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, -V-v— *■ 






! -. .ttcgrporaang* .:••.■ 

f v«^B<^oW^armw & SonsJ 

r ' ,; yHJsnts, Valuers, Surveyors ahd 
fc - AuCtioiieers of Property and Plant 

London — Leeds — Birmingham 


No. 27,721 


LI^IVJL/XLj J -llYUj 

Wednesday November 22 197S 



l FLAKE & 

I MODULAR 
| IRON 
1 CASTINGS 


V.fia l e**>d<ncii p^.* "ltui 


The International Meehanite Metal Co,Ltd. 

Alhen ft-1 Nlh.R3*]Bte Sutrcv. Hi Kayo 1 : 45. 7 ..'d 


CONTINBJTAL SaXIWC PRI CES: AUSTRIA Sch 15l ffgtfH Fr 2g; &ENMAKK Kr 3.5; FR ANCE Fr 3.0; GERMANY t>H 2.0: ITALY L 580; NEWEBLANDS Pi 2.0: NORWAY Kr 3.5: PORTUGAL E*e JO; SPAIN Pta <0; SW EDEN Kr 3.15; SWIT ZgRLANP Fr J.O: ElBE ISp 

I U -R O*. „ VACANCIES AT HIGHEST LEVEL 

I y suay i*PS*ffiv sterling IFOR FOUR YEARS 


N I AYS SI MM ARY 


GENERAL 


BUSINESS 


re 


Sterlin: 


\ i =' fk 



Pound 
up 1.0: 


shipyard aid fun 

SY GILES MERRITT: BRUSSELS, November 21 ' 


package 
to lapse 

BY PETER RIDDELL 



6 EQUITIES benefited from a 
technical rally and from the 


BY GILES MERRITT: BRUSSELS, November 21 ' the treasury pronounce*. SL 

1 Hie lasL riles y U-ri lay on ihr '»*. 

liium-ial nuppurl pacta^i-; 

The long-delayed approval by the EEC Commission of the Government’s £S5m Hrrjna«i ii> Britain during »j» *j sy PET er riddell. economics correspondent 
direct aid fund for British Shipbuilders is expected to be granted shortly. : i^!£i ,'n y sf »>• ' eriKi r!»iti > 

But EEC permission for the- in return fur '* unfreezing " the such areas. Clydeside beins one! i[iternjiii»nal Mnneiary Fund and ,THE NUMBER of .idtilis oui uf 


news from . ForcL.' ■ -The’ .‘PI’ (subsidies that will enable British fSSin intervention fund are not of the regions hh.*i> tinned. 


the 83hn Basie central bank faci- 


the UK has fallen 


UJUIpPLGYlENT 

20 °0i'eoc [ 

f Totn.t I 

j- Lnerr.filpj-rd j 

,5M f- A i X /CA/\ 


The plan was to convince Mr. at WS.19. 


Thorpe that Mr. Scott had been 
lured to America but it was ,m- 


STERUNfj rose -l.OSc to 


immediately. 

| I) is understood that a letter 
! giving the EEC Commission's 


Sic Vo kill him there lie *1-9455 its Index rose to »"*«« to use of the special 
ioltf the second duy of the cum- «2.5 from 625. The dollar’s 5 * u " d , l 5lL. 


curt me iis workforce. enabled British Shipbuilders io : th:<n a year and 'he P.;-k- fad- 1 ploy mem figures, published yeo- 

Thvre are s'm»estirins inside win its conirowr-iul W'lisli ship-1 lity has never been ' terduy provide furlher evidence 

(he O.nmiL-sion. however. Urar WMhK orier vw ; a/fonrt. new | Thl . enr1 uI - !he rdF S iamihy ,,r a marked upturn in labour 


V ! ■- 

V) holly 
Unemplmnd 


£ AGAINST 
THt. DOLLAR 


Shipbuilders is to be sent within 
a week, following a formal 
dodboin by the 13-man Commis- 
sion. 

Although it had originally 
been expected that Brussels 
would permit the latest phase of 
the finvernmenls direct aid 10 
shipbuilding back in August, 
negotiations over the restructur- 


Bank and Savill Line is to 
cancel letters or inrent with 
British Shipbuilders fur 
nintaiuer ships worth Lllim i[ 
/lie Cmcrnmcnl fails to win 
EEC approval Tor use of 
the shipbuilding intervention 
fund to subsidise the order. 
Page 7 


nwS 0Mhe Sb Dwec^e^InllS ^JS^™rTr SBi*' B,ar *! 1 aC,ilil - V <in ,h * '?*' { ™ 

• -..in petition Policy .n the end of j ta?l U -T v-in nuM, lbs in respon,.- to the pick- 

last March sp>i-itic:iliy ban such. j„ riM . ' up in I he "rutvih nf output 


suhsidies. • 

I. vuton • McLain writes: Kull-i ^ V.' [ h:,v A 


Seale work ».in n: 


practical significance, .•.inn: 


earlier tins year. 

Adult unein piny men 1 Tell by 


Vjcjncirs 

"Tr 


L- 1 


JtW JUL AUG SEP ■ OCT HOV 

InOt-arqhlW ndt. I, an *. 

— 5nnrtunwn wninli^ln - • — 

41WI TOoihn f»nw*»- 




iny conditions being imposed has 

delayed agreement until now. 

The EEC Commission's forth- some of the EEC Regional Fund 


coming decision to allow use of resources that are in future to and other ; ships, including tbreol . ■’ g' 

the £85m fund is. in effect, no he disbursed by Uie Commission for the highlv successful Austin [^“P ,, e r ‘JJIJL '?fi n Jn7lIl P D0w ’ 
ateraPWary waiver independently of national pro- ^" d yard on i he j ^ ilQ % ^ loa ' ns ^ nlrIb E led : 


The vessel > include ihc E60m ' , . ‘..'i 0 0 per reni ,,r * nv iicvvver. Hu- marked 

emergency offshore support ves- JJ: , ' n i The total has fallen by 53.200 deivlei ..imn m the unr.vih .»f out- 

set announced ,n imd-Augusi to {jgj« ‘ ‘ h % E ‘^e da le lh « past three months and by f«t f-n m lies that 

Ik- buUl for BP b; f Scott Ltihgow since the post-war peak of rhanc of a 

on the Lower Clyde. But tins •*"“*' pXibl- ■>» m , frnfMhPr 107“ sigmticani [ail in un.-mpk..vme»H 

and other ships, including three *£«{■ * Sept * mbee ' by iho end ui next year 

fr.r thp hi n hlv - 1 i i ‘f*p s i ft 1 1 iiieiin chapter on Britain s attempt to. 

and PickemiU vard on lhAve^ restore its externa! financial post-, y-, The labour i.i.irkct -laustics 

‘ h?..J tinn. since the loans contributed ■ IV.VBfi^inPP contain punting feu lure-, r-ince 


Evidence 


him with financier ° Uavicj ■> nnt^- ^ <1 # ^a T j dedsinn Ijy the 13-man Cnnnnis- liriii.-li Shipbuilders rnr ‘ , ,.. tnn m,i Thai. Iniucrcr. ini: ha\e li:rl. ' ' r ‘ l " a >eJ '' f- 11 ! _ ] 

Holmes - Mi 1 - - 1,1 . rmit nitier ships worth ir . J - b n . . j h praciital 'significance. >mce the’ Adult uneiiijiluynic-ni fell by J- mm j 

The- prospcniii/n alleged that 2-02 T TKtSflS Jl ~ h eei ln °S .'a h , h* , °2? nal I y »»** fiunnimcnl toils to win ^eV/rtsii k Sh?n/.uiMrK ’ > 'virS ^ have t-ff cell ve ;; . j '-injiiu to l.34m. seasonally 

Mr: Thorpe plmtedlhe dealh T-98 4 Sri n Z '2. hut Brussi-ls EEC J , pproval for use i.r !." Z!' 1 been _>u;,..sedod hy Urn Cnvcrn- 1 adjusted, m the u».ntl. f mid- ° ^76 .*7? MS 

because he faired i haf a previous vg4 _ AjfF: A i ] r; . , vnrm„ ■? ?n Uk- shipbuilding interventiun approval. ?!£?!.?, fft i r lhe ! ^"wm'ier. That i» equivalent m 

iimnijse.vjal affair with Mr. ScoTt _ —--l-— ~ — shipbuilding back in' August- fnnd 1,1 subsidise the order. The vessel > include ihc E60m ^ ‘ -" job per cent of the work fonc iicvi-ver. Mie marked 

career. 6 " e hlS lpohhcal ~ jE- ^4— negotiations'' over the restructur.' Pa «‘-' 7 emergency offshore support ves- C 2J? and^he^cle ^ fartlitv wuJ The has L'Hcn l.y 53.200 d«*iv!ei ..iimiin ihc gn.v. ih ,»f out- 

Those accused of conspiracy \ty/L— I ■ ■ |. -- «»S crindilions being imposed has set announced in mul-August to * ^ " n a ,L % lie da iV« ‘in 1 in the past three montlis and by put f"r* ..-a-i im tw76 i:mu lies that 

with' Mr. Thorpe are Mr. Holmes jul wg sep ocr HW de ™ >ed tr ^ e ?. menl . u, ’ li, . no f w - , „ ^ b t he Lower ri^ ■ de^ Pil^thN Janu:,|, y «nd ’Februan- respe?:.9rt.«H) since the post-war peak of 1 eh;i r,c- t.r a 

Mr. Heorge Deakin. and Mr. John 65r . ..- ■ i T1 ? e EEL Commission s forth- some oi the EEC Regional bund on I t Jf h “ > ^iv - in^iidi^ l »hiU lively, sjmb-ilicall.v closes a September. W7. sigmticani I:iH in uii..iiipk.juK*nt 

Le Mesurier. two'Welsh business- 64 - EZ2ES£.-:.‘ - 5,0 #1 n , t0 of "““g" lh J*' ** w n fr?rth^ chapter on Britain's attempt to. bJ lhc cnd 1,1 ycar 

men. The ease continues. Moiimcinw- ' 1116 ^h5ni fund is. in effect, no he dmbursed by Uic Commission ‘ 1 ^ . e ‘ ‘ " restore its external financial post- The labour i.t.irkci statistics 

63 ’ * ^ lU^.- ui0 fe than a temporary waiver independently of national pro- and Pfckm&U } ard on the Wear L fhe to ' ns roniribulld ! FvSrl^lTlOA contain p U »i;- b-alure^ miicc 

Pit deaths probe ^ iU, UX5!lM«S ,n ^ ^ f " 1 

jn&ssfa sssu tz E d ssw«» ffiss ^ an “ssss; ,« 'h».uk | drr w h a . f «■«£££. xruu " 

Benllev colliery, soulh Yorkshire 1978 bere. will only l*e permitted early stage, hut Commission sign contracts for ih-' vessel the original S3.J»bn UIP loan and '.the best indicalur of the under- ' 

will he fnliv invemi^ated’ . ,w *"r after Brilain's completion of a officials are discussing schemes until the ConmissionV i mentions has started to renuy part of lhai lying labour murkci trend, rc.se ,1 

the Energy Under-Secretary lolti H*.nre P j«tinn u ,t r |p npf t t . er npr major restructuring plan Tor Hie for using sum..* of ihc funds of over the inierveiition runcl and other loan* before lhe due it . i 0 and have . ri| i* nom'.i-i ol ma.,- i-nip.'iyevs 

thp Commons Hnp Mp‘ ^airi » e P rcc,a ti°” widened to 8-5 per s hipjj uiiding induslTv and its more than 1120m. thai will cum- became clearer No conmeLs Tor dales. After about sjbn or ore- druiM cii su.-adilv m spile 

Siun- p?Xcliv?^ fc.r-«s tent (8 ‘ 4> as 11 loSt accSpSnce bv thL Brussels prise the 5 per vent of the new- ships wro signed with payments, .he UK <ifll has to h ' 4a « eBI dur,n i lhe mcr.-K,- m ih.. number »f 

have nUtved a nart in it = Psice 12 S round against European cur- commission. " Regional Fund lu he released British ShmhujIdjTs during Iho repay ihc fund 92.44hn by the fflL ' !*** s( >vur. men -if •..•vkin_- .il<* E , '^sihfe 

H * rencies. Details of the interim enndi- from national otmias. f'*r esiab- mnnihs after the fund wa« early 19S0s. Similar evidence nf gruwmc vtidarwiruns fneiude earlici 

* r0ft n, . lions ihat Brussels has demanded lishina alternative activities in announced. The $3hn Bj;i | e rwihiv wa>i activity is provided b\ Ih..- udtrmnvrii and - r,, *" l i ".'"thers 

Israel agrees-. • A,0LD rose S. to Wi.fu arranged JO safeguard Britain's increase in the number „l ‘people “ f «' - 

Israel is ready Io nian a peace London, and in New Yjifc the reserves against any further *ieavin» ihc unemplu' ment 1,1 cus : ii-.—«. lhe numlaT "f 

treaty with Egypt, hut only on Onaex November ^ F* large-scale withdrawal of lhe : reyisiers and the viiin- ilovj to ! '- :k< 

the basis of 'the draft drawn up price wars 3l9i.o0 (S»7.9ft). 1% /E 1 Q m A s,er 1,13 balances of official ! t j, . vacancies n^i " ha - .- ;hti'“ "f »-ius«l.iyoe< in in- 

in Washington at the enif nl last TTie U.S. Treasury raised deuriy. |wSC^1^8l S%6 V xL IS® H S 1 ^ oldp r s - wh,ch .mnlnbrned .sjgni-i ' . . P >u>jr, binkria. finance :imJ 

month, it was announced In Tel. S150m at Us ' mouth iy 1* X w J- i e**/ 9 ^ AAA. fieantly in sterlings difficulties- Mr. Albert Booth, me Eii.pb>y. wrnwi. ..r;d m pro- 

Aviv. 'Cairo is recall in? its head tiiicHfin- ■ • " during jmeni bccrctary. said yesicrday < a ,ru: »md ‘.ticniuir m rvi<-i-.i. 


| after Britain's completion of a officials are discussing schemes until 
; major restructuring plan for Hie for using sumo of Hie funds of over 


meeting producliwtv target* mav CtIrt ^ ' lost acceptance by the Brussels prise the ft per vent of ihc new' ships wi-re signed wiih pajmenis. the UK *H!I has 10 

have nUtved a nart *in it = Pace 12 S round against European cur- commission. Regional Fund lu be released British Shrahuilttoi during ihc repay the fund 92.44hn by the ffl L* !«.ist year. 

K ** rencies. Derails uf the interim enndi- from national ntmtas. P-r esiab- mnnih< after the fund wa« early lSSOs. Similar wide 


Israel agrees • uold rose s: to $2004 tn 

Israel iff ready lo.sign a peace London, and in New York the 
treaty with Egypt, hut only on Co*nex November settiemeut 
the basis of the draft drawn up price wars 5197.50 (5197.90). 
in Washington at thcrencT of last The U.S. Treasury raised bendy, 
month, it was announced In Tel. S150m at Hs monthly ^dlfl 
Aviv.- Cairo is recalling .its head auction. • ■ ' ^ 

uf delegation in the U.S. for ‘ ' r K 

euflsultption. Back Page 0 H ALL STREET closed J.SA 

■■-. • off at SM.95. % '•• , ; 4 

Road taxi to go r , « CONOCO, like- Esso anu 

The £50 road fund lieenee is to be is showing its dissatisfaction with 
phased out by 1U62 and the price Uoveriimeut offshore oil" policy 
uf petrol gradually increased to by’^'TSTgeiy tofiising - to. hid : for 


notki lions that Brussels has demanded lishina alternative aciivities in announced. 
fiUUi , tn — 

ark the 

Fl Metal Box to raise £35.9m 
;Jgr*r UK and foreign jp*owt 

on with 

■policy BY HAZEL DUFFY. INDUSTRIAL CORRESPONDENT , 

hid: for .... 

iveiising ^rprA L env announced vester- cans enmes at a lime when the two-piece cap production 


The $3hn Basle faci 111 v was activity 


idence ii 

provided 


■ arranged to safeguard Britain's: increase in the number uf people 
**£*?,*??. farther 'leaving lhe unen.pl..> ment 

irorUnV 1 ^ W ° f fK^i i registers, and the rising ilniv to 

sterling balances of official i .u varanclpc iui 
holders, which .onlribmed susaKi ' . " J , . ^ 

ficanilv in sterling's difficulties- Mr. Albert Booth, me Empl">- 
during ]f)7«. j ment Secretary, said vesk*rday 

ir n i , , lh3 ‘ "against all ih»- dire fuie- 


make up for the loss of Tevcriu'o.*.- blocks in r the sixth licensing box announced venter- cans cities at a luncs when the two-piece cap production ,n i mained almut 

Back, t ages and i* ' round. Page 10 day : ihat. it is raising £35.9ut on market for this product is at an this country, probably hi North L . n( i 0 f 197(4. ;i 

Jas3s threatened • gj 1 32122S Som»S 0 bS ?he «pan S siSf pGS^il honS’^S IU Demamf fo^roori fans' Tmoro W Thv month before RewA>, bond? w* oBtet 

W^iStenSSS^aSwpf the “Tmljor part of the proceeds bow raw ^.tns.' bJlh \vr soft unnoumed ‘ihnt ilwouM spend ^n^TonlVh 

c^phe’-hy^he hreatdiwo Sfiw? 17 ‘per cent 'offl of the rights issue will go toward Mnto JM »<*r *J y Sin ” lai ' 1D ' eslweDl in ?UH resets w 

or prison service industrial iela- Baek Page . • installing extra capacity in the he rate nf about b per cent 4 Bri a n hut that level 

tioos. Home Secretai-y Merlyn - The U.S: parent company has UK for production of two-piece ,. nvin(i - , lw „ . ™ elJ J , he mMsolSailo n nMhc weeks nf ,he 

K Vis^ CreaC ° ° f the M^aS-SftS S on he S Ka£ S 5 «S?ftSTSS agreement tvith The Continental 

Boards of hy up to SlTSm* (Page the face uf increasing cornpcU- of can — = ^ b> w-ith 

Romo Kills 20 ThP iprmc f,T thf> new i^ur instead «f the traditional fornia supplying beverage cuds £ in New York 

f„ i eas t 20 Syrian troops were • SOUTH WALES area of the are one for four. The price will seamed tube with a separate lop to Pepsi-Cola h is diversifying fT 

Sued when ?5Sb hB up a National Coal Board lost f27m «e 250p against a closing price and bottom. Titsra SffeT' rnr th'e ' 

bus carrying members of the Jjsl y eax and ,s 10 be *n\estl- yesterday of 312p. The Treasury a new compel it or in this Geld r InLn^ 

Arab League peace force in gated by a Government-appointed has given consent for the com- is the Continental Can Company, ?J S ^ 0 ”_' '>! , |!l. l , , /» aetur mg p<u1 ' "i*^ *i-9 

Lebnhon, a Right-wing Falangist comm i tee. This year's deficit is pany to increase its final divi- the newly funned UK subsidiary 0 h ., K u. ] 

Kw bnidwl nSrtJd. " exp^ladto h e larger stUL Back denS hy 20 p,r cen.. or lhe ’ Amnion ConUnehUl ,2* ™ JgJ* ^ w 

Sijr Ales Page. ih0 chairnsjn of oruup. devdopn^nt prcramoit soine > ~ < ' ■■ ■■ 

Mrs. Gandhi guilty . «n ■»»> h„ h» Iff & ^ 

Mrs.' 'Tndira .Gandhi', former St*™. n ? w production tines for .-two- result of renegotiation last year u ^ 


^ecfs-l-^V gove nu lien t pi il icies 1 1 « . 

rt?nat h o< wrl eunfide^'in LOWCSi 

A^TlV^ “S.«l h iS“ ,, h a Jd e SSS S Mr. -David Bus,.,., general ^ '^^^/iu^i M^p 

been reduced to lhe level »f the General m<J ' nnn r., , lf ‘ 

working balance. ; Municipal Y/ork ei-5 Union, wrl- |' ;i .. pr . 

Thus the halancos ha\e i 25.001 1 "i div l.i-,; nn.i.di. i>» 


j mained almut 'hen- level n the ! 


.nduiti-ia' rl 


57 0i»'i. TIim 


lli.."i?M) 1. 


That would represeui a deb\ed 
response to ihe strong ecnmniiic 
recovery: indeed, the e'Ciem nf 


Afier including svhi»il leaver-, 
llie un.H I juried mia! fur uiieni- 
pbiynien; iia.*. faJh-n «»ver the 
pai*: month bv nearly fl7.5n'i m 
1.39m. Thai i^ the luv.-.--l H.ure 
|nr six m**Pihs and is 
•y(uiv.ii«>ni i ci 5..^ per cent the 
work fnrc«.. 

Tne Gnu-rnmcPiV j? j>» <u; , i , i.m i 


| the improvement in ihc laimur and tramin- measures are keep- 

«,. 4 ^r-cACAi.o I market suggests thai on' put in:* ab>uii Uai.OOn iv-tplc uff Hu- 
ll. .ii, might have been slighil*. mure unemplnjmeni re-.’u,u r. a rue ;.f 


I.vM.i-.j-o- 

1.-7 I — ■ 




The uroup came up against 


San jay. Page 6 

Arms for China 

Brilain will consider selling arms 
to China on a case-by-case basis 


fs "expected lo^ri^the 'tsBs ^ eta] decision to in- group announced that il was Metal Box and Kjrkby Co-op. 

Into^dlrert** competition^lththe «« ^ capacity in -wo-piece planning a £lfim investment in Page 10- 




huoyani than the official figures aboui « r, (M» nver Hie :<j^i numth. 
pi i far indicate. Rcgiunal map. Page 7 


M Sit 






banks. Page 7 

0 EEC Commission is to reduce 


Only ahd .did not intend to be- subsidies paid on Danish. Dutch 
come the sole supplier of an d Irish bacon sales, a move 
weapons, the assembly of seven- w ftich will benefit the UK bacon 
natron Western European Union industry. Page 39 
was told. Page 5, Editorial com- 
ment Page. IS 0 BAYER, one of West 

Germany's big three chemicals 
Murder charge concerns, reports that while 


German steelmen vote to strike 


BY GUY HAWTIN 


FRANKFURT, Nov. 21. 






Murder £ ha rsre concerns, reports that while WEST GERMAN steelworkers lively moderate — but the 35-hour early improvement in Ihc 

■«i«aa uci 'V 1 « 6 volume output for the parent voted overwhelm inglv today for week. industry's fortunes, are fiercely 

. A Spanish waiter has been cu , npany XOie by 4 per cent strike action in support of Workers in the industry are resisting the union's demands. A 
■ charged with murder after durjijr. the first three-quarters of demands for a 5 per cent pay employed on a 40-hour week 35-hour working week represents 

.British tourist Marion Docberty, th0 ^ cash turnover dropped increase and a 3fi-bour working basis and the employers argue a 12 J per cent reduction in 

-of Glasgow, was found battered to ^ t0 7.56bn and week. that introduction of a 35-hour current work time, hut could well 

-. -death on Tuesday in Majorca. > ax fi{s bv 4 7 per cent t0 - „ . deadlock **** would lead in a big increase add far more to personnel costs. 

’ , t. DAi 5"6tn Pace 35 in np°<-,tiaimnc with emotuvers In c ' osts at 11 ^we when the If the shortening of the work- 

-EEC elections DM 5 - b rage over g ™ \r3S S industry is doing very badly, ing week led. Tor instance, to an 

. ... over next years anu ri.n^nJ fnr Iht. inrinclrv'c nrn. in Ihn nnmho,..- 0in. 






EEC elections 0JDU1 rae " 00 

President Giscard d'Estaing said COUPilllES 
that France would not yet con- RRFVVFRlFS Dret , x 

. r)»r 3T1V increase in the powers 0 ALLIED BREVvEKlfcs prerux 


I conditions*' * 5 Demand for the industry’s pro- increase in the numbers env 

1 . ' ducts has been very slack for ployed in Lhe industry, employers 

Officials of the LG. Me tall }fr e pjsi two years and levels of would have lo grant lb e newly- 




Page 3 

Briefly . . 


£90.2m against £77^m on secona - teeungs are running very hign as muen as uieir casn sala^Ie^. 

half profits boost from jC37.Stn to -“eindustiry hadvoted for strike ainoQS steelworkers, most of The employers argue that this 

£45.1 m. Page 29 and Lex action, iiie union s memnersnip W (, om have been od short-time could worsen the industry's 

_ _. I* spread thronghout plants m workinff; for up to two years, i-onipeiitiveness at a time when 


; l X 



Japanese air hostesses grounded TR . rin TSm. Page 28 
more than 100 flights in a dispute 10 r 6 

over scantily clad passengers in f BROOKE BOND LIEBIG is to 
their sleeper ser.'ice Jumbo jets. g 0 ahead with its £20m takeover 

South African itinisters will no of Busbells 

longer be able to serve as itiree- Australian government has witb 

tors of newspaper group ,. Page 6 drawn 11s .opposition. P»Se 3 0 

CHIEF PRICE CHANGES YESTERDAY 

l Prices in pence unless otherwise Indicated) 

RISES Robertson. Foods ...... M9 + * 

Excheq. lOpc ’S3 -£89> + 4S* 4- 34 

EscheS 12PC + #' |Xby PfTZ^^Z SI + 4 

Sirar Wilcox 150 + 5 Tate ^ Lyle MJ + J 

Berisford (S. and W.) 15b + | ! M + ^ 

SEt /cV “S + a wSSfiTcw t ! 

■ « i i SS.SS&. ^ & j • 

W i ? v" t :::::::::::: S + 1 

Ledbroke lfil ■*" i lmi i c 

Lesney Products .. . to : - r f _ njbril u 15S - 5 

AlPtroy fi0X '”.;!!)■ 3 70 X 4 Time Products -1J? ” ' 0 

Sfouht Chariotte I 21+2 conSne W«S» !.. !. 230 - « 

gSSttS w f gbt :::S J " wS« 


widely regarded as being rela- Employers, who can see no steel consumption. 


CONTENTS OF TODAY'S ISSUE 


H4 ~r a 

344 + 6 
202 + 6 


European news 3-3 

American news 4 

World trade news ■ 5 

Overseas news 6 

Home news — general 7, 10 

— labour 12 

— Parliament ... !2 


Why GEC went after an old 
American family company 18 
Andreotti in London: An 

alliance of the weak 27 

Gardens Today: London's 
green and pleasant land 16 
French Welfare Stale: 


Techuii-ai page 14 

Management page 15 

Arts page 17 

Leader page 18 

UK Companies 28-31, 33 

alining 33 

FEATURES 

Industry’ rebels at cost ... 2 

The Brazil mid-term: Boost 

Tor. opposition 4 

Laos: Vast resources remain 

untapped ■.... 6 

A Canadian merger: Bold 
move by Hudson’s Bay ... 34 


Inti. Companies 34-36 

Euromarkets 34 

Money and Exchanges 37 

World markets 38 

Fanning, raw materials ... 39 

UK stock market 40 


K orf\ Kuwait links; A 

silent infiltration 35 

Ihe UK Umber market: 
Mortgages and softwoods 39 
FT SURVEY 

Singapore 19-26 



FALLS 


Hambros 


i 4 = j* 

2 Western Motor 9a ~ ’ u 

10 Conzinc RJplinto 2-^ _ ® 

7 Westfield- Minerals ..." 2< 0 1* 


AvMlmmwns 

57 

tellers 

71 



Lsndon Leant* lav. 

33 

rue Rates 

38 

Lea .. 

m 


IS 

Meul Bo* 

31 

Crossword 

lb 

Lombard 

IS 

Unit Tnet, 


ANNUAL STATEMENTS 

Entettaiiwini Guide 

IS 

Men and Mailers . 

IB 

Weather 

44 

Win. Lew & Co. ... 

30 

European Opts 

» 

Racing 

U 



Pres sac Hides. . 

?! 

FT-AtJuarie* iadtcfs 

40 

Saleroom 

IB 

INTERIM STATEMENTS 

5mhh Industries ... 

21 

G6rd*«H»a — . 

U 

Share Informal ton . 

02-13 

Allied Breweries .. 

21 

Wellco 

39 








the best on earth.^sasms 





• "'C^OW 


* 

Minister | Spanish wage pact talks post 


c* 

' •- 


BY ROBERT GRAHAM 


MADRID. Nov, a. 




ml 


VIENNA Nov. 21. 


their entrv into I 


Vj. ^ nc*'*!- 
.■•i • ■ r. iii'i ! n 
’no: i 


i"! and a 

:v_r:.17rr. 


- ;a-:- Cht-neO-or Mrei'svd. I 
. «'■ »hi; h t 

hi? -irn !?'•:::* ».■:■ r : .• ; 
: Kerr Ar.drosch a 

in i:' t Wiv.-red 

r.- ..H'.rriiu,; the Strj;cra-. 
vjblic- f-tli'.f pm ale: 
ur<. nd^picd. 

t 1 *-;. s'-rniii r-ili’ii'iari. •.•.ho 
:n thjri’v of ihe 
-f Kina nee U'Yc ;!i; 


A tripartite meeting between 
the Gg\ eminent, leaders of the 
main trades unions and repre- 
sentatives of the Employers 
Federation iCEOE) scheduled 
for today to discuss a wage 
pact for 1979 has been post- 
poned. This has fa e lied 
speculation that the Govern- 
ment is re-examining its 
attiiudp towards a wage agree- 
ment. 



•. . r under ii’"L-. 

Tor i^-r- 


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f>i Dr. 


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. , d-: ". 

orji mo 


. : j'c r.'-'U loriici- 

'• C'j.::pun’. . 


\ \ : rcplji-!.-.. 

11 n hi : 


• ..r. -• j- -cp.- 1 

in 1 j 


The Government is seeking 
to persuade the trades unions 
to accept a 12.5 per cent 
luluntary wage ceiling for the 
coming year. However, the 
hr>! formal meeting to discuss 
the pan held hy the Govern- 
ment with trades union leaders 
last "Wednesday showed ihe 
two sides much farther apart 
than was viispected. Reports 


of this meeting say that 
sides appeared surprised by the 
toughness of each other's 
position. 

Sr. Fernando Abril tfartorell, 
the Hlnister of the Economy, 
bluntly said that the wage 
ceiling was not negotiable and 
Insisted on the need 10 cut 
inilation From the current 
levels of around IT P<? r cent 
to 10 per cent in 197!). 

The unions for iiieir part 
disputed virtually riery part 
of the Govern men V> economic 
nut took for 1979 and main- 
tained that a wage ceiling of 
12.-5 per cert was unaccept- 
ably low. 

The meeting further high- 
lighted the ditSculiicv "f ’he 
Government strategy of by- 
passing the political parlies in 


the now part and dealing with 
those most directly concerned 
unions and management. 

The two unions with whom 
the Government is negotiating, 
controlling two thirds of the 
unionised labour foice. 
reflected very much the posi- 
tions of tho political panics 
with which they either identify 
tin the case of the Socialist 
LOT t or by which they are 
directly controlled I the Com- 
munist CCOOi. 

Both these parlies want to 
use i he wage pair as a mean? 
of obtaining political conces- 
sions. The employer*: as repre- 
sented by Their federation 
SEOE identify closely with the 
Government position, except on 
certain aspects of credit 
policy. 


rebels against 
the cost of 


Behind all ibis is the grow- JL w* W 
lug belief that Sr. Adolfo 

Suarez, the Prime Minister, — , - 

may welt opt for a general /\ rfTl ,/Hk 

election in the spring. This g if fr* 4 ■ 

uncertainty makes it hard for B'Al.w WV7w 

the unions to commit them- 
selves to a wage celling for the \.'V,' ---m 

whole of 1979 when there could A i_ -v VT7 n I *8. 

be a change of Government, IF 11 WW |fJa W fU® ■ 1 

nor a change of Government'; LIaV T t 
policy. 2fisr the elections. 

Thu.- 1; now seems that Sr. ; 

Ahnl Martereli will make one j BY DAVID -CURRY IN PARIS 
further attempt to get an agree- ; ' . 

merit, perhaps lasting only FRENCH INDUSTRY Is in revolt 



The top levied of- benefit the 


2.5 per cent ceiling and carry '.j j-^nlc-'ment benefit, systems. firod..^'for -«e(m'om&';TVaE(His H — 

I oaf m Ihp nnhfrr M>i<ior. - : . ,• • 


-• .ic :n;vrv :■••.•.-. 

• lit. k .»'-;:i!jct m" 

. P^-iy. M-.ws-'d 
-'•T mi' ; or if u.-T'.-.y : 
)<• ■ for r:i> i 


Animal trafficking claim 


lovernraent position. «xcepron u ont in the puhlrc sector, into severe deficit, indtis- that Is, notlzkis'&db with, the sr 

rrta'.i a>pecb» of credit leaving the employer? to do as ^ timing that it cannot be compeienca or ^ualifitsatrons but 
l0ht- . v - best tney can on their own. : /queered for higher contribu- hew pse the jeon piny stably do$* 

: — ,iios£. - ‘ - not posses* the meins' to keep 

_ , . ,•••* : in susoort of its -claims— and j*®? 1 ^odks-j?b.jtf..r»cei\-c 

Metaphysical artist dies Pnrae -previous system.? part 

j BY PAUL B E m V SOME. Nov. 21, public aid. 

! THE eie-ii-iiy^iccayin? Antrco and Miro was o=e of the mert - imp^yers' urgamsation. ^the ‘ ' : ' ’’ 


VV :<r 

1 h*? 

r.:r-l :.<ry, 

»^i 


any 

n 

of 

wiln 

jnru: 

.-1 

ifl 


Sen 

lour, ar.d 

a 

rr l- 

000 

;or; 

of 

b-j f 

n.-nc 

• .Mini 

is 


■ BRUSSELS. No ■■■ 21. I * - ‘ ■ - -maKe nim w ’ " f - ■■! . ■ ■ ‘ — , ■ . ■ » _ 

,r ‘l ■ r, -- ch BELGIUM'S capiraJ city has birds threatened with cMi net ion! ? c ?a:« 5?p = T^tron^t” has 0 ^?^ 11 ^^ ‘ 

... r bcoome an mternatinnai centre ann even such Iarse .ri’nals ai ii 3 on ^ j;:i 5 r.-eer ne-ran« a master* * <st 2 ck of supporting evwence. irnp.mn1flymftqtl7?3S 

0 f , for irairick;ng in rare and bon:, tigers and crccu;---- 5 - i irille r.iore opulent than London's His death w:’l douh'lessiy i The following is a sample: • . ■ koViafi+c 

i a ;i end^.n’ereri animals, v.mh M. Pierre Boo^afris. adminis-iBond Street and once pa f rnn: : ed cause a c?r:3:r degree of havoc For every FFrs 100 fflLSO) uupyipU WUL OeJIcntS 
i a Gnvr-roment authorities claimin'* trativa director* "of Brussels’ ; bv Keats. Byron. Goethe and in the art world. in recent; paid out in wages a French com- K^ye OUatfntDled in total 
^•(« he hindered hy a Jack of Society against Cr^lty to Gnaol-has lost another of rts year? he .uisc: the art na^et, pany has r o find on average > ; ^ ...; • 


lc West Germany, for 


buttons alone as- a proportion 1 . of. y 

GDP. the industriaiyconrrfbikibn . — - . ’ 1 - - -.I;: 

in France U three times the This income is tasea, hiiL orily 
individual share. . Only in Ttaty the part cohiribdtecf.hy TJSiEDIC. 




is Ti:-.' d:?panty more than 50-60.- not the part, made up ofLpuhiic 
I per cent. aid. Ninety per cent" of;. salary 

[" Why this loading of taxation with a FFr 500 . allowance is 



1-i^ni. A ilcliiy. Genera! ei jad?.c;>oaii Co. tiisU-i i c: Ltlj n-2 ircumi 


■- - .3 


St 









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on indL-siry? Simple, replies the .worth more 'than a fuii wagefnlly 
Parronar: ir is dufe to the lighr- taxed — - which has Jed bi'diu-rfy 
nsss of direct taxatiba.' In to complaih that;' the ASA is an 
France, individual income tas incitement to unempioyaieiiL 
contributes less .than one-exftUfa ;i n addition after i-Vear 
?; ,^ r - Ew f n m ASA the worker can- sigtr on for 

Xfi* [ S J? SL , e 7i™ ap 21 * ywr of professional training . 

ti ? S and -conrimie to - colleet 90 per 

j-K "JiL^i n 2 U J S^ d aq ? cent for a second year, a faciEty 
^ which industry tends- to describe 

23 * highly expensive form of 

’ e i S p U , r 0 % i 3CtI¥ity •' ar - tta “■ 

security sysiem (illness, accidents 

at work, old age pensions and After me year or twn years 
familv allowances) will end up —on ASA .the benefit Jails -right'. 
FTr 6hn in the red- Next year back to the level of public aid,, 
the deficit could he anythina^ except for older. workers who are 
between FFr lObn and FFr Ifibn. cushioned more. genertnBij. 

Thi? year the fund which pays There are 180,000 people, draw- 
unernnlovmeTit benefit is some mg ASA. 

FFr ihn in deficit: next war it The cost of the thregr ba^ie . 
will sink to between FFr 3bn systems • outlined . above' . is. 
and FFr 5 bit in the red. FFr 16-lftbn. although' this is not 

the debate on the .social the final cost Next year ..tfcfi jeuK 
seeuritv deficit has not yet. gone is likely to be muchldgher. 
under wav. though M. Barre has public aid will^cost araimif -the 
-emarked that the rate ai which same FTr 5bti. But the “t95§” 
benefits have been increasing system will demand amne FFr 3m 

- ^Rist be- checked and that nrdi- rather than FFr 4bh, the.faefiftiifs 

vidua! contributions will prob- for early ..' retlreoient> ;• itft 
ably have to rise. . redundancy at 80 'mil dsdot^up 

But the .debate over unemplor- m cost from FFr . 2.5bff.' to 
meat benefit has been going on FFr 4.1bn and - ASA will -cost 
for several months, in the form FFr S.fibn rather than FFr 3-8bh. _ 
of negotiations between the two - Roth sides in the negotiattens ■’ 
sides of industry who manage agree, at least in principle, that 
the fund. Eight long sessions it- is desirable to trim "the 
have taken place -without agree- generosity of ASA to ; improve : 
Tnent- A — h ope full fi na 1 heave, ' Benefits Tat the lower end ; of the 

is to take ’place in. December. scale. But they cannbt agree ht»w : 
after the Communist-dominated to do it; nor how to rorggol'.t&e- 
GGT union grouping has held its increasing cost of the system is 
congress and its. leadership a whole. • . • • V.-.::'. s-:-. 

feels, relieved of the^necM- The .Katronat . iwys that the 1: 
sity to -throw Jts syeignt state must make a bigger effort, 
about for public relations’ _ pur- From ! 074-78, it says. -nnornplby--. 
poses. v raent has donbled but benefits 

■ ■ have quadrupled in. total to*t, 

- pros- inn zs bas the proportion paid by. 

For ever> rrr 1QU -industry towards, jhc: system. >Tt 

paid out in wages, a 1 '*■ : h now sn burdensome - that ‘it 

'.discourages feentrtment. ciaiips 
French coinpsny hss to Patronat. 
find another FFr 60 for \ Already, continues the 

various social charges.’ : S ! S?” ^SSftlSSTffi 

- - wagef^arper contributes less -to 

. ^ ,. .. 5 . unemployment charges in 

The discussion is not mereb- France v.than ' anywhere else: 
over financmg, but how to adjust against lie 20 per cent in France, 
the system of benefits to create it ^35 ^ cent in th g 40 
a fairer system. For the French per cent ift Belgium- and 50 pfer 
unemployment system ranges cen f -j n West German-v and ifol- 
from people who are receiving 

nothing whatsoever (for instance • ^ to reforming ; .the 1 system 
a' school-leaver with no qualifies- itseLf, the. -Patronat .wants to 
tions in his first six months with- change 50 that in successive 
out work) and those who^iave quarters of the first year out 
been. made redundant -with -Super 0 f work the payments would be 
cent of their gross. former salary go - 80> 70, then 60 : per cent i)f 
which, after tax. makes them salary, a —‘floor", priee 

better off than ’ when 1 in ' work. being established at 90 per cent 

of tiie national minimum indUs- 
provides /three levels- of henefiL wage — which would nie£n 

The basic level is that of state about FFt 1,735 a t the moment 

a4d which amounts to FFr 16.50 TJjis WJJuld save _ FFr 3^ 
a" daS- plus a small contribution ^ Patronar ^ an d -it would 
for children. In round figures it ready to. use it to beef np 
represents FFr 500 a month the middle revel of benefits to 
Of the - 1.3m tmemployed. a straight 4f2 per cent fur 12 
900,000 receive this state aid. month 8,: extended by six months 
the remainder not yet having f 0r ov -gj. gQg- jf state 
quaJMed for it There is no tune would step, up its contribution 
limit iia the. payments.- would take . the- payment to 

The ;second level of - benefit 45 per -cent. The. first improve- 
was put together in 1958 when ment.. "would /cost . around 
industry reckoned that it might FFr 700m and the .second, with 
suffer badly from.EEC.-.cortipe- a .higher -state -contributios, 
tition. Jt was aimed at employ- about FFr. Ii!bn. * 

e^.. made redundant because.- The’ main running on - tffe 
their company could , longer ^ union side has -come from the 
employ mem. it provides for /loosely - 'organised/' Sdcialist- 
40225 per' cent of former salary incltaed GFiJT/ It .' hao pro- 
to be paid, for three months, posed changing tte ASA System 
dropping «.o 35- per cent for- the on - the basis of 7Ct70:65fBfi per 
f (ff louring • nine months; _. The ce nt,- b u t/cxClosJ ve -of ' p nblic uid, 
public, aid is Incorporated mto it alio wants ei straight 45 per 
these- percentages but after 12 cent for. 4he jniddl^Tivel of 
montbi. on. -the dole . the unem- -benefit, ■.excluswe-tif 'puWJu -aidr- 
ployed person .is left only with a' post-CGT congress meeting 
the basic state ai d- - ■■ hais been set for early ErecembeC 

■This is financed by a 3 per and the Patronat draws some 
cent payroll tax, of which SO per comfort from the fact that the 
cent is -contributed by employers- principle of reforming the ASA • 
and 20 per cent/.jjy: the .worker, .is'. gaining ground, and from The 
The cash sues • mto a central timspoken) . Observation that-the 
fund, UNEDIC, which -.has a unions., are. unlikely to : put 
series of -regional u subsidiaries together a common front in theff 
called Assedics. Some ^So.OOO ^^esent mbodiof bickering. J 
people recefve .- this form of. 'Mpreover. it knows fiiif weH 
benefit. - _. .* that /.looming up is .the. .whale . 

In the ’past few- years, a num’-. quespon of the social security 
ber df 'Com piemen tary schemes- dpflciU wbich.wni tlonimd prpb> * 
have boon added ito permit the^bl? exhaustiye: tripartite dlscusi. 
shedding -of ' dWM workers ' znd^ ^Jioas. By. eompatisbn' with the - 
to moet like .that of the ®2^,^ secur ! t y ; 'battle';- "■ .. thh 
steel-, in dustiw.- / People / made ^^^^C affair te a' gkindxsh. 
redoBdant at SO cah’draw 70 jjct iuduatiy ■ ; reckon s , it is a 

cent 'OT former salary until re-' it cannot afford to lose 


V» l lit- 


goin 


‘=: aSijMT' 

-f-rers 


osec 

°seH 


;■ cicp in g: their talents and giving them an environment in a better bank 



1HW 



tirement age. Last year this .was ^ hr. going .to bfi called 
extended to permit voluntary 5 7^ v ; F.°°. r }. t ^ pg , wbic ^ 
retirement at 60. - .' cpmpriqmtee Its- competatTvcnesa . 

Altogether. some inn iwy ■}' ‘ ■ 

people benefit from the TO per FWArtiu,.Ti4ffis; -iwK!iajiod : dVitr re&pt ’• 
cent for workers made ' redun- swtfrts and bpttdqn. ••'U.s."siibscEirtKm- . 



5Ai iK. K.A., 7/00LGATt HOUSE. COlti.* AM STREET LONDON tC2P2HD. AND EUROPEAN OFFICES IN d**I!t and 3?' oSKi^wfenmS* fSSS^nSi^StPSS 

: vi. -£.A. Crti; j T, GUERNSEY HA/4SURG, JERSEY l-l EGE, LUXcMBCURG, CfOM, MADRID, MILAN, MOSCOW, MUNICH, PARIS, PJflAiBS, RuMc, ROnERDfbw, SADNlCA, SiCLKHOLk., ST UT 1 GART,Vi£NNA,ZURlCH. xebr^wit voiuntarillK ' r n vf* 1 Msaa ® sa “ 3 .? ' 


At-c\ aXP 











1- 

Lift! ^ 


TTneflrciai TnifGff WedbesSay November 22 197? 


i i 

1 

FI 



L- \ 


EUROPEAN NEWS 


Fund dispute 
referred to 
EEC summit 


BY GUY DE JONQUIERE5 - 

LEADERS of the nine Common 
Market Governments will be 
culled on at their summit meet- 
inf next moo lb to disen tangle a 
politically sensitive dispute over 
moves by the European Parlia- 
ment to increase the value of 
EEC Regional Fund grants by 
more than 6l> per cent next year. 

A lengthy meeting of EEC 
budget Ministers broke up in 
considerable confusion early 
this morning after Britain and 
-July jointly blocked attempts by 
the German chairmanship and 
the French delegation to muster 
a majority in favour of an out- 
right rejection of the proposed 
increase. 

The controversy touches both 
an issues of EEC constitutional 
prerogative and on the broader 
debate arising from British, 
Julian and Irish demands for 
a substantially increased trans- 
fer of economic resources in 
parallel with the adoption of the 
planned European Monetary 1 
System fEMSj. 

' Last month, the European Par- 
liament amended the .draft 1979 
EEC budget to increase next 
vear's Regional Fund commit- 
nieots by '3&0m European units 
nf account t about £25um) to Ibn 
units of account (EUO). Be- 
cause Fund grants are dis- 
tributed according to a rigid 
quota system. Ihe proposed rise 
:vrouid mean an extra £7Gm for 
the UK and fJGOm for Italy. 

Tbe German chairmanship of 
the Budget Council wanted .the 
proposal to be rejected on the 
grounds that it was unconstitu- 
tional. It argued that if the 
Ministers approved an increase 
they would he undoing a de- 
cision by EEC Heads of Govern- 
ment last December to fix next 


BRUSSELS, Nov. 21. 

year's fund allocation at 620 m 
EUA. 

The German more was su r>" 
ported by France, ■ which is 
deeply suspicious of attempts by 
the European Parliament tit gain 
more power, on tbe .grounds that 
the proposed increase vastly ex- 
ceeded the parliaments 

authority to modify the budget. 

Tbe Parliament's margin for 
discretionary changes in the 
budget is limited this year to 
133ra EUA and caa be- applied 
only to so-called non-obligatory 
expenditures, which account for 
about onc-quarter Of total EEL 
budgetary outlays. The draft 
budget for next year is worth 
almost 10bn EUA. 

Mr. Joel Barnett, the Chief 
Secretary' to the UK Treasury, 
suggested a compromise to nis 
colleagues, whereby they would 
approve an increase in the 
Regional Fund in principle but 
place the money in a special 
reserve pending a final decision 
by Government leaders. This 
recommendation was rejected. 

Ulr. Barnett argued that the 
leaders’ decision to set the level 
of Regional Fund commitments 
last December should be viewed 
in a new light, following the 
moves hy Lhe EEC this year to 
set up the European Monetary 
System. 

Ireland failed at the. Budget 
Council »o support the British 
and Italian positions, even 
though it favours a substantial 
increase in ihc Regional Fund. 
The main reason for its reticence 
appears in have been, fear of 
arousing German displeasure in 
advance of next, month’s 
•‘summit." at which Dublin 
hopes that a sizeable package of 
investment aids will be. decided 
in its favour. 


Giscard 

confirms 

European 

stance 

By Robert Mauthner 

TARTS. Nov. 21. 
PRESIDENT Giscard d’Estain 
today confirmed that the Freud 
Government was opposed to ai 
extension of the European Pai 
liament's powers in the fore 
seeablc fu-iure and that Franc 
was firmly committed to a cor 
; federal organisation of Europe. 


Details of Madrid coup 



MADRID. Nov. 21. 


BY ROBERT GRAHAM I{sfr f ' 

THE SPANISH armed forces lo- colonel .J° d «T o S^ItaVinenir^uiMd* ^rom Mexico .%e£dlnR "bejween trie i 

day released a laconic coni- major . . niaior of those alle^cdi-.' involved in lhe lines, it seems lhe Government ] 

munique giving the first official U nh. “ scheme. Colonel Tujero fcf Lhe was only alerted relatively late 

version of lhe obscuie e\es.ls an inian ? t; U ardia Civil i and Captain on November lb. • i 

surrounding the arrest last week n- hc meeting was miorted by v-.,-.-;.!-. i«f iho w.-.ii.-ij The low-key tone of the slate- 1 


re name of General Ignuciu Afaro , jV chiefs uf the security been nude and w;!: do little W|t j, i he 'attitude or top Govern- to l “kp .radical action u 
n- Arregui. the armed forces chief fljrccs <ihe Gtiardiu «.r.il and tu clan ft whether these two men , nen! officials who continue m malpractices. Eighth 

. ; of staff, said that five officers inet p y u c ia Armada u rep res em a lives acted aionet or did the; enjoy ma j nVa in a cool attitude to the ; bpeakmg ‘ . Trades 

rs in a Madrid cafe ihc Galaxy, on nf lho Defence Ministry and ot wider support? • affalr . ! P?”si- 

£ Juint Ch,eli Mf The communique does not The extra security arrange; : ^fS.^ihe country faced major 


In reply to questions at a news {" » , ti si'tES'dVc nf the Defence Ministry and of wider support? • aff;iiv . • Unior,r in Belgrade, the Pivm- 

eonference. the President defined - tbe jumt chiefs of The KOmR4uai q UO does not The extra security : ^ n nt said , he country faced major 

confederal " as a system » num tinned At this meeting iL w., s decided amplify Press report s that they menis in force ' «o« Fr da, ■ problems which could 

which no state would be able to g « anu minii.nin S lruci lhe commander of intended to seize the i.amnet round the Prune Mi™* 1 **? ; endanger the future unity of 

impose its will on another. At November 1 . as tbe most oppor lo ^Military which or the Friday. November 17. official residence, .he Mnneloa ; 

.1 the «« , includes Mud, Id. Id ’ curry cut ,bo d:,y of its tcfi.ly mcctm-. Pidacc. mere r etoed vcslc,d.,v ^ ^ ^ 

a federal system, under which it ■ — — — — °us pr»b!cms pl.i^um^ L 

would have to accept decisions , , B i T T O 1 II y • fck, j slav economy . low 

£t, : S Swedish aircraft decision |U.S. dollar action has jgEfe-jjrg 

!X d Al S U t b b j rU.S. CSCeSSlVe 6Y W,UJAM DULLFORCE STOCKHOLM. Nov. 21. , solved 018111 PIO OleiHS iSi* SSSe “SSK. "S5d“hj 

. Though. President Giscard has, THE SWEDISH Government has 1 . . ... . ,, i ^JSSSS^SdfS^ and 


CY WILLIAM DULLFORCE 


STOCKHOLM. Nov. 21. 


I nus prublcnta plaguing the \ u?o- 

m .- a : sjyv economy: low productivity. 

ir action has | nonary pressures, the "country's 

e B • I swollen balance of pajments de- 

i mam problems i ss 1 as, zzTt 

r ; said hinder the development of 

FRANKFURT. Nov. 21. 'the underdeveloped 

ultimately endanger the unity ot 
stabilise difficult to forecast sales or ihe country. 


while the French Government | viooaL requirements. cate funds Tor it or in plump forju.S. action had not solved the j ohn wicks adds from Zurich: " , n which is made up of six 

has made its position clear on j The new aircraft, which would a new attack version or Saab’, dollar'* problems. The Swiss economy has been ; ' .p uh |* lt _: 5 ' an d many ethnic 

the subject, the public declara-; h deve | 0pe(J initially only in a Scans s \ i^vn a.rcraf,. t.ie ■ pj- 0 f. Gruenewald said: “The rc .jjevecl substantially hy the ' roups . towards economic selfish- 

tions of other European leaders. ,™; n A r v er slnn*. could h* 1 ihe .-\2(h The IjII'#!’ would nni pi o- j ;j . c?-st measures to support the i^tytive improvement in the • -.-.•iin the ricnerregionstry- 

ln eluding West German Chancel- ^ e:ins n( saving the design and v,de eniploj'ovni Jor Saab-. dolIar with an anti-inflation e; . chanqe -ic. wen though . ln y" ln i 0 „k after their own 

lor Helmut Schmidt, showed that Hevelopment potential of S«:ania i design .-tall. : program me. energy rt sir ict ions. f oro iy □-currency conditions re- inicrc-ts while nogleciing the 

imany or Frances partners had p : government budseiary cuts and - ° U ns 3 tisF:«cl»i y. rn-enrdinu backward areas. 

much more ambitious ideas about — — !;i n increase «n interest rales. ; ' lh e late<t report of the Swiss ' , 1 . Jcnil „cU.iiiiv for 

the European Parliament's future ; have ?iwn the dollar a breathing |? a |; 0 , ia i Bank. ihP' !hZ ' Presldem P Mld. lL> » ilh 

• M. Giscard d'Estaing today! l?P|inrf recommends extra doctors solved thTdldlar'f problems." 0 ' The exaggerated ascent of the , ewnoiuic technocrats and 
went out of his way to demon- ACpUll 10 .viiiuui«w ; 01 “ . h d Swiss franc, especially against : pol,ticni aupeauerauf « ho were 

strale that it did not matter what . tr . euT STOCKHOLM \ov "l • * ie • . \ v the dollar and the mark as the 1 seeking to undermine ine rights 

people said. The powers of the BY OUR OWN CORRESPONDENT _ - - - ■ - • appreciated a ' n *J ^ontris* Trie T.vo currencies of most import- i Q f workers in \ uyoslavia s 

European Parliament were c«tedEN WILL have more Swedes in six yv.irs' time instead i Ip ® P tr cent i. German ance for Switzerland, has not : system of .seir-management and 

clearly defined in the Treaty of SWEDEN WILL save for eve , v 6i500- as at j oJdcdl resu ^ that l. man be(?n bro l0 a stop but decentralised workers control in 

Rome: he said, and that treaty general pracuuoners in its health but current ^rtially reversed, the Bank toe economy. 

could be renegotiated only by service if the recommendations Thg investigation, was started “'SI fieures showed points out. ~\\r e must consistently fight 

the unanimous decision of the 0 f a Government-appointed after two n on-Social ist parties r ‘ not" the case. The weakening of the Swiss against such tendencies and 

member states. Each country. j nves iigaior are accepted by the jncluded in their i9ib election ™ currenev is also attributed to apply collective responsibility 

i rtkAv-chfrvv-rt Vi*irl a viiktfl .j L.. nU^fArmc A «n m Ti ric friT n TRGrV? 1 GniGIlS A «1 LQ. ^ DuSP COT ■- I o ^ Vioc r.Aort ftlM»A III 


The exagaeraied accent ihe ( - eeMnoraic technocrats and 
Swiss franc, especially jguirwi j political bureaucrats who were 
the dollar and the mark as th* 1 seeking to undermine the rights 
two currencies of most import- ; of workers ,n Jugoslavia s 

- h'ic not 1 ..fi.'ioiH r.f c&\ f-m:i ana 


Ul mu “ 1 - • VJis . hi tv,.-, r.vo Lurr«fiiLicr '.»i iiiwh n*. ■ ui wvxftvis ■ “ — 

*ew _. N WILL have more Swedes in six yens' time instead ! 9 ; ; ’ n P‘ ?r r ^. , ?, l t ‘ ™ ance for Switzerland, has not : .y^iem of self-management im 

?atv of SWEDEN WILL nave more al -logical !t .via# j Lb. it L.rman brought to a stop but decentralised workers control i 

treaty general practitioners in its health * I S “,- P d ^tcurreit Penally reversed, the Bunk the nwnwny. 

aly by service if the recommendations Thfi investigation e was started 3 fieures showed points out. -\\ r e must consistency figl 


N ew Unesco Press draft 


member states. Each country. i nves ii ga ior are accepted by the jncluded in their 1976 election ™ ‘ ' _ rt _ currenev is also attributed to : apply collective responsibUity 

therefore, had a veto. . Government and approved by platforms demands for a more ^ n ° iJriPnpnrien r on the change in Switzerland's everywhere as has been none in 

To rub the point home. Pres l- The re port proposes humane health system and a poration ts heavjll dependen^on policy at the start of the state and party presidencies, 

dent Giscard also stressed that VtUn* .should he a General return to the personal doctor exports, said tha. the condition m ^ h he declared. 

a renegotiation of the Treaty. oE SLSJSr for every 3.000 coocepL of the dollar made it very last montn. 

Rome would require a rpvlfi ^ n ' ^ 

These would then have to be sub^ ^ 

roitted to a referendum. . 

sSl^iis THE LANCIA BETA. SALOON 

extension of the European Par- ^ B 

liament's powers were already w | xl h 1_ w ^^^i -a Wfi ifg 

water-tight. In the view of the » ■ iSlH B B 11 Iff 

President, it wotti ^ fae E e ^ r e e a p j JLlS^ |\/U. LflAj 1” Jj8 

Council to make an additional ^ T 1 ® ^"8 J£ l l 

this would cause unnecessary TTJJ g fl llVS^uillwSS I Vfilv M|i O'diJL® 

friction between France and XCULLUJ. 7 " V Jnxya. 1 

s&mc of its .partners. W > 

The President also rejected a 
suggestion by a journalist that 

■ . . . J Vtirbinatek it canbe bought farpmciically 


UNESCO published today a new 
draft declaration on the mass 
media which upheld journalists’ 
freedom to report and said that 
they must have fullest possible 
access to information. 

Director General Amadou 
Mahtar M'bow dropped from the 
-document passages in his 
original text construed by 
Western nations as sanctioning 
Government controls over Press, 
radio and television. The draft 
was due to he submitted to- 
monw to the Cdlture and Com- 
munications Commission of the 
Unesco general conference. 

The text was designed to com- 
mand a consensus among Com- 
munist. Western and developing 
■countries so that it carried the 
full authority of the United 
Nations Educational. Scientific 
and Cultural Organisation 


PARIS. Nov. 21. 

1 Unesco 1 . A Unesco spokesman 
Mr. M 'bow's draft was the 
product of days of backstage 
negotiations between representa- 
tives of all shades of world, 
opinion on the relationship; 
between Governments and the' 
mass media, which began as soon 
as the conference opened a. 
month ago. 

• The first comment by a profess 
sional journalists' organisation 
was made by the president nf 
the Inter-American Press Asso- 
ciation. Mr. German Ornes. who. 
said that ' aovernments. and 
especially authoritarian, ones, 
would make their own inter- 
pretation of the declaration 
which newspapers, were certain 
lo find objectionable.' Mr. Ornes 
is publisher of the daily El 
Caribe. in the Dominican 
Republic. 

Reuter 


THE LANCIA 
The car you b 

d* * i 1 


Management that’s 
going places • ••• 

....has a Super King Wr turbo-prbp 
corporate aircraft at its beck and call 


More and more go-ahead 
companies are seeing ihe 
light aboui executive travel 
and certainly once a 
management leam has felt 
the benefits of a corporate 
aircraft facility it does not look ■ 
back. Just think about the 
difference between arriving at 
your business destinaiion 
after 311 the hassle and 
frustration of normal travel 
and the ability 10 step out of 
the company's own fast, 
comfortable, fully pressurised 
executive aircraft im which 
you were able to work in 
comfort) with -just a short car 
journey to go from any of the 
one-thousand-plus airfields 
throughout Europe. 

The latest model in the 
renowned Beech craft range of 

Super King Airs is the 200C — 
the C stands for convertible— 
and it has the facility to be 
used either as a comfortable 
T2 seater commuter or as 
6-8 seat "flying boardroom 1 ' 

As with all models in the King 
Air range it is fast, safe. . 
reliable, economical to acquire 


and easy to maintain— it’s a 
great favourite with air-crew 
and with financial controllers; 
and of course with the 
executives who return from 
negotiation and decision 
making appointments just as 
fresh as when they left the 
olfice. * 

To find out more about the* 
economics apd practicality of 
applying one of todays most 
valuable business tools to 
your enterprise, and the 
wealth of 'ancillary and back- 
up services available, you 
have only to contact Neil 
Harrison at Eagle. 

Get your maBagementteam 
off the ground with a 
Beechcraft Super King Air 



France's economy was not strong . 

S5W Most carmanufacturers today either cater There’solsoLancia’slegeftdaiyfrontwhed Fortoatelsitmbebogt: ^prasucally 

System (emsi and that it might Most ■ drive and all round independent suspension thesamepnceasanordmaiyone. 

be forced to leave the system as fortlie driver at the expense of his l WrecinnnsH^ You can also buy it in a 1300 andlGOOcc 

,it was forced to leave earlier ccpTjcrprsnrthevbiiildears that- are' verv so tbs t b andling is uncannily response e xou wu tusu uuj 

! systems is January 1974 and paSSeUgETS Or t .V i-'_ r ynorlLnlriincric pvrpntinnailvure.CISe. VeTSIOIl 01. for those Ot J OU Wltll SH eye lor 

March 1976. comfortable, but not very excitangto dnve. androacmoldingisescepuonaiijpret-^. ' pvtT « ™ P .joi tbere’sthe 

sr. Giscard d’Estaing pointed ic nn pTfpntioir the Then there s o. steering coluHin that can be BOinfitnlng extia cpecia., 

out that the EMS was very Thankfully there. U5 an excepuon. Lae and vnnr most 2000ES, complete wiih sliding steel 

perent from the oid "snake” Lancia Beta Saloon 2000, pictured here. adjusted to your heigiit and your o f i allov^ wheels. 

tTff Its stj’lish, refined lines are unmistakefly comfortable tepositon. S^Sstoec^oWbe found in oils 

ETZSTSSr^JSSS thoseofaLanc^Insideyouwilllmdallthe ^SSeSdSSese plat: atyourlocal Lancia dealer 

France currently pursued econ- comforts of home. array ox nib # f worn in cr HeHl be delielited to arrange a test dnve for 

oroic policies which would put pi 1TC t, pWL imVinlcd-eTYvl seats. Room to include electronic rev counter, earning xieiiDeaeng 5 

the country in a position to with- Flush. ciotU iipnoisEerea seaui nuuai LU 1 rlt-«fnrhrake fluid andnadweax. both you and your family 

stand pressures on its currency, take five with leg and head room to spare, kgntfc lOTbraxe nuia a P > ■Rpcai'ise at last here’s a car that vvikplease 

expnued Deep pfle fitted caipetslirougliout totemuttentwmdscreen wipers, e,en a B^atlasLberesacartnatwmp^ 

m. Raymond Barre. ins Prime Headrests on the reclining front seats. cigar ligntei. . n a 

S'e er s Andan independently controlled heating’ At tbe back is an enormous 18 emft of J A MPT A 

£ h eT« he p5SfSrnU s re 'SL^ and ventilation system for passengers in 

h,4hri,Wi,#n ' ,i,n '-'’ overhead ' “m treatment on the entire' bod,- and ThemOStltaliaXlCaX 


DUui uuo ao wuj-j ^ w -.w — 

place: at your local Lancia dealer. 

HeTlbe delighted to arrange a test drive for 
both you and your family 
Because, atlast, here's acar that^ wihplease 
everyone. 


Minister and architect of . , , ,1 ZT j Lno-nnir 

France’s economic policies. And an independently controlled nearing 

and ventilation system for passengers in 

(had had for a long time.” the back. 

For you the driver, there’s a twin overhead 
cam engine with perfoimance to match. 
Plus a five speed all synchromesh gearbox. 


Eagle Aircraft S«nriC*s Ltd.. 
Leavesden Airport 
Watford Hens WD2 7BY , 
Tel (09273)79611 Tele* 261502 


Lynch meets 
Giscard today 

By David White 

PARIS. Nov. 21. 

MR. JACK LYNCH, the Irish 
Prime Minister, will discuss 
terms for joining the proposed 
European Monetary System 
(EMS) with President Giscard 
d'Estaing here tomorrow, two 
days before Mr. James Callaghan 
comes to »ut forward Britain's 
reservations about the scheme. 

The Irish leader is due to con- 
tinue talks on the EMS in Lon- 
don. and Bonn next week. His 
visit 10 Paris follows recent dis- 
cussions in Dublin between M. 
Rene Monory, French Economy 
Minister, and bis Irish counter- 
part Mr. George Colley, the 
Finance Minister. 

Mr. Lynch was due to arrive 
in Paris this evening and to have 
lunch with tbe Frencb head of 
state before returning to Dublin 
tomorrow. 


corrosion ireaLiuvui. uu ^ ^ 

servo assisted disc br&k6S Oil all ibur wheels. 7jancia ? Eiiglar ,d ‘ Lul... llpt rtm , Jl fiddlae?. ' 
Ir amounts to an extraoixlinao* family saloon. TeUoi-99S ssss , W«r sales enquiry str-icc.'. 


' Prices wcliuk VAT af«%Mdrar uv. tnwtiatrri Mtowfaefacrtfcton/w (. A ftw creuir turner 1 -™ ^ . — — « 


Choose Quality 

Choose Hyster. ^ ■ 


Steel plant 
shut-down 


Fora profitable 
difference to your 
handling operation, 
choose the truck 
with the reputation 
for performance and 
1 durability -the truck 
that's built to quality, 
standards and backed 
by after-sales service 
you can depend 
on. Whatever your 
application, choose 
Hyster. ~-i — - 

Manufactured in Hrliainbv Hysi* 1 '- 
5 old and serviced in B«l»n t-y : 


imm 






Barlow HamHinfl 1 Umrttd 

Hisad Oh'i^: Airiieid Ebuic. 

USenflead. Toll Li u »^ick6««n SI 
Caledonian Division ; Wartlp** . 

Tel: Cumbernauld 25gel 

In Ltd. T,l : Dublin 36+51 1 


By David Curry 

• PARIS. Nov. 21. 

THE SOLMER steel-making coni 
pany. which has some of lhe 
most modern installations in 
Europe, is laying off almost its 
entire workforce in retaliation 
against a series of strikes which 
has badly disrupted production 
over the past two weeks. 

From today the plant, which is 
working at. so me SO per cent of 
capacity, will be sbut down and 
6,300 of tbe 7,100 workforce will 
be sent home for an indefinite 
period. • 

Sokner, situated on the Medi- 
terranean coast at Fos-sur-Mer 
just west of Marseille, is owned 
jointly by France's two big steel 
group^-Usinor and Sacilor. 
These companies, in the throes 
of a large-scate reorganisation to 
overcome their oppressive in- 
debtedness. are operating at less 
than two-thirds of capacity. 
Solmer itself is believed to have 
lost some 22-000 tonnes of out* 
nut since the strikes started out 
of a monthly production of some 
350,000 tonnes. 






. rBianciai iuh» 





Corporal 

profits 



shortages bring prices pressure 


BRAZIL’S MID-TERM ELECTIONS 


SY DAVID LA5CELLES Y0RK - - L 

M'V.'.vnV; PRICE pressures nse in petrol prices is unusually the meantime he advised motor- market signals a tread- or, 
a ".4 iiorrages have become hi ah demand caused mainly by ishs lo use lower prade fuels, ana 'whether special and temporary 
d:.-.orr:.-.y in parts of the V.S. the unseasonally warm weather, drive with less factors are to blame. 


inci 


rpg^g 

3 j ^ 

■yir-iTr 


Q ° 2 J 3 

ci5» tr** ->*> .itt 

^ y. Jf Tv, * s V 






_ 5 

/ n 


O 1 * i. 

sy Jcrck Martin 

iVAMHNCTON. Nov. 21. 

rnEPORAT* PROFITS rose 
m:i:> '.!ic!it!> ut tilt third 
quarter i*f .i:»- y«-ar. compare*! 

u:t:i 'hi- prexiou-; ;h’i*e 
m-vitr.-. i no Ciin;:ir:r« - r Ht-part- 
m-ni n-pnrti-i 


&■ - 

*• ^ 


r ^tl- 

. \ 


,v 2- -- -a 

; v- .-i* 



Thi 

pr;nvipull> rcil'“.! 

!.-■ titr- 

:V . ’! 

• t ::i •• .lr.omii- ai 

■ ■ * * i r ; 

::: ’Jv 

'• -.h:r>l qin.-fr* L’f:i 

■r in.- 

-.ir.ru 

t-.vpun.ion in liio spring. 

fj'- 

i r h«- .SShn cui.-i su p 

r<- -*:»■: 


, iivi-.ild have bf'-fi 

S2l.n 

-TTrat! 1 

r -.f il h.i-l not !i«- 

r for 

i*io r 

[lU in urupf-rt) lev 

in 

f'a-lf.. 

i-:i 'a. l \ nii-h ion!. i-fT 

•*«-l in 


r<i!:u’- ;h‘ 1 nn •Vi 

£■■ «lf 

r.f : 

h" ” Propo^iri«*n 

i:< ” 

r-. r «-r.- 

M V. U ill ■ 


Ti:- 

i'-'.Iiar'.rruyn; ai'-o rp\i>ind 

— i.ix-jrrh iefi litraoly 

un- 

i-hanc 

vd — it-. «-j rlii-r rsti: 

mnu-'f 

for Ml 1 

<- crnu:h i:i cro-,'- n.T 

ti'.nal 

predn 

' I a -,-i ih>- r.iir of 

infla- 

:ion. 

:»•< jurtz<-d by the 

fiNP 


o:F products memories have cnme° in unleaded fuel, the mem saying that while sullies demand. 

: *5TS SWsa&’ieeiS . The Shell spokesman, for 

: embargo have made Shortaee? and even p;,u-d demand for lead-free ^stance, said today mat tne 

'“zP f oul the!r f f “ el JatTnnin- hive been reported on Jatrol. The company added that shortage of m own unleaded; 
prompting on e of tne Ei ,0 2L n * ?^ tho„Vh rhP full its refineries were onemms “at Petrol supphe 


r 

r^y' T 2 ®g 

k 


call for change 


BY NANA SMITH IN RIO D£ JANHfcO 


'‘.i. 

v.s" hv :'.i pr>r «'«nf ir; 

■};x Ju'y -Scpic-mlxf-r in 

r .. 3 ; :•? p>: -iii’Mial rare. 

no* :iii !!*.'■?< .1 fp*ni in'* nn-xious 

Til"-. '•T vour- ■■. 

,. v^ii .:•:■*••" *Z. r p-r :i t 
'. J i :i .-i.-cordi-d in ill i. - s^vond 


~’ 1 ftr released here today sr ^;n“ aetrnl market at the produce a parallel easing in heat- regulatory factors, this price was j 
, T.at the spot price for * omei £ and shortaees have in- oil supplies, this is not the below .hat of many of its com-, 

" Q4 octane petrol this been predicted for c onre time due case. A combination of low in- petitors. so snortages were bound . 

cents a Eallon. up lo 'madeauale refining capacity vent cries, statutorily permitted to occur. | 

-v. rer cenl on lh9 same and Jack nf t h e lighter types of price increases, and the world Should a serious shortage- 

.j : .i*r year. The rise in crude" needed to produee'it. But market situation complicated as develop over the winter, it is: 
■r-r-’-T. •P')t prices is even situation has just noon it is "ny events in Iran. has bound to strengthen the oil; 

r fif> per vent. The wursened bv the failure of units resulted in price rises which are industry case, enunciated o: the 

■•••.. - V: ■■ : ir \Y.. 2 fuel oil. the 2 t two refineries run by Shell, only ju<: becoming apparent as American Petroleum institute's. 

• T.'ii-.niy used heatin’ oil. c . ne of the country's largest homeowners stock ur. for the annual meeting in Chicago Isst 

,-s r : u;* nearly 25 per cent petrol suppliers. winter. w;eek. that President Car.er 

. 44 -c---* s gallon m the same A Shell spokesman today said Oil market specialists still should exercise his op See. tc- 
.’-.-iti. the units would probably b*- back, sc-em undecided as to whether allow oil price controls to expire 

The ^ : n reason for the sharp in operation next inonih. but in the tightness of the nil products it the end of next May. 

| r 

U. 5 . troops fly to Guyaaaj Cuban political prisoners ■ 


.^*er ab*-<Er.Z5Eg siderable gains ana tne gowrn- rouowuig upwnuuent aireciwes. 
Mr. Joe dark, leader meat cause for thought lt has ,0n S b ec P J *aom that 

of the Opposition Countias in the etectloo for 23 the lncomuig president ; General 

uvvosluon national senators. 420 Congress- Figueiredo. is considenCg per- 

~ m men an d S46 deputies to the nsittmg the formation of, per- 

S nnQniQn lesTslailve assemblies for Brazil's baps, two or* three new Brazilian 

VydiiaUldil 5 s> :e< is still going on. Final parties. This would- entail the 

are expected later this aboljtmn of the only two move- 
‘ w«k -nts n0 w permitted. Arena and 

^3. i ft. £&. But WU h much of the- vote -m -• - •■= - i- 

ft is dear that the country's MDB is doggedly 

rr : litany rulers are now faced If -government v;ould 

on siare *2,-* ra u -^ ay ^ 

intervention 

Some of the more depressing backfired was iha banning in 
By Victor Mackie results for the governmeot came,. 1974 ' of election speeches on 

OTTAWA, Nov. 21. not unexpectedly, in the big radio and television. lids was 


on state 


1 5 - v 


By Victor Mackie 

OTTAWA, Nov. 21. 


] r. i -tv 


i- -.--I . 

■■ 1 r '.-I 


r-. **r. nut 

:* on an a:>:ii!.ni 
■i"?— i'*" p m “t ■ o'i - 
- rr.\ 7.0 ifr 
t'-ioxv 

i- 1* 

!f. 

■ .•'-.•'.f’ !n j- - < -i 


wv NF'.v-? 

-h-rn in enrn- 

: V*\ : cmrt 

A !. , r«--M»Kr:ipSi. 
''( : i ahvtid — 


> c-'. nn*. ,ne where m°ot:nr hall in .lone* ".own. Mr > ;b<? 75 visiting Cubju 
T->o.e? and several others hart i C hcduled for today. 


"exiles Sunday to Srta. Maria Munero. . D -.*v ce" % 
26. 


jean ^nre.ien. tne finance ■ ejection* pace .setters to w SDcapame -.ot 

Minister. He said a Progressive "sa 0 Paulo Senatorial maklng^ '.'up its mind on its own. 

Cq.iserva v.e ^cveminent would j caaiidate for the opposition . The assumption, vsias .that, 
re.eaie :ne ?n? on t " e -j? n . vate : MDB (Brazilian Democratic' deprived of concrete ■infor- 

Movement!, received five voles- mation - about the MDB, 
P.e... i.jaeaj. ^oyeramenL i for every vote cast for his Arena voters would prefer Arena 
. •■•a? .'If. C;a r, v> sfrongest nvai. and pay favourable attai- 

e -\ L - r ,^ ech ' said i Outgoing President' Brnestb tion to -the speeches ctf Presidebt 

■v. ''«* en, p^J2r-S£r fv^Gelsef and President-elect Joan Geisel and .his successor who 
°-;l~ i,;- , ■ - ' ^'iSapusta FJeuciredo- campaigned hinted that the MDB W»*upder 

*VJ,: ^ 3 ™ m 5?" I repeatedly and assiduously for Communist influence^ and . ■ un- , 

„*t ke l Arena m the state. Several local worthy of democratic, votes.. - 


V d — ^ other ! Arena leaders seemed so confi- Not only did tins assumption 

i-oxe. — iSTH-OAUed agencies to ; dent of 2 reversal of the 1974 backfire in the MDBV favour 
snould be state-run ^ sl [ lts they promised the but the" number of tyst* ballot 
Mr. C.sr.-v accused the Liberal PT .e S ^ en cv a sweeping - Arena papers Cffit (voting is coihp&l- . 
Gj»ver=meat of baring an P™s‘«nc> ^ Arena Mry y ^^1*6 that undnfonned 

...siinci :or taking over and ^ " ]t J •■••••■ voters preferred not- 4*> -<3Hwse 

r g M * « ^!7 a:e busiaesws. The AIDE had been ejected at all- rather than - opt: fDr : eiat.ar 
Lt Government intrusions in Sa _ p au i Q (albeit not the pro- or- anti-Government 

into ibe private sector robbed old “ mrJSwlSmSr) ind Id Rto P=rti“- ®« * Janeiro stete 

?i^ e STo nsszss . 

performance left much to be [ were more ballot papers were even more 

desired. r,,V i'fii rmiv one-ihird of the graphic than the strong pro-MDB > 

Petro-Canada'c rw^nf si dhn 1 But w.lti only one-uuraot tl»e v _. in sfstE -OI1P w 1 ■ 



perfr'rmence left, much ■ to be 
desired. 

Petro-Canada'? recent $1.4 bn 


lecsm oi.Mn 1 .._ fnr kip-Hon thic vear urban vote: in Bahia ^ate one 
acquis i* ion of Pacific Fetroleums. j m voter mote a 22-verse' poem on 


i_— — ■ 

zsacr 


a priVrfie oil and gas concern, in-7 h- ihp nrKiriunpv m t>nxnr? ms naum puptn. ^uwvu >«.»»■= . 

xr t s a classic c-se of Hie' Govern- J^tinu-r.- fS? aSS? the “5S influential- national daily, the 

meet moving o where it did not S heSiiv J(vrnal Ao Brasil: " Meat, ttee. 

belrjc?. MDB stcSin- a maiSritv ?n Ae potatoes/sugar, coffee, hre^d/ 

Mr. Cid.-K said there was a spcatP and Coneress 3 J give us cheaper c'osF tff Jivfifg/" 

darner that P^to-C ana da’s com- *' naie 3nQ , - 0^ S ^eas • - tetter food for " catinc/tetter 


and another third appointed in 


his ballot paper, quoted m the 


Mr. Clark said there was a I SPcare and Congress 
daraer ma: PeTo-Canadas com-' 




tic-n 10 the Government-mow that | before he instituted the . 197S • T - e lect jpQ l^e Been 

it owned a rival company. He | political reforms easing many of ri Vribed net oSv Js^o^of 
saidoil and gas companf«in the (tne Preadenc^s arbitrary „rer's‘affi> . 

norm «-ou.d oecome suspicious of : ?^wwr». N This increased the d i Sr Hm,tiaie but al^o of his grow- 
! land regulations, alert to se P ! numbe^or seats mXo^ress 0 ^SSSSJm V 
vvnerhar »r.ey favoured the Gov-- ^-0- granting proportipnately ^ wealUiv Arena locat-Arf sen 
eminent company. greater . waight to states where, “JL f m & 1 notthaily 

The propriety 0 f Mr. Thomas « weoiy. Arena would return to iwtSTSw 

Sboyama. Canada’s Deputy ! many more Congressmen than 1 

Finance Minister. , attending j the MDB. tHp election was "enerally held 

Petro-Caaa^a Board raeeUnes! ^ever^^le^?ss. .the MDB has 1 dt air despite the 
while it made the decision to j increased its number of seats f° C t that ?n“peraambuco teSr 
purenase Pacific Petroietuns will; m these theoretically pro-Areno «?* ,n 



/■ * V' 1 ' 

i’V“ - ^ 

^ £& ^ j 


wnri 


WZ*A 







purv.iH «e rac-uc reiroieiuns win uj«c luwreurauj pxv-«reou arrested in floor ante detictu 
be questioned by the opposition states, as well as its share of Sfjn S-TSES 5 
in a Commons committee. j seat* in its post-1974 preserves „i*f s balloFSoJ? SathS 

Mr. Clark and Mr. Walter of S»o- Paulo and Rio. de Janeiro. k? “ 

, Baker. House leader for the Pro- Arena’s Congressional majority pJLSff? &Siv ^iSve'nmieot 
Sressive Conservatives. also ! will probably be confined to 35 ca n^ Credit for levlraf^- 
dec’ared the Conservatives’ inien-l ‘eats, if .that, against rowe than movements In social ‘wlfare and 
tion to press ahead with an ; 40 in the smaller, ^st-1974 KaltToS^rammi iS*creaSon 

InvnirpH rti Q?reSS - \ in some areas, and abolition, of 

Pe?r7i^da piV:.h^e d “ . “2 , *JaS? Ki ■ 2H5^'TSS"Sl!L.fiEI 


gm 








m mu 

TSTsafifl'' 


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tern 





<rz TT~ TV-.-' 


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1 y.L WJ X.TS . . S 


Pan Am has mere 747s than arr/ 
ether air] * ne. So vv- here ver you're living, the 
chances arc you’ll he on one. 

_ \nd ’ ’ liar: better way to travel than 
In the L-Lvce and comfort that only a 
Pka Am 7 -j 7 c*iri offer. 

A surserb choice of food in Economy. 

i ■» 

An exclusive upstairs Dining Room if 
you're flying First Class.Two movies and 


IU 





<Fi^F.-R'O.STi- 

mot *« k 4 - CI«IKB < 


cess Card- 


"When ycA’re next planning a trip, 
take the Aine|can Express Card along 
to your neareA Pan Am office, and 
thevli be only^oo happy 
to take care o^H your 
travel arrangements. In one 


J tfie More radically righting draconian Presidential apd 

1 mV rw- -.i ! Arena deputies lost their «ats police powers; Gen. Figueiredo 

I tfus tf ® e rouild end a fipw has promised to pursue these 
,% r nted nein some detai 1 - generaiion of moderate, prag- social policies and increase 

..SlL r? n„n? sQ r !n “a* 1 ®- members of both MDB deoiocratfsation. The voters* 

and has rec ^ ived a beav & message seems to have been that 

S rnLm d “ fllit? h ‘h ^ ! vole - ^ aew Congress will\the improvements have not been 
oo/ernmeot. Air. Baker said to- therefore be more representative Tar-reaching or rapid enough. - 
day that the matter opened up f v- . ■ • . 

the whole question of the * ■ ' ■ ' ' ' ■ 1 ' . 

propriety of the Government \ “ 

placing to? public servants on 

the Boards of Crown companies. V : ■ 

It could place them in an -gp*. YTW . . 

awkward position where there rl^yf B JIJbm AM 

might be a conflict of interest. XT Swi i r &i V AlfV * 

Mr. Chretien's budget last - - • • •• • •• . 

Thursday incuded a measure to. •■■■•«• 

close a tax loophole which Petro- 
Canada was one of the last 
coreorations to use. 

Mr. Chretien has denied in the 
Commons that his Deputy 
Minister gave advance Budget 
’"nforraation to Petro-Canada. 

However, under questioning from 
the Conservatives, he admitted 
that Mr. Shoyama. as a Petro- 
Canada Board member, attended 
the Board meet! ns at which the 
decision was taken to buy Pacific 
Petroleums. 

51r. Chretien said: “ The final 
decisions about a change in the 
law for income debentures and 
preferred shares were made on 
Saturday morning, when I closed 
ail elements of the budget.'* His 
bndeet ended a tax loophole 
which allowed corporate bor- 
rowers to borrow- from banks and 
other institutions at 7 per cent, 
rather than the going rate of 
10 or II per cent, because the 
lender was able to get a tax 
write-off on the interest - ■. 

“I have complete faith and now, when he sees , 

confidence in Mr. Shoyama." said ' * J 

Mr. Chretien. "He has served ’ ii> ^ -IftlMiSkO’' ' 

many Governments and acted Cl wlUv.Ru 

properly throughout." . r. ■■ 


'inland. 


•• ; -.t. j 

V 




SaS35St5!?{ 


single transaction. 

t. 


•Iusive upstairs Dining Room if music (for a nominal charge). And Pan JSbSk 

[lying First Qass.Tv.-o movies and Ams People io pamper you all the way. BLT2 L"^»-tS8 JET'LL. 

The AmerJcan Express Card. Pan Amis People. Don't leave home without ns. 


ICC to make 
changes in 
haulage rules 

By John Wylea 

NEW YORK. Nov. 21. . 

THE Interstate Commerce Com-i 
mission (ICC) is to press ahead 
with a major change in the U.S. 
transport industry, by abolish- 
ing a 40-year-old rule prohibiting 
private trucking fleets from 
operating as general hauliers. 

The implications of the move, 
adopted by a five-to-one vote of 
the Commission, are potentially 
far-reaching. Several thousand 
trucks, dow run by supermarkets 
and other businesses transport- 
ing their own goods, could be 
added to road transport capacity 
They should, in the ICC’s view, 
increase competition, lower ship-’ 
ping costs, and help save fuel, 
since fewer will be empty on 
iheir return hauls. 


how, when he sees , 
a ciock, he hides 

T JERE are limits to what^ the human mind can stand. For M&jor 
after years of bravery, in Bomb -Disposal, the-Iimk 
comes each time he sees a dock. Every alarm' clock is a bomb, 
each ticking watch a probable explosion. 

Soldiers, Sailors and Airmen all risk mental breakdown equally in 
war and in keeping the peace. There are bombs much nearer ttf us 
than. Cyprus, Aden or Malaya. 

We devote ourselves solely to the welfare of these brave men and 
women who have tried to give so much niore than they could. 
We help them at home, and in . hospital. We run our own 
Convalescent Home. For some, we provide work in a sheltered, 
industry, so that they can live .without cliarity.r For others^ there is 
our Veterans’ Home. If wears to go on helping them, vve must have 
funds. Mease said a donation, please sign a covenant, please 
remedber us with, a legacy, perhaps. The need is really urgent; 
and the debt sowed by all of as. - 

“They've given more than they erndd— • 
please give as much as you can.” 

CC-S€RUK€S 


37.1hurloe Street, London SVV72LL 01-5^8683" 


'»:( *'5 : 

i< 



-t:.y 



Financial Times 'Wednesdav November 22 19 7S 


WORI,DTRvVDCNEWS 



Britain to 
to China 


BT DAVID WHITE 

BRITAIN WILL consider supply- 
ing arms to China' on a case-by- 
case basis, the Assembly of the 
seven-nation Western Europe an 
Union was told here today 
Mr. John -Tomlinson, Parlia- 
mentary Under-Secretary at the 
Foreien Office. mid MPs from 
Britain and six oilier EEC 
ruun tries that the UK did not 
solely lo become a 
supplier of weapons to the 
.Chinese. *' But thal does not 
rule out defence sale?.” he said 
in reply to a. question from Sir 
Frederic Bennett. Tory MP for 
Torbay. 

He said the Secretary of State 
for Industry, would shortly be 
holding talks, in Poking which 
would include the possible supply 



consider arms 
f case-by-case 5 basis 


of the Harrier jump-Jef. 

Sir Frederic, who tried to push 
amotion actively favouring arms 
sales io China, at ibe last sis- 
ruombly assembly here, said Mr. 
Tomlinson's reply was “the 
most positive statement yet " by 
the British Government on the 
subject. 

Mr. Tomlinson made clear that 
the Harrier was considered u? 
being for defensive rather than 
offensive use. 

A similar statement da French 
willingness lo supply, arms iu 
the Chinese was made yesterday 
by M. Pierre Bernard-Reymond. 

Minister of Slate at the- French 
Foreign Ministry, also in' answer 
to a question from Sir Frederic 
Bcnncu. 


India to make structural 
changes in foreign trade 


BY K. K. SHARMA 

FOLLOWING THE sharp decline 
in India's export earnings so far 
this year, the government has 
derided to introduce “ smtcUiral 
changes " in the country's foreign 
trade ** to lay the foundations for 
a stable and sustained growth in 
exports.” Commerce Minister. Mr. 
Mohan Dharia. told Parliament 
today. 

Countrywide studies arc to he 
undertaken with the emphasis on 

diversifying markets as well as 

commodities. .As n long ferm 
measure the rimming Commis- 
sion is considering including in 
India's next national plan a list 
of selected export sectors which 
should have priority m the 
allocation uf funds. 

For the first time, major efforts 
arc to be made to export agri- 
cultural goods with a beginning 
to be made with 5UO.OQO tonnes of 
rjee, 75,000 tonnes of onions and 
650.000 tonnes of sugar. 

Proposals are to be considered 
for the setting up joint ventures, 
not only in tbe industrial field 
hut also in consultancy, trading, 
marketing, exploration of 
minerals and service ventures 
such as hotels and restaurants- 


NEW DELHI. Nov. 21. 

Mr. Dharia said that exports 
of tea. steel and cashew kernels 
fell sharply in the first half of 
1978-79 and are mainly’ respon- 
sible for the heavy decline in 
ex port earnings in the current 
financial year. Tea exports fell 
by Rs J.4bn I about iTbn). cashew 
kernels by Rs Mlm and steel by 
Rs 519m. Export earnings of 
gems jewellery, engineering 
good-., cotton, garments, silver 
and sugar ruse however 

Total exports during the period 
{April to September 1978i am 
estimated a< just Rs 240.7bn 
compared with Rs 25S.4bn in the 
same period last year. Mr. Dharia 
gave several reasons for the fail 
in export*; which severely 
reverse* the trend of the past few 
years when exports ruse by. more 
than 20 per cent each year. These 
include recessionary conditions 
in developed countries and pro 
teetionist measures initiated by 
them. -Also responsible for the 
erosion in export earnings has 
been the decline in the Rupee 
value of the dollar. International 
prices of tea and coffee have 
fallen sharply, he said. - 


PARIS. Nov. 21. 

Mean vi bile, a French Com- 
muni*l representative. M. Serge 
Bouchcny. tabled a resol m inn 
calling Tor a ban un arms sales 
to “ colonialist. racist and 
fascist ” governments, notably 
those of South Africa. Rhodesia, 
China and Iran. 

He :iKn proposed the creation 
of de-nticlOdi'ised zones, inelti.l- 
’oz flic Mediterranean The 
resolutions, attached as amend- 
ments to a defence policy report 
being debated in the axseniM'.'. 
were hnlta expected tu he 
iUTi-iiU-*!. 

David Housegu nrfils: The 
Department of induslrv cun- 
finned la<t night that Mr. Erie 
Varley is expected In vxji 
P eking in February and that the 
issue of sales of the Harrier 
jump jet to the Chinese would 
then be taken up again. 

At the conclusion of Vice 
Premier Wang Chen's visit in 
Britain last week, a Pres.-, state- 
ment from the Department of 
Industry said that Britain had 
told China it would ennsidi-r 
supplying certain ivpe*. of 
defence equipment in China 
’-ubjeet m r-nnsuliarmn kmIi 
B ritain's allies. 

During Mr. V a-- lev's visii the 
Chinese are- expr-i-lim* an artswei 
to their request for Harriers. 

Mr. Varley will also In* nur- 
sninjj with tJtc Chinese fuifi/jiieni 
«*f the draft agreement uf 
ecnnouiic i.-iiilabor-niiT v. i*‘i 
Britain under which twn-way 
trade vi'itb China is In tic l mu.-, led 
to $$.lilhn 

Purlin men 1 Page J2 

Editorial eumment. Page IS 


UN Commission predicts 
slow world trade grow 



ICUASFAI. STATES GAS said it. 

;Ju> agreed in JawuiiK- the first- 


GENEVA Nov. *21. 


1 1 ruin China into I he U.S. AP-D.I TH£ Un ttED NATIONS Econ- in tbe first half of [hi? year. 3 
l reports ii'«in illusion inal Hie oinic Commission for Europe to- a 4 per ceoi rise in 1977. Esj 
.company •-« *il U 1 - cn;.*.ial -States j ;iv predicted a growth of 5-K volume was liVcly 
I ratling sulKidiaiy M-giu-el -in * p wnt j n ih C volume of world per cent fur the si 
{ agreement la<[ v.vel; in Peking J raJ jf jjjjs vear. a row, 

'•'‘lb China National Glivi.iiealy u sajd , h 'i s nkely growth level. “The- most dynanr 
! a:, d I'. ’.for: i.'iinioi-.iiion jjju e more than in 1077 and WH European ext 


; c>»-.'crm> 


. Inch nil i< -aid 
li.r-c rcdiK-cl 
tire in Western 
r . lie hull -un 


company m import crude uil 

3fier rising North Sea oil production, 
omic commission tor Europe to- a * per ccai rise in ia. <. expor* In addition. «br fall in lb* 
day predicted a growth of 5-K volume was lit cly tu n?o o.- 5 price of imported u<i due iu the 
per cent in the volume of world oer cent for the second year in J.-preciHimn uf Mi*.- r.S dollar-— 

. . ih tf currency in ■ 

antic ntarKCl for — should also 

. Illllv - „ exports over the inll.i lionary pres 

' *u r , 'f K'si t., '-ua?i:d "T "well below tne long-term past ,\ear has b«.-en China, cx- Europe mis >»_•. 

; hi. ■ re l h i i< ■'* *':n li.u-i-.ls of cnuie is largely due to blow port: doubling lo tFI'ui in the 

i. ul. I h L - cuui|..iny *iiid previous f . uf , nom ic aclivii;. and low dc- fir.sl half of this year." me bul- " _ . 

| f .htnen.* agree me ms N;sak'j oi- ma nd in Western Europe. k-lin said. L.i. M.rn Eun, l' '‘ ll{ 1,1 JV.V.';! 

t erode to other eouniriiN However continued demand in It did nut detail European L n,,,n ^ru.nn-n iM>mu 

; be-n on a ■-■uvornim*ni-i«'- J .'uvern- ^ nrt tj America and the Third trade with China but explained economic policies m i > ■< anu 

• nic n i b:isi«. ! World helped cut Western that ''although <!)!* small in ah- to eorrei-t ir.'.|.- mir..il:ini es 

T„ Q „,. ir m .1 rL'/itlnn i Europe's trade deficit in Sitibn solme terms. China «?onii »ik el > , V V 

I raClOr tTliirKCIing . , n HJ C year Id niid-197;;. the cum- to maintain itn* fasiesi cru'-vLh domeMii.* problems, bur iimji-’ 

I White \ioior Cur; Hint I ion ?aid 1 missioa's econumic bulletin fnr rale in ihe immediate ftiiiiru." imports further wnlurtcri the 
U 1 ? .siil>.siijia|-i While Farm Europe said. Sniporis from ibe oil-ex purl 1*12 Ejs!‘> trade detiiii in 1 )jl* first 

• Equipmeni hj>; signed a lung- Western Europe t. impurt countries fo*l butii in value and half nr Hus yc-r. 

[term agreemcru with Leki nr vo j umc rose only very modestly in vulume. partly because uf Agencies. 

j. lajian lo mark cl .hi advanced} J ‘ — 

Mint* uf small horse power diesel ] 

: farm traeiurs in the U.S. and 

I i'anada. AF-t'-l report* White. 

Farm Ecquipmcni will begin ' 

. mar kd uvi W h i b-i sek i tract or. 4 j 
, itmuiuh iis Norih American j 
[dealer net work earti in 1979. ' 


Europe’s gas supplies secure* 


Austria iu 
negotiations 
with Ford 

B> Paul Lendvai 

VIENNA 21. 


TH E A 1 'SI I IN < in', crniii'.tit :< 
iicvuiuiiinv -v ! i h i-* 1 1". ! .tih*-.* 

. 1 1'<" ■; i j r C'Miputin-N .i : • ■ • ■ ; 1 t|i*.* 

i iu 1 'lin_* oj c:-i"s iii tit,- 

■.-■Uiniit as ;:s : i>o-.s < .i 1 ■ i 

.uf ic-mi'ig i-.'i ur !■■’■! f r ilmiic's- 

1 1'.- -s ■ ■ ■•!,.. il- 

' Ills. I .l>- t i . lie.- l - I • 

Dr. Ilannc- ,'ii.di .nl'.i i 

iru* Foni plan in a m.- .. .p .-■■ 
' into:*. lur liic iii -1 t ■ . - lo.'i'.'-. 
dc- m bine Inc pni.n-c -is i ... i u i 
"of ipiitc imp iv. s!-. u dn.icil- 
^ 1 ■ ■ ii = " 

! bo. Ci i In- ]-'.< ! “i:d ■ 'li.ni- 

e<* 1 lur. I ) T-ru r:< > K i - 1 . 


. Inda.i •, '.'.•tiiilci 
j cam i. o i.-il 


j Him.- ’■» hei 
iivaliscd. rii.- .uliJcd 


BY K^VIN DONE ENERGY CORRESPONDENT 

' NATURAL S»i»* will supply about Ensineers that considCT.d.l.? ca? =:*•- reserve*!. 
17 per cent uf the energy demand <ut 
Ahmad m continental Western Europe th« 


•a in it i ni ci 


Saudi can nroiect 

Crmt menial Gnntp has formed . 17 per cent of the energy demand <11 pp lies should be available al 
jinn? \miiip* with 


Hamad Alei^adn ami Broi h«-fs' in the 19S0s. and ii ix likely that pn.v»ih1.- world natural g:is Western Eiirupi- came fn' 1 " 

■ uf siiudi Ai.dii 1 u. open lli<* first' R will itold this *nxre of 'he fuel if.*ervts offered adequale re- (iumevik 1 r»rw/neiii<n with Jbf 

! major eaii iu k in c plant m Saudi market al least until the end of >ouvces for the more distant balance being supplied fr«'uv 


Last year about ->5 per cenr of 
turn of the icntury. and the yas consumed o cuniuicni.il 
n..ni»-.-<’l --I, Western Eiiro:u- came fr 

Ihe 


mi 

.-■nd 


Dutch urge cost-sharing 


-s. * 


GY CHARLES BATCHELOR 

HOLLAND IS pressing France to 
give firm guarantees before 
Friday thai it will share the 
development costs of the Fobfcer 
F-29 jet. 

Agreement on French partici- 
pation in the FIs ibn develop- 
ment costs of the F-29 is the only 
unresolved issue in the wide- 
ranging plan for aerospace co- 
operation between the rivn 
countries. 

'.The Dutch Cabinet is due lo 
decide on Friday whether to 
chuosc the Bregael Atlanllquc. 
made by Dassault of France, or 
the Loekhcedl Orion as a replace- 
ment for its ageing Lockheed 
N'eptunes used for marine recon- 
naissance work. 

France has said it is ready to 
place compensation orders worth 
50 per cent of the total value of 
the AtJaniicme order, and it is 
also prepared to buy 18 F-27 
turbo-props. But to justify the 
FIs.’ I'OOm i$l50m> price 
difference between the two air- 
craft and to belp maintain 
Fofcker as an independent manu- 
facturer, Holland would like 
France to take a share of about 
25 per cent in tbe F-29 develop- 
ment programme. 

Mr. Gtjs van Aardenae, tbe 
Economics Minister, met tbe 
French Ministers of Trade and 
Defence in The Hague yesterday 
for a second round of talks. 

A refusal by the French, to 
join the F-29 project does not 
mean Holland will autcpmatically 
choose the Orion, an Economics 


AMSTERDAM. Nov. 21. 

Ministry spokesman said. Bui il 
does mean that ihe U.S. ai reran 
stands 3 better chance of being 
chtisi/n. 

The Atlantique has up to now 
been the favourite lo replace 
flic Neptune, despile its higher 
price and the fact it could not 
he delivered until 1984, two or 
three years aFfer the Orion. 

Lockheed has agreed to lei 
Fokker assemble the Orion- -i/i 
Hoi land, and U.S firms are readv 
.to place compensation orders 
worth at least 860m. But Knkker 
secs little point in selling up .*1 
production line for only 13 
aircraft. 

• The U.S. Air Force has 
authorised the .McDonnell 
Douglas Corporation tu begin 
production of the KC-10 advanced 
tanker cargo aircraft, a derivative 
of the DC-10 commercial airliner. 

During the next year, the Air 
Force will spend S132.5m for tbe 
acquisition of two aircraft and 
pay the balance of the non-recur- 
ring engineering casts. In addi- 
tion. authorisation was also given 
to McDonnell Douglas to purchase 
the initial spare pans and other 
support for the KC-10 system. -A 
total of 815.5m will be spent on 
this effort. 

The Air Force awarded a basic 
contract for the KC-10 and a 
separate contract for its logistic* 
support to McDonnell Douglas 
last December. Up to 20 KC-lOs 
may eventually be bought by the 
USAF. 






Finland, USSR accord 


HELSINKI. Nov. 21. 
Speaking at a Press confer- 





- *B.Y LANCE KEY WORTH 

TRAUfe EXCHANGES between 
Finland and the Soxnct Union, eir-e. Mr. Xirves said the forest 
valued at about FM6bn (nearly industry had been incurring 
£75&m) each way, were signed heavy losses for the past three 
in ^Helsinki today TJjis is some- years, with the situation varying 
what 1 in ore thaii was foreseen in considerably- within branches of 
the five-year framework trade the industry, 
agreement for 1976-80 signed ih Exports of paper, paperboard 

. . . . and convened products are 

Finnish metal and expected lo increase in value by 

„ t ? ral5 u? s , i ' » 21 per cent this year <10 per 
IS?®? 5- 1$ of. Sh l? S rvi cent in 1979 v. while the volume 
FM l-5bn tiTS9m)._ paper bo.ird j ncrea 3 e wilt be 12 per coni <5 
and other forest industry pro- cent in ig79/ The . value 
ducts; ready-made ctathing and incre£lSe f0| . p i ywood «ill be 
shoes; and ^^Itural produce b ^ same a . the volume 
makeup the Finnish export list. , 0M , fh but risjng prices should 
together with payments due for J ' b e„ e J. r "sulf in 1979. 

major construction projects in 3 Dener res « 11 ,n 1 , 

progress across the eastern The pulp estimates reveal most 
border. clearly the need for h‘Cher 

The Finnish import list is prices: volume will expand -9 
dominated by solid and liquid per cent, value only 24 per cent, 
fuels, includin',- 7m tonnes of this year. In 19i9. the ratios 
crude oil. Finland wanted to buy could be 10 and 31 per cent, 
even more crude, but the Soviet respectively, which suggests mat 
Union re Fused the request, pulp prices may rise consider- 
fi\her imports- in the. energy ably. F r.T.«c» 

category arc electric power and The growth in value of forest 
natural eas. industry exports has been dis- 

Soviet machines and equip- tinctiy greater than the increase 
menu cars, and raw timber also in consumption, largely for two 
appear on »hc Hsl j reasons. One is the rogamms of 

- Meanwhile, it was announced lost market shares by laKing a 
thai ihe export value of Finnish heavy loss on prices and the 
forest industry product? is ex- other is stock replenishment by 
petted to grow by IS per cent buyers. _ , . . 

this v ea r ud by about 12 per According lo 
f-ent in 1979 Don calculations, the fores.1 

' However, the situation is far industry recorded a deficit “ r 
from satisfactory, according to FSI 2 4bn O0jm> on .-!« of 

Mr. Lauri Kirvea. Managing F.M U.Sba in 19/ /. and I I he c 
Director of tbe Central Associ a- -mates for 'fjf*** F r « D ectiv? k? 
Hon of Finni sh Forest Industries. FM 14.3bn f£1.8h n). reaped > 

Soviet aid for Pakistan steel mills 

KARACHI, Nov. 21. 


BY IQBAL MIRZA 

THE SOVIET UNION 15 10 pro- 
vide assistance of over Rs2bc 
(flOdm 1 to Pakistan as additional 
relief for the Karachi steel mills 
under construction. Under the 
agreement ihe credit is repayan c 
in five vears al 6 per cone interest 
ralc - 

ft 13 also reported her? inar 
over Mbn of assistaace has now 
been committed to Pakistan in 


the form of loans and grams by 
several countries and J" fer ' 
national organisations. .These 
include the U.S.. Britain, the 
Soviet Union, Japan. Canada, 
the United Nations Development 
Programme, the Asian Deu/lup- 
mem Bank. Ihe Organisation of 
Petroleum Exporting Countries, 
ihe Islamic Development B » nK 
and a consortium ul foreign 
banks. 


; Ar-n'.iaTn ’ ■"■’hi'ch '•^'ini'im-riiaV v-iii the century- future Algeria, the Sn-.i-i Unmn 

| Imvc .1 An la-i- (-••nf j.1 ti*e. Reurer. 1 Gas eonsuinpiion v.-U increase Bj rhe earli l&Sfis the Eur«<- Li "- V< '' 

i-i-l>(iris‘ f ■•n:n »w Ymi;. The from ahoul 170bn cubic metres pean natural Ca.$ transmissinn By 19^5 ilumi --:u- supi'lu-s 
pl.-ini. which is r-xprcicil lo start' last year to about 2501.- n cubit system \m>uid link continental will account for oniy abnui *«6 
un i.-.ii-Iy next ynsir ;«i Oaiiiiuam. me- ivofi in 1985 Dr. Christoph Wcvlprn Europe, either by i«fpo- per ten l uf '. o!i<u nipt ion. bur -a- 
1 will mu mir.M tun* can-. Fur all . Rrocht. a board member of line* or lit|i»efu.-d nauiral cas pumped along ; ho km pt 1 .'--- 
typw of lii-tcra-jof v-nh :i Puhrgas said in London jester- iciminaN. with producing t-riiin- line syslom fr-'*in Iran will 
capri'-i*:. nf 25uiu ihn-c-piccv cans day iries v.-hfeh possess about 70 per supplement de!n.-no.< m ih..- 

I annually. He told the In-tirute of Gas <-c-ni of the entire world natiiral IflSbs. 


. -V!— n.-in , J .inc! a: 
famti.. 

. biarni nani". 
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I ? j .» r. a * 


/O H3 

f.j tw .0 sf 




(f* 

TQpQn 
Jk. •&" -hs C/ 


trike wave cuts phones and power 




BY ANDREW WVHTUY 


t ••f. bJlL? fc 




mrpfrs 

<3>S V* «V 


!RA‘- V.'AS hit by a new upsurge change*. Tbe pcwer workers 
v p-j:,.:-.- *ecior strikes and vio- plan farther stoppages. 

•cr.ce tod a" a.-? the Iranian parisa- Mao}' businesses and private 
mejo dcii’.ed a morion of con- individuals have been badly bit 
P.den-i :r. Jhe two-week-oi(i by the telecommunications strike 
Government of General h “ vil ?*? , y cu f°? l™ n 


"--v eminent oi ueaerai „,r\. = , - , , : * “ 

Gho.srr, Fe;a Azhari. the Prime * r0 ™ f *f ° u * lde *: or j d for ^ 
Mir.:-. ,c r .-nd Chief of Staff. paal days ‘ Conditions im- 


X. X. SHAr.MA 
:• r.v. OiLLHl. 


:fr • n.. ‘..fir a 

- • ' ' V Li;k Sabira 
• • I'jri: 'i:nrn!i. 
••..•i/.. •« .hrcu'cned 
_-.v.!..-:cn from the 
'oii'.'V.-: ihc 

,; c;es G •:.•:! :■ 
■i.mdh: :« 


...erv 

MilL/ 


_ . . , proved somewhat this afternoon 

:r '*V 1 A rhan was add res- but many employees are on 
: Ltim. the lower house ,<n-;ke or ’going-slow. Cables to 
••' bis- iiOvcrn- [he satellite ground station near 


* :• “? -ram me Tehran was Hamadan are reported to have 
electricity been cut. The strikers are de- 


-■.rike. I mop- later manding the release 
■i the Shah.-yar power I^rim S&njabi and 



TEHRAN, Xvf. 21. : 
Shooting has taken place 


in tbs desert city o? Tazd ‘in 
wnich -ociI rources say that four 
men and a wont an vere killed. 
Tots follows trouble on Sunday 
in Sir-riz. in norma! times one of 
Iran's zaon reused, and cosmo- 
politan cities-where toe sffCHrity 


. .1 i : 


!-*• 


\Ti: 


' ••! ; it 1 , 
or, ted 

. -d 


<.i 


if pri’-i- 
Hout" 
:--du; . 
;• • 

>:rii - :i e'< do 
■’j j." mic. 

:. •■ '-ii 'oi" 
■r'-r.-r <snf 

■■••d 'he: 
:;n 

LAOS 

nr ir,-' 


rolled 




■JUwjS'. 

jL i 


of Dr 

. Dariush 

•:n hu lie-; h*lf the Faroubar the top two members 
i.-ictricit;.. of the opposition National Front. 

•• ^cchnicianc look con- who were arre-ted last week. 

• rower >ta; ton sfipr a The increase in politically 

-.000 workers The motivated strikes is adding to the who wish to leave the 
tdtn; » return already very great disruption being stranded in 
end to martiai caused by other strikers. The Foreigners resident in 
of political Finance Ministry has now been country havij to have a 
other major on strike for over a month. This clearance document fmm 


^Ministry before they can get an 
exit permit. 

A stoppage by customs officials 
is also causing considerable diffi- 
culties to companies because the 
movemdht of imports is dis- 
rupted. Thousands of tons cf 

oerishablc goods nave been lost . _ . . . . . - 

because importers have been un- forces firea into a cmwa causing ^ 
able to get customs clearance. 3 - un.cto'wn cumoer of casual- 
ln addition to the strikes * ;es - ••-•- 

demonstrations hare cratinued. The continued strikes and 
One person 
wounded 

of Tebr„„ . 

:roops fired on a crowd of 600 * _. _ . 

demonstrators, the capital's mi-i- day du.--.n3 2 ccnfidence mootm 
rary command has announced, debate in ‘be Majlis. Jack in- 
Atrhe same time the Govern- creasingiy slim The key 'points : 
has led tn rbousands of foreianers ment put the death toil during of the programme are the fes- 

trouble in Sari at five, but un- 
official estimates put ii at 12. A 
doctor just returned from the 
citv said it could be as many as 



country 
Iran, 
the 


lax 


in? ' L'O. 


t oration of C2:m and.>ecurtTy, 
a speedy campaign against eaf- 
rsprion ana gcaTanteeiag" Siat 
food, fuel and eiectrierty snp- 
oiies return to hormai. ' • 


• J 
< -ir 




c j • •_ • 


i r, rfTWAvr 

L-v-’ c ,r. 'n.'. 
.onifiif'.dec 

1 ?“■ tv the 

• ih-' 


resources remain untapped 


Zambia 
looks east 
for arms 


Eritrean 
in face of major 


BY NAYAN CHANDA, RECENTLY IN VENT1ANE 


7 im 
:»L-c.r:n 
.vfiro-vi 


pr> v :i.^v 
1 ’ c hi* 


T-.« 


■. conpl-stioR of me 
i.*e of Laos' biggest 
station at Nam 
i* lotnl “cncraticc 
the Lduni.f?' almost 
• ns monlii but 
r iuus!> i‘ 1 if is no 1 
.- 5 i now jil.-nt 

pH— ni; m. For 


socialist aid came in to cushion 
the impaci of the loss of western 
aid but it was clearly inade- 
quate. While the handful of 
existing industrial establish- 
ments were, hit In a lack of raw 
materials Snd spare parts, a 


has 

the 


nor i-hj— drop in imports not 

»■ ftp . _ . - . . .1 • . . r . . . .! 


on 


0 pCtf-an 1 '* tr>;r.g 


n--d 


\r.( 

•:n»' 


• '.-oden 
mail'.' of 
tran^nj 1*. 


•■mie 
resin 
'.-c.--. the 


• hi- n 
irti'i ■*. ‘licit ' 


.i.->rine=- nrh; remains 

1 : r; r ' e v d Lacking lr.frastru 
sr.d 'v-in bamc industries 


created .‘horiage of c ial bu« 
rendered larqo section oi the’ 
liman population en^ap'-d *n 
t-ade jnb!e.*< A denmneti-arion 
of the old furrenc> in rnid-lOTB 
somewhat curbed me inllaiion 


1 fi-' 


o pront 


\ ;c ton r>oor even 
•n such ble-iings of 


T: . 


■|'0 


S!ta: 


and 

Cons- 


assisur. 


■s -'pointed ! o 
• Lut'.nst iie- 

’ error. c” 

1 - 17 , Ci r 

■ r r*.i’*rr" 


<t 1 


•r 


il'ft 
: i->r. 


■ ni 
v’- 
: -1 •> • 


-.•If 


I" 


.’■gum rydre-ele.-tne 
V- with multilateral 
*ponsored by the 
Asian Development Bank, will 
now Jen crate- 110.000 kilowatt nf 
ciocm-.-i".. Sut ainiO'-t 100.000 
k liev-a: ;* *:l! not find any m-me- 
rj : ,i ; r. i;f* inc country and 
v-'.-u-d k.s.v.- ‘o bq exported io 
no: 1:; hi ::.-:r._ Thailand. This 
.•pparen: irony in a way sums 
.:o !iic sf-'e of 5 he f.yj economy 
■ ’ »'-:i . ••••;'•• i:« vast potential 

^nd -: "til population of 
i r- r- r o:;i 1 1 .■ t 1 if .5 m - h -u Ul h a ve 
l»e*.-:i one of i.!io r-rosnemu*- 
'•ottr.jr •:* -'if iiio region hi: ; 
rental r- vn r ‘>r itte pllo^e^ , ' with 
. n -1 SL'S90 per cai-ila 

•jNT. 



Since September no ra 
been made available 
population with the exception 
of covernment employee.* ■ The 
newly harvested rice fror.s sreas 
no? affected by ihe slood are 
a ill: available in the free m.. rkot 
at S0O-100 kips a kilocr.-m 1 75 
cent? to one dollar > t.xe 

•‘.tdjt.on is not desperate out 
could well become so :n , 
m.irjih*' rime If no forctci . 
ance is forthcoming. 

vV bile appealing ; or 
a id the government is v 
people to grow subsidury 
lisc cassava and corn and 
a jaio rice. If the novirn.ncnt 
can tide over the 
cullies ihere is every 
that within a 


SO '* 


By Michael Holman 

LUSAKA, Nor. 21 
ZAMBIA IS to tliverr funds 
intended for social services to 
arms purchase*. President 
- Kenneth Kaunda announced yes- 
terday. 

Speaking at 2 Prcjidenr.ai elec- 
tion raliy’a: Chotna. 150 miles 
soutn of Lusaka. Dr. Kaunda did 
nn; disclose the amount that 
would he dt-erted but said: 
"The n:or33y we have to spend on 
bosnitais and rchoc.!* will, un- 
fortunately. have to at spent on 
ti’.est? wpjpons " 

Mili'srv spt-r.dtr.g :s a secret, 
and estimates range from 13 to 
25 per cent of the budget. The 




m iS 


V 


, tl* 

H 3 § ^ 

I * ' 


"ft 


BY ANTHOHY HcIJERMOTT 


IT NOW «ems > clear, ttat & 
military takeover in all bat 
name has takes place izrlran. 
The major prpitfem lactag both 
General Gha^u R«a Aahar:, 
the Srlme ALinistet. and the 
; Shah, now: is. hpw. ,4t. will be 
j_. possible far .the military to 
pass back eomKri’ to cmiisn 
! pditiciahs. y The^rpspecta for 
j. '.such', a,. : t ransf er ' ■lopk,. :ar 
present; very- remote.' '- 


■ At present, Gerneral AzfcarLJeels 
bound ro stand by the- cons5ru- 
tionallan d symbolic importance 
of the ’Shhh: Thus, it .la under, 
stood;-.. General Azhari . puts 
forward itfess and policies to 
The Shah, 'wfidiendotse^ them 
and then promulgates, them as 
■his own, ■ thereby preserving 
the fiction . of -bis authority. 
Which is crucial for the preser- 
vation of the' - unity of . the 
armed forces. 



General. Azba ri has 1 made three 
issue? his -prioritie's for what 
tfe hopes'. will* Tie^ a “tern- 
pcriuyT .stay in . office: ^.the 
restoration of law- and order Ln 


BY JAMES BUXTON . . 

EPJ7P. EAN FORCES say . fhey Ke re n ; r.d :cat«s the power of the j * .. - n S ?S^ 

are nulling hack in tile face of E'.hmstAfl Attack- _ ' • : l° d i 

the :r*io- new E-Jiiopian offen- Ths Ethiopian Go veram enL i . On each of thes«. joints, ^>he f 

i* ri'r ■“ ,. w -1 v,; -.r x - ^naflo-ioo 000 men in 1 - poasibtkties of success tnok so . 

iive wn-.e:: --e^an a: the weesean. wh:cn :u- 5 U.ujv-iuu.uuu men in . JJ, . K 2L_ t . r . nM _, Aihiri'* 

Tne Eric-ean Pep nlsr Liberation Eri:re:*. launched in offensive. '- £^“5 11121 GeneTa} A-nans 
Fran: iEPLF*. one of two main in Jur.c which Eucceeded. in, tenure 

nre-uoi F ? h rir ? for the iddepeb- reocci'.p'-itta several towns and*; . , 

d»u of the Red Sea province seriously weakening the EOtami\- . 
from Ethiopia, said it had ab'an- Liberat.es Front {ELF),, the . This ’ was'- undeH&ed.'.'fo- ./the 
doned i’.i riiiiiasu on the strai other main liberation' force. But; Genera r who.- Jn aa intet view 
:eg:'c road from Asmara to Mas- though Ln* EPLF also gave up; 1 f e Oor ted today. - «a,rt:r:*‘_I.am 
szvy. •*■ ««•«» iMriions .it was. able to-; 


of -office — -or* that “bf* 
another military' goternmelif— 


f ^ 


If fgfiZT 


crop 

zr'jw 


some positions -it was- able to , reS no,Hibie^-not the 'Shaitf* 'v 
. nreveni the Etmooians retauiig' 

decision iciiowf i^st month* 12 a ra-.o message t rom the ^ eren an j haited their advance-fFtrst. it is clear that- bbweeer 

in battles with heavy casualties,'., ntich the j>re^eh t.“g tare mstear 


Rhodesian bomoLne raids on front, the EPLF said: ‘‘Due 

A rr - Ca ? People* Un.on ^on^-nu^r banlM. and for of” Asmara. By 'late August j\ is! claiming that workers .' iua 

«2APL 1 installations in Zansoia. the Eriilopian offensive had \ retiaming. to work; strikes-’ are 

during which tne Zamoian armed resc.vec to maxe a tactical with- not} ' " 

pre " ' tn% forces’ appeared powerless to dnvil irem our eastern front. 
few — {.ins • retaliate. ' Dr. Kaunas's exolasa- ...We announce the withdrawal v 

..... u405. t . Qn .jjg was ao . of our forces from their positions “*;,.r a ‘’UX'V 


j v 


wr.jld become self-<uffi >1 ll0R ** 1 u;-'»e was mac aoi -j. w* .«,«» uwu 1 F-s^oi^n fnrrex are 

iooi. However. .W'fro™;^ H < ! 1 . b 'l” ^ ^ ifSb!, S whl 

natural disasters another sn a? 1 . • Novenr,ae ‘ - ooerj’e artillery and heavy 

An EPLF spokesman in Lon- equipment, while Russian mjli- 
e 'ic that the withdrawal, •- : — v ~’- — J *- 


. T trav sell 


C -. VO't Tpi?t 


L. r,s. v.-.i. r, •*■ about ir.c size 
.-•i V." i.iemany. has dO per 
?> r.i it - !i?-riior> co\-.*red wth 
r;c' fore*-., an -/j tin::' red 11 bn 
■or,? iron >:c and 700.000 tuns 
of tin. and va*t n.uaniily of 
no: ash and oth: v mineral reserve 


in acmevina this goal could no 
3 louah and doctrinaire spplica- 
i:on socialism. In June -hi* year 
the government launched a c 3 .-n- 
r»a:gn ic organise the 3; r.; 

L 20 peasants into iTi-mer^tivo' 
■■■ :h the aim of revo!L;::-.:::s.ng 
ac.-i culture 

While some progress heor* 
nude in mobilising p'.-..ur. , .s to 
build reservoirs and d:-j csnal* 
the eo-operativisation car-iosi^n 
iia* a 1*0 provoked snr.i.; ra..*>ive 
re* i stance from pea* am.* C-.ptn- 
•'nced ol>ser\ers in \';er.t::«ne 


But now the central 
committee has empowered me to 
look eisewhere fo^arm* to keep ^3'^* s 



Jo w which, a Jong with fear ;md 


C. H.imon 


S'/a.-n ent ’jui: . iiiineui iwun j*..:,.. nt . 

ur.d an c5tinw ,ft d hvdro-electric ot u comn.uniat re^.mi:. 

aoientiai Of 3-0.000 kilowatt ed to an evodns of ihousands of 
" ' "■ but yrifi or. i-:;-y remains {i 3 ^ to Thailand. France a r.d ine 

■.■nf." dfsr-c-t'teiv With the L.S. The ;e*u5ec flow involved 

v :l!ir.'. r-. ’ o : ur^mine* ^ Iar ? e number of the 'country'* ‘Jealm? »ith 

'■ r/r;.o other mineral re-erve- renum e«!ucai«d cijtc. This brain dram AlUwush me 

.f tn- -r-a-j-eri and <•,*•* -.reciou* together wun continued ir.car- pn*c — o-oied 


drop in production. 

V.'hile pushing ahead 'or 1 
reform in acnculrure. 
ihf Government ha*, 'nevcrtii^- 
I?«*. *hown some flexibility in 
with* nrivate trade.- 
ie cemmercia’ enter-. 


nut ibe ag;ressr»rs.“ the President 
told the Choma raiiy. 

Dr. Kaunda j« also reported 25 
saving that the raids had been 
carried out with the backing of 
Britain. L'.S. and other Western 
countries who had invested 
heavily i c Rhodesia and South 
Africa. S 

Having publicly, declared that 
defence ^pending has been 
inadequate, it may be that Dr. 
Kaunda now feel* obliged to 
rented; ’he omission. Whatever 
the rea*:o n. the Zambian Amy 
is r.i-.- playing an increasingly 
ir.K>u riant role :n the country * 
politic*. 

Britain provided a £10m mi:i- ( 
tary aid programme in the wake 
o f the raids, including Tiger Cat 
err.snd to air missile*, bu: the 
<*•'; u.cmcnt is for defensive use 
on;;- and •* iimired tt> Lusaka sad 
r/.!ior Zambian towns. 1 

New arm* supplies are unlikely- 


which rook place early bn Tue^ 
day. was necessary in order to 
strengthen -he forces defending 
the EPLF-heid town of Keren to 
the north-west. He said that a 


tary adviser* are believed to 
play 0 co-ordinating role. While 
the Ethiopians have greatly j 
superior manpower and equip-, 
merit i!:-. Eritreans are hel7»ed 


continuing on.- a- -i-da a wpn ' S 
scale fn such key area* os- 1h? - 
oilfields ‘ in* Khuzestan.^ and 
becoming - more acute hi - sinffi 
sectors' ! as.. . power 'and tde- 
comnnmi cations. The strikers’ 
claims are now-" ’increasing^ 
political-*egainet the ' Shat— 
and ' • therefore less -eay. \fo 
meet. It becomes' rhore^-ilke^y - 
that the longer these, disputes 
continue. . the- -deeper . the 
military will have- to intervene.' 


V 


bv ;hc rugged, raounLainous 
large Etn.opian force was press- jertir:. 

?c 

c4M:r,:i.uca.. ana oeienurnauun.. fiTst .- The’damanc ^teadS' 

Reuter „drt- from Khartoum.; . mM h; no s 




ir.g roTifc-wes* to-* - ards Keren 
from Adi I’gri. which is south of 
A>mara. ti:e capital. 


:er ur.. ::,e support of the lorai ; seCl0n d i s£nie—fhe ecariojny f’ 
jo? j .a*iun rtnauieiroyrn fierce - L _- :^ s jRtima - r ? 

r-jr:’. :n n». and. deteiiumatio.q. • - 



harassed by ^ guerrillas. T'rfe. need E'iriopia's northern province of j 
:o canientruie r.» forces oft Tichiy last Friday-. 

1 Jt : • ' . — » " 


S. Africa Press row grows! 

. JOHANNESBURG. Nov. 21. j 


BY QUENTIN PEEL 

CONFRONTATION 


between lishers’ Union last ^eek at which I 

' he L - 


T',< 


uncharted fore?-. Electricity 
from Nam NiUir. rihiminste'* the 
can it;: I Vientiane but there are 
few mdurtr a I in-Lilbuons to 
run. Decade* :<i neglect and 
iRce**anr v.-ari ire hdve not given 
•“ U.S. doiia- Ld<«j> any chance to develop- 
’.'ove:i:i«' .- 1. 


.* T.-nc; . 
. --nii.:.,: t'jlti 
to!.:; 

the 

::.:r;d rear I; 
(oiivving 


former sotdier; and official- in have 
re-education camps have deprived pen-iation 
the country of much-needed ,rad f 
managers and professional in 7 r,r 
people. 

The general economic 
location caused o'y lus* 


rale 



amounts to a recession in coa- 
parisan .with, the socially.-wd 
politically 'damaging' OTom 

years which ftHlowed the.itw 
in oil prices in 1973-74. Even 
tbouah Iran's economy may-'oe. 
finding its more realistic-IeWIS 
during the next few years, tije 
renerctissions are bound to be r 
feit locally. _and strengthen 
political opposition'- to the 
Shah, and his government 


tax hut niberwi/e’ turns r. foreign exchange. Spendine on 
blind eye to the financial aspect militury hardware could also . cli ^i cl0r:,hj?:: 


The announcement by Mr. 


d - . 


•I. -- . 






■’ r.*-:h#-d 

v:r..'i.;,.- :n 
1 In- d-'c;- 
- tii ou K1 
;,n; 

record late 
-.■j'l'cJ There 
;".Tt- of noli a r 
,r. Weii ''.er- 
s - ■.■• o weeks. 
C'.uinitni on 
resorts. 

:-, i. - it:es. in ex- 
• :no--j *c!« the 
rofltciing a 


While the K«ich .reeled Uos ' 1 ' hl ? h ff*'" fc'I» U 

:** the backwater 0 ! Indochina. * ,ood c t riM , a raP n lop °! 3 b3d :na ^ k « T compared to offici 

. . . mrrps? in iQ<h mmp I no mn;t a r inn 1-!^.. T> nH . .i_. 


mic dis- of the operation which involve? jeopardise Zamora's pledge to._ . . _ . ... . 

* of^ aid black marketing in dollars — . r-duce arrears in payments for ' ^ • Botca. tne Prime Minister. 


in black ir.mnrts and the remittance of . 


more 
erisrtng 

non-statutory Press Councff, the. 
Prime Minister said he tfould 
set up a parliamentary combi Ls- 
sion to investigate possible lel^Is* 
lalioo along those lines accord- 
ing to informed sources. \ 
The journalist ordered to\j 


news- -Thirdly. General Azbari's 


official rate ; d videnri? and profits, which "H subpoena one _ of the 

<te American* * •i>n* fruitless il ‘ irves * * n I®' 1 ® came the most of 400 kin.*. Particularly, inf'titi* Kwacha 450m f£2P0m). journalists invo.vea in mvesuga . 

million* to sbvre”ui> an anti- serious drought of 19- « virtually order m increase export earning 1 steady reduction in arrears was .tions into the ;ormer Department aopear.in court tnmorow is Mr. 

Communist rerun -j and destroyed threatenins the country with the Government i* allowing ! a key provision ir. the U.S.S3fl0m i . . . _ ecTtnr of The 

famine. An appeal launched by private traders to operate as ' International Monetary Fund 1 A.though it only affects a. small ^u-tor oi tne 


va*t 


parts of ihe 
bomo.r>a. 
war in 


.> . ^ country id 

American ^war 'in Lao^ ?30m in food and other agricul- improved organ isa ; ion**'^ *La os' : agreed to ^n^March. - orUe ‘ rainaie ] decision ends a long-standing tbe subpoena, he must answer 

fought from'i he air it did not tural aid and averted the famine, export earning in 197S will reach Many Zambians will be dis- j SJcJS-Sm eSttoM 

ovoft bring ,hc «d« ben e fi, of But 3 nme rten tbe cou^ry then double " ! P." g!y«X^ | %, < $g?£8ffjg5&Z SS5' !SS»- .Sffifrf » rtS? eS 

. _r».LP cats, ine-aanuarj Dua^ei | ifntannor nautnangr Prnnr.« ruption Or fraud. 

- Mr; Katrin, who h& been in- 
left the Board of N'asionaJe Pers. v oJved in inTastigatjons intothe 
the newspaper ". group based artwj'e 5 ° f former taftmna- 
primarily in the Cape, when he ti on Department for more than 


Lhe UN has since brought about official agents. 


operate 

Thanks 


as ; International 
to . i IMF i two-year 


assistant to the 
Johannesburg 


aid programme 


(number of Ministers, the 1 Cabinet Sunday Express. According to 




i 1 ' i C 


-(.;nv 

<1 die 

in ihe 

local 

•i: ‘p :iu; 



rloilar 

■ n :•■. I 'iv 

1 Bank 

' Tin - ’ 

V iv*.-.-.*- 

•«r^rj. til'" 


■:i ..:y pro 

*SUS-V9. 


good strategic roads. Less than was heading for the first good 
id per cent of the roads is usable harvest in three years, floods in 


during the monsoon. 


« 


An average of $T5m of foreign 
aid that was pumped inro the 
country between 19SS and 1973 
to finance impori and provide 
budgetary supnori ro the 
Vientiane regime only dis- 
torted the subsistence economy 
n\ creating pocket.* of artificial 
.prosperity. A confidential world 
bank report in 1975 named that 


August and September dealt yet 
another blow. According to a Lao 
Government report half a mil- 
lion people are now ‘‘seriously 
threatened by starvation." and 
710.01)0 people w-ould need 
assisiance for the lean months 
of 1970. Yet another appeal ha* 
been launched Tor 120.000 tons of 
nee. 


previous year. 

Although in view of Lao's eon. l 53 ’ 1 ' substantia] reduction? of both I _ . ....... 

tinumg need of food and basic • ca P 5lal and recurrent expendi-1 Mr. Botha said he had himself 
commodities from abroad., th* i ture - a nd health, education and 
trade deficit — which averaged other services are suffering. 

S40m to 545m a year — is likely j 
to remain high for some years, i 


the country's exports can make 
rapid strides and provide much 
Deeded capital for lifting its sub- 
sistence economy by its boot- 1 
straps. A major effect is under-! 

The response to the appeal has way. with foreign assistance, io't.jit 


Rhodesian 
schools close 


By Tony Hawkins 

SALISBURY, Nov. 21. 

riitmnTf T a 



t -asatas 


(became 'Prime Minister. Other 3 Y^ r ’- P ub ^ i ^* c * a story on 
Ministers on that Board are Mr. Sunday sugg^ting that Dr. 
S. P. Fanie Botha, the Minister *«*»«* SralU the 4 f ?™}* r South 
oF Labour, and Dr. Piet Koomhof. African to e J lQ w I i 

the new Minister of Plural Re- national Monetary Fund, head 
lations fEIack Affairs. been Involved in a top secret 

The only leading politician on 

In ! the board of the. Transvaal news- *[* „ ** *rh-“ 3?^ S 
,n • no nor m-ni.n Do«L-«- i- n. November. The story was 

vehemently denied hy Mr. Botha. 



[f Mr. Katzin refuses to answer 
questions, he could face a jail 


administration .-h<J much of 
urban life." The report added: 
“The prosperity (of the 
Vienriane ronci based on exist- 
ing aid programmes - is no doubt 
artificial. hu» -vore they to he 
brutally reduced real poverty 
would fallow." 


navir ■ earners. ' n h ; 

lo UN- Although Lao's present level of ! edneation Thi= 

sponsored funds, are reluctant industrialisation dn« not permit l0{ jav bv’ a Rl 
to provide additional bilateral utilisation of the additional power j men ' t offic'al aft 
aid. Besides token gram of from Nam Nfaum its exports can' !our or \frica 


already committed aid 

Rhodesian 'Govem- 
iftcr a countrywide 

.cso schools. The - 

medicine and some clothes from ar least ;ncrea*e the dollar-carn- • ip okpsman warned that a whole i Press, have fallen 
the Soviet Union. Bulgaria and ing on this — ! * - 


deprived of . . . . . . . . . 

This was announced j ls nat bound b >' lhe decision. 

Tbe Afrikaans-Janguage news 
papers along with rhe traditioR- 
ally hostile 


The latest furore eoicide; with 
a major development in . the 
bitter' "W a ttonar-l Party contest For 
leadership of." the Transvaal 

English-! an, uage prince. Mr. Hendrik Schdeman. 
oui of the the Minister of Agriculture, an- 


. . . . e ., account from its. generation of children could be .' Government over tbe invesriga- n n un ced his withdrawal from - i 

Lzcchoslovakia and some food present S2m to some s.-SmJHow-; doomed to illitenicy. j tion rat o tbe former Information ^Section today, leaving ™ i 


And this exactly seems lo 
have happened when in 1976 
following the Patbet Lao take- 


aid from China. Lao?’ east bloc ever, for the next few yearslao'5 [ The spokesman said that S2 J Department. All South African stralahV 1 contest between Mr 

.■on- main worry is going to be.-- food ] African school-teachers have J newspapers published evidence Fanip: Botha on fhe Left wTuff 


partners have shown total uncon 
ccrn. T 
Vientiane 


ccrn. The food supply in and iLs gain -from i export is Bkely. been killed by guerrillas in the [ about the Department's activities of tbe ' party,' and 1 Dr. Ahdri.es 


which seemed to to be used to feed and clothe j sis year old war. Many of the 

over of Laos the regular multi- improve earlier this year, people rather than build Industry teachers are forced to sive some 

lateral aid programme from the thanks to international assist- to tap the country's enotjnotis of hteir monthly pay checks to 

west was hailed. Initially some ance, is again facing difficulties, resources. j 1 the guerrillas. 


Fanie. Botha, .on fhe Left ■wing 
ro“"rt»fi“nno^^‘ c r t A“ K L Iwll *^ > of the party, and Dr. Ahdri.es 
l n . D . rde . r b >* tie Treurnicht an extreme Right- 


. . . --- - — iiruiuibiib an extreme 

Prime Minister^ not to do so. winger. The election to succeed 
Mr. Botna held a meeting with Dr.- Mulder takes place on 
members of the Newspaper Pub- Saturday. ■ 


.genuine determination to pur- 
sue corrupt officials up to levels 
just short of the Shah and his 
irarawfiate family — and this 
includes, such .figures as Mr. 
Anur Abbas Hovieda. Prime 
Minister between 1965 and 
1977, and subsequently Court 
Minister, and General Nema- 
toliah NassirL head.of .the in- 
•. famous intelligence -ayency 
'SAVAK from 1965 until the 
summer of this yea.r-^-cmrld 
result- in tbe position of the 
Shah being 50. tainted that be 
be com PS a liability rather than 
a focus of loyalty to any 
government. . . 4 

Finally, thfere is the question of 
General Azhari’s civilian suc- 
' cessor. When- free elections 
were announced -"■ in the 
summer, due before the' ehd'of 
next June and their bolding 
still the Shah's solemn intent, 
some;40 potential parties were 
described in. the. local press. In- 
realistic terms, their numbers 
are of course far. smaller., and 
the ".question of ’"forming' a 
national government 1 revolves 
more around personalities such 
’•as _ Df^. 1 AW - Ainini fPrinie 
■ Minister' 1961-621 and Dr. 
Karim - Saniabi, leader .of. the 
National Front rather tbao- 
paxties.' However, the chances, 
of these . politicians either 
being. 2bte to agreie>f-inevltabiy : 
with some measure of approval 
from the religious leader 
Ayotallah RubolTah Khomeini- 
in-Pari3 — or being able to keep 
lrab‘ under con.tr oL make: it 
clear that General Azhaxi has 
almost -itobody to hand over 
power to. even if h.e ; were to 
make some progress towards . 
his, three self-professed goals. 


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iD'^i'T'^ljTrtW iT ATEF - . \ , 5CCTCH PPWVIDENT^. 

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94ca\mvmuP MC £& cp uATERAL >vr 

R3B iMPPUVINSIHIS PR3PEWV CPi WOVN& HLfT/ 

50MEWHSfS?L$S WITHOUT RJRTHEfti 1 ^ " — 

0AP6NCE OF HEAITH/ , __ 

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I Scottish Provident, or-fiH in this coupon: .1 
■ To: Scottish Provident Institution, freepost, - 
B Edinburgh EH2GDH, .. . t ‘ 8 

I Nam p__ ' ■ "I 

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Savill may 



STTLYNTOtt HdAJN 

THE BANK - ami Sat fU Line 
plans to cancel letters of mlenJ 
with ' British Shipbuilders for 
container ships worth £36ra' if 
.the Government fail* to win 
European Commission app roval 
for use- or the £S5m ' UK ship- 
building intervention fund.. 

The fund was set-up in.' July 
to. bring X*Jv 'shipyard prices 
down 'to the level offered by 
overseas shipyards. If . was 
approved _by the. EEC subject 
to- ihe Corrunission- vet+inff each 
application^ ■Without the, fund 
ships built in Britain would be 
uncompetitive’ end 1 Bank and 
Savill' . would -almost . certainly 
place Its orders overseas:; • - - 

Bank and :Savfll - mantis two 
. refrigerated container' vessels of 
1&300 '] deadweight- tonnes to 
operate inr oartnership with 'the 
Shipping Corporation ’ of New 
Zesland-by early 1980. 

^.-British" Shipbuilders' is 'eligible 
, undpT, the-, intervention agreo- 
•nieni-'for Government aid. up' to 
.30 per cent ot the capital cost 
of each ship. 

The Commission was expected 
J to have agreed ,tn the aid 7 ; for the 
~ Bank :an<J Saw IT ships.by Monday, 
‘but failed to do so. Yesterday, 
the industry Department, which 
administers the fund, said that 
none of the £85nt- had yet been 
allocated to British Shipbuilders. 
.. Mr. WUllam Kirkbnde, a direc- 
tor of the Bank and Savill Line 
said yesterday that the company 


had tenders from ."Korea.. jap»n. 

West Germany, -Poland. Yugo- 
slavia and Spain as the 

"UK. The average Jjiibts^cas £18m 
for -each ship ‘including 350 
refrigerated" containers. . . 

"We wou Id not be'.bKte rested 
in building the vessels to, Britain 
unless British- - ^SfiUfbullders' 
quote was comparable,** rbe said. 
If there was no agreement with 
the Commissjon, letters of 
intent .to purchases fnph -British 
Shipbuilders 1 wquld; i : dome, to 
nothing. 

At the tnomrat^ritt? order had 
been placed with British Ship- 
builders. but Mr. Klrishride-said 
he hoped approval .for. use i-of the 
intervention fund would come by 
the end of.the month.’:^ 

British ShlpbufldmrtjBlid'lt'bad 
won orders for six vessels since 
the fund was launched. "The cor- 
poration did not know *if work 
had started on . the vessels-- 

The. six orders' incIuSed last 
month's £10m order front Nepal 
for two SD 14 ships fKan, Austin 
and PickersgilL Snndeirlaad, 
which mav Involve tise ^of the 
fund. BP Oil ordered' two -pet- 
roleum carriers- last -week,* from 
the Appiedore yard* Devon.-The 
yard won another otfier.'TSSter- 
da.v when Howbot&aEn .atm. Sons 
f Management), a subsidiary of 
the Ingram Corporation, of- New 
Orleans, placed. an,oraer*f6r an 
S,f)00 dwt. product carrier.' 


BP ordered a £60m emergency 
offshore support vessel in mid- 
August from the Scott Lfthgow 
yard of BS. Work on many or 
these orders may remain pend- 
ing until the Conunlfision grants 
permission for intervention aid 
to be forthcoming. 

The Shipping Corporation of 
New Zealand ordered a similar 
container vessel to those proposed 
by Bank and Savill. but from 
the Brener Vulkan yard in West 
Germany. Subject to approval 
bv the UJS. Federal Maritime 
Commission, the ship will operate 
with tbe Bank and Savill vessels 
between Australia and New 
Zealand and the U.S. Gulf and 
Caribbean ports. 

Bank andl Savill is 5n per cent 
owned by Furness Withy and 
50 per cent by Bank Line. 


Plea rejected 

CLAIMS of a possible health 
hazard have been rejected by the 
District Council at Corby. 
Nortbants. and planning permis- 
sion approved for Beaver Foam 
to open a £2m plant in the town. 
The company manufactures 
cushion materials using .a highly 
toxic substance, which some 
claim gives off poisonous fumes. 
Nearly 300 people will be em- 
ployed at the plant 


[Accountants 
[support 
Bill in 
principle 

By Michael Blanden 

THE accounting profession lias 
supported the general approach 
lo the supervision of the banking 
system in Ihe new Bill, pub- 
lished recently and due for its 
second reading tomorrow. 

In a memorandum to the 
Treasury, ihe Consultative Com- 
mittee of Accountancy Bodies 
nevertheless recorded concern 
over the wide powers that 
would be available to the Bank 
of England to revoke the 
recognition of a bank or the 
licence of a deposit-taking 
institution. 

It also commented on the 
provision under which appeals 
against revocation would be 
addressed to the Chancellor of 
the Exchequer. Since the 
Chancellor was also ultimately 
responsible for the Treasury 
and the Bank, the accountants 
argued, an independent appeal 
board should be established. 

The 'accountancy bodies 'sug- 
gested that further consideration 
should be given ro the financial 
disclosure obligations on banks 
and deposit-taking institutions- 
Many large depositors would 
become even more dependent 
than now on the effectiveness of 
the . Bank’s confidential super- 
visory procedures. 

It might he desirable, the 
accountants argued, to consider 
whether the public should he 
entitled to greater financial dis- 
closure from banks and dcposii- 
laking institutions. 


Homes scheme competes 
with building societies 


BY EAMONN FINGLETON 


(THE Trustee Savings Banks are 
1 to provide £- 00 m a year for a 
j new Hpine loan scheme which is 
expected, to briny them into 
[direct competition with building 
I societies. 

I The' TSf3 Si winch jre now be- 
' ins fnsed into a single national 
; organisation, are launching the 
1 scheme os Pari of t1i*;ir partiCTpa- 
| tion in the Government’s new 
1 house ‘.purchase assistance pro- 
| gramme. 

Under this, would-be first-time 
home buyers are to get grants 
and Interest-free loans from the 
Government after saving for two 
years with an approved savings 

institution. 

The TSB mortgages will he 
allocated to borrowers who estab- 
lish their right to Government 
aid by savins with a Trustee 
Savings Bank. Savings from 
December will count for the 
Government programme and in 
two years the TSBs will grant 
Llieir first mortgages. 

The Government will, make 
grants of up to £110 and provide 
interest-free loans of up to £600 
to successful participants in the 
programme, which will he run 
primarily by the building 
societies. 

The TSB said, yesterday that 
the terms of the new mortgage 
scheme had not yet been worked 
out but they would he “ com- 
petitive with building societies." 

Already the Birmingham 
branch of the TSB provides 
mortgages on a limited scale and 
it has been known for some time 


that the movement is becoming 
increasingly interested in home 
loan business. 

The TSBs’ lending programme 
will provide more than 13.000 
mortgages averaging £15.000 
each a year from the end of 
2980. 

In evidence to Sir Harold 
Wilson's committee on the func- 
tioning of financial institutions, 
the TSB movement said it would 
have to increase its free reserves 
as a result of its transition 
towards operating a* an inde- 


pendent banking organisation. 
Because of restricted activities 
under Government support and 
ability to accumulate enough 
reserves, 

Tt told of plans to enter the 
commercial lending market next 
year. The movement will con- 
centrate on lending to sole 
traders initially but will eventu- 
ally lend also to major concerns. 

The. submission criticised the 
1974 Consumer Credit Act which 
is now being implemented in 
stages. 


House buyers ‘seeking 
new loan sources’ 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 

POTENTIAL home purchasers Thorpe adds weight to the 
appear to be seeking new evidence that house prices have 
sources of finance because of the ^sen more rapid! v this year than 
nng delays in obtaining mort- „ 

gages, according to Bernard a * s,nee . 1972 ”; 14 s ^ s 

Thorpe and Partners, tbe estate in the past sis months, price 
agents. increases of between 20 per cent 

In its latest quarterly property and 25 per cent have been 
market survey, the company says recorded In several parts of the 
that difficulties in obtaining country< notabl> . tbe - North-East, 

SWISS’ parts of the Midlands, and the 
ing lists as long a* 1- weeks, South-East 
have encouraged a growing num- 
ber of people to seek finance The survey reports shop rents 
from banks and insurance as “going through the -roof,” 
companies. with rents in Oxford Street, 

However, the company predicts London, rising by 20 per cent 
that the home loans queue should in six months and a standard 
shorten in the coming weeks, as shop with a maximum 20-ft front- 
the recent rise in mortgage rates age costing at least £85,000 a 
helps to reduce demand. running costs. 


Sixth year 
of free 
banking 
at Co-op 

By Midiael Blanden 
FREE BANKING for Co-opera- 
tive Bank customers who keep in 
credit will be continued next 
year, but charges for those who 
overdraw are to go up. 

Mr. Lewis Lee, the chief 
genera] manager, said: “A free 
banking service is not only a 
very good deal in its own right; 
it’s also easy to understand from 
the customer's point of view.'* 


More Home News 
Page 10 


The decision to maintain the 
system for the sixth successive 
year retains the Co-op's competi- 
tive advantage over the big four 
clearing banks in terms of 
personal account charges at a 
time when the big banks have 
been announcing Increases in 
their rates. 

Charges for customers who 
overdraw will rise sharply. The 
charge for dehit items — with- 
drawals, standing orders and 
direct debits — win increase from 
9p a time to 12p from the 
beginning of next year. 

The bank is lifting its safety 
net for customers who overdraw 
only briefly, bv rajsing the figure 
below which charges are waived 
from 25p to £1. 



THE NUMBER of adults out . of work has fallen by 6.4 per 
cent ove/ iheTast 12 months, but this has masked a. widening 
In’ regional differeuees. There has been- a sharp contrast in 
the experience of the traditionally more prosperous regions — 

. notably south-east England and. .East AngUa — and/Northem 
Ireland, Wales and northern England. Adult unemployment In 
south-east England Jias. fallen by. 13 per cent There has been 
a drop of nearly a tenth in East Anglia and of If j per cent In 
the South-West. In contrast unemployment basin creased by 
If per rent nr Northern Ireland, although it .dropped by 4J per 
cent in the . month to mid-NovembeT. The number of adults 
out of work declined by much less than the national- average 
drop in Yorkshire and Humberside, northern England and 
-■Wales. ■ ■ ' ■ : , • . 

British Airways plans 
extra Concorde flight 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

KOBE THAN 62.000 passengers 
have flown on British Airways* 

Concorde service _ between 
London and .New York since It 
started a year ago ■ today. . ' 

British Airways has made S14 
Cbncorde Bights to and from 
New York, with an average load 
factor (the proportion of avail- 
able, seats filled) of more than 
77. per . cent, which is high by 
general “airline standards; • 

.The frequency of 12 flights a 
week is fo be increased to 23 in 
January, when the '* breakfast 
service" by Concorde, -which der 


parts at 9.15 am from Heathrow 
and arrives in New York at 
S. am local -time,- will- leave on 
six d3ys a .week against five at 
present • 

■British.' Airways “said this 
early-morning Concorde flight 
has bred a . new-styie of trans- 
atlptic commuter, .the business- 
man who goes to New York and 
back in a day. - By catching 
Concorde and arriving in New 
York at 8 am, he has ample 
lime for a. meeting before leav- 
ing on Concorde at lunchtime 
and arriving back at Heathrow 
by. 9 pm in the evening. , 


Force Crag seeks new 
partner for Lakes mine 

BY PAUL CHEE5ERIGHT 
-THE ATTEMPT to re-open the 
Force. Crag lead and zinc mine 
in' the Lake . District National 
Park now* depends on another 
partner criming forward with 
new capital. * 

- "The owner of the mineral 
lease. Foree Crag Mines UK. is 
54.66 per cent owned by New 
Fpfce Cras' Mines of Toronto. It 
i^i actively seeking a 'joint 
ventnrer who will finance the 
building of a mill in return for 
an ..equity, stake. _ . .. 

The -mine, which is 4*. miles 
fans- Keswick.' 'on land. owned by 
Barop ■ Egremonl. was . in 
spasmodic -production between 
1848; and 1966. Exploration work- 
over the last -IS months was 
carried out under -planning 
permissions for previous opera- 
tions. ' 


The work has disclosed proved 
mineral reserves of 31,060 tonnes 
containing '2.08 per cent lead. 
7.23 per cent one and 8.13 per 
cent barytes. 

Force Crag, management see 
barytes .as' a by-produci for use in 
oil and gas well drilling. 

More than £100.000 has been 
spent on exploration, although, 
the original budget was set at 
£93.150. A. new partner would 
have to spend more than this on 
a mill. 

ir second-hand plant was used 
the cost- would he between 
£100.000' Bhd' £150.000. hut new 
plant bought to win the benefit 
of capital allowances would 
- increase the cost by £90.000. 

Present plans' are for a smalt 
mining and milling operation, 
which would employ 15 people 
and produce 50 tonnes a day. 


William Stem seeks 

damages over letter 

TLLtAM STERN, the bankrupt crashed three years ago, is suing 
roperty director, with record Mr. Jack Beau prez. t inner 

shts-of H04m. is to ask a High .Mr. Bi eMiprez, J /p - p , 

Dort libel jury to award him Hjdimond Road. ^^Sidents* 
images over a letter which, he sole r 

aims, inferred he was secret y association. Sheen Court, wgc* 
lannlnz underhand or dis- bought Hs o\vn block j of flats m 
jjiact nmrienv deals 19«B. . The fiats were former 

The Kr was sent to Sir owned by one or the Stern com- 
ntony Royle, Conservative MP P a £ ies - rt „ mr> , a}ric .he letter 
»r Richmond. Surrey, the Trade 

id FnvimnTTipnt * secretaries; meant fie was secretly ducmpi 

f o solicitors’ firms.' and Ctt.v in * SnSJS'S’ urSer- 

rcounlants Cork Gully. L SuiSSf at the 

Mr. Stern. '« West' ’Heath hand or dishonest way at ine 

venue, Holders (Tree". London, expense ^ Ihe lenanla Mr. 
hyear-olrf former . chief of thn Beauprez . 

.era groan of companies which .action, to be heard next .ear- 


British is not necessarily best. 


• A 




*cru*te~ 






K'r- 




Definitely top quality of course— thi.s tube 
of British crude oil from our Beryl field in 
the North Sea. Formed probably 150 million 
years ago, it was brought up from oil- 
bearing rock 10,000 feet below the waters- 
by Mobil and our partners in Beryi. Thin and 
sweet, it has the rich brown colour of 
strong tea. Excellent stuff. Unique in fact. 

But so is every other crude oil. No two 
oils, like no two persons, are ever identical. 
Some are thick and others thin, some sour 
and others eweet. Some are slow and 
viscous, others smooth as -wax. Some look 
black, some brown, some darkish red, some 
green, some the colour of pale blonde hair. 

No one oil is ‘best 1 . Each— like the two 
we compare here— has its own peculiar role 
and virtues. Each will more readily yield a 
particular range of products. So the 
challenge is to process both in an oil 
refinery which has been designed to bring 
out the best in each. 

Beside the tube of Beryl crude oil 
we’ve placed a tube from a well in Saudi 
Arabia. It is quite similar to Beryl crude. But 
there are small, rather significant 
differences. 

The Arabian crude is slightfy heavier 
. JTiore asphaltic, a bit thicker and almost 
imperceptibly darker. It’s more sour than 
the Beryi: it contains more sulphur. * - 

■ \ Suppose we now take each of these ' 
oils and refine them to an equal extent, to 
‘cut* the crude oifinto Its various valuable 
parts. You can see the result of this 
process on each tube. 

Since Beryl crude is lighter. It 
produces more petrol and more jet fuel. 
Arabian crude on the other hand . Is 
excellent for lubricants, which cannot at 
present be produced commercially from 
.Beryl crude. Arabian crude is also fine for 
heavy fuels and bitumen. 


ill ' 




'li'l 


i;.i 


The score sheet: both oils, excellent; 
neither best. 

. So it’s sensible to import Arabian 
crude for tire products it makes best. That 
way we can make the most favourable 
impact on the UK balance of payments. We 
minimize costly imports of refined products 
and we can export any surpluses — like 
high value lubricants from Arabian crude, 
and petrol from Beryl crude. 

Under present conditions our refinery 
at Coryton in Essex can convert less than a 
quarter of every barrel of crude oil into 
petrol. And while fuel oil, heating oil and 
diesel fuel are of value, none is as valuable 
as petrol. The refinery is now being 
modified to increase by 60% the amount of 
petrol which can be refined from each 
barrel. A £120 million project is under way 
to construct a new Fluid Catalytic Cracker 
(FCC) and related equipment. When the 
new FCC unit is installed, we’ll be able to 
‘upgrade the barrel’— to make an extra 
800,000 gallons of petrol a day from the 
same amount of crude run. 

Modifying Coryton Refinery means 
more export capacity and an improvement 
in Britain’s balance of payments of between 
£35 million and £45 million a year. 

British oil, as we’ve said, is not 
necessarily best for every product. But 
developments like the FCC will enable us 
to make the best possible use of every 
barrel we refine. 


Sixth in a series on the challenges of North Sea OiL 
For a complete set of these advertisements write toe 
Manaoer, Public Affairs. Mobil North Sea Limited. 
Mobil Court. 3 Clements Inn, London WC2A 2EB. 




Mobil 




ADVERTISEMENT 


*v*'tae»«W,ur!>«w: 










1 

1 



100 Leman Stn 


London El 8HG. 


In less than 50 years since the firm was founded in 1929. the Minet Group has become one of the 
largest international insurance broking firms in the world. The new £8 million Minet House, , 
the first to be specifically built for the Group, will house over 1,000 of its employees. 


/ % 

rk c; a 


£8,000,000 




tli-: 


vZ 2 half years construction work on the project Millets, the inter- 
iurance group, mo\od into their new headquarters complex in 
•:*t. on Sth Nisvember. The new building provides visible proof of 
ibi? expansion of ;hi.» worldwide group. 


■* 1 • * C’ - ’ 'ti'.l 

.,i: r*TC<i.’r • 

J J! 

doubt that I 

-. Mr *i ' • 

l.'fi M 

Ir R. r. 

.‘Ml'ldinc tt-ill 

mi y, 

•• ha- by. 

1 

■•ijr ability to 

*.*«r 

r • in-tn:!.!.. 

.mT 

■.'VpapiSmy ami 

I-' -:i'C 

uDv; f'T 

* ■‘ !!i£ :r. 

fl -v:in--' int*? t! 


im " ; 
ii.ls .'•l .IV 


ns;. 


■ i! 1 :v- a;,-.. pr*n ; » IntJtily &l tractive to 

H y-'c, both Iftcaily m the 

->.'.*n a u*j'«ir Enruiiih «»f Tower llaml'ts and 

•i :• whi-.i* *: j • •*th*. r parts of London. 

• e !5.-v .• r'l'iv-; • Ocuunvin? MO.OOO sq. ft. n»?r 
" There no yf office -space, it i-> fin tf lied to a 
decree »>f rrafi.-nian.fhip iha: 


••■•I in tilt- ■ v.nuld surprise many who 

; - r '- •-■"aft:- i j criticize ihe standards of work- 

ra ; --- the if -vgSjjy mur.-hip in Britain today." 

.i-n . • V- ' . -2&Y, A worldwide 


a i i '.i'.-: 


- ’ *- 5»S, 

- V* 




%' : S> Organisation 

• , ’p % * 

l ~ ‘ M:p#-is p'TiVKiv a wide range 

• \.y- istfura brnkiiig esr/sc* •-. 

-.-velher vim certain inans'.-e- 

. 'tV in-J ton-uliam-y -rrvwe-. 

• :ici riuiv niit-iat? worldwide in 

• • .rsiidfiy eiory cnuntry 



the Chairman 
of Lloyd’s 
Mr. Ian Fhidlay 


THE NEW MINET HOUSE. Architect*: R- Seifert & Partner?.. Quantity Surveyors: Paris Eelfield & Everest. 
Structural Engines. ; *.: Pell Frisch msnn <k Partners. -Mechanical &. Electrical Coasiilting Engineers: Parsons Brown 
ctepmenl Con mi liar, is: Drnn Sc Wright. Main Contractors: WiDmeat Bros. Ltd. 


The expansion eLMweis into 
the jrew Minet Keu&e provides 
further tangible proof of the 
increasingly, important contrt* 
• . butlon of. Lkyd’s . and .Lloyd’s 
. brokers to the economic:- pros* 

- peritv: of the. country. V- 

' , At .a tune when jraaay indus- 
tries ' aTe facing, economic 
difficulties -iris- symbolic 'of the 
strength^ of. Lloyd's as ait insur- 
'• ance' - centre 'that this major 
:• investment in a' new/ head- 
-quarters by'n Lloyd's broker has 

gone, ahead. . 

The; role . of. the broker in 
! whrajug business against fierce 
competition “around the- world 
J arid. In .servicing .that _. business 

- - with ip-high. degree.-of jsrofes- 
’ s Lanai' skill is becoming ever 

more. , .important- . This role, 
combined Ilw flexibiii;;.* 

arid adaptability' 67 th~e Xlcyd's 
. system: • results iri a market 
which can address itself to 
virtuallj every insurance., need. 

^ -The new Minet House is thus 
an aSset* not only ld"tlte-;tfbtet 
;.Grdapj but to tile ' Lloyd's 
marker as a whole and, as *uch, 

. I; welcome its completion and 
congratulate those whesfe efforts 
have created it. 


. .•{' ■' ~ i *-- ihr.nuh- 

■ a- ■} : ' ■ ;T>a,vi ‘' "V rA Jvvwdaiive with 

liar .l: ; - :• yiaimeri procrammi* of iaroavli?!!- 


. (i:!..! - :;. i: . 


*;r. Join! WaHrnr:. 


v\p3n«ion. 


Tin la; - Lite experience • 
* ir- »:»:'i 'nr *r'.-!il nf n-- 
iit-i. ^\cepiirir.:i' 
:i mipurlanue »*t' 
‘lonai indemnity cover v 
reei'-iiiiod and the iTinn 
l.-iiyi^iy one of the it 
brr.k> r.- in the world :• 
ii '.*]<:» I iv.l •:•!.* i,i. .Minels I’sv - 
oe? *ri '•••(! as the pinn**.- 
i ■ re a'i.nnj! i r. deni n i t y 
an *e vriridwide. The • 
prcvtd-Js 1 itai safety to ■ • 


a:;t>. areSti^ic:?. cunvyers. huiidia^s ar.J equipment to 
:oin*:ro!e. bar.kc-rs. i.-yR’.rany passercer isabshiy and personal 
• !irector*4 <tRd executive — f».-r iii 3-.*Cideni. from r-jods in transit 


• •I ’.vhciTi The cf-r*cv.v.vnve n; n 
wrong div;*:n; : :«r an - nii 

i-r i-rr-. r vlo be norm.- 1;?. 

Ccut.-triicMi'T. is an.iir.er 
— n u ; i c. i r, • u * ui -• r v- ■ r t: i-a r. . 
com pi. .'.tei! *ir :r '.-p? ration. 

:n«ii;>ir:a.' acrid i-nrs. i-.iss ui 
icnrit.- 

A special L’ivisien x' the 

* .r.'.np eo:it£;i!rai*.-» cn the 
rap'Oiy expanding area :>i nil. 
lias and petmchemica’is wr.er-'* 


oy air \z special protective 
schema :'*:r airvrew personnel. 

Th^ rapid; y expanding 
re:ri-i:ra:Hv roarke: is another 
ssetion v.i;;re immense expert- 
ise has been acquired.. 


A tradition of 
pioneering 


; " The founder, of the Minet At the time this bold move 

Co-operation wifk ' Group. John Minet.; 'was- a was regarded in some nTdes 
* believer in coming in first. After as being fraught with danger 
LjCie.niJieniS -7 he established the firm in j92« to. both the reputation and the 

In 5-versI veuatries ' ? ithc/he set a precedent by intro- operating efficiency of the 
Gr-me have been invited by during a significant amount of \Gronp. In fact the move was 


'-.v . •' 


i/'vCnurm.. ana rt... n;&narvr.:ens. Kelp has als.r been In 1950 Miners set another to tbe East ' ”** “ 

r ‘n 'in? mcrin-j side i: e:r.- ?:v^n :n *.h? framing of .-uitabie precedent by bveoming the first - J 

!.-r i.'xcmpiv. ihirs -mcicr insurance lav:;. Lloyd's broker to go “public”. These thrw .Minet firsts 

-••■i ship- TTR' iya:in_, Ti ns the Group provide?. At that time a mimber of other v ? je ; followed -m I9i8 _by the 

an - .-hips laid up. . f r »:r -'ir.a’i rr.irjxh'ji:: the . v.orld. a Lloyd's .. brokers were- sub- . Queens 

-upcriankvi-a. from sta^-fiard of service and a level sidiaries of public companies Award. _ to industry ever ^ade 

p r yacht? to .i:ayr Seats. -of pr-ife'-.Mr.alir.n •htch must but none had previously formed *^2^° ,n *drance broker ana. In 

field :n •..huh .Mi nets he hard surpass in what is a a public company purelyV^s a J*? the Queen s Award for 
Hrn prt-enuTieir is fi.'e arts, highly .^sipetnivc sphere. brokerage concern. \. Export Achievement, the first 


sequent 


. Min ets .thus became . ^ie 
r,n pioneers of. what has since 
J become known as ’“ The ilbre 




brokerage concern. 


Export Achievement, the first 


${£*- v\ »>’, if.TijL/wa 


<6ST. y^&SKaBrsSS 






'.i"n ol the urour'i lt-.-:: uf new Minet Kou*e it would the momentous step of moving "joday he would surely have 

; -I c.: rations. Fr irr. ir.viy aircraft appea r tiiit this goal is already the whole of their office staff heen extremely proud that the 

«•' major lives i. l'ry.r.i airport bznig achieved. " out of. the City of London arid tradition of pioneering, he 

into new offices a few hundred established .had been so 

j yards to the East of the City effectively, emulated by bis 

| TT^ ® iff* in Prescot Street successors. . 






i r: (i ,*. t *•: *• 

I ij [} j rj . 














! fl 




's.-wa 1- *m?' 


liment built 
lor Minet 


m i- 


\i 


Willment are proud to hand over new Minet House to 
their clients. J H Minet & Co. Ltd. 

As main contractors for the construction of new Minet 
House, Willment Bros. Limited wish to thank the client, 
the professional team and all their sub-contractors for 
the co-operation received during the construction period. 
The resources of all the operating divisions of the 
Willment Holdings Group of Companies were utilised in 
effecting the completion. 


In the last five year? the 
3 growth of the Group profits of 
B Minet Holdings Ltd., and the 
earnings per share, has been 
9 considerable. 

P A Group profit in 1973 of 
£4.2m had* risen by 1977 to 
g £ 14.9m. The biggest leap for- 
g ward occurred between 1975 
• and 1976 when the profit nearly 
doubled from £6..9m to £l2.6m. 
1 In the same five year period 
r . the earnings per share in- 
. j creased from 4.l7p to 16.03p 
- ! The total income of the 
f. : Group in 1977 rose lo £33J3m, 
j* comprising £26.9m from broker- 
2 ; age. £l.tm from underwriting 
Z agencies, £3.1m investment in- 
come, £l.Sm from associated 
companies and £0.4m from in- 
surance companies. This was 
! utilised as follows — £Ilra for 
I salaries and related expenses, 
i £ti.6m for taxation. £2m on divi- 
I dends and minorities. £7.6m on 


other expenses and £6.1m ; 
retained. 

In the first half of 197S the 1 
profits before tax had increased; 
by to £8.4m with broker-! 
age income rising to £15.7m 
compared with £12.6m. A 1 
feature of these results was the j 
25% increase in brokerage in- 
come. bearing in mind the : 
adverse currency conditions. . 
Also notable was the good per-) 
forniance: by tiie Underwriting 
Agencies, which increased their 
income from £0.7m to £l.3m. 

The Chairman, John Wall- 
rock. in his statement 
accompanying the half year’s 
results said “In spite of the fact 
that exchange rates have not 
stabilised and assuming no 
further unforeseen circum- 
stances arise, the Board are 
confident that your Group 
should achieve a satisfactory 
growth rate for t’ne vear.” 



.established 1740 


We are pleased to be 
associated with Minet's 
newbuilding by supplying 
al I the hardwood joinery 


GROUP PRE-TAX PROFIT £14.8m 


(including exchange differences 
I on consolidation) 


£12. 6m 


iWILLMENTj 


\W/ 


Building and Civil Engineering 
Division; Demolition Division, 
462 London Road, Isleworth, 
Middlesex TW7 4BT 

Telephone No. 560 4311 


Plant and Transport Division, 
Emcroft Works, Twickenham 
Trading Estate, Rugby Road, 
Twickenham, 

Middlesex TW1 1DW 
Telephone No. 892 861 2 


Ready Mix Concrete Division, 
Howard House, 63 High Street, 
Teddington, 

Middlesex TW11SHA 
Telephone No. 977 751 3 



i 


£6.8 m 



£4.9m I 
£4.2m | fej 



£8.4 m 



Ashby & Homer Joined Ltd are 
manufacturers <jf afl fpmisof; 
hi^><|iia]Hypu)pos^niade 
joinery, supplied to anywhere 
in the U.K. or abroad 



Ashby & “Homer )6mery Limited 


795 London Road West ThurrqckOaysf ssex 
’■ Telephone Purfleetb84T -S’" ' " 



sTl 




, i i m : g ** f“ • A 

*"r r t ? 'j 

i 4 * “ *«. 

















ifi f 


> 


mi ii- 


p/t 


■ *V r ;-E!ajai^^ '22.-1W8 


ADVERTISEMENT 




"The Move io the East" is the 
phrase that has been given by 
the Properly World to the cur- 
rent expansion -of Oily firms 
eastwards into ilie Borough of 
Tower Hamlets. 

It is a .more which, this year 
is accelerating faster than ever 
and which, for . the 'first time, 
is producing visible evidence of 
reality in the shape .of.- pew 
office blocks rising rapidly and 
impressively in the area around 
Lemaa “Street and the Minories. 

Minets, advised by their 
Development Consultants in the 

property field; bran &" Wright, 
have played a major part in 
initiating the move to Tower 
;Haiiniets; Commenting on this 
eastward trend ono Df the 
senior partners - of Dron & 
Wright, Mr. Derek Haycrofi. 
said, "Demand for additional 
office -space in the City con- 
tinues to increase, duo to the 
growing, importance of London 
as a financial centre and to -the 
ever expanding role of Britain's, 
invisible exports such as Insur- 
ance and Banking. ' 

"But. tiie City no longer has 
space to accommodate these 
grown qg firms at economical 
prices. Thus the companies are 
.looking elsewhere. They cannot 
easily move westwards, to the 
West En<L for there is little 
accommodation there and com- 
munications with the heart of 
the City, such as Lloyd’s and 
the Stock Exchange, are too 
slow. ' 

The same applies to the 
North. Southwards the river 
provides a physical barrier, so 
only the East is left, 

. "Here, around the traditional 
dockland warehouse areas near 
St. Katherine's and London 
Docks, the area is ' ideally 
suited for firms anxious io 
expand. Some, like Minets. have 


already been here 
Street >in«;e 1870. 


project, including the lengthy 
and successful appeal against 
t'.LC refusal ur Planning 
Approval. 

Community benefits 

... . “1 am convinced." said Mr. 

Ifaycroft. “that approval of 

these targe schemes is an 
extremely good thing for t lie 
Borough anil that "The Move to 
the East" can. if controlled 
in Preset* Mr. Run Mabbott. had himself Properly, briny immense bene- 

been horn and brought up on lu ,lw people who live 

"It was tln-*y who really the Isle of Dogs.. He realised ll,L ‘ ri ‘ n van also be or the 
started the eastward^ mow- Uiat as tlic Docks began closing “‘•"‘f 1 nnuorianwr io many 
incur when, ip the face. -of much down at- Si. Katherine's and firn,s w, '° arc doing such a 
scepticism from ;• their “rival elsewhere, something had Io S°od job for Britain s exports, 
brokers, they, ippk the un- take their place, otherwise com- " "*■ a ^ u llifre is still vast 
precedented. .risk . of chancing ptetv dereliction would result. sc °P t; for developing industry 
their prestigious "^accommoda- "He and hi*, board, after ,n Tower IlainlcLs. particularly 
lion in Plantation House. ECS much consideration, look titc hghl industry. London is crying 
to Minet House, Prescot Street, plunge and decided to move * or . !ir « as ^ or industry 
El. ■'* into Prescot Street where we such fields as electronics, 

‘‘We. acting as .their sur- had found for them un old P lasuC! »- packaging and so on. 
veyors. advised. thVrn-tb do this Co-operative Tea Office provid- dockland and the surrounding 
and found for 4 heiti .the build- ins about H0,0U0 st|. fL of offices ar *f 5 are ideally suited to this 
ing in which they ; are now to house 60U people. 31111 ,he s °-calletl experts who 

-=r — 7 t 7 ~ . , „ — — — say that industry doesn't want 

The vital Importance or encouraging Industry and Commerce 
into the Borough of 'Tower Hamlets is emphasised in this 
special message -to- Hinets from the Mayor, Councillor Arthur S. 

DorrdJ: - --- 

“ My Council is deeply concerned about thp high unemployment 
in Tower Hamlets and' has. Tor some time, been considering 
various means of attracting run her industry and commerce 
into the area. Any. new ventures which will help ease (his 
problem will receive fullest support and because of this I am 
particularly delighted to welcome, the important and signifi- 
cant expansion oF; Minets In the Borough. 

J. II. Mine! and Company are already unr or the larger 
employers in Tower Hamlets and their fine new building will 
create even more jobs. The company have undoubtedly been 
successful in the area, baring gained The Queen's Award to 
Industry and the- Queen's Award Tor Export Achievement 
since they moved kero from the City in 1970. I warmly 
congratulate Minets upon their expansion and wish them every 
suceess In their farther activities.” 


to come lu the East End of 
London are completely wrong. 

“The labour force is suited 
to the work and the river is 
still an important communica- 
tions system. The only main 
problem is the present road 
system which is undoubtedly 
poor, particularly for com- 
munications to places like Lon- 
don Airport and Gat wick, which 
are so vital for air freight. Lon- 
don Airport Is now the third 
largest port in Britain in ton- 
nage handled after Southamp- 
ton and Tilbury- Hopeful moves 
are now being made by the 
GLC to deal with this road 
problem and their latest road 
accommodated. When .we firsi “They bought the building programme for Dockland would 
suggested to Miners' fhar they freehold in 19KP and by open up the area for ready and 
should consider expanding east- October 1970 it had been com- quick access, 
wards rather than Eno.qng nghi pletely refurbished and they “There is no doubt lhai the 
out of London, aa so', many in- had moved in. fastest way to bring capital in- 

surance broking ...fir ins were “The risks to Minels were vestment into the Borough and 
then doing, we -realised l ^ at we enormous. There was no to provide more jobs is to 
were presenting them. with , an guarantee that their staff would facilitate “The Move to the 
exceptionally difficult decision." slay with them. Yet the move. East" and to enable more firms 

l? lhe in,men « <* cdit to convert existing buildings 
U n preceaentea move Minets. was a remarkable sue- and build new ones." 

"At that time, iftls' it was vess " _ Offices also bring in their 

unprecedented for .an important Dron fr Wright acted as wake other small industries and 
City firm to move .into what Development Consultants for businesses which are already 
was still regarded .Vis “Dock- 
land." Fortunately, obe of the 
directors of* Minets. -and the 
person in charge of. the move. 


West end of Tower Hamlets. 

The revenue the offices pay 
to the Borough in rates is, of 
course, very great. This helps 
to pay fbr the housing, social 
and. other services and can only 
be increasingly beneficial How- 
ever. this can only occur if 
,there i* an enlightened plan- 
ning policy to encourage mixed 
user development with particu- 
lar emphasis on tin? integration 
of manufacturing industry into 
Uic community. 

“In add iiin it to the i-um- 
mercial users." said Mr. 
Haveroft. - there are, however, 
strong reasons fur Tower 
Hamlets looking carefully at 
the possibilities uf attracting 
special types of lourisut such 
as the highly profitable confer- 
ence business. London desper- 
ately needs a major conference 
centre of fj.iMXi seals or more 
and the Borough would be a 
perfect site for this as there 
is ample .space for it and for 
the -related buildings, such as 
hotels, and restaurants. The 
proximity to the City makes the 
location even more ideal. 

“The conference centre could 
also incorporate exhibition 
space of up to perhaps J IHXODU 
sq. ft- suitable for small to 
medium exhibitions nnd not 
rivalling in any way the huge 
NEC. at Birmingham." 

Mr. Iluycnift concluded. 
"The - next five years will be 
crucial If i ho wav can be found 
to accommodate “The Move to 
the East” and in cumbine ibis 
with the desire of local people 
to improve their own accom- 
modation and amen t Hies, then 
I believe the prospects are 

bright." 

Building 
firm 


Document 
a unique 

A document delivery system 
enabling the automatic despatch 
of documentation and mail to 
pre-selected locations on differ- 
ent siurcys of the building is ail 
unique feature of Minet House. 

This In-stalfalion is unique in 
that it embraces the wallet 
system with a combined hori- 
zontal and vertical system for 
conveying documents between 
any number ui Honrs in a 
building <»r group uf buddings. 
Document* handled may include 
punch cards, tapes, microfilm 
and computer records. 

The system in the new Minot 
House features two elevators 
serving all the Hours including 
the lower ground which houses 
the company's central filing and 
archives. A third elevator may 
be installed m the original 
Minet House and connected with 
the new conveyor system 
At the lowest level the 
elevators are linked with narrow 
belt conveyors travelling over- 
head. the wallets heing trans- 
ferred between the elevators 
and the cunveyur* automatic- 
ally. Ducunienis are despatched, 
mi request. Irom Central Filing 
to the various departments 
located on the floors above, llie 
destination having been pre- 
selected by ihe simple adjust- 
ment of code -lider indicators 
on the sides uf the wallets 
themselves. 

The wallets I ravel at a maxi- 
mum rate uf six per minute, 
passing along the conveyors in 



an upright position, resting on 
their longer edge. They form a 
queue at the entrance lu the 
conumimisly moving elevator 
into which they arc fed. each 
wallet being accepted by the 
nexi vacant nav passing m an 
upward din" -non. It then 
a -.vends in iitc top of the 
elevator, and is discharged *m 
the downward side at the 
required Hour, where it awaits 
manual cullt'clion. 

An emergency Mnp button is 
located on each floor and a 


master control panel provides a 
guide to Me location of any 
fault which might occur. At 
closedown, a " do-nol-lnad " 
signal appear* and warns users 
that n«i fresh wallet* should bo 
fed irti.i the system. A1J wallets 
still circulating arc then dis- 
charged at rite basement levd-*- 
includinc any wallets accident- 
ally given an infeasible code 
during the ■■nurse uf the day. 
for a uurt-i.'XislciK flour. fi*r 
example. 

Tlif s-ysfr-m meets three 
distinct needs, the delivery of 
incoming mail in discharge 
puims. the collection of mit- 
coing mail fur despatch, and 
the movement of documentation 
around ihc diflVrenl parts of the 
Iniildiiig. 


on 




Minets from Uie start of this beginning to appear in the 

Queen’s Award 
‘double’ 


HUMPHREYS & GLASGOW SERVICES 

HECKAIUCM. SERVICES COMTRACTOBS 

are proud to have been 
involved in 

? J. Hi MINETS ; ; : 
new city offices J 

72 CARLISLE PLACE • LONDON SWIP 13A - Tel 01428 1234 


In the last five years Minets 
, have won the Queen's Award 
[ twice, the first Insurance broker 
‘ever tu achieve this remarkable 
** double ". 

In 1973 the first Queen's 
Award for Industry ever made 
in the field nf insurance broking 
services was won by Minets and 
this April the Group again 
received the Award, this time 
for Export Achievement. 

• The citation accompanying; 
the 1973 Award stated that 
Minets had "achieved a sub- 
stantial increase in the pre- 
miums brought Irom overseas 
for placing within the UK 
insurance markets. despit.? 




suppliers of office furniture to 

J. H. MINET & CO. LTD. 

WISH THEM CONTINUED SUCCESS IN THEIR 
NEW HEADQUARTERS 


MARTIN NEIL DESIGNS LTD., 
100-104 UPPER RICHMOND ROAD, 
LONDON SW15 2SP 
TELEPHONE 01 -785 9857 


fierce competition from foreign 
companies to retain or capture 
the business." 

Five years later the accom- 
panying citation reflected the 
remarkable expansion of the 
Group's activities since the 
earlier Award. 

“The Group, a Lloyd's and 
international Broking House, 
provides a wide range of 
insurance broking services as 
well as some management and 
consultancy services. It ts 
active in Africa, Australasia, 
North and South America. 
Europe and the Middle and Far 
East. Over a three year per; '"l, 

1 74. 75, 76) its overseas earnings 
have more than doubled.” 

These two Awards are greatly- 
prized by all in the Minet Group 
and the Queen's Award insignia 
is used widely and proudly in 
the Company’s marketing and. 
pubic relations programme. 


Prior to the construction nf 
the new Minet House a thorough 
study of the various design and 
construction aspects was carried 
out by the Consulting 
Engineers, Pell Frischinann & 
Partners. The choice of 
materials, whether steel nr 
concrete frames, and the type 
of foundations were carefully 
studied .Site investigations in 
determine by borings and 
through “ in-situ " and labora- 
tory testings of the type of 
ground and how it would 
behave under the proposed 
loading were undertaken. 

The site investigation had 
shown that up to 39 feet nf 
gravel were overlying a con- 
siderable thickness of London 
clay. Although foundations 
could have been placed on the 
gravel with 3.5 ton/sq. ft 
loading intensity, it was estim- 
ated that total and differential 
settlements, dim to the slow 
compression of the clay, would 
have been unacceptably high. 

Since pile loads varied from 
740 tons to 35 tons ii was 
derided to use piled founda- 
tions. The piles chosen were 
bored, cast-in-place concrete 
piles with enlarged toes. The 
reason being that mostly one 
or two piles can support one 
column, thus making pile caps 
unnecessary or very smalL By 


having an enlarged has*. the 
load is transferred to the lower 
parts nf the London Clay, whtrh 
are less compressible ihan ihe 
upper r-irala. Settlement:* 
became, therefore. insigni- 
ficantly small. All piles were 
80 ft long, the largest one 
having a shaft of 4 ft. diameter 
with a 10 ft. wide bell. 

The general construction 
consists of rib flours spanning 
24;. ft on a central spine beam 
which, in turn, spans between 
the columns carrying the loads 
tu the piled foundations. Hori- 
zontal stability acainst wind is 
provided by the reinforced 
concrete lift shafts 2 nd stair 
wall adjacent lo the Police 
Station in Leman Street. 

All the columns at ground 
level which face the public 
highway have been designed to 
sustain impact from heavy 
vehicles. 

One interesting feature nf 
the design and construction are 
the brick arch facades which 


concrete arch. 

The total weight ol reinforce- 
ment used in the buildine. 
including foundations, was 
1.000 tons and the total volume 
of concrete used was 9,000 
cubic metros. 


Message from 
the Chairman of 
The British 
Insurance 
Brokers’ 
Association 
Mr. Francis 
Perkins. 

On behalf of the British 
Insurance Brokers' Association 
I um delighted to have 1 lie 
chance of congratulating .1 H. 
Minet & Co. cm their move lu 
their new headquarters. 

Minets were the first insur- 
ance broking firm 10 receive 
The Queen's Award for Export 
Achieiemcni and the new build- 
ing is indicative of their deter- 
mination lo i-xpami their already 
successful business, insurance 
earns a major proportion of the 
invisible earnings of the Citj 
of London and Minets have 
every reason to be proud of 
their contribution. 

I am a Isit happy 10 lake this 
opportunity in acknowledge »!>•• 
important part which Mmei> 
along with many other insur- 
ance brokers played i;i helping 
to create tlm British lusurane*' 
Brokers* Association ami tin* 
Insurance Brokers Registration 
Council. ThfSe major steps 


have moved insurance broking 
■ •n ki 3 pml essinnal basis for the 
first time and will ensure ser- 
vice and security to the con- 
sumer with the backing of a 
national trade association. 



W? aro happy ro have supplied 
vamtorv umr& in Sicilian marble: 
pelhbed oriaro marble fioarin’ 
and skirling: and a sl3ie oaemn* 
plaque for Miner House. 

Arehiirct-.. 

P. Seifer: & Partners 

C ont radar i • 

WiHmcnc Bros. Limited 



ouMrctH-TI 


1562 Srrarford Road. Hall Green 
Birmingham BIB VH& 

Tel. 021.745 1 1B1 


60 -year experience 
backed builders 
of Minet House 


now covers an extensive 
range. Becent contracts in- 
volve commercial projects such 
as factories, warehouses, offices, 
supermarkets and government 
building, including felephnnc 
exchanges and military installa- 
tions. 


1 

1 ••'•••frv 

; « 

, ■:£&#: 

1 -x-r-Xv: 

A BEAUTIFUL BtUHS 

0 


DESERVES REA3TIRS. LIFTS 

in 

1 


■ 

! 3 

X\Ki7$x 

lit 

S <wi 
! 

@tiP\ 


! pi 

t !v»Mv 

itei 

i :|p 

■ 

)*) 

w$i 

SUPPLIERS OF THE LIFT SYSTEM 

:>>>><!>: 

pIP 5 

APE PROUD TO BE ASSOCIATED 

WITH J. H. MINET AND THEIR 

■iM'Xte 

v-v-yi*: 

:-:4 

DESIGN AND CONSTRUCTION TEAM 

. IN THE COMPLETION OF THIS 

iv.v.y.v 

■ 

MAGNIFICENT DEVELOPMENT 


E§P| 

OFFICES WORLDWIDE 


rfrrrf 

UK - PHONE 0242 32091 


O 




Minets have been insurance 
■ brokers to die Will men t Group 
i since 1970. but with the award 
[ to Willraent's Building and 
i Civil Engineering Division in 
j 1976 of the building contract for 
: Millet's new headquarters, this 
relationship changed slightly. 
Each became a client of the 
other. 

Before the construction of the 
new Minet House could take 
place an existing warehouse had 
to be cleared by Willments. The 
principal clement uf the demoti- 
I tion and clearance centred on 
I the removal' of this substantial 
six storey structure, bounded 
at both ends by modern build- 
ings. It called for careful cutt- 
ing away of the abutting walls 
and removal of thousands of 
tons of steel, brick and concrete 



LORNE STEWART 

MECHANICAL AND ELECTRICAL SERVICES 
CONTRACTORS ARE PROUD TO HAVE 
BEEN ASSOCIATED WITH THE ELECTRICAL 
INSTALLATION FOR J. H. MINET 81 CO. LTD. 
NEW HEADQUARTERS COMPLEX 


LONDON 


OFFICES AT 

MANCHESTER 


DONCASTER 


debris. 

Included in the contract was ! 
Un* installation of air condition- 
ing. passenger and goods lifts, 
plus a mechanical document 
handling system in addition to 
the usual service installations. 
I 11 the ease of failure of the ! 
electricity mains supply, a 
srand-by general or. which imio- 
manc.illy takes over, can supply 
power to the building. 

The building has 3 n impres- 
sive facade of brick cladding. 
Over half a million. 5M mm 
deep, shadow-textured facing 
bricks were required to com- 
plete it. Approximately 30",'. 
of these bricks were specially 
made by hand. 

The Willment Group has 
grown steadily since it was 
founded in 1919 and its work 


A tribute to 
British skills 


Visitors In Minet House will 
be impressed by the excellent 
craftsmanship of the carpentry 
work and the high quality of 
the panelling undertaken by 
Ashby & Horner. This firm has 
a long history of joinery going 
back to 3740 when, as master 
joiners, they supplied joinery 
to churches, livery companies 
and Inns of Court The work in 
Minet House is a tribute to 
British expertise in this craft. 

Over many years the 
carpenters of Ashby & Horner 
have built a reputation for 
hardwood joinery for hanks 
and insurance companies in the 
City uf London. Today they 
are one of the few remaining 
joinery companies that can pro- 
duce purpose-made joinery to 
the exacting standards of the 

past. 

At Minet House they supplied 
and fixed full, mom-height, 
hardwood panelling lit teak and 


Ansiralian walnut for thirty- 
five rooms. Considerable 
trouble was taken to obtain the 
Au.-tralian walnut in long 
lengths for the full height 
muilions as this type of timber 
is particularly scarce ip the 
lengths required. 

Au interesting feature was 
that to facilitate access to the 
various rooms, the panelling 
was designed by the architect 
in conjunction with Ashby & 
Homer so that it could be 
delivered loose to the site and 
assembled when fixing. 

All the panelling was finished 
in the traditional manner of 
hand French Polishing. The 
result is an interesting com- 
bination of traditional methods 
and modern design. The. up- 
to-date " flush " appearance has 
been achieved with the con 
vefltional method uf framed-up 
panel*, which has been uued 
siitiC Tudor times. 



their congratulations to 

J.H. MINET 

on the successful completion 


new 

Headquarters Building. 

We are pleased 
to have been associated, 
as development consultants, 
with all stages 


D«on 01-626 9S81 
& 



J 





Conoco cuts UK 
censing bids * 
protest 




5Y KEVIN DONE. ENERGY CORRESPONDENT 


Rizla 
can 
up paper 
price 


\ ■ 
r. 


argr mi 
ifjfi’.vr 


csiiitpaiiv. 

rli-sat!.* 


r.iirth-wosr of ihp SiiPltands. 


6i* 

lohn Elliott. Indust 

rial Editor 

faC'Jin 

lily ii*-.'- 

ernTtuT.l- 

Sea Nit 





• . 1 1 *. y i<i:..i:i| 

nffsh'irp 

! till { M 

TH. r 

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• - I'lj-.r.-;- st: 

5 no Safe-? 

ar>p:*i:i( 

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:nd 


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: uil Ihc 

:n tin' 

K.Tr. 

•; '-lar-:fa* *u.-:nr 

..nd En- 


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di-do.-va 

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rj.k r/ . :« 

pnif.tjbie 

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■1 'he *ixl h 

ruund Tu 

ruling 


7 r 2 wm m :.\ ;• : 11 


r :r .- 

r a . m.a ! 1 n 

i: .11 ..*■.*- •-.r 

m.ide 1 


0 .'.. ‘v:iz:r 

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f-.-ij-r i 1 :r,\ m 

T">* -i :j*> ■* I-**, - 

m *?•:;. tv. / -hi.- T-:;r-ni 

Ind 1 : “* r> - ir.'reacrvde.'* 1 I ,-i rj . - 
* — a! Dvr, r« c rv t Adv.'-c ;. 

ra-.r !:ri>-ii 

v -" -- -• i'4r. S:.rej 

"•••I •••■ •• *.': J : Sri M 

• .• - .. f. 

■ i : . 


nanlt-wr**; »»f :hi* 
rd> u- ut'miicr 
1 *_ .:it; an.* ' led ii-. 


By David Churchill. 

ian" Field! said y'JsteVda" Consumcr Affain Correspondent 

'■as biddina only for 

in The M-mli- western .MR. ROY HAIT'EHSU^ ■ t *' ir 
Pnivs Secretary. save Hiiia !be 


sixth round sfn'wed that from January. in vt»i nf j Tr:* o 
'» initiative.* — clunqe.s in (,’um minion report puMndied 
teri" ■* ntl \e.sierriay recommendm:: a pri* 


putrid lax — had not (ree/c until Kenruarv j 

:u.i.li’ i In? UK Cnnl mental Shelf fti/bi a creed i rj hold ,.:i> :.::■» • 

: k" a’lr.tcuve id.ue for oir invreaf:».*s for the rest .if 11*79. a- A 



t 




at atomic 




iir'irjnk's. »o!l a-' frecriny iu ju i* e.- for 

B\:-. T'nv- i;iipre.isiu:i i.i muwin^ finer tips until January 1S»S0 .i 
'hat tnn ht-j.'i lev#.* I uf sixth round L . a p 0 f two \ears sim-Vn.; pre- 
iJi-.n.' i- due !«« increa>od i |lHK 5 Iter-Up increase 
'•* from the ^nailer oil The Price Commission rerun 

re on” 1 an; O', fa'her than tr. con- ,-ovcred Uizla and the ■ lent*! at 
•n tinned I’M mill um-.'n t frum i he big. f> a per and Box Manufacturing 

Company, which are joifiliy man- 
. used. and lugeiher have a ! ni\i?* a 
. Total monopoly of <«u*.n;i l > o: 
-iyareiie papers in the L I 


. tour «f the new liuvldint* yesterday for (lett to right I Sir Haw Whcldon. chairman of the 
LSE Court of Governor*. Professor RalT Dabrcndorf. the school's director. Mr. Dcrcfc Clarke, 
librarian, and Lord Robbins- chairman of the library committee. 


i By Michael Donne; Defence 
! Correspondent.. ■ . . 

| IMMEDIATE STEPS are beicp 
\ taken' In# ii^prO+cr'^al.th prntcc- 
: tion . lin'd safety' standards in 
ibujfdings ot The- .atomic weapons 
" research eshibitishme&L' a? Aider* 
.maslOQ. where- : phi toni urn is 
' j tian'dlod.'- : 

’ A danger of inhaling plutomujn 
has been- ftrUmtlb exist. aitiiough 
i.the overall standard of health 
i protecUdff-and’safexy ibr wbrjiers 


New £6m library boosts LSE’s space 

• | to be good.;' - 

}’ . Addi Uopal healtia; and : wfeLy 
; staff . areTtb he appohited and it is 
them rm mifree ns:d £3 6m of the total ! hoped , thar soon -be 


-r i 

T ’ ' • i "i - 


• i ..•#1 


O 

O 


j • 


I*—. - -Ha- 



. r#..r 


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• .. - . . #rf 

: ‘ ; v n' 

' *r. - 

: ... . -i ‘ y 



O It ' 

Hi -■’**-. ■ ir- :;i.* '."I-." 

» '*ir.: n^-n: .11 Shelf 

The liovcrn- 

— *>r.*-.n ■*. 

* . • 

■• rr.tji,- i*-i : -t -.r.i 

tn* :i'. .Kin id "d* 1 

■xiuli* uvpr lux 

• ■r.d h i n 


role u :s: !:i*-i':i*u‘ 

!** , !io* which mi; 

:iii encniiragi* 

S'-.ira*!. 

... 


vii*' tl*‘-v*.-i 1 run on i 

• if in:>rgmall> 

.:i .1 P. 'if 

T’” 

c- 1 

r »:tiic field-." 


f*ir: ;.*• 


■••oner in.cre.M 1 ’ :;u- 

« *:t v.t*ti»fu! ;I:i 

.-mg of. jisn- 

..- Or. ,1 lion 

Z-rr--'-- ■■ 

."ii. -c*->'ar.4 nf lif-n-t'u 

ejmed 2«s 1 iff shore 

. Dr. i'unninj 

' be c a tii *.* 

■.r. ^ 


‘urn -aid that the iijnv.'rntncm 

• -1 *n* r I .• 


:*J*V !<»*pf*n.,* 

;r’inpn**ji " :hji g 

a* collect im 

V U 

-h* f" ■ 

• ■, * - 1 ro-mrj i'jirr *r* The* 

■'•.-*: irins. -omitd 

be extended 

!•.■-! :y th.*> 


r.—o and Shr - .’:. '.b>- 

v. hi r-vc 1 " •’us'li*!** 

1.0 cover exist 

nr the on- 

>T. '• 

. -••jn.r a; ! .■-•j-.ipinii-' 

?nr '1c*'o!nnors do 

rtns aas. 

i .i* ■ iij-y 

V . , « 

•: c:c.'*'d :■« ; n*» 

'riLiVi:i»'»m I'conumir h'-rlrt** 

:i.**I van*- 


■': Jh- *i\:‘i ri'iir:i*. 

r : "..in.'* : L-".*ii'. *■*">■ 

.mrf »!i'i:iiT\ 


’ i :r. : J 


r.iij r.nk 

if •'ii»i.i 




New fall in merchant 
shipbuilding orders 


FINANCIAL TIMES REPORTER 




r 




RlrfTISi: SI i • 

-,-j. . 

n cyr.;r:i'-. • 

'i.-.T. *:i: ? • .: . 

i.'I iv 

T. r. r ; . •- 


^ .rated m Jerse. 

FI i ’la bought last ju!v :<> t.t- 
.-rea**? the price nf .’y-It.*.i 
■ ■laari-lle-paper hookle! !“ »«rr 

t-i’r.r. nr ip. The Cum sign's 

investigation blocked tin* rite, 
and the «-nmpany wav refn-ed it' 
application * io put the pruv :;p 
3* an inicnni .neasme. 

Omissions 

The Commission' 
hich contains a num 
omibMonN in the puhlisfte-l ' 
of new off- *mn at the request of tli*» r.-n 
c*un panics. «ay« that ; ,-nSt 
; margins for 1979 for 'le.ierai 
• Paper ami Rizla will be ahy.i’. IS 
. oer eenL 

; This .0 tn pa res i\;t;, :;#•! 

; n:: iyiri« of between ;nd :S7 
, P«?r cent earned in the rears 197:’ 
:n 1977 

1 Return on capital emp - jj ?d. 
■•n a historic basis, ha* 

'■rotn 49 per cent in 197- i*. 
nor cent in 1977. wish 23 per ivn 
forecast for 1979. On :« c 


by tbouj 5 m per rent. :ae Sovier LRion. and ■. r* 1 * ter day that tlul* presence] whore.. the ijudeafi witf/te^difor 

Th<- "uiIdiR,.. ^rer.juved ire ii'.e <>: \vorid t.oiao!r.:cs at Me* 3 ' 3 :;iidi;;g dvsigneti to sturh; Britain ’s"ilefenoe"ptfJ 33 , ^UBine:'a re 
rc*»:. , b!n* Eui:d:nj -::cr rr V.'es*. nermar.y. bonks next door was *' manna : nwA» y ~ . ■ s 

from he.'ien. ** «• - Sir Edward was askedrTiy the 


Lionel 

I.nrd rii' - 'in', eh airman i«f th* 
iiorarv j"jpea ! .. ad.’o rs the rnair. 


nc ub cocned negcliatiOns 

Smith :n 196S. and 


LSE 'in* oil sb>' Strand V Bails she huilitfsg in 19ft Cor" Profes? or Half .• pahrendorf;? Miolstiy of iJereni*' to Aii-ftisrio 

‘ director, said-" tbe new; inVcstlgaic heatUii“prdiectmi> 


It -Aa» former:;.- -he London £1.9 mis. 

hp-irl ntVu •• siriH "warehouse et.'sn. 


the site etis: a further LSE _ 

conversion ' worfcy: Ubrar\ represented a .jurat pohhc i anrarigenicms, follpwing The div 



Redundancy Fund fe financing 
public borrowing^ cteims CBI 


'tfandanl of'healOi pro tec turn- at 
the estabUahmcat is sdetf. and 
that releases of radios ctfvl zy 
| from Lite individual buildings and 
I from the establish merit, as a 
j whole are “Weil below the agreed 
I level “ as recommended -.by:' the 
f- -Internationa] m ■Cnmmisswn oo 
i Radiol D-’ical Pro tet: tion. ■ 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


i Borderline 


■. k -. : • .. .1 rr, ni< . 

-.p: • '"r- frr.n 

■ ■ ■ ' .’■ i‘ I ■■ U!'T. 

• ^ r * 1 • ' ^ r**r • •• ij* ;!;•■* 

1 : ■- .■ ■ r f.-\ 

n ' »r ' r;#- -no *-c*ivnud 

; '• ■■'•■•r -*.t r i : i 

:-* '"'P.-T - ; ■r-itii.n' over 

ir.r • , -. '.'■.mi.,; n,;n». 


GLC rejects 
Commission 

lottery attack 

Ey Paul Tailor 

THE ''.iT. \ i rJi: i.. -.#l*.:i '.■■jtincsi 
I-' rJ *1 -i.jyu i he n!v of 
' •Cu: •.••-.n.;;. re.l tried 


RL'ILDERS' I’.rd^r <:t:ps uf I im ton' gr#i«c. valued 
deilir.i-d w:*h n. fij-VJni Thai Cumpared with 
•>r ;r.cri-h-ir.i 'Oir*.' :hr period laM :-cai. when 

Mv rlisrd i;::.inrr ooT-.han! -hip or.lvr*- si^od .-■# I 1 1“ 
oi i 57m sons gro<t. v.Un j 
. jIm.. - I.f £752. v.. 

unrisu she fir-'i nine in on In* 

•*f tnp /ear. British Shipbuilder* rhe profitability 
eor.'nleicd sliip-- «'f 50i5.1fil ion*- ; trade." 


THE 

.ICC 


' ii'iVERNMENT 
i.«ji no!;: *)f 




•- 1 S...J c*irp>ir:>:om 
was fi_h* mu f>>i 
a •-.'■rid ; h:ppn_- 
reccs.-son 


■ o«t -accounting basis. Ui** 5979 oione; tOTS-sn; £d4c! contained 
fonTjyf figure is 9 per .pr:. >r ‘ t *’ 10 Maie-ar-:n;n;s‘erea Rv- ■ 

The Commission say*-: -iVc ^undancy rono «o finance ?•-.>* 
c#’P.ii'. l er that the above re’.'-r.* iic il ’ c ' Mr l>or:ov :r *»- ^ 

on capital may not full., reflect The accusation was mace !■:* 
of the i.e-sne the Confederation of Bntish In- 
dus’ ry. which wants The Depart 



Lloyd s strikes marine 



i-.u* •>;' iio; .»I C**;:i 


•n ' .... :,o :r; 3 and i-.ilicd 

tor 1 1 1 • j ■ 

.■ :rc*:GO!ii inii^ju *ii 

hicre re.* 

iriin ; 

A r«re 

•j r: . ri'.ctpi'd by tin- 

cr.;inc:i * 

:.»»■! :c; and r c **< . u r ec 

* •miTi:"'. 

0 ; 0 r J a >. >.«ld the 

I-'OV.i; C 

ii h.fd 

"■•jctcil ; 

0 .-'■i..!:ieir..' of lad" 

of con! 

"•■l and ■;*■•]) :u >.-1 cial 

Orta t 

•in. and f|i*-.i.i'i , n'ij 1 ii*- 

■ ,;uil ,ii; • - 

on'* n.:ii:*i»*n! * >*n Incut 

■e.it.'ii»rii;. 

i«v;rr. * u- ini-iih- 

< i* ” ! : ■ 1 : • - 1 

ITMICI-IU 

Mr t; 

■.clu-r.i Lvc-.*. . tl>*puiv 

■■•I'inci • 

'.i.:**r :*n*J * :.iir<*.-iuan 

'■>r 'iv- 

-ii i*>* :■ : .1 ■ 1 : h *<ri : : - in 

: io? «iL'' 

■•I" , ». - j ;*! 


BY JOHN MOORE 

AN INSl’RA.VK hrnker has Lloyd‘s broker's and that “.ill 
w*.n struck off ?‘i- <?proved list privilege.- enjoyed by the com- 
.•f ar.iker; h; id->irung pany at Lloyd's, including the 

ruling coinsusiiv Lloyd'* of perim*sion to show a lirokerajgi' 
London. Crow LiiT-jii Laiubert account in ■ the Ri»om be 
has i.een su*nrnn»-«i fr.u;i placm-j withdrawn." 
nussness with Lloyd's 
September. 

Crow Dalton Lii.pIuti. a small niiiree has agreed a-, a temporary [ 
marsre broker, failed to meet the r.^asurc '* to allow authorised 
strincenr solvency requirement employees access to the Room! 
f. r t!jm .•r.mmtt'f- A nniii-e ha-, for that purnosu." I 

i>een displayed m the undcrwrn- Cruw Dalion Lambert is the! 
inc ruom a Lloyd'- which informs third Lloyd's broker to bp. 
members that li.e I'ompanv ha* removed from the approved list: 
been removed D - #i:n ihc list of of brokers this year. ; 


I should h*» delayed efeciively 
J 13 months since their la't ri«e 
. w»* by Mr. Hr,uer- 5 o" 

. Jt’er talk* with the two 
; •■or-irianre*. 

The i-omoany s.i'rf that it wr« 
ontn;<ttrd to a £lm high ri*k 
■investment in cigarette lube* 
duo ro be completed next year 
I and w nich has sicnificont impli- 
! C3’’m* for ii-- ca«h flow. 

! But the Commission replied 
thn: its recommended delay in 
increasing prices would Vill L'NLESS rich countries are pre- 
; nllnw a roa«onabip contribution pared to share 


FINANCIAL TIMES REPORTER 


■.■.a* ;.hn;:‘ the *-jh;e.ct with Sfr John through National Insurance pay-; But he found evidence I hat 

Me* liven, direc'.or .ser.eral of the ment> a nd Mien can claim money 7 jevels of plutonium contamina- 

Corsfeierat.on of British Indus- back when they make employees ; tion in some working spaces in 

try. has 7P5;s*ed the proposal. redundant. certain buildings exceeded the 

lie ha? writiea to Sjr John Sir -Ic.nti has told Mr. Bnoth! recommended limits, and that 

•,.-i*niina vu; trat the percentage that the iower level of rebate is "‘the present standard of protec- 

Sgurc wd* reduced from 50 per having a damaging effect’ on : tion at the establishment innst be 

ces: :o 41 per cent August employment, especially among I regarded as borderline in respect 

last year, under powers con- smaii companies which may bejoif inhaled plutonium.” 

tained in the Redundancy Re- rii^cou raged from taking on extra 1 He also points but that the 

_ . _ i. extent of plutonium contamina- 

•ommrar 1 « win* 1 1,00 is n,Uch ,QW?r * ha ° ' 
erntnenr s«?ms lfearei out or more than TOO 

_ I ...?S* U 5S : “ n ' y . people tested, it is likely that 
s 'under 3 per cent apparently had 

financins public . plutonium bn tlieir chests when 
r wmen » « fi rs t measured, and subsequratiy 
[only about one-third of these 
retained any plutonium 
j contamination. ..... . 

; Nevertheless, the Gnveratrient 
j has accepted ^Sir Edward’s recom- 
I mendations that measure? be 
taken nnfriedlateiy to • improve 
i health protection and. overall 
( safety: standards. 

| Buildings will be modified and 
{ improved, and more health- 
physicists • and change-room 


Ambassador gives rich nations 
your wealth’ warning \ 


and 

■attendants will be recruited. This 
Mr. Paul Leor.g, the Malay- Ministry, said his Govern meht ! wor ^ ^ programme is being dis* 

Their wealth and *;an minister of primary indus- would double- its development ! cuss e d -^ih the staff associations 

since Sc* thar the group can service • from trading profits to be made , ind;is;rial knowledge with the tries, called on the UK to play a a^islahce In the next three yea rs;j . an d trades unions concerned, .. 

existing Lloyd's policies the com- to this invesimenr. soor nations there could be con- leading role in ihc cconunnc He said that contrary to papular* Mr. Fred Mullcy. Secretary for 


fronlat inn bet wen 


a affairs of liie Tnira World. 



membership 

By Christine Moir 


He belief, the large' and continually j Defence. ' . announcing - ' the 

asures yesterday, said, thar 
Mtere in progress with the 
to ensure; an early, phased 
resuipptinn of wnrK in those 

.. r ... , - — rapidj active, areas where work was 

i.ie Ro.'i.l Commonuenlm oping and industrial countries rise in the value of the yen. I suspended- 
I Sneiety's Focus group confer- over commnditv price stabilisa- • : ' T - • .' • .■•-■• 

: en.ee. on The .North-South Dio- non. debt, international 


Brunei station up for rent 


•-iiih.-ii:ii<- 

, f UC'.I 

'ii* ■■;••* :r. 

I.n ii'hi/i -1 

■ --i**-. 1 S 1 ; 

ii ihry *.k.* 

Mid .slid 

;■ rir 1 .* ■ ••••*■ 

! 

Mu* : >ro 

■■•i.i i l'."*- 

j;. hi: m- 

;• a :■;*.■ 1 r. 

idcii'iiy ;i , 

' I.r 

•.•'M'I ■ .»u ■ 


I S.ll-J 1 ' 


:::*n ,i i I I..;itli;iKr.; Rfi.inl 

!!<■ :-i* i re iM ;h'- ' oro 

'■■sssiori'- en i :■.•!• :ii- #<t ilir 
i.nd <:'*nlr'>'s •*'! ! *■»*-•# l 
:..i'h'«rti; !r.i.*.'ri—,, ;i n •:! -.nil me 
■■.I'.'VoiKtl K.,n <•:; ihc 'Miiploy- 
■■:*;n!. i-i ■.•■.■i-vnui lultery 
:i.ari:< 2 '*rs v. *iiil*J r»e an mfrinc*'- 
ir.mi o; i;oi:n> i!V :iuv.o|> in u -it* 
•■u; »:#!*.• ■.•■' 


European 
investors turn 
sights on UK. 

Financial Timc< Reporter 
' .NEW v rii in i #■ i - nn'vr:i. 

■i.: ckf'l N; j ^p*i;p *.'f EurKpi.-jn 
Kive.-; b.is ii**cr, i timing ns 
s.cnK on 1 K CKiupanics. 

i.'P 'apiLi! iNirlni.T' Inli.-r- 

r.diinna! h;i.i J:tk«*n majunly 
.-lakes in tlirvi: miuII coin pan tvs, 
U-i'ing Ms "pending in the UK in 
a'iov.- £20(1.0911 

Tno holding* .m- in 1 hlnni-u. 
?-i cIcciriL* n ml nr inunufac- 
iurer. til;:s’iy Pharmacfulicab. 
in mdu-uria! nysine company, 
and t:a.-:cade. a swimming pools 
a::d leisure concern. 

Dr I'hrisloph vi*n Lultll/., 
ehainn-.in of Capital Partners, 
*.i;d ihe ::;ve?;iU'?n- company— ■ 
n -‘in'. ■ ■:( i- half of a uruui'i of 
< .‘ihiincni:i! r><ifii* mvc-inrs — 
had a'.n;:i i.’ I . .:t m spend *>n 
% ,ial! ■ •• i;;i l .i*. ’lir-n 1 lie 
- i:d ; h ■ • <••• .;;*.-*.-r:i %*. a- looking fur 
» ■•iiipo.ii' i v. Mli LO*jd iikOr'Cas 

The urn in :* • 1 already pui in- 
rriht-r i p B 1 1 and 

•;:r- l‘S. .iJ’d •• -i* l'«'d inu f'T UP 
:r,‘ i - t : ; i • - r i S Kp;n*:i:in:ii”'! !! 
••..T«jri •■nil -hi* r ‘aklll^ iililioriiy 
'L.KC.L 


BRITISH RAIL i- InnVinc V*»r a icroilnu* of the old London io 
rev; u>er for 1- ja.oa-d Kinedoin Bid* ml railway and is listed 
Brunei's oriuina.' raii ■.>■,■•;. siaiion firarl** 1 because il is of. excep- 
in Bi-hl«< tiunal historical and architectural 

The ' T»‘in;>U '■?v nMicc? and imon-si It is regarded as the 
Irani <iied in Ten, pic U'a> — now finest and 
m need >ir cons; Jo r* hi*.* reimva- earlv lype 
l i*id — foriiied in** ■•riuma! Bnmel in Britain 


non. a*?r,:. mtentationsi monet- 
lo-ue. ihe new internal Luna l ar.v in<iituiions. aid and transfer 
MEMBERS of the Stock ‘Ex- econumic order had failed of resources, 

change will no lunger have, to* already and had left chan*, which Mr. Tetsuya Endo. a member 
ipply annual!;.' fur rc-electioji. would lead in confrontation nr rho Japanese Foreign 
At * special meeting '•■uf.'Che 


membership yesterday a ■shuw 
nf hand* showed Ktij member- 
in favour of a ehanje n» |*o:i* 
::nu*»us meiiile.*i>hip. ;^nd on!;- 
nu'l miali^ri'd uf liie 17 against. Proxy voles were even 
»f term i nu.s remaining more livuvih m fjmur iif'liit* 
cliancc. 


Second Sassoon auction 
makes total nearly £2m 


Cliristmas carol stamps on sale 


i AllOL fci lNGERS llirourh ihc 
arf' The subject of i his 


SOTHEBY’S WAS ; active yesler-. T6.K00. A Meissen crinoline 
day in London arid Zurich. .In group of a cavalier and a lady 
Ziirich a further 33 Hebrew arid, modelled by Kaeodler Fold for 
Samaritan manuscripts from the £6.500 • • ••••. . ';\5 ./ / 

’Yrsteni iLiii'va;. .-lid mu Froniina Temple Gale i, ; The new *yitem win elimtbaie ages are The subject of this ThT l3p dc*icn. indued l.v Dav'i'dSokmi on bassoon F we re sold n fhII n^Ai “i-frf.T Jh n? 6 

*'hd <tro nein-j *jn a lung ^ m metrical Balh sione i.slilar tne annual .Maivh frirm filling for year's special r'.hrisima* Uamp*. "The Boar'* Head ih.rol." one for I93L*.3&i. otakiup a total of ?„ ^ ibrL!?? wfiko 

lea**.' facade in the Tudor revival member- rcnt-.wnu their appli'-a- winch in ' ii >ale ai all posi nf ihe e.i.-ijo-T bpi *ij|? s Un .i aI almost £2nt for the two Sassoon IT t 1 u. 1 10 11aas ' ine . aao {' 

The Tieoari....-i.i **i F.n- manner. Tin* wu. the oHIee block . Uonv II will ul.-o close a W mHIw* fr-m r..da>. Queen's «Tolle:c. Oxford ?how' JuSumT - * ? ' !* ei llc J ’ . ^' m § ^ ,^i? Rr c ap n h 

'■TrunmcniN H:*inn.- Buildims f..r the. railway and Ihc mam hole whereby members could A Victorian Christmas ?reno a boa-V head beins carried .,n a Demand wai well up in expee- *r^. U wJu mV. »™ eS w- 

Bureau «* a^j»s**i:i!_- British Kail entrance and uckei vthc*. Il ha.- escape .ii.ciphnan mens unis by i* depicted on the 7p »uma. if»ih plaller m rho ai-romoamnu'nl uf ration, with a. top price .of 111 Wdffikon v'lefWfrmn 

find a u-er Tnr n *: buiUhn-i. huili four storeys with angle lurreu nllov.mu their membership to eenturj mu'jcians on ;bp 9p and musirian? in '.ate 16th century £204.0S2. paid by. Mannheimer, a paia:«j^ou tor j ipner trum 

iif-l-iOen 1S*'*M*4'I ii wjf i be anil central oriel. ' iap-e. s. care*' singer? of 309 >eais ago costume. - Zurich "dealer; oi 



Lloyd George principles 


THE PROPOSED CHANGE from replaced by 3 llat rale of £10 for extent that ilu- car might use the 


11 


mads." 

-So in addition to a scull »f 
penjlibin,, the j( Cencu rt .ys that penalised) Hie 
of 111.- i&dd' Lnvner of p OVt . rfy , Cftrs wjiicl. 

exerted mure wear and jeajf- on 
the roads, to; introduced a.jrflrol 
lax at 3d in the gallon g 


■ **hic!e • 'ivoiiiinz duty in addi- all privale cars 
i:..ina: petrol tax is a radical The argumt-nr fur abuhshm 
reform in only .me .sense. altogether an d 

ti. brings Hu.* underlying heavier users 

prin*.inie <if la'.ing road-UM'i's throuuli :* higher., jiotrot lax 

Syr*'-; wi the original concent echoes Llnyd • Georges 1909 

ii,.* vis**d by Ihn arch-radical Bud ; *».*i speech m a remarkable 

L5rr.«l •i , *onrf* hiinieff ■ waj • 

Those Vho ii s r up more Tl.c lJrparinient of Transport ^ v r ' ''“f rP 3,i. r 

resources wi! h-ve to pay The ducumeni released yesterday i« i he pulling puwer ori be n©'i,r 

mu*; ia:. And cits was exaeiiy stated "VED has been crilicised cars 1 . 1.1 in compemoi. the hfrse- 

jirincinie behind the Chan" for rts unfairness. It emails a arawn varnage. 1 

A satisfyingly cumplcx furiijula 

_ wa.* developed by ;iie Royal AJito- 

mobile A>.>oeiaiion 10 meaifurr 
horsepower, unp hyrsepow'er^as 
rlw equivalent uf the engine ®rc 


MILES PER GALLON 


Milei a /Mr 

15 

20 

25 

30 

35 

6.000 

- 30 

- to 

2 

- to 

t 76 

8.000 

- 57 

- 30 

- 74 

3 

.. 4 

T 0.000 

- 83 

50 

- JO 

-17 

- 7 

T 5,000 

-ISO 

- too 

- 70 

- 50 

—35 

20.000 

-215 

- 153 

- 710 

--83 

- 64 

25.000 

- 283 

200 

-150 

- 715 

- 93 


1 11 c 


Estimate of pounds a year lost or gained by a motorist after scrapping £32.070; 
of vehicle excise duty, assuming a consequent 20p a gallon rise in the Later 
price of petrol. 


News Analysis — by David Freud 


m centime I re* squared.' times? He 

n limber uf cylinder* divided! by wf nJ ? t0 n Chi 

10 . 10 . ^ ,j f " h n n i*ol 1 n t raidpri it 

With 53.196 tars on the 1530 


cc'iur's mtrodrtcuon of the larue lump sum which is burdon- 

ticence in 1909. some fonhc weekly wage-earner. 1U * 

univ Lloyd Geurgo was rather especially ihe least well-off, and in 1910 tne yield was a r# e { j, e f und 0 ff. making the in todays terras, 

his scale than our which lias 10 be paid however ~ rs L revenue payable directly into 


abow in present-day money. IMS was the equivalent in pre- 
Thc use of the. road fund sunt -day sterling of nearlv £ 65 . 
'icence money exclusively on The fiat rate went up *leadilv. 

thp ■*-*-• 

hurct 

Ghoncellnr. raided the 
In 1937 Neville Chamberlai 


» W". «'wS?5r7h; ?-thov W ,,o,b!,- nepho,.. V;.- 
Nil tinnaf Museum of Jerusalem^- L Christie s a -firtp 

for the De. Castro :Pfentateuch. a ii* 

Hebrew Bible;- written, in' tier- - "" “ 

many ia 2344. CALFROOM •'• 

Other high prices were ihe a. 

£1.60-350- for an Oriental Bible;. trY ANTONYTHORNCROFT 

. produced in- Iran or byrta jn_the.v. a... 

mih centi'iry: £151,603 for ihn * ■ •- ~~ • • a -- 

1 he r £61.224 for the Maciizor T ? tj! led.LiSl.We. ; 

Rome.- produced in Pisa In 1397. Also aL- .^hri^je's.;:' Krigjish 
A targe eoUection of. Jewish. war-' "'drawings 1 ' arid.-- .: JKattfcaldurs 

ri a ae" contracts.' stretching f roin'1 bta 1 led : 141,8217; - ■ ^Works' - my 
1600 £u the -20t b. "century* was Turner were: luach; injdtfiriand. 
aen »i red by a Tel Aviv dealer for. a-.Vigoenc'of' Cologne p^ilfl'h& For 

. £9j50O. duu.We; its estimate; - Tl 

in Zorich fine jewels had sold .twice before ’'it- -Chris- 

made EL503.455 «riUi 'a modest 'tfe's. makjniTSa'^uirteaV iri; 18S7 
k.a per cent bouahi in. 'pie best and 140 guineas. in 1946, .. . 
price Wjt* the CiOl.1.66 for * din* "Another "Tiime f Wteriipfciir . 
iiioni nne with stone weiphine flf / .Crichfort " Castle'..; fetched 
13.S2 carats:-- An Peter de WfiiVs ^CorD- 

>■61 low_ diamond, ^ ^etcUed. 481,633 ,field .. neafc Trlsg” made - : Sl90D 

bought 



lou vlier «n 


-1 ■■e sent rulers Wherea* the a car is used." bin Lloyd George used rh ? Exchequer. 

Government wimates that a It wont on that increasing ri in%rf er 

Unver 3500 dotiu 30 000 urban petrol tax would make ihc W/a ,000 derived 
m *i,. n fast it.- iivner an e'itra motorisl more aware “of the real tor road improvement 
i**)^ 1 ,x a -rear Ihc Welsh cost nt using his car for a jour- sively. & 

WiVard' attacked ..’where of bia ne>. because the amount he pays Fnr tin* r.-js-m iho angwi 
care far ■n. , .rc 1 ' *re*.sivu'v ' in taxes will lie more directly tariff wa> called Hie road tana 
The hf.uoni rJVe W road fund related 10 the public and social licence. -i 

licence in 1900. efiWiive from the costs which nu.tormg im puses on The scale remained unchanr 0 

biainmny nf unit, wa* ti»o ^ cflmmuniiy." iinttl lOl'O. when it moved upJW 

guineas, wonh about £33 in in liitlS Lloyd George stated il •> horsepower, nearly _bj 

today's ir.un*.-; Th«- tup rate 
£4«. however. ih>- eij-.it valent 
inure than £770 :nrl:r. 

The 'inline m *. i** priieipic •••*' .....*.*.. -- - 1 .. 

r* '..liv'd un'ii jms. wh*’n it wa? with absolutely tm relaltoo 10 the -hilling a hursepower, su 11 


u .. .- ... ."fiJitoSB- 

ful sale of funiitqre \vlffi-a total 

With 6m ears on the road in An Ufbino Istoriato ’* disb oL ^7^6^ and top 
1961. the rate moved up to £15, painted by .. Nicola ■. 'Pelliparlb ri: . 1 r , a W 1 * 1 . . ^ 

i.-nh»h r -11 in t nro T — in/'— ... . i , — Ort _i __ i- : — s 1 1 ■ m'i oc A i*nc»«5iftf! 


from fex. At this point the licence was worth £59 In 1978. In 1965. with iihout 1030-and "shqyvrng the .rape'; 

^ „*» oviHu- renamed vehicle excise dutv. and 3m cari - 10 £17.50. nr £60. in of Prosperirie by Pluto saUTfnr ^.rab]^.- was bought - by 

• ement e-^ u hv th(1 pncJ (lf the decade was to r.’5. equivalent to £76. £. ? 5.n0G, .and a Gubbio iiistred; ; fpr^ and a pair bf * 


hrinein^ in £35 ,6m u year, or fallowed h v furrher rise -if tondinpl painted'’ - by ' Maestro Coorg^ TT-giltwoo^ ; TorOEt^Style 
£-340 m fn 1978 sterling." ^ *n 1975. worth a lirtie more Andreoli" in . 1524. made £1650(1, roirron: tfesfeBed; pjr- ywn 

in 1940 wiih rciriv t in. rare l * ,Mn ~ (?f) The-oriFe ‘surii securcd a Faenza LinneU. went fhr£ 4 .' 4 O 0 ".'; >r J - 

«n the road, the dutv’v.a* raised ; . i L. se L?;L fi J n ;; , : LI??' 

to a euinea a hnrspnnwer. r =n , u . . .u „, Aemi .. , - ■__ 

■The highest pride was-jhe . 


Thon *■'*•• '■»•'*- - k'-" .'* , * r ." m*i* ic*iwi*-v 

in 1947 the horsepower was ^ ! ° £50 ' At th: ‘ l 5 ’ ,Ve! lhi ' £10 ' 500; 


m In 19(19 Lloyd ‘ieorge stated i» - . uui-.cp.i»er nearly - . p . ..7, E\ch« ( ucr earned £b4«H» from Contlt 

was -It Wilt be nbvi.m> that were I >oday s muney. The detlMioiK? ^ M c nf ih.T r onitneiT ! h 'l lflm , or ** rBr * r,n ,h « rn ^- £135.025 

of 10 coniine laxauvn m a mere ’he 1.930s meant tne pnee r n?. r ion,*.- ieir!--'f 7 “.rr Tn 'ha' Wnd of mnnev vice of l 

readjustment nr Ucrnce duties "P heavily in real term*. ><*■£} L 1 ' ^ * V 1 rr «n '*f nerrol sales cvre tax nf 89 piec 

a;«« the bnrrlrn wuttld be imposed I W3 th.- rate was reduced I«x4« s | . -ann* ih.m 19p a. iallno muM rare Me 


nm Continental, porcelain totalled "agamsT ari"estipiate-.'dr£4jSOT.-for 
ad. £135.025’ .A Meissen dinner sec . an .extremely - ra r* £l 7 000 .Fsjik.bf 
sf the raid ISth ce'ntory'wiifi F.nctanif - hot* 1 'rtaterf fTetbhcf-^5, ’ 


The iifi fiat rale introduced in be charged. 


piptfk marie Fn.5fl0. ahd A 4 935 . ; Tlja t : is. t h p ,h f.oh? sU id f h. 0 - . 
■ Meissen '‘aritbfn^o7iiftrtrpic".4h"mahnn the of . En glan d 

i«a service uf 19 items fetched issued lo" the geritril -public. 






' ■; .. ,:r;r.. .1- ( -. .. .... ...... . . 

i' : - 'Fiiisneiai . Times 'Wednesday November 22 1973 


■^rr.'r ut'i - , 


. Fr^nkto and Paris fete a day. 

Hamburg, Copenhagen, a couple of days. Rome, Madrid, take 
a little longer: around four days, 
are 



ir 


they make the place very 

attractive indeed. 

You See, a truck leaving Milton Keynes on, say, Monday 
moon can be in Rotterdam on Tuesday morning 
The driver takes a feist during the night’s crossing. 

So when the truck rolls off the ship onto the European motor- 
way network, he’s ready for a full day’s driving 

Our major link with the rest of the world is the Ml. (As we’re 
it, Southampton, Dover, Liverpool, Hull, Bristol, 
and the like are all under 4 hours drive away). 


- Naturally, the benefits are just as noticeable for air freight as 
for sea freight. (Small packages, for example, can be in New 7 York 
in 24 hours). 

And just as noticeable when it comes to supplying the home 
market as supplying export markets. 

83% of the population of England and Wales is within a day’s 
round journey for a truck. 

Finally, it’s worth pointing out that there are also plenty of 
attractions within Milton Keynes. 

Like a superb range of ready-made commercial premises. 

'And a unique combination of old and new, towns and villages, 
highways and byways, factories and countryside. 

All in all, Milton Keynes is a very good place to live, for both 
industry and the individual. >3^) 1 J l /J 1 DYJ 




}■ 





IRH 




IHH 


mmam 


iiiii 


■iiiilii 


■iifSii 


mm. 


Xv.\v 


$$$$$$ 










••• . 






FOR FURTHER INFORMATION CONTACT: COMMERCIAL DIRECTOR, MILTON KEYNES DEVELOPMENT CORPORATION, WAVENDON TOWER, MILTON KEYNES MK17 8LX. TEL: MILTON KEYNES (0908) 74000. 















Financial Times Wednesday -Noyember 22 197 S 




pay 








BY I/OR OWEN 


F l,r 'L' ** v.'ij.i, informed ;n th* 1 ~ r ~ t-'.' rr;r**f -.■*i..;d :•<* 
:-ui*ii«.- . r.ni'Lii.r ••- i'--* '■ :rif*;rr.v-rl 

r.'ir.’ < . r.'.-iruicr.l d?i-;ri*. - Mr. hli'-'i*’ I.oj.dcn = La'>. 

• • :r77i‘>.v •i.r.r-i :r,r„: rusiin =i she if* 1 ii.*-- • r: ■ *.:H:tin*.-d t ii : > ? the 

• t j-r.'.'i.liir.c i'i** 0 pi.*r i.i.’r’ pj_ -;r '••*'-* ripen Muidrd 

_ : i . Mr. .1 .mil's CnMiighitii, i.:i*i f - -V.''d ■ liv ol.iiiri in till' 
■ T'rr . ... .. ■•■■.r i < ■ : .1 in.. fi. - ■' 'hi* n**gu; M‘«'*r , s 

5;.: r.- lie .. ' »' »i*cl that Fnrd hud 

P.-. - ;-. La 5 O' nscrviitiv*’- -:a‘c ii ■■'"•Iild *v p.'>*«5 :, t*.’ 

.••rr’.r-; irc u? • -» addition >i 

.. ?.-•< ; r:-- I'rsn*- M:ni't-r .ir'"’.- • '■<" r ; ^'- 

■*•»?: • • if nr*- :i on the ■..it-. - .--mg price.- 

ij*-". <'7r:-..;n' i f.'iin- ■■*.*."' ' 'hat •w.'ffl a 

■env.,-»‘.: ir.M'i ..<| i.n ■■■ ... . dealing • : ‘*r. 'r.-.- 

■i • r r 7 t .-\ , n " pr r ' I -1* linked 

*!*■ -i-M.-. . -n ' rep! - *’.*■ 


V- • ;n 1 re:'.;-.'d 

• n- : <■ r . ic iK-. firtvpiif n:«'i ' r " r - ici.-d ’be F'*r*l 

- r n--.- -' ' •- Ilnti-.- i.' > r.- 

: v-r'n ;i 5 .- n; -r - ■ = ( - # •«- n-*: .. -‘"'d 

s'-.r.tia i; -n-r rt - ! ** ■»i:nn i! pi • m.-.u»tH>:r« 

.-if— -o '. r ■■*••• ! 7 r i' r 'hi P.;: - 

Tr^ ■■■I'r t ; ri • o 1 1 p...*? - .. 1 ■ • ■. n-i'.-'j.ivnct^ i-r 

•• • -<■ ■r. 1 ' ;n •■'.r'-fs r.: ■ i i ■ r>r - ■'i'. •• >:i In- - ?.>!•, • i.:- 

. - V f r, r . ‘KiTcr • IT if r. . ' ; h .-n - 

!• ^r;u:n.ii n. 

= 7 1 -- ..-p; ; J:r l.to ! lie ■■ <n' ’.Vi* ■fii'i- 1 i 

rf -v •; •■!?!•■•' 2 ■ j ■ ■ 1 1 I ■ - ‘ :-iV. < ri ' 

K c irr' , c • " t r.^d m iy •' ■■■ ■ s-»r.. f J :.ik 

; i -. :;f-- M- < ...M-uhtii: n r« •' i ern-arn 1 » .n- 
ViW '..r-'-fm- c r -.V' - r-. ;.:c rccirt 

fp." ■. . ;■ •• .. r.T'ffi r"'.'' f i - f f - P>. T C-.H! tn 

’• r. - ■ v ■■■■ Vvi i'- .r. in'- •. • - . .• r-.’ in -'" 





tin. JAMES CALLAGHAN 

>Ir. Rnhrrt MeUi>h » La!> . tier- 
ns'ind*''.. 

Mr. i.jI I ndian rcpln.-d thai nin 
;'>r :ric uncer:,iini> mer lilt; 
pra spiers ini» -v inter, is wj‘ 
,f the m prisa?*' in tore -=1 
ra ; k v. (j’.iid ha’, c uevn increased 


" Bis: ihes^ 1hin?5 in \ 
think the public does under^ian'i 
thai if -av do not succeed -'f 1 ,ni ' 
part up the economy we sy-e in 
lake counier-vaiiinj aciiun 
othtr part/' 

Toe Prime .Minister assia :n- 
sail'd inai “substantial r.’.mi'-'ri.- 
tjun” in ihe level of wyse -s-*** - 
men is offered Ihe best pjvtiv-c: 4 
fur ecoriumic ^roiylb. rC‘i:.c;ri . 
uncmr* n >ment. invsetinvn; -»nJ 
c-jun'onr.!; inflation. 

Mrs Sjur^arel Thatcner. : -i'* 
Ononsitinn leader, called ’ t U' 
Prime Minisiirr m cnndt'ni;. ' r ‘ r 
Ba!-' its" Fond and ' l«*'d 
Worker.-’ Union for thrcaP :v:’- 
t.-. »:«■»■ ;lie Hosed «hop Ir- '* i- 
l*on -jaa’rst those who sia’Vd 
v i»:'j- «i rh.i* thin- wnu.d 
racked from ihcir joh; 

The Pr::ne Minister r«-: '■d 
■ ! i . i ■ he '.i2> not prepared j" "• 
■liirrc - fill-in on every ni'Ju.-»ru‘ 
d -niile '.vhich arose. 

Bu* he doubled whc'her ; he 
ili-ied sh.ip legislation erm!^ 
n-'-'d in the way snccotif'i 
Mr*. Thaicher aince there tvo 
:-e .isrcement between emr- 
and employee*. 

” i understand that •ic 
-’:i. plovers have said rhn- ■bey 
vi ; I nut m*i*i on the closed snot) 
in t!t:s particular Case ” 


BY PAUUNE CLARK.. LABOUR ST Aff i 

IT MVS ifsi-i.ij ; orv' r r - 7 r-'i’ - 1 " ~ s had' been service? were withdrawn in the* 

- ari . deni-ridih; . ^ •'%.» ;;nv? their 10 area this week when union.; 

n T 'll cr . r urii^r ■i ,, vn 'si- re" r^r r. T . ; t rT • i£Si yc«jr, SGactors Ihst ihc s*itBori p 

nt - pav pul icv 'ir.> ’-vir :n m:» >. ■..i^r nril opportunity *0- lies "had ordered 3 “ lock OUL” ; 
? v-ith'lai* year’# awi.-d; mss’o c'-.msir^ons. - - .The ar.tiJUlasceatens claim; 

men inn poiivC. They fir tiit j rlt'S? they act include® demands for a ES5 a | 

.'nifiR leaders sir'iT’tittcd a s'j> r.j-. :!;%%• *■.!! £r.d ihemseives' week ntinimum snd susbtantial j 
r.t; a! \r< i-iair.i yp«tcrcsy. -.Cirking rd.;:??s de nnitce 3nii. improvements in shift and over- ■ 


F. F ! T A I VS ! PJ vO :• T. V.: -.re 
m-.-r. an- demaridihi 
ireriFncrt ur.'Kr «l*-vn -;i- 

itten.'s pay policy ’ii'.s year :n 
ime with l'j*' year'* a'Aird: ‘.i 
liromen and p*n‘\C. 

Union jeaders s jV 

;tar:Ti»! t j;. cijim yp«tercsy. 


.i: r.t;p-; ibai mere could r.e "nn Sr/m^rf r.r>:' ye^r on sa'ianes t^me pay. holidays and other I 
rtK-iien " ■'•f -:::b"i| j.-.:".'rr.er. cArivas.y v"' c*f with their fringe 'bened**. They also waul a : 

:■.»’! n a iiiad-’ i " po«.r third arm ’ - 35-hnur week. i 


•>f tin.' pumic sector c;:itr-.-r.c. 
service 


own ; 35-hnur week. -- ■ 

Tri? ^.atr: cni-ar.* representing Ambulancemen are said to. 
•h.' inuitildr.-remer. delude the Barn an average £E3 a week ati 



S ir Aieorgc : Sari th 


.1* !:.>! war * firc;;’.i*r.^ n.-kr. j.vjr.*i*r .if i.ts* r*itVl! public th* second staito of special case - J Mlylll ■ Myf 
Thi.- firetron rc-vr.i;-. -.i'-rivo'! =r -. ;; - > - : ^ m -.-«*«ierdav:' deslf r.cvt year, ambulancemen . . ■ . ■ • . . <C3 

■j -- r ' , r i l ‘r \ r ;. \ J.:.'' " P ^ '- r -~ -1 i::r *baf »*iir will be earnin': '' n 1 a ’ . i ^ 

■ i ** 1 v ,: f; -'V ' me— ''..r? no: accept a 5 per year compared -'-‘^5 Tor a j n»|«>v| l | 

ri.j, •*' i j 1' f' 1 ; ■ ■■r.n- r.f[*r v.'-? vi:« e'.itfvt ihe police 'imermteodcnt and to,* II ’■ 8 IT ft 12 b 

’7;-;^. : rrcatmo- :er ^^iulaa-'C- for a SrcmuR. . • ■ MMMMMWMM ■ y 

■1«ir.er* ••■...• • ,-, or . ,- ne z The esceatire council ofi . 

. . -™«r ■ r.-:v:i'€-e a* fc.r nol-e N*l*PF. vefterday unanimouMyi ■ t-| • -. 

1 hu inrrtus* • .a.- ■.*■ ar!f ; - end9r««d the action of Mr. Alan • Af|lAt . filAC 

n. a-.erare wi'ts! rarn.r,^ j - . -Fisher, eencral sci-ret-ry. in vol-’. tlllCl 'UlCS 

risv* over x r.e ; ,-ar. :• so-rr.® ;:n.:fee:y •. nat , any in2 a : a . r ^ the proposed TUC-j • V 

Pomnarisops ”..‘ v " 2r ?- m ° us, r t ial ^ovemmer.: join}, statement, on 1 sf Our Labour Editor 

U wnipdrisoi.p - ■ .1: e after a . .- c TL C eeneral council' - . - . •• 1 • - 

T!i* rHicc re'er.ei an S nerM«e i The -.ir.tons point <o..j asr j SIR , :GEtJRGE hS34j(TH. general 

o- -.1- Jd :.o- -vn: !af ^r- Tie nreiert P'-'^lems of- am- nefendinr him against last . secretary 7 16? the Union qF 
member, with the rrmr.sse of T.r-re nvli'-ssw :r ; The West w - e *k’* c:tark in Mr. Torn .Tack-.LConstructton.' Allied Trades and 
than 2^ pvre-r/ ava:n W month* M:n'aRi:«. r.-t:=n. as a sipj or 'son. TUi" chairman, the up. i nn 1 Technicians. . .dfeidv ^ in ? hospital 
later a? • rm-jjt n; Eimirm- rtsir.: over pay. , 3 id; “Aian Fisher was acting 1 yesterday lifttr o. long, recurring 

n. ; v;o.® recomr.enduMons nr. A t. ■ ■ j : a r. ? rr.er. have hcen consist on: with XURE policy-- j-fllness. 

nol'.'.'O r 1 -:- reri. 'j-ir'i^rs in the and with noiicie? adopted; by ! .. Aged,. ..64,-. he Was 'due to 


i 1 .:*!' r'i-.-j! l* 
-.-•.’Ji'fi !j « -1 


j;-.j a*. Ti-v 

«; O. -J- ; 




The inert u 

a ’.era re 
sv* over tr 


.' T <r. i.= the third am* of the 

...; . . ^ v:L’--»rcer • r.-rvii/t-e as rV.r pnl:ve 


Frade with China to ex 


chief dies 


By -Our Labour' Editor 


later a? • ri’*-‘.i:T of th® Erfnvjrd- 
D.:VsO.~ r e co ::i n e nil i» lions or 
police pj> 


Ant b-il, -in Miners “ -;r‘. •••■:? that Bi- utirrhi: - . irea over a bonus 1 deleaates n: the TUC and Labour 1 retire mext June, after holding 


str.ee neither police nor fire r.r,; 


SY IVOR OWEN 


'■ |C t *•;;;% . : r - r f >r mer:' '"’.d increa** rrad*? 

■•■r. r 'V; ?- \*:rs‘. !«••:•.■. i-rr “1 f . ' jr.ri r h:n:« *-y 

- - ■•:•*} >;;■:•• •. •..* «. :m- ss im- ; ; ..- .r. ■; ■? pc-rreiii :■< lfr*5. 

•• • •!•• :l ••:. “Th |r -- jnd intpurtant 

• • : :I- *. .1 ? - . : 1 i ::i ■.•.■■ r- . . 1 :• r'.ihn:« nu: v.'; 

- - t. - Miti-v"; . r..- : - ; i— 1 :r ?ne ■.•<'. 10; ;■ •vp. h* '-a"i. 

• ‘ "V- — . - ft •.-■.• '! ? -i'’rf!r.pr.j-: ;r “l 

. r •■-•••. '<• . .-ii.'ii - t •;. •••• uf i.l**fursiv *••':::? :•• 

• .: r— . . • ^ ; :. ;;if- rii'p’. ■ :> " " ’ - '.’mciy tio'iirscs: " 

•- .!•• . .V- Th-- ; •••''h:.d tio! - »'fu!:y 

• ns** rtf""' 

• ■- -. ■ ft n '.ir -jnn - Briiain'- 

•; :. V.'..-: ■’■:••:• t .:— » | 1 .rv-^ U.t: t Mr. Fred Multcv. 

«■ - .f .si nr* rj.nl I ■« f«T: <- • = ?'a~'. “*i T --| ’h*- 

‘—r r. • ~;t: . j .i /.:*• i ! on - ’ r .1 : * Cn 1 nesc • ii.’-or r.- 


mepr had made a firm requpst 
for ihe simply uf Harrier* *nly 
“in i be la*! few days." The 
no o.*®.»r-‘ < nnsultaiinn pro- 

'•odtsre* had beer sei in mm inn 
He v.j* pressed !>y both T*«ry 
.;rrd j.jhf.-jr MPs to explain th” 
-e:.*:.n* for the delay ir. :!se 

'Iv.'ernmen* announeing a liuei- 
?ion on the sal? ef The .itrcraft 
tr- Ubit’j.. 

Sir Ian (lilmnur. Sh.irio--. 
liefepre Minister. ass*d if ?lr. 

wt a •.ertousiy tcllini; ihe 
lion sc- that h L * bad been sur- 


prised hy China’s wish r.-.y 
th? Hamer. If not. why had n"t. 
roe r oosultaiians with c-’lif?r 
iH-.vcrr, meals taken place befor? 


Mr. Mull®;, replied that the 
V.’ang Chen’s recent visit. 

V;. 1 ‘-P:-r niter’s visit went far 
wider tn.ir. defence efjiiir-ir.ent. 
- Th” Cuvcrnntcnl v.-as not sur- 
prised nt. ’.lie Harrier request but 
one '.ann'-'i ••.ir.vjlt .‘.Hies until 
'•r.e has some idea of the sire and 
nature of rite request, and that 
..anie or.Iy very recently. ’’ 


Plan to end 

social 

workers’ 


By Our Labour Staff 

NEW JOINT proposals hsvs 


nr.y arici-.T-!:.. Ail ambulance Partv conference.” ‘ ‘ the.' post" of general ’’secretary of 

— : — ; 1 — \ L'CATT and its. predecessor, the 

• - [Amalgamated Society ot.Wood- 

"^7 ^ • j ■■ ... ..[workers - arid: Painters, since. 

0\^‘ SPaperS tilt ■ OV - I^/U'.scotsmaa,; Sir George had 
ST v jin-rebent years fought too th-and- 

... nail agalnsf the - Government’s 
• ft • y .« j • f devolutiocr’plahs^arid ’was almost 

journalists action 

• ’ ^'assembly was not really wanted 
; by his countrymen, that its 
BY PHILIP BASSETT, LABOUR STAFF .- crehtioh -'would-- exacerbate 

. , ■ ! political tdivisi&n, and that it 

„ .. . . . | would fiive the separatists their 

s\ provmcial well develop over the next lewi ^p pp . 

joersahsts :r. support of a E20-a- weeks in support of the unionV n n ‘trade- union matters he 


’ action 


BY PHIUP BASSETT, LABOUR STAFF 


On traded union matters he 


ornie Bromises new social seen 


The strike ov*r a clair; for-- ed.T:''-5 cr cutuag their provincial journalism and is a J teen years — to. eliminate con* 
local bargain: Hi- on pay stalled r.jT.-'er cf pa;:s . stpmficam contributory factor in; srant mter-union battles for 

in N'owca^ic-unor.-Tjr.* :-nd <r, The Nav.cr.a; Ur.ica of Journa- the bad incustnal disputes which j membership. • ' 

«everal Londor.‘n/ -.rough® It I’a- ::?i : h-.- :o ali MPs who hav* increased in recent years.. He welded UCATT together in 


several Londor. oorouah- I 


:o al! MPs who 


He welded UCATT together in 


« N?.V.' •I-- f-.r -. f--r:.- 1 I ro‘.“ Mr -latcd S -c.ai S^r-'ices Secretary, refer- 

ar 7 — :• Th? B.l: •••••■•. id £'.=.* «r* up a rr,’ aitendanc? allo-vcnc-? 

• --r.cr.- • . - r Mr. s y«:'. , tn for :>airi kidney p»;ion:«. j-ind 

- -. 1 -•.■•.-uiV *■;.;».■■ ■-. .ry -.-rcnT.- -q?rc were ea^.-s ot people who. 

M:r.. s *or. •: •:'• v.-r :r” s '.r - . "t.o*” d -tied i.oraui* o r more modern ireni- 

*‘ v - "* •< ■'••’• r. :• of Trie S'. men*, iiicinod*. had found !hcy 

^ t - -: -’ •’ ■ •! A-p-jf: Tr::.i:nal h:d needed ircaTment twice a \ec«*k 

"-■ "*• ‘ ‘cv '• Hiuh '>ur‘. Tr.c instead c«f three times, as p r -.-- 

: ■ ■ •y t : • • _ P i: *t: j further ■■.ppi. j:? v;ou*!y. Bui because of thi? 

Tr.: .pr-'.r-.-:- r .-r ... -iy. ceanue They lost the attendance 

1 ■•' " . t ■■ v ” l’.:*- -v.*- a'--- pr* , viri- 1 - '.ha. .il'owanc*. 

1.v.x -r..:-.':nc'.i TO a “Th” Government 1? open :n 

** l_: ■- r. 1 ; o? ir- r r ! ! - e;r. p”r*:- n i-.t hi* iui*.- :rnc:.®in for having tailed 

’ * “•"* a. : yr.-. -.-if..- - r.,n\- : r,.j •,»>-. ho *n> ;n dva: with this sooner." he said 

:,r. *f: j. m n v'r : r.-.-.r : -a-^rie..! The Uc welcomed the vhanoe- in ihe 

3 ,: i : ’■ ■-•'d r®'. •••:.<• .y.'-’r. roii''.:’. n.-. Bi!! on mobiiit: allowar.c^. 

■t.i'-'-.i. - x r --i:an -.oi.i-J 31 r. Pa 1 rick Jei'i-iri. -nado'A " 1» never seemed re uio Lviv 


. -,p-o 

Tr.: .pr-'.r---:- 


r”-ai:>!ic »o think we could give 
people -r. 2 Ko war.ee before 00. 
ln-n fjk..- it away at retirement 
’’ B::t why make the limit 75? 
if .! ;* wrong Jo lake the allow- 
ance j wh y at fi5. surely it 1? stii’i 
wrong 10 take it away jt 75? 
Who 1 :i ihe maple of that 3?? 7 ’ 
There v.nuM continue ;o b? a 
r.e-rd for :« purpose-built vehicle 
f»>r tnc m-nority who would 
nov”r hv a ole drive a car. * 

Mr Jen km urged the Gtr.ern- 
mer.i to :-iok at a concess.’in for 
in® il.-abb-d equivalent io the 
-’ r *.«r r,f ;he road find licence 
w.iich is to oe scrapped. 


National and Lo?a! Government 
Officers As*ov!a:ion included 
among its main reemmenda- 
tions opportunities !cr some 
rc-cognifon of local re*p 
niline* 10 be taker, ir-fo acceur.T 
:n -alary level*. 

The re(Mr.it)cnda:ior.< ■vti! 


because 0: a mandatory eha pel 9.000 provincial journalists; A. Left-winger/ he was once a 


emr-er* of h? Natior.-it Graphi- nsar.y look home less than £40 a : lose his regard for. some of the 
1 As*”? 1 ?*: m *•?. handle cop v week. 1 ideology, he was vehement in his 

r :ho television and radio i criticism of Communist nr otter 

2 -y-. p fouma iists al the Press Asso-i Far-Left activities inside the 

7ho Newjps.ner Society said cia::on v.’iU meet the emergency ; buildinsf industry.;. 




shnnlv he pu: ir. lr.”a! er.-.plovpr* r^’erdv that although the committee - of the NUJ national] -Sir George was a member ,o£ 
and th” uninn r.;”mbe-*’n;' ’ for ?‘- v <'o:nr Po«t was the onl;-. paper executive today to ask for official; all the important TUC commit- 
r 0 n £l iUatjf>n ’ v.hich hsd failed to publish be 1 support for a series of lightning! tees anti a member of the govern- 

c=u«e the j.vimal jets’ Fine- strikes to back their demand for ing, council of the Advisory, Con- 

_ .. -vl-.er protirctal pipers parity with vHier Fleet Street! ciliatioti and Arbitration Semce. 

S<^nL' c^GtH- • fi»d '** cd^on-' or had beer journalists. Sanctions already , He was chairman of the TUC in 

/bJ-HlIlAV ijtuill ■ ."(ir.-c H rsriiyid *■»». n.- -h„i~ hainn . hr lha 1671 hilt Ha'cnila hie carinrftv 


ATTEMPT-’ T- * pr-..i a- - 

; -.,r.v' ■' ..I, i - ’ ,i *. »-ri 

.' • --V- id-.-m 

r . • ?...:. -r;- -.-j...- rd../ 

.i. i r> * : r. -r . ' - 

- : • ■! .'.rd :7 ;oj Mr. 

i'icltard Kr-lly > La.j . 

V i ri tin- 

• • .1: w. 1* 

i 1-: .-.ii* Mr. 

U«-x Earii*-. Energy Lnd-.-r- 
-.-••i.'i.'f . h.:fj -.uf! ;:i„; ihe 

•? :d'-n r : i • ' :.t.-c-** s - 

. - .?r! u n*.l :r.c v.-iori J>_- 

? "b ■" 

Mr H”j:'v ri- cl..rcii "in in 
r -dern u:- »-f ii.-chnn!i.«g; . :i 
1 d n«ii h»- io find 

:■ -olu’.nn l or :hv t :nd ihing 
rr.a; .vjpp”n'.-ri hvrr.- -vherc. ji>- 
Tcir^nriy. .* ruddy.; r.,;n g-ii mu •;!' 
r-’Tro!. and vo*. dn railed 

“ I v.-.in! thv tiucMinn 

;~sr. has boon raised in many 


auinontatr-'e quorier* within the 
r.-.a! industry ab'sui :h<? nroduc 
t.vit.i agreemen; , na: jv**;:*!;. 
C";:Id 1 causing .ivcidon' 1 . 

* ' 1 ;•;? n i to e n j u • i u •: : nq u i r.v 
F-j;i> goe.* in'r. i;-a quo?; son uf 
manning lewis ,<nd and 

maini^nunce and n--:>>.-ciiiin. 

• 1 my opinion. ; ■.m- >n m ? 

fault trial cv.r •.- -here the 
tram occatnc demii-d ;,nd t.h:= 
want.- it* be invest!”.* ted.” 

Earlier. Mr. Ea*!.- sa.d the 
causes of iric ju-iden; were si, ii 
bcins invest! gated 

There were ere-- of ■■ a!i.*u!- 
L’ti”iy disgrace fill ’’ from the 
Tr .; y benches wh rt, i Mr llennis 
Skinner iLah. Bnl-.v.^r i >a'd he 
i-ould nut ;*wy much heed to 
Tor. expressions •'•!’ sympathy 
which they never u-ed ahi.ii.il pjy 
clainis r*r hc-Hrr *.indiiinn>. 

Mr. Eadie assi.rvd h.i:i that 


ail investiz;:tion? into mininc 
accidents in recent n slory hai 
always investigated e aspect. 

Mr. Anthony Wedge w ood B»-nn. 
Energj Secretary, had l***w:i tu 
trie scone, and inspector* of 
mining wore also on tin- spot 
After 31 r. Kelley had rpoken. 
M r . Eadie said Ihe safely record 


in the mining indusf.v in the 
past year was the hest In living 
t-iemory. although this was little 
conifo-t for liic relatives of he 
dead and injured al B»-nt!ey.~ 
The H*:-il:h anu Com- 

mis^iiin ha-:l a I read v directed 
thaL ihe accident s.iau-j be fully 
in vest) sated. 


inquiry 

delayed 


V'7 C - reduce ;he size o: their being employed .: 


“-’ir-.-ir.* 


the.; 1972, but. despite his seniority. 


ir. 'c-ir^r »•> ai! N>’J mem- agency’s news services^ 


journalists are riisiupting the! and the high regard in which he 


“r* of Com ?n«. }fr. Deni? The 240 journalists 


union. thn; indi!?:rial action than otter 

By Nick Garnett, Labour Staff *r. tte provincial Press might journalists. \ 1 Doris, two sons and a daughter, 

TO HAY’S m.?et;nc of uar.k ^ • . 

iinbiRs ^r.ri ssatf .issc-ciaii'.n* i.i- ..- - '- • 

i»W «ss ass : Protests over Scottish ‘I BL pay talks 

l.iy-.n r.*',stp.?ned du^ to f n-? inn*'.?* 

"•H.TZIT.^'Z Prison unit spread 1 resume soon 

rV*r:njliun of a new TUC- MORE SCOTTISH prison officers Secretary, has said the Inverness Bnandal Times Reporter 
affiliated trade um*-n with a j ire takfny unofficial industrial unit will, be used only on his . 

membership of more man • action against ibeir union’s personal recommendation’ but ,th£\BL joint management and 

■*nn non t hp nffims want tn hp rnnsiiltnd 


iists chum they: 
!R of fisoo less] 
Fleet street! 


was held, was not appointed to 


sit oil . the National Economic 


! Sir George leaves a widow, 
J Doris, two sons and a daughter. 


‘Save Triang’ call by MP 


Lords 


T : iE P-il.i * £io «ii-*p*'ir:"'i i!i»' '*ut he i.l 

• -. r: - *!v. •*•*-!,- pen- :t* no ■» i<l n>- ni.id*- m-r.-uanvnl 

* ...m * p-l :*.«..j:.- Cu-iiii^-i and -hon'd up iiiu-x-linl-n'l. 

- ' i ■ • i.n-rj; ^nd n jit * i V- Knr ill*’ eminent. l.ord 

rl.i j! A.-*eni UT-IIs.Pp^IpII >.-,•! that war 

I-. h.i- a. read. :•* -•*•■-) tli- *li*dn>«i win™ -'-;p fivi»r Ho 

•'. ■’••.imoi-' -.'miM -’<-i ihp r..;*n i- Many of 

Fn,- t;-,*' Ln n :«i ! . J.nrrt R.ml-* 


iirifk-r f*5 h.id jobs 


BY ELINOR GOODMAN 

THE GOVERNMENT was 
nccu-pd yesterday of "political 
ni3nouvrtng ” b> announcing 
l.-ic closure of th*? Tri3ng toy 
factory at Merthyr Tydfil the day 
j*rier the crucial vyic on the 
Queen's Speech. 

the accusation came in a lc-i- 
«cr to Mr. John Morris. Secre- 
tary of State. Wales, from Mr. 
Dafydd Wiyley. Plaid Cymru 
Hfiokesman nn industry. The 
Welsh Nationalist voIps had been 
pai’tl> instrumemal in en^urinc 
lh«’ '.invcrnment’s survival in the 
vote nn the Queen's speech. 

The Welsh Pevelopnipm 
A gene v should takw over Triang 
a«. a wholly-owned sub*idiar?. at 

I •Ms i uniil sump < *t her equity 
holder could lie found, the l«-Her 
went r*n 


He could not accept that there 
was not a market for the bigfa- 
reputation uoods carrying a 
Triang/Pcdigrec name. 


Protests over Scottish 
prison unit spread 


BL pay talks 
resume soon 


Enancial Times Reporter 


non.onn. advice. the officers want to be^ consulted union' negotiating committee is 

This would be the umnrcila ; Office r« a: five instiiuTions about which violent prisoners meeting again on Thursday to 
idy for a new si?/T section ; were working 'o nile yesterday would be considered suitable for Tr y t 0 unravel some of the com- 
nresenTir.c memhers uf the! in prme-i at the re-introduction the special cells. pony's pay 'problems. • 


Inflation 


within ihe five English clearing 
hank?. 


The Scottish Prison Officers’ 
Association ! zs; week called r.IT 


; Draymen keep 


In yesterday’*! Financial Times. 
Mrs. Sally Uppcnlicim. Shadow- 
Price* Secret ar*. was reported 
!■;. the Press Association tn have 
-aid: “Tin; tutu I increase in infla- 
i inn under ihi> Government : is 
lfi i**?r cent." > 

What she actuaMy said w$s: 
■’The annual average increase, in 
in llai ion under ibis Government 
t> nut S per cent but 16 per 
cel.” : 


renresenttr.c ntemners uf tr.c : in prme-i at tne re-,niroducttnn Loe special ceus. party’s pay 'problems. • 

Nmiona 1 Union nf Bank Employ- • nf a jpecia! *egregaiinn unit at : — — * - - The joint- team .'met last Fri- 

pps and the *’sff' 8*50cMfs«"ins j Pnrterfieid Prison, Inverness. Tv l ” dav hut after a dav of discussion 

wiihin The five English clearing The Scottish Prison Officers* Br2yfllGH kGGp - a. 'decision .on the-' •company's 

. ; A’S^'-a-mn -2S. week cal.cd r.IT . parity proposal was deferred. 

The union is th«'*ncr.t tn So •. '.is tnrentened -action due to start iin bQnpfinVIC i ; , 

fa: durable lo it?-" S.-nad ihi« wee!:, but officers a; Glas- “H .'MUtUUID BLs plans to kpep the parity 

principles nf ihe report, but | cw’s Barlinnie Jaii. I’lrcenock NEARLY 500 draymen employed scheme separate, from the -pay 
incvc is curiMflerahl? disquid ! and Lunarisseni! remand at Newcastic-iipon-Tyoe by Scot- revievr .were upset when the 


The union is thmier.t m So ; l\s threatened action due to start 
fa: durable l»» the S.-nad* ihi« wee!:. l;-jt officers a; Glas- 


incve is cuiKiderahl? disquiet i 
am*-ng the si:-ff iissririntinn*. 

The Bareljy.s Gro'.ip Staff. 


and Lunarisgeni! remand at Newcastle-upon-Tyne by Scot- review : . were upset . wnen tne 
centres. Sira f hcyJde. went ahead, u’sh and.. Newcastle Breweries -unions "decided, to delay a deci- 
Th*? were Uler joined by nffi. contirriied iheir sanctions yes ter- sipn on parity until all details 


Assnelatirm is ihoucht in be *-n n- c?r* at Per'h and yesterday by day., fn spile -of a ballot of 4.000 of the job-cuts, were known at, 
rernnd about the aufononiy « hv ! - 1 ::rT the Hur.ifne.* young colleague* in favour- of a pay individual" plan is: 


-.•!*'^rin; 

have. 


would ' offender*’ institution. 


IJovds staff SiSMiC-lailon ;* wor- having 


Sir* re ’.hon 2.000 prisoners are lines..- 


iffer within Government guide- 


A : move - by senior shop 
stewards for plant bargaining. 


The - draymen, who want an -led eventually to' the contrnver- 


rn?d ahoul the rcartinn of ;he locked in tri*?ir c?!!-. and court improved- ■ bonus scheme, are trial Ley land package.- which 
Association ■» f Fmcpiifir. Trcnm- pm*.v vd:ng* ii.-ivr- been ilisrupicd “ working, to. standard ” by refus-- links the pay review, to measures. 


Association ~> r Scientific, 
ral nod Manju-.'-ritii S».ifr* 







laws 


9 


BY ERIC SHORT 


THE IT-- in*ur;in?e inrjmtrv and 
th*- pen* ion f.:n*i- jk- oound m 
*•* th*.- subject *».' p**l;ticul cun- 
:i,*-.-er*y and fur; her ley is In lion’. 
M .- Di'-k Tuvei-nv. duectur •-!' 
F.q-iiiy and La-.-. - I.if*- As.-uran>e 
S- **.-i el y . w ;i r n*’*.l ;• * -st ord a y 

lie a relief! !h.*t *.n-h ;««-» j**n 
sr.e-.-iJ.irdr- ’■iccau-e nf iri*‘ power 
rr-yire.-cntc-d oy to*- *h *■*.■;■ i|/*- **l 
in -u ranee „-n*t p»-n*ion furnt-. 

Some nttin.iucr- Imd i.-r in 
a" : ■ t i Iro-c rntr.cn t i-coiiouiic plan- 
n-nr. <*.- va* -hu’.-.n in 1374 ntiii 
.*..:*n 'hi- -«>-r. Tii*.-y ;il-*-» 
.■•.. ncd tre:»i rt rdni:f infliu-ncp un 

;-if manaremer.: .<i inclujlri:il 
.ii;?l :’uiptii2r*;iu! iridu™lrie», since 
t!:;se funds wor*: i he mam 
■f.::*piiers uf * 2 pti «■ I. 

He fcl: ;h.-i the puli lie.* ! and 
i-fMnntnic reactmn lo ilie iu , '-si.-nt 
-it'i3iion r*u l (l lake .lCvoral 
f-'inis. Tiler*- wiitild he over- 
-.- 1 1 el :r. i n 2 pre.-.sui-p fur I eg 1 ; i a • 
t.i*n to control the imc-dment 
p**i't-;.' uf fund*, vary in 3 from a 
mile- uf prs* it- 1- in nuiricld 
•,'iro'tion 

T'tl? me.- * ;ncnt i.iwaid* m- 
*!.--!:is! •I*.’-rtuc:-;,i-i in m\**»i- 

:r,rni "f f ifid- v on io ;>rubut:|v 
;i .*.-. :«;*.ir.-e— m*- ;n«t: n * ■in-idcr;:- 
I : .0 hr-jpg -.-. b.d fo'ii' eiiljib'y***’ 

;• -:if!p.iTi'*r. ho 1 «:d ! ;.'rc. Trier* 1 
•.. .. ,-. . sh«- li'ical *<f u-;lrij!i: 

r^r. 1 !i 


But Mr Tare me — speaking nn 
the *cconri day uf the Kmjm-inl 
Time.* -surSd insurant e con- 
ference — also considered that 
there would be prvs-urt- fur ia\ 
changes involving a inwerinc of 
i*.p riiv rate* in ordi-r m reduce 
ih<- iremendnu* t:*.v advantages 
now enjoyed by insurance and 
pension funds. 

Th-* nojccir.-o mild In* to 
cn*-*iiirai-e direct in\*->imrnt l«v 
individuals rathe.- than invest- 
ment throiii-h in *11 ranee and 
pension plan*. 


Realities 

Mr. Terry Casey, general >prre- 
ury nf ihe National Association 
■if Schoolmasters’ and the Union 
of Women Teacher*, urged 
management lo let employees 
become mure involved in the 
uperalion and management of 
their company pension scheme. 

He fell such action would lead 
in a belicr undcrsui tiding by the 
-.• ork'arce of the lealities of the 
economy and an anpreciation of 
vha; 1* invulv*-i| m making 
in*r*intent decision., 

ll would help cor.sidci ably in 
i ht- educativ*- process nf tradr 
Jtmon i.-t? and wild nut un end 
hi ; nr* aninide nf r^nain iTadt* 
uru**n i-'* ■.■■h' ••:u! J o| ; , ;^,i.>*rc*l 
economic facts. 


He was critical of t ho way in 

which past -governments, as 
employers, had noi involved 
leathers. u> employees, in the 
management of teachers' own 
pension scheme. 

Mr. Richard Ellis, managing 
director of Cannon Assurance, 
said the UK life assurance 
industry had become much more 
innovated and market -orion l a ted 
over the past decade. 

The industry was now geared 
lu finding out what the consumer 
wanted from life assurance and 
then providing him with the 
required products, compared 
with previous attitudes of telling 
ihe public what they needed. 

They attributed this change 
primarily tu the iniiuencc of the 
recently formed linked life com- 
panies. lie emphasised, however, 
lhai it was important for the life 
assurance industry to be able to 
operate in a legislative environ- 
ment which v.-nuld enable it to be 
flexible enough m meet ihe 
changing needs of the cotn- 
uiunity 

rh*> rule nf ecu no nn*- foretast- 
ing and whHi it meant 10 manage- 
ment was described by Mr. James 
MorrH. direcirir of ih** Hcni*»> 
C*-n*ri* fur Forecasting 

He explained how forecasts 



Mr. Bruce Millar*, Scottish ing to-" taake extra deliveries: ' ii 


NEWS ANALYSIS— PAY GUIDELINES 


! for i .m p r ovine productivity. 


in 


BY ALAN PIKE, LABOUR CORRESPONDENT 


wcr*.- bmli up and ik-s.-ribed ,{hc 
intcr-rvlaliiinshi;* iu-t-.vecn the 
v a nuus fat-lur* v. hi*_-h 'affected 
the ei.onoiiiti; .*ccnv i 

Mr. Jen Grafter, gcne^Jl 
manager < finance and servicfs' 
uf The British United ProvidSf 1 * 
A*»u*-ialiun. *li>vus*ed t? 36 
growlh of private health in^r- 
unce in ihe IJK. •• 


Policies % 

He said a gruwing nuniber^if 
companies were now providing 
medical insurance schemes *>s 
pan of the overall benefit par- 
age for employees. S 

With the passing of the Health 
Services Act in IS76. privae 
medicine had been completely 
separated from the Natioi}|« 
Health Senit-e. and could n* v 
pur!>u*; it* n>*.n policies fjf r 
growth and dcvelopmenr. .1 

The major pruvidcnt socit-t^ 
in th* 5 UK. especially his 'W 
'•‘.impany, had an iniporiant rdin 
to play in thi* d p-.-c input 
in rough the pr«vi-ica -:*f financU- 
facilities. j] 


FORD’S floodlit position at th? 
head uf the annual pay round 
has now inevitably promoted the 
company to the same prominence 
on the sanctions frnnt. 

If m us* meeting-* of ihe 
57 .(Kin Ford strikers thi* morn- 
ing accent the offer approved by 
iheir negotiators "n Monday. 
Ford will not he ihe firs! com- 
pany 10 ha\e agreed m pay in- 
crease-* above 5 per cent. M.-> 
American mubmalion-jl motor 
industry partner VaushalJ- has 
sullied for ar-umd S3 per cent 
plus productivity. British '>x\ ieil 
is moving inward? a senlcmcni 
believed tn involve inere:i.?es of 
about fl per com on basic rules. 

The £20 per week Ford claim, 
Ihe nine- week-lung Kurd strike 
and the 17 per cent Fo-*d final 
offer have, however, all been 
projected by some strike leaders 
as symbols of a wider fighr to 
breach the guidelines on behalf 
of the whole private iecior. In 
consequence, the Government’s 
reaction will do much lo estab- 
lish the strength nf its determina- 
tion to retaliate against com- 
panies which go over the limit 


ejrnpctcd. 

Potential sanctions against 
Ford eenerall\ mirror thQYC 
which th* Government could in- 
voke against any com r- any which 
settles above 5 j:er cent. Tries* 1 
fail into lht* broad areas of 
prices. Government gr^ni* and 
• uher finam-i-il aid and Govern- 
ment purchasing. 

A *tric; veiling nf future Ford 
a pel lions f**r price increases 

i* one eYpe'.Tv'i consequence nf a 
setllcm<?n» Outside guidelines. 
Such a weapon ni'i'i. h-*-.vfver. 
h*- used -.vtin car*.-, Ford’* strong 
market position and the full 
iM’qcr-btioku fur many of its 
models mear.v that :irtific-i:i • 
rustruini.* on its prices could 
upset the delicate competitive 
balance of Ihe industry with 
repercussion > on BL and else- 
where. 


ine plant 


There is also feclina in 
Government circle* that, unlike 
the productivity -based settlement 
ncaoliaied at Vauxhall. Ford lias 
hc**n responsible for a !*la»ani 
breach nf Ihe pjy guideline!* and 
mint b? dealt w’ith accordingly. 
An r.irh oiiMi.- *ia;oui«*ni uf tfio 
proposed Government action is 


Ford management— which has 
already had private discussions 
with Ministers on the sanctions 
Issue — can also he expected trj 
point’ nut firmly -that British 
labour cosis are only one factor 
in any application for price 
increases 

However, evidence that price 
control;, arc alive in the Govcm- 
tneni’s pay sanctions armoury 
v.as provided last week when Mr. 
William nndsnp 5 . Transport Sc*?- 

fuary. .earned the Scottish 
region of the Road Haulage Asso- 


ciation, that a settlement outside 
the guide? in es would lead to. 

sanctions. These, the hauliers 
were. told, would at least Involve 
action : 10 -restrict haulage rate 
increases. 

While the withdrawal of Sratc 
aid is viable as a potential sanc- 
tion. there appears to hp generaT 
acreemetitrin the Fnrd case fhat: 
the new • South Wales engine 
plant, now under construction. Is 
nni'at risk. .' 

This leaves the imposition of 
a Government ban on the. pur- 
rhase of new vehicles. from Fnrd 
as the' most direr! and easily 
effective method of retaharin® To 
the 17 per. cent- pay award.-- 
. There is a strong feeling thar 
Ministers will opt for Oils sane- 
iron — -‘possibly in cohiubctipn.’ 
vrith others — when- thf - final 
decision ts taken.. . *: • 

An effective -ban on Ford pur- 
chases would probably he limited - 
to ceatt^i Government depart- 1 
ments, '.'The Government would 
find . it more difficult fo /force 
local authorities, many binder' 
Conservative, control, to follow 
its lead; ■ . • "• 

Ford sells 25.000 vehicles a 
year . to Government * depart.' 
ments ' The impact or. having 
these orders removed, however.- 
’.mist he set against the-f.ict.that- 
al a time when There .is strong 
demand for the company’s cars 
it has just lost 117,000 because" 

t*f the strike. • 

Another more genera] facFo'r' 


which - Fort will ‘ -expect- the 
Government to-fake iato account 
when deciding J its' sanctions 
policy is- that jt_'has .suffered a 
■nine-week-long ..strike -.which be- 
gan the day. that it -made a 5 per 
cent /offer; 


Blacklist 


■Trie. GohfedeFation of -British 
Industry— which Is -opposed tn 
discretionary “ sanctions.' or , a 
Government black list— believes 
that' If: they are iised. at all they 
must not Unfairly . penalise * hose 
companies -'which' - have-'- already 
suffered: serious, damage' by re- 
sisting sft;ikes in support of wage 
c'lainui outside : the guidelines. ' 

As the CBi neatly states, the 
dilemma: ” If sanctions dre lo 
b'C applied i^gartleSs oT,'a 'com- 
pany’s efforts to .Jfiettie .wiihin 
the guidelines it .-is bound to 
affect-. the determination of com- 
panies v'td‘ resist- in’ the first 
place.” - . 

A not ■.dissimijar view From 
the trade union side vas voiced 
with, a different emphasis by, Mr. 
^fleg Birth,' »- raember - of -the' 
Amalgamated Union of- Engin- 
.ec.ring Worker^-, execulfvel arid 
.secretary • of. the . Fort : union 
: negotiatPrs.-vafter..a2rBnd'ay.’s d& 
cisi.oi^ Jo .'reeommerid acceptance 
of ‘the Ford /offer; •’ The- Govern- 
meat’s pay policy, he- said. had 
already /.imposed a nine-wcek- 
Jotig sirike : op Fort -and this was 
a sanction on Bis members. T 


AiA xiP 


Exp 

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tW 3 jJ, 


The Financial Times 



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London 606 9944 ext <868. TEST US. 




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Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. 

Telephone 01-606 9944. Telex 888401 







handling 


E3ITB3 BYAPTKUR 35?JHETTAFJC THJ SSKOEVERS 




Plastics film has novel properties ,, * riir Lc 

AX INVESTMENT of about of tear slren-th, impact aad covering oluOUtxI 1111111102 liUtAJ 

■ •-■-• — -«• - — — — — =-* joins, coven-* aou »j*ii w 


8 MATERIALS 


Metal si 




AN INVESTMENT of about 
flm. ia the initial phase of a 
project for the productinn or a 
new plastic film, has com- 
menced at the Aylesford. 
■Maidstone, Kent factory of Reed 
Plastic Packaging (0622-77S55). 

Based principally on poly- 
propylene. but also containing 
other polymers essential to 
achieve the required 
characteristics, the film is 
called Reedcx-F. 


PROBLEMS 


ALVECHURCH * S|RM!N 6 H/> 3 Sff 

Tsfap hone Reddfich GS41 4* 

. . -TMnaus^v.- 


I>FSC?.lEED Technical Page 
soros r>-> y*sr? ::•) ' j ‘ ia incep- 
Tii', 0$?rv> m'-tal powder 
r.ianj?acijr,-- ard fnr^inj pro- 
<vri? :* r-iady for wjrrid marketing 
end an aares-insr. 1 . ,r - do this has 
beon jisrea Ovy- 

zcr. C?: r.ra.ny : .zi Ospr-:y Meiais 
of N’-iriirs. 'J.-.n 


such ar 
Ur?e a: 
powder 
which : 


an:: ?">: 
F&73 


T"-? ivra^'roT! i-.o prc??ss 
:< • t*. • • :; w ' a ini •■*!*! „ r .; ■ 


e-tin v;r^::. d.-^rdvd fla>ri r. 1 * 
caj-L-r.; ■■.feste ■.5 ::;-ny :;.~Cr -‘sf 
rr.eisj,. r ir.cn :tJ r..i?n i::c 
m'v'.en maier.-.i .V» Jin-: =prj> 
r.f .V.*. -irv y nr.jnm* 
rr.-rs- ;r. - :n.n fr:in a 

r.r-1 r'.a^r-n; with je*.- 
of .nerr -_i. ini-.’ ai n , .:ro:-;n. 
T : :ii rv ;rr end if *:c? r.ro- 

**css I.-.? iireui: -■f '*-n dT'ir^ 

:< d. r*: r. 'l 

s"-ir-?d r.“‘ s :-■?-■ irndni-o ore- 

.ir.-: - 

ie~ r .r -rr - '?.-:: i^asrhc" 

~ -'r dens: 1 :* pri- 
A- cn : r n r >* r, 

nr. .r. j ?r< 

- tj! * 


pro:?” 
w’tb f.: 
ter ri.n i 
rv;;; .-i ■■ 

fu •; 

d?ve! 


: {organs, which produces 
rr,y.i7.i' of waste flash, and 

■ melailurgy, a proces? in 
:he di*?« ran be expensive 
n 7 i’c-nted. 

n:s emerging from this 
; Ytrv no segregation 
no rm:n s : ze and no ia- 
nT.^stion. Density - is 

■ y r.jr.-yr than 95 per cent. 
■is from the original 

■r-r? has been the 
of systems which 
r*i produce extremely 
rv..-ders of the highest 
Is with ver-" low 
ri can he produced 
_r.; :i inys ipcludinc in.-, 
-‘am’ess materials. 
- .”i s.Loer alloy*, a- 
■ of nTi-forro-x? 

= ’d ndastr:a:iv. 


itial to weathering to ensure ions hfe. OleBer.dt Rasmussen, 
required and it esn be subjected t- 1 compiny nas « 

film is frequency electronic trejtmrot fully exclusive ucenR 
to ensure pennanent * n ^ an ^. ee 'l 


decree 


inching ability' for. sealed against 


Jl is manufactured by cold adhesion, the film should be Lr\. tire. L.aa3c. 
lamination and biaxial orienta- suitable for many applications New Zealand. J “Voncuvrabitity. 

K?,i SSaSd AMSi 2%^, t 

oriented layer* of cn-e.Mrudcd In packaging areas, it offers a .in other parts ot tne world. neen increased for optunam per-. Hounslow TW4 oDA. ui^i, 
film, and it is the ** crc^s-film " wide variety of protective wrap- --••■=. 

(XF) from which the company pings, particularly for machinery* _ — ; * • 

product^ " P al,et covers, tarpaulin rp Cranes are easily dismantled 

The companv's olastic pack- performance sacks and other v ■ v„ n wi 

aging's production machinery, heavy duty pa c Rasing applies- THREE hydraulically operated Alders Drive, Moons Moat Red- units and f 

...kut, ehnr> fl/i/tr with rfi7ph_ Worps. (Rwlditch 26 Sj^i. n^rmirc mulTIPl® Jengtn SuJuSL 


d JH THE OFFICE 


board 


product. 

The company's plastic pack- 
agmg's production machinery, 
which incorporates The patented 
features of the process, has been 
manufactured under licence by 
Tbnce-Tiian AS. of Denmark. 


it can be used as roof tile under- a Hon truck mounted crane, are g-A-ivei 
lay. damp proof membrane for supplied in knock-down, boit- ^ cor 


. ■ -. c art i t .v he ideal for a variety 

■■ on a» MMe nmt transport, indus- 

-porsted in all bat the a-toa and r aiTOort 


inrice- man .■». oi uennian*. i.tj. uamw raemoMU' f iacorporet ed in ail bat tae Hoa z. ? and - aiTOort 

and the co-extrusinn plant and floors, roadways, etc., and for tosetner form iso tost they can mode's) enables the ^ a ,’, ^ nCU , t ^Iv are a develoo- 

prinrrr together with other con- protecting work under construe- he simply dismantled for storage To ' a '!ii vSitsSl applications, they are a develop 

vprr’r.o maehinerv, made bv tion. and transport/ are avauaole operator to acmeve multiple me nt on tne walker cranes 

Windmoller and ' Holscher of Caravanners, camnors and from Linford Ensmeenn?, operating positions oa^ -shop floor made in the L-.&. 

T\ v *t Germany. 


indmoller and Holscher of Caravanners, campers and 
'■'*! Germany. hikers should find it useful frr 

The film is being produced in ground sheets, windbreak?, pro- 
ds up to 1.5 metres wide in tertive clothing, awnings, etc.. 


AN ART projector, called., the 
AtroCTaph DB-300. manufactured* 
in the ‘ Artpgraphic Juc u 

is now- obtainable in this country 
from Suitcf tmd-€fencrai Instru- 
ment Co, Fircn>ft'W&y. Sfen- 
bridge, Kent (.fl?$^;S 64 Ul V - 

: Featuring; np to*:3 .X eBlarg©- 
meat and rlovra tb -Tx-redcction. 

the projector. Is eqnipped with 


PROCESSING 


two .UWMT PH-.aS'd&oto eniaTE- 
ing laniRs^and a jSi Hinch f/4.5 
high resbldtwn Enlarging tens. 

For magn'ifcSbtions outside the 
stated range, it cair be swiveSed 
round to project on to the floor • 
or a iow-Ieve] working surface. ■ 


ii«-ios no! reiuire 
r. ■ izd can generally 
_ 'iinsry indu»tra! 
nv. =■:;:<? it i.* antici- 
■ ' amber of licence* 
tC 

' >v;r..r:-‘-n-: v.-;’.- be 


two *ub>:3nces — 70 era mines per and it can line or cover swim- 
square metre and 9 d grammes min? pools. 


pr»r square metre. B«th are said 


also promises applications 


in bo superior to 1S4 esm and in horticulture and agriculture 


L’:tn 2 «m low density.- 
ethyler.e respectively, in 


i including land reclamation) as 
rick and stack covers lining and 


or^'r :: -:-0 r r c;g*. n '■■. n j.sj.-j- ■ . r - 
fa-r; ; » -■ j r. • -i ■- r ■ ; e« *■.= c 1 1 K.-. i.:”i •. 


mnt.in from B'l-i”. 


Promises better hygiene 


as = :■ ■ -J V.* •■* 7-.: .I'L'O. or on 

c-ir?d t.-ic.’.on-. nivt!i--d> Er.u-.-ri 5C-55 j7. 

FL'P.TCEr F‘t '• 'ETR.-.TiON into ho of * ■ - weigh* rcncrolly 

■ h: di.nu o' fhc Hz':.' m. .■•-.? -a :c : ■ •> :::eul-.'.nr.-::cg. 

: : - . •.!•*! v.: d'.’-cloi- Fir.:-: - . • a i o' -i*. my. po::sr.* 


ricr.: :•;. - r-.o y. - .-o rtgi.-i -r. . ur.o ~-7, can apy-jod. 

v~..' L m y "' ;1 S: ar. I; - , me f.>nipi •:< tooi- 

: c ' s ly - 2 •: for h-n yr-.isurv. 

: c r ;- r.:a 2 :v..!i*-.-i*-:»irt- ' in*.-. on 


; • . . ■ l- irjv .u.i 

■>■■■ •' ...o .- - J- needed and a 
J --- - r-' 1 , * ■■■‘■"I l!R1, -- .;r. - di :-duct;on m i-.Mial 

V., ;.,. ,w. : c :.V. V* sr- •■■■. ' WW 01 :n«> 

peY-: irJii'o'r.v: Jui*cri m - ,er - c=: * n ^ in - 

* *.' v. \ c. r:-.: t.- c - .o;ni.T:.i.c “*.' „ 

c; . n ~.i n gif tn-' :..l nor 

I'.f . .. un * cornr-aren w::h 

... iY .. U.: :n:u.:: :.?i :i: si .n 

_,j r . ; n M-o... ■ ■•:..? rraturo range nf 

itVJ- nh m« * !:i /* u ' ^ degree, L 

.... . fro.. '• --!*• a.- mjioria’? c?n 


THE INTERNAL cleaning of 
pr:*?vork. vessels and other 
eri:«i:i;ni.*nt in ihe brewing, soft 
ds'inki. dairy and liquid food 
pr-'ce><.:r!g industries requires 
rh.- L-re of cleaning in-place 
cu-nucals. and a -ompanv ha.? 
row added three such substances 
to :*• oroseni ran^ie. 

K*r adding dirert 10 liq*.ud 
Cu-.iktiv prod act s to improve their 
c n - .ng power is Vital J which 
i;-.. 1 ft.- a bit-nd of chelating. 
sCfjv s terms “ 0<1 wetting uj*nu: 
Ai is a 37 per cent active 
Mqtud raiistic with added chelat- 
ing. M-que?terin£ and wetting 
a:cm and is a low-foaming pro- 
d:c: spe-iaily formulated for 


cleaning of brewery ar.c dairy 
vessels, heat exchangers, evapora- 
tors. tanks and pipelines, as ‘.veil 
as for bottle washing. Coid- 
cleaning of pipes and vessel? and 
for final rinse applications in the 
cleaning of milk evaporators can 
he undertaken with Acidktenz. a 
bl-nd of acids and surfactants- 
Two of the chemicals. AC2D 
amt Acidklenz, arc. available in 
bulk delivery by road tanker, 
and all three products are also 
available in 45-gallon drums and 
m returnable 1-ton transit tanks, 
says Soilax. 830. Yeovil Road. 
Trading Estate. Slough SL1 4JL 
(Slough 34211). 


Window film saves heat 


RirP'i rr i;:r ;• ' . r nev : iay Garden r :*v. Her - .? \Vc!v.*;.n 
crr.rain * ;r ^f'C'i'in 4 : nr ilcrdcn 21321 


DEVELOPED by Solar X Cor- 
poration is an adhem-e insulating 
•-.•nd iw film which it ir. claimed 
c in approach the thermal per- 
Hrsnancc of double glazing and 
rcJuce heat Ios.= thruugh windows 
l»’. 30 to 40 pel cent. 

Called 40 /SO. the material is an 
.vihc-ive polyester film vacuum 
p'p'od min a ilun metallic layer 
vnlvh allows a rea’-onaldo 






a mount of light to enter but re- 
ilect*, some infra-red. 

The film also acts s? a con- 
ventional solar control Sim and 
is '•rated to reject up lu bO per 
cent of solar heat in summer 
while reducing transmis-'iog of 
vPra-violet to under five per 
cent. Summer air conditioning 
cc-'s. especially in warmer 
‘•.•r.’irrr climates, are reduced 
.ird nrotection is provided 
fjainri ultra-violet damage to 
fT-nlTure. The film provides 2 
nrrmred offset from the nuts de 
;ind i? partially transparent frem 
-. Itbir. 

Knorcv -.avings arc put at 
: Fniji t?n per rrn». and :f instal- 

•:i^n i? ca»T!-d out in-nonse 
rpy-haek time is ?aid tn be two 

yg : , r # 

So!;< r-N Intcrnafion^l SA. 
.■■-cnu'- Princcss-Alicc 5. Monte 
Carlo Sfl. 



CONFERENCES 


RECENT developments iu plant 
and ' macWnery Jot “ terroiB 
foundries are to be discussed in 
a one day seminar held by the 
Swedish "Trade Commissitnx , to 
London on January-24. 

Experts from : leading Swedish ■ 
companies and" toundry indus try 
will assemble; at Glaziefs' HaC, 
a. City’ Livery. Haft cJbset Jto 
Lotidon ^Bridge,. ’ahd_ dtfwr 
papers . .oa - topics /coveriog : air 
pollution,.’ melting technology*. - 
materials handling, robots^ ett 

There is no fee, a nd plqi^ are ’ 
available from the Swedish 
Trade Commissioner 73- Welbeck 
Street, London "WlM SAN. 


This blast cleaning room, shown here nearing 
completion, has been built by Vacu-Blas? and <s 
now being used by Duramin Engineering Company 
of Lyaney. Glos* for finishing freight 
containers. It is 26 ft long and 14 ft wide and 
fitted with a 3-tons capacity monorail conveyor 
which facilitates movement of the containers. 

Cast iron grit is sprayed at the containers at 
about 80 psi and air in the room completely 


changed four times a minute which means the 
operators have good visibility all the time. Used 
abrasive h drawn through the floor and sucked 
away for recycling. Double doors are fitted at 
both ends of the blast room and two operators 
can work in it at the same time. Vacu-BIast a 
subsidiary of BTR. has its works and headquarters 
at Woodson House. Ajax Avenue, Slough, Berks 
SU 4DJ (0753 26511). 


INSTRUMENTS; 


Point for 
accurate 
revolutions 


9 DATA PROCESSING 


Provides a 
versatile 


3 . Vs fl s 


Get three important business 
briefings on the EEC 


me 


Send now for this special Trade and Industry offer. Post the 
coupon with £ 1 and receive three issues of Trade and Industry. 
One of Britain's best sources of business information and statistics. 
With direct access to Whitehall, ins a weekly briefing on the 
many factors that affect your business. 


Don’t miss these essential reports 


The issues you -will receive -if you act quickly— 
will include these important iorthcoming ‘specials! 

EEC l-'How the Community Works! 

Full ee rails of EEC structure, law. budgets. 

EEC 2 -‘Know Your Markets! 

Experts, imports, government services, customs. 






\ VARIETY of finishes and 
•I-??: qns. including brushed 
.•■li: minium 'and copper tones, is 
mailable in a ranae «■>? laminates 
N-ir<k Hydro (URi. 
Tnncord House. The Centre, Hich 
S*reei. Fehham. Middlesex TW13 
tB«l. 

Known a- the Respites metal 
range, it can be bonded to a 
number of different cores such 
as chipboard, block board, ply- 
wood. asbestos, etc. A high grade 
lacquer finish protects ajainst 
oxidation and chemical reaction. 

Also announced in the range 
is aluminium brushed matt 
asbestos This has a Class 0 fire 
ratin'! and is recommended for 
use wherever flexible decorative 
■uirfacc* arc- required and, due 
tn its highly ductile nature, it 
ran he applied to very small 
radii. 


documentation, working and travelling in the EEC. 


EEC 3 -‘Keeping in Touch! 

Granti and loan'*, business regulations and competition, 
policy. European public holiday guide 1979. 




Tr: ; : tr ir. - 1 P.non 520.1 Vienna SirsetAcm-ion TV’H Ob I*. 


[Keeps in 
the heat 


LATEST video display unit 
from Delta D 2 ta Systems is built 
around a powerful IS bit micro- 
computer which, with up to 32k 
words and advanced software 
yields a system of considerable 
versatility.' 

For example, up to eight user- 
definable vertically or horizon- 
tally shaped screen segments can 
be provided, and each can be 
paged or scrolled as required. 
Thus, data can be received and 
displayed on one segment while 
tne operator uses the other from 
the keyboard. Text can even be 
moved from segment to segment 

Display memory up to 35.000 
characters from a standard 5000 
characters C3n be provided, 
allowing multiple character sets 
to be installed. From a basic set 
of 128 characters the comple- 
ment can be increased to 896 dis- 
playable characters in eight 
different sets, some of wbicb are 
RAM loadable. There is even 
an option which allows the user 
to design his own character set 

All the usual video attributes 
are provided including blink, re- 
verse video, half intensity, dotted 
underline, so that any character 
or block of text can be enhanced 
to indicate special status. 

Swallowfields. Welwyn Garden 
City. Hertfordshire AL7 1JD 
(Welwyn Garden 33S33). 


comnuter boards in a typical 
OEM system at about half the 
price. 

Soon, however, the company 
will be making the 8 VKi 
version of the S0S6 available, at 
which point the gap in perform- 
ance between the mid-range 
minis and the Intel micro “will 
be substantially greater.” 

The iSBC 36/12 has a 16-bit 
cenirai processor, up to 4S kbytes 
of memory, dedicated parailei 
input/output and a serial com- 
munications interface all on the 
same board. It pijgs straight 
into tne standard Intel Multibus 
and can be expanded using any 
of the company’s cards or those 
0 ? 100 other manufacturers uow 
supporting the Multibus idea. 

Such boards include random 
access and read only memory up 
ro 64 kbytes. PROM prosrramer 
boards, mini and standard disc 
controllers, cassette controllers, 
video graphics boards, com- 
munications controls and many 
others. 

More from 4 Between Towns 
Road. Cowley. Oxford OX4 3NB 
(QS65 771431). 


compact Instruments his 

- . . introduced a portable, optical 

• J-. ; tachometer ' non-cootart 

provide the manager with- rdcoin*. operation up to One metre away 
mendations and suggestions front the machine 1 hetoS lesto^' 
regarding items to be included V The Compact" 6000 can-. 

:n contracts. They should, have- -to check . the speefl 

negotiation time, both for ttae.o&taUag ' machVpe: 

purchaser and, the supplier, an d re mbvm£' 

speed up the process ol negotia-ntesfies. , 

tion.. • .windows. .'Vi:.- '• ’ Lr • :> 

NCC. Oxford Road. Man- . Thetostrfimpnttisetfnv'ri^Sf 
Chester Ml TED. 06122S 6333. light' beam; and ' 


.. 1 . accurate— within plus' P^.jnafiUs 

@ ACCOUNTING Irpm up to Ifl.PSW rpm: 1 ' lehs*- 

mm-u-m n all tlut is required is do pmia 

fi ill Tfll* 4 the Gompact - 6060. press. t^ 

J. B l B lUl it . hutlon--md read ' the speed jC¥ 

- \ FoitatiDB directly on the di^t^ 

CnA1t : display- Readings are updated- 
Ll/1 llV-t every 0-6 seconds. No meefrani- 

titw owM-AnvAPTTP „ cal or eleclrical connections are. 
^„™““ AKKA ? L ^ necessary: only , pieee of reflee- 



jSIStatt. h.s,‘?e P v, ro « 3 Th» SeT.fi needs to te rtLii » a 

convenient- part of the rotatmy 


the calculator manufacturers are „ wE: 1, „ a ,wn7S 
increasingly reflected In.ktodrfd'.SJjS 


"ss 

Latest ' eramnle from Cacin 10 direct the device ar the target, 

the u s;rSo ki/ofVjoS 


tbe-^U shopkeeper is likely. *g™ 

to need and will provide precise 

accountinsr . records that are co Erectly aiignea. 


accountin" records that are 
comprehensive but easy -to 


Tft facilitate , writing down 


Advice on 


contracts 


Put it to the test-send coupon now 


T*KTri-:';iiiJla«!ii:crv,P«>oinS2il. I Vicrora Street. LnndonS\t'|HOET. 

Dr-ic jr.iJ :hrre trial tfin;'. nfTrade and Industry .it ih? reduced jubscricdoa 
rut. I ccdovt chejue/T.O.ldri^l (payable to Trade and Indnjtry). 


AN ALTERNATIVE to flbrf glass 
for loft insulation is offered wiih 
the introduction of Rolltatts — 
flexible, lightweight mats of 
resin-bonded mineral wobl^-frora 
Rockwool. Western Avetrte In- 
dustrial Estate. Bridgend Mid- 
Glamorgan CF31 3RT (Bridgend 
0656-62611). 

This is available ia 5fl mm, 
60 nun. 75 mm. SO mm aid 100 
mm thicknesses. A ■ inajor 


Challenges 
middle range 


minis 


advantage, when applied In the 


normal manner between 


Type of Industry 


ring joists, is its resistagee to 


compression. : 

This means that the mate will 


n not compress under theif own 
r- — . “ weight, with corresponding 

B effective loss of thickness over 

‘ ” " ll * 3 J the years. 5 


INTEL IS claiming that its latest 
single board computer iSBC 
86/12 is the most powerful 
microcomputer board to be 
announced so far. 

Making use of the 5 MHz 8086 
central processor chip, the com- 
puter is said to exceed the 
performance of the PDP-11/34 
and replaces four standard miai- 


NCC’s Scottish Region is pro- 
viding a working party, joined 
by a representative of the 
Institute of Purchasing Officers, 
to produce guidelines for com- 
puter software contracts.' Its 
report will be published in the 
form of a handbook, a com- 
panion volume to the book on 
hardware contracts published last 
year. 

The move is important because 
of the growing number of com- 
puter software packages being 
purchased. Computer managers 
urgently need to have advice on 
botv lo draw up suitable con- 
tracts to cover purchase, installa- 
tion and maintenance. The in- 
vestigation by tbe NCC will help 
managers to understand the 
nature of sales contracts— such 
as terms that should be covered 
— and will help to equip them 
for tbe necessary contracts nego- 
tiations. 

The books do not set out to 
propose an ideal contract, but to 


understand. The 58 mm paper T m 5 

roll print-out produces either the 5 0lds dtepkyed reading 

transaction, details in the form approximately 10 seconds 
of a receipt for the customer, after the . tertton is released. - 
.•oir a .day-end summary/tota], of . Matn application areas ^are ex- 
cash-sales, : credit sales, reduc- to jjbe. ift~ ideas t u 1 tog the 

tions and discounts, total number speed, of engines, fans, turbines, 
of customers and totals .number ctwgJmgs. sbMtei motors, pulleys, 
of items sold. ' ’ faceplates etc.; : -whenever it is 

The ' green gas-discharge necessary’ to check - rotating or 
display shows either the trans- reciprocating machinery, 
action . total or the change' (with - Compact Instruments, Binary 



pdy 


clear tegend to avoid confusion) . House, Park Road, Barnet, Herts, 


and the number of repeats. - 

After a sub-total has been , 
obtained and the amo.unt. 
tendered is entered, the machine 
computes the * change -end 
displays it. The customer's 
ticket shows each stage of the 
transaction. 

Tbere are also facilities for 
pre-settabie or manually entered 
discounts and other, reductions^ 
2 nd^a. key to allow'’ credit sales 
to be separately registered- from 
cash sales: Refunds and. correc- 
tions -are also catered for.-"' 

■ Tlie -.electronic cash register: 
measrites- 31S- x 4S0 x 286 mm 
and weighs 9.4 kg. The price is 
dependent upon "a discount 
structure, but will not exceed 
£115^ . ’ 

Casio Electronics. 28 S cruft on 
street; London EC2A 4TY (01- 
377 9087):- ' 


EN5 5SA. (01440-6663:) 


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We've even developed a smaJ l business 
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enced operator through any programme step, 
by step in plain English. . 

Our V77 minis keep everyone up to date : ; 
ofprogress- Their flexible communications • . . 
facility’ allows literally hundreds of separate 
terminals. 1 • 


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‘T. ... 


Michael Lafferty on Turquands after the Sime Darby affair ; business problems 

bitter blow to the gentleman 0 ;;^ 

_ ° | Freelance 

the accountancy profession! eamings 


Employees apathetic 


running pension 




LAST Friday- . the accounting - ” 

firm Turquands Barton May hew * r > ~ . 

lost the audit of Sime Darby, ■■ ■ 

the Far "Eastern trading " con- .. 

cern which had been one of the '■'J' ; 

firm’s largest clients. The sack- j j U j j jffi ,-;* ' • • •' 
ing came as 2 -bitter blow to S®pv'*Y ' 

the. firm, which only a few 9 

years previously found that 

Sime Darby's then chairman. * -Jl*#;.. '?■ - ~ ‘.3 

Mr. Dennis Finder, was defraud- ' ' v 
Ing the group of " substantial ‘’"A 

amounts. £•; ; * . . 

The decision to resist dls- ~ 

missal at Sime Darby, and", the MWWfSft -•'• 

-choice' -of -tactics.' catapulted flpffggfE ft’ 

Turquands . into . the .pages of EBHSHK.- t 

the national Press. This nor- Hr. DanrusG»rnrtt 

really publicity-shy firm made 

no. secret ofthe fart that it was national than Turquands. • 
using the Press to get what it Turquands has sought to pro- 
called the real reasons” for tect itself from the competition 
the proposed dismissal from the 0 f the Big Eight by entering 


abroad 


BY ERIC SHORT 


SOME OF TURQUANDS* 
MAJOR AUDIT CLIENTS 
Bowater 
BTR 

Consolidated Goldfields 
Great Portland Estates 
Arthur Guinness 
Ladbroke Group 
National Westminster Bank 
(joint audit) 

Shell Transport and Trading . 
Soar Food Holdings 
Westland Aircraft 
Milk Marketing Board 
Norwich Union 

ilci/-. I .‘mi ii lord's IVi-'-uni ul 

« iiiuvf-liiiiix i!C.'-*S. 


Mr. Dennis Garrett 


• ! VWU • TH r riilf Of emolnvces in 9 — ■— >— | if may well have to modify its 

successful it has been so far j am a freelance worker “"d- . . ' ‘ nensiori S" t fr propusals. 

F k provided by comments from ; occasionally *pcnd a r C w “a>s : ^bc run°in 0 of c p Jp The Guvernmcnt has pledged 

■5 “»™ r uSI"* - «5 Z Z .mo S T.reS ! ^oo ^nncJi^ wiy pensions . that gone! participation schemes 

worry most about" save ’ employers and paid abroad.! is earnestly discussing— every- iQj liave nothing f*"' fear from the 

01l i, another admiiT diar p\\^j Based on IR 23 i have since! one that is except the employees K-- * I proposed legislation, though 

sutx-ei ill SenewelSfiaoie 197 ! vAcn pcr ccnI of my 1 themselves. Politicians, trade p: All pi f>YFF until the BlU 1S P ubl,sshed one 

■ f ■ 1 it., «f !lc,^ ^"*5" earnings us a basis fur ! u0 ions, professional bodies, are tIVIrLUY CC cannoi judge 

4lfu«etheV thi» L foutr-ot with I wl ’S-r' Mr ,i,n v ' iTaJ,v interested in the DCMCCITQ Employers might be ad vised 

K—' JOSt l.bJ mn! L^n! Jff .TiJE ! «W. o, member .Particle*- BENEFITS prel. ahead with themes for 

marked. Mr. Garratt ex- 'have never queried this pro-; tlon - bu V th f. , I ”“ l — — — J member panivipatinn. Even a 

presses surprise when informed ] cednre. but now-l ha\e been j niemliers is often to yawn anu Labour Government with an 

that other accounting firms era- 1 1 nformed that the situation on [then change tnc subject. through the usual process of overall majority will have to 

ploy public relatious oreanisa-] foreis,J e *T T, . in P ,; ls nui as 1 have; This is a great pity, because seeking the views of the pen- take some heed of strong public 
lions. City and Industrial I ‘ md ^EKL\ , JV }*L r [there' are vital principles at sions" industry and other opinion. And to help employer*: 

U f .*•» Publicity, the PR firm which’ JS-S? ahnid 1 «£ ITTaS**!, °5- s take 411(1 employees should be interested bodies and persons, bring about it hut the Society 
handled TBif's Press releases in! token as the basi °»f the i conutirned 3r what is being But the pensions industry feels ol Pension Consultants calls 

the Sime Darby case wasltax assessmem for the period [proposed on their behaif. After tb2t this was simply to conform meaningful participation, it has 

brought in bv Turquands"! 1975 to 1978. lall it is their money that is with an outward show of demo- produced j booklet* explaining 


uueM in Se bw eliMb nu« 1978 vAcT ' cvm of m3f 1 themselves. Politicians, trade rHini nyFF until the 1S pul)1,s5hetl 0 

■ . . i forMS* 1 earnings us a basis for! unions, professional bodies, are tIVIrLUYuC cannoi judgv 

Altu-’etiier ih* foutx-*ot with I °n»r "!!!!!!!£* 'air' 1 ® 11 v ' jiaJ,v interested in the DCMCOTQ Employers might be adris 

Turquands could not be more. SS^unt and ihv IR insneclor i deba,e . on member participa- BENEFITS to press ahead with schemes f 

marked. Mr. Garratt ex- {have never queried this pro-; tlon * bu V th f. , ’" f a " — — — — J member panivipatmn. Even 

presses surprise when informed | cednre. but now-l haw* been i niembers i.-, often to yawn anu Labour Govenimem with 

that other accounting firms era- 1 Informed that the situation on [then change the subject. through the usual process of overall majority will have 

ploy public relations organisa-] fo^eis,, **J n . in P i ,s nul a * 1 havcj This is a great pity, because seeking the views of the pen- take some heed of strung pub 
lions. City and Industrial < un{ !SI s i!!?SL '.V 1 ? ^ r [there' are vital principles at sions" industry and other opinion. And to help employs 


the Sime Darby case wj 
brought in by Turquand 


frustration 


va-’t majority of the electorate 


Sime Board. But by the time mt0 a European partnership- tion in (he profession that this ^ , 1 U ■ 3 '.i? eni . whether there is any legislation I by a board of trustees. This * p fnjsri .: tion lhlie local authority eJoeiiuns and the 

of the last^ Press-conference with KJynveJd Kraayenbbf. the ha-, nut been a total success is m ( a n ?' d - aC , g l " st ? rl ! and IR literature, which describe l board has the duty ana cespnnsi- en I^ dpreil ^| J v , e " Pvid en! vae| m3jar, I- v ° r ‘he electorate 

before the Sime shareholders i ar «. e Dutch accounting firm, dismissed bv Turou-.nd^ n*n of international connections the 1 the situation smct- i«74? bility of adramisiering the trust. en 0 enaereii e ” ! seems -att^fied with tne .system, 

meeting, Turquands senior part- and Deutsche Tretihand a sub- new S baseless Bi - El = ht h:iVe - Particularly in you have nut given us oiuch tojthat is the pension scheme. Tor vrh« lb t* subject was dt smi issed Bu) [}lc sr(f - KMv feel.s tn:.t n first 

ner. Mr- Dennis Garratt. was stantiaf Gennan fhm. But KTD. such lin lhe ^ ^ such, it is probably [go on- but w e wonder whether t hv benelit ol the beneficiaries « week s Conference of the rhe pMl : YS , t . m is lxVMy to 

rss stssw ESSs: »'>!&£« ^ ^ ^ ~ si “— 

-ortertheles, JuiHWn* ■ ft. new’ bu.im-s. to Tuwuonds. It now Xot^omeU;” J" i "53? ' a ™ to Modulo E S <t««ocr.tlc H.« ■a.mb.ft ittould ? h \ p “Hhf Govornmont' n« " <»k« view .tint ft. 


be involved in a merger over.: 


;i democratic that members should deputy chairman, stated huierly 


Whether 


the firm’s wisdom in the Sime 
case. 

What makes the affair 


DUD i : Jia it iii.i ii. MJitru i'iiicm* T , . 

at the Government was not , T| ( | he \' ew ^ 

lerestvd in member participa- unnuniy will n .. t happily ac«vt 

«i. onlv in trade union rh< - . v " ,m ? P' w “ r , ,jf . f Tbf * 
irticipatton majority. For example, if the 

'.clicine nu-inh^rsnip is split 
per cent manual. 40 per cent 
Pq rtipin^finn staff, then the jtatT will fee! 

rarucspaiion disenfranchised if the manual 

The Government has prepared employees vote their members 


would probably do the same 10 me years to come there; tracts oi se.vice tsenedute fci ing that member partictpauon per t . ( . nl manual. 4h per cent 

aoain But senior nartners in * . whether this relaxed v»nl! pmimbly only be a handful -and contact c for services : has been veiy slow to emerge. Pn^ninofiAri >taff rh*n the -taff will fe^ ! 

other accounting firms doubt ASSOCiatlOllS V S* '.n oJ^r ft?" ! r J', r ** fi T h S le iL, ^ J? 1 ?: S^nmam fS?l“ i There are essentially two raitlCipatlOn di .enfranchised if the manual 

the firm’s wisdom in the Sime • . r_ rn ! r ™ UI1 ^ T > 5 ^ fhe speed at - {hp {grms 0 , ;be &v#> ^ con .' schools of thought on tins The Government has prepared employees vine their members 

case. Outside Europe, Turquands Jrgest y /Li nnK i! 1 *!"* H? k *i. p L“ Ce ’ lf - v ® u bare not already, subject — that of the Govern- lhe necessary Bill to bring about un every rime. Bui rhe booklet: 

What makes the affair 1188 associations with - other - • St ‘ Turquands will be unaffected by d0Qe s0 . t<l enable him or her i men t and trade unions and member participation on the does emphasise that each 

MXtodariy simificaSt is^ Aat «« ount,n 8 U - # s - u 10 decide which schedule and! that of the other political lines i, id down in ,he White .scheme should find the methud 

K2S2* WS the ton ff “"■W 1 *- fte vnU ’ T hi ' h “ ' T?h the ., m « ori - Approaches from other firms case each one falls within. .parties and the professional p aper . M r. David E.lnals. the lhai soils it hesl. 

ih Rr^c- I Hurdman and Cranstoun— a This competition manifests it- have enme regularly. Accord-, If you are in raw talking bodies concerned The Govern- Svcretarv of State for Social Another n..ssihle course of 

firm Which comes near to the self in many ways-increased ing to Mr. Garratt one firm asks l about schedule D case II. then e ,ZoTi« its White Ser^ce? suteS at the N APF action ’ ^ p it Jorla b's Mr 
EfSJSfaZ of £££ «• jr 0 " diViSi00 0,PrC CV T -H ar - f* *!:*,.“"•! 5 fpet S« KSS-r participation It l would A b« FSSk'KnSi.T/c.J*™: 

Young Mcaoliand Moore, S arrangement, bution of firms' pulfiicatitm, JUg" « taSTjgST ^^eM .J? “? pi " *£ 

But unlike these two firms. prejunAly, that Turquands « safe to bet. as one Big Taxes Management Act lfiTO.' should go to member repre- Banks, the Liberal NAFF conference that h Outs- 

Turquands is not one of the must look if it is to compete for was ses on major accounting Eight senior panner put it. that! Here again, you must consult ! sedatives and that the appoint- spokesman ou pensions, also scr van ve t;....vrnniem culd 

“Big Erght intern atiooaf major new clients. Bur wifi the *op'^ are The more obi tous. Turquands "wauid know where; your accountant, who knowslmenr or the^e persons t-hould $peak j ng al , he conference, inimduce legisla non >»n member 

accounting groupings. Indeed present loose arrangement ever But sortie top accounting firms to come ‘ if it wanted a merger.; both the law and fm> facts. 'be the sole right and responsi- revealed that the Liberals had partieipatinn -tvnv d.-vminuc 

i* Cimu osirJkt r.r .a rtf etci-cln.. rsl-chin 1 ? take the lOh Sr. <U>l4nilC V that TJ„.. J *U... Per lOVi-TQ r.rsL-.relr .... _ . .. ‘ re * MleU ,, “ U 111 'P» * 1 


Price Waterhouse because thai 
firm is bigger and more inter 


■i 18 * Turquands Barton Mayhew ample. faJ]> into this latter arguably, the largest accounting j i.07S. No doubl a third edition ! member representatives should the outcome of the next election, of practice. Bin Mr. .1 on kin is 
iter- Itself is the result of :a merger category. An mdicatton of how firm in the region. of 1R25 will he issued fairly he appointed by the members Or does it? seeking the views of the r-co- 


rCAN YOU AFFORD 
TO WAIT? 



' 3 rd ■ c hi a pv r.iv it h, p-A 5H "Y ■; : 

i j 'ivT..reiT< '! -j - 

■,~6 6 1 rip : n '’ r . s i Ot-'&K i;Efecf ipWjc<'"- 
• r/.-vitc -: ; 'r r.p p 5c j: pi" 

■ .-.con taij; ! ASE . 1 6da'y\-« 

iryprs/; ''ii'* 

:S':2~p .■ ~ 
i',-- Vf.-.'si* H : 1* 

■-.ii.-.T - j 
►iC-— •• 


ItUlHITI 



i_aie_.or\ . .vn inaicanon ot now firm in the region. of 1R25 will he issued fairly he appointed by the members Or does it? seeking the views of the j-.cn- 

- - - - - - _ ( soon - t0 incorporate this new themselves and this should if by the time the next Labour a ion industry. 

extension of relief- .include all members, irrespec- Government is ready to intro- • Mataber PariKipclitm in rh<? 

A _ m jw l No leeal rei f‘ on ^ ,,ll y j.on be: rive of whether they belong to d uce legislation on participation .Vn/mt/twrir of Pension tclunn*”. 

ngn aa 1 Pi f hi A rro m D ; accepted by the Financial Times a recognised independent trade the vast majority of pension — Setcaino Rtvrc.ieaic.ii> iv— 

III lilt kkdllllv \ for the on i?» crs n * ,v ^ n . in i/ he l e union or not schemes have their own genuine frcun The Sucie/p 01 Fcnaion 

answered by P 0 -: ' a~ Zn a* When the Government pub- member participation working CoiwniiRni«. Lii'lrjnie Uwm. 

WITH NEARLY find teams Those wishing to make sure ■ pa ^} D ! c • “ ' [Ushed its White Paper, it went 10 the satisfaction of members. Lmlapu* t'-iren Lonriun. K'..4. 

already in the starling position of a place in the game — which -■■■ - ■ - — ■■ ■■ .... — 1 

for next year’s £2.000 national also offers prizes of £750. £500 
management championship, and £250 for the teams which 
would-be contestants are still hitish second, third and fourth 
asking how they can enter the —should swiftly - contact Mr. 
lists. Accordingly. Jadi Lay tell. Lay/ell at NMG. Victoria House, 
lhe chief administrator, has Southampton Row. London 
agreed to' extend the closing WC1B 4EJ. tel.: 01-242 7806. 
date until December 1. The entry fee is £60. 


Which 


m 


notice of 


withdra 






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1 <$ 


Financial Times ' ' • ’ fH* 



BY COLIN JONES 


ON* FRIDAY when Mr. F^er 
Shore, rhe Environment Sei-n- 
lary. roil' us how muoh tax- 
payer; are to <i>r.rrihuie in 
government uranw to local mm- 
t i js in 1979-80. the question most 
of u> would !]}>».■ .in.' we n*d U: 
what v;»ll i h t*- - mean fur Joual 
rates bill 1 ; next April.’ 

The cynic would say that tins 
depend * upon whether inral 
authority spending is under enn- 
;rol — and views tin thai eon 
reflect what is I bought about ;be 
way Jowl councils spend just over 
a sixth of Lhe national income. 
If. however. '■ under control ” 
means “ Is local authority spend- 
ing growing no faster than the 
economy iuelf us growing'.’,” then 
the answer is broadly Yes. 

The level of local revenue 
spending next year, upon which 
government grant will be based — 
and over which there is this time 
relatively little dispute between 
Whitehall and the local authority 
associations — is expected 10 he 
2.3 per cent higher in real :er.o>- 
rnan the figure accepted f>tr ;hi« 
year's grant 3nd annul 2.0 per 
cent, nmro than fm* yenr's likely 
outturn. Mo*: of Lhe ;n'*iv:i»e 
reflect two roet-Ti.. higher 
interest charges and a bigger 
revenue coorrihuiinn in < apital 
.spending. The increase in < 'irrem 
expend! lure. u> use me jargnn 
of rhe pH hi;.- expand Mire White 
Paper. will ho 1.0 per rent. This 
■is a fraction more than ih'U dn.u- 
m?n; fureshad-ivH in January 
Sir. it is well bcl.cc »he gr« v *t!i 
rates of the carp. »ft7iR 


only t f the- . local authority 
manual workers^ the teachers, 
jnd so on b*iWWifor 5 per cent 
or i! the ttfant-ijernanta&e is set 
ji mure than 61 per cent. 

Tin* >if coufst. U <>a average. 
What happens; area will 
d.'pvnd 3**1 orii.\: upon each 
council s •iiutude' l*» spend ir, a 
i.i.i [ ii ! *■ i j upon its share or the 
grant, and this j> ii •fact nr v.-hich 
changes Fiery year not merely 
h»-eau=e ”f tlemoaraphic changes 
but. lately, more because of ihe 
sin'ressive Environment 
y»-. rc! Mies have chosen to exer- 
cise the I't-ie measure of disc re 
non me rate support grant 
sy-ucrji lb mil. 

'The fOi-umla governing the 
distrihuiron of grant is supposed 
to be based upon objective fac- 
tors: in practice it i< nothing ol 
ihe *orl At Ihr end of tho day. 
ai'tt-r oiticials have giyoe lhrouah 
itteir annv.l rigmarole of mul- 
tiple rv-jr.jcsion analysis and 
what Tit. the decisive f:ic»or 
lends be w bruit minister* 
wan: io benefit m-.i-i. 


Net effect 


Not easv 


So far s •• fine mirnr jay. 

but the auguri-?:- v.i'.l nni he oavy 
io read on Friday. Mr. Shore 
expected t»» an. mu no? (tie jjine 
grant percent agr* iki per cent* 
a? this year — ile«pite Treasury 
pressure for a reduction. So with 
lhe volume of spending tirn.ii 
which the srum win be based 
rising by about l*-2J n*.-r cent and 
aggregate rare s hie values across 
the country also rising ivy about 
2-'2j per cent, ih*- average 
increase in ra'-.-.' bill* ought 
roughly to represent tho rati- nf 
inflation in l^cs* authority «-.v?r--. 
plus nr mini.' i.haiv. or connr-iis 
choose to ;.«!d f.» -.r evrrac* from 
their ■.w.rfcir.r va-h balance.;. 

On sill.- Pa.':*.. Mr. Shim* will 
don hi less that the io.-rvase u> 
ral*?* should V ?r. *i'i -'i-- figur-.-s. 
After a! 1 , he .h_.-« c uph-i'd the 
gmernmi-ni’ 5 s -u-r cent pay 
policy :nd v : 1 1 fi r,*xt ynar’- 
gr.mt ca'Th 1 1 :n :■ m ’hat nosiv 
Local cf-imc: 1 - ’ah! hjv-’ other 
ideas about ihe Iik-.;. trend of 
u»ac ci»*i* ncvi war. and ihe? 
wil' Wf.ni ’0 ke*'p .iimeibing ;n 
hand for re'r.-wjg.* cost.- and 
interest imws. In :»ractici-. ih-- re- 
fore. The inc-i'as-c in rales hills 
*.< hkclv in in* in *m-jie ficure*- 


In *h:' p.i'l few years London 
a dd tin* u titer bio metropolitan 
ecu I res have been favoured al the 
exp { hc “shire” or non- 
metrupoliltin areas — ornbably 
righily so. at first. <ince ihe big 
cities had been receiving less 
than their fair share huf the 
pendulum has now swung toy far. 
This Him* “he change'' m net ween 
llv- " metf " and lhe “ ni.n-iiicls ” 
arc e\;-ecied to be marginal. Tie.- 
big rharv.’i* will aicm fnun the 
decwiwa pay direct t«i >bic« 
*1 1-* - . rn."' councils ihat part »if the 
— it : wr.ich is intended in enm- 
pi.:i:ave .'m variaitnns m local 
need.* 

This w -J : reduce distner rale 
ealb aroi increase cuuniy pre- 
. epl'\ But ihe nel effect will vary 
a* between disiru-is and. tin the 
uhoir-. uroan ratepayers arc- 
l:*sr?ly io gain at the expense of 
rural ratepayers. 

The local authority associa- 
tions. ren resen ling respectively 
London and the big cities, the 
shire counties... and the shire 
districts hj-.e all been on the 
losing «!de in. ihe bargaining over 
gram .liMrirtitioQ ar one time or 
another. L !> therefore surpri*.- 
ing ilia I shy;, an* prepared ti» go 
mi playing trie came i»n the 
ilu' crnni.-ni's 'term- — that i>. 
i .'hind closed doors umii ihc 
di-cision :*. made. 

Tnc is.su.. ' oia;. be complex and 
1.,-i.hnical. But one would have 
though: ih;.t the more :he> arc 
iirii-.-hi out m full public «iew 
— and t hi- inure widely n i> 
realised in.. I what finall;." counv 
^i ? .subjective political curwdera- 
t;on — l;m -greatei might be ihc 
pi’i.s.iccis t.f iiuiiiing the way ir. 
■which mini'ic rial di T i-v>.-iion m 
oxercis. d 


London’s green 





l\v 


THK ENGLISH sarden, abroad, 
ha.' a way ot meaning a ciiy- 
parlc. Yet the irtics, water and 
grass of London's five -great 
parks are gardens which should 
not lie taken for granted. They 
stretch back through a curious 
history, marked out by kingly 
greed, wild sports, warm pro- 
tests .. and the engagement, 
usually too briefly', of the 
country's greatest architects in 
order to sol off the reigning 
family's self-esteem. No other 
city has lived for so long with 
such remarkable patches of 
open greenery. Only once was 
Hyde Park briefly owned by 
private buyers, ai £30 an acre 
in the mid-seventeenth century. 
Stripped nf the finest property 
deal in hictorv hy the reluming 
Charles TT, the. three buyers had 
to abandon their place to the 
Crown once more and end the 
only ipiruxinn on royal owner- 
ship. 

Guy Williams’s now Royal 
Parks nf London t Constable, 
£$.95) gives a picture which is 

anecdotal, nicely paced and 
rather fun. Gardeners trapped 
in London would enjoy it. 
Country squires, utilised to make 
a L.*jncli»n vi.su for proper shop- 
mng. more cartridges and a 
Christmas hamper, would be 
pleased to be reminded that 
those green acres between the 
traffic- jams are at least as rich 


in sporting history as their own 
model farms in the shires. 
Airanst anything, at some point, 
.has been shot in a London park: 
wild turkeys, deer, pheasants 
and quite a few peer^ and club- 
bable fellows who had called 
for the duelling pistols when in- 
sulted and often been un- 
pleasantly surprised when the 
pistols worked in the P ark a . 1 
sunrise. 

Those who detest all blood- 
sports. except fishing t quite the 
bloodiest), should reflect that 
without them there would not 
now be such magnificent S ar- 
dens for their safe Sunday 
strolls. Henry VDT* deep love 
of the chase is the origin of 
Greenwich, Regent’s Pa^* st - 
James’s Park and Hyde Park 
where, we are told, he "drove 
the- poor monks from the ir snug- 
geries and claimed the church 
lands.” Green Park was walled 
round by Charles n as a deer- 
harbour. Richmond was Charles 
I’s pleasannee. an expression 
which Parliament "resented. 

Only Kensington Gardens had 
a peaceful origin, picked on by 
William of Orange and his old 
Dutch. Queen Mary. a= a promis- 
ing site for a park-garden in the 
Netherlands’ formal style. At 
that date, the water in St 
James's Park was also a straight 
and narrow lake in the same 
Dutch fashion, picked up by 


Charles H in exile. The land- 
scape which we call park-like, 
the informal water and the roll- 
ing contours of trees and lawn, 
is only a late Georgian arrival 
at best. ' The Serpentine, after 
all, has a fairly' half-hearted 
curve io it, for all Us fashion- 
able name when Queen 
Caroline's 200 workers first went 
about it. 

Parks, of course, are exclu- 
sive in origin. The; kings lei a 
few men in to shoot arrows and 
improve their archery: others 


knowing that the company will 
not be too deprc.ssingly exotic. 
King .lames kept beastly 
cormorants in St. James's,- In 
the iunch-hour we have civil 
servants there instead. Not only 
ago, a gnldeneye and a smew 
were spotted there .from, the 
wild. 

W’hat, {hough, of. the garden- 
ing history? Tn the gardener; 
parks have -three claims -.to 
fame, unless you are taken with 
the briiiiant orange and cerise 
roses in the dazzling Queen 


BY ROBIN LANE FOX 


would poach the red-squirrels, 
clubbing the poor beasts until 
the only ones left in quantity’ in 
an “ English garden " are the 
thriving colonies in the un- 
molested " Enalisuher Garten " 
in Munich. The Hyde Park 
rabbits had their warrens 
blocked because they spoilt the 
carriage circuit of the lords and 
ladies. Birds have had a belter 
time of it. not least in Richmond 
where, as Mr. Williams justly 
remarks, the tame water-birds 
have; been excluded ■ and the 
wilder sons are therefore mure 
willing to pop down for a while. 


Marys Rose Garden in Regent's 
Park. Parks employed some 
great landscape architects. 
They attracted magnificent 
trees, never seen more finely 
than in this long-dniwn 
autumn They . also . left us 
Kensington Gardens, that 
charming witness to the energy 
of Queen Caroline, wife' o£ 
George II. We have forgotten 
how much' we owe to this 
couple’s interest in Green Park: 
Richmond and the Serpentine, 
Broad Walk and the rest. • 
Among landscape architects. 
Mr. Williams well recall^ the 


armchair-plans of lie Notre',' the zoo,' was fmtrat^ for; a while 
master French designer, which- by royal .disapproval • Despite 
have been imposed -on -tfie the. Crown, we have somehow 
Queen’s House, Greenwich. Not: Parks fum Viators to 

.able to visit the ate, , Le -Not*® the heath er-gardeh L in '. Rich- 
has left us vistas which do not: njonffs Isabella Plants tion may 
really match the contours or the fee j time^ % have 

ground. Warm praise, h P w eveiY overdone It - ■ “ - . ■ 

ones to Nash, partly for his lake • • • : 

L qt James's, above all for his Bflt * theglory ot^thesegar- 
brillUt scheme for Resents dens is. above-all,; their trees. 
Park, carried through in spile Greenwich, .perhaps -ts&$s ^ 
o' a coor financial start and the Prize with - its . extraonfinary 
threat of rival plans .which chestnut-leaved oak acasm&ie- 
wnuld have turned it into a leaved ash .:wdj.t$ piak-and- 
eIm m v rectangular grid. . white flowered Chinese Yellow- 

Almost everything Nash did for wood beside the pond, one of 
London was a triumph. Only London’s - 'ioveliesr 'Sowering 
tHp seven-storeyed pagoda in trees. The Septeicber^Dwering 
St James’s was doomed. lt Evokias .by Birdcage -Walk, Sl 
went up in flames at the Prince James's. rmi,.. ftV:yery; cfose. 
Recent’s firework party ■ ;^nd among .thO’^nest specimens of 
killed quite a few spectators- this ■* wtiiUW6owered-;:> Chinese 
Histories of garden design tend beauty in ^Europe: VWbertver 
to centre on Brown and Repton, you go. : (rom.;the>brilliant yel- 
those country masters,- Yet^ -low ^ ;Byd«: . : J^rife^;ahtamn 
Nash, in the heart of London, ^erocaryu-to tie Erman’s Birch 
is ju«t as remarkable. . - in Hampton ! Court; ihere ^-are 

. If you wanted a. duel, , you frees LoL-arsc^e ^no^arityithat 
would go to Green Park. If you equal aqy xural plantings .** A 
wanted a whore, Boswell would gcrad- r daid--'tf--letftiinile':'Murr- 
Have shown you the geography ship r ”-Queeh< Victoria was told 
in Hyde Park. Greenwich had by the chler df .pdltcei^ls^r- 
the oak in which offenders ried on in parits ^by'^ersiiBs of a 
against park morality could be 'rank cf'Kfe: wha;'h®«ri» other 
imprisoned for a night. Regents oppprurialty;: or’ plioe^^^Wfiere 
Park Jatill has a massive f oun- better, though , to- lose Tin e’s 
tain donated, no less^ by Sir heart ,thari among : such . marvel 
Cowasji Jahangir Readymoney. Jou5_„pIaiatQg ’la lands; slowly 
Almost every public amenity, WTested-frmn the;Jbntf pursuits 
from the band to cafes ‘and the of kings ? ^ 


.amhlix should give Grunwick 
another victory 


AT YESTERDAY’' four-day 
declaration staee. 14 stood their 
around for Saturday's Hennery 
Gold Gup. Among them are 
Appro:: chins. Master H and 
S»rniub«jlus. who have been 
jockey ing fi*r the position of 
faviiuriie for several days. 


SA 


BY DOMINIC WIGAN 


.•'iihers Im.kinjE: fit to lake their 
ehant-i.* include Kins; or Country. 
Park house, Ban lieu. Current 
Gold, nrilin ConJi.-hali. William 
pi-n. Red Earl. Ken is Mil! and 
Son and Heir. 

The tot.-, the first to come up 
■vith prices i.n the race, are 
oficiin? 9-^ Arpmachiny. 5-1 
M..ilcr H. o-i Sttombuius. T-l 
The Last Li uni. 8-t King or 
Counir;. ,»nii 1-1 bar. Although 
Anpr«^i.-h!nv could well remain 
favourii*.- 1 believe that Ihe 
d'lbu.ii* honour will fall to 
M aider H. who attracted a pood 
deal of business yesterday. 

This ofiernoon ai Kempton it 


be interesting to see whether 
Rumblix. owned by .Mr. George 
Ward, the Grunwick chief, can 
add to his growing reputation 
with a win in the Flyover 
Novices Chase — won a year ago 
by stahlemate The Dealer 

At Ascot on Friday, Ramblix 
proved far too good for his 
market rival, Border Fort, in the 
Hurst Park Novices Chase over 
today's trip of two miles. Cruis- 
ing into the lead at the third 
from home, he won without 
having to extend himself. 

John Francome Felt that the 
six-year-oid won Id .. have been 
even mure Impressive there had 
he taken him in.to rhe lead at an 
early stage and 1 shall nut be 
surprised to see those tactics 
tried this time. * 

Bold Saint impressed a good 
many people when he beat Nurd 
by three lengths at Lingneld on 
November 6 and he could he the 
one to couple with Rarabiix. 

Josh Gifford, already in fine 
form this season, saddles Royal 
Judgement for the Uxbridge 
Opportunity Hurdle. This horse 
is another young performer who 
looks to have the measure of his 
opposition. At • Ascot on 
November I. Royal Judgement, a 


course and distance winner here 
found little difficulty in outpac 
ing Waltzec and Vespucci in the 
24-mile Valley Gardens Oppor 
trinity Hurdle, despite a couple 
of mistakes. 

Provided that his hurdling 
does nor let him down Royal 
Judgement ought to have fev.- 
problems in outpacing Toby 
Balding's Weyhill challenger 
Bailador, a comfortable winner 
of a Pbilip Carnes qualifyer at 
San down three days after Royal 
Judgement's Ascot success. 

' Seattle Slew. who . retired cn 
a winning note when easily 
landing the $100,000 Sruyvesani 
Handicap over nine furlongs 2T 
Aqueduct, is to be . syndicated 
for SI2m. The triple crown 
winner of last year retires with 
the remarkable statistics of 14 
wins and two seconds from 1 
outings — and earnings of almost 
Sl.25m. 



KEMPTON 

1.00 — Royal Judgement’' " 

1.30— Orange Tag' 

2.00 — Glanfiold 

2.30— Ramblix-"* 

3.00 — Lis ter com be 

3.30— Emerald Sea 



Indicates programme in 
black ami v.hiic 

BBC i 

9.15 am Fur Schools. I'nUeces. 
30.45 You and Ale II. Ml For 
Schools. Colleges. 12.45 pir. News. 

1.00 pebble Mill. 1.45 U'er the 
Moon. 2.W1 For Schools. Colleges. 

3.00 Delia Mnuth’s Cuykery Cuur.-e. 

3.53 Regional News for England 
. i except London i . 3.55 Play 
School. 4.211 V.'ully Gut nr 4515 
Jac-kanory. 4.4« \ nim.il Magic 

5.03 John Craien'* Now around. 
5.10 The Moon Stallion 

5.40 News. 

5.55 Nationwide •l.omloii ^nd 
South-Ea»i only 1 . 


HJfb Nationwide. 

6.43 Are You H»-:ng Sened? 

7.15 The Rockford File?*. 

K.05 Secret Anin. 

9.00 News-. 

9.25 The Fall and Hi-e of Regi- 
nald Perrin. 

9.55 SporiMii-ght. 

11.011 Toniphi 

11.40 Weather. Kcciona! News. 

All Region* a.s BBC 1 except at 
the followiny nnico:— 

Wales— 10.on-in.2n a m I Y'-gn- 
lion. 2.18-MX pm | Ysyolion. 
5.10-5.40 Biiirfo-.vcnr. 5.55-B.20 Wales 
Today. 6.45 Hcddhv. 7.i0 Fo A Ft 
7.40-K.03 Tomorrow's World. 11.40 
News and Weal her for Wales. 

Scotland — I l-OO-l 1.20 am and 


2.l34!.:;x pm For Schools. 3J5- 
63:11 Reporting Scotland. 1 1.40 
•Nc.is ;,ml Wuather for .Scolland. 

Northern Ireland — 3.55-3.55 pm 
Nurihern Ireland News. 5.55-6.20 
Si-ene Around Six. 9J5-9.55 Spo.l- 
huhi on oeoole in Northern 
Ireland 1L40 News and Weather 
for Northern Ireland. 


Knglaud — 5.55-6J20 pm Look 
E-i-4 (Norwich l: Look Nor.lb 
(Luc-di. Manchester. Newcastle): 
Miti lands Today tBinninchami: 
Points West i Bristol 1. South 
Today (Souihamptom: SpoUighl 
South West 1 Plymouth L 


F.T. CROSSWORD PUZZLE No. 3.829 



13 

16 

18 

20 


24 


26 

27 


2 S 


ACROSS 

Gratitude for an id crease in 
value l 12) 

Order gunner* In return to 
place fnr sh'inting t7) 
Spotted picture o£ drink from 
the joulh i".' 

Duck 3nd fly when in deht lo> 
Scamp could be a cause of 
disease tn plants fSt 
Uneducated I'll repeat 1 10 » 
Second taxi for black-leg l J .) 
Iririh in another sense H» 

A noisy name that could be 
sauce t 10. » 

Praised adult about article to 
editor (Si 

Couimon objective nT safif- 
breakers and code breakers 
< 5> 

Any fat put around rope c 7-1 
Tide iiuisi turn before I take 
on issue of tmul: (7i 
One who removes illusions is 
in den with part of migpipes 
( 12 ) 


GciLiug cu Id but it could Le 
Miwi nn tup i S » 

Favouring the Family with 
unusuallj nice put * T i 
Whip Tom on in eastern 
evenmg-drt-b* (3-1-4-5' 
Hearing about start uf tea 
break could he tortuous (13) 
Supply gun lu old fellow for 
hattlc'fieid ilOi 
ld\enc-4s -.n Act \ that's now 
playing (Si 

Kicked to Ul'aC on little 

donkey ("> 

Suppose I'm a spirit guinj to 
»he east (7i 

Collect rrom a service ( 5 1 
Network making me keep 
quiet (4l • • . 

SOLUTION TO PUZZLE 
NO. 3.X3S 

TTrj ^li-i c\a i.-vj 


HHBS 


DOWN 

2 Inclined tn fjvour one person 
but not all (7 1 

3 Soldiers going to r^nh 
eastern entrance Inr ' j 
deserter (S» 

4 Ho.'id of corn 
grind (4) 

fo 


j l ut-givm.-*-' 


Uic aus’Avr l Vi) 



BBC 2 


tOJO 
10.45 
1 1 .tin 


a.v-> 

G.55 

7.5(1 

7.35 


sg:o 

!MM» 

hj:. - . 

1(1225 


lll.JU 


11.05 


1 1 .40 
11.55 


am C.harbar. 

Parosi. 

Play >chool .la-; BBC 1 

3.35 pm). 

News on 2 Headlines. 
Michael Strop off. 
Mid-Eienmn Ncv- *. 

The • Slorj of English 
Furnriure. 

The .Money Programme. 

M A S' H. 

Play of the Week, 
illy Kind of Movie. 
An roim- tie Sihlcy nn “Rebel 
Ujihoui a Cause. *' 

Arena: Cinema. “ The 
l'Uiriy-nme Sieps." plus a 
fnreiaMi? of Lhe London 
Filin Fe.-inaJ. 

Si. huburi 1797-iSJS i piano 
recital!. 

I .ali.» No-.- .-. 

Ulost'dow ii i Readme ». 


5.50 Tell Me Another. 4J20 The 
Sooty Show. 4.45 Fanfare for 
Youna Musicians. 5.15 Batman. 
3.45 News. 

6.00 Thames ai S. 

6325 Help! 

6215 Crossroads. 

7.00 This is Your Life. . 

7.30 Coronation Street. :• 

8.00 Wednesday at Eight. - 

9.00 Edvard and Mrs. Siznpson. 
10.041 News. 

10J0 Tlie Best of British Fashion. 
I97S. 

11.30 Lou GranL 
12.25 am Close: Music by Cesar 
Franck, a painting' by 
Rtnoir. 

All 1BA Regions as London 
except at (lie following times: — 


Gratiad.1 R-Joan'. 6.30 Mr. ana Mrs. 

11210 D, u «*. 


HTV 

1 20 pm p.’pc.ri H<si Hear, hues. US 
r - Dir! Wales Hudlln-s. i-00 Help 
S.20 Cruss mails 6.00 ffooijn 

,t. i.is Kcpon Wal-1. b.M Emrm.Tdai'.' 
fann. UJO Tlic N-u AvtJu-'-rs. 

HTV Cyrnru/Waie*— ; JITV General 
■'ervna escCDI: UO-1.25 pm Pvnandju 
XVjilddioa y P'-dd. Rrd-* 1 I Am 

f-M 6.00-6.15 V D>.1d. 

HTV General Service — as HTV Wen 
.'X.— p;. 1.20-130 pm Report (*V*l Head 
•lues. 6J5-6.30 Rewrt West. 


SCOTTISH 


ANGLIA 


1.2S pm Svw, and Read Rctw'tv 2-00 
WpmoD Uni) . 5.15 CaniK-n. 52JJ Cross- 
roads 6.00 SeolUnrt Today. 5.30 Elaine 
rh- Sinwnu- ol On Song. UJO Late Call 
U35 Mar Maidens. 


L25 pm \nalia *.et»s. LOO Hooscpart:.. 
SJi Jlr and Mrs. 6.00 Abuul Anatia. 
U.30 chopper Squad. 1L25 am The. 8i» 
<j ur xi i an. 


A TV 

1.20 pm A TV ?-ra.-di;K. SJ5 Tou'rr 
Only V'.iunx Twice. 6.00 ATV Today 1L30 
liuide business. 


SOUTHLRN 

1.20 pm Suuttiert) 2.00 Heus>.-- 

pirn- 3 50 The KOH Harris Snow. 5.15 
Th.; L'nd-.-rxi a A.|< i-nturo »f Cj plain 
mo. 5 20 Cros.-ruarti. 6.00 Day 111" Da-. 
635 Seen. Mid-Wet-k f Snuitr Ep.i Area 
Owl? i. UJO .Sautnern Scv. Extra LUJ0 
SOannan's Mob 


BORDER 


TYNE TEl-.S 


tx.20 pm bord-'t L00 House nariy. 

5.15 Berne 6 00 LDotarouud Wednesday. 
1130 foeiT Wirhou! Clan'. 123J5 am 
Eu tiler Sw» Surumurj-. 


1.25 pm Til- rjaurf WV.ra tolim.-.-ij h 
V'ri.-tli L.ISI .\'-’|-s Headluii 5. 1 20 pm 

:.unh Ea-w N-.-wv min in.* jr.juiui 2.00 
Women Onlv 5.15 l.avernv an<1 Shirjev 

6.00 Vunbi-rn Life UJO InMit-. R'isineps 

12.00 lb i»m-en. 12 30 am Euiia-an.-. 


CHANNEL 

Lll pm Channel Lunchtime -ind 

V.liais un Where. 2.25 TV Mo Up " the 
fiuaawavx. ” 535 Epinierdaio . MPO. 6.00 
•riiaiiiiet Ne-«-s 630 Arhur liJ* Chan- 
n-1 tale \.hs. U.30 SWAT- 'p^O an ’ 
KuiIhcu.- (oilo<- br Si:., and 'Weather 
in i- reach 


ULSTER 

1.20 pm l.iiu-li'iin-. S.U ljl«l.-r 
H-?adJinrs. 5.15 lUinoon. 5.20 Cro-ssrajdK. 
6-00 R-pnns. 6.35 Huaan s UJO 

&.-dllme 


VV EST 'WARD 


LONDON 


!>.::n inn Srhonls 1'iovranimv's. 
13.W 'lhr- Ad-, cn tore uf Rupigri 
Buar. 12.411 pin Pipkins. 1235(1 
Sound.' of Briiuin i.uu \c •> •>. 
plus FT index I2n Thames .Np«s. 
1.30 Ci.iv n C.uurt. 2.110 Aflc-r 
Noon. 2315 The M6ne> changers. 


GRAMPIAN 

s.25 am I-irM Thins. 120 pm drammai? 
'i'-iu Headlines. 5.15 EmmerdaK farm. 
6.00 Grampian Today n « ^Harnahy 
.ipii-a. 1225 am Reflect :,in.s. 124* Cram- 
piao Late Mtcht Headlines. J 


1227 pm iliis Hiiii-.-vbiiri ' birthha: >■ 
120 IV eat ward \e>»' H.adliii-.-a. 335 TV 
Mhvk: " Th. Kunan jya. ‘ piarmm 

ti'irattir Mciiiilri? 5.15 Emin'-Mah. farm 
-6410 Wc*n*ard Dury 10.28 W. “iu ord 
I JIM V.-nr> 11. M SWAT. 12.30 am I- a Hit 
(or Llle 


120 pm This Is 


GRANADA ?- 

it wit- 


YORKSHIRE 


Wednesday 31 a: In,;--; SitxJiard |0iBniDs 


.... The Girl Moji LiHvly To.a - • 
5.10 What's New. 525 Crossroaf*- 4.00 


1.20 pm Cdlt-nilar K.-.f' S-15 Air. jn<: 

Mr. 6.00 Calender i Kmloy Minir .»ml 
KHmonr ■'•diiinn.'i. 11 JO El-.-irn Th'-a-n- 
Show 'prolll- nf G-ne Wilder t. 12.00 
Wild. Wnd Worm or Aium.il> 


247m 


RADIO 1 

(S) 5loreophonic broadcast 
L MOdnirrt Wove 

5. DO am A; kiidin " 7.00 [ijtv 

Tr.ivis s.m Mnmn r.ii -. frAisi 7.1 anch<*si.-r 
,’iid a: lLla pj-il rt-jinhjcrini from 
-.■'iim.-hjiii 1L31 t’ai:! hurncu ineludina 
12 15 pm Jiii'in} ■? :"!e fr i*n R'.-!l:isi. 13.30 
3.00 T-niv Bia-.KhurQ :rnm 
Ptymnuili and :.r 5.15 £■• J'. w.iri Inwn 
\i-.:i.i<ii. 4 jl Km ,r. -iv-n (rum tllascn-' 

in. Iiictiu- 5 00 P.-i.-r Pun. - l Jrom Sh. iri'.-ld. 
6.J5 Ann.- N:phliiirj!f from SnnthamDinn. 
S.30 paijm | ’.i.nlh.i.- 7.3D-1000 Ay 

H.idin : 10.00-12.00 .ms:, tv,-! <Si 


835 Radio :: Fr^u-Jk.? QiaaBc 
\'i-ws. 4JJS This Week's t 
|{ini'ky-Korsjtriv <$t iq.oo m| 

Grcan fR'. 10.45 Ernest l.ush io . 

Snnaias iSL U35 RRC Synuthnni 
Ira 'S'. 10O pm Ne-rs. LD5 

Hall IS*. 2.00 The Feminine H 
2.30 ROC Wi-lab Symphons nreh* 

340 The Renaiisariv of EmlUD 
Mw <S*. 4.» Bnliflinn a LUkarx *>( 
records *St 5.45 tlnnien-ard Boi#4 'S'. 
6 30 Xvvs 635 At flomr: A Bra® 
and a 'Jranii Flann <SC 730 W s,c In 
O'wsriwi »Si 8.00 BBC Swiohony 



Choral Evensone *S>. 0J5 Story Time. 
5-00 PM. News nMeazin.- 5 S W’-.nhi-r 
programme nevs. 630 N.-V.V 6 JO \1-. 
Wnrij: *S' 7.B0 Ncv-> 7.05 Th<- Anli.-rs 

730 Ch»ri.-p<i|lil 7 45 T|i« H.-im U<-:up-r 
IJ5 Th» H nehlt Ik.-r - ' 
i.i'alaUi iS 1 8.45 Anaty.is 

H.li:i- ! 530 K dli-i'ln>rnp.. 

XO.M Ttii- World Tunuhi 
In hv> Time «3. UU 


r,n id** in jhi- 

Hold Hie : : rn-.it 
i.M ir>>j;n<-r 

1030 In Aa-i.ir 
A Kin* .i! ft-ij 


umr 1135 The l-'maimal Wnrir! Turn eh i 
U.30 Today in Hj Miami Tt 12.00 New >. 


fir- hestra i-ncurri. part J Dvnraft J.ina- 

n-ldt 


RADIO 2 

5.00 am N-.J.? «iiiiinijr>.' '5112 Teny 
Brandnn >S- •ariudiav b.la fjiis*.- (nr 
Thought. 7J2 .T. rrj.Wogaii *Si iin-Judiih: 
337 Rjmu- K'llii-i-n nod S.fiS Pause ior 
Thnimh: 10.02 J imm: Yunna ■ S > 1235 Pm 
ft' i^snnrrs' Wuis. 1230 Pelt. iUirray'* 
iii»n Housi- iS» 102 SAC Bally 

r.-Di'r and 1.45 'Snnr-' D>.sL. 230 Dat’irt 
ri icnilaii: ■ S > iruhtflinu 2.45 and 3.45 
■-00115 I.V-Uf. 4,3d Wn-.-ynnnrs' Walk. 4.45 
Stn-rin fn-sV. 4.C8 .Inhn I'linn lS> lliclhd- 
je.- 3 45 TiiuriH D. - ' 1 . 645 .-innrfi D‘-sl« 
7.02 RnMii Cnh-Mnni! -Si 7JD ltsi"fl IO 
'-.i f: nid ij. 3 00-A.30 nn iSiWit and 
.-'i-.m Si-u-Ij:iJ— l r :i'i-*i -.in ■Sm-i.vr Siirfi.it 
"15 r- mpriui Snrrn.ido >S*. 4-02 The 

Iniiir-jjr-"-! 3 55 Brmns H'-sh 1032 Th<- 
**■>,•* * I I'd. 1 ‘inns H-nl: Riiv Huil.l . JO.* 
u.-r.-v Fiin ante cm Cn AJv Cui'SL 14.02- 
12 03 Krl.in 'M.-i:thi.'i 'rKrndnri-S Board 
-'tidnl .’;i Uiiliiilms 12.03 A''-«-i. From 
ig.ml .l-jiii pjiiid i 'i-nwji VHP. 

RADIO 3 484 m. Stereo \V VHP 

6S5 am ttWH-r 7.00 rrwt 7.DS Ynur 
'.l]ni|,w. ,niH .1. BIOS 
£.05 Y«ur JiWw'-oir - pan 2‘ IS'. 


k *Si 8L45 TIi’ An* WorlitwtdS 4JI5 
..iim.n and MIF RBC SO. pun F.armk. Knd4f - 'S* 
10.05 .Liberah and Social OnmocraS Mal** 
hy David Maronandi 10.3 Peter . : * l ’““ r 5 
Sma*i« Sebubert flKMi. 1040 1™. 

-San a La . iS>. U.4S N-w5 H5-1LS5 
ToDipht’c Sehuhen Soao iSi on .fcCDra. 


Radio L ■’don 

1 Mm and 9SJVIIF 


RADIO 4 

. 4.14m. 330m. 285m aorfVBP 
6J» am Ntfies BHefins. 6J9 F<p« ,n B 
Today. 630 Todar; Maeazim: w> ^ UC L 11 iS 

6.45 Prurer f<n- the Day. TOO &*> 8J “ 
Today's 7.30 and 830 Sew»y«g: 
line#. 7.45 Tfwiuzhi for the oar-®- 35 
Yesterday tn P.-irLatu-nt. 4-00 vp**- 
4.05 The i.ivms Wnrld. 135 Paftni-e ,w 1 - r - 
10.00 News 10-05 Gardeners' 

Time. 10.30 D.-itly Servtee 8I.C M«nH nR 
Srnry. U.00 News. 1UJ5 Yon. TB#£ury 
Th.. nuvstlon of Rhodesia. HJBI 
My windmi- Sir Bernard Mftes Jfi “Jr 
YnrfcsWre nfflM!. life News. 

You and Yours. 12-27 Dr. p Inlay 
boon. 12J55 Wear her prosranunejlJ,-,^- 
l.oq The World ar One. UO The 

1.45 woman's Sour IncIiKjtns 

N*»W. . 2.45 Listen iMTh BtOth'r.-. ?■“ 
News.' 5.05 Afternoon Th»at« 'Sv ; 3 - ja 


5-00 am V. Radin 6J0 Mu*li ll.uir 
181 London I.iim. 12 03 pm Call In. 2.03 
-.’i?S ShOir..a#.-, 4.03 Hum.- Hun. 5.10 
GunnurM tn F.'.iruwr Hi-u star hel^rsdi- 
r. .Urscnat 7.38 Black Loadnners 830 
In Cnncrrl. 30413 l.afe Nj-hi t.nndnn 
12.00 As Radio J. 12.05 am Qn-.itlnn Time 
from the Hans., nf Commons. 1415- 540 
Ajc Radio "J iVRF only'. 

London Broadcasting 

261 m and 97.3 VTTF 

5.00 am Ymrilnt! Music 6.00 AM news, 
inlormnilnn Pitnn. nie lO.tffl Brnn Have' 
Show. 1.00 pm LBC Report.' IJM) i7<-or«,» 
• ;nh--s 1 naMil I'-Jli ado LBC Rorwns 
'(.rtniinm-d 0.00 V-er Pl^ht A A3 Mum- 
line. 1.00 am \iphi Extra. 

Capital Rad in 

194m and 95.R \HF 

6.00 am Graham Dene's Rn-al.-hst Show 

»S». 0.00 Michael AEpel «S' 12-08 Daee 

Ciah i Si. 3410 pm Roaer SvflU iSi 7.00 
Unidon Today <s> 7. 30 Bryan Wnlfc's 

tipen Line '5». 0.08 Nicky Hum?'*; Ynur 
Mother Wouldn't t.lfc.' r: U.W MtVa 

\'l**n‘* Laie 4iin'e iS> 2 CO am Duncan 
■luhp'on t ,M;h; Muh: iSi. 


CC — These mcatre* accept certain credit 
cards Bv telephone or at the Box Office. 


OPERA £ BALLET ' 


COLISEUM- Crca*t can o 01-240- S2S0 .. 
fteve'-rations 01-B36 5161. , 

ENGLISH NATIONAL OPERA . 
Tcugrt A sal- 7.00 The : Marriage ot 
f'Baro. Tcmpr 7410 The Tnlevtnfi Magpie 
"Every scene grips the attention," Tins- 
- a visit ra tne CcJUeum is etgoittil." 
D. 7*1 Fri. & To* next 7-50 .-Madam 
Burtert'r. 134 oalconv seats i*alL tor alt. 
serfs, rrom 10.00 on dav of pert Stalls 
or Dress Circle ticket. 3-course A i> cane 
o.nner of !n* CAFE ROYAL* tad glass 
ot wlrt co»er sendee eno VAT Before 
or after a.ir e»g. per*, tar. onlr* £12.50 
per oerson Tel.: Q1 -457 9090. 


COVENT GARDEN. . CC. 240 8 066. 

(Gardenctiarge Credit Cards 336 .6903) 
THE ROYAL OPERA '. 

Ton-:. Sat & Tue. .7.00' L'AMcalpc- 
THE ROYAL BALLET 
rp-ttcr. i Fr,. 7 JO L*s SifoUidsc. Urtn- 
dav Oheving. jm Calrndtr;- Man, 7.30 
The Sleeping Beauty 65 Ampft|- seats avail 
for a‘l pern, r-om 10 a.m. on day ot pi 


-ADLER S WELLS THEATRE.. RoseDer. 
Ave EC.1. S37 1672. Evgs. 7.30 

LONDON CONTEMPORARY -DANCE 
Tpn.eM t-3 Sat Waterless Method, m 
Sw-m-Te irsrrurtion Scriabin Preludes 
an 0 Si-Jdies: Class Tue and wed. ne*i- 
Sah.ei; Sc o Rirte- Rairbow Bandit. 


theatres 


GLOBE THEATRE. CC. 01r4S7 .1592. 
tVa” Z . is w*g. 3.00. Sat. 6.00. 6.40 
PAUL EDOlNGrON. JULIA MCKtNZU 
BENJAMIN WHITROW; 

ALAN AYCKBOURNS New CoOTra v , 

TEN TIMES TABLE • / 

•• 7«'» must e» tfte hapoiert laughter, 
maker *n Lonoon. &_<•*. An Irrasld- 
aoly e nioT ante eventog." SJnodav -Times. 


GREENWICH THEATRE. OlrMS 77S5 
Ever.lngs B.OO. Mat/Sat. 2.30. jJ*»Wt 
Nov. 25. StepbaM* a— Cham. Dand 
Burke. Susan Hampshire. - Jcrorng (tons. 

nx„c ROOD, - 

AN AUDI 

seT'how They run. 


S David Pohrnall 

! 


HAY MARKET. 0I-S30 MJ». EvO*. MO. 
Mats. Wed. 2.30. Sata a. 30 and BOO. 
GERALDINE MCEWAN . 

CLIVE FRANCIS - 

NIGEL STOCK- ' • • 
PcTER PAUL. 

BOWLES HARDWICK . 

and FENNELLA FIELDING (R 

LOOK AFTER LULU j 

By Nod Coward 
•nth GARY RAYMOND 


HER MAJESTY'S. CC 01-930 6606. 
Evgs. 7.30. Mats. WedCL and Sat. S.oo 
THE NEW .MUSICAL . 
BARMITZVAM . BOY 

" Tn>s ^running. Production— umdufta-. 
emovsBIe " F. Times ** The tunnleH 
musnar around .par none.” - 5; Mir*or- 


THEATRES 


A DELPHI 


THEATRE. CC. D1-BT6 7611 
Even.r^i ai 7.30. 

Mats Thursoa* j.OO. Saturday 4.0Q 
An En^nam.ng New Musical 

BEYOND 
THE RAINBOW 

"MERE IS A H APP1 fAMILY .SHOW.' 
Tnr T.me-j, 

• SO'JND TO PUN FOR EVER." 

Evening News •< 

••SUNNY. TUNEFUL AND 
ad ■■ 


KING'S ROAD THEATRE. 01-352 74BB‘ 
From Dec 16 ply.- 1 0 SO. ZllO- end <4.00 


> 'O IV Ml rnq tt.U1 

THE ROCKY -HORROR SHOW. j;-. 
□DNT DREAM IT— SEE- U.' 


5PECTACULAR.' 

Daily Te:egraoh 

C-eo.l Ca*e Bookings 01-636 76J1. 


ALBERT . 836 3S7S. CC. 836 107T-S. 

f'»in a SO am. Pa-t» races Mon.. Tues . 
Wed and *=n ’.4a am Tnuru and Sat. 
4.30 ann 3.00 

A THOUSAND TIMES AsLCOME IS 
LIONEL BART S 
OLIVER 

-miraculous musical * Fin rimes. 
, *'!•■ RJV HUOD 

Gillian Euams maRCARET burton 
E* ri Cnr-stmat Mats Book Now. 


ALDWYCH. 836 5404 Into b56 5332. 
4LY AL SHAKESPEARE COMPANY .n 
reports r.. Tooa» S.CC e- 7.30. Middleton 
A RL«lers THE C:i ANGELING. "5iis 
:rc pulses si><r>D>ng ,, ne Times. .Eiuden 
s:»n-t. Li J. witn CORJOLANUS iTomor. 
Fr..; Oav-a Meprer' • COUSIN VLAOIMIR 
i5at.-TiK.*. RiC also at THE WAREHOUSE 
.srtO anoer W) 


ALMOST FREE THEATRE. 9-19 Ruperi 
Street. London WT. Tel. • 463 6224. 
MV CUP RANNETH OVER a, Roaerl 
Patrick ■ Kennedy's Cn I lor on directed by 
Anthem, M a meson w.Ih Gloria Giitora 
and En:a Ste«enj Until 16 Deccmner. 
Man. Sat. at 1-15 pm. 


AMBASSADORS. CC 01-636 
Eros 6. CO. Tuei 2.43. 5*1. 5 00 
JAMES BOLAM 
"A sucero pertprmance." FT 
GERALD FLOOD 
in a NEW THRILLER 
-WHO KILLED 
AGATHA CHRISTIE . . 


1171 

3.00 


APOLLO. CC. 01-437 2663. Evas 6.0Q. 
Mats. Tiiai-,.- J.OO. Sat 5.00 and S.OO. 
PAUL DANEMAN. LANA MORRIS.- 
□ ENNIS RANISDEN - 

■ .: cafhmec mcsharry 

' SHUT TOUR EYES AND 
THINK OF ENGLAND 
Cnd WICKEDLY FUNNY YEAR 1 Very 
-cai entertainment." Now. 


•Cry funny- 


ARTS THEATRE. ri1-B36 2132 

TOM STOPPARD S 
DIRTY LINEN 

'Hilarious. . see it -• Sund.iv Timed 
Monday r 0 Tnunday 0.30 Frida, and 
Saiurddv 7 Oo and 9. is 


LYRIC THCATRE. CC. 01-437 3666. 
Eros- a.Q0 Thun. J.OO. Sat. 5.00' 8.30 
JOAN ... FRANA 

PLOWRIGHT > - FINLAY-' -: 

FH.UMANA. 7 ' • ■ 

or Eduaroo de Pfliioww' - 
DW6CTID BY FRANCE -ZEFF IRELLI. 

.sfiMOMtHtT' tr Rwc -r an 


YEAR5" SmvjaYi Tbnts. • 


MAY FAIR. 629 3036. Eves. 8.00 Mat. 


5.30 ana 5.30. Wed. Mai.' 3.00. 

N AT IONAL THEATRE CO. 


WEtSH 

DYLAN THOMAS’S- 
UNDER MILK WOOD 


MAT FAIR THEATRE. 01-493 ‘2031. 
From pet. IB 0H J030 J_Sa and' 4.00. 


SOOlVs CHRISTMAS 





rotalVv.- • itrefr.-; ; 

C56% I S5^SSS!fe^ 


• ^ BUBBLING . 

. '-BewT MtfsKaJ oi . yorri^- ;/ >. 
TOrBooktagd aMAPtatJ- • -=. Mah»i r :'4redit 
card*. Rostaw'arrf - r«s. .aii^OSaJElB. 




ar 


SAVOY THEATRE. V.- OT-® «• 0606. 

Crh %^d^ ,f ,b 

Eros, bool wen. a. 

RED- PRICE 


. .. Ian- 
11- set- S.oS 6-6-45. 
MAT: TODAY 


SWArTE30U*^f. .:.| -cc; r aS6 659&-T- 


. JANE 


S5 OPthl D«c. 20 «mr Jl». 
ASHER. NIGEL PATRICK 


PETER PAN 

. Prices fcS.L4.C3. £2. 


Dally Z and t>-93. - — . 

Reduced . price on OAC..2D -2V. 22. Jan. 
8, 9; TO. II XL. 


m 


01-636 2660; Evtolmn i 06. - 
v. »4>O v & SIT. and JO. 


STRABO. 

•Met. Tttorv. <vv,,tt> <--> vv.a 
• • 4.' , r NO SOCJK-EASB-w-; , : 

: .T-. :-• : .WIHE ttirqHrd . - 
.- . iOmoon>-long«si laugh. 'i-;. 

Ajgo -PgBFOHMA NC6 S .. 

st; mahtin'5-- - cc.'-s Vt^aoe; .14*3; 

Eros- a -00. - Mahpees Tu4s..<-2,49l ' Seta. 


IS 


. . 'AGATHA' “OTIUST IE'S J 

: • THE ■HOU5ETRAP i ' 

: : : : ‘ ' " 1 •' • ■ ' 


TALPrOF THE TOW8fei.CC; 01 ?? 34 ■ i 5051. 
Air-coe<Htrt»i>c<L- From. a.OO--i-^D|pjna 
'. -Oancing . 9.30 -SUPERB . • RrtfiJS ' 
" iwau B&ZZXJf '.u 
:«aj2so MAn.«ONitt 
From Mad; .'FRANKIE, VAUOfjk** - 



THBAtrtt UPSTAIRS, 73Q 
-tyL 7.30. K«kidK wror 
.MASADA tmEnar White. 


a 




CC-- JM-S36 


Prev*. 


VAUDCVILLC.' ' 

Oec. 4. and 5 ** 0.00 OPENS DEC. 6: 7-0 
PATRICK GARLAND'S - . - 


9968; 

JE 

5_ 


Adaotarlon ot THOMAS HARO-Y'S 
UNDER THE GREENWOOD TREE 
"-3ICHI.Y ENJOYABLE EVENlWt^lWm 


Vork Theati 


VAUDEVILLE. 636 . 9988-.' Ev«5.- S.O0. 
AN EVENING- WITH OAVE ALLEN 
UNDOUBTEDLY THE FUNNlftf ; 
SHO W IN TOWN." suit fag my 


NATIONAL THEATRE-. _ 'l^gza *j S5 l 


OLIVIER (open sragej Fn.Afc~Ser.~7J0- 
Lv^Tewfi' 6 ** 1 STRIFE (nr^alMOrthy. 
LYTTELTON iproscemum stagey. Tqltlghr 
7.4S Tomorrow 3 A 7^»5. =, 

®tTRAYAL new play p v Pin ter i 


vw rtiSLM tamaM audKnrl'um).ATenl9ht 


Terra?®"' 0 *' ** A H As' ~W Asii riicTON 
■LEGS? new comedy by Charles Wood 
Many exceUent .-.cJw«p ' seats ’48 3 


926.2633. Credit card, booking* 92B 3052 


OPEN SPACE. • 387 gggn 

BECKETT;, Sold Ont ■ 

Tin "«^v'«.' Rw ^ 5£5 I K l0 * ^**1 Dec.' 
7 -’0 -8 0,hl. Opens Dec. 12. 7 pTrT 

From Dec. 13 Tnu.-Suns - - 


6 - dan. 


tor^a ‘tSin ffl-SS 

“ togClrt Christmas JMMi&ahi 

THC CfNCERBREAD 

'E?? h nV? rt!,n, w 

v“C nuHo: - » 


' "A ' liiumob- . 

to 


OLD VIC. ' g,V 7-. R 

PROSPECT AT THE OLD VIC 
Taflar.- Thurs. Sar. 7_S0 -Mergaro 
CoortCT.y^Antlwiy Quay le , ta^THE 
RIVALS. Sneno.n'e comedy. wiHi. Jeimn 




. .. — Matthew Guinness. Mn( Martin 
•Trejor Martin. Christopher Neune. *.• The 
- Hu Men Mri. JMaiaorop j haroseSi— The 
.~. Mr pdA*le'S Sir AW?hony_f 


Frt " r 

B 2 ■*5„ - A ! ,T *' on Y Ouayfe as 

wiUfL. a E fi5L 8v J ,OOI,, * r «tam*i»d there 

si A «tra perform. noa Deg. .19. 20. 

"VNobody wfth any 
"fluid want 10 


mw Mr. O 


TWELFTH 

FVANOv reri'ros pec. 7.-THB LADY'S 
NOT- TOR BURNING a 


returns Dec.- 

l LAI 

returns Dee. B 


ASTORIA THEATRE CC Charms Croii 
BiMd .734 4291-439 8031 Mon -Thurs. 
B 00 Pm Fri. and sji 6 00 ttnn 8 45 
ELVIS, 

etSI MUSICAL OF IHE YEAR 
EVENING STANOARD AWARD 
SECOND GREAT YEAR 


IO 


CAMBRIDGE. CC 01-E36 60S6 Mon 
Thurs 8 00 Fri.. Sai 5.45 and B JO 

IPI TOMB I - 

exciting Black afqican musical 

" "ulMtt.no Minim ■ EvCO.no News 
Seal o.i,« E2.0Q-CS 50 
Dinna' <mo LdC orl-:p sear £g SO iftcl 
FOURTH GREAT YEAR 
TRANSFERS TO WHITEHALL THEATRE: 
DECEMBER 6. 


CAMBRIDGE. CC. Dl-836 6DS6. 

BiM OHIce now Born lor 
TROUBADOUR 
A ntttt musical starring 
'IM BRADEN JOHN WATTS 
PttiC*. Previews Irpih D<X. 13 

Opening December ig. 


Red 


H 00 


COMEDY. CC 01-930 2573. E 

Thurs 100 Sals 5 15 ing 

, BILLIE WHITELAW 

Tnc rnp-.. pow-.-rlul inrtlalc acting Men 
■n Lpndgn Ihu yr rr." QBicrrnr 
T P MrRjNNA hi 
MOLLY 

■Jr SIMON GRAY 

„ ‘ ■^EN5flY MOVING. ■ E. N.«, 
■FEROCIOUSLY EROTIC." 5 T.mei 
LAST TWO WEEK'S ENDS DEC 2. 


Mo^Thun. Prif^tod Sa».°6’ 4 »w' WO 


PALLADIUM. 


7i73. 


_ CC 01.437 

CLEO LATHE ' 

Wllb.ihe JOHN DANKWORTH Orch 
Snedal GuetK- JACK PARNELL.- 
■y $ NW T. BAKER DON. LUSHER 
Temghl -al^e.as. ^ Tjomor. 6.00. 2 pert*. 


LIMETEO SEASON 


Suit 

until 


VICTOfUA PA^AGfe .CC._,0l-fl24 4735-6. 


r n 


-- B34 1317. 

“ro*. 7-30. Male. Wed. and sat. 2.45. 
STRATFORD JOHNS 
SHEILA HANCOCK . 

. . ' ' ANNIE 

ctatt.'«tt "«LOCK BUSTING— 

SMASH. HIT MUSICAL/ 1 D.. MaH. 


i VJ 


W^ROIOUSE. Donmar Thearro. _ Cownt 
° 4l ? e s?fi &s< >“- Royal 
n h nn e »S7 4r * s * Jts available ^ntBht 
^ ^ e01 ^ O'Mar 

LOOK OUT . . -. HERE COMES 
Adv. bkg». Aldwrch 


WESTMINSTER THEATRE.. 634 0263. 
Tm .?ta* aAt|. Andrew Lloyo Webber '* 


0 A j- starring PAUL 
JONES. Twice DNIv. Reduced orfo 


^mii 

view from 'Ner7 ‘>'7/ "«5peni "jq!: 

limited 


vmm 7Tom NOv. *27. Opens 
'E2-'£3. £4. 800V Kc 

Kim.' 


WMJJEHALL - CC; ’ • OT -930 71 6 S 

OPENS MON. Dec. II. Mpn.-FrL 2.15 pm 
Sal- 1T : DQ eju end 7 15 pm 
WIZARD OF OZ t . 

- .Seats A3. MX ■ 1 


WfNW^U JjKATTO. CC 01 k 437 6332. 
Twice NlohTlY O.OO and 10-00. 

Sun, 6.00. and S.OO. 

PAUL RA Y MONO aresetiu 

THE I ROTIC2XPERIENC E OF THE 
r.„ MODERN ERA • . 

JAkeF tor unprecedemeo Urn Its whet, la 
pennlsUbte^ our' wages V 
THIRD.. CR AJ YEAR 


WYNOHAM-S. 01-836 302 B. CC. 
Bkgs. 836 1071 from s.oc- am. Mon.- 
Thw-s. B-Cq Fr r. aiy Sat 5.15 and *30. 

„ ENORMOUSLY RICH 
- VERY FUNNY.'* Even.ng News. . 
Mary O'MaPev 3 wnasii.h6 comedy 
ONCE A. CATHOLIC 
Sun re me Comeor 


-“ T *f*flL mn and religion." 
Dally Telegraph. 

Wl ™ * 

inuTED " Guardian. 


“MAKES __ 
..LAUGHTER.' 


Fri. sat- 


C it : 61-617- 717 i 
JOT • M9W 


PALLADIUM. 

Ouenlno Dec 

. ' OANNY LA RUE 
M- Merrv ■-: Widow Twshkev -ia- 

.. ALFRED MARKS- K AVANA2AR 
: OHM WAT LING. Brian MARSHAU: 
* _■ end^WAYNE. SLEEP - 
Preview December T9 at- 7.10.. 


YOUNG Vlt 926 6363 Tomor . Vr I- 
5»i “w ' Tin*. 7.00 THE 

TEMPEST .dart gT StitanNn mloCy 


ACTION man 


P ? OB 'SK. t «ATHE. CC; 01-636 129* 
Eva. B OO W-d. S O0. 5at.-S.00 IN 3.30 
. ,-D.iANA SIQp JOHN THAW 
' NIGHT AND DAY 


A. Ne'w Play br TOM. 5TOPpAJtOi' 
w JOOf . 


oirocieo bv PETER' 


CRITERION. *30 3216 Cr-d,t <ara 
? 36 'O' 1 Ev-. Mon -Tnnn S. Fri ann 
bal 5 45. 6 39 THE MOST HiLARlOuf 
TEARS • Financial fimef. 


."LAY FOR 

GLOO JOO 

b» M-:na>>t Hasltr-oc 
•'HAD THE AUDIENCE AOCKING WITH 
LAUGHTER ■■ £yg. Standard. 


DRURY LANE. CC 01-316 PlOfl Mon 
to Sal 8 DO Maimer Wed. ano Sar 3 00 
A CHORUS' LINE 

“A r ire grvatlal.ng loveui. ;lamah>nq 
-iiunncr.- S. T.mcv 3rd GREAT TEAR 


DUCHE55. 836 624 3 Mpn. t 0 Thura 

Evi?n,ng., BOD fn. Sal 6.15 ano 9.00 
, OH ! CALCUTTA I 

"The nudity K ttiinning Daily 
9tn Seni.irional rear. 


Mail. 


DUKE OF YORK'S. CC. 01-836 St 22. 
E' , m 3 pm Fri. and Sat. 5 30 ana 8 SD. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

"IS BUSS." Odscrrer 
'MICHAEL FRAYN'S FUNNIEST PLAY ” 
D. Tel 


p £CCAOILLY. train BJO' a.m. ajY.isOfl 

Crodir . card bkBF 836 1071. Pr # y^j 
1. Ooenc IS Dec. at 7. Sub*. 
8 Sats. 5.15 13.1S. ' ' 

A NIGHT WITH 
DAME-CDNA, . _ 

Stafrl/m ■ |ttre |np»unylv DWuljir 


Dec. 

Er». 


At 


YOUNG VIC ' STUDIO. 'vm 63b3. 

ommlem'Uf ; £L^ U * 5 ‘ 8 - 00 Tumor 7 DO 
orv»m|«ne of KOTO. 


CINEMAS 


ABC-1 » -3 SHAFTESBURY AVE 838 
•B6fiv. Sea. Pens. All Soaia Bookable. ^ 
l; DEATH ON. THE N1L£ : 1 A,. . vVk. A 


. DEATH ON. 

Sun 7.20. 5 2D. 8.20. 

2: DEATH ON THE NILE 
Sun. 2.00. &.00 U.00. 


IAJ. Wlr. ■* 


.CAM DEM PLAZA.- 'OOD. Camden Town 
Tubel -433 2443 THE BOB DYLAN FILM 
. RBNALOO AND CLMA'-AAi wiln BOB 
STL AN. -and .JOAN A A EX ur .4 .TRACK 


TEREO.. Prow 2. SO and 7:30' .daBy. 


■ARRY 
and a I 
BOOK 'NOW 


CLjRW.C. .1-, -2.1*. «,. 0«w8-;snw WPP- 
Tairenhsm Cdurr Bo. Tuhei. ■ Si6 0310. 
U‘ and -.A a row CMI«lte n.UM ^t- price. 


HP DOWN 


PICCADILLY.. ..437 8S03 B36 3952 
Crenii EFrtf bookings 836 1071. 
Richard - Gootaen Ian Talbat irt . 

J , TOAD Of TOAD HALL 
Cniittmai matinee) Dec. ITB-Jen’ 13.- 


princc edward: .ce. 01-437 ssn. 

E«mngt 6.00. Male Thurt. Sat. 3.00 

J 2° *" ar »* LlOYd.WMbw. 
DI rwtfd by Harold Prune, . fieorert 
advemed bkgt. gper Npy. j?. aa. a g. 


PW ™Ce.OP WALES. OI-9S3 8681' C-eO'Y 

card bopfci*i3» 930 0846.' LMh<iw. eon 
belore^New .Yark Mon. f6 -nSrSTa.OO 


. 7rt. -eiid S«L 6.00 end B.45. 

AUNAtc W^^ 

“If rpti do not laugh tee me," a £xn 
A National Theatre oroducTlcih.'T^. 


KKIEEtr^ Croon «r& 01-734 - 1186 
Ero. B.W.. Wed. 3.00. Sit. s.OO. S.30' 
GEORGE CM AK IRIS. ROV OOTniCE 
RICHARD VERNON, JAMES** VILLI BUS 
THE. PASSION Of DRSaiut 
"WaUNG." X. Stall. "MOST 
*C«»CAU.r SPECTACULAR SHOW IN 
TOWN. Punch. "THEATRE AT ITS 
MOST. MAGIC AI-* Time£ Ut W 


FORTUNE. S36 Z238. EYL. 8. Thgr» 3 

Saniraavk 5 QO <no 6.QQ. 

Mur.rl Pavlaw aj MISS MARPle in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK. CC. 816 -*681 • Eros. 8 00. 
isnarni y.-m. 3.00 San. 5.30 and a JO. 

C«£Ml^ QUILLE V in IRA LEVIN'S 
DEATHTRAP 

a N"vf Thriller dlrrcien nr 
MICHAEL BLAKLMORE 
"THRFF I'HEERS FOR TWO HOURS QF 
. MAR vELLOU^ ENTfR r 4INMCNT." 
Sunoay Toiegrepb. 


RAYMOND RGVU8BAR.ee. 01-734 VSB3' 
Ai 7.M. S.00. 1 1.0(1 »m Open sSl ' 
PAUL- RAYMOND presents _ ' 
THE FESTIVAL OF EROTICA 
FiHtY alr-condit igned. 


REGENT. 


CC. 


01-837 9BBI-3. 


Md>.-5et. 6.00. Matt Fri. «ijj S.DO 


LITTLE WILLIE JR** 

RCSURRCCnON 
The ,Fir*t Sou) Gomel Musical. . 


hX nJi 1 "”^ r ' 1" ^mmll^ueroonbmvie lonmL tarpr 

MUilEMBte.; 4. ifU i»,. ; ■: 

f'T20 3 40. 6D& .8^0. - - . 

L- FINAL . DAY * : Glenda Jackson as 
STEVIE 1-AAi.-; Progs. 1.30. 3'.«S. E-05. 
8 25 today IF noon obIv. iaeclal Matinee 
Ah seats EI OT" SILENT "WITNESS 'As 
4: Byrt Reynolds Is 'HOOPER fA>. Progs. 
-2-00 C.I0..A.2S; « 40*. . 


: .. 


-CURSON. Curran Suvei. w.r 499 3737. 
YOU LAUGHED AT Hts AFFAIR . . . 
NOW. LAUGH AT HERS' . -• . 
PARDON MON ATFAIR TOO IAAJ 
lEngl.-fh subtitles} .Film at "2 J10 (not 
' : . . . Sundays] kX K. S.70 aed, 8.40. . . . 


LEICESTER SQUARE THEATRE. 030 5251 


THE SOUND OF MOSIC fU>. 5eu. m. 
Wh 2.SO. 7.30- Sea rt-bWIe. f 


. . . in. advance 

‘ by post or at Sox Office iflc. 7.30 orsQ- 
(No late show tJOtrt'ng) esl"dey. 


OOCON ■■ Heyma rfcet, (930 2 738-27 nw 
MIDNIGHT EXPRESS OO. SRo. PTOO*- 
JHv. 2:30. 3.30. 8.30 - O.ra; Air seats 
bfctfle. . .... 


OOCON. Leicester ' Souare. *(930 61 M J 
£YES OF LAURA MARS (AAJ.. Sea 
brag*.' Dly» doors, onen ZJOO. A 45, 7uta. 


pPCP M^M mfaie Arch.. W.'a. tJ2s 
REVENGE OF. THE PINK PANTHER (AJ. 
Prgga. com, S.l5. 8.13- T 


PRINCE CHARUff. LHe. So. «7 ;8T81-. 

HAST 


WaWrtin jJonnroSWt THE BEAST London 
K. Sen. PtrH 12 . 00 . ilfl. S53. ffJS; 
(sun. 3.10 s:ss. &.3S). Lais Show Fri. 
and Sat. 11". IS. Seeu Skbld. Ue'rfBar. 


STUDIO 1 ho o. Onfora Circus.'" 437 J300 


Ii Jill payhurohr. Alan; -Be(e» m. PapF 
MasurahyTr" AN- unmarried woman' 
-.(XL. .Proga. 1.03. 3.J0I i.OQ.*Ufc..Lale - 


round-house; 

Ero*. 


:»7 ' 2584.: 


8, Saiw 5. B: 'Satrlcal r*yue at im{ hi 
Golden TwentiBf In Berlin." - ; -i 
HEYI WE ARI AUnt, . J S* 


SOON - F»v. sod " sat.; (050^ . .^v. 5 ".'. . . 
4.. Agalhe Otrigne-'s death on... TM| 


Mfu (AJ. See. Fttii. Dir J.rS. -Silfc 
_ "Ttinr*„ Pn. Sat- ll.lSt 


{ lift... 
MB* 


Lew Shoir-i 
VdOfceMe, 


r £: 











./ 5 


: TOrtes^eiies3aT "November- 32 1378 


— 

cVjj, ^ 


Television 


Festival Hall 


Always the same in sitcom land The Apostles 


by C.HR-IS D UN KLE Y 


ARTHUR JACOBS 


S®„,£ n ' ft wt ? wh * e TO*?**** *?ni me." forming partnerships, per- comedy figure is a stereotype. . ■ 

" Sopped DlajyinH til^nnniSSm ^v^ e i l° rtln i er v: ^ d R^h a 3J | C. orm i? 8 bricfly together, then What matters is what Is made of The opening is as solemnly A tiredness overcame the music 

" ' m^S -stSeiw S' S?c^,v’ aDi herein IJichard breaking away to make up a them: it is perfectly possible to promising as any other of at s ucfa passages as “Why seek 

SSSmJ? Wht — - ftp %l4Z m team WI7h aaothcr old usc stereotypes and. with care. Eiger's, and the short theme £* the living a mong the dead? 

sissssls^s S«a» SgasSiS P-“ 

- ling O’SuJIivan and two .girls Frazezsfon^s- u^tti/^rector/ f “ «l»ms " for short) which is if” 1 ™! 1 * ° f that-. senes, as Sir 8 1D s Philharmonic Orchestra was not 

:~mng in one fiat. Thereto re n ™ a^L S Ww! Useful shorthand, so long as we Huw Wbeldon pointed out, was ****£& Pushed to true Elga naa grandeur ■ 

-“-waTfhe hame of At am **«« gr° dac «- *"4 the . wrUer was all agree about what it means It Uwt writers Jimmy Per ry and That TheApo a t[cs JS aQ oratorio where It is needed— at the i 

> ‘JiffiS! 2?3! Richard Waring. doe s°nof inMn Thu Mumvt Sbrtin David Croft made the zrammar Miainanding ? nl 7 3 . .. TaT l. and orchestral introduction to Act 2.1 


and the girls And Richard WkW'-be-at does n ° l ThVMuppetShow David Croft made the grammar “35“*^ * ” orchestral introduction to Act 2.! 
- were -played by Sally SoiS^tt-jv^ j- Fmw^ffr^SS ^ fMrrTi w,,h i,s Puppets, guests and song school stereotype the officer, and and shorter ^ for lasl#nce - , But . * be . r . e ?. er ® 

S- *«*- r.Piula: W0co^ 4nd Srrm/w^ndV&SeJ^ndT^ and »*»»« routines. Nor docs i? the public school stereotype his so “* «™ n Sfr iad,vlduaJlsed 

O-Spnivaz. was hke unto A chef. ■ 2S!?3L2^P»iar.i£ 52??" ,h ? ■««»* »J» comedy of NCO. perennial mantm. tram Jbe brass, among 


Geronitus 


perennial ruom»nts from the brass, among I 


qu^gi-operatic ■; 
auld usefully 
red by John 
d by Alfreds 

Palladium 



/"tSStter ZTStiFtfi “effi' “ft And so o„. The point being (to «« credential? 1 Mr SK roigbty climax retained in the Jotason brought to Se tenor 

JV^ Comptmy. ’And, the ^" r,u ’ h metaphors) ttatwhenyou J' ,5 h ™“ each credemial^ Mr Humpmjgr- _ but Elgar has djs _ narrat j on a ra ther too “holy" f '1 

- ^ viewers ' saw Jbe jfegllT if the jg a ™* ac ™» same' setti^gThich more of Sf punctured prePensions. and a^on. pr? SS us - cUm ^ x , *? y L one *ijf h as 1 **?* ^F r * m % h i l , IPO 

- r TSas-and ■ thouabt that It- --was- 0 * variety stage .called tele- i T . . /. “ . the leisurely episode unmediately have chosen to do without; but VxXW 

1 '.158. ahd sent the series to the vision y«i-in«y at first think that f a ° J or nL rll^r • * \ Dd ai th . is 11,056 vie ** p { following. the composer would surely have 

r*-tofe'oF the'Araerieaii ratinss°And 3 remarkably large -'number of Sl ,2 a n \hl , nE?‘»n raade /s not locllned to carp about Some compensating urgency approved the firmlv soaring Cleo Laine is the best jarz 

. - when this was seen at Thames P e °P le are engaged. In the half- Ge»°°!s!we D? a nriSn F p may ** S <n ? ed h ? lhe conductor, soprano n r irrin Mary and singer that w e have got so it is 

jzi & siata •»« *»*•» ° f “ irsrr* 01 lh r ,ady „'° b /r 

l Sd^e it another X?) mT?hP gramme every night of-the week; ’ he mstliiStion is the family l00 seriously what is -only meant her talent so complacently at the 

-g^b-roSS : ° ^ most nighte there Se hvo, tfnd on ht > m * to be a bit of fun. ' Yet like all middle ground. At the Palladium 

Now these are the other Fridays at present there are The popularity of such forms of television, sitcoms can p D Monday night, where she 

u -generations of .Vow About The l our - ' Golag Stmiffhi n auidnur }* unmist a kaWc : the be good or bad.- vital or deadly. p es tWal Hall j opened in what has become an 


Cleo Laine 




r iani -.Brian -.^lurjihy. and -Peter however, you discover that . this 


<xc ; V 

. ’ l *‘4 



PorrWcc J. and most often of all instead about critics who take DUl ^ 5eemea w,UCT “ l - Aasei 9 01 r euc,iy verj' pen-erse of the lady to beam 

lhe institution is the family too seriously what is “only mean! her talent so complacently at the 

home. to be a bit of fun.’’ Yet like ail middle ground. At the Palladium 

The popularity of such forms of television, sitcoms can 0Q Mondav night, where she 

material is unmistakable:’ the be good or bad-- vital or deadly. fT e «tlval Hall opened in what has become an 

JiCTAR ratings for last week original or derivative. annual week of performances, it 

show that the first episode of a Michael Crawford's hard work • , was bard to tell the unaffected 

new senes of Some Mothers Do and personyllv performed stunts ■ f LoiSdon sirI f L om an American 

.-tie Em attracted nearly aOui , Jr Mothers are richtlv f X I I I I ZA I H III sA superstar as she oozed her way 

vievvers and went slraight to No. widelv publicised, but it is 6 alsbi VJ liltCll dll Id through 90 minutes of audience 

n important to- point out that last ‘ massage. There was the full 

Mixed Blessings at No. 33. and wa< a blown orcbeslra m support: the 

Si eor «» ‘ Vnd A . IiWred at 1S - dramatisation of Gerard Hoff- f t' c tr r ki u c \r D I n T ; C C well timed routines: the pretty 

The BBC s October figures prove oSSri Union . OV KEVIN HENRIQuES complimems: and the extended 

that some of their biggest audi- t bXs ovation. But there was little or no 

cnees for the month were for “P® 1 “LiJS,” ainlv jazz. 

sitcoms even though they were 0 H 0 i na i d ... as funnier It was a thoroughly commend- melodic standards luicluding She deserves the recent honours 

repeats. on 0 inai was lumwcr. able and enterprising idea to “ Nuages ”) in which their fleet — the appearances before the 

At the same time sitcoms . In Iac J au TQ f * ece “‘ ■ , " n * Jba , showcase three vastly different plectrum work was a complete Queen and the television spec- 

arouse great hostility among the sitcopas nave iooxea more OTiess gullar styles in this weekend contrast to the nimble finger taculars. the ■American success 

cohorts of feminists, trades unoriginal from ^Burterjites Th e classical w r as repre- style of Bonell and Pefla. and the gold albums — but there 

unionists, rabid egalitarians and which bears an oaa resemotance sgn(ed by Carlos Bonell. After lhe interval the latter were times on stage when she 


Guitarama 


Bonell. 


cohorts of feminists, trades unoriginal frwj & concert. The classical was repre- style of Bonell and Pefla. and the gold albums — but there 

unionists, rabid egalitarians and which bears an oua reseraoiance SSDte ^ by Carlos Bonell. After lhe interval the latter were times on stage when she 

others who complain that such Chapes wood s superb xron r fl aTn An<tft bv Paco Pena and jazz played two Manuel De Falla seemed to be spreading her talent 

series arc chock-a-block with Forget To Hmc f though Wendy b y Ike Isaacs and Denny Wright, compositions in duo before the rather thinly. With such a magni- 
siereotypes— which they are. Craig is no Gwen Watiora) to Aether it was a completely Isaacs/Wright group. Velvet, flceot voice, and a deep feel for 
And occasionally this fact alone 5t ,T1 0 J > O' 1 Their Firtgere in Whicn 5a tj £ £ving musical experience is completed by bassist Len Skeat 
is indeed deplorable. the industrious Kicnard [ waring M0 ^ ert aQ( j debatable, matter, and comettist Digby Fair- 

It seems boringly unoriginal. weot . through all. -vu ow Heard fr0ra a standpoint weather, came together for what v . - , 

to say the least, to people a th-fhlT tSo rethS^n the concert afforded one the was, for the jazz listener the Soho Poly 

brand new senes about aU-in ««£« £■ chance to admire the structure most pleasurable and involving 

wrestling. The Losers, with a sympathetic characters had nved Qf ^ competitions b v Villa- music of the concert This neat XT’ ^ _ *j. * 

cunning and cowardly little together for years before marry- ^ Ajbeniz which Bonell smooth- 60 undins group raised lx. GGT^ IT 1T1 

manager (played well enough by xafi- " included in his opening solo the temperature with some finely »-vv^ xw xxx 

Leonard Rossiter though he is And in case it is assumed that spQt - delicacy of Bonell's shaded jazz imbued with subtle ■ 

given precious little scope to such unoriginaiity is inevitable, playing. However, classical dynamics. There is an obvious Colin Spencer once wrote a 

provide more than the twin there is at least one series which guitar Ls clearly a self-contained deep musical rapport between all play about a male homosexual 
brother of the landlord in completely disproves it: Soap, form of music-making, much four musicians who continually marriage in which one of the 
Damp) and a great slab imported from America and more organised than the other indulge in clever interplay and partners gave birth to a child, in 
of a wrestler who is as thick as shown at present on 1TV only in two and widely separated from contrapuntal work. Fairweatber. hi _ n<JU , i fIn rhrimp nie™» if.vear- 
two planks. How much more London and the Midlands, takes them in emotional terms. using his several mutes cleverly ... 

original, and perhaps productive, an attitude to its two families Flamenco and iazz do have and wittily, swapping phrases “Iff, 

to have reversed the stereotypes which makes all the British c prta^ e facetf n iQ J comraon.^ ^the 'vitb Wright generally gave a S° ne - hot a visiting social uorker 

and had a stupid manager and sitcoms look tired. When Danny SS^JTtefci ttol l& .re breezy lift to°tSc procreedSigl gg«« S*™ 8 i 

a smart cowardly wrestler. finely accepted Jus brother %£i£Z2Sl wWcb bad been on a sombre \ol | “f 1 Jf her fatiier! 

That aside, it seems a perverse Jodies homosexuality lasLueeKk a7e> ^ facl been some j az2 . key level all evening. | mother and twin brother The 

subject to choose since all-in he mused You know, jou do namencd albums . clearly Paco Almost inevitably the grand d0I ^nanl theme of what i? in 

w restling i tself constitutes one walk kioda funny . . . hah j p fc;da - fi thre ^ s0 , 0 interpretations finale was a four-guitar session fact an est reroely lightweight' 


jazz, she should have let rip with 
more of the great jazz standards, 
especially as husband John 
Dankworth was in fine breath on 
saxophone and clarinet. Instead 
ii was all bits and pieces. 

There were ibe DaDkworth 
musical settings to poems, an in- 
teresting stretch from Shakes- 
peare to Auden but a novelty 
rather than a musical treat. 
There was a run-through of show- 
tunes from a forthcoming album, 
the type of material which is 
belter suited to the pubs on 
Saturday nights than the Palla- 
dium. And there was a medley 
of old successes which revealed 
tantalising])- bow good Cleo 
Laine really can be. Most up- 
setting were the new songs, 
which seemed to bring home the 
fact- that the best of contempo- 
rary music is in rock: middle-or- 
theroad material, niiite devoid 
of passion, can hardly fail to be 
pure syrup of figs. 

ANTONY THORNCROFT 


Keep it in the family 


Colin Spencer once wrote a 


^ *c * >r- ;^ *j j . A ,X _ _ 

Geoffrey Palmer.. Wendy Craig and (seated ) 
y Andrew- Hafll in " Butterflies " ' . .. 


Mew York. Theatre 


Broadway cranks up slowly 


funny: funnier than The Losers, against stereotype assumptions, substance and maybe needed the Wright and Isaacs believed that; t b e officer to establish moral and 
Usually, however, it means very Mrs. SJocom be s famous pussy embellishment of singers and despite the promoter's good legal objections. 

Uttie-simply to claim that a given really isn’t part of -the same era. dancers to add that important intentions there really was not None of this U particularly 
■■ Emotionalism they clearly needed much point in proving the shocking, as the family trio come 

*r ’ - on Saturday. futility of trying to fuse three across as not only uulikely hut 

i ■ • ' Jazz guitarists Ike Isaacs and separate guitar styles. I must also as irredeemably wet. If 

\ Denny Wright (with the mini- report, though, that the large such a family were to exist, 1 

-fl v -\ *| mum of amplification) closed the audience seemed ecstatically doubt very much if their 

lyr jrt 1 ~| -fl/*x n I /XTT 7 I T 7 first half of this intelligently pleased with the evening’s expressions of free love, tactile 

II K ^ IllJ ^11 1 W IV' arranged concert with five music. liberation and excessive tolerance 


would convince anyone of their 
case. So Mr. Spencer is dealing 
in sheer fantasy in order to state 
a case for free' thought in sexual 
matters. That is all very well. 
buL the actual stage action is 
throughout naturalistic, with the 
prim Mrs. Tasker locked at one 
point in a bedroom while burst- 
ing to visit the lavatory. 

The pay-off arrives with Mrs. 
Tasker breaking down over a 
glass or two of pumpkin wine to 
reveal the sadness of her own 
marriage, devoid or tenderness 
and uninhibited sex. Doreen 
Mantle is excellent in the role, 
particularly funny when attempt- 
ing to arrange herself on a pile of 
floppy cushions while raising 
bureaucratic questions. Helen 
Weir and Job Stewart are the 
stupidly open-minded parents, 
and Tilly Voshrugh the un- 
fortunate teenager. Mr. Spencer 
directs. 

MICHAEL COVENEY 


. ’ by F RAN K t IPS I U S 

* ' The end of .' the newspaper 

• strike in New York T&lsed the ex- ■ 

• pectation that- the - Broadway 
«e»6on -would Jnally move full 

...steam -ahead;’- But November's . 

schedule of only two openings in- 
. dicates that the machinery has - 

- run down antLneed^ sometime to... 

working again. Most of the 
: productions 'that had defied the 
. Strike and gone ahead despite 
v the latit of reviews have - been 
musicals, a fact that reflects a 
' possible new development in the 
legitimate theatre. '- 1 
Several years ago. in the period . 
of Broadway’s doldrums, new 
audiences, especially among the 
black r. middle-classes. were. 

. attracted to the theatre through 
„ television commercials. .' The bad 
Brass given The W» vras over- 
come by ^-sucb advertising, end 
' the subsequent run . of. the show, 

: which is' still 'oh Biroadway and 
now benefitipg. •Tronr the adver- 
Usings for . tile -film made from 
the show, marked a. hew outlet 
.for -producers and' brought new- 
andiences t0\ Broadway. Now 
many more ' shows are being 
advertised an television. Without' 

"the papers, jt is hard te - tell 
whether .the ■ advertising would •_ 
niiake s§ch. audiences .immune to 
: b^sd’ review's.' ' That test has yet 

- to-he made. The most that can- 
be said for the time being Is that 
producers are weaning them- 

. selves -away,. from, full depen- 
dence on reviews ^mtd the 
"andiences derived, .from * those 
reviews. 

The commercials play. up. the 
. young; plainly dressed! enthusias- 

. iic people Who do hot- appear to Henry Fonda in “ First Monday in October” 

-be- ■-thp traditional Broadway - . 

audimiceS’ . If- such advertising role of jjjgs. Alexander. In the relying more on clever dialogue 
i rlS, w t hf urbane -and biting dialogue, the and p lot than famous names for 
y/ip ■ proTiablg-.beneM from we . and, as he calls her. the their, success. 

wurce. of revenue without .. ,- usu i« gradually build a Defying the strike, to Its 
l^ing ^e original audiences who tl ^ ud _ il j_ Tespec t and finally peril, was Players . an Austra- 
follaw the reviews. 1 ant sure o P affection for lian football drama by David 

the local critics cot feel other WilUamson. directed by Michael 

relief _at ^ ^ } vw n°bts have done Biakemore. Distinguished by the 

U.S'ho&'t'lft-So- performajlce oE Vr.d 

iliv with rear constilutioual issues on Gynn as a Conner football great 

outntons° jffiS S?ow JfoS SSJSSVvJS 1* AS 

S& P ;?h r a ve only straight ta P full ofadmomtionandadvice ?*£*&%**” 

nlavs t review most Of these not needing to join nn> COi- ennsieu oy a span mat uas jet 
AfSrMrf - nnp that leaeues in the sexeening of a to become widely popular in 

didn’^FiSf m October, poroograpbjc . film to know he America. In addition, an Austra- 

h£ a St Se? by flenrv supports ^ exhibitor’s right to l.an club does not serve anyone’s 
Fbndl Sd JOTe Alexander. A show it. He borrows a perpetual profit motive, a form of organ- 
dSS-fhft involves around the motion machine from the Smith- , ration alien to American profes- 
ft§Lwoman OToointed W the sonian Institution to demonstrate sons sports, and thus much of 
sSrema ?our? P T was appro- the need to protecr inveniors the_ plot ttuned on emotions and 

Sm“£ iSr^uS SS, 0Ut ever intend ' Pi^ ,tW «pitted 0W obri?If t 'a^ 

S^tAP eNlB - ' leather- non-players, pointed dialogue 

™ ... . ohamhfrs. ofllv ejimTiasmed thp ohvionS. If" 


ftidTw wfeo not have attracted the attention uun veneer « oipiomacy cover- 
25 That an' unfortunate change mg a gnt-kicking intenor -might 
ShLSS ^ ® from tiie time w-hep -such serions have drawn more of a crowd, 

and wittv worits were the bul- under -better circumstances. 

^'tlJ^SSw M V«.N W or Bave r m 


Ever Been, which has already 
appeared in London, revives, the 
period of the Congressional 
witch-hunts in the early 19506. 
Brought to New York by the 
Rutgers Theatre Company. Eric 
Bentley's play uses only actual 
testimony to show bow some. of 
Hollywood’s best Mnowo people 
betrayed friends to co-operate 
with the House Unamerican 
Activities Committee. The pro- 
duction is distinguished by out- 
standing performances by the 
company and sets by Joseph F. 
Mikiojcik. Jnr.. using plaster 
casts of film crews to focus 
attention on the ■ witnesses’ 
dlscooifiture. 

The first testimony :by Larry 
Parks, played by W. T. -Martin, 
reveals the anguish of a man 
forced to give up the names of 
friends as well-, as confess his 
own guilt by association; There- 
after. the witnesses. Including 
Sterling Hayden (played by 
Raymond Baker), Jerome Rob- 
bins (Kevin Motley) and Lionel 
Slander (Tom Brennan), parade 
their co-operation in a way that 
ignores any extenuating* circum- 
stances. Like a witch hunt 
turned on its head, the play 
serves only to embarrass those 
who co-operated, a purpose that 
follows the end-justiftes-the- 
means philosophy of the - com- 
mittee itself. 

Sam Shepard's latest ’play. 
Buried Chad, opened at an off- 
off Broadway venue. Theatre for 
the New City, in a production 
directed by Robert Woodruff and 
starring the well-known actor, 
Richard Hamilton. . Shepard’s 
desiccated American dream here 
takes the form of a' bizarre 
Illinois family, brought 4, to ruin 
mysteriously by an old crime nf 
killing a new-horn child The 
audience witnesses the . effects of 
this deed in the form of adult 
sons who stay at home, bothering 
the peace of the.inebriated father 
(Hamilton) and the' philandering 
mother. One son has a false leg. 
wliich hangs over the sofa during 
part of the play; another picks * 
vegetables tn the back yards and 
insists on busking the coin -in 
the living room. Another genera- 
tion is represented by a grand- 
son. now grown with - a comely 
girl friend., who" arrives and .re- 
mains unrecognised by the rest 
of the family. - - - 

Shepard's vision changes- little, 
thoueh he takes different- forms 
of distortion .to exemplffv a 
curious- amalgam of American 
working classes undermined by 
sotrn> cerebral divine Justice! The 
grandfather in this play, attracts 
all the attention m . his - mono- 
syllabic way. with .each of the 
other characters brought forth 
with some* malfunction: to cet : a 

reaction * going: David Grop- 
man’s set is marvellously malle- 
able in using lights -.".to change 
mood aqd Woodruff puts- the cast 
through its paces .without allow- 
ing the audience to wonder what 
really -is going on. 


Don’t the people who 
create the nation’s wealth 
deserve to keep some 
themselves? 


Whether you* re in businessforyourselfioran 
executive doing a vital job, you may well feel you’re 
getting a raw deal nowadays. 

Suppose your income is £10,000. 

Not so long 3go, you could live weft on that sort of 
.money..and set aside enough to create wealth 
foryourself; 

Today, high tax levels and inflation have made 
I ifemore difficult Indeed The Economist intelligence 
Unit has estimated that anyone earning £10,000 

. .fXJOO-sI'AET INCOME 

• ..»rr — i 1 j : i 3 


Salary needed to enj o y the 
. same standard of living 

Salary before ta>. Salary before: u x 

Jarrjary]??! January 1972 

C £ 


2300 

5.000 

7,500 

■ 10.000 

15.000 


6,500 

1-4,500 

23.500 
- 43,500 

59.500 



£000* 6 IQ 14- 13 22 26 30 

gross income; , . 

.Source: U.K.Tax Savrngsforthe Higher Paid. Pub.E.l.U. lid. 

A comparison of net.eamed mcome’after tax in five major • 
industrial nations. (Example: a married man v.ith two children.) 


j •* Based on a ma -riec man with two children. 

seven years ago needs over £40,000 to enjoy the 
same standard of living today. 

Yet-the problem isn't insoluble. If you know 
how, you can save money that would otherwise go 
to the tax- man, and use it to provide for your 
own future . 

Today s tax structure, if you take advantage 
of it properly, can help you to create wealth for 
yourself. But with tax regulations changing frequently, 
you need the help of experts. 

This is where we come in. At Equity & Law 
we have 134 years' experience of successful money 
management. We can prepare a plan for you that 
will ensure you are able to accumulate capital free 
of personal taxes, so that instead of you financing 
the tax man, he's helping to finance yourfuture. 

Talk to your financial adviser, or contact us 
direct for more information. But, above all, don’t 
delay. For every extra day that passes you would be 
paying money to the tax man that could be working 
foryouinstead. 


Equity&Law 



s, London WC2A 3 ES. 





13 


Times 


■ - - 



BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Tdejrams: Finantimo, London PS4. Teles: msuf2, 883S97 
Telephone: 0t-24S 8000 


Wednesday November ’ 2 - 197S 



IT NO IV SEEMS likely that in 
the next day nr two the Ford 
workers will accept a manage- 
ment offer worth about 17 per 
cent, including a small pro- 
ductivity element, and that 
British Oxygen nil! settle for a 
tittle under 10 per ecnc in 
straight new money. These 
are certainly inflationary settle- 
ment>; t though it is interesting 
in note that the Ford offer does 
not yet seem to be a norm for 
other bargainers), and illustrate 
what has been lost with the 
breakdown of pay restraint, 
which is regrettable. If these 
examples are widely followed, 
prices and unemployment will 
be higher than they need have 
been. 


Credibility 


Tt is one thing to regret a 
.situation, however, and quite 
another to try uy pretend that 
it does not exist. AH the avail- 
able information suggests that 
the Government, determined in 
defend what it .sees as its 
credibility far beyond the last 
ditch, is planning to make some 
son of example of Ford (though 
'.here is a significant silence 
about British Oxygen). Sanc- 
tions are to be deployed, as if 
Ford and its shop stewards had 
breached some national policy 
backed by Parliament and by 
the official unions. In fact, of 
course, nothing is ieft of the 
policy but a Government 
aspiration *. but even if it is 
dead, it seems th2t iis ghost can 
still rattle its chains. 


faeturer. is simply due to the 
per cent fiction, under which 
management feit bound to make 
an "insulting'’ opening offer, 
and even the shop stewards lost 
control, ft i* arguable that the 
settlement >s higher than 
would have been if it had been 
negotiated rationally. 

Be that as it may. the damage 
is done. How are sanctions 
tuppobed lo reverse it? 'Even 
Ministers admit privately that 
they are likely to do little harm 
to Ford, which had a large back- 
log of orders even before the 
strike: they are simply intended 
like shooting an admiral, h 
encourage the others. Are 
Ford a prices to be frozen — thus 
increasing it# share of private 
home demand? Arc orders tt 
be diverted to other inanufac 
Hirers, regardless of price' 
Sanctions must mean more thar 
l ho normal rule or buying from 
the cheapest supplier. This will 
simply reduce the fears that 
ntiuht retrain settlements 
less profitable rivals. Or perhaps 
both contradictory policies are 
lo bp adopted at once. The only 
likely result is as improbable 
a? the policy *tself: lo unite the 
warrlns employers and unions 
in an irrelevant struggle against 
the Government 


This is as tarl as it is 
objectionable, because it means 
that the Government, which in 
fa«*T has a credible anti-inflation 
policy in its management of the 
money supply and the exchange 
rate, i* again threatening to 
divert attention from the reali- 
ties that ought to restrain 
rational bargainers by mounting 
an absurd sideshow. The 5 per 
cent policy itself became <ueli 
a sideshow when it was totally 
rejected by the TUC: there are 
arguments for and against the 
kind of voluntary restraint 
which ruled until this year, but 
a unilateral bargain is simply a 
fiction. 

Mr. Rea Birch of tiic 
engineers has argued that the 
whole Ford strike, which has 
cost two months' output from 
our most successful motor manu- 


Consequences 
The Government is in fact 
battling to maintain a damaging 
illusion — that in the absence of 
agreement, it still controls 
events in the private sector. But 
the real argument against 
excessive settlements is not the 
Governments power, but its 
lack uf power: the fact that »• 
cannot save people from the 
con sequences' of their own folly. 
That is the message of its 
munetarv policy, and of a strong 
exchange rate, which represent 
the only real choice a Govern- 
men: has. It can slick to a non- 
inflationary >tance, in which 
case »he effects of inflationary 
settlements fall mainly on those 
who make them, in terms of fo*t 
market* and jobs: or it can give 
m i.i.» inflation, and let the weak 
suffer. The Government has 
made the right choice, but can- 
not explain the logic of it as 
long as it maintains a sham 
battle of wills over a dead 
policy. 



THERE COULD be only one 
justification for the British 
Government refusing to sell 
Harrier aircraft to China, and 
that is that such a sale would 
upset the balance of power 
between China and the- Soviet 
Union. If the Government 
seriously believed that China 
does not need the weapons and 
that their transfer would in- 
crease Sino-Suviet tensions — 
possibly to the point uf confron- 
tation — there would be good 
grounds for holding back. 


Peculiar 

There is no reason to believe, 
however, that the Government 
has any such scruples, and in- 
deed the balance uf power argu- 
ments lie the other way. The 
Soviet Union is militarily strong 
and getting stronger. It is 
therefore reasonable that the 
Chinese should seek to improve 
their own defences, even if there 
can rarely be any clear 
distinction between what is a 
defensive and what is an offen- 
sive weapon. It would also be 
helpful, since the negotiations 
have advanced so far, tu allow 
the deal to go ahead as quickly 

as possible. 

In the House of Commons yes- 
terday the Government gave 
several explanations for the 
delay, all of them in different 
ways unsatisfactory. Mr. Fred 
Mulley. the Defence Secretary, 
said that it was only during the 
visit of Mr. Wang Chen, the 
deputy premier, lo London last 
week Thai the full details nf the 
Chinese request became known. 
That statement can be true only 
m the most literal sense. The 
Chinese interest in the Harrier 
has been well-known for months 
if not years, and it has not been 
discouraged by the British. The 
Government is naive to pretend 
otherwise. Secondly. Mr. 
Mulley said that such a sale 
would require the approval of 
the NATO allies. Since the U.S. 
Administration has already gone 
on record as no longer opposing 
this kind of sale to China and 
other members of ilie Alliance 
take a similar view, it is hard 
to know what he is talking 
about. 


laghan, the Prime Minister, to 
give some hint of what is really 
happening. It appears that the 
Government is broadly in favour 
of the deal, but is insisting that 
the Chinese must buy all sorts 
or other British goods as well, 
most of which have nothing to 
do with defence. That is a 
peculiar way to conduct a nego- 
tiation. First of all. there is no 
guarantee that it will work. The 
Chinese are under no obliga- 
tion to buy (say i British mining 
technology, and indeed have 
every incentive to shop around 
for the best that they can find. 
Again, if the British want to 
create Chinese good will, the 
best way of doing that would be 
to allow the Harrier sale to go 
ahead. There is a danger in the 
pre.wnt approach that the Gov- 
ernment will end up selling 
neither the Harrier nor securing 
the other contracts which it is 
seeking. True, the Harrier is a 
unique aircraft which the 
Chinese have wanted for some 
time, but there must still be 

limits to Chinese patience. 


It was left to Mr. James ChI- 


Pcrception 

There are other objections. It 
is beginning to look as if the 
sale is being delayed out of 
deference to the Soviet Union. 
Mr. Callaghan implicitly denied 
ihat in the House of Commons 
yesterday, but it is the percep- 
tion that mailers. Moscow and 
its allies have mounted a 
strong campaign against the sale 
and, if it now breaks down, it 
will look as if (hey have exer- 
cised a veto over western 
actions — just as it appeared 
earlier this year when President 
Carter chose not to go ahead 
with the neutron bomb. Equally, 
if the sale does eventually lake 
place. Moscow’s wrath will pre- 
sumably be even greater. That 
is another reason for speed. 

Finally, if the deal docs fail, 
the Government is not above 
trying to fall back on arguments 
about arms Control. That alibi 
should be scotched at once. The 
Government has shown no in- 
terest in the arms control factor, 
any more Ilian it did in its arms 
transfers to Iran. It is seeking 
a commercial deal, and ir is 
running the risk of making a 
mess of it. 






' • ' • ." a: v irHv * • •' ^ ; 


Vp- •• . “ 't -.S' 


1 " 







GEC went 


PROFILE OF A. B. DICK 


after a 




BY MAX WILKINSON 


A. B. DICK markets a wide range of 
duplicating, copying and printing equip- 
ment and ancillary services. Around 
three-fifths of its sales by- volume is 
derived from produets of its own 
manufacture and the rest is manufac- 
tured to specification. Just over half its 
sales consists of supplies and services 
marketed in support of its machinery 
and rather more than -a quarter of its 
sales comes from international markets.. 

The group has an erratic profits 
record, with net earnings reaching a 
peak of $1.78 per share in 1973 and sub- 
sequently falling away to $0.57 in 1976. 
Earnings recovered to $L17 per share 
in 1977 — of which around a. fifth repre- 
sented a final royalty payment .from IBM 
in the field of ink-jet printing. 

Sales of duplicating and printing 
equipment, which represent about a 


third of. Dick’s total turnover of about 
$350ro, have been rising rapidly in the 
recent past, with' word-processing equip- 
ment having- ^ - significant - impact. 
Progress has been much slower la 
copying equipment— an eighth dt . group 
sales— especially m the afeaof electro- 
fax units as opposed to plain paper 
copiers. Dick has had id cope with .keen 
price competition in reeent years. 

In contrast ■ with other ; recent . take- 
overs in the U.S. GEC is offering quite 
a small premium over Dick’s net worth 
of around Sfilra and although the price 
of $16£ a share is more than double the 
recent market price; Dick’s shares have 
traded as. high as $12^ withip th^ past 
12 months. With profits euiTehtly run- 
ning at , around. pye-tak, Dick 

should certainJy.cover the financing costs 
of a bid which is worth around- $10em. 


S CIENTISTS in one of (lie ample, is for electronic type- 
General Electric Com- writers with an internal 
pany’s laboratories came memory. These "word proces- 
up with a brilliant new idea for sors” can be linked together by 


an all-electric teleprinter. 

The new machine Jn which 


a company's internal telephone 
system or communicate across 


sophisticated electronics re- Ihe public telephone network. A 
placed clattering mechanical document typed on one such 
parts, was “years ahead of its machine can be transmitted 
time.” says Sir Robert Telford, in a few minutes to any 
managing director of GEC- matching machine by telephone 
Marconi. Thai was ten years ago. wire. Electronic mail of this 


The machine was a failure. 

In spite of lengthy tests, 
GEC could not make the proto- 
type reliable enough to allow 


sort is much more rapid and 
often cheaper than the ordinary 
postal service. However the pos- 
sibilities are very little under- 


them to launch it on the open stood in the UK and are only 
market. So it was left to com- beginning to be exploited in the 
petitors like Siemens of West 

Germany and ITT to introduce . It . IS a “arketinwh.cnGEC 
electronics into one of the has been increasingly JiUere.ted 
oldest and most traditional of eve , r sl ° ce lts fbqrtftp attempt 


communications devices. 


SIr nooen. « urn . *-* manufacturing ability or the 
unable to match its electronics marketing ne ^ oric t £ enter the 


to develop an electronic printer. 


expertise with the design and office eq 5 ipment are2a Mean- 
engineering skills needed for ----- - 
parts of the 


the mechanical 
machine. 


while A. B. Dick has also seen 
the need to diversify into the 
newer product ranges. It mar- 


The company is hoping to fill Japanese and German-made 
this gap in its capability by buy- CO pymy equipment; and four 


ing one of the larger U.S. com- years ago it launched its own 


pnnies in the traditional office word processing machine, the 
equipment industry. A. B. Dick. Magna 1. followed this year by 
On Monday GEC announced Magna 2. a newer version with 


that it had made a £52tn agreed communications capabilities, 
hid for A. B. Dick, which has 
sales of £l80m a year, most of 
it in the duplicator, offset litho 
and reprographics business. 

GEC is hoping that a marriage 
can be arranged between the 
more traditional electro- 


Impressive 

rate 


Large multinational ernn- 


mechanical manufacturing and panics are converging upon the 
development skills of A. B. Dick office equipment sector from 


and its 
younger 
computer®. 


own technology in many different directions. Inter- 
communications and national Business Machines and 
Xerox are already engaged in a 


For its part. A. B. Dick needs titanic struggle for revenues. 


an infusion of electronic know 
how and of cash if it is tn com 
pete in the fast growing elec 


Xerox's recent acquisition of two 
printing unit companies. Dia- 
bolo and Varsatee. and its 


tronic part of the office equip- development of word processing 
ment market. In a few years’ systems, shows the company's 
time almost every machine, determination to broaden its pro- 
from the typewriter upwards ducr away from copiers. In 
will include some form of com- Europe Philips. ITT and Olivetti 
puting power making it capable have all been announcing office 
of forming part of complicated products a; an impressive rate, 
communicating systems. Telecommunications companies 

One of the most important of like Siemens of Germany and 
the growing markets, for ex* now GEC are moving towards 


office equipment, while instru- 
ment and semiconductor com- 
panies as diverse as Hewlett 
Packard. National Semiconduc- 
tor and Texas Instruments are 
all poised for expansion into the 
office market 

Even the huge American Tele- 
phone and Telegraph is now. 
planning to join the fray if it 
can overcome federal restrictions 
which permit ATT from moving 
outside its present telephone 
business. More than 40 com- 
panies have developed word pro- 
cessing equipment, in the hope 
of profiting from the expected 
revolution in office systems. It 
is already clear that only the 
strongest are able to carry the 
heavy burden of research and 
development under the fierce 
cross fire of competition on 
price and performance. 

In these circumstances it is 
scarcely surprising that a third 
generation family owned eom- 
paov like A. B. Dick should seek 
cover behind GEC’s impressive 
casn reserves. 

Before planning a • new 
advance into electronic systems, 
however. GEC’s first task will be 
to secure A. B. Dick’s flank by 
making it more profitable in its 
traditional duplicator and offset 
business. Its current profit 
margin is only 4 per cent com- 
pared with 11 per cent achieved 
by its UK rival, Gestetner. 

The scope for tougher man- 
agement and strict financial 
control — GEC’s strong points— 
is shown by the recent record 
01 A. B. Dick’s nearest U.S. 
competitor. Addressograph- 
Multigraph (AM). 

Like A. B. Dick. AM found 
itself caught at the beginning 
of the electronic age with a 
rang** nf excellent duplicating 
and printing machines based on 
ageing technology. 

In spite of attempts to diver- 
sify by IP75 and 1976 it was 
making very low returns of 
between 2 per cent and 3 per 
cent on sales. And by 1977 it 
had moved into a loss. At the 
same time it acquired a new 
chairman, and chief executive, 
in Mr. Roy Ash who came from 
Litton Industries via a post in 


the Nixon administration. . . advanced defence electronics. is ; in geiieraily iow tecbnoIOgy 

A. B Dick has meanwhile undoubtedly has the. technical . products? , Sir Robert Telford's 
scored an impressive develop- self-confidence to enter a new answer ’ is ' that buying .u.S. 
ment coup with its ink Jet print- and competitive business.^ the companies cannot . bo neatly 
ing system. - This allows U.S. GECTs computers have plannea:_ “ You have to take 
characters to be formed oh a been developing from .. Indus- the opportubities which: happen 
page by a jet of ink whose trial control and telecommuni- to become available. We wanierl 
direction is controlled by a .cations functions, so that . bow jo get into the office edufpcae'iit 
miniature computer. . they have at least the potential business /gad . A: B. . Qick- was 

This entirely new printing to become business' systems. j»he of Ithe xxjmpanite.on qiiE. list. 
svstem has been adopted under However, there ran .be’ i\q cer- A jnt depends- on the.!- coin ci- 
lieence bv fBM as the basis for tainty that GEC’s technology dence nf what you want coding 
its high ’speed ink jet printer an<1 A. 3 D,cks marketing base .«p f$ r sbte. when you. want It. 

. . *. r . 1 .—:t, flica into " n . .1 


* 


While A. B. Dick has produced will automatically fuse 
an ink jet machine for industrial successful compound, 
use in the high-speed labelling 
of goods. - 

Although the ink jet break-, 
through indicates a lively 
research capability at A. B. Dick. 


Marketing 

instinct 


a One cannot easily plan .acquisi- 
tions,” ' ;•>] ^ 

GEC wifi ^therefore ‘continue 
itesearch for suitable companies' 
in. the , U.S. An obvious.; possi- 
bility would be a ‘mini-computer 
company which it might be able 


it also shows, what GEC found The marketing flair Shown by to put tosether with Dick 
with its earlier printer, that IBM and its leading. competitors \ti promote -the development ; of 
research is not enough. Espen- in the electronic office eqitip- comolete office systems^ 
srve*. development is needed' to ment market is something which. ... Addressograph-Multtgraph Js 
bring new Ideas to market .— the GEC-Dick combination will taking this route with an offer 
and IBM’s exploitation of A- B. need to develop for itself. . The^tb bhy Micrbdata, a .-California 
Dick’s invention illustrates' the elusive balance between market-. rhini > computer ", . v 'company 
point. ing instinct and inventiveness -currently valued at S47m: ' _t 

A. B. Vick’s ability to respond required in (he office industry GECs suceess in finding , the 
to the extremely fast pace of is certainly different from the ri^ht companSes to bny-will cnn- 
technoiogical change has been ingredients of -success . in iiniie deoeisd 'on; *}»■>" efforts 
limited in the last few yeaTs^not defence electronics. ■ ' of TMr. Geoffrey Cross who .vras 

only by the need for ready cash . For GEC as a .whole tbe-hlred a year ago: when he leit 
but also by uncertainty over, its acquisition of A. B. Dick would International .Computers V.titai- 
raanagemenL . .. . be more a beginning than an -tefi ffCLj to return -tb^Caii- 

The company's president, Mr. end to its ambitions of expand- fornia. - - ’ ~V ’- 

Karl Van Tassel, now 75,- was ing into the U.S. - Sir Arnold Weinstock’s great 

brought back out of retirement The strategic decision to buy achievement as managing dhre- 
18 months ago when Mr. John u.S. companies was •• taken "tor ■ since 1970.-’ was* 'the 
Stetson abruptly left thejob to several years ago. The malir rationati^tionof XSEC/AEf.and 


become President Cartels Sec- reason behind it was that the English Electric plants intoja 
TI f n:?? e m ' rh~~' U S - ma I? et for electrical and series of profitable divi^ons. 
R n m ,h ^ 1 e c&onw_ e q U ip m ent Js miich^gm hasibeen criticise^Jqr 

, in . .the ; *?rll^an:^i^entvf^lu.r«^5^^ 


■; August — 

only recently when the company ^ 
was approached by a large U.S- have a f least a fot^old in Vie- 

company. . rj-S Siemens of Weskfierraan* joi nt .. semi <an d uotnr . venture 

Sir Robert Telford, who heard has taken the same Vfekas GEC 
about the approach, quickly put and hay expanded its ptesence and -°°^ the offer. for .VB.-Dick. 
in a counter offer on. behalf of in the UlS impressively in the Mr. Cross will certiunly con- 
GEC. Sir Robert says that family last fev , y eaft with acqSisSfions activities,' ntiS}* can 

pride was an important factor, 0 f. shares in several -hi°h Xech- ^ assuq ^ tiiat th^^re : <xtiier 
because Mr^Dick was anxious to n ology electronics companie^?s ‘ ■*- 

sell only to a bidder which. well as - a joint venture wSi 
tne ■ ~ 


would develop the company .. Chalmers - in 

along the lines he wished. elertirtcal equipment 
GEC-Marconi. with its 
tremely successful record 


possible acquisitions already; in 
the-pipeSpe. GEC* sees^WrPtJr- 
heavy cbase of A^-B. Didc flS^be.' first 
‘ major, piefce- in alji^aiiy'.whose 


ex- So why does GEC propose to .'pattern 1 wtij' m»tr ^ferge 
in buy a company whose expertise tmfii -a; yeaf or more’s time! 










Another church 


miSitant 


The People's Temole is by no 
means the only West Coast cult 
imposing the tightest of disci- 
plines on iis members. Until the 
weekend deaths in Guyana 
more U.S. attention was being 
focused on another organisa- 
tion in the San Francisco area, 
the Synanon Foundation. 

Founded by a former alco- 
holic called Chuck Dederich, 
Synanon has been in and out 
of the news for 20 years. 

Dedericii was praised by 
Liberals for preaching non- 
violence and the virtues of com- 
munal living: Conservatives 
approved because be extolled 
self help and declined federal 
aid. And like other cult leaders, 
not least the “Reverend” .lim 
Jones, lie was a magnetic per- 
sonality. lionised by celebrities, 
and adored by a solid band of 
faithful — in Svnanon's case 

about 1.000 strong. 

But Synanon, it seems, has 
been developing into a very 
different creature. A growing 
number of Press reports tell of 
paramilitary organisation, 
resentful, sometimes violently 
so, of critics and outsiders. 

Synanon has gone in Tor such 
exotic practices as mass vasec- 
tomies, group marriage and re- 
marriage- T; has also had in- 
creasing recourse tn out-and-mu 
violence, in particular inwards 
its, critics. Two months ago a 
Los Angeles lawyer who had won 
a lawsuit against Synanon accus- 
ing it of false i in prison meat, 
kidnapping and brainwashing 
reached into his mail box and 
was bitten by a rattlesnake. The 
snake’s warning rattle had been 
carefully removed. Two Synanon 
members have been charged 
with attempted murder. 

.Journalists who have written 

unfavourably about The 
Foundation have been hounded, 
as have Synanon defectors who 
have provided the Press with 
material. Synanon members, in- 
variably. shaven- headed, have 
turned up at the annual meet- 



to the Economic and Social Com- 
mittee. he began to receive a 
Mack of mail from Brussels. The 
documents were for his first 
meeting there. When he welshed 
them he found they totalled ilie 
same as his plane baggage 
allowance. 


Shower alert 


Cardin everything 


“Who said you couldn’t liave 
both guns and butter?’ 


ing* uf major televising net- 
works. Their noi-sn4eiled 
threats have led at leasj one 
network chief tu hire a body- 
guard. ! 

Dederich hinw'lf doeq not 
proselytise any more and has 
withdrawn frJni the circle of 
celebrities where he usejl tn 
move so easily. But therais a 
quute Crum an earlier lime vpiich 
may offer a clue to the overall 
change: ” I've done exacily^liko 
the rest of the guys that ■ run 
the world. I could run a 
a country, a city. It doesn't 
make any difference. I’m- one 
nf those guys. I have that miSic. 
I. know it." ; 

Lord Acton had a dictum 
about power which covered tb af 
sort of belief. : - 


Briefing time 


Candidates for the European 
Parliament be warned! R.J L. 
Doble, the former cfcirf 

executive of Greenwich, bas 
some experiences which copld 
hr r«? pea red. The European Par- 
liament R"porl rernuTiis tf 1 ** 
after he was appointed as 
I oval .government representative 


Riding high on Ihe invitation he 
has received to advise the 
Government of China on couture 
— now that women are once 
again allowed to wear skirts — 
Pierre Cardin was in fine fettle 
yesterday as he launched the 
somewhat unexciting furniture 
he has designed For the British 
market. ” I think my name is 
quite popular here." he 
murmured confidently to the 
mesmerised crowd. 

The name certainly retains its 
cachet. Cardin's designers now 
work on just about everything 
from ties to bicycles, and last 
month added a jet-liner to the 
list. 

Cardin furniture for Britain 
has been a coup for S. Englcnder 
and Sons, which is to make it. 
In a few years ii has grown To 
be one of the largest upholstery 
manufacturers in the U.K. 
Michael Englender. one uf Ihe 
Sons, is confident that Britain 
is quite wealthy enough to lap 
up Cardin ” group's uf furni- 
ture" — “we don’t talk in terms 
of three-piece suites"— at an 
average of £1,100 to £1.500 a 
time. 

Having just looked through a 
mountain of neckwear all bear- 
ing the Cardin label I wondered 
how much designing Cardin 
himself found time to do. “It’s 
a- very close co-operation with 
the Cardin people,” smiled 
Engender. 

Hovering in the background 
was the Stunehouse family 
enterprise. Barbara Slonehouse 
PR Services, a "co?t-effective” 
choice. say< Englender— 
Notoriety helps anyone.” 


Always on the look out for 
information, the CIA has just 
come up with a remarkable 
scoop in the Mauritanian capital 
of Nouakchott. Diplomats there 
tell me that the local agency 
station has been paying money 
to some unlikely informants, 
including out-of-work teenagers. 

Recently one of its trusted 
sources came up with the infor- 
mation that the American. West 
German and Spanish embassies 
were to be attacked by the PLO. 
After thoroughly grilling his 
informant, the CIA chief told 
his ambassador who passed it 
on tn Washington. Separately 
from whatever discreet exchan- 
ges went on in Nouakchott. 
Washington told Madrid and 
Bonn. 

The Americans took no 
chances and on the Saturday in 
question evacuated the embassy 
on the pretext of an electric! tv 
cut. They waited at a safe 
di stance and after about an hour 
saw eiahr young Mauritanians 
approaching the embassy with 
bulky packet* under their arms. 
These were lei in hv the door- 
man. The Americans’ alarm 
grew. Was the doorman in the 
plot ton? 

An hour passed and n'« 
explosion occurred. Then the 
door opened again snd the 
young men. smiling . and 
relaxed walked . off. They 
lurried nut to he local employees 
having their weefclv sliuwer on 
the embassy premises. 


Yule cool 


Answering her front door last 
night, a reader was confronted 
by two small boys asking her *n 
name her two favourite carols. 

•*■ Bit early for carols, isn’t 
it? ” 

“We’re not going to sine not-, 
lady. We’re doing market 
research.” 


















25K&1 










- Wf-coo!ci r Ht Allied i - ' 

- . Wve bfien helping^ people iifoydtf f^otedb^ogr^iial 

f .CUH n .q(TfliHsl infliJt inn Tr\r uAm>3 fprerr-.i Yin w. vi V.A-' ■ ■. ■- 






flhdeetlwe were one utt^ pibne^ dLl^ynitt^fc - . 
muyermm. ' 


. c ■ ■ " 7: - And tJw n’ronjs show tivve had'mdre i hiaiifijir f a jr "'ii 
nhaivaf .^u«ess \rith -itir pufedf 
avwase invesffnentfltjrfoniia'mjei.; 


•m 



ileldtiwse urutssav,riiipir.gros.Viiit?uTl ' 


• c wouldh l fike to imp]vtEat>ve cdtiltf&lways 
tiiat perfoiTiiimce. uor dias it ^lv-^-a9:.lJb'eii27iayacz&Ll7^Wntd - 
of theunithiiidereconoerneir - \ i ' ; : m i£ J'{* 
it does show how om- range of" fu^^'sch^S ; 

. coura give j-pin: capital a chance - 


Iflie thinks were.thc 

th«ij?eitiaps wet^gvtt(^tiieTandh^p 


s 








* '• ‘‘it 

. "p£r 'V- ^ : : '-m,'. ' 


'Weekday :ffo?&ber22 1978 


■N. 



-K 


• ■*■ 


FINANCIAL TIMES SURVEY 

Wednesday November 22 1978 


Singapore 



Respite many problems, the tiny island Republic has achieved an economic miracle 
under die Government of Prime Minister Lee Kuan Yew. But there are fears that Singapore’s 
. very prosperity may have begun to fray the edges of Mr. Lee’s ‘rugged society.’ 



SINGAPORE^ HISTORY since Installations' which could be 
: it emerged-from British colonial rapidly turned over to private 
"rule at the start of the 1360s industry. . ’>■ 

has: been a series of successful After surviving and prosper- 
feaponses to,- what .seemed,, at ing in the 1960^* . despite 
the time, like insuperable localised threats to its existence, 
threats to its existence for at Singapore has flourished, in the 
least its survival as a stable seventies despite unfayuurable 
and viable' community). ~ ■ global economic 'condfiforis. .The 
The process began with the 1973 oil crisis inflicted a year 
problems of explosive popula- of "Slow growth and itgh infla- 
tion growth and high unemploy- tion on the island 'Republic (in 
ment at the opting of the last 1374-5), but adjustments were 
decade.. _ conti i*Sd with the. made, speedily, and successfully, 
political ups-and-downs of the Growth from the .mid-1970s 
mid-1960s (as Singapore first onwards has been slower than 
joined aiid then withdrew from the hectic 10-12 per cent real 
the Federation of Malaysia), annual growth rates jaainteined 
arid took - a new twist in 1968 by Singapore in the 1960s. but 
when Britain threatened to has been well withlii the 
deprive the island of a major Government target .of , 6 . to 8 
source of livelihod by closing per cent per year- • '• 

down its military bases. - Singapore's economic problem 

It -Is a matter of record that for the remainder ot the 1970s 
Singapore came through each of and for beginning of. the next 
these challenges, not only with decade is not 16 “recover from 
flying colours, but in a stronger the oil crisis” (as some other 
' 'sitlon than before. The prob- Asian industrial econoroies-have 
Iems of high unemployment yet to do) nor to sohre-the -puzzle 
and population growth, which of how to combine high growth 
bedevilled the island 20 years rates with low inflation or with 
ago, have been solved to the balance of payments stability. 

■ extent 7 that ' Singapore . how Inflation, despite a' substantial 
has a labour shortage and one surge in 1978. caused '-by higher 
of the lowest population growth rice prices, has been slower in 
rates in Asia. Singapore than in most-OECD 

Withdrawal from Malaysia countries since 1975,' while the 
turned out to be a -blessing, in balance of payments, thanks to 
disguise ih the sense that it a continued inflow «t . foreign 
opened the way for Singapore investment remaius. comfort- 
to embark on the foreign invest- ably in surplus. 
ment-oriented economic devel- The problems are. rather, ' to 
opment strategies which have deal with the' consequences of 
been the key to its subsequent success. One of the most specific 
success. : of such consequences, which 

Even the Sritisti nrilitaiy surfaced last year in what for a 
withdrawal turned out to briag -short period, was an acuity 
benefits . since it released to the -worrying form, ha$_beqn to con- 
Singapore Government valuable vi nee the rest of- the .world that 


Singapore is still a developing, 
not a developed country. 

The IMF attempted to reclas- 
sify Singapore as a developed 
nation, thereby risking the loss 
of preferential status for the 
Republic's manufactured goods 
exports to developed nations, 
but was dissuaded after Singa- 
pore argued that a major part 
of its GNP was being earned, 
and spent, by expatriates. 

Another worry which faces 
the Singapore Government to- 


strictly economic, while the 
second combines economics and 
foreign relations, and the third 
is almost wholly political. 

The major economic pre? 
occupation today — and for some 
time to come — will be how to 
upgrade the quality and value- 
added content of Singaporean 
industry by attracting to the 
island more investment in 
sophisticated areas such as air- 
craft components or pharma- 
ceuticals, while gradually phas- 


shortages and overseas protec- 
tionism: A second important 
element in Government policy 
is to stress Singapore’s ties 
with its neighbours in the five- 
country Association of South 
East Asian Nations (ASEAN). 

Singapore originated in the 
early 19th century as* a com- 
munications and commercial 
centre for the European 
colonies of South-East Asia. It 
aspired to the role of a *• global 
city” in the 1960s. when the 


pore has been importing 
Malaysian guest workers for 
some years to perform jobs 
which Singapore citizens are 
now too highly paid (or too 
fussy )to undertake themselves. 
This arrangement is now to be 
supplemented by the introduc- 
tion of guest workers from 
Thailand on long-term visas of 
up to one year. 

Because it needs both the 
markets of ASEAN and a sup- 
ply of ASEAN workers in order 


Problems of success 

By Charles Smith, Far East Editor 


day is how to maintain the “will 
to work” of the Singaporean 
labour force in an environment 
which combines increasing 
affluence and a growing labour 
shortage. A final, and by no 
means exclusively Singaporean 
problem, is how to deal with the 
growing protectionist movement 
in world trade which threatens 
Singapore's exports to America 
and Europe. 

Although these various 
challenges seem diverse enough 
the solutions to them overlap to 
a considerable extent — or so the 
Singapore Government appears 
to believe. Singapore's priori- 
ties for the next few years 
focus on three clearly defined 
targets of which the first is 


ing out some of the simpler 
industries that are both labour- 
intensive and liable to face 
import barriers in some of 
Singapore's major markets. 

The campaign to upgrade the 
technical level of Singapore's 
industry has already begun to 
pay off and should make further 
progress so long as the 
Republic maintains its '‘open 
door" policy to investment bjr 
multinational corporations 
(which may own 100 per cent 
of the equity of their ventures 
on the island and repatriate all 
of their profits ) 

Moving up market, however. 
Is not the only strategy that 
the Government seems to have 
adopted in the face of labour 


search for markets in developed 
Western countries and for 
foreign investment got under 
way, but is returning in its 
most recent phase to a renewed 
interest in regionalism. 

The larger but less-developed 
countries which are Singapore's 
partners in ASEAN offer a mar- 
ket for specialised goods and 
services produced within the 
226 sq miles of the island of 
Singapore (a case in point is 
the oil exploration servicing 
centre established in the 
Jurong Industrial Estate). 

They also offer a labour 
reservoir which can, and prob- 
ably will, increasingly supple- 
ment . Singapore’s tightly 
stretched work fofce. Singa- 


to maintain its economic deve- 
lopment. Singapore has emerged 
in the past year or two as the 
most active supporter of econo- 
mic integration among the five 
member countries. 

Active prose lytisation by 
Singapore for more regional 
integration has' been replaced 
by a more patient approach 
since the Kuala Lumpur summit 
of ASEAN heads of state, held 
in August. 1977. 

However, the Republic con- 
tinues to be one of the moving 
forces in this area as well as 
one of the more cautious of the 
ASEAN governments in dealing 
with governments on the fringe 
of the region. 

Singapore has yet to establish 


diplomatic relations with the 
People's Republic of China 
ostensibly, and perhaps genu- 
inely. because it does not wish 
To give its neighbours reason 
to worry about ihe emergence 
of a special relationship w/th 
Peking based on the predomi- 
nance of its own Chinese com- 
munity. It has also reacted even 
less positively than most of its 
neighbours to recent political 
overtures from Vietnam. 

Singapore welcomes the pros- 
pects of increasing its trade 
with Vietnam land with Cam- 
bodia. if the Cambodians can 
pay for goods they seem willing 
to buy) but ha^ come down 
strongly against Vietnamese 
proposals for the signature of 
bilateral treaties with ASEAN 
members. Its position on this 
matter appears tr» be more 
clearly defined than that »f 
Malaysia (which has been 
wooed by Hanoi with proposaV- 
fnr a modified version of 
Malaysia’s own plan for the 
establishment of a Zone- of 
Peace Freedom and Neutrality 
(ZOPFAN) in South-East Asia. 

The final item on Singapore’s 
list of priorities is a domestic 
one — that of producing a speci- 
fically Singaporean culture 
which combines fluency in 
English (needed to maintain 
the Republic's position as an 
international business centre) 
with indigenous Chinese (and 
Malay aod Indian) values. 

The need to produce an inte- 
grated Singaporean society 
stems from the fact that Singa- 
pore’s 2.3m people are very far 
from being integrated at 
present. The republic is. in 
effect, a polyglot community 


BASIC statist: zs 

Area 

i: . 

Population 


GNP 


Trade 41977! 

Ituparls 

So-L5L:: 

Exiwrts 


Import? from 


Exports iu I K 


Currency 

f ~ S?4._ ’• 


i with the ; . •? >. :• • ■: 

represented '•* . :-i '■'.!• 
four or iV.e di.ieiv 
or dibiir:ist r> 

imposed by th:- ne*\ 4 m..* t •.* : 

living snd *v z smi *.j ^ve *■.•.- 
mt-ni. 

Prime Mim-i I • Iv.: •* r. 
Yew. who -r.- I'et’drri il'i - 1 

iJovcrnn:-?!:' snee U-bi 1 rr- : v:.i 
may •.veil be a coup. I :Vi : - an:.!; 
five to ten yevr-.. in;- rpteU l:>r 
a language p , .'!i , y * r:h :- 

designed over a re no j 
to produce a jr-.-.vatier* 

Singaporean? *•*!:> vr ?■* 
ably finer.: in . i-.-'i-O nr.:’ 
one of tiiv ethrr 

three official i?-. 

The hop.' IS i:« :i Since- 

pore eniepi-rs .v :■ ( oh* 
though stiff mt'.il, to.rs 
m unity, in. -av. be ms:!- I 
it will not )\y. e In -i She iicr-v- 
grant mcat.v.siy th::i .nslS-.i 

the present cc-nv rati-'TS m Sci:.v 
porear.s to 1=.' ti 1 * Luiv'ai 1 '-.'’? 
of a ‘ pvotpcisui nr.d.-T. 
economv. 

This may. hrvovjr. >••„* hep-n? 
too much, given the ,! 
already e:.sst : 'i i 
has begun io frnv ihv ".i:- ■? 

Mr. Lee's w.-;:;-." 


Singapore is an important 


financial center. 


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The thrust of our business 


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If you’re looking for 
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hi addition, our specialists 
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vices av ailab le to you. 


d L 
















.XL 



: yr' 


'‘X 




v;x 


\ V^ X?' 




THE 'tt'OKI.D Bank decision to 
promote Singapore to th*? rank.*' 
of " developed ” nations was a 
momentous compliment to the 
economic miracie ptrianited by 
Premier l .-jo Kuan Yew’s 
Government. 

But the Government received 
the news with alarm. Faced 
with i hf* prospect of losing its 
share nf handouts from the IMF 
jjold auction Fund, and — more 
important — of losing the special 
tradins concessions uiven To 
developing countries’. the 
Government hastily presented 
a case for keening its “ develop- 
ing ” status. 

The com? was detailed and 
complex, but kaned heavily on 
the fact that much of Singa- 
pore’s wealth is generated b.” — 
and retained bv — the small 
expatriot population. 

The World Bank can he for- 
given. however, for thinking 
that Singapore's economy was 
sturdy enough 10 fend for itself 
in ihe " first division ” of indus- 
trialised nations. Almost every 
available economic indicaior is 
set fair. 

First, as ihe Communist 
regime ^ in Indo-.hina bpuaholc 
among themselves. foreign 
investor' recognise- ihar Singa- 
pore. and tin? AS FAN group as 
a whole, ran .'ook forward to a 
period of poiili'.a! ability. 

This i.- clearly reflected ;n 
Singapore's growth rate: gro.vs 
domestic product increased by 
S.1 per rent in the first half nf 
this year, and ii expected i» stay 
close to tlv.s l*. vet through to the 
year's end. _\ growth rate of 
at least 6 per cent is predicted 
through t*» 19S*i. despite fears of 
slow growth elsewhere in the 
world. 

Inflation in Singapore rose to 
5.3 per cent in the first ha if of 
J97S. mainly because of a bia 
increase in nee imports. Eut 
this inflation rare is better than 
that for most Western nations, 
and compare's favourably with 
inflation among Singapore’s 
major competitors. During the 
same period. lion? Kona 
recorded 5.8 per cent inflation; 
in Malaysia it was -i.R per ci-nt. 
in Taiwan 7.0 per cent, and in 
South Korea lu.2 per rent. 
Furthermore, as rice prices 
have fallen, so inflation is ex- 
pected to fall back in Singa- 
pore. 

This low inflation rate has 
been possible for two main 


reason?: first, wage increases 
have been tightly controlled by 
the National Wages Council. 
Second, a purge on profiteering 
lias kept shop prices down. 

Singapore is One of the. few 
countries able to claim full 
employment. Unemployment 
has fallen steadily, from 10 per 
L-ent in i960, to 3.9 per cent 
in the first half of this year. 

Labour .'hortages. particularly 
in the construction industry, 
have only been averted by allow- 
ing more "Sliest workers ” into 
Singapore. Until this year, this 
used to he the prerogative of 
Malaysia u workers, but the 
Government is now allowing 
Th.'i workers into the country 
ns i* attempts to keep pace with 
■to- triage of labour. 

In’.wtment (private and 
publici also soared to SSfifiOm 
in the first six months of 1978 — 
compared with a total fur the 
whole ol 1977 of SS431m. The 
average monthly investment in 
1977 was. S$34m: up lo the end 
of September this year, invest- 
ment nail averaged S$79m a 
month. 

While investment levels have 
been somewhat artificially 
boosted by Shell’s SS330m in- 
vestment in a refinery on thr* 
southern island nf Pulau 
Eukoni. tills docs not account 
for all of the increase. 


Strength 


Despite the tremendous 
eeonuinie strength implied by 
these indicators. .Singapore’s 
administrators insisted that 
their country was still 
extremely vulnerable. They 
highlighted Singapore's liny- 
size. the total absence of 
natural resources, and the com- 
paratively lowly skills of its 

work i'u rce. The World Bank 
accepted their case and Singa- 
pore remains — for the time 
being — among the ranks of the 
world’s developing nations. 

Finance Minister Hon Sui Sen 
noted in a p-cent interview: ’* So 
far as indigenous manufactur- 
ing is concerned. Singapore has 
only mastered the very first 
steps ot industrial develop- 
ment. namely, labour-intensive 
assembly-type manufacturing. 

-Singapore requires and 
should be given time to make 
the grade towards an indus- 
trialised economy. Some would 
estimate a period of roughly 
ten years would be necessary 


before if can achieve this." 

Singapore's - economic 
planners admit to other worries. 
Slow growth predicted fur the 
major Western economies over 
the next couple of years is 
expected to depress Singapore's 
growth rate. Eut most predict 
6 per cent growth in 1979. 

A more serious worry is the 
rise in protectionism m Europe 
and the United States — wnat 
Lee Kuan Yew calls their collec- 
tive *’ loss of nerve.” Those 
most immediately threatened 
are producers of textiles, elec- 
tronic calculators, black and 
■white TV sets and plywood. 

Textile workers in America 
have lodged a formal complaint 
against Singapore's textile 
exporters, alleging that ihe 
pioneer status and export incen- 
tives granted by the Singapore 
Government constitute an un- 
fair advantage and allow these 
exporters in “ dump ” on the 
U.S. market. They want counter- 
vailing duties imposed. 

Finance Minister Hon Sui Sen 
complains: "This is really 
harassment. Even if we prove 
that the union's complaint is un- 
justified, we haVe had a m>n- 
tarui barrier imposed on our 
trade." 

If the textile union complaint 
is upheld by the U.S. Justice 
Department, then the conse- 
quences fnr the Singapore 
economy — and many otb?r 
developing economies which 
have attracted investment by 
offering various incentives — 
could be disastrous. 

A further concern for the 
Singapore Government is that 
as wage rates rise, sn its advan- 
tage as a reservoir of cheap 
labour is eroded. Foreign manu- 
facturers can already employ 
cheaper labour in South Korea. 
Taiwan and Hong Kong. 

Nor can the acute labour 
shortage be ignored. In a survey 
nf business confidence published 
early In November. 3f) per cent 
of respondents said the major 
factor limiting growth was the 
shortage of labour. 

Singapore's trade balance has 
also been deteriorarins in 
recent months. In the first half 
of 1978. imports grew by 1 5.8 
per cent, while export growth 
fell to 12.5 per cent, compared 
with 27.fi per cent during the 
comparable period in 1977. 

Trade figures alone have only 
partial significance in Singa- 
pore, however, because of Ihe 


massive invisible trade surplus Kuan Yew is promoting his work 


based on banking, tourism and force not for its "brawn 
C..i Con cerrires ’ hut for ITS "brain 


service industries.’ Hon Sui Sen services ” but for its "brain 
predicts a balance of payments services. By broadening the 
surplus for 1978 of more nan country's economic base, he 
SSlbn. compared with S$7l7m reduces the risk of a decline in 
in 1977. This steady surplus, any one industry doing serious 
coupled with interest ra-cs that damage to the economy, 
have risen fast during the South ^ tj, ese adjustments were 
East Asian battle for foreign £ . mbodied in Hon Sui Sens 
investment means the Singapore blldgcI spe ech in February. To 
dollar is likely to strenytiieii in jj or)s ^ corporate activity, he 
the near future. introduced an investmen tax 

Singapore's Government plans cred jj scheme, halved corporate 
a number of responses m the lax tft 20 per cent for companies 
various threats to its future gelling many overseas, provided 
economic progress. incentives to set up trading 

To counter the protectionist 0 jfi ces overseas and promised 

threat, it is developing new dividends on offshore 

markets and broadening its 

economic base by attracting 
investment for capital intensive 
industry which will enable 
Singapore to export goods 
which are less exposed to 
protectionist pressures. ' ^ ^ 

Trade within ASEAN, which Jft M — ^ ^ ^ JL 

accounts for only 15 per eent 1 

of Singapore's total trade, is to i B ft a ft 9 ^ | ft F 1 

be encouraged. The first step -A- ▼ JH- 

has been an agreement to cut 
tariffs on a growing number of 
goods traded within ASEAN. 

Efforts have also been made to 
boost trade with West Asia. 

Several contracts, particularly FOLLOWING THE election in 
in the construction industry, igfp and the crackdown un 


profits would attract less tax. 

For the working population, 
the only significant • tax cuts 
came for middle, income earners 
— to ensure that professionals 
and skilled workers were pro- 
vided with fresh incentives for 
effort. 

It is hardly surprising then, 
that the survey of business 
expectations for the fourth 
quarter of 1978 showed grow- 
ing optimism. An average of 
40 per cent of the companies 
questioned predicted growth in 
output, rising employment, 
growing order- books - and- a 
greater demand for overseas 
deliveries. 


The separate sectors illus- 
trates this buoyant mood: manu- 
facturing has grown from 11.4 
per cent of the nation's GNP 
in 1960 to 25-4 per cent in 1977> 
As one of the fastest' growth 
sectors, it provided 9,000 oE 
the 24.000 new jobs created in 
1977. Electronics, electrical 
machinery, shinbuilding and the 
repair of components provided 
the main impetus for growth. 

Transport grew faster than 
any other single sector. During 
the first half of 1978, its con- 
tribution to GDP was la.7 per 
eent higher than during the 
same perio dof 19m. -Shipping, 
air transport and communica- 


tions were the fastest growth 
areas. .- . 

Tourism also expanded 
rapidly. '.A total of llSru tourists 
visited Singapore during 1977, 
a 14 per cent rise on the pre- 
vious year. Hotels were in 
extremely heavy demand, 
averaging S3 per cehi' occu- 
pancy. The Government is set 

on. attracting, conventions and 

! industrial and trade exhibitions 
to Singapore. All .df this tourist 
activity has. given _ the. Rand’s 
restaurants a' bountiful.! year. 
Hon . Sui. . Sep’s -. February 
Budget package : also . gave off- 
shore banking a, boost 


David Dodwett 


have been won in recent suppusedly pro - Cura mu nisi 
months. critics of the Government that 

Japan became the biggest occurred early in 1977. 1978 nas 
investor in Singapore for the j, t . en a year in which Singa- 
first time this year, and it is pore's political leaders have 
predicted that the Japanese will been able tu sit back and lake 
soon overhaul the Americans in SU)C t t he directions in which 
term* of cumulative investment. tf, eir w , un try is heading. 

In the first nine months of 1978, Xhere ha * ve been no pub- 
Japan invested 8130m in Singa- iiciied d0lcnli ons of political 
pore compared with 8 Hum b> opponents of the Government 


the U.S. 


Capital 


f -• p^r. 

™ ,i. n Mr. oiailg riJ. 


during the year and at least one 
well-known former detainee has 
been released — ihe former man- 
aging director of ihe Chinese 


mg from, for example, the pro- 
duction of cheap radius, to the 


(and. in some cases, technical) 
capability of individual mem- 
bers of the group, but doubts 
have arisen about their political 
qualifications. One reason for 
this is that Singapore lacks the 
political rough and tumble of 
more normal democratic states 
and thus is hardly a: piacevin 
which would-be' - politicians cair 
prove their talents at toe .grass 
roots level. 

A second point appears to be 
that the PAP leadership has de- 
liberately looked for technocrats 
and administrators rather- than 
rabble-rousers' or professional 
‘mobilisers’’ in its search for 
new men. 


He w-di detained in the early 


manufacture of radars anil iy40s afler . hls - ntiW ^P a P er 
transceivers. Foundries are attacked the Governments 


Capabilities 




AWARDS WQN AT BREWERS' EXHIBITION LONDON 


being built to form the ba«i> of language policy, 
a machine tool industry, and an Apart rrom a minor contrn- 
electric arc furnace, which uses veray in tlie summer over me 
scrap metal, will be used i<> pro- Government's plan to require 
duce alloy steels for export, compulsory service in Gove.a- 
Plans are afoot for the ir.ami- ment hospitals irom ail newly- 
facture of aircraft parts, medical graduated doctors the year has 
instruments, industrial elec- passed off smoothly with little 
tronics, oil field drilling equip- indication that Singapore's 2.3m 
ment and pharmaceuticals. people arc in any way dissaus- 
Bv shifting emphasis from tied with the efficient, but 
labour intensity to -.-a pita I slightly authoritarian, style of- 
intensity. Prime Minuter Lee government practiced by the 

People s Action Party ta ruling 

party which has won nil the 

seats in Parliament in the last 
three general elections). 

Despite the prevailing 
atmosphere of calm, at least 
t-AO major issues do appear to 
be bothering the Government— 
or at least providing food for 
thought to Prime Minister Lee 
Kubd Yew and toe small circle 
of cabinet ministers who are 
his immediate associates. 

The first issue is that of the 
eventual succession to the pre- 
sent leadership. 

The second issue involves 
language or, to be more 
specific, what to do about the 
gulf that has opened up 
between Singapore’s English 
language-based, free enterprise . 
economy and the Chinese cul- 
tural traditions of most of its 
inhabitants 176 per cent of 
the Republic’s population are 
ethnic Chinese). 

The reason why Singapore's 
leaders are starting lo think 
hard about their successors is 
not that they themselves are 
about to retire. Mr. Lee is an 
apparently healthy 55. while 
must of the other members of 
the inner circle of cabinet minis- 
ters are in their early 60s. 

Although the present team of 
leaders has held office without 
a break for the past 19 years, 
there is apparently no reason 
why it should not continue to 
function effectively (barring 
accidents) for perhaps another 
decade. 

The mere fact, however, of the 
present Government's impres- 
sive ability to remain in control 
of events (plus the fact of Mr. 
Lee's own rather overwhelming 
authority and prestige) means 
that there is a danger or a 
vacuum appearing lower down 
in the political system. The 
Government bas tried to deal 
with this by deliberately recruii- 
mg a new generation of young 
politicians into Parliament dur- 
ing the past two general elec- 
lions. Several members of the 
1972 and 1976 intake of young 
MPs are now occupying junior 
or middle ranking ministerial 
posts, although only one (the 
minister of communications, Mr. 
Ong Teng Cheongj has so far 
graduated to the rank of a full 
minister. 

The men who have been 
chosen as potential leadership 
“material" fall into an age 
group ranging from 30s to early 
40s (anyone older than that 
would apparently be too old to 
take over by the time the pre- 
sent leadership plans to retire). 
They include a cross section of 
the four most important ethnic 
and cultural groups in Singa- 
ga ; pore— English-educated Chinese, 

«_ - — ' — Chinese-educated Chinese, ln- 

ljOIuIL dians and Maja ? s - 

The majority were ••inducted" 

■ - into politics from the bureau- 

\ cracy. although Mr. Ong is an 

Ovf • architect vvhilc another new 

, „ i[r j ; newly recruited MP is a former 
.'■ -y/ i Journalist on a Chinese language 

'] newspaper. 

[ There appears to be little 
EXHIBITION LONDON t doubt about ihe administrative 


In order to test the political 
capabilities of its new intake, 
ihe PAP leadership has 
attempted to persuade young 
MPs to play the role of an 
opposition in the one-party 
Parliament, disagreeing, with 
the leadership over proposed 
new legislation. The 1976 crop 
nf politicians has also- been 
" exposed ” to trade ; unionism 
through a series of joint sessions 
with leaders of the National 
Trade Union Congress. < ( One 
member of tbe group, Mr/ Lira 
Chee Onn, .is a senior INTUC 
official, anyway.) 

A final requirement is that 
new PAP. members of Parlia- 
ment (like their seniors in the 
party), should involve them- 
selves deeply in grass roots con- 
stituency work, bolding weekly 
** meet-the-people " sessions with 
their constituents. 

Off-the-cuff comments by 
Prime Minister Lee about the 
new generation of MPs suggest 
that the Prime Mnister thinks 
he has identified at least a 
handful of individuals who will 
be qualified to take over from 
the existing leadership. 

The Government is being 
extremely cautious, however, in 
committing itself to any clear 
cut order of preference. One 
sign of official caution is the 
number of posts which are 


either held by one individual 
nr by absentee ministers m the 
present cabinet line-up. 

The Minister of Culture isiibw 
doubling as Singapore's High 
Commissioner in Britain, while 
the Minister of Works is "'on 
leave ” as Singapore's Ambassa- 
dor to Djakarta. 

The second major issue in 
Singapore politics this year 
involves more sensitivities than 
the leadership issue and could 
well take even longer to suive.' 
The problem, briefly, is .that 
Singapore has four “official” 
languages (English, -Chinese 
Malay and Tamil). ’ but that 
English is becoming? . toe: 
dominant language of business 
and industry— and thus the 
language spoken by most nf 
those who qualify for highly- 
paid jobs — whereas toe school 
system offers a choice of educa- 
tion in any one of the four 
languages. 


will be placed .on the teaching 
of Mandarin (that is. 'standard 
Chinese) - in the - .-English- 
language Jschool system. - •. 


The Government’s language 
policy makes -sense in .view of 
the fact that fewer and fewer 
children have actually been 
entering . the Chinese,- language 
schools .In. recent years ( only 
10 per cent of all children joined 
Chinese . -pnmaiy '- schools. , 'm 
'1977>;' ^ : b 


Understood 


The Government’s new policy 
for language is to attempt lo 
create a bilingual society in 
which all Singaporeans wjll be 
passably fluent in English as 
well as in another chbsen 
language. 

With. this in mini the ’Prime 
Ministef.took the decision* early 
in tfie year, to initiate a.change- 
over from Chinese to English 
as the ..teaching language at 
Nanyang University (toe second 
of -Singapore's two major 
universities, not .to be confused 
with . . the English-language 
University of Singapore).!.. . . . 


;• ’ It also reflects an 'understand- 
hbld rflesfrr td bMalh'TMr^BtSf- 
of both worlds. Singapore tots 
arguably succeeded in estab- 
lishing itself’ as aii industrial 
and trading centre because 
English -is widely .understood — 
yet it -has also benefited from 
the fact that most of ^ -the .people 
derive their values arid motiva- 
tion’ from a Chinese ' cultural 
background . that stresses hard 
work and a serious approach to 
life- -• ■ • .'. - 


svinad 


Ar : toe primary and-Secondary 
levels, steps are being taken to 
increase the emphasis "on the 
study pf English and- a second 
language in schools wbere^the 
main medium of instruction is, 
or has been, Chinese, Malay-or 
TamiL- This process will be 
taken to the point where 
English will eventually become 
the dominant language of 
instruction at the secondary 
level, even of former Chin ese 
language schools. 


' The Government' hopes ■ to 
preserve both. of these character- 
istics through its- nmv language 
policies— but- runs certain risk's 
hi ^the' process: (hie 'is that of 
demanding Too 3 much 'frpmrfet 
average child ‘ who wilL^ jn 
future, be expected to ^ttato 
fluency ■ to two languages 
(neither . of. .which may Ee the 
dialect or language .. spoken 
actually ..by. his '. family) ^ - f .- - v . 

The second and more : explo- 
sive issue involves toe; resctioQ 
of Singapore’s -existing Chinese: 
educated business elitd to! the 
new policies. There :is. .reason 
to believe -that/ Mr. Lee ; has 
succeeded in stirring up strong 
feelings' among at least, a 
minority, of older and more in- 
fluential Singaporeans who 
believe, rightly or wrongly, that 
the PAP is out to “ undermine " 
the position of, -Chinese culture 
in- the republic. 


Conversely, a greater stress 


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Financial. Times Wednesday NovenibeE 22 1978 

SINGAPORE HI 


4 


Key questions on 
foreign policy 


TWELVE ' MONTHS AGO. 
Singapore's, Government was be- 
wildered and bemused by tbe 
-overtures coming its Way. from 
the Communist powers locked in 
.struggle . in Indochina. 
Nowadays^ the Government is 
bemused, but not so bewildered. 

Leaders from . Kampuchea 
? {the' former Cambodia), Viet- 
nam and . China have come 
acoucting. and their messages 
have given Foreign Minister 
Sinnathamby Rajaratnara a 
much clearer idea of what is 
happening in this strife-torn 
region. 

Earlier this year Kampuchea's 
leader Pol Pot sent his Foreign 
Minister leng Sary after choos- 
ing Singapore as a “pioneer 
partner.” But negotiations came 
to nought as Pol Pot could only 
offer barter deals. Anyway. Gov- 
ernment representatives view 
Pol Pot a$ paranoid and respon- 
sible for the nmrder of 
'thousands of innocent citizens. 
It appears that the Chinese have 
been quite unable to restrain 
.him. . 

- Then, just a month ago. came 
Vietnam's premier Pham Van 
Dong. He came heavy laden 
With honourable sentiments 
about peace. . non-interference 
^od mutual prosperity. He also 
came with a long shopping list; 
tailored to haul Vietnam out of 
economic and political isolation. 
But his tour around the five 
ASEAN nations {Singapore, 
Malaysia, Indonesia. Thailand 
and the Philippines) produced 
little more than fresh grounds 
for distrust. 

Convinced 

Earlier this year, while in 
Japan, Pham Van Dong spoke 
of granting recognition to 
ASEAN, but there was no men- 
tion, of this during bis ASEAN 
tour. ASEAN leaders also 
.became convinced that Pham 
Van Dong was intent on. divid- 
ing the group,, because -he 
pleaded the case for bilateral 
deals wherever be went^ .All he 
got. however; .was a cautious 
joint statement. ASEAN leaders 
fear . that the - actual' amd 
intended action of the. Viet- 
namese bears little relation to 
their diplomatic rhetoric. 

Singapore Government offi- 
cials axe convinced that Vfetnam 
is intent on neutralising Kam- 
puchea. and expect the invasion 
to start at any time. One thing 
Pham Van Dong was able to 
return home with was confi- 
dence that ASEAN .members 
would not . intervene to help 


Kampuchea In the event of an 
invasion. 

The. Chinese have made no 
snch guarantee,- however! Tens 
Hsiao-ping. China's irrepressible 
Vice-Premier, won from -Thai- 
land the right to overfly Thai 
territory whea he ' passed 
through at the beginning of his 
ASEAN courtship tour less 
than three weeks ago. . • Singa- 
pore officials surmise that the 
Chinese can only have one 
reason for wanting to overfly 
Thailand. 

The fact that Singapore's 
ASEAN ally should grant China 
this right is significant:, in two 
Ways. First, it shows just how 
worried Prime Minister Kriang- 

sak Cham an and h as-become over 
the threat of Vi etasmere 'expan- 
sionism: once Kampuchea falls, 
he will have Vietnamese troops 
up against his border, while 
inside Thailand live 30,000 
Vietnamese — every " one. a 
potential Fifth Columnist. 

Secondly, it shows "that . the 
ASEAN leaders despite their 
shared paranoia about Com- 
munism feel better able to trust 
China than Vietnam- Thiisis par- 
ticularly the case with Singa- 
pore, though the Government 
has played its China relations 
with excruciating caution. Singa- 
pore still has no diplomatic links 
with China, and a Government 
spokesman guaranteed that' when 
Tens Hsiao-ping arrived on his 
ASEAN tour, he would get “the 
coolest reception of them all” 
in Singapore. 

Singapore has good reasons to 
play coy wkb China: first, three- 
quarters of its population is 
Chinese — all of whom have taken 
a long time to adjust to- the 
idea of being Singaporeans: 
Prime Minister Lee Kuan Yew. 
who has at one time or another 
seen reds under almost every 
bed. has no intention of allowing 
his city state to becomela 6aielr 
lite of the mainland. To be fair, 
the Chinese have shown no signs 
of trying 'to make it so. 

Second, and more important. 
Singapore 'would annoy, its 
ASEAN partner. Indonesia, if it’ 
gave Teng too warm a welcome. 
Indonesia broke off diplomatic 
links with China in 1967 after 
mainland Conmramsts.tried to 
rouse Chinese students in 
Jakarta to overthrow the govern- 
ment It is stilly 'deeply sus- 
picious of China's Intentions. In 
deference to Indonesian views, 
Singapore has promised it will 
be the last ASEAN power to 
grant dipforaatic recognition to 
China, and there is every indica- 
tion that Premier Lee will stand 
by that promise. 


Lee Kuan Yew nevertheless 
feels more inclined to trust the 
Chinese than the Vietnamese. 
Emphasising cultural and tradi- 
tional links, one government 
commentator pointed out that 
China had 5.000 years of history 
— and just 3l> years of Co nun un- 
is I rule. 

Lee Kuan Yew can only be 
bemused, however, at the 
arrival of Teng Hsiao-ping so 
hot on the heels of the 
Vietnamese leader. To the 
Singapore Government, this 
highlighted China’s fears of 
being excluded from South-East 
Asia. Like Pham Van Dong, he 
was expected to arrive with a 
shopping list, perhaps including 
oil rigs. 


Links 


At a more general level. 
Singapore is equivocal about 
economic licks with an outward- 
looking China. On the one hand, 
the ever pragmatic Singa- 
poreans were quick to recognise 
the export potential it China is 
genuinely set on break-neck 
growth. But on the other, the 
links being developed with 
Japan pose the possibility of a 
new and powerful trading axis 
between Japan and China which 
might dominate the future 
power balance in Pacific Asia 
and threaten ASEAN's trading 
position. 

Japan has this year become 
Singapore's biggest single 
investor, and is a dominant 
trading partner. The S$2bn 
Japanese loan to build an 
ethylene complex In Singapore 
has psychological as well as 
commercial significance. 

It is claimed that Taken 
Fukuda. Japan's Premier, and 
Lee Kuan Yew see eye-to-eye on 
the pattern of development for 
South-East Asia, but in the 
military sphere, there are still 
differences of opinion. Since 
L'.S. troops withdrew .rom 
Indochina. Premier Lee has 
persistently argued that Japan 
should assume a military 
presence in . the region — a 
suggestion which is still 
ignored. 

. Lee Kuan Yew is a passionate 
advocate of ASEAN, and would 
like to see Singapore at the 
epicentre of its development, 
lie argues that there is just no 
way of getting away from the 
strategic and economic impor- 
tance of thd ASEAN region, and 
frequently cajoles his ASEAN 
partners to exploit this fact on 
a broader front. 

For the free-trading Singa- 
pore. there are numerous 
advantages to be won from 


expanding the scape of ASEAN. 
Unfortunately for Mr. Lee. how- 
ever. his partners fail to sec the 
same advantages and the result 
is that they have frequently 
clashed with Lee. Singapore's 
self-assured Premier simply 
says his partners arc more con- 
servative than himself. 

li is perhaps Lee Kuan Yew's 
global perspective that has made 
him regard himself the ’primus 
inter pares' among the ASEAN 
leaders. In the words of his 
Foreign Minister Sinnathamby 
Rajaratnam. the glubal perspec- 
tive is "the only pragmatic 
policy in a shrunken world." 
For this reason. Lee Kuan Yew's 
Government attaches unusually 
great importance to foreign 
relations. 

At the core of Lee Kuan 
Yew’s global view is a concept 
of power balance: no single 
power should ever be prepon- 
derant. This is why he has 
taken such a tolerant view of 
Soviet activity in South East 
Asia. 

Mr. Rajaratnam recently told 
American pressmen: "We arc 
not unduly perturbed by a 
Russian presence — provided it is 
balanced by an equally visible 
American presence. 

Having opted for the path of 
free enterprise and “ plugged 
into the world economic system" 
which radiates around the 
United States. Premier Lee feels 
that Communism should not be 
rooted out by military force but 
should be proven a failure by 
the eennomie success of free 
enterprise. This is one of the 
reasons why he is so pleased 
with his own country's 
meteoric economic growth: it is 
thriving proof of the potential 
of free market capitalism. 

It also explains why he feels 
so let down by the U.S. and the 
developed countries of Western 
Europe as they have raised the 
threat of protectionism: having 
plugged into the U.S. economic 
generator, he now fears the 
electricity will be turned off. 

The EEC-ASEAN summit 
which has just ended in Bonn 
is l he first such summit, and is 
regarded as a symbolic victory 
by Mr. Lee. The concept of 
ASEAN has been re-affirmed, 
and during ihc talks be expected 
guidelines to be laid down fur 
economic and technical co- 
operation. Discussions were also 
expected to cover an export 
earnings stabilisation agree- 
ment. which might protect the 
growing ASEAN economies 
from the much vaunted Western 
threats of protectionism. 

David Dodwell 


New trading diversity 


AFTER CHALKING up growth 
rates of 21 per cent in 1976 and 
IS per cent in 1977 Singapore’s 
foreign trade has been expand- 
ing at a more leisurely pace 
during; the firk eight months of 
1978. ' 

Two-way trade was up by 13.7 
per' cent during the January- 
August "period, with Imports 
growing' by 15.3 per cent (a 
shade Taster than during the 
previous year) and exports 
increasing by ll!8 per cent (sub- 
stantially less than the 1977 
growth rate of 24 per cent). The 
disparity _ between .the growth 
rajes of_ imports and exports 
means that the visible trade gap 
has widened after two succes- 
sive years of smaller deficits. 

• The deficit for the first- eight 
months Of the year works out at 
S$4 ,264m compared with the 
1977 visible trade gap (for the 
full 12 months) of . just aver 
SSB.QOOm, The trade gap, how- 
ever, Is not in itself a matter 
of great concern to the Singa- 
pore Government One reason 
for this is that long term capital 
inflow easily covers the deficit 
on trade (and on current 
account). A second point is that 
Singapore’s published trade 
figures do not . include figures 
for trade with Indonesia. These 
are excluded because of dis- 
crepancies between Singapore’s 
customs statistics and those of 
Indonesia, with the Singapore 
figures apparently indicating a 
significantly larger volume or 
exports than the Indonesian 
import figures. 

Singapore officials say that the 
continued high rate of growth 
in the Republic's imports is to 
be welcomed since it reflects 
shipments of raw materials and 
capital goods for industry and 
is thus an indicator of healthy 
activity in the manufacturing 
sector. 

The export situation is more 
complex. Singapore’s top two 
export items, refined petroleum 
products and crude rubber 
(which is re-exported after 
being shipped in from neigh- 
bouring South East Asian 
countries), both showed rela- 
tively .low. rates, of expansion 


during the first eight months of 
1978. Ship exports registered 
a net fail, reflecting the world 
wide shipping slump. Exports 
of electrical and electronic 
products continued to increase, 
though possibly not as fast as iu 
1977. 

The slowing down of Singa- 
pore's exports in 1978 can be 
taken as a sign that the 
Republic's .exporters are facing 
greater access problems in 
developed markets such as the 
EEC and the U.S., than was the 
case during the first few years 
of trade recovery after the 1973 
oil erisis. Singapore’s exports to 
the EEC showed an actual fall 
during the first eight months of 
1978 from SSI. 840m in the 
January-August period of 1977 
to S$1.7i8m. Sales to Japan 
were up 16 per cent, _ to 
S$l,4I0m, while sales to the U.S. 
rose by 10 per cent , (or by 
marginally less than the overall 
export growth rate for the 
eight-month period). 

The fact that Singapore is 
encountering problems in sell- 
ing to some of its developed 
overseas markets comes as no 
surprise, given the very similar 
problems that confront other 
newly industrialised countries 
in' Asia. What is of some 
interest is the distinctive way in 
which Singapore appears to be 
reacting to the problem. There 
has been less oven concern 
about the impact of protec- 
tionism or in Singapore's 
exports than in either Hong 
Kong or Korea, in part because 
the Republic's manufactured 
exports are more diversified 
than those of other new indus- 
trial nations. 

Marketing 

Another distinctive charac- 
teristic of Singapore’s manufac- 
tured goods exports is the 
dominant roJe played by multi- 
national companies. .The use of 
Singapore as a production base 
by multinationals who have 
their own worldwide marketing 
networks may have tended to 
insulate the Republic from some 
of the protectionist pressures 
applied to its neighbours. 


To the extent that Singapore 
has faced protectionist pres- 
sures in Europe and elsewhere 
the official reaction seems to 
have been muled rather than 
strident. Officials at the Depart- 
ment of Trade express a prefer- 
ence for “ maintaining a 
dialogue” with embassies of EEC 
member countries, rather than 
going all out for higber export 
levels and then facing the con- 
sequences. . 

Singapore admits to having 
negotiated an informal agree- 
ment for the restraint of TV 
exports to the UK, but there is 
a good deal of reticence about 
any other areas in which 
restraint may or may not be 
being practised. Concern does 
exist about tbe possibility of 
counterveiling duties being 
levied on Singapore textile ex- 
ports to the U.S., but this danger 
seems to have receded. 

Although ' the Singapore 
Government is not panicking 
about protectionism, it is 
wrong to assume that the issue 
is being ignored. Diversifica- 
tion of the Republic's export 
markets ranks as high priority 
in commercial policy with the 
emphasis on the Western 
Pacific (including such nations 
as Papua, New Guinea, the 
Solomon Islands and Fiji), the 
Indochina nations and Singa- 
pore’s immediate neighbours in 
the association of South East 
Asian nations. 

Singapore hopes to persuade 
the western Pacific nations to 
shift their procurement of 
imported manufactured goods 
away from costly Australian 
suppliers to cheaper Sii^ga- 
porean sources. Hopes for 
trade with Vietnam are high, 
but depend on the outcome of 
government - to - government 
negotiations on financial 
arrangements as well as on the 
commodities involved. So far as 
irade with Asia is concerned 
Singapore looks hopefully 
towards the trade. liberalisation 
programme which began in 
January 1978 when Asian 
member countries cut tariffs on 
an initial 71 items (followed by 
another 755 items in 
September). 


The Asian Free Trade Area 
is expected to materialise very 
gradually and, at best, to pro- 
vide only a modest second 
string to Singapore's depend- 
ence on the developed coun- 
tries as markets for its 
manufactured goods exports. 
This does nnt alter the fact 
that, of the five Asian mem- 
bers, Singapore is probably the 
most enthusiastic proponent of 
free trade (and of other types 
of economic integration within 
the region). 


Decline 


Apart from its interest - in 
Asia as an eventual market for 
domestically produced exports 
Singapore has a strong interest 
in maintaining its entrepot tirade 
links with the region. 

The importance of entrepot 
trade can be measured by the 
fact that re-exports still 
accounted for 42 per cent of 
total Singaporean exports in 
1977 (although this represents 
a sharp decline from the 1977 
ratio of 42 per cent). Singapore 
continues to play a key role in 
the distribution of Malaysian 
and Indonesian rubber and a 
somewhat lesser role in the dis- 
tribution of other agricultural 
products such as palm oil. It 
has also begun to develop what 
might be described as entrepot 
trade in reverse — meaning the 
import of sophisticated machi- 
nery and other manufactured 
goods for subsequent distribu- 
tion elsewhere in the region. 

Singapore officials feel that 
the convenience of Singapore as 
a financing and distribution 
centre reinforced by the links 
which exist between Chinese 
trading houses in the Republic 
and related groups of Chinese 
businessmen in Malaysia and 
Indonesia will safeguard the 
entrepot trade from at least 
some of the attempts of neigh- 
bouring countries to cut Singa- 
pore ouL This does not alter 
the fact diversification of both 
products and markets is seen as 
a key priority. 

cs. 


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Banque Nationale de Paris, France's leading 
commercial bank, has an international network 
extending over sixty-eight countries. 

With branches and offices throughout Asia, 

BNP is ideally placed to meet your business 
and banking needs. 


J0 


In the ASEAN Countries $ 


il.t- 


Singapore 

BNP Main Branch 
Overseas Union House 
Collyer Quay 


Indonesia 

Jakarta 

BNP Representative Office 
Skyline Building 
9 Djalan Thamrin 


Philippines 

Manila 

BNP Branch 

8741 Paseo de Roxas Avenue 
Makati Rizal 31 17 


Malaysia 

Kuala Lumpur 
BNP Representative Office 
Oriental Plaza 
Jalan Parry 


Thailand 

Bangkok 

BNP Representative Office 
Dusit Thani Building 
Suite 506 


Wherever you do business we are there to 
help and advise you. 


Banque Nationale de Paris 

Head Office: 


Banque Nationale de Paris Limited 

U.K. Subsidiary 


1 6 , Boulevard des ttaliens 75009 PARIS 8-13 King William Street, LONDON EC4P 4HS 


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Tel 244 4546 Telex: 28060S Tel: 626 5678 Telex: 883412 BNP LNB 

Total assets of BNP Group as at 31st December 1977 US$54,300,000,000 


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•!* 


Coming up your way, 
a convention centre unmatched 
by any other in Singapore, 


Ji-rtofri 

*■ N^- J'- : 



The Mandarin Singapore in mid-1980. The biggest 
and most spectacular convention hotel in Singapore. 
Located right in the heart of exciting happenings — the 
fashionable shopping and entertainment district of 
Orchard Road. 

With 1,200 splendid guest rooms in two magnificent 
40-storeyed towers. 14 function rooms of various 
sizes. A pillarless ballroom with a seating capacityfor 
1,200 persons. A palatial hall for another 1,200. An 
air-conditioned exhibition area of 6.085 sq m. Parking 
facilities for 600 cars. Plus sophisticated audio-visual 
equipment, outstanding accoustics. complete execu- 
tive services and other meeting aids to make ydur 
meeting a real success. 


And for those after-business hours, great places for 
gourmet dining and superb entertainment. Six ex- 
cellent restaurants including the highest revolving 
restaurant in town. Five cocktail lounges,’ bars. An 
exclusive nightclub. And a private dub. Also recreation 
amenities including two squash courts, a tennis court, 
a mini golf course, a gymnasium and a tree-form 
swimming pool. And a health dub with steam and 
sauna baths. 

So, if you're looking for a venue where everything 
counts for a successful meeting. The Mandarin Singa- 
pore is the place. Only half an hour from our inter- 
national airport. 




V/f/> 


lAlktradhbnofeaperas. — - 

General Manager: Sonnie T. W. Lien 

Representatives: 


•'kill 


• John Miller 
Australia 


For more information, please contact: Mandarin Convention* Centre, The Mandarin Sincaporc. P O Bov Orchard Road, Singapore 9. Tel: 37441 1 

Cable: MANRINOTEL SINGAPORE Teles: RS2!<2KM4NCTEL 


Financial Times Wednesday November 22 


A 

for 


SINGAPORE IV 


IsafeJ 



II ^ 






Jardine Offshore Promet 

rAn arwfG&'sa;-:" of Promet and Jaraine Offshore) 



u ■ ■ / ■ A- 

$-.!*! ■'L < 'V 


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Fabrication 


Offshore maintenance/Projecl management 



JUU“ 







Pipeline construction 





Harbour construction 


Ocean towage 


Krt.4L-:‘7 ■: 






A major 

SINGAPORE'S BID to establish field include the Central Provi- 
itself as one of Asia's leading in- dent Fund, which absorbs a 
ternational centres has fixed percentage of Singapore 

been highly successful, though wages and salaries and uses 
the Republic naturally faces them to buy Government secun- 
C! inpetition in this field— notably ties, and the Post Office Savings 
trom Hong Kong Manila and Bank which is a major comperi- 
Bafuewi. ’ tor to local banks for savings 

One indicator of success Is deP 03 * 15 - 
that according to the niuuetary Interest parents on Post 
authority of Singapore, no Office Sa rings accounts are tax 
fewer than 70 of the world's exempt up to a limit of SS100, 000 
leading 100 banks are now repre- which gives it a distinct advan- 
sented in the Republic. Another tage over ordinary banks. The 
way to view the significance of Post Office Savings Bank made 
the local banking industry is as its first entry into the fijndi- 
a contributor to Gross Domestic rated loan market early this 
ProdpcL The MAS s»v* that year, thereby challenging local 
between 6 and 7 per -'ent of banks as a lender as well as m 
GDP is contributed by the naan- deposit collection, 

cial sector, inciudini non-bank- . . 

Lng institutions such as finance ACtJVltY 
and insurance companies. What . _ _ . . . 

matters more than the sector’s F° r offshore banks 

statistical contribution, however, which constinite the main part 
is the role played bv banking in Singapore s international 
upgrading the quality and banking presence a major, if not 
sophistication of Singapore's ttl€ major, iocus of activity is 
labour force and in providing the Asian dollar market This 
support for their settlors of the offshore. LA. dollar denomma- 

ted short and medium term 



^Johore i 


Thong Hos ^ ■ 




Zggflf ' [Semtewang 
^fwOBDLISK [Shipyard^ 


I THAILAND;': 


SUMATRA 


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economy such as manuf a during. 


5ft. 


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" ” raone j- market is basically simi T fc 

Singapore s banks are classi- j ar t0 _ an( j some respects an off- b 
fied under three headings: Full shoot of> Eurodollar market. “ 
Service banks < numbering 17 J n^g First Asian Currency Unit ,- tc 

li'hn'n m q nn/Jr. I - ..«• tri„rf ■. 


AVER CHAM3VN L. 


essas^es 


sUS? 




-SEVTOSA L 


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Modular housing 


A wsa'ih of experience come? v- :h the new name Jardine Offshore Pro- 
ne?. E/penence in ihe consiruc-.on and ooera-ion of all ivpes of marine 
vessels In engin?*rina. rcc-ncai'cn. ins-al-alioo and hook-up of offshore 
structure-:. In laving pioelir.es In fabricating and supplying pressure ves- 
sels and oiher production equipment. In pta-torm maintenance, workover 
and well service operations. Jn the construction of floating and fixed off- 
shore industrial oianis. 

The merging of Promet anti Jardine Offshore has not only meant the 
creation of a new name but has ensured, through the consolidation, of a' 
wide range cf assets and expertise, the continued growth and expansion 
of jardine Matheson's steel iabricailon and offshore contracting services 
capability. 

A name is just a name. E-revence is what courts. the JOP Gfoup has 
ins requisite experience and the ability io deli'.er ... anywhere in the world. 


Hi- 1 il ffi 


iwi 


Jardine Offshore Promet Pfe. Ltd. '2 Twapw oUhe Jardine Matfiesen G rc;ir> i 
Jurong industrial Estate. L'i Fancar. Road, Singapore 22. Telephone: 650477: 
Tele.-.: RS2i 60 i Jcpcc : Cabis : dop sing 


As >few¥rk 5 s oldest bank, 
we financed the trade 


Whirl ma?uSrfi2Sj ,J.v*Wnil The Fl ^ 1 Aiian Lurrency Ln ! 1 its offshore banking units bank customers has. been rising- such companies wUL look more 

buS^L inSifn® ' rS U separate accounting unit r0BUs> Equivalent to Singa- recently. As a centre for foreign to tocal sources of financing and 

bankiJJe^ ° R-Ss es , tabilsaed * ba ^ k „ w ' lth pore's. ACX^l at 5 per cent while currency lending to npn-bahk wnllbemore easily.«vatoated as- 

SSta mliri. m a P K e ! - n C- - S - d0l!ar - ' Bahrai ° levies no tax at alL The customers Singapore lags credit risks by locally, based 

S e 7o w £L.i l,1 £nkE ™ ihe i 1T ! Sj ? s f p0re . ,n dollar assets of offshore banks behind Bong Kong, but there banks’ when their management 
bS « Z-itZt *tS i 96S b 7u th l Ban ^ 0f Al ? enca ; In Bahrain now stand at an esti- are indications that this =situ- is localised), • •.- 

not Vi?S tbat tame the number of mated §$201,0 which would a rio a may be starting to change. Singapore - Ws : . sought to 

n i 1 ACUs has mcreased to 82 a JJ d seem to indicate that Singapore Hone Kong's position as a encourage international; banks to 

Offsbo^P w 2? r t0CaI a “ elS 10 0Ver °' S ‘ S faces strong competition from centre for Dollar-denominated iise their -Singapore offices, as a 

^blish^Tu^rilv to de?l S 23b "' fJlis duarter - Foreign bankets in syndicated lending derives base for regional tjgtfflflt -by 

currencies P othS/ y than * the 7115 Asian dollar o***® 1 bas Singapore emphasise, however, partly from the fact that it is such^ measures, as: giving banks 

Sineanore dnlhr K.it or? n nw he® 0 fostered by the introduc- that distinctions between the closer than Singapore to Korea .priority In tie making of.over- 
hi aiiniTd innXii frpp tion of a series of tax conces- various offshore Dollar markets and Taiwan, the two countries sea^ phone calls (“ K^nly takes 
dom'to oneratP rfnmpcrirallv ’ sions sta rting with the suspen- are somewhat artificial, at least which, up to now, have been the io minutes to call Djakarta,” 
v *■ sion. in 1968, of a 40 per cent so far as the Inter-bank portion major customers for such loans, says one hanker) and" by Inrprov- 

O f the three different sectors withholding tax on the interest of the market (the majority) Singapore hopes to develop its ing printing and other anicliluy 
the first two are effectively income of non-residents. Cor- is concerned. During the time 0WQ activities in this field as services^ 

closed to new entrants, accord- pa rate tax on ACUs is now fixed when both the Singapore and an( j when its neighbours in the • The authorities have also, been 
mg to MAS. The offshore sector. at 10 per cent, which compares Bahrain markets are open it is Association of South East Asian making efforts, since about 1970, 
however, is still open, with MAS favourably with the 17 per cent as if there were a Dollar pipe- Natinns (ASEAN) begin to con- to build up the Republic's role 
estimating a time lag of tax on offshore hanking intro- line under the Indian Ocean, stitute a larger market for as a ‘ base for C.S.-- Bollar- 
between two and six months duced by Hong Kong in its April says one Japanese banker. dollar loans. This is expected denominated capital market 
from the receipt of applications 1975 budget. to happen as and when local transactions, -The "first.- Asian 

S*” 1 °V "“P** ° ff ' ^ S l n ^P°« ***■ participation in the subsidiaries dollar Iohn (for U.Sif-lOnO was 
and the extension 01 official sh ore dollar markets, however, market draws the bulk- of its J r We £ ern multinational com- floated bv the semi-govero- 

° ffer PT T m0 ?. attractiTe *2 fUn ! s ■ lhe , Eu ™ d0llar panics begin^to increase sS- menSr. ^velopmem^fc of . 

preceding the officia^pplica- terras than Singapore with market and k pnmarfly an ficanllj . (the point being that- Singapore m Decemhfer 1971, 

□on may, of course. ta*.e longer, results that seem to be starting Interbank market though the J 1 

Apart from the banking to tell. 5he Philippines taxes share of loans taken by non- CONTINUED ON PAGE VI 

sector proper Singapore boasts " . 

26 merchant banks whose a cun- . .. . . . V 1 

ties range from dealinc in the • • .. . 1. 

!SS , S5E ,D diSSiSl , 2SKI JUttC&O 111 111 V CoUllC/lli 

market. • • t -r. 

Important non-bank institu- CULTURAL AND political backed by Sumitomo and valued Fhil WSanyo and Hitachi have now regularly tou? the .'rsgriblic 

rions in the domestic financial pride sometimes stand in the at some S$2bn. is scheduled to large Singapore installations. and the Jurong .Town. Corpora- 

^ I way of foreign investment in begin operations by early 1982. Pharmaceuticals is a rela- tion, where many of the foreign- 

the developing world— but in It is by far the largest foreign lively new industry with annual backed manufacturing facilities 
Lee Kuan Yew’s Singapore there project ever contemplated in export sales of about SSI 50m. are located is their Mecca, 
is no such problem. Singapore and ‘officials are Beechaxns Pharmaceuticals. " As foreign investment - in 

“Singaporeans were smart nervously watching its progress, which exports 95 per cent of Singapore continues to. rise, 
enough to recognise those more With overcapacity in Japan s production, is the leader. authorities have expressed 
enterprising than ourselves,” domestic petrochemical indus- a major feature of the newer «H“ e concern over the low 
the Prime Minister recently try. some concern has been industries is their hjgfc added level ' locally-generated 

declared in explaining his expressed that the comply may tQ outpul rat i 0 .\|h the investment, but it is hoped that; 
nation's attitude to foreign in- oe delayed at Sumitomo's electroaics fl e jd. for example, it in the long run, : the r tech- 
vestment “That was the key request. though company 33 „ er amJ ^ nological - and managerial 

to our rapid development," he officials are still sticking pub- alTnftg t lhat muctl . for expertise Singaporeans acquire 


Success in investment 


said. licly to the 1982 opening date. 

Based on a combination of - 
investment incentives, and a .fOlflt 
well-disciplined and highly- 


pharraaceuticals. through their involvement with 

By contrast, the older more f0 ^-, 8D r fir ?,l W L n h ^ ^^ a 
labour intensive industries have of Pnt re P reneu ^ shl P- 
ratios in the 10 per cent range, . . ” a ri of the problem stems 


pliant workforce. Singapore was Aside from infra-structural ^ ^ggp^on 0 f textiles’ from -* h ® h !^> nsk. invoNed 


| able to attract foreign capital and other considerations, Sumi- «q ___ cen L ana -tne auxacuve alternative, 

almost from the moment of its tomo was lured to Singapore by 1 of . working for .a foreign 

inripnpnrfpnrp anH nnw with the enviable record of siimess Growth in the manufacturing M ^ inaTI - (aiinn, c nr 


and -the attractive alternative 


independence, and now. with the enviable record of success 


the added benefit of South-East foreign investors have enjoyed ? ector is , refl * cted ' th f 5 f e ® dy s?Mapor’e T manSacturtog 0 S 

Asia's best-deveioped infra- in the Republic. with no outside 

structure and undoubted poli- According to an Economic ?f, p ™^ u . rtlon ’ * torasures capj^i & 33 Qent; . 
tical stability investors have Development Board survey, not industrial output, it rose 30^1 ? IIVes t ors havA how- 

continued to regard it as a a single enterprise backed by a W r ee "*“ €Ver * shown increasing winSg- 

prime location. major multinational corporation over the same period for the take their o«m~ capital 

P By early 1978. more than has failed, and the overall £2££S Z^S£?i£Z S£ 

S$4bn in foreign capital had 5 ate JJf j rom Jed hy electro mes and electrical ment5 in Thailand, Malaysia 

aireadj- been invested in the developed countries is only 6 per raadhmeiy - . and Indonesia (where - family 

Republic and daring the first ce ^ S^hniiSS^im' ' iS ties often exists Singapore 

half of the year investment , The survey showed that other^ ^enjoyed w bnJjDg “P «S' ^ firms have isef iip “shop- in Sri 
commitments increased appre- as those own JMutoud sector throngh ^^ and Bangla^/Part of 

ciably over the 1977 pace, at from Hongkong and Taiwan had SfSSZ the proposed. Sri^ '-Lanka invest- 

ss530m ® failure rate of 13 per cent, inevitably, led to the creation zone itself based - mr a 

S’ 250.000 workers. 30 per joint ventures involving of a S ||nv>Pore econoi «|e nod^. Singapore raode“ may in fact 
cent of the total workforce, are Io caJ “ ter T e . s “ companies at leastinthemi^of en^ous ^ . fiUed by Singapore 

employed by foreign companies V S ‘i ***>** or West companies/ ■ - . . - 

. ‘AgTTS^SLSS: -“™ Pe a ‘ P " Cent ur MSfs^Kd tro ^S . Peter Wemtraub 

engineers or technicians, or 20 Union leaders, in close col la- ^ 

per cent of the workforce in boration with the Government, f __ . _ _ ^ 

those categories. have attempted to keep wage jo ACPCTr 

As its investment reputation rates competitive with other - 

has grown, authorities in Singa- rountries in the region. The M ^ M . I _ KJ 

pore have been able to adopt a average monthly salary for pro- m w+wm p 4 |. A m _ 

selective attitude in assajing faction and [™™£™****™ A DC DtllDI E 

potential projects. Worried by ^ f a , b r ov * M|\C r EUrLE • 

Sing protectionism in its P^ le ra . tes _ J vals W» ' ' 11 * "Y 1 ^ - 

major export markets and eager ® 0U ii_J a> ^ ea : b “ l l riMAj i 

to raise the technological level a ^ a ^®' h pa ^ a P r,y “ “ VOU 3I1Q US* 

of the local workforce, the JHL.®? Wsh workcr pTfy - ' I VW Wl 

authorities are now making a QU ^ m ty- ... H . ~ 

special effort to lure high tech- ne J «suit of the success OUR SHAREHOLDERS: 

J-2T5 ~Toreig y n “nvertmelTt .: The Development Bank^ of Staga^re. lotted' V 
^oduct^krgely immune from has been the virtual transforms- Dai wa Securities Co. Ltd. .. . 

tariff restrictions. tJ . on of the republic from its The Sumitomo Bank, Limited ' . 

b£ 1 X S£&l£ a t£rg : bBS-DAIWA OFTEBS YOW ;.: 

»™™gw e S D tol.oo , !S? 0 S: J 0 " 1 ”!* 4 ^ f »«V" ^ ® CORPORATE FWASCWG SERVICES: . _ • . 

v^rthSh iti -pS.-r n n °r W th^°SSl?hl° r =.n h °^l ■ ' ■■■ ■ 

scheme ” under which a five- ^ d0 me^ c product ^ RoT SECURITIES EWESTING SERVICES^ . '\ ! 

year tax holiday is granted to aome5 “ c P TOaucL - MUX ;v .- 

firms introducing industry manufacturing rise has 

thought likely to produce goods beeB based 011 a formula whieh XU7\ wvsm ®H RESEARCH AND ' " 

with high market accessibUty fim prlgrity to high tech- ; • UZJ FINANCIAL ADVISORY SERVICES: 
abroad. nology Industries wfade at the m 

This high technology industry J 8 ®* ' t®* wetang to upgrade \yj\ ASIAN CURRENCY UNIT: >?*'•"-, 

also bas benefits for small-scale traditional labour intensive - , , 

industry held by local interests, ones. ... _ ’."J 

For example. Philips, the Dutch sector has grown more 
electronics giant has five Singa- rapidly than electronics, which 
pore plants producing radios, now concentrates on micro- 
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- Financial' Times "Wednesdav November 22 197S 







Dilemma in 



multilingual culture 


* “ i !w. 

> w. ■•***■ 

fe* 


THE CATCHPHRASE of Radio 
Singapore. is' " From many cul- 
tures— one voice." This may be 
-true for the radio station, bui 
it could not be further from 
the truth In the nation as a 
vholi where the search, fur 
cohesion and nationhood con- 
tinues. 

A. local educational expert 
eloquently . caprured the 
dilemma when he recently 
■wto ter “For other countries, 
nation-building is nation- 
^retiuading— the technological 


adaptation of tradirion:.! 
societies. For 1 Singapore, a 
nation is being built * de nnv...‘ 
without a dominant distinr-iivu 
indigenous tradition. . , The 
majority of Singapore's people 
were a colonial . I’itelMrrnp nf 
economically - minded imnu- 
granla.” 

Singapore does indeed face 
extraordinary- problems of 
nation-building: according in 
latest statistics, $he population 
comprises 76.1 percent Chinese. 
15.1 per cent Malay, 6.9 per 


• 


i : ; , 


A labour 


IN 1960, Mr. Goh Keng Swee. or employers.- they are. in fact, 
"then Singapore's Minister of routinely accepted by' all. For 
Finance, called on trade unions the current year, the Wages 
to adopt a policy of wage Council recoin mended a national 
' restraints In order to make the pay increase, of SS12 plus six 
island attractive to foreign per cent. In the first four 
investors. uiunths: of 197S. the Consumer 

While it took nine 'years and Pn ^, lnd, - K Singapore ro>e 
a total restructuring of the oy a. 1 per ceiU against the same 
union movement for Mr. Cob s P e [ 10d in 19. i. 
call to take hold, the resulting . ln an , L,fr V n l0 , furti,er . C3f P M ? d 
labour - Government covenant am * < Jf orUl 7 ,1L ‘ r ?'-‘ 

has been one of the keys to the . recently Copied a 

Singapore’s economic success. ‘ svl ^ 1,1 swevfung changes i*» u-» 
The leader of the labour <»nsliiurinn. For the first time 
side is the 56-year-old Mr. s " n,0r leadership > positions air 
Devan Nair. general seeretarv ”P«-ned l " non-union repre»cata- 
of the National Trades Union *«■&. •«* f 1 * he It 

Congress, a confederadon with p ° s,on of . the tT IS ^,V > ? S J ccr 
53 AffiHales. tary-generaS is strengthened. 

Mr. Nair returned to Singa- The ‘‘hange dealing witii out- 
pore in 1969 from Malaysia and. Slde representation Iheoretie- 
since then, has built the NTUC *Jly permits up to oac-ihirri of 
into a powerful political and tiiy'NTUUii triennial delegate? 
economic force — but one which conference and one-half of it.- 
. -knows full well its limitations ie,,lral committee Income from 
and consistently abides by non-union ranks. It generated 
them ‘ widespread criticism in the 

At’ the time , of Mr. Nail's normally, docile .local Press on 
return, Singapore's trade union grounds that the NTLC> 
movement was still reverberat- es,!ie ntlai Irade muon character 
lag from the effects of a :'' ou]d b ’-' diluted substantially. 
Government-inspired purge of However, secretap-.-general Niur 
Leftist elements. yiwfly dented that this would 


com Indian and a 1.!i per cent 
residual. Bareli any uf th« 
Chinese speak Mandarin j> 

their mother tongue. Many 
^peak HokJkien. bill Teochow. 
Cantonese and Haiiiane-e are 
important minority languages 

Prime Minister Li-e Kuan 
Yew. with remarkable frank- 
ness. confessed in April on 
television that he had person- 
ally aggravated confiiMon over 
language policy for the sake of 
vote catching: “ Unforrunalclv. 
in order lu get myself under- 
stnod. to win votes. 1 set a bad 
example. 1 learnt Hokkiei: and 
1 legitimised the spnakino of 
dialect, mu realising at the 
Time that 1 was putting (on it) 
the seal of legitimacy." 

Nevertheless, one of Leo 
Kuan Yew's greatest political 
strengths has been his own 
mastery of English. Mandarin. 
Malay and HokkJen. Through 
the different language media 
he has been able to convey 
different messages to suit his 
various audiences — difference? 
that few could be aware of 
because of their limited grasp 
of Singapore's different 
languages. 

Lee Kuan Yew is sincerely 
committed to the idea of 
Singaporean nationhood, and 
would genuinely like to find a 
a ' national ' language. At 
present, there seem? little 
option but In chuosi.- English. 

Mr. Sinnathamby Rajarai- 


n.im. Singapore's Foreign 
Minister, recently explained: 
•* We want ■■very community 
Ln preserve and develop it? 
private lancuace — whether it Ue 
rh»ne*e. Tamil. Malax or 
Bcneah. All these private 
languages have behind them 
thousaiKis or years of great 
history and ■■ulturaj achieve- 
ment which can certainly 
i-nnrh the developing culture 
and histurv nf Singapore. 

■' But you also need a public 
language, ur link language, 
ihrou-.h which the wisdom 
behind these private languages 
can be communicated m all 

Singaporean's. \v : e hare made 
English the link language." 

Singapore"? future wealth 
depends r*n ihe exploitation of 
iLs position at i he crossroads 
of the world's east-west ship- 
ping routes. It has become the 
* global city.' and as such needs 
English a? a neutral national 
and international medium to 
enhance its commercial future. 
Il not only enable- the different 
ethnic >;n nip? inside Singapore 
!■» l•l^lOlnunl^•:^te with each 
oilier: it gives nn one ethnic 
group a head start in the job 
market. 

But when it comes to isaii.m- 
buiiding, to the establishment 
of shared values and morals, 
then English i* of little use. 
Shared values and tradition? 
are still locked i«y sent intent a I 
vuniniinncnt into the minority 


ethnic language*. In ihc- end. 
English is an alien and 
expedient Western language, 
and Singaporeans are wary 
that it should never overrun 
their Asian routs. 

So i! was Thai Malay was in 
formal term*; di-elared she 
national language — -ven i hough 
oni.v 11.4 per cent of the 
population :* literate in Malay. 
With Jhi Chinese population 
constituting 76 per cent of the 
total population, it might have 
seemed natural iur Mandarin 
to be promoted a? the national 
langtiag*.*. 


Fears 


Apart from th? fact that 
Mandarin is rhe mother tongue 
of only a handful of Singapore's 
Chinese. Lee Kuan Yew’s fears 
over mainland China's aspira- 
tions for regional cinm: nation 
have made h:m reluctant to 
espouse Mandarin as the 
nation's first language. Nut 
only Indians and Malays but 
international business. tew. 
would be greatly perturbed by 
iho pro-pect o: Singapore domi- 
nated by a Cnincse majority 
which looked i-.: wards the main- 
land for r.s "Great Tradirion." 

The various dialects have a 
strong huiri over the various 
Chinese communities. even 
though ethnic monolingual :sm 
is associated with being 
uneducated. Lee Kuan Yew 


nevertheless seetri^ set on 
promoting Mandarin as the 
eventual carrier of Singapore*.- 
> hared traditions and cultural 
\aluts. 

"Language use ti not some- 
thing we can change overnight 
or hy dictat." said Mr. Lee. 
•' \W have to slowly encourage, 
cajole, coax and add that small 
modicum nf coercion." 

So. at a time when only 5 per 
cent of the population is effec- 
tively bilingual. Singapore's 
teachers from primary schools 
through in universities are 
h»-:ny askvd to make their pupils 
:ri lingual: students must in 
luturo he competent in their 
home .iialert. English (to ensure 
professional success or at least 
an even i-hance of success I . and 
Mandarin. 

A; from March this year, 
students v. anting to ?o on to 
secondary schools must pass 
exams in both English and 
Mandarin — to the consternation 
nt many parents and pupils who 
.-er nu immediate use in learn- 
ing Mandarin, and fear it will 
d ; sru p t p mgress ju the m o rc 
uhvmusly useful English. 

It is hardly surprising that 
school? and universities are in 
rurmoi:. Thi- has been apparent 
in . Singapore’s struggling 
Chinese university at Nanyang. 

When Nanyang was estab- 
lished in 1955 to compete 
against the English medium 
Sinjapon- I'niven-ity. around 50 


per cent of Singapore's children 
studied in Chinese medium 
schools. As parents have be- 
come aware nf the advantages 
of. learning English as a second 
language, so this figure ha? 
dwindled to II per cent. 


Decline 


As Lee Kuan Yew himself 
pointed out in February thi? 
year, the "fatal error" at 
Nanyang was to adjust tn rh i.- 
decline in students wanting to 
study in the Chinese medium 
by lowering .standards. lis 
degree? were debased, students 
found it difficult to get jobs in 
competition with Singapore 
University graduates, and so 
applications dwindled further. 

In 1976. m an attempt- to stop 
the rot. Nanyang shifted into 
English a? the teaching medium 
— but in vain. In March this 
year, it was decided that first 
year student: selected for N'an- 
yang would ?pena at least their 
first year nn a ‘‘Joint Campus " 
adjoining Singapore University. 
It is hoped that in this 
■' Enelish medium environ- 
ment’’ tluse students will 
improve their grasp of English, 
improve their chances of a rood 
decree, and so salvage ihe 
reputation of Nanyang. In the 
meanwhile, the Nanyang campus 
population thins, and the future 
of the institution hangs in the 
balance. 


It «?an be argued that Lee 
Kuan Yew's multilingual ideal 
is a waste of time and money. 
Many parent? who would Like 
ilieir children to become fluent 
in English would argue a? much. 
Su would the finam-ierc nf Sin-ja- 
p« irc'<s television and radio 
media, who have to spliT (nod* 
across every major and several 
of the minor languages. 

Mr. Eddie C. Y. Kuo. a senior 
lecturer sn Sociology ar the 
University of Singapore, 
recently noted: " Although thefe 
are 11 newspaper? published fin 
Singapore i . a mono-literate 
Engli«h-ed nca led reader can 
only choose among three dailies, 
all owned by the same publish- 
ing company . . . Similarly, a 
mono! i nuiia! Tamil Indian ■•an 
only tunc inin nne radio chan- 
nel fnr new*, despite the 
presence of four channels.” 

Multilingualism might have 
one grear advantage, however. 
According to Prime Minister 
Lee Kuan Yew: "The mono- 
linguist i? more likely to he a 
language chauvinist and a bigot. 
He does not nave hinocu!?r 
vision -io see the world if 
depth . - . Bilingualism sire? i 

more balanced and rounded 
view of the. world '* 

A; a master of five language*, 
that must give. Lee Kuan Yew a 
rare quality nf vision. 

D.D. 


Founded in 2961 as a belh® case, 
counterweight to the more He *f ,d 0 ^ iat c JU “1J 

militant Singapore Trade Union < ? r ' than “ 5 the ~ 30 eleclc ' d 

Congress, the NTUC whole- ^legates rnnferen^ represen- 

heartedlv -endorsed the i nduS .' atives would ..‘ome from nuLs.de 
trial Relations and Co-ordina- 

lion Act of 1966 which made in the NTLC cemral lotntninee 
arbitration compulsory, cur- vole? frr outs.de representative- 
tailed the unions’ right to ■«“ be ^tdeted to active 
strike, gave management sole umomsts. * • ' 

jurisdiction in hiring and firing. 0Lhe, ‘ ' ^ 

increased working hours and 'SeniraJ rite 

reduced overtime as well as *- 

cutting back retirement benefits ^ dI J* of lh 

“* «k "*-■ tills pro- 

I7iihira P'isal on the basis that it would 

X 5 mult prevent infiltration of the 

\fp tsp iabtuir movement by communist 

T-* - a rather strange -claim 

5naSr- \nn‘n<r | P f 7 Q-n 10 ° f the fact lh: * 1 ^ e laSt 

instance of a communist labour 
and 1960s when the future nf inftJLrator heing discovered hap- 

2wi*n ri p e i't? 1 ?Sl2Ii 5 PW I P,t ■' Pelted more than W years ago. 
^ i r laree Nevertheless. Mr. Nair be- 

par t on_ rts ab.hty ^ to ,, vc- r come lievfig that u Communists do 

uninn *' attempt tit return to Singapore 

^Mr ^mThin ifl f0rCC their firsl t3r “ et wUl ^ 

5* ^' L l m ,i5 U L Sl c n “ effeC ‘ th e trade union movement 
lively controlled the Singapore WhHe %1rtuail y all observers 

labour movement, and tbeir a grec that Singapore’s economic 
presumed Communist sympa- ^ w(h renders jt largely 

' *fc 1GS reprea f“ ed a immune from successful corn- 

threat to -the Governments munist infiJtrat ioa, citing “the 
programme to attract foreign red menace ^ an effective way 
capital. of quieting criticism in the 

.One- of Mr. Nair*s first orders wh j c h may well have 

- of business upon his return was ^ en tbe purpose 0 f the exercise 
: ^ implementation of what wa. in ^ first pJace . 
called the “ modernisation of 
the labour movement." Qirmifioiinf 

The modernisation campaign 

rested on the premise that a At present, the NTUC has 
. worker's'primary responsibility some 225.000 members, repre- 
was to help the Government senting about 40 per cent of 
achieve progress — but at tbe Singapore's orgamsable work- 
same time it sought to strong- force. While that represents a 
-then labour’s overall rol® hy significant gain from *he 65.000 
making it more economically member? registered a decade 
self-reliant. ago, there is some question 

Based on the model of the about .the extent of further 
West German and Israeli trade expansion. A large proportion 
union confederations, the NTUC of Singapore's industry consists 
introduced a scheme of co-oper- of small, family held eoier- 
ative enterprises in the insur- prises and it is thought that 
ance, transport and food most of them will resist 
marketing sectors. attempts at unionisation. 

Today, the insurance co-oper- Tbe NTUC is categorically 
ative, known as INCOME, sells opposed to the concept of closed 
one-third of all life insurance shop tTade unionism, claiming 
policies in Singapore. The trans- that it coerces workers and 
port co-operative, COMFORT, smacks of totalitarianism. In 
operates a fleet of more than principal though, it accepts the 
2.000 taxis and 350 minibuses, idea of non-union workers con- 
all owner-opera ted. The fond tributmg the equivalent of the 
marketing organisation, prevailing uoion subscription to 

WELCOME, runs a chain of nine a fund set up to benefit the 
supermarkets which last year working population as a whole, 
had a turnover of more than The Singapore Labour Foun- 
5$2-3m. At the saute time, dation. operating ^ under ihe 
through its import’ of rice from aegis of the NTUC. now seeks 
Thailand, the WELCOME chain to aid Singapore workers 
effectively sets the retail rice through providing emergency' 
price in Singapore. assistance in special circutn- 

As a longtime political ally stances and 'raising workers 
nf Prime Minister Lee Kuan vocational levels through a 
Yew. Mr. Nair or his Jieuten- series of training schemes. Pre- 
ants hoid seats on a number of sumably. it could be the conduit 
important statutory' boards in for any worker benefit lund. ^ 
the republic. Among them are Like many of Singapore s 
the Economic Development leaders, secretary-general Nair 
Board, the Central provident repeatedly points out the 
Fund Board, the Housing and importance of developing an 
Development Board and the able successor generation and 
National Wages Council. is conscious of the fact that the 

It is the Wages Council which close ties between labour and 
every year makes recommenda- Government which now exist 
tions to the Prime Minister on could be changed .V*® 

wages rises for Singapore present generation on both sides 
workers. Aside from Mr. Nair leaves power, 
and two other NTUC representa- It is understood that ue. per- 
tives. its members include sonally, has no plans to retire 
officials from the Ministry oi for at least several years and 
Finance, Ministry of Labour, he is on record as rejecting 
Singapore Employers’ Federa- suggestions that he might move 
tion and Economic Development into the Cabinet— possibly as 
Board Minister of Labour— -when his 

While the recommendations career w-ith the NTUC enus. 
are. not legally binding on either Peter Weintraub 

the prime minister, the a tug 




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Mnsmdai. Times Wednesday: Wovemtier 22 1978//.^ 

SINGAPORE Yl . 


• ST 




*•- 

IS 

--S 


The creeping growth of Britain s “quangos”— quasi 
autonomous non-governmental organisations — has recently attracted considerable ^ ^ 

public attention. Singapore boasts a similar kind of “beasf’-the “quago”, or quasi antonomons gorermnenbfc 
organisation. On the next three pages our correspondents examine the considerable power - 

of these “quagos” and their effect on the economy. . ’ - 

Housing Development Board 


the Singapore Government 

has this year claimed that it can 
house every citizen. Ii has 
taken IS years and one of the 
most colossal redevelopment 
programmes seen anywhere in 
the. developing world' 

Almost all of the homes arc 
Hats in high rise blocks. 
Countering widespread worries 
over high-rise living. the 
Government claims that people 
have adjusted well to tower 

blocks. Even if they have not. 
the Government argues they 
have only to recall the abject 
squalor »[ the squatter camps 
from which many of them came 
to feel belter off. 

In 1960 — just a year after 
winning power — Singapore's 
strong-willed Government lead 
by Mr. Lee Kuan Yew pin- 
pointed the island's acute hous- 
ing problem for urgent alien- 
tion. Between 1927 and 1939 
he British administration had. 
through the Singapore Improve- 
ment Trust, built just 23.000 
new homes. In the meanwhile, 
the population had boomed 
from U.5m to l.Siu. 

The Housing Development 
Board, was created, and given 
(op priority to rid Singapore of 
its decrepit squatter settle- 
ments. So urgent was the task, 
thai the Board was granted a 
rare privilege — a Government 
subsidy. 

The Housing Development 
Board (HDB) has since then 
orchestrated the most remark- 
able building programme: 

1 10.000 homes were built 
between 1960 and 1970. 
Between 197U and 1975. a 
further 114,000 homes were 
completed. Since then, .10.000 
new homes have been finished 
every year. At last, the HDB 
says the back of the problem 
has been bmken. 

About 1.4m people — about 60 
per cent uf the population— now 
either own or rent HDB homes. 
By 1980. the proportion is 
expected to have risen. io 70 per 
cent. 

At the outset. 17.000 one-mom 
lists were built in an emergency 
programme. Bur by. now., most 


of the new flats being built are 
larger— between two and five 
bedrnums. Later this year, the 
HDB pians to start converting 
those original une-roamed fiats, 
enlarging them and improving 
amenities. 

In the peak year — 1974 — 

106.000 Families queued on the 
HDB watting list Tor new homes. 
This waiting list has now 
dwindled tu below 60,000, and 
most nf those on the waiting 
list are families wanting to 
muve from one HDB flat into 
a larger one. 

Mr. Liu Thai Her. the HDB's 
Deputy Chief Executive Officer, 
said: “From now on. people in 
Singapore will need housing nut 
because they have no home, but 
because they have growing 
faniilie.s nr are moving into 
better accommodation. The 
urgency is no lunger there." 

It is all very well to build 
new homes, but huw has :he 
Government made it possible 
for people tu buy them? Out of 
rhe 280.000 homes built by the 
HDB. more than 52 per cent — 
150.000 — have been bought 
under the home-ownership 
scheme. 

This scheme works in concert 
with the government-run 
Central Provident Fund, by 
which 161 per cent nf every 
worker's salary is docked every 
month, matched by an equal 
sum From the employer, and 
compulsorily saved. 

Until 1968. a worker was only- 
able tn withdraw bis CPF sav- 
ings nn reliremenl or on leaving 
Singapore. Nowadays, he can 
also draw on his CPF savings 
tt« buy an HDB home. Rather 
than leave their deposits locked 
in Jhe CPF. ;n gather interest, 
many have exploited the chance 
t«* buy their own homes. 

Tn further ease house pur- 
chase. the Government has 
approved large subsidies. A one 
room flat sells at one-third its 



Mr. Liu Thai Her. deputy due ) executive officer., - 
Housing Development Board. 


real cost. Two and three roomed 
dais qualify fur smaller subsi- 
dies. while £ivne of the subsidy, 
cost is covered by selling the 
{our and five roum flats for 
more than their cost price. 
The HDB's. overall deficit ip 
1977 tand therefore the Govern- 
ment's effective subsidy) was 
SS70m. That was 22 per cent 
of the HDB's total spending, 
and 2.5 per cent of toiai govern- 
ment spending. This works out 
at a subsidy «if SS50 for every 
HDB resident. 

To qualify fur an HDB 'flat, 
an applicant must be 21. a 
Singapore cirtren and must no! 
uv:n any landed property. . . To 
buy a flat, the combined house- 
hold income musi be less than 
8S1.5D0 a month. T«» rent a. flat, 
i: must he le-s than 9S800 a 
month. Four and live bedroom 
flats are for saie only. ‘ About 
ST per cent of Singapore’s 


population earns less than 
SSl.odu. and is therefore eligible 
for an HDB home. 

A house price boom in the 
early 1970s in the private sector 
'created unexpected •' problems 
for Singapore's professional 
classes: many families earning 
too much to qualify for HDB 
homes were unable to afford 
homes in the private sector, 
where prices had trebled In just 
three years. 

Fearing an exodus which 
would bleed the country dry of 
its best qualified people, the 
Government formed the 
Housing and Urban Develop- 
ment Corporation - (HUDC). 
Households earning, a combined 
income of between S$1.50O and 

SS4.000 would be eligible -for 
homes built by the HUDC.. and 
could use their Central Provi- 
dent Fund savings for the 
purpose. This provided for 




another 6 per cenr ofSingp- 
pore’s population. Tearing. 
the richest 7 per cent to fe^ 
for themselves in the/privafe. 
house market.. 

.. A balloting system 5s r used* to 
allocate flais. Once an applies* 
reaches the: top-^ his waiting 
list therrhe is offered a 'flat'Tw 
he : rejects lt, ; then he has-fwO 
- more choices 'before returning 
to the bona roof the waiting Ksfc. 
Many applicants accept Only 
their third -choice. ■' 

;• Many , argue that;’ this/. 'ii 
.because ’ many of . the: flats "agfe 
poorly -fin ish ed, lacking :privacjL 
They -claim - that applicants tffd 
daunted by the prospect of pigR 
rise living.' - They alsb cpmpla IJd 
about, the aggressiveness ..?VJ3&k 
HD B- xedevel opment policy. 

Mr. yLhfc.-The deputy chief 
executive - officer, of the . HE®, 
counterclaims that Singe pqre 
has- no’ choice but to .-adjust: j$- 
high rise life: there, is simpjy 
no other” way. of squeezing the 
still-growlrtg . popuJatum 1 ontfo# 
laotf area -of 226 square metres 
He argues that most . Singa- 
poreans;. have ■ adjusted wel l- to . 
multi-storey flaw, and .realise 
they must .make virtue out of 
this necessity- . ’ 

Singapore's good .weather, and 
a., policy .OF providing flats with 
.wide; communal 'access',' bal- 
conies,. .alleviate . . the ; major 
problems, of claustrophobia and 
loneliness. " 

. “Of eburse, 'we- would like BJ; 
build’ low rise homes, 

Singapore it is just imppssih^ ' 
and we have' -to come to terms 
with that , fact." Mr; LitrjUald. 
He also' argued that the' 
“ choosmess " of applirauisr re- 
sulted' more .from the Fact- that 
they, were 4n no urgHn^ipeed 
of a bigger or better hotne' tflatt 
from the fact that Singaporeans 
bated high rise- blocks. of 


Public Utilities Board 


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*.V ALMOST any country everpr 
. Singapore, controversy over a 
*# new power station would mean 
1 cunt roversy over “aoinp 

nuclear." In Siocapure. the 
k-ontroversy is over ** going 
: coal." 

By 1987. the island's sixth 
power station will have to be 
ready for commission. Each of 
the previous five power stations 
i has been oil-fired, but as yet 
[ another rise in oil prices looms 
! at the end of the year, the 
i Government is getting nervous 
j about its complete dependence 
i on oil. 

Proposals that the sixth 
power station should be coal 
Bred might seem innocuous 
| elsewhere, but in Singapore, 
where 2.11m peuple are squeezed 
lintu just 226 square, mites, it 
raises serious environmental 
: issues. In such a small coun- 
try. the problem of atmospheric 
ipnltuimn from coal dust can mi I 
be underestimated. 

Delegation 

The organisation which will 
have to decide whether Singa- 
pore " goes coal " is the Public- 
Utilities Board, a government 
| controlled body which supplies 
the island's water, gas and elec- 
tricity. 

A delegation from the PUB 
i has just returned from Aus- 
tralia. where it had a close look 
| at a number of operational coal- 
tired power stations. It will re- 
port early in 1979, and the 
Government is likely to act on 
its recommendations when its 
sixth power station, due to be 
built on the small southern off- 
shore island of Pulau Saraya. 
gets rbe go ahead. 

In the meanwhile, the mas- 



Mr. Lee Eh Tieng, Chair- 
man, Public Utilities Board. 

sive oil-fired Senuko power sta- 
tion is due in be complete oy 
1984. Three generators, each of 
ISUMw. were commissioned in 
1976. and another three, of 
250Mw. should be in operation 
next year. The Iasi iwu genera- 
tors should be working by 1984. 

As work continues at Senokn, 
so the project consumes the 
lion's share of thu PUB budget 
for capital spending. The board 
expects to lay out $S4(J3.3m in 
1978. of which $S237.6m — or 59 
per cent— will be spent on 
Scooku. 

The Public Utilities Board 
worries over Singapore's com- 
plete reliance on oil for its 
power generation are quickly 
understand after a glance ai the 
recurrent spending estimates 
for 1978. The hoard expects 
total recurrent costs to be 
$S543.4ni (a 15 per cent rise on 
1977). Of this. $S271.2m will be 
spenf nn fuel nil — almost 50 per 
cent of recurrent costs. 

The PUB prnduly claims 
that it has never raised its gas 
or electricity tariffs during 12 




Banking 

followed -by two much larger 
Singapore Government issues in 
1972. In the next three years 
interest in the market Hagged, 
bu( activity picked up in 1976 
and 191*7 and a total of nine 
issues worth U.S.8316m were 
floated in the first eight months 
of 1978. 

The actual value of this busi- 
ness to Singapore is hard to 
evaluate since most of the issues 
were floated jointly in the Singa- 
pore and European markets, All 
■4 hat can be said is that Singa- 
pore is trying hard tu develop 
Its position as an offshore 
Capital market and is to some 
jxtent adjusting its treatment 
Of foreign banks according tn 
their interest in the market. The 
fime general observations apply 
the foreign exchange market 
vihich appears t«» be flourishing, 
particularly that portion of il 
' ich deals in Dollars and Yen. 

ntlily turnover on the foreign 
market is now estimated at 


CONTINUED FROM PAGE IV 

$30bn of which between 2« and 
30 per cent is in Yen. According 
tu one Japanese hank Dullar-Yen 
transactions in September total- 
led $t3bn. up from $4bn in 
September 1977. 


Foreign 


One of the instruments i5Pd 
by MAS to encourage foreign 
banks to develop their offshore 
banking activities io the direc- 
tions it favours is ihe liberali- 
sation of domestic lending. Off- 
shore banks were not original iy 
allowed to lend in Singapore 
Dollars to local customers but 
have been permitted to do so 
(up tn a ceiling oF SS30m per 
bank) since the middle of this 
year. The MAS says That 
deserving cases " will he 
allowed to exceed the $30ni 
ceiling meaning, apparently, 
that greater latitude will be 
permitted’ to those which co- 
operate with the Government’s 


years nf operation. The rise in any significance and barely any 
cost of labour, materials and underground .water supplies. -Tt 
general services have been relies almost exclusively ‘"SB 
"matched by improved efficiency, rainwater, ^lx. water reserijfiS 
But on top- of the. basic tariff is have been built, with four, more 
an oil price adjustment charge, close to completion and another, 
which was ’ increased in 1973 two reservoirs on’ the. drawing 
and again. early in 1974. Singa- board. But with a Jand area of 
poreans- can expect a Fresh, just 26 square miles, and many 
“ adjustment if "OPEC .leaders other demahis on the limited 
decide to increase oil prices space available, there is a limjt 
when they meet in December, to the numbex. of reservoirs that 
In this context, the financial can be built — and. the’ PUB 
arguments in favour nf nikfired realises that it has-very nearly 
power stations become increas- reached that limit. 
ingly powerful in spite of the To relieve the problem,, tjai 
environmental worries. 1 PUB bas .negotiated with ite 

The PUB’s gas supplies are Malaysian Government Tor four 
almost totally derived from reservoirs to he built in South 
naphtha— ‘-another nil-based pro- Johore — ^tbe . . mainland' _ arej 
duel which is likely to' become adjoining the island' of Singar ' 
more expensive with any rise pore- Some riyer water has' also 
in nil prices. Gas is mainly been tapped in South John r£ 
used tor domestic conking, and Much of this -water is piped- 
is the only area of PUB opera- across into Sfngapnre.- with the 
tinns faced "with private sector remainder being sold to i£e 
competition..' local population. . - 

The PUB is exclusive sup- Despite these Sorts, acute 
plier of ; piped gas. which water shortages re . projected 
accounts for almost 90. per cent the late 1980s unless new 
of the gas used tn Singapore. w ^ er sources a re. tapped. De- 
The remaining 13 per cent is ^s, been ruled out 

Liquid Petroleum .Gas (LPG), [ nr the Present because of the 
sold irt cbntaioers. Several pri- ^ costs anvo ved. 
vate manufacturere ^pete h ' m e antime ’ 

with the PUB for LPG sales but has 

their prospects are dwindling as P f) P tfIatinn Irtr p^ychol^fr 
more and more of the Singapore cal ! y ^^J** *™***^ 
population is housed on new water recyclingT At lhe dornesrie 

housing estates — each provided 

with rrirwd eas subnltes and P? ' UM of sewage. Industw 

with piped- gas supplies . wm be encouraged .to fnsfaJ 

Singapore s 2.3m people are purification plants 'for the 'r? 
among the few i.. Asia who can cycling nf wafer.- -It is handy 
depend on drinkable water. from surprising . that > waif -posters 
their taps — and this is entirely .everywhere plead for water eri!r£ 
due to -the ; UB. .But it is . as servaiion_ . 1PUB and Govieftf 
the nation's water supplier fbaf meni spnfcesmeh. rail nnrelenf 
the PUB. .has come. face to face . ingly .-..against -.'the'-', “.water 
with its "most acute environ- w asters. 
mental-dUemmas. . j" ' 

Singapore has no rivers. of g^yj^g- . ^ ^ 

Like aimosr , every other 
government-controlled body, -thp 
PUB. is not allowed (he lincury 
. nf financial .support. After fuqjj- 
ing many of its projects ihrpyglj 
. . loans .from the World Bank apd 

objectives, in the offshore 'rank- the Asian Development; Baqj<, 
ing sector. .. : - the PUB U.cnmm.ittedToisqueK;-, 

A snag, to the liberaltsatuio./ing. an 8 per . cent;retpnj.-p 5 
of domestic tending is (list investment.. -At' -present: 
foreign banJks remain - barred managing an li per. cear returj^. 
from the acceptance of interest- The. Singapore .Governtoenf' 
bearing deposits and are thus demands .that debt servicing » 
obliged to- raise their Singapore, covered . 1.5 times" by ' cash 
Dollar funds on the local Inter- generation. . In 1977, "debt ser- 
bank market It so happens that vice was covered 1.77 times. 
there was Tlberaiiaa tion i»f This apparent. success .in meetK 

foreign exchange. controls ih the ing - financial, targets ehotcjd 
middle of -the year. Foreign nevertheless not disguise th£ 
banks thus find it hard Fact that. -the PUB; is’ treading 
to match the 7 per cent prfti*e a financial tightrope. The com-' 
lending rates’ of the leadn-g- party will hfeed" rtv3er $S37Ixp in 
local banks t which draw their fresh Moans this year, and ean 
Tunds from -deposits)' without expect huge- demands- for extia 
incurring ’ losses -'on rheir-cash rn rhe." mj.d, ; I98Qs, as 'tim ’ 
domestic business. Sonie banks. Senoko^nwer station Is .com-* 
however, are’ vdllihg to lend pleted and as . work slam pn t££ 
locally- at. a .loss .in order ro Pnl«u::Swayiu;pdwer ^statidaL 
senicc lbe_Singapore' offshoots Whether this Ration is_oir v djc 
of companies" which' are their coal fired wilt make .little &f-. 
custuraers in other parts of tite ference to ; the initial cost m 
world. . ■' "getfins'' the station built. 


C^. 


•Ik-, 


DJ>. 








- Financial Times Wednesdav November 22 1973 


L& ' 


:v 


SINGAPORE VII 



20 




Central Provident Fund 


VpEN IN 1935 the British 
administration in Singapore set 
up the Central Provident Fund 
as a basic workers* pension 
fund, no one dreamt that 23 
years later die Fund would 
have been transformed into the 
main source erf government 
borrowing, and the cornerstone 
of Singapore’s anti-inflation and 
rehousing policies. . 

The scheme .introduced on 
July 1 1955 was modest in- scale, 
aimed at providing those who 
had no social security and no 
security in - old age with a 
mpans-of saving for retirement 
Contributions varied according 
to,, the monthly salary, but for 
the average person, earning 
under - SS200 a month, the 
employer had to pay 5 per cent 
of the salary into the employees 
CPF account. Only when the 
salary rose above S$2lO did the 
employee match this contribu- 
tion. 

...Then, in 1968, the nature of 
the CPF was rethought by an 
independent Singapore govern- 
ment lead by Mr. Lee Kuan 
YCw. The Government was con- 
fronted by an argent and daunt- 
need to provide adequate 
tiftislng for its people. But 
Wtf&ire were no funds in the 
Offers for any major re- 
development schemes, and even 
if the Government had had the 
&sh. few workers had saved 
bbiough money to afford any of 
the houses the Government 
ftight build. 

-'‘-The scheme was simple but 
brilliant : boost the CPF contri- 
butions by employers and em- 
ployees, make sure the funds 


invested (a. the CPF are rein- 
vested in government stork®, 
use this government borrowing 
to build new homes, and then 
allow the worker .to use his 
CPF account - for house pur- 
chase. 

The scheme had a multitude of 
virtues; by reducing the spend- 
ing power of workers it pegged 
inflation; it' persuaded workers 
to learn the savings hahir; it 
launched Singapore towards 
Premier Lee's, .-.ideal of a 
property-owning ' democracy: 
and if it was unused for 
housing, it woul ^.provide The 
worker, at iheyag^of ;55, with 
a substantial nest egg. • 

The scheme .alsd.'.ericouragcd 
full employment,-- *dnce a man 
out of work was; saving nnthins. 
and so ;wduI(i^JK.'rtin]ihe!y to 
save for a homfi- of fu* gwtl 

A new, higher -.jGEF contri- 
bution was inirpduced nn 
September I; 1968. In the 10 
years .then, - contribu- 

tion rales have .been hoisted 
another • eight "dtries. i Contribu- 
tors to the iund .have grown 
from 0 5m to l385Sa-. 

Prom July U' 1978, an 
employee earning more than 
SS36.3 found 33 per cent of his 
monthly salary.!. going inio his 
CPF accuunr— half paid by his 
employer, and half paid out «jf 
his salary. The monthly pay- 
ment ceil ing becomes SS9S0 — 
SS495 ' apiece from, eznpluyt-r 
and employee!' 

Apart from house purchase, 
withdrawals are ■effective! y 
ailowed for five reasons: reach- 
ing the retirement age of 55: 
leaving Singapore : “wiLh no 


intention of returning”: 
physical incapacity: mental ill- 
nvbs: death. 

In 1977, withdrawals worth 
SS12O.0m were made on these 
various grounds, with 75 'per 
cent of these being on retire- 
ment. 

By contrast, in 1977. a total 
of $S383.5m was withdrawn fnr 
the purchase of almost 49,000 
homes, a total or 165.709 
houses have het-n bought this 
way smee 1964. Contributions 
into the fund from the 750.000 
active cnatnhuian totalled 
$Sl.ll5bn. taking the cumula- 
tive-balance due'tu members of 
The fund to SS4.954bn at the 
year's end. Deposits earn 
interest at 6* per cent com- 
pound. calculated quarterly. 
With inflation only recently ris- 


ing to 5.2 per cent, there is an 
incentive to lose? the money 
where it is. Workers can only 
withdraw cash fur bouse pur- 
chase if the house they want 
to buy is government built. If 
you can afford the luxury of a 
privately huilt home, the Gov- 
ernment assumes ynu can afford 
m pay for it nut oF your own 
pocket. 

By August this year, the CPF 
had total assets of SS5.56bn. 
with 5S5.232bn of that invested 
in government stocks — making 
c/p 67.2 per cent of The Govern- 
ment's domestic loans. The 
overall yield on the stocks is 
around 6.2 per cent, which 
means The Government is cur- 
rently able to finance much of 
its spending 2 per cent more 
cheaply than it could if the 


money was borrowed from the 
World Bank. 

The system o£ forced saving 
under the CPF scheme seems 
to have imbued Singapore's 
workers with the savings habit. 
Many have been shocked by the 
speed at which their CPF 
deposits build up. and have been 
impressed by calculations that 
many will "retire" at the age 
of 55 as SS millionaires. Sav- 
ings in the recently established 
post Office Savings Bank are 
booming, and the banks have 
not yet reported any adverse 
effects on their business. 

Amid considerable contro- 
versy. the CPF recently sanc- 
tioned a new use for deposits: 
when the Singapore Bus Service 
(5BS> announced plans to fluat 
a S$20m stock issue to improve 


the public transport system, the 
CPF said it would allow contri- 
butors to use up to S$5,Q00 
apiece to buy Singapore Bus 
Service shares. 

The share offer was over- 
subscribed about 27 times, 
prompting some stock market 
experts to query whether the 
issue had been under-priced. 
When the new shares were 
distributed, at 500 per person, 
it was found that SSIS.4m of 
the shares were paid For out of 
CPF coffers. 

CPF General manager. Robert 
lau. carefully warned that this 
policy departure did not imply 
lhat contributors would in 
future be able tn use their 
deposits for stock market 
speculation: the Fund Managers 
claimed that the Singapore Bus 


Service share issue was an 
exceptional and particularly 
“worthy 1 ' cause. • 

”In ' view of Singapore's 
limited road . network, wc 
urgently needed an efficient 
transport -system; and we 
urgently needed to ' encourage 
its use and efficient administra- 
tion.” said Robert Ian. 

“ We fell that it was The 
ordinary working man * who 
should be given a look-see In 
the running of his own public 
transport system. And that 
made the SBS a very special 
case. At the present moment, 
we don't envisage any similar 
ventures.” 

New investors in SBS will, as 
a " reward." set a concessionary 
bus pass, giving them travel 
throughout Singapore at reduced 


rates on public transport. But 
they will not be able io resell 
their shares on’ the open stock 
market: when they sell up. their 
cash bas To go back into Lhe 
CPF acuunt. 

The only problem which 
seems likely tu arise for the 
CPF is a long term one: what 
happens when Singapore's pre- 
dominantly young labour force 
starts to reach retirement age 
in large numbers: some specu- 
late that the drain on the coffers 
will be too huge to handle. But 
since the dilemma is unlikely to 
peak fnr 20 years yet. general 
manager Robert Ian refuses +n 
contemplate it. Like “making 
a fast buck” for the CPF and 
its members. 

D.D. 


Singapore Airlines 


SINGAPORE AIRLINES Is the 
national flag carrier of Singa- 
pore and one of the Fastest 
growing airlines in Asia. 

According tu Mr. J ■ M. Pillar, 
tiic SLA chairman, the airline 
ranks 24th in the world in terms 
of passenger kilometres flown, 
bin second after Japan Air 
Lintr* in the Far East f although. 
Mr. Pillay adds. Korea might 
dispute the second part of that 
claim). SI A has been increas- 
ing it? annual production by an 
average of 28 per cent a year 


since 1972— the year when its 
predecessor, Malaysian Singa- 
por Airways, was dissolved and 
SIA formed. 

In terms of actual loads car- 
ried annual growth has been of 
the order of 33 per cent. with 
the difference accounted for by 
a steady improvement in load 
factors. 

This ranks as a fairly remark- 
ahle achievement given that the 
early years of SIA's progress 
coincided with the aftermath of 
the oil crisis — a period in which 



Corporation 


THE JURONG industrial estate 
yj the south-west of the island 
gtf Singapore is a monument to 
&S, Government's determination 
to create an industrial sector as 
the only solution to Singapore's 
employment problem as the 
country became Independent 
Singapore bad. a work-force of 
500,000 • of whom 80.000 were 
unemployed when. British con- 
trol over Singapore’s domestic 
affairs ended in 1959. Today 
25 to 30 per cent of the workers 
:k -‘J urong (and at other indus- 
trial centres around the island! 
are "guest workers” from 
Malaysia, with others shortly 
due to arrive from Thailand. 

Singapore's good commumua- 
{jons and political! stahi l fcy. id.us 
the generous tax incentives 
offered to foreign investors are 
*hree major reasons for this 
transformation. The fourth 
.reason has been the Govern- 
ment's ability to provide a con- 
ilpuous ' supply of well-, 
equipped industrial land at 
very reasonable prices. . 

>”The problem of providing jobs 
was one of two major headaches 
Vrhicb Singapore faced at 
independence and like the 
Wther major problem on the 
Government's plate (housing) 
afas initially tackled by the 
creation of a special develop- 
fe'ent board. Officials at . the 
Economic Development Board 
1EDB) who were given the task 
St' increasing, the supply of 
lobs, quickly concluded that 
industry at thfit time accounting 
‘(or only 4 per cent o# Singa- 
pore’s GNP was the sector to 
qevelop. They also concluded 
Jurong, given the existence 
of prior claims to most of the 
Cost . of Singapore's land area, 


was the place to develop it 

The EDB started buying land 
in the Jurong area from the 
Government in the early '60s 
and was soon in a position to 
offer sites to textile manu- 
facturers from Hong Kong and 
Taiwan who were seeking new 
manufacturing bases after 
encountering quota restrictions 
on exports from their home 
countries. The Malaysia period, 
when Singapore was a member 
of the Federation of Malaysia, 
produced a flood of manufactur- 
ing investments aimed at import 
substitution. Though this was 
followed by a disquieting lull 
after Singapore pulled -out oi 
the Federation in 1865. . 

■ In Brit^jfsriiecisioii te 
phase* out: Us military firesifnen 
meant that Singapore was con- 
fronted with a new spate of 
employment problems but by 
that time jurong was beginning 
to take off. TJie deep water sites 
on the sfate’s coastal strip 
attracted . investors from the 
Japanese shipbuilding industry 
which was seeking a location in 
which to establish ship repair 
facilities to balance its own 
emphasis on the building of big 
tankers. By the early ’70s multi- 
national companies were begin- 
ning to see that Singapore was 
good place to locale factories 
aimed at. world markets (not 
merely regional ones) ami 
investment commitments were 
coming in ot the rate of over 
S$500m a year. 

The EDB, succeeded by the 
Jurong Town Corporation which 
tfink over responsibility fnr 
industrial estate development 
io _ 1966, has borrowed over 
S$2.1bn from the Government 
to purchase and develop land 
in Jurong since the early '60s. 
Purchasing has presented no 


real problem thanks to a land 
acquisition ordnance (intro- 
duced after independence) 
which gives the Government, or 
a statutory corporation, strong 
powers vis a vis individual 
landowners. 

Development at first involved 
a considerable amount of land 
reclamation since much of 
Jurong W as a tidal swamp 
before the scheme was launched. 
By far the greater part of the 
work was completed before the 
oil crisis drastically increased 
the fuel costs involved m shift- 
ing large amounts of soil. 

Tlie JTC. which remains the 
sole owner of Jurong's 15J0U4J 
acres of industrial land, lets 
factory sites (or ready made 
factories) to investors at 6 per 
eeat per year of the cost of 
acquisition and development. 
Its .contractors give it the right 
to increase rents by up to 50 
per cent (ie to 9 per cent of the 
original development cost) after 
the first five years and by 
another. 50 per cent after ten 
years. Since the JTC borrows 
money from the Government at 
interest rates of between 7.25 
and 7.75 per cent land is in 
effect being let to new occupant 
at subsidised rents. 

Investments 

Ultimately, however, JTC -can- 
normaliy expect to recoup hand- 
somely its investments— besides 
being the owner of land which 
is appreciating hugely over its 
original acquisition price. The 
JTC owed the Government 
SS1.2bn in its last fiscal year 
and spent rather more than half 
of its income during the same 
year on servicing its loans. The 
corporation, however, has not 
hRd to borrow in order to 


finance interest payments. So 
far as its long term future is 
concerned it is clearly sitting 
on a gold mine. 

The Jurong estate, now con- 
tains 820 factories employing 
25,000 housing units which The 
JTC built because workers were 
having to travel too far from 
other ports of Singapore to 
Jurong. 

In Lhe first years of the pro- 
jects life the lack of housing 
meant that there were unfilled 
vacancies at Jurong despite the 
existence of unemployment else- 
where on the island. 

The JTC is trying to 
“humanise” the estate by pro- 
viding amenities such as parks 
sports stadia, and skating rinks, 
but labour turnover remains 
high and it may be years before 
the estate becomes a rounded 
and self-sufficient community. 

Jurong is not the only place 
in Singapore where industrial 
development is under way on 
Government estates. The eomr 
bined total of other estates 
(also supervised by JTC) now 
houses 760 companies with a 
total of 90,000 workers and 
more can still be developed 
along the north-east coast of the 
island lacing the deeper portion 
of the straits of Johore. Ur. 
Teh Cheang Wan, the chairman 
of JTC, says some of the ideas 
for Jurong came from Britain’s 
new towns, but quite a number 
of others were thought up by 
Singapore's own planners in the 
early 60s. Anyone who wants 
to copy Singapore will have to 
ensure, he says, that it starts 
out with a strong land acquisi- 
tion ordinance. Otherwise land 
costs may go through the roof 
as industrialisation proceeds. 

C.S. 


other airlines were marking 
time. SLA. in fact, appears to 
have taken a calculated gamble 
an the feasibility of raid 
growth around 1972. and won 
handsomely. The turning point 
in the airline's progress was the 
decision, in 3972. rn order Boe- 
ing 747 jumbo jets at a time 
when it was doubtful whether 
there would be enough pas- 
sengers. 

. SIA’s fleet consists oF seven 
jumbos, six Boeing 727s and 
eight 707.-' — a far err from the 
fleet nf five 707s and five 737s 
(together with some smaller 
aircraft) with which it starred 
business in 1972. The existing 
fleet, however, is due to be 
modernised and extended in the 
near future, notably by the re- 
placement of all seven jumbos 
with a new generation of im- 
proved 747s with more powerful 
engines. 

The decision to replace the 
existing 747 fleet, with some 
additional fleet expansion, en- 
abled SIA to announce last May 
what it claimed was the largest 
order for aircraft ever placed 
by a commercial airline. The 
nrder was worth SftOOm and 
included 13 new 747s. six 727s 
(some of which are on option). 
The SLA order made headlines 
In U.5. newspapers at a time 
when the airline was starting 
preparations for a new trans- 
pacific passenger route (due to 
open nexi April). 

SIA's ambitious aircraft pur- 
chasing programme has saddled 
the airline with a fairly heavy 
debt repayment schedule which 
is one reason why the break- 
even load factor has risen 
steadily in the past few years. 
It now stands at somewhere 
above 60 per cent. Actual load 
factors, however, hare risen 
steadily (to 68 per cent in fiscal 


year 1977-78) so it would appear 
that SIA's prescription for 
growth is a sound one. 

Mr. Pillay attributes his air- 
line's rapid progress to two 
factors: the first, and probably 
most significant, is the focal 
position of Singapore in inter- 
national communications. The 
island is on what the British 
call the imperial route to Aus- 
tralia and the Australians call 
the Kangaroo route to Europe, 
Mr. Pillay points out. It is also 
a stopping-off place for prac- 
tically ever)’ regional airline in 
South East Asia and for U.S. 
airlines flying the Pacific. 
Because so many foreign air- 
lines call at Singapore (a total 
of 30 at the last count l SLA has 
ample leverage for acquiring 
traffic rights in Europe and the 
U.S. 

The growth of SLA (or rather 
of its predecessor Malaysia 
Singapore Airlines) really got 
under way when it became 
possible in the 60s to start 
making full use of this accumu- 
lated bargaining power. A turn- 
ing point in the process would 
seem to have been the acquisi- 
tion by the Singapore and 
Malaysian Governments of 
equity in the airline which had 
previously been held by BOAC 
and Qantas. two of the major 
airlines on the London-Austral ia 
route and important competi- 
tors for SLA in the region. 

Mr. Pillar stresses the fact 
that the BOAC and Qantas 
involvement in Malaysian air- 
lines was in many ways bene- 
ficial. It meant that "we had 
a long apprenticeship in how to 
run an airline before the time 
came to manage on our own." 
On the other hand it would 
seem that both SIA (and its 
Malaysian counterpart Malay- 



Neptune Orient Lines 


NEPTUNE ORIENT Lines, 
grated in 1968 as Singapore's 
Rational shipping line, took 
Sight -years to struggle into 
profit But after three successive 
years in’ the blacky the top 
management is alive with talk 
qf.. expansion. 

^ la February this year, the 
goxnpaqy for fro first time 
started shipping l;?tween Asia 
j(nd the West Coast of the U.S. 
l(_.has five container, ships cur- 
rently under construction— all 
of them to be ready by 1980 — 
to serve this new route. Plans 
are also mooted for a new 
service to .West Asia— what 
Europe tends to call the Middle 
East. 

~It Is difficult to under- 
estimate the psychological relief 
when profits were announced 
for the first time in 1976, In 
die harshly competitive world 
of Singapore business, lame 
ducks are left to die— —even 100 
ffer cent Government owned 
companies like Neptune Orient. 
•"The company’s General 
Manager, Mr. Lua Cheng Eng. 
claims there were special 
f basons for Neptune Orient s 
slow climb to profitability. First, 
if "was etablished with next to 
tfft' foreign help or expertise — 
tfflich meant learning lessons 
the hard way. ‘Second, within 
tffib years of starting operations, 
th'o world shipping industry was 
dVemin by the container revo- 
lution. 

“'"We had barely had time to 
Tetiin about traditional shipping, 
tftien the ' container revolution 
oiffcarred,” Mr. Lua said. “ The 
changes took place so fast-pot 
just in terras of containerisa- 
tion but also in terms of 


management style. It became 
essential to work through a con- 
sortium.” . 

Neptune Orient Lines was in- 
corporated in December, 1968, 
with an authorised capital of 
$Sl00m. Even though ik com- 
pany was Governnieiu-owned 
(through the Government-hold- 
ing company Tainasek). it was 
clear from the outset that it 
could expect no special favours. 
It would have to make a profit 
like any other company, and 
would have to tender for busi- 
ness— -including an y Govern- 
ment contracts — in i he normal 
way. If a client wanted a 
Government guarantee. Nep- 
tune Orient was to be charged 
by the Government on a full 
commercial basis. 

With these ground rules clear, 
and expert advice from a senior 
manager from the National 
Shipping Comps 03 ' of Pakistan, 
the company bought a nine- 
year-old 12.000 dwr general 
cargo ship from Germany's- 
Wensa Line. The- ship was 
christened Neptune Topaz. 

In under 10 years, the 
Neptune Orient fleet has ex- 
panded to 26 ships. It has six 
fully cellular container ships, 
one roll-on roll-off container 
ship, four dry cargo liners, ten 
Freedom vessels for bulk 
cargo, two product tankers, two 
crude oil carriers and a VLCC 
(very large crude carrier). The 
fleet comprises a total fly- 
weight tonnage of just over 
750,000 dWL AH but the con- 
tainer ships are chartered out. 

In 10 years, fixed assets have 
grown from SS49:n to over 
8S490m, while paid up capital 


has jumped from 8510m to 
SS75m. 

Another five 16,000 TEU 
f ally cellular container ships 
are now under construction in 
Japanese yards and are due to 
come into service by mid-1980. 
These ships will boost the total 
fleet size to almost lm dwt. 

From the outset the company 
made a policy decision to stay 
out of “local" shipping — for ex- 
ample, between Singapore and 
its ASEAN neighbours (Thai- 
land, Malaysia, Philippines and 
Indonesia). - 

But, exploiting Singapore's 
strategic position on the ship- 
ping route between Europe and 
the Far East, Neptune Orient 
negotiated a /‘junior partner- 
ship" in the Far Eastern Freight 
Conference, and set up a line 
between (in Asia)’ Busan. 
Tokyo. Kaohsiung, Hong Kong. 
Port Kelang and Singapore, and 
(in Northern Europe), South- 
ampton. Hamburg. Bremen, 
Rotterdam, Antwerp and Le 
Havre. This was the first ship- 
ping link established between 
Singapore and Europe. 

In 1970. a line was opened 
with Australia. But the 
company’s third line — with the 
U.S. west coast ports of Long 
Beach and Oakland — was not 
set up until February this year. 
Four container ships currently 
run every nine days from Yoko- 
hama. Osaka and Busan in Asia, 
but by mid-1980 they will have 

been joined by another five 
ships which are now under con- 
struction. 

When Neptune Orient made 
the decision to open links with 
the U.S. it was at the same time 
considering a fourth route— with 


West Asia. These plans have 
been shelved far the time being, 
but Mr. Lua implies that they 
are unlikely to be shelved for 
long. 

Both the European and 
Australian lines are now 
running profitably. The com 
pany said that it was still too 
early to confirm a profitable 
year for the new American line, 
bur was nevertheless “ satis- 
fied " with business so far. 

The world's shipping com- 
panies have had a hard time 
during the trade slump span- 
ning the past five years. But 
Neptune Orient has survived 
comparatively unscathed: no 
ships have bad to be laid up- 
on the coptrajy, the company 
has been able to buy new sbips 
at bargain basement prices from 
companies in greater difficulties. 

“We believe that times nf 
adversity are also times of 
opportunity,” Mr. Lua said 
wryly, “i don’t know whether 
to call it luck, foresight, or 
what. We are not operating in 
the worsi affected sectors — with 
tankers, LNGs and Bulk 
Carriers. But we would have 
been badly hit if we had not 
rationalised and containerised 
fast enough. Even as wa are. 
growth has been slow.'* 

Mr. Lua claims that he and 
his company have managed to 
reconcile themselves to 'the 
inevitability of slow growth. 
For that reason he is reason- 
ably optimist for the future. 

“Our figures are slightly 
better this year than last,” he 
noted. “ So we hope that we 
are at last coming up from the 
bottom.” 


D.D. 


Mr. .J. M. Pillay, Chairman. 
Singapore Airlines. 

sian Airline System! have 
benefited from being their own 
masters since the late 60s. A 
pointer to this fact is the growth 
of the SIA network, from 19,000 
kilomeLres in 1965 to 83,000 
kilometres in 1973 and 130,000 
kilometres-today. 

The second factor behind SIA's 
growth has been its emphasis 
on service. Mr. Pillay claims that 
this is an all round stress and 
not merely a mailer of pamper- 
ing SIA passengers with lavish 
in-flight service, provided by 
attractive hostesses. SIA's adver- 
tising concentrates on the “ soft 
image" Mr. Pillay admits, but 
the airline is actually dedicated 
to a concept uf tin a! service 
which includes punctuality and 
reliability, so&d checkin and 
ticketing services. This is not 
the same thing. Mr. Pillay says, 
as the "gimmickry" practised 
by some other airlines. 

Plans 

SIA’s plans for the future 
include the expansion of trans- 


pacific routes from the four 
flights per week with which the 
service will start next year, the 
possible opening of services to 
the South West Pacific (Port 
Moresby, Fiji, etc.) and. when 
a number of existing problems 
have been sorted out. the opera- 
tion of a Concorde service 
between London and Singapore 
in partnership with British Air- 
ways. Concerning the notoriously 
unprofitable Concorde, Mr. 
Pillay says that the aircraft will 
make a profit it it is flown for 
seven hours a day with a 60 per 
cent load factor, and SIA expects 
to achieve this. The Concorde 
will also be “ good for the 
prestige’’ of SIA and the region. 

SLA is 100 per com owned by 
the Singapore Government and 
tied in to other official institu- 
tions through its management 
structure (SI r. Pillay. for 
example, doubles as one nf the 
permanent secretaries at the 
Ministry of Finance.) As an 
economic asset to its home 
country there can be no doubt 
about SLA s importance. The 
airline contributed 3 per rent of 
Singapore’s GDP in 1977 and 
earned more than half nf the 
net increase in Singapore - ' 
foreign reserves during the 
same year. Most important of 
all. SLA flew to Singapore no 
less than 40 per cent of tin* 
tourists who visited Lhe island 
in 1977. Mr, Pillay says SLA's 
function is not primarily to 
serve the economic interests of 
Singapore, but tn provide a 
service to its customers. For 
most of its six years of existence 
the airline seems to have 
managed both. 

cs. 


Wfe planted $ 
pepper seeds 

in 1856. 


Look how 
we’ve grown. 


Jnchcape’s interests in Singapore stem from the Borneo 
Company Lid. which was established in 1856. Then we 
collected and marketed local products like pepper, sago, 
minerals, dyestuffs and beeswax. Some of our 
subsidiarv-s still do. 

But now we also have interests in construction 
plant and equipment; pharmaceuticals; marine equipment; 
electrical appliances and heavy electrical equipment; 
assembly and distribution of automotive and agricultural 
vehicles: medicaL hospital and laboratory scientific 
equipment And lets more-such as watches, 



w 


helicopters and light aircraft, shipping insurance • , 
and travel. 

This is a fa?r growing part of the world and 
■wed like to think that the Inchcape companies have 
played a major part in making it a better, more 
prosperous place to live, as well as a good place to 
invest in the future. 

Ifvou would like to know more about our : 

activities in Singapore get In touch with us at the - 
address below. ^ 



&Ca Limited 

40 St Mary Axe, LondonECclA SEU TeLOl-2834680 Teles 8S5395andSa 5305 


: Vt-. 


26 


SINGAPORE V] 


Finaaciai Times ’’. 





IF THERE were ever a city 
made by geopraphy, Singapore 
is it When Sir Thomas Stam- 
ford Raffles stumbled upon 
Singapore in 1819 he saw im- 
mediately the enormous poten- 
tial in what until then was an 
obscure fishing community in- 
habited by a few hundred 


Malays. Situated at the far end 
of the Straits of Malacca, the 
tiny island could command ail 
the major sea routes in South 
East Asia, and Raffles set out 
to make sure it did. 

Today Singapore's strategic 
location is the basis of its very 
political independence. As the 


transport and communications 
centre of a region encompassing 
the entire Indonesian archi- 
pelago and the Malay peninsula, 
the republic is indispensable to 
the economic aspirations of 
both Malaysia and Indonesia, 
two of its partners in the Asso- 
ciation of South East Asian 
Nations. 


Both are jealous of Singa- 
pore's progress and traditional 
racial enmity makes that 
jealousy volatile. But as long 
as the republic remains com- 
mitted to the ASEAN regional 
concept, and knowing what 
Singapore can offer, its 
detractors realise that co-opera- 
tion is much the best policy. 




THE TROUBLE with most of 
tii*? business ventures set up by 
the Singapore Government in 
The past decade is that they 
have been too successful— or at 
least too successful for the 
liking of private business. 

Intraco. which celebrated its 
tenth anniversay earlier this 
year, is an exception. It has 
not developed into Singapore's 
answer to the Japanese General 
Trading Company, as the Deputy 
Prime Minister. Dr. Goh Keng 
Swee. evidently hoped when he 
proposed its formation. 

Its turnover o£ roughly 
SSlOOm. per jear is less than 
the before-tax profits of some of 
the major private sector trading 
concerns and its overseas 
branch network lafier the 
closure or " redevelopment ” of 
offices in such places as Sydney, 
Moscow and Dusseidorf a few 
years ago;. is minimal. 




Markets 


Even so. it can be argued 
that Intraco tits name is short 
for International Trading Com- 
pany) has done something 
during the past decade to 
establish markets for Singapore- 
manufactured goods in major 
overseas markets {including 
Communist ones). 

According to Mr. Lam Peck 
Hpng. Iniraco'f planning and 
development manager. Dr. Goh 
suggested the formation of a 
Japanese-type *’ shosha " nr 
general trading company in 
Singapore after travelling the 
world during the mid-sixties 
and noting the numbers land 


Mr. Chandra Das. Managing 
Director . Intraco. 

persistant) n[ Japanese 
Trading CX men in the coun- 
tries he visited. 

Intraco is owned to the 
extent of 26.6 per cent of its 
shares by the Government 
holding company, Temasek 
holdings while another 15.4 per 
cent is in the hands of the 
Development Bank of Singa- 
pore. 

The company was intended 
to spearhead the export of 
Singapore products in un- 
familiar markets, in much the 
same manner as the hig 
Japanese trading companies 
have done for Japanese goods. 
To that end a powerful over- 
seas branch network was 
originally envisaged, but the 
plan to create a Japanese- 
type “ s hosha ” in Singapore 
failed, as Mr Lam now admits, 
because the Government failed 
to rake account of certain 
essential preconditions for 


success. 

Japanese manufacturing 
companies use “ shoshas ’’ to 
sell their goods overseas — 
either because of force of 
tradition, or because they lack 
the language skills needed to 
do their own overseas selling, 
or because they are themselves 
members of the same loose-knit 
business ' groupings as the 

shoshas." 

In Korea (where Japanese 
type “ shoshas " have been 
successfully established), manu- 
facturers have been forced to 
use general trading companies 
because the latter have been 
accorded foreign exchange and 
travel privileges denied to 
industry. 

The Singapore government 
failed to support Intraco with 
the network of controls and 
restraints which has bolstered 
the position of Korean general 
traders. The result was that the 
company had to compete on its 
own merit? with other 
importers and exporters- 

Intraco today exports some 
SS40m to SS50m worth of Singa- 
pore manufactured goods per 
year (about half its turnover), 
but finds difficulty in keeping 
the •loyalty" of manufacturers 
whose goods it is selling i given 
the natural .tendency of ex- 
porters to try to cut out the 
“middle man.") 

Its clients, generally speaking, 
do not include the big multi- 
nationals which have chosen 
Singapore as a manufacturing 
and sales base. They tend to 
be smaller and more local com- 
panies and Mr. Lam is frank 


enough to admit that pushing 
overseas sales on behalf of such 
companies is not particularly 
profitable. 

Intraco would probably be 
better off importing Western 
consumer goods into Singapore 
than trying to sell Singapore 
goods in the West, but this is not 
part oF its business. 

Despite failing to live up to 
the hopes of its creators. 
Intraco serves a number of 
useful purposes (apart from 
that of earning a reasonable 
profit for its shareholders). 

Possibility 

It frequently provides the 
channel for initial trading con- 
tacts between Singapore and 
another country (a case in 
point could be Vietnam, where 
there is a strong possibility that 
Intraco may shortly open one 
of its few overseas branches). 
Intraco has also been success- 
ful in diversifying Singapore's 
sources of imported raw 
materials tfor example, by- 
opening up the South Pacific as 
a source of copra supplies). 

Last, but not least, it helps 
to keep the price of rice stable 
by managing (for a fee) the 
Government’s rice stockpile. 

With these varied functions. 
Intraco can be said to earn its 
keep as one of Singapore’s semi* 
Governmental companies, but it 
has yet to develop into the 
powerful overseas marketing 
tool that was originally envis- 
aged. 

cs. 


As in Raffles' day. the centre 
of Singapore's communications 
network is its harbour. In 19i t 
the port of Singapore handled 
more than 64m tons of cargo, 
making it the fourth largest in 
the world. During that time 
some 41,000 vessels arrived and 
departed. 

Over the past several years 
the pattern of Singapore's 
coastal and international ship- 
ping has changed considerably', 
with containerisation making 
firm inroads into conventional 
traffic. The port of Singapore 
Authorin' expects container 
traffic to increase at a 25 per 
cent annual rate over the next 
few years. 

Along with this growth, 
transhipment container traffic 
has also shown good gains. In 
1977 this transhipment traffic 
accounted for 38 per cent of all 
containers bandied. 

Despite rising protectionism 
in West Europe and North 
America, prospects for Singa- 
pore’s export growth, and with 
it an increase in shipping, are 
favourable. 

The ASEAN Preferential 
Trading Arrangement and the 
possibility of trade liberalisa- 
tion with Japan have convinced 
local authorities that any losses 
in the West can be offset. 

Singapore is also a regional 
and international aviation cross- 
roads. Paya Lebar airport 
currently handles about 5m 
passengers a year, making it the 
busiest in South-East Asia. 
While Paya Lebar has recently 
been expanded, it will soon give 
way to a totally new facility, 
presently under construction at 
Ch&ngi on Singapore's east 
coast. 

The Changi airport now set 
to begin operations in early 


1982. will cost some SSLGbn, 
and represents one of the most 
massive construction projects 
ever undertaken on the island. 
It involves not only land level- 
ling, the diversion of a river 
and the resiting of a sewerage 
s: 3tem, but also the dredging 
of a large seabed area, which 
could lead to creation of a new 
deepwater port. 

Changi will be able to handle 
20m passengers a year and 80 
aircraft movements an hour, 
four and three times as much 
respectively as the Paya Lebar 
facility. Its opening will 
coincide with the first deliveries 
of the 13 747s and six 727s 
Singapore Airlines ordered from 
the Boeing Company, in what 
for a time was the largest com- 
mercial aviation purchase in 
history, 

A major impetus for Cbangi’s 
construction came from projec- 
tions that by the end of this 
decade Singapore could be play- 
ing host to 2.5m tourists a year. 
Tourism earned Singapore 
almost S$lbn in 19<i and 
accounted for fully 6.2 per cent 
of gross domestic product 


Success 


The tourist boom has spawned 
massive hotel building plans, 
with 2,500 new rooms now. 
under construction and another 
3,000 under consideration. By 
the early 1980s, the republic is 
expected to have some 16.000 
hotel rooms in all, more than 
any city in Asia except Tokyo. 

With no well known natural 
or historic sites and a lack of 
any distinctive cultural heritage, 
the growth of the tourist in- 
dustry is a testament to the sne- 
cess of the Singapore Tourist 
Promotion Board in portraying 


the republic as all things to all project wiH indudea aew satej^ r 
people ' lite town, witir moderii. highway,.,- , 

In Japan, for example, Singa- linking the extreme east coast,, 
pore is sold as a safe haven. In anithev western jart of 
a region supposedly replete with, island.- - . .. - - - vV ■ 

street crime. Indonesians-, who. . Smaller land reqamationprtK. 
comprise the largest group of jects- are. il»,.proreeding. in* 
visitors, view it as a one-stop other areas of Singapore. Tfyast . 
supermarket, where they can indude &e'ronstruction- o£ tw»- 
pick up the kinds of luxury new channels' to 3*614: UBrfefc. 
goods difficult to acquire at land with sea . frontage for the' .: 
home In Europe, Australasia shipbuilding . ' and . • repairing ; 
and North America, Singapore, industry. - V / \ 

is “ instant Asia." a handy amal-/ 

g r>m of Chinese, Malay / anti- 
Indian cultures where -tfifr 
streets are clean and nearly Aimther.construction proje'ct , 
everyone speaks English. . -.. .: ■' coe£L. 

Officials have voiced some 5iderati9n/ia a.prQpbsed SS4bn.- 
concern that the recently 'underground - mass transit. - 

announced decision by Britain acheme. .. ;lh%. system, was' imt-“ 
and Australia to reduce -air-scheduled to, get underway unliC..- 
fares between the two countries tie jiate USOs, _bui faced 
could have a serious impact- on hwonDiig StB afternooh. traffic' 
Singapore’s tourist traffic, ..The congestion, a u tho rities have, 
fare reduction wiS effectively _moviKl .pla imin g. forward. r / rr _- 
eliminate Singapore as- abddget - Oaetof the factory ^ behind 
stopover for Australians to- speed tip the ■ 

.route to or from. Britain., and. ^ble;tw®.tne raaewed demand^ ., 
with Australians accounting for ^-f^y|Ue.cars,;an4;tlie ■mixed;'*, 
more than 14 per renfc-of Singa- results' : of the ‘. area licensing 

pore's tourist traffic, at least scheme, which seeks to limit 
superficially, the feats would traffic in" the . central business. 1(1 
seem to be justified. . district t he; lon g 

However, Australia ' seems mass : transit _ system is viewed:,, 
committed to lowering airfares 35 Sn^aporei-^a^,,, 

across the board, and ificbeaper 1990 .it iff ^proj e ctetr that: the, , ; 
flights were instituted to South working population wfll 
East Asia as has been suggested, 1-Sm, winch means that based, 
in the long run Singapore stands bn current trends, . deman a f o£ . „ 
only to gain. .. 

Aside from the Cbangl airport. 2.6m passenger trips daily- ^ 
project, the major focus of con-.' Financing for. the- mass trad; .. 
struction work in Singapore is sit project would most likely 
focused on land reclamation come from >a combination: of 
with S$2bn in work now under- loans from foreign sources and 
way. ■ . .-bonds purchased by the Central 

The most important scheme is Provident-Fund. Private parti*:- 
in -the east coast area., where cipatioh. through share issue Is. _ 
L500 hectares have .already: also a possibility.' . 
been reclaimed. Due for com- ..... J • 
pletion in 1980, the east coast 


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BS9MVL1W.T?. 


THE DEVELOPMENT Bank of 
Singapore (DBS), like Jurors 
Town Corporation, is a ’* child ” 
of the Economic Development 
Board (EDBi, the all-purpose 
industrial development organ- 
isation set up when Singapore 
become self-governing. From its 
birth in the late fifties until a 
decade or so later the EDB pro- 
vided the money for Singa- 
pore’s industrial development 
effort besides buying the land 
and building the factories 
needed. By 196S these tasks 
had clearly become too diverse 
for one organisation to perform, 
so the decision was made to 
hive off the financing function 
to a specially created develop- 
ment bank. 

Singapore sought the advice 
of the World Bank and was 
advised that S$15m would be 
an appropriate amount of 
capital for the new bank. The 
chairman of EDB. Mr. Hon Sui 
Sen, who also became the first 
chairman and president of DBS, 
decided that S$100m would be 
a more appropriate figure. DBS 
ihus started life' with more 
resources than development 
banks in neighbouring coun- 
tries. It also grew faster — so 
fast in fact, that by 1977 the 
bank had become Singapore’s 
third largest in terms of assets, 
with every prospect of moving 
further up the league table 
within a short time. 


banks is that the former con- 
tinues to stress long-term lend; 
mg to industry rather than the 
more conventional varieties of 
short-term lending. DBS's man- 
agement strategy means that 
“We do not necessarily Choose 
our investments on the basis of 
the highest immediate return,” 
according to Mr. Patrick Yeo, 
vice-president 

This in turn means that the 
bank relies rather more heavily 
on long-term sources of finance 
than its competitors With one 
exception DBS is the only local 
bank to have tapped Singapore’s 
rapidly growing capital market 
It has also raised loans from 
organisations such as the Asian 
Development Bank and^. the 
World Bank. Finally, it has 
enjoyed exclusive access (until 
recently) to Government credit 
lines designed to assist small 
industry and to finance ship 
exports. 

DBS has helped the Govern- 
ment by taking equity participa- 
tion (and/or making loans) in 


projects which the authorities 
are especially anxious to -pro- 
mote. A . case in point is the 
banks’ modest equity stake in 
Petrochemical Corporation of 
Singapore the joint venture be- 
tween the Singapore Govern- 
ment and a group of Japanese 
chemical companies which is to 
build a petrochemical complex 
on an offshore island. 

• In other cases, however,-, the 
bank has acquired equity in new 
ventures on the basis of strictly 
commercial criteria. An example 
here is the 12.5 per cent DBS 
stake in -Yaohan Singapore, the 
Japanese department ' store 
group which Is in the process 
of establishing a. highly success- 
ful supermarket chain in shop- 
ping complexes financed by 
DBS’s reil estate department: 
Yaohan Sines pore may eventu- 
ally go public, which will mean 
a dilution of the DBS stake in 
the company. In general, how- 
ever. it Is not DBS policy to 
sell out to private investors once 
it has helped to bring a new 


■ ' • ' 

project to the stage of profit- 
ability. ; . 

DBS itself, is owned jointly-/'; 
by the Government and private 
enterprise with. 49.2 per cent , 
of Its shares held by Temasek.r 
Holdings (a Government hold- 
ing company) and about 10 
cent in the bands of commie#-' 
rial banks. The company-#) 1 ' 1 
tied in through its manageragfit” . 
structure to the- Government’# 
economic decision-making ' pto*; _ 
cess. ■ - - ' The DBS chairman, 
(succeeding Mr. Hon Sui Seii; " 
who resigned /to • become" 
Minister of ' Finance) is 
Howe Yoon Chong, atypicatiy,~ 
versatile Singapore civil - set. . 
vant whose other jobs in dude., 
being head of the Prime: 
Minister’s office _and chairman-. 
of the Port Ot - Singapore - 
Authority. - • 7 ' ’• , 

It aH adds up to a powerful... 
tool for the promotion of Singa - 
pore’s economic development-^ •' 
and to some very tough compel 
tition for the local banks. 

, v • - c& 


Retail 


Although founded to perform 
the function of a development 
finance company, with the 
emphasis on providing long- 
term finance for industry, 
DBS was also licensed from the 
start under the Singapore Bank 
Act. This meant that there was 
nothing to prevent it moving 
into the retail hanking field as 
and when it chose. In its early 
years DBS did . not in fact 
choose to take on the local 
banking competition. It main- 
tained only a single branch in 
downtown Singapore for the 
first three years or so of its 
life, and opened deposit 
accounts only for customers 
who were already making use 
of its long-term loan facilities. 

The situation began to 
change around 1970 when 
Singapore emerged as a base for 
offshore banking and DBS 
decided to go for a share of the 
action. The bank initiated the 
Asia-dollar bond market in 
Singapore by floating the first 
U.S-5 10m issue on it (it has 
since managed or co-managed 
|a majority of such issues). 
Around the same time DBS 
began moving directly into the 
'retail banking field by estab- 
lishing a network of branches 
in Singapore (it now has 
twelve whereas Overseas 
Chinese Banking Corporation, 
flie largest local bank, has 17). 
DBS “went international" in 
1977 when its Tokyo represent- 
ative office became a full 
branch, Tt may also deride to 
ien branches in London and 
w York. 

jThe difference between DBS 
and the other leading Singapore 

l 
1 


now present 


By State Authorization and as 
sole banking institution in 
Luxembourg, BILslill issues its 
own banknotes having legal 
tender since 1856. 


The modem Luxembourg 
Bank with the senior 
tradition. 


Full domestic and international- . 
banking' operations including 
special departments lor. 
euro and apia currency loans 
euro and asia bond issues 
secondary market trading 
portfolio management 
purchase and sale securities 
foreign exchange and deposit 
.dealing 

domiciliation of corporations 
and irivestmentfunds. 

Balance sheettotaf: ' 
about 2,5 billion US$(3j. 12:77} 

Head-Office: 

Luxembourg. 2. boulevard Royal 
Tel.: 47911 
Tk 2826 B1LREP LU 


SociSt£Anonyme 
Since t$5S -- 


Representative Office: 
Singapore, .. 

DBS Building Tower 1-1 01 
.6,;Shenion Way.; 

Tel: 22276 22 

Tx: 21396 BILBRURS- ; 


r 




. ^liaic& 'Tiiiies W^e^daj^ NoreiS^r 22 1978 
The liafian Prchie Ntinister is due in London today. 


i L5i> 



of t 




wea 



By PAUL BETTS in Rome and RUPERT CORNWELL in Milan 


LIKE ST. AUGOSTUTE. -who weeks- ago, making" monetary 
wanted to be good but union more attractive in Rome 

not quite yet, Italy and Alternatively. : if _ . Italy's 

Britain appear to have similar requests were not largely met 
sentiments towards European and Britain decided to stay out. 
Monetary Union. At least, that is Sig. Andreotti could quite 
probably the growing unpres- honourably claim that monetary 
siori-ih" "Bonn? which must be union represehted- too- great a 
rieKShg, as do the French. with risk for bis country. at this 
some' measure' of apprehension particular time. 
the-— taJfo In London today From the' beginning there has 
between Mr. James Callaghan, been a wide convergence of 
the^Biitiah Prime Minister, and views between Italy ond ^Britain. 
Sig*'- Giulia Andreotti, his sig. Andreotti ' shares Mr. 
ItaHAn counterpart. . . ' • Callaghans objection'' to rhe 

The talks could not come at inequitable system^ of -contaibu- 
a Hejtte’r time for Italy/ barely tioms to the ■ JSfaC budget. 
12 ^4ays ; before the European Although it is. after Ireland, 
CotmcII" hi Brussels, although, the poorest member of the 
as often happens in these. cases. European Community and hence 
the timi ng is 'largely a matter should be a net beneficiary of 
of coincidence. Since the Euro- budget. Italy risks ■becoming 
peari summit in Rjremea last a uet contributor. /’ 

JugfcSig. Andreotti has renewed Throughout the consultations 
on '"'.pumerous occasions his Italy, like Britain; ~ has laid 
codtrtTy's fitrpng political com- particular stress oh the sn- 
mittftent- to ■ monetary. union, called '‘concurrent studies,” in- 
Hoj}jyer t despite these declare- eluding a reform ‘ of. the Gom- 
tio its of political goodwill from -moa Agricultural Policy (CAP), 
a dqjfntry -which has generally to realign the net receipts and 
a :,:, good European track net contributions of individual 
redbfti (and certainly a better countries. Italy is also pressing 
one than Britain), disenchant- for a CAP more favourable to 
mefrt 1 has been spreading in Mediterranean products- It has 
Italy- during the last few weeks asked for firm commitments, 
with f the monetary proposals so originally agreed in principle 
fan 1 "Tabled by West Germany by the Nine at Bremen* for sub- 
and r, Frauce. stantially increased transfers of 

« distaste voiced in Britain and expanded credit 

for*'ihf envisaged European faci,ities to help countries in 
Monetary System (EMS) Jias ™ laTiTel - T w “ k economic situ a- 
rciSJorced Italy’* negotiating ^ 0T1S 1° participate in’the EMS. 
portion as 'well as providing Dr. Paolo Baffi, the Governor 
Sis,; .Andreotti with a possible of the Bank of Italy, spelt out 
facesaviog reason for not join- his country's position quite 
the initial stages. In any explicitly on two recent occa- 
event 1 , ah alliance between Italy sions at the annual congress of 
antf- Britain at this late stage of Italian foreign exchange dealers 
the current negotiations will and before a Senate finance 
clearly, enable Etaly to ask and commission. In his two 
perhaps even secure certain addresses, he referred- to three 
terms from the Gemmas, which preconditions for Italian mem- 
might. have, appeared unrealis- bersbip in the hew system: a 
tic and unobtainable up to some greater exchange rate flexibility 


than the 2.25 per cent margin 
of the existing snake: an 
adequate rescue Fuad to protect 
currencies from eventual specu- 
lative pressures: and a transfer 
of resources to weaker eco- 
nomies. He claimed it was !* un- 
thinkable ” to barter an unten- 
able agreement on exchange 
rales for b reader credit 
facilities. 

Divergences 

It is perhaps on this last 
point that there are divergences 
between Italy and Britain. Dr. 
^BaflS has declared in public that 
a rigid monetary system was 
"in no way compatible'' with 
(he differentials in inflation and 
interest rales which now existed 
in the Community. The Italian 
monetary authorities have 
been asking for a wider 6 per 
cent to 8 per cent margin for 
those countries which cannot 
afford to join immediately a 
narrower snake. The Germans 
and French initially accepted 
for countries in the position of 
Italy a margin of 41 per cent- 

On Monday the Community 
finance ministers at Brussels 
agreed to give Italy the wished 
for 6 per cent margin giving a 
total band of 12 per cent, hut it 
remains In be seen to whal 
extent that will bind their 
heads nf governmenl. Italy, in 
anj case. i< still holding mil 
for ihe "concurrent study" of 
a transfer of resources and of 
the farm policy nf the EEC 

A wider — and in practice 
downward-moving — band would 
probably enable Italy to pursue 
its current policy of steering the 
lira along a managed down-float, 
allowing the Italian currency 
to depreciate against the other 
European currencies without 


suffering speculative attacks 
at the same time as delaying 
any eventual adjustments io the 
central rate. It is in parr a-, a 
result of i his policy that 
Italy's balance uf payments 
lias made a remarkable recovery 
with an envisaged surplus of 
some U^}.S5bn this year. The 
lira has depreciated against ihe 
currencies of ihe other Com- 
munity countries. Italy's major 
trading partners and. together 
with Japan, also its major 
export competitors in third 
markets:, making Italian exports 
more competitive. But it has 
not depreciated as quickly as 
the U.S. dollar, with obvious 
advantages lo a country which 
imports Mime 60 per cent uf its 
annual raw material require- 
ments. 

The impressive improvement 
of the balance of payments is 
also the consequence of a whole 
battery of fiscal, monetary and 
administrative measures to 
stabilise the lira following the 
lira crisis nf J976. The purpose 
was to put an immediate squeeze 
on domestic consumption and on 
growth, which has averaged 
barely 2 per cent during the 
past two years. While there has 
been a reduction of the rate 
of inflation which was. running 
at more than 22 per cent per 
annum 18 months ago. the con- 
tract ion i,»f growth has n«»t been 
enough in reduce inflation tn 
the respect ability of single 
figures. This is another argu- 
ment the Italians put forward 
for a more flexible snake mecha- 
nism. since, according to the 
Government's most optimistic 
targets, inflation is likely to 
remain at 12 per cent next year, 
drop to about lit per coni in 
1980. and eventually to some 
8 per cent in 1981. 

These inflation targets, how- 
ever. depend in large measure 


on the response of the trade 
anions to the Government's pro- 
posed three-year (1979-81) 
economic recovery plan which 
is to lay the ba<i 4 for sustained 
and stable growth in coming 
years. Together with funda- 
mental Tefomia to reduce Italy's 
ever expanding public sector 
borrowing requirement, the 
plan bingos on ihe unions 
accepting an incomes policy de- 
signed to prevent any real in- 
creases in wages during the next 
three years. 

When h firsj presented its 
programme in September, the 
Government said it represented 
“a choice to stay in Europe." 
There is a serious risk that an 
Italian decision to stay out of 
the EMS may prompt the 
unions to consider the sky is 
the limit in the imminent round 
of wage negotiations involving 
some lOni workers. Equally 
there is a danger thai Italy 
could join without fir»i securing 
consensus on key wage res- 
traints. 

In Milan, rhe country's 
economic and industrial centre, 
by tempera mom. history and 
geography close io the "Euro- 
pean heartlands of the- North, 
the dilemma takes nn its sharp- 
est form. The inclination lo 
join the system is perhaps 
stronger there — but mi is the 
daily reality or the difficulties 
facing Italy, masked only r« a 
small degree by the dramatic 
recovery nf the external 
accounts. 

The warning signs are th^re 
for all tn see. Earlier this 
month the risk of the moderate 
stance of union leaders being 
undermined by a militant 
shopfioor was dramatically 
underlined by the election- of 
officials, roughly corresponding 
to shop stewards in Briiain. at 
the Are.se plant of the state- 


* S-- .. 

: y‘ 



Mr. Callaghan welcoming Sig. Andreotti in Downing Street during his visit in 1977: then, as 
now. upon Sig. Andreotti’s return to London, there were many problems in common. 


Letters to the Editor 


Tfpaenrv Energy Agency to the following restore and underline both Reechatn has chosen a time to does nor have plans for similar 

ilCddUij effect: "From 5.000 tonnes of managements' right and the su u even though it* price rises for other services in 

mnriple spent * uel is exacted about 30 V r ^5 r h-, u .l!L^ h L-' 0 e -i " e . s .°*ii l1 ^ shares have been under some- I 54 '?;*-.. 

uSA vr U.V 4 ?y t/innor r, f nlnfftnliim rPL A ; fr£(? I \ IJ(*tV\ O 0 H t N 0 )f) fiCI \ t’S JTUJ )f , , _ , , , _ . |U A, •* STHCi « 

From Dr Jeremu Bran vp tonnes of plutonium. The capt- they can he penuad^d to da so U:,n - of a clou ' 1 because nf iJiffi- rv^a) nefraci-uio*. 

r mm ur. Jeremy Bray, xr tal cost of storing this plutonium on ihe basis of added value cultie* over Amuxyrillin pa u.-n is 35 Wilkinson Street. Sheffield. 

Sir.— Your leader (November is estimated at 8Sm, compared schemes no harm will befall and and prices in the U S " 

15) on the forecast recently pub- with S140m-8280m to store the much good achieved. Perhaps Thi ,, ri |j L .,„ n ■„ ,, s CinraA 

fished by the Treasury under the equivalent amount of spent fuel. Sorernment should hold the ring uncharitable *10 sjv ihe iiviM wlUIvU 

JfSVE a ftfe-c •? r energy 

that i have greater faith in the ye * r ™ “?? a S* tfa e P^.omuni. ta Ug hl Has thc pnme democratic r 7, 'i 

accuracy ol model-based ' fore- wmj]d * «» D ^fjf h,g ? v f0r requiremem and ihe onlv base 1 n ?/, e Furo- ' ' * ' 

casts than does .the Treasury ^ fuel - Whether these on which democracy can rest. bond m i?ket Furliif-n'n.re sir “ Thfc - rc "- >, . v from Mr. B 
itself. On the contrary, I have « to » tes are or are n ?. scrand - N. L Craaoe. xhi \h, r . r ,r S Halliwell. ih.. seneral monoaer 

sought., constantly, to get the do not compare Uke Management and Business declined rrnuv a r-iik of 74gp Cb ' nrid i''- SilenI p,,Mre f 
Tre»uir property to appreciate ... Studies. . eiriler ihw Sar the sua'cstmn ' Novom , bpr }*'■ a«ru«« me.-f 

the .errors of its forecasts. 3Sy. The capiUl antl operating tfoSts 50. Pall Mall . MV/. thjl j« utJ ’ w .. lS niktinud ,ht ' !- l ’ t ' bo ''-' ul crror ° r a^uinnu 

amwdhrtnir- required _ Uje ofsiorins spent fuel- are ..the: . — onarec ihc fac-l tha' avc ihr^ '-' on3 ', c] ’-' r ^ C ' T "T m ' J ' n 

Treasury to puWLs'h assessments total post-reactor cose' but the TrQncnnrt learl Beec'iam d ^rees L necessary 

of .-the errors of their forecasts, total cost of storing' separated A r3I3SpOrt additional financeT from U iis 0 keep a ^ilohur/sodium ba»* 

Th^l put in. not to humiliate pluioniumjnusr aisp include the ,5 / !5«Sr SiwiSSSl in stock ^. r ,|" P ^Sh, Uter he 

Tre^u e ^Sw U kv ei ;Sem^ fSSZSi SlmaoaaeLnt ‘ V° hQ y ■ has men from an adjusted price 1 fcT L the hJ IL. 

" tbfijuse that can be made of of the other' wastes thus created. 7 Officers R d° Easiham M J P ^o * 0^lk ' l, of ' he ,n ”' 

forecasts must depend on some As the Parker Report conceded. qA| w ^ nJiporT cit.? 1 ;-,, r „ stored ^is could i.e 2 fr per cent 

such assessraerit." sucb 005(3 are, likely to exceed “ ^ Co ' lf >hc eapacitj- is equivaSem *0 

■ ■ the value of recovered uranium Sir,— Colin Jones (Lombard BucfeferMuirj/ House. th*? 5 b\V referred' to in m* 

tfcni a H for the judgment. ■ ^ p) utoSum: ther mal well' November S) asserts that "the a. Queen Victoria Street. EC4. feuer 0 f -November fi. This 

you,, advocate as well as mattie- s0 by a substantial amount JeakinB of the Department of could be certamlv no more.ihan 

,l ** ^dispensable. But It is enttrelT possible that th- .Transport’s raemorandum dis- rnmnaniac 6' 7 cent if it starts off as 

wlut would you. think of account- con , p i ete comparison of cost witi cussing whether there should be lllC VvUl|/alllC3 l, vins lhre€ ti mes brger 3» 

anb^or enfimpers who found Jn Jaet favour storage of spent 8 public inquiry’ on lorry u;|i 3 5 k\V. This is. in fact, verv 

aectftdits and stress- calculations fuel— althoueh. as Mr . Fishtnck weights " will, because of various Oiil mislead ins. If the 1 kW is con- 


10 tonnes of managements' right and the su ^ even though iL> pnee rises for other services 1 

da3 about 30 f r eHv r hA»wnLn h thp ii < LiJ l * 8 ° ti i 1 ' te sh ares have beeu under some- l 3 '?- 

. freely net ween tnemsclvcs and if . , ... , , A. .varncy. 

n. The capi- j^ev can he penuad^d to da so ^ :,n 3 of a clou«l because nf dilb- r^Ra} Rffractoric*. 

us plutonium on the basis of added value cultie a over Amuxyrillin patents 55 Wilkinson Street. Sheffield. 


fulfilling what 


Stored 

energy 


™ ™ considerable heat input to main 

ignore* tht fad that uvti ihe _3 la i U the’3Wj degrees C necessary 

•Sdditlon'T voV 

‘1?™l.0W.n l ,-K.rt "4 rii r P 'arSh« utr 

has men from an adjusted price qurnej! 3 fcX v M th c heat loss, 
of only 18p. , 


R, D. Easiham. 

Joseph Sebay and Co, 


to«r '.■strenuous, so merely gav e not „ ^^5 option will likewise' plications, "kill the idea of 
thetr - *• judgment that- a com- face nt h e r rmhnlieatinns. an mquirj' stone dead. 


The Companies 
Bill 


uieir- juoeu eui xnax a com- face Qther compUeatjons 

panj= was solvent- or -a budge ... _ 

would oot fall down? “ Judg-' 
cuenr? used to excuse shoddy of the Earth. 

Dialheiriaties is as fraudulent as 9m Polarui s treet, nl. 
irrelevant mathematics. ^ _ _ 

Comment on the Treasury C tllC 

for&c'asis is improving. It ‘'is 
taking the. point that the fore- ODGr2.tOr 
ijsiJj only a base for alternative _ 

forecasts on different assump- From. Mr. N. Cragoe 


an inquiry stone dead.” ' V' *'' .".T!* .. . ing period Mr. Halliwell eiv^ 

' It would indeed be a pity if i t'Sr~]}^ v ‘! 3U 1 3 p,ly lf . could result in a significant loss 

this were to happen. We are publ!C d ®!^ e aboul ® company s ot stort .d power. If this is a total 
-convinced that, if the inquiry responsibility towards its em- o[ j kW-hour-per charge/dis- 
were opened up lo include those ?l°J ee Z n ZV? n il°* b £iii IO SSf ch aree cycle Mr. Halliwell should 
wider aspects which Mr. Jones the Companies Bill that is have said so — and compared this 
notes the Department's officials Currently before Parliament. with the total required, 
thought the inquiry should not The Bill as currently drawn Another error of wnat I would 
embrace, or remain a subsidiary spells out that directors must regard as serious omission from 
interest, it could still go ahead have regard to the interests of this attempt to reassure us i* an> 
with potential advantage to the the company’s employees and reference to ihe equal lv imon- 


From Mr. J. Wales 


As a proportion of the rn»a> 
stored this could fie '-fr per cent 
if the capacity is equivalent »o 

thc 0 kW referred' lo m or 
teller of November 6. This 
could be certainly no more .than 
6-7 per cent if it starts off as 
livinp three times larger V 
35 k\V. This is. in fact, verv 
misleading. If ihe 1 kW is con- 
tinuous then the 4S hours stand- 


tionV The Treasnry though has Sir. — If we look at the range of ., na ^ onaI tijteresL 


resL enables directors to rely on this tart vehicle heating load. Hear- 

yel4o go the further step of alternatives to pay bargaining in The article goes on to express L"' J.Lnn^i 

tm&g. bow policies tan respond a free society we are able to certain opinions — 1 repeat ? S}»J, u: nc Jin v^nier dr?rin^ The t V-W 
a.s esents depart *from forecasts discern many better ways ahead"* opinions ’"—in support of per- reading far tou inutb into the ne. in * he * f ', 

and assumptions, as they will do and. to my mind, standing clearly mitting heavier lorries. These *■? suggest that it can be banc. . " ulp *‘I *' 0 V d ' ' 

SatJvrcSSptKi ^are made, above all others, is the added opiniOTS .are based on certain »«d by 1 ^issruntleri employees ju fl l[. w .l 
-J • ,'1 ‘ .value ri*pe reward scheme. In- assumptions relating to: (a) to upset Eruish industrj. sh<Hi.d find it nev.essar> 10 


Th 4u-« a i^ m f ! nt ' ^• n fi e L deed, a premier American raanu- economic growth and its' impact No manager in industry is "L -1 . n f?,r. iT civ 

verstlk discretion needs .to be speaking of the intro- on heavy lorry growth: (b) the going to say he does not have ?“ r . j; n ?' a 5°*, 

pressed much further. Far from diiction of such a scheme into growth in average lorry capaci- regard to his employees' interests ,n i., n . K e , J iatn ' 

dispensing w-rth models, as some one 0 f his British plants, ; ties • (in order to dismiss the and mo*-t will welcome legisla- , oniission of comparison 
monetarists have suggesteo (and described it in just so many impact of rail freight even IT it tive confirmation of this position. - 13 . l, ^ n J 3/ ,M 5! j 

mo re|l specifically Lucas, Sargent words as "the way ahead." was doubled): <c.i UK lorry \vith this om of the way. nH ?/ 11 

and SVallaee, andLKydland an.d g ^ be fuIly makers’ being able to build management can then set on 

Pres^ptt). the . effect of especia- aiu » ited n Vpr »„« chosen roCt chicles which 'they could sell al with the vonstructive business r.f JJ'' 1 ",, , p r r - 1 = . ' ^ L 

linns^ as Chow has shown JjJJgJd wherein^ Increases ^o'r home as wefl as abroad: and (d) giving financial information to 

recently. Is to require the more value can he “ 40-ton lorry being thc same employees comparable to that Sh,' MS 

elaborate us^ of models for the D have occnrred. m- sire as a 32-tonner and therefore E j v en to shareholders, of holding nn*wUf pvintu^ithnvp ^ip 

desieh of policy rules. And we variably, results can be measured causing only the same amount of meetings to explain annual Wralfn- ” suKhur/ 

shoufii know the limitations of ^ ^creased produc- read damage .because the maxi- resuhs T0 employees and of ^iunenmn^redwith f^dacir 

the inoaetejl agroe it is profit and larger mum axle weight woud remain generally increasing employees' S ? te i t m ore o 

’ ruiO " rather than the .fore- wage packets but the true toe same as now UO tons). awareness of the realities of g" rVc(|“nt re aewa I " f the 

cast’! Lh'ar - we iwed in this measure we should seek and- Can we he sore that all these industry. batter.-, and at what proper 

uncestam nmrld, h(il it is not a which we will always find. Is the assumptions are completely j 0 hn Wales tiorute cost 7 Is it also a greater 

simple mbnetarist .rule. increased communication and valid? Can we be sure that to (Associate Adviser). nr l.'.-'^r cost per mile in" term- 

The response ' of the stork participation between and at all quote Cblfn Jones’s words, “the The Industrial Society. of electricity for charging— o’u* 

market:' to -the publication of the levels, in a factory which atone economic and environ mental con- p e ter Bunge House. ihe mi far unknown cost per mite 


* f. “ . ' . - , Ujlifi - vcuiuic : il uj 

awareness of the realities or IeSi frequent renewal of th.' 
industry. batter:.’, and at what propor- 


Treajjury' forerast' sboW'ed that enables these other - rerai is to be sideratiops poipt to similar con- 3 cariton House Terrace . 51 Vi. 

the SSkfiS ^ot-Aoo clever in achieved in the first place while elusions"? Similar areumenis 

u! ensuring that they are main- were put forward, not so long • 


Price increase 
in retrospect 


Frnm Mr A. Ycmeif. 


tio rule cos* 7 Is it also a greater I 
nr |c>-er cost per mile in teriite! 
of electricity for charging— phi* 
ihe mi far unknown cost per mite 
for fiie 5 kW paraffin iieafer ? 

The need lo develop new and 
belter batteries for vehicles is 
indeed great, our rnad transoon 
system may yet largely depend 
on ii- The achievement Su far 
is considerable and should be 
acknowledged us exiremelv 


its formation -at’’ expectations e“=uriuK uiai 'w? ^ oeuc-r oauenes tor vc-mcies is 

AheKJ?S?«oAm?cOTtSSd TaSMd thereafter. ago, tm build ^e motorways on rHCe IDCreaSC indeed great, our rnad transoon 

no i&w '-mTurnjatioa, not oven indeed, successful added value the cheap With the social and . , , system may jet largely depend 1 

abouTth? Tte^surv^ KPecta- reward schemes — successful environmental aspects of trans- j n retfOSDCCt «n h- The achievement iu Tar! 

tions^ aJlcommeSra Sat because of these very elements of port plaomns too often given is considerable and should bei 

painsjte point- out Had the City communication and participation short shrtfu . . ' ■ acknowledged as exiremelv 

anri ...LriPntainK themselves —make Dr. BiiUock. Industrial . There' is certainly a need for Sir.— It may interest readers v;,Ju;.bte and timely. The com 

nut niore effnrrinto the examim- Democracy Acts and all the transport developments to he to know that despite the pledge of rowarch and that of this now 

lii.n if thP ^Siirv mndfli the associated claptrap of worker discussed— there i s no doubt by the Post Office 10 keep prices denuuvu ration project is small 1 

f/.po,irf h*lH nn participation, deeteion making, about this— but the country must of the main services firm until and worth while but the point 1 

LpMrwfl- /ffArt'lnW workers on boards, etc.. d<? irop. ensure that discussions on trans- the end or 197S. it has recently mad.- bv Sir William Hawthorne 1 

surp^es Aqd the effort would . wor *™ ! ■ h - f . port polic,- arc full, realistic and thought fit to announce a price in EP ^ remains valid and v 

!i f ^vorthwhite beiaose the I hazard jggi ^he contifluous. The joint letter of increase «m the internal tele- far unanswered: the efficient-.- 

Treasury forecasts and model thing is w Ong on e P October 31. signed b.v the chair- phone system rentals of nearly nf ; >aiter> vehicles cannot 

have - m ore resijurtes f* and the unh- chap who non of the British Road Federa- SO per cent, backdated to August maximised until heat and power 

them .than goes m to all ihe other 10 contu It and the un r> cnap British Railways 15. The reason given is that this sen. ration in 'combination 


tocm.ttian goes mto au j oiner , f ie™ Tliht Tf scme- lion and of the British Railways 15. The reason given is that this gen.- ration in ■ 

published models and forecasts car 1 pu _ a ^ _ , Board points the direction these service has become seriously (CHP‘ is acceptahie 

toe <3ty receives^ put together. Jff 1 ® tvpMs discussions should take. underpriced during the three- scale. It is this tec! 

Tin* Treasury too would be ar « t hp neonTe to correct tilings. Henrv Havdon. - > -e “ r . Period of price res.traint. consistently deni 


The Treasury too would oe ^ t ^ e people to correct things. Henry Haydon.- 
wisc 3o facilitate this esamina- Qnjte certainly, the coroilanes Room 307. iVest SWe O/fices, 
lion -by making the forecast ^ tbe cage — i n eae ij C3S e — and Rings Cross Siotion . ,Vi. 

available in the complete form seJ f interest alone points up the 

needed as a base for model fore- wisdom of getting thc decisions rT a. _ 
casts (bn alternative assumptions, made by those best able to make U t tla.ll *U 
as required by the spirit of the them, those, moreover, who have _ 

Industry Act. 1975". the most and immediate personal DGCCtlftlTl 

Jeremy Brey. ’ . 1S£S^ “Si f rtjm Mr. R. Eozthom. 

of Commons. SW1. ;« 0 ahnaa-irinn hut. Sir T^yr /NnwmhPr IRi 


the most and immediate personal t>C6Ctld. ITI 
interest in making the right ones. F-.ti.B~, 

Delegation of .aulborily tn this From Mr. R. Eastham. 
way js not its abnegation but. Sir, — Lex (November 

rather, its reinforcement. mented on the Beecba 


35. The reason given is that this gen- rati^n In ’combination 
service has become seriously (CllP‘ is acceptable on 3 larse 
underpriced during the three- scale. It ** 'his technology that 
year period of price restraint, is consistently denied develon- 
nurch to the consternation of meni funds : some limited 
private sector competitors for aspects of the thermal insui;iiion 
similar systems ! integrity of underground distri- 

Havme rented a svstpm in hution mains form the onlv weak 

fJSSS}. mainly becaut of a in n ^L S !. fu ‘ ly P™*" 

highly competitive price from en-ioeering, Xlm spent 

X„ P °S ?E“„eTr, a y rC S0°^ %?£$ S»W “ d^aSM'WKKT. 
ss }o r p o“ir n rSif ln pe fS rl' h ' 


Sm - SST5“St' n.'ttSiSta but. Sir, — Lex ,Nove ml)er IB, coc- ^ “ Sur^’iV the Po“«' • „'™ C °L Z S 

tb Jj- a. £ rather, its reinforcement. mented on the Beecham rights Office was satisfied with this 5?{n l*** wJSw?' -inn 

Management Ol More than a decade’s evidence issue, that **. - . there were one price in 1978 how can it be 80 „ hT; General d Fteri Hr lit 
J “ “ grSH£Sm^SS&m m or two unkind remarks around per cent higher in 1 ■79-parti cu- ^ ner ^ na bSS CHP Tcon- 

nflltnnilim wages and prices proves cqnclu-.tbe Cit>- yesterday for a group larly as it is new equipment and ^ slcnl ] v , 2 nored because n it™ 

g^UIUEiiUill lively that government can tinker which has passed up what, id will require very little service, embarrassment to the electricity 

front, Mr. IV. Patterson. and interfere with things all it terms of market conditions, etc., for some years. indusiry; proliferation of cHp 

Sir. — Management of the likes bur to no real long-term wer0 opportunities for a - Surely this is 3 price increase would 'seriously prejudice anv 

world’s accumulating plutonium avail whatever: “ d rights issue In the P«t eoupfe of ! n retrospect — which has. r-rogramme Tor building large 

will be difficult enough without ’farther that this will remam so » . p instance 'ncredvWy. been accepted’ by the power stations, 

misleading comparisons. : unless and until we become a jears jre 4 using, for jnrtanee. Pnce Commission and the Post Norman Jenkins, 

n • iu ki , ,V namhpr ifi) tolaliwrljts state. use this as a way round divi- office 1 Users- Nation's) Council. I Whit chill. Eirshot. 

The true way ahead is to dead . control). Instead, only hope that the Post Office Farnham. Surrey. 


controlled Alfa Romeo car 
group. 

Workers at Alfa Romeo, 
which lost L9Sbn (£60mi Iasi 
year, are hardly in the position 
tu indulge in a trial of sirenglb 
similar tu that of Ford nf the 
UK. Yet tlic elections demon- 
strated a sharp increase 
of support lor so-called 
autonomous or nun-aligned 
unionists, whose aggressive line 
on strikes and pay has deeply 
embarrassed the more 
orthodox ' leaders of the big 
unions. Scarcely a voice is to 
be heard in Milan sneaking up 
for Italian membership of the 
EMS on any nther than ihe 
nwst flexible «f bases, which 
would in practice entail little 
change from ihe country's 

current ability to manage the 

lira independently. 

Under pressure 

Sig. Andrcntti is also coming 
under pressure From the main 
Left-wing parties. the 
Communists and the Socialists, 
on whose support rests the 
survival nf his minority 
Christian Democrat administra- 
tion. The Communists find the 
present coalition formula 
increasingly uncomfortable for 
a combination of reasons, not 

Gt'.VERAf. 

Mass meetings of Ford strikers 
10 consider pay offer and d return 
to v»ork. 

fialton Prime Minister Giuho 
Andreotti arm es in UK for taiks 
with Mr. James Callscnan on EEC 
issues. 

Widespread one-day strike Oy 
.Southern Region :rain drivers. 

Trades Union Con cress general 
council meets. Congress House. 
London. 

Ljbour Parly nation, if execu- 
tive commit u-c muds. Transport 
House. London. 

Warsaw Part summit meeting of 
Fast bloc countries opens m 
Moscow. 

Sir. .Ijck Lynch, Irish Prime 
Minister, in Paris Tor talks on 
European Monetary System. 

Mr George Ward, head of 
Grunwick film processing ••lam. 




leasr their apparent loss of 
electoral appeal, and the 
challenge now coming from 
both the union rank and file and 
and from the left of the party. 
Tn make matters more difficult, 
thc Socialists 'nave in recent 
months openly challenged the 
Communists by questioning the 
entire ideological position or 
the far larger O-miuunist Party. 

With u whole series iff dis- 
agreements at various political, 
cabinet and trade union levels 
threatening tu undermine the 
delicate Italian political equili- 
brium. Sig. Andreotti can 
hardly ignore the position nf 
the left wing parties on mone- 
tary union. Allbough both 
Communists and Social ist«, 
unlike the British Labour 
Party, have cnmniiued them- 
selves to Europe in what 
amounts to an act of failh. they 
are extremely hesitant about ihe 
proposed EMS. The Com- 
munists do not like the idea of 
a system " prefabricated by the 
French and rhe Germans." while 
the Socialists say Italy should 
not join without Britain. Thc 
technical argument, shared by 
thc monetary authorities. Tor 
not participating without the 
UK is the fear that if sterling 
remains outside, the lira would 
have to take the brunt of any 
speculating attack, eroding in a 

Today’s Events 

speaks on ‘‘I believe” theme. Si. 
Lawrence Jewry nexi Guildhall. 
Gresham Street. E.C.U. l.U p.m. 

UK-Spanish financial seminar 
continues. Madrid. 

Launching <ff Singapore Gold 
Exchange. 

PARLIAMENTARY BUSINESS 

House of Commons: Motions on 
the Referendum Orders foi Scoi- 
land and Hales. Motions on the 
Northern Ireland Orders on 
Health and Personal <ovidl 
Services and nn Rehabilitation of 
Offenders. 

House iff Lords: Debate* on 
the conditions uf poet? and poeuy 
in Britain: the desirability r.f 
European airlines bavins Euro- 
pean and not American .-.I re rati: 
and on domes! i.- space hem ms 


matter of weeks the spectacular 
recovery of foreign currency 
reserves now amounting ty 
nearly U.S.SlObn. 

Moreover, a downward adjust- 
ment of sterling and rhe lira 
ano an upward m>*veuiHnt of the 
Deutsche :.7arS in a nff.e- 
country EMS could be passed off 
politically as a realignment. But 
if the lira aione very to move 
down ir would clearly he a 
devaluation costing Italy face. 

In any event. Italy, like 
Britain, wants to st-e an effec- 
tive system of obligatory inter- 
vention in the new snake based 
on the ECU basket. This would 
force the currency diverging 
from the Community average — 
which in most cases would prob- 
ably be the D-Mark — io bear 
the burden of whatever 
support measures prove neces- 
sary. Such intervention would 
take place before bilateral limits 
within the new snake were 
reached. Without Britain, how- 
ever. the ECU average would 
clearly be weighted against 
Italy. 

Sig. .Andreotti is likely in 
throw jn all these domicile and 
technical problems to secure 
the best possible compromise 
he can realistically obtain from 
Germany and France. In part- 
nership with Britain, he could 
get away with »L 

GMlPAiW RESULTS 

Final dividends: Barton Trans- 
port. Ailiert Fisher Group. 
Fourth Lily and Commercial 
Jmesimen:. Johnson and Barnes. 
Interim dividends : Edgar Allen 
Balfour. Associated Newspapers 
Group. Bulmor and Dumb I'Hold- 
ingfsl. Century Oils Group. 
Cock sedge iHoIrlinc.si Courlaulds 
John rblke-. Hcffo. International 
Priim. MK Elecinc Holdings 
Mocks Investment Tniff. Pyramid 
Group (Publishersi. Tesco Stores 

I Holdings t . 

COMPANY MEETINGS 

Burra it De«vlopnie:ils. Savoy 
Hotel. IVl’. 12 2K Loi- 

nioro Circus. Queens ay, Birming- 
ham. 1 2.311. Dav.nov Day. 3). 
Grt-sham Si reel. EC 1130. Fm ins. 
Fis<'n Way. Thclford. Norfolk. 

I I •)-■». f Lillffnrd Brindley, post 
House. Coven in-. I2.no. 





snace neanng House. c.ovenirv. jg..ai. 


i mm msuMse^ 
















f®t W’ 

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DrtdF»hl«* (November 16). ^ 

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Coachbuilding boost 
lifts Dunle to £3.1m 


ISSUE NEWS | 

Expanding Metal Box 
in £36m cash call 


Financial Times Wi ednesday^Noveinber " 22 t i 97B 



PRE-TAX profit* uf Duple Inter- 
national. boosU'i! by tin.'' perform- 
ance of the cnariibuiKiingdivi.sion, 
ii enr ahead f fom £i‘27m to fit D»Sm 
in the year ended August :i l. 197S. 
Turnover ua% up from n.l.2<»ni in 
E20^Jm. 

The diret-lors look forward in 
i.-nntinuing profit- cro'vlh. They 
expect to see further improve- 
ment in l!)78-7!l. although nnt :i4 
.*poi;t.icui3r as the increase in the 
□a?i year. 

The iiiiitl dividend i< ilic 
maximum permitted n:l.‘i.‘Sp net 
per ."ip -hare, lifiinu the luLal to 
■Uittlp f0.5t»4pi. The directors 
eisiied lo recommend h linnl of 
?il per com., hut the Treasury 
refused permisdnn. 

They arc also proposing an 
interim dividend for the current 
year of 0.337|) net Ift.SSpi lo he 
paid on ihe -ame day a* the final. 

The directors add that the 
improved result-. Were due mainly 
lo increased profile in the coach- 
building division vherc accep- 
tance of Dominant II a* market 
leader was coupled with continuity 
nf produel ion j brougham >hc 
»ear. The division'- operator.: 
profit rose Frr*:ii fhfiS.Oun to ‘2..*in 

Earning'-' per -hare arc '-Im-on 
a- 3J>6p ri.4."ipi. 

© comment 

Duple has had an excellcni year 
vith pre-tax profit h aping h> MIS 
per ic-nt on -aie* .'12 per cunt 
higher. The major improvement 
ha< beep on the en.ichbiiildmj 
• ide '■ he: proliis arc IT in 

higher .n £2‘.iu. There are >e\n-j‘ 
r*>a,ona behind the big improw- 
mt-ni in margins Thy actual 
number n( coach-.*- built v.i> 
roughiy unelvngc-ri .il l.mm. I.mi 
customers '»ere a .-king for more 
: cfincmcn*.-. A- '•-. ilh ear-, the 
"extra*" can pro'.c pinlil able 
hiisincs-. Aiw-tlier factor is that 
the company has held its models 
v. ithoiil need for * facelift. In the 
nasi a change nf -lyic inevitably 
affected prod uci ion for a while. 
Finally Duple believe- u has a 
productivity deal "which actually 
work- " I'nlike ’.he car and truck 
markets coach builder-, do 1101 
suffer from foreign competition 
and Duple reckons it build.* 
around t«iO eo.iche- out of :« 
market of The re.-. I .is 

accounted for by bus .-ales and 
?ome exports. The company 
already has an order book -u»Ti- 
cient to lake n to the end of the 
••urrent year and with an II per 
coni price rise ju-». under its bell 
u fairly confident nf .11101 her 


INDEX TO COMPANY HIGHLIGHTS 


Company 

Page 

Col. 

Company 

Page 

Col. 

Allied Breweries . 

2? 

1 

Metal Box 

28 

4 

Australian Farming 

28 

4 

Peters Scores 

29 

3 

Belgrade (Blackhcath) 

29 

4 

Reardon Smith Line 

28 

7 

Black Arrow Group 

29 

3 

Ropner 

29 

4 

Common Bros. 

33 

4 

Smiths Inds. 

29 

1 

Duple Incr.i. 

28 

1 

Somportex 

29 

2 

Evans of Leeds 

29 

S 

Thorpe (F. W.) 

29 

4 

Grampian TV 

31 

3 

Wade Potteries 

28 

2 

Hambros. 

31 

4 

Wood Haff, Trust 

37 

1 

Jatei 

28 

8 

Yorks. & Lancs. Inv. 

29 

S 


gpoj year. At 24 p the shares 
stand on ape of 6 and the yield 
is A 2 per ccn; — a figure the com- 
pany would like to improve a.-, the 
i-nver i- now -:x limes. 


Potteries 
tops £lm 

J\ I.I.XJi .ilh the -luniffc.ini 
nn pi i»i .-men 1 foreshadowed ai 
midway. Us!»s»hie profits of Wade 
Potteries jumped from iKU.>.4j.t to 
a rei.-ord i l.n::“.n 2 !i rnr ihc year 
ended duly ;5I. l!»7S. nn sate- of 
is.l'.2ni iig.iin-l Efi.THni. 

When repo: ling j ijii per cent 
leap in lii'si half prniil- lu 
I3M» l>rg the directors said 111 vivo 
of 1 he known ‘-nsi increase - still 
lo come, it would be unrealistic 
to expect Improvement in cun- 
unuc at lhai rate for th.- full 
yea r. 

Thi*j no" say the current year 
ha- s la pled well with the first 
quaner- -.dixfactorily in advance 
of las; year as regards orders, 
sa'c- and profitability. 

Demand icniain- high and with 
each faciory :iio-*'ing an improved 
performance, the directors feel 
tlial this year's results «hould 
din'., a con tinned upward trend. 

After a tax charge iff EUUtZl 
c£2IS.77*Jl n I a led yearly c.iiuings 
i' 0 -c from an adjusted S.Pfip to 
»;.ri3p per ilip -hare. A final divi- 
dend of U.86il54p ciTcclively lifts 
Ihc lolal payment from an equira- 
lem lp m I.i2|i net. 

Net isncih'c a*sel- are shown 
»t 'J4.jp 1 lM.7Sp) pc r ordinary 

,-harr-. 


The directors state that the 
heavy capita! expenditure of the 
past few years, primarily on new 
plant and equipment, has enabled 
the company to accelerate rapidly 
ro meet a growing demand for 
its products. 

A further scheme of capital 
expenditure which will affect aJI 
factories- within the croup and is 
likely 10 total over £1 111 is 
currently being considered. 

This will increase capacity and 
improve efficiency still further. 

• comment 

Wade Potteries has- reversed a 
ihree-year downward trend with 
profits almost two- thirds ahead 
and margins more than two-and-n- 
half points better. Th«? shares 
rose 3 |i to :;ip where the historic 
p e is 4.4 and the yield 3.1 per 
cent. This does nut seem a 
demanding rating given past and 
projected egnilul spending and 
the wide range of products. Xm> 
that the company has pulled out 
of the competitive tableware and 
tiles markets roughly haJf its 
sales arc seared to industrial uses, 
while the remaining output is 
predominantly ornamental. Last 
year's upturn has been felt in all 
divisions though specialised 
refractories have done particularly 

well in view of the high demand 
for gas appliances. Orders for 
high alumina oxide ceramics, 
which arc nearly as hard as 
diamonds. have also been 
encouraging' and the company 
feels this side has a good future. 
Meanwhile, expansion plans can 
only improve efficiency and boost 
vhat are already healthy margins. 
The company prefer^ internal 
growth, but with a still ungeared 
balance sheet, acquisitions cannot 
be ruled oul. 


TO FINANCE the continued ex- 
pansion of key projects in Briiain 
and ibe U.S. Jletal Bo s is calling 
on shareholders to provide £3.i.Pni 
net by way of a rights issue. -Most 
of the cash trill be used to speed 
up the switch to newer two-piece 
can technology in order to deter 
competitors from putting in more 
capacity. 

Ai the same lime, the directors 
announce profits for the first half 
to September 30.. 197S. up by a 
quarter to £3U7tn pre-la*- in- 
cluding a 31 per cent increase at 
home. The interim dividend i> 
raised from ij.fip to 7.37p net and 
the directors anticipate paying a 

10.72p final on the increased capi- 
tal for a total of 18.00 — at the 
gross level thin is a 20 per cent 
increase- which has been 
approved by the Treasury. 

The directors report that 

despite first -half sales volume 
being no greater, the results at 
home are well ahead of- the pre- 
vious comparable period when 
profitability was reduced by a 
series of industrial disputes. 

Overseas, the results are a little 
belter, especially the Indian com- 
pany. which has shown a "sub- 
stantial improvement." 

In the second half to dale sales 
or the packaging business are un- 
exciting. I hey report, but the cen- 
tral healing business is "very 
buoyant *' — overseas the trading 
po-ition remains healthy. 

Expenditure on fixed assets 
during the period was Ufim. of 
which £4.8m was spent overseas. 

The directors say that under- 
writing has been completed by 
Baring Brothers and Company for 
the issue of 14.5m ordinary £1 


shares at 230p each on the basis 
of ope for four. The issue is 
subject to approval at an EGM 
on December 8. Provisional allot- 
ment letters will be posted on that 
date for acceptance and payment 
in full by January 5. 1579. It is 
expected that dealings in the new 
ordinary shares will begin on 
December il. , 

Explaining tbe cash call, the 
directors refer to the introduction 
of equipment to. produce two- 
piece cans which increasingly are 
being used in place of traditional 
three-piece cans. 

.Also the renegotiation of the 
long-standing agreement with The 
Continental Group incorporated 
opened up opportunities for Metal 
Box in new areas overseas, 
especially the U.S. The directors 
also refer to the significant 
expansion of the central heating 
radiator and boiler business which 
will continue to require consider- 
able expenditure both at home 
and abroad. 

The two largest projects in the 
UK in the past two years, involv- 
ing some £40m, have been the 
new factory at Braunstone, 
Leicestershire, to produce two- 
piece cans and a new research 
and development establishment 
at Wantage- Oxfordshire. 

Recently the directors have 
decided to accelerate plans for 
increasing production of rw o-piece 
cans and sanctioned four new 
fines raising the group's UK total 
(0 13. 

Overseas, the establishment of 
Met&i-Box Standun Incorporated 
and the acquisition of The Risdon 
Manufacturing Company are the 
first steps in the U.S. expansion 
plan. By early next year Standun 


wilt be supplying beverage cans 
to Pepsi-Cola. . 

The company’s financial commit- 
ment to Startdun amounts to about 
USS23m; the cost of acquiring 
Risdon will be S25m. assuming full 
acceptance of the cash offer 
announced on October 19. 1978^ 
at November 17. 197S, acceptances 
had been received in respect oi 
90 per cent of the Risdon equity. . 

Brokers to the issue arc -fame.- 
Capel and Co. and J. -A- ScrUn- 
gcour. 


Kalf.year 
19 7S isi; 

‘060 £0Q0 

Sdlcs *i:.S0g 391,794 

Huftrr »»J390 2C3.539 

0v±reas l*i 3li) L2S.074 

Profit before tax JUTS 3jw> 

Home 23 IMA "16*90 

Overseas 6.480- 7.6S 

AESoc.-aies ... .......... 840 jta 

Tax 6*60 5.45S 

Xcr profii ?4jT6 l&jfli 

Minonty holders l;m i^jb 

AuriUntsble -J.780 1J.W3 

Meanwhile Metal Bos South 
Africa is forecasting higher profits 
for 1978-79 and expects to lift 
the dividend total from 22 to 23 
cents per share. 

in the first half turnover is up 
from R69m to R95m and net 
operating income shows an 
increase from R3m 10 RB.lm. After 
his her interest charges the 
pre-tax balance comes through at 
R-Lfim iR3.7m>. 

The tax charge is unchanged 
at RL7ra refiecling losses at the 
Walvis Bay plant . which are 
expected lo total ore r Rl’m for 
ihe year. However with the 
re- in corporation of Walvis Bay 
into South Africa these losses 
can now be offset against profits 
elsewhere in the group. Half-year 
earnings are given at 10.S cents 
iS cents). . 1 


ON TURNOVER down from 
£t2.7Sm to HOJSin the directors 
or Reardon Smith Line report a 
reduced pre-tax loss for the six 
months ended September 30, 1978, 
of £1.77m against I 2 . 32 m last .time. 
Loss for the whole of the previous 
year was £!3.53m which included, 
a £9.S7m foss on revaluation of. 
ships. 

The director? slated that future 
improvement must still depend 
principally on freight rates. 
Sooner or later they Feel these 
must return to a level which would 
jive a prooer return, but they, 
say it would be foolish lo ?ive 
any promise* as to when this will 
>ccur. 

Meanwhile, steps taken over the. 
fait vear to reduce exposure ire 
beginning to bo reflected in the 
accounts in lower depreciation 
and interest charges— £1 ,51m 
t£2^7mi and £1.41 m _ til. fiSm).. re- 
spectively. 

Containing commitments ana 
preserving cash resources con- 
tinues lo be the principal goal in 
the circum si knees. . 

'In July the directors reached 
agreement in principle, subject 
to contract, to a deferment of re- 
payments of principal, with all 
lender* in re.- peer of all loans 
secured on their licet. Prepara-, 
tion of the documents giving 
effect 10 1 he loan deferment is 
still proceeding and tbe directors 
hope they will be completed 

-before tuo lone . . ■ s ' ; 

On the half year's results the 
director* state that by reason of 
capital allowances available,- it is. 
unlikely any liability 10 corpora- , 
tion tax will arise for the period. 

During the ioari deferment they, 
have agreed in nay only token 
.-pvlrfenris and in view of ' the 
results again no interim:diviidend- 
is .pavable— last year’s final ’ was 
0-ip- * n 


place during the period bue*had 
no effect on profits bec&bse-iMlad 
been written down to exported 
sales value ix> the last- aud^nf. 
accounts- - •-.« •• 

• comment ; 

if you look carefully It Is ; --just 
possible to spot some alight^ta- 
proieraem rn Reardon "5htJtb , s 
Interim statement The trading 
loss on tankers has been cut^from 
fl.fiin to £6.4m and' losses' oir'diL* 
side of the bastness.seem to-'feave 
settled dbwn-iat around £ft,4m'ber 
annum, compared with a possible 
£om per. annum at one stage;- In 
fact, Reardon has 'managed^ to 
turn Iasi yearns &L00Q. loss-son 
shipping aeth'itie& at - the trading 
level into a fl.Im profit. Howler, 
after adding off £i:4m:'of -mteftsi 
charges and .another : £l'4m -e^.qle- 
• predation- the" r gcoup •' ijiT.setiil 
losing .money at. «n ianiraS^.rate 
of over £3ni; Given ttrat -tbe groirp 
has -secured-' a moratorium oft ?fts 
loan repayments.' luntil. No«HtJber 
1975 It has woo 2 breathing space, 
but -unless there fc a- substantial 
ini pToyemeh 1-40 -* freiglrt rajfei* It 
w ill .be 'forced to sell . off more- of 
-its ■ fleet to' stay afloat 7 The 'dnly 
slight cons oration is that second- 
hand «hjp values haw. risen:, over 
the last. few;jhqnfli&.'l£. the Owbut 
City liad. bcejt-Sold j today, Reardon 
reckon that it ..could h’av'fr^n- 
creased th* . price by 1 arouM- a 
third; : - Reardon hfti. agreetT/to 
pay only a roken -dividend during 
the. lean .. deferment-period w*Rch 
win probably Extend into -,3)BS0. 
The. ordinary share.'T. clOked:; 
changed at 77jj.and the 'A’ ’shares 
at 32 p. last nighL - ■ • • ■ 


Australian Farming placing 


j m BFiMw 

aj Minns© 


~EF: 




SECOND 

INTERIM ANNOUNCEMENT OF 
PROFIT .AND DIVIDEND 

FOR THE 53 NA’EEKS ENDED 30 SEPTEMBER 1978 


announced on J5 November ihc accouniinc period of 53 weeks ended 30 September 1978 has 
been extended consequent upon the acquisition .1. Ljun^jX, Com pan' Limited ( Lyons) to :t 
period of approximate^ se\cnieen momliN ending 3 March 1979. The rcsulo- for the whole period 


The resulL* for the 53 weeks ended 30 September 197.S based on unaudiled figures prepared for 
management purptsscs are shown in the si.itemeni below. This statement does not include any result 
I or Lyons and earnings per share have been calculated excluding the shares issued or lo be issued 
pursL/ani 10 the offers for Lyons. 


53 weeks ended 
30 September J978 
£m 


52 weeks ended 
24 .September 197; 

£m 


Turnover 

Trading surplus before depreciation 
Dciiiui: Depreciaiion 

Trading profii ‘ .. 

Invcstntcnl income 

Associated companies 


Finance charge* 

Profit before La'i 
Tax on above profit 



London stockbrokers -Ijmes 
Capel have arranged a j>laeing of 
2 . 4 tu shares in a newly formed 
company. Australian Farming 
Property, at a price of A$Uo each, 
raising AS3m f£ 1.76m). 

Though the company is 
registered in New South Wales 
its Incop! ion prnvid&s an oppor- 
tunity For UK slock market 
investors to lake a stake in 
Australian fanning. 

This is the first lime in a 
number of years that oniffde 
investors have been allowed to 
move into Australian farming. 

This represents the first tranche 
in ihe company, and it has been 
taken up by over 100 client? of 
James Capel. These arc largely 
institutional holders, and over 
hair uf them are in the VIC 'Jthcr 
shareholders are from Europe and 
the U.S 

A full Slock Exchange listing in 
London i* impr.ssihle ai this 
stave because the company is a 
Crtsh shell. However, a quotation 
in Luxembourg has been obtained 
and dealings in London under rule 
163 will start tomorrow. A listing 
in Australia is planned for the 
ruiure 

The- company's funds will he 

invested in prime farming land 
and in the flr*l phase will be 

used to purchase a S.-'iOO-acre 
pnmerty near Vas* in New- Soul h 
Wales. The purchase price is 
pitched at nji! 2*2 an acre. 

The deal was arranged four 

month* ago and already the land 
could he sold for around ASlol) 
an acre, according to Mr. Ashley 
Down of James Cancl. who is 

a director of the company. 

The coni pa nv b looking at other 
farm land, and a second issue of 
>harcs Ls likely some time next 
voir. 

Mr. Down said yesterday that 
the company should be able lo 
get a return or close to 5 per cent 
by the end of the financial period 
ending January 31. 1980. This 
compares with a norm of 2-24 per 
cent in Australia. 

Turnover of Ihe conipanv will 
be at least A *700.000 and 53 per 
cent of the income from this farm 


will come from wool. 20 per cent 
from the sale of sheep meat. 15 
per com From wheal and 10 per 
cent from catrle. 

The properties arc to be 
managed by Guinness Middleton 
Pty.. a company, which Cane I* 
.-ay. has an established record in 
this are3 

Ultimately the company's prn*- 
pects arc linked to those of the 

farming industry, particularly in 
relation to the impact of com- 
modity prices and seasonal 
variations on earnings and land 
values. 

ft is the directors' intention to 
recommend a high proportion of 
the company's net profii be distri- 
buted a* dividends. 

KITCHEN QUEEN 
SMALL PREMIUM 

Kitchen Queen’s share price got 
off 10 an unimpressive start yes- 
terday with early dealings barely 
above rhe 29p offer price. 

The Issue of 6Sm shares in the 
norlhorn retailing and manufac- 
turing company attracted a hefiy 
response with around £60m being 
pul up for the £2m issue. Market 
dealers were expecting a few 
pence premium over the 29p issue 
prii-c when dealings started. 

After Ihe very poor start, the 
share? climbed to 31 fp at one 
stage before slipping back to 30} p 
at the close. 

Overall around 4m shares 
changed hands yesterday, and 
dealers are hoping that the price 
might improve a couple of pence 
once the hefty selling bout is 
over. 


YEARLINGS FALL 

The coupon rate on this week’s 
yearling issues is 11} per cent at 
par. Last week the bonds were 
placed with a coupon of 115 per 
cent. 

This week's issues are: — 
Birmingham District Council 
(£2ni), 'Brighton Borough Council; 
i£lml. Northampton Borough | 


Council dim). London Borough 
of Southwark (£2m). Braintree 
District Council djml, Kirklecs 
Metropolitan Borough ' Council 
dim), Alnwick District Council 
film). Copeland Borough Council 
(£}m>. London Boroueh-' • of 
Hillingdon dim). Brentwood 
District Council i£}m». London 
Borough nf Hackney film). [New- 
forest Dl c ’r:«‘T Council t£}m)' 
Sefion Metropolitan Borough 
Council ffini). Stafford-'hire 
County Council UE’.m). Metro- 
politan Borough of Rochdale 
dim). North . Norfolk District 
Council (£lm). Beacon-field 
District Council ifimi.' 

Rhymney Valley District 
Council has raised £!ni of variable 
rate bonds dated November 17. 
19S2. at £99 i per cent. 

FOTHERGILL AND 
HARVEY 

Shares not taken up in Fofhcr- 
gill and Harvey were sold in the 
market at lOOJp. and not 109lp 
as staled in yesterday's edition. 

NEW DIVISION 
FOR ARENSON 

A NEW division has ben set up' 
by A. Arenson {Holdings), office 
2 nd equipment manufacturer-.. In 
hi- annual report Mr. A. Arenson. 
chairman, says the division - will 
market Fabritrak which provides 
a simple method of covering walls 
with fabric. He adds that the . 
initial response to the product 1 
ha* been "very encouraging." 

iting^CSIuxson 

Limited 

52 Comhil! EC3 3PD 
Gilt Edged Portfolio Mowtment 
Service Index 21.11.7t 
Portfolio I Income Offer *1.7* 

Bid Bt.74 

Portfolio II. Capital Offer 131.10 

Bid 131.0* 


Hair year: 

147* 1977 . 

fOtlU ' 1UW 

Torrmi t -r in K1 . K.M 

TVadma prafif EMW .n 

Bulk carn.-rs ' d*«".IAn 

Tankers l n -!> 1-643 

Rib- ■■ — ' - 743 ..'IS' 

invi-s'm^iii :n-vnw j i . ii. 

Interest patJbk- • 1.409* I.ISl' - .*' 

Site ..r «h.p- ii'ffli — ' -1.135- 

AfaKini: loo z™ . . 

Di-prt-nation .. • . 1 509 • 237.' 

toleftlrTK III -r^ots rtWJlf. . r- . IB 

B^rhjnue BJ.ii- . • - IV- ~-X1 

Loss .. .... . .1.773 : 2.825 . 

Although freight rates have 
risen to compensate for'lt. the- fall 
in the value of the dollar ha* had. 
an adverse effect on charters 
outstanding while it h.t* oceurrwf. 

The rumimny’s only r- fieri tve 
tnlcres; lit tankers during the half 
vear was ihe Sanfco Honour, which 
wa* cftnriervd out in August. Re-' 
suits for the period . show o/ilv 
part of th<.- benefit of this trans- 
act ion. which should reduce the 
line'* tanker losses tn some 
GGO.ono in the second TtalE. 

The Sea Conquest, the rig in 
which l he company has a majority 
inlere*i. continues to . operate 
under its charter, the directors 
add. ! 

The sale of Lhe Orient City to_ok _ 


falls to 
£ 925,000 


FOR 1977. THE profits' or Jatel, 
tea proddegr.: droppedT ’from 
£F,374.S9S td £925.479^ subject to 
tax of £702;u5B against 1859,123.;. . 

. A . change m the .group’s 
accounting polley for gratuity pay-r 
ntenls.fo Tls-Jndtfin labour: force 
result riF In a reduction of £13,888 
irr;.net -profits.' -. Comparisons are ' 

resrifted- . * *■ J- ;..-9 •• 

: The net dividend Is maihj^&'ed 
at 4p per-£l share. ■ 

• .HifiAia. 

■ -j»_* 1 j ' 

HOSKINS & HQR-fON 
Brftannic Assurance • : and 
Loudon 'Trust have increased their 
stakes in Hoskins and Horton "to 
125- per - cent -and M.5 pariwit 
respectively. - .Talbev repexvQy sold 
its hear .30 per cent- in Hoskins 
after takeover talks: bad brobea 
down. 


Sink 


ir 






If you 1 have E5.000 of more to invest for 
period of 3 months or longer, telephone our^ ; 
Treasury Department on .01-623 4111 or ! 

01-623 6744 fOT.u p-to-th e-mi nute competitW&.N. I 
interest rates. Interest is paid without \ r n S:. 
deduction of tax atsourceV : * 1 • . ■ '-::i 


y North Central y -% 

.. : Ltnjiled 

Bankers, 

.Treasury Dept.. 31 Lombard St., London EC3V BBft Tetex: 864935-."? 

" 'rti* 


Minority imcrpsi- 
Prcicrcncc dividend* 


Earned fn^m openuion* ■ ■ 

Gain* and lo«« uri^ing other than from trading 


Profii on vile of imc.-imcm in Trust Houses Forte 
Limited. • 

Attributable to ordinary -ha reholders 

Ordinary dividends 1st interim 

2nd interim'll njl 

Profit retained 


65.1 

1.3 

0.4 

Tencepcr 

-har<< 

12.05 

63.4 

7.1 

13-39 

70.5 


6.2 




DIVIDENDS ANNOUNCED 

Date Corre- Total Total 

Current of spending for last 

payment payment div. year year 

Allied Breweries 2nd inL 2 . 9 H+ March 1 — — 3.93 

Atlanta Baltimore 0.73 Jan. 8 0.5 0.75 0.5 

Black Arrow ftroup int. 0.7 Jan. 2 O.fi — 1.B 

Brcmar Trust inL l Jan. 18 0.5 — 1.5 

nuplc Inll 0A1 Jan. 11 — 0.66 0.59 

Duple Inll inL 0.34 .Ian. 11 0.33 — 0.6« 

Evans of Leeds inL 0.5 Jan. 12 1.0* — 1.8t v 

Grampian TV ini. 0.8 — 0-7 — 2.2 

Hambrus int. 42 Jan. 2 37.03 — 06.09 

Jalel 4 Dec. 20 4 4 4 _ 

London & Lennox . . ml. 0.45 Jan. 5 0.4* — 1.53* 

Ropner int. 1.19 Dec. 14 t.07 — 2.13 

’Times’ Yrncer inL 0.22 Jan. S 0—1 — 0.41 

Wade Potteries 0.6S -- 0.6J* 1.12* l~ 

Yorks. i; Lancs. Trust ... 3-03 Dec. 20 0.95 1.35 1.3o 

Dividends shown pence per share nor except where otherwise stated. 

-' equivalent after allowing Tor scrip issue. « On capital 

increased by ri^hus and 'or acquisition issues. * Making j.79p to date 
in respect of 17 month period. 



Gain* and losses arising other than Irom trading; — 
Surplus on disposal of properties t less tax) 
ft/,/: realised revakiatfon surrltt* transferred from 

capital reserves ... - 

Surplus on di-posal of invotmenn I less taxi - 

Surplus on redemption or debenture* - 

Foreign currency gain*? losses? . . ... --- 


T The 197-s m\ charuc ha- been reduced h) il’Mm ( 1*77 bciny deterred ta\ not likely to be 

pavahk within rhe foreseeable future. This i* :t change of account inf. policy mce ihc first mienm 
- uneaten t was issued in June and the 1177 figuies have been rv>iaic<J avcordingly. 

Dl ThrDircctors have declared a second interim dividend ol lW peno? per ordinary share which will 
he paid on I March 1970 tr. ihose shareholder; whose names jre on the remsicr on lb December 
ICtV. This dividend will also he payable to those holders of Lyons -wan tic? f whose names do pot 
appear on that regi-ier on IS December IV7hl in respeet of the Allied iinJinaD snares >fiil lo be 
j-*ued to them pursuant to the Allied oilers lor the acqu isi lion of Lyon*. 

il is the intention of the directors to recommend a third and final dividend in respect ol the sc\cn- 
icon months period to 3 March 1979 when the lull results for the period are known. 

Sale of investment in Trust Houses Forte limited ri0 , ... 

This investment which had a b,i,d. value of £,v.-Jmillion u-a* sold in July lor £48..?miUjon. Oi the 
surplus or £3*1.9millicn £3 1 .Smtllion has been *rediied to capital reserves to rewrse the loss nn *nlc 
and repurchase charged io capital reserve? in hi 74. The balance of £S.4mi11ion. less provision for 
capital gains tax £2.2million. is .l realised profit over original com. 

Acquisition of .1. 1 % »i»ir& Company Limited . '_ ' _ „ 

The •■'Ifcr* for the share capital of this company became unconditional on September anu ,i 
loiul of 72.8.^.177 ordinary shares have been or Will be issued in connection with this acquisition. 

These share? carry the rigid to a special dividend nf 1.4 pence per -hare {total < 1.0m) which n> 
« e ilicr with rhe second interim dividend of - pence per share (£I.2m) will be treated as part ol 
the acquisition cost of Lyons and arc therefore not included in the amounts of the do tdendsin ihc 
>t.itcmcntnbovc. 


Electro- Mechanics! Component Manufacturers 
and Precision Engineers 

Year ended 31 st July 1978 1977 

f’000 £000 

Turnover 7.888 6.355 - 

Group profit before tax ; 1.013 660 

Attributable to ordinary shareholders 582 36 

Retained profit for the year 462 171) 

Net earnings per ordinary share 14.57p 6.47p 

Ordinary dividend 3.00l2p 2.6877p 


© 




Group sales of £7.9 million represents an increase of 24% 
over those of the previous year. Group profits before 
(.nation were inc/eased to £1 .01 3 million. 

Turnover frdm Electro-Mechanical Components was • 
increased by 32.5$ over that of a year ago. Moderate 
improvements in the level of output of both the Television 
and the Motor industries, coupled with a further increase in 
our markeishare. provided us with further reward for the 
work done in development and expenditure in tooling over 
the past three years. 

Sales and profits in the engineering sector exceeded all 
records. . 

Orders stand at an all time high and the new financial year 
has started well. In television, new business at home 
continues to bring benefits and production of Pressac 
components for thedomestic electrical appliance industry 
promises signifieanfgrowrh. We continue ro invest heavily 
m plant as our policyis to remain abreast of the advances in 
manufacturing technology. 

G -VV. Clark. Chairman 


FIVE YEAR RECORD 

i- ' i 

1978/ 

1977 

197Q, 


./:T974 

■ 

•'-/ • £m 

£m ' 

• V£m : ' 

■ : v %rri 

: : £m 

Turnover 

' 254.8. 

224.1 

.180.8. 

.-167.5:- 


Trading Profit 

24.1 

: 21 .7 • 

; ’'.T7.5 

• - - is l-t 

Jr ' v 

• 13:2 

Profit before Tax 

22 ll 

■ 20.5 

"•16.2 

. -12:5: 


Profit after Tax 

.16.0 

; 13:3/ 

7-8/ 


* .v s; 3 

Turnover for use Overseas 

/. :i15.9 

1 0 G.O 

80.1 - 

•vWA 

:/:54l4 




PROFIT INCREASE IN 1S7S REFIJEGrrS 
WIDE SPREAD STRENOTHf 

GOOD SECOND HALF-YEAR'S PERFORMANCE.-/-^ 

. . "During the second hatf-year. .turnover a ndtrading profit : - “-’v'-;- 
were 1 7% and 35% respectively higher ttiarvitttfre^ ;:i‘ . ■'jlf'- ■ ■ i 


i*ltj i j^.1 tjt] n» il ii> ■ rti»g*)i < aHftiTpFiwr 


"Direct exports during the same period irttreased 

FUTURE PROSPECTS - 

"...our own prospects for 1 978/79 areoncou raging 
Many of our businesses are^ well covaredfjy fpryrartf 
orders and export potential is good . The yearh^s'' ’ 
started well and our spread of business aqtmties 1 


SMITHS IINHDLJSTMESIJIMIT^ ; _ 

MAN UfACTUHERS Of : VEHICLE. A E R OSPA CE. MARINE. MEDl'CAUTM^kte, AWjOH^ol^UbC 
EQUIPMENT: CAR RADIO AND STEREO. TIMING PRODUCTS. CERAMICS A«D INDUSTRIAL INSTRU- 
MENTS. AND DISTRIBUTORS OF PARTS AND ACCESSORIES FOR VEHtCLES'ANO FQRINDOSTRlAL' BtAttT 
AND MACHINERY. - — : I.' . . L7 




5 j > 






















1 


lf\ * ■■• -. ? ■ v^-'y. • ?- - >• '■ '-vf V . ’ •' v , 


'ilk iT-M *%*&&&' 


‘j 

y »■ 


js Wednesday November 22 1978 



•v. -mss 



Ropner first 
half rise 


£90m 

yOT PR OGRESS^ftoW by Allied March S. lBTB. tcgeaier -with the (EM?) and earning per 25p PRE-TAX profits of Ropner - 

&& teCVZ s ‘ , »lf t “ >75 . p r- 76p ’- , "•“■«•, «• **• “ BOARD MEETINGS 

^fiWropjf at. Ibe. ijrtffFim stager has U.S.) ; for the- period: October 1. *h^ sT^ri £1 ‘ ljn f ° r the rao ” t ^ s to . The toUowms cranni « have ootim 

tPftfen' maintained in the second 197B. to March 3, M79. and for “J® seCDn u **?t in the company s September 30, J978, helped by an <uk* uf Board meetings to me stoet 

half of ,1077-78. Profits for that the US. companies.for the period d «2®" increase in ihc shipping contribu- gfg^L- SS, 

showman advance from October 1, i97S. to December 31, “gj P S, s \S a Sew tion from fSG.DOO to £350,000, and 

*^Tbe directors -Intend ■ to recom- *? ^-ng the adinurned ACM s properry development profit of 

■ i^ifieptember 30,-1978-up-to a record -mend ' a third and "final dividend as soon as Practicable. £194.000 against a Li 1,000 loss last triw we Bawd muni? on last years 

.£-£99,201 com pored .with. £77.2rn. The jn respect of the. 17 months' These Mill contain a Board time. U**™*- 

.-H*salts exdiide ' the recently period when the ®fll results arc statement setting out (inter aliai yhe directors state that second today 

- inSSqtured J. Lyons catering group, known; m full the conclusions of the haJ{ croun nrofits will noi equal Edw Alien (Balfour-. Andcr- 

deducting aB charges the Referring loathe- sale of the rmt received by the Board from thoS e of the first, but for the full u^^"£7 P *oE: 

vj^iroflt WMg'-'ftam - operations investment Jn- THP.the a! rectors Robson Rhodes. chartered vear rejtults are expected to show gSS^.^ct^Sw^jotapSSU atfe 

, ■ comes i through - '.at . £63. 4m explain that this investment whirh accountants — - — 

• i j^otb pared -With £50.Sm— equal to had a book value of £S.4m was 
.-MM* ^ , sold- In July for £4&Sm. Of the 

Cf There is-a gain of £7 Am (£3 .6m) surplus of £39$m the .sum of 
-awing other- than from trading £3 Lam has been credited to 
- toand .ft. profit of f fijm- (nil) onthe capital reserves to! reverse the 
4 -tS 9 )b of - thejnveslanent m Tkust loss on sale and repurchase 
.iUouses Forte. ,• 'Kitang these charged t o . capital, reserves in 
-sterns into account the balance 1974 The balance- -of £S.4m, less 
■^attributable -t o ordinary holders -provision for capital gains tax of 
'.^Lponjes through at. £76.7m against jo *> rrt[ j S a realised profit over 

S SSSUr — 

^.ssrw^s^ss: je h^jksl-== 

JSartSST. in reSct of jSS “ £Z£~£ b S,a£S ^ J«ro° ver up by 42 per cenl frora "ST 

- to be lssued SSLJSrSW 1 : the a *» ,o £3 - 4m - ■ ^ «“* « 

.^Iflider ihe offer. ___ interim statemem .and The 1977 

mi im figures have been -adjusted. 


Increase 
for Black 
Arrow 


significant increase over the international pasm. m.k. Electric, uti- 
raSTm '<ehlevcd last vear— a bory. Mon** lnv.»tmen: Trust. Pyramid 

“rd aSTSL od'Ldn^thJ “a^STT^SSSES-n*,. 

previous year. voarih cuy aod Comraernal Investment 

Tho net interim ditndend is T nlsU 
raised to L1896P (1.0633p) per 25p FUTURE DATES 

share and the directors tend to Drink* Dec. 1 

pay the maximum permitted total omt? industries Not. is 

for the year — last year's final pay- earless Capcl and Leonard Dec. 5 

ment was L0653p. CteMet flgd^Pmpertig Nov. a 

Six months Crosby Sortn» Interior^ 

1978 1977 Gilt spar 

rood Hoklon fArUturi 

„ Kleen-E-Ze 

w Leigh Interests 

Martin g Industries ..... 

^5, Ocetfl Wilsons 

2g Pe*lW-H»ner<le;- .._ _ . 

Pauls and wnites Nov. 53 

. r!i DmAPffV atMt RKin.li>i.irv Ins Vh "T 


k ' - V i 


. . V K- 
) it] 

•j - 

; \l'4. 

• 


surplus _... 

atton 

. -i^TrndinC'- profit : ■„ 

.'•>ivi5itnw« income ;.,.. ■ 

■* _A^oclated comtanica - 

Z > Finance - diarges 

- ^Pnrftt Ne/ort lax 

• ’-^ttoprit ips Z. 

■rptefi ’ rence tbvidends . .... 

-ffiMDiim /, 

Von -Ira dins gains 

Profit investment sale 

Attributable erdtaary ...... 

. ortHnarr dlvldonds 

Belalned 


-1JS3.S 

U05.B 

128.2 

- 109.4 

17-2 

’ *2.7 

, mo 

' 8U.7 

.4.0 

4.S 

2.8 

2.0 

18.7 

18.4 

K2 

77.2 

25.1 

ia.5 

65.1 

60.7 

IJ 

#-S 

8.4 

0.4 

63.4 

56 . j 

7.1 

3.6 

6.2 



74.7 

04 

23.1 

20.7 

53.6 

42.4 


See tex. 


Somportex 
profit is 
£163,055 


The interim dividend Vs raised MtoorttiM 

from 0.6p 10 0.7p net front idaJed Available .III II 

earning« of 2.2p (LSp) per 50p Retained - 

*h are. The total dividend last year • t Low. 

w-as 1.6p. At the end of October. 


was 

3» 

W9 

216 

194 

232 

3S3 

J.7W 

890 

16 

802 

826 


Nov. 30 
Nov. 36 
Nov. 24 
Dec. 4 
Nov. ?3 
Nov. 36 
Nor. 29 
Dec. 7 


The Board says -that the office group took delivery of a 118.000- 
furniture division's contribution ton dry cargo bulk carrier, 
v.’as disrupted by its move -to M.V. Appleby, from Harland and 
larger premises. The division's Wolff, and arranged a 15-year 
turnover went up from £lm 10 bareboat charter with the British 
Xl.Jm. Steel Corporation. 

It adds that -The second half of The ship cost JE8m against which 

. 1. ^ me year should show an imprme- £5. 6ra has been borrowed repay- 

As foreshadowed nten-t over the first half. L3st a j,) e 0V cr seven years at 7} per 

year l0,al profits were cent interest per annuam. The 

[oldings^ berteredJJaO.OOO forjhe c^m.ooo. earnings of this ship will be 


RnoUcOgc and Keegan Paul Nor. 29 

j, W.C.1 Not. 24 

943 Bwb— 

jar FJexeBo Castors and Wheels Dec. S 

Hanson Tmst Dec 8 

Lloyds and ScoiMsb Dec. 14 

the ME PC Dec. 14 


" As announced earlier." this in at £163,055 compared with 
month the accounting- period has .£76.726. 

been extended to 17 months end- Originally ' profits- • were 
ing March 3, .1979. The results announced at £237,000,' but after 
for the whole . period” will be they were reported two errors 
announced- at the end of May came to light and the ■ company 
1979 and will consist of the withdrew the ' - results and 

original AB group for the period re-prepared them. 

from September 25, 1977, to Tax. is now shown. At £87.809 



nair 


Vear 



1977 

1B77-7S 


£W0 

row 

XIWI 

Tuninror 

3.44>! 


jJJT 

Lotting ..... 

WO 

rififi 

l.«7 

'.•Hi,-, luriiiiuri- 

1.™ 

1 un;. 

2.3ft: 

EI..-C 1 components 

ISO 

3W 

W4 

lilt ci rd. apphors. 

413 

41n 

Otr. 

Djsi-an a pcraita ns 

— 

2hn 

2i9 

Profit before Lax ... 

171 

TOO 

3M 

T.tv 


.-•o 

S4 

Profit nfivr tax-. 

yvs 

. V* 

310 


Upturn at 
Evans 
of Leeds 


by higher interest charges. ON GROSS rental income up from 

POMr „i„ £3^lm to 1 1 -3 fim. Evans of Leeds, 

_ The company recently acquired " unA A ’ u.™, „„„„ 


say that only one 


£692,421 lu £859,777 in the six 


3ie results foe the current' year. 


Smiths lads starts well-scope for growth 


The separately operated watch profit, of £24. 13m (£21. 66m). by weeks ended June 24, 


•Thg-dnlerim dividend is pegged 
a*1-o!5p net. Last year payments 
totalled an equivalent 1.309p from 
£L55m taxable profits. 

The half-year figures * Include 
profit from development and sale 
of properties, up from £24,645 to 
_ £65,573. and interest receivable 

1978— as £49,029 (£333). Interest charges 


PROSPECTS AT Smiths Industries - - . _ . . _ 

rfor the current year -are company failed to reach required activity shows f£000s omitted): reported October 21. rose from £540,699 to £65Q,17L 

encoura g i ng . Many of the group’s production levels and .showed a in the UK supplied to industry. The company is continuing to 

businesses are well cohered ■ by loss. ■ v- ’ ' vehicle manufacture £88.750 expand its number of retail out- 

.Jtentfprd orders and export The directors are 'still seeking (£33.150) and £2,198 (£3.325 1: lets and four new stores are 

-■potential . is good says Mr. Roy ways to make the* group’s horo- aerospace £32.250 (£31.700) and planned for the current year, 

Sisson, the chairman. logical activities viable in the £2.011 (£3.053); marine 04.750 bringing its total to 74. 

.' Tie year has started well and longer term. A furtfaerrstep in (£14.000) and £1,115 (£630) and At the same time the company 
■‘the '.-spread 1 

.^activities 

•S3df“- jasa'- " «wsar-i"iid“«i»4 * »“• ** 10 '»«»« a*. nnm , ie» t** mm* 

• ■ . " , . ... . In Australia the ecOnomy has overseas . subsidiaries £56Jo0 volume sales. . v «rL-«hirii anrf tjinm-ihlre In- 

Faced with a decline in output been par ticurarJy depressed and (£46.100 > and £3,022 (£2.9441: less Camping and leisure activities °* I £5t «a. 

: of assembled vehicles- tit tne - - — 

„.-rrdown 25 per cent' in the 
'r^iwe. years— end an increased 


Yorkshire & 

T anrashire 

ad ° the' :il emnnanVs this* direction will be the merging other industries £*3.700 (£34^00) is expanding the physical size of 

provides manv oonor- of Tucker Nunn and Grimshaws. and 16,991 (£4,306); supplied its shops to include new depart- TnVPCtmPTlt 

or successful erowth he wholesalers to the Jewellery trade, Ih rough distributive trades £75.100 men ts. and the directors hope ill? C3 lIUCH l 

. & - IU. t. fCTnqnnt ..j ro tq.1 irT-wni- that thic >«'il! aUn holn In inr-rpav* •_ .... 



i'^2 Deen particularly depressed ana h-hi.iuui and £(.u» i i : less uunpm; icwu** Trust rose from £95401 

the results of the group’s subsi- imernal sales of £6,150 (£5.400). have been particularly successful naajMS in the vear to Septem- 

T#BC . .yeaned a „ - im JSS diari « ? ere .Even Porlex . which h responsible for SXS£V?£E a»SS 

rnarketshare of imported vehicles ™ fi ,re ctors’ pojicyof con- mosl 0 r lhc groups medical busi- * ‘^„”.® reasm *’ demand for “ ie5e including lax. net revenue was 

the SSnTiS bSli coSucting 1,0 “ d Investment . m Australia ness . had a very good year with pi ° d “ c J*; UDOR T vne ^^ d from 154 796 t0 £637BZ 

- ™ ffULSZa ^o^ Dolicv* remains unchanged. ■ . -• _ a substantial growth in sales. upon T>ne ’ Tax absorbed £32£29 (£29.180) 


11 per cent of total group trading 
surplus. 

The group has appointed an 
audit committee under the chair- 
man ship of Sir Barrie Heath, a 
non-executive director. 

Meeting,. Cricklewood, ' NW, on 


Mid-year drop 
at Belgrave 
(Blackheath) 


bare 


3S!SB 1 nSBSu»2!a "■n't^n's'plins.far^lo. ‘.Tui combTnrt D—»*r «- 

i e'-dnriW^'-tff7F^-'tP'-' R*y* "WV activities jn North Africa medical activities now approach 
i - rVaSn-T Vtikswagm-- and deyelopmeut expenditure mrthe 
xndai. . By -year-end exports tBvtaon remaiaedgrt a 

£43 m (£39m) had reached 10 hlghjevel and a fradrag losy^as 
-- v*' - reported. last year, v Howe ver^the 
-addition -further important order book is^ now' at » .rCPpfd 
iriSi amd- development' work Jewl god; a return, to. pi*wa41ny 

^ptid-state - 'inxfrtHpentatSon' ^ axpectedon ]9J9-' .y,' sg ... ; - 
m’7!' rwas* completed ^ Soutb - Afr Ica,-^ hw sales . - 

pie batches produced for wra up 07 per cent and profit Defceraber 13, at noon, 
environmental and life-testing by m °ro than doubled last time 

1 pWehtial customers. trading remains buoyant and ». - 

2 On the motor trade side demand fiutber new brininess is being Pfkfpt- VtorPC 

-j.for spares remained high, and an obtained; Mr. .Sisson says. A 

H improvement supply" position Group sales for the »3 weeks 
5 resulted in better sales and to August 5._197S. were up 13.7 
i| trading profit last year." Now over per cent at £254. 8m compared with 
{I £Jm is to be spent by the motoF £224.5m for the previous 52 weeks, 

1 accessory division on . modernising and taxable profit was £lj6m 

■3 its warehousing and distribution better at £22.09m — as reported 

'j facilities in Noiih' West London November 15. The net dividend well at Peters Stores and sales 
;{ and establishing a new . service is stepped up to 8.0924p 1 7.2469 p) are at present comfortably ahead 
.1 works in South V^ales. per 50p share. of last year, states Mr. J. P. Gould, 

" Substantial reorganisation ;has Funds : employed at year-end the chairman. 

J taken place bv the clock business wereilSth higher at £121. 5m. ot . „ L . d ^ and 

including the closure of the which £lAn was related to. the _ “JJJ uS ST™*!- 

" W...U not occott nl i.nwminip; acntiircd ’-'. nn 50X13 S traae IS Up TO CXpecia- 


and earninss per 25 p share are 
shown at I59p (l-37p). The net 
final dividend Ls I.95p for a 1.55p 
(l.T5p) total. 

• At September 30. the net asset 
value per share was 35p (34-3p). 



Provide free 
ffitemationa! telephone 
Bnks for your dents 
from major cities in 
airopeSt^ncrffTava, 
WBddeEastUSAUK 
and Ireland. 



k Through 

RJ Service 800 


Fcr timer deatft Je/eehone- 


GREEHWICa 


(U-SU B12) 

Grecttwicb Hist) Road, 

CreenKtch. SE10 SSL. 

Rates effective Jrotn December 
*DeDOtit Rate S.43 1 .. Share Accounts 
8,10'.. Sob pn. Shares !»28‘.. Term 
Shares 2 >«,. -t ST*. 8.KT.. 

Interest paid quarterly an shan.-s-iem 
shares. Mandtli 1 Income Shar-.-s $.10 .. 


mm GSLDHAWK 

(U-W5 8321) 

13*17 Chiswick Hish Road. 

London W-i iNG. 

Sub'pn. Star« 3 20*„ 

Deoosir Rate Share Acci 

fi 9S°™ 

Rates cffecare from December 
Sub'nn. Shares P.M. Deposit Rate 
ITS . 

Snaro Account* 8 25°. 


For the half-year to July Si; 
1978. pre-tax profits of Belgrave 
(Blackheath). • maker of steel| 
forgings, bolts and nuts, dropped 
from £78,851 to £19.022, on turn 
over of £L77m compared with 
£ 1.39m. 

Mr. C. H. Pittaway, the chair- 
man, warns that - the immediate 
outlook is • extremely uncertain 
^ J but if the industry can settle its 

The current yesrhas started labour disputes and trading con 
«... - — _ .. — improve, he says the com 

pany is well placed to reap the 
benefits. 

After tax of £8,145 (£38.571) net 
profits for the period fell from 


sees further 
advance 




in profits he current year started well with 
in his annual demand for The . company’s 
products being maintained during 
January to March. General trading 
then fell sharply, starting with 



.S ^ 


S Cheltehtiam factw^t made net assets of companies acquired SBTffi « F S b roS LViTK reports that the 

;l battery-operated movements. In On a current cost basis profit {gSi* 1 jS-iSS-T 

3 the second half of 1977/78 the was cut to £13.6m (£12.7m) by 
fi company traded sit a 'close- Jo extra cost of sales of ^-Stn TCrs 

U break-even but the reoi^anisation (£SSm) and additional depreaa- / 3l ““ s “ ,e,,u , 

■5.005*5.: were more- than, expected tion of £2.6m (same) less a gear- On turnover of Ifi.Obm (£489m) ^ 

-v when - special provisions were ing adjustment of £1.9m (£3.3ari>. pre-tax profits _• jumped from tractors and spreading to cars, 
Samite in 1977, Mr. Sisson- states. Analysis of sales and trading £149,073 to £435.052 for the 52 and later to commercial vehicles. 

Customers required fewer parts 
and also reduced their stocks and 
in consequence the company's 
order position was disproportion- 
ately ivfected. In addition, several 
important customers . suffered 
from serious -industrial disputes, 
Mr. Pittaway 'adds. 

Cutbacks caused severe disrup- 
tion to the company's production 
procedure and the affect was to 
lower the ratio of productivity to 
cost to a very disturbing degree, 
he says. 

The company docs not pay 
interim dividends — the previous 
year's single payment was 2.86p 
on £262,961 pre-tax profits. 

F. W. Thorpe 
order book 
remains strong 

Jn his annual statement the 
chairman of F. W. Thorpe says 
that generally the order book 
remains strong with many lines 
selling beyond, present capacity 
and ih order to meet ibis specific 
demand the company is having to 
change the emphasis -in its 
manufacturing. 

New designs '-introduced during 
the year have been well received 
and ibe directors are encouraged 
by the useful business which Is 
beginning to develop. 

The chairman is confident that 
steady • growth, although at a 
slower rate, will be maintained 
and while the company has not 
fully resolved Its problem of extra 
manufacturing space it is con- 
tinuing to be more efficient in its 
existing areas through the Intro- 
duction of better machinery and 
more sophisticated tooling for its 
products. 

As reported on October 27, pre- 
tax profits for the year to June 
30. 1973, rose from £487,992 to 
£676.153. 

ATLANTA 
BALTIMORE 
ADVANCES 

After interest and -expenses, 
etc., of £103.610 against £91,004, 
pre-tax revenue of Atlanta, Balti- 
more and Chicago Regional 
Investment Trust finished the 
September 30, 1878, year ahead at 
£78,390 compared with £54,758 last 
time. 

Tax took £36.821 (£25,394) 

giving earnings of 1^3p (OJgp) 
per lOp share. TTie dividend is 
increased by 50 per cent from 
Qjp to 0.75p net 


J 






t' * 







'iryil 


'*< 


VMM. LOW 

& COMPANY LIMITED 



^ummarv of res uk * for the ;• cur ended 2 nd September. 1978 


Tmrjiv :t 

Profit before Tax 
Profit alter Tax 
Earning* per Share 
Final Diudcnd 


1978 

£62.074.?8O 

1.401.585 

1.127.576 

JfvJSp 

4.462p 


1977 

Jl 4S.776.058 
. 1.607.792 
JJ49.636 
I9.45p 
3.823 p 


Extracts from the Statement by 

Mr. A.M, Drvsdnlc. Chairman. 


• SUPERMARKET 
TRADING 

In m; pc\ a \car agn J v. roue thai in; 
ch.iiler.gclor I9“S v onld he the mainrenaiux and 
evicn-ionof the higher mtirket .share «e had 
managed tuach le 1 . t in 1977. This year the trading 
p.u;cm hn> been a difficult one. and throughout 
the \ Air ue haie nur .ucd jii uggmsitc pricing 
polic- A » a re* u !> we lu i e * uccvcdcd i 
incrcjiing ■nirnh.iivos she \ inualli statu. m,nk;'. 
in which v.-; operate, and ini* will pr<>\ ide U-* 
with a broader piaffiirm tor further grow th. 

Howe. cr. this ha* not been achieved 
m iihont * ■-■ir.2 sacnlic-- The supermarket divi-ion 
ha : not escaped the r.r. ace- of the rr.uch- 
pwbhds’d “Price War", and tor mo-t ol thj isar 
v e iu’.e been unable l*:> meet our estimate-: ol 
grov* margin. 

a ACCOUNTS 

Tumoi sr increased by over 27'^- to 
162 million, but. principal!} for the reason* I 
huitf mentioned, the operating prof!', has fallen to 
£1 -6 million. The lubirantial opening costs.. 
consequent upon the higher than usual number of 
new stores opened, have been absorbed in the 
figures. 

©DIVIDEND 

i our Directors recommend a final 
dividend of4.46l.5p per share, the maximum 
presently permitted. With the related Tax Credit 
the proposed dividend w ill be cquii alent to 
b.659p per share. 


• DEVELOPMENT 

In the summer of 1979 we shall be opening 
new stores at Berwiek-Upon-Twced (9.000 sq.ft, 
sales area land Perth Road. Dundee (7.000 
•iq.fi .1. The latter w ill result in the closure of cun- 
small More in the same area. Later in 1979 we 
j expectfunher openings in Bo 'ties sand Bathgate, 
others are planned, and the momentum of our 
development programme is being steadily 
maintained. Warehouse support for this 
expansion will ho provided. and work hasnlready 
started on a lunhcr cxicre-ion of our Dry burgh 
Warehouse. Thi> will increase its present capacity 
bv5l) f ?. and should fie ready in the Autumn of 


• LOWFREEZE 

The Lcwirccre Du ision has taken n maiot 
ndc lor’-.ird during the past year T iimni e r 
w.ts up b} 7 5 f < and the Dri ision is now malting 
a reasonable contribution to Group profit. Our 
estimates lor the current year put ihis at some 
7* r of the Group total. 

Scotland presently lags w ell behind rhe 
rest of the l/niicd Kingdom in the percentage of 
households owning freerers. but we believe this 
situation will improve, particularly if then; is 
a further easing of economic constraints. In 
October we opened a branch in Lhe new Clyde 
Shopping Centre in Clydebank, and a further 
scheduled opening in Hamilton next Summer 
will bring the total number of outlets to thirteen. 
We arc. therefore, well placed to take advantage 
of the expected increase in freezer ownership in 
this country. 

Wc are pleased with the way this part of 
the Company's business is beginning to develop. 

• OUTLOOK 

On the reasonable assumption that the 
trading pattern will remain more orlcMhtablo 
during the current year we expect a modest 
improvement in profit. 


Copies o* the annual report and account? can hr obtained from the Secretary. Wm. Low & Company 
f$|S Limited. f.iPO Box Baird Avenue. Dry burgh Industrial Estate. Dundee DD1 9NF. 


77//.' advertisement appear* as a matter of record only. 




BIDS AND DEALS 


upsurge 
at ASDA 


Profits “ In excess of £14 ra '' are 
estimated to have been made by 
Associated Dairies in the sis 
months ended October 2S. 19*S- 
This estimate is included in the 
documents relating to the merger 
with Allied Retailers. It com- 
pares with a profit oF £11. 5m m 
the equivalent period last year. 

The directors of Allied Retail- 
ers slate that profits for the hair 
year to October 14 were £2.72fi.C00 
also well up on l»77 «-h*n rhe 


BBL can now proceed 
with Bushells purchase 


BY ANDREW TAYLOR AND JAMES FORTH 


Baring Brothers; the- London 
merchant .bank,, isio split ittrta 
its partner, Sanwa Bank,, arid.' set 
up its own merchant banking 
operation in. Hong Hong. 

In an announcement -y mtljvftsf 
the two , pa rtners , said that' iffeir 
joint venture,. 'BaririgrSaBwa,. 
would be ended. .Both Baring- arid 
Samva. a leading. Japanese Wk, 
would then provide - mercl&rtt 
banking, services Ul Asia ibjEHih 


their own wholly': twhed-Vsub- 

The Australian government has said vwtertay that Lhe ?orern- controls over 40. pep cent of the sidJaries. . . - 

J t Aod i^de C rs“o" t o b.ocL- men, "had „iei. cu*fu -Jo *«,« nr. « ™rfce, «A » per R fe toped . t0 1^1™*$, 


company made £1.618.000 in the c*nm takeover n r Bushells Invest- Australian companies but the. Ul the year to March 31,. l 
half year^But the directors point ^ents — jhe country’s leading tea revised Brooke Bond earaedp* 6- * 3 * profits 

out that trading conditions in th p processor and distributor. "‘in accord with thp governments a3.7ai. .... 

first three months of the previous This follows the UK group's de* foreign investment policy. • '• 

' r 5* p ° or - . cision to permit Australian Mutual Brooke Bond’s offer of 32ip «jf «-<>, ArpppTANCE 

w™ oi« ri,, L 3 "wiser Mr. trident Society to take an share has already been »<*«*«« .‘51* ™dco 

p,or .nek. chairman of immediate 2o per cent stake in by the ma:or siockholaer^-— includ- FOR INTL. TIMBER 


tairied:. from. the. UK.r , an# -3^ 
nese reguJatory- authorities^^ 


Recommendin'* the merger Mr. ZJZCsoc iiS to ‘MS » Wtaro ha, already b«nawted S7% ACCEPTANCE .:. The .theltafest^a 

Harry Plotnek. chairman of § 2? cent S5ke m b? rife maior stocfcholder^-includ- * FOR INTL. TIMBER v-!? h 1S 

.A hed writes: - ttstortolly. Brooke Bond s Australian opera- ins Lhe Sarse Bushels and Oxiey .. ■ b International 

Allied s share price has oeen Hons _ u . it h » farther commitment family irusf=-contro'lmg a Jkpet.ij** rt." 


AHieas snare price has oeen tions _ with a farther commitment family irusts-contro'hns a ol per for the whole ^ 

much more sensitive to expecra- business will be 51 per cent stake in the company ™*f “ “S SJtS^L ^ 

nons oi a doivntum in overall eent Australian owned within the If the deal goes through then JJJtte Jf BanSfaeraere havrSea * 

demand than has been justified &y next three t o five years Bushells win become part ^ - The Jink: between- Baring^mSd 

the subsequent actual out-turn of flie follows closely the guide- Brooke Bond f.Australta> which WCepted ^ respet^ ot Sa nwa M. part: .ofy.a». issoeattsn 


would agree not to set himself Bond - s bid to proceed has impor- life assurance group-has -agreed^ ^ Bamberger s, and ref eten» jot^ 

up in competition with Ailiad ta m implications for other over- to take a 23 per cent stake in shares, representing S96 per cent 

Retailers, for at atleSst five .'vars. seas groups pursuing takeovers Brooke Bond f Australia) and the of Bambergers preference share- • ^*w.wr ml 

He would enter a service asree- an d mergers in Australia— par- parent group has said it will re-'. capital. , . .. _ "rng ^r^e^tifp 

ment with the group for the same ciculariy as a number oF Austro- duce its holdings further through As a result, the ordinary offer ^ vor 

penod. Han companies are known fo have a public flotation within the nest and the preference offer/bave -?ras 

The enlarged group would be expressed an interest in acquiring five years. each been declared unconditional.- home mL” w-lMa-xpopi 

organised into five principal Bushells. Brooke Bond says that the International Timber . owned „ w . ^ iV-."-7?.-h 

divisions: Asda superstores, Mr. Howard, who had earlier acquisition of Bushells would 80.000 ordinary fO.8 per cent) of ^v-trouiasrancesw.- tad,r;-.myv 

carpets and furniture fWadel. blocked the Brooke Bond hid as reduce its dependence on African Bambergers when. the. approach c _ . [ nKed » j© ‘.™? 

carpets and furniture (.Allied >. being against the national interest, and Asian earnings. Bushells was made on September 22, 1978. partners- telt vt best, to estaDufli. 


dairy products and meat products. 
The bolding company structure 
being created would be necessary, 
says Asda. because of the ; n- 
creased size and diversity of 'he 
croup. Policy making and Inan- 
cial control would be exercised 
centrally. 

The net assets .of the new 
’roup, based on their A'*-'d 
balance sheets, would be £3' :r n 
after the cash cost of the ’frer 
of £27 3m. Fixed assets wo’ilsl hr 
rfHm. cash and short term assets 
£25m. 


sition of Bushells would BOJOOD ordinary fO.8 per cent)^ '.of • :vnaw 

e its dependence on African Bambergers when. the. approach changed. however. ® ‘that thetjro 
Asian earnings. Bushiella was made on September 22, 1978. Partners- Felt it best to- estamJai 

k their own opwations:- - - 


Hanson Trust pays f4.9m for 
Irish yarn and thread group 


_ -.V.” 

6; . 

- : ' A9Y. 


'IJNCS. l=ERTTUSEfc 

.--AND 1 SEED--'.--: 

, ; ieoMP ANIES '. MERGfe 


"BH y arn and thread group; 

■iiTi. r iacu 2s sets o 1 1 i one ~ of- 

rwm. cash and short term 2S=t'L s Hanson Trust has reached of bTip per share. The stake acouired a 15 per cent stake in -country's- eldest, fertiliser UBtmi- 
— om - agreement with the directors and stood at 6.03 per cent in June. Pennine in return for which f a cm rers. ‘They will' operate under 

principal shareholders of Henry Ai that time Me A I pine assured Premwain agreed •. to make the name ofK WiHiairi- Srtftlair 

i if i irv' livr Campbefl Group of Neutonabbey, char the holding was a trade arrangements to ensure the fiuan- Holdings.' - •' ' 

L,LLt * *1^ Northern Ireland, to buy the investment- and not the prelude ciaJ stability of- Pennine-. Both a «?' public 'iinhp»ed : ?cA- 

SCOTTISH ordmary capital for £4.9m cash, to a take-over bid. McAlpine-^. It is thought tbat^ Turther details, panies .having: some 2iW 

^ of which £250.000 is deferred and warned that rhe stake woufif te'- of the.se latest moves wUL’ be holders in tptaT. Iris not. prowwed. 

TAKEOVER subject to Campbell's 1P78-79 gradually increased. announced later -this - -'.week! to seekTa^fttbcfc Exchange liktjpg 

F J C uiiev thp Mrll PTiTinrer- results. The Newarthil! group .jias Pennine's share • price ! -was, for the; new ^ company's shares btit 

S. .S S&e wo’rkTcoS'r? _9»«. .“S. «*!..£5«? .'=1 fflT S££ ■ ■ t 


ins and public 


;roup. is to takeover Robison and fI2? ts in M ® rc * 11 tnvp«n7nentc ro«p from" rs fim -tn • • - T A'l iWc : 'iTT — t\-,^ a c'' r nniiT.. 

. Prtraw company J 9 ^ L”^ *M lT "? °he jSr^endL^ ASSOCIATE DEALS ', 

! 5nSJS!S& ^ offer r JJSfS-L. S»K=L-'!- 


Lincoln, ' has agreed .to spptnnr 


„ . deferred £lm to become na\-able. Spencer, brokers to Ferguson. In- cent of L and ICk equity-, ohovled 

Lilley has offered either £7 cash , . dcvv-tvc motcid jiustriat Holdings, on November 16 sales of £21Mm and taxable- oroftt, 

or four of its ordinary shares and Campbell is a producer of PENNINE MOTOR sold 8.000 Ferguson at 124p for an before outside interests - in 

£3 SO cash for each of Robisons natural and synthetic thread and Pennine Motor Group yesterday associate of Ferguson. . 'Lfand fC of £R09JOT, for theyMr 

250.000 ordinary shares. The offer yarn which also has significanr c-a Uteti for its, share quote to be Associated Dairies have bnugbi to June SO. 1978. ; 

lias been accepted by all Robison mterests m vehicle distribution suspended pending an announce- 754)00 Allied Retailers at 126p. In the same year, on turnov*- 

shareholders. and builders merchanting and ment 0 f an acquisition and a On November 17. S. G. Warburg bf n2.45m. L ahd K produced a 

Robison operates as a building privately-ownecL reoraanisaiion of its borrowings, and Company bough! on behalf of profit of £412^00 before deduction 

cnmractor. mainly in the South largely by family interests. Earlier this year certain share- associates 50.000 .Allied Retailers of the. group's £54.400 share. Of -‘a 

of Scotland. It works rn housing Hanson has recently been holders of the Premwain Group ordinary lOp shares at 135p. Joint ■ venture loss' in -its; first 
development for local authorities turning its attention increasingly --- • '••• 

and i the private market, and on towards the U5. market, but the . 


building projects for industries purchase of Campbell shows it is 
ana public bodies. still interested is making acquisi- 

Its net tangible assets at the end tions elsewhere at what.it 
of ‘larch 1978 w-ere £ 1.05m after considers attractive prices. The 
' 0r “ e ‘ erre “ * ax £4i)m purchase price is 14 per 
£424.000 _ cent below the net tangible assets 


Oyez takes up Canadian option 


The Solicitors' Law Stationery to expire last Thursday currently the' textile, engineering, and 


.. _ «* MV .vw uui uu urrvin-x on 10 — corporation, one or me nisaons l.zuijmw common snares unprilCT rilt' ... 

or the year ending January 3L overi1 „ rt facilities Its balance <La mi! - v companies of Lord out-standing. had been tendered ^^^rcinccrtn:^ •* 

' sheei showed around £iro of cash. Thomson of fleet. u as or Thursday. 

Hanson alreadv has interests m Thomson through another sub- :JWsdcm makes metal, "plastic ' 

' • 1 1 — the thread and yarn business >‘d« ary. The Woodbridae Com and paper-nackaging parts - and - rS- 

through the RIu* Mountain.' unit pany. already owns 108 per cent containers for cosmetics and fPg* ^ ,, UW *f,V? ' 

of its U.S. subsidiary C»ri«brn*»k of the .solicitors Law Society. personal-care products. approved ok the "3°“^ • 

CamobeJI's thread «ale s i are Furthermore. Intornarional maynties at Ute court meeti ng df 

roushlv half in the UK and Thomson Organi«ation owns a „„„„ preference stockholders of Berw-; ; 

Ireland and half ahroad. and its further 39.1 per cent of the EMPRESS TERMS and atthe^tfraHDrdmarymeet^|[- 

ihread and vam in terest 1 ! account Society. orviccn ° r -i5^ r ® 6 v ^ es ^ ei ? ay ' 

for around half of nrofits The cost of buying the half RE\ fSED The scheme of arau^ment-will 

Hanson added that Camnheli <lh £. re is C3670.om (£29fi.000i Empress .Services (Hidings), 

will continue to operate in its The Society Has manaeed De the office cleaning and security taLS 

existing form with the ore-sent '^ 00 since 19"« for which it has group, has revised its bidf‘ for - 

management staying in office. been paid CS49.nno per annum. Bren green (Holdings). Empress is 011 or - alKrat December 


EMPRESS TERMS 
REVISED 


1 approved • by the requineif . 
majorities at the court meeting tif 
preference stockholders of Bergef- 
and at the-extrshordinary meetinc ;: 
of Berger yesterday. : : ' , . 

The scheme of araugement-wip 


Empress Services (Holdings), ** p^^ to. the ffi^ Cpurt 

IP <»ipaninr» onH for approval within _ the next 


lanagement staying in office. been paid CS49.ni)0 per annum. Brengreen (Holdings). Empress is Stiorif 

It is intended that Hanson Since that time sales have now to' purchase Exclusive' 


should eventually make a bid for increased by 75 per cent the Cleaners, which owns 70 per cetir • mth/uxam 1 

the 42.000 outstanding 3> per cent Society clauns and pre-tax profits of the capital of Brengreen, to*'- - NEWMAN. 1NDS- * 

preference shares of Campbell, or De Boo for the year to August gether with all the shares, in' Newman Industries has ,;<jonS-' 
Hanson hopes to be able to CS239.100. Brengreen not owned by Exdu- plated the acquisition of -the^oufe 

consolidate the new acquisition The remaining 50 per cent oF S j V e. standing 68J5 per' cent 

from mrd-Derember for the last Dp Boo will be transferred to the a profit of "not less” than Issued share capital' irf Artie) 

nine-and-a-half months 0 f its year UK registered Thomson Publica- £280.000 is fopecast for the en- International NV. ‘ 


to end-September. 1979. 


tions. Following this the Society larged Em press Group for the JAvdeLnnw becomes wholly 
and Thomson intend to off ?r 20 period ending March 31, 1979. and owned subsidiary - of Nejwmaiv. a j 


ROTAFLEX STAKE Matthew Bender. net (1978. Q.lpl will be paid. 

On November 16. 1.055.229 The consideration for Exclusive 

ordinary shares of Rotafiex onw/ri r Til IPFPVN an< ^ Brengreen is to be satisfied 
(Great Britain) were sold at rDtvtLL Liurriviiv by the issde of 4Sm new ordinary 
4fl.75p each. The shares were Further to the announcement shares in Empress, arid £800.000 
held by the family trust of B. n r fictobpr 20 Pnwell Duffrvn has nominal new 18 per cent Conver- 
Stern. 750.000 shares were now acquired Airred Hulme. tible Unsecured Redeemable loan 
purchased. The maximum purchase con- £L°rt\_-and a cash .payment of 

Tne National Coal Board sideration comprises llil.fiPO 
Superannuation and Pension p nWP || Duffryn ordinary shares The Empress directors stress 

Funds, pin-chased 750,000 shares D f jpp 3ni j £940.000 ca-sh. of Jhat certain administrative prob- 
and the remainder has been w hich 1250.000 is deferred ' and I®ms. within -Empreasy specific- 
bought by another institution. js dependent upon the profits of a,, y th*’ collection of debts and 

Hulme earned to March 31. 19S0. the control- or payroll, will be 
lvniv * DTurr i overcome by the use of the com- 

lst“.AK I nlLL puter. facilities already existing 

Sir Robert McAlpine fCTT>. a MB EXTENDS OFFFR within the: management function 

subsidiary of Newarthil!, is con- MB America Inc., a U.S. unit of Exclusive and Brengreen.'\ 
tinuing to pick up shares in DBM of Metal Box. has extended its The group's auditors.- Peat 
Group, the builders merchants, previously proposed lender offer Marwick; have -qualified, the 
Further purchases have taken its for all common shares outstand- accounts-, pointing out . that 
stake up to S.08 per cent, worth inc of Risdon Manufacturing Co. during each of the four financial 
£2.7m at the latest market price The offer, originally scheduled periods 1 endlrig March 31, 1978. 
— - - — — ■ ■ - the - Internal controls and 


per cent to a U.S. publisher. a dividend- totalling at least 0.2p outlined in the cxrcular'.to shate^ 
Matthew Bender. ne r (1978. Q.lp) will be paid. holder* *»fed October 28. I»7S '. 




MPANY LIMITED 


Gncorporated in New South Wales under the New South Wales 
Companies Act, 1961, as amended) 


' '.Produce^! 

• coppjir • molybdenum ■ gold 
silver? I ead^-zip absxrsi yos 
specialty indus trial products.- 
pollutioia. CBritrolequipment .' 
titezimn siqgr 

iron and iron powders.- • . : - 



CLIVE INVESTMENTS LIMITED 


1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at November 7, 2978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 128.99 

Clive Fixed Interest Income 113.69 


accounting disciplines . operating 
in the fradntR companies in the 

croup. :wero not; in our opinion 
adequate (o ensure that all trans- 
actions- 'were properly recorded.” 
However,; adjustments had been 
made : to ensure that : the book* 
were correct in all material re- 
spects at the- balance sheet dates 


QUARTERLY- 

"DIVIDEND 


.A ca3h . distribute per 

1 share (a total oL approximately 
55^)00,000) was .-voted by the 
Bocrrd of DirsctaTS- Ip be Pfsfd 
December IB; 1975 lo-Tjenriecotl 
shareholders of record lot the 
close- at business on November 
28,-1978. ‘ ; ;• 

. F. D. Gkjmaa, Svcrahzrg - : !. 


ALLEN HARVEY & ROSS INYXSTMENT MANAGEMENT LTD. 
45 CornhilL London EC3V 3PB. Tel.: 01-623 6314. 
Index Guide as at November 16. 1978 

Capital Fixed Interest Portfolio 300.14 

Income Fixed Interest Portfolio 100.01 


RANDALLS GROUP 


Issue of 2,400,000 shares of A$1.00 each fully paid 


Shares of Randalls Group, the 
building' trades distributor, have 
been .-.relisted ' on the Stock 
Exchange. . following Randalls 
acceptance.: earlier this week, of an. 
increased offer, from W.hlteprnft. 


COPPER CORPORATION 


. VS 1- E-a 8 1 \4 2 a dS t ti e t 

Hew Y-oi t.-Jf . Y .T flf 0 L7 


at A$1.25 per share 
(First Series) 




These shares have been placed by 


JAMES CAPEL & CO 


WELLCO HOLDINGS LIMITED 

The electrical accessory & element manuf acturing group of companies 


Pre-Tax Profit up 2Z0 per cent 


1978 1977 

year ended year ended 
30.6.78 30.6.77 

£ £ 

Sales 7,579,531 5,724,768 

Pre-Tax Profit 645,219 507,765 

per 5p share 
Dividends: Net 1.1 25p 0.5p 

Inclusive of Tax 

Credit 1.679p 0.75p 

5.15p 5.92p 


•Sales ; tip 32.4 px. 
Pre-Tax Profit; ap SKO p.t. 



Rape* and AttfloHfffamlMSvovfwy.WvOeB Molding, nM-vr G^e»v*rtor PTocv. London. SWWtWT 


Interim 




-• • .VJ J 




y~ 

— --.s'SIiff*. 


■1 -- rL -o r e 


Earnings 








tfcu % m 

W,-r 






f; vrirr ^'r.^.; 




^ftS5nei5£^ 22 l97g 




v--' » - ■) 


m or 


K&flfff' 


A 0 





Grampian TV growth 
comes to standstill 


-- Tn Hi* S*8SS25&-«SS5r^5f V, “ REPORTING a sUmdslill in first the existing nperauns indepen- lower than in the first half nr 

SfiSLiJ 6 , ■55T^rfjEi3 lip half profits the directors of Gram- dence of Caledoninn and is a l*7T/ML Hamhro Life Assurance 

■ fW'mxttara&tK ? fan Television forecast am further step in the previously increased its interim dividend by 

in .; pro pts ^w?*Smȣ.rf improvement in the total for the declared policy of Stenhouse 10 per cent and has indicated thai 

SjSjLjfe current J?ar h a p T®=“ B ,Pf°I r ® d *» ^ear to February 28. 1979 from Holdings to separate eventually new business is continuing sub- 

achieve^ in./the 1977-78 some extent. an| rewrite for the £372 000 to not less than £SS4 jOOO; Caledonian frota the Stenhouse stantially ahead of the correspond- 

i i®?** '■■':•■ I:’ 1 -- ■• -first quarter at A,. J. -raiilips are After charging Exchequer levy Group. ins months of j *)“7 while other 

.^iT-As reported on .November IB, BPOd: profit fWC - the .ftril .year of £34,000 this time pre-tax profits trading and associated interevt-- 

co mpared with the interact fore- should Tie an hnpro' ement on for the six months ended August 
,^>st of around «.75hi the pre-tax last year. ; . 31, '2978. come out at £192.112 

- ySgurelorthe' year- ended JurieSO Trading; conditions- at Vogan against £192.100. 

rjffflfe &L870X.. - This -was and fammmV. ln rhe group’s food 1» annual statement last 
O&arast £S.31m previously, which section are likelyVto be as diffi- M *y Mr. L M. Tennant, chairman. 

deducting trading mly ta ihe 1977/73 year, the u : arn °d that operating coats would 
»ssea of £2jZ3m from two discon- chairman dates. be expects rise substantially in 397S-79 with 
toiled operations, of Wood Hall the company wftt -produce satis- creases being particularly * Y n 

«IJNU Australia^ The dividend is factor* albeit lower' profits.- The mar,ce ^ to expenditure on network: §-» o ItniO XT 

s£.405p f4J841p) ' net per share; ' S- comSy and local programmes. IldlAWdy 

- - - - - - ■ -■• The directors now state that *• 


Hambros 

lower at 


of the group are atao ahead of 
last year. 

As already announced, agree- 
ment m principle has been 
reached with the Norwegian 
Guarantee Institute on the major 
outstanding matters referred to 
id .last year’s annual report. 

The interim dividend on the 
£10 .shares <12 50 paid) is being 


'%3&%SS£- m &8Si **3235 .*£XStf8^*Si2SZ£ EARNINGS of the H.m bri „ >»nk- rai** byio per 

jmuo&gStiik £-&»*?&£ SyySSfaSwsMS! «• remain buoyant throughout the g* *”*£• « g«. « »«*■ The toral 1977/78 «• 

:frr»tn niini to rs iRm nnii nmra - . second naif of the year and they 197&/79 ore onou those of t he oo.uvp. _ 

*SD- than -any irther dirisiori^it "Meeting, 'Winchester House. EC, hope that group profit for the comparable period of the previous - The interim dividend on the 23n 

-■affected- by^th* continued ? world December 13 at second six months will not be |**r. state ihe directors in their (fully paid i shares is one tenth 

. jreeess&m. He says that ctasults ieas than that earned in the naterim ™Porr. of that on the £!0 class while the 

first half. They slate that operating profits payment on The “A shares is 

Glenburoie Properties continues from the banking side were utichanged ;it 2 Ip. 

1 o trade profitably and contributed 
X3&O00 f £7,000 J toward the group 
profit for the period. Blenheim 
House, the new office developmenl. 

4hii Chairman iuiiwihat ih.™ - • ■-■■■-.■■ is nearing completion and should 

civ mAnthc be available for Jetting at the 

lmproTO ' SIX - beginning of 1979, they report. 

^j&nt mrfbe 2978-79 year, . • •; -- Turnover in the Bret half of 

^c3ftere - wa* - an Improved per- _ TiJe directors of Time* 1975.715 was up frora n 6ra to 

fonnance at A-^aiian Marcan- £2 05m - Tbe net profit came out 

.. tile. Land and Finance Company AOd merchant of timber, veneers at £S7.612 (£87.100) after tax of 
^ring the yearrrthe substantial and processed wotri £ 104.500 (£105,000). 


.iitti-tha current year should com- . '■■■.J. ■- - 

pare 1 favourdhly with its conapeti- Timoc VnnDPr 
; t,;?^ and Therefore he saslsfactory. . . Alillvj 1TC|1CC1 

^IJproSts-'ljdtore ibx^tWoad-.Hal^ ~± V 

no uni e a at 

;»pn$ JeU Irom AfiStrp. to AJlSem ’ UU **W 1CU M 


SHARE STAKES 


..OTPfit contributor , was A. M. L. S®™. 531 ?* «««' » 

' Finance- • Corpora doc — -and ■'Sir. in the first half of 1978 and 


Easl Lancashire Paper Group — Council now holds 975.000 
Greenbrook Securities has Ordinary sharc< i7.J7 per cent), 
acquired a Further 75.000 ordinary Thomson British Holdings: — 
shares and now owns 4fi0,000 Thomson Equitable Corporation 
representing S.44 per cent of the hak Acquired an interest in 
capital. 200.000 International Thomson 

Midland Educational — Alfred Org. common shares. 

Precdy and Sons is interested in Odtciuie Holdings: The 


re^ sales ahMd-from ^4Im lo The interim dividend is 0 £?p ordinary shares 5.95B per Trustee* of A. M Johnstone 


JW^DI in tne nrst tiaii OI J.»*o ana net |n 7 n -,_thp total for 1B77TS 

taxable profits virtually doubled £y s ‘ ° r 8 


NAME CHANGE 


cent. English- Settlement sold a total of 

General Funds Investment 329.500 ordinary shares on 
Trnsl— -Mr. R. C. Vickers has ilis- October 30. Kings Norton Trusr 
posed or 25.000 shares His bene- Company purchased 34».50n 
fici.nl holding now stands ai 22.000 occ {jnary .-hares i 2 P .3 per cent of 
sharps. , , the capital) on November 2. 

Geevor Tin Mines— I'mon Lor- vTIDIs Faber— Mr. D V. Palmer. 


tebiii 



Richards is quietly optimistic as . . , . _ 

to the results for the current against _ a P''®” ou -‘j 

year. £aa,080. Profit for the whole of 

IJrofits Of. the group’s huilding **8™ from 

dWBioti will agrain be dependent to £158,742. Stenhouse Industries, a wholly- 

largely upon tiie housing dlvi- Thx for the six months took owned subsidiary of Stenhouse - « , . . 

sioac the' ehairman says,- for which £56,600 compared .with £28.600. Holdings has been renamed Poraiion Group has acquired a cWflf executive, has reduced his 

the results for the firsf quarter leaving net proBt at £52J§2 Caledonian HoJdfnffs. The group . fur,hBr 20.000 ordinary shares y^^holdinc hy 293.000 ordinarv 

«nd the prospects for the (£26.480). The* net interim dlvi- has interests in home improve- increasing its holding 10 302.300 s h ares , n which he has 3 hrn»fi- 

rfimalnder of the year, are go cid. dend payment- is increaswi to menl, jewellery, ladies hosiery "hares 122 H per coni. ciaJ i nier esL and fifl.noo shares 

.-'•'Hie “MiJiaixl group had a diffi- 0J22p (O^lp) per 5p .share, last and engineering. ‘ and C, ,°“ d ■; , “ r whereiheroisannn-bencficialin- 

year but should progress. year’s final being OJSp. v TTie change of name reflects. '* nrfcs rj'rcuson industrial Hold- fpresl The sales were carried our 

----- - mgs now holds 214.^M) ordinary on November 4 ai 231 ip. 

shares 1 . 1.3 per cent). s. Casket (Holdings)— S. Casket. 

V ole Calfo and Company — Kuala director, has sold lOO.OflO shares at 
Lumpur Kepong BHD has in- 3 gi p _ 

creased its holding to 4.197.4tfi n«H*soa International — \fithin 
shares ( JS.^SB per cem). . t j, e holding of Woodbnurne nomU 

Berry Trust:— -Mr. R. C. Thorn- D ces of 2.755.737 shares, transfers 
h 2 s ri,s l w _\f d of have been made to a testamentary 
-4.i^0 Ordinarj’ shares at *0p. trust- of whii-h A Smiih is one of 
Be rail Tin and Wolfram: — a number of trustees, with ihe 
Charter Consolidated report* that result that Mr. Smith's non- 
as a result of acquisitions by its beneficial holding now amounts to 
suhsidary. Charter Consolidated 185.538 shares, 
now has an interest in fi.G72.4a2 Ifanipson Industries — J. M 

Ordinary shares (451.4 por cent). Wardle. director, has sold 49.0(10 
Gut’s Mlliln" Industries:- — He.v- shares, J . J-. Cutter, director l IJM0 
gales and associates now holds and J- 1*. Culler ns repre=eniativc 
727.500 shares (14.55 per conn, of other interests t family trust) 
Neepsend: — Derbyshire County 12.S44 1 . 


ft: 







interim Statement and Proposed Rights Issue 

- TTie unaudited tradmg figures for the half-years to 
■ - 30th September, 1978 and 1977 are tabled below: 




h”nr. 


is 


Sales 

Home 

Overseas 

profit beteria taxation 
' ’ Home; ' 

Overseas - ■ . 

• Associated Compare as 

^fetTmsted taxes on the . 
V-.^iW^pftftepenCfL 
Profit after taxation "■ ' ’ 
Interestof minority . 
shareholders 

Interest of Meiaf Box 
Limited 


% 

H-15J? 

tIS.8 

+,15.8 

+31.0. 

+10.8 

+474 

.+2S.2' 

+23.9' 

+2S6 

+ 73 
+273 


. Hatfyearto 
SO* Sept 1978 
. \\ eooo 

. 305390 
148310 
' 4 53r600 

. • -22:040 
. 8,490 

- ;-'«o 


31370 

5. '-*■ 

.6300 

24,570 

1,780 

22.790 


Half-year to 
30th Sept. 1977 
£'000 

263.630 

128,074 

P91.7Q4 

16.820 
• . 7,653 
- ' S70 

25.049 

.... 5.433 

19,561 

1,659 

17902 


Forthehalf-yeartoSeptember,1978;tfie 
. otrerseas currencies have been ccirver^d : 
atthemickrraricet rates erf exchange at 
30th September, 1978; fi»r1hehalfyear to 
■ 'September, 1977, they have been converted at 
'Tthe rates used irithe accounts for tfie year to 
t,l J -Maroh,1978. . 

The 1977 figures have been revised for the 
^change in tieatment of associated companies 
and deferred taxation. 

. I Sales aLhomerase by £41.7 million (153%) 
L:"andoverseas by £20-2 million (153%). ' 
r Profit before taxation at home vvas higher 
c^ijy£5J2 million (31-0%)- 
'S - Profit ofthie oversees sub^diaries was up 
by £08 million (10 JB%). 

- Expenditure on fixed assets during the 
-hattyear was £26.0 mil Rorvof which £4.8 
million was speait pverseas. 

Desptte the volume of sates being no 
greater, die rasutts at home for the six months' 
period are.welf ahead of^ those for the 
corresponding period of fast year, when 
profitability had been reduced by a series of 
industrrar<fispytesvvhich happily have not 
occuned in the current financial year. 

Overseas, the results for the firstslx months 
are a l’rttte better ftan those for the same 
peribd iastyeaf: esp«xally, the Indian 
. company has re^siered substantial 
improvement • 

Inlhesecond halfyearto datesales of the 
,‘padracpng busnessare unexciting, but those 
;ofthe central heating business are very 

-buoyant. Overseas, the trading position 
J ^ ‘remains tieahhy. ' 

‘ "• There have been three developments in 

1 ^tecerit yea re which have been of major 
’ importenoeto.the Company. Thefirst has bean 

die rapid expansion in the use.of beverage 
cans ancLthe resulting introduction of ... ■ 
ecpjjpment to produce tvyo-plece cans wnicn 
5 increasingly are bang used in place'of _ 

J 3 ,bacGtionrf three-piece cans. The second was 

5 ‘the renegotiation in 1977 of the long-standing 
^agreement wrtfr The Continental Group inc. ■ 

, wilch has opened up opportunttiesfor Metal 

|“Boxrn newareas overseas, especiafly in the 
United States. Thethud hasbeen the 
significant expansion of the central heating 

radiator and boiler business. These 
devdopments have required and will continue 

require co nsaderable expenditure on fixed 

r assets both at home and abroad, 
s Thetwolargestprojecteintheunited 

2 Kingdom during the last two years, involving 
5 the expenefiture of some £40 million, have 

J been the building and equi pping of a new 
J ‘ factory atBraunstone, Leicestershire, to 

_ irockJce two-piece cans fpr the food and ^ 
is oeveregeindustriesand of a new research and 

-J development establishment a* Vantage, 

5 Oxfordshire. Within the last month th e Boa rd 
2 has decided to accelerate plans for increasing 
? pnxfcictkmoftwo-fxececansandhas 
8 sanctionedthe installation of four new 
1 carvmaidng fines which will raise the number 
i* of the Company^ lines in the United Kingdom 
5 to thirteen, thus maintaining the Company's 
I competitive position. 


Overseas, the establishment of Metal 
Box-Stan dun Inc." in California and the 
acquisition of The Risdon Manufacturing 
Company of Connecticut are the first steps in 
foe expansion ,crf foe Company's activities in 
foe United States* Metal Box-Standun Inc. is 
constructing a plant which, by early next year, 
will be in production and supplying beverage 
cans to Pepsi-Cola. Risdon and its subsidiary 

■ companies are manufacturers of metal, plastic 
and paper packaging components and 
containers for cosmetics, personal care and 
other consumer products, The Company’s 
financial commitmentto Metal Box-Standun 
Inc. amountsto approximately US S23 million; 

.foe cost of acquiring Risdon will be US 525 
"million, assuming full acceptance of the cash 
' offer announcedon 19th October, 1978. At foe 
dose of business on-ITth November, 1978, 
acceptances had been received in respect of 
SO percent of the eouity capital of Risdon. 

The radiator and boiler business is 
experiencing very strong demand 

■ necessitating an increase of manufacturing 
fadlities and the introduction of new 
production techniques to increase 
productivity. 

Accordingly, the Directors have decided 
that it is right to reinforce the equity base of foe 
Company and therefore propose to raise 
approximately £35.9millionby an issue by 
way of rights to Ordinary Stockholders of ' 
14301379 Ordinary Shares of D each at a price 
of 250p per share; by offering thesame by wav 
of provisional allotment to Ordinary 
Stockholders on. the Company's register at the 
dose of business on 17th November, 1978, in 
the proportion of one" new Ordinary Share of 
£1 each for every four Ordinary Stock Units 
of Cl each held on that date, fractions of new 
Ordinary Shares befog disregarded for this 
purpose- A letter containing foe terms of the 
proposed issue, which is being underwritten - 
by Baring Brothers & Co., Limited, and seeking 
Ordinary Stockholders' consent to an increase 
iri foe authorised share capital of foetfompany 
will be postedioday to Ordinary Stockholders. 

The Directors hsve declared an interim 
dividend on foeexisting Ordinary Stock of 
737p per £1 unit (6.6p testyear) in respect of the 
financial year ending 3lstMarch, 1979, 
f payable with foesuppiemental dividend of 
0.1252 p declared in respect ofthe year to 31st 
March, 1978 by foe Company m General 
Meeting on 20th July, 1978) on 8th January, 
1979 to holders registered on 8th December 
1978. The Directors anticipate. that, in the . 
absence of unforeseen circumstances, they 
will be able to recommend a final dividend in 
respect of the year ending 31st March, 1979 on 
- the capital as enlarged by the rights issue of 
10.72p per Stock Uriitwhich, together, with the 
interim dividend, would make a total dividend, 
of 18.09p per unit Consent has been received 
from H. Wl-Treasury in the context ofthe rights 
issue to dedareefividends up to this level. At 
-the current rate erf assoaated tax credit this 
■total dividend would be equivalent to a gross 
dividend of 27p per unrt,«n increase of 
approximately 20 per cent over foe total gross 
dividend in respect of 1977/73. 




(§ 


3 



Ferranti will deliver their Clark 
Van Carriers to the container ports of the 
world inclu ding Jeddah— an order won hi 
the face of fierce international 
competition— Vancouver, Gdynia and 
Taiwan, a market traditionally supplied 
by Japan. 

Our Van Carriers have a major 
share of their world market. Ferranti 
technology is a selling success worldwide. 

Confidence, commitment, steady 
growth.That's Ferranti today. 


nrr 



Fcrr.icd limited, Hotiinvroc^ Lancashire OW 7/S 


Selling technology 



Re port No 2 

Automotive components: 
leader 



80i 


AUTOMOTIVE COMPONENTS 
GROWTH JN CAPITAL EMPLOYED 


£68m 


2»i 
o 


£ 


£43m 


0L- 


1975 


£53m 


V; ; ■ . 

1976 


* . y.- 


! v‘ isiVV" 1 -;. 


1977 


Recent Highlights (Automotive Components) 

Purchase of a brake parts business oi the USA 
-Nutum 

^ Curty> France s leading automotive gasket 
producer, became a T&N associate 
Nine other acquisitions in the components field 


TURNER 
& NEWALL 
LIMITED 

Providing what the future needs 


Our disc brake pack/ brake and clutch finings/ 
gaskets and filters/ fan belts and heat shield materials, 
are manufactured by 53 factories and 17 associates 
in 18 countries. 

■ We are the world’s latest exporter of friction ■ 
materials and' gaskets. 

And last year we expanded our world 
involvement even more. 

We are growing rapidly in automotive 
components/ plastics, specialty chemicals, man- 
made mineral fibres and construction materials. \ve 
are growing in the USA market as well as 
continental Europe. Last year we invested/ 
expanded and diversified at a more rapid rate than 
ever before. We are very much more than 'the 
asbestos giant. 

Why not take a fresh look at Turner Sc Newail? 

Write for our new corporate brochure today. 



r: 


r . p i I- r j ... , r. . — * - ,! t 

1C.’ r.Crcti;.r ; ; Lepv.h.^ ;-. i . .r: _. r :- 

£0 vt i‘vW/j Pa;icncw.r -v : vU'/-r;~;.-.' -■ Ci'^L 

P i r r * ■ _ rr 

;ci;c :er ; a ir.c a eery or yc jr ----- ^ sns. cr 
Rccc-:t and A:-icunt; 


”1 


y 


r 4 5.T 


A-~'€:5 


FT 




V 









FT diary? 




TheFT 


information 



mm 


directory? 


The 1979 FT Diary is also next year’s FT Information 
Directory. They are, to be more precise, one and the same. 

A superbly designed, stylish desk diary plus a com- 
prehensive business information directory Conveniently 
bound together in luxurious black leather and simply titled 
the T 979 Financial Times Diary.’ 

The diary itself is neatly laid-out and clearly designed 
to give maximum assistance in planning appointments and 
organising future events. 

Unlike more conventional diaries, the 1979 FT Diary 
starts in 1978: November 27th to be exact And ends in 1980, 
on February 3rd. 

A couple of extra months to help you work your way 
in and out of the year; at your own leisure. 

The information directory is an asset on its own. 

A source of useful, relevant, exact facts and figures. A section 
you’ll be able to refer to on countless occasions throughout 
the year 

For countless reasons. 

You can trace anything from the telephone 
number of the Geneva Stock Exchange to the address of the 
Yugoslavian Marketing Association in Zagreb. 

Or improve your French and German business 
vocabulary by looking up words that 
range from account, to working capital, 

(‘compte’ in French and ‘Betriebskapital’ 
in German, respectively). 

Should you need to travel 
abroad, we’ve listed passport, visa and 
vaccination requirements of all major 
countries, along with world-time zones 
and air-travel distances. 

And to help you see where you’re 
going there’s a 48-page colour atlas. 

As a further consideration, we’ve 
incorporated a detachable address 
booklet which can be transferred to next 
year’s diary. Allowing you to dispense 
with the annual marathon re-write of 
addresses and telephone numbers. 


Naturally, if required, your diary and its matching 
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r- • • -J- * # *. 


i \ ^fednesday November 22 1978 





X4- y.JVWrt**",'* y- 

■ifev;-. ■■ 


view 




* ; |8S ^AM^1f«KSHRJGHT 

* xft8 , -i.REe^»T . iwrQVe«toi 


L s TSte’-i RBCgNT . iwrownom in since the end of June markets for 
:: Ltesef in^tafe^njark^ts. demands a copper, zinc. lead and. silver, had 
' "• cattff&ij^lnferpretaiian. ..It should ail Improved, in the year to June 
apt.. StesafcKutned that this is. the both copper and pdc demand bad 
begfc&rfSgGi -a ldn«^erm upward been disappointing. ' • •. ' •> • 

. csri^^-heayyjatocks, particularly Tor the longer tei-m, 'however. 
;■ of wpp^r'dna *hiCr. ovetfia»e the Sir James had no donbe. The 
market,:- * ?% .: v ; ‘ >''■•’• • ■ > V. relative efficiency of ibe^Ioont Isa 

the ^DBSsage Sir Janies operation and ‘the expected steady 
, ; 'Jk»d^flrtLt®ainj«tn ; .crf : BHM Bold- growth, in woria demand for 
fpwr, iconveyed tsr sb&refcolders at metals made 30 M coufidepi, be 
:dnnbar^E^llng. vta '^Bcisbaiie said. . 

.■■'.■ But he was Jess than favourably 
w’^rtuinade against - inclined to suggestions - that 'the 
• &6^-Mggroomi-r hi;, cciterally Australian Govemraera should 
' . 'huartOT .fifeures foF become more LnvolcedrTL Ihc 
. , tn^g^~g9 ^tatfflnal -'base; metats international . .. marketras ~ ; . • of 
. #!&?.- \\bfcfr in minerals with a system Of^puide- 
\- ^September had lines for companies ;«spprtiny 

.. ~ tfgg sX- 1 ASUJHlm com- iron . oro. coal, ’ boositc - and 
-^^e^v^aj.-ASSSm ui the same alumina. . • .-■' --v.^ 

- ^peflna^/^^ivheii/hgiires vvtre.' He considered ihc proposal put 
.-r^bd^«^»4h^;*aie ol >■ .stake Jin.- forward by .Mr. Dougina Anthony. 

: -■- . ihc Depuiy Prime Minister, to be 
^oWwet'-^r Jdnies jioied rhaf counter’produnive: " It would 


-. -- • 


create uncertainty amonc buyers. 
« ho would spread wider their 
purchases in the international 
marketplace. Sir Jam?* said. 
Australia's market share and 
employment opportunities would 
he reduced. 

The tenor of these remarks 
indicates the differing Interpre- 
la lions being placed on Mr. 
Anthony’s proposals. At the end 
of last month. Mr. Gordon 
Jackson, ihc genera r manager of 
LSI*. said Mr. Anthony's state- 
ment seemed to reconfirm estab- 
lished principles rather than 
introduce new ones. 

•Mr c . Jack sun construed the 
pnhcjr as seeking to make the 
pro sen i approach work better 
through consultations. 

In London yesterday. .M1M 
shares, which will soon be de- 
listed from the London register, 
were Mop. 


helps Teck 

. thc- Van- is revealed by Ln’cik AbtUrtTtehim 

V. cp 6 ^c.hiiduiB'»iid' 0 i[ grp up! had AH. the chairman of both 
..•'■a^MOMyroW operations of Tin and Tungkahi Harbottr. Tin 
-■.■B*W*bS-(Ma8mj.'.t»rv63 . cents <1 -Dredging, in annua! statements. . 
r year to . last Asp- Aokam's leases In- the H&uket 

■ ' tiilifier,. cptttpafed ' with CS4~ni. Bay area nf Thailand expires! fhe 
a ~ share, in . -the end of the year. The .^company 
...preyibftte^. Jair,' . reports John is tn sell its assets - to - o new 
i tS’papl 6 R“Irom Toronto.’ Thai-registered company -jh" which 

-: iJEttfipreral* improvement was Thni interests will participate.'- The 
.--aHtf&teiMo The falMn the valln* ne " !•■»* «iU be issued - to -4ftl* 
voE^u^anadian dollar, higher organisation. Pinal . details ;aro 
. -pun^Stiiic^^nd the initial con- oeins seitied. • : - 

; frtnn the -Co per -cent- Tonsfkab Harboor Tin : afSD>-hah 

Mines. - leases in Bhaket Bay. but . they 

: :.X«tori'. : 4«ines formally started expire in 1080. It has been- baring 


• befofejdepreclabon -and deferred advanced as at Aokam. - . 

r taSsa-V'.^fv bl«ter- copper eaes to • The reconsiruciion of :KO/lnc- 
r ffifiQB5fiTd-J>eKa jWctaf fn the UK. ball Tie into a. Malaysian company 

rM£s**£t ss "a ^ 

^ n^. ld n with two shares each of. MSI 0 
■’ Pirns MS8.19 nflflpj "In cash Tor 

P j^^auL.- C -^i Pg -.[i every share of 25i> in the existing 

-M«£= 3 vert sed- 50 ^ cents;: .Sales Mfflnanv . •. 7^--- 

;^gtM 26.0Cm.Ib of copper. p ny ' 

V^hti»mfn? in "stream of^ ^ Alton _ A„ T niiT ^ 

- tpeSpcide^- W'lth a. marked improve- G OLD OUTPUT i - 
injc^iti.Teck's eamfngs. per share, cl ioc iriiv 
-Mfesgarbd: on a quarterly basis. aLiro AO Alii 
.^W«r*'fluart«r -Ihey^were 4 South African gold production 


P. A \ oil WiciHch. the president 
of the Chamber, said in Johanne--- 
burg that salc.N this monlh were 
□I peak level.-- 

Si> Tar in November. Kruger- 
rand sak-s have reached T-S!#.'J59 
coins, exceeding the earlier 
‘monthly peak of tim.tuo coins last 
January. Total sales this year 
have* reached y.29nt coin- acainsr 
3.3Jn; in 1 ti < , and the previous 
record oT -t.Sm in 1975. 

In a eonintcnt on the recent in- 
stability on the bullion market. 
Mr. von Wiellich said, "We are 
hopeful that the gold price will 
remain reasonably stable ami are 
not daunted by the current undue : 
reaction." 


Common 
Bros, sees 
sliortfali 

IX Ills annual s la I ■■mm l Sir 

Rupert Spt-ir. chairman of Com- 
mon Brut tiers. <a.\ s ihai lie d<«e^ 
not anticipate that overall rrjJinc 
results oT the group's 1’ect will be 
comparable with those arhieweri 
in 107ti. 

The products tanker market 
shows si^ns of revival which 
appears in bo more soundly based 
than previous upturns which were 
sharf lived, states Kir Rupert. 
Healing coils have been installed 
in the mv Kurdistan enabling the 
vessel to carry heavier mis and 
increasing trading Ui.-vlbllity. 

The vessel has buen fired for 
two months from the cm! nf 
October ar a profitable rale while 
the two sister vessels are fixed 
until the early spring of j P7!» at 
reasonable rate?.. 

The product ranker fleet there- 
fore offers belter prospects than 
envisaged last year. 

Ill the year under review the 
tfrv cargo fleer cormibuied firo/it- 
ahly lo results bill is now- subjoci 
ip a marked weakness in freighis 
likely to result in losses on op<-ra- 
tions in the year to June ."0. lUTp. 

Against this general background 
the group lias mmeil into IP 78 79 

in ji much >) ronurr finanoal 

puMtion (ban a year ago. 

As reported on November Hi. 
tradmg profit Tor the year tn 
June .UK 1978. fell from £3«fi.0u0 
in £353.(100 but boosted by :« 
surplus on sale of ships amount- 
ing to JU.oam. pre-tax profits 
turned in at L'.ilSm compared 
with n loss of £».3flm. 

A stalenH-ui of source and 
application of funds shows art 
increase of ITi.um (£0J-ini> in 
liquid funds. 

STYLO SUBSIDIARY 
TO CANCEL SHARES 

Stylo Shoes' subsidiary Stylo 
Barrall shoes intends tn submil 
proposals for the cancellation of 
the 14-L4S-1 7 per cenr cumulative 
preference shares not already 
held by stylo Shoes at 6Sp per 
share cadi. Proposal In be 
effected by a scheme of arrange- 
ment. 


Winding-up orders for 
47 companies 


■ffrW.nrafluaner uiey were -i South African „ old production 
'WSfr'-P 1 ^ - se ^ nr ^ * cents, j^ { mo nth slipped under lJ9m 
b&ote Jiiwpmg to 19 cenU in the 0 *.s for the Rr s t time since June, 


I ..third quarter and 36 cents in the according to the latest output 
l- fiha! three months. . . statistics published by ' the 

""Tpcfcr'ir raising: its semi-annual Chamber of Mines. • 

..dividend rate to 12^3 cents l-3.3p) Total mine output was-lJS4.900 
from 10 cents at the next payment oz in October, compared >ith a 


due on Decuber IS. re stated.. 1 .084.3 IS or. in .Septem- 

h-r and 1,U0I.S2S oz in October 
■ • I-.st year. .The cumulative . total 

4 HL’ Alkf CtTt TIP so far in 1D78 is 18DS5.11S7 - oz. 
A^JIVAITI at l o via j ust fracHonaJIv more than the; 
THAI COMPANY t0,a l of 1S.779.133 oz at this time 

1 nftl last year when- output was’ 

Two Kuala Lumpur-based tin abnormally depre*nsed. ' ■ i 

companies -.with " operating. Cm average about 44 per cent 
interests in Thailand -arc Jd cstab- of tola! ipine output is going iun 
hsh Thai • operating companies the manufacture of Krugerrand ; 
supported -by. local’ equity; This gold-, coins, and.' yesterday,. Mr,- 


AOKAM SETS UP 
THAI COMPANY 


Orders for the compulsory wind 
ing up nf 47 Limited companies 
have been made by Mr. Justice 
Erich: man in the High Court. 

■ They were: Nexus Record Pro- 
ductions. Rolofield. Capital and 
Suburban Investments. Scott 
Daniel i Adhesives ». Chelspur. 

. $outli Dorset Laundries. Hynd- 
burn Engineering Company. M. J. 
Kehoc Company. N’orthuest Im- 
ports and Exports (Manchester!. 
Oldfield Brickwork Company. 
Orrell Park Transport. 

.- Advanced London Diving Scr- 
viccs. . Bituidcombe. Carol Marshall 
: (Enterprises i . GancbilL Gavin 
! Stacey Industrial Communications, 
j Gavin Storey Industrial Liaison. 

1 Giotto. Pleasanthill Euiider.-. 
Swaislaml Matthews. Sounds in 
Motion ^Northern). The Bishops 
; Corner flnvestmemsl. Fairmain 
.Properties. 


Five Siar Southern Brickwork. 
Griggs Banlelt. II av tree Estates. 
Hectare Properties. Andersiyle. 
NcMastar. 

Chapman Roofing and Fluorine 
Greek Express. Cam-ins' /Park 
Street). Alfred Isaacs and Son.-.. 
Chipco. 

Properties. Jukes Heating. 
Greentrim. Ashle Cnnsi ruction 
Co., Carlton Steel (l^ndont. 

Mercy Enterprises Company. 
Dean Laroche Associates. In- 
dustrial Hearing Services 
(Sheppertonj. Waldefichl. Span- 
bray. David Salvatori. Paven»cll 
and Lancaster Builders. 

Compulsory orders acain<l 
Kinky KJorhes of .Carnaby Street 
made on October 30 and Finc- 
grnwlh (November fi» were 
rescinded By consent, both 
petitions uere disnii>xed. 



NET ASSET VALUE 
PER SHARE 

567o 598p 


40-5p 39-5o 


.31.3.74 31.3.75 31.3.76 31.3.77 31.3.78 
k 30.9.78 


24 % X 

Increase in ^ 
Net Asset Value 


The Chairman, Mr. Roger Watson, reports : 

The Net Asset Value has risen 
24 per cent, since the 31 st of March, 
1978. The interim dividend has been 
increased by 1 2 per cent, and we hope 
to announce a similar increase in the 
final dividend.. 

Equity Portfolio at 30th September 1 978 


United Kingdom 
North America 
Pacific Basin 


44% 

42% 

14% 

100% 


We are now proposing to 
reduce our overseas portfolio 
so as to bring the income 
account into better 
balance. 


The war that never ends 

i- 5Vc British .ire a peaceful people. When a war is 

L W O' cr w c like to consign it to the history books - and 

Bu; for some the wars li\e on. T he disabled from 
hmh Wiirld \\ars and from Jcs-^rr campaigns, now all 
loo c.i- ih foreonen : the ^ id. iw>. the orphan- and the 
children - for them i heir war lives on. c-.en day and 

In iiv. ny ca.-cs. i»f cotir-c. there i- help from a 
® ^ pcnsion^But there is a limit to « lui any Coscrnmcni 
Dcparinieni can do. 

raflSL* • Ibi-i-wheie Anny Benesolcnce steps in With 

undcru.indins!. With a sense of urgency ... and with 
■ practical, financial help. 

To its it is a privik-LV to help t hose brave men and 
''TKKisSs jg wonvn. too. Please will von help us to do more 7 We 
nuiM not let our soldiers dev. n. 

The Armv Benevolent Fund 

forsoWiors. ex-soldiers and their Families in distress 
Dept. IT. Duke of York’s HO. London SW.i 4SP 


BUILDING SOCIETY 
RATES 

Eve 17 Saturday the Financial Times publishes 
a table giving details of Building Society 7 
Rates on offer to the public. 

For further details please ring 
01-248 8000 Extn. 266 


FINANCING SERVICES $ 

Corporate underwritings ' : 

Private placements 
Lease financings 

Mergers, acquisitions and divestitures 
Real estate financings and sales 

• International public offerings 

• International private placements 
Domestic and internalional project financings _ 

.. Industrial revenue bondfinancings 
Pollution control financings 
. Commercial paper issuance 
Corporate stock repurchasing 
Registered and non-registered secondary offerings 
Underwritten redemption of securities 
Sinking fund purchases 
Investments tor.temporarily excess cash 
Exchange offerings and tender offers 
Government agency financings 
' State and municipal financings . • 

. Financing services for foreign governments and agencies 
' Financial advisory and evaluation services 


INVESTING SERVICES 
Investment research 
Econom ic 'lorecastin g 
Money market and bond market analysis 
Investment strategy 
Industry and company analysis, 

Block.trading . 

Special order service 

Equity securities, listed and over-the-counter 

Foreign securities 

Convertible stocks and bonds 

Domestic and international securities arbilrags 

Listed options trading 

Debt and equity securities swaps 

Restricted brokerage transactions 

Commercial paper 

■ Government and Federal agency securities 
Bankers acceptances 
Certificates of deposit 

Corporate bonds, nples and preferred stocks 
Tax-exempt bonds 

Securities from managed offerings and participations 


GOLDMAN SACHS CAPABILITY: 


TTIIdTTYIW J M 







DS. 


GcHdrban Saefts has placed strong emphasis 
^fSn^iatipnal financing services for many 
•:sjS^£br example, since the beginning of 
X^gtt?Wfrhave helped U S. and overseas 
^tt^tsr^ise over S9 blliion through interna- 
- ^oSat|Hiblic off erings end private placements. 
■ TS^sfefinancings ranged in size from under 

ioS600 million, and represent many 
-ofthfe^rorld^major currencies- Here's how 
: ; ^}^cUtcommon capability can work for your 


* : ^;Moittroational investment banking-in 
"deffe Goldman Sachs brings to international 
flftancihgsaH the skills and experience that 
have made us one of the leading investment 
.banking firms | in the U.S. and abroad. 

-' <Jur professional staff includes 22 interna- 

financing specialists, five of them gen- 
Sf^tTiartners, based in New York and in our 
overseas offices. We also have close and active 
waking relationships with many financial insti- 
tdfiposlhroughout the world— carefully 
^Ibpi^ for their ability to effectively serve our 

cffj^hts-’jFieebs. ■ ■ 

^-^TntheU S.. w^ folldw world capital mar- 

TcSs^ntenstyely. We keep track of the sources 
SncHROvements of funds, and closely monitor- 
: :regtiraR)fyind economic conditions affecting 


the operations of our clients. 

A comprehensive range of international 
financing services. We know how to solve 
international financing problems. Over the 
years, we have used many different combina- 
tions of markets, currencies and financing 
techniques to meet the needs of our clients. 
When traditional techniques do not work, 

-We search for new methods. Often, we find 
them first. 

We are prominent in U.S. issues for non- 
American clients, in specialized Eurobond and 
Eurocurrency financings, and in foreign cur- 
rency financings in national capital markets. 
Through parallel loans and swap transactions, 
we help clients adjust to currency changes and 
shifts in the availability and cost of money. And 
we offer a variety of financing techniques to 
limit the effect of regulations which may restrict 
capital flows. 

Goldman Sachs also assists clients in 
Internationa! merger and acquisition transac- 
tions, as well as mandatory divestitures 
imposed by foreign governments. We help in 
capital market operations by seeking lower- 
cost financings utilizing commercial paper. 

And we structure and help execute complex 
project and export financings. 


Broad experience in international public 
offerings and private placements. In the past 
eight years, Goldman Sachs has served cor- 
porations and governments as a manager or 
agent in more than 240 international securities 
offerings totalling S9.4 billion. In many cases, 
these transactions have helped reduce the 
problems of multi-national companies in balanc- 
jng.their foreign currency exposure. 

Our managed underwritings have included 
straight debt, convertible and equity' issues— 
in a wide range of currencies from pounds to 
yen, dollars to kroner, francs to florins. Serving 
as agent, we have arranged private placements, 
syndicated bank loans, parallel loans and cur- 
rency swaps for scores of clients in Europe, the 
Far East. Canada and Latin America. 

Worldwide client commitment. 

Goldman Sachs' attitude toward client relation- 
ships does not vary, whether the assignment is 
national or international. We believe we have an 
on-going commitment to every client to support 
his financial health and growth. 

A permanent team is assigned to counsel 
and work with each client, and they are backed 
with all our resources. We' keep in close, con- 
tinuing touch with each client's financial needs 
and goals in order to maximize the effectiveness 


of our services on his behalf. 

To put this commitment to work for 
your company, call on the capability of 
Goldman Sachs. The uncommon capability that 
combines experience and creativity for success- 
ful solutions to international financing problems. 


Goldman Sachs 
International Corp. 

40 Basmghall Street 
London EC2V5DE 
(01)638-4155 

P.O. Box 70 
Kasumigaseki Bldg. 
2-5, Kasumigaseki 
3-Chome 

Chiyoda-ku, Tokyo 100 
(03)592-1781 



Goldman Sachs AG 
Limmatquai 4 
8001 Zurich 
(01)479 333 

Goldman, Sachs & Co. 
55 Broad Street 
New York, New York 
10004 

(212) 676-8000 


Uncommon Capability 






V' 






Financial Times Wednesday November: 



NORTH AMERICAN NEWS 


. * 



cut by UK strike 


v> eil ahead 

By Our Financial Staff 


NET INCOME 'if nnsuii'*' cnitip* 
men! manufaoMir'T Atltire’-'so- 
•jrapivMuliitiJuh for l ho first 
quarter nf thu current busine-* 
tear rOt-e 1 'rutn $‘jij-lni or 1'4 
cents a share to S.i4lm or -il 
coni'., on revenues up from 
?8.35m in 

Mr. Rik Ash. chairman, told 
the annual meeting that business 
v.js 50 ml :«r<«! resulis were on 
laryei fur I he year. urn he de- 
clined to make an;, specific tmi'h- 
inti' projection. Mr. Ash siirt he 
would nut arr.ir with analyst^ 
who have est jniaied the cutn- 
pany’s net carninas for tin* year 
rations fr «:n -SD.J5 ;i snare In 

Snareh'iiilcr' Approved .1 

chan-^r- ;n - h>- com puny'- nanu- 

In AM In ;err..iti> ini'nrporuio ‘1 


BY JOHN WYLES 

THE STRIKE by workers at 
Bi-ir..;r.s I'urri Motor O'mpany. 
n.iv. .n ii? ninth week. is likely 
10 jivh'f*' tile friii n h quarter 
carnniti of ihe G.S. parent crnii- 
j>;*ny i-j up ’.** SlT5m. 

Th's • ! I male the dispute 

the i!.»ma "iny overseas riis- 
1 11 i'll- nee in many years for the 
cniiip'j: *ind comes yi a lime 
when Ei.ri! is particularly de- 
pi.-nd'-'ii on rumen earnmss. 
Fully So per cent of FordV 
.^i mi-: income for tin* first 
mn<‘ .ni.j!i;i> uT 1 hi ^ year was 
■.■rscii*. rellfchny nut 
strencth nf Ford’s 
‘••ration? 1 * ul al.»u the 

ileciir.e in prufitaiiiliiy of n* 

V.>. e:i.* i«rft*Jucliiin. 

I’r-v liic whole uf R‘77. um 
«e;: s 'eir-in-—, enniiiliuleil 29 per 
r on 1 ..il-, • ‘and 4J per cent »d 
pci inn..’i‘.\ 


,|ii«i n 


Ford estimates that the British 
strike has cost production of 
117.000 units with a showroom 
value of £450m. 

Mr. Harvey Ucinhacli. auto 
industry analyst with Merrill 
Lynch, estimated today that this 
could wipe up to sl.50 a share 
or close to SI 75m off Ford's 
fourth quarter net income. Be- 
fore the strike Mr. Heinlmch and 
other analysts had proiecied full 
year earninys uf around $14.10 
per share. 

The loss of income will have 
some impact on Ford's ability to 
finance its >tfhn capital spending 
plan?, for next \e.ir. and it is 
ihnntiil Sikciy that it may have 
tn draw down mmi 1 heavily than 
otherwise from its substantial 
cash reserves which stood »i 
Sl.flobn at thi* end uf Septem- 
ber. .Much depends, however. 


nn how much nf the. lost income 
Ford can .recoup in the first 
quarter nf next year. Tradition- 
ally auio company earnioss 
bounce back after a major stop- 
page 

Ford will certainly be pushing 
fur a successful rebound be- 
cause of Its current U-S. prob- 
lems. which range from a 
struggle to meet the Govern- 
ment's fuel economy rcculafions 
In a m minting series of recalls. 
Dll ring the last six weeks Ford 
has been losing market .snare tu 
Men era I Motors, partly because 
it is having In clamp down on 
sales of cars equipped villi N'S 
'•mimes, in. common with the 
other Detroit companies Ford 
ban in adjust iLs sales mix so 
that the average Fuel consump- 
tion of car sales is nut less than 


NEW YORK. Nov. 21. 

19 miles to the gallon in the 

current model year. 

Unfortunately for Ford the 
make-up oF its 1979 fleet is such 
That it has very Utile margin on 
fuel consumption. It is substan- 
tially dependent on maintaining 
sales of its Ford Pinto small car. 
whose attractions have been 
badly affected by allegations that 
early models w-ere prone to hurst 
into’ names after rear end col- 
lisions. 

At the same time The company 
is undergoing a Government 
investigation into allegations 
that it paid close 10 $900,000 in 
bribes 10 win a $30m contract in 
Indonesia in 1975. 

Finally, a group of share- 
holders. are suing the company 
and tis chairman. Mr. Henry 
Ford II. over the bribe. 


Court Mexico 

awards $lffi 
to Liggett 
holders 



BY JOHN EVANS 


CANADIAN RETAILING MERGER 


llir.’SiiVS r.\Y 111 ., ni'-nr- 
;••:[■:< led under |io> :i| Charier in 


K.t.' 

i jnd 

1 r, 

Hi.U 


t 

■nvir 

:mn 

r, 

i:)ijidn> 

A-jvi 

/ni-ir.-i 

■- .'I 

lln _1 

,:in'i it; 

intr. 

Hud* 

■n'- 

pj-.-. 

" bj' 

tn.ifi 

v nn 1 

i/ulii'tr 

an:ily<; 

lies.. 

r 1 - i 1 r- J 


1 ii*- 11 

■ ii/ii.->! 

•n * 

'a na.ii? 

P 

Si'i'in 

J 

V 

r.:«- 


for 

viuitr- ■ 

Sun; 

11 - I. 

:.| . ! 

h'- in. 

*J’ i I-' 



move by the Bay 


EY ROBERT GIBBENS IN MONTREAL 


l.-iiK'd.! d-.'i' iri ;n*'ir» -i'll"- ch:uu. 
wni'-h :r> ui r n !.'■■■. ;i - 41 per c-m 
«*f the country'* lar-oi 1 *■11111 
mf > :\'h.>nili'" , .r. .S::n:>>‘ -rut-Si.*;! 



Sin 

?"»R< uilll 

S::iT--T-im>-S 

rar« 

»n ihe 

h 

rtd 

!r*?sdj an 

'risetJ lu in 

i-r^e 

r'innir 

!> 

.- 1 

:• -. e^r-cnc. 



in •-■her 


Tb- 

s -u.r.v.u-r 

Suvir>-.nn; 

-.•rii- 


7- 

i--i*i. 

;/• !iu-r?' - 

-harc-inr-s 

nnre 

■"i V h - . 

.• 

ith 

S nir.* >n«-S 

•<ir>. furmin- .1 

u -r-t'-f 

t! 

• 11 : 

'/111 :‘nn:.'J 

uf - 

jnilT 

rdiie-.-> 

•_' 

~ 

h ' r .. h 

■.5ai--r 111 

the 

plu* 


I'Jm" 

r;.. .Mii:r^r»n^-S*?r,- 

nisiij 

JDIlilU 

fi 


;recn 1 

*;trvi\ 

cim:- 

II 

]\ 

.it-. 

::-.e E'.-.ir 

'•ii fjuiilv 

of 

IT1/I-SM1 

T 

ir>.r 

:*r. -.-.hie:'. 

CuflU'ii.e S 

::n:- 

ao*'ir : - 

*•• 


-.■■nuit‘1 lU 

.-•• rel.-iinr 

d -i 

imn< < 

11 

oj.ir 

- j J- . S--J - 

.- life-' buck 

of 

••e.irs 

1 

TU. i 

_•*. •. hi/n '* 

i-a 'I--, n- -l<! 

1»-T 

k«*i •/. 

r. 

r>l .• 

:' S ! ir.p''i;t— 

Sc..r- and v. 

1 M*-; 

i’liddli 

r 

r 

h;:* 

. 7 ••] ;»r-i 1 

It' 

n*=-u»’i ■■ 

1 


niju 1 .:; jr'i- 

it iti-r J-n " 


.-i rc/i 

V 


r‘-;::'r. 

• tnirii . 1 ; 

the 

d'i*--| 

•1 


■fi 



Tt.rim: 


R.>. 

a.i?- nf : ! v 

1 , 1 : r ri-.' . 

»r/e 

' '-'Jmii 


:r :i : r .i z n in in'* For»*i-_ , n 
I n v*.- : ic. . -p ‘ IT *■ *‘i \ "»• nc ;• . 

•.•iTc-i . 1 . -n- :h*- Fctleral 

l."i: • » 1 I ;n «:icn im?: 1 * 

In 1977. *4 np<iin.‘.^L-ar.- ''arced 
r .*44 j*m • * j .;o '.-eni ■ .1 -hari- un 
-:..••■- '.«» j;i *'. ovi*r i."$2bn. Saif- 
fir.?: iulf of i'll? year wer- 

g [■ii'iul 14 i o-nt 
due to tempura r; 
:.>n? ;n iiruvinr.a! siii'i- 
I; hj« 61 ! ruiai' st'irvs 
■ 'an. ’da. -Si9 i-uulO"ii*' 
;. nd inur cai :i) uiiu- i-enires. 
ir.!‘.r-.-ts in nv-u ranee. 


id • • a ;:lal*n!ii'* njii'fa- 
: hr Eaton chain *cverai 


The coin pan;. 


Ins -l 
linlv in 


iv.: ■s- ij-vi-rmck. in 


in Sim;i.iuns-.Si;ar>. Without that, 
earning: were , '$T0..$iu. Growth 
* 1 . 1 * been slower than at Simp- 
«uns-Seurs Its slurbs arc gener- 
ally larger. She two organisations 
inyelhor cover a very large 
st-el it»n uf the total mark'd. 

La.-t week, ih- Bay's president. 
.Mr. Don McGiverin. one uf lln.- 
architects uf tile transfer in 1970 
uf tat- company's heudquarters 
from ilu* U.K. to Canada, and 
hmi-elf h former vice-president 
uf Eaton's, i.-iuvcd in wirh his 
bid for Suitfison*. The tcrni« 
announced this week valued trie 
Simpsons equity at »>'3S$ni and 
■vork* d out ul CyS.27 jut share 
in Bay stock and ca-h for each 
Simpsons ?harc. Last trade in 

Simpson- was C$6.50. 

The Bav hud ju^t i-nmjilcierl 
1 lie Makeover of Roller's the 
Eastern Canada mass nierchan- 
rii<cr. bruadenin j its market 
downwards. The Bar store* in 
the ci’-i**- traditionally have 
catered more, for the' middle 
class, tvnr.-n Mr. Met liver! n has 


gi\en them strung jrocai t» 
>uuth and to the nia-:s buyer in 
recent years. The Zellers deal 
cost C$75ni. and one re-ull was 
lhai western merchandiser Mr. 
.IiHeph Segal became a siit-pMe 
stockholder in the Bay. Mr. Segal 
had bought Zeller's from lhc 
troubled VV. T. Grant a roup of 
the U S. 

Earlier l he Bay had snM its 
35 per cent interest in Siebens 
Oil and Gas. a western and inter- 
national developer, for about 
csi'23m in Dome Petroleum pre- 
ferred stock, providing a divi- 
dend income of CS8.Sm 'annually. 
Si e ben’s share*, bought *\>r C$13 
a .share in 1973. were suid fur the 
t-'iuivnlent of C838.50. 

Including Zellers, the B:iy has 
annual revenues of near I > *.’.$'-bn. 
Last year (without Zeller* 1 it 
earned CS29.8in or _a 

shore against C$24.Sm or C$1. •, 
in 1976. Its own retail *ture 
sales were about C$lhn out of 
tmal revenues of C$1.4hn. The 
P.ay ha* n$ ilagship cliy stores 


■a uh concentration in the west, 
it also has more than 200 small 
■Mores in less populous areas and 
in the far north. 

It ha* major real estate hold- 
ings through Markborough 
Properties, operates the world's 
largest fur auctiun and has a 
large minority, holding in 
Hudson's Bay 0:1 and Gas t Con- 
tinental Oift carried at well 
below market value. 

The Federal Bureau »*f Com- 
petition Policy said the Bay’s 
bid for Simpsons was viewed 
with “a great deal of concern." 
A preliminary investigation will 
rake about 10 da vs 10 establish 
whether there are grounds for 
a full scale investigation. 

The deal would give the Bay 
•* a very large share of Canada's 
deoartraent store retail market.” 
and the resit If ins company would 
“ have few competitors of even 
approximate size.'' 

Mr. McGiverin savs he pro- 
posed the dea! because Simpsons 
would complement the Bay's 
weight in western Canada. Tie 
would consider disposing nf 
Simpsons' 40 per cent holding 
in Simpson 5-Sears. That would 
have many advantages, nnt least 
because of its value. Analysts 
art* busy guessing who might be 
in the funning 10 buy the stake. 


By Stewart Fleming 

NEW YORK. Nov- 21. 

A FEDERAL judge has 
awarded Sim in damages to 
shareholders who charged that 
Liggett and Myers, now known : 
as the Liggett Group, gave 
advance tips of adverse 
information to financial 
analysts In 1972. 

The holders who are affected 
by tbc judge's decision arc 
those who bought shares in the 
company during art eight day 
period in 1972. In bis decision 

the judge said that these 
holders, in a class action suit, 
had proved that Liggett, a lead- 
ing .IAS. cigarette manufac- 
turer, bad improperly disclosed 
information about its 1972 first 
half earnings to selected ■ 
securities analysts. 

The suit followed a Securi- 
ties and Exchange Commission 
suit making similar charges as 
a result oT an investigation of. 
Liggeit’s share price movpmpni 
shortly before the publication 
of its earnings. 

Standard Brands 

Standard Brands has dis- 
covered several questionable 
foreign payments and prac- 
tices and has appointed, a 
special committee to direct an 
investigation. Reuter reports 
from New York. The company, 
making this report voluntarily, 
docs not believe the mailers 
are material ” in any respect." 


THE -Mexican Governinent is. to 
take a 26 per cent shareholding 
in International Mexican Bank 
(Intermex). the . London-based 
consortium bank- 
The purchase will Fc carried! 
out through a ca pital. increase to 
be subscribed by' National 
Financiers and Banco Nation a J 
de Comercio Exterior, , lwp 
Mexican state-owned bankiitg.aod 
financial insulations. ■ 

The*e two will each take' a - - f5. 
nor cent slake in Intermex BoH- 
in^s SA. the croup’s LtlsefilbOurg- 
ba*ed haldins company:'- •• 
The exi-<t:nc sha reft olftefs will 
have their 'respective stakes 
diluted with the large 'Kexu-arr 
commercial h.ank. Banco: National 
de Mexico, now baving a '25 per- 
cent interest. Bank of America 
■i 0 per cent. Deiitsrha ^Bahk 4*2 

per cent. Union Bank, nf 
Switzerland 12_ per . cent; and 
Dai I -hi Kansyo Bank 5 per cent 
Thi> I menu ex Group "wag 
established in London in 19T4. 
and ha* specialised in assembling 
international finance for .Mexico. 


. • V. .’ -'-ihiiil- 

as ' well as some •othef '-'Lhit'n 
American countries-' • 

Intermex rrffreiafs Strtg& ^hat 
the Mexican' CiOvertime.&t^ 
' interest -will not alter-Uie^rarip's 
basic role of opprathrg.-, aa'-M 
intematidnaf . comihejci.al/’lfefllc. 
although ,it ..may -. take at iaaore 
active - role'; than- -in tho :p3sr in 
participating - ■ in .- inTemationtti 
loans and. bond issues .for 
Mr’ Gerard Ingrain, managing 
d i rector J nte tmfiiv K at yes- 

terdav:- 5W4i He- iwe... havt^^jeca: 
sionally acted .jfj. an underwriter 
for sq'die' Mexic-an Issues. 03 ' the 
. inter natiofial ..bond markets, -one 
of nor. djnhiti 6 ne : is’ngw to, l be .1 
raarket-meker for* Mexico^' .fh- 
teroalioftai. debUorr the second- 
ary; markets--" • . ' ■' 

: .The ribMk also - fure^etsL a 
^reatec.'rrble nV" shnrt-tenfriYjsset 
ruanapeni 6 Wt."oa behalf flf 'ST^xi- 
can . private-- und. jjuhlicX'Mtor 
insiiiuilons. 

'' -Other l.onithn-.ba5«l-chnHartia 
.'banks 'te''- have Goterdlifmi' or- 
■ publi'crsecldr: shareholders* . in- 
elude the Iran T) vcrse.is 'Triv es l - 
mehl 4Baok- and. Saudi In'tcrria- 
tionaFBanlu ' '" \ ,ri ‘ 

...... •• ^ . . 1 . 




EUROBONDS " . • • . 

First Swiss franc FRN1 



A name you can bank on 
around the world 

Banking on Grindlays means more than taking advantage of the 
Group’s network of branches in some 35 countries. It means working 
closely with our specialists in such fields as export finance, foreign exchange, 
eurocurrency finance, and corporate banking. They take full advantage 
of the regional knowledge and support provided by over 200 Group 
branches and offices located in most of the major world markets. 

This teamwork provides the right financial products and 

packages at the right time. 


In tfae Gulf area Grindlays has one of the largest branch 
networks of any international bank with 20 branches serving 
the U.A.E., Bahrain, Oman and Qatar. Major project business 
in the Gulf keeps them in close touch with Grindlays offices 
in London, Tokyo, Dusseldorf and other international centres. 


In Hong Kong, the Group has a specialist merchant banking 
team serving the Asia Pacific region and supporting our offices 
in places such as Australia, South Korea, Japan and Singapore. 
Here the head of the Eurocurrency team in Hong Kong works on 
a project with executives of the Grindlays Dao Heng Bank. 


-*cy\ ; 


. • . . : a .y.v.-H#* 

■ . ■'*vC« i 


' . ... 



tiki- ' : * 

X:.:- 

..... 


Bank 

Group 


23 Fenchurch Street, London EC3P 3ED. 


NTH WESTERN 

. STEEL & WIRE 

First Ouaricr 

1978 

1977 


S 

5 

Revenue 

105 6 m 

70 2 iu 

Net profits 

10.46m - 

4.81m 

N'el per*bare .. 

139 " 

0 64 

PETRORNA V.. 

ANAPA- - 


First Ouaricr 

1978 - 

1977 


5 

- S 

Revenue 

4TSm 

N/A 

Net profit* 

13.6m 

16m 

Net per *hare. . 

136 

1.66 

PLANNING RESEARCH 


1978 

1477 


S 

5 

Revenue 

BO 4m 

.48.5 m 

Net profits 

1. 4 Bin 

1.24m 

Net per store.. 

0.21 

- 0.18 


BY FRANCIS GHlUS /. . 

THE first Swiss franc ' den Grain-, 
a ted Final iny Rate Note^s .bemg 
arranged by Banque Gutz wilier. 
Kurz Bun?ener for the Banque 
Natioaale d' Algeria. . 

The amount of this - issue is. 
SwFrSOm and the borrower is 
pa vine :« spread of J- per cent 
over the six-month Swiss inter- 
bank rate ( which currently- 
stands at A per centl with a mini- 
mum coupon or ,4fr per cent. 

The issue, which crimes' n(i' 
quarantee. is expected to-be 
priced at par. The minimum cou- 
pon heins paid by. this borrower 
for ten-year money is very close 
to what Brazil paid on a '-straight 
issue in Swiss Francs last month, 
4} per cent. . .... 

Prices in the Swiss secondary- 
mark el remain depressed in the 
wake of the fail they suffered last 
week. They then dropped between 
une and two paints and have re- 
mained at last Friday's level 
since then. But dealers say' that 
ibe level of trading has remained 


fairly low since vthe betaijSSiii 
iriy of the week: . " ..*3 V3. 

Some investors have clearly 
decided that it was ' Ihef M*t. 
time ta move back into -doitfr- 

denoiu mated, paper;/'. 

.'In the -. Dentsche-Mark i sect dr, . 
Occidental Jnreruational Fioanre 
NV'is to float a Dm 150m twelve- 
year. issue through Westdtmtsche 
Landesbarik. The nolest. carrying' 
an indicated coupon- .of .-frJ-.-ftPe. 
cent and guaranted bjT tbe.parem- 
compahy Occidental - Petrofeina,; 
will have an average: riFe'dFTB.^ 
years. - •. f - : ,7 

The Dm5hnv- bjmd .fqr-.^Jiioifci- 

ShiphuitdiTiR being - 
the same bank was ppiiedarpar. 
with - ho change in .the: indicated;-: 
terms; -a coupon of- 5 1 . per- £eht- 
and 'a five-year inarurity. : The 
secondary market was -very quiet - 
yesterday with prices uachan^tjfe 
In the dollar sector tlur toot-,: 
ket had a mixed day-vrtRtfwhtfb 
dealers described as thjh 
very professional iraininaJBsjces’ 
mainly closed -'essentiaHjrdjtifr. 
changed oa. Tuesday's/ levpfe: 

- . 1 ••• sis.' 




FT INTERNATIONAL BOND 


Viv. 

-Zm-'S: 


The list shows the 200 latest international bond issues for which an adequate secondary naakec -. 
exists. For further details of these or other bonds see the complete list of Eurobond prices public* 
on the second Monday of each month. n ' r "’ i "" Ma "— ~ 1 — 


u s. OOLLAR 
STRAIGHTS 


CImiw on 

Issued Sid oner day week TleW 


Mi Ak; ?i <$ 

25 

95/ 

96i 

-Bi 

+w 

9.92 

t’l'irailB S 4i ;» 

175 

47J 

9/1 

-Oi 

+0J 

9J1 

•t'lSTal.a fl :'J 

75 

«HS 

100 

0 

+'«r 

937 


100 


96 

-•i 

+W 

8.93 

• EC A f; 

SO 

413 

94U 

a 

+ 02 

9.71 

• F!-\ 0 J.T . 

25 

9*1 

46 

-01 

+ 0! 

9-20 

fFCA !• . 

25 

93V 

94; 

+04 

+1 

4.J7 

|-:T !l f'-. 

75 

96i 

97 

-111 

+Ii 

9.41 

rana.la * *7 

25B 

961 

46. 

0 

+ 0i 

9-22 

I'.m.nu < « 

250 

9Si 

95; 

— Oi 

0 

9.30 


258 

95 

951 

0 

+0J 

9J6 

t~ an.i-l.i f> ?n 

mu 

100 

1 BIU 

-01 

+ K 

906 

"aiiart-i n; 9j 

358 

l«i 

urn 

9 

+W 

9J6 

Canada ir S' SS 

70 

96i 

HI 

+ 01 

+12 

9.63 


25 

*3; 

44 

8 

+ 0i 

10-20 

EiD ■: . 

100 

94 i 

97,' 

0 

+0i 

9.45 

EIB n; *3 

125 

9EJ, 

98i 

-Oi 

+0i 

9J2 

EIB n: 4S 

109 

99 

443 

-01 

+ 1J 

nss 

RI«am in: land 9 . . 

25 

95i 

96 

-Oi 

+01 

9.92 

Fk'p<>nttnans 9 s»j 

SO 

97 

97' 

p 

+1* 

9-50 

Flnljn .1 S; iU 

100 

97J 

481 

-Oi 

+1 

9.55. 

Finland 9 9* 

108 

97 

4TJ 

-04 

+« 

9.65 

ihi<.pi’.->| 0 5 0 S' 

25 

96i 

961 

0 

+14 

9.97 

t’rl Finanr* 91 jj 

25 

941 

943 

ff 

+0i 

10.71 

fftrl F-njnrx? 9: 9" 

28 

93/ 

93! 

+04 

+14 

11 tu 

J. C. Pennpy Si st 

188 

971 

974 

-Oi 

+M 

9_16 

)fac Blut.-d*! 0} 93 

50 

4»i 

98S 

-0* 

+ 13 

9.45 

Dev. Kin. SJ S3 

20 

94 

94{ 

0 

+0i 

9.73 

, D-v. 1-in. SJ S3 . 

20 

93i 

941 

-01 

+0i 

9.61 

Xar. West. 9 .« 

75 

971 

98 

0 

+1J 

9.0 

'.-ru-roundlaml <>;!•'» .. 

50 

98 

93J 

-os 

■ + li 

9.49 

Xnrd fnv. rik. ?; S.s . 

25 

os; 

971 

-01 

' + 0 * 

9.20 

N'tiru'-tt K'illin. 9‘. 9* 

75 

93 ] 

481 

+0A 

+ 1 

4.44 

'I'lr’ jy 7x -s - : ... 

2S3 

94* 

95i 

0 

+ 11 

4J1 

\Or.--jv s; 4:i 

ISO 

981 

984 

-0 

+84 

9J6 

■ M-i:idi-nMl *J .Vi . . . 

7S 

92! 

92! 

0 

+ 01 

10-50 

'•ni. Hydro S) S.i 

125 

95i 

961 

-Oi 

+0+ 

9.33 

•J/K 1 '';-- Hrrlp'i 9; *1 . . . . 

SO 

93.- 

94t 

-Oi 

+li 

940 

S't-edrn 9S 

125 

99i 

*«; 

0 

+ 1 

9J4 

IF. S-' S3 . 

283 

46; 

47 

-0i 

-+0! 

909 

uk Si a: . . 

150 

97; 

48i 

0 

+0i 

9J3 


TEH STRAIGHTS 

VMiiilCks. Sk. SI S* 

Australia U .6 90 

HFCE -,6.4 80 

Eurulimk O.-j 80 

Km land 8.7 ... 

N*irw*v S.7 >■' 

Osie ciiy o» n.i> oo . 

SNiTK h.S W . 

$w«d>.-n Bj 91 . . 

OTHER STRAIGHTS 
Rank i.J'S II.iHT If A«. 

A uni Con- husti 7 !!.-{ EUA 
i.'npi-ahasccn 7 9J. EL7A 
Finland IihI. Ek. T. K FUA 
Kuimn. Inm. 7J 9.1 BOA.. 
Panama it K RUA 
SDR Fmw 1 93 EVA ... 
Alaetiiene Bb. i>; 83 Tl, . 

BrarJ 7J-« FI ... 

CFE Mt-Jlco 71 S3 ft .... 

kib nftn 

N*tor. snddenb. Ki «a FI 
flw Zealand 81 S 8 FI 

Nonvn? H it 3 FI 

iiFTl fij SS FI . . 

FIB »: JW FFr ... 

RAT S KJ? LroFr 
Bajvr Ldc. 9 9H l.usKr . 

FIB ?! HX LniKr . . _ 

Finland t. Fd. S 9K LinFr ZS3 
253 
583 
5WJ 
SOU 
20 
12 
IB 
15 
15 


Closing prices on November £1. 

■ v'-** 

I tlunl Bid Offer tor wBck YkHd . 

is wi , wj -•■*■01 

- tW . -=Aj? 4-' 


50 

1002 

'lOli. 

30 

96h 

574 . 

10 

m 

99 

25 

973 

484 

25 

.0*24 

103 :. 


+94 

Tfi-.' rfii' - TJB - 

-W ■-WSKSA5:-'- 
15 974 . 9S1 . -BJ 

2D W --Oi -IS, Tifc... 

HD ' 95ri . Mi -.Oi I-JIi. AJ».' 

■ ' Chang»«a-" :. -^r 

Issued Bid DITsr day wwAvYrM. 


12 

16 

30 

15 

15 

20 

22 

75 

75 

75 

75 

TS 

75 

ZOO 

-.75 

230 

25fl 

258 

25* 


DEUTSCHE MARK 
STRAIGHTS 

‘ ra-'Mi'ia -< 

V'l^n n«ivl»|> |:t- tl 
\n«ir:i!|j ij « 

'.it'-.-ria Fm 
Fkmkara-rica . 7 ; :m 

K,t. Aljerii- 7} "l 
r-.l-i- \ I. 

• :-ni,d 3 i.- v: 

■ ilijsi- '.lnih.iiiaii (i s i, 1 -: 

i ■•■iiiin..T.'i>anS Mi ;vw :■ 
■:nnmr r.'liank hit Xtv t: 
i mi> <• :«> 
r nil nr 1 1 nf KnrMj.; *: 
s:ir: ii ‘in 

FT Aminnim- .V; -> . 

I HI 5 M 
lidnnt»l.i : >| 

Kith-. « an.- of >n 
1 tjhi itn-K-o- tit- Kit i 

MfSICO 0 53 . 

MiikiihKhi P.-'irn 

Mnt^.n Sik! 

Nurv-s Knmni C- !ui 
Snnrajr 4; »:i 

vm'c^ian hid. Rn. i; po,.] 125 
PdruN Bran I 7 
Pnillbpllli;-. fii *» ... 
i*R Rauktn .-a 
Qn , ..|i<-i*. P.-nvm. r of •. 'hi 
Raiiiiirinilcui Oy 3 ; -1 
PI. ..Ii 

spam it s* 

5'andl n 

Trirndhuhii. i.nv 

l. us (.rmn i'i .... 

VnHRttCiii I,; urt 


SWISS FHANC 
STRAIGHTS 

1, ft 

ArllK-ra Tunnri 1 «I-| .... 

AWii J.' M 

Oitoc ALnhailan 4 M 
KVRU 4" U 11 
Oilliit.il i.f Rumiw. 4' 

:.trik.tm.-tir* .%■ ;i;} 

i:\OE /. -n 
fHimiari. 4; no .. 

I> nur.irl •Monodn Dk. . 

KIB 4J t»j 

Furaiom <} £K| 

i- vjnid'h 4! M 

I'm'.iml 4 94 

ntp. »• «u ... . 

Hdli l.lfCtl'.-nst. IR It .. 
iri Hu. XV 41 r: . 
i.»la*.-via 4J so ... 
'fnnilnba i 'll 
Mw HnmnrK'k RP*.' -t; 

-.""11-9 a 4’h.l . 
v.ir:— : Fiimm 41 Si 
1KB 4 9-1 
•y NnVr.1 .1 ''I 
'■al* 4: 9.1 ... 

Sindur 4 94 

- *■’ 4* 
vnt.tti.Aimn- 1 * p : 

VtiHir»r: Kpfl 4 *1 

^1104 1 f." 

Wortd Bank 4* si 


Chanae an 


I»umf 

Bid 

Offer 

day 

wcok 

Yield 

ISO 

44.! 

951 

-or 

" Bb 

7.20 

100 

931 

44 

-as.. 

. 0 

6.40 

250 

100" 

1011 

-fll 

-Bi 

5.88 

150 

95) 

96 

-Bi 

-01 

6J!6 

158 

481 

99! 

- 0 : 

-Oi 

SiES 

160 

95/ 

461 

rDi 

'-02 

_sm 

150 

471 

475 

-01. 

+83 

636 

630 

47; 

471 

-01 

+01 

5.32 

100 

102 

132! 

. 0 - 

0 

5.77 

100 

UK. 1 , 

106! 

-1 

+01 

2.01 

100 

83* 

83! 

0 

+0! 

5.73 

75 

451 

96! 

-01 -. 

+,0i 

6.47 

130 

47) 

48! 

-Oi: 

--.01 . 

6.42 

300 

47! 

47) 

-0* 

■■ 8-' 

. 6.33 

100 

■Ji 

441. 

-W 

— Bi 

*J1 

100 

98J 

49; 

-02 

+W 

5.20 

130 

462 

97' 

-. 0 - 

-01 

7.65 

100 

UKM 

1014 

-01 

+0!' 

5.62 

15*1 

971 

475 

-01 

+44 

- 7 38 

200 

45i 

961 

-0A 

0 

6.84 

100 

iam 

lau 

-01, 

-il 

554 

198 

10U 

101 

-fli- 

.-1 

5.63 

100 

481 

901 

■■ 0 

-01 

6.18 

250 

961 

962 

-0L: 

+31 

5.29 

12S 

971 

Wi 

-01 

-«i 

6.23 

100 

vs: 

992 

-01 

+04 

7.12 

100 

95i 

96i. 

-W 

+0‘. 

7.0 

100 

94! 

w: 

'0 . 

+0! 

6 M 

150 

45; 

965 

-01 : 

-01. 

65Z 

50 

4)1 

94 

0. 

.0 

6.68 

30 

1601 

100! 

0 - 

-.01 

5.15 

200 

961 

96.' 

+12 

+0! 

659 

150 

991 

99J 

-02 . 

-Si . 

6.07 

35 

941 

951 

~u: 

-BJ 

6.44 

65 

962 

972 

0 . 

+02 

6.49 

ISO 

94 

94/ 

-Bi' 

-02. 

7_Z2 


. Xorvray 7} 53 LusFr 
Rpnauh 7f #4 Lurh'r . . 
Snlvay Fln. n 83 GuxFr 
Sxvdicb r Bk. k SS l.uXFt 
CltlMru O'S Fm.' 10 92 £ 
Kioarw Tor fnd to * t 
Fmit-oipr HM. BV II SS r 
Orsintaboom ’.Of Ml 
Whilbrvad Iff M £ 

FLOATING RATE ' 
NOTES 

.im-Tti-an Kw» SC 
Arrt In'I. Bur.]; jm 3 C 
Fshikp.Njc Arai-m.- US S4 
funk lluii.1lm.-v MS -Ah 
Hank nf Tnkvo . M ii K 
B.-inoun Worms - M,7 ; ?j - 
Bn. Eht. d’Aii:. .vvr.r, si 
Bnu--. Ext. itaIc. *17 3 h-i 
Indn rt Sll>at Mi' 

Ihj. Idi. A It. Ui-c Mu .vi 
CCCE \I5.9i-W.' 
f.-cF jiif-xi 

■Hi aic Man. fi.'S Wi -n . 
Crcdif Nano rial l|j; .vh , 
•:w -ih.mkfn ?4'-. ss ... 
IshilrawuiHiia M.i; >*■ 
l.l'l))l»ansk.i : Mr. 75 Aj . _ 
I.TCf: Japan MJJ f j '.. . 
.Midland Inil.'AI^ ta . 

Nat.- lAVcr. .Mil 90 . ..-. 

Mmwn Crr/ft AT.i; kl 
OITfi MS- vs ■ ... . 

'••Tshore Mining ‘jjH 
St-TF. MS- VI - 
Siamlard Chan-- ar?.i W : 
.SiindsvaBsfiantvn MG 43 . 


951 9M -2i -It £»»... 
97 . 98 B +IU- \7.» 

. 961 97i : 0. . .+'tt>'n7i»:', 

96* 97f 0 ll.'jiJ* 

Wi .99*: . 8 -.-fr'U <£<£'.. 
95J 964 -« ' -US' ~8J* 

97i 9«- tl»-. 

9ZJ ,9M. .tU, -lAnAO*--' 

9 » w vat -os-faw ' 

Wi ' 97i 8 -OfVUrt 

WS 9«i -8i -0J irt 
.Wi 95i -AS -lx.-tMrr 
W 95* -M ,-U„7,9J . 
933 , 961- — Si — B* " ntd- ' 
-WJ^- 923 . - 8 -Oi-JSJJT. V. 
WI -9U -8I ■+»**' 8.««' 
95 -W - -« B - ■ 8 78 
95 .96 - +0* 

9#; 95 ; 6 — 8i DM. 

953 9fcS 0 +«i^ft58' 

96J .97* 0 ■W'.'u? 

wi »7J a +ag- , Uz 

993 100i +0i +*ii 8.B2 

1991 iW} a +qj- ,7.w . 

'««; ssf s-oi +u. nn" 
Wi .’M, L 0 +U *2.91'- 

»J 271 0 +Bl'lP'Ja 

■Ml 8S1 +01 -*-01 12.76 
Mi S5i 0 +1* 13J8 


Spread Bid - OBer C-daie C.umnbyld 
O' • 99 99J 20,8 106 . l& 

Bi ■ ■ 95* 96 4 31/i 9 ; «* 

« -964 96i 2141 W'-.JTO 

I.’. 964 97] 25 'II 5J6 9.88 

04 94} 97 .18, a lOJ - MAS 

04 . 974 -- 15/12 9 ' v p.u 

Oi -971 97* .9/2 9* 9J7 


952 

97; 

Hi 

9%; 

99.' 

968 


96 S 2/5 123 13 », 

9 Si'2S/l 9i . 958 
97< 12/1 k .9A5..- 

97* ":S/Z "9JS -9 AX 
99; J/5- 323A--225S 

97* 21/1 951 ,, 951 


97 - 97] ll/J 9Jo 9.4$ 

971 . 97* 15/S 1251 JH61 

973 984 27/d ll* , ;Uj « 

96+ 96j 19/1 18) 10 A2 

9SI 99 15 12.06 1223 

974 •- 972 . 20/1- - 9A4. . &4r9 

97 V. -971 71/12 SJEL. SJS 
W-.-Wi'. 15/3. 9- 9.67 

991 99J- 18/9 1056.1853 

”971 . 974 19,a 9.99 r *57. 

98i 982 i'A .10.69 1U* 

« 961 U.7 8.94 ' 929 

«J 971 S 8 1056 10^9 

littf. Overwag -Bk.- aw' aJ . -,9Si — 9M\ - 4+-1UI Udd- 

.CONVERTIBLE'. " V Cnv. tor. ' r - o». 

BONDS. .. - . date --pHce Bid -Offer du' prem 

Asks .ij R1 .. . 5/7B- 628 984 Mi +O!" , 0.<9 

fLiSer Ini. Fin. 3; JM. ; : . 1.-T9 34 99 Ml - -0):iiSap 

Port'S K fl.-. ^ 2.*H -U6' 29. Mt +B1 -»-55S 

. di79 - 1 9 ' BSI '-043 +0*' 17.88 ' 

.. KU 1875 43301 131 -+4) 

4^79 2»; 42 : 93i> +«-r.jt.78 

d/7» 14.5 «2i ; 83} , -BV, 2851 

..U.-?a «7 «2 .963' +0: — 7.17 

9/7S 21-' 931 Ml +65. 2035" 

. 5/7* '6l!S 714 73 ■ 1 +0i 173.78 * 

^.^Asatn nptlctfl r^-DM- v.-: 12-TS-- 585-- -9H— «a- — H - 13.85 


CVha-Tiith Nofctlrm GJ 
I;o-V4KH>hi 5; W .... 
Novo fraliwm 7 66 
Tim* Ini. Air T] 
Them 7nf. Fin.-? +» 
Tyi-n-lnt. Fin.-- 9i 9S- 
Tyrn- ]ni. Kin. 1 v* 


1051 

l&r. 


Tuned 

Eld 

Offer 

tor 

week 

Yield 

40 

1022 

103 

+1 

—21 

4.38 

40 

W 

4S) 

+W 

-1J 

U6 

1D0 

42! 

92i 

0 

-2‘, 

4.47 

7B 

99! 

UO 

+0f 

-31 

- 4.6Z 

53 

95 

951 

-.9 

-31 

s.n 

65 

99 

991 

+1, 

-2t 

4jrr 

SO 

90) 

982 

■+0* 

—32 

:3J8- 

75 

991 

49) 

+«■' 


5.08' 

100 

uo 

U 01 

-« 

-M 

■ AJ7 

88 

Ul 

Ul! 

+01 

-2! 

4J6 

100 

47! 

972 

0 

-3f 

4.48 

80 

96! 

97! 

-li 

—dj 

4J3 

2S 

64 

99i 

:.0 ' ' 

VIS 

<US* 

80 

482 

49 

-01 

-31 

4.62- 

100 

992 

1001 

-01 

-21 

C50 

25 

102 

1021 

-« 

—3 

4JM 

110 

in 

U01 

-fll 


*22 

88 

981 

48S 

.+« 

—12 

. 4-93 

100 

98 

98V 

-0i- 

-3i 

4.16 

in 

94 

94! 

0 

-31 

4.24 

70 

•« 

971 

• • 0 

.-r'3 

4.a 

IBB 

981 

49 

-0i 

-V. 

aJ9 

29 

99) 

992 

— 0i 

-1 

4.04. 

20 

IG2 

U2) 

0 

8 

4.74 

30. 

UUH 

Ul 

-02' 

-0J 

4.18 

15 

99) 

1M1 

+ » 

-12 

4.01 

75 

100 

znov 

+0! 

0 

4.46- 

110 

110 

IN) 

0 

• 2. 

4.4T 

<8 

481 

<m 

-0! 

-2 

■ 11 

118 

49! 

491 

-rai 

-If 

4.18 

2S« 

94! 

UO 

+ 1. 

-.21 

4.27 


97i 

1034 

- .95; 

- ,931 
119i 


1*64- +0i 22* 

1051 -0S 459 

-9SA -Hi 1320 
9*i —84 3.64 : 

10« -Ok 12.18 
9*1 -1* -024 
9*1 -W- . 4.06 • 

121 : - 0 ] -052 • 

98 99. +0; 12.03 

•-T7}. 98;^ 0 -0,34. 

1831 UBi J -1255 
1164 M7i -11 *2* 

92J 93i -61 2.79 

U44 ,135* sir. feg»' 
961 971. .-Oi- -Si 

941 95i +0i S5T ' 


L'astn Comp .V- «!S pm . u,-n 801 
. Irani ly 2 T. DM . .10/78 959 

Jugt-a ;]! SK .nM' . • ;,i.-i9 1270 

Koniuttiraim s* w-crw-' .. un- 412 
Mjnulal -Fund PM- _,7-R 1Q33-- 

Jfuratii- Man DM ..lim" 854 

Nippon A lr. -5.2 W n\r, ..12f78 -5W 
NlDBPD SlUnnan Si .DM' 1/1* * 738 
,M«san nii'w! 3‘. so PiV . 2/79-. *77 
nivmpus OMlt-OI T. ya DH 2.-79 ; T03 
Ricoh 51 S*i -Djd--.. 10/78 617 

Snnkvo Rk-rtriL- 3f DM .: 8 7* 869 
Sanyo Electric 3i DM- ... U/n 29S 
-S<HVU StOfW 3J 9KJJM ...-9/78 1ZFS 
Smnlcr Kk«nilc a* DM - .. .12/78 62) 

Trio-Kcnwpuii 3? 86 DM.. .11778 TO 

* Mo infurmariotj jivailahlt— precious day s once. 

. -*fhilF'oim"mrtad maker stmpUod a pncc.r. . 
StralglK Ronds; Th«* yidd la tho ylelil to rrdomptlon of ihe - 
n-.at-prtrp: rtio amouni iwniwl; te • lit mllttow of c urr ency .. 
nnlts (-xi«pr foe Yen bonds -wtinv- u ‘in in bnilooR. CRanoe 
-ijn M'cer-=CtiaiKc over priet a weer- rarUcn ^ - 

Fk)«tian Rate Noun; firiinniiiiaicd ini dollars unless other' • 
wise Imlii-ab-ri M ~ MHunuim tiurnon C.dsto— Date neitT 
niBiwn IV'cmncs vtLciHiv Sorrad” Margin andve'sli-inoarh 
olfi'p'd rale tiir I’S .'lulbr,. n vpn— The current coution. 
C.yld-Ttio' cusrent yfeld.'.' '• ; • v 

ComrcnIMe boada: tS-nomiiiaietl -Jt Holla riLnnfuss otherwise, 
mdirnii-ij Clue. liaj -iTnwist-nn daj. .. Car..dnir^Fi«i A etr 
inr mtvi-tawd ,icto ebsireh nii6/-.prt(«??tpDiIi|B].*anwinnt nt . 
bon-t p>rr att^pc t-xorv-AVsl in - mtf^ocy of ehatr at e-wiv;/- 
yinn rate Hx-d Frt m ;i fVrr'viitoK>- vrvicUHTrT'f ^fi* 7 ' 

••iirtvnT rS'Vtiyr nf jnjiurnu; uhc^a ‘vu rfie bard 

rtv.-r ih-' mo'f ,t-’< *■!»'' ycir<- «f_|h.- «horc<(.- __ 

fj T7i- Fin.iofT.-*! TicnrV. I.rrt 19 rC- .BrpradanHad ' . 

or in par; sn. nor -form mir , iy*rmttt«l . wuhoot v/J rtnc • 
tour nr. n«a sowlivd t>j tmar-BoiM Semcw.- •• 


35 



? • V 1 . 

«* *- ■> • 




■#-. ■ 

r'. L , : 


- ; Wednesday November 22 1978 


INTERNATIONAL 


' i tii$ia£xi i -rZ£ . :»* ' ,y.~ •:, * • r •'■ k :~. 


Bayer counts the cost 









German 
bid for U.S. 


KORF’S LINKS WITH KUWAIT 


m 




BY ANDREW FISHER 


Bj#£orj*AWTlN 

. THE .PECLIJre in the value, of 
the dollar has wreaked havoc on 
the Boyer .figures.. Despite excel* 
lent v growth rates reported fay 
many of its overseas subsidiaries, 
profit*, and turnover -.this year 
have- .taken a pounding. 

’. Bayer has ' the ■' -reputation of 
being 'the . most outward-looking 
of -.West 'Germany's "Btg-TIbrce? 
chemical . concerns — although 
BoeChql and BASF .have high 
export ratios and substantial 
foreitCB invcstoienu.' ' ■ 

.- FroFessor Herbert G rue newakl, 
the'- group's chief executive .• to- 
day' windunccd.ihaUw.Kile volume 
dutp'flf rose: fay. 4 per cent during 
the first' three quarters of the 
vear.'Cash turnover dropped by 
06 per rent and pre-tax profits 
fei[ 6v 4.7. per cent 

' '■ Deutsche Mark has been 
tp valued against the dollar fay 
19.5' tier cent during the past. 10 
month* — even allowing . for 
differences in inflation rates, it 
was still a revaluation of 14 per 
cehU" he said. “You can judge 
for . yourselves the difficulties we 
are having oh the export front - .'* 

Bayer was hoping that - the 
dollar .! would stabilise at equi- 
valent - purchasing powers — 
which Professor Gruenewald put 
al DM 2J20. If it did so. the; 
group would see a- powerful 
growth rate in 1079. 

"Volume growth next. year is 
expected to he between 2 and 3 

•percent, hut when forecasting 
turnover one has to remember 
the effect of the dollar " he said 


If it strengthens one could sec 

turnover improve by lS or ti* per 
cent, but if the -position, de- 
teriorates, cash sales '.^growth 
could be. nil.** 



Dr. Herbert GrueiiwaRt 
chief executive - 

The effects or Ibe decline of 
the dollar can be judged from 
the performance of the group's 
important overseas subsidiaries. 
In Brazil, for instance, turnover 
rose la local currency terms- by 


FRANKFURT. Nov. 21. 

47 per cent, but by the time it 
was converted into Deutsche 
Marks the expansion rate fell tn 
3 per cent. In the U.S. market, 
cash turnover by its two leading 
subsidiaries increased by 25 per 
cent, although in D-Mark terms 
itae expansion rate was reduced 
tn io per cent. 

In one case, comparative re- 
valuations worked to Bayer's ad- 
vantage. In Yen terms sales 
of the Japanese subsidiary grew 
by only 1 per cent. but. because 
of the appreciation of. the yen I 
against the D-Mark. the-German I 
figures showed a 9 per cent in- j 
crease. ; 

. Bayer's world sales were up by I 
K5 per cent from DM lfi.2hn all 
thn end of the opening three : 
nuaiiers of 1977 toD.M I7j?6bn. ! 
The fastest growth rate came in 
Hie third quarter when turnover 
Wise by 7.3 ppr cent frnm 
DM 5.1 8bn to DM 5.5fihn. Gross 
profits, howevpr, fell bv 3.9 per 
cent from DM S49m to DM 816m. 

Capital investment during the 
first nine months totalled 
DM l.Tbn. of which DM 650m 
wenl to Bayer AG. About two- 
third* or the funds were invested 
in Germany with the rest going 
abroad. Some 32 per ceni of 
ihese funds were devoted tn re- 
placement of nulinoderl plant. IS 
per cent tu environmental pro- 
tection. expansion 39 per cent 
and II per c*-m rationalism inn. 
\'c\r year investment in environ- • 
menial protection could welt r*>e r- 
to 20 per cent, said Professor 
Gruenewald. 


computers 

By Our Financial ScafT 
PLANS for a small hut signi- 
ficant toehold in the U.S. 
computer industry were 
announced yc.slerday by 
Mannesman n. ihe major West 
German engineering and 
construction group. 

The rumpany has acquired 
for $4 Jim a 16 per cent share- 
holding in Tally Corporation, 
a purr bast- price that values 
the whole of Tally at more 
than 526m. Tally manu- 
factures computer primers, 
and Maiincsmaini hopes 
eventually to gain full control 
of the American company. 

Mannesman!) has purchased 
J 12,700 Tally shares at SU.50 
each from Terlec Computer 
Corporation of Los Angeles. 
In a filing with the Securities 
and Exchange Commission, 
the company explained that It 
purchased the shares as an 
investment, hut ivilh nn eye to 
potsihle acquisition of 
additional shares in (Iip near 
future. Mannpsmann Intends 
to seek representation nn the 
Tally hoard :<nd is rnnl cm pint- 
in." a lender offer for the 
remaining .shares or a merger 
proposal. 


! THE GENER AL reaction to 
.Monday's unexpected news that 
Kuwait had. no less than ihree 

• years ago. bought sizeable stakes 
j in the West German and U.S. 
.interests of. 'he steel group 
I headed by Willy Korf was one 
j of muted surprise. 

Back In 1975. 'the response 
j might well have been a gond 
deal more shrill, with memories 
I then still clear in l lie German 

• business world of how Kuwait 
had managed to buy 14 per cent 
of Daimler-Benz, one of the 
country's biggest and most 

! profitable companies. Iran was 
also keen on purchasing shares 
in Daimler, hut was forestalled 
when Deutsche Bank jumped in 
smartly 'with a DAI 'Jhn payment 
for a large slice of the shares in 
the tnolor group that the pri- 
rarely-ownwl Flick company was 
eager to sell. 

Matching their original dis- 
cretion wirh n reticence that 
seems scarce! v K‘-*s extreme, 
neither Willy Korf nnr Kuwait 
have drawn any direct parallels 
horween the general altitude to 
investments from the Middle East 
in the post-nil crisis years and 
their decision nnr to publicise 
ihe deal at the time. 

According in the Kurf gioup. 
!:bi> initial secrecy w, ( % ar the 
1 v-i«h of the Kuwait i Ministry of 
j Finance, the body which took the 
. li- n holding.* of 3|i ;v*- eer.t each 
1 in the U.S. and German interest-. 

The obvious itnan c wr-reri 
‘question is how much Kuwait 


was prepared to pay for its twin 
stakes in Korf. with the German 
share purchase following the 
U.S. deal by several months. The 
total cost has been estimated in 
the German press at some 
DM 200m (S104in at current ex- 
change rales i. hut neither 
Kuwait nor Korf will make any 
comment on these figures. 

Willy Korf himself has often 


Korf regards its main com- 
petitor in the direct reduction 
field as SwindeM-Dressler. also 
based in tbe U.S„ although 
Thyssen has developed the 
Purofer system which has been 
licensed by Guteboffnungsbuette 
f GHH). Germany's largest engin- 
eering concern. 

Because of the tight financial 
rein held by the 49-year-old Mr. 


Three years after the event, the Korf steel group has announced 
that Kuwait had bought large stakes in its U.S. and German 
operations. Both sides ire keeping quiet about the cost, hut 
Korf looks set for rapid expansion in the U.S. and hopes to 
eliminate its German losses 


been regarded as a sort of 
maverick nn the German steel 
«venc compared with such in- 
dii-fry slants as Thyssen or 
Krupp. but appears to have 
largelv shed his outsider status 
In recent years. 

This is in large part due to 
the succos nf the Midrex direct 
reduction process pioneered by 
Korf. This involves the manu- 
facture of iron, in a highly pure 
form, from ere pellets. Korf 
acquired the prnce;s early in 
1R74 from Midland-Boss of the 
U.S. 

The Mid rex process has been 
n.-ed in loini-sieetimtU in such 
developin'* countries as Saudi 
Arabia. Tunisia and Brazil, while 
it is also planned for use in 
larger steel complexes ;n 
Venezuela and The Soviet Union 


Korf, it is not easy to gain a 
clear overall picture of the 
group. Korf-Staltl AG. in which 
Mr. Korf holds 70 per cent of 
the shares and Kuwait the rest, 
lost some DM ISm last year, 
much more than in the previous 
year, with red ink on the in- 
ternal steel operations wiping 
out profits from the construction 
of plant using the Midrex pro- 
cess. 

In the U.S.. however, things are 
■a good deal brighter. Alter losing 
money last year, the two plants 
at Georgetown in South Carolina, 
and Beaumont. Texas, should 
produce profits nf over 512m ibis 
year. Next year, says Mr. Rmvr 
Regclbruage. the president of 
Korf Industries, the U.S. r.-om- 
pnnv with the <am«- 70-30 share- 
hnlrlin:; heiwern Mr Korf anri 


Kuwait. M we are in good shape to 
do substantially better." 

It is this end of the Korf 
concern that has been making 
most of tbe running in 1978. In 
terms of fixed asset value, the two 
plants — Beaumont is the newest 
and will eventually be the biggest 
— are worth some $250m. ho says. 

Korf Industries is aiming to 
produce some l—m tons of steel 
goods next year, of which the two 
plants will account for about half 
each. At present, the U.S. 
activities of Korf . make up 
around a third of the group’* 
total steep output. But this will 
approach 40 per cent in time, 
comments 'Mr. Regelbrugge. 

In Germany. Korf-Stahl. whose 
headquarters is near the elegant 
Spa town of Baden-Baden, expects 
an improved result this vevr. 
though tbe losses are likeiy to 
remain. But exports have picked 
up. demand from the construc- 
tion industry, a major user, ha* 
risen in past months, and the 
general outionk for 1979 is a 
good d'*al less gloomy. 

The Taci that the Cartel Offi' - p 
may fine Korf for keeping quiet 
about the Kuwaiti involvement 
does noi serin to disturb the 
company unduly. There is no 
question of the deal facing un- 
ravelled for mm petit ive reason*. 
Nor are there any signs ihai the 
Kuwaitis, or the irrepressible ?4r 
Korf for that mailer, .ire at all 
embarrassed hy the belated know- 
ledge of their three-year-old 
t ran <.i ■•non. 


Dutch travel 
group to offer 
leisure loans 

By Charles Batchelor 


Two-tier German issue 


BY OUR FINANCIAL STAFF 


. tV AMSTERDAM. Nov. 2i.’ 
A DUTCH travel group is to 


THE West German Government Federal Railway*, which 6? per 
is to raise DM U2bn ($63lir$ on cent offering is currently priced 
'the domestic capital -market ai 99. 

through a iwo-lier offering of six In Holland, the Kl !00m new 
and ten-year bonds. issue from insurance group 

The terms of the latest Issues Ennia ha* been priced at 9ftj. 

offer, personal loans to its { are pitched right in line with This 10->ear bond reflects the 
customers to ’finance holiday i I the market and yesterday dealers continuing strength of the Dutch 
and. : other leisure-related piir- ! expected thp two offerings ’ .to marker where coupons for lonp- 
cfcases such as boats and hoUdav j he. placed with t>e minimum of term paper have narrowed from 
homes. The Holland Inter- 1 difficulty. Once again the SS per cent to Si per cent since 
nitjcBM group, ' which has 100 [authorities main funding, accent September, 
travel ’agents' offices throughout flies .with the shorter end df. the Speculation in Paris suggests 
the Netherlands,- pLans to intro- i market. that the Frc-nrh national railway 

dace the new service from I Thi? two bonds. DM 700m oyer company. Si.e National!* des 
December 15. I six vears on a coupon of . 6 per Chernin.- clc far Francaise 

This matches tbe move bv; cent and DM 500m over 10 year* iSKGFi will i«m.- a FF.* wniiit 

hanks in -Holland 10 years ago at «l percent, have been priced bunds next week The L-year 
into the holiday travel busine.-s.lat 99i and 99 respectively. The bond is expected to cariy a 

They have taken a growing share [most recent Government-backed coupon of 10 per cent and be 

of 4he -holiday market in recent j 10-year paper came 
years to the consternation of; . 

independent travel agents. . - \ - ~ — : 

Rabobank sold 275.000 holidays 
in 1977. an increase of .75,000 
on the year beforehand it claims 
17 pex_cent of the' total holiday 
market. A m sterda m-Rot te r d am 

Bank ^reported - a_65 ppr cent 
increase . ..in;' "the’ 7 . JiuriiJjer 'xif 
holidays sold tq 53,000 in 1977 . , wn i 

and jLexpects a further increase !’^^^^ in - Britain; -the t\S~ * thS? 


from the priced al par. 


Frionor sales ad vance 

BY FAY GjESTER • > OSLO. Nov. 21. 

FfelO>K?k ...ihe ■ 7 • NaEW-eEiatf- labour portages.; particu lariy 
frozen foods company with sub- during the seasons when fash 
Rp f,, in rs landings were hcavtesi 
sxdtartwrm Britain, me L.h.. „ mHcd oulpuL Despite 

West Germany. Sweden and ^^ver. Frionor's 

! Switzerland, ceporrs a 21 per cent Nnrwceian-plams inrreased total 
turnover increase to'Nkr 970m' fillet production by ll.S per ceni 
(S200m) in the year ended June in the year, to 60.000 tons. Oul- 

3MB7S. ta volume. «lw r i^SS! 

<6.790 tons or deep frozen pro- ^ ^ p er <eru w 30.OOO ions, 
ducts, of which fish and mher 

sea foods accounted for about 

The-coneem, which is a marker- jj elgian bond 

ing organisation for 120 * 

Norwegian freezing plants, says OUCnilS 
operating results were salt*- - . c? 

factory during the year. The good BRUSSELS. Nov. 21. 

results' were achieved despite a the PUBLIC bond offering by 
marked rise in Norwegian th g Belgin Funds des Routes, for 
ftSnS aSiiareVfTh^NattSnafe ! »P«^n S costs, price, freezes on wfiich -lists open next Monday. 
•-SwIriS 1 1 Mncern l 50fiQ > marked, inadequate raw ^ been priced at 99 per cent. 

DaUand rSJfn a 1 f i ma terial supplies and currency ^ bond, which closes on 
owned ' bv KLM-Raval Dutch fluctuations which affected profits Dccemtier 8, has a seven-year life 
AfrtfneV w^h tbe NedllDvd shS 0 " sales lu U S * Frionor s and carries a coupon of 8.75 per 
S lar ^ ?I market - Proftls for cent.- s Effective yield is 8-95 per 

Sft? Dutch wlwavs ^21 the year are being channelled cent. 

-The company- ha, ' just j ^ lu plants ,n trie The hanks arc understood lo 

L : wn»leied a iwo-vear ieorganisa-i fo™ 1 01 a 1>unus on Prooun* have given -commitments to take 
'tiMli' ■ supplied. amountinR to a total of up to RFr *27bn in F'mds dcs 

r ’fmreased demand for air : Nkr 8m for the operating year Routes paper and the’ fold .sold 
iobfiavs-led to some improve- The report says production is could teach BKr 30 bn (SUmt. 

in- us 1977 results, but the*, srill hampered by inadequate This wpuld bring public bond 
'.company is still making lossei-. ! Mippltes or raw malenals. and borrowings- this year tu around 
‘Tiaabvtr rose 4 per cent tn 1977 the concern could soli far more BFr 280bn. 

662m ' ilhan its present pruduciiun Reuter- 


to 70.000 this year. Amro offers 
Holland International holidays., 
along with those of four other 
tour-operators. 

The 50 travel agencies operat- 
ing as' Holland International as 
wejTas 'the 50 which trade under 
the , name Lifcsone Lindeman 
wtH- offer personal loans along 
,'ywftf their traditional holiday 
iactlities and the arranging of 
haUday insurance, the company 
sljl; Holland International 
expects, a growing demand for 
'IfcHgfcuag for holidays; pleasure 
boats, camping van*, caravans 
-and "hob day homes. 

This will be done iii con- 
jufhjiot with Financieringstnl] 


Chapelic group rescue finalised 


• /'■BY DAVID CURRY 

FINAL slage in the 
.financial rescue, of the Ghapelle 
, 'UaS'^UiS'' .paper group is -i.«> be 
proposed ro shareholders next 
iBupSh' It lake* the form of ihe 
.proposed absorption of the 
PaBjSjjr,,. company, Socic-le des 
. Pa pet cries de la-Chapelle by its 
■'twprthirds subsidiary ' and sole 
.asset.. J^es Papeteries de- la 
‘’Chape lie Durbiay. 

5i? tfeorgatiLsarion has - been 
rnad^ l Tiecessary by the severe 
Joswq (suffered by the .sector. 
Vliich left the parent contpjny 
M thft end of last year with riel 
habiLK.ics of FFr 16m and Che 
vubsidiaTy with net liabilities of 
ITraCm t?46m}. 

SfQhc' then, a rescue has been 
mounted with. the aid. notably. 
«f the? iBslilut pour le Developpe- 


mcnl Indiistriel MDI>. which is 
u stale-harked body existing io 
rake temporary positions in 
ailing- but recoverable com- 
panies. and the Paribas hanking 
group. . . 

Tlie parent c-ompany s capital 
was WTiuen down to FFr 100.000. 
followed by a FFr 200m capital 
rise subscribed to by I PI and 
Paribas. Notv ihe capital "f the 
subsidiary will be reduced "< 
FFr33.000 before being lined 
to- FFrlSOm (.S40iny by ihe 
absorption of ihe parent com- 
pany. which will go out of 
existence. 

Parent emit party shareholders 
were asked at the limp <W ihe 
capital wrii e-down to exchange 
their practically worthless old 
shares for new shares in the 
proportion of 1.010 for one new 


. PARIS.. Nov. 21. 

share. Now they will receive 
nine shares in Ihe reorganised 
entity for each parcel «>f 10 new 
shares nr lO.KKi old shares in 
1 lie former parent company. 

0 Creusni-Loire. the French 
heavy engineering group, said 
yesterday, reports AP-DJ. th.u 
it had received authorisation 
from the Canadian Govt-mmem 
lu acquire complete control 
of- BrnriSMuelief-HuDLley. a 
Tnronlti- based steel trading 
t-uoipany 

Tlie French group said 11 
w oil Id hold' a 25 per’ rent direct 
stake in the Canadian company. 

1 Ik- remaining 75 per cent 
interest is . .held hy Brace- 
MuellerJfunUry 1 USA 1 Com- 
pany. which Ls h.-tsed in New 
York and which was hough 1 Iasi 
year hy. Creusui -Loire. 




HOW TO SUBSCRIBE 

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Notes Due 1980 


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".'. By: Morgan Gwranty Trust Company of New York, London 
Agent Bank - 




Board of Directors 

Continental Illinois Corporation 
Continental Illinois National Bank and 
Trust Company of Chicago 


ROGER E ANDERSON 
Cnairman of the boatd of Directors 

JOHN H. PERKINS 
President 

DONALD G. MILLER 
Vice Chairman and Treasurer 


RAYMOND C. EAUMHART. S.J. 

President 

LiT-coia Univei '•!'/ Cil Chicago 
JAMES F BFF.E 

Cr, Turman and Ch : e' F-e-rulive Officer 
B jng-Wa rner C » - rporativii 

CORDON n CC'REi’ • -- •' 

Yir- ~ ‘'Airmail ^ 

Ci-otr;civ»vea///l Eason Company 
‘.VILLI AM A. HEWITT 

K turfman and Ch,?; &ec-ul.e Oft'osr 
Deere & Comoar.y 

WILLIAM B .JOHNSON 
Chairman and C-htet £>ecur-\e Officer 
/L- Industries. Inc. 

JEWEL S LAFONTANT 
CiCrnor Par.ner m She -div firm of 
La’- ot-iani. Will ins ti Fisher 

VERNON R LC-UCKS. JR. 

President and Chu=i Onerating Officer 
Bader Travel LaDC'raior’jes. Inc. 

ROBERT H.MALQTT 
C ’'A’-mur- ana Chiu E-scuf/ve Officer 
F\;C Corporation 

MARVIN C- MITCHELL 

Cha>’mart ■ > ihe Board and Pr^dert 

Ch'-~a -. 10 E ridge J /rvn Cc.npariy 

}• DTH R FC-TTER 

E/ ;Mi? Vr -O P<e:. ‘den I — Fmviza 

IntetiieHonni Hanesier Comply 

WILLIAM J C.'HINN 
l ' -a. r.-r ian and C.h<et £ ,>vt:;.ve Officer 
1. ttrvtgn LW.-.s .-f«. Zt Pi tin A Pac.i.s 

RaJ.c ad Cnri -nany 

ROBERT W PENGKER - 
Feinedih-imedy Chairman and 
Chid E*w:.cu/e Officer . . ; 

Esmarh.lnc. 

PAUL J PCZO 

Zrr»or VsjO President and Gmvo E'eC'J‘ : S 
Djt« Pr-.vtess'pg Pr-y^ui'l Ciocr 
inteirieronai Busin&'-s Machines >Cz.r no rat.cn 

THOMAS H ROBERTS. JR. 

Cria-rmrtf. of the &c,ara and Chief E.- e:-..C:e Officer 
Dc KALB Ag Research, let;. 

MICHAEL TENENBAUM ' - 

Pchre-j lonnerty Pret-ident 
inland Steel Company 

ARTHUR M. WOOD 

Peiired: formerly C barman of the Beard ar.d 
Civet Executive Officer 
Sears, Roebuck and Co. 

BLAINE J.YARRtNGTON 
£.■<?*: iwv* vice President 

Standard Oil Company [ind s ana] 



CONTINENTAL ILLINOIS 
CORPORATION 

AND SUBSIDIARIES 

CONTINENTAL BANK 

231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693, U.S.A. 


Third quarter 1978 was another record earnings period for Continental 
Illinois Corporation. 

Income before security transactions was S41. 137000. a 26% increase 
over third quarter 1977. Income before security transactions for the first 
nine months of 1978 totaled $121,434,000, an 18.2% gain over the same 
nine-month period iast year. 

Since 1962, when we opened our first European office, we have 
increased our assets almost sevenfold from 4 billion to more than 27 
billion. -Today we are the seventh largest b3nk in the Unifed States with 
126 offices in 39 countries. In Europe alone we have 20 locations with 
specialists who are committed to serving the financial needs ot the 
business community. 



C ud.rman or tits Bcerc o I Directors 



Consolidated Statement of Condition /September 30 

fin millions) 1978 1977 


Assets 



Cash and due from banks 

$ 2,384.5 

5 2.594.4 

Total funds sold 

3,965.1 

4,116.6 

Investment securities: 



U.S.Treasury and Federal agency securities 

552.5 

623.8 

State. county and municipal securities 

1,559.3 

1.627.2 

Other securities 

310.0 

242.5 

Trading account securities 

313.1 

266.3 

Total loans 

16,465.1 

13.405 S 

Less: Valuation reserve on loans 

173.8 

164.0 

Net loans 

16,291.3 

13,241.8 

Lease financing receivables 

352.2 

309.4 

Properties and equipment 

185.1 

160.8 

Customers' liability on acceptances 

676.0 

318.0 

Other real estate 

26.3 

31.9 

Other assets 

669.1 

598.8 

Total assets 

527,284.5 

$24,131.5 

Liabilities 



Deposits: 



Domestic— Demand 

$ 3,785.1 

$ 3,454.3 

Savings 

1,323.1 

1,458.0 

Other time 

5,451.5 

4,113.5 

Overseas branches and subsidiaries 

8,126.9 

8 ,121.6 

Total deposits 

18,686.6 

17,147.9 

Federal funds purchased and securities sold under 



agreements to repurchase 

4,808.2 

4,409.1 

Long-term debt 

413.8 

318.6 

Cnher funds borrowed 

823.7 

411.2 

Acceptances outslanding 

678.1 

327.5 

Other liabilities 

681.8 

534.2 


Total liabilities 26,092 2 23.148.5 


Stockholders' Equity 

Preferred stock— without par value: 

Authorized: 10.000.000 shares, none issued 
Common stock— 55 par val ue: 

Authorized: 80,000,000 shares both years 


Issued and outstanding: 1978—39.153.525 shares 


1977-35.560,460 shares. 

195.7 

177.8 

Capital surplus 

507.5 

428.1 

Retained earnings • . - 

489.1 

377.1 

Total stockholders' equity 

1,192.3 

983.0 

Total liabilities and stockholders' equity 

527,284.5 

524,131.5 


OFFICES IN UK: London Branch. Continental Eank House, 162 Queen Victoria Street, London. EC4. 
Representative Office. 9 St. Coime Street, Edinburgh. 

MERCHANT BANKING: Continental Illinois Ltd., Continental Bank House, 

162 Queen Victoria SIreel London. EC4. 

INVESTMENT SERVICES: Conimenial Illinois International Investment Corporation, 

Continental Bank house, 162 Queen Victoria Street. London. EC4. 

Olher European Gitaes: Antwerp. Brussels. Liege. Dusseldorf. Munic i Fran-.furt. Piraeus, Athens. 
Thessaloniki, Madrid. Rotterdam. Amsterdam, Milan. Rome, Pans, Vienna, Geneva and Zurich. 




V 



36 


JTmancial Times weonaud? 





c*C>W >K.i ;- > -_ -- : : 


FINANCIAL AND COM PAN V N 


Xk:-; h -‘- - ' W1 


-y^ 

■KV-XT-'fe 


JAPANESE SHIPPING COMPANIES 


Yen rise brings sluggish trends 


BY YO&O SHIEATA 


TOKYO. Nov. 21. 


JAPAN'S sis major '‘‘nippin? ihe ! pu. HoAever. the company company expects Y6bn in current ship expects thr recovery in its * 
companies have suffered from s;'ie Jn hc, 0*l "s current profits, up oS per cent over fiscal irampep division will avt suffi-. 
sluggish trends in cargo move- profit.* *8 per cent to Y4bn. 19»<. cicntly cover the jurtherl 

merit for container liner anti The *bar:» fail in freight revenue Mitsui O.S.K. experienced declining profits in the liner [ 

conventional cargo ships a.5 a was m"iv or less covered by current deficits of YLTSun as a division. As a result, die com-; 

result of the sharp appreciation price increases and a Y15bn result of inactive cargo move- panv. despite Y500ni financial; 


Interim 
earnings 
at Kubota 
decline 

By Our Own Correspondent 

TOKYO. Nov. 21. 
KUBOTA, manufacturer < 


Japanese banks 
$40m slice of E 



T»f * 1 1 
i Vd % * 


! BY RICHARD C. HANSON 

vow* appear^ That four or Japanese hanks, and_mote.ini- 
- fii-a" fanan^se banks will be poriantly of the authorities them-. 
? allotted about S40m of the SSOOm selves. The authorities here 
p-edit bein J arranged for are highly sensitive to foreign 

. Wicuit. a i_ lu t&Tt that* ♦hlfll- 


result of the sharp appreciation pncP ir.L«» ana a i won re»u t o. inactive cargo move- pans, uespue looum KUBOTA, manufacturer of iSvT-rJnhJ rip France lEDK) bv criticism— even when they think 

of the yen in the first s,x monjhs reduction in u s dollar dcnoini- ments in Middle East. African revenue from a debenture, opera-; ^ pip(S ^^^1 ; P e ^' Ci 1 '^n-, a r "o end in- a it not valid. There was also 

of the fiscal year to September. Lion sees its current piofi... s 11 j 1 . ie ,_s a | ntarhinerv rpoorind Credit . c n m a fppiinp aninrip-nffieinli; rhnf 


of the fiscal year to September. 

Rationalisation measure", 
such as disposing of unprofitable 
ship? and cancelling ships Char- 
tered in the high freight, rat* 3 
days, were offset by a cut in 

freight revenue, which derived 
partly from the dollar de- 
nominated settlement of Freight 
rates and partly from the de- 
cline in export volume as a re- 
sult of yen appreciation. 

Variations in earning perform- 
ance largely depended upon how 
far each company rationalised 
its operations. Nippon Yusen 
disposed of 10 vessels: the num- 


Currfnt \ 
profit change 
first-half on 


Net 
profit 
fine- half 


Sales 
first-fa if 


Chang* J OUC 
on Sh 


liirfn"^2nn b ft r C ^T; n ‘areviou«! ‘“dnstrial machinery reported ordeal' \hich’ ’has some fee tin? aniongofficialfe that 

Jiar^level for r fiscal a disappointing earnings per- ; 1 ffic - ia , s in both France and the British ^autnomles T took- 

vour S * e%e f0r the Cl r ° nt forma net- Tor ihe last six advantage of Japanese banks’ ur 

• Chou-., t j nf> „ m liniain int,nU * ended °^ obcr * due io , The banks which bare applied winning a very large Joan at 0.5. 
d S L L *■» « ,emand fOT participation in the per cent above Libor for the, 

Zx the' level- ““Chines and sagging export ■ • r ine ?uS the Industrial Bank British Electricity CraaeUBuHer 

tlianks ^to^ on^ti'n* Jhe North i Potability by the appreda- ‘“J Dai-Ichi Kansyo Bank, in the summer. The Finance 

American^ ®hTE^ nf to ^ „ f - T ivf kS ^ Mitsubishi Ministry estimates that , it -costs 

unprofitable Euro^an and Air*- Sheeting the Govenneni s - The Yrench-origimted- on average about - 1 per cent 
tralian lines omSSS hv other acreage reduction, Kubota s • Qc; a n]arain Qve r above Eurodollar •. rates to -fond 

shipping comp°a P ni2 lCd ‘ ! 05 perceS’ point over Libor and arrange medium-term lend- 

K . _ , . c>. i inprv edec declined b> 14.0 ; , nnmr in IDB. Imvuip n verv slnn /mnroin 



1971.79 fint-half 

1J7R.79 fiot-haK 

1978-79 

first-half 


Ybn 1977.78 

tirn 

1977.78 

Ybn 

1977.78 

Nippon Yuien 

4.0 -r78.0 

2.7 

— 46.0 

191.6 

-10.0 

Mitsui OSK 

-1.7 — 

-4.1 

— 

767.7 

-72.1 

Yamashira Shin Nihon 

5.2 -J0JJ 

4.7 

-47.0 

69.8 

-17J 

Kawasaki 

-2.6 — 

-0.79 

— 

112.9 

-13.0 

Sanko 

- 63 — 

0.14 

-2L8 

140.8 

-75.0 

Showa Line 

041 - 10 

0.13 

- 6.0 

5143) 

-10.0 


Kawasaki and Sanfco Steam- ; 
ship expects recovery m their j 
deficit-ridden tanker" divisions, i 
helped by the Government's oit | 
stockpiling scheme. using ; 


inery sales declined by 14.o 
per cent compared with a year 


her Wes 12 for Mitsui O.S.K. and nat ,% d chartering fee and fuel and Larin American lines, on tankers and better demand in. .■ 

five for Yamashita Shin Nihon cost* a result uf the yen which the company is highly the tanker marker. Sank 1 .' wilt; *«« /up 1 W pec een« on toe of faeI0Mi including a 
Steamship. After cancel iati on of appreciann. dependent. The eumpany also contribute four VLCC tankers ■ strength of ftnsk pnbiir ime«- warnln , fr0jTl ,_>,p j- 

ships. Nippon Yuacn reduced iti T:-e coutpany de»:i;ning tailed to reduce the operation of for the Government scheme.; ment. As a result. iite pmanc* Ministry, nearly 


pci ...... “ -n-Mf.-.t Inn'S 

ago. The Slump in agriculrunil ; ~ 0 Z sih]e \ r .cius 
machinery was covered »> r .Taoanei 

environmental equipment such - c ™/banl 
as waste water treatment fanli- B. 


ifor 10 ve 3 rs” 2 i one point in ing, leaving a very slim margin 
se^otiationf involved the of profit when tbe loan- rate is 
! nn«ih!p mciu$ian of a much 4 per cent - . 


.possible inclusion o; a muen 5 per cent. • . . ■ . . 

, larger Japanese participation, Japanese . Finance l Ministry 
: with snme banks here acting as short-term capital division" oflS- 
co-manacers. Bur ;i combination cials claim tiiey were approached 
of factors, includin’ a stem in' .mid-Oetnber by a . small 
warning from the Japanese number, of Japanese vtsanks-Cas- 
Finance Ministry, nearly ended is customary) and informed: that : 


revenue nkinced hy Y50iin *.a 
iS25.Smi wuh doliar ba:*>d >«. a Uic- h ( 
men hit severely i>> the rise in ;.e 


Clal makes i 


BY L. DANIEL 

CLAL. Israol's 


current profits will profitable iiners and the upturn jtid Kawasaki foresee further; 
I iiir the eurn-ni half- trend of ihe tramp ship division, increased deficits for the fiscal 
<r she full year, the Yamasbita Shin Nihon Steam- year ending next March. 


TEL AVIV. Nov. 21. 


Smith Sugar 
in talks 


exnnrt orofitabilitv was* rnt 
snlTicientlv covered hv the 
effect from vo'um* increase 
an»t oriee rises. Eaminis worth 
Ytl.Shn from Simncial transac- 
lions confined the sethock in 
Interim current profits to nnlv 


ioan fnr EDF at an interest rate -up S30m apiece. The Officials, 
of r.rly ; per cent above Libor. ' say they had no .objection, la thy ■ 
.lapRncse hanks played a key.. participation as long as the.^ loan' 
rnle in rejecting the slim spread, was international in naturerrthat 
first because it would be barely is, not Japanese dominated. 
profitable and secondly because According to the FLnanee IJIn-. 


nicnm cur^ ni p V i«s shn the Finance Ministry and Bank Istry. about one week after the 

■ of Japan had recently told them initial approaches it IearnedThat 


iXR!.>m». ‘that -nev ifcould avoid heavy Credit Lyonnais bad- also tasked 

S2S. te lT^ • eiulio- M rwy Urn rates, nearly every other major to**. 

dnwn l.l per cent . s UC h ioans are now thought to ese bank if they were interested 

rt , 1 1 nn( ii n> r npTt ' tarnish the reputation., of in participating in the loan. More 


By Our Own Correspondent 

CLAL. Israel's iarci-sr invest- Ciali* S?cunties intends to its representation on the Board i mwivvrcnr-cr >-. .. —t 
meat company, vriil become the as-'isi nev companies tu raise Meanwhile, two Clal sub- ! clf D !l2 ,‘*7 ' 

first n'<r-iiankina msmutinn io capiiui !•> v«iin? public This sidiaries hive published a draft S \“ A , , IlN c , bmi'.i sugar. ; 


aso. ; 

For the full year endimr next 
Man-h. sales are estimated at j 


and Rapjk Electron its. 


Eibit Eleciryaus paling a«-!iwly holn in f.n3nc 


rrir-na-cmeru and by means 


rights issue of I£29m- i$1.42mi .cording that talks were m pro-, 
in the form of l£10 ordinxrv ; which cnuid alfvil .he- 
'Shares, as well as I£36m : market price offered. 

I « 52.05ml of 20 per cent dehen-i .. Contpany sources, nnwever. in-: 


Beutcr. 


NOTICE 


T; ;Se nolaef; of rrie Floating Rare U5. 
C'O'Ur Certificates of Deposit d^e 2^:h 
November. 1981. of : 


debentures and options wall he i Investments. 

offered to the public in 90,000 1 

UDits of If 400 options. ! T» • l a. 

At the same time. Azftrim i; Kigms issue 

offering to its parent eumpany E ® a 

Clal. some I£4.2m ordinary i£50 j nVPrCll 
shares in exchange for the lag- 1 ” aliR/sCl 

ter's holding in Modul Beton. By Anthony Rowley 



The Sumitomo Bank, Limited 

Ground Floor. DBS Building, 

6. Shcnton Way, Singapore I. 

We hereby certify that the rate of interest payable on t»ie 
above-mentioned Certificates of Deposit for the Interest Period 
beginning cn 24;h November. 1^78. and ending on 24:h May. 
1979. is II- per cent per annum. 

DES-DAfWA SECURITIES INTERNATIONAL LIMITED 


Kiwi sales 
boost profit 
and dividend 


No payout at Utica 
despite recovery 


.. : -TOKYO, Nwrj-1. 

than 15 banks e^ressed\ar. in- 
terest in ciKhanaguig.it st<$S0ra 
each. Credit- Lyonnais apparently 
contacted 'each - bank JndfW^ually . 

■ The stiort*term capital division 
Of. the -Finance/il ioistfy- objected 
fitrongly to fwhat Idofeedl t£_he a 
potemiaily very'Tajge "jpdrhaps 
nearly half) portion; (he - , loan. 
The Japanese hanks were contac- 
: ted and ;-toId ^ 'discuss 'among 
themselves how' to keep thei par- 
ticipation down to ^ vritat j{ 
titought,- fr*as:.tbe origir»l:'tarset 
-of 5150m total participation’ : Tbe 
Japanese’ honks -somr.. .afte^ea 
iriasse^-lolfl . Credit' Lyonn^lhat 
they did not want to - be di-man- 
agers. but mighr be interested in 
participation generally as' lesser 
members ■■’of the" group- - • 
""News of - the Japanese, rejec- 
tions upset the French m&hefcary 
authorities 'Jbecause' • it’ appeared 
tha^- Japanese -authorities were 
.forcing private banks, to sbon a 
very . creditworthy French. ;;sta te 
borrower . (after pending' i(p: the 
British L 'J . : | . . 

-There had been, no direct'Ctm- 
tact between the tviro ijides- 

TTje French aufhoritlee .are* re- - 
ported among. Japanese, bankers 
.to have: been. so.' upset as. to-, allow 
TO--: participation by.; Japanese, 
banks' at all. noting that the-'-syn- 
ditatipn coiiltf be ' completed 
withbiit them.- Credit Lyhhn'aw 
took a different approach' :ahd 
sent -invitations telexes ;fb'r j v\i> 
erai participation to a few -Japan- 
ese rbanks. :-V.v-- • 


NOTICE TH THE HOLDERS OF, . 


SY RICKARD ROUE 


JOHANNESBURG,- Nov; 21. 


Rights issue 


I UTICO HOLD Pi GS, the. South disposal of the group's coin-' 
j African subsidiary of. . BAT fectionery business, but ... the 
[industries, continued to’Yecover . charge is down from R?..2m : to 
[strongly over the year to R0-8m. Hence the bottom line 
(September 30. but the chairman, figures show a turnround- from 
■Mr. E. A. Rankin, says that losses of B1.8m to a profit: of 


By Anthony Rowley 


i » - r • ct uic >ctii (Vi xW'Oiii. iuc i/uuuui -nwc 

by james rorvn i September 30. but the chairman, figures show a turnround' from 

SIDNEY. Nov, 21. 1 Mr. E. A. Rankin, says that losses of Ri.8m to a profit- of 

KIWT INTERNATIONAL the i liquidity requirements are para- R2.3m for the year;- Before. the 
Australian-based polish and mount and that no dividend can exceptional items, earnings per 
household product uroup raised ! be recommended for the year. In share improved from 3c to-39c- 
,ts profit bv 416 ner cent, from : addition, he says that the board While the balance sheet shows 
AS°63m to 2 record A?3.73m ! cannot give an indication “at this current assets of R54m against 
i U*S AL 3 m » In the 'ear to stage" that parents will be current liabilities and short-term 
A ue ii it at * ! resumed in 1979. borrowings of R27m. part of the 


Ur dan Industries, a 96-6 per ' ' lAS2.63m io a record AS 3 .T 3 m ; canooi give an marauuD « w» currvni jhwu or agaiusi] 

cent subsidiary nf Clal Indus- HONK KONG. Nov. 21 j r LLS.Ai.3m) in the year tuj stage tnai payments vriil be current liabilities and short-tenn 

tries has published a draft pros- 'HONGKONG LAND Cnmpanv August 31. . resumed m 1979. ■■. borrowmgs of R27m, part of tiie 

pectus Tor public issue of LE23m J announced today that its rights! The directors have lifted the [ Trscing jncomeimproved from cash balance, put at Rl^iivare 
ordinarv l£5 shares. issue of rouehlv HKSfiOOm "dividend pajment from sis cents; R-rm tn R.Jm fSS.4m) on turn- held in Rhodesia. So tne South 

In addition, the company is ! (UB.S125m ) of 8 *pcr rent un-|a share to eight cents, which is [over little cnanged at R71.5m. African operation needs inter- 
offering existing shareholders (secured loan stock with warrants, [covered by earnings of 1S.1 cents \ and aner allowing for. interest, nally generated funds and 
tpi c. M K«i »/. • .k v. I a chirA nnmDjrpH u-irh si i?Yn f iti n. arvi out«iflp <?nnrp- aridiTional lnniz-xsrm finance. 


- INPUSTI«M.CO.jtTO v 

CONVERTIBLE DEBENTURES 

- • . 

. Pursuant bisection 3.04(1) offliia 
Company's Indenture .dated as_ of 
Novemter 2CL. 1975] under "hith' the 
above Debentures vrere cs>ui*l, uKUiee 
ishtreby g^en.as fbflpwE ^. 

-. -.1. Pursuant to the resoliffwnstf the..' 
Board of-Directois of ihe - Xqfnpdrg 
adopted at the ;.Tneetin{r - field' on ; 
October 19,1933, afiwdtStribptii^iof 
shares was effected on- ijin-ember SL 
1973 10 . shareholders of reefir£w,'oF: 
November 29.1978 at-the nip 0(ipne^ 
share fur each .10 shares helcL - 

-2. Accordinirfr. the conversion price 
of the Dcbenlures lias; iHeiradj&tut' 
cffccm c on Ncrvember;2L .'1978c The 
conversion price in effect prior to mch.. 
adjustment was Yen aSsjStfperslTareef . 
Common .Stock. amL . the .tidius^d 
conversion price is Yea .64J40 pr\ 
eliare of Cornmon-Stock.- - ' 
Malutshila Electric hxhihlriaL^a, L(d. 
by . The Bank ej' Tokgo TrxvtCowpax&oa 
Tntite* 

November 22. 1378 - - - 


inarv T£l shares together with! posted’ bv December 11. the from A?565m to AS6S.9m (U.S.! is a substantial charge for extra- inflation of 10 per cent, which it 
fffino.000 ordinary I£5 shares. ■ company said. 978.7m i. j ordinary items, reflecting the expects to continue . 
















'.financial 'times Wednesday November 22 197S 


Currency, Money and Gold Markets 


— ^ 


• 37- 


APPOINTMENTS 


THE POUND SPOT 


FORWARD AGAINST £ 


ICI executive joins Ellis & Everard 





Ifevik 



1 

i * * 


-\.n . ja 

: iH|a- 

1 '!■«*? 

fill- 




-’[Hrt'i 


1 

1 . 


91-j; 

; l.:3flb t;«0 

l.Tflbfl I’rflflD 

ll.570.47i-.rHii 

1 • 

I.U'llHH > 

■ to- 

^.2620 1 2680 

2.2840 2 2B60 

. 5.65-0 53--. i -in 

l>. 

llll.ll.l 

i 8,-. 

4., 4 4.69 

4 l* 4.15 

1 i-« >j- . i -in 

'■U ui ri r 

6 

56 50 --9.Z6 

M 60 33 70 

\ 16 fi « .|iin 

Ill 

•tn*li l\ 

: a 

10 28 lu H 

10.22 1U 64 

] . !; --it -n- 

!• 


. a 

3 .nt S ?6 

5.,? A ,2 

3. 'll J'l I 'll 

,1 1 

■u. f-:.-. 

; ia 

50 50 al 50 

;o so . i.io 

[ 3U 1 Ifl.-.ill- 


mi. IS-. 

6 

I5B 20 i:B 63 

128 a 1.8.45 

; 30i i-ni 60. 

L. 

1" 

Ifl,.. 

1.1*7 1 rss 

I.&41A I.Lflfll 

Inr .1,. 

A i 

1 K 

! 

3.94 10 06 

34 ib 

! 6. 1. -ir 

f- 

■ m-li I-'. . 

»»'.• 

6 524 - it 

4.BS; . 64: 

i 4; 2. .|.n. 


. — li.li K i . 

8,-.- 


4.6a, •> a*. 

: a i.. ,.... 

»-:i 

*•: 

».-2 :ti 

3.5 :77 

; « 2o 4 90 v , •■■■ 


I-II16-. li. 

fli- 

V 20 Ji 40 

•it 22 si 27 

; l+fl^'l" I'm 


M. 1'.. 

1 l 

6 22 r S0 

3 Mi 3 S54 

' 4 4-- |HI. 


• -rap- L'.zv ail* tmnvrti 51 .-mm iu la support the rtuuav . cy Doth 1 

*• and ye" through- sales of cpiinirtar central tjank.f. There! i-i*,,,, M '.~ ,< i., f ^.vi-rnbL- 

--si|SS?Ul drawing rights. • • vr&« no Sign of early intervention . i'iu.hkiji irm*.. «i Left i.v 

. --‘The U.S. currency fell to hi- the Swiss authorities yest?r- 

DM/ Jr 0213 : agahtsf the D-mark. day. 1 

. ; ftnm Dm 1.9300- on Monday, and FRANKFURT — A - general- THE DOLLAR SPOT 
rocSwPr 1.7183 in terms oT the decline by the dollar in uneven!- 1 

.- hw^sb.frane from SwTr -1.7400. The Cul trading was put tfowri tr. :« ! ~ Day's' 

* • d o|lax\s - trade- widiih led depreclu- technical reaction' to rcroni gains. November ?i spread Close 

: as 'calculated- by-Moryan and nr»| ;i sign of a- turn for the < jmujU » ss.m-kjs ’ isitju*' - 

- -..Guaranty of Mew York, widened worse. In laic -trading the dollar ?.rai5-2.ioe7 j.«ts- 2 .m^o 

• tn.S^ per cent from 8.4 per cent, fell to -DM J H230 from a lixinai jaw. JUhui 

east;d in late- trading, level or DM l.WS7._: NjondajY. . ijratuu i3i$t?:5*I 

7“^ r encrj * i UUHc firm*. fixing, level was DMJ.9355. On,e i*i.n i.-. «.ss-«7-l0 *6.ss-47.os 

— nj'jppti oy hnpes r»f a settlement again there win nn indication «f ; m»-*h. i-u n.si-7i t* nji-n.s* 

-"■eP-the Ford strike. The pound support for the dollar to eenu aJ ' ! ,r ’' 85a.BD-s52.oe S58 .smsi.40 

teS^pSvJSi-fo%Siion tfiyssfc SSSSS £3S£3 

.toorheda low point of SI.934.i- ■ the Bundesbank was evident inf.- ii ; h kr fl.4Mw.419s fl.flOflo-Mioo 

m ear l\ a trading. Durm'; Germany's currency 'reserve I V 1 _ mmhmb i<U4b-im.m 


THE DOLLAR SPOT 


Close 

1S-07-35J6 ” 
2.K7S-3.0B40 
MJ2-38J4 
5 -1100-5. 33 2S 


5.34 3 * . ... 4.46 

2. as 50*0 . . 3.0b 

1 -55 

9. bo Id .- |.i | .... 10 30 

10 37 140 240. . -h- -9 4! 
5.SJ 14< 26U 5.7B 

-ll0 7 10hir.il- 2.04 

3.32 6 4 "<■■ ,■■■• ! 2.01 

S.27 >0 tfv. )■■■. ■ 4 45 

4 92 10 . I- -i- )-••' 4 4b 
13.0 li • j .if 3 i | .-. . 1 1 77 

5. li 55 4] -I., t in 7 C'5 
12 61 II. H. • |-i.. , 12 66 


sir.in.mih lum.rtl rtniljr .’.V.- i.u pm 
17-mouLh t 4-’ ■ I pm 


FORWARD AGAINST $ 


e r “° n 4 f touched s 1.04 SO- figures for the week ."ended . vUiiCMe* 1 ' 
‘ ‘ei o^rn 1 & ° c1 ' at SI .94^0- .November 13. The reserves rose ^ ' ’ ». , s 

S15 ? t»0. .i nse r.f Lfc> i-e-m* on Ihe hv DM 3.1 bn rinrinv .i hat week. 1 - — 


'. i-u 71.51-7] so 
850-BD-852.00 
mi. f-.r 5.1375-5.1555 
uJilr fl.flft5W.«» 
liih hr 4.4090-4.4195 
1QWN 65 
ru sell 14.9*50-14 J1 
* It 1 .7170-1.7425 


Siff * ■£. .1 • u 7 reut.* .on lhe by DM 3.1 bn during -that week.'- 

S. er I in ? a t rade- weic h led about double the rise. -for the, 

^rV. 0 ^ a r k fibres, previous week. Other currencies CURRENf 

™ lr Sr TlS?' “ r, f e « t 5 n - d ‘ " ere m “ cd «a‘nsr the D-mark] UUKKtNC 
ths -morning Jt n00n 8 “ ^ ,Q yesierdaj. with, the Swiss franc. 

, ™,- 7 • reversing its recent decline, rising November a 

IVET/V - YORK — Probl -taking to DM I 1JB7 from DM 1.10 If 

- pushed the dollar down m early MILAN— The dollar- -wa* fairly 

-"trading, without any Intervention steady in late trading, after losing ■ T\s. dollar 
fi’Diii' Ihe Federal Reserve. There ground at the 'fixing. It nat'CunilLn dollar . 
wae^ikio evidence of -ciuarlne of ounti-.i at tjwi ts n^in-T the !>■. . A'osin .n w-ihiiiiik 


ictus r»-r Canadiun I. 


1.4140-1.42*5 1 J2-lD6pl pm 

46.SS-47.0S 35-lSOc dls 

7131-71. S6 12-32 C 4U 

I58.40-B51.40 3.2D-J.78lirrdi- 
5.137VS.U9S OJOored-8.20p 
fl.405W.4M0 0 JW.tOr pm 

fl.4040-4.4MO O.TWJOpre pn 
14340-194.00 l.kS-1.50y pm 

14.8M4.0S 5. 08-4. 00 c pm 

1.7170-1.7148 132.1.47c pm 


Ope maaib p.b Three mpnih* p.p. 

8.03c flii-pir —0.13 O.U-O.lflc pm fl.Si 
0.03-0. 12c dls -0.40 fl.4fl-8.10c pm 1.64 
' par-3c du -0.75 3c dls-Jc pm -0.13 
| ?-2-58«re dls -3.68 S.25.5.75aredis -3.76 
M3-146PI pm 6.70 3.7«-3.bdpf pm 7.40 
35-lSOc die -27.41 138-S0*c dls -37.16 
12-32C dls —3.46 125- 155c dls -7.44 
3 .20- 3.78,i red is -4.64 10-UJIrt dis -4.73 
OJOered-O.HspfT, — 0JUS-u.45aredis -0.52 
050-8. t*r pm 1.2 7 2JO-J.98C pm L47 
O.TWJOprr pm 3.04 2.0S-l.S5«re pm 1.45 
1.65-L.50y pm 4.U *55-4.40y pm 8 71 

5.0S-4.0Qc pm 3.59 15- lie pm 3.80 

152-l.S7c pm 4.74 4.834.77c pm LO 54 


Mr. R. L l.iild-r-11. .1 r|i*[iU|y jj?g 
Chnirman of lhc Mnnd Div it ion © 
uf Imperial 6'henm'vl In-lu.-iru.— . 
hns bern appointed .1 diiwtru ,jf ^ 
ELLIS AND EYKRMiD h.'l ^ 
recently acquired *J!i per will -jf g 
the equity of Kills ,in.| K» -*r;i ri I W 
from I’m lever ^ K 

SIMS DAIJUY Jr.i- i*i|/p<«(iiit*<l S. 
Tunku Date' Vlimad hin Tunkii S 
Yiihaya as vluuriuan uf China 'j% 
KiiKinrw's « lli-liline-i ■ anil uf ^ 
Amny Canning *"i»i|/ur:iiiun illong 
Kuiigi. He sui-cei-ilx .Mr. !Cul,i-rt T. 
I'nnslallir. v. Iin tn.-cuiiii--. ilvpitli 
chairman of bolh oiinci n- ami 
(rum Januari |. uj-'i mil >,/■ 
managing 'Jni.-i-inr .if i.'lntia 
Engineer*. r«-«nl-.-nl m ll-ui^ 1 mi-. 

Mr. tOiO'lal'l'. v ill ■‘iiiiriiine iw 
head the Sinn- i-lu ;ihii|i'* 
operations in llmig Kuiig a-> 
divisuniiil gruuji •inuctui. Trailing 
and Manufacturing iH.mg Knn-j 1 
inn-noil but \«iM ri-lmifiiisii i-un - 
iroi uf Trading ami '.l:-:nifai. Hir- 
ing 1 Aican and I'.iriiu Ba.iiii 
Dfi'iMun. Mr. K. Wallen. ;n 
present maii.umg diri-ciur of 
China Engineer,- ,1! niu\t* in , 


Ipgn 


I ^att & 

;ai ^ Vr'- 


r-.j -Vs* 


Mr. H. 1- Lindsi-II 


CURRENCY RATES 


CURRENCY MOVEMENTS 


Special European 
Drawing Unit el 
Rights Account 
" 0.655130 ~ 0.673010 


Bank et Morgan 
1 November 21 England Cuarantr 

I odea changes * * 

• sierimx ~ T~. *246 -41.1 

[U.S dollar 84.64 - 85 

iOliu-JIan dollar . .. 80.15 -17.3 

AiKln:o, si hllllnR 14456 +18.1 

‘Sc.Vian s-14.7 

| nsouh 6 rnn.- . . 116.75 + 5.4 

. Ix-Ut^ibi- .Marl . 147J7 +40.S 

: S-.rlfs Iran- . ... 141.66 +11.4 

Ji:iHM>-r .. 123.75 +19.3 

tl-n-lirfe Iran, .. . 47.82 - 6.T 

■Ur- 54 40 — 48.6 

I 1 --li . ... 150.47 + 48.6 

I ah ir.fl- lo-ighi. >| i liil:j-.“ frnm 

IV :.-blli;TM,i iHT.-lll-.-nl D-T.-liihi r. I 4 *: 1 

•RanJ. n, K nzljurl IiMiCJM'. 


stirreumJina the dcthir was 'm- of Italy soid SISm of the JS20»n • fram 5.641M 5.7S953 Jirmwi r 

ShJc'gert. however, the' e.-.'ly onici.illv traded ,n yeBterdsy s . h"? ■ “Kk JSom >' r<nrh lr,n ‘ •• • 

define being simply correttimi lixing. The yen and major Eurn..- !(irv p rWl JiflS 6727« i V! t.' 
or some long posit ions built up peaa currencies nil improved in p -- -ii. 91.1230 nssoai h^-i .m, ir.n 

, ..dUXibS the recent rise. terms of tiie lira, with the 5.61B75 5 76544 | w ^bingnm .ur. -in- 

PARK — The French franc franc rising In M92 10 from Ir,, '“ •• 2JMW 2.2S434 '.r a„i- w Kohjw i j- 

'Intlir overt against the dollar and LAS3.43. while sterling rose tn i 

Dtinark m fairly active Lrading. Ll.n*j "fl from Ll.iM^jO. I 

' U - s VUrrCQC.v »Hl-. to TOKYO— Tlte dollar lost ground i . ... 

Irmr, 4.-107S in lat“ trading, frnm jC'derda.v. dosing at Y1M.ZS, com- 1 L? I ntn MARKtTS 
FF. 4-1 It! } Man day. while the pared with Ylhd.fifi on Monday ■ 

. J%diLrk declined to FFr 2-2925 There was no indication al i • - ■ . .... - — ■ 

fn.«a FFr 2.30 in the. morning, support for the dollar by ibci . ■ i* 

. aOd-FFT 2.2037j late Monday. Hflnk of Japan. The U.S. . ”1' _ 

'iierlinjr rose tn FFr &.ai?n from currencj- torched i high poiiit of : 7.7, iv..’""' " l'Jsjg 1.033 d40.i2 942.l7 mi.'imn " 

'FFr 8.44 tn earlr trading. CTd YI95.-I5 durinc the mominc. but r iw-hum »6dip,. 1.7975 I./J45 , J.c79i 0.rC03 :<H L -nn.. 

Ff r 8.-16 Monday afternoon. .selling bv foreign banks pushed M-ui-t-*.. 6550 7.8 6S0 4.0425 ■» C445 -n. mmuc. . 

ZtfRICH— In Us monthly report it clown to a low of Y 194.40. with l 1 ! 1 * " '. ■\' r " ..£***:*** ZS' 2 2 f2 :K !'" ' ' 

the EwL-« National Bank reported most business around the V133j ^ j^SJ*5BS (A il« 7 ‘ 

;-that fbe Swiss franc has fallen level. The Yius point was im, 1;* . . . 157.9.'. iae.Su i /„.sb ,1 <u x^ a 

-by -L-I per cent against, the generally seen as too "high r or h.m. i»-..«.ikh.' • »6u:3o I o.i:?04 o.^'-55'\«-ii.-r«'i<.,- 

Currencies of, major trading the dollar, but it was . also ! i.Hs.f« , » glum. -•<•84 980-1 30.-1 »o 30 _ c-mm ... 


27 26 
59-601-. 
1U.20 10 i6 
8.50 8.70 
3.70-3.80 
It 50 1700 
575 385 
J.U7.4 .1)7 

9 85 9.95 
90- ICO 
>39 IAS 
6 05 0 65 
1.94 1 95 
42 44 


"b«»> -KvFr 2fbn to SvFr iT.fibn expected to subitise around | 
diirmC the same -period. The pri-sent level for the time being. 1 


EXCHANGE CROSS RATES 


R.ilr 5i»*i- rr.i Arv-n'ink u -r»* 


v.n 11 

I'll, lllit -III- 

f > 18tii.nr 

, Irllt-l-ll.-'.l II 1 . li 

v|nlIF-l- lull' 

r i-u, i. 1 i4ii 

hm 

- iHii.-li 1 , ii . 

| Ii* i4ii l.r* 

. 1. itl i-U 1' -l'*i 

lil* -1 1*1 I r 


! ‘ l. ' 

1.946 - 

0..2S , 

576.0 

e.545 

a 530 

: 4 45 

»• 4B 

— 285 

'e 65 

• 1 .4"1 ii-linr 

1 0.514 

i : 

. . 1.915 : 

193.3 1 

4 531 

1 712 

£ 79 

■ 47 I 

I. *.4 

50 15 


0.268 

0.t£2 

-: i 1 

100 9 ! 

i 293 

., 894 

lui-6 

: +■ Z 4 

J. 13 

13.74 

Jkrwii^-v Yi-ii i.0C<- 

; 2.660 

S. 174 

a.907 1 

1JUU. 

1 . 2* 72 

? 856 

U. 7b 

45S3 

t* 076 

156 0 


1.171 ? 

2.277- 

4.561 1 

440.2 

1' ' ■. 

i 898 

4.55 

is 29 

674 

ob 66 

■ -r. !-• ftnm- 

L. 0; 300 

. • 0.584’ 

1.119 

1,2.9 

,' 565 

1 

I- 15. 

494 9 

□ 686 

17 61 


1 0.a43 ; 

0.481 

O.V21 

92 95 j 

; 12 

823 

i . » 

■ HU7.4 

• ... 55 

14 50 

fr-v'-jin Dm 1 .'*>'• • 

: o.eo7 

t.lBl 

• ?.i'e-0 

•2 8.2 | 

1 3. 134 

2 021 

/. - 54 

1 I.. u 

1 ( J86 

1 -5 59 

* KHRitniM PL>f«l • • 

1 :■ 6.458 

0 . 852 

1+31- 

]'46 1 

759 . 

l 450 

1 11 1 

,21 4 

1 

43 67 

Kr'^iau / ram- JiJi'i 

: - i-705 . 

3317 : 

6..-51 . 

,41 1 

'.4.57 

6 6 /e 

- 897 

'61J 

> 695 

1 , • 


EURO-CURRENCY INTEREST RATES 


«- ■ -1- 


?k vri$ 

V . itmS'mil* * 


ijin-ir* win .... 12 12*2 S» : . 

i »a,v 12 j 2‘:- Yf; 9;» 

Mom ' 12J^ I2x \ 93p 9»p 

: IYi*r li.* -mli.-.. _ 131* 14 >4 1 llli 11':- 

it] tbx IS'* I4*+ . ! 11„ lire 

Os'p i4’(.-T4'i, _ 11,,. 11|7.- 


(.■uipiimi 

M-.n,., 

” e.*j 9»t I 
8* z y*-. "I 
P?.< 9-g j 
10... io:> • 

10 n io ; 

10.; ID;;' • 


i w -r in-in i 
Ujiw 


■ nv*ii ■ ,m.i 

er-4 7 
7 1 1« 
75. 8 
9h kl; 

I 7*.- 

luh -u I: 


11 15 
131, 4*, 
is 

13i.- 16 1? 
16 17 

lbi; l'|l-.. 


9 +. 10 

«•; «»-, 

1 l*H HU 
Hi; 1 i- 
li,'. .I.X 


.. • Thi.- fonoHiRg nomiiiar rairs werv rcr London dollar ■-rrtlltiMK* of rt.-poftr onc ninmh |i«vwi5 p.-i ctni ibieo monibc ii.ib-mmi p,-r n.ni: six niunthi 

J1 011.35 rwr’ vc-ni; urn- y,-or 1 M3- II .43 per o ni. ' . 

Lonsieru, Eucudoibir arnosu.,- Two year* iDUit-inu^ P%r c-m. :hr-'.- j-'-irv 185-W* r j ivni; r c -.n ■;> .ir= l'*-.n in-r ■ n*. Hv, >'-in DMiW ikt ,.m. nuinln.,1 OiKinit 
Shorl-U'rm raloc a rill for iic-rlinc. t:.S. dollars and Canailian dollar!' tv.u-d.ir call for guild- r^ and Ri'im frtnes. .Mwo raii-s inr i'Jomiir rar.-s in Snuatraro. . 


INTERNATIONAL MONEY MARKET GOLD 

^German reserves increase Late 

'Net cemral currency icscnes BRUSSELS— Belgian title rest rale.- bills wen- also higher at 9.01 per 11 

lif. the Bundesbank rose by on Treasury' cerimcaies were left cent compared w ith S.». ]»cr cent I VS I (j 

Diil 3.1 bn in the second week of unchanged yesterday by the Bel- Federal funds showed little 

Nbiumber ro DM 103^bn. accord- gian National Bank. This follow# change at per cent compared 

life to yesterday's weekly state- rive reductions in the last iwo with Urt-. per cent earlier. Gold was. fairly hrm in London 

-'-mow by the Bundesbank. The weeks, and wcpikl seem io Indicate PARIS— I nt err si rales were trading yesterday, rising $•; to 
: nis*. !n reserves was mainly that rates have fallen sullutently slightly easier at the .-honor end. $209-201. The metal opened at 
•- attributable ''io intervention in the m reflect the more com form blc while,, long-term rates tended I0|$1U7;-193J. and rose in SIWM0 at 

; foreign exchange market in sup- position of the Belgian franc firm. ; Day-to-day money fell to 1 the morning fixing, and SUIUU'O in 

•' ported the L-.S. dollar and shows within the European snake. «>n« fil percent from 71 per cent and j the afternoon. The market was 
sharp in#.-i-ea^ a from figures for and two-mom It - certificates rc- the onc-monfh rale eased In fi: -7 generally opiimisiic ahead of Ihe 
- lhc -first week in November, which mained at 9 per cent and K.75 per per cent compared with Ci'i.-T,'* | U.S. Treasury gold auction, but 
^soured a rise nf DM l^Jhn The cent for three-month. At the same per c$nt on Monday. Threv-manih • fell sharply after London closed. 


dcllar. 

Call money rose sharply 


91 per cent and three-month at MILAN— (Isli money was quoted I was fixed at FFr 2S.4-70 per kiln 
,- m M 0- 9-Hi per cent compared with SJ-9 at I0J-I0J pur cent, unchanged J ($19963 per ouncej in the after- 


■the three-month raLc rose to 3.S5- generally higher with 13- week in pnmo rates were announced by j ;; ;; ;; 

4JJ per cent from 3-754.55 per bills at $.70 per cent from an Chartered Bank Overwax Union jAmnir 8iK«o = sui.io ms.-.id 

,-pr ,, m nn »« u,u firm average S.R96 per cent H i Mnn- Bank and Industrial and Commer- •L'l'S-Ml- «.S3« 


refit. Six-month money was firm average S.fi96 per cent 
ai 4.94. J per rent, up from 39- day's auction and 26-¥ 

4 0 per cunt and 12-monlh money auntert a 1 9.0 per rent t._— - 
stood st 4 i-4 n per cent. per cent at the auction. One-year pec cent. 


'h<ir«lh»llv.. 


UK MONEY MARKET 

Large assistance 


J V . 21 

S|" . 20 

.‘200 201 

■I'JSiTCO, 

Mt7; lifli 

t ,96/ Ih7, 

M:S.10 

-iSr.ts 

.i'll 8.481- 

11 5.55b 

* 200.58 

■-ISfc.fB 

i£fU2.-.£li 

L Ii i. 187 

*210^-2124* 

*-k0iii05 A 

■riOfl; ioSj 

i L'Ui&i IC&i 

S60i 62; 

-54 e5 

;tt.3l Ml 

127-1 JBA 

'858; fcOi 

>56., -60a 

,.iau-5t. 

LiOioli 


Lame assistance 

bank nf Ensland Minimum between 113 P*r cent and 12 per ****** - «£* 

landing Rule 12 J per cent cent hrmrid ^mandrose^roucH 12^J £Sr r,M «**;«/ 

■ l since November 9,197S) ^ arou - n£ . j » e r cenl. The cent to .touch \12J-12I per cem.isjuka^ies.... ;S213-2U s.;0*^5 

Day to day credit Jn r 3CPt j Ovilh a net Lake briefly. Rates then tended. Io case , MJ UsW ,'sifls la M-s 158 

« the London mopey market ^efl a ji tlIl . ro . 111-113 per cem before 1 > *»-•- '*■•» >10211? 

market yesterday and the ai hon- up uf Treasury hUh to .f firmiT1K a r. am \ t t ‘ h e close to 12-121 — 

les gave assisiancc by buying :j and lan > sin ni no c ent. | IS200.92I in Ihe morning, and 

lame amount of Treasury bills vitiation. Thei ew a-, also an 1 I FFr 2S 750 cS200 99 1 «ri«r 

diS ' no^lS. Simc l ^. hel ° W “ re jTn n >rank/urt the 121-kilo bar 
houj-Ci. The. latter were pJ>«og oursements. [was fixed at DM 12.3S0 per kilo 

. 1 IS 199.73 per ounee), compared 

| with DM 12,433 | $199.71) 

LONDON MONEY RATES j previously. 




-.H-lll'V 
t'« I >Ws»l* 


12i«-i2.V 
12. Ik.i 
IB1VIS1* 
le i-lJ-. . 
11 -J-I 150 
il'i-11-1 


Urt, 

A nt <!<.-■ li t' 
flc-| .~ilv 


12 - 12,8 

llTa-1210 

lBie-18,4 

llJe-lfcii 

lUfl-lE 

lK-lo.18 


>L».nl Aulli.j KiDMnvL- J 
.' hku'.s wi-if I Hmiw ' 
1».n-l- Lk.i»-«n* 


. (.••ininuiv 


Dwowiiii ; 
nilrksl i I’Mbun 
. Iel>«iil -I Ulllw+ 

•lllg-JSIl' - 


12l B 12*a 

137r.ll.l3 
Ills 1> 38 

11-1 IV: 
Hie il J » 
1H*-11>* 


Tii* iu S ' 

Ufa »14> Ili2.i3,i I2tfl: 
.111*11/8 li»i 12-12,.. 
. 11s, ni^-n-T 11:; ' 

j " 1158-111* 


Ji'K. i't I 

' w* ; 


i ■ t*y-. no|Ka a ..< 
‘ 4*Y'i/r i 
' ■ oritw#...i 
‘I'lB niiuim .. .1 
I*-- 1 RlvUt-l* . • 

i*W6 .j 

niNiln- . .. 
X|U>. HViitl,c..j 

"•eyrai 1 

I V'.M <-*> ... .. ' 


, , • „ a |i~, (itiH-rs s-vrn tluva’ h v.-d * Umrer-Jenn local amhorlj morrwse 

LovhI autHr,nu and tfoatuv housi-s s-v^" ’ .... ij-.p, ~ r jvni: m- vear* UM3I3»- ptrr ienL Bjii6 bill ra,ps m 

?ai« iM-minaliy thrsc years !H ’ r n55jA.. four-monih ban), bills 111 i*rr .van four-moniti iradv nilla Hi per cent, 

wtih- an. tjuylLK rales lor i»rnr,t- P-' , P , '' r -„ {£ bills ntS^o-r trni: and t«-"-ni.inih il» u . w.,-rni. ihn.*-mon,h Uf per 
Approxlmsie s-.-)I,ok rates for oiif-momh Trtasun «u n i o- ,„ 0 -mr-nifT llHlijtt per rent: and ibm.-momb 1U3 to - 
i*"' Approximate ttllim ran- ,nr ona-mmlh bank aim 11 W n-nijj ^ IBP b 1 -,b«iiUi Un h - wr «n,. 

11c p^r Cent- viw-ninntx rrode 12 nr «»!■ }w?' V ) ° nl * -JJ ■ U* per vtm Irwn Snwinber I. 191S. CleaHog Bank 

Ffwnco Hsace Sa» Rates .puMiDni h> Jhc CtariM M Ease Rales for Tcudiiut 122 per «n!. Troaiury 

0e?wU Rates ,»aii *im> y- sewn day- »««« 1" vm | cent, ciearms 

Bills: .itemv iL-ndvr r«ie-> of diiCMini 11.1-S4 pvT 0* I 


HONEY RATES 

NEW YORK 

Pnmc Rate 

Fed Funds 

Treasury Rills ,13-veek'i 
Treasury Bills dS-week) 

; GERMANY 

□acouni Rate 

OvL'raitrtn 

| Otw oioath 

Three months 

I Six monUu 

FRANCE 

Olsreiini R»t» 

Oremlghi 

Oik month ..... 

Three months 

JAPAN 

£iu.«uni Rate 

Cal! /rnuondmouah 

Bills Discount Rate 


Kicil.'i Lumpur :un| i mer 
rc-iiHUiiiliilily i“i il,:ii <Ini-Kin 
I rum Mr. Con:-i.ili|t- .it liiv liL-yin- 
niti" of ne\l :-e.ir, Tunku LLito" 

'Ah mud I,**.- bi'«'i'i ilirvvtor of 
.sitne Darby -inev l!i7ii 

Lind joined the ^r-mp-. iN.-cunve 
I leiiltl in Ucl'ifir-i Hus yedi M-* 
I group depuiy eluui' ■•■.ecumc 
+ 

Mr. H. i'- ^ufliiitn fiu-; been 
appointed by .IAMES H. DENNIS 
AX'D CO. :i' rt riirt-cior with 
special group re-pon-ifiilitie. |r»r 
production. 

+ 

.Mr. A. K- llursliall has rulircil 
from Lhe Board of LAM', SECURI- 
TIES INVESTMENT TIM. ST. 

+ 

Sir John Triiiibii] lias retired 
from the Biuii'd ',f Efll'.KUItliH 
I \ VESTMENT TIM. ST. 

Mr. C X. Knpvr ).:■> been 
appointed m.uijyins diit-cunr of 
IVIT00 CHEMICAL R\'. the 

X'cihcrUmds auhsidiury nf Wm-o 
Chemical Corpurniirtn -l.Si He 
lakes over his ni-v. posii,„n 
following the retirement <*f co- 
urunaemg director Mr. Jan Van 


I.c-ctiwi-n. w lio continue- 
advi-rfr mi special projects for 
ihe Nuihurl.ind.-. ' Mr. i. H. 
Koulmaii is in he ■ unimerciai 
director. Mr. I’, tinning, lioaucia! 
rt i reel or. and Mr. I>. Hu/i-nrtul. 
luclinu-d direct in. 

* 

Mr. Timnias J. Hyini ha- fie^n 
.ivpoinu-ii pre.-idcin uf the 
I'ullmait 1-uHouu Division ->f 
rUU.MA.N INUottPOBATED Hu 
succeeds Mr. Clark I*, iaiilin, 4r„ 
w hu has been elected rrcsirlenl 
.inil chief cxeCtili** e '.fliCvr of 
Piillniaii I n corpora led. 

+• 

ALLEItCAX FIIARM.U’EUTI- 
I.'.VLS. of ihe U S has ;,j>piun' -J 
Mr. William S. Shepherd, senior 
vice-f«n*snti»ni 1 S.. Mr. Jann-s II. 
Cavanaugh, .-t-nior M«-e-pri w ulei)i. 
science and planning. ,md Mr. 
I'clpr L'plnn. »oninr vice- 
pre.adenl. ini>*rn:iiinua| alTair- 
Mr. J. Roberts Ki-Jhti:. i-'ci'U1 1 . 0 
*. ice-|,resj<|i*tii. li'i.iri-.','. .• rti 

iicmnu* chief nlJi«-.-r. 

succei.-d'n-y Mr. Ki-iih tr. I.ntnpkht. 
senior vi.'c-i>re*i-.lvili. -ho is le < ■- - 
ine t in* ((tniiun. . Mr. Dean II. 
McC.ann. , e.-KleiiL -ecre’-i:;- 
and ■jeiie.-.'i! counsel, ha.-- b-.rn 


u Juried a senior iice-presid.nl. 
Hr. it. .\«>rri]i Baltin, ul present 
•.ice-president T-n l.S. marketing, 
will become vice-president for 
curji urate planning. |1e will l>u 
succeeded by .Mr. W. Rirharri 
I'lmrr as a Cirjinrate vii.'u- 
I'resitlenl. L : S. inarl.etirwt. 

+ 

Mr. F. li. II. (dngfll and Mr. 
L. V. Woodley .ire being appoint uil 
to the board of McKEEVER AND 
t.'u. nn Nmrmhi-r 25 fullnwiric 
rhu rulirenieni ul Mr. J. Russell 
King. 

* 

\lr. 11. K. Rands has beer, 
jpIMijjiiud manauin- director oT 
{.!. Kry am oiul S<-,n .itnl Mr. M. t« H. 
Smith has bei-n nt.uk- managing 
ilirucmr of li I'.i-yanl c:,\u 
Engineering. Tin- parent com- 
pany »- UR YAM Hill. DINGS. 

•Jr 

Mr. Urruard (lui-n has bPL-ome 
managing direetuc of RnWIJN- 
Sli\" CONST RIVT in \S LTD . a 
member of ihe I tow I in soil Gmi- 
-I met ions Croup, follow ina the 
resignation of Mr. IVn-r Masim. 

+ 

Mr. .Mil'll act I-', i'j rcy and Mr. 
Mii-liacI itlrr. h,»ih "evecnlii f- 
within ihe company's ireururv 
group, have been appninli'tl ticf- 
presidents uf CITll-s VNK. 

+ 

Sir Hi-nr.v Mam «- |,a-- (-iinii'li-iuil 
hi.- term of miic>- a- pn-iidetil of 
ihe Chartered ln-uranep J ikmi i*» 
and ha- now reined from his 
direct or-hips of WILLIS FM'.KJ; 
..ml WILLIS FARKR \ND DUMAS. 
He remains on the boards nf 
Willi> Faber (Underwriting 
Managfiiientl and Willi.- Fabur 
and Dumas lAucnne-i 
+ 

Mr. Jnlin A. WluMiluy . ciiairniau 
ami Oir-clor of KJite 

Hosiery Cnmpuii.- has liven 
appointed prc-i/Iei,: Ilf the KNIT- 
TING INLM S'mi.v KKDKR \TI'»\ 
in succc.— n»n "■ Mr. Mit-h:it , l 1. 
.Mcakin nf .Mnntf.irt ii. imlme 
Mills i. Mr. Ib-rek li. r>lrcli. jnitn 
m.inamng direcLT ..f Ki\ni.,,i 
Dati- ijonipiiny. h.> hfi-n .'ii.v.lr 
vice-president uf die Kcdrraiinn. 
* 

Sir llcsmaind I'luiiinn-r h i- !,eei, 
i'vjpj ^inied cli jiratan > »f iln- 
IliinSERA'T. LKiTlXc; LEVY 
IR'AKD for a further Iwo ;.*-.ir- 


u p I., January "1. 19SI. Sir Des- 
inrmrl i» a funner leader of the 
fiH: and has been chairman nf 
the Levy Board since January. 
1974 

+ 

Mr. .limit-- < lain 1 1 bell lluli-hison 
ha- twi-ii api.oioted chairman of 
lhe l.\ DEPENDENT UROADCAST- 
l\G Al'THr tlilTY’- local advisory 
I'onnuittcc for inriependenl local 
radio Glasgow. He succeeds Mrs. 
I Ichiro On i per. w ho ha- retired 
afli-r bring t-h.inruan of the com- 
mil tee since Atignsi. IH.i. 

+ 

.Mr. ‘I. \V. Ueusey will become 
threvior of ihe BIIJTISH M.\R].\T 
KijL ll'Mr.XT O H'NCIL on Decetn- 
brr 4 in -m-ers-irm to I ho Jate 
Mr. Donald Maxwell. 

yIp 

l'ror<-.ss(,r .1. FTuw'cs Williunis 
(chairman i anil Mr. J. Lang itech- 
cal director) have resigned from 
ihe hnarri ••> TiiLTEC DATA mm- 
pitlrr rnm pa ny . • tambrirlge. 

★ 

Mr. K. S. Wilson, direclur and 
genet nl manager, cuimnorciai. 
Whessi.i* Heavy Kneineerinp and 
Mr. K. II. Walki-r. ilia naming 
dn color. WliesM>e System a and 
i.*»,iur»Js. hare liven appointed 
cvu'.iitivc direcinrs «if ihe mam 
B«:ird or vVhv.ssue l lie parent 
.uni pany. 

■4r 

Mr. W. M. van Dijk. Mr. U. M. 
W‘ris.7. Mr. I., i). Iluskcn and Mr. 
R. A. Cicipnian have been 
ajipi'imed t>, I hr Board of MJD- 
III r:ST WHITE Hi JLDI.NG.S. Mr. 
I), lli-iniunn. Mr. f*. J. Grain. Mr. 
\. I\ Scull and Mr. C. J. Wills 
ha* e re-'igii'.-d their diif/'torships. 

•k 

Mr. 11. W. Lovell, previously 
dim i”r -if •• pc rollon* and adnun- 
isiraiioii. < ;k\ Engini-ering and 
1 * ii i*-i riii.-t ■■ >ii Services sub-group, 
will iict iime managing direclur of 
■ I-. \ Gltul.'!’ SERVICES on 
i.c.'i.niUt i I 

* 

Mr. Al iclisit-l G. Bird ha- been 
appuinL-d nianaginj. dt rector of 
MASSEY '-FEtti M '.M ,.V HOLDINGS, 
l.-indim in |,l:u-e id ^ir. H. A. R. 
■'i> well who remains chairman. 
Mi Bird I'uriiinue- a.s director. 
Icg.il Service-. Mas.-ey-Ferpiiyon 
Limited uf Turuiito.- the parem 
ri mi nan* 














Q & 












You know your business is well run and has 
good prospects. Bur rhaf's nor the kind of 
information that is always obvious from a set of 
accounts. Unless your bank manager sees your i 
business as well as your books, we think he’s ; 
unlikely to get a dear picture of vour company’s 
tine state of health. 

That’s why a Williams & Glyn’s manager 
likes to visit his customers on their ‘home- 
ground! It makes for a more relaxed atmosphere, 
and it gives the manager the kind of insight into 
your business that enables him to give the best 
advice and tn act quickly. 

Jf you’d like to lalk ton bunk that's willing 
ti» take the trouble to find out wlia! lies behind 
your balance sheet, talk to your local Williams & 
Glyn's manager. Or write to: Marketing j 

Development Office, Williams &Glyns Bank Ltd., j 
New London Bridge House. 25 London Bridge St.. | 
London SEl 9SX. li 


Five ways to more 
profitable business 

1 Short-term finance 
Overdry Use; m cuvi-t seasonal 

• fluctuations in rcvt-iuu- and 
•■xpetuliiuivor prnvidc additional 
working i.ii lira/. 

2 Medium-term loans 

A more lurmal arrangcim-ni for 
l«»ans from 'J- 7 ycar> for the- purchase 
nf iK*M r plan! and equipment, etc. 

3 Cash Flow Control 
Williams Jc (ilyn’s managers are 
always r* -;nl y in Ivlp with advice. 

4 Investing surplus funds 

A cash Mirphi'*. even if temporary, 
can be pul to good use for you. 
Quotations based on the latest 
London market rates art* obtainable 
from any brunch. 

5 Instalment credit 

Our subsidiary. Si. Margaret’s Trust, 
can provide facilities for the 
purchase nf industrial goods or 
equipment. 



The most flexible of the big five banks 


INVEST IN 50,000 BETTER 


50,000 people in the United Kingdom suffer from prnjjressivel* 
paralysing MULTIPLE SCLEROSIS — the cause and cure uf 
which are sail unknown — HELP US BRING THEM RELIEF 
AND HOPE. 

We need your donation to enable us to continue mir work 
for lhc CAKE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our cammitmeni to find the cause 
and cure or MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. 

Please help— Send a donallon today (o: 

« Room F.l, 

The Multiple Sclerosis Society of G-B. and X.I. 
g JPWZ 3 -t Tacbbrook Street, 

ICsSS London SW1 1SJ 


LOCAL AUTHORITY BONDS 

Even-' Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 

For advertising d'-'aiJs please ring 
Stephen Cooper 
01-248 8000 Extn. 7008 





5 


s downturn halts Wall St. recovery 


INVESTMENT DOLLAR 

PUE.MRM 

S 2 . 6 V n— m\\) 
F.ffeciitc S1.W55 3*;% 1371%) 
WITH A doymum :n the do) Jar 
arh cj'^cIv alU-clin** Sentiment, the 
’Vail Si reel <iocb market, after 
modestly e.t tv »d i/i-: ns recent 
technical rally. lcndeJ to “lip hack 
to close with u raster mixed 
appearance followmc a slow trade. 

The Uow .tones lrn]nsiri;!l 
V-erncc. vi huh recorded a fresh 
sain of I.*w at t pm. subsequently 
cased tn StM t*j (or a loss on the 
day of The .YYSE All Com- 
mon Index lini-hcd I? cents off at 
932.M. after rutin*-* to >>3.14 at 
mid-session, although saiHa re- 
lained a narrov. lead over fails at 
the close or 733 to 674. Trading 
■itilume «a» doi«ii to 20.75m 
shares from ihe previous day's 
total oT 24.53m. 

Thf; dnlhir had nf lau* been 
vteadily recoveriai* in response to 
l he IMS. .support measures. which 
m turn had fuelled the slock 
market rally 

The Commerce Department re- 
used upward ils cstimaie of Ihird- 
ouarier in flat i oil to an annual pace 
<sf 7.1 per cent from the 7 per 
con; h estirnaled last nmnth. but 
main lamed its estunaiu of real 
:roi' - lh in file economy at a 
snnaliy adju-ted annual rate of 
3 4 |K*r euni. i he same ns ’Is 
month aao otiniaiv. 

A number of pronto ecnntunisis 
have been predicting ;■ mild re- 
cession siarim-j about miil-IVTH, 
hui Federal liesfr e Board chair- 
man Miller ha- said he believes h 
rece<.%ion is unlikely 
Analvsts said the iu’hi volume 


indicated that investors are un- 
certain about the serioufencs* of 
any economic downturn and have 
moved to th* sidelines lo await 
developments. . 

Active General Motors eased i 
to S-ii,-. The company said its 
reduced yenr-end dividend earlier 
i his month vus misinterprciod by 
Wall Street as a si?n I hat <JM 

Jacks c.-.imitfcnce in its car sales 
forec;.-*.?- GM said the cut 
actually rcilects anticipated higher 
capital fiutlaj?- 

Sears F-oehuck slipped I to $28 1 
in acfpc trading, it reported im* 
proved ii-val rhird-pusrter nroliis 
but on reduced sale*. Sludebaker. 
Hurt Jiin^hm dipped I to *.5«J de- 
spite ftphUims Hs stock and rais- 
ins the quarterly dividend. 

McDonnell Donbas lost !■ tn 
£*!■• even ihouah it has won lea 
Air K-vce coatracls valued al 
!jt4S.l:n fer work v hich includes 
build in? the first two KC-lo air 
refuciiihz aircraft. 

Columbia Pictures shed 1 to 
On Monday. Kirk Kcrkorian, 
principal shareholder of Metro- 
Cold vyr-'l over, nait] he will 
lender" for 2» per cent of Colum- 
bia'? common stock al *24 per 
share 

I'nitvd Te«'hnnl«*»irs added ; aL 
S37. Fi.-: sikor-ky unit hn.>. 

obtained Fcdernl Aviation Ad- 
mini*; r-jiiun certification for iis 
S-7C commercial helicopter. 

Pacific Petroleums ro-e ’ in 
Sol',. Pot ro-ranada now hold- -H! 
per cer.i of Pacfiic's common. 
Medtronic climbed si 10 $30! on 
announcing .-'harply htuher fiscal 
•ccroncl -quarter not profits 

He public Fleet pul on l; lo K34L 


It raised the dividend and de- 
dared a special payout. 

THE AMERICAN SB Market 
Value Index managed to dose 
O.W higher ai 145.6H after volume 
of 2.56m shares i2.!)3mj- 

Cow Valley topped the Ames 
actives iist and moved ahead U 
to C£Mf!, and Pctro-I^wis sained 
; io $wi. 

Hess's climbed $2 to S141. 
Amdahl ! to $48; and Syntes ! 
in 8331. but Colouinl Comnicrr.ini 
tell I; to $ 131. 


Canada 


Markets retained a firmer in- 
clination in fairly active dfcilir.as. 
The Toronto Clomposiic Index 
improved 4.1 io l-24fl.d,- while Gif'-’ 
and Gas rose 13.2 to 1 .708.4. Holds 
2.U to J..-2S2.S and Banks 2.13 10 
298.14. hut Metals and Minerals 
remained depressed, falling 12.5 
more to 1.054..*). 

The Merchandising index rose 
a record fill points, as Simpsons, 
tlie mast active issue, sained »’ 
to C$7?. Hudson's Buy, up ‘21 l\ 
0 * 24 , plans to offer the equiva- 
lent of C$8.27 for each Simpsons* 
share. 

Molson ■* B “ rose J • in C$22 
following news of a dividend 
increase. 

Tokyo 

Market was again irregular, 
with proHt-takins in Blue Chips 
counterbalanced by renewed buy- 
ins interest in low-priced issues. 
Trading was (airly activj. with 
volume reaching 320m shares 
«2£0mi. The \"ikkei-Dow Jones 
Average managed a fresh modest 
iinprovemenl of 9.36 at 3.M5V4. 

investors actively bought low- 


priced Chemicals following ft 
general business recovery - . -Vtthi 
Dental Kogyo rose Y22 lo V293. 
Nippon Soda Y2Q to V225 fdd 
Th Giwei Y» to Y207. 

Foods. Pharmaceuticals .MNl 
Department Stores also gained 
-round with Green Cross adding 
VllO at YMRO and Yosiikroml 
Pharmaceutical Y47 at YS4S. 

However, the yen's ri-hnund 
against the dollar on the Tokyo 
h* reign exchange market caused 
a mini her of export-orien i al ed 
issues to react. Sony receded 
Y2«l to Y 1.580. TDK Electronics 
Y.'IO to Y2.159. Canon Y4 (0 Y450 
and iMntMishita Electric YS lo Y704. 


Germany 

Stocks pul on a mixed perform- 
ance. with no special factors 
affecting trading- 

Volkswagen rose DM 1.40 in 
active trading, but Motors ->ere 
otherwise easier, with Daimler 
Benz down DM 1.50. 

Srorc-i and Chemicals were also 
inclined to lose ground. ‘Slec- 
triCiil*. in contrast. v»ere mamiy 
firm, but Siemens declined 
DM iso. 

Deotsebc Bank improved 
DM 1.00 and Steels had Thyssen 
up DM 1.90. while Hapag Lloyd 
ni»rc DM 2 00 higher. 

Public Authority Bonds recorded 
modest losses ranging to 
15 pfennigs, while Ihe ResuJali'iS 
Authorities bought a nominal 
DM 3ni of paper after Monday's 
ne»‘ sales of PM 19m. Mark 
Foreign Loans al*o softened. 


fairly quiet trading on the last day 
of the accounting month and 
ahead of the Press conference, 
due later that day. by President 
Giscard d'Estaing. 

The Ihree Steel shares. Marine- 
WendcL, Sadi nr and Lisinbr. after 
being requoted ye-terday for the 
first time since September 21. 
had trading suspended again 
temporarily due to an influx of 
selling orders. 

However, Marine was later 
quoted at FFr 425. compared with 
FFr 51.3 on September 21, Sucilor 
at FFr 21. compared with FFY 27. 
and Usinor at FFr 16, against 
FFr 22 previously. 

Banks and Foods were 
irregular, while Motors were 
generally little changed and Elec- 
tricals lower. 

Carre four declined 33 to 
FFr 2.1 U. Jacques Borel 9.3 io 
FFr 132.0 and L'Oreal ft to 
FFr <33. but Air Liquide rose 6.9 
to FFr 389.0 and Bouvgues 8 to 
FFr 820. 


Hong Kong 


Paris 

Mark pi was easier-inclined in 


NEW YORK 


-ii l-.i * . 

V- n» l.nr i • i 
\ ■■ ..i. \.iinir;.i 


i '-niniL' *• ih-». 

1 . 1 * 1 . I in ‘ rn"i i- "t 
*. mu-. . 

1 1 .\nl *... . 

i. ..... II Za’ i*l 

• m.iniiu- Kits'ii-. 
i in ii -h lV. ia i,i . 


I -I III . 

n - I’.. ■ 
\ 1 1 . 1 .- 1 ■. Im.i.i:- ■ . 

1 .Is. I. 

■•MW 

'mwu I /■?'-. 

' nS«- A . -1 : n«.- 
^ n?*r. Until.-., 

y r. 1 ' ■ v i«-<j - 1 

'PV-. * n.. 

I . *. > "i::l"..|- 

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EUROPEAN OPTIONS EXCHANGE 


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BASE LENDING RATES 

ik il''^ ■ Hamhrrii Bank J-’f'C 

l Banks Ltd. 12*.% ■ Kill Samuci 

Expi'css Bk- 7 C. Huare & Co 421% 

: -fuiian S. Mudsc 1»f' 

Ltd 124% Hungkung & Shanghai 121% 

bacber 121% Indn-irisd Bk. of Scot. 1U % 

Cap. Ccirpr... 121% Kcy.scr Uilmann 121% 


»l V«<U Mn IN I i , Ml:.V'.T’ 




’A ~~L 


A.B..V. Bank tl*}% 

Allied Irish Banks Ltd. 12 1% 
American Express Bk. 121% 

Atnfo Bank I’J !• % 

A P Bank Ltd 124% 

Henry Ansbacbcr 121% 

Associates Cap. Corpr... 12.1% 

Banco ric Bilbao 124'Y, 

Bejok of Crcdi! & Cnn*e. lji % 

Bank of Cyprus 121% 

Bank of x.s.V I2i% 

Baoquc Beige Ltd. ... 124% 

Eiioque du Rhone 13 %i 

Barclays Bank 121% 

Barnett Christie Lid.... 13;% 
Brcmar Holdings Ltd. 134% 
Brit. Bank of Mid. East 12 ' % 

■ Brown Shipley 121% 

Canada Pcrtn't Trust— 121% 

CayzeT Ltd 121% 

Cedar .Holdings 124% 

■ Charterhouse Japhei-.- 124% 

Choulartons 124% 

C. E. Coates 124% 

Consolidated Credils... 12' %» 

Co-operative Bank “124% 

Corinthian Securities 12 '% 

Credit Lyonnais 124% 

Duncan Lawne 124% 

Tbe Cyprus Popular Bk. 114% 

Eagtl Trust 12.1% 

English Transconi. . . 124% 
First Nat. Fin. Corp. ... 12 % 
Fivsl N'at- Secs. Ltd. ... 12 % 

■ Antony Gibhs 124% 

GreyiKiund Guaranty... 12'% 
Grindlays Bank 124% 

■ Ouinne-s Malmn •• •• 12 ’-% 


Kmjwsley & Co. Ltd— 14 !• *u 

l Joy da Bank l-'i% 


T-'indon Mercantile ... 121% 
Edward .Manson & Co. 134% 
Midland Bank I2!%. 

■ Samuel Montagu 124% 

"■*m Grenfell 121% 

National Westminster l-"% 
Norwich General Trust 

P. S. Rcrson & Co 121% 

FtOSaininster 124% 

Royal Bk. Canada Trust 121% 
Schlesinscr Limited ... f-t% 

F*. S. Schwab 13-1% 

Security Tru«,r Co. Ltd. IS; 0 "- 

S hen ley Tntsr !■* % 

Standard Chartered ... 121% 

Trade Dev. Bank 121% 

Trustee Savings Bank 12 }% 
Twentieth Century Bk. 131% 
Gniied Bank of Kuwait 121 % 
Whueaway Laidtaw ... 13 % 
Williams & Glyu's ... 124% 
Yorkshire Bank 

■ Mvni&srs oi rhe Aiwunoe 

- T-iUs- d.moniv !*■- |.raonrti 4«|W , iti»' 

io:-. 

» <la? rtcouiir# «<n >un>* l 1 . 1 ' 1 

u/irt under !»•> up iu fi^ 003 ,BS • 
s,nil nvrr f.’j.HSii jd.-i-. 

. i ‘^11 < 1 * uikiij: nv.-r ri nni |n ' 

; r»..mjnrt it. n>"<i:s in.-;-. 


After the recent marked weak- 
ness, stocks picked up sharply in 
moderate activity, mainly reflect- 
ing local covering of short posi- 
tions. The Hang Seng index 
regained 17.71 to 4S6.1B 

Swire Pacific rose 70 cents in 
HK$7,30, while JardJne Mathe-son 
and Hong Kong Land each put on 
50 cents to HKS12.30 and HKSS.uj 
respectively. Hongkong Bank and 
Hutrbison Whampoa gained .70 
cents apiece to HKS16.10 .ind 
HKIS4223 respectively, and Whce- 
lock improved 12.5 cents io 

Hong Kong IV Liarf rallied 
HKS 2 .fiO to HK523.90. Hong Nona 
Telephone HKS1.7Q. to HKS26S0 
and Hong Kong Hotels HKS1.50 to 
HKS17. 


wage contract dispute, it 
to take an aggressive marketing 
line with nickel. ... 

Diamond explorers had. a poor 
time, with CRA setting ibe scene 
by falling !i Wtus to' AS2-S4»- . 

Lramums were mainly 
with Queensland Mines, a l 8A3.20. 
relj/iquisbiijg the prexious days 
gain of 10 cents, but Pcko-tvau- 
send recovered 8 cents >o .^3o-*8 

Gold Leader Centra! Norseman 
was another firm exception, rising 
2ft cents to ASI1-90 in response 
to a broker’s recommendation. 

Yamgas was dn isolated brighj 
spot in Oils- gaining 3 cents 31 
cents, but Crusader OK receded 
8 cent#, to 52 cents. 

Joergersiueo has proposed that 

Johannesburg 

Gold shares sained further 
ground on the strength of the 
higher Bullion price and fa»«v v 
active Overseas demand, tjne 
dealer noted that the raarfcel 
appeared oplintistic about tne 
U S Treasury auction results, 
expected later that; day. 

Mining Financials were quiet 
but firmer w here traded. Diamond 
leader De Beers advanced 1< cents 

* Platinum shares followed Golds 
higher, with Lydenburg adding 5 
cents at RL30. Coppers were 
barely tested and Tins, were 
roosily unchanged. 

Industrials tended to improve 
in fairly active trading. 


Jiidsce&jv 

NEW YOR K- a0WJ0!il * > 

. ■ i ” -y tsile 

i - ; y |j" • > ?o' i.'' , L2 r ! 

w—J <«■»' M ¥5? ) 

«; «■«: «■>'; «» 

21 f fji 211.63 3 >0.41 206.4 1; ’• ' H;.4i T 2?=!*# t t£ii'3 

I rauF-tvrl... -ZJi-u" ..... -•= , ldlV) * \r&#r. ^*,7^ 


pro u 

1 1 - 


0 1 


L - ||mle , 1 98.13' 89.07 98.04: w •*» H^.:| -ff 

2 0i7M M.53Q 2L?412f^ ; aMW. ty'-r'-v'- 


20.750 W^3O,21.Mll2UW i a6JtW.W.840!. - V'’-- ' [y'-r‘“Vr 

• i i . ' .■ i - • ■ ■ .-JJ". v-'T’ 1 

* ■ T • • * - m " . • *• • , ,hi.j <*-iv r*«- 

- Bmu-o: lcies .■hnnsct lirnu Aim.24 * — rti • 

■ • ’ _ y-oiu'lj ; Xny..iCr 'j s '.V<»V: ?|V¥e«rWiiw'ip^7;. 

g ' : 5 '^° i ' 

oTAJf D&RD AM> P00BJ& - : : . j -' 01" -01. ■ \ r"---yp.. 

! T -I - 1 : T-V • iSw^CoBioflitw^ 

1 -»*p. i Xnr . 1 yor. : .Sm-, l..Ji»w^ [ Xt*. .} — — ' . ■; .. . . 

• 21 '• 3U • -a*-' if- Higfc'jjUnrj. It. 


oTASDARD A2HD POOBto 


r -ii yr’.-. 


Ind. firv.-yipkl X 
fit.;. P h fftnn' 


.1 For. lb. I iov. tf r ] yeai‘*ijiiMipliin4ft. 

a.^7 . --bJ-b -' j- ;.&45 " 4 . v . - 


G«w. '!#*«■* vipi-. 


_ j-. Q.6» - a.ai. ' y -:-gW -Q.4Z _ 


ALL CDMMOy 


_-y 0 r. **< 1 * - iXrw 

21 ’ 80 • 17 . 1 IB 


• - .Hirf-cVhn.'Vifis' ' -c • 

LS75- 1-.1.805 ! .■ 


Australia 


Markets remained depressed, 
with widespread losses occurring. 

BHP receded 0 cents to AkJUifi 
and Pioneer Concrete were 
similarly lower at AS 1-57. but re- 
sisting the downtrend in iudust- 
rials were Philip Morris, which 
gained S cents >o AS5.9S. and 
Tooth. 3 cents harder at AS 1.73. 

Bundaberg Sugar retreated ‘23 
cents to AS3J0. while among 
Banks. BINS Waets' declined 12 
cenL-; lo ASB 34. ANZ 6 cents to 
A S3. 54 and National 4 cents lo 
A-S2.3S. Lend Lease, in Properties, 
slipjied 15 cents io A.S2.3U. 

Western Mining #hed 5 cents 
Im AS l.4S« on a report that once 
Inco of Canada, has settled a 


Switzerland 

Share prices turned easier; in 
reduced activity reflecting the 
dollar's downturn. 

Leading Industrials registered 
ii idaspread losses with Georg 
Fischer falling 35 to SwFr 545 on 
its plans to introduce short-timfe 
working. Dba-Ciegy. in Chemicals, 
receded 30 to SwFr 1.060. Alnwfcse 
Bearer, in Metals, declined 40 to 
SuFr 1 JU0. while Nestle Beareiyin 
Foods, lost 20 to Sv*Fr 3500: I 

Domest'C and Foreign ponds j 
also retreated. ” • i 


53.W i2.it* S2J» MJJf j 49.Sf >ho$*n££Z'~‘ ' 4€S f ^ let l 38Z*- 


ill/W. J «W> d.Bho.w^Y' L4I ; 9 

■. V I. 31 ' ^ 


kortreal 4 >- ..-■t 'X 

<’sg. i y*.», . Xi.f. y«iv . \ov. i •?- - — ■ 

- 1 81 '! 20 .... 17 *1 1# ;,-. Uiga . u* 


,i ...» 
•*! * 

'.-Sutfi'! 


UiioMn*! i 2W.26, SUJS *\ 308.8U XZi.\4 

> ! •tit Ti- meet nt* hia o .mol l« /iu.uv 1* ' 'gj f^OdV 


• 217.7 li 2VLS& 214.2S: 512.6^ i2iiiI flK.il> 


TGB0NT0 < W49 : 6j 1245* i2«Jlj ; iM2:r.iiMvK:.; .-jjwij 'Au l^.ri 

j o h an nlsburo J '. L ' ^ 7T ' •. : “ _ . 

f...M 222.0 220.2 21*. I ' 2?2^. - 277JJ.14.Si 4. • 

fit.ii.vKiAJ I 2S0J . (.280.4; JW.11 2W.a»Ull*' I 


Milan 

Market reached afresh in thin 
dealings. with disappointing 
results Of local elections .in. 
Northern Tlaly contributing .fp 
apprehen-ions over a posable, 
deterioration in the v political 
situation. 

Snia Ytscosa gained 14 at L765 
and Montedison were unchanged, 
but most other Financial and 
Industrial leaders were weaker. 

ItaLsider fell 13 to L307..and 
Pirelli 75 to L1.815. . • . 


y— He - w-. . is<4.- 

21 v\*a» • Hiu*i 


aoetraua ' 1 


jti. 9! 61KJJI Mv.r* »n Ja 

• littftfi ' .Li>^ ' 
96.S7 Hr. 32 10I> aC.-W 

• io#) '• i2a.6\ 


A.n. Fre- { IP Ve~t. • . 

. gj . jjiiw. : Afrft - 


ae45lua * • . 10*1 ■: 
a-”"*- 

r. 719 i; f. ^An 1 Ai l* 


— " — ■’ — — - — , 1 i III** 

Spain Gfj. jRW W) JlKU£ .^^r; 


Sweden . . 3J5.<w l wiv i.&. 

Bwit^erldiM, zSisJf) i&a.l ~ 

. -X. ' •- ifKenlafcUF • 


NOTES: aru-^- sno»T> ^ei.ix 

-VlImH.; S prinnnun Kt-l^nn <1iviiT«Klj 
an <l'r: Vlllih.ilniiiii las 
4 j»;.[ .ill .ti-fifim if nfiss .iiti^nnfr sia!»a. 
i h ri *«.n or, nci <liv:rtoiiii- alus i»s. 

W t*ij 5W flonnin niJirr-.-se 

4, lihi Uni .i.-iniTii ulil-NF nttior-A-i^f- 

>SuVr ri^ooni hwI K^n-r shares 

■ililr-.- ninom-i^o *tji'-<l. 1 ^.'•i rtonnfn. 

nnie-> Mji-riisr 71 a i«i 5 Pfk- il ?inii> 
ol iil^urn'.ioii .J Honns. SraiKim;« 

■ C<*m*i. 1 Divirirnrt alirr iw.rtina noii-s 


ana 'or jrnc issue. i'Her «iit. ■. I vranef. | 
c tiros ‘ n:v. p «. I. Assumed .divuffnd.alfrr , 
Rent ant or rshts i**ue k Atter loc>l; 
raves »« *i iw free. >/ h'mrrcs incbr/Wm ] 
1 niiat <liv. 1 '.‘oro. «r Stoan- swhL * Div • 
Hr.n xv, S cxdun- su-cial murnrai- Lltmi ! 
1 ii/wi hit u Lr '’Picul trail me. e Minoniv . 
tiniHerr on:- . ■< Meratr omnliu*, .''A-iiert' 

- Bid. • Traded t Seller. Assumed 
xr Ls nohis. sr. E\ rtrviileiiil. . at- E* 
Sitik issue, xa Ss all. t'lmierlm since 
increased 


Prance ui. 73.2 UA -rtf ' . 

GermaJiv':;: 9<&.W 80 Z.OO ; -«t**.* 

-Mh.W) 1 «Tf&y 
aolland •»*-■ 87.7 , « 5 .» 1 ; VW> ; 

Hone Kaos ASh.ifi 4 *».»b 

t ^ OTUS ■: ,a.^ | (Us4j. 

Italr . Mjfi'.fSJB; 

Jauan <«• «39.f« . AS0.77 ;'4*1 ,b 2 rafefl.04 

Singapore. SiUO 3.*l.66 iaIo.oO, iftt .0 
■ ■ (j*.*fi 1 . ntl- 

— : — — ; -tit' 

uxilRf and oam> (lain lalT njor. .viluo 
„« -Deep) iNYX* AD Comiiidn ^->u 
*fanntr<ir aim wior* — 10 and rdrnnli* 
«■*— i.m»r rh» last "Mnwfl naswV -in 'isiii 
■ feixciiMTiiiu nonfM. I **» lartucriaw. 
- art., inniistnaw tu ilnlm^a. M rinaH*. 
«im 3 rrjnsoon VSyflpev All ‘JMiuarv. 

Reiman SF linSroS •” ru^nmiiceii -T 
wi /73 n Panr Honm# met »i ''.inu*w>e». 


oaak Doc. > 460 .' H AmseiOtm ibMW 
>•»** W Hans Mm Haiih au?^a- nb Saw* 
Cmrrfnrraftli* 1 tally na 1071 * n Twwo 
No* -SB- «A/®. ostrarfi runes Hm*'. 

, •» njiaitna HP wbo> f^somO’.- 
haln . JwimruI 'I'VW Rank 

CMiMninmi. ■* nnasaiiartti* .= , • • - 


'-. TUESDAY’S ;ACTWE 


kiltoR. 

CJ.jocraJ Motors 2W.TTO' 

aooist ' lalwrarorica-aw.TiKr .t.-W - • : 

Inco 197,10ft.' '13 -- 

Seaft n^bucii ■ 194 .:ujo .... 

artjfioknjw- iti-iwo-" .J2-- 

TibcmJr ..'liMon •dnf - 

Sonttcrh ‘ 15KWD 

■ Aihdr.LTifL ■ a,nd Tel. 134.10ft '• J*fcT. - 

Arirtna PKft. Svc.'A=r tiS.m- ‘ 


j’j .a'!! 


r *■**-» : r •— a' 
■ti'*** J 


GERMANY ♦ 


TOKYO 


AUSTRALIA 


i brazil; u •'-•*. • 

Ultt - 6 -| - Sax. 21 . . Cntt '• 

In'S? ' jriio A^lil-,....^.....; 0.84 

**52 ' UMW*vBn*n.-i L70. .. 

UrSI • 3 He*w>J‘«t«!lmOF LUO 1—005 ajOfifaifl. .. 

: fii.Ni. Amner. OJ 1 .; S.06 


Prior + vr 
Uni. — 


;•*+ or — . — — 

Aunt* ■ , - ,*. .'Xor.'a. 


\ 

\|l IHlI.'l- \'tfPtll-|l.. 

f.M/ll 

fill' 

Haiei'-Hvirr 

Ii»*«rr ' **i*-in-.|.t . 
ttwllit. i.*-! **il- 

■ . ■ -Ill III ■l-.lwlli.. .. 
...fill fiinriilrf . .. 

Li.iin-'i-rlleii- .. . 

K. "II— h 

Mi-fiiau! 

ll. Ill .■■lit. Haul. . . 
LIi.-Aiii-i t*uk. . 
Ui.-kv«l«41 /.eml. 

'illtflfftillitlZ .. . 
II.*|WJ I. .*1.1 .. . 
Ilrr) e:iw 

1 1. I 

I|.*-r ll 

Hi.itwi . .. . 
Kail uii'l . . 

fim-r.iiJi 

I** i it Ii*. I ... 

M • iun L'MK'j. 

Kill' 

nrn|.ii ll 'I III.’.. . 
I.lli'lv.. . . . 


B0 -0.5 — - \-atii )j)a— 

4»3 -4 31.2 3.2 L m D'. iu 

Ui3.5-U.5 JB.IJ l2.toit.B-i.. 

U 6 2 -O.d la.ft 6.9 Lhui.-n 

140.5 -0.9 18.73 o.i Urn Ami-.-o l*rtul 

3l2.8 *• 2.3 38.17 4.5 Fuji PM.* 

icK .5 - o. . 28.13 4.3 1 

164.5 *-4.5 - - | Hin.U \l— j-r-...- 

i,30 ^U„<s 26.53 5.6 . Hwi-e V.«.*j. .'. 

t.8.3 *u.8 — -• M-.JivJi 


554 

450 — 4 
92 J -1 
400 -6 

612 -6 
559 —l 


.'.14 ■ a.o 

~A f -12 l.a 
- 15 BO 1.3 
,6 . 20 : 2.3 


■\|. MIL itS ivfHii 

\..|».ir AU"i raliii .. — , 

vM.\nr.sv 


49u • le- 


ia l.a ' 
15 - 1:3- 
.12 . 2.5! 


Vohb.i Li*)i6'nMK*U -I 

\mpoi Peirr>Jeum 


3^7.5 - 1.5 28.12 4 2 1 fi- Y-We.i 1.810 


233.1 -14 56.a9 10.4 ’Jaw-.. 
17o.o ... L7.lh 9.8 J. 1 .L 


312 - 1 

243.5 -O 
lau .. . 

241.0 . 

98 -r 2 14.DS 14.4 >l'niMi»!ina 1ml... 704 —3 

lay .... 15.63 lu.a . U itnifii-lj! Uiqi,. 28U 

lo 6 -1 18.76 6.9 j iliu^i.i*!)! Heaiy 123 -<.2 

4p.O. — — ! lliiMif.i.b) Cory.. 425 —8 

138 —1 9.36 3.0 ' ■■lil~ui S i.'v 2 h8 

142 - 2 14.U4 4.9 Uiit^iWmbl 63U 10 

32a 23.44 J.c ' ffif-u X»W 3 m i 1.500 + SO 

249.5 — 1 18.7S 7.5 , Vi)i|^-a tobiu^en .' 836 —10 

«2. 5 - 0.4 -- — I ' t»»w» AIiMmis.... 655 

169.0 18.76 9.4 J'lwiee. 1.60O -10 

103 - - [ .laiiy.i Kleii-ie . .. 5470 *2 

2t3 - 2 35 . 4.4 .>el.i*ui Vrrria*.. . 955 

.490 35 8.4 1 Siiirei.lt. 1.280 

96 -.1 9.58 9.9 W.i - L580 -30 

2a 1 1 u.76 o.2 T*tsh.. Maime. .. 249 : 

l ie 4 -U .5 17 . 1 b 9 .-, iTalwiaibentiva;. 448 

259.3-1.3 13.63 6 . 0 ;fUK 2.1S0 —30 

69 j -30 38.12 4.0 lirliiu .... 135 -3 

1Q3 — U.o — — I rnkiu 11 urine.. .. 520 +4 

141.5-0.5 - ! Vi-li.iybleaHuWr 1.050 

201.9 t 1 4 25 6.9 ; It4.iv vro.iv... . 543 -1 

261 -l 28.12 to.4 IV»i«* 168 -1 

290 - 1.8 25 4.a r.r*liii« i *jn»... . 141 +1 

234 . 17.96 7.2 j I'. rt.-ia ll,rt„r ... 883 —4 

164 ^ 1" 9 18.18 4 e I Source Niichn Secunun. I 


... 750 

.... 2.8QJ 


28.12 4.3 Kbiimii Ktw.-i. P». 1. laO 

O.S 3a. 15- 5.8 Kt-miiisv 37.2 

. 9.38 3-6 Kui.uia 284 

.. .. ItiJt 7.6 ' h.vw.^Cera nu. 


3S ' 18 | ‘O'*- rwiiKwll.m Inv'o-.i ... 

12 2 .S.- '.x.i..; . 

3a 0 P i Aiidtuio)—' 

13 0.8 'o' 1 - Gif i Ga» ....• 

L _ ! Hamt-w Qtek t*..ld. i 

10 0.4 i Blue .Uqcal /tut .., 

18 24 B.^ifCTliii'illc Copper i.; 

r7 Urwnbloi ladowriv-. . ..: .• 

16 2.0 I un nm TJ. 


t * ®9 •_ I '"V. kJ./ iV-f pp! ■ J; 12 

10.52 .MJ.OT1 r — T": — ~ ' < , ’ .i"* *; 

jj. 50 ; .. . Turiuawr Cr.9kBm. 'VqIiudc 
* 0.16 .-O.OM Sourne; lUo cfe. Janeiro BB.44S3 , 
tOJl3 1 . . _ : - 4‘rt'al.J. 

*1.34 i-a.oi{.Q5|_Qf vr.» • 


v ;i I W n 

.. - , ... 


dan .......... 

630 —10 


«3.5 -0.4 
199.0 

103 


L..!. fill. mill lUk/. 1.490 


I SrllhHIhX 

U.\.\ 

I it*liUB*rriBllil 

I llflRl'4e- ■ .... 

Ui.ikIk-iiW I. ut*li. 

, '(• ht-flllHflfl.. , . 

1 I’ttn— H3 I Mu. llK 1 
(■JlWfl «V»I. fc< IV . 1 
, ■>■■■ .. . . 

| *irii.ni- . .. .. 

| ~ ii- I /.ii. kor 

Ill* -nil \Ai 

' hrlH 

Vbln . . .. 

1 V .."i»..ill-l "-'I Mfc 
\ .nl,-»ii*"en 


“V I Bramble. 10^001*0. ...: .r 1 1.58 'I i '.T.'.'-r ‘ *. <*;• 

%% 1 Bo-awi Bill Propnetarr. .. ' *8.06 --13.08' 

■ f J ; BH Sftuth..;... .: . ' < il .38-, ^OJJ I ' . Nov. 21 'iku^e* 


lQ2 —U.o — — 111 -1.10 limine.... 520 +4 

141.5-0.5 - ! tfW.iMbleaHuw'r 1.060 

201.9 -r 1 4 25 6.9 ; It4.iv wro.iv... . 343-1 

261 -l 23.IZ to.4 1 I'w*. 168 -1 

290 -1.8 26 4.a r.r*liii« i *jn»... . 141 +1 

Mi . 17.98 7.2 j !'■« * 'l.rtnr ... 883 —4 

184 S t" 9 Je!u 4 o Source Nikhn Securinea. ItiKjro 

102.5 -0.7 9.38 3.0 ! 
yoc 9 2B 17 H 5 

247.5 , 1.4 25 5.1 ’ BRUSSELS/LUXEMBOURG 


VAHII'U V‘UIW?T Uivwcn ... 14-UD • ’ 'J 1— ■ ■ * -■ -_1 .. 

C5UISIV.. .: I f3.ao !....- Beretm IbuiB ia2.5 f + (W. 3 . » f'S.S 

Ubcfcbura Cenietu * 1.26 H*.- 

Cxjktt'jrra.':: — . *2.U8* 40.0! Vre-tlUaini. 31cvO!*^abi 11 . 8 i 6 

tAaiti; l>ulitflehii Aiirit^. 13.40 't®. 0! K«»ro« .• • 265 l+S .t-'WW'SJ* • 

c.imataei |Sll.. 7....- 12 45 -31.0? . k'r^liDkBsson 1 n«. 0 l - OAr 11 

OMt 'Or Uioti ou >. . *2.86 '-Q.ti -VrtnsK Urdro Krti 182.6,-^.5 ‘ lRf-A*? 

i. retain Australia : tl.3a .7 . , sioreOmod • 8B.76^-lJSr 

DkiUiup KuMtr ibOri'ul] .. *0.70 -O.ftl * ' ~ ~ ‘ 579^- 

t 9 COJi. -rO.89 '*(L 0 l JOHANNESBURG 

KiirT.-mitli.. . . *3.30 ‘0.04 . • • • • 

KudMA.jur Itennu/rer *t>.20 MINES -• - ' * 

iLZ. liulu*trie*. . -i2.80 Kvt 21 ... . -^Ra'mt - O-nT— 

TfU '' Jaw ^American t^.^. ftso'—;:' 

In M .n iii CotooWdateil..^ K. 0 S ^ * 


AMSTERDAM 


l»fr 

PrKv + »r . F r». 
Fr*. i — | ,\*i 


\ It.." l >*'). 5Ui.... 1L4 -2 

Ai- J'.. . 29.7-0 

\i"Hii BiikiFI.no 369 —3 

\HKV ,* l *0. . . 86.0-u 

\mn<i«uk iK'.SO' 75.7—0 

Hlji-nki.i* fla 7 .. . 

il.lm" ,*u.i' K.O l'. 189.6 -0 
Uirlimi lellt-i.iti' 73.0 +u 
Kii-*ivt • I'lAV. 2to4 —4 
Ktmui.\.V.Ii«iprr 142.2 +U, 
bijiLvui I a* V«. Ot 71.u tQ 
Lii*lKltUi-n'Iir*ir'l 36.D-0 
Hniivti.il 'J'l. 2'1 95.0 — 1 

Hu.ei-11 ell's 'KI..U' it A — J, 

Huuiw ImFi.IuU- 21.5 ‘u 
K I..M. VI.lW . 128.8-2 

lill.fiulleriKl.lV' *5.0 -u 

x N |.\inllii-tH.b 112 . 8-1 
Not 1 - tiillJk ( Ki.iv 3 o .5 — w 
Avt.il i.JUL 'Plan- 210.5. 

I »-:• ViJiiJ- 171.310 1 


114 -2 >18 4.9 

29.7 —0.3 ' — - 

369 -3 A247. 6.4 


An**! 2.050 — 

Berket "U" 2.50J Via 116 

t .B.l*. Lemeui... l.lo4 100 • 8.0 

L-irkenll 397 +2 — . — 

tBKs .2,380 ‘5 177 1 7.4 

1 K.vtr. J*fli 7.0o0 43Q 6.1 


2o4 H jj7 g 1 y 

142.2 *u.4 AS/- 5*3 >* rviiwreuk — 7 .*00 ,- 6 J 29u • 4.0 Kent* 4*: 7ao >5 . 0.6: E-verBead? SA sS IS - "*■*• 

"lu -0 3 93 ^ 4 y : I 6 *'a'f tklae..6.18J !‘i0 v325 9.2 Amqiift OixM't'e 375 -l ,'2L Ibi S.b> FOderaie VtnitBbeleasInai . r.Tft 

a6.0 - 0 3 20 a.b ; 8.8j0 • j 2.461 2.6 Mt UouWe. . 3B9.0 *6.9! 16.5 4^ 1 r.r eafehnanK Stored '* 2 ^a +flmi 

2 14 • i 7 i PeirvUua. 5.510 —20 ;l 8 o 3.6 .^utaJ/te.. ....... $J7 • JB.li' 4.trJ iJvJiSra ji. *Z.l9 ■ r 4-0.Vt 

a/ 4—021 ~ J ■*.••. fieii. i*au*me3.*5j —20 204 0.3 B1C...' 5u9 —3 '15.83' 2.7 1 LTA tU» - ■ • 

- 1 - . I •*.*•.< .w, H»i ae . a.uoo 140- 7.u Uom^Ku".— 820 • * 8 42 7 5.1 Rcdway e.S3 "^DWT 

6.280 -6 215 j b.6 d.S..V. Oerwl* * 586 *b : 4Qi^ OA *«lhaa* ‘ • 2 jJ7 

.4.340 A <.10 8.4 Carrefoor^ f.Uf ■- JS 7a , 46 «»7fP 7.<5«f-W:W 

1 . ..2.«25 -5 170 6.2 L.U.k- 893 j ' i 3L8' 8. - o {Ternier SlitlUia ' j^o - **• 

....1.180 -14 CI.T.-Aknuit.... 1.007 -*3 '76.oir 7.6 S!?!'” 13 ,, ?f n,ertt ‘ •; t4 - 3 • 

728 -4 50 '6.9 L-taBaecairew.... 448 . r t ^ 72 ' 2.7 Pr^esJInWinus .. : \.*2 + 00 ; 

■buo. 1.7e)S - l— tiuU M&l.u-r . 503 '~6',IU1W o ^ ^ '**- i - ^ ' 

credit Loni.fiV-e 130.0- 0.2 12:9.2 «’'t , 'onlMI Group . 2. do ‘OP 


Kn*liw.tnuk 7 . 4 Q 0 


10 " i"n 1 Cnltol Bremen tL60 

12 5 5(C1iUJSlV... ; . 1 T3.*J 

la la kSxitmro Cement I tl.Bfi 

14 . 2 3 LvUa'irrjA:: — ’ . *2.08 

>jq it lAmti; tiirf.ineMs Aiiiil^ 13. 4S 

15 0 5 L'tmatnfi |5li.. iii 45 

12 0 7 Cuwor UiiKiaui... . *2.86 

16 12 '•rt'taia Auatialia • tl.3a 

u is DuuVop Itvbfier 150 nuil 1 .. tO.70 

JZ iv teCOK. -ifl.89 

30 L6 kiier-'-mitli^ *2.30 

20 ( 1 H Kudiat-jur IlMNin** * 0.20 

44 ) j 3 iLZ. lu*lu*trie*. . i* 2.80 

11 2 a treti..Pr*74ftr Tru-t tl.55 

15 17 HnuwraKrf *2.10 

30 0 7 Uootin>.'. .. .. tO. 75 

in * o ICtAusiixU*... ... t2 OB 

f'* iai«r-C*.)ipei' 10.30 

8 jy J« 9 UMOjr» IinfuilriM) . . . ._ *0.88 

12 17 J’*ue* * lx v '14t ’ tl.14 I 

10 3*0 Leooani Ok * 0.20 

10 15 MrtaK Lavkimtiou ti^31 

20 11 irettamar Mineral* ..... tO.ll 

zx — L.* mil *8.25 

wo Altera Bmpotlutn ..... *1.56 

At«b J2.65 

- Vicbolte* h)tPriwtinMj*L *0.93 

North Broken B'<iin^ ioOc" i 1:25 

i-takl/rklire tl.66 

|*ie ' J Oil Search .. •••! t0.09 

' r> - VM. twer Kaptimiifw K3.S7 

N *i % 1'l.ioeer Ojwtwe *1.67 

~ — : Rei’ktu* tolmen *2.73 

~ • “ H-'t.Meijjh i0.64 

* A : 4 6 MHithlaiH Mmiii)* tO.Uo 

UO 8.0 ■*j4qn:»» hipkiralivo ..... .. , *0.25 

— — T.«*b iS. *1.73 

77 7.4 Tlgiiook. - *0.7* 

30 to. I llo4wt. Mloioj; 'WI.-cniM. *148 

70 5.3 *V.»d'>i^ rth> : . ' f 1 .46 

85 I 6!b P *R1S ■ ■ - 

BO | 5.9 - ••• I Price ; + rtr(biF 

70 j o.4 •- JL !■ Pr-. I — r’n 

42 I 7.6 . — — — ; — 1__ 
5u • 4.0 { HenW 4*: 7bU >5 


*205 -0:w)|^^ rUl/OD,ern a- ii* - 

art tn I r "^ uu '» ,♦ ».3r . - “ 8 .U 1 v v 


i Kir.troi'K •. 1 . 37 -f -ft.Bt 

! Harmony ^.50 + 0 .^ 

Kinross s» B ,!+«.«) 

I Kliwf .*,•„„ : i.75 +ffis 

[ Rumftnhims Platinum .. 2 .: '»3t3 

1 SL Helena. TILTS' — 

S.U}lhvaaJ ■ i*).. 4-D M 


. .j 33 ^ 5W. 

* 2 . 2 5 -‘ 0.02 1 Cold fields SA ; UJi . Ann* 

1 1.56 i. Union Cortrarktlon 3,29 -e*.-* 

;fi.65 0.0a; Of FK-rr* Deferred ... .... . 7 

*0.93 ! ... | HlW'-oruttzittfii ’ 3.65 +M3 

* lrtfS >o.tfi, ff«^i Rjntr Ptv. .j *543 •• 

* 1.66 tO.Oll frev 5tate GedoJti 2 o 2 S V.'+ftM 

*0.09 ; PreMdeu* KrdnrJ JS.TS . *.V.;. . . 

to.s7 S,c ^ 

*1.67 .^6 f-f® 

*2 73 ■ , <vc«v£p — . 470' ^050 

*0 64 - Oriefnmeiir 

*0 So • . ' »YW». Hawses' rOBSO **LW 

S:rs LinilWuswre MM 




*0.25 ‘‘0.05 

*1.73 ;.B.O# IM0USTRIA65 ' «y*. 

*°Z* ,-»•»» AL'Cf ?.f*i • ‘ 

Utc ] >nal*Anwi;. rmtastrlal 11.80 +633 

fl -46 r-ft .Ol Barlow. Ratid 4 . 3 ft ’ r ?'4>5.i3 

TN.\ ' Investments^ ;"_li * 1 SS , 

— ab— /-i— 3 ‘kj — t-tj- Uurrle' Klnance , 0 S« 

1 4- rtriDiy. ,TW. Pc Kners Ind Bain 2 ! ilS.M . ••• 

Frm \ — tr »>: % J.Ei«arh CoiiMilldaled " Inv. ' a . 00 + 0.16 

- ~rz — ; ~ — j ■=* — Rtijiars storerf 3 CA 0 


95,0 — 1.2 14 • 3.7 i Feirvftua. 3.310 —2U ;18o 

_ J fiwi. MU.me3.a5o — 20 .204 

215^01-12 a 6 ' ■ S-UM - l40 

128 B 22 ‘ «I • 2a * 5.280 -5 '215 

450-uM 19 8 4! s, ' ,, "‘ ,1 - a40 

mS-ii 1! '-FiS m 

a?S S — 2 [ Ii 7 A 1 "S-: 4 ao 

I7 l 3 « liaJb 4 :: ' iwllv Muttlajiim. 1.785 - 


.'140 ■ ; 7.0 l HOUXKUC-'.— 

—5 .215 r 6.6 I d.rt.A; Oermli-.. : 


Kl.h'l . Ki.lv... . 

' nu 1 lininervu. . 
J^kh-e-J .KIJUi .. 
liuiiiu. -li.lv . . 

It iii’v-ivVer. n.ivo 

l(‘iij»*».. ...■ 
Ki.lni.,.. * I. 
I.‘..r.-ii|.. ■ KI.rOl. 

; It . .1 nlli.il el r KIAV 
;(»\>>riliiir4 ; 


29 i> , .. 23 7.9 

141.0-1.5 - — 

44.7- 1.5 — 

24.7 - j.a 17 6.9 
tjB.Q: l.o - 

164.0 +0.S 25.8 7.8 

132.0 +0.3 ' 

lua.4 . . 19.3 5 JO 


-14 _ ; _ 

-4 50 1 6, 1 


SWITZERLAND *6 


M '6.9 L-itoBaocMirew.... 448 ,»1 ; 72 * 2.7 .. . : 1.42 +002 

_ ! — uluioiehn-r . $03 '-6 1U8 Z.2 o™t^I5f S <- P ^ ,e,,rte ' ' . 

credit Cvni.f.Vv 130.0- 0.2’, 12:9.8 R.'tnonl Ml Group |.Ba -‘OOP 

fiumer... 686 -4 .33.75. ^ c H0l«Mp«» .... Tl .V j*. 

Pc. Petmlv.. . , 141.1 -*0.1 lu.s.10.0 f r 

Jir.TM. Ueti.'Ucwiieutaie 260.6 .,10.6 4J> -’T" \’*S- Hftoi 

% ' % 1 meuu... . : 56.6 -0.8 3.7; 9.0 ke^K Sd'KiiT We. lliw >1™ 

- — ~ Jiuoue* kk>H4 .... lid.O— 9^ _ : umwe • l.U 1 

8 4.6 UNWL- 733-' -9 ' iv37,1a . Securities Hand XLS^0.8§i^ * 

8‘t? ttISlAi:. ’Its J «."f« r . <»is«n.alof 4d.6%t. , - 


19.3 iJi ,\ 1 urn 1 nil 1 ni .. 


U..i nl li.iicli- KIAV 123.9—0.1 5S.76 8.7 ! BHL - A' 1.655 — b 

T/Mveniuir^ ; 830.0— J.3 20 8.4 j uidi I'ieiwi Fr. 100- 1.060 ^ 30 

7i«r iitlj r,u Kl . I iv . 101.2 * 2.2 27; 5.4 Lt^ *%ii UeH . 83u “-20 

fi.k,i.. IW-.HM-.f la 2 -3 >0.811,0 l*... n.-t ‘ 8 aO —8 

1 . uiiricr.FJ.LV) 118.8 at —1,2 . 4BJ 7.2 civJM 6 ,<i«>e 2.170' -.20 

' ikiiia l.'n ; 36.5 -O.S.SOjrD 1.2 J lil«:ltTjwHLC.. . .. l.eOJ _ jj 

"'ca.l'ir. Hvr»k : 417 —3 S3 3-6 1 Kiv-li^r ;l. wive,, 545 —35 


. L.A<re«i_ 

nS i?*? bejptuiH 
22 , -2.1 MmIihiIiw 


UainiHiN’ Pherniiv,- siO 


COPENHAGEN * 


Price | -for ~Bii 
K mnei' . — % 


AmieivlwukPii.. ..1 
itaiirA, bhiil .. . 

li.*l X^laticin... [ 

MimO-leill.i'lj.. . 

iSrvaaeHM ; 

Inr Hiijrfi', : 

Hhii<1vi*-1jhuK 

li.N’Ih'nH jKisl'i 

a- ml Kali: 

Null! Jlldll‘ll -1 ll. 

JiielalinL 

I’llVmllMDk 

PlVI'lll'tflllk 

udili.Htrwi'vn. . 

■ii|ei*. i» 


140 

last- 

136fi .. 
129 - U 

34U 

85 !'• ' 

126U 

2B2 

ISO ‘1 
2 Z 3 ia * ■} 
117 .. .. 

130'* ... . . 

14bfi 

370l 2 +17 
168 *4 


lnlcrteMH 5./00 —26 

4eJiui>li iKr.liW) .. 1.4B0 — 5 

.Senile fKr.lOJi_.. 3.1-0 J -30 

e rrr^r IA/. IIcK 2.295 -5 

)iv. .A 1 . 1 , OertiVmi UlK.ttoih 2.630 -36 

% * Pirelli 91 P i F.lur, 2B2«tt-2 

?nn>J'v i*'^sj9i .... 3.696 • 

ii li«J ^ hin tuna..! 436 —4 

li It , * 8 in 4 *wlliplu 0 M<B -*6 

f® ! '--.'iLfer CtiKtlwi olU • 

i? .“’S pui^air ilr.ioLli. 1 701 -4 

Id .lU.aisv^uniitiir.irxir 336 -9 

1Z a.a i Mvj,e.fjjeiil‘r.l®ii)4.76j ;~j0 
“ “ I Lnlou Baak.i.i... 3.980 —20 


iiw.i.i Herr-,) jticaM.... 1 314.0-0.9 -Ur- *./ 1 Saara TJiIhja u..-.' ^ ' 

110 L7 Keiftswt U*tve*t.« ' 495.1— 3.4 i7.2ftl 3.6 [ Raom AiUliiica'it.roitt ^as - — 

• 21 : 2.8 HicJaio..’ — 2Vf& — i I Raacft 'CcntraJ! _ 

' 31 1.4 KsiM.) T<ji)tiniqde.j 435 -1 27 ' 6.Z1 Banco Kxi prior 230' 

2 2 IUsl *‘ ul ? 1 - 5 90 4 , 7 8.1] Banco Cranarta if.MCr l«f 

'*88.7,3.7 1 Ujuik> Pixitepfc. - T44.0.— 0.3 . .9 ?.s{ Badto «BtKino. 231 


15 • 1.4 7*. UoJ»i«t !• I4b.b * 1.6 l4j»tf 9.9 ! Banco tol. Cat. tLflflb) 172 -w»*.‘ . 

16 ; 5.3 -fJcMktreiJpti.iJ.... 1349 . +9 ; 6 fl Z.u j fi . • ^kL HIMltf' mmur ~ ]»J 

2 B j l.b due*.. ™. — I®®. ■ • - iiSA, 8-6 ,ka*V» MaSrrt 319 ^ •••’ 

26 ! 8.0 Teiemerunujue. BUS 1 + 3 . 25,8.3.2 Banui PODuter . — . 340 ' ' “ 

12 | 4.3 Thunifjn Unndt..; 247.0^T,l;l&,l3t.6.1 : 4 Btni^iJ-5a!ilnndor I l25DJ- S35 - — r ri 

14 , •.tjfUrfimr- '-..16 ‘ l — . Badcer UrdoiJo (LOSOl SSO' ' i? *-•' - . 

10 14.4 SrtrKHOIM .-Bahoo 'Vitemtp .-)H9 ' *X a . c -‘ 

10 I Z.9 5* UCIUIOLW - : fiHaoco zaraftazano -..i: ;a«| - -IPI-C.- 


10 ! Z.9 
40 ! 2.1 


STOCKHOLM 


5'I ’ ^unch Ins U7-660 —30 I 44 2.1,! 

a.a ■ i J 


2.1 1 \ T Price j + >ir i fiiv, .><d j BinJtanfdn • kj- ' '~ri' " ' ■ ' 

3:4 •' '■ ‘ Jinv.‘21 w .' Wn*tK^ i — ‘ Kri l£' Bamis Andahjcfa '* 193 *: 

o 1 1 : — ' — i. ifiabcoer WU«flt «• * ■' '■ "■ 


; MILAN' 


! . saY.iii ikrJtuiL.;’ is*6 

A'f» DrilmfKrhvij M3 ..... 

• r K rJ 5 w. . .. J ‘ BJ .0 V"U.d ,i 

Atuia Cuvwjflirfij llfl 

SiUernrt 33.5 > 0.6 i 

ie. Till. B-Sflli ! 114 i - 

IB3' •, 1 16, 


| Price > + w- - Die. Tl<l. tf-tfori, ! 

. tl j Lira | — ; Lire- "4 U*rr*i...' 

— r“ .i ~ " 239 -i-S 

AMU. ■ ASjOO; _ fi.ect'uixMi'ikm* ■; 

to-fi ** 1 '523 — ‘ — 1 — tmsr-W.'B'.I.krte 185. ;-3 


VIENNA 


' ri 1 1 1 n 1 1 - I >| L | . 

I., .. 

** "i-|« 

nil I*;, il 
l<-* ■ 1 1* ■ ll ■ 
i ' i-.i Ui"ii<i:i, 


8* 4.0 

10 3-9 


fiat 2.620 -15 

Oi. Pm- t l.e78 T S ' 

nii-i«kri '136.25 — <1.2 

nT &'&.+7s 27i 

* i liMl-hwi a07 ... j5 

— ; M* I Wani* 30.BMJ >1.15: 

8.V AluitmlMqi : 1 ib,75 . 

a * | o>. v«m I’m .. 1*70 -10 

/ fa [ Kffwii .* to; 2,615 . -75 

Hirelll 'flu 003 

4.0 1 'nw Vti«» M 765 , 14 


•. 5 : fa.ci CIC. ; * 

6'4.4T?fM«kW “S09 • ‘ 

a . «.» t lomohtrair - : 6 M - • •: 

.6 » ijK 1. A«awwG*ff • tj? .** •. r ;. 

4 ; 7^r ,s,pMI ' rf “ zinc r nu: • i 

v4‘i.a.«- K ,pr «...'.r., - at. » ' 

'.&2 j ti.8(WV ’• 


10 , - 4 4 • *1 JWi 


130,‘5^l WIW*'»" 300 


150 7^i fi-’iieerita- 


136.25 —<:.2E ... — . 50 

22 . ^7 j ,^270 0U0 ! 2.7 HnndiftHiiiiUeii 3B5 
407 ... i5 . j 






; • AU |Tuu»n LT<>c. ..r,, .... .*379. ■+. o.a ; , 


:-VvL'jLt 2 



Toil Vi - . . 


r -^^vritn^^nies ^WeSne^ay WoTemfer 22 1978 


X 



,A 


Producer 



Ms coffee 



promises changes 
in bacon subsidies 


BY MARGARET VAN HA7T EM 



By Our Commodities Staff 
SUBPORT BUYtNG, believed to.!, 
iie-on the behalf of producers.! 
bWKed. TOlues.bd tbe . London : 

SnSSv m f nn 65 ^ & L.* ^ « ! £ E i IEP 15 •£? the vay f or the the French are seeking to have increase the risks for exporters. 
January position climbed to hard-pressed British bacon mdus- raised, will be put to the Council - - 


BRUSSELS. Nov. 21. 


N 


$1,454 a’tozme al one stas 

endipg ; the day .315 . higher at! sidles' paid on Danish. Dutch 
£1,418.5 a tonne. i and Irish bacon sales to the UK 

Early reports said the rise was | are . to he reduced. -Mr. Finn 
etfCparaged by fears of a. tight! Gundelach. EEC Agriculture 
supply situation but some dealers j Commissioner, said today. 

idles -available to the compensatory . amounts 

a nd«) asters staying 

rS!aa5 i W8&SZ B , 5!Si f * ,TO 


before) try. Some Common Market sub- of Agriculture Ministers at their minutes and did not attempt to 
t>_ meeting on December IS. pursue the argument when Iti 

The date of this meeting has was pointed out that the Com-j 
been put back a ^veefc to allow mnnity has a butler surplus of: 
more breat din k space between almost 500,000 tonnes to dispose i 
the EEC Summit on December 4 of and th3t. while Britain; 
and 5 at which heads oF state are imports 125,000 tonnes of bulter 1 
expected to consider British a year from New Zealand. 1 

the market ■ ■*•- — ?“ — ^ - . — r r^?5j? s , For - th , e re f°£ w ,. of ^5 everyone else is quite content : UVUL >» 

■ 'S!frtS^SSl <1,0Aak for Pii?meat cuts and Common Agricultural Policy, and to self butter on world markets fell to £7. 
g mine slQe_ j processed products. wi« : be. intro- !° e presents Don to Ministers of a t world market prices — to the 1 speculative i 
l *"~* *"11 the'very near future.” commission s i [arm price Soviet Union or anyone else. : *— *-“* •— 
Reuter reported' that the. Mexican i ?; uu i u, * J w , ith P ** nesLmonth. Proposals for 1979S0. Mr. Gundelach said later the! 

Co^e fnSiSte Srectori mSS Mr Gundelacb ssutL ’ ' The Commission is expected to present system of monitoring 1 

announced that the sH He said tbe coefficients would JSSaber i^SfceS? 0 ** 1 * 81 Us re S oests . for . Proflxjng of export 
rafiSa ‘ Bogota Group “ of coffee i n °t necessarily all be cut. Some ^ *iL^ etinE ' rebates is quite sufficient to alert 

producers will meet in Guatemala 133 ixht rise, but the general Wend ^™ b,e K a 5 r ? i * was the Commission to tbe nature ofj 

S Fridav™ M «nC wavs! w0 “ ia be downward, in line with Ihb year-old debate on the request it receives and no 

on 3e ** <*»«» .Brifin d,,n *“ 10 “!? **■ *PP«»r 

world .caEfeet I Britain h M boon- Wins un- K® "luT “TWM rSTSfi.'S/Hi n. i 

I 


Bogota in August, 

.:*£fcc, eight countries involved 

anw Brazil, Colombia, Costa Rica. 
Ef t- • Salvador. Guatemala, 
Head uras, Mexico and Venezuela. 


Cereal award 
for Suffolk 
farmer 


Tin market 
down again 

By John Edwards, 

Commodities Editor 
TIN PRICES tumbled again on 
the London-Melal Exchange 
yesterday- Standard grade 
cash tin closed £147.5 lower at 
£75325 a tonne — more than 
£860 below the all-time peak of 
£8.080 reached earlier this 
month. 

The London market opened 
on an easier noie following a 
sharp fall In Penang overnight, 
when the Straits |in price 
declined by $M 64 to SM 1.886 
a picul 

Al oo p 'lage the three 
months quotation in London 
.ISO a tonne on 
and " berime “* sett- 
ing, but trade buying rallied 
the market r 0 £7550 before 
declining again on the late 
kerb to £7.215. 

Other base metal prices roll 
in the morning, but recovered 
in later trading to close 
marginally higher. Copper was 
lifted by a higher . than 
expected opening on the New 
York market, and this helped 
to boost lead and zinc values 


Among- the possible measures (successfully for tnore than 0 year tfilVwlii havie^ to^e ukM uo m .^^in sa j d Ia * er be will 

the^-group will examine will be -to get the coefficients reduced, again at the December meetins ^ nd v pr iP e £**** acT 2? s J, he 
u^ofa S140m price stabilisation | particularly for . bacon. ’.. Mr. j£hn SifSn the UK S^iJ^SL? 1 

funTthevsemp at a meeting in! Mr . Gundelach said* the .pro- Minister of AgriciW^ d£ £S sVriS reponsV^ 

posafs will be put to the Corn- VPM>h|d those who had Mr . Silkin said he thought the 
mission s pigmeat management expected fireworks following his freeze should apply to cereals, 
committee and could: be imple- threat yesterday to " raise bell " dairy products, sugar and meat, 
mented without being put to the over the proposed sale of EEC “I ra jghr get away with zero ;-mir ps-r rnnnuJ*' 

Council of Ministers. , - butler to Russia at subsidised but not with a cut in f^MTHE EEC Cotnmlssion authons^d 

Proposals regarding the "sluice rates. prices." he added. 

.gate price.” the effective mini- Mr. Silkin suggested tbat the The minister said he had no 
■ mum import price for pigmeat Commission should refuse to fix plans at the moment to devalue 
[ Imports entering the Community in advance the export subsidies the Green Pound, but could 
ffrom non-EEC countries, which 


EEC SUGAR 
EXPORTS 

BRUSSELS. Nov. 21. 


on such sales in order to change his mind Jaler. 


"N 


By- Our -Commodities Staff 
THE_ NICKERSON. Seed ■ Com- 
pany award for new ideas in 
vereal growing has been won by 
an'^kpswieh fanner. Mr. Oliver 
it was announced jester- 1 

■Sir Emrys -lones, chairman of .JAPAN HAS struck a "secret” 
t h e “ judges, said with economic ■ bargain with New Zealand, 


‘Secret? NZ deal with Japan 


BY CHRISTOPHER PARKfS 


p Sis u res pushing cereal growers 
OAW&fds in the search for higher 
-yields, the climate was right for 
new ideas. . 

-The costs of growing cereals 
bad escalated so steeply, in the 
pa at few : years that there was 
now a .very different situation to 
that of the early 1970s. 

Cooper had concentrated 
on methods .of cutting down the 
present wastage ip liquid appli- 
catrotts of chemicals by devising 
ri£W^ i; iequipment to control the 
qdabttty. applied. 


India tea 
output down 


promising a huge increase -In its 


mentioned were “of a totally quota should he frozen atj 
unreal order of magnitude;” 115.000 lunnes while the over-! 
European’ dairy- ■ industry whelming weight of opinion in 

imnorts of dairv orodnee in the r. fflciji I b ‘ Said 1,15,1 las t spring Europe *uppons a plan to con- 

f . .. Zealand signed two agree- tinue and accelerate the process 

year starting next April, sepior ju eQ t s with Japan, one secret and of reducing ihe annua! allotment 
Sources in the European dairy one for nublication. with the aim of closing European 

industry claimed yesterday. The The former included a commit- frontiers to all New Zealand milk 
pact will boost tbe value of New ment by Japan to buy $50ru products. 

Zealand dairy sales to Japan to w>rth of NZ dairy goods by the A quota of 115.000 tonnes of 

$500m a year - end of March 1979. During the butter represents a one-third 

_ . - ‘ following 12 months, it is said, share of the UK market, dairy 

But the Rimmed mine powder j apaa promised to import S500m market experts pointed ont yes- 
and butterfat involved in the WO rth. terday. the output from 600,000 

package will not be eaten m Tbe claims reflect the increas- cow's and the jobs in the ten 
Japan; the sources s^r. It will i n2 bitterness in the European average size creameries, 
be given away m the developing dairy industry and even the Tbe dairy industry in Britain 
world as pa^t of the Japanese Common Market Commission and Ireland is also worried about 
foreign food air programme. 


exports of 4R.000 tonnes of white 
sugar at this week s. tender com- 
pared with 43.000 tonnes last 
week. 

It also granted export 
rebates on ”0.000 tonnes of raw 
sugar compared with 10.000 
tonnes. 

The maximum export rebate 
i for whiles was lowered Jo 24.742 
units of account from 25.0SU ua 
while that fnr rav.-s was 
decreased to 21 5S6 ua From 
21.S38 na. 

Reuter 


UK TIMBER MARKET 


Mortgage rise 
hit softwood 



BY A SPECIAL CORRESPONDENT 


L-K CONSUMPTION of soft- 
wood is expected zo be virtually 
unchanged in 1979. but whereas 
this year trade has picked up in 
the second half after a poor 
start, next year the opposite is 
likely with conditions deteriorat- 
ing after tbe summer. 

Est i mates given by the L T K 
softwood trade at the annual 
meeting of the European Soft- 
wood importers and Exporters’ 
Conference held recently in 
Paris Forecast a rise in con- 
sumption of 50,000 cubic metres, 
a mere 0.7 per tent. 

However, the figures were 
prepared before the recent 
Government measures ’which 
raised ihe minimum lending 
rate to 12S per cent, which had 
an immediate impact on house 
mortgage rate*-. Also, since the 
forecast was made, the trade’s 
figures for September have been 
published, revealing a dis- 
appointing consumption of 
562,000 cu. metres in a month 
which was generally expected to 
be good. 

Most importers were looking 
For a total of more than 600.000 
cu. metres. Had both these 
factors been known before the 
conference it seems likely that 
the 0.7 per cent furecusi would 
have been put forward as a 
decrease in consumption for 


trade us sticking with its fore- 
cast of between 6.6m and 6.7m 
cu. metres uptake for both 1978 
and 1979. 

Importers recognise that Scan- 
dinavian suppliers have to 
recover the effeeis of inflation 
through price increases and 
indeed they have been exeriins 
pressure on the market since the 
summer, but this has been con- 
trolled and responsible. It 
thought that they have sold 
reasonable amount of wood for- 
ward for 1979 at prices about 12 
per cent above ihose ruling early 
this year. 

Stocks on the around at Scan- 
dinavian mills are low as a result 
oF the lower production pro- 
grammes which have ruled for 
the last three years and tbe mills 
point out that their sales outside 
Europe, mostly to North Africa 
and the Middle East are buoyant. 

For their part, tbe importers 
are convinced tbat there will be 


tracts on tbe value of the 
Swedish krona, adopted for the 
first time in the current year, has 
worked well and ought to be 
repealed. When rhe first Russian 
schedules for 1975 appeared last 
February contracts were based 
on the Vale of 9 krona to the 
pound sterling with adjustments 
in five bands up and do\*n. 
During (he shipping season 
is which is ending the pound has 
a never been above the datum 
point and has broadly moved 
between S UP and 8.S0 krona, add- 
ing be l ween 3 and 5 per cent to 
tbe co«t of Soviet wood. 

In previous years the Russian 
contracts have hc-en tied to the 
LT.S. dollar. With the dollar fall- 
ing through the 'imr the Scandi- 
navian mills would have been 
forced to compete with the 
cheaper Russian wood and in 
their present weakened slate this 
could have spelt disaster. 

Canada represents a further 
factor in the UK supply equation 


no consumption boom in Europe 

next year and they would be and from the price angle can 
loath to see the Scandinavians be the- most unpredictable, 
becoming too amhitious in’Yheir Canada's export availabilities 
pricing. Reasonably pitched Rus- are dominated by demand from 
sian offers fairly* early in the the United States though Japan 

season would strengthen tbe im- and Australia are increasing :n 

porters' hand. importance as overseas markets. 

The Russians are expected to Overall, our Importer* will he 
have about the same amount of cautious in their buying, out ai 
wood for expon next year, which least in the current finaneixi 
means that they will probably year stock losses have been a 
next year instead of as a gain. Softer around 1.4m cu ra to the UK thing of the past and 'hotich 

Howeicr. the figure is small market — say 20 per cent of our demand may be static they 

in relation to the overall requirements. should hr- trad in c from a profii- 

amounts involved, so the UK The practice of basing eon- able hasp. 


Norway may impose new fishing 


BY FAY GJESTER 


OSLO. Nov. 21. 


law of the sea 


Norwegian 
minister. 

The Norwegians say the right 
to establish a 200-mile zone off 


The deal, it is alleged. 


! hoH such 3 bargain hppn ' strurk' rur exit rnai relations on 

4ta.am Kilos, compared wun . * u ^ nirP iv Lturwl P ri «s and conditions governing UK cheese makers said the 

424fh kilos - in the same-; period n ti’ current ^ cw Zealand* access lo Com- U.S. exports would he supplied 

last year. . 1S3SSS2S vJL, a ten munily markels. by Continental exporters while 

.cTtt-'the end of July the short- r 151 noD tam P‘*'s n - Talks arc also due io begin on the imports from New Zealand 

falbwas 7.5 ql - kilos and to that I Mr. Stan Murphy. London - access to the UK butter market would compete dirc-ctly with the 
CktejS ’ the crop has shown ’a 1-director of tbe New Zealand- beyond 1980! produce oF British hard cheese 

reepthry. -■ - ..IDalry Board, said the figures New Zealand says the annual factories. 

’ 


NORWAY IS considering the . The third existing zone — Nord- proposals. They had not been 
creation of two new no-trawling banken. off Finnmark County— consulted yet. 
zones on important fishing would be a no-trawl area for two He believed, however, that 
grounds within its 200-mile limit, months longer, in the spring, foreign objections would not 

as weU as an extension of trawl- than it is at present. create the sort of difficulties the coast of Spitzbergen is in 

ing curbs already in effect in Mr Errind Bolme, Fisheries encountered- in 1975. when Nor- keeping with law of the xea’ 
three other fish-rich areas along Minister, said that if the plans way established its first three no- developments. Most countries 
the coast were well received by Norwegian trawl zones. At that time, fishing in Europe adhere to the 

The move — like the establish- fishing industry organisations limits had not been extended Norwegian rules reporting their 
men! of the first three no-trawl they could be put into effect by and Norway did not have juris- catches and providing other 

information to Norwegian 
David Satter writes from authorities. 

Moscow: The Soviet Union is The Russians, however, argue 
to taking a tough line against that the 1920 Paris Treaty which 
by Norwegian claims to the right to gave Norway sovereignty over 


towards New Zealand’s cam- a deal allegedly done in the, ... , , . 

is paigo to retain and even enlarce multilateral trade negotiations J zones— would improve working next autumn, though it was too diction over the areas involved, 

j Japan’s way of paying for access its tnarkeu for dairy goods in allowing New Zealand once conditions for fixed gear fisher- early to say whether this date 

| to New Zealand’s 200-mile fishing Britain. again to sell 15.000 lonnes or’ men whose lines and nets are would io fact he chosen. 

... ‘zone. ‘ • • Negotiations began in Brussels cheese a year in Britain. often disturbed by trawl sweeps The organisations asked 

Our Own Correuumdent j ZeaJand officiais W no yesterday between NZ Govern- As part of the bargain the The two new zones would be comment oo the plan* 

- •: CALCUTTA. Nov, 2L I knowTed^e of ?b? *?£*?" raent officials and Sir Roy VS. is said to have agreed to established on the 

TEA production in thei agreements- and Doioted out that DeQman - EEC director-general accept a similar tonnage of soft Ean ^; °( r M o rL ‘. Cm i P r,l -Y. 

first nine months of 197S totalled j “ h har&ain been struck for exl eroal relations on the European cheeses in its market, the Fugloy Bank, off ihe county 
419.5m kilos, compared : . with ! Prices and conditions aovemina UK cheese makers said the of Troms. Two existing no-trawl 

zones, on the Jcnnegga and 
Malangs grounds, also off Troms 
County, would be increased in 
area and the period of time when 
trawling Js banned in them 
would he extended. 


Stnregga March 1 next year— include the establish a 200-mile fish conser- Spitzbergen. only covers the 
ty. and on Norwegian Fisherman's Associa- vat ion zone off the Arctic islands land mass itself and the waters 


lion. The Norwegian Seamens' of Spitzbergen, Norwegian up to four miles from the coast. 
Union and the Norwegian Fish sources said here today. The sources said that experts 

Producers’ Association. Talks on the troublesome issue, from the two delegations are 

on a formula for 
preservation of the area's 


Mr. Bnlle said foreign conn- affecting a vital area for Europe’s working 
tries entitled to fish in Norway’s fish supply, opened yesterdav preservatic.. ..... ......... 

waters under quota agreements between Mr. Alexander Ishkov. dwindling stocks of Arctic cod 
mainly the USSR and EEC the Soviet minister of fisheries, which would circumvent the 
members— might object to the and Mr. Jens Evensen. the question of sovereignty. 


COMMODITY MARKET REPORTS AND PRICES 

• n icr UTTil C asahisr lb*- dollar. In the afternoon, how-, iT.lSfl id tbe mornim: nns*- reflect ina LME— Turn ever "33 f!S7i lots of 10.060 EEC IMPORT LEVIES— -The foil own ns 

DAjL iuEl/VJLa ever, a Waher-Uian-evpeciol oaenlnj: on chartist, hedfc? and ball liquidation which ozs. Momirs: Three months SI3A 3.4. levies and premiums 4 re effeeme for 

' ~ ” on thff Cnmrs saw Ibe price moved jihead touched • off -sjop-1^ srUirm. The price -14. 3 6. IM. C.7. I2J. 12.9. Kerbs: Three XOvWBber 'n order of current levy 


COPPER— MartrlnaHy firmer 

London Melai Exchange. After , 

#t ITiS forward metal ea«d 10 the 
low of K«3.3 ow*T!3 .to central liquidation 

***■»* ^ IMl. reported «■ 


'■ CyPPgHi Official. 


Afternoon: Three phis Decv tuber. Januar.- and February 
pretniuin.s iwitb previous in brackets > 
all in noils of account p>r 
Common wheat: S6.es. nil. nil. P.Mi .50.43. 
real nil) Durum wheat: 130 86. rest nil 
<U0.W. rest nil,. Rye: SO.SS. nsi pi) 


WOOL FUTURES 

LONDON— K-dturele*.- Bacbe reported. 


PRICE CHANGES 

Price in tomws onlesa oUwruiae « a red 


Uft 1 1 

tonne. fir*»-lV. 


iT'if-e 


Uu»me>' 

1 trine 



I s. 
I 


1+ or; p.m. . fyor that in the monUna three month* wire- ”****, *“ lh * *“ rb ’ s'r\T~T^rr' 

!— ! Unofficial - bars traded at I78S. 64. M-S. 64. 33. Tarnnv er 1.630 loones._ COFFEE 

1 ■ - Cathode*, three months £7513. 51. 313. : i a .,„, |al t p.m. r^. 

52. Kerb: Wlrebars. three month* f764.- - n\ !' Oflletai ■ - i Unofllebo! — R08IISTAS opened 

three JSZV dfi-Vri: M'ySbnTSS 

<03. 7i: 713 71. Cathode*, three mmU» gST™ 7375-86 !-l 75 ! 73S6 40 -162* , Ja ? uir> - Dra - J Eurtiham Vi 1 .’, 1 *. 4 I: U-eem -er ... 34b3-5B.O 

E7J6. Kerb ; W1 rebars, three months £770. $ montu-.! 72^ -6m — J00 7246-63 —140 ra, !2 ncfl -* Q J® 01 

©3. ». 663. «L «3. ;-»75 - ! £g r S «r mi«rf wheat and ry» flanrr US JO 

TIN— Sharply lower foUomns * «eep St^adanl| x j 7325U10 1*7 1 dose ^ market closed just oft the <*—*•'. Rye hauv: lU.M f 124.0o«. 
fall in' the Peoans mart ex. Forward bieh*. 


e! 

+ .5 


-lX«h...r. .. 744-. 5 -2.5, 751-2 
. 3'jbobuu., 763 6 * — ' 4 : 771- j 
’Mtltorni: 744.5 -2.5: — '■ — 

flaxbndeat . I * < ' 

731-2 -4.»i 737.5-8.5 -.5 


(«L56. rt« Hill. Barley: S7.36. r« nil Ueeen«i«* r ....223-0-51.0 • ...J - 

<87.36. rest rtl’i. Oats: ;9.56. rest oil Maivb :«03-ii>.U 1 — 

2« hiaher this . f79J6 - " ah * *»«" »wbrld 3J«v _.,2oi.040.0 , - 

tbtlr Aeadhiesa sc g^ l | w * > : ntl rest Juiv ZM.O ia.a I 

WIL Mine 
10.41, lp.-n • 


-a most m.. 751.5 2-4.761 . 768-. 5 —1 ^ -- - 

eecirm'oi: 732- —43 1 — standard metal was marked down to a oiootti:/ 7230-5 -802*. V 235-40 -14Sj 

. ...-.1 -79 o.tso at the ooetitan and feD former io aetw«n'i.| i330 ,-lBO, - ! — 

>tntfr 8..? :$1886 S4 ! — 


"LG. Inder Limited 01-3S1 3466. March Coffee 1300-1313 

, jS^Lamoul Road, London. SW10 OHS. 

- ^ Tax-free trading on commodity futures. 

-‘2. The commodity futures market for the smaller investor. 


•yifi 

:TO 


LEGAL NOTICES 


..V -VO. BOSS’S Of I9TT 

HIGH COURT OF JUSTICE 
^-Cftxoctry -Division Companies (ton. In 
’■w- -Matter of .uonso it gwilt 
. LIMITED and in ihe Matter of The Com- 
-Panic? Act i94s 

•''-'KjSjTCE IS HEREBY GIVEN. Uiat a 
' Ffei&dn fnr the Winding up of me above- 
•Vtonred Company by tbe Bleb Coart of 
’• Justus was on the 3rd day of Not? tuber 

* 1WS. presented to " the said Court by 
S&XDELL PERKINS LIMITED whose 

- -Waered office Is situate at: Fd ratal 
fe* 4 - AsleMOnf- - Maldalone. Kent, 
■“gaatters Merchants, and that tbe said 
'^Petifitro- ii turecied to be heard before 
’. tte.£OTTt fiimnc at me Royal Courts ot 
JitAtee. Strand. London, WC2A 2LL on 
dss of December IMS. and any 
S- creditor or eouinbuiory .of die said Coro- 
/' Pany dts irons to support or oppose tbe 
73I&U8 of an Order on the said Petition 
TOu^appear at tbe time of beartne. In 
ylgniiffl or by bis counsel, for tbat purpose: 
^-asd-’a copy ol ilie PeUUon will be 
temabed by ibe unders lyned to any 
■-•erqluor or comrtfnnory of the saJd 
;W«S reqmrhts mch copy on payment 
.« ihe refulafed efiarae for the same. 

T -'. i -■ BRABY t WALDER. 

S/3, ffmd Court, 

Fleei Street. 

London. EC4A 30S. 

• Reft K/BH/CD Tel: .01-383 £511 
Sblictiors for tbe Pelitlouer 

J10TE.— inj- person who Intends to 
swear oh ihe hearing of the said petition 
flunT serve on or send by post to the 
above-named notice in writlDg of bis 
intention so to da The notice masr state 
. tbe tame- And address of the person, or. 

. -if a* 3nw. tbe name and address of the 
; Arm. and. initsf he sinned by the person 
o r, firm , or hi& or their solicitor flf any*. 
iti] 1 Uluitr be' served or, ff posted, must 
»s seat by post In suffldent. rune to 
reach the sbove-azzned aot later than 
four o'ciodt ’ in the afternoon of the 
. 1 m day of December 1978. 

, No. 0d979 Of 1078 

_jn_lhc Hl'TH COURT OF JUSTICE 
V h *m.t:ry Division. In the Matter of 
JARVIS. RALLIDAY i COMPANY. 
UMITED and m tbe Matter of The 
Companies Act B4S. 

SQTICE IS HEREBY C/VE-V that a 
rtuaon was . oo the 36th March 1975 
presented l0 Her Majesty's High Court 
“ -fasiice for the confirmation of the 
.-eduaton 'of the capital Of the abavc- 
uuatdi. Company from QW.M6.W to 
£4,116030 hr reramim: capiul which to in 
crasuif the waius of tbe said Company. 
AMEJTOHCE IS FURTHER GIVEN that 
™c jaid PettOon is directed jo be heard 
grtdse ihe Honourable Mr. Justice 
Brttjhtjnan at the Royal Courts of Justice. 
S|raa<U Loudon.. WCS on Monday the 
■*u flay of Decern her ipss. 

Mr Creditor or »iarebolder .of the said 
ctanpanr desirins to oppose the making 
uf^njJider for the confirmation of ihe 
said- xxdocnon of capital should appear 
at the time of bearing in person or by 
Casus! tor ttur purpose- 
A.icopy ol the said Petition wiU bo 
jornlsbed- to any such person reaulrlng 
too - same by. the under-mentiooed 
Solicitors cu payrntm of the regulated 
thacse tor the cam /-. 

■DATED ih:B 16tii day of November. 1678 
.. ROBBDIS OLIVEY St LAKE. 

-.21A Strand- London WC2R 1AU 
, Ref: PU.J10. TeJ. 01 3iS iTSl 
*■ A cents for 

— Horyood £ James, 

.7 TcmpJc Square. 

.* - Aylesbury. Bacfcs. BFi# 20E. 

Soliciton for the said Company. 


In che mGB COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Matters of; 

NO. 093623 Of 1978 
BOOKLINES LIMITED 
NO. 063619 of »78 
HENRY BOYER t CONTAINERS'! 

LIMITED 

and In tbe- Matter of The Companies 
Art. 1968. 

NOTICE IS HEREBY GIVEN Ihal 
PeiitioiB for the winding-up of tbe above- 
named Companies by ibe High Coun of 
Justice were, on the tttb day of November 
1978. precemed to the said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE Of King's’ Beam Houae 
SB-41 Mart Lane. London EC3R THE 
and that tbe said Petitions are directed 
to be beard before tbe Coon sitting ai 
the Royal Courts of Jus Lice. Strand. 
London WC2A 2LL. oo the iSih. day or 
December ' 1979. and any credtior or 
oxrtribntory of any of the said Companies 
desirous to support ot opoOse the making 
of as Order oo any of the said Petitions 
may appear at ihe time of hearing in 
person or by his Counsel for tbat ponxwe: 
and a cosy of the Petition will be furnished 
hr the undersigned io any creditor or 
contrflwiotT of any of the Bald Companies 
reouirlns such copy on payment of the 
regulated charge for the same. 

G. F. GLOAK. 

King's Beam Homo, 

39-41 Mart ’Lane. 

London EC3R THE. 

Sol) d lor to the Petitioners. 

NOTE.— Any person who Intends to 
appear on the bearing of any of the said 
Petitions must serve on. or send by post 
to, the above-named notice in writing of 
his intentions so to do. The notice must 
state the name and address of ibe person, 
or, if a firm, the name and address of 
the firm and srasr he signed by the 
person or firm," or his or their Solicitor 
ft r any. and must be served, or. W 
posted, most be sent by post In sufficient 
Him , io reach the above-named not later 
ib an four o’clock in the afternoon or the 
I5ti» day. of December 1978. 


HOTELS 


BURNS HOTEL 

fiarkston Gardens 
London SW5 0EN 
NEAR WEST LONDON 
AIR TERMINAL • 

100 rooms, private bate / 
shower, radio, television, 
English breakfast, restaurant, 
bar— fully licensed- 2 lifts. 
Special terms to companies. 
‘Details and illustrated 
brochure on request. 

TeJexr 27S85 

Tel: 01-373 3151 or 79S1 


CLUBS 


NEW .T^ ,p ?|5f|jK^iT?* ,SK 
1 1 -3JD am. Show at MWntolrt and ' tc' 
Closed Saturday*. 01-4J7 6*SS. 


V«r York! 


Twumhv'* ' 

COFFSB | C ow < Hh < ar • Nunoow 
Done 


RUBBER 


Metals 

Aluminium. <(710 *!710 

Free market i'e.V..!SLIM.»— 55.D SI 150 40 
topper W B*rlt76I3 j + 2 O t744 
.1 month' do. dn.lg771.2'j,-r0.5 '^764.!b 

t'a*ii Cotbo-le. £738 0.5 £733.25 

.i monib^ do. do. : £758.2&;— 1.0 C". 55.25 

iln’n ll'n 1 • ~ &o1 ' 1 Tmvo».|5200.5 ',0 6f5.f2Z6.6Z6 

24D - fl - <40 . Lea.J a^e .ts*3.5 -3 0 i4I5^ 

Salev 5 <mD lots of 1.560 kg. 3 mom to- 4C383.5 ;-r 1.0 £396.26 

SYDNEY GREASY— Close -UJ Order “■•■•••= 

borer, seller, business, saiesv Micron free UarkelieuiilbV? 1.68 St. 75 

Contract : Dec. 549.5. US. 7. .I49.5-J4S.6. 1 1.82 ’ 1.90 


.i a i *sr i mu lit f 


STEADIER opening on the London March 350. 355.5. S54.3-J54.D. 9; May 
et. Good demand through- 3*J. 5w) 0. 259.5-3.^9.0. m: July 360 s. 


tonuiicr.; 1600 i60S’^ 53.5^ 1605-1666 goOown pntx wn 
Januan i l-.4a ifi49 *31.5 1-54 M2S kBo •borer. Peoembcr 


Morning: Standard, cash £7.360. three 
months 17JSO. so. £7.210. 20. 34. 30. 40. 

S3.' High Crade. cash C7SSH. Kerb: 

Stand aid. three moiuhs £7^30. 10. 15. 10. , f ._ K . ,»K.iiiin;.9a n. ixto-inc 

Afternoon: Standard, three months XTJL'O. , ialfi m 

30. «; 30. ■». 30. 35. Kerb; Standard. «*•' — ^ m 

three month* £7.230. is July— j 18X0-1814 +87.0, l^ia - iim 

TJ.; r, ■ - . , Septemner ..j 1 j82 1 IBS >33.0 1175 DBS 

LEAD-5t*ady. horvard metal lost Xo vernier .. 1 150 J 168 +89.0 1140 
ground :r» the morning, falling back to I i 

£373 In' the nnc> bni recovering to £378 ■ . 

oo the kerb In routine two-way business. Safes: 4.951 ' LsIK) lots of b ! cranes. 
In the afternoon, however, the firmer 
trend in copper sjhv. Jorward metal nse cenis 
to- £384 .bm- profit- caking pared 
to £377- on the late kerb. Turnover 7J75 Arab teas 
toaaes. Arab leas 

1676 
133 

<142.001. 


physical mirtei 
out The da> dostnc ... 
Lewi* and Peal reported 



No. 1 

Yefientnv*' 

hei «.<u» 1 

Ihenno 

JL$>. 


L’i>*e 1 

Done 


Deo. • PO 50-61 50 69.70 59.95 BO 7a 

Jan . el b I 01 90 60 55 rD.tS- bl 93 61 50 

ICO Indicator prices for Nov. 30 iU-S. Ju-U<r 6v 70 a3 8d ,1 65 c 1.76 ol 76 


NEW ZEALAND CROSSBREDS — Close * ra-Hilb-. B11.9Vi —3 9 '298 

'in order buyer. .««*ller». Dec. IS6.0. 1S«0: ! K7 559-5— M7.6i». 645 

March 1S2.0. 1S3.0: May 1S2.0-185.0: July month*. te? 9875 -142.6 Ci.MO 

152.0. 156.0: Oct. 188.0. 19? .0: Dec. 192.0. Tongtren i.-' ;514I.oh 

198.0: March 192J>. 196.0: May 19?.0. WomunCfil.iM oif..1S140'45 Kl«r J/ 

198.0. Sales: Nil. Zmciwth |C345.75 +0.76 >359 

i mwith* ~.IS3a7.Sr— 0.26 £370.26 

--675 


MJEAT/VEGETABLtS 

uetal. nse cems per pound i: Cofomblan Mild Apt-Jne* tb 7>t5 7»: .•.tetdAtf t6 75 r4 b^ SMIThFIELO— Beef: Scotch killed ades tf^nut i Phil. 188404 

ihe .price Arabk-as 173.10 «17s.Q0i: Unwashed Jcy sepi ; H i0-c8 15 b6 fo-MA., t| 10 16 M *** io 58.5: Ulster hindquarters 64.0 to ttrootMniJl - 

lUAP ? Anhifivd 1U fin r TJQ VI'. • Alhnr mllif fUa r» * 7TI C 7fl cn JO OC fiQ fM ‘.ft r fin r ft ILv A fnF4MrtPr«r( Ttli ll ID 'N O' hlflfl. r * A ■ JhS. 


PrtvJucen ,|3720 

Oils 


5655 


LEAD ] 

m.m. 

(ifficmi 

1+ <w! 

■!“i 

_ i«.m. 
rnoffinja 

+ or 

! 1 
Uash 

L 

685.5-6 

i 

■-as! 

393-4 

1+9 

SmoaUia.J 

370.&-6 

— 4.5! 

583-4 

i.i 

JCU'ueDil 

086 

U-4.5.: 

— 

J_, 

CjL 't»>« J 


1 1 

•56^8 

■ _.... 



hinds and ends 9X0 to 89.0. 
Lamb: English sroiD 46.0 


COCOA 

Cocoa pncoa cased sbghtl}’ due 
'toe Inna liquidation, trading wftbi 
narrow range throughout a reatnrrfess 


3^,, Seeds 

Sales: < m a< 5 tonnes and 3E <?42t medium 50 0 To 54.0. heavy 45.0 to 50.0:' Pbilbp^.. 


to 


Jots of 15 tonnes. 

Physical Josing prices 'buyers: were: 
to 60.5p '59-5' - . Dec. 6L35 p <60^1: Jan. 


Morning: Cash £385, 85 j. three month*: day. reports Gill and Drifts. 

£374. 73. 3.3. 3. 2.5. 2. 2.5. 3. 3A. 5. : 

5.5. Kerb: Three months £375. 76. After- AwietitayM + or, Hurinc 

noon: Cash Z389. late Nov. *388. three GOlOa t•'■.•»e — ■ ILine 

moochs £878. 79. 78J, 80. 83. 82. 8S. S4. 1 

Kerb: Three naomhs £38J. 84. 64.S. . «. 

83. 82.5. 83. S3. 31.9. 91. 80. 7ft. 73. Dfc.-...> n 2IQ03-flS.0 -15.55 21I6.0-20»J 


- SOYABEAN MEAL 


InrrJdnj f >.t j 

vk.-«- j — ; 


Ubtiur-> 

tame 


L'pertMIDt 1 


Decemter I la 50-16.2.— O 3 « 20- 15.60 


cbanwL The g«ml ^ if? StSS 

trend In other base-metals depressed tine “IiMn »o an vw o 9i7i w .... 

In the morning with forward metal easing ?“*£- ill 43 27.5 -O.6ii2.S0.2i.20 

to £354.3 tn tbe rings. However., in the sJSTnS’S ■ rJS-5'?'r; April... ;2*.5 -i l '2o.10-22.C0 

afternoon- the marhet lifted to a day’s M^'n’aiin , “ 1-S Juue._ i24 OJ 4.b+U.25 

high oT £367 following renewed- trade — 2066.0-gliB ; 2100.0-2091 • i. 2.0 — 4JK— 0.26 

buyfos before profit-taking pared tiie Sales: 2.427 fiU) lots of 10 tonnes, ucuiiiet ,.i.O 6*-. 4 ..*0 us 

price to £354.5 on the late kerb. Turn- International Cocoa Organisation 'U.S. UMmhiJr -i.O 5 >-24 0—0.75 22.06 

over 3.460 tonne 5. cents per pound i: Dally price for Nor. 26: - 

r r~ : rr-r~ MS-33 <183.73*. Indicator prices Nov. 21: 

I -*J- 4j?-. |<+ or 3 3-d a V average 160.38 (16047.1; 22-day 

•25INL i • Officio • — j Lnofflcta' — average Ib«^55 flTftASi. 


Sales: 10S 


lots of 100 tonnes. 


Cksb.. 


imootbs J 5S8.5-4 5S7-.5 j— .25 

j'ment.— | 5fil.fi. p-*-6! — opened I5p higher, m ew»Beni trading fixed at £103.00 <£J04J»J. 

fnm.wtat j i roa.i»fi.B I conditions. Values Increased oo good FIRST trades were s 


I c ' ! B , c i f 

541-.fi | — 1.75! 345.fifi I+.75 


GRAINS 


SUGAR 


wv ™ v».-. ^ „„ !9&65e -S.0 SSfiO 

Scotch medium 50 Jl to S4.0. heavy 44.9 il ^.i_...|S275n — 1.0 -S&77 

io 52.6. imported frozen: S3 YLs 47.6 
io 59.0. Grain* i 

Perk: English, under 100 lb 37.0 to uanex ' 

46.0. 160-126 lb 36.0 to 45.0. 120-160 lb Home Futures... . *£83.55 — 0,05'£&2-1 

37.0 to 45.0. u,w . ; . 

•>"?0 W,Se: Ym,ns ’ t>eS ' 150 0 10 _ Cteocb iNu. & Ami£iD3.8 i'103.5 

fiartrldgcsr Yoobs »eacb< 200.0 to 2*6.0. \ vf'j .w .^orio-Cfia i-po <? 

HEAT COMMISSION— Arerage ratitoek ’ * ‘ “ 

prices at representative markets on ”57 . 

November 21. GB caftle 67.13p per kg. English Minins rtBg.s *»1.5 

Lw. I-0.3S.: UK ship 133 «p per kg. •htpuient. E8.196 — I6.ft:8.090 

esi.iLc.r- < + lfi': G8 Dris 63. bp per kg. ,™«“* £l».156.5— 16.0 B10S1A 

J.w. t-0 2>. England amt Wales; Cattle Cwiet Future. 

number*, up la.u per ceui. arcrace price ,, ■ l * a ltiL.4«B^:* Si. 5 Bl.*06 j 

t»6.1«p I-0.66-: Sheep numbers Ntl 15.2 W*WO* A ludea.j7B.4- }»il.l <7.3 
per eeut. average price KC lp ra-i.gi: l.ui-tier lulo-^.. ^,'60.311 1.0 -61.75;- 

Pig numbers up 10.6 per cent, average 'near i ^iilGO ,..,J£1 l6 

price 63.5 d < -0J-. Scotfand: Carrie bilo>..!S74p ; J?3i- 

numbers ud *8.6 per cent, average price 

70.S2p '-1 Sheep numbers up 58.3 "Nominal, t New crop. ; Unouo'eii 
per cent, averane price I2*.0p r-a.li; n Niro. Jan. <a Beta, i Nw.-Dec. n nc 


Pig numbers down 19.0 per cent, average WDee. a- Per ton. s imulator price*, 
pnee iUp f*0.6'. 

LONDON DAILY PRICE -raw sugar. _ C0 Y*;* T GARDEN— Prices In sterling 
£160.60 fsune. a tonne of for Nov.-Dee. wr package except where otherwise 
LONDON FUTURES fGATTAl — M’&esr sftmnenL HTilte sugar dally pnee was Impelled Produce: Lemons— 

.. _ - - • - Italian: 120 s new crop a.SO-a.TS; Greek: 

, aoao 50 poous 4£O-5.80i Spania:' Satan trays 1.00-2.06: 

aaomerclal buying supporr to trade 25 below overnight levels, but buyers were T2J5. > ” (i . I H /1 ” 

runner. 


6.064.50: Turtlsh: 10 
Spania: Navel/ 


Morni ng: T hree monte £353. S4. 53J. to 35p ltigter oo old crop with good mead lacking and" prices soon fell 
Kerb: Three rntmlhs 093^. Afternoon: for dlstants. At these levels country reported C. Ccanukow. Looses of around 5? 09 . 5?*^! 

Cash £34 j, throe months £335. JU. 55. Mining eased val — ... - 

BBS. 57. Kerb: Caab 134AS. three months to 40p lower on 

£336. ■ - tighter .volume saw good support far New York o no: an eras half the losses Ven- 

ALUMIHIUK— Ssrtly changed in qmet November and despite some c o uu tr y recovered. However, ihe martei mrned fru^—Doutinityn: 2.89-3.20: Cvpriol; 2.56- 

easier >oain at the close. 3.511: Israeti: Jaffa 64/73 3.56-3.70: Cuban: 

2.60: Tegan: Red Blush 5.40: Florida: 
5.20: Turhltii: 2.36-2.76. Apples— French: 


Ai these levels country reported C. Cgaraikow. Looses of around Si” 

fine* to dose unchanged 175 pmou were recorded before support Naveiinas s. African: Valenoa 

u NcrvCTher barley la became apparent and following la proving 5* r ri^ P 

saw good support fa- New Yorti amnanercs hair rie losses urerv- Satsumas— spania. _Tray9 >66,1.50. Grape- 


trading with forward metal opening at soiling commercial interest do any dlpa easier again at ihe dose. 
1690 and failing 10 £601. prior to dosing to dose unchanged to 5p higher on the ■ 
at £665 on Ihe laic kerb. Turnover 530 day. New crops did not trade and dosed 


tonnes. 


A'limtn'm 


unchanged to lOp lower oo wheal. Adi 
reported. 


Frol. ‘tfeiieHavV 
Comm.; Close j 


Prenoos 

LKwe 


Bu-iuev 

Done 


n.in, 

Offl.-m 


+... M-ni. 
— Lftfllril 


-c r 

— ■ , — 

i mooch*. I 604-5 -5.25 SC6-7 


i+»-r WHEAT 

~~ 'YeMPiar ■ 


EARLEY 


t: pci Luuue 

Uai- _ 1*7.7 **£ B0' IV3Jb-09.!0; 09 26 ■ 7- 0 


Golden Dehcioir. 26.1b 72 2.40. 84 1.80-1.90. 
40-lb 1»163'175 Jumble part 

per pound 0 07-0.10. Granny Smith 29-lb 
7! 2.40. Pi 1 AO-1.90, lars-.- boxes 
138.'] 30’ 102 3.69-4.60. Pears— Kalian: Per 
pound Williams 0.16-0.17. Passacrassane 
0.09. Crapes— Spanish : .'Umena: LJ0-2.60. 


-1 


Morning: 

£806, 5. 4. A! 

6. Kerb: Three monlbs £605. 



7/Ss ’ 3.6 i»AS0l Mehns-Spanlsh: Green 

XUivi. .Jl26.i0 -6 6 |1*7. 50-27 JO] _ 4J6-4.S0: Israeli: Carmel YeDow 42264.89. 

Oiriopp— Spanish: 4JO-4JO: Dutch: LS0- 


* Cents per pound. ;*U per pfeuL . Business done-Wtaat: Nov. SS.7SS9.19. Sties: 2^76 f2.62l> lots of 50 tonnes. 7«"Ti»S^8 paaMr '~t aa2aj£"Pind»- 
ton PrertWS mmiBaal dose. 4.48^.50: Canaryt^^^^cimpnASp-: 


96 .45> L20 Sept. mL Sales 435 lots. ^ gnumlated basis white sugar wag £264.85 r^ary-' «nrs i »Tm- snanKh- i ga. 
ffartay: Nov. SL79SL7H. Jan. 83.70-83.56, isamei a too*? for home trade and fnr^rnni irnme rrrni'ii' Per^^'d 


niL Sake 163 lots. 


Sonar Bnirr m c Canary: 8 JO. Dates— Algerian : Per glove 

cents pur pound > fob and stowed Carlt^ S? 8 °’ S0 ' 

hean nnrr. fnr Km vi XvliL. Putnea ran ales- spanlsti. Per box 


f nt craa th mal 


SILVER 

Silver was fixed *Jp an ounce, lower IMPORTED— When: CWRS No. 1 18* £££ Sort. ““pirices" 10^X0?' “wT 1 Ptaneavaiiat^-SpaiiHb: Per box 40 mri 

r spot delivery In tbe London bullion per cem Nov .-Dec. 54.50 Tilbury. U.S. SS7 avenge* £h tew Lettuce— FrttK-U: 17 's 1.50.1.60. 

market yesterday &L 3W^5p. U.S. cent Dart Northern Spring No. 2 14 per cent, white SUGAR— Close im m Walnots-Otirformau: Per pound 0.56: 
equivalents or the fixing levels were: Nov. 90.59. Dec. 99.73. Jan. 92.00 trap- meUer bnsinea. sales). Feb. 10959 iSfffl' 0.3®- Per pound LWli 

Spot 392 Ac. up 6Jc: ihree-momb 863.6c. ddpment east coast. U.S. Hard Whiter mi. nVl- April 113^0 114.0a iiSBa-iTa’S’ O -50, T °cantlns 0.39. . Almonds— Semf-soft 


FINANCIAL TIMES 


■Nov. 21 j -\ov.20jiIoaWi ago 

lea rage. 

261.921259; 54 f-Tc62.fi4 

K40.B3 

(Base: Jnlv 1. 1952= 

WO) 

REUTERS 


■SOV. 21 \n«. aj iMoiH Bg. ; Vt*l syr- 

1510.fi 1509.5 < 1580.7 ! 

1486.4 


fBase: September 18. iosttftOOi 

DOW JONES 


-Spot — 5b6 18 3 b4.60>s 91 ID; 68 61 
r.iture*lsaa D8 i91.5dj6B6.B0jaQ.50 
~ (Average mSSeBT 

MOODY’S 


Moody' • 

>■»¥, 

2i 

-B-iV. 

20 

UuULnltc^ 
ago jajfo 

Spin Commcv 

978 4 

07S.I 

972 liaaTi 


GRIMSBY FISH— Supply poor, demand 
stood. Prices at ship’s ride 'unprocessed 1 

uu M _ . . _ • Her done: Shelf cod £SJ0-£7 JO: csdJuutc 

,oa ,^-. D t c - “a cnasi. S. April 153.W-137.M. mi. ml. Sales: in. ’ "«* ®gg* Jjf 2 -. S.OO-SjO: medium haddock £5.60. small 

African White Jan. 67 -30 UK- S. African . Potatoes— Per A» fj.60; large plaice £6.00-66 . jo. medium 

art it up I a_ ^ 1 . 1 1 , • 1 . Yenov.- Jan. 67.50 UK. Barley: Feed fob rriTT/lM tljw l- Ol.-W. Lettuce— P er 13 ro und 1.40- fc.00-£3.40. besi small s.OO-fo.DD: large 

SILYHB atirtint -,+ or! L.U.L. .+ or Dec. S6.00 east coast LU 1 IUI'1 L30. Mushrooms— Per pound shinned dogfish H0.00. medium 

** ■ T "■ ' l, °“ ; T HGCA— Locatran ct-tarm spot prices: t-tveownoL COTTON: Snot WS-B" . sSSSFSSLJ^?.- ' emoa medium BJo. 


iroyor. 


in»-e 


-- -- zsr- ----- LIVERPOOL COTTON: Spot and Ship- Lord Derby 6.64-0. 60. Cox's Orange Pippin 

1 * 1 * F ^n21 h ^;,i. NE cS?t Ild ^* 8 - 1 S.V, B !ir ks M,es w n anl ? nnr ^ » ft.6M.14. Vomsur Pearmaln 0 03-M6. 

T)B04 45d —» .n 308 55r -Fl.fi f®?. ^ bftrtoy; NE Ebb- 221 lonne«. bnunm ihe total for the Subsets 0.D4-D.DS. SParua <1 o pn as Pears 

tfelSiS 1-tS astis ^ % BeT *l 206 0*5“ ™ week so far to J90 tonnes. Fair demand -Per wSiciiMS cS 


ilha.j319.45p 
12 mancht'334.85p |-6J5 


toftefe begtanln* Xov. 27 Tbasod on HOCA fixed ap. Aitennnp was mainly centred Stamper head _ O.HMl'.iV. Cari.no^ So«Sf ‘ »r“£i]o’ 

" 15 ****** w reaaui on African. Rusbh and Turtash -Per 12 Uncoft 1-802.10. Kent uSSSl kilos rup: * MWhlsi? ffii 

uaehahsoL OluIUies. Boetreot-Pec 26-lb 0.79. COWS 71p. No calf offered. 


ISM 

Cocoa gains 
-precious 
metals ease 

NEW YORK. Nnr. .•]. 
AFTER IiVinmv being firm, preciouf 
™viala eased i<> close slightly lower on 
ChromiS'ion House sciliiig following di<- 
appolntnieui on the price r.| tile U S. 
uold juctiiiii. Cupper closed Mead on 
Curtin i i'-M cm House bmitu and JtOP-lo-.-i 
buying. Cocoa finished highi-r oa Coni- 
nilsMon House .mop-Ids- 5. bunns Coffee 
iii!!*tH.-d higher in ihe neai-hys on Com- 
mission House and producer bo''in«. 
Bauhe reported. 

Cocoa— Dft;. 1W un - 1M.70 . March 
Iia.40 > 1*4.251. Mav IS5.10. July 1S4.10. 
bcpi. 161.U0. Dec. 177.5U. Saifs: S72. 

Coffee—" l '• Contra cl. Dec. 145 On 

144.20 -. March 135.75-135.99 MM.eii. Ma> 
132 2a-lv'2.30. July I302i5- 130.50. Seg-I. 12S.50- 
1^.00. Dec. 1 25 .00-127.30. -Salt,: 1.2DS 
Copper— Nov. s52l0 • 64.65 >. Dec. ba.40 
Jan. tfi.lli- March bT.oO. May 6S.SM- 
Jriy 69.W. Sept. 70.95. Dec. 72.15. Jan 
72.00. -March 72.30. .May 74.40, July 75.69. 
Sep:. 76.10 Sales: 7.000. 

Cotton— No. v: Dee. 67.J3-67.Si ■ 67.0.' . 
.March 71.20-71.30 i7I.39i May 72A>r:.£>i. 
July 73.10.73.13. Oct. 67.65-67.70. Dirt. 
w>.6.' .Ifare/1 n7^0-oT.59. May *7.29-5682 
Sides: 5.630. 

'Gold — Ner. IS7.S0 <197. Mi. Dec. 197911 
198.39 ■ Jan. 199.61), Feb. 201.40. April 
■JU5.20. June 209.00. Aug. 21! JO. Cici. 
236.60, Dei^ 220-50, Feb 224.50. April 
226.h<>. June 23J.70, A us. Sale-;. 

25.001' 

tLard — Clneag.. )»io-.e i-!5» .2J.75'.- 

NY prime steam .'5.00 iraded. 

£If4aite— Dee. 2273-227; < ■_*-■<. - . March 

2JS]-22& i *36! May 243M45i. July 249*. 
Sept. 230. Doc. 252-2511. 

S Platinum— Jaii. 319. 00-22:. 00 *:::o.<0'. 
Aaril 2^.30-32; 50 <322.90 July J24.>0. 
Ort. 327.0ft-J27>0 aiyed. Jar<. 33« Kl-.'JO.an 
April XtJ.1Hkjj3.lO. July 32S ■J0-335.7I' 
Salvs: f .719. 

'Silver— S«. 596.70 > £01.50-. Dvr. 

597.50 < 602.30 ■. Jan. 399.70. March 1X3.00 
May ill. 4u. JuJ- SIS. 10. Sepl. S24.90, Dec 
C.7.I0. Jan. Ml. 30. March 6.W.00. Slav 
65S.S0. July <5n7.30. Sept. 676.00. Hohdv 
and Harman -.poi bullion 6u<J 9u <'595.60 ■. 
Sales: Jo.ihH). 

Soyabeans— Nor. 674-E75 <663'. Slarcb 
8&>6S5 . 6771. May 69?i-6K. July 696-bns;. 
Ang. 692. Sept. 674-1. Nov. £S5, Jan. 602. 
USoyaboan Meal — Dec. ]82.iO-!S2.M 
1 si: 70 1. Jan. 155.00-1S4.60 '183.40 1. March 

Sv-.08-lSfr.28. -May ISS.pO-lS5.30, Jnll' 195.50- 
165210. Aug. 183.00-133 10. Sept. 153.70. Ort. 
179.30, Dec. 179^0. 

Soyabean Oil— Dec. 24.20-24.13 <2J.7S<. 
Jan. 24.59-24.43 <23.07-. March 24.69. May 
24.vQ-24.55. July 24.uQ-24.55. Aug. 24 Jji'kii 35. 
SePI . 24 Del . 24.0U. Dec. 22.38. 

Sugar— Xn 11: Jan. 8.17 <S.I7.. March 
SQ4-S.65 *s.64 <• llaj S.iJ. July S.?9 Sep: 
9.15-9 20. Oti 9.29-9.31. Jan. 9 35. March 
53-9.90. -4 a It; 2.340 

Tin— A.60-t;.7(i nom. 

" r 'Wheai— Dec. tB2;-363 *I57<< March 
3494-349? <:-i6i.. May S37#-3D7J. July -Uft 
319J. Sept. n. Dec. 32*. 

WINNIPEG. NOV. 21. ttRW— 97-iui 
asked 'MS.oo nom.i. Dec. 98.70 <92 -.'ft 
asredi. 51oy 105.60. July 106.00 
ttOatg— Dec. S4.MI bid iS4.f0 bid<. 
March SO.SO bid <'M.10 osted-. May 7ft.bG 
bid. Jnlv 76.30 bid. 

xtBarlay— Dec. 77.40 bid t7T.20>. March 
77.10-77.20 f76.60>. May 77.00 asked, July 
77.16 bid. 

SFIaxseed— lot. 255.00 bid 1256.00 
nom. >. Dec. 262.10 bM <256 A0 bidi. May 
267.10 asked. July 284^0 b-d. Oct. ^2.50. 

"Wheat— SCW RS 13.5 per eem protein 
content cif su Lawrence 164.12 isame<. 

All cents per pound ex-warehouse 
unless otherwise stated. ‘Ss per iroy 
ounce — 106-ounce lota. * Chicago loose 
As per J0D lbs — Dept, of Ag. prices 
previous daj-. Prune steam fob J.T hulk 
tana «rs. i CenK per 56-lb busbcl ex 
warehouse. 5 DHO-busiwt lots. ; s b pf — 
troy ounce lor 50-oa oni:s of B9.9 per 
ni purity delivered NY. y Cents pc 
trciv oun^L cx-warvbotibC. Xev.- ■* Fi " 
contract Kl js s short ion for bulk lore 
<M ion short tons delivered fob oar? 
CVfi'.o ToWn. sj. 1 ouir, and .Ilf or. 
'Culls per W-lh bushel tn siorf. 

Coni* P<-r 24-ib bushel. ‘iCrntR pi-r 
S-I’o huihul ex-u arrhiius- y, Centr. me 
lb Mslwl cs-M-arciwitac, 1 000-bushal 
mts. " « p-t tonne. 



A 



40 


“Financial Timw 


mm 




■'■■A '*.'% 7 yn r\ rr\/\n r r 

4\MiF RE POR I 


: - v - ■ .• • 


v" * v - • y \ \Y ■ •• • • 

.C / ' v ■ /- ' *V ' > - v '••>r >. 

- • ^ • • . - 



prompt technical recovery in equities 

raise nearly £36m through rights issue 


Account Dealing Dates 
Option 

’First Declare- Last Account 
Dealings lions Dealings Day 
Nov. 13 Nov. 23 Nov. 24 Dec. 5 
Nov. 27 Dec. 7 Dec. 8 Dec.19 
Dec. 11 Dec. 28 Dec. 29 Jan. 9 


* “ Mew lime '* dealings may take place 
from 9JQ a-m. two business days earlier. 


A rally yesterday in equity 
markets was largely technical 
although there was little doubt 
that the news from Ford, where 
ur.icn neg-iliarnis have accepted 
i he lares; nfTcr and wilt 

recerrmi-nd ii at mass irrecHne’c 
ir. er.cmrared sen'imort 
•• Mch jI.‘ 0 bcnvlilcd From ncing 
op’imi-n: ihei the ROC dispute 
mtsht -:oc<n fo- v* tried. 

Relief ihMt -he ’.-nd of the pro* 
striki n» Ford was at l.iit 
in .«i*/nt was reflected immediately 
dealings b?"an. Leadinq indus- 
trials were marked a few pence 
higher and this promptly revived 
short-term speculative interest as 
evisiing bear positions were 
closed and new hull commitments 
opened-. Soon afterwards, a small 
institutional demand developed 
tot the ensuina upturn owed 
more in a marked reluctance of 
.•filer than to any genuine in- 
venmenl bu-ine.-s. 

The adverse effects of another 
major funrl-ratsina onerarinn — 
.Ur-lal Box is o%kinr for nearly 
£Hfim by a rights isnuq proposal 
— '.\ere countered by the company 
reporting: midway profits in excess 
of no-;t analysts’ projections and 
M n tal Box. unlike Ececham which 
weakened sharply on last week’s 
tv- v- s . n r jjc =; m rjohi.s issue, 
ad" need 1J to dnsp ar the day's 
t of "'"i. ’More richi c lectio* 

'r-ii :n s. ? :n ih« pii'ioHre 

p-l fr-’>rsi • >-u: vhich 

ronr.,— . in: Trot ir_>i. in.lay .->r 
tv.'i-v-"..! indu •) ri ,> - - ■ I i:c 

•>nr,s.;r...-y :l::n:'-c;ubti<-r revu/t* 
:>-r.v.r:<... . 


of institutional buyers prompted 
a rally in thin conditions to Sot 
before n close of 85t per cent, 
a net ri<e of 1J on the day. 
Yesterday s SE conversion factor 
was 0.724$ 1 0.7285). 

An Increased demand in the 
Traded Cotton market saw the 
number of contract*, improve to 
522 from Uw previous day's 199, 
which was the lowed since deal- 
ings began on .April 21. Grand 

Metropolitan account for 103 of 
yesterday's total. 

Contrary to executions, the 
debut of Kitchen Queen was 
somethin 4 of a disappointment'. 
dc~-;.«itc being oversubscribed 
some i f mes on application, 
earlier e .-f mores of a 5p premium 
were" i-': realised, and the shares, 
alrh-.uqh act ‘rely traded, settled 
al flu'. rFier comparatively narrow 
extremes of 29p and 31 p com- 
pared with tiie offer price of 29p. 


of 5 to 70p. Time Products, on 
the other hand, encountered per- 
sistent small selling and lost 7 
at 163p. 

Details of the group's £32 m 
step into the U.S. office equipment 
market with its agreed bid for 
A B. Dick, helped GELL at 316p, 
retrieve 5 or the previous day’s 
fall of 6 which followed concern 
over the Government's decision 
to study rival turbine generator 
designs- Elsewhere in Electricals, 
Ratal put on 7 to 320p on buying 
ahead of the interim results due 
tomorrow week jnd MK improved 
5 to 207p in front of today's mid- 
term figures. Famell gained fi to 


Myddleton Hotels, 290 p. save 
back 5 of Monday's jump of SO 
that stemmed from Ladbroke's 
300p cash per share offer, The 
latter put on 4 to lfllp and Mount 
Charlotte, with a 9.9 per cent 
stake in Myddleton, gained 2 to 
21p. 


Metal Box rise 


Harabros easier 


’ i > - - >• in- 1 • ■ p; 1 ■ < ■ j i »■ i • r fl ci.* ; H 

:’ 5 v ■•’ov. ed i-iri*. bur 

'■'C •>; , ■.--.•re H" 1 |'.ir- 

.:<linq. Bu-ir.i?... 
h v, ."-:r. in ;-!• iec’/.rv roni aided 
r* * ' ? ‘"'.1 ;■ ilh Ijarquin* 

niark...-! t : : t I s i r> •• 4 1 2 U. -!i all I |y 
; | v _ i.rv-.i.ni': Jay. A: 
1 h '• r. i 1 V. .> f : h ’ f'C -. vy r • arruind 
i j p-;- j-’T nu.<-!i;ir<- index wa* 
fi.2 Mq’iyr hy, ii I -ter ‘lipped to 
cly ; e v. ilh a net 5.2 qain at 474.0 


The intlir’nnary aspect of th*» 
Ford pay offer failed to unsetttc 
the filh-cdced market Thoughts 
ihai Monday’s reaction may have 
hc-cn o’.crdonn p.-nnipted cheap 
nuyinq of both she .short 3rd 
ions mai'iri'ios. which esrablished 
vain-; fxiendmc to ■ before easing 
fractionally :<rier the official clow 
of btixineos. Interest in la<l week'-- 
oxhay>»od tap Exchequer 10 po r 
renr Tif.1 tendCil to improve a jam. 

Dealers rooo-ted more business 
in The invo«injen» currency 
market yertenlay. Early selling 
rook the premium down to S3 
per cent before the reappearance 


Hire Purchases came in for 
some modest support in an other- 
wise Jelharqie banking sector. 
UDT firmed 2 to 38p. while 
Mnorgaie Mercantile hardened a 
penny to 12o as did FiSFC to Bp. 
Home bank-, cdqed forward in 
thin trad in - «<nd Liojds. 2B0p. 
and NatVi’ess. 2fi5p. sained 3 and 
3 respectively. Firmer Far-Eastern 
advices prompted n rally of 10 
to 2-i 7p in Hong Rung and 
.Shanghai among forciqn issues 
where Bank of New South Wales 
fell 20 to Merchant banks 

were n«t: ; .lc- only for a reaction 
of 5 to 15Sp in Hambros follow- 
ing the uninspirinq interim 
statement. 

F'rr’.or eonIMicn* rotumed to 
In^urnn' - -'* .-nd e!n?jnq gains 
r.'-rre-i '.i 4 

r.r». •• c - .■-• •; clr»scc! shu w ing 
mode-v v^im. .’.Hied risinq 1 ■ lo 
•Sri: ’I:/- ••ncourau/i;' 55-neek 

xt:i*.-;rwn;. Mutiliew Clark muched 

1 .‘civ lie fori- .i losing at the over- 
night k" Ci •■•r i.jljn. 

-.'-lidinq dc-?tnnii.in< 
held mode'', unpravvmvnts on 
sririr..>!i.: i!-’.n-r:d. Bine Circle 
firnted 2 " while Tunnel D. 
aiieirf! o’ tomorrow's interim 
re^uT'. '.•,■! nod 2 lo 27fip. Dull 

cJ I,.!* vr. : he Incroa-ed annu.il 
lC'» .'inr; recounting discrepant. ies, 
JCr.C! rallivd ;• to 171 j* in a thin 
murker. F.-.l'nq bid hojics left 

Itnvyo 151 ln-.-cr at 37p. 

Ahead of tomorrow's third- 
quarter figures. IC! made steady 
prosress to 3G0p. but subsequent 
small offcrinq.c left the close just 

2 up on balance at 362p. Despite 
a favourablo Press mention. I^eigh 
interesLc softened 2 «o II4p: ihe 
interim rexuhs are due tomorrow. 



75 


Breweries 

I I I I 19 781 


Jun Jui Aqr Sep Oct Nov 


S. Casket up 


Leadinq Stores touched slichlly 
hia’ner levels, laraely on technical 
influences. EJaew here, S. Casket 
attracted buyers and closed 3 to 
the good at 37p and Northern 
Goldsmiths revived with a rise 


363p and, in a restricted market, 
Campbell and Lshcrwood rose 15 
to 135p. 

Quietly Arm throughout most 
of the trading session, Engineer- 
ing leaders tended (u fade 
towards the close uf business. 
John Broun new shares revived 
initially and improved to -tap 
premium before easing back lo 
close unaltered on batonor at 41V 
premium, while Hawker clu-ord 
only 2 firmer at 222 p. after 224 p. 
Tubes, however, endevl at ’he 
day's besi of 37Gp. up 6. Else- 
where, tea tiered demand took 
Babcock and Wilcox up .> to 15ilp. 
while Ran. some* .Sims firmed 5 to 
logp and Hail Engineering put un 
3 to I04p. Among smuMer-pncet 
issues. Brook Tohl firmed 2 lu 
41 p. On the other hand. Ml. 
Holdings remained on offer and 
lost 5 more to JtiOp. 

Selected Foods made headway 
following a skjhlly improved 
trade. Mirroring Press comment. 
Tale anil Lyle added 6 to l .sip. 
Associated Dairies gained a like 
amount for a two-day rise of to 
at 17Sp. J. Salnsbury improved 
5 to 227p while, a waiting today’s 
interim results. Tesco Brmed a 
penny to 53p. Cullens issues con- 
tinued firmly, the ordinary adding 
3 to 140p, and the A 2 to 138p. 
Elsewhere, revived speculative 
demand lifted Robertson 4 to 
149p; the interim results are due 
on Friday. 


The much-better-than-ex peeled 

interim profits together with a 
proposed dividend-boosting £35.9m 
rights issue helped Metal Box rise 
14 to the day’s best of 3l2p and 
feature miscellaneous industrials. 
Other leaders moved higher on 
technical influences and Eeecham, 
a dull market since last week's 
£S2lm fund-raising call, rallied 7 
to 607p, while the new nil-paid 
shares picked up 2 at 35p. after 
exlreises of 37p and 30p. Reckitt 
and Colman added 6 at 444pj 
while Boots, 200p. and Pllktngion, 
2S2p. gained 5 apiece. Elsewhere, 
dealings in Randalls were 
resumed and the close was 108p. 
4 lower than the suspension price 
following news that Ferguson 
Industrial had sold its 25 per cent 
stake to Whltecrofl, with the 
latter having increased its offer 
terms for Randalls to around 
1134p per share. Toy shares came 
in for some traditional seasonal 
support and improvements of 
around 3 or 4 were recorded in 
Lesncy Products, 79 p. Dunbee- 
Combex, 90 p, and Mettoy, 70p. 
Sharply higher annual profits 
prompted a rise of 3 to 31p. after 
S3p. in Wade Potteries, while 
Ropncr ordinary and A both 3t 
belter at the common l*vel o' 
43i|j following favourable mtensfi 
figures. Further investment buy- 
me ahead of the results on vasue 
5uqqestions that the group will 
.s : vu>«iinDoiisly announce share- 
plimimnq proposals hclood 
Snthebv Parke Bernet riye 4 to 
;:36p. Rockware gained C to l-2p: 
Mr Derek Whittaker is leaving 
GKV to join the company next 
week and will become managing 
director on January l. By w3y 
of conirasr. Black Arrow .shed 3 
to 39p on disappointing tirst-^alf 
results. 

In the Leisure sector, recent 
Press comment on bid prospects 
continued to spur Norton and 
Wristif which gained 10 for a 
three-da v rise of 27 at a 197S peak 
of in3p. In Televisions, the interim 
profits standstill left- Grampian A 
unmoved at 40p. 

Hopes of an agreement in the 
long drawn-out Ford dispute left 
Distributors firmer with rises of 
around 4 in Harold Perry. 115p, 
Hartwells, 102p and T. C. Harrison, 
t07p. Western Motor however, 
were again sold and fell 10 
in a thin market to 95p. Pending 
an announcement, dealings in 
Pennine were suspended at 17p. 
Components also took a hard 
stance. Dunlop, 65p and Lucas, 


300p, both dosing 2 better, while 
Jonas Woodhead rose 5 to 99p on 
a single buyer. 

Saaichi and Saatcfai, a firm 
market recently, encountered 
scattered profit-taking and gave 
up 3 to 122p. Elsewhere, trade 
was light and falls of around 4 
were recorded in John Wadding- 
ton. I88p, JlcCorquodale, 262p, 
and W. N. Sharpe, I36p. 

Properties made a little head- 
way on modest investment de- 
mand and an absence of sellers. 
Land Securities improved 4 to 
231 p and MEPC 3 lo 139p while, 
awaiting tomorrow's interim re- 
sults, Capital and Counties har- 
dened i to 39p Recently Srm 
Bellway encountered further sup- 
port and put on 2t to 75p. while 
gains of around 5 were marked 
against United Real, 297p, and 
Property and Reversionary A. 
310p. Further consideration of 
the satisfactory annual profits 
and proposed 50 per cent scrip 
issues left Town Centre Securities 
a penny firmer at 75p, but Evans 
of Leeds were unmoved at SGp 
following the interim results. 


ta olds finished 2 to the good at 
H2p. Chi the other hand sma l l 
selling w as .*?een in David Dixon, 
H2p, and- Radley Fashion, 57 p. 
both 2 easier. 

Tobaccos closed firmer, Bats, 
advancing 5 to 2>ap and the de- 
ferred 4 to 239p.. Rothman's were 
slightly belter at 60p: the Interim 
results are due tomocrow. ... 

Plantations sometimes moved 
ahead on 1 Far-East influences. 
Highlands rising 6 to 93p and 
Kuala Kepong 5 to 64p. 


Oils qniet‘y firm 

OHs traded an a quietly firm 
note. British Feirolenra held an 
early improvement of 10 at 924 p 
and Shell edged up 5 to 575p. Out- 
side the leaders, small offerings 
clipped 6 from 01! Exploration at 

222 p. 

On Far Eastern advices. Sime 
Darby, at 93p, recovered 7 of 
Monday's fall of 8. S. and W. 
Berisford attracted Interest, and 
rose 5 to 156p. while a similar rise 
was seen in Gill and DuiTlis. 143n. 

Trusts tended harder in common 
wilh the better overall trend. 
British Industries and General 
firmed 3 to 96n. 

Shippings also edited a little 
harder, with P and U deferred 
rallying If to 7Sp and Common 
Bras, regaining 3 to ltiDp. Rear- 
don Smlih ordinary and A shares 
held steady at *<p and 32p 
respectively following the interim 
results. 

The presence of a few small 
buyers helped lower-priced Tex- 
tiles to higher levels. Cawriaw 
put on 3 to 34 n. while lfonifray 
added 2 to 3#p. Sirdar me* further 
bid speculation and improved 3 
to a 1978 high of 1 II p and. ahead 
of today's interim results. Cour- 


Golds edge forward 

The steadiness of the bullhm/. 
price 1° front of the outcome of 
yesterday’s U.S. Treasury gold, 
auction enabled South African’ 
Gold shares to edge forward for 
the third consecutive trading day, 
although business remained- at -a- 
very low ievel. 

The Gold Mines index put .on - 
0.7 more to 132.5, but the ex- 
premium index was unaltered at 
96.0. The bullion price closed 
$0,625 higher at $200.50 per.ounce. 

Among heavyweights Golds, 
gains rarely exceeded i with- 
Randfonteln and Western Hold- 
ings that amount firmer, at £28$ 
and £14 fc respectively. 

In South African Financials, Do 
Beers staged a good recovery 
after initially easing to 333p on 
lack c f interest and closed -ff 
higher on balance at 344p. 

A fresh decline' in overni^it 
Sydney and Melbourne markets 
coupled with lack of. London, 
interest caused further losses in 
Australians. Values were marked 
down at the outset and drifted 
throughout before recovering 
ntsrginjliy ir. the late trade on 1 
‘'cheap " buj’ins. 

Diamond eroloratian stocks 
were particularly vulnerable. Can- . 
zinc RiGiinto were 6 down at 230 p 
arrd Oner 3 off at 22p, while 
liaoma and North West Mining 
were 2 lower at 2fip and - ISp 
respectively. . ... 

Elsewhere, the steam ran mit bf 
Westficid .Minerals; after a'fiuther 
burst of speculative buying which 
lifted the snares to a 1978. high 
of 29up sizeable profit-taking 
caused a sharp reversal to - leave 
t'”e price t’i down on the : day at 
270n! Northgate moved similariy 
rising to 460p prior to closing 5 
off on balance at 440p. . , • • • ’ 


t v:»i 

r 


FINANCIAL TIMES STOCK INDICES 

~S’rTV. | ' N'OV. ] . NOV. I 

Iff " - . " Uv’_ ■■ -14' •-’( -lUwr.- - . 


— 

Xnv. 

21 

Sin. 

20 • 

Govortunent f-ei». ..... 

68:18 

-67.»?j 

Fixed lateral 

6a.55 ( . .66.66; 


474.0! 468£> 

Goid Minfr...--- 

132.3 

131.8L 

Gotd Urne- >Lx-S pui. 

96.0 

• 96.01 

OnLUiv. l’lc-i 

6.08 

6.1a 

FViminir,. Y ' jl'AUfll'i— 

13.92 

.16.18] 

t*<K KaDuineii »*i ■ 

6.1 1| 

. s.ocr 

lining murk O' 

4,126 

4,268; 

tyjuiLy mnuiVL-r A’m 

— : 

45.09' 


N'rtV. - 

17 


«A!> .9L5! 
her 


W)7; - 6.021 


e*.t»| ■ joojfi it^.e' 
3.73- ' : 6.69- " *&«; 


6.06' 9-06 S-Ili J3.it., &36 


Eqmtr inn^auio i-t* 1 


.-'J. -aci-MJ 


10 ndi 471.7. . 11' wii -473:0, ' Koan 474.4. 1- pm. 4t3tft 
2 DTU 474 D." I 'pm 474.4. ; ■ • - . - - 

Lateat Indc* eI-246 SE6. -• - 

' rjfs . ■' i* 

Basis 1>I0 Govt. Scm. tSJW'Sft. ' Fixed at- 1838. lad'. Qr4,'A r 7 v rt. CW' - 
■ 5ji„ L . s ji 0. 5.1 Es-S pm tnik-j swrrfcit Jmot Wi- SE j AcUvtty . IptyOiat 


HIGHS AND LOWS 

Wfe ’ " ' | vice L'ompwinon 


VACTIVIT^^ 





H«Kh • ; 

U l» ' • 


1 ' . Ijtrw ' - •] 

j.YV/. -:r. T - 

GuTl-ttth.-:.. | 

/u.Dtt ; 

[ 07.6*!. 


I- - .■• •• ; 

! dg-.la 1 

| -Hants 5 ’.-'" T 

1 ij.if < 

j UOdljv 




Fused »nl. . ' 

1 81.^7 : 

69.50 

: : I60.A 

bChii j 


iu:lt 

lidflif * 

:.A/Udi7i 

-rdiLi5b/.l 


ln>i. Unt.... 

043.5 

4*3.4 J 

*49Ji 

49^ .. 1 


ijBfftl 

iWi ; 

.tARffr/i 

«brtjf«K. 

. ..1 f. . .. .1 . 

liold Mine- ■ 

uOb.6 

iH/ci 

150.5 
(lull . 

l -443LJ 

[(SSUOiTii 

Ii. ’ ■-< 

• 4*.b -t 
UJtolOTL { 

548X , X'Ve£&rc . 
llhXM.mil' ...j' 


142.5 

no.d 

! fi57.1 

64:4 f 

-peciiiame ■. 

(ts-S i n*-... 


■ Uf*! 


fStxd.13 i 



3 


-i j 


:..B3^JB7a. 


l37.fi 1 137:8 

z w& 


9SJ 




i':?s - 




ACTIVE STOCKS 


- 


‘New” 


Stock 

M> 

Beech am 

GEC 

ICI 

BATS Derd 

HK i Shanghai ... 
Royal Insurance 
Shell Transport ... 
Barclays Bank ... 
Brown (J.) ‘New” 

Metal Box 

NatWest 



Allied Breweries 
Reckitt & Colman 


-No: 

Denomioa- of . 
tioa marks 

.... £i - : i9 • 

N'll/pd 14 
Sop • 11 ; 
£1 1L>. 

25p il 
5HK250 8 




,:c ■. 
1- 


t*: 1 


NEW HIGHS AND LOWS FOR 1978 


The following securities quoted to the . _• . 
Share \ In'qr'T^tJqo , 

Jersey Gen. 


itt*incO new Hlqhs ^nd-Lows for 3973. 

NEW HIGHS (10) . 


Morlard 
Casket >S.) 


BEERS (Tl 
STORES It) 


OPTECKS 


DEAUNG DATES 
First Last Last For 


inc'uded English Property* First 
National Finance Corporation, 
Barker and Dobson, Bell way. 


INDUSTRIALS (5) 

Berts fords S»9 Furniture 

Fcedex Watson [ft. K.) 

S « h ^ P B ' LEISURE II) ' 

Norton & Wr, qh| xT j US n> . . 

Sirdar 

OVERSEAS TRADERS rt» 
Berisford >S. ft W.i ... 


•" Wood side • 

Assam frontier 
j *- Tsnjono " t 


PAPER rt) 

> TRUSTS <»>. - 
OILS tli ; 
TEAS [»)'" 
MINES ra) r 


£•- 

' 


Messina 


• -xna-j’.i.- 




YESTERDAY 
RISES Aisi) 


rr?\. 


Deal. Deal- Declare- Settle- Wa^Ts"^ lSUTwE 

ings mgs — 

Nov. 21 Dec. 4 


tion ment 
Feb. 22 Mar. 6 


rants. Dunlop, ICI, Lonrho, Air- 
fix, P and O., Caplan Profile Els- 


Dee. 3 Dec. 18 Mar. 8 Mar. 20 burg Grid and Western Mining . 


Dec- 19 Jan. 8 Mar. 22 Apr. 3 ^ put was reported in ICI, while 


For rate indications see end of double options were completed 
Share Information Service in Lad broke Warrants, Atrfix and. 
Stocks favoured For the call Premier Oil. 


NEW LOWS fl3) 

CORPORATION LOANS (1) 
London Coro. BUpC 
1 4S4-B5 

LOANS (1) 

FFI 14PG 1983 

BUILDINGS tl> 
Aberdeen Cen&tr. 

CHEMICALS (1) 

Burrell INDUSTRIALS (3) . 
Abbey Whiteo oft 

C.mrex .i 


. 09 (NMn'IMt. 

Brftlah Funds'- -..V._ - «_ TO ■*; — ; .. 

Cpn. Dam. end Faretgn . . 

Bands ... -2 B 

Industrials. .V WW 

Financial amL _^ S75. >fai; 

Oifs- C t ' 

PlantaUun ' ■ A - .5- 

Mines . •• •>.' 

Recent fsawe* - I \.:l ' 


. Totah i 



ALUMINIUM FECHINEY 


Frencn Limited Company, with 
Cipltfl of FF 61 J. OOO.OOO — 
Rcr3>stcre-3 olftce In Lyons. 

28 ru» fll Bcnnoi 
Administratian office in Pans. 
Sc. rue Ealtac. 23 


US S 10*n 25.000.000. — 
9”o Bonds 1970/1985 


We nereby Inlorm bondholders that the 
redemption instalment ol US t 
1.250.000 — due on ihe 15th of Dec- 
ember 1973 has been partly met b» 
purchases in the market. 

For ihe rmematlan of the remaining 
amount or US S 712.000.— due. a 
draw by Jet too*' place in Ihe jwesenee 
of Madame Jeanne Housse. notary 
public in Luxembourg. 


Bonds Bearing the following distinctive 
numbers, taking account ol numbers 
already drawn for preceedlng instil, 
mens, will be redeemable at oar 
coupons a-. December 1979 and sub- 
sequent attached, as lrom December 
1978. date at which they will cease 
to bear interest: 


8.037 to 13.0E7 inclusive 


Reimbursement will taka place at the 
following banks 1 

CREDIT LVONNAIS. Luxembourg — 
CREDIT LYONNAIS. Paris — CREDIT 
LYONNAIS. Fru.e.'lcs — BANOUE 
NATIONALS DE PA^IS. Pans — MM. 
LAZABD FFEPES 5. Cle. Paris — MM. 
PJEPSOfZ. WZIDR/NG 3 PIEPSON. 

— BANOUE BRUXELLES 
LAMBERT S.A . Sruvclle* — DEUTSCHE 
BAtiK AG Frank! jr: — COMMERZ- 
BANK AG. FrvnUurt— LAZAR D 
BROTHEPS .r. CO LTD. London — MM. 
H. M POTNSCHfLD & SON LTD 
Lendoi— CREDITO ITALIANO. Mdar 
—CREDIT COMMERCIAL DE 
FRANLE Milan — M9k5*M GUAR. 
ANYY TP.UST COMPANY NEW YORK. 
New York. 


it Is recalled tr-at rhe loi'ewing banr--. 
oresionflv drawn lor redemorion on the 
1 S:h Dcccmr-er 107- lia-ic nqf ve* 
been prcser.cea 1 or -cs '.!••• ment 


791i:79.U. '98W79SS 3070IS072 

3D7J 7397131 0~ 3ia7 S2jg'BZ.-2 
B949/39E3 11E95. JI5P9. 11651' 

1 1 672. 


Am?'jn: net i-r Teemed al the end 
3* the cigirh nstaln: n»t 

US -• IS 627 OCO — 

The Fiscal t9v« 

CREDIT LIDfl/.'AIS — LUXEMBOURG 


TDK ELECTRONICS CO. LTD. 
lean .1 


T7c undersignei annaun-.es mat iharc- 
Falaers who will be registered in the 
beaks of me cimna-i. a: 3.00 pm 
November 30 1978 /-ill be entitled to 
receive a 10 “\i gratis distribution a: 
new snares. 


Consequently the undersigned desig- 
ns led dlv.cp.no. 7 of tf.e CDRs for (his 
purpose 


In Japan the shares are traded ex. 
bonus as from 27.1 1.1976. 


Amsterdam. IJih. November 1978 


AMSTERDAM DEPOSITARY 
COMPANY N.V 


REFINER I A DE PETPOLEOS 
DEL NOP.Te S.A. 


PETRONOR 


Loan 8i;“o— '9- 111936— 
US S 15 000 000 — 


Bondholders are .“erch# -manned that 
the amortlaarma cl u: .OOO.OOO — 
nc-minai redeemable on 30:h December 
1973. has been fully carried out bv 
repurchase an tr.e m3rlet. 


Parment of coupons e U e on 30th Dec- 
ember 1978 will tale place ar the 
isMbwing banks: 

CREDIT LYONNAIS ’.v»emhsur-1 
CREDIT LYONNAIS Pans — CREDIT 
LYONNAIS. New Yorl 
CPEOIT LYONNAIS. -3ruSS*B 
CREDIT COMMERCIAL DE FRANCE. 
Paris — 

KRED1ET9ANK S.A. LUXEMBOUR- 
GEOI5E Lu*embourg 
KREDIETSANK MV Bniisels 
COMMERZBANK A G.. Franklurt 
BANCO D1 ROMA Rome 
AM5TERDAM-ROTTERQAM BANK 
N.V.. AmsterVam 

BANCO DE BILBAO Bilbao — BANCO 
DE VIZCAYA. Bilbao 


Amount remaining lr circulation after 

the seventh Insrafmen; 

US 5 11 303.000. — 


The Fiscal r.gen: 

CREDIT LYONNAIS — LUXEMBOURG. 


NIPPON MEAT PACKERS. INC. 
■CDRSI 


The undersigned acn-junees that as 
rrom 29th Nbremte- al Kas- 

Asaociatis N.V. in AmVircam and at 
Krc.nct bank S.A. Luxcmbourqacflic In 
Lvaembourg dlv.cp.no. 4 'accompanied 
b, an 11 Affidavit ■' I al the CDRs 
Nippon Meat Paefcc-s. Inc. will be oav- 
rcle with USs 4.43 per CDR. repr. 
I DO shl ano With US 44 30 per C DR 
rear. 1 .000 shs --fliv pr- record-date 
II. 7.79: gross Yen 10 — 0 sh.J alrcr 
deduction of IS". J-aarese tv*, renp. 
: cn I 50- — — S — 7B per COR. rear. 
100 sl.s and Yen 1500 — = « 7.B0 
per COR repr. 1.000 lbs 


Within! an A Ifidavlt 20"., Jap »• 
' - Yen 200 — = T 1 04 per CDR 
repr. 100 shs: ana Yen 2000 — - 

?. 10 40 oer CDS. repr. IClOO-shs) 
will be deducted. 


After 23.2.79 the ai#iderg will ort- 
ho paid under decucnan a: 20". Jan. 
tj. with reso S a.17 per CDF. repr 

100 shs and with s 41 70 per CDR. 
reor. 1.030 shs. in accordance with 
me Japanese tax regulations 

AMSTERDAM DEPOSITARY 

COMPANY N.V. 


Amsterdam. November 17 1973 


u, IIU.U Cw.a,»..nii.tf 

.vi lie EL LirnliLj 

/ tnioi ' Pdrafvw in ..-e neauoiic 
of houtn Airier 

NOTICE Or L>. viDt.—a UEClARED 
G.M PRErEbtiY^t SiHAra.- 
Occiaranon of Oivioena No. I3u on the 
40 per cent i_umuia,ive PrccrciKC 
SlM-es oi riS-00 eac. 

Dividend No. 139 of One Kand <R1.00 j 
per si.are In respect ol the si* mon.ns 
t npir.g Jist December 197J. has been 
ueci.ired pavaon: :o tre haiocrs 01 the *.0 
per cent nre.'crcncc shares res-stered in uie 
bosks 01 Uic Compjnv al tne ciojc or 
business or 29th December 1973. ana tp 
oe.-sons presenting ccuoon No. 139 de- 
Lac he j from the preference Si.irr warrant* 
tj bearer A notice regarding payment o 
ol-icenos on coupon No. 159 oetaehei 
iram sharp war.-an.-s lo hearer, will Ot 
published in me press b> [:■? Lonnon 
Secretanes ol the Camcanv on ar about 
22nd December 197B. 

Declaration ol Dividend No. 7 on Ihe 
8 per cent Cumulative Second Prciereuce 
Shares a! K1.00 each 

Dividend No. 7 o' 4 cents per share 
in rcsuect qi the Si. months enulrg 3isl 
Decemaer. 1978 uas b-;«r. aeclarcc 
oa,abie ra the l>aidrrs ol tiie 9 ncr cent 
cumulaiMd secant) preference shares 
regisiered in Lhe boils 01 thu Companr 
at lie close ol business on 29th D-xember. 

1978. t . 

For the purpose of :tcic dividends the 
prelcrencc share transfer registers and 
registers of members will be oosrd from 
20:h Detembc-r 1973 to 12:h January 

1979. benn oa,s nciusi-c. ana warrants 
will be qos led from the Johannesburg an 
United Kinydom tranglcr omccs on or 
about 1st February 1979. Owsiercd s iarc- 
noldcrs pa.a trom l.ic Un.tcJ Kingian-i 
will receive the un.led King jam car-cncv 

jquivaleni on ZTra Jaiujrv I9 T !* Of Che 
rand value al their t'lvioc ih< <lcli 
aporopriace tA,cS> An r uch s“. ir.jhglncrs 
mar hor.ctcr elect to be sv in South 
African currency, provdv-d fiat tne m- 
, quest is received at lhe Cc-hDi". J trans’tr 
i ;ff>res in Johinnesburg or the United 
1 Kingdom on or btiore 29th December. 

I 1 978. 


LONDON TRADED OPTS ON S 


■lni'uin 


.r.*. rei . , Li. ■ 1 

nj'iir.p iiritn 1 *'H-* I 


V Hi. 

■iT.i i 


V.II. 


1 ..flu;' 
• -■■■•• 


t'ji.il'. 


4*' 

^ I 

UP 1 

. uni I nin: , 
v-'.-in t mi in : 


L'imis flu! I 

1 . .'IIS IjuIiI 


Lvorutulrts 

«.EC 


‘rnn ■ Mm. • 

Omni Met. ■ 
mu. i Jl-rl j 
.ti | 

>L« I 

n. l 1 
I ( 

^aini | 


[jlimt 7lh-«. 
Marks 4: Sy, 
>i«rk A I'. 

-h-ii 

.’,.11 

T'iisli 


750 

185 

10 : 

_ ' 

• _ 

— ; 

023i> 

BOO 

51 • 

10 ; 

82 ' 1 

I 96 

1 ; 

.. 

9i0 

17 . 

10 j 

4b 1 1 

68 

— ■ 


130 

17 : 


19 20 

22 

— : 

144..- 

140 

9 , 

30 > 

12 *5 

13 

— J 


160 , 


2 1 

26 — 

. 29 

— • 

1701, 

XbJ 1 

6 > 

1 . 

12 - 

16 

- . . 

. 

300 ! 

r-» 

10 

5i 2 20 

! LO 

1 

112:- 

110 1 

8.2- 

5 

11 • - 

: 14 

- 

130 ; 

Ha’ 

I 1 

31; — 

1 6 

— 

>■ 

300 ' 

24 ; 

8 1 

35 — 

47 ; 

1 ~ ; 

3l7i> 

360 ; 

z i 

1 

8 7 



lC6p 

IUU ; 

10 ! 

— 

lb 1 

i 18 

, 

no 1 

41; : 

24 5 

71; 

! 11 . 

10 

„ 

1^0 . 

1 

60 j 

41» 18 

7 ' 



330 

42 1 

I 

50 : 5 

— 

— 

3S4[. 

360 

20 I 

32 1 

29 t 

! 40 , 

— '• 

,, 

390 

eiqj 

~ I 

121-.- 5 

i 20 

1 


4«U 

Uf! 

_ 1 

6 — 

121; 

5 ' 


aUO ] 

34 | 

5 ! 

40 1 — 

- 

— ' 

231i, 

£40 I 

5': 

30 ; 

131;' _ 

20 : 

— • 


70 

16i;| 

15 1 

19 : - 

21 ; 

— 

85(. 

9J 1 

3*;i 

1 ■ 

7 | 6 

81;; 

i ; 

57Tj. 


36 

20 . 

56 | - 

65 

— 

6J0 

Tl; 

S3 ; 

24 | - 

34 

18 i 


1 

. 

298 1 

129 

1 



HIGSONS BREWERY LIMITED 


NOTICE IS HEREBY GIVEN that the 
TRANSFER REGISTERS in resMtt sf the 
Ordinary Stock will be CLOSED from the 
3ih De-.embc' lo me Z«st December 197B. 
both flares m- iu»We. ^ _ 

BY Order ol if.c Board. 

H. E. THOMAS. Secretary. 
127 Dale Stfeet. 

Liverpool L2 -JJ. 

22nd November. 19<8 


ART GALLERBES 


AGNCW GALLERY. 4 3 Old Bond SI. W.l. 
01-629 617G. DRAWINGS FDR CHRIST- 
MAS PRESENTS. Unru 22 Dec. Mon.-Frt. 
9 30-5.30: Thors, uni. I 7. 

AGNEW GALLERIES. 43. Old Bond St., 
n 0J-S29 6176. DUTCH AND 
FLEMISH PICTURES FROM SCOTTISH 
COLLECTIONS. A lean exhibition in 
aid ot the Nanonji Trust ‘or S-etii"d 
Until B December. Entrance fee SOp. 
And FRAGONARD DRAWINGS tor 
Orlando Funose Until IS December. 
Mon.-Prl 9 30 S JO Thurs an|,l 7 
lOLNAGHI. 14. Old Bo id Sfroc*. Londcn. 
W.l. 01-491 7403. PICTURES FROM 

THE GRAND TOUR. 14 N;v-i; 
Mon.-Fri. 10 00 600. SJ'i. 10.00-: OO. 
TAVlD CARRITT LIMITED. IS Duke 
Sireet. St. James's. S.W.I. SEURAT 
Pa mingi and Dnawngs Until IS Decern 
her. Mon -Fri 10-5. 

■ P.L. FINIS ARTS. 24 Diviet Si'Cc: W 1 
01-493 25S0 RAOUL DUFY drawlnos. 
water cp lours. 1500-1939. Oct 10-D«. 8. 
Mon -Fri. 10-6 

WLDSMITH'S HALL. FOi.l»r Lane E C .2. 
"TOUCHING C-QLD AND SILVER." 500 
years ol Halln-irks Until Nev 30th. 
Free 10 30-S 30 dally, not Sundays. 


MAAS GALLERY. ExtubfTtDn Of water 


colours, drawings and oils by JOHN 

._ _. ... -s 


WARD. R.A.. al 15a Clifford Street. 
New Bond Street. W.l. Mon. -Fri. 10-5. 
Until November 24 th. 

RICHARD GREEN GALLERY. 4. New 
Bond Sireet- London. W.l. 01-499 5487- 
THE VICTORIAN SCENE. Daily 10.00- 
G.03. Sols. 10.00-12.30. Opens Novem- 
ber 22nd. 

RICHARD GREEN GALLERY, 36. Dover 
Sireet. London. W.l. 01-491 3277- 

CHRISTMA5 EXHIBITION OF PAINT- 
INGS UNDER £3.000. Dally 10.00-5.00. 
Sais. 10 00-12 50. Opens November 22nd 
SLOANE STREET GALLERY. Retenl 
tfulpturei bv ALEXANDER in Stone. 
Verbid. Bronze and Silver tfith Ocr.- 
JOIh Nov.. Men -Fri. 10-530. Sal. 10-2. 
ST. PAUL'S GALLERY. S Ave Marla Lane, 
tea icff Ludcj-.e H1II1. 01-24$ S339. 
Oil and Watercolour Paintings. Sculpture 
Framed and Untrained Fme An Reoro- 
ducKon* mdud-nq 5igned Linn fed Edition 
Pnnw. Open 9 00-5.00 Mon.-Fri. 
THACKJRAY GALLERY. IB Thackeray St.. 
Konstnqion Square, w.a. 01-937 SBC 3 
JACOUES KIIPF'PMANN Unt« 24 Nov 


NEW COMMODITIES DATABANK 

A comprehensive computer datubase or price 
hislnry daring from JunuprY 137A. Built-in programs 
for research into price behaviour include all uspec rs 
of trend analysis, technical trading systems evaluanon 
and forecasting techniques. 

Swid lf?r full ilyijils 

EUROCHAHTS INFORMATION SERVICE 

l r H 2l>5 BiSHCioSGATe. LCWDON EC7A1 J>IR. Tiji-OKrt 



L 


The effeetive rate of non-resident share- 

holders' ;a* 11 IS ocr ecu. 

The dividends arc oa/abio rubiect ■ 
conditions which can So rnsoeclcd it the 
head office and London on<:c ol the Com- 
oanv and aisa at the Comoanv's transfer 
offices tn jrhonnesburg and the United 
Kingdom ...» 

By order qf the Board 
F. M. HODGSON. 
Groua S-icrt-Ury 

Transfer Secretaries; 

Consolidated Share Registrars Limited. 

62. Marshall Street 

Johannesburg 2001 

•P.O Bov 61051 Marshalltown 2107) 

■Ihariqr ConsoUea’td Limited. 

P O 9qy No. 102. 

Charier House. Park Slrre:. 

Ashford. Kent. Ttt24 BEO. _ . 

Head Office: 
3G. SS9ckd»!c Srrect. 
Kimbe-lei flv.Qi_ 
London Office: 
40. Holborn Viaduct. EC1P 1AJ. 
22nff November. 1A7R 


(filjrislnuus (Silti 


SCOTCH SMOKED SALMON 

11 lb sWe £9 JO 

2 lb side ^ £10.25 

21 lb side £11.20 

21 lb side £ 12.60 

Gift Pack with Knife 70p extra 

Ready-Sliced Sides £1 extra 

lb packet Long-Sliced Smoked 

Salmon £9.10 

SMOKED TROUT AND 
MACKEREL 

4 7 5 oz Smoked Trout £3. SO 

1 a II oz Smoked Mackerel .. £2.30 
POST PAID IN U.K.-CWO. 
ORDER EARLY FOP CHRISTMAS 

J. & M. SHEARER LTD. 

8 Victoria Street, Aberdeen Ab9 1FL 
Tel: 022* 28206 


OF GOOD FOOD & WINES 


Britain's leading packers supply- 
ing the great stores of the world 
and leaders of industry. 


THE HAMPER PEOPLE LTD. 

Strum pshaw, Norwich 
Tel: 7IJ937 

Telex: J75353 Ham pres 
Colour brochure on request 


PERSONAL 







3 


ALQENham School Scholarships 1979 
Pro*oestu5 now available. Music Exam 
fn March; Academic $ Art in May. 
Max awards at 4 Ices. Phone Radlen 
1092 7£l 6131. 


I Vireninei • Fri"-nnii 


Met 


FT-ACTUARIES SHARE 


' ' .h^kV-' 

. **SH.»i* 

: Vi2^ 

•O; ' 


7 - ^ - 

?. . . 


Tuese indices are the joint compilation of the Financial Times, the Institute of Actuari^^- 

and -the faculty -of. Actuaries 




■ Ii >' lull. 


Imx.I- 1 

[.’■M-lIHlI.p. 

ill/. 


70 ' 



4 

4 

6 1 


63j. 

LSO ■ 

19 1 

21 • 

25 

-- 

31 ; 


130, 

quo • 

1 

— 

lllo. 

25 

20 



80 

3 ; 

20 • 

6 

— 

7 

10 

**!■ 

220 

14 ' 

3 ' 

2b 



32 ; 

— 

2*4| 



43 

' 

26 

_wa«m 

10 

B«B*ae 


RECENT ISSUES 


EQUITIES 



ri . 

Hi- 

fcv-fc 

1 _ 1 

jf =-.+ 

UlV I-. I'l 

Hill 

i , : ’ . _ ’ . 

l*H 1= 

- 

Hi-j 1 

1.™ 

-ffl-i r I' 

£4. 1 ) ! 

1; | 


: \| IIV HI* H •' ' 

i 43 [ 

li. . 

i-4. z.c r.t 

F IV 

— j 

l" J 


i.\fclif..»i ll niri" .. 

.! 65 1 i 

— 

- 

29 1 F.P. 

j 

31 j 

29 

KitdiUD Qi'reo lOp.... 

.; 30i s ; ! 

— 

- S6 6 5.0 

- [ ! . 



l'.'j 

!•••«. 

'lie ,+ 1 | 

- 

- . - 9 


FIXED INTEREST STOCKS 


f* !If ills* ^ § 

■- • r-siH^hi - - 1 




hlock 


Lnw 


CHMSi'k.P.! - | doV 
^ ! Klw ! 4,1 : i ,se; 
L'IUl. F.P. iltS/11 107 i 
ȣ1 j F.I*. ; - ' H9,[ 

B f r.r. :4D|l(i 140 j 
H97V 610 IZSil I i y 

■,«-i r.p. | - i ur? 

i:ygif[ tso ,io,i ; u-j ! 
L'BVIvi £lU -IjJfeil I s»,i 


ji; JAli^E-rWI % all4l.lt- 1304 — [ 99 Inj 

illUr'rU 1, Wrlwwwll Pll. lnfJ ..| 10 I 


101 'IUwJ’V H'HlBt- llf(0«ll 1U6 1-i 

dBj , .Newman Lode 101% Acc. iW 99 j 


Up 


lib 
<9 1-YUll 
91aHv~- 


run leioiirtnct Hi Lhy.W.o- 140 +& 

Ku'fcnMBfWi-nh B UzIut-Isy ffalfi it V5 ...j 914' 

KirIhsc'i* lUftUidiv. tne Irtu '127 +3 

-Muilbfrurk (,'nrv tel. I#?.............. ■ 46 [ ... . 

hPtil Wnler 1% Crei ! 9l ; [ 


“ RIGHTS 99 OFFERS 


I-bUC 

1'nti 

1-1 


; .« 


Lvlyel 
Ueuun*. 

Ltate ; 

e ' s 1 Huji 


197r 


L,u» 


stock 


I I Hi- 1 •— 


■Ml 

560 

iaO 

67 
IA 

68 
130 

74 

169 


r.l\ 

XU 


Xu 

Ni 

fr.i'. 

F.P. 

X’il 

Nti 


1 I irSH'lit ret 
I — • — [ fllpm 
| JUt M It 

I — i — I 

,29/21 3/2 ViuvRi 


►31^1 V ff'HI-V .1 llRUyff-V.. 
(ESpnj jBeouham 

J. . Hi 4 lu, .... 

3b>wi« iJ)— ... 

iLa^r-Aei.i 

Iiibtlli'*' 

Vi4tn'r-I A Remyt 


42in>| 

IjJgiAlijl 

ilttduju.nl 18 . 

1/11; BllC Uu I 10* I - ■■■ -- 

— — .12JPIB 1 lOpmiHyrtim * Hortun...., 

_ | . njrfffiilsimi'XdwniMn inu> - 

bdl| B.liri 1W I I® l‘*“P fn-iicl>— 


66 1 

35 !.ihL -2 

^7 j 

42l.ni 

6i/«i, + Ms 
MV + 1® 

1 10 | 

lQhm I 

3l*iinil 

163 1-7 


Rennn«annn da if usually la*a day fardeallng free nl stamp duty b Ftnuro 
based nn omspectus esumaie a Assumed drtrfead and yield, n KtirecnM divirtr-nd- 
raver Mieo on prevm ua> mr 1 ! el minis*- / Wvrteno yicM flawed on urn-iwciih 
nr oifier nffleia] e.su males fur l»rt J* F l® ,rw ‘ a ^! mM t 0"*vr 1 i»mw 

for ennverwon ol Sliares Dui uow r«*H>a W diYldyfKJ nr ranktlU! nniy f nr resini-ieff 
dividends s rtannu erice 10 RdWiC- F*™ 1 " UDlf ' w ,ltfwrwise indieaM q ls<i»d 
by tender. I' Offered in hnlder.s "» *■' a " rlahis.’’ »« issued 

by u-ay of capItaUsaimo. n ReiDOWJncal 23 l*M«d in mniwriinn with rwirsanisa 
tmn. merger or take-over ill! loiroducO M. J IrsneiJ to rnrmer preferenrr h/.Wijr, 
■ Allotmen: leiiera lor mtfv.naid). • Prortmmul or oanii-pm xlloimcai tenure 
* With warrants. 



EQUITY GROUPS 

Tues^ Nov. 21 1878 

Moji.;- 

N«n. 

. 

; FrL : . 

Nov. 

.."/V 

-Thur, 

Nov. 

: ie 

-WecL. 

. Nov..' 

: is - . 










GSQUVS & SUB-SECTIONS 

L i-jures in parcntti'ss'es sh<m- number of 
yiui-ks per section 

Index 

No. 

. Da.vs 
Change 
% 

. E». 
Earti^s 
Yield * 
(Maxli 

Gross 

Div. 

Yields 
f ALT. 
at :«% 

Est. 

P/E 

Ratio 

rNeti 

indes 

No. 

Indev 

Na 

Index 

Na' 

*•’ .. 

Tndex 
No. • 


(A PIT.4L GOODS (1711 

227.87 

igm 

17.17 

556 

. 7.99 

'225.90 

22758 

2Z7.04 

'22938 


Building Materials (27) . 

19428 

wM 

18.18 

5.83 

757 

19228 

193 J7 

192.87 

7 195.69 


Contracting, Construction (28t.. 

363-49 

I-+02 

EE 1 

4.49 

6.99 

36U1 

E5E3 


36532: 


Electricals i!4> 

530.79 

+13' 

13.79 

' 3 51 

9.98 

EE3 

53133 


lO^J 

^6 

• Engineering Contractors) I4i 

356.88 



623 

751 

35463 

35871’ 

i . 35679 

'36351 

6 

Mechanical Engineering(72i 

17821 

+05 

1858 

626 

7.18 

17724 

.17804 

iWii+'iA 

179.80- 

8 

Metals and Metal Forming! 16>.. 

160.B5 

ELLI 

16.90 

8.88 

822 

EIE3 

360.82 

160.46 

16L98 

11 

CONSUMER GOODS 
(DUK.4BLEH53) _... 


•+0.9 

1734 

533 

7.69 

19928 

2D0T2 

19888 

'5lL67 

12 

l.t. Electronics. Radio. TV (16>.. 

rftT 1 ' 

+0.9 

14.65 

4.14 

957 

24529 

24759 

24536 

24887 

n 

Household Goods 1 12 1 


CLUI 

1722 

6.68 

.7.75 

36955 

169.82 

16952 

.170.72 

■a 

Motors and Distributors i25> 

11934 

EO 

2L81 

•a 

5.75- 

118.46 

11849 

11816 

11899 


CONSUMER GOODS 
CMGN-DURABLEl (1721 

205.80 

+1.1 

16.19 

6.07 

833 

203.51 



20531 

■VI 

Breweries < 14i 

TIT7 


15.02 

631 

927 

223 83 

wrw.m 

22459 

■ 22616 

*!■> 

V\ iiie-; and Spirits 161 



1533 

513 

9.63 

27864 

278.89 

27661 

27865 

24 

Eniertainment. Catering fl7j..„ 

•Ll-jl :< 

+12 

14.49 

6.88 

10.07 

252.92 

25431 

ffIXI 



Food Manufacturing! 19) 

v Xr 

+U 

18.77 

IP-frl'll 

7.11 

2M66 




J- 

Food Retailingi 15i 

NewNpapers. Publishing 112)..._ 


+1.7 

-03 

13.90 

21.67 

5.36 

6.63 

10.01 

652 

216.93 

365.73 

l#| 

216.00 

367.89, 


23 

Packaging and Paper tlbi-.. 

13229 

+X9 

.19.47 

753 

677 

129.89 

13162. 

-33053 

libj'iiffj 



194.12 

- +12 

11.85 

4.79 

12 A3 

192.07 

172.04 

TO48 

173.46 

192.09 

173.66 

193.60 

17559 

25 

Tc.ktilesiC5'-..w 

172.98 

+05 

18.89 

846 

687 

rts 

Tobaccos (3i 

22924 

+1.6 

24.01 

8.18 

4.93 

225.68 


22439' 


37 

Toy* and Games t6i 

9353 

-+32 ' 

2424 

6.91 

4.82 

9065 


"92:77. 

•9434. 

41 

OTHER GROUPS (99) 

vrv 

. +0.8 

16.19 

642 

-7.94 

190.34 

19E36 

19Z25 

194 J4 

42 

1 hemtcals . J9i 

p 


16.75 

692 

7.77 

Z72.03. 

27370 

27454-: 

277.97 

4:< 

PhiinnnreuticaJ Products »7)_._ 



1154 

4.84 

1050 

23844 

■240.96 ■ 

24152 

244,42 

44 

UCfici' Equipment 16) 

m 

+15 

19.12 

WfTl 

623 

125.24.' 

126.72. 

12532" 

12850' 

4.7 

Shipping • tOf 



1528 

7.68 

830 

m% 

400.63 

39578 

400.83 

46_ 

Miscellaneous <37 • 

“f 

WSfW 

13.14 

msjm: 

K&l 

20615 

FTTH! 

20657 

-209:98 




EXII 


bzv 

KMI 

Esai 


FFT7 1| 

55^1 S 

51 


Ffrni 

Em 


KE3I 

IR7I 

EE3! 


tvr-Hfi 


S9_ 

SW SHARE INDEX 

Eza 

KEiai 


to 

K4J 

236.91 


t*rbi 1 

RPE1I 

Ul 

FINANCIAL CROC 1*1 100) 

16L67 



■TUI 

— ■ 

36031 




62 


186.01 



■Vi|! 

5.98 



185.23- 
2© 82. 


m 

Discount Houses! 10; . 

208.94 



842 


20475 

202.79. 

64 

Hire Purchasers) 

139.48 

+X8 

17.46 

5 91 

756 

ptfjflrS 

T57J3 

13639 

337.18" . 

6:1 

Insurance! Life) ilO) 

►cTTfivl 

+1.6 

— 

7.22. 

— 

127.95. 

12911 

12826 

129.82. 

66 

Insurance (Compos it ex 7) 

Es!3 


■ 

724 

• — 

119.89 

iwra 

11973: 

1*331 

67 

1 hmj ranee Brokers 1 10) 

31439 

8SI 

1520 

5.32. 

939 

33356 

31422 

31924: 


68 

M erchant Bonks 1 14f..^ 

76.21 

KtS 



6.43 


75.97 

7520 

75.67 

3629 

60 

Property (3D 

ESKI! 

+L1 

3.73 

3.03J 

44.67 

24735 

t toJ4: 

24827. 

24*9.78 . < 

70 

Miscellaneous (71 

10625: 

■ — 

23 70 

7.88 

5.46 

106.79 

lflfe.92 


104.71 

71 

Investment Trusts (50) 

201.66 

; +fl.T 

— 

529 

-1- - 

e ms\ 


vxmi 


81 

Mining Fi nance |4) ..... 

10055 

+L4 

18.69 

7.08 

659 

9917' 1 

100.94 

1003.4 

PirVrjW 

91 

Ov erseas Traders {19> 

30224 


1634 

7.77 

7.67 

EvSTlI 

3C5.481 


309.49 J 




EOI 

BOJ 

5.77. 

fr. '■ 

2163] 

217311 

o&»f 

ZX88Dr;H 







- 

'J 


a n&.r 

SUM:: 

269.45-' 
35fiBfc: -■ 
155-.45.i-. 

22638 

1773T' 


. . . \ 

• ; ' 




; ''ft . ' ’ ** * - 

,• - 4 . '-L.* 


19L5I V . 

W3l‘ 

227.86 

246.5?: 

VSK 

1W3I - 

3ZZ63 : ' 

UMTn*. 

1845a-' 

na 

186,92,- 


^ - ' *• Fr v . _ • “ ' 

" 5. / » .» 


Y :g k 


- • 1 -. 


««t.T 
12Si$; .' 

44?:?2"r 
19280 X*. 




V. 

• • 1..- 


' T '"’ 5^* r: 


‘ ..-r », 


4* t ‘ ‘ 


■’Sr. - * s: 


79 jZ, 


’ V- — . * 

; - >-W 


■ i9i 


ms. ■- 


1 /. 


wtITv 


FIXED INTEREST PRICE INDICES: 


British Government 

Tui;» . 
Nov. 

21 


M 

B 

J 

<• 

^3 

1 

Under? years 

10318 

+D.22 


. 819 . 

5 

fi 


ui.% 

+037 


"892 

6 

3 

Over 15 years 

11610 

+037 ' 

. 'wmm 

m 

7 

4 

Irredcemahlc 

12058 

+035 

'"-r. 

1332 

9 

5 

All stock.- 

109.81 

+031 

. — . 

: 9.91 

m 


FIXED INTEREST 

YIELDS • ; ' 

Er. lkrvi Ait Un*5 lied 


Low.- _ . .'5 yean?.. 
Coupons 13 yeatis.. 
. 2T* years - 


ateriium . - . 5 years.. 
Cuujjbns -' - 15 jftiars.-: 
■i 25 ^cars.1, 


Tiies.. 
' Nov. - 
' - 2 J' • 


9.61 
1L49 
-.1220 .{ 


Mon.- 

-Nov. 

.-■20 


9M 

13-53 


12.63 

1270 

■32711 


Hinh " 
Coupons 


5 years.. 
.Li years 
.25 years. . 


Irredeemables 


-12ST 
.13.25 
. J133 


3222, 


1270 

-1275 

1275 


1271 

1330. 

13.37 


1215 


• - ' :v r "=d v. 


aaov, . t - 
lapprocTT: 


; 9.90-” - 
1055 


‘v- -v 

‘- 5; - ii 

... - • ■ ■*' 1 

. - H 

• • <1 T-4 

Mrs. 

i* 


954-.- : 
'TIMS"" 

.1087^ 


Mr? 


10.03 v - : 
KJVftX, 

-13 J&V- 




9 .j 






■ •-*» 4- 


Tui»; Npir'-ai 


tu'icx v ysmd 
No. • - ; 


Vn|i. 

SmV. 

M- 






, 

FrWAy 

Tliun. | 

W'orl. 

A'i>v. 

-'ipr. 

N..r. 

17 

•! 16 " .1 

" lb 


u 


U.. 





15 

20-jrr. Red. Deb & Loans (15> 

55.14 

J18A5 

55. 14 ] 55 14 

55 . 10 ; [ aa.io 

16 

Investment Trust Prefs. ( 15 ) 

51.64 

15.S7 

5154 j 51.54 

5L54.J. S1.B4 

17 

Coml. and IndL Prefs; (20) 

71.62 

13.06 

, 71.62 J 71.61 

71.52 > 7L6S 


Friday] 

' ]Soc. 

, 10 . 

*■" T- - V- 1- 


..55,07 
m!54|. 61.43 
71’JSfi t 71.60 


. 63,13 1 6X8%- ;. 

. 5I .G5 j ,5 7^W,_ 

. Ti'78 j..T7:a 





Asl>. 

























































22 1975 








Authorised unit trusts 


WU 4 ^J ■ OFFSHORE 
■ J OVERSEAS ] 


- iffi :^fagTR Idflr W' ". Frarolingfon .Uuii-Mfcf. L& <ai *OTinstr>r Fund Managers Lut. 


— -SWW.J 


i :^3Mr A .t i J M j ai «jy«x| i E l >ir.SOH. Mi«* ire Hse, Arthur.*, BC*. J|«S31UBO 

gwxMi r>» g* : SfltM i'S r P* • *• ■—•I *•« jlin«U-r \m 137 J 39 Jf I 1 Sfl 

Siffilgi : i-S.Si? S^EL”® .mar: 1% 5JB 


MM 1# ESS3fia=HP - Hfa.=| U| Mi-A Unit Tru.* HgetmiLLtd. 

<7< UO^vcOUa .... ..-{£5.0 llBflZZj MS < >ld (Jucu'n irtrerrt, SHI 1 1 8Jfi. UI4C 
tetf -Hambrv Group* IfitfgJ . • Friends' PramfL UnitTfc M grs* * ,<A L,,,ta “--“ *** ■— 
aSSJ"*- B*?-L%«5 Wit.:5!!gs n>lw*Kwi.iMrfeine •••• <*06 to.« _ u , rra y Johnstone U.T. MgnLV 
*^651 or Srencwood OJZ77> ZU43S rriBulaPW.lft*_»2 "' 45Jt4 +021 *» liRtHoimStri^Glfcfciro.GSHUH 041-2 
B&* FbaAi ... Dd.Atewtt.-_ i»5 ' ‘MS***! <L84 3U Europe-....,,. [820 87 3| 

^f£ll ■ m fl *^sss*s%i-«. STSLsSsaiFhs- 


■Satstn Groop*ltalfe) 

»M«a. gottna. Rrg qoaw tf. rwg 
SSL or Bremctrood (Q2777 33*498 - 

i IViad* 

a _ .— ; : jftM .MJ.4f s 


*2? Ms. rinrath "S 

<74 Uft^VeauB— 


I’ruvim-ial Life Inv. L'a Uil.tf Save &.Pn»F r .wmiiniii'd 
u.'.i.i'Jiniu.iit. t.' — • iii wjWkj {iroUjIU fjworilits Llit¥ 

|v..lifi..|'i,ii <01 7 87f[-iJ«>I 323 SL-.4biiN 366 203'^n’l 

Hi/li IliL'inie „}1M3 12Z.*l>j] +O.J] 8 09 .^utiii-Id 499 53 6j - >j \ 

.Vtotihaf**'- — 582 *; 4* ■■ 

Pi'uill. Portfolio Minfirs. Lid.? iaj!l»HCI Sm 4 .Fa.»»h-;- »} ■ 253 2d «... 

Ikilcurn Iter-.- Ki'l-J+NK OI-Utt'lCL! Scvf.EW “if * 1292| .. 


,n *l Target Tst. Mgrs. (.Scotland J la Mill .Uexander Fund 

* ] fl. .Viol Crftiien! . Eri ! n. 3. ' i*312aiBtet,'2 ^7. run Nrtre C'urou, Ln-.-niliouri ' 

2" 5! -n’l A IB l..r.:.-l \ m- ■»■ 6 25.*' ^0J| 18b Alexander Fund _ I S>'n'& 69 !— i — 

53(m-iJ.M 761 Tu’^olUli.lli' _ U1 432«S +0.4] 6.11 N« usmL Value Nov. 3. 

a m E-Ufjioi-DowHi— }593 &3.8( +0J[ 10.0& * fI „ n.-pu t ,ni 


IK (.VlosnadcrKuiiri | 

6.11 I S« JlMd. Vjluo \i3V. I 


Kcj'str I'fJmann Lid. 

ift. Mi Ik SIM K'. fJ k 

l'.}n^c.|e» ir r LUt 


1 2 OC 


Allen Haney & koss Inv. Tdgt. iCJ.t 


>dn^c-le> > - u. 

Jl»nd.NtfU-> .. „ .ItrU-lJO U5<i -; :? — 

Cent .\Asr1i>Cnp... |£137 96 22C OtH »C 1T> — 
Krtstli-x J..pan . . .|C1202 — |. .| — • 


Sece Ot Ameri ca — 1 

• ” 4 ' 1 Fund 

SrollprCo -sFd " : 38* -01} ' 4^2 MaryAw. Ea. 

find Sndr. Cn s FiL -Ko «ij — ;.[ 4jM WAmertnnTi4. 

BeceeeryRUi.. K3 ’. 1B0« _._1 JJJ BnttoUTa. lAer.i 

feeTiC". A Cdtv. b9_? 4IM 403j 5*7 Cajon wdUy Shy 

fcii sma-. Co s - 1 a«3?.MLir 551 hiSRSSSSuI 

Andertoa Unit Thus Managers Ltd. 

•n o—. hw «h ci *mia. • . m m— !>>■- Anentne 


I +0-3 a 
hog *. 

I4r3 h 


C. t A. Trust (aMg> 

3. rtjy l«sli RjL. Brentwood 

iS a*A. _pz.i 

t.U IT I <U_ 


'Acrlim. CnitM. _ zii2 

: iW7 H ‘»rmi Cy No.-, ir ua* 

nil-run! L'mlsi 156b 


5» llnl.-. Jli-Mli.i l,T IPS 
f 95 H nmi-ru‘1. 1 111. line 92 


■ £% Sjhh-,.t] Sit TM.. « 1 

• I 960 i. k Urtli. AlOUIii 218 


27 4^*0 1 811 

:72i2 -03 4 45 

313.J -0 1 9.70 

ill 41! 9 85 

321.. -rtl.i — 
44 7 +OJ 350 
.27 0 . 5 09 

74 Bd *0 J 5 00 
24 7.3 ^0.5 ■ . 


24 7.3 Ml.} • - 
25(F, . . 1234 

283, .15 231 

33 4 -0! 222 

23 4^+0.: 627 

20 2 ni, -MJ 1 b 27 


■ 11 Uiiri.it :in N. *• Iti._p4 0 
Sis <v-.4im.Vn1b..>. -IMS 
0 70 M*rlii.»|4 f let. US. 90 7 

q nc Bucktiiu Nov 16 88 1 

i ilium Hull-. 99. 1 

330 * V.I.T*. No, 17.. 324 0 

5 09 l Imtm JJ tub . , H , 153 0 
t mi ( umbl Not IS . _ 51 7 

I Xi’t-um UhElti 574 

234 1, 't-n Not j| 51 3 

7 31 . \ci-iim. L'ihl.. .. ._ 66B 

9 il Marlboro N.i, 21.. 49 7 

*27 < -tcrunt l iiiL* 1 ... 57 1 


78-tt . — 

^4 IS EartAM^T^ClTSlw' * ^‘luT ^ 3 35 Sn-H.^A’lilS 27 MJ7I.-.V.. - 

103 2 Li: 1.1? Fl^lnU._ 1^93317 193Ml-3-.il - 

130. b ...” 620 Australian Selection Fund NT Klein wart Benson Limited 

1 S! 1 S3 Market UpporluniU-..-;. c u In'b Vctiiiii Is 2«. PvnrbunrhNL KIJ •V.L7.V 

*na ■ ••' tS OulJnrane. 1ST. Kent M . >3dne?-. , Kunnuti I j ^ V. I LU* ’ -4| 

ye’ve SflS C541Share.t.. _ | It N149 I . ....[ — liuL'inwy Inr... 65 7 69 «,t , . t 

711^06 5 48 Net iUMit value November 1“ i»n treum _ _ Ml _ _37.i« , ... | 4 

3^ Bank of America International S.A. KBiniT I' li snoi hi j : 

ci d ^ri\ im 115 Boulevard n<rvj. Iji .■•cd^iunS liJ*. KlU^run Tunil _ £( ^ 0^ • , . : u 

63 9 —0.4 Wldin^oJlni'cini* 1 . |51 '1H9 U54| .. ..I 7 63 K B 1 Silulh Fd. j , S 

739 -0.7 a« Fricia. ui Noi. !A Xes.1 fUb. d3o Ntnr. SL f'jne 1 jMjrnri.l-i . 3l s*4 81 |- 7' 

4*7 fc-74 „ _ „ . . _ IntcrniL Url tn .. 31 > 100 - i . .. J - 

«■ — 2)J Banque Bruxelles Lambert 

64 SI ™i: 515 2. Woi- Do la RiajWL- R 1000 Bnis.-ri4 Llm'ds Bk. (C.I.I ITT Mprs. 

773 5 15 KooloFondLF 1L897 1.9561 +151 7.92 J».U. R«K I0S.SL Holier. Jerri v 

7 823 1™ 856 Barclays Unicom InL (Ch. Is.» Ltd. Dpcu- 5 a bc«- i:. f 2 " 

■ L Chorine Crot. !>L lldiur. Jrsv. OS3473T-II 

“ i7vcnm>8li>ieanu.-'..M6 6 49 U —....I 12.10 Lloyds Bank International lienev; 


Sv5 GortSeraTrt.- - .[99 


Next dealing Aati 
a« Eiit&lnll TM.CI . TIM 
“*■ Next dcalinn daii 


3fc#0 JnlL r.oiL Sres. TM 

flir “V 335 I'lr.-lNn rLi.u K1S27 1£ 77!. ->.v.l — 

iiber23 FUalnU._ . 5193 J7 193 63— 33i| - 


•’ 7J* National Westimnsterf (at Koihsehilrt 6c T^wndes Mgmt. (at | E “^SS.i“iti?r..'..j3hi 

1433+* M 3 45 1 p* . Choi [Wide, BCSSV 6£U. 01+7*6 606a St. Swilli in:- 1 -on.-. 1 jdn.. KC4. 0l-6U04:iW * Vn *CbaFdNo*U.'l. 1167.8 

9t3+ag 536 ‘ apUoUAccuw.i— M3 693J 442 Ni-w i-LHsom|y_. (ilZ20 129 CJ _ _] 389 *S|*«:R«. Now. ._-Jj50 9 

3L7iq +4Jj 0.98 f-WoIot 1 - «3 7B2« 8JL» Privet on N.k-. lli. Ne\t dieting l«c. TS. ’ Recuv ^ N^ 1 ; _ —j !97 J 

Justaier Unit Mgmt. Col Ltd. Gibbs (Antony) Unit TsL Mgs. Ltd. prnwb low~ ~ Z as'6 920 7.~. 5 21 Rowan Unit Trust Mngt. Lld.f tat 

gKj^S^i^tvw*. *■ F , «d*neic'«Pi-owj«w«r.is«a. bhwjiii KSSSBuToTPai: Ini ?Si — 1” c.ter. uwl iM-..n« oi-Mam 

|K.-ah»tUr rand. 1125 . _...| 908 <atAC.IneonW _MX2 . 44 M J 930 Cmv^TMiJ KdjdTZ: 53.0 5L9n IS Ano.nw.in No-. 1 1. . 60 5 63 5.3... I 1 

■-r-T,a«Ti..nt rnr...ltli 70 rii v' <aJ AXJ. GrQWtbtt_6&2 ' 453 — J 5 i 70 r in_ !l ^r^ fTyL :' ., S*r-unll.-:N-.u.UI .. 1683 1785] +0M 4; 

girtsftimi®* secnnues Ltd. <aXc) W.\. c. Far Ejat-npab S3) L0 NEL Trust Managers Ltd.f taMgl iincnvid %v t7_ 52 7 55 ,._J 8 

“ 1» a Undon EClBiBy -01-2385281 DeaUuS *lum. ttWed - MiJianCwrt, Dork/nr Sann- .5071 i \e>-nm. l-nuw. — 77.0 TO 9J — J B' 


8SB.FwielRUTh5t.BC3K BAA. -8239231 

AttdorxoaU.T.. 1492 . 53JJJ-L2J Z2S uSm!riLUu£, 

%ns&»cber Holt MgmL Col Ltd. Gibbs (Anton 


i s Cite Ginn 1IM-..H 

9 « Ansni-.m Ny. II 


■ftwovoyNoi- ■— 1197 3 283.41. _j 472 

■Hit IIJE i-,. , Difi> funds oiiv 

Scotltsb Equitable Fnd. Mgrs. Ud-V 


II <>■!»«<.<■;■ '2. 014UM1IMG UllSr. .VidrewNSq. tdiPtuirtii iOI-RMHIOI ., Acvum L'nitii-ZT 


^a* -— -, 3 m Tyndall Managers Ud.¥ 

172 4 1*1 454 18. Caujuge lad. BrhJoL 627232=41 

258.6 399 InwnriL-Nov. lft. _|990 10401 SM 

283.4 . _ 472 i \rcum Cuit-' 183J 292 4l 8.M 

mds oaiv I'upitairinr. i- r * 125 6 132 0] - - - - 4.77 

•j Mm Ltd V 1 ' nllm Unilsi 177.8 386.81 4.77 

7 “ e ”’-5r r Ewwpc Now. 15 _ Mb nail ..... 836 


51 9 -0 4, 
59 7] —0.4 
51 a -0J 
63 -0.4| 

733-0.7 

46 fl 


77 3l 

70M ..... 


Fund NV Klein wort Benson Limited 

I r,sh Youiijj Ib U». h enr bu tr h NL Kl J <1 " . U.” ii'O 

Idnr?-. , Kunmi-M I^^-J'. Lll 4 * ' ;-i' 

.49 I - ••-I — iiuL-i-»<i.'y Inr... 65 7 6?*,1 . . 4 35 

I'imberli. I»n \rcum _ 8JJ 37.6* . ... | 4=5 

ipnilinnal 9 A KK far Lost Fit. .. SI >15 oC •.. : )J> 

■mat ion ax a. a. kri nil Fund . 51-Si] 01 

Juuira liJi. Klijiiran Tund _ SI SJ6 09 ; . . ■ 0c>! 

U5«| .. ..[ 763 K R I S Hulh Fd_ Sl'Sliaa • I 0 ~2 

lb daio NiW. ~ Sulnrt Kerm-nh. 51S4 81 1- >(-.,| 7 87 

iKoou. tntcmiL Bd fit .. 51S100 -[.... 

nbert 

Ktt Bnjs.-rK Llo>'ds Bk. (C.I.I ITT Mgrs. 

1.9561 +151 7.92 JM.*. R.rt ID5.SL Helicr. Jcr^y 0x45V,',l 
<fl» Is I till LleydiTit-O-^-a- .1528 5561 ( 3.45 

tvn. *Nl «o- Next dvalinK dutu Drci.--at.cr JT. 


“ i>* crwiis I ncomir .. M6 6 49 Oi I 12.10 Llovds Bank Internationa! tii-Ri 

6272 32=41 I nirlaJIsu-TnWt ]il S1057 flJB ) 850 U... J-W I.II 1 1 isw.i.. rl ....<. 

M*g.H 2S L'm bond Trust |SL£Um 1^-4 L90 

?S5|- — ?-53 - Lloyds loL Ldctuik- . |iyS0 M 312Si|... I 5.25 

iu« — 477 Barclays Unicom Int. CL O. Man) LLL . . 

ll«|::r iTbonasSUDoiifil.,, i.o.3L OflW 4856 Management International I.HL 


^ Yield .. 
ram Uni 1st 

■Income Fd 

lih Inc. FOud 

AKtn Unit* 

% WOrwLUO). 
ice Fund. 
Dnrtsj 
mod. . 

yFund 

nltsi 

drwLU 

FOtiFd. 

GfamsFund . 
rAcctnnllaitai 
Growth Fund.. 
Gkrrnni Unltct 
Smaller Co's Fd. 
Eos(«n> ft tnU-'Fd. 
ION, WdrwIUtsj 

£°& F £u£ 


47*1 

691b 

U2.Sn -0J 
■3.1 +1J 


58J +L8 9.17 
2&1 — ... 1229 

SI - 

62 5* -0.3 6.B2 

910* -Oi tja 
529a -4)3 6312 

176 -00 1B7 

' 39J 400 2J3 


JtM Gmeti {Jofcu» 

U.98 77. London WaU, B.C.7. 

-9.17 Strtr. Nor. 17 P31 

917 Do. Accum Unit._.|l64 
917 Next dcaha 


■Nclsmr. ... 5HL5 

TioLnor High Inc. _|48 5 


63 5.5 . . 
1785 +0 
55 4-a .._ 

TO H 

82 6 .... 
10L4 .... 


177 inrnimel’jiit*' .|4 

■35 Airtlin.UJUL'-rr • !f 


tit* - 1494 5251-0 4/ 

lit, !57S 61 2 —0 4l 

Seiuini: djv- Wcdni- Jj.. . 


5 37 Int Earn Sn* IS 243 « 

507 i tii-iim Unit-, 2764 

Tbcf \M- IS KIS6 


f Sebag" Unit Tst. Managers LtdLF tat lArrum. Uroic _ }131* 

4J9 Pti R.B Slf.Bcklbr- . I L«* , t.*. - 4. ‘ 01-ltUj MiuO 24. r*.1te Edinlwrrb^ 


iB.9f °!l 5 f 8 a^ Norwich Union Insurance Group 0»> Rqyal Tst. Can. Fd. Mgrs. 

.„.]p41 173.»} 287 FC*. Box -{.Norwich. KK13NG. <Wl3a+Uk| W.Ji-rmvnMrwI.S UM. 


Next deahog day pec. L 
Grieresoo Management Gt Wd. 
SB Gresham St. EC2P2DS. .. 03 -«X 


linrnpT-t Fd. — .{354 4 373J>]423( 5 48 ■ UIXI.-.I l-ri [J67 . .. 

LhL Trust Managers Ltd. (aHBMii In ^.^'.N„~iW tl ci dcSug N.«l. J> 

01-eoe 4433 ^ HiRhlIo11wii.Wr[V7iiB 01-K6&W! .. _ „ _ 

• 1 54a Fcm-i G rowth Fd_{23.4 2501 ... ..| 504 Sa*e & Krosper Group 

“L"( 5.48 AfromUnite^ B78 29.W J 5 04 4. (Treat M. IK Icn.-. Irfm-Fu. EFSP nt"P 

a91 B22 5511 • — I 7S «8-7n yuccn hi Edinr.urch KH2 4N\ 

.4 8.91 "“J tJn«T«* (33 2 37 * . ..] 5 28 rvulinsi !o: 01-PM BHfcl or <U1-=!K TtSI 


Bmjgtoe Nor.15 
lAcrum Units* 
BUix.il YcLNuc 1 18 


_OJ 307 B UIX.H YtUioeie 

+0J 7 xx lArcura. Unltoi. 

mi Endear. Nov. 21 

4117 E57 (Arrant Unliai. 

401 757 Grnchstr Nov, IT 

+0 1 a jo (Accum Units) 

^ in laiBidt Nov. 1S_ 

+0J 243 (AccBst unieo__ 


220 J] _... 


'“'•as tn 358: : ::1 11 

aifl-as 303 Pelican Units Admin. Ltd. (gKxi Sa ' F & pros P cr Securities LldV 
?«4 ? ] fountain St, Manchester (MI 236565G Mll 

■ »a-rr 1.S ^rOTUnUs-.-iaal wm-KW «.« WPW* 1 Bf? 

243 fcrtrccm. unicv — r |/w ■ 78.61 — 1 290 Perpetual Umt Trust MngmLp (a) Univ.unnvUi ]66B 7L8si(+o.b] 

i42 Guardi an Boynl Ex. TTg i* Mg**- Ltd. fuftisuaBa taoreasinc inmor rood 

“* BM 4241 _.l 463 ll.fih.YieM 1521 SKOf-Mj 


■'ufduil Fd. - 133 5 35.11 . [ 4 06 

rs. Ltd. -'eiioc Income 1-rt (30 6 3201^03) 864 

VMtsrcoj: Security Selection Ltd. 

2<| — I 371 J5-:9. Unrotn - 1r.n Fioldi. MIKtlfiSW!] 

• H. . 1- J. -B. 1'm-ll.HiT** Vc— 124 4 2661 +L21 272 

dltiiit N.n. M. t-nrfGUtTKtlnc. -PL1 225rf| +0.^ 2.72 

Stewart Unit Tst. Managers Ltd. (ai 

Ei-nnnfP 43. i Darlene Sq. Edinburgh. U31-22S3271 

-Til: 4N\ turwalt American luiul 


iilimdinl Unib 1556 5931 

Arcnm. loih Ml 64 hi ... . 

Withdrawal Unit. . t«4 5 47 ^ 

-Mi-wan BrUhJi Cuiul Fund 

Suir.ilnrd R36 2 I486! _.. 

.A cram, drub. — -J158 5 173 o) . ... 

Dealing True.. & Fn. -W'e,J. 


4. 01-2U3 WmO 21. Nl_ Ed.alwrjh^ 

4471 I an* -Nd In,.- Nov J.I — 1164 3 
i5i| SS S.-ot l-JM N.n- 15-1370 

*^01+031 854 (.ir, uniU oil.- . |l66 0 

Loulnn Wull tironp 

2 'IMSM fiSTW 9 I'apjt.-iltTrinvth ]796 

2651 +L21 272 tv Acrun . ..83 3 

253+0.9] 2.72 Eslrnlm: tlrcwxh- 381 

peri tjrf (at Do.Ao.-Mm — .46 0 

gers LIQ. lai F,njnct.ilPrn>_ . IS.7 

101-2283271 rviAiflim 19 4 

llicblnc Pnortly— 621 

59JI J j«Jjj Inlcmatioiial 272 


1640 1 836 Liuciarn Auet. EkL .1483 

255 6 I 536 Do A UA. 31 In. ...29.5 

290 4 J 536 Do. (inr. Pacific 66 5 

112 0 12.86 Do. loll Income 368 

34li|, f 1286 r<o.). of Men Tst.- 443 

831225 lies Du. Manx Mutual— P5.2 
373 21 1 9.47 TCichniKtrale filmm 


1.70 Hank of KcrmuJo Ituililmc, Lvrxuli, 

1 90 Cuzucrbur.' N'in-. I7/SL.-O05 / 


5201 ..... I 1.70 1-nnk of Kcrnm 
31.8n — O.sl 190 Cuzucrbiui' N'm. J 

396] 8 80 ill & G Group 


ij. | 1286 E».J.ofManT8t.^ «43 47.* J 920 Tnwer tr.ff »V-<>r -.-:c 

83l==S 11B Do. Manx Mutual —(25.2 Z?% L5U ^ s'l ^ * 4 - ;■ 0 - T ‘ "■- 

liaS' -! ?« Bishopsgate Commodity Ser. Ltd. Au*tEx Not is jii-oe; :w.... f 

«1I “f® lS3:H “ «A\amm l ; nhi |l82 4 19621 -D4, ,3.95 ‘ 

49 2 +0.4 1034 


— lAixum L'nk i |182 4 


(Jo l ; 1 -l .-* q.7 

I962J -0-1 53.95 


l2 -tta - H3«riim LB * Samuel Mon tag! u Ixla. Agts. 


ll^jl sli Bridge Management Lid. 

20 7|+0j| 521 PG. Box 508, Grand C^nun, C"a> m+u Is. 
65.U — 0.4i aas Vbasbi Nov.] _ | Y17 954 I 1 — 


] 14. Old Brand Si .llt'j 


ApulIiiFrt Xin 15. P6VQ8Q 45b0[ ... 4 11 

Janf«.lNu*.ir- .. (iS'Uifi 1=“« . _ ; Pra 

u< Group N m in.. ;i '1411 2lt 


Fpecluilsits.... 


29 1 +03 2.89 GJ>.0. Box 580. Himfi Konc 

i5idj+02) 5.48 Nippon Fd NovJ5.|£V12LB 2L9f] .._..{ 

Britannia Tst. MngmL (CD Lid. 

02S48218S 30Bath SL, St. Melier, Jersey. 0608 


I8U40.5I 7 48 Stiir-Ilord [U6 2 

5.9*3 +H ij 410 Accum, Unit*. ...J158 5 1730) 1 ...: 

L8*d +0.6] 1 96 Dealinii True.. Sc Fn. -Wed. 

Sun Alliance Fund MngL Ltd. 

56 Of +0^1 7.73 Sim Alliance UMX.Hoi-slium. M(I 

EipiEq.TVeMov h _ 11214.9 226JI ... 


28J| / BOB P3« U alCp.Clh.Z..]j9:4 424/ “{ 463 liifih^-.cM 

AxcbJWP Unit. Tst. Mgs. Ltd.¥ (aXd PiccadiUy Unit Trust (*Xb> nixh i*. 

513 KirhKolbarn.WClVTNL. 01-8816833. „ , . . . . ....„ . Anumy Gibbs Uun Trust Manafiera Lfd. ltifih fUrtun 

Aire Fond — JflES 87J# | 686 Henderson AdmInstratio«V (a^cKg) 3. Frederick's Ptoce, Old Jewry, EC3R BHD. 1 ' 1COT,> -' - 

Prices at N«. IS. JKext mb. day Nor. 33. Premier UT Adnno, S Raylcifib Road. Ballon, ul-588 4111 UK. Fan** 


rl-. 


Barclays Unicom Ud.V (aKcKgl - 

Onlewn Ho. 2K Romford Rd.E7. 014345544 Cabot R^-my ' 

Unicorn America- M2 32.7| +A4] 138 Cap. Crcm-th Inc — . 

Oo. rVost. Arc — .... 69.0 74 6 —fill 1 92 Cap Growth Acc.— , 

Bo.Auft.lnc ».< 582 -0.1 192 Income & Asseu_ 

Do CftjlaJ 65J, 711 +0.5 "4S8 Hlxh i w - «. o — « 

ne EramptTst 1076 132.1+05 609 “h*hlM«m?™? 

Do.KrtraloraDie ^ 28.2 30 5 +0 J R60 CoL. K«Sr^“ 

^588" mil JM SretorF^A 1 ^ - 

sl Sj 

-^wtawtsl'^j a* g g g » «— 1 . 

Prices at Oct 31 Next onb doy Nov. 2ft — — *-l 

.CtSSSteacSb iS:f M a WWil&B: 

6*.WKbrtdeTst._ 89k - 530 +53 2J7 Owreu Ftredx 

BtsLln. FdJoc 59.9 .62.4 +£9 5J9 Australian, — __ 

Do: Accnai. ^|69.B ‘72.7 +Laf 5J9 &rO(«»n- _| 


0277317238 Extra Income. 

Small iTo% Fd. 

[i i 1,24 fapitaJ Fund.. 

3 le'a 3 na I**L Etuk St AusK 
i j.gj| 3 04 Private Fund.... 

>| .Vf] *x7 Arrumllr Fund 
I’’ Technulon- Fond 


66. ll -O.’J 

63.2*4 -8 M 


J27 Practn al Noi-.iB_.n46j 
210 Accum. Units [210.9 


lllch Income Funds 

Itifih RtrUin* ... |66 1 

EKD. lncom '-* 1 42 - 1 

UK. Finds 

10.70 1'KEnuu.v HJ1 

T 50 (irrr+K Kinihiil 

6 60 Kurfipo. - — 187 C 

680 Jiirun 104 8 

580 N K A-.).* 36 3 

tS [67 0 

S 25 Nn-lnr Famfv 

iS • 'i-mmiHiil i- 172 3 

J.K1I *7 n 


tat Fund TSB Unit Trusts ly» 

!6 2 I486! - — [ 4 20 21,Chanliy UTa>-. .\nrfoier. Hants. 

ins mm ■ Jt in «... 


PeoJittfa u* (S»t 63432-3 


. U7JerM-.vNon.H_. £5 34 

2L98| I *.75 IDldViOcLS. Jtftf 


1 IT JsyO'JOcL 25„ |[965 10I5|....l — 

Murray. Johustoue tfnv. Adviser) 


71.0] +0 41 
45 2| +t)j] 


31. CreihmnSt-. Ki.Tt 

46 Jl +0 J| 5 J7 T.i rc i-tToonnod 1 1> . j3J 2 
Tarcrt Mnanriul. -|S80 


rn. -weiJ. iTi'iTSBilcnenil «45 

IngL Ltd. n.ifv. Accum 57.4 

>. mix: £4 mi •{;' — Si 

8.76 erffiSSyralllwb 9 trail +oi| ioo Sf^jSSilS: S° 

966 Target TsL Mngrs. Ltd.v (ai(ci 

l—obnes: 02365941 Ul5leT Baolf (a) 
36.8 >14-0 41 4.14 W.'itin^.SUc-X. Rclla< 
638 + 0J 4 30 «b)t:islerCroviih_|36 6 


47.71 ._ 
61 4 +11 
63.0n -0 
675 -0 


jsierllne Denamlinmi Fils. 
406 (Growth Inreu .135 6 


... , ... B5 6 385 -.... 2 

+03] «36 lnUtt.Fi -179 5 85.9 ..... J 

-ai 7.44 Jersey Energy TK.. 1181 0277 1 

-Oil 7.44 DnirsL SThl SIC— -KL97 207 ._... 1 

+0JJ 222 HlfbJnt SUg Tsl_.]oi 96 0.99| 02 

+0.8] 222 VJ8. Dollar Draondiiaieil Fds. 

UniisJ. ST.-rt. 1SCS4 99 5! 

LnURlCh InLTtn. . S(slW U 


0504 70114 183, HopcS:, Gia£fnu- i'2 

•HnroSl Krt 1 tL«0« 1 .... ; _ 

, f 200 "OturrayFund -. .1 51510 44 ] .„._j — 
I l nn NAV ..mcmbi-r :j. 


*,0^5 loll A meri Cin Fu nil. « 1 710| +0..1 J.HO Kui-rei 1*7 

Si -SJ! 1202 Practical Invest. Co. iAd.f (yxrl Viniinci.it Sc [66 
.+ «■ 8!>»DV;hury Sq. WCIA 2R.\ 01-823 flKO HtKh-Mininwm Fnnd*. 

J?' Practical Noi-. IB — 11463 1557]....] 455 Svln-I lmern.4. - . ]24: 

2U| 1 2J0 Accum. Linus bl0.9 2M.4 | 455 SfcJecl Incorm.-^ B1 


S « 'I'mmoUil c ]72 1 

w Uu.-rO . _ 167 D 

I 1 iniincl.it Sen .. |66 4 

SO HiKh-Minimum F'Dnd<- 

55 Sclci-I lntern.il 1240 1 

455 Sc) eel Income— pi 9 


VoiDC Nov. 17. Net: ilcalinfi Nov. 27. 


1 00 NAV ..member :j. 

7 SD 

too NegitSA. 

1228 lOo Boulevard Koya!. 1 i:-.rin6nii rj 
NAV Nov. 17 | 5Lil2 41 | .. 

900 Negit Ltd. 


Bjnk of Bermuda Rlrlc-t. Hannli->n. f'rnic^ 


__ Td.lnc. _- . ..28 2 

1 00 Tel. Pr«I .... 13 3 

7.99 Tct. Spvcul Slls. - . 19.5 


393J+02I 5.41 Brawn Shipley Tst. Ca (Jersey) LUL nav.\ot.ju_ |£6 47‘ — | .' 

MB11 oi-ra4«il Si^hnx^dm J l ci93 IJW 9.97| 32W Phwniv lnternalionr.I 

n I 5-S Butteifield Management Co. LUL 


30 3<d +02} 8 70 Kiiifi Wi lli.im SI. EC4R S-Ut 
if 21 "■ .1 lnroxm.-i.'niu 

2Lfl| -O.-l 5 46 Aceum. I iniLs 


12J0 lrn-ow l.'niu {29.8 

5 46 Aceum. I >niL: {35.0 


For Capdirex SA sec ui 
igi U liman Ltd. 


under Key ser 


Baring Brothers & Ca Ltd.? (a Ms) 

88. Leatt?Dliall SC, E (XX 01-5882890 

SrrxiKniTsL 11728 '100.41 J 454 

Da Accum. 7.0 2Z&2J ] 424 

Next sut day Nov. zL 


Furopoon - 

N.Am._Tl“ 
Cabot An*. Sm_ 
Bxempx Fmwlu 


INSURANCE AN© PROPERTY BONDS 


H4| ; j 4j4 Abbey Life Assurance Co. l>t± crown Lire Assurance Co. lult Lloyds Lite Assurance 

Z6W ] 424 y SSf tv^ n ^TT+~li?n i ufSa JaS 1-S St. Paul's Chiucfij-ard, EC4. 01-2489111 Crtmu Ufo Hs«-„ WokinB.CU2l i:»W M48G250I3 an. aifton Si. EC2\ 4 MX 

- 22- ^ H BqulBTFttivd _p5 8 37.g+03 — WjuiC'd Fund A.;c._ 1103.0 108 4 +03 - Milt fit Nov 6— - . 1 36841 t 

, Um|+ Po m HiU Samuel Unit Tst, SfefS-t (a) Equity Acc 30.S 325 +<n — MamrdFd. lnrm. ._ IflS fl 1065 +0.4 G17 Op TATr-No*- 16. . 144 4 1520] 

«B«vh9LB»at wraaill S2 p * l,yFd 1SU 159.1 -O.l - Munr-d Fd lniL._ 1013 106 6 +0 4 - OpSA'EqtNc.- 18.1354 1429 

•0WBBB380 « Beech St. EC2P2LX. piopertyAec. 1*15 170.0 -0.1 - Eguitj- Fd Acc. . ,. 94.9 99 J +0* - upJWHy.Nov.16. 155 0 163.2 

1S %?a^S7l SdecUieKunrt. W.7 95.5 +0.1 — Equity Fd. 93 1 981 +0.J 6.69 Op 5WMinJ*lo>:.ld 154 0 162 a 

-rP-,2 ConcertJblo Fund.. 134.1 14L2 +0 2 — RquIlvKd i nil .... 93.6 935 +0.7 - (jp.5ADpUiov.16, 123 6 130.3 

+°-3 J.» OMonqy Fund.. __ 124.4 13L0+0.1 — Proper! v F4. Ace 96 8 1020 _.... — _ . , , ~ , _ 

2-S ?P«P Fdsor.4_„ 1523 1393 -0J — FToU.-tVFd.tncm. 960 lDto 9 75 London Indcmn It>- & Gnl. In 


Crown Life Assurance Co. LULV 


Lloyds Life Assurance 


BiBbopsgaie Progressive Mgmt- CaV Sanmel Unit Tst Mgrs.t 00 

p. SiihopSKnic. E.C2 - ‘ • 01-8HBS3B0 ^ Beeck^BCSPaS ^ ®>'J B “ ,1 |P* T 'pCT I .v Acc.‘ 1615 

B'eatePr**Nov21 _ 1X7&B 189.M -451 3.70 <b *? I S , S. TnBt — Eft 4 fS^Mf+LJ] 558 Selective Fund. ._ 40.7 

A*U»'-Nov51..H14k 278 S -2.41 3.» ‘SJSJlIl'S?- 

B£aWlnLNov.l4.P6D6 170.3 | 256 

(Acrum.iNov.14._pm2 189M 2k6 ^ 

-Next mb. dn *N«. 2a. -4er7i ISJEStSl* 

Bridge- Fand Managers (a) (c) tb'SeruntvTM. 

Bella Rut. KiasWillittmSt^C4 01-6S34SB1 On Htgh Yield TSL _ - . k . 

An*ericnn&CMd-g.| 22£t | L65 JnteLV (aKg) Pnces at Nov. 2 l \ nliii 

"fee 3% 15. Chrixfnnher Street. E.CJ2. 0IJM7TJ43 

“ bnn IS InloL Inv. Fund (85^ 923] +03) 730 Albany Life ASSUra 


558 Selective Kurd. ._ 40.7 
J® Convertible Fund - 134.2 

2.™ VMonoy Fund ... 1244 

5 22 9 Prop Fd Sor.4 1323 

J-98 VMun. Fd Srr 4^. 134 0 
SEquWj L« ! Ser 4- 345 
5 25 *Com- Fd Sor 4 U4.4 

835 ? Money Fd Scr. 4_. 1123 


r*o ir++ - - Wn n 42.6} J 396 InloL Inv. Fund (85 6 

ipc.'t— HI [iss 0 <J4 Key. Fund Managers Lid- (aKg) 

11S-..-I * 54 2S.MUkSLEC2V8JE. 

Dnlios Tu«. IMBlHt-Mai Nor. KeyEnreprin.w.roit 
■' Ivwillk JCeyEgul^&Gen., 654 

9 I^A^niJulldiuw, LoodooWaU. Key Fixed Int Fd . 604 
lynxLn Kent SQL 01-63804TRW7B Key Small Co s Fd. 1026 

AsflMa 1 — 175.4-. . 7831 .+0.41 455 , . _ 


S4+OJI 4.90 ywan.Fd Ser A — 134 0 1411+03 — Property Fd. InlL... 94 6 

JM +83 _7J3 vyjjuHyFd Scr 4.J345 36.4^ +0.J - Inv TsL Fd. Acr .. 9S2 

54M+0AI 5-25 JConv Fd Sor 4 . .1114.4 1205 +0.H - Inv.Trt. Fit. Idcdl- 956 

3L9] ,.-4 Wloncj- Fd Scr. 4_.hl2J 1182| +0 1| - Inv Txl m lint . _ 96 B 

Prices si Nov. 2 j_ Valuation normally Tuas. Fixed Int Fri. Acc.. 100 0 

Fxd. Int Fd. Inun. 98.8 

.01-3477343 ... ... loler L Fd. Arc 1C8 9 

923t+03| .750 Albany Life Assurance Co. Ltd. imwi rnim-iu... um9 


induc'd Fd. Inrm. Ifllffl 

UiinCd Fd lnit 1013 

Equity' FA lice. . ,. 94.9 

Equity Fd. Ilti'Di 91 1 

Equity Fit lull . 93.6 

Property Fd. .\vr 96 0 
FToperf.r Fd. Inrm- 950 
Property Fd. InlL... 94 6 
Inv TsL Fd. .Acc .. 4S2 
Inv.Trt. FiL Inem._ 956 
Inv Txl Fd. lint . _ 76 B 


10L0 -.... 

1D10 

995 .. .. 
1033 +0.4 


6.69 0p5WManJ*lov-.ld 154 0 162^ 
— (jp.5 , A'DpU l iov.l6,|l23 6 130J| 


LO — 

.6 .._.. — 

2 _ 

il ;;■■■■ ~ 


9 75 London Indemnity & Gnl. Ins. Co. Ltd. 

— lB-3fi. The Forhurv. Heading S8S5I1. ComaPeii* Fdt” CD7.0 


Capital Internalional S.A. 

37 rue N out- Came. Lui,i-mb(iiixS. 

T "HTl Capital lot Fund- ■! SI SI7J24 | -....! — 

K fl 1 tv I fn Far Central Assets MngL Lid see 

a Jm-F under Keyset U liman Ltd. 

— ■— — — Charterhouse Japhet 

8MfAl Inunni-d Omun I.PntMTiosierRow. Ei’4 01-34B35C19 

* ttSfl „ ,, “^ ttr “ ce G-fOUP Adlrapa U.MMM 322#] -0 lM 470 

New Hull PIjn. Liverpool. 051 2274C2 Adi verb a_ _____ [<««« 5258 +0 ID 442 

Hoyal Shield Fd._ 11435 15L81 +0.1| — Fondak DM319# 33b -0.10 496 

Sl. iw»„ ri+uinii Fdndli WI213B 2731 530 

Save & Prosper GroupV Emperor Fund 53 :a 330 — 

4. CLSLHelen's. Lndn, EC3P 3EF. 01-556 88HB Hispana !t:$C(2 4U7) „_.J 2.72 

K£Sr%-=Bi ffi|^3= 


Quest Fund Xncmnl. -Jt-rse* 

P i'i Buy JJM SI H«lu-r l v i>e; i. 

Quc+ISiIl- I-'-iI Iril IS7J 9151.. 
Qnt-J lnil. Sir.- . . |I. -JITO ( r, 4; . 
Qui-st lull Ed .. lilMirc d 1 - 1 
Pnii- at ?•>•-.. 15. Nett dcjiirc 

Richmond Life Ass. Ltd. 


i I.til. 


j _ -W. AlholSUV+4. Pou-'l.-i- LC'.JI iiT*l+ 

“iji Iv TheSHurTrtlfrLiai 11791 ;i - 

iTj Richmond t Id Bd.. ItHB UitJ-Jil _ 

Ltd. Do Platinum Rii ... 15? 3 iftl -ll - J -Ji — 

I'o Di.imondF.d 92 7 100 7 ...J — 

Do Eminrorm-Bd .. 165 3 174 01 . ] 1163 
01-?4B35m) C.iitiUodC.C IXd.. WO 100 Oi . . j 1* H 

-0101 4 70 

+010J 4 42 Rothschild Asset Management -C.l.J 

-■-Ml I’D BosXt St .luluii- I'l.iJui'i-n-.-.b-ijI! ixEV! 


., , • -- 81. Old RuTlinfilcin Si. W l. 

ML (aKg) VEquitvFd Arc .. 1915 
01^007070 VFixedlnL.Acc. .1401 
-77.4+8.3 3 76 fOtdMor^ Fd ,\r U65 
695 +H2 5 J5 Vlntl.Man.Fd A cm . 107.4 
1825 557 VPrwp Fdjtcc .. U2 9 

82.7 — 0.( 1039 VHTjJelnv Arc 1675 
643 +0 2 . 1217 Equity PenJ-'il.Acc. 2285 
109.2 -S3 5.99 Fixed I .Pen Acv ... I78.B 
- G tiDtdfl.PrnAci-, 133.3 


lolar L Fd. Arc 1CS9 

Ltd. inler l Fd. Im-iu. . . 1039 

nixrr vdt* Moiin Fd. Ato. 97 8 
01-4J1 j 962 M.mwFdlncnL. . 5S 4 
•I - DiaL Fd. inrin. ..1016 
• —I L'nj»-nBrt.ln*.-A‘ 1592 


100 6 +D. 
1018 +0. 
1052 .. 
IMfl .. 
1146 41). 
114 6 +0.. 
102 9 . , 
J00.4 . .. 

106.9 +0. 


+0.4 730 i 

+-0.5I - I 


Monev Manager — (325 34 9] -01 — 

M M. Flexible W0 30M-0.1 - 

Fixed InlvrML . —134 1 36 5| -0 1 — 


11 85 The London. & Manchester Ass. Gp.V 

' t Q1 Wint.1 Jlie Part Ejcdcr. 0382 52155 

Cap ilimtfiFund .1 232 7 1 .... I — 

30.00 *Flcs.Ereini4 Fd J 137 9 ] | — 


SEtiSriffil* Ya— j Ol-.EqFr.lct.31_ 53 4 5a 6*d . 2ST 

Envaror Fund 153+0 3M — J - o.'MntFri Vn. 1537 lo3S.d 7 16 

Hispana |il-SCS2 WI ] — 4 Z.72 o.i'InU-KU I SI 22 3 20|-io; 135 

Clive Investments < Jersey) Ltd ocsmCnu-.-i :n _ Ml 5 i«5) .. J .130 


933 4K(raipt Prop. Fd 
_ OExpLm* . TsL Fd 
Flex 1 bit Fund — 
Inv. Trust Fluid — 


Crusader Insurance Co. Ltd. inv. Trust Fund — 

VinraUHcwso. Tourer PLEC3 Ol-eKMJl 

. x " ’■ ' - M*« GroupV 


CMtalAcr_ 

r«an Hiil 


T \ ’ , >*. r T 

: \t;iO 


Extra Income — — 39k 
For East — 195. 

r^SrrFnfnrnT~~ 

UtflU Cfugmlftj — . (7-0 

firewth— .— 8L4 
lot t GnWQi T-__i 113 
Inn Growth.— 596 
limxLTxtSinrec^ 443 
Mnerulir JU 


Bj« 4L 
it9 mi 


- **+ Nat. Hi chi 


6i_e +05 ■ 44 ? 
82.9b +05 557 
413i +4L2 4J3 
123.0c +0.1 759 

42J +03 962 

207 +0.2 3.49 
685 +04 . 450 
814 +20 345 
873a +0.6 3.95 
734a +0.4 *856' 
641x +0.8 -. 2« 
476 +02 4J» 
33.4 +0.0 384 


m- *** raS^FdA& 
IS. High Yld.Fd.Inc. 
loaf ini HlShYld.Fd.Acc 


£{* LJk c Unit Tract ManageroatfCUilft ahev 

JM Tbo su>e0 Sehanfla, SC3N JHP. dl-SBft aaflO f^gfi 


• G'ldJJon.Pcn+ire.'iSJsia MO^ "SZ — Eagle Star InsnrfMidland Assnr. ThrecOuan Tower Hill l 

t Managers? Ditl5InPnF4Are..hl4 2 mi -.. - 1 Thn-adncndle Sl. E'.t 0I-S8812I3 iSriSSSlM?. W S 4 

.01^8^g^;^ A -g« i8|;r = EaKleiMid. llmts _ (53 0 SS.fl +0^1 620 g„v D™^.„ U0 3 

1204 -• II . Equity & Eaw Life Ass. Soc. Ltd.? fS^&JSffiSStez. is V 

57? AMEV Life Assurance Lid.? AMK.-nih.-ia R^d.H «h wycomho ES2|f2?3E— ” JSS'S 

514 n:; tS Almi>HM.--VlmMRd..Rei««tc. RuistdeMtOL ^^wpn. — “'ill 7 118 3^0 2 — CiltBoiS*" : — D69 

51:4 6.76 AMEV Mnnacpd^.. 140.9 14851 — Fixed itttmwt F 1B76 1^3 +0.1 — lirtemaud. Bond**. 98 0 

50J " - aS ASffiYMsdT%- .... 119.4 1251 — cld bcMrttfd " 1011 106 S loa - Japan Fd Bd.- 596 

502 “ 18 AMEV Moocj'Fd.. 1069 112.6 - w“odfi_.__ J. U22 UBl^ . Manage Bd 136.7 

AMKVEqutP' Fd... 1106 116J — T.7J.. . 1 ' Per97Pem.fbn-*_^35B 

■geanedtTld.? AStEV PStedim.-. » 7 95 6 ...... — General Portfolio Life Ins. C. Ltd.? Property Bd -.j _ 165.8 

(d.smamn AWB\ PrqivFd.._ 99j 1045 ..... — r,, u.ro>, n i n row.m'< vj,in U mi'n»< u-niffii Rerover*- Fd Eld.'. 67.4 


Gill Fd . 122.6 129.U .. . . 

XX-Pfc.il Fdt - 1261 132j +D 2 

Comp.PCnt.FdT 2D7.0 217.91 .. ■_ 

EquitvPcns Fd 183 4 193.61 +1 7 

Prop Pun* Fd - . . 232.8 245.W 

Gill Pen-. Fd 94 5 995 —.. 

Deros.Pcn'.Fdt .1028 1074J ._. 

•Price?, nn November 2L 
T Weekly dcaJiQ£s. 

Schroder Life Group? 

Enlcrpnsts doase. Portsmouth. 070 

Equity 1 239.6 . ... 

EquIrt-4 222.0 233.C 

Fixed InL 4 1369 144 2 ...... 

Manic vd 4 134.0 14L2 

Money 4.. ._109 6 1155 

Overseas 4- — 88 7 93.5 

Property 4 .. . . 162.1 170.7 


•~ _ PCi.Bk 320.SI Helicr. Jersey. 0S343T3SI. 

IDJ — Clhe Gilt Fd.ff.J • |9 54 955al | 3152 

— Clive Gib Fd.iJ*y.i. |950 9 53 3 | 1157 

.!..' — CarnhiU Ins. (Guernsey) Ltd. 

-Z.. — PO. Box 15T. SL Pmur Port, ikicrnwy 

— lnUU.Man.Fd. |1710 1B60| | — 

DWS Deutsche Ges. F. Wertpapiersp 
Gruneburcwec 113. ffM» Frankfurt. 

Imvsu. IDM375I) 35391-0.101 — 

07n52 f 33 Delta Group 

II P.O. Box 301Z Nass.itL Bahamas. 

.... — Delta Inv. Nov 17 .. |SIM49 156| | — 

“ Deutscher Investment-Trust 


Ltd. GCSirHrm.ii.-i III _ 1415 146 5 .. J 3 a* 

fK-u-r+asi iM'.romraodili- . |14I 9 153 4. , 4IC-. 

l'Vix> O.l". Dir i7r*ii|dt> .T...|328 07 :•> 0 67 

| i{-2£ -Pnoov on N***. J-l .'•■■•.i n-Mlme ”.'.■**• ;■*. 

1 ilJ/ IVnCfc no Nov 21. N«M *ir.ilini; P-.<. 7. 


— I Pmlach 2885 Bicben-assc 610 8000 Frankfurt, pr aline 


Rothschild Asset .’Hnet. lUerciruiii 

Pi*. Bri\ 6Gt. Ilk v( Fermuna L’rt [.frai.oi. 
Hv'Ncn c Fd I5l't*9 81 98)'. i . 

Pni-i- un N-iv. T. ;.*.-. t don liny :...*, j-_ 

Royal Trust id» Fd. Mgt. Ltd. 

P ii. Box lW Ro; al TsL llw. Jura-v. ij?> Itlsi 
•RT IntT.Fii. _ ..[59 09 ««o( . ..I .‘OO 

R.T.Infl.iJvv *Fd fedO E6 p3 J 3 21 

Pnio- ai Nov. 14. Next dval-ir^ No.-, m. 

Save Sc Prosper I nlr motions i 


Klein wort Benson Unit Managers? |bttLMnPnFd^ire .. 

20. Fra church St, E.r.3. 

Unit Fd. Inr 
L L’nHFdAc 
Fdlirv TMn, 
dih.TsLAre 


Life Assurance Ltd.? 


1 nirvadnccdleSL.K'.t 0I-S8812I2 ArocrieanFdBd-’. 145 9 

EacleiMid Unite- (53 0 55.0] +0.4| 620 Ton*' Deposit 1 — 120 3 

Equity & Law Life Ass. Soc. Ltd.? f?vKK&-L « V 

A nK.-rsh.iai Road, Hifih Wycombe MM UI377 FamityTMO^ 165.8 

LnuiurFd I1UJ 1192) +1 01 — Faau»>«aB« — -190.8 


Three quart Tower Rill EC3R 6BQ. 01-6264388 KtS Oovh. Seev 4 . .1121 8 


76 AMEVMonacpd^.f 
ZX AMEV Usd. "o' 

21 AMEVMoiH«yFd..l 
^ AMBV Equtm Fd...[ 
Pbcalnt.. 


B6. Pen Cap B...._ 124J 
B.S Pen Acr. B .... 1368 
Mnpd Pen. Cop B- 208 8 
Slued Pen Ace 8 HL4 
T InL Pen. t ap B 95J 
F. InL Pen Are. B 97 0 
Money Pen Cap. £5 . 97 2 
flloney Pen. Are. B_ 99.1 
Prop Pen. Cap. R... 1070 
Prop Pen. Are. B — 108 9 


ICoqnmtni - . ... — IP9I28 6S 
I InL Renienfoddi.. JPMU60 


21591-010] — 


37 Rrt*a<l 1.. *iL If •-her. J«r -i-y u; 

Dreyfus intercontinental Inv. Fd. nir! nS?h*r^n!™ Wl? ' tlU1 977 .* 7 40 

NAVNov.l I3U5U4 li«D t — Ntrth.Mnen can't. 13 62 <00-OJOi — 

Emson & Dudley Tst. MgtJrsyXtd. Sepro*.. lisos 1645 ] — 

P.O. Box 73. SL Holior. Jersey. 0^30601 S^liniMfenomlnared Funds 

rnirT I1J2.6 110 51 I IDO Chaniiel C :ipilfli+— .1235 1 747 51 — fi»| 2 5+ 

„ TT. . ^ X0 ° Channel lvl-nils-4... 147 5 *55 § -o..‘. S.1S 

The English Association c™mnd ; 1 3’ & ua’i .. . • 

4 Fore Street. EC2. OI-MBttU S-SHJW& i!^l? 11+°^' ' ( 

‘Next deallnc Nov SL **Ncxi define i«(K. 30. .weutir iKHiuy.. *»«■«. "->'11+- 

Eurobond Holdings N.V. Schlesinger Internationa! Mnp:. f.r.L 

Handelilmde 24. lYillenutad. Curarai* 41 . Lh M etical, Jit Hclier, Jcr i-. T : 

Laodaa Aznte Intel. 15 Christopher 5*.. EC2. §-A-1 L p 7e| ... j o 'o 

Td. 0I-B47 1243. Telex: 881440ft 5.V‘)I - —[086 Cr-1 ( . .. ,-7> 

NAV per share Nov. 17 SI."S208P. (1‘h Fd. __ -*J — 3. ... . [ lj£+ 


I5CS1545 15*1) ] — North Amcncan'i. 13 68 4 90-OiDi — 

e Dudley Tst. MgtJrsyXtd. Sepra* 115 05 16 45 ] — 


+0.1 429 
+0.3 252 


North American 25.9 

Profteaonal.-.— . 532.1 
Propem> Shares — 1C1 

Shield 66 

Ktmus Change 29.9 

Uoiv Bnoroy __ _ |32J) 


. "«|jur US ICBSrtKi: 

ThcJfeitUh Life Office Ltd.? (a> 

Beliancetr»e-TuiihrfdjieWdli.KL0B3222271 tAnwrienn Fd. 

BLBfMah Lite— — ® J . 532] +0. 3 5 99 KAreum Up ItU — 
BL Balanced*. h—Tm.9 51.2j -0.71 6.03 Do*L *MoO- 


£^!!f^ wCL ; w ^ Cnx ? R ?° 137J R FrtS J '.m' i -w.il L --NPv. ii 


FlaxiplOD 


405 Lawson Secs* Ud.V (aKtf . XNKViFnnMagum 

2.72 37. Qoeen's St- London EC4R1BY. 01-2285281 I 

ifl ttSSKtfeU-.- ■ aa ::..l tt 6*w=l 


PnrUoIio Fund— — 1419 

Pnrtlotio Manaccd 42.4 44. 

Ffoha. Fxd Iol — (47.5 50.' 


For Arrow 'Lire Assurance see 

Providence Capitol Life Assurance 


Gresham Life Ass. Soc. Ltd. Property 

2 Pnnce of Wales Rd . B mmilh. 0202 787(55 £*c.pvrtvFvni 
C.r-Ca^Fund- 98 7 103 91.... — Eourtfii 

«-}-EQUttvPund.-106J 117? " ‘ SSSstem U. 

.‘ihCSi Fu^.“.iwS iio7 :::: = • 

ill Pplyfund ..100 3 105 h| ..... - j£JSJ{; Kll , 


— Merchant Investors Assurance? 

“ l.eon Hbe.. 233 High SL, Croydon. 01-6869171 

Proper^' — 1599 — 

I7ffi3 ProP+rt.vFVn: 169 6 - 

’ w F-quFly. . , 58 D ._.. — 

— Equity TVa.-* ... 166 9 — 


Money ren. Are. B-IW.1 }9jg . — EDICT |i?7fc 1305] 

Prop Pen. Cxp-R... 1070 3.12.71 — 1 — ~ ^ 

Prop Pen. Are. B — |ioa9 1MB| 4- — The English Association 

“ Scottish Widows' Group 4 Fere Street. EC2. 

- PriBrn^Edinhu^EtUd^m.^^ S $ 

-ESo* J8S-3 ” -Ncrt deallne Nov 2ft «*Nrai deal 

imw.CfJbNav’irlnDU 1053 "" — Eurobond Holdings N.V. 

xa*1 — — Handelskade 24. Willeimtad. Cun 

iff, ~ Lomtoa Ac rats: Intel. 15 Christoph 

» 7Z 1 — 7+49 t*4*t- neiiiiM 


J nvUi. Cash Noe IT 
le Ut Are K«v Id. 

E* Di Inc. Nov 16 

Max. Pen. Nov. 15 

Solar Life Assurance Limited I NAV per share No*. 17 srS30W. 

10,12 Ely Place London E.CAN OTT. 01JW2 2POS F. A C. Mgmt. Ltd. lUV. Advisers 


‘Next dealing Nov 32. +*Ncxi dealins i«ov. 30. .woeaij- 

Eurobond Holdings N.V. Schlesinger Inter 

HandeliJtadr 24. WiUem&Ud. Curara" 4I.UiMoUeSi,Si Hel 

Londoa Asms: Imel. 15 Christopher St., EC2. g-A.1 1« 173 

Td. 81-1(7 3243. Telex: 881440ft 6 A.‘-M - -..»B6 

NAV per share No*. 17 SCSSOPP. CihFd.-- 221 


BLiignced- -TjgA ' 513^71 683 Doat *Moo. *Too«. .ttWed. iThnA. Barclays Life Assur. Co. Ltd. 

^JpaKw-'se hiSxt deaW n“o5 m " * General Tyndall Fond? asa Romfom ltd.. K7 

- ITrn-x.. rtl,l!tt nu Hr lHCan.v nB el|o«J.Bri» > L 02T43224I &«rUftxxHts* [175.0 

Brotcn Shipley & Ca. Ltd.? Dts.Now.i4 ]M6 63« ...:.t s.oz Eottt& - hi7.3 

- Mufra. FWmdere CU ECS 01-000 BKSD (Accum. Unite-.. .{766 . ....] — 


Growth * Sec. Life As«l Soc. Ud.? Wanaseti 


01-3540544 Wp »r Bank. Bray-on-Thames Bertu-. (MEA-MSM i n il 


BS Unite Nov. 21 
Do, (£T.) Nc*. 21 — 
_ Oceanic Trusts (si 
TlKartaL 
General 
■ili areh A cram. 
GrOWdTTrH'ame 
. Hi “ 


y.iwW'J- 

-■frvis&a 

Bxh4p*^3cL 10. 


a* . Next Mih. MDradxrU. tefej— 87 7* 

AJC Leon ine Admin Iteration LUL danaaed 1W2 

flfc7 I'DnlreSL.LouitonWlMBfP. 01-069081 ^, 7 

D SSK»sa^L‘Si 

5.09 LooAc rnro . ■ , — WL7 . 860l+O2( 4.60 cntEdePw»»Jlce._ 960 

IS Lloid* Bk. Unit TbC Ilfagro. Ltd.* (a) ffijg&iiEE: gi 

3 A0 BdhW LDeW. ftrlitWd, Do. Initial ... 99 0 


Flexible Finance ( (15% | ... J — Do Pen-' 1008 

lraidhimk See*. .] 5411 J _...] — lull Managed I 970 

LaniJhanlt Jfc-f Acc. U67 119.a — ire Pen* llOOfl 

d. St S.Super Fd. 1 1 “ pensions ud. 

Guardian Royal Exchange MilK.nCourt.twridnE.SniTre 

Rnj-ai ExrhiUiqe. RfM 0J 2R3T107 Kctex Rq Cap —134 5 83 

Property Bumh- ..|1B98 19771 . I — Note* E+j A*, cum ..[25 2 121 

Hambro Ufe Assurance Limited? js^K^SGS? 1 jiKtK* m 

Trtld Hark Lone. Londun.WI ill ABO 0031 Nclexrtihln.-tTap. I5L2 53 


P«ri% ... 

InlL Equity . 


MLd -0.d 
161J8 +0 2l 


31( _... 9.79 V . “ MonejPefiiKAci;._D035 imtH+OJ — 

28.7 _. 3 A0 SjiwJjtai'B DeK. fJonnfrlavSra, Do. Initial ...|99 0 U»ll .. 4 - 

25.7 +0.* 4.4S Worthtnc.Wew Sussex. 01-62312881 -Current ualu value No* . 22 

I&5 +4a 3B Bahmced ... B8J 

58.71 +0.2 459 Do lAcrotn.) >703 

S2.3s| -0.1 6U . Worldwide Girth. 

Slid 457. Do-iAecunvi. 

••• Cndflbi Life Unit TeL Mngrs. Ltd.? 

- 24HS8h'SL, PoUesaBhr, Hext*. ' F BarSllSS Extra Income 

' Ca». Cen InxL _t38J - 40 Jj +0.41 454 Do. (Ac cum. 1_ 

i 5s — fei- - - k 12 ioii Lloyd’s Life Unit Tst Mngrs. Ltd- w High SL- Potters Bar. Hens. P.Bar 31 122 

“ ^ 0 £Sr^^_TS’^w-V':i &\ Id = 

h *ts» saafisssassi 

i'Iflro®e ffil 85^ 8 09 See ali» Stoeh bcbaagB Dfttkniu. JOIj^ci^- WenhlryHABONB 0X.«i-8B76 


01-623 lias ■Current iiolu value No* 22 

54.0b +0^ 474 

56a +0 6 1.96 Beehive Life Assur. Co. Ltd-V 

tS? 71. UonhardfiL. EC3. 0102312 

u?? U».7 6 28 Ml Scree Nov. J-..| 133 08 ? -....[ - 
63.9a +83 8.19 

74.7] +03] *J9 Canada Life Assurance Co. 


. ItcnSfrfve/i can.. .J95.0 ' 1000) .. . ( — American — ]45J 

. Prt^r? on Nov IS Nex* dealing Dee. 6. (Areum.0nii»j. — - 4ta 

v Cin^i Unit FA Mgrs. Ltd.? (iihcl /jSSSfaSuCr w? 

Wtb»piH<wi*e. Newraatie+jpon-Tyoe .211® Commcxhty 74.0 ^ 

+fiSrtadB ' 1 W=i 51 I J 

• ' DolflcJyYWd |406 430*6.. .-I 894 l£”!^ 669 7E2 -07 

„ 552} ! 8 W dmSS";_Z: SlL6 1287 —OA 

-Neil dealing date November 29. lAtrunLUnlts) 225.0 244.1 -0.7 

'ChaJWies Official Invest. Fd? ' Europran__ W5 g.3 -02 

T ,'721uSa6wWaU.EC2NlDB. 01^881815 94 9 w ^O Z 

• « 84 J i=BH = | : ;! “ £v % ^ 

— WoSWl Oniy available to Reg. Chanties. mecimoStel 54 0 S7J -2J 

. ; Ptv Gtarterboase Japhet see James ftahy Fired of in^Tsta— as 62ia -^.1 

- . Chieftain Trust Managers Ltd.? UU(£> mSS \ZZZZ 1660 17&> -o t 

j-p fe sr Mr.-, as^i 

fs s^:ii Jli En 

' Coofi^hiratiou Funds Mgt. Ltd.? la) - (Accum Unitei. g|< ^-9 

. ,M<’hS«i7Lane.wraAlHE . OLVaoSB. ‘Z. V2 S" -02 

OrewthFmd WJ.9 464] — 01] 414 . 171.8 1864 -0.4 

: Cosj^uontan Fund Managers. Sj H 

3* London SWUCSfiJ 01-2358525. (Aeraitt. Vnltn*. .'—{8088 

-, 2MBWg?*i.Cth.Pd [17* IE? . ...| 5^ specialised Foods 

• holMwnoFd. (48.® 51.0*4 ; I 11J® lustre Q45J 

. Craigbeunt Unit Tst Mgrs. Ltd, W£2!* JiS/ii ^ii 

• . «0P»*rL a n e .BC2V 6HU.‘ 01-6089262 SSWoSS-- M3.4 

KEaSSterB! 


33 in-1 “S‘ 

64 302-1 -*0-i 

104.9*4 .... 

3.4 145.6b -0. 


alines. t Olympic Wy, Wembley HADONB 0UW28B 

+DJ 2.27 Equttj Unite D72J ~ +DJ71 — 

+0A 2.27 Prtqwi* Oorts-. s_ 0045 — — 

+1.6 2.21 £2 a,I > aL« 1ZU . .. — 

-1_6 221 Proix Bood^xec. .£13 75 1455 — 

-0.7 524 Bat BdJBxertP nit. £1337 14.15+0 01 — 

-Oi 5 24 Deposit Bond 1135 120-1 — 

-0.4 4.15 Equity Accum. 179 — . • — 

-0.6 355 Proprety Accum, £1327 — — 

—02 848 Vlnpd. Acriua. 1542 — 

-0.1 s.30 2nflEquilS" — — 93 4 982 I.,.. — 

-0.7 EM 2nd Property 1076 113.4 — 

-02 3.7-1 todMaiuflML— 989 104.7 - 

-0.2 3.79 2nd Deposit 98 6 104J — 

— O.Z 8.78 2nd GilUr SM 95 0 .... — 

-0J 8.78 2nd Anmrlcim 78.9 835 +18 — 


53 5 1J9M+QJ — FIv*dlm.Pcp..— [127 6 

10 104 31 ..J - KquJtv lfil 0 

Ifi value Nov. 22 Pn,p.-rlj 1705 

Blanked Cap ... 143 4 
_ . . .„ Man a Red Acc. ...... 177.9 

fur. Co. Ltd.? fec-reeas 1231 

01-632 IC88 GUI Edcvd ... — Utl 

mna 1 1 . American Acc 80 7 

13200 t — PcnFI DepCnp... 1SB.1 

1V-oFI.Dcp.Al-c - 153 9 
nnuiM* fo. Pen Trot ■ Cat*... 2121 

Pen Prop. Acc. . 277.0 

Bar. Herts. P.Bar 31 122 p on Man Cot. Tin 4 

61.1 | I - Pen Man Arc . . Z7« b 

1144 —J — Pcn.RiHFdr.rxp. 1213 

Pcn.Riil Eec.Aic . 1294 
Pen. B S i‘7P .. . .1269 
eelMV. Per. RS Acc ...1463 

Icy HAB0NB . 01-8028876 P™- P - I 


— • Solar Managed K_. 125 8 

— Solar PropcryS 109-0 

— Solar Equity S ..- 164.9 

— Solar Fxd InL S... . U4.8 

— Solar CashS 102.4 

— Solar 1 ot! R . - . B60 

— Solar Managed P- 1254 

— Solar Properh P. ^ 108.6 

— Solar Equity P 1MJ 

Solar F\d InL P._ . U4J 
Solar Cosh P. 1020 

Mil Solar IntLP 185.9 


1125 +03 — 

114 2 — 

173 6 +1.2 - 
32119 +0.2 - 

1081 ... — 

9L4 — 

132 0 +0.3 — 

1J4A .... — 

173.0 +13 — 

120 4 +0.2 — 


JU. Laurence Pountney Hill. EC IB OB A. 

01-623 4680 

Cenr Fd. No*-. 15,...] SHS519 ] | — 

Fidelity MgmL & Res. iBftaj Ltd. 
P0. Box 670. Hamilton. Bermuda. 

Fidelity Am. Aas.._. SUSZ1.67 — 

Fidelity InL Fluid , SUS20.75 — 

Fidelity Pac.FdL_.. SU.S5422 -007 — 

Fidelity W rid Fd._. SUS1S.IB +012 — 


Iml.JFd Jerni ... 91 ... 

lolnl Fd. Lvmbrp.. . ]0 6E 1124 .. 
•FurEart Fund. ..(100 • l.r: 1 

•Not foib. day Nnvcuit.er 21. 

Schroder Life Group 

EmerprifellnuK 1 . PurL-nio-jtb. 1 ft'i 


0 r-i . .. I 
J ... . 1 


wsTEuir ‘ - 

Fidelity InL Fund, SUS20.7S .. — we2SI*^ _ 13B4 

FldSliSSridM™ tl'SUO _ 0?' “ £FWlnleroii"_" U7S 

Fidelity Arid Fd — SL'SIS.IB +0J. - SFixed Inierra _. 105 6 

Fidelity Itfgmt. Research 1 Jersej-) Ltd. CMunacod - . 124 6 

WBIerlnnHw. TrenSI Kl Heller .li<rvt SNonjfiei*. , . . 1Z1 8 


Ne!e.\ Cili l n r \i-c . B3.1 55M 

Nel M\d Fd Cap ,M9.4 5lS 

Ne) M><1 Fd Are ..|50.B 53.4) . .. . 

Ne-.i Suh day Novemtacr 25. 


....185.9 9l-3|-0 6l — Fidelity Mgmt. Research (Jersey) L 

Sun Alliance Fund MangmL Ltd. Vgteri«H« s ..X>o n SL.SLUrilcr.Jcr^.v. 
Sun Alliance House. Hoi*h.un. CK03 6II41 KeHes A ilntnl i ICL51 * I - 

EXfcFU.InLNovJI "10492 159.61 .. .I - ISlesB.PacU.ci'.'J^as t-0 55 - 

InLBn.Noi-.2l 1 UJ.Z2 \ | — S«nc* D iAolAm...Hi 353 j-Ol+l - 

Sun Alliance Linked Life Ins. Ltd. First Viking Commodity Trusts 

Sun Alliance House. Horsham 040384141 8. Kl George's St, Douxtea. I o IS. 

Fun Irr Fund 1124.7 13UI +0.71 — 0624 4682. Ldn. AgU Dunhar 6 to Lid.. 


Series A ilntnl i ....1053 {. . | 

Series BiPaeUici._tt925 -0 J3 — 

Sene* D I AnxAss.*. £13.83 |-Q l-l| - 

First Viking Commodity Trusts 


Ne-.I Mih day November 2o. FquItrFund 124.7 13131 +0.71 — 

- NPt Pensions Management Ltd. R-JsWKjfiK ?.l - 

4& Gracre hLrrh SL. EC3P3HH. 01-623 4200 iDiemalloaal Fd. .. 946 49 6 -0.2 — 

HanayiNl Fund .,11555 1618] ) — Deposit Fund 98.7 1019 .. . — 

Pnees No* i. Neil doalinfi Di-c 1 Managed Fuod (108 8 114.61+0.1] — 

New Zealand Ins. Co. (U.K.) Ltd.? San Life of Canada (U.E.) Ltd. 
Maitland House Southend SSI 2JS 0TM62M5 2.3.4 Coe kspur SL. SW1Y 5BH 01-8305400 


. _ J. Henry Schroder Wagg & t"o. i.;d. 

_"q jjI 120. Chiapsidc K» J i'i ."USt -i~„"i 

-014 — •'brnpiNoi 20 .. II 37 -J0c4 155 

‘ TraralrariicL.-.T . 'i'V123S> ...I 

Hits .Mian Fd Not 15..JISMU .’Qf’.. . 2 ci 

ltarllnc Fd.Noi 17 3,UBb J 5;: . . , 57;. 

o. Lid.. Japan Kd. No--. 16 M S866 4HH . ( C-i 

® 1 " S ? n -ysit Sentry Assurance Intern ettotta! LicL 

[ 4.50 r.n Bux XW. Ltami/ti*n 5 Otnuu'.'j 

ManafitJ Fund.. 1SIS1)« 2 E^j . . : — 


Kiwi Ke* In* Plan . 148 B 
SmnUtViFd 916 
Tccfiniilo.;? Fd . . 1B4 6 
Extra Inr IM . . 91 D 

Extra Inr I*-t Fd. 95 9 

Amencai* Fd 94 I 

Far Ea-a Fd 102 9 

Clh Ed(,rd I d .. 105.5 
*.Vm. Her,'. 1 1 Krt . 98 3 


96.4 -0 2 — 
130-1 —0-3 - 

958 +0.6 — 
100L9 +0 6 - 
99.1 +5J — 

IBS 3 -3.4 - 


Maple IJ. firth.... 2019 ( j — 

Maple LL Maitud. .. 333 9 — 

MapIrLf.Eqty .... 128 .9 _.. J — 

Persnl.Pn^Fd 2073 1 ... J — 

Target life Assurance Co. Ud. 
Target House, Gatehouse Rd- Ayle sbury . 
Bu vfcr Aylcshuiy itCBQ Si 

31an. Fund Tne ... _ (96 0 MJ-lj — | — 

Man Fund Acc. — 11288 1251} .. .. J — 

Ptod Pd. Inc. _ . — (117.3 124.0) — [ — 


Pen HAP A-c... I 1D49 ]....]- f^Ed^Vd RoSiS 1U,1 .Z] - Ruvfci-‘ ^ ^ KU 

Hearts of OaK Benefit Society Ora. Dope* u Krt |98 3 103.5] ...4 Man. Fund Inc ...-I96 0 j 

lMT.Tav isinck Place wciHfiSM oi-.i8;5aso Norwich Union Insurance Group? proo^iiin*" U 7 a j 

H'-arteorOak |T7l 39 B] . . | — pn ant 4. Nr.r+ivli NH1 3NU. 00X12=9)0 propFd.Acc ' 1510 

uj|i KnnMiel LiTe Assur Ltd.? Managed Fund. (215.6 2*69] +0® — Prop Fd. In*- — .115.0 

v..^Tu ;»Vr M- 4 J-C SWFsnil .- 3481 366 H +2.9 - Fixed litu Fd Inc IM.5 1 

N LA T«.t.. A ddisrembeRiL. Cray. OI-CT6-K55 Rropcrt* Fund ._ 134 5 1415; +0J - nep.Fd.lnc 97.1 J 


0624 4663 Ldn. Agu.T)unhor Sc Co. Lid.. Japan Kd. No-.. 16 
SS. Pall Mail, London SW17 Silt 01-930 7657 i 

Fa-Vik.cm.Ti4. -.185.8 3771....] 250 Sentry Assurance 1. 

FELVkJSbLOp Tsl. fS.O 6B.6J [ 450 rn Bux XW. UanuTt.m 

Fleming Japan Fund S JK. Kjnasx-JFtind.. jsi*) 

37. rue Notro-Dame. Luxembourc Singer & Friedlandcr Lda. Ajcr.ts 

Fleming Nov. 14 ... | SUS64 84 | 1 — 2rt. Cannon 5L.IU. 4. 

Free World Fund Ud. rwkafond* . . . |D'.ra“ ?:»: r m 

Butterfield Bldg. Hamilton. Bermuda. Tokyo Tsl NV*r.2I | ii S40W 155 

nav ore 31 — ..] si'si 98 05 | | — stronghold Managci 

G.T. Management Ltd. p i>. hex aw. m. ilWi--r J* 

Park Hse. 16 Finshuir Circus. London EC1 Com modify Truo .. 188 53 
Tel- 01 -628 8131. TLX: 888100 ^ . ... 


Aylesbury i02BQ5Ml 1 London 


MU| _...] — 
1251} .. .. } — 
124.0] __ I — 


Agents Tor _ , 

Anchor ■ BO! n it#... St'SlK 1 M . . 198 

Anchor Gill Edge- E9.29 935 -0.11 1358 

Anchor InL Fd MIS5.0C 53* . 198 

Anchor In. Icy Trt . 2&6 303 .. 107 

Berry PacFd SyS55fi7 081 

Bom Pac SlTlg 3258 143 08 .... 0H7 

G.TAsiaFd. SB SUM 10JS IBS 

G.T Asia Slcrl ina_ 0434 1529*4 .. .. 2.41 

G.T .Australia Fi_ JA9-81 1020 .. - 

G.T. Bond Fund 511513 66 -005 5 35 

GT Dollar fd.. — SVS652 . 153 

C T. Dir. iStrtg.t Fd E830 8 65 . - 

GTJ>aclIlcFcL &US1645 *0 7» 0 96 

G T rfaihppinc Fd ..(srS957 1027 . - 

Gartmore Invest. Ltd. Ldn. Agts. 
a. RL Mary Axe. London. EC3. 1)1-2833531 
Gartmore Fond More (CLi Ltd. laxhi 
4 L Broad SL. SL NelTcr. Jcraev (£34-7374! 
Gill Fundi Jersey; |95J» 100 01 -I 1225 


3.42 2nd Eq Peux/Acs. . 97.1 
3.42 ZodPmPensfAcc... 122.7 
5 os 2nd Mjtd. Pens/Acc U2 6 
5 45 2nd Dep-P«uVAcc. 1K: 2 
6.23 2nd Gill Pensr Are. 90 A 
bXS 2ndAra.PeiMi.IAre n.7 

672 LiESJ.F— 38^ 

8.72 L&ESXF.SL 275 


2.69 • Current value Nor. 

269 

A.8Q 

(.» Capital Life Assurance? 


113.4 — 

104.7 — 

104J — 

95.C .... — 

835 +18 — 

102.8 +0.2 — 

2I9J — 

UBfi ..._. - 

108.1 — 

957 ..... — 

365 +15 — 

41 [ ._... — 

295 — 


♦Properti'Csiis . 162.2 
Property Scdei.A .. 105 6 

Managed I'nite 161 1 

Manafcri.Si-iivi.t- 95 0 
Manured Kern *C- 915 
Money t'nits. . . 123 0 
Money Ser ifc A -.99 3 
Fixed InL Scr \ .931 
Equity Svnes A . . . 98 2 
Pnx. ManofiedCup 14L1 
Pnv Mnnaeed Acc . 150 9 
Pns. G'tevtL Cap . _ 107 2 
Pus.G'lerd Arc .... U*7 
Penn EquityCup . 100 1 
P+n.«. Equity Are.„ 10L9 
Pns.Fxdtnt.C3p. .. 95 4 
PnsFkd.Int tre__ 97.1 

Vor.i Pp-ip Cap 967 

Pen ; Prop. Aui 98 4 


Fqully Fund |3481 3664] +2.5] — Fixed UtL Frt. Inc 1005 

Property Fund ,_ 134 5 1415; +!U| — Ilep.Fd. Inc 97.1 

Fixed int. Fund -.1512 1591} +©3 — RoL Plan Ac Pen. .. ?« 5 

Pepoftll Fund _.ll0S2 11S« ] — Ref PlanCap Pen... 5&3 

Nor. I niL No* 15 I 21L2 I 4 — itan.Pcn FtLAcc ._ 125A 

— Phoenix .Insurance Co. UtL ciii"i4aWA«7!! uzJ 

— 4-5, Klnr n il!i.<mSL, EC4P4HR. 014E69B76 GiltPen.Fd. Cap _. 1235 

— Wealth Aiv 1111 6 U76I I — Prop. Pen.Fd Acc. 162 4 

— EBVHiii. 1 882 1 1 - Prop. Pen.Fd.Capk... 1W.9 

= Eh>:Ph^t.::::b6i *i\zz\ - gSfJ&MSgrSK 

■ Prop. Equity & Life Ass. Ca? d.a. P en.Fd Are — % 5 

ltPCniwlord<iTv«.WlH2AS. fM-4ft60867 DA. Pen Jd Cap.. -I960 
R. SiikProp nn | 1066 f .. . ] — TransinternatioiiaJ 1 

‘ 1«V ’ r 1 ] " 2Fres.ro Bldgt. EC4INV. 

FlexMoneil.rt -. I 1«6 1 .. -J - ftTulip Invest. Fd. . Q4J 8 

Property Growth Assur. Ca Ltd.? VTu lip Maned Pd 113 8 
Leou Hmisc. * Y..-. den CRB I LG <71 -WO 0606 • --|HZ 5 


105.8 ... — 

102.2 .... - 

76.6 +0.6 - 
635 +05 — 

131.8 — 

1195 — 

1395 — 

33S S — 

170.9 - — 

1694 — 

lid — 


— Stronghold Management I.ir *-!«v; 

P te. hex ais. sl Ilvh'-r J-.-r ey C5‘. »-7i :C0 

EAT2. I'ommndiiyTn. u .. 188 53 93191... | — 

Surinvest iJcrsej i Ltd. t-i 

— i - | _ ] 98 s^ureno ll«t- r^*n Hit. .si IlcJier j >■ *»*. 

955 -0.01 1358 American IndTn ]£7 IF 7'4)-f r.,.| 

5J *' I }2 •■'oppcrTnifl . . .. £11 45 ■ 71 70|-t6i, _ 
r,m Jap. Index T-i _-UlD91 lliy-a.'. -• 


•V J - TransinternationaJ Life Ins. Ca Ud. 6anamr Fnai 7tafL ^ a-1 Ud |tHhl 

*1 _ 2 F ream Bides.. EC4 INV. 01-UK64B7 I WJ3 Hulchtron Hse 10 H arrow rl Rrt. H Knnc 

OTulip Invest. Fd.. 043 8 1514] — HK&PM.U Tsl ...ISHK3J15 3* . J 140 

.Ltd.? 9TuUp Maned Pd 113 8 U9.7| ... . — Japan Fd. _ .. |S!SaJ6 192M-J OR 0 50 

mjMiiww eMan. BwncTFd . — 1174 12351 -- N. American Tst ... BUS9.72 l»l3 . . ISO 

014 * moeoe M an Pen. Pd.C*p 1207 12701.... — J nil. Bond Fuod. .|a:SMJ2 3R| 560 

Man Pen Fd. Acc.. 1289 
OMngrf Inv Fd Inti 969 
Wltlneri Inv Fd. Aee|97 7 


S5i Charterhouse Magus Gp.? Cmt Linked Ponfuim 

4jfc cenirft Bleich,e> - jsanawji-igi $1 

rSrih.p Cnj-rey wo 37 q _ hneuiT-j.ap.Fd..- 1979 103.0] 

J* Chithae. MSS'-..-. 3.2 32.2 — Equity Fund 1975 102« 

11* aateSBKbK Sg :::: = Wsh Life Assurance Ca Ltd. 

5-M JuSriteBM^oft JZ 1345 . - 11. F.nshun Square. Ell 01-6 

- " BIueCfcipNov 15_|M7 786|..... 

Bl CpftcllNov 15. .191 3 «U — - 


189a -07 1 0 lOjiiagnfl M a naged -~Z| 


ManoJUbte Management Ltd. 


[City of Westminster Assur. Ca Ltd Mracl < 'FdSp?.H 1 L 1 f 


853 - 

1324 — . — 

64.7 — 

1767 _.... — 
127J — 

1335 - 

503 — 

52.7 ... - 

563 +0 1 — 

59.B1 +0.1] — 


■ fro.! kl - m Rl lx III I aa— . . . JaV- . . Hiwa. o qj,. ■ V-FkJ «6 IVW*IUU40M:6 AMK4I. V» 

I.VnU TSL Mgrft. I^L <aiW st Georg®'^ Way. SteveMSe. Hincttead Bout*. 6 Whitehorse Bowl. 

4 IfeWEBe Cres, Edinburgh;). rai-2=fi4K3I Cruttth Units. [543 569t I *-<7 Croj^on CRO 2JA, 0L-« 

■ Z 6^+o’ 3 iko Mayflower Ma wa gi ftm eat Ca Ltd- w e ijli ZZ. 

JYre^ii.Dl!*._te6 46M+0 M JS I^IBGrfchani SL, EC2V 7AU. 0 1 -«)««» Equity Fund 605 635+13 

Sovecvcs. — pel 4LD+0.a 5.10 - ^ M W 7 |1M5 UJ9.7] ... . I 8 89 Farmland Fund — KL1 853 

Cre».*j£o IHA 27 .o| +<U] L94 gSSSilSaiVZIlMS 7LM I 5M staimTtaid 1258 1324 

Dictionary Unit Fnnd Managers mrerotLNov.7, |«S ” W fli&ljC: Kl 1767 ::": 

28. Btomfkttd sr firm Tftl. 01-8384465 Mercury Fund Managers Ltd- Penx.Mned.Cap — 121.0 1275 _.. 

' PTO* isatbd --I S4B 30. Gresham SUEC2P2EB. ZZZ 

E- F. Winchester Fund! MngL Ltd. Mere No*\ 22- iw.9 m3U - ra ivpt.iii*neirAcc._ 50.1 52.7 . ... — 

H 7 + 153 fegsigse- g| Si ail - 

fl WLS !!?T- 19.0 .. . 1 494 /tec Ute.Nov.a-.- gS 7 Z5 -j] 440 Fund currently c osed to new inr m tnuent. 

OWfmM,Ser o-seroli/b 19« - «53 raitt W7^ q.» Perionn Unite.”.. 2195 J - - 

Bason & Dudley Tst. MugmuL Ltd. AramUifcaom-aB-W »7.7j — 

at ArMicionst,&v.'i. 0I-4997M1 Ltd.? (a) City of Westuunster Assur. Soc. 

EteMpudleyDa.1711 76.4| ..—l 351 Unit T^ MMageTS L^V W Telephone 01-6K HS4 

/For Eouitas Securities Ltd. S2nu5Ssi H 3RfiL ' ^ ^Teb 70842 PU? 1 Unite.-. 11292 135 61 .._. I 

^ Trust Mngrs. * ' wS 1 -... 5 Property Uttlte__ls4 .7 57.31 ...J 

Law Un. Tr. M-? taXbKcNz) hi »6 + 0.4 3^ cononercM Union Group ' 

AotohtaniRdL, High Vyeombe. CM 94 33377 Po_Areum. — 227 +«:i 4.07 SL Bel M - a.l,nwterehaO.EC3.. 01-2 

*** y<Oa» g£2 ' 6&61+05I 452 W2. »J +0| I'S • ! J 

Jame^Finlay Unit Trust MngL Lid. Areiiit. g'| f-S 

SST^r'-ir- gf ^ Ji $ C rMeM *. LUe I»**n < 

S! ::::: IS SK!gtr== 8i SI If SSKS&IS^n. 

29 2 2.60 Equity Exempt* — 1025 1082 fManogedFund. „.fi.972 3»5+4« 

344 260 S3 Accum*. 3§L5 1«2 6-gr -pjpp^ P 4IOJ ^1 . ..J 

30J 445 Japan fc Pacific—- *70 50.0 pmal Pen. Mired.. _ [71.4 82jj J 


q93| Inicstmem 1‘nnrt 

00 0 ... . InvexUncni K*l • 

,03.m Equity Fund . - 

02 6l .... , — Equity Fund 1 A • . 

. .. . Money Fund 

a Ltd. • >lrmry Fund -A/ 

OU CT tffiBI* AwuanalFu.nd • 
7S6I i (H Gilt-cdced Fund 

2S SM (Tilt-Edged Fd ■ A? 

S fl ] O-Retlre .Vnru in- - 

■qSa ■ ■■] dimmed. ,\inT> - - 


load EvempL Mon. Fd . 1113 5 

1 “ PrpiAId.GrthSerJI ]99 8 


961 - 

246 3 .... — 

995 — 

1195 — 

1991 ..... — 

2233 - 

385 0 — .. 


""■§5UJ» *uS 185 TSB v:nllTTUSl Managers iC.L, LT 

igZ Cl 4 .34 1529M 2.61 Bajaielle Rd .Si Ssi mur Ji-r-i 1 * 

rl I &A9-81 1DJSS :: — Jcm-J-Fonil. 469 49 4| - '1 ?l c ■ 

5CS13 65 -0 05 5 35 tiuernwy Fund «*9 44'|-a-| d 

SLS6H 153 Gill Fund . 9E0 1500 | 

Fd £830 8 65 — (Jill Fund Jurcj-i 98 0 IQOOi j ii . 

SUS16 45 »07* 0 96 Prices on \m. 22 Mt-i uli .«:■ ^ 

A » Till ' 4rtc " Tokyo Pacific Holdings. N.V. 

Manacericn* * n. N.V Or. 

Milton. ECS. 01-2833531 KAV |wr (hue II 51 >S>. 
MufL (CLI Ud. laMbi 

HenerJcraej- 0534-73741 Tokyo Pacific Rldfis. (Sechncs-.-Ji N. 

« ' i? ret — j ' w lnumu* Uun.H-cinriri »".. N ■ 

31b£L (Far East) Ud. (»Hh» v 1 1- 1K;r --..v i:r -.1 y 

Hse. 10 Harcourl Rrt. H Knnc wr ™" '• 

...ISHK3J15 3^51 . 140 Tt~nfiall Hroun 

..iSCSUJi IrtS-lOK 0 50 ' ** '■ roup 

. ... I5US9 72 UJU ISO P.O. B+x '256 Hnitnllim 3. Drr*i«inx i 

'.[ji aijj KM " 5 60 O+anNw 17 .. J51-IJI 12ll I : 

aoenl Mnti. Lid. in .Aceum t. nn-.- Ii 1 7 1 33 : •*] 


Japan Fd- .. ..1SIS18J6 I92S-, 

N. American Tsl ... ISUS972 U1U . 

JnU. Bond Fuod. .|st:SU3Z linj 

Gartmore Investment MngL Ltd. tai 
Pi 1 Bex 35L Do j fills loll 
Gartmore Intl.loc. ,|M7 22 01 . 

Gartmore lnil. GrtblfiB 4 72a 


Trident Life Assurance Ca Ltd.? p^Vne Fn -d «™i , S 

Ron* Inde II ouse.GInu writer 0452 3854 L Lgl - 

Manuaod 1122.7 12991 .. - SllO. LonnnuKhl Centre. Hons Konfi 

Old Med . . ~ Ub2 154.3 ..V - FarEaMSmlR .WIKKW 15711 .. I - 

n?pen> . .:_.. ... iSJ 162 S : .. - J.ipao Fund . .. |51TW79 U«| .1 - 
Equttj ,, Amcnnin_.(806. .85.4] +05 — Hambros Bank ICdhuwi-i Ltd./ 

Hambros Fd. Mgrs. tC.l.) Ltd. 


nracEWii 3-M aj inL i*ci ifi .1?; -riy 

a I U-H 2 New St_SLllclirr. Jer.pi 
I 2 40 lOKSLNo* IK . (C7 05 
| 1 \rrum. Miarrsi 


King & Shaxson Ltd. 

82. Comhltt. EC3. 


82. Cornhltl. ECS. 01^235433 Maii.p™. F 

Bond Fd. Exempt -J1D2 95 1M27|+0.02J - *tm Proa 1' 
Nctt dealinfi dote Dec. 8. Prop. Pen? I 

La ogham Life Assurance Ca Ltd 
L.u*Chamn«. Hointtirook Dr.NW4. ni-203821! Blaft'Snc.Cii 

la-inghont'A* Han .|66 3 69.8] 1 — pmoMn,. 

•Prop Bond. .. 1463 15aol J - rPOMUenC 

Uisp 1SP1 Man Fd]772 815/ .....J — aO-L'xbridsc 

Legal St General (Unit Assnr.) Ltd §?!•«& £5 


Prop. Growth i-ciuJonn A Ann 
All Wlhcr Ac L’tx.]1328 134 
SAU WuaLhci i'op 123-1 U 

Vlne.FdVu. .- 
PCM/WFd F»v.. . ’ 1341 

Cnov. Pens. Fd ... 332 6 

C nv. Pns cap. It- 1358 

Man. Pro b Fd 151? 


Mjti Pros i'np Id 
Prop. Pens Fd 
Prof* Penar.ip.L ; te 
Pdre Soc Pen Ll 
Bids S«c. Clip. 1 1 


_ Manuaed .... — (122.7 

_ Old. Med - 1462 

Properte . . 1535 

Equib ,; Amcriran_. 80A 

_ UJi. Kqntly Fund- HO 2 

_ Hlch Yield. 138.7 

__ Gill Edged ... 120.6 

Monev 1255 

_ International 9B4 

_ Fiscal - 1266 

Growth Cap - . — 1243 

1 Growth Acc. 1293 

Pen <1 Mnod. Cap. - 116 1 

_ Pens. Mnpd. Acc — 122 4 

_ PeniGld-DcpLCap 104 1 

fens Guf.Deji.Aee.. 109.7 

_ Pens. Ppty Gip. U69 

_ Pen* Pry. Ace 1232 

_ Trdt.Bond. 363 

__ +Tnll G.l Bond . 992 


12941 

154.1 .. . , 
162 4 . .. | 
85A +05 
116 7 +1.J, 

1469 

127.7 . ... 

1320 

1042 +04 
1341 ... . 

13L6 

137 0 .... 
123.0 
129.6 
1J0.5 ... 
1162 - ... 
123 8 .... 
1305 . . 
383 . . 
+04 


American Niv lit (760 


1 Accum shares* 
Fnr L'.i/J Nv Jfi 
1 Accum. rhuren' 
Jrr*+-t I'd N f-v if 
■ Nun-1 Si-*- I 1* • 
'•ill Fund 15 


76 5 
I 345 
845 

15 212 2 
• 3002 

5 101 S 

1 . . 139.2 


■Cash value Tor £100 premium 
Tyndall As sura nee/ Pensions? 


PC Box 88. Guernsey 0481-265=1 lAc+uro. Sharer 1 . .1139.2 ULSI i 

C.l. Fund —.[142.8 152.1ri-03I 370 Xlrtorj- Bnusr. Douclas. Isleof Mj-i.nr74 3t(i 

Imnl. Bond SFS10B64 U2M-OC1B 830 Mannfied »'*ci ID.. (134 6 lei « . 1 -- 

Int. Equity SUS 10.94 210 . _ . . 

Int Srfia. 'a- sus 156 loi . . I _ Lmlife AftKurance iCherseavi i.,cl 

Int. SvgJL TBV M-’SJLU 1.15)-0 pi] -- pn. Rnv infiR. liannllnr. 5-31 r.t 

Prirtte on .W. Next dealing ..o*. =H imerol .lined Fd .|;i,.-100 - | . . . 

Henderson Banng Fund Mgrs. Lid ... , . _ ,. . ., 

605. Gammon House Hone Kont 1 "ioa-JovestmfatJSBfceUKh^ t'-b.: 

Japan Fd. Nov. 15 - 1ST 52736 24171 I — Fnaifach IWi. 1> WOO frankfun !G 

racttlcKrt* Nov. IS. T SFS8.867 ' .. - Allant. cfro-K 11140 120H-S .r: _ 

Bond Fd. Nov 17... | SUS10399 ] — Kilrnn-llmul* ---K“ Ii £3 ! — 

■Exclusive of any prelim, charee' { nitunrir . .^17 90 

n: II c._ 1 r-~ , r . , j KnirenlM . [3840 39W I — 


Hili-Sonael & Ca (Gaernsevi Ltd. 


P840 

. |W 70 




Providence Capitol Life Asa Ca Ltd 3-w s * Nm- 16 

30. Uxhridcc Road. W12 8PG 01-749 01 1L Equity Nov. 18. - 

Sel. Mkl. F<t Can . |87 2 .92 fl | - ■- 


City of Westminster Assur. Soc. Ud. cashinitjai-. 


Kin((n*rood House. KlnKFuood. Tadnc 
Surrey KT206EI'. . Bureh Hcash ffl 


Equity & Law Un. Tr. M-¥ taXbXcNzI 

AtnotVhaniBd, High Wjcocnbe. fMW 35377 r^Arram.—- 

®4Pky«Oa» I6S.2 ' 6&61+05I *52 — 

Jane^Finlay Unit Trust MngL Lid. 

Mis. Wea rate stTWil CUsgoiv. 0413041321 imo-nallonal — 

J ’Ffslanii aieraaTL 

Awum-Dnits 

, rptay Income. 

■*■ FlHI ajeJEureJPi 

frtxtte. unite _ . 


Head. Telephone 01-881 S6B4 

foTCTOfi-B Finl.Unite. 11292 135 6] .._. | — 

5.73 Property Unite B4 7 57.4) . — | — 

" 3 73 

^2-J Commercial Union Group 

+o:i 4.07 St. Helen 1 *. 1, UodershldL EC3. 01-207500 

+0.2 ? E Vr.AB. Ae.Noy IS.] 57.24 I | — 

+03 6W Do. Annnity 1433 ; J J — 

+03 3 M Confederation Life insurance Ca 
In'! B57 SU Chaneeiy Lano.'ffCSA 1HE. 01-242 09E 
" 6.07 •EquityFJittd [168.6 777W.. .J - 


Df* Accum 99.2 

Equit]' loltial 123 0 

Do Accum. .. „ — 1269 

Fixed Initial 1159 

Do.. Accum. 1196 

lntL Initial. B9.0 

Do Accum... . 90 4 

Managed Initial.. — 1177 
Do. Accum. . — — . 12 1 .3 
Property Initial — - 3002 
Do Aifuni . . 103 4 


12951+10 — 
133 61 +1.0 — - 
322. B +0.2 — 

1253 +0 1 — 

93.71 +05 — 


Sel. Mkl. Frt Can . 
Sel HkLFd ftid 
Penxioo Enuiq . 
Pension F*d Int 
Depwtil Fd Cnp - 
Dcpc«>ii Fd. Acc 
Fquit>- Pd rap _ 
Equity Frt Ac*? 
Fart lot. Cup 
F*d. Int Acc 
InlnLFap .... 


+0.(4 — _ Managed Frt. L’ap 


wra = 


Are «6 

ltd Fd. Gap .1461 


Legal Jk General ILnJt Ptnilaui Ltd. 


a L_. 2.60 Equity Exempt* — 1023 }»3-- t07 f Managed Fund..„ 1972 I 

260 Do Aceum*. lj02-5 1W3 — - . no VPTPFttnd 4105 

4*5 JapaoJtPucificJ— 1*J5 SS'S i'i* PsnaL Pen. Mired.. 71.4 

4.45 Do.Areum__ ■ 1*7.0 «JOI..-- sufffld.Hnad.Pri... 38.4 

yjewins Nov 22. ‘Prices »l OcC 31- .JvTit druOlng No*- +* ■ ^ruuj* MrujoL Pea. _ S 


CORAJL INDEX: Close 470-475 



I Squ lt>- Pennon — 
Property Penal oo. 




Managed Fil. Acs 15S1 S5-H -— 1 — 

rroperlfFd.Cap -|J7 6 502] ] — 

Proporti-Fd Acr 1*7 6 502] .. .. | — 

Provincial Life Assurance Ca Ltd. 

=22. Bishppsgate. F C2 01-247653 

Pro* Managed Fd. 1117.4 1361 — — 

Prov. Ca^hPd 166 J 112 4 — 

Gilt Fund 20 . J14.7 1202 +D,£ — 

Property Fund . 10L3 1067 . — 

EquItvPund Jj®l JMJ +0i — 

Fxd InL Fund |967 1QJ.9I ,-.7J — 


Coxnhm Insurance Co. Ltd. 

IC.CorotUJlE.CLa 01-6285410 

Cap. Feb. Noe. 13 _ (122 J. — | _ 


Exon* [4 Cush lnit. 1983 103 9.... — . . 

O1-2420SC Do Aero m . ...1009 1063 — ■ =22. Bishopsgate. F. C2 

Exempt b’qly.InlL. 1340 141 1 — Pro* Managed Fd. [117-S 

Do Accum — . 1377 1450 .... — • Ptov. CastiPd.. ... 1067 

-Exempt Fixed .luiL 115 J 1214 — Gilt Fund 20 . -■■ 114.7 

Do Aceum. .1185 1248 .... — Propeiiv Fund . . 1013 

Exempt Mnfid IniL 1299 1363 Fund 1001 

Do. Accum. ..—.1335 1405 — Fxd InL Fund |96? 

RxemraProi* lnit. . 98 3 1035 — _ , _ , , 

Do. Accum.— : ioo.9 1063) _..T| — • Prudential Pensions 

Legal & General Prop. Fd. Mgrs. Ltd 
1 1. Queen Victoria SL. EC4N 4TP 01-2489678 Fxd. Int Nor. 15. --klWS 
Li.GPrpTd.Nor-7.l9a 7 1033] .'.. .4 - Prop. Fd. No* - 

Next aub. day Deo. JL . _ 

... , „ , _ - . . , Reliance Mutual 

Life Assur. Ca of Pennsylvania mnhririnr uviu.hVoL 


" _ , . laCaiy-ncc Road. Bn idol 02T2J2241 

. CaLwL 3-Wai Not- 16 12«9 ... — 

DI-749S1IL Equity Nov. 16. . 162.9 — 

BnndNuv.tS - .. 165.9 .... — 

linn Property Nmr 16- . 1091 — 

12*1 ' ' _ Uepnwl Nov. Ifi 13B5 — 

TiSS _ 3-Way Pn Nov 17 . 1495 .... — 

on n iT*a.-uxInt.Nw 16. 73 7 — — 

Up _ Mr.Pn.3W Nov. 2_. 1766 — 

<37 “ ' ' Do. Equitv Nov 2 ... 2735 — 

471 " ' Do BondNnv.2 1810 ' — — 

095 :::::: d° pro** nov.2 900 .._... — 

SS — 77 Vanbrugh Life Assurance 

48.1 _ 41-43 Maddox SL. Ldn W1R8LUV 01-4894923 

46.6 — - Managed Fd. (147-2 155JH +Offl — 

466 - Equi^Fd _.. Z35.6 2481 +1.9 — 

502 - Inin! Fund M 103.2 +1.1 — 

582 .... — Fixed Intent Fd. .1653 174.0 +02 — 

r „ Property Fd. 145J lg.D +05 — 

Ca Ltd. CaxhFund 12L3 127.5] -.7] — 

0I-247 K33 Vanbrugh Pensions Limited 

— 41^3 Maddox EL. Ldn. W1R9LA 01-1889023 

*D.£ — Managed .(992 1045] +03[ — 

... — Equity.... ni>J7 1092 +03 — 

Of. — FixcrflnterecL 97 7 1869 +SJ] — 

—.7] — properv 1 1082 1055 1 — 

dd> finaranteed are ‘Ins. Base Rates' table. 


rcr* 12-4 1 B LeFebtTc Sl. Peter Port Ruemse.*. *: I .. . . . , r t . r . j 

Krip J— .+1 (3 uernMf j:Tiil. [148 4 158&a( -* 1 M 374 Ltd. Intnl. singmnL tr.f.l l..„ 


iHill Samuel Invest. Mgmt. Intnl «f, AlrtSl j! ( ‘ 

P t*. Box 63. JctMt- 1634 2T1HI 1 

HS Channel Is. F. 11160 12621 . J 3.00 United States Tat. Inti. Adf. ' 

Box 2822. Bern.! Switzerland. Telex 3W» , , u„ r \ ih.. ....... 


Box 2G22. Bern. Stricerland. Telex 3=423 
H5. Over&eax Fd. 5TS18U 13®i -5^ — 
C.6F. Fd. LAeeumi 5F1617 1651 -8 V! -- 
CrriaJH'*irFd.*Are i SF3 82 391 -00*5 -- 

ITF Fd. (Acc.iiU'SOK 617 -DOe - 


II. P*ic Aldniifirr. I.iiirmhiiuri.- 
r.S TsLlnv Fnd. . ill -1944 

Net d'-K-i' Ni* . 3 1 ’ 


Sc Commerce Tusurauce Lloyds Bk. Unit Ti 
latRejreut St. tendon Wift 5PE. 01-43D7Daj, 71, LombirdSt.ECT*.- 
| CkC Mngd.Pd.^u. ilZU»_ 132.0} «.>j y.trm p* ]%4 


Prodentiai Pensions Limited? Guaranteed are ins. Base Rates' table. 

HoibornBarv.ECiN=.vR. 0i-n»lM2= Welfare Insurance Ca LtA? 

Inlra 104*1 "H — Wlnelade Fork. Exeter 0392-32155 

8S.m ! iSS , frffl«S -M'H - M««iaahwFd... | 10J6 J | _ 

Prop.Fd.Ntt*.l!X.i“o.™ «h»l ■- — [ For other fund*, please refer to The London* 

Reliance Mutual Manchester Group 

Tnnbridjjc Well.-. ML 08K 22271 ' Windsor Life ASSBT. Ca Ltd. 

KeL Prop Bdr... I 20941 I .. ..4 — ' R^-alAihrri R»e .Sheet S^.WIndwrr B33-H 

Eothschifd Asspt Xmiagesaent Li/e)rr.-ptens_ -17L0 7*jj — 


r °'. , ' , c ri , ' L » D . S. G. Warburg & Co. Ltd. 

«.-J — International Pacific Inv. Mngt. Lid. 30. nrcoham Slrect. EC2 

PO Box R237. 56. Hitt 5L Sydney. Ami. m BdNnr fli Sl S9C3 -90?| 
oijmjvn Ja*«li n Equity Tst .|SA233 2J4| ... | — Kna. InL No*- L'U - Si'^STW -O’l _ 

^ IP*P «>i*«n.M HhcmI Ii4 llr SL SFrt OvL 31 .. SI S7.10 . ... 

+03 — Jk*.T. managers (jersey) Ltd. jiercLMNoi is.m^r u.'< . I; *?:; 

■"l? — POBox 98 Chau nel llouso, Jersey . 033*73673 MercJtyMk:No\'Mi..K10 12 10.11 -3 0:| - 

+0 4 ~ Jw *Si^i , S:l T 3L j?2i* sub. *Sj?No» Warburg Invest. .Mngt. Jrsy. S.iti 

....„ — Jardfne FIcmJnc & Ca Ltd I. rijannK Cross. Sr Holier, jv. « i — ,:j7-+: 

1 ^Flrart ComnrestttCraire Kras i'l4 62 1 S&Z.'Z 

tofil ~ JnrdineS EA _ SUH7.37 .... 2 00 TMT Ud No*. 9 .. . £9 57 1013 . j - 

+SJI — Tntl.Pac fteec iloc.i. HK514.19 .... — World Wide Growth Management^ 

s' tabic. "Equivalent S ;S85a3 

Next sub. No*. 30 Worldwide ulh Id] -l S14 41 i-0*72i — 


NOTES 


Reliance Jnuiuai aionvnCTvr uroup - ■ — — ■ - 

uir ruaor. vo. m renasyivama Tnnhrtri»«u..ii« KvoL oaeasm' Wlmknr 1 ih. t«nr r** T#*l Pncentoiiot inclodcSpreadum. exct-ix whore jndiyjled* and :*reir» pcr.reunl* - -i'.— • • 

-hvj,. wirnoo m .wmm Tnnwidjjcw sii. . °»B=n nrinasor lute Assur. Ca Ltd. Indicated Melds **> frlunen ui-iau column* ullrw for ;al) haying rspun-c* a uile*rri n- . . 

i ml ul-4 p ” 8B5 Ret PTOp.Bdft- ■ I 20,11 I --4 — Royal Aihrri Hm .SliretSi.. Windsor B81-K include ail expenses h To+lsy * pnii-v c Yield ba»cd on ofTtrpric*.- tt hssinmiei c 7 ■■!.» . 

Lworuniis.- — |v/« am^I I — P-rtWhiM \ec*t Xanaf umrm t Li/elnv Plans-. .-(TUB 74J] ....L — opoiinspriee h Diaribution&eenf r K tasra p Pen w)u-pri.ir.iuin injurancvidai^ 7lr 

Llovdq Bk. Unit Tst IrtA " “"“t. . , a t*-? ^, T , - Futurc.\ssd.Gtb(si MOO — premium insuronre. x uHcred wire includes id! rcpvnwi ••**|*t actn: * M^.nii-. ., -,. 

Cll»US nun 1H. juaare. ct.ia. Sl gwithmhlano Umdnn.EC-1. 014=64356 r5iureA«d.GtwSi: okm ..... — *■ OUercd price Inelxdre all expenv.-' >f hfciRhi il*r****c>i r.wiras*. r- r Pn-mu- **. = v . ... 

0145331288' jj.c, prop 1 1206 128 S . ..i — ' r« adm! Pens. . £2612 — f >'*dc( taxon realltul capiul b*ihn unlr-.-. mili-.oi+d hy $ 4 ,; m mtev^mu tt Su; >?*. _ 

..~.J 7.93 Nekl 5ub. day December 28. ^ Flex, tnv Onrath. 1015 ' 106 9| — .♦ Yield brfiwv Jc«ej ax T U aub*..nwa. 


52 



Bifurcated 
Engineering 

RIVETING SYSTEMS® PARTS FEEDING 

S assemsly s/s;ews«other aids to 

P INCREASED PRODUCTIVITY Send for / " 

R The Guide to the BE Group ' ! -‘4"' 

B Birurcaiej Engineering Lid. r 

S P C. So - ? !Vl.iitii9vi:ii> Rd. Aylpsiiui. 'Xj 
SlBj-.m. Hiȣ* SAB lei Aylesbury [0296) 5911 


BRITISH FUNDS 


J9T<! 

Huh !««•' 




I- *f TW< 

I — . Ire ' Rrd 


■■Shorts" (Lives up to Five Yearsi 


-,jC : | 

1:.-;- >: . 

100 

. ! 

li 50 

11 *0 

, ■?< 4 

». .V ?r.! 

95*4 


3 l r . 

Hi 


:.i*-l;.. i:. '■ ~-i : y 

96% 


4 42 

fi« 

1(1 A , C3 

”• - |r- .jp 7'Kr 

997s 


10 57 

10 51 

ii. ; it ■ 


96% 


3M 

768 

:•:>' v- 

• -.?•« . 

97% 

-i 

925 

lift 

s 6 -. 

: .-".i- ,r -I. ■- V-'r 

97% 


9/4 

1141 

0 -! ii". 


941. id:- « 

3 70 

7 30 

Cl , • C -.J 

:-<■ ■ • •■s.m- TS-jir" 

95 i,n) 
lOl'Md 

r:, 

5 50 

849 


Md 

• *4 

17 b: 

1214 

I'.ft] 97', 

J...- < r o>, ;: 

9$; 

-• * A 

Il 67 


>r . ; es « 

■ «:3>l' 

88i, 


396 

9?7 

'•V. 9: • 

I«1K 

95 ^ 

, J 

10 24 

12 !3 

v , e; 

■- . 

92 A .< 

. .J 

8 95 

11 51 


-• : •>.- 

9|', 

- \ 

1015 

12 34 

*7 • er • 
1 - “l 0 ^ '.' 


ss.: 

96.: 

J 3?1 
il2 71 

904 
1 3 82 

Ill 'Vj(f 

!• 1 :s*M-c 

100 - '1C 

- .. 

1? 65 

12 42 

oi . • r-ci j 

* - _• _ :f .. -j*2c:: 

*% 

4 .J 4 

9 33 

12 19 


- .1 

83 


3 59 

S 95 


... 

104 


13 46 

12 47 

°ft : 

.- . T.’r It'll . 

9*J'*.a 

- t '_ 

10 L4 

14 04 

•• « ^7- 

1 1 . - •>.,;» :t 

88,; 


9 36 

12 S8 

?** ; 

■ , .* 

89 -,i 


10 30 

12 67 

a -. 1 5 * 7 .. 

. •. 4 ; iy*C 

877\ 


499 

12 6* 

;Vj . - c 


80.. 


373 

8 58 

: ' "i 1 - 

'- -. ,j:. -:bv:: 

98's 


I??I 

12 52 



88,v 

- . 

10 44 

12 71 


Five to Fifteen Years 


-j. j?w-: | 

i 

■.-> <»><ci ; 

.ufn— 

; is*"*- 

»-4* 

i *»: 

i •/; 


.-*4 11115 • 12 35 
81% I ■ /} fa 90 I 10 75 

K97>. I >12 60 : 12 84 

375,1- ‘ ■“ 


75:. 

aa:- 

62 

MJ, 

1045 a 

76‘j<C 

9k 

63). 

101 % 

M's 

97--i 

99” 

faO 


- S> 


- : l 


ID 32 i 1172 
E 68 1107 
9 99 11 70 

i 93 i 9 :*s 

7 35 1 10 7? 
13 00 12 92 

10 73 [ 11 98 
12 79 ' 13 03 
915 ‘ 3140 
1315 1316 
12 22 12 6 S 
15 01 ; 15 17 
1310 13 21 
10 04 1 11 81 


Over Fifteen ^ears 

102% : * V 
.-.5;..-;:: • 3 10% |-1 
-• . - i "S'. 1 - •» 

< 7fei, 

• - v . I 96 :* s 

: 

. 4 - .:»> 1 85l t - -j 

%.'■ •«‘C ! 9JU ] - ’ £ 

766 l-i. 


113 39 13 34 
1351 1 13 35 
13 It 13 25 

12 50 

13 12 
1008 




53- 


-'I';- | 

- '+4: | 

- ‘*£: | 
. • - . ■• 1 - ». ■ 

i'- ••■if* '■•11 1 

S‘#.7 

• 

■’ • 9-’ Si- 1 

.-*£*' 1 

I 

I 

i 

. •• M»*#J 1 


• 'HkL:: 


*:**:•- 


112 

2001T | - ii 

,j8|a|-i 

104: 8 
85% 

74 
591 2 
115 * 

92 

797; 

82 J, 

93 "e 

3A% 

1-95 
65S 
461.. 
64%, 
Wjs 


11 84 
15 04 

6e7 
1 : 56 
13 11 

12 Q5 


12 95 

13 16 
12 63 


: !l?b7 : 13 51 


*% 


13 22 j 13 
703 9 90 

13 30 ’ 13 28 
12 74 j 13 0: 


1215 
1142 
13 64 
13 05 
12 42 
12 74 


12 68 

12 34 
15 50 

13 15 
12.7b 
13 CO 


Undated 


3i'*; •% 
29% id 1 
34%!-% 

if' 

19% [ . 


13 17 13.23 
10 00 } 11.32 
13 16 1 15 17 
12 39 I 12 62 
1212 12 J7 

12 56, 12 63 

13 07 • 13 09 


13 0b 
1198 
10 37 
13 06, 

12 71 | 

13 Dfa 


INTERNATIONAL BANK 

:■ - ■ 1 r* i 79%|.. . I 6 29 ; 

CORPORATION LOANS 


•• 

i>: i *■”* ; 

•*< •. c,F . |* 
a: 1 •>;..., 1 . 
)•>: . 
;v. 1 :?i . • 1 


°T' • CJ’. i !■■ 

5." ' 1 1 

. K-J . I • 


Y-._ ; 

i’< c.. 


:-.e- . 

;**r • 

i'.i: 

. 

: jl« 

.>• 


- S' 
•-i. < 


.%** 

j :!• s-.r* TT'-fti 

•••Li’.' 


91% 1. 

1011 I 

«7% 

8 BE 

98% 

12 72 

97' 4 |-% 

12 85 

89 * . 

10 40 

91%-% 

575 i 

88% -'a 

1 1.1)7 

25% 

■14.10 

863s 

10 83 

957.1 

6.26 

86 ! . 

634! 

1 77%)-% 

725) 

66% .J -% 

826 1 

65% |— * 

10 75 | 

22%.ci 

13 50 ! 

91 % l 

571 [ 

93% 

986 

99% . 

12 60 


1194 


13 04 
13 03 
13 14 
13 27 
12 86 
1178 
12.84 

K45 
1175 
11.44 
1L41 
1182 
13 05 


13.21 

2289 


COMMONWEALTH & AFRICAN LOANS 


) )"• \i : «!■■■= - 

9 0 %. ; 4: . r. . 

: s : . • 7e-s 7 • *.• :•/! 


.-.•v I • 

>» i.r. 


T:-+: 
k." :•> 


•c*-M 


95 |„ 

5 92 | 

81% 


6 81 

93* 


649 

76 Vd 


971 

891; 


10 681 

53 


- 

86 



- 1 


LOANS 

Public Board and Ind. 


*)!; . « I' 

^t-’. r- 
!lll7 I 
j 27 il 


,r- • 

I- j:i i-iijs- . 

AI' .!*• r. 

• • V I'jr.'J 

inti-i ii>);rr.mi ■ 


59% 
80 ol 
27). 
117 >d 
87); «: 


873 

1313 

11.28 

7.69 

10.29 


Financial 


inrj 

19*4 

♦t: 1.1 i'.*i!* 

100 


12 97 

1!'.' 

.4*1. 

1'- .»f- 7 . 

102% 


13.94 

21-1 

IW 


100.d 


13 78 

Si 

7° -• 

1* 7- iv!. SftvC 

80 


698 

51 *• 


l’.' ♦fsp-'l* - ' :-i-ir4 

73 'd 


8.56 

C3 

89.; 

i-" 1 • •!- !<■ 1 r. I.i; Hfi 

92% 

-% 

11.86 


9!*:. 

<••' ll:-. I r. I.r S3 

92% 


12 43 

Mil- 

03 :, 

1." l "• :ji 9' 

94% 

-% 

13 10 

71 r - 

r.:u 

!'• 7j:«-;|Ni- . 

63% 


1139 

Hi 


1" . E'r. "ii su 

61 

. . 

12 17 

fin- 


\ f(K . 

72% 


12 72 

di% 

*y- 

I".,: %|- i ?.'!*7 . ... 

70 


1319 


12 52 
1271 
12.54 
1219 
14 18 


12 30 

13 55 
13 02 

13JQ 


12 80 
12.60 
13.55 
12 35 

12 90 
12 81 
1313 

13 52 

12 90 

13 45 
13 50 
13 40 


FOREIGN BONDS & RAILS 


With In'* 


Si *1*1; 


nrl Hli. T 

- j nr**. 


R-d 

>ieM 


r M 

42i 




93 


I- ii- C'.l 
■ l,il'*..:i 'll V 
“r-.-rni.iH 1 i.s ■ 

i*'" ’i” - ,i 


23% 

39-J 

98 

421 

50 

49 

40 


I! '"j on 

4% - 

3% 17 20 

fi 1624 
4 I f5.13 


FT SHARE INFORMATION SERVICE 


JSnancial Times Wednesday . ; 

FOOD. GRCK t E5aE&< r onL- 

1 h jilt- j -. j"n4p- 

r ; F ?Eiw irv-.nwK 


BONDS & RAILS— Cent. 


1979 

Rifh l«« 


9|-rk 


Price — w'Di, '.| IM 


— <.TIK> ! \ IPM 


f j; in. mi. a 1 ** 

. b5 | if I-- fivX»i 

S2U |:-i-.i— : 7 i-. a: i 
j 77 . ':..a 4 i. Sj ;ti 

. fa* • ||..«- .... 

1140 . 

- on n; 1»« . 

:s«i;r '.wi 

;i>, ;» !!*4 

°4 ' 

L m. S X I.’M pn 


1 97 ;... 

68 : 

S ■ 83%| 

77 

; 375 i 

47 . 

1 1 ■ 
75 p ; 
594% j ... 
UM91 
I 95 I 

rt'Plilil. 1 HI' 


7% 


6 

3 I 
h-;\ 
9 ! 
b-j • 


T6M 
1180 
13 16 
13.50 

12 20 
208 
8 67 
953 
845 
40fl 


S |ir**iiii 11 111 


AMERICANS 


1977 ; 

Ht(b l«« I 


Nn'k 


* *r Wr [ VU 
— , ji'rr >i| » 


\;i» non r ■ nrc" 
•i.w: )l'“i ■ I-' - 
' j: — h. 


:l’.-13% j.\4\ 

e»o*’-! 59 ; v’.ii .'.r k: 

' Tif 51 

507; i 19% ‘ 

II 

15S .Hill 

“ 17MKA.r.-r:».a:i 

11 s ■ft.inn-*'*"* 

2.’ !p s-.-'iir'S* 

13 flilli ■l.ilUl 

fa25plKi.AH cl i?r . lit 
857plP'iiii.A-ik' ..r;in 
43". A *»- 1 »ri V> 

30'- ' 2 .’^ 

28% !■ '’■ V- 

. j'<*r|..Par ! 

17“, 1 h.x-o M faliifiZ ’ 
j}!{ .'‘S< , w , .i.i<;Sfc s' . . 

6bJp 

15% I'liicirpy 
733|i 1 ii> lr.t i:-- . ..... 
14% ho i.'n. I'r h Si 
, 11% r 51 

I 1°% ■>!■ ir.d- Si 
! 15% 1 .-Hi .ll:n«'l«iiH 
lfa)j i'i*il 1 M I S i 

201* < n-anZoll S'. 

20% ' ■itlifr-Hjirak-i 17 
.v r.ir- n ''i- J».v) . 

16 k.n.rr 

28% ).'■ M* 

670p F..*< - ji' , iii: l"ir- . 

11% if If!’ 3I-.4; 


IV4 

’E. 

?’.r. 


tr'A 1 

51 

49% 

:a% 

ii 

-TU 


18% 


'4 
■ 'a 

Ji.. 

0 

-*4 

9i 

’U 

1% 

5% 

4>, 


207. iriiof* ■•ri.i 


26). 

W’ 


■2% i 54 

996i. o<2j 
■ 16 
2 I 20 

47*i ‘ »6ij 


in V^rSH 

i\TY 

MoliJ.. 
-lll.JieS; 

'll- n'.'.'.-'il S. 
iSOiiDuic;. r “ 
171 |: r- "4 »- 

1 1 c<-*r,ij 

i- j . 'li'i. r" 


’O' 

12 % 


••o. 


• 11 . ii :j- 
l J », 1 “*5 r 

23“ I 15% ]K.-l.*ni.-Sji JS 

? r j lfa% ‘ ’t. 3’ 

;:■< ) 10 % i.."’! S' 

:'-E I 14% |1!:-SMs is. 

:Slpi255|*!.»2':l-B .- S; 

2P‘t ; 18-; ‘>.151 

477 j 882 1 >pi 
'S Zr^i.'M^rr. CjM-.i.H' 
>;■: ! 18>, [71 'A j". 

-7% [ 18% iUn.ii 1 " 


-18 


lCL 1?1 

97}|. 495j. 

22 l*\ 

40 | 227, 
1". ;8b5p 
4U, 21«. 

15 % 

17 .11% 

49s, I 28- 


|T..f.|n j- 1 0.1 

‘T<r J.."5r‘_ ,? 

Tin? Is, 

jTran Jirtti. jS. 

1 Pi ’.H h 51. >'■ 

L' “• V.vlil 
Un.iU.irih. '..'ii 
- Aor*‘ 1 ...*i SI 
■*7ST.-385piS..ni< • l:i> 

1 4-« | 2 . 1 . 

S.H lint Pr?miuni JIF; 


lbu ,c j . 

31% .g! 

22 %i 
lsuni 
988|nd -8 
22Vd! 
15%; . .. 

25 

19*4.0-4 

905|. -75 
934|. -9 
50% *i» 
37 !.% 
34%!-i4 
40rf, -i. 
21*^1 - U 

694 cud -4 
17% 

979 n 

16% 

12*4 
23-4 
177, i- 
197^4 ;■*% 
22Uallj - % 
404; I 

24;. - *4 

1? -4 

35"e.d * 
881 1 . 

13% 

22% 

29%«l 

1774*11 

45*4 . 

V^L'7 

*a?:i 

32-4 ; * ■. 

12%*n • - 1 

' 'IK!:;; 

23*4)0 J • 
24% 

11% id 1 
16 ) 4 * 4 1 - •, 
409). kV; 
25S,|-l’c 
10%« 
29*41' ! , 
25<fl j-.* 
21%>si .. 
134 | .. . 
534p ‘ 
17*£*2 j * % 
28%h J 4 
11 -% 

26 '-4 

16>dl . 

13*4*0] ~ *4 
37% —* 
685 V«r 
845 p ! ‘•9 


5160 
l n 
1 52 20 | 

SI b*} 
„ 0 .- 
40.- 

«X». 

s:.5b : ■ 

si 00 [ 

5ik 
70.- 
S! 60 
12 bO 
SI 70 
S’ 10 
SJ 70 
94. 
Q40<: 

SI It I 
>1 00 
52 

51 00 I 

52 10 ; 
SI 44 
SI 50 
SI .90 
tSl 40 
52.25 
SI .8* 

S? 40 

Si 10 

51 10 

si :o 

iOU 

51.80 

52 20 
SI 60 

51 20 

50 bS 
S1152 

53 00 
95 c , 

52 00} 

sz-oe i 

s: 20 

it*. 

51 lb I 

SI 20 1 

15c 
SI 00 1 
88c 
SI 06 I 


SI 80 
80.- 
SI.52 
51.50 
Si 20 
10*1 

sfoc 

SI. 30 
5100 

s? 00 
5160 
S1.40 
52.00 

>i & 


— 

5 1 

94 

78 

tlr,«IBr,-«. 

84 

<1%| 

,4 59 

— 

3 1 

ih 

"6 

•au-l f-, J E-Rft . 

27 


0 7b 

— 

25 

171 

157 

Bai-'lurstta, 

167 

+7 

<4 91 

— 

3 3 

;■% 

19ft 

B'-.'l Artlmr iup 

244 

t2 

50 

— 

5 2 

5b 

"7 

F.i 

42 


20.42 

— 

b 1 

ill 

88 

fwi’dinuuu - 

88 


(2.91 

— 

41 

42 

06 

H"r.!rrfc : .-v - 

76 

— r 

<3.55 


:• 

128 

100 

Rci.'.n .VilihrM 

208 


t3.SB 


♦ I 

61 

40 

Bui-kle-. f tt'-'A 

48 


182 


3 8 

157 

114!- 

Pulm-rH T . 

1V5 


6 70 


4.4 

I7J 

140 

Burunuio-L - 

168 


3.45 



68 

55 

''ilV I.' >n l*»i 

58 

-1 

2 79 


5 * 

IAS 

pa 

> U.-K Mulltiev. 

ISO 


5 <4 

— 

54 

71s 

lh< 

D'-iilirr- '■<.% 

199 

• 1 

7 3 


44 

29 

IS 

'K'ftbift i. lilp. 

22 





6? 

43 

iifijjS Br<». JJn 

50 


? 84 

— 


15b 

93 

'•-rrr.j|: tQ.itlri 

119 


Ti bb 


J 1 

5 It) 

713 

Gr«-urKtn4 

285 


7.37 

— 

b 1 

!41 

)4B 

t.uinnr-. 

148 


<7 13 

— 

50 

159 

177 

Ilighl J Di>i 'Mn 

145 

+3 

3.22 

• - 


153 

8< 

Im-rre.ir.l'in 

143 


2 26 


4 5 

195 

109 

in'h r«i.-!il:-r» 

184 

-2 

♦3 55 

— 


41(1 

770 

Ma> ^haa ‘.tar. 

390 

-11) 

514 

~ 


5.((I 

.160 

Xrt'iavlil. 

530 

-5 

24.41 


3 i 

70 

SO 

saaitanua 

60 


?14 



72 

**o*. 

r-. r -'l 4- '.•••* :»P 

63 


3 4b 


6 7 

1>1 

05 

Tieutir . . 

171 


<3.05 


43 

1 ss 

<*4 

^ 4'1’w 

113 


<4 08 


4 5 

104 

R-'-. 

'.'•hicip-j.l \ . 

lOOid 


<4 0 


5 4 

234 

185 

Ac* f'jiii" 

212 


<5.83 

_ 

?1 

185 

129 

i'.n:?r tt ,\ yp 

160 

*-3 

1 3.23 


5 6 

:i 
38 
3 * 

?.b 

3.9 

2:4-- 

36 

5. 

(77 

58 

2.3 

4b 

34 

5.1 

5.3 
2.7 
0.6 
1 8 


ihavil on I 'SSI. 8455 per £1 


t'uncersinn factor 0.724 K lO.TJJtaE 


CANADIANS 


10 % 
10 a 
»S 

600p 

825 1 . 

14 

955 n 

lb% 

'71%! 16% 
i?'4 ; n% 

« 


£ 

. 

:o% 

•21 A 

$ 

63C 1 


nh v.ei-*a« L.' 

.■% d 

8.-. : <'jrj0.i ll.l 
Km '. .iil.->; 
llry.' J-I 

■'siii imp . 
An i'i> IlieSi 
1*- 1,^ lH-i i'Ht 
(a'llCUl'kl; 
Hj-.r*-?**:-E ■ 
Hoiiiriic' ‘5 
H--.Ji.il*- K<;. . 
rle-1 H , ">«l •• i - : 


13 '4 j 11% |init»-nj( , .iir 
ls*a |‘M5p;.Ri-i« . 

S30p;535l> Ir.l '•j! '-j-SI 
10% iblOp VJ'jC. 1 
ib-S | 20% !l'j..-irc i'rl j| 


].3-*P iOt 
23*4 15 
24 , 1 1 :-•• 
20*S 13*i 
14*% [af-3| 


VI.W r.l- il 
i:i» M.uir. 

K.-.u 1 Hr*. dn S2 
Mj; r an:< < SI 
jT-r. |i..if ?.n :i 
J2*; ioSOj.jTrun. sp '■.> 
>.K. 14*4 Premium rur. 


14%,.i 


Si 12 


13 

. 

5104 


38 

-% 

S4 2 


13>s 

-*5 

h5- 

— 

955 1- 

-10 

SI 0 

— 

17% 


51 48 

— 

14t; 


°7. 


30%id 


4°» 

— i 

26 


51 !4 


465j> 

-io 

40c 

— 

25 


Oo- 

— i 

U'a 


6«*.- 

— 

27*. 

- 1 , 

SI 60 

— 

I**, 

10", 

-•» 

Si GO 
40.- 


69Qp 

-18 

80- 

— 

680 r* 
36% 

-10 

_ 

— 


SI 14 

— 

1<M|. 

_s 

. . 

— 

20% 

— % 

SI 50 

— 

21%ta 

% 

SI. 30 

— 

19\i 

- ■* 

SI 12 

— 

12% 

-% 

9t>. 

— 

10i» 

-% 

18V 

" 


3 6 
3 7 
5 3 
02 
48 
39 
3 1 
13 1 
2 6 
41 
39 
2 5 
28 
l 5 
17 
5 5 

15 


■ lia-ed un S'2.'*85l per £l 


BANKS AND HIRE PURCHASE 


ir* ; 

Hidn j 


-4i<\ 


I" " r i 

Pnw 1 - I 


Di, 


VW* 

1 . *r f.r,|Pir 


>46 

104 

A - ii 

292 

-5 

y20.- 

* 

43 

■b 

29 ■' 

2iu 

.llr.andrr.U ;i 

243 


14 55 


89 


-lift:- 

•4(11, 

llj'-HiPcf 1 1"" 

£127 



25 

47 

89 

J34 

?69 

llor 1 *. 

325 

-5 

•hill? 


4C 


2 >9 

1%) 

vluoilr.-n 

203u 

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— 

5.5 

— 

1/4 

I-(J 

Ar'iKhmc 1 il 
?.\. iP-%*id£l. 

145 


10.23 



lUi 

— 

4b5 

315 

395m 

-5 

mziu 



56 

— 

teOJ 

£137 

ll" Itlpr*. i«l 

£183 


uio% 

— 

lb-6 



1 > -2 

11% 

tr Liuini I £1 

13 


«r- 



• - 

1/0 

150 

M Leu ail l. iial 

170 


15 


152 

:o; 


i'-S.'-A.K S\2 

510 

-20 

%3Zc 

* 

?7 

* 

U5 

237 

Hank Scrt land £1 

278 


• 1105 

36 

5.5 

71 

£52% 

£2r. 

Hanke<j N‘ Y SK* 

£24 


g6i.(M 


b? 


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296 

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342 


(13 28 

57 

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kr.,»-.,r rdf, il 

240 


♦4 41 



6.(1 


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142 

• a:erRid>;r£. 

255*1 

♦2 

rhi.’i: 



10(1 

— . 

64 

ft! 

Ti'vUlfH mp 

75 

-1 

« 85 


97 

— 

■255 

171 

'■•ml. £ 11 , SAI- 

192 

-3 

416- 

25 

5.1 

68 

■£1° 

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i.'ftmrhkD.VirtX. 

£17 

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£161, 


gid’. 


7 C 

— 

32 

16 

■irinihian 19p 

28 


<0.71 

73 

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48 

C24 

£13% 

• rrd France r SI 

£20% 

-1 

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— 

31 

- 

4h 

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15 


— 



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£114 

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58 

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70 


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26 

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1% 

♦ ir-if-a* iup 

6 

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-• 

2 

1 , 

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2 


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— 

I“p 

p>. 

1 ii-. r Vn- III,' 

11% 






— 

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'•■..T.'isJ n: il 

182 

1 2 

i: 



7 5 



s'* 

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43 


223 


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— 

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215 

-3 

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— 

id: 

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19 


015 


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147 


'irir.'I'a’ ■ 

122 

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71 

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no 

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114 


It 5 15 


62 


717 

155 

ll.imbru- 

163 


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11,(1 pa niiifi 

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+1 

14.17 

— 

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1BH 

ju, '.larriRi. 

200 

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247 

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bVS't. 

— 

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— 

64 


I,- -—l ♦I'talw 

63 

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— 

215 

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Ji'j'i't Ij-" £1 

160 


B 74 

— 

b 2 

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55 

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47 


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114 

32 


89 

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LI"-.'!-£i ... 

260 

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<4 2? 

Jft 

5 3 

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BANKS & HP-Continued 


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AND ROADS 

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FINANCIAL TIMES 

BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BY 
7ci=-5: Editorial SS634I/2. SS3S97. Advertisements: 885033. Telegrams: Fi nan time. London PS4. 

Telephone: 01-248 8000. 

Fur Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


K L* IT* 1 R 1 A L * > FF I *7 ES 

Ainsio-.t-iii I'i'i H«t LW. \nL*.:ftrd.im-C. 
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VaneheftCT Qwiwn's Huuse. %ueen Street 
Telex «eai3 Tvl. 061 «, 4 5U81 
Miiv w: Sjitrvu-S.imiitivhnxva 12-24. \p». IS. 

Jvle- 7(».m T,-l 200 L’T+N 
ricu York 7S Ko<. kt-f-2'i.-r I'lara, N.Y. 10U1H. 

TH,-» 6 RWO T.-l .21-1 841 462A 
l'.iri.N 26 Kuv du ii-mi.-r TWG. 

T.-I.-y 220044 Tel- '2M .57.43 
Hit* il-- Jjiiemi V-.-cnirln Kri'R. Yarxa* 418-ID. 

Tvl. ■J5!l 4rtl« 

li.iin.-- * in 1 I 1 -II,, MWCnc SS. 

Tilt-, «j*xrr_' Tel. <778 3334 
Si. ■■ khoim r o sienska PMhMri. n.mlamh*-. um 
r«-lex 17R13 Tel SO «0 38 
Ti-ltr.m. I 1 *'* Eo*- I1-187P 
•IVli-t 2L:«W Tel- WOW 
T"k*« »h Floor. Nih*in KV-i/nl Shimhua 
Mu i!d* up l-9-.« * Itemachi. <‘hi> 0 >ln-ku. 

I'i.'lev .1 27104 Tel: 241 2920 
V.'a-.liintt.m 2nd Floor. 132S E. Siraet, 

\ \v . Wfl'hinctun D.< IW* 

Tvh'X 44*1340 Tl-1 i202) 347 S67S 


ADVERTISEMENT OFFICES 

Hii*Kir>i;?iaii' '.'■■‘irce Him***. *!e.irse fluoit 
t-i. ■■ xiuK.ii 1 1 i-i ri'jM.v; u'/.'d 

r.ili-ii.iiri-*" :<7 '...-nrt-.- ?ir«.-«-i 
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j l-.-riii.iiii-tii llnix-. The Hi-.lIi.-w. 

I «-i 4;j:« a 


Ahmi-hi-frcr i/occrV Kwese. tj«een Street. 

•|V|."\ 0*813 Tel: U01H34 9H81 
N. m Ynrt.' 7S ft.Kk.-rell.-r Plazn. N.V. HW1B 
THr\ -J.BH09 Tel. .212' 489 830U 
] an^ :<b Hue .It. Senllt-r 7 3U*XL 
Tel, a 220044 lei- 230.KCOI 
1 iikj.r Kjjahard BiiiMinc. l-RW I'.-hit-nnda, 
i llftml .1 ku Tele* -I 2T104 Te|. 295 4UnU 


u*er>i.-A> 3ilirrii<omon( rvprwnfalites in 
tVnml and Smilfc America, .tfritu ifu- Middle Ear*. Am 5 and :h« Far Fa>T. 

Knr fmllKr ilel.iil-. |.l«-.i^- 1 unlu.-l 

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’ Fi : 1 a 11 ■; I ill T iuies. Brat- ken H*msf, m. ran non Street . London KC4P 4BY 


SCBSCRIPTIONS 

tieiies ut.T.iiii«6Ie fr.'m hrv»as(«iii« ami hml.ii.iIK li-iirl.lnlde tir "n reeular m*l-Kripi,(iii 
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CHEMICALS. PLASTICS— Cont. ; ENGINEERING— Continues 


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