centimetres. For further information contact: i 

i Francis Phillips, Financial Times, 10 Cannon Street 
EC4P4BY. Tele* 885033. 

01-243 4782 & 01-248 5161 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSFAPER 



DEVELOPMENT 
LAND TAX 

If you have a problem 
we can help — now — here 
in London. 

IVrflc in rompieie 
conftrfcncc in. 

Box liJMft. l-in.-inuj! Tim**. 
10 r.innnn Sdvm. HtJ-lP 4 BY. 


FRANCHISING 

Liarn :h? lit: it idea: and :-«-id« in 
th.i £-3*r:h rSj!t' f , M-jei is* .i.-ii 1 : 
la.'ieit frar:S;in; c:n,;anlcr Tlw 
a-va-ii o '. ;i tfi- 

INTERNATIONAL FRANCHISE 
ASSOCIATION. MIAMI 

I ram ,j.i. li-Fiz. ! group 

ira*-.! f.t.i': 

FRANCHISE WORLD 

J-’i-ri hau»:. 

?’ Hi::: -Cham Head, 
laid. • '.vl 7 ;r : *. 


RESIDENTIAL MORTGAGES 
Up to £100,000 available For 
transaction. 

No Endowment Assurance 
needed. 

Commercial Funds also available 
Write Box G.2M2. Fins too! T.mea, 
10. Cannon Street. £ C4P 4BV. 


THE HOTTEST 
BUSINESSES 
OF THE YEAR 

There’s still only one realistic way to make a fortune: start 
and build up your own business. And now is exactly the 
time to do it— even Mr. Callaghan says so. But which 
businesses are going to boom? Leisure parks, take-away 
restaurants. Celtic oil? Get the inside information you need 
to make a killing of your own from tbe famous Company 
Director's Letter— the monthly confidential service under 
the editorial directorship of Robert Heller. Send for details 
nf free I rial offer to: 

Company Director’s Letter, Dept. ICY, 

13 Golden Square. London TV1. 

Or phone 01-597 7337 (24-hr answering service i 


Do you have a 

Development Land Tax Problem ? 

WE CAN HELP! 

[ic]Aij iu confidence to: 

Master Investments Limited 
P.O. Box No. 334 
Jersey 


We’ve fQrmed more 
companies than 
any other company 

So next time . . 

youneedone, 

phone Patricia Parry IV 1 1 .■ A M * .■ ! r* 

on 01-353 3030 

JORDAN HOUSE. BDBmCI PLACE 
LOXDOJJR1 d 

toxpuojn: :<n as no toes: xi r . io 


Your French Connection 

Want to step-up your business in France? 


:3cnd;nt. 


Enj'iih ij»i n-Jinm. F-er-.h ll,T3Ul. qujl r i:d rnginitr, *ilh highci: ■ 

».-.i ■* d? :sr. :r-oru. 20 ■_,«»«’ Br::i.c:; ::p- evol ex^cncnu »Ik l* 
Wiri-ti;.*:/i<li.n. «:h rr-.o;h ncusiriis *rvi gifcncncn:. Men:: 
Cjw:j- ;r Corn me;:* in Fj.-.i 

OBt-i h : r»l/ ?eri3iil ind ea B-t.ih ftrmi. l-.i 

u-ia.jsrd. c3A6dtr:i£l. 

•Lit srty.i .fi.'o-rtiiloit. mpertisi. :-s:i«is.isn(. fi» awi:B. e::. 

.-.a: "O'c: ! p-.-:li:r ivsi-iti; r.-qm:. 

Michael Keiton. S. Eng^ M. Eng^ M. Bus. Adm. 

18 Avenue des Champa Elysees, 75008 Paris, France 
Tel: (010 331) 723 7320 Telex: 46Q492F 


CENTRAL AMERICA 

Trade Marks; Investments: Tax: 
Internal and International Law 

CONSl’LTEC 

7th avenue 15-13 zone 1 Of. 64 Guatemala. City 
Cable: CONSULTEC 




FOR PROFIT 

. . . v/.th i vtry ntw *nd visibly 
elf*;c:*« Sales Promoiion Came. 

Hi|lt quality printed products with 
an opaque l ent diw a l. 

■ S:ra::h-Adt «Dir«:i Man; 

" l.-uun: S'o!l Garnt* 

" Cuiiwsed r-oniMiWJi Gi.hm 

■ Su.-?;i5» rn.. 

■ H.^h flia! :/. hi;h 
t|i,ni.v:ni Fo.l Leiurr 

Ur.b«au^lv e r-uty a *d 

nr beatable prices 

Fo; norr n.!a?mi\ ion and umple*. 

isnd bus:. iru iorJ ic. 

GAME PROMOTIONS 
LIMITED 

Priory House. The Hi«h Street, 
Sty die/. Warwklulilre 
•r t»lephone Linde. London Offke 

01-429 4934 


SENIOR 

EXECUTIVE 

A.C.C.A., M.BJV. 

E<acnii*e jvperien:: n\ :«isuner 
ioaii. n:n-ju:‘.bri'; leisure ...d ea .. 
i.-u:u3n industry o»«.> 15 )in. 

Scve ml d<;c:iar*fc ps hi!d. i.eiuoii. 

; |is» ’or ma:L;('.i 2 aid ■. 

is.-viti; In add>c:o<i 10 . r man.v and 
ne-v »;<cin£ lu i i' ptrr- 
•;m: a;pa:.i:ment. Flsvfble On 

lout! an. 

Piedie rsolf 13 S or F ■■c-e-fll 

- - -• in r-i- a’ rr/o Iff 


FINANCE 

AVAILABLE 

Ve-jr vicscar.t-al •uai. avai.ac'e far 
t-il-'iqu^ati.-is r-uaratly ihsr: isrm 
iRru;:o.is. Gutsr London 
area preferred Cxmnuni:il' i» cen. 
nden:* <mh 

C? IIWD'MI ltd. 

P "-I T nn L.n.'din V.S 1HN 


HOW TO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 

Rate for U.X.. & Continental 
Europe 

S190 1 year 

SI CO 4 months 

S50 3 months 

Payable in dollars or equivalent 
in local currency 
Delivery by Jet Air Freight 
from New York every business 
day. 

(Other area rat.es on request.) 
Send older with payment to: 
THE V/ALL STREET JOURNAL 
International Press Centre 
74 Shoe Lane 
London EC 4. Eng '.and 
Attn.: Mr. R. Sharp 
Also available at major news 
stands Throughout Europe. 
ASK FOR IT 


EXPANDING 

MECHANICAL ENGINEERING 
COMPANY 

require! Majority Holdinj in profitable 
well minigetl concerns. Preferably 
Engineering orientated, but diversifica- 
tion considered. North West atEuation 
of special inamt 

Write In first Instance to: 

CUFF ROBERTS 4 CO. 
Solicitors (E.B./R.G.1 
25 Carrie Street. U*e r p:o! MTD 


PRIVATELY OWNED 
UK LIFE ASSURANCE 
COMPANY . 

ioifcs take-over or absorption bp 
Mrstar group anshiru: to explo:i the 
ouv;n:ieJ market from a broader bue, 
Hvwus in srrfKesi ronfldence io the 
Olid i min. B<rt C5945. FlnaniisJ 
Tnik'i. 10 Cdinwin ST'ei EC4P 4BV 


young ENGLISH entrepreneur seeks 
(PuimMim Act » apenti Importer 
An.'hing renstoereo. Ware. Old 
Win: clow He:: Wtncelaw Hell Rond 
tie p.ie e Ess'*. 


DISTRIBUTOR IN FRANCE 
REQUIRED 

UF. prapneiari oi Toiitcry Brand. 
w:'| esKol.sntd end dlttnbo»d m 
France through druggerie*. nyper- 
riiioQ. lupermirkeB. ptrfomene*. 
grand* msgj-in; etc. wisbe* » appim* 
i new tbs oulu r with, national 
co»e^it in France. 

Write Box Financial pmw 

10 Ccr.ne* Street. E C*P 


WELL SITE 

GEOLOGIST 

AVAILABLE 

Independent Consulcw* 1 
14 years oilfield. Excellent 
references. Works anywhere 
PHONE: O1O4P-5322-S07S3 


£ 250,000 

OPPORTUNITY 

Pn*aw .n*r;:o.- wi>j*d bt P'vFJrrd 
to ditpo:.' Hj r.i.jjr inter iK n._ i 
p ,»i a bus.*) in w.'. -3i idbauntiii 
ex »; .i3’ e,.;n. Could mu 

:-nii: --veil:- o. ni l :.H 

O' ni::os«-i>l Ccirna-iv Divewo' ••v’.t' - 
■'rin:d L*- -ll b':i * :h a ta ■ i ty And 
in:id :s protu-e fi-ia.-:’-il ta:k:*i;. 

VVr — *■* 1 f‘ oJ 7 nei. 

in. Cl— i- - ; ; ..-r. rrjp J&r. 


SAUDI ESTABLISHED 
CONSTRUCTION AND 
DECORATION COMPANY 

in.; ...cu .5 <53 '.rJ ..3.;h*P 1 ‘ 
_o-u:r.:t:on. vitrcamcni Tendorjns 
..I 3:ut: ‘■no i. r u I facilities pre- 

* icd Ciii-'i:-; : i tas: 

may »n» to: Prog.'eu re fttabliih- 
:.:e.ii. P.'.'. Fo* 11. <’'b:r. S'-ud 

* a- i. -- :i '*-• -h. 15. Cnnyer; 
Rnid. Lands:. SWI< 


WELL-KNOWN 

INTERNATIONAL COMPANY 

rTuny.'atturinj ronge of fijwr and 
allied (.qu lament for reiidondal awim- 
m in; uji's iceki a repurabla importer/ 
dsttrisucar io handle these Superb 
prijdiuH pa ui eadusiw basis.- 

Write Box G .2930. Financial TUaei. 
10. Como n Street, 4Bf. 


Middle 


JOl 


East 


THE MIDDLE EAST BUSINESS CLUB 
FOR INTRODUCTIONS AND ASSISTANCE 

Develop your Business through our ofEces in Abu Kwbi; 
Amman. Bahrain, Damascus, Dhahran. Doha. Dubai, Jeddah, 

Kuwait, Riyadh. . . ■ 

We also take small groups of Executives on La:.or-mane tours 
to the Middle East to meet local buying authonf.es and 
businessmen interested in your products or services. 
(Rclcrences available.'} 

Principal.* rmZff contort bu 'etter p.'ea't*: 

flLE.B,C^ 12, HOBART PLACE, LONDON* 51V 1W 0HH 
Also: Frankfurt. Geneva. New V r *riL P^ris. 





FOR SALE 

2 Vicrcriui Granite Pillars 
Ex-Well Known North Wesi 
Station 

OFFERS WANTED 

OLDHAM BROS. 
DEMOLITION CONTRACTORS . 
T77 Crown Street, 
Liverpool L7 3LZ 
057-709 T6T8 
Tlx: 427276 


OFFICE EQUIPMENT — COMMUNICATIONS 

(United Kingdom and Europe) 

Exclusive wrnto-ie* are avii!aa‘e =» w^i?ani« C- H a a.-ggiisarSont sf landing 
,n the above or ailkd Oaid:, able ta marke: ai;-CM ; *e'y . . . 

a major advance in telephone management 

Delta model* prog-ammed for ca’.U anjrvrnee*. ar'(!i V Tt aW 

da» ai wicplwne uia»o. prnt.r.g out «s »=iff!ar^ id x'Si '•cation of.eaili and 
ai Maton of Cota tc cuitocien or prodjets. ■ : 

Dipendirg on the * ze of zerrijory. a prc-i’cti f ts-reiHing at £50,1330 to ■ 
p aiuen aver £100.000 air gin per itu. 1 * / .1 'esu'rec. 

Piut lend br^f financial and liberty dea-’s xptlM' “»ibi irditarian o! 
sr--.:a-y -equ red -n itna M-iftderaw 13 Refere-iM T J it L. C. A. Co.. 
5a';.rj't. 2J. M:.r:!iMX r Squz-e. Lender.. V/.I. 


WE CAN ASSEMBLE AND PACK YOOS PRODUCTS 

A h'.rhiy ccnpctent team of 150 assemb er; and packers is at 
>our d'.:p=sa: NOW icr ail classes of gecds — foed. pharmaceuticals. 
indus:rial prcCucts. etc. Highly competitive prices. Immediate 
quotation. Brochure on request. . - • 

Please contact cur Sales Representarive;- 

PETER J. GARRINt & ASSOCIATES UMITED 
130a Burnt Oak Broadway, Edgware, Middlesex 
Tel: 01-952 4624 - Telex: 923596 


GENEVA 

Kuli Service i? our Eu?in^s 

• La - .' - and Ta:;p:;ou. 

U .Mailbox, u-iephons and 
iciox svrr.vnb. 

9 Tritnsiations ;t?.d s ccr> 
larif.I si*r.lct>. 

9 Formal son. dciniiciJalion. 
and adnimi^ra-.tbn uf 
Swiss and foreign loi'j- 
panics. 

Full conSUence and discriuoo 
BLbi:.’r.S£ AriVKJSV SfcRt-.Ci: 

. ru- Pr-rr -ri: c :Cu4 


A SPECIAL GOLD MININS 
SITUATION SELECTED FOR A 
MAiOR PRICE GAIN 

Tr-t ?as;r:_*.. , .r cS-’.-l .r. :-c 

oss: ins;rw": utt.i.o i-,j -.i- nj;e. 
-::auiio •. e -»i iii -ztu: 7" 

tr:cr.:.*' *-..ci .1 M.-siiv i 

ulc. • 

AiPSirnr rts L-n-e.' V i - jj 0 000 

For : eta n c- flCSt- 
'.j;: Mr M. A:is:cu';i». 5C 

E:sv*:.i:?nc.-eci Ll E-*:£Q Ks'n- 
:iout wj.um prji'e 
31 5b 73 7E. 

I stand a)53 -:»d / :: *is,s: t*>e 
ir.d-rr iUBStam.a 1 -n.es-.ir « ;■» j 
MONTHS FREE ADVICE :■> cat 3 ns 
tal.eove.- candidaUB a^a saec.al ma/ve! 
snuatians 

I rata.urr.ended Cau:t: Ci.-boeart 
■ CCO 1 Ee::on Excningc Dec. 75 a: 
U.S.’.O.TS. Csrrtn: or 13 O;:. T6 

US. 1 S 57 = a gain o' more than 

7 BO ■’». 


W- are c .'CRf-ej.ublished fcut 
prcgrcifive company manufac- 
r.:rin- ? wide range of 
ELECTRONIC INSTRUMENTS 

Ci i ■»•..: s rcTa-Ui iinart «i»d 'c- 
z -;. m v mraus crpraty 
i-.i :: ;*:• Far thj irs.-w- 

fstrw-i .-ifi's* i:siT-:ir y l ectrcr'.z 
=■ .r.-ts/ranponeiB. Thj 

IXZ! :: - 1 C : ;; and a i-.ty is 

nw«': ft .--- a.-c-»rcd to 

r,- r:*: jns. Ir 

sha.d *s? sid-ened.ta. 

* S-w'-.-f 

ALFRED PETERS & SON LTD. 
Wrakes Lane, Dronfidd-. 

Sheffield -ST8 - - 
Tel: Dronfield 418861- 


OPPORTUNfTY FOR ACTIVE 
PARTIOPATION IN 
ESTABLISHED COMPANY 

:: ::<• a ; s=i :?«w> 

id _ -ra,~. Secu.-ny c: 

-i.-.:: -. U.<. P-sduanon 

--.lidi. ?•' tv <2 ts-i# ::tnt 

• *•- ;r :•?•:/ m -z~i xii-’’./ lemait 
. ..nts n ' iH* ng p.-;Ju:: 

£>S.COO. irjeeusn 
*C racin'- 

^r.-.sfddF: aciv rep • io Box G.2 S J9. 
rir.z-zxl Times. '• C , Cannon Street. 
•C49 fflT. giving full details. 


imTST^IENT 

OPPORTUMTV— 

NIGERIA 

Well established Ni;erian 
(Jumpany w ll h 2 ! acros prime 
land in Lagorf. Nigeria seeks 
participation -.••ilb foreign 
Company. to develop same Tor 
industrial Purposes (Manu- 
facturing). 

Write Box C-82fi 
Financial Times 
10 Cannon Street. EC4P 4BY 


COMPLETB.Y NEW TYPE OF 

FAST FQ00- 
BUSINESS 

requires suitable premises for 
launching in the U.K. 

j-ta: .z. ' i^..n .... VrMI 

sanudf. exiitinj tiier.n; 3rcmi*«t. 
V.'r,' • £cv ir.i'lj. F.r.cnzicl T rue:, 
f?. Cittroi S:rest. F.r*P 'BY. 


FUNDS AVAILABLE FOR SHOP 
PROPERTY LEASEBACKS 

Pr,me jnd Sadandir* 

Sh?? tnrciDiic.iB afxo purchued 
thrai.-;liau! the Uii - Agents retained 
L. Seitfev. FCA 

RETAIL PRO^'-.Tr 
. T& 

47 Pete- Street. Manchater M2 6AU 
Tel. P6I-B34 25 1 o. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

■. 3 ltd. 

3J Or/ ?.os>i. ECI. 

■V. 4-t. 7 7 1 1 . 77J4 


U.S. A. PROPERTIES 

INVEST WITH NO USA 
INCOME TAX 

GULFPORTS INVESTMENT CO. 

1102 Walnut Bend 
Houston, Texas, 77042 
Tel: (713) 654-8989 


MOTOR DEALERSHIPS 
- REQUIRED 

Mala- n-ide band group of ccm- 
penile requital dcjlerihip* with unit 
vsiume frinehise* — Vauehtll—Fo-d— 
Cbry jfe r— Ley'and or foreign. Con- 
fidrncisltty and quick retpome. 

Wr/te. for attention of Chairman. 
Bo* G.I^IT. Financial T inei. 10. 
Cannon 5 trer;. €C4p 4 BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory rotsndir.oned and xuaranteed 
iy ltM. Lj/. iivr -.3 ta 40 : t r Cent. 
Laa:e l fii-i fre.n lJ.TC weekly. 


Phone: 01-441 2365 


CAPITAL 

AVAILABLE 

BY WEST MIDLANDS MAN 

for eeichue of Jar injection into local 
company engaged in light engineering 

md fheat merel work. 

V/nze Box G.2932. Financial Time*. 
TO. Connon Street. EC4P 4BY. 


PLANT AND 
MACHINERY 


Peter Whitfield' and -Bob Tanner >{formecly of 
Clubman's Club and Orme Developmen^V 1 have 
£ 2 , 000.000 available for investment- ;; 

Write Box G 2812, Financial Times. 10 Carman Street, 
/Bap- 4B¥. .••••-. ?=;. ■ . ; V 


BUSINESSES FOR SALE 



WELL-KNOWN 
WATER ENGINEERING 
COMPANY 




Excellent opportonify to acqoire 
weHestabHshedcomjpany^ - 

For jurther details ■ please apply:-r , 

R. L. PETERS or G. J. WATTS v 
11 AI^ION STREET; LEEBS^ \ : _ 
Telephone:' 0532^444741 - 


FREEHOLD ENGINEERING^ ‘ ;■ 

COMPLETE WITH EQUIPMENT^ T 

IN GREAT YARMOUTH / - 

Fr .' iaciarr of approsimslely 12.0W «j ft imgetixr nth l;j w : ~W D ‘ 
5 « r^fi.-ii comaieie vlth fahricailon bays and machi n e shop ■equhnnent. | 

f ' r Ptiacipals «mlr slcase" write to . >. •' • "T. 

S. D. SAMWELL. JOSOL.rNE LAYTOtf^BEMNBTT t CC-. ; . I: 

Mctaronolle House. 39f«5 Tonenbam Coon 'Road. London W1P OJI- 


POLYTHEKE EXTRUDERS & fi0H¥ERTEK 

OUTRIGHT SALE OR P/VRT ACQUBfTlpN 

To provide expansion capital. Turnover iri. excess of £2 million 
covering wide range of L-D. : polythene products. Spaqe available for 
extending operation; ! Write Box G ^928.'-. financial "Rmes^. 10. 
C:man Street. EC4P 4BY. • ' .-•••• 


FOR SALE 

S-giB. a-i.T» Company in N.E. Ergjand. 
Ka ;ufa:tu*>R» and dealing "m. «r»i3 
C-r-r; fistaila::on*. Gram Hrnfi.'ing 
and in; i t / hroiecu. . Eljttncal. Coo- 
:-s! lar Agriculun* and Indiis- 

:• t-.fca'fisiani. WiLcr it harass of 
rypei. IndWHrrial/Domertic L*e;- 
t-.tai .and Kumblr.g Gaviromcnt and 
Ur si Actfwricy Contreu. General 
a-i Sr-vcwral Engineering and Miio- 
ti-zsnet. Sfie oi Ag.-uultu.-al Equip- 
-nerts nil.' tiding Eurapcan and BrUilh 
K-n D?»:c-shpt. Suppordng Doaign 
»r-i D-twing FunCLO.ii. 

T^-n.-e-r- rpe-cx. -£f.9 nniion. • 
f iirto-s witii.ng ta redre within S 
»:trs. 

Write mt icily to: 

JOHN WELCH & CO„-CA. 
19 Buccfeuch Street 
Hawick,' Roxburghshire 


BELGIUM 

COMPANY 

FOR SALE 

Net assets BF1 im in cash. 
Previously trading in property. 

- Write Bo* GJZ&S8, 
Financial Times. 

W. Cannon Street, EC4P 4BY. '■ 


. .OVER 40% 
HOLDING FOR SAIE 
in ; sotHid private company 
making farm trailers. TjO. 
exceeds ' - £lm. Assets' ' atio'ut 
£}m. Modern. freehold factory 
oa Bj . acre site in W. Mids. 

. Write 'Bax G29S7, Financial Timas 
UJ Caanon Suwt, ECW «BY . 


. NORTHWEST 

WHOLESALE 

JEWELLERS 

TURNOVER £*»■•. 





.4 a 'drill 


1 * wP-'w *8 


Urgiln'iilieMllt 


. HIGHLY SUCCESSFUL. . 

• FAMILY BUSINESS - 

Large j mrnovar, kpociaPiing in house- 
hold : appliances, fitted kicrhjns, etc., 
owning number of prime we - oiiclecx 
tn major Frwuch industrial centre series 
rncereKed party who would acquire 
majority or entire stake. 

Apply-, in writing to Box G-2936. 
financial Times. 10, Cannon Street. 
EC4P 4BY. 


JEWELLERS old -established retail boalnexs 
wltn aeveraJ units as nalna concern. 
Roohrio Box G.ZBM. Financial Times. 
.TO. Cannon Street-, EC4P 4BY. 


DOUBLE GLAZING 
COMPANY 

SOUTH COAST - 

Private Company' offering icomprvhen- 
nw fabricren* ; and fixing ,wn« for 
idaubU glazing and replacement win- 
dows. _ Carrent 1 itmorer' £500.000. 
Anridpated n*t profin . in . the . regfon 
of £100.000. ' Good pronwer. .Prin. 
oipal* only. ' ' • • -J 

Write Ada G.Z929, Financial- Timei, 
10. -Cortmrr Street. EC4P 4BY. •• 


1 I i I H T-W . I; 1 1 J 

I ifl J 


LICENSED RESTAURANT 

’ . ' ; •: '••'-•for sale.'-V-’-* ’ ■ 

Superb poridon’ m- the -biggest . ielsure - - 
area, Rolling worth Lake.' in'RocMitr. 
Thousands of day- Brippnx .^ : 'week . 
come, to - the area which ftM- huge- 
munkipal'caf parfci wtchin iiW minutes' 

■ walk. plui. own '.car park, . The. rw- 
■durarw has been" fitted r aml furiSlbid' 
'XO a >eqr hrgf»; ; standards -and .".as - iv. 
ha*, traded .only, for dvn Weeks,, it 
wiU M aoM : lx. a jcait in the -region, of , 
£75,000-. -Tbii is a unique ppp omi mry 
R> acqnlre on* of thn b«*i- sites in 
lancuhir*. 

Phone 

MR. LANE- 
on 061-452.5421 

.for- ndpoinzment to view and ■ 
farther details. S. 


OFFICE CONTENTS 

Mdbogwqi and teak office desks, cup- 
(wards, office tables, typists* chairs, 
executives' chairs, filing cabinets, 
seed shelving, _ typewriters, dictating 
machines etc, etc. 

For ill thtii and other brrgjins (lisa 
arei'able) conricc 

BILL RAYNOR or BRIAN NORTH at 
" COMMERCIAL,” 01-837 9663 


LIMITED COMPANIES 

From £49 

Formation U.K, and Worldwide 

lochadtag: ble of Man, Liberia, 
Panama and Artguilla 

Contact: CCM Ltd.. 3 i*rosp*« HiU 
□auglu. I.o M. . Tel: Do-uglas ( 0624 ) 
M 733 - Telex: 627900 Balien G. 


CAPITAL TRANSFER abroad Simplified. 
Ring Murrell. 724 37BB, 9.30-5.00. 

£1 A WEEK FOR ECS addrea* or phone 
messages. Combined rates + telex 
under U a week. Prestige offices near I 
Stacl £>ch»roe Meuaec Mlnderc rn:*r. 
■WIIOi.tl. OI-DiS 089S Tclo BBT 17.25 


FOREIGN- 

INVESTORS 

INTERESTED IN BUYING 
MACHINERY FOR: 

Texiil'.p. Rubber Ttjvc. Capi as 8h«e«. 
Claes ?h”«I,n£. Rubber Reclaiming. 
Carpvi Wcai-mx. FMasrtcs Rut nine and 
Prlntin;t aal-ur any other cnnsunivr 
ponds indixsiri**?. Xew or rtcondnmnir'i 
machines WKidered. We are kct-o 
suynr;. up ;o any afflOUdl, of aruiblns 
31 rtlHBrUllvc priijcr. 

Detaals pleasv Io; Mr. Harrison, lu 
Pollard Street. Manchester M-l T,\K. 
Tvi- tWI-TT. Wk* 


• WANTED ....' 

; PROPERTY TRApmG ' 

- . wifh agreed losses, in property in excess pf £25,000 . 

. 'This is required immediately by principal - 
Write Bos: G2925, Fmancia^Times ' 

.10 Gannon Street r EC4P4BY y . v : 7 . 


: ' • CAPITALISE ON YOUR SUCCESS ' v " 

Are.yea- reriMng a successful London -bajtd «>*&■ bunnem but lookjiiu for 
maiUEBnient tucieisiotv .and art opporttm)^ ta capkaUtt on your past inveeaneotf 
We .are an expanding, .potato. I n-reupietai -company seehnrg acquis, nom +n any of 
the fqiMWing ic:wn: EuauKss Equcanofi Servuc*: Insurance Broking: Investment 
Management:. Property Maiugemem: ' Publ'-e Rriation*; Pablnbinz. . Other 
service buslneltn- wH'- aha : be- cohridETed »™f acqulsfopm can b* st ru e cured 
to -Include. -eonanutng particlparion 46r:rho vendor. Plnje'/repir »i» .onMtna 
giving .lull jsarxiculart eta our proFrisioraf 'advisers and quoting reference RH. 

. . Messrs.- Milne. Gro« A Turnbull (Ref. RH). Charwr^ Aecoontsm*.- . 
i. Albemarle Street. Piccadilly. London WlX 4EL- 


GENERATORS 

Over 400 sets in stock 

TkYA«700kVA 

Buy wisely from the tamufaetaten 
with fail aftersales service 
CLARKE GROUP 
01-986 8231 
Telexs 897784 


storage. High headroom (40 d.j. w ttti 
heaxv lift overhead cranage ( 25-50 
tons). Close London, mao and MA. 
shori or medium term. RH and D 
Econamical rates- Southern Industriai 
Swage. Tclouhene 01-629 0074 or 
Otiaa 790546. Nota tfio number tar 
luiuic nectffi. 


FOOTWEAR 

MANUFACTURING 

We Wish W acquire; on - 
behalf of clients, a company 
Tn the footwear Maotrfac- r 
. turmj Industry, preferahiy 
with available ta* losses. . 

- Details- to: • : -. v 

. C. P. Choularton Sons, \ 

& .Partners Limited v 

■Ashley House ' f 

30, AsWcy Road 
.Altrincham 

Cheshire 

Quote Ref: CFD/FGM 


JOINERY 

BUSINESS 

: wanted with .turnover* 

^00«K«200iraO *v r 

Good worir force »nd " 

..... ro ? tn for.RJtpahsloiv. V . 

• Swened Greater London/Hert*. 
Writes BCM Industrial, Loadoo. WCl. 


REQUIRED 

,Ww ProDwry .Grntrp ■ smhw Vmb. 
treuisK lalcrcdx in small. 'Listed . SticlL- 
/Lolt'.; I5T' WWlpaoies: ctuunflered' If 
ri-fin 1 Primffpafs . wly.'-Wriifc -Bet— 
■ ;• ‘ -CilhH, .R-imiitdai -Tlmea, • v — 
. To ('.iDtioi) sifeqi; : E€4P- tBV 



























•>__ ^ ^ j'.r! - 4: ^ ■-. _ y a,-^l r_i- _- - _• _-r '• • , ,. «■_:.. /._ _ 


i®a\A'nOXAL FINANCIAL- AND C O M PAN % NEWS 




NORTHAIWERICANNEWS 




1 •.’’r-. 


. BY ROBERT G1BBENS: 

I . ....... 

■pTE HUDSON'S BAY company 
]|a b disclosed terms for. its bid 
fjpr tlM! Simpsons Ltd. department 
store group which set a total 
value of CSSSSro- (DSS337mj. . 

. , The' value per Simpsons share, 
in cash and Bay stock- is' about 
C^27 L .ha5Cd;.oa, the. closing jjrice 
fw Bay shares last Thursday..' 

. Trading in' the . shares of both 
(jormpanies has been baited since 
last week. The Bay bid appears 
to- offer advantages to public 
stockholders over the rival 
merger proposal between Simp-/ 
sons and Simpsons-Sears. 

, The Bay . bid requires a 
minimum 60 per cent acceptance 
by Simpsons - stockholders^ among 
whom the largest group is repre- 


sented by the Burton' family-, of 
Toronto and Montreal. - 

Earlier, Simpsonshad proposed 
to merge with Simpsons-Sears. its 
half-owned affiliate and- a ' more 
successful company in^terms cf 
growth and earnings. Terms of 
that merger would be-axbare-for- 

share .exchange withi /Simpson s- 

Sears as a continuing Company. 
Because Sears Roebuck; of the 
U.5.. . would retain a holding of 
about one-third in the .merged 
company, the deal is subject to 
Foreign Investment- Review 
A"“ncy clearance. 

' The Bay. is now .offering 
Simpsons shareholders one Bay 
common share and either two 

Bay preferred, or one preferred 
share plus CS22.50 cash; for 


MONTREAL. Nov. 20. 

every eight Simpsons common 
shares held. 

The Bay preferred shares 
would he entitled to cumulative 
dividends at an anuul rate of 
8 per cent or C$1.80 a share and 
would be redeemable at the 
option any time after December 
31. 19S3, for C$22.50 a share, 
plus an initial premium on a 
sliding scale. 

The Bay said if had applied for 
a tax ruling to provide Simpsons' 
Canadian shareholders with a 
tax free roll-over of their shares 
exchange for Bay shares. 

The company expects to 1 mail 
tho formal offer tn Simpsons' 
shareholders cm or about Novem- 
ber 2? and the bid will expire 
three weeks later 


Kennecott seeks Exxon officer 



. BY JPHN WYLES 

MR. THOMAS D. B ARROW, who 
resigns next week as a senior 
vice-president of Exxon Corpora- 
tion, has emerged- as- : the 
apparently -reluctant nominee 
f$r the post of chief executive of 
Kennecott Copper Corporation. 

'With speculation .about his 
possible appointment- increasing, 
the Kennecott Board issued a 
terse statement on Friday saying 
that the company was negotiat- 
ing-with Mr. Barrow, “ looking to 
hfs becoming chief executive of 
Kjennecott this year." Chief 
. executive functions in the 
iambi ed copper company .arc 
currently shared by Mr. Frank 
Bfil liken, chairman, and Mr. 
William Wendel, president. 

.•Both are scheduled to. retire 


next year, Mr. 'Milliken jn 
January and - Mr Wendel in 
November, and the' prospect of a 
renewal- of the proxy battle with 
Curtiss-Wright has made the suc- 
cession an urgent matter, since 
the Kennecott Board apparently 
feels that a new chief executive 
will better ensure . shareholder 
loyalty to the incumbent 
directors. 

Kennecott has asked a U.S. 
Appeals Court to delay an order 
calling for a fresh election of 
directors so that it can. appeal 
to the U.S. Supreme Court If 
the Appeals Court refuses, then 
a date for a fresh proxy, battle 
will be set by a Federal District 
Judge. 

Despite Ke nueectt's 
approaches, present indications 


NEW YORK. Nov. 20. 

are that 54-year-old Mr Barrow 
is reluctant to change his plans 
tn retire from Exxon so as to 
return to Texas to manage the 
estate of his late father, who died 
last march and who was chair- 
man of the Humble Oil and 
Refining Company. 

Kennecort’s difficulties in 
appointing u chief executive from 
outside the company stem partly 
from a reluctance among quali- 
fied executives to be plunged 
into a mossy and damaging 
proxy battle with Curtiss-Wright. 
the New Jersey company, which 
owns 9.9 per cent of Kennecatt's 
stock, and is pressing its own 
list nf directors, who are com- 
mitted lu selling off Kennecott's 
Carborundum subsidiary. 


Fruehauf 
chiefs 
quit after 
fraud case 

By Stewart Fleming 

NEW YORK, Nov. 20. 
THE CHAIRMAN and the 
chief executive officer of 
Fruehauf Corporation, Mr. 
William Grace and Mr. Robert 
D. Rowan, have resigned 
follow-lug the U.S. Supreme 
Court's decision not to hear 
an appeal on tbelr convictions 
for defrauding the Government 
of SI 2.3m or excise taxes. 

Fruehauf is a leading U.S. 
producer of (ruck. trailers, and 
last year reported sales of 
$I.8hn anti net profit of Sfilin. 

The chairman and the chief 
executive officer, who is also 
president of the company, have 
both been faring gaol terms 
following their conviction in 
1975 Tor evading Federal 
excise, taxes between 1956 and 
1965. The Government had 
alleged in the case that the 
two men had tried to evade 
taxes by employing complex 
pricing and accounting pro- 
cedures and including non- 
existent extra service charges. 

The company has named 
Mr. Walker L. Cisler. an 81- 
year-old Detroit business 
leader, as acting chairman to 
replace Mr. Grace {70) and 
Mr. Frank P. Coyer Jr. (58) 
has been named acting presi- 
dent and chief executive. They 
are experted io serve until 
permanent new officers can be 
appointed. 


Department store earnings up 


'ft'K'3 




THE LATEST round: of third- 
quarter results from the depart- 
ment store sector ' bears' out 
indications of a steady growth 
in sales and earnings throughout 
the' industry. ‘ * 

iMay Department Stores, the. 
Si Louis-based' group' whose 
interests now include 19 of Jewel 
Company's self-service stores, 
has pushed earnings ahead by 
13 per cent to SISm for the this! 


quarter, with share" : earnings 
.ahead from 70 cents fo 80 cents. 
A rise of 14 per cent brought 
sales to $618.8m. At tbe nine- 
month stage. May shows a 6.2 
per cent rise in earnings, to 
835.3m. or $1.57 against $1.55. 
This in part reflects a poor first 
'quarter when severe' weather 
and the national coal strike hit 
earnings- i . 

From Minneapolis, Dayton- 
Hudson reports a rise of SB per 
.cent to $24Jm. or $1.04 against 


NEW YORK. Nov. 20. 

$0.97 in third-quarter earnings. 
Sales, at $708.4m. show a 13.7 
per cent gain. 

Marshall Field of Chicago 
reports a 10 per ceot increase in 
earnings to $5.3m, or $0.59 a 
share against $0.53. Sales rose 
by $13m to SlSO.lm. 

For nine months, earnings 
stood at $7m, 10 per cent over 
last year, or $0.77 a share against 
S0.71. Sales, at S4S4.4m, show 
a rise of 8 per cent. 

Agencies 


FT INTERNATIONAL BOND SERVICE 


The list shows the 200 latest international bond issues for which an adequate secondary market 
exists. For further details of these or other bonds see the complete list of .Eurobond prices published 


on the second Monday of each month.. 


U.S. DOLLAR 

STRAIGHTS 

Asa AkL 91 8S. 95* 

AnwraJia s.e S3 ...L....-- Its 971 90 

Australia Sri B3 T* 991 200 

Beatrice Foods 7t 83 100 - 95i 96* 

CSCA 82 57 SI W W 

CBCA9M -.../. 2S 97S 986 

CECA »i 98 29 - TO 99 

CNT » 93 TS -96! 971 

Canada 8 8S 250 9*6 . M2 

Cwiatia- 8.20 -Sa -25# 951 96 

Canada 82 0S r. 2» « W 

Canada 8 S3 «B in 100} 

Canada 91 95 550 - IMS 1016 

Qmodajr Si 83 ; 70 951 96 


danse on 

Issued 7 Bid 'Offer do week" Yield 
96* 0 +06 948 


+ai +oj wrr 
.0. +§| ' 937 
+02 B-89 

+0* 9.71 
+0J 9.26 

+1 938 

+U 939 
+06 9.22 

-0 937' 

+0i 9-36 

+« 933 

+K 936 
+li 937 


0 

0 

+01 

D 

+61 

0 

-06 

+04 

+n 

+oi 
— 0* 


Dominion Bridge Co, 9 86 

75 

IBS 

931 

.94 

-0* +04 

10-29 j 
9.45. 


025 



+o: +i 

951 


tea 

TO 

1G0 

+0* +0S 

958 


25 


96* 

0 +0{ 

9J9 

Eteponfioan* 9 K 

Finland. K f»3 • 

Finland 9 (* ; 

50 
100 . 
xoa 

25 

97 

97: 

973 

966 

TO 

981 

TO 

964 

-fli +0S 
+04. +U 
+04. +0j 

0 +u- 

950 

95L- 

959 

9.97 

liri-+taance-8:'«S 

25 

TO 

928 

Mi 

936' 

-Oi +0* 
+0S +li 

10.71 

1152 

J. <C. Fenner 8J fO 

100 

59 

974 

981 

TO 

984 

+06, +01 
+02 +2 

9J2 

943 

2.2 Dev. Fin. 81 BS 

NZ Dev. Fin. SS 85 

X*V SfWJ.,-9 M : 

KoirfotnHDand 03 90 .. 

Nord lav* Bk. 5* SS ........ 

20 

-20- 

75 

50 

'25 

94 

-94 

97* 

9tt 
. 971 

94* 
94, 
90- - 
-984' 
TO 

-06 +05 
-01 +»i 

0 +1* . 

■ +M +13- 
o - +oj 

9.73 

958 

941 

9.47 

9.i& 


JfikjrcPR- Komm. w as 

JSohris 7i 83 a, 

Borvar. 8J 85 : - 

.OcetlentalSj 85 

to * .'HDWSJ « 


75 m 
2 SB "MS 
350 .902: 
75 921 

Ont'BWrtV SJ 85 125 966 

OMbcc Hydra 9* J3 j.. 50 99 

-Swjdon'84 SS-'-.i. 125 m 

L'lCStSS - 208 9SJ , 

S3 ...... 050 971 


VK St. 


984 +0i +1 - Ml - - 
95J-+04 .+« 931 

m +B1 .+1 936 

TO: +01 +ft! 1039 

96T -01- +Bi .934 
99f +92 +21 938 

89fc +K +11 934 

m +sa -■ +fli .936 
9U +Bl- i +86: 933 ' 


DEUTSCHE MARK 
A STRAIGHTS .. 



'"•ArJefliijia £3 SS:...:. 

. 6*HL .Develop, B*; S9 8S 

AaaraHa e b? 

Anafia 52 96 ...... 

\ Bankunerica Si 90 

Exx. Aigerte 71 85 

axA-s.-ss Lir. . : 

-vaaada sa ' 


942 
I9E2 
1«K 

tro 

994 
952 
972 

.TO 

Chase Manhattan O/S 8 93 1ST 102 
«*wnenfl»anfc iw. ww 3} M0. tl»2 

^BiertbanR int xw 71 106 

Gwenbafien Cliy 6 90 75 

CraBcff af Europe « U» 

, Eta-s 90 


Change e« 

boned BM Offer dur week Yield 
-04 

-i-Oi 
-Oi 
-Si 


150 

U» 

SO 

150 

ISO 

100 

150 

600 


300 


sas-Atmi faint- in 

M U0 

Jnd®ey) B r S4 IBS 

Cior Ot 5} 88 UB 

Serricos He' EM. ... ISO 
. jyOCO 0.85 ' 


tasi 

951 

973 

971 

432 

992 

962 

loot 


45* 

94* 

1012 

962 
991 

' 964 
9TI 
982 
101 ) 
1372 
031 

963 
TO 

94) 

491 

TO 

ML} 


-W 

-*w 

-04- 

-01 

+02 

0 

-M 

-Bi 

-« 

• 0 
+0). 
— M 
+01 


-02 
. D 
— H 
-64 
-01 
-OS 
0 
0- 
-ot 
+12 
0 

+04 

-os 
-01 
+ 01 
+1J 
-0*. 
-0i 


7.20 

6.36 

5.84 

633 
S32 
8.02 
633 
539 
5.77 , 

2.69 
S.7B 
6.46.'. 
639 
6J29 
6 AS 
5.11 - 
7.65 
S38 


. Closing prices on November 20 

: 1 

Change W 

Issued BU Offer day week Yield 


YEN STRAIGHTS 
Asian Dev. Bk. 5* 89 

Australia' K.6 90 

BKCE 4 4 ini 

EuroRma C3 90 

FhiliiPd fi.i SS ......... 

Nurway 3.7 S3 

Osto. Ciw or s.fi.M 
SNCF 4.6 00 


15 

53 

30 

10 

25 

25 

15 

20 


Sweden 0.3 W :... «> 

. .’ other STRAIGHTS ' Issued 

Rank O-S Hold, ii: A9 .. 12 

Auio Cote Basu. 7 W EVA 16 
CepL-nhac-JQ 7 93 EUA ' . ' 38 
Finland Hid. Bk. 7 93 EUA 15 
Komm. Inst 7) tr: EUA ... IS 
Panama 8* 93 EUA 20 

SDH France 7 W EUA 22 

AInf.mi.nL- Bk. «: 53 FT .‘-7S 
Bra all 7J St FI •. .. 15 

CFE Mexico ~i 53 FI .. .. 7S 

E1B 7) As FI .. - 75 . 

>,'»rder. Mirtdcnb. 05 83 FI . . 75 

New Zealand 6! M FI 75 

Norway « S3 FI M0 - 

riKR fi‘ 8J FI 75 

EIB ?! 8S FFr Z36 

B-\T S 68 Luxl-'r 251 

Bayer Lux. S Sfi LuxFr ... 251 

EIB 7 1 85 LuxFr 353 

Finland I. Fd. S 0? LuxFr 258 
Norway 7! 33 LuxFr ....:. 250 - 

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Solvay fin. 8 S3 LuxFr ... SSt- 
Swcdlsb I. Bk. 8 SS LnxFr 590 
Clti com O-S Fin. 10 S3 r-:ZB 
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FLOATING RATE 
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Arab Inti. Bank MS 
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Bank Handlnwy MS SS ... 
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Issued Bid Offer day. wee* Yield 


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"Owrg Tunnel 4 83 40 97 ) 

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taro Manhattan 4 93 ... TO 983 

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Beue. Indn . « c urt MSS £1 
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CCCE M5.23 Sis £1 

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Uld. Overa^JS Bk. MS EG. 0) 

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Bnous 6» 93 "79 

Coca-Cola BoiiIihb Si 4/79 

IlO-YokadP 31 93 1... *<7* 

Nora Ind net r I 7 ft 1 4i79 

Texas 1m. Air. 74 M J/79 

TtMrn lm. Fin. 7 ll/W. 

Tyco lm. Fin. Si SS — 9/78 

Tyco Int. Fin. 5 .« 5/» 

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lzumlra 3! M DM J0/7« W 

TnKco SS £9 DM 1/79 1270 97 S 

Konlshlrofcu 31 M DM _ lffl - M2 974 
- Marodai Food 3 DM — J/79 1W3 1044 
Mural a Man. S. - 1 * DM - ^1/7* BM 97) 

Nippon Air. 3.5 DM -.52/78 5ok 93^ 

Nmbon smnnan Si DM .. B/TS r»= mt 121) 

!itS5sn Dh- v JU.‘l 31 ib - w 97* 

Olymnus Optical :t! M DM 1/T9. IBS TO 

Ricoh 3* S* DM -18/71 UJ 103', 

Eiecrrto 3} DM ...8/78 869 1173 

SalSr^-etriCSi DM ....un* TO. 432 44. 

caJcu Stores 32 5" DM — 9/78 1275 
■ sSy EL+tric 5! DM -Jim 
SKood 3) SB DM... 11/78 711 

•No fnformaUOT availahle-^prcvioas day'* price, 
t only one rnarkei maker supplied a price, 
strabiht Bond*: Tho yield W Tbe yield to redemption or the 
mid-DriLT' the amount issued 1 b 1b millions of currency 
anil* escept (or Yen bonds 'where it Is m billions.. Change 
on weeks ctuuiK* over. price a wwk earlier. 

Floating Rate Hates: Denominated in dollars unless other- 
wise Indicated. ai=Mlnlmum coupon. C.date=Daio next 
coupon becomes effeenve. Spread- Ad arsUt above sJS-momh 
offered rate lor U5. dollars. .Cxaan=Ttie- ctuzoai coupon. 
C.yJd=Tbe cniTcnf yield.. 

ruvcrtihle bonds: Denominated In dollars unless otherwise 
hidioMod ChB. day=Cliange on day. Cm\ daie= First date 
for conversion inio share*. TajV. pricc= Nominal amount of 
bond tier share exprefised-ln currency of share j: eenvor- 
rinn rare fixed at lsauts. Pmn=PcrcenraKe preniltun of the- 
rnrrrm I »tr tt cttve oflre of Jctmlrinc shares via the bond 

^TUte most re-^nt price of the shares. 


The Financial Time* .Lld_ • IBS. Reproduction in whole 
nr in nar-’ if anv form nor KTmiTrcd tridrout tmcea 
conoenL Data supplied hy tour-Bond Smltea. 


New chief 
executive for 
Max Factor 

By Our Own Correspondent 

NEW YORK, Nov. 2U. 
MAX FACTOR, the world-wide 
cosmetics concent, has once 
again turned to its arch rival, 
Revlon, for a new chief execu- 
tive. The company, a subsidiary 
of conglomerate Norton Simon, 
which last year bought the 
Avis car hire business, has 
named Mr. Dale Ratliff to 
succeeds Mr. Sam Kaiish as 
president and chief executive 
officer. 

Mr. Kailsh's resignation was 
announced at the end of May, 
amid indications that once 
again Mar Factor was having 
difficulty trying to maintain Us 
profits. In its last financial 
year, the company's cosmetics 
profits slumped from S31m to 
S12.6ra on sales of around 
§350m. 

Norton Simon, whose inter- 
ests range from food manufac- 
turing to the fashion design 
house of Halston, bought Max 
Factor in 1973. Mr. Chester 
Firesitin was recruited to run 
tbe business^ but two years of 
stagnant earnings resulted lu 
his departure In 1975. 

Mr. Kaiish was then re- 
cruited from Revlon lo run the 
business, hut after an initial 
success wilh a development 
pmcramnte involving the Intro- 
duction of a uew product line 
and a management reorganisa- 
tion \vhirh led lo the depar- 
ture of 75 executives. Norton 
Simon reported ihat a new 
marketing policy had had an 
unfavourable impact on profit- 
ability. Snhseouently. It an- 
nounced 3lr. Kalish's resigna- 
tion. 

The new chief executive is 
one of Revlon’s top ranking 
sales executives. 


Setback in 

non-life 

insurance 

By Our Own Correspondent 

NEW YORK. Nov.. 20. 
THE U.S. property and casualty 
insurance business, which could 
face renewed losses next year, 
has suffered a net underwriting 
loss after policyholders’ divi- 
dends of $9.2bn in the last 25 
years. 

According to the 197S edition 
of Insurance Facts, published by. 
the Insurance Information Insti- 
tute. profits and losses in pro- 
perty and casualty insurance 
have been subject to far greater 
fluctuation than virtually any 
other business sector, including 
banks, utilities and industrial 
companies. 

Properr.v arid casualty, insurers 
in the U.S. enjoyed their most 
profitable post-war year in 1977. 
with underwriting earnings of 
Sl.i2bn. However, these came. on 
the heels of a highly damaging 
three -year cycle, when losses 
totalled more than $9bn. Since 
only four of the last 15 years 
have been profitable the' book 
claims that companies have only 
been able to maintain operations 
through the investment of capital 
and surplus accounts, together 
with money set aside as loss 
reserves and unearned premium 
reserves. 

The industry is worried about 
the impact of inflation oo iis 
operations, sod only last week 
the chairman of Allstate, the 
Sears Roebuck insurance subsi- 
diary. predicted that the rapid 
in Nation of claims costs could 
drive the- industry back into a 
period of. renewed underwriting 
losses. 

Citing some of the inflationary 
pre-rsures, the book points out 
that although the overall cost of 
living in the U.S. climbed by 6.8 
per cent in .1977. car repair and 
maintenance ccwts rose S.2 per 
cent, medical care by S.8 per 
cent, semi-prirate hospital rooms 
1Q.S per cent and physicians’ 
fees by 92 per cent. Despite the 
Fact that all of these costs bear 
np car insurance, premiums in 
this, area bad risen by just 7.5 
per cesu 


INTERNATIONAL CAPITAL MARKETS 



Interest rate 
favours dollar flow to U.S. 


BY MARY CAMPBELL 

MONEY MARKET dealers are 
□ow convinced ih :! t me aulitows 
of funds from the U.S. via the 
U.S. banking system have 
stopped. These outflows — 
induced by the wide differential 
between U.S. domestic and Euro- 
dollar interest rates which 
occurred as the dollar fell 
earlier in tiie year — and reached 
a crescendo in October, dealers 
say. in the run up lu the 
announcement or Pres idem 

Carter's dollar defence package 
un November l. 

The capital nut (low which red 
external borrowing of dollars for 
«-<jn version into other •■urrencies, 
had in turn increased the 
external dollar glut. 

The Curler package of Novem- 
ber 1 included ihhvm, both In 
raise interest rate? and 10 
increase the cost of deposits to 
hanks within the u S. by higher 
reserve requirements. This was 
to deter them rrom raising such 
deposits wtthin tlie U.S. to 
redeposit them in the Eurodollar 
market. In this lliey seem lo 
have been successful. 

What is by no means clear y et. 


however, is whether any infiow of 
dollars from the international 
markets lo the U.S. has yet 
started while the position of U.S. 
corporate .treasurers is another 
factor to be taken into accounL 

The one point on which 
dealers are agreed is that, at tbe 
key three-month maturity, there 
is a small differential in favour 
of U.S. banks taking funds back 
to ihe U.S. Nominally. Euro- 
dollar rate sremain substantially 
above comparable U.S. domestic 
money market rates. But the fact 
that U.S. hanks can use only 92 
per cent of their domestic funds 
(the rest being taken up by 
ivsi'rve requirements) and that 
there are other costs such us 
Federal Deposit Insurance, 
means that it is slightly cheaper 
for L r .S. .banks to borrow funds 
in the Eurodollar market than in 
the U.S. 

Where re pom conflict is on 
whether U.S. banks are acting on 
lilts differential. According to 
some bunks and dealers, it is 
still too small for the banks to 
take the trouhle. Others, how- 
ever, say that they are seeing 


substantial Inflows — that for 
example, U.S. banks are issuing 
big volumes or certificates of 
deposit in London partly to 
refund their U.S. positions, 
though partly to lengthen their 
international books in the expec- 
tation of further rises in interest 
rales. 

A further factor complicating 
the situation is the position of 
corporate treasurers within the 
U.S. According to some sources, 
these are huyi.ng the new issues 
of Eurodollar certifiaclcs of 
deposits. Since they do not have 
the extra costs or reserve re- 
quirements, they a cti afford In 
compare nominal rates of interesi. 
in the U.S. and Europe. Accord- 
ing to this analysis, the increase 
in U.S. reserve requirements on 
bank deposits within the U.S. 
has institutionalised a merry-go- 
round where U S. corporate 
treasurers invest in higher yield- 
ing Eurodollar CDs ipossibly 
even, .issuing commercial paper 
in the U.S. to fund this activity) 
while U.S. hanks issue CDs in 
Europe- at costs which ore lower 
for them than in tbe U.S. 


Kerkorian seeks Columbia stake 


BY OUR OWN CORRESPONDENT 


MR. KIRK KERKORIAN. a West 
Coast financier who owns stock 
worth $250m in Mctro-Uoldwyn- 
Mayor. the film and gambling 
conglomerate, today announced 
plans to buy a 2u per cent stake 
in MGM's movie rival. Columbia 
Pictures. 

The move, vhtch is in some 
ways • reminiscent of Mr. 
Kerkorian's swoop on the 
troubled MGM in 1£U>9 when its 
film business contributed to an 
annual loss of S34m. comes in 
the wake of a shake-up at 
Columbia. 


Earlier in the year. Columbia 
was at the centre of a Hollywood 
scandal surrounding the convic- 
tion of one of its top executives 
Mr. David Begelman on charges 
of stealing $40,000 from the 
cumpany. 

The company's handling of this 
situation came under severe 
criticism and led tu brurdroom 
tensions and to the departure of 
Mr. Alan Hirschfieid. Columbia's 
president from his position as 
chief executive. 

Mr. Kerkorian disclosed today 
that folowing meetings over the 


NEW YORK. Nov. 20. 

weekend with Columbia manage- 
ment. he was proposing lo make 
a $24 a share bid for 20 per cent 
of the company's equity. The 
offer compares with a share price 
close last Friday of .SIS and puts 
a value ot §42m on the slake. 

Mr. Kerkorian already owns 
about 5.5 per cent uf Columbia. 
He plans to make the offer 
through his wholly-owned private 
company. Tracinda Investment 
Corporation. eH said tb:u he bus 
" absolutely no plans to seek 
working control of the corpora- 
tion.*' 


Eurobonds 
mixed in 
quiet 
trading 

By Francis Chiles 

THE INTERNATIONAL bond 
markets had a quiet day yester- 
day : prices In the dollar sector 
closed on a harder note than 
they had opened, while the 
reverse was true of Deutsche- 
Mark denominated bonds. 

Prices of dollar denominated 
bonds rose in early trading, but 
fell back later in the day as the 
currency softened, but prices 
finished the day at a higher level 
lb:m they had opened. 

A new floating rale note was 
announced yesterday for Mizrahi 
International, fuily guaranteed by 
ihi.- parent company Mtzraht 
Bank, which is one nf Israel's 
five largest. The amount of this 
issue is SlOnt. the maturity five 
years and the borrower is pay- 
ing a coupon of 2 per cent over 
Libor with a minimum interest 
rale nf 6.75 per cent. 

The SDR25m issue for the 
Swedish investment Bank, which 
is due lo be priced later today, 
has met with a good reception, 
according lo the lead manager. 
Credit Sui First Boston. The 
buuk is understood to be “com- 
fortably oversubscribed" and the 
qualiLy uf demand “good." 

Prices in the Deursche-Mark 
sector -Cell back toduy )n what- 
dealers described as thir. trading. 
A DM 40m convertible for Tokyo 
Electric is heing arranged by 
Commerzbank : the maturity oF 
this bullet issue rs eight years 
and the interest rate 3! per cent. 
The conversion premium is 
expected to be 10 per cent- Tbe 
Tokyo Electric shares closed at 
Y390 on the Tokyo Stock 
Exchange yesterday. Their 1978 
high was Y436 and the low was 
Y333. 


High prime rate curbs Control Data surge 


CONTROL DATA CORPORA- 
TION'S fourth quarter net is 
expected to be higher than u 
year ago, but down from the 
second and third quarter levels 
because of the rise in interest 
rates, Mr. Marvin G. Rogers, 
senior vice-president, finance, 
said in an interview. 


The company earned S1.47 a 
share in the 1978 second quarter 
und $1.39 a .share in the third 
quarter, while 1977 fourth 
quarter earnings were 86 cents 
The higher prime rates have 
particularly hurt The consumer 
loans made by the group's Com- 
mercial Credit subsidiary'. 


because interest charges on the 
loans were fixed either by earlier 
established rates or State usury 
laws. 

Control Data's earnings for the 
full year should be ** substan- 
tially ahead " of last year, said 
Mr. Rogers, and he estimated 
them to “be about 30 per cent 


MINNEAPOLIS. Nov. 20. 
ahead.'' 

In 1977, Control Data reported 
operating earnings of $3.62 a 
share on total revenues of 
S2.30bn. 

Demand for computer products 
remains generally strong, especi- 
ally disc memory products. 
Reuter 



This aKmumtzK!: appears as a eiaiUr of nc&rJarifjr. 

U.S. $70,000,000 

Medium Term Loan 

Ljubljanska Banka— Zdruzena Banka, Ljubljana 
Udruzena Beogradska Banka, Beograd . 

Prirredna Banka Sarajevo— Udruzena Banka, Sarajevo 
Privredna Banka Zagreb, Zagreb 
(f|||) Vojvodjanska Banka— Udruzena Banka, Novi Sad 

Managed by 

Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 

Tbe National Bank of Kuwait S.A.K. 



Abu Dbahi Investment Company 
Al-UBAF Group 
Interunion-Banque 


Co-Managed by 

Arab African International Bank — Cairo 
Canadian Imperial Bank of Commerce 

The Chartered Bank 
Offshore Banking Unit 
Bahrain 


and 


Arab Bank Ltd (Offshore Banking Unit) Societe Generale 


Provided by 


Kuwait Foreign Trading Contracting & Investment 
Co. (S.A.K.) 

The National Bank of Kuwait S.A.K. 

Abu Dhabi Investment Company 
Arab-Maiaysian Development Bank Berhad 
Canadian Imperial Bank of Commerce 
International Westminster Bank Li mited 
KREDIETBANK N.V. 

The Mercantile Bank of Canada' 

Arab African Internationa! Bank— Cairo 
The Chartered Bank 
Offshore Banking Unit 
Bahrain 

Arab Bank Ltd (Offshore Banking Unit) 

Badische Ko mm a nalc Landes bonk 
International S.A. 

Banco de Vizcaya S.A. 

Bank of Tokyo and Detroit (International) Limited 
Compagnie Financiers dc la Deutsche Bank A.G. 
Hard* Trust and Savings Bank 


Intcnmion - Bancjue 

J- Henry Schroder Wagg S: Co. Limited 

Society Generale 

The Bank of Nova Scotia Channel Islands Limited 
The Bank of Yokohama Limited 
Arab International Bank- Cairo 
Associated Japanese Bank (International) Limited 
Bahrain Investment Company B.S.C. 

Banco Arabe Espanol S.A. 

Christiania Bank og Kreditkassc International S.A. 
Kuwait Pacific Finance Company Limited 
London & Continental Bankers Limited 
Roy West Banking Corporation Limited 
Societe Cehtrale de Banquc 
Tbe Hokkaido Takushoku Bank, Limited 
The Riggs National Bank of Washington, D.C. 
UBAF ARAB AMERICAN BANK 

TJBAF BankLimited 

Union de Banques Arabcs et Frangaiscs - U.B. A.7. 


Agent 


Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 



/ 






26 


Financial [woes xwsauaj 






lliliil 



I IN AM I \l. AND ( OMF\N\ MANS 


New shape 


ape emerges for 
s steel industry 


Ennia sees 


BY DAVID CURRY 


PARIS. Nov. 20. 


THE SHAPE of the restructured bir. e 'i ^ 
Frc'icj s-<ci i'rdUrtry i* emerj- Ti"; FT 
from a recent. scries of Bo-artf O.p' 
rti'’*?: i r: c*. The Laric outline? of ‘r.r* v. . 
il»e r.’erjer lietv.ccn Usinor 2nd 
C. h 2 ? ! ! : f-r. N v : tvc a-M a j t on j ore t v v-- ■ > ' 

nmv ..iear. witi;.* the second :.ij v.;.! 

.<>pi j.-r -up. Srici.'or. has installed five ’-cat 
The t’C’.v manahcnKT.t which will receive 
supervise hs f.'.a reorganisation, payo'i-. '••' 
Ts<? j-npr, riant nittn^nl in toe Anyth. n- 
r.; error i* that it i«- bning sh.'.-»o *'• 
rut through in the form of a pit:;*- : ■ 
Chasiii^n is'-re-over of Urinnr in • the *'< 
order to permit the la tier to ret:;n 
r«- - l This ..ip.-. ration r.t". 

rr'dti-.e -nine FT** 1 ■ : 1 \- 

< * > v. hi-::: v 1 i ! help i • ■ v.- j .-v* *r. or • 1 r 

,. :t ;■ I'.iijt.tlon \>‘J 

”.. < -.r.s .. thn result of o . 

J a T? !R« rr-r. .-iti-I j-vi-;, Aero ;; r .] 
r it ih.il l!'.l|l.*. •!■■■■ t 

Thv f: ; o:.-Tjtif»n v. 1 : t K*' r.i -it.- 
vit'* 1 ; !■■■.■. n ih’- (.’* 1 no 1 L',a|-ii.'ii :>■• ■•■n... r 

tCir>i« :*• :j Ki r 1.4i»n :>. •.■•n’ 

Fl - 47K:.-. fJnaiMior: will fnn >r>.- i.-- 
prei’p^'i KKr 1 23 "ti r ■■ c -f. ► , r>' 

• n c.’.pttr,i. ^u-. 'CnptWn to lhi* p.-.y-n-n- • 
■■■.' >( r*.<er'.*:'l to t ii >_■ creditor? hurd- n 
c-f -l-: t-.v- i-D.-el .'mup:. ih 1 ' 

T i ’n r r^d ! ' ’ • r* ’■•■! in fart. Th 

rroii-ofj t«-. r«’t - m a now tinjn- t -■ 

crsi hoidinz cttnpjny Th'. ‘.vat .'\i»rd-F ; i 
fh? 'Ch'-'n? .'.'cdiifJ hy «’ne one rr**' ■ 

‘ »o - c m « t: rt r * hi ve ruu a • i i- . there 

he tv n frer*!! holding inter- -: • 
p- rite-', one r>r i~<in< , r-Ch-iiJile:n y^r ' t 
ir.d cue ii'T St-oler. with a coin- re-n-'-'nn. 


*i*« 1 of FFr 2 On. 

irSbn to be t^ken by 
.r find Chaitlirjp. cred:- 
-.ve them a 67 p.»r cent 
merged bctiviitos of 
'•lups. These new shares 
::iand no divsdt-nd for 
- but thereafter will 
priority 7.5 per cent 
itch may be cumulative, 
•rise retiifcinina to he 
it will 20 ir. the first 
preset shareholder* 
.1 com p.T nir- Ei wj.l 
: -Tity pn-ii m tii-i 

.ci'iiicn's. 

-‘.-••n in ,? i>- yn-. .-rr- 
•rue plon. r- 1: t.i.-in- 
. i.v.- 1 ipi- :(,<> I’ri-i? ir 

t.-‘e FDFy 
Fun 4 , o- d : :::• 
n ‘nr'}- 


r. i nti-r-.-- 


• ;tjij^ rj s 

!n •' 

Vv . 

. ;n 

the r.K-.; 
I. o: 


r- Tit- 

pi- ,.’nt 
■ : f r»*> 1 

the 


. :n *i..-:v Id- r m 
the r.K-.v.cn*. ftenstn 
I.'-nrw;.. • 1 ■ .--r.-Jonir z 
t-f Fi r U--':.''. the 
oat: ;* :•* re-ei-e 

oniy t*.l r.er rent a 
:'r 3 on b* ■' »f i 

i FFr l'.*5m *;-e.!tt. 


Shareholders in Usinor are- 
betas called to an esiraordinary \ 
5,y;jfin on December 29 toi 
approve the merger proposals.] 
?l'n? caplr-.i v: rite*tii) wo. and to I 
extend the financial year 10 the] 
end of -June 1979 to permit the 
restructuring operations to SO 
ahead. 

U«ir.orha-5 already replaced its 
senior nvdm:?«?r.ient. with M. j 
t.:i;tiide Eicheuarny. the chairman 1 
tit Chat i Hon. taking over] 
additirnrilly . s s chairman of; 
i;«i-:»-r. A* a later stase the, 
Sfjn::jl jv«tru--turin2 will he- 
-irisple'.crl a i*i; *.iio formation nf; 
a ><;•• t«. •’.■»■! huldm;: enrnpany ; 

:*• brin; ini'ctiu-r the intcreM? nf; 

*xi*-mv -h«r-’ holders, but irj 
1 s ,:-n tin- new holding company; 
V. . I ! -till i.ontr',1 51 per cent. ! 

.<r :‘<r If replaced its '■ 

■u.-unrcreoi wuli new pcn:>!c| 
■ i-nnt.'.l i\v the ■‘^^'liltnr , :. The 1 
::>••• > hamtian M. -lacouesj 
ii j-vt-T. -a tinr.n- ial t^-hnoerat 
v.Jh tiintv tl»:.n a dorm ypp r«‘ . 
•r :-«-r!eru-e ?.•> head of the Credit j 
Ay: !• o|e. j 

S.mlnr u-:l» aisn wriir down 
.nil th'-n m- reast its capital. The 
irise:?Me for this operation, 
however, ba^ not been fixed in 
view ef the probiem that Sacilor 
has in d-raJ iay aith iic-idcrs of 
convertible bonds. 


increasing 

foreign 

activity 


Ericsson earnings fall 
as orders rise steeply 


Ruinasato 

re^examinei 

property 


BY WILLIAM DULLFORCE 


STOCKHOLM, Nov. 20. 


?.!. ERICSSON, the Swedish recorded in tSis fashion before aoath period fea* 

Tfsnslatioa losses. intake, which amounted 10 


By Charles Batchelor 

AMSTERDAM. Nov, 20. 
EN.VU, the Dutch insnrance 
group, expects the foreign 
share of Us turnover to 
increase further from the 
present 20 per cent, Mr. A. IV. 
Dek, Joint president of the 
managing board, said »u a 
speech prepared to mark the 
listing of Ennia share certifi- 
cates on the slock exchanges 
uf Zurich. Geneva and Basle. 

Growth in Holland will con- 
tinue. although a further 
decline in the inflation rate 
in Holland may mean a slower 
rat*- of domestic expansion, he 
added. Ennia exprets about 
90 per rent of turnover will 
come from insurance business 
with the accent remaining on 
life assurance. 

Non-insurance rperalions 
wilt rise to just over 10 per 
cent from the present level of 
7 per cent although the com- 
pany will remain In activities 
related to insurance or to its 
activities as an institutional 


tae Dig oauui ID! 

At the end of September, JtaeMg 


i ($l.35bni. This profit works out company. There was no corres- At the end of aeptem 
i at 6.S per cent of sales compared ponding loss in last year’s son’s order doq& 

I ■ . « r% + . . r TVo n’Vilr'i fino nrnfit fm* CUe 1 fl -IfMl _ 


* NEGOTIATIONS for ,the ‘take- 
•t over l>y Eitmasa. Spain’s. largest 
private holtiihg company, 'of- the 
Banua property group have jnh 
totalled }m difficulties. . A' Rttp2asa 


at\r 30111 ui i»p.ui.cu nucu — , « — -i — . " j of ' new spam in an auvisoiy- capacity 

tran?'.3tine lae foreign sut>- of SKr 6o6m from Ericsoas merit has raised certain- .objections, 

ridiaries' balance soeets into snare :n substdianes not cpnsolL systerm? by thi. parent con^aaj^ The 0 f gpaia cana« fatdr^ 

kronor. If 'lte»e teres are dared in tie occnnu «d.m The sroop . Held ^ diiw^. hot WhiS 'Of 

eliminated, the earnings decline improvement of SKr 72m in totalling bkr « m e rad Rnniaa<t ^ ‘Msria L,. 

i5 somewhat smaller, from interest income vnieh outpaced of Septemoer Mateos is understood' to have 

SKr 515ni to SKr -495m. The com- the SKr 25hn nse m interest SKr Libbs at the h^amng^of a pproadieif the " Bank: bf Spain 
party believes that the pre-tax cnarges. ' the year. I £a?J. for aa ophtioo .duitheTirop osed 

nrnfit Tor IR7S as a whole will be Tne most positive development decline of about Sbf? in the wprK *1 ... '• .- . . k?. Wff 

larger than last year’s when for Ericsson during the nine* force, which numbered M.ieu ■ .j - v ^ . 


Rapid growth for Esselte 


deal. . -r..';;cv.. 

As a T^tH^M .thiis 'the group 
[has had- second. thoughts about 
the Bamis - takeover, under the 
existmg tetms^ jfauiugja one of 
the coun try’s:'.- Jatjtest. property 
development- ■; compand with 
interests m property- in -Madrid 
.and the Costa-Del -Sol -.where it 


BY OUR NORDIC CORRESPONDENT STOCKHOLM. Nov. 20. and the Costa-Del Soil -where it 

! ESSELTE. THE Swedish office to SKr 35 a share compared with sions. Two Dymo divisions— ^^ t p^^ U ’Ban^” a ^ 
equipment, packazing and print- SKr 27 2 share last year. After graphic systems and _ business “* - ^ ‘ 

ling group which has been extraordinary items and adjust- systems— are to be sola because Sr/ Jose. 

i pvpanding rapilv abroad over the znenis for currency variations, their profitability U poor.. 8rw T_^ ?^? r a ^ ■ - 

r ? r ' _ _« 1 • « ■ • v« : .V _ half 4kn n wutn IT)7.UorPAC wMkI- ft a A 


expanGinz rapiiV auruau uver me uta iui voiwuuiib, lucjl « 1 r ~T—.: - _ . . V <_ - ^ 

;past three years, reports a 31 earnings should be around Duria S the first haH; toe grt^ Buiz-Mateos < swi^-^^ , n h o 


Linde to meet profits target 


BY GUY HAY/TtN 


FRANKFURT, Nov. 2D. 


LI?«"DE. the Wie<b.-, den based 
pi 5n 1 . engineering and i-nn.?tnu-- 
li-.-n u-ro':cm. In-iko scl to fullil 
i: = r-r-dief-.n »-f *■ satisfactory 
profile' *‘‘.r 1H7S. Alth'iugh 

V.X Germany >•? unlikely 
aciiie-e G r, vent men i's ijrcei 

r,-: ::.5 per ^nt. eeonomi- pruv. ;h 
rate. Lir.dg's sale.' and orders 
have = J 1 n exceptionally <?rung 

expansion. 

Ti'e group said today thru 
h'.isinc:? during the fin?; nine 
months of the year h:,d matched 
expectations. Turnover was up 
by 15 4 per eem over Uie com- 
parable penod of 19<: 10 

DM 1 3-5 bn i.S0S7 7m». while «h-.- 
inflow of order- surged by 3 
per ier>: DM 1.51 bn. Sale, 

crov.-Hi i.f jn p.-r irni !« fori.-cy..: 
for :pe rear a, :: whole. 

yfT i 1 '*’ groiiuV bo^i 
pver. ■- : 1 ;■» '-;.rrn:- oxc**eflinc 
tr-' e-.-p^gena-n*,'': e: pe* n-n? — 
pr---- pn>fiu ’v^re rip from 
DM HOJiv, . r ]37r> to DM Hm.. 
Howe- -.-r. H- rr f h-.n- MeinlwiMi. 
].:n-!e < '-iip-f ?;nd in 

Apr - ! is;', be -.i« unwilling 
f y r e-.ai'. :ne l r *7> mu.. -it me. pari) 
V-e*.:ni?e of ur.-r-ri-ini> in tin- 
frretgn owernc-' marvels 

Saloi and r.rder gf.vih. ;i-. - 


com per. v ‘id. was e r -n?id*Tabiy sale? rose by 12.3 per c<*nt to! 
influenced oy larg.' r .-.r.;ra-. ; .s m DM SuB.7m unu the order inilov.- ] 
the ph constnu.!.'* r. v.cror. duriiig t lie period -.-as up 10.7 1 
/ho'eto - . ;.. , TOP i r m Wtoc per ' on: *o DM fiHO.i'm. • 

v.i!- up 27.-? p.-r cent to Capital invirjiivieni during the' 
DM -it.-" -.-m. ’vhsl-j l.--,-. Lngs first nine nw.Tttii* amounted t««. 
m«-rea- - ."i *-y 6S.t> per cent 10 [)?! 3fi:n. wlsercas thp year's] 
DM 514.5ns nx^entb-’ure is expected ] 


in Tie .:. rt e:i.-«nic»! ginger 1 ng ,f i total DM 1 f i* *i:». with deprecia- 1 
vl ve-tp.-e construe: ;nn -ector. t»oa running DM 75m. . 


elgian stakes in Knogo 


BY GILES MERP.IT 


BRUSSELS. Nov. 20. 


IN A DEAL Dial clc.tr!;. refiecis 
Belgium -• ‘r-.'r.cerr. ‘■ nn >he f-sll- 
i.T v ; v .rcign inve-iineni. two 
iivj'.r D--!gun inlcreD- .-ism* 
;ogethf‘ >-ken ,i 1 •» per cent 
sla,.-- in :‘-.e Kno-if C-»;-por.itinn 
N-'v V.-ri: Tins -.-.lil eoabii- 
Die V.S. • • iii;>:<ny '1 i ; j.-Mi-h :i 
BcUijt. .1 .riifjou-ing ..•.■'.-ration. 

Tiv- Si a vie D-’.cb .‘Pcniei'.V 
do la Re--; or. »Vallnitr.»-. a Belgian 
gnv-.rsinen’,,! agency. ;>:iu the 
jucrghar.i : ;.r.. mg ari.i Sofinj. 
:«n indjstrM: h-lding c-mpuny 
wish : r,'.-.-ii: i; -ma! '.rd-T'.-,' '. h .ve 
juinii;- bouiT.! 325.000 snare-, •>:' 


Knogo common stock for! 

EFr 16i1m if-5.3nn ■ 

Ai ihf. same time. Belgium’s] 
iniu-tral development bank, the 
S f i.-i«le ih.-neralc de Credit £ 
i'lnd-i strie. is lo provide 3 
Bl'r 2:>0:u Iona-term loan i<i Ihe 
Belgian suhrintary which Knogo 
is «;;:ng u;» in the Mon- region- 
lo produce its r.inve nf security 
-mtl anti-ihefi devices. 
The planned BFV 550m Knosn 
plant is expert ed lo employ lfio 
people j; first, and has a, 
tarm-ii/d labour force of 4Ufl 
vi ; bin five year - ?. 


investor. 

Greater profit ability is 

expected from non-life busi- 
ness following recent premium 
increases, greater market 

discipline, a reassessment nf 
the profit potential of its pro- 
duct range and a relative 
lowering of costs. 

The higher profits will prob- 
ably be reflected in higher 
dividends. But In order (0 

finance further expansion 
Lnuia will strengthen share- 
holders’ Funds by retaining 
prnfiu and possibly also by 

offering stock dividends. This 
is expected to lead to an 
increase in the intrinsic value 
of the shares. Mr. Dek said. 

Ennia expects to have to tap 
the capital market *' now and 
then.** although no issue of 
shares or convertible bonds is 
expected in the short-term. In 
the framework or the inter- 
nationalisation of its activities 
i1 i« important to have access 
to foreign capital markets. 
Mr. H. Gerritsen, joint presi- 
dent said. 

Ennia is the first Dutch 
insurance company to he 
> moled on (he three largest 
Swiss stock cxchang*--. It 
pained a listing in London in 
1975. Net profit rose 19 per 
cent to F! 22m tSHLGnil in the 
First half of 1978 on gros« 
receipts which were al>-o 19 
per cpnt higher ai H l.OSbn 
(952tlni 1 . 


pasr Uiree yedVS. lej.-'-HLS ■* 01 amiuu ue aiuuuu wuiruo tut —— 1 O- - - r _~v . , n „ tlTTn , T. - 

]per cent increase in pretax SKr 223m r representing an operating resuit of SKr Ilfim on a praspectlve takeovier. ■ 

learnings and a 44 per cent climb increase of SKr 70m over 1977- was rather better than forecast. ^ 

■ in turnover for the first half of 197S. The forecast includes 10- Net interest costs were up- by. - . ^ 

its financial year to September month figures far Dymo Indus- SKr ISm from tbe correspond- fjVH BOIlfi 1SSQCS .-t 

: 30. tries, the San Francisco company jag period of the previous finaiv • . ' . ■ - 

1 Mr. Sven WaUgren. the manag- which Esselte acquired for S62m cial year to give eaniings. ot 1STHTJTO Mobihare . Ttauano 


i final pre-tax earning' of around The purchase of Dymo has eain of SKr 12m against a loss reports frtOT R<^e- _Tro4Hmds 
: SKr 2T0m (Solmt for 197S-79. sparked off a group reorganise- of SKr 21m. sn that tbe pre-tax are lying sold direct to hanks. 
1 with croup -cilex moving up to ton. planned lo come into effect figure after extraordinary itetns priced to Stve - effective ^ overall 
1 SK- 3.6bn (SSSOmt. next A?rt*. which will .divide comes out at SKr 108m against yields of 13.35 pa cent and^ 4JJ5 

Tbis result would correspond Efseile into 12 operating divi- SKr 53m. percent . ' ■ 


EUROPEAN CHEMICALS 


Beginnings of a recovery in demand 


BY SUE CAMERON, CHEMICALS CORRESPONDENT 





wiss bank 
L ewavfor\ 




General Management: 

Mk_: 

Aescnenvorstadt 1, 

CM-4U02 Bai-le 

Zurich: 

Paradeplatz 6, CH-S022 Zurich 




- • \T- --v- -715 - .-•--I 


— raj - •* 


* - r . ‘»s** 

J4 \ \ . *<. 


Branches around the world : 

Atlanta: 

235 Peachtree Street, 

N.E. (S. 17 00) 

Bahrain : 

Kanoo Commercial Centre, 

Manama 

Chi cap o: 

1 5*1) South \7acker Drive 
Londo n : 

Cir>- Office. Gresham Street* 
Swiss Centre, 1 New Covenuy 
Su-eet 
New York : 

Four Viorld Trade Center; 

Swiss Center Office, 

bOS-Fi fth Avenue, 
s an Fra ncisco: 

i 20 Montgomery Street (S.22G0); 
L n i o n S».] u a re O i fi ce, 

250 Stixktuti Street 
Singa pore: 

1 305 Ocean Buiidi ng, 

Coljyer Quay 

Tr>kvt. i : 

Furukavc.i-Sogo Building, 6-1 
Marunouchi 2-chome. 
Chivoda-ku 










Caracas: 

Ed. ’ El Universal'' Piso. 6, 
.-\v. Urdaneu 
Edi nburg h : 
nO Hanover Street 
lion;^_K«an^; ; 

2U. V Alexandra House. 
3o-2u Chater Road Central 
Houston : 

One Allen Center IS. 3515 ) 
Tohaniiesburg: 

Nu is^s Hou.>e. $6 Main Street 


lima : 

Camanii 3 ■ 0-Of. 703 
Los Ang eles: 

S00 West Sixth Street 
IS. 1220) 

Madrid : 

Alcalvt 95-7° 

Mel bourne: 

Nauru House. SO Collins Street 
Mexico : 

San Juan de Letran 2-3203 
Pa nam a: 

Cade Elvira Mendez 10, 

Apartado 61 

Paris: 

1 1. bis. rue Scribe 
Rio de Ja neiro: 

Av. Rio Branco 9.0. IS ?andar 
Nao Paul o : 

Rua Libero Badard 293 
(C 29 A) 

Sy dney: 

Australia Square Building 
US. -f 2 10 1 
Te hran : 

Khiabane Sepahbod Zahedl, 
Marsha hr 6 < 3rd floor} 


j THIS TIME last yesar the 
European chemicals industry was 
in much the same position as 
.Mr. William Gladstone when he 
; lay on his deathbed murmuring: 
"1 feci v little better nov:.“ 

! Not that the industry was 
: facing death but it was indulging 
in a similar, unfounded optimism 
—an optimism tit at quick .y 
; evaporated when final quarter 
results for 1977 showed a sharp 
deterioration in the chemicals 
business throughout Westers 
: Eurore. Twelve months on. most 
of the chemicals majors are 
extremely wary of predicting any 
significant upturn yet there is 
cow eiidence that the picture is 
bcsmziins to look brighter. 

Chemical companies are still 
fscing the twin evils of over- 
capacity and iov. 1 prices in bulk 
nroducts but voimr.e saies are 
starling lo show an iiuprovemest 
Increases in ihe price of naphtha 
—the mi'll pe troche mica; feed- 
stock— nave brought the industry 
fc-.c *o face v.-th ihp problem of 
making ii« own price rises stick 
ai a time uf Mirpbis. Attempt' 
»** nut tip price' earlier this year 
a ere «iii<ucec*sfii: in many 
s*'.tors but Lber<: arc now sign? 
that modest increases in such 
areas as the major polymers will 
held. 

In some cases prices have still 
n-->t ri«-n high enough to cover 
costs and profit margins in many 
areas are «tiil far from adequate. 
Nor i= there much hope of a 
dramatic improvement »n this 
front DA’er the next few years — 
a p»dnt noted by Or. Gunter Metz, 
a director of the West German 
Hoechst group, when he spoke 
at list month’s meeting of the 
European Petrochemical Associa- 
tion in Monte Carlo. 

** The. period un to 18S2-S? will 
be marked by only slight econo- 
mic growth owing to the existing 
over-capacity in petrochemicals 
and tho resident unsatisfaclory 
price?.” he said. 

Yet Hoechet’s own profits 


showed an unturn at the end of increase in world turnover of world overcapacity hr basae 
the second quarter this year even 6- per cent this year compared chemicals although the overall, 
though the first half of 1078 still to last year but pre-tax profits, recovery - in its position is 
showed a decline in overall profit, were down and the group said apparently being sustained, into 
And firit-bai? sales for the group that during the second quarter the second half of- this year! ? ' 
this vear were 34 per cent up on of sales prices showed a Meanwhile, Montedison, the 
the first-half of 1077. slight decline. partly state-owned Italian 

BASF iv hose nine-month Press Akzo. the Dutch chemicals chemicals group, has perhaps 
conference will be held tomor- and fibres eroup. showed a 3 per been, too busy facing up ta its 
row 1 ha? increased its tonnage cent increase in sales when its own peculiar problems of flnano> . 
in plastics materials this year third quarter results were ifl S to provide a typical pointer, 
although profits in this area are announced earlier this month to business m the rest of Europe. 

But the UK’s hWn - Imperial 


As two of the Lhree major West German chemical companies. 
BASF and Bayer, prepare to unveil tlteir results for the third 


Chemical Industries seetns to be 
following much the same pattern 
as its Continental connterpart& 


L»n;ci. pLCjMl^ IV UIIMTI1 II1VU B V9U119 IVI I ICC U|IVM ~ - J.l . 

quarter of this year, oor chemicals correspondent assesses the . ^ of tiiL year as^oSpar^d.ta 


prospects for the chemical industry in Europe. 


last year — though only very 
slightly— and-when »ts I978 hatf- 


. . year results, were- poblitoed ^fie 
still being hit by weak prices, and the group expects to make a- company cdnhneritetfr “After « 
Tbe group expects its third quar- profit — albeit an extremely depressed second half Of 1ST? 
ter results to show little change modest one— for JP78 as a whole, and little Improvemen t overall 
although it is looking to a small Akzo is now permitting itself a in the volpme of' grocp'. sales 
improveinect in the fourth quar- degree of optimism — hedged i n the first quarter otlSTS, there 
ler about with a caution that is bonri ^ snme increase in the Si&ad \ 

Tbe group is also looking to a c ' r e * per " ?nce - quarter ... profi tabiiity.* ‘.hfi^- • 

20 ppr cetit increase in L’K sai°s LiJie lhe rther European ever, -continues to be Itotfted 
ro:rt ,-o- r this vear UK ^a|p> tnajors, the French-based Rhone- by the effect of over-t»pachy/ on. 
are estimated at 14 per T^V . Pnut P nc has bpen suffering from prices and by. increasing. -.qq^ 5.^ 

" iS i tXI VE INVESTMENTS UNITED - . . .2 - . 

industrv as a white rill b hv tS 1 Koyal Exch;,n S e Ave * London EG3V 3LU. Tel.: OKSfi Tlfit ' 

} ’ tWs vw empte Jth Index Galde 35 at November 7, I978 {Base 100 at M-LTr* ; 

5SL # ; Hte'ISr 'Sfla'Sl £ ™ nwd MM Capital us* ‘ ; 


higher than in 1977. And it is 
expected th?t liie t'T\ chemical 
industry as a whole will, by the 
er-d of this year, emerge with 
volume sales that are 2.5 per 
cent up on those for 1977. Over- 
all. UK chemical sales last year 
were 3.3 per cent up on 1976 but 
tiie last quarter of 1977 experi- 
enced a 1 per cent decline. 

Bayer, the other member of 
tfie German chemicals trium- 
virate and whose nine month I 
Press conference took pface] 
yesterday, shoved a first half 


Cliye Fixed. Interest Income 


113.69- 


ALLEN HARVEY & ROSS INVESTMENT MANAGE MENTLiD. . . 
■4fi CornhiiL London EC3V 3PB. Tol.: Ot-623 K14.*. v - ,< - 
Index Guide as at November 1^, 1078" 'v'-v*;- 

Capital Fixed Interest Portfolio lTOI-fe:- 

Income Fixed Interest . Portfolio- ..... . k.:.— wl. 1 ' 190;0l' ■: " 




cou 



JACQUES BOREL 
INTERNATIONAL 


Rights Issue 
of 

962,161 Shares of F.TQO each at 
F.1Q0 each 


Applicarion will be made to 
tS* Council of The Stock 
E:--'han;c for the above shares 
to be admitted to the Official 
List. 


Copies of a translation ef th; 
prospectus, which is now ivul- 
>ble «n France, regether *ij!: 
forms of subscription are avail- 
able up to I9ti> December. 1973 
(the last day for subscript on ? 


Subsidiaries and affiliated companies in 13 countries throughout 
the world. 



K’w- 

Riw: S Piiman. Hurst-Srp/rn. 
lit Floor. 

C::r-Gj:e House. 

39-45 Finsbury Square, 

London EC2A 1JA. 

21 si November. 1973. 


Representatives: 

bCJlilt: 

I m m cubic Be i m t Ki yad . 

Rvic Riad Ll-bolli 
Eogowj 

Carrera I' M. No. 24-55, Piso 15 
Buenos A ires: 

Reconquista 458 
Cairo; 

3 Ahmed Ncssim Street, Giza 


Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 


Tcrs: ss9s!s '*id TSTTs: ?:r. 53.71G mii'-c'*. CLS^oroers’dsposita: 

$!:. 3C “?’i rn-Hion. Capital and reserves: Sir. 3 <35 niillipn. Adv-ancas 
ic cujiorr.srs: £rr. c0,135 million. Net prolit: Sir. 237 million. Number 
cl staff; 11,500. 


SEVEN 


7nc information Magazine 
for Living and 
Working in Germany 
In English 


Fit issue 
nc" on safe 
s: r.-. * srrar.d'. 
tt.— . itro-jj Germany 
DM 3 per copy 



\i v ; t 

\i‘ :„i - ^ 1 -* 











i - * vi.^. 


mi 




sea is no 


This is what the captain sees from the bridge of 
an 1100-foot supertanker at sea. 

Awesome. 

So is his responsibility. His ship is difficult 
to manoeuvre, slow to stop. Fully loaded and 
steaming at 16 knots, for example, it takes more 
than 20 minutes, travels more than three miles 
before stopping after the command for all 
astern, full. And, as shipping lanes become more 
crowded and harbors more congested, his job 
—every mariner s j ob —becomes increasingly 
difficult. • 

Introducing the Raytheon Collision 
Avoidance System. RAYCAS, for short. This 
computerized system detects and tracks up 


to 20 other ships simultaneously on an extra- 
bright, easily-read radar screen.The computer 
monitors the course and speed of each ship 
and automatically sounds an alarm if any are on 
a collision course. In addition, RAYCAS 
permits the captai n to test possible manoeuvres 
electronically and see the effect on the radar 
screen before ordering a new course and speed. 

Now being introduced to the world 
maritime market RAYCAS is t he latest addition 
to Raytheon's line of radars, depth sounders, 
radiotelephones, and navigation aids— all 
designed lo increase- safety at sea. 

Marine products are part of our electronics 
business, one of five basic business areas at 
Raytheon. The others are major appliances, 
energy services, educational publishing, 
and heavy construction equipment. In total, 
a large and growing company with an impressive 
record of performance. For the first nine 
months of 1978, sales were up 15%. earnings up 
36%— both reaching record levels for the • 
period. For copies of our latest financial reports, 
contact any of the offices or companies listed 
below, or write: Raytheon Europe, 52, Route des 
Acacias, 1227 Geneva, Switzerland, or world- 
wide headquarters, Raytheon Company', 141 
Spring Street, Lexington, Mass., U.S.A1 02173. 




TOT INFORMATION ONRAYTHEON MARINE ELECTRONIC EQUIPMENT: Raytheon Copenhagen, Sifiangade fi. DK 2300, Copenhagen S, 
Denmark. Telephone 570611, or Raytheon Marine limited, Millard House, No. 5 Exchange Buildings! Cutler 5 treec, London El, England, 
Telephone 828-6172. 

RAYTHEON COMPANIES INTUROPE: Electronics:Cossor Electronics limited, Harlow, Essex, England • Data Logic Limited. Grccnford, 
Middlesex. England • Raytheon Halbleiter G.m-b.H., Munich, West Germany • Raytheon International Data Systems, Amsterdam, 
Netherlands: Frankfurt- Munich and Dusscldorf, West Germany •Transistor Bau-und VertriehsgeselKchaft G.rn.b.H., Kurlsruhe-Durlach, 
West Germany.Wwoff«/Gui6/e;Eleetrical Just aUationsLimited, London, England • Fn Dynamo. Lynn. France ■ Greenpaie Cables Limited, 
Manchester; England • Ki using Gjn.b.H. & Co^lagolstadt, West Germany • Lacroix & Kress, Bramsehc, Wes'- Germany • Sterling Cable 
Company limited, Aldemmston, Berkshire, England. 


RAYTHEON O VERSEA S LIMITED, EUROPEAN OFFICES: Bonn • Brussels ■ London ■ Madrid • Paris. 


. '■ --i .•» -.-.ri - j -, 

-• • i-.- 




l -ft A?, 


4978 


u£o 


mw 




BY JAHES FORTH 


gain 


THE Australia and New "Zealand 
Banking Group- has sounded off 
“the --banking reports '.here for 
1977-78 ^ by . * .disdosmg the 
strongest ; 'profit .'growth' and 
f hidden "reserves much greater 
'than .azzy- of -its private com- 
petitors. Net profitroseby 40per 
cpttt*. front A$43.7m to A$61?fm 
Xp£Sr<»mh lifting average earn- 

jngs peP.sha?er£rom j35,6 seats -to 
-’TW^cebts. i The total .of .ANZ 
reserves which. iujjl not pre- 
vjocisly ; r been : disclosed . "• was 
ASJSKflm.- The; directors Lave 
dcciared a final . dividend of 
Jf Cents a share mating a total 
payohf for tbe year of 20. cents, 
winch- (wripares'witb a forecast 
taJnly; when the bank announced 
; a 1 0 nefor-«ig&t:dghts issue; of at 
rtaStlB cents. 

•.:T1» -net result was. after trans- 
fers -to - contingencies reserves 
. -disclosed for the first time, of 
XSM&ri, ■ ■ot which SA9m -was 
Sccounted for by the Trading 
ICHdc 'and A$5.5m by . the. 
; Aturtritilfin Savings Bank; '• - 

-. •: -The r profit -befote transfers to 
^barfingeocles rose 43-’peir cent 
from 'A$53.0m to A$75.9m. Oh 
this basis the ANZ just topped its 
larger-rival and industry leader,. 
the'Banfi of New South Wales. • 

_ : ,-The Wales-reported a set profit , 
:.of J A$72:85m ; -bat this-was after 
a., surprisingly ,Iow transfer to 
contingency reserves of A$3m. 
-Allowing for. this; profit was 
A$75.85m. 


Of- thffr ••• ANZ v- .reserves 

A SI 83.9m previously^ -not ,dis- 
'closed, - ASt 0088 m represents 
contingencies ■ ■ reserves ’-of ;tbc 
Trading, and’ A$32£nr! ■ft* con ‘ 
tingendes. reserves oftheAuspa- 
llan. Savings Bantej; Another 

A$47.0m went into' pfov^on for 
long soeocvice leave. And: 

in provision ■ .for noo-leoding 
losses. The only bank^tfr top .the 
ANZ was the.-GovCTfiniBnt-owaed 
Commonwealth Banting Corpora- 
tion which irevealeSf -Ridden 
reserves of' AS2S2.7m. .. The 
National - Bank of -Anstrala^ia 
revealed additional 'reserved of 
AS96.2m fof which t&ettirectors 
said' that - ASl7:6m had^imwiously 
been' disclosed), ". tM ''Swales 

AS76.7m^ the Commetiaat -Bank 
of Australia ASSOin; Ute Com- 
mercial Banting ' Comjpfiy 4 of 
Sydney AS3L5m. and the .smaller 
Bank of Adelaide A$£3xn; . 

The ‘strongest - growth.’ was 
recorded by the Tradmjf-.Bank 
operations where profit 3 umped 
71 per cent, -£rorn A$lfi9m to 
A$I8.66m. -The -Savings. .Bank 
in -Australia lifted earnings 35 
per cent,, from" AS5K97m to 
AS13J5m and in New Zealand by 
93 per cent- from NZ§ 595,000 to 
NZS L14m. The' finance com- 
pany, offsboot. Esandi..aS; pre- 
viously reported, boosted' .profit 
25 per cent, from -AgBOJbn to 
AS&Sm. ’ } ^i;. 

- The. directors cited a.;number 
of . factors for. the improvement. 


SYDNEY. Not. 20. 

These included the increased 
proportion of total assets em- 
ployed in loans and advances, 
the lower level of . statutory 
reserve deposits and the higher 
percentage of- deposits not 
bearing interest. ' Increased 
earnings from lines of credit and 
higher commercial bill activities, 
greater recovery of costs through 
fees and commissions, improved 
earnings from operations in the 
,U.S.' and New Zealand, and 
Esaada, and improved cost con- 
trol were other factors. The 
Board added that the good in- 
crease by the Australian savings 
Bank reflected deposit growth 
and an increased volume of 
housing lending. 

The latest result was after a 
13.7 per cent lift in banking 
income. from A 541 Ora to 
A5467m. and of 23.7 per cent in 
non-banking income. from 
AS199m to A$247m. The ANZ 
performed much better in the 
second half, when earnings rose 
59 per cent, from A$21.9m to 
AS34JSm. In the first half, profit 
increased 22.1 per cent, from 
ASaiBm to A$26.6m. 

The disclosure by ihe ANZ 
means that the private banks 
have revealed previously hidden 
reserves of almost AS4O0m. or 
one-ihird the previously dis- 
closed figure of about AS!.2bn. 
The Commonwealth Banking Cor- 
poration adds another A9232m 
to this total. 


Dividend rise 
Tor Malaysian ; 
Tobacco 

\Vong_5uIoog . 

KUALA LUMPUR, Nov. 20. 
MALA YSIAN Tobacco Company, 
.the leading cigarette manufac- 
turer here, is increasing its. final 
dividend from -37.5 cents Id 124. 
cents, following. . another good 
year for profits. This brings the 
.annual dividend to 34 cents, com- 
pared with 25 cents the previous 
year: - . V ' ■ 

T-. Pre-tax profits for the 12 
months id September rose’ by 27 
: per ; . cent ; -.to ' 52.6m - - Tingitt 

fSUS23.8nr’l, With sales increasing 

by J2.6 per cent to just- over 
590m -ringitt - <$US226mj. Profit 
after tax -was nearly 30m ringitt; 
^'The company . says -that its 
main brands of dgarettes coh- 
frnued to ahraiet good sales, 
although' profit margins dming 
the second-half were reduced hy. 
rising costs of raw materials. 
MTCV afier-tax profits d tiring 
the first-half was 16m rihgitt, 
wiilch was 42 per Cent higher 
than in the first half of 1976-77. ., 


NZ Steel boost earnings 


. BT DA(‘ HAYWARD 

DESPITE A DROP in' iron: and 
steel production, caused by 
reduced demand. New Zealand 
Steel has increased its profits for 
the first six months of its 
financial year, helped-by higher 
exports of iron sand: ... .. . 

Profits for ihe half-year to 
September 30 rose 
(S5J5m ) from NZS3.8m ifof 'the 
same period last year. - - . . 

Sales or iron sand from: -the 


WELLINGTON, Nov. 20. 

company's Taharoa works in- 
creased from 750.000 tonnes lo 
more than lm tonnes, mainly 
exported to Japan. 

Group sales for the sLv 
months jumped from NZS70ui 
last year to NZ$92m-($97m) tills 
year. Reduced internal demand 
from New Zealand industry Jed 
to lower production of steel bil- 
lets. iron and pipe, but galvanised 
products production increased. 


Snow sees Improvement 


SNOW Brand Milk, Products 
forecasts after-tax profit in- Ihe 
year ending next March 3t will, 
rise - -.to' about . -Y290bn 
(U.S.$14Jm) from Y239bn IaSt 
year, -on sales of Y4I0biv ‘Tip 
from Y387.14bh. . . - • 

.-.The company attributed the 
good business perfdrmwice ‘tb a 
rise in sales of 'high-grade ‘See*: 
cream,: stabilisation of-., raw 
material prices, -a. rise in 


TOKYO. Nov. 20. 

changp profits and a cost 
reduction. 

it hopes lo pay an unchanged 
Y6 dividend. 

The company earlier reported 
a 3d per cent rise in after-tax- 
profits in the first half year 
ended September 30 to Y1.9Sbn 
from YJ.45bn in -the' same -1977 
period, on sales up 7 per cent to 
.Y215.37bn .from Y201.51bn. 


Sasebo HI 
reports 
deficit 
of $73m 

By Our Financial Staff 

SASEBO Heavy Industries, the 
troubled Japanese shipbuilder, 
has' announced an after-tax 
deficit or Y13.68bn ($72.8m) for 
the first-half of the financial 
year, compared with a profit 
of Y36Qm in the same period 
last year. 

Sales for the six months to 
September 30 fell by 36.4 per 
cent to Y25.75bn (5137m). The 
intertin dividend 1ms been 
passed. Last year, at the same 
stage, -YL5 was paid. 

A plan to save Sasebo HI 
from going bankrupt was. 
announced in the summer by 
the Japanese Ministries of 
Finance and Transport, includ- 
ing a call on a syndicate of 
banks to advance unmortgaged 
and unguaranteed loans to 
finance about 40 per cent of the 
Y8Jbn being paid to retiring 
workers as severance allow- 
ances. 


Bond issue 
to aid Chisso 

has decided on an amount of 
V3.35bn (equivalent to some 
$ 18 m) for the bond issue 
planned by the Prefcclural 
Government of Kumamoto on 
the Japanese capital market; 
.the Finance Ministry 
announced here. 

The bond will- be issued next 
month to raise funds for 
Chisso Corporation, /be chemi- 
cal company burdened wi/u 
compensation payments to 
victims of the Minamata 
disease, a result of poisoning 
from mercury in waste water 
discharged Trom Chisso's 
Kumamoto plant In Western 
Japan. 


Paribas eyes 
China business 

By Anthony Rowley 

HONG KONG.Nov. 20. 
BANQUE de Paris et des Pays- 
has (Paribas) is the latest 
foreign bank to open a full 
hanking branch here, following 
the recent lining of the official 
moratorium on such moves. 

M. Herve Pin pi. Paribas 
international president, said 
here that his hank hoped lo 
develop business with China 
through its diverse banking 
and industrial interests. Pari- 
bas was Interested in helping 
China to finance projects hi 
various fields, including 
tourism, heavy engineering 
and textiles. 


SINGAPORE GOLD EXCHANGE 


New chapter about to open 


BY H. F. LEE IN SINGAPORE 


the LAUNCHING of the Gold 
Exchange of Singapore tomorrow 
will usher da a new 
chapter in the development of 
the Singapore gold market It 
also marks another effort by 
Singapore to widen the scope 
and diversity of its financial 
markets in line with the Govern- 
ment's desire to enhance tbe 
republic as an international 
financial centre. 

The -Singapore Gold Exchange 
will be the first in the Asia 
Pacific region to operate a com- 
prehensive gold futures market 
open lo international investors. 
Unlike the Sydney gold futures 
exchange, which is essentially a. 
domestic market, the Singapore 
exchange will permit both local 
residents and foreigners to trade 
freely, without any restrictions. 
It will also offer a wide variety 
of settlement periods, ranging 
from prompt and current month 
to five forward positions running 
up to ten months. 

Singapore's derision to include 
facilities for futures trading is 
also prompted hy its desire to 
enhance the attractive ness of its 
exchange to investors in com- 
parison with the hiehly success- 
ful Hong Kong gold exchange 
which currently operates only a 
spot market. 

Another feature of the Singa- 
pore exchange will be that con- 
tracts will be denominated in 
U;S. dollars, unlike the Sydney 
and Hong Kon? markets which 
use their domestic currencies as 
ihe basis of settlement. 

Although no one expects the 
launch oF the exchange to herald 
the beginning of a “gold rush,” 
local dealers and brokers, none 
the less, are optimistic that\given 
time, the Singapore Gold 
Exchange will be able to carve 
a niche in the international gold 
market 

This is because of the 


republic's long tradition as a 
commodity trading, centre and 
the availability of good banting, 
communications and other 
ancillary facilities, coupled with 
the fact that there is already an 
existing gold market in Singa- 
pore. 

Traditionally, the basis of the 
Singapore gold market has been 
to service physical bullion 


exchange controls, with the 
result that funds can now move 
freely in and out of Singapore, 
thus facilitating gold trading in 
international currencies. 

In addition to the Singapore 
market, which trades in tilobars 
of 999.9 fineness, there is also 
a parallel spot market in London 
delivery gold operating locally. 
This market, which trades on 


The launching of the Singapore Gold Exchange on Wednes- 
day takes the development of Singapore as a financ ial centre 
a stage further. The exchange will be the first in the Asia 
Pacific region to offer a comprehensive gold futures market 
open to international investors. Contracts will be in UJS. 
dollars, while settlement will range from prompt and current 
month to five forward positions, running up to ten months 


requirements, but lately interest 
in the “paper" market has 
exceeded the physical. Tbe 
physical market saw peak activity 
in 1976 and 1977. Singapore was 
reputed to be the. second biggest 
importer of gold from the 
London market after Switzerland 
in 1977. Local demand stems 
mainly from jewellery- require- 
ments and investment and specu- 
lative interest while a significant 
amount is also re-exported. 

The growth of the Singapore 
market — which presently is an 
*' unofficial *’ one io the sense 
that there is no open-cry meeting 
place and trading is not re- 
stricted to members of any par- 
ticular association — was helped 
by the decision of the Govern- 
ment to lift restrictions on gold 
trading in 1973 as part of its 
move to encourage the growth 
of the marker. Singapore resi- 
dents can now buy and sell gold 
freely. There are also no restric- 
tions on the import and export 
of gold. 

Furthermore, the Government 
recently lifted practically all 


London settlement terms has 
attracted considerable local 
interest. 

Tbe new exchange will also 
trade Id gold of 999.9 fineness, 
in a lot size of 100 ozs, with 
settlement to be effected by 
delivery of gold certificates 
issued by approved issuers, 
namely the five shareholder 
banks of the newly formed clear- 
ing house. Tbe five are tbe 
Oversea-Chinese Banting Cor- 
poration .(OCBC), the United 
Overseas Bank (UOB), the 
Development Bank of Singapore 
(DBS), the Overseas Union B:mk 
(OUB) and the Bank of Nova 
Scotia. 

The clearing house will 
guarantee all contracts entered 
into by members with each 
other. 

The exchange will initially 
have five dealer members and 
five broker members. The dealer 
members are DBS Trading, 
OCBC Bullion. UOB Bullion. 
Overseas Union Bullion— all of 
which are subsidiaries of major 
local banks — and N. M. Roths- 


child's Singapore subsidiary. 
New Court Merchant Bankers. 

The broker members are G. 
and C. Bullion, Ong Bullion. Sin 
Huat Rubber, URB Commodities 
and Holiday. Cutler. Bath and 
Co. — all offshoots of local rubber 
and commodity broking firms. 

A11 members of the exchange 
must have a paid-up and main- 
tained .share capital of at least 
SSI in (U.S.@455.000) commission 
payable to members is U.S.S20 
per lot of 100 oz and ail members 
obliged lo collect margin deposits 
from clients. 

There is also provision for 
overseas associate membership 
under whicb non-Singapore com- 
panies ntay become associate 
members by making a one-time 
payment of SS10.000. Associate 
members will enjoy a reduced 
rate of commission on trans- 
actions with dealer and broker 
members. 

With an organised market, 
dealers are hopeful that they will 
now be able to kindle more 
domestic interest as well as 
increase Singapore's share of the 
regional business. That the 
exchange is eyeing closely the 
regional and international mar- 
kets is also underscored by its 
decision to have all contracts 
denominated in U.S. dollars and 
to allow for overseas associate 
membership. There are many 
investors from Singapore's neigh- 
bouring countries who are 
already active participants in 
gold markets. 

However, hnw well the Singa- 
pore exchange will shape up 
internulmnatJy will depend on 
the ability of the local market 
tn generate sufficient depth and 
sophistication, and also, nn thn 
skills of local brokers and 
dealers, some of whom have 
little experience in gold futures 
trading. 


New World moves ahead 


BY RON RICHARDSON 

NEW WORLD DEVELOPMENT, 
one Df the largest property own- 
ing groups in Hong Kong, earned 
an 8.5 per cent higher attribut- 
able net profit of HKSS2.35m 
($17m) in ihe year m June 30 
and has raised its dividend from 
7 lo 9 cents a share. 

The company, which is develop- 
ing. a large area of waterfront 
land in the tourist district oF 
Tsimshatsui, has boosted its final 
payout by 1 com to 5 cents after 
a similar rise in ihe interim pay- 
ment. 

New World Development 
seems to be anticipating the hig 
rise to earnings that will come 
in tbe current year from rental 
income from the big new develop- 


HONG KONG, Nov. 20. 

ment. as the payout will take all 
but HKS3.6m of the latest profiL 

Stage one of the project, the 
New World Centre, comprising 
430.000 square feet of shopping 
mall, an 11-storey office building 
of 260.000 square feet and a 900- 
ronm top-class hotel, is virtually 
complete 

The second stage of the pro- 
ject which includes a second 
large hotel, is due for completion 
during 1DS0. Ownership of both 
the hotels is remaining within 
the New World group. 

At balance date last year. New 
World's completed property port- 
folio was valued at cost at 
HKS702ra while property under 
development was valued at 
HKS279m. 


Bank property study 

BY OUR OWN CORRESPONDENT HO.VG KONG. N<iv. 20. 

HONG KONG and Shanghai 
Banking which is presently 
involved in a major move inln 
the U.S. with the acquisition of 
control of the Marine Midland 
Bank, is still coin milted to ex- 
pansion in Asia, judging from 
its announcement today of plans 
to redevelop its Hong Kong head 
office site. 

The company Is commission- 
ins a feasibility study of ways 
of redeveloping its existing 
53.000 square foot location in the 
central district uf Hong Kong 
island. The intention is lo 
house all the bank's central 
functions within one building, 
rather than having them scat- 
tered, as at present. 

Although no cash would have 


changed hands in the govern- 
ment" land swap proposal, 
current commercial value of the 
Hung Kung bank’s undeveloped 
site in the heart of ihe banking 
disrricl and close to the mass 
transit railway would he at least 
HK600m (U.S.@125m>. 


Fletcher Holdings 

THE NEW ZEALAND company. 
Fletcher Holding* is 22.3 per 
cent u'a ned hy the Australian 
group, CSR, not by Reed Conso- 
lidated as reported last Wednes- 
day, in ihe story on the unwind- 
ing of the cross shareholding oF 
Australian Newsprint Mills Hold- 
ings and Tasman Pulp and Paper 
Company. 


/ 











V T — - 





Hoandgl Tinies Tuesday November 21 4978 


.Currency , Money and Gold Markets 


$ eases 





After a firm start, the U-S- 
dollar fell sharply in yesterday’s 
{arcUnveschange market to finish 
hist above ils worst levels for the 
day. However, it remained, above 
Friday's closing rates: Ther general 
switch out of ctoDars,' which 
occurred during the afternoon, 
stemmed from the U.S, apparently 
after the disclosure of the U.S.. 
national income accounts budget 
deficit of $22.6bcL Any possible 
attempts by the Federal authori- 
ties to arrest the decline would 
appear to have been swept aside. 
Against the Swiss franc, the 
dollar was as Arm as SwFrl.79, 
before collapsing to SwFr t7350 
and closing at SwFr 1.7400 
compared with Friday’s close of 
SwFrL72. 

Similarly the D-mark bad eased 
to DM 1.9440 before .recovering to 
DM L9275 and dosing at DM 1.93 
against DM 1.9220. . The yen 
showed a gain to Y19430 from 
Y195-20 while the French franc 
quoted at FFr4:4475 against 
FFr 4.41124 previously. Using 
Morgan Guaranty fi gur e s at noon 
in New York, the ' dollar's trade 
weighted average depreciation 
widened to 8.4 per cent from 8.3 
per cent 

Sterling opened at SI -9220 and 
eased on dollar demand to .31.9210. 
However during the afternoon, a- 
combination of dollar weakness 
and renewed interest in sterling 
pushed the rate up to S1.9420. 
before a closing level of $1.9345- 
SI 9355, a gain of 55 points from 
Friday. Tbe pound's better per- 
formance was reflected in its 
trade weighted index which re- 
covered from a monring level of 
62.1 to R2.2 at noon and at the 
close. This was however slightly 
below Friday's dose of 62.3. 

FRANKFURT — At yesterday's 
fixing the dollar finished at 
DM 1.M55 compared ' with DM 
1.9115 on Friday, and there was 
no intervention at . this, time by 
the Bundesbank. Yesterday's fix- 
ing was its highest since late 
September and appeared to under, 
line both growing confidence in 
the dollar and revived interest in 
holding longer dollar positions. 
The Swiss franc was sharply 
lower against the D-mark and was 
fixed at DM 1.1010 against 
DM 1.1285 previously. Earlier in 
the day it had been quoted at 
DM 1.1000. Zn later trading it re- 


covered slightly to DSC iibl8 
while the -doHar traded .steadily 
to be quoted at DM 1.9360 after 
touching DM, 1.0445. . during the 
morning. 

MILAN — Most currencies were 
weaker against the dollar .and In 
terms' of the lira, ft was fixed at 
L853.55 against Friday's .fixing of 
LS47.30. Trading was described 
as" fairly- active and the" Jnajor 
European currencies , showed, a 
weaker trend against the lira. The 
Swiss franc was quoted at L480. 
down . from L49&20 and the 
D-mark at L4395 against 1A42.48. 

AMSTERDAM — The dollar was 
fixed at FI 2.1025, up FI 0.0285 





1. % 

Movent bttr 20 Spread 

Close 

One nteetb 

P^a. Three maoths pj. 




2-0 
2-02J-— 
1-'98t— 
M4f^ 
1-901 
1-81 
1 * 8 : 


STERM\G 


£ AGAINST 
TH£JJ ALLAH 


Jim JUL AUG SEP DCT NOT 


Tradt-unghtal Un <na . 
Eonfauoua aalnt nru - 
■gamt 20 sthu i 


61 | 

60 L 




yw 

|W 





Rap'd 



1978 


Improved further to FI 2 j.045. 
from Friday’s fixing of FI' 2.0740. 
In later trading the U«S-_ currency 

TOKYO — The dollar . continued 
to strengthen against the yen and 
closed at YiBfi jo in fairly -active 
trading, and compared . with 
Friday's dose of Yl 92.875. The 
U.S. unit’s opening level of 
Y195.30 reflected its firmer trend 
in other centres and at one point 
it touched Y196.65. its best level 
since late July. Heavy overseas 
demand prompted the Improve- 
ment with Japanese banks record- 
ing net sales of dollars by the 
close. Trading volume in the spot 
market totalled $4S5m with for- 
ward volume at $104m and swap 
trading accounting for $679m. 


THE POUND SPOT 


FORWARD AGAINST £ 


Mnv. 20 


t'.S. 8 

Canadian S 

builder 
Belgian P 
DauUh K 
U-XIhtL 

Ki[t. l-> r 
s>l*u. fat, . 

Lire 

Xrwjjn. K. 
Fil'nch Pr. 
SwcdiubKr, 
rtn 

AiistrUdSnb, 
tiwtaa Fr. 


rat* 1 
£ 

0‘s 

101* 

Bi* 

6 

8 

5 

IB 

B 

tots 

7 

94 

64 

i'a 

44 

1 


Day’s I Ckxa 
Sprout I 


One month I % p-a. [Three month w % p*. 


I.?210-i.r420 
U.SK2S-2.27SB 
a.u3-4 08 
88.4808.00 
lD.iO ID. 13 
5.71-3.75} 
80.50-91.50 
UB»-li8.LB 
I.d 42- ],£Bfi 
a. 00- SB 
B.64-B.OI 
B.51-4 .e7 
315-583 
27.15-27.40 
3.86-4.48 


I.H546-1.B5BS 
12.3710 Si. 27 30 | 
4.U6A-4.UFA 
Ml 84.9t.S4 
IDJ7J I0.58£ 
8. >5-3.74 
90.BO-alJ0 
13B.BO-li9.ua | 
1,b49-l.bB1 
9.98)0.97} 

a.DBi-v ea j 

B.Ui-B B4i 
5fBi-S77i 
27.27-2/ .87 
6.58-3.87 


0 .59-0.29 c. pm 1 
UJUMI.40f.|ilu 
ISg ^>:.|im 
20 10 l*. pm 
i;.3i iix- ilia 
6*-2} I" |m 
bu-lIOo.ilis 
Far-TO e-dl* 
2-6 lire ill** 
23-3 «"■ |m 
4-S r-|im 

45-25 <,m jim 

4.b5-5.fl5y | uk 
18-flpni pm 
4 la-5 1 bc. pm 


2.11 

2.38 

3.32 

3.06 

-1.16 

B.B4 

10.54 

-3.02 

—2.55 

i.m 

4.08 

4.57 

12.281 

6.71 

12.B3 


1J7-l.17e.pm 
l.B7-I.77i-.pm 
3i 4i c. |im 
70-SB c. pm 

35-G4 ore <tla 
10-3 |M 11m 
140-290 u. ill* 
3 J-SfiU c. din 
B4-95 lira din 
55-35 pm 
105-95 c. pm 
.11-9 ura pm 
I1l.l6-I8.76ypro 
63-43 pro pm 
Illi-lOJ c-pm 


2.82 

B.20 

4.87 

4JS 

-1.7! 

10.17 

-0.44 

-4.46 

-1.94 

1.80 

4.60 

4.68 

11.64 

7.03 

13.U 


Bclttlnn rale Is for convertible Cranes. | 
Financial franc S9.8E-EB.BS. 


Six-mo nth forward dollar 13T-1J2C pm. 
la-mamh 4.40-4JOC pm. 


THE DOLLAR SPOT 


Canad’nS- 8S-2J-85.37 85.23-85-25 

Guilder 2JWW-20080 2JO15-2J03O 

Bebcian Fr 30.44-30-55 3049-3052 

faniih Kr 5-3550-5.3725 5 J700-S.372S 

D-Mark 1.9300-1.9420 1.B300-L9315 

Port. Esc 46.45-47.30 06.96-41.15 

Span. Pia 71 .80-71.95 7L80-7L85 

Lira 853-30-455-10 053.30-833.80 

Nrwgn. Kr 5J42D-S059S 5-1550-SJ57D 

French Fr 4 j437S-4.4S00 4.43754A42S 

Swedish Kr 4-4Z3&4.43U d.4230-4.4240 

Yen 194.00-19640 194A04.94.70 

Ausi rl.-i Sch 1413-14.19 14 1V14 14 

Swiss Ft L 7350-1.7780 1-7350-1.7400 

• U.S. cents per Canadian S. 


FORWARD AGAINST $ 


a. 02-0 . dsc pm 

0 J34 -28c pm 
3-1 Jc pm 
1.50-2.Meredls 

1 21-l.IAof pm 
35-190C dls 
B-lO-OJOc dls 
2X5-3 JStired is 
BJOad-B-lOopm 
LDS-fiXSc pm 
1.0S-SJSere pm 
L70-L5Sy pm 
t-7M.1Sgra pm 
L52-L53c pm 


oj» 

1.74 

0XB 

—3.91 

7X7 

-27.42 

-3.30 

-4X4 

-ax3 

2.70 

2.43 

9.91 

5J9 

10X1 


D-U-CJOc pm 0.67 
L2S4.20cpm 2X3 
1341c pm 1X7 

5X4Xeredl> -3.91 
3X5i3XQpr pm 7.73 
13fr-$00c dks —26.70 
L15-1.40C dli —6.95 
9X0-10X01 (red It — 4X9 
D-60-l.DOeredis -8X2 
2.054X8C pm L73 
2XO>2.20ar* Ml 2-07 
4-504X5* pm 9JU 
lUS-lOXSpropfn 4X1 
4.794.74c pm XOXfl 



29 


Sponsored by 
the Financial Times* 

The Institute of Chartered Accountants in England and Wales, 
International Computers Limited . 
in association with 

the Institute of Directors and the Confederation of British Industry 

The Tenth 
Notional 

Management 
Game 




CURRENCY RATES 


Hovemtwr 17 ' 

Special 

Drawing 

Rights 

European 
Unit of 
Account 

Sierllng 

0.655437 

0. A 74660 

U.S. dollar 

1-Z7974 

1-3X506 

Canadian dollar 

LSC28D 

U4U4 

A us t nan suhlllius ... 

17A8T6 

113937 

Bi-iKia n franc 

3I.6IB3 

39.6752 

Danish krone 

6.75703 

6.95621 

reuKche Mark 

2-4C622 

j.nm 

Goildcr 

2J04U 

2.72751 

French franc 

5.62234 

5.77786 

Lira 

IBBAJk 

1U4-27 

Yen 

246.734 

25536 

Norwegian krone ... 

5j48700 

6.67033 

P«ela 

91.3734 

93 .8225 

Sw.-dtsh krona 

5-59SZ2 

5.7667$ 

Swiss franc 

2J69B0 

2-24827 


CURRENCY MOVEMENTS 


November 20 

Bank of Morgan 
England Guaranty 
Index changes 96 

Sterling 

62JS 

— 4X5 

U.S. dollar 

85.95 

- BA 

Canadian dollar 

8QJU 

-175 

Austrian schilling ... 

144.60 

+18.7 

BrlKian franc 

113.56 

+145 

Danish kron*- ........ 

XI 657 

+ 6J 

Deutsche 61 ark 

147.07 

+405 

Swiss franc 

U9.66 

+aoj 

Guilder 

1».Q 

+195 

French franc 

9758 

- 75 

Lira 

54.54 

—48-4 

Yen 

147.61 

+485 


Based on trade welKhied disuses from 
Washington anreement December. 1971 
iBank of England Index =100 1. 


OTHER MARKETS 


Nov. 20 


\rgeiiiuia Pena 

AiiBirulm Jlollm.... 
l'lnl.in.1 MtrMka..... 
Untull L-mielrn. 
Grivk Jireihmo,,^, 
Uonf; Kong Dollar.. 

h»n Ifim 

Kuwait DmartKIl). 
Liiveinlkreiri; Fran, 

Malnt'klii Unlliir 

Near Zealand Dollar) 
jtiali Amina Idyal. 
rflnRBp»irc Dollar... 
^nulb. Alrtraa linnd 


, i.eoat,B04 
1.6950, l iU2D 
i 017.82 
37 21-c8 21 
171 661-73 311 
9.27Le-g.egi« 
137.9 >-139.501 
a. *50.-33 
58.84 £8 94 
4.29604.3110 
1,8435 1.6623 
6 -4-6.54 
4.3080-4.5230 
1.0587 1.6826 


0>3O.25 932 2 
J.< 803. o.. 814 
4.05304.0950 
lre.23-ie.75 
67 00-^7.90 
4.8250-4. 830 j 
7n.-#u- 10. >0 


A nut na 

Ueifiium 

I Vmrmrk 

fllDur 

(flennanF - 

Iibiv 

U"|dn ............ 


0.2700-0.2'! 55l.Vn her land*. 


30 4: -50.44 
2.2360-Z.2370 
0.9560.0.9615 
5.3 UU.3.3800 
2.2400. 2.24 30 
0.8562-0.6695 


Vorrflv ......... 

fort rn.nl. 

Spam ........ 

Switzerland.... 
Unlie-1 Sine-. 
5f iignslaria. .... 


£ 

Note Rstet 


27-28 
59-60i a 
10.20-10 35 
8.50-8.70 
3.7a 3 80 
1650-1700 
375-385 
3.97-4.07 
9.85-9.95 
90-100 
139 143 
5.25 3.35 
1.94-1.95 
42-44 


Rate nti ’e n tar Araontlna U free rata. 


EXCHANGE CROSS RATES 


Nov. 20 

Pamnf btertln# 

0.5. Dollar 

DentacheMarb 

Japanese Yen' 

Prestoh Fran- ! 

»wu* FraiK- 

Uulch Guilder 

Italian Lira 

Cundi Dcrflar 

Bel jiao Fran 


1. 

1.936 

3.736 

376.3 

> ■ 8.604 

4.365 

4.< 66 

H-50 

c.373 

5b. 89 

O.a- Dollar 

0.617 

1. 

1.930 

194.4 

4.446 j 

1.739 

Z-l.l 

C52.7 

1.174 

30.43 


0.368 

0.618 

. 1. 

100.7 ! 

- .2.304 | 

U.901 

1.UE9 

441.8 

U.r 08 

lb. 77 

Jr-pane* Yen 1,000 

8.668 

6.143 j 

9.987 

lputi. , 

. -Yi 67 1 

8 944 

10.81 

4385 

6.039 

156 6 


1.168 

2.249 

4.341 

437.3 i 

' . Oau . ; 

34IU 

4.736 

1918 

2.641 

68.45 

svin Franc 

0.207 

0.576 

1.110 

111.8 

Jj.657 j 

.1.- 

1.208 

490.3 

0.676 

17.50 


. . .0-246 _ 

: 0.476 


-93^3 



1. 

4Q6.B 

0.=59 

14.48 

HaiiA LltfUBO 

' O.EO& 

1.173 

3.264 

888.0 

.}. 6.314 ! 

8,039 

2.464 

1U 0. 

1.377 

£6.69 


0.440 

0.862 

1.644 

lr6.8 

3-787 

1.481 

1.7 90 

126.2 

I 

25.92 

Bel£ien Prauo 100 

1.698 

3.286 

8.348 . 

.638.9 w| 

14.61 

L 8.714 

6.905 

2808 | 

3.858 

10O. 


" ' 

- . 


• ’ 

V : ■ 

•; • 


EURO-CURRENCY INTEREST RATES 




Hdv. 20 

SMriteg 

O.s. Dollar 

Ctondhm 

Dollar 

Dutch titdidei 

aurtae Franc 

Wear tJennaii 

Mare 

Franco Franc 

Ita Ian Lira 

Johort term 

f day’s notice 

Monrh 

Three mom he 

bis mon lbs 

Une year....u.... 

18-184 

114-J84 

13 is- 134 
13T 8 144 
L+194 
J44-145, 

9Ss97, 

VBs.BtB 

114:114 
11 * lltk 
lire Hi* 

84-94 
■ 84-»4 
94-104 
104-104 
104 1034 
104-lOij 

84 9 

84 9 

84 9 

84-9 

84 7b 
a 8 I 4 BBg 

=t' fr 

par 4 
*8 4 

4 4 
14--4 

84-84 

24-24 

34 

84 24 

24 34 

9 4l B 

64 7 
6474 

74 <4 
t7j-9i e 

1U,' 6 

11 18 

124 -54 

1 1*4-134 
154-1614 
164-164 
164-174 


Asian S 


Sig-SSp 

10if-10H 

HSB-lllj 

1U4-1 H 

u&e il J < 


Japanese Ynr, 


13 

ls>a 2. 
3»8 34# 


The followutB Domlnal rales were quoted for London dollar certificates of deposit: one month ' 10. 00-18.18 per cent: three months 01.18-11X0 per cent: six months 
lLlO-lLSO per cent; one year 11.S5-11.45 per cent- . • ... 

Lons-rerm Enmdollar deposits: Two years 101-18} per cent: three years 103-102 per cent; fo nr years 10-1DJ per cent: five years 19-18* per cent: noimnaJ closing 
rales. Short-term rales a nail for sterttnk. UX. doUanTand Canadian dollars: two-day call for guUders and Swiss francs. Asian rates- for closing rates in Singapore. 


INTERNATIONAL MONEY MARKET 


Europe & U.S. rates firm 


Interest rates were generally 
firmer in Europe and the' U.S. 
yesterday. In New York 13-week 
Treasury bills rose to - 8.05 per 
cent from . 7.97 per cent late 
Friday, and although 26-week 
bills were unchanged at 8.92 per 
cent early yesterday, one-year 
bills increased to S-96 per cent 
From -8.93 per cent 

Federal funds were fairly 
steady at around 9J-9J per cent, 
although it is expected that 
money will tend to be in short 
roppty this week, probably lead- 
ng to intervention by the 
federal Reserve to add reserves 
a the banking system. 

In line with recent develop- 
nenls two major U.S, banks, 
-hase Manhattan, and National 
iank of Detroit,, raised their 
irime lending rates to 11 per cent 
ram 10} per cent. First .National 
tank of Chicago, who led the 
Tcrease last week, left its prime 
ate at 11 p er cent yesterday. 

FRANKFURT — Cali money rose 
3 2.0-2.1 per cent from 1.7-1.8 


.per cent yesterday, while fixed 
period interest rates were also 
slightly firmer In general. One- 
month funds increased to 3.0-3.1 
per cent from 2. 9-3.0 per cent; 
and three-month were unchanged 
at 3.75-3JS5 per cent. Six-month 
money rose to 3.SML0 per cent 
from 3.55-S.95 per cent, while 12- 
month funds were quoted at 4.15- 
4J20 per cent, compared with 4-15- 
4.25 per cent on Friday. 

AMSTERDAM — Interbank money 
market rates, were firmer, with 
call money at Sf-9 per cent, com- 
pared with 8J-9 per cent previ- 
ously; one-iponth at 8}-9 per cent, 
agairfet 8}-S* per cent; while 
three-month increased to 8}-9 per 
cent- from 8J-8| per cent. Six- 
month funds rose to 8-8} per cent 
from 7}-8 per cent, 

PARIS — Day-to-day money rose 
to 7} per cent from 6} per cent 
yesterday, and one-month funds 
increased to Sfl-7/* per cent from 
615-611! per cent; with three-month 
at 7 T 'r7tfc, compared wirth 7-7} 


per cent on Friday. Six-month 
money was unchanged at Tri-7^ 
per cent, and 12-month at 7}-8 
per cent 

’ BRUSSELS— Deposit rates for 
the Belgian franc (commercial 
followed the firmer trend 
throughout Continental Europe. 
One-month rose to 8J-9J per cent 
from 8J-9 per cent; threenmonth 
to 8} -9 per cent from 83-8} per 
cent; sbr-month to 86-Si per cent 
from 8}-SJ per cent; and 12-month 
to S 1-8} per cent from 8H>S per 
cent 

SINGAPORE — -Hie Asien-Pazifik- 
Bank AG raised its prime lending 
rate to 7J per cent from 7} per 
cent from last Friday. First 
National Bonk in Dallas lifted its 
rate to, 8} per cent from. S per 
cent;, 'and Marine Midland 
increased its prime rate to 7} per 
cent from 7} per cent. 

. HONG KONG — The money 
market was steady, with cal! 
money at 9| per cent, and over- 
night at 3} per cent. 


UK MONEY MARKET 


Moderate assistance 


Bank of England Minimum 
Lending Rate 12} per cent 
(since November 9, 1978) 
Day-to-day credit was in short 
ipply in the London money 
arket yesterday, and conditions 
We very tight at the dose, 
though the amount of money 
wived was probably fairly 
nail. Overnight money in the 
terbank market rose to 14-15 per 

ON DON MONEY RATES 


cent in late trading, while dis- 
count bouses paid np to 12-12} per 
cent for closing balances. Earlier 
in the day bouses paid 11J-11} per 
cent for secured call money. 
Interbank overnight funds opened 
at 12-12} per cent, and eased to 
111-11} per cent, before trading 
at 12-14 per cent in the afternoon, 
touching 15 per cent at the close. 

The authorities gave a moderate 
amount of assistance to the 


market by buying a moderate 
amount of Treasury bills from 
the discount houses, and a small 
number of local authority bills. 

Government disbursements were 
slightly in excess of revenue pay- 
ments to ■ the- Exchequer, but this 
was outweighed by a small net 
take-up of Treasury bills, and a 
modest rise in the note circula- 

tiOIL- 


Soy. 20 

iHVr 

oierlmg | 
L'emficale 
>i( depowit 

Interbank ' 

Local 

Antboriiy 

depofllta 1 

r*i.iaJ A nth. 
noftpt table 
bnrala . 

Finance 

Uonre 

Deposits 

Company 

Deposits 

Diaoooat 1 
nurfcat - 1 
•laprMli | 

fnaanrv 

Bills# 

BliiflWo 

Bank 

Bills# 

FlneTradf- 
■ Bills* 

wvleht...^ 

fuilre. 

4y»or 

»y* nnrtce.. 

e month .... 

■ee njiinth*. 
mamba .... 
•* month*.. 

* r«r. M ..._ 

1 

! z 

124-124 

184-124 

8ti3 

Ilia- lift 

114-16 i 

117B-124 
; ISA 
12ft-li4 
124-124 

18*-l£ft 
114- lift 
HirllfB 

114 

18 

117a 

124 

li7 B -ia 

i 114-1 lt 8 
ld-124 

18-124 
12-1*4 
12-1*4 
12-124 
llfig- 117 b 

114-114 

124 

124 

124 

124 

124 

lk4 

124 

124 

l 2h i 

124 

12ft 

114-124 

ll!«-llt B 

11T S 

114-1178 
U4 . 

liA-llfi! 

I 

12ft 

I2ft-18ft 

lift- ll4 

llft-llft 

® jf 

1 1 1 12222 1 l 1 


• Loaser-tem local authority mortgage 

able 

_ per ceat. 

taJins raics for prime oa^". BilrinB,r“«^,^X“u7ir^er ccnlT'a'iwl «**«■* rent: ,hre TT^ tfa 

ipprcsiinair sellliu: rales ftr one-ini'Blh Trwww Mi* ^ ^ 1115|e pcr Mn r. iwMwmdi llu M per if nr, and ihree- 

acr com. Approximate wlUn* rate or ^"^(Hnnnth 1=1 P*r ««: «*»>«' ttj per cotl 

'h per rent; ona-mnnlh m*?S»^nnso Assocmlonl 10 per cc " t Jl 0 TJ j 2!.'S lher ,i; I9S ' cloar 2?» *** 

^paoce House Base Rates (pabb/Jjrf hr ihc r*nati«s aearln9 pask Base Rat« far IrefllM 1Z1 per cent. Treasury 

*Ut Rates lor small sum* at sev*n d " rs ,, ml ■ 1 v ' 

■ Averase tender rates of discount U.n« a® aeau '- -• • 


GOLD 


Firmer 

trend 


Gold rose by 81} an ounce in the 
London bullion market yesterday 
to dose at S199 1-200}. After open- 
ing at 9196J-197}, the metal 
rouched a low point of $196}-19~4 
on a firmer dollar. However with 
the UJS. currency easing later in 


Nor. 20 


UoW Bullion (a fins 1 
oumw-.— 

UUwe — ■ 


Openine 

Morninic Gxtng....^.i 

Aftenuxm fixing.. 

Gold Going 

Join ci ti es lly 

KrugemuwL. 


S131V-Z1XH 
S18M-1974 
5 18s. 16 
1*1 3.836 
3196.85 
(£1U3.I87 


No*. 17 


$188Jr196 
S 189-1991 
9199.30 
(£101X36) 
9197.96 
(£101.821) 


3M6* iOB* 
ifllfaSi IQBi 
Now So*ereagn“— — I* 6 ® 

[(£273 SB} 

Old So**re4OT«._— )66B*-60* 
juam-su 

Gold Coin* I 

IntemstiomUy — . 

Kruignimiid 5209 -2 11 

|l£ 108- 1D9< 

New Soveceigiu — 1$£9} 61} 
llOU-lll 

Old Sorerelgn»_.. 


320 K*kIi» 

>10 Ka«(l 


S6B4-6D* 
(to03-olS 
5<50 2; B 
61tS-TM 


S-’ EreBiw 'SW2-li7 


S20I1-2D8J 

! (£1073-108} 

8571-63} 

(£29}-5ft)) 

<869-01 

|(£3D}-31}) 


92042-209] 
(£108-1071 
S63-EE 
(£274-29}) 
858-El 
i£6Q 4-51}) 
S29 1-284 
8153-187 
8102-106 


the day, gold improved during the 
afternoon to finish at around its 
best level. 

In Paris the 12} kilo bar was 
fixed at FFr 28,750 per kilo 
($200.99 per ounce) compared with 
FFr 28 .850 ($201.64) in the morn- 
ing and FFr 28,100 ($198.93} on 
Friday afternoon. 

In Frankfurt the 12} kilo bar 
was fixed at DM 12,435 per kilo 
($199.71 per ounce) compared 
with DM 12,215 ($198.71) pre- 
viously. 

MONEY RATES 

NEW YORK 


r 


You win thoroughly enjoy the thrilling, mind stretching experience of the 10th 
National Management Game, and it could develop a mastery of business strategy. 
That's judging by the effects on 45,000 participants in previous years. 

Teams have to solve complex marketing and production problems, 
with the highest net profit as the goal. It's an ideal form of business 
training — stimulating, creative, demanding. 

Prizes are worth over £5,000. The first prize will be £2,000 plus admission to the 
European Management Game Final in Paris in September, 1979. There will be cash 
prizes for second, third and fourth, and silver "Armada Dishes" for all finalists. The 
presentation will be in London in July 1979. Both British and European finalists are 
given free travel and accommodation. Entry forms must be received by November 6, 
1978. 

Notional Management Game 1979 N \ 


did. 



Giiiniimiiiiiii 

Prizes worth aver 



To the 

National Management Game Administrator, 
International Computers Ltd., 

Victoria House, Southampton Row, 

London WC1 B 4EJ . 

Telephone: 01-242 7806. 

I enclose the entry fee of £60 pi 
incl. VAT LJ 

Please send an entry form and full q 


1 


including cash prizes 
for all finalists. 


details of the 1979 NM.G 
Please tick appropriate box 


Name 


lv 


Address 


\ 


FT2 


J 


Foreign exchange 




Midland Bank International 

Midland Bank LimilcJ, Inicmalional mon. *•**•'’ 

60 Gracethurch Sued. London EC3P 3BN.Tcl:ul -O069944. 


World Value of the Pound 


Tbe table below gives the 
latest available rales uf exchange 
for thp pound against various 
currencies on November 20, 1978, 
tn some cases rale* are nominal. 
Market rates are the average uf 
buying and selling rales except 
where they are shown to be 
otherwise In some cases market 
rates have been calculated from 


thuse of foreign currencies to 

which they are lied 

Exchange in tbe UK and most 
of (he countries listed is officially 
cnntrulied and the rales shown 
should nut he taken as neing 
applicable to any particular 

transact inn without reference to 
an auihnrised dealer. 

Abbreviations: (S) member of 


the sterling area other Than 
Scheduled Ternlones; «ki 
Scheduled Territory; (n) official 
rale; (F) free rale; (T) tourist 
rale; (nc.) nun-coin merci a I rale; 
(n.a.) not available; (A) approxi- 
mate rate no direct quotation 
available; (sa) selling rate: ihg) 
buying rale; (nom.) nominal; 
(exC) exchange certificate rate: 


(Pi based on U.S. dollar parities 
and gums sterling dollar rate; 
(Kk) bankers’ rate: (Ras) basic 
rale; (cm) commercial rate; 
fen ) convertible rale; (fn) 
financial rate. 

Sharp fluctuations have been 
seen lalelv in the foreign 
exchange market. Rates In the 
fa hip below are not in all cases 
closing rales on the dales shown. 


Prime Rate XX 

Fed Funds .... — 9.6875 

Treasure Bills ■ 13-weekl SJB 

Treasury Bills i28-week) ........ A 92 


GERMANY 

Discount Rate — . 

OrernlclU 

One month 

Three- months 

Six months — — 


„. 3 
_. 105 
- 3JS 

uo 

.... 3.95 


FRANCE 

Discount Rate 

Overt! I Bit ...... 

One month 

Three mon fits 7J25 

Six month* — UTS 


95 

7-125 

7 


Place and Local Unit 

Valne of 
£ Sterling 

Afghanistan Ai«ham 

73.00 

Albania. Luk 

8.9289 

Algeria.. Dinar 

7.4089 


8.60> 

Anaora i Spnnuh Peseta 

139.90 

Angola Kwnna 

DJ*. 

AntlRtuiSI... . £- Carrtbean S 

5.229 

Argent In* Ar. Pean Fra* Rn 

1.802 

a intralia (»*!.. . Auairalian $ 

1.9985 

Austria, billing 

n 52 

.Aaores Portuft. Brrudo 

91.06 

Ttahamp a (Si. Ka. Dollar 

1.BE50 

Bsitslailwhibi Taka 

SO.&ai-g) 

Bahrain (Si.... Dinar 

0-785 

Balearic 1-.' .^ 1*. Peseta 

138 90 

fiarisukvidl... Hsrbada* 8ft 

S.B70 

BeLginm. B. Franc - 

l(cm)59.9Q 

(lfn)5859 

HeUie B 8 

S.87B 

Benin C.FJL Frane 

4054 

BermudafS)... Bda 8 

1.6550 

Bhutan Indian Rupee 

T8.070(sk1 

HoLirla Boll elan Peso 

58.70 

Uotswnana(31- Pola 

1.80249 

Brarll *. ruaeirn Xt 

37.71 

DrVliytgltacii 15. S 

1.9650 

Bramm (S) Brunei 8 

4.1155 

Bulgaria Ler 

1.7054 

Burma.,,.... Kyat 

12.688 

Rnranil| Burundi Frane 

177.53 

Rn.maro'n XpC.FA. Franc 

4034 

Canada Canadian 8 

2.2720 

Canary late... Spanish Peseta 

159.90 

Cape Verdi 1. Cairn V. Eacudo 

91. OG 

Carman IsiSt tar. la. 8 

1.6125 

Cent. Af. Rp. l.F.A. Franc 

403 k 

Chad C.F.A. Franc 

4014 

Ohite C. Peso 

(Bk ifi4.41 

China Kantnlnbi Tuan 


Colombia . Peso 


Comoro l« C.F.A. Prana 

4054 

Congo fB'lte). C.F.A. Frane 

4034 

Carts Rica .... Colon 

16.6410 

Cuba Cuhan Peso 


Cyprus ffi).... Cyprus £ 

D.7D6I 
i (cnm)10.35 
n/c20.60 

Ozech osloraa Koruna 

Danmark Paelsb Kroner 

10.88575 

Djibouti Fr. 


Dominies iSl it- Caribbean 8 

6-229 

Dnmm. Rep.. Dominican Pear. 

1.r8B6 


JAPAN 

Discount Rate 

CaQ i Unconditional) 
wittre Discount Rue 


13 

425 


Place and Local Unit 


Value of 
£ Sterling 


Ecuador sucre 

Ekvi*— — — . . Kfcrpluin £ 

RihlniiM .... Kllit.ipisn Birr 

Kq‘t’1 duines tVaui 

^Bj kia,ld Ia ‘ f F,,lk,,,n,l 

Pari* l'nm-h Krone 

Kiji I* Fiji 8 

Klnlnnd, Mnikki 

France French Franc 

Fr.t’tvinAf* I'.K.A. Franc 

Fr.OiiMna I/imi Frail- 

Fr. Pa>-. Is.... C.F.P. Franc 

Gabon C'.F.A. Franc 

On mlim lit) Dslr-I 
tiermany ] 

I Basil f 


Uaimark 


, |ti( 47.88 
j iFibl.20 
i (n,Q. /son 
i fTi 1.3600 
iTM.OlOO 
158-90 

1.0 

10.58375 
l.taOBS 
7.815 
B.605 
403 ' t 
' 8.605 
158.43 

40314 

3.0325 

3.735 


Germany 

Went 

Ghana (Si 

fiihmlMr (k'l. 

nilheirt la 

Greece 

Green la ml..... 
Urennrln (Si... 
G iui<1alou(ic... 

Guam 

Guam mala.... 
Guinea Kefi... 
Guinea Blrrau 

Guyana iS) 

Haiti 

Rimriiira-o Kep 

Hnnj;Knn|{(i9j 
HunRitry 

Iceland iSj... 

I mil* (Si 

1 nilnneaia 

Iran 

Iraq 

IriehJtep fk).. 

Urael 

Italy 

1 rory Coast... 
Jamaica, i Bi.. 


I 

i 

Certi 

Glhra/far £ 
Ami. Dollar 
Draehrrut 
laminh Kroner 
K. Canihean 8 
Inul Franc 
5 

Quetzal 

Slly 

Giioneree 8 
G Horde 
Leni|'ira 
H.K. 8 

Fnnnt 


DeurvheMarkf 3.735 
5.23ird 
1.1 » 
I.I8B5 
72.438 
10.35275 
5.223 
8. BOB 
1.8350 
1.9350 
37 4324 
86.008 
4.814 
8.675 
S.BB 
9J84 

fionu 72.66 
liTit np 156.33 


Korea (XLhi.. 
Korea (SlH|.. 
Kuwait nS liii 

Uos 

Ue«nnn — ... 


I Krona 
Iim. Kupee 
hnpiah 
Ilia 

Iran Dinar 
Inah £ 
laiaet £ 
l4M 

C'.F.A. Frank 
Jamaica Dollar 
Yen 

Jordan Dinar 
Kiel 

Konya Shilling 

Wun 

W-.n 

Kiinalt Dina 
Kip Pnt Pt* 
W*l»» £ 

S. African Rand 
Lllienan 5 

IJI-vnn l>lna 


602.62 

16.070(0 

803.025 

136.70 

D.E7BB 

l.ou 

56.448 

1.650 

4.081* 

6.251 

376.26 

0. 6681 -tr) 
2322 0 
14.5536 
1.74 |) 
853.01 

u. >28 
774.0 
5.7B2 
1 .8886 

1. H3S‘I 
0.57284 


Flare and Local Unit 


Value of 
£ S ter line 


Lierht'n*tn ... Swl«» Franc 
Liiyemlynira ■ Cux Franc 


Macao 

Madeira 

MhIhqa*v Kp. 

Malawi (Si.... 
Malay- in iSl.. 
.Maid ire I'.lSl 

Man K|> 

Malta (.>i 

Martini>i»e... 
Maiiniauin ... 
Mhuhi III- i-»». 



M ■'jui-Min...... 

Mi'iian- 


Paiaca 

I'nnue'teRwncli 
.11 G Franc 
h wai-ha 
KliiKEU 
Mai Kupaie 
.Mali Franc 
Manege £ 

Coi-al Fianc 
fiii-rima ; 

\l . Kiifree 
.Mexican Poo 
C'.F.A. Fra nc 
Fmieh Franc 


Mongolia Tujp-ik 

M>in-errai K. >.'arnl«an | 

lli*nv> Dirham. 

MoramMque. Mot. Bseudo 


Jianrn Is 

Ne|iai 

.N ether ian*l».. 
Xeih. AnL'iw. 
New Hehndea 
N. Zeaiami (Si 

Xli^raulia 

N liter ]{p 

.Mgerla (Si .... 
Norway 


Aoat. IVJJar 
Xepaleae Rupee 
Gin taler 

A oil Ilian Guild 
j Frane 
i Amt. Dollar 
K.7.. Dollar 
C'ordoha 
C'.F.A. Franc 
Naira 

Nrwjt. Krone 


Oman Sultan- I u , . 
at col is).^. I KU ‘ 0^,J,n, 

Pakistan Phai. Rupee 

Panama Ualhna 

PatHiaN.G.tS) Kina 

Pnraenav Guarani 

P'pT* l>. Kp 
oi Yemenis' 

Peru 

Philippine'- 

Pitcairn Is. iS i 


3.566 
58 89 

3.9749 
91.05 
405 li 
1.538! 

4 -MSB 
7 50 
BIO 5 
D >320 
B.6D6 
£5.99 
1 1 5B6 
43.75 
4D5 1 ! 
8.60b 

,l.ln 5772iji 
6.229 
7.16 -k) 
85.096 


1 1.6935 

Ci 2! 

4 66625 
6.4636 
149.07 
1.5955 
1.9480 
14 52 
403 U 
l.2b/5>«a< 
9.9725 

0.664 

16.3575' mti 
1.9350 


Place and Local Unit 


Value of 
£ Sterling 


S. Yemen 
Sol 

Fli. Pern 
£ Sterling 


DinaJ i 


lAew Zealand*; 
Poland Zk-tj’ 


Porbiginl 

Port Timor ... 
Pnoeija- Me. 
Puerto Kuvi... 

yaiar IS! 

Keiuitoii 

lie >1e la 

i{U-i^i« 


Pgae. Ercurln 
Timor ErcuHS 
Paae. Uactido 
l.S. S 
Qatar Kyai 

Fi-wieh Franc 
Hh,<de*nu s 


1.5473 

240 J74 

A (0.6608 
H«.-i A lib 1.62 
14.2484 

1.8480 
l itiniSZ.23 
, , 1 162.23 

91.05 

81.05 
81.05 
1.9550 

7.38 

8.605 

1.5419 


Kiimnnta Leu 

Ktvanda Rwanda Franc 

St- Christo- 
pher iSl K.Pnnhhfan S 

•*1. Helena St. Helena £ 

'i. L*»-ik K. • Hnidiean S 

Si. Pierre C. F. A. Franc 

S| .Vim-HnliSi K. CanlJiean 3 
■Salra>lt>r Kl... I r.|, ■■■ 

Sanuai ■ Aim . I .■». S 
■-an llinnu., iialian Ure 

-•ariTnnie I*i4*e. B**-im1ii 

"•aiuii .1'ihiH . lixai 

■rencoil C'.F.A. Franc 

-v-i, -In-lle- s. lliif^e 

'ii-nrle'iirfl) lja„,e 
Sin^apuif iSj. MnKaia>re S 
Si.i.iin.'iilr.iSi r-"i-<n'-'»i I-. S 
-nun r ItVp. . .Sum ,S}iiHio> 
:U,._AlnuaiSi Hand 
W. \ I rim n 

Temroriea i.Si S. A Rand 

S|Bln Peseta 

S|«n. |<r-rt re in 
.'■•nli Aini.-a. Pc-era 
in Lanka i».|S. L. Hi^ee 

-udaii lip .Sudan £ 

-urinair -S. > milder 

-wi/ilanH (Si Id.wnceni 

", rel»il S. Krona 

-reitrerland "i-m Kranc 

ria >vrlM £ 

Taiwan '■e 1 ' 'laiwan 

laii.-jnila fS.i.'Jan. ^hiliiuK 

riiailanil Uahl 

I'njj.i ll|i C'.F.A. Franc 

lunya li. |S.» Ibi'anrea 

Iriui'iad Inn. A Tuiagn 

Tunisia J unielnn Dinar 

lurki'V Turk i>li Urn 

I iirk.- 4: C-'x... l-.>. 8 

S 

Uganda rS.i. I y . shilling 
l niir.i States L'-S. Lli'llnr 
t'm"iiav I'nipny Pew 

I id.A'tiKmi*-. I'. A . B.rhrham 

r.e.s.R Knuhie 

• Pl-ei ViMu... C'.F.A. Franc 

Vatican Iialian Lire 

Venemela Bali fib 


Vietnam Dung 

HidI>.1 jj. I'.S. Dollar 
Western 

aomoa Si. .. SamnanTala 

Yemen Rpu 

Vicirfat in.... New Y Dinar 

Zaire Kp Zmro 

/amiiui. Knacha 


t -m 9.07 
:n/(M 1 24.35 
190.85 

5.228 
I. ■ 

5.228 
403ii 

6.228 
481 
1.9550 
1.650 
9! 05 
6.4<» 

408 U 
15.36 

4JI56 

ii-i. 

(A. 12.16 
1.6696 

1.6696 

156.30 

138.30 
29.BBWJ -zl 
A ...7/40 
5.46565 
1.66SG 
8.6425 
I.3F5 
iA 7.5949 
H- 68.680 
14.555 
59.1526 *b; 
4D3l> 
1.6827 
4.644 

0.794(gjr) 
50.10 
1.9350 
1.S9B5 
14.32 
1.9560 
I -.-in >13. 10 
1 4tni 12.84 
7 .SB 
l.iO 
4D6U 
1.650 
8.26 

0)4.2185 
I'l 3.878 Ji 


J.377S 

9,70 <■- 
35.8447 
1.67327 
1^6 




Thai pan of the French comm uni nr ml 
Africa formerly mart of French West j 
Africa or French mMvatorlal Africa, i 
Rihhmh, per pound. 


General riles of oil and iron exports 
HI .270. 

Based on crow rain aaalnst Russian 
rouble 


•» Kuie 15 tile muster market icon- 
troiledj. . . 

ti Rate t& now oasefl on 2 Barnanos 1 lo 
the dollar 

r: Nrw nrte nfflrMi rale. 


\ 





30 


Financial Times Tuesday 




WORLD STOCK MARKETS 





INVESTMENT DOLLAR 
PREMIUM 


52.60 to £1— M\% (87%) 
F.BTecliic Sl.93.10 371% CMJ%» 


HELPED BV the dollars i’on- 
Or,ue<i reiTi\ try and a report I ha! 
S.iuc.' 1 Via.li.i uill seek an oil price 
frtcrt* i- the approach! ni? OPEC 
oil pr:,r ir.ee: ins. u'ail Sireai 
.'esajne'! further ground over a 
hr«iad from in nntuher moderate 
eariv huMne.-s jesicrday. 

The Do-a Jones Industrial 
A-.er&zr. -ah-: «4fl msher at S06 13 
at 1 pm. v. hiie ihe NYSE AH 


ies 8 more in moderate 

Ncckennann. in stores, declined to AS3-0, bat Queensland Mines 
VI 2.nn, while cisewherc. Kali provided a bits*.! spot, up -tv 

ints ct AjSJSs- 

Johannesburg 


the Toronto Com- ccuticols. 

v.a.s 0.7 easier ai In contrast. Petroleum.*. Tat* 


DM 


a! $241. _ Ah a result. 

Columbia Piet ones advanced 3i postte index «d» 

to afliV. ivifk Kerknru.n. mejur 1.23S.6. Oils and Gas. on the and Oils. Feeds and Flour Mining uud baiz losv dm 
M ocKhoJder of Vleiro-Goidwyn- other hand, gained fi.l to t.fiWl" were Imvcr. with invertors in l\co 

- 10 oflrr «< «*» for Montreal stock market indues dUcwnwcd by the hither dollar. q ^ n .^ E! 

were nnt aiaihhle due to con- Vehicles also tended to define. |s?ue5 h 0 jdjnt: steady 2nd Puh'ic 


Closing prices and market 
reports were not available 
Tor (his edition. 


up if :.7.vn or 20 per cent of 
Lj; : unrb.j Pictures .shares. He 
i!re.:a;- owns about 5.5 per cent. 
MGM p:: • on j to 337 J. 

U\RCO moved ahead .i* to 
54*!; on Day] in raising i;» bid 
for r.ARCO .chares to s-is each. 
Dayiin ver«* unchanged at S3; 
bid :r i> - . ---the-counter iradinc. 

CJnsiirtd Data added i sf *32; 
The company said it e'epect.* .to 
r-.-.rntn2? improvement in both 
1?7 V r.r.T 1°T9 

P. |I. Mallory ro'<? j to Sodj in 
. p;ive '.rujinu. Dari Tudu-lries 


Gold shares improved in a Utb 

la 


aiaihhle due to coo- Vehicles also tended to decline. 

imuinc eoraputer problems Jt the reflecting slow vehicle exports in Authority "Bondi' r.nishmg trade, reflecting the increase 

evehange. recent months. Nfesan Motor lost narrowly mixed. The Regulating the BuLicr. price. 

Among Metal* issues. Comineo \-j_iu ^ ^ and Toyo Kog?o ^ 1 1 i, J Authorities *o'd a net DM ISm FrnsncisJs were also 

receded -15 to CS32L Alcan but Honda Motors, buojeu ^ ocfc follow ing sales of DM f-r.-ger. Plaiinina issues gained 

Aluminium \ to CS3S4. Norsmdn by the dollar, moved abend i iu to 21.7m last Friday. -round m line with the free 

(334? and Inn "A" i . 

Hong Kong Pans 


hu* receded Indiana cous 

•.'ijiji.Ton index improver: 51 cent? approva- f .u hesfn u- offer of $51 


*■ A " -: to CS34-; and 
to CS1S. 

Calmor Iron Bay added 5 cent; 
at 051.i:L International Mogul 
Mines was offered C$1.13 a share 
for all Caimor shares. 

The L'tililie- index 
seven point* hisher. 

Canada up * to CS62 {. 


was 

with 


over 

Bell 


io S5.T.0.I snti gains outnumbered 
dec!. b.v a tlirct-io-one margin. 
Turrove- cam** in in.4^m .*hare«. THE 
compared •••.iih !:i«t Friday'- i pm 
lisur*.- of lo.Wm 

The Commerce Department 
reported ihui Hie US. Budcei 
deficit on .i national income 
account? bv-:s narrowed t*i n 
-ea'r.najy artju-ted annual rate of 
SZL'.fikn in !hf third-qu^ricr from 
S25.6hn in the second -quarter. 

Pytroirum stocks, which v.or«* 
id ran: i.-ie l.'—l week, dominated 
i:i<. act. 'on. liuU Oil. the vnlurne 
Icadv. eaaed : tn $24*. Blocks 
of t i-T.niVi ri.r.re- and S0 .iM.mi 
share* v ere t.-.iricd at S25i. Exxon, 
in sccoad place, ed-’-’d up ! to 
s>01. A block of 104.«nfi -hare* 
ciunced hand- a: $30 J. Texaco in 
the number three added ; 


for e;o-h Miil'ory share. 

Han .A.-ked up ; to SXSi 
viiuRlCAN 
Va'uc l-.-i—r: picked 
J 47 ;n :44>.'i at 5 pm. 

] .74 m <r.:..c. 1 2 05ml. 

Hi.usion Oil row i to 
Bow Valle; ; to SIS; 
Sundance Oil j to SIT. 

Tube - rie Accra sained 
SHi- m .iCtive tradinc. 
Friendly Frost jumped 
$J2i. 


Tokvo 


IrresuJar movements were 
Market fell afresh in moderate recorded in a quiet bufinev, 
tradinu. with a steady s:n»im «.»r aithnugh the undertone ws* 
sellers and a complbie absence helped by the steadiness of ifcp 
nf buying support ptishin. the French franc against other major easier-inclined 
Dane Sens index down a further European currencies. 

2U.U3 la 4BS.45. Bank*, iv.rtfolio*. Metal* and 

Srnre*- here sectors po.-ntir.g 


r.tarke; ^~cc. vrith Imp!ats_add 
ins It) cenL e tt R3.55 and RnspTat 
A irsr.ts at R»^3. tn a very quiet 
Copper sector. Messina put oa 
2 cents to RL23. 

The Industrial market was 
in light volume, 
with Jcssec outnumbering gains 
by over two to one. 


Storks made a 

se Market ; n moderate activity, 
up a further Nikkel-Dow Jones 


\oiume 


$!7i. 

and 


1; 


to 

bile 

to 


12.0S more to 5 .945. US and the 
Tokyo SE index was 0.3h firmer nr 
439.77. Volume .-unouiitcd to 
2S0m shares (270m i. 

The sharp dollar recovery 
against the yen in Tokyo 
stimulated buying interest in the 
majority of export-orientated 
i-sues. especially Light Electricals 



Switzerland 


Pacific 


Bourse prices generally im- 
croved afresh, sentiment helped 
pXntreprisrs. by the stror.s recovery of the dol- 
lar and Deutsche Mark. 


. . . .. KI1 Mumm. Generate 

Cents to H. b.bJ. p ar j N . France. Vallourec and 
Hong Kook Wharf retreated PierrefiOe-Auby. but among those 
HKS 2^0 to HKS 2IJ>n. KMB 35 losing ground were Pricel. OUda, 53^5. Sulzer Registered 
cents to HK.S 4.15 and China Light Saunier, Corel, Hacherte. PrenataL 
3« cents to HKS 21.70. 


Germany 

Share 


.Matra. Cotelle and Europe L 

Australia 


Bearer 30 to Sv.fr 3.220. 
In the Financials 


prices closed 


Canada 


. slightly 

and Cameras. Sony rose 150 10 easier on balance after .i very 
V 1.600, TDK Electronics Y140 to quiet session, limited nto-tly 


••lock' 
ti'*n (« 
biiffipt*'. 
m.nniv 


showed a 
mid-day 
^ though 
weakened. 


finrwr inclina- Y2.150. Pioneer _V_40 to Y 1.590 and professional position cotcrins. 
after * fair C 30 " 11 ^ ,,J 10 Losses among leading siiai 


Mel a I 1 -sues 
leaving the 


Met:L= ;.mi .Minerals index dnwn 
12 I a 1 i li'MLO at noon and rbe 
Go! snared index 4.3 off xt 13JWR. 


.... ires 

Department Stores were also .seldom exceeded DM 1 hrt. 
favoured. Mitsukoshi featuring jilthoush Mannesmann shed DM 
with an advance of V33 to V640. 2.fi0 and Thyssen DM 2.30. whiie 
while interest rciived in Synthetic Volkswagen, in lively trading 
Fibres, Chemicals and Pharma- receded DM 1.30 


After the modest riliy which 
developed towards Lhe end of last 
to wreck, stocks resumed their own- 
ward trend yesterday in s'ack 
tradinc. 

Overseas traders were kept out 
of the market bv vaeue rumours 
that the Australia dollar was 10 
bo revalued, white local traders 
h?id off on the belief that no 
matter how much pressure the 



Nor. 15 ' 

Kor. B ^ Mo+. l r 

ItearaSO (appnuj 

Ind.dlv. yieUi * 

5jw : 

5.16 ' 

6JL5. 

:4.78 

ln>i. P.L 

B.64 

8.81 

;?i js*- \ 

;../&4B 

i>uia G-*v. view 

8.66 -1 

- . 8.76 r ' - 

■■ -B.'W 

'Si r 7.78 -• 


N£W YOEK 


>»IV. 



-S|.irL 


>fli. 


.V‘». 

In 


I..1. J..l;:!~.li 
( •I i-nn uta.-l 
■i-i WHini'Hi-iir'c 
K.t’n r..r|, 

K'ii-^-r V ii-.im in 

Km-f l:S>|i|» , .—.flH 
hal-*.- 


i3:j 

.a 

Xa'. t 

43 


K PtlDHVII 

Ko-. . 

KmI-'** lL!i*-..„ 
K iiii*v-p. v t l»r!i. 


l.-n-'inv inn-. 

l> \ 1 -lr»iir.. 

Li I -l * I ■». f ill.. 


191* 

12 

ei-i 

asi- 

29 

«•! 

20 

c3 
c25* 
s3:i 
i4 ■; 


24! 4 
77 J* 
23 
29 
23 tg 
32*j 
2 

19* 
11 '1 
22 -S 
441* 
28jj 
•Mis 
l9.-e 
44 

32 U 
3 1 30 

33 j* 
23 ‘Z 


A-*t 

V.r. .iri-: • ' ' . . 

.. 

AM* Lia'k t* 

/V«. 

• .. . 

At -ji I •-ft.'.i, 1-.. 
B».i. •*«* Li*,,-... 
Bb:i Cir . 

Bam, Ai.cn j. . 
Ban-*-"* f r. ,\.'i . 

Barter Ol! 

Jta s 1 er In 
S««rn<-« F v.) 

3'W’ii i.'i'-kiaoa 
Bell A Use'll.... 

Bewiit 

Een^-ur. »' its- •'B' 
B-ihlener Si**:i. 
T-lacfe i 



Ca--.ia.ie 

JV-nloc 

R-nr H'ar-ia- 

Brauif! Ini 

Smw ■ V 

BrUcol Mv«"i.. .. 
B.rw A Umi 11 .. 
Br*«k»ar ijla»a . 

Brun-vicR 

Buirvnis F.r.*- . .. 
Siit-**.« Wn.T. . .. 
BurlinsK'iiXcin. 

Bnrf.ncLi 

rampl'CHl 
Canadian 1'm-in.- 
Canal Hao-lvij.l:.. 

Carnal 1* m 

Carrier A G*-ner»i 
■-■it*?! 1 Raw!*,-.. 
CwerplIlarTracl- 

CB j 

Ce^iWMf C>in*n .. 
Central A 9-.1V. .. 

Certauit<:*i-i 

Osaoa Airrnrt... 
C aampi-'-a I alar.. 
Cha-e Maoballan 
C heml-sal Bk.S Y. 
Cbweb.^gh P-.-nd.. 
Cbetiie oyu**ni.. 
Chicago Ur«qps-... 

I'brvsTer 

t.'inc. M ilaen-.n... 

Oitiiy>.*p 

Citin S»rn--w 

Cilv Inreatins.... 
Cle^^iami Cuff. 

CocaC-jla 

Col^ala Palm. 


38:, 
-C , 
i 1 
Tl 
2« 
16 
50:, 
IS.. 
27-. 
“3 : 
IS'. 
2a 
•;4! S 

14 
«5 j 

La 
3*.' - 
ft’« 
22'-. 
£2 ■ 
25 a 

20 4 

45 
33:. 
23 » 
4o:< 

23 lj 

55 

lb*f 

3« 1 3 
3 

19J« 

16*! 

6SU 

25 

26 r» 
29U 
U-? 
i3!r 
32'e 
171J 

27 : a 

15 
lb 

5‘* 
37 j, 
7Qr. 

317. 

205. 


Collins A iU man... 
•.'-olnm'Ma f."a» 

Columbia Hu-t.. 
Com.ln.-C-7.nf Viu 
Combuati'iii Knz- 
CoaibiirU'.ii he... 

K-iib-.io. 
Omm. baterhte.. 
Cn-npii t er .Vkk. 

Cnnn Life Id? 

iVnrv 

Oon.Kdii-.-n NY... 

Con mi Fr.-vt, 

>M i,A . .. 

Consumer linrc 
Coni menial r*ri*. 
ConnneaMi tin.. 
Contmemai lei* 

Control rial* 

tlo-’per 1 na m 


281f 
1 1 * 
15^ 
551, 
bis* 
4i: 3 . 

lau 

tau 1 
ier 5 

imij 
30 * 
37 Jg 
A 111 

26 j 

51 ! 

9- r , . 
29-., . 
a4: a . 
52 'i 
i3l; 

h6*, 1 
4 lag 

17 U I 
81, | 

27 1 

18 - 
161 2 ! 
34ii> i 
1G1, 5 
HDs 0 

391s 1 
101* : 

a47j j 
la--i 
221, ! 
21 b , 

AAl 3 . 
231* . 
271* 
27Si [ 
145a ! 
3 IS, 1 
45i a : 


Ai . 
19* , 
23 > 
13 . 

13-, 

S5‘> 

Sa , 

30 : 

s 

21 * 
52-* 
A* ■ 
!»•: 
h*-, 

35i; 
23 
39 is 
451, 

32 s 
16b 

19 m 
16', 
62s, 

25 
26'*, 
291, 
US, 
131, 
ill* 

17s, 

26 
12ij 
lb 

5is 
37>{ 
Vila 
51: r 
19 - a 
9V 
2Bi S 
HJ, 

16i< 
561 0 
511- 
411; 
141 2 
nij 
16/0 
Is.', 
29r* 
37i* 

26 

61 

2614 
h4' s 
6U* 
151, 
26in 
4 1 '« 
171* 
S'i 

26-j 

173, 
163, 
35 
lOi, 
253* 
38 
10 
34 5g 
J3H 
22L 
alia 
337£ 
22 
21-* 
zl* 
14^, 
301* 
433* 


h. I., k M... 

»*a— >ii 
hit -a .... 

r!in*-"'-n h 1 * ir-- 
Fii'i-t S.r F- 

Ki:-.|«rt 

I. M.l. 

K'i»**;iia'«i. . . 

b-marh 

K\a- ii “!! 

F an - 'iiv-i t *•*-.»■» 
Kr-I. I -sl.ire- 
F:rr»l»nr life., 
t .1 Ne* . II* 5'"B. 
t.esi Van 

F.tiiia-i- 

KiiH.|, P**si*r... 
Fluor «... 


I.'-OWII 

l-iils - hi 

I .in. >n tu-luiLr*- 
La-hiK-ialAllw-r'll 
C*ne "7ar It *i;:»l 

l«*iii |,lan*1 (-*». 
Ia»iipiana Laml. 

Ll' kV ■M*----» . .. 
I.'U- Viniii-!'"- r.. 



Ma.v It. U 

Mn-. H,n-'Tsr... 

'«l«v- 

Alaralle ni 'it ... . 
•Uriti>. Ml-ltaiKl.. 
Parr 'n*i Fi«.*l.... 


341, 

44:* 

21ig 

18: 

161* 

li'« 

20-i 

44 

lbU 


9 

37 r, 

*2:- 

265r 

=«■> 

155, 

let. 


56 
13.-3 
201 * 
19', 
IV* 
i lie 
2. 1- 
42m 
15:, 
t-i- 
9.; 
3.ig 
51 s, 
26l; 
54 i s 
14. 5 
163; 


Sjr-'t 


N-*e 

IT 


.\**s 


bu--ic 


ItiVii.n 

Ilcl ii*-l*t- Mw»l-. 
M«vnnM« It. J.. 

IJu-li*— n Mi-nrli 

l!ii>k<vell Inter...- 
Ki-lini 3 Raa- 


53 

51i- 

563, 

»*•-« 

52,0 

33 


5H* 
3USj 
56 5, 
*2-» 
32! C 
32!j 


K-ai! I'uii-h .. 

I!TB 

It-*- T.f 

Itvler sy-tem.. . 
Saienof Mult-.. 
St. ■loe MiitHial-.. 
si. l.'ecii- l‘a;*.-r.. 
Santa r*> Inila. .. 

sail 1 lnrti-1 

-a.a-n 1ml* 

Si'hm: Uremou ■ 
ei'li-uinltemei'. .. 

•CM 

■x-n Parer 

i.->' 1 1 'Ire 

i*.-iu1der Liihi.l'ai- 


59i, 
10t s 
1,M« 
21 
39 1 2 
25i. 
29 
301, 
- *s 
5 

1G! A 
86!* 
1 Vi- 
15 
IS >3 


59 
Ids 
10 
20- 1 
38Jj 
*5 3, 
291: 
SO!: 


W.,.| wvirfh ... 

Wvly 

Vent- 

/■lain 

/*eu:ili Kb/Ik- 

r^.TVma^IRK' 
L‘4 rrearf^b-ft 
C.b. dC-iar hf/l». 


I X-ir. 

: 17 

• 19 

3 ■* 
o2<- 
U>, 
' 13 
:B0:* 


Ir 


7.95 s 


I3H 

z 3 
12 

15m 
:94 f 
8C i 

8 15: 


CANADA 


4r® 
9 ; 
68 
lf»* 
15 
183, 
*'-S 


F.M.C 

r.*st >1-4..- 

- Fmemtvd JIck.. . 

. tVsle-ns 

Franklin Miui ... 

■ Fre*f-5*i M-nen. 

I'rauuaiil ■ 

Fu*jua Lad, 


'Uv 1 1* i* . Si.e*« 

ML A 

Ws-l*er*iii-M.. . . 
M«.-l •- -*i,r*-l* li*lit 

Mcltm* Hr!.. . 

Mem- >ies 

Mei.-k 

M*rnl! I.yn**h. . 
Mi-ai Peir*i*enm. 

M».M 

si ii*.- 1 .*il:nsXNIic 

l!*e» 1 ‘.irf* 



Mnnmn J. P 

vi**i**n**a 

Mu-HirOtl 

Na birrs 

Na'e** «. hemn-alr. 
National tan. I 


23 
*9m 
. 31, 
3uij 
■2* 
30 >0 
59 1 3 
I6S* 
29U 
37 
60 
b6sa 
50U 
i5ag 
4UI« 
J8U 
23 /g 
27 
161* 


5 1 i* 
-‘51, 
30*0 
* il 2 
29sg 
581} 

163„ 

27 

3b?a 

59 1, 

EC3g 

49 m 

44Sg 

40 

171} 

23>, 

i656 

15Jii 


Li.A.F 

• annei*„ 

. 1 inn. A m*r. I nr. .. 

C.t.T.X 

Mien, ('able 

: f .an. l>i na:mr*.. 
; ‘>er. klattner.... 

ben. F**-sds 

1 Cenerai .Ml'h 

, lienernl Md-rs.. 
• Leu. Pul*. I ill... 

; 'irn. Signal 

, lien. Tel. Ki*ri.. 

I i»eii. Tire 

- 'iene9C>* 

'le-ejfia Par, he... 

i iieiw>uroe 

•iettv Oil 


;inlleiie 

- Li*-«nlriL-h B. F....- 
M l i..{ T ,« r Tire^.. 

j lt<ail-1 

f.m.-e W.R 

Mirt«At[aD Par Tea 
; 1 *rt. Nretn I mi.. 

1 (ireybouml 

1 Hull A I'micm.. 

• t.uii mi 

j Halihurmn 

■ Hanna Minina ... 
Hamiwh lever....- 

- Ham- LH-rjiD 

\ Hem/ H. J 

* Heutein I 


• Nat. I bit mm....- 
Nai. aernee ln-1. 

1 Nali- nai Steel.... 

Nal*-maa 

M If 

.Ne|-lun>- lni| 

; Ne“ Kni'iamt R.. 
New bu^idji-liel 
Niagara M-mawk 
Niagara Share.... 

1 N. I*. ImliiMnea. 

N--n--lkA\Vft»|rni 
; Nielli Nat. liar... 

I Nrlin. Slates I’ar 
, Ntliwert Airune- 
i Nihanl Unno-ryi 
! NiwL.-u Slm'.-u .... 

• t.ic.-i-ienial Fein -I 
Ji.'ellit .Mather... 

j sfr.i-i IvliMin 

j Olm 


IBig 

14 

293* 
59s, 
S83| 
20 
22 1« 

1-3, 

10 

367g 

223fl 

asi? 

24U 

253* 

2j 

ic>* 

153, 

2UU 

lei, 

16ig 


19 
Jtig 
295? 
a7i* 
57 1* 

20 
22 

4 lie 

14 Se 
10 
IBlg 
42 
ASts 
24 

24 

25 
16 1 3 
15 1 2 
20 
Ids 
153. 


1 erseas *-lil|*.,. 


, Hea-ie Faekard...* 

! M-'IMai lnn« 

[ Hifineatake 

, H*.*iievweU : 

■ Htwrer • 

l H*a-f--C...ri-. An-er 
1 Huustrm Nat. Iras. 

1 Hunt iFb^AiChm 

Hunt (E.F.) 

!.».. biduaines ... 

IN' A 

I ru.-erm.il I Hand 

1 1 11 inn-1 Steel 

( Icaiico..... j 


Oncn» Canunj:... 

linens lllimitr....' 

F«*.4h- fia-.... 

I’si-ifii - Lightinj;..' 
Pan 1’wr.t Lq*...‘ 
FanAmWnrM Alri 
Parker Hanmlin^ 

l’eat-*1y ImJ ' 

Pen P» A L 

I Penny J . C i 

Peiif-iw l>ru£ - 

I Peoples Ca?...—..; 
Fepsici* 


2U* 

28 

lei. 

2*lj 

2ulj 

670 
23 i* 
2,1; 
1910 
32* 
473, 
9 m 
3‘4 
2&»2 


211. 

273* 

IU ‘0 
22 1* 
2v.lj 
IWsa 
6i, 
24 l a 
42 
20 
3210 
26 7g 

9-b 
32 lg 
25 1* 


1 PerhlaBImer 

, l'n- 

[ 1’bipr 

I Phelps Ik-lge 

j FbilaUeiplun Hie.. 

PhilipMums 

I Phillips Folnj'ra.- 

! Fillslnirv 

• Pilnes 1 - Uivn-es 1 

! Pirwon ; 

, Plewey Lid AUK' 


453e 

S4J, 

023, 
ZL.3E 
161? 
70U 
30 ti 
o6lg 
42i. 
Iiii 
193* 


24 
643* 
3 llg 

20 'g 

163* 
69 
30 U 

37l 8 

213* 

171s 

201s 


IH11.... 261 

| irjil. Klaroun • 23sg 

I Inti. R*in«»/er... 335* 

j Inti. Min A Chem: 34U 
j Im.l Mu,rit»ida... 1710 

| lull. P*!**r 40 

Inn. I!ti-uii*r 9 

fni I. Tel. a: Tel... 28 

li.isa Beer. • 02 

IV Interna tinnal. Id 1 * 
I Jim Waller. £83* 


! Polaroid 

i l’->t«'iiice Elec 

f Pllf Idiiijetrles..' 
; Pnsier liamlile..' 
! INih. tier. Klect...' 

j I 'ii ha na [ 

! Pure* 

1 (Quaker Uars 

1 Rapid American.. 

; Itsnheat'n 

: MCA 1 

; Republic steal. ...- 

j Hen-art* Inti......... 


4750 | 
141 S | 

25 ! 
o4 

22U j 
a4 1 
36 *2 I 
A3* 1 
131, ! 
45 ■ 

2519 i 
23s* , 

26 , 


443, 

14 
25ln 
831, 
221* 
32 

15 
233* 
131, 
431, 

247g 

231, 

27 


•1,-a C- io I airier.... 

Snurram 

>earie >'•.(>.• 

-ear- H-sJiici,.. . 

StUl.i.i 

Sill’ll 1 HI 

Shell Lraii-i-iii .. 

■■'.Una I 

tilrtiin-l- ‘.'i.|, ... 
•iiniHK’lll Pal.. 

•nisei 

Smith niter 

innrti Kiinr 

Nilll t» ill 

•■■ill, 1.1.11,11 

•■■iitlieni Lal.Ki!. 
-i-iitliei ii t •> 

-Iliti Nat. IIak. 
"iailliiTli Pai.-i’lr 
Southern Kannai i 


Si-Ill Ii loa-1 

SVl Uan-liarer.: 
3|«ny Him* • 

s’l-eny Raurt 

SquiUi 

3iatMant Brand.. 
Sl.t.UiU'miHiniui 
S't-1. Un In-liariH 

SM. Oil UlUu 

Stauff Chemical..: 

stern ns, 

• tu-lehaker. ; 

bun C*, ' 

* i im-iraml...„ 

3>mteA ‘ 

i trimio'lor 1 

Tektmuix I 



Tee* 

Teaeeo. j 


181, 

*6'-. 

llt^. 

wo I, 

52i, 

i4 

44-1, 

341, 

9 

14 

43ig 

91 

3 

2?:-> 

.4li 
lu*. 
All, 
27 
471; 
1, 
24 1 2 
Is., 

*T<t 

4Mft 

451.- 

B2i, 

38 

39’-* 

iui 6 
561* 
367 S 
24 
323, 
97* 
42^ 
89 7 3 
5 

30/ s 


18 1, 
4- 1; 

lit, 
201* 
31 >, 
S3 i s 
h4i- 
411; 
34*1* 
9 

130, 

-«2 51 

90 
4 5, 
28:: 
i4l, 
1- 

31-4 

273* 

47 


A! -iiii.ii l’n per 

\rmic-i tae'e 

OrtiiAnJoiiiii'ni 

\ re.ima Mw- 

■ltlerim 

bank, 3 Monln-n- 
Hauls Ni-raS.nlu 
UatW: Hewiun-es..' 
Heii Teiephruie.... 
Buw Valley Iiul..* 


16'« 


1^:« 


;9 

,.5 

j5>, 

4.3 

21 

4.:'0 

61 : 
ZLt: 


25 

t-4 


2)' 


21 

-.JO 

^1 

21 


aided by the stronger dollar. 
Amon; Dutch Inteinatlonate. 


Government briars to bear. Unilever gained FT 1.00 and Boyai 
domestic interest rates will have Dutch FI 1.70. 
to rise. In the Transportation sector. 

However. Banks had ANZ 10 KL>t rose FI I .SO to FI 131.00 and 
cents higher at A5S.70 in response Van Oimneren F! 4. 50 to FI 142.50. 
to increased profit®. while Shares elsewhere with gains of 
lnduflirijl leader EHP hardened between FT I and Fi 2 included 


2 cents to 

Follow iv. the capita! recon- 
Alrucison. Dunlop M cents share* 
were quoted an effective 1 cent 
easier m >0 rents. Ever,- two 
previously existing ,-vcent sharer 


ABN. Bijenkorf. Ah old and Emila: 
State Loans weakened. 


Brussels 


Local issues put on a mixed 


have been replaced by litree new per.orniance. 


NINcent shares. 

Amon; Mininrs. Thiess fe'.l 10 
cents to' A'i2.75. Reniwn Tin j>? 
10 cents to AiO.30. M'estern 
Minin? 4 cents to AS1.33 end 
Consolidated Gold Fields o cents 
to AS3.43. 

!n the Uraniums sector. Pan- 
continental retreated no cents to 


26U 

t 4s, 

1 33 

411, 

27 
*31, 
44 J* 

5l"J 

a6'? 
39 1« 

l«>9 

64 

i6»4 

21U 

alia 

9Sb 

42 

69 

ad. 


Itwiitu Petmlenm; 

leMWu 

lauH-iiit 

Leuie En.-«i*m ... 

lavas los m 

Ipxastiii A Lina./ 
lexas LliUtier../ 

Iidim Ins • 

lime- Mlm-r. — ; 
l'iDilira - 

Trane ; 

irau.-nienca ■ 



Iran (JnHm 

I ran - wav Lot in. • 
Inin Wnrlft Air.. 

I mvwr< ' 

i'n-Continetilal 


il, 
23 z* 
20 
a5t, 
79 I S 
295* 
Ly is 
381, 
261* 
4bJ* 
36 
16 
19L| 
301, , 
22 >, | 
W‘n i 

33 », 

1 lag I 


• u 

*3 
19** 
a3 r* 
78*3 
47 [J 
1950 
39 
2 p 
465g 
35 i z 
16 
167* 
30 
211 * 
16ag 

32 -.0 
17U 


triton Oil K Has.. 

LH« • 

AX b Century ¥'ov 

O'. A. I i 

1TA8C0 ■ 

I Ti I 

Uuilei er 

I'niK-vw XV 

Knmo Bancorp. ..i 

Linion Carhiric 

Cnk-u IVinjiiien-e' 
tnion OH i^alu... 
Luimi rtcilic — 

Lmrorai I 

United Brand* 

I'd Bancorp 

US Oyianim— 

L'S Shoe... ' 

L’.rf <>toe) 

Ut4 TwJiiv.limiei-. 

L'V Industrie*.... 
Virginia KlecL.... 

Walcraen 

Wurner-t'-.iaimD..- 
Warner- Lain bert. 
Waste. Man" meni 
WeHe-FnnF* 

Western Bant-ort- 

Western X.Aluer, 

Western l’n ion... 1 
We-UQRb'w Rle** 

W'cjw<j 

Weyerhauuser. ... 

Whirlpool 

White ImJ..; 

U'iiliam Co 

WiacoD*in Bled .| 


4>, I 
347„ ■ 
267* i 
30 1 a : 
41! S ; 
16), ! 
411* ’ 
38*0 . 
67*0 

n ! 


41, 
34 7g 
954* 
3ll 
40 
lol; 
41IJ 
687* 
a7J 8 
341, 
fail 
-.37? 
Ol*, 


0i * i 

87* 
267 a . 

221* | 
2*ij. ; 

36i* i 


1/4, 
1S1, 
637g 
401, 
24S a 
24 
261, 
a4t> 
237, 
15i, 
loA* 
434, 
a54, 
21 
IT:? 
10 4? 
254, 


5ia 
84, 
26ig 
24>, 
2l7g 
•A‘A\ i 
361? 
173 b 

I«4„ 

231* 

40 

4«1; 

231? 

251* 

244 

*34 

laSg 

164.3 

444 

444, 

2u3, 

17:? 

laU 

254 


HP Cana-ta . 

rin-wi 

KlllkM ■ 

•jiton Pun er ... 

Lnniliun Mine? ..| 
Lana.la Uciuenl.. 
Lauaita XW L*n. 
<Lao Imp Bk filin' 

C?DC(fct IllHlilU ... 

Can. Pari He 

Can. Kicitt-- Ini-.- 
La el -lui-er Lii:...| 
l.‘*r- in; i I'Ki-Wir..; 
L’l elar A-I-Crtur^ 


xe:= 
16 
:B s 
384, 
13 e 
12 


18* 

16 

-6.25 


2b4: 
4 1 : J 

434 
£A* 
tB'; 
4.3 J 
i-'i 


12:. 

12.; 

>s 
2:it 
.214 
23S; 
22!; 
c8k 
i 3 j 


Cbie'-iam 

Online 

'-•■ii-.. BatliuiaL... 
Ci-n-umea U*>.... 
Co.-eka Hreuw 

L'.'siaiu 

Ua,-n Utvel 

Ueiiio.n Alims--. 

tu-me Mine* 

LN.rue PiSn.’ieun 


16 •* 
43u 

Ilk- 

Jc:, 

5.00 

JL 

114= 

biiio 

7S'; 

791; 


26. 


Iie-atim-in Bn-i^e f.3 


lAimiar - — 

L»nj-»nl 

Kgiom’-e Nickel. 
Fr.nl Motor Can... 


16 'I 

314? 

72 


:*-4 

17 74 

4.9a 
1 4 
114 
82 
794, 
79'? 
2.ij 
217* 
144 
31 
7U- 


t^nslar— 

tiwni Veiin'iinue- 
Uu 1 l.m Canaila..' 
Hawker sJd.Can.: 

Lti.ilmcer 

Home On ’A' 

Hudson Ha\ Slug:, 

Hu Bay 

HmJ’i.D Oil A tin-. 

i-A.e : 



luiper-al Uil , 

I lieu 'A* 


33 ; 

104* 
334 ! 

i 

46t* ; 
434 t 
197* • 
4:2 Is 1 
455? 
177* : 
36 : 

43&ft 
184 1 


325, 

105, 

33-;, 

|5| 

42 

<*24 

19*2 

6ll 6 

«i«j0 

I7»a 
iz 5i 
284* 
le.4* 


Imia 

In inii.l Xal. Oa-. 
lot , |..,\Pipv Line 
Kai e! hV-.'urre- 
Uiin Km. C„rp. 
L#>blaw L-'ni. ’B’ 
Meni-l'n Uh^ii... 
ev Fttvii-'u 

Melntjvr 

M.s.re L,irf-n | 

Moiuitnin Slnle IF 
Nprxrola Mine.... 
XmvD Bnervv— - 

Nth. TeKcom 

i.bikwo..-1 Pcini'n 
PaciHe Copjier il., 


131* 

12 

164 

161* 

94 

4.15 

22 

ilifl ] 

434* | 
a44 | 
2.72 | 
35 j 
164 1 
354 j 
4.30 
1.76 


123, 

114 

163* 

134 


4.15 
22 
in 4 
234 
a4 

2.72 
354 
l3l* 
544 
4.25 

1.73 


PsciHe P-r reiteiun: 
PaD.Can.l'et n»inr 

PaUm.i 

Peoples Ucpt. 
I'liwe l-an. & Op.; 
l , t*i.’elbrrclo|inil; 
Fnwerfi T] vrat 'ut 

Pn-.-v... ! 

WuenerdturReiio- 

ICauL't-r Oil 

Iiwl Menlasirc 

Kiu.\lu<mi j 

Royal Uk.uf Can.- 
li-j.valTnirt | 

Stec-ptreKcsourveai 

saunipi- ] 

abet i Lanada .’ 

Sherrill Li. Minis-: 

Siebenn 0.1.1 1 

Simpson 1 

Steel -’I Canada...! 
■Slerp lloel. I -••■ii . 
Tenaeu Cauadn — • 
Tv"’iili- Uoni.Dk., 
Trnni l'anPi|».Lni 
Trnus Mount Li|-T 

Trize.’ 

l/nu-n hss | 

L ulilaiin-iMint-. 
Wgiker Uimm ... : 
W'et.t C-n’t Tran>, 

Western (ieo I 


60 
-74c 
214 
54 
1.75 
-57* 
20 
*3 
1.14 
15ss 
Ill's 
3 ala 
344 
184, 


37 

BL4* 

54 
1.75 
,5'a 
194 
c 3 
1.05 
i5 
lur 6 
e3 
341, 
lBoa 


6 

31 

isJ, 

77* 

3J4 

el* 

267* 1 
3.7U ' 
471* 
21 
174 
87* 
tl6 
1J>3 
94 
376* 
11s* 
1938 


30 
167? 
7 a; 

5/3? 

r 1; 
16:* 
3. "10 
47l E 
21 
177a 
Bv* 
1154 
III; 
94 
364 
111 ; 
191, 


t Bid. • A'fccd. f Traded. 
1 Kcnr eitidi- 


EUROPEAN OPTIONS EXCHANGE 

1 J«u. 1 Apr. -Inly 

Trt|. Tart Tnl, )Mt Vi.1. 1 (nut Slo-.-k 

A UN 

F.360 

2 19.50 — 

, • 

— ' F372.50 

AkV. 

F. 27.50 

— — 47 

5.50 ■ - 

— F30.30 

A K7 

F.30 

21 > 2.20 - 13 

4.20 1 

4.80 • 

A k'7. 

F.3 2. 50- 

37 1.20 

■ — 

— 

A V.7. 

F.3 5 

2 , 0.50 24 

2 1 20 

2.60 

Iff a 

F. 70 


__ Z 

10.40 F.76.7G 

KK 

.150 

1 B '? — 



— S387? 

KK 

F60 

2 2;, 4 

‘ 5 — 

— 

R*» 

F.40 

27 2 20 

4 — 

— F. 38-50 

Hit 

i.45 

1 1 20 - 

__ — 

— ra 

IBM 

*240 

6 2B'« — 

r — ' — 

- 82621* 

HIM 

? 260. 

11 . 13 'j 

. . 

. . 

IBM 

S2BO 

2 5 1 

11U; 2 

16'?. 

HIM 

S300 

8 . Hi 



ra. 

KI.U 

F.120 

- ; ■ 1 

20.50 : - 

- F.131 

kLU 

F.130 

10 10 - 


_ lf 

KLM 

F. 133.50 

6 6.90 - 

— 

— 

KLM 

K.140- 

12 5 2 

9 . — 

— 

KLM 

r.142.90 

30 a - 



_ (J 

KLM 

>'.150' 

1 2.60 . 6 

6 . 1 

8.10 

KLM 

F.160 

11 

4 . - 

t| 

KI.M 

F.161.9D 

2 0.50 — 

— ; — 

— 


K.110 

- — - 2 

11.30 • - 

- F. 114.50 

XX 

r. 118.90 

29 • 3 — 

_ — - 


xv 

F. 120 

_ . . 5 

6 — 

-- 

PHI 

F. 2 2.50 

— ' — 17 

3.90 - 

-- F.25 

PHI 

F.25 

2 1.20 - - 

. - 5 

3 

PHI 

r.27.50 

90 

1 50 . 4 

4 

PHI 

F.aO 

75 0.40 20 

0.80 42 

1.30 

PHD 


- 10 

7l« — 

- S48<4 

PHD 

450 

2 2? 

— ' 


HD 

F.120 

7 6.30 — 

— 1 

10 F. 123.70 

l',M 

F.110 

6 11.30 


- >'.120 

l'\ f 

Y. 120 

5 3.80 10 

S.90 ID 

a 

rsi 

F.150. 

- ; 1 

2.50 , — 

- : 



X-r. F 

* 

BA 

>60 

- : - 

- • 2 

10U 965 ft I 

j TnTAT. roi.CMR 

IS I.I.I.MBUTS 

6 

■ 1 


L 


BASE LENDING RATES 


1 s °& 
1 2{% 


A.B.N, Bank 121^ 

Allied Irish Banks Ltd. 123% 
American Express Bk. 121% 

Amro Bank 12i% 

A P Bank Ltd 121% 

Henry Ansbaeher 12$^, 

Associates Cap. Corp... 121% 

Banco de Bilbao 121% 

Bank of Credit & Crace. 12 $°f, 
Bank of Cyprus .... 

Bank of K.S.W 

Banque Beige Ltd. 

Banque du Rhone .. 

Barclays Bank — 

Barnett Christie Ltd... 13§% 
Bremar Holdings Ltd. 131% 
BriL Bank of Mid. East 121% 

I Brown Shipley 121% 

Canada Perra't Trust... J21% 

Cayzer Lid 12 {% 

Cedar Holdings 121% 

I Charterhouse Japhct... 121% 

Cbouiartons 124% 

C. E. Coates 12 1% 

Consolidated Credits... 121% 

Co-oneralive Bank *T2}% 

Corinthian Securities 121% 

Credit Lyonnais !2->% 

Duncan Lawrie 121% 

The Cyprus Popular Bk. 111% 


■ Hambros Bank 124% 

■ Hill Samuel 512*% 

t C. Hoarr fc Co 121% 

Julian S. Hod-^c 13*% 

Hongkong & Shanghai 124% 
In dust r ini Bk. nf Scot 10 % 

Kcyser Ullmann 12* % 

Knowriey &■ Cu. Ltd.— H*% 

Lloyds Bank 124% 

London Mercantile ... 124% 
Edward Manson & Co. 33].% 
Midland Bank 12i% 

■ Samuel Montagu 12j%i 

■ Morgan Grenfell 121 % 

National Westminster 124% 
Norwich General Trust 12i% 

P. S. Refson & Co 124% 

Rossminster 124 % 

Royal Bk. Canada Trust 124% 
Schlesinger Limited ... 124% 

E. S. Schwab 134% 

Security Trust Co. Ltd. 13* % 
Sheniey Trust 14 % 


Standard Chartered ... 124*% 


Eaffil Trust 

English Transeont. 

First N'at. Fin. Corp. 

First Nat. Secs. Ltd. 

Antony Gibbs 

Greyhound Guaranty... 121% 

Grindteys Bank 124% 

Guinnn*s Mahon 124% 


124% 
124% 
12 % 
12 % 
12f% 


Trade Dev. Bank 124% 

Trustee Savings Bank 124% 
Twentieth Century Bk. 13*% 
United Bank of Kuwait 12i% 
W hi lea wav Laidlaw ... 13 % 
Williams Sc Glyn’s ...121% 
Yorkshire Bank 124% 

I Mi-mh-r; «.<r ih>.’ AcvpiinC Homvs 
ruiinniili- 

T-day di-posiu 10 i. I-monlb flePMJls 
10.*'.,. 

"«1i; d’-posiis; on sums of 
and under in : , iip to iSS.OW M.* 
and over Ea.Qrtn to; .. 

Call rfi’tw'l.s ovor £i.#w* 10"S • 
D-m-nd d'*nos , t? in*.. 


ASP. 90 and Peko-Wallsend S cents in firmer Oii«. 


Hainant Sambre gained 38 to 
BFr 7-W but Arbed Inst 90 to 
BFr 2,050 :n cencraay higher 
Srecis. Asturienne shed f to 
BFr 724 ?.nd Hoboken eased 20 
BFr 2.6$*) in lower \on-femms 
Metals Garaerr declined 14 to 
BFr 1.376 in easier Chemicals, 
but Petra fin a rose 65 to BFr 3,330 


NOTES: rtv-rscsj prices rtir.T 
nc'.uti^ s Difniiiin. EVilKUa <Uv’scn2s 
an- aflt*r -*-:hhoIdlJ:i lis. 

6 DM 0*1 ii-.-r.3m, unks< oilv.rxrt.* r.’ 
j-Rl-Js bas-i rr. r.i dividenls, pl-ii 'as. 
V Pia r-w Oopcdi. arV o'hcr*-.«t 
4 fiK’-KHideuam. ur.'tss oiS’MV-ik? .“J'vd. 
.j.pviFr .'.no d-.-noc:. ad B-.-an-r sbarts 
uoU-is oihi-raiav «:-i^d. ' Y."*o r*so~. 

nnJ-.-M oibcnrtM s Price a: *jr.^ 

of Mi«pon'i'ia. .’ r ionns b Sch:'in:a.' 
r.t irs. il Pivlrtcnd af-ifr yndir.c r-Th's 


ar.d or *rr.z :sw. e Per diar e. /Francs. 

iw. ' A&smr.«d dtndecd after 
s-.Tjj aw! sr ibso.,-. 3r Klter locaJ 

*.uSvS. ~ :as fr.v. n Knasr IndndlnK 
L'G.iac dir. e Vo.—. ? Share- spilt. ■ Div. 
ar.d 7>;'i iscld, :ttsaal payment, ilndi- 
car?d d.v. n L'^o.fficLai iraduv. rXUnontr 
holders cr.lv. v Tieracr Buvdlnz. “Asked. 
- ?;d. a Trad: i. J ScC^r. sAssnmcd. 
ST Ei rsb’j. xi Es divtdnad. xc Ex 
sms issue, xa Ex an. a Interim since 
irerwed ' 


Indices 

NEW YORK -aow jobs, - . 




. jfer. ' Sor. • fifw. [ Not. i Sw. ! •—4 

«.?'• iS ; 16 j 14- { 15 j » l H«b 1 


1S38~ • ' jStneapoBpfkL’a 


Um. j. Hign Unr 


t :* 


.njo 


Tsa.51 •! Z7S» ! 1233 


n$\ l £g; 

VmW » SJ8 H « "*•** J® IS 

- rn-'i of Ia-te* riumywl *rp« Any. 2* ' . • Ugh 737 JS tor 7SSJ3 


j * •• i i Wtt . pfSflBJMfe/ffH) 

ntiitiM- SflJM- 3I.W: 96.5?: 86.S5, 37 JH SMC; TIM .88J5 j mS2 f.ULBB 

CU!itie> =° f i 1 . ! • • 1 i** - i CWfll) ' 


riwtioc voi. 
CcVj'rr 


29.240 27.5*0 26-230! 58,540 3,9® 

; - i ' - ' i 


Ind. d!v. yield % 


Xof.l 0 | Sov.4 ; tte.27 f rr«u*» 0 i' Appnx 


8.00f- 


5.77 


SFM 


533 


OTAXIIABD ahd POOBB 

i . ; I . j . . J 

: NV-e. • .Vr.T. : Scv. ! Stw. f Kov. f ffOY/ 

. ■ ?7 . J3 ; 16 J 1« 1 13 t 10 f Hi *, b 


m a 


Cmnpittta 


HMD*™!- tw.ae iiH.oa wt 8 % waj. 


5<-4£ S5.ri 


jCoinpoeiie 


92.71) 

r 


A2JSj.U5.4si' 
92.49 33.15 


loW- r lftgt»- f- 


l IW.71 ! -W6SL J U4.54J £» . 
„ *. ig» ; *»» isx 
soil «&SB.j«J8r. 12645: 4>B ' 

. .1 <8f8) !fU/lj63) iflfidS) 


Doroeslie Bonds, howevw. de- 
clined in moderately active trad- 
ing. 

1 ’ - tms ■ - • 

j 1 top.- ITNor. 15 

■Sov. Xor. ' Nor. Sin-. . “ lakoei 

^7 t? .la W ; HSeh i tnw ftiw . 

f 1,875 L 1,876 
LiUl. 941'- 

3ay<. soi.- 

--- 382 488 

1.680 
- 888' - 
561 
■'440 

1 a! 

Amsterdam ■ 

Market mainly eti?ed fons’ard.' 

5Z.£ff 52.08 51J52 6L5*j H-H 1 

. . . .New Loira^.J 


XOJNXBEAL 


•K«r. 

17 


Nor. | Hot. 

M 'S 


In-tusirUI 

L'.nn’iinfii 



. 1978 


High 


I: 


“■tm* 


| 27036) 208AB 2S&87*. 206.45 232,H(U/K& J 06/21 
XBUB llOfll 


TORONTO tc-mpomte 


: 214125- 212^4- 212.16. 21ftA8 22M1 d2jl0l 
1239. £ 1250.& rauf-TOftS' U52 7 <12iI© - 7 


data isiiii 


JOMASHESBUB.G 

i'j.ii.1 

In.lusiriaJ 


~r 


' 2B4jS 
! 2S8-2 


222.5 25Q-6 
2S3.H286.8 


i 


,2BAa 

267.7[ 


■u'lMff r * 
. »ij.cuii I 


Fre- 

•rtom 


t*7c 

High 


iitth - 
[0? 


t bor. J _Pr»- .l |3 m v JSifv 

| 20 » fltoa^-j Hfebr- Taiw; 


Anstralia." 5 517X4 - bbe.79 ; 41L4B 

OS-72 ' 98X5 


Belgitun 
Danmirk ' 
France 


Bj»la W. W' 9LW)lJttieltf7J« 
Swedsn fc * 37bM j 37tL36 ■ *UbjX > 


7ir 73.5 


Swis«rld</ :j .2E9.3 


' 26*.*', \ 


I0U6 ; B0.43 
t8/6j j l£3i6j 
•* KJ3 50^7 ■" BS.Sa ■ 88.08 
(M« S»/107 
ddl' - 47.6 
14, ttn j <3.2) 

Garatanv.-^, c32.:0 832^0 ZS63JI (-7&U 
iMrllS ! tl7,5l. 

9oUand i--;: 93X : 33.1 f 76.0 

iU «i ; I4.-4J 

Bone: Bong «s.4S 4ES.4S ■ 7OT.70 , ^S3 jb 
{", , («,«> - 1!34) 

tialy i •- 67-19 63.M!tfliJ35 

Japan fci *53.77 WZ1 j SS& 5 Sxi FRIDAY'S ACTIVE STOCKS : 

<13,1U..M,I® hfamy 

sineaporeti; 53I.S5 344 AS : 414^0, SSiA ■■ Erodes CIomhc oa 

18.91 e»;l> _ j. __ . traded "price dp* 


batt Dee. 1931 . n Amnera«a :lBdostrul 
ltfTn. ii Ham, Sen* r»« si am. ® kmco ' 

ConutwMale «*Hana J9H • r, rah 

New SB 4fMBk OStrHtB TPoos wm 
rCteaed f LI*arifl-SS XZ/WT 1 <>S>acK- ' 
holm Inaustrlaj . I/l/S8_ iSwto . Rnnfc 
Oorgaratm w Rnaiallxate 


Guv on 


Indices ana Base dales (all our rame Boosing Ind. 
iiul -xerpi N VS8 AH Common - a*- PR Mallary 
Standards ew MoOrs - 10 and Toronto Texaco 
w— i.nnir roe iisn lamed imsc<i on lOnt. Pacific PetrotMUr . 

Exciuninii Dood*. t me induatnala. Boeing 

: «mi lu-i'iMTiai*. 40 unttrtee. *0 Unanor Sears Rsebucfc „ 

*nn .1- Transport, t Rwlort Alt Orftauv. Camar - -W^ea -34) 

K-leiar SF tt/nnts "finarnliir" <F HMSo. OIL . S9K900 J4* 

- - ~ • — - •— Wn— T Hiwip - ntw in. 


«;«48XI » 34F 
_ 503X00 27| 

„ 4HJ300 

304,403 '■ 23S . 
StBUN 375 
2TL2M 03* 
250,100. m- 


+ 

- * - 

+ * • 
+u . 

+ i ’ 
■+U ■ 
: + 5- 
*11 


GERMANY * 


TOKYO ^ 


. AUSTRALIA 


N-.-r. 20 


Price 

IrRl. 


+ IT 


Div. T-.d. ] 
5. . % ! 


Ncv. 2C. 


'Pn-w Hhw Div. TTd 
Yea — ' '% % 


AKU 

A 1 1 m M.« Verui'h- 
UM (V 

U.VSF....- 

Haver 

Bayer- fijp* 

Bayer- Vvmn>r* . 
Cilia I m .Neil.wrti 

L'ummerzl-anh 

'.■-.-titl Li111r.ini 

r,»iinler-Betu._... 

l‘ei;ut-a 

Lirroair 

Deut-vhe 
Uii—Iner M.ink.... 
U.vt-kerliolT Avtai. 
Gutwi-iiffnung 

Haini? Lluyil 

Hari-ner 1 

H--eiii-t ».i 

1I”W b 

H-.n e-n • 

kali uti-1 Bai: ' 

Knr-ti.tr • 

Kautii-f i 

hi .-t.uer D11LW.I 

khi> : 

hruppDMlOj , 

l.inde. 


79.7-0.7 - - — .WnfiJw 554 

49o 4-2 31.2' 5.1 'Can 454 

224.0 —0.5 28.12 12.6 . i.'ewu ..._ 905 

155.4 -O.t ia.76 8.9 l baron 394 

139.6 —0.9 IB.Js- o.7 I Dai Xinp-w Pricr 618 

3U.a-L5JB.t2 4.6 F-.-.h Ptor* 560 

32v- 28.12 4.3 - Hitachi 238 

160 -5 — — : B-iaoe Oi-.-rora. — 490 

2i9.a -0.7 26.56 5.8 H -ure Fond 1.110 

67.5 i-l.Q - — !C. Itoh_ 238 

339 23.12 4.1 . Ito YvJaA- -1.760 

256.5 * 1.5 26.56 10.4 .fare? 760 

17b. a —3.0 17.16. 9.8 ; J-\.L 2.770 

311.0- 1.1 28.12 4.9 ' Kama: Elm;. Pm. 1.150 

Z44.Q— 0.8 2B.12 t 5.7 i K'r=a:r.: 376 

180 9.33! 2.6; KuIh.ia Z 86 

241.0 tO- 5 13.26- 7.6. Kvxo ^-raoiic... 3.600 
96 -2 14.06 14.7 r. Mai iustita Izm... 707 

1:2 —1 15.no 10.3 ■ Mitsui isiii Eaas. 

139.0- 0.8 13.76, 6.9 j U:ifut-»hi Heavy 

49 0 - 0.4 - : — Ui;*uh:sL: Corp.. 

159 -1 9.36 2.9 ! Mir ml A L'*> 

140.0- 2.7 14.04 5.0 I M:: 3 .dp-.t.i 

32c - 1 23.44 3.6 j Xlpp-uj Des« . .. 1,580 

25-..S— 1.0 1B.7* 7.5 ! Xipn-w Munpu). 846 

92.1—1.2' — ■— Nissan Mr.;i>r?.... 655 

199.0- 0.8 18.76' 9.4 Fioneer 1.590 



1 !+ e-f 

y. 

;1 

b 

| A OUT. 8 ! — ' 


+ 13 
-15 
-14 

:-5 

■i« 

' t- 13 
-10 
-+•8 
.+ 10 




^;o - 


£30 

121 

430 

£98 

640 


-*-8 

-3 

-r 100 

-5 


- 1 


103 —3 
261.0-0.5 


25 


4.5 

L.-wenl-rauUM 100 1,490 25 e.4 

LufLluuita. 1 95 —1 9.38 9.9 

177.5 —2.6 .iflll s]7 , JskecaOjemi.’al. 
25d ■ 15.83' 6.1 


e nua ii 

. nu L>nt. ICOj 
1 West. Kiev.] 


M-l.X ; 

Mariia-.'nniui ■ 

Metail^e- 

Muueli-’uer Ituck.J 

Xei-hemiiinn 

f'rwi* 
libeiu 

6<Miering 

■SivmeiLs 

6u.l /ij-.-taer ! 

1 uvi«fn A.G I 

Vartn 

V'KBA I 

VfmiisLVat Bk; 
VM.kswajtou 


eaayo F.let 
Bel::. i.l Prefab.— 

bhi'jjtdn — 

s-’-ny 

iTaish.i Murine.... 


268 

955 


-S3 
-20 
-13 
'-5 
— 40 
-2 
+ 13 


18 ! 1.3 1 A.*7’»w Australia.’. 

25 : L4 f A MATH. 91. 

20 ; 2-5; Amp": Evpirratinn— 

18 -*.6» AtLfml PefB’teim 

15 • 1.3 i As?”. Minerals — ' 

12.2-5; Aawy. Pulp Paper 51 

18 i 1-8 1 Aascie. O.m. Indcatriea j 

55 : 1.6 : Aust. Y-.-undalk>n lavesS^. 

12 1 2.5 1 A.N.I™ 

30 OS ! Audimeo 

13 • 08 i Au*. OtUi Gu j 

— 1 Bamlnw Cieek GoM._ 

0.4 ' Bine UetaUaL -! 

2.4 . BougainriHe i.'.ipper ...; 

2.6 ; Bramble* Industries... 

0.5 : Broken HOI Pn-ruieUix. 

1.4 * BH Soatb — i.1. 

1.8 - Cerltoa Vnired Bteivery I 

5.0 : CS»<SI) 

1- 5 | Ccvibum CemcnL. 

2- 3 t Coiea (G.J.I { 

1.6 j Com. Goldfield? AuK — 

0.5 , Cuntainer iSl) 1 

j Conanc Bint imp | 

1*5 j * 

2.2- 
1.5! 


10 

18 

15 

35 

20 

10 

13 

13 

14 
20 

15 
12 

16 
48 
12 
30 


*0.91 

;3J38 

ri.io 
~f0.73 
tl.20 
11.75 
tl.80 
t0^5 
*1.60. 
tO.52 
tO. 48 
tO. 17 
■70^5 


1-0. Dt 

Uo.oa 

l-fl-YH 

-9.05 


-0.07 


j-4L02 


U^5 


162.5-2.3- — — 

142.0 -rCl.a ! - : - 

160 o— 0.7; 25 6.B 

262.0 —0.2 123.12 5.4 

291.8- 0.7 1 25 4.3 

252 ' 17.36 7.2 

116.0- 2.S;17.I6 7.4 
1B6.U -0.5 16.15- 4.6 

131.8 - 1.3 ' 9-38 3.6 

294 23.12 9.6 

246.1- 1.5 25 E.l 


• Tokyo Marine 


Toayo Sanyo ..._. 

T-iray^ 

Tiwhita L'orj- 

Toyota Minor 


1.280 

—20 

20 

0.8 

1.600 

+ 50 

40 

1.3 

249 

—1 

11 

2.2 

448 

+ 5 

15 

1.7 

2,180 

+ 140 

30 

0.7 

. 127 

-4 

10 

3.9 

516 


11 

1.1 

1.030 

+ 10 

B 

3.9 

344 

-3 

12 

1.7 

169 

+ 8 

10 

3.0 

140 

+ 2 

10 

3.6 

887 


20 

1.1 


Source KfkKo Securities. Tokyo 


AMSTERDAM 


Xi.v. SO 


Price 

Fla. 


: + -TT|Div. .Tld. 

‘ — l % I i, 


Ab-.-ld 1 FI. 20> 

■U, ’X. iFI. 20, | 

A lifern BitkfVI.K>l, 
AMKV IFL U v ! ....; 
Anirotwnk jFIJJi; 
Uijcuk.irl I 

lk-ka WeaLiniF^Jt; 
Hnbmi'Tetteinfe] 
Hlerner I Fl/Ai 


BRUSSELS/LUXEMBOURG 


Kijv. SJ 


Price l + dfitn. .Yld. 
Fro. . - IXrt; % 


I Dir.i 


Arbed 2,050 

Beriirt "B” 2.490 

C-BJc.C'«meni_. 1.184 

L't-.-kerill 395 

HUES 2.375 

Kleerrubelt 7.050 


+ 1.3 , A23£- 6.4 [ Fat-rique Xat 3,100>d. 170 . 5.5 

O.s SO ! 5.7 [ fi.B. lunoBm 2-S10 ji- 10 :150 1 6.0 


116 4-1.7 jIB, 4 8 

29 9 J-O.a! — ! — 

372 
86 

76.6 +0.1 1 A23*! 6.1 1 Uaraert 1.376 

93.7, + 1.4 186 1 a 6 LiHLiBrux L, 1.5 1U 

130 .— U.6 , *80 , 6 .'A Hnb-'-Len^ 2.680 

72.7 i 26 ! 7.2 | Intercom 1,660 

2®® „ -•„•■■■• 27.b 1.9 j Kreii lev bank 7,260 

CnniaX.l .Bearer 141 8 - i.s i,L5?i| 5.3 , La Eovale Belve.. 6.170 

KurC ’laTitlFi . l0..[ 7U.5:+0.2 , 94.B 4 9 : ftm Holding 2.8i.iO 

p.T^O.Ji 20 I 5.8 | Petrofim. 3.330 


-90 ; - 
r 40 -116 
t_2 lion 

, + 5~177 
-135:430 


4.7 

8.6 


7.5 

6.1 


Ci-dHlbna-a-lt-lF) 
Heinekcii iFi. 2bi' 
IliiV-nruii fFI.SOv 
Hunter fi. i Fl.tOOi, 
1C. L.M. iKI.IODi...; 
I nu Muller' FI .20-; 
.\ar.X'e*iltw*Fi.lt* 
NedL'nMBli>FlJf> 
.\ert M i-1 Uk i Fl^Or. 

LH*|FL*0/ 

MG KM (PI. 10) j 

Van Ommeren..... 
Paklir^U (FUO) .J 

I7iilli{ia 1KI.IO1....J 
ItinScliVerfKl.lCLij 
K..|«v»lFld)0i i 

Hl-li,n-n,Fl.Ot.'j.... . 

Koreuto rFI-GOj....- 
KiivalJ.iiircti'Fl.^ 

Slarcul-iuy; ; 

SicrinGiiaFl.iSj'! 
Toiyv IV-.HW^S, 
l-iilieier<Fl^ui.. | 

' iLiiia, He> 

U’nt.l'ir. Hyp-l] 


37.6+0.3 
21.4.-0.2 
131 +1.6 

■++ a ^u.3 

114.6 +0.4 
68.7 +0.5- 21 
210.5 + 1.5 | 22 

173a I [ 36 

29.0, 23 


14 i 3.5 j Soc. Uvb. Pen-iue 3.U73 
— ; — | Soc-Cibu. Banque ;2 a00 

1.2 ( 5.6iSnfina .....'3.263 

.-3 • 2.* ! Sulvay 2,n40 

19 i.8.5 ; Traction Elect .... 2.7oQ 


4jc 

7.1 

5.2 
4.^ 
7.9 


142.5.-4.5; — | - 
46-2;— ^.3 1 — — 

25 ' + 0.2' 17 6 8 
63.6 — 0.4 J — — 

163-a. + 1 ! 35.6 7.8 

131.7 -rO.3 3 ! - 

123.4 19.1 3.8 , 

124 :+ 1.7 ,53.75! 8.7 ! 


ICB_ 1,166 

I'nil iu. ,1-lCi.. 724 
V iedie Alciotagne.' 1 ,7a5 


.—14 I 85 i 6.2 

J 90 ' 6.0 

20 jl70 ! 6.3 
.—10 jX42 I 7.6 
:-30 1 290 | 4.0 
1 + 30 -i325 : 5.2 

' ,'52.55. 2.8 

| + 65 180 ! 5.5 
l-IO >204 i 6 J 
10 1140 ) 7.0 
!-20 1215 i 6.6 
,—25 '.\2.10l 8.3 

;! I™!“ 

C5 a l“|i 9 


Conain Australia...- 

Dunlop Ruliber(M oerny ...( 

ESCOE.- 

Ktder-SmUb ............ 

Endesveur He»-urces-_ j 

K JL Industries.^ —...... 

Gen., Pm perry TruaL 

□ameraley 

Hooker ! 

101 Australia— 


ti.35 

J-0.02 

tl-56 

l-OBS 

18.18 

tl.35 

+C.82 

+1.69 


T3.80 

| 

tl.88 

t2.06 

-0.02 

t3.45 

-0.06 

t2.50 

-0.05 

t8J97 ]+6JJ4 

tl.35 

-0.B5 

to^o 

-0.0 1 

tOJ98 

ULIK 

t2.36 




OSLO 


Wrwr.'SO 


BergcuBanJc 

floaeg a ard^. 


* + orr DTOJY14. f 
Kwirj - f -sj x; 


108 !* l+j Ji:, 
63.75,— 0i5r 1 


as : 


XorakByd'', Srai . 185 ..’*3 .{ 12., 
wrobrand— ^4 ; 87^[-^-4- T^i 


BRAZIL 


Bov. 20 


Aoeatte- 


iktnooilu Brazil „. 


Briae. j 4-or-«nu- I'M. 
Lroz I- .%. 


Inter-Copper 

Jenain^r, Indmtnes.-,...^. 


Jones (David)w — — 

r^-nnanl Oil..: 

Matmla Exploration..... 

Uehsmu Minerals „.| 

MIMHeldidpa - 

Myera Emporium — — 

Xetrs 

Nicholas Interuatlunal j 

North Broken H'ding* ibOcM 

Oaktirldire- J 

Mil Search 4 

rjutr Eipkmrii'D i 

Pionpcr Concrete. — 

Reckltt A Catalan — 

B. C. Sleigh. — 

Southland w Cutup 

SparKiw Exploration ........ 

Trvtb fSj 

Waltons.- .' 

Western Mining (50 cental.] 

Wool it orths — . ...... 


tOBO 

12.80 

;i.60 

t2.10 

tO-76 

ta.09 

JOBO 
10.88 
tL14 
tOBO. 
tOBl 
7013 
♦2.23 
. tl.56 
12.60 
T0J93 
tl.24 
♦1.55 
♦0.09 
70.28 
tl.63 

12.75 
TO. 65 

10.25 

:0.25 

tl-70 

10.75 
11.53 
11.47 


1.01 

r-o-in 


088 (-0850.18 K11- 
1.72 j^OB»ai69BO ■ 
H 2 f+PBlj0.37:««s 
Belflu Hinelra OPi. 1.03 L— ...,0B8:7^T ? 

Petobraa PP-^. 2.06 U-0.1 1,013.631 . 
£ raU « 1.45 C0XS0.16]TLfli 
—0.0702219 77 
l/nip ^..j « “C, I .. ~m. 


Veka Rk> PnwPpj 'f lSHlilpBfSlBtw ca 


Turnover Cr jga.Om. f tflnitn& OlUxn. 
Source; Rio de JanelFo SE. . 


JOHANNESBURG 

MINES 


-0.01 

-0.02 


+0.83 


-fl.07 

- 0.01 


y°W 29 F b rort 

Anglo American .Corpo. „ $,;? 

Charter Consolidated. ...... 23A5 

East Drietontcin 12.4a 

El rtimt .I.S 

Hanntmy jjj ■ 

Kinross, 5 jo 

Kkxrf-— - '9.78 

Rustenborg Ftotiaum ;. . us 

St. Helena. l-.- IMM i 

Sown Vail .... J IT 8.49 


-for— 
+ D.Ii 


Mun 


+0JH 

(+0.01 

-0.84 

HUB 


PARIS 


Nor. SO 


Prkv 

Pro. 


UenteA*..- 


.VJrUquWo-. 
Aqaitainf-..-- 
BIC.—..: 


Bcmyeuea-— — -i 
B.5.X. Bern is .... 


Cfirrafov* - 

OJB.B..- , 

CJX Aleatrf — . 


SWITZERLAND » 


rnce 

Frs. 


+ or [ DIt.-TIiI. 


Aluminium ........ 1.140 

BBC -A' 1.550 




135 - 1 : .«0.SD O.s 

12 id t 42.8 7.1 
09 ; + 0.5 sg.M: JJ£ 
42Q 1-2 I 33 3.8 


|+40 

:t30 

1+40 

1+80 

! + 6 

:+i6 

.+10 

:+io 


8 1 3.9 
10 : 3.0 
22 ; 2.0 
22 1 2.6 
22 ! 3.4 
16 ' 3.6 
10 ! 2.7 
5 * 4.3 


COPENHAGEN * 

! t'rWe ' + or j Dir. Tl-f. 
X’ur, 2U ) Kn.mer ! — ; J - % 


An-lifklmiken 1 

Li-iU^kf Uauh ! 

Bell A-WtU’Cv.... 
Fi naii-hau keu.... ! 
Brj'xjjctiei 

Fn'r 1 *a|>ii ; 

Herhlf i^euL. \ 

Ci.X“tlt’nFLiKr9Cj- 


Uu. Part Cert... 850 

Dm. Iten 638 

Credit ifuliMi .2.190 

Elccttowart.. L830 

Flwticr iijeor+e!.- 580 _ 

Huffman Pt Cert. 66.900 i+I.SEO^llOO; i’7 

1>>. (aiTiftlli 6.675 -125'110 ? 1,7 

liueriuwiB 3.725 >60 

fFrJttl... J.465 
Nestle iFr.UWi — -3.220 

Do. i(e» - 2.300 

Oeriikrm Hi F.ISii.- 2,645 
Pirelli alPiF.IOL'j 264UI-1 ) 15 
bail- Ii-- iF.Z6t‘i .... 3.695 >220j 26 


-Vurrt Kaie’l - 179 


140 • 

125 v 2 - 

1561*. ' 

128V- U • 
340 -53* I 

851* : 

12ni» • 

282 • >1 


Du. Part Certs.. 440 — Jo 

I SaLin-Jlei-C'ltl'K'O 273 ;+ 12 
i Su l«?r Ct ' Ft. 1 Wj! 310 , + 5 
“■? ! Swissair f Fr-it>-. 795 i + 7 


. 21 2.8 
+ 35 I 22 1.4 
+ 30 'nSfl.B 2.7 
+ 25 iaSG.7 3.7 
4S | 15 I 1.4 
5.3 
l.B 


Club- St editor 

Credit Com.Fr'cej 

C'reaspt Loire 

□■zinez.. — - 

I'r. Petrofo* 

Q*-n.. Occident* le] 

I metalL... 

Javiuet-Bnra— 

r^farge. 

L'OrPsJ ■ — - 


+ nr. 


725 

—0.8 

376 

—3 

383.1 

+0.1 

837 

+ 2 

512 

+ 7 

818 | 

+ 5 

580 ; 
2,146 < 

— 6 
+ 1‘ 

393 

f-a ' 

1,005 

+3 

447 

+0.8 

'509 

-5 

130.2 

+0.8 

61 


690 

-5 

141 

-1 

860.5 



Die. 

Fra. 


41* 

27.15 

16.5 
SflJS 
15.35 
42 
40J) 
76 
31 A. 
78. M 
72 

11^6( 

12 


Bd. 


35.76 
'10 A 

ioa| 

8.71 


07.4- — 0.6 
141.5U10.6 
241 [+1 1B.77| 

742 I' JlSJN 


Legrand L940 [+4 36.75) 

Mateo na PbeoaLv. 508 \ — 3 ]3g.a 

Mk-belni .* 'B”... -1.249 + B \ZlM 

' 685 1+.2 


5luei Heiroraacy-.l, 685 I +.2 1-12.8 

Mnultnex L 140.11—0.9 ! 3 . 

Par it*#." — -v — I 200 (-O.B ;lB.5d 
Peuhiney..:::—.7 86.9 j— U | T5J 
Pernod Kl«ni...;4' 514^1 + 1.4! ID 


3.0 


1 4.4 
4.6 


12 


a!s! 

_ 1 


+ 50 


Nvvm Indiul n B- 

UllCIll-rik 

PrlvatLwik | 

Pronotinnk ■ 

+njill. DereiltWi .. . . 
Miper+M. 


223 T 1 J 

117 I 

lSOU 

136U .' 

370 ;_1 . 

164 .+41? 


wi*i 1 IWj|F r^ifr, 4.800 

. _ , L nion Bank. 3,000 1— 10 

® 2 1 Zurich In#-.— -10.700 ‘ 


26 
12 
14 

10 I 4.4 
10 1 2.9 
40 | 2.1 
30 j 3.3 
44 2.1 


6.7 

4.4 


12 j 9.2 
11 ' 8.1 
12 3.2 

12 1 7.3 ! 


MILAN 


N.’v. CO 


Price 

Lire 


j + er 


1 DItjYUI. 
i T.lrc > % 


VIENNA 


2t.» 

I'rve 


342 

PeniunoK-r 

270 



612 

emi+rir 

62 

•i»vf IKiimiAr.. 

2C11 


255 


10 , 3.9 
9? i 3.a 
38 I 7.8 


a* . 
to 


VXIC.- 

m.. 35.00 

- 2.7 5 

__ . 


Ua.'»i'i;i 

...’ 480 

— 14 

-» ‘ 


Fibl 

_ 2.635 

-55 

150 ; 

5.7 

Du. Prlr.._ 

...1.970 

—29 

150 

7.6 

Fin- iil.-i 

... 33S.S 

-6.5 



Iiata’iiienu.... 

...23.7au 

^-760 

BOO' 

2.6 

Iiateiiu-r. 

...| a20 

-9 

__ 


Mdlk datum.. ,. 

__;32.00S 



1.000; 

3.7 

Muni+iiijon^.. 

-i 1'<M« 

+ 1.73 



Onvetn Priv... 

-J1.880 

-IS 

_ ] 


Piroill A Co.... 

-'1.890 

i 36 

150! 

6.9 

Pirelli Spa .... 

.! 845 

-10 

sol 

8.9 

>«>■ Vitai-s... 

‘j 751 

-61 




Peugeut Citroen-: 

“Poe Inin — j 

Usdld Technique.! 

Redviite. ! 

RJnine Poulenc — 1 

St. Gobaln..;. F 

Sid* JtoeeignoL — (1.840 

Sum.-- .--.—I 298 

TelMicoulqiir.- 
Tiivimnn Brandt.. 
Usiuur— 


49€t.6| — 0J5 


225 +0.5 
436 Ua 
594 ! + 3 
124-31-0.6 
149 j + 1.5 

!+-« 

+ 3 
802 +5 

248. l! — 2.9 
22? | 1 


I7-2BI 


87 

SO 

9 

l«-65 

39 

25.6] 

23.81 

1MB 


0.5 

6.6 

4.3 

4.9 

2.7 

5.2 
.7.0 
3.B 
8.0 

7.8 
2.7 

2.2 
9.2 


4 JB 

70.0 

4.0 
'9.9- 


7.0 
2.2. 
z.a 
7A 

3.0 
8-81 

2.1 
10.0, 
8.7 
1.6 
3^ 


Gold Field* SA - - 122.75 

Onion Corporation * 5JD 

De Beers Deferred «.K 

BlyvoamiteFcht .-.i 5 so 

East Rand Pit; 5.5s 

Pre? Stale CeduJd ... 23.08 

PreaMent Brand 13:73 

President Steyn ujn 

SlManlei* .- SM 

WeUtom -.j. „ • d.40 

West Difcfoateia - A 03 i 

Western Holdings 129^0 

Western Deep 34^0 

INOilSTRUlLS 

ASC7 

Anglo-Amer. tudnsmal — 10,75 

.Barlow RaAd. 4^5 

C NA InveattuCTife' . ... 

Carrie Finance ^ o.w 

De Beers Industrial 12.73 

Edgars Consolidated lav. ito 

Edgars Stores ... .. J37B8 

Ever Read; SA J ... fLM 

Federate Vofebeteg^ngs j t .75 
Greatermajis Stores — ■ .. 

Hntetts ..._ 

LTA — ;. .: 

McCarthy Rodvav 

.VedBaak •...• ^ 

OK Bazaars ' ~ 

Premier Miffing 

■Pretoria Cement 

Protca Holdings 

Ran d Stine s Preperoeg _ 
Rembrandt 1 Group ■ 

Retco . ...; 

Sage Holitlirpi . 

SAPPI 

C. G. Stnltb Sugar 
SA Breweries — 

Tiger Oats and-NaiL Mills, 

Lteteec ' ' 


' 46.19 
+ 0.W 
+8J9 
+8J3 - 
. +8-10 J 
+0.6S ■" 
'+#10 “ 
■■HLB5 
+0J3 


+8.03 
+0J5 
“0.87 
+6.50 ' 
+8 Ji . 


+6.83 


+030 
+ 133 
+0^5 : 



-9J5 

7-OJfl 


-8.85 

+0.58 


■fSjOxd 
2Jf» . . 
t2.H0 +0.K 

o.s* 

2.77 +0Ji3. 

7.40 Xd 

5.30 -rfl.in ' 


3—5 

1.10 

1.33 

~3J7 

9.S1 

tl-45S 

237 


—9.92 
•+DJI5 ’ 


+6JIL 


— ; 5.459 

125 


11.00 

LIS 


: —fl.OT. 
+8.02 


+102 

Serarittes Band TJSSO^S. 

. (Discount of 4 & 3 %) . 


SPAIN W - 
Nor.lJ 
A? tend ' - . 
Banco Bilbao 


8.2 

6.0 

7^ 

10.0 

2.0 

8.6 

3.2 

6.1 


STOCKHOLM 


Nnv.Ed 


Am AB (Hr-Wl — 
Alfa. Xsw (KrJ0j| 
A3HA(KrbO)... 
AtUfl 
ffiileraJ 

It > ■ — 

tjoiors 


Trice i + or 
Kronrir' — 


198 +1 
146 • |+2 
81.&+QJ5 
110 i+3 
+5 


62 

112 

181 

226 


121 $ 


Uanfew.— r— 

LWIulom- — • 

k.iect'IOS'B’lKrtOj 119 
Erlcaw^R'lLrtlJ 
Kwelte 

F«l^ri(tjf 

Granjari iFn»j.— 

Hauitmteinkeu 

llaraiou 

UnOufi D*iOjsw 
aaodvik ‘U’ Kra 
SJLP. “fi 1 Kra- 
dkaad Emkikte... 
ranflrtlk , B , (Kt«4 

L-ddrtio'm. - 

Volin (Kr.DQj.... 


1—* 

+ 7 


Div. |T' Id. 
Kr. % 


i.?S 


+ a I- 


6. 

10 
5.26 
S 


2.6 

3.4 
6J 
6-1 
7.7 
d.O- 
3.2 

4.4 
4-5. 


Banco AtteoHco (LON) 
Banco Central 
Banco Extenor.., 

Banco General 

Banco Granada CL 088) 

Banco Hlspano ....... 

Banco IntLCat. < 1.000 1 
B. Ind. Meditsrraaeo _ 
Banco Madrid 
Banco 



- I 


+- 2SA 


Popular. 

Banco Santander i2ia> 
Banco .Urqaffa C1JI89) 
Banco Vtzcays 
Banco -Zaragtoano ' 

Banknnlon 

Banns Andaiucta 

RabcocS Wllcar 

CIC 


146 

231 

-132 

188 

2U 

246 

536 

321 

2341 


+ Z 
— « 


-.1 
- 1 


+ a 
— 2- 


— -J 


Dragados. 

tumobanlf ^ 

t. Araitnneaas 


Bspanofa' Quc 

ExpL -Rio Ttnto 

Fecsa : , 

Fcnosa 7!.B8fl> . 

Gat • Predadnn- ^.. 


-9; 
-2 
+ 2: 


Aj-»\ aXP 


296 

- 1-6 

a 

8.7 

B7 

+ 1 

4 

4.1 

50 

~l 




3e4 

+ 2 

16 

4.B 

12 a 


B 

B.4 

61 

+r~ 



262 

+2 

5^76 

2.2 

61 

+ 1 .' 

4Ji 

7S3 

160 

+1 

8 

P.0 

bU.O— O.S 

; 6- 

8.1 

5a.5- 

+ .fi 

v — 


08.0 + 0:5 

.6 

6.8 


l 




Hidrola . 
Iberduero 
0 terra 


Papeleraa 1 TfeAnMas 

PwTftfiber : 

Petrateos 


Sarrio. Pa patera 
Safe*-; 




Iff? 

«s 

29 
82 
1W 
H 
■Si- 
va 

SLS6 

•2 

‘ . 61 • 

92 
155' 

*6.75 
0.13 
-38 

; -• 

135 
138 ' 

39. — 

BI +1 


+ 2 ' 
+ I' 
— 1 
- 1 


+ 92S 
+ i-B ' 
■P 1 . 

+-Z- -. 


+.Z3B 


TeWnnlca ., 

Torra«; Hnsicncb 

TuPaeex 

Didoo Elec.' 


.,+ 127 

71 • +BJ98 

tsjsb +:#j» 

*» 4.«.T» 

tt 


•VlEii s 


. 4/fVVT V ? 

■uw - l ^ 





[Ot* 

^ Lom 


u?r 





inti 










31 


X 


FARMING' AND RAW MATKRIALS 







metals market 

m silver 

Serbian prices 


EEC MINISTERS MEETING 


Little progress on fish deal 


BY JOHN WYLES = 

TBE ;nEW YORK Stock. Ex- 
change the Commodity Ex- 
change fCoraex) have abandoned 
merger talks. They are focuss- 
ing instead on a' possible joint 
venture into., trading futures 

contracts in a;range. of financial 
instruments. - ....'. 

discussions on merger propo- 
■ sails started a month ago. How- 
ever.- Mr. -Lee Berendt, Comes 
president, said ; today that his 
Change’s .386 - members had 
backed away from a formal link 
because they preferred to keep 
their : existing . identity rather 
than 1 being-submerged, in a very 
much larger organisation. 

No : comment was available 
■from the Stock Exchange, but- it 
would- be. surprising if officials 
there were not disappointed 
abbot this turn of events. Com ex 
IE an important market for trad- 
ing in' gold, silver and copper 
and a merger would "have been 
a ' valuable, dive rsifl cat ion for 
the Stock Exchange whose 
supremacy in equities trading Is 
. threatened " by any Government 
moves, to - creat e a national 

securities market.- 
However, a joint venture In 
trading a range of futures con- 
tracts . could be a valuable 
development for both exchanges. 
The Chicago Exchanges at 


present dominate trading In 
financial futures, which started 
ih 1975, and a NYSErComex 
marker in New York would 
represent a credible challenge. 

According to Mr. Berendt the 
proposed joint venture could in- 
volve automatic, membership of 
a new exchange for both 'NYSE 
and Com ex members and- this 
would represent “a - viable liquid 
market" capable of attracting 
business. 

Initially, said the Comex presi- 
dent, the new exchange would 
probably trade the same, con- 
tracts as the .Chicago .'Board of 
Trade, but it .would then fib bn 
to break' new ground: ■ 

Com ex has -already. -applied .to 

the Commodities Futures Trad- 
ing Commission for permission 
to trade in financial futures, and 
hearings are due to start late in 
January. 

Mr. Berendt would not be drawn 
on whether Comex' 'mighty now 
revive merger discussions . with 
the New York mercantile ex- 
change whose main trading pro- 
ducts are potatoes and platinum, 
and which took a dim -view of the 
proposed NYSE link; 

In the meantime, 1 the New York 
Coffee and Sugar Exchange has 
put some merger proposals to 
the New York Cocoa Exchange 
which is the only New York 


NEW YORK, Nov 20. 

Commodities Exchange not 
operating on the common trad- 
ing floor in the World Trade 
Centre occupied by the Com- 
modity Exchange, the Mercantile 
Exchange, the Cotton Exchange 
and the Coffee and Sugar ex- 
change. These four exchanges 
account for about 20 per cent 
of all commodities traded In the 

The. American Commodity Ex- 
change has also presented a 
formal merger proposal to the 
New York Cocoa Exchange, 
according to a Reuter report. 

The American Commodity Ex- 
change is an offshoot of the 
American Stock Exchange and 
recently launched the first New 
York interest rale futures 
market (for Government 
National Mortgage Association 
rates). 

It is seeking to expand into 
commodity option trading as 
well, once this is permitted by 
the Commodities Futures Trad- 
ing Commission. 

To add further complication, 
the Chicago Mercantile Exchange 
recently held preliminary dis- 
cussions with the New York 
Sugar and Coffee Exchange 
about a possible form of associa- 
tion. It plans to open offices in 
New York and London as part 
of an ambitious expansion pro- 
gramme. 


Bumper Burma jute harvest 


BY A CORRESPONDENT 

BURMA EXPECTS to reap a 
.bumper jute harvest this year. 
Output is predicted to top 85,760 
. ' tonnes against last year’s 34,000 
'tonnes. . . 

Good weather combined with 
■ adequate and prompt provision of 
/ quality seed, fertiliser, pesticides 
api tractor and irrigation pump 
services by the responsible state- 
run' organisations, are cited as 
j^asons for this_year's good crop. 

^As a result -of the good crop 
exports are expected to ' more 
than double last' year’s figure. 
The country's sole jute mill has a 
rated capacity of converting 
20,000 tonnes, annually into 
gunny sacks, twine- and hessian 
cloth. But it has so far been able. 
to , handle only 17,000 tonnes 
annually. 

For the 1978-79 fiscal, year, 
242,127 acres were sown .with 
jute. .However, this is still below 
the record season, 1972-73, when 
287,545 acres were sown with jute 
yielding more than 89,000 tonnes 
of fibre. That year exports 
topped 48,000' tonnes. 

JErom- 1972-73 -onwards. . jute 


cultivation and output plunged 
steadily until 1976-77 when out- 
put was a mere 27,000 tonnes and 
exports fell to below 4,000 tonnes. 

The period between 1973 and 
1975 was disastrous for Burma. 
Floods alternated with drought 
A shortage of fuel oil brought 
tractor and other agricultural 
services almost to a halt 

These combined to knock the 
props from under Burma's 
agriculture-based economy. Out- 
put and exports of paddy, the 
mainstay ; of the economy, ' was 
severely Effected. So was jute. 

But with favourable weather 
and good paddy harvests since 
1975-76, the state was able to 
budget more for expansion, and 
rejuvenation of industrial crops. 
Jute < production jumped in 
1677-78 to 34.000 tonnes of which 
16.000 tonnes were exported. . 
'.The .'state-run ■ ' Textiles 
Industries Corporation (Jue Pro- 
ject Ltbis year was quick in hand- 
ing out harvesting loans in the 
form of advance purchase pay- 
ments at the rate of kyats 124.CXL 
per acre. This was to help-: 


farmers to defray expenses of 
reaping, retting, stripping, wash- 
ing and drying the fibre. The 
extension of this credit facility 
also ensured that farmers sold 
their product to the state and not 
clandestinely to private dealers. 

Jute cultivation In Burma has 
an interesting background. 

Top quality seed was imported 
from the U.S. in 1953 and sown 
experimentally on 1,500 acres in 
lower Burma during the growing 
season 1953-54. 

However, the experimental 
plots became part of insurgent 
territory and remained so until 
1962. In the intervening decade, 
the jute plants ran wild. In 
1962-63 when government agricul- 
tural department officials finally 
were able to visit the newly- 
freed area, they were delighted 
to find the jute plants had 
adapted themselves to local soil 
.and weather conditions and were 
thriving. 

Systematic cultivation of jute 
.then began with seed taken from 
these newly rediscoverd experi- 
mental plots. 


By Our Commodities Editor 

SILVER JUMPED to new all- 
time peaks on the London mar- 
kets yesterday. The London 
bullion market spot quotation 
was raised by ll.lp to 307 .75p 
an ounce at the morning fixing, 
and after losing some ground 
in the afternoon closed only 
slightly lower at around 307p. 

London dealers were at a loss 
to explain the sudden rise in sil- 
ver especially in view of the 
nervous state of the gold market 
prior to the U.S. auction. How- 
ever, fresh speculative buying 
interest was stimulated when the 
market rose to new highs and 
broke through a "chart " buying 
point. This in turn triggered off 
covering of previous sales. 

Another indication of renewed 
interest in precious metals was 
a recovery in free market 
platinum, which gained £5.5 to 
£165.20 an ounce. This con- 
tinued the recovery started on 
Friday when the market picked 
up from a recent low of £155.10 
after tumbling from a peak of 
£187.9 reached at the beginning 
of the month. 

Trading interest was subdued 
on the base metal markets. As 
expccLcd copper stocks in the 
AfefaJ Exchange warehouses re- 
sumed their fall after last 
week's increase. Stocks were 
down by 3.700 tonnes cutting the 
total holdings to 395.600 tonnes. 

There was an unexpected rise 
of 25 tonnes in tin stocks raising 
total holdings to 2.125 tonnes. A 
small decline had generally been 
expected, and tbis brought out 
selling after the market had 
opened on a firm rote following 
a rise tn Penang over the week- 
end. As a result cash tin closed 
£30 lower at £7,480 a tonne. 

A fall of 1,175 tonnes in lead 
stocks, cutting total warehouse 
holdings to 26,525 tonnes, was 
less than generally expected. 
Further selling depressed cash 
lead by £7.5 to £391.5 a tonne. 


Indian sugar 
exports likely 

By K. K. Sharma 

NEW DELHI, Nov. 20. 
INDIAN SUGAR production in 
the 1978-79 season is estimated 
at 6.3m tonnes, Mr. Bbanu 
Pratap Singh, the Minister of 
State for Agriculture told 
Parliament today. Carryover 
stocks from the last season are 
3.24m tonnes. 

Since consumption in the 
country is expected to be 5.2m 
tonnes in 1978-79, there will be 
substantial surplus and it is ex- 
pected that part of this will be 
exported. 


BY MARGARET VAN HATTEM 


EEC Agriculture and Fisheries 
Ministers appear to have given 
up all hope of making substan- 
tive progress towards a common 
Fisheries Policy at their meeting 
later this week. 

But they have agreed provi- 
sionally to hold a further meet- 
ing next Tuesday if there seems 
to be a chance of getting the 
major remaining obstacles sorted 
out before the EEC Summit, 
scheduled for December 4 and 5. 

Pressure for some form of 
agreement on ibe fisheries issue 
has increased store the Anglo- 
German talks in Bonn last 
month when hoth Mr. Callaghan 
and the German Chancellor 
Herr Schmidt pledged iheir full 
support for h settlement before 
the end of the year. But little 
progress appears Lo have been 
made since then. 


Mr. John Silhin. the UK 
Agriculture and Fisheries 
Minister, today spent several 
hours discussing the issue with 
Mr. Finn Olav Gundelach, the 
Fisheries Commissioner, and 
with the Danish and German 
Ministers. 

But he said later he did not 
expect important decisions to be 
taken this week — “fish have 
come up but the chips are not 
yet down. 1 * he added. 

Though the farm Ministers’ 
meeting here today and to- 
morrow is concerned with 
strictly agricultural matters such 
as wine, the fisheries issue is 
clearly uppermost in British 
minds. 

The Commission is expected 
on Thursday to table some sort 
of document outlining its ideas 
on fish quotas for next year. 


Tbis is not expected to specify 
national quotas for individual 
fish species but rather to draw 
national fire before more 
detailed proposals are presented, 
possibly in December. 

While French and Italian 
Ministers wrestled inside the 
council chamber to resolve their 
long-standing dispute over wine 
— they were not expected to 
make much headway before to- 
morrow morning — Mr. Silkin 
took the opportunity to air his 
indignation over attempts to 
export surplus Community but- 
ter to the USSR at prices well 
below those within the EEC. 

“ I intend to raise hell,'' he 
said with relish. 

The matter arose last week 
when the Commission reserved 
ils judgment on a French re- 
quest that export rebates be 


fixed in advance on a 14.300 
tonne consignment of butter in- 
tended for the USSR. The issue 
is a sensitive one for the Com- 
mission, which last year was 
formally censured by the Euro- 
pean Parliament for a similar 
sale to the USSR. 

Exports to the Soviet Union, 
it appears, are more resented 
than those to other non-EEC 
countries. This year, the Com- 
munity has subsidised the export 
of around 50.000 tonnes of but- 
ter to non-EEC countries, with 
little public protest. 

Mr. Siikin. asked why. he bad 
not raised the matter earlier, 
said he found it particularly 
offensive that Fresh butter rather 
than old intervention stocks 
should be " sold off to a wealthy 
trading nation when it could be 
going to the Community." 


Milk Board Fishermen back tough 

poll result , , , . 

this week stand by bilkin 


By Our Commodities Staff 

THE RESULTS of the vote 
among dairy producers in | 
England and Wales about the, 
future of the Milk Marketing 
Board are to be announced oh 
Friday. 

The poll was ordered by the 
EEC Council of Ministers to 
assess the degree of support 
from dairy producers 

Scottish farmers have already 
voted overwhelmingly in favour 
of tbeir domestic milk Boards. 
There was a 99 5 per cent “yes" 
vote from producers for the 
whole of Scotland, with tbe 
North of Scotland Board receiv- 
ing 100 per cent support. Only 
17 producers nut of 3.551 votes 
cast said "no" to the proposals. 

To allow the continued exist- 
ence of the Boards the Council 
of Ministers laid down that 
SO per cent of the producers 
must vote in favour as well as 
50 per. cent of the ” cow ’’ votes 
— each producer was credited 
with one vote for every ten 
milking cows and extra votes for 
additional cows. 

In the event, the Scotttish 
Boards received support from 
99.5 per cent of producers who 
voted and 98.6 per cent of the 
possible “cow" votes. 

Some indication that there is 
a similar trend in England and 
Wales was provided by the news 
that 96 per cent of Welsh fanners 
had voted well before the final 
polling date. 


BY RICHARD MOONEY 

ON THURSDAY and Friday 
of this week the attention of all 
Britain's trawler operators and 
fishing industry leaders, and 
most of the country's fishermen, 
wall be focussed on Brussels 
where EEC agriculture and 
fisheries ministers will be getting 
down to yet another round of 
“crucial" talks on the future 
shape of Common Market fishery 
policy. 

Over the past two years fishing 
industry leaders have become 
used to “crucial" EEC meetings 
from which nothing actually 
emerges. But they now believe 
that the crunch may soon be 
upon them and are taking no 
chance of their case going by 
default. 

In preparation for this week’s 
Council session the British Fish- 
ing Federation (BFF), which 
represents the country’s major 
trawling companies, has issued a 
lengthy background document 
which restates, for the 
umpteenth time, its demands for 
a fair share of Community fish 
resources; a genuine commit- 
ment to conservation; and a 
realistic approach to control and 
enforcement of EEC fishing 
regulations. 

At last month's Bonn summit 
Mr. Callaghan and Me. John 
Silkin, Minister for Agriculture 


and Fisheries, agreed with 
Messrs, Schmidt and Ertl, their 
West German counterparts, that 
the time had come for a political 
initiative aimed at breaking the 
deadlock in EEC common 
fisheries policy negotiations. 

This led to reports that Mr. 
Silkin had offered significant 
concessions on his previous 
demands, which had been 
rejected by the other form 
ministers time and again at talks 
in Brussels. Mr. Silkin flatly 
denied that this was the case. 
“1 have conceded nothing except 
a willingness to enter this new 
phase of the negotiations in a 
constructive spirit without recri- 
minations about the past," he 
declared. 

Fishing leaders are uneasy 
about the situation, however, if 
agreement is to be reached com- 
promise is inevitable and, as Mr. 
Silkin pointed out himself, no 
farm minister can be expected to 
admit to having compromised 
from his own demands. 

The BFF still professes to be 
fully behind Mr. Silkin and 
states, in its latest document, that 
confidence in him is such that 
the fisheries organisations accept 
his assurance that no sell-out is 
being planned. But could it be 
that this declaration of faith in 
Mr. Silkin is designed to make 


it even more difficult for him to 
break that faith? 

The Federation bases its case 
largely on the "fair shares’’ 
principle. Current proposals by 
the EEC Commission, which have 
the backing of toe other eight 
member states fall well short of 
giving the British their fair share 
of Community fish resources, it 
claims. 

It says the books have been 
“cooked " to give the impression 
that the UK is being offered a 
generous share of EEC fish. The 
Commission says its proposals 
wouild mean a nominal 0.5 per 
cent cut in the British fish catclj 
while other members would lose 
between 7 per cent and 29 per 
cent. 

But the Federation points out 
that the suggested UK catch 
includes 100,000 tonnes of horse 
mackerel. “ a bony, spiny species! 
almost totally unacceptable for 
human consumption." The fish; 
it says, is so little regarded that 
it has never been tbe subject of 
EEC quotas. No other country 
has been given a horse mackerel 
quota, it adds. 

“This almost unbelievably, 
transparent device," the BFF 
claims, has been used to disguise 
a real cut of 10 per cent 

The Federation also objects to 
the comparison methods used by 
the Commission. 


COMMODITY MARKET REPORTS AND PRICES 

U , «'« ■ 4* •• Amalgamated Metal Trading reported, lng and the-. price dipped to around i 

DA3e itiEi /VJLo that In tins morning casta wire bars traded, before finishing at £7.430 on tbe 


Amalgamated Metal Trading reported, lng and the price dipped to around £7,480 cents per pound): Daily price for Nor. 28: JML-Feb.-March #L50. April -May -Jane despite currency induced firmness, and It DD ire rril \rrC 

that in Uw morning cash wirebara traded bstore finishing at 17.430 on tbe kerb, lfiday average 1P0.3T 03003;; 23-day 1E.O0. Denaturabte iwalKy wheat, seems buyers are still only covering lllltL 

at £748, 4BJ; three mouths £768; B7_5T^ in uie afternoon currency movements average 179.85 ti.7B.30l. delivered East Anglia: Nov. M.M. Dec. neMed requireraeni s. m , n nnM qq^ otherwise stated. 


COPPER— Slightly firmer on balance Cathodrs, cash 73S.5: three ' months 1757. caused a further weakening and forward 

.Id ouiet trading on the London Metal Kerin wirebara. three months . £7W. 69-5. metal dosed at £7 .300 on the late kerb. 

Exchange. Forward metal opened higher Afternoon: WJrehars. three months 1773, Turnover -1.745 tonnes. , 

-• arim. owing to. the easier rone In sterling 73.5 73, 3.5, 1, 1. 70.5. 71.. Rerb:'-Wirebara. Mnrnln „. c.-ndarri throe numiha rr 400 

■ K,? srs. SK mKViS! “* ’“?*■ *"*■ ” A ™- oEd,^ 2 h IS 

- latter saw_ yie price ease otu n--_ « 1 , ^ nHn »«>,+. thru Month* rr rvi 


caused a further weakening and forward .80.00, Jan.- Feb. -March 93.00, .Aptll-May- SYDNEY GREA5Y— - Close tin order 

metal dosed at £7.300 on the late kerb. June 07.00. Barley, delivered East Anglia: buyer, seller, business, sales:. Micron 

Turnover 1.745 tonnes. . rA L'L'L' C Nov. 82.00, Dec. 83.00. Jan.-Feb.-Marcb Contract: Dec. 34S.5, 348 8. 34S j-348.5. 3 ; 

rK.au, mnnfki rv djiA LUfrEli 86.25, AprtJ-MayJune 89.75. March 353.6. 354.0. 334.0-354.0. B; May 

10. 20. 30. High' Grade, cash £7^530! After posting early gains. Robust aa PTJRRFP Su^^Imo 1- 362 0 ^nlf rip S, Etec' 1 M 35 ' 


Nov. 20 -for Month 
197b — I ago 


5^ T; tS*doabu: on the mornhm Irorb M TIU-Down. A rise In the fenang price Kerb: Standard, three wombs £7,430. declined sharply in early afternoon as 

^°A further 'strenglhenhSrto- sterling prompted a firm opening .with forward Afternoon: Standard, three months £7.430. ComnUsdon House seUtng was general, STEADIER 

A ivvianr fpuYijguicuuitc mi ■^ 1 ™ w r? ami *»n r ?«n m o» 7H on ewh- Drexel Rnmham T.amhprt rpofirtc I-alP -u^.^i 


COPPER 

*.m. + or 

Official — 

P-TD-. t+OT 

Unofficial ' ■“ 


£ . e 

£ £ 

Wirebara 

Cm*.— : 

746.6-7+3 

749-60 U.S 

Jmonrh'.j 

767.5-8 +3 

77D.5-J f+»-7» 

* Svwi'ia'nti 

747 +3 

I 


. -1- 


:• Ca=h.._:...] 

736-.S +A75 

757.6-9.5+5* 

Smooth"-! 

756 7 +*.76 

758.6-60 ,+4.7S 

Serij'm'nrj 

736-5 U4.B 

.j 

. C."'. Tint.' 

65S3 : 

■72 


rh Grade *• 
fc .1 7560-80 



I _ , zTr'r.TT 744040 +5 7386-406 —35 “t*** 8 - ^ rings the price moved 

I between £S70 and £384 in a thin market. COFFEE 

770.5-1 r+5-75 settle® M 7»u — 1 ft, ^ afternoon the market rose lo 


Uwb TOBO-BO -« | 7470-90 ^30 


I.CL Index Limited 01-551 3466. Three month Copper 766.5-7; 
29Lamoat Road, London 5W10 OHS. • 

L Tax-free trading on commodity futures. 

' 2. - The commodity futures market for the smaller Investor. 


£385 before easing bade to dose at ESSO 


lenten lay '» 
Cm** 

+ OV 

1 £ per tonne 
i 




MEAT/VEGETABLES i month*-.... — j£382.6 -6.5 a'384.75 

SMITH FIELD — Beef: Scottish killed Ntckfi.... - J 


CHAD 

•alTL. 

UflSciiM 

+ « 

[■.m. 

Unnfilclm 

j+ ,,T 

C»h„..^. 

t - 

5SO-.5 

£ 

-9J& 

391-8 

!— 7A 

•> month*.. 

38a. B 

— 7.5 

362-3 

1—65 

TeU'meot 

3B0.5 

-a.b 

— 


U.fi. ^pot. 

- 


*36.36 




January ^.."i 1416 1418i + 14.0! 1424 15B0 Jivdept M 76 fcB.BlF B7.10-B7. 20 67.ED 66.60 < > u ® r, * ri J**- 1 }. 

.March. 1 277 -12H01- lO.0, 1308- >251 tiefr- Dec 68 *-68.00 68.40.69.66] 68-65 -b&.2& Veal: English fa is i 


Sales: 1 til) at 5 tonnes sad 343 i4B8) 
lots of 15 mimes. 


m so. 

Porg; English, under 110 lb 37.6 to 48.0, 


o moathB.il"!’!.™] £7] 280 I— a5.0 ; L , 7 I 512!s 
8, Tungsten (ei ......... 8 141.B6J— ....jS 141.56 


months £S 
Kerb: Tta 
Afternoon: 


Copper 

The Outlook for 1978/79 

Inter Comnunodities 

limited 

Specialists in Fundamental Analysis of the 
Metal Markets 


83. W. Kerb: Three mourns £383. 8L5, Arablcas 149.50 <152.301; mbw mlW SOYARFAN Ml? AT Vrnma feacht 200 0 to 2*0 8 

81, 80.80.5, 81, 80. Arab (car 143.00 1 133.331: Robustas ICA aUIADLAll 1T1EAL ST^^rnl on -raae la temrt 9^ 


§ Derek Adler 

B Infer Commodities Ltd, 

3 Lloyds Avenue, London EC3N 405. 

. jj ■ Telephone: 01*481 9827. 

fllMame. — — — * 

f Address- ““ 

^ Telephone No . J| 


Zlkt-Brn*. 1676 141.00 1141.581: Robustas ICA 1668 

FroiSSS^'c^a^^bSi lav™- DaU7 avenu£e MJ# 

Ml lo J3543 in the' moraine rings, irtlo- 1 
cnced by the downturn in lead, before __ . 

recovering an trad* baying to dose on fjK Al l\S 

the Kerb at £357.5. This trade support J 

continued In the afternoon with forward LONDON FUTURES fGAFTAI— Grains 
me Ud anally 1355,5 on the late Kerb, opened unchanged nn wheat lo 5p higher 
Tu r nover; 3,725 tonnes. on barley, in (airly acme trading wheat 

— values increased to trade 70- 75a higher on 


change. England and Wales— Cattle num- 
bers down 0.9 per ceni. average price , . 

fi7.22n ( — 0.051 . Sheep numbers down 10.2 


copra TO imp 1397 DC 

Do.vnhmn (U.S.) 15276* 


ZINC 

. Offlda 

• 

V 

l*ah— .... 

342-4 

Muooitm.. 

365-6 

a'mcaiL.^ 

344 

t'rxm.we+i 

— 


m.m- + or p-m-. T+cr gnod consumer and crmimeTrial buying. *■*«“*- i!iHtf.ffi"jr5d — bers up 0.1 per cent, average price 70.36P Grain* 

Offlda — Inofficial — Some country seDlng was seen but the Vf 5U>t,er — I+8.64J. Shorn numbers dp 17.1 per rent, barter 

— market doted firm. 4S-7Sp higher. The Ureem bg. . .J I . MWj ~| — average price 120.7P 1 -01 1. Wg numbers Home Putnree,... £B3.6 +0.4 i£B2.45 

x 5 *' ± nan inrereri being In January. Barley Sales; 77 »l!4j lots of 100 tonnes. down 3.0 per cent, average price ei.OBp 

342-4 —4.5 344.5-6.5) — 1J1 values also Increased on cond com merdal * 1-0 «i. hnu.h'tn'Tiik Pirw a pints 

165-6 —3 367-8 -1 buying. Some country selling was seen-- CTT(^ A K MEAT COMMISSION— Average rarstoefc Wh«ii w k.io<s.B 

344 —4 — and values closed 30-40 higher. New JUWAA prices at representative markets on Nov. 1 im npnw £9<t at +oal l '9Z3 

. — '55.&-4.e crops saw veir tittle trade and dosed SCATTERED long liquidation found few l(r. GB cattle 87. Kip per ks. l.w. v ft 2 H ,niww«rao , M. " 5 


Kerb: Three months £357, 57.5, 56- After- WHEAT BJ 

won: Cam £345. three months £356. 58. 

57A 58. Kerb: Three month* 1357. 56. « +or Xaaswntav 

M ntn cone — clone 

ALUMINIUM — Firmer owing to re- ' 

oewed buying and sd artcovering which »oiJ 89.60 +0.45 81.60 

lifted forward metal from £506 to £693 Jon.J 91-15 +0.7G 83.6 ■ 

prior to a' dose on the late Kerb of Hwr.J 93.5 j +0 70 85.80 


1-1.5 I 

£. J .48.7$ 

l—l.o ,):360 

1. — i 

1 1 

5675 

1 : 

—6.0 i£326 


3610 

+ B.O ' 

3570 

8279 

+ 0.4 

£82.45 



+ 0.5 1 

i:92.3 



£B7 

+0.3 

i.91.5 


Morning: Three - months £357, 56 ~ 55. UBch * oetd t0 g g tew M_tortey._A£ji and pn ces drifted in doil trading UK sheep 132. 4p per tat. est. d.c.w.t-l.OK 

irb: T£ee SSthsS^SfTM. AfW- WHEAT BAALEY cnodllions. reported C. Qamikow. The GB pigs wr kg. Lw. (no change j. o^^nnums Igiaii \ln «•«' 086 


Frw. Ve+ienl-y'd Bu«nem average price 132.7P (-0.91.' Pig numbers J,u > Wl.417 +14.0 'Xl.4t1.fi £ 


£607. TtHrarver 650 tonnes. 


| 

Aiomin'm 

a-m. . t+oi 

fj*in. 

■ 



t/Dofleia 


+0.55 Co < aa ‘- Uo ~ 
+ 0.40 

+0.54 


«ov_. 89.60 +0.45 81.60 +0.55 *- l,sw ’ u ® ,w D,1oe down 2.4 per cent, average price M.Bp J-oison * A lo.lra .. 1/9 3 c +0 6 117 5 

Jan..- 91-15 +0.7B 83.6 1 +0.40 l<ln - <no change). Scotland: Cattle numbers Kaiit^r kilo. joB.pn- — 0.5 |b«.6 • 

Mar... 93.Su +0 70 85.90 + 0.55 ““I UP 16.0 per cent, average price 70.33p ‘•ugni- (Kawl itlOO i:iu9 

Mav.. 95.10 +J.70 86.4a +0^46 «. louae (+0.30i. Sheep numbers down 6.4 per wnpimyHM* kllp)..,l274p . +2.0 \ &7& \> 

Seiv. 6^35 83.16 +O.IB Dw..— . 10B.B>-li9 HI Iiu.b8-1J.7D|I11 66 - B Bj cent, average price lSfl.Bp ‘-0.2i. Plg « Komlnal. t New cn» r Unauoied 

n»-diiiHBBMYw.'«m ^ - ! ’? 1 ^ 1 : ‘j IT ‘is 1 1 “ S , S be ”o“p. MS wr averae t>rke - NO- 0 "?"' vs?” S -o^rz. 

Jan. 81. 15- 60.76, March 93.SA6a.ta, May * f ]£:? j! P ‘S f? 522 covent garden .prices In sterling w 0er ' x Por ,on - * rwflcafor prices. 

.... 


£ i wrier: ri.fp-ai.av. jan. as. id- 1 ptminr HnHuir ISA's new rrou 

spot — - 83.30. March Sfi.W-S5.95. May BS.4588.45. Oec 1:5 0 fi 9tf 1.4 75-« Ou Ia 4 pu.25.75 PTfPSS; Mj M 

4 motniiA. 607.6-8 +4J5 807-8 +3 ftgL M»J5. Salra: 189 I nu. Msm. .. 1,7 50-Z7.5u|jag./b-.B 0 149.5 .88.00 cl'prwt-T nSml'aMM 

^ Sale*: 2.021 .1.832) lota of 50 tonnes. Boxes 144/163 fi.OM.50. OransM-Spama: 

Morning: Middle January SB04, -bree Meat- Si 8876 Tate and Lyle ea-reflnery price for Navel fNavelinas 3.3M.59: S. African: 

m on tier X6M, 8, 7. Afternoon: Three s?Sw Mltomta M hi^n granulated basis while sugar was £264.85 Valencia Lair 2. 80-430: Cyprus: Navels 

months M07. ffi M ' inr m r^ri > lonoe for home trade and 4.06-4.80. Satsimias-Spama: Trays 2.«u 

^75.00 fsame- for aport. 3_.M. CraoefruH-Dommican: 


— SSSH SSrMss sst g=r 

CU VFD be sn port. Prices for Nov. If: Daily Florida; J.S». Apples— French: Golden 

SiLYJLK prlcrs fpr delivery .duriut Jan-. __ .jjj, neraite 8J4 (g.ssi. Dellcioua 20-lb 72 2.40, 84 1.MMJ0: 40-lb 


259.731857-28 *00-38 1^41.78 

(Base: July i. 1653=1001 

REUTERS 




t LONDON COMMODITY CHARTS 

I Dv»r High/ Low /Close Charts with 

| 3-. 10. and 20-dty Moving Average* mams 

• I “ FrkUjr '* d °“- ADDRESS 


-- Sliver was fixed ti.Tp an ounce higher n » M m® iSS. iwhi LONDON daily price iraw sueari iwiMMta v-atf-^ua. jummeoa™ per 

I for spot delivery in the Lothian bolhon S'm : Fr+a SflBO ’ fS- m aeei)0 '«arnc< a tonne df for Nov.-Dee. Cranny Smub ab-Ib T^ 

* martM yeauS at BW.repTu Acral ih^io^J^M 'taJS White sugar daily price was MB. « large boxes lWtiaO/163 

I cotdvalcntstf^ th« M firing levdg were: (Sd LZ M K ^ “ 004,1,1 ,nw - 0D ‘- HSfr*- - Per "55? 

■ spot M3.5c, op 15.0c: three-month 603.6c. =25 *?«' ^ artor 88 ' 50, WHITE SUGAR-Close fin order buyer. WHIama 11M.1T Passacra^ne 0.06^ 

I up 1A6« ao^cmthi SM^S^ieTa5 __ nriMI seller, business, sales!: Feb. U6.B0. 110.50. Grapea-Spaniah: Almeria 2.M-3.OT. Negri 

- I 12-momh OMtBP iwe. n* 112.09. 2: AprU 114.75. 115.00. 116.7B-1I5.M. 2-M: Italian: White Ohaneg 2.KW.40. blade 

1 . l T“.. w ?5? , 22 Ce 2 Er " ™-“- Ca“- Iffl: Jnlv 150.00. 120.25. 121 JIB- 126.10. 2S: Ohanes 2.20-2.40. Bananas— Jamaican: 


DOW JONES 


I Phase send me details □ 

. I andose cheque for £85 □ 


.. 1 2a j as^r&«t SSS-aW KSffiTS 

. I - — t T— i 1— JTVE SE’&E 


lor non-UK P«^e) ^ 

CLASSIFIED ADVERTISEMENT RATES 


411 VMM u,,..,— , . 1 u ir ... - -■ a c&peneu id w uauiBlutea. 

tl EEC IMPORT LEVIES— The following 
invtfn, 7 *rvf ■ levies and premiums are effective for 

i-my oa. e I November n in order Of current levy 

„ arm L n il” an* -re, La w plas D « mt>Ar - January and February 

premiums iwlth previous m brackets), all 
i atoaLta4. 315.75p Sl5p «4.5 o( accoont per tome. Common 

I months. 3B4,. J+jH- — — — wheal— 88.43. rest nil <80.13. rest nil*. 

12 tnunilMj 339.8p U-l k.8j — 


w k nlMi Anri) J35.00. 138.50, nil, mL Sales: Meiona-*panisn: ureen 4 .WJ- 4 .S 0 : israeu- 

Uuiibm 4- or LM.K. 4- K< Si=r ^ Carmel Yellow ■ 4. 2<M M. Oolw- 

twin- _ ..u-n _ , EEC IMPORT LEVIES — The following EEC import LEVIES effective today Spanish- 4.00-4.20: Dulcb: 1 80-; no. 

W tor denatured and nonTdeM^S slmar Tomuums-Soamrii- S.5UMJ0; Dutch 4.20- 

November tt in order of current levy “ ,n» t.ia: Canary: 4.on-4"n. Curmbrn — 


Commercial an^ industrial Property g j 

Residential Property 450 14X 

Appointments ... 

Business & InveBtmMt OBPO I 5 UIU S es ’ 

Corpora tfon Loans, Production Capacity, jgc 

■ Business for Sale/Wanted . 

Education, Motors, Contracts & Tenders, 4 og i 3 ;c 

■ Personal, Gardening 2 75 J0- c 

, Hotels and Travel _ 7.C 

Book Publishers «-,ii 9i ,i» 

. Premiom positions i * vaUa *”'; . , 

(Iffininmm size 40 column cmsJ 
£1^0 per single column 

: - : further OetaUs write Jo- _ 

Classified A^erUsemont Manager, 

Financial' times, 10 , Cannon Street, El 4 r 


Single 

column 

cm. 

14.00 

8.00 

14.00 


t! « I.™ for denulured end noo?denatured minar. Temmues— aoaniFs 

NOTtraqer II in order of ctirrent lpvy . uijlia of accourvi per 300 tJlos— Whltec: 4-W Canary: 4.00-4.10. 

pins Dcemb+r. January and February 1^23,- R**« Canary: 18/1«- S 1 60-2 00. 

premiums iwlth previous m brackets;, all l ' ,— 51 trench: Per puuad 6.30: 


WOOL FUTURES 


4.M: Canary: 4.00-4.20. Cucumbers— 
Canary: 10/ifi's I 60-2 00. Capsicums— 
French: Per pui«d 6.30: Canary: 03. 
Dates— Algerian: Per glove bor 0..74-0.33; 
Californian: Tubs 0.30. Pomegranates— 


—.lat-a 9+ as 3.431 08 72 >r 6.74 
r-y<,)rwJ38 J 9SJ .00.6. | 83 96 20 83 
(Average lBM-25-MaiMi 

MOODY'S 

•' » .*tiv. Jl, .mil lad 

M--t.V- 17 16 hit.' +£" 


H TS. ‘JSS Baehe reporied. fSS^A. &5 gaSBB^jgt ■ «^ « 


isiki i— mmui rest nil.. Bartey— S7JM. rest nil .g7A6, »r Hm, CaDtornlan: Per pound n.50: Chinese: i 'December SI. 1631 = 100 1 | 

IBS nionth<j 21fi5 Its «« nhl. Oats— 79.56. rest nil rra^O, rest ~~ O.M. Brazils— Per pound LWM 0 3«. 1 

TSS Jfit las’ 1*1 ml«- fothtr thus hybrid tor seed- Aostrsimn \ -teflv a + r.H Huatntm Tocantins 0.39. Almond*— Semi -sort per 

Krth- moiriia ffltt Ml 164 lng>-78.D9. rea nil f79.». rest nil). Bre*«vWon- lim* — ■ tW pound 0.44. Chestnuts— ItaUan: 10 Inlos + 

*174 lO 163. Bu«3rarbe«-i.6i. rest nil (LM. rest mu. 4.0W.20: Spanish: 5 kflos 2.70-3.80. ^ * 

MS MS W^tjTs IS 1SJ Is- Mtnet-46^0. 10.41. 10.41. 10A1 146.60. Fllberts-UalUn: Per pound 6.33. GRIMSBY FISH-Supply pMr. demand 

lS l" IS Kuh' tliree’ mnniha ’jis' *** ^ 7.661. Grain sergbum— 77.65, , English produce: Pmbims — P er 25 kilns Oeod. Prices at ship's side i unprocessed i 

7?‘ landtag il maaam ^ rest nfl ti7.9S. rest nJi. Floor leries: Dreeimwr... US — I.20-1.40. Lettuce— Per round 1«0. Mush- Mr none: Shelf cod KJO-fg.OO; cndlinss 

Wheat or mixed wheat and ry« ftemi— lianrb Ijes.0-5b.0 — roams— Per pound 0 45-0.50. Apples— £4.8»-f6 on: large haddock S.W-MfiO. 

lllt.ll A 123S1 1 123.001. Rye Ilaur— 124 BO OM.OO'i. May ,'; J 7.0- 40.0 «... — 7*er pr,und Brsmley 0.04-0 nr. Lord rerby medium £S.«0-W. DO. small Il.fiO-fS 00: large 

- - IMPORTED— Wheat: CWRS No. 1 134 July ..USO-O-od-O — 0.04-0.05. Cox's Orange Pippin 6.08-0.13, Plaice 13 60-16.20. medium £6AO-£6^0. best 

— "sjifpn ,__i., X"™ Ttoiil'nem - L ' eri1 Nov.-Dec. 84.36. Tilbury. IU.S. 'Jctre«r :4D.D M.6 — Worcester Pnarmaln 0.034.08, Russni* small 4.06-16.20: largo skinned doeRsh 

Coen* i niw* ! ikinp DM* Northern Spring No. 2 14 per cent ueoem +r ....2i6.0-MJ) — 6.H4-0.W. Spartan 0.06-0.08. Petra— Per £10.50. medium £7A0: large lemon soles 

1 I I Nor. 90.50. Dec 98.73. Jan. 62.00. U.S. Awn '257-0-45.6 — omind Conference 8 OS-0.14. Comire 0.J4- rt.50, medium £7.36: rackfifih C 70-13.20: 

.i 1 Hard Winter 131 per rent Dec. unquoted « ST „ .240.0 44.0 t I — 0 IS Cabbages— Per crate 0.7Q4.&0. red* E!.0B-£2^0: salthe £3.86-13.40. 

IX. - lyt m g«n *4 93 s ■>isj u-siOi] Jan. S8.75, trans&pmeni east cottt. EEC " . . t CetniT-Por head O.KMf.ti. Caunrhmrara 

itoreh ill? . w Imn unwoted. Maze: U.S /French nmmoied. Sales: Nil loro nf 1.500 kg. -Per 12 Lincoln 2.00-2. 10. Kent 2.0IK7 00. * 

titn-b;. 12178 7Vd +Z7.j).iBZ 2160 French N jpaj#, Dec. 105. east coast. BRADFORD WOOL— Some dewreeiJition Beelroot-Per W-lb 0.70 Carruts-Prr LIVERPOOL COTTON-Swr and ship- 

irr,»“~ — SJ ■£ it;!' 1 : s. African while No. 1/2 Jan. 67.50 UK. in aterbng agams Hie doDar bruughi a 2R-lb 0.40-0.70. Capsicums— Per pmmd mem sales In Liverpool amonmed lo 

, luiy ^iiBOUMJI •+Z/.J .Z9I. 2171 s African Yellow No. U2 Jan. 8730 UK. firmer teodencv. becoming more evident 0.30 Courgettes— P»r pound 0.38. Onlonc !onn«. The week opened on a more 

Id ' II + irX !i7 L 'E,« Barley: English feed fob unquoted. is lop quotaitons. in Merino aod soma “Par fas LSfK.M, Pirklers 2.30-7.50. confident ome as customers were Icwkint 

— "1^1 Y MARK LANE— Active with more aggrcn- eroubred won' ptires. Swedes— Per »-lb o.SWi.60. Turnips— around for supplies. Minor support came 

■ly h — W - 2*15 ‘f-21-75 zi37-fl.2a<5 stoo from buyers. Sellers sun | united due The increase represents an anempi to Per M-fb ft.ftwifto. Parsnips— Per 28-itj in various American- type qua lines In 

Sales: 3585- IU691 »» nf 18 tonnes, to sparse farm offers. Million wbeot push up prices si tow alignment 0. BO-1. 00. Spronto— Per pound 6, 04-0. M. which African and Soma Amencao 

tmetmttoui Ckm Organ iratian (UA deUrarod Leadow Bov. 83-50, Dec, 03-50, with otter costa, Bn s mesa remuai ouiet cobaute— Per pound Kent 0.44. growths predomlxuteiL 


CRIMSBY FISH— Supply pair, demand 


jYesteniaF , *f+ w i Bonines 
Cuwe i “ ■ Unite 


Cyprus potato 
cut-back urged 

By Our Own Correspondent • 
NICOSIA, Nov. 20: 

THE CYPRUS Potato Marketing 
Board has instructed growers to 
restrict production to around; 
115.000 tonnes this spring (as' 
against 125,000 tonnes the pre- 
vious season) because of the*, 
good crop expected in the UK. 
and Europe in general, where, 
prices are expecied 1 to be 
generally low. 

At the same time, the Board is: 
urging fanners to get the spring 
crop early — possibly in March 
and April, instead of May and 
June. 

A spokesman for the Board 
said the most serious problem ' 
facing Cyprus potato exports to 
the UK was the high tariff 
imposed by the EEC (15-21 per! 
cent). But he hoped Cyprus- 
would find new markets, such as ' 
Austria. Germany, Holland and 
even France. 

At present Cyprus exports . 
small quantities of winter crop 
potatoes to Arab countries, 

Turkey plant 
expansion plan 

By Our -Own Correspondent 
ONE OF Europe’s largest turkey 
producers yesterday revealed 
plans for a new £1.5m plant in 
East Anglia which could create 
500 more jobs. 

Bernard Matthews of Great'. 
Witchingham, Norfolk, wants to ! 
build a new processing plant 
and growing farm complex. 
There is a chance the new firm ‘ 
could be situated at Halesworth 
in Suffolk where tbe company 
already has a plant at nearby 
Holton, employing 100 people. 

The scheme is seen by the ■ 
company as a major investment. * 
Matthews already employs 850 
people who produce more than - 
5m turkeys a year, many of which • 
are exported. 

EEC accused 
of flour dumping : 

SANTIAGO, Nov. 20. 
CHILE'S NATIONAL Agricul- - 
rural Society says the European . 
Community is dumping flour in ■- 
Chile and asked the authorities > 
to investigate. 

In letters sent to AJfonsso Mar- * 
quez de la Plata, the Agriculture - 
Minister, and the President of : 
the Central Bank, the society ’ 
said 11,750 tonnes oF flour were . 
recently imported at the cost of . 
$175 a tonne cif. 

It said toe flour apparently . 
came from France and West Ger- 
many. 

Reuter 


TEA AUCTION 

Tea prices showed little change ‘ 
at the London auctions yester- : 
day. Average price for quality . 
tea was in fact unchanged at '• 
l36p a kilo. Medium grades 
were 2p up at 118 p and plain 
tea was 2p lower at 77p a kilo. 

] 



52 




Financial Times Tuesday .; 



again in lethargic mood while British Funds 


adjust to terms of Friday’s £1.3bn new tap issues 


Account Dealing Dales 

Option 

•First Declara- Last Account 
Dealings lions Dealings Day 
Oct 39 Nov. 9 Nov. 10 .Nov, ZJ 
Nov. 13 Nov, 23 Nov. 24 Dec. 5 
Nov. 27 Dec. 7 Dec. 8 Dec.19 

• " New Umc ” dealings may ufcc place 
Trwn 9 JO a.m two bu»ine*s days earlier. 

•Stock market entered the second 

and final leg of the trading 
account in lethargic mood. 
Restrained soil by the obscure 
outlook for the Government's pay 
policy, where hopes were not 
raised by ihe preparations for 
new informal Goiernraent-TUC 
Talks, institutional sources con- 
tmeud to bide their time and a 
demand for second-line equities 
from the smaller investor was 
insufficient to check a drifting 
Tendency which was apparent from 
the start. 

Theories were expressed that 
the recent capital raising rails 
from Beecham and others, have 
taken a toll on available invest- 
ment funds. The Gilt-edged 
market, in particular .is currently 
digesting the effects of last Fri- 
day’s surprise £1.3 bn of new tap 
stocks. Furthermore, speculation 
persists about another major 
ngms issue being in the offing 
tins week providing market cun- 
oit.or.s are no: against it. 

Optimism 'hai the nev.- nil- pa id 
shares re*.ul::r.g from Beceham’s 
£>g.->m rights issue *-/ould eem- 
nience life :.l around 43p premium 
proved lp be mi\>!;tcetl. I' rum .m 
opening of about 4»»p premium, 
ihe price reacted on persistent 
small sales, usually of a few 
hundred shares, to 2isp premium 
before hardening to clow a 3.’fp 
premium. 

Although i\ was generally agreed 
that soiling pressure on leading 

industrials could only be 

described as light, the rcluciance 
ci buyers was unsettling and, 
measured by the FT 30- _-.hu re in- 
dex. the tone deie.-ioraterl pro- 
gres-ir/ely. At the in uni 
calculation the fall was only 0 
but at each e-jhsequenr count 
unit! »he last the loss v.:«s 
gradually increased, the close be- 
ing 4 points oil at 498.8 us against 
the 4 it decline at ■: pm. 

Consideration of last Friday's 
two new tap stocks, to In l ling 
£I.3bn. ’.'0= reflected in British 
Funds v. h:?h adjusted to ihe 
terms of tht'.e issue*. The longer 
maturities vr-tn lev. or ih,:n the 
lei els obV-inuTJ Into on Friday and 
the hither -coupon stocks lost j 
funner bujer s*s=i-w*d market 
prw.pect't iin-i di'.Osled ihe in- 
creased pu*eh:. ?e: of the i-rwious 
week. S;>ecu uiive probHakiiig 
brought fosses to t.ne shorts ex- 
tending to i. but :t v.rs emphasised 
3- hnih end« nf ;h .■ market that 
overall s- 1 ling was modest. 

A good bu-mesj* :n the invest- 
ment currency market for both 
institutional and arbitrage 


accounts ?av. ihe premium fiuctu- 
aie between extremes of 87£ and 


was (i72*.i IU.7165). 

Suspended last Friday at 132 } 
pendir.t further news of the bid 
talks with Petro Canada, dealings 
were resumed in Pacific Petro- 
leum Inv details of P.C.’s 
aereed C^.3.02 per share bid; 
vesterda;. - ciose wa s - £3fl|. 

Yi’S’crdoy’s 190 was the lowest 
number of contracts compiled 
in *.h*' Traded Option market 
since deiiT.:.- began on April 21. 
Of yen cr.J ' i loial 94 were dealt 
in CourtanlJs in front of today’s 
interim re suits. 

Cedar Holdings up 

Quoted under Special Ruler. 
Cedar Holdings jumped 5 To 2-ip 
and the preference 21 to «8p in 
response to the respective 2iip 
and 7flp cash bid terras offered by 
Lloyds and Scottish; the latter 
closed a penny harder ai 84p. Else- 
where in ?. ielhargic hanking sec- 
tor. Hongkong and Shanghai fell 
IS further :i 237p on domestic 
and investment currency influ- 
ences. viiii.:- AN2 closed below the 
best bu’ 2 u.:- at 2il7p in response 
to the shrrplp higher annua! 
profit?. The major clearers drifted 
lower on :«?v of run port. Midland 
c!o> irsc 9 off rt 342p. 

Intcre-t :r. Insurance broki-rs 
waned c-.n-i Jerably after Friday’s 
inert;. -vd vi:y which followed 
new* of ft cH. : v. ick Forties's plan 
;o n>r:e i , : 'n Bland Payne and 
tiiert <;o-or.-..rute the combined 
b u • i n c •* v . t It Alexander and 
AsCMinuer P truces of ihe U S. The 
cit>*;nc tog.? was mixed. 

Brewer - ' * tended l '■■wit fallow- 
ing s sntr!! trade. Allied eased ; 
ro £2. : p anojJ of today.js interim 
stritcmc-m ’ Crrorim: demand that 
deveiope l late on Friday. Matthew 
Clark T.-so in to 1-V»p. 

Parker Timber provided an 
isolated firm spot, rising lh to 
UTp on rv :ved bid rumours, in 
dull Building descriptions. Small 
scrappy .-cllin? left Taylor Wood- 
row 3 i-heaac;- at 39Sp and Richard 
Cos: sin 2 lower 3t 234p. but 
further vo n si 1 era lion of liic 
reduced mid-’.t-rsn fos? left Edward 
Jones j pennv better r.t 13p What- 
lings a!w> firmed a penn;.. to ->8p. 
Elsewhere. Tunnel “B" gave up i> 
to is>p v h’te Marlcj eased a 
penny in a i'<7S Ion of 9Tp. 

Ah-’ ad ef Thursday'* thrrd- 
quarler figt'-vs, 1C1 cased 2 to 
SfiOp. 

J. Michael firm 

R-ports that consumer emifi- 
donee is currently at its l'»we*>t 
fnr aimnst tv. n years because of 
fear? a bon; a n or<ening mllaiion 
raio oufAeivbu'l a Char tern oum* 
ch*-i f .ttna- ‘•ponding ?pree is in the 
Group p-odj— ton that a record 
efil-> and price- of leading Store? 
d rifle lower on small offerings 


and lack of support Gussies “A” 
cheapened 4 to 296p and Mother- 
care eased 2 to 154 p as did Burton 
“A”, to lti2p. Else where, an 
investment recommendation drew 
buyers' attention to John Michael 
of Savilie Row which closed 4 to 
the good at 20p. after 21 p. 
Ratncrs, up 9 last week on Press 
comment, declined 5 to 65p on 
profit-taking. 

The Government's decision to 
study their rival turbine designs 
served to depress GEC in Northern 
Engineering: the former ran back 
6 to 311c and The latter declined 
3 to 12Kp. Elsewhere in dull 
Electricals. Thorn gave up ti to 


ELECTRICALS 

F.T -Actuaries Index 


34b >> and Plessey eased 2 to 104-p 
Nervou? offerings ahead of to- 
morrow’s mid-ierm resufts /eft 
.’•i'.K. Electric 6 lower at 2Q2p, 
v.bilu renewed selling prompted 
a fre'h decline of 10 to 22i»p in 
United Scientific. Campbell and 
Isberwood dipped -1 to 120u but 
Henry U'lgfatl contrasted with an 
improvement of 4 to 2:J2p. 

Quietly dull conditions prevailed 
in the Encmeering leaders. John 
Brown were again vulnerable to 
small persistent offerings and the 
close was a further fi lower at 38Bp 
with tiie new nil-paid shares 
closing a like amount down at 42p 
premium. Elsewhere. Redman 
Heenan added 3 to 54p in reyponse 
to Prass comment and London 
and Miotand Industrials hardened 
2 to 103o follow ing ihe increase 
in trie-rim earnings. Birminehaiu 
added 4 at I26p. but .11. L. 
Molding? lost 3 to IMP as did 
Ransomes Simms and Jefferies, at 

Leading Foods generally marked 
lime in rhe absence of investment 
incentive, but a Press menlion 
lifted Assnrinied Dairies 4 to 172p. 
Louis C. F.dwards added li to a 
high for the rear of 24p. while 
George Ba.isetl round a little 
u in port x-id improved 2 In U4p. 
The stepping-up of industrial 
r.ction in the bread strike lpfi 
A.B. Foods a penny easier at Cl>p 
and I1I11I i cheaper at -ilp. 

In Hotels. Myddleton jumped SO 
to 2M.»p on the late announcement 


of an agreed 300p cash offer from 
Ladbroke: the latter cased 3 
penny to l37p. Reflecting interest 
that developed late on Friday. 
Prince of Wdes improved 4 to 
79p, but lack of interest left 
De Yere that much cheaper at 
150p. 

Wicanning fall 

Miscellaneous Industrial leaders 
got the week off to a quietly 
dull start. Beecham were quoied 

down a further 10 at 600p c* the 

£82: in rights issue, while «»n 
active debut by the new nil-paid 
share? saw them open tit 40p 
premium and toucb 2Sp before 
closing at S3p premium. Metal 
Box eased 4 to 298p in front of 
today's interim results and fails 
of 4 and 6 respectively were seen 
in Rank, 240p, and Reed Inter- 
national, I4Sp. Elsewhere. W- 
Canning fell 11 to 52p, after 48 p. 
in reaction to the chairman's 
warning in his annual review that 
the expected recovery in sceond- 
half profits will not now 
materialise. Comment on the 
disappointing annual figures 
prompted a fresh fall of 2 to sip 
in **W Ribbons, while domestic 
and investment currency 
influences prompted losses of 
between 5 and 8 in Far-Eastern 
concerns Hutchinson, 5Sp. Sar- 
dine llatheson, 175p, and Swire 
Pacific. 9Sp. A dull market last 
week following the sale by T.ilbex 
of its n ear-30 per cent stake, 
Hoskins and Horton continued to 
irilf in ex-rights form. the 
ordinary finishing a net S lower 
at I37p. while the new-nil paid 
opened at I2io premium and 
closed at lflp premium. •*•:’ v ,iy 
of contrast. Carlton rnd»?tries 
gained S to 227p with the help of 
Pre?s comment. 

In the Leisure sector, recent 
Press comment continued io 
stimulate interest in Norton and 
Wright which gained 11 for a ;uo- 
dav ri*e of 17 at 153p. 

Motor Distributors touched 
slightly higher levels on hr:>e? of 
an’ early Ford settlement: Hamid 
Prrr>’ featured, rising 4 io Ulp. 
while Tate of Leeds, 71p, and 
Heron Motor. 98p. both improved 
a oenny. Western Motor however, 
cheapened a penny to lh5p af'er 
furiher reflections on the forecast 
downturn in fufi-year profit#, fn 
Components, Dunlop also .-bed a 
penny, to a 1978 low of '’.Ip, hut 
Lucas finished a like amount to 
the good at 29Sp. afier ihe viifcir- 
mnn’s encouraging statement on 
trade. 

Newspapers tended Inv.?r in 
quiet trading with Assovialcd 
Newspaper*. 178p, and Daily Mail 
A. 24Sp. both easing 2 United 
Newspapers met small ?e!T* rs and 
lost 7 ro 32Sp. Elsewhere. Saaichi 
and Saalrhi, a good market of 
bre. put on S to I25p i'i-k.v.-. ing 
another investment recommen- 
dation. 

In barely tested Properties, 


occasional small ofterir.? clipped 
4 from Stock Gmverefon at 2S2p 
and a like amount from Bernard 
Sunley at 24fip. Bradford Property 
Trust’ found a little supDori and 
improved 4 to 254p. Followins 
satisfactory annual resulU and 
the proposed 30 per cent scrip 
issue. Town Centre Securities 
held at 74p. Reflecting Far East- 
ern adrices. Hong 1 Kong Land 
shed S to lisp. 

BP against the trend 

British Petroleum managed To 
improve despite slightly unfavour- 
able Wall Street advices and 
closed S higher at *H4p. Elsewhere 
in Oils, the tone was le-'s 
encouraging ana Shell shed 2 to 
570p, while similar small lo«es 
were incurred by tiie more specu- 
lative counters. Reflecting the 
overnight trend in Australia. 
Woodside fell to 52p. 

In Overseas Traders. Sime Darby 
reacted to Singapore advices and 
dropred S to S6p. 

Following last Friday’s rally on 
the company's denial that it was 
seeking aid. P & O Deferred 
turned reactionary again and 
closed 34 easier at a 197S. low of 
Tfljp in' quietly dull Shippings. 
Reardon Smith lost 3 to <<p and 
the “A" 2 ro 32p in front of today's 
interim figures. 

Movements of note In Trusts 
and Financial were few and far 
between and generally confined To 
overseas concern® which gave 
ground on dome-Mic and invest- 
ment rurrenev influences. Jardine 
Seenr’/’cs fell S to S2n. while 
losses of 5 were seen in Haw Par. 
42p. and Majedie. fiSp. 

Idle Textiles edged downwards. 
Cnurtaulds eased 2 to IlOp on 
nervous offerings ahead of to- 
morrow's interim statement and 


talk of 3 possible rights issue. 
In lower-priced issues. Homfray, 
37p. John Foster, 3Sp, asd 
Hlghams. 4*»p. ail lost 2. Sirdar^ 
on the other band, responded to 
speculation of a possible hid from 
Readicut and rose 2 to lQ8p. 

Plantations succosaaied to Par-,. 
Eastern pressures, Chersonese 
falling 4 to 45. with Guthrie, 3l0p. - 
and Highlands, S7p easing $ 
apiece. 

Westfield up again 

Most o? the attention in mining 
markets was centred on Westfield 
Minerals, which jumped 2$. more 
to a HITS high of 2S2p folioH-ing 
renewed Canadian, Irish ana 
London speculative buying. 

7!i* buyins continued to reflect 
optimism oirer the company's 25T 
ner cent mterest in M0 acres of 
petroleum and natural gas leases 
in the Wayne Rosed ale area of 
Alberta. Westfield's shares have 
risen over I0bp since news of. 
the leases v:zs announced last 
week. 

Northgate Exploration, which 
has a 45 per cent stake in 
Westfield, rose to 460p prior to 
closing 5 firmer on balance at 
445 d. On the other hand Anglo- 
United Development, another 
company in the Northgate group, 
feli S lo 21 Op- 

In rerest in South African Gold 
shares was minimal, although 
yn?n scattered buying interest 
enabled priers to show modest 
“ains overall, as reflected by the 
0.1 increase hi the Gold Mines 
index ro 131.8. Tbe ex-premium 
index put on 1.6 to 86.Q. 

The bullion price gained S1S5’ 
to ST99.S7.5 per ounce hi front of 
today’s U.S. Treasury gold 
auction. 


Owramroeat =*»- —* 

Fixed laierfet- 

!aduimai 

Oolil 

&9I4 Mi.-W* Ex-6p«ni 

Old. Div- rw-i.— — 

jim'np.S™ 

P.B Kkio '*> — 
Ue»j;op errxed— — ■ 
Equity luraorer £xo .. 
Equity 

10 am 47 


Basis 100 Govt. 
Hjnwi 12 3- 53. EX-$ 


69.63; 

47SLS| 

131.7} 

9«»! 

6.0T; 

26,0fr'; 

8.06] 

; 3.7S6J 

12,690 


69.56) 60.52 
,471J>'. 476.6 
150.3! 135J6 
01.5! ■ 93.9 
. 6.02 6.72 

' IftOfij 13J» 
810&| 8.11 
'■3.909) fl^36 
' 64^5j - 74.66 
15,402! 14.543 


S<»v. Sot. j A ymr ’ 

14 .13 j -B|pji 


fig^Si M.W6j 
69.411 -69.30 
487.51 474;5l' 


137j! -130.1, 

’ ZOOJST': - 99.7} 
5. 59| 5.71i- 

15^71 

•4^47j 4.573 . 
72.10 .55.78 
14.2131 13.373! ; 


U. U am 47114. "Noon 47B2. 1 pm 4S9i ■■ 

: pm 3 X00 4884.- ^ 1.. 

LBUM .twhsc tfWflS ms. : x' 

•• *“ Nil- 7,89. • 1 > 

Secs. Ij/lft/tS. Fixed-, im. 1BSS. !nd. Old. 1/7/73/ GAT. 
pm index started June m. SE AcUvitr JntwDee. -lM£. 


highs and lows. 

^ I97S ! 6 «we Vkmpitatton 
Bii^i ! Ujw ■ High ! ■ -Low 


S.E, ACTtViTY 


- 1+ K®c« | Sov 

•;l - *?. J'. I? 


Govt. S« 9 >.. 78^8 

u.'ij 

Ftsoi Int...- B1J7 
iaiL 

ImLOrd..... 935.5 
iWi9i 

GtAlMlaw. 

iW/Sl 

Goa Mine* I. 3 ®- 3 
(Ex-S pm-!.- 14 ^ 


1 67^2 
i XlC/li) 
69.3D 

; (13(11} 
• 433.4 

j (2(3) 

i 150-3 
! - 16/ij 


-JJB7.4’ ' -49.1B 
j t*/im j H/M 
j 160.4 j 50.53 
i<2U/llj47>i 1 3/L/56}. 

549.2 I. 4G.4 
Irl*0i17l I 05/6(40) 
i442.S-i.4Jk5. 
'(22(6/76) ,(28/10/71) 

j 337.1 ; : 64,3 
1 [3rt/74)i(26(8i7a 


Xhn-SdKed^L- -ia&6f - 
'XBdnrtrfc(»_v 'JSftlf 
bpeeoiuiVfr^l .•-■30.5; 

. To!**. ■'<■.■ta.il 

“‘i ; r 

5}d*®ArH»Ktt_ L Jr 
QUt-Bd2«1 1^;., X 70. 4} 
ladnatmta.J ,157 
d«ealsUve~i'.-' 50.44 - 
-. 9S.lf- 


Heavyueight golds continoed to ’ 
come under selling pressure with 
Randftmlein 5 cheaper at f23 and 
Hartebeest i off at £Ui. I«wer- 
priced Issues, however; attracted 
a modest buying interest. Presi- 
dent Brand rose 17 to 785p, Unfsel 
6 to l£6p and Welkom 4 to 22lp. 

Financials weakened across the 
board. South Africans -to lose 
ground included De Beets, .,8 
lower at 338p, and JoIuuum, 
which fell } to £12}. Among the 
London-registered issues Charter 


continued their recent deefee and 
gave up 5 to 123p, ’ ■- V:--; -.: - 

Australians lost further ground ’ 
to- .line with oversight -;hon» 
markets and - the . lower piendunv J - 
Western \Jfflhtng dropped -8 tn.-., 
123 p. North' Broken Biff 6 to S9p - 

and Conzine ptottoto S To-236p. ' 
The decline- - in -■ 'fair ‘eastern - 1 
markets— notably RongSOng aid - 
Kuala Lump or. — prompted re- " 
newed sefling’ of " Tins, ifritfi .' 
Berjuntal another 15 off at 190p 
and Pahang 6 down at 43p. 


NEW HIGHS AND LOWS FOR 1978 


LONDON TRADED OPTIONS 


The fo' lowing securities euarrt I™ the 
Share Informjsion Service reftersay 
strained new Hijte and Lows (or 197S. 

YEW HIGHS flO) 

CANADIANS <1> 

Par.Sc Petroiee-n 

BUILDINGS .1) 

Parker Timber 

STORES (1» 

Michael (J.i 

FOODS <11 

Edwards CL. C 

INDUSTRIALS (3) „ 

Feeder “fMtr P. C. 

London A Norrheim 

LEISURE >1> 

Norton £ Wrip>-: 

TEXTILES Cl) 

St-dar 

OVERSEAS TRADERS fll 
Great No— hern 

\nv i.o ms {?.-) 

BRITISV FUNDS (1) 
e or e5-T7 

CORPORATION LOANS Cl) 

G.LC 12 -31 -82 

LOANS .‘11 

AWJ-. tQ :cz 

BUILDINGS 5I» 

Mc.-ley 

CHEMICALS II > 

F 'S3h5 

ELECTRI r ALS iZ' 

Ca.Tisbeil ljh- -- — V-'»-d Snentifij 
ENG!NEER<M'G -Z- 
Svlci frlenrv 1 W" E‘-itr:c 

INDUSTRIALS (6< 

B- -l-end Processes H"'a ' 

Ca-ircx "W ■■ P - — -ons 

Canning ;W.. Wood HaT 


motors - rr) 

DuTo? 

NEWSPAPERS rfl 

Pyramid 

PAPER m 

Butsl Pels 

SHIPPING (21 

Ocean Tra^pe^ P. s O. OeM, 
TEXTILES <1) 

Ho— fray 

TOBACCOS (1) 

Sie-nuer Hunter 

DHLS (1) 

WcBdS’de 

TEAS CIS 

A^sa.- Frcntie- 

MHNE5 (1) ■ 

Be-iu-tai 


YESTERDAY 
RISES AND FALLS 


! Jamurv 

.• [ i 

-bx'rave! (jluhlum 
• (-.rice ' offer j Vot. 


Apni • { ' Jt*ij 

UMpancd i tltortng! 

offer j Vol. j offer j 


• j Bqwtts 

Vol. J rtflae 


BP’ 

850 ( 

90 ;. 

- 

110 

6 

130 » 


950 I 

15 f 

5 

...4X 

. 

B5 


140 { 

9 

4 

13 

— f 

15 


i2o : 


47 

6. 

— ’ 

9 


130 ] 

Uft! 

8 

31* 

42. 

6 


280 i 

57 t 


44 

2 



300 1 

20 1 

6 

30 1 


42 

I..KU { 

330 ; 

7 i 

— 7 

.16 ■!. 

6 

28 


360 ( 

3 ; 


7 | 

7 

- 1 

• i Met. 

100 ! 

9 

15 

13i*! 

— 

17 1 


S \ i 

IS — f X42p ''|(- 

1 Cj_ ^- I’ 

- ’.-.1 Slip I 


Up Down Same 


British Funds .. . 

1 

U 

7 

Corpus. Bern. and 




Foreign Beads .... 

, 2 

14 

. 45 

Industrials 

163 

30 a 

W7 

Financial and Prop. ... 

S3 

103 

3S 

Oils 

2 ■ 

U 

24 

PV: nations ... . — .. 

— 

u 

15 

Kiftft* 

24 

SI 

59 

Recent issues - 

2 

6 

U 

Totals ... 

247 

*a L505 


(.rami Jlci. 1 
H. I 
!«. I 
!i 1 

Marts 4 Sp n 


Bi-( !«!. ! 80 ! 

I'm i% ‘ 200 : 


{ 104 
Nrwemliee. 


W T— { .-360® 7. '. 

28 r 5 35 I " :V j" «’■ ' 

1113; — . : 19 i - .. , 

19 - : S1;L - }• -B4p 

Frtmnrv | May . ■ f-* r.-.-.-- 5 . 


*ss j 

H: Tl 


Bj ■» I 

lObn — « 

’ 4 %i .. 4 J 
! 6 ] 


Mi' 



Tiie Dow Chemical Company has agreed 
to acquire from the Fuji Bank Limited, 
Tokyo, the outstanding 10?o of the 
Dow Banking Corporation, Zurich, not 
already held by them. 


Midland, Michigan (USA)’ 
November 16, 1978 


NORTHGATE — WESTFIELD ANNOUNCEMENTS 

• : r- ™. 



Sylvester P. Boland, FCA 
(Ireland) 



Patrick J. Hughes 


Thomas E. Kelly, FCA 
(Ireland) 


Mr. Patrick J. Hughes, President and Chief Executive Officer of 
Northgate Exploration Limited, is pleased to announce the appointment 
of Mr. Sylvester P. Boland as Executive Vice-President. Mr. Boland, 
who joined the Group in 1965 . was formerly Vice-President of Finance. 
He is a Director of Northgate's wholly-owned subsidiary? Irish Base Metals 
Limited and is also a Director of two Northgate affiliated companies, Tara 
Exploration and Development Company Limited and Westfield Minerals 
Limited. 

The Chairman of Westfield Minerals Limited, Mr. Patrick J. Hughes, 
is pleased to announce the appointment of Mr. Thomas E. Kelly as 
President of the Company. Mr. Kelly, formerly Secretary-Treasurer, was 
elected to the Board at a* recent meeting of the' Directors, succeeding Mr. 
Alan Anderson who resigned from the Board, effective September 11 , 1978 . 

Mr. Peter Hayden, partner of the law firm of McDonald and Hayden 
was elected Secretary to fill the office vacated by Mr. Kelly. ^ 




& 


OPTKONS 

DEALING DATES Call option? wore completed 

First Last Last For in l*a rtr '>ke Warrants. ?.Iav and 

dL?|. IWI- Declara- sTS'c : a ™*^? h "V2"3 

■a;* in SS lien men. LaTArauE 

Nov. 21 Dec. 4 Feb. 22 Mar. 6 Arthur Bell, and •*W M Ribbons. 

D«c. 5 Dec. 18 Mar. 8. Mar. 20 v. hi!* double options were com- 

Rec. 19 Jan. 8 Mar. 22 Apr. 3 pieced in Talbex, .Hay and Has- 

For raie inrlicatirmr. see end oj sell. Capital and Counties Pro- 

Share /nfomiatron Serrice perty and Premier Oil. 


ACTIVE STOCKS 

NO. 


Stock 

Beecham ’New’ ... 

BP 

GEC 

ICI 


Lloyds Bank 


Barclays Bank 
EMI 


lomina- 

of 

CIo.«in? 

Change 

3!*79 

197$ 

tinn marks price (p) 

on day 

h:zh 

loll 

Nil/pd. 

17 

33 pm 

— 

41pm 

2Spm 

£1 

11 

9M 

+ 3 

925 

720 

2op 

11 

311 

- 6 

240 

233 

fl 

9 

360 

_ n 

-J21 

32$ 

23 p 

S 

253 

— 

3W 

227 

Nil/pd. 

7 

~2pm 

- 6 

C4pm 

42pm 

£1 

7 

235 

— 

297 

242 

2n p 

7 

570 

2 

B02 

434 

30p 

6 

198 

— 

215 

1M8 

50p 

6 

Iri-14 

- 1 

f21 

ST 

£1 

6 

252 

- 3 

2.1S 

250 

£1 

6 

701 

- 31 

113 

754 

£1 

5 

342 

- 3 

30S 

2u«' 

50p 

5 

150 

*- 1 

1!10 

130 

25p 

5 

206 

- 4 

340 

256 


RECENT ISSUES 


EQUITIES 


|-.i?£ s| ,1517- 
Iwue 1 : _< - i - Z — — — 

Vri-n : =— ^5- | 

r.* I*" l — I R j„h I f, 


ij~ I — s * ! i 


’ ■ ■ ' 1 — : — ' — 

4aig>l K.P IJ4/1J* 4U I A) Amr-lfii' M He 1 43 j 1 -dLor Z.4I b.b 6.9 

A?OJO P.P. — | 70 64 AJibton Minin* »■ I 65 1—1 —I , - 

IDl I K.I'.liBiIi; «M I .Wi Kivranii New -362 | «,6.7&:!l.9' 2.4 9.6 

TT F.P. | - I 122 i ICO jHlghlTTW ^....115 i-^2 I - 1 — I - 4.7 


FIXED INTEREST STOCKS 


1371 


nw99 t ; p.p. : - | 
\ ! Kiu : 4,1 1 
E100, P.P. .16(11; 
j£l i FJ>. ' - ! 

I : r.t-. ;3D.J0. 
n97k mu as-) ! 

. *.K — ■ 

t99l?. t50 10. 1 : 
Efl7ls £10 26.1 • 


:MSal **n ;Angi««* 5 r Viirui.it Ltlco i 99l*j ..... 

Ujc sJ,;Hrii-tu. Waiervorh: P*t. li<14 1 10 j 

107 101 'Cw^nv Hoiw IJtCmiv. ■£7-s0 ... 103 | — 

99 , 99 , ijiswnwn Tnri« 10^? Are, Prel ; 99p 

I-V • I 1m jfiuv kniniliK- lli Lnv.U- f -. - 137 l+S 

. hu u iKjcmmoewviih A Uxi.niqie W«r«r 7% W... 9i<i 

12& 10» iKigbiwM Il^List. ln>. ,124 I — 1 

49 44 'aPiiUiniHi (.'tirj, I2kt«, Ked. I4?7..„.,. 1 46 I — 14 

9 ^ 4 . BX 4 1 W* I fc'eni H'«ier Pn ?(. B’ai — 


« RIGHTS " OFFERS 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries . 


If H- m 70 

5c ■ 7i 



s - 

1 Liteoi 

1 -fut- 


1 Heiiunc. 



. UnU- 

l<l 


! • ! ■ 

50 

y.H. 

/ 11'sMill: 

560 

Sil 

— _ i 

33 

t.r. 

auit. 24 , 11 ; 

S50 

Nil 



67 

Nli 

29(11 9(1 

12 

V.V. 

ldilC JO.l) 

88 

F.P. 

17(11 Bil’e. 


1973 

Ui^ta ; Lor 


j rtiis'A-Hiirv t ModeieyJ., 
,2gpm IBeecbam 

• , .... .m. 4.1 Ui«l#e 


— , — liinm i“i'>- • - 

o.n an m lf9 i»»i- i-rA-.-i, 


rJW jtr 

1 pi ; 

.: 68 1 

. 33pml 

57 I ... . 

AZiim,— 0 
-. 4inpm— 1 

14 ' 

110 ' 

10|.«T> 

3i;|-o> 

169 -I 


Rpiuinciaiinn dan- noiiallv Usi t° r <*ejlin 4 fn-e m Mama daiy. D Plsurp* 
ha^ .ron^i-iuV n^m ace “ 4 s«im«l dividend and yirld 11 J-nrevaai dividend: 

eanumw- > Dividend nn .l yndU b-iwd «a sn,r,meia.- 
0 Gmss. r Fiuurcs .«umpd • Cnwr allnw- 
rw p^msorAmn nr Shires nor now ranfclru tor dividend or ranUmR nnly rnr revrined 
a^ldends Tptecms 10 pi J^nre nnle-s oiherurtse indlezied. 1! I mum) 

2 V * .. in holder' •* ordlnjry shar*. 1, a ” rliihis.- — Issued 

bv imn* eamndi-Aiiiin! s* Reimrod"C«l. l' Issued m cnnnocTInn -.rlcti renrsanusi- 
r-rn 1 ^ taVMver i]Jintr«luc» lf, n. I -sued In inrmer nreferenct 

* With warruU. 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

■.-.•..r-e-c rv-ireMl.e-e* --hi.ra wmljeni 


j t’APITAI. GOODS * 171 1 

FniMing llaceriai-? 

lontracilny. Cor.jjmjetion t28i_ 

EICL'trii-alsi I4i 

EnsuneeriniiContraetorsiHi-.. 

.'•levfiamca] EngineerinatT^' 

Metals and Metal Forming! Iff... 
CONSUMER GOODS 

cni'R.\BLEH53l— 

Ll Electron ic.s. Radio. TV 

Household Goods ( 12i 

Moroni and Distributors i25i.. 

CONSUMER GOODS 

IN ON -DURABLE 1 U72) 

Breweries 1 14i ■ 

Wines and Spirits rff> - , 

Entertainment. Catering 1 17i 

Food Manufaclurine ' 19i 

Fowl Retailing (15) 1 

Newspapers. Publishing ( ( 

Packaging and Paper 1 15i 

Store? i40i 

TestiJes<25' 

Tobaccos 1 3r 

Toys a nd Games (fli 

OTHER GROUPS i») 

Chemicals! 19i 

Pharmaceutical Products <7) 

Office EquipmentiG' 

Shipping 1 lUi 

_Misy e 1 la neous(57i 

r\ D USTRIAL GROUP (4951 

Oils 10 . 

SDO SHAgB J N DEX 

FINANCI AL GROUP! 1601 

Ban ks ff > .... 

Discount Houses < 10) 

HirePurchasei’Si 

Insurance t'Lifei 1 IO 1 

InsuranceiComposiie!(7) 

Insurance Brokers (10) 

Merchant Banks (14) 

Property i31 1 

Miscellaneous (7i 

Investment Trusts(50i 

Mining Fi nance (4) ... 

Overseas Traders ( 19> 

ALL-SHARE INDEX(ffrS).._ 


KsL 1 Iruxs E^L. 

Earouia> Dis. PK 


225.90 -0.7 

17.31 

5.61 

192,28 -ffJ 

1837 

5.89 

36101 -0.2 

20.56 

4.49 

523.96 -1.4 

13.97 

3.55 

354.63 -J.I 

18.17 

6.Z7 

177^4 -0:5 

1877 

6^9 

160.04 -OJ 

16.99 

8.93 

199^8 -0.4 

17.64 

537 

245.89 -0.7 

14.78 

4.17 

UAS5 -05_ 

17.90 

6.71 

113.46 - 

22.46 

7.11 

20351 -05 

16.37 

6.14 

223.03 1-0-4 

15.16 

537 

278.64 : MU 

15.42 

5.16 

252.9i —05 

14.66 

6.96 

200.66 - 0.6 

18.96 

.556 

216.93 +01 

14.14 

5.45 

365.73 -0-6; 

2L61 

6.62 

12959 —13 

19:83 

7.67 

19JL07 -0-7 

11.98 

4.84 

172.04 -0.8 

1898 

850 

225.68 . — 

24.39 

8.31 

90.65 +0.6 

25.01 

7.13 

190.84 -0.7 

1630 

6.47 


rrt:. 

X 01 . • 

. 17 

Thun, 
N.n-; 
.18 . 

WnL 

Not. 

15 

Tumu' 
■ iNiA'. 

IS . 

lYear r ^. 
fappnO 

Imlex 
Nil . 

Index 

t Nft/ ! 
. 1 

Index 

Na 

Index 
No. . 

index 

-No.' , v : 

22758 

193.17 

361.85 

53133 

227.04 ; 
19287 
360.84 
52859 

22938 

19569 

36532 

532.04 

1 23254 
19686 
36873 
‘54491 

199:82 .1 
28823 i: 
32442 - 
4X6.60 — ' 


356.79 363.51 367.92 
: i7&17 n79.80 TFL5T 
16046 163I9S- 16421 


209.46 

23027 

283.53 

26L41 

205.73 
224.91 
37178 

uebs: 

198.99’ 

176.79 
23030 

95J9 
■ 19733 
2S.02 
250.49 
226.90 
40330 
21161 
■218L58 
519U 
243.44 
163.47 
.19119 

202.79 
13792 
13026 
•T20.39 
323.05 

7639 

K403 

104.74 
20138 
moo 
309.46 
22184 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. (JovL At. Gross Red. 


Frt.. Year * 

B.' rnr. . . N"o\\ ,1iM 

UU -17.- lappnzO 


British Government 

Mon.. 

Men, 

liny 1 , 

eh.inite 

\<i adj. xd a,li . 
Tculaj. . IffTM 
to dole 

1 I'Hderoyfcar? 

102.95 

-0.1B 

- ; 8.19 


11155 


’ 832 

3 «nerI5jears 

115.67 

—0.50 . 

1255 

4 Irredeemab/es 

120.15 

-020 

- 1332 

5 All stocks. 

109.47 

-0.35; 

. - 9.91 . 


1 taw ■ . 5 vear>_ 

2 Cuupuns . 15 years 

3 25 years-...:- 


dale 3 - 25 years...,: 

— 4 Medium 6 years.-.. 

5 Coupons - 15. years....! 
832 6 25 years....' 

235 7. High 5 years...... 

S Coupons T5 years 

3-32 _9 25 years,...,. 

9.91 iO Irredeemables....^..^ 


Index XJeki 
Ku. - ’ 5 


Tow. 

-Mob.; 

Prfday 

Kuv. . 

2 iov. : . 

. Jiov. 

" T f 

• ir ; 

•: 


-flop. . tgu - 
.9 . (atprei.) 


15 iO-yr. Red. Deb & Loans (15) 66.14 |»13.46 56.14 sa.io .EQ.io j.SO^iO ffS.07 .56.13 [" 55 jsj 68.19 
is lnveslment Trust Prefs. (15) ai.B4 j 13.57 51.64 8134 jsl.b 41 Bi^4‘ Si43 ,51.43 ( 51.53 67.14 


17 |Coml. and IndL Prefs. ( 20 ) j 7L52 13.0& 71.61 7 iie 7L6ti 71.78 71.70 1 73.01 

^IK cd c mpttooyl pW. w«r«». tee dat a,, i pd valcat and cB'mtftoHt Oia^HaP;. vc nnbUstwl (B-Satorfar 




■t> • • , : - 7p : ” v M. v? =.-• 

- ; . - / k : - •=. v„- • -«« • ■••y: ' 




I 


■ '■ t 21- 1978. 




mSJTHORISED UNIX TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


I&ilXjt'Majfa. .Lid. tai- v-.Framlfngton- frill AIjtl. Ud (at Minster Fund Managers Lid. 

■B&. G***h<w® Rd . AM raberr >Tin ; t««4Vpri.'w JB't'H. ..IllHBirari M,n,i.. r ,■ ... >.m.i,r M . U. < ..i 

Xb**? C«p , R | f. ■- tgJ. ■■ 25 ^ “£ .J'S. iiTOTip'ati - . . I4lfc '««fc|..\ . 125 n . -371 i9jj 

Ahbejbn -TjTit'. *5. Ii^r-I . . - IMS* lljort-.-. 6B* Ml . ... , 

Abb £5^*?l2? SH • - 'nrT.rmnr Frt - !1066 ll***-. 2*5 ^ ' 1 " ll r ni>i Mgernot. I.l 

Eqrit« Pn»S T<«t6*6 ^ a..Kiiura. -. . .[UIB 11*« ' . f 1*5 *'»■' Vpi—n .-iiwr ' VL-|H W<; m 


1 25 Mln-icr : 


Pn»iiK'ijl Lite In'. In. Ltd.* Smf St Prospi^ roof innr-tf 

.... » . .• .uT..vn si-mSii*. Seruruirs Lld.v 


. . = n fc . .... - .... , 3 00 i-r-lin. 1 •«■!.. ;J0B Sbb, »a i?6 

- | r--vn.Mu.-r :sr (1800 IMOf | 5 3B Hirh lrr.wiu. !l»l 1313..: n jj gin k. .wi,.UI 

*.i in 

-iVrUTj.ta.uS? t:.T. mS.l* « ” ” ,S! 

-•oil iii lKI n..i»*_Mn-"i...ih' K »« 1 71 ‘ 1 1 1*12:1 veil 4|ui!ier ManMnnenl (. o. l.id.O 

-OS 486 SUHnn.pi.au |S2 0 87 J| ,| 3 63 Th-sG. K.--I. K.7N llir Ml W 

UnK Haj Into v.i;..lr.,i.| . .<-■■ Fri 11800 10401 " 5i 

Muinal |_i n U TnifU ManagppsW laMRi ‘Jd-wiri-nMi..-.!.-- I129Q U30| i 

*■"?» t ViV H,: Mfl i M TTS RHianc *’ lnil M * r -- 

■.'■• ^>JlOai Inr T- 1 IU 0 75 J i 7 14 RfllPn^ 1 II rii!'*ri'fc* , ttrH‘ Vi ««c 

skei jv-eva: St si sg iSEStT.tf... ts; S 2 d 

_Z jn National and Commercial r [S* «5| -oH 

■■ - 215 3 1 •'■» Sooaip. EriinbMrj-bitii.WRl'O Ridgefield ManJtrmpiH I .id. 

T- 4 Ini'^nw N,„ If. :157a lfa3 HI ] 500 '*40. Ki-hx.nI, SI Man |.-.l.-i Id 2J 

i"" n gwj =23^ 5SS R«ls*i..|.l Ini I r m 9M i 

BTiawo .Eft: ssi :a ^ > 


-Affied' SwnhTQ GrodpT ‘ISW* i “ Trienr 

Hw» - Huann- Brearivodg. Esin. . Pi\m>tn 
m-9BB WSl .nr BreaMnod tQTTTi-atttW; .■ fn^j, 
mfirnin* Faato W An 

5r«k^'i , Vn«r ijSlS . 577 CT‘ Unit. M«m 

-»*£ zgff |-g ttSST?*? 

'Aiued rapltal .,072 71.1 J||| <33 Ho Arc 

iMamt.ro Fund -.1057... U32 -CIl 5« UT.lnc 
RfSTOmActi Ttt |I21L2 .. Z2ft7cq -0,51 5.01. O T. V S 

Jncagpe Faad* Jap 

ltjflh YWd PU ~ 170 7 - -75 7J -0 II 032 fT.! 

-'I 1 1 -:&$ M ;?] 8- ^ 

wm<M< iu6 -••.-• G. St : 

iSSSftSSS? : V gi -M =t| 111- l ^vic 

S»rt Of Am-rva ffij - . 52^3+0 3 2J9 .^*A. 

IVSA E^erapt* -1487.5 ’92 lj ♦fl'8 I« _ 


— Friends - ' Fro®*: . Unit Tr: IHgra.* 

I*i\m>mEnd tlnrUrir . KXKWr? 

FnwbPmAi' IKK - -M«hd--01|. 4H 

£*o Acrnm . (55-4 . .5 


il «i.i TIO 

1 3 n 


Managers LuLV 

LiireitiTUinn 


S39 il T. lac. I'd i:n,. , MS« 

5.01. BT.l'S *Cea\_. 117 S 

OT Japan* (ion . 009. — ) 110 

1707 . : 75 71 -O il 112 9GI fVn» Ex Fd . . 135.9 W2.5| _ . I .3 BO 

tsi -MylJnl 7 10 I’.T Inn Fund . • x«54 1543 ..-] 1.99 

'g| 1 . : -.-• - "'3 r”( 730 <i T you, IVliFrf . .. £«.9 ... 58.^ r - i 7.30 


u3 . 1»( 

S* . 1*3- 
75 .«».»" 


Sort Of Aowva 

IVSA E»e«apt* — 

gpjrtillsl Fnn*. 

^JJjsimlrFn 5 ^Fd. -- SiO -S5- •'• <»• - 

s Sfflrftw S3 . (M.rSi IU ^3.V^gi 

.WBcai.Earnir.Sj:. 573 iS -OJ < 73 F V?”.V nr X‘7' T ' 1 
■ ttPl Smlr 0 t 0 21 - 5 32 Jf}^,**^*?* T 

Anders«n Unit Tnr* Managers Ltd. }■«*»* Fund 

mA F«H'hurrti5l_»iC3M6.VA - r '&aiXSXl l2o 

.ipdmenr T -|»1 . SA2f 7. i 5» -rilnil^VAro . 


_ G. & A. 'Trust laHfU . 

SJi- .5 Knylcicn Rd. bmui«l 

2J9 . O.AA ... 1319. . 


■•“■•ruin Unit* 
« :ip< N.n I.’. 
i *' rum l.nlu 


- -I :(.- -■_• ;»s 

.-rfviclil ‘53 J 

m-'iarrt «£,% 

■- .4 IN .illi ' UJJ f 

-»« E. VW- ilf'l 

•ITI...V x.- » ..• 


TarsM Tst Mgr'. iScnilandi laKhi 

■U M 111 .1 •■p*.M*(».l ►'•! I r i I'll TJDbJl .' 


:i3 T.TJ.4 Vn*-'I:..N|Z3J Ml -CJ- IN *• w'-inHto 

7 bb Tar.H Tl.ul. . 39* « 9^: . 017 M.-H and.-r Ftni* 51 >f. 6i . J — 

151 r In. In- Mill- l-l |Wl 43*; :. . 1010 Vo* ■>«■* ...11* s... 


n ‘» " 1,1 S! P f * 4 " Sci'iVcvlq'ger Tm si“ >1 cu'n.'.’ V.ld:' ■ a«7 . 


>« Trades Union Unit Tsl Manajfer>V 


tai Sui 1 Ll. sirivt.l v,r «"' 
Ml ualilTT KNcraj*. -- - j71 3 
■ v 4 \iu i.nortli . i 

'• 4 ” \ in Smaller' S 


■ l *C5t*B*1 1 
I 540 


IB Transatlantic and (h.t». S «5 Fo.V' 


»•» 
>.. 350 

:... .»7o 
310 

_ 110 


«» uti .^nwi'v :: : 

848 K'.-Jnpi IliC" ' W S’ 

r.-empi on 1-*' SS 


RrlMim- II « r.ii-'-ri.tc*- Well* n 

«|i|>M1lii.i'. srt im 9 71 5| 


w: ■-■-• : 1 

.1 0 M 


K - 'r.i In- T< 

1 iniMnrJiW - 

a DB Inf I.|*.ttilr»l 

5 74 li.'nl i:re*»*s 


'Ji 1 „?2 :*l !**N*m» I •■fi.f.-n rid 1 lwlBtJvnl*M.‘ISM 

373.V , S TS In 174 3 786; ! 5 92 

76 9f • ,1 I S 50 V’ 11O1 I’l'll. . ,174 3 1219 J 5 97 

312,1 n ;; q 73 ta.irlaK |4 ' M-i 23 |90 7 134. J 4 04 

>'9 in 9 87 He M»n V— In 80 1 »3«\ I 5 21 

33 0.0-1?; \. . um l nil.. ,99 1 105 3( 5 71 

4441 -0 7" 1 52 •■..lor.W 

77 0 : *u 5 04 .v.Mn.lei 


. _ . Kntrr I Hroann Ltd. 

Alexander Fund ... y llk .. PfM rrjl rJK 

J. r.M- nanw L.:..-. ,r S r«n.«l*. .F- 1 4»* 1 5*5. 

Xl.^jTid.-r Floi* 51 >6 69 . J — Trims lJJTa 

Vo* a— \... . ■ Vnl Af-A-'.ap |tl*78J 1J787; 

Alien llarvev & Ros* 1m. >ipl. tC.I.i lnpan lUta “ 

1 L'LJrmr. nn. >1 iihii ■ ... • i n5**-T.rti King & Shasson Mgr*. 

‘UK. 1,1. Fdg VA 10013 ID 151 I 11 » ,, burins ■ ro,s llc-.»«. Icr**7 

Arbuthnot Sccuritlcr .C.I.. Limited 

I U M Hd.CT Ji TM'. aVM 771.. ,-.,1, F 1 . 1 i|,J. T rf-.. W98 8951 


o:.WE”?7f» 

-■•'•I 2M 


wtlwh-rtl,*. 144 5 47 k 11: 574 li.'..l i:iw'» Rf 7 

SrLU.nl.- r |„. [« 4 45 4| -0 7t 5 74 In. Tv Fnis - nf ‘ 

M.ltr.x lifiidcry- 27 . 

Ridgefield Manafrmrni I .id. *:ii ■. icl.r - :|| 


',0277.--T30n 


Vii iciii' - 5 

I'i M 6 ii.ltTru< 23 2 

' ■- 1 I 7 .nr. 4 y Cliurr* *6 0 
2S *'|»v.ol Ml TM - 310 
l K i.rrt. A. cum 71 7 
* K. onJi PiJ ■ 7 , 


-Oi' 1 52 ...Inr.N.n I. 

. 5 09 . V . ■■«. 1 *-'» v 

79 So 0 1' 5 05 ‘ 1 ;* r ■ 

24 6.J I • \>. din *. in" 

75 Of 1 12 34 * ■'I'-’" 14 

28D 0 35 ;X4 ■ xrmai l inis. . 

? -o'.l 7 23 M.irll-roV.n 14 

I 6 JO 1 Inun. I niU- 


. ! « >'4I' Ul .Jrr»r f .. IUS 0 

1 >1 deal ins dair 

5 97 ( ; U v 'J *..■• ■. T>i 1 99 

[ *04 ;.i-.| Ji-alinc .fciir 

i 5^1 r-»i *lnll 7J ■ !■ 1104 
IU Veil dr.ilmc -lair 


119 0, l 4 20 

-mber 71 
101/ J I? « 
> .Tnlwr 2? 

111| I 3 J5 

1 .-.nKor —I 


t 5 21 '.CM dr.ll me -lair r.i'i ...nhnr 21 

j 620 Australian Selectioo Fund NV 

I Zf£ X!ark*M . .. Ir.sl. Luuiil 

! i?2 'luihujiU- 1ST Kcm Sl >■ dni-i 


l . burins, roj.% Si llr.irf. Irr**}' Hjr-4 77741 
Xallm Hpv SI lVtrr P"r.. «lrr.>* ■•-•Wl ;47 .v 
I 1 l:cnu< Stro-i! Psuelns 1 ,1 '•! iUS!4i<®e 
■7 1 It Fi.atliJ.Trf-.. IBM 8951 112 25 

•lilt Tnnl >1 .. M 100 S 103 1«I 12.25 

i.lfl Fr.rt i.urni.-LV ,<J5 9J9; . IZJli 

■ nil lot 4rm T«I. 

Fir..i Sterling |£18 J* JB45 — 

Kir — Inti Kist 13 laiu 1 I _ 


5J’ 'SSIshar.-. I SI SI « . | - 

Jbl Nn ..■■•cl •..ilu- IT 

3U Bank of Awriia ! QlL-ra.iL ions I S.A. 


Gartmore Fai 

481 2. SI Wao' 4Ve FJ 
tat. .i7^wnfrtr*nT< . 
5U- BtttWiTd -Ar*| 


Adabacher UnU Mgntrt. C«. Ltd- •' Gibb* (Antony) UnH Tw. Mgs- Ltd. Mi M'S-iTt j 

iN*bk>S4 ,F3T:V7JA. o:« 3ST76. XFrMerfck'i Tl. Old Jewry. EC2. •«( -.HOMII! Kd ‘ fin I 7361 -0 ’ 1 

Iiiit Monthly Fund. 1 173- ■ ' lg5| . ’. 1 909"' ml A* j Income- ,"W.l NM+OTj 930 l , "i , »r.alFJ.d |52 5 S64>d-oi 

Arbuthnot Securities Ud faKci : SRI; FarBK?' :§*2 ■ '-MR-ioj *10 1>,EL Managers Lld.¥ laHgi 

37^QBeefHA London ecwtlltv. . at-Z39S2m/ , Dcaliny ■Tue»..t*We<t.. M.li., n . ourt I ‘■irVio;. S.irro. 


t.'U lwivvarO IS*' 


8 47 j 1 ‘ iS! 


L'.»< ml'Mitrc i". !■ 


Kir >4 Inti jS 1%1 33 293 44 1 

Klein won Rrnson I. i mi led 

7*. FmchcrLh Nf K'~.l 

I imn-i-i lu. F , 1 114 j 

■jugriue: In.' MS 7 699>d 

n» Armm 1C2.4 876 

KB I'hi L'a'-. Fd < Ji'513 34 

Klllr.ll Fund Sl\>!1.01 

KB.'aiuu. Fi.n.l ' 51*3909 i 


m 


— Ttleb Vl«ld . . -.s.ta& OTJtA 

rAccmn -UniW. — 6UI . 69.1a ~. . 

Krlra Incurw Fd .104 7 112 bn -0; 

HI chine- Fond— 395 ..-.-6?-6 ... 

aiAtcum. Untul _ 550 S94 . 

|S5n HTdiMlCtA 1 52.5 ft] . . 

FtwfwenccFund. 2 25 8 “2W ... . 

(Worn tniiai »7 „„ 1219 Grieveson Management Co. Ltd. ■ 

i-a tOOF PlW;. ■-- “7 ■ fc »J . ' SpCroxhaniSl .RT3P2DS U10P844S 

{jwnlm 1 Unli» > ^. 8S.1 Mia -OS &DO fcjjgjujiro; 1A . gU 0 mSl ... .. 5.N 

M3 39 2 -0 1 :« (A'rum t'mi,,. 208 7 2186 . 891 

!!SSiL ! rtL«T ' ! 82 • So 2.11 Endear Noy H -. 223 5 253 6 . Z97 

>'ro*m, Fund. *324 -0' 259 > Imra Lritsi 233 1 243.6 . . 2.97 

Mewtoiw' . S.5 « > -P I ,|S Grnchslr NW 17 87B ni 3 to 

Smaller fdiFJ ,25 3 27 Jo .. 429 , L "'b' S i • --S2 " 

4WIFd 221 23.9 -0.9 1A2 lJi kBtsli Nov., ti-.. 71.6 74 8 3.90 

iBNBrdrHl 17.0 - 18j -06 IS 2 lAccuill I'nllSi. J73 3 - 78 6| 390 

eSHS^UL-oV S.1 ij its Guardian Itoyal Ex. Unit Mg«. Ltd. 

■ , -. .. • ' . Bo>.-UExrlUmce.-Er3P3DN. O1«280OM 

Archway Unit Tst. Mgs. Ltd.¥ lage) .agn.'iiiirdiilllTn 1906 »aT-0J[ 459 

517. ttlRh llolborn. WC 1 V 7M» OIJtlltSTU „ u 

Jirefewr Fund - J825 S7« | 606 Benderson AdmmstratiouV iaKcMgt 

rrkes at N*K. id Seal «4ih rUif N.n 33. Premier t,»T Admin . »n ayMgb Road. Hutl on 
I. . _ _ , _ . .j- ...... Hfraroeod K**t. 0277-2I739S 

Barclays Unicorn- LMLV fagrkg) ,. K j oBto 

VDiNirnHo 23SRotrt«irdRd E7 U 1-534 55+4 Cat«x Recovery 1 .MF7 4111-0.11 674 

toirorn itmenra [29-9 32Jjd4i02l 1^0 Cau GmiOllm — M4.4. . 47Jj -0.3 305 

no.-IULlcr ... U9 1 74 7 -2S . -L92 Cap Growth *ce - W 5 48 51 -0 3 505 

po .Vast Idc . [545 5B9 -1.7 '192 Incotnc * Au+cu- - [33 0 351) [ 6<3 

Do uapttaL' _ ft5J .Mb -0 3 <61. Hlxb Incame Fnadu • 

ppTxemrtTM. 11071 lllbo -03 652. Hlch Income . -i. 5X4 . 65 7«f -Oil '7.5W 

rxiltrtni Inrofne 20 1 J0.4^ -oi b.63 Caho* Ertra Inr 55 7 . 59.fl -0 it 897 

D<> Financial. .... i ho o £4-9 -0? - 5-2 CabOtProfAGili-. H89 51M+dl|l2 00 

Pa *<*7 ..... . (74 J 20 2 —01 6 70 e^ruir Fanrte 

Da-Uenerbl. gl| - S-? ~2 i - ^ H? Financial A m' , [250 .2664* . I 327 

E?^ ro ?£il c BS2 • Si oii*sai r*....J »9 2ail-oi 210 

prk IiienmcTsL - .I8S.9 90.7 -0\ <>51 •■ ■■■j 

■ Ml *ub rt2-. S.Vi ,, ' ,Dof |86.5 92J-d -0 6) 2 78 

J, KV? t f 47?P-5u ?13 -InlerliaUonal . ^4 12. sJ -0 1 168 

PS ftS^nrt ' Sl?3 - . iSl ^ IU •» I" t» * 7721 -I 4 71 

PnW-UfeidrTw -K86 529 -0U .139 fh»«8 Funds nol ■„ 

Btstln.rdjn, . .1590 61j3 1 547 Australian |334 MlJ-flR 2 03 


5JS Cewdt UohniV 
10.97 77. London Wall. F r Z 
?.« Shir Nov. 17 Jill 


w.llun. Qun I kirltios. <>irrr« "Oil 

NcHar 158 0 bl Out -0 Jl 5 21 

N-l u.r llld. Ii*.' |*8 4 » 9t I 8 01 


Igg Guardian Reyal Ex. Unit 3fgr&. Ltd. r- 


Sh!?N^ 0 iT“ ,,,K 7i3*5 143* "r? 8 !?" Norwich Unton Inwiranee Group Ih! Roj 

Tb ! Arwi l-'ni" .'|u<l 1»‘ 3 i-jll 2 07 Bo ' 4 *-or«icb NRI 3N*. irtCt SSWl '4. J 

Sen deahm; day Dec 1. *.rou P ried (351 8 37*J|-|JJ 5 5b ■ «« 

Grieii-eson Maaaeem<roi Co. Ltd. - Pearl Trust Managers Ltd. taUgMzi 


■ Il> i...n- II-. • -Ki.i.Uijn ><) Fj-J nlaaai I<i* 4> SX-U Ai«lre<«T -UJ Krt>i.ni,r;i «| ssn-ilul w<irn L'nir.-' 
MneniiniV.n It. 60S 63 5>4 1 177 In. -..me L'Dit-- ■ 1*9 7 52 9; I 1JJ I..I F..m l.ii I’- 

tu'unni" X..- It 168 0 178 0. 415 A.-.um |iaU.i 157 4 6161 ! 5 33 Icrumlrll?' 

HtCIlVkl V*k IT 52 7 554>d 874 pnalin: •!< We*i nc^dis. Fref Nv 15 

.\rr ,,n . inn. 77 0 WJ •” Sebag Unit Tst. Managers LlrL¥ tai • v-mu Lm ti , 

X£> n fu 1 a,*' 970 101 9| • 4M P*.lio»5ll. BcUUry II-.- . K C 4 a,zrJ,V»0 

3cr.OJ Capital Kd 33 S 35 11 I 4 06 ifU !SL si ,, 

Roy al Tsl. fan. Fd. Mgr*. Lid. seh«t Inroam Kd !xs 119. .. 1 0 5* ^un^L n'lT., 1 

'ri.Jnrrov-Msir.il i ,.i«si«i2 Security Selection Lid um Pro w aiiiiroap 


•'ll' .....I*- II-.' "Kn. .lairv : 
Mnenvin. V.m It. 60 5 
<«-unii*f V*r 1 s 168 0 
HtgllYkl Viv IT 52 7 
. Xrrnni l nil* 77 0 
McrbnN.K |-. - 786 

. 4.— un. I iii»- > 97 0 


6 74 Prue* J. Vm 18 ,V>* I -it. laie Nov 22 

i J” Ranque Bruxelles Lambert 

5 15 Mur- It.- la hrfnr.' R iitt. I!m»*-|v 

, B 56 Rrnla Fund LF II SO 1 <H1| • U 798 

1 85fc Barclay* Unicom Int. ifh. I *.1 Ltd. 

I Llianny ro*i £l HHie* li-v .LVH 7X7+1 

723Z14I '.Ver.i-as Inrnnic 146 6 49®r I 121 

i |u l mffttllarri'ifT U'>Mfl ;K 7g . 850 

• g.64 l niltfind Trust IS" >11 J7 II NJ 190 

| 477 

J!* Barclays Unicom Int. 1 1. O Mini lid. 

! 836 I Th.4n-.~si iN.uala. I n it UC++KJ4 

536 I inmm +usi E»i 1483 1711! I 1 70 


l 7 63 KB L> 'J'vth Kd 


i 1 i 

»S7 699>d J 

P-4 87 6J 

! 51*513 88 

Sl'PiLOl 

tt «j989 i-: :» 

I S'.' 51X48 : 1 

Jl S4 84 I 
III MOO . . .1 


asm 
| 314 


l.loyd* Rk. HM.l l*/T Mgr*. 

Pi" (-ns :»* Sl llel.rt l*r~*f WtM;7.i81 

Ll..vd*T« I’-.-a* 152 0 55 6' I I *3 

N.-v* ■l.-aliMC i1a'“ f'e-rffll'W !.'■ 

I.loydn Rank Internal ional Genet a 
r.i Be- I.W 121] linin' 11 iv«i:Mrlf.+ 
I.lrad»l!-I »ir.«.tli !«FS7«8 29JO0I ! 190 

I.I.Md-in: IncKtv* l-rmw JUiK 1 510 


n ii.w.ki + ■>■ — Jl v*lq 5* IroUeSf-HJUhbarrt 

SI 1 i 1 :. & 

,l * - 1 . Xcrnnt Lal(~. |1660 


uC4 4Ko« Managcmenl Internafinnal Ud. 
| i 70 K..nk .4 1 1 ■ *rti,i i ,1.1 liuild.nk' IWraimta 
1 90 ‘ ariirrf.un ' Vi *7 |5VM 05 , | 


Bit Grieveson Management Co. Ltd. ‘J™ mwiagw lu 

r M 5PGrMh<n.Sl .RT3P2DS 01-0064433 *sVj 7EB »* 

Brrnrton Nov 1A . +2110 220 5]. . . . 5.48 roi? v 

js ml iSa in KSh unn t>i 37. 

IU EiTdm?Nwn -.ml Ib. 6 . ' IS pjj?" ’ ^ 

iU . unm lritsi 233 1 243.6 . . 2.97 1 oilcan Units Admin. U< 

J59 Gmchslr Nov 17 878 918 344 81 Ft-ml.iin S« . Mnnrneur 

429 fMjJffljJ- n ' to ' ^ J - . Mj .. 3.44 I'eli.an t-nil* [83 8 98 J 

1 tj Ln ItfiN'i Nol. il* . 71. b 7fl E 3.10 p, r , • 

lAHum Vnlhii. 753 78 6 3 90 Perpetual Unit Trust Ma 


Eg?-* - ■■ sS AccqmLbllf R7B 299 -61 5 04 4 iir 

| Si ■ ' IS tJwrtUnilTrf pi 37.9 -oj 5^ £21 

>97 lAceuinl-btUi [455 45n|-OrI 5 28 7. 

Mi .'. 2.97 PrlJcan Units Admin. Ltd. igKxi * ia ” 

81 Fv-int.ni, .41 .MnnrncMer Ml 2M.VW5 '■‘T’. 

Sj ■ ?fi IWl.am.aii~ [83 8 90J.4-0 3I 4 99 fW 

n6| )« Perpetual Unit Trust MapnLV <ai Kniv 

•« Vnc * ^ H-n M l/cnlm-uiThaniCk 910121899 1 lnrrr 

It iHgra. MIL rpv.iu3li*.|v,;il, 1394 424| I 4 63 Huh 

„ PivcadHljr Unit Trust (aKb) inch 

9Sg -fl-Jf 459 ..J II, 7.6 


0C772I7233 F.s« ra lartaBP- 

vpv' ; 1 • -..v Kd 


tomrn.Ainwira 
no .3894. w - ^91 s 
. no Ao&lIdc . 545 58 

Ik) t-apltaL - . . 165 J ' 70 

PpTxeroiaTM. <1071 1116. 

' IXi'ltrtni Inrofro* 28 1 30.4. 

thi iinanciol ^ [60 0 64 : 

Vo ■«!.- • - - .g«2 W 

Do.Ucncn>i 1312. . 33. 

. Co Growth Arc ,1408 44 ; 

Tin Inwime Tkl - .183.9 90. 

•Dii Prt. A ns Trt |M5 5 153.1 

Prices Jl On 31 .vest ml. *t 
-Du Rcca.orv. . I43fl 47: 

Do Truiee Fi/nrt 1143 -.1231 
pnW1d«iarTw - W6 52! 

R ISLln.rdjP.. . .598. 615« 

Ho. Arv orn - . .(68 8.. 71.* 


PoXreniiiTM. 

r'.i'Rvtro Inrofn 


58* -l.T 192 
706 -03 .461. 
1 6a -03 652. 

0.4* -41 1 6.63 

64.4 -0 3 -5.28 
802 -0 1 -620 

33.7 - 0 . 629 . 

44 1 -02 441 

90.7 -0 1 651 

iS3i2| . - 4 95 

<1 k- N.n 20 
473 -0.11 613 


.AnUui.i MbiK I'nli Tni~l Manager* Ud 

!l Krodcrick • nlri Ivun. E>*9I Rlin 

m Mum 

Kstr* Innunc ?8 3 W » *0 ! JO 71 

Seuil'VvW 37 3 40fl -0 2 7 5t 

f apt. tl Knn.l 41 2 44 9<i -0 2 6.6C 

Ini En.- 6 A-rts 43 7 473 -0 2 6 7t 

Pn»ate Fund 34 9 J7.9} 5 St 

Xc.umlir Fund 612 66 « -0 21 63t 


Jl -| JJ 5 5b •■amltlFti [66 T 70 4 [ | 31 

I . ln.om.-Fri MS 5 72 3 I 71 

1 laUBHZI Hn.-t-v dl Nrn 15 Nevt riculmt NtH 3fl. 

ni wsawi . _ _ 

21 -0 1 504 Save & Prosper Group 
9 -til 5 04 4 i.rrai si. Helv-n- L*'a.lon b.TT *EP 
2l V . J-S Ouvs-i. Sl Edlnnur.'h KHZ +VX 

D lo^ 5 28 I * r(J,nC '' ''' fll .Vri JO»» it >a\ 328 TV. I 

L leMvi Save & Prosper Securities. lxd.V 

nei-w-Aa Fand* 

t it am ''wJlu' 1 35 J ' 3811-0 21 2! 

■4 ItTi* 24 0 258d 4] 

gntt.¥ lai 1‘nlv l.row-n, |w,l 712*d -96| It 

O J»12 OM InrmtMint Iwwe Fnad 
4) I 463 Hi ~h- Yield i51 9 558|-ot| 71 

b) lligli Inctnv- Fanils 

it* Ud High Hum 1, 165 7 70 6> 0 21 8t 

&*2n nun. «l| 02I 11 

f.K. mine 

» *011 3070 l*KE*lull. )4? 8 4b 0J - 0 21 5-1 


Jli 15 IU Lincoln Finn Ku-:.J..W. 2 .MJCMOBOKe v'apKxl'InMih 796 

2 71 I'nvl lUhTMAcc 123 3 24l' I 2 39 lh». A cum 837 

*• I. nt I ijtb TH inr |2fl 3 71 g! I 2 39 Evtialu 'PeMli 380 

Stewart Unit T*l Manager* I.«d. tai ^n^alWrtv 15 6 

•5 '.1iarlo«c5<..h-dir.huri:. >012203771 no Ltud, 19 J 

iS<~Mrl A iatrin m Final H.rh Inc ITioniv 161 * 

viMWird UilU 155 6 59 3|-«i:; 159 InMmali'oal PJS 


40 4 -0 2 7 50 lit<-T«<.4s Knnds.11 


65 7<f -01 7.98 

. 59.6 -0 1 897 

515 +01 12 00 


16 64* . I 3 27 
28li-01| 2M 

92J+3 -0 6) 2 78 
12.9*3-01 168 

77 2] - 4 71 


6.68 Eun<i~' 

6 70 J.ip:>i. 

5 30 S t. \~,J 


+WJUU.I 41 2 44 9a -0 2 6.60 Eiirov 

Inl En.- A- Assets 43 7 475 -0 6 70 Jama 

Private Fund 349 37.1 5 30 S i. \~u 

M-itimlir hanvl 612 644 -0 21 6M i:s 

Trt hnnltrjy Km.d 58 * 633a -0 21 6 70 - 

l»l*ar.|f?l 25 4 276 l.S 280 

.imnnran Kas.l 214 * 23 J .0^ 3 10 rJSS ' 

Praerlral Invest. Co. I.ULV lygcl KinnwiHi s. v 

+->.Klfs.mvnurj +£, WCIXJILX 01 &3 99X1 Hiel.-MImiTMir 
ITh*9i*alV<w 15 11465 155 71 I 455 +cl*-i In'-r,,., 
\--.un. I. mil- 12109 224+] | 4 55 <rli~ * In'.'.nv 


31 CCS T T~-.| suurtard UatU 1 55 6 59 if -0 Tl 1 59 Inlcmau.c. 

1 11I v vroim UniU . - 60 4 wS-Oj] - .-Ferial Ml* 

its lid.V WiUnlrawal Units |44 5 *7 6! -OS - .. 

-sH.-wan Bfill+b r«pital Fund TSB l nil 

38 11-0 21 2 51 Muni/arri 11362 148h> 1 4 20 -J 1, >_'lu«f,l rs- ' 

58-3 <12 Ai-ctim l'nll> •- -J153 5 173 Oi 1 4 20 I 

12-d-0b[ 1 9> lKOilDC tr'iii, A F n "W,~l .)■ TMI'Icm-r-l 

Sun Alliance Fund Alngt. I jd. ■bil'v M 

558|-oi| 776 sun Alliance I Wc Iler.1u.t1. X 7^J™ C 

KmEqTjt-Ndt* 1^21*9 226 Ji ! 4 45 fspslrtli-h 

70 6! O’l 863 VThn Family Fd |9* 0 999 1 -6 «i 4 03 n! Ji., Ac.-um 

45 1[ O’l 9 68 Target T-rt. Mngrs. Lld.V laMgi 

.U ■Ir'-.hatll-'K El’S IH-..lirj ICMUUKI Vl<ter B: 

46 01 -0 21 5 40 r.ftrri (.unnModil- U* b JlZ-d-QU *09 Wanes +»»»• 
Tarr."t rtnaa*-la> 576 *2 V -0 lj 4 84 .i.,lM-r.,r 


TSB Unit Tnisl< «>i 

■*20 Vav Vnrio i>t K^iits 

4 20 HMiiny* m <»aeu cucc 

.». TSU '.cn. n.l [<4 5 47 71 

• .... m 19 v 


29041 1 536 {In 4 uj Vin 30 0 3? 3d 190 • an'*Thun ■ k-. JT |5<>1 K 

11201 I 12 86 [IU Our Pacific 66 5 710 

1416! 1 12 86 (a> lnil Income. 36 8 39 2 880 >1 Sl G Group 

1732(“ ,= ® 3 i« ST.S£K&-@I S!* 3W ISn.S"^-Tr W W , 5a m |W M ”^ 

2“ Si ! 5 SI ■'w^-.iir. l!Sb lii 

I®’ 1?^ ! .: ® 8 ™^as 

2 it"i ! Bridge Management Ltd. ArvHnrrf Nm 15 I.-F42M 45 to; 

^66 ol -0 <1 8.80 p'- 1 I»k S48 Grand l'«)ro»i. .'avTwn 1* .l.llrij.-sl Nuf 13 -'~tU<4 117?. 

28 r -7 1 2 92 VbiWii.V" i . I YT7<5J ) . , - J Ji V’™? 1* U'tS* 1 JUS 

35 6^ -n ’ 5 51 M.PC Bos 590. Hone Kong „ l!-*!^.vir.V. ~J.‘ roS ,5S 

Vlppoa Frt Nov 13 fj:*a 9 r«l 1 »7S 1-9 65 10151 


vippon FI Nov i5 irVaa r«i i »7S 

Britannia Tst. Mngmt. ifi) Ltd. 

30 Bath M . Sl Heller Jrr-- H5:HT31U 


1 14 Mid Hr,. ft. | *s . C. 1 . 2 nl-fJlji 64*-4 

ApnllnKif Nm 15 |>F42 M 4$ 60 811 

un I- .laid.-M Nc' 15 ■■■JUht 117?. 0 86 

, _ 1 1. 1'.rnup v.n- l.S k'-ltH 1,H 214 

* 1 ITT.tCTsnv T.r ! . [115 34 5 ® 0 72 

I 1 75 UTJji~'i*«r.r, [*9 65 10 15] i - 

Ltd. Murray. Johnstone ilnv- Adviser! 

05X4731*4 1KI H..|..-s- M4I.331 J521 

"Unless Frt [ 5KS40 46 [ - 

D7J 2 00 ■■■lurray F'urnl 1 5151044 1 . | — 

I 1 00 VAV N«v emlifir 15 


.MiG Ircuw 1573 MX 4Jbr.rm.jbimr.il 33 6 38 31 -0 71 2 00 lurrj- r un.i I M M0 to . — 

.... .b> 7>.B lt..-.+m.- 693 611.3 7 43 laid Kd -.. 795 85 S 100 '•A'- V-vcml.c: 15 

Ik. A.-.-Hro [63 5 67(2 -91 7 43 Jerwrv E-ncrey T*i 1181 127 W 150 c . 

TSItNiOtti-h «02 85 4.q -0 * 2 24 UrivsJ. 5TM. Stg. .tl97 207 IN NCglt S.A. 

403 h" Ik. A.vum . 186 9 92 51-0 4 224 High InlSllg Tsl [ttl 56 O99I [12 20 l.u ku-il.-sarri h-.- al. Lu\enhccjri 

US Dollar Denaminalcd Fd. \.4t Ncn IT [ SUS12 41 ,.?» — 

5MI I Wfr Bankv lai lnivM.$T« 11154 99 ‘Til . I 

4 09 w+nus Unri Belies* iraz.vsai laLiligb lax TA Bi'HC lltf J 9 00 .Vejfil lAii. 

4 84 .,.,lM-r..is~1h 136 4 39 If 1 S 44 Value Vm 17 NcM Healing Vm 27 B:.rX .« Il.-nn.iri* PlrJei. HamHlon Kmria 

7“ Unit Troxt Account & Mgmt. Ltd. BroWTl Shipley Tsl Ca iJersetl Ud. vtYNu. i" Kin - '-noil - 

Is k«s"'- m si I ;s !?s^£srcis: Ud - =**'«-«- *« • - - 

inf! lllder Growth Fund Runro** Many RlKU :mj ] 175 Qucsi Fund Mngmnt. i.Jersevi Ud. 

t" Kins W', Ilium .-1 E«.4RP\K Ml -ttx* 4AM fyZT* Jh tol N« t'l 1 ’« ” H-ln . -Ier-~v .^-4 2TX 


4 lb 5l*rling DeBandnalcri Fd* 
4 Jb *”.jv> t.jb Imr-il [33 6 

7 43 la: p I Kd [79 5 

7 43 Jer»rr E-i.:re> TM Jil81 
2 24 I’rival. 5TA StR. .El 97 


, a Si: +~eior Funn* 

i s ; ff I^>nim.“lil> ‘72 1 

*0«l 3 10 r^^pjy 166 6 

lyMe) Fib.ii! ml viv 167 9 

lilffiJS®.* BidaWilMa tim). 

I 455 -sel*.- 1 1 tiler 12414 

1 4 55 <rlc. t ln>.'«mc ;51 6 


77 Sj Obi 
73 o| *ol 

. 254 7| 1 •»; 

544[ 0 


3 29 T argvi Eqult; . . 36 8 ?9 ^ 

t45 T~rc»M Es Nov »i 1««0 209 5.s 

199 ojhi \rr l.’nJl*. U76 7 291 a 

0 63 T.iructiiilt Fun.1 TJT X 12* i 

1 jrjrt lUnwtt. 27 6 29 71 

4J6 T.irocl Pacl'ir Kd 124 0 25 8} 

184 l>‘ fl.-lr.v I all.- 116 8 . 28 £ 

« ci Tjrjj In* *31 l J34* 

Tai IT Nw .13 154 3 162 4 

t“m bc. 210 30 !-1 

1C2 Tai I Yd . . 133 54 71 

8 03 T.-i i f *s;is,ISii- |V*6 211] 


M-.iln-a iwuti Ulster BankV lai 
J7 2.d -0 31 4 09 Wanus 5rr»i+ Bellws- 
u f -0 1 4 84 .I..l'i-n»r.iis>u7h 136 

39 (► -G jl 6 2b 


MS.rs 7 21 Unit Troxt Account , 

:!1}I .. IVL King '.IHliMitiM Ei4Rg.bR 

79 M * i 5 12 KHi.r- Hse Valid *387 

sc II i i 3 jj -AMvITi.nl. Fnri [29 8 

28 £ ”i 217 rx. toum [35 0 

12*3 I J §g Wider t.rowth Fund 

30 1-7 • t- '. l 8 75 Kina William E*. 4S P 5K 


c 17 hniir'n*^ 
917 “A ii*lcr * iftl 
2 ff On 


in Negit S.A. 

12 20 in.-, bu'il.'iarri H->' al. Lu\~rohccj7i 

VAt Not IT [ SUSU41 ..}«* — 

9 00 .Vegil Ud 

0 Kir I. til lii'rrnn^d PKiTi, Huttillson Rrin*ia. 

Ud VAV Nov in 1/6 47 _ '-OOll - 

Phoenix International 

rsi B.c: 77 m r«... l , !’n rjiio". 

L Inter •[■■vllarKunri 15278 2 47! 1 - 


12 30 J,..m ni- ( r.:L- 
5 43 \. i.nrn Vail* 


iS For fapdirex SA s+r under Kcy.ser l?."" l?, 7 ^ \\S 

U II man Lid. Iml R i |r>0« »«u; 

. ._. .. , - . Price Jl» V.w 13 V<*M rirjfjo: 


Baring Brothers & Co. Ltd-V faMxi x.Aro . . ..... 136 1 3901 +0.41 

W i«adenlMUb‘l.£.r-3 • 01-5883330 ft **” 1 ^ - . 144.5 481*4 +b9| 

StrattnnTM. - - 1172.8 1M.«1 . [ 4S4 Ip* 2 10*41 .....] 

^‘“■“Miit-iKrae^B N.Am ITxp.-Nov 17 lUO 3 IMjfl . ..1 

Rlshopsgate Progressive Mgmt. Co.P K«I Samoel Unit Trt. Mgre.t <a) 

* Bithtrptettir. E C£ ul -j88 8280 If 

W'Bjujr. -TJi,. ~ lien 2' 14411 - I 4 Tfc ib/ Bn U+h Trust 1472 137 3rd -04 

SPSF-nS V'ta7 0 231 jj ' . [ 4 IS , «• Intrrraw . - 352 rij ^D1 

FlblelntNcrr t+ 11606 1709 J 2 66 £' - Z25 "H' 11 - 

(Xreum.Nnc 14 . .1178 2 189 hj ; | 1 B6 , » SSinJlTirwii b21 

-. N**T| suh day 'Km 2R «-\oi 21. ih'Finan. riilTnia. 86 6 _V^n -0 J 


s ” SX“:. :™Bt 

X» N.Am -.361 


38 1] -0 91 
-Oi] 

39 d +0.4; 
4814 *09' 


INSURANCE AND PROPERTY BONDS 


Ullman Ud. 

1‘Bpital Intematinnal S.A. 

37 i jl- N M rn Daroc. [.vi .r-ml'cnrc *- 

1 npilaMnl Fund . ; 51 517 29 r - 0 1 <; — 


■■llcl Jt-r-.*) >>fi34 27*41 

i 187 * ‘ 42 5* [ 12 98 

+»89C? 3 00 

»«u; I 9 00 

15 \>\S rlrjljo: ,\i* 21* 


Richmond Life Ass. Ud. 

4.1 llhr.l V rs. rl. ruvarla* I IIM 


iptf.ll it. t l " U 1.-88 IC2S) 

T**Nnv 7 . .1192 2 19411. .] 414 

s“N'ov 7 ml 0 231 2| .414: 

UW.NB7 14 11606 170 9 J 2 66 

I-Kni- 14 .. 1782 189 (>| ; 286 


Bridge Fund Managers (ai-td 

Fc«ia 11 *q.. 1\ I n^ William Sr .EC4. IU+I23.4MI1 

Amcrlran A Gent, [21.7 22.91 1.65 

Iww — 494 53 7 J 7 0S 

Fapiifl (nc T 35 8 3823.... 396 

PO.Acrr„ 40.0 42M . 394 

Exempli . . 1390 142ffl 579- 

imeriill Inc.* 15 J J6W ' *3* 

noAcrt.. IT 7 II £ . *5* 

Dsalmc ■Tue.'v. tWed iThur.v. Price* Nov. 
14 15.18 


u;*lnt1Tniu . . 
1 ci Del Inr Tru**. - 
( b 1 Capital Trvi-4 . . 

1 hi F uianrial Trna. 
fhlln.-vrfneTru'J . 

■ hiSceunlyTru'i - 
■b.HIch Y'jolriTid 


” • • Abbej' Life Assurance Co. Ltd. 
,JJU -'"J 3-55 l-SRi Pa.iUtfbarohmrd.IC* 01-* 

lMTsf.-.-i 2A2 Equity Fund.. . .U5.7 J76| . .. 

Mm* <•> £? u ": Vc 30 7 32*1 . 

. ngn.T fai Propen 1- Fd 1512 159.2 

OlfflBWU Pro pert- Arc 1615 170.1] 

1575<d -04| 563 Seleeini" Fund 90.6 95 4| . 

37 7] 401] J.05 CwirerilGIcKimd . 133 9 141 W 


*0 8 2 78 VYU-no runri .. 1263 

- « K KProp Fd Scr 4 . U 2 * 
-03 5 D2 Wtan. Fd Sor * ... 133 8 
-0.1 789 V Equity Fd. Sor 4 3S.4 

-01 4 85 tK onv Frt Sw 4 114 3 

-0 1 815 Wlroicy Fd t*t A .. 112 2 


Ltd. Crown Life Assurance Co. LULV 1 Joy As Life .Vssurance 

01-29891 11 Crown Lite Hte_ lVotim.GU2l 1XW nwfC.-JtV. jj. cufUm 41 . *M\ 

. .. - Mane d Fund Arc .1102 7 1081{-0 3| -- .Vllt CLNnr.O.- -i 13M41 i 

- MancM FA Incm. hoo.7 1D5«-0J 817 OpS ATr.Nor.lfi. 144+ 1520 

- Mane d Frt Inn. . 1M9 1M.S-Q- ...p5 .A'Edt Nov.l" 135 + 1426* 

fcjrrrr... rw > Li aa.i jic . .L-..37 V~. IK liccn it; i; 


— ManC'rt FA Incm. 100.7 

— Mane d Frt Inn. .1009 

— Eqully Fd Arc. . 9* 1 

— Equity Fd Incm . 92 S 

— Equity FA lnil . 93 0 

— Proper li FA Act . 96 0 

— Properly Kd li.ctn . 96 0 

— Propeily-FA Jmi 9*6 

— In-. T« Kd Arc . 97 0 

— jrr T*t Fd Inrtn 152 


Prices al Nnv M Valuation normal W Tucs 


Britannia Trust Management (aHgi 

2 Lend. >n Wall Buildings. London Wall. 


London EC2M SQL 0l-63B0«B1H7h Key SmaUCoiTA [103.0 lO95) -0j[ 99 

Assets- _. . P3 0 78 -02 487 

v-apiiai Arc ...54 5 58 6 -02 383 KlonwoTt Benson Unit MaoageisV 

Kommfclnd 570 -W3 -0-3 4^0 ai. FeocburchS 

Foronudiry^^.^. 77.0 - 828a -0-4 507 ir a I r«. r.i i. 

DqnwrtiC 382 Win -D 1 * IS Ju?n rlfiiisvi^ 

Kaenrot 1168 2229a -06 T60 Iro 

E.iraTrunw - — 397 42.7 -02 .945 v 2 £lj ISjf, 

Far Ea.*<. ^..192 20 5-02 35 SSmlri^FHi 

qsS5fg£S“--&? • ‘WSSiSCS 

• - rn B flb9< ^4 4 « Hitfi Vld FA In 

Inc AtumthZZ" 67 9 73.0o -0J 8 11 Hl8bYW-FAA( 

Jnrtfirowth 5»4 633s -0 3 2 49 LiCUnitl 

mmst-TstShart*-. 44.1 47 s -f 0 1 4 07 2*“ 

Minerals.. ... ...WO 331 -OJ 393 The f>h. 

NaL Hiphlnc 762 8L9 -OJ 8.3B UtC nc.Prl . . 

Mrirtenie -.35.7 -. 38.4 -*41 *25 -L8A lnil 6 «.ic» I 

North American... 25 8 27 7a *01 213 .™_ c- 

Prof navi on-1 — 523 0 ..5441 -II *0*. Lawson Sect 

Property Shares. . l«.l 111 -0J2 2 72 37 Oueen > «n . I 

Shield-..-. «5t 486 -0 2 3 07 «R aw .Material ■ 

Status Chance- 29 9 JJ 1 5J4 f, vrrum l.-nlun 

Urm- Enemy [318 542J .• .-2 99 -crowiii Fund 

The BriUsh Life Office Ltd* lai T^SSMSt 

Bchanre Hsc TunbridceWelib.ki.OBm 3271 ‘Amencnn FA . 

XL Brill vh Life - S0.1 SJffl -0.1J 601 tiArxuro Unlu. 

BL Balanced’ H8.5 .519*3 | ***** 

BL rdvkfcnd- - 426 *56ri • -I 9.87 » , A r ■ 

•Pncea Nov la Meet rtealine Ncn. £1 & ^en 


InteL¥ laMgl 

3% l-Y-Tin^opbro-suwr.Eci .. «**”*« Albany Life Assurance t o. Ud. 

3% Inlellny.FuraJ.. M5J ..*«-■ 5 730 s , . «- , 0Mr 

* j*’ Key Fund Managers Ltd. (aHg) • otquin Fd v.c 191 8 2019; [ 

*5* a. Muk m EX 3V8IE oi-aoe-wax .-Kr . r ■ J?2 i I] - j 

*MnU Man'pri.lcni Po$5 1 

1Jtl iSi _.i is ;a F I A Acc i m 

* nSrtSSrtT^Frt' h! 2? M ills Equriv Pea FAA.:<-. ri'5 

L n VX‘l .£1 *22 Fixed I. Pen 5c c mi 


Inv Trt. K4 Inir 9*3 
Fisyri InL Fri Arv 100 0 
Fkd Ini FvJ Incm 90S 
loter'l rrt Arc. . 10H 7 
Inter L Fd (non 109 [7 


99.4 ■ iipJ A'SyTKOT 10. '1550 163 2J - 

97 3 vO ! £.69 . q>J'A'Man.Nov '-S [IS* 0 161 2i j - p.j 

97 0 *0 1 - OpJ A’Dpi.Nro M |123 6 3 30 7, | .. pS^AyFcl 

loxo 9 75 London Indemnity 4rGnl. Ins. Ca Ltd. p! nmli r-|- 
_ JJ-S Ib-JO.TheF.irtur Hr-.-. dirij.583C.il 

m '” s w-siar si auij i 

1052 4? - F*»d !■««■* iW: ,41 ' I - 

1040 -oi lias The London & Manchester Ass. Gp.V 


Royal Insurance Group 
New Hall Place. L:verpouL 051 : 

Royal Shield Fri 1143 * X5L71 

Save & Prosper GrnupV 


For Central AsseU MngL Ud see 
under Kevser I'Jlman Ltd. 

Charterbonse Japhel 

Pal ern otter Bo«. (£T4. 01-248 7609 

\dir»pa ID'JHtt 37 3M . J 4 71 


Uri see The Silver Trust 11*1 1190! -4JI - 

..J Richmr-r.J*.d Bd 110 3 lib 1« 1.0 _ ’ 

Ltd. fm PlsUr in; Brf 1510 159® -6 _ 

Ilf l'iamnMF:l 927 100 ft -5 * - 

Do Es. Irc.micr.il 1651 174 V Ji 63 

01.248rJX>9 tfanlluntf-.mmi [95 0 100 0; . ] 1163 


A.llverha 

| Fr-nrtak . . .. 


— 4. fit Sl Helen'/. Lodn. EOF 3EP WAM W9 J F mrerpr Fund 


4*3 Rothschild Assei Management if',1.) 
• 9* p 0 Bus .Mi Sl .hilian* l t linmi-n 048! 2Rt?| . 
520 n r Fq Kr '.'in 31 1534 5b 6>i \ 2B8 


v» irwaar 

Fixed Inlinit - 


35 m -0 s! - 

»l"”l 1 


>‘rmr- Pen- F.t.« 
Equity-Pen- Fd 
Pnn» Pcnr Kd • 


11*4 -0^ 
114 i -n 3 
102.9 -Oi] 


1-ZI OtnU Man Frt Arm ’074 
S-g OPrqpFdAcc 1129 
SIT VlTpleirt Ace 167.5 


2^5 an.Feaeburoh8l.EfA 01-C38000 

“T? 2 KJL UaU Fd. Int |87 7 *5,6) 525 

4 ! ^ 

iSj It! XaFAliVfctAfc. S*J UJ -.1. lOffi 
z3ij in KBSwIrVo/Fdlnr- <80 514 ... 676 

ISi. KB SmCoe FAAcr *80- 51.4 ... 6.76 

!o< iofi HifihYld FA toe. 9M . 502 821 

Ӥj | High YW- FA Ace. p64 . SOM . S3' 

^01 4 0? L *• Unit Trnst Management LtdLV 


G'lA.Vnn FWi Ire 1332 
JnAUn.Pr,rrtA« . MO' 1201^ 

■vr^:|a7o M : 

A.MEV Life Assurance Ltd.V 


. -OX. Mnnev Fd. Ace 97 8 1029 - 1 

Mnnev Frt Incm 95 4 1M4 

DiSI Fri Incm . 1013 106.4 - 

— i.ronrnPrl Ir.e A' 1592 — 


Win-lade Pack. Eveter 
Cap ijruvrtb Fund . 
trtev. Event pc FA . 
♦E\empt Prop- Fd 
*K»pt Inv Tfl Fri 
FI«,bleFnnd 
Inv Truji Fund 


3 eg The siifcif D-hanae. EtfSN HIP ni88aa»*j AMEVAJed J>TtF.ljiilf 
8.78 W lnv.Frl. . -.|140J 144.71 ..- j,‘-8.22 A.VEV MgAPCn ‘R'lllO 

•2S -L*C lnil beta. Ed 196 7 997].— f 2 13 Flexlplan .... |98J 


M f 2 

•mF.ihios 


MM 


gn ^WROO Secs. IdiLV IMC) Araencan. T .[71 a 7S7] j- Gresham Life Ass. soc. LtA F*y»rty. 

Im 2L* 3,Jf ^ n V Income - - .W1 7 96 6 j - 2 Prince nfWale* Rd B nwuih. 0JTJ 7578S5 fVnr 

«** - W80 . «XD] v' .[ 6.08 Im.Grn.rth |t3 1 87 6| I - . ,;„(, Fund 19*7 103 91 I - 


AMEV/Franlinflbo 

A m. mean. . . .1 


Crusader insurance Co. Ltd. inv mm Fund »i5 ; - 

Vin.-ula Houvc T»rt*er PI , ElT» 0l«8ftl2l I 1014 [ U 

Glh Pr-.p Nro 7 [73 9 838| I - „ c Gwpff 

Eagle Star Insnr/Midiand Assnr. rhroe Qvtr*. Tower If Hi Et'.iR 8 BQ OifCfHS 

1 ThreadneedleSUEri. 91-588 J2I2 American FA BA-... >45 9 <IM 

Eagle MiAUniU. .1529 5491 .. | 621 Coot. B epcw'r 130 1 126 sj . . - 

Equity & Law Life Ass. Soc. Ltd.¥ Exj')?idFAB4. i .~i8l 3 89 ji — 

Amertham Rond. High Wyeornba <HM33377 FamllrTMOT 'JSS 

Equity Fd .. _. 1123 11*21-02] - Farrlly .|lg« - - 

~ 107 5 mf-o3 - 'Jl? - 

atatrr-m ffiU - &&&>& ' = 

General Portfolio Life Ins. C- Ltd.40 Property Bd-- ..M5 8 174 B - 

6t> B«ribolomc»'.'t . W alibnm Cross •.VX3l»n Rl primm-Vm' il « --tve IT 

PPrtfntioFund | J41 9 I [ - f H«* an ^o* U. '6 Ort I. 

Portfolio Monaco* 92 J *4 ^ — Merchant Investors A C ?nrance¥ 

KWip Fxri Int .47 5 50 0| . .| - i^cm Hac.. St.Cro: rtim ul^asoi 


.iiUTcns.V.L . . ft* 5 ‘45 

Depoo-Krttr FA» . 1102 0 151 

■Price* «-»r N m cm Iw 
tW.-el.lv ricajmst 

Schroder Life GrnupV 

F nierpn-e Hmimx Purt*rco:ilh 
Equity I [2396 

Eqinl*'4 2720 233 

FiXMlIrt 4 1369 144 

llan&seri 4 . .134 0 141 

Money* . . 109 6 115 

Mvor-eae4 GO 7 93 

Property* . Ext 17C 


1374; -01] 
!69a 
129 M 0 4 
132 bj 
217 S ' 

19L3 -121 
245.7] | 

99 5j -0.2 
157? J 


iiivpanq [K-42U U7J] | 2 72 

Clive Investments (Jersey! Ltd. 

P r> Boa ICO. SL Heller. Jer-.A UfcU 3T3S1 
■1i.« r.ilt Frt .1: 1 v n 54 4 55.4 . J 1X52 

nivoGill Frt ijmr.l [950 951^ 1 1157 

Cornbtll Ins. (Guernsey i Ltd. 

I'U Bos 13" S« Peter 1'iri ■•ncTn«ev 
InUil Man Fil 11710 I860! I - 


>1 r Fq Kr '.'in 31 153 4 56 6.4 j 2.88 

in- roe. ( 153 7 1 63 5 q 7 15 

•ijr.lmLPd > 1123 1 30^ . IT-S 

ra-Sr.iOv.X-131 1*1 S 1*3 Ji 3*0 

■) i'. Con- martin ' |l4L9 150 9, ] 4 20 

O ■: r>lr < -oqidlv t . IS23 68 30 Jll j 0 66 

•Price* .i-i Nov 14 '■e\: deal inr NV 
'I'ncti "n \v> 7 T.'rrti riejlmt >'•» .‘I 

Rothschild Asset Mngl. 1 Bermuda • 

K Bn.v 0*1. Rt ivf ft. 1 rnuria Bid (Wm'lda. 


. . i . . „ ' Biwrc V--C-. Kri |P «4fl 4«?i I - 

DVtS DeuUche Ges F. VVcrtpapiersp price „„ y r .. t Ncv> inline Nrv. 14. 


M OKA Pen Ac c. 3 ^14 2 

F. list Pro Cap B 952 1 

K IPX Pen. Ace. B97 0 It 

Mono Peo Cap. B . If 2 Zl 

Money Fee. Acc.E. 99 1 1C 
Prop Pen. tap B... 107 0 11 

Prop Pen Acc. B.. 1089 1] 

Scottish Widows* Group 


GnmuhiircveK MX. (non i'ranW'in 
1*710=7771 incest* . . IDM377B 31(41-0 1D| - 

" Delta Gronp 

V11 Rot 3f>l=. N.is»au Bahamas 

- Della In' N«r- I? |SI.«1« 156* .. f — 

Z Peutschrr Investmeni-Trnsl 
— Pi^-llach 5683 BletTmar-veG 10 (ffJKI Frankfurt 

- Con centra |f«*22III 27 Ml . ( - 

• - Int Hemenfimd* ,|l<''UU JJja|-0 2ol-- 

_ Dreyfus Intercootinentai Inv. Fd. 

“ P O Box N'2‘12. Nassau. Bahama* 

- XAV Nov 1 . . |t; -He 11*31 I - 

- Eimoo &- Dudley TsOIglJrsy.Lld. 

— PO Frt* rt -Sl. Heller .lerrev ns.-M=iaB 
z EJ1U..T ,1122 6 IMS) . I 304 

The English Association 


Royal Tnisl iCIi Fd. 31gL Ltd. 

f'O Rr»\ ISM Bvi a; Trt H.-.Jer.ir OSl-f “4<I 
nT.lcMF.I 154.09 468:e; ; 3 00 

JIT In'M-Urv .Frt ISO 0 860>^ I 3 21 

rr.ceii .vr .Vir.- M N«vr rl'-slm^ Sir =| 

Save & Prosper International 

Deal I ns to 

?7 Broad Sl S( Hefier..Tcr‘e» «94.J4*<I 
l .S. Dollar- dr namlnalnt Fuad* 

Dir F.-:d I-.I ••! . 4.16 9 7? • 7*0 

Internal iir*i. 773 IJ8 

F»rKarterT“ ..5131 S54ifl 1 

North A men cant . 175 410 ; — 

Seprot (15 95 16*5' 1 - 


crJcrrev ns.-M=ffi0’ MerllM-^BominUcrt ruad* 

1177 1. lMsi 1 1 0/1 1 hannel ‘ apiial J |23t 4 24. j -1 C. 7 5 

UZZ6 1M5| 1 JOT ChMinel l»l»nd#t .1147 9 155|-H| 51 

ssociation OinmoA**r: 1J16 136 7! „ 


W Bo* «T- Edlnhuyrh W I63BL 03! ^5 ,c 


Inv Pir Scries I 




Brown Shipley St Co. Lld-V 

Sngro, FtHindeej.tfl..EC2 
BS UniU Nov 21 _(215 J 251.51+1.9 

Do. 0X1' Nov =1 .452.8. 1 2933) y-E*] 


RHav MaieriaU - 380 . «X0) if .] 6.0B Im-Gro-rth [831 

534 f* Arrum I.nlwi. .. HI 46 f ■ ] 6 08 

. ^’vrourp'unhn 7 .- So MJ 2 W n ^UdeiuTrild Ml 

1 rttiilt and Warrant 57 7 . 4T7 1B« Providence Capfial 

2271 jAitwnc.ni FA. 21.5 23 7 +0 1 030 

601 tiAcxviiB Units. 223 _2*.0 _ 050 

S*M Deal ftMun. -Tub* rtWcrt^Thurs. B«rcU>S Lire ASEU! 

?** Legal St General Tyndall Fund* P 2 Ro mIorf . K . d E .;„ 

ia CJUiynse Re« A Bristol. 0=Tj 3224 1 g^jly bOTid * ■■ - 

Dla No*. H 459.6 63 0{ [5 02 Gul^JeeA-7 |l079 

8S20 lAccum Units, 475 6 SO.o[ ..| — Property 010.6 


For Arrow Life A*nunw» «** 
Providence Capital Life Assuraace 

Barclays Life Assur. Cp. Ltd. 

232 Romlord Bd. E T 01-3342044 


tl I..;wh Fund |98 7 103 J | - wSuSir Pen* 

•: L €**<« Fuad 1063 222 3 .. SS^.&l 

::tSS%fl -Bl - gsE 

■T 1. Fpt> Fund .. 100 J 105 61 1 -- o55*itivn< 

Growth & Sec. Life Ass. S«c. Ltd* $2551 ft,. 

Weir Rank, brav-en-Thameu. Cork*. 0ffiS-342S4 lntl. Equity 

FJev. hie Finance .1 CX306 | I — Do Pon» ... I 

Landbjnkiccs . I . 5411 1 — lnil Slaniael .. 

Landbank Sec Ace [1187 119 ll . . — Do. Pea* 108 0 

GfcSsuperFd -I £7 903 1 -.J - NfEL Pensions Lid. 

Guardian Royal Exchange , Mdton Court. DvrlQn8.Su 
Royal Exehnnce. E.C3. 015B37107 Nelcx Eq.Cap - *845 

Property Band*. . (2398 39777 ..V — Nwer £q. AceiMtt ..12255 

Hambro Life Assurance Limited * xSS M McE ^ jlreAt 
7 Old Park Lane. London W1 01-4W0031 Kofea Otb lactfap .i51.2 


I& CJUiynRe Rr#aA BristoL 

Pla Nov. 14 J59.6 ' 63 0! . | 5 IH Gih-edroA- [107.9 

01-8008520 lAccum L-nils, 475 b 80 ^ -I — Property 1106 

4.® Nejrt snh. day December 13. International 87 0 

^ ® Leonine Adxnlnixtration Ltd- im* 

4 U 2 Duke St. London W1M8IF'. 0I-4a69WJ Mau^naAMbiuTI 1081 

5'a Leo Dial ' .{74 J 784f-flM 5.05 Do-Ichlal -.96.5 

5 10 LeoAccum fKLS 8SR-0 4I 4A1 Gilt EdcPOB«JAcc. . Hi 


Oceaare Trnata la> ig> 
Fiumrlul — 33 6 

Tienenvl — - . . 18.4 
gmwiti Actum — 46.4 
Crovrih Income ... 36.2 

IlWh Income 28 9 

• LTU- 193 


122.7 -D.3 - 

1136 -0 4 - 
H65 +01 - 
916 —64 - 
114 6 -02 


Do-Ichlal W6.5 

0 i It EdcPenaAcc. .|958 
Pe. Initial ...■— -192.4 


1 55 Llpyds Bk. Unit Tst Mngrs- Ltd.¥ ts> Moner Peqi : Acc“"[i£3 « 
340 RecistiVs Dene. Uonnc-bv-Sca. Do Initial _ .. , .199 0 


»*, CCTKC- VHflHUM 
506 I | - 
III J - 

119* .. — 

903 1 ... - 


Dr- Pen> ... I 1000 
lnil Slaniael ..I 97 0 
Do. Pea* [lOOO 

NEL Pensions Ltd. 
Milton Court. Djrltinf, .Surrey. 


««•* Invn. Covh N’iV if WO 1053 - 

1*2-6850171 Eel'L AvC.Nvn 16 1*05 144 4 — 

_ £-. Urine No- W . DU 1367 . - 

_ J4v Pm Nov IF 267 2 267 2| - 

‘ Solar Life Assurance Limited 

_ 1*1 1= El* Mae* London E C IN 6TT 01 242 JOBS 

- solar Manafi.-d S 125 5 13251 -0.4 - 

Solar Prnprtitv . 1090 134M - 

Sniar Equity $ ID 7 172 4-0*- 

bolfrfNd fni.S . 11*6 DO R -0 7 - 

Solar L tsh S.. . 1C24 10BM .. - 

Solar lnil. -S .- 8L6 92.W+05 _ 


Karriftttv Ml Frt~lf.ll3t 12 IK! , - 

•NDti dealt dr Nw 31 "Nexi rie»l:nf[ No* jn. 

Eurobond Holdings N.V. Schlesinger International Mnet. Ud. 

HamJfirlwdv 24 Willemstad .'urar^. 41 laMMJeSi SLHclier.Jw f 5'3U”* 

Ijondoa .ttfnlk Intel. IS Chrivloplirr -1 . FC2. S VI L [73 78 .J 9=9 

Tel. 8J-947 TS43. Trlrvx: B8I4-MW jA'XL 086 091 -C 91 *95 


r '*r« — : [Uina iu»ra 

Pr.ee>. ..n Net !3 13 — ' (*■ 

S Weekly Dc.llinr^ 4 Pa 1 1.' Cl-afinf 


— Solar ManayerJ P 125 1 

— Solar Propvrtj? P 1D86 

— Solar Equ:»j P. . [163 1 
Solar Fxd laL P .1141 
Solarl aifc P _ . . 1026 

»11 Solar I aA P -865 


N.\V pur share Nov 17 SUS20OT 
F. & C. Mgmt. Lid. Inv. Advisers 
l-= Laurence Poumney llill. EC4R OB A 

01-423 «P« 

L'eni. FANrtc IS [ SL S5 19 t-JI<*. - 

Fidelity Mgmt. & Res. iBda.» Ud. 
PO. Bos 87*1. Hamilton. Bermuris 
KidbliryAin Am 5US2L67 * . .. | — 

FideUt:' !nL Fund. SI S20.75 1 I - 

Fidelity Fac Fd ... SVS5629 r - 

Fidvlit) W'rld Fd. SUS 13.71 OI". • 


Fidelity Mgmt. Research (Jersey i Lid. £;:«ive>f 

Mrar.eiAi.ifM rviw c- Cv u.ija. i.ro.A> > -fwniaw 


fill! Frt H2 1 22 M 

lr.ll Fri J.T-CV. W 9 Ti 

Ininl Fri.L\mbr t .. . 1068 115^ 

•Far Ea.-i Fund . !lM 10V 

■Xf.t mh d»* Nn.onjhcr 

Schroder Life Group 
Fn*erpn«. H«i«e P.*n; roo-jih. 
Inicrnaiinn^l Fund* 




illlinllll. revt 

SUixed Iputcm 


0 91 -C 51 
22 3j -01 


LTU- 193 28.7] . 340 HcsirtWs Dept. nannf.by-Sca. 

Index 23.9 25JH -0 1 4. *7 Worthlnc. Wcari Suwex 01 s 

Oromeas ,.17.0 1831+01 3A BaLuiccvl (497 SlM-JJ 

Performance . 55 J 5853-0 2 4 44 Dn lAceami .. H 6 74 1 -0 3 

Rcirawy-. — Z0-9 2MaH -0 1 6.15- Worldwide tf.nUi .. 51.7 553 -5 4 

Evuemr* Oct. 10- p6.5 59l«* . «57 1x1 .Actum. ... 65 0 69,8 - 0.5 

Canada Life Unit Tst Mngrs. Ltd.* JSS^t^niZZf Ss» “tl ^0 2 

idHlahSl. Prater* Bar. I i«xli P Bar 51 LZ2 Fvtra Income - 59.2 63_6>c -02 

tfan.'GenDtrt... ^(37^ 39* -C4 4J9 On i.tcctua.. . .693 74 41 -02 

SI* r?™.: v r um -Sf. ;s Ulovd-s Life- unit Tst. Mngrs. I 


Cannon Assurance Ltd* 


■KEFum”" ra? -3/13. Jf- 35 Lloyd's Life. Unit Tst. Mngrs. Ltd. **£5* *-7** 

--.iw.lw. vW W1 , .. 4*3-8 11 835 T«fu iJairhmue Rtt Av laabury .roOMM! Hedni Fm' «' 

Capel UamesMHugt. Ltd* *; ^ , ' ' ' ' 

-ion Old Broad Si ' sciN IBQ 01 WBrinio M « v Gronpw lyncKzi Cannon Assnr 

Ouvtni: _i_ .1826 07.91.. .1 5 4S Three Qunvv. Tratw II Jl. B.T1H rtRQ 01826 J. Dlyimde Kv-tV* 

■ Jaiotnc .. . . .ISfll K. Zj 009 See Man Woe . WCUaaie fjcnlihaj. EquIT rniri. . 

■ Nyrth /vrarlcan. . {950 100.0t I .Untndn . 44.0 4771+0 8 2 29 ptopertv Vrln .. 

• Price* nn New. '.15.. Ne*X«veallna ET. V ; nlui — J5 7 44 n *-0 . Z.2^ KrniilV Rand. Ka»t 

Farijol Unit F«L Mgrs. Ltd* land A w^jS gir Sl. || -o« 3 it 

JfilliniHodae. NeircaMle-Bpofi Tyne . 2 Ufa Commodity, 74.6 - 79S-ub |lf Drpogli Bond — . 

Cttitof. 1*57 6A2sf .1-4 22 .Ace4l» I'OlW - O! 5 ,fg-S ^ D E<|L<fq-A€VBlR - 

Do-brcom Unit* lOT 9 . ... i ** ««’ -02 330 SSgFESSS* - ' 


Money Pen*- Acc ..103* load....' — Fixed Uu Dep 

Do Initial _ , ,]99 0 104J| -4 — Equltj „ . - 

ni-iC2i28R *Cnrroni units value No* 21. Properly. 

_j- 4 m M«nac«rt*.ao .- 

I§ » j “ Beehive Li/e Assur. Co. Ltd.* ' k t-reea* . 

-0.5 199 TI.LnmhardSi.EC3 ' nHS2.11 39 

-al ^ Blk. Hortve No» 1. . | . 132 06 ] .. J - i^TU^r 

• . Pv-n F I.Dpp lit 

Canada Life Assurance Co. ^ eS?® 

2-8 Uiffc Sl. P«lfT» Bar. Hen>. PBar 51122 Pro. Man. Lap 


^ 0031 Gin lac. an . 5L? 

_ Nelea Gth Ir.cAcc, 53.1 

_ Nd M*ri FAC-p. «* 

_ Xd Uxd Fd 4<c. .. 508 


Nexl Sub rtav Nerenibcr 15 Equip- Fund . . 

NPI Pensions Management LUL SSSSSIfST 1 
4aOrarecbJichSs.ECT.P3HH 014523*201) in?eroaUro»l Fd’ 
Xjuiace-I Fnrrrt IX55J 161.8] | — fvpo«ii Fund 

Price- **«>•• l \evt rtealine Dec I Managed Fund 


Sun Alliance Fund Mangmt. Ltd. V^TTVr 

, „... „ . >■ ainrfoo Hae.. Dob5l.Sl Htlict J.*r-c 

Sun Alliance House, dorxhom 040361141 0534 ■*7561 

f^£ 1 - l St S i2 rJI - , * fM, fV» 1Stl l - ”4 “ Sum A. limn > - 13 S3 | ! 

InLRn 14 .. iL~. ] ] - SeriexR .Pacific*. .<£950 . 

Sun Alliance Linked l ife Ins. Ltd. Sen^Di.VmAsr.i [0369 I I 

Sun AllianceHnujc HorJiam CM0364I41 first Viking Commedity Trust* 


Pro Man A.f . 274 6 

IVn.UillEde'.'ap Ul 3 

Pro lull FrfffX Act- 1294 

*Vn P S «'ap 526 5 

Pen R< Acr . 1*63 


130.61 -08 
110 5 -O.s 
121*1 
94 R -22 

n».g . 
iw.r -o ; 


IRSI Ceorse'.vSL. D,xicJai J t»M 
0624 lxin Acts. Punbar & ro. I 'd 


Price- 1 Xevi deal Ins tw-c I Menaced Fund 1 103 7 114.51 -0 7 

New Zealand Ins. Co. (li.R.1 Ltd* Sun Life of Canada IC.K.I I^td 
Maitland Ilnv. 1 '- Snmhrndif I !!-• 070282955 2 J. * K nek- pur •-i S'JIVaBH *119 


018-6 4. JW , Olympic Kv.. Wembley HAJWXB 01.W28PT8 Pen f A r r ap 
J -q Equity Cal Li. . . 111722 - | [ - P ™ ° U ' Cl - 

3> 3 2.59 P°PJ J, ?i3‘IL--jR?S - I “ Hearts of Oak Benefit Society 

-i HZ Pixp.^lOTd' Exert. [tli. 75 wilj ” . — XavtFLtfrfc J't 


Ki'<iK*>lm I'lai. 1481 
Smslltfo-Fri W1 8 
TertiartitiC' Fri 12*9 
Extra Inc F.l . 98 4 
Extra In-. K-t k •! 95 1 
Amen car K<l 091 
Far East F*l 106 J 
Gill Edjed Fd U2S 5 
■.’on. DeiK>-n Fri [98J 


6.6 

04 — 

52 . - 

03 — 

7 1 — 

1.7 - 

11 - 

3 3] ... 4 - 


Maple II Grth [ 201* [ ]-■ 
Mnrdvi.f Mancri 1339 *10) - 

Maple LI folj 1289 .0^ - 

I'er-nl Pn r A 1 207 3 t - I - 

Target Life Assurance Co. Ltd. 


- JX P»IJ Mall. \jmAon SWiT 3JH 
-2 2 — Ftl.Vlb.Cm TM Q5 8 37 T, I 2 S* 

. - Frt VIlDW O p T>* )66 0 68 o! ! *« 

‘ Fleming .1 apan Fund S.A. 

:i7 rut- WmOine I .uvroihi'i, rc 
OIBJjMOT Flmunc No» 14 ; ti:$MM . 1 — 

J Free World Fund Ltd 

♦ Ca — B-inrriielri RWit. Hamiltro Pemurii 

- I - tAVlAHSI I US19B05 i i - 

Ltd. G.T. Management Ltd 

csf.iir-'. Fart Hse. !6 Plaabuiy Circus L<*noe.i L<J 


tfOitof... [65 7 6A2sf '.1-4 22 .Arram i*owi . , 

Da. AfrqnL Unite .159 BJ*] . ... ] .4 22 

Dallich ficiA— [4B.6 4JTrf -. IS Onverdcm Inc ... 

. Po. Arctuh L'niu- -|S2 7 K 2| .1 8.94 rni3rtend. 

Jlexi •teelins rime November ». .,.\,.um Unit*. 

Charities Official Invest. Fd4> European 

97 Lob dnn Wall BC3N 1DB. DI-MO IBIS _ 

VrxwUrvlT jX37 18 — f j ^ '.vcurjiUmin.' 

6*rimOei 1. .1272 47 : . I -- F^rEartern 

.^l.iunlh. ‘inlj u.eilablc »p Rcr: « bantiro i vrnul'niisi. 

Fv OurierhouM- Japhn sro James Finlay Fund of ini t-3v. 

Chirilain Trust Managers i.ld.* laiig) l^nV-ral .- 


; j Vmi si ft 2 m *vr 

AWlvun nl9* 

IWliiCrnTniJ 
|fu:W.lnr'u.ie . . 40 9 

inlanuiiinnalT'4 ’i<22 8 

Rlfn .Rro.-rr , T«l 2S 2 

incm -ir ira.1 si T.-i 22 0 


ni TTCljmi lArjoir UniL-i.. 


I.J.199- .21 4| »0 J! 188 

I " 2S.4 100 ■.VTuni L mlx> 

[40 9 44 I J ffb 938 Japan. 

[-7.22 8 246] +0 ii 2 85 '*«'*"* 1 h,L " 


2ft 6, +0 I 
272 -0-’ 
24 b 


2 35 'Ac uni i m L«- 
446 M.Knuni 
7 tl ' 4-' um l mls> 
Midland 

'tanfed oration Funds Mgc. Ltd.* tai rj.rom rmL-i. 

; » V h«nrriM-ine.W.'3A IHE ul L««9t! , ^'u^TlJnlL-, 

. I'-PiUtl. F„h.l ,|44 3 46 5| l 4 11 S^m.Ufrt-n 

CoMoopoliian Fund Manoscrs SfruilicrOr* 1 " 

■ 3* -|)altiSU« I . L.qik'11 Sff I OF.' 111115 8315. ,Ai.' iin L nU-» . 
f"R*HP*»In Gib Fri 117 6 18 9J . I J 22 • Fond* 

Jn fucome Frt . 486 510 j* . . I HJ« . 


63 n -0 21 
7bd - 0 3 
12« H 
244 81 -0 2 
52 9) -*0.2 
541-0 2 
9061-0 2 
124 fl r0 3 
wo -j: 
.- 59U-1-* 
62.2m -0 1 

77 d -0 1 
177.4 -0 1 
276 2j +0 6 
111 6} +P 1 

187 « *0 2 
185 73-J4* 

188 H -1 * 
213« -0 ? 
269 tf -1 0 

1883rd *0 L 
319<[ *0-1 
9X0l 
939 

186 q +0 j 

’S3 B •*>« 
178 U +0 
' 22711 >0 ll 


i ii Eal. Bd-Exac.Uufl. 0336 14 1* 

Deposit Bond — .. 1135 120! 

4 15 FqUfO'AwtHR — 179 — 

, Property Accum. ^ E1327 _ - 

1 jc Vned Aeeum _ _ X642 

275 2nAEqujt> 93* 901 

2i q 2nd Property 107 6 1J3J 

*45 2nd ManageA . 98 9' lMI 
22 2nd Drposli 9S6 10*2 

2 2 2ndtfiR7. . 894 «I 

52 2nd American 773 .81! 

f 2 2nd Eq P«ii Acc . 97 0 10K 

2 2S 2ndPmPcn*.'Ace ' 112.7 119 i 

; S 2nd Ivan* Acc 102 6 1MI 

ItJ 2nd nep.Pcjw Acc ICQ 2 Ida: 

5 Jml li.h Nw Art 90 4 ' 

2nd A m.Pcn* Vr 79 9 
L * E 5 f F 30 5 

L&ES.1 F.2. . 275 


HearU* of Oak Benefit Society >.oil Depetn rn issj j - Man . Fuo .i , rr . sko lniil 

~ is-17. Tavteuerk Place. wcin 9SM oi4t87Nao Norwich Union Insurance Group* Jf*L ? * ce ■ • j{5i 

Hearts of Oak --I37 7 390j .. ,| — PO Box*. Nnrvncn SRI 3N'G. n6032220i'l Prop Frt Arc " . -. 151.0 | 


Target Hnaro Uaichnu^r RA. A» Ie4.urv. IFart Hse. <6 Fimdiuir Circu 
Burls AvlevtanyiOSPb&U Tel. ni.«3l 8ISI TLX B86100 


r Hill Samuel Lile Assur. Ud* 

NLATwr.AddiM-wnbc P.d. Cray. 01-fW$4r»i5 Property Fund 


7 27 *.'OB<ni. Hwi- 

7 27 Kpv Invert Fd 


In futtvne Krt .[AS 6 51 Bio . . I HJ0 

Crajgmount I'nil TsL Mgrs. Ltd. 

«> 10 Fotir-rl ♦inu. D~»V.Him tf* ijubWHS: 

Dic'li bi-Tirnc -• (459 ®0 11 +0.1] 10 00 

^**nlt.\iwrivH9 - H6 7. . 50 2] .0 1 

M*dM(rtniH..'hl>n. pB7 50 Tl I *<»0 

Cresc ? nL Unit Tsb Mgrs. Ltd. laKgi 

fJIChlilrl P- . Cluibiill'li.1 ’HI JiSa-lftll 
"P.Amrr fd. . 121 9 23 5<ri*0 1! X76 


Truritv 11*57 153 7«g -’»q 

IgriL Ltd. » ^ • *° T l! § 

tflbubWA: {^JSld N.»- ,4 1«9 1*61? 

soil -0.1] 10 00 ,-v.«u I’MI-. - 1076 1905 81a 

50 21 *0 1 1-rov El. •-.« X' 13*6 144 1-v -0 !, 6 07 

M J ... VanulJle .Management Ltd. 

S. Ltd. laHgl lhforfc . t . ^Wav.Sn-v.-nuje. (Vk;R'- 8I»»' 
■C"i*4*ll .; rrtv , fh i „,|, .154 1 56 91 : 4 47 


-I* 2 63 

-ci i\ « 2 Cj 

-1« «77 
.ni 7 27 '• 
+02) 7 27 K, 
| a 14 Pi 
I 4 1* 

♦0 4 5 30 

+n n 5 30 Ul 
.0^ » 34 M 
>0 )1 4 34 Ml 
>-1 

>mi 6 9* <;* 
♦fl n 6W 

11 57 L t 
8 15 H* 


.‘.urreni valje Nov-. l7. 
Capital Life Assurance* 


— iPn.perfj l ml* .1622 

— Property Seri.v A 105 6 

— Jl+iq-sl l ml* 3013 

— Hunted frrle A 950 

— Managed Seri***' 515 

— Money Unnii 123 0 

— Motvev Scrie* A 99 J 

— Fiudldl S"r A. 931 

— Equilj- 5-.flr> A |90 1 

— Pn- , .intiac>-i) i an 1*1 1 

— Hi' Mana«-rt Ar.- 130 * 

Pt tf'irori ■ jq> 107 2 

— Pn- *T tcvri .Lev .. 11*7 

— Fro* F.quilv U|' 100 1 

— Vrtr bquilj Wr 1019 

fii- Fvd Ir.i .'ap 9S * 

f'-VN F'\rt tm Ac. 97 1 

Du- Prop rag 96 7 

Fro* Prro Arc 98 « 


Xfi z 

+QS| - 

■J = 


Filed Inl Fund 
Deposit yunri 
Nor L'cll f.i" 1' 


226.11 -0 61 - 
363 fl -12 - 
ljiq - 

is*d-&5 - 

113 « — 


Prop Fri Inv -1150 
FUcd Inl Fd. Inc 2005 
Deo Fd Inc. . [97 1 

Ref Plan Ac Pen . .TO 8 
RctPlanCap Pen — [579 
Man.Pen.Fd Ate . [125 ! 
>ian Pend'd Cap 333-5 
Gill I’en.FCLAcc 33X3 


Nor Cell l.m l' ] 211 2 ] I — Man.Pen.Fq Ate 

Phoenix A»urance Co. Ltd. Gi*ii>S!F4Acr 

4-5. Kmc vi'rl’.inm >i . Fi'4P f HR. 01 fCRPBTS Gilt Pen Fd Cap 

s?ftx ! u,fc «2 iM v v i - sasatfs 

n* r Pi Eq F lib I 80ll->8[ -- 

Prop. Equity & Life As*. C«.V i> a Pro F'vi.trc 

1 IP tfra-fer.1 *rr.+L Will 2.\<. m aapuAST r * * "* r * 1 C " : ' 

R Silk Prop P-d ! 1*66 I . ; — Transinlernai 

PtSBSS. \ &\ "I 5S~-»to« 


105 8 . 
102.2 ... 
760 -0.1 
62.8 -0 1 


= i A* r -| 

7 Property lirv.wlh Assur. C'n. Ltd* 
Iron I LV n| <ei 


Gilt Pea/ A Act 13X3 1395 - 

Gilt Pen Fd. Cap . J235 130. W J - 

rrop.Pen FdArr 162 4 I7C9I ' — 

Prop .Pcn.Fd.Cap.. 1609 169.41 

iiuar Pen Fd.Lcc 97 0 102 1 . ~ 

■ :uarProFd.-ap 96 2 101 j] ' -• 

!■ A Pro Fd -Arc . 96 5 101 6| j - 

D A Pen r*l Cup ,9t 0 101 0; ! . 

Tnmsinlernatinnal Life Ins. To. Ltd 
2 Bream BlUir F.> 45*. V n ; . pw ,qr 


Uodun A;rolT for 
Anchor'S L'niis Sl >1 E 1 M! 
Anchor Gill Edge £9 JO 9Jb^ 
Anchor I nu Fd ... S1S5H Slit 
Anchor In. Jsv TM . 28.6 30 5* 

Bern- Pat Fd . _ 5US556? 

Berry Pac Mrlg - . 325.0 340.0c 

0 T. .Vita Fd.. - . 120931 K W 
GT .V-i* Sterling . 04 34 15.29>i [ 

G T Aut-lrcHa Fd SA9.81 10 io 

G T Bond F uud . 31 "M3 70 - n ir 

GT Dollar Fd. , *L'S6J2 | 


~r v.hapcl A-hiv irm «K»;I imperial Life Ass. Un. uf Canada 


| 4 1* Picemakerlnv.Fd ! 102 96 J J — 

*1* 

j 5 jn Ubarterhouse Magna Gp.9 

’i ) D MMhmMn Hml Brunei Centre, Plerroley. 
I *34 Milton KeynciOflOa 8*1272 


■‘hrm+e. Eaerpj . .359 
6 94 ■ hrlft-c ViMB : 30 2 

h B4 ChrthtH- Man used 39J 
157 Chrlh.se Ef|ul*> , 36 2 

8 15 Hjgrva BIrf Snc 
815 Jf»snaManaRed.. 


S 2.2 . — 

<13 .. . ~ 
58 2 .. - 

IS “ S - 


Impenal H-hjw tf>ui/d(re<L TtZ 

i.ll Fd No. 17 [74 0 - 88 4[ . ] - 

Pro' Kd N« IT =67 6 73*] . | — 

■ i.’nil Lrokni r»rllr,lin 

hie.- M.vnaced F'-inri 19*4 99 3] . ] — 

" Fixed Ir.: Frt 95 6 100 N — 

Secure ■ Jf Fd . [97 9 103 0j — 

_ F-quilv Fund J97 5 302 &[ , — 


Irish life Assurance Co. Ud 

11 liiKhur Square. Ei'jl 0[. 

Blue * Tup Vav IS 174 7 78 6j 

BP >'p Sr lJNr* IS 915 . 96 fl 

.Menaced Fund [234 0 S4h S 


...j. rn.penvFiio-: 
anada Properiv Vu-.n '. . 

7133 Asrrm/t jrai F>;n.I ’ 
i _ Aen*- Fund -a , 
> ^ AbdevNai Fund [ 
' Ahlipy Vat Y<i \ { 

. | _ Investment F*inJ . ] 
_ 3nveMmcni Kd V-, 

_ Equ.rv Fur.d 
J — Fj]u[lv Fund A 
’ Money Fund 

id Money-Fund- A- 

n; .H?aS2.VI Arluaoal Fund 
I lilllroltfcri Fu.ill 

• SM fillllsdsrrfFi ' A 1 

| ♦Retire Anno. I- 


m = 


r»lv of Westminster Assnr. Co. Ltd 'Unr.i F-t » r n ]*»5 


f3W»ljln n- . Efllihillfli.l .EIIJJ64WI ,; rrtV if'h l'„n* .15*1 54 

jsi 9 JM Maj flower Management Co. Ltd 

*.!«, lUjIt Ui%l .43 5 .467.3-0 1 9 23 H ^..rr-l.uinSl K-'IA 7 VI nla*#.» 

rZfcZ-i. To • ^ncrol^V.- gfl 3 fj" I f 

UiKtrelkmary linil Fuad Managers i**'-»mi %1 * 1 • 1434 5,1 

— 1 itiumieirt 'i*. r.ix:M tal. oi Merrurv Fund Managers 

Pi'I.B- Nn If. |170 6 182 0<C| t 5*5 : «i.v,n»u, U ni M ECXTSFB. . 

K. K. Winchester Fund MngL Lid. »*,•»», 2«3 271 

rildJron (IT iu.»*a4SIR7 'j,',? \'m» is 66 3 7t 

^aBfSSd i?2 ilS; I in Ml i 

^m»n i Dudley Tsl. Mngmni. Ud. . . 

sussaw. « - ris. wisrta^- 

. .. r ‘ Z 

Equity & l j»w i n. Tr. 31.* ia«bilcMU ” 5 « 

AriersSam Kri Hich Wycomne iHW :etTT7 ' jf b 21 

.. [64 6 6801 -0.11 *57 p,. avcubl™ |J 

lines Finlay Unit Tra« MngL Ud. Lh'i .Wvvim [59 0 63 

w llllte N, le Street. GU-ft"»' 04IJIM l:CI / n ivm:iil<m»l *| 


(v-:B Miltii Hingaead Hou«e. & Whiiebonve Rnad. 

4 47 i.'ravden CR02JA • M-fi 

' j Wert Proir Fund [62.1 65 i. 

I.ld. ManaHro Kunri 1824 19XDj. 


n^d- Kiwapl Man Fri 

oi-aupow. lT T,p W'"- 'rfy 1 

. Prop M<u ».th 


♦ InoDvri AnnSv 

Crcoih P 


f4|uiiv Fund 
Farmlaml I ul 


^Tvir^rn' 26o 5 

nl 

4 53 M-rcF.-.l *M» 2*3 7 

I A' -m l.'l* Sepi » 295 4 


i rt M.ncy Fund . 125 8 

3 00 l.illCUrid .. 615 

* w Cl LA Fund . .. 173J 
Ccnf Mngri.''ap .1210 
„ - .• IV,,. Mnitd .\r« 1269 

’ ‘ iv, is I’prn-j « ap . ]478 

tJ® IVn.- .'ipner.A-r 150 1 
355 ivn- {qiibi'ap. 53 4 
1'riu EgiiriAvv 56 0 
; * Fund rurremiv cT.iel * 
[J Mml'rOy. . 1 21 

4.40 


25 8 112 g . - 

15 M^-o: - 

73J 176 7 — 

210 ■ 127* ... - 

269 IDS ... - 

78 50 . — 

0 1 52 7] — 

3 4 56 I - P 8 - 

6 0 58 4) -US' 

tn uru- imf'inipnT. 

219 5 1 . : 


Crp Mrt.Gr,h ser 11 |99 8 105 oj | — 

King St Shavson Ltd 
S3 • ■■roAill ra*.» ril-fiLJ M 

FnnJf.f l.veninr 11024? ia*02|-34J[ — 
Acvl rieat.nc rlasr Dec 6 


i _ VAI1 Weal hut" 

■ | “ 91 nv Fd L I- 

1 **■ Prhrtun Fd I. L- 

i'oav Pm* I'd 

«sms»4.-n 'ii' n R^.Vri 


Creub P*n»lDn« 6 AnnuliJev lid. 

- All wthur i*.|132« IMS j - 

— ♦AHWeaih.*--*!- 1231 129 71 

Fd ll- 141 6 . — 

□n Fd I. — 1341 1 •• 


Wan Pen* « ai< 

\evl rical.nc rlasr Dec 6 Prop Fen* I’.l ] 1516 ] j — 

lauigham Life Assurance Co. Ltd. RdS^^'ivn' n j ulo ! - 

laiuhanrili Hdnlnwftlir tfli 01 -jKiSSll RMa S«c ■'*!• I'* I 2231 1 . . -- 

ir?n“- ha B n .‘,.d ’' lan lubS I ” Providence L apilol Life Ass. Co. Ud. 

W,-j. .*r il.tr. Fri rn J Fiji".. 1 — 3". F*hnri4-l»-*4v! W13«l-fi 01 74a Pill 

legal & General lUnit Assur. j I.ld sjj ^ il'.i' |u4 0 naol - 
Kin^svvyuw, H.-u-e. Kinf-nVanil Taduerlh ron-irniKq.nl.. H5 i J?!? — 

Surrey KT2'»8EI H.iryh Heath 53436 Pension F\rf f'.’ JJ60 .1196) 

i.'arb Imiul .. .96 2 10L3I -0 1 — riep.j>ii Fri ‘.n 4 50 0] — 

|1n Accuiii .. 99 2 1 04 51 -011 — lei*NI hi A* • |<7 * 50 0 — 

f.qu.lv InrnaT . 122 0 . 13851-0 5 — Equity F.I ■\>P *7*1 

Do ieuRi . _ 1251 " 15? 61 -0 sl — Uqv.i',v Fri A-.< 4| J *• 3 — 

r iv.-a Ir.ilial ... . 1J58 12191-13 — I *d fnl i'w 47 3 493 • — 

rsi A.-cum _ .119 5 125 £ -ail — Fvd Inc W 47 3 <9 9 - 

lnil IniUal ,882 92 M +0*1 — lnlnl . 'ai- 45 6 «81|. - 

Ih.lns -.09 6 94* -0J1 — Inin! Aci *J-*I ■ - 

Vl^r, a2»l I uilinl U7 4 12ia-02i — Man seed Fd • *P 46* <8.61 . [ — 

Du Arv, mi ... 120 7 137 1 -fl 7. — Managed Fvf fS 5 • ~ 

Property Im'iai . 1002 105 5) . — Properly Fri ■. ap r7 6 50 2) .. . — 

TV. Ace urn . 103 4 108 91 -O l) — Prom-rty Fri vv ,<7 6 50 2( i - 


Unit Trust Managers Ud.F lai Teieph,»i 

■ -rain-t-Kin llou-e Slivvr Slrvc'. Hrjl Fir-i I'm, 

SheflH-ld “il llHl* Tel <W« -«» lVopejrt» 1 

• 'on.mo.lily Je «7«Ji 1^0 fc7 -M In 


Uily of Westminster Assur. Soc. Ud 
Telephone nMBW P6W 


I . 1129 2 
nitr... 154.7 


!w Av.« uni — _ ]73 1 

Growl It — £? 

Mil A 1 ■cum. ,[X 1 


fei --oai ??9 Commercial Union Group 
«S'-91 lu Sl Helen'v l.l *der*h«ft. Eul 
5; 5 i\ 4 M Vr An. Ac. Nos. IB [ 57 24 

S-i IS Ho Aimurtpl l* .... [. 1835 

62 6 Zii'. 6 47 


J-Finjay iniernai I (21 2 22 8 

ftWW. Unity. |»1 2J « 

ffmlSFllKirlW 34 4 3 7 5; 

+■ Fir-lav EuniKI, I 77 3 292 

Arpno U.-siLv _ .33 7 » 8 

{ Fial*, Fri in Trt 28 2 30 3| 

‘Atran Pn,n ... 32* 34 8 

• Prira-y Nov. l.\' Srv' rieniini; 


2 72 Do Avert n . ...... 4*8 

2 77 11 i jll Yield .610 

8 65 Ho .A.'VUni ... 66 6 
2 60 Ihiultrbvnvl*.- ‘““J 


45 4 -0!- 
48 J - Of 
65 7« -0 7 
717 -0? 
188 2 


2,21 .... 2 60 lAjuir. K'-empL-.. *«- J i 

Sa . 2 60 |2 .u l-uJii* . — H02 5 igi ■ 

M.S . *45 .1 jp.il> 6 f*.iv iffe ,. |g», 

*4 - J* cfl *r “«. ***&< 


j 57 Confederaliou Life Insurance Co. 

8 60 M i.'hann-ry Lane. nr-A I HF. 01-2420 
863 V Equity Fund. .. 11686 17701 . J - 
60/ 9'lanaper! Fund . 1186 3 195 6{ ... - 
607 eriPFiiud .... . *103 .....1 - 


2 Bream Bld;y F.« 4 1 NV n 5 ■ 8W 

OTnllp Inrn-t Fri jl*3 8 151 «[ -1 Ir • 

eTulipHaniri Id U18 U9H*09 

9M an Bond Fri 117* 123 5 - 3 

Man. Pen Fd >'ep 120 7 127 Cl - 1 [ 

M.’n Pm Fd A.-i- 1789 US 6 -1.7 - 

OMiigJ 'ni F.I lnH'969 101 J 

O'.lngd Inv rd Ar<iT7 7 107 Bj -09, ■- 

Tridem Life Assurance C*>. Lld.¥ 

Rcnrt»>le Hoirv- litamuci >HfC2A 

Managed 122.7 1Z9 4I | 

tf.lil r.fgri. 146 2 154 C 

Proper,} .. 153 J 162 4 I - 

Eoiile ' imcn^n 88 7 S4.9I -0 4f - 

i: K-Lq-Jlh Fund 1090 US.d-0 9^ - 

HiahVH.I 1387 14*4 

Gill Edged 1286 1275 

vtnncy 1J5 3 132 0( - 

Inemancrnal 1980 103.81 -0 1] - 

KlFCAl 125 6 U* l| ! 

OrM-vth t an 124 j -X71 6, 

Gnnith Arc. 139 3 137.of . 

Pen.- Mnartrap Utl IDS 

pc:, A .lined. An- . 172 « 12* 6| 

Pen? Gl>lljepi.',ip IMJ 1X0 Ji 

Pm^Gld I u-n.An' 139 7 1167! 

IVw PptJ.l.fcp 1169 125fl 

Pen- Hy Ac- 122 2 130.5 . 

Trni Ren. I , 36 3 3E3j 

-Trrfl ■'. 1 Rond .. 96.8 1 . - 


- G T Aurtrtlla Fd SA9.81 lOic 

- GT Bond Fund . SUS13 70 J 1 7; 5 ?2 

_ "i T Dollar Fd . . SL S652 I J 1 53 

! - C T inr. .Slrli • Fd C030 8 65 

; - G T PacfhrFri SUS167I .'-rt i«f 0% 

[ _ G T Philippine Fri WS*J7 ]»J3i - - 

1 Z Cortmorf Invest. I.ld Ldo. Agl*. 

j — 2.51 Mar. A*K laairinp EC3 il’.J/tl V.' i 

• ■ Ganrrnnrr IM Mnei ir.l , |J4 ra?hi 

p. • . j 41 lirwil *1 S' J»rn* .rM4~-.1l 

ie. Mtt uumwWmo.* »95M 3000' |i;S 

1j.4A.V 4IT i >ar tim>rr IM Mnet. "Far Epq. I irl .a«h' 

1 Ij Iwl Hull’ll. ^>1 IU 1 . iri llarmirl IM :l k.’.: 

0 7 Hri 7. P»r l T-, -1X137,5 Jty.i | Mfl 

? Japan F.I. fc: *1*« aa . 0 50 

J. - N . American Tri f! ?«77 lllj ,130 

1.7 - lntl Bond F..n.l ]y -VJ7 111? 1 5 61 

L’S ■•uiBwrr InKUrnr-n* Mnm I.ld ■«< 

0 9, - P“. Eo',32. LKuda.-. loM .Till I 

1 ,j u tf.6nnt.vrc lnil In' [30 7 220 I 1150 

,’T., tfranmnre loll tfitUik* Tzf. \ 2*0 

Hambro PaciTic Fund Mgmi. I.ld. 

I lllt .'..nnonchi Cer.lre. Hen.; Kime 

— Far Fart No. 15 1501* 91 15ni ■ — 

— .Ippari Fund jii'lf 7t 1C 79} . — 

0fl 1 “ Hambros Bank IGuernsej'i I. id./ 
Hamhros Fd Mgrs. 1 f.i .1 Lid. 


F O. Bn* B61 Guernsey 
| 1 Fund .. >144 0 


, J- Henry Schroder IVacg St Co. I.ld. 

| _ 120.1 bcan^dc, EC2 ni .un IK*1 

_ Cheap I No. 17.. i SLS11 Sl l-f.-'H 756 

T rafunr 1 *ci M . . [ 7KS12J30 , 

U5t< .Milan Fri. Nq. 13 tl.raw ?>r, 2 65 

.'Uirlinr Tri Vor 17 I:.a 1 86 1 <t ! 5 7ft 

9. I.tri _ ^ ." apan Fd. \ot l< [H <>lt *!fl ! 0*1 

rM f°2S«' Senlrv Assurance lutemalinnaJ Lid. 

! *50 P • • Rex R-t. llamil'en .1 3> ro,|.lv 

’fanaicri Funrt |*r-:W :5«i * _ 

Singer & rriedlander Ldn. Agenls 

I — N Gannon <4| E'.'4 Sl-SOMIM 

Dekafopri- [J.'lTf J7 rPI: I 6 12 

urt . T..k'oT l "C, ftl ! SI S4J9B.J 144 

■ ~ Stronghold ttanagcmcni Limited 

pm i.n\ .'.u. Hcii'-r Jcr,,-. 
nor*.! Li - < nfiuc«riif.t Ft n*f (58 S3 93 lli — 

Surlnvest 1 Jersey 1 Ud ix> 

.! J J® Om+i«iH,c Tmci Tld St Hc'icr .1r> 9.1MJ7MP 
°‘ 5 '1 ,64 Arm-rl'an Ind Trt 1*7 2« 7 401-0 5.’' 

■ I S vnppcrTrurt ... ilL46 11 7<j a:;] 

■ [ Jgj J.10 Index Trt - . |» 11.16 11391-304! _ 

I ®-** TSB I'nil Tmrt Managers 'C I.i ifd, 

'I 7 (ij Paea'cllr Rd . .-'t. >n ’i«ir. Jor-*-' *’VU 7UP4 
I .. .trrroj kuxiri . 47 6 50 1: : 4 7* 

."If! 5*2 Guernsey Fnnrl [47 6 501! \ 4 7» 

I 153 tf. Ill Fund ;98 0 100 in ’ 12 M 

■'•il* Fund ..Ii-tvvv i99 0 100P . 12 N 

0 96 Prr--n> .-n Vm I? Vir ji./. -(a V,.- 

. Tokyo Parifir Holding* N.V 

, inrmvi- Mannscnent ?: V 1 m.'i- 
■ Ml pi-r -harr- '•■■■ ■•* !' -iCf..’ 

’* -*4 jilLV Tnkjo Paeiflr Hides. (Seahn^rri' N V. 

' ' Inr, m..’ Afanar.-nu-i: 1 •• .*. I i'.rrs'-A 
■ri ’ ' ' t“-r -h.-r- ■ U i> *■ 

I Tyndall Group 

■ 130 ,,,, • 1,1,4 *7M llamillrn x. R+rmuriA 7.75«» 

1 56.1 in i';»i;5 i :i, ao 

, I V — .11,1 * r.l-, j'.'-l'l 1 7:1 

. 7 :^' I .VV.'3.. Inl r.i.-L 10 [21 .2 ISA ;f»i : 

I *152 2 New SL. fc Ifcilcr. Jervr 03 H 573.7! * 

, 7<0 T'.IFSI. ,'n 16 . j£7 0f 7651 ] - 

l.ld. '■•••iiT-snjrcr. ^1313 12 ISi 

' \F-:r.can A;.." |< 1760 81 5>r! 1 7 00 

'* -v.. .in-hur-. 176 S 87 0] J - 

] - rxt>,r 04 5 910; ! M 

■ — . Arruin »har< ' ..(8*5 91 W ; 

,.1 / I Fd 13 .nil 7 226b 1 7 "9 

^ a ' f \uo-J Al* ' 300? 3»4, ! 

d. i'.IITun.l',.- I - ilOlH 103 8- C I |] 5b 


iSsabiwr'Ii N V. 
.*. I 1 ‘in. -a 
U 5‘ 


■ Acc'.im 1haie>- 


rtffl Ininl Rond 9Us:in&72 112 oi 

hfSl ‘ JiM Equity Jl'sJlOaS 11 Z? 

Ilf' " ' nf S'T? 'A il JHl-06 IH 

fop Z > r ’L S-f TV. Sl'SLIl lwi 

[| 0 jj _ Price, "n Nov 1 . '.ext rii-.iimi: 

llk?j - Henderson Baring Fund Mars. 

IMsI "" s®. Guram- Ml Hr-Jrt H-ing rinse 

lax) Z llwaK.I Ni" 15. p:-33b 71J7. 


179 Alrtsrv Hmv. Uouclx- IsleniMan 0624 2-1111. 
S 50 M jn.n’ei '.K'l :' 4 1134 5 141 g | . 

I niiife Assurance 1 Overseas 1 Ud. 


iro vi-uni . _ un U(« -u - 
r 1 x-o Ir.ilial ... . 115 8 12191-0! 

D«i Aivuiij _ . 119 5 125 8 -3 J 

lnil Initial . —..,887 92H+D* 

lb. Amin. —.89 5 94 4] »0j 

Mena^cvl I ml ml 117 4 12331 -01 

Du Arvon ... 120 7 177 I -0 : 

Property Ini'iai . 1002 105 5j 

TV. Areun . 103 4 108 91 -0 : 

lecal A Geacral ll-nit ramonsi lift 


hurrh Hoath 
10131 -Oil _ 
1IM 5] -01 - 
ITS 51 -0 5 - 

13761 -0 d — 

121 5-5 3 — 
125 « -ail — 

92^ *041 — 
94 *j -Ojl _ 
1233] -0 2^ - 

J2S-M - 


CORAL IVPEX: Close 466471 

INSURANCE BASE RATES ^ 

t Property Gro«h .. - — “ 10 87% 


IM fVnrii Pen Mnaf 78 4 
100 -uffcrl.Mnfiri Pi,. 77 4 
.Ml iremrr lined. Pen .11978 

1 ,\r-u lnl Prn .1206 0 

T Kviuil, fViL-sro [250 4 
l'"1"rtl) P»«»i«b_.|1581 


,' „ Kvmpljvlilwl 1981 

01-242. PSR2 Dn A. rum 1009 

— Evcni|>! Eqr. 1 lnil 1134 D 

— Do A.i'iim . 1137 7 

— Kvempr Fixed lull 115 3 

. . , — bn A run . . 311.9 

, j — hxempt S1n(ri lnil .129 9 

a .... _ D» A.vutji . [133 5 

ffl . — K.nr.ip* Pr..|. lnil. ;9B 3 

iK . — Dn Ac.-uni ,190 9 


■ 187 Z 92 21 

HMD 110 0 - 

1251 1298 

' 116 0 .1»9 . 

1474 50 ffl . - 

!47 4 50 0 - 

*51 47 ij 

45 1 47 3 — 

173 4*3 . - 

•47 3 <9 3 - 

456 481 ] - 

456 «f.l] ' . I - 

p 461 4aa . I - 

V 1461 40S . - 

p M7* 50S ... - 

' :-T7 6 503 ' | - 

ife Atwortnce Co. Lld. 

I.'T 01-247 rtx'U 

.1 1117 4 123 ij I - 

106 7 1123 J _ 

'via 5 tin t' _n tI _ 


msGid.ivp.Aic i?9i 116 jj - Henderson Baring Fund Mars. Ltd. 

m- PD- ! aV? P ”*2 130 3 605, , '^«.rr»*iii Hrj rt Hnng K..s C 

u,-Lt ' » 3 jSs Z Uwvo F.I Nu> li. likOSb :;J7. 

, M.G?R^d.. r 3 96.8 I . - SSifSjftiV’ * sV-MO^ ' “ 

T»h Will- tor :w WJ* * Pnd ^Ua«»oVa*J2Sll!?eUrae'. ' 

I - Tyndall Assurance/Pensioas* HiU-Samuel & Co. IGuomsevi 1 Id. 

.Co. U d. '•-■v.ca«l a LcFCirr s, Ph« pwi I.nero.-, - ^ 

o, wi 1 1 S5S, w- ^ Z* , ” 7J ™ *«-<■*'* 

BcndVuv 16 .' 165 9 — Hifl Mmuef Invest. Mgmt. Ininl 

- “ F.O Box 63. Jvr-Cj ..A-T“.C 

VB^lin \|4 8 |T - l”b Z HSfhMlM-ita F [1180 126 2i .ll ’. 3 00 

z *^l5eC- «- T31 HS^I'm^ nd .Vi -V* 

iv, 9U ft... >i nn h n.a r 1 . tTyChs ru.ftLT.'w IJ i>[ 

Lie S-niv N.4 ‘ I ?j“ s . tf 5 F Fd i.V.’nin, ijyFl! 59 1? «j ; . 

z KKvror* 1810 ? - 

_ r»> Fr.rp Vis 2 I 90 0 j . IF r d ACr .|»f. FTP* S.li-j'n 

i - Vanbrugh Life Assurance *2! rl, . lc MnC ' , trt 

43.VU.lflr.vST I dr. TV IR SI -X '1^904*23 Hi! F^j- tL k'Iv’m V, ‘’ 

an aged Fd [1464 154Z|-0?| - ■'«' elln EqailyTrt |SA* 23 * 3*1 

piiiyFri pn b 2*62 -6 7 -- J.E.T. Managers tjrraeyi Lid. 


|- 1 1 |.r., I:«1 llamlllnn -71 E..-rrn.idb 
■r.iernl Mnpri fri (Sl ?100 - ; I — 

i. ninn-Invesiinent-GesclIsehafi nsh'f. 

Pn-K-h 197'J7 D rtHiJO Frankl.tr: l« 
^-( > .ir..-f..nrf- Jl 25 II 90, -.i !j‘ — 

f ur»'Twf”i|.|, 15 50 17 00 -t-iV. — 

l -vif.-r.-r- 13 00 18 99 _ 

I nir-rvlH JF.5S 3965 -?;: - 

r ni-pei i| | 60 00 63 10 1 '■ — 

I id. Ininl. Alngnim. iC.I.l Lid. 

'* V'lVauvr Sin-el W lit her Jen*. 
i IRVr.nd 'll : l*i j: 119 85i , 7 r-B 

l niled .States Tst. lntl. Adi. Cn 
li F'i*> Ajrtr.njler I ii'embnuK 
i > Trt Irv Fnrl Jit *10 J? r-B iys 09* 

S. U. Warburg & Co. Ltd. 

"7J. Ore* him: v,ir»l . LC 2 ri 4 ; ;-3 

. nv B.I N... 17_ .] 41 -9 70 ' - Gil — 


Provincial I -ife Assurance Co. 

222.Bi'hi.|^i!.-.i. I i'2 . fl-! 

Pror ULutaj-s! I'll |3JJ* V236J 

Prav v-si-.h r'ri !Hft « ■*! — 

Gili Fund 21* , Hja -07 ! — 

IV'fu’rt ,- 1 u/r.* ^03-3 JJJj | — 

Equity hull-: I3J3 1MU-C4I — 

r\d Ini Hind .96 7 161 q . . | — 

Prudential Pensions Limited* 
Hmhi.rv.Har- 01- 


Managed Fd 
Equilv Fri 
InrnL Fund 
Five* Inlr-rrt Fil 
Property Kd 


Proper!* Kd 1“ 8 157 H 

tf ash Fund Il21 3 127.71 

Vanbrugh Pensions Limited 


2*6-2-6 7 -- 

102 1 -0 2 - 
173 « -0 5 - 

152 H - 

127.7] . _ 


Pi 1 p.m mi'hannr-l HrnirtJfr<rr 

J*Ti-v HMrnl. T*i 11710 IU Dl 
A> .XI lA’I 31 "■*. ,1 -4. h rtav y 
Jardlne Fleming & Co. Ud. 


— Fni. In* Nov. I 
, Gr M 5r,l ■»! : 

V,,-rc i. Ivl T-.iv ! 
o T»B73 VerrMnv.VUV.. 


' . 5KM6 93 -DO 1 ' - 

i 4T.f7.10 . I _ 

i .• aid U3i .. .[0172 

eUio jo joji J _ 


r. . ... . _ _ . 1: vno'n . irinni s 

< omhi 1 f insurance Co. Ido. utGFri" Fd \r- 7 K 

W i'rtrnhlll. t i'.i 81-0:5 Ml o 

'.'ap. Feb. Noe 13 -j!22 - | -8[ -- , ■* . r 

GSSPrt N(H IS . 510 - ' -3* — -MS5UF. I O. < 

Un ULA.Fd.OcL 20 .'179A XK-O. I — »*= New Rnnrt 4i w 

LATOPsaiV -.[» 

Credit St Commerce Insurance Lloyds Fk. I'm'l Tst Mngrs. Ltd. 

120. Recant 6L. London TIE tFE. 9:-ftJ9?*61 7;. I^irbaH Sl Ef’- 

cacMaad-Jd- |mi ULk l - anm— —IB 


Legal & General Prep. Fd. Mgrs. Ud EJSTw??* iV |Osi ; 
ll vM<sn irtnna <t . K* 4.V4TP 0l-:4fi«7^ pj,.. S rt l.‘. fl9 18 1 

LAGin-rd \|. 7. 198 7 IID3| . | - Prop Fd ■■■ l 12800 J 
MUft. ria-. L'ee 1 _ ... 

... .. r . _ . . Reliance Mutual 

Life Assur Un. of Pennsylvania Tunbn.tfr- h""»- 
TDilNvU Knnilft W17 0«<| 01 -4P.‘. mp5 p^, p rt . 209 0 

LAtffJPvaiV ...H74 1023! ! - ^ 


; Rothschild Asset Management 

lflgrs. Ltd. v vvnh”,* L*c- i widen fc'u n, 41*4530 

o:«!iMa n£f»p - luu J - 

m *j JL\ 7.0 sub. dar Deecaher 2R 


df Gujrah,c-ri x. e In-v Ba-e Ralv.-» (ablo. 

ni-»5Ka Welfare Insurance Co. Ud.* 

?■ ■£ K| " Winslfd- Hart h x«<er '.Wr.--.x2 135 

MbS'b^ ~ tlwiey outer Fd I 1036 / [ - 

** 1 “* 1 " For other binds |, li-a-e rotor to The Lon dor. K 
Maqrbeder Gruuc 

"0K2227I Windsor Life Assur. Uo. Lid. 

■ - Rri'.al Ui,«* ll;r >H-v» -i .’.I'-iifbvr Aft! 44 

nil Ufrlte’ Plan* [710 7*81 [ ■ 

Ir-KCi-in FtaruKArrdrtthre •' KM 

'1.-Cti45if rmureA-VKiJUi h. • ***» ■ .. 

„ J — Rrl Aviri Per . ■ ■ m £2612 j . - , 

V* Flex. lav. Gre'+Tii — 10 L 5 166 .$ J w 


Do lArrum.' 
NrtV Nr 


. I HKSKJJ 
v !4 'Fqui-.d!.^i 51 .-S'.:' 

’•L-ll »ijh .Nrj» >1 


H'arhurg Invesl. >Jng1. Jrsy. Ltd 

1 . tf ban ac tfroia, 5i- tl viler. J *y. >'l OSjf 7.1741 

• MF lr-l <A-i Si . -r-'SHp H45I |_ 

• MTU*! rjcLSS. . f.14 62 15M> . .! _ 

’•Ma'-TjJ w. 16 il2.73 llO4'-0ia -- 
T\n'-*».n . !■ S9 9t If 21 1 .. 

T'lr l.'d N.< | J ..|l9 87 10 131 [ _ 

World Wide Growth Management* 

V.s Bn-jl-tar! Il-'tal. Luirmbtiir,' 

l.(h Kill il S14<1 |-0 :?] _ 


NOTES 


Prii e- rte r.« mrl.irii- S r-r.-mnini ■>* .'SrT' inril-’n , i"1 t -.nH .'.re in pent- lak 11 >iirp".->A 

Aft! 44 llirtic.rl.G Vlvilis "* -hi. 1 ., m Ug I . ' -I'-- l.T t-. , . > <|WV„“'- J i'ti-’f. 1 

laelodo :>T! e.prnye-. h T^da-.V tiriro-. i V.-. -.1 1-3—*: tjfi r n“i r -' ri F ■iiM'.'I 5 7---ri.« 1 
"i« sine on/v 6 Dl f,^»- .4 * h' |. (x-r • tfi. pf'a'iuir, in-n:in.i;;i!j:,i < yr”, 

Mf-rm.ir ir-iirsiirr \ ‘ I|[-nyrj r—r* ■.!•<• h! . ■• tv q-. ••irrrpi nrcil ■ etrnu-si"-. 

— 1 1 ‘ll+r-d |T,r«. :n. ;jri'-- gtf ■ 1 — jjR> *..>r- r 1 . . , . 

— * Net of :<x an tea!;:?" .-e«<.ii ;. ,->• *• * ■-■'••'T.se^ zte-v » su.i,va?.-d. 

f 4 ic!q trti-..e i':*e.- " t-» r-Ld .-,«-u. 


1 


i 


3 


FOR YOUR COMPANY- 


FT SHARE INFORMATION SERVICE 


Financial lines Tuesday' November 

i F 001 >, GROCERiESr^mi 


! 

ffi fjt Lw ! 


- s -Sfe 

fcirt - Net 






KiWV Contact-B.D Kav 

If INTERNATIONAL FACTORS 

Crrcire House. New England Read. 
P! B::ghlon BNI 4 GX Tel ( 0273 ) 60 & 7 DQ 

e p-iidffAain C.i rdt *1 Leeds 


BONDS & RAILS— Cont. 


1378 

ffi* Irm 


PW wJWi f i 

: I - ! un*- 


mr*pn M.inehffSter 


BRITISH FUNDS 


I- i>* V:'W 
j — ! lm F*d. 


*>hon«'‘ i Live* up to Five Year#* 


j t:‘:LV- 3 ? s ‘ant ISIS | 

; 4 »; ES; Hish Lc* | Stock 

*° ' : 5-: “^2 :iJji uui\«* 

*j£ ; i i?: -isn SJfc ** 

1 lb iii" aSM 22 

[ ?? ' ■ T? i;- 24’* II VH:< 

' is-i v-jp'va-.iiw 

•l 10 ‘ • ■;», :-z. r, 

: I <8- - s.« :q- 4 ;*,?. ljjBv.r-.ff i 

Sf'-t.-: 22 i&r.d:‘ ■ *:- 

95 | — "j *0 2 e ir-;| 23 -a 15 -:e-l i 

22- -- :wi? :■» 857p i.r.3«I.i- 

II JfcWflfontr 

10*1. - ... i: M i: :: 4;'. ! 5- 

qj. a . — -} 4V- ! m- j. . ( \, r - 

83 S;!-i 3 50 S 55 l 28 ;. ; r U^M -:r. 

103 *. j--, '13 4 - 22 13 ?* !i 

- *, 6 '- • "* 2 U jr ]*! 11 ;«Upj>'i^*<«ric -4 

38 ,--4 c ?» :* ftl ..7", I l*»!j iT (ir-e^fr! 
SS.i.V :i rv?'‘ :iyi»- 512 

8/1;'— j 1-4 jy i- 2; I > '.c: IT! 

80 r!- : « .7 33 . 2 *T 1 1 V, '-*eP Si 


’5 I 52 iMr.: . ! 47 j-3 | 4 - 18 04 cj F.i S>p 

J 7 ] 6; -I Ha-ierp. O-ffi '68 . j - 12 80 ijj 105 Hwir-**, 

S8 j 32-4 IWi^T.-r.' ?‘..83 83-: ... 7- ; 1309 *340 330 ‘-l.dhr.rfi! . .. 
*2 77 !r,:ijpr l:*; ... 77 - 13 46 f9: £78 k r.. ; -?r-r-". . 

425 765 Jsr*.ipr 375 I.. — ■ - [f, £30' l>» SP PL. 

S’ J 67 • h-enr (MB .... 67 ). . 6 1220 Ml, 56 Via-Vr V-elt.. 

iM ;l4fl (rera *■!!*■ 145 ,-5 3 2 08 260* 172 \..l Kk.VrfSAi. 

*>P 75r- ls.,1 I9 Kj_ j 75n | .. ^:867 81 66 %ai.< 'nm ‘Irr ■_. 

S99 SW^{7up3 9rri»; .. SOOljj 9 953 298 250 Nai Vo! ii 

1 1 M9I I i \t3 V7ur r. C ,pr .543— < DM91 \ bi. 8 45 460 350 y^.ron.T,{i _ 

97 ! 94 1lrGrj.vY;Pf..„..| 95 !-2 31; 4 00 35 3 40 

L’.S. S dc DM price* exclude :n\. 5 premium 92 "'O ‘•rath 51 AuT< 

<52 378 Siand'd i.Turfl *1 

AMERICANS M KSE!: 

IlsTLi | Stork 1 £ | '-“I SL IcfflS tffi ^ l >’ F « ,| S_ 


1D.7 (J x; 

.t£ SI 



5 er-r.? Sft.j 


., fcr . , _ 

lib R<4ieit«ir. Foais 1C. +J 5.81. 2.7 6U JSj-' 

545 RiMctree'J VIp. 393 . ^2 113.20 S2 5J Mr^ 

161 Sj:i;djtin 222 — 3_ td611 36 4.2 83;” 

54- Srovtat-L: 66 7 : *3 3.77 :51 85 3.4 . 

25*: ‘..1 31 137 -2A 6f .71 * 

34 5qxrntf H'o t?jp. 39 +1' T156 -3:6 60 7XF 

[18 M4M9& 1» .. s - <»J4 8.1 47 3.^ 

164 - TMelLdefl 176 -1 U334 13 1L3 U 
67 Tatener'KaLito 75 +1 pBS .15 i 7i 
38 Tescow-. 52 -*2 f&S. 31 4J'U»- 


Five to Fifteen 




K 97 i<- - 1 C e-' 

37 '10 17 


1>-;, c : .* .- . . 

.v- : r. • i: : -Vi 


23; | . |210 - ji2g 1P0 Biwn Maohe* 108 

— - i 51 40 Eucv|fj<Rreu 48 

W**! - .? 5is9 “ 157 114ij BulmerHP 135 

2 Vrt I" ; S.'S, ““ ,,174 140 Rurt<*W»d 168 

♦ S , 1 CP - h8 55 i'ik L. w Pel . 57 

^ l ^ — 7 ? IbS 114 . UrtiMarlwu 150 

;{- . |?1«4 - 5 5 :l5 1W r'w,llrf.--V 198 

3 J2»*r!,l li r2 ~ 29 is wa-. i sv 22 

89d|<|-17| |1 10 - 63 W 4J Unu.hRwOV 50 

3|;: I . Ill L2 - 13* 9? .,r«cn;IIV.hi 1 |« 119 

-i 2 : • V S*? 1 — ^ 7 310 213 •-.r^rKiaj 285 


J*4 J-bO.E 

t...... It dO 3 


75 ’ i 1 ? U i' 541 - J I'. ! jf. -■ , S’ ii - 44 29 18 

tIh:- * 10 02 I ^1 8 «l , |- 17 | - JI 63 43 i^.hRr 

i?. 1 ' ' : ■ . ; e i :v, iV. , 13 .- 1 i SI l n — J 1 \ v, n" '.r*vn'il 

l?rh:.- »> r-r.'/’-f SI 2 » - ?7 2 U •tWk 

mi.i-'J .is cs -j '.r i -. 4 1 ‘ b ; : . ., £ ® ! - 5 ] 191 i 4 a 

/r * .* ;; ;-K? c ; l& : J-..,. ■ . 17 5180 -•• ~ 1 150 !?7 Hihirfr 

siid $8 ' V ^ 

: I f K-ijI'&i’S r.3;i1g it-::. iM z 35 ?5 

8? 1 -- 'iSJ* g *« :? z i!}g S' 

„« s™ - iub 

&'■-! !j£ « S:lC- I ‘few :.5 nT. z ,'?» v -“ »-=•“ 

nv-'. .!!■' »i 1 iti »i 1 » - 54 ninr mvc 

95V ... ISOS it:: 1?2 ■ tl: v .. ■ BUIJjLUjNu 

at'.-, :: . • r i i*?*- . .'r -J-', .a*;-.. SI OC — 21 . 


BUILDING INDUSTRY. TIMBER 


Z 72 - : 237 

100:;:- -i)2 


F ;« ?*-' 

" r .) .- ; 'f*r: 


105', .13 3 


115 . 1--; ! 

91S ’ 


r.-. -- Vf“ K - j illEi 13 15 I:* 1 1 ?|; 4 •! " V • c-' '' ! 

-*;.. • :i>. v~c 93! ; |13 =1 ; 1? IS; -.t’l 1 i?- i ' 

W 36l ( - « h -0 M • 11 p. I *;V r <m j‘ * ’• I 

-• .V - - E95 . 13 IS 13 171 45- l-?-, .v. ■ I ■ 

■ IV.-: I 65’i -% Hi -3 ' 12 oil F.-Pj ; .„ . - • 

:• ■->•.- -t,-* 1 - 7 ; v. ■? -r •« -• • 


: i: *i 0 • rf.vE. 


Undated 


INTERNATIONAL BANK 

■ • — ■ 75 .. , -v, 

CORPORATION LOANS 


63 BOTtnUil 673 , . f 3 A 8 AJ : 721 . 4 #.! 

151 5 TR ■-.-U 312 -7 . TUO 31 5 J 43 
t 45 Bair.V.WnuU^ 16 Str -3 0037 , 3.0 *fl 5 , 7 - 

75 Barc« 29 r-- 

179 BaHawIliRlOc 20 Qu: -10 Q 30 c <WI f > 

27 terw ffcpfwrn 37 “1 «5 -4$ bA hZ 

50 RattiiPurtfaml 51 -1 < 3.35 43 ; 93 ' 23 c ‘ 

121 ^ Baxter Tramol. £ 285 ? (H 85 e Wj Si( 39 , 4 .- 

152 Be*t>w.Oart_ 174 -2 75^4 - W 45 4 *: 

581 Beecham ....... 600 xr -10 *2258 ?3 5 . 711 ^ 

J 2 «, GdUirCusJ'ip- 21 ~ -V. 

23 EejiUnB,..._L 45 1 . 74 - 25 5 .! KM.' 

54 Eewfrp* ! W 7249 tl 7 5 i SA. 

46 Sen*ie*Tunpo_ 64 : * 3 .« 3.0 7 . 1 . 67 

141 .PesT^en.. .^. 143 Wi* 18 20 J rtft.- 

79 Riddle HklCf.. 99 ...j. tdb 71 .13 ifl 2 U 3 

45 ‘- KhnateriEns.. 50 t 3.05 35 « 47 . 

37 J 2 Rillao-J.iJOp - 43 ....:. til* V 11 J .72. 

26 . iHackArmaSOp. 42 ._... Vtl- 23 | 57 |r»^- 
— » : 


SKSewt ^ l_^.!J t 2 Jfr| S. 

rrdrri’.VJflp. . 42 — 1 20 J 4 


BorterKrC Sop- 2 
Bnol •Hairy) 50 p. 1 
BoA*:- l 1 

Bcrc-W l-5j2a0 £ 

BaKiaeril 1 . 




■ •»:• I 
3 D •••••! 

20 • , v . ; 1 

45 S|. -7 *•' ! ■ 


BraLy Leslie % 67 h 

Brady lak-.r. 60 +4 3 . 

BttffiDKtRjai). 106 th 

BrufrendFrtE.^). 7 1 ! -*i - 

Smfon 130 «. a.', 


M t 743 4 AJ 4.0 82 

0 d 932 18126 637 

6 -3 feO 4 . 613 .^ 

23 8 J M‘. 

7 K 488 291 L 2 3.4 

O +4 553 -J-HL* 


n-U U-J ■ . ss:.. , i .,1 

IU Hi- 


LOANS wr?: -r" ii) 1 " s \i ?..rz l ?s , S' 

.'SS ilg'i ■ ! ^-;-.-iUg = Jlffi £ : v : : , ; | J SS-SHliJI f ;i V 

06 ■ , 2 : . ;! it -’, . ".if 1 - Vi 104 63 ^ -2 T e . : : 15 . S’lllS'-i? ' ?• ■■ : ?S 

fr. : IS'i i l&ifl 4 - u ? ? « 8 - 1 ! £ 

\ - jj ;;i.: ?•" *•;'•*!. •’ ■ 1 £; i, isr _ !« ^ y ii r ;; ' !3i6 - 2 .. 

^“9 le-.ssSn'T^ I 13 _. T i 9p. . . Ill ;1 Z i ,, I ■ i'-r ' I t r' z -i i ? !'."4 s*:**l' \ '1-5 


* . ' b ’±t . intg {-,ci. i . I i'remiiini .77 I’-r fha-Mil nn 32 .ailO |n*r £i ! jo 25 ' •■•:!•.. I ••• ■ 38 i . IJS - 25 - T 7 i 57 - r r i iJ r , ~ , if* ; ; • -1 2 = ;■ 

”5: BANKS AND hire PURCHASE S [2 j:fcr i ?, j ; ? V fli-s 1 ■=■;-- i 

.-ATii»A**Ti'r • i t »rotr«V IAIVC ,: ' r ' J |V|. » l — 1 V: '•"uiUSM: Q i. :,5 |,r ! qr Iii 4 t ay 57 ;~S , tJ ,V 152 • - 1-5 5 ! 56 ■ 

( OM.MONV.E.iLTil i aFRK.aN LOANS . . c . , . , k , 4 - 7 -.. i. -V ; to I \*iv> 7& :: stj::? : >' ■ v ; 39 

« ... . qq? ; i 2 3 « : 2 ? V A 77 ' I r £?65 1 - 7 - •••• ! 0 »l « . ! ?• I «•: ^ . ?3 . A ’l - =5 . 


5«>2 i 12 30 : Li- i:;.-. 


| . 9 . ! ; g.l?' I ■! 

£.1 227 . 5 1 :j :-5 


Public 

'%:• • "• ■•. 


58 Clarke 


tubbajp — ... 134 a! i $.19 -33 5.8 79 

arkeicleireati Bfcwl A 119 4 2 3 .E 93 - 

iletfLHJ 100 T3.77 53 56 5S. 

ondWehbOOp. 74 M.9fr bZ.5 3.8 133- 


25 CmpidWehbaOp. 74 L.: 
08 ^ CwA'LCrp SI— £ 39 %f-I 


Financial 


FOREIGN BONDS & RAILS 


" h 1 * IQ \\ M lAi -i 'lc" ?.r.„ 212 .Z.1541 - 10 8 - 16 b 107 Manimlri 110 

’I*”; 13 -*5 J- 5 i..„„. <■ i « r 5 n 19 .013 - LO - *3 «» 7 M»rtf} . 67 - 

______ i j- q ...r,.j|i.-’ r i;i -1 2 . 7'1 71 34 43 138 71 Marshnfl<f Hf\ »_ 230 -! 

ELAILS i '•) I*? .•<:,*. U 4 -2 h 51 S - 68 - 84 57 Ma ? 4 lla-elt ... b 7 .. 

r , , ;17 us u 163 .. 07 r, _ R <3 _ 31 13 MrfuvPr.r . 19 .. 

( iir> Ni ! H 3 .C -I w »7 - «0 - « 38 ••i-.in ri I V.. 39 .. 

i 1 '' 1 - i.i '^'1 I:'": f.. v. . 7 . 1 S 8 . — . . _ 9 1 ? 7 ? Vle.vf • -l"iil l.i. S 3 

. . i iVi i:.r, 237 -18 hi> 5 «. - 29 - 60 JJillarj .. ... 54 ... 


- ..r’ Pi, . 1 I'r-! 

_ ' i..-ir,, 1 |P|J 


! li,|.l 

I i |3 20 

J J*! .^n 

I 6 , 16 34 

.[ 4 ) l 5 13 


■4: r "» l- •- 

1 1 :■) I V ;' u,i. .-•• i’<:r. 

1 31 7 l:. : 3 ill.ifluir-'- 

1 1 jr- j m j;; iK.-.'fm! . 

r'fe 1 !i5 

I .'•}•! t .T' . ■*' 1 . ' 


ei i :: 
. :r il*) 
:. : i :: 

71 | 


Lv".'* r ■ !'"sir.n i ■*» 
‘.iii'N ii. 63 
‘■■i-.r.-* : hi I sa 
ill- . 1-1 _| 255 


* 1 , 7 :: - 5-5 - 

£74 — 82 — 

C 67 — 21 — 

,HJ — 8 7 — 

-4 18 7.1 - 


31 13 MpaoPnr' 19 

« 38 M.I.Jli-n AW.. 39 

9 1 ? 73 vjftrr.'+rt* S 3 

*0 32 i, Mi fl>uo. 54 

18 9 Miller 1 Sian- in t . 13 


n d _ I 75 52 Mi\iwrelo 61 

> l| I 55 35 Mod Buiocvrs- 49 


8 7 | 107 79 MonkiA:. - 


% 3 56 


_ 1«1 |10? lMarinn-J> 104 I.. . «.6 


t9 23 4.8( 5 


.2 la'* r.h- inunpf mp n o -£. tii^j; bji i -**i£ # , iiua . _ XMt ^’■^1 o ■* i.i -h,* r ^ri.i — — — 

55 48 27 17 He-. ironic Moih 21 - -H — j — 70 j 15 Tr.ASr.i H1p. «3 +2 3.03 3.^ 9 4 38 ffi If 2 Am Ti 7* a* 

^5 36 H3 106 n«> Kauai, lOp 126 +2 508 2 5 6 0 77- C10i : 710 835 -15 Qll° J 1 « 3 J 303 ™ W W H 2 “i' Vm 1? 

4 s 44 pm. mi. r~™o-r-. Uir l^i.n- J(l -.rA-]7t \ 1 17 t, •**«--. n Sn 71 0 97 3 41 n 9 63 -'i 49 KA,_ » J-l 3.63 A1 &5 56, 


S S« 185 13 S NWanhillCI 150 +2 iW.91 7.0 4 9 44 20 i jjji F 4«e>.4<r. : . in r 15‘jit t0 5 4.0 5.01123 .'5 : :' 17 Tr-nmin- . il 3n. Z1 

1 103 79 NuTMHltoU _ 90 -rl 74 65 4.4 7 8 43 201 142 E-imAermlM Ii*. 177 115.5 b40 3 0 16.B.- 1 72 Tm I", Inrs . BS 

310 210 .Non Brick 292 tll.72 3.4 b.O 5 9 430 186 Farndl Ele-: 2i)r. 357 -3 16 7 3 6 ^ 2 314 9 M jo 336 Tai-. Jn;e* -I. 370 

58 40 ■Hmel'c-.- I'rp . 56 .... +27 0.9 7.2 'SO) 93 m FuleliryRad. inp 81 1521 L« 9.K1S.9 95 60 Tjff.fi .... 82 

“*“ 127 97 Parker TimPer _ 127 +10 6 08 3.0 7.1 7 0 jj, q? ForJirtTcrh.yip 128 691 l.fl 82 107 27 201; 1Jsj.k W.l.'Op 25. 

175 133 HioernTi/TF^r. 138 -2 4 33 09 4.7 7927 »q 233 ,,LC 311 -6 4 07 6 9J 2W1U 77 2t> Lr-d Era . itKi _ 65 


Z1 0 97 3 

ffi .... 4 70 4 

370 -2 I2L27 2 

82 2J9 5 

25. 1 42 3 


a 3 Cl 18 9'? EC. rases I0p^_ 101 2 — - — — 

a i 51 119 75 Eas!eniPre45#p_ 79 -1 T4.4?. 8.4 8.3 IS 

4 4 |a 279 220 abarlnds. SOjc- 245 00.0 5.4 bl 57 _ 

8 5 50 F'a Elbief lUp. 154 SLU L3 10.9 (81) 


FINANCIAL TIMES 

f?F.\l'Ki:.\ IiOI. SE. 10 . C ANNON STREET. LONDON EC 4 P 4 BY 


172 S2 TWhia* 135 ri5.15 5 4 5 7 4.9 49 21 Hichl»n.fE!.3ip. 36 

156 107 ffisHT 125 t5.86 2 8 7.0 7 b 107 52 Jone-Scrwirf 101 

173 lib Redlafld 153 -1 4 25 3.4 4 1 7 8 153 77 KodefnL 124 

% 70 R-rliit.ffalMOp 77 tr14 57 2.2 8.4 1 60* 125 98 Laurence So.<i_. 102 

104 94 Rohcf* vdianL. lOLa! -M.39 27 6.5 8 6 37 64 L». ftefri: 76 

112 80 Rohan*;rrHJp.._ 66 3.75 18 6.312 6 ^3 v?7 M.KEJ<rtnc 202 


T'-Jcj:: Edilffrial R. 7 .K 34 l i , ’ 2 . RB;;S!» 7 . AdvertisemenL«: S 85 U.T:;. Telegrams: Finanlimo, London PS 4 . 33 20 Rowiiatnn ll)p+. 28 dhb 62 6 3 3 3 7 .J C 35 L 2 b M«orolaS 3 C 2 &S 

_ . . .,,0 onnn 45 29ij RmioCrnup — 4fli 2 -i 2 11_52 2-3 5.6 113 218 15b Muirlwart 187 

Telephone: »:-'24S SQM. 4 g 70 ftuheroid 39 -1 tZ 29 1.9 68 93 - 94 1 2 tS N^imn fn*t _ 77a t _ 

Fnr Sh^rr Indi'Y nnd P.iKines; News Summarv in IxmdOD. BirmiaRham. Rng 6 j-P. Cement 72 -1 f 396 1.6 8.4 10 0 280 158 NwnarkLoius. 2 S |. — 


6.51 8 6 87 64 Lev ftefri: 76 td 265 5 R 5 J 5.9 I 3 S 32 W-il_ 120 ..—{ 5.89 

6 .^ 12 * 243 1 157 IM.K EJerinc 202 -6 5.9 J AH 4 4 ) 6 J 156 1 C 9 M\idk:n tIj _ _ 130 L-.,J t 59 


7 J 76 HSistemharirorp SfJ £ 23 »*I+V 5220 - 4 .| - 


TeIepho.tr: D 1-243 SOtJO. 

For ShArv indi’x ?nd Busings News Summary in London. Birmingham, 
S iierpiP*?. and ?lanc’nesier. Tel: 246 8026 
INTERNATIONAL AN II BRITISH OFFICES 


188 135 SntCmm 157 -1 t 5 J 3 3 | 5 1 7.8 50 39 Nonnand El 20 p 

40 31 >, Sabab Honor ! 4 pJ 35 TL 65 4 Q 7 V 43 £107 E 69 PeriQn-Qn» 4 rc. 

50 30 i 2 Sharpe inrheri 4 ? hL 9 Z ' 2 | W 145 TV* rethovcffldgtOp 


£94 +1 
86 -2 


S5 36 Smart'.! 1 10p. 40 +1 d2.03 2.9 7 A 6.7 £581, £51‘j riiiLpsFin.!y4i4 £511, 

101 Z 6 Southern (map! 91 , - - - - ilOU 710 PttiU^Lp FlL S 65 I |Ql 7 ?^| 201 50110 01 36 1 IB jKR^Sps'wi^ »«| ftfiffl >9 5-3 U | 35 1 ^ ISSSTito^l w!*rl¥ftn izllfcnl^o 

n $ va H 1 iteu u ^ ksHsa °Jh 1 ? 1 z b. a Mi bS W im 


5^*53 Ft 1^3 or iflfe {Hi 3.7 7 ^ 43 ^ &rer George Top . 32 T a ..... Tila 7 bl Bl & 6 [ 5 A 

HfUL^ 1 4 ? S&T 1 SS g j" P 43 L 8 r 3 H 136 ^ 119 ...... 556 2^ 7.^102 

id SfflliTo 36 ib So 1 tafia -49 5 gl 5 J 78 53 FairtaraLawm. fA — M 5.08 2 -flll 3 i 5 . 7 ) 

ISPlS ^ » Bnwsps 11 ^ £« vTS? fi .35 28 Fw*kVt!o__ +1 tL 4 ii 7.4 


EDITORIAL '*KFI'T-:S 

Arn-.'rrrt.-'ir. P 1 1 r.-i- 1 *.n -■'r-lan: C. 

iJlTJ Kl .M-i '.v. 

r--rm.r r'-.-m < -.»*,»*«- S--od. 

.Cl*Jv'.| f-l o.l S .4 i-i_ • 

E--T i r- - m-> " ti z-'.T. 

•. Clj.VJ. i- 1 -.•••*• .f, 

fl, '<■• •• t'-r 

• :• ;•• ;•}.; i-i . I. '•> - 

« ., :<• !• 1 1 JiK'i 


I* >■ .— --Mm '■Ture. 

; .ii t. r 7^:12 1 

£'•' ■■ .. :7 '.•••Hf.e Street 

-.-i4 T-l: 08! 7Z6 ^120 • 

Frankfurt liu Sjettsen/act— fi 
7i-l.-v T-l- f-S.3731. 

Jnhaine-'hurr- J-". 8ov 2128 
Tr-lcx triZloT !>!• 88615 Li 
Lhbnn: Praca da Al*?«na .i6tr». Liston S. 

T+I?.v 12533 lei M2 »» 

Madrid E.«pmncoia .12. Madrid 3. 

T-I +4t 8772 

ADVERTISEMENT OFFICES 

Birmingham ilrorie Hmi**. 'I^orge Road. 

T„!e\ .T»”ll Tr l 02HM 0P22 
Edinburgh- .*•“ i;<wsi» V -Trpi 
1 .-l.-v 724*4 T*?l n.ll-22fi 4i:W 
Frankfur. Im Sa-h^vn Liter 13- 
T-;lc.\ 16283 Tel JMlW 
Leeds' Pprm^n-nf Hviisc, The Hea drive. 
Tel: 0532 454S® 


Mnnch+ster Queen's House. Queen Street. 

Telex SS6B13 Tel: 061S34 9381 
Moscow. Sadov o-Ssrnolech nova 12-24, Apt. 15. 

Telea 79iX) Tel: 500 2748 
Me - *' York: 75 Rockefeller Plaza, N.Y. 10018. 

Telex 6*390 TeL i 2I2'. S4I 4«26 
Fanv 38 Rue du Senlier. 75002. 

Teles 220044 Tel: 236574.1 
Hi--, de Janeiro: Avenida Pres. Vargas 418-10. 

Te! 253 4M8 

Rome: Via Holla Merced* 55. 

Te/cv 610032 Tel. 678 3.114 
Pi. mk holm: c o Sven ska Pagbladct. Raalambsvagea 
Telex 1700.1 Tel: P0 60 08 ' 

Tehran: PO Kf>\ fl-lfTW 
Telev 213KTO Tel. (K2E88 
Tolive Bih Moor. Nihon Kolia i Shimbua 
Puildinc J-9-5 Oiemachi. Chijoda-ku. 

Td« J 27104 Tel: 241 2929 
Washington 2nd Flow. 1325 E. Street. 

N w . Wathmsvm n c. 201 

Tel 'MS +W34n Tel: <202 r 347 867W 


Mani-hoder- Queen" « House. Queen Street. 

7oliv. rtfigRl.t Tel. 'Ml -834 9381 
N>..v York 75 Rwkefellcr Pl.ira X.Y. IOOIB 
Teles: 238409 Tel. <2I2 i -W9 8300 
Pan : .W K:ir ri-i <emior 71002 
Trlei 22IKU4 Tel 2.16 66 0! 

Tok-.ri Ka.-ahar* Building. I -6- 10 I'rhikanda. 
fh:>oda -In. Telex J 27 1 "4 Tel. 295 405Q 


174 124 Tarmac 50pl 142 -4 t9.95 18 10.5 8.0 109 84 Da’ASip ffi ...... 301 

474 330 T*lor Woodrow. 398 -5 7.72 29 9.5 125 87 104 -2 5.49 

518 233 Tifbmyeun __ 278 2034 25 10.9 55 108 59L Presai lOp % 3.0 

W 129 Trans*. Arnold. 160 cD;S7 62 35 6.8 114 77 Pye Hides. 82 

314 225 Tunnel BSdp — 268 -6 1LH 28 62 73 362 196 Karat Elec lfl«_ 313 -3 

771. t>4 UBM'iroup 671.ee->- *4JT Lb 9 7 8 6 iW 86 RcdiffuAnn 93 +1 

38 24 Vevri< Stone Wp. 3fi ..A tlSO 3 0 5.^ 8,7 55 17 Rwaflex G B. Hip 40 

200 155 VjbmplanL 183 10« 2.0 87 &8 305 253 SdwteiGH' 305 

42 52 Ward Rid- !0p 55 d268 1.0 11 4 il26 740 456 SonyCo.\70 — 578 

63 35 Ramnitor 48 3J8 L0 9 9161 52 33 sound DifLn 5p. 48 -1 

125 95 Wart? Blake. .. 135 »h284 3* 3 Z 10 5 fl 3 32 Tetefuiinnnp _ 34 

66 30 Wedbnri Prmi* 54 .... 1 52 3.7 4 2 9 8 a 2 31 r*o'.YN V5 p _ 32 


_ 5 J 5.9 97 6 ?‘ Whtesoe 77 +1 ) R 67 3.8 9 .IJ 4.4 

L 9 ( 7.9 18 1 - 24 1 Z 1 2 Whea- 3 ? Wrn ! 0 p. 24 .-JhOW 3 « 5.9 73 

A 47 6 115 75 RlnieliDuv.il ip_ 115 jS „_.[ 2 J 3 _[ 6 -?( 3 -l{ 7.9 

4 a 6.6 5 J 25 Z 1 nilliaaBiW 4 — . 24 »a 


- f n a aw s teisfc “ a? 


U2 L7| 61133 


, , , Franklin >li^tnTai 5 -‘ 1 -r-lOj Q 30 c l ~ 

76 61 PrcnchTliwv % 65 ' [..„..{ ?484 { 4'j| 


r«J t 60 hmhurrfrem 


fdlZ 2 -* J5 


£57 £401, Rajer M-: DMW E»j -3 S&W ^ 7 2 in 5 

275 122 Wajikn Mciter 240 . *OM J-’ 

•21S1W Rnxi'.lMftHiii 180 -2 313 D *-® F 13 , 
31 19 EniBenmlHlp 30 -.j 0.6, 


ENGINEERING 
MACHINE TOOLS 


"*e«P4S adveHlwmem rr-preventati’-vs in 
Central and South Amiyica. AFnca ihj Middle Fa*i. Asia and ihe Far cash 
F*>r |iir*h«rr H.-:ai|v pir,-i«c rnri'srl 

Cl-, e-rsea? Ad' ert wmenr QcpaiTment. 

Finam.'ial Tim^s, Bracken Hftute. 111. Cannon Street. London EC4P 4BV 

SUBSCRIPTIONS 

Copies obtainable from ne-v^aijcnU and boiilcrfalls v-orldund? or «□ regular subscription from 
Subscription Department. Financial Times. London 


us 

.. .. 3.43 

193 

-2 t =3 

120 

t? 53 

87 

tZ 53 

2 B 9 

-2 10 n 

139 

90 

55 

-1 4 40 

44 

. . H 2 56 

i 131 

-1 *536 

65 

-1 h 2 39 

31 


146 

tr! 6.73 

7 

H — 

40 

258 

25 

+1 115 

85 

* 5.36 

106 

. .. 5 95 

169 

-1 « u 

148 

-1 t 5 33 

8 

. — 0.24 


98 48 Rant--, York ;op 82 .,..13 66 26 6.7 6J IX 34 iS ' J *197 a 7 27 U 9 

7 b 561 , Re'am’pp 62 +2 162 34 3.9 . 85 : *3 fj toESSornT H 252 

282 182 Rhhv.l -U 277 -1 t6.70 6 7 3 6 53 ?? 37 iffitolltto P "" iTT« M 

200 1J0 IMuikWi. 140 d2« 39 28 99 1 ? 13 3 ;"Z f^S. 2i? M 82 

«1 S *?? 1VS5 i 6 »• W Ibltorfiop. . 36 :.... to 26 92. LI ?.? 




& 






• f( - V\v •- 


TkiT'uT: 


35 





0.0 OlljklT^lTtoetosSiSf*- 

4- »3 227 ffiUtef&Mr...--! 


LEISURE 


I 9* 69 

I 751* Mh 

l 175 60 

t 119 S3 


6 27 » 55 

76 60 lg l«j 

6b si 122 711 * iHorionPf--— j 118 I |MS77l 34pjl26| 

IS 5 4 32 l» ? |lTw7dff>datp- 27 j lotto I 3 3 3.7] 7J 

88(4Ji 157 106 nJSTA-^-i — I W3 I. J9 20 I aIidiI a I 


g. ■ +*•£ 31 7.5 6.4 

J&L 3,5 b - E *■* 

w* H i,137 ° 3.9 4.9 

vS* ~ 2 741,7 19 7 <9 10.2 
Mg I •„• t5 - lb 4-& 4-8 6-5 
,S K -"l 2 0 9.2 3.2 3J5 

“J }£ ° 2 R 88 6.6 

90 -1 223 2.7 8.3 6.9 

bSa .... 04 23 25 6 5 93 

1J 2 90 2.BJ20 7.0 

36 . — 2 44 J 7 10.1 19 

118 iI5 77. 14 7 3 170 


193 ... 9.28 6 1DJ A I 7 

fo -2 t5.69 23 88 6.1 ,'g 
,_f , S -iV 1,015 2.9 2 619.5 1^ 
153n -11 1 M 25 33 4.1 9.4 \ W 

H2 76 1911.1 7.1 118 

M 2.05 5.2 4.4 67 *£* 

,S • - 5* 27.4 125- i .%9„ 
158 ^575 2.5 64 93 

« -1 t 2.4 to 5.1 4 9 

50 . . 12.87 2.9| Ri 62 

72* . 4 5 4 39 * 45 

15 MO 4$ 4 2 4.5 73 77 
29 ... tl 68 19 a 5 92.” 
52 13 5 7| 3.7 7.0 

libjdlf 3 iq’ 

MLil MOTORS, AIRCRAFT TRADES g 

ffaj ! Motors and Cycles 3, 

lilt;? ZW llBS ]Sb-SB?m£I| 192>i>|-3 Iq27 5c| Tt| 66 % 



•ttJ. I u ,r= 

58 53 ^ ™ 

»° g S, 

7.7 44 -W* 

10 5 5 5 *55 *?£ 

7 8 5 4 74 St 
s‘7 * 611- 45 

W 4*4 7 5 = 

8.6 5.4 -I 7 
9 7 4 4 33 2>2 

63 *’ W 
12.6 '18F 


53 37 UeaCarlOp-J 49 ... _ 

«y 30 12i ? Si, Reliant Wtr 5p _ V 2 .. _ 


RtKhwa 1 /Sup 
U -A . . 
Rush i Tiaqr* 


c3 I t t 



830 1 -25 


430 
11 
39 
210 
12 

90 . 

£52 ... I r£2 . 

56 I d4 9? 13 

f:«f I £46 -J* |Q2=i^i -- 
If £30 . ...ittM-52 1.6 1 a 

v.-1+.-i _*ir 25 ...'233 12 117'IOJ 

1 Errin'.*! 47 . . '2 54 45 JOj 57 

im . 1 14.-..C I .. .. 110.33 -- 3.4 29 3 

aWCdfe 6fi I .... ! 1.41 3.8 J,6j 7.5 


W5& Lev 

15 I 9 


MINES — Continued 

AUSTRALIAN f , , 

i !■*■ nr[ Bi». ! ini 

Sark J Price | - 1 vi ({Tirl&rs 


; SHIPBUILDERS, REPAIRE 

'8 94 Pi f fllamhrr^l iiT. I Tl I I 1 ._ I 


tfi49 u 64 46 Sff ;3 ia If S3 t>: Ifewhrml.^T- | 73 I 

±5-06 - + - £15 1762 (\ojve V fr .-l £13';[ . I tj32%| Ibj 5.1| 7.6 1M lH <„„ Hunter fi 157 {-1 6% 

wv« 2.3 ra.5 - Commercial vehicles zm 135 v«*per 190 ... jo 

2 03 £4 8 4 75 126 I 6V, JEJLF.fHMs* '—I 116 1. {2.46 [13 11 33) 2 5 W ** Vam * a ^ — 1 322 1 5 75 

u Km ,, AO l aa (TnriMu.'.Vln.. 54 1 1 A 7 0 1. in 


9bll2!5 *9 49 Fn*»:.iOp J — 54 [ ,..(33£ 62 9.3[<20.| 

72 48 121; 7^ reatlo\M5.10r 8 -1 «5 2 9 i 5.5 

b“ a.3 103 5^* rlivions 101 . ... 1K3.96 3 3 5.M10.7I 

49 73 45 YaiTraUerlOp ! 47 I.. I?ii2.17 53 6.9| 4.0 

S3 - Consposiecis i 


SHIPPING 

309 1252 iBriiti'nmV^ | 2<n -5 11440 3 «l 

200 (l]2 kV-Himr, Uro&h^,. 157iB -3 |bS2 $ [ 

ISO 112 Fi«lv»r:l 175 . . . tl 55 77^ 



73 1°9 % niittf^BuK- 159>u +2.00 135 2.7 9^ 140 58 .Won -m 77 -5 * 01 - 

89 12 S'; HnnuSnSth 10p 1H 3 0.25 1 0 3 3 522 ^ MW\ .«T - .- |2 -2 0.1 - 

' 5«i ^7 KuOFniflte-iOp- 491 - it Tr,C 44 33 24 13 1 U5 ( 5*7 [HunrinLin < A -J 61 ..... !.*D.75 111 

336 240 Lncs?Tnds.D— . 298ii +1 913 q52 4.6 4.8 

% I? SEftST. is.- i\f 5? JSUfA shoes .\nd leather 

85 U3 71 fe aw-* - -i..-'« Ja57j» S’ SSKSiT: IS lz l;Si3 3 

1-4 Garages and Distributors so 56 66 i <m?4 211 «>« 

0t 106 ?3 (lrira.Vhr. rt K --- ' 1 



FlrrtPnt Vri 
Fiwiir.&'.i'l 


OILS is 9 

70 |trijr;r-^rriI-[ 70 I — T — l — f — x31 63 

bb — _ — 86p ] ♦ — —I — l — 1-0 

134 |?.ni.ri. 7.c-7yip IS60I ... *6.64 L5 6W15 0 1« 


•^-.dercafi?..* 39 


£26- SlZUKfcrr Pe'r.’teB' £22^: ... ft34ilr. 
450 ' 325 ltf _ -I 388 ... — 

413 388 £•■ • -..'A* _ 400 ... - 

44 86 90 102 

98 3? 'l*uni.r.*>tfrH 90 M65 

38 24 IVC». . .. 33 .... 01 

. 132 

4-*.S!' JK £9ff 7 . QI4«i 

1* r-.'ip. 370 — 

ib-eiV^l- A 23-1 - 

i.l F-.pl l-.H _ . 226 21« 

Premier -.or,; Sp 15 

erCid „ 8W - 

HcjT.oln-Ini. ’.<■ I 15j 

R«Ll<oH!FlJU I i.42 — - 
Nettie Ke- ...I 362 -2 — 

U _ rA.-' Rc; '570 -2 »15 <M 


Q14S - fe*4 


9 Arne.»“V . 
64 F»<;a;n •.ilt-t7.— - 
63 Eii.-tuih? 1 * .. 

1-0 1 cnL-.J K-i.-il. _ 

]46 '.aaif. R:.*jk. -r. 

Vn .. 

45 iI.M Kala>irl:uSi 
]3 L. 

81 Hampt:i.’.r«v«3p_ 

1 10 Meid-E-- .»■ . . 
125 >li M llldi' Sm. _. 

10 Miadidd'E. i.l J 
j 10 M>JunT l.‘i-1i- -. . j 

]U Ne»nu«jl ’<■ 

I 79 Vnrh li l!i'i:.i. ! 


70 30 iviiit •.v-iw 

— *'- JC - £131; 750 P^iuwlVA 

— — 40 12 PaniiLJ MAE, :>r.- 

,T 7 av >\ 570 5,0 FVIfR'alL-eMSiit 

30 *4 3«-3 30O 50 .-nm5«:i Pa'i|.i 

— - - u>4 85 Wfsin ,M;nin-. 

— — • - 70 l 55 VUiimi.'r'V'.lMi 


ett-l 

Ii.0 

elej 

31 

63 

LS 

V.5 

al 

"1 7 

t a 


10 ... - 1 — -- 

111 -3 UjSc 1.4 4 5 

111-4 - - — 

315 -10 

236 -9 tQ10e 22 f 

f:::: 

116 -2" 13.5S 2.0 4.6 
25-- -1 — - - 

181 -8 Cf9ir 1.7 3.1 
15 

2 5 I -i =1= r 

99o>[-6 j Wfc| 1J =0 
20 ' 1-1 I -I - 

126 j-2 • 1SI2U9 

« j ! - 1 -I 'l - 


17 -1 
433 1-9 


. ;r is - - - • ,u 1 - J 

MiFllItr £W lis? •:*> 2 4 o3 7 0 

■J-iicz I 570 -2 +15 « 41 V: 5 8 » J,?? Aiml Nh-na 
Pfl! ' I 62 - 4 4.9°n 1162 11 8 - 420 240 *er IManSJi. 
. 264 — — _ .. 60 I 45 JVRttHTn 


“H ’J : 2 

W^ri 0 7j 15 


TINS 


Gleninun-av 1 
Ln'R "itt . 


57 95 {63 j.AdicnsahSwfi-) M }.. ..{4.42 I 3.0| 96| 5 2 fig 


6.6 21 9S LAieiandenap.- 17 

5.7 105 72 fAjroleyartk-p.. B2 

43 *138 108 KrUWHKl Motor. 108 .. . 

5.3 45\i 344«fflMlkl0ji 38 +» 4 

5.4 44: 2 35 araid*lrtnp5p^ 35 .. .. 

1B.3 95 el Bra3HliiCD.t._ 81 ... . 

93 52 40 [Bni CarAutt-lOp. 48* -r!j 

10.1 26 19 fcO-5.B10p.__. 1 a 


— — — I2G.8 QQq 

?j, 34 i urn «rB 


175 32 3.E 

+hl 18 3 8 4 3 

-1 M4 02 8.1 6.7 
tU3 2.6 7.4 


Radum'Mtl £■# 


6.8 54 39 Dnfion Ftoluv. 44rt 

9.7 59 44i 2 Gal»'FC.‘ 45 

5 6 38 29 CJanfieldLaKT . 33 

— 51 21 Haneerlwv lPp. 43 

38 126 92 llonfimiTC.!- 104*p 

, 2.1 *118 74i 2 — - 9S.i 

e.«H 4.9 *135 112 Hrahsap 119 


*2 35 3 b °.7 (32i| 
1.35 64 3.2 4.6 
'127 15 5 717.4 


tS.71 3 2ll0. 


SOUTH AFRICANS 


o-t oj meuniH!.w._. iv »•; r- aw tui oj itu ii.’v i.na r 133 1.. .. iwcoc 1 <oiii 3 

■91U 66ij|LK.<mKe«3n>.. 76i z -1 hJ.3 3.7 88 41 90 58 lb A Fr*'.» 2ft- _j 58 10\ Qllc 4 11.3 

76 48 Lukm 50 . .. t7 5u 5.5 7.6 15 680 445 570 ..... tQ32c 3.9 54 

87 73»jK«r*Ufln. . 74 .... 6u9 19123 5.7 72' 50 Ite ! 52 (..... 12 123, 

36ij 271* jUuurVH Oraanlfyl 50 ... W.14 1.310.7 03 

16 4 ^ jpaimneMtr ‘ 16 — — — M - TEXTILES 


85 

10.16 

500 

Q6?c 

117 

CllOe 
05c 

55 

125 

98 

q;o< 

Q28c 

375n 

iQ58c 

55 

155 

♦Q5’;c 

.. .. ^8v 

58*0 

Olle 

570 

—.t^52c 

52 



Lam-tLottlm 

LawDehernire. 

m 

WSU: Res 
iDv.in^ 
f ap-ip.. 
sdkmet In-. 

tej 

EjaaB 

FTnwSPtTl 

j»dr 

h K«£yr'**i 

L*«l 

JUL 

Lml 

il/ennc-,. 

fcij’-.ior- 

tUmf-rnt. 


...... r»> :n.'.Vsi ■ 135 -l 

19$ 80 I 155 

195 I 86 Fsl'ird -! 155 . 

82 | 52 V.V<»j.ideA. r or. | 52 -5 


305 190 jtfenunu: SMi 


OVERSEAS TRADERS ‘ 47 § =jg 

African LakK„t 275 [-5 |h3.57 1901 191 2 7 78 50 Kenjialwt jj 

.Aust.Vini Sk- J 104 [-2 [03.5c 11 11 44 J 270 lbS PaulimS.t. 

BwwwabiJk . 151 ... jth-119 4.6 4.1 57 17 4 2 SuiiuPiwn.. 


6 3 11 8 s ; 

_ 350 220 ■Aincnc , ‘«' 

.. 310 130 

_ 93 78 Mri-sitip . 

_ 11 7 Jantar '.’J-’i 

84 64 KamuniliL'S’iJii.'+i 

640 450 Killinth:.]! . . . 

‘ 470 280 Mail, J’.l; 

73 40 iPah.ir.e 

2 7 78 50 Pen^tialen If'p _ 


. . 21 Z10 63-34 

■r... 11 .... - - - - 

61 -1 6.65 2316.3-31. 

'4it'hdi>:<tt> .. 42 345 1.7 12.3 -5 V- 

210 13 40 0.8 95 22 


4 ll 4*1 Sr 30 23 Ainat J 24 j .j 2 31 1317 4 

1182(11 1 - 420 240 fcerllteaUi. 1 290 -10iQ»:lr 0.5 22.2 

- 60 45 JVRttli Tn ! 55 . |i4.fi 4.4 1L* 

f9 1 . 305 190 Btnunij; SMi ] 190 -15iOUOc 4-12 4 

16B»r{-2 - j Tl ?4 j 58 1 2153 135 111 . !65 a 04 5fflJ6 

226 -2 1 _ — - 6 3 11 S 1 : '«t'W&Rwf .2 - ; p • 10 < 2 .. — - - 

M 5| 75 J 350 Efi 'A.ncnc'*ei> 300 -5 +1536 0.9* 7.4 

_ - .. 310 130 ! 295 _ _ 

51 — 93 78 Iifr.-.;;i*F . ! 20 . . ;12D l.b J 

_ _ _ 11 7 Janiarri;f .1 9” .... — — - 

84 64 KjDnnlJiL , 3!!n> f 64 012N; 2.1 i 2 

640 450 Killinth:.]! . . .1 620 -10 01^5 A ZO 2 

C ‘470 280 Maijt.lTrt^’M; 380 -10 (fll-'C « 1C.4 

0 73 40 iPah.ir.e 43 -6 00.624 * 03 

90l 14 JJ 78 50 Penjhalirn Ifip _ 65 ... 6 60 13 15.2 

ll *1 44 3 270 165 Paulin. SMi 220 .. . tOTOc 1.6 S3 

4 6 41 57 87 49 SuiiuPirun.. 61 -2 2.03 6 3 3.7 

lllb‘6 78. 70 47 South - roll; t T - - « -1 4.19 2.0 9.3 

31 19 9 A 245 140 v»uf/i KinLnS.’.W.Vj 385 -5 -0245c 06 26.8 

30 ao 5 0 340 230 Shn Malayan SMI 290 -5 lOUlJq 11 9.7- 

2.8 5^ 88 1H Suneo BtsiSMi_ 1S5 Q65e 53 7.b 

24 17 242 85 55 Puprcuw ‘Torn. SM! 70 .. . . ZQlOc — 31 

22 6 9 93 100 85 TanivnclSp..- . 87 bbO 0 811.3. 

lb 89 8.9 1 00 74 TwithflhHtM-E,!! 85 ... W0". * 10 5 
2 2 b 4 37 270 1« ftwuohSMi-. . 195 {-5 iQBScf L6l S 

- = i a COPPER 

2-3 16.3-31. J04 ft: |3l*>iSa» iso 4A . j 62 i-1 |±Q30c| 19( * 

51 ltr a MISCELLANEOUS 


C-'-w’Cf” Vi" 57 ’’ 6,29’’ 11 lb 6:7 8* 70 47 South' run. m, _ 

BwiKeac'I'qi _ S8>c -2 1 52 31 3.9 4 3 245 240 

Fmbv-JMnfc % -2 u5 0 3.0 aO 5 0 340 230 Shn Malian SMI 

GiUiDutia* 138 -1 K4.£6 28 5.3 8.8 -4? ^ Suneo BtsiSM, 

i'Mba£:n £70 -rl Q12° B 24 17 242 85 55 PLpr«T*‘._orn.SV 1 . 

ITi.-it- <■>-£] 487 -25; *22 11 22 6.9 9J 200 85 Tanwiclnp 

_ 72 -2 4 32 1 6 a9 8 9 i™ 74 ronthnhHthr SM] 

. ..1 350 -3 15.23 22 6.4 37 270 1W rt»uohSMl_ 


fej'.rt1-ii..3-,i 82 292 2« 5 3 7.4 nuovaau 

aXc. .*>. h ftp.. 278 9.D 6 9/ 6.7 3J2 68 35 Bapna.i. — .. 

U-'A *: V’«p . 173 ... ao 6.916.9 3.1 17 9 B.inna Kiafe 17. j. 

Sanser if: -dp. 34J ; *1.. J4.43 L3 ? 6.2 300 1B0 Cfm'.Murtfh !■% _. 

Sena >u,'ur 'Ini ... B— — I — — 465 245 71wihcoie*Ti . . 

i-Tp 86 -13 tC&.O 24 3 5 220 263 1M R.TZ 

. 190 ... f65 4 41 52 64 90 30 Sabina Inch _ 

bl I 40 {T.irer Kcin- .•.'u 50it -1 r3.15 2719.4 -.4 7« £12 750 TaraEvrtn S]._ . 
£1001187 j L- t-p.-'.:,. K! £91 -2 Q8 o 0 il8 ffl|9 0 - 85 4? Teh:n* Mineral.* W«p 
73 [41 IruirMw- !to. 47 a: 0.S4 * 27 4 185 L20 Vufoo Con?. 'ISI . 


73 [41 Ir.ClfrMer- !t*p. 47a: 0.S4 * 27 * lias 

2 J 41 | Dp -dpi' Ll I3p 47 QUfrl * | f3.9J - 


52 

14 

-rl 


190 

-5 

+Q30C 26 

445 

-5 



230 

-4 

9 5 2.8 

44 

+2 


1 812 

-6 



E0 


6135 * 

142 


Q7c 19i 


Ifigh Law 


5 UnslolMbmH'tt— 
65 Eerram (. nrs. Itip.. 

■’ll, IpirdtAJnca- 

Brwhrall iop 

fa-defteld !0p 

fhersnni-selOt — 


GOLDS E5-$ PREMIUM 

VTTRnCSC A TVm CIC&T C I /jnden qiKttaUony lor «-lc.l»M.S^-uth Afnran sold mining 

lUJDDEJU AIM; SlOiVLO shares in l‘ S. runwy oxcludinr thr mveameut dollar 

1 1 __ 1 premium. These pnetw ana aiaituptc only to non-ITE 

M T™ nwidenlR. 

” ' — ‘ 5 SIS'j S10', lanlTeJf Ri SICPr Q170c J.rtlB.4 

93 179 4.7 4.5 SU4, 830c East DneRI 855c +20 ttJ78e 1.7 10.5 

102 3J5 L7 52 585c 330c EutRumlPniR!. 390c +10 

17 _ _ _ S78\ SI 61; F-S CeduldMc S16 7 E +hs Q31Sc * 215 

54 -2 *L73 LA 4 8 S15l e 9750 P«^ Brawl fMe Sll -t\ Ql50c <t> 15.7 

245at -5 i? 84 1_0 17 9O0c St. Helena Rl - . SlQi« + 1 , Q190c <6 21.6 

45 -4 6hl 4 12 4.6 «£ 2S’ 25Sf ■.;■■■ H H 


SlOSr Q170c ltilB.4 

855c +20 tQ78c 17 105 

390c +10 

S16 t e +% Q315c <{> 215 
Sll +5* Q150c 4> 15.7 
SIOI9 +>4 Q190c « 21.6 
380c tQ22c 23 6 7 


n> 4 VeJxmftavu 
16 4 Pennine Mtr 


Sandhurst.Ma 10p 


lin' 

■» 
irO: 

.*136 
81 
221 

« I.4S .soUc.Uwata 


1 59 35 < 
? 2.m 
92 aw • 

8 LTill 

:* -J < 

4 3W1 


56i; Hiihlandj MSur_ 
41o Kuala Kcpmu MSI. I 

29 T’KulimMj'Jr 1 

60 Ldi Nimatra Ivp . 

36 MaJakcnf MS! 

30-; M-nrfii-.cr i')p. — 

| 55 rjanaiwn iOdi;. :&p 
| 37 Suit;a Hr, an !up_ 


37 -5 - 52 

59 -5 (fiVye 1.5 4 6 

42 -5 «Il5c 0.8 6.0 

160 -5 64.06 11 3.8 


NOTES 


59 -4 taWlSc 19 59 l'nl*w mher»i« indicated, prli-es and nn Ui’irirniK an in 

52 -2 *G 48 39 14 peace and draanlanilons arc S5p. trilmunl prleeleamlnc* 

tc _j *Jp*n 20 51 rrtia* and cat era are hawed *m lau-a annual repon* and accounia 

AA _e Tl7 ci i'b -i-i and. » here puss I blc. arc updated *n half -> car!* fiBar+iN PI Efl are 

/> 3 »HU, +*l rnlculatcd rn Ibe hwsla of net dUlrfhuCtim. braehHed fiunrcs 


‘ 00 li.u | o-, .-.ai ai jjj, Bnr.fCt fab lilt 29 . ... 264 36 13 

a,**^™* 1 3 BrifS***?.-— 34tt-l 2.46 lfflK 

NEWSPAPERS, PUBLISHERS - - - 

200 {130 |AfW'STvi. -1173 [-2 J5 90 I 3 <H 4.9| 7.9 W z \ 3P : BriOiemir 54 +276 3 7 1 


5.1 76 84 63 ‘.’cat ‘alCT.- J_j65'’tc -‘’ f331 ifl . 

152 123 IW»"\\„ . 136 - 2 4.75 29 52 7.4 421; 291; l orah . . ( 36 . *3 BS 3.9 7 

398 265 Obhltel'AMp. 348 -2 128 14 5.5 19.4 131 109 OwImiMe . 110 -2 7.67 13 1C 

70 35 £ Mid Allien A 55 -2 thil 33 58 5.2 fBJV, £70’, la, -p,lVi.a>7| £701, . v# 0 . 20.2 el 

92 65 I'rtrd-aiiteAh 83 .... m2.68 4 7 4 8 6 5 39 31 Cruwber.J .[34 .. .. d0.66 - 2 

92 55 HomMjiunu*. 75 T4.57 2.8 9.1 6.0 105 4*; L'zust.It.I . . 91»i +1 bP7 0 2511 

180 115 [ndwi/eul-r - ISO tb.60 26 5.510 7105 J'f . Uu Y 90*c +1 hr»7.0 2 5 11 

310 245 Ini Threwu.i ; . 255 . .._ blOc 3 5 30 8.0 115 55 1^1.1 114 . . +3 73 4.7 4 


180 115 [ndwi/erJ-r - ISO tb.60 

310 245 Ini Threnfv.ii . 255 . .._ blOc 

249 203 doPwn.- 220 10 5 

152 122 Iww’i'.rwiV. 123 .... 77 37 

59 46i; Mnrrhill' av lup 48 14.43 

283 228 Nett-in!. .1245 .. . +9.03 

268 174 ■ FearvoLitfieirnr. j 214 608 


blOc 3 5 3 01 8.0115 55 l"v« ’fetid 11« ..+3 73 4.7 4 

10.5 3 5 17 41 - 35 24 fjr|< C.- * M «ir. 26 201 2.111 

77 37 2 4 8 5) 71 48 2! rWr lpt.i,- 33 -2 12.5 2.8 5 

14.43 Xb 13 81 7 0 190 85 liners : •«#. 1B4 +1 ♦0.76 24.3 0 

19.03 4 6 5 « 5.8110 T9 Hi-InnjP-: 5ip 1D6 . 7;< 2.310 


4 2 81 13-- 101; Ilidit Br- 


10!; .. 1 07b 1 2.6/171 


Stem I ManL IfRs! 
Sterl!H[Imi'2”P 
stnebuke . . . - 
Sioneh.iII Hid-. 

Suitcice ’F.- 10p. i 13 


173 1 ’ 

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93 
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536 

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25 
134 
51 
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307 
305 
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262 -5 

108 * 
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45 
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PAPER, PRINTING 
ADVERTISING 

6”> J 46 fijwr Pz;*r -J 50, I.L. I 7293 I 


72 93 1 4.4J a.a 54. 


a-i m Htcome ti'at- su it er .-s o 

72 38 li«n«rrrer-_. .. M hl.53 53 3 

21 15 I Milk ... 21 . . til. 29 20 9 

16'* 7 15 'a +..--- 

61 34 Lister... _ 50 . . -J10 70 3 

6b 55 Lyle- > -2IJI. _ 61 +1 4.99 U 12 

49 42 MaHsji KuJh , 45 ..... iT3.35 0.910 


73 -1 <13.23 66 
17i; .... ^0 7 2.1 

9» •••• ». 7 l.li 


25 18 LHlthatd i«r 


.. 431 * 11 

... H3.55 3.1 9 
n 05 3 0 9 


3 ?7 ^ Mrtlp'^ii'T 75 T3 3Z 4.4 6 6 5.2 91 J ^ femltuBBetd 62 j-1 d4 49 2510 

27 18 kullertidird 23 .... lLOZ 3j 6^_78 tan uftth.. • 6d I !M f onl 4 


74 48 KEEXav - -i 64 


184 9.iM 4 


210 lM Suniri-.tiJehr-i • l« •— Kni 7 a i? 3 on ^ 26 T:af|nni-:d 

76 65 rranspavnil-pr 65 .... . 5.01 15 1151 90 «*) w .Tnrc-.illeTnp. j 78 |-l 

102 48 fadMUMP W S^PfcS 60 41 lV:Ur7e*'J>p ; 56 3 55 

78 40 Lrfw Wilier jt M«r • • ’3-32 33 7.J M jo aj (! »<. F:n*-F 42 -I 135 

65 22‘j Waenrntip-.'fip M + 1 +tll 5 8 5.2 3 91 7.3 ^ ;o YgsiM ■ 34 1-1 1+2 0 

232 186 Waddngir.n.1 ■■ 11 31 16 3.3109 ..... 

*106 721; -Aatmnu.-h- - 99 391 34 5« 77 

16 11 {Ryan-Wan* S-- 16 1 0 1 _ D.9j — J 


99 391 34{ 5« 77 

16 | 0 1 | — | D.9f — 


78 -1 155 * 4 

56 : .13 55 I 2.2 9 
42 -I 135 0 2 6 

3* 1-1 SOS - • 


PROPERTY 


66 * 15 Aird Lrwtfnn i«ip{ 
3* (184 Alhiai:l«id<ir. 
12 7i, *,Bai:aia«isu-:'': 

93 6to Ape* Fri.fi. - «p 
23 15'; VpikSccASt 

82 59 Aien'icu-eLTip 

•65 79 peaurwr.l IT"fc 

62 47 R*ar* • K .up. 

75 471; PcljiRi;. ] 

145 31 PHlwIet Hinr-n 

151 BilieniKr.;. | 
. 200 BntdinrdPriv- j 
48 28 Rnlids/^rnJ [ 

£180 £118 On !2pr-> 2ftC 
8^ SnMo.^t-us*- 
45 1 a Cap 4 C«natt .*=■ 
itK 88 Camrffltfl in-, v? 
91 60 *'idnriiici.’J'^r 

90 59 DaCapaip — 

56 34 Cliodde'lej — 

272 ChKtcriield — 
i 233 niurrt’b^Ea 
70 47ij Cftj’illice? . . 

03 52 Orf?tar Mcknli. . 

42 22 ‘z roRtruI/err !"r 

t 254 'VerE’ihat.eife 
I 2i O’T. "jet ' ;-ip 
lid 75 ii’ni- 6-r*’*t :"p i 
120 60 I (Mr* | 

21 ; ’ 11-; IW-9«?!e‘.'9 j 
61 * 4b rwtr.nnp i'*|i 
51 27 Fnf JT.ip VT . 

£103 L60 fh-b’-pcCr* 

£100 £77 Ik. K|>?< n-- . j 
99 38 EfeirWn; : 

ry,- 17 F.d* k r *n dp • 
IOC' 77 E.4# Pr?p I.t 
[ 08 76 L.aof -• i 

140 BS F»r.'.s*a:- •"! j 
Mi’ lo Finance S in* :0f - 1 
913" 6 HilpjttlCfe. ,. 

22* 170 *>5». Pnftlaac v >p ( 
■*5 30 I'Trwn ?. 7-? .- . 

Iff {41| iGrwnciatip — l 


58 

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20 

84 .... 
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76 

85 -1 
55 -2 
72ij 

131 -1 

171 -2 
254 if +4 
38 -1 
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109 -2 

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97 -1 

82 

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46 

340 

300 -1 

35 

234 

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113 i-l 

102 ; 

13 i 

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r?8 ! ... 

48 +1 ' 

20 ... . 

98 ... . 

86 ... 
121 +1 

1*2 

212 -2 
>4 . .. 


2 06 2 6 5 5110.7 as 

d4 37 2 2 3 0 22 7 ^ 

hLJl 74 L3453 ** 
0.b9 12 5.7 243 

1.65 12 3.2 399 

AD 87 13 68188 
ri4 5 6 129 4 

2 91 ip b.l & 

+3.27 12 38 299 ej, 
16 27 1 4 5 5 191 iK 
tb.91 4.2 41 BBjfi 

1 fT9 Z UI 


TOBACCOS 

260 TWTF-d* 273 ;.. .. !t!3.21 23.3} 73 4 8 
227 hWe . < 235 . ; - - - 4.1 

3?0 Pnnhili A l"p 1375 -7 8 85 5 3 3.5 7 8 

Tlij Irapjnal. .. 82 | . (5 75 lffllOS<6«i 

45*; R.Xhirjf.i:-.p 59.; | .12 07 Bill 5.2 27 

151 aKirae-'i ffr. ! 51 ;-l 1 1? 83 2.^ 83 64 

TRUSTS. FINANCE, LAND 

Investment Trusts 


1194 L^2 7.2fl.6-i£ 

.173 1 2U 4.4 283 £15 

d238 lil 3 5 363 
■ - - “ - 82 ‘ 
■ H - - 521* 

.4.06 22( 1 8j388 ’ u 

466 33 23 36.6 «) 
U .92 ljl, « j 25.0 jS 
1.99 1 d 4.8 17 2 

- +084 0* 36-1M m 
. 42.C3 2 B 13 4L2 
.0 66 its* 

038 4d 1 2211/53° 
3.04 3d If 9 6[';j 
. tfl 51 0 9! 4.2 414 -i 
+3.14 l.« 8'5111- w:, 
335 QSho.7 ] e -7j;QA‘ 
- ! 65 


60 4® irt: « 56u 

157 11B Aksrtwn Tied 1 128>c — 
121 95*; A:la hi . . .1 1C9 

117 H .tli^L-ne !-.i 104 

250 19? s.llianeT-t.>l 204 -i; 

124 11? .USd jtd Ir.i ttp 114 .... 

215 129 l>j raptialMp 187 . .. 
62’ ; 5V-’ Vitn+elr.: in. . 55 ; jcc 

82 47 liuLJf 76 .. .. 

521* 37: 4 Amer.i-anTrcd. 40i* 

51 36 AiosncanTii. 5" 39 +<; 

114 84 Ansi- Am Sees. 91 +> 2 

50 40 krsJialrJ In*.... 40 ... 

162 104 f Ih w:Sh>. 150 . ., 

521; ] ?6 j. :%!<:- NT-t '.L ■ . 42rt | 

81 j 64 I ij--, *-^de«1zc. , 76 .... 
45*; | 30 J I*p 1 ap.iPp.. / 35 
153 llOt lArwim.-S 1 ! -1 132 -1 
143 hOfe Iv’.Vat Ir.v 120 

74 I 49 j-\tl Kip ’ 5*4 +1 

115 [6? J-UlAnlli An** I 100*; — 1.- 

_69*; j 51' •; j *:1* : E:et : J 58j; 1 ... 


^KTm~ir? 1 

04b IS 1459 0 q:, 
»1W l3 7«lMiq£ 
236 L« 3.3217 rS 
tfl 32 3 .« laiBA'siK* 
6.31 1 3.0, 3 OJi'4 61 51 aq 

{ih2.9ff 2 4! 1'4797;.«L ‘ 

;U149 ( t j hSpiS\ B7 ’ 

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Uufl Air.L .Air I 93"; . 
ja^StT- i-r- . : 55 
* {SBRvTrtfl. . [71i’rt +'-; 

S:.‘t.fr.JTr7ot. 6-’« 

ISislifitejK'T*/ J 173 
j&criei ?: h r. . I’fj 56re -<> 

« 3ra:i! F--r.(irri- . S10-'*! 

F:-d.-»l l" <‘ri' J 5127 I 

;B*asrT?. -:»(.. 

•Fr.€je*ia:er Tjf.. . 

! ‘Kit Am ir*'da.. . 39 . .. 

£a.£ap.SecL5F4 ll : «|. n .. 


12 59 1 0 6 4123 2 
5 35 * b 

4.86 10 6 

3 05 10 4 

7 21 10 5 

♦8.43 1011. 

« 43 _ D. 

« 57 12 12 

tlJ7 Tl I 

305 Ll 5. 

3.25 1 0 12 


18 ♦ 6 

1 5 23 10 10. 

yi2°= 111 5. 
t4 10 12 5 
0 51 I IB 1 
0.41 1 12 0 
193 in ; 

3 0 11 4 

2.55 1.0 7. 

1 06 12 1 



.sl_ 
Assam Fronher£I. 
.Afsamlnw £1 — 
Empire PlanislOp. 
LawnePlank£l_ 
MiLtroa Rtusel £1 _ 
Moran tl .. _ .... 
SineloHIditi I0p_ 

Warren Plariis 

W-llianboii! 


|225 [13 |Luntr-a 


MINES 
CENTRAL RAND 


Iniilcau* H pec rent. «r tmr+ dHfrrmcc if calrnlatrd **n -nil - * 
ifntD (Bdrifanllnn Cwrrs up* ba»«l on "mm 1 mum*' <fi*4ritmiHm. 

I Ha YWd* »m h*Md m middle price*, arc srw-. edjntfed t» AfT of 
as per r+nt. and ailovi f«r »alne of declared dliUribnilnu and 
India and Kan blades h n«M«. Seenritioi with drnomi nation* other Hun sterling are 

muM aim iMugmurau quoted induce of the .mrslmm! dollar omnium 

255 *9.65 5.9 S.6" 

270 -5 10.15 4 4 5.6 a &erlfne dcnominattrd centres Ttiicb inchtdo i ceoanue ut 

92 7.11 3.7 115 dollar premium. 

25 62.01 16 12.0 • "Top" Sioek 

332 b!5 — 6.7 * Hi.-h' and Lo«i nurkeri thus ha»e bner ediustedtc aHear 

215 13 5 2.6 94 f-*r n<?hi* if me* fer ran 

535 ic n * i - 7 1 Intonm nno* tncreaae.1 or resumed. 

tcj, , Af 7 r y, in! t Intt-nm rir.ee reduced. pas.-*ed or deferred. 

,,, 2 L7 M no — Tj’.fre* to non-ns*i*f«nt.' *>n appIicaLan. 

1W l" T7S a? 15 i * Fioires- or report tra«itcd. 

152 -1 iZ5 4J|12J n vnliaert unruniy. 

u * Pn*-c .it UiM of msponrion! 

Rh“ • Indteoiud >fit ideinf aiier pendir.a ncrip ani.'w riebte I arte: 

216 I I < to I 151 39 *-o*er refaies 10 or cunut dr.irfonrf' or foctwasts. 

1 1-*-™ 1 +-n -'•r 4 Mqraor hid **r r*+jr^n:i,^»ii.in in pratrw. 

m a \.it •.-i*ni|«rjM.- 

^ * sane.* .n'enni rctuco-i 'Inal and re* red-j.:ed eamir.sa 

600 { 1 50.76 [ * [12.6 ' ic-ii-*.ne*l 

135 t l *142 I 2.4I 1 V For.--.ivi .11, —lend: enter on eamincs u«laind br latent 

1- — 1 +«-*■ 1 ***9 + : m ,. nm nMtmnL 

7 '>.i-r :.lin«« for i.+nt’ el>mn of '.fiar— = not rew ranldr.s fnp* 
•v. ,li«7>lend’ «r runkin; .mly inr re-lrictcd dividend. 

EO f r*»..ir 'i.«- ii.il allot, (r.r JkiivI win* U maj ■!?/> ranV ’or 

di>i>lviid .*i :* I -lure dote *,'•■ P E rein. uMiitlly pnoiadcd. 
D A IkTTb * Extl*..l»ns n final dit-icnd deciarelion 

* ilAiNLF R*.v:i-:iaf |.n.*.* 

,1 it '* No i-ir ' -j>*:*- . 


Sri Lanka 

216 [ {5.58 | 15(3.9 

Africa 


W2 340 pJIKLl fer.‘J3..~| 3C0 I ■ . — j — — » Ta. fr«- h yrcunr- traisvt ,>n pr**»f*«» tut or ni/rer «***ief*l 

^ -'■*4 E;i>C rialiO rjTi ..1 J 2i8 I *-3 .Z. I " “■ i»-li 1 H L'l'iricnd rale ujI> 1 ft |ja>ahlfr uh rwri 

i*2 £CE har.nf'T.l nL^LFJ j £281*?-^ WoOrj 2_5 7.4 of »:• ri*-H. c*«rr wisci cn dmdund or. tnJI capital 

i/d i 78; .. _ | 100 2^ Tl313c| 6.71 7.8 e IUMlcniMi»ii >: ,, M I M.'it >n*ld 2 ArwU di' »4rni1 mol 


EASTERN RAND 


RracwnS**- 
tad r+j«:cjB'. — [ 
tfL*:<>. — 

■nur.Ui :+>■ I 

Kinro.-a Rl 
L*liefi5o. - — 
&n«islentS. .. 
5 .yr.io-1 L<1 Vn‘ - 

56^3 I \"ldifi-iil*-ri90t 

365 517 WnfceihaaSF.l — 
63 i 51 Wit.\isel26f 


1-1 - • .inu-l di<-rfond ;in,1 ,-ield a'lcr —'rip 

> 1 ricmont ir«.rn . .’[.ila] .mnv. k l.+ntn ra lntenn. lusher 
Iri.'-n '.n*-|i«i. Iv«:il ll Ifi’i.L’ i*.,ii+ pondin? q Fjrni**.;* 
to i r. • , . i * h.i *fd«.n rirelimm.iri huuiv-' * in, iif+nd iind yield ceiud*- ’ 

" LjvvL m to o >f+"iel :•■•* n»;ni i Imp. ,,ivd dniden-l ci»i-r rduter- ■** 

mo f-rv 11 1 ■'lend I- f. r,.ii.i. ntsel on l.-ilh'i .nir.Col 

293 —7 r%|50C — J0.2 /•arnifi':* u Ffnnirflil mer L.TU.'rf **i nriHmuh s 

85 l 2 tul9c 4.8143 e^mtr.-. » T^h !r%i- up u« .Yin in the f. » Yield 

250 +4 Q5>e $ 13.1 .-rnMi-.-.lMit > I'*:- id-nd aid j-ield l.ru-sl -n merserlermi. 

40"-j +i; Q21c * 3L0 l fini'l+nd. ’e! • >vl I m. (i.l,.. ,p.r*hl piiyment rmvr>|r.n.nn: 

84 iy46o 1.0 425 apply I*’ »|*.*CMi to;. nn*nt \ %■#,< dm. lend and jn-ld. B 

53 + i fTeierenie il>- '-**.".d v: dL-lerr-il I. 1 :madi:ui E l«i*e 

Ml, — Q25c 0.4 36 0 F t’ln-.h-’nf *"'1 n.-td ba»".1 *.n pr»-Nf.+tu. r.r t-i*-.cr 

cjK t rf|29i' A i official ***im.iice l<*r ISBpBft U .w*imi'i Ur idcn'l snrt ; it-!.l 

■*Sj_ Z.’. ' ' _ after pei.'Nr.v - rip und -jr ri-.:liL- ifKU*.. II In-.idfnd andi-ielo 

'*“* " 2 Kns-i On ;erepe-ni’ nr ullicr nfficiai e-limbtCh l.’r 

r . M , IPTF-rri K 1-isiire-. *1 on pn*-.r*r*. In- r.*r «*l.rr r*l*K.j| 

Hi (VI) ;nr ISTTR II UmdenU ami ,’K-lii ha,ed on pre’peclus 

,f other ull'ru! v*'.nuii-. for 19-1 ' Uludend <in,' 

271 +3 Q63e ? 2 6(346 W**ed **r. pr.~pe.| U , ..r ,4l.er offl. :*1 e-tink.lv, lor I9TP P 

758 _in Ol70el 18 111 Fu.-urt- ha**-d *.n rru.*peciu* or other oi!ici.>l ecimMIe* i.,r 

I? _ „ L iku-th m *-.r«-> r i-.a.ie r n,..*-.! i.ij.n 

22fl -3 " 05 Lk- 23 13 7 ' ,Jf c- v - V*eld *•’• .« • ■’■■■■r.-fi-H, Tre^-urj Etitl llj:-.- ,ia; » 

610 -6 1078c 1.7 8 4 lim.f'."<n-.f» -'n' <»■'+■•' < ,n, ’f 

iqc _i _ 

■Jci I W 1 ft| »£frr^ r.-'-.Vfif f— dj. d-rnl # V* -J up i ’ If r — ,;-* z 

cSk BSsrHhss &*- 1 * 

470 -4 U40f 2b( 52 ^ -~ T . ‘ TT* ZT 

425 -9 QlOCc 2 0(14.7 Recent Issues and “ Rig n Is Page 32 


40> 2 -k Q25c 0> 
585 -r Q129C 4> 

wjk - I - 


FAR WEST RAND 


445 253 PI;.V’TJ5 

£ll"-*p02 P.uHel.* 

103 | ob il*sl*raalFM.ai _ 
DwrrSnn'.v.n P.’. . - j 
Fj’tL’T’.eRl . J 


103 
401 
930 
280 

153 {72! 

£16 1890 
4IJS 
42F 

4(19 
06 
£11 

289 "1*123 [Verier- 
9*Ja6»,|«T<ne 


E:*?jT*nuOid 3 k j 196 -J — — 

75b ifl845<J L0{ b 7 

I fill? Q250c 1 6(1; 0 

| 470 -4 U40c 2b( 52 

425 -9 ClOCc 2 0H4.7 


ll'iniein. 7 *’-. . 

ilRtrl.-V 
ni»-r*f« 
r«-„ i? 


410 -2 
271 -4 

02V 

136 +2 

f-iya . 


41 116 v.K-ierr. R! 118 -1 lOISc- 2 716b 
i7() Ua® a>#;cr. iVcf-RA . I 696 hyCs 2 4 +3 
H jib? ZandpaiFI _...| 193 -2 [QilJc! i- ,12.3 

O.F.S. 


«lc l.Oi 3 1 * — 

2 3 ,8 Thi* vnice i« acailublr in every rompanv ricali in on 
Q15n 2 711L5 Slock Enchanp*? Ihroiichou! ihe L'niled Kinedom for a 
C?8V 17)12 4 fee re MfMI per annum iur each secuni, 

njl3c 2 7 66 
*VC : ‘ 2 4 1 1 


REGIONAL MARKETS 


i«e?:>:c[K'. 5i<t 
rrO.'l^cV.’ 

F f ssaipiaa, Ri . 

Harmon: i*?c 

60-; I/raiaeRl . — 
667 Pres Brand >R. — 
565 Prei Fle-r 5V .. 
bio 

144 jcni'Cl 

390 tTelk-n’Shr 

CC4- : *r*L3L'AV Kc.lrJ.n-t =- v . 


on i vu Tho fnlluma! ij * •>>I<vii<mi nl I *»Hnn qum.ilion, « f haws 

,?9 • V,-> c e ! “•“.PS F re id -I? Ii:ied«r.lj ir. r-im:ul nviriei- Pn-revo: Inrh 

£12 . .. y315e| C 16 7 mil*: uf ■+ l »l*.*h are nnt iiftiri.-illv li’ted in I*r.r.il<»!;. 

64-1 — — — are j. (junied *.n ih«* Inrli urlianix 

bit’ -l ^6c 0.5 SB All-jnylnv 3.ip| 26 •** .«<. Retrshir; ; 67 { ] 

785* —17 OlMc A * A*h .’pr-nnif , Mr Sindnll i#im , l 114 1 1 

i sat * ’|5 

7|2 -8 ul90e ♦■la7 cio er ■'r’-n . fRl«H 


Sindal'liWm ■ l 114 


idL44j 10 5. 
H-70 ♦ 4. 


147 

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135 (S3 


m\ t j i 

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n.67{ li 6-4-22.3 1 fj g 

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205 
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55 
14 
117 
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304 
37 
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39 
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25 
114 

20-i 

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233 
18 

130 . 
45 . 

f . W 
K-** - T I 88 : 
iKwsA-iS 1 — l 21 j. 


1LCJ 
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186 +4 - - - Crui -■ It Ri’M* f I ' MS 

j 221 -4 Q65j; <6 17.6 l>^p-R \ -\j 37 i*nn- .9+i iC-ta £89:.-; 

KrJiJia;? _ • £14 I IQ415c ® 1 J.7 *7 Ell,.* Mr I Id’ : bon Alliance Orf, ** 

JT,er**d J 25 ; inml! . 3! 

17 TV A Vf-P File KiT -c. ! 52 ! I’.irrull-r I *. 1C 

t Fiijl.n pi.e -p 2] I'luiid.vlltin 1 

v-.i Vir ; ctt, loin, in i , i.nii- -'.ip f ! [ 1*0 • m. i«v!'r.*d’ 13 

K,* 1 :® : 543 ,r? i iffl ! 2S | lii-.l-n.Hld... - 4 

H-nr,lW ??I. -1 Ncjwc 2.0 7 3 Jjyl, - I.r -.■*-;. j 252 I In- ■ *T|- . It 

^-■-iHHi • U4-* . . . iVlCM- Ll 69 i sm- F! 17B j lr,..h H-pe- . It 

1 : ‘<il ■*+ -- 776 Qil5c 3JI 8.9 N'ti.r »ii , M>nnili[ 65 - Jo. i.i. I * 

. 123 -5 8.47- dl.fjlOS Pt,,rrr ': If 190.r, T *-l..j 11 

■n* -ith'llicl*- 168 -2 9 19 2.D 8 2 Peel Mi M-- 21 ) l.'md.ire ! ! 

uqRind’.hli ifp 17 ■‘‘•j L07 L3j 9 4 Sheifi-i.: Bri. v- 54 l-*2 

-- M.mii; I:" £15U — * iO^?c 2 ll 85 - - — — — — — 

In --elil:.' \ t> £111* -s £ 0135c- L9j 72 r'6BMB+¥/\7kTO 

"1 -.:it : *■» 1*1- 12 U2I; -j* Sl70c 3.U 81 UrliUWa 

IS: :s :i p m 3-month Call Rates 

“^\vn f ?£ 2 .¥}?:£:. 5 lndB«n*l» 1 .* I ... I 20 [Tube Inve 

iHlinoNl F1-.’ _ 112-t yt ’Oe * j ’4 . ,S-I inm- 'S ll'ml+ve, 

ilanrf L*T*V- !?,•.. 38 . .rlOe 3W15.7 \p, ' ]8 T ' T ' ! 20 ]i:.l firap 


sj, 1174 
73 [246 
£205*1 £14J* 

970 621 
IT, 219 , ... 

204 Ijb? . nn* •rt.ndticl-*!- ' 
> £ I 16-; |F.\q Rind'. fit ;«T>{ 
£.14 i*ie' M.iuncL- 1 
£105*l*-W-el<1 : .‘4C> 

1 it ; I". ii- fw 
Middle Bit i> ..I 
Jih-'un* l-^p -f 
■ -ruSPliJVi.. 


Alii jnceC.H- 
inuii: 

■ '.irrull -r 1 -. 
■'luii*l,v|lcin 
1 ni. ieK- 
lii-il-n > Hid*’ 
In- 

Iri.-h h”pe» 

Jv»'*’l • 

t --i.i.; 

l.'mil.ire 


97 +1 

350 

105 +10 
97 
130 


106 -4 

55 

373 Ul 


-4 I 1895 I l.« 6.7 


■*eJe-1:inTp:^ [ 
•VcLlM ll* .. .. 
>iln>r7r0ne-?j3 . .1 

Tjri.-i'tin -Xiji { 

la- TTef ^ir 1 

T* -to I Cor., UR1 

fnlui' urpr’ bilx j 
cseL-To, ' 


DIAMOND AND PLATINUM 


171 -J QWr 1J10.5 Bnl«wSi . ! 11 L' A 

35 . ... t254 17 ill5an.ljv- B.****r [25 l-i'ii-rnku . 

163 -1 Q10Q L2 61 BecelioTi. * 35 f A -:nl A Her. 


| 20 Tu6*inv«i ."■18 
b l.nilfvet . I 35 
20 f. :■! !>rar**-*r> .< T- 
S \ i.-kerf 15* 

! 3 ftool-W.I,-. .1 5 
17 

j 14 Pmpertv 


lir- An*. Ir.* Sflu I 
rt'brer* Hi.. I 

la' 2ik- . j 


£35 !-•* 
338 ;-8 
950 

170 +*» 

65 -3 


CENTRAL AFRICAN 


I CI !19B; ’.7* SB 

li* 1 * |1U| * 


210 ! 2 sS IFanxr, PS. -Vv _.j 
; i 1 Sr.odr,*j*;p \ 
■30 ! '2 S- ! 

£ ] 25 *0! ?r : i 

171(118 |ZamCprABDQ^4_| 


'ir.-inrf '-let 

*,iiardiar. 


20 ] Flv *,-J lr*>ni 

18 holler* 


155 . ..: QbOr 4 ;cS id, . 2 * 7^re«rCr«, 4 12 \ 

14 *C57 fl o’ Hawker . 20 JT. -r:. . >2 I* .ir.- t*.-ild id! 

70 _ . _ ®* • IS iTr„,- HL-u-e, ; 15 |*.,-.T 2,r.- . lb | 

29 . _ .j | 2 9[22 6 --r.n -"-rir.r*-.’ * r^i-3 ,< ur. or. 

*2 | ..—.[ — I — I *— Lt*n "b“ •. Cs.i.cr , jt h."p*;-n 


29 : . .j j 1 952^ 6 
12 J — l _ | - | - 


1 






































































WeaiheraSi 


Greenfe Smith 


Tuesdir-' November 21- 197S 


Cb^rtersdSurveyars-.Estate Agents 
r.tcRdon iieeds^Paris Nice 




art 




acts 





BY ALAN PIKE, LABOUR CORRESPONDENT 


TUC wants 
institutions 
to provide 
funds for 
industry 


BY ADRIAN DICK5 

F-ONN. Nov 20. 

pfV‘';r:* : :i'r\‘t,s v...vinst iIk 


F-.rf" 

md?r 

■'T«Jcni 

it 1 and : 

dvnr ; ic 

engine: 

ring 

grr.u.i fnr 

falling 

*>lli l- 

re por 1 : 

os' I- 

:j -- :,:i has 

acquired a 

opini‘>n- 

r.n pr- r 

con’ 

*tai:e in 

ihe c'nn- 

p/cocn :! -1 

nan - '- 

V.'C'sJ 

i.ierman 

and U.S. 

n 


l TITtl ADV ISORY. Conciliation ACAS on hehalf of white collar any prior conditions on the eser- 1 WO IJ. J 

I Hci Art' i rail on Srrvic* ha* *laff. but two withdrew during rise of its statutory di^cretiori. - 
I decided ;: - ..ii it cannn; reach a ih»=“ inquiries, leaving the A*so- The rempany has. never' hele«.j »y Cnnstine Moir 

conch m "in on a trade union elation of Scientific. Tuchnical refused to move from Ms posi-i 

! rcCrt'nMMn claim ai Michclin and Managerial Staffs and the tinn.' At: AS said. | TEN PE R C.YIST^ oi Inshtu- 

Ibecaii* ? company refuses to staff section nf the Electrical and Tn October last year. Mich elm. tiona! Funds should be set aside 

j cn-<i;*-Tj ,f in an cmpltr.ee Flumhing Trades Union. hud invited the Electoral Peforin ; For Icitriing to Bntisb industry - , 

or ins*. n -■i ,-- cy. “During the 2' vears since the Society tn conduct a hallni ot all' •!** TUC is planning to {ell the 

: * r s* -j..* hr-cn at inn rums reference* were made, the per- its white-collar employees. j comimttce on financial in-stitu- 

•r.vor W i .--.r u'^rs If. c-Jn\ vice ns made numerous unsuc- Two options were set o«* ■’ nd ! tjons headed by bir E-rold 


The dollar has bees much 


ocean-'? ’ 

cn.fip-'Tj'' 
ersns'.n • 


TEN PER CENT or Institu- c ‘ f *, _ . M , ja a AtZQQ 

tiona! Funds should be set aside over the last few. days. Index fell 4.U tO 400.-0 


•. -:; 7 * pv or nmnlnvccs’ ccssful attempts Jo sain the —7SS fS3 per cent) of respon- , Wtison. . . . 

i)im< :i* -.rtcr" :onlica»ion«* fur company's cn-nperat inn in a sur- dents said that they wanted; At ths rate at v ‘b , ch new 
i -nn four unions El vpv nl employee opinions, based their pay and mnditions. funds arc flowmA into the 

' r n ,.. - p.deif ;h i- it cannot on proposals designed to enable determined ** as at present " witb institutions. this JtflRW wean ® 


I rxrUfatinn V ’ A-S ,nat ,r anu 11 * cc ' n 

^ in' ir-to. according to-. i rcc^.f.on mv^M-alinr, . sidled the matter closed. ; 

. u r . „i i.ji'irr. tinreu... ,.f -jp position from an Mir helm had argued that its Tnc> recognised that , * | 

• f»mp|o\cr cmplnvees should he treated as has a duty to obtain employee, 

The "See '• 1,1 n.r.o ■ (| ^. ((rTp .: sairl 1PMI .^v that a -incie group. although i< had opinions, hut emphasised :'mt ihe ■ 

rv>en i..;d <u t ie transaction uni: ' M|chf . r - : C|n h ;r, v.-ithhnld been pointed out that those wh«. law dm not require the company, 

■n .%■.*: II-;. 1* r, r. ro-Jlft .sn - ^ 1 co-oper .nor made it impostihle orked in Northern Ireland were In co-nocrale." ACAS said. ! 
Fnc. hr:; = - i:nd«r.*tood ina». fnr .u t . .. TV j C , % Uj a s C e r i.iin covered bv different leqislmion. A* the law stands. ihcre is 
the Car'll na, no powers dirfict] , n pinion> 0 f a!i the and that ACAS was required hv apparently no further action; 

to prevent the transaction. | v.-orr.-i-r-, involved. In ihe c<r- law tn exaniine the specific [hat AC.AS can take. The service! 

A spot- ''-.men for Her- U'i'ly ; cu;n^i.«RCe<. there vas nn other references made in it. is under a clear require in*’ it to| 

Kr>rf confirmed today that ihe, sai/^fpc'or;. w av of discovering The company h;id a iso insisted discover opinions oF employees j 


employer. " ‘ employees should be treated as has a duty tn obtain employee! ^Ut^e Barring Va«d 

li* r-unr-i said vp-ierd^y that a single group, although it had opinions, hut emphasise-n .rut -he inul( , amtne j raf i nts , it will he 
Michel. Cs decision to withhold been pointed out that those who jaw dm not require the coin pan.. . hf>rf , r - p Sir Harold by the 


is to be the pivot of the TtfC’s 
main submission io the Wilson 


cu-opcr irtor made it impossible orked in Nnri hern Ireland were In co-noerale." ACAS said. 

For th*. - -■••rvico to ascertain covered by difTereni legislation. A* the law stands, there is 


direct! - , the opinions of a!i the and that ACAS was required by apparently no further action ' little fro mthe TVCs 

(worker-, involved. In ihe nr- law tn examine the specific that ACAS can take. The service recommendation nub- 


3i23. f mined 

According to Korf. Kuwait, 
b:*d riven assurances that it was] 
pot fp(ere c tt-i either in jn active • 
ru m jgc^ien! role or in building 
up a majority pr«sition. ^ 

Insofar a* it h.fd any specific 
onjcclive*. I’oese appeared to lie 
more in financing further appM- 
or - 1 Ion > ef V 'erf's experience X* 
vi in direct redueiuin sieel- 
making m developing countries. 


recognition claim* tn “The service cannot agree to access tn workers. 


for fruiting to British industry, following s period in which its 
the TUC is planning to trl! the recovery' appeared to be ia ques 
rommitice on financial jn.*titu- tj Qn _ The Fed has shown that 
headed by Sir XZsrold ; t Js prepared to intervene 
1- heavily in the exchange markets 

‘are floudig Vnto Z this. Wther rttt = 

Uions. this would mean a of an improving US. trade posi- 
il Government-under- tion. has for tne moment uis- 
n loan facility of -at couraged short-selling of dol- 
CiOTm a year. jars. Adverse swings in the 

recommendation, cx- Japanese and Swiss trade hal- 
I to be approved by ihe an ' ce? 2nj 3 labour situation 

r5Bs >■ «» ais " h ^ e 4s! 

submission io the Wllvou de*p:te a laic -etback -Fester 
Barring last day the dollar is veil over IS 
p amendments, it will he ner cent higher than its October 
*fnre Sir Harold by the 31 level agairtsr the Swiss franc, 
r the month. Some of this tenuous confi- 

es.cencc. the submisston deuce has been feeding through 

i little fro mthe TUCs interest rates . particularly on 
tn recommendation pub- _ . ., 

18 months ago. cumdoLar deposits and certi- 

■e then, the financial Scares of deposit, which rose 
very sharply immediately after 
the’ November 1 measures Jn 
anticipation of a Fed ■ funds 
»araet of 10 per cent or more. 
Fed fund- are now weU-estab- 

lec a number or recent at ®\ t0 9 \** T 

which, ir av*. prove that ra^ey market rates are adjust- 
ment bodies are still I ins downwards. The very heavy 


| 6 Month | 
12 - 1 EurodoHar | 

slfiscr ^ ink 8 


end of the month. 

In essence, the submission 


interim recommendation pub- 
lished 18 months ago. 
fiince then, the financial 


I/s latest recommendation 
include? a nnmber of recent 
cases which, it avs. prove that 


Government bodies are still . 

required to fill lire gao left by :.?*u5n2 of domestic CDs by New 
the pri\ate capital markets. York banks in October in espec- 

'ation of higher interest rates 
Targets and Stronger loan demand seems 

to he slackening. 

Looking at the exchange 
rnarko ‘5 reaction, the Fed may 


check on company law 


The TUC Is convinced the 
financial community needs to 
he subject to an overall 


U S stake | Br EL,NOR goodman. lobby staff 

t-,* ,ip- 1 *» i-p; v-i-'iir a THE GOVERNMENT i? tn set up Although the Fill received an dealings which it regarded as 

« = 1 ■ L *1 j; J..: „ nnnnn; , a J rr.mnJ ra-.rlin- fho UVnnn 


Government «lrategj - in much consider the present interest 
the same way as industry is. rate structure high enough for 
This strategy would set it? immedia to needs. An attempt 


second ;:iir<nr'3ot investment in 


| a standing advisory committee unopposed second reading, the wrong. 


j targets for its performance, 
j which would include the insti- 
i tut ions' effectiieness in sep- 


However. it did not » ant to : porting industry at home, 
ake it impossible fur legiti- ’ It would also pru\ide a half- 
alp or desirable activities to ‘ way house between complete 
nfinue. = reliance on the market and 


to bring rates down now might 
suoil everything but there is 
mnm for commercial- paper 
rates, for instance, to more 
lower eventually. Li to. line with 
the Fed funds target range But 


No ir--* significant r= ihe direct. 


occasions 


si? in »j r j 0 hn \nit. Conservative to be on the cautious -idr and ; vent Ion. 

nicular Trade spokesman, said Conserra- promised the Government ; The new farility. ihe TUC 
lives shared at lrast some of the would listen carefully in any , helievps. would enable a 


Conservatives, ■••ho p-n-; 
similar proposals for deal-: 
ih insider trading tn 1R73J 


: Bill by Mr. John Smith, who was 


not to oppose the Ki : l ; pensioners 


full scale Government inter- the strength of economic activity 
vent Ion. and 'the cutlonk for . Inflation 

The new farility. ihp TUC sre wnTryiTiz for the credit mar- 
helieves, would enable a kets. »id it ran be arsued.tftat 
modest proportion of iitstiiu- ths Fed's latest targets for 
tional funds tn be pur to good m f, nf!v juppJv growth are lax. 
use without jeopardising the ^ 3rtjn? as thev dP frnm a base 
nshis nf policyholders and - V ' 

pensioners oate on wnlcn the premons 

It recommends that the argots were significantly ex- 
Facility be underwritten by the tended. It is tn soon to say 
Government through a mini- that V.S. interest rates have 
mum guaranteed return to the peaked. 


n v^'rjVl fibri ihi v P f jr : occasional inomry no longer of the committee, the Conwrva- t0 what he described a*= Th ‘ submissions 

cast to inp DM 1-bhn Ihia jcjt. ;jf sen , i5)le dPS| . virh tires appear !n stand a «ond •• poliiica I pressure." The Present . include a ScoramemS 

The groups two I S. steel- 1 company law 'ic.elnpments. chance or gvttmg ihrouch sonic drafting was unacceptable tor thf , mprc: p r „r ni 

making plants, at Georgetown. I instead, it w a - r r.. posed tn set ^ thc change*. praciically ereryhodv. ‘ and ihe National Savings Bank 

Snu»h Carolina and Beaumont. U p a new. independent bqdv Moving ihe Bill’s Second Read- Mr. \mt also look issue v ith 1 anr i 1 1.™ mu-pw For Z 

Texas, .re exr^c^d to show a which would be composed nf ing. Mr. Smith said that the the drafting of the clauses deal- 1 r , n jy or f po lh w .. hiVm 

profit of S12m to slam this year. ! representative: of mdii*tn\ the. Government was committed mg with the duties of directors: inriiiAin« " u e5 


iniesied. Direction of funds 

include a recommendation “for ab Tu, e 3^5 v*ll”m 8 ComS»tt^ 
the mercer of the Giro Eank shout tne ibon Conun.ttee. 


Instead. it seems to have decided 
that its best hope for salvaging 
a worthwhile victory lies in its 


Licence 


{City, trade union* and the firmly io the introduction of to their rmplnvces 
j accountancy profession. criminal sanctions nn insider Parliament. Page 14 


Herr Korf. who ha? often been [ 

counted an np:;mi«J. ha* fore- • • . . ?%f\ / 

WB&S2& Access charge goes up to 2% 

minimum price scheme for re- 

— but Barclaycard li% stays 

sired steel producer v.-jth world- 
wide output of 3m mnnes Than BY MICHAEL BLANDEN 

as the hnider of the Mid rex ; .... . . J t 

direct reduction process licence. ! ACCESS, the hank credit card Thp announcement came just lending rising within 
for which n inr.V. n><?r sole rights' -roup run by three of the big ahead of the Christmas shopping weeks from 30 to 12' 
nearlv five vears a=n. ' " j four banks. yesterday an- boom. Access said that given the Thp p n--,., n 


: Industry, including sranitory plan for directing institutions’ 
j powers to subjoena wit nesses funds into a new state lending 
| anti restrain companies from facility — in which it would have 


BY MICHAEL BLANDEN 


in the last few 
2! per cent. 


pursuing lines of 
thought improper. 


Callaghan 
and unions 
hold talks 

By Christian Tyler. Labour Editor 


a significant say. In order to 
keep its members happy about 
! the prospect of putting their 
deferred pay into British 
Leyland. the rate of return 
'would be guaranteed by the 
Government. 


jnn Jut tug Sep Oct Bov 


When promoting this idea in 
their oral evidence to Wilson, 

the TUC representatives- were 
stumped by the .obvious 
question ; if the Government is 
guaranteeing the Tetums, why 
should it not issue some extra- 
gilts and invest the, funds itself. 
More recently, the suggestions 
have grown more subtle : the in- 
stitutions should be brought-h* 
on a no gain/no loss basis — 
and guaranteed the return they- 
would have achieved ah a .weU 
balanced portfolio. The fund 
managers might be hard-pressed 
to object to this on any grounds 
other than job protection. Only 
the wretched taxpayer would get 
soaked. 


De Lorean 

Details of the financial pack- 
age provided by the UK 
Government for the De Lorean 
Motor Company's Belfast fac- 
tory are slowly leaking out on 
both sides of the Atlantic.: The 
latest news is that the larger- 
than-life Mr. De Lorean Is 
planning a major new fund- 
raising campaign in the U.S. 
next spring. He hopes this will 
bring in 550m odd— and plans 
to use the proceeds to buy out 
the .-. British Government's 
interest in the Northern Ireland 
plant This extends not just to 
the S32|m of equity capital, but 
snme $18m of expensive interest- 
bearing loans as well. If al^ 
goes .according to plan De 
Lorean Motor wfll then -be left 
with $50m of nnn-repayable 
grants — and shareholders will- 
ing tn wait for their dividends, 

Mr. De Lorean has not yet 
decided which investment bank 
win handle the campaign, 
though he thinks it is hot quite 
Oppenheimer and Co.’s cup of 


tea. Oppenheimer, inddentaHy, 
has' just completed a separate 
$18.75m fimding : arran gAfiwmt 
for be I^ueanV -development 
company. : Be Eprete -.Research 
PartnerShip-LfeSaedtf. The EiO- 
odd. coxarihutors^ _ here: . jie 

entitled to unite-eo nrettih je into 
De L&reah: MotM - Ctnnpany 
shares.- • - r v “/ j, . 

The new fundi^ eampaigE^ 
pins .the coilectioh of ?ome 
S14m nf. cash De Lorean Kotor 
is. sttn ; espectws:/tinder ^jts 
dealer scbeme^-eannqt T»rec«d 
imtil lSri .De XdreaST files' a ■ 

tailed ^ and - up-to-date-. registra- 
tion ' . document . f with 
Securities -and- Exchange CohK . 
raissibn ln New York. This has 
been . 0Jtp«ted almost .^ev^yV ' 
week since the Belfast dealAfes . 
announced .'in August : 

Lorean is certain -it wftL beilrti 
bv.the end.nf 

all may be revealed. . --’ 7 : " ;.£■ ■ 

Ex^t Cc^far Hbldlht^ , 7 

. It used to be caHeif 
mortgage business iii ffie bey* 
days of TJiFC and 
Group, These days" ft ffr'refefred 
to more politely ..as, Secured 
personal lending” But wh^ever-. 
the iname.. business seeihs^teb^. ‘ 
booming, which exjilalns'.'Whf: : 
Lloyds and Scottish iswilHng to - 
..buy : o.ut- -.Cedar - Holdings,- .the. . 
second biggest operator ~in~-4he - 
market, at a price egtdvMent; to 
21 times -fully taxed earnings, •> •- 

Of course. Cedar,- wWch hW : 
£2.4m of sax losses upifosleesa' r. 
is nof paying much tax '-at -the J 
momwjt and the purehaseiprice- 
mf £9:6m is roughly - in line' with' 
total shareholders’ . ; funds> : -> 
addition, under the wjrig i^ ; 
Lloyds arid Scottish, - -Cedarr .* 
should be able to double its preO .. 
tax profits to £2m sav.oa a yeiy- 
short period. STnce the -daifeJ' 
days of the secondary baidcin^ 
crisis Cedar has been hepl-a^t^ 
a very tight j: rein by the 5 ^' 
institutions which baled 
This has enabled it to reduce rs . . 
dependence, on them for suppqiSi 
funds from a peak of oyer £50ni' 
to virtuahy nothing.- Bat Jaii ." 
been losing market share; , V 4 > . 

While the four big instifufiomr 
involved must 7 naturally: be- - - 
happy that they a«r,feiQt}y abfe >'._ 
to- disengage them3ehfefc few# 
Cedar, their involvement .to dafe . 
does them little creitil Durmg - 
Cedar’s early period they" 
encouraged it to grow far ; too 
rapidly. Now that it is hack on 
an even- keel they are selling 
out rather than give.it a,i3xahca7 . 
to remain an indepe nd enteotHy 
with a reasonable fotuire.' ; L .*■ 


j foil 

Mp 


:;s 



nearly five years ago. "‘{four banks. vested ay an- boom. Access said that given the The full pfirci on borrowers ] roV r RvmT , vn Iml _ n CK TODAY 

The process has been used in i nounced an increase in usnse m the general level nf vi]1 dcpond np the W y ]fl w^jrli | orders wpre iriendin^ the hreaSS SUNNY at first, ram later. Kain 
steel mini-nulls in developing ; interest rate !<■ ho, -rowers and interest rates in the hanks and lhrv , lsr their cards. Bv taking | - ^ ; in North. 


special relationship last cir r . c _ . . 

er last week's failure of £*"/■ J ^and 

nsed concordat on pay E ‘ An ^ h ^ E- _ Midlands, Channel 


c proposed concordat on pay ^ ^nannei 

id inflation rfr J s,ands . , . 

General secretaries of sonae of „ ‘ l0s ,V,r- d Jfi,. sorae rain l ater * 

« in: .1n hoM tall-.- in M3X. l-’C t04F). 


blast-furnace technology in Jar-! the present 1? per cent a month cardholders: "We shall nof even than the maximum of 36.82 per rh „ bit in Max. 12C (54F). 

««• complexes such as j to 2 per cent. The increase lakes consider the question or increas- cent. ' Dnunini sireet wit^h M Easl - N - England, Lakes Isle or 

L?wr,i. n t 's^r. a. f nu^r r 5» vr. raic unm arier ,»?• 1 -rWd-H Man- w - ""sar - B ^ ta * 

for which Korf is suppi.vin- 10 charjc rrnm a Msinium of " 3 .H The cost of inane, hail l.een „ h ' i nl h r u n 7 Arcc. d , a id?" P Thc i c“e? Sn ‘ ‘ h " Cloudy with rain. Mas. 1 UJ. 

- ,1 " lrm " n ' :s - : por cent tn Jh.s; per cent. rush for Inn <hnn a period to „ OT5 .iiy to uplift' the interest 1 The TUCs refitsaltn endorse a 1 -C ( 5 :F- 54 F). 


Factory move 


raiilnnu" rease ,n 1 °' n rate applicable rn credit taken i Set of bargaining guidelines for ®® r dc r ». Edinburgh, Dundee, 

^ , r r, , ThP Tiw in inppsc PhJ m„ h > - cardholders is a direct ennse- : lrae ic union negotiators this Aberdeen. S-Hj. N. Scotland, 

Continued from Page 1 _ Inn L-‘ S S' ouenee oMhn recent substantial , iV inter was mentinned only GlasKtru 3Jo^ v Ftrth. Highlands, 

.h^nun ,ncreas,? ln ]nierest rates.’’ briefly ; lS Mr. Callaghan asked „ Argyll Scottish Islands 

|7„ w y Srnh, c 1 iJ . { the unions what support he »>«* dear spells and 

rOFu and JdUC hopes fs»«d!vx«* ir'^ntX'' “ hcn soes to m M “- 8C ' 10C 

Union negniminrs fr, r n.qnn The propo>aG mvolie an extra ^Vn Faetnrv TTIOVP 1 He was talking to members nf „ N. Ireland 

drivers and cylinder handlers in £4 50 on basic rates, excluding npinhnr la>\ >?-«r "when* U rut -T«LIUI > 1I1U> I The trade union committee for cl t e , a i’ speUs overnight. 

Briti.h Owens gases division S1 in„lcments £J on u neon soli- ih.r.h-.r^rl ifl Ln, ^ „ . I F shour victnry. led by Mr. David Max. SC t«F>. 

-aid yesterday that ihe work , , aiinnlpmenf- and a further Rare/avevrd * ^rn Unwed ihai F0RSH- ' ,W MARINE b 8 * l ^ l . en ! Basneii nf the General and Muni- Outlook: Windy. Some rain 

force would probably accept ihe J * ted siippl m n > .inrl * urth r V„r over 30 aJvan,?c f«ctorj' of 3.«a0ii ; cipa | Workers Union, who have w«h bright spells. 

company’s latest 9-10 per coni « •" p oduc,,v ”>- ™ ■ - w? c-nt a mSTlh ist 53 ri bui ." bv '*"* ="»«•* E«aies[ p^nn^ed £lm for the re-election iI7 siNK S ~ r ' EM TR^ 

offer. scheme bonus payment. Srllnr Mri hPiH hr rLrU Corporation ai the Rock Ferry | campaicn and— for the first time BUSINESS CENTRES 

Regional shop stewards' meet- Increased consolidation, higher That* levol until iniv * Estate. Birkenhead. The company.! — a co-ordinated programme nf Y ji*> , Vdar 

mgs m the division's milUuni <hif . „ rem i ullls .-all-out oav. V h / wh,ch manufactures boat trailers , spcochl!?s and canvassing. “ njiddjj 

coiiihri-n and western are\s ‘ n tl tan out pay The Access move follows the a nd components. Look over the new ! ... ■ .. ir|0 JJi .. „ ’c *F 

H ,_ d ' 5l '* n r dr menta and other fringe benefit recent sharp increase in the huilding because it required ! J )r ma ‘ aJEflS™' 5 J,- i? k™r r ” h *. Fe A 43 

meniition ftn^hc^ offer to ma« ,,nprov * menli are ■ Iso lncluded * aeneraI ,cv ™ 1 of monp >’ bigger premisof. to cope with j B '"‘ ‘ ^ ‘ r, "dit u e n c , es. Bahrain c ss afMmhUir 1 ” S 

K n how , r its! m ,Vra The Transport and Genera! with the Bank of England's orders. It is expected to increase; Last nights talks followed a Bareviona s is 39 • Melbourne' b io 1* 


Continued from PaEre 1 Thr risn in Access ch * r v 

v> jii Li ti UvTU X.IUXII rd^e i promises another period nf enm- 

TT^ 1 s I petition between the two groups. 

Ford and BOC hopes ^ 5i: s sr:* 

Union negotiators for n.qnn The prupo>al> invotie an extra ?J, i 1 n 'i 0 j 'T.'? otl ? er ’? an ^: 
SwlT* on l, 3 <il l. ri ' ,w - October lot .« n .?™lK.n'u cui 


Regional shop stewards' meet- increased consolidation, higher j, t that level until Julv. 


niendation on the offer to mass 


ntaoln*- »f. hd hdlfl xuttHtc thr, * ' lr u«iu|twu anu us.iciat " ‘t'C •-■o.ir. ut uu^iai.u ■-> oruers. II it. CXtJecieU IU iiiucboe ; • 

n«.:. r' 5 . ,1.;.: ciL wn . n . Vi ~ AVnrkers* Union, which repre- minimum lending rate and hank its workforce with in the next year ; regular meeting of 
. 1- f , 3 ; ‘ - . sents most of the workforce, said base rates for their overdraft or so. Labour Party liaison 

J pJr2«? ?reed the offer would lift present — — — 

recommend acceptance. average earnings of about £93 by 

The offer is believed to he £g.£iQ. £-4 • A . • a Ti TT1 A. 1 ° ■ 

rat« h “iwluSinT 7u n pp?"n.nntSC L«t year a f-mcwcek strite ny Sovlvl DBCt With li/tillODlB 
S^raM."'" 11 95 and M Per ' X '" Ihe “ 5 a! "and ted™ F ^ JUWUVpiW. 

rr^durtTxTi^si'nn 3 ^ r r." , an , 'iw ,, io b '' u,r ° ,,si,out cpq|c fwft-vP/!r poiirtsfiiu 

the previous Si per cent offer. Sanctions had been imposed at %, TT VJ j 


recommend acceptance. averaSe earnin3S o{ about p £93 by 

The offer is believed to he £g.£io, 
worth about 9 per cent on basic _ ’ _ „ . . . ... . 

rales, including supplements. Last year a rour-week strike ny 
but between 9.5 and 9.9 per cent 5ame group of workers cost 
overall * the company £5m and led to 

The company has removed the large-scale lay-offs throughout 
productivity strings attached to moustryr. 

the previous Si per cent offer. Sanctions had been imposed at 
which was overwhelmingly snme of the division’s depots 
rejcciert. during present negotiations. 


Continued from Page 1 

Backing for dollar 


BY DAVfD SATTER IN MOSCOW AND JAMES BUXTON IN LON DON 

THE SOVIET UNION signed a the anxieties about Ethiopia held In 


-- . - . . ' UIIIWII nuu o VI HI. A HLtULn u •* 

Sf Bt S2S U !r C0Unlr> ‘ n 1,11 exporlcr - , China hv Col. Mcngistu in 

U t^°7rJS. Af S’ signed in Ethiopia has the largest armed Sep tcmh e r. 


Amsidm. ' 

s 

'C 

;fi 

- F, 

jO'Luxerah'g F« 

’C 

li 

Aih^ns 

s 

i' - , 

« 1 ; Madrid 

s 

10 

Bahrain 

c 

'Cl 

Fji.Manchcstr. 

s 

.1 

Barcelona 

s 

is 

59 -MeItMiirne 

R 

10 

Beirut 

s 

jn 

fis; Milan 

S 


Relfasr 

R 

3 

41 ;Monir?al 

5 

—A 

Eclnrade 

c 

-1 

3 »j Moscov 

C 

10 

Berlin 

F 

11 

32 ! Munich 

S 

12 

Bmiuhm. 

S 

fi 

MjXcwcastle 

s 

B 

Rriainl 

F 

9 

« New D-ihi 

s 

2H 

F-nissels 

S 

10 

M ] Sew York 

s 

P 

Burtaueat 

c 

— ; 

IK'Oslo 

<5 

5 

B Aires 

s 

21 

Tn Paris 

c 

11 

Cairo 

«: 

20 

SSjPenb 

R 

3 fi 

Ca-mir 

F 

!» 

4 fijRraj:ue 

r. 

7 

Cfucano 

C 

T 

34 1 Revklavlk 

r 


Colncne 

F 

m 

3 n ; Rio de J'o 

s 

2 fl 

HoonhaRQ. 

<s 

B 

•W 1 Rome 

F 

lfl 

Doblln 

F 

5 

4 H i Rinaaoarc 

c 

2 S 

Frllnhnrah 

P 

S 

4 R Stncfcholm 

F 

3 

Frantfnn 

R 


■KiStrastnv. 

c 

fi 

Genova 

S 

•1 

4 P Sydney 

s 

19 

nigeaow 

r 

s 

4 *i.Tel Awv 

s 

24 

qi-lsinbl 

F 

\ 

W ToRj'u 

c 

17 

H. Kona 

ji 

71 

Tl ; Toromo 

r; 


■Tn'burg 

S 


?il Vienna 

C 

i 

Lisbon 

« 

14 

57 : Warsaw 

c 

s 

London 

S 

U 

32 'Zurich 

5 

5 


FINANCIAL 
EXECUTIVES OF 
OUTSTANDING 
ABILITY 

Currently earning 

£7,000- £25,000 p.a. \ 

(Mgers and Co. are Management 
Consultants specialisiog m Executive Re- 
cruitment. We are extending ourcontacts 
with young executives of outstanding 
ability amiiimbitioninthcfield offinahee. 

Wc would like to hear from p^bjfle .. 
aged 26 to 45 wbo .feel that in deveJopiog . 
their careers over the next few years they 
-should not rule out the possibility -of a 
move to a bigger job in another corapanyi 
We are interested paiticiiFarJy io- ihose 
who are ip^py in their present . positions' 
and are doing well, but who nevertheless 
wish to keep in touch withthe marketso : 
that if an outstanding opportunity comes v 
along, they will bein a position to learn - 
. more about it. . . ' : ~ f : 

As a first step, please write to Ian: 
JJJ3. Odgers,Maruging Director; ©yinga - 
brief summary of your experience, 'qiiali- 
ffcations, age and salary. Alternatively;: 1 
write asking for more information about 
Odgers and Co., at our new addressl,Oid 
Bond Street, London W.i. • 

A ny approach will be treated in theAteryj 
strictest confidence. Q , v " ■ 


-- IJ : 


;-V rsj. 


,tr Ch- 

■"errre 




HOLIDAY RESORTS 


kel dealing? but vas bit by seJ- however. it slumped to The treaty was signed in ‘ h , ’i. a trie* thanks to . Y '*v 

ling later in Ihe day. SwFr 1-7350 heFore closing in Moscow by Mr. Brezhnev and by ^ j ftV]el ^: n j 0 n la the Soviet Union n J 1 ^' 

The comments by Mr. Snionion London at Swfr 1.74^ against Lt.-Col. Menyistu Haile Mariam, J ' th _i signed a treaty of friendship ajjccjo s ;s «i jers»* s ii .v 

made little impact on the market SwFr 1.72 or. Friday. the Ethiopian leader. ‘t ! ? "ene'ed in Moscow t Ethiopia's antagonistic e « ® LasPinu. r m j* 

bur. the announcement or the A simitar movement was In London, a spokesman for the signing of the .treaW “ • n p,Bl,bour Somalia The treatv niaSpooi s ^ r ff 

VS. national income accounts recorded a=;iinsr the West Ger- the guerrillas fighting for the Sov'et LniQiiA* ff™* J" \ nti was ? broken off by' Somalia last c i- S f is w 

budget deficit of S'JJ.fibn un- man D-mark, v iih the dollar independence ol Ethiopia s Red tinned military assistance iNovember when the Soviet w.jaw" s is ^ 

settled the marvel. wchlnj DJI UW heforr comm; S« nrovtnc* #f Eritrea aid tmt »r «4 «« the shattered goyenteer.^ .hen^ Uie Stmet c»«» J » «!», * » « 

As a resulL thy l«.S. currency buck to closp at DM 1.93. com- Ethiopian troops had launched Ethiopian economy. ported Ethiopia in the war over carlo s u w;ni« s ij » 

!n?t much of the improvement it pared with DM 1.92. a big offensive against them. The The Soviet Union has fnend- - h Somati-noDutated O^arien buhrovnib f to |i[Ni«i«ia s in ns 

had recorded earlier m the day. The pound ended tim day's Ethiopians arc helped in ship treaties with its East Euro- re ., lon of Ethiobia ° Siw-nr* s in m SSHim f j! 

idler nvernnhl rises in the Far dealings in Europe slightly Eritrea by Soviet aod Cuban pean allies, with India. Jraq. “ . riinchai c 21 n sairhors s !j J 

Ea*t. but still ended in London stronger than on Friday. Against military personnel. Vietnam and — in Africa-- me -.oviet Ln ion poured arms, Gibraltar f ij « rancicr s n 73 

trading al higher levels than on ths dollar, it gained 55 points The treaty sets the seal on the Angola and Mozambique. The L 1 ^ SSSrt s s SvSncia * Is Tt 

Friday. at $1.94. but its trade-weighted dose relationship which has treaties usually imnly_ adherence ' rr ^ n n ‘ n . T o_p t ^L n n p t a, : n ai1 ^ il U ^ d r tniwn^ss c r 4 ? vcmcc 5 7 5.1 

Against the Swiss franc, for index against j basket of cur- develoned between the Soviet to the Soviet line in "foreicn troops *ere sent m. Somali 1 . afMan f 0 « 

example, the dollar reached a rencies s|inpr-r| to 62.2 against Union and Ethiopia over the last policy and substanti al ^Sov iet r?* u I ar .! > ar, ^„ wl *“ are,v fr0In c— ciowiy. f— F air. n-Baiu. s— Sun. 
best level of SwFr 1.T9. Later, 62.3 on Friday. two years. It is likely to deepen airil 106 L o a,len 10 March. Fa-Fog. 


C Ifi si 
F IS M 
S to 

p :q as 

S 15 3P 
S 13 30 

s an ah 

r j? & 
F IS A 4 
* 11 51 
S 7 ? 77 

s ii m 

5 lfi RI 
S 7 45