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^ I 5c2 i-' -.ms ■S.AfT- 5 * 




FINANCIALTIMES 


long: 


ra lorbujtfing j*otiuKs;he&l exchange, .. 

mJ ; •ifuripower-gerierai engineering , 

5* ' ; zip fasteners. refined ana /f“ 

Vj r '-wrought n'.atdis. , 

ftfil Limited, BirmingJiam, England 


No. 27,723 


Friday November 24 1978 


Sr*jJ, U£o 



' 'i\ 


■.CONTINENTAL SELLING PRICES; AUSTRIA Sd» IS: MUUUM Fr 25: DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 2.D; ITALY L 500; NETHERLANDS FI 2.0; NORWAY Hr 3.5: PORTUGAL Esc 20; SPAIN Pta 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE 15p 


GENERAL 


BUSINESS 




defends fal1 2 - 6; 

Scott *°“ _ 

, , gains $2 

V'Jj-AJL mUC * EQUITIES opened firm but 

declined later, mainly because 

rJKS ttdot 

at «MM ySierfay «ith Si? Share W ** 

:n..u r„_ 2.U to 4<G.O. 


envoy on 
mission 


Miners ford 
claim r 
‘realistic 5 ^ S3. 

40% rise qjj IV 



' The marathon cross-ex anti na- 
tiiui of Pet irr Bessel I continued 
sit Minohead yesterday with Sir 

- David Napley. eounse! for 
. * Jeremy Thorpe asking about 

the alleged •‘charade** hy 
' • which a visa would he bought 
allowing' Norman Scutt to go to 

• "ttaeVJS. 

Mr. Bessell said he was pre- 
pared to go through with the 
charade because he believed that 
■ if it could he shown that the idea 
of gelling rid of Mr. Scott was 
impractical then th«* .scheme 
would he abandoned . 

Mr. Bes&eTI agreed with Sir 
. . Dana that, in 1971. the allega- 
tions of a homosexual relation- 
ship her ween 3lr. Thorpe and 
Mr.- Scott were known tn Sir 
• • - Frank Suskico. former Home 
Secretary, David Ennals. Social 
Services Secretary. Emlyn 
Hooson, Liberal MP. David Steel, 
Libera! leader and others. 

Jeremy Thnrpe and three 
: others ore charged . with enn- 

• ppiraev to murder Mr. Scnlt. Hr. 
Thorne is also charged with 
inciting David Holmes to murder 

- Hr. Scott. 

. - BBC writs over 
TV soccer deal 

The BBC has taken out High 
V- Court writs against London 
Weekend Television and the 
Football League following the 
exclusive deal for soccer 
- *• coverage signed between LWT 
and the League last week. 

- The BEC waits a ruling .that 

r. LWT is bound "by jnint agree- 
ments between Independent 
Television, the BBC and the 
League. Ir also wants an injunc- 
lion preventing the exclusive 
r"- 1 dta.1. being put failn effect Bat'k 
Pase... .• • . .... *■. ■ 

fj&hiidren ilB 

, IP*. O 

' .'Sfiiriy children; anti. three 
. 7 feathers wore uvereome by 
■Tttiires from a chemical works 
i_- he.ar Hope High .School, Salford, 

- Manchester. They were taken to 
hospital suffering from nausea. 

a^.,(dl©ts statement 

^-Fbe Prime Minister said he did 
hi ji-..-J'not recard the finest ion of 
3 fsf^ybetber'or not Britain should sell 
^^v^Hiirrier jets in China as a par- 
{ ~J cwZ. ticnliriv pressing problem. Hu 
1 made Tab. direcr reference to a 
letter from Soviet President 
iT.’.; Brezhnev" warning against the 
£' .sale. Page 3; Parliament, Page 13 
. ' 
BAOR backed . 

flWv,V-.TIie new Commander of Britain's 
[-.•‘.••Avioy.of the Rhine said the army 
' had been unfair!;.’ attacked as ! 
. r;=. being under strength and poorly 
- : ;.^v equipped. General Sir William 
-• .•/£; Scolter said it was time to ( 
• boast about what we have and 

. /'A .'what we can do.’’ 


• GILTS drifted lower, par- 
ticularly in shorts. The -Govern- 
ment Securities Index was «.H 
down ar 68.2ft. 

O STERLING fell 10 points to 

5 1.9455 in thin trading. Its 
trade-weighted index was un- 
changed at B2.3. The dollar 
finished above the day’s lowest, 
but below the previous close at 
1>M 1.91871 (DM I.9232JV. 

6 GOLD rose 92 in London to 

S p« lu«t tKjncn 

260j — 

- London 
2 4 o -Gold Price 1 _ 


BY PHILIP RAWSTORNE 

Mr. James Callaghan announced yesterday that he would send Mr. Cledwyn 
Hughes, former Commonwealth Secretary, as a personal emissary to southern 
Africa in a renewed bid to secure an all-party conference on Rhodesia. 

Mr. Hughes, ch.wirm.in of the sidered. “We shall not slick pressed hy Mr Fr.intis P.mi. 

Parliamentary Labour Party and rigidly lo our ideas." Tory foreign affair^ spokesman, 

a widely respected Commons Britain and thy U.S. untild, earlier this month, that if Uio 

figure, will leave early next week however, pm their joint pro- conditions seemed rieht lie would 

for a round of private talks posals for a settlement to the con- make a personal effort id end 
with African leaders. ferenef. the violence. 

His task will be to assess ibe “ li will in our opinion be most He had also received appeals 
prospects for a conference in likely in succeed if we begin with for Ms persona, intervention 

Britain in the New Year to nego- the basic framework which ivt* from Rhodesia, 

liale a Rhotk-siaa settlement. and the United Stales have But his decision is understood 
Mr. Callaghan said that if the identified in oiir earlier Intciwhe lo have been ba.-td on the need 
conference were possible he discussions with all the parties." for a new effort to break the 
would lie willing to preside al it. diplomatic deadlock nuh.t r than 

Thy Prime Minister's surprise r < Amni > nmicn on any cncnu rag iru; developments 

initiative won enthusiastic s»t|v V- UlIiprUlllISt m Rhodesia, 

port from all sides of the Com- .. .. The can mot, after approving 

mons. Mrs. Margaret Thaieher. IH- siiewed. Tin. re would n r . Callaghan s initiative yester- 

the Ton- Leader welcomin'- :h.' n<,<, d in L ' on *Z day. agreed on a Parliamentary 

move. 7aid ,? roiSd be crucrjl pr,,uuse ,v i , al1 ;itu ’ nf, ‘ n - , ,f inquiry into the Rhodesian 

to the future of Rhodesia and ° ° ^ ° W sanctions-hustine riifclosed by 

(he whole of southern Africa. u,' U u„ 11 w ...m-. Bingham Report. 


Iniiiatie stalemate and increasing “ lr - Hughes, who will he announce the Government's 
violence in Rhodesia. atfeumpamed by Mr. Stephen decision next week. 

The Print* Minister told MPs Low. U S. Ambassador to Zambia. Tony flaw kins writes from 
yesterday that he had concluded an ‘* yir Anihnny Duff. Deputy Salisbury: The Khod>vmn Transl- 
tfiat an attempt should be made ^oeMory ai the Foreign iMlieu. Donai Govcrnmcnr v.ckomcd Hjc 
j 0 ou t jf tj, ere was a j^asis visit Rhodesia, the “ front- announcement of the Joint 
fur Calling a conference line” African stales. Nigeria and Anjtlo-U.S. delegatin'!. 

No preconditions would be s,,u » h **««“■ recent weeks Mr. Ian Smith 

imposed cm attendance at the Mr. Caliaeliun told MPs he did has several limes criticised 
conference. He assured Mrs. nnt undercslimute the difliculties Continued on Ba ck ” a sc 
Thatcher that any proposals that of the mission. But he refilled Editorial comment Page^lS 
might emerge would be con- that Sic had promised, when Parliament Page 13 


Bodies ftown in 

The first 40 bodies fruin the mass 
; AUlcidtj in Guyana arrived at 
•Dover, Delaware, for indentlfica- 
•tion and burial. Tn Memphis, the 
lawyer Mark. Lane — just back 
-from a vwit in Guyana — said 400 
■ members of the People's Temple 
commune might stilt be roaming 
-the busb.- • • 


If - Escorts again 

•Vsi •.British Ford Escorts beat off the 
* ^“combined challenge of must 
European manufacturers plus two 
: from Japan to win the Lombard- 
.ji>; RAC Rally for the seventh year 
Tn succession. 


Briefly . . - 


Merseyside policeman won 
.I2S.OOO agreed damages when he 
. sued the chief constable over 
injuries received in a police car 
accident. 

British Airways is starting cheap 
excursion lo Brussels from Bit- 
uiipgham. Manchester and Edin- 
burgh. Page 8 

Actor Albert Kinney and his wife 
; Aaouk Aimee wen* divorced in 
' London. 

-About 5b0 families were 
evacuated when a cyclone 
bartered eastern Sri Lanka. 


V IBV JUN JIK. WG SEP OCT WOV j 

S2V2L Tlie New York, market 
was closed. 

9 WALL STREET was closed 
aloug with other U.S. markets 
lor Thanksgiving Day. ‘ 

O-A DECISION on joinms -tbe 
European Mutietarv’ System will 
wit he taken until the Computing 
has voted on ir, Lhe Ppid^* 
•Mioisler aiioo'nK-ed. . . 

Back Page . 

■d LEADING underwriters off 
,Ltyyd\ are iovestipaUog their 
[;ui)i?ities in a complex Series of 
claims, said, to total over $100m. 
on computer' insurances. Back 
Page ' 

0 GOVERNMENT has paid 
another £37.7m to stock- 
holders of aircraft and shipbuild- 
ing companies & compensation 
for nationalisation, bringing the 

tokil safar to HSl.lSui. Page 7 

0 JAPANESE electronics com- 
panies bad better production 
techniques and industrial rela- 
tions in many ways, says a Thorn 
group umun-irmnagement ream. 
Page ft and Men and Matters, 
Page 18 

0 NATIONAL GIROBANK will 
have to leave a large deposit 
with the Treasury to prevent un- 
fair competitive advantage over 
private sector banks when the 
Banking Bill . becomes law; 
Page 13 . 

9 PENSION FUNDS' investment 
power could ' reach a point at 
which the funds controlled Ibe 
affairs of Britain's industry and 
economy. Sir Harold Wilson told, 
the Builders Merchants Federa- 
tion. Page 9 

©SEA HARRIER orders Trow 
the Indian Navy Cuutd be worth 
i'lOOm fur British Aerospace. 
Page 0 

9 CHIEF EXECUTIVE John 
Craven -of Credit Suisse First 
Boston, the London-based invest- 
ment bank which conducts Euro- 
bond Issues for two foreign 
banks, has resigned. 

» CRAFT UNIONS are making 
substantial pay claims for con- 
struction workers at the Sul lorn 
Vne oil terminal project in tlie 
Shetland^. Page 12 

0 JUNIOR DOCTORS have asked 
the Government for direct pay 
negotiations and an independent 
pay arbitration board. Page 12 

COMPANIES 

0 HOUSE OF FRASER pre-tax 
profits for the third quarter rose 
to ffi.SSm from £6.74m. Page 
28 and Lex 

0 ROTHMANS Imernolional pre- 
rax profits rose by £6ni to £44m 
in the six months to September 
30. If includes "a £7. 5m post- 
acquisition profits of Rothmans 
uf Pall Mall Canada. 

Page 29 and Lex 


By Philip Bassett. Labour Staff 

LEADERS OF Britain's 380.000 
minors fonnullv put a claim to 
the National C'eal Board yester- 
day for pay rises of uo to 40 
i per cent, a four-day week and a 
reiurn lo Uieir Xuvenibur settle- 
ment date. 

Mr. Joe Gnruiltry. president of 
ibe National Union of Mine- 
workers. dashed any Government 
hopes that the miners might Cuke 
a softer Mae on pay. 

He said: “ We d'i not intend 
to allow the Coal Board to be 
bound by Government policy. 
Our objective is to qet a realistic 
rate." 

The union was acting in “a 
spirit of free collective ’negotia- 
tion." 

The claim at temps in break 
trie Government'.-, rule that there 
should l«c- 12 months between 
settlements, it seeks to briny 
forward the miners' anniversary 
date to November, leaving the 
agreement, due tn start in March 
next year, only eight months to 
run. 

Mr. Gormley nude it dear that 
the demand for a fuur-cfcv week 
was a centra! issue. He justified 
his claim that a red union in 
hours worked .need uoi cut coal 
output, by arguing ilia! the 
union hud fuund the average 
number of shifts worked per 
week was 3.7 in a five-day week. 

Miners would ho more ready m 
work lbi'ir full ijuuia of shiJls jJ 
[he number of working day.? was 
reduced to Tour. That would in- 
crease production and could in- 
crease employment prospects in 
the industry. 

The Coai Board, however, 
estimates that absenteeism in the 
pits is running at about 17 per 
cent compared with the 26 per 
cent Mr. Gorin ley's figures imply. 

The union will submit its claim 
for increased differentials 

Continued on Bock Page 


BY RICHARD EVANS. LQ3BY EDITOR 


SIR TERENCE BECKETT, chair- 
man of Ford UK. is tn be called 
into Lhe Department oF Industry 
on Monday to he told of the 
range of sanctions the Govern- 
ment proposes t>j take against 
the company for breaching the 
pay policy. 

Details of the sanctions will 
be published hy Mr. Eric Varlvy, 
industry Secretary, probably 
later on Monday or on Tuesday. 

Yesterday Mr. James Callag- 
han. lhe lViiiu- Minister, 
defended the Government's right 
in impose sanctions in the Com- 
mons. lie gave a clear hint ihat 
they would involve suspension of 
purchases hy the Government of 
al] Ford products. 

Mr. Calia-jhun stressed that 
there was no requirement on the 
Government to purchase the pro- 
ducts of any particular company 
or group uf companies. The 
Government would refrain from 
making such purchase where il 
thought il was in the host 
interests of combating inflation. 

But the Prime Minister refused 
to be drawn un other details and 
would nnt confirm that a Minis- 
terial decision had already been 
taken following Ford's 17 per 
cent pay selllcnviit. 

Privately Ministers make no 
atfempt in hide the fart that 
sanctions must he le\ led after 
such a hi a lain breach of pay 
guidelines i«» u reserve what 
remains of the battered 5 per 
cent policy. 

Because or Kurd's commercial 
strength and tlie long wailing 
list for its vehicle?, sanctions 
will probably nut have a great 
impact. They will be imposed by 
the Government largely as a 
propaganda exercise to dis- 
courage companies that might be 
more vulnerable from breaking 
the pay guideline. 


still 



Kurd Iasi year supplied 2j.(.'h0 
vehicles wurih i'lOOm i.j lhe 
whole of the public M«;:ur. The 
likr-iihruiii , s Hi.il a purchasing 
h:m would only ceii.'rut 

Government jin-ir/ie-:. an •! ilm-e 
account fur only a «mal! pro- 
portion of Ford'.- overall public 
sector sales. 

Mbislcr- will discourage 
nationalised inrlusiric.' and <ucal 
authorities from buying Ford 
products, but they ii.r.c n.< power 
lo enforce this and Lmhp- jj nu 
prospect uf N'ni'kMuju being put 
through the Go in moil'. 

Tlie other mam element on the 
sanctions package is likely in he 
the strict vetting of any applica- 
tion for price increase- made by 
Ford. 

The dilemma facing Ministers 
was well illustrated in ill* Com- 
mons in an exchange between Mr. 
Callaghan and Mrs. Margaret 
Thatcher. 'be Conservative 
Leader, who underlined lhe un- 
fairness of i he aruiiidry 
sanciiuns p.iiii”. 

The Prime Mini.-lcr admitted 
i bat profitable companies like 
Ford might hi.- unfairly treated, 
but tic mainraineri ihar the 
Govern ment had an overriding 
duly lu give priority tn the 
national iniern-j. 

Mrs. Thaiciicr asked wliat a 
profiKiblc cmiipiiiiy like Kurd was 
lu tin when il could uilurri to pay 
a v^ncruus increase. Did the 
Government expect it to see its 
workforce strike for several 
weeks until it became a loss 
maker like CL'.’ 

0 Britain'.- -fd.OOU seamen yes- 
terday accepted an 8.75 per cent 
pay increase on has-.- rales which 
the sbipo-.vners maintained was 
within the '.uvcrnnieni's 5 per 
iw. pay guidelines. 

-Sa.'icrh»ris “ iihvJcal ~ Page 8 




BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


* 


BY CHRISTIAN TYLER, LABOUR EDITOR 


CAPITAL SPENDING by luarm- 
favtuj-ing industry over the past 
few months has been running n 
much more than u year ago 
although for this year as a whole, 
'investment may fall shghtly 
short of rfecent hopes. 

That is showrf by Department 
of Industry figures published yes- 
terday. which also disclose that 
the industry's slocks oF raw- 
materials. work in progress and 
finished goods rose again between 
June and Sepl ember, although 
more slowly than earlier tins 
year. 

Uaplfaf investment of manu- 
facturing industry was £970in rn 
the Juiy-to-September quarter, at 
1975 prices and seasonally 
adjusted: l per cent higher than 
the latest estimate for the pre- 
vious three munlhs. 

.In thp firm nine months of the 
year the volume of investment 
was £2-S5bn, B per cent higher 
tksyi in the same peirod last year. 

However, an increase uf about 
TO per cent between the third 
and fourth quarters will be 
necessary if the total volume of 


investment fur U»78 i*s a whole 
i« to l»c- up m the lower end of 
ibe expectations indicated in the 
most recent official investment 
intentions survey. 

That indicated thal the volume 
of inveslment this year should 
be 10 to. 11 per cent higher than 
last year. 

The official figures, however, 
understate what has been 
happening in much or industry, 
since they include the depressed 
iron and steel sector, where 
investment has been falling. 

Jn its most recent intentions 
survey, the Confederation of 
British Industry estimated that 
private manufacturing invest- 
ment. excluding iron and steel, 
would increase hy 10 to 15 per 
cent this year and by 5 to 10 per 
cent in 1979, implying a rise of 
jnst less than 40 per L-ent in 
three years. 

The Treasury, however, has 
taken a cant ions view of the out- 
look for 1979 in its latest Fore- 
casts. It expects private invest- 
ment in manufacturing to fall 
by 2i per cent between the 


second halves of 197S and 1979. 
although there shun Id be a rise 
•»f 4 per cent between the 
calendar years us a whole. 

The t o pita!’ expenditure iff the 
distributive and service indus- 
tries. excluding shipping, in the 
third quarter was n.THbn. also 
at 1975 prices.' That was 1 per 
cent Inwer than the outcome Tor 
the previous three months, while 
over the first nine months of 
this year investment by those 
industries was about 11 per cent 
higher than in the same period 
of 1977 and a further rise is 
expected next year. 

The upturn in the overall 
level of activity this year is 
shown by the £132m (1975 

prices) rise in stocks held by 
manufacturers, wholesalers and 
retailers. 

Slocks held by manufncnirin? 
industry Increased by I69m in 
the three months to the end of 
September. It was the fotirih 
successive quarterly increase, 
although slocks of materials and 
fuel have fallen for six succes- 
sive quarters. 


THE BATTLE over :he future 
of the Times : .ml the Sunday 
Times reached a new levy last 
night when the National 
Graphical Association declared it 
was ready In fi&hi “ to the bitter 
end” over the conipanvN indus- 
trial relations and technology 
plans. 

Times Newspaper; has said it 
1 will suspend pub! /cat am of its 
I two main titles and its three 
supplement* fra in next Tiiurs- 
1 day. uuess all unions sign 
agree meals by then. 

Last night the NGA. which 
the company al all. made it clear 
i that it saw the Times battle as 
j encompassing the whole oF Fleet 
Street. 

A special conference of Lon- 
don region delegates pledged 


Ibtir umral and. dn uncial sup- 
port for their Tmu*s colleagues. 

Afier the meiHn •. Mr. .lot- 
Wade, general, seviviriry uf the 
NGA. said: “We arc prepared in 
fight tbi.- to the hitter end and 
tn commit all our resources io it 
— and they are nut itu-onstdci- 
able." 

He said that the battle was 
about two Issues: the precondi- 
tions which the Time? had set 
down, including the November 
30 deadline, and the principle of 
the "single key stroke." 

He said tbnL if his union con- 
ceded ut the Times the principle 
that newspaper copy could be 
typed in by staff wlm were not 
printers, then other newspapers 
would very quickly follow ?uit. 
“They are wailing tike vultures 


to pounce on us," »aiil 

in preparation for the lockout. 
NGA member* on other national 
newspaper- aiv already ur.jni-- 
ing a vuluniar. 15 a wed ievy. 
This could raise he I ween 
and fJiMKJO per w\-vk. Its pur- 
pose would he to suppfenicii; the 
E40-*-wePk 4 trike pay 

NGA leaders will next vum.I- 
jiH-ei union ofiicijts in lhe 
Thomson Rfsiona! Newspapers 
group, which is. u-sncialed with 
the Times. t>< ask them for sup- 
port. 

La?'i night's conference 
showed a d> -i « i rm» nation on the 
pari of llit* union noi only to 
support colleagues at The Times 
but also to make the* bailie* one 
of principle with national news- 
paper proprietors in general. 




ICI third quarter profits fall 


wmmn 

THE PER 
IHiSSPAKUl 
M HVHNE. 



iiisEki'ia 




BY SUE CAMERON, CHEMICALS CORRESPONDENT 


IMPERIAL CHEMICAL. INDUS- 
TRIES' third quarter pre-tax 
profits- fell by £22nt compared 
with the same period fast year. 

The. company said exchange 
losses and a fall in sales in 
volume terms were the main 
reasons for its comparatively 
poor showing. Profitability had 
been affected hv increased man- 
power costs, particularly in the 
U.K. . 

The. figures brought 1C1 shares 
down' by Sp~ to 356p. though they 
closed 5p down at 359p. 

Pre-tax profits for the third 
quarter, of this year stood at 
£83iu, compared with £105m for 
Lhe same period last year, and 
£139m for the second quarter of 
fhis year. Exchange losses were 
£22 ru against only £2ni u year be- 
fore. with the increase resulting 
mainly from the decline in the 
value of the dollar. 


ICI said exchange losses 
accounted for nearly half the 
£5b'nt drop in pre-tax profits be- 
tween lhe second and Third quar- 
ters of this year. Group sales 
were £l.l*5bn in the third quar- 
ter compared with £1.156bn for 
the second quarter and £1.13Rbn 
Tor the third quarter of last 
year. 

The fail in sales in volume 
terms, ICI said, was mainly 
seasonal. But such problems as 
the shortage uf skilled instru- 
ment artificers at its Wilton 
i-bemicals complex on Teesside 
had added lo the fall. The 
shortage, plus an allied union 
dispute over retraining, forced 
lhe group to shut part of the 
Witton plant at an estimated cost 
of £7*111 in lost sales. 

•The bigeesi drop in sales was 
in Western Europe where 1C1. 


like other chemical concerns, has 
been hit by continuing problems 
i»f over-capacity aud weak prices. 
On a mure hopeful note, the 
company said thal volume sales 
felf hy about 4 per cent between 
the second and third quarters 
of this year w-hile last year they 
fell hy 7 or 8 per cent during 
the same period. The group is 
looking to a slight sales upturn 
during the final three months 
of thi*! year in line with the 
rise seen in the last quarter of 
last year, although the benefits 
then were counteracted by weak 
price;. 

On the wages Front. 1C I is 
hoping that pay rises and other 
increases ia manpower costs will 
be offset by a general picking 
up in trading. 

Results Page 28; Lex Back Page 


A lot of companies have gone into partnership with Irvine 
New Town. And the list is growing all the time. 

^ ryvrsg' 






IIV'. 


•v* . »T: ?•.-* * 

- *4.* 

5 -ta 


CONTENTS OF TODAY’S ISSUE 


CHIEF PRICE CHANCES YESTERDAY 

(Prices in pence unless otherwise Indicated) 


RISES 

8. Rhod. dipc ‘65-70 £57 + 4 

Brownlee 70 1 + -ti 

Gamrex ** * 5 

Cutlen's Store s 144 -r 4 

Elliott (P'Loroi W + - : \ 

1-ow (XV m. I tfW + 4 

- Sabah Timber j r® 

Sirdar 41” t 1 

Sothcby HB >43 + r, 

-StetmuT Pla.-*tics ljs + *j 

Suter Elec - fjJJ : Jj 

United Scicmific *-41 ■»* J 

AVagon Finance 4-1 i* -a 

Wheeler's ‘Resirnts.... v»-> + ™ 
Tendon and Sumatra 16i + Jo 
Conzinc Riotjnto -fS . s 
De Beers Dftl + 5 


Ilaoma Gold ■ 

Westfield Minerahi .. 

FALLS 

Excheq. 91 pc "82 

Awd. News 

Daily Mail A 

French l\ier 

G US A 

Harrisons CPisfeM ■- 
UK and Shanghai .. 

Hu use of Fraser 

ICI 

Jardine Siatheson .. 

Lucas Intis 

UlOthcrcare 

Parker Timber 

Redland 

Siebens’fUK) 


30. + 4 
290 4- 26 


£$&’;; - i 

1S> - 6 
353 - 10 

:h*. - 2S 

2118 - 4 
4«2 - 

239 - 16 
134 - 11 
339-5 
172 - 12 
296 — B ' 
150-4 
124 - 4 
154 - 4 

240 - 22 


European news : 2-3 

American news 4 

Overseas hews 4 

World trade news 6 

Home news — general 7-9 

— labour J2 

— Parliament ... 13 


Worrying patterns i" Euro- 
currency market 18 

Politics today: General.de . 

Gaulle's successors 27 

Energy review: Sul lorn Voe 
■hard road to oil riches 8 


Technical page 14 

Management page 15 

Arts page 17 

Leader page 18 

UK Companies 28-30-33 

Mining 33 


FEATURES 

Around Britain: Soulbwold. 

town nr potent ale 16 

Drown Boverl looks to the 

U.S. and Canada 35 

National Farmers’ Union 
Moving with the times 39 


lntl. Companies 34-36 

Euromarkets :J4 

Money and Exchanges ... 37 

World markets 38 

Farming, raw materials 39 

UK stuck market 49 


The posters in Peking: 
Milking room at the top ... 4 

FT SURVEY 

f lily of London properly 19-26 


Apt) ointments 

Appointments Advis. 

Baa* Return 

Cpr tracts 

Cron word 

Entertainment Guido 

Feud Prices 


FT-Aciuarics Indices 40 Racing 

Euro-pptlsns 30 Saleroom 

I^j ef j jj Share InformaLtan ... 92 

Lex 44 Today's Emu 

inn.hs.-rf If, TV and Radio 

Lombard 16 Uo|l Tru5H 

Men and Mailers ... H Wcaibcr 

Property 10-12 Base Lending Rales 

For latest Shore Index 'phone 01-246 SOUS 


INTERIM STATEMENTS 
Anglo liner. Cpa. ... Jl 

French Keif M 

Amos Hinton M 

Imperial Chcm. lad. 3D 

ANNUAL STATEMENTS 

Barry Trust 28 

M. J. Cfceson 30 


Maybe it's accessibility. With two major airports close by. 

And unrivailed shipping facilities. 

Maybe it's the financial and administrative assistance you 
get when you move to Irvine. Like possible rent free periods and 
maximum government grants. 

Or the availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf courses a few minutes away and three miles of 
lovely sandy beaches right on your doorstep, Irvine is a beautiful 
place to make money. 

As Beecham, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Ervir.e 
Development Corporation. 

The team which has helped over a hundred and twenty firms 
base their business in Irvine on something more substantial than 
faith alone. 

If you T re interested in the kind of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomsen. 

He’ll send you the nuts and bolts. 

YOU CAM CONTACT MIKE THOMSON AT PERCET0N HOUSE, IRVINE. AYRSHIRE HAH 2ALTEl£PH0t-'E:IRV!NE |02941 74100. 

OR 'PHONE JACK BECKETT, OUR LONDON OFFICE DIRECTOR, AT 01 -930 2621, 


/ 








Krgpean news 


President Grseaid.$fs-a keen backer of the EMS. Robert Mauthner, in Paris, explains why! Appeal 

^ " * nf a I by Soviet 


dissident 

fails 



f *3 

i it# 




“ IN' such- a technical* (rare hand than, normal to take taken quickly to attain it in the age of economic measures, participants. And secondly, .hat. 

riiit'er. ’.hinas.are being donejforiimportant policy decisions which, longer run. greatly reduced France's oil and trends are now in the right 

puiiijivl reasons, that meMurfin- others circumstances, might As far as M. Giscard d'Estaing other raw materials' import bill, direction. However slowly, the, 
»j.,. rn arc no other reasons* fori have iraisedt a, storm of embarras- is concerned, there is the addi- it also weakened the franc French rate of mnanon is 


J; a- 

V * 


inc it."* Thai, was, the caustic? sing' political -protests. uiiiiiii pi'ULiVdi mtcmifc '*» ngauui uit — ^ e> — ' "■ . *rn 

rv^i-«r.% made recently by -a .dfe- On *he intematioMl level, making his mark on the history France, which does more than 50 prices are likely in rise more 


lional political incentive nf against 


Deutsche mark, coming down, while German 


ore The Russian Supreme Court, 
yesterday rejected an appeal by , 



vrnuiined former high •" French i President : Giscard has found in or Europe while France is in per cent of its trade with ns EEC rapidly as the expansion of theu Jr l vexander Podrabinek. the! 

t-nano? oflii.-al about France's J Herr Helmut- Schmidt. the West the chair of the Community's partners and sends more than 1< economy gathers pac*e. Aforeoyer, who was asking for his: 

/version Jo join the pressed -German Chancellor, a partner Council of Ministers, which the per cent of its total exports to it lj pointed out with less than ! i-ojn-iction on charges of "anti-; 


BY DAVffi> MARSH 


/‘C-r^ion Jo join the pressed- German Chancellor, a partner Council of Ministers, which the per cent of its total exports to it ij pointed out with less § 

F.jrrpftja Monetary System. No after h!* own heart. Not only French take over on January 1. West Germany, has * Teal total conviction, the EMS is a ] Sm-ifli^Tander'’\7 be overturned. 1 OF PORTUGAL has of the jphptry!s ittfejaff-atoTra pTO 

do-i ; »i i^ an oversimplification, have tne two men struck up a 1979, for a six-month period. interest in greater currency different animal from ihe old i ccor dins to AP. quoting dissident ! been s ‘ e iiing part of its gold- crisis.^ -- ■' ■ a • 

; anhrnian* lend to be. close personal relationship, in During the French presidency, stability m Europe reptile. It will ensure corrective sources. ('reserves through the Bank for The, steady sales.a£Ebrth£uese 

p it it i',.nLaias more than a gram spile of having to talk in English not only will the foundations of President Giscard also feels, action not only by torn tries with The -ejection means that 24- international Settlements (£15). g6id ithisr jtear. J^vaWh'jtdJv 
„f r-ntn weak currencies, but also by vea^-old Mr. Podrabinek. who ^ Basle to help pay off tts.large affected ith£ gold 


There can he no doubt that 
pnlitrt! consider.* tions-have been 
i!ic driving force behind Presi- 
dent Gsscjrd rl'Es laing's enthu- 
for ihe new system. Ever 
ii.-jce his election in 1974. the 
Preiuer.l lias made progress 40- 
wari* European unification one 
rt f hi;: ciinin priorities. More 
:n; : n mo*; European statesmen, 
•v ha, ii..cn acutely conscious of 
i j-.c 'ij.nJi.*r< for the whole Euro- 
ir.-jn i.-ii . *. r;ir! j-*? nf inertia and 
ice » f Inni-ierm vision 
K r ura-vuu* initiative.* are 
no* iv. S'— r, ruin time io Time, the 
« omrmmity will foun- 
r'n/ m :i quavmire nf rechmcal 
r-j :i: on- -ji.v.-rning the circum- 
fV- ‘if caiitiHowers, and the 
cjr -. ,-f m- i-i*- -h uf fishing nets. 
■J c., a 'line when lechni- 
-jl oni. however valid they 

-■I.i; :"r< I*v ‘"r In ihf experts. 

-i n- • er-ridden by tne 
-■ 1 ir v. otherwise no real 

1\ •- U Vi-*lhlt*. 


W. Germany’s ‘wise men’ urge caution 


THE PROPOSED European 
Monetary SystecMEMSv would 
have a greater chance of suc- 
ceeding if if were launched 
with a relatively small number 
of member stales, and enlarged 
only gradually thereafter, the 
West German Government was 
told yesterday by its indepen- 
dent Council of Economic 
Advisers, generally known as 
the " Five Wise. Men.” writes 
Adrian Dicks in Bonn. 

In their, annual report, the 
five wise men leave no doubt 
of their support for the 
principle of the EMS and Tor 
its ultimate goal of a common 
European currency. Bui they 


altio stress heavily the risks 
which an imperfect system 
won Id carry for German 

monetary control, as well as 
the problems or bringing about 
a convergence of inflation rates 
in the member countries. 

“The more members there 
are in the beginning, the higher 
will be both the average and 
tbe spread of inflation rates 
for the whole group, and tbe 
further, therefore, the distance 
which the countries with the 
highest Inflation rates will 
have to come down in order to 
approach monetary stability. 

■* If. on the other band, only 
a few of the countries now out- 


side the snake join the now The French also look upon the August. USder the auspices of the BI&- •■^brtttgtfese.’^epa^nts 

system, the greater » l “* EMS as imposin': additional dis-j Podrabinek was one of the hilarerallv through the tVKt^ ave ^hVnrade:at theTaitiatiVe 
Chance that there can be a re- piplines on the French economy. ■ younzesi members of Moscow s , “J Bundesbank and - Swiss .central . bank itself ila- im - 

turn to stability, and the which can be presented as such . dissident community. 'National Bank during the e ^brt l»-pnt thfi“cOTiijln*s ex- 

narrower he danger or an *«• to public opinion, rather like the . He S m U ^ied to The West a 263 - ; ‘ period of financial T en5 ^ ^nalicmg. ohlto ^ 4 da.er 

crease in the average rale or international Monetary Fund pape book - punitive medicine;": ■ ■ J 975.77 • ... - j-. 

Inflation, the report says. demands were in Britain, which the result of a three- r 1 ' 8 -Of'coHaterhlisedWoId -in ‘ 

The five wise men go on to how realistic is this ( year examination of the .Soviet! The bulk of these Credits, -Jts reserves. ■' 

question whether th»* EMS Vlfw ojven ihe political • peychiarric system. He detailed -which were on a shorf-tenn './E^ rtottgh S^tre’al has oon- 

proposals leave enough room ,. omext , Q whk . h the disciplines whet he said was evidence that ; renewable basis, was securad^y ttnued-ftb run- a heavy ciirrert 

for manoeuvre to make timely have to be applied ? . psychiatric incarceration is used: an appropriate portion of the deficit ' ; th » vea r f!s 

and adequate parity changes. . „ ‘ in Russia as s means of punishing j country’s gold reserves-; yamed^ ; ikwaikn' 


narrower he danger of an In- t0 p U blic opinion, rather like the sn1l jwie<i to ■ 

crease in^ the average rale of International Monetary Fund p a "„ e book'-punii 

inflation,'' the report says- demands were in Britain, v'ifich wa* the res 

The five wise men go on to But how rea iistic is this 1 year examination 

question whether the EMo view given ihe political • peycniarric system 

proposals leave enough room ,. omejcT 1Q which the disciplines whet he said was 

for manoeuvre to make umeiy tQ . ap pii e d? psychiatric mcarcc 

and adequate parity changes. 1 m Russia as s mea 

Were the rules to include a Prime Minister Raymond j dissidents. 

mechanism that w-as technically Barre 5 policies have already ; 

adequate, thev argue, a change administered a strong dose of : 

in the Bundesbank^ siaiules auslcrit> to ih e economy with ; Warsaw Pact 

would be needed thai would little effect on inflation, while { 

de facto weaken its indepen- pushing the number oF unem- 1 jneetin? ends 

dence ployed up to a post-war record . ® 


QrtJl !l 

0V ■ J 2 


_ . .... „ . m Russia as s means of punishing country s goia reservess vaiuea 

Prime Minister Raymond ; dissid ents. - - 1 market-related' price. : -- »' 

Barre 5 policies have already; ■ • . ‘ . -- QT a*Pa*»c aity.--. J ds. a 

administered a slron" dose of ; ' Since the start of - this -year; roam :,of- -aarJnflopr- nf foreiai 

austerity tQ d ih e economy with : Warsaw Pact Portugal, has been paying -bh'dc loans^aea^eeff^off^: spfitoyah by 

little effect on inflation' while yYarsaw ract the credits in regular, amounts; -the vfaiternADcna^oneUiy Fund 

Sing the number o?’ unem- ! meet ino ends estimal ? .^ry 

plovc-d B up to a Dost-war record- ec *» n S enQS a m0 nth. in a bid to Testructure. • The > & ? P . decision • paved the 

ef 1.3m. The unions, who have The Warsaw Pact military altianee' ^ foreign debt A - significant /way- fQr/S730in m : toans -frdip- -a 


each oib>r. hut their ideas the EMS be laid, but tbe first as he pointed out in his press 


been forced to ac.-ept a virtual . summit meeting was expected to Part of the repayments has ..been mul.taBqira] ted. by. 

frecjf 'nf" their members' pur- end yesterday with a caff foi effected by The BIS selUng:part..lhe tJ,S. and West ,fTermapy. as 
, w ! S-e? the la-r E : increased East-West detente abd of the gold originally placed witb weU . as $430in- In Euromarket 

chasing pOAer O.er tne ia.-t two, .f -nllatpral for rh»-Inahs ftnanrinp . ' V . ■ 


'nr the creation of required >n turn the eu-'toms U would nevertheless be a v *>ar. but it remains sensitive H ! 

ai'nib and ,,nin:3 in5 « 3 genuine European mistake to believe that the f n a rise in oil and nTher raw S«v« 
..-.-n- nine i> more econ urn..- aao uioneiary union. French decision 10 join EMS. marerral prices. The rare of in- aaoi 
r -ir lykinc the plunge Presidea: discard and Herr after having been obiigea to fi 3 xion. expected to reach If* per that 

hr.- _ io b«; for many Schmidr. a-, least, have nm fur- leave -he old European currency ,. enl x his year and. according to ra P ! 

gotten t:i2! the creation uf such "snake ' twice in 19*4 and 19*o. } a tesl OECD forecast, to P' 
i. s politically an economic and monetary union 1? ' entirely gov e rend l»y political drop by no more than 1 percent- real 

'r.-si.-e ue'-ausc. follow- hv the er.d of this decade was considerations. age point in 197P." is hardi> con- risk. 

eleciinn last *ei a« j specific targei hy the The French have been much ducfve to a stable currency. ,n . 

• h ■*•• ihe centre-right European summit in Pari< in exercised about the disruptive The offirial French rooty to unit 


;!"li in 19.S1. The the objective 


this decade was considerations. a 3 e point in 197P.- is hardi> con- risk, hut feels it is worth taking tions in Spain until after the that some Of th6 orisinaf . col- talks to. renew Portugal's . IMF 

fic tarcei hv the The French have be»n much ducfve to a stable currency. »n the interests of European December 6 referendum To ratify lateral has been- returned to standby for the coming year. . 

.. - .... -u.^mit in Pari* in exercised about the rtUnnirve Th « offiri?! French rooty tn unity and independence. If EMS 1 a new constitution. AP reports Portugal as unpledged gold- ., ... DffF ^officials have teen . .in 

.-.- n j comfortable 1972 Though the deadline clearly ..fiect on world trade of the sharp this argument is. first, thai the succeeds, he will be a hero. If ; from Madrid The volume of Portugal's gold. Lisbon recently to-jurt rt»ga- 

r.n further major v ill not be respected, the French fluctuations uf the dollar over ol«i “snake" inati.<gcd to it fails, and France has to bow . reserves has been dropping, :\to -fiations, .-and-: Sf. .jVhronio 

•••> !Ui.» i««. fore 1 he next and :pc v.'est German; foe! shat the past year. Though the L'.S. operate satisfactorily in «pite of out for ihe third time, his ; I around 697 Tonnes now against; Raihalho ^anes, . the Portuguese 

remain; as valid currency's slide, until the adop~ sharp differences between ibe authority will be senousiy under- i * 3pal ICiTGr 750 tonnes at e nd- 1977 ; and Sol '■president, said-ui London' .last 


•.•.e:'n merit 3 much as ever and that steps must be lion of President Carter's pack- inflation rates o? some ef its mined. 


r -.,-. nr PrtHvu tormes al end-1978. But the prtJriveftk -that pnc^'tKefstaildbv 

.Major Polish newspapers jester- nnt ^ n „ „. or t ,« far v 


• Advertisement) 








& I 


wmmm^ 



’SECO 




■ j -‘ •*: >-• ---1 


November 1978: Vol. 7 No. 11 




Recovery effects of greater 
loans for housing in Japan 
are due to take some time 


Recent Trends in Housing Starts Classified by 
Fund Sources 

(In l.DOOMusn. ve-*r to year •■etwees, ,n pjreaineies) 

■*' Public (wMts 


Orartf.ionl 


The role of private housing 
inv'.*.- Inter! is has become 
rapidly hwivinr in Ihe phase of 
;h» nationaJ economv at a lime 
v. he n corpora t e 1 n vest inent 
acisvjly. centering on plant- 
■ijuipmenl investments, has 
continued stagnant since the oil 
crisis in late 19?:;. 

At present when the 
ccrnnmic growth tempo con- 
tinue? to be sluggish, ac- 
celeration of housing construc- 
Iic-m psrlicularlx has become 
one ol Hie two major programs 
(or buoying up domestic 
busines.-. together with the 
pr ogres* ol public investments. 

It i* against this background 
that the Government has ad- 
vanced or increased the outlay 
tor loans by Housing Loan 
Corporation in the past three 
years. 

Fur instance. Housing Loan 
Corporation raised the loan 
framework for personal 
housing starts (or fiscal 1977 by 
HW.Wii units in October. In 
January, this year, it accepled 
advance applications for 30.UQ0 
units within the loan frame- 
work for fiscal 1978, starting 
from April. 

Included within the overall 
economic program (or fiscal 
19TB is a special appropriation 
for financing construction of 
73.WI) h ousts /including 20.000 
private housing starts 1 as part 
of the business bolstering 
program. 

Housing starts 

Housing starts totaled 
a .534.000 units in calendar 197S 
tup 12.4 per cent over the 
previous year) and 1,508.000 
units in .1977 /down 1.0 per 
cent’. The comparable total in 
the lirsi eight months of 1978 
1 January through August) 
Stood at 1JH7.U00 units, up 3.7 
per cent over the corresponding 
period a year before. 

Housing construction has 
teen on the moderate upgrade 
in recent years However, the 
basic keynote of housing 
projects necessarily has not 
been stiff. 

According to the table that 
quarterly analyzes housing 
starts in recent years, 
classified according to fund 
sources, housing starts with 
public funds have continued to 
(arc* relatively well since 
around the April-June quarter 
Ol 1977 undeniably on the 
strength of the expanding loan 
framework for such projects by 
Housing Loan Corporation. In 
contrast, housing starts with 


private funds have continued to 
stay below the >ear-ago level. 

The recent slump of private 
housing starts is ascriboble to 
the greater stress placed on 
procurement of public funds for 
housing project lo Ihe relative 
neglect n( housing starts with 
private funds. 

Until a few years ago. there 
was not any particular dif- 
ference between the number of 
housing Marts with private 
funds and those with public 
funds. From about 1976. 
however, the gap has become 
clearly wider, fit fact, housing 
starts with private funds have 
begun to decrease in favor of 
an increase of (heir counter- 
parts with public funds, m- 
di valine greater choice of 
public funds in preference to 
private funds in housing invest- 
ments. 

In this connection, reference 
may be made to the portion of 
the increased housing starts 
with public funds originally 
planned to be financed with 
private funds. 11 is roughly 
estimated that the increase of 
housing starts with public funds 
has depended on the ' switch- 
over" from private funds lo the 
extent of no-io per cent . 

In other words, the loan 
framework by Housing Loan 
Corporation may be increased, 
hut the net boost of housing 
starts as a result is estimated 
to account for 60-70 per cent at 
most of the increased total of 
housing projects. 

tl also should be noted thaL 
there will be a certain time lag 
before the loan increase by 
Housing Loan Corporation 
begins to prove effective in 
helping business recovery. 

Spur to business 

Under the latest overall 
economic program, the 
Government has decided to ap- 
propriate an additional outlay 
of Housing Loan Corporation 
for financing 73.000 housing 
starts, included in this addi- 
tional outlay is an appro- 
priation for loans for private 
bousing starts. How. then, will 
il work to buoy up business? 

According to the present 
schedule. loan applications for 
10.000 units of the 20.000 addi- 
tional housing starts were ac- 
cepted in October, 1978. and the 
acceptance of the remaining 
10.000 applications is expected 
likely in January. 1979. 

Housing starts based on these 
two series of loans ( accepted in 


October. 1978 and January. 
19791 are expected to get into 
full swing in December i197gi- 
January and March-Apri). res- 
pectively. At the same time, 
the nel increase or houses is 
estimated at around 60-70 per 
cent of such housing starts at 
best. 

Converting such hour.ing 
starts into private housing 
investments in real terms on a 
GNP basis, the housing 
demand increase is estimated 
to reach ¥4.6 billion in the 
October-December quarter of 
1978. ¥26.8 billion in the 

January-March quarter or 1979, 
¥26.6 billion in Ibc April-June 
quarter and ¥4.5 billion in the 
July -Sept ember quarter. 

The direct demand gain in 
fiscal 1978 lending March. 1979 1 
Ihus is estimated to total 
aruund ¥.11.4 billion (likely to 
boost the real growth of GNP in 
fiscal J978 by 0.04 percentage 
puinl ). 

The comparable gain in fiscal 
1979 also is estimated at around 
¥ l ! billion. 

Overall, what is expected to 
prove effective on a GNP basis 
to push up real private housing 
investments tlhal is. taking 
effect in the GNP phase! in 
fiscal 1978 is estimated lo reach 
only about 50 per cent, and the 
remaining 50 per cent will be 
carried forward to fiscal 1979. 

Meanwhile, induced demand 
in other phases by the in- 
creased housing investments is 
estimated to register ¥ 13.4 
billion in fiscal 1978. However, 
a macro-economic survey 
shows thai such induced 
demand in fiscal 1979 is. likely 
to swell to around ¥73.4 billion 
in fiscal 1979. 

The combined increase of 
demand in the primary and 
secondary stages is estimated 
lo reach ¥44.8 billion in fiscal 
1978 (likely lo boost real GNP 
by 11.04 percentage point). In 
fiscal 1979. however, the 
comparable increase is ex- 
pected to raise real GNP to the 
extent of about Y 104.5 billion. 

With reference to 53.000 units 
of Ihe total of 73.000 units 
covered by the additional 
outlay by Housing Loan Cor- 
poration (that is, exclusive of 
20,000 units earmarked for 
private housing starts), it is 
difficult lo indicate its effect, 
substantially on the business 
bolstering program. 

Even assuming that they 
have the same business 
stimulating effect as their 
counterparts for private 


jki 4 ,* 4 '.. 


sw t-ivgt 

/•O', -if"'. . 


* 7 . 

753 1 7 M 

Jul ;»*OI . 

:« 4 1 

m 

!U 1 17 61 

0 <! P-.t. '.. 

i 

2 S >• 

:» t 1 * u 

Wh 

Jh-» Kit. . 


:» -> 

f :• ■>» 

r-Ot jun-g . 


l»M 

ju { :*ti. 

)ut V*t. . 


B >1 

t i* u 

Oil. CMC... 


i 1 > 

;:m «=: 




?ni 

7 jf. ; 1 5 . 

Apr J-’C . 


— 3 6 . 

W ! -• 7 . 

.’^1 >££' . 


—3 C 1 

7’3 . — 6 il 

0 : 1 . Du... 


C il 

:v> i -3 ei 

IV* 

J 4 " iW.jr . 


701 

71 i J-ll •»! 

f-f' Ju"C. 


B 31 

343 1-10 11 

Ju-/ 


B./l 

S 3 1 - 1 : J» 


Total 

M 

fj ( *1 

1 j? 1 f 1 

ns c *3 51 

<3 t :* ’i 
*6 1-11 it 

i;s 1 — j *' 
103 ( — 11 31 

14 ( Oil 
s: I l>ai 
111 I 5 »i 
ill I >1 II 

141 ( 54 ?! 
i«« i ii 
e> , in 21 


Housing Loan 
Corp.'s lunps 

44 (-)?.?» 
51 I 5®.J» 
W / — 34 Ol 
II f iiit, 1 

*5 t 4 '. 1 } 
43 (-u.ai 
*3 c 

70 ( -a 5) 
to r 7 11 

M I 43 4* 
*1 i -3 41 

7a [ II 7} 
121 { 81 S- 

1 io i «:?» 

S3 ( lai.c-j 


Source: The A'.n.sir/ol Construction 


housing, starts, the combined 
total >73.000 units' is estimated 
lo have the effect of raising 
real GNP in fiscal 1978 by 
¥ 105.2 billion fO.IO percentage 
point 1. Even taking into ac- 
count induced effects, the 
aggregate total will serve to 
raise real GNP by ¥ 150.1 
billion «0.14 percentage point » 
in fiscal 1978. A more concrete 
effect will he carried forward 
into fiscal J»79. 

Conclusion 

Afler all, the effect or loans 
by Housing Loan Corporation, 
including induced effects^ to 
buoy up business necessarily is 
not small. For all that, not. 
much can be expected from 
them in the phase of inslanL 
effects. 

The additional outlay by 
Housing Loan Corporation for 
fiscal 1978 also is bound to have 
only a slight effect on business. 
It appears clear that its effect, 
inclusive of induced effects, 
will be carried over to fiscal 
3979 and later. 

Under such circumstances. 

the policy of increasing the loan 
framework of Housing Loan- 
Corporation simply with the 
object or supporting the 
achievement of the sel 
economic growth target For a 
single fiscal year necessarily is 
considered the optimum. 


Alter all. excessive stress on 
the housing construction ac- 
celeration program as a 
business bolstering measure to 
the neglect or the intrinsic 
importance of the right course 
of housing policy should be 
averted. 

In fact, many problems have 
begun to crop up in the phase of 
public housing loans. For in- 
stance, the increase of the loan 
framework by Housing Loan 
Corporation has not been 
financed by a sufficient fund 
source. Al the same time, 
applications for housing loans 
have been relatively dull. 

Against, this background, a 
well-planned and overall 
housing policy, including 
proper and effective measures 
for curbing the advance of land 
prices and construction costs, 
become - increasingly im- 
portant. 

All in all, il should be kepi 
strongly in mind that a con- 
crete housing policy, based on 
weli-planned medium- and 
long-range programs. should be 
constructively propelled as the 
housing construction ac- 
celeration program centered on 
the increased loan framework 
by Housing Loan Corporation, 
is a temporary measure that 
also will take time before it 
begins lo take effect, lo help 
buoy up business. 


' day carried on Their front S portion used, as backing for renewed, there wiil ^e bo 
a letter from Pope John PaufS foreign loans has fallen .to" ciilty ia - raising the alinual. SI bit. 
Mr Henryk Jabionskj the Polish around 33 per cent from a peak which Portugal needs in- external 
head of state, expressing his con- of over 50 P er cen f at the height financing: - • — . : 

vtction that the Church in Roland ' ■ 

will £row in conditions of-rtflglous ' ' 

“ - — .Numbers game is key fo 

MBFR deal, says Britain 

were arrested on Wednesday for - 1 *r • . 

alleged burglary, it was announced BY PAUL LENOVAJ VIENNA, Woy'. r 23. ~ 

yesterday, accordin'? to AP -in the • . ' : -l '• V- * - . . 

Belgian capital. Five policemen THE CHIEF British delegate at_ Anny on fbe Rhine. ’• .f 'v • 
were already under arrest for the 19-nation East-West mutual The East submitted proposals 
looting: a Brussels jewelry shop and balanced force redaction on June .8 which lfr. .EoIIkod 
last year and another officer is fMBFR) talks, Mr. EdWlh Bol" described 'today aS* polentfiJ ' 
H^i«i? rrei5t .- for 3 ttegedly raping land, called on the Warsaw'Pacl significance." but the proposals 

States- today to accept that no; were iti. many ways Ilmijed in 
e „ de arre.tin* her last June. a g K ement was possible ■ unless substance and\ .concemuig ,- tiie . 

they admitted to the imbalance major causes jof -the differing 
Norway unemployment in manpower and tanks.. ■ . figures: The - -.‘Warsaw Pact 

The number of io ■ He told the Eastern sTde that accepted- the. principle of a coin- 

Norway increased “ 5 °zi£oo in key 1ssue of the. conflicting mon .ceiling for-' the.: ground 
October up 7700 from October data about the numbers of .sol- forces of the two sides, hut only 
last vear and B300 more than the diets- -on each side must be on ' the basts of what NATO 
average for the five-vear period resolved and that the West was regards _ as completely-; false 
1973-77. the Government not going to conclude a deal with- figures '■7'.. 

announced reports AP-DJ from out dealing with the fundamental Mr. Boliand reaffirmed today 
Oslo. Unemployed represented ! sources of instability. .. that NATO could not accept the 

1.4 per cent of the total labour Mr. Boliand was addressing the Eastenr pl&n "for implementing 
' orce - I87th . plenary meeting of .the two phased reductions^ .first by 

talks which began more than tbe LT.S. and the Soviet . Union 
rionlck »’>-« Bve years ago. The West is and then- by all^ ’other direct par- 

irjiliwi muex rise pressing tbe other side for fur-, tici pants- Nor was the escape 

Denmark's consumer price index ther clarification of the great dis- clause proposed ' by the Soviet 
rose 1.9 per rent in October to crepancy m -figures. The dif- Union acceptable; Under tMs the 
3HL2 base 1964) after increasing ference between Western and Soviet .Union, could, withdraw 
0.7 per cent in September, the Eastern figures submitted about -from a first-phaso agreement and 
Statistical Bureau said, says Warsaw Pact ground forces in.- cancel carlfer ^reductions. Jf-dis- 
Reuter in Copenhagen. central Europe is almost three satisfied with', - tbe' implementa- 

times the size of the British -.tion of second-phase cuts. . 


Keies 


!• : ~v« 


>JVvf t 


The Royal Navy 
The Merchant Navy 


The Royal Marines 


OurFishermen 



Their disabled 


'Their pensioners- 


Their 'widows 


Th& children 


The international bank 
with your interests 
at heart. 


rn 

L A we have your interests al hearL 

^^dai-ichi kangyo bank 

London Branoh: F.Uh Plow. P* O BW*. t 231 ^ *«««. London 

EC 3 V 4 PA, EnaUnd T«l l 0 U- 38 XO 9 Z» . , 

Hoad OHko: 6-Z WWiouch, IVd«nie. Ch.ywH-V'. To«wo *mf 

New Vork. Uo Anflrffl. D^« ldori - T «»- 

Office, m: Cn««o. H«nion. Tb«onro,Sio P*ito.M2».co Olv. OracM. R**ha Paris, 
Suirw; JaKar-e. Sydney Sataaiwta «C Oik«c. A-AMWlam. Zunen. London, Hong Kong 
AlfUbtod jnd AxMclatad Conn-J- rt: B,D * w-*ws. Horfl Kong. 

Bangkok. Sngm, K»«U M ' , ‘ wu "’°- s «*»- 


Swiss reservations 

Swiss Foreign Office sources 
stressed yesterday that they are 
not joining in tbe widespread 
euphoria over tbe UNESCO media 
declaration, hailed by the chief 
United States delegate as a 
triumph of goodwill and a victory 
for the West, reports AP from 
Bern. The Swiss expressed con- 
cern about potential threats to 
Freedom of journalistic activity 
which they felt had survived in 
the compromise text- 


Erotic sale 

Three hundred 18th and 19th 
century “erotic objects'* go on 
sale in Paris nert month, climax- 
ing a spate . of auctions by 
M. Roger Peyrefitte. the French 
writer and private collector, 
according to AP in Paris. The 
collection is described by 
M. Peyrefitte as '* a hymn to life 
and beauty.” 


Polish fire 

Flames gutted an electric power- 
transformer in Warsaw on Thurs- 
day. AP writes from the Polish 
capitaL The duty operator 
escaped, before the pre-war builtT- 
ing Turned into an orange ball 
of fire. 

War crime plea 

Protesting his innocence, Mr. 
Pieter Menten. the Dutch mil- 
lionaire, yesterday unsuccessfully 
demanded in court that he be 
freed from custody and that war- 

crime charges against him be 
dropped, AP reports from Tfie 
Hague. Mr. Menten is being re- 
tried on a charge of kilting be- 
tween 20-30 jews in the Polish 
viHage uf Podhoroce in IS41 
while serving with the German 
SS. 

BLEU deficit 

The deficit in the overall August 
balance of payments of the 
Belgo - Luxembourg Economic 
Union (BLEU) widened sharply 
to BFrlo.Sbn (£254m) from 
deficits of BFr SJSbn in July and 
oE BFr 7.1bn in August, 1977, 
said AP-DJ in Brussels, quoting 
a spokesman for Banque ' 
Narionale de Belgique, the 
central bank. 


FfAA,\aiL Tkxn. published daily except r XhO flu Ofi. ZJf q/Vjff 

aoljw 73 rslr* fre!gfnr*3»!OT Tsir^maS? I THE FUND FOB CHAHtTICG THAT SUPPORT SEAFARERS. iSTWELMB.THElfl FAMfLieS 
per annum. SMond class postage paid al ~ 

New Vork,. N-V, 


isrxi-ctt 

r 

\ s 


In this Country of ours,, there is rio-ohe ■whp- is • 
notconnected with the sea. ? . »' . r ./.- ' ^ , 

‘ ; Half the food we cat coin es ‘from acrd^S-the sea. ■ ‘ 

Many thousands of us, our relatives -dr friends- are.' 

’past or present members of one ‘ af fhe sea-farieg .- 

services, or of an industry dependentori thehaJ' 

There are many efiantres for ^fartg^^And'thfiTr 
families. One, only one, jhowever.’js-the^Tnrriji charity. :• 
charged with collecting -and -proi^ng-, funds- fbr ail' - 
other seafarers’ -..charities, and with inakFng'-snre" that : = • 



. That central charity is Kin$ George^- Fuhd : f^ ';- 7 
■Sailors- launched in I9J7 at His JWajesty> perspnal • 
Lavish, KGFS distributes funds- without, distinction $f *V: 
service, of rank or of creecL The sdle criterion, is to • • 


- When you want to remember our seafarers- who -.- 
ire in; need, remember- King. George’s ..Fund -for 
SaTlors. We’H see to it that not one’ peony of your 
- 'money goes to waste. 

. Pieaiesendypiirdbnatioiito:-. . • - x— ;" r. . ... 








Jrt— 


Financial Times Friday November 24 197S 









. I#'-' 

, v V 


t . 





to avert 
. German steel strike 


BY ADRIAN DICKS 

LAST-MINUTE t«fffcs lo avert a 
>K-el strict? in West Germany 
will open between employers and 
uninn leaders: in the Ruhr steel 
tuwn of Duisburg tuninrrow — 
less 24 hours after the 

union. IG-MetaJJ. had t'orsmUIy 
t ailed the smite lor . nest 
Tuesday. 

The "speed with which LU- 
Metall haA taken un the steel 
employer^' offer uf fre=>h talks 
underlines the impression that 
tiQih sidi-i ha ft* deliberately left 
the real bargaining until the 
ijsi possible moment. However, 
jt is loo soon lo conclude that 


a will to reach agreement exists, 
and the possihflity that the crisis- 
ridden steel industry will he shut 
down next week fag the first lime 
in half a century cannot be ruled 
oul.. 

Oii the Tace of it. the t'-'-'n 
nides remain deadlocked over the 
IC-Mctall demand for a reduction 
in the working week , from 40 to 
35 hours. The uninn soys this 
demand is the .centre of its 
claim this year, while the 
employers have so far refused 
to discuss it at ail. 

Some observers tonight 
believed, however, that a 


formula might he found for 
giving steelworkers extra annual 
holiday:, that would bring the 
average up to ihe long-term lij- 
Melall goal of six weeks For every 
man in the industry. 

This would l>e very much 
cheaper for ihe sled companies 
than the cumbersome attempt tu 
save jobs through shortening the 
working week— a move which 
would not only involve employers 
in heavy social costs for extra 
workers hut would also run up 
against the shortage of skilled 
men in many parts of the 
industry. 


Botin optimism on the economy 


BY OUR OWN CORRESPONDENT 


WEST GERMANY’S real Gross 
National. Product should increase 
by 3.5-4 per cent in 1979, com- 
pared with 3 per cent this >car. 
while net unemployment should 
decline by about 1 00.000. These 
are rwp of the specific forecasts 
nude by ibe "live wise men’' — 
tlu* Count;! I of Ei-on runic 
Advisers — iu their annual report 
today. 

The general thrust nf the 
anal} sis is optimistic, largely 
because of a considerable 
increase in business confidence. 
■This means, ” the report says, 
"thar tliij time the inherent 
forces mi recovery are stronger, 
and the prospects for the success 
uf .stimulatory policies better, 
th.m in past years.” 

lic.vfver. although the Coun- 
cil says i ha l it sees no need to 
contemplate funner governmen- 
tal action for the time being, it 

f iuinis to three faclors which 
ead il away from basing its W9 
■forecasts wholly on the favour- 
able indicators* of the past few 
months; 

© The rairmentuui of the current 
recovery is Mill too heavily 
dependent on official policies, anil 
the strengthening of ■‘inherent 
forces” dues not mean they are 
strong enough. 

© Recovery remains over- 
shad owed by the instability of 
ihe foreign exchange markets. 
The ’’five wise men” note That 
the autumn's fail in the dollar 
appears to have caused West Ger- 
man business less worry than 
ihat in the spring, hut they point 
out that this may be due to a 


premature assumption ' that the 
dollar has stabilised. 

• Uncertainties remain, too, on 
the domestic side, both in overall 
supply and in the future course 
of wages. 

The report assumes 'that as 
in 197S, the domestic market will 
provide the main stimulus u» 
growth. But it also assumes a 

West German motor vehicle 
production iu October was 
5.8 per cent higher than in 
October 1977 at 393.000 uuits. 
little changed from September’s 
393.400 units, the Automobile 
Industry Association announced 
yesterday, AP-UJ reports from 
Frankfurt. The association said 
that in the first 10 months of 
1978, some 3.2m cars were pro- 
duced, up 3.8 per cent on tbc 
equivalent period of 1977. 


very slight acceleration of 
ex purls from a real growth rate 
of 3.5 per cent this year to 4 per 
cent in 1979. 

Specifically, the “wise men" 
expect demand from the Euro- 
pean Community to strengthen 
significantly, though that from 
the U.S., the Comecon countries, 
and the developing countries 
.'■how* little likelihood of in- 
creasing. 

The public seclur deficit is 
expected to rise by DMSbn 
(£2. 141m) to DM9.5bn us a 
result both of the planned 
stimulatory tax-cuts package and 
of spending plans already in the 
pipeline. The Council also, fore- 
casts a return lu equilibrium in 


BONN. Nov. 23. 

Ihe troubled finances of the 
social security system. 

The Council clearly regards j 
private investment as the major 
uncertainly, despite the visible 
rise in business confidence. They 
assume some slow-down in the 
building boom, if only because 
of bottlenecks in production, and 
they describe the investment 
1 1 i mate for the rest of industry 
as “ pretty changeable.*’ 

Productivity, jecording to the 
repon, should rise by about 
3 per cent in 1979. but it also 
expects cnmpao'es to remain 
cautious about investments that 
would enlarge capacity subs tool i- i 
ally in view of the very recent I 
experience of many industries j 
with painful undor-use nf exist- 
ing plant, heal investment is 
likely to rise at about 6.5 per 
cent, approximately the rate of 
the past two years. 

Predictably, the “ wise men ’’ 
cal 1 for a lower rate of wage 
increases next year. Assuming 
this in their forecasts, they con- 
clude that 150.000 new job’s may 
he created. Allowing for some 
rationalisation jnd for a net 
Inflow or 50.000 mure school- 
leavers into the labour market, 
however, they foresee a reduc- 
tion in the number of un- 
employed of no more than 
100.000 between the end of I97S 
and the end of 1979. 

Finally, the panel warns of a 
stight increase in inflation, from 
2-2.5 per cent this year to 3 per 
cenr next year, of which as much 
as 0.3 per cent may tie due to 
Ihe proposed increase in value 
added lax- to 13 per cent next 
July 1. 


Andreotti 
in talks on 
reshuffle 

By Paul Beits 

ROME. Ni*v. 23. 

SHI. fllULlO AXDKEOITl. the 
Italian Prime .Vinioer. began 
a major round uf con iui tat inns 
today with his own Christian 
Democrat party over a pro- 
posed Government reshuffle, 
to lie followed by talks with 
tiiu parties supporting his 
minority administration. 

The imminent resluiiTle is the 
result nf the need u« renlace 
Sig. Carlo Donat Callin. ihe 
retiring Industry Minister, 
following his nomination as 
deputy secret a rj -general of the 
ruling party. 

The move comes as increasing 
(•oh i iea I tension threatens _ to 
undermine ihe governing 
coalition of tlm Christian 
Democrats, the Communists, 
flic Socialists and the smaller 
Republican aud Social Demo- 
crat parties. 

Setbacks suffered by all the lar- 
ger parties in local elections 
in the northern region of 
Trent i no Alio Adige have 
caused additional discomfort 
among Christian Democrats. 
Communists and Socialists 
over the coalition formula. 

AgainM this background. Sig. 
'.Andreotti is seeking as wide a 
consensus as possible for his 
reshuffle in order lo arrest the 
irritations expressed by the 
main parlies against his 
minority administration. 

While the Whnc Minister is 
undcrsiood iu favour the in- 
clusion iu tile Cabinet of 
“ lech noe ra is ” with no direci 
party affiliations and to merge 
some of the present ministries, 
factions in hL own and sonic 
oilier parlies are opposed lo 
these proposals. 

The inclusion of technocrats in 
Ihe Government is generally 
welcomed by the Common L-is 
and thus re Misled by a section 
of tlic Christian Democrat,* 
opposed in the current 
dialogue iviili the Communist 
Party. 



COW 



BY DAVID SA7TER 

VIEWING WITH alarm China’s 
success in ir.iprminy political 
ami economic relations with the 
West, the Soviet Union mat have 
decided that the issue nf British 
Harrier jet sale? to china was 
the place l" make j stand. 

This i* one explanation fur the 
apparent toughening of the 
Soviet position on British arms 
sates to China represented in 
the letter from Mr. Brezhnev, 
ihe Soviet President. iu Mr. 
Callaghan. The letter threatened 
.serious consequence* for Angh»- 
Snviet relations it Britain goes 
ahead with the Harrier sales. 

There is little qui'aliou that 
the Harrier jo». -.»ith ils sophis- 
ticated vertical lift system, is 
typical of th»* type uf weapon 
w nidi Moscow does not want 
China to receive. 

The Harrier is nw down only 
bv the RAF and ihe L'.S. Marines 
arid would no-. r r have been con- 
sidered for sale lu the Soviet 
Union. The fact i hut its sale 
in China appears imniiment and 
that it Contains technology 
which the Russians appear not 
lo possess may he sufficient to 
tvoke strong So\ iei objections. 

There i> also '.he question, 
however, nf the Harrier giving 
China an offensive capability. 


whereas other Western arms 
offered for sale to China, 
particularly ihe French heai- 
seefciny ami-lank missile:-:, are 
considered to be “defensive.” 
Pravda. the Cuir.munisr party 
newspaper, singled out the pro- 
posed Harrier 'ale as a 
dangerous skju in an authorita- 
tive review of Sinu-Soviei 
relations published in September. 

The throat of political 
retaliation contained m the 


ihe Harrier to China, a lactic 
which wmild doubtless he 
repeated with other euuniries if 
it showed signs of achieving 

success. 

The Soviet pre-occupation with 
China, as measured by the 
t uliime and lone nf anti-Chinese 
propaganda recently, has reached 
a new peak alter subsiding for 
nine months in 1976 anil 1977 
following ihe death of Chairman 
llao Tse-tung. The success uf 


The leadership struggle in China, Page 4 


letter, however, is something 
new. The Soviet Union has 
restricted itself in public to 
general statements criticising 
steps which would have tbe 
cunuilathe effect of making 
China " sonic sort uf military 
ally of The North Atlantic Treaty 
Organisation.” The Russians 
have said that arms sales to 
China would strain East-West 
detente arid pose a threat to the 
nations of South-east Asia winch 
are the traditional targets of 
Chinese ” expansionism 
The message to Britain, how- 
ever. appears to go well beyond 
these expressions uf disquiet to 
an active attempt to •.-.impel the 
UK io drop any plans fur selling 


the new Chinese leadership in 
concluding a peace treaty with 
-Japan including an auti- 
hegeniony clause i which Moscow 
believes is anti-Soviet in intent i. 
in wooing the U.S. and 
establishing economic and poten- 
tial military ties with Western 
Europe, however, has apparently 
greatly worried the Kremlin. 
The fear is not >o much of China, 
as China in combination with 
Western Europe, Japan, nr the 
U.S. 

The strain in Soviet relations 
with Ihe U.S. earlier in the year 
inspired Soviet attempts to 
develop relation* v.ilh the U.S.’s 
European allies, particularly 
Wes I Germany and France, both 


MOSCOW. Nov. 23, 

uf which are also contemplating 
arms sales tu China. 

It may be however, that Mos- 
cow secs ils r via lions with 
Britain a* being inherently 
limited by the lack of economic 
co-opera u on opportunities in the 
energy field as well as by 
Britain's political and psychologi- 
cal lies with the U.S. The USSR 
may thus feel less inhibited 
about risking British displeasure 
than it does about risking that 
of the West Gentians or tbe 
French. 

When Mr. Andrei Gromyko, the 
Sui-iei Foreign Minister. was io 
France last month lo patch up a 
period of strain in Franco-Soviet 
relations the atmosphere was 
believed to have been eased by 
a French com mil men t to only 
sell the Chinese defensive 
weapons. 

It . is doubtful, however, that 
the Russians will take serious 
steos to damage their relations 
with Britain in response to the 
Harrier sale even though they 
may Tee! obliged lo protest 
against it now. The area in 
which Britain stands most to 
benefit from good relations with 
the Soviet Union is in trade re- 
lations where Hie mix of 
economic and political considera- 
tions affecting she winning of 
large contracts is rarely 
influenced by a single event. 


| French car record on way; EEC construction plan 


BY DAVID WHITE 


PARIS. Nov. 23. | BY GUY DE JONQUIERES 


Released terror suspects hunted 


BY OUR OWN CORRESPONDENT 


T11K WEST GERMAN 7 Govern- 
incut, still furious at the release 
of four terrorist suspects by ihe 
■■Yugoslav authorities lust week, 
'today sem two senior officials tn 
Belgrade including the head of 
the Internal Security Depart- 
ment. They will try to find oul 
where the terrorist suspects wont, 
an Interior Ministry spokesman 
5a id. 

Earlier lliis \veek. Bonn re- 
called ils ambassador io Yugo- 
slavia for consultations, and it 
h3s also protested officially that 
the Yugoslav^ have violated Ihe 
extradition treaty in furce be- 
tween the two countries. The 


current visit is a I Yugoslavia's 
suggestion, the spokesman- said. 

According to Press' reports 
here, 7 be four alleged German 
terrorists have been at large for 
several weeks, and may already 
have found refuge in n sym- 
pathetic Arab country. After 
bolding them since last spring, 
the Yugoslav Government 
appears io have turned the four 
loose in protest at delays in 
extradition proceedings brought 
against a number of alleged anti- 
Tilo Croatia us accused of ter- 
rorist acts against Yugoslav 
diplomats and properly in 
Germany. 


BONN*. Nov. 23. 

Despite their fury with Bel- 
grade. ihe Germans seem to be 
at a loss how io respond, although 
a Bavarian deputy Called today 
on Germans not tu take "holidays 
in Yugoslavia next year. 

Count OUu Lambada iff, tbe 
Economies Minister, pointedly 
praispd the BuJarian Government 
Tor ils help in promptly return- 
ing German terrorists lust sum- 
mer wiihout court proceedings, 
and hinted broadly -to Bulgarian 
officials that German travel and 
investment would be encouraged 
by Bonn. 


Secrets row erupts in Norway 


BY FAY GJESTER 

AN OFFICIAL SECRETS scandal 
railing the sensitive issue of 
political contrui over intelli- 
gence operations has emerged 
jn Norway following police 
inquiries into a bootlegging 
case. 

Norwegians have been startled 
to learn l hat an undercover 
force, armed and organised- by 
military intelligence, hair been 
in exigence in their couuiry 
..since tbe late 1940s. The force 
was originally designed to stay 
behind in the event of un enemy 
occupation, and work covertly 
with the Norwegian Govern- 



europcar 

• • * - * . * 

To rent a car in London. - 
Bristol. Southampton. 
Manchesten.Glasgow, 

Edinburgh, Birmingham, 

. -Gatwick. Heathrow, 

~ , Brighton-, 

01 848 3031 

- Or ymir ttavef agent. 


meni-in-exile. Tli weapons were 
collected in secret stores, which 
■were tiien entrusted to ceriaio 
key members or the group. 

The operation appears to have 
been run by Norwegian military 
intelligence with little, if any. 
political approval. Il was so 
secret that at' least one former 
Prime ’Minister. Mr. Per Borton. 
knew nothing about it during his 
period in office from 1965-71. 
Revealing this yesterday. Mr. 
Boric n said be thought Ihat as 
Prime Minister he should have 
been told. He added that he did 
not know whether other mem- 
bers of bis government were 
informed *about the secret army. 
Two other former Prime Minis- 
ters. Mr. Lars Korvald and Mr. 
Trygve Bratteli, today declined 
to state whether they had been 
told about it when in office. 

The story caine to light after 


OSLO. Xnv. 23. 

police discovered a cache of 60 
weapons, ranging from hand- 
guns iu an anti-tank rocket, in 
tbe Oslo home of a wealthy 
middle-aged businessman sus- 
pected of Involvement in the 
illegal production of alcohol. 
The man told the police that 
about half the weapons were 
government properly, entrusted 
to him by military intelligence. 

The authorities appear to have 
blundered iralially by publicly 
denying that Uie uian had ever 
been entrusted with government 
weapons. This forced the malice 
to widen the charge against hitu 
to include illegal possession of 
weapons. Press reports of their 
continuing inquiries revealed, 
however, that they found bis 
story convincing. The case 
received enormous publicity and 
finally the volume of leaked 
details in the media forced an 
official about-face. 


ATHENS. Nov. 23. 


Greece stresses training 

BY OUR OWN CORRESPONDENT 

GREECE'S public investments 
programme Cor 1979 provides for 
expenditure of drachmas KLSbD 
t£SS6m>. about 16 per cent more 
the sum allocated for this 


than 
year. 

Announcing' the programme. 
Mr. Constantine MitsotaMs. 
Minister of Co-ordination, said 
it underscored the Government s 
determination to boost economic 
activity without exposing the 
economy to the dangers of infla- 
tionary pressures. Allocations 
are mostly for the completion of 
projects already under way. 

The largest expend hure in 
next year's programme Dr 
is for technical training l V“ K !p 
reflects the Government's hack 




^Tbe SayingsdfP^Patriaiche^ 

‘•Jf' \ uu cannot trust your choice 
■sf^, of wine, what else is there 

left to trust?” 

_ „ PERE patriarch® 

BEDAND WHITE VINDEXABLE 
jf/m. I VlL Foronce - don t worry about the wine. 


ing for economic development 
with a view to Greece’s entry 
into tbe EEC. 

A sum of Dr 6.7bo has been 
earmarked for the improvement 
of comm uni cations, including 
the development of airports and 
an attempt to ease the urban 
transport in the capital through 
the purchase of new buses. 

The development of the rail 
network will take up another 
Dr 1.4bn. This includes improve- 
ment of the track to the 
northern borders and work at 
the port of Volos to Jink eastern 
Thrace to Syria by rail-ferry to 
facilitate exports. 

Industry and energy have been 
allocated Dr 4.2hn. land improve- 
ment projects Dr4.5bn. agricul- 
ture Dr 2.6bn. irrigation and 
drainage Dr 4.81m. and mineral 
development Drl.lbn. 

A sum of Dr6bn has. been ear- 
marked for provincial pro- 
grammes. This includes Dr 700m 
for tbe development of border 
areas and Dr 350ui for tbe area 
of the River Evros. the natural 
boundary wi(b Turkey io 
Thrace. 

Projects in tbe Athens area, 
tiostly roadbui!din«. including a 
-inp-rnad. will absorb about 
^»r 2.5bn. A further Dr 1.5bn will 
■m towards rehabilitating earth- 
quake victims in northern 
Greece. 


} RECOVERY DURING ihe hsl 
; fmir months means that th.* 
■ French car industry i; now only 
t a short head awaj trout beatinj 
last year's record production of 
.■J.Ofim vehicles. 

i A sharp increase in October 
output this tear brings the pr> 
idueiion figure f-.*r the first 10 
months to 2.51m cars, only 0.4 
| per cent behind la^t year's level 
I at ihe same stage, 
j A 16.9 per cent jump in car 
'exports last month also closes 
(ihe gap in this sector to 3.3 per 
jeent, with exports for ihe year 
| so far totalling 1.3m cjrs enm- 
, oared with I..74iii at ihe <:w<e 
•time last year, according to the 
1 latest stali itivs published by th<- 


FreneJ? Aloior Manufacturers' 
Association. I 

New car registrations in ; 
France already look set lu break: 
Iasi year's record of 1.9m. Thei 
October figure of 173.000 ' 
aithouch only fractionally above' 
October. 1077. leaves a 1.3 perl 
cent lead for the 10-month period i 
<4.59nt regrisirjtiunst over the 
equivalent level Jjsi year. 

Domestic output of small 
goods vehicles (up to six tonnes 1 1 
dropped by 3.2 per cent inf 
October. The total for the vear’ 
su far was 2S8.6U0 units, showing 
a 3.8 per cent shortfall. But 
exports were utmost jn per cent 
uo in the month and 3.7 per cent 
higher fur the vear so far. 


NEW EEC legislation, aimed at 
creating a more uj-en marker in 
construction materials by har- 
monising basic technical 
standards throughout ihe Com- 
munity. has been proposed by the 
European Com mission. 

The proposal, which must lie 
approved by the Council of. 
Ministers, has been drawn up in 
consultation with representatives 
or the European building and 
construction materials trades, 
who. the Commission says, sup- 
port ils general objectives. 

Standards for building 
materials differ widely in Ihe 
EEC and. in some casrs. do not 
exist at all eliminating ihe 
most important differences, the 


BRUSSELS. Nov. 23. 

Commission claims that the Nine 
would stimulate the volume of 
cross- frontier trade. 

It is also argued in Brussels 
that exports to third countries 
would benefit because poleutial 
buy el's would consider con- 
formity with a vet of EEC 
standards as evidence of quality 
and reliability. 

The proposal lakes the form 
of a framework directive which 
would be added tu on a case- by- 
case basis to cover a \uriely of 
different products. The kind of 
standards to be harmonised 
would include testing methods, 
quality specifications, product 
classification and marketing pro- 
cedures. 



Abecor is an association of 
leading international banks, 
with combined assets of over 
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Passport to markets 
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mm 




iudget 



claim new 
g victory 

kkJ MArenuT Vmi 


An outbreak of posters in Peking has confirmed that the struggle for leadership in China is.^tiU 
on. Colina Macdougall writes that the group around vice premier Teng Hsatp-pms'seem 
prepared to stop at nothing to get rid of everyone associated with Mao. 


BY ROGER MATTHEWS 

E'lYPT IS djain running tnio 
iT i flicti S t :cw .v.cr ihe size and 
:n*-: h»jii f ’T finani-inp it? budget 
i'.'Sci- an' 4 this could affect its 
drav.-’n:- p-om the ln»ernatbmal 
Minoi:*;- Fund under a $72flm 
cvi-T.dcd facility agreed Iasi 

■mnin'T 

An iMK loam has arrived in 
Cairo unit beizins one of 

iH periodic reviews of the 
rt con'i:»y -vilh conior minister* 
It m :V lies; ro-'U;.-. Vj ha’.r 
df'CR ssru'-.- rim S700tit 

f •••.ili:;. ::.n?t‘d in .June. and 

;«s i in* f'oiiijinoJ ij draftin'; 
I H7H 

Th-.r-j »;••> in'.l.i^lion:- that 
i.‘ % cp rt d»*d at 
-i •rr-. > ii : i;iv ii<i;a] cfihncs 
’ !th i m: Fond and that 
i.hi2 d'.ia.'ini’ the release of 

•i -r-Vin - ! tr.in-.hi; nf S| I 
P.-. .-'^Nin which 


fi-M.li'- *1'l •• 

. T1 1 ■ ••ii\ fii. 1 

15. 

Ini- 

_ ; ,i r*\n,.|- 

i'il to 

r-.- - 1 * f - <-r 

.•l , ir:nv < 

cm int: 

HIT ]• 

1H.-I 

I'jvm 

nvc’o 5 H.ivp 

furih;- dim 


rrj-".-!;-* 

•iindi * (.->;■••• fnr 

draw- 

in? 

nt fran-.-he*. 



Tb > or. ii.--. ; i t a time when it 
je : 1 ;o -u jnMal in- 

creas"' :n 3 ! J "inn ■ of VV>-i**rn 
a-S'-'ran." • n-i .•••!;■• inn 1 are i*nnl- 
:t»v I:- claims rha; 

have :r* ;r,« r-.-.-cue of thp 


Cairo Government in the past. 

Egyptian officials estimated 
four month.- ago that the over- 
all budge 1 deficit this year would 
he ahniis %n (S1.33brO of 
which E£ 665m would be 
bank-financed. However, the 
bank-financed element now 
items hit tly to exceed signifi- 
cantly th;: E£665m figure, ami 
this rnu'-' he of some concern 
to the HTF especially as during 
■ he next 'hree years Egypt has 
.■/.'edi'ed ■" reduce its reliance 
on this form of financing. 

In d rawin'-* up the 197fl. budget 
mjni.-t.cr.- -ire seeking to keep 
i he done; i down to some 
Ei'L’.iSun. >'■ which no more 
than cii3 :, tsi would be bank- 
financed. This increase over 
i^TS ’.vit'.'Ci ■ to some extent the 
effect m urfyine the country's 
cic.un.v :".!c« which is due to 

ii'. 1 c-.nn nn January 1 . ns 

-veil a- '.he continuing' heavy 
;.'j .‘iic-p oi -'ibstdisinij a range nf 
cm modifies. 

Following the January price 
riots tasi year. Ministers are 
•■x'remo!*. wtry of the subsidies 
ic?ue bur are committed, to struc- 
rural reform- uf ihe economy in 
order to avoid another external 
o.i v men: - i-ri-is. With President 
•\nwnr Sid;-.! still embroiled in 
!i !-=■ rt fTnr;s t i achieve a peace 
treaty with I s racl there U little 


~ f & 7 A C 

*- -i- kji 7 


ar DA '/ID LENNON 

TV.'O 'Vest RANK mayors were 
d? ! ;* - .n 6 'i b> >'no Israeli police to. 
day durstiL vnient Drotests a : 
the AS up re me r.'nuri me; in .leru 
if five id e *he fate- of West 
Rank -and e - .” -pinnated for 

Jew -:h 'eiricments 
The cr.uri wjs hearing an 

3ppe:r oy f;- r;nerv from two 
V.'est Ei>nl: vj Hisiro-? against 
!■= '.-.c-' • ?'.-;zure of their land. If 
:ir?;- v.-;n their case, it cuuld 
.-evv*’ •*'!:■ refine: ihe expansion 
of Jewish settlements in the 
occur* -cd territories. 

Mcny set; Ioniums nn the West 
Bank ir ihe pjst decade were 
built on Und exnropr'aied from 
Iocj! An-y r armers. As in many 
other cases, 'he iand in dispute 
in today's cas-r was originally 
by *he army, which said 
;i was needed for military pur- 
pose*?. Eu - ‘n-.- plaintiffs argue 
that th-jir land i= ben 3 used for 
Jewish sei'lement- and therefore 
should bo handed back to them. 

The Supreme Court hearing is- 
considered a test case because 
there ar*: many similar appeals 
pea ding. 


The wide interest in the out- 
come of ;he hearinc was 
.•(■tlf'cted in the number of Arab 
nifable- who attended the court 
The mayo-i of Ramallah and 
nearbv E; Rireh one of the 
affected v : ibees. were refused 
entry to the court. 

This led to an ancry riemon- 
■ trail on. v.h:>h was halted oniv 
by the fnrce^J 1 intervention 't 1 ' 
the on} jet- arivf army The court 
hearing bad to be suspended for 
a time. The detained mayor* 
were later released. 

Mr. Gabriel Bach, the state 
attorney, said in the defence 

p'ea that ;no whole settlement 
'5?ue is o-v1;t : cal. and that there- 
fore the ?ou:T has no jurisdic- 
tion. He added that a court 
ruling wou'ii have implication* 
for the subjects now under 
neen'iatior. in the peace talks. 

A further defence which h»* 
presented is that the settlements 
are "art l >* r r he Israeli military 
network on the West Bank, and 
therefore can properly he viewed 
a s falling wilhm the inter- 
national laws which permit the 


WJL M. f f MltokJ NAIROBI, Nov. U3- ^ BT IS 

ETHIOPLAN Government troops ^ fU g 

CAIRO. Nov. 33. have reopened Eritrea's outlet to » / S B/ 

. the sea in a two-day drive from W H /j «« 

indication yet that tne political the Red Sea port of Massawa to -*■ w -afc-ww-*- 3 * 

drive exists to carry out these Asmara, the provincial capital, 
reforms. Addis Ababa Radio said to-day. 

Although Egypt k balance of The troops dislodged t>ee es- 
payments is much improved com- sionist guerrillas from the road THE SACKING of a senior LeFt- 

pared with IS months ago— a fj er fierce fighting, according to winger in the Peking leadership, 

mainly _ due to the rise in broadcast. But two days ago indirectly revealed in a New 
workers’ remittances from guerrilla spokesmen said their China News Agency report 
abroad, oil revenues and a forces had withdrawn from the yesterday, shows that the poster 
rescheduling of short-term debt road tQ defend Keren ih* last campaign -attacking Chairman 
--there are official fears that by ma j or town held by the Mao and those associated with 
the middle of next year the posi- guerrillas. * him has been swiftly followed by 

tion could again begin to Diplomatic sources contacted action. 

deteriorate sharply. in Addis Ababa said that as the Chi Teng-kuei, previously First 

These fears are increased by Government troops had retaken Political Commisar of the Peking 
ihe possi unity that Saudi Arabia. tbe 72 -rniIe road in just two Military Region, Politburo mem- 
Mjwait and other Gulf states days, they must have met little ber and personal protege of 
will be less prepared in future or no resistance. Chairman Mao, has been replaced 

to rush jo Egypt s aid. and by The sources said this appeared in his military job. He may 
Ihe threat or more conrerred {0 be |j 0rne out by tbe Govern- nominally retain his Politburo 

ih* m * nl re P ort of h| w the troops membership like two other 

ihe country iF President Sadat were greeted. Addis Ababa Radio senior leaders, Saifudin and Wu 
S, ® DS w ^ at J s said they were given heroe?’ wel- Teb, dismissed from their 
considered to be a separate C0Ries j n tbe t owns 0 f Dongolo, government posts this year, but 
peace with Israel. Nefasit and Ghinda which they his disappearance marks an 

^ Mr. S3fi.it j? looking for some “liberated" on the way to important stage in the ousting of 
S10hn-15bn in a " ?Jarshall aid" Asmara. They entered tbe pro- all Cultural Revolution bene- 
pLm from the U.S. over the next vincial capital yesterday. ficiaries from power and marks 

five years. Egypt clearly needs Diplomatic sources in the the gradual triumph of the sup- 

to demonstrate that it i* mak'ns Sudanese capital. Khartoum, said porters of Vice-Premier Teng 
strenuous efforts to bring about two weeks ago Ethiopia had Hsiao-ping. 

niajnr domestic reforms. Current Rown and shipped Its 10th militia There are now reports that a 
visits tn Cairo by members of division of between S.000 and partv central committee meeting 
the U.S. Senate are important 10 .OOO men from the Ogsden is pending, and that may be 
m this context, as whatever desert region to Massawa in pre- followed by more changes. 
Pre-ident Carter's wishes, he para tion for the push up Che The outbreak of posters in 
will still havp to pet the aid winding orad which rises through Peking confirms that China is 
appropriations through Congress, mountains some 7,600 ft from sea still in the throes of a struggle 

lev**! jo the Asmara platc-au. for power of which no one can 

Such recently-raised militia foresee the end. Senior but 
R TB units, which saw combat for the unnamed officials have been 

I firsl tirae in M»e eight-month criticised for associating with the 

ULlLflL^. deaden war against Somalia Gang of Four (Chairman Mao’s 

which ended last March, are widow and her colleapuesi. M 30 

TEL AVIV. Nov. 23. integrated into regular army himself has been blamed for ihe 
units in Eritrea to form what policies of his last years. Tens 
expropriation of land for nilii- the government calls task forces. Hsiao-ping. twice sacked by Mao 






Leading members of the PeUtburo from left to right: Teng 
Hsaio-ping, Hua Kno-feng, Li Hsien-nien and Chen HsWIes 


tarv use. according to the diplomatic and twice rehabilitated, was 

The Arab villagers claim that ?ou rc «3 in Addis Ababa. reportedly named by one poster 

thi? is not the case. Thev arem* 3 ' u,er - (quickly torn down) as the man 

ihat international law 'forbids who should have written Ihe 

an occupier to transfer Dan of ]V[7 olDofmn til,e for a cf ^ oen3 5 

its oopulalion into an occupied ClCtllUll publicised last week instead of 

area. . Chairman Hua Kuo -fen 5 . These 

The importance which the COOtrOVerSy poems date Jhe l JTSPJKDg 

Suoreme Court attaches to the I By Dai Hayward overtop PoLLcal 

WELLINGTON. Nov 23. "K induct of Chinese 

justice'- rather than the more A Jast minure pre-election ; poiiUcs through posters and 
^ua’ ft-ee The bearin- is ex-i : ,id to . b ? ls r J er his suunc-raan j Joetiy books may seem 
neeted to la-st for 'several ' ma 5 e Wltil Party supporters who ; mysterious, but it reveals a 
sessions severjl lhave become extremely critical j trend sooner and more 

The ]«! Pres, reporter! j SSfStoTSl | SESSftoJSS £l2JESl 


angry at CIA over 


3Y DAVID BUCHAN 


PRESIDENT CARTER ha? 
sharply criticised his inteliiger.ee 

services' failure to give ’ him 
adequate warning of foreign 
political crin-s. in particular of 
the riois and strikes which have 
come near tu overthrowing the 
Shah of Iran 

The President was moved two 
weeks ago to send a personal 
memo to Adm. Stansfield Turner, 
director of the Central Intelli- 
gence Agency (CIA). Mr Cyrus 
Vance, the Secretary of State, 
and Mr. Zbigniew Brzezinski. his 
national security advisor, telling 
them he was “dissatisfied with 
the quality of political intelli- 
gence." according tn well- 
substantiated press reports here. 

But the hmt of his criticism 
appears to be the CIA. which ha? 
overall responsibility for intelli- 
gence. amid rumours — no more 
than that at present — rhat the 
President nay conn move his 
former naval academy classmate. 
Adm. Turner, to a Jess sensitive 
post. When the rioting broke 
out in Iran in August the CIA 
was apparently still reporting 


th3t the Shah faced no internal 
threats The Senate Intelligence 
Committee is also. quite 
separately, investigating the per- 
formance in Iran of the CIA. 
which played a key role in 
putting the Shah into power. 

The White House was also, 
according to the New York 
Times, provoked by the failure 
of any government agency lo 
predict the big Rhodesian offen- 
sive into Zambia last month, 
when Mr. Ian Smith, the Prime 
Minister, was having talks with 
Mr. Vance in Washing Ion. This 
coincidence was felt by some 
African leaders to imply tacit 
American support for the 
Rhodesian military move. 

Adm. Turner has publicly com- 
plained of the constraints placed 
on his agency's operations by 
public mistrust of the CIA. built 
up by Vietnam and Watergate 

The CtA has also been under 
fire for allowinc a major security 
leak to go undetected For eight 
months. This concerns the sale 
to Russia of an American spy 
satellite manual by a former CIA 


BY JOHN HOFFMANN 


establishment of the local on *f°° day ' . , aid whether" foreigners are per- 

3 dm i n fa t r a live council propS ror^i,^ to scrutinize it Posters 

at Camp David. It also recun- MuidooTfafd c h e e?m‘ su^| attac H n ? d u reCt i y mUSt 
mended that Israel retain control n nr rJrs cheenn* sup-j powe? . ful though not necessarily 

MM ^livery driven here S5„ s "““W £r0m ** 

under .he proposed uu” S potion “■'for”’ .“'“toS' Jie »•"!* *' ™‘»™ of PO-m. I. 

plan. paration tor a total Mas a typically Chinese device for 

planned for Monday. Mr. Mul- ai r i n g a policy. Mao himself was 
doon warned trade union leaders a poet and other Chinese leaders 
if they do not adopt a more jn ^ e i ast two years have 
taw reasonable approach in wage 

sbWPh H STJIIh demands the Government would 

VP f JLM abolish free wage bargaining pro- 

WASHINGTON, Nov. 3. SgS? ““ TVT™ ™11 , 

employee. Mr. William Kurupllcs, C W W 411 

a? «i co " vic,ed of espionago ft. Sirs " 

Reuter ..Ids from Paris: The «, «» • '«ft“ ^ S ^ PP ? rt D f i r f r c h i 5 . BY JOHN HOFfWANN 
Shah's principal religious oppo- ihat fanpSJ S- 

mJini his called o^hk faUowe? ups ^ al tbe Government's !VLAO TS E-TUNG'S "mistakes" 
^ h ilph f nlLi. n n rivil handling of a recent dispute came under further crillcism 
H tn nnit i’np rnf, nt^-\ ' 11 v u> v i ng freezing workers' last night in a uew wall-poster 

notS b m1iff^™ t r2SnmF»ni ntr> 5 un «ans. He was determined to which appeared in the main 
new military Government. show be is the strong man which street of Peking. 

He asked Iranians to refuse to National Party election propa- M 

pay taxes or to co-operale with n anda portrays him tn be. .u m 

the Government, and asked .' The election campaign, in that Mao knew what the v.ang 
Government workers to strike, which voters go to the poll on ° f Fouj L f au d J; l . n .‘ !ao » “* 
The Ayatollah invited his sup- Saturdav to elect a new 93-seat former Defence Minister were 
porters to draw up lists of Parliament, has come alive in 

Government ministers, civil ser-| r he past 4S hours. Mr. Wallas for the almosi total disnipbon 
vants and army officers who bad Rowling, the Labour leader has ffl!l e 2* u 

"committed treason against the grown in confidence as the cam- ) Ve should look at Mao s mis- 
country. been corrupt, or ordered paign developed and this week ta *^ es , m support oi Lin rwo 
the shooting and killing of has" received enthusiastic support in the purging of Teng 

demonstrators." at many election meetings. In usiao-ping. 

Sources close to the Ayatollah some areas Mr. Rowling attracted - The correct political atfi- 
said that the month of Moharam more support than Mr. Muldoon. hide is to analyse why Mao 
—the most sacred period for The Government has based its made mistakes in order to 
Shi'ites, which starts on Decern- campaign on a strong defence a \oid political swindlers from 
ber 2 — would be preceded by a of its record over the past three grabbing power in the future." 
one-day general strike on Noveto- years and particularly its 

ber 2S, orgainsed by Government attempts to curb inflation and Signed by a railway worker, 

employees' unions to call for an cope with New Zealand's! it says that the issue of Mao's 

Islamic republic. economic ills. * support for the Gang of Four 


published poems that carried, 
political weight. This kind of 
publicity shows that one group 
is on the wane and another in 
the ascendant before official 
changes happen. Furthermore, it. 
gives officials lower down the 
line an opportunity to move 
away discreetly from too-obvious 
support of the losing side. This 
may be the process which is now 
taking place, as the group openly 
critical of Mao is visibly on ihe 
upswing. Lesser officials, may. 
read the signals from Peking and 
act accordingly. 

The 1976 riots grew -out 
of a demonstration honouxing- 
recsntly-dead Premier Chou 
En-iai and the poems now to 
be published were pasted up in. 
Peking as part of it This was' 
quickly seen as a movement 
supporting Cbou's policies and 
opposing the Gang, who were 
very much in power at the time. 
Teng was held responsible ..and 
sacked. 

W iih the rehabilitation - last 
week of all those arrested for 
participating in the riot, Teng 
too was implicitly justified. . - 

As a result of the riot and 
Tecg's dismissal Hua. the pre- 
sent party chairman, then only 
acting Premier, was confirmed 
in the job. He has since been 
reconfirmed in it by lie National 


People's Congress. - However, 
since he initially got the joblas 
a result of the suppression <if 
the riot, eulogising those troubles 
now must surely mean trouble 
for those who benefited friun it- 
Wu Teh, then Mayor '-of ^ Peking, 
-was apparently held directly 
responsible and was finally .dis- 
missed last month after a poster 
campaign. 

But this week’s poster? show 
that the Teng camp .is still out 
for more blood. 

Soon after Mao’s death, me 
-foreign assumption was that 
Chairman Hua was the logical 
leader for the new' era. He was 
seen as typical of a new, younger 
generation of officials, nurtured 
on Maoism but experienced In 
handling the practical aspects of 
goveramenti 

However, from the day Com- 
rade Tens was rehabilitated, in 
July 1977. Chinese policy took a 
sharp turn right and has never 
looked back since. In agriculture, 
industry, education and the arts. 
Maoist policies have one by one 
been abandoned, to the point 
where it now seems impossible 
that anyone closely associated 
with Mao in -the last 10 years 
of his life could fail to object 

Originally it semed that Hua 
Teng might work in tandem. At 
first there were no open policy 


differences. Then^'Nbvemb'er . 
1977 Chairman ; Hufc, - in . ;trqe 
Maoist styles -led - f leam of - tup • 
officials to- labour ht a ; Peking 
reservoir. . Out irf - tho whole 
Politburo, only Teng 'andha, few 
of. his top ' supporters -did , not 
attend...' ; • ■ ; ■ -V ■;;.yT , :' /rr-_; ■' 

Last year . the' Peking '-t^rew 
printed dozens.. vf stories frito&$. ' 
mg Hua.- Today, -Teng. has be^ta 
tn . move 4ntn that irimt /if lirni*. 

light iritfr a- ; strifeiag -refemice ; 

to his ,wartime activittes,- alfmg 
with, the now-dead -that- 

time- ij'.'.v 1 

' v Evidence of policy differences 
is stillihard tp;dis^qm : The fete .- 
from Chmese Tadib-irtatiioKB (the 
source -Of. most reliable informa- 
tion , on trepds) seems ohani- 

- mops,'/ with , ate possible : excep- 
tion ^f Hunan Province, where. 
Mao-.wa? bore and Hua spent 
mbst 'of Ms working life! There, 
-comment'-- 6u Tengfa’ references 
.to the need for pragmatism has 
be.eh milted. 

-The most one caa say 'is that 
Httafa- speeches show -hha ta be - 
more concerned With politics and 
Tong's iwith actioxt : At . the 
Party Congress last . year,' Teag's 
speech only lasted a few minutes*, 
and the : gist of xt-^wasi^Kpre 
wor&,-' less catcbpbrase 

which ' significantly;;' was; quoted 
’ by a Shanghai leader recently) . : . 

But a momeoTs thought' Sug- 
gests that- anyone who- was even 
half-convinced by. Mao’s ^radical . 
.ideas, bn education... or economic . 
organisation would hesitate over 
today’s ^plans for the 'wholesale 
importation nf foreign equipment- ' 
and I . the -incipient-; . elifrTsm _o£ . . 
education* andr Chinese society 
geaereUYi. 

- Pinpointing each groupV; sup- 
porters : is not easy, particularly 
as in crisis they may change 
sidesi One such is Wang.-. Tung- 
bring,- party vice-chairman and - 
the man who arrested 1 the Gapg, - 
but once Mao's bodyguard.: .How- 
ever, in -the *'parQr ; PbHtburo 
veteran, officials . . like .. Viee- 
Premier LT Hsien-aien, -seem .to; 

, outnumbfflr obvious cultural revo- - 
tuUon beneficiaries, and. they 
certainly, do. so in- tbe:’seirior 
government hirearchyr There are 
several question marks such as 
»XaV hanjdny overihe commander 
of the Peking mititary region. 
Chen Hsi-tin, whd bas so far 
survived earner .poster attack. 

With. Chi - T£ng±qei new. 
sacked., it does look as .if the 
Teng group -will stop at nothing 
until everyone associated 'with 
Mao and the Gang has goue. The 
key question is' whether; that 7 : 

inc lpflfts Chairman Hlia, 


New wall poster criticises Mao’s ‘mistakes' 


Islamic republic. 


economic ills. 


was in the fro at of the minds 
of all Chinese. 

The new poster follows 
others whier. have appeared in 
Peking streets this week ques- 
tioning the late Chairman's 
wisdom and demanding the 

exposure of officials respon- 
sible for the repression and 
persecution of Chinese citizens. 

The official Chinese media 
has published articles affirming 
that Mao was capable of 
making mistakes, although the , 
official line has not directly ! 
associated him with ideo- j 
logical criminals. 

O AP reports from Tokyo: 
Angry Chinese heat up a youth 
shouting slogans in favour of 
the late Chairman Mao Tse- 
Tung in Peking on Thursday as ‘ 
open disagreement about Mao’s 
policies surfaced, 

Kyodo reported from the 


Chinese capital that the youth 
was beaten by a crowd of about 
50 after shouting that anybody, 
opposing Mao "would come -to . 
no good end.” 

It said one angry citizen re- 


PEKING, Nov. 23.' 

preached him: * 4 Are you trying 
to suppress a movement based 
on tite principle that practice, 
is the test of truth T^.The youth 
said nothing and left, 'Kyodo 
added; - . • 


Zambia jails white farmer 

BY OUR OWN CORRESPONDENT LUSAKA, Nov. 33. 

A BRITISH farmer, Ian Suther-' ber 12. The arms, which were 
land, was today sentenced in exhibited in court, were said 'to 
Lusaka magistrates court to five have been concealed in drums 
years hard labour for illegal pos- buried near- the farmhouse. They 
session of three Soviet and. were, taken to the farm last year 
Chinese-made rifles, two rocket in ft lorry carrying timber from 
launchers, 21 hand grenadeff, ex- South Africa. The vehicle was 
plosives and other weapons left «aiC;4o '. have been driven by 
in bis care by two white Peter Dunn and John Howes, 
Rhodesians. described as two Rhodesians. The 

Mr. Sutherland, 43, who was court was .told the weapons were ' 
bom in Zambia, pleaded guilty, intended for use against black 
He was arrested at bis farm .50 Rhodesian, .-.guerrillas based in 
miles south of Lusaka on Novem- Zambia. 


AMERICAN MEWS 


Somoza 

must go- 

opposMoe 

By William Chislett 

MANAGUA Nov. 113. 
THE NICARAGUAN Opposition 
is uniikcl;. lo ;i pi ihf peace 
settlement iuopusal put forward 
by ihe Vx'ashmgron - inspired 
!iiediai>T> unless General Sumoza. 
lb-.- cunirj'^ Pre-idem, first 
leav r-v Nicaragua. 

The cri-'i- is ftirther compli- 
cated by i ho increasing mtur- 
nationalisaMon ->f the -imatinn 
following Costa Rica's breaking 
off diplomat !c i-olaiior.s v;iih 
Nicaragua a f 1 «.-r .i hurdor inci- 
dent when two Cosia Rican 
guards were killed byNicaravuan 
guards and another captured. 

The Broad Opposition Front, 
which withdrew fmm talks with 
the mediators. ri insiders ihe 
mediators' proou.-jl f«»r ? referen- 
dum to decide on v.heiber 
General Somova miuuns or a 
new national gy-.i-rninenl i; 
formed, unactrpiablc in pre-' 
senT form unless it can be; 
ensured nT certain guarantees. 
Among them would t«*. thai 
General Soinozo leaves the coun- 
try and that any referendum be 
scrupulously conducted under 
auspices of the Organisation of 
American States (OAS). 

The mediators have proposed 
that the OAS would sup<?rvi.s» a 
referendum although the number 
of observer* has nut been speci- 
fied The Opposition would like 
a large presence. The stumbling 
block is the continued presence 
of General Somoza who under 
ihe plan by tha media ling team 
from the U.S.. Guatemala and 
the Dominican Republic, would i 
only lea v « Nicaragua if the 
referendum vole went against 
him— the most likely outcome. 




call for an end to price controls 


THE FRUSTRATIONS of the 
U.S. oil industry over price 
conirols and government inter- 
ference bubbled up in Chicago 
earlier this month where the 
industry’s top trade association, 
the American Petroleum Insti- 
tute was holding Us annual 
meeting. 

The Institute's chairman. Mr. 
John Swearingen, who is also 
chairman or Standard Oil 
• Indiana), the country's sixth 
largest oil company, made a 
renuibably tough speech de- 
nouncing the evils of regulation, 
and calling Tor the phasing out 
of oil price controls. He said 
he was speaking in a personal 
capacity. But the thunderous 
applause which greeted his 
wnrds. plus the platform he was 
.-■peaking from, made it dear 
fhal this was not one man but a 
powerful industry speaking. 

No motions were passed. Bui 
the meeting dispersed with a 
determination :hat something 
imi.-t be done. The question Is 
-.vl. j f.' 

It was no 3«.-cideni thai Mr. 
Swearingen ended his ringing 
speech with an jnpeai Tor unity. 
For the truth is that the oil 
industry is as dividend over 
the future of oil prices as it 
was over President Carter's 
Energy Bill, and any common 
position would have to take into 
account inlerpsts which fre- 
quently eonllu't. and -sometimes 
even clash head on. 

The focus of concern is the 
Energy Policy and Conservation 
Act iEPCAl passed in 1975 in 
the confused aftermath of Ibe 
oil crisis. Designed io update 
President Nixon's oil price 
controls and bring order to the 
domestic oil market, this laid 
down complex formulae for 


determining oil prices, and has 
succeeded in keeping these a 
shade below world levels. 

At the same time, the energy 
regulatory authorities expanded 
their so-called entitlements pro- 
gramme to equalise opportunity 
between oil companies who 
obtain most of tbeir oil domestic- 
ally. and therefore below OPEC 
prices, and those who rely 
on imports from the OPED 
dominated world market. 

Another aim is to even out 
costs between so-called old oil 
and new oil. Old oil. defined 
as thai produced from ’ wells 
drilled before 1972, is reckoned 
to be cheaper than that pro- 
duced from wells drilled in the 
more recent high-cost era, so a 
charge is made on old oil to 
bring it up to new oil’s cost. 

Both types of oil are then 
subjected to a further charge 
to bring them close to the pFice 
of imported oil. AH this money 
is distributed via an entitlements 
fund to tho-3Q oil companies and 
refiners who are reckoned to be 
operating at a disadvantage 
because of their high reliance 
on imported oil. On top of this, 
there are controls on oil pro- 
ducts and petrol designed to 
cushion the consumer against 
price increases on world 
markets. 

These controls were never 
popular with the oil industry, but 
attacks have increased in recent 
months. A widely shared critic- 
ism is that by holding prices 
down, the programme has failed 
m make the consumer as conser- 
vati oh ‘/winded as ho ought to be 
in a high cost energy era. Also, 
by putting a check on oil in- 
dustry revenues, it has reduced 
the country's capacity to Invest 
in energy exploration and deve- 
lopment So in their view it is 


only hastening the ultimate 
energy crunch. 

Critics also point out that sub- 
sidies for small refineries 
dependent on imported oil have 
stimulated investment in 
precisely these types of plant, 
which are inefficient and a 
burden on the balance of pay- 
ments. Furthermore, the low 
return on old oil is discouraging 
the use nf enhanced recovery 
techniques which would make old 
wells more productive. 

But while a large segment of 
the oil industry {including most 


The first step in this direction 
could be taken \n Lhe early part 
of next year since the EPCA 
gives the President the power 
to relax controls from the end 
of May. If he does not. the con- 
trols will remain until their 
statutory expiration in Septem- 
ber 1981. The point is that Mr. 
Carter must act if he wants to 
modify or abolish controls. If he 
does nothing, they remain. 

The significance of Mr. 
Swearingen's speech is that it 
contained one of the few con- 


A recent meeting of the American Petroleum 
Institute, David Lascelles writes from New York, 
dispersed determined to do something about 
deregulation and price control — the question 
was what? 


oil majors) has argued forcibly 
for decontrol, there is also a 
segment which actually benefits 
from the present system and 
would be unhappy tu see it go. 
These are mainly smaller oil 
producers and refiners who. by 
virtue uf Iheir size or oil sources, 
are at the receiving end of the 
entitlements programme, which 
now dishes out close to Slfibn a 
year. 

Between these two extremes. 
Lhere are also companies fsuch 
as those whose oil comes equally 
from domestic and foreign 
sources.) who contribute to lhe. 
fund wiLh one hand, only to get 
tijeir money back with the 
other. On balance, though, it 1S 
probably true to say thar the oil 
industry as a whole 1 favours 
abolition of price control, pro- 
vided it is phased out id parallel 
with the enti-Uementa pn> 
gramme. 


cretc proposals yet made as lo 
what Mr. Carter should do next 
spring. He faid out ■ a two-step 
plan: First, deregulate the price 
of all oil except old oil at Lhe 
end of May. Second: phase out 
conirols on old oil by the end oF 
September 1981. 

On top of this he demanded, 
among other things, that lhe 
Department of Energy allow 
crude prices to rise to levels 
permitted under the EPCA; 
“Something it has not thus far 
seen fit to do for purely political 
reasons." and that price con- 
trols on refined products be 
lifted. 

The idea behind this plan, 
which is widely supported in the 
industry, is to raise quickly to 
market levels those prices that 
are already quire close, and tn 
allow others to rise more slowly, 
thus cushioning the shock. 

Mr. Swearingen went on to argue 


that decontrol need not be infla- 
tionary because the real culprit 
for inflation is government spend- 
ing. Other oilmen also say that 
that this is a good moment to 
decontrol because oil supplies 
are plentiful thanks to tbe start 
up of Alaskan oil. Some even 
maintain that decontrol could 
actually lead to a drop in prices 
as the market becomes more com- 
petitive. though it fa not clear 
bow this argument squares with 
their other claim that decontrol 
must produce higher revenues to 
finance energy development. 

Although Mr. Carter's position 
is not yet known, some of the pos- 
sible consequences of Mr. 
Swearineen’s proposals are: For 
a start. Mr. A1 Ullman, chair man 
of the influential House Ways 
and Means Committee has said 
that the House will have to pass 
a tax on ''windfall profits” 
reaped by the oil industry if 
deregulation goes through. This 
is bitterly contested by the oil 
industry on the grounds that 
65 per cent nf these profits would 
go to the Treasury anyway via 
tax. and that what’s left would be 
invested in new enemy supplies 
to the country's long term good. 

Oil industry analysts have also 
calculated that if oil prices were 
freed, the cost of petro] at the 
pump would rise by 5-10 cents a 
gallon to 70-S0 cents depending 
on local tax. which Is still far 
below European levels. 

But though there is much sym- 
pathy for the oil industry’s posi- 
tion in places like Wail Street, 
particularly among the financial 
community where the need for 
higher investment in exploration 
and a reduction in oil imports is 
strewed, it U not shared else- 
where. for at! the obvious 
reasons: inflation, mistrust of the 
oil industry etc. 

Indeed. Mr. Swearingen told 
reporters in Chicago that far 



from i.' ..having his proposals 
accepted^ he would not be sur- 

prised if the White House beefed |T3 2GS 

up its fight against inflation with ; 

mandatory wage and price cod- Producers ..of 'lead-free petrol, 
trols. In. a notable understate- which must be used by recent 
ment, he added; “if this should model rars in the TJ^. are stretch- 
come to pass, we must recognise tbeir- supplies' by cutting the 
that these steps I have outlined 
will become difficult. If not im- 

nnqsfFilp to take " ^ types of petrol, bat the problem 

po K!° __ fl is most severe, with high-octane 

1!. lead-free fueL Shortages and 

programme need not do great pr ice increases have been partly 
harm ter the oj 1 industry s opera- by .^e oilfield strike in 

txoniL. As a capital-rather than Iran,-, the U.S.’s - second ■ most 
labour-intensive industry, it has important oil supplier, 
fewer problems on the wages 

front than, say, tbe manufacture Western Tm inns warned! 
mg industry. Also, there is 

probably- enough leeway .Off £**.JS2F P ***** 


probably- enough leeway _ on - ; ^es. umpns in -toe Tfcest have 
prices to ensure continuing JSJS^i?- 
profitability. . * — t *L Ez S- Enr °Pf*2 

Even 'ttCthe industry has been 

wnmprf ■' bv Mr Alfred Tfnhn ^utnontarian regimes in Latin 
nf America. The inferrrationa? Fede- 

chainnan of wJuocil on Wage : raHm n/ CheihlcaL -Enerev »hd 
and Price Stability, that -the General Workers' Unions flCEF), 
Administration is considering Jn Gfeneva, says: affiliWhare been 
using. Ihe entitlements fund. as. cautioned.- against such- campaigns,- 
part of . its Armoury to = compel •- which Jiave . quite another 
compliance with the wage guide- objective " than over-throwing 
lines in the forthcoming pay- talks Totalitarian, regimes,'’ John Wicks 
with 'the Oil Chemical : -and reports from Zurich.’ 

Atomic Workers, who happen to ' ■ m ■ 

be the first union to come to. ttw Brazilian amortisation 

bargaining table since the anti* Br ,-n h _ B . - . 
inflaUoodrive started. ■■ ' SSS JiS.-qyj P" 
Presumably. Mr. Kahn was g!™ 1 . r {<l ™p 

hinting that payments from the iXtmnal 5£ne2nT<£ unci? 
ftmf would be withheld if com- *„ .^SsSSSS.7 
panics granted excessive wage effective immediately Reutw 
rises. In this case, the cost, of reports from Eto de Janeiro ' 
crude woiiltf rise and squeeze oil . 

company profits. - {J C. enArorv ittmAs 

Id the short term, the oil; in* -Twr, «eeoS 

d us try is farm more concerned. relying on'wind- 

that Its major suppliers, like the mw -and 

steel industry, will be unable, fd. technoio^ '”' <il5C0?verBd 
keep its prices down. .In thk case eneiWbSrfo h™ »S?. P 
the cost, of drilling and .oil -trine* Commerce ^naSmS!? 1, 20W ' 
mission; the big steol-consuming rePOWs^from^wSlS^^l 75, nTt 
activities, would go up, only .com- toost-.of the eoerS^S^^ir 
pounding tbe longer term prob- rest of this century wm 
lems ol satisfying the country’s blied, by. nuclear powered SS . 
voradoos appetite- for energy. 1 coal-fired electridty generetorsT 


Ali i 







- . - r * > 2. Avfemore 

3. Bath Spa 

4. Birmingham New Street 

5. Birmingham International 

•_ 6. Bournemouth 

7. Bradford Exchange 

• , 8. Brighton 

9. Bristol Parkway 

1 0. Bristol Temple Meads 

■ . 11. Cambridge 

- : '■■ ■■ 12. Cardiff Central 

i ; 13. Carlisle 

. ■ 14. Chatham 

1 5. Cheltenham Spa 

- - 16. Chester 

-■ . .. . - 1 7. Colchester 

18. Coventry 

• 19. Crewe 

20. DaHingtort 

21. Derby 

22. Doncaster 

23. Dover Marine 

24. Dover Priory 

25. Dundee 

26. Edinburgh Waverley 

27. Exeter St. Davids 

28. Glasgow Central 

29. Glasgow Queen Street 

30. Gloucester 

31. Hull 

32. Inverness 

33. Ipswich 

34. Kilmarnock 

35. Leeds City 

36. Leicester 

37. Liverpool Lime Street 

38. London Euston 

39. London King's Cross 

40. London Liverpool Street 

41 . London Paddington 

42. London St. Pancras 

43. London Victoria 

44. London Waterloo 

45. Manchester Piccadilly 

46. Manchester Victoria 

47. Motherwell 

48. Newcastle 

49. Newport (Gwent) 

50. Newton Abbot 

51. Norwich 

52. Nottingham 

- • 53. Oxford 

- ; . 54. Perth 

55. Peterborough 

••i.' 56. Plymouth 

. ■ 57. Portsmouth and Southsea 

^ 58. Preston 

59. Reading 

60. Rugby 

61. Salisbury 

: >• . .. 62. Sheffield 

* 1 63. Shrewsbury 

64. Southampton 

65. Stirling 

66. Stoke-on-Trent 

67. Swansea 

/■ 68: Swindon 

69. Taunton 

70. Truro 

71 . Wakefield Westgate 

72. Watford Junction 

73. Wolverhampton 

74. Worcester Shrub Hilt . 

75. York 

Above is a complete list of Godfrey Davis car-hire locations on Inter-City stations. 
Below is a complete list of ourcompetitorsMocations on Inter-City stations. 



=^= Rail Drive 



More cars. More offices. More customers. Less flannel. 

To book one of our Fords or other quality cars, ring 01-828 7700. Or consult Yeliow Pages. 

Simply phone in advance to book your car, which will be waiting for you at the station - dean, checked and ready to drive away. 






MOTOR 8SMDUSTRY 


i 

Austrian joint ventures bid 


Liberia to Indian order 

counter 8 

trade unions jets may 


• > ■ . ' s - -'TrV 


BY PAUL LENDVAf IN v/ENNA 







.Si 


THE AUSTRIAN Government 
and the powerful holding com- 
pany for the nationalised sector 
lOEIAGi arc ongasud in a num 
her of important negotiations 
with major foreign car manu- 
facturers about joint ventures 
in Austria, involving both the 
manufacturing of components 
and assembly of cars. 

Tbe latcsi deal wa> concluded 
this week with I wo German com- 
panies. Fichtle und Sachs and 
Porsche Holding oT Salzburg. bj 
the Vereinigte Melallwerke 
Ranshofen-Berndorf f V3[V» ; ). 

pari of Lhe stale-owned Austrian 
aluminium tm.mp. It provides 
for the setting up oT a joint 
company using V.lfU ’•> plant at 
Moellersdorf for the repair anil 
later production of elinclie.*. und 
other parts For the Volkswagen 
Werke. 

The nev company, m which 
Fichtle und Sachs will have a 

51 per cent controlling interest, 
is expected m have an annual 
turnover of Sell HJOm (Gl.linii 
in (he initial phase. The labour 
force will be 1 0O •.-Inch is about 
hair of the plant’s present pro- 
duction stair. The project should 
go on stream in mid- 1 979. 

Meanwhile, the tin uncial direc- 
tor of Volkswagen. Professor 
F real rich Tiiomee announced on 
account of the listing of the VW 
Share.-. on the Vienna Bourse 
that the compan;. will buy next 
year parts and eoiiipnni-nt.s Trum 
Austrian companies lo the Utiiv 
of Sch Ibn. Tile Austrian car 
registration statistic' for Janii- 
ary-So pi ember inis year show 
that Volkswagen continues to 
dominate •■.Mil a market share of 
21.1 per cenl. 

Earlier tJii-s year, the Austrian 
Chancellor Dr. Bruno Kreisky 
made some acid remarks about 
\'U" and Porsche wlurli aTier 
initial vncourugetnvm had 
turned down Austrian proposals 
for a major joint leniure. 
Austria planned lo manufacture 
a new passenger car under a 
Porsche licence. Annual output 
should have been 50.000 unit'. 

Bui Y\V refused to negotiate 
about the involvement bl its 
vorld-wide sales and servicing 
network, and in the end the 


Purschc iuimly also cold 
shouldered lhe ’ Austrians, re- 
fusing to allow the use oF tbe 
brand name ” Porsche." It w as at 
this point that Austria launched 
nuicii-publicised talks with other 
intern avion a I car companies, such 
as Uhrysier. Mitsubishi and rial. 
In a ai*r»c. the publicity also 
serves a* t fever iu pul pressure 
on llv: companies, primarily 
German, iu increase their pur- 
chase* from Austria. 

The Austrian Chamber of 
Economy has been engaged in 
ulks with Japanese car exporters 
3nd nianulaeiurers and il 
i« re polled that in the near 
future Japanese companies will 
be sending u buying mission to 
Austria. 

In genera! tiic Austrians point 


Austria points to its 
s Id lied labour forces 

and industrial tradition 
and excellent labour 
relations 2s arguments 
for setliug up 
manufacturing plant. 


nut oniv t" the presence of a 
skilled l:ii , "Ur force and a lony 
inJuitria! u jdilion as arguments 
for sc-’i.t: up subsidiary plants 
here .jut a Go to the excellent 
[jbutir :-e‘-i".in«! vviili virtually no 
airpes. 

Tnoii-’i .« Viennese popular 
daily f: .int- .-aged the news about 
iini'emlittg Ford project in 
Au-ina. Govern iiient c* FH ■_ i a I s are 
after the disappointing 

experienve.-- with German cum- 
pan;?-. 7:u.y arc only willing 
to contirtr- that ‘■soundings” 
have taken ntj«.e. denying reports 
about concrete negotiations. 

In striking contrast to this 
restraint, however, the finance 
Councillor or the Vienna Muirci- 
pality. Herr Huns Mayr. told the 
AZ. "the So-, la list daily, that the 
nrojeci wuu!d involve -00.000 
Fords pc.- annum and lhal the 
total inv-.-imem costs would 
reach Sen. 1 1bn with the City of 
Vienna alone providing Sciil.obn 
funds. 


Ford spokesmen meanwhile 
told the AZ that the company 
never eoramettls on talks before 
they have reached what he 
called a “concrete phase." 

Hitherto, the largest projects 
have been concluded by the 
Steyr-Daimler-Pueh Company. 
Austria’s largest motor concern. 
wh‘eh in turn is owned by the 
Creditanstalt Bankverein as 
majority shareholder. Steyr is 
already manufacturing a cross- 
country vehicle together wilb 
Mercedes-Benz. 

Recently it signed a major 
agreement with the German 

BMW about tbe erection of a 
large diesel motor plant in 
Austria. BMW claims that ii 
is the German car producer with 
tbe largesi direct imports from 
Austria which offsets account for 
40 per cent of its sales here. 
Steyr is also engaged in talks 
with Fiat about "the possibility 
of assembling Lancia models in 

Austria. 

In anticipation of an unward 
revision of the VAT from 15 pet 

cent to 30 per cenl on consumer 
durables, car registrations in 
Austria reached an all-lime peak 
of 295.000 last year. Volks- 
wagen’s share was 2“ per cent, 
foilow.vd by General Motor* with 
15.6 per cenl. Ford 11.S per cent 
and Fiat 9.6 per cent. Britisb 
Ley land took only the 12th place 

This year new ri*ji$iraiinn«- 
are likely lo reach only lnO.lMO. 
Imports during the first nine 
months thii year were down 
compared to the same period last 
year 40 per cent in value. The 
number of new cars on ihe road 
also d ro p ped f ron i 1 SP.QG0 m 
114.000. 

The downward trend in car 
registrations clearly contributed 
to the easing of pressures nn the 
external payment balance 
Wit hour the fall in ear imparls, 
the deficit on current account 
could not have been slashed lo 
Sch ll.fibn between .lanuar. 1 • 
September this year from 
Sch 2S.5bn in the same period 
in 1977. However car imporier.- 
are reckoning that nn a 

“normal" level of imnorts rev 
year — a total of 210.000 imported 
cars. 


By Ian Hargreaves 

HONG KONG. Nov. 2 

LIBERIA IS to draw o] 
programme of action 
counteract the effects 


BY K. K. SHARKA 


jvfEW DELHI- Nov. 23. 


■ ’ By Kenneth Gooding ~ : , . 

- ■ AVON HUBBEFfeUhS imeSlUK 
of the EEC g roup to. be; attracted, t£ lbe_'U& 


,« op a INDIA'S DEFENCE Minister, of ia 'decision {Sat submarines member-countries itn ™ Dex t [because bf the- gro«ibg‘ demand 
ion to Mr. Jagjivafl Ram. today told should be built m InoUa. • will meet in Bru ®e ^ 2r coj. I there far front-wheel driVe cars. 
:s of a PiiHiamant The Government had Michael - Donne _ writes.. The year to d,SCJ _ 5 i_A.*«* c I Avon JadustriafPoljiUeis. »art 




trade union campaign agalnsl , decided t0 buj . Sea Harriers for iIV J 


discussed k tlie- Avon 


flagii of ccmvenieilee. ^ rZ £I0to for British; - The mat ter « 

Gerald Cooper, the African ** i lnd,a " v ^ J Aerospace rar 20 Sei during the recent m. 6 *™® 1 Hamburg, ^New. jJeisey.-teVfoia, 

State’s Maritime Cunimlv carrier, the Vikraou but ki including spares^ It Mims toe ^ do -EEC Joint a joini veHtevcon»pa^:vrtiia 

sioner. said here today that declined, in the interests of recent derision by India to- boy .^i firnsseis. The w m make a- rauge- Qf injection 

hi ? GoicrnmeiU was no longer security, to give tbe number of the Jasuar land-based smke aiK^the talks was led by tne uom- mouI(ied transmissioii bocts antf 
prepared to do nothing as [tbe aircraft to be bought. craft for Die Indian Air Force. SecretaiT. Mr. Kr«toa- - k ^ 

the International Transport! The Harriers will replace the eveuluai manafaotnre aB-^eaniy Ra° s>h ^ b * # 7? e Production- b^ v the Ww^ebm- .. 

Workers’ Federation boycotted ! ,,b snlete Sea Hawks now- in ser- ln J a . w , ' . meeting between the- pafly> Aaks^Avbtt' Indus-’ 

and blockaded Liberian ships V!w wllh tbe viXrant which is The bea Harrier is the latest '-a- expected to identHy comp e- ^ wftjcb &VOT'-h^a -49 

all over the world. being modernised. veriion of this jump-jet combat meniarity bow sides, ^wr ■ ^ stake ls-. earp^cteG to 

Speaking ai a sea-trade . aircraft now under development tbaf. joint biddtog tor sunanie c0nje stream ‘-.iavSejitember. ^ 

conference here, Mr. Cooper H ..Li "ill L ' nt i ,or (he «ay ai Nary * tetert dtti. ^DjecK »n otper lS7 g, Ames -6as>a-^nff new 

»aid he was in the middle of . *rv ji , oi anti ’ 5,jbmarine cruisers - -^e.nolably in the Middle East and factorj . frouf wMeh tS^coi^a 

a global lour uf shipping ’ 5rsr o.Mvhich. lEvincjble, js near- -Africa, will besm. • ^ operate and: AVafi%^oriS^ - 


the Inicmatlonal Transport | The Harriers will replace tbe 
Workers' Federation boycotted | obsolete Sea Hawks now in ser- 


and blockaded Liberian ships 
all over the world. 

Speaking al a sc a -trade 


roohtriet come on stream *:-iav September • 

c 2£° Zd >«». a™* - s» 


centres in order to hear from 


the purchase has been obtained 


for lhe new Far East coni- 
iniuee of the Liberian Shipping 
Council. 

He said reaction so Tar lo 

the tougher policy initiatives 
on the union campaign had 
been encouraging. but 
pri\aic!y some Hong Kong 
ovuers. who are among the 
must significant members of 
the Liberian registry, fear 
that tough action by the 


collaboration in the construction projects in third countries. 'developed 
o f submarines. Tbe Government Indian construction and con- years. T 
1 is studying tbe offers in the light sulUncy companies and those of now been 


[h:rd countries. ’.developed »n lndl ? ! ventuW'mpgexoSprMtwinrite ' 

ctlon and con- years. These capabilities ; two comti^eiVv^j^ yearfr-ago- • 

lies and those of now been recogmsea. j Avon-Ai^es and 

.. — . . ' ’ — . ‘ .- operates. vvitlite'lhe’Amaj.^gup's . ' 

■_ . iJUelksham’.’v. iW£ltshire^:.iftc£«s - ^ 

: - _’l • . • -1. O ’ i uiairing - roUeirsi-f or--liigh^peed - 

view on Main 

.... I Avon-has. -51 per .-tent’ of. this- 
BRUSSELS. Nov. 23. J concent:'^:: ?.■ _ 


EEC finalisini 


j BY GUY DE JONQUIERES . 4- BRUSSELS. Nov. 23. . j .concent..::: r 

!tHE European Commission with which entr> r negotiations- has consistently emphasised that L 


that tougn acuoa by me ;the European commission witn wnicn entry' negotiations- nas consisrenuy empuasiavu 

Gov cnimem couid produce an ipiajjs t 0 approve and publish opened last October. - its case should be handled quite j 

unnecessary hardening uf ! nf>VT ^ rnrm ,, n „- ITnr ; n on Several EEC governments are separately and firmly expects ^40 


nurtv'vir} Daruenius ui ■ 5,^ rnrm?! nninmn nn svvciu: ^uictmucuis «u.c .wrpciruici' “XT 

Hi tildes by the International , ‘ . * 3 . . . L-ont-eraed that if Greece, PoirtiiT -be admitted by no later than the.. 


to-merease 


Transport Workers’ Federa- 
tion. 

The Liberians have b 

particularly aumnrd by 


, lcra . (Spain’s appllcalion lo join the gaJ a ’ Ed Spai Q a U ‘entered the: Start of 1981. . . - ; OI^CIM^eOTflSS . " 

i Common Market. This . step community at different -times, -• The commission is expected to . .i'.; - ; r • « 

been ! should pave the way for the the disruptions resulting .from argue in its opinion that Spain's .- Bjr^tHtr-Consinner 
>■ n opening of negotiations wilh lhe -three separate admisssions would -application poses bigger potem ■ j.Corresppnden^' ^ - -"^:; G 


seriously at die dipiooiatic 
level. 

The Camilla M affair, which 
•niolvrd a lestfl being stuck 
in port for several days 
resulted in a court aclion in 
which the owners succeeded 
in obtaining a - restraining 
injunction against the trades 
unions. 

Reuter adds: China may start 
buyjjjg oil tankers soon and 
begin running . container 
sen' Ices lo Hong Kong and 
Japan ivilhin the uexi three 
years, the international > hip- 
ping conference was lolu. 

?.!r. John Main, chair'nan uf 
Did well Shipping, loid llic 
conference that the lanker- 
would probably be around 
!nn.H0» ions. He no I -'I that 
Shanghai. Canton, ’f'.Inal-io 
and Tientsin all had rudi- 
mentary container terminal 
structures and regular services 
from them to Japan and Hong 
K-jn; could begin wilhin ihrec 
\ ears. 


Expansion of electronics in Scotland 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


MOTOROLA, ihc American ■-•loc- 
irunlcs manufacturer, plans to 
use spare capacitj al its East 
Kilbride manufacturing plant in 
Scotland lo export mii-ru- 
procevsor chips to fast-growing 
markets in Asia and the Pacific. 

Up to now ihe factory, which 
exports SO per com of produc- 
tion. ha* 'Upplii-d :he UK and 
Europe. Vj« u 17 u-.n extKnsmn. 


opened yesterday, will give it 
more ihan adequate capability 
in meet expected growth in 
ihe«e near markets. It also 
enables Moiorola m double out- 
pul of N-cliannel metal ox ids 
leniiccmduciors. used for ad- 
vanced inicroj»rocejpoi> and 
meiiiorie?. 

Dr Mehjn Larkin, chairman 
of Mo-orr.la’s UK subsidiary, 
■aid :h - Far E:i>» icprescnleil a 


vast new market. possibly' 
accounting for 30 per cent rif| 
world demand. } 

“We will be manufacturing • 
products to be sold to our sister; 
companies in lhe Far East. lj 
can consider this a very ir.ipor- ; 
lant pari of our work and uf j 
the UK’s export drive because; 
il helps Lo counter some of the. 
inflow of finished products." he; 
«aM 1 


recent boycott incidt-n! in (Spanish Government by next seriously impair its functioning, tial problems than those of the V V. « T , ' 

CrUain. invoh ing a ship called summer or early the following For this reason, the idea oF other two candidates. Not only A at^gsjtnQr. . 

ihe Camilla M. A strong pro- iautumn. Portugal and -Spain entering the is its population of 35m^aItoost 7 

test has already been sent to ( The Commission has acted EEC simultaneously is gaining double those of Greece and Por- gr^th^r^p^s^ . 

the Foreign Office about this more rapidly than h3d been ground in European capitals, tugal combined, but it has’ JP.JjA- . 

matter and Liberia Teels expected. Only a Few months Dr. David Owen, the Britisb much larger agricultural sector [ made, ^aynn aj^po^t. phW^ed 

strongly (hal its »iews are not ; 3gu. it was ifuggesting that it Foreign Secretary', suggested -and is more heavily. Indus- rP>- ™c .jy*tianai; -fccgatKn-c .. 

hi'Iiig taken > u/Ii r i en fly ! would be unlikely -to have the recently that the : r accession trialisea. ' }■-. h k^''- 

seriously at die diplomatic f opinion ready raU ch before next might take place as early .as . Both Fraace and Italy are al--l * 

level. : spring. IL? decision to accelerate ihe start of 19S2.- though this -readv concerned: that farm ex- , l°i r, ’ 

The Camilla M affair, which procedures is clearly intended implies that in both cases -pons from Spain will aggravate! 
imolvcd a \esscl being stuck to prevent the enlargement negotiations will be completed the problem of their own w 

in port for several days, process from running out of more speedily than with Greece. Mediterranean producers, .wbllel - *- 
resulted in a court aclion in s*eam and. in particular, to There aas been no suggestions Spanish industry is regarded as ^ ' 

which the owners succeeded ensure that the Spanish applies- so far that Greece's entry should a serious competitor on several, ‘ . . . V ' 

in obtaining a restraining :ion does not lag too far behind be held b/ck uciil the other two major export markets, notably -m^nagemen^^ asKeii w 
injunction against the trades tiiat submitted by Portugal, negotiations are finished. Athens cars and steel. «So* urSd to jom°tain3S' 

U0 Reuter adds: Chins may siart — — 

European Court upholds 1 INo indicatio^dfjftBgS^^ ’ 
^ firitivl, mins rpaiil^inri^'. lifting of Iraq - 


Saics i 


British coins regulations 


mo pet 


BY A- H. HERMANN. LEGAL CORRESPONDENT 


trade embargo 


BRITISH REGULATION'S re- accused have tio defence.under 
striding the import of Krueger- the EEC Treaty. More import- 


By Patrick- Cdckbum 


differing’ raw ; rpaterlal.-’ pric'd 

levels on' biscuits, - 
’ Biscuit eoasUmption -ht' th^ UK 
per 1 head of .^pppulatidir. is 
believed to be the highest in tia 
world -with/aSLOOe . 

duced -for the. home, markei. i£ 


up n> 


. .. ........ j 


. rands and the export of silver natly. it represents a . defeat ALTHOUGH THE Foreign- Office! 1977. Only 2 per chnt- - 

coins minted in the UK do not of the stand taken by the EEC ... . . * ■ - ---- - — 


imported 







i ..yurt. applies to la silver coins wfucQ- oe i.itw. n 

The ca-e concerns a criniina! arr.no iorger leyai tender. V ie'iforefcd by a committee wi the j . Leighton Buzaara Ltd. ms 
ij-^enilicR of E...G. Thompson The European Court ._hasi ^aoaiag Ministrjr. and has bad ^announced "that a suhstdiarv hha 
ind others, accused of fraudulent endorsed the view expressed in ;ja major .-mpact on British -trade , been awarded, a £2ffm eofi tract 
evasion of UK customs regule- the ObservaJons made • on the v with " Iraq.: Though there,-, are ['J>y the SaucFi Arabian-- Ports 
Gons by ‘.be exoort of silver alloy case by the British Government . some indications thaL the .Iraqis j Authority to supply Rft Irucw 
■.■uins for smelting in fl*manv ihar the gold and silver coins; might fce prepared to sotteuifo. the., west/ coast: ports^' fit 
•-,nd the importation of Krueger- are not "goods’’ but “ capital ” ■ their, stand pn trade, there is I Jeddah,/ A r enb%;.apd'Jizan -fp? 
rand-;. 2rd as such are not subject to.no ihdiL-a’tiori of when thel the next five years; - 

The judgment means »hat tne Articles 2D ana 37 of the Treaty, embargo might be lifted. AP-DJ -U..’..-; ..."j- . 



*1 r 


If 








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the Financial Times, 

The institute of Chartered Accountants in England and Wales, 
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in association with 

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COST TO STATE OF TAKEOVERS 


v.._\ 


and ships 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 
FURTHER -• PAYMENTS nf which was owned bv 


BBC 
pleased 
with big 
switch 


Nuclear turbine 
power plant 
tenders invited 


Financial Times Reporter 


BY JOHN LLOYD 

IE CENTRAL Electricity Government "think tank” — has 


Engineers’ 
export 
orders 
creep up 


FURTHER PAYMENTS nf which was owned by Vickers Brooke Marine, Canunel! 'Laird ^ w 

Rv Hazel OufW " ■ ■ f* 1 -*® tD aircraft .. apd ship- a nd General Electric. This Shipbuilders,, Hall Russell. Haw- BY JOHN iaotd 

• Iiriiutrial CormMiui«nf ‘ bull ding cOmpamies': Stockholders brines 10 £40m the compensation thorn Leslie lEnginecrs), John Financial Time* Reporter 

^ ^ as i.'ompensaUon for national! sa- so far paid for nationalisation of G. Kincaid, Scott Uthgow and THE CENTRAL Electricity Government "think tank"— has By Hazel Duffy. 

■*■■■•■ - l ton were announced by the the Corporation. Scott Lilhjjow Drydocfcs, Vesper THE BBC was cunsratulating Genera lins Board said yesterday been asked by ibe Prime Minis- industrial Correspondent 

MR. ALAN ’WILLIAMS. Minister Government yesterday. They The next -largest payment, Thomycrofu and Vosper Ship- Itself yesterday, on its' change of thai it had pul out contracts on ter to investigate the relative 
of -State for Industry, told rep rc- brine to £151J5m the. total cum- CL2tn, is on account of Vickers repairers, and Yarrow Ship- radio wavelengths. competitive tender for tarbine advantages, and 10 report to the rrIlni , T 

sentattves from the industrial pensation paid to -date. . • Shipbuilding Group, bringing builders and Yarrow Training. It took engineers little more generators for the next two Cabinet. 7 .* . 1 

fasteners industry yesterday that Mr.' Gerald Kaafraan, Minister total compensation paid so far The latest payment of £37.~m than .five hours to switch 109 advanced sas-cooled nnclear tt had been understood that k e - un * p Ir , 

the Government will rhlw* the of Stale, for tndiwtrv. announe- r..r th„t en.un i*. r&.45m hrinn, m rsKssm th D transmitters Ui the new mv*. nnwer vtnHnn« .AfiRst At the e ? . „ ers .. 0 r U P slightly, but the rise has not 


By Hazel Duffy, 
Industrial Correspondent 


laaieueca .fuuusiry yesteraav mat -nr, ueraia luuuneu, nnuisicr total compensation pale 

the Government will raise the of Stale for Industry, announe- rur that group 10 £8.45 
matter nf -cheap imporLs of these ing - the latest .. payments «n A payment of £400.001 
products with the European Com- account yesterday, said they included on behalf of 
mission.- ' • \ would be made . . through the Aviation, owned by th 

.Tbe'i : British * Industrial [issue, of. Government. Stock by Group, bringing romp 
"Fasteners Federation wants the the Rank of England as soon as 10 date for that com] 
Commission to include products possible. ' over flm. 


:hal group to £8.45m brings to £5S.35m the total transmitters tu the new wave- power stations < AGKs). At the «h e Enelisb and Scottish Elec- hbbo ci.fnAi^rTt tW ri.ii I*nnrt 

payment of £400.000 is also compensation for all the com- Iwgtbs- same time, it tried to damp down boards preferred the six- order books up from their 

ded on behalf of Scottish parties mentioned. . But Bnu.n w^ r^dy. after speclation and debate on the flow s^tem-af pSnt made JSJSt pom? the fastlS 


increase in new orders 
the May-August period 


commission to metude products pos-Ubie. over flm. stockholders' representatives 11 ,™ irea snout mree- Mr Dennis Lomer. the Board Central Policy Review Staff a uri ng _ me atay-August penoa 

which are made entirely from The biggest payment on The other payments Id the appointed in respect of each were complimentary- men ,ber whose responsibilities However. GEC has refused to * as “*®- per ceni according to 

Steel— suph as nuts, bolts ' and account announced is that of list cover compensation for company by the former share- 1 ^ ^ C {L U J 'S 111 K dme f rom ^ a ? 10 . 3 include power station construe- enter the fray and it is under- 8“ ures from the Department of 

ci-rPWft — Within t>>« ^nn )h. r,F ii.il.. 1 : i I listpners for whom m-itl'l, In v'- uuc . y enle * anu II in unuci Vvn-.rl m-florc 


screws— within the Davlgnon £30.3Sm Tor .the .take-over of shipbuilding companies taken holders 'with recourse, if neces- listeners for whom the switch, in y th t General Elec- stood that Sir Arnold Weinstock ,nt, ustry today. Export orders on 

^ by , bc 5tale . 

'SSSariraSHn VnlvA QtlG IJIfH AVnOnClAn Sh0Uid tUneiD h°d^!£iv^ to^po'enthil The development has halted 

mmtriP? V OJ.VO DJ-lUlS JL Z-. l¥l fi\D 31181011 HUiry for both a four-exhaust exports and because he feels consecutive falls m export orders 

W«UI V ^r MAA ^ VI1 Problems and 3 slx-exbaust senerator that it is a technical areumeni that ht-gan in late 1976. but at 

Th^mdusjry alleges that manu- * rrODiems system. with Issues loo complex for put> this staee it is too early to 

*5211511* “FI ?hi r inr-*S-!°w5IJ T TT7 - The biggest problem yester- The turbines are for the A GR lie discussion. assume that the trend has been 

advantage of cheaper steel which .TA . I I |V CytlPC da Y w* 5 tliat the Bronkmans stations at Heysham and Torness. reversed. 

S? S fn l thc h Dn^icnan d pfan JjL Park transmitter in Poners Bar. the second being the concern of Merger Altogether, new orders rose by 

• The industry i«t slso undpr . Hertfordshire, failed and Radio the South of Scotland Electricity . .. ., . , 1 per cent during the period. 

pr««re fronTiraports of nut. BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT EwkoE U« .ir ^the London ^ d ^' b =" t £ , *„““J 0 s n 'g|'*5 st0 ° 0 " d bKcSSSS *" 

IlmllSlv TiSwIt 8, DrSutsMt V0LV0 ls ^pend up to £2m 5,700 this year and 5.400 Iasi smaller companies. Volvo is their The changes by the BBC favour Placing the boiler con- The trend in home orders, the 

that a tar-e u'art of th- iinitod on cx Pandlna the facilities of its year. Sales of the larger 200- biggest customer, contributing followed an international con- j r . a ? t . w ifb the Clarke Chapman sure that ^both Government journal Trade and 

States market for industrial c» Jsi ®Poriina subsidiary In the series models arc predicted to greatly to the stability of their venlion. When the BBC was division of Nortnern Enemeerine and Babcock and Industrv savs “has remained 

b«n usS bv UK - Where it believes it is rise from 23.000 in 1978 to 24.500 labour force.” Dr. Maxmin said. given its location - which although with sisnlflcant sub- the ttf *™*** SrEhlv constant 

■5?55 Star USUrPed by S5- 10 make dramAUc Pro- next year. With Vulvo „ production in -gW. SSUSTiJSl “S SSbS^SS 1 ^77% "SJST since the beginning 

foSM KSt y: »«**. . *?* >n V«lvrt ' ' . A, -m,«gS3Tr #f rt funne 'order boot .Oos 

«L w «?,y£Lfi&Sl ■SlVJV'TSJia P p p Advantages ^ SrSSJ? M-IBS 

sssa.^ Mnr - 280 “ { i ™r m '*' ors ™ iy - stMe nsriiMWuS 


Volvo plans £2m expansion 
to boost UK sales 

BY KENNETH GQOD84G, MOTOR INDUSTRY CORRESPONDENT 


Radio 3 listeners should tune in 
to VHF. 

Problems 

The biggest problem yester- 


re versed. 

Altogether, new orders rose by 


Imports of these items, and 
' particularly of -those made from 
stainless steel, have increased 
- dramatically in the past year or 
so, .mainly from EEC countries, 
The industry alleges that manu- 
facturers, there are able to take 
advantage of cheaper steel which 
‘seems to have evaded regula- 
tions in the Dnvignon Plan. - 
- The industry is also under 
pressure From imports of nuts 


Hculari? Taiwut* I?p5ntt V0LV0 ls to jspend up to £h» 5,700 this year and 5.400 Iasi smaller companies. Volvo is their 


5Ka.nT“ B,r * ^ ^nounced y^erdav. demand pay rise l and Par sor^ caVmake ‘four- ^and TTtalT'VM, JTm & "bSS?flS 

The raeciing with Mr. Williams i h Sv, t « r R ^ 0 ' “oriS^LL? JiSion For example! bv 1981 Volvo C un( -' ess,onalr « is in- e “^ , j e ® rs „^ howed "° , s '* n * .® f six-exhaust generator systems Generating Board still believes average for 1976. 

was the first the industry has cars in ,ki \ vVJi^honfd hV ^elline-^OOO creasm 8 its sales Torce. expand- ra . ‘TV 0 ® , U J ^ predicted strike which would be acceptable to that a merger between the two T he slowdown in ijk inmistri it 

held at ministerial level. The W compared with 29.000 this \ "Ivo should be ae jinB -O-TOO { th deaIer network from 230 which would have upset the hie both hoards.- sid Mr. Lomer. companies is in their long-term „ J .iv l K 

delegation included two MPs- i b J M 255 to 260 *>y 19S2 > a71d adUm « cha ^ e -. “Until we have received and interest, and thus there should 7! n , e ^DL a " f 

Mr Genrge Park (Cnventry''- H °Pf s for increased ^ales arc ® vc ' d ,° drs jfJ, d ^ service po*nls in some areas. The licence fee increase will studied tie tenders, it is impos- be as much technology transfer JJ*. i® 1 ? ) *' [3?^ 

Chairman of West Midlands P inn ed on lhe small model, oren^tnes and specifications. jj p f0 £j m W jjj be spent al probably be announced by the S ihle to make a judgment on between the two as possible. Th i h^m! Irrf/rT i-n i nnV 
group of Labour MPs. and Mr. prospects f 01 "- which have been IJ° w l ^ v * r, _ P. ‘ M ' the Ipswich plant where Volvo Home Office within a few days which contractor we should Formal merger talks between the fj?, 1 ® 1 L h S. m ' 1. L*lJl B not 

Bruce Genrae fWalsall S.> — transformed by the introduction ® sed that Volvo was increasing ve hi c les are prepared for the • The IBA is to advertise for choose or whether we should use two were broken off earlier this improve in the coining months, 

whose constituencies are in areas °J a version wlu> manual gear- the purchase of components UK afler import; a cmo.ooo ex- applications to operate inde- the four- or six-How machines.” year, but it is thought possible Recent Government and Con- 

whirh are hit bv mounting int- , in»m Britain for cars ann trucks. pan siun is planned fur the parts pendent local radio stations in There has been extensive com- that they could re-start. Federation of British Industry 

nnrts Further meetinss between Previously the M3 has been So far this year, components L ^ nlre 3t c r i c k_ Northampton- Cardiff and Coventry "within meat in recent weeks on the The Board also believes that Forecasts on export prospects 

industry representatives and the av: "'able only with the Vano- worth £S9m bad been bought. s ),j rc; ant | £750.000 will go on the next two. weeks” it was merits of the four-flow and six- the Torness and Heysham power indicate that the modest increase 

Pi'nirtmenl of Industry will * 17 * c a M‘° Ina “^ [ gearcnaiiBe that co ” , l ,ared W, J“ £7thT1 a “ ‘^st vear Ynjvo’s retail outlets in Sheffield, announced yesterday. The clew- flow systems, culminating earlier plants should be the first in new export orders for the 

follow j vqivo inner ited when -it took The number of individual Bradford. Strealham. and SL ina date for the applications will this week in a report that the “ standard ” plants, capable of enelneering industry should cou- 

1 ■ ' - .overpaf Cars of Holland. suppliers had risen from 228 to j Ahn ^ W ood be n hnut ten weeks laler. Central Policy Review Staff— the duplication in future orders. timie. 





. it 


which are hit. by mounting tin 


. follow. 


suppliers had risen from 228 to John ^ ^ood 


Sales of 
mopeds 
up by 45% 


Volvo expects 343 sales, to more than 300 in the past 18 
rach 11,000 next year against months. “Fur many of the 

‘Whispering lorry’ 
as quiet as car 


he ahmit ten weeks laler. 


Those involved believe Unit 


as the environmental lobby 
continues to criticise nuisy, 
dirty, heavy goods vehicles, 
there could be a substantial 
market in the next decade. 

Details of (he tough tests on 
(he Fvden truck were given 
yesterday by the laboratory. 

Outside noise has been 
reduced to less than 81 
decibels In hard acceleration 
tests, which is the equivalent 
of halving the noise from most 
current heavy lorries and 
about the same as a saloon car. 

inside the driver’s cab, the 
noise is similar to that Inside 
a family ear. 


Soviet fails to get 


— ! Ip 

I W i-;. 


. BRITISH ENGINEERS have as the environmental lobby 1 

By Kenneth Gooding, succeeded in producing a heavy continues 10 criticise noisy, 

Motor- Industry Otirespondent .. i orry which tg as quiet as a dirty, heavy goods vehicles. 

MOTOR CYCLE sales rose modem family car. ; r v-] “ there could be a substantial j 

strongly last month compared The whispering 32-ton lorry «„ ! 

• with Oclober 1877. Registrations has been developed jointly by of 

nf mopeds of under 50cc jumped Foden, eagine-mannfacturers (he Foden crack Here giien , 
by 43 percent .Rolls-Royce and Ute Govern- \ 

According to Department of meat's Transport an dl Road _ ^ l ii de , no ? e ***? : 

Transport statistics today, moped Research Laboratory. I 

C iW inprp^cAd fro m 3 *)97 "in "ir dtobcls In DArd JicccItfnBlion 

Oct?he? S veJl“5 799 last p? Project has eort £t2W»p i es ts, which Is the equivalent ! 
‘ SnntL • 7 and, if. the trucks go lUtoTegh- . of halving the noise from most 

^Ttaat sector of the market is ‘a* - ’ J b ^ n aTe ' current heavy lorries and 

-ti ndouteS v recoVerinz ^om the exp 5 cfed lo “** ^ ut 10 about the same as a saloon car. 

iS&thS’JSSv ?*ieg£SiuoS gLT ».‘ thM : J-T .Ss.M.fLlS: 

requiring moped manufacturers J . . . , „ -- l,0 5l! e -? s,mJ,ar to llsat InMde 

to' limit the maximum speed to . Thos ? Solved heheve Out a family car. 

30 mph. That look effect on — 1 : 

August 1 last year. . . A __ 

Soviet fails to pet 

period, January to - October. Mv ’ JLVl- liillvJ l-.V CVI 
when registrations of mopeds 

fell 38 per cent From 81,078 toj, 'W - ' /•'" • «-w 

Of mopeds and rno.or KUSSiaU Sliver 

cycles over 50cc have benefited i«^^AHHaa 

.from the fine weather this t . 

autuura. ’■ PROBABLY THE finest private Also at Sothebys, pewter 

In October, motor cycle (other collection of early Russian silver,- brought in £23.614, with top 
than moped) registrations were made'io Paris in the 1920s. was prices of £1.500 for a Charles l 
tnarefnaliv ahead from 14.452 to -sold by Sotheby’s at Zurich on flagon of 1630 and £1,301) Tor a 
14.4OT . Wednesday night It totalled Dutch “Rem bran dik an" of about 

to the Hkmonlh -period, motor *443,957. . well above forecast 1700. 
cycles over 50 ce increased sales T^o Russian experts were in the - children’s books ar Chancery 
~by 1JS .per cent from 153,161 to ■ saleroom and bidding, but were j^g totalled £14,150 on their 
158(009. ' ^cessful only In two minor lots. ^ day> wilh a m price of £B00 

.t. 1 — were the under- from Quarilch for an alphabet 

- bidders in the main item, a large 

. ■ _ £ Qf\nf •’ parcel-gilt beaker of 1560. which — 

. rail Ol Oil / O 1DL went for about 10 times its estl- • 

• ... mate, at £57,522. It was acquired • cAI CPHIIM 

. cmntn nnllnflAn a member of the family dis- . 3HLLKllUlfI 
-olHOKC poiiulioil posing of the collection Who will, w antony thorn croft 

have to pay the 14 per cent ^ ANTONY THORNCROFT 

.• By Colleen Toomey • buj-er’s commission. v— ! 

Si^JKE FROM BrilaUi s factories uo^ of “i?on h S S book published is Scotland is 

: railways and bornes has declined tian of ^ tota |i e(i IX11 K p Dusn ' a m 

S^roVK'Doors^™- — Ht MWI 

increase in the number of. con-. --kL- on Belgravia produced £82.764. 


How the BEEP should I know 
what a building will 

/arret'd- “f/v 'S'* ‘Bin 



I5&009, 




■■■■ 



Fall of 80% in 
smoke pollution 

By Colleen Toonwy ■ 


SALEROOM 


: «'% • hti . . the London icon specialists. ■ 1 . 

- Puflucon statistics published In i^ndon. Sotheby’s sold 19th Christie’s sale of EngHsb 
.by v the Department of tne pej^ju™ SaropCan watercolours - furniture yesterday made 
Environment show that in the an(j drawings For £9iL239. £98^43, Lee. the London dealer. 
ID ywrs to 3976. ttie number of L auren t paid £5^00. plus the 10 paying £7.000 for an EngJisb 
--premises' affected by ^ 0Q ' pep cent buyer's premium, for a walnut bookcase. 

^ ord “ 5m ° r * ^ ba0 dou .“‘® t * 10 drawing. "Chateau M onto roue U.'.' . A total of £26,375 was realised 
,73m. while the area Qas by Victor Hngo. wbiJe Haalett in Stanley Gibbons’ auction of 

- ^aorC:. than trebled, to obO.WJO nec- an d Goulden, the London dealers, antique maps. An early-iflth- 
»rai- .- . bought a sketch of a woman In a century Ptolemy Atlas contain- 

: : .Greater London, however, stul jj at j, v Adolf Menzel for £4,600^ ing a double-page, heart-shaped 

-5Sf '-5 il,g ^ er Jft? „ u, wel1 above forecast. map of the world sold For £6,000. 

-dRudde concentranon than other ' 

areas. 

• More than 35 per cent of ^ „ i • * -a 

Creater London. recorded annual V/lQTIllTQPriirPrS ^QTlirQI 
mean sulphur dioxide concentra- lTlalllUatllll Vid taJillOl 
.-dons of more than 100 micro- 

infJfSr&S spending stays high 

measured in the South-East and i • 

a zero rating for East Anglia. CAPITAL SPENDING by over the first nhte mouths of 


a zero rating for East Anglia CAPITAL SPENDING by 
To show just how effective man ufacturing Industry re-, 
smoke control ordersh ave been w d a( a Wffb . level between 

^ tab and September, ta ft. >«t 
now getting virtually the same nine mouths of this year, Ute. 
hours of winter sunshine as volume of investment (Etjfson 
people in outer London. In the at 1975 prices') was 8 per cent 
1940s, the average sunshine higher than In the same period 
hours a day were about 40 per of last year, 
cent lower. The investment of the distri- 

— : butive and- service industries 


over the first nine months of 
the year was about 11 per cent 
greater than in the same period 
last year. 

The problems of the shipping 
industry are. Illustrated, how- 
ever,' by (he fact that its 
Investment over the first three- 
quarters of this year (£183m) 
was only about 60 per cent of 
that In the same period last 
year. 


You’re planning a building. ness. BEEP can demonstrate the effect of dif- 

You’ve got sketches, artists’ impressions, ferent building designs on heating and cooling 
maybe a model or two. systems. 

You know that energy costs will be a major You can compare, say, the energy costs of a 

element in your buildings profitability potential, glass-fronted building faring north with a similar 
so you’re well aware it’s vital to find out whether building, double-glazed but with half the 
the running costs will make you or break you. window area, faang east. 

But how can you be expected to have any Or you can make a detailed energy cost 

idea what building ‘A will cost to run? Or building comparison between different systems for a 
"D’ which would involve extra investment be- given design. 

cause of its low energy design? BEEP can even give you a direct comparison.. 

That? s where BEEP comes in. of energy costs using a combination of fuels — 

ni-r-rv electricity, oil, gas and coal. 

BEEP And BEEP can tell you the important 

BEEP stands for Building Energy Estima- effect that the weather will have on your energy 

ting Program. costs. BEEP is programmed with the weather 

It’s a unique computer program spedfi- statistics for every hour of every day of the 

cally designed to analyse a projected building’s average meteorological year for six major centres 


' . ->-• : 
• 


Disclosure 

thresholds 

By Out Parliamentary Staff 

TICE GOVERNMENT Intends to 
propose amendments to J.he dis- 
closure thresholds under the 
Companies Acts in a consulta- 
tive document lo . be published 
early next year bn the imple- 
mentation -of the EEC fourth 
■directive on company' accounts 
and related matters, Mr.- John 
' Smith; Trade Secretary, told the 
Commons, 



CAPITAL SPENDING AND STOCKS 



(£m, seasonally adjusted at 1975 prices) • 



Fixed Capital Expenditure 

Changes in Physical Stocks I 


Total 

Manufctmg 

Total 

Manufctmg 

Retailers 

7975 

7.929 

3,522 

-1370 

— 1.221 

-100 

1976 

7,401 

3345 

46fi 

316 

13 

1977 

(L296 

3373 

737 

442 

29 

1st 

1.988 

851 

434 

235 

117 

2nd 

2.024 

879' 

280 

97 

4 

3rd 

2.111 

9?0 

-145 

-6 

-59 

4th 

2.174 

932 

168 

116 

-33 

1978 1st 

2,156 

920 

121 

38 

62 

2nd 

1191 

960 

338 

272 

128 

*3rd 

2J01 

. 970 

132 

69 

54. 

l . ■* Provisional. 


Source: Department of Industry. I 


BEEP And’ 

BEEP stands for Building Energy Estima- effect that 

ting Program. costs. BEI 

It's a unique computer program spedfi- statistics f 

cally designed to analyse a projected building’s average m 
energy requirements, consumption, and running in Britain, 
costs. And it’s available only through your 
Electridty Board. 

BEEP can be as simple, or as thorough, as BEE! 

you need. cost-effect 

The more you tell us about the project your build 

you’re planning, the more detailed analysis we BEEP it’s ; 

can give of its potential energy costs. were alrea 


BEEP v. BEEP 


BEEP BEEP 

BEEP is designed to help make the most 
cost-effective energy dedsions. At this moment, 
your building may just be a concept. But to 
BEEP it’s a reality and can be assessed as if it 
were already completed. 

If you’d like a copy of our BEEP booklet, 
drop a line to your Electridty Board. Or dial 100 


The beauty of BEEP is its comprehensive- and ask the operator for Freefone 2282. 

Using our energy can save yours. 


The Electricity Council, England and Whies 


"T • . j 












Public needs ‘index 
of risks’ to make 


Woolworth 


BY JOHN LLOYD 


plans £17m 
City store 



to 



rs' VN‘ UNUSUAL exercise in 
management-employee relation- 
ships. a learn of six trade union 
representatives and four senior 
managers from the consumer' 
electronic division of The Thorn 
zroup has just returned from a 
week-long study of the divisions 
Japanese competitors. 

The team discovered that “in 
many respects such as production 
techniques, working conditions, 
industrial relations and attention 
rn quality and reliability, the 
Ja Panes e were in advance of 
Thorn Consumer Electronics." 

However. Thorn believes tSat 
the tour also confirmed that the 
group's production development 
prosramme. over the past few 
>c-ar? and Tor the Future, is in 
Ism: with that of the Japanese. 

Mm 3 1 f of the factories 
vimed were colour television 
factories, including those of Son>. 
Toshiba. Hitachi, Sanyo Mitsu- 
bishi and Sharp, together with 
toe Technics iii-fi plant. 


The main impression? were: 

© Industrial relations were 
;:iar»:*d en absence of con- 
frontation. Strikes were vir- 
tually unknown, and protest 
often took the form of the 
workers showing some peaceful 
sign of disapproval. 
q Most plant; were belter 
organised than English equiva- 
lents. vn!b continuous prOOlk- 
tioo and o*> obvious bottlenecks 
in supply or maintenance prob- 
lems. 

Q Much ore-assembly work was 
done by sub-eomrattors outside 
the iei-rory {though there was 

a growing tendency in bring in 
suer. won-*, to use spare capa- 
city i. This contrasted with 
British factories, where most 
prc-zssento’.v work 15 done in 
the plant, -md explained some 
of the reii’-ively higher degree 
of automation in the Japanese 
nlants 

O Moi? of the Japanese plants 
were much larger than British 

plan is. some with a production 


capacity' of t.25m sets i year: 
compared in a British! 
average of 250.000 sets a year.; 
Thus some of the more expen- 
sive automated equipment; 
which was effective in Japan ' 
would not be cost-effective in, 
the UK, | 

© Wage rates in the industry 
were around three times higher 
than in (he UK. while the cost' 
of living was generally double-! 

O There was some concern ; 
among Japanese managers over! 
ihe possible decline of their! 
markets, and the problems- 
caused in plants where there, 
was a strong tradition of con-- 
tinuoiis. Life-long employment. 

Both managers and union 
representatives emphasised yes*; 
terday that while they under- 1 
ituod tiie nature of Japanese . 

competition much more clearly > 
than before, there was little in 1 
Japanese industrial relations; 
which could fc? transposed from . 
i:s native setting to the UK. 


BY PAUL TAYLOR 


LOT 




Leetins inflation 1 


Help save our 
coast, plea 
to Government 


BY A. H. HERMANN. LEGAL CORRESPONDENT 


THE AVERAGE net fees earned 
hy barristers increased by 16 
Der cent between 1974-75 and 
1976-77 — i period in which the 
retail price index rose by 44 per 
cent. 

Evidence mat 'Jarristers' earn- 
ing.* in L he year a 197 4 in 19 77 
were lagging behind inflation is 
presented b:- a remuneration sur- 
vey published by the Bar Coun- 
cil today. The Bar Council con- 
cludes from its figures that the 
general level of earnings is con 
siderahly less tor barristers pra- 
’ising in chambers than for those 
m Planed employment. 

There i?. however, a wide dif- 
ference in earnings between 
:hose Hi fee -op of the profession 
and tbo.se id junior ata rus. in the 
1976-77 period the aet fees — 
a r :er deduction of expenses and 
personal pension premiums but 
before lax— averaged £8.000 for a 
sample of 2.03S barristers. 

This sample included 201 
Queen's Counsels — barristers 
who have reached the top of 
rheir profession— earning on 
average £19.500 while the aver- 
age for ihe 1.S37 juniors was 
OCiy £6.700. 

The larges! proportion of rhe 
sample *37 5 per centi earned 


less :h«n i5 000 net A little 
over oae-rriir-1 f35 per cent' 
earned uvtween I5.4UO and 
liO.W/O. .».‘iout ill :»er cent 
earned between £10.000 and 
£21000 o:id only 5.5 pur >.-cnt 
i:;ori- L-iPR £-".000. 

T h re ! .. • : ve I j soiuUnu.n ber 0 f 
barn ? earning maximum fees , 
is also due to the fact that Ihe- 
lop rank.- nf lit* profession are 
depleted b> judicial appoint 
men is. 

The greatest difference' 


The greatest difference' 
between the J974-75 and 1976-77 
patterns is c-used b;. the taste* 
increase in -the expenses of prac- 
tising bur. -tilers compared with 

ibrir gross f?es. I 

?iel fees of barristers ?ubstan-. 
ttally dependent on legal aid and. 
other public!: funded work have ' 
virtually stood still in a period 
of high inflation. 

In addition lo some 4.0U0 bar- 
ri-ters *r. chambers. .re presen i\d 
ay ifcc sample in ihe survey, 
about ihe same number is. 
employee fa the Civil Service, 
local governmesv. ip business or 
teaching id law school*. The Bar 
Association for Commerce, 
f-'inance and Industry aluno has 
*oni“ H50 member-,, mainiy 
eu«riioyed a*' company lawyers. 


AN ACTION tu'.Tiiniitee has 
been formed 10 irv to persuade 
the Government to release mure; 
funds to help protect the Solway 
Coast. Cumbria, from erosion. 

The committee, set up at a 
public meeting in Xlaryport. in- 
tends to ask MPs and the Depart- 1 
mem of ihe Etivironinenl tu visit 
the area. 

One of the committee members 
M*\ James Mitchell, who is also 
chairman nf Mar} pun Planning 
Committee, said the main civsia! 
ruad was threatened, as well as 
the lire of cua-ital Roman for is 
and Maryport Golf Club. 


LORD ROTHSCHILD last night 
suggested that Britain needed 
an easily understandable "In- 
dex of risks" so that the public 
could compare then make 
Judgments on what risks were 
worth taking. 

Chairman of the Royal Com- 
mission on Gambling, which 
recently published its contro- 
versial report. Lord Rothschild 
clearly had little difficulty in 
selecting risk as the subject 
for this year’s Richard 
Dunbleby Lecture on BBC tele- 
vision last night. 

He said that no society was 
free from risk, but there was 
little point “ getting into a 
panic about the risks of life’' 
until a comparison could be 
made between the risks people 
worried about and those about 
which they did not worry, but 
perhaps should. 

Lord Rothschild, the first 
director of the Government 
“Think Tank.” suggested that 
a list or index of risks and 
“ some guidance as to when to 
flap and when not" was there- 
fore needed. 

More controversial)} he 
argued that, since nobody ex- 
cept those personally affected 
worried about road deaths. The 
risks of which were 1 in 7.500 
per year in 1974. why should 
anyone worry about risks lover 
than this — for example the re- 
processing of used nuclear fuel 
on which he made an " in- 
formed guess " that the risk 
was 1 in 100.000. 

Armed with a mass of 
staiisticai information, he told 


,v . . . . . ■. 





>,\ V - / 



kLA 


| 8y DONNE, AEROSPACE CORRESPONDENT, 7 ..I ^ ' 

development 

. . „■ j §. 'JSS SfL* trol yaw mpei&ttipM] 

By Chnstme Moir | wJlich ^ill be up to Avionics of the.. 

'Jflnpx c**nt below normal French company. -SEEff/W Can- 

WOOLWOKTH is planning » I economy return fares ' 'eordet 5 

1 1 - r >*cve o^ment of its slorei _ matic landiDga a*., fl. youone 

si? 

Tu«dav .«Ui .cost £M atfbm, «oaUttrCMMcov : 

. . , tn -iM from Edjnbargh l<9 (■agsinsi their . automatic • bjuSh^-- 

Woolworto is «S»R for 59^166;^ equipment in much; 'Mamjwg. 

? sVoS The Cieaot’de p^eSses 1 Travellers using the new fares weather, such as for- \. y- r 

t>$ & pay the full amount when . Kpcwn as 

company would D « commeala* 


y. %. v.-.. : • 






iU ,f Stmdav following the outward beginning of tb? rUawayraSdl'tBc 

Assuming a rent of £16 a footi^p, - 0nce ma de. the reserva- “decision height 1 7-$»Jei3£jiS 
for the ofHces and fl2 for w« ?B||n ca!mot be changed. which a pilot jnusi^aik%^ s 

shops, toe project would have a_. . C5 ,iri the new aaoroacii to land .ifrhfe.;. cannol 


a cd General Assurance; 


Lord Rothschild 
... a lecture on risks 


viewers that the risk oF dying 
of influenza was 1 In 1S.OOO per 
year in 1974. 

He said that the media 
should be more critical of the 
risk claims made by pressure 
groups. For example, it was 
75 times more dangerous lo 
ride a motorbike than drive a 
car. 

New figures on nuclear : 
power stations suggested that 
the risks of nuclear power had 
been exaggerated 


Bentley miners 
halt working 


to European destinations. Concordes lo 

1 Earlier this autumn it Dons when- in a ay . 

announced a series of com- airliner are srouhdfti « a 
parable cut? in fares to several p ersiste nr problem 


major destinations in West Paris and New ^orifWnng-^- 
Germanv. France and Holland, winter, and -these 
# Concordes flown by British on which Concorde isvbugjta^- i. ; 


s. , v 1 2s u ^ , si Ford deal sancooas, 

were ksMed and 17 injured onj . •_ -. . \£' • 

Tu«dav. when their underground) ®-BTa " o' ’ Xfrik* -> -- 

train came off the track, have )L « w | 9 /v/w« rt art -t 

xt-jneed work until after the, . Ilj flA 1 8 

funenu* next Mr.nday and, TT UWW AJV' 

Tuesday. ];.* 

Tr.e National Coal Board said RNANCIAL TIMES REPORTER -J7* 

yesl^vday . : ^ r ^ LT ^^ a<3 : GOVERNMENT-IMPOSED sane- had not abused rt$ powrl^f 

Ued-e^av' £i'i S of tie offs against the Ford. Motor the Goverrunent now-choosy nj&.t 
'^-/kfus.caVa ZC dowi S“ : CompaDy would be an out- to buy Ford motor, cars,: tbol Ts- 
until thev^nre assured that' rageous abuse of power and tts privilege^BcMf tt.ah^e§4p 
•.h^UD^aerir^^d train^^e quite Jlogical. Mr; Jan Hfltfrwtb. use The -Pnre -- CemnH&imfs 

director-general of- the Institute power m . an attempts to.^ ballet 
of Directors, said yesterday."' Ford into-subntisiQn> -it-is rabp^ 
Prvivpr rlnciirpc The Government "should come ia£ its powers. ' .* i /- 7^ w. 

JrtJWer LlUalurca : „t., n onrf i-hi* far-r that .**Th»» Price- Commiss ur wax 




: CIOS 


THE C;n 
ins Boar 


‘BAC One- 
Eleven talks’ 


BY LYNTON McLAIN 


:bree power stations in 'the' j workers' decision on Wednesday on a whim to back a po]k¥'SrhIph 
.Vortb-vrest next year because of i to a cep* the company's 17 per rt dare_not askParliameul^to 
obsolescence. 


BARONESS STEDMAN has con- 
firmed in tiie Lords That negori- 
ai.i* ins were eoing on lie tween 
British Airways and British 
Aerospace for purchase of up m 
six BAC One-Eleven aircraft. No 
agreement had been reached, 
however. 

She mid the Earl of Kinnoull 
1 Con i that if there were a break- 
down or deadlock in the talks. 
.Mini. -tiers would be willing to 
siep in. 


, SiR PETER PARKER, ehs.ir.nan 
I of British Rail came out strongly 
'la favour cf a Channel men el. 
yesterday. 

The Continent ha.d been iso. a led 
for far too long, Sir Peter, die 
; tnrr.ier chairman of F.ucriware 
G!as«. luld members cf the G!a?f 
Mj.nufjiCUirers* Association at 
their annual lunch in London. 

The estimated cost of £6"0m to 
E700ni fijr a single bore tunnel, 
now the subject of a joim. study 
between BE ami French Rail- 
‘way*, v.as modest compuTd tin 
itb'.-r iransoori ijivesiaiy* hi* 
I -aid. adJLoa that tli*.* :."i»neJ 


would be l-K* fir=t true r/.aciie.o.a- 
lion of the European idea;. 

The tunnel was to be discussed 
hy the EEC Council of Tranipori 
MinisU-rs meeting in Erus^eli. 
yesterday. 

At the meeting. Mr. V.TIl'.am 
Rodgers. Transport So-.-retary. 
•.-.■aii expected 10 favour in vest- 
ment in a tunnel. 

Tie project, ao-.ee ver. would 
have to crmipsie for CiOimunty 
funds with proposal* for a bridge 
across the Messina Straits 
: 1 .-tween the Irv-'ivn ms inland cad 
Sicily nr.ii posable ne v Tur.neis 
under the Alps 


Means test plea 


cent deal after nine weeks’ lost support." • . .*• ..•.j.-v/a 

production. Tiie Government hai-ussfierea 

“ All the hints are that the about 2 0,090-80,000 vehiKae^from 
Government intends to apply. Ford last year. " worth: ‘dfwui 


Coal search 


Ford had broken no law. It worth -£450111. 


THE NORTHERN Ireland j 
Department of Commerce is to 
spend £250,000 on drilling for! 
coal near Caaiisiand. co. Tyrone, j 
stsTTin? next monlh. 


inclii 


means 


ENCRCY REVIEW: SULLOsVI VOE 


BY KEVSN DONE: 


BY DAVID FREUD 


-EL M. 


-4 § 4 k 


A NEW ER.V in the UK 5 experi- 
ence of becoming a major oil 
producer, beckons this week- 
end when the firit oil is 
scheduled to flow into the 
Shetland Islands' terminals at 
Sul lorn Vo*„\ This massive con- 
struction sue. which shares the 
.ante latitude as Leningrad and 
the southern tip of Greenland, 
is destined to become the 
bisgei-t crude oil terminal in 
Europe. By the early 1980? it 
v. ill be handling more than half 
r*f the UK's crude oil require- 
ments. 

For more than six weeks oil 
has been inching its way along 
ihe 100-mile Ninian pipeline 
from the Heather Field to 
Sulloni Voe — a laborious process 
as the field is currently produc- 
ing at only 15.000 barrels a day. 
And on Monday oil destined to 
reach Suliom Voe this week-end 
was pumped for the first time 
into the Brent System pipeline, 
with 150.000 barrels a day 
now flowing from the storage 
columns at the Dunlin Field 
platform. So after all the 
delays and wrangling between 
the oil companies and the 
Shetland Islands’ Council, the 
stage finally appeared set for 
production at the terminal to 
start thi-s week-end. 

But life at Suliom Voe is 
never quire so simple. By 
yesterday morning 2.000 
workers — about half of the con- 
struction force — w-ere out an 
strike in an internal dispute- 
Pickets had been mounted at 
rhe gate making it difficult for 
production staff to gain access 
to the site. The strike was 
short-lived hut. more im- 
portantly another dispute has 
broken out between the Shet- 
land Islands’ Council and 
British Petroleum, the terminal 
operator. 

BP -was still waiting yesterday 
to receive its operating certifi- 
cate from the council to allow 
it lo star: accepting rh* first 
crude -into storage. The 
immediate source of dispute 
concerns the lease for the 
osvnership of Su-liom Voe which 
>5 yet to ;be ■negotiated. The oil 
companies are also in disagree- 
ment with ‘the local authority 
over -the rating of the terminal. 
As much as £6.5m could he at 
issue, BP. as operator, will 
become liable lo pay rates on 
the terminal as soon as it comes 
on stream. The rateable value 
has not yet been assessed, but 
rhe council's estimate earlier 
this month was That it could be 
as much as £35 m. 

Following the precedent set 
by Occidental on its terminal at 
Fiona in the Orkney Islands. 
BP is certain to apply for indus- 


W ; ':% 



ESI 

, „ 

PiM VAV i r : ■ - ' ' 




The terminal at Suliom Voc — the oil should start flowing in this weekend 


trial derating, which could halve 
the terminal's rateable value. 
But the council is unlikely to 
give up such an important 
potential contribution to its 
income without -a struggle. 


THE EAST SHETLAND OILFIELDS 
LINKED TO SULLOM VOE 


On the rating issue Ihe oil 
eumpames can -be expected to 
display a united front, but they 
are falling out -with each other 
over the detailed snjpleinenta- 
tion of the operating agreements 
for the terminal and the two 
pipelines. It is hardly surprising 
that there is less than unammity 
in a project which involves more 
than 30 companies, each with 
separate interests to protect. In 
the coming months they must 
sort out detailed agreements on 
such thorny subjects as the 
charges for use *of the terminal 
and pipelines., which companies 
have access tu particular facili- 
ties. and how Uie mix of vary- 
ing grades of crude from the 
different fields should be 
handled. 

Lord Kearton, chairman of the 
British National Oil Corpora- 
tion which is a member of the 
Suliom Vue Association, has 
already urged the Government 
to cut The number of companies 
with stakes in offshore oil 
cessing facilities than labour 
disputes. 

He referred in particular to 
the "mish-mash of agreements '* 
covering the oil flow to Suliom 
Voc, which is keeping about 20 
staff at BNOC alone fully occu- 
pied in negotiations with the 
different companies. With North 
Sea projects expected to involve 
smaller fields. Lord Kearton 
pointed out that the wide 
spread of ownership could make 
the continuing development of 


BRENT PIPELINE 

Estimated 

Estimated 

Estimated 

GROUP 

recoverable 

s tort-up 

peak production 


reserves 

through 

('000 barrels 


(m barrels) 

pipeline 

a dsy) 

Durlin 

600 

Nov. 1978 

150 

Thiitl» 

500 

Dec. 1978 

200 

Brent 

2,280* 

Jan./March 

1979 

SSO 

Cormorant 

110 

Max/June 

1979 

60 

Murchison 

THE NINIAN . 
PIPELINE GROUP 

360 

Mid- 19 30 

120 

Heather 

150 

Nov. 1978 

50-70 

Ninian 

1,100 

Jan. 1979 

360 


* Include* 540m borra/i natural (as liquid*. 


Wqqd Mackenzie and i ndutvy estimate*. 


the oil province increasingly 
difficult. 

The task of actually building 

the terminal, however, has 
turned out to be a far bigeer 
job than any of the participants 
realised when the project was 
first proposed. The original 
plans were drawn up with Shell 
acting as the operator for u con- 
sortium of oil companies. It en- 
visaged a much simpler 
terminal with only rudimentary 
gas processing facilities. The 
terminal was to be built in two 
years with a construction work- 
force peaking at 1.200 in, mid- 
1975 at a cost of £l'50in. 

But as with so many projects 
associated with the North Sea, 
the oil companies underated the 
complexity of the construction 
task. The design Gf The ter- 
minal has since been radically 
changed, ihe cost has risen to 
more than £SOOm and could still 
go higher and the workforce is 
only now reaching something 


like its peak. There is a total 
payroll of nearly 6,000-—and the 
number could stay this high 
through most of next year- 

About SO per cent of the total 
workforce is on site at any one 
time, niosi uf whom are housed 
in two construction villages. 
However a converted ferry, 
which once saw service- on the 
channel crossing between the 
North and South Islands of New 
Zealand— is also moored nearby 
giving accommodation to about 
320 workers. Despite the labour 
dispute which blew up yester- 
day. and was quickly settled, 
labour relations have been sur- 
prisingly good at Suliom Vne 
and productivity has probably 
bettered the performance nf 
most other major construction 
sites in the country. 

The problems of building the 
terminal have centred much 
more on disagreements over de- 
sign between the companies and 
tiie Shetland Islands Council 


anti the complexity of the pro- 
i.essing facilities rather than 
labour disputes. 

The job of operator fur the 
terminal was handed over to 
BP towards the end of 1975 
when Shell wa> deeply em- 
broiled in the development of 
several fields in the Brent area 
offshore. Two things then hap- 
pened to make sure that rhe ter- 
minal would never be finished 
according to the original 
schedule. The oil companies 
realised that the design was in- 
adequate for the task and set 
about redrawing the original 
plans. And the Shetland Islands 
Council, which iii 1974 had ac- 
quired extensive powers for 
controlling oil developments on- 
shore, decided that the crude oil 
storage should be underground 
rather than above ground in 
tanks. 

After many- months of nego- 
tiations the council finally gave 
way on ihis point, bin nut 
before BP had agreed to make 
a new design for tho gas pro- 
cessing facilities, which called 
for one integrated plant to 
handle the gas from both pipe- 
lines. Previously the oil com- 
panies had been planning two 
separate plants. 

The result is that the ter- 
minal is as yet only about 40 
per cent complete. Il is ready 
to receive only crude oil that 
has already been stabilised nit- 
shore at the production plat- 
forms. This means that the 
natural gas and the liquid 
petroleum gas that wilt even- 
tually be extracted 01 Suliom 
Voe. will, in the meantime, be 
used offshore for power genera- 
tion. re-injected inlo the nil 
reservoir or flared into the 
atmosphere. 


A crash programme of work 
this year has ensured that the 
mini mum facilities for receiving 
•* dead " crude at Suliom Voe 
are complete. These include 
four of ihe 15 storage tanks 
planned, two of the tanker load- 
ing jetties, part of the power 
station, effluent treatment and 
clean-up and emergency sendees 
along with a temporary control 
room. 

Tiie gas processing facilities 
will not be finished before 1980 
according to BP, and some of its 
partners in the project feel that 
this date could still be a little, 
ambitious. 

Gas flaring will be at its peak 
over the next 18 months — the 
period from pipeline start-up 
to processing unit completion. I 
.The fields that will be most ! 
affected are Heather. Ninian i 
and Cormorant. According to 
stockbrokers Wood Mackenzie, 
flaring from these fields alone 
in the first half uf 198<J could 
waste gas worth as much as 
£2Um. The Government has 
adopted a much tougher 
attitude in recent months to 
granting flaring permission, but 
until Suliom Voe is completed 
there appears to be little alter- 
native apart from shutting 
down the fields. The amounl 
of oil production that would 
be delayed from the beginning 
nf 1979 to mid 1980 by such 
order could be worth in the 
region uf £9QUm. say the stock- 
brokers. 

Until this weekend the need 
to confront the problem of 
flaring had been postponed 
because delays offshore had 
equalled the delays at Suliom 
Voe. But over the next few 
months the Government will 
have to decide whether the 
need for greater oil production 
outweighs the loss of the gas. 

By early 1981 with the gas- 
processing units in operation 
these problems should be in the 
past and Suliom Voe wiU then 
be capable of handling 1,390,000 
barrels a day of crude. The 
processing facilities will be able 
to extract the gases from the 
crude to stabilise it far safe- 
loading into tankers. The gases 
will then be liquefied and stored 
before they too are shipped out 
in special gas carriers. 

When Shell ships out its first 
tanker load of crude in the next 
two weeks to its Teesport 
refinery, the ail companies 
involved at Suliom Voe will 
breathe a heavy sigh of relief 
that the. oil is finally flowing. 
But the celebrations will be 
muted as they survey a con- 
st me Uon project on which up 
lu SO per cent of the work is 
still to be completed. 


THE- RECENT money supply 
goideBoe. aUowfog growth- in 
sterling ' M3 of SJ per - cent 
over," the year from October, 
represents a slight tightening 
of monetary policy, accord- 
ing to City stockbrokers 
Phillips Md Drew. (M3 i& the 
broader definition of money 
supply.) - •••'- 

In its latest fortnightly review, 
the firm says that the authori- 
ties' evident commitment to'the 
path, of “monetary rectitude’’ 
haa encouraged the gilt-edged 
market. . 

The £5Q0ra of official sales of , 
gilt-edged slock on the day after 
the announcement, together with 
later sales, are likely to offset, 
according to the firm, the impact 
on the banking and money 
supply figures of wfliat was .likely 
to have been a large public sec- 
| tor borrowing requirement in 
early, November. 

Nevertheless, even if sterling 
M3 growth is restrained tb-£4.8bn, 
equivalent to the. 10 . per .cent 
mid-point of the guideline range, 
this could still mean that 
domestic credit expansion would 
exceed the' stated £Qbn target by 
£lbn. 


The firm argues that domestic 
crudir expan si cm proYld^a'i m ore 
reliable Indicator Sf the Impaidr 
«f financial - conditions on ■ the. ; 
market; than ‘M3; and, that -a 
divergence between - the two: is 
possible, at any -tune when the 
authorities are. .aJmiag to hold 
the ew^ingo rate usderpreskireJ • 
The- evidence of the last six - 
. years; according; to the brokers, : 
is that the domestic credit expan- 
sion measure has been . the more 
relevant to the stability of 
sterling.. '. . - .- 

The. Gbaccellor’s Mansion 
House speech, in which he laid 
stress, on the. priority attached L . 
to a stable exchange' rate, was 
tfi 5 appointing ".because .such a 
priority is .locoasiate'nt with a 
monetary, guideline in M3 .ter ins,. 

“ This is .'.so- because * ' (he. 
sterling "MS . target" may. he- 'met 
solely*- as a result of’ official 
operations, on the "foreign ex- 
changes aimed at stabilising 
sterling; withput-tbe Government- 
. taking, the measures in. the, area, 
of domestic economic policy 
which would be - required .'to - 
ensure a. stable value for. the 
pound independent of", official 
intervention,” the brokers, .say. •'• 




'"jp/l:-. ...l, . „ 


CONTRACTS 

Big order for phoiie 


EMI SOUND AND VISION contracts totaUing £700.000 to de* 
EQUIPMENT (division of . EMI sign' ■ and; ■'.'."HistnJI "engineering 
Industrial Electronics 1 has won services iii 'two -office blocks in 
Post' Office orders worth some High Holborn,. London. • ;. 

£2. 75m ' for the supply of * tele- . 

phone dials. The company will ■ - • 

make, the dials at Treorchy, South HENRY BALFOUR AND; • CO., 
Wales. Delivery will commence L^en,.^^ ’has .won ^ ordeV to 
in ApriL supply -Bass Production at Bur ton 

* upon Trent, with the first 

GOUGH COOPER AND C0„ Dart- 
ford, has won three homes con- 

tracts together valued at £2.3ra in JJ eunaWe of WorWnelrom 

£l^m ei ^^evel^pment* ai ?t eSf Varm ^P' feral* through to finished bper. 

g&-l£SS3rs? si 1 feS-Bajs* ■«•««* 

honsei 54 flats, roads and other . 7 - . . . 

external .work. 

* The Afbefc> Marin, division of 

Cambridgeshire County Council ^SpSMp' ‘St 
has accepted the tender, from SS??S2JSi£S? an order worth 
A MONK AND CO. for- construct- . TEL,,-* 'J£S$P** 

mg the bypass to St. Ives, dose i% m .F * Q , a 

to Huntingdon, Valued at £TAm ; L°.n\a/MOTn bijtet^swrinff • install or 
the work' will be mainly through 

a rural' area east. o| the .town. 1 

Jinkine the All 23 with ^ osed to meet- the increasing 
A1096 ' ' demand lor aluminium billet pyo- 

' * ; - • - dneed by Anglesey Aluminium at 

^ w 1. ' . • I' trie Holyhead plant ..; . 

The Snellabear Price division of 

BIWATEft SHFXLABEAR, rESpon- . A . 

gfbJe for. the group's earth moving RIVERS . MACHINERY. Wih- 
and heavy- civO engineering artP cheater, has tui order worth 
vitfes.has been awarded three IHXMJOO from- ' Kirks tall Forge, 
contracts worth, a total of £L8m' Leeds, for sis automaiic . bahd- 

The work is at Tbamenmead (Lake sawing machines '.with associated 
II extension? Rassau Industrial materials handltag, equipnienL 

Estate -Ebbw Vale,-and. Texaco '5 .... .. .. — _* . 

refinery near Pembroke. TECHNICdN. - JNSTRUME.NTS 

.. * - - • COMPANY; a supplier of .auto- 


j l r r: ; 0 i v 0 :, r Q 

. "Je' .'r 


! 



A fixed price contract worth over .mated analysis equipment for use 
0.25m tor building 68 houses at in hospital and' industrial laborii- 
Billericay for sale' by Basildon fories. has been awarded two 
Council has been won by TRL contracts worth “ £340.000: 'The 


>77' - 


STAR DEVELOPMENT CO* 'an/ first order is, a £2QD,QQt}. contract 
associate. company of Globe Con- for a. system' for the Hadasiah 
3txuction : Company, Feisted, Essex, hospital, Jerusaierir,' while . the 
' 1 *. - - other comprises "four systems for 

Trailer rental company, Trans- EM. .cSocial S**curjiy.Qrganwa‘tion 
port International, . Poole,, has of Greece) worth £140,000/ ^ 
plac ed a n order- with -CRAVEN . ■*.: •/- 

TASKER (ANDOVgR)for -SO ft -AUTOMATIC*’ ' ‘OIL ' TOOLS 
and 20 ft skeletal - trailers andi SYSTEMS. has secured a'£Si7J»0 
T&utliner - trailers worth . £750, 00a eoislratt' for- an automated ?Row 
- - * - ' ••• .meifirtn^ system, for the Karachi 

FI ADEN YOUNG; f part' of lh'<f*Tu~ _ 'Mdnirido'd'~'Kn f 'nrri'ellne" 'ni 
Ftarien' Carrier GiouoV has; won Pakkten • •- • .- 


*»eSa 


W- -*• $ 








9 



i wi 

4 


a. ^ 


Wif>- ■: Figageffij • igigs Friday November 24 1978 


•ilv 

M " 



HOME- NEWS 


Tory urges financial 
vetting by directors 


- g- mL j LARGE PUBLIC companies dcbntiions ui “major public* A statement that the auii't . a 

S IB; 9 9/9 ■ E ' < yVv ishould be required by lave to companies" — those with assets committee bus w?necl the tinan-' 

. m.y ■ . • 9 wa l l /II ! appoint at least three non- of mure than ilOOm or employ* ciui figures should be included All 8 IB 

*■ ' . i executive directors, whose statu- ins 10.000 staff — and “largo in each report and accounts. 

lory role should be to vet all public companies'’ — any with Mure controversial is Sir! a 

BY OUR CONSUMER -AFFAIRS CORRESPONDENT - 25 $£ 1 3» .“JpBSt " ESrSUSHS! .“£ atSV f 1111(1 

- says Sir Brandon Rhys Williams. He believes that m view of SStiSn u, ur^ud l oJSS ■ AU11U 

THE UPWARD trend in spirit He added: “ The rirovjng annual ; ; yp . r ,°, r Kensington. wh " w,n the furthcoming EEC rules. forecast at least once a rear ' 
c-jniumpoan continued in the totals indicate <i rise of at least i ll -‘ ad 11,0 Conservative represen- which will disiinguish between u„i not Tor general nubli cation' ! BY ANDREV 
third quarter of 1978. according 10 wr owr £ deprS ? l,ve ? on the committee on the obligation* of mu.ll and large * .jf * ,[ publication., 

to figures published yesterday, by Csiu-es of 1877 H The movin' 1 . ' Compames Bill. companies, that the proposed • ?* d * hjl 'h’-’ ."’hole strut ■-; SIR HAROLD 

ihc AVuie and Spirit Association, aruiual increase so Xar this Year I The role of non-executive Companies Bui should lay the 0 lir _.,! ‘!j runKS .. I* 3 *?. , “? ■ 2. ,an , 1 h _ €f c j 

The association's fi-.ir^ waT?? jSePcent ‘ ‘ director* and the function of basis for ;1 distinction. pad Lreal * d ,. J f backward- 1 Financial Ins i 

Mr. Htdigarien said: " Thu nine- ( audit committees formed the key The very largest companies, he ' 5* ,,f v0iaPl,Q ‘ ea ; J* 


BY CHRISTINE MOIR 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 




Wilson 
criticises 
power 
of pension 
funds 



j BY OUR SHEFFIELD CORRESPONDENT 

j VINERS. BRITAIN'S biyycNt A ivcuiul >l.i.ce of the ;»rn- 
; cutler, i? to make ahum F5 gramme, products development 
porkers redundant, a 10 per uent and market research, has begun, 
labour cut. in a programme I ■ ■ About half the redundancies 
] improve i-fln.-ient.-y and reduce affect the shop Hour in the more 
■operating cosls. expensive hollmvarv side of the 

j More than 3ft further job* will t-utferv busino*. The rest m- 


BY ANDREW 


Dies Bill. t'ODipanies, ihat the proposed ina ‘ the ^wh ole strui*-; SIR H AR 

role of non-executive Companies Bill should lay the 'P“l p:inK ' s *.. l 1 es ’f l, . :ilio " i " ,an of '■ 

rs and the function of basis for a distinction. j 13 ® . tK L.5, ,. J , backward-! Financial 

Dinmitlees formed the key- The very largest companies, he looking vu?* uf companies : U-rtlay it 

. . . i .. I ■ ■ ■ ■ > . nal'iflr m n Tl I I . inrhiid a.. 


«sr«s5ss^: ^-sas^sir-w: - ««** ™ ***&;■&. isaa ,,, emlv rcp „ rl[It 

Che three months coding: Scptem- upswing . of nearly one./ Pjonjents in a Private Members believes, should be required by p .... ' anii^tnn - U iiin i C K , ° , «hI 1 The programme includes the drop in pre-tax profits for the 

h»r this tw» wnn v ffifi third must bo recarded as very.: which Sir Brandon unsuccess- law m appoint at least rhree non- If the Lb f-i.lnwcil Km.«;»e:n: and inniienci yielded b> the formation of a now UK oocratins «i v „„„ i i h,. ? Jn,i ..r j ^ 


her this year. were Afi.6 per cent th ,r d must be regarded as very.]®* 11 which Sir Brandon unsuccess- law in appoint at least rhree non- if the L-K f.iJii.niij Km .«;.e :n i !5X_ M lc,d £ d lh -t formation of a new UK nperatms six SiiunihJ'Vij Ihc^encJ or June 

SSherH thS^in -the same nerSS verv encsmTaain^ t ful, - v mlroduced in the House executive directors whose per- developing n- ..-Her boards of. p 5 Mls , ,on fun,ls r ~ L ^° '"HM* 1 ; subsidiary. from S 000 to 000 on 

Sear P sJSTSSSff tas payments, earlier IUls year- C “ n directors the nde uf the upper} ! Mr. Leslu- f.latman. group lurnov^’duwn fromTi.Soi t^ 

Fuit othew trade September, edged op only He intends to press for them n, op ,, ured. f ,er ^ l,J insider long- 1 . “ - ,Le roni ; managing dirccior. said: “The 

I- 16 .P«r «*“« L481m sal lorn,, to be included in the oiuen.l- , A T ?r..^ eS ' “J* A h ‘ h J.?. ..... _ _ 1 P He *airi at raUunalisa Lion fallows a review The cuUery industry', ivn 


titra. said he expected year-end tember, with a 10.8 per cent gain 
figures “to show a very saus far- to '291.000 saltans. Vodka niade a 
lory overall recovery of the 4.4 per cent sain an September.; 
market." to 364,000 gallons. ; 


panics : Mn«.«.tni, sjiu. *■■■- 

He said at a conference on ' ratiuna lisa hon fr.Ilows a review The cutlery industry', i\*n 
finance and credit ur-aui-^eii ' of the company's activities in trade associations have suhniil- 
bv thc Builder McTchams i ,he induslr > which established ,e,| j jtiml application l.. the 
Fedentlon iffi lUt? wS2£ i ,he «««* to improve fbe level r.r (Jr-vomnienl for a alnbaf import 
S Zde i the nenstan 1 return froni «pual employed io rpioia am] help «iih rc-invc-i- 
f^d-Jmtli pri a o and staZ l finance future development. We 1 raining nn, I campaign 

f itiiftw rtmlrnllvrf linll, ih.. . **nU nitt llUrktlv clltlvl‘> . 


Brick output and deliveries up 


New Educatioa Bill 
closes loophole 

BY MICHAEL DIXON. EDUCATION CORRESPONDENT 


BY OUR BUILDING CORRESPONDENT 


funds — hutli private and slate 
mlRJU reach a uoinf tcherc the 
funds runt rolled belli the 
affairs of British industry and 
llic British economy. 

Tlx* committee had also 
been cuncemed about the ques- 
tion uf small cumpanics seek- 
ing finance lu buck expansion. 


Shops promise better service 

Mr. < Jordon liorric. Director- It wa> eiven at Elonmshm v 


BHJCK PRODLiCTJO.V rose to SSfejn — flnwo 34m on September October were per cent loaer’ Small companies had an im- ‘ General of Fair Trading, an- am j Marvleinirie t'nuntv Court hi- 

■HSni units last month against and lS7m against October last than in the provinus three uoriani role to play in it*rmx ' nouneed yesienjav that he had c..... !• " n 


PARENTS’ POWER io tesiM have a duty t» make arrange- b'=»r month, hrlck stocks stand :u 
local edtieaii&n authorities' n>enis for their decisions to in* 

decisions on the allocation of i~e con side red in the light uf 

children m Slate schools, would objection,. But the Bill docs n»t 

he weakened by the fJuvcrn- «tiptilale what these arrange- 
ment's new Education Bill, pub- ineiiis siiould lie. or how parents 

lished yesterday. should he guaranteed a dis- 

Now, dissatisfied parenLs can passionate hearing of their case, 
manoeuvre with their local In the last resort, objectors 
authority into changing the would have a limited right of 

allocation to a school of their appeal against the allocation t;» 

choice by keeping the child away the Education Secretary, 
until an attendance order is Among other changes proposed 
issued, and ' then invoking Sec- in the Bill is the establishment 

lion 37 of the Education AcL nf two Advanced Further Educa ___ 

The new Bill would effectively lion Councils — with chairmen ^HR ABBS 

close this loophole, by empower- and members to be appointed In BN H fc. 

Ing authorities to declare that the Government — respectively Wii 

any school is full. for England and for. Wales. PC M 989 

in return, the authorities These councils would uct us HB ^Nj 

wuuld have l«» publish annually central supervisory bodies cover | 4 8ra | ■' 

Their arrangements for allocating ing degree-level courses and BPfflM99£> BBM8 

children to schools, and to allow teacher- training in polytechnic- -.PNH ;"j |;wg§ 

parents to express their pre- and further education colleges yWff 

Terences and. if not satisfied, to with power to advise the Sec BB p MB1 VB 

object to the allocation made. rclary of Slate on decisions they Kfflji . w ^ 

The authorities would also thought necessary. * m am HKHj 


. ist and iS/m against October last than in the previfiu.< three porfani role to play in terms nouneed yesieniay that he had 'r-. ' 

. 4LSra m September and 43lini a year. munths. hut 4 per cent up on a' of employment opportunities ; obtained a enurl undertaking of , „ 11 . d , s 

I year before, according io pro- According to the Envi run me ill year earlier. and the development or new better husiness behuvinur Twin direel.'r. Sir. Va?hi Lulalnai 

! visional figures Tront the Depart- Department, production in the The department t aid ibal; technology. fa London chain of electrical Tulsiani on behalf of the emu- 

• tnenl of the Environment. three months lo -ihe end of cement deliveries in the UK j Evidence which had been j appliance retailer*. puny's five shop,. The company 

October deliveries buTeascd in October was - per cent higher averaged 33S.OOO mnne, a week- submitted to ihe commiHee. j The undertaking was based i*n hadrefu.sedearlieriog|vevo1uii- 

4Slin compared to 487m the pro- than in the previous quarter, but in October, against 305.0ftftj particularly from City bodies. 175 consumer complaints, nine lary assurance- uf belter 

- iinu4 month and 43Bm during rt per cent duwn on rhe enrre- tonnes the previous month and i had hern of a very high quality cuuntv court judgment, and two behaviour io consul ners under 

; n.-tober Inst year. At the end nf sponding period a sear earlier. 309.000 tonne- in October las: and he expected ihe committee I com Unions under the Trade Pari Three of the Fair Trading 


Deliveries 


August- year. 


to make (is report uexi year. ' De,eriptions Aci. 


Act. 1973. 


Industry department 
details grants 


by /ames McDonald 

THE DEPARTMENT aF Xndusby 
has .listed offers of £10.000 or 
mure of regional selective assis- 
tance under Section 7 of the 
Industry Act made since July 31. 
1974 against which a first pay- 
ment was made between July 1 
and September 30 this year. The 
total assistance committed was 
£37.2 m., and the amount paid 
during the three month period 
was £23-6ni. 

On u regional basts the largest 
sum uf £21. 4m. was committed 
to the Welsh region. Of this. 
£20.5m went lo Ford at Bridgend. 
The next largest offer in the urea 
was of £225,000 lo Siebe Gorman 
at Cwmbran. . 

Foundry scheme 

.Scotland ranked second among 
regions in the amount of aid 
offered with £6.2m. George 
Outram at Bridgeton received 
£2m committed, and Nairn 
Floors at Kirkcaldy. £l-2m 
(interest relief grant). The bulk 
of the assistance is for new job 
creation. 

Offers of assistance lo the 
Northern region amounted tn 
just under £5ni . with £840.000 
comm it led for Cumberland 
Fibres. Stanley; ftiSO.uOO for D.IB 
Engineering. Peterlee; - and 
£353.000 for Ingersoll Rand. 
LaresJiead. 


Control your Company 
fuel costs by giving 
your drivers the 


STAR 


The Card for 
PETROL OIL DERV only. 

Hr 1200 GAJ3AGES NATIONWIDE 
^ CASH PUMP-PRICES 

* MAXIMUM CONTROL AND 
SECURITY 

4* NO MORE CASH FLOATS 

* TAX ADVANTAGES 

Cal! otfor jt:oc. u ^rii^r 
coupon tv 

ALL STAR PETROL CARD LTD 
P.O. Box 59. London NTS 5NB 
Telephone : 01 -272 77A* 


ADDRESS ... 


TELEPHONE 


,• A 3otal of just over £3 tu via«5 
r committed io the North West' 

- region, with assistance of 

i £429.000 committed to Plastic 
, Manufacturers. Runcorn; 

- £247,000 to David Brown Trac- 
L tors, at Leigh; and £211,000 to 
s Chamberlain Plastics, at Skel- 
5 mersdale. 

i There were commitments in 
L the Yorkshire and Humberside 
region totalling nearly £1.4m. 
t with £475,000 to International 
I Harvester ai Doncaster and 
£203.000 to .1. H. Walker at Dews- 
l bury. 

i Under sectoral assistance pro- 
i sided ’by the Industry Act's 
oectiffQ cighL first payments 
were made between July 1 and 
September 30. to Nottingham 
. Manufacture (£L2tu committed! 
under the clothing industry 
scheme; and lo Triumph Inter- 
national. (£443,000 assistance 
committed). 

In the electronic components 
industry scheme. £713.000 was 
committed to AEI Semiconduc- 
tors in the East Midlands. 

In the ferrous foundry sthenic, 
in Lhc West Midlands £'1.5m whs 
committed to British l^yland 
Beans Foundry. In the South- 
West nearly £2m went to It. A: 
Lister, and in Yorkshire and 
Humberside, nearly £l.2m to KM I 
iBingJey). 

Under Lite instruinentation and 
.iiitomatiun industry scheme, in 
-the Eastern region £600.000 uf 
assistance was committed to 
Rank Xerox. 

The largest assistance commit- 
ted in the Machine Tool 
indsutry scheme was £932.000 to 
BOC, in Lgndun and South East 
region. 

Counter-cyclical 

Within the paper and Hoard 
industry scheme. £2.1m 
assistance was comm i Med to 
Davidson Radcliffe in Scotland. 
In Ihe printiog machinery 
industry scheme, Simon-Vk 
received iT.8m. 

The Department nf Industry 
introduced in 1975 the 
accelerated projects schcnte — ;* 
selective scheme to promote 
counter-cyclical investment and 
modernisation which would not 
otherwise take place because of 
the adverse Economic climate. 

The main criteria were that 
the projects should be a net 
addition to the company's capi- 
tal investment programme: that 
they would be deferred but for 
government assistance; and that 
they should be commercially 
sound and lead to an improve- 
ment in the balance of payments. 



^The Sayings of Fere Patriardie^ 


‘■JrickJeness m a woman adds 
spice ro a relationship, in a wine, 
ir is the kiss of death.” 


S3 


PERE PATRIARCHE 

RED ANT? WHITE VTN D£ TABLE 
i For once, done worn? about rhe wine. 


H 0 WT 0 REDUC 


•US 


FUEL BILL 





Do you know that most smaU-to-medium 
size companies are wasting 1G to 15 per cent of all 
the fuel they use for heating, power and lighting? 

Over 12 months that can cost a tidy sum. 

It could be the difference between making a profit 
and just breaking even. 

And, even if you’ve already started to tackle 
the problem, you’ve a lot to gain by finding out 
how much energy you may still be losing. 

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


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

When you’ve chosen a consultant, he’ll 
spend a day at your premises studying your 
company’s energy use. He’ll send you his report 
recommending simple modifications wliich could 
lead to substantial savings. 

And the Department of Energy will pay 
up 1 to £75 wliich is most of the e< ist of the survey 
So. fill in the coupon and find out how to 
reduce your company’s fuel bill. 


r 

i 

i 

i 

i 





T 





To: Department of Energy; Free Publications (ESS). P. O. Box 7U2, London SW2U 8SZ. 
ENERGY SURVEY SCHEME. Please send me leaflets and a list of consultants. 


Name. 


Company.. 

Address^. 


Positioi 


.Ll*.. r. \ a|‘i . •.-! 









2Y JOHN BRENNAN 


r hP13 

d P^p: 

il 5LilW 


olitics of ‘partnership’ 


7 , \itTNEr.SHiP i. .1 high r.t<hmn 
word in • iio proper;:- industr;- 
li ].•• also a highly 
:::nr.!surmv v. orri. The iVJft deie- 
i<j a .iidjor proven:- rnn- 
!®T»n?o m Bristol tins week, 
.’.rganrsed by i h*- Matir.na! 
.iysortaijrin <>•' Pension Funds 
and Lift Brs; isn Property Federa- 
tion. fli^covjrpd just how many 
; jriil 'juS can ho piajed on ibe 
parinershin theme 
Ths run Ferenc. 1 , entitled "Pm- 
2 ,-. r ty v — Fvipgrois in Partner- 
>!:,:i." <rsrked a unite n different 
\->v. s of me inure rehTinnshtn 
:)f*l , .vreri il,c finjreiul iastitu- 
;:ons. evntral and !« ial cuvern- 
pr.aRi. and the properly industry. 
Bur ■' •*,* = an un.-.p nken nolitical 
•hrejt thnl provided h thread nf 
'■*iher?P f 'r throi.y'n 'He different 
.ip nr ear !•••- ;<■ property partnor- 

-hip". Tne ihreni rt - liovornniftni 
direct!* m institutional invest- 
lundx 

7c .■■■ 'if ih'' sneakers made 
•i.reri r-'ermu- n* ‘invernmen: 
inie p vem:nn in institutional m- 
•."srmep.s. Bur He;’ i’rucsnn. 
y.nr?».?r Sr Housing and Con- 
s'ruciu-n u pj tenth" clear 

:r ?:• '■•r»cr tnt: ^fidro mat the 

■ .v ••rn::ier.; .•:o;s ini' fund* to 
;ji 0, r ••.ei’ihi in the 
-> •*•!. ii 4 Sr inner «•. » v 

; , y.-.d -i 1 ' nrms’er's 

::?<i r 'n: i the insthuil&n*. 

.'r.i.O'in or ih^ir in 

'i. 

r -t--j*-ro i.-t the re- 

..:•)•?* • a.- ■- r> A“*l 1 1> t.»ken 

:: " • « ? • vn o’ the Coal 

f'-ji-.' •. • » * i p .. «t|h-eru»epl tifSr 
• • j •.nmnion fund Sr 

f-i.i'f tr-vo'iiteri '■■■ '•In hi> 
• v :■.*■ 0 .'■.'•e. 1 •*•*•< 

’.i,- !•• d.d n->: r..*»*d in 
- I-! ..-l ■ it.- in h.* s-ugge*- 

: -I t'.ni -im.. _ors the 


lunferenir suaile il clear that, 
in addition :■» follow in;; irndi- 
isonal investment criteria they 
ore acutely c.insciuui of the 
funds' nt‘fd to be seen to be 
tiiiji" : h*rir financial muscle 
respon^m!;’;. Greater aware- 
nc** of ’lie Institutions' rinniin- 
3 nee in iTic* -nveslment market — 
summed up recently in Sir 
Harold »\‘;!«on\? reflect ive com- 
ment rbii "the pension Funds 
arc i(> powerfri they do not 
know It-T.v powerful they are"— 
Ha< pu; ;h* r :tnds ainn??idc the 
property dfvf-iiioerts in the front 
line of Pv liiic*. And so the 
puiilitf* ■rr-'Mment in pro- 
periy pm*. ,a*d one reason for. 
and a r.ch -.via of argument at, 

iiic ttii.cr^n .•»■. 

After the Vitm-ter's call for 
inner i-’t; .nvesrment. ioea’ 
aulnoriV ' 7,: ,kcr '* argued »'no 

case ijr f’ni.- and dcvelooers 

in jecepl t i:-.* :»osi!:ve planning 

aspects of : 1 loin ;n unity Land 
Act ani i~< v.-oi-k in pirtnershin 
v.v.H local r> ;:r’ Tiers. K»fn H-iuh 
Ross;. *,h? Omsprrative Party's 
front-ni'n , 'h -p r >i>e?man <'n hnu 1 - 
;r , r j;id ianci. icccpfed the need 
for si:nifi:.-r.l public - sector 


iniolyemeni in the development 
process. He spoke of - only 
gradual changes in the existing 
legislation under a Conservative 
administration and the - retention 
of Development Land Tax, 
charged at a lower rate. 

No one view of the future nf 
ijiy property industry or of the 
institutions' role in ihc market 
e.-nercod from Jut* ironference. 
At th's first pitulte gathering of 
the major partners in properly 
— the fund 1 , the developers, and 
the central and local government 
planners — Ihp .speaker's irod 
carefully. Nothing ton t’.anir*.i- 
vers'a! •■Imped out. plenty uf 
punches v.erc pulled, and bleaker 
V-ev.s of the future were, for 
• he mo<t part, left in the 
imagination. Bji a politii-al 
shsdo.v hun 2 over all lb-- dis- 
cii'iions. The fund.* and the 
property developer*! need to 
present an united, socially 

d^'eptahlc public image or 
risk Lbe label of irrpspon*ioiJHy 
that would force intervention by 
a government of either party. 
Br , ’*'ol wa • a first step toward*! 
ou i! ding that image -of an united 
front 



mmmi 

: ,;i;y 








■ .lortup. 

TALKING OK PARTNERSHIP:— Sir Eugene Meiville. Director General of the BPF: Kenneth 
Smith. Troui Reed International, chairman of NAPF: Hugh Ro«*l. JIP: David Llew eliyn of 
EPC. President of the BPF; :*RU Hugh Jenkins of the Coal Board. N.VPFs Director General 

of Investment. 


- i TIUXK r-Y M)W." >:nd Hui.li 
.fenkhtJ.. " u--; -hr- man in the 
j-tn.—i hi> h reft me induvtri noted 

v;i:h the idea Pension Funds 

rarci h*j; p;-n->L*r1y un ; ield? 
holier iha:i ,'*'r ccr.t. and if it 
yielded any -i.ij re they v.nuld 
mm Ji av^y." *'alls fur a " lona- 
v:ov “ r.f Snanc-ng developments, 
fin •• in r*.-:. i mean ihat on 
ir,rta;'4 fijurc- 1 ?hc scheme l.* not 


v*ahle and wr ,-hoatd hetn to 
make :t vijhle by accept mg a 
lower reiurii." 

A* the supply of insmuiinnal 
quaiiu prnporiy i*; limited, he 
dismisses arguments for 
■iecondary :nvp*i:iKrnl* ur for a 
iiusMvc expansion <if develop- 
m-ni *chenu.*s f and m a tighten- 
mu market. “The institutions 
nerd in accepi that targets 
can no loncer be rioidly laid 


down fur property as a percen- 
tage of toiai portfolios,. Today 

there must be a more pragmaiic 
approach t« buying when oppor- 
tunities arise rallier than trying 
in fun/e the market tu produce 
what N not there” 

The larger funds are already 
avoiding the exotica lly itm yields 
often discussed. Buying un a 
4 per ccn; yield implies “ accept- 
ing the eonlimiaUnn of a 
demanding level 0 f ( rental » l*ci- 
formance into almost perpetuity ." 
and Mr. Jenkins feels that i* 
■* asking a great deal.” 

London offices may. he :'t 
suffer from relocation trends. !i 
is unlikely. “ to become a centre 
nf empty office buildings." Em 
ilwi*** who can niuve-will move, 
leaving essential London icnanis. 


“ lo expand without undue pres- 
sure on rental levels."' if he 
were starting his own portfolio 
tram scratch today. “ I’d have a 
very low exposure lo office pro- 
perty.” 

Mr. Jenkins does nni sec the 
funds taking nver the property 
developers’ role. As completed 
prime huildin-js become scarce, 
“institutions will rely for an in- 
creasing proportion «>f their new 
c-jmmttiTienJs upon suitable 
properry development." But, 
"funds will nor run into develop- 
ment indiscriminately . . . for 
when entering a property de- 
vHopmcnf you ;irc aeguirirg a 
risk con; mi i men’, nnt an invest- 
ment.” ff property companies 
v ant m enjoy ilielr past develop- 
ment margins and no» boccme 


mere project n'.anogers. they 
must accept part of Uie risk. 
?.lr. Jenkins notes, “there is little 
pnint in un insti’unon conceding 
lar^e proportions of the equity if 
they siave to bear the full hrunt 
nf any cos*, over-runs and other 
financial risks along the way.” 

Local authorities should, he 
»afd, see insltiuiional financing 
partners as "permanent finan- 
ciers” with a “strong mutuality 
r.f interest.” As such "he finds 
• i he argument or the reluctance 
m gram longer leases a little 
hard to folio - *’ . ■ I would have 
thought the i ncal authority 
w-vjid ha' e wanted the comfort 
and covenant of r. pension fund 
;ind acce<s fo ii.* cash' flow, for- 
:i! long as they could get the 
pension fund to sign up.” 


Bristol notes . . . 

NIGEL MUBBS of Slough 

piir a - strong case fo* the survnr 

of the tradi Lions 1 

pany;.Excludin? P'JJJfew 
stmtUori jgronps K 
companies still hold 
commercial property and 
net assets e f ca^SUn,. That com- 
nSed with £3ba of properly neW 
bv , insurance companies . and 
£2.75bn held by the pension - 
funds m the end of l9rfi. A f lpn- 
Plus' annual property purchasing 
progra mm e may mean that mstt- 
tutiohal takeovers will 
panics from the sector. Bht Mr* 
Mohbs warned ihat buying 
existing portfolios . . . i u 
as satisfaciory as creating 
own - other peopl*;' s misses 
always seem mure tiresome than 
vourotfii 

Partnerships between dcvel- 
oper&and the funds are. -he feels, ■ 
better than funds risking usln„ 
“ Ott» staff nr ustns agents who 
may. ■.well be involved in com- 
peting schemes and whose a dvice 

■souldTbe prejudiced ... ' . 

“ie'believps that local autbort- 
ti^ -^are not good devetopers. 
They. « frequently confuse therr 
role as a planning authority w.ttn 
the desire to promote a develop- 
ment.’ often on a scale that *tan- 
not h^ supported by. economic 
logic.* Auihorities' infeirentlnn 
in 'planning and building regula- 
Uoop^ may well have - resulted 
in 'lower standards for higher 
cost/. . ” than overseas where 

there is a •‘much higher quality 
of development than thar which 
we are used to in this country.” ■ 
Artificial restrictions on schemes, 
be says, give the developer little 
enfcouragemeni to improve build- 
ing quality. ^ 

OFF-STAGE . remarks and 
answers to (]u** ,1 fiins from, the 
floor' of Hu? conference carried 
sharper edges than the carefully 
.worded set speeches- Anked ahout 
the quality of investment advice 
from the top half-dozen survey-, 
in* firms that each act for ten 
to fiO institutions, Hugh 
Jenkins confirmed that “The 1 
National Association of Pension. 
Funds is concerned ” about tbie 


mvauuu.-- , XJUUOi .VKM-. : 

“JxaveJto • ;theB»eI^^c]ifc 

‘they really service Use nuunbfiTJif / 
funds they have ott.' their.‘bpj%^' 
l sotue times -qiiesrioa-AhitL;^!^. 

■Where! an ingtitntS«S *ngi^ft' 
the- property Juark^t.'.as|ed^Tlje, 
Aesociarien > ■ fqrj-.Vkdvice? -Aa- 
whdthcr nr hht:1^--c«^t^1:da'-a!; 
surveyor wi th ; ^ 1 a^Be^number. bf 

institutional clients. ^ Jfel^GS' 

admitted that 7 he'.Wouid-.TO«mitt r 

to ** nudge- ibem the btitfa; way;""- 
to a' lew cbramlited ?• . 

Those tetnarkS’ 
discussion of thd; 

Institutions'- .-uwn-V^.biSi^d'i., 
’'How*' ask'eff -Ibe property.- 
manager of a 

property , fund, ‘‘ can oae -inMi^Br . 
one investment .coifn nu’tite,:lje 1 
responsible for ». £ihn purl- 
fniui 7" He left .ihat the "fund? 

pnrtfoUos W dtrtc^d ipte 

smaller. .mdividtiaHy .^fCdunlgble.. 
units whose performance could 
then be * ihwSurea. — --T . fT.J. 

BRISTOL proved , -tfr - -he- 
uncomfortably, apt place 
the conference ’ 

in? -for £xa mplei , ,oL! itinnugida* 
live nnst-war- ! .;recfml^etipn; :■ 
heede4ptily:^ r dtrt^aia!ttb^h^._ 
city centre/.- 

brains vf\ the '- pr^e^y: ./wsrid 

were offered 

reminders ^’•Jhe'ri^perftapftdi^ =■ 
of .the- maWcejt 1. 

“ To Let “ Vbeardi-: thatvf^tooh - 
more ■ r e cetu ; ^>aildttib'fe' ■ 

Skyline. -. ■?/-- • 

One furtHor'-gedgrapfayc.- 'i^m . 


the or 5 anisgri ; :it*: Bristol, ^Neyt-' 
door- tp ■ ^renjre , 

itsalf — which,-' for ‘^reas6h'srL ; .lScst 
known ..to. Holiday,; plans' ^ 
dcco ra 1 ed to . giVe 3cK;unoer>rfn? . 
resemblance.. to.^an; imdergrpund 
«fWl mining poqi— 
gaze on a. genuine-TnonktHeirt - te . 
the tfidnsftj-. - The 'Holiday : --Tnd‘s ‘ 
historic neighbour is the;: I3g,*am 
si\ sq office . 

scheme started by . fqwn.^ ami 
Commercial nnd tKe?*--iAijgki . 
Pbrtugiiese Bank and: taken 1 over, 
after 'T. ahd "jC's >" collapse 7 by ' 
Norwich t>iion-7Ymi7nfodl<i bavp- 
tb’go a long way to fiqd'-a: 
example of. fund and ‘dwdlapeT 
. partnership than. ' -th'aL l " 





v$r& 

















yfsujtfC.’ 




yjf:. 

■i 




BIRMINGHAM ' 

/’-■ .v,.:.od House 

Frir-.o c: i - centre offices -vr/n car carejpg 

SQ.Fr; 

28,400 

GLASGOW 

H-jsti-; House 

T.-.o rioc-rs *virh ca r pacing ir West Gee-roe Street 

12,200 

LEEDS 

e'e ®r fsitiico Srre^r 

Su,'.es iron t.OOGsa. ft. in the best r.e.\ builds^ m Leecis 

53,000 

MAWCHESTER 

Mficinrosh House 

Dty centre office suites wth ca- pariiinp 

18,000 

SHEFFIELD 

i le-v Oxford House 

Modernised office floors in prominent city centre building 

21,000 

SUNDERLAND 

CuiJibert House 

The oniy nev, building ir. the city: excellent iocation. 

Floors available April 1979 

17,000 








lealey& Baker 


VmL 

St^George Streef^Hanover Square, • V 
onWi A 01-629 9292 / : 

1 /.G G : L /C- / 



9 Wood Stieet, Cheapside, London, HC2V 7AR 

01-606 3055 


To Let 83 , 000 Sq.Ft 


RTiCS 


Impressive Entrance. Lifts. Central Heatin 
extensive car parking avail 


»?: 1 1 



City 

Strand 

St. James's 

Holborn 

S.E.1 i.*J. 


7,000 sq.ft. 

6,000 sq.ft. 

2,500 sq.ft. 

800 sq.ft. 

580 sq.ft. 






Freehold or Long Leasehold 
Buildings in Central London. 

500-700 sq.ft Office West End 

2,000-2.250 sq.ft Office West End 




7,587 sq. tt. 

REFURBISHED OFFICES 

TO BE LET 
Amenilitrs include: 

Prestige Entrance Hall with 
adjacent waiting facilities, 
Carpeted. Kitchen, 

Ccnii-al Healing 
Ref MEL 

it Leavers 

HL rara 16 Bnimii btrvrf l*inif»in l * f 

’iy**phii™ , ‘ | t J *- ,| ’ 1 - , *i m-lfri jui 
juiux bMicr. L in Jo!'.:**!! 






- - - -*' . . -y. *■--,- - - 


FACTORV SITES 


1 / 2-100 

acres 


ur property needs 





for Industry 

ALDGATE, E.1 

Warehouse ‘Distribution Premmw 
tsi Floor 12.000 sq. ft. 

Large Loading Yard 
TO LET 

CAMBERLEY 

i”.000 sq ft. Warehouse 

TO LET — IMMEDIATE OCCUPATION 

COVENTRY 

New Warehoose/Factory Development 
To requirements t» 200,000 sq. ft. 

Phase V Units from 2.750 sq. ft. 

TO LET or FbR SALE FREEHOLD • 

GILLINGHAM 

Warehouse and Factor 1 Units 

From, 5.000 sq-fu> . * *. ^ . .. • -i 

TO LET EARLT' iOMMETr'iy79 '• '■ " - 

IPSWICH 

AIM sq.ft' ' 

Factory/Warehouse 

FREEHOLD FOR SALE 

LONDON, N.ll 

10.000 sq. ft./ 116.000 sq. ft. 

A new development of Factory /Warehouse Units 
UNDER CONSTRUCTION TO LET 

SWINDON 

Factory Premises 
9.320 sq. ft. 

FOR SALE 

WAREHOUSE .REQUIRED 

70/iOO.COO sq. ft. - 

North West London 
Freehold preferred for clients . 




Chartered Surveyors 
1 Snow Hill, London f EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


i . Jrv loeirociibus from -tU. Jforth A<ati-'- 
j- uPirr Coon it Gomel* - 

j TiTF.’ FORMER JUDGES 

XODGEVGS^— YORK . 



. . .. 
•G/u j , .j,-A.;v*-- fT " 
.cA- &L 




- # area 173fl. Grade l ■Listed. Cur 
• Cenlra ResidaKe; dose .to Master, 
niMioudned 10 * an 7>*cj»Ue3t 
standard. 

• FlamHiiff Consent . - pnmtad .^ ' • 

chanse ot'.dse ib.-Bmel,. Offices; ftot 
.' prefliiffioin'uK.*, Rfats.-RMiainaw. ■ 

m 3.117 square fwr HW Floor space 
rsduding Baifiroams.- Stoim. ctr., 
Carasu» and on site car parting: 

99 star leaiV! ; '‘Br6iihd ir« -£2S6r p^_ 

.-! F.GRSAiiE BY TENDER"; 

.uansins 'Dalfr-ldth December, 19TP>.; 

. - Jefirt Apeat* . 

sabLTQK & COOPSR LTO„ 

■ ' • 22. High Pet wsate . - •• 

■..••• York. Tel- !TnT. -_ 

HEPPER WATSOM. 

JL.HIsb Petersate. 

Yarfu TeL: 2B53. 


On Instructions from the 
Bath & County Club 


Famous Que«n Sguare : 

-important Georgian 
Premises suitable for 
' ' Office ,'Hotel or . . 

.. ; Residential use 
Approximately 
’ sq ft net - 
Freehold For Sale 

ParticuUiTs from 
Joint Agents : 

PRITCHARD'?' PA'RTN'ERS 
JJ Quii*4 Siireet.Balh 
‘ ' .x ; Ten. 02 fi 6 .MTR: ;- 
nnd ■ 

. CLUTTPNS 

n Edgar Buiidincfi •:'• 
Ueorse Street. "Bath 
Tel: 0*225-64214 



S. PARTNERS 


FOR SALE 

SUBSTANTIAL 

INDUSTRIAL & COMMERCIAL 
INVESTMENT 

CLOSETO 

CENTRAL BIRMINGHAM 

CURRENTLY PRODUCING ' 

. . £83,4® per annum - . . , L *■ v.?;. v .v * 

with eariyreyersions 

TOf ANTS INCLUDE- 

PiTNEY BOWES LTD. • A.T.V. NETWORK LTD. 

oxleypressltd; 


.’■C'C' V; ' . r - Chartered Survayors 02.1-236 <4071.' . .. 

Cavendish Houae-, 39 Waterloo Strait Birmingham 8S'5PY. 




SHORT TERM OFFICES 
IN LONDON 

John Carpenter House, EC4 

Vhy be tied to a lon.g lease when you can rent ,i fully-sprvieed 
office or suite iu the heart of London on a short-term renewable 
basis'. 1 

These modernised centrally-heated offices are ideal for ‘com- 
panius looking for temporary prestige- offices In London; 
Facilities available include conference room, multi-lingual 
secretarial, telcxe. messenger, photo-copying and 24-hour 
answering service. For further details telephone 01-353 6791. 


TO LET 

BANKING- AND' ■ 
OFFICE SPACE 

5300 sq. ft. approx. 

will shortly' be available 

‘ " ’ . ’ * * !' •• /•'- 

MayfaIr,lx)ridon,\y.l 

Enquiriea-. ffl:-^ ; Write Box 
T4878J - Financial -Tmes,. Jy, 
Csnrfoa Street ECiP -4BY. ■ 















11 


Vj . •. ■ «. _ ^ *JC7 


^HtarKiial TimesFtidav?Jovenit>er^24 19TK 


Bfloiborn 

W.C.1. 


; Fid It M odernised 
lelf'Coniaincd 
Off ice Building 

fjOJOsq.fl. 

vf-Auiomatic lift 

v#Oai Central Heating 
\ fully Carpeted 
vr Impended Ceilings & 
{fluorescent lighting 


: J JIHT 53Vt *or«ti r 




^ 20 / .M RopcmafcerSneet 

3DV.310HIGHHOUKHNIONDON WCIV71X J-Olljoil }LC2\ 9AJ 

- 01*8317651 ttl-6282873 


UI-628 2873 


We are still building 

in Runcorn 


ouN moi .... 

SECURITIES PKOJtL 
GROUP 



Huntingdon 

St. Peters Industrial Park 


Phase one 


NF/V WARE HOUSE' FACT OP. T UMH : 
6.000 SQ.FT.- 50,000 SO-FT. 

CLOSE TO A! TRUNK ROAD 


AVAILABLE EAJU> 19 ° 
HIC-H SPECIFICATION 
TO LET 


Phase one - 6.00U sq/ ft - 48.800 sq - 1 1 

Further particulars Irom Joint Sole Lulling Agcni.- - 



fill Mil!! I • . 

J.R. EVE & SON 

Lii'irivicil 5u: veytXfc 

8/12 Bromham Road 
Bedford 67301 


FREEHOLD 

INDUSTRIAL LAND 


saiF*""" 1 

:• ...ii;-: f!SSSI§j& 

{ : • •:/'/" t • .-/ v ; ‘ ' •. 

c»'v' •' ■ J . . ■' : - ■■ •• - 


*> ' r . 

Y?f 



RATCLIFFES 

VROfERTY rtf’>L.l'LT«M'. 

"8 Me* Bond Vj:i: 

London %|Y 9DB 
Ul-tC9 40J» 


£HJn». Dtstoy S Hand/vy 


4 acres close M I 
Package available 
up to 90,000 sq ft 

FOR SALE OR RENT 

Modern Industrial Estate 
Joint Agents: 

K1LROY COMMERCIAL 

50 St Loyes Bedford 50952 


Bedford Hitcbin AmpthiM Luton London 


ITALY 
For Sale 

BKS PRESTIGIOUS HOTEL COMPLEX 
at, the seaside, in Southern Italy, consisting of two hotels totalling 
500 beds, perfectly equipped, with all facilities, on a very vast green 
area. Air-conditioned. sport equipment, swimming pool, congress 
centre, in full activity 

Write to: Caselia S.P-L — T^219, Milano (Italy). 


Industrial Development at Runcorn New Town is 
continuing with a further programme of Advance 
Factories. Units from 5,000 to 80,000 sq.ft. Available late 1878 

□ First Class CommunicationsQHousing for Employees 

□ Full grants and incentives □Serviced sites for Industrial and 
Commercial Development also available. 

For further details apply: !HB McLaren, F ./?./. C. S-, Chief Estates Officer, 
Runcorn Development Corporation, Chape I Street, Runcorn, Cheshire. 
Telephone Runcorn 73477 



SITE 








. t- i - 1 ^ l | - fl 

| 





V-TK-'+l* 


Applications ce in vn lea Irom Industrial u eve I up men ■ 
Companies to design and develop c prime sileoi *■ 3* 
ha. (7.1 acres) approximately 1 mile irom ihe City 
Centre. 

The development proposals envisage some 11 140n.- 
1 120 000 lt : ) ot industrial accommodation in unit 
:cngina mainly horn 500 m : la 1000 m : to be designer 
and built to high standards to reflect the prestigious 
nature of thi3 site 

Interested Companies wishing to be considered !oi 
inclusion in a sharl-lisl should apply within • atr/s oi um 
appear once of this advertisement to. 

L Humphries, FRICS FRV A 
City Estate and Property Surveyor. 

Civic Centre. 

Newcastle upon Tyne 

NE 18 PP 

Telephone 10632) 28520 ext 307 


x\ City of Newcastle upon Tyne 
^ Estate & Property Department 


; /, .T • ».-■ L U V. 



I ff I 


v . t ' ' V „V3 - . ' "'-j j 


HIGH HOLBORN WC1 



Air Conditioned Offices 
Entire 2nd Floor 



* ■>' tolLc.** 1 'J- 53^?® 


33 King Street. 

London EC 2 V SEE 

Tel: Ql -606 4 060 Telex: BS5557 


7J450sq.ft 


Chartered Surveyors 




USSWREMCE 


The Walter Lawrence Trading Estate 

Otterspoo! Way 
V Watford-Herts 


v/i- 


Central Region's new estate at West 
Mains, Grangemouth, adjacent to M9 
motorway, direct links to docks. Glasgow 
25 mis.. Edinburgh 27 mis. 

Total ol 82.500 sq.tt.oi facto* les now building. 


ENTRY 1st MARCH 1979 


For rriQierteiailiCO.Har:! 
liKlusiridl D^vflocmen! Usui 
t'eniraiRegionalCountil. 
Viewtorih Sliding 







'ytr-r _ 

I it > • 

fern ;• 

- 



ftH* T‘*Tr 

- Idf-i .' - - v 

. 'V"F 

^3'- 

MW > -»• -\x - 

• *-- v •. 



•*r s-v • ’. 



- a I / v :-; 

j*. ' y. ■ ~ Im a I ■ -*mr ■ 


i to let in units 







CLOSE TO 


LONDON AIRPORT 


A new development ot warehouse units, 
constructed to a high specification. Located 
close to Junction 5 off the Ml Motorway. 



DfOII 01 6269681 

*' i .- CHARTERED SURVEYORS 
' YKVajnrfit ’AS ARTH'JP STREET' . 
trlij 111 ' ..lo«oo.v eccp 535 


Chartered Surveyors 

e- 1 0 Bruton Street. London Vt X SDU 

Tel'Tptrone' 01-499 7151 


; - • v . . 


Unit Warehouse Offices ™ aI 

g 207 93° iai37sqft 

2 9 207 930 10.137 sq ft 

3 9^07 930 1 0.137 sq « 

4 31.837 Z245 34.083 sq ft 




King & Co (g) 

1 Snow Hitt. London. EC1 A 2DL 
01-236 3000 Tele* 885485 


TO LET ;;'v; 

OFHGES 9,000 sq. ft. 

and / t.- 

WAREHOUSE 1M7,355 sq. ft. 

Excellent Specification and Finish. 
Just Completed. 


C hi tht 'instructions of First GtySationol Bank of Houston. 


My clients scill seek freehold 
investments secured on shops 
and commercial propeirles. 
Prompt inspection and decisions 

Dcto'/s ptense to 

JACK MENDOZA 

F.S.V.A 

?00 Blatchington ftoad 
Hove . Susse/ 
{0273)722795 


OFFICE ACCOMMODATION 
(SCOTLAND) 

■.-(mill Fe.Tieurfih |.. c lessien*) :.■« 
tus iiiammodition 10 

r.on/telrpben*/i«rcta.iSl.clv.iMl 

kn-cs conic 

mil imdi s«8tMl.on. P'ofcil.e . 
crran.iatioo “Z nciezv 
lco[[i>i< Bnrr*i n«icc 

Telephone 031-229 3202 


WANTED 

INVESTMENT PROPERTIES 

FOR 

PRIVATE FAMILY TRUST 

Investment Properties to the 
Value of £3 Million Required. 

Only Modem Office, Shops or Factories 
with Industrial Usage will be considered. 
Preferred in Units of £'/j Million to £1 Million. 
Growth Potential is of Major Importance. 

Details 10 : The Ti ustees 
Malbglade Limited 
29 Cha: lion Drive. Cradley Heath, 

: Warlev.V/esf Midlands B64 iBJ. 


■ HCI I t^* ■__! 43 ST. JAMES'S PLACE ’ 

IVi.ELLERSH LONDON . S W1 

& HARDIIMGoi4036111 

Ce.«-:«i* d Sc wyerx. yi lex : 2 43 1 0 


\ Send now for vour brochure to: 
The Industrial Adviser. 
Thamesdown Borough Council, 
Swindon SNl 2]H 
y V Tel: 0793 26161 . Telex 44833 


99 Bishops&ite 

Z300.» t „. 

Superif Offur Suite 

onthebdthflwr.dll amenities . : 


Qtanasd Surveyors 

9/10 Fenchurch Street London EC3M 3BE 
0V623BB44 Telex 28714 

i Wr* ln4lfttn.»; 3SL'*IQma ine'l lu'ilnn IV IM 0*D 












i FOR INVESTMENT 


gr LABOUR .NEWS 


Investment French Riviera 


Hare o«ior:u**hv Tor livettws v 
ourchascn irt'.ereiwd m highly oro-n:* 
aeie residential dcvelaomenu. am^- 
ment building in Aniibm near af* 
more- ■’» *iil?ee B*oleet an taeaui'-'ui 
tile over look Inn Vallaurls ants 
designed lor »alc In Ion orluc rang*' 
Limited equity renuirwuMt. oro.w: 
hnaiwe ava ladle locally. Wnir .nltff- 
nattonai Archliccta Studiea, Lcs Sa°' n4 
Allies F. P errand. 00600 AHiDCS. 
France. 


Drivers 
back raU 



WANTED 


FAMILY TRUST FUND has a*a.wu>«: 
i Ei. 000-000 to nurchase rei.de.-rt'ai 


oro-icniK ic: tc rmulaicd tenant; ■" 
London and the Se«*n £wt Immediate 

cKrtlons Agents reclined it ncteswr*. 

Hel. R.D.fc. 01-652 7683. 


a a, 


working 

party 




at 


BY NICK GARNETT. LABOUR STAFF 


- By Pauline ' 

Fm£M£iS"S UNION tfi a d era anal .. 


employers inet ies.t^s^^u^. 

agre*d to. 


BUILDING LAND 
AND SITES 


By Our Labour Staff 



FREEHOLD INDUSTRIAL LAND For ^»' c 
i-TYt-e heirt ot the Midland; Fu''« 
Serviced 70-aere cwnnle*. PLOTS «3»- 
to fourteen acre*. £38 000 o a Rirn^“ 
vin- maker whi swe rnu run deu n 
him no»* Willonhalt tw. Mldi.j 635<T. 


THE SETTING-UP ui a wnrkin; 
party to discuss ways of assess- 
ing and improving drivers ‘'pro- 
ductivity,'' was backed yesterday ' 
by the' Associated Society of 
Locomotive Engineers and Fire- 
men. 


CRAFT UNIONS hate sub- 
mitted a claim for substantial 
improvement* in the annual 
pav and conditions agreement 
covering construction worker^ 
at the Suliom Voe oil terminal 
in the Shetland*. 

Employer* are. r s peeled l n 

reply to the claim, # which 


agreed to allow' iwo sc . stepped^ effQrts-^tj'SoiVe. their 

stewards from - } differences o'verUrmsVfor ifttfij-/ ■- 

attend- the pay rs'- during A shorter - . . 

A meeting of craft The talks are ■. 

*8™** l0 *. S assurance^ -i mounting fears-.pf *. 
wortiing after lh - 1 jSjHJLS hv | tancy by firemen if presses* to- 
• Ferry officers employed. , ra > beipre.a reealiMt .dfite; . - . 


SHOPS AND 
OPFSCES 


IU The union will ieli the British includes 

Railways Board at a meeting of l»j. *Pe«al J^SSZJLt 


CRN 3 



ort 


i J -P. ~*r-. - . ’ ~ '■*,*.* | 

UjJRlSRitl 

tel 


• i Frvc'.rUi. .•>" ■,■■1 





.faRrffiatMB 


lul 


The House i.s n Grade it Star iMi-ti building via tin; 
back to 172 $ and occupies a central position m 440 
acres «>f public parkland u> ihp.wc.it of Chrim-Murd. 
The Chelnisfurd Borough « ‘rmncsl : s seek ini; ■„ !cs>cr 
prepared to carry out extensive repairs ami rt.-loraliuii 
in return for advantageous (easing terms 
An illustrated disposal brief describing the pi open:* 
and con laming a list of approved use.? can be obtained 
from: 

The Secretary of Lhc Louncll. 
l.iiic Centre. Oiclmsford. Essex, 
i Tel: 02-15 ttITfiu— Exi. 8 ) 


IDEAL HEADQUARTERS BUiLDING 


9,600 sq.ft. 


A further 6,325 sq.ft, of Office Space may be available 
Arplv Jomt Sole Agents 


EDWARDS 

SHER$ERC^;»^BiBigwood 


&BEWLAY 


01-499 0271 


01-499 9452 




S\M(SIVJA.\1ES:S AREA) 






' DiibertfiarrvTffwAon 




• e.c S Selection ol City Ofllces To Lei- 

( Fran 2.205 so. ft- to 3,264 square l«- 
Al&s 5.300 souai-e leel on three noorc 
More mtormatlon Irotn ALIsTEf 
GLICKMAN toll 839 2 fi« 3>'989 a 6 fj- 
23a Craver street. LenOOn WC2N 5NT 
-WATFORD, rrwhcld Shoo. muRiolc dos.- 
Th>n. 23 ^ IrMUse. Gorflon HudiOn 
‘ 3 Co WattorO 39711. 


FACTORIES AND 
WAREHOUSES 


i MAO/M-I M3 LOCATION — Com.neroa 1 
I prooer-.v in Thames Valle, area, cem- 
nrcncnsi.c Reonter maJnta,.-iifO. Aow* 
Cron and Cl. W.noszr 5125'- 
N£W WAREHOUSES To Lot Insm 6.36- 
i so. K old Oak ' ane. N.W.10. Richard 

mi. nl.lDQ TW1 


Eli'hs 01-499 7 1ST. 


MODERN 

AIR CONDITIONED 

OFFICE BLOCK 

18,160 SQ. FT. 

St. James's SW1 


the Railway Staff National Coun- condition* 
cil on Tuesday that the workins- early nexi 
party must produce a report on ; [s due on 
the issue on or before a date: A j ar g 
cceptable in tbe union. groups, in 

Southern Region drivers cave erectors a 
screed on a series of one- ana t^-ihe 
tv\o-d::y unofficial strikes *cf 8£ delay; 
extra bonus payments. employer! 

Mr. Ray Buekton. toe unions meet j nRS . 
general secretary, said last n13 - i nion * 
that he hoped the drivers would J- J « 
not take unofTicial action follow- r 

ing the decision to set u? a »ork- 
ma party. . -w r j 0 

The working party pro? ne 3 secreUrv 

was made by manaaemenl. at j. 
meetinc of all three rail unions. 
on Wednesday. uniri tcs 

The drivers' union w a!s*o ?re- iaia ye ' 
nared to discus? the oust ness ner- 
form ante productivity scncmc 
for the railways, which v. as ihe A A 

cu'ntect of ar. independent reonrt L3L ■ 

parlier this month. Mana.se- -*■ 
ment and ASLEF are worried 
about a number of proposals m • 
the report. m 


conditions of employment 
early bexi month- A settlement 
is due on January 1- 


strike has severely a” cchju.^ i several eaysVfor .inigtertd '• - 

of the noraial : action to be taktef- thts.moatiL'Gt^ - *■ 

have. agreed to ngj?* *. i the 42-hour wefifc;jverefflade;ar , 


have agreed to resume no lhe 42-hour. we&'M&Myfcikt , 

working pending fujthc r. un jo 0 Vc«if««Hce iit%id- - 

-£fi r Si^SEJ’ «- ■***»» m-m&zgrzrx- 

The decision came mr « ; thi«te--*f:iwt 


due on January 1. TrET aedilen came after 

A large number of ei^t neettng between ^ k e riSus becah^lit 


at delays in reporting the vice . . will week all ‘ j. 

employers response to mass An industrial ■ » ■ . th would lea?s -tb^E^W..^#l3bfit.-L 


Union officials said that they 
could no? giie details of the 
pmplnyers’ response until mld- 
Dpremher. 

jr r . John Baldwin, general- 
Necretary of the coustruction 
section of the Amalnamatpd 
Union of Enainecring VVoriirr^ 
said yesterday that he hod 


An industrial ■ £ | -would 

-he brought » t0 ra on . lbe | a fire sewice-"f Orv.lpBp. ^>«ffiods - 

operation of ship ■■ with the - same ~e2feosr aa. stfike.-' 


isles service ' with the - same -'effeeti afl.-stfike-' 

Orkney Norih istes serw^L. , .< :■ ■ ■ 

f^?nl&s«ss- rnmm 


islands. 


£ 


2 Lilts • Boardroom suite - Carpets 
Telephones • Roof Terrace • Lighting 

Possession earlv 1979 


m 



4o 8:. Jdmess i^iace SW1 01-493 6141 




FOR SALE 'OR TO LEASE 


LIGHT INDUSTRIAL PREMISES 
FROME, SOMERSET 

* UNITS FROM 3.750 sq. ft.-24,000 sq. ft. 

* ANCILLARY OFFICES 


-A- ADDITIONAL ‘J ACRES EXPANSION, OPEN 
STORAGE, PARKING LAND 


-A- ADJACENT TO RAILWAY YARDS AND 
STATION 


*- FURTHER 0.82 ACRES OPEN DISPLAY LAND 
FRONTING MAIN ROAD 


For details apply: Simon C. Walter?. AIUCS, 

DORA DA HOLDINGS LIMITED. 

17 Lincoln's Inn Fields. London WC2A 3ED. 01-J42 9634. 






FINANCIAL TIMES 

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nnaniMuuifUE 


ORDER FORM 

Th Miliicr-prwi >lrtna*-f Fiaaiicial Tmirs 

Hr-Kk-n lions. . tu Lannaa Sire-.-i. Lond'"' E"^P d *-' 
pirns', ac* !>• snbM.rUi*inn com imMrd in htmliivi cup,-: * .j it.* a: aw 
a.Mnjis Ik Inn 

pi.- 1 „- <imr m: >iir^criPJuD it * J*n v ijbu^ for *i*i* *c«»r coramaaCiail 


1 'vJow m> 7fan'.‘«!KS 


1 SP 


)seA^ 


(SLOCK LETTERS PLEASei 

miili" ih-MU^.* wy*6.'- !n ' •n.iflciiil Tun-rt Lid 
vtftic i r.tc! --ii 1*1 ‘.irinoii Sir * i. Loudvn tiAP t r - Y 

' ‘ R:n*.f-r-1 n fc r.rt.nl \ v Z7P* 


AC AS asked to aid ;p ea dime j ^ ; 

MVJU. ^ - • i An.; mdepei^nr-TepOrt.;jw?ih; 1 

■i xecommeitdaticms -for'^'solwjig 

; m ambulance row • 

| ArbitratrOB Comnttttee. 0 : 

py mra 1 inouit staff { 0 rte of ihis “main reconwrrerid3-v; ; 

BY OUR LABOUR STAFF , tkms. that, brrtlr Sides 

UNION LEADERS in the West organisation of lhc .National aproe OQ 3 dead]in e 


; shorter week ha yeisiow mn.riuip . 
'difficulties,' and nt'-of;- - 

! extra 1 - men -to -cover ^tfcw .euange; - 
■ has. bfiea. delayed 


Journalists 
pay offer 
may be 9 % 


'■ nute. which has left the Binning* 


" /w : h JiTssked to beip fioS*. • ii^rnhlio^hihr^^^-V.. 

By Our Labour Staff ‘ ^The "i? haring to rely Hospital supervisors' injua- . that, about balf^ ■ of- Bn taiS^.€3, : .; 

nPD crtriFTV l-raeW on the St. John Ambu- trial action disrupted the hos- fire brigades ^arevprep^d’for- 
VEWSPAPE R SOC I ET\ - and t5ie Re fl Cross pital services nationally until -a [ the 42-hbur week; - •- • > - r= ... 

employers yesrerday held ‘ lth serious formula for solving the anoma-i 'The', -immediate . BWhiem 

with Dcpanmvnl hf Entjloymeh Sffg_ ..W ue™«as found. . .. mUm on the teons^f; - mi>l r 

officials over a prci'istorta. ?aJ ‘ oro j' r „ qs i n « that enter- Tlte union's bead office baa , mentirig lbe change. Employers - 

offer of nine per cent » ^ lien's ma^uffw ?2S aeeepted the ambulancemen’s ^ropwed- . a .- = thrift • 

rincial journalists ■*■ no are laj^n*. ^ps nn request that the dispute be made | s>*stem for. . fire staUtm cover 


mrr ui »>•***■ r-- ; n .,ii en >c miv suffer badiv accepted UK *riuuibumi»i.« - ttnnie [HUHuoai- . « . 

rincial journalists w no are tak^> r ene_. = -rien.s m - request that the dispute be made j system for. . fire station cover 

ndusmal action over a — 0_a \ ^"lona’ 'bell th authority. official and iL« executive commit- jusinc f«*er>m«iv-..', . . 

week claim. ' _irm .mhuixnennn tee is expected to endorse the They aTsb more fiexfbility 


1 ;}hn 

L u V A_v 


nausiivoi - TVip re"iona' beaith aintioruy -omciai anu ii> -v- . » 1 : n nil'./ ■ 

week claim. ' susSoded ^on ambulancemen tee is expected to endorse the | ■ They. -.alrt ifant more 

Sanctions Heine ^ken hv * - Frjd bt?caui5e they refused action at its next meeting. - • . \ in ' 
members of the National Union • J" ^ ^ CU or* that began on Mr. Bob Jones. __ naUonai , levet^and moreTOUtln^rit to 


disrupr production o 
newspapers yesterday. 


tP : Emnlovees say 5 that the dispute had never been evc , ned f °“Li AirnArf ffplflVS “ - 

ie has developed into a confronta* Some ambulancemen thus found AirpOll QClflJS 

: ion over Government pay themselves working in the same * • 

11 .. ... ... i K.,iinpu rnllp;icnes of Avmn/vron - , 


newspapers yesterday. tion ove r Government pay themseive* »orsii, «u UIB . a4 “* .j 

The Bristol Evening Fast is policy, which has prevented the ambulance v ;^. coUe « S n « ^ : eXOCCted 

h.S«l » "0 flic «hl> nw. Ulhoijv f<™ 5"™ "K-W S”' fU, “ “ rn,nE " P INTER^bNTr® 


hc'ieved in :*p me on*; n*.- uu;:iu:i-* « — - - 

paper to have ?topped production : anomalies arising from tbe re- more, 
altogether because of the MTecis — — - 


of -he sanctums which have been : 
in force for a week. 


• ! 1 NTER-CO NTfNENTAL-.' passed ; 
■' gers at Heathroir; Airport are . 
likely to face long, delays asain 
today because of a" dispute involv- , 
ing 90 - Customs ‘ .officers at 
Terminal 3. . -.The. officers, mem- 


N'UJ members employed hy the t 
Press Association, the national . 
news agency, staged a lightning ; 
five-hour strike yesterday tn ; 


BY PAUL TAYLOR 


was ci 

Thorpe 


,nf ~r i Junior doctors urge j Terminal 3. The. officers, mem- 

PAstnke . ih J •- '' 

NUJ members employed ny the; fi]fp/ > tT19V lalKS . to standard;” over a claim that 

Press Association, the national . Uuutl ^F44j a* - . (they are/ understaffed in tfwk 

news agency^staged^^lljhtain?; by PAUL TAYLOR " .. ... iong-iiaul . tecalnaL - •- • ;. 

nnnpn of a n":iv claim. " RFPRESEVT ATIVES of Britain's was aimed at pstabiishing direct . .. ■--• ' f, 

?r^.^ an^nned ,>■ «»• ' SSp.^'WlS*,pi.K»j Layoffs after 

NUJ executive, began at 1 P“|P“ , independent an fndependenl arbitration com-j . 

and ended at 6 pin. !“?f Arbitration board lo Mr. onttee-com posed of members! 14 :: r •’ 

Among five stories affected: g*-.. EnnaL£ social Services acceptable to boih sides— -whose, ^ w-'ELDCAT strike- for a biS 
was coverage of the Jeremy “ ’ findings wou3d-.be binding on , pay rise by J9 men at a Wolver- 

Thon'e committal proceedings. ; Assncia- both sides. 4 ham pton factory; hassled fo 12&” 

where reporters were instructed The Brinsn ; ass c Jn return for ^rect pay nego-{ workers being laid off. 

hy chapel (office branch i uffici.il? . t ion ? ju n i o r staB ncgoi tiations . the committee was wili-h; The dispute, Chemical and; ’ 

not to report the afternoon • f®™ 1 "'”** ^ nd mg to offer " an understanding’’ Carbon Products in Four Ashes, 

court session. • IhlU. \u- vipws ” hut no firm that the junior doctors would is also threatening massive^ 1?^ ' 

a ii m ii e d service was filed hv i-L been reached nol take industrial action. offs among the XAOO workforce 

Mr David Cbfpp the Press Asso'- KST* mSSnJ with Mr! Initially the junior doctonf at , 

ciatlcn-, edilor-in-ciilef. . £!?, Is are pl.rn.ld, .Ithougl. n« ra~Stt2“HSfi" in lT ff v&'. ; via r- : 

, T , h 0° ^"armtoSfln’SS! d3,es l "” bee ” i, ‘ ed h , ■ dfstdara^on^a'unongb^bey A,h£ ij^SiSl^tk. Z- 

«n^r Phase Three* .if th^’ Earlier thi? year, the jtfmor have now been told that, -they, tery jrtant with carbon rods and 
Snmpni-Vnav n.ili^v a nett ? • doctors decided to opt out of the may not do so 'under ejosUljg- wttbput them. tbe ewnpany can- - 

SWS, ; M nYSpSaKn^r le ^ lation - - . - 

MUin «kli!i fmp™T55,«»™-„°; lhe BritiSh MSdiC: " 1 - TTTT^ ’ "| 

offers nn expenses and allow* • Association | ,. ' ' ’ 1 

ances and prmluctiviix. The meeting with Mr. Lnnals R 


\ rrv 

il's a 


Lobby planned over job 


fears at licence centre 


REPRESENTATIVES OF the 
i.OOO staff at the Driver and 
Vehicle Licensing Centre. Swan 
sea, are lo lobby their MPs ovei 
the (.lovermoent’s plan to make 
the centre smaller when road tax 
is abolished by 19S3. 


One local MP is Mr. Alan 
Williams. Industry Minister, 
whose department is believed tn 
have opposed the Plan on the 
around that it would enable 
small imported cars to increase 
their market share. 

The Civil and Public Service: 
Association at Swansea said 
vesterdav that the worry was not 
just ahoilt the SOT jobs <f dis- 
appear at the computer c-entre 
but about more than 1.200 staff 
in local taxation offices who 


would also find their jobs dis- ! 
appearing. I 

■' We regard this action as ! 
bein; inconsistent with the 
Government's present policy of 
job opportunities tor vnulh. and 
work experience programmes " 
Although a main argument for 
abolition of the road tax was the 
wide extent of evasion, the 
unions had been pressing for rwo 
years Cor an increase in enforce- 
ment staff and for a new 
strategy to combat evasion. 

The plan would increase the 
costs nr all basic commodities 
carried by petrol-driven vehicles. 

The Swansea centre will still 
maintain registers of drivers and j 
vehicle*. 

The Deparimcnt nf Transport 
believes that £20ma year will be 
saved thrniigli staff reductions. 




“ I believe in initiative— old 
people need your’s and mine” 

Lord Boothby 


Probe into nursery 


nurse training urged 


THE NATIONAL Union of Puh- 
lic Employees is asking the 
Government for an urgent pub; 
lie inquiry into lhe "dreadful" 
state of nursery nurse training. 

The union, which represents 
most local authority nursery 
staff, repealed its call for lhc 
ahnluinn nf lhc National Nur- 
sery Examination Board, lhe 
body which sets standard* fur 
nursery assistants and nurses, 
and replacing ii with a powerful, 
national planning body la which 
nursery staff would be elyuied. 

Mr. Rodney Bickerstaffe. the 
union's national officer for nur 
sery staff, said: "The urgent 
need for a public inquiry into 
lhc dreadful rta»e of nursery 
nil re training is. nhvimir* in all. 

“ I In* board appear in be ip 
compl‘ 1 '* ilismiaj. Muny nf it*. 


professional staff have left, and 
it has lost the confidence oF nur* 
sery tutors and students. 

'* There is much good work 
being carried out by nursery 
tutors m classes, but they are 
bai I ling against formidable ndds. 
Imprnvomenls are being made! 
despite the activities of the’ 
bmird. not because of its guid-i 
ance." 

The union has also complained 
thal as a charity the board has 
no accountability to Parliament. 1 
and lhat its performance cannot 
he monitored, or Us policies con- : 
trolled. 

II has written to Mr. David 
Ennals. Health Secretary, and 
Mrs. Shirley Williams. Educa- 
tion SccreiurN-- ursine an in- 
quiry. anil will a.?k for TUG sup* 
port 


. “Britain has often led the world wjth new. 
■iefeis and new ways of tacfcfing-'problems. "Few. 
p^ople have a worse problem; than oar old folk. 
Medical science enables , many of us to live 
longer,*, but it cannot: give the.- answer to the 
.suffering brought by loneliness, or being shut in 
a depressing room day : after day, because there 
is nowhere to .go: ; 

Help the Aged is working -to solve this- .difficult 
human heed with the imagination it .'used .to 
‘pioneer, flats .for the elderly^ ‘With local 
volunteers iris helping to provide -Day Centres 
where old people "lin'd companionship ' and 
friendly., herp. Similarly it is. also moving 
forward. to fund extra medical research into the 
physical afflictions of old age/’ : 

. Full details of Help the Aged’s work wiH be sent 
with pleasure together with helpful Information 
on minimising taxation, (no Gift Tax is now 
levied on legacies to^ -..charily- np to £100.000>. 
Please, write Jo: The Hoioi. Treasurer/; the RL 
Horn Lord Maybray-King; JHerp the Aged, Room 
Fi7U 32 Dover Streets London W1A 2AP.- 


*£1 BQperpetuaie.'i tke memrify of someone dear 
io $oii att t lie DerlicaUoit Plaque oj a.Daij, Qeulre. 
















V-" 

lh!l« fr 


■V 




mission wins 


Br FHiUP'AAWSrORNE 

THE. COMMONS united yester- 
day in. Its. support for Mj-. James 
■ Callaghan's decision to send Mr. 
Cledwyn Hughes; former 
Commonwealth Secretary, to 
Africa' to assess the prospects for 
an all-party conference on 
Rhodesia. 

Both' -Mrs. Margaret Thatcher, 
Tory leader, and Mr. David Steel, 
.Liberal leader, made it eiear that 
JUr Hughes carried thrir per- 
sonal confidence in his mission. 

Mr.. Callaghan told MP<? that 
' bis decision had been taken after 
consultations . with' President 
Carter- 

The 'Prime Minister recalled 
that. 'he bad said; earlier this 
month that if the conditions' 
seemed right be would be ready 
to make a personal effort to taring 
to an end the violence and blood- 
shed by moans of all-party 
discuss i mis. 

He had now concluded that an 
attempt should be made to find 
whether the basis existed for 
calling a conference in the UK in 
the' New Year, at which he would 
take the chair. 

Mr. Hughes, who- would be 
accompanied hy Mr. Stephen 
tow, -US. Ambassador to Zambia, 
bad agreed to go to Africa for 
private talks with all concerned 
and to advise on the prospects 
for such a conference. 

Mr. Callaghan said that Mr. 
Hughes would leave early n»>xt 
week- for Rhodesia and also 
hoped to visit the Front-Line 
Presides* s, as well as Nigeria 
and South Africa. 

Mr. Hughes would conduct his 
talks “with as much privacy as 
possible." Mr. Callaghan added. 

Tf the conference were con- 
vened, the Prime Minister said 
that Britain and the U.S. would 
put before it their joint pro- 
posals for a Rhodesian settlement. 

“We do not set conditions for 
the attendance of the other par- 
ticipants, but a conference wifi, 
in our opinion, be most likely to 



MR. CLEDWYN HUGHES 

succeed if wp begin with tbr 
basic framework 'which we and 
the United States have identified 
following our earlier intensive 
discussions with all the parties. 

‘There would need to be a 
willingness to compromise by all 
those attending. If an acceptable 
solution is to be reached." hp 
declared. 

Mrs. Thatcher, amid Labour 
laughter, welcomed the Primp 
Minister's “speedy response io 
the initialise proposed by Mr. 
Francis Pym (Tory Foreign 
Affairs spokesman).” 

The “reconnaissance mission” 
cnuld be crucial to the future of 
Rhodesia and the whole of 
southern Africa, she said She 
welcomed the choice of 3Ir. 
Hughes to carry it out. - 

Mrs. Thatcher asked for assur- 
ances that the Government 
would V prepared to consider 
any proposals that might he 
made al the conference and 
would not confine it to the Analo- 
American plan. 

Mr. Callaghan conceded lhai 


Mr. Pym's call for a new initia- 
tive had focused his mind on 
the possibility of a reconnaissance 
mission. 

It was rrcht tbal the conference 
should begin with the Anglo- 
American proposals, be said. 
“They represent prinnples 
worked out after intensive ron- 
wilialiuns wllb all parties and 
refined as a result of subsequent 
con versa l inns. 

“ ir other proposals come for- 
ward which got the consent of all 
parties and match tbe principles 
adhered to by both Rides of the 
House, wr shall not stick rigidly 
tu our ideas '* 

Mr Sioel said that the mission 
would be tbc last chance for 
Rhodesia to prevent "a slide 
into anarchy. W»* all hupp that 
there is a positive response to 
his inquiries.” he added. 

Agreeing, Mr. Callaghan 
refused to bo drawn into com- 
menting on thp positions of any 
nf the parlies involved. Mr. 
Bruce Grocolt (Lab. Lichfield 
ami Tam worth) suggested that 
the conference would have to 
*' face the facts that the Patriotic 
Front has the sup port nf the 
bulk of the black population of 
Rhodesia." 

The Prime Minister replied 
that il war. generally recognised 
that the Patriotic Front had a 
part to p/ay in any settlement. 
** No one. 1 hope, will have a 
veto." he. declared. 

Mr. Jnllan Amerr, (Con. 
Brighton Pavilion) said that the 
conference would be doomed tn 
failure if there were insistence 
on some nf the Anglo-American 
proposals. 

" f do not share your pessi- 
mism." Mr. Callaghan retorted. 
It would he ** extremely strange." 
hr suggested, if the Anglo- 
American apprpacb were now 
abandoned when there was no 
a erred alternative basis. 

Mr. Hughes was not ^om; to 
Africa to negotiate but to dis- 


Labour calls in ACAS over pay 


. BY ELINOR GOODMAN 

THE LABOUR PARTY is calling 
in the Advisor; and Conciliation 
and Arbitration Service to arbi- 
trate in its negotiations with its 
own staff. 

This followed a rejection by 
senior staff at Transport. House 
of an offer which would have, 
apparently given them an in- 
crease of 5 per cent now, fol- 
lowed by another 5 per cent in 
the Eprlng; 

The offer, made on behalf of 


the party’s governing body, the 
National Executive Committee, 
would, by providing for: two 
increases of 5 per cent within 
12 months of each other, have 
broken the Government's pay 
guidelines which the party re- 
jected at its conference earlier 
this autumn. 

The Departmental Heads, 
apparently want parity with civil 
servants and other people in like 
jobs, such as officials of similar 


MPs condemn butter sale 


LABOUR BACKBENCH MPs 
yesterday condemned the sale of 
surplus Common Market buffer 
to Russia and Poland at knock- 
down prices. 

The protest is contained in a 
House or Commons motion in 
which they call on the Prime 
Minister to redouble his efforts 
to effect major changes in the 
Common Agriculture Policy. 

Its sponsor. Mr. Tom Tomey 
(Bradford South), chairman 
of Labour’s influential Food and 
Agriculture Committee, said: 
“This is a diabolical) scandal. 
This butter is being heavily sub- 
sidised by the British taxpayer. 


“The Common Market is 
forcing the taxpayer to fork nut 
to provide cheap butler for 
Muscovites while the British 
housewife has to pay the top rale 
for butter in the High Street.” 

This demonstrated the 
*' catastrophic ’’ effect of (he 
common agriculture policy on 
Britain's fond .supplies. 

"The Prime Minister should 
now dn something about ii. as 
he promised in lu's recent Guild- 
hall speech, even if il means 
refusing, to co-operate with other 
EEC countries in operating ibelr 
agriculture policy.” 


rani- at the TUC. 

For some, it is understood that 
this could mean rises of 30-10 
per cent. But the employees 
claim that thi6 would not he a 
breach of the Government’.'! pay 
policy, as u could legitimately 
he dealt with by ACAS under 
the clauses providing for com- 
parability. 

At ibis week's meeting of the 
NEC. the staff's claim was taken 
up by Mr. Dennis Skinner, one of 
the two Left-wing MPs elected tn 
the Committee for the first time 
at this year's conference. 

He. proposed a motion support- 
ing : The claim itf full and suggest- 
ing thal if the Labour Party had 
not gnt enough money to meet 
it in any other way, it should use 
the £100,000 earmarked Tor the 
direct elect inm? in the European 
Parliament and the money to be 
spent on the referendum cam- 
paign. 

No other NEC member, how- 
ever. was prepared to second Mr. 
Skinner's motion. Instead, Mr. 
Alec Kitson, the Transport and 
General Workers’ ITninn repre- 
sentative on the Committee, pro- 
posed that the two sides should 
use the Employment Protection 
Act and use a joint approach to 
ACAS. 


cover whether a conference 
would b*» worthwhile. 

Mr. Robert Rhodes Jam** 
(Con.. Cambridge) said that Ihe 
mission might help in restore a 
bipartisan policy towards 
Rhodesia in the Commons. 

The ITirac Minister agreed: 
"If the House could speak with 
a united voice, it would be much 
more likely tn get a settlement 
in southern Africa and 
Rhodesia." 

He told Mr. Alex Lynn (Lab.. 
York) that Mr- Hughes’s mam 
task would be In "assess whether 
Lhp public statements made hy 
Rhodesian and African leaders 
arc capable or modification in 
private negotiations." 

If (here were a desire for 
compromise. the conference 
could be arranged. said. 

Replying t»> Mr. William Mol- 
loy (Lab.. Ealing N.) Mr. Cal- 
laghan said he hoped the mis- 
sion would result in an end tn 
hnstiliucs but declined to issue 
an appeal for ao immediate 
cease-fire. 

While some believed that 
armed force was the best method 
of gettinc others to thp cixifer- 
ence fahle. such an apne.il was 
unlikely to have any effect. Mr. 
Callaghan added. 

Housing Bill 
will aid 
leaseholders 

THE GOVERNMENT is propos- 
ing new measures to help lease- 
holders v anting tn acquire the 
freehold of properties. 

Mr. Reginald Freesnn. Housing 
Minister, .said in a Commons 
written reply that suitable pro- 
visions lo Improve the workings 
of the Leasehold Reform Art, 
1047. would br included in the 
Government's Housing Bill, 

He told Mr. Alan Lee-Wili in ms 
i Lab., Hornchurch), that there 
were anomalous and unsatisfac- 
tory features in changes made in 
1A74. "We are proposing that 
all houses tn which the Lease- 
hold Reform Act applies will 
have their freeholds valued on 
the same basis.” 


paved 

for 

Euro-poll 

BY PHILIP RAWSTORNE 

GOVERNMENT ORDERS were 
laid before Parliament yesterday 
for establishing the English and 
Welsh constituencies fnr direct 
elections to the European 
Assembly next year. 

The orders, requiring the 
approval nf both Commons and 
Lords, would give effect to the 
final proposal* nf ihe Partiameo- 
i,i ry Boundary Commissions, 
published yesterday. 

Changes have been made to 
eight of the HR English constit- 
uencies since provisional recom- 
mendations Mere published id 
May. 

Cleveland constituency will 
include Richmond (Yorks*, and 
the Durham constituency will 
take in Easinjtou. Cambridge- 
shire will include Rutland and 
Stamford which had previously 
hern pari of the Lincolnshire 
constituency. 

The Chi Iter ns constituency is 
replaced by Bedfordshire, com- 
prising Bedfui d. Kernel Hemr- 
stead, Hitchir*. Luton East. Luton 
West. Mid-Bed i and SotHh Beds. 

The propo*°d Bedford and 
Hertford constituency is replaced 
by Hertfordshire, comprising 
East Herts. Heilford and Steven- 
age, St. Alinin'. South Herb-, 
South-West itertN. Watford. 
Welwyn and Hat field. 

London North will include* 
Enfield North and Enfield 
Edmonton. 

London Nnrih-lSi ,t will lake in 
Hackney Central. Hackney North 
and Stoke Neiungten. and 
Hackney Smith and Shoreditch. 

In addition, the proposed 
Yorkshire Central constituency 
udl! be renamed Yorkshire North 
No change^ have been made in 
the boundaries uf the four Welsh 
constituencies. 

Conservative Central Office will 
on Monrty romplete its official list 
of candidates for the European 
elertions. 

Constituency associations will 
retain the right, however, to 
select local candidates and seek 
their endorsement later. 


BY IVOR OWEN 

IN THE FACE of a sustained 
Conservative attack against the 
use of sanctions to enforce the 
Government's pay policy, th^ 
Prime Minister admitted in the 
Commons yesterday that profit- 
able companies like Ford may 
be unfairly treated. 

But he maintained that the 
Government had a duly to 
accord priority to the over- 
riding national interest, and 
insisted that . tbe 17 per ceni 
package finally conceded by 
Ford did not mean the end of 
the 5 per cent guideline. 

" We shall far! on some, as 
we have faded on Ford, hut wo 
shall succeed on others." tbe 
Prime Minister declared defiantly 
as he defended the Government'? 
pay policy against all-comers, 
including Mr. Eric Heffer iLah.. 
Liverpool Walton), a member of 
La nnur's National Executive. 

He again refused lo be drawn 
into saying whether a formal 
decision had been taken tn 
impose sanctions again-*1 Ford, 
but admitted the possibility of 
unfairness when the dilemma 
which (he company had faced 
sharply spelled out by Mrs. 
Margaret Tbaicber. the Opposi- 
tion leader. 

Backed by Tor- cheers, she 
asked: "What is a profitable com- 
pany like Ford to du when «i 
can afford to pay (he increase? 

“Does tbe Government expect 
it to hold out until it becomes a 
l(l&«-mak.or like BL"“ 

Mr Callaghan retorted that 
Mrs. Thatcher's reference to BL 
had exposed her “cloven hoof.” 
She was good at drawing atten- 
tion to a dilemma but not very 
good al suggesting a suitable 
answer. 

'* I am not sayio » that Ford 
does not have a great pro hi cm 
here. But there is 3D overriding 
national interest. As far as the 
Government is concerned the 
overridJnr national interest is tn 
keep down inflation, and we in- 
tend to take ail possible, steps to 
do so." 

The Prime .Minister claimed 
that the counter-inflation policy 
had the “ understanding " of the 
whole country. He told Mrs. 
Tbalcher “Frankly, when you 
are in Government it is a ques- 
tion Df balancing one unfairness 










tovkBL * 










MR. JOEL BARNETT 

against another vbcu jou are 
reaching a decision." 

Earlier, Mrs. Thatcher argued 
that the sanctions policy v.as 
unfair, arbitrary and unjust 
because the dcci-inn whether to 
take action against a particular 
company was made behind closed 
doors and tbcr<- was no right of 
appeal against it. 

How was il possible to justify 
penalising a company which had 
already paid dearly for trying to 
support the Government's 
incomes policy? 

" Against whom would sanc- 
tions be directed — the company 
or those who work for it?” she 
demanded. 

Mr. Callaghan said it was clear 
that (he Opposition did not tike 
action being taken against com- 
panies. but the Government 
thought it was the best policy to 
apply and would continue to 
operate it whenever necessary. 

He st n*s ted that thpre was nn 
requirement on the Government 
tn purchase the products of any 
particular company or group of 
companies. 

The Government would rsfrain 
from making such purchases 
where it thought it was in the 
best interests of combating in- 
flation. 

Mr. Nicholas Ridley (Cnn. 


Cirencester and Tewkesbury) 
argued that it was intolerable 
that the question of whether 
sanctions would be imposed 
against Ford depended not on 
the law of the land hut on the 
"fickle whim" of the Prime Min- 
ister. 

Mr. Callaghan replied that the 
legality of any action taken by 
the Government could be tested 
in the courts. 

" So far, no one has produced 
any evidence to uie that the right 
of tbe Government to withhold 
orders from some firm or another 
has any element of illegality in 
it." 

When Mr. Jonathan Altkcn 
(Con. Thanet E* asserted that 
for the Government to have a 
“secret blacklist '* of companies 
was intolerable tn a Parliamen- 
tary democracy, Mr. Callaghan 
reaffirmed that the Government 
had no objection to tbe compan- 
ies subjected to sanctions making 
the fact public. 

Angry protest came from the 
Tory benches when Mr. Joel 
Barnett, Chief Secretary to the 
Treasury, announced that there 

were at present t>5 companies 
subject to discretionary action 
fnr reaching pay settlements out- 
side Government pay guidelines. - 

At one time or another, he. 
said. M companies had been sub- 
ject to discretionary action, in- 
cluding 29 against whom such 
action bad now been withdrawn. 

C About 500.000 workers have - ', 
so far settled for wage increases* 
jn this pay round within the’ 
Government's pay guidelines.”. 
Mr. Barnet told the Commons. 

Questioned by Mr. Teddy 
Taylor (Con., Glasgow CathcarTte 
on whether the Government' 
would advocate the purchase of. 
foreign goods by Government” 
departments in cases where 
British companies had dis- 
regarded the pay guidelines, ; 
Mr. Barnet said: - 

"We completed consideration 
of the use tn Government con- 
tracts of clauses relating to pay., 
settlements last March, since 
when such clauses have been- 
incorporated in new contracts. 

“ In deciding whether to buy 
British or foreign-made goods, 
departments have to take into 
account all relevant considera- 
tions." 


Banking Bill ‘will mean Mg Giro deposit 





BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 

THE NATIONAL Girobank will 
have tn pay a large deposit In 
the Treasury i 0 ensure that it is : ^ 

not given an unfair competitive ; ti'd 

advantage over the private sector gpgjSBfiBy' 
banks when Hie Government's 
new Banking Bill becomes law. ||§S£- 
This was announced in the jKjgey v •„ •. 
Commons last night by Mr. FW?- .ssSjsej. ^ 
Dentil Davies, Minister of State { -IK •>£*;' 
at the Treasury, when the BiU V % ( » 

came up for second reading. li. ? 

But his assurances did not 8L %. . ^ \ ■ 

satisfy Mr. Peter Tapsell, a Con- ^«*s> 

servativc Treasury spokesman, g|SsR> _ ^T. 

who claimed that It would still ||||g£ *' 
leave the banks at a disadvantage §||y§$k \ 

against the Giro. WzMwiet* 

Mr. Tapsell also made sweeping , 

criticisms of some of the other ."^■SBSQSSp!'', 

provisions in the Bill and saw ffiw ‘ '* 1 

them as yet another symptom of ajw SaSS - -i r*T< r ii i & 
“creeping Socialism.” '■ 

He warned that he legislation / tBSsT M 

could put seine small secondary « 

banks out of business, ossify the llff J|3 

banking system, and make il ' ■ Jaaa 

easier for rorcjgn banks to com- jyiR. DENZ1L DAI 
pete against their British counter- 
parts. 

The Tories, he said, would lag crisis of a few yeai 
have to see what uoncessiotis the proposes that the clean 
Government was prepared to and the secondary ban) 
make on thp committee stage come under a new 
hefore deciding whether to sup- system supervised by 1 
port the Bill on Third Reading, of England. 

The legislation is 3 belated A fund to protect d 
response io the secondary bank- would be set up and all i 


• . 1 ' \ ' 





■«r* !!• 


Notice to Borrowing Members 

• Provincial Building Society hereby gives notice that the scale of Interest rales 
. applicable to its various classes of mortgage accounts is to be increased by Z00% 
with effect from 1st Dec 1978. Where a mortgage deed specifies a. period of notice 
before such increase is to be effective, that period wHl commence on 1st Dec 1978. 
Under the Society^ scheme for annualfy recalculatingmortgage repayments no 
adjustment to current monthly repayments is required.The Increase in Interest 
charged during 1978 will be taken into account when calculating the new fixed 
monthly repayment for 1979. Tbe revised figure will be notified fn each borrower's 

annual statement of account. 

[tfcig&d Investment Rates 

New investment rates from 1st Dec 1978 


MR. DENZ1L DAVIES 

lag cr»oi$ of a few years ago. It 
proposes that the clearing backs 
and the secondary banks should 
come under a "new licensing 
s>stem supervised by the Bank 
of England. 

A fund to protect depositors 
would be set up and all the banks 

1 ! 1 


‘No sign of pay explosion 


Interest Gross 
Rate Equivalent 

(Basic Rate Yietdal 
'Income Tax Bas>cRale 
Paid) ot Tax at 33! 


Gross Guaranteed 

Equivalent Differential 
Yietd al above Paid. 

BaS'cRale Up Share 
of Tax at 33?a Rate 


Paid-Up Shares 


Regular Saving 
Shares 

High Yield Shares 

2 year term 

3 year term 

4 ye ar term 

Monthly Income 
Shares 

T month's notice 

2 year term 

3 year term 

4. year term 
Holiday 

Savings Account 


aoo% B 11.94% 


13.81% • 



12.69% | a 50% 
1&43% I 1.00% 
13.43% I 1.00% 


11.94% I 
12.69% | 0.50% 
13.43%! 1.00% 
13A3%'fl 1.00% 



1269% 


11.57% 


BY IVOR OWEN 

NO SIGNS of a wage explosion 
are evident at present, Mr- Denis 
Healey, Chancellor of tbe 
Exchequer, told the Commons 
yesterday. ' 

He was replying to Sir Geoffrey 
Howe, Conservative Shadow 
Chancellor, who recalled Mr. 
Healey’s recent warning that a 
return to an unacceptably high 
level of wage settlements would 
inevitably result in increased 
taxation, and cute in public ex- 
penditure. 

Mr. Healey refused to be drawn 
into indicating whether, in the 
event of a wage explosion, taxa- 
tion would be increased in 
advance of public expenditure 
cuts. 

Back bench Labour MPs, in- 
cluding Mr. Ron Thomas, a mem- 
ber of the Tribune Group, 
protested that Government 
policies such as the recent 'JJ per 
cent increase in Minimum Lend- 
ing Bale produced side effects, 
including the rise in mortgage in- 
terest rates, which militated 
against wage restraint. 

Mr. Healey conceded that the 
increase in mortgage interest 
rates would add something under 
l per cent to the Retail Price 
Index in coming months. 

But he maintained that if the 
Government had not shown de- 
termination to control the 
monetary aggregates, the in- 
crease in inflation would have 
been much higher and much 
more damaging to the Govern- 


and lending institutions licensed 
under the scheme would have lu 
contribute. 

The ceiling for the contribu- 
tion from eac/i institution would 
be £300,000 and would he based 
on the number of its depositors. 

Representations had been 
made to the Government by the 
clearing banks arguing that the 
Giro would have an unfair ad- 
vantage if it did not have lo con- 
tribute to the fund. 

Mr. Davis explained last night 
that Giro customers are already 
protected by a Treasury guaran- 
tee so there was no need for 
Giro to participate in the de- 
posit protection scheme 

ft had been decided, however, 
thal Girobank would have to pay 
the Treasury a contribution 
equal to that which it would 
have paid had it been a member 
of the fund. 

Mr. Tapsell intervened to 
object that under this proposal, 
the Giro money would still not 
be going to the fund but into the 
hands of the Treasury. 

Thus, the whole of the cost of 
the fund was having to be borne 
by the private sector institutions. 

“ If there is going to be a 
public sector in banking, it must 
be treated on all fours with the 
private sector wilh which it com- 
petes.” he declared- 

Opening the debate, Mr. Davies 
confirmed that the institutions 
would not have to pay licencing 
fcps. Revoking a licence was a 
serious sipp and would not be 
undertaken fishily hy jbn Bank 


of England. 

Appeals against the Banks* 
decision would first go to the 
Chancellor of the Exchequer who 
would pass them on io a com- 
pletely indeppendent tribunal. 

Tbe Bill also gave powers for 
the Bank of England lo obtain 
information. investigate the 
affairs of an institution and lu 
petition for its winding-up. 

Bur be added: "These arc 
back-up yowers and f would not 
envisage that they would have 
to be frequently used." 

He estimated that tbe number 
of institutions initially autho- 
rised would bo about 500 and 
that about half of this number 
would qualify Toe recognition as 
Banks. . 

“ It is not the intention lo put 
small institutions out of busi- 
ness." Mr Davies assured the 
House. ** Existing institutions 


will be given every chance to 
meet the criteria for a licence.” 

Nor was the system intended .. 
to restrict competition — the num- - 
her of institutions would ensure : 
that The Bank of England could 
issue a transitional licence to . 
institutions which were not im- 
mediately able to meet the • 
criteria Tor n full licence. 

The Board who would admin- ; 
ister the scheme would be headed , 
bv the Governor of tbe Bank of - 
Eglanri. but as a result of repre- 7. 
sen 1 st ions, the Government had * 
now agreed that the licenced 
institutions should also be repre- 
seated on it. 

According to Mr. Davies, the " 
Bill represented “a hiably 1 
desirable advance in consumer 
protection and a significant con- • 
trihution tn ensuring the con- 
tinued health of tbe financial 
system." ;■ 


Action on student finance 


THE GOVERNMENT is going 
ahead with plans on the financing 
uf student unions. 

After talks with those con- 
cerned. Mrs. Shirley Wiliams, 
Education Secretary, in a Com- 
mons written reply said thut the 
Ministry will proceed wilh the 
suggestion that an upper limit 
— possibly £15 lo £J0 — should bp 
set on (he amount which could 
h« paid through the Awards 
machinery for subscriptions. 

It will be reviewed periodically 


and could be supplemented from 
an institution's recurrent grant, 
following local negotiations. 

At the same time, a minimum 
tevel of subscription, possibly 
£1.25 for full-time students, will 
be recommended in guidance to 
local education authorities. 

"A nuinher of points require 
discussion and clarification, and 
we will pursue thesp with various 
parlies involved with the aim of 
ensuring that the new arrange- 
ments wnk fairly and effectively.*’ 


men'.’s pay policy. 

"I believe that the increase in 
the MLR will help to control the 
money supply and keep the 
monetary aggregates under 
adequate control so as to ensure 
that inflation does not rise in the 
coming ? car,” he staled. 

The Chancellor told Mr. Ivor 
Clrmifson (Labour, Luum E> 
that the increase in MLR had 
had the intended effect of 
stabilising market interest rates 
and ted to the re-establishment 
of conditions in the gilts market 
in which it was possible to 
resume funding ihe Public 
Sector Borrowing Requirement 
on o sisnificant scale. 

"Thr possibility «»f a reduction 
in interest rates depends largely 
on the prospect for inflation and 
therefore critically on modera- 
tion iu pay settlements in the 
coming months.” he stressed. 

Mr. Peter Emery (Con.. Huni- 
ton) asked how the Government 
would secure compliance with its 
pay policy by the nationalised 
industries. particularly in 
relation m the claim put in hy 
the National Union of Mine- 
workers. 

Ironic lauphter came from the 
Tory benches when Mr. Heatey 
answered: "You should know thal 
in the nationalised indusiries. as 
Hiroughoui the public sector, flip 
Government, either as pay- 
masters or as employers, will 
ensure that the guidelines in the 
White Paper are observed.” 


The 



h 


Investors 


The following increased rates of interest to investors will apply from 
1st December 1978. Grossecuivaient 


Next week’s business 


t _____ 

t provincial building society 


Head ft n-c 1 * PiPKinMl BuMtow 5oc»rty 

a-. Provincial Htwsa firadfofd 801 ltfl.Tdaphone: 0274 33444 owintow**! too^ltaUIL 


COMMONS 

Monday: Debate on Oil epillage- 
Opposed Private Business. 

Tuesday: Second Reading 

House of Commons (Redistribu- 
tion of Seats) BHL Motions on 
the Employment Protection 
(Variation of Limit). Order and 
on the Unfair Dismissal (Increase 
of Compensation Limiti Order. 

Wednesday: Debate nq the 

European Monetary System. 


Thursday: Second Reading 

Merchant Shipping Bill. Motion 
on the House of Commons Mem- 
bers’ Fund. Motion relating lo 
the Qualifications Of Directors of 
Social Work (Scotland) Regula- 
tions. 

Friday: Private Members’ 

Motion*. 

Monday. Dec. 4: Debate on a 
Morion i t Take Note of Report 
from »hc Committee of Public 
Accounts. 


Share Accounts 

F Pi 

S.00% 

t-.iih income 

11.94% 

Monthly Income Shares 
Ordinary Accounts 

8-00% 

11.94% 

2 year term 

8.50% 

12.69% 

3 year term 

9.00% 

13.43% 

Savings Plan Accounts 

9.25% 

13,81% 

Deposit Accounts (onfiw/Fwonan 

7,75% 

11.57% 

investment Certificates 2 year 

8.50%^ curreit 

12.69% 

» „ 3 year 

9,0 0%J B£ua * 

13.43% 


*Tfe rate of interest oo all other Certificates will be increased b/L'Cfti 


W 


WOOLWICH EQUITABLE BUILDING SOCIETY 

The safe place with the nice face 

Equitable House, Woolwich, London SOS 6AB 


r 






11 



KITED BY ARTHUR BEMSETTASD TED 5CB3ETBB 




r . ; 


• MARKET RESEARCH 


Microcomputer growth forecast 


ASSESSMENT of the will be about 9 per cent by 19SS, technological ability or a imbu- 
rn European micro- having risen to 13 per cent in facmring plant — but carefully 


Microfilming system 


a rvE'arm-er AN ASSESSMENT of the will be about 9 per cent by 19S6. technological ability or a manu- 

9 vtrrlCc. tvjwsr IsiLr^ S Western European micro- having risen to 13 per cent in facrarrng plant — but carefully 

_ _ _ computer market to 1986 just 19S1 from a mere two per cent steers dear of any reference to 

la published by Paetei predicts that at the moment lumas. Conditions will get worse 

W H fi£a Ola ISflll ,NV\Tf*!TS it will grow to over SSOOm from With regard to the chip for the smaller makers, who will 

A t J&JL wa VF the 1977 level of S69m— an makers themselves. Pactel's have trouble in keeping their 

average annual growth rate of 32 figures for 1977 market shares prices down due to lack of 

COMPLETE EQUIPMENT for the and a paper copy to be printed per cenL put Intel at the top with 52 per volume. Oo lop oF this, in the 

SPitSas up of a full 35mm aper- out quickly if required. Lairge The 223-page report, which cent followed by Motorola and early I9S0s. the Japanese are 

lure rsrri wrofilmm" «vstem nujnbers of pWn paper prints of costs 8995, first of all discusses Texas Instruments each with U expected to emerge strongly in 

. ‘ ' originals can be turned out on topics such as user needs, market percent. The ranking after that The very large scale integration 

" Kel the ten a minute copier. segments, product strategies and is Rockwell, Fairchild. National area. . . ^ 

by the Microfilm Products Group priced at around £20,000. but the relevant financial problems Semiconductor and ZHog. The Opportunities for the UK are 

of 3?.f. it will be of special with the printer on a rental oF and then looks at a number of ranking is for Western Europe, seen by Pactel not so much in 


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such elements produce. This Smallest load _eell^ TU QVfri 

load cel! incorporates parallel available has a , s ® S, SfifpSi " ' 

flexure plates to ensure that while the largest singe load R 


*a>,. ' ££3-7 


■ - _ fy-r , y . ■>/ 


oniy the vertical component of has a range of H* Z.% 




snri prodU f t definition. w u,lluc , “ uv,, »*•«»« cnu-icm uj mcuwuuu. rivii win gti riunvr —tn 1*“*- * y -Tji 

Thr •=’w‘t°m is matin uo of a a complete system such as this. Some marked changes in the ticular it is felt that before !f> n ? cjups themselves says raeteuwiii 
processor" camera, card to card Benefits accrue not only from shares of these segments are Intel, in micros, will begin to almnst inevitably remain U.5. 


tad h wu 5--S*» per cent of opacity cm U»lllUUn«,S 
th U*”tteN?“dmVKK ellnij. ■mneh^s'lO Sr* £* **&* NORBffi' ha WLay^fe ga,- 


du-*ii"r2iQ- rcadr-’r-nrintcr rnn- * he vast in plan storage forecast. For example, the com- take on the position that IBM dominated. . 

*u'iin- L reader and a niain'naner s P ace made possible, but also pu ter/ terminal segment will drop holds in mainframes. Acquist- "The Microcomputer Marapt- 
n’odnrtmn ormror P ? from the fact that stofa-e and from 61 to 33 per cent by 19S6, Irons, mergers and “casualties- place in Wertem Europe. 1978- 

f , \Virh n a user' ran rreafe a retrieval of Important documents telecommunications will rise to are forecast. 1996" from Pactel. 33 Greyest 

" »tn n. a user can creaie a - , : .. . r , chv,» t curio *»nF toi- 


•niniiriirr'fiim f.isn fln«inPM-ino “ so in ' Jcb easier. One small 18 per cent from its present 2.75 Pactel emphasises that it is Street London SW1P 2QF (01- 
rlrawmz and mount it on an cabinet can hoki 100.000 indexed per cent, the domestic segment big markets that ire needed, not 828 6374). 
indexan'e aperrure card in less films. At the same rime, the film 

ihsn a minute. Meanwhile, medium has virtually unlimited np a a £* a 

multiDle copies may be run off life with low-cost dupUcation pro- g TPJIlTlil fill WJ1TAI* 

at an areraze rate of eight prr v - diDS ^pie se curitj- of infonna- TT 

minute on roe cara to card dupli- t - jjn 

L1 tu; rD ,^ r , pi „.„ 3\T *5^0 Harrow RoarL London ABOUT £37m-worth of bulk flimridisation deoxygenation and pliers of water treatment chemi- 

^ 1C . r ;;. ! 'V J “J wq . * '*»**** are llsed annually other treatment methods, and cals and of water treatment 

fiji n oe u.Atd n a >trci.n \A,9 -HL. 01-56 60^-1. for water pretreatment. with half speciality blends for such appli- engineenng companies. 

soing into softening derainerali- cations as scale and corrosion A number of technological de- 
sation and pH control applies- prevention. Ion exchange resins veiopments are highlighted in 

nw/n, tions. A further £lSra is and activated carbon treatment the report- The speciality blend 

© P/'i.*Lr3\A%3ir9 ia acounted for by chemicals used are included. part of the industry has become 

for flocculation, chlorination and An attempt has been made to increasingly sophisticated as end 
®13 lU-irT disinfection. The speciality blend quantify bulk chemical ennsump- users reek to cut down on water 

<3 # & 1 piR g 53 B 1 a sector is worth about £25m a tion in volume as well a« in value consumption by installing recir- 

^ tkjf 7 A«aJL year and activated carbon terms and indications of current culating water systems; the pre- 
accounts for about £lm. prices are given. The survey also sent emphasis is on producing 

RAPID ANALYSIS of high wax strength and rigidity when all the These are some of the mam contains a brief, mainly qualita- systems that are environ men tally 
content crude oiU has been interlocking flaps are secured in conclusions of a survey hy tive. summary of the chemicals acceptable. 

n r tim* place. Industrial Aids of Terminal used in waste water and effluent In the bulk chemicals field 

‘ l , 'V*' ' X,‘ ,1,. . fri • r-i v n i Compartments between the in- House. 52 Grosveoor Gardens, treatment. Financial profiles of there is 3 move towards hj*po- 

»-n n vr'l-k c,n Xnlnratinn t-in- nor and outer containers are London SIVIW 0AU (01-730 fourteen speciality blenders are chlorite as an alternative to 

Ii wSare? I'nSIn'nrl in filled with sranulated material 528Si. which is published at also included. chlorine for some disinfection 

!: - - S; which can rapidly absorb the £2 _ rooO. Other sections of the report applications, a growing market 

iv ' Vi i.n'rt* Hi-mV ji ci r-inrt corl cnts of the metal vessel in The report covers hulk chemi- d**al with distribution, lerisla- for ion exchange r«ros and an 

r" ' u - f -» sr J ,' i’ni jW ynoni casc of spliisge. T he crannies rais for softenins, demineralisa- rinn and changes in TechroJosv. increasing interest in activated 

_ _ n , _1 _ - - i. 3 ],r, aS cis» *be outer box to ab- tion, pH control, chlorination. Lists are also given of the sup- carbon systems. 

"A'rh the operation now. of a sorh iimacls. 


procedure, rats down the time- per cent. 

taken for system calibration, and !SK is on Orpington 70 wl. 


© PACKAGING 


Norbaisr ..: . 

per cent of '' 

-these, large: 

• MATERIALS rise s • . ' 

Ink manufacturing plant 

ABOUT £Jm has been invested iii W.OOO different colour formulae) ? ' 
build in gs_ and plant by Edward'. t b receive only northern light. SSSaiSS 'Ax/SSSSSSSiSEv-' 


i-ikrri for ih-' samples to travel 
fre.n North St-a exploration rigs 
n j’..: rc'carcii laboratories in 


urd;sr5;-! pacr:aj;n^ .sjsiom to Boc.uii; 


essentia! 


‘'tiaoie on ana eneniica, proaucis national la.v.'llina and dncum^n- _ nar-yrtu 

•.nth a fl^ih point below 23 ration is yfn-od Jo :he oircr ?i-r- © i*s£a A5-WC?fs5k*r3'«ji 

degrees C io be carried on face of the box, it can be trails- __ a 

passenser airlines, oil samples ferred between air. road and rail Sj QpA ArtCfl 

can be in the laboratory for modes of transport with the A* njl IldS-L-V Vii-ol 

analysis within a matter of hours, minimum inferrupfion, says the 

Samples are flown from the drill- company. SAVINGS UP to 36 per cent i 

ing rig by helicopter and relayed «iIih ^.ih^nriall 


Furnace easier to maintain 


Dimaoiga ana Plain, uy wiwaiu receive oniy noruueiu titmrftuhil *' an'- ' 

Marsden Inks at Rotterdam Road, particular emphasis has been ith low 

Sutton Fields, Hull. North- ^ quality control, 

H T^»^rnVi- u-:.* tn research and development, with similar to standard T 

TT,J?t the result that there is a ratio gives fiexiWmy^,ftfer:«iff.M5c-‘ . . 

^f et th^ e ^nrfi?Mfnn°nf D ^vbf S f^ of one laboratory worker to and atlQW-s them tp dp^aVfl^^;-- . 
f - i ^ p »^ Uoa * iJv everv other three employees of play b est sui te d?tD^thefafnrari &- » " 

metal decoration and Irtbp rote ^ eategorie*. . Nor bain 

for paper and board and is said For maov years, the company's wrie6t : - 

to be the first purpose-designed product^ have been preeminent r nf m T - ' ‘ 

ink produc Jon centre in the UR'. L g c i d of me tal decoration “Vf ■ 

Special requirements incor- and it intends progressive -. ..- •*•••; -■'-."r - 

porated in the new works include . development of Its ink range in a t N^TRUM 

a chilling and condensing plant , specialised market. About 40 T- -• T . ‘ •“* 

for the recycling of water used Percent of the output of the new Y71 • 

in cooling milling equipment; faclor> , s t0 be given over to f.Y ^ 

selective gas fired radiant hear- the pr „duction oE litfw inks for " -M 

mg fin preference to ducted- aDd board . 

warm air which would have r ln summer this year it 

created dust movement); and ^launched a new formulation for 1 . v vUX . 

contaminant-free environment Diafiasb litho inks to give- us- - ’ 

guaranteed by specially chosen pr0 ved doss, faster setting and AUGMEN'LINS; the 'eon5idera)*by - 
wall doors and floor surfaces, ■; better rub resistance. A specially range^ oC ch^^rccorderHhGmakes - V 
which are also easily maintamed' formulated UV curing varnish nr -th e ~4fK, _ Bryansi^&JiBfhent'- 
It was important to place the has also been introduced to com- Instrument s ia I favgta^T^tljoXV; ", 
department where ink is checked ' plement the existing range of several- io strmrhentfe' ; hiaitfe .^b^- -- - 
for accuracy (there are over Diacura ultra-violent curing inks. Curken Scigntifid Jnc orpo ta ted. T ' 


-The - BS2W - 

• LUBRICATION <". iwisibfc 

. channef versmna 

Tv"" _ _ * paper speeds, 

Keeps conveyors going 

FIRST COiOIERCL4L bakery the question and in most instal- the 250 mm v.; 

to take a new approach to the lations the links are lubricated StertngwIth tbe.basicBSKf^t- ' 
problem of lubricating conveyor individuallv by band— a nm ^ singie ebaonet macbiiie haatevaii.- ;• . 
chains in bread-baking ovens— -nnsumin^’ t a cb w -hfch one or . two .channela. c^n W' 

CWS Dunfennline — is using a consuming task »hich Ukes add ^ -,:.V 

new spray lubrication- system P ,ace cither during a baking records to expand 

designed by Bielomatik London, shift or on overtime. To ensure arises. The additions rran he -- : 

Much cleaner to operate and maximum productivity during made ; With a 
giving significant savings, to the times of peak demand, it is often. or as.a . factory tDOdificatiob- ; 
user in terms of both lower main- necessary ro keep the chain con- - - All . tlje" . mach in ' *. 
tcnance down-time, lower run- veyors going even though; Hibri-. crystal cbntroJleti stej^ei , ' : wwtm l 
nin? and lubricant costs the cation is overdue. : driving 

spray sy^em handies the need Fully automatic, the- liibVfCa- drive.; .ability V*‘tiTO^ 


SAVINGS UP to 36 per cent in protected by refractory concrete, whereas the fibre lining can be 

fuel together with substantially The method of fixing the thick patched almost indefinitely, 

to the laDOratones by the first reduced maintenance and allied fibre cladding, which incidentally Even a complete fibre relin- 

available scheduled passenger r , An f 0 , , llAll *!1 J,u“ provides an excellent acoustic mg can be done in around 12 

fli-ht. fLOUtamer h«nt^o e ?rt? e ‘u N?irih d f»ian^ harrier - wasperfectedinC ' : ’ llat " :> ' h0urs against several days in 

The system was originally forth? FonSi- and^hlat Treat ration with S^dwelpro. Newark, concrete. Little more than 

designed for the rapid transport | ; 1 ment toduSi« Notts - regular inspection once a 

of crude oil samples hut. says the aCClSIIUSO A major technical derian inno- Bringing a normal batch type quarter s necessary and no one. 

wmp.ni:-. the principle is equally vatlon h« cut the weight of the furnace up to temperature can t is claimed, need be surpnsed 

applies rile to l he shipment of THE WORLD Packieing roof from 9-11 tonnes usine con- ^ke around 3§ hours. The new ‘"to a full-scale shutdown, 
many hrcnlv volatile and lnnam- Organisations top award the ventlonal concrete refractorv FS rotary hearth furnace is There are four models with 
maple liquid chemical samples World Star has gone to Harco- materials to 21-3 tonnes bv clad*- ready to work in little more than normal outputs from 1.000 kg/ 

anywhere in the world. star, a member of the Butterfield- ding 85 per cent of the roof area haJf an bour - hour to 2.500 kg/bour. The 

The package now being used Karvey Group, for its Acitainer .with a proprietary alumina- Maintenance is a simple mat- middle range will typically deal 

comprises a metal vessel of 1 for the carricge of acids. based ceramic fibre. This is cap- ier of replacing worn patches of w '*h 3 inch square forging bil- 

litre capacity inside a self-rein- The package consists of a high able of withstanding prolonged fibre, an operation for the time ! els > and the largest up to 6 

forced fibreboard box. The outer density polyethylene outer con- working temperatures of lJtno b e j n * car r ; ed out bv the maker's inch sc l ua re 


ment industries. 


A major technical design inno- r Bringing a normal batch type 2rS?"ht n i,™ri2S 

tion has cm thf* weicht of the furnace up to temperature can it is claimed Deed be surpnsed 


Keeps conveyors going 


box was designed in collabora- tainer giving nrotection to cn deg. C. and occasionally 1.600 , or .. ino .„ jnp -„ rpfrar More details can he obtained 

tion %rith Trinity Packaging of inner 10-gallon polyethylene de^. C. seruce engineers, inouro retrac- from David Etehells (Furnaces). 

Biggleswadp. be constructed bottle. It is produced at the Onlv the flame tunnels. ''■here tor> concrete lining is perhaps 40 Stafford Road. Darlaston. Wed- 


to maintain a very high tempera- tian sj-stem dispenses a lighl&yn- advancement-. - 1 
tore (about 450 degrees) and, a thetic oil which protects the links available inehjdiag' diart?? 
scrupulously clean oven environ- with a molybdenum, compound iipl.~ Ingarithmtr abH- 
menT *»ven after the ni| has evaporated, amplifiers. . ! 

Most conventional centralised Bielomatik. Gnfrwold ■ Street, Willow Lane.* 
lubrication systems are out of London, SE27 ODD. 01-761 12 1L CR4 4UL (Q1-64S 5l3£> 


from one piece of board, which company's work? in Windover the fibre could be blou-q off by per cent cheaper, it may need re- nesbury. W. Midlands, WSI0 
gives the unit much greater Road. Huntingdon the velocity of the gase?. ^re placing every 15-18 months. SUA. 


Anybody wanting to do business in Asia has a wide 
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There aren’t many however, who can go further. 

We can. 

WeTe a bank with a European background but we do 
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We operate branches in Bangkok, Hong Kong, Jakarta, 
Karachi, Kuala Lumpur, Manila, Seoul and Singapore. 

We deal with corporate business and offer specialized 

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We can advise you and help you make your entry 
into the Asian market go as smoothly as possible. 

We can do all this because we are an integral part of 
business life in Asia, but we’re owned by the seven in- 
dependentbanksofEBIC(EuropeanBanksInternational). 

Our Head Office is at 7 Rathausstrasse, Hamburg. 

And we’re easily contacted at any of the 10,000 branches 
of our shareholders. 


T 




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P.O.Box 101920, Rathaussirassc7.D“2000 Hamburg I, Germany.^ Tel :32144LTdcx:2162228ourd 



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Shareholder banks; 
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Midland R ank 
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I?: -’-— VWnifllc' T^rrftt 24 : .^K 


^ '^i^’S^toy^S^iarifesf . ,24^978 






Fairchild is joining GEC to 
a semi-conductor sibling 


BY MAX WILKINSON 


I iw 

*. ^ 

i 

Lx ^Jf 

Ftceniv 

•<H ■■ 


THE FORTUNES of Fairchild 
Camera -and Instrument Cor-, 
po ration of Mountain View, . 
California, have suddenly 
become important , to Britain. 

For Fairchild’s success in the 
U.S. will bp closely linked io 
the British Government's, ambi- 
tion to build up a semi-conduc- 
tor manufacturing / industry 
capable of serving the world' 
market. 

Fairchild has now agreed in 
principle with Britain's General 
Electric Company (GEC) on a 
joint venture aimed at establish- 
ing one of the largest and most 
advanced integrated . circuit 
plants in Europe. 

Fairchild and GEC will be 
competing with the National 
Enterprise Board's new sub- 
sidiary. lumps, which' is starling 
a completely new integrated 
circuit company with a group 
of engineers mainly from 
Mastek-i» Dallas, Texas. Inmos, 
as yet, consists only of - a small 
group of people in . a Dallas 
office faced -with the very 
interesting problem of creating 
something out of nothing but 
brains and cash. " 5 

The GEC/Faircbiid venture 
od the other hand' has the 
different problem of marrying 
the interests of two large com- 
panies, each with its own cor- 
porate identity and management 
style. Their semi-conductor 
sibling will therefore be shaped 
by the parent companies' pasts 
. as well as by their hopes for 
the future. 

.GEC’s record in semi-conduc- 
tors has been far from impres- 
sive. It failed in the early 
1970s to anticipate the intimacy 
of the connection which is now 
developing between design of 
electronic systems and know- 
how in semi-conductor produc- 
tion. ■ 

Indeed, in 1971-72 it even 
cltised down two semi-conductor 
plants in Glenrothes, Scotland, 
and Witham, in Sussex. - Until a 
year ago GEC was still saying 
that it needed only • research 




1400^ 


NET SALES 

Boott.sm r 


~r:l •' . 


350? 

1300; 

j 25 °” 

200; 

15Cfc 

ipO - 

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ft 








. 1373 '74 75 *7S 77 

LS3yBCt_»wom 


and design capability in semi- 
conductors, so that it. could 
order the components It needed 
from other manufacturers. 

Then, quite suddenly, the 
company appeared to. change its 
mind. It had become alarmed 

by two trends: first was the 
pace of miniaturisation — it had 
been so rapid that complete 
sub-systems were being etched 
on to very small silicon chips. 
Component makers therefore 
threatened an invasion of the 
territory of systems manufac- 
turers like GEC. 

Advantage 

Second, and perhaps more 
important, the companies Vhhdi 
made components as well as 
equipment were, beginning to 
gain a competitive advantage 
over those which ' made only 
equipment. This was because 
companies like Motorola, Hew- 
lett Packard and Fairchild 
were -able to start designing 
equipment which would- take 
advantage of semw'nndncrnr 



video 

tradex 78 


-the European Video Trade Shov^wha'e the worlcf stop 
manufacturers display the very latest in tape and hardware. 

There is a conference, too, on vital tssuesfodrig the 
industry The programme includes: VIDEOTAPE RECORDING, 
HOMEVIDEO, PROBLEM AREAS OF INDUSTRIAL VIDEO, INDUSTRIAL 
VIDEO PRODUCTION, 1NDUSTRIAL& EDUCATIONAL VDEO. 

If s not enough to be in video. You must be seen to be 
invideo. 

HEATHROW HOTEL, LONDON 
AIRPORT, NOV 28-DEC 1 1978 

Ddafetid^etefromKenWsrtonorJanetTriig,VtdeoTradai78, 3rd Floor 
Pembroke House, ^ Wellesley Road, CROYDON CR9 2BXTefc 01-686 7181 


Sponsored by Video. (JJ AUnkHouseMagazine 


Wilfred Corrigan — looking to the 
future 


techniques still in Ilia develop- 
ment stage. Although GECs 
research laboratories have also 
been working on advanced 
semi -conductor techniques, they 
were beginning to sutler from 
not having a close association 
with large scale production 
techniques. 

Since GEC hail chosen not 
lu build up its own manufactur- 
ing capability in semi-conduc- 
tors the best way of catching 
up rapidly appeared to be a 
partnership with a U.S. company 
if any were responsive to its 
overtures. 

The reasons why Fairchild 
was prepared tu be courred are 
less ubvious. It is a relatively 
elderly company in a young 
and vigorous industry, with a 
solid reputation in certain 
areas. 

It has been a dominant sup- 
plier of the very test computer 
memory components madt with 
bi-polar technology. However, 
it was slow off the mark in 
realising the advantages of the 
rival metal oxide ser.u- 
- conductor (MOS) techniques, 
even though it was Fairchild 
which took out the earliest 
patents on this process in the 
1370s. 

It was left to a breakaway 
group of former Fairchild 
engineers led by Robert Noyce 
and Gordon Moore 10 demon- 
strate the tremendous possibili- 
ties of MOS fabrication for high 
density computer memories and 
micro-computers. Their com- 
pany, Intel, is now the 
acknowledged leader in these 
fields, while Fairchild is 
struggling to catch up. 

Mr. Wilfred Corrigan, the 
Liverpool born president uf 
Fairchild, acknowledges: “By 
' 1830, 80 per cent of the world’s 
integrated, circuit production 
will be in MOS." 

.;.1t is generally agreed that the 
industry leadership has slipped 
from Fairchild's grasp and it 
is therefore investing heavily 
in new MOS plants in an effort 
to regain it. It has opened an 
impressive new MOS plant at 
San Jose in the famous Silicon 


NET INCOME 


40-1 


35“i 


tSM- 


□ Extraordinary Crecfit 


mCumulative Effect 


I'.rl of Change in 
30-j.'i — Accounting Method 


15 
10- 

1 

0 1973 ’74 75 76 77 

5MMg MUBCHHI1 


1111 
II II 


Valley south of San Francisco 
at a cost of 545m to $5um. 

Although there is plenty or 
room for expansion at this 
plant, the company plans to 
build a duplicate in the ^ UK 
111 a joint venture with GEC. 
In moving into the UK, Fair- 
child will be doing no more 
than following a trend already 
established by its major rivals., 
including Texas Instillments. 
Motorola and National Semi- 
conductor. 

All these companies believe 
it is necessary to have produc- 
tion plants dose to their 
customers in order to be able 
to cater for their special needs. 
They also have an eye on the 
protectionist forces within 
Europe, and are anxious to have 
production plants inside the 
EEC boundaries. Mr. Corrigan 
says there will also be 
advantages of relatively low 
labour costs in the UK for some 
time to come. 

Fairchild would probably 
have moved into the UK with- 
out encouragement from GEC 
or the Government, hut its 
plant would not have been as 
larae as that now envisaged. By 
1981-82. it is expected that the 
UK factory will have an output 
worth S50m. which Implies fixed 
assets or around $30m. The 
idea is that the joint venture 
will make products which will 
be designed and marketed by 
the two parent companies. 


the two companies are moving 
in opposite directions: while 
GEC is rather belatedly trying 
to move further into semi- 
conductor manufacture. Fair- 
child’s centre of gravity is 
shifting decisively away from 
components and into equipment. 

In the 1977 financial year 
semi-conductor components re- 
presented just over 70 per 
cent of Fairchild's sales of 
5470m. Ciunmereia! and 
industrial equipment — mainly 
test equipment — accounted for 
19 per cent and consumer 
pruducts, mainly watches and 
TV games, brouuht in 13 per 
cent of the total. 

But Fairchild, like us major 
competitors. Texas Instruments 
and National Semiconductor, 
realises that it must move Into 
the computer market to survive 
in the long term. Mr. Corrigan 
says: "By 1982 half of our 
revenues will come from 
business, systems." 

Fairchild is attacking the 
business systems market from 
two directions. First it is 
developing a line of mini- 
computers based on powerful 
micro-processors. At present 
these are mainly sold as com- 
puter circuit boards to other 
manufacturers which make 
them up inro the final product. 
Fairchild docs, however, offer a 
boxed system which is complete. 


ponents to the automotive j 
market, but a recent deal with 
Bosch of West Germany should 
put it in a good position to take ( 
advantage of the expected; 
upsurge in demand for com- 
puier control of engines andj 
other functions. 

However, the mass markets i 
for semi-conductor components. 

like the automdtive industry. 

will almost certainly demand 
MOS-type circuits, which are 
generally cheaper than the 
high performance but corre- 
spondingly more expensive _ 
components made by Fairchild's : 
bipolar and iso planar tech- 
niques. Fairchild still believes 
that its new isoplanar micro- 
computer series may prove 
cheap enough in the long run 
to compete with its MOS rivals 
on price as well as performance, 
but that remains to be seen: cer- 



Wendy Allen — with children who use her music teaching aia 

Music to a product 
innovator’s ears 


SEVENTEEN -year-o Id Wendy boring or hard to understand— 
Allen has succeeded where pro- in or her words, she dissected 
duct engineers and designers so the characteristics uf ilieir 

urn i.u.. .often fail: she has found a way existing activity, and analysed 

tainly Fairchild appears to be t0 predict customer demand them. 

. * — ,u *' w -jthnui simply asking people to 

imagine an entirely new pro- 


Recognised 


Specialised 


Initially most of the high 
volume standard circuits will 
be of Fairchild design. How- 
ever, GEC is hoping that it will 
be able to develop more 
specialised circuits (for the 
television industry, for 
example) which can also be 
produced in high volume. 

GEC’s current interest in 
buying Plessey’s integrated 
circuit operation fits in with 
this general strategy. It hopes 
for a cross-fertilisation of know- 
how between smailer, more 
specialised plants, and the mass 
production factory which it 
will build with Fairchild. 

Yet despite this partnership. 


At the same time, it has 
recognised the need to move 
into the markei for larger main- 
frame compurers. Instead of 
emering this arena with direct 
production, as .National Semi- 
conductor has done. Fairchild 
has bought a 35 per cent siiare 
in Magnuson. a manufacturer of 
International Business Machines 
type computers. 

The need to move into com- 
puting has been emphasised by 
Fairchild’s failure, in common 
with other semi-conductor com- 
panies, to make money out of 
the consumer market with 
watches and television games. 
After sustaining heavy losses 
from its adventure into digital 
watches, the company expects 
to reduce its exposure in the 
consumer market to about 5 per 
cent of its turnover by the end 
of next year. 

In addition to the computer 
market. Fairchild is hoping that 
sales to the automotive industry 
will provide a major oppor- 
tunity for growth. At present it 
sells about $20m a year of com 


hedging its bets with the open 
ing of substantial new MGS 
factories. 

The question for GEC and to 
some extent for the British 
Government is how successful 
Fairchild's strategies will prove 
against the very thrusting com- 
petition uf its rivals. 

After a series of management 
changes during the last few 
years. Fairchild now stands nt : 
something of a crossroads. 
Competitors question whether it 
has the sire needed to make 
an unaided jump into the 
systems business which most of 
the larger semi-conductor com- 
panies are now attempting. 

They believe, therefore, that 
the link with GEC may prove 
in the long term to have a 
greater significance than has so 
far appeared. A close link 
between GEC’s capabilities as 
an electronic systems manu- 
facturer and Fairchild's semi- 
conductor expertise could hove 
important benefits for both 
companies. - In theorj . at least. 
Fairchild could provide GEC 
with the entry into the U.S. 


The end product of this pro- 


imagine an entirely new piu- -ircnki- music i-al- 

ducL with new charncierisl.es. «« J c,r ^ ,aJ " 


whether they 


culaior." consisting uf a series 
of movable rings which help 
the would-be musician 10 calcu- 
late keys, scales, arpeggios, 
chords and intervals. 

Wendv Allen's e Doris yesier- 


and then say 
would buy it. 

As many large companies 
have found io their cost, such 
an isolated approach is both 

fatuous and misleading. Pram- • , „ in thl . 

in- the questions in a neutral day won hei a lup prize m tin 

ss^ra. 

ssrwss “ d ik ~r s r? 5 ;' Fi 

future buying habits arc also understanding of design l and 
notoriously unreliable. A* a the way .T relates to iudtu.tr>. 
result, countless companies have As iT -to emphasise a long- 
developed products which then standing Failing of innovation in 
failed to find the expected mar- British industry, one of the 
ket main criteria used by the com- 

The armver is w dissert and petitioh's Ji'diies is "h**" 
studv consumers’ existing oricmal ideas haw been well 
habits, a ml 0 to identify chare translated into pracucai use. 
terisrics which are inadequately Only six pn^ ...^ k'Vec alio 

-S-'SSo. T ren ^es and 

now being used, for example, ^ere were over oU submissions, 
bv the telecommunications side The five other winning entries 
of the British Post Office, in its included animated roadsigns 
research into potential custo- C which appear to move or 
mer demand for new services, change colour); an electronic 
wan me mu; ~ — j Previously it relied heavily on sunshine recorder which is 

market which it has 1 0Q S: 3skino people “would you use claimed to be more accurate 
desired while GEC helped £ f lhat nev sen .ice if we than one or the most popular 

-« "“'''"'"' oflvreri ij ?*• — and getting uu- models on the market: and a 

reliable replies. printed circuit-board assembly 

, . jja w hicb has several claimed 

Wendy Allen.. 3 lal * D ‘* d advantages over existing pro- 
musician and designer, set out • 9 

to design a teaching aid to help u ‘ _ awarded in 

g&Ar— ** &KSSS 

play the ciannci. sc hoo ls £100 each. 

But she also questioned 

groups of children about which riuncfnnkpr 1 nri»n 7 

aspects of music they found UlITStOpner LOrenZ 


Fairchild to a stronger presence 
in Europe. 

It is not therefore too 
fanciful to speculate about the 
possibility of an exchange uf 
equitv or even of a complete 
merger at some future date. 
Although these longer tenn 
possibilities have doubtless 
been considered, both com- 
panies are now taking a fairly 
cautious new and are concen- 
trating on the more limited 
task of making the joint 
venture successful. 



Business 

courses 


The compleat industrialist’s choice 


Whether Izaac Watton ever 
fished the Usk matters little - this 
solitary angler is only 1 5 minutes 
from central N ewport, the 
development area that offers 
excellent communications and fine 
leisure facilities: 

. With direct motorway links to 
London, Birmingham and the 
North, Newport commands a 
work force of well over a million 
within a 20 mile radius and is a 


natural choice for industrial 
expansion. 

Add to these benefits the 
wide range of sites and a helpful 
council and it is easy to 
understand why so many leading 
companies have re-locatedhere. 

So follow others' success — 
find out more about Newport by 
contacting the Chief Executive, 
Civic Centre, -Newport, Gwent 
Tel: 0633 65491- 


NEWPORT 

where business has room to boom™ 



Sales Negotiation, St Helens 
School of Management Studies 
January 4-5. Fee: £65 plus rest 
dence £9 per nigbt Details from 
Marketins Courses Organiser. St 
Helens School of Management 
Studies, Water Street, Sl 
H elens, Merseyside WA10 1PZ. 

Introduction to the 6800 Micro- 
processor. London. January 8-12, 
Details from Course Registrar, 
Bleasilale Computer Systems, 7 
Cburch Path, Merton Park, 
London SW19. 

Modem Budgeting and Manage- 
ment Accountancy, London 
January 17-18. Fee: £135 plus 
VAT. Details from Eurotech 
Management Development Ser- 
vice. PO Box 28. Camberley 
Surrey. GU16 5HTL 

Managing Management Develop- 
ment, University of Bradford 
West Yorkshire. January 14-19 
Fee: £225. Details from Course 
Secretary. University of Brad- 
ford Management Centre, 
Heaton Mount. Keighley Road, 
Bradford, West Yorkshire 
BD9 4JU. 

Planning and Control in Bank- 
ing. Brussels. January 22-24. 
Details from Management 
Centre Europe, avenue des Arts 
4, B-1040 Brussels. Belgium. 

Employee and Industrial Rela- 
tions in the USA.- The 'ame 
course will be held in Dilssel 
dorf. Frankfurt, Stuttgart 

Zurich and London on Janu 
ary 8. 9. ID. 11 and 1 
respectively. Fee: DM 1000 for 
German sessions. SwFr 1000 for 
Zurich session, £160 for London 
session. Details from Manage- 
ment Counsellors International 
avenue Motive 262, 1060 

Brussels. Belgium. 

The Art of Purchasing 

Economics, London, January 
15-19. Fee: £220. Details 
from Purchasing Economics 
; Pel House. 35 Station Square 
Petts Wood, Kent BR5 - 1LZ. 




CaIN— B 

We can prom 

half the cos 



Good ideas don’t come easily 
And getting the money to develop 
them can be just as hard. 

That’s why if you’ve got a 
genuine technological innovation 
and you need money to develop it 
you should have a word with NRDC . 

Our money and technological 
backing could be yours for the 
asking. NRDC can provide half the 
development and launching costs 
and shoulder half the risk. 

You don’t have to pay a penny 


back until you start generating 
sales. And you stay in control 
throughout. 

So contact the National Research 
Development Corporation, 
Kingsgate House, 66-74 Victoria 
Street London SW1E 6SL. 

Or better still, ring Brian Mann 
now on 01-828 3400. 







16 

LOWiSARD 



BY PETER RIDDELL 


THE USE OF North Sea cil re- siantial current account surplus, 
•ourciis over the last couple of and slay ihorc for years, in order 
rears might urcem to be yet to ensure a major transformation 
another example uf the many of G-.ir external Snancial position, 
opportunities wasted by Britain In practice, the total amount Of 
tn the last generation. But that overseas debt has been slightly 
would be to write far too pro- reduced and the repayment 
mature an obituary- the UK's burden in 'he early IHSOs has 
version -of. the Dutch disease is been cut sirn;ficantiy. 
not yet terminal. Certainly, as But the current account wa% 
1 pointed out in this column un on |y in surplus during the second 
Monday, the upportunity has so half or last year, and instead of 


far been used in precisely the 
way ministers sard « snouJcf cat 
be — to support an import led 
con.sumer boom. 

This need not. huwev«T. he 
The end of the story ever, if— 

10 misquote the old adage — "tie 
would not start down the mad 
from here. After all. North Sen 

011 and nas is expected ?u 

■make a risinc contribution to -*pi ■ 

the current account over the !r.fijl3 ill Drill 1*3 


a surp:u? of £1.3bn originally 
forecast for 13TS Lite re ;s now 
expected to be a fiaOni deficit, 
v.jib a similar outcome rrnjeotud 
for 1979. Tlir« U well within t'ue 
margin of forecasting error but 
it uerhaps significant that 
there has oe*-n no attempt to mm 
for a surplus :te\t your. 


' i; 



Its, 


Town 



- Financial 


BY DAVID CHURCHILL 


SObTHWOLD 


likely to force the price up and pany. Adnams. a family-owned V alike the Scotch "Whisky 
hit sales. And,- since beer pro* and run business, has sought producers, v.-no jealously guara 
duction was being rationalised, to encourage participation the secret of tnetr ingreoien . 


is 


UU\. LftUU If WWi4^ AAUvllAHrvUi 1U ^ ^ g 

it was felt important that beers through profit-sharing schemes Adnams maxes no secret o. - 
“ should be produced which for employees. ingredients and process. 

,. Tur . , . ■ _ . travelled well: hence the The history of the brewery can Mai: comes from East Angliwi 

THE best beer in England. development of keg beers. be back until at least barley, hops from the best fie.ds 

c. m -,A i .1- Seymour, high AdnamSf and its ftBow jnde . 1641. Parts of the cellars date in Kent, Hertfordshire, and 
movement for pendent breweries scattered back over 300 years. The Worcesters..: re. ana L.e yeast is 


around the country, thought origins of the present business a strain unc.-e^.-c since 4«*>- 
differently. Thev believed that can be found in the partnership The supp'y in u£ e before that 


So said John 
priest of the 

more self-sufficiency by growing 
vtiur oiyti iood and someone 
v.T.om you would 
know a tiling or tw 
and the like. 

The beer he was acclaiming drinking public whatever the Company ... 

was brewed by Adnams. a small marketing boys at the big Adnams’ business now covers found just in time; a few days fij 

- - - 7. u-a- rh* brewery was a 



much of Suffolk and Norfolk. later cne .\crifiiB M*wery w?s ; a 
and pans of Essex. Cambridge- bombed and the strain would j 



( 




independent brewery tucked breweries thought 

away in the sleepy Suffolk town And it was misleading to and pans ... 

of Sou tli wold. Adnams' beers assume that just because they shire. Hertfordshire, ana Bed- hsvp been -ust for ever, 

arc famous throughout tlie east were making traditional beers, fordshire, with a large free The water used in the beers 

cf England — ami a good deal they were going to be less trade in addition to 75 tied used to come from a fresh water 

farther away to real connoisseurs efficient and dearer. Adnams, houses. There is even a pub spring half a mile out to sea . 

—for their potency. Broadside in fact, sells its best bitter for in London Wall in the heart and tapped from a well beneath Ado'ams ‘ises no chemical .ad^- a 


v* 

. . . . .. . . - 

Adnams delivers its ale by 

nostalgia to flie:SuffoUi 




tter lor in London wan in me nean. ana tappea num u ocumui: Adnams ises ■•' 

circa? Paie ale. launched to 28p a pint, about lOp cheaper of the City — The Taibot — The brewery. It became, an- tftes or preservatives ana is re*^orce:^r ; i|i^^ 


ci'n’.memaraie the tercentenary than the usual selling price of which sells Adnams beer. 



next fee year*. 

:hr inie-fi Trensur 
net c-r.ir Hurt ion 
?P77 pru-os: 3 -ji/>u.'d rise srom 
f.VJon il.i? >ed;- to £5. Thn :n 
11*40 and £!>.•>!:' n in i9S5. 


Still time 


fuiure net 


The size - 'f the 
benefit iiiean.-j ib.it 
iline 10 make deumons jr.r.ui '.he 
■j-e nr Ihe •‘ii| '.vnatL-ver r.M> 
have bapoerivd ?o ur. One sulu- 
linn would he to en.-ure that the 
public it«e!r I »■: ;he deci c inn 
jv partie:i>.*t:n-’ in ?f,me kind 
of North Sej equ.t> stuck, as 
.idvocatbd by my co;i ensues 

.Samuel BrHlj.e and Barry Ft- ley. 
Bui i»uch a v.-hei;’.'.* sueiu. 7 ;o <»e 

beyond the :.i:ac;narinn of Iioth 
T’ljitica! parlies and •r»on though 
:h;re sii'l time to i^«ue ^ueh 
a -lock I will CfiiCCVil ra- >:• on the 
;nore con vcnti *.ia; opitonr. 

The pmni 'h'luld. 

hov.ever. oe ’hit I he ilc.-ifUm- 

explicit ru'h'.-r than implicit 
j-nd that •!>:,-? i- - regular public 
re'-ie-.v- i.tf r.u-v the ml ha*, been 

u-vd. Thi- i- ir.ciUttbly rattier 
an 6rtitji-:a! !-?e nut isolating 
tile •-.•> J and ;.••> doe? at least pro- 
vide an opportunity to look at 
The balance o r pohetc-i. 

There is no ’■hurlas-: "f nir- 
pe-ition?. Whiie the ciaims nf 


According i>> 
esrimate.>. the Some m<T--ian--'ts v.u'ild arpue 
i at cuaftani that the tmihurMius tannoi deter- 
mine the '■yrrsnJ account nut- 
iOilte and th-t xl! they can cm 
: u i : i : I u o :i • e he ex-.hange rate 
iiy their monetary policy. Thi? 

-oems too e::"renie a vU-v.-. v.-lrk* 
;t nicy :-e :rir- j that ih; main 
initial effect f any .■'Iteration 
in fiscal and monetary I'oliey 
there is si ill on the excite n-te rale ii:ere 

a Lo oe a atl im pa . l on a; 
lea«l !■■.> dir"! ’Kin of :iv; curre:*; 
a*. coani. Even with ini? qiiali- 
ficatiun it ,i :Nr from --lear v. hat 
any oxterr.»i financial poli'.y 
should ue. 

Thi'. r?.-ue if d«iu«vc<! by 
ChrisTnoher .lo'.inson. the e.-na<i- 
inic ad - . i?er t’ 1 Lloyds Bank, in 
the «.»«o.>er number of Inter- 
national Affairs, the Cnathant 
House joern-i. He argues that 
Brirain'*: i.urnrt an -viru ~h*i;ild 
morn or Ic?- iv-I?i-i us decree n r 
r»i 1 sc! i -sufScieru . reach 1 1 

equ 'librium t'mtu lflSU. and 
?urnius in the first b?!f of the 
19S0c at leasr. This '.votiiii tit 
-.viihin an over.. II schvnv for the 


uf i he Battle of Sole Bay. j S bitter produced by the big Mr j ohn Adnams 
jus-Jy tlewnbed by Adnams as brewers. pre5e ’ nt and managing cc “ s 

of knee-snaking strength. Being relatively small pro- director, and one of the PJ, " ri 

AO njm? i; one of the handful ducers, breweries such as present directors. Air. Simon 

•ji' mikiI! in«icj*eadenL brewery Adnams are able to pay not only Loftus 
companies in Sritain Lhat have more attention to quality con- an( j 
nr: no seu to survive through the tvol, but also to industrial managing 
dark days of the 1960s and relations, 
ear!.*' i&70s when the giant Many of its 100 

bn-,. >:r: companies were gob- employees have been with --- 

*:I:ny up every brewery in sight, brewery all their lives: two “you can’t beat them, buy locally. Ann every day a locak lt is sola in 

The argument was that produc- brothers. recently retired, them" — the company brought farmer collects the spent grain sometimes 

ln^ -r.-.-cidiised beero in .small between them completed 100 in a scheme restricting the — rich in protein and vitamin D broth." 
units was grossly inefficient and years* service with the com- transfer of shares. 


encroachment. ■ Adnams make " five bottled 

;itipies to .five -beers.' and two draught (not iwa 



— and feeds it to 


tjtps” and 'is cheaper , 

caUed 4f lunatic . Even sb,-t v . 

; : -. around V 

his cow$- - Adnams is not slow' to adopt a pleaSant^tf 


y.-fiS.-n-ni-jTr.-'i ..-• 

I-"':/-' . 


Ire 1 


Abbey can stop 
9 s unsuccessful run 




current aceoun 1 . o'ljeciivei of 


advanced, det eloping and oi!- 
proc'ucing cuuntric?. 

If this did become the 'jovorn- 
tnuni's clearly stated r.hjeeii'e 
there would ia: ronni both for 
some net repayment i-f o-.irsas 


a > ncst:c consun-.'ifion arc all um deul and. more signlficaritiy. an 
srjnarer.t. ihe need fi-r ; cl«-.ir!y i~' "Pa?e in ;h- t'K> rc.-er-^a- 
defined externa 1 financial police in 1 estmenls. The relalion-hip 
h.v- so ia r neon ; e-« firmly *?«ta I >- iiei'-.^en e>:= hanye n. nmols. 
Ii- hed. ! n partiniar. !h? one a capital llnv- j.nd the e::;-hen?e 
tmn of how far the Cnverninenl rate !•; noi a? -iraichifonvara a> 
should try •>» pur-ue specific is often .-uppn.'Vtl. Su 1 . a freeing 
current or capnal ucc'-in: objec- of eonrrnls lo permil iho exnan- 
tives his hecome riluiTcd. ?ion of Britain'? overseas j--sei« 

In January last year, for *<- ha- a s«ron;- • lai.n on fiuurc 
ample. Mr. I'ordon BichaH'-nn rei-na? as an ideal v.vy uf not 
said the i.'K. t:i *:» tn dehei:. fr : t!*. nn; away the North Sea 
should m<-.v nio vi. r. si:u- opfonuniij. 


THE FEW Irish houses lo have I shall be more than mi idly this, the opening airernoon or 
tried lhc:r luck in England and surprised if he cannot concede Lhe Hennessy 5ieeting. is the 
Scotland thi> season have met U9 lhs to Majestic Touch, who day's top race — ibc Oxfordshire 
.vi tit l.ttl-f success and it will justified good support at Ludlow Chase. Here ti*e Locally trained 
He intercom? io see how Jim last lime out with an easily Saxon Hoiue representative. 
Drejpor'i ilanvci! Abbey fares gained success over Wild Chorus Anthony of Padua, will be trying 
in Cli-nfivld Opportunity and Love joy. The only other to extend his winning sequence 

CH.rte ai Newbury. runner. Organised Confusion has to five. 

Wnh three wins already, the been 'running well but in modes: Fulke Wa'wyn's much improved 

brown should not he too comuany and could be out of his 

hi"-f.l orcHed «o continue his depth. 





ttERTAI NMEM GUI OF. 





pruti table run. 


younr chaser seems sure in tnaite 
ii bold bid. 


BY DOMINIC WIGAN 


Following the Clan field Chase, 
there is another three-horse 

event, with Valiant Charser bid- 
ding to concede weight m 

Perambulate and Catsgore in 
the Jaeky Upton Chase. 

A consistent sort, the «even- 
year-old will probably start a 

warm favourite following an Yn- 
H -.rwell Ahh.?y gamed hie last cou raping display on his 

vic'.’iry with j conitonable sue- rennpearance. 
i-i-ss over David Bell and seven He may well justify bi? nosi- 

o:hers :n a 2 l -miie handicap tinn. but on this occasion I 

ritis-e j! Down Hoy a I on believe the concession of 3 ibs 

N'ij- h^Vii.t to the more experienced Peram- 


N* EWB.UK V 


J. 00— 31c Adam * 

1.39 — Harwell Abbey * 
2.00 — Perambulate 
2.30 — Anthony of Padna 
3.00 — Firs Park 
3-30 — Hurakac — 


cc — "n*M l k *.V« Ktttl -«rt»-n netfit 

cj.-jt ov ac:";-« =r i: ne Bax OBKt 


OPERA & BALLET 


CU a -IS£UM. C:h‘. C.WOS. CM -2 JO 525B. 

Rnfnra-jo^s :i-G3S 3te:. 

ENGLISH NATIONAL OPERA 
Ts-.-; : 4 |J. -ex. 7.10 MMani Butter- 
nv. rener. & w«r N«f 7JQ Tl» 
y.«nno of Flcars. V'jr. -«t 7-00 Tin 
T*ne,.n5 E wrftoe gnoi nc 

a:::r:i3-; Tt.;. ■ a visit to :Uo CoitSM)* 
■s tsso-T.*; u T^:. ICj Blrcanv lc>B 
-y a*: s;-fs. »r:r.i-lfl.OO on daV 


THEATRES 


GLOBE THEATRE. CC. 01-J37 t59Z. 

E*BS 9 15- Wrt. 3.00. Sal. 6.00 '. B.40. 
1 Pa“L EWJINGTON JULIA MCXENZIC 
* BENJAMIN WHIT ROW 

ALAN AYCKBOURN'S "Now Comerfv 
TEN TIMES TABLE 

"TIi'S most be Ww Iwpolesl laoBfiter- 
mafcer In London.- D. Td. An rtT*«*St- 
atrfv enlovibk? event n®.‘* Sunday Tlirwa. 


GREENWICH THEATRE. 01-89B 7VSS. 
Evenings • 8.00. Mat. Sat, 2.30, Until 
Nor. 25. Siectiame Hexham. Daunt 
BnrU.e. Su-an Hamoihire. jerenru Irons. 

From No* 29. SEE HOW THEY RUN." 


■ HE ROYAL BALLET 
7:r : 4 Vae?. 7.“E .** SvlA“..d» Birtn- 
ojv Ot*e- 'B Ji» Ca cr-nar. Mon. 70M 
7>-f E saury. 

THE ROYAL OPERA 
To-n;r. A l^s. 7.03 L'AtncainO. 65 
apOi- s**!s a»a.r. for ail ner**. from 
13 in ‘in mt e* ;“rt. c.nldrrr»4 Oocrx 
XT 1- Fan , E-tcrta rment THE 1WO 
FIDDLERS ?j:*r mukki Danes. Dct- 
27. 2i R- S =~. Dec. 25. SC. Jan. 1. 2. 
2 J. 5. S s: 2.20 6 5 an. Jesnctettz 
Co.-nrsn TH Ten. £1 .50 frm Roval 
Crer* House "Posui srivi. Send SAE for 
oe:«.!l ts Marii:--; OeoL 


Fred Rimell’s McAdom. should 
Aiihmi^h the fnrin r.r thut bulate may prove just beyond have beneffibd sufficiently from 
D't-vn Rnja! event mat not him. Last time out the David bis first outing to land the open 
umouni 'o much, ihe sev#v-yeat- Barons-trained Peranibulaie. a mg division of the Freshman' 
old '"ult! do no more than win cnnr.se specialist with four Novices Hurdlei while in the 
i»rd there seems little doubt that victories to hrs name here, looked second division. I shall be reiy 
be .iil! be seen tn even better set to win but tired one fence ing upon Michael Jarvis*, 
od v an icy 6 over this additional out. highly rated recruit from thje 

naif mile. A third three-runner event on Flat. Hurakan. 



? Indicates programme 
black and wh Sk- 


in 


BBC J 


10-90 am For Schools. Culleees. 
10.43 You and Me. JI.H5 For 
Schools. LolJoavs 12.43 pn: New ». 
1.00 Pebble Mil!. 1.45 Heads and 


T.fk'i T :tr. .md .terry. 

7-10 Sl..-r Tre'.;. 

R.oo Co'flj Strai. 

*.30 The Liter Bird.* 

0.00 Now* 

0-2.1 Target. 

10.13 Tonight— -In To-- n iLoncm 
and •SouLb-E:.?i». 
v 10.3(1 The Laic Film: •■intruder 
in the Dust." 

All Regions a* Bllt-l c.\ceri at 
Ihe tnljnv.-ing timri; 

Wales— 1 1.05-1 1 i*. .-.m For 


Northern Ireland — ::.33-3.5.1 pm 
Nn-: hern Ireland News. 5.35-6J0 
S.-euc Around Six. 10.13 Rhap- 
^od;. in Belfast i Profile of Barry 
M'luela*. Youne Musician of the 
Y-.vr linaiisii. 10.-15-10.50 Regional. 
Aaiicr.d .Wii-js. 

f-'n..'lar.d— pm Lnok 
K.J.: fAvmiciif: Lank North 
i Lewi-. Mi t: Chester. Newcastle! : 


'Jid’iiTd-, Today (Birmingham!; except at the following times: 
P*:.in*s V,\-si i Bristol!: South 


10.30 Police 3. Emci« rtole Firm. 7J5 . Mind Von 

lh in Cnin LaiAfiav. 10J5 K-r«n Fa Ira. '11.55 Thi 

iv ,A t t , Friday film: •• Hu- Mmnlitfnc.* " rarr.rr 

11-10 The London Procratnine. Fr<1 .j M^iurray aD5 Barbara Sian*-;-'*. 
Darid Nissan jnvesnsate« htv cvmru- wales— as htv G>n*roi 

the pressum tliat Lloyds of S?mr-» rv.vpi. uo-i.25 pm p^naudau 
London is now under. U7,f. 

12.10 George Hamilton rY. lies oauaok. ius-iajo' ain Th.- ■ - uu; 
12.40 Close: Painung by Renoir sid.-rF. 

with music ' by Cesar htv west-a* htv «r»eni s-.-rv^ 

Fr-tnrk I'.wpl: L20-L35 p m Stpnrr Wi-Sl Ht2d 

Ml re A Regions, as London ^ ^g^oTTISH 

1-25 pm Aeirs and Bead F..;.->or: 1.30 


Today (Snuthampron): SpotHeht ANGLIA 

South West (Plymouth I. 10.15- US pm Analla Nev«. 2.2S Friday Film fj' v r? ' ” 

J . Znt MPilm-: - nor ToviQ." 505 Happr Dais. »"?. D J l “ T ' 1 

MO Ahum AnaUa. 7J0 Father Dear **•'• Mr. ! ind ..Its. LM Rcu.iaad Tc- 

irdy Father. MJO Pi*ibe. 1L00 FrMajr Laic tlar - 6J0 Eaimc-rd«ie Farm. I3J0 .13..S 
-Up fhS: SciS of CreaorT “ Aa^ns and ^.Mru^UJffl iniemanonal Oiriins 

Newcastle I J'^c Chrlsde. 12.4B . am Women Who 

Ian- JU " er - 

SiUth A TV 

Bid! ijo pm ATV fleuradcsh. 2-25 Mono 
Pcnin- Maruiee: “ In This House of Brtde ” 
jj[ e grarrin^: Diana Rigs. 5-15 Happy Da:s. 

‘i®, A T V ’ T « 1 1 a ' n - L” BlncV.-r. 5.15 Lj*erne and Shirk!. n.M 

Dai hr Day. 4.00 Scene Soiifij Fail iSouih 
Tto» siarrms Joan Crawford. E _ sr An , a , jao Our nf Town. 7.30 

ROPHCP M.nd Tour Lanfua^x. jUL30 Weekend. 10S5 

_ _ Thi- jomhrrui-n,. 11X5 Souibvrn Kcws 

, TUO pm Border News. 1 13 Matinee: Extra. *iis Soap. LL« The Laie. l«c 

TJie of Charles Dar- ^ 

Way. MO Loofr around Friday. A30 

TUusuBunyjU. TJO Mind YourLamtiia^ 9JS am Th,, Gw d Word follows hj 
0.10 LUlk. 10-30 Winicreoon. 1LQ0 ^ on h Easi News Headlines. L20 pm 


•Jnv 



Sourh-Eiisti 
f»-2u Nntfonwide 


talk*!. 1O.43-10.5U 
N'a lion a I New s. 


F.T. CROSSWORD PUZZLE No. 



ireen 


j.i- 


A CROSS 

1 Placmj the shat on the 
1 7 1 

5 Most returned and ran 
side for support (T.i 

9 Praise part of next Olympics 
■ 5) 

lfl Astonished by a quarter fold 
f 3-6 1 

31 All love people in nee and 

piOt (&! 


4 Solemn measure often encom- 
passing the church (9) 

3 Flower of Nolls? lii) 
t> Following L'ne majority and 
being stern f 9 > 

• .Scorn and goad Pole f5i 

5 Creaie space lor wbai .road- 
men do l'4.3) 

14 Whal doctors provide to set 
at me in S down (9) 

15 Dye making bird sore ifi.HJ 


12 In vigo rale soldiers when re- 17 closely defined us_ pipes 

turning wnhout gas i 5 i trusts may be ( 4^o ) ^ 

13 Precise but wilhimi decree 3S Uvercoal for wan child (/i 


(5'f 

Jo Science likely to disclose 
stray moon'.* 1 9 1 

IS One who feigns lo be a 
claimant (9 • 

19 Unit of the Marines? (5i 

21 Inclined to include' Hie 
French worker f 5 » 

23 Constellation that's sublime 
to endure {5.4 i 

23 Show business — just? (5.4 1 

26 Dimension with initial depth 
inside (5; 

27 Scene of operations and per- 
formances |7i 

2S Ridiculed free act outside (71 


and 


20 Charmed unusually 
moved like .soldiers 1 7 > 

22 Stone a crowd (5'i 

23 Break ihe .skin and eat (a) 

24 Does it provide a pull in 
Blackpool? (5> 

Solution 10 PlI7.7.lc No. 3.830 


the 


DOWN' 

1 Talk funljshly about 
Spanish clergyman 1 7 • 

2 Bird IMi cut incorrectly ana 
tickle (9* 

3 Land that is leased 1 5 1 



IniKiTiinona! 
.hwhliGhin rrom A-r lec Riak». 11.30 Law 
C iU. 1135 Riubi-.- BrwStvIoian. Prtvaw 
El-*. 

SOUTHERN 

. 130 pm S-juihern Nows. 2LOO Wom^n 
Out. 2.25 Thi Fndaj- Ma;!nw. "A 
Woman for Charlie ■' Mamn- Dan 


BSC 2 


11.00 am Play School (As BEIC-1 
".S3 rmi. 


■»:n. 

7.K0 Schubert I797-1S2S. 
7 vft Mi.l-Evcnmc News. 


Bof " sun-ins Julian iWsuksco. 

TYNE TEES 


7^5 Delia Smith's 
Course. 

s?m Oiuntr 1 .* Came. 

V.'esi mi lister. 
9.no Ritiierfiies. 

!*.-!! Hor'JEOR. 


Cookery McCtond - li40 BonIer N > v, ' s Summan-. S(irTj] Ejst x. ws an-l IXWKamind. +125 

»'» r A KnkTi-i Fnrlac Msiin.1-' * Camll-al " slamn'i 


rUAIMlVn Fnda5 Maiinw: 'Carnival" slamn'i 

vn AMI’ 1. 1 . Sally Gray and Michael W'lMins. 4.10 


1.18 pm Chanm.'l LunciLlnj- Nenis and Cannon Turn;. 5-15 Mr. and Mrs. 6.00 

What's On Vfhcre. 1J0 Kirs AW. 2J!S TOP Nonhi-m Life. 6.3S SporrsrOnc. 7J0 Mind 

Kridar FUm: " Jolsoo Slnas iVgaiii.*' 5JS y uur Lancuac.-*. UUO The Friday Film: 

Emmerdak Farm. 6M Rcaor, at Six. 635 •• The Kliii Visitor" starrim; Mas von 

,.,4.1 CnunHc j ;t n PriW-ju- 1 Thc ^ ,5jands - 730 BvmJ.’. 1028 Srdo'A and Trevor Bernard. 1L3 am 

lUJII .Sountls Like i*ncJa>. Leo Chamul Law \e«-S. 1032 The Lai..' Moils: Ebllosuv. 

>?yer. “Tlw Mind Bonders." 12-25 am Nows add _ „ 

10..“') Laic Npms. Weather in French. ULSTER 

11.05 Schubert 1797-lSi?: Pi3no ftp AHfPfAY L20 pm Lunchtime. 138 Roll Kirris. 

rr^*it'il VIA/VITI 1 lr\l> 2 j 5 Friday MaUiuw: " Guns of Darkness ’’ 

11 *i Closed p-vn (Readln ,T ) Flril ThJns^La pm Gramiiian KamoB D.Kfid Nii-on. Loslle Caron aud 


LONDON 


..ou-s Headlines. t22S Frtdar Marine: Jam.«s Boherlwn -lusilcc. 403 Ulst-.r 
•• Fanny by GasHjihi " siamnt; Phjll* N.-ws Hondllo<-s. 5.15 Mr. and Mrs. 6.00 
Calvert and James Mason. 505 Ettuner- Reports. 630 Sponscast. T30 Als-td Your 
dale Farm. 6.00 Grampian Today. 630 Lamma^c. 1039 Friday Klim: " Tesbniony 
t-tn nm linhonie Prnfmmmw ,n,L, Mu P wft show ' 7 -°° Welcome to Ibc of Two Mm." 1135 Bedllme. 

, r .f " Rl .bennnis Programmes. Ceilidh . 7.30 Mln.1 Your Lanauasc. 1039 

11-4 Beany and Cecil Cartoon. Reflections. M35 Points North. U35 WESTWARD 

12.(11* A Handful «>r Sonus. 12.10 The Entertainers: TannahlU Weavers. 1135 om Cartoomlme. 1227 pm Hus 
'll!! Pipkins. 12-*Jfl Three Lirtle l 2 * 5 “ HramaUu Lain XUm Headlines. Hoaeyfcun’s BirJidnj-s. LOO .W..-si Hard Metis 
tVlird .. l.iMI Nc plus FT Index. ° “ ue “ Cl} ' Koai1 •'■■port- Headlines. 138 First ACL 2-3 The Friday 

i '>n Th^ma. Vv,"v' t TO Farm- P. R A N A n A Film - " Jolson Sines Ajam ' starruic 

1-.1 ir'-n« - v ,'r UKAPiAU\ Larry Parts. 505 Emmerdsle Farm, tao 

hou^e Fvltchen. 2.00 iUoney-f.o. IJO pm TTiK rs Your Risht. ua The Wesmard Di2n. 635 Time t.un. 730 

Riiumi. 2.25 Friday Hint! nee: Amamw World or Kresldn. 225 Friday P.-rnle. 1028 WVsrw-ard Late Nm. 1030 
“Tif-rsd^v's Game" fi-*r ; nc Gene s ia ,iD ce: Rotx.'n Yauslm and Dand The Late Movie- "Thu Mind Benders" 
MV Map i"n.l ftnh \>u'i’-i'rl jic McCallnm lu "One Sor Too Many" siarrlnc Plrk Ro^arde and Mary Ure. 
M.uer and Bro ,c« najL d.l5 . li.N.C L.E. feature film.. SOS This Is 1225 Filth for Ulo. 

Raven- 4.4 j M.TJVJe. 5.1a Thames Your Blehl. AM Granada Report* 630 


Spot 

5.45 News. 

Thames at <■. 
Emmerdalc Farm, 
7.OT The Sluppet Show. 
7.:;o Sur.fi va I. 

KfTf Generdl Hospital. 

fl.00 Vecas. 

>:e>5. 


Kleh-OIT. 730 Mind Y.mr Lanitiiadv. 1030 
Reports Extra. U.M Friday Film: Susan 
Ceorxe in "The Siranac AJair." 


HTV 


YORKSHIRE 

120 pm Calendar Nevrs. 225 Friday Film 
Matinee: " Guns of Dartnesa '* warrinz 
David NIvnn and Leslie Cnmn. 5.15 Sam. 
6.09 Calendar ' Em ley Moor and Belmont 
120 pm Report . W-st Headlines. 125 editions.. 6.J5 Calen-iar Sport. 7.S3 Mind 
Report Wales Headlim.s. 2.00 Women Only. Your Lan^uas-. 1030 The Man; Wives 
225 Thn Friday Film: "The Spirit Is or Patrick. -U. 00 "The Lady in ih<? Car 
willing " «amng Sid Caesar and Vera with Clasu.-s awl a nun " stamn^ 
Mllus. 5.15 Lavcrnc and Shirley. 620 Samantha Egpar. Oliver R'?ed and John 
Report Wbsl 635 Kruort Wales. 639 McEuery. 


BBC Radfs Hew Wavelengths 

JI 

1 

2 


-5 losa-Hi-rasm 
I SOXfiHl/ttm 


J lB5kHz.'M7m 


® OMiSvhf stereo 


695VWi.'?J3nt 

& ES-'lvhf stereo 


200k Hi 1500m 
& 92-«vhf 


BBC Radio London: 
149k Hz. 206m a M.9VU 


Capital Radio: 

15n8k Ha, 194m & 952vtif 


London Rroadcastlin: 
1151kHz, 251m a 973vtf 


tlir Cnnsclenn: nf [he Lawyer ‘address hy 
Kvdni'S' Kenlrldael. 1025 Music Now. 1130 
Stonos on J iSi. U-4S News. 1130-1135 
ToniKht's Schubert Sons on record UWKJ. 

RADIO 3 VHP ONLY— 625-730 pm Open 

Cnlrcrsjty. 


RADIO I 

fs) Stereophonic broadcast 
i Medium wave 

5.00 am .Vi R3d:o 'J 7.C0 Dave Le Trscds. 
9-00 Bji.s. 1131 Paul Burnett, 

2.99 pm Tony ClavWl'irn, 131 Kn! J.-n jen. 


RADIO 4 

620 .NrhY BrteOns. 6J0 Fanuiiip Today. 
625 ShJnDitu: forecast. 630 Today: 
ManAzmi-. mcludlne 6.65 Prayer for the 
Day: 7.00 and 84» Today's News: 7.3C 


2-05 am Brfan Matthew Introduces Round a rtf 8.39 News Hezdllnes; 7.45 Thought for 
r.-kJnUht. Including 12.00 News. the Day. 835 Yesterday in Parllaniont. 

R AD IO 3 . 9. S3 News. 4.05 Baker's Dozen (Richard 


Dak. r with records'. 10-09 N'-u-s. 1Q.GS 
From Our Own '-'orresiwuiletK. 1430 Daily 
635 am Weather. 730 News. 7.B5 Ov-r- Service. 1035 Mornln- Story. 11.00 Down 
lure isi. MO News. 84)5 Moruine Concert Your Way. lltffl Annouimmenu. 1L0« 


1 “ 3 T “ d | nday kS^SAow .irtE 'S’- *-0® 9 -“ 5 Week's Camwser: Listen Wim Motlter 12JM 12.02 i pm 

cVtwe Fudwj lUmskT-Rorsal'ov '*>. 1030 BBC Scottish You and Your*. 1221 Mr «!■«■«* 

* io -*• - SjDtpIlonr Mn-hcstra iv. U20 Yoaw WeaJlK.T. oniaramcii.' nevre. LJOTV; World 

RADIO 2 


Artists Recital is*. 1235 pm MlddAF Prom at One. Lffl Thi- Archers Laa ShlnDlns 
part i: Mean. Mendelssohn. Brtrtm w«. forecast. U Otn 2JI2 Won.an a Hour. 
5.03 am K.-wn summary 5.83 Tony UN News. 135 I'layhiil is*. U> Midday 338 New's. 335 Aaernm TTftitftrt- OM 
Or j ulun >m in.. lud:n; 6.15 Pause fur Pram part 2: MourL MendeUsQhn 'S'- Ne*»- *35 Boliom RHitil-Hmul ConK-r: 
Hi jn-.hi. 732 1-TIT tVoc.ni «s. ineludlnc 235 Russian Musi.; for piano hy Sniper. " The Times “Hiinin. 

S21 Haring Bnlli'ti'i and 8.65 Pans.' for Prokofiev •*!. 2.65 Delius Afl [ Knew Him: 435 Siory Tlmr . 530 PM. >cts nmiuiMnc. 



■ii-Ju lir.-- 2.6T .u:«I 3.15 Spons D-sk. a 30 <i only from «.»i «J0 N«w«. J« Any 
We^_..n.,n' a'j'J:, 4.i5 tourt* D.'rii. 6.61 Horn..': r.nirto uuileUt COUdUcU SdujjRTtB * * ?n thr plighth 

■I.iiii, Dunn i.-.- iu.:lud:n^ 5.45 S.^rts D*sfc. " Creat " c Major Symphony. TJO The scope the Enplish counrrr 

6.65 y.-inrt.s fJi-jk. 7.02 SeaUUle-e Tltpi; tn Art of . . . MsurlDO Pollini to). *30 house. 939 w.tfjur. 1030 Tho World 


6.04 S.in.-.N UWK, iMZ heaUtnee IWC m - 1 *" nu.w;- ,- n- n ri, n .j tn « tm. 

IV Radi" 2 HaUroom 'S'. 832 f-'rarh Cliknt Sjmptiuny Urchtsira 14«J tjwa Frtdaf LLOoT ills 

.-line!- li Id ■’(■uducis -h.: BBC Radio Its Home. Concert, part l: Btodw.-«£. /^n «7f°u :«■ u!™ T Sw 

i Tclierfra -j- 8.45 FriHuv Kudu Is Music Bocheriru isi. US lmoresdons of 

.s. «.m SiHtrre D-.^k. U.B Susimri 'UUR by John Sparrow i. 925 Concert, pan inP^WL U-65 Just BtJore ftudntsbv. 

iSSS 9 


Vuur Lik.iI. U30 Let's Co I.aiia. 1132 


ilcndolssahn. 1 0 .05 South 





SADLtRS WELLS THEATRE. Rosebery 
A'.f . E l.', eir 1572. Erp. 7 .30 
LONDON CONTEMPORARY DANCE 
Tc.t :.v. S. T-t .C f-m. Waterless ' Mathod 
at SMrimir.inri Ir.str-.-ciioii. Scrtblan . Prx- 
ledes sr.d SU-tfics. Class. Tim im WM. 
Soains- Sela Ride. Rainbow Bandit. Thor. 
r.c»t t: Sat FortsL Wfecn Summer's 
EreaLV Box. Mass. 


HAYMARKET. 01-830 9832. Er». 830. 
Mats. Wed. 2.30. Sat*. 4.30 and 8.00 
■>«». CERALD1NE Me EWAN 

CLIVE. FRAN C15 ' ' 

NIGEL STOCK . 

PETER PAUL ■ 

BOWLES HARDWICK 

and FEN ELLA FIELDING 
LOOK AFTER LULU 
by Noel Coward - . > ’■ :■ 

with GARY RAYMOND . 


HER MAJESTY'S CC 0t -930, 6606 

Eras. 7.30. Mats. Weds, and Sat. 3-00 

THE NEW MUSICAL = I 

BARMITZVAH BOY - .{ 

•'THU stunning prwJoctlon umaueir. ; 
• enjoyable." F. Tiate*. “The mnnleK 
musical aro und bar none. S; ; Mirror 


'HP- • • L. a 

^EATRfS ^ 

■: T. CC- " ' ~ . 

“p??BESSHeP^ ; 

Vfia ' 


ROYALTY. 


• El _ 

: BestXostotTof 

Tel- bookfhBs oecmeatL : - 

cards, ■ Rastsur^ft T6SI '3 \rJ05- ■ 


iTtiT IflEAlIU - _n , »'-6 -> . - 


by^Bcian -Clact, 


. LAY,' 4 'IM.Ge.Y0U TOj-SEE-^.'V .-- -, 
Guardian. E«w. 8.001 We£'. 3_Dor.5uS. v. 

6^5, .aqsji SJZi- ■ i. .j.: 


.. -,CC. • 1.. 83S 6S86W7. 

SE 4255. Opens D«. ZO imCI jfK,1$ . 
JANE ASHER. NIML PATRICJC.fa -I.' .. 


SHAFTESWHtY 

83E ~ “ 


Din/ 2" aAd 035. Prka 

- - 20...2V^jMy 


Rodeoed price-on Dac. 20. 

... . - .■ TQ1T.T- : 


i: STRAND. . 01-836: 2860; l 


.Mat. TiKir*. 1.00. sacs. 

• - NO^DT J»LEASE — . 

WE'RE BRITISH • 

: london's- lonoest jaugh . 
OVER 3.000 PERFORMANCES' 


st. marti rrs. cc trt-ses t< 4*. 

ESOT- 6-00; -Mittnenlf TtHfir. Rtfsrsanc 


•i:- 


-Coliseum 


5-OOaM-etfO. 

LTHP 


..-■AGATHA. CHRIST It'S 
THE MOUSCTRAEl • 

WORLD'S LCmGEST EVER RU6T .- " 
'■■••• 26th ■ YEATt' - . •- 


THEATRES 

A DELPHI THEATRE. CC 


Ot -836 7611. 

anon r.st a: t.jo 
M ill Th..-wsay 3 C3 Saturday 4.00.'- 
An Enchanr.-s New Musical ■' . 


in: . , — - 1 

BEYOND 
THE RAINBOW ' - 

".*iEPE IS A HAPPY FAMILY SHOV»;!r 
T-.e T:m«. • 

"BOUND TO . RUN FOR . EVER."' : 
i.ei np News, J , 

"SUNN f TvN£?y. A-W 
SPECTACULAR - 
Oa.l* Te.asraph. 

Credit Card aoeklnss Cl-d26 761 L 


KING'S ROAD THEATRE. 01-352 7468 
From Dec. IB Dly. 10.30. 2.30 and 4.00 
THE ROCKY HORROR SHOW 
DON'T DREAM, FT — r SEE IT-. 


LYRIC THEATRE ' • CC 01-4W 36M 
Ew . 2 00- Thnrs. 3.00. *&*£* ?:*> 

PCoivRIGHT^-^— rmLAY,-.-. 

DIRECTED E EY U ra<v1fcO ^SfIrEU.1 
"TOTALTHIUMFH.- E. News. ."AN- 
EVENT TO TREASUR£:-VD. MU , 

IT FILL SHE LYRIC FOR A HUNWIEO- 
• N‘ - fl'EARS. - Sundar -Timed • •. v.'y - 
it i— | . .i L — ; - i - . 'TiiA 


TALK- -OF THE TOWN. CC. 01-734 505 M. 

Air-cMiditrcmed-'' • From .-aaHL Diniiw-. ' 
Dandno .9130. "SUPERS: REVUE " ' 

- RAZZLE-DAZZLE 
• K 11-00 MATT. MUNRO . 

From Mea.-FRASfi.lC VAUGHAN. • 


R1N 


ALBERY. £i5 Itrs. CC fc^as. 638 1071-3 I 

W if j MAT . FAIR tTHiATRB 

. 2.10 a.-.d 2.00 From 

A THOUSAND TIMES WELCOME IS 

LIONEL 5 ARTS t t t 

OLIVER j NATIONAL ' THEATRE. 

"MIRACULOUS MUSICAL. - ' Fm. Times " ' 

iy ; :n RCY HUDD. 




01-4*5 2031 

Dec.. IB Dly. 1 mo. Z.30 »M,43B 
SOOTY'S CHRISTMAS- SHOW . .. ■ 


. 928-2282, 

OLIVIER ippen / Stage!. TpiHaBr *, To- 

^ — . morrow 7.30 flow orlce ’ prerS-T-.. 

GILLIAN BURNS. MARGARET BURTON STRIFE hy ' CaUworthy. ■ *'. • • i - 

Ce-jDWMMe^MBR Now.__ j 

I CC^SLoE^Alf >dT«orlum... To^A" 

R^r-L jpi— < .sPtAs. COMPANY .n Tolnt>IT0W S HAS WA5HINCTON 


THEATRE UPSTAIRS. 7-10 2554, Prere, • 
Era. 7-30. Keuudee. WoHcahop. Prorf.-M 
MS ADA Vt Etfftttr WHIP.'- '•'•• 


YAUDCVTil 
Dec. 4 and 

Adaptation 


Ol-OStt' WSB. 'Fieri'.. . 


at 3 00 .OPENS D^; 


LAND”-. 

HARDY'S } 




.-Y THE-TUW1IEST - 


-si». apiwfc-^* 

i-'nntif Oecr J 


*725-*,' 


repcrtfire Tcn-sM 7.30 

CORIOLANU5 


7e<. VI Dirio Mercer’s " COUSIN 
VLADIMIR. < Tc-^ar.-Ti.e.!. RSC also at 
THE warehouse (see under wj 


LEGS new comedV' bv OaNei Wood. 

Many eaccl'ant cheap seats «H 3'theams 

dev of perL Car part. Restaarm. B2B 

20331 Credit card booktnos 928.3052; 


]r Garden. .Bn«- Offio*:,- 836 6808 Royal. 
Shakespeare „Co. ■ Seeps awl Lib le too-'t B-W. 
far Stephen Pol iakcdTp SHOUT ACROSS 
THE RIVER.'-- •’OatstarKbtHj-'' p. .'.Tt-mes.* 
"Cowyulsire." Ota. £Mv-~bfc9s.. Ahtarxcb- 


ALMOST FREE THEATRE. 9-t9 Rupert 
Street. Lanasn. W.l. Tel.: 485 6224. 
MY CUP RANNETH DYER bv Rahrrt 
Patncu .-K'ennidr’S Children! directed bv 
A-itnpir Mi'.nwen wim Gloria G ; flon: 
and Er<a Ster?na. Unt'l 16 December. 
Mcn.-SaL at 1.13 nm. 


AM3AS5ADORS. CC. 01-336 1171. 

Ergs. 3.00. Ties. 2.*S. SSL 5.00. 8 00. 
JAMES BOLAM 
"A supe-b ptMlsrmanor.'' FT 
GERALD FLOOD 
in a NEW IHRILLER 
-WHO KILLED 
AGATHA CHRISTIE..." 


OLD Y1C. CC. "01-938 76161 Back ajjarti 
I or. a special ChrWiMD iieasofi 
THE GINGERBREAD MAN . - . . 

"A trhimph . ••• worth trawl I IiiR. mites - 
to «ee.'' BBC Radio 


OLD VIC ■ -. . ••• 928-7616 

PROSPECT AX THE OLD Yic 
Today "7-30- Sat. 2.80 Anthony .Qodyle as 
KING LEAR, By. popular demand there 
will be a .extra Berts. Dec. T9. 20. ZZ. 13 

at 7.30. “Nobody with any respect lor 

the theatre wopld want to miss -Mr. 


VICTORIA PALACE. CC. OJ 

. .. or-BT4.'n3.17; - - ■ 

**BS- "7-3Q. :Min ww. amr-Sat; 2>Ss" 
'••••" STOA.TTORO JOHNS - - . ._ . 

. •' . 5H«iA HWNCOpt-, -. ' ' 

“■ .ANNIE . 

. . -"BLOCKBUSTING— • 

SMASH HIT MUSICAL." - D. MaiL b 


' ' "i 


warehouse;: i^m^- 8 Theatre^. Cwrent"-: ' 


WESTMINSTER THEATRE.-;-- «34-:-02HSLL 
Thn nice and Andrew CWyd- Webber'i 
"JOSEPH AND . THE- AMAZING TECH-. .. 

nicolok preamcoatt; starring. PAULI. 
-JONES. .Twice Daily ReUuceB - price pre- ~ ' 
Hews.. from j4ovr r ?; . O pcm eio». 30-r* . 

tipv*m . r- a •» i* d— i. u. - * 


* • - ‘ L 

• . -I. - 


TJGteta: CT-£3. £4. Book Now- Limited 
Ron. , • 




Quayie’s ;L«r * financial. Time*. Sa£*T.3« 
Margaret . Courttriav. Anthony Quavle 
THE RIVALS. 


APOLLO. CC. 01-437 2563. Ergs. B.DO. 

Mats. Thur-j. 3 CD. SaL S.00 and 6.00. I 
PAUL OANEMAN. LAJ4A MORRIS I 

□ ENNIS HAMSOEN | 


lourtenay. Anthony Quavle In' 

LA. - SherMan'a . comedy-, with 

James' Aubrey, Isla Blair. Kenneth' GUtaert 
Carol GUkes, Matthew Guinness. Mef 
Martin. Treror Martin. Christopher Nqame. 
“ The funniest Mrs. Malaprap. .1 hare 
seen " The Guardian. “Mr. Quxyle » Sir 
Anthony— a wdnderftf perfomiaiM. - ’ The 
Times.- TWELFTH NIGHT returns Dec. 4. 


CARMEL McSHAJtRY 
SHUT YOUR EYES AMD 
THINK OF ENGLAND 
2rd WICKEDLY FUNNY YEAR— Very, 
venr lunny— great entertainment," Now . 


iVanov - returns Dec. t.- the laoTT 
ITOT FOR BURNT 


LING retvms Dec. 91 


ARTS THEATRE. 01-S3B 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

"Hilarious . . . sc? t." Sunder Times 
Mcn&at 10 tbursoay 8. 10. Friday and 
Saturdar 7.00 and 9.15. 


OPEN SPACE . 387 6968 

- BECKETT: Sold Out • 
Brecht'S' RESPECTABLE WEDDING 
Boot now.' Reduced price prevs. Oec. 7-10 


ASTORIA THEATRE. CC Charing Crosa 
Road. 734 4291-439 SOU. Mon.-Thurs. 
fi.OS pm. Fri. in; Sat. 6-00 and 0.4 5 
ELVIS 

BEST MUSICAL Of THE YEAR 
EVENING STANDARD AWARD 
SECOND GREAT YEAR 


CAMBRIDGE. CC 01-336 6056. Mon. to 
Thun 3. DO. Fri.. 5 45 and 8.30. 


IP I TOMBI 
EXCITING BLACK AFRICAN MUSICAL 
"Pulsating Musical " Evening News. 
Seat prices £2.00-£5.5Q. 

Dinner and loo price seat £9.50 Inc I 
FOURTH GREAT YEAR 
TRANSFERS TO WHITEHALL THEATRE; 
DECEMBER 6. 


CAMBRIDGE. CC 01-836 6OS6. 

Box OTicc now open for 
TROUBADOUR 
.... A nen musical starring 

KIM BRADEN JOHN WATTS 
Red. price Previews from Dec. 13. 
Opening December 19. 


5: om. Opens Dec. 1! 
Fretw OcC-.'13. Tues-S 


"JO pm 

u. 8. Pin 


PALACE - CC GI-437 8834 

Mou.-Thurs., Frl. and SM. 6 an d SAD ;• 
JESU5 CHRIST SUPERSTAR - ' 
by. Tfm Rice and Andrew Lloyd- Webber. 


PALLADIUM. CC. * 01-437 7373. 

CLeo LAIN* 

«rih tee JOHN DANKWORTH OK*. 
-Special -Gunor JACK PARN8U- • 
KENNY BAKER. DON LUSHER 

ToMnht. * Tomorrow -B.1.5 & ;»AS 


PALLADIUM 


CC 


01^437 7373 


^gA^Y 29 -^ 8 -^' 


LA RUE 

D ^2v^ s B?,n A 5sas^ 

• - and WAYNE SLBB.I 

..Preview D«ember 19 at 7.30 


PHOENIX: THEATRE' CC DT-B3S2294 
E v».8^^^^S^ a ^B,30 


NIGHT 

1 PftT #* 

Directed by 


A - New PftY.try Tom STOPPARD 

PETER WOOD ! - 


COMEDY. CC. 01-930 2S>B. CvS. 8.00. 
Thurs. 3 DO. Sals. S.TS and B.30. 

BILLIE WHITELAW , 

The most powerful lentale arting seen ! 
1.-1 Londo.i this year." Jbwyer. 1 

T. P. McKENNA in 1 

MOLLY I 

br SIMON GRAY 
"INTENSELY MOWING.'- E*. News. 
"FEROCIOUSLY EROTIC. - S. ~ Lm«. 
LAST TWO WtEK5. ENDS DEC. 


PICCADILLY; from BOO am. 437 4508- 
Credit card bhps. B36 1071. Pr®», 12 
Dee. ff 8. -Opens 14 -Doc. at- 7. 4>obs. 

. . DAME EDNA 

Starring.- the . Increasingly popular 


. - and ■* 'handful of cobbers, - 
BOOK NOW. 12 WEEK SEASON. 


Criterion. 920 3216. Credit card bleat. 
336 1071. Evs. Mcn.-Thurs. 0. Frl. and 
Sal. 5.45. L JO. "THE MOST HILARIOUS 
PLAY FOR “JARS." Financial Timet 
GLOO JOO 
by Michael Hanind*. 

"HAD THE AUDIENCE ROCKING WITH 
LAUGHTER." Erg. Standard. 


DRURY LANE. CC. 01-fl3fi 3108. Man. 
So Sat. 8.00. MiiSifiee Wed. and Sat. 3. DO 
A CHORUS LINE 


"A rare mrrj st.it mg loyous artonlshlna 
stunner, 5- Time,, 3rd GREAT YEAR. 


DUCHESS. 836 9243. Mon. U Ttlurs. 
Evenings 8. 08. Fn. Sit. 6.15 and 9.00. 
OH! CALCUTTA! 

'"The nudity 15 stunnino. - ' Daily Mail 
9lh Sensational Year. 


PICCADILLY 


437 H503.'B36.3962~' 

‘16 IOTI 
alboe In 


Cre dfl j *^ bookings 83^ 1071 


Gooiaen.- tan 

- TM0: OF TOAD .. 

Christinas .matinee* Dec.. 18- Jan. 13 


' Hall 


PRINCE' EDWARD CC 

Even) PBS *-0°- Mats. Thurea Bat. 
EY1TA 

Uy Tim Rlce and Andrew uroyd-Wobber 
Olrerterf-jW -HanHd Prince. Regret v,- 
Jdrencod Hkps. close Nov. 27, S. 2B 


PRINCE- OF WALES, 01-930 8681.- Credit 

card- booking 930 0846, Limited run 
before -New York. Mon. to. Thun. 8.00 
Frl. and Sax. 6-00 and 8-45 
ALAN AYOCW^B antert Wt- comedy 

“If yw do not faugh sue me." O. Exc. 
A- National Theatre production 


WHITEHALL. CC. ' 01-950 776S. 

OPfrNS M°N. EHx. u. MOo^FfL 1.15 pm 
Sat. 11.30 art and 2-15 pm 
the wizard of err. 

• ^ ' seats £3. £2. "Si: - • • 






WINDMILL THEATRE. CC-' »1 -437. M13- - 
Twloe hHghtif (LOO and 10.00. -Sun. 

1. • • . ..-6.00 and 4.M...V 

PAUL. RAvyoND. presents 

THE EROTIC EKPtRI£N<06.OF, THE, '• 
.-..MODERN ERA . ' • ■' 

"Tlkei in -nnpvecediNKed . limits wbat . Jo: 
.permissible on air atases - ' - - News ' 
• THIRD : GREAT, YEA*, i. 


.■ * ' v j ■.t'. 

- . - « .... 


., _ v.fi ■l."< 


-.d : 

a- -<-* :. p :ui , 

l -l.’ C - *■ . 


TT 


WTNDHAM3. ' " 01-838 302&. 1 CC. 
Bko*. 836 1071 from- 8.00 - enr .‘Mon.- r • 
. Thura. 8,00. Frl. and Sat. S..1S .and. B JO, . 
. "ENORMOUSLY "RICH.- \ . 
VERY FUNNY;".' Ertrt wj -News---' > 
Mary O' Mu beys smafeti-hit comedy' - 
• . - ONCE' A CATHOLIC - 
. “Supreme Cbrtedy.'bn.sex »rfd rdUtoer"-'- 


* ‘ " 2 , 

'■ ■"'Vr •• .. 


■ r^. 


□ally.' Tfctejlranh. 

TOO SHAKE WrtTH.- 


**MAKCS 

. .LAUGHTER,"- Gmrtfteft. 


YpONG VIC.: 928 > 6363. a* L ■ ' Tamor', 
Non^ Wed.- 7-30. Tee^ T : Wtt - TYMPEST, 
"mar. 7.30 HAMLET part , A SnakespediT' 
frllpgY ACTION. MAN. . .t 


::= hftw 


YOUNG VIC 'STUDIO.'. -928 'J3S3; L Tarit-' 
Tomer ^ Tn*- W«L B.00 BOZO,' 


ABC' ^ ' * 


CINEMAS 7 :.- A m f 

2 SHAFTESBURY' AYE 7 K»,7 


' -.7' '* k "7» 


88 GT. :Se»Q 'BMkiMr, 


— NILS VUr-Wc.:* 'Sun.'* 

2.20. BJO. BJO. Late jhow Sat. iVfiO- 
Z: DEATH ON THE -NILE CAJ. Wfc. A- Sen. . 
ilOO. SJ». B-.OO. -yv.- •./. 


.. fi.r-V' r-7i;v 




.CAMDEk- PLAZA . .topp. Cartddn To*r' 

lefth SOB- DYLAN ■ & JOAN BAEZ Jn 1 - 
' - 4 .track. Stereo: Prod*. 2-50 7-30 UN*; 

' V ■ - . Taifi yEEK ^ -V; • ^ • 


* y. ] 

- .-'7" '-’tc- 




CLASSIC 
TMuithani 
Ul end ' 


. S;.*w<«onf Street Cop*-- 

•SP"£2ff - 

a .proos- cwwrafiuaif-^ptw-^ • 


■v.’ ‘ 

■ s-s Ml 11 




fe*THE GREEK TYCOON fAAO.’-frasec 
-1.20. -3.4O.. 6.D0. 8JO. . Lai* 'ahoy. 
TEXAS CHAINSAW MASSACRE; W-. 
GLO'TIpm 'vi.r — ".a .. : ■ 

-3: piranha- po;' 2.10,. S^ie. 8>I^ 

, CARRIE . late : Jtfurtf 

PIRAIWA rjfFfilSte 
-4f Surt-Reynawi, If ROOPSR. 00... Prog*. 
2.00.-4.10.-6JL5, B^r.Ljrte yftOW' Ifpm.- 

T 


,* _> '-'n? oi 




-'NOW LABQH-AT-VHE31S. . i .4 . 

- -PARDON MON ^U^AIR XOa lAAl ■ 
tEoglKh .subtitles]. "irHUii at 2.00 mot 
Sunday?} ■ 4.0s; B.2p and &40. 

Ai.'y'.y " 


_v r ----cfe 

‘•>.4 ';® aC 

* ** 

H,l) 




QUEEHTS - - Credit Cards ' fl 1-734 n«6 


Evs; BJM; Wcd.^ioq. Set S.00. 8.30 - 
GEORGE 


DUKE OF YORK'S. CC. 01-816 S122 
E*fli. Ei cm. Fr>. and 5aL S.30 and a 30 
TOM I ELICITY 

COURTENAY KENDAL 

CLOUDS 

' 15 BLJSS," Observer 
“MICHAEL FRAYN'S FUN N TEST PLAY" 
D. Tel. 


-CHAIC1RIS. ROY DOTH ICE 

RICHARD- VERNON. JAMES -VILLIER5 
THEPA^SIOH OrOBACUtA ..-. 
- "DAZZLINGj--E. Stand. MOST 
SCENICALL Y SPE CTACULAR SHOW IN 
TOWN.'-' Pvneh. "THEATRE AT ITS ‘ 

MOST MAGICAL," Times UC. Sub- . 


RAYMOND JUYUeSAR. ' C. (11-7*4 JS33 
B.S«L 


FORTUNE. 636 2236. Evs B. Thura. 3 
Satoroavs 5.00 and 8.00. 

Murid Pariow as MISS MARPLE In 
' MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


\ Ai^\ * 




GARRICK- CC. 836 4601. Ever. 8 00 
Jti.ira'i . Wert. S.Oo. Sau. S.30 and a So 
DENIS OUILLEY in IRA .EVIN'S 
DEATHTRAP 

A New Thriller directed hv 
MICHA5L BLAKE MCRE 
"THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 

Sunday Telegraph. 


At 7JJ0: 9.00. IT ims. Open „ 
PAUL R AYMOND presents . 
THE FESTIVAL OF EROTICA - 
Pnlly alr-ceodithined 


REGENT- . ■ • CC . ul -837. 98G2-S 

RESURRECTION 
The first Soul Gospel Musical . 


ROUND HOUSE. 


267 -25 64 -I 


EvOS- 8i_S*t3. Sr 8. SjUrlMl mrpe trf the : 
Thanlbt- lif Berlin 


Golden . 

H«Y1 WE ARE ALIVE! , 


ROYAL- : COURT- 


-Ergs._Mpn- to Sjl at 8.QOi 
AYE 


730 174S 


PRAYER FOR MY DAUGHTER . 

.by ThemU Babe • . 

" BHsten Italy -eflecove," - san. ' Exp - 4 


LEICESTER SQUARE THEATRE' <930 5Z3ZI 
THE THIRTY -TIIN& -STEPS - fA* Starring 

Robert Powell. David Warner. Eric Porter. 

Karen Dotnce -add .John :-MiHs. Sap. orbos 

Wk f.SO. S4J0; «,10. Sun -2.3B. 7 0S,. 
Bkhle *.10. bjob- Sr Wtaefceatfe-LateJJIoJwr 
snow -Frt j Sat -t .1..43 jew >_ t - 



OPEON HAYJRARner CWO ! 27.38^277.15: 

v MIDN1GKT- -CQ»RESS OQt, Or OW. 

DFy 2.30;- S.'XO: ■ ;630 om. Late , show 
. Ftia. Sat. 4 'Sons: ^aora-jwen 1 1,15; WIC 
areg at 4 1 .4S yw_ a 3 ;*eW*ttle., ;. VT.' . 


ii>. 
sa-i - 


ODUM LnCESTER SQUARE - ®30 51 rn f - 

SYES Of LAURA MARS CAA' . Sfid. 
Oftws. Dly. .doors ■ ooetr 2.00.-. «L4S> 7JS: . 
..t«W - _' ■bow Fri. .A; -Sat.- : doers, .Dpete' 
• MS pm m . •. * 1 • ■ *• : '"; r 1 * 


i : 

J- ‘ :n ia* 


OOEON MAROLX ARQf WJ. 172312011,2? 
WEVENM Of THE. PINK PANTHYR1A1 



,. h ut 


MINCE CHARtSSr 


' 5n. : ' ‘'w' 1 - , " ■■'*** 

“‘as i 


.^teierlan-_fib 


..... 

. r • ■ Wff —r Brie. 

Sti? ' Ba"> W -S * L S*® 5 ? RWHe- - •_ 


-STUDio-ajE iL-Oxtoa circus. .437. 'uog.'. 


ju *ssaisi 9tfsm 


- MtttrslWS -aW-.-B 

1 ~* 0 ' ~ gJg.' y35.j~ Late.'..' 



, S+ww FrL.-artd-Sati*-30SQ ‘ '•.v’Ti'.iiK 

' 4.1 1; ApWi* 1 ' Cftt^tEfiV^MAirH ON ‘ IHL - 

■ T ? l ^“ fiii- s*£Sttt3tZ- . 

M a •{*._ . J i ( ■ ‘ *-> ^1 . > ( 





T "r. i r'l— * “»*- 


L3 'ale 














-- < •• --V 


g* ; - . Times Friday November 24- 1978 


War of the Words 



17 


bv NIGEL ANDREWS 


ft? m,lapwd aU ,roun4 hira - 30 


other. I*&e .youn^ teacher is enough to nindpl itself directly un souiu cases Ihe film seems lo 
pursued by an^EflSlisli fiiTL who the 1935 Hitchcock film, and caught in a tug-of-war between 


for example, arc a the boaL It :s never quite I 
different set— and in frightening enough in its Jatrs- 1 


Riverside Studios 

Mori el 
Merma 


b® derivative scenes of waterside! 


Picture 
lhar you 


Lhose 
see in 


:rear figures 
any Mediter- 


ranean festival procession, huge 


steps 

— _ -- - . , - - movie was presumptuous wholly 

Tte SWrty-Kiafc steps <AV . ■ ~ ’ “ 

.*■ *1 Leicester Square Theatre 

' Piranha fTET : ~ • Woos • hiin with” a:, .hilarious 

.. Scene.and Claasic Oxford Street . b ,5^ c Ens i“ h = nd . - - ----- .---- (1 . 

Sweet Hunters Electee Cineina P r ^»Pobsh. The yoims leach vr pieces into a cohesive plotline. wa y bridge sequence is revived cUche ^ad Pf^o-^encc (Bar-; simply ne paraded wun do more 
1 - . _ .^ ma ‘ and the.. Professor- argue con- The new. version has gone back in miniature with the Forth bariS steeI , c ' f^twhiie Rank star- movement th an perhaps a rurn- 

me wns Scala stantiy at cross-pitemses ami (relatively) to ihe book and in Bridge disappointinelv replaced Jet an ? IuJ,aQ horror queen, l ins of the head this way or that. 

premises;: - -And;, zanussi fits and starts a is more enjoy- bv a°minor viaduct over a river bares “ er tGClb as a Govern-! La Ciaea. the Catalan company 

And when our hero runs into meI * °*b expert.) The most; now at the Riverside, can do 


“1‘i‘Huvn unu. wuugui in a tuu-ui-war uciwcen fit.* fir nniMw rnnm- — ,7 ----- — o- 

-hov.-vd no flair whatever for the wing spirits of Hitchcock paa» c ' aever quire fuOn> enuugb . parodies of bumanity groiesciuely 
dr.veiailing Hitchcockian set- an ri Buchan. Hitchcock's rail- *** moments of Hollywood , distorted. Generally they will 


cross 




I ^§f 5* *>%< 


Cdnuwgage, by the Polish 
director. Krzysztof Zanussj. is 
much less forbidding than its 
subject-matter might . suggest : 
the- inter-scholastic squabbles of 
a group of, students and teachers 
sequestered in. a summer school 
In .rural Poland: .where .the .main 
question is— Who Will Win First 
Prize .For His Thesis On lin- 
guistics ? • 

Don't go atvay, J know it 
sounds, uninviting. .But I have 
seen the film, twice and can 
honestly-. and highly recommend 
it. Like most of ZanussTs films 
— he . made Family Life and 
niuTttiiwrttoii— it takes the shape 
of it lively. closely- wrought 
debate : pitting one wittily per- 
sonified set of moral values 
against another. The conflict 
here -i# - between the cynical, 
roguish. “ realistic " Proressor 
who runs the summer school — 
according to his special brand 
of !authorlttirianism and mild 
corruption — and the idealistic 
greenhorn of a young teacher 
fPjotr Guriicki) who keeps rub- 
- bine up against him and reeling 
hack aghast, at his superior's - 
lack of scruples. 

A sort of cross between Faiist 
In Academia and C. P. Snow 
Goes to Poland, the film is sly, 
funny and consistently engaging. 

The Meuhistophelian professor, 
brilliantly acted by Sbiegnew 
Zanasietvjcz. arrow -his case for 
.enlightened self-interest with a 
-thiw-3way wit and- a thdught- 
afore-matice that are hard to 
resist .And when the fragile pro- 
tocol of academic life disinte- 
grates in the film's climactic 
20 minutes — a student bites 

ti'e ear of the visiting gradually, cleverly, jhstiis in us able. The time 
Rector, souabbles erupt about the notion that language is a fraii Briiain un the 

The merits of the winning superstructure built by . human War One. A urate ui unmti Jn p irnnhfI - v 

thesis-^it suddenly catapults the beings atop a chaos of natural ministers has been assassinated Sa ^ cs iltu i ‘ director Joe Dante harmony. Here ihev hare parted 
antagonism between the Profes- instincts and emotions. and only John Mills, or British h soJvcd pr0 blem by company altogether, the images' 

sor and his junior from the * . Intelligence, knows whj. He nie. . bavins a government-funded flying off into some crazed | 

Intellectual to the physical. The Thelhird screen version iii knifed, in the arms nf Richard researc h laboratory accidentally ionosphere of art-movie exoti- 

>A«ie Hannay (Robert Fuwfflh. who .... mil ,. irpt i cold-water ctem. the meaning (odd hints 



rtuu kviurn uur neru uuud hud „ ■ , . — T 7 ■ ■ \ ^ . V L, ’ T . 

blonde, brittle, beautiful Karen b ood-curd 1 in g thin ? a b P u r tac | better than mat. For one thing. 
Dnlrice at j Scotlisb castle, one Dim is its pre-publicity. A month, they have bad their monsters 
briellv wandc'rs if she «‘ill be a S° 1 received frum tne Uistriou-; designed bv Joan Mird. and his 
called on ui do semce as sinister-looking .creatures truly look 3f ifthey 

v-idclinp r-irmii «?hu isn't The placard which when unwrapped . were the living originals of the 
Sf t; hnS iieS snapped Vicmusly into a sharp-' figures he puts on his canva,. 
Bue*ian.|il;o in the bai-kpround edged box shape. Guaranteed, as Moreover these figures are prac- 
and pushes the -tow on to an ’hey say in Monty Python, to 'Heal, they can do more or less 
enjovablv preposterous finale at break. 'be ice at or POs-;what human figures do and in- 

f Ri „ R pn siblv to shorten your life expec-;deed some things that human 

the top o. Hen. . severa , monlhs (figures can not. 

It’s all light-years away from The'* is no noint in rnv 

Hitchcock, hut then what, in the * 'd Krribin - r hem in an- 

comedy-thriller deparuuent. isn't. Sweet Hunters, m 3 tie in France 1 L" Viieai mv 

Robert Powell is short on j n 19®- is one of those “ion'- Kviurtit o . nation f-nm a, R 
charisma hut lo'ng on willing films that continue to look rather ! %- a iJipv to decant champasne 
e/mt. and can-cram an John lost even when they are found. 

Coquillinn achieves some lovely Brazilian Rav Guerra directed ' TV{[. TVw» r, K^.^« 

contras,, r, : -»h3de nnd colour in tbii strange story of three island- J “rt ' T 

the Whitehall and Scnltish-ca<tle dwelling eccentrics living in fog- * rw.. ^ h L rhl 

interiors. The director was Don wrapped seclusion . . ."i’m oh ‘ *f An a ^ 10 ™' }Z* b0 ?£L££ 

Sharp, who <011 Id have used a sure where. Sterling Hayden in 

little more reckless vitality the grizzled ornithologist, with ■ x i n .fiV° 

Thrnuehou,. In short, a curate's Captain Ahab beard and elemen- ! ?,[. J ?' , a , j t l 3jre V 1S 

egg. but an enjoyable one. t a j growl of 2 voice: Maureen ! ,* r ®. t ? r ' -Attendant on these 

. .McNally is his enigmatic wife; ^atures i> a corps* of uniformed 

and Susan Strasberg is her i i^» 0 . Dh3D I* 1 ,j: ,j l - ay b * se ^‘ 
■‘What about the goddam younger sister, brooding, so the ; yanis - P° ,,ce or soldiers. A pack 
piranhas'. 1 " "They’re eating the svnopsii tells us. "on the nature,^ smaller creatures, with masks 

guests, .sir.'’ of happiness." Out in the fog and ; . r made me think of me sad 

Hollywood, which must be me wind, sheets flap on the ! P n ®? ts awaiting the resurrection 
counting off menacing creatures clothes-line, bird-net catch no. 3 ’ ’ 3e .. 'v ** u ^ 

on lremhlinq fingers, knowing birds, and an escaped prisoner;^ mc iiin - ellm b about the 

ihnl rKu citnnli' \ z h:iVt It- mvcr Arzriiicl v rm.-.fmrGrl rrv ha 





t.inf 


One of Joan Miro's figures for ‘ Mori el Mentis 1 


lhal the supply is limited, have j S ntysterioiusly rumoured to be! s ^ enery snonkeys. These are 
now cum, up with piranhas. Or ai large. ;ihe people, 

miller, not Hollywood, hut thai Cm .|..ii . lfc . 



Robert Powell in ' The Thirty-Nine Steps 


- is -3ppoarance. for instance, of the doubt: but these figures and their 

If you like. What is so chann- little people, individual!} spot- antic; arc for everyone — the 
' ins about the show is that you lit as they flit about the scaffold- great lion for dog or whatever) 
ne ; nrtt ,v " ~~ , i- ing with their chirping sounds iiho^e hind legs walk off inde- 

( there is no dialogue,: and the pendently. the respectful 

i Kl „ apotheosis of the’ dictatur. his replacement of L'bu's missing 

In^pr'romblino, tiTn hntl. 1 n <’ ,uot ” an °o ; buI Mori el .Vemia f;mls.<tic uppern orks raised loot at bis fy inc-in-stare. rhc>e 
I>- ... r irk. low down r IS , !,vci 3 £ul! evening's delight magically aloft to reveal the are Bank Holiday material. 

« p Kn r t ?r it - pvpr^.ne ?u- C r*v P r« • JU$t frt,m the comic ^"entiem of human figure within. The company is 12-strong, 

on Ihe h-t or animals e\er\jne dun and fe>. t.,ueira -as one , X he company, u is pure slap- There is nothing highbrow though you would think there 

up 
■tor 

NG 


ffoav (Vurdcni Carman. 



Playhouse 

Dr. Faustus 


bv GARRY O'CONNOR 


scene, both funny and John Buchan's The Thirty 



some seven or eight hundred best, Faustu* having to pretend 
out of the 2.000 which enjoyment of the fruits of his 
come down to us in pact. 

■ariojfs te.vts of Or Fcnscus. the Part of the purpose may be 
rest hein? the work of inferior to show that the play is autobio- 


tf*xt runs through the film Vtout across the Scottish highlands led hv David Warner, wanting JJJ * “ lerrorised ctunnin'’ ; re5t he:n ? loe wor,: of infenor 5° st, ow ^ ’he play ,s autobio- 

th-» snares and foihtes of human handcuffed to Taina Elg and kept the cide-honk. ‘r" 1 ** ^ ' hfP ‘ I canned go on mentioninc i collaborators. Jeremy Hov.-e. the graphical— and -to one could 

communication. The subject of up a breezy British sang froid There are still some whirlwind ... and culogisine Sumiti-a Peries's ! director of this OUDS produc- deny that Marlowe led a hellish 

the summer school Is Linguistics, while the plot and the supporting departures from the novel — the The film itself rather misses TJ tg Girl* week after week. Butition. has not departed from existence, ending with rwo inches 


Coliseum 


The Marriage of Figaro 


Marlowe, it is claimed, wrote have the reverse effect with, at Wralb in particular, is perfectly 


shown, arms pinioned by ropes, 
thrashing about on the floor, 
lunging U ut vainly with a rapier. 
Envy and Lust are no less 
grotesque and loathsome, which 
gives the cummcni “In Hell is all 
manner of delight," a strong and 
earthy resonance. 

_ ... - The device of using onlv sir 

padding put there for from the time Brc is brought to performers in addition to Fans- 
jlings. To this end he stop Faustus' blood congealing m* (p| a »ed by Martin Hal 


since it has now moved From the j recent practice in judiciously of dagger in his eye — but overall 
London Film Festival to a public : strengthening tile narrative by the impression given is that, 
run at the Scala cineni3 (and , removing 
only for a week, forsooth). : the groundlings. 


atfulli 


"by MAX LOPPERT 



The previous English National 
Opera Fiparo made Its way from 
'Rosebery Avenue.. There, it had 
Been a production distinguished 
•above an- by Charles Mackerras’ 
conducting, and. by his' stylistic^. 

.alii- authoritative (and. at the 
time, virtually revolutionary) 
edition of the score. But brought 
to SL Martin's Lane, it fitted the 
larger stage ill. and ihe style 
tended to evaporate, especially 
when . Mackerras was absent 
from the pit ' 

So- the -new Figaro production 
by Jonathan Miller, first seen on 
Wednesday, . was overdue, and 
for that reason alone .ran be 
welcomed. Its strongest feature 
is the' sets of Patrick Robertson 
— French rather than Spanish Sn 
accent, modelled on a Loire 
chateau (Villandry. is my guess, 
owing to the box.-bordered garden 
in heart shapes that forms the 
scene of Act 4). . The fit of the 
interior -sceircs is still not qu f te 
right' and Vd never forget that 
ft -is a, large stage, and a large 
bouse, foT. Mozart:, but in com- 
bining harmonious, form, sur- 
prising detail, and light, lucidly 
proportionesd Mends of colour. 

Mr. Robertson has sticcessfullv 

of^Mo^rti opera* 5 1 ®' eVenS ^ p ju- f rom a single seated warmly and spiritedly voiced, is, in bis _ fourth-act one could be 
Otherwise it was. in the main, postioo) and the vulgarly farci- though neiy to this house, an old recognised as a sequence of 
a disapoointinR evening. This' cal (the quartet of Figaro, friend. Valeric Masterson plays that belief. His delivery , of the 

is a- notice, that in some ways Susanna. Bartolo. and Marcel- the Countess with innate Dent translation is excellently 

nne Would orefer not tb write, lina blows a group- raspberry at elesance and strength of a true clear. If not vocally, then in 
of the the Count on making its Mozartian. and sings with much a oiost every other way the role 
SSTnointS-oereisteut lapses in departure after the Act 3 Sextet j. of her wouted luupid ueauty of of the Count appears to be out- 
S^afs^n Stv-e'tf plt and and there seems to bo no under- tone (even, if, plopped irn- side Christian du PJessis s range 
smfcTrOT .thelnsecurities of- lying thread of purpose to con- becomingly in an aim chair she In the other male performances 
nervous nect them. less or "Dove sono on —Dennis Vicks Bartolo. Stuart 

bound Except for Sallv Burgess, who Wednesday than one expected Kale’s smooth-voiced Basilio, 

aftfrJ 7e J^r- plaTs Cherohino ^ a - real boy." her to) : The conjunction of the Eric Shilling Muuimerset gar- 

w Dftpur ngnt alter are m f j winninE lack of affecta- two voices, similar in graceful denet — character resides so far 

h™h«S'r' tte prod l 5rtiOT^as tin. and who finss with a simi- lightness, different in colour, was in costume wig. and familiar ges- 
StabtiftiVd acore of stvKstic Jar pleasing naturalness, the one of the pleasures of the even- luring. Edward Byles s lawyer 
mfttHMjir oL wffrtifHnn that sin°ers seem to have been left mg. Another was Ava June s stutters with painful and hair- 
“u lSl a^otm^Sis for de^ to their own devices while Dr. MarcelHna. attractive and youth- raising con viction. 
wiu rorra a J ?™}* . Miller concentrates his consider- ful enough to provide a- credible Charles Groves conducts— as 

Dr' ,n, mi^ £ Teen much Jble “ 8 enn^on i”entiT« threat to Sonne's raerriege. She ye! itereeHy. ytk tie rtrt «« 
-Dr. Miller hss oeen muen . solutions " to non- was given her fourth act ana but also the limitations of sober 

quoted in the Press, recently, on The intro- t as was Basilio i. but wanted the efficiency that are deemed kapell- 


tilease go and catch it there iFihas cut the unprogressivc fool- so that he can sign in it. he is works equally’ w*-ll. These six 
you did not see it attbc festival.; lery with Robin and Dick at the already in Hell: “Why this is (Mike Morris’. Karen Rasnussen, 
1l is a haunting, beautiful films ion and the salacious but irrcle- Hell." as Mephistopheles says. Tim Mclnnerny, Simon Stokes, 
from Sri Lanka: the story of two i vant episode when the Duchess "’hat is often seen as theological p a ul Baron and Simon Belli Slav 
sisers whose dreams or romantic (of Vanholt. under her husband’s ambiguity becomes straigbtfur- on set throughout, donning 
fulfilment lie in different direc-J noie. indulges in bawdy horse- ward Morality. various disguises, their dark, 

tions (one loves a young school-: play with Faustus. It is the The approach i 1 . niasierly and gleaming make-up giving an 
teacher, the other wants »o be 'spiritual content of the piece jt results m a most thoughtful unearthly tint to the proceedings, 
a beaut}- queen), but whose! that occupies Mr. Howe. By and cogent production. For The text is ipoken with great 
dreams and stories are bound : focusing our attention on instance. Faustus sits through (he deliberation and care, all the 
together ld tli e films equisitejy . Faustus'* inner deterioration, tne parade of the Set on Deadly Sins production effects, such as the 
slow. soft, lethargic-lyrical atino- earthly delights for which he endeavouring to slop rhem music and licbtmg. snow poise 
sphere. ‘ sold bis suul. far From tempting, encroaching on hrt verson and precision!’ 


LtuHimi Hurl 


Lillian Watson, Sally Burgess and Valerie Masterson 


u» «™. -- ^t-nt problems. The intro- tas was uasiuoi. dux warned xoe efficiency that are deerueo kapeu- 

tbe aims - apd tiie pirtWlw p ™ e iVp or?j 3 mor" breatiwpan to do it full justice, meisterly. in the great Act 2 

character or ojs Figaro, nazco* . here an introduction The bouse seems understand- finale, its emotional coniplica- 

had w children: ably. 0 n the lars 

bean Sore lSefcftSg m read »>is Piece of folly eoneOtulM voices, but it sc 


The bouse seems, understand- finale, its emotional complica- 
te side For these tions wrenched tighter with each 
seemed not quite new change of key. discretion' in 


oeen more mierescag TT. the producer's most notable con- large enough for rbe stentorjan ihe pit and blandness on stage 
" K ^ lt irli an j; i!, 1 ! e Vv, a tribution- to the evening. bass Figaro of John Tomlinson, added up to a tepid response. Sir 

Xs the female side of Ihe cast Dr. Miller is on record as believ- Charles has taken some care a 
and the development and mter- as tne remaie v.- in iac th> ••cr 9m in,r" r.f thr mm i h 


over 


and the deveiopmenT ana m s s markedlv more practised in its ing the Fiffaro men to be less the “grammar’ of the vocal lines 
?h? Srt^^fS^nsistent deuces than the male, it makes intelligent and less mature than —many, though not all, o£ the 

a corre^ondinely stronger im- the women: perhaps Mr. Tomlin- obvious opportunities for 


— - , - met Lillian Waison's loveably son's booming of his first-act aria cadenzas, ornaments, and appog- 

atlowed to veer between the.^e L J ^...„. t0 _ ean j 1 Susanna, and his lack of quicksilver irony giature have been well regarded. 


style. 

allow... ... 

plain (Cherubim) de'^veH 

Festival Hail 


correspon din gly 
lian Wat 

- “Non plucky, down-to-earth 


BBC Symphony 


by DAVID MURRAY 


a full-dress welling-up of personal feeling 
a bit in- quite another colour was needed 


wiuinaoii«v'e TtTSf* concert, beside . the one in Heldenleben expanded ir into 

vveanesuay s PmHs ( though the ear of faiih may cantata, stately and a nil in- quire anouier colour was neeuea 

divided equally oerween t-^ns ^ ^ e ratt j e 0 f “Wooden fiexibie but heartfelt. Much — and sorely missed. Some- 
f n .4.-^ u ' n ® an ? lS '«Jrv?-Mr Prince” in Bartok’s sneering depends on the poignant vision keener edge of involvement was 

fulfil its promise on paper xi . parodv 0 f t be lovely Austrian of young love at its centre; wanted for King David's self- 
ITi I „ r h n ries national ant hem). Three or four Mackerras paced the work communlngs in the Psolmus 
reliable expertise oi ar orchestral devices were to recur admirably, but the sturdy. Hungaricus. too; in an otherwise 
Mackerras guaranteea t ^ mature WO rks to better pur- mature tenor of John Mitchtn- strong and effective perfor- 

accounts of the four pie es. pQse performance was more S(m was the wrong instrument raance, Mitchinson’s King 
h««me claim carefully loyal tban stirrins— -like for tba( cruelly tantalising sounded several degrees more 
B * y baS that of Dvorak’s Othello, where revelation. His bluff manner was stolid than the alert BBC Sym- 

nn« dates the the required vehemence was not well, suited to the opening nar- phony Chorus. It is not often 

Srf ^-i R ar tok to be bad from the passionless r j,ij on (which Janmek intended that Mackerras readings seem so 

emergence of tne reai n*™* _ ctrinos - — _ « — <i ui — i 

at Aftraculous Mondann. perhaps. f 1S9? is 

dr Btoeheord’s Cortte. or even as leit in its 

mmmmm 

at nsing Hungarian folk music sketch of a ionefj monk woo 
honestly, buf they ore all but expires after »"««*■; 
submerged by honest Straussran espenence of romanttc love, 
pastiche. The opening pages un- Janacek. for- whom the 
errinriy evok e* Don Juan; the elements of the poem roused 
battle itself ’ is pale and stiff sharp autobiographical echoes, 


for a baritone), but with the bland. 


Polytechnic chorus debut 

The North East London Poly- Bowen (soprano), Margaret 
technic Chorus is giving Bach's Cable (contralto). Martyn Hill 
B Minor Mass Tor its first major (tenor) and Richard Jackson 
London concert in St. Peters, (bass).- The NELP Chorus and 
Eaton Square, on Sunday Novem- orchestra, leader Diana Cum- 
ber 26 at 7.30 pm. mings. will be conducted by 

The soloists will be Miriam Michael Kibble white. 


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a&AGSZS HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegrams: Finantiao, London PS4. Teles: 886341/2. 883897 
Telephone: 91-348 8000 


ridav November 24 1978 


® 1 
« Tlllft 



es on 


The banks’ lending margins are narrowing 














subsidies 

R. Gordon Richardson, 
of^Enalan? took B the 

European Economic Community cores, nmy because or uov- ^^* &$** semi-pubUc 

h “? “■?“* subfldm. gwdgfem after-dinner speccb to a sA) 

.-.aiismsloolicy is the existence ftalj core fibre-inaking o£ ^ bwkers recen tly to 
"'id'-- pbiloaapnicsd disagree- capacm »a» installed n . hn „t 


L’: rtiu'J uiaajiicc- utter -j u-nrnino «hnnt recent 

■CiSts among member countries Europe than the market could developments in th^Eurocur- it£ 

0,1 «-hat_tlie aims of industrial absorb Kaeed^tteprospeet “‘^ZtSs. The ^r^ng wi ^ 

policy snou:a oe. borne eoun- o£ excess capacity and un- .|£_«. th are c ft rte disturb- 
trie,, notary V.ert Germany, remunerative prices for some £!J^ e _“ e ™ Z mmt 

emphasise the need for raoid years to come, the leading Euro- feanire s of tbe present 31 


uies. notably Wert Germany, remunerative prices for some ““ U T ^ u ‘°^ 

emphasise the need for rapid years to come, the leading Euro- ^market w w^ about^he 

adjustment Lo market forces, pean companies, witt encourage- J™ “ “S* Z Governor 

• jfo the Jva-: possible imerven- ment from Brussels, devised a p as f *Y°, ® ° 

-'rom government. Others, co-ordinated approach to “J* ™ aE pEttaJ 

notahlv *h-.‘ UK under the capacity reduction, only to find c . u n 

Laboui i.Ioverr.ment, see a thal : dd, «as in breach of the £ “ 


- " • 

i :**• : • 

- ■ i« i . ■' • 


3 month eurodollar 
INTER- BANK RATE 


BY MARY CAMPBELL 


EURODOLLAR YIELD SAP 


YIELD TO MATURITY OH THE BQNDTRADE 
! INDEX OF LONG TERM EUROBONDS 


2_ SBllllqn_ 


m 


jfl 






srver id!.- i'er subsidies ana EEC's rules on competition. 

.in’"r iornis of assistance to There are. of course, other 
sr. tlu yjjL’cts of market reasons for the industry's diffi 
■oiv--. Thi* difference of eulties, but clearly its ability* . or „i ham ineir way into o 

■jppros'.h ha- become a more to adjust to market changes J s Pr ®it"L^ n< !f’ “_ d worst moments. 
■:nr.c 


the way the banks work. 

There are many within the 
market who are much more 


&yl ■ i !-; • jj. ■ 

:;-:L-.-397a?2?. 



CAPITAL MAMETS 




1974; 


197S- - 


1 




: :fk 




m 

*• >•;•**- ..i, 

Lf." 


rets of market reasons for the industry's diffi- " h ,_ , h ™ funds have willy-nilly found national banking system will not whether they are adequate 

difference of culaes, but dearly its ability . , ‘ ^ ) ernor rheir way into bonds even at the collapse. The experience of 1974 but how far they have to be used 


WEDIMTERi; 


BASK LO 


7. ”jK3ti f. 


■jp-proav:'. ki- “eeome a more lo aujust to mariner cnangei 
■:ur.c risnt ,?our<.-.- of irietinn would have been greater if the 
j • rh-.- :? ; i rv i or iliree yy^r? subsidised capacity had not beer 
:!3t'.onui aids io industry have brought into existence, 
i-.c'-vc-vj j. The Gt-rir.ans com- The capacity reduction scheme 
biKin. c- ‘r.i? have done this in synthetic fibres was backec 
■ • c- f: ::: r^.'»t!on io f.vei. that by one EEC Commissioner 
iifttiona! are having a Viscount Davignon, who is 

u:5-ijVii:v2 m comnelition responsible fur industrial policy 


would have been greater if the been increasingly so for some 
subsidised capacity had not been jnonths. The feeling is particu- 
brought into existence. ar * strongamongihose who 

TJ n „i, r rr a, cfihfliflp lired through the 19 1 3-74 penod. 
The capdLity reduction scheme ™ ....... „,u n 1 u- a A thmn«h 


worst moments. proved that the central banks at all.) The fourth alternative 

been increasing^ so for some honail „ havin „ were io the last resort prepared is a last resort only, 

months. The feeling is particu- ®ut it is also because. naviOo hohinri *ho ir nFn . 

larly strong among those who grown warier, dealers were not to stand penmn xne *nroj The second option — the 

lived through the 1973-74 period, caught with such large portfolios I s “ n LJUJS3 financing of deposit withdrawals 

For anyone who lived through to finance with expensive «8M thl ® , ha ® }**** contributed by liquidatillg ^ ^ 


• f [•••• : '• i 


„ - v , f . . ... resemblance between Euro- that short rates have gone well showed, is a great deal of out of date information which is 

v' e | t 1 ^ " responsible *ur indtistm! policy, market trends In 1973-74 and id above long rates, the market has unpleasantness for a lot of available suggests that the 

.'rV'i 1, li ul ,Jpp ? 5 ,. , y 3^°P er ' Mr - 1977-78 is uncanny. On both certainly been better prepared institutions and individuals: for banking system was in a better 

X occasions a collapse of the this time. borrowers whose borrowing pro- position to face a run in 1974 

'7^1; ^. le Jfis- dollar on the foreign exchange _ grammes had to be postponed th an it is in 1978. 


Thi, leaves the fibre makers. “ “71*“ 

a t, „„„„„„ markets, followed, after an 

fnduWMn »m C confute Mr “ f h m “ n '^ t b f h in ' e ™ s ' 

Voue, _ evidently Mten, that & SE*e£“ 


■ .... i ' w u » i vv ucncvw luuv 

‘v;v:Vr. '‘If ‘ -ullJd an . li ' cri f t i J f % nc ‘ U a [ e incon, P at 

iole with the market economy 


On both occasions, margins 


caugnt witn suen large portfolios v .r* — "71 hnancing ot aeposit withdrawals 1 S'., .fci--.;:-. • 

.. a-.»i wuu nvcu unuugu to finance with expensive argue this has itself contributed by liquidating the banks’ own -- ' i ./■. ' 

l p rr fi “ re * was backed the pun up to the co n apse 0 f borrowed money. Although it is t0 floppy lending pracuces). short-term assets — is thus the v ' - 

77‘r. i-onimissioner, the Herslatt Bank closure the only in the past three months What is at stake, as 1974 aiso key. The very inadequate and - - ■ iMTJPMaTimaAl t^wn g V ; 

that short rates have gone well showed, is a great deal of out of date information which is 

above long rates, the market has unpleasantness for a lot of available suggests that the 'V--: 

certainly been better prepared institutions and individuals: for banking system was in a better 0 

this time. borrowers whose borrowing pro- position to face a run in 1974 ’’ "A ^ 

grammes had to be postponed than it is in 1978. \ . C 

Top quality SStaSSSJRT" “ for tee i > 

. . . analysis of the maturities of 1 >:v v 

hnrrnworc One should ^lso empoasise Eurocurrency deposits and - _ V 

uorrowers that another Herstatt is .not ]oans rf banks ^ Lo ndan which - ol v 1 

In the business of commercial ?:'^ u “ ec, , t0 , b . e me . vltable ' is published, quarterly by the . 1973 1974 , 1975 'l9TO-;;.. -r ' ; AflTK-i ; ^::^§8i>>- ; 

bank lendinc it is a different **h®ther trends in the interna- 3&nh of England- •-.• a’ 1 - 

storv Given the exoerience 0 f tional commercial banking busi- — 1978 is that the capacity of in g market tfilds 

1973-74 when the margins which aess are cjrcbcaJ or whether the . The a ^ aiys Ji-| ,ubllsbe ^ different groups of banks in to look^ 'inbii;:'alnn£u%^th<tB^e'' 

boreowera iw m money conditions of late shows that in Ittay 19, R, London j™ udon ^£^4 z mQ -has system generaUy^bv^ 

oorrowera pjua over inter nanjc ig74 an aberration never banks of all nationalities were >.u^ d marke dly ln May 1974, ■ ; • ‘ 1 *- : 

noor of f per c P en y t oTm^ to 1^ repeated is an unanswered m a position to repay 17* per £ afStaiwSg S 


collapse of the this time. borrowers whose borrowing pro- position to face a run in 1974 

foreign exchange grammes had to be postponed than it is in 1978. 

owed after an indefinitely, as well as for the __ _ . t 

• n, ^“ Top quality lh ' ra “' rei ; hrf a nl?ysis e7 0f th°e 

5 shut toe dollar hnrrnwprc . 0ne sb ^ uld J lso . ® m P° asise Eurocurrency deposits and 

UUHUtt C15) that another Herstatt is not loans of banks in London which - 

In the business of commercial . t0 . b . e mavitabl ®' is published, quarterly by the : 


-f 1 i ’Tha t Strict rules darkened further. Given the becauw ' 

; \d U din- pivotaI pnsition nf the Swiss rowers ha 

V. ■.;■ “ “ j" Some tension between the banks in the international bank- money. 

mT'V,' ,, " u ^ two arras of tiie Commission is ing system. Credit Suisse's losses Th '* T7 
in? ci -.a. e ne?ou- nrrthah i v . \vT. a , ; G rhi««o ri.- The «■ 


well before they reached this 
level this time round. There 
has been much less low margin 
lending this time, but probably 


By definition, an international sbo ? l I term 0I \ hi" selling Japanese banks were at that 


which in theory have; unUmited 


SXtoZS' further. Given the ££"■ XeZ %JTVS- artSVtovSTS M *» "*>. «■ Ettl&Sm- 

pivotal position nf the Swiss rowers have not Seeded si much banks' capacity to withstand « m ° ^ c ToiUa b^IaS % ^ “lonths to dnanre not only 
banks in tne international bank- money panic withdrawals. -j 8 . w juiq oe reiaoveiy ti, eir longer term loans but also ■ ■ ■ „ 

jnssystem. Credit Suisse's losses Th ; u. s . banks have staved IntesmtftoMa bnks Invc ftwr .jJiJj, ^.*1L."25SS!IS5 -““T *** l~o«. ’ ' tn^n-ttS. iia?jShal?Sln^ 


;^V«r,hV r^triTi, Kr^,r'tbT b ti^uuld IS^’SZS^, SS SZ'ZS m «>» S «^r«» ? in “ of „ de£e ?“', T ^; “»,«• t“n If rtort-te™ d'SS ■ 

■vhat.uw be' acceptance by membe'r gov- the harbinger of doom. Others B2jf l ^ t ^ a l, 8Bl*S? , *m«l3 iost'seeon” they can “uidnte ' Vulnerable tO : ‘ - T*t-“ - 

^Un 1 ^ c-otTa'id MM p!«ure ■ £2.“S« 'i 


. . • - f'- 1 ’ 'lore MIC susvi * II- 1UM31 iciem lauumaic ui „„ 

' tahs’_* nrv.u.. some l ompro- of delaying adjustment and, as a all is President Carter's move r.;Jj op , f . 

Dniic 1£ :1K<£ i V i-j V. 'irked out. liv.nrnHiwt rronfinri unfair r«rvm I t.-i nen tha interne-* wot., uunnnn U'Cli UCiaUl 


3 "'f h ‘- * ,,rkerJ . UU . L bi-product, creating unfair com- to use the interest rate weapon J'/ij., 

B .t •.!».• pro./lMm it. terrain io petition for producers in otliur and to call for special reserve 

r'.-vUi-, hecai:-.- ir i-- central ro countries. Instead of a series of requirement in the defence of fi'Xt- a ff E 

trie v,iO!“ qii'.-'tson q| v.hat fort ar-unients on steel shinbuild- the dtillar. a rieekion u-hnsp . nks . 


iinino* uiercial bank loans since 1974 

and to call for .special reserve : 0 l. i, uo „ uvnn.ito.i 

requirement in the defence of Pi'n L .! ha «- Cliph ^'J^tn-r nn a 
t:ic wiio : » qu • s rsoij qi v, hat fo rt arguments on steel. shipbuUd- the dollar, a decision whose Th4 

- nuu . s ^ :n ;.. r - ,0:,r;J -. lf 3n >* - n 3. textiles and so un. it would effects have yet to emerge. onnlfo hoi/ b,t ° f *' 

•.'iropcan G.<mim.i:m\ should be hotter to reach agreement on Given the degree of de/a nt ha ' e * on e ahead. 

i:! ■■ ’a Inch industrial subsidies are about the past two years, one Most serious of all, the 

The &h:ur:::«y of present acceptable and which are incon- might well have expected banks expectation that banks would be 

arrangement-- seen musl sistent with Community rules, to have stopped lending well better prepared to face panic 


teen of banks the short-term deposits • and ' ; ‘ . , , , - • 

withdrawals: 

lad rejected uut of nn rbe standby credit lines from This deterioration of - the By May 1978 the mismatch prompted raore debate; 
months prevwu«lv °lber banks which they have capacity of the banks Id repay was much more widely spread. Banker- commentcc- in Tlt& taa 
m another n era pec- permanently at their disposal deposits on demand cannot be although the U.S. banks con- issue: “Itrs surery tupe. for 'some 
that several less t0 deaI witb i ust such an dismissed on the grounds that tinned to maintain a jpesitibn open discussioo ^:on^be arndtegi; 
untries have effec- eventuality. Finally, they can short-term business has become which was much more vttlner- maturity tra^otmalian.Jn lhe 
v e d on their com- call on the central banks to print less important to them. Between, able,,ltf- withdrawals than other 

Moans since 1974 mor e mone - v - 1974 and 1978, banks slightly groups^ banks. - . It is'.worth tH^ rfiife 

een expected to put f t increaswl that, proportion of . ■ Banks maintain that there interhatibnal 

ich lending on a A fl filial DM flf th ?, ir v., tota -_7 e ?^ slts ^ hlcb y 35 are several reasons for treating had to" fall back'oRias^lenc^s 

fot a bit of it. They ml ca u ab ie virtually on demand, these Bank of England figures against a crisfc of iwo^eore it 

ead. rlpfpat The re*! problem Is on the with resen-e. W . le most impor- would undermine:;' :- i rfresi&eȣ? 

3us of all the UCACAl assets side: banks have substan-. tant is that although London is Carter’s latest,; .caflupaffi**.. # 


am 


t.'i rj -3 3. 


ITbi 1 

% 


■ r'P—TW^TP *TTk ^AT-Dk '1'^* step in and make them stop. In also appear, from the W credit lines on a significant j»roi»roon of them ^ts whiqh system as a who.e. . . againsTa-nm^n doijar d^po® 

f-i hj ^ 51 CF58 liB the bond markets there is evid- limited evidence available, to be scale — would itself already international banks . could One can go further and, say would 1 ihtte.la^r^it'm«Ed' 

Jx. A. ence that issuing banks and unfounded. be an admission of defeat since ® l ®“* (la Y s was that . because of its piutictilar'. calling brrthe^ 'UiSJ' eehtraL':l%Ql£' 

-7 4w# dealers have weathered the Discussion of this last substantial drawings on them *°wer man tne ouuaing s° cie - specialisation on mohey numket vfa-the U.S; 

73 T3 • storm much better than in 1973- subject is almost taboo for fear would imply a situation where ““ traamonai rauo oi nquia business in the overall interna-; to print mqre^mqndy-VT&jfe^st^ 

d?! 18 4TB 74 - Tb* 5 is P a rtly because re- that it provoke the very crisis there is already big dislocation- to total assets. rional banking , system, and be- pess of .Preaidebt {Jarter’s &oHac' 

'5n? MX\ « isi ^ H demptinns and interest payments of confidence which everyone (.As with the U.S. need to acti- The other particularly inter- cause the business' as^ a whole, defence ' -’pbfi^/.^^pe&ds'- 

■■' I — 4 j*a_ have been ninning at much fears. It should he made clear' vate credits arranged to defend esting feature of the com- consists of borrowing short and : stopping nhe outflow nf dollars 

higher levels and some of these that no one thinks that the inter- the dollar, the real question is parison of May 1974 with May lending long, the London bank- from the. U.S. . . '• r ~ f 

EVENTS II--' Rhodesia are play- steps down and disbands the 
themselves out with what Rhodesian Army. Even if Mr. 

'**oks like tragic inevitability. Smith could be persuaded to re- 
Jiepeaied efforts by the British, tire from the scene, it is incon- 
3 .-'.d more rewiitly the American ceivabie that any Government 

?, Cl -'j i . r f n !^ nL V^ c,- ' ni . ri .' e a „!ll ttIe ’ white^vnuifd nn^ifcsptf liirloinO thtfa. " I a m not sure that com- had not read this one either, organise a demonstration out- 

; ! u, R t vr°imith merc^ of the Patriotic Front bv tfl© mittees often represent small though she "might look in at side the factory gates and wave 

rUn^- o/ir'V lavin'" down its arms * market interests.'' I was told by Lloyd’s the launching party. The book banners saying “More bonus." 

.in** in r/.i. and i,i. preapea y o ' vesterday. Of th e 16 members, on the Conservative leader rubs But always on a Sunday, their 

fnr dll-party negotiations Mi-, bmith may have teen try- it is proving a testing penod f our a r e brokers two are under- shoulders with a wide variety day off. 

appears as bieak as ever. But j n? to impress world opinion for the .Comminee of Lloyd's. writi _' asenls * d 10 lin der- of other figures in a series twp travpite^’ +a i« 


that does nut mean that Britain with his reasonableness by Such matters as the Savonka “ c ' vlJlJ ’ uuu ‘ ran gi n g f rom Doris Day to Mary remunted^t^me^vesterda^hv 

,l - C - accepting an all-party confer- affair and the increasingly Mei7lber5 are on the who | e Queen of Scots. Erita, and the sis official from 


Ljrf;u7. ?n iunu a; ih« slightest e nce. But to his enemies it is a active role played by the U-S. onposet j having a fuli-tiine autobiography 
hunc exists of averting a urrse s \% n u f weakness. He would firms and markets mean that the id exei .utive This .-vnnniition Howerd. 
disaster, th.? diplomatic effort clearly not have done so if his Committee just elected for 1979 annarentlv dates hack to nre- 
nus: continue. If th” talking internal settlement was working is being looked at carefully by , qi4 1a when _ n _ _ h _, an 

Stops, it Will bo difficult to as he intended. For the moment membere. e-„= 

restart it. 


as he intended. For the moment, members, 
he is still in a fairly strong But 


yesterday 


Camp David 


became too powerful and every- FfillgO SWSP 
one vowed never again. Today 


military But his experienced market member was j, , professional secretajy- One of those mushrooming 

strength <s being eroded with complaining: “The Committee tfenera i Colin Thomas an conferences on fringe benefits 

Lii-flnr uraot fhaf nircoc inrl fho ic nAt 4 ? o rvinri un *n tho ni-nhbmc fr ’ i uuuido. hai-o ernt unitor thP 


rramtie jf, e iijorn Group’s consumer 
electronics division. Together 
with four af the group’s senior 
management, they have just re- 
turned from a tour of Japanese 
television factories. And they all 


If. therefore, there is any every week that passes, and the is not facing up to the problems t ccouotan t bv trainin- While seenis 
chance of success for the latest evidence is there for all to see. of the moment." A strong com- Si>me underwriters telT me they sWn °/ 


Anglo-Acurican mission to 
Salisbury anneunevd by ihc 
Prime Minister yesterday, tiie 


lo The white exodus, black dis- ment, and certainly far more M nk(1 f <hBnw ‘ P organiser for the TUC. and a 

~-l<xitsnok<?u than the cen tier divisional officer .of (he National 


seenis to have got under the 
skin of Colin Barnett, a regional 
organiser for the TUC, and a 


content with conscription the outspoken than the gentler irUernal civil serv - ife iacUldLn g 


- — - - extension of martial law and the assessment of Sir Henry Mance, lin : WArc s tv "7—- — 

Initiative is to he welcomed. But first lerror ist attacks inside the chairman of Lloyd's from 1969- SSJK3 J conference on The Lmpover- 

until more is known about me boundaries of Salisbury are all 1972: “There has been a 1 shed Manager and his Rewards 

background to Mr. Callaghan’s ci!?n , nnint in? * h - deterioratioo of standards but grow . th of . *. In . 19,6 on Wednesday was designed to 


Union of Public Employees. The 





The exception 
_ ' that could pro\:e 
I to be your rule. 


• •achgroi.iiu 10 ..ir. '~ai 1 a 0 nan » signs pointing in the same deterioration of standards but 
occision, u is ami cull to inter- direction. It may well be that it is still a line place to do 


members totalled 8,559 but next educate managers on the tax sounded as if they had been to 



ir.g a new initiative and have 


Tin as f£r‘ as 'tn ' the if not impossible, for Of the 16 members of next 

t-oiiJenin, or 0 prlva ,he interi ” Govermnent to years Committee, eight are or 

eottference io tiie sh-le of Camp a «“■ nauonwtde elec- were connected to three groups 
F-avia. tmn us tiie present circum- — Bownngs, Sedgwick Forbes, 

On all sides there have been stances. 9Ed R- J- Kiln, 

complaints that previous British jltr, Callaghan has said that 
emissaries to Southern Africa he will chair a conference in the 
have not enjoyed sufficient UK in the New Year if the Cled- 
seniority or prestige. By choos- wyn Hughes mission shows that 
nr, Mr. Cled wyn Huqhes, a tltere is a sufficient basis for It. 

rejpocted TorniL-r Common- With the right participants, it 

■••ealth Secietary, as the UK's would obviously be worth a try. 

representative, Mr. Callaghan But there would be no point in 
has gone a long nay towards a conference that was not 
disarming hi.s critics. attended by at least one of the 

There i». however, rlepres- Patriotic Front leaders. So far, 
singly little sign thal the real however, continuing Anglo- 
political and military situation American efforts to drive a 
;*i Southern Africa has changed wedge between Mr. Nkomo and 
hi any way that would warrant Mr. Mugabe have failed, aud 
r« resurgence of optimism. Mr. Rhodesian raids on Mr. Nkomo r s 
Smith, it is true, has been say- camps in Zambia have done 
mg since his U.S. trip last little to help. Mr. Callaghan 
month that In.- is ready to attend admitted that the difficulties of 
r conference '‘without pre-con- Mr. Hughes’s mission should not 
diticivs." Eut loo two Patriotic be underestimated. The prob- 
Frcnt leaders. Mi*. -Joshua letn is that failure would 
Nkoiro and Mr. Robert Mugabe, render future diplomacy even 
? ; *e now adamant that they more difficult Each failed 
v -fluid 0 r!y crime tc the negoti- initiative makes the next one 
K |. :1 .r table if Mr. Smith first less credible. 


renre^ntarive r*f th P market hnr 7116 reason Svr Thls « te spread suits, school fee schemes,- and “It's very much a family 
I suppose one mi-ht Question the of reswuj-ce s. But with the arithmetic of a wide variety atmosphere— everybody tries to 
whether it dne« renreint rtie accounts being worked out after of- non-salary benefits. be in harmony," enthused 

i] cvndipatftc >’ P e three i' eare UHs means that next How, demanded Barnett Rodney Love, of the Electrical, 

nr th* in mpmhprc rF npvt y€ar one 'holf of Lloyd's mem- could the public sector be Electronic and Plumbing Trades 

” bers will never have had a expected to slick to 5 per cent Union. "Here, when we take 
“JSSSUrf 7n dosed year. I was told. when this sort of thing was action we are out to hurt the 

were cwinectKito three ^r^nips going on? He demanded that economy of the company” said 

BowTingsi, Sedgwick Fortes, “ all the loopholes should be the ASTMS man. 

j— -1— - In ‘ Thatcher hauteur aI S ^ ™? ney P QUre ? The managers were similarly 

back ,* nt0 public sector. Z impressed. Douglas Topping, the 
■ r j t' 0 * / For a woman being groomed put this tn Robert Heller, one deputy engineering director 

ior 1116 top b ^* some of Britain ' s of 1116 s P fiakers an d editor of told me no-one could understand 
more expensive image-makers, Management Today. He was w bat he meant when he asked 
\ Mrs. Thatcher has a strangely unimpressed, retorting that, he, about absenteeism rates* "Then 
< haughty attitude to what is for one. could not draw an they said there was 97 per cent 

_ Til 1 I T^it-i wfJtt® 11 abou t her. Her office inflation-proof peasion. attendance: 1 per cent were 

{ P&T- tells me she ha s not read a All that such conferences genuinely sick. 2 per cent were 

$ AfKTw "* ..yi single one of the biographies were doing was making sure 0 n leave.” 

• AftVUSSJON ’■ which have so far appeared, managers knew what were their 

£i _ "She feel?.” says her press rights. “It’s like saying some- — ■ 

K"rj — ofitcer. " that if the facts are one who drives at 30 roph in 

. 3 ttfikt she knows what they are. the 3U mph zone is somehow AnnetisiflS 

rjjl -' ■■ = If tocy are not, she does not being cynical or disgusting.” ® 

I™.; . /nj&ffl want to know.” — - Whatever its problems. British 

WZ • J / 1^^® latest work hits the business is normally safe from 

A- ifp bookstalls on Monday, an HarmOflV DOnUS at least some hazards. A stock- 
“exduilve, authoritative, bio- . _ broker friend tells me ih at the 

8«P h y. M according to the cover When workers m the Japanese Philippines firm Ledeco has had 

1 zSzym I of this s,ini eul °^' written by electronics industry get oross tt0 ^ in all jts share 

l a self-styled ~TV lawyer ” with the boss Jey pm badges Mtes afld issue new 

Trivia Murray. '* A successful on their lapels beanng an a ^ o£ w hj te antB made g 
BP^W* woman writing about this elegant little symbol— a sjflised meal of ^ compan .. records 
uniquelv successful woman.*" coo clenched fist with, alongside, the 

the publishers. words ” More bonus.” When they OnRPriV>V 

“They haven’t wasted any timd” No, said Mrs. T’s office, she get very cross indeed they tK,t 




pi m - • si m & t .v m 


I: 




^^OEH WMtSKIBs’BLENDEMeBOrania" 
7 dtiattl ie w Gloag & SonUd-, 

. Perth, ScotUmd . 

s ^ w | £li£n im iboo AFTrtt awie^**®- ■; 

70 ; PROOF3'i i 5!! 







Financial' Times Fridav November' 24 19 <8 





1 1 


Friday November 24 1978 




City Of Londo 


M® 

:0 


ti 








The strength of the City of London's property market 
is difficult to explain. Although it suffered a setback in 1973 and 1974 
this proved to be only temporary and the world of commerce is still prepared to pay 

highly for the privilege of being within the Square Miie. 


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’■•''t \is\> l: v-,, ' ;"■ '"v* '*' ■ *7 » ‘ - ; v . * ‘ ?•' > 


1^ Moore Court. 1/6 Milk Street, E.C.2., 32,625 sq.ft 

• ^lew otfice development by. Wates Developments Ltd., 
•icbmpletiontkie Spring i960 

Z 55/6-1 St. Mary Axe, E.C.3.. 28^77 sq. ft. 

iH&w office development by Great Portland Estate, 

..'Ltd ', completion due Spring 1980. 

3*27-28' finsbury. Square. E-C.2. 58.000 sq. ft. 

• Refurbishment, including a/r-condiuoning, 

. ■'.iby'Legai &. General Assurance Society Limited. 

; >'{iloird;i'ettihg agents. Smith Metzack ) . 

“cb'mpfetionhdue January 197.9 


4- 3/6 Jewry Street, E.C.3.. 34,500 sq.ft 

New office development by Speyhawk Land & Estates 
Ltd., completion due Autumn I960. 

5. 11 Ironmonger Lane, E.C.2.. 17.500 sq. ft. 
Refurbishment of period offices, including 
air-conditioning, by Prudential Pensions Ltd:, : 
completion due Autumn 1979. 


■£&?i 

; -v» ' > rt/ 't- 

S ; />vrwi 

i 

m-it 


. 33 King Street London EC2V 8EE Tel: 01-606 4060 Telex: 885557 





Chartered' Surveyors 
























CITY OF LONDON PROPERTY II 






m 





again 





... ... . ., the Kmkirm world and ' There is always the outsidfe such an enormous. proportion of 

office presence In the high cost City taking much notice of possible will move from the City, or within the brotang^woria ana in ^ *w A T .aK/dir Pavt-v’e aKm enaM 


— — s'5 S-SSStS SK flusa v MWS a 

more imme- past letting demand is likely to around Lo 

ial financial centre. It can years to the City's puii as a and a gradual evacuation of the diate worries. 
v'vr claim tu Ik* a physical financial centre. Entry into the City's 35m sq ft of offices tends In its analysis of 


the technical obso- dation needs. There are, bow- But this.* just 0 ne area where Wa ^ d Moor- both the clearing banks and the area - ground Threadhwdle 


gate. 


the 


major insurance companies will Street Comfcill and Xdmbard 
other main eventually be carried . out Street -wrolif- .make:. a.TiODSenife 


LOOKED AT objectively, the reviving fashion for 

Oi y or London is in ihv wrong relocation away from the costly market 

place, li i-. pm iar from an air- centre uf the capital, there has Talk of . 

port t/. be ideal a-.- an inter- been no real challenge for leseence of the clerical worker, ever, a number of more imme- past letting demand is likely to 

national financial centre. It can years to the Citys puii as a and a gradual evacuation of the diate worries. ease -significantly. - t __ 

nn longer ciaim t» Ik* a physical financial centre. Entry into the City's 35m sq ft of offices tends In its analysis of the various The printing and publishing J^Krag ~~ ~ -- --- Nationalisation might not im- of many current forecastsof a 
rradme Centre- now that the Common Market, and early m be dismissed as alarmist financial districts of the City, industry is based south of the . sh*nnin® nor the mediately reduce the number of- City, office spare shortage in' the 

Thames’ has l.vr its commercial fears that international com- nonsense. But for anyone who Richard Ellis identifies seven civil sen-ants, along Fleet n-^her w ‘? P ^L been staff needin' 3 City office space, early 1980’s, ‘ --Jy L r ;- f : : x> ■: 
.raffio U is p.-.HtU-a!!i- Uivum* panto «cm«l abandon London renlerab€IS when early distinct “business villages." Street. No one who Has opened commodity _os irk® 2“ “Si, ‘ 

tmm central. Incr.l. and Euro- in favour cheaper European “Luddite” talk about computers These are clusters of banking, a newspaper 

pean Comm unity pivernmcnl. Ii headquarters in Brussels or was silenced by the comment insurance, stockbroking, ship- years can 

has nu permanent population to Frankfurt. proved unfounded- it would seed a machine so ping, commodity, and printing changes now 

speak of. Yet the Square Mile Tne card house aid shake big that it would cover the and publishing businesses as industry or oi tne possiomiy “7 ^^'Vna ' uirW ^niT ewntijally -hit the' pto- w"^ 

remains oik- of the must expen- aiiu'ininiiy at uie time oi uie earth's surface to a depth of well as a concentration of that the long-term drift from the tosuran g market. . bttunems with ' he^h v/^gam 

least rhe traditional heart of the news- groups. pertymarxet. - 

Toe 



&vo -stretchec yf property jn the 
world. 

On the face or it. the strength 
of the City’s property market 

is iner.pl icabic. There ii no 
rational reoon fur commercial 
tenants* e-nihiisiasm to pay 
higher rcnt>. hie her rams, 
higher service efiar^-s and to im- 
pose t ra l dlfiii.-ultic’-- <-n their 
staff simply iu add an EC postal 
code :o thfir iradin* address. 
The reason for tin?- v.-'lhnanws?- 
i r. pay over ti’-* odds for accom- 
moda'.iin mu-t he liion-forc 
beyond the realms «*f rarioiuil : iy 

;n t radii mu. in inertia. and in 

simok herd 


secotiuaiy banking collapses m several feet lo play a decent public sector offices. At 


f t A ' after, itsyear^of ^pstH^sh-cqn- 

ana lure. but uie mi an- game of chess, it is a salutary three oF these sectors are likely paper world will accelerate. The insureTsand banker* ~ °vL s ,_ ^hoiir *the- ’ 

ciai inundations nolo, ana, as experience to look at the child- to be reducing their amount of ogupyAe bi^ toe b^st 

uiu ui'iioea oil rums anil new ren's chess computers on sale in City office space over the next Cfl<ll32C5 offices in the City and Whatever future TO P and the 

deveiopmeuU in this survey the toy shops for this Christmas, decade. affects their business has a d£ of its 

show. Lneuiy s property market When you are beaten at chess The civil service offices. The stockbroking worldis proporUonace effect on the offices on 

umy a temporary set- by a £50 piece of plastic and centred now along Holborn. are also in a period of change The Citys property market Bu.. .shadow .of U^. comi«tition now . to tte^gm^toarR^r'w&ere 

wiring i. is time to start listen- likely «, be by the sradua, Appearance. or i 


Miuereu 
back. 

liui what of the future? 

Property investing institutions, 
v.iiidi take at least a 20- lu 3U- 
yt-ur ui-iv uf lue luartiel, are 
clearly untroubled by doubts 
aouui the ‘-i«y s iuiure role, l be tenant demand and office rents 
luniir. continue lo pay a pre- 


Iliosical 


I! logical may be. but 
tenant s' enimtfi&sm tor the city 
continues to support a market 
for -"jam sq it v." oihcc-a produc- 
ing more than f'l.iiSbn oi" rents 
p. year anti wonh. perhaps. 
£3.5bn 

It may be ieav in? one open to 
the char.'e o': Ic-t* iuaie*ic to 
o ue f. ion the -ense of continuing 
iu conventra'c to much office 
property in such an improbable 
setting as the City. But the 
foundations of the Ciiy’a market 
are worth surveying • i only to 
pur into perspective the 
avalanche of irformsiion now 
produced on its day-to-day 
health. 

The reasons 
brave all the 
additional costs 
accommodation, 
pieiousiy like a 


tiiium u>r yood cuy ouicc 

pjvpun«r>*. uiid t- ien tiie 

s inane:! properly funas like tu 
hold at least one City uificv a* 
a poriioiio •’ flagship." 

t»ut this unqucsuuumg 
a*^unipUon uiat tile LUj a pa^L 
appcaj a: an tiiuce ituut: will 
i crnain ana win cuuuuuu tu 
auppud tne iu^xi ra<.e ui reuc 
giurt m implied uy current pur- 

eiluaiug ,'ic.ua iiiia lea Uoti^eia. 

Uae giu'Aiitg quealiuit mai'K uver 
uie uity market stems truux 
auvanec-fi m couiputer tc-cmiu- 
iog;-. 

one really knows what 
ell eel the aval lability of word 
processing macoinea. ucSK-u«p 
versions uf iutur-omce teie-lypu 


ing to the technical prophets of back-wash effect of the national private investor as a force in and the 

doom for office property. civil service relocation pro- the stoefcniarjjet leaves brokers these two at least can be found , industry. 

It could be 20 years before we gramme. Offices not directly evec more dependent for busi- secure tenants for City ■ pro- 
know whether electronics will moving from the City to the ness on a 
have a significant impact on provinces are expected to be institutional 

pulled into vacated soace gers. 
in the City. In the meantime, nearer to their relevant .Mini- period 
neither office landlords nor stries in Whitehall. No one equity 


small number of 
investment raana- 
Another protracted 
of inactivity in the 
market would un- 


... .^teasre^Iong^enu 
dnstry. ’ ■ thinkbci& th^bKJkike.abouttbe 

for City pro- The banks look healthy light-vat . of ias imrnel 

Unfortunately, even enough. But as City rentsand/beingr^traia ctniiiuff -the-other 
. ... Mta u inflwasp the banks must •— >- ^ 


pertv ? 

wi thin these sectors there are rates increase, toe utuum uima way is 
both medium and long-term be looking closely at The_ possi-. trijpff^-v 
question marks over their bility of moving more of "tbeir • 
future accommodation require- staff out of town. As the ■ 


in 


their tenants appear to be knows exactly how many staff doubiedly force more mergers menLs. 


British clearing banks .occupy.. 





the offices back flip 




inner urban areas 


*ye^srjj-- . 

•'.• v- ‘ 


why «e nauts 
problems and 
of faking City 
look sna- 
il ou-e of cards. 


now ueing developed will have 
un Lite iuture pattern of omcc 
uac. fiu: inaLituuons that ignore 
Uiis technological revolution 
risk following the downward 
path oi investors who stuck with 
the well proven water wheel and 


The bank? are here because the 
other bank* arc here, the insur- * temporary lad. 
3ncc companies remain because 
ilieir fellow insurers are here, 
r-.nd because butii the bunks and 
rhe insurer.-: arc here, the link- 
ing brokerage trade* and Ihe 
whoio complex veb of financial 


markets tiia; makes up the City terminal at home. 

held within i he Square Mile are when the mass of purely in for a dramatic change jnst passed in July aod is a reflection 

also presen:. mechanical clerical work is over a year ago. Concern for of the new strategy pronounced 

This house of cards has delegated to machines it may no the decay of inner urban areas in August last year. Basically, 

proved to be pretty resilient longer make sense for companies prompted the Secretary for the the Act extends the powers of an - v material impact, though in Northampton- 

over the years. Despite the now to maintain more than a nominal Environment. Mr. Peter Shore. ''inner city authorities to oromote tiierc m tho * e who would empty for two 


industrial and commercial . throughout London under one tdon found, in Hull, costs.. Just- area .partly , bepaf&£ o^fts'aood 
growth. roof. The Midland Bank’s move £2.45. In other centres the fol- xaiHlnks wittt the 

3 The Act provides for local to Cannon Street is perhaps a lowing figures were . comp iled: because - 

authorities to be designated bv good example. Manchester £4.23, Bt nn i o g ham foresight to encbJfiyfTTC^ejSe- 

tbe Department of the Environ- There are also cases of re- £3.60, Southampton £4^ .am^ velopment In the:oUs.^BYw$tfbr; 
ment to help development locating where there is a sign ifi- one of tiie .more . expensive., those keen jenbu^hrfo ,-3^t ■■bur* - 
mainiy by offering financial aid. cant financial advantage— -and Edinburgh at £6.34 a SQ ft.. T >side "tiondon -alto^ihetiir-J^e • 
The local authority can rteclare not just on the arguments of On the face of it one wonders tended to_ head 'soutb and'vvty. 
improvement areas where it can rent and rates saving. For ex- why London offices are not flock- Basically, : deyel«rjiftiK3|;_l;?W 
make loan? or grants for ample it is understood that Ing out to the provinces. How- tgnrded to- follow. tf 
environmental improvements or Spillers, the food company, will ever, such comparisons pah he conuntnricatioaj rati.o^roaar--, 
to improve or convert either be moving out of its- head- misleading. In fact very few or f Of .some coj»Mh CC, 

industrial or office buildings, quarter building in Cannon London office tenants^arepaying to- be^near i 

Also the authority can make a Street, next to the Financial anything like the open market . >“ e multmationalSv .• 
loan for the purchase of land up Times, in favour of an office cost of prime office sites. It Is he keea '-te^wrji^-^w. 
to 90 per cent of its value. The development in Northampton, doubtful if as much as a tenth centre of Londqnfvhi^.: ^a rev ; 

Spillers has been in its cur- of the London office stock could j^e 
rent offices since 1960 when it ^ described as prime : iijyw 
acquired a 42 year lease for and not all of that Is let. at up to 

around £1 a sq ft with only one date rents. case oF Keilog© ,h» rt 


MTTEN THE Location of Offices to switch the bureau's direction, 

macfiictfb and ail uie other elec- Bureau (LOB) was set up just Instead of promoting the virtues 

Lruntc communication a e vices over J5 years ago. its aims were of office development outside of 

to aid the decentralisation of London the LGB is now aiming 

offices in London. A job which to bring people into inner urban 

it carried out with reasonable areas. This includes London, 

success if the 2.055 firms and though the City and the West 

14S.257 jobs that it moved out End are not considered to be 

of London from i9«3 to August needing any outside help to 

of last year are anything to attract employers, 
dismissed the steam engine as go by. So this apparent change of 

It was thought that the con- direction — though any sugges- 
Behaviourai psychologists centration in London was a tion of a reversal of policy has 
have argued that workers will bad thing and this thinking was been denied — will give* the 

still need to congregate in accentuated when the Labour inner areas priority second only 

offices even when it is possible, Government instigated office to development areas. 

and more efficient to carry out development permits. The other important feature a ^ 0 applies to buildings, 

ail office work from a computer However, the Government had of the past year was Lite Inner y . 

But if and a re-think and LOB’s brief came Urban Areas Act. This was XlUDflCt 

fi am ■ amunn r i a isn t r wirn -nititr ana uai *— icuia. - ~i c ’ ' .. . • _ ~ ^ _ 

located ontode; tondoa: . 'Al? 1 


S\ 


largest office' block prime figure. So.- even - 

the City. There is office* accommodation outslife. 
of why a company I-nkkp still looks cheaper the 



sa 


CITYOFFICES 

GURREhmy AVAILABLE 


ECS 

21 Moorfields- 

Air-conditioned banking accommodation 

on one floor. On the instructions of Lazard Bros. &. Co. 

EC4 

70/74 Cannon Street 

Self-contained building. Recently refurbished to 
a high standard.including air-conditioning 

EC4 

20 St. Swithins Lane 
Self-contained traditional City building, 
in prime financial location 

EC4 

Malvern House, Upper Thames Street 
A prominently located building, available 
in floors with flexible layout 


Broken Wharf House, UpperThames Street 

A new development offering top class 

air-conditioned offices, within 7 minutes of Bank of England 


SQ.FT 


5,470 


m 


1 


Obviously it will take time rent review in 1981. Though . ... w J aW- ±fi^.'-TTriitfi 

,0 «* if «■"* new A “ " iU have «• Cheaper - ' ••-iSSR:.SS'®BS3fflK^' 

in Northampton- it has . been • * - T ,„ vnVri ttr ,r A< - : 

uiciv me ixitnsrc nuu wuuxu empty for two years, and Debenbaru's figures are based • 'iic Li t t 

already shoot it down as haring Spillers will be able .to let the on £45 rent and £&78 

little chance of having much Cannon Street offices at a much Ltmcftm • rin nin*raw th* Mn»^ -.Wuottaisin xne r ^«^> u » 

effect without the Government higher rent than.it is ptyin^-Thside 
putting up some money. Time If Spillers. doCs leave it win be between 
will tell. the second largest office' block prime figure. 

Tbe Lf)B is not without its available in 

sh<Ks at Government policy. _In a clear case ot wny a company xxinauu ami ioui» uneapei uie 7,- h~ : 7 " -^i r V^4t-" Wfrf n»nT- 
iis last report the LOB criticised misfit decide to relocate. disparity between London and.. S? 1 - isS*: iS : 

the fact that the Government Bearing in mind die advant- the.prqyinces n 
has in the past given substantial ages of moving office staff out- smaHer/^Tlian 

financial support to the side of London it is bard to see thought'.-. . .. ■ . ^ x- - 

industrial sector but not to the why UK firms will want to move . Moving out of London, .may .^T eggure A i 

office sector. In the future some into the inner London areas, have some .disadvantages but j yl 

of the funds should be directed The cost and inconvenience of most , of . these >can be overcome 
inlo non-industrial employment, commuting is becoming a heavy by/keepfng key personnel ^ 

As the LOB pointed out about a burden for many office workers. City .and moving the ■ backup ttSOLtit*'-- 

quarter of all people in work especially those at the bottom staff put into the provinces la 
are in offices and that figure is end of the salary scales. But of this way the^st rf. the higher : 

likely to grow during the next course the main factor for most London rates may be atoply.revCORcera tor.- nnemmuygae m i n 
few years. companies is that a move to out- warded by the returns tho key/™* - 

It is early days, but the side London can be a substantial members of a firm can make. 
change of official attitude has saving in rent and rates, though But when firms do finely - 
not had any material impact as there are some points that cide. to relocate tbav often re- fimp 

yet There is little evidence of should be made about compara- main within the GLC area; linni- 
a change in companies’ thinking tive costs. don ^businessmen tend to sho.w^a 

abnut relocation. It is hardly A recent survey by surveyors preference for staying as'xieac ' inn 

likely tliat companies, who have Debenham Tewson and Chin- as they can to the capital even- - °t. jlp? 

been enticed out of inner nocks shows that a square foot when they have to relocate 'for 
London are going to rush back, of prime office space to London one reason or another;- . 

Some people are relocating costs around £23.78 on the open One ; of the daa^ic. example's. T 

but often ii is a matter of bring- market — rent and rates. For fs Croydon. A lot of cnmpanje* “^T” v- y- 

ing together offices dotted illustration the cheapest loca? moved but. of London to ttat : ' 1 Cj^ty 


Rents rising 





2,750 



13,048 


from 5,500 
to 22,600 


36,783 


A 


muf-sv-ix 


Established 1820 jriLondo 


118 Old Broad Street, London EC2N1AR 
Telephone 01-6284361 


BEGINNING NEXT year office 
managers with the job of look- 
ing for premises for their 
companies in the City oE 
London will need all their 
sangfroid in order to avoid 
j being reduced to panic at a 
[spare of news- items of 
| enormous rent increases. 

About that time the much 
heralded “ bunching ” of rent 
reviews is due to occur. The 
reason, also widely known, 
relates to the changing pattern 
of Jetting arrangements over 
the past 20 years. In the early 
1960s offices were usually let 
with rent reviews every 21 
years- By the raid 1960s. the 
reviews were coming every 14 
years: by the turn of the 
decade every 7 years: and by 
the mid 1970s every five years. 

The -result is that about 19S0 
a large number of properties, 
from good modern blocks to 
those now well past their 
prime, will be coming up for 
review about the same time. 
And letting agents and the 
Press will be more than willing 
jto announce each “milestone” 
las it is reached. 

One perfect example of the 
sort of escalation likely is the 
office block an Cannon Street at 
present occupied by Spillers. 
The food group took the lease 
of Lbe building from Bernard 
Sunley Investment Trust in 
1 1960: The lease was for 42 years 
with one review In 1981. The 
rent is £1 a square foot It is 
now more than likely that 
Spillers will vacate the block 
and if it did so, could probably 
sublet the 90,000 square feet of 


space for £11 or so a foot 

That is the sort of escalation 
in rents which is likely to 
become headline news, scaring 
office managers into believing 
that it will not be possible to 
find space in the City at less 
than astronomical rents. 

In fact, of course, the 
majority of tbe rises in rents 
will be — like the Spillers case 
— from such a low base as to 
be virtually irrelevant as a 
guide to rental levels. 

Movements 

The problem for prospective 
tenants over the next couple of 
years will .be to distinguish 
between such rental movements 
which amount to' brin g in g 
historical levels up to current 
ones, and genuine Increase in 
the basis for rack rents. 

Here again, there have always 
beeq problems for tenants. Tbe 
publicity which surrounds the 
achievement of record rental 
levels is so all-persuasive that 
tenants can be excused for 
believing that all City accom- 
modation commands such rents. 

The latest figures for “prime” 
offices, for instance, are 
between £17_ to £20 per square 
foot, and a number of recent 
press articles have suggested 
that rents could be back to their 
historic 1973 peaks by the New 
Year. 

That year was the time when 
peak - rents soared month by 
month to £24 a foot It Is true 
that such levels are now within 
reach again but this time round 
the movement in top class let 


tings "fe. less likely to drag up Even .these; pffitoBK^i^ever, 
the average base rent for offices -are ih a miEtorlty! Goadltttpdern 
throughout the City, a pheno- accommedatids>7a' : Een^ali -stiff 
menon which was tbe hallmark fetches brtb» ElO ^&t^eTreij in 
of the euphoria of the 1978 favoured^ locations/ I'.-fi&Skl ^ihe 
boom. / _pa4t couple?., for 

Since that time . developers, instance, ■ the DoW--. l ^i3ting 
agents and tenants, alike have Group ? has , fakeu^'-.'pj^r-Jlthe 
come to accept a : two-tier -former Reserve JBapk ^o!f r ieuiS' 
market.iri City office space, wUh =tralla"..biul(iing inVQId' ie^ry, 
-the' narrow' supply of brand new EC^r- fori ; abodt -i M -^r 
buildings with first class faci!i- s 3U«’e^f e eL;Eqiiity <Spithf Tor 
ties in the best locations form- Tfidustfy ! ha^'taken-a?]935-sc^tare 
ing a separate market from --the fooL.sufte in.? Gresham- Sweet, 
remainder of City space, - - again -to-EC2; foT.arouad^^jjd 

'For;. that top tier. 

Hkely to kip on moving 
particularly given tire fact 

inflation has meant that Ten ti? * itoit;; for , under fSk.y x? ^ 
fetched today in real terms 

significantly below . those of . ^.^te and Bolborn 

1973. and supply is scarce 

indeed. . * off, ^leet 

The parameters of the das* of -SSSS^ i ^ 8 

property "concerned, however, « sqyare 

are very narrow. There are ^mmbdatiop- to 

many blocks with air condition- ■ 
tog and a full range of modern jJJL I**?? 11 ^ 

facilities which lie outside the . ;-:.V 

banking .and insurance . “v4I- u-.TS 6 ? 8 °f 3 
lages” by only a few yhrds ESS* 4 ' ***$ .’ 1S 
which do not command such x ^ ad ^y . “tilled 

premiums. For those premises, 

the bulk of the City's modern Twifv 8 we * X 
space, rents are .around ttie £14 15 Sim P(F not: true_ ^At 

marie phr square foot • on e C ity ’agent.- -by 

-.u , . -'.v ^ibnitted recently that, the bulk. 

Below that level again are the of the- lettings done through '.its 
blocks which lack air condition- >Clty "branch irfnee - the 

m f» ^“| a 5 s * ^ ave ^ )een kave been at-under ^m.- many . 
refuroishea. Even tbough tbe .of them, well under that figure.' 
refurbishment may have been Moreover, so tor as cSn: be 
earned out to a high .standard., seen, -the . supply- of ' sueh, 
these premises today would, be prcmfeey-'ls -adeilwffe to roaJf 

emseted to. lnt for hotwomn no. j. -c_ 



CONTINUED ON NOT P/&V 









5®PP 

- ’■< Sj- - 


t . , . > W .; Lr ■* v -; v?.e • ■ ~ ,•■■+£ 


fea&i] 


BMM 


j&xT - Ri chard Ellis. Chartered Surveyors '■'&'*}* 

IStiComhii): londorr E C:3fe 3PS ; |feh;01r283:^09D 


London EC2 

(facing Liverpool Street 

Station) 

Modem office accommodation 
3 floors of approx. 5,955 sq.ft., 
Automatic passenger lifts. 

Fitted carpets throughout. 

Central healing. 


London EC2 

New prestige air-conditioned 
4 office building in floors from 
jjj 5.909 sq.ft, to 23.636 sq.ft 
g 4 Passenger lifts, 
y Prestige entrance hall. 

£4 

4 Joint Agent* Hampton £ Sons 
A Tel: 01-236 7631 


Cunard House 


88 Leadenhall Street London 
EC3 

21,460 sq.ft, offices. 

Flexible office accommodation. 
Occupying prime position centra/ 
London. 


105-109 Cannon Street, 
London EC4 

Prestige fully air-oonditioned 
self-contained offices. 

13,310 sq.ft. 

250 yards from Bank of England. 
Ground floor banking accom- 
modation. 2 automatic lifts. 


London EC3 

Office accommodation of 
approximately 14,470 sq.ft, 
close to Lloyds. 

Central heating. 2 automatic 
passenger lifts. 

Joint Agent: Herring Son & Daw 
Tel: 01-734 8155 


London EC2 

New self-contained air conditioned banking ha/I 
and office accommodation 16,466 sq.ft. 

Close to Bank of England, High speed lift- 
Stock Exchange and other Carps led thraughouL 
msjor financial houses. 

Joint Agent Sl Quintin Son & Stanley Tel: 01-236 4040 


St. Martins 
House 

16 St. Martins-Le -Grand EC1 


Eagle House 

City Road London EC? 
Prestige centrally heated 
headquarters office building 
83,260 sq.ft. 

78 car parking spaces. 

3 automatic lifts. 

Carpeted throughout 

Joint Agent Smith Melzacfc 
Tel: 01 -63S 4591 


Entire 7th floor of modem 
office accommodation 
5,426 sq.ft. 

Full central heating. 

Fitted carpets throughout 
Excel lent' natural light 
2 Automatic passenger lifts. 


THE architectural quality of the These pressures begin wiili rhe 
City of London, as rebuilt over underground structures which, 
the past 20 years, has probably in the case of London, are par- 
attracted more heated criticism ticularly troublesome in view 
than that of any other major of the age nf the City and u* 
city in Britain. These criticisms narrow environs, 
may well be justified but they __ . . 

are certainly exaggerated as a , T ” e sround beneath the .uy 
swift train ride to the Bull Rids -, a networ ^ underground 
in Birmingham or to the centre railways, sewers,, telephone 
- of Manchester wiU swifflv ton- “ bl «k and telephone duel- and 
firm. The City's architectural lhe flrsl l * sfc .of the architect is 
achievements may be limited ), n a suitable spot to sink 
but they compare favourably foundations, Add to these 
with some of the atrocities com- brutally modern factors the 
mi tied in Britain’s provincial more sensitive archaeological 
. c uies. dements with which London is 

. so richly endowed, and it is 

However there is no denying clear lhlt the architecl in lhe 
the doubts with wh.ch cilv hjs t(J he solver of r 
Londoners view their new City. pui , es as we „ M an nrtist . 
Part of the problem is historical. 

The previous rebuilding uf the Nor has the architect solved 
City by Wren in the aftermath his problems when he has 
of the Great Fire is part of the found a way to sink the first 
folklore of Londoners. foundation shafts. For building 

With the Blitz placing the in London, as in the rest of 
role of a latter-day Great Fire. Britain, is controlled rigorously 
it has been inevitable that the by 3 c ^ usler health, eoviron- 
developments of the City over mental, and safety precautions 
the past two decades — the which restrict the architect s 
Barbican, London Wall. St. room {or artistic manoeuvre. 
Paul's precinct and countless It is against this background 
office blocks — should have been that it sometimes seems that 
judged against the historical architecture in the city has lost 
background and found wanting, its way. The city would claim. 

with some justification, that it 
Hicfnrio^l ** very difficult, amid this maze 

*'*-^* p '-'* 0 f practical and legal restric- 

A historical background is not tions. tD oppose any major 
necessarily the best or even the building plan on aesthetic 
most sensible way to judge lerni5 » alone. In theory, if the 
architecture. The City fathers. city authorities reject a plan for 
in particular, would strongly rebuilding- — a step rarely tak^n. 
rebuff suggestions that it is in although it is Quite usual for 
anv wav a museum, or that its plans to be modified— then the 
buildings should be seen as would-be builder has the right 
replicas of an earlier age. °f appeal to lhe relevant 
. . . .. , , Government body. 

The best yardsticks for 

measuring London's archilec- It seems to be taken for 
tural worth are probably those granted that the Government 
set by the other major capital body would tend to support the 
cities of Europe, especially those builder, being more anxious to 
of West Germany or Eastern rebuild the city than the city 
Europe, which had to be exten- itself, which should be trying 
sivelv rebuilt after wartime to maintain standards. 

Architects generally are wide 
can probably pass muster. open to the criticism that they 
Major difficulties are imposed hove come to concern them- 
on City architects by the pres- selves too much with the purely 
sures imposed on aesthetic planning criteria of new build- 
values by the harsher political, ing — Correct access points, 

social and economic values of a traffic considerations and so on 
major business conurbation, —and not enough with the 


aesthetics which should be their 
proper business. 

in the Ciiy this has meant 
that the aesthetic qualities, of 
the new buildings are left to the 
architects employed by the 
client who wants the building 
done — l here are no general 
guidelines on aesthetics laid 
down by the City which would 
claim, perhaps rightly, that such 
matters arc purely subjective. 
Tn practice this has led to a 
small number of originally 
designed and inspiring build- 
ings — the Credit Lyonnais 
building in Queen Victoria 
Street is an outstanding one— 
and a host uf rather boring and 
unimpressive buildings. 

There is surely a case Tor the 
City insisting that new buildings 
must reach an acceptable level 
of artistic quality — and then 
leaving themselves free to 
reject those plans which appear 
unattractive. 

Much has been written and 
said regarding Lhe height of 
new buildings in Britain's cities. 
The term tower block seems to 
have moved from the list' of 
neutral adjectives to the 
nation’s Halt of Infamy without 
much delay. The City has not 
been Free of buildings which 
attract criticism, on such 
grounds. But within the area 
of Sl Paul's, heights of build- 
ings are firmly controlled by a 
mathematical “grid” based on 
lhe principal of maintaining lhe 
visibility or the dome of the 
Cathedral. 


Escaped 


Only one building seems to 
have escaped this policy. Thai 
is Sudbury House in 
Paternoster, where the regula- 
tions were eased not by the City 
authorities but by the 
Government Minister of the day. 

Outside the St. Paul's area it 
is hard to say whether sheer 
height of new buildings is the 
problem. The npw Slock 

Exchange Tower nr the National 
Westminster building nearing 
completion in Angel Court are 
certainly tall buildings by any 
standard. But in an area where 
few people live, and there are 


few children to cater For. it is 
hard fu see reason for 
complaint. 

The distaste shown by many 
City workers for ibe mure 
recently hit ill areas of the City 
rests upon something else, 
albeit equally important as the 
general dislike for tower blocks. 
The rebuilding around the 
Stock Exchange in particular 
has dealt a further and possibly 
final blow to the Old City— old 
in this case meaning pre-Biitz. 

The pre-Biitz City, which still 
exists around the timer Lane 
area and lingered until recently 
over a much wider area, was 
ideaiJy suited for the purpose of 
earning a living. It was honey- 
combed wiih narrow passages 
which provided nut just means 
of communication but also base- 
ments and corners for the host 
of cheap cafes and pubs in 
which the Ciiy office worker 
found his lunch and his friends. 

Ii was this *■ human dimen- 
sion ” that wade the City such 
a well-J med place and gave a 
sense of identity to its workers. 
And it is this dimension that is 
in danger of being lost when a 
number of small buildings are 
replaced by one large one. 
Seale, one of architecture's chief 
components, is being lost in 
London, and the effect uf this 
can be heard in the grumblings 
on any commuter train. 

There are still several major 
sites in the City due for recon- 
struction in the not very distant 
future, and each will offer 
opportunities for bringing glory 
nr dterepme on the profession 
of architect The proposal to 
rebuild the Lluyd's insurance 
building, at present only at the 
“ feasibility ” stage, poses lhe 
problem of replacing a 1920s 
building with something more 
suited to the modern pace of 
the industry. 

Perhaps more exacting will he 
the plan by the GPO to extend 
the old Sr Martin*-Lc-Grand 
Post Office. This plan has heen 
around for some years but it 
now seems that the GP*'* wan's 
tn start work soon. The old 
building, while nnt exactly an 


architectural gem. certainly has 
a place in City history and can- 
not be lightly sc-i on uni- side. 

But the plan nearest to taking 
effect is the rebuilding of Culler 
Cardens, a mure typically City 
office site and one uf the largest 
remaining. The plan involves a 
good deal of refurbishment as 
well as new building and should 
provide a healthy example of 
the modern style. 

The longer running saga of 
Liverpool Street Station comes 
more properly under the aegis 
of the Greater London Council, 
which has planning authority 
over main line stations. At 
present the plan, which was 
displayed for public viewing last 
year, awaits a decision by the 
Secretary of Slate for the 
Environment. 

It is only too easy in be 
.v?iifimenlaJ about lhe City, arid 
lo forget that Dickens’ clerks 
lived their lives amid appalling 
squalor at work as well as at 
home. The City has always been 
an uneasy hotchpotch nf com- 
mercialism and unconscious 
beauty. Perhaps if the new City 
van manage that, then it is as 
much as can be expected. 

Terry By land 


Rents 


Tit d neic office block ql Cannon Sired Station 


CONTINUED FROM PREVIOUS PAGE 


There is no reason to change 
the view, first expressed in the 
summer that, with the excep- 
tion of large 'over 50.0f)0 sq ft), 
prime units, •unply and demand 
is prcti> much in balance and 
likely to remain su. 

One has only to look at the 
movement in supply over the 
past IS months to realise that 
a balance has been found. Since 
that time the amount of vacant 
office space on the market has 
been halved. Yet there has 
been no buom in rents. 

Instead, there has been a 
steady resumption of gradual 
improvement which reinforces 
the widely held view among 
agents that rents are on a 
gentle upward slope as a result 
of mild inflationary pressure. 
There is no boom in sight for 
the next IS months. 


What happens after that is 
another mailer: present suppiy 
could then be under pressure 
but it is mure likely that new 
development will ha=e picked 
up. This io turn will ease any 
shortage of average space as 
top companies “trade up” 
releasing less prestigious 
property on to the general 
market. 

One factor may. however, 
counteract this movement in 
the medium term. A large 
amount or space which may be 
released in this way, could well 
require substantial redecoratinn 
and refitting. This particularly 
applies to early 1960s proper- 
ties now coming up for their 21 
year review periods. 

This trend, a corollary of the 
review “bunching” we have 
already mentioned, could create 


a squeeze on accommodation for 
a period. Whether it will have 
a significant effect un supply 
levels is Mill unknown. 

In the meantime, tenants 
«luiuld not rush into ha.-ty 
agreements in fear oF a morning 
boom in renis. Nor should they 
rely on news on large increases 
in prime rents as an indicator 
of trends for average accom- 
modation. 


Balance 


This is not to say lhat the 
City is a tenants' market at 
present. The balance that has 
been achieved between supply 
and demand in general will, and 
is. having an upward effect on 
rents. Over the nast year, for 
instance, good modern space has 
probably risen by jn per cent 


or so. thereby continuing lo fuel 
demand from institutional 
purchasers even as yields have 
dropped below the 5 Dor cent 
level. 

An annual increase of around 
Ifl per cent is sufficient to 
justify .such yields, just as it 
underlines [he stock market 
attractions nf property com- 
panies with major City port- 
folios. 

From Today’s vantage point it 
now looks as if City rents can 
be expected to climb at about 
that rate for the next couple nf 
years, with the exception of 
properties coming up for rp- 
view« and the scarce class of 
"Triple A" prime blocks which 
look set lo pass any previous 
peak. 

Christine Moir 














Financial, limes r imay ■ 


*>.*■*• ; xt K-' v.'Tirw'w-- ; 
Ss« : .,'.-?'>~ > i->.X-;r~ &£SSc. 


^ f? if 3 © 

0 1 .fwi B .JS R 

^ Ss h S 1 


CITY OF LONDON 


ca^pa 


Queen Victoria Street 
On one floor 




11,740 sq.ft. 

Queen Victoria Street 
On two floors 
24,16G sq.ft 

Cannon Street 
Banking Building 
12,000 sq. ft. 


_ „ _ , nf an ir.re«tment institutions is considered very historic showpiece or continue 

DIRECT PROPERTY holdings The dominant reason for nfe the gross over-supply of space Ion gf-wm ™.°- “ ‘L e : « 7 iJf ac inrv and has fulfilled as The JlnffliCieK centifr 


Further deMi-5 from: 

r~ t t* — ■■ 7 " : 'C T- ir 7 ~~’ 


iftfpfe y Ir&rSZn 


4 FREDERICK'S PLACE LONDON EC-23SDACn-6067e01 


".CLEVER TO USE JJEV2R... 

for property management." 


Tela phone Tor ir.farmo-Jon 

London: 629 SIS’!. Manchester: 223 SS27 


TSSSVA'r 

^£SCN3p J==E ~* 


DIRECT PROPERTY holdings The dominant reason for me roe gross over-suppiy of specs iong-wrw “ ' ' ; lerm ^factory and has fulfilled as The financial^ CTOtrfr-'df - 

are natural investments for and pension funds investing m in the City. Emphasu was made MjjaGon. - -* 1974 ^ or j g : n al expectations at the Britain, Europe and^the fcbtfd; 

irsjsra sam^l^ss: smwsg/.*; rib. ^ 

is 1 " the ^natural ^ftome *fX?°a M'S TtrS 

SSSTttC % &dhta nS!STdS2.“ ^“on” S SSTdeSrftor office accm* general ans^r U “very favour- 

if for no other reason. Security of rents from the City unoccupied was the norm. modation in the City \ • c . nt .IS* ■ ie oow a healthy t ^ ose . Vv . 

Most of the insurance com- properties looked first class A cool look at the situation The property ****** * J£? S plpmog: to- 

panics were established within and growth prospects were showed that because of the managers, at least o. the Jrad> demand for office ^aep ea minds, one way^aneW^. :; v::)' 
the Citv boundaries and holding excellent- economic recession, the demand tional life and pension ^mds two sources. ine«munu Development Ttotefo&£ T5e- jjfc. r>. 

the freehold of fee head office The institutions invested for office space had fallen to kept out of the ma»et .ahead mg- demand b> employ re furbishing olexi^i^iHMidgs-- ; 

was regarded as good business heavily in the City and even nil. so the problem was not of the collapse and happily better * ork 1 n * “ h n^riTbS wi# alwoys be^biie^o^^ ' 

prudence long before it was now. when much more emphasis oversupply, but lack of demand, came back in alter ootaining lead To more space na g to re 

realised that it made good is placed on a balanced port- Once economic conditions im- some bargains in the process, promaed for existing sub worK- oQ ^ • 

investment sense for life and folio with a wide spread geo- proved the demand improved Certain funds were aole to find mg in the Ci^. But tna.e is a tfc^denHhdTmS 

pension funds. graphically, the City of London again. properties in the City at yields contmums demand fromfinan. ^ . 

Once these funds started to accounts for about 10 per cent. The life and pension funds feat were amazingly high— fee cml. organisations, especiauy Ha * / 

expand their investment activi- of holdings, on average. were able to survive this pendulum had swung too *ar over seas banking and ^surance ^ nam es ' - 

ties beyond the gilt sector, it But then in 1974 came fee collapse and take advantage of the other way. companies, eifeer to esramisn a i» 

was natural to invest in proper- collapse of fee property boom the subsequent recovery because Now the property market in presence m fee City or to «•_*** Khad^SSSSifSS^*-*-* ' 
ties adjacent to their head which had resulted from so of their Investment situation, fee City, as elsewhere, has naud their eating- facilities. . 

offices many people trving to expand Unlike property companies, stabilised itself with rents • However, there is a danger of J-J® .-• 

But there were other equally Lheir property holdings and they are not dependent in fee progressing upwards in an todays supply sifeation not .o™ • • 

sound investment reasons for thus forcing down yields to short-term on rental incomes to orderly fashion and despite the meeting this demand. There are tmicn. ■ q® .- 

holding in the propertv port- ridiculouslv low levels. The meet bank and other borrow- growing volume of institu- few development schemes on u°* s - tjiiZSZz e/y .. 

fo'io a significant proportion of Citv 0 f Lo'ndnn has been very fegs. They always have strong tion funds being invested in stream** at fee moment and 

properties within the City It much involved in this boom, positive cash flow situations and property fee market has not since it takes several years to on new defeio^tn^iajas^ttiati^ 

Is acknowledged as one of the although not so involved as a temporary drop in rental in- got overheated. Yields of 3 biiUd an office block, the utua- tution 

world’® financial centres some other major cities such comes is not disastrous. Even per cent for prime .properties tion could become very difficult of prorervr4tta r g<K)^®va4fe>H5fi 

certainlv it plays a dominant as Birmingham. And the City a more permanent drop would are the norm and investment -wfless further developments are the 

role in banking and insurance, was verv much affected by fee not bring about fee immediate managers are satisfied wife fee started. profitable . ~ " 

The demand for office space to collapse' collapse of the funds as it did return this offers. The feeling among some pro- benefit off /..aa®- 1 \ 

- r-ii v_ nmnortv enmnanioc 7 nnbi r» rr Kor>lr An nact inrpet. niprtr munSPP.rS IS Tiarieimnw - -"V % 


service these industries was Rents fell by more than a certain property companies. Looking back on past invest- perty investment managers is peosuuMes.--. 
--trong and rental income third and there were a lot of Institutions such as life and ments m fee City, fee return -feat the City has to decide on 

growth seemed assured emotive statements made about pension funds, have to take fee shown on the holdings by whether it wants to remain .an 






£ L ' d ^ "?.i *7* lettings-” 



ESTiMATED COMPLETION OF NEW CITY FLOORSPACE 1976/81 

(Sq. fL) 

197B 1977 1978 1979 1389 1981 

Owncr-occnpicr 216.000 121.000 807.000* 176.000 196.000 Nil 

Speculative 984.000 929.000 811.000 670.000 724.000 7084)00 

Total “ L200.000 L050.000 1.618.000 846.000 920.000 708,000 


THE LARGEST CITY OFFICE. DEVELOPMENTS; AS dAT 


1976 

216.000 

984.000" 


1977 

121.000 

"929.000" 


a L — — 


al 1JOO.OOO 

A includes Natwcst Tower. 
Source: Richard Ellis. 


Location 
.Angel Court 

Bfshopsgate, 
Narwest Tower 


Approximate 
Gross Office 
.Area (sq. fL) 


" Developer .Area (sq. fL) 

Cloth workers/ESN S60.000 
.Vetwest Bank 350,000 (net) . 


Cco^p Oidn'^y--- 

v ■ 


Whtibread/ 


^^1 j. imm 


^ h irtir oqo i-c s 

j ■ j | | jg !uj 2 3l 4 w -*W« 
1 — " ‘ ""fJ T^lighooii lor in'oimaiitpii 


T«jl<l|:lr.OTi*j f-jr ■n'oimalifri 

London 5C9 C15T M.'nchesfer 233 ??r7 



iculties for 


IVbitbread Brewery, Trafalgar 
ChisweQ SL ECZ Greycoat Estates? 

Cutler Street Standard Life . 

Warehouses. El 

Minories. Mansell StWingate/Wimpey 
Goodman's Yard, 


450.000 


450,000 


■ ■ Occupier ••• • O Sit ey V. . 

Morgan Guaranty" ‘ 

Natwest / : 

- • - • *— r 7.i * T ■ 

An American Bank/ From -Nwcj&a®."' ; 

, -spec-,. .-^VTPT^ " 

: Baltic Exchange • 


250,000 


L__J 


3 

~ fl » U ’} tf +z = a o J> W S 


n C'*,: '? 


Aldgate, El " v 

Little Britain/ Wingate/Wimpey 300,090 

Aider gate SL EC1 

New Fresh Wharf, Leysen and Co. 

Lower Thames SL, 

ECO • . 

1-17 Old Broad SL, Netwest 
EC2 


OCE and spec : 338 


3Wt:started 


350,000 


Leysea 


i.'pejf mission 

'obtalBed 


250.000 


180.000 


Netwest 


starfsoon 


OFFIOl 


A 1-nnra 
M-i.- -. i •• 

v*/a w harj 


:&S AVAILABLE 


28-3S. Bishopsgate. Standard and 
EC2 Chartered Bank 


& & C 






sq a 


isisjiQjn s. 


Rent 




sq ft pa; 


SHOPPING IS not the first devoted to catering— sandwich obviously rel actant to let prime = — — 

tiling that comes to mind when bars, cafes and “watering ground floor frontage for very ™ iages ’ Holborn, Towm and uty/rrn 

City’ property is discussed- holes ,f account for 60 per cent much less. ^ 

Moreover, even when shopping of retail units. Retailers sav feat thev cannot Mrine Office Court. Trafalgar 

is the topic, definitions are hard Again, unlike either central afford much more than £5 to ~ 

to arrive at Even the City areas or suburban centres, the f6 per sq ft but that ^ere are BBishopsgate Barings/ESN 

Corpora tirm's background study City compnses some 15 different p j ent y 0 [ quasi-retail concerns EC2 

on shopping for its proposed shopping centres, all with a Such ^ 'bunding societies, 3 & 4 Q Lombard SL ' BardaV T Bank ' " ~ 

Development Plan, says only catchment having only a five banks, ernplovment bureaux and 3b ~ 4P *rPP! ,a ” . hL Barcjays Bank — 

that the retail pattern in the minute radius bn foot, so ail restaurants which can and do 108 “ SL, HEPC ; ; . 

City falls somewhere between fairly independent of one 0 ff er as nmdj as fn l0 £ 12 . EC4 ^ 

a suburban centre and a central another. Then thgre ,, the Droblem 11-25 Charterhouse De Beers 

shopping area. The main areas recognised by found iD ev . ery re deveiopment 5t “ ECI ■ 

C ^ tre >, 016 % ^ofP° ration and retmlers ^ th at even where replace- 24-28 Lombard St Royal Bank of 

r Psi nrnnnrTi fin nr ennne ii.% ■ n in v- a c * _ ... ... — . 


160,000 


161,000 


J^rmlsslob 

granted 

euTjUT*. 


•i&rmt the 


145.000 

160.000 


Touche Broil. - 


112,000 

100,000 


Barings & . 

spec 

Barclays 

- ! ;spec>-r.’:- : 


100,000 


DeBeos' 


Long or short lease 


greatest proportion of shops alike, lie roughly in an East- ment shop p infi is prov i de d it Scotland 

are for convenience. The West line. They comprise Cheap- r r p Q uenUv must hP in a new , — 7 ^ 

department stores and multiple side (the most prime location), position 1 Watergate EC4- Lmle^cr 

! chains which characterise Leadenhall Street Moorgate * ' Monument St., Hetherse 

'■ comparison " centres, are and London Wall, and Bishops- . T ^ e Corporation thought rhat Lower Thames St City Cor 


100.003 

120, $00 


r ' TS', V 


Unilever 


comparison 


almost entirely missing. 


characterise Leadenhall Street Moorgate 
centres, are and London Wall, and Bisbops- 


But unlike suburban centres Kav . in in .n nrt! , n( ,» aTP Fleet 7‘T 't* ,‘“°r Row ij,ne 

there is else a flourishing trade ^^SSSTpJSJSS PffP'Ul^ij in the London M 


gate and Liverpool Street. 


it had partially solved the 
problem with its “ high walls,” 


39-53 Cannon SL, 


Hetherse tt Inv. 
City Corporation 

ESN 


90,000 


1 spec 
Trade Bank 


idle dean 
v ; 1981-82 


over 50,000 


sttideend 


P J WILLIAMS AND COSWPANY V? shopping MMrgl,e stn - 

stamDS. SDortine eamnmenL .r o. n...u. 1 r- ana peaesiriau now 


United Real 


90,000 


6 Strattors Street, London. W1 


stamps, sporting equipmenL w * 5t ftf c t Pauls 1 and Cannon ->■ 

silver so iong .as , he goods, ^ £2 UX2ZZ ~ S= 5 *. 


to be at Buildings. EC2 


4S3 4164/5 




however expensive, are light declinin g in importance to only ^ d ffic Separated fr ° m vehicular Aldgate, Phase 2 
enough to carry away. a JocaJ ceQ t re ). “ „ . , Fenchnrch SL 

Another distinction between a ]j tfy ere 15 such T b® Llty thinks the high Station EC3 

suburban centres and the City centres servicing an almost walks will be a success when 
is the high proportion of shops exclusively pedestrian traffic. the pedestrian links are com- 

^ r As if to underline fee unique pleted. In fee meantime they — ■ — 

position of fee City as a retail- are classifying fee units as 
- ing magnet there is also the usable retail supply. 

3 K9 * V iBm unusual pattern of trading. City xg&mBBBa 

) s l»ears SSSSSuSdSV^SS Unhappy gmms 

1 trade for a maximum Of 15 Thp retailers assnriatinn is HI 


Wlngate/Wimpey 110,000 


1979-80 


British Rail/ 
Norwich Union 


Nortrfe*- Union 


• Plans- 
Appro f ro d '^ 


iylSs, Bears 
.tags 


The retailers association is 


ailld 














IL 




& 




TOLET 

7,000 sq.ft, of offices 
at 27 Throgmorton Street. 


B jRjjpn 


w v Chartered Surveyors 

33 King Street, Lofidon EC2VSEE Tel; 01-606 4060 


DRIVERS 

JONAS 


IS Pan Mall London SW1Y5NF Tel:01*930 973 


hours a week and some say feat adamant that fee space is not 
it is as low as 10 hours, namely vj a bi e an( j should therefore be 
fee lunch periods between L- excluded from anv space totaL . 
and 2 on week days. 1£r Merrick Wlillams, chair- 

Such then are the inherent man of the association, says that 
characteristics of City retailing, -the high walks are never 
There are also two major likely to succeed. We won't 
accidental factors which have see the pedestrian links com- 
played a significant role in shap- pleted in my lifetime. 1 ' 
ing what exists" today. The retailers think they have 

It is too frequently overlooked lost good ground level shopping 
feat by the end of World space in return for uneconomic 

War Two 31 per cent of the cal high walks which are used 

City’s floorspace was destroyed, to swell the apparent supply. 
Retail areas which virtually ffis- . They are also unhappy about 
appeared included Paternoster, fee relationship with commercial 
Lower Ludgate Hill, Hoibom developers and their agents. 
Viaduct, Feochurch Street Developers, they believe, are 
Station area. Aldgate High blind to the necessity' for shop- 
Street, Aldersgate and virtually ping in fee City. They want 
fee whole of Oheapside. developers to recognise shop- 

The bomb sites left behind Pfeg as an essential amenity 

were soon seen to have which must be subsidised from 

enormous redevelopment poten- office rents. 

tial but— and this was the It is true that office centres 
second factor — <a$ offices rather without lively shopping facili- 
than shops. The result is ties fail to attract or keep office 
apparent in fee statistics: in staff, but one can sympathise 
1939 there was Jin sq. ft of wife a developer when he 
shopping in the Square MSle; by chooses to turn his expensive 
1966 this had dwindled to ground floor into a banking hall 

350.000 sq. ft; by 1973 a further £or which he might get £15 a 

50.000 sq ft had disappeared. f ? ot than a parade of 

Ifcday. the figure is likely Co be *** whjch fetch ^ at 
around Jm sq. ft De l t \ „ . 

The Corporation, adopted at, c l rm^ri^nf 0 ™ 

“**°« ShOP ^ 6 ;iJ praaier with ft, «cep““n of 
k 2rT fJ% department stores snd chain 
fcrther decline by reinforcing stores which a vo] „ me 

rtic preservation of shops m new o( movlI whlch sijIlp ^ dou 

°?, IIlenlS ' ^ .... not esist in the City- 

The Corporation believes tnzt j fl one wa y a j j east ^ e y en j 0 y 

this policy, while only a fee best of both worlds. For 

gap, has done the tirick- The a jj ^jj e p ressure on rents from 
City of London Retail Tfaders quasi-retail users it appears 
Association disagrees. Members ^py can g e t premises for 
say that not only do they low pgnfcs which leave room for 
actual space on virtually each p ro gts even wife only a 15-hour 
development but there are more trading week. But when it 
insidious ways in which viable co mes to valuations the 
shopping space slips away. premises can frequently be up- 
In fee first place, the n®^ valued by reference to the open 
developments are costly.' The m ^ r {f P ^ 
developers, who can get £15 to ^ . 

£20 a foot for office space, are Chnstme MOIT 


OF INVESTMENT 


on the instructions of HAUAVOOD ESTATES 3JMTTED 

125 Shop/Iiidustrial Units located 
in SoutJi-West London 


£ 121 , 



.ax 


to be soldseparately or asrone fot ; - ^ 3 



Detajlsfrom 


4 Spanish Plac^MancbesterSquare 
London W1 
RefiAC 



Consultant Surveyors & Valueis 
Telephone 01-93544^ 


^ _■ Milner House, 1 4 EWancbester Square, Lan^Wt :i- . ^jr' 

Street. UancJdn ECaTef :01-6S33)1S ■ t" 7 ; v ;- 
Scottish Office; 3Royal Crescent Glasgow; Tek041*33^77fi •„ •■ AMAm 'AikR p . 




•’ *.6 


•- - *; ...Oi .. 









■ S?'. P4^neiil ; , naies Friday November 24-~1978 


CITY OF LONDON PROPERTY V 





gFir^ J 


r7»r* 
■%■>■■■ 
• < .• 



AFTER 30 years of large-scale the Georgian Group, the Vic- 
plaumng and redevelopment by tariau Society and the Civic 
the Corporation of London; the Trust) attacked the . concept of 
-Cityis now at -the .stage" where high-level walkways andVeco™- 
futuce development is . likely mended that there should-be no 
to .be piecemeal, witir more further extensions of the 
emphasis being placed on con- system, 

Ovation— albeit reluctantly, in That report, "Save, the City." 
jriany cases. _ pointed out that the City has a 

. Nowhere is the -change of traditional network of lanes and 
ejinpbasis more dramatic than alleys which are ideal for 
{ti the much-vaunted system of pedestrians. Indeed, the City 
pedestrian walkways. In 19 65. depends on easy and . rsp/d 
. the City architect and planning pedestrian movement between 
officer,. Edwin Chandler,, pro- i ts buildings more so than any 
fduved a; series of drawings oUier toWT1 or city, 
showing a network of high-level -nj is is w well-known, and so 
pedestrian walkways' (or “ ped- widely appreciated that it seems 

S '" s”> covering tbe. City. aroa2inj( , that the city’s policy 

iy, that plan is _m tatters, walkways. largely at first- 

. '"The" inspiration for these floor level, should ever have 
pedways "had come from the fnund favour at alt." said the 
City's-, own redevelopment of report. “No policy decision by 
: the. Barbican, where complete the City Corporation is of 
gftjaration. of pedestrians and greater urgency than erne to 
vt&kdes had been a. feature of abandon any further instai- 
the ipjarming from the outset ments of the first-floor walkway 
hfc-3$55. system." 

; iNow that the Barbican 
- dEiplopment is almost, com- AotlATl 
. piBp. th'e area is still the only 
\ " 05 E in the City where complete For once, the Corporation lis- 
s*ar®gatibn has been achieved tened and acted swiftly, though, 
i op- a large scale. Elsewhere, probably because of its own 
:. .oiriy the Paternoster redevelop- reservations in the Hght of ex- 
' j®it to the north of St. Paul’s perience o£ the Barbican re- 
-CB^jedral. and the Bowring development, in December 1976 
,. ^development at Tower Place, planning and Communica- 
^ have achieved pedestrian pre- ti<ms comnsittee received a re- 
- cincts of any size. port recommending a minimum 

... Yet it is in- the Barbican network of pedestrian walkways, 

; . walkway sjrstera that one -'can which might be achieved .by the 
find the seeds of the idea’s own provision of certain bridges and 
Jertruction. At the time, the access facilities. 
j ^rprtftfiple seemed sound enough: in a background paper to the 
keep the vehicular traffic at city of London Development 
ground level, where it causes pi^ w hich was the subject of a 
7. the least disturbance to resi- number of pooriy attended pub- 
dents, and • provide the pedes- t-Viic summer, the 

' trian circulation about 20 feet Qiy planners claim, somewhat 
off the ground. - - - - **-- 


planners are now asking them- 
selves whether the extra 
expenditure on their construc- 
tion and maintenance would be 
justified, or whether the limited 
financial resources should he 
concentrated on improving 
facilities for pedestrians to 
cross at street leveL 

If able-bodied pedestrians are 
reluctant to climb up to the 
ped ways in the sky, what of 
the disabled ? For the first 
time this year, the planners 
have taken to asking the 
obvious question: “Should 
access to die upper-level walk- 
ways be made easier for dis- 
abled people ? If so, how ? " 
Yet they have provided their 
own answer in the background 
paper to the City of London 
Development Plan : “ Ramps 
should provide easy slopes, and 
escalators should be used at 
busy places." 

So what are tbe current pro- 
posals for extending the present 
walkway system to achieve the 
desired minimum network ? 

With the completion of the 
North Bank scheme and its 
westward extension by the re- 


development of the Mermaid 
Theatre, it is proposed to bridge 
Queen Victoria Street and 
Upper Thames Street to create 
a continuous pedestrian link 
between St. Paul's Churchyard 
and the TOiarne*. perhaps with 
a new jetty into the river. 

To the north of St. Paul’s, 
the redevelopment of the Post 
Office site in St. Martin’s-le- 
Grnnd will provide an oppor- 
tunity to bridge NewgBte Street 


: s --1 .r<h.^ n '.£ 


Throgmorton Street, Leaden- 
hall Street and Bishopsgate. 

The redevelopment of Liver- 
pool Street Station will provide 
an opportunity to bridge Liver- 
pool Street and Old Broad 
Sireet. while the proposed re- 
development of Billingsgate will 
enable Lower Thames Sireet to 
be bridged and a pedestrian 
walkway to be opened up along 
the river — but not at high level. 
When pedestrians vote with 
their feet, they like them to be 
firmly on the ground. 

Michael Hanson 



and King Edward Street. f . ■ S gg*L ; -V ^ * 

Further east in the City, there ! ., •■Jste JSShSkr £ 2 *' .. ^-7 .-. 5 , - 
arc plans to bridge Moorgate, 




A view of the Barbican development 


\» v T r JTL." — u . •. feebly, that “in defence of the 

. But time - has .shown that upper-level walkway system, it 
„ , pedestrians do not care much ^ ^ that it is generally 
, . .for having to climb 20 feet in safe, convenient and not without 
- order to cross a road, or to do interest” 

]£ 2 jP pl . n S- ^ey prefer to yet ftey ^ 

< ^ e P ■^ e * r ^ eet: on sround. fruits — Better protection from 
„ the elements would be desirable. 

*Y- AlfernatlVPS as would a reduction in the 

nil-CIUdUVCb effeo& ^ turbuJeBce ^ 0 ^ 

.- Things might have been high b uilding s. Shops at ifi>per 
;; different if the. high-level walk- level have not been suobessful 
7 ways had been served by jn some areas and could have 
7 escalators, as they are in many been better planned." 

European conntries, or if the - gut it was not their fault 
J;:. I Ijfi £ l es t r i a bS . an ^. putative shop- so ..mudi as chang i ng financial 
ti. pecs had . .been given some circumstances that led to the 
^protection from tbe elements, drastic modification of the bigh- 
77 as they are in most convey i eve i walkway system. : .As the 
tional shopping streets. City planners say : “ By the end 

_ .-On reflection, perhaps it of the 1960s the pendulum of 
-/•• would have been better if the public opinion had begun to 
pedestrians had .been left at swing away from comprehensive 
ground level and the vehicles redevelopment towards con- 
tad been moved above or below servation. 

'7 ground. High-level motorways “Many more buildings 
7 - would have outraged the con- received statutory protection 
5 .; servatiCHUSts far more than the ani j amenity societies became 
. - pedways ever did hut they increasingly vocal. More 
7 , might have proved to be a recently, the cuts in public and 
” better environmental solution, private expenditure have had 
Jr The alternative of burying the dramatic effect on the pace 
\ reads is only now being 0 f redevelopment” 

7 achieved for the .first time in Now even the completion of 
7 N orfli Bank redevelop- tb e minimum network of 

7 ®ent between Queen Victoria pedestrian walkways, let alone 
"J. Street and Upper Thames a ny extension of it, is entireiy 
s . Street dependent upon the availability 

. The first note of organised of finance from both the public 
: opposition to the pedway sys- and private sector.- 
: tem- came in 1974 — appropri- it is still the Corporation’s 

-, atety enough" from the Barbican policy to maintain and improve 
Association . - ' Conservation existing walkways, whether at 
Group; which produced a report ground level or above or below 
' criticising 'large-scale redevelop- it. _ • 

meat schemes and high-level Official planning- policy is 
■ walkways iand praising the inti- now that " adequate and con- 
- utecy and- human scale of the venient crossing-places will be 
City's traditional passagewaj-s provided which do not entail 
in'd narrow streets. considerable diversion, ichetlw 

•- ^ Two’’ year? -ago — in. a' major horizontally or vertically, from 
dofi^rtatlon study- more do- the route which a pedestrian 
.tailed' than anything" yet pro- would take if there were no 
• diiced •' by the Corporation traffic streams to be crossed, 
•■■of London itself— four conserva- This does not mean that nign- 
-tian groups (the Society for the level walkways are ruled out 
: iPiofecfirin of Andeht Buildings, completely, but the uny 


JO 
0 
IB 





Cannon Street House in Caiman Street 



Since we cut our first sod in 1970 we've 
completed well over 6 million sq ft of industrial 
and commercial development in Northampton. 
In the past eight years more than 200 firms 
have chosen Northampton as their ideal UK 
base. Over 30 overseas companies now 
operate from here. This historic county town 
is located on the Ml , midway between London 
and Birmingham, in the centre of the 
motorway system. It provides easy access to 
major ports and airports and almost every part 
of the country. 

Since expansion started 12 000 new 
jobs have been created and Northampton has 


an excellent labour relations record. New 
homes, schools, roads, sporting and social 
amenities have kept pace with the expansion, 
making the Northampton of today more than 
just somewhere to work. 

If you enjoy life to the full find out 
about Northampton. You won't want to be 
anywhere else. 

For further information write or phone 
L Austin-Crowe BSc, FRICS r Chief Estate 
Surveyor, Northampton Development 
Corporation, 2-3 Market Square, Northampton 
NN1 ZEN. Telephone (0604) 34734 


Henry Teif er Ltd has established a factory, distribution 
warehouse and offices totalling 268 000 sq ft on a 20 acre site. 
The factory employs the latest techniques in the hygienic 
manufacture of meat products and is among the largest of its 

kind in Europe. 







- .-jsr ” 




v;V- v ■ 

s if •'•••<; '' 

' ' : -i/ V-,'_ : • ; -V i 


7 J <v • :rr>' > . iir.J'. ^ - 1 ?,- ' ■" 



Tm- 

„ i . 4 : 




, w 7 ; - ■ -V . , ;• - 





ecurity 




IN AN age of terrorism and 
sophisticated Lhieving U i? 
hardly surprising that ( he cost 
of security systems for City 
office blocks is becoming a 
significant clement nf the total 
construction and fitting out cost. 

The City, with its many 
millions of pounds worth of cash 
and documents in transit, am! 
the large number of foreign anti 
British banks is a prime target. 

A recent survey by Richard 
Ellis, the estate agents, on City 
fionrspaee shows that banks 
account for roughly one quarter 
nf the availahle offire space. 






British banks tend to take suites 
in the 10.000 sq ft In 30.000 sq ft 
range, while overseas banks go 
for smaller units. They are in 
a rather concentrated segment 
of ihc City, specifically the £C2 
postal district. 

This lightly knit little group 
is al>u the main target of the 
security system salesmen, 
because they have a need for the 
ihree types of systems that the 
security companies provide — 
detection systems, controlling/ 
warning systems and controlled 
access systems. Outfitting a three 
fim>r bank suite with the most 
’ modern equipment available 
would have cost between 125.000 
and £30.000 three tn four years 
ago. Today the cost would be 
around £50,000. 


Costs 


ati tb^i s't^ber msej^ff 


v suit^i 'av ai fe&lep&s 


|^EwsqSfp|^|i^ 

m- roc IdcmJ' hnTfc?QL , aSn£^ 


•V.res identhbu^e 

s ^ ;c - 







Remain i tigrOffifeb^n^tec^ 
Jf tefurbi shed* 

: - ' a ' btJii.lHu;?:-.. 


. ... .®Sp 

iaceess: ' " 


Z205sq.ft.-5;0Q(3sc);p 

v^jTttod e rrua trie^b^S^d^lbea* 

•^bdudm.. iff^vi.ortiiragy^ 




6 Poultry, London EC2R 8ET 


Te!= 01-248 1451 


«?£>Sa>T ~^’>y 





Technnlogj- is making equip- 
ment smaller, but costs are 
rising because nf general cost 
increases but also because mure 
sophisticated equipment is 
needed tn heat a better edu- 
cated crook. 

Certain security features are 
required by law pc* be fined to 
all buildings built m the City 
which have a single Moor area 
greater than 10.00(1 so. ft., nr a 
height greater than 100 ft. the 
main one being the inclusion of 

an adequate sprinkler system. 
With necessary plumbing, water 
storage capacity, detect inn and 
operating equipment till? can 
add about 10 per cent iu the con- 
struction cost of new huildinss. 

Purpose built buildings such 
as the City's tallest block, the 
National Westminster Tower, 
will have other expensive 
security requirements built in. 
Fur a bank these include a 
secure loading bay where money 
can be safely transferred from 
vans to the bank and vice versa, 
where credentials nf vans and 
drivers can be checked in a bay 
isolated from the main loading 
bay and where access frum Lhe 
bay to the roads is relatively 
easy. 

The technology associated 
with transfers has been built 
up. partly by experience, partly 


with the assistance of police 
authorities and to -some extent 
using consultants over many 
years as this has always been 
when cash, valuables or docu- 
ments are most vulnerable. A 
large proportion of building 
costs and design costs goes into 
the security of transfer points 
and transit paths between the 
prepared secure areas. 

But. for the security firms, 

there is not a great deal of 
money in tbis side of the 
business. Safes and strong 
rooms do cost money and tech- 
nology or corporate growth 
can make replacement neces- 
sary. but most companies tend 
to overbuy in this particular 
segment, if only to fulfill condi- 
tions for a slightly lower 
insurance premium. 

Mudi research has gone into 
thiefr proofing of safes. Early 
in the 1950s anti-blowtorch 
alloys were being used for 
commercially - produced safes 
and by the end of the 1960s 
materials that were highly 
resistant to heat and drilling 
yet flexible enough to resist 
force were in use. Also, in 
more expensive models, anti- 
explosive resetting devices 
ensured that should the critical 
points in the locking mechanism 
be successfully attacked- the 
locks automatically relocked 
and the connection with the 
opening mechanism was broken. 

But. such sophistication in 
safes and strongrooms is very- 
expensive and often, the capital 


spent on the most Technically 
advanced safe is not warranted 
by the value of the safe's 
contents. 

This is where the electronic 
security systems come into 
their own. 'dost systems for 
the City's many banks are 
tailormade and information is, 
obviously enough, difficult to 
come by. But. in essence the 
systems involve a combination 

of intruder detection devices, 
heat and smoke detection 
equipment. control and 
warning systems. 

The average banking office 
can be divided into three 
sections — a cash area where 
foreign, domestic and near cash 
or negotiable documents would 
be either kept or bandied: a 
general office area and a 
compu ter/plant room: 

The first sign of a security 
system is usually some form of 
restricted access procedure 
where any one or a combination 
of colour coded identification 
cards. sets of keys or 
magnetically coded entry cards 
are used. 

Again, depending on the value 
of either cash or information to 
be protected, the type of system 
steps up in price from thei 
simple colour codes on name 
tags to systems which involve 
a card tn be inserted in a read- 
ing device, which scans the 
card, records the identity of 
the person entering the area, 
notes the time of entry, opens 
a door and will not return the 


card until the person goes ^fire iiK! itsTocatips bat-Aisfyof 
through the door and It shuts , the Aciiturtakeir. . 7: 
behind him. "j: - vThe tttento 

Such a system is not; limited’ tip a- 
to banks. It is increasingly 'fin# the. newest 
being sold to commercial bead.;4mg. ■ detei^aT^^c^dteat 
offices where certain areas could path 

contain information that • gentry. tri>- ltifr;.:am^^oncerrffi<L 
either stock market pt^* Armrf%kl^5^;infonn^Hni 
sensitive or is extremely yalu- the 

able to competitors. - - >&£ -_<?v 


» ■ • 



thins, constantly monitoring 

to ensure that it works and praetid^^a^pectR. ^Ttax n ng ^ tfee 

taking action either when it ^ffi^ity.-tq.;iS»to^.the .^re^afanost 

stops or when -an alarm is iimnaflfatftlY 

sounded is something agaih> -A s- Tt sprewHng - 

with the equipment the range the. fire caa . 

of monitoring and response be ideutifi^ 

actions varies according to- need It is 

■ and cost. - - .• - chemicals, efektrieaf. -fires 

Among th e simplest js - a can- cause proBieia&^feutioafi^y 
system which rings the they: 

emergency number, 999, an d.-nierit : such '^as-j 
delivers a recorded . message thai; is'VfTaT'ffc ' 

that something is.- amiss : a.t a of a 'balanced te iupc^ atgrew^- 
particular location. Otherequip- in a coinputihg'ropm^/ 
raent sends ’electronic. 'impulses; 

which do a .similar thing but both thc-security ‘ioSuiiry ^ jhI . 
just a little quicker.' - nT^- cprhparilfe\di^^W^^K^n; 

The latest develapmehtV js’discossutgis-'prol^^ 
centrally manned underground. terrorfety activities . .-soifiiE 
stations owned and operated 1 by extent., ill. th€F.^systttCft v : 

:the various companies selling Rationed . are 

the detection equipment These there are otheri; things. 

can use the electronic impulse This sterts to^ jhtb 

device on normal telephone areas of'^vrt'- liberties became 

lines or they can invoive- a pair it may in elude compnation-agiid 

of lines running from the equips maintenance of. pewpp^.ff!^; 

ment to the central console.- and close survelllaiice-tm.pwiple 

i - going -into' aria oat. et‘ a cerialn 

C omputer - - - ‘ ‘It may also theah’ - 

Central co»o|m 


r .rt.Jpvi r 


Taiiety 

screens (visual display units) a™?,, ^ 


screens (visual cuspiay umxs> x ery mii& m detection. Agfe- 
with input keyboards linked to cBenT W pr^d 
a computer about the sire of the: P rice--*eiisar-e<iaftmaitS ; 
the average office filing cabinet ^ ^ :tbgt . 

Although^ot currently V-m Mm But the maia>iaetBbi«s - 


m the City, future models wm >s j mp j y C ] 0S€ ahaly»ffi '&f d pcortre- 
flash red if smoke or fire is mA traffic 'patterns. : 2Be - 
detected and bine if there is a key eiem^t is su^ secu^ 

br £® k-ul - r ... system.ls usuaHy a Weil trained 
The computer receives the h nma n . 

impulse that something la amiss, . It is a .giwi^ftOld and'i 
analyses the problem.- - then technology iJemahdlhg fidli ‘As 
takes initiaA action. In-thejaae. the costsire eSrafittiits : 

of a fire this might mean activat- it is becoming a sigmflrant^t 
ing sprinklers . in the ^area of ^ tenancy and a - substantial 
affected, shutting doors and any ^ t0 ' the bnHder of n ^ecUl 
other, openings to Isolate the fire, purpose building. - 
and informing the person man- : . w.-.;- 


. ■ 

. v 


Lutyens House. Finsbury Circus, which provides 
a total of 160,000 sq. ft. of office and banking 
accommodation 


rung the console riot only of the 


Terror 



The importance if 




uumiH 


■Wp'l-assQ*.- 


» ' V - ■ , . a-- 


“irR. HABDING is in Ipswich hardware is probably not as Offices Bureaus Ipswich - was London generates '■* copy 
at the moment, if you would like important as the way it will be selected and an arei began to ipswiciu" If the broker hasOn, 
tn hold the tine. I’ll put you utilised. The essence is fuuc- be assembled.- At this stage the contact IjWrich aboirt'-the njeS- 
through." the honey voiced tion. or more simply, how can architects . were briefed and, sage, there-is a copy already^k 
secretary intoned. a communication problem be among. other things^ titey -did a the'office. '- r - ‘Vj'-V -- 

And. in the time it takes to solved most efficiently. The great deal of research on th,e Facsimile systeriis-are infuse, 
switch a call from a secretary emphasis, therefore, is on type of business Wilt&t"-' Faber but'are not .being used em^- ' 
tn a boss in the adjacent office thorough planning and detailed was involved, in, the types of sively, : But it does mein .that 
the inquiry was re-routed to an consideration of communication documents .. . and . -systems. the details of v brta i/af 

nfiice 70 miles away in Willis needs. both present and currently- in' use and '''.the -paper, -documents or 
Fabers administrative centre, immediately foreseeable, before importance of various bits- of tfops can -be- received almbSt tffe" 
No whirrs or clicks and no a decision t0 shift is taken - P«P«h . the same tinm as they^iS^ 

half-fearful preliminary com- The problems for most offices Tlofniment h andling -fa a vital patched from Ldndorii . 'V 
ments about the possibility of can be divided into two cate- part of Willis Faber's internal . Ipswidi - also' : houses 
being cut off. One moment the gories. The first is physical communications : systems arid Sroup’s computer^ ;ahd?'if. u- 
secretary and the next Mr. delivery/despatch of goods and provisions had tq.-be_'mg{te,'fqr ^^^^-'Jlj^j^tene^of^ttre wide- - 
Hardinp. “It's just one of the services and the second is wire- speedy dispatch, . reception, h and -lines could 6e' r -us€Kl> 
wonders of the IBM 3750 related communications (tele- delivery, process and return. caixj data between -Lon don aifi' 
exchange system," Mr. Harding phones, telexes, data trans- o 0 4d transnorf is the pS ^ ic ^ F ' A ? the moment'there 

said - mission). method ofSSumenti communi- much !£°? 

Cheaner office space and a And the solution begins when cation.. A ran. pk*s ; np 
more stable workforce might be the idea of moving is first London in . the evening, drives - . £ • 

the prime motivations, behind a thought of. Or it should. Willis to tho'unloadlng b^'at lpswich, », ?v bnly/t^ 

decision to relocate away from Faber wanted an office which the."' documents are. received! Pc®P*g - 

London nr the Wpst End, but would spread horizontally sorted and, 

the move can not be successful rather than vertically and it theiapproapriate desk first thing. * 

unless communications, both wanted a site just out of the each morning. The van drives 5* *?! • . ' : .® to bfr- brought ']® 

internal and external, are commuter belt to London each mornirig with SS'- po ^ b iS^ e -; 10 

thoroughly examined and p’ans it was only moving what completed proposals,^ ■' 


• ~ '■ ■■ 


• * : • ?-;■ 


f Tt 


made welt in advance not only might be called its admin istra- 


• involved in the first , feasibility 


for current needs^ but' ter live ‘support ' wfSSSC 

expected growth. ally the largert section). The f - 

Mr. Steve Harding, a key man London insii ranee contact and caches tiin^^ndra' ^ relocations are different 


■ i f 


i:\jO 


Are.'differejtf- 


t» nlanninq and implementing marketing side had to stay in mwn each . company- hag ^a variety 

Willis Faber's administrative the City. If an executive had SSr <rfje«oiis Jter- mglting . th g.mw». 

sunnnrt group shift to Ipswich, to travel from one office to the JJJL- ^ nimiBer problems'^ 

said that one of the main side other and stiU do a' day's work f IWl 'i ^ 

benefits of the move was the the time taken for the journey SSrSJrSL - ' 

savings made as a result nf the should not be much more than SftifL apt ^J;fEat^ifierttit-to^&^t ^ 

major audit of communications, one and a half to two hours. catenes _ e m oacK^- .. ‘needed: . te-j l'.rigrtrtai office^ b US', . 

Eliminating air travel; that , rima; analy^ijW’ ’ 

I rtnnprtion^ meant the new office had to be I PIPY . 1 ' rteahties^.. paper t flows - ' 

l/UImCUlVUi within the circumference of a V- 

Communications within and circle about 70 miles radius - Similarly, If air executive, has new -for • access- fo Vairirife 
without an organisation tend to from the city centre. The to get to London in a hurry, .p.r * e mS j\sttch’ ■- as? ; visiml : .dfaihg-' 
hanoen bv accident more than London office is within easv needs to ^ get fnrai I/mdon- to ; ; terminals; / V- - r . V;-- ^ 


major audit of communications, one and a half to two hours. 

# Eliminating air travel; that 

ft rmnertions meant the new office had to be 

V'UliilCVIlVUS within the circumference of a 


"" - -wir^ 


'**szr, 


fylSSS 


happen by accident more than London office is within ensr needs to: get frmn London to :tenrimals: ; y^- - 

by design. Companies grow, walking distance of Liverpool Ip^wlcQi and back (depending oil. ,:'Mi ort; '^equipinprit^ is "I afiti'i®.; 1 ;. 

move into new markets or Street British Rail station. British. Rail) he cari gd up ahd avaflable:- Tt xs simply a-.Tnariffl^ 

spread geographically and they Ideally the site for the re- hack- within. a. day. . ■ ' : . 7 establ ishing^ aneed - 

drag their connections with located office would be within fin the viHw yri H^ f ;h«> th*> ^ Jegtrirements jmd rilii^lng" . 
them. Time may occasionally walking distance of a station two offices .eadi have a linked- ™ -^ -^? st 
be spent on systems thinking connecting with Liverpool IBM: 3750 electronic erehange -^ 01 ^-^' Architects,'::. 

when key changes are made Street. • system which, beside the normal telecomintmicfi ^ 

such as installing a computer Ipswich was one of the Post Office .tines, has a wide^ .manj^eineife; . 

or putting in expensive, possible centres. The next band’ circuit which give wniis '5 &Tl ^ 1 T t?ms : \ - accbiiK(i^ ■ ' 

sophisticated exchange equip- problem was the site in the Faber 60 blocked, ■■ exclusive- .fijm.are. alT, available. fljr .a _ 

ment but rarely is the entire various centres. Not onlv dfd lines between the ' 

process actually analysed, re- it' need to be near tn a railway. Thus. ‘when .someone rings prt^emSy ^T K^'- 

structured or replaced. station ter intercity trains but Londori office. and the person 

But relocation, or at least it also needed to be dose to required is awajKin Ipswich; the .rt^t; infartM^^'jr 


consideration of a major shift local train and bus termini, call be ' routed llrrorigh, vP®^ e :“jtoV^;Vqiiia6eft^' 
in a pond time for a Also, a site reasonahlv claw t* much the same wsv as iv wWM ’ tmiei' T v : 7 f '' 


is a good time for a complete Also, a site reasonably close to much the. same way as.it would / 

audit. The economics of High Street shops or a shoppinc be if tibe person were m anoth^ 1 i ' 

cheaper office space, more in complex would mean that staff office in the same budding.- ; .-v ‘ , swltcln pgr ■- . 

tune with the demands of the could conveniently shop in The tdex ^rtem is based on ; 

company and a more produc- their lunch breaks. an IBM ADX6600 with meteory nuniW^bri'- 

tive, stable workforce could After about six months of storage drums and ' linked • ^ ^ ^ rson *' s P«c*fibdti» 

evaporate If the com raunica- discussions on possible sites stations in both centres! Thus 15 ano ^ er °® ce -78 mties-aw^T '' 

lions systems are not right * within the company and In con- any telex message that comes ^ ^:*rid get St r a i g ht t hr oogb ’ ; . 

As with most systems, the sultation with the Location of in overnight for the brokers in ' ‘ - Terry: 












Financial Times Friday Movemfier . 24 iy?8 


CTTY OF LONDON PROPERTY VII 



25 


Quilter Hilton 
Goodison & Co. 



must learn to 


Stockbrokers 

Investment Property Service 

We started our property service in 1 962 



tourist 


We have provided the service to institutional 
investors day by day. week bv week, in good 
times and bad. It is a continuing and compre- 
hensive commentary on the property industry 
and embraces detailed studies of more than 



-^TOURISTS have become one of 
s .tffe more a tanning myths of the 
^modern age. They are accused 
-forcing Up .the prices In 
. ggstiuran ts, undermining . the 
JraaffimaT culture, and'overcrowd- 
.“Jng the buses. It is hardly sur- 
prising- that the City of London 
, for its. share of 

' Vajlise - as . a tourist tra pr— hardly 
“surprising hut Quite .wrong. 

fact the City, suffers very 
t ;£%dly frqm the tourist trade and 
In; the- fore front of those who 
that the overseas tourist 
^WQttld go out of. London and 
some of the delights to be 
jjjpund in Yorkshire. Wales or 
Jsle of Skye. 

v^^In cold economic terms, the 
pGity does badly nut of tourism. 
-wMosi- tourists stay in the West 
\iSnd and. spend their valuable 
^ ja& ik s and -dollars in the area's 
38j$&pdts. -eat' in .West End 
^i^auraiits,. and. attend West 
^End cinemas and theatres. 

landmarks 

^'l^Vhen the tourists venture 
'.Aiitb ihe City, they travel by 
J. coaches .which Jam the City 
ijttrefits. they visit a few well 
jlswwb City. landmarks, spending 
^uUttle on coffee and souvenirs. 
Jjefnre rushing back to the West 

Sn.i- 

s ,_ Even worse, they are showing 
j,a growing reluctance to visit the 
'City at all.. The City’s latest 
v study of tourism showed that 
number of visits made to 


pirjtblf." City's 21 major tourist 
u attractions declined by 17.8 per 
_ccnl between 1972 and 1974, and 
'.there i& every indication that 
'.ibis- trend is continuing. 

“. ’It is not true, no matter what 
fcfiityr workers may think, that 
gfitrtPaul's Is a major attraction 
overseas tourists. According 
*Snr,the British Tourist Authority, 
^St Paul’s comes ninth out of 
rjh: 


30 such attractions. Only the 
Tower of London manages to 
scrape in higher than Sl Paul’s 
and save the City’s honour. 
Neither the .Tower nor St. Paul's 
can compete With the heady 
delights of shopping l.n Oxford 
Street or feeding the pigeons 
in Trafalgar Square. 

The first point to be made is 
that this state of affairs suits 
the City quite well. The City 
makes attempts to attract the 
tourist and to make him feel 
welcome, -but the fact remains 
that the City is populated by 
people who make money in 
other ways — -banking to name 
but a few. 

It would he as foolish tu 
blome the City for not doing 
more to attract tourists as fn 
blame the Saudi Arabians for 
not searching for coal in the 
desert. 

Most tourists spend little time 
or money in the City. They came 
for a day's riclvtseeins .ind are 
usually content, though there is 
seme evidence that. tourists visit- 
ing for the second time may 
want to stay and see more. 

Tne City can offer Utile ho: cl 
or hostel accommodation. The 
Great Eastern Hofei, in Liver- 
pool Street may not be every- 
one's idea of holiday accommo- 
dation, but it does in fact repre- 
sent the bulk of the City's offer- 
ing. The alternative is the youth 
hostels of Carter Lane nr the 
Barbican. It may be noted that 
these hostels. In particular that 
in Carter Lane, are very popular 
with the younger people. But 
neither can compete with the 
hotels of the West End. 

In terms of restaurants and 
coffee houses, the City still 
caters largely for its daily 
workers and their employers 
Thus, there are Japanese 


restaurants because many 
Japanese work in the City, but 
there are few Italian restaurants. 

But there is no indication 
that more tourist restaurants in 
the City would induce more 
tourists to eat there rather than 
in the West End. 

The one booe of contention 
between the City and the tourist 
industry is that of coaches. Most 
tourists visit the City by coach, 
and this suits the tourist agen- 
cies very well because they base 
much of their business on the 
coach as the all enveloping 
womb in which the overseas 
visitor is conveyed from his 
home to the airport, to the hotel 
and then to the various points 
of mierest. 

But coaches are, to the City. 

Merely a traffic problem on the 
grand scale. Ideally, the City 
would like to ban coaches from 
its precincts and oblige the 
tourist to travel on a specially 
provided internal bus system. 

But it is generally recognised 
nt Guildhall that this ideal is 
vary unlikely to be fulfilled. 

Suffers 

The alternative is coach parks 
jI i lie major lourist spots. Here 
the City suffers because every 
tourist wants to visit a very few 
tourist spots. 

And since every tourist attrac- 
tion in the City is already in a 
busy place, the opportunities for 
extending coach parks are 
Inn tied. 

At the moment, coach parking 
m the City is limited to St. 

Paul’s, where there is room for 
2.5-30 coaches at any one time, 
depending on the skill of those 
parkins, and a park for 16 
coaches at Tower Hill which, is. 
strictly speaking, not in the City situation can 
at all. tourists can 

It is hard to sec just how this walk ltom 


Tim Monument: aim of the City's main buildings of historical interest 


their coaches 


of two 


Fires 


be remedied unless the point of attraction, 
he persuaded to The City has done much to 
to encourage what may be 
described as the ** alternative ” 
tourist activities. These evolve 
around the attractions of the 
City as a walking area, in which 
the enterprising tourist can seek 
out those attractions not suit- 
able for him with the minimum 
of supervision. 

The pick of these is included 
in the Heritage Walks leaflets 
published by the City 
Corporation. 

It is in these slightly eccentric 
tourist activities that the future 
of City tourism may lie. For it 


is becoming clear that these 
tours attract the “ second visit ” 
tourist who is beginning to 
belie all the worst aspects of 
City tourism: he does not arrive 
by coach. He prefers to stay 
near the City if he can, and he 
will take time to seek out the 
lesser known features of the 
City. So. if a slightly faded 
Continental or Asian carrying a 
street map asks the ways to a 
minor Wren church, then 
nurture him gently. He may be 
helping to make tourism more 
bearable in the City. 

Terry Syland 


forty listed companies. 

We also act as -a corporate adviser to a number 
of listed and unlisted property companies. 

If you would like to know more about in- 
vesting in listed property shares or about how 
we can help your company, whether it is 
listed or unlisted, please write to us or tele- 
phone. 


Quilter Hilton Goodison & Co. 
Garrard House 
31-45 Gresham Street 
London EC2V 7LH 

Telephone: 01 600 4177 



New Court Property Fund 

Assets £29,000,000 


a Property UnttTrust for fax exempt Pension Funds 
continues to seek 

Frst Class Property Investments 

» 

particularly 

Shops, Offices and Industrial Properties 
in lots of £200,000-£4M 

Please contact with details 
David Doubbie MA. FRl.C.S. Surveyor 
NL M. Rothschild Asset Management Limited 
P.O.Box No. 185 
St Swithins Lane 
London EC4P4DU 
01-6264356 

\ ; J 


MENTION THE FIRE to most 
Londoners and they will know 
exactly what you mean — 1666 
and all that. And there was a 
famous cartoon during the 
1940s Blitz of a Cockney saying 
to the fireman “You were late 
last time too, mate.” 

= The devastation of these two 
events led -on both occasions to 
jjgjreat .plans to develop the City 
•along'- grad or other lines. But 
j£anks tn the speculative 
■ guilders- down the years the 
-afeediaevat street pattern is still 
•togeiy with us. a fact That may 
please the motorist but 
kducir means that the different 
styles and materials through 


the ages can still be seen. Let 
us take' a random, but not 
definitive, walk around the City. 

There is some argument about 
the Hoop atitl Grapes pub in 
AJdgate Higb Street nn the 
eastern boundary — whether it is 
pre-Fire or after and whether 
or nof.it should lye pulled down. 
There is a strong body of 
opinion that it should he 
restored. On the western edge 
is that heavily restored struc- 
ture Staple Inn — just inside the 
boundaries and an example of 
half-timbered building dating 
from 1586. 

- Until the arrival of ‘closed 
sewers the City — like every- 


proper 
to go 
pro 




tNol: Co to the professionals 




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J-~ ' " are ingood hands . . .with property experts who 
CP' have over 185 years of experience. 

' -Their service covers every aspect:- 

Investment : BuiWSng Design : 
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Property Development : Management : 
Rating : Rent Review : Project Management. 

‘ ■ Whether your needs are large or small ... in 
■ _ London or anywhere in the UJC.... consult 
Farebrother Ellis. 

The professionals. 

Farebrother Ellis & Co.. Chartered Surveyors. 

*■ 29 Fleet Street, London EC4Y lALTei: 01o55 J344 


WT-t 




where else — was a very smelly 
place. It is still possible to see 
the line® of Ihe mediaeval open 
gutters here and there, one such 
place being Huggrn Hill run- 
ning south from Queen Victoria 
Street to Upper Thames Street. 
The City must also have been 
.awfully noisy, particularly on 
Sundays, with ail those church 
bells. 

Entrepreneurs 

Two of the earliest entre- 
preneurs who got on with build- 
ing while the City Fathers 
dickered over plans were Dr. 
Nicholas Barbnn and the Adam 
•Brothers. There are a couple of 
Barbon houses in Crane Court, 
off Fleet Street, and Adam 
work can be seen in Fredericks 
Place, Old Jewry. 

But just east of Cannon Street 
station in Laurence Pouniney 
Hill — -Nos. I and 2 built in 1703 
— are the "finest early ISth 
century remaining in the City, 
if not in London,” to quote one 
authority. Further east, near 
Billingsgate, is Lovat Lane, still 
cobbled, where there is a refur- 
bishment of a parr of small old. 
houses in a part which is one 
of nine conservation areas in 
the City. These areas are chosen 
for a variety of reasons; histori- 
cal interest townscape and 
character, street patterns and 
frontages are some of the 
criteria. 

To the south of SL Paul's lies 
another of the areas. It gives a 
remarkable " picture,” as it 
were, of the growth of London. 
The site— bounded by the river. 
New Bridge Street, Ludgate FL'JI 
and. in the east the new piazza 
south of Cannon Street is a 
warren of medieval streets. 
Where Baynard Castle, first 
built about 1100. once stood on 
Thamesside is the brand new 
Baynard House. Going north 
from there across Queen Vic- 
toria Street (begun in 1867) is 
St. Andrew’s Hill. 

Up this hill on the right are 
a couple of mid-lSth-century 
houses " reminiscent of a self- 
respecting domestic past" with 
gardens, but you have to stand 
on tip-toe to see them for they 
are walled. On the right there 
is -the "Cockpit pub, which was 
once what its name indicates 
and retains the structure. The 
area also includes Apothecaries’ 
Hall, built 1684 and altered in 
1779, in Blackfriars Lane. Wan- 
dering up 5t Andrew's Hill one 
comes to. Carter Lane with, at 
the corner of Dean’s Court, the 
old St. Paul’s choir school — an 
exuberant building of 1875. It 


needs cleaning and is now a 
youth husiH. Nearby can be 
seen a pretty square with a 
plane tree growing in it. 

Back down on Queen Victoria 
Street is the College of Arras, 
built in 1671-1689. Among its 
charms are the parking bays, 
which instead of being labelled 
“ reserved for the managing 
director” and suchlike in 
modern terms carry tho names 
of Norroy and other Heralds. 
Hard by is the Faraday building 
of 1932 which was "called a 
disgrace directly ii wont up.” 
From the. new piazza one can 
see the Cathedral in all its 
clean glory and thar other 
'* cathedral " across the river. 
Bankside power station. For a 
good view of one of the last of 
the bomb sites (1940s) the best 
example lies at the bottom of 
Ludgate Hill, near Ludgate 
Circus. 


Names 


North of St. Paul's and just 
off Smithficld is Cloth Fair. As 
with so many other street names 
in the City it denotes its long- 
gnne use but the two merchants' 
houses left (restored! date from 
the late 17th century. 

Virtually any redevelopment 
in the City is likely to lead to 
Roman finds. One of the early 
post-war sites now contain." 
Bucklersbury House (1953-1958) 
in Queen Victoria Street, the 
excavations For which revealed 
a temple of the Homan god 
Mithras — much to the exaspera- 
tion of the developers. The 
temple remains are preserved 
on a terrace on the north side 
of the building. 

That not everybody likes the 
new City buildings is probably 
an understatement but off the 
main arteries there are new 
(and old) courtyards with 
fountains and new piazzas such 
as the one at the Commercial 
Union-P & O complex in 
Leadenhall Street. 

Almost everywhere the old is 
mixed with the new — try follow- 
ing the Heritage Walk marks 
built into the payments starting 
at New Change, by St. Paul’s. 
There are also the blue com- 
memorative plaques on many 
buildings: a good example on 
the north side of Newgate 
Street reads "Site of Christ’s 
Hospital 1552-1920." Or try 
tracing the pubs mentioned by 
Samuel Pepys. 

But It is reassuring to be met. 
when entering the City by such 
old rentes as Holborn, by 
dragons at the gates. 

Pamela Judge 



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, ||| x*p6f tei|- . •• | K 

i" : 




A FRESH office building boom 
is starting in the City. But its 
full effects will not be felt until 
the mid-1980s and even then is 
unlikely to affect the balance of 
supply and demand in the prime 
areas. 

The number of planning 
applications being dealt with by 
the City Corporation is running 
at 20 per cent above the level of 
three years ago. Over the past ^ 
few months the City has 
approved several major office 
projects, some of which have 
hung fire for up to 10 years 
because of planning problems. 

Notable recent planning 
approvals include 500,000 sq &$. 
ft of offices in the former Port 
of London warehouses in Cutler 
Street which are expected to be 
occupied by the Baltic Ex- 4 

change, a new 250.000 sq ft " 
building for the National West- ^ 
minster bank in Old Broad ' 5^ 

Street which grafts a new tower wm 
on to existing listed buildings. fM 35gT 
and 250.000 sq ft of offices on 
the City’s eastern border by 
Wingate Investments, the Wim- 
pey subsidiaty- 

Other major schemes in the 
planning process include the 
rebuilding at Lloyd's, a new 
400.000 sq ft Post Office head- 
quarters at St. Martin -le-G rand 

ECl and a 300.000 sq ft scheme ..... — . .. . . , : — . . . 

at ne?yby Little Britain which Archaeological, excavations continue in the Wailing Court development site , where remains jrpm&QXQtt ^ r |} v ’ 
is another Wingate/Wimpey and Roman periods have been uncovered . ' ’ ••• . 

project. •■ . •. • 

The biggest single speculative times to major schemes, starting on 120,000 sq. ft of the 1980s. Liverpool Street and a short spacepftime.it may- take 

office development in the pipe- es ti mates of future floorspace offices opposite Billingsgate Cntler Street have already been^ time to absorb.. Tbe^^-1^03 ; 

line, the redevelopment of are subject to considerable market, the future of whoso mentioned but some 500,00(1 sq' could well see the rttdtol&cfi& 

Broad Street and Liverpool error. Recent experience shows building is in doubt now that ft around Aldgate is in the pipe* cult times for' tho .City letting 

Street stations to provide over th at some schemes are delayed the market is moving to Dock- line. About 90,000 sq ft. in the market, particularly , 

SQO.OOO sq. ft., has yet to receive f 0 r up to a decade by planning land. second phase of the W ingate .fringe areas. * r . || y - ■' *a'. . . 

the go-ahead from the Depart- problems or by Office Develop- Conservation is putting -Centre will be available next ; Looking furth^ .-.^tpj^t^, - 

ment of the Environment ment Permits, others take longer stricter limits on the sites avail- year while the developers have, future, the .dine ttes: k houlq .see : 
although it is nearly two years to build than expected Mid able for large-scale redevelops permission for a further 250,000 the en.d of. the great post-w^ 
since an extensive public in- several were postponed after ment. especially in the centre of sq ft in the Minqries, most of rebuilding, of the 
quirj' was held. Even if the ^73 ^ new S0U rce of "delay is CSt . T - There are over 600 which will be occupied by OCL. started -witli the replacement 6£ 
decision is favourable, the first presence of archaeological listed buildings in the Square and have plans for over 200,000 war -damage. in-: r 
office space is unlikely to be remains on site which require Mile, nine conservation areas,- sq ft at Gardiners Corner,-, tmued with' feg -taye r/ M oc ka^ ' 
ready before 1982. and British investigation. Electricity "supply and possibly a tenth may be Whitechapel, just outside the the sixties, was held; b^ck ; 

Rail regard the scheme as a Nominees' Watlins Court scheme desianated. But as the example City. ODP system, ciu32ifetl;:'hy. tfia_ 

10-year programme. ic suffering this delav. of Bnvv Lane shows this does With East End boroughs and- 1974-75 slump. 

■’ . . not deter a developer prepared Southwark favouring office end when tfae srtesjjneiittoniedj. - 

r _ii.- _ In 1116 pnme banking and in- tn mix re f ur i,i s bment with re- development as a means of previously are coanpletedi Belt • 

JUeUing surance areas ot the City in ere building but limits the size of urban renews, -the mid-1980s if the pressures on- office 







10-year programme. 

Letting 


" . , ... _ in ill la. 

surance areas of the City there buiId , n2 but i:jl j- lts 
is currently Uttie scope or in- indlvld S Bl schem p S . 


Between now and 1PSI. the creasing the total stock of office 
amount of new office space on flnorspa'ce bv redevelopment 
the market in the City is likely An5el Court and the Natwest 
to fall below potential demand jower both close ro the Bank 
even though several schemes oE England and the Stock Ex- 
left over from the 1872-73 boom change, are probably the last 
are still on the letting market major development schemes that 
•'for example, an office develop- resu j t j n a substantial net in- 
tnent at Queenhitbe). crease in office space. From now; 

The “ undersupply M will per- on major developments in these; 
sist despite evidence that de- areas will be replacement or re-! 
velopers have brought forward furbishment of existing floor- 
some schemes in the face of .space and much of this will be 
growing demand. Revised for owner occupation, 
estimates from Richard Ellis on Thg latest examples include 
development floorspace, which lhe second Natwe st tower in Old 
take into acrount the current Broad SlreeU ^ rebuilding of 
revival sUU staJW that between Eard V5 ^ ^ Gracechurch 
mvi and 1981 the amount :of new Stwt of ^ standard and 
space coming on the market will Chartered and of Baring's 
not exceed 3m sq ft. But between BaQk in Blshopsgale . only a 
19,4 and 19,, some 3. ora sq ft ^ proporUon of ^ 
of development floorspace was ]s Uke] v » CQme on the m ^ ket 
completed and let-and this at aIthnugh the occupiers' need for 
a tune or recession. In 19,9 the accommodation 

amount of development floor- durifl bujldi work ^ ^ 
space commg on the market wiU direcUy lettiag 

fall to 6,0 000 sq ft. compared raarket The oaJy re 6 

!*«? > Pf k * ft development coming on the 

lI1 T> l9 4 6 tSe Voi! e) ' A 7001 market lu the Bank area next 

Between 19,8 and 1981 a is ^ rebuilding of the 

further 2Jm sq ft of offices may Royal Insurance complex at the 
be completed for owner corner of Cornhill and Lombard 
oaupwrs including the Nahvest Stree< ^ ^ ^ provide 


could see a substantial amount continue, there wiil;: y : £& 


The eastern end of the City, of new office space on the City plenty of ref urbhhment ' ^ 
where conservation pressures fringes such- as Shoreditch, older bull dings, and - faifiHftig;.' . 


and the Rawest are j ess see mos j. 0 f ^g, SouUiwark and Whitechapel. If 


new office space 


most of ine boutnwarK ana wnuecnapei. 11 - 

nlanned for it comes on the market within • "IrilCnaCl. uyt hiiii qff 




111 



is a 


Tower. But according to stock- 


only 43,000 sq ft. 



r r- 1 
> c ^ 





' 7 Fr 


iil^EFF ’R: \ 
Hi | 1 S iS f 
ill ill ii 1 


1 

Si 

P> 

m 


wrnm 


mms 


st Eatils Oburchyaixi 

EC4 

48,000 sq.ft. 

Fiil l v air conditioned 
office building 
to let 





brokers Vickers da Costa, all but 

500,000 sq ft Oif the 3.5m sq ft 'Danfc 

nf City offices with planning per- Ivclliai 

mission as at Ju«w 1978 is re- The irnplLcation fOT rents is 

placement space. Even if Whit- ohvious But ^ situation mav 

bread s Brewery. Liverpool ^ v different on the 

S i!Ti ? nd ^ UtJ " 1 So S t “J periphery of the City once new 

t0 » n& ! developments come on stream 

addition to the Cry’s present ^ ^ t}ie Hoiborn m 

2? J*. 11 , of floorspace wU be the 160i0u0 sq ft Carnages de- 
trie equivalent of only about 6 velopment will be the only new 
per cent. large speculative scheme to be 

Because of the long lead-in finished next year as the glut of 

[space which came on the market 
after 1975 is steadily absorbed. 

But there are plans to re- 
H develop the present London 
w Evening Standard building in 
S3 Shoe Lane, for new -space at 
M Holbom Viaduct, for a new 
^ ^ B building at the corner of Fetter 

-j -4 Y^rTXTO 1Yi B lj3Jie ^ Fleet Street and ail 

4J.vJ.lY CLLLX m of these are likely to start over 
^ |H the next four years. Over the 

longer term a large site at the 
S§ bottom of Ludgate Hill will be- 
ll come available once the Fleet 
U Line is built. Furthermore, re- 
B placement of newspapers 
18 premises by offices will continue, 
rv B a key stte in question being the 

T | g present News of the Worid/Sun 

-i- v • » headquarters, should the 

8 organisation move to Camden. 
^4-54-* --4 g In the Barbican/St. Paul’s 

mnOneCL B redevelopment of the 

B Whitbread Brewery iu Chiswell 
, -* m g Street is expected to be ready 

fllTltf | a ^ er November 1980 and may 

S come on the market But up to 

t || 300,000 sq- It. of offices may 

i| be built by Wingate Invest- 
g meats at the western end of 
gl London Wall once planning 
H difficulties are overcome, 
g In Moorgate United Real are 
fg starting the redevelopment of 
B Moorgate station buildings and 
M in the longer term the eastern 
ii end of London Wall may see 
m major office schemes by 
B Commercial Union Assurance 
H and others as Route II is 
Ml extended. Although most of the 
Jf sites on the City's riverside are 
Ba n Mummuiia.in qow developed and let, work is 




dies 



On Friday Property receives 
special attention with, several 
pages of national and inter- 
national property advertise- 
ments supported by. "an 
authoritative article analysing 
the state of the property -market 

When a wider perspective of the 
industry is required, / when 
aspects of the industry need to 
be analysed at greater; length 
then tine Financial .Times 
publishes a Property Survey. 

More Senior European Bu 8 iness- 
men read the Financial -Times 


than any other daily news- : 
paper*. That is why it is 
Europe’s Business . Newspaper: ; ; 
It is read bybusinessnieh in 120 ^ 
countries by; 8 ^, 000 / : Fpe^pte; V->' 
These' are the World’s jdddsibn : - 
makers- . • ’ - * : 7 ; V”'* 


. For further details aboaf . -V 
advertising and fortlieomihg . . 
Property Siirveys, please coiitact : 
Cliff Gaunter af the /*'/ ;'■ : . * 

Financial limes,; Bracken House, 
10 Cannon Street,* . ' ; v . 

London EC4P 4BY,:\ . . --. . 

- Telephone 01-248 8000, Ext 234. 


•S*' 1 
U ‘ ! 


FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 


•European Businessmans Keadersblp Sorvor UW* . 


b>ik 


■..- -7r;-«e- jj£3fe. . v 


- ■ •] 














Financial Times Friday November 24 1973 


POLITICS TODAY 



* 

J 


On 






AT AN" international conference 
in Berlin the other day the pro- 
position was put forward that 
•he trouble with the Anglo- 
Saxon world is that it has be- 
come excessively, inward-look- 
ing. Since the proposition came 
frujp a German, and was imme- 
diately .supported by a French- 
jttS.Tb. . «t commands . some 
Mention, the more especially 
. f*t. hs implicit corollary, that it 
igvnow France and West Ger- 
isaay that arc the outward-look- 
_iify powers.. 

r .. has i lonj? been . a . British 
ishm that the .European con- 
is somehow cut off from 
nicest of the world. Britain. 
“Mr. Tf a raid Wilson, should 


m$n 

- 



become '‘■corralled in 



and the Foreign Office 
waged the-- belief that the 

( of British diplomacy 

'to -keep Europe at a dis- 
while. making sure that the 
^S^mamed on the right track, 
as a somewhat pretentious 
,:Whieb " assumed that the 
alone were' mature 
gh_ to view the world as a 
e.'huf perhaps it did ito- 
-much harm except our- 
cs, . •. _ 

flwadays. however, it is quite 
' ns'" that, the need for such 
^jgeao longer exists. Tlie U.S. 
' ‘ not need Britain in order 
able to talk to Europe or to 
__ ovfet Union, or the Middle 
jjgst. It does so directly. Much 
qESfodars diplomacy would go 
cgTrin much the same way if 
Britain'were to disappear. There 
i^jio reason to be surprised by 
tjjat. The trend has been clear 
for- some time. There was no 
way in which Britain could go 
c:> playing a world role given 
its continuing relative economic 
decline. 

.•Tel what is more surprising 
is the change io the U.S. The 


VjS. today no longer aspires io 
being the world's policeman. 

There are whole areas of the 
world — Che Horn of Africa, for 
example — where U-S. involve- 
ment is zninimaL despite the 
activities of the Soviet Union. 
Nor does its. currency reign 
supreme. Some of these changes 
are beneficial. It is a relief to 
many in Europe, for instance, 
that the Central Intelligence 
Agency has been reformed, and 
that the Americans . are no 
longer engaged in Vietnam. At 
the same time, the U.S. is still 
able to concentrate on the 
essentials: NATO, the Middle 
East, the strategic relationship 
with the Russians, and perhaps 
North East Asia. In other 
Words, there has been a change 
in the U.S., but not necessarily 
a decline. 

Bnt the biggest change ba» 
come about in Europe. It is the 
rise of France and West Ger- 
many which has led TO- a shift 
of the balance, of power within 
the Atlantic Alliance, and the 
Change has occurred in a way 
that few people would have pre- 
dicted a few years ago. Then? 
is very little in the new Europe 
that is *’ anti-American." - The 
Chancellor Herr Helmut 
Schmidt, in Germany and Presi- 
dent G is card in France are 
about tbe most AUanticist 
leaders you could expect to find 
in those two countries. And 
indeed under the Carter Ad- 
ministration there is very little 
reason for being “ anti-Ameri- 
can '* precisely because the 
Americans are no longer push- 
ing people around nr trying to 
impose tbeir own Ideas. 

The extent of the change in 
Europe can be shown in a 
number of ways, starting with 
a comparison with the 1960s. 


It was a characteristic of 
Franco-German relations in that 
period that Germany always 
seemed to he being a_skod to 
make a choice between France 
and the U.S. Of course, what 
the Germans wanted was good 
relations with both, but there 
was a tendency on the part of 
the French to demand that 
Germany should show itself 
“ more European " by standing 
up to the Americans. Thus 
there was always a latent source 
of tension. Today that tensiun 
no longer exists. 

There have been other 
changes. France may remain 
outside much or the military 
organisation of NATO, but there 
has been no rundown of French 
defence. . On the contrary. 
French defence expenditure has 
recently been increasing; so 
has the country's cooperation 
with the rest uf the Alliance. 
The German defence contribu- 
tion has also become much more 
substantial than it was >n the 
past. 


coun fry was not then even a 
member of the United .Nation'; 
anil the OsipuLlifr was only 
barely under way. Today West 
Germany’s relations with lit? 
Soviet Union are at lacs! as 
good as those between Moscow 
and any other western power. 
Even relations with East Ger- 
many seem recently to have 
developed a momentum of their 
own: witness the agreements 
this month on the Bcriin-Ham- 
burg Autobalm and the Use of 
tilt* Tel tow Canal in Berlin. Vet 
who now maintains, as many 
did al the time, that tne develop- 
ment of the 0.-stpof(iil; was had 
for .stability? True. West Ger- 
man aspiration.- are still pri- 
marily European, hut it is a 
wider Europe than a few years 
agu. and there are some signs 
that the interest jj, l*xi coding to 
Africa. 


maintained not be depreciation, 
but by fighting in nation. With- 
out that change, i: seems doubt- 
ful whether the negotiations nn 
the proposed European 
Monetary System v-onld have 
ever begun. 


Fashionable 


A few years ago if was 
fashionable to predict that a 
closer European defence iden- 
tity could only come about as an 
expression of partial independ- 
ence from tbe U.S. It followed 
from that there would probably 
he a hostile reaction from the 
Soviet Union to the rise of a 
new European force. Yet it is 
a curious irony lhat Soviet 
attacks on German *’ revan- 
chism" seem to have Mopped 
about the very time when the 
Germans were becoming poli- 
tically and militarily stronger. 

Again, if one looks hack 10 
the Germany of the the 


There has been comparable 
changes in France. It would 
have seemed inconceivable in the 
IWWj. or even in the early 1970? 
that the French roulri join with 
ihe German?, the British, the 
American' and the Canadians in 
the Namibian initiative. Ycl 
lher>: they are co-operating, h 
would have been scarcely less 
conceivable that Peugeot would 
he buying the European end of 
Chrysler, yet again it has hap- 
pened. 


H would bs i<ii.i!;:.h to pretend 
that all ■his ha-, occurred 
fortuitously. Clearly ihe French 
and German leader- must 
reflect from r:m«.* tn time 'll! 
what they 3 re dnir.-r. even if 
there is no cnin.J (lessen. And 
indeed it is posa.b’a tn pick out 
the followin'.' strands in their 
thinking. A si run j Germany 
un its own is bail for France, 
had for Enroot* and uilimstely 
had for Germany. Germany 
therefore needs a partner in 
Europe. Giver, the relative 
decline and generally suspect 
nature nf Britain 111 affairs 
European, the on.y possible 
choice is Frame. The partner- 
ship can only lie achieved, how- 
ever, on the iia>:; '.f something 

approaching crpa Thus 

France, provide*] mat i: is a!.su 
willing to help lu-cif. ntu<t be 
helped. (Thai is the reason. 
f.»r example. why many 
Germans would be prepared in 
make sacrifices u> have France 
in the EMS which they would 
nui wish to mak. -or Britain. 1 



President dc* Gaulle and Dr. Adenauer happily together. 
That was io 1963. bur file tensions did not disappear before 
the days of their present successors. 


There 1 - one oilier major 
change in France that has cer- 
tainly impressed the Germans, 
and that is in economic policy. 
For year.', the French sought to 
maintain their competitiveness 
by periodic devaluations of the 
franc. This year, for the first 
time, they have come out and 
said that the Germans were 
right and the French were 
wrong: vompetitiicnes- is bv«l 


At the s»:n-_- 1 : 1 : 10 . German;* 
would no want in go wiih 
France at tbe •■'rper-e of going 
with the U.S. Since ih.' French 
are no longer making that 
demand, thai i-> no prohlem. 
even if there ire suinc 
Americans and British who 
doubt it. 


What all that amounts 10 is 
that itarrr u a chans*.’ m the 
order of the Atlantic Alliance. 
The Alliance in It-’ broadest 
poli l ion-mi li t k rv-». •* ■ n . .• ■ • 1 i e tc-nse 


ha.- n< ir necessari. 1 :' become 
weaker, but there has been a 
shitt in the balance of power 
within it. France and West 
Germany ai least are assuming 
more responsibilities. 

There arc. of course, many 
thing.- - which could still go 
wrong. A lapse intu protection- 
ism is perhaps the most obvious 
nxampie. It could lead to a 
chain reaction wherein the 
we 'tern powers receive red all 
their old suspicions of each 
oilier. It is not al all clear 


cither that the 3!'ia;ice ha; any 
agreed view of recent events in 
Asia. Docs the Si no-Japanese 
treaty, for instance, and the 
Chinese decision m go all out 
for modernisation with western 
help upsel th-** balance of power 
in that part of the world? What 
mil be the effects on the Soviet 
Union? Not I east, what would 
be the consequences for the 
East-West balance of a second 
strategic arm? limitation treaty 
between the Americans and the 
Russians, which the U.S. then 


faded to ratify? All the signs 
arc that we are in f<;r a difficult 
year on that particular issue. 

The potential upjeis apart, 
however, the point :s that tbs? 
world ha.; changed, ar.d if is far 
from certain that the orient of 
the change ha; been fully 
rccogni.-ed in Britain, nor per- 
haps in America r-itner. The 
U.S. will no doubt catch on 10 
development? later, and in any 
case they are m-t necessarily 
tu the American, nr even the 
western, disadvantage. Bin for 
Britain the problem is different. 
It is that ihe country has still 
not conic tn term? with its own 
decline. As a matter of fat*!, 
there would he a perfect!;. - 
hononrab'o place f<<r us in the 
nev. - Europe an*.! ihe nev. - alli- 
ance, if only we could accept 
our reduced power. As it is. we 
go on behaving a* if the years 
of economic* weakness had n**r 
taken their toll of "Ur role in 
the world. E7vIS can jo ahead 
without us. So 1 a li 1 an Euro- 
pea n-Aiti erica n c**-upera;ii»n. Yoi 
that is not the view that i> 
heard in Whitehall or in 
Westminster. 

The most de pros.- ire remark 
r have heard for a ir.ng time 
went a? follows: "The Germans 
have set deadline? bet ore and 
lived M regret it. If Helmut 
Schmidt inrins nn the January 
1 deadline for EMS. they will 
regret that too. But so long as 
he docs insist, ihe purpose of 
British diplomacy will be to 
drive wedges ir.to Franco- 
German cu-npc ration in other 
fields." Ir is r las.-ic Foreign 
Office sniff and might have 
served its purpose in ihe 19th 
century. It came from a senior 
British diplomat tnis week. 


Malcolm Rutherford 




Letters to the Editor 


PAnttMAM Anz-wnTT gross margin data demonstrate 

Common oncrsv very comfortable profits indeed 

to the efficient farm business. 
Brian Gardner. 

European Director. 

Agra Europe (Loodonl. 


policy 


gfiqm- Dr. IK. Loiccnstein-Lom __ 

fiSir. — The concern of the British 215. Hue Stcrin , 
Government, of the Labour Party Brussels. 
jd - 0 / others about an unduly 
'iab contribirtion of tbe UK. to 
European Community’s 
.enditure is legitimate and. I 
ieve. is recognised as such in 


shares m small companies, which 
are almost certainly a less 
efficient market. There arc j 
number of other areas where the 
fund manager will have the lime 
and the talent to produce im- 
proved results if he adopts a core 
of index matched securities. 


investing now 


Indifferent to 

lieve, is recognised as such in svillflirA 
immunity circles. Tbe resultant Ctllllll C 


% 


‘I 

li 


If* 


s rit 


4 ?Jt 


A 


a tucks by* UK Ministers against From Mr. H. Leggalt 
g£ ^SS‘ D ”t a K£ r,1 ?nd P0 V£’ Sir. — In the debate in tbe 
^ s^?of?esotirMS fromnoorer Honse of Lords (November 21) 

m'SK?Ar 0 5S!rS “ut sS5dt5S&i^ for S^U«d- 
* u,e u^t of “«i pjiiuS »»*« «•“ «“ 

hard io reverse at short notice. VAT u 

on There is, however, an a Item a- a incentive to export works 
Stye approach which the UK 0 f art 

Quid use and which would, in a Tbe a n.party House or Com- 
gla lively short time, improve the mons Expenditure Committee 
»w of funds in the direction of last Jn i v took contrary view. 
Ipo UK and which should meet lQ its rep0 rt it stated: “ In the 

f s political opposition than any context of purchases of works 
ndamental changes in the CAP. 0[ art ^ %v i Sh xo d rjw attention 
5*t'he Commission will shortly to the fact that while VAT is 
® looking for additional or charged on sales To purchasers 
ajiernative sources of budget in this country, it is not charged 
ftnils and a duty on imported on purchases for buyers residing 
tSergy is under cousideration. abroad. We recommend that 
'S&ch « lax. much as one on urgent coqsideration should be 
{Smarted food. Ls easily collected, given to the effect of this 
$ould only raise energy - costs anomaly on the export of work? 
wry slightly, would have the of art and to the removal 
«ect of encouraging domestic of discrimination against pur- 
®crgy production — whether the chasers in this country.” 

®ter is subsidised out of the Could it be that Lord 

f sceeds of the tax or . not — and McCluskey's attitude was affected 
ould encourage energy savings, by wbat must be another ex- 
matched by a genuine ample of Treasury complacency 
^sources transfer from the high stemming from its profound 
ft Hie low GNP EEC member indifference to cultural affairs. 
Entries, any political objee- Hugh Leggatt. 

Jg>hs m such a tax would easily Leggatt Brothers, 

ffl recognisable for what they 30 . St. James’* Street, SWl. 

S.e. 


f t is felt, therefore, that rather _ _ , 

n cavil at the misuse of Com- I q l/inp o 

city funds collected at x cv**ax *5 a 

iittesent, tbe most positive contri- 
lUjlirm UK Ministers could make UCUMUI1 
•w/uld be to work towards a com- From the General Secretary 
fige-n energy policy (CEP; accom- institution of Works Managers 

|g made to limit both the spe °z underlines the most vital need of 

'8 “0 CEP IbS 'ff&iS SSSSBe^ - Pr0feSSi0DaI 
to re-establish a fair and 


There is first uf all market 
tiniioa. Hard-line supporivrs of 
the elilcivar market theory in the 
U.S. hold ‘his to he just as im- 
possible as switching between 
shares, but the economic cycle 
has certainly been more marked 
in -the United Kingdom ihan in 
the United States, at least until 
recently. 

Then there is the question of 
risk: or. from the other point of 
view, the matching of an invest- 
ment policy against future 
liabilities. This leads to tbe 
question of the structure of a 
portfolio— the proportion a? 
between equities aod gilt-edged 
stock, or cash, and the ways the 
structure of the portfolio is 
affected by changes in basic 
assumptions about the rate of 
inflation, etc. 

Services to enable the invesi* 
ment manager to can*;, out these 
and other policies are available 
or will shortly be available from 
a number or commercial and 
academic sources in London. The 
opportunities to bring rational 
argument to hear in a very un- 
certain field arc improving con- 
siderably as a result of the 
development of a British as 
opposed to a North American 
analysis of the underlying mar- 
ket although many nf the U.S. 
conclusions have been proved 
valid in this country also. 

In the meantime, acceptance nf 
modern portfolio theory con- 
tinues to grow in the States. 
Investors on both sides of *he 
Atlantic continue to commit 
fuods to First Index, the mutual 
fund set up to match the 
Standard, and Poors 500 by the 
Vanguard Group in Philadelphia. 
The fastest growing fund 
manager in the Institutional 
Investor’s top 300 institutional 
advisers during 1977 was 
Batteiymarch. one of the pioneers 
of index matching in the States: 
and two growth leaders amongst 
the banks — American National 
Bank and Trust of Chicago and 
Weils Fargo — are both leaders in 
tbe same field. 


expenses on 
uionci. 

Mr. Baker's statement that hi?- 
inne superior performance 
by unit l rusts specialising 
•in smaller companies implies 
that lilt* market in ihe 
shares of such companies is .-uf- 
Jicienll y inefficient to make 
analyse- and leading profitable, is 
noi logical. Such historic per- 
formance would be consistent 
with a number of niher exulan- 
a 1 inns. One ?uch explanation is 
that small companies' stocks are 
a differentiated, not dMinci. 
iriurkel genera II: offering inver- 
tor/. higher total relurns. but 
with shares efficiently priced be- 
tween themselves. My persona! 
inclination would be to apply 
indexation principles to the 
smaller companies' sector as 
well. 

Thomas S. Shucksmith. 

4. ffot/uebrune. 

139. Blackborough Hoad 
Rcigute. Surrey. 


GENERAL 

Tin; Prime Mim-ier. Mr. .i..;,v,s 
Gallaghan. meets President 
Giscard dKsiaina in Par.s u> 
discuss the European Monetary 
S.V'-tem. 

Ford strikers return to work. 

Talks resume on pay claim or 
manual worker^ ai Au-din-Morri*. 
Cowley. 

Rate Support Grant Settlement 
Tor 1H79-S0 to be announced by 
Dcpariment of the Environment. 

EEC. Cora ceor. meeting con- 
tinues looking for a formal 
trading, agreemeni. 

EEC Agriculiur- Umi/tcr.- still 
al work on fishing policy. Brunei >. 

Final day nr EEC Transport 
•VI in Liters mceiing in Bru-seU. 

Jfc'Ullx of d...r;. producers 


Today’s Events 


on future o; - Mdk Marketing 
Board. 


Sir. Hiroshi Anzai. Tokyo Gas 
chairman, leaves for Moscow for 
talks on proposed changes in 
routing o r pipelines in U.S.- Japan- 
Soviet Y.ikutra natural gas 
re.-ources development in Siberia. 

Volkswagen'; supervisory Board 
expected 10 disc us' taking a stake 
in the \ixdorf computer company. 

Dutch Cabinet likely to decide 
v. hether lo choo-e the French 
Breguvl Allantique or ihe U.S. 
Lockheed Orion marine recon- 
nat'StiRi-e aircraft. 

Sir Kenneth Cert. Lord Mayor 
»<f London, lunches with Police 


Commiltee. Guildhall Crypt, and 
dines with Gold and Silver IVyre 
Draners' Company, Mansion 
House. 

London Chamber of Commerce 
and Industry business forum on 
"The Gulf Pattern 1077-S2.” 

International Exhibition of 
Inventions and New Techniques 
opens in Geneva t until December 
3». 

Birmingham Chamber of Indus- 
try and Commerce spon-ored 
trade mission leaves for two-week 
visit to Japan. 

Stanley Gibbon* hold- first 
Briti.-h auction of “ worthless " 
bond and share certifies ies. 


PARLIAMENTARY BUSINESS 
House of Commons: Private 
Members' motion: - . 

COMPANY RESULTS 

Final dividend.-: Si eg Line. 
Interim dividends: Reditfusion. 
Rivington Reed. Rohernon Food-. 
Interim figures: Lament Holdings. 
COMPANY MEETINGS 
Chsrtcrh.tH. Chartccri Aecoun- 
tans Hal 1 . EC, U 4.‘*. In. all Indus- 
tries. 73. Ha roc* mo Road. 
Birmingham. 12.30 S. Lylo. 
Wakefield Pn.-t IIujlv. Queens- 
dri\c. t.'-xet. !2 Mucnhan- 
Gleniivei, Ai/cal) • Glenhvct 

Distillorj, C:\iigcHarii:.*. Eanfl- 
shire. 12. 

SPORT 

Boxing: Wj.lo.. *. llolsamt. 

Curd iff. 


Britain and 
Africa 


From Mr. T. Eerelucn 

Sir. — Would you allow me to 
make use of a few column inches 
to advance my own theory about 
Western, particularly British 
policy towards Southern Africa? 

It is accepted, even by Dr 
Owen, that black majority rule 
in South Africa is out of the 
question for strategic and indus- 
trial (or economic 1 reasons. The 
blaek African states will never 
cease vilifying the West and 
making life difficult for us m the 
United NariODS so lung as 
Britain and other Western 
countries do not force black 
majority rule upon South Africa. 
No matter wbat we do to appease 
Nyerere, Kaunda, Nigeria’s and 
other countries' governments, 
they vi ill always kick up in the 
shins so long as we “candidly 
support” tin their eyes) the 
white racist regimes in Southern 
Africa. 


Risible equilibrium. 

W. Lowenstein-Lom, 
ibrnoim de Beauregard, 

■C rue Pierre de Coubercm, 
•IS ixetnbouTQ. 

Ufa 

P*c . „ - 


|:ec 


farm 
incomes 


ESmi the European Director, 
Europe (London) 


Managers, he says, are begin- 
ning to believe it is wrong to take 
a decision unless it is by con- 
sensus in committee, being un- 
nerved by talk of . industrial 
democracy and participative 
management He also states 
that, in a successful business, 
senior managers demonstrated by 
example, practising wbat they 
preached: 41 unpleasant realities 
are faced and dealt with.” 

Management is a job for quali- 
fied professionals. A qualified 
manager is per xe a profe?- 


D. C. Dam ant. 

Clive Investments. 

J, Royal Exchange Avenue, EC3. 


Portfolios and 
indexation 


Therefore, forcing Rhodesians 
to accept black majority rule and 
making sure they do not err 
from their past commitments 
(continuation of sanctions) will 
still not be sufficient to appease 
the black African leaders. Vide 
Kaun da's outburst over the 
Bingham report. Tbe West's 
commitment io black majority 
rule io Rhodesia is merely oppor- 
tunist (i.e.. winning the friend- 
ship of black Africa). 


..I 1 ” ‘-.r.L.ir Cfi*«,t 4 c sionally trained problem solver. 
— Mr. Michael Strauss A trained to harness to- 

(jfoveraber 21 ) continues to miss ^ ^ problems arising in 

ta point: the failure of the Com- company, through his ability 

S i Agricultural Policy to pro - t communicate and maintain 
! adequate incomes for the stabiUt y ^th tbe courage of his 
per cent of farmers working convictions, 
hgdings of less than 50 hectares The „ nnKrV p,i manacers that 
«i!e over-rewarding the in- pro^or Wilson refers to can 
effiasing number of larger on j y |, c those who are not pro- 
P©ducers. fessionally qualified. _ The 

( though small in number, tbe alternative to professional indus- 
I^ger farmers control large pro- trial management is. as he says, 
pardons of production in all redundancy of the traditional 
c&imndity sectors. They con- supervisory role. This, of course. 
s<Suently gain excess profits could only be to the total 
w|B?n prices ..are set at the level detriment of industry, 
p^ded to reward the small and Christopher Benson. 
ingSiuoDt. The important point 45 Cardiff Road. 


important point 45 Cardiff Road. 

“<gtif the above 50-hectare group- Luton. Beds. 
h® in the EEC Commission's 
d®a is that it is an average of 
f^Spis of this category. If the 
asgrage income is so much 
gSater than the national aver- 
agS wage, it is surely valid to 
d$uc? that the efficient and 


From Mr. P. Shucksmilh. 

Sir, — Mr. Baker (November 
11 ) appears lo have misinter- 
preted my letter of October 25 
by suggesting that I am against 
indexed funds. On Ihe contrary. 
1 find tbe competitive market 
hypothesis on which they are 
based appealing and am sympa- 
thetic towards indexed funds for 
many investors. 

He misconstrued my letter a 
second tone because I did not 
suggest that “ an index-fund 
represents the average perform- 
ance of professionally managed 
funds.” When I wrote that "if 
trustees go for an index-fund, 
they are certain to get an average 
performance." I feel it was clear, 
particularly in tbe context, that 
average was used in a quali- 
tative and not a precise statisti- 
cal sense. 


Tbe West's or Britain's stand- 
ing with black Africa would not 
have been further damaged if in 
197b. Britain had lifted sanctions 
and supported the white govern- 
ment of Rhodesia. It would have 
created a furore which would 
have died down after an increase 
in tbe budget of the Ministry of 
Overseas Aid and Development. 
Such a policy would' have been 
seen as a logical extension of 
Britain's “support" of white 
supremacy in South Africa: an 
apparent policy which does not 
result in Britain's isolation, does 
not impede her trade with blark 
Africa and which does not harm 
her influence and bargaining 
position with the Third World 
and in the United Nations. 


Managing 

funds 



mai me emnnu. «. uu _ D f 

awrefore above average farmer From Mr. D. uamanz 
ft&this group must be earning Sir, — I very much agree with 

aJjEery much greater net income- Mr. Peter Baker s suggestion 
3&r. Strauss knows full well (November 11) J>at a fund 
Ufit fixed costs are easily calcul* manager by f 

aBMnr farms in every member considerable proportion of a is 
JSrJ'SSnSBG and that when equity portotoo. .can. coocentote 
applied to the Commission s more of his attention on in 


As regards the emphasis given 
to the Bacon and Woodrow per- 
formance figures for a sample of 
pension fund portfolios. I wish 
to point out that they arc poor 
evidence for his assertions. The 
performance analysis was de- 
signed to compare portfolios with 
each other and not to compare 
UJL equity performance with a 
notional ASI (All Share Index) 
indexed fund, for which latter 
purpose it has a number of short- 
comings.. One of the more im- 
portant is that the index return 
given makes no allowance for 


Even if tbe British Govern- 
ment allowed the Patriotic Front 
to seize power, the African 
statesmen would still not be 
satisfied until sanctions are 
applied in Sonth Africa. Candid 
and thorough support or the in- 
ternal settlement (lifting sanc- 
tions. financial and military aid) 
would not gravely worsen 
Britain's standing in the Third 
World and Africa. 


Thomas Berehten 
(Vice-Chairman. 

University - of East Anglia 
Conservative Association 1. 
Unirersilii of East Anglin, 
School of European Studies. 
University Plain. 

Noncick, Norfolk. 



UDT— The Ship -has the finance to 
get business expansion and development 
programmes moving. 

For over fifty years UDT has helped 
businessmen to finance their own, and their 
customers! plant machinery and vehicles and 
10 expand their operations and profits. 

UDT offers competitive rates for 


deposits to otlier banks, business 



concerns ar.d the general public. 

T.rDT, through its export finance house 
is a major provider of financial packages 
designed to help Britain's exporters. 

UDT finance can help your business 
lo grow and become more profitable. 

So when vou need finance. 


hail the Ship. 





1 'NTH D IK »MlNl f ».'•> t i;i. k I I.r 11 1 !- P. 

51 Easlcheup, ban Juii HL3i J 5Cl . Id: i'I t>25 ?<0fl 


A fully authorised bask. Britain’s leading independent finance house. 


I 




28 





Duffryn aims to 
£15m 


Financial' Times 

-HT* 


«se- 









-i .V: ••’ '. — VfV X-.-.-VsY’ 


AFTER taking imo acouni ■•uh- 
sts.ntial exchange losses of £22 m 
against £2m. third qusrter profile 
nf Imperial Chemical Industries 
wore down sharply Crum £ I Horn 
tn £S3m ai'.'ins a total far the 
lirsi nine jininths or 1975? of £334 m. 
cum pa rut) with £41 4m in lh«- Mime 
period l.vT year 

Tlie nine month.*- profi' w:i«* 
after depi ct ia l inn «il £ liiUm 
fiili-jm J and escnanuc lus.se* <if 
£2tim again s i mini. 

Ci mu p •ak*’, in the lirsi nine 
m mi ili.-, of IfiTS wore £J:.-!4hr< 
avainjl £::.55!in. The "altii- of -a!i"« 
in the L K increusuii liy £1 l«»i m 
£l.:fthn and in mersesK nusrketa 
hy £iim in i2.n2bii. The f.n b 

•. :<!ae of i: mm. its from the Ui fnr 
the lir-i nine hi'uiili* ni Ift7» i.a- 
£(w l m aiaiiiKi 1’iJ/i-tin. 

The ’roup *uld Hk per cent 
imereti in liuperial Mclal lndu— 
tries Limited in early .November 
TU77. IMl'i result!? are iiH-Itltiid 
in "roup results up in Ocioher 21. 
I!i77. bui ihesr -ales hmc been 
excluded from 1U77 Jin urt--* when 
rnaJ-iii:: Jlu- cmiiparison. '.liiJi 
1!'7 n. 

A mjinl;. -i-.i-un.i! f..ll m *. olun.e 
in tile third t|ii:niei‘ '.nisei a 
reduei ion mi ihe v.-ilm 1 nf urnuii 
‘.lies, inelnrlni!; export* r rum ;he 
I. K. Piviii; * are iieinv dc lire **».-> I 
no! only h> 'he loaur •. nlnme hill 
also Ijy higher (.■mplti'ce '■»?*>- 
e.-j’eeijll;- ::i ihe LK and by i te- 
rn:; raw man-rial *usis. 

11k* ?« continue in ini-r-.i -c 
v here. i* ' or In ih-kv* leiiuiin 
•’ e.ifc. ITi i ihermure. ihe v i , .'il:,;n- 
iir.* oi" i iiv I. >. 'iiilliir filial ■••ji'e 

oih.T cuirencie* du.in-j ihe third 
oiiaria'i noni.ar! m the ln*s 
the cnn.-rMnn nf Ihe I'.el eurveiii 
•••‘•el • ■»! vi - ‘Mb-iiiirn-iv^ 

ini»i sii-rhivj 


Company 

Akroya £ Smlthers 
Allied Lesrher 
Amalgamated Metal 
Anderson Strathclyde 
Bird (Africa) 

Brock house 
Brur.rin% Group 
Capita! & Counties 
Dartmouth Ihts. 
Derritron 
Dun hill (Alfred) 
Dvson i R. A.) 

Ellice Group F'boro. 
Exchange Telegraph 
French Kiar 
Glecscn (M. |.) 

Hincor. (Amos) 


INDEX T9 COMPANY HIGHLIGHTS 

Page Col. Company 


33 

2? 

23 

33 

33 

30 

28 

30 

28 

29 

2S 

29 
28 
33 
28 
28 

30 


House of Fraser 

ici " 

Leigh Interests 


Locker (Thomas) 
National Carbonising 
Pauls & Whites 
Powe'l Duffryn 
Hays Wharf 
Redland 
Rcnold 

P.cthmans IntnL 

Scottish Inv. 

Stocklake 

Sunley (Bernard) 

T-iplex 

Tunnel Hldtjs. 

Wheelers Restaurants 


Page 
28 ’ 
28 
33 
28 

29 

30 
26 
29 ~ 
28 
28 

" 2 ? - 

29 

30 

33 

29 

23 

33 


CoL 
" 1 
1 ‘ 
S 

3 
1 

4 

4 
2 

5 
"7 

3 

6 
3 

_ 6 
6 
7 
6 


kiss seen 
French 


5 Jf ' 


Kier 


IT: 1 1 >i 
nt .'•n 
befu.v : 
in'i*. ••!■*• 

I H-J 

•.•dm.' ■ 
til. • aid 
\fter 


Hulri- 


■ .1 


•Cl., 


Pulil htiair 


: .r- 

Z IS 


!■:%, r. 

t. : *• 


:i.-h-vi '■•>'! 
llri'i. 'll 
ai’rK'i.’J 1 " 

• l: n->- 

ii 1 . «.t :iii.' 

'I h>- •r.i 


!'l 17. 

n> 


mvrrflJ UTittiiiu li.ieksmuiid is 
sluuiiish. 1'iroup turnover hn^ only 
imjcoved .< fr.ietlnn and i« likely 
10 -.hnv. 1 it 1 1 jl :i 7 per cent .ulinnci- 
1 nr :he year Moreover in spilo ol 
■1 •irnnu pi'iTm munce nscr^as in 
Mfnlsl terms, pariicularly in the 
Middle E;'*i ( v. hi eh probably 

: ." ; il l LV biuher niriiu^er chipped in around ilntMl.Uilt)). over- 
1.1 ;.j.i.n*i vd.'.'-ni. pi-mii* turnover has shown little im- 
provement. in the balance .sheet 
net i.!*h stands at £4..'m. ami 
no fpriiUT pnn iddib ( un- 
•ii-clu*eiJl are said hi be nece 1 -'- 
s:.ry un ihe Hmiu Knim iia>-s 
Transit Kail way join l venture, nr 
;be invcstjualiuii b\ Ihe 
.lUihnntic' min the affair-, of 
vV. and C. French 1 Unn.iKU] was 
nlliicuted for thisi. At 714 jp the 
•h.ire« dnnri on a prospective p e 
nf -i.ri. as '*j m ini tile lir^t halt 
trend i« maintained and yield s 
per cent. 


PRE-TAX profits up from 
to XG.fitira arc reported by Powell 
Duffrjn for the half vear ended 
September 30, 197S and resulla 
fnr the year are expected 10 be 
comparable with last vear's record 
£13.01 m. 

The forecast is made despite 
the current background of eco- 
nomic and industrial uncertainty 
which makes it difficult to be con- 
fident oi any significant improve- 
ment in trading conditions in the 
short term, says Mr. Christopher 
Aston, the chairman. 

The first haif proGt is ofier pro- 
viding for a special payment of 
i I S3. 000 for the improvement of 
pension benefits. 

The interim dividend is 8.Up pur 
share, compared with 3.3p— last 
year's total was lOp. 

In a Generally unfavourable 
trading climate, certain gruup 
activities suffered grov. ins pres- 
sure on profit margins, particu- 
larly the engineering division. 

The conlmued depression in the 
construction mark el persisted 
both in the liK and elsev here in 
Europe, with no real of 

recovery yet evident. How ever. 

the result*; of the shippinc 
division are reassuring when 
seen ag:unst recent world trends. 

The capital expenditure pro- 
•jramme embarked upon Iasi year 
Ls continuing, includin'.' further 
uivL’^tinenl in chemical storage 
terminals' overseas, particularly 
in New York and Sidney. 

Following the disposal in .lune 
uf the Beatwaste and industrial 
services activities, the pollution 
control operations retained by the 
group have been combined with 
building services 
form a single 
servires division. 




cum pa red 

profits tor ir.c v.t 
ber -2b. ISJJ*. 

advance nt *** bccn mai!e - for are uncHai^grat 

" UuUUng'. 


to Octo- ro £K)0,000, reCUrciat ; te 
a ,£2.SSm £ 11.41m. . A ',1 

Stated - 


I d o nr'i't "fa t^o'i Sf 3 frwi»ld" and Ions ?hare* - 

I ESESEm*** .with 

' • SSAP 1-. Thw resulted- in -a. • - . SCO - • . 


i»r"F-t 


Tnrno* •.“■ 

‘ L,;..;. v\T 
Leaving 
Tradint: 

’ tbr pro Cl Ali -'''' 

Lt^vlny 

tnicrr-i 

D?prc:iJii“’' 1,n 
Ooeradiu 
'Slurs cf J-.'ff- 

Pnips. ‘ilt C>’-- 

Prom before ia* 

Tjx - ‘ 

Png s*i' 1 ::I " 

Prri. Jiviitiiu' 

XtmiiBiaSb 

■ Kx.; , .u'L.r.; uno^r-W’* 


l.l.wedrs. 

: '-.srwMiWs; 



. STS 

■ . t9iT : 



:3S7Z7& 


ff'M : 

. ■ £000 



* 

Wi.S»* - 




■mat 


n.ei? 

S.S1S- 

: -saijsr 1 


■SRje 

* 

134.PW 

‘ iim6‘ ' 

.'-tiruOT' 

' a r: 

-/3&5S6 ( 

v 

jfcK ' 

8.471-: 

■s.OTr. 



i.W>5 

1.531 ;. 


'."-4.-5SC.rA' 

‘^7jU9». 1 

- 

S.W. 

■. - -T.9S5 ' 


m . 


r!w 

•; 


* r *ai\ 



HA“ 

■ H-rit.'. 

aLlH ". 




LB77 

3,57 

i. 


6,70 


•V 

,BJ|li:b->:SaB*V 


Suriit'b jn'ule.bf^ AR^erLes iniumEsbaeBli.--"' ' 


~- f !£ ' 





changes ax 


conir;>cting to 
cm iron menial 


•*«- 

.VffKuikU 

Mr. Christopher Aston, chairman of Powell Duffryn. wltb-'a 
model of the Melbourne installation of P. D. Oil and Chemical- 
Storage. Powell Duffryn bas installations for oil and chemical 
storage in the UK and chemical storage in Australia, ILS-, 

South Africa. Spain and France 



compared with £3.04m. . ; is the ^-y»W^ r y«tboirt:70 

The directors --ay ■ that ‘ the increase in:;dlvidetJd; i 
result? show a con limied jack waft: 


■. «>l French Ki*. 

per c*;nl fr«iiil — 7.">'.n 
ns 'hi !ir*t h'lif <<f 1U7S. 

i - -7 year w 0 * 5ft,T pro- 
:'i fnr a vnie down in 
• 1 .' r'c'.elopmciil fand 
.■ r*. , e.:-l me fi hi no that 
•■■■ 1 ’ii-. fnr :h«* ; i-jr »• efc 
■•• Me jini if* 1 h,:n Mint 
!.-■! •-■■y. \lr -I f. S 

I'haii t 11 . 1 i’ no'- *«;••, hv 

■ th:-i 1 ho j ear * profit 
:i run-imi'-.le incren*v 
‘.‘MMivi tif 11*77. 

• run Mi-, idcr.d i-' raced 


Tuniuv.r 

Sie^i.JUirv * acMii^ 
I Wj'„'inl> a > >biirt . . 
TrjJiiu proms . . 
im.Tvsi 

Preth before m . 

Ta-. 

‘■■■i <iruiu . . 
Minun:i<-* 

l^irimr-linm 1 i--m « 
■."lributjhk: . . 

[T- l., r^jki; div. 

1 rnliiur-' Jit 


Ifwli-y.-ar 

w; 

l-'-i »NI 
1?" •■*! !7J.4"J 


5JM 

1 


• ."Til 
■. '*S . 
I.SO 

1 U’ 
.u;; 

;n 

u 


Redland expands 19 . 7 % 
to £ 21 . 7 m at six months 


lack nf ufuiL 

buoyancy in r'he world econoniy. 
Improvement ha.* come from.;, 
oversea/ companies rt?ilecung the. 
beneni? 
lion in In 




from reorgan fs«- 
and 



— ■ — ; a*-. i WlL 1 - ' .* ■■ ■ ■ 

"* “ ii 7 e”- , • ' 

•3 “V " . 

-L • 




■H 


1 *Tn 


’.;• ■■ .i 


•- .' •••f; :n 


■ B i*i .■ ' nrp-vii .n:*;«'iini.iTu 

:> :•'!•'. :1.< ; m:i ! oi -iddiUMii;<l 
deurei'CilKHi. tusi of *;.lc* iwljusl- 
mcni .■•mi ■'i‘>i*inn of I he v.-lih? nt 
:rad>. tlebinr* te*- erednoi- •■. n'liil 
ha»c reduced *.*niu(i ft rc-inf 
ho for? i fn,- Mk lir-i nine 

month* "f li!7s by Eli'Hm. i-or.i- 
p^r?tl '■ iib reduciinn- nf JlWm 
fnr the fir.*f inn.- mmUlv- of J'i77 
and £231 ni /nr ihe full year. 

If SSAP13 had been :>pphed fnr 
the !ir>i nine mopihs of IH7A. it 
i.- c^tiiuaLcii then ilu. lax ch,ir 
’•ohM Have been Cffim lover com- 
pared villi about EHIijii luvcr for 
ihe lull year 11*77 

The trt.cling rcsuli- fur if*7:* wi!i 
be announced on Fehruary 
IMTTi. 


friun 11.7=, ■ io uSJ3p :inil r lie Mircc- 
;o.-* !■■ 1 1 . , *. , i m recommend ihe 
ma\inu:ii’. pcrmilied final — la.*; 
;.c.ii - Mm i ::al pj.vinenl mi.* Ip 
F.;.eh -if Tic four m un .ip-rning 
«fr j*ioP- ••-* priifitalilc. Mv cli.'iu- 
m: n re > iViihin .1 -hgiilly 

Tjyregnic. lurni.vvr Tor 
Kiin»:v*..n and oiei'-ea* r<'n*tim- 
in,n ejtii *ii.»v ed a 1 ; per v»ns n*e 
•• liile an jiu-reuM' in prndnrr* and 
-cr- ice- "ff'Cf a n.-duciion in pro- 
jigriy <!■■.■• loj-.mi-nr and inw'l- 
111 t-r.; 


Thomas 

Locker 


o comment 


to lmorove 

j& 

M.M'vLY re.ullirg from lower 
r/lyn* frnm o; cr.*e:i* uperalinn*. 
ii-.-iy.\ pmfiis of Tfionms l.ocker 
fi(idiiings) were down from 
it. tin 10 £1. ui, m in ilu* *i:. monili* 


French liltr look* tn ha* 0 done 
•a ell enough to lift gyuun i: \yijli- 
prmits .. fifth m Us cur mi fir-M 

half >e.« r Bui the comparable ' n(l (l e i»‘».nsber -•». U.s. 
ligurv- did include a -me dnv n H-’wv . ct current order hoc»l.< of 
for develouaiciU fand. Addins l hfti ‘he group— screening and Ultra- 
back leaie* the group performance i'**n engineer— ^how an impro« e- 
lonkuig imm -piring-. and the men; over ihe .*ime period fo*r 

■•ear and M i* r\ pec led Mini ? econ-.l 


THE 

COMPANY 

Statement bv the Chairman 


mfe During the pa>t year life net a?>et -a!ue m* 

>nui «om pun.' ha* appi eciaicd by 45.h> u-r cent. 1 hi 


Raymond Bsrry 

ullie pit viia re f 


coniparc with ibe lolfie.’ in-,: tnovemeni‘ in Stock Exi-huiig. 
indices r>f 1 ho L-utintric< in wnicu the fund.* were mainly 
invested: UK tKinaneial Times Indu/imh -u4> per 
e».*nl: USA (U«iw-.lnncs Industrial 1 -1.73 per vent, .lapan 
t Tuk} o .Sfi/cT Exchange/ -f ill pi.f e ni. 


•&The future /rulluok in the main areas of inw-liuenl Varies 
greatly. In Ihr United Kingdom, the dela;. «n ihe genera 1 


election gives promise .if j period of increasing uncertainty 
during which ihe slock market will haic 10 lake account 
of a probable rise m the rale of inflation. Mihstantiul wage 
demands From ihe unions and a govern men? which is in 
a greatly weakened pnsiij.m. A-atnsi ilu*- iuckgrutiml ii 
!*■ therefore unlikely that your Board will ■.•(insider a 
substantial increase of investment in dum-stic markets. 
In 1 ho L'SA Lite outlook 1 .* almost equal!.' uncertain, with 
rising inllauon. rising interest rales mid □ falling dollar; 
therefore although the potential for uPiinale recovery i.s 
very great, ii U"es not seem lhal the lunuediate prospects 
are such a.* would encourag** rhe comhuimeni «.»T a major 
percentage of ihe purtlulin in ihe US market. 


The economies and slock markets of tne Far Fa*i oiler 
a in 01 e slahL- and safer investment piviure than those r ‘f 


any Western countries. Aitluuigh .the market in Japan 
15 at historically high_lev**ls. the eennm,iy iy slid emerging 
from 3 deep doin-i'Slic recession, with |>rufi:.c likely 10 rise 
atrongiy over ihe neM two year*. Inllation is running at a 
negligible level, and ihe conferva live monetary policies 
followed by Ihe Japan esc aii'.hnriiies i.vcr the past few 
years should «:nsur«- that real growl h in ihe Japanese 
economy can take place without a significant resurgence »u 

indation. The ■’■luity mclket is therefore soundly based. 
The uiarl.els of Hie sc-called client •-.-nn>>mie< of Japan 
in the Sidith East Asian Vjassn also present an attractive 
■nvesHiicni prospect at the present Jim,'. They stand to 
■icnetir fmin ihf' revival nt activity in -Japan. 

Your Board 15 ivcom mending ihe payment oT a 
dividend of 4.25 per cent, a.* igamsl the dividend 
of '4.5 ocr cent, paid m the prvviou* year. This 
will si ill leave a *ati>tactni \ increase in the 
earry-IorwunJ. 



A G.T. Group Managed Trust 


half ;irn;ti** will t-xeccd the protii 
for the lir/l six munihs 


Th- interim ,1 i virlc-nti is m;,iu- 
;..inrd at u J4U73|> and there i.* :*n 
, 1 , Id 1 1 lull.' I jm >mpni nf n.fl73p in 
re**j.vl oT IU77-7S. _The t"t.il f"r 
that year was n.siv.i73p from pro- 

la - : pmliis of £ 3 nn.nn» 


© comment 

I'owell Duffryn's modcM fi per 
cent interim profits alliance argu- 
jilily confirms the stock markers 
relatively low rating of this widely 
.«>irvad j/roup. On ihe irading 
front the result* pariicub.rly 
reflect luugh world’.-. n'» condi- 
iioiH fnr consinicrion euuipmenl 
m-miraciurcn*: the important 

engineering division's euutrioii- 
lion, for instance, i.* a .*ludc lower 
while margins here are - per cent 
flow n. Hyraac is enc*uncen::g 
increasingly stiff viii petition 
orer<eas and the hydraulics com- 
pany has been hit by Msissvy- 
Ferguson's problem*-. The b : g 
black spot, however. :* enuron- 
mcnial services where So:eec was 
again dragged down by :r.c 
depressed French buitdm: ?ec*or 
and where Corral is stiff losing 
money. Elsewhere tliv •hippi'tg 
Mde has done well th -nks 10 it» 
•uecialf.'t niche in the iar:»er 
market and. together '• :*!t oil :»nd 
chemical storage and engi."**er*nv. 
:hi* ;« an area where ‘h- <■— -ty^ny 
/.*• banking on future grnv.h. The 
long- term cmphasL*. meanwhile, is 
Jikelv 10 be oversea/. At IS-tp an ! 
raking a line throuili the interim 
irx ch;Tg«' the share*, are on a 
prn*wecli\T p e of 4.7 and ,1 yield 
of u.2. 


ASSISTED BY u '34.!? per cent pro- 
fits rise to £!f.73m from its UK 
subsidiaries. R vetbmd. supplier ui 
materials anti -ervict-s to the cor.- 
etrucuoD industry, expanded pre- 
tax /iirplus Hi.7 per cent from/ 
£IS.12m to £21.liftm for the 2i*« 
weeks to September 24. li»7S. 

Share of profit* oT overs eas 
associates increased 2H.3 per cent 
to £5.3m. but the contribution 
from overseas subsidiaries 1 *as 
up only S.5 per cent to SB.84ni. 

Turnover for the year rose 12.9 


non m lv- These and oUier'..^ 
operating economies continue but. 1 
She level of world eeonomir' -1 
aciiviiy does not seem .likely * 
lead to any major improvement j~ 
jn the second half. For the last -1 

full year, profits totalled £t03» ni. -.1 ^ . . ^ . 

and property amounted to £0.12tn F| ^ t j, a | f earninss oer £1 tjltare ' 

art- -shown at 7J2p 1 7.7 pj . ‘ ' . Tho , buifdipg ^(ftrision^nd . • ... 
rhe ne; uilerlni dividend is- -lifted continuing tlrel'rectnrtij aiiaa^ia 
from -«i> to 2Tp. in atUUtlon - C He . second 
there i« -i O.Id-tfip payment. .in Elliott; Grimp of~ Vettsrh^tsi&m 
-pent ct of 1977/7S. This brings. achieved^titrsirijun^'fri^aOafeiiKB 
last ve-*r * total to 9.5446p. . .. a f- £248,008 io-A ^ 

Vcd (ia!: £40 j ,060 ^ 


1 ro.csrn j . 


See Lex. 


/ 


Rrunning 

margins 

thinner 


.191* 


... in 

V& . September 30t, M^S^.-lDir^yertdr . 


U ' 


y*i . -n„i <j|.’S 

DuDno/*: 4 '--'-- .. 

Tradliw rftolti 

L’K 

/>, . rs -ai .. 

TL'R.\OY"EB of the Brunnins u. 

- - before is* 


r/w . MM the iwriod 'was.Mittie -^iahg^'-at 




In September, tin* director* 
said ihat the current year showed 
increasing promise as it aere- 


cu.eos 

g,«3 

n.ygu 

' n.wi 

g.954 
1.744 
5, tits' 
3 .JF'I 

i-.ru 

.* 

n 

ZS9d 


£S.6m. 


£0.7135. 

i£.' a ■ After a Japse, riofjj Qfle jtea^ 
4.os» interior divfdencte 
2,99s.- vritfra payment bT D25pt5Wfl; -the 
same amount as kast y^^^finsl: 


• wtedi was paia.^Khen-;? 


1.15.- 


ner con* 10 £J44.Jf*m. split as to. 

““ l f“« 7 ?JJ|, m ov5f- 5 .Vj 1 7' Group>«v M per cent to £13J!lm j*J» 

ports froni" the CT\ tolled -isirn i» % ««lrt.*C WBnj»r , 

profits fefi 4.B per cent from ptc(. ■ ■ ■ 

£424.543 to £4<H.75S. Aiirri.uuijk - •• 

, , , However, current budget fore- -x 

loped, pan, cuurly ic the IK and C35t .- indicate that the year's © COmmeiTi 

pontinc-niaf Europe fo. lowing an pro a t should be maintained at oversea g ReuoltTs half time profits eiUott Group ^Petefihh fo ijgk a t 

T ' ;r ''ear's £S14.B72. the directors arc uo bv 03 p er cent. Though ihe cenue o f several ^ity .utoms 

demand is at a low ebb and com- nearly a year agOi W«nh:to^r <ra 
be- fierw,- -some ‘sort of. recbfeexs-Tpatb- Shdfe 


-'^4 loss’ was reported-- .-The. KSst of 
.i.tfe? the interim is CSJfflft • 

?■«•■■ Tax (dr-i(K*-'^-'-' : ®t»ihs^Wyc. : - 
..:!j £2Y1,(W0 • : "i nil) iiltf v . ; 

(£249.000- tieflrtt),- TO/ttrttjfSKt, • 

© comment -^ ‘y ^ '■?• 


f-.., 


adwr-e w later: they were hope- 
fuJ lh:/i the group w-ou?d at :ea»t 
be able 10 mainUiin rite v orji- 
h=Ic advances already achieieci. 

For the year ro March 25. 197S. 
both pre-tax profits and saie.« 


;st 
sajv 

Tne 

up from 


interim dividend is stepned ..v ‘ ,-ontuiucj to 

6 0-s 4? ?«5 lhe overseas siJc reflects Kenolds • 

?£ nSSrd r B ? ! U3S- ^ SVo# ;^^ P „eM S fo°r r 

^ ™ - sa s T&2SS3&3S&-Z 

— trading remains depressed. Profits The. gnrap^ hdwfzSuhstotuatff n- ■ 

are per - cent lower compared.- organised-'- '•'Sliced- 
with a 2 per cent decline in the traumas, has sensIWy-re! 


J :or t. 


After ,i half-yearly tax charge 


nf £7.*nn i£6.7rai and ni'norities 


TA.P ISSUE 


Gleeson falls to £740,000 


of ifl.TPnsi. c-.lrlbg table 

nnUils rose 26.2 per cent to 
£12. :5m. 

Earn inv.* per 2.5 .i share .i-e 
.*hown as l2.7fip f ifi.iSjJj and Lite 
inierini dridend i** stepped up 
from 2.094o to 
1977-7S. payments 

Deprecis i ion charge 

period took 17.2m i £fi.65m> and ihe stock 
iuterea* payable. £t.42ra i£l.41nu. allotted 
Froflts from sales of surplus land public uemg aliened in full. 


The Bank of England Wounc-is Previous ^'nionths. Thiaacrtilcra- cuwent^^oir 


t N,V '1% of « the. rate. b£. decline «n and pipfitable^edal^tt^. 

• : rie i«?e* if >7lS? 5 1 5- pe, l»rlly be explained by the, and. 

cent Exdieouer* Stock. 1HS4. Sid * C^Mtryj three ‘ weeks. 


I'RO FITS of .31. J. Glwnn (fun- 
iractnrsf were almii«i h»h rd :n 
rhe year ended June 3l» 1»7S due 
oi substantial civil engineering 
losses. 

Pre-tax pmlii* slumped from 
4.1m to £74::.UIMI on turnnv.T 
■ In-.iii from £34in lo £52nt. Taxation 
takes £3SO.0illl IE7H4.00U) 

The directors -?ay ihe civil 
engineering losses were due lo 
problems over motorway contracts 
and if these can ho resolved the 
group's setback may well prove to 
be temporary. 

The u".lier divisions, particularly 
estate development, performed 
well, hut i I k- bank interest fivure 
included in orollis is down from 
£ 1.02m ;n £2 39.000 
The final dividend is ilu* maxi- 
mum permitted 1.3037. making a 
lolal of 2.05 lift <l.S4pl. 

A D-’.JOni surplus from v.iluaiinn 
nf the group's completed proper- 
lies at June 30. 1H7S lias been 
added to reserve* 

Earnings per I0f> share are 
:how n as S.Kip (H.rtUpi. 


a mtal of 1.23p. The previous 
total was 0J*12>Cn. paid from pre- 
in:: profits of £."ii»3.00n. 

Since September the group has 
been affected seriously by a 
lengthy industrial dispute in the 
Scottish subsidiary, and in one of 
the supplying companies, ihe 
board states. 

Furthermore, in view of the 
state of the British motor industry, 
it has been decided to sc»-or the 
relationship with one of the 
group's major dim:': 

The full cost of this break and 
reorganisation will be born** fn the 
second half and the director* 
caution shareholders' expectations 
regarding the .year-end achieve- 
ment. 


DIVIDENDS ANNOUNCED 


Wheeler's Rstrants. 
Akniyd and Smitiiers ... 

Allied Leather ini. 

Anderson Strathclyde mi. 
Anglo American Corp. ... 

Rrnckhmise ..... 

Brunning mu 

Oiphal and Counties in.t. 


Current 

payment 

: nt. 1.55 
... 11.73 

1.51 
1 

U ,r 


ack* offered have bsen Stepping up competition- .in, 
all apri’ications From the UK- and Rendld can see- no sign only adneveu Slton m 
: — ■ -- -- ■• of an upturn yet. The upward ^roup ovedraftofiAm, c<Hup*ffd_. . 

move ir. the interest charge has with n stock market vatae oa me 
not helped and though the £3.Sra .xroup '^f £2;5m. 'ha^ Jjee^ ccw- , 
cash from the side- uf Reno^d's tained. but interest rates are, not ... 
stake in Fenner last August will working' to the gro^P'sfevoy aid 
make more imnact- on the second could trim feck recovery lB 'JS* 1 
half the recent rise -In' rates will seethtd half. At I»p the -share* 
offset this benefit to some'ekiepj.' yieW 4 per cetit ; Msumine art 
Overall profits this yeai* will prob- tmehsmged fin^mvWena, ... 



Date Lorre- 
Of 'ponding 
payment div. 


Total 

for 

year 


_.-o 


1.31 

n.7 


Jar,. 22 
F-’b. 2 
Dec. 11 
Feu. 5 
Jan. 12 
Feb. 16 
Jail. 12 
Jan. 2 


I. 41* 

II. 75 
1J!« 
0S-T> 
S^3 
2 02 
1.43 
0.5 


lfi.75 


4.1)3 


Dartmouth 
Invest, warns 
on second half 


Dunhill’s 
increase 
to £ 5 .I 9 m 


From turnover of f3.75m against 
r:; 35m. profits of Dnrtmourii ln- 
vcstnicols were down slightly from 
ri7S,000 to £175.000 in the six 
months to September 30. HITS, 
before ta:: of £40,000 compared 
with £9::.0iiy. 

As expected, the interim divi- 
dend is O.fip on capital increased 
by last July's rights issue and ihe 
directors confirm their intention 
of paying a final of 0.fi5p lo make 


i i;V TtTLVOYER up I rum iL'r.JIL'm 
in £29. 97m Alfred Duuhill in- 
creased pre-tax profits from 
£4. tira to 13.19m i n th*. half year 
to September 30. 197'.'- 

The interim dividend Ls raised 
from 2.1162 p net lo 4p to reduce 
disparity, but Uie Bo 2 rd sirerses 
that th> does not mean it will 
be possible to increase the lolal 
ordinary dividends for the year 
by more than the permtted 10 
per cent. Last year’s total was 
R.Slp net. 

Tax takes 12.8 m. against £2.44 m, 
and attributable profit goes up 
from £2.07m to £2 .24m. 


Chesterfield Props. ... 

.iriL 

2 , F 

Dec. 29 

1.73 

— 

Drirtmonlb Invest. 

.lilt. 

'».6v 

-Ian. 5 

0.41 

— 

Derr i Iron 

.ini. 

0.53 

Feb. I 

0.5 

— 

Alfred Dunfalll 

.ini. 

4" f 

Jan. 12 

2.6JI2 

— 

R. A. Dvson 

.ini. 

Nil 

— 

0.78 

— 

F.Oiott Peterborough 

int. 

053 

-Ian. 23 

Nil 

— 

Exiel 

• inL 

2.H2 

Jan. 4 

Iff 

— 

M, J. Glee«nn 

. . . ... 

1.3 

Feb. 1 

1.16 

2.03 

Hsv's IV barf 

... .. 

3.rfl 

-fan. 20 

3.53 

5.53 

Hellenic and Gen. .. 

.inL 

2.33 

— 

Nil 

— 

Amos Hinton 

im. 

1.6 

Jan. 16 

1.44 

— 

l'Tenrb Kier 

.int. 

0.s3 

Dec 29 

0.7j 

— 

Lrigh Interests 

.int. 

IAS 

— 

1.3 

— 

Thos. Locker 

.int. 

0214 

Jan. 2 

0.24 

— 

Pauls and Whites 

.int. 

1.75 

.fan. 10 

1.5 

— 

Powell Duffryn 

.inL 

!> 

Jan. 12 

3.3 

— 





2.09 

— 

Rennld 

.int. 

2.7 

Jan. 31 

2.6 

— 

Rolbmans Inti 

..int. 

(13 

Jan. 25 

073 

— 

Scottish Inv. Tsl 


l.:» 

Fab. 6 

1.60 

3 

Stocklake 


2 12 

Use 21 

J 82 

2.S7 

Tunnel Hoidin-.s 

.ini. 

•1 

Jan. 2ft 

3 33 

— 

Trin’ex Foundries 

.int. 

1.7P 

Jan. 27 

1.57 

— 

J. O. Walker 

.int. 

1 

Jan. 2 

turn 

— 


Total 

last 

year 

4.25' 
16.75 
3 S 

SW“- 

20.23 

362 

3.8 

J.7 

4.W3 

0.S1 

0 72 

ssi.; 

2.1 

055 


iH©l 


THE PROSPECTS for TunaeT The s-oup’s 60' per'ceht -interest 
Ho icing'; ,-ire promisiiTg. say theVhi Compo-CeWi, ybicn-inak^glass 
directors. At the halfway stage rc-inforced cement sheeting p ry- 
to -September 24. 1»7S. the group ducts-, has been aold to -PSDchigtoo 
pushed up pre-tax profits from .Bros. . . • • _ . v- 

£5.9Sm to £3.54 m on turnover • bmee the end - of the half year 
ahead from £20.34m to £S3.82m: the outstanding debenture Stock 
’■ . . ‘ . ...... . has been repaid, giving an excep; 

_ But the directors udd that in ^al credit of about £3,45,000. 
the short term Lhe Improving tTh g fin ^j. stage 0 f the . conjpen- 
<h)A48 profit trend wnir be affected by Ht | 0ir - agreement following 
1 M lhe increased gas price .until <^ . na tionaljsalion of Sudan Portland 
4.95 . conversion is completed at the rpmnt , nt ^ ias bewu.com-. 
-Nil Piw to no plant. - • ■' pie ted - - 'and will provide about 

2.Sfci Two major kilns are bemg coti- ^gs^uoo extraordinary benefit- ; 
1.73 veered -to coal firing but the three ■ Tfie imerun dividend is raised 

and there ts 
additional dividend of 

10 uneconomic. This will involve lax c h a n ges . year dividends 

4 --- redundancies. totalled lO.ttTp net oh profits of 

I! ’9.34 .The associates results were £o. 5 ra . : -f - 
2.0(1 mainly affected by difficult sales ’■ ‘ . 

2.36 conditions within Cyprus Asbestos 

2 37 Mines, but these are improving. Turnover * 

ll.Wii Foither progress a: Rihblesdale. iX woq uUua — ;r,... • 

4 6-S UT< remcnc manufacturer, were Tratbng . aroiu - - 

3.31 temporarily impeded by • a- .1^;. itki^'ZXZ- 

Dividends shown pence per share net except where otherwise stated, dueboir failure. . uu-ri-st ^ 

Equivalent after allowing fur scrip is'ue. t On capital Da the waste mao augment -aide, 




■ Of 


^•ofi 


— 3.113 oldest and smallest kilns .will he fr0m S^p to 4p 

— 0 ir- closed down at the end of April ^ an addftiom 

— 4 33rt. 1B«9 because conversion < >s. o.lloop for '-1977-78 


■n 


St weeks 





^ HVJV - 





i5U'**5_<-5=rSr->. 


\ ; ?Knili-Fria^'. November-24 . 1978 



Post acquisition 



INCLUDING I74llm post- Hollimans of Pall Mall Canada 
aoqui.sitlriD profii-, of Rothmans of reported an increase of* K i per 
Pal) Mall Canada, pre-las profits cent m cmv-oliciatcd earning ro- 
ot Kntbmans International finding a- i0.7 per cunt increa.sc 


- A PRE-TAX loss o£ £ 80.000 was . . 

: - ; «iBSS , VSF£S“5E? , S mm - meetings .. _ . . . , 

^rtjSbteniber 30 ' 1 B 7 B. Last- tbne the Tha faflimciiu; compart** have utilised improved £fl. 04 ni lu 144 . 03 m in the from its share ot carmrus from 
•. cafttn m made a. ore-tar o r oti c of- Bwtfmertliuts to the Siods MX months In September 30 , 1078 . eonliniiuig brewing opera jo os nut 

.'«*WfrOOO T^norer -Was un from g«* MiKc.. meed ww '•» .«?> The net interim dividend is slmhlly lower earning from 

™ tapjBnsssesrs. “*“• . 

-. ' Mr. Michael Gaze. Chairman, able as « wiwitetr divWMias are inierin,-. B ordinary share - Last years lfC _ 

- rtulgCx h is » twrind - nf eonsnlida. «r finds and tb* ;huuo total paymonl was 2 . 0566 p from r .„ 

ixhnr .re bated, maids en la* rear's profits of jSO.fim. Turne r- ... .!.«&.» 

“"“““I*- - V The results of Rothmans of Tall tEES* pm* . ar* 

™“f H? e ^-orprdsaUon too** Mali Canada included arc Tor the »«* <* amu-n-t 

of tradin„ action ties has been com— nmri ai a nsh>-.-<«wyi, Arthur ii<-W<-n. period from June 20 1978 ibe IT 1 - J 1 g nv hands 

P,e ^,^?n^r o e , R ^ P J ^ e RSTO ■■“' " 0bmiOn SESW dote Trom Vhich' }he “* . 

: ; ^:^^r^ni 5 ing dlv'S 2 n made «■**-*»«' U*. .- relevant interests were acquired, over- as m. 

small - loss, hut tie domestic- . . futuoe dates 

®.ofarket share has risen slightly stri-^S-T^ cadalmlnfi _. 

Ht'W s P ,le ' af a a : P*r cent, turn- Tccatnnii - 


Y.-tr 
IK 7-7*. 
tin Im 
SB.Ul 1.4 Off 23 
oT..V, 


Tax takes £tt'i.QiK» (£J6B.ooni 
and after en-'iit-n-,- £ltii!.SH:i 
(£5.2021 ncl pr.iiu on u’Apoxitl nf 
properties, the ^raup surplus 
shovi an advance from £179,778 
to £398.90*. 

The interim On idem] ii pushed 
up 10 l.a07op i l.:5S!2ipj per 23n 
share. Toi.il for !f77 WX, 3.7'ljp 
and holders ha-.i- since received a 
scrip issue in preference. 


j.»i 


turn in thn m.irln<t 


44.03 

2.4i 
17 Ai 

The net profit from this source Pruhi utter us ... t'.rz 
was £2.:cim after lax and minority **”**'* hv ‘ ' ,-iJ 
*•>' -l interests, on a turnover nr 

Wov. 28 £XUQ 29 m ' *lnd«wl«-J [Ob arm duil.-i 


and all oih-rr 


End Pmdu..i 
I JXVS BlllTl 



able period last' year by a satis- 
factory margin. In particular. 

. srrong growth continued in the 

[■■W-cnst performances have helped to ping out the proffls from the sale UK. France and Australia. A 


^Operations more effective. 

. Improved plant yield, ran: and 


unly null-el ih.< rJL.u£iHrt 
but-liKss ir.insji r.-4. 

See Lex 


lift 


1 1 *" Offset adverse factors, and' a new of its Sanger Oil (Canada) shares, steady recovery was made in West 
market in Venezuela has enabled there was a *227.008 loss com- Germany anrl while industry .sales 
"The division to produce on a more pared with a £22,000 profit a year in the Benelux market--: declined 
balanced basis. ago. A small positive figure is overall, the group increased its - 

* : i-:.K The engineering division made likely for the full year but no market share and enhanced its 
s !> « loss. NCC Engineers and AOT decision will be .made on dm- position, 
i - constructors have been merged dends until well Into The Exports from the UK and other 

’■ lltap giving a more streamlined man^ balance sheer « in good shape European sources again showed 
asement while retalninxf aU w,th borrowings of around £2m further lmprovcmem. 

'■Jjc production facilities auarast shareholders' funds of Despite volume increases mar- 

!• ■ . j . . 7* . £71m. So there is -Some potential gins were under pressure in cer- 

AOT t Jowmelers^ sales force for expansion. The share price tain areas particularly in West 


Allied Leather 
improves in 
first half 

Increased turnover and proSr*. 
and a boost from property riis- 

. — — r . . . . , - posols are reported by Allied 

substantially was around 4fip yesterday but. Germany following an Increase in Leather Industries for the half 



decline 
at Triplex 

A PROFITS drnij in ihe foundries 
division leH Triplex Foundries 
Group slight ly down in Ihe first 
half to Septemn*.-r UO. Group 
pre-tax profiis were £ 1 . 02 m. 
again«t £i.Win. on turnover up 
Trom £ 152 'Jm to ilT.Wni. 

Prefits of the foundry division 
fell trom £ 797.090 to £ 5 ) 3.271 on 
l urn over ahead from £ 10 . 4 m to 
£10 71 m. The engineering and in- 
rJui=lrial scr.ive.s division, which 
have been regrouped, increased 
profits. 

The interim dividend is 1 . 7 Gp 
net fl. 575 p) rcprcsi.-nlins a in per 
cent Increase and the effect oT the 
tax rate change. 

Last year the croup paid a total 


For the period under review . ment income. 




But . the commercial vehicle edged upwards, 
division pushed up turnover from 
£5. 4m to £82rn and trading profit 
urn? 96 per cent .higher; says Mr. 

(^aec: This was achieved in a 
market where there was con- 
siderable oversea pact tj'. 

E. W. Harmon : Engineers has FOLLOWING VIRTUALLY hold proporiips held for invest- — the total lasr year was 0.727p 

’J - obtamed a Colt car franchise in doubled midway profits or ment including land held for from pre-tax profits of £fi44.00u. 

•J .. the dlvl3,on ** first venture into £22m against £L12m. the redevetopmem in Tooley Street 

... the car market. Proprietors of Hay's Wharf ended were professionally rallied on 

i’ Canuck Fell Mining Company the year to September SO, I97S August 31, 1!)7R at nn.fi lm and I? A Tjvcnn 

r*i'Jws acquired a 5125 per cent state with pre-tax surplus ahead from showed a surplus of ifi.TSm over L'J 'v 

3 J' oin t project to mine £2.03m to a peak iiitg figures, 

j tenssten ore. over 

' i: The group disposed of its hoTd- At 

ti**® " "iff : Hanser OH (Canada) every opportunity was being Other properties occupied for Incc 

^jKoStaknut a profit erf £137,000. It re- taken to exploit growth in trad- the purpose of the trading aclivi- *'S.-sr%j , swv/ avjolj 

"iff- tains 3200,000’ shares in London * n K potential which was becoming ties or the group have not been A PRE-TAX lo'is of £143,604 was 

jt", -and Scottish Marine Oil Company, increasingly apparent in some revalued. made by R. A. Dyson and Cu. 

divisions, and to realise property in the tim hatr io September 3«. 

IP 7K. tunc the company 

made' pre-tax profits of £71«.ill)7. 
Turnover was down from £ 1.47m 
to IK.SK.ii7. 

There is no inicrim dividend 
1 0.77 88 p nett. 

The directors say that although 
the sales volume at the start of 
Pruilts before tax ot Derritron the second half was still un- 


Hay’s Wharf hits peak £4.55m 


un pitr*i4.v aui|iiuh oiicuu ituui Miuwcu j surplus (i[ io./nin gvi'r — — — ^ ^ 

2.03m to a peak £4.55m. Turn- I'lTG figures. This surplus has rlmrane a. „ 

ver rose some £7.5m to £34.S2m. been transferred direct to group Sill III Bid lli 

At halfway, the directors said reserves. * ^ xaa , 


£2.82 m. 

H.ilf rear 
ISTT 

ii.fi jW.irt 

Tu-nonr 

JT.I..-5 

15.^ 

F.iiir.drl-s 

in.T'.iq 


FiisMiei-rinr' 


2 7*6 

induttrUl f-rn-ii-'- 

J.f.cj 

d^-io 

Pr-o-U* profU 

1.023 

I.SSS 

l : TOldrll!S 

Vi j 

717 

C-i .-inrf nn-- 

V’-- 

1:4 

lndiair-.il vr » • 

■J-iv 

Lit 

IV-prwi.il ion <> n 6ui:J::w\ 

l.'i 

UI 

Tit; ... 

i.'l 

4.'4i 

v--| prnffl .. 


597: 

Cuiid-nd* - - - 

?- »i 

117 

R,-t -lined . 

•14- 

W 


■* i 7 oinr> 9 m' K h.-' h-— n r«*»roiip** 1 . 

t ncpr^elat loi- pn»i‘i.<l on I rev hold build- 
him bsst-d on r-f ■i-.-xiMal uiluanon at 
riLV'-mbnr 21 . 1 *P., V ;’i :i('dllions 
..i ,mu. : Charm- lor Corporation Tax. 
baki-il on SS.VPii. 


□att-sva 



W7S 

1977 


£000 

£BW 

7---"TnnioTer 

17.177 


.. - np . . Copumrclal vehjciot . . 

K.2A5 




'EBilrropr Ing 

1,974 

2.110 

. L-. Pwtnil inut-rt liiwlrwj. 


sin 

.MtftOg&iJtnK profit n&sai ... . 
™ -Profjl sharr- salei 

•TS 

7137 


- •: \ mvfi'n pasabfr 

If* 

71.7 

Prom (Ion) before fa* . . 


22 

^Tjuc re!1rf ipiiirablei 

77 

rtii 

«■ ilms) aflrr lax .. . 

•13 

li 

iHaionilcs 

» 

« 

. Extraordinary profits 

— 

169 

:* Annbwabk 

*37 

194 

Rrsi-rres 

;T7 

1*4 


Long-term prospects for profits 


After tax of n.6m (£lJm) npt 


Derritron 
sees better 
second half 


Scottish 

Investment 

advances 


final dividend of 3.961 p lifts the 


- -o=_ I ' 1 uwjnu in me nrsi nnn ui ■»«««.* - - 

ti (hi ittribii table level 397s - but 1hc directors say Ihe September and October 
there ^-L V turarouml from a company continues to^trede profit- briahtened^the outlook. 


has 


'-k t Sali; or Ranker Oil (Cinadai 

■■■:* -Own.-*. ' : Oi-creise. 

Wiffillres. ^Decrease. TT Payable. 

comment 


fi.Sm deficit 
£2.91 m, 
nrdinarv profits ineludin. 


^ n.mi.ic nf nh,v ' 3nd they are confident second — -- - - . , - 

tSL 1 P-rtre hair pnrtlts will exceed those now long lead time from receipt of an 

aft e I I , chi ? r T [ ne reponed. order to completion they do not 

f cnStf FlrsI half profits include The see the factory operations bre-nk- 

pn no r /MOT i 8, «Se !! first six months trading of Seno- ing even until January next year. 
£fi.2snt (£I^7m) premiums on test . A . hl , p ^ yew's first half Last year the company made 
?56j^iiohai Carbunlslng continued to acquisition of shares in stwst- results incTuded Technical Indexes pre-tax proliw of £41,090 after ;< 
investors' patience In the first “lanes and goodwill written off. which was sold with effect from poor second half in which ihe 
AfthalF'of 1978-79. Croup revenue. There was a £i.S7m transfer to June :«i, 1977 home market became etomnnl 

-dsslttlped'-by strong growth from .the reserve, compared with a transfer Earnings per share are shown and evnnr! orders slowed ilwn. 
"^Simmercial vehicle activities, was of £2.82m from reserve last time, at I. lop tJ-2n). The imerim divi- Dividends for 1978 totalled 2 lp 
‘-‘■'mtfl ahead of last year but. strip-- The group's freehold and lease- dend Is raised from 0.5n to 0.55p net. 


But because of the relatively 


For the year to October 31. 1978 
gross income of Scottish Invest- 
ment Trust - Company improved 
from £4.45m to lo.Jrim . Tax took 
£1.85ra compared with £l.63m. 
gross interest £4.>4.W0u against 
£1CG.’9W> and the net balance 
advanced from J2.4m to £2.7bm. 

Earning* per 23p share are 
given at 3.1 lp (2.67p» and the net 
final dividend or LUj> tUifint lifts 
the total payment from 2.56p to 
3p. costing £2 -i4m l£2.17mi. 

Total assets at market valuation 
at October 31 were £1 16.4m 
t£ 113.7ml. including. where 
applicable, the full investment 
currency premium of 3«S per cent 
<3H‘ pw cent* amounting to 
main l£ll.lm >. 



29 


m\ Hintons 

Supermarket and Off-Licence Operators in the North-East of England 

Interim Resuits 

28 Weeks ended 16th September 1978 


Sales (excluding VAT) 

Profit before Taxation 
T axation at 30 % (52J11 J i) 

Profit after Taxation. 

.Extraordinary Items 

Available for Equity Shareholders : 596 

* Restated followma: policy change on property depreciation 


28 weeks to 16 Sept. 

52 weeks to 

1978 

1977 

4 March ’78 

£'000 

£'000 

£'000 

33,669 

32.280 

61.056 

852 

988* 

J.733 

256 

516 

905 

596 

472 

$28 

— 

(109) 

(126) 

596 

363 

702 


Dividends — Interim 

88 

79 

79 

—Final 



SO 

Eamings per Share 

10.85p 

S.59p 

J5.06p 

Net Profit Margin 

2^3?o' 

3 . 06 u ,; 

2.S4 


Trading Results 

As forewarned in our Chairman's 
last Review it has not been possible 
to match the profit of last year’s first 
half, which it should be noted 
showed a 7S % increase on the 
previous year. 

Apart from the price war,, onr sales 
and profits have suffered from the 
short term adverse effect of major 
changes in our distribution systems. 
Nevertheless, the net margin, has 
been maintained at the same level as 
the second half of last year. 

Earnings per Share 

Adoption of the revised Accounting 
Standard for Deferred Taxation 
means that despite a fall in Pre-Tax 
Proms, earnings per share have 
increased by 26.3 “J. 

Dividends 

An interim dividend of 1.6p per 
share (.1977 - I.4403p per share) has 
been declared. 

We expect the proposed final 
dividend to be the maximum, 
allowable under present legislation. 


Developments 

Four of our existing Supermarkets 
are now operating on the new 
systems referred to in our last 
Annual Report. During ihe year to 
March 1979 we shall have opened 

4 New Supermarkers 

5 Limited Assortment: Discount 
Stores 

13 Additional Off-Licences 

Prospects 

Trading conditions remain highly 
competitive and the Group will do 
well to equal last year's record result. 
However, we remain confident ihut 
our investments and developments 
will result in real growth in the. 
medium term. 



| For a copy of the Interim Repon please 

I complete and send the coupon io: 

Amos Hinton & Sons Limited. 

I P.O. Box 24 . Master Road. Thornahy. 

| Stockton-on-Tecs, Cleveland T 5 I 7 0 BD. 

I Mame 


Address 


JT 



r 

fiifg s - 
19.*S.T-- 
- 

'bid 
*6 «.*. 
^“c 

VOoIT’-. 

3fc«rj - 
teaJE 


3 }: G roup profit before taxation for the first six months of 1 978 
at £3.3m represents an increase of 20% over that for the 
comparable period of 1 977. 

An interim dividend of 0.825p per ordinary share in respect 
of the year to 31 st December 1978 will be paid on 
29th December 1 978 to shareholders registered at the dose 
of business on Friday, 8th December 1 978. 

ijC Each of the four main operating divisions was profitable. 
Within slightly increased aggregate, turnover for 
Construction in Europe and Construction Overseas 
showed a 6% upturn, while increased turnover in Products 
and Services offset reduction in Property Development 
and Investment. 

: sfcThe modest increase in construction turnover was achieved 
in the context of a difficult world economic climate! Within 


this constraint, we have directed our attention towards 
efficient maintenance of margins and to furtherance of 
Group's activities and interests. 

sjc Rationalisation and relocation of the Group's management 
has been completed. 

j|c Full provision has been made for deferred taxation. 

5{c I anticipate that, in the absence of unforeseen circumstances, 
the Group profit-for 1 978 before taxation will show a 
reasonable increase over that for 1 977. We expect to 
recommend that the 1 0% uplift in the interim dividend will 
also be reflected in the final dividend for 1 978. 

Salient points from the Statement by the Chairman, 

Mr.J. C. S. Mott, F.I.C.E.. FJ. Struct. E. 


GROUP SUMMARISED TRADING RESULTS 
(unaudited) 



6 months 

6 months 

Year 


to 30.6.78 

to 30.6.77 

to 31 .12.77 


£000 

£000 

£000 

Turnover 

80,500 

79,500 

154,700 

Profit before tax 

3,300 

- 2,750 

6,006 

Tax 

(1,725) 

(1,450) 

(2,793) 

Profit after tax 

1,575 

1,300 

3,213 

Minority interests 

(35) 

(140) 

(227) 

Extraordinary items 

(115) 

(210) 

(256) 

Attributable profits 

1.425 

950 

2,730 

Dividends 

(392) 

(356) 

(831) 

Retained 

1,033 

594 

1,899 





30 


Better second-half pushes 
Brockhouse over £3.5m 


\% CEDAR TAKEOVER 


Financial Hines - i nofy-wenieinper .iatyjgytr 


Institutions call the tune 


.AFTER A rise from n.Mm to 
£1.2lm oi midway, a £0.73ro jump 
in second half pre-tax prolits 
pushed Rrockhouse from £2.02 m 
to a record £3. 54m for the veer 
to September 30, 197S. Sales were 
belter at IC'.t.SSm against 
£jj0.77m. 

A divisional breakdown of 
1077-78 sales and trading profits 
of £4.67m shows respectively: 
steel £J l.52m and £0.42 m, tenoral 
engineering £11 -22 m and £l).97m. 
Handling and process plant 
£i3.«Jm and £l.l3m. castings and 
forgings £l9j23m and £1 .52m. and 
overseas £1 2.61m and £U.57m. 
fmer-divisional sales accounted 
fnr £0.81 ra. 

: The directors report that in the 
UK. CLASP building activities 
were down in line with public 
spending cuts and were closed at 
The end of September. The steel 
division result was down due to 
vorld over-supply and cheap im- 
ports. 


Sal^s _ . 

Pmfit before tax 

i.‘r" ;a\ 

•Orers,a< '.3\ 

;.'i‘ prior a4Jas;nie3!< 

::.‘I nrefir 

Kic!u*i* Ii’ivr . . 
F;'rj>i.-d::*ar:- debits .... 

hVir .-.i: 

5 :?.n. i ... 

'J - . • K- -rr.-s 

mi::.: 1 o- ir-in, 
and v!>- - fir Hi: . 

I". j-.-o-'IjI'' • l.ilb ’.nl 


i'tj t; :pr<i-:7 
fmin £ij.m) 
fj? ..Io Gu.772 

3.5T1 2.(05 


i T:‘. :.04« 

utire.i .-<J -\- 
4 nr. n>. : uirrer.; 
.irr..-'*.? bula:ii...s 
■ «r jiifi ■iii--.'. 


-. . Cos’ n? .hIv 

j-il,..ry :r. a.: r.biim !»•<.- 

ra- £!• ».!•■■• - •~r.. l-ts — -.tifnanv.---. 

»•: rii.jun- •i’ll -si-/ i-ti-mry 
i:i r ran-.'- Mi'.r transti.-r !r*:n y-.m-rjl 
rrf.ri nf an.j Ej3s.M1i 

-i-.jv u p '.sir !a-."'ir" 10 I , !• is 
;.rd uf ftr-iin. 

The group's South African com- 
panies performed better then Ia=t 
year, but ii« major activity in 
ro I. V:d- formed products was 

satisfactorily jold subsequent 10 
the > ear-on d. 


After heavier tax of JEOJMm 
1X0.11 in 1 net profits were £!,Gm 
against £2.5 1 m. Slated earnings 
improved from 14.72p to lo.lp per 
25 0 share and the dividend total 
is lifted to 4.0463p I3.623tfp) net, 
with o 2J-iG3p final. 

Exchange losses took £054m 
f£(U2m) and extraordinary debits, 
10.15m li'ii.i'm credits!, leaving 
available profit*: down from 
£2.o9m to £2-21 m. Retained 
balance emerged at £j.4$m 
fll.homt. 

o comment 

Results over the years at Brock- 
hnusc reveal a distinctly patchy 
past but those figures could mark 
a sisnificem slep forward. Taxable 
profiL*. are up by more than a 
third on «ales 14 per cent better 
and the improved margins reflect 
the Traits of new plant and 
lighter controls. In paniculir, 
the group is doubtless giad to 
shed l he lo-'f-moktng Clydebank 
subsidiary. following the costly 
French \euturc. Reorganisation 
makes comparison difficult 
though profits front the unaltered 
steel division are about £0..'im 
lower. EUewhere, the outcome is 
much healthier and orders at 
fiedicr. the important process 
plant company, are currency 
uni-linn--? ! at EfOm. despite the 
comnleii'.n of a big Iranian 
contract. The outlook in engineer- 
ing is better and with a 

wider end «?f customers, 

demand hn-- apparently picked up. 
Ca-=nnL-N and forgings arc now 
le-fs dependent on the motor 
industry and despite a sm3!l Joss 
in South Africa overseas profits 
have al ; o increased. Urockhoa«e 
ha.s recently Tightened its belt but 
the com. .’any is now making 
noise-' about adding to its 
engineering interest?. UTtii gear- 
ing xtjli about R3 per cent and 
capita! -^ending comfortably 


covered by cash flow, there are 1 
few financial worries but thei 
group's markets are still not; 
exciting. At 64p the shares arc; 
on a p/e of just over four and a 
yield of 9.7 per cent. 

Stocklake 
down at 
£ 1 . 28 m 

AFTER AN exchange loss oT 
£ 41,000 against a £65,000 surplus 
previously, profits before tax of 
Stocklake Holdings were £L28m 
for the year ended .March 31. 1978 
compared with £l.45m in 1976-77. 

Earnings per share are shown 
at 14 3p against 19.7p and the 
final dividend is 2.11753p making 
a Total of 2.8B753p against 
2.5li65Sp. 

The directors still consider ir 
would be misleading to include 
the results of British Rhodesian 

.Steel and all figures exclude this 

suDsidiary. 

Results of the associate. 
Northern Shipbuilding and Indus- 
trial Holdings include only the 
dividends receivable from a sub- 
sidiary, Hall Russell and Company 
while unlil last year the profits 
of this subsidiary were consoli- 
dated. 

War 

1977 197* 

MOO 1000 


Tureorvr 

Siri.-Hak.; profit 

asm*: tale share 

Profk before tax 

Tax 

:»••( profit 

.'IlflO.'i'.-t 

Vtnlwiiubte 

D-i.ilonOs 

Re rained 


£4.g.'9 jjojr 
"jjjnii 17.(1 
(C 104 

1.776 1.049 


Institutional bid would not 


I This morning long suffering 
shareholders in Cedar Holdings 
: will assemble for what will prob- 
ably be their last annua/ meer/ng. 
In the good old days when the 
company was capitalised at £o0m 
plus, the meetings used to be bold 
in the plush surroundings of the 
Dorchester Hotel but these days 
shareholders have to put up with 
the Chartered Insurance Insti- 
tute. Nevertheless, that should 
not deter small shareholders from 
turning up and bavinb a short 
post mortem with the institutions 
involved before the company 
finally disappears into the arms 
of Lloyds and Scottish. 

As a case study. in institutional 
involvement. Cedar does not make 
happy reading. The company was 
set up in 1958 to exploit the grow- 
ing second mortgage business. 
Cedar would lend money to 
individuals and take a second 
mortgage on the client's house as 
security. However, the businjss 
did not really start to take off 
until 1965 when the pension 
funds of Unilever, the Electricity 
Supply Industry, the National 
Coal Board and the Phoenix 
.Assurance arrived on the scene 
and injected substantial long- 
term funds into Cedar. . ■ 

In 1956 Cedar made just 
ElS.000. the next year inis had 
jumped to £30.000’ and by 1970 
Cedar was making £0.5m In 
January 1971 Cedar was ready 
For flotation and was brought to 
tbe market by Cazenove and Co. 
and Barclays' Bank Trust Com- 
pany. By then the three pension 
funds owned a third of the equity 
and Phoenix owned another 8.2 
per cent. 

Initially all went well, between 
1971 and 1973 Cedar's pre-tax 
profits more than doubled to 
£!.9m. and its balance sheet -ize 
jumped from £lS.4m to £L27.$m. 
It moved Into property lending 
and started building a luzurioas 
new- head office across the road 
from Buckingham Palace. Over- 


BY WILLIAM HAUL 

seas iz began operating in Israel. 
Holland and North America where 
It applied for permission to buy 
a stake in the Chester National 
Bank of New York. 

To finance its growth Cedar 
relied on its ioyai institutional 
shareholders for tranches of con- 
vertible subordinated unsecured 
loan stock, made increasing use 
of the wholesale money markets 
and wooed depositors with offers 
of free colour television sets. 
After some Initial scepticism the 
stock market radically revised Us 
opinion of Cedar shares end at 
one point they traded around 90p 
where they were selling, on a 
multiple of 36 times earnings. 

However, all good things come 
to an end. Alter the collapse 
of London and County Securities 
and the onset of the secondary 
banking crisis. Cedar's deposit 
base evaporated and the company 
was faced with bankruptcy. The 
shares were suspended at 12p a 
few days before Christmas in 
1973 (less than three years after 
flotation) and although Cedar’s 
four institutional backers by then 
only held around a fifth of tae 
equity, they were forced to come 
to the rescue. 

The story since then has been 
well documented. With the help 
of Barclays Bank, the four institu- 
tions involved provided Cedar with 
financial <mpport which at one 
time amounted to £56. 5m and 
started salvaging what ihey could. 
Cedar's sizeable property port- 
folio was carved up among the 
institutions and the company 
abandoned its over ambitious over- 
seas operations. The management 
was reshuffled and the company 
went through a harrowing finan- 
cial reconstruction which meant 
that an ordinary shareholder own- 
ing 100 shares prior to the disaster 
was left with effectively four 
shares. To put this in perspective 
an investment of £90 in Cedar in 
1973 I at 90p per share i is now 
worth just over £1. following 


Lloyds and Scottish’s offer. 

In July. 1975. Cedar began lend- 
ing money once again latter a 
eap of 18 months t, although the 
institutions had the right to re- 
quire immediate repayment of 
their support funds whenever they 
wished. Initially. Cedar's new 
lending was limited to £2o.000 per 
week, hut this has gradually been 
allowed to build up and is now 
running at around £200,000 per 
week Meanwhile, the steady dis- 
posal of Cedar's property port- 
folio has continued so that. Us 
reliance on support funds has 
virtually ceased, and against a pre- 
tax loss of £5 ,2m in 1973-74 Cedar 
has been able to make a profit, of 
•0.9m in its last financial year. 

The spirits of the small share- 
holders in Cedar have always been 
buoyed up by the hope that one 
dav the shares would be officially 
rcquoted. Indeed, the chairman 
on more th.m one occasion has 
publicly stated that this was his 
intention. In March, 19/ 1 . the" 
Stock Evchange gave permission 
for dealings to start again under 
rule 163 (2) but plans for a full 
relisting have been blocked 
because the company first needed 
another capital reconstruction. 
Some of the institutional share- 
holders holding tbe preference 

share? (redeemable ar par fn 19S5) 
were not at all happy at the pros- 
pect of convening them into 
equity, which would have - been 
necessary if the company was to 
be viable over the long term. 
Indeed it could be argued that 
Cedar has only beep kept afloat 
so that the institutions could wind 
up their support operation as 
effectively as possible. - . 

After their unhappy experiences 
in 1 973-74 the institutions can be 
forgiven for wanting to .withdraw 
and they can naturally argue that 
whereas small shareholders would 
have received nothing if the com- 
pany had been wound up then, 
they have at least received some-’ 
thing now. 



CIVIL ENGINEEBJNG & BU1LDEVG 

.. . ... * ”15^2 


The Directors of M. J. Glee so a 


.'^->13*11 


the following results for the- year. ended ^Oth 

• .'.1- - ■-/ 1-'-.- 


Turnover 


Pre-tax profit 

Taxation (deferred) ... a-.. 

Profit after taxation ...... ..... .. 


£:* . v »£' TI- vV; 

-? ' r.\ :--r7^T **«9*).- 

JBIII 


Dividends: 

Interim— paid . 
Final — proposed 


Earnings per share 


--7 : : ]• j£'$i53pc'-. 




surprise Capital and County Hinton down midway— unlikely 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


Ir would, '-not be o great sur- 

priio" to Mr. Dcnni* Marler. 

<:3gir.g dux-rlnr of Capital and 

v.*/uiuy Pr«ip«.-riy Cnrapiiny. if he 
rcvsKeu an msinulionul bid for 

Z::t ^rou;.. 

But the npporlumly for a 
Hcavanuvr bid ha ; - pafsed. The 
degearing period is over and 
CCPC’s resulianl £l"un cash bal- 
ance?. a tempting bonus on top 
of the group's n<>w “clean" £74m 
properly portfolio. 3ro now being 
used to react i vale ihe group's 
development and ime»lincm pro- 
gramme. 


BIDS AND DEALS 


Thu fii^t steps have recently 
been taker towards what would 

be a £:;oin-pius development in 
Sutton ami Mr. Marler reports 
two other purchase? worth around 
£>m that are now in the hands of 

the lawyers, a completed factory. 

and an office development sire, 
both in London. 

A sound balance sheet support- 
ing net assets of S2p a share on 
a March. U»7?v valuation was con- 
templated by yesterday's news or 
half year profit; hefnre tax of 
£2.5m. That compares with a pre- 


tax profit of £3.1m for the whnie 
of 1977- 7S and £922.000 in the same 
period last year. 

Un the strength of the revenue 
surplus CCPC promises the maxi- 
mum permissible increase in 
dhrdends under the Treasury's 
•• recovery" rules. The group is 
allowed to pay the highest divi- 
dend paid in any two of the past 
ten years, which in this case is 
2.1W5P n share net. An interim 
payment of (l.7p a share, the half 
year profits, and the dividend 
forecast helped the. shares up «p 
to tiitp yesterday. 


to match last year’s record 


The disappointing profit figures f bf J57T^B 
the previously reported adverse clrca m gta i tc g 3?affe(jjag- mbtonrar 
contracts have resulted in substantial. etyit' ettgideertiig j£sse& ; ‘SifT 
other Divisions, particularly Estate 

well, but, as predicted, the bank interest SgRrttindn^diiiiraiev 
profit calculation is much lower at £25&,000 - ’^tsompared-. ' wi8F 
£1,018,000 in 1976/77T. • j . ■ - . ^7-7. :> T^iif • 

If the present problems an sing from the^ motorway- JmJj-smi, 
can be resolved, the set-back in Group profit^ may 
temporary, and with this thought rn mind. the. Btrard feeaijU^Jfipd; 
in recommending the maximum permfrted - 

which, with the interim of 0.73114p is- equivalent to 
tion of £306.692. 10% higher than the MtrespraidiiiK’^fiM^qt 
£27s,si2. • ' " ■; • 

A surplus of £2J.S7,000 ar i sin g on pro f essi On ai v altAtibn df the 
Group's completed properties held as fixed ass,ea^ at 733th; June 

197S has been added, to reserves. - - _ - . . - ^ 

Having regard to the Group’s satisfactory order' bnei^ : «rrfcnt 
levels of turnover should be msmtained :drajcg7tfa»^ yeaf 
June 1979. It is not practicable, however^to makCa DroEfl^c^pL .' 
in view of the. difficult motorway contracts : ei2rrentl3r"in . 

nevertheless the Board is confident : that' every ^ ^effort. wU 'be' 1 Siade 
to overcome present problems id the 'Civil Epgi n e er^ng 'Dj viyfon 7 
leading to an early restoration of the Gr oup’s prbfir-prospeci’ 
on increasing activities' in the private; sector at homer anlTfldEi^C" 

The Annual General Meeting wilHjp^ ^heH 'fiaredoir Hoi»e, 
North Cheam, on 31st January; 13795 'The final dividend^' being . 
payable immediately thereafter to sharehelders dh'; Ike rieglsJcr 
at the close of business on 5th: January, 1979. . T .Vu -• . 




decision on offer 


PRE-TAX profits of Amos Hinton 
and Sons fell from u restated 
ib.SS.OOO to £S52.000 in the 2S 
weeks ended September 16. 197S 
and the directors say the group 
v ill do well to equal last year's 
record ft. 73m. 

Tbe first half downturn was 
foreshadowed in the chairman's 
annual review in July but he 
hoped the second h3lf would re- 
cover any shortfall. Howcrer. he 
now feels the year's results will 
reflect the effects of the price 
war and an anticipated increase in 
ensrs. 

\part from the price ••••ar. first 
half sales and profits suffered 
from tbe short term adverse 
affect of major changes in the 
v roup's distribution sys'em. 
Nevertheless, the ner margin hac 
been maintained at the same lerel 
a* the second half of !;«?; year. 

It i* anticipated that the tax 
charge this year vJ!l not exceed 
"0 per cent. As a re-alt. despite 
the fall in pre-t;ts profits, earn- 
ings per share are shown to have 


increased from S.59p to lO.Son. 

The net Interim dividend is 
lifted from 1.44Q3p to L6p and 
there is an additional payment of 
0.02 192n in respect of 1977-7S— 
the previous total was 2.SS7op. 

Mr. David Hinton, the chair- 
man. says that trading conditions 
remain highly competitive and it 
is not anticipated that there will 
be any early chance. 

However he remains confident 
that the group's investments and 
developments will result in reai 
growth In the medium term. 

25 weeks 

!?75 t«C7 

s>'<o cm 


siiof k.-j >ys h.:*i 

Profit before tax B52 *538 

T« 234 Y.t 

Nr. pruS; .. .. 2M 172 

Ev-rjird-narr .... — 1M 

la.v.-iai di\i1:ai W 7» 

- VAT. 

"RcstatciJ fc-Uenrr.s os 

proiv-ra d-isreciitton. 

Four of the existing super- 
markets are now operating on the 
new systems, as are new stores. 


Initial results are encouraging, the 
chairman says. 

The directors have introduced 
a new delivery system from the. 
distribution centres and branches 
now receive daily deliveries of 
perishable goods and a ‘ihree- 
tirr.cs-a-week service for grocery 
goods. * 

A new store at Chester-lerStreet 
opened in June, 197S replacing. a 
smaller store. A new store ;in 
Sunderland opened in October. 
1978 and the group opens in 
Whitby on November 28, 1978 l A 
10,090 sq ft store in North Shields 
opens in February. 1979. 

In this development stage the 
discount stores are not expected 
to contribute to group profits in 
:he current year. . 7 

The acquisitions of Dyers and a 
further four off-licences on Tyne- 
side means there is now a' chain 
of 23 outlets. To concentrate re- 
sources on this retail trade 
directors have disposed or the 
interest in the wholesaling of 
beers, wines and spirits. 






ICI 


First nine 





The Btiard of Directors of Imperial C^aiical lfldcfitries > 
limited announce tbe following unaudited figures of the . 


1978 with compatatiWfignri^for^TT. V v ' ; ; . 


The Board nr Plnnlution Hold- 
ings has postponed its deci^on on 
whether to recommend the bid 
from .Multi-Purpose Berhud. The 
outcome of di>cus;ion> nnneem- 
mg Brookiands Esla»c could affect 
the advice of the Board, .-ays the 
chairman .Ur. S. VT. Livesey in a 
Jetier to shareholders. 

Earlier thi- month the company 
said that it had been notified of an 
official enquiry regarding a 
valuation of the estate. This 
appeared to be a possible pre- 
liminary to compulsory acquisition 
of the estate, which has some tin 
reserves. 

PH now hopes that agreement 
can be reached uilh unnamed 
organisations whereby the tin 
could be progressively exploited 
over the next 20 years, while 
permitting the company to con- 
tinue its agricultural operations 
on the gradually reducing acre- 
age. 

The inquiry, which was started 
on Wednesday, has been adjourned 
and the position will be reviewed 
by the Authority on December 2». 
Meanwhile. Mr. Livesey promises 
that he will write to shareholders 
again before the end of next week. 

FAlREV SELLS 

MARINE 

Contracts have been exchanged 
for the sale of Fairey Holdings' 
Humble Marina for n£JK6.5CK). 
Fairey announced last week that 
it intended to sell the marina soon. 

Proceeds of the sale will be used 
by Fairey Marine to develop its 
boat building operations. The 
buver of the marina is Pon Behcer 

BV. 

WAGON fcvance 
SALES 

Wagon Finance Corporation has 
now entered into contracts for the 
-ale of three freehold properties 
which are -urplus to require- 
ments. Completion on ail is due 
at the end of January. 

Sale proceeds, net. will amount 
to £l.064.uii0 in ea-h. The book 
vaiues of the properries con- 
cerned amount to £1.032.flfi0. and 
were based on <* professional 


Exploration Co.— Miss Emma W. 
Pari.-'h has attained age of 21 and 
in terms of trust deeds became 
absolutely entitled to her share 
of assels which include 261.337 
shares. This completes the distri- 
butions under the Parish trusts. 

Brownlee and Co. — Mel.eod 
Russel and Co bought 20.00b 
-hares on November IS and 15.01HJ 
on November 17 and now holds 
330.975 (12.43 per cent). 

British Dredging Gi.— Ready 
Mixed Concrete has bought fur- 
ther 3,230 shares making total 
inierest 3^12,239 I27.S7 per cent). 

El Oro Mining and Exploration 
Co.— Miss Emma IV. Parish 
attained ago of 21 on November 
15 and in term- of trust deeds 
became absolutely entitled to 
134.1131 .shares. This completes the 
distributions under the Pari-b 
trusts. 

Ellis and McHarciy— I. R. Luilh. 
director, was registered as trustee 
of 3, SOP shares or. November 2u. 

Eucalyptus Pulp Mills — Island 
and South American iUrrciunl-j 
has increased iu? holding by 
1 16.000 shares and now holds 
1.130.422 (30.35 per cent}. 

Silverlhorne Tiroup — Cnochromc 
International has bought further 


valuation lnc«rjw rated in the 
accounts at end-1077. The original 
coal of these properties amounted 
to £412.000. Corporation lax on 
the chargeable gains acuing upon 
the sales is estimated at £100.(430 
and full provi«ir»n was made for 
this liability in (he last published 
accounts. 

In a full year the loss of income 
from rents will be £57.000 but this 
will be more than offset by 
reduced depreciation and interest 
charge*. 

PRU SCHEME 
APPROVED 

The proposed scheme for the 
reorganisation of the Prudential 
Assurance Company has been over- 
whelmingly approved by share- 
holders. The company announced 
thjt at yesterday's meeting over 
09.9 per cent of members present 
or by proxy accepted the scheme. 

A petition is now being pre- 
sented to the Court for sanction- 
ing of the scheme. 

WtnTECROFT SEES 
PROFIT RISE 

Whitccroft, the building and 
engineering supplies group has 
forecast “a material increase” in 
iis pre-tax profits in its offer for 
Randalls Croup sent to share- 
holders. 

The group says that pre-tax 
profits fnr the first half will be 
not less titan £2.4m— against 
£l-8m a .,ye3r ago — while full-year 
profits would he materially above 
the £4J15m earned in the year to 
March Si, 1U7S. 

WhitecroflV offer for Randalls, 
the building trades distributor, of 
one Whilecroft share plus 124p 
cash for every two Rand alls has 
already been accepted by share- 
holders controlling a 53 per cent 
stake. 

Mr. C. R. Randall, chairman of 
Randalls Group, said that the 
provide "a more secure and 
acquisition by Whitecroft would 

profitable trading future” for the 

group. 

\V. E. NORTON 

A new leasing company offer- 
ing facilities for machine tools is 


SHARE STAKES 

37,500 shares making holding 

2.345,373. 

Chaddeslcy Investments — On 
November 17 N S (Registrars) 
transferred the entirety oT its 
holding to beneficiaries on whose 
behalf it held such shares. The 
following persons, to whom NS 
transferred shares. remain 
interested in 5 per cent or more 
of Chaddesley shares. L. Sterling 
and N. Fettcrman 300,000: N. 
Fetlcrman. J. E. Austin and A 
Ward 400.000 

Temple Bar Investment Trusl— 
Pearl Assurance Co. is interested 
in £544,003 ordinary stock. 

Earleys of Yorkshire— L. Bailey 
sold 30.U'K) shares between 
November 3 and 9 

Royal Worcester— Rothschild In- 
vestment Trust has bought 25,000 
shares bringing total holding to 
1.52m shares 125-" per cent). BIT 
also holds £149,000 9 per cent 
convertible unsecured loan stock. 

Tallies Group-— P. J. de S'avary. 
rtirecior. ha*s bought £2.500 115 
per cent convertible redemption 
unsecured loan stock 1979/83. 

Automotive Products — The Em- 
mott Foundation has bought fur- 
thcr 21 Ufi2 share- 5 . Three directors 
of EmmoU arc Mesws. J. B. 


to be created. W. E. Norton (Hold- 
ings), the machine tool group, 
and Barclay.- .Mercantile Industrial 
Finance* have agreed to round a 
joint company to be called 
Aorcantiie Leasing. Further de- 
tails will be announced later, said 
IV. £. Norton yesterday. 

LTD. ENGINEERING 
PURCHASE 

United Engineering Industries, 
which earlier this year bought 
Link Electronics la television 
camera manufacturer) for an 
initial cash payment of £530.000. 
has now acquired the privately 
owned Link Systems in a cash and 
shares deal worth initially £1.6m. 

As with the Link Electronics 
deal. HE I has agreed to pay a 
further sum. depending upon 
Link Systems future profits per- 
formance. Link Systems, which 
manufactures micro-analysis elec- 
tronic devices, earned pre-tax 
prolits of £304,642 on sales of 
almost £2m in the year to July 
31. 1P7S. 

UEI said yesterday that in the 
care or Link Systems the maxi- 
mum further consideration would 
be no more than £1^5m. Id the 
case of Link Electronics the maxi- 
mum further consideration would 
be no more than £300.000. 

In the six months to July 31, 
197S, UEI pre-tax profits in- 
creased from £389.000 to £684.900 
— including a £I2J,000 first time 
coniribulioo from Link Electro- 
nics. 

RELIANCE 

KNITWEAR 

Reliance Knitwear Group is 
acquiring Ultimate Equipment, 
manufacturers of tents, sleeping 
bays and insulated clothing. At 
December 31. 1977. Ultimate bad 
net assets of £28,100 and in the 
15 months to that date had a turn- 
over of £564,184 with profit before 
tax of £lfi.0G3. 

The purchase price will be equal 
to the net asset value of Ultimate 
on December 31. 197S. plus a 
further £20.000 for goodwill r~d 
will be satisfied by issue of 
Reliance ordinary shares. 


Emmoit, M. Keeble and E. G. 
Barratt, all directors of Auto- 
motive. 

Lunuva (Ceylon) Tea and Rub- 
ber Estates — Harrisons and Cros- 
field bought between Not ember 
lo and 21 JES.500 .-lock— interest L 
increased to 023,081 £i units 
(72.98 per coni). 

Hoskins and Hnrlnn— Conse- 
quent upon a further purchase 
of shares on November Iii, 
Wesleyan and GeneraJ Assurance 
Society holds 135,000 shares. 

Mctalrux (Holdings) — Tliros- 
mnrtnn Trust has sold lDO.OOO 
shares leaving bolding at 761.981 
(4.7 per cent) in name of Throg- 
morton -Streel nominees. 

Wholesale Fittings Co. — Royal 
London Mutual Insurance Society 
holds 187.509 shares and its staff 
pension fund holds 10,000 making 
total 177,500 ( 5 per cent). 

Indicape and Co. — Lord Craig- 
myle. director, notifies that on 
November 16 a trust in which his 
immediate family has an interest 
sold 70.000 shares at 353! p. 

Singapore Para Rubber Estates 
—Kuala Lumpur-Kepong Invest- 
ments has bought 5.000 shares 
increasing holding lo 171,000 
(6.55 per cent). 


Pauls and Whites up 28% 
midway and optimistic 


1977 

First Nine 
Months Year 
£ millions £ millions 


: ; - ~ 797S 
, First Nine 
-. Months 


3 r 550 4,663 Sales to exteniai aistomers '. 3,341 

414 483 Profit before taxation & grants' : -334 

• Afterproviding for; r- 

165 221 Depreciation ; j’ I6Dj 

Exrfrange loss on net i . - j 

in - 0 current assets of - - '4 ^ 

L12 — 1 overseas su bsidiaries ; ' : . ? ‘V • Tt 

— 176 — 202 Taxation less grants ; . — jl l - - 

238 281 Profit aftwtaxati()B& grants ‘223 

— 23 — 26 Applicable to minorities ' ' -V — hIO ' 

Profit ^rplkabietopamit 

,. 215 . 255 company before e3rtraordDtoaiyfien» -2I3 

3 — 29 Extraordinaiyitans . j. . : x.--- — -7 

Profit applicable toparent -.1 . 

218 226 companyafterCTtraordliaao'fiems 206 - 

The Group sold its 63 % interest in Irapenai Metal 
Industries Ltd (IMT) in early November 1977. IMl’s results . 
are included in Group results up to 31 Octobetf 1977,- but 
their sales have been excluded from 1977 figures when 
making the comparisonswitii 1978 in the foUowirig 
paragraph. ■ ; 

- Group sales in the first nine months of 1978 were £3,341 xn 
(first nine months of 1 977 £3 r 225m). The value of sales in the 
UK increased by £1 10m to £l,326ra and in overseas markets 
by £6m to £2,01 5m. The f.o.b. vahie of exports-from the-- 
UK for the first nine monfiis of 1978 was £641m (first nine ' 
months of 1977 £664ra): - 
A mainly seasonal faH in volume in the third iftiarter 
caussd arwiuction in the value of Group sales, including 
exports from the UK. Profits ire being depressed not only ’ . 
by the lower voturoe but also by higher employee costs, 

especially in tfa&TJK,.and by rising raw nziiOcrisIcosts^ ; 

These continue to increase, whereas- world prices remain 
weak. Furthermore; the weakening ofriie US doUaraud 
some other currencies during the third quarter resulted in ' 
'a-substantial loss f£22inrrin. the cctoeisaoa of letter '. ' 
current assets of overseas subsidiaries into starting.- - -- > 

. . The following table summarises the quarterly salesjand 
-pr ofits before taxation: - • - . V-'-'\ v'>'. ~--;t '} / ' ' 

' Gro^iaafit befixre tax- . '- ' 

■'V J Excluding • 

.<7 roup'] ' exchange „ ~ Exchange. , 
sales gairif loss : '--gainfioss. Total 

1977 £m £m • _ • -iisn-y^j : £m . 


FOR THE six mouths to September 
39, 1978, Pauls and Whites, 

maltster, and maker of animal 
feed and flavours, reports pre-tax 
profits up 28 per cent from £2. 63m 
to £3. 3 7m with all its operating 
companies contributing to the 
result. Sales were higher at 
£87.5m against £69.6Sm. 

However, Mr. M. G. Falcon, the 
chairman, warns that recent 
events, particularly higher interest 
rales which principally affect its 
malting company, may make U 
difficult to maintain for the re- 
mainder of the year the level of 
profit increase now reported. 

Nevertheless, he says, the 
directors believe full year results 
will show a satisfactory increase 
over 1977-7S. when profits reached 
a record £6.25m on sales cif 
£144. 77m. 

First-half . profits were struck 
a Tier interest of £0.53m <£0.43m> 
and are subject to tax of £1.3 7m 
(restated XO.STm). Available earn- 
ings increased from £1.72m to 
£2.16m. 

The interim dividend is lifted 
from I.5p to t.75p net per 23p 
share, costing £0.46m (£0.37nu, 


with a supplementary 0.042p to be 
paid for 1R77-78 following ACT 
reduction. The directors expect to 
recommend the maximum per- 
mitted final under current regula- 
tions — last year's final was 2.-79p. 

® comment 

Pauls and Whites has continued 
its growth trend with first h3lf 
profits showing a rise of around 
a quarter after stripping out the 
new acquisitions. The results 
reflect, a volume gain of about a 
tenth on the animal feeds side 
while malt production is edging 
upwards. This year's good harvest 
wifi mean that cereal prices will 
be lower and the company hopes 
that this will stimulate demand 
for animat feeds. However, in tbe 
malting division margins continue 
to be squeezed by surplus capsv- 
city. So clearly the company is 
taking a long-term view with the 
decision to go ahead with the 
£4.5m malt plant in Scotland- If 
margins do not improve the com- 
pany will be forced to rationali- 
sation elsewhere in the group. 
In the short-term though, higber 


interest rates, will take much of 
the gloss off this year's results. 
At llSp the shares yield' a pros- 
pective 6J per cent 

COSTAIN GROUP 

The scheme to effect the re- 
-reorganisation of the Curtain 
group was duly approved at meet 
ings yesterday. The scheme has 
still to be sanctioned by the Court 
and. if so sanctioned, is expected 
to become effective on January 2. 

I. & J. HYMAN 

L and J. Hyman has acquired 
Nu-Loxe Foam Products for 
£73.(K10 cash. 

Nu-Luxe is a private foam con- 
verting company based in Bury 
and specialises in the conversion 
and granulation of foam. As at 
November 30, 1977, 2Vu-Luxe had 
net tangible assets of £83.000 and 
in the year ended November 30, 
1977, produced profits before tax 
of £32.000. 

The board of Hyman believes 
that the activities of Nu-Luxe will 
complement and strengthen 

Hyman's own trading activities in 
tbe Greater Manchester area. 


Approval delayed on 
£80m for Barbican centre 


Bradford 
puts itself 
on show 


BY PAUL TAYLOR 

MEMBERS OF the City of 
London Common Council yester- 
day delayed financial approval 
for the completion of the 
Barbican Arts and Conference 
Centre the expected costs of 
which have risen from less than 
£5Sro to more than £S2m in three 
years. 

The Common Council will 
discuss on December 14 a report 
detailing the reasons for this 
rise in costa, after members have 
had more time to study tbe 
report, which was prepared by 
tbe Barbican Development Com- 


mittee. 

In November. 1975, the esti- 
mated completion cost was 

£57.9Sm. and in May, 1976, the 
Common Council approved 
expenditure of £55m. 

The report said that a com- 
bination of factors including 
higher inflation costs and 
delayed completion had now 
pushed the expected total costs 
up to £S2.76m, assuming sub- 
stantial completion in 1979-80. 
As a result ihe committee was 
seeking approval for a revised 
total expenditure of £80m. 


"V p 


;pand 


AN INVESTMENT Of £300,000 
in new equipment bF a 
Yorkshire-based dress manufac- 
turer will guarantee the jobs Of 
nearly 300 workers in the North- 
east, where unemployment is 
high. 

W. L. Pawson and Son. of Hali- 
fax, which has converted its fac- 
tory at Washington, co Durham, 
into one of Europe's most 


advanced, is to expand further 
next year. 

Its project to add 6.000 sq ft 
of factory space will more than 
double production from 3.200 
garments a week to 7.500 and 
provide more than 20 jobs. 

When Pawson sook over 13 
months ago. the factory had 270 
jobs hanging in the balance. The 
company produces almost 350,001 
garments annually. 


A CAMPAIGN to create more 
jobs and attract new industries 
has been launched in Bradford. 

The campaign, costing £100,000, 
named the Bradford Experience, 
will be backed by an incentive 

package of Government and city 

grants and loans to induce 
people to set up factories and 
businesses. The highlight of the 
campaign will be an exhibition 
next October. 

Bradford's Chamber of Com- 
merce is hoping to arrange trade 
missions from abroad tp visit the 
area during the exhibition. Mr. 
John Longbottom, the exhibition 
organiser, said .it was the most 
important effort by the city, 
since the war, to promote itself. 

GLC sells 

3,000th home 

A COPY of the deeds of the 
3,000th home to be sold under 
the Greater London Council’s 
scheme which started last year 
will be handed to a Thames mead 
Tamily today. 

Mr. Hugh Rossi, MP, Opposi- 
tion spokesman on housing, will 
hand the copy-deeds to Mr. Alan 
Perrin at 18 Glendale Way. 
Titamesmead.- Mr. Perrin, an 
electrician, and his wife Caroline 
have twin seven-year-old daugh- 
ters and a tiiree-’year-old son. 
He is buying the three- 
bedroomed house for £15,970. 


1st Quarter 
2nd Quarter 
3rd Quarter 

4th Quarter* 


1.190 148. 

1,224 . ‘ . T69 ‘ . 

1,136 . 107 ' 

■m3.- -.88 ; ; 

4,663 : " ; .532 ; * 


1978- 
.1st Quarter 
2&a Quarter 
3rd Quarter 


1,060.' 
U5 6 
1,125 . 


■ ' .X . 


: U12 

.vm 

83 


*/MI included lo 3 ] ,10.77 only, ' . 

On a current-cosl accounting lasts, th&tOtaipf additional 
depredation, cost of sates adjustment anderosion ofthe\ : ' 
value of trade debtors less creditors wmild-haveretiiCed ; 
Group income before t&x for the first nine months of 197S 
by £199m, compared withreductioos of £J 94Pi for thfrV> / '• - 
first nine months of 1977 and £25 lm for the full year, ~ r . 

The charge for taxation, less£rants 4 of £lllm for.the * _ 
first nine months of 1978 consisted <rf-£76m UK, :? 
corporation tax, less a credit ctf £l7mfor’UK Government 
grants, £44m overseas tax and £8inoa. the profits of.’: ,-•'. 

prfedpal assodated compahres.-If thcaceountidgstandarcL. 


first nine mobtfis of 1 97S; it iS estimated that the taxaridn 
charge wouhJlxave"beeri£20m iowcrcomparedwitii about .... 
£60m lower for the full ycir I-977.V .' ' . " . " 

Results for tbe Year 1978 77- ■■ ■■■ ■. * ; j. . 

The trading results for the year 1978:wfll be announced rim : r- 
22 February 1979. ■' * ‘ ' - : - . ' - - 











■ " ;FiitS?cial "flrijes Friday November *34 1878 

.%^^t^ii^Et.•ANp•'PISTS!^^iE6N ' OF RATE SUPPORT GRANT 





BY PAUL TAYLOR 





stand divided 


S 5 BQday.-Mfc .PeWr Shore. En- 
vironment Secretary, wUl 
pimounce detaths of the Govern- 
ment's contribution to local 
anthunty expenditure in the 
v&r J 979-80. But that will not 
end the arguments about the 
matter. 

The announcement of Ihe. 
total amount and distribution of 
the rate support grant will re- 
ceive a mixed reception from 
the local authority associations 
which agree that ' the present 
system has its weaknesses but 
cannot agree on a viable alter- 
native. The rate support grant 
settlement will affect not only 
the level of rate increases next 
April but also the ability of dif- 
ferent local authorities to pro- 
vide adequate services and their 
atutufie towards pay claims 
from their empluyees. 

The announcement today will 
have followed months of negoiia- 
#Fins with the load authority 
sBiociations in Lhe Grams Work- 
ing Group and the Consul I alive 
ORiru.il on Local Government 
Finance on huth the level uf 
local government expenditure in 
. 1979-80 and on the size and 
distribution of the grant. 

. "nfjv’erall the Government 
ijjjiears to have accepted a level 
local authority expenditure 


for next year which is about 2.3 
per .cent higher than theflgure 
used to determine the 1978-79 
grant, although because nr 
marginal underspending ihis, 
year by the local authorities the 
accepted level for lneal 
authuntv expenditure m 1979. 
19SU is only about 2 per cent 
higher than actual spending in 
1978-79. 

Most of the increase will go 
on lugher interest charges and 
h bigger revenue, coniributiuii 
tu capital spending. The iu- 
crease of spending other than 
oo these, items is - forecast lu ho 
about I per cent. This is rather 
mure than the prediction in the 
public expenditure. White 
Paper. Most of this difference k 
accounted for by revised esii- 
maies of lhe likely expenditure 
«»n public health and other local 
environmental services, where, 
according to the local authority 
associations. Whitehall has been 
calling fur an . unrealistic 
degree of restraint. 

Each year since 1967-68. when 
the rale support grant was in- 
troduced. its level has been fixed 
as a proportion of relevant ex- 
penditure. Relevant expendi- 
ture comprises total budgeted 
expenditure, excluding items 
met. almost entirely from cen- 
tral government funds, such n< 


mandatory student awards, rent 
rebates and allowances, housing 
subsidies, consumer advice 
centres, together with loan 
charges and capital expenditure 
met out of revenue. Lasl year 
Mac total relevant expenditure 
was over lT2.5hn at November 
1977 prices. 

Total gram support comprises 
specific grams towards particu- 
lar services such as the police, 
supplementary grants towards 
transport and national parks 
expenditure and the block rate 
support gram tRSGl. Last year 
the aggregaie exchequer kruu 
wa> set at 61 per cent dT rele- 
vant expenditure and totalled 
over rr.Ghn of which £fi.52bn 
was rale support grant. 


of the «ystem disguises thr ms services while the resources put forward to this system* 
fundamental! v political nature clement is intended to cm- • It i~ >ajd that There «> a 

nr ihe final’ uidgmen! about pensate authorities with low major flaw in ihe theoretical 

which local authorities benefit rateable resources per head nf principle that the need to spend 

and which lose Troin a particular population when compared mis actually related to past 

settlement. authorities with high rateable exepniturc. Thi*. it is claimed. 


Essentially the distribution of resources Tn..* resources ele- tends lo reward high -penders 
rale support gram aTiempis 10 men! .s a used proportion ..l aii.l penalise the thrifty, 
deal with two objectives - a U.e combined needs and re- • The inclusion, exclusion or 


redistribution or the cosi of sources elenu-ni and since, weighting of one factor against 
oro idin- rocai au iorily ser l*75/7S the ran- have been another in. rod uee« nun-objective 
vm,?' ' , .no- r .he 32.3 per cem resource* to rt7.5 political criteria into the mathe- 

Mce-s. •ind equ..l s.mo.1 of the P cal «- u | a tir,n ami can lead 

n* a™- ..< ... .» 


needs and resources of local 
authorities by compensating for 


ihe differences between"* the Councils claims that ~ these individual grant, trom year to 

abilities of dmorenl local auti.o- proportion-*. appear io be mially year 

i-ilies lo uiv for 1,-isic sernces arbitrary nurHaied to any • The exerei-i- is largelv 

I. ,u° defined object sc.-. Mr. Peter deprndem on uuidaied and 

It is lhe success or thi P^'P 1 Asocial ;nn'*- finance possibly inaccurate data frnni 

system in meeting ^ bpheVHS lh§ . lh , 1971 Census and alter- 

lives in a f.iir inannei wlmh i enien , should be riudieil in native statistical source? like 



Mr. l’elcr Unin. of the Association of District Councils 


Distribution 


It is on ihe question of the 
distribution ralher than nil the 
level of qrani rhat the majority 
•>f criticism of the seitlement is 
expected to arise. The most 
common and perhaps most 
justified criticisms of ihe pre- 
sent system of distribution are 
that it results tn rtihalanml 
changes tn individual niiLlioriiy's 
grant levels from year to year, 
lhai the distribution formulae 
arc very difficult to understand, 
and thiil the sheer complex! ly 


questioned t»\ I lie local autiio- n|on , and per hap- turned Department uf Health and 

niy associations. |ntll a self-iinari.viiie suoporT Social Security figures are 

Rale support grant rii*»iril»u- x y^ t . m inadequate because they are 

linn is divided inin three parts. JS . however. on :!i<’ question seldom collected for the same 
the needs. resources, and (| p r j, p distribution of ihe needs area- entered by local authnri- 
duiuesuc elements. The domes- e j pnll . n t U) rhe v ra n ! thai there tie.-. 

tic element in the grant meets , s mtlS j i.-untroversy. • Regression analysis 1? a c«*ni- 

tite cost ii» htesil authorities of -p be particulai .n:cn-si «-.| the plev system, funner emnpli- 


Hie cost lo lin-iil authorities of 


giving domestic rale relief. auihorily associations tn caied by special provisions for 


There werv subsianunl increase* (j| P needs element arises London, which musks essenti- 
in the domestic element because 0 r ii- -.beer sire, over ally political judgments and 
197::-7-4 and 1974-73 ba jf „f t ]io total rale support remains largely not understood. 
Iiirtiicr niercise tn v . ra nt. and becau-e .if tlto «, r misunderstood, by the local 


in the 
between 
tmd a 


19Tfi-7fi. The level r»f domestic formulae u-ed fur distribution authonty as?nciarion's members 


(Incorporated in the Republic of South Africa) 


INTERIM REPORT 


for the six months ended September 30 1978 

The. following are the unaudited financial result of «m- corpora bon a t 
subsidiaries for the six months ended September 30 IWb. ^vuhei v «h 

« =“<*'■* June 30 1977 aa ' 1 ““'s Sr- S' m.mu" J1 K.ne,,, 

ended ended months ended 

30.9.78 30.6.77 3L3lS 


Group jwtAt before taxaiion 
Taxation 


ROOD'S 
112 651 
9 335 


ROOM'S 
•12071 
7 045 


Rn00‘s 
258 678 
17 027 


Group profit after taxation 


103 276 


2*1 *51 


Outside shareholders’ interest ...... 

Preferred stock dividends 

Proportion of preferrence dividend 
accrued (note 3} 


Eartrhtg?. attributable, to ordinary . . ; 
shareholdeirs before- extraordinary 


item 

Ordinary dividends 


35P21 • -• 
31238 


1?5 035 
W 132 


Retained profit before extraordinary 

item 

Extraordinary, item 


,19 7M* 


Retained profit after extraordinary 
atom 


222 9D5 032 


pi-,4 


£23 031 401 


20S 032 465 


217 063CS2 


Number nf shares: 

in issue at end of respective -mosjjoi 222 905032 £-:*2?'>4 532 

periods “ 

- effectively in issue during the £08 032 465 £17 063662 

respective periods 

Earnings t»r ordinary share before. 38.2. S3 3 

extraordinars'item — ( na ^Tr^ 1 . 

Dividends per ordinary share cents __ g25 fci? 

SpeoiAl interim 

Interim ' 

Final ■ 

« SUli , f-r ss 

either the six months ended June ■-« lnrm in .throughout the year and ra oar- 
foT.the reason ttat.tncome does not * in Quarter to March 31. The 

J p«H,d of' “Jn mSS' 31 197, contained two sueh qnartera and the S ,a 
months to -Tune 3D 1977 one such garter necessanly 

2 - 31 ^ f " r " 3 

Lnv estm cuts ° flu^u a tes ' i^n w^^i.ey decisions 
fc > Ce^n^^Suiarly those incurred on prospecting, vary materially from 

<tn 1 ^ 0 e 3 B n ti»e^ Ire cSerii^yM each- 

3. W,th"«Tl m 

e^a^K^vearly i“te»ejj5 lWS^riude an accrual of R1 050 ODD in 
S’ffpSfflSE- for U.n u-rea months. 

4 B^nn number nf shares effectives n issue dun M the uertods. 

5. Particulars nf the Giviup s l.sied S eneral —enis » - “ A t 31 .3 7, 

B%i flssi. 

Market value 753 yn7 6S2 363 713 779 

Book cost — '■ ” 


At 31.3 7S 
EOOO’a 
1996 731 
713 779 


bS'^eholiers- •share 
thereof 


1924 064 


S96 594 


12S2 952 


332 880 


231 740 


1 59i 184 


713 412 


1051212 


For anti on behalf of the Board 


DITIPEND No. 85 ON HIE ®J”J!rt^5^l»3TOu^ndltig March 31 1979 
An interim dividend of 1+ cents a share i ^ beholders registered id the books 
has been declared payable on .Tanuary i- Deceinber 8 197 8 and to persons preseJitins 
of the Corporation at close of ^“ s ^ e W3r ^n^ ^ bearer. A notice regarding pay™t 
coupon No. 90 detached from share t0 bearer will be published in the Press 

of this dividend to holders 0 * ^ ** December 1 1978- _ _ 

by the London secretary on or about uece jjbers Wlll t, e c i ose d from December 9 

The transfer registers ^ warr anLs will be posted from the Johannes- 

to December 22 19*8. both d®- -5 *25 of the Lransfer secretaries on or about .lammiy 11 
hurg and the United K ’ n S, d ? n ‘ °^5 s from th e united Kingdom will receive the United 
1979 Registered sbareho ders paid fro wyg 1 Qf ^ r;md vaIue of their dividends 
Kingdom currency equivalent on Janu_r> - 1 ^ however, elect to be paid id South 
(less appropriate lanes}. . A f. y ftf su t ^ KjSjt £ ^received at the offices of tlie Corporations 
S^^Sw'lTjotaSiMblS, « u. the united Kiusdom on or before December S 

197S The effective rate th e heed 

The dividend is payable subje o^onttii offires 0 f the Corporation’s transfer 
and London offices of the C ^“[ed 52 Marshall Street Johannesburg 2001, 
secretaries Consolidated I Share RegU ittjra ^ street Ashford. Kent TN24 SEQ. 
and Charter Consotidated Limited, ^barter House, ra ^ Qfder of Uie Boav< j 

J. T. Goldfinch, 
Managing Secretary 


London Office: 
40Ho]born Viaduct, 
ECiP 1A.1 


Head Office: 
44 Main Street 

Johannesburg 2001 
-VonemtM’r 24 JP7-? 




Needs clement 


Anglo American Corporation 
of South Africa Limited 


elcuioni has reui.'iincii mi- and hv the ratepayer himself, 

changed hince then at IS. op in _ . , , Tho district councils believe 

the pound of riio aggregate rate- fNCCGS ClCmCHl ’be system is tun com plicated 
able value of ail the douu'.-iie and open tn manipuiatinn bui 

properties m the local auihorily smee 1973-74 ihe distribution ?av lhai short nf a radical 
area in l-'nglnnd and 36p in lhe 0 f ]^ c need- * iemem h» mdivi- re-appraisal ni lhe financing of 
pound in Wales. dual meal autiinritie-, ha< been local aoicrnmom and uarec- 

This lias led lo a situation in determined h; the use uf ment hy all three major local 
which the percentage *»f ihe •-•implicated statist n-al furnmla autcrnnicnt dsio«.-iatinns on this 
overall grant taken by ihe ba.sed on «i-paHcd multiple basis they can n*i alter- 
dnmvsiii- element has fallen regression analycjs. The basic native. 

from 9.3 per cent in 1R75/7K to objective of ilu> form of analysis The metropolitan councils. 
S.8 per cent in I97S/79. Thp js to uti!t f e adual spending as repre-*enitfd by the A.ssocia’.ion 
Association of District Councils surrogate for snmulinc “ need." of ^ietrnpnliian Authorities, 
argues that !ht domestic ele- |.»ical auihonries d«i n*»l simply have in reconi years (together 
inent .should now be phased nut receive a grant bated on how with London 1 benefited most 
and replaced editor hy tax relkT much they .ipi-rul — if n were from the existing formula and 
for domestic rate payments or simply the case that the more while admitting rhe system has 
a “rates allowance" against tax spent the higher the grant there its weaknesses do nor accept 
as suggested hy the Association r.-mtld be no incentive in control there is a liable ;.J tentative. 
in its evidence lo Hie Layfielri expenditure. 1 11 '-lead the re g res- The counties, represented hy 

Committee on local government siun analysis sop|;» to identify the Association of County 
finance. characteristics nf local authori- Councils and traditionally the 

The needs and resource* He- ne>- which are associated with losers under regression analysis, 
umnis in the gram are together greater spend :uu need and !■» are alune in calling for an 
designed to enable local author- ha-e the grant 11 these entirely different distribution 
ities to ]e\y similar rale characteristics. Therefore fol- formula hnsed on the numbers 
poundages for similar standards lowing a survey of artuai in pre-determined " client 
of services The needs element spend ins " spending need xrt'tins which they claim 
is intended lo even mil differ- determined in relation jo social would lie more simple, 
ernes between local authorities and demographo-al factors such Mr. Wain, speaking fnr the 
011 what the'* need to spend as the number «d s«-hoi.i| pupils rl is l riel councils, described the 
because of differences :n th»* «r population <par«r.y regression system as “ an open 

demand lor. or. cos* of provid- There h»v» been objection 1 invitation to Government to 


decide first who should benefil 
from a particular RS(I .-etile- 
nient and then determine which 
formula to u>e." 

Howes er. iieiiher tho districts 
nor the metropriliran authorities 
have boon willing to accept the 
counties' alternative distribu- 
tion formula — or any uf the 
other formulae which have been 
suggested. 

51r. Wain hchetes that unless 
the present distribution system 
is changed it will soon collapse 
under the weight of anomalies. 
Bui he docs accept that unless 
the three main local authority 
association* can agree among 
themselves about an alternative 
tii regression analysis, central 
government will continu*- to 
impose its own ideas amt the 
rale support grant settlement 
will continue to be a political 
font ha II. 

That is noi in say that the 
local authorities have been 
without influence in determin- 
ing grant distribution. Last 
year the Government intro- 
duced a new feature into the 
senleinenl — a safety net to 
M catch ” local authorities which 
stood lo lose grant aid worth a 
2p rate under the regression 
formula adopted. This feature 
is expected in continue this 
year. 

In addition the district 
councils are expecting 'o 
receive an additional bonus 
when the RSG is announced 
today. At preset!! the whole uf 
ihe need' element, including 
that relating to district council 
expenditure. primarily on 
environmental services, is paid 
lo the counties. 


Tiie di-tru'ts argue Ihxi the 
result of this procedure is tb^t 
district rales appear !•* be a 
greater burden mi ratepayers 
than d,i ivuiiiy precepts. 

.Mr. Sh*»re expelled >o an- 
nounce luday. after more lhan 
lg iiiunih-i di-cu-sion and in 
spue of the cuntimung nppu-i- 
limi of tilt* counties, that the 
distrieiN will receive their por- 
tion of the needs element 
directti. The danger is lhai 
depending on the formula used 
for apportioning the needs ele- 
ment to diMnel-. urban rt' s - 
:ricu will tend t*» benefit ai rim 
cipen.-e of ihe more rural areas. 

There 1 - h'lv.c-'-r one* final 
figure in the 'oMtlomrm v-huh 
will have dramatic con-cqumeo? 
on thr actual levels of rate in- 
crea-Cs in April Tins 1 * lhe 
cash limit provision rie.signed 
ti» allow the fntal gran! 10 he 
increased lo take accouni of 
siibsoqueiii pay and price 
changes. If. as m previous 
year?, tins :s -Tt ai a figure- 
“in line with Government pay 
policy" j; will effectively deter- 
mine the level nf pay *etlie- 
menls in the local authority 
sector although lhe Government 
i> known to believe lhat local 
authority balances, said 10 total 
£l.3m. i-<m!d provide extra room 
for manoeuvre. 

li Jiowcver the I oral 

authorities, and nut the Gnvern- 
m»*ni. which finally determine 
1 ho love! of rai** increase. JF 
they feel lhai ihe rash I iron i« 
iiisufficioii! in meet expected 
inflation, rain* could well ri«° 
by ITU 1 iv lhan ihe single figure 
>iiin whirl 1 Mr. Shore i« likely 
to a«k for today. 









• Financial Times. 


APPOINTMENTS 


: Chief Executive 

• London £25,000 plus 


British controlled manufacturing Group, with a 
ltighly impressive growth record, seeks a new 
Chief Executive to assume autonomous control 
of Us profitable expansion in the tuiure. par- 
ticularly in overseas markets. Salary will not be 
less than £25,000 plus matching benefits. 

Candidates, probably 57-50. will have risen to 
general management through the marketing 
function, or if qualified in another discipline will 
have a proven record of successful sales negot- 
iations. This highly demanding job requires a 
combination of powers nf leadership, tact and a 
keen appreciation of industrial practices. There 
is ample finance available to sustain future 

growth. 

For a Taller job description, write f" W.T. Agar. 
John Courtis & Partners Ltd.. Selection Consultants. 
78 Wjgrr.OTC street, London W1H 9 DO. demonstrating 
your relevance briefly but explicitly and quoting 
reference FT/20S0. Replies will be treated in strict 
nonfidercc. 


■,.JC 




FINANCE & MANAGEMENT SERVICES 

for a. company with a household name, part ct a very Urje international' 
group, uk sales embrace consumer and hospital markets. Location South of 
England. 

e sophisticated control and information system is well established. There 
is a divisional marketing structure and multi-plant manufacture. The role 
carries a distinct prospect of general management responsibility later. 

» a professional accountancy qualification is essential and there is a-strong 
preference for consumer products experience, ideally including some 
commercial and data processing management. 

e .\c-e: 35-45. Base salary: about £\ 7 , 500 with good, additional benefits. 

'Write in complete confidence 
to A. Longland as adviser to the company. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANT? 

JO HALL AM STREET * LONDON WjN GDJ 
12 CHARLOTTE SQUARE a - EDINBURGH EH 2 4P-V 


* * • 



c. £6,000 


FacfC'Wt and i?-: r» Jafir'f is cnc 

nf the taitCS* gr^winj s*>r«*C?S in the 

United Kingdom 

Griffin Factor*, Limned — 4 tubsidipry eif 
Midland Bank Limited— is a leader in this 
fiplff, Continued growth Has created the 
need for senior account exec*Jtive>. 

E rpenpnee m fact orms is not neces-*r>_ 
Nit nieces si ii I candidates should he gradual** 
nr have a banking, fipanci.il or Ic-al 
O'nliOeation A minimum of 5 yean relevant 
rrprficnce will be ? distinct advantage 

Our Head Office in Worthing. S"*sc*. will 
be rbc base lor the executive and after 
coroDrehensivr training he/she will hr 
working largely c*n hr./her own initiative. 
This will require the ability to review the 
operations of business"* in differing fi»ld-. 
and negotiate successfully at director level 
with client companies. 

The career offered is a chalknjin- one 
with excellent prospects for promotion. 

As a member ef Midland Bank Group 
rhe Company offers first class conditions 
of service Assistance with relocation 
will be given. 

Applicants aged betwe-n 26-33 are 
invited to write, si vine brief details of 
career and reasons for applying to:— 

Mrs. J. Marshall. 

Personnel Manager. 

GRIFFIN FACTORS LIMITED, 

Griffin House, 

21 Farncomhe Road, Worthing, 

Sussex BN II 2BW. 


Griffin Factors a 
y5 ; Limited ? 

•••• fi jU0SIQi apv OF MIOL A*J rt 0/ir jh ) iui r t fj m 


Major U.S. Financial Instituiion Seeks 

EUROPEAN 
PUBLIC RELATIONS 
DIRECTOR 

Should have several years' prior experience in 
corporate public relations as well as economic and 
financial knowledge. Writing ability an asset. 

Good English a necessity and other European 
languages desirable. Should have solid inter- 
national experience, be willing to l ravel and able 
to work with many nationalities in different 
situations. 

Location: London or Brussels. 

Send curriculum vitae and salary history to 
Box F.lOfiO. Financial Times, 

10, Cannon Street, EC4P 4BY. 


MALAYSIA 

CHIEF ENGINEER (TRAINING) 

Sime Datby Plantations has a vacancy for Chief Engineer (Training). 

The Chief Engineer's main responsibility «3 the training and develop- 
ment of the Company's Engineers. Cralismen and Engineering ;. 
Technicians. The other responsibilities include designing engineering 
training programmes, identification of training needs, evaluation of ! 
training programmes and management of the Company's Engineering 
Training Centre 

Appl ican ts should Hove cx tensive operational experience in.- 

* boilers, diesel engines, steam engines, pumping and hydraulic /. 
equipment. 

* a! I types of workshop machinery 

“ preventive and planned maintenance systems. 

Formal engineering qualifications in inechanicaf or marine engineering 
is desirable but not essential. Applicants however should possess first 
Class Steam Certificate and sufficient practical experience and know- • 
ledge so as to be able to instruct and train others. 

The successful applicant will be appointed initially for three years. ... 
An attractive starting saiar/ which is negotiable wifi be offered. . 
Fringe benefits include free accommodation, annual leave passages, . j 
participation in the Company's provident fund, medical and life 
insurance schemes and education subsidy for children. 

Sime Darby Plantations is one of the world's largest rubber, oil palm 
and cocoa plantations groups. The Company operates several palm oil • 
mills and processing plants wi ih largo engineering facilities. 

If you arc looking for a challenging and rewarding career wi th a group : : 
that takes pride in being a leader in South East Asia then write to us ■ 
today with details of your qualifications and experience. 

AH applications should be addressed to:- 

Th? Director of Manpower, 

Sime Darby Plantations Berhad. .< 

P.O.Box 157. ;-.1 

Kuala Lumpur 01-02, 

MALAYSIA. £Vj 

Preliminary interviews will be arranged in London in early 1979. J 

, ... w 


R, P, MARTIN & CO. 

Limited 

International Money Brokers 
are seeking 

EXPERIENCED DOLLAR 
DEPOSIT DEALERS 

Reply to: 

Personnel Manager 

.16/40 Cole man Street. London EC2R 5 AN 



Major U.S. Financial Institution Seeks 

EUROPEAN PUBLIC RELATIONS DIRECTOR 

Should have several years’ prior 
experience in corporate public relations 
as well as economic and financial 
knowledge. Writing ability an asset. 

Good English a necessity and other 
European languages desirable. Should 
have solid international experience, be 
willing to travel and able to work with 
many nationalities in different situations. 

Location : London or Brussels, 

Send curriculum vitae and, salary to: 

Box A6554. Financial Times 
10 Cannon Street, EC4P 4BY 


GENERAL MANAGER/ 
DIRECTOR DESIGNATE 

J- DAVY 
(RASSNGSTOKE) 
LIMITED 

Large Vauxhall / Bedford / Opel 
dealership requires a General 
Manager ol proven experience 
who is already earning in excess 
of £12.000 per annum and is 
capable of earning appreciably 
more, to expand one of the 
most modern, well-equipped 
dealerships in the UK on a 
profit-sharing basis. 

The candidate will be in the 
35/45 age group and should 
have 5 years' senior financial 
experience in the motor indus- 
try arid possess an intricate 
knowledge of the marketing of 
Safes, Parts and Service opera- 
tions and be capable of reacning 
Group Board level. 

The Group Policy is to give a 
high-quality service to the pub- 
lic and job satisfaction to aJJ 
personnel. 

Apply m confidence to; 

. The Secretary, 
j. Davy Ltd.. 

9, Logan Place, 

Kensington WS 6QW. 


CHRISTIAN AID SEEKS a Quall*vd Deputy 
Accountant. Dulles Include preparation 
ot budget, expenditure control, pre- 
paration Ot management accounts and 
annual accounts- Responsible to Chief 
Accountant. Salary approximately 
US-Sao (including London allowance], 
additional generous children's allow- 
ances. LV», good holiday* OMces at 
privton Pipase apply with Cv lor ion 
description to the Admlnn.trati»e OMh. 
P.0 Sox No. 1. London SWfl BBH 

marked personal and confidential- I 


ART GALLERIES 


AQNfcW GALLERY. 4 1 OI<1 Bond SI... " Lj 
| 01-629 hire. DRAWINGS FOR CHRIST- 
• MAS PRESENTS Until 12 Dec. MOO.-rrl. 
j 9.30-5.30. Thurs. until 7 

IagNEW GALLERIES. 43, Q|g B ond 5U 

l vy.l. 01-6J9 6176 DUTCH AND 
, FLEMISH PICTURES FROM SCOTTISH 
i COLLECTIONS. A loan • exhibition in 
am ol Uic -National Trust 'lor SCOtlano 
Until B December. Entrance .we “Do 
. AM FRAGONARD DRAWINGS It* 
J Orlando Fur low Until tS Decemper 
Mon.-Fn. 9 30-5.30. Thui *. uni' 1 7 

ICQLnaGhi, 14. Old Bond Sbe«- ' Loiwon. 

! W 1. 01-491 740B. PICTURES FROM 

| I HE GRAND TOUP t« NOV -16 Ohec. 

I Mon -Fn 10 00-6.00. Sals. lOOO-lOO 

DAVID CARPIT1 LIMITED, TS Dill'S 
Sri«i. st janm«. SW.1-. SEURAT 
I Paint inqs and Drawl nos. Until T 5 Decern. 
br.r. Mon.-Fri . 10.00-5.0 0- 

G0LOSMJTM> HALL. L(r-‘rr LaBf . E C.3 
■ IOUCH!NL< (rOl.n AND SILVER. 

o 1 1 1 pi I marl's U n lfl iOtn 

►PM K3 SO- 5.30 rtflllv, not Si ll KHV. 

MAAS GALLERY tyh.brWMi ol 
Mjimiij. wraiirD and oRs bj JP* 15* 
WAPP, R.A.. ai 15a. Cli"«rd f'r?S- 
New 6AM Hl«|. W J. MO" -Fn- 10.00 

1 s.oo Until N premier adt h- 

JT. PAUL'S GALLEBT. S ArC.M»Ha Lan«. 

[ E C 4 COP Luesal- Htlll 01-M5 1 5aS9. 

■ Oil and watercolour PainttnOS. 

Framcts arwt UHtamwJ Fine Art Rjojo* 
ductions including sinned Limitetl Edition 
Pri nts. Open 9 0 0-5. 00. Mpn.-Ftl. 

THACKERAY GALLERY, 18 

Kensington Scinare. w B 0. 1 *9?£. * S 6 * * 9 5SS 
JACQUES KUPf ERMANN. U"t‘f 2A N0 * ' 

MALL GALLERIES. Ihi- Mall. SWT. ROyJl 
Miniature 5«lrfv. 80tti Ann. 

Mnn.-Frl 10.00-S 00. Sals- J0 O0-1 M 
Until 1.00 n.m. 0 Pc<- Adm. 20o. I 

BROWSE A OARRY. 19. Cortf S Vj nr ”,n 
John Sdlwav— Circus PicHI"!*- FKJr an 
Adams — Flo w e r Pictures. 


LEGAL NOTICES 


COMrANIA Vt tLcCrtttCIOAD 
DC LA PRDVIWCIA 
DC BUENOS AIRES. LIMITED 
tin Voluntary Liquidation) 

., NON CUM U LA 1 1 VL i**t 

PREFERENCE SHARES OF Cl EACH 
b NON CUMULATIVE r AfTTIOPA TING 
PREFERENCE SHARES Oh £1 EACH I 
ORDINARY SHARES OF £2 EACH 
ORDINARY SHARES OF So EACH 
BEARER SHARE WARRANT 
REPRESENTING ORDINARY SHARES 
OF £2 EACH 

BEARER SHARE WARRANT 
REPRESENTING PARTICIPATING 
PREFERENCE SHARES OF £1 EACH 
REARER BONOS REPRESENTING 5% 
FIRST MORTGAGE GOLD RONDS 
i Holder* or anv of On aAo«r-<wenHanetf 
I mere*, nondi or counons relating merptd 
I 4hou'0 TAKE NOTICE 'hai b* J udq c iii g i.l 
at Mr luclrca Slane ot the Chancery 
□lemon of ‘hr High Court Ol Juttkn in 
England datntt Btfi Fenruary 1078. anil 
made In an Am ion in the m.ittrr ol 
Companla dc £fec|ri«:ldart O'- N P'tmiirij 
rfe Buanrw AiriK. Limited and The Cd<n- 
nanirs A>:t m# « iieridrrt that earfc 
nl thr ah^ye Illicit hfM'n At «H4r*K or 
hnnrtc in thn jhom? named comoany VnuM 

Ik- (r«lra «fi Arr-ol. 

Ar.rnrdimilv -my holder or oatt hnider 
Ol arty tjl th« abO«e-rrcntK|ncU Uv"^, 
hapd*. "T eoupUM wnn wi^naj to maira 
j vtaim I" the Uguiriatian tn rmneo ol 
nevmmt ot any 'aollal. HNitfenil, Intern 1 
lor oilier diMrUiutton hv the abeve-namert 
I rnnrrunv MUST 'Urn* hl-.ibar pntrtlrmern 
on or tw-ror- Jtct pecemher. 1978 bv 
nnnt«m Birnfer Hemlvn. 8. prtrlr 

St- ret. Londoit EC4 A AD A with niiHpn 
partlru'aR. of n«tw* toll name» jnd 
adttrr"»p». the name s of hht 

ncr 'BlKllor fit any! ana hill oartlqiiars 
ot ttie claim being rnatir. in default ot 
! -.aid urtiHtllQn On or bclOro Stst Decom- 
i her. t*J7B. all hpldon and former holders 
of anv or tne atw*e-mnntionrd shores, 
bond'- dr coupons will be excluded item 
the OYnaOi ot any tnrttier distribution In 
the I iauida»ion. 

Dated 24tn Nq-cmber. 1978. 

F. N. HOOGEWeRF, 

K. U. SANNE. 

Joint Liquidators. 

NOIE" inis Nonce should he ignored hv 
en» hnt-«r' -r "irw i-T“-- o« thr 
a hove- mentioned imirKIM whn 

ha? al-n«iv suhmitted iNirtlCulart 
Ot li'i rleim to Rinner Hamlvn 
an" ! a- rwriycd an acknowledge- 
ment thereof. 


This appoinanent is.to strengthen the top raanagen^ieiHtt^ 
a company operating intemationaily in the service iadnstiy. Based, 
on West London, the emphasis is at present on UK,patts.OT£i|^®:^ 
and usa. The company, backed by a very large Brkbh gjo^;^ ' 
expanding fast. . . - • r 

« the task is to develop the business over the ne^.deo3e; Thi^;; 
■will include initialing joint ventures overseas, ; . . : m *' : - ^ 

9 creative ability, a flair for identifying new buaSessT>OTQrt ■ 

tunities and a record, of profit achievement arc ■ essertfiah Saiikf^ 

, i . .. < r 


management leveL A post graduate business' 

experience with- Europe and the United States- 'i!SL\ 

important advantage. ... 

- • ■■ it/ ' • • ^ .'.-‘i ^ .■>' Pt 

« preferred ag£ - 35-45. 5alar> r indicator 
more. - 

; Write in complete confidence 
to PjLR. L indsay as adviser to thecompaiF?: 

TYZACK & PARTNERS- 

■ MANAGEMENT CONStO-TAMTS 

IO HALLAM STREET », LONDON' "Wm. - 

1 2 CHARLOTTE SQUARE EDINBURGH EH 2 


imuiLiaN iimsiMEnr, Su*. ; 
SOCIEOADL DE INVeSTIMENTCb— 
DECRETO LEI No. 1401 

NOTICE OF ANNUAL GENERAL' 
MEsilYG OF 5HAPEHOIOER3 - *•:. 

NOTICE IS HEREBY GIVEN thal tb* 
’erdl An>»*r Me tins ol Ui< 

»'’*.-y-o-:cn qi 3R a 'IliAN IN VEST - 
MENTS S.a. — SOCIEOAJE DE . IN- 
VEStlMENTO. DECRETO LEl NS.' 
H 01 . wli' be treid zt A.-nW*. Rk> 
B-sriC rvq. >38. at» Boor. RlO Co 
j4-*e— » Brisji on w«dnaeuv 2 Rth 
Norymber. 1978. 2.30 O.m lor ttr 

'artsmitq nrarta. 

1. To -eot'.e aid c drawer m 
Dir «!:■■& DtMC. ilKt ACCCuntB tor 
Ife Cc^toin, #ud the iioedeflO- 

ent auditsrs' bp.r-.o" thereon, for 
im »ear ended lOth Sniember. 

1 978. 

2. To -f. era a Bin diridead ol 78- 
dfi cant on ‘.tme »iiare9 ol tha ' 
Canaan* lit issue throughout the 
year ana a " rva-rsta tcmoorls ~ 
a-rremf ;i those issuer, on 13th 


Jsi». 1978: 

5. Ta nee* Haw Oeesenaar to the 

Ai'-rSO-* Cbuic'I M rMbet' 

tne members o' the Advisory 

Center' 

4. To r»-e;tct :ne members a • tire 
A.imid-t|rat>ve Coarnl; 

5 To estaoiish me > emir iteration at 
:ne A.suisorv Ctui-vil. 

6. To establish the 'rmunerabon'ot. 
me Armwnstratir* Counc- 

T To Pfavish the r -munerattofi Ol 
the Poara o« D.reoon 

B. TO autbarire the Director*- to 
esiaonsh the remuneration ol tbe 
Avjrtrrs: 

9. Ta diKuss oOicr wisinets 

Bv Order o> the Board 
Sergra Codtrnho de Meieie* 

Presisen ot th* AaoriMstratlw 
CaunsiiS 

Rig de Janeiro. 9» NoicmDer- 1978. 

Ho'aer* or international Deoositary 
Raceroa .>□»'*> issued Bv Morgan 
Guaranty Trust, Comoi nr ol New York 
wB3 wish ro ha*y She underlying 
Brarilra*. inyestmenls shares voted at 
■‘•c at 3«e meeting must Oeoasir their 
IDR's n-31 Uter than No»ember 24. 
1978 ai a nr oi tne oa«ing agents 

•i!e.i eeigw 

Morgan Gua r int* Trust Comoany pt 
New York, in BruvMrs — Amtnue des 
Arj 55 iQaO Brg»H*K; New York— - 
S3 Wall Street. h*ew York. N.Y. 
10O15; London — 3S Lomoara Street. 
London ECjP 3BH together with 
instructions indTc*tlH8 ltU> Wft the 
shares oe voted or allowing Morgan 
Sua-antv T^ust Comoany o* New York 
to give a fiiscretronarr oro*» to a 
seraait designated b» the Comoaiw. 

The Reoart and Accooits in- the «ear 
ended 50th Sewtember. 1978 are avail- 
able on request at the oBrces of the 
aMie navlnu agents. 

BRAZILIAN INVESTMENTS S.A. 
5QCIEDADE DE IT1YE5TIM ENTO — 
DECRETO LEI No. 1401 

NOTICE OF EXTRAORDINARY 
GENERAL MEETING OF 
SHAREHOLDER ■ 

NOTICE IS HEREBY GIVEN that an 
Extraordinary General Meeting o» 
BRAZILIAN INVESTMENTS 5 -A. — 
SOCIEDADF OE IMVESTIMENTO. 
DECRETO LEI No. 140T. wll 1 be held 
a: Avenida Rio Branco no.- 138. 8th 
floor Rio de Janeiro Br*UI on Wed- 
nesday. 29th November. T978 at 
3.00 D.m. to consider and. '• thought 
otas thr lollowing resolutions 

Revolution 1 : 

THAT the 'allowing oaraoraalts be 
inserted in Article 72. Charter IV Ot 
the Articles o' liKerwallon o' the 

Company 

" Paragraph t — in the case oi vacancy 
or 'emoorary absence among rite 
members o' ri>e A H minntrative 
Conncii a suDiUtulc will be 
"■met or the ■ ■ Wtino members 
on the undcnlandlno that Ihe 
pwfi-sn w«ll be '•ehniieiy tilled 
at the next Annual General 
Meeting, 1 ' 

" Parao- 'ni 3 — tne A»ministrative 
Council will normally mec* 
every 6 onihs but an 

E-traurdinary General Meeting 
m*» be called hv rhr President 
or bv 113 .one mini) the 
members. The nwetmq win be 
n'<slded over ■» the Presloent 
who will lelect one o' the 
members to act as Secretary." 

le^ntrtim 7- 

THAT Article 23. Item q. Cnanier IV 
ol me Articles o> Incorporation ol the 
Comoanr. be neipted and IM the 

following wal'd i no m tufntiiateo 

therc'or- 

" g) lo o*»t oaimon on ckooomK bv 

the Directors — - to the distri- 
bution ol interim dividends and 
n»mem ol bonuses with refer- 
ence to accumulated nrahta or 
nront reserves evlstlng at- the 
prmous nail yearly balance 
sheet date.” 

Resolution J; 

THAT ihe tallowing aarapraoh gw In- 
serted in Article 24. Oiaotrr V of the 
Articles at Incorporation o» U>« 
CMioinv: 

"■ Sole "iragraab— The President ■ o» 
the Advisory Ccmnci win be 
eleCteil hv the '.her mernMn." 
My Oroer at the Board 
Sergio Coutinho de Mcnei<*- 
President oi the Adm'matraUv* 

Council 

Rio ae Janeiro. 

Sib November. 1970 

The above amendments to the Articles 

of Incorporation ot the Company have 

been requested bv Banco Central do 

Brasil. 

Homers ot International Debosttarv 
Receipts ilDR'g) issued by Morgan 
Guaranty Trust Comoany ot New York 
who wish to have the underlying Brazi- 
lian investment* sharps voted at thn 
above meeting mult fleooslt their 
IDR 5 not uter then November 24. 
1978 at any ol the daring agents 
him below: 

Morgan Guaranty Trnst Company Ot 
Ngw Vork. In BrdSMtlS— Avenue riel 
Art* 55. 1040 Brussels: New York- 
25 Wall Street. New York. N.Y. 
10015: London— 33 Lombard Street. 
London EC3P 3BH together with 
instructions indicating the wa* the 
shares be voted or allowing Morgan 
Guaranty Trust Comoany Of New York 
to one a nfscretlonjrv nroiv to ■ 
iyw* Hcalgnjted bw »he Company. 


NOTICE To HOLDERS OF BE ARE P 
DEPOSITARY RECEIPTS (BDRbl IN 
COMMON STOCK OF 
HITACHI. LTD. 


We are oteueo to confirm that copies 
ol the Annual Resort os of March 31, 
1978 and 1977 ot Hitachi, Ud and Con- 
solidated Suhndtaj-ies arc now available 
to BDR HoMun upon Apnikatloo to the 
following conversion aoenu- 

Cinoane Branches in 
Amsrerosm Frankfurt 

Brussels Milan 

Paris 

and at. 

Bkiquc Internationale a Luxembourg 5 . A. 

Luxembourg. 

css I otnu. 

Cttlh*n» n.a 


ANGLO AMERICAN CORPORAMOM 
OF ftHl TM AFRICA LIMITED 

(liKQroorjfed in the ReoubtK oF 
South A in car ■ - 

DIVIDEND No. 99 ON PREFERRED 
STOCK 

Dividend No. 99 Ol three amt cent 
lor tag six moat Ire ending Deientb**- 
31. 1976 has teen declared pavaale On 
February 2 . 197* 10 holders, ol the slv 
per tent cumulative tweferred node-' 
who art registwel in the books ot the 
Corporation at Lnc dose ot bbsloeas.. 
on. December 29. 1979. and ts oer-- 

sons aresenttng cDuDOrr No. ' IOG 

' ae lathed front. * stock warrants to 
bearer A notice regarding oi rmtnt 
Of nut drv.cend. uoon oresentation at." 
coupcm no 100 detartied trom stock, 
warrant- to hearer. wHI be ggnhsMB- 
ln ihe P ess bv the London Secretary ol. 
•tie Caroaration on or about January 
S. 1979. 

The s-ock transler registers and 
registers ol stockhoWers will cw closed 
Irnm December 30. 1978 (o January IZ. . 
1979. bo>h lavs Inclusive, and warrants 
will be posted trom the -Johannesburg 
and United Kingdom. 0 dries . of . the 
irans’c*. secretaries 'on or about 
Fearuary 1. 1979 Registered itock- 
Kclde<y oa>d Irom Ihe United Klngdoto. 
will receive the United Kingdom cur- 
rency equivalent, on January 23. -1979 
of the rano value of their dividends 
ties* apoiopriate taxes). Any ' such 
stockholders may. however, elect bo 04 
oaia in South African currency, arovidea 
mat the ceauest ts- received at theoflices 
ot the Comdrat'on‘s transler secretaries 
on or beiore December 29. 1978. . 

The effective rata or noa-resHAm 
sha'-ri outers' tax R 1 1.0983 mr cent. 

The dtyidend Is payable wniou to 
co d -Hons which can be msoected at 
the head and -London offices - ot . the 
Corporation -and at the oAces ot . th* 
-CorporeMon* transler socretancsr Con- 
solidated .Share Registrars limited. 62 
Marshall Street, johan ne m urg 2001, 
and -Charter ConsoUdtted Limited. 
Charter House. Park Street. Ashtord. 
Kent TN24 6EQ. 

- • Bv Order ol. Ihe Board 

J. T. Gold tt neb 
Managing Secretary 
Head Ooec: London Office: 

44 Mam Street 40 Holborn Viaduct 
Johannesburg 2C0t ' ECTP 1AJ 

Noyetnher. 24. 1978. 


SQC1ETE NAUONALE DBS CHIMtNS 
Ot FC8 FRANCA1S 
S.NLC.F. 

TV& 197t/19B« UA 15.900.000 
NOTICE IS HEREBY GIVEN to bond* 
holders ol the above loan Mat In 
attar dance with the' terms and con- 
ditions ol the loan. S.fac.F. will 
reimburse on March 25. 1979 alt 
outstanding bonds. l-«. UA 1 0.700.000 
as lorlovn: 

<*) the normal annual instalment 
Ot UA 900,000 due March 25. 1979. 
will bo effected Dormant to paragraph 
"Amortissement ' oi the terms end 
conditions at tn* loam 
• (b) the amount outstanding, f.e. 
UA 94)00.000. will he su btect to 
reimbursement in anticipation on 
March 25 1979 at 101.75%- oh the 
nominal amount or. alternatively, mii 
be. purchased srhratety or op the 
market, • ' 1 I”" 

_ Trustee 
FINIMTRU5T S-A. 

UKemboarg 
November 24. 1978 


EUROPbAN DEPOSITARY RtCUPTS 
REPRESENTING COMMON STOCK OF 
HONDA MOTOR CO- LTO. 

. A distribution of S0.Z5B per deposi- 
tary share less any applicable taxes 
wnl be payable on and alter November 
20. 1978 upon presen tail on ot coupon 
-.a 5 at the 0 H 1 .es ol any el the 

following dcoosltaries. 

MORGAN GUARANTY TRUST CY. OP 
NEW YORK; - 

— New york. 15. Brood Street (ADR 
. Section!- 

— Brussels- 35. avenue des Arts. - 
— London. XS. Lombard street. 

Amount payable alter a eoucti on at 
15% Japanese tax; *0.202. 

' Amount odyaule. Jnr deduction or 
30 % Japanese tax: M.190 . 


DA I TV A SEIKO INC- 


HOT ICE TO HOLDERS OP EUROPEAN 
DEPOSITARY RtCEIPTS 


I NOTICE HA5 BEEN GIVEN to Share. 

I holders . ot the Camoen* on 8th November. 
1978 that at a meeting of tne Board- si 
Directors ot the Company held nn 1st. 
Hovombcr . 1978 11 was resolved that die 
Comoanv - shall make' a tree-' dMnteusi 
of Ordinary Shares al Common . Stock O’ 
Nr ui« Y. so each at rn«- rale 01,0.1 
New alt ire. tor nek snare io 5 id- -Hcnoert 
of record as at 51 v Jamiary, l979. 

cortes ol such Notice nu* be. obtained 
irom; — -. ... 

, Bocorf Fleming 5 Co- Limited. . - - 










EUR05EA5 MCURiriCS LIMITED 
4AS- beedemAii street. 

- . . London £C5V 4QT 


• .The pubHc Is advised, that the DEPOSIT 
RECEIPTS numbered Below have bMn car- 
cdled and. Umrdtore. *» UteV .aro no longer 
•ahd the- Com«att»- accePts..-|»o ro s oonslbUlty 
titer ere, 

RECEIPT ..Nos. 1048-48 (fnelufllvei 
-..-1050-57 andtislrei. • 

. .1059-61 tldcluslrei 


GARGqTLt._69 Dean Street. London. W.T. 


CLASSIFIED 
ADVERTISEMENT- 
rates:; ' 


Noretnber. 1878. 


London Deofiaitgrr. 


'.-ROBERT FUMING * CO.-UMTTFD 

- • • Deoosltarv 

London. 

ziu Ntwwnber, ,1978. 


TRANSPARENT PAPER LIMITED 


6.5% CUMULATIVE PREFERENCE 

Tbo dividend to resoert ot - the a bore 
shares lor . Ihe han-year ending* 311T 
December. 1976 U parable on Jlal Decem- 
ber 1578 to members on the rMJuar >> 
5th Oorember 197B- 

By DMer gl the Bawd. 

Pj. MACLEAN. 

Rgditered. omeet - **?!!"*"* 

Bridge Halt Mill*. • - • v 

Burv. Lencaslure- 


par cobtnm 

' ym ' \ ;Hw '-anr 

£ ■ • £ 

GMasKrdBl&iBfintrial .. . 

Prgpeto - ‘ - • • - ■ ■ -Tour 

tta*ttedtiu pnomr • - *jh . . . 

Ap poHttn mabt - . - •„ «9 ■ 14.W- 

Buslnes* & inTBStraent - .. 

oppcmrnniss. Corpomioa • 

. UMnE.fndBeti«i . 

CapacUy.BtnMHMdtr ' 

PbrsawwMtoi sm: ; ma 

EdflcatlanjSrotors c - . ■ 

Contracts 4c Tenders; ' 

Person*!-. Gartrottg. . - 4 M JS.pfr 

RToifiliiTravalT!^ . - .. 

soot .PuMiiaeiB.- . ■ ’ v ■ ■_ ■ ; . . tj». . 

•f v -: 

StSO -pep slnitte colmnti an extra}. -, 
For further dem Us ndw tor- r„- : . 

-Classified Advertiseniest v 

- ' "'flfamigBr/"';-;' : 

T ‘ . 

Cmujod Street, -^C4R-^Kk : 


J ^>1 












1/- — • .. 


Fihanciar Times Friday November 24 197g" 



«BY PAUL CH€ESEftl6HT 

ANGLO AMERICAN, the biggest 
of i, the South African mini dr 
bosses, yesterday indicated that 
ir <wab on course for a buoyant 
fctKncia) year v»hto it announced 
ne{;proHts Tor the si* months la 
SeWeraber of R 103.3m . (£6l.S7*n) 
anf declared an interim dividend 
of jj4 cents f$.3Sp). 

Neither the toral of the net 
profits nor the dividend deelam- 
tioji arc comparable with the 
previous fliiaadal period, because 
Anglo has been channina. its year- 
erijito March. These rarest figures 
anS. the first for a 12 monthi, 
pemod ending ‘ iq March. The 
previous set of figures covered the 
- 13 jyionths to March 1078. 

However, the recent dividend 
’tusfcry of Anglo is for the final 
it» pe double or triple that of the 
interim. In. the 15th months lo 
Match there was an interim of 
UJients. a special interim of 4 23 
ceijts and a final of 23 cents. 
maSine a total of 43,23 cents. 

fji 1975 and 1B7fi. there was m 
eatfi year an interim of $ cents 
an|r a final of 23 cents. 

ifhouid such history be repeated 
Anbio shareholders may expect a 
197P-79 final of up to 42 cent*. 

’5hc relatively high level of not 
i mime m the most recent half- 
year reflect^ the firmness of both 
jh j' diamond and gold markets. 
Go|d and uraninm together with 
(jiflfhonds accounted for 152 per 
ctOw of Anglo's In the financial 
petfhd to last March. 

Althoush the diamond market 
qu^tened in the spring, it was 


quiet at a high level, while fhe 
gold price fluctuated between 
$107 and 3219 an ounce. 

A further 17 por cent of An"to 
Income accrues from imtust.-Ri} 
interests . and during the iIUmi 
recent half year there has bt*-n 
some, recovery ui the South 
African economy. 

Thu combination of these 
ineiors resulted in Anglo's net 
income averaging out ai R17 2in 
a month compared with an aver- 
age of R 15.]lm a month during 
the 15 months to List. March. 

The difference between th:se 
two monthly averages probably 
understates Ihc growth trend :n 
Anglo earnings. The groups 
dividend revenues flow in un- 
evenly, with the tide running 
most strongly In the 7 larch 
quarter. There were two such 
quarters in the abnormal l.» 
months period: but :he best aw W 
be yet to come in 197S-7U 

Thin depends on rhe ntarfcetj. 
There seems. In tie reason to r-»r 
a downturn in diamonds: hut the 
bullion market has dropped 
sharply, remains extremely sensi- 
tive and could drop further 

Over the inn*! recent half year, 
however, the marker value of *he 
group's investment rose 34 per 
cent, from Rl.lKlhn a: the end *1 
March to T?2.B7bh (£1 Ubni at -hr 
end of Sepi ember. Earnings m-r 
share were 3H.5 cent® again;! hU 9 
cents for the preceding *3 
months. Yesterday in London the 
shares rose 5p to 303p. 



Campbell Chibougamau 
sells gold forward 


. (SFmpbell Chibougamau Mine*. 
Which produces copper and cold 
from properties in north west 
.Quebec, is paying increasing 
jtfSBtion ‘ to the gold aspects of 
. operations. writes John 

jtoganJcb from. Toronto. 

_ fit the first- place, It has 
adopted a policy of selling for- 
ward a portion of iig gold out- 
'.put to hedge The period- elapsing 
salween actual production and 
.ftjat; sales. . This will have 
■insiftty) some protection against 
the recent decline in the bullion 
. price, which latterly has been 
-moving around S200 an ounce, 
compared with the peak 3245.125 
. *r the London dose on October 
30. 

' }fean while production is being 
- Kfeferated at the Henderson 
• mjne, where the continuity of 
high grade copper-gold ore zones 

Round-up 

jihareholders of Genera] Min- 
■tag. the Sou.Ui African mining 
- finance house, have agreed to the 
icMlvision of the R2.0 ordinary 
'yrews into live ordinary, each of 
Scents. 

J. ‘ * * * 

Roman Corporation of Toronto. 
Mirii holds 82 per. cent of Deni- 
ten Mines, the Canadian uranium 
, jw&fcer, is io pay a cash divi- 
• • *i i*jp4.o( CSM.U tlTtipi a share from 
'jrp-tTO-paid surplus on hand and 
i:Wl capital .surplus. The move 
‘oEqyvs a similar payment of a 
tperial dividend by Denison. 

- J * * * 

. . Orchan Mines, the Canadian 

e4d-zinc producer in the Nnrauda 
jrt'up, had net earnings in the 
“ fifte months to September of 
3S.Bm f £704^25) against C»J.2m 
njihe same period of 1977. In 
the third quarter mine opera- 
... ions made a ln-s nf CR3«2.000. bur 


at the lower levels has been con- 
firmed. Henderson was. dosed 
between May 1970 and July 1R7B. 
and since then has been operatinji 
on o reduced basts. 

About 7.000 fpet from the Hen- 
derson underground workings, 
there is what Campbell calls “a 
potential high grade gold deposil " 
under Lake Chibougamau and ex- 
ploration is planned. The company 
is also ennsiderins re-onening the 
Gw mini Lake gold property in a 
joint venture. 

9 Helped by higher bullion prices, 
two Canadian gold producers have 
reported higher profits for. The 
first nine months of this year 
Camflo Mines had net income of 
CSS. 5 m (£1.54 ml aeainst CS23m 
in the same period of 1977. while 
Sigma Mines (fjucbec). which is 
controlled by Dome Mines, had 
net income uf C$2. 3 m (il.Olml 
against C$1. 44m. 


Extel keeps 





higher prices on inventory valua- 
tions and the fall of the Cana- 
dian dollar offset the. deficit 
* 

Cyprus Anvil Mining of Van- 
couver will next year undertake 
further drilling al a lead-zinc de- 
posit near its opencast mine at 
Faro, Yukon. Earlier drilling was 
not conclusive enoueh to indicate 
the tonnage of mineralisation 
which could be ' economi'ccHy 
blended with the opencast ore. 
Drifltiia is also planned at a lead- 
zinc deposit near Willison Lake 
in British Columbia. This i> a 
joint venture with Hudson's Bay 
Oil annd Gas. 

MINING BRIEFS 

MOUNT ISA MINE5 — ProdWPon for the 
m-rioa OL-mhor ti itf Aluvwwber is. Lead 
ore ireaivd 200 fill, lunum. i>ro<1iu--d 5.;«n 
tonnes cruel- k-jd and 14.281* tunnel aim- 
.nncciUrau-i, Co pper ore m-an-d MS.S5S 
lotinws orudui-ed IS.W lonnes tiliswr 
coopt-r 


REPORTING prc-ldx profits «i|« 
from II. 1dm to £i.33m Tor the 
dx months m sepiomber 59. 
i UTS, the directors of Exchange 
Telegraph Company (HoIdinRat 
say that. I»,n-r' .g a d<*rri-ior.il:i»n 
in the economic position, they 
expect profits for the full year 
lo exceed the record £2.i2in for 
15177-78. 

First-half earning'! are shonn 
to have risen from B.2p to 9p and 
ihc net inter ira dividend i-> 
slopped up from l.sp in 2 . 0 i:tii. 
There is a supplementary U.ufln 
nn account of la&t year This 
brings, the total for 1977-7$ tn 
4.475p 

Turnover for Hie six mon r !■» 
aniotmied to XI 1.77m f£IO.Kiuii 
and tax fur the period lock 
£535.001) {£450,0001. 

SSAP 15 has been applied tor 
thn^e %uhsidiaries uhiclt van 
ilc-monstrale a eominuing pio- 
gramme or c.ipual-im estmeni i.id 
stock holding. 

Lasl year**, tax charge and 
earnings per .share have been 
adjusted accordingly. 

h is estimated- that the efieet 
of applying thi* new policy i> in 
incre.ist* the “roup’s reseno :if 
\pril I. tii7$ by I2.IGm In £rt 2.»in. 
\ildiiion.-il amounts of deferred 
lax a ould h.ive hi-i-n required fue 
she si\ months under the previous 
aci.-dunling policy, of Xtfa.'HH) 
|£17K.0mil. 

'•'he directors report tnat thr 
Kurrup. Mathicson prlnlm'! group 
pi-rforniL-d well in spite of com- 
lie! ii inn in all She mark els u 
serves and is beginning to show 
the hate fils of some of «hr 
rationalisation m recent year.* 

Liken ise Ruhophone. ihe 
supplier of telephone cnmmuniea- 
nnns systems, added significantly 
to its profits. 

Ston?-PIatt 
switch to 
Rirk»nhead 

By Rhys David 

STONE-PI. ATT INDUSTRIES i.S 
tn move the headquarter), nf its 
SM.tf. Propellers subsidiary 
from London in Birkenhead nn 
Merseyside, creating 30 new 
jol’\ 

The tuntpany which comes 
under Stone Manganese Mnrine. 
the r.urinc division of Sw«ne- 
Plytf. iiliTariv has :i prodiic«ii»n 
unit at Birkenhead prodiirina 
fixed nitrh propellers, and will 
he transferrinc desicn. nia-ket- 


nm and l uinuicjcul fiincliun*- It* 
lli<? site 

The in<>\ i- wil* .nake ti nei-e<- 
jo i v tu recruil dmichuuiict! 
locally. A meuilluruical research 
labnrMorj -.-ill also he trail- 
furred to the area from liu* 
smith 

S.M.M. is the only inanuf:i.'- 
Iiiri-r ”f large projieilers in the 
UK. It ha-j been working beluw 
eapai.it y because uf the roressmii 
in shipbuilding, hut <hc cmiipj t> 
liopiv lliat a recovery will ha»'r 
token place in shipbuilding -’i 
Ihe tune ihe transfer has be-.-n 
eeiupleled. (lussilfly in about two 
years. 

Akroyd and 
Smithers 


tl pd ilj equity book h;,< el-u dune 
belter. The euri-em \ e .1 r ha% al«*u 
•jiiI iifT to a rcjionarde -'tori so 
Akroyd Is msimatninq ns di-. i- 
dend at a cost io rt-ervi-s «:f oter 
‘liuii.uoo. The yield hi 2 uup i-. 
oicr 13 per cent 


at Leigh 


picks up 


AFTER THE halto/ay -rib .-d 
when n 12.2nm derini vas in- 
curred auainsi a £10 41m slinili'.s 
last limr Ahro.id and Smithrr*. 
stock and shurc lulilier. returned 
to prnli lability in ihe -veornl <i\ 
mnnihs tu finish Hie Spnit-mher 
2!t. I!i7$. year v uii a pre-mx profil 
ef Xii.rtm. cimnuicd with ihe pre- 
vious year's £13.31 m 

Turnover. cumpnsmu »he 
■ucgrecrflc value uf >olil harcJio.*. 
imnrmed sliylilly from £2K4!l»n u* 
£27.1Ini and ih“ year’s i-rortt in- 
cluded a iTii.uflo fmli cuntnhu- 
linn from :m a.ssocuic. 

The direcinrs report ihai l rad - 
inu in (hr current year in dale 
ha-J resii I ii-il in a rciurn in a more 
reasonable level or profitability 
com na rod M '*h 1H77-7S. 

After a las credit of £ii'V2m 
i £S 35m charset arisina mainly a- 
a result or the deferral in pre- 
\iou- years of tax rvlinf on ex- 
penfhliir<* ineurred in those year :, 
net prnfiis emerged ai £0.72m 
ac'iisi £7 Hint. 

Staled cat-nines per 23|> share 
rlerlined from SII an lo fi 02p. while 
|H|* dividend T otat is nrtini Mined a« 
Hi 753$ p net. crwrin-J 

(same) with a final of U.TaSbp. 

9 comment 

Mavine been cam: hr hadl.v nn the 
wronc foul in the trill-edged 
market m thp huff year fo March 
—when it Inst £2 26m pre-lax— 
Akrntd smd Smithers h.»s found 
iu tool auain in the /ccond half 
of tiie year. Volume hits been 
nnthine n» shout ahnm. but ihe*i: 
wax plenty of action in rii‘- 
durtnq Akrov«!’s third quarTei 


HltuFlIS und tuiiwoer of l.el^h 
Interests were duu n »l«uhl!y in 
the hair-.vear to S.-ptemlw-r S'*. 
197$. Pre-tax profit^. c-\c!utiiii-4 
associated ■■ompiini*-*. were 
£412.unn. asainsi ,-427.mui. and 
turnmer slipiw-ii from £7.44 m to 
£7 Am. 

The interim dividend i- lifted 
from 1 3p to 1.4,ip — Iasi year's 
total was 3.63p on i> re-las proiils 
of £R80,00fl. 

The director- sir- :hc w.tsle 
treatment and di-ioo-.ai s«|f 
achieved stenilicani prnt,i jirowiii. 
eve«?i»f tor rite • r,,t wr cent-ow ned 
a-'suL-ipted onipany ‘s-.ahlex or 
Thurrock which si.iricd npcr:i- 
tions in February, hits 

Group results held down 

by a lew. saiii'faciun ivr forma on. 
in oilier area- - , principally in dry 

»ra-n- irau spore 

The problems *n dry ca*tc 
Iran -nor t were princit'aliy in non 
subsidiary, rosultuiv m :< [,'x../ii'i 
first half loss. I(a> ■ on.. Ii -at ipn ami 
ri-iirCMni>wition -houid In* coin- 
pie ted in the second liii'f. 

In the w;i-Tc lreatnicni and 
dispo.sal operation.- prulitahi’ity ai 
the i wo Sealnsaff plants .,i 
AlilruL-e ro-c. Sine’ Sepi ember 
they have boon oneratinu :*bu\e 
their rated capacit . .,ml slvns are 
betni! taken io incn-a-e ihe -i/e 
uf the new plonr io meet the hivh 
level of demand. 

Hut increased pmm, in Hu- 
;iri.‘a h:i\c he«»ii off v.*: h> the sub- 
stantial costs re-uliin-j from 
delays in plan nine applii-aiiim 
decisions. Prospects for Ihe yea i 
depend to a ennsqi^ralitc esu-nt 
on the rimine of ihe-e riecisqin-. 

In spite of those diflicuhies 
waste treatment and dis-pos.il 
activities showed a brmit increase 
nr tn per rent. Thi- va> after 
chare me llilcd special cn*L* of 
£144 000 

Motor dealership ai-hic-ed a 17 
per cent profit', incie-se. But 
(luriny ihe second half ihe rvsuiix 
will hp affected by ;he Ford -irikc 
and there may bo third quarter 

lOs-ps, 


TURNOVER of Anderson Siralh- 
clyd«- at £23.raim iur the 20 v.eei s 
tu September -IO. 197$. w:*s 23 
per eont above me 
d-.-prv-vsed level for the sante 
period Ia«( year, wluie ,-re-i:»x 
profit : were lusher a! i l.‘ 2 ltu 
cum pa red with £I.I9m. 

Trading profit, increased -j y |y 
per cent to £1 (Win despite iOss-e-. 
on i-xetiaiice of £1 tu.Oiki incurred 
(jy overseas subs-idiaries. 

The Interim do id end :s offer- 
tivvly raised from 0.$:;3p io Ip 
— the loial last year v,as eu-i il in 
2 35Sp froin pre-tax profit e of 
XJ.'jTiu . 


£ •• S»i.i ■ 

Tunw- ~ - 2!i' r -" 1° .Vi 

Truii.,- priiS; 1 t.JHJ 

fie.-r.-M ’ 

Prafu beta re M> 1.310 1.IS1 

1 .11 

N.-* uri.ll- .... si- 

-.Ir-i.ir.-.u- . — 1 

|:i>. r 111'i.i-nrt •'3 1 ' 

The hie her chareo Tor interest 
partly reflects increased borrow - 
inss to eit.ibk- a build-up uf v.ork- 
iti-prnuress to fulfil a s-Jbsi.mtial 
order from China lor coni- face 
equipmcni. 

During the last six months ~-.ib- 
sirmtial orders for mining 
machinery haw- been obtained in 
r-Miort market' i«:i-a:eiila;-'y from 
th,- US., '■.••n.ula ..nd A u -i mi in. Js 
Mill .'is fra ir, l hilia 

With Hu- order book nt ;• record 
lev el. despite lov. pneke's for some 
vate-iuriej.. Hie upporiunitv re- 
mains make a furihpr a»l\aner 
llii- year. but Hie i»r»nvip:il 
henofils siiould bv fvil tn 'he no\i 
financial year, ihe directors shj. 


tion L'iemem ws»u!'i be more es- 
j.’o:.t'd to eye'ieiti i,:urn- Muie- 
over, lib elAimcd tnsii Ihc con- 
.siriicsion iju.-mcss— involv in" a 
tti iTovcr nf s-nme i'Tiitu year — 
ur,« big enough !•« -:.ind alone. 

•' IVc just deeid'-d not lo do »t." 
Mr. Williams said. " We also noted 
th.it in Lainj’s there was 

more excitement m the market 
before the split went through 
(lion after ” 


Suniey not 
to split 
divisions 


K'-rn.irri Sun ley Invest me nr 
Trnsi will not he loilnu 111-4 i!te 
pi- ill of John Lrnnu ar.i spjii'.mv: 
up iJs prupeny i!ct eloimcfti and 
cv'iislnieiion business into two 
companies 

Yesterday. Mr. B WiMiatii!. the 
company -ecrosarv. -»:*id that ihe 
on.'v rea-on lur dividing :u two 
w ou'.J be if “ one phis on*- 
equalled more than two." After 
di -cusMODy mill the eompan.v’.s 
merchant bank- Kunlev dvci'led 
that ihi- would no f he (he v 
Under the a re sent -uriieuire 
the two Side'* of the company 
“ muHiaily -uroorted each other 
and work iiieoiner" 

lie denied 'h..' the dveisnm 10 
remain mi tied »»:?> f|jo in a fvol- 
inu t*i:u on 11 . 1 ■',! n rh*- i-nn-'nio- 


PRCiFlTS before t.is of Amnlgn- 
nialt-d .Metal Cnrimrulinii rose 
rroni £5.D!im to C7 4:iiii in ihe nine 
month. 1 ! to September ml. l*<7y — 
the profil last vc.ir w js struck 
before exceptional debits of 
ri.Sm. 

The directors :r»c ro-....ii 

‘ hows sifjniliram improvT-m- m 
nvt-r the corn pai-:i period 
voar bur is nn( t-i-rt v-’ed nf ihc 
net level — £2 Hint <f,in.st f2.kT.ni 
— because of hia!"-r Sax and 
niinoniies. 

Turnover "j- iTimn ac.-mst 
£Ml2m. Af'er tax nf £3 $4n» 
Ci’23Smt. e.irninas p..-i- ah.tro arc 
Shown at :52 7|i .-■.•.uii,! 4tp before 
i->::r;»iirdmar.v afiv! exrepUoua! 
iir-nis. 

Tm -smelt in-2 has m.ontomc-il re. 
cord performance mil industrial 
act it dies cimimuc >" improve. :l.e 
ilircclur.s say W in'e physic.'! 
meld! trnrim-2 n-nia’iw adversely 
affected by poor markets, the sub- 
sidiary on the Lentl-w \l'*!at Ex- 
chanuc continue' !“ perform n-l! 

Frtussaij hniils ,-i control ho 2 
interest in the t;roup. 

Bird now 
decides on 
iiouidafion 

The Board or Bird and Company 
(Africa) i* to nrrnv'-e that the 
companv should b*.- wound m> It 
has written to shareholders call- 
in-a for an extraordinary genet si i 
nte*»rfna op December J.5. 

Bird received the In*! instalment 
nf its compenvati.jn from the 
Tanzanian (Jcvernmcnt earlier 
this year. But the “particular 
circumstance' '' of the cumpany 
created problem- with regard to 
liquidation. 


Tho>e have n«»u bten overcome, 
the cutnr.an;.- sa>-. and a “ ^ub- 
stontial" didribuTiiin is 
julieipMi-d shortly afler Hie 
liquidation i« started. Another. 

lin.il itisiri:. niton v»ill be made 
snr.rily after that. 

UK reside 11 1 sb:,; c!-. aiders on the 
Lnndon register can expect !u re- 
ceive or all ol the invest- 

ment currency jirentium on the 
tli-Uri biinon.s. The pay nu-nu. will 
be made t,* .sui-b holder.- in fureixu 
euricney in order m f.icitinue i!ii<. 

The yrnp"*vd lif Midatru-. Air. 
David Hill uf Coopei s ;md 
L> brand. 1.- rc-tolem m .icr-ey. 
P-ird s;i>s: “ ! nur direetoi-s are ■•( 

Hit- view Himi in she company's 
1 ireuni.-i.mce.-. t!:is is Hu- be< 
juri-Jdicuon fru:u hieh to under- 
take the hquid.ir.un ' 

lidterm 
rise for 
vVllSSiici' & 

KEPI iRTINi’i PRIM *.\ innl-is 
ahead from £'il7i'i:b in 
I "i- iht- half y.-.-si !•, Scpu-mb.-r ::u. 
1!I7S. ,.m uiriuivcr nf llti.iTm 

.i^aui'l £2 ":::)). Mr. Lv-ni.n-tl 
Walsh, the clt:n: m.m of Wheeler’* 
Ki-siau ranis, v arns nf <>nn- de- 
e.'inc in ^1 ui- 1I1 r.-ie ilunnj the 
•eeillld -IX )n,illl!l- 

lie explain- Dial ;lie ennipjny 
i- f.iced vs 11I1 an iiicrea--' m vii'is 
«>! its iij-.rc e.'m:i'i»dui‘s .m, 1 
tiielw-ii m.iicrial* ami mHh a 
heavy rise 111 ie?l:n;rani wjyy.. 

N'vverih: less, l.e v. peels the 
fu!l year'- results in >hi>-.-.- ,-n 
excess <n i*r tile !»rc« ions 
when j. re- tax jiroliis were a peak 
I'fi.i2.fi02. ' 

Cun ukii me 1 heir «j<el.'ri-i! 
puhey. : he direel'-rs ar»* currently 
iiesritiatins: for the purchase uf j 
the free ho Id > uf me company x 
Alcme ami Animnc Kevi.rur.ini -. 

Mr. Walsh *ay< he hopes lo i-epurr ■ , 
(iv 1 !u* eurn-n: » c.u'-cikI that" 
these have been acquired 
After la:: of £261 Ffil) ( v 'fif-.riiihi 
and minoruics nf i.i.S-tu ; fi!iui. . . 

available ptTlit- fur the half-year 
ro*e from *T14ri.77‘i io £22fi22u. 

Th* lnio-rm dividend "s..- 
ctToetiv ely lifted from imp 1.1 ‘ . 
1 .5.ip nef per Jnp %fiar. — for if/77- 
1H7S, pay me ms totalled an 

equivalent 4.2ap J 

Results nf ihe emu pan.*'- re- 
mairin? joucmv. which operaien - 1 
an oyster n-*hcrv. :e.->. nm included 
in the si\ mvioth-' tiyiivt- due to 
the seasonal nature of its trade 


B4XK RETURN 

| T'T, v !■„ +-,'i 

,v.„ . '£: . Ufs-. — ■ 

' |T|' J In* »»s-k 

HANklXl. IM-.PAKIMENI 

.1 4 Ml I lilt- £ £ 

"itp'tii • l4..s-,t.'TO 

Mul-. L'.-r. 1 ... “!.71AIV-? t trWV.ni J 

l^s-'ll- 1 1,-| " . l.l'M.M.,L4 

UnnVi-i • 410.IW3.f2I — 4.051.5.' 

Ilk- -si s » V 1 11 [in 1 

X.u. . .. .' SS5 527.^68 V AO. Ifn.lOi 

8.23^774^6 


- ; 

-’-iiuT. isssnui-.-r ;1.7»7.IOf.W8.— P*,74,.i1ui 
%•! < sms -i.V »di*-> ' 

A -us 2 o 2 . 0 lC.lUl-* i3.ra.ffU 

ei*nn-m.| ((Hi! *1 

A. . . .1 16r.f07.r7?- T..^? 

.void 

v>«k 2^6.482— 

2^59.‘i7)>.22& - TSvr-l.ifr 


1$*!| v . 11*1 ti-| 'it v 1 
"£ 


1.1 iDli.uir. 

1 

\i.)«i<wuc .. ow.oiyi. •* eo. Ao.av- 

In v 3.tvsf..j07.Mtt, ■* <i,731.rjt 

In Uni 1 1 ll.dC.43i:-*. 6.IU.-.47I1 

Ai.-Er> ; 

(i..vu M** 1 1 1.016.1'*.' 

Otiin ti.lV 1 . vs- . 7356.7bl.W0 -181.1a0.frc 
'.Mliur f-unui-.'l^b.LU^H' +251.7M).U.i 

rffJ5To:<v:-:i k Hj.ixf.ix>:- 



f . 

r ^ 


Edited by Denys Sutton 


The worSd’s leading 
magazine of 
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34 



ClAL AND COMPANY N KWS 


ft international 


_ . ■ , mtamiiiocat bond issues: for .which- aa /adequate ^swf 31 

The Jist shows 200 latest interna jjoads see the ctomplw'e.iist^ ^ffiralxi^-^ 


AMERICAN NEWS 


exists. For further detaas o£ these or 
on the second Monday of ' each month 



BY STEWART FLEMING IN NEW YORK 


SPURRED BY powerful gains in her >.*nyti. While tlii* a »luu 

i iit* airline, banking and metals gain * *»a«- ye r cv-nli over the 

iiul i^tries. corporate profile bii bu- 1 *: • «t*i*;>nd quarter w ise n S.7 

fie.. 1 peaks in the third quarter, per •- nt GNP eruv/tii and strong 

:ut allowed c'Ji<i panic? ;» 
up product iff n find firitv-i 
2'.; . it C-vi lowed unfulfilled 
■ :;«ns of a third quarter 
- (IceLLte. 

iver. in cmnpiu’-un with 


Gut 

. |nvi't a a$!n;ly. Diivj!i. 

• t‘c< m i.i- 

dor'll-; 

tni* 

is are predicting th. 

it jiu-'i- 

I’U.*’. 1 / 

‘ie.=; 

■ may hive ?«;t-n its bo: r da.- - 


in 

th:- aseirjj t-vonunii 

1 * i-yrio 

jin-ii’. 

tint! 

that it co a Id be j 

year or 


wore lK-fftre profits recover lo 

'•r. 

tin*! 

r current levels. 


III*.- : - 

T 

h;? pe^iintolie view 

m pari 

•MI-' ' 


•lion,* were tiiii expwienc- 


dnponcls on the avmnrjfin:;. 
V\ i despread oubi'Ie the CarU.-r 
\dni;nistr:u:en. llial 1979 v.-iif 
<l-i- a rece ; s!i»n — t.vo quarter® •>( 
n:! real economic growth 
rornorate profit, are partiru- 
■ariy sensitive in the irend n f 
cro^s national product. So much 
dcpenrN un the underivin^ 
::*.®iiniptinn tlwr ih- hijli 
• -ti »_Te=t nile?. c^O'-iated *v ' » ! i 
t.V dollar defence policy, 
a '■•no; i need ar the Sieatmln" 
of ilic ain T ’*:i. •.•.ill produce 
■■ vno.nie siaana'.ijn fur part 

ne\r. :-ear. 

Th'r u'in'-.r-Jv iif privaso econu- 
liiirt » whji d«i not share ♦Iv* 


t,rtr|Mirate proGK continue lo show substantial gains in the 
third quarter of the year. But « variety * J f factors indicate 
that the momentum may prove impossible to maintain 


i., . r-i,... mi cundilioa-. with quarter when real cmwlh is e.\- 

i-arfj : T> is per t-c.U higher on peeled ^tilt to continue around 
i > i r • ii unien-e 


Department data, 
i.n- if factor? Pen i ad ib-i. 
EiiKcr-n^ «-i-;npar;>.r'. was lhai 
siy.c: - .:: industrie*. sice! and 
lii'/ii.b to nariicular. v.‘;<v in The 

du'drr- ii- ln*t year. 

E..i"t ngs art- recover 5 a j:i 
i iiv«v :::d:LiirTMS. alti>ou*j:i profit- 
abi! 1 !’ in terms ■■•i return <*rt 
•* >i!f; low ?u sleet inr ex- 
a.ai:». , - > ard other irtdu?tiie» arc 


r ,11-41 

**ton a**n.upli ,, M. 

nr tho<c 

buiM r.i 

on eariier sai 

ins. Til- 

v!vn 

a raise ;b.»i th»? 

ilirx-ntun 

amino : 

nt!u*iry added 

iwi- 

•Ml 

not coino um;l iHte 3 Hi 9 or 

thirds ri 

*•• in til" !:ile? 

; period 

to*n 

. .;-n *•■ I predt" 

* 

- . - 19' 

77 rofirtl r>r*jfi‘ 

4. IrJo 

■-.r-i 

on: to .'ruflt: _ i" 

i n— -.1 

!v, n- -i^ 

■'pjiii* io*o u;. 

a lino-- 




a i iV !■■'!. 



\- 

! :;•• !-i i • -i* : »i 

i<-rr*i- | »-- 

A ■ :i 

r-.;:i|'--4 rj-e in 

;.-i-ini’ iv.-- 

:>.in' 

iii-:i; »! i : •■ rr 'i-i-f 

,1 ,. ir » 

t ! -. ry. a 

further ;lt>v.'ino in the 


i -» * 0 “ • ;ift^r tr; iV"fl» 4 

e .• Tu.r.; - “ V'j]er:e:i hi; : :i sn 
r-.i'.v • ieiisp-.rill.' ;.djn<i*-d» 

•VlUUOn in I he July tn Sep 


r» .‘n fumrly eomi.en^jiijn 
id'iv. n i'ii 10 per cent i«. 9 per 
C‘. n -.I.*: wren the reennd 
imr-i ‘ ilia fieri » and. of cpur.-c. 


euntinuin" real growth (3.4 per It is, of course, the hi?b cost 
cent in the ihira quarter/ were of borrowing tand the already 
all factors behind the profits heavy burden of debt on coo- 
imur'ivemeut. Frnfit margins suniers and house purchasers in 
:i*«:iin showed a modest improve- particular! which is expected to 
men: compared with the .set-mid turn the economy down, with the 
quarter. weakness heginning in sectors 

Lputine forward, however, like housing and durable con- 
there is little confidence in h- sumer goods, the car industry 
private sector that the current fur example, 
level of profitability can be s us- B U t opinions are divided on 
lained. even in the fourth j USl v .-hcn and how hard the high 

level of interest rates will bite 

into the economy. Some argu- 
tb.il since credit is still readily 
available and it is not clear how 
severely the Federal Reserve 
will restrain credit growth, the 
economic expansion could 
continue for several months. The 
sting in the tail, however, is that 
the result will be worse inflation 
as capacity shortages spread and 
a deeper corrective slump, the 
argument runs. 

For industry as a whole, how* 
ever, more worrying than the 
lemporury downturn they expect 
is the longer term trend evident 
in inflation-adjusted profits 
figures prepared by Citibank. 
These show that in the second 
qu.-irler of this year this profits 
index rose above the third 
quarter 1974 level for the first 
time. In the July to September 
quarter just past the index 
retreated from J59 lo 153. close 
lo Hie 149 reported in 1974. If 
profitability continues to turn 
down, industry's ability to 
finance itself could be further 
eroded. 


t'ne 3.4 per cent level- 

ln part this assumption -s 
based on the better that wiih the 
Carter administration pusbihL' 

it,- price control policy, and. 

more importantly, the ecunumy 
-lowing, price increases will be 
harder to -iocure Inflation, ho’i- 

ever. is exp-JCted to keep push- 
ing up co tf i*-. particularly wage 
COil*. 

Many eo nil tonics, the stores 
and supermarkets group? for 
oxumme. arc already beginning 

10 r,?d th»* i'o?i of higher interest 
raJ u Com i;n it ia I h-nfc prime 
nit*?-; liavr risen ibi< month tu 

11 per cent uK-y averaged 9 per 
■'ent in lh>' ,'L-cend quarter ) al a 
linn; v/hen corn*? rate i."i'a*ur*.'rs 
hat * h'.-cn makiir.’ bivser and 
hSgjer (Ivouniie un their shurt 
term credit (inc-s. 


Weeden to sink 
with Moseley 

By John Wyles 

NEW YORK. Nov. L*:J. 


EUROBONDS 

Quiet day for markets 


r.rRDESKU 

\>\ in > m m nj flnan- 

THE 

•.-:.i! ]•»*-*•-. 

U\i;don ;mij Co.. 

'«•;••• 

<irn- uf 'hi* 

• ii-.i*l eoniiMi er-?; •.'. 

d"iia 

•-.■•: jr:l.e/ linn- :n liio IS. iu* 

j-V-i ■<! in i merger w;l!t :h. j 
K.i -'.in-I.-'-.-H Mr»-.'.i*v ll.iil jjrten 

Ml 

an.; E'ta’ii'int 

; Oirpfiraiion. 

■Meed 


The merger wili brio 4 ly an 
su iie 5fl ;.ears uf indeycn- 
desii one rations for Wevden. 
v ho?e lim ing the pa«; 

’ en q'.ur , .'.*r> t'i'.al more linn 
!.i recent .'firs. I he eom- 
: *3 ny ha> ->eeri m frequent 
vjoll.c’ .‘-iili ih? Ncv York 
Sl-r-'k E\ehan?e liie leadm.* 
>l".!ler in tile r’l-.Mliud “third 
iiiarkef ” tVeedenN .*ver-*!i' - 
cuiinDT de-jling in NYSE 1: *••?•! 
nO.'cI-.n br-i:i.'h; ireq.ion; eriti- 
•-■i-fii Imi.'i ;|’o Ev 'Sun.'*? 

; fin' it vu-i undermining 
f h" integri!;. » r Hie primary 
.-cc-iritse' lU-irkei. 

W-.-eilmi --i-irred In ran into 
; -ou-fbvi •• ale*'- wiih >h** j n*»'i- 
• on in May. 1973. .«f fr.ed 
•.li'.'O'o er:ir.—? on iranqictien^ 
1 -..‘ii 10 u,n- 


BY FRANCIS GHU-ES 

n-e’-naljunal ijonil iiigrkcts 
ery quiet ;.e.-lc*rda' . In ;hu 
-evtor price* ••••re mixed 
ry thin 1 rad in a vhil* 
h* 1 - mark price? were 
■n fairlv aciive bn si ness. 

T.V? DM 40Um tVnr.Al Ban? 
i®*ue ha* been priced :»> 9 p‘ 7.1 
yield ^.3- per cent with indicated 
cnndMinn* r.iher-vi*e um-hanged 
by the 'ead 111 imager Deutsene 
B:mk. iiitai:hi Shipmiilriing ;;:•* 
been vriced at nar to \ield 7.7.» 


Simpsons 

bid query 

By Our Financial Staff 


MR. O. ALLAN BURTON', the 
chaiiman of Simpsons Lid., the 
Tnrnnto-based department store 
chain at present facing a .SSofm 
bid from Hudson's Bay Company. 
?uid that ** no Simpson? share* 
:neni for South African Raliwtiy*; holder can properly assess " the 


nor cent with conditions other- 
wise unchanged Uy the lead 
manager U'estdeutsche Lande-- 
'.>3 nk. 

Meaiwhiie. the private jilaee- 


and Harbours was priced at 99 . 
fo yieid 7.S1 per cent by BHF 
Bank. 

The next bond on the calendar 
m the DM seetur is expected next 
Monday fur Oesierreiehiscbe 
Kp" ' in 1 1 bank through Deutsche 
Bank. 


Conagra sues Cargli 

BY OUR FINANCIAL STAFF 


OiN \t\Vx.\ HAS ..ut! 

Cargill, the C.S grain cum •any. 
:is weii a* against Cargill Iluld- 
ings. a -ubsidiasv. and ciwtain 
-'ockhniriers of ^IBJ’NL. 'he N.'rf 
Oii.ce->mg coneern. charging 
vintefinns of federal s.-curi'!**? 
, V‘-; •■Pd fivlerr*! and man* .inn- 


trust lavs. 

Last week Cargill hid ^7 5n 
01 buy MBPXL but Couagra *aj* 
:t had a pruu- and definitive 
sigreer.icn: with MBPXL tu a pro- 
posed lender by Conagra Tor 
(h»* cumpaoj at siT a share, sub- 
ie.q m sinekhnider approval. 


hid without knowing whether 
Lhe 40 ner cent stake in Simp- 
son s-Sears at Dresent held by 
Simpsons would be sold, and if 
?o. for how much. 

Mr. Burton revealed that 
under a 1952 agreement between 
Simpsons and Sear? FneoucK of 
’he U.S.. setting up SiniUsT'ns- 
Svars. either oarty imust offer the 
rr.her first call on anv Sinnsnns- 
S-gars share® it want* j 0 soil and 
at an agreed price 

The directors of S nr.ijnns hrve 
said that when " major uncer- 
tainties - surrounding the Bir 
hid are resolved, then they will 
make a reeamnienUminn tu share- 
holder*. 

As ii 1 October 4. book vn'u^ 
r’sfi :'fi a shar». compared 
with the Bay bid o/f-*r of C^S.27 

:• share. 


Brazil to 
limit inflow 
of foreign 
capital 

By Diana Smith 
RIO DE J?YXE1R0 ; Nov. 23. 
THE Brazilian Government 
has announced a package of 
anti-inflation measures which 
Hill restrict the inflow of 
foreign capital iu order to 
prevent the economy from 
overheating next year. 

The National. Monetary 
Council has decreed that the' 
repayment terras on foreign 
currency loans taken by State- 
run or private enterprises 
which receive Government 
guarantees for the credits 
oitm be' raised from the 
current minimum of five years 
to eight years. 

If this does not hold the 
influx of foreign loans to a 
maximum of approximately 
S300iu a month — a new target 
to allow more effective control 
of the money supply — the 
Government has indicated that 
it will demand a tight celling 
on interest rates payable on 
such loans. 

The new measures reverse 
the recent official practice of 
favouring foreign syndicated 
loans as a means of- building 
up Brazil’s foreign currency 
reserves. 

According to the council, 
Brazil's reserves increased by 
S3bn this year (to an esti- 
mated Sllbn). raising the 
money supply by 36 per cent 
since January*. 

To offset this, the Govern- 
ment In July froze cruzeiro 
conversions of foreign loans 
Tor 30. 120 and 150 days. 

Now. to prevent a SI bn 
expansion in (ho money s apply 
before the end of this year, the 
council will allow the gradual 
release of frozen rands In three 
separate tranches, with 30 days 
between the firs! and second 
and 60 days between the 
second and third. 

The Government has also 
declared a temporary restric- 
tion on loans granted by the 
Bank of Brazil, the semi -State 
institution responsible for the 

majority of subsidised credits 
to small businesses and 
farmers. 

Several bankruptcies are 
likely next year, since small- 
aitd ' media m-si7ed Brazilian 
businesses are under- 
capitalised and heavily reliant 
on loans. Interest rates charged 
by banks to large companies 
now run at about 55 per cent 
annually and are Ukely to 
Increase next year. 

To prevent overheating of 
the economy In J979. the 
Government has also an- 
nounced limitations nu budgets 
of Ihe Slate-run enterprises. 


U £. DOUAB 
STRAIGHTS 

laoeff 

Change ■« 
BU oiler (toy w«* 

.tsa Met. 8. 55 — 

as 

95t 95i 

-0i 

-Oi 


._ .. 175 

1975 98 

+0i 


.instraia 31 TO 

_ . . » 

m: ms 

+Bj 

+01 


1B0 

9K V95S 

. 0 

—01 

C-C.1. Si s; 

••50 - 

t9C 941' -Hli 

+01 

CECA 5 TO ' 

. as 

97i 971 

c 

+04 

CECA i: SS 

„... 25 

985 : 99 

+81 

+0J 

CNT R S:t 

75 

96J : «| 

—01 


Carat 1 .* *1 *3 . ... 

259 

951 96* 

0 

-01 

Canada AiG 55 

250 

95? 

0 


Cinada > m , PS 

-259 

945 951 

—01 

-Bi 

r-iaada.9yi . 

429 

99j -IBS* 

0 

-01 

?aiada K K 

55B 

IDBi JBM 

-01 


Cwadair « s- 

.... n 

9Si S5i 

-01 

+01 

ncimiulwi STtdSI: Co. 

Sfl 25 

« t m 

0 

0 

KTR f : FS 

.. .. KM 

■m 973 

O 

j-m 

®»r ?5 

. .... 125 

1974 mr 

-01 

*01 

E!3 Pi- « 

. un 

9M 99t 

G 

+01 

rftvapi Jur.^r.d ? . 

25 

95. ,958 

-21 

-01 

E'-TOorrSr.ins 9 W . 

.... SO 

964 973 

-0i 

+03 

”ia!acd *t TO 

198 

♦971 9S 

-Oi 

+0S 

riclaui s >? 

109 

m 97i 


0 

r.ivpiil! n s s P ... 

... . 39 

95 961 

0 

+ 01 


YE ft STRAIGHTS 




I’“! rtaan cn s: .-* .. .. 2 S M -Ml — Oi -t-Oi 

riel PJKfKF <*'■ «* 20 sat S25 0 +®s 

.t, c. Pi'.tut ««■!.... un wj’: m g t 

Mac Rio."**-: ?■ S* SB m m D +IK 

' VY Jtiv. r:n. a -k h -01 

%'Z D-v. F>. =; jf. 30 wi -0| +01 

; X3f. ’.Vc« « *s _ 75 *l7i -S 7 J 0 + 0 * 

-/f S' 9f| » ' 97J S8t 0 -Hi; 

Inv. »*. -Ji Js 25 ijk _o* -0| 

F«m"t. »l 9s 75 TO *&? -J-01 +o: 

, Vonw “ S3 S3-. W .OdK-Oi -Oi 

Vorvjy r. *3 159 *U ' «* + 8 i -fOi 

, >Vddsirt4l S' P? W VH, Q 

On!. Hi-rtm ST S3 32S S5t S5I -Oi -01 

OUk-S-'c Htrfro 91 03 -. ... £3 9B1- " W 0 el 

S**^ d *\ 9i XZ5 M81 OH -i-Oi +W 

nr a; S5 -.ter o +Di 

CK Si 93 .. ISO., m 9B +0y # 


9.« 

SJ1 

9J8 

9JW 

9JM 

SJ9 

9J8 

9.tt 

9J0 

•IJT 

9.41 
9J0 
l.ffl 
7.74 

10.25 

9J50 

1SS 

Mi 

U.H 

«LW 

9.72 

10JB9 

10.71 

UJS 

9.19 

1.M 

sja 

i.« 

9-» 
9.52 
AM- 
9 M 
1152 
9.tt 
9.M 
■57 

9.42 
1J7 


~§St 



Eumjfima 62-Mi .-.'J.l 20 .ViOB • ■fattrV 

Fiulanr 6.7 89- : 2t ; i22w?0- 

Oslo, city Ut-tt 98 TA* 

SSCF 6-8 .38: ; 

Sweden 6.3 


, . ,i «r> . 

OTHER STRAIGHTS -ORVT ^».>«*k'¥Wd 

Rank o-s-Hokt n;- a? ..i 

Auto Cote Baso. 7'M'EUA 16 '96n '-97S’<4«i V-JB'-yTM 
oipcnhasen 7 8p KUA : ... ^ .53'; . *« ;■«? 



COpenhaPUl 7 «t BOA- ... ' . w* ^6- 3Y-- 

Finland lad. Bk. 7 WEUA -.JA . TH ; TU [ZtKfWrtfas. 
Kornm.- fnsL fi M-JE17A...\ K. ' W .'S54. H-TA 5 T 

Panama. Si 63 EUA .’20 ; -.9H.V W >tt? 

SDR Francr. f'Sa. Etl.A ...: 22 . 071. -OSS .-rfSk.riWs.jlja 
.vtsdmow Bk. Bt 93- FI .'.-""75 ‘.-B "3S 

Rrazll :• « Ft: ... .....I.. • 75 ^ 

•:fe Me Vico 7J S3 T! .^.1 . 7S .Wt -TH fT'E^-rOi^.iSO 
Em r r S3 n 

Neder. MKtdenb. 83 Fr-'3S. s WV;59ri VKC'--a^f» 
.Vnr Zealand ^ -St FI • -ii-. '• -r 

.Sirray ^ « Ft ■•.-.r --W -og; -y jrWi-aia 

HFB .«:'S5' ^FI '7f Bt: T“^ ‘ 



Swedish?.- EHr.5 SSiatFr-MO-.^WS 
ctdeorp fl^s -Pm. •- 

Finaow for lnL-1»JHt.V-'3Rh i '<tK , -'^P- 

c.jatemtr H3if bv aSJ - sa“-=-*t .saCc 

' ,'J^xa 


DEUTSCHE MARK 

STRAIGHTS 

: AraeTSrna □ 5S ... 

i Asian Dc-nunj. Bt. 3; iS 

. .venralia E - 1 .* 

si **•» 

Eackamorica 37 M 
. r^rjf.. Er. Alwrie -- K» 
rEC.\ -: «* 

Canada. 4' 5.* 

• n«4> y: ashman o S 5 ss 
' I—. WV 

. Comas - 2 -slMJiif Tr‘. SW 5» 
‘ Coae-esaaen C *r fi 90 .. 
: OwsrD of Europe 01... 

.Em 6 W - 

| Elf Aqattahh: iii »» 

! r-ub>lMiia f *4 .. . 

j Kob*. cirr of f : v 

; L!rt' S, rC jcs ii E3a. 

1 

! *.!iiFTrt!?^i P?rm 53 
i XIpmo St^-d Si $* 

. Nantes Roxn E M 
; Norway 4i SI 


timed 

in ' 

190 


. Oioiweon 

Rid Offer day week Yield 



«1 951 

♦93i- 931 
256 -Hflo* mu 
3* . 90 nt 
150 99- .99* 

100 B§ « 

ISO 17T m 

«» m . vi 

M0 1BU 7 JOK 

100 fIBS UTi 

10D «Ut- 03; 

T3 9M.;j9M 

w m 9* 
300 942 : 

100 93« Ml 

MO ,e9fc. «S 
1U . we- 971 
ion uk mi 
158 ' 97* . 97J 

joo 9s; '.«i 

S3 _. • TOO tlMl m» 

— - MO lOCl Ml! 

WO - 931 ep 
» N W 



?.'Orv*mnr: Ini. PA. t. iW... X25 W -W4 
! PesrnlM RmrC 7 ss ....... no ■ « 

“■Jlbplires «l «i 1» 9H. « 

; ?K Rankrn S r . :5 20ft S&. 942 

. Owtvw. Prorin*!®! of fi SO 
■ 7^alr»roa;■ , :: Or 3.' ?S ... 

Hlcob 3- !=1 

Susia a « '_ 

s-zion c ss . . — 

TmrthFim. C;^ - of 5; ... 

1 l“PS Cnra? 31 K . 

. Vtcitraela 6: W 


SWISS FRAHC 

: STRAIGHTS taued Bid Offer 

Act sa 3i S3 <* IB _ 1DI 

ACiv.-n: Tunnel 4 92 *0 90 9B1 

-.IR.* 3i X «■ »I *J. 

: Ciasc MarhaliaE 4 93 70^1032 MU 

! CVRD 41 M Sf ,-W «i 

, r'lDiC!! nf Europe *; B 200 2001 

: rtin<33ic.--i':a s; 06- - -982 9JJ 

RNPE 3 r* . 75 993 108i 

'Dtccmrk 4' 9-7 30*. M0- 1«1 

P'lsnrf-Mortis* fit. ... rj m 3M1 

< F.rr, R2 UQ .981 9»i 

Eurs:um 4! TO - « W 975 

! p L. sro-1-ti 4 : «» » MP 1001 

< -■ 'u««d 4 «r: n 5 } 150 , 

: nzo 4 - to in - 2°*J ic3i 

U 25 

• -r fp. xv w » ik 151 

\Jr.lsvtf* If TO tt. S' W1 

•' v.> i-n ‘13 1 TO „. a »1 5 

New SrA-.«rid! EPC 2J~ 20* W . «4 

*»•?: : r 70 97 97^ 

Norew Romm 4i M 1.1 991 M0, 

•"iKE 4 TO B *92 2®* 

\-S.;’.3 5 TO R a 132* 

sif.. ;-gs R Ml IK 

■9isdv*k 4 TO - «s 100 M3i 

; 5p« v • ss is lflOi 100 j 

. Vnrv-MBir- J* W 200 M01 10K 

! '-.jn’Vr-j Kraft - TO » TOi 9« 

: V-nny t TO MO 99 99J 

Wndd Each ti TO. HO- 100 M 0 I 


— Oi 
-01 
->■01 
*2.1 
+« 
0 

4-01 

+01 

-81 

+1 

0 

-Oi 

-01 

-2i 

0 

+0J 

0 

+0* 

-01 

+0i 

0 

+01 

-01 

0 

+01 

0 

-01 

+01 


-01 

0 

- 0 : 

+2 

-01 

-O’ 

-01 

0 

-05 

+01 

0 

-01 

-01 

-31 

-01 

+01 

-0i 

+1 

0 

-Oi 

-M 

-OS 
— *■ 
-Oi 
-01 
-« 
-01 
0 


7.2« 
6.43 
5-86 
5.96 
5.31 
9.07 
6JI5 
.5-29 
5.79 
2.H 
5.79 
653 
6.46 
6.67 
652 
SJ1 
7AS 
5J4 
7ja 
b XL 
554 
559 
6J9 
5.29 
6JU 
7A2 
7.63 
6-63 


. Jf.lETO-'it': ... . . - 

Hanoi*? Wonas MSJ.’Ba^ - **: -'-fK.-i-aR- 15JM .4 "•WA8 
Rq. Ext. tr.«A.4M^lM» i :0K-L --9H-‘«a.:^/fc,- : 9*VM7 
Bqnc. Ea. ivort-tea. 

Bqoe. Jndo ct SWE«3f.'^rttr, ..IB-^'Wi^ZSjDt.'CK; -..1S3 

Hq. InL ATT. CWC. M6S U3. .411 - j :9fit .JB JJft /fl* * ‘^tS 
CCCE M35J 56 9K.-.V.5' f.’ifZ ^ J IATt L -9J0 

CCF Mat 63 . - ;0l-- --VI •'■ 

Chase Man. 0-5 M3t-93 .. ‘■tit: ,;2l»*:-dd*e?«x- 

f'w*i4<r »T*,hnnnt ^ »\.V ■*- 


rrodft National 'Mai «r ^ 

Goiabanken M6 » v -r Oi Wl' - - 
rsWfca^valtaia-MSJ. Sro- - ~ ^ -B 1 im --9a£:. 4 .XkX. 
UubU&nska M7.7S SS ’r. .• tr. ~ 96fe.- 

t.TCB. Japan M5V W — ^Ram®J8iWW' , 1 
Mldtand InU, US M- . ' TU - - -«-.o -«T 72072- . .9ACN%9 
Nat West-'MH -» .i.:. -T~ ttv U»AUB 

Nipoon -CrwHt M53.SS ,v ; 1 

fTKB SIS* S8 •• U 9w;:-9K. -»25 >M«-A0<ia 

otmibre Mmlng 66. • . wi : _ 9tJ - . -SOI Wi 

SFTE M8 «»■-: — u ... «*.-:■ 98* -*81 - • 

Siandard Ctan.^GS-0£.f./« t ».«?■»»■ - 

SundsvaQsbarflvn; M6 Ti-;- t&.J ..9gfr-- : gt- . r , <fi*.. • 

ErtL Overseas Bit. M)S-S5f ttt .. ,"f 

con vERTitajs" ' 77' cli’ .' 

BONDS - - .date price . Btdr. OH«r. da^AboHi) 

“SS w « ~ V7s' : -6a y arm^So' 

BatbT lflt Fin. « » » •- V» ■£5‘A3fc~!& *£r 

boob €1 »"»iv 2-iro Mi «•©• 


SOWN 


150 


■964 

+01 

-01 

6.50 -- 

50V 

• W 

«U 

+01 

—01 

6-66 . 

30 

IMS! 

am 

+01 

0 

5-12 . i 

280 

96f 

« i 

0 

+01 

6-50 j 

ISO 

996 

995 

-01 

-01 

6-OB ) 

35 

9 « 

952 

+0i 

0 

6.44 

V 

. ser 

.973 

0 

-01 

bM 1 

150 

9S 

943 

— 01 

-oi 

» i 


Chaos* s« 


day 

week 

Yield 

+o: 

-i 

4A2 

+8i 

—17 

4.16 

+01 

-2i 

4.44 

+1 

—2 

3.91 

-01 

-a 

5J4 

+01 

—IS 

4X7 

+0', 

— 2i 

3.84 

+04 

— OI 

5J» 

+0i 

-26 

AJtl 

+01 

-3} 

4-36 

+01 

-2 

4J9 

+»i 

-4 

4.51 

+Bi 

-as 

4jt7 

+1 

-14 

AJU 

+ 0i 

-13 

4.45 

+1 

-24 

4.02 

-01 

-11 

4JA 

-01 

-12 

4.95 

+ 61 

-21 

4.11 

+ lit 

—21 

4^0 

+01 

— 2i 

4J6 

+U 

-21 

4.-28 

0 

-u 

4.81 

+0i 

0 , 

4.74 

+01 

-0i 

4.18 

*01 

-» 

3.97 

+81 

-w 

4.4J 

-0/ 

-11 

4.45 

-Oi 

-14 

4.88 

-Oi 

-l 

4A7 

+W 

-It • 

4.23 


Texas Mt. Air. 7* W .V ... 4/79 X45 
TTioru Int FhL 7 OS-... ; 13 /21 

Tyro lot. Fin. Si S8- 9/73 JX 

Tyco iflt. tin. 3 « 5/7S. &5 

AsaW Optical « DBr :.v5W|. ® 
Casio Como. 3 { S3 -DM. - -U/78 S41 


37^- 

IR j 964 ^* ^1.99 
M: V .351 V+8L 3SA3. 
72 

m- 9<a‘ .-«t.afl58 
2 -lB« .“S*. i'AM 


Uamlya 31 HR IiMV 1V» ,969 ; . l&SI .IBB . - : 

KonishirotCH St SS DM im + «V «T; . 

Maroflal Food 3? DM - 2/79 J*g .- • 

MUMIA Man- 3V » DM ~W7t 

Nippon Air. 55 88 DM uXim •• 5* *&2‘ ‘ T 

Nippon Stenpan 3J-DVi 8/78 1 138 2S9| -t-Of-Haf? ' 

xTsan DldwtSl 88 DM - Vj* «? ■ - 2? S, V 7'S 4 ‘'JiS' 
niynipus Optical SI R PU 2/19 - 7®*. • ,97 -r- ,‘W • 

66 nu.'Z „1ME 611 . „10» 



Stanley El«mc 34 PM.-.. 11/78 l® . 
Trio- Kenwood 31 Sff DVL-41/7* -7ZL r ; 


■«T;' 


-Kenwood 31 8ff DU-JO/n -;7n. - ■■'94'. -;.95i; ftJjjKB .- c; ; 

a No arortnatiOT aYalairte-^w^^ : 

-^Only one. market tauter jhipp&sH afdtto* - 

r-k* n— 1 «- nrkf. «lr.U l n ^ho- »aM f A MrdaWnT&m JiV'vbn' ' 


Straight - Bonds; Tht L ifeftt Is Tbe > yield:- tO/it+dcaiMlw -ot'du 
’• mid-price; did : amount.- issued is .in eaJHiwi of^eorrener v - 
bums except for* Yefr-bafidB.'vhtre ft is JB. Wirwus^a^jKo,.. r . 
on wt?ek=Ghau3c over ortee- a- week, earlhrr.. 4 
'Floattos Rata nous: D emnuln atetf to- did law ■ 08 l'?r-. 

. wise iKdJcatPd. ' M-Mlutamm cmtiknC.; '■ 

; coupon nemnes'MfpctftT. Spread -MafRUHabow A^aemh ". . 

4rtfered ritti for VS. doDara. -C.cWf^T^icurrtWr'.ootoiffl; 

, c.ykl “The current- y*W. -' i".? L '' 

Couvedlblo bonds; Denominated ip daBar^m&ST 'attofajulaa"; • " 
tndlcataL- Chs. day=CbimBo an-das-. Cno.'dateaFirsi^ipn . 

' far eoDvetsten into- shares.; -taw. prtws=NimihiaI-«MBfed «r 
bond- per Aare txpreqsoi to. mrmey^f share 0 t tObtur - . ' 

; id on- rate fixed afr Issue. - Frwn^FeEceiKftiMUtTO^T . 

current effective -price' «f acquiring sbares yte t(K.$t!iid - . 
ever, the most rcocht price of " the shares. 1 -. ,/ r - : r_‘ . . 

• _ " n * x ' r---‘ • ~Li: -*<ri - 

r etTho 6-ma»tai: TiiiM« ttfU - : 'XB^- : RcptadacUtt'rij^ttNe‘ 
or to part j n any form " not .Krruitted- ulUwtti.iafSn!*'^ - 
"iMnacnc.- 'Data supplied;- by inictBnndiBerrlces.^ . ■ . 



mes 


The successful performance of 
Henderson High Income Trust and 
Cabot Extra Income Trust which 
concentrate on smaller companies has 
prompred Henderson Administranon 
to launch Henderson Smaller 
Companies Exempt Trust. 

The new Trust is specially designed 
to enable wholly exempt pension funds* 
superannuation funds and charities to 
invest in a spread of companies which, 
by virtue of size, would not normally 
qualify for investment in a single 
portfolio. 

Henderson have wide experience in 
managing high income trusts and have 
developed extensive knowledge and 
experience covering smaller companies 
in the UK. Investment will therefore 
be largely concentrated into companies 


■with a market capitalisation of less 
than £20 xn. 

The portfolio will contain 
investments in well-managed 
companies with sound earnings records 
and evidence of continuing growth. 
There will be a place also for emergent 
growth companies. The estimated 
starting gross yield of the Trust is 7% 
and it is anticipated that the nature of 
the Trust will assure a generally higher 
than average yield and a pattern of 
improving income distributions. 

An investment in this Trust should be 
regarded as long-term. Dealings in 
units of the Trust take place daily. 

For further details contact Colin Day, 
Henderson Administration Limited/ 

1 1 Austin Friars, London, EC2N 2ED. 
Telephone: 01-588 3622. 




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*-»•**» 


JESEHNAHONAL MMNCIAfc AND -COMPAN* 


JWTCH COMPLIES | Banque 




BY CHARLES BATCHELOR 

_ J5>LEi, t ..t3io Dutch-German <;terl 
\ tjppufr, announced its first pre* 

’ ...(es profit “for two .years in . the 
''*i6Jrtr quarter- bf 1978.' This 
. , jippCovem.cn t . was. encouraging. 

; Wii is ton »*nriy .. tn draw 
. "bpltrnistic- conclusions for . the 
./•fourth end subsequent quarters/ 
.•Jf'r. Jan * Hogg laud l. managing 
I 3j£ard fh airman. told- a press 
. 'conference. 

•rjEStbl rpgarrts.thc future with 
,,v./?very reserved optimism." Mr. 
Ijjfcins Salbaeh. vice-chairman, 

■^ji' The company's . own cost- 
i’^ou-lbg proghmrme and 
'^Seiurures taken by Uic EEC 
Jjgeata that Lbe wur»t. is now 
* -tfser. for the steel division. A 

t ther slight improvement can 
expected : In 1879, prnwrieri 
. . Wets’ are no new upsets in the 
VTbhlf ’of an energy crisis or 
•.'currency disturbances. 

;'?::jTfcc steel processing division 
-ifcfeo Aspects ro benefit from the 
jjinlam in the vehicle and con- 
^njtraa industries, but only, the 
• :»5e« ■ weeks and months will 
‘-^bw 'whether the present 
,/jptprovc merit is temporary or 
ipermsinent. Mr. Solbach .said. 
*J?.Estel made a pre-tax profit of 
[l^gT 5.3m f$2.52m) in the third 
.s.^TS- quarter, compared with a 
FI’ 130.7m in tbe same 
laiermd of 1977. The InKUas 
-nSsull Showed a profit of 
*' 95.6m against a loss of 
■§&:' ETJm. ■ EsicJ has not an- 
^jntj-hced net figures for the past 
Jaw-ebl. quarters because of the 
:faff&calty nr calculating the tax 
i.PgfrdTt on loss-making activities. 


Sa.'ci in the quarter Lrose to 
Ff -S.GSbn ($r.271*n; Irum 
Ft *j.48bn in 1977. 

Eatel continued jn tire rod ai 
the -pre-tax level tn.ihe finsi'ninc 
muntlu ai a whole, uiakin;? j 
loss Alt’ FI 131.5m-r7tbouj!h tins 
was. sharply .down ..an . the 
FI 354.3m loss last year.. The 
trading result showed . a profit 
»f FI 107-tiiii against a ,'Io-^s oT 
FI ISO. Ini. Turnover, row tu 
FI Sbn front FI ?:6t>n.*'-'* • 

Estel made a loss on minority 


holdings in the third quarter 

afier a sharp decline in profits 
in the preceding quarter*. 
Kescrvalinns for lax on Estd’s 
profitable operations may exceed 
the credits available on the loss 
makers, ihc company saut. 

The result of the steel division 
improved due to higher volume 
sales and the consequent 
greater use of capacity. Eslo! 
manufactured’ O.ttm tons of 
rotted steel products in ihe tirsi 
nine months, an increase of 9 


ABN forming new fund 

BY- OUR OWW ; CORRESPONDENT AMSTERDAM, Nov. 23. 


ALGEMENE Bank Nederland 
(ABN > plans to set up u new 
open-ended investment company 
which will put its funds into 
fixed-interest securities, pri- 
marily those denominated .in 
guilders. The new company. 
Algemecn Rentcfahds Antillen 
AJrema will be llsiod on the 
Amsterdam Stock Exchange. 

'ABN has created 399.990 Ordi- 
nary share*, and 10 prioriiy 
shares with a nominal value; of 
FI 50/ These shares have been 
Indeed with Ihc ABN at FI 100 
per share. The* Ordinary shares- 
will be traded nn the Stock Ex- 
change and new shares can be 
iwied as needed The autlirv 
rised capital is FI lQOm but this 
may be increased if necessary. 

‘ The distribution policy will be 


aimcii tn give shareholders the 
fiscally most advantageous form 
or dividend. The annual cash 
payment will he accompanied by 
a stock dividend which will be 
lax free for private Dutch in- 
vestors. The new company will 
be domiciled m Willemstad. 
Curacao, where it will he 
managed by ABN’.s local irusi 
company. 

Investment advice will he pro- 
vided hy Mec* en Hope Manage- 
ment nf Switzerland. 

ABN wil luITer participants in 
tts house fund, ihe ABN-Rcnte- 
i ,f iol. the opportunity to ex 
clidngw their shares for those uf 
A/renra. The Rcntcpouf. which 
h:is assets of more than FI 40m 
*oii be dissolved in December if 
enough participants agree to (lie 
exchange. 


NIJMEGEN. Nov 23. 

per cent on 1977. Tins reflected 
a slight improvement in the 
world steel market and a sharp, 
im-reuxe in sales with non-EEC* 
countries,. The Dutch plant also 
bDUkud suRic considerable 1 
incidental order* 

Sales tn tbi- li.S. fell 10 per; 
cent tn RUO.OOU ions this year] 
and Estel is seriously concerned 1 
about the imparl of higher iric-< 
ger prices cspeeied next year. . 
The steel processing division's ; 
result was mudi less favourable j 
in the first nine months, largely 
heeaiise Estel applied EEC. 
price*, to internal deliveries. 

The decline m the dollar also: 
encouraged .increased imports : 
into the EEC. The trading divi- 
sion had diflu-ully in passing nn, 
higher prices to customers while 
in Ihe diversification division • 
the aluminium sector position j 
was unsatisfactory. Esiel's two- j 
year cost-cutting programme lias’ 
already had a marked effect and* 
almost half the euthacks have! 
been achieved after only nine; 
months. 

Estel expect* tn invest FI 55»- 
to P’l fiOOm in 1978 and may 
spend even more next year. This ; 
is much lower than tile annual : 
averace of FI 790m in the period: 
1974-77 though. 

it would not lie practical for 
Estel tu transfer orders from 
Germany to its Dutch plant if 
fh«* German tnelxl workers sdrike 
goes ahead a« planned. Cus- 
tomers may decide to place more ; 
orders in HuM-ind rather Than, 
Germany though. 





MROWN BOVERI 

M 

ll;-: 

.Star 

'IfHfl DECISION nf the Swiss- 
-S»,sed.. .cnsmeeribK concern 
'6prok7i Boveri in create a special 
■Iltfdrtb .American group marks a 
jgffther step in tlie company’s 

■ rpojicy' of- building up its pojiiinn 
-®^hc , United States ^nd 

■ {Canada. New ventures on the 
. rtfih. -market in particular had 

heralded, by board presi- 
dent Franz Luterbaclier in May. 
i development made increasingly 
3 &i?ssary by difficulties involved 
iji'-tbe. export or plant from such 
ftftrd ’ currency countries as 
^itzcrland and Germany. 

^.The Brown Bnveri undertaking 
p'^lready very much nf a multi- 
fetibnal. While the parent corn- 
j«oy’; BBC AG Brnwn Bnveri & 
felt; is Switzerland's' third big- 
corporation and. with a 1977 
jftirnpver of SwFr 2.1hn. tbe 
felling Swiss machine-builder. 

56 per cent owned German 
Affiliate — Brown Boven & Cie. 
AG in Mannheim— bad sales of 
3.83bn last year and thus 
ed a more important role in 
, group. The third major 
ip-wit&in-a-griiup is that «f 
Freocb Cie. Electrn- 
amque (CEM), whrt^e 1977 
;prnriter totalled FFr 2.121m. 

Even these substantial sums 
Bo not add up to the group sales 
fetal- of SwFr 8.19hn f*4.73bn) 
ntcrirdcd last year. Actual prn- 
Hnction takes place in no less 
Jban 25 other countries, too. 

E ng them the United King* 
.■where the group has n stake 
usi over half in the 168.8m- 
jeaerneering company Brown 
®oVeri Kent, of Lufnn. and owns 
she London-based British Brown 
riBflveri Ltd. 

■There hart already been a con- 
'lovable expansion nf the scope 
Brown Bnveri Corr>or3!ion. of 
t' ’Bru/i'nvick. New Jersey, 
jwce . the Swiss group head- 


across the Atlantic 


BY JOHN WICKS IN ZURICH 


quarters had given up a certain 
caution with regard in American 
maoufacluring activities. 

The existing U.S. subsidiary, 
ivhoseturnover first passed the 
8100m mark last year, took over 
the gas turbines division of the 
Turbodyne Corporation (a Stude- 
bakcr Worthington company) at 





* 


venture was set up in the field to unsatisfactory profitability, 
nf equipment fnr the iran.sini.sstun Like the U.S. operation, the 
and disrribullnn «r eienricitj' Canadian subsidiary now moves 
with the American concern from “ Brown Bnveri Interna- 
Gnnld tne., which contributed its linnal ” to the North American 
8200m electrical systems division Group, to start working under 
to ihp new company Gnuld- its own managing director on 
Brnwn Boveri. Licences will l»e January 1. 
provided by the Swiss partner. 'ph? stress on boosting foreign 
— sales, especially in the power- 

station equipment field, and 
obviating tbo difficulties of ex- 
ports from the European Con- 
tinent lias also just led to an 
ambitious project in South 
Korea. By 19Sfi this country is 
planning the creation of no 
fewer than 40 new power 
Brown Bnveri’s moves to slations and hy the pnd of the 

strengthen it* North American century some .43 nuclear power 
streogtnen its mortn American 5tat j ons a i 0 ne are foreseen. 

activities, reflecting the according to the Zurich news- 

problems of operating from paper Neue Zucrclier Zeitung- 

hard currency Switzerland. This is the reason for the 

■ wereherulded In »la ? by board JJl ~ 

president Franz Euler- Industries concern of Daewoo 


... bacher (left) 


Franz Lotcrbacher 


Electric Company. This is to 
manufacture • complete steam 
turbo-groups . under Brown 
Boveri licence for oil-fired ami 
nuclear power-stations. In the 
next three years a 8130m plant 
is to be built in the Chang Wong 
industrial zone after actual pro- 
duction begins in existing Dae- 
woo group installations. Brown 


the end of 1977 after Brown 
Boveri-bceosed equipment bad 
been built in its factories for 
years. Capacities of the SL 
Cloud. Minnesota, plant of the 
SSOiiira-year. division, now re- 
named Brown Boveri Turbo- 
machinery. are being expanded. 
Also last year, a joint-venture 
production unit was set up 
together, with Ceramic Magnetics 
tinder the mime of Brown Boveri- 
■Rccnraa'in Fairfield; New Jersey 
Two further developments were 
announced this August. A joint 



A few days later, the acquisition Boveri was very gratified last 
was announced of the Control year by Dm srnn ilng of onten 
System Industries division (CSIj for three 

or Life Corporation of Mass a- gates for the Ulsan thennal 
chusetts. The Santa Clara, Cali- power station— a 
fornia pl'nt hu ASSin turnover. 

B^c«p W b h ^,i lle . B K in S “' iter - 

C$360m contract from Ontario ,aDQ * 

Hydro in September for six 

steam turbine agcTcgates. lurn- e 

over of Brown. Boveri ’Canada InVPrSIOflCS OI 
Ltd., of Pointe Claire. - had v 

already doubled over 1977— Kvrlc- 

at though translation losses led^, ran3DIH OIU!!) 

for Schuler 

ZURICH. Nov. 23. 
THE Panama holding company 
Sociedad de Inversiooes Con- 
tinente SA, which has participa- 
(ion in the intornatinnat textile 
industry, intends lo take over 
the Swiss spinning plant Schuler, 
of Rneli. The existing owner. or 
the plant A EE is currently 
involved in bankruptcy proceed- 
ings. The Panama company is 
expected lo make a purchase 
offer for the plant, and expand 
its output with the investment 
of new funds. 

The Indian company Birla 
international had rented the 
premises but has decided not lo 
extend the contract over the end 
of this year in view of the SFr 
exchange rate. 

• The Swiss manufacturer of 
fire-protection products, Cerberus 
AG. of Maennenrtorf. announces 
that it plans to start production 
activities in the U.S.. and the 
acquisition of a smull-to medium- 
sized American company is ex- 
pected. Cerberus’ exports to the 
U.S. market have been worth 
several million dulars a > ear. 


Jc-nii'.i.'i'V": 


Healey & ^»aker 

20 St G« oryr St rv«H. Ha no vfi r S re . 

London VV1A 3BC ^ ^ OV629 0292 


1 ■ S.PABTNERS 

II* %rv rZ'tri 17:J>IY 

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Lambert 

upsurge 

By Our Financial Staff 

A DRAMATIC Increase in 
profits and hii i-ffvttiirly higher 
dhldcnd were announced 
jesterday b> the m-coihI largest 
hank Id Belgium. Banque 
Bruxelles Lambert. 

For the six niunths ended 
last September, the hank has 
emerged with profits of 
BFr 1.53tm <$30.5m> before tax 
and depreciation, and pro- 
poses to pa> a iliiiilcm] of 
BFr 41) compared tn the 
BFr 72 paid Tor (lie whole or 
the previous year. 

Tbe bank did not produce 
half year figures in T977-7S. and 
the latest piece of accounting 
is Ihe result of a change of 
(inane la I year from March to 
September. But hy halving last 
year's profits it is clear that 
BBL has produced a striking 
upsurge tu earnings. 

At the pre-tax and deprecia- 
tion level, growth nn a com- 
parative basis extends to a full 
70 per rent. Analysts in 
Brussels had been expecting an 
increase of a fifth at Uic most 
In line with the way Belgian 
hank lending and deposits hail 
beef] expanding. 

Net profits nf BB1. Tor ihe 
half year totalled BFr 13 1.4 in. 
up 22.9 per cent from half of 
the net earnings reported for 
the full year 1977-7R. or BFrs. 
2.if.l5nt. The bank paid no tax 
Iasi year. 

Compared with » year ago. 
RRL's balance sltecl rose 21.5 
per cent tu BFr 52ii.lhn on 
September 3fi. 


Salzgitter more optimistic 
as group losses 



SALZGITTER. the Stale-owned 
West German steel company with 
major shipbuilding interests, 
hopes tu halve its group net 
losses in the current financial 
year, having reduced them by 
more than a quarter la DM70m 
(.836m) in 1977-7S. 

Describing last year's result 
as unsatisfatnnry. Hans Birn- 
baum. the chairniun of the 
supervisory Board said none 
The less that the bottom of the 
earnings trough had been 
reached. 

He blamed the cuniinumg 
steel crisis and the intense 
competition in the industry, 
especially frnni the Far East, fur 
the luck of improvement during 
1977-78. 

Salr-gincr’b steel activities had 
their worst ever quarter in the 
last three months of 1977. Herr 
Birnhuum said. The industry- 
now showed s’gn.s of recovery, 
but It was uncertain whether 
this was the prelude to a long- 
term improvement or merely a 
short-term reaction lo liie EEC 
measures designed To cumb3l 
the steel crisis. 

The group’s total turnover last 
year — the financial period runs 
io September 30 — was DMS.Tbn. 
against DMS.3hn. .As in 197S-77. 
it will offset its losses by draw- 
ing the money from reserves. 
Salza : tK*r is capitalised at 
DM423 m. 


The steelmaking subsidiary. 
Siablwerke Peine-SaLzgitier, pro- 
duced a provisional net loss uf 
DM 150m. down from DMlSGm. 
on turnover of around DM2.25bn. 

The shipbuilding company. 
Howaldlswerkc- Deutsche Wcrft, 
was able io break even by cover- 
ing its unstated losses front 
reserves. HDWs turnover 
amounted to DM1.5hn. 

Herr Bimbaum said that the 
EEC measures drawn up by Vis- 
count Etienne Davignon. the 
Industry CoinmUsioner. provided 
only a breathing space in which 
tn reduce capacity and moder- 
nise plant. But Salzgitter was 
wet! on ihe way tu cutting its 
own crude steel production capa- 
city in the medium term to be- 
tween 4m and 4.5m tonnes a year 
from 7nt. 

The Peine Salzgitter sub- 
sidiary produced 3.S7in tonnes 
of crude steel in 1977-7S against 
3.75m in 1976-77. while rolled 
steel nut put was 3.2im against 
3.03m. he said. 

At present. European steel- 
makers were operating at an 
average capacity utilisation rate 
nf 65 per cent, reckoned Herr 
Bimbaum. who pul the figure at 
a slightly lower 62 per cent back 
in April. 

As for the HDW shipbuilding 
division, which is 75 per cent 
owned by Salzgitter. competition 
in this sector remained tough. 
The order position had become 


HANOVER. No. 23. 

serious, he added, with barely 
enough business to last up to the 
end of 1979. 

Accordingly, the group plans 
to reduce HDWs workforce by 

l. 500 from around 5.000 in Ham- 
burg and by 500 front around 
3.0fK) in Kiel as part of a three- 
year raltnnalisatinn plan. 

Salzsitier's other divisions, in- 
cluding the energy subsidiary. 
Deutsche Svhachtbau- und Tief- 
hnhr-Gesellschaft. ail made 
profits, lie added, without giving 
figures. 

The group’s fixed capital in- 
vestment m 197S-79 should 
remain around the DM 3Wim 
level recorded in I977-7S. which 
was a third lower than the 
previous year. 

Ernst Pieper. ihe deputy 
management Board chairman, 
said that the group’s DM 133m 
purchase of a *-’3 per cent stake 
in Sachs AG took a • heavy mil 
on reserves and there were no 
short-term plans for further 
acquisitions, either in Sachs or 
any other company. 

Hr* said the link with Sachs, 
in which Britain’s GKN vwi.» un- 
able to buy :• majority stake, 
would aid Salzgiltcr’s own plans 
to create an up-to-date. more, 
diversified company structure. 

This would involve synthetic 

m. -irerinis research. environ- 

mental technoloaj. and large 
plant construction, he added. 
Reuter 


French banks 
lift capital 

T.VKIS. Nov. 23. 
UNION de Basques Arab** ct 
Francaiscs (GBAF# has in- 
iucrcasc Us capital tu FFr 
25 Am from FFr fuflm hy issu- 
ing cash shares of FFr l.liUO 
par value. UBAFs main share- 
holder is UBA(' Nederland 
B.Y. — a wholly-owned subsi- 
diary of UBAC Curacao Y. 
— with a 60 per cent interest. 
Credit Lyonnais has a 30 per 
cent stake. 

Meanwhile. Banque Lihann- 
Francaise (France), a unit of 
the Suez group, intends to in- 
crease its cal plat to FFr 13m 
from FFr him through Use 
incorporation of reserves. Fol- 
lowing this operation, the bank 
will Increase its capital by a 
farther FFrs.5m by i^uing 
now cash shares on a one-for- 
tisree basis. 

AP-DJ 


Schering purchase seen 
as major U.S. move 


BY LESLIE COLITT 

THE LATEST acquisition by 
St-hering or West Berlin — the 
purchase of the chemicals pro- 
ducts division of Ashland Oil fur 
some S60m — looks to be a major 
attempt by the German pharma- 
ceuticals and chemicals group to 
expand in the U.S. 

Turnover of the Ashland divi- 
sion last year totalled SI 10m 
which means that, in terms of 
safes at least, ii is far larger 
j than ihe two odier wholly-owned 
Schering companies tn tlie U.S. 

Before the second world war 
Sehcrins was heavily involved in 
the American market hut its 
asset* were impounded by the 
U.S. Government and the 
American company was 
integrated into Schering Plough 
! Pharmaceuticals. German 


BERLIN. Nuv. 23. 

Schering, based in Wcsl Berlin, 
had tu start all over again m the 
U.S. 

Ashland Oil Inc. tn Ashland. 
Kentucky, says Ihe transfer (o 
Schering will be completed by 
January 1979. The chemical pro- 
ducts division has some 5UU 
employees and i> described as 
one of the leading companies in 
lubrication ehemislry. Produc- 
tion consists largely of fatty 
adds and their derivatives 
which are used to produce wash- 
ing powder, varnish, plastics and 
cosine Lise. 

The largest of the chemical 
products division factories is in 
Mapleton, minors, with other 
plants in Janesville, Wisconsin 
and Oakland, California. 

Tlie company says it is still 
interested in further U.S. acquisi- 
tions 


Philipp 
Holzmann 
orders up 


FRANKFURT. Nov 23 
PHILIPP HOLZMANN. one of 
West Germany’s two largest con- 
struction companies said that it*= 
order inflow in the 12 monih* to 
September 30 reached DM 6.231m 
($5.24bn). more than 41.4 per 
cent higher than the preceding 
j ear. 

Boosted by a heavy Saudi 
Arabian order, the foreign inflow 
jumped by 49.1 per cent In 
DM 4.7Sbn in the period, while 
the domestic order inflow rose 
20.8 per cent to DM 1.46bn. 

Foreign business increased in 
the first nine months of 1978 in 
reach 56 per cent of Holzmann ’s 
total contracts. 

Building production in the first 
threequarters of 1978 reached 
DM 2.Sbh. up 20.7 per cent. 
Foreign production rose sharply 
by 41.3 per cent jp the first nine 
months to DM 1.56bn. 

AP-DJ 




,£ j one of tns leading banks *n Southwest Germany, Badische 
r o^tmunale Landesbank has !h* resources and ifexibility lo 
select the most suitable financing alternatives lor ils clients. 

Aiie-f more lhan 60 >ears of naming our skills lo meet ihe 
demands for iie/'biiiiy of German and international companies 
ar home and abroad, v.'e olfer a lull range oi streamlined 
services lor financing international trade. For example - short 
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V/e ope rale wholly-owned subsidiaries in Luxembourg and 
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Fonailieritrg und Finanr AG .n Zurich adds rurir.er dimension?, 
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We are a regional universal bank, headquartered in Mannheim 
(with lolal assets ot DM 16.4 bilkonl. As central bank ol 69 
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Telephone - {0621) 4581 


BADISCHE 

KOMMUNALE LANDESBANK 
G1ROZENTFIALE 





■jftr* 




6 






36 



AL FINANCIAL AM) 


17 vm\! 


' Cr •'.•<> 






Another sale 



Air-India 
carries 
over 1m 


ACC proposes massive 






Nippon Miniature Bearing . U 
conglomerate 

exporting from Japan wouKf "k ^ter 

cease to pay. Now it empIoys~2^ W^eisiia 
Singapore, and mayempioyt^iee’l^^ni^ifeer 
in a year or - -r 



BY OUR FINANCIAL STAFF 


HAW PAH BROTHERS Inter- 
national, of Sinqapore. has an- 
nounced another major sale of 
investment — its 31.78 per cent 
stake in Island and Peninsula 
Development, to Tradewinds 
i Malaysia) for S$30.51m 
(SUS13.6m J. 

The profit before expenses on 
the sale is put at about S$l4.5m 
over the current book value. It 
will be used to reduce group 
debt, pending re-investment. 
Haw Par said last night. 

Th».- 9.5m shares in Island and 
Peninsula now heiny sold are 
priced al SS3.H1 each— compared 
with the lait traded price on ihe 
Singapore Stock Exchance be- 
fore the announcement of SxiI.RO. 
The necessary consents f<»r the 
sale. Haw Par announced, had 
been obtained. 

The sale fMlows Haw Par’s dis- 
posal. announced in Auaust, of 
the greater part of its 16.5 per 
cent stake in Cheung Kong Hold- 
ings. the Hon? Kong properi: - 

i!rv<?Innincm company. for 
S$fiF.S6m. Haw Par retained a 5 
p«*r cent interest under the sale 
agreement with Mr. Li Hashing. 


chairman of Cheung Kong. ! 

Other recent developments at \ 
Hav.- Par have seen the resicna- 
jjyn. in Julj. of the iomoany'5- 
chief executive. Mr. George 1 
Ma;ntt>. because of policy' 
differences, and the acquisition ; 
r.f a 'ignificant stake in the eom-i 


passengers 


BY R. C. MURTHY 


BOMBAY, TCov. 23. 


By K. K. S harms 


pany by the United Overseas 
Bank croup, of Singapore. 


Jn the first half of 1P7S. the 
Haw Par -/roup sustained :i net; 
lost <>f S$975.00», against a profit i 
of S>-$Jni in the six months in ; 
June. 1977. For the whole nf] 
1977. it cut its net loss in. 
SKU- 1 *!*- from S-S4S-2in in 1976. 1 

l 

© II?.-.- Par hu~ announced Ibat 
rj-rKirm-t Investment. Haw Pari 
prnne'iie* cHonckons*. Ormonde! 
lnv-«;i!ients. Swift Investments.! 
Empire Manufacturers, and Haw 1 
P'ir Pharma veuiirals Inter- 1 
naiimu-: are being liquidated to i 

corpora »e structure. 
Xfi.ics of iv. o subsidiaries ..re 
bei.v: encored: Cobra Inve-t- 
r.K-nt* to Dynast;. Salons .md l 
livn--" Mann fact urine >u Man-: 
le\ 1:: terns liona! Tradin’ Com- ( 


Advance at Chemical Malaysia 


CHEMICAL COMPANY -*f 1: ‘r uu-reasin? iis annual d;vi- 

M .-VLASTA iCCMi. in which TCI ritnd fn.-in 42.5 ner cent 10 50: 
void of com panics has an in- per c,in: - _ ! 

torest. h-ti reported □ 29 per Fr**-t!.x profits rnsc from 20,5rt ( 
coni imnrovemcnt in pre-tax nn:;;;? __ to 26.4m rinqyit j 

prefits for the financial year i-^L'.S.l i Srn although profii*; 

ending September, write? Woug after tsx and depreciation was I 

Sulonz from Kuala Lumpur. ” only Wfrn rinseil. I 


NEW DELHI. Nov. 25. 
AIR-INDIA, the Government 
owned international airline, 
made record profit.* and carried 
more than a millioit passengers 
Tor the first time in 1977-7S. it 
was announced here today. 
•Net . profits, at Rs 284.50m 
fa bout $.70m> rose by more 
than GO per cent from previous 
year’s Rs 175.9m, 

With 1. 04m passengers car- 
ried during the financial 
year, the growth in traffic 
registered was a per cent. 

There was also a substantial 
increase in Foreign exchange 
earnings, the net figure rising 

to Rs fi92.9m from Rs 443.7m, 
More mail was carried, yielding 
Rs 53-3.>m. for a gain of Rs 
6.6m. 

The total rapital provided 
hv the Government to Air- 
India remained at Rs 0684Sm 
oir March 31. divided equally 
between equity and loan. 
Because of the satisfactory 
financial position, the loan of 
S2m taken from the Stale Bank 
of India, New York, to meet 
the foreign exchange costs of 
mortification to Boeing 747 air- 
craft was repaid during the 
year, earlier than scheduled. 

Air-Iiidia’s chairman Is Air 
Marshal P. C. Lai who 3lso 
heals the domestic Indian Air- 
lines. He replaced Sir. J. R. D. 
Tam. chairman of the Tala 
group of companies earlier this 
year in a controversial move. 


ASSOCIATED CEMENT Com- 
panies < ACC / proposes lu under- 
take a Rs l.abn (SlSQmr 
j investment plan. Lt is the largest 
I cement company in the country 
; with an installed capacity of 
jT.lin tonnes. Its subsidiary. ACC- 
1 Ysckers-Babcock t.WB). produces 

• cement atul other heavy machln- 
: ery. ACC proposes to add 2m 
‘tonnes additional capacity over 
'■the next three years hv esmand- 
; in? three eristic? cement plants 

■ and by setting up a new one at an 
altogether new location at the 
Himalayan foothills. 

The company is introducing in- 
to the country the sophisticated 
preen lei na tor technology, arrange- 
. nienis for which are made with a 
1 -Japanese company. A single 
: plant of Ira tonnes based on this 
j technology is to be set up at its 
f Wadi works to secure economies 
I of scale. 

! The one-third capacity increase 
. ’ritiiin three years of ih:s 42-yea r- 
i old company is possible, because 
; of a change in the Government's 
policy, encouraging expansion in 
) the cement industry. Carina! cost* 
; have more than -dnubU'd after the 

■ world oil price rise and the return 
i on inrestment in the cement in- 
dustry is low because of ojficial 

• price controls. The Government 
! has now agreed to j I. 1 '.'■■■■ a 12 per 
: cent post-tax return on net worth, 
i Restrictions on "large" business 
‘bouses, defined ns hyiinu fixed 

assets of more than Rs ’-00m, are 
: relaxed to allow* investment in 
; cement with a view to bridging 
the wide gap between supply and 
demand. 



rXH. y-"** 




BY CHARLES SMITH 




The attack on the cement short- cement plants. ACC could not' 
age is two-pronged. In view of the exploit the spurt in demand for 
long gestation period, the govern- _ cement last year. Us eeraent out- 
went is encouraging the establish- put rose marginally, by 4o,uy0 
meat of what it calls mini-cement tonnes to 6.44ni tonnes in the 
plants (30 torme?-per-day capa- year ecaed July. It had to con-j 
city by small entrepreneurs. This teed with constraipls such as 
fits in with the Janata Govern- the non-availability of railway j 
in ent's philosophy of encouraging ‘''8 sons, restrictions on-power i 

the small man. The promoter's consumpUnn and coal shortage. • 
contribution is reduced to 10 per 

cent of the plant cost, the remain- — . . _ ^ — 

ing 90 per cent coming from 1977 to Rs 1.45bn was limited. i Hearing the brand name of- a cer- fabom? xS- 
public financial institutions. Still The company, however, main- 1 tgin well known European ornce less cos tly.' - Ut^ffenyfvgr \ra.s 
the response is not encwi razing mined profitability, despite j machinery maker, may in fact no,- & ^ protuezu'- 1 

... aF '• i w.nhino - mann in. stsrton .'.'imaralMne .■ i 

uecause of doubts over thi 
ity of shaft kiln 'technique 
by a national researrii 

Impressed by the rota.*.. . => -. . , .. . , - - r m £ . .. .. ^ 

technology developed in West dividend from ns suosidlary i Japanese conglomerate that has- 

Genua nv, the -indusirv minister. A\"B. ' • [moved outside Japan. It. has done seraeu’dowiL * n oWTTrtSo ugh l prob- 

Mr. George Fernandes, is con- Tne ?ro?s profit at Rf UOm ini s0 because its chairman realised, lews eouId;®e.pK^j ‘agate V&en 
sidering its import as well. 19u-iS was lower by Rs Q.lSin j as long ago as 1972 T6^vth^cpinpapy^jMB;'tprf^te'4)iif^Jj6o 



While the "hose 'cement "units than in the previous 'year. Thejajj er japan’s first yen re valuatiaa^ '■'» ’more Tte^^ecmte^flieTjeit 

i. arising with. that exporting from . Ja pait^year^br-; -801 W: 


are graduallv increasing the size reduced lax burden, , — . . — — u . , 

of plants from the once the phasing of investment j would sooner or later cease to 

standardised 600 tpd to 3.000 tpd. making it eligible for rebate. | a paying pruposition. , y youngs: (rnostlyr- - IgHp 420 

lo secure economies of scale, enabled ACC to show_ajiel profit j XMB's original line of busuie&£ 




hpvl- businessmen are heins of R* I04^m in 19* i-7S. against 3t ‘j b Karuizawa factory- in the dCotSai: ^?as/intmcdiatel.ir ( aj«if' 

mini- R; 9S.3ra Ln 1975-77. • - mountains west of Tokyo Wasrti — 


encou rosed to .?ct up 


Resignation halts Birla inquiry 


AX EIGHT-YEAR old invesliga- The Prime 


mountains west oi iu«yu ;f ^itory ’ 

[making miniature and precision 
{ bearings for the computer. Air- its ,-raafo ^qs^m i^ -^pertfipn. 
[craft and domestic a ppllauce^- Labour -Is a at^ ^-tg;fiad>i^-4jhe 
- ^industries. The company, ^ chose ■ JNtbOff: Aftdustriali^^stiite;.' - in 
i Singapore, six years ago. as an Woftre .Singapore- - wBaiiFr&e 
Mr. 1 offshore manufacturing -base .for T4MB partt T 45ressi3* ; ®p»atH*i^ is 



Minister, ..... ivu^umic — — — •- « ■ . . ~ ■. . t • . . 

linn into charges of malpractice.' Morarji Desai. disclosed this to- [ bearings because the Repubnc iocatea; put - ok 
against the Biria croup nf com 
panics — the second largest con 
ulomeraie in India — has been 




Inquiry. ?*Ir. Justice A .K which had 
Sarkar". writes K. K. Saanna loused because 
from New Delhi. injunctinns. 



ct a ii e d b v the resignation of tu« whether it would be advan- 1 prlses an d had plenty of labour, grows, prediction Ini-JaflaD: is 
Chairman of the Commission of tageous to revive the inquiry The bearings plant at Chaichee 
■ ” ’ . -- become undlw pr( >. eastern Singapore was 

ausc of repealed .and now produces 7P per cent. of : more and . 

, XMB> world-wide bearing .out- pThtlucts are .b elog-prodvicM at . . 
put. in volume terms. That."en-'ihe. KaiT^za^^.ptenL^Thg^lift - 
courage d XMB to set up two Trcrai Japan to stngappt^^ toid . 
more Singapore plants— one at to Los ; Ahgefes.-"^6ere- i; ^t^her ' , - 
Jurong, for screws and calculator NMB bearings^ jvmit: Vb .. 

parts, and one- in Kallahg (lust supply -the -UJS.jmzxt&tY. Iras Mot 
east of downtown Singapore), for madfe .tufe, Icbmpa^dOitt.* 
calculator and printer assembly. , natioaal — at least. Iddt into .what . 
XMB now employs ' '‘ 


zgvvs ■■ 

calculator operation gets into ■ J ■ P ?^! ' .'ft i 

full swing, with an eventuai out- .shbsidiaiy .or., wft ^pa^Btfr;.Wiin- : 
put of 100.000 units per monthi Jgyw Japan; ... -* — 
Its Sinpanore production lines ■ Singapore,. npL^paa.J^eyer, - 
are turning out products that are .'“S pnjvidel •W"'®rapir: •. . 
not made, and never will . -be . expansiop^_and;. .y 
made, by the parent company in ' do so, ttext year, wnenjyjgg gi?^ 



Mr. H. Takesbita, in charge at - 

the Kallang calculator v - 

which employs the largest work- c ' 

force of the three NMB factories exchange. . risks, fgat - • *— 

in Singapore, says that a bout. 0 - -1 - 

70 per cent, nf the value of’ the ^ 


A'5£ CRi 


product, he.is re^iWe^w -^SiSSSK^ 

locally produced, indue 
[printers, which XMR 


locally produced, including the 

printers, which XSCR msdees -..’Wnnrr^in Tr 'irv. ^a Vi t-'- 

itself, and ' the electric motors . NMBs^inga^resiKrcess^bry . . 
which are bought from another has od© _ charerteristte 
Japanese company's:. Singapore ™° n I?” , ' 
factorv. A 70 per cent- local eon* (described .-, .^est-erow): rj.yjQJBX- 


irope — or l r . rr .. 

that they will qualify for as lone director, of 7NM B- : J apan^f^r -• 
as Singapore manages f o Tetaio asslaant m a n aging, direcjgigif-,;- . 
its status as a developing nation, the- company's Singapore ^Ea-; •' 

.One important item which MlUB lion, came toJSMB.uniy s(MKb 
does not purchase locally, and- senqral - p^dmg_compan v hg; 
probably never will. Is the steel worked fer originally wa^.towa . =r ,^ 
from which its precision bear-- over and, •* reorganised ' 

ings are made. This, however, -larger .'competitor- Job switch-. 

has scarcely been a drawback, ing lu the' tradUidnal .. worid-^oFA 
given that, for much of the -six Japanese business - is ^definitely- • ..I .. 
years, the Japanese steel Indus- not done,i and tends to oast w# 1 '; - 
try has been selling its steeL thlnj^of cloud-dvef tiie : . 

fob Singapore, at lower prices careers of those, who. indulge^ hi; .. . - 

than, it has charged, ex factory, ,'it. .When it coihes to eaqianduig V ; 

in Japan. Japan's business- presence cC&i'- 


Mr. Takeshita calculates that seffi, the. practico . seems.. to -hate J* 
production costs In Singapore to- iis adyantages.^ : ■ 


U.S. 430^)00,000 

The Mitsui Bank Ltd. s 

Negotiable Floating Rate U.S, Etojlar ; ?. ■% 
' " " Certificates' 6f Deposit^; rr.y.- 

Series B — Maturity date 24 November T 980 ; ; 



•. v •' [ . . • -f’v •*\4£to 

- . • * *i , * * * 




In accordance with the provisions ot the Certi&cates 
of Deposit notice is hereby given that for the six . . 
month interest period tromJ-i November. 4978 to 
24 May. 1979 the Certificates will carry an ; 

Interest Rate of I i J Yi<i% per annum. 

Agent Bank 

i he Chase Manhattan Bank, IV. ; . • 

London 


ITS 




:;®N4T10N 


Jre 


uicii 


The Pyramid is the symbol of one of the world s 
most influential market makers. Bankers Trust, 
Equally, it's your guarantee of a rapid, efficient and 
continuing service provided through the Bankers 
Trust London Money Centre. 

Direct access to a total money 
market service. 

Foreign exchange. Eurocurrency dealing, ster- 
ling instruments, CDs, the London Money Centre 
bandies it all. 

As a major buyer and seller in spot and forward 
foreign exchange markets on a global scale, we get 
fast, accurate, information on opportunities and 
trends. Indeed, working with other Bankers Trust 
foreign exchange traders in North and South 


America, Europe and -Asia, we are in business 
around the clock, around the world. Which is why 
we can provide corporate customers with the fast, 
accurate, decision-making information they need 
on trends and opportunities. 

.All this is done directly through our Foreign 
Exchange Customer Advisory Group, working 
within the London Money Centre as an integral 
part of its function. 

The London Money Centre Eurodollar desk 
provides a substantial dealing operation for Euro- 
currencies, extending out to five years. 

Equally, the sterling desk provides a highly 
efficient and competitive sterling deposit function. 
Finally, as a primary dealer-bank for U.S. Govern- 


ment securities, we make the finest net prices in 
London and are well placed to obtain new issues.-') 
Which complements our activities as one of the 
most active dealers in the secondary market. 

At the London Money Centre 
or wherever you encounter ihe 
Bankers Trust Pyramid, you're 
dealing with a full service bank in 
ihe fullest sense of the word, with 
the capacity to raise, lend and man- 
age money anywhere in the world. 



: -RANKERS TRUST- 


Bankers Trust Company 


London Monev Centre, 9 Queen Victoria. Street, EC4P 4DB. 
Telephone: 0 1 -Z 36 W3C. Telex: JStSS 19 1 fl. 


llcnO'lu u len. .V" Vor>. i.i ;Jv; Link'd K;n-jii>>m "ranCIlC 

.An Inwmaiienui B.uikin. 


in London .nd Bim.in-h ir. :.nd .. nprwnuii^ -IS.ee ,« M.wh'-ccr.Oi.Vr hriv. hi-: MSw- F ^ tabr.iin.1.A>^ adJ Faiioma City. 

^uii, uinw ... * 


U.S. S30.000.000 6J% Convertible GUaranteetl Bonds 1992 jz 


Gujiameed as to payment of priiKipaf, ptgrfnom fff any} antfmterntpy; ~;\A. 

and convertible into Ordinary spares oi, ■ • - > ^ 


Beecham Group Limited 


The Board of Beecham Group 'Limife’if C'tfia ,^’aarahttk iw )^i 
announced on 16th November 3 973 that arrangements 
been completed for the issue of.14,734;84S Ordmary ihares ^ 
of 25p each at 560p per share by way of rights to Ordirwiy 
shareholders and to holders of 5% Convertible Unsecured' '!^) 
Loan Stock 1934/94 ("the Loan Stock") of the Guarantor git . - T 
the register at the close of byaness on -Vfith 'Octob© : .'197S^ j 
iri ihe proportions of ope new Ordinary share for every terr.f 
Ordinary shares and one new O folnaiy abate for’ eyery_f25 . v .' ", 
nominal of the Loan'S.tockjtiep field, .L; _ 


In consequence -of the rights tssue. and in accordahc* w/th 
The proyisionsof the Trustpted 

constituting the 62% Convertible Guaranteed Bonds 4£®3f ’-v 
of Beecham ■ Financiain^' 9‘ V. Ctfie ■ pSoMi’J 
from 1 7 th November; i 97S the pribeitt which tile;Boftifeirr«iy'',v 
be converted into fully paid re^wed/Ordiqary. sfiares^jthilZ 
Guarantor (“the Conversion Pnce~}/wnr'-b£ tidifisfeti.^onr^- 
' 69 5p to 687p. - ' ' • • •’ - : - / .-L’ 




WA 


i 


cr ^ J 'ij : y*w 


■.j 



24th Novemher, 1 973 - z~." : r . : '_ r .'. - ■•= 







**■ 


J'CJ, 

Sr-v 









C urrency , Money and Gold Markets 




eases in 


I THE POUND SPOT 


-iii 


Mot. Zi 


'far 

!"£*! 


Dw'i 

(jowl 


CiOM 


C-a- « I aialt.M4B-I.8Ha [l.Mn-t.MM 
Gu*4bia g I 105,12 J7S6L28X l-STM-WW* 
Ualldar | 6l z j 1.04-4.07^ U.04M.»i 
f ; t ; U U49.N ; U.BS-M.ft 
DaniBh K. i a IB.fiS*- 10.59 i IB.ASz-1fl.fi«4 
p-Mut • & B.724-4.764 4.75-8.74 

I p«n- be. ! w ; 80.7S-ai.4a aO.ta-51 BO 
,sp«n. Pm. 8 j 148.98- 158.20 -159.98 159.18 
' “*» .lBigll.B48-l.6H 1.648^1.6494 

Arn.ni. S. ; 7 f 0.9f-Tfl.fli . 9.884-8.874 

4.67 Ml 


The dollar finished *bo« the *\ rose to «07S, - from , _ . _ , 

day's, lowest levels, hut. generally 7lk-'4JMi at mid-morning, /but rr*5'& ! «i.< Vlwfa 
below the previous dose. in. very *$“1. down* from- the mnoos l^vmiuiiKrT 8i*l B-MA-a.Ba* .. . 

«nlet In dine wst^rfav T» foil *« c ">slnK level of FFr 4.4130. Other i '<-o ! |u. S7b-iM 877-579 

8?, V ManLJESS currencies showed little change ! 4i.27.w-S7.tf 27.U77.47 

IS iJJS 2MB aKWnstthe Franc. «-iU> the D-mark; ew, “ ,r - 1 1 1 *«*-*-"*5> *■*« “ 

7VU r owi 8 !!* S5' finishing at FFrJL2960, v compared i - — 

‘ on Wed- vvitli FFr 21>95a in the momin" , Rrf*i»n r *i» i* for norertlbU rra«*. 

•■-SiSf^r-SSS v-te a ‘ov and FFr 2*825 tale Wednesday. 1 r ™c *.imo.m. 

* l . eluT . 1 i‘iir° ' n *« Swiss .franc ended ai ; 

Ctoslnsr at FFr 2.SSW. against. FFr 25545 in — ; 

oaEBf , Wltb and FFr 2^425 a i 

:J?k£ r 1-7262 - Previoasly. the previous close. Sterling closed , 

^i-guropean -central'. -banks, may ** FFr 8.5815,- down from. 


FORWARD AGAINST £ 


DnoiatinMi [ %p.». 


TbroHmorith* 2 P- 


B.444.Ho.yml 
I.K-f.lhseiii 1 
1'»- , K.pa • 

ll|»r 

14-81 M* dtt - 

sa si pr pa 


a.ie 

LH 


i.8M.He.i»i a.ia 
1.7*-l.«6eW 2.81 

2.88 «,-57, c.p* ! 4.32 

1.02 ftp-45 «-. pm i S-40 

-3.18 4*. 64 ui* .!)• 1—2-13 
S.Z5 JIB- 9 p t pxu : 10.17 


6S-} lOc.rtl. -19.61 ; 140-240 . JM '—9.43 
-M a.dai — 3.18 il40-]«B .-..11s '—0.75 
4-6 lit* dii —0.28 {lfi-11 media t— 0-28 
Z "re pm p*r • 1.29 :ti-H nrr pm ’ i.00 

*4 -6iT -Pro ' 5.26 IIBi-Bl e pm 

8i-li orw i m 3.15 6i 6| "W pm 
4.n-8.78 «- phi 12.61 (H.2S IB. SOypm 
IMpe pm 5.70 164-45 gie pm 
ii-Sgr-pm j 12.11 'U(-1B| r. |.ai 


4.55 

3.61* 

11.68 

7.02| 

13.30 


Sir-mnnOi forward doUw 2 ob -7 10c pm 
17-HOBIh 3.96-4. 66c pm. 


J'jjt die lower . levels, hat trading. FFr 86050 on Wednesday. 

"Ifrinff Day. The Tokyo ■ market L«iS^ I'm 

%*4S also ciofsed- yesterday for a ' IPSSfife* 1 


.0845 1 
2.0790 1 

^ss^tat^^s w«?* arts ^re:. 

L ^ ltnl lo cast by the Dutch Economics 

. Minister that Holland's current' 

Bccoimt deficit may be one. to two 
billion guilders this year, com- 
pared with a surplus, of lbn Iasi 
year. . . 




STERLING 


£ AGAINST 
THE OOLUW 


Hntmber 22 


MUAX — The dollar was slightly [ 
above its fixing level In quiet i 
artemoon trading yesterday. ■ 
rising to L847.85. from L847.80 
against the lira at the fixing 
The previous fixing fevel was ' 

L8S0.95. In conLrast to the casing 
or the dollar at yesterday's fixing, 
the yen and major European 

currencies all gained ground . . 

against the lira. The Bank of Italy i siTimp 
sold about half of the 8142m i c«»n*r ... . . 
traded at Uie fixing.' A mom *»#V£wSr^!SE. 
ease the restrictions on foreign . ikMun tranl- ... 
trade was announced by the [ nam».h krone 
Italian authorities, raising the | pmuete Mark . 
number of days that exporters or , 
importers are a Mowed to hold i u r- ... 
foreign currency to 15 days from f v-n 
^ « «ven. This takes effect Irame- : 

•.10. compared with Y194*o d,awl i‘. and reflects ihe hwjjfcSn fcron . 
Wednesday ntent of the lira, and. Ital3^s.s-*i SS fmc 

balance of payments position. i 


THE 

DOLLAR 

SPOT 

FORWARD 

AGAINST 

s 


On’i 

’ 




• 

Mvambtr 23 ip read 

CIm* 

1 Oh mndi 


TbiFfta mpplka 

P-U- 

CaouiTa s* 

*S.28-SSJ7 

DJMSJ4 

B.OJ-SJJc pm 

ui 

BJ64.MC pm 

t*a 

Uuildt-r 

2JTT0JJBCH 

2.87M.l«*0S 

BJS-O-Mc cm 

1.U 

L38-L2SC pm 

2.60 

Hi-Ikijii Pr 


3fl.13.M4S 

1C 41*-lc MR 

— 

18-7c pm 

L38 

liauUih Kr 

5J878-SJ238 

SJ1S0J-317S 

2-21 m« 4 Ii 

-SJ7 

5)4 are 81* 

-4.06 

p-mjti; 

1.UC-L1MS 

1.U45-1.KSS 

l.is-l.lOpr >w 

7,18 

3J6-J.fl pi pm 

7JM 

Pori Kftc 

46.78-44 .W 

44-7V46.M 

[ 35- me die 

-2TJ* 

138-SB6C BU - 

-37J4 

Sd-h 1‘U 

71^7-71 M 

71^3-71^8 

j 12-S2cdJ» 

-3.TO 

122-U2C die 

-7JS2 

Mr* 

M7U4-MV.J8 

KT.U-S48.U 

1 3JS-5.78Ur»d'ia 

— 4.73 

19-11 lira dt* 

— 4-84 

Mm- an. Kr 

5J17S-SJJOO 

S 4238-5.1358 

1384.48 aredtft 

-145 

l.W<L30aredl« 

-1.11 

1- r. ndi Kr 

4J4W-4J1S4 

4 4100^.4158 

[ LlB-e.Wc.pm 

3.27 

2.18-2.MC pm 

2.53 

••wfitish Kr 

4.48C-4.407S 

4.4845-4 J075 ; 

8.854.4SoreiiiB 

UM 

l.M-U78are pm 

1-68 

V .-o 

M335-144J0 

144.88-1W.28 

1.6T-L57» pm 

18.87 

4-7*<S5y pm 

4.34 

-inmia 6ch 

13. 99-1484 

14.8314.84 I 

S2S425fri pm 

4 04 

16-14 ore pm 

4.18 

Svim S r 

1.71S&-T.72U 

1.7U5-1.72M ; 

L88-L44* pm 

us 

4.S6-4J1C pm 

10.44 

• L'.S 

. rroli r^-r Carwfli-B X. 1 






JON JUL 

AUG 

5H» 

0GT 

1 

MOV 

hub 

- Smnh 

•C-*° 

wk n 

P2B8CP 

■inlii 

it cairn 

pA 

Oma- 

aJ 

h-- 

Ly 





DK«n>m 


hva 

Bmkid 



1978 


H ; ":' '■ 

j St. the Yen, and finished at 


ouiffrian krone 
Ct-tera 


RATES 

I CURRENCY MOVEMENTS 

Special 

Ears pen 


Bub ml 

Hergan 

DrMripg 

Ubii eF 

1 Nevembar 25 

Englapd CoamnLy 

Rights 

AceouDl 


liHfex 

chnges 

8.954452 

0.671B51 

! Sii-rlinx 

.... 62J8 

Unavailable 

1.71376 


; L'.S. dollar 

■4.68 

pi 

L 44 774 

2^7414 

j CaiMdlan dollar 

80J1 

„ 

17.4568 

1 Bj 4314 

! Aujiriao schilllDS 

143.38 

M 

3B.6S4I 

34.6421 

1 brtuian franc 

. . 113.84 

M 

emm 

6.48462 

, Hjni9ti fcronr . .. 

... U7.U 

„ 

Uaaoxil. 

UdavaJf. 

1 D<*ulst‘1ie Mark . 

107J4 

„ 

2^6784 

2.73641 

Svlsc iraui . ... 

141.46 


5.63866 

5.73877 

Cuildi-r 

122.42 


1883.47 

U18.44 

l-reniJj tnoc ... . 

. 47.77 

(l 

248^56 

2S4.632 

Llr:i 

. . 54JT 

.. 

6-50467 

6.73832 

Yen 

.... 1S8JI 

„ 

4UtfB 

43J252 , 

Ri -*4 00 rrzdr 

wrijfbierf dianar< jrom 

5.62174 

5.76668 

WaJbiiwlon axreenipflt Pet-rrab^r. 19. 1 

2.20886 

2.26708 

1 i&aink «if Flnciaod 

Indi x~ IbOi 



^'gtjprUng touched a low point of 

,‘jt ^44 5-1.9455 in the afternoon. FRANKFURT — The Bundesbank : 

' dosed at SI. 9450-1. 9460. a fall bought about S5.9ra when the 
“ T J ID points on the day. The dollar was fixed at Dllf 1.9153 1 OTHER MARKETS 
duAI opened al $1.9515-1.9523, against the Deutsche Mark com-; 
yi .rose to a best level of Pared with DM lifia? previously. • 

S530-1-HW0 Its trade-weighted- In extremely quiet late trading! 
iex as calculated by the Bank *h* U.S. currency rose slightly to 1 '- r. M 

England, was unchanged at DM LUlfcO. unclianged from the,-, — 


£ 


£ 

Art- ICarcfi 


tfl .Ui^UUU. Uliuidll^cu <11 . — "O'— . . I IUl 

to. after sLinding at K2.5 . at early morning level. The day va* . \\S^Zihmr.:: 

And 62.6 in' early trading, described ss uneventful. . •Kminini 
tp uiijv have been a ellcbtlv HiowHients within* 3 range * o( 1 b a n/ii < mirii.i,, .. 

JSkJ^LSSSS Vo" h ? y”® om ijii3 to mr i. M «. 

li^.wage claim or the Maiional ZURICH — With no fresh news , i w «iiiai.„ 

~ ( 'of Mineworkers. but bust- to influence trading the dollar | h.Kvmniiiwnkiii. 1 0.5300.540 i 0.2724 0.2776 Avii.crianri* ... 
M&s wai very thin, peterinc out drifted down in diril early trading. 1 M<»nni.4ai|> imio sa.65-58.75 1 30.1e-30.19 .. .. 

ffist completely before the There was no sfen of any inter !«-*».'.*'• ^.zeso^.sooD 2.2 100-2.21 so! i-oh ^ 

Sose. . 


1.635 1.839 
1.7060 1.7110 
7.85 7 66- 
38.45-39.45 
71.298 73.042 
9.4075 9.4275 
13B.50 136.80 | 


943.2a945.26lni.rna. . 
0.8769 O.B77Q Hrlsiuin .... 
4. 0375-4. 0396 hi-utiiaH,... 
19.76 20.28 ... 

36.65 37.54 in*riiuDr... 

4.8370 4.8420 tla!« 

70.40 71.10 Ji(«u 



>"PAR15-rThe dollar improved 
jKty thin late trading, largely as a against the Swiss franc, compared 
reflection of technical adjustments, with an early rate of SwFr- 1.7205. 

? V • ■ 


27 SB 
60 61 k 
10.35 10 50 
8.5a8.70 
3.70 3.80 
1630 1700 
377-587 
4.00 4.10 
9.95 10 10 
90 100 
143 
.40 
9525 
43 


IMip Bivr-n for Arn^nllua ig tree rale. 


w. 

EXCHANGE CROSS 

b.- ^ : 

RATES 

- 

• * ‘ 







^ Nov. 2J 

' FuanU Sterling) l'-8. llnllar 

j UeulM-lie3lprkj JppaiiMe Ini 

French fc’ranc 

sju iw t'miu: 

,Dntdi fi Mdrtcrj 

lUHnn Li in 

1 . -smile Under 

Urlgiea Kraoi 

Ponod StM-Ifnv 

. 1- 

1-946 

3.735 

378.0 • ! 

8.568 

3.345 

4.048 1 

1649 

2.280 

58. 70 

CScDolUr 

1 0.514 

. 1. 

x.9ao 

194.8-.. I. 

.4.404 

1.719 

2080 ! 

847.6 - 

1.172 

30.17 

featPieMark 

■ 0.268 

O.S21 

: 1. • - 

101.2- i 

2.294 

0.896 - 

1.084 

441.5 

0.610 

15 72 

Yen 1,000 

1 2.646 

5.147 . 

! 9.851 

I00O. - ■; 

22.67 

8.849 

10.71 

4362 

6.030 

155.3 

SjStefr'Frftne JO 

i 1.167 

2.271 - 

■ 4.359 ! 

441.2 "• 

10. 

’ 3.904 

4.724 

1925 

2.661 

68.51 

p“- r *” c ' 

> 0.299 

0.582 '. 

1.117 

-liJ.o J 

2.561 

1. 

1.210 

493.0 

0.681 

17.55 

6®rii fluilder 

i 0.347 

i 0.481 

' 0323 : 

95.59 < 

2.117 

0.826 

t. 

407.4 

0.563 

14.50 

SSHmJ^ni 1.000 

1 0.606 

. 1.180 . . 

!. 2^65 ! 

229.2 _! 

-*JL 96 l 

. 2.029 . 

2.455 

1000. 

■ 1.382 

35.60 

ifcnvdloD DoLkr - 

!. 0.439 

' 0-853 

1.639 

165.8 i 

5!768 

1.467 ■ 

1.776 ' 

723.4 

1. 

25.75 

7««- 100 

1.704 _ 

3.31* . 

6.363 

644.0 . ■' 


, 5.698 ■- • 6.895 

- 3809 

3.863 

- 100 


IpO-CURRENCY INTEREST RAfES 


r 1 ' I 

I 

Sterbns J 

I’.S. Dollar 

Canadian 
Dollar ' 

Diucn ri odder 

taa fmiu- 

">»1 tilTHIM 
Kill' 

B'tWK'll Fr*U'- 

Italian Urn 

.1 ,ian ^ 

Jajoiiifr X 


12-1212 

9Sf-9?* • 

8l*-9i8 

au-eij 


3J* 3I 3 


7-10 

- 

■ 1 .. 


lBlt-12^ 

9V10 

8i e -9ia 

SU-rfla 

— Ip- 1 * 

3is-35a 

1 7 . 71 * 

11-12 

97 S 10 

1 - l': •? 


12Lf-12i« 

XOlq-lOif 

9bg-10 ' 

558-9. » 




14 15 

10ij-10lj 

1 * l.'iv 

Stft* UKiOlbn .. : 

lJri-Wrlr 

11U ll\ 

10 i* 10 1» 

9-9U 

U - M 

3,;-3u 

: 9-91* 

15-16 

lUs-llir. 

1 1 •>•2.; 


143 4 - 14 V 

I17e-12i, 

io,*-io.s 

8&e-8>p • : 

ini: 

• 3!.--3i: 

9,.r-9. ? 

16-17 

li:i,ll 



14*-I4 r * ' 

11 .I-U-.: 

10,i-10,t • 

8 jq-Bju 

- 

4-4 U 

I lOJf-lQjp 

16 1~ I7ij 

llr-t-l i-« 

1 3'j 3>r. 


wa. ihri-c n»nik« U.'iMM'i v-t <vm sis months 


!“IT)c folloinre: nomioBl ran>s »ere antual for Londwi doDw s^irtiffcaufs u l dt-posu. utic monUi 10. 1 j-lu.J.* ni-r 
1LH-1L70 per cent, onu yvar JI.4B-H.5B ptr u-nl. 

^*r-Lang-ienn Enrodallar dewslis: Two yewh 10MOJ per ccul Ihrpr >var» ](t5jE.-H>. m !>'.T v«ni: lour yraro nvr <cnr. l»w yvun lo-U 1 . iMt i^ni o 

- sm.n j..mi arr vail for srvrtlDR U.S. dotUrv and Canadian dollars: t«o-dav yall for cuildvrs ami Swiss francs. Asi#'i rales fur chains r»i.-. 


ft 

Wi 


nuinmal vlesius 
111 Sliu.ii'Oi ■ 


tTERNATIONAL MONEY MARKET 


Freoch call money eases 

Bales for • day-to-day credit FRANKFURT — intetcsls rates BRUSSELS— Deposit wtes for ; 
2u>st private securities con- showed a mixed trend ye»ierday. the . Belgian franc I commercial) ' 
Hied to decline in ihe Paris Hith caU mon ey rising to .1.45-3.55 * howed very mile change from 
onev marker vAAtnrHav and _ . nne-montli- oer cent 


GOLD 


Further 

rise 


»ney market yesterday, and a ■Vn.'i pne-montli: at 95-9; per cent, - . , 

cached their lowest level since mnntvTmrfrTC of T IjM' throagh to Six-month ill 91-92 per! Gold rose $_ in the London 
friy February, 19r«. at Qi per ^ ffj? gS! cent. However one year deposits I Jwltain Market lo close a V202j- 

E£SE Evcri xzssvT'® % 

flSfSLST! »«.•»««. 1-J ™> - ft* «* 



fiti'IWI 111 i dies HCIC 013 U » r -"4 r ** «a i -‘ 1 « v fc a 6 1 ' W . - ^ 

ier although ono-month money cenr while longer term rates cent, two-month money ;it 1 1-1 11 >ni-r “ ” " ffgwi an aw o; 2ar 
i .unchanged ar 6i-6J per cenL tended lo ease. One-munih fell per tint, and ihrce-month funds [ii I «.-uiijj" 3201: 202 S190;1S8, 

ree-month funds fell to CJ2-7) 1 * to Si-Si per cent from 9-9j per a i Hill* Pfir cent. , su«tag fr»iDg ... t2Bi.W 

cent from 7-7* per cent while cent and the threo-montb rate wa«< _ .... . 1 t . :22!P5? S 

■set-month rate was quoted at quoted 9t Si-9i per cent, down HONC Mlhfr- Conditions m j Allow*, fituif **aM 

7^ per cent compared with from 9-9} per cent previously. Six- the n *oney market were easy L.^ijs 

■71 p*:r cent. Twelve-month month money, was also easier at vhII tnotiey at M ppr cent and; H«pie»iV*iir 
eased to T’.’-T i£ per cent S>-8{ por cenr compared with $5-9 overnight business dealt at it; |wr. K,nncr»»u.i. . 

- - - — 1 ■— cent. 


•crifli.asj. 


'■<197.80 
/XlBI.UQi 
<199.80 
•1102. 140. 


7!44t|'« per cenr. 


per cent on Wednesday. 


MONEY MARKET 


ree credit supply 


k «T England 
ag Rate 1SJ 


Minimum 
_ _ per cent 

(since November 9. 197S) 
?ay-to-day credit was in good 


fore closing balances were taken 
between 10 } per cent and 102 
per cent. 

The market was faced with a 


4<.'ri«iau) . 
OIJ AHitciviiOu.... 


<2M..2IJ. <209.518; 
i£1BB* 1091. ft 107-108 1 

*so;-63; S5B; si; 


(i uM {'"(llH 

Iiiii-rualiuiiall.t 

Kroj^jT*uii 


ic 31-32-1 
*58;-bl; 

■rsB'.-ii;. 


s58,'.-50; 
•£50 Jit 


(mainly Ihe rate support grant 1 


<206-: 10 *203i-205.-. 

Ill06.--107:<-j;l04>105i 
2MiicreIsn» - ■ 'SJ4-S6 <52.;.- W.. 

,C2?^-2B.‘i ri'27-Si. 
Old iMOnrlnu ;S58; il, *5avb0, 

' rii304-8i«i :u363i 


and gilt dividends) over revenue I“«?r? 

tiM sidwttKr. S." 

In the interbank market, over- 


ppiy in the London money mar- moderate net take-up of Treasury night loans opened ar 121-122 per' cver ant j H -as fixed at S2D2..10 in 
’ .yesterday, althnurb the bills to finance and also the repay- cent and eased on the forecast of ; ^ afternoon, 
us did not turn out to be as men! of Wednesday s *2 h i ln ParL " i Die 121-kUu gold bar 

-as originally forecasL The advances. On the other hand hanks »hmjnw stay«^ lltor lofl Wfci roted at rFr 28^80 per kilo 
irities intervened by selling brought forward balances a the mornint, "nfi early ^ afternoon- • (S2Qlfi7 per ounce) in the after- 
Uhall amount of Treasury bills modest way sbuve target, and ^>te6 ! noon, compared wiLh FFr 28.010 

direct to the discount houses, there was 3 moderate decline m cent. tuuul^ II j*I^ per; (§202.31 > in the morning, and 

letter were paying up to 12- Ibe note circulation. This was in cen [ and uoud al 11-1 H pe reenL ; FFr 28J50 iS108.77) Wednesday 


ceni for secured call loans addition 'tn 
a greater pan of the day be- Government 

NDON MONEY RATES 


disbursements nominal In some cases. 


• — 

■ rjiti Inin ] 
; c'-erl llkvlr- 
; nr deiPMill ! 

1 i 1 «x-ei 

Interbank | Aiiilitilty 
! rtepoafl* 

■ neeottabir j 

1 ft Ml<l» 

f'ru*ni« 

Hiiu-o> 

Urr.Nii» 

Al||||9Ul% 

j IVi— II- 

I)i-m.vanl 
, m trki-f 

l UI.Ml- | 

; [Ni4irr 

Uliiat) 

1 

I<m Ilk 
, HiIInJ. 

' 

i' lucliailf i 

1 


115*12 


met — 1013-1212 

iyi notii*..: — - 

,-iy»»r 1 — » - 

™y< nunoc.. .-3- 1 li**-12i? 

S *ni-vnh 12-,Vl?Vs 1 la.i-lRA 

DiDwitfis., i : isip-ii /i- l 

{KeiiMith*.! 12,„ 12.- 6 : IS i a 8-t J 
8nv-nUi4....;jH B -lll4 * 11;-;- IS ! 111? 


. Ills- 121 g 
1178-12 


12 

115* 


• fflnnil«»..: 115] -11.4 

ye»r I 

iwre -.... . — 


Usa-ll’a 

USB-ll;* 


lli« 115* 
Z2 >h- 1-U 


121. IBij 
ni*-ni« 
rti,.ii»r 
uim! 
HI*- 113* I 
in* 


12&1 

1268 

126 * 

12»s 

121a 

123ft 

121 * 


12 

m, ' - 


126, 

12*8 






1 15* 1 l'i: 

117b. ina-iisft! 12/, : 121* 

11V . .ll4i-ll;-i , ll.g-12 I ‘..l izj, 

li-'4 iXlSa-iif-i 1170 1 in, 

- 12*8 


aftemijon. 

ln Frankfurt the 121-kilo bnr 
was fixed al DM 12.420 per kilo 
f $202.79 per ounce), compared 
with DM 12.-780 f^lftfl.TS) on 
Tuesday. 

MONEY RATES 

NEW YORK 

Primr Hat« 11 

Fed Funds — 1.6875 

Trcasory bills ilS-weeki L7S 

Treasury Bill* iJft-KCBki IX 


GERMANY 

* Disco uni Rate 
1 OWDfKht 

I One momb 
Three momhs 
Six mo mbs . ... 

i FRANCE 

, DiBvovnt Raw 


3 

3 3D 
3.45 
3.75 
3.10 


1.5 

6.625 


Uoral «Mr M M h-" 

ramflTSrtaie ’mS rate for rour-momb bank bdl< 11 ^ «□.: roor-monif, trade bfl], 12 s ^f 25 

j 0 ; . „,W Twmrr. hillK 114 UCT CCRl - and IWu-BWoU) IHi, nrr mu: rtnMMih »!«,» ! m. — 1 — — 

I Approxlmaic sellhia rales for oBemODth Trancr biiis i 1 1 per « lu-ocnonih 


and mru-niunUi lWib ncr cent: thrue-oiumh IH|t 
llt-1 1 '--i» per iroii and ihree- 
dw ihrer mnnrh 131 per ivnk 

-m J . ibe Fiaam-x Houle Awoelailum 10 wf rtiir rrom Noycraber I. 197S. dearins Bank 

wBt - B " k B83e Ra,C5 ,or ^ ^ ce,M ' 

fc*Averaac lender niM'iir itlttoin 11- <—S4 per cool 


Six mo tubs 

JAPAN 

DIsvOBnt Rale 

Cal] lUbL-widKionnl' 4.2S 

Bills Diacouai Rate 4^28 


37 

This advertisement appears as a matter of record only. 

October, 1978 




Istituto per la Ricostruzione 
Industrials 

U.S.$ 500,000,000 

Medium Term Loan 

Managed by 

Algemene Bank Nederland N.V. 

The Bank of Tokyo, Ltd. 

Banque Nationals de Paris 
Deutsche Bank 

Compagnie Financiere Luxembourg 
Manufacturers Hanover Limited 
Midland Bank Limited 
Union Bank of Switzerland 

Co- Managed by 

Bank of Montreal 

Canadian Imperial Bank of Commerce 
Creditanstalt- Ban kvere in 
DG Bank International Societe Anonyme 
European Arab Bank 
The Fuji Bank r Limited 
Hypobank International S.A* 

IBJ International Limited 
National Westminster Bank Group 

Provided by 


Algemene Bank Nederland N.V* 

Deutsche Bank 
Compagnie Financiere Luxembourg 

Midland Bank Limited Union Bank of Switzerland 

Canadian Imperial Bank of Commerce 
DG Bank International Societe Anonyme 
Hypobank International S.A. 


The Bank of Tokyo. Ltd. Banque Nationals de Paris 

Manufacturers Hanover Bank (Guernsey) Ltd. 


Bank of Montreal Group 
Creditanstalt- Ban kverein 
European Arab Bank The Fuji Bank, Limited 

The Industrial Bank of Japan Limited 


International Westminster Bank Limited 

The Nippon Credit Bank, Ltd. Chemical Bank 

The P-rovincial Bank of Canada (International) Limited, Nassau - ~- 

Societe Financiere Europeenne Finance Company N.V. SFE Group 

Toronto Dominion Bank 


Kredietbank N.V. 
The Saitama Bank, Ltd. 
TheTaiyo Kobe Bank, Limited 


Associated Japanese Bank (International) Limited Bank of Scotland The Bank of Yokohama Limited 
Banque Canadienne Nationale (Europe) Clydesdale Bank Limited The Daiwa Bank Limited 

Deutsche Girozentrale international S.A. European American Bank & Trust Company 

The HokkaidoTakushoku Bank, Limited Iran Overseas Investment Bank Limited 

Landesbank Rheinland- Pfalz und Saar International S.A, The Long-Term Credit Bank of Japan, Limited 
Marine Midland Bank Midland and International Banks Limited The Royal Bank of Scotland Limited 
Saitama International (Hong Kong) Limited The Sanwa Bank, Limited 

Saudi International Bank Al-Bank Al-Saud: Al-Alami Limited Standard Chartered Bank Limited 

Anglo Romanian Bank Ltd. F. van Lanschot Bankiers N.V. The Mitsui Trust and Banking Co., Ltd. ; 
Sof is Limited Zentralsparkasse der Gemeinde Wien Bank of Ireland 

Bank Mees & Hope NV Bank Oppenheim Pierson international S.A. 

Banque Commerciale pour I'Europe du Nord (Eurobank) Brown, Shipley & Co. Limited 

The Commercial Bank of Australia Limited International Trade and Investment Bank S.A. I.T.I.B. 

Internationale Genossenschaftsbank AG Irving Trust Company 

Midland Bank Trust Corporation (Isle of Man) Limited The National Bank of Australasia Limited 

Bank Cantrade Ltd. Bank'haus Feichtner und Co., Aktiengeselischaft Credit Chimique 

Credit du Nord Euro-Pacific Finance Corporation Limited National Bank of Abu Dhabi 

JMordfinanz-Bank Zurich Slavenburg Overzee Bank N.V. Svenska Handelsbanken S.A. 

UBAN - Arab Japanese Finance Limited 


Agent 


Deutsche Bank 

Compagnie Financiere Luxembourg 

Advisor lo the Borrower 
Banca Commerciale italiana 




FOOD PRICE MOVEMENTS 


BACON 

DanUli A. I per Ion 

British A 1 per ton 

Irish Special per ton 

Ulster A. I per tonS 

BUTTER 

N2 per 2» kg 

English per rwit 

Danish billed per ewif.. 

CHEESE*; 

NZ per tonne 

English chi-ddar trade per 

tonne 

EGGS' 

Home- produced: 

Size 4 

Size 2 


REEF 

Scottish killed aides ex- 

KKCF 

Ein- forequariers 

LAMB 

English 

NZ PLs PM* 

PORK fall weiphts) 

POULTRY — Broiler thickens 


\uvt-mbor £ i 

Week a^o 

Mnnih ajm 

f 

£ 

r 

1.140 

1.140 

1.215 

. 1.1 1U 

1.110 

1.085 

. 1.1 U> 

1.110 

I.U10 

. 1.110 

1.110 

1 .050 

. 12.111 12.74 

12.61 12.74 

12.39 12.72 

. 70.14 

79.14 

77 61 79.15 

fill.Hfi S3 .72 

SCI. 98. 83.72 

7S.S1X 81.S7 

. 1 *00 

13100 

l.ltll 50 

1.345 

1.34a 

1 .30:1.77 

. .‘1.10-3.40 

2.80 ,.'1.10 

2 all 2.70 

. 3 70 4.00 

3.30. 3.70 

:s.00 3.3U 

-November 23 

Week a^o 

Month auo 

P 

P 

P 

. 54.U-OS.0 

->4.0 58.5 

54.0 57.0 

. 34.0 37.0 

3d.d.3S.n 

37.0 38.0 

. 50.ll/ '54.0 

50.0 54.0 

32.0 56.0 

. 35.0/46.0 

37.0.46.0 

37.0-46.0 

i 33.U.3S.0 

-■15.0 ::s.o 

36.0'36.0 

:c price- per 

120 

r Delivered. 

■y November 

25-Dccember 

2 


PORTSMOUTH 

BUILDING SOCIETY 

Notice is hereby given in accordance wnh ihe 
Society’s Rules lhat as from 1 si Dec. 1 978 the 
following rates of interest per annum will be paid 
on the various types of investment account: — 


Ordinary Shares 

8.20° o 

Equivalent 

12.24?; 

Monthly Income Shares 8.20° j 

IQ 

12.24% 

8 Month Term Shares 

8.70° a 

(where 

12.99% 

2 year Period Shares 

920% 

income tax 
is payable 

13.73% 

3 year Period Shaies 

9 50% 

at ihe basic 

14.18?o 

Subscription Shares 

3.70% 

rate of 33%} 

14.48% 


Imeiest tales paid on disconimund previous issues ot period 
shares will increase by 1 30'o ntr. Rates paid on accounts 
subject lo basic rate w< will !■* increased bi- 0 9*,pa. 



176 London Rd., North End, Portsmouth. 

Member ot Building Societies Association 
authorised tor ins estments by trustees. 






..... V .. 


'***■ 


■tr 


INVKST.MENT DOLLAR 
J’RLMIL'.M 

•2.IMJ Uj U— (MJ 0 ..) 
EITpcO-.;- SI. 9 135 SB l", 1 , <3S|%t 


erformance by Canadian markets 


NEW YORK-^w«£s 


upward trend, leaving stocks 
easier for choice on balance. 
AXIC died 2 to LSD on continued 


ni'. : : N«jv. 
22 J 21 






jS-.cut the oflrr. rose afresh to A$7.30. but slipped Most other leading , issu ” HOJH® Koil2 easier for choice on balance. — — 

J.iridlaw Transportation '-A" back later to AS7.J0. unchanged showed little alterat'on.although %= a inine further -round AXIC shed 2 to LSD on continued 

2 rKCd It to C-S17;. The company on the day. . 31anntwmann Inst DMJ.40 to After regaining gro conce-n over it* losses, and ex- ,• .■ i ^ 

re (Tried lueher annual net profits Banks showed all-round firm- D.vilT.i.Bo and Volkswagen .DMJUII eary yesterday the marker c f reduction in capi- H ni «. s -n.i--i B6.86 87.B2,'SS.Sj r 8S.W r ;-51i^.^ 

>ss. with ANZ closing prumm- tu D.M244.20. while BBC. after the declined on proht-takmg to finish f^tauons o moutia t0 : • 4 : . ■ V.. 1 .-. !: riJffiltft 

tly higher at AS3.S5. up 13 cents, recent advance, retreated DM4.S0. lower on balance after a moderate Ud «n tne nesi 

in ihn Pnak s«Mor. Tiihtss stop?* war.. ii,-ir,^inclined. with business. The Hanc Sene index, compensate to. ‘ “ ' ... ‘ ' ..ii :• 5 


L-| 99,40.. It: . 8 fc 8 *. : S0^*i -v. wL-dWi-.t. 

I uniat; tui,! : - . - .- 

MV. ■ ‘ i 20.010; 28 l 7W;24 [ HOi 3 al;$ 


U nf it- |-l cifrpo’iyni group' 
»r:n-ini gun-- and 1 riding volume 
reaching Omu >luires. compared 


iwi.oHoman , ™' t ’ f,ubjccI 01 ® which added BO cents ai AS Id. 70. nominal DMl.Sm of paper after no meeting of Lhe Exchange 

n ^ inf 4 I i. IaL , , 1 while Pcku-lVallsond, .VS5.44. and HM2m purchases on Tuesday. Banks yesterday on interest rates. 

f.'V-! u'! r «- 7' . ,2 Kathlccu investments. AS2.03. Mark Foreign Loans were There had been widespread 

C.'.j.i O.iOii. trju<n 0 ".is njJtod r . ,. a nt« li r«loi- m-ji-nui&H,, jT-rwiptai mm ihar interest rates 


,„ U ' irJW,n -- ; najieo WerL , a t,out 3 vents harder, marginally firmer. 

»■« ,.* t .. ..m 'o -'c ' 1 se ine ne«s. Speculative diamond cxpinraiicm , ’-.uuiu ne lunim uiui 

All L.S n.j'M-.s i.vrc t osed n«h Brunswick Telephone is . u H es had one of ,he.r test days TOKYO day. 

in tihsenanrc nf ThaiikiyMiiii* pjev-.-d up to C*— on j dividend f nr weeks, with CRA. on vague The s tock market was dosed Hongkong Bank. H. 

1>a - ■ increase, and Elect ruhomr A diamond rumours, strengthening vesferday for the Labour Thanks- Jardine Malheson. 

aig-l^u .‘J cents at CS4a» after cents to AS3.0R. Otter Esplura- Living Day holidav. tinLshed 50 cents d 

viih v-.T-'-i »i;i Wednesday. The re u: 'rung :> iliird-<iuarler profit tiijn advanced 0 vents lo 34 vents. ‘ n ' « ‘ while Hong Kong L 

Goirl- index r I imbed .Tg.3 to u loss last year. Iron ore exporters were helped r uHS cents lo HKSS.30 and ' 

1 ::i4.''i fjilnv. ing an advance in by a report that the Japanese Activity was at 3 low ebb on ■'A'* 40 cents 10 HK37 

Eh- London Bafiion price. 0:N Australia steel industry was fasl_ recoverin?. tll p Par j s despite yester- Hongkong Wharf sf 

mid f vi- re’-'* :.fre*h by 2‘J.rt lo ‘ . Ilamcndiry adding .i cents at H ay hein- the first dav nf the ne" HKS36J0. Swire Propc 

1.74S.1 ;:.nd Financial Services -I'kin, their cue from lh»* AS2.10. ... . monrhlv* Accoun:. and share to HKS3.10 and Sun 

1 . 1 -J bm M-.'UiJm .ind Minc-rjN I'L'CeNi Iieiit-r irading iicrformances Elsewhere in Minings. Rcnison pr j cus ‘ mainly moved narrowly Properties 10 cents n 
'ini-li.-d a modest 14 easier al '•« L ^-m \\ail biruei. Hong T i n dimbed 441 vents so ASU2W. d«r neS! . * U n V k Iim 

i .u.Vj g. k ; ':ig and Tokyo stuck markets. MUI 10 cents lo A4L32 and poodS Mot or7 Holds Stores JOhanneWUrg 

, , r , Aus'ralian tiiarkeis staged u good BnugainviUe 5 cents »o A51.40. , 7 : ftioiorj*. , 0 

•I- , niro: , l.sE. the .inks ra |»y yesterday. The Sydney SE oil explorers were back in ^. d Sf*'* 'L^.J f .^5 Mos > sectors of 


A diamond rumours, strengthening yesterday Tor the Labour Thanks- Jardine Malheson. Hh.il2.l0, l0 l0 gp r ^ 990 . Id mixed Non- 

■j.ter is cents to AS3.0R. Otter Esplnro- Living Day holidav tinLshed 50 cents down apiece, ferrous Metals. Asturienne rose 

profit tiijn advanced 0 cents 10 34 cents. ‘ p '^ ‘ while Hong Kong Land lost lj 24 10 BFr 724 but Vietfle Mon- 


no meeting of the Exchange shares dosed on an irregular 
Banks yesterday on interes! rates. no ; e following another slow and 
There had been widespread tre nd!ss 3 session, 
expectations that interest rates Among local issues. Steels were 
■"■•ouJd be further increased y ester- mosjjy higher, with Clabeeq up 
day. 22 at BFr 1.4S0 and CoeherHI 4 

Hongkong Bank. RKSlti-SO. and firmer at BFr 393. but Arbcd shed 
Jardine Malheson, HKS12.10, l0 l0 BFr ^ 990 . ]„ mixed Non- 


- Evunf Index. dmagCfl liuo 




Australia 


Elsewhere in Minings. Rcnison 
in climbed 4(1 cents *0 ASM-fU. 


oi't-i u loss last year. Iron ore exporters were helped * an$ cenls to HKSS.30 and Swire Pacific lagl j e declined 50 10 BFr 1,730. 

by a report that the Japanese Activity was at 3 low ebb on ■\V 40 cents 10 HK3i.4U. Holdings issues. Oils and 

Australia sie?f industry was fatf recovertn?. [he Paris Uc?p i le yester- Hongkong Wharf shed HKSl ro were narrowly 

™,n, thW .« frnm SMy"' f “ d “ * '** 

prices mainly moved narrowly Properties 10 cents 10 HKS6.60. ‘ 


‘ t ,n :llL ' I"iurv:il .sE. the L.inks cal!:- yesterday. The Sydney SE oil explorers were 
I'nlv. imm-iivcd i.33 lo U'.irj.yii. ,\]; Oiti’iiary index piiakcd uo 7.4S favour with Vnipnl L 
f. l-'.tu^ put Mil «.«■■; to I&5.-51' -o :,|.s.rs rism- W vents lo -\S1 1. 

and Pi-I-IN \ U) 144.0::. !.,- : .dmg Industrial BHP ad- " LMls 1 

T.«r«iiiU»-Uiiniini»n Bank, vhich u .„ SA .d »ti cents t'i ASRJfi. while German V 


r, - 7. . n-V U rn rising » cents lo ASl.lS. 

tuiLi Pcp'T' 1 1*-' ’•) 14-:. O.i. !.r;<ding IndUitnal BHP ail- 

Tr.rniun-Iiimiini.-ui Bank, vluch u .„ s .,..d lii cents in AsR.iti. while Germanv 

rai-cd its iiuaiK-rly «f<v;dcnd end CSR m**vod ahead rs ccm> In ^ 1 a * 

repoitvd higln.r annual pnilil'. .ut and Cnniaiiicr 10 vents lo Stocks closed narrowly mixed 

mr. on : r. yj i } Canadian hu- .\sg.ii. after extremely quiet trading cou- 

pvria I Bank. « hit-Si a I m> announced Ainnr.g 5 >lorcs. \Vii<iluorth< ditinnS. 

,m iro'v.1 ■.-arnmg**. adilcd 1 at -aiaed 4 cents to A^l.aO and (I. J. The planned strike in the steel 

C.iivs .s cenls lo ASL1.1. while industry in Norlh Rhine 

and Hudson's I'iiiMp '1 orris, in Tuba cow, pm nn wpstphclia. Bremen and ».isn-»r- 

)>■ -T Simn-np |0 ., ■■n.s A.sii.fm. bruerk caused some uncertainty 


, Lopbin and Metals displayed an upward Mos , ssclors c f the market 
1 -xnWaii, in Wte. but Banks. Const ruction-s and were firmer m fairly quiet trad- 
Hubberx were easier-inclined ing. 

Amornr gaining is.-ues were -'[-he higher Bullion price helped 


Amsterdam 

Small irregular movements 
were the order of the day in 
further thin trading. 

Ho 03 ovens lost F10.4Q to FEKL3Q 


Among gaining i*-ue< were The higher Bullion price helped ,S« P T„ U L 1 S 
•frvuwi. jlanell. r.Tndo. Kali. Gold stuns to impnre. while “JJgS 


Stocks closed narrowly mixed 
after extremely quiet trading cou- 


* si-wwii, .uarLCit. ■«■■«««■ UUIU snares iu .. n-ns>S tntssmational w-ei-o hwhar 

Babcock, Sail Divertissement. Mining Financials followed gold “JilSn- her * 

Ciders. Sucllor and BIC. producers higher. De Beers ad- ^ 

Declining stocks included Sau- vanced 20 cents to R7.D5 on local 
piquet Bonygucs. Klcber. Sagent. Overseas demand. Flif l*uv* t ^ 6 tUn 

Maim. bp. Funior I. Puk and platinum shares were margin- FUo-aO. whne Tau Omrnerea put 


Snnp-mis. '..'s'. juiJ Hudson s I'lidip Mnri 
R11.1. i.s-22.. c:n.ii -T i. Simp-nn in ,-n;s 

-.•id 11 •''Mild n'.'i make a rccom- piupvrty 
m*7Prf:i: :.i-i .in r-n- Hudson's Boy jiiv*. fur; he 
1 l.i.l 'Jij. 10 unceruiiniic-: M>nii:ijN 


unns. piquet Bonyjrues. Klcber. S agent. 

The Planned sirike in the steel Matin. BP, Europe I. Puk and 
dU'iry in North Rhine- Pvnarroya. 

?<tutislia. Bremen and »>sn-«r- (iold Miners were all firm in the 


ally harder, with Implats adding gj£l» F1M2. bm_ OCE-V»«ter 
the- 5 ce iils at R3.53. Coppers were Gnnten reacted FL-60 to FH70.20. 


bruerk caused some uncerixmty International section, while Ameri- unchanged. 'how ever 


■-) .in r '-I*.- Hudson's Bay 111-.-: fur; her spcvulaiiun ahead of Tliyssen 
1 I > 1. 1 'Jij'. 10 unceriainiics M'liiiaj's annual meeling ami DM114.70 


developer IVesI field in The stock market, and in SlcjIs. cons. Canadians and Coppers also 


receded 


to improved, although 10 
degree. 


The industrials market gained sightly higher, 
ground in low-volume trading. SlD?aDOI*€ 
Barlow Bund ending 10 cents up V ere 

at R4.05. d a ,») .o« 


Grinten reacted F12.60 to FJ17D.10. 
State Loans were steady to 


NE1V YORK 


1 «!.>!£ 

i 1 I". li.V 
I I 


1 L'-I'l : 

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| 1 1 . 'l..||l> 

; iii-iii- ; - 
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f --I. ii.iWl, I 1 ). 1 . 



i ..nil Ill'll . .11 Liu:.' 
L -.iiil-n»i i--n pj 
I. Ill’.ltfl t>l Hlll. : 
*. >. 111111 . S.Ui'-hii-. 

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1 .-.in r.ii^ lii.. . . 

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1 . -i.|--. 1 .’.Hi I..M- .. 
1 nu'iiuii.-r IVm 1 i-r 
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I IN.. 

'.•■iiliiM-nlal T>.|. 

• -niii.il iMn 1 

• ■ s^| n."i lu.|||, . , 


• - • 

J 7: .ii M m M.-n: . 

I I-": ■-• (•••* s 'I i». 
■ .mi . . 

VllllHH lll'l . . . 

'i.\.i.. 
l.nn'ii-ll . 

■ ilil^l .li.v . . 

1.. \ l..\. . . .. 

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1.1.11 l)Vlln Mil.-k.. 
I ii (I. '.I..-. • 

• ■•-II. t'— if 

• ■t-n.-n.i »li:'i.. .. 

y.it-r... 

in-il. Puli, till . 

•ii-ii. Sia«.i: 

• i»-ll. 1 «.-l. Ei-».T .. 

■•-ii. Ti:i. 

1 li.p*-ri.. 

■ ■•.nigiji ISi-in: . 

lif'UI«.V 

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lallltilr 

■ uppiri>;li II. I. .. 
|li"«."l>tni Hr*.-.. 

ij',«n..l 

l.m.v W.l; 

■ iiuAl.au P—.-rm 
■irt. X-llli Irjfi.. 

l.■■:Vlp.slu) 

Li 11 .1 £ IIVkhi.. 

I.HI11 Oil 

iiniii.iiv.il 

Mm mu llinini;.. 
HHrui-..|ilLg-"f ... 

Hum- Li.rpii 

lli.-UU «. J 

Hcuim.-iii 

Hi-w.c IVl'p!.. 
H> -ii.i.h Inn- .... 

H»"U-iaLv. . .. 

H.iiify'irli 

Hi/.n« . . .".... 
H.-|sl . 111 .. AWl-l 
Hmiiloii .X.il.O* 1 
Hun: I l*li..\ -C uil. 
Huiu-u .K>.i .. 

1.1. . Iihlusino- . t 

IV\ ..; 

IPli -1 I 
L IllVIl'l S|«S .... I 


Wi,- lull. Hcie-r'l .. 

«22‘i lull. Mi 11 A. V *u.-»u 

22 lull Mnitiiifpip 

341j hu-. ..... 

2 2ij Inn. I’Hjcr. . .. 

2"50 Ini I. Un-lllivi .... 

27 lj lull. le:. i )i! . 

Wig I— «n bCHT • .. . 

32 M.. lnr(nuil.O". 

46 Jtui Weller 


S5ii ' 24 >; 


I .J..|»«|. IJiimm... 
| l-.l'll-.-ll -J. llllH-ll 

ji.|iii-nii 1 . ..uim.:, 
j F..I 1 (kiii-|>i-.|i:i '"j 

L I, Mil 

| Itil-.l .1 mu 11 in 
I k ii-p 1 I 111 I 1 .- 111 — 

j hitl—i s|«.| 

, Uni ... 
j Kvimii- ii. 

1 hvri lli'ii!- 
I hi- t ly II nil 1 r.. . 
j him > ,.|-.« v ib-K.. 
• K-rl*r '. . 

1 k'ciu ... 
i Kr-vi « ■■ 
j h-i'ii hi I'i-ti* 


28 ' l J f.ii:.i Kn . . 

38 j; j l.UI -11 Iti-iu-lni-. 
124 1 ? | t-Kli«,. ^ii.i'll 

20 - . L. .in- s|« r lli-iti -1 
a: 1 B.:ij l-lnii.l l4i. 

S0o I Ip-ii'-iniui Laii l 
35 IjC'P/..- 

ij|.-WV sf.it ••• . 
261. L' Hi-- i-r|.li 
,e - .‘If’.' I I 

26-i 

2 A 'I* t-. IN U« •»»>!•. . 

06 * “"I— • 

35 :. . , liui»i«niii"ii 

2 ‘ ' 'Inrnic M i.iJum. 

27 j. | 'Br.l..li 1 V- 1 . . 
2 J: ! 

"n . ] 'Ini 1 1 |-" I . S|. . 

SO I v, ‘ V- 
SOh , * 1 - I'll 111 - 11 . 

32i - i 'l.-lKum-.i I L -"- 

12> III lini» |||. 1 .... 
25:! 1 i-s 

15i: • ■ 

271 , ■-!• ri 1 . . I.* iH-li. 

11 .. ‘ I • — u IVn.i h-ii 
31.-. ’ll. M 

1 j Mum UimiMij: 

24 W"J 1 i..r|. 

417 | V.-H-hiiI... 

19 ■ ‘l.-jmi J. I- 

|.. I 'l rf. , f>',H 

g ' 'Inrplu ««:•.. 

231 .. .X.iIh-isi. 

26l". Xn i.-I 'mnl 

g. a 'Jl!.||». ' hi 

IO-j Xni. hipiiiv- ■ 

45 it .X»l . 't-i 1 li i- I ifal. 

LO". Nnl n-IUI. -slis,. . 

25- ■ Vilnius. . . 
14: M. l: 

70j. Nil -1 mi.. Iin|.. 

49 .'¥>■ f--iig.su.' fc. 

it 1 .- j Xi-v Kiiglmi.i lei 
£811 ] N Mgins tlnliiiwi. 

54?. Nm-nifti s| Mf( . . 
17 1; j N. I, Iii-Iii-Ii 
27 L I N.i-in'l.AW*“f«?ni 

23?; I .N-UIi.NjI. «.<v 
25 7 | Mini. J-mit- l'«i 

41. j.Mli*p.| Am 

257 .Xiiiuei lifitn.'-i |> 
£47 Nniinli s:ii,i 4 i .. 

58L 'Ssi.| v iji 4 i ivifin 
ogiit.i Mathi-r. 

24^. ‘.'liu- I 11 1 »- hi 

177- I ‘.Mm 


Overt** -slup-.. 23i0 
UhmM.'-iiiIiis.. 28-» 
' evens Iliiiu4-a‘. 19 

Pji-IiIi.' Ii*. 22*3 

IVn-in.. I.igtitmg.. 203; 
Kiu I'm.* tig ... 20 

l’«iiAiiiW...rlo .Vir 6:» 
ISrkei- tiauuiila. 231 e 
Pen'pplv lutv. 25 if 

fVri Pw * L. 20k> 

Crniiv .l. l 31 lj 

t*|.uii4.iii 29 <4 

Henjiu.-. Unis 9ip 

fisijilelikh.....' 537g 
IVrp-it 26 


23.7 . lid *"ll . 

78ii 1 l.'.-i 11 ....I- Ili-Oii- ■ 
24 -t I K.-\ ii-.i.I- ■(. I. .. 
29 ISMi'-mi Mniis-i 

23ie ll.p-U n ,-ii Ini- r 

52 ‘1 \ Hi >h in A Hum-.. . 
17 ■ li.H m liul- 1 . . . 

S* 4 :««■, 

23>? 11 ; ,,r: - ■ • 

44 .. liiiil-l s\-,|,\||,.. 

44 .. si, -I ■■■ Ulwni. 

20 7 ' r 

rtii *vniUi N 
541 ; -Xii. lN.M.1 .. 

34 si VH» |ll«|s .. 

34 I —•*•■•*• ■ Hfi-*-uig 
^ 41 , scinmUnwr . 

' ' 4.11 

ac ■'■'I Kler. . . 

51.. XS41I MlV .. 

2 Q a ® ' SMfrfclw I/i»i.Oi( 

18^6 sen * niiiKiuri .... 

19.S4 

I7i£ Vamc Mi 0 . 

21 s»-ui - H-fl ni-l . 

43Jt sbm.ll . .. . 

151? -hell Mii 

87 -»ii«si. Imii-hi. 

9>r ' , uiu ,: 

06-1 'l-.nnl-Vi'ip., 

327 '• "inil-Ui-il » I'm 
28 < lllg*i . 

54 7 j siuiii, mil l ... 

15 “.iiiHli Kline. .. 

17 siiiipm. . 

S-Sll Hal-lit ll. . 

23.-^ »nUierti • ri VpI. 

41 snuliwiii 1 . 

23 |?ilm '»» lif-- 
29?x -shUIkjh INh- :n . 

23 ra.uiLii-iiCm.AM 

50.7 

Sasiiliiairi . 

jg,. s-u'i (nns|isi\- . 

301.' ' '|fll\ lltlla »■ ... 

36. - ■‘l“. , *IN li'HIH 


21 I ill’ll. 

53iji : '1-i.Minrtii.. 

32 U I'lViii 

561? ; Si-ni\ 

25 ’j |4 hi*u.... 

327 j <".-iul Ii Ks-ll-... 
32SJ i l'.?a. Tr*sr.l= I 


Switzerland 

An easier tendency prevailed 


Shares were low er across : the 
Board after fairly, active trading. 
The Singapore Straits Times index 
declined 3.14 to 335.44. ... 

Sitae Darby fell 14 ■ cents, to 


aiOUTREAL 


Inaiaistl-lal 
L'isnV inert' 



(Vrlwiii Miner . . 

IVl 

I'h/er . . . 

l*llei|IS lial^lL.... 

nilluilefi-hia Kk- 

I'bllip.M-ii nr 

I'liillips hiii.'ffl. 

|*iil<iHir\ 

I -ll iiej, lb iv «?s.... 

I’ll* 

1-Il~p*.> L«. I 4.1*1.- 

IVlainilll 

Hi.iininev Klee— . 
C 1 M lii.1iv.irie>.. 
1*P a.'ll'l GrtUll-U’.. 
Pul? >er. Kiasrt... 

Pnliiiiia 

HiJtei. 

'iiuKer Muir- 

Uhl-Ui Aiueri>*n.. 
UaitliMUSi 

IU. A 

Kepuiiiii- 
liewm lou ...... 


601.. i^iuiM- .. 287 

b 7,' si:i it- In ni I'.nui... 23-. 

49.- ?l-i.'ini. B-ii'." inn 46'r 

45'* •‘ni. «'i. liuinaiM. 63:c 

40u si.l. min 377 

4g; 4 -miill I’lia-iiinsf. 58 

24i- *Klnit: I'ma. 14»S 

27 ■' M lU"aHHil,lH .. 57‘| 

16.7 1 " 33i * 

6 •‘■■ii-iihi.i 22-. 

->ilMi.s ... 33'; 

... I ■VllllL.alUl . . 10 /» 

29 Z ' 447 ’ 

ill I i-'L-.ii ...-• . . 92V. 

Ie.ifc.si . 30; 

Z21;- ■- I ■ — iar.a I*».| r*al*- Ulll 7 j? 

34 ^ I,. MVS. 247 

»*U li.-xii.-yuM .. 191? 

9*'? lex*- Kii'ien. . . 36:^ 

19 1'pins lii'l »n. . 80i3 

82Jb Ii m> Mli A • te> 30 

34m li-j»' l tuuia? . 19 T S 

24j« I inns, in- 411, 

Z65a I lines Mirun . 287 

241“ l luikeu 461; 

ll’t Imu... . . . 3c ~>t 

16 I irui-int-nm. . 157 

207 inniMsi 18 ? i 

16 «6 Irnul'iiii.ii 29 1? 

17U lnii-“n\- hum. 227 

Imu W,«rial Air .. 171$ 

237 I niiNvr- . .. 337 

28 is in-li-iiLineiiiai. 17»c 

191# 

22-i Irii.au Mil A i in? . 4>, 

20k ICW 36i# 

J9>- JUthi enunr h».s 30.# 

6 if. il.A.L. 30 

23 j; l .A Ifl M 45 

22a# 1 1 Mi 187 

20 '« ; i nili-ii-r 48ig 

31i# * t IllUa, ui "... 59 

291# i L nil'll IhULsir),.. 27:# 

9;# ' I muu (. erii.le.. 36* 

33 J i L u'.ni Lull i Mi '.’i •> 6-; 

25s# L muu Mil C*i IU.. 571# 

■. muu IVihi-.. . I 52 

??, I. iiuvini 5^ 

* i-niifcsi Umi|.i> .. 8--, 

I 277 

f° oft 1. Si.i| i-n in 24 ij 

i> at«c 237 

I » SHri .. 2Kii 

SV’- 4 I Hi lis.-Jilu+sf 1 *-? 377 

I. » I u.insl rlari. ... 17>; 

fa* 9 \ moilM Klas-i 14 7 

73. "niareeu 24ii 

M«rner-l'iimnin.. 42-# 

-4 U'uiMi-Uiiiiiwil. 24-; 

W»»ue M»ii ineui, 25i? 

Weh^b'iw’gai 27 ’l 

tT 1 I'e-IMH Ihuanfl. 24*4 

nL' Wwteru .N 23. ■ ^ 

L 8 II'mIHII I. nhin.. 15-4 

Ue-Uiigl.'-t tkv 17 

24 "esnis, , 2514 

14i“ WVjo L u-uht. . 267 

457 Wuir'ip-sH. . .. 207 

26 Wblu.- Lun. In-k. 17-.4 

247 " inuiiii IV 15 'g 

267 Wi«run-iii Blas-l . 267 


Xi-n.\ 53 1; 

4i|*U ll'i 

<'.‘iu! Ii Ks.ll-... 13‘i 

L'.-.Tres...>l- '. « . 

Is tlcaall t i: ' '9-! 

L -nT-bi.- I.i s e 59 l 

CANADA 


301 VmuM 17|sr . 1C5, 16 

5^ tali its. i fcjij'L - . b.j 5 

45, \-v*u \.iiiniiii'-i 38.: 38 

10 \>“iHnii»lee - 25 24- 

81 lg ,\sl«vlns . . 47 t45 

17,“ ihnki.iHi.unn ^4-;: 23; 

157 j UadL Xuvh Psse 4. *!l.‘i 21 

18S-J • iLt-i*- lir>«i.s- 3.85 3.9 

77 ! Bell J<V#vJ?»Na c3lj 65 

18 1 8“ u ’u'lifi lii.s. 22:* 22. 

277 UP 1 ■im.m 19 -j 19 

11'- Srn-isuj 16 15 

207 j uni 8.50 8.5 

Kd -j* rs . 46ii 38 

f9 7 CsmHi.n Mm-s- 15.?; 12- 

344# L'amtiU Lcina-n:.. 12 12 

C-iwnl* NH I*)- 97 9 

32 Lhii.Iih|.IU. n 29i* 29 

*7 1 . kkuIm hflii-t r21.-» -21 

i’D t.7.1. IV-nia- . . 24., 24 

23 * ;• in. fVHi- In* **3'> 22 

9“ l -J LHH. -Ill 69 70 

3 LariiiigM’kisie. 4.30 4.2 

297 ivu-i„r V-i- 1- 91; 9 

147 Miieit*iu . . 26. 26 

314c LVhiiIixs.. .... 31- 31- 

26 j# u.4*r -. Unihur-i 127 12 

48l# L’.'JifUincr i.i'-. 19 IB- 

('•kiii 1.V iiiii.’- 5!. 5.1 

287 L’.astain 1IO1. 11 

24--; 1 hum lie .el.. 12:# ll: 

16 Ui'iiiihs Mm. . 71-i 751 

*1*2 ll. Hue Min.- 82 tSO 

28s; I ■■.■in' Pi-v»- **•-•-■■ 81:# 79-' 

2ais ii.mmiii.ti Kri. ^8 28i 

»67 U..uii»i 211; 22 

53V .... 15 15! 

371- Paa-Hi'g# \u>. 29ij 50 

39x P.4.1 Hu.ii 1 ui. »7 1 71 

ML 

56S '••.•u-lm ... s4->i a4^ 

SB i.iwui 1 •ii 1 ..- IO7 10 
B24< 1 in 1 in. i siL. *r- 34--; 34 1 

337 llink.-i -i.l.i.-i.r-'- 7; { 7. 

10. 1 . lf>P>lllllfa.-£. . 41 41 

44j; i|ihi» i»n-\ 44 v 441 

91j;. I'"' M* 18 19. : I9i 

57 ifn >-ui" Us.' . 22:* 225 

304c | HihIh.ii ll|i % lin- 46j; 48 

. I A.I- 17 i 17? 

j’.'i liiin-i.a .. . . 37>j 371 

2-1 , hn|p-riHI ni 24 Z5?- 

19»; |„,v\ . . 171? 17? 

In."- J*-S }?4 

In lumn'i Nui.lri. 11?? lls 

h.lV.-P.i-U.K 16 V 16' 

hu-ir I. 1 a-e- 15- 1 15? 

Jr ■* iMtiri liu. 1 aHla.. 97 9? 

iA4ildtiLa.Hii.-V' »2a 4.21 

MiHIhll. IS.aHs... 2144 21. 

fpf 6 .‘In— o' tnsiHW 11 II* 

’U-hUvrv 24 234 

?QS. J Maw L..W|HI .. o5;c 54 

1 -La.iiiitaiiiMHiel- 2.93 2 71 

f£. .Numu-In lliue. . 35i? 35 

\V* N-wetsi hnc-i.. 18 17' 

?r! a : \»li. r 34-| • 35 

l/U ; NnuiauMIIA Bn: 25:= 25» 

47. i.iiUaM.spI Peirui 4.70 4.3! 

357 I •mill.' tut .per 11 | 17a 1.8 

?n l2 Ks..il“-I'wn<(ewfu oOu 60j 

“■L PajuLnu.IVlPjnn- a8l* 384 

Idlin'.. .. .. 2U:* 201 

18 IV“.;Hi-s I ViH.a..- Sij = 54 

Jo L-nn. 1.75 1 1.7 

■**}*; I'ln.s.'i U«i nii;.aic| 26 t25i 

t'4# . 1',-nvr 1.1 |.hbI*u- 2U13 205 

S |I“ l I'rat 123 :25 

j i/uHe '•uii"t-Hi 1 1.24 1.21 

s®?* I Klllga-r Mil 157 • 1 = 3 

5i ' ft J Ki-isIMtHllMHI-e... lO 1 .! • 10‘ 

Sij I laH. A lu. HI I 337 ' 354 

Ban Ui.vnl Uh. ui L iui.' 357 35? 

277 K-in' I’m-! 184* , 18‘, 

55 veitirlii'riimr- 7 » 1 5Y 

“ 'rtaiH..- *pir 3 i 4 

Jn-* -liei- LmiiaaiH . .. , 16ii 16V 

-lieinli 1 ■ . .U imr* 7o ; 8 

<<,<n.u.i. 377 37i 

slfllirun 74# 1 7» 

-un ..t rim*'*.. 27 j# . 26'. 

'Us-|< Irvii 1S.7U , td.71 
la-'jus. L non. In .. 48 48 

In, h.H.HJI.. UuUl.UV.. 214; 21i 

sfii lip... M.H.1.1 9 »« 

fl 1 ® ir W tie 16 

Ifr. 1 «... ... 107 101 

l6 '' 1 liitdaK’ie.Mlnes. lO'? 10 

257 ".iibei Hirnni.. 38' j • 38 

26 * "esl Lisi-I inu: H4ai 114 

205j w.Men. i.eu \ 20- 1 20' 

I7s » .. - h 

154# t Bia. • As-fed. > Trailed. 
267 New hum*. 


yesterday in moderate activity. >.-52.85, while Haw Par finished 8 
with the weaker dollar adversely cents lower at SSL4L, after rising 
affecting senLiment. to S8L-50. ' * 

Union Bank receded 23 to Pan Eleetric and North Borneo 
S\\Fr 2.93y. while declines of 20 Timber softened " cents. each to- 
apiece occurred m Ctba Geigy, SS1.45 and SSI 7.51 respecoreTy. 
S"Fr 1.840. and Nestle, Down by 4 cents apiece were 
SwFr .1.180. However, Sandoz, Inchcape. SSI. 53. .Nanyang S?2SS, 
dovn 45 ihe previous day. rallied and Sin Chew. SSS.Ok 
23 m SwFr 1.675. and Alusubse Among Financials. OCBC suf- 
im proved 10 more to SwFr L110. f^ed a 33 cents fail to SS7A5. 

Domestic Bonds were steady, while DBS lost 10 cents to SS&SS. 
while Foreign Bonds generally U0B hit a ^ of s$3:22. but sub- 
edged higher apart from the se qumtly retreated .to_vSS3.04, 
Austrian ::.5 percent la-year Loan. j 0 ^-n 14 cents on the day. 


wbich eased by around 3 per cent. ln ^ Hotels sector. Faber Mer- 
\lilon ,Jn eased 3 cents to B 2 J cents, 

j* Ilian but Shangri-La was steady at 

Technical fales which prevailed SS4^0. In Property VOL shed 7 
in ihe last hour of a quiet trading cents to SS1.31 and City I^vetop- 
session reversed in part an earlier ment declined 4 cents . to. SS1.09. 






NOTES: MVrrsnjs n«s ^nov.-n ?-low ana 01 srna izsur. e t*cr ihwe. ' Taucs 
.-Vl.im:.' i an.-iri‘im. BeUran H i rWtiHI «i Croi»- div. %. ft LsoMM dlvMimO »Uei 
HI- jiiit v.->:hn.ilflu:« rax. st-no ana or rshts Baoa. * Aflar I oca' 

o r».il ,w- nanom un<r>? oitiMiusc «iai«4. ra*« m ». -a* »rce. i-moca rndnanu 
o'* nil nlus 'ax. I Midi mv. u vom. o Share split. « Oi» 

•V lij rim aa-onm nn-»s» .irti«ru-i«n- sraicd. a.-rt v»i!ii exchidp special uaVimar. i (mii 
jl nKi lun .Kimm unit's a(ti“r..-isi* -i'l'ert: la'en Civ. a LnoSirwl iradw*. oAllunnn 
•| -rlr i«iii -ia-rnin and K*arcr s’laras luiSVrs only, u timer oeildtilS.. * A-*ert 
«ii,i'**a«t nin»f'.-i,K iiiaiiwl vsi «tennm. - Bid. h Trailed. I SeUer , - Assum^i 
•uilvse tkih.-n.-ise st»:«a S Price at iime trEx nahts. sn-Ks itivutemt . w ►> 
ui «iifpM3i<ii> a fclarms n srtnttn«j» vne issue, ca Ea all.- ■ lotwmi «twv» 
i;?r:s .? n» --iian* i':« twh-ihc «sshK nu-reasm: . . 



br&zjl;' 


ik-.. 79 . 7 - 0 .: 

ilua'i-s- \a-r-H.-li.. 495 -3 

ililll . . 2^3 —U.l 

IhA-f 1*5.8 — 0.. 

•■j i 140 -O.! 

B.n i-r-Hi 3 16 -2.i 

■ btirs-.V urriU-14 . 3z7.5 * 1 

. |l«ihir..\.s|.-i“t» 164.5 . . 

.in nier I... . 1:29-3 O.t 

Ohii iL> uni in i . .. o7 — 1.2 

i-r b.-uj ... . 337.5 . . 

L»i«;u-.-.a ._ • 2a3 —8.1 

Uvnm^ 175.5 -l 

iVu's'i.e liiuii.. .. 511.8— 0.S 
l iii-.iiu-r tVuili.... 243.6 -U.l 

In ••Hern..cr /null. 161.5-1.! 

i.aiiliiinirnui^; 240 —1 

Hoi*; LuV'.l 99 - 1 

I l«r| eui.'r lo2 

I lias.-l.al 135.8—0.! 

H-vsaHi ' 49 2 -u.s 

H-rieii 157.5 -3.; 

hull iinvl Sal; 141.5 -0,E 

har-Uull .. . 330 -2 

l\Hllll>a.4 250.3 * J 

h I a-knrr UlllOC'. 92 1 - 0 •= 

kill i 198-5 rut 

i\nip|> t> VI IUJ... ‘ 105 

Limb- 263.5 -U.E 

Li>w a'lii-rnulJM H.6 1.43u —60 


79.7-0.5 - )A^!(i«a 376 

495 -3 31.2 3 2liaua.« 448 

223 -U.5 28.1! 12.7! Casio- ' 9*0 

laS.B -0.4 lB.rt 6.9 '• ri.iuvo 400 

140 —0.5 18./:- 0.7 ! lft«i .Ni|n-«n Hnm 617 

3l6 -2.3 28-t2 4.5 r Kwi' PlhHo. 556 

3a: 7.5 -1 28.12 4.3 1 Hitaeb: 345 

164.5 - Huoala Mijf.Ta 482 

1:29-3 0.8 2655 5.8 ! !!■«?«• F.-.t U80 

o7 -1.3 - - k. liuii i 238 

337.5 . . . 2B.1Z- 4 2 ' llu lokKlu. L810 

2=3 -2. 1 26.56 10.3 4fc.tr?. 760 

175.5 -i 17. Ii 9.8 1 4_1J._ — 2,800 

511.8-0.2 38.12 4.3 . k'au#a: Klaci. P» . 1.140 

243.6 - U 1 28. 12 5.8 Kudiiso 375 

161.5 - 1.6 . 9.38 2.0 : KinMa 284 

240 —1 16J6- 7.6 • h.ki.ua-c.nsjDK-.., 3.410 

59 - 1 '14 AW 14.2 jOlalsusuita Ind... 7Ul 

1d2 .-15.25 IJ .3 1 MUaulKtbt 8 ani>. 281 


+ 22 ; M 
• 12 


AOIIL Bftvuial 

Ai-nu*. Lu-tralw.. .-h 


iu.67 ‘-0.M u.67.. f iW20;ffiEJ» 

ddiavakk-Unbu .1 - i. i 2 L-aiKf-Jsj®9j0 : 


j 18 Lb VW- tun. I mlirtriei tl.81 .-MLlrfl] ^rloi 
35 - 1 6 CuiMulwinn InvfrVL-'. . j0.58 i. liii.* PK , l .;‘ 5.7 J. T* «!£ l Z 

r 18- 2J* • • - •• JL6U t ?. -i L 7'n. wwuamf Wi. 140 >-OJ5'34J:-fe3t 

.30 0 8 4mllinn» - J - 10 46 .‘-ff.tz . . - . ... . . 

'- 13 : n » VU'l.. (Ill A Ode... : - tJ-52= -+53? , TllTlMW gr.n3.5nKf VohUrtC AjMa-. : 

“ 1 _• HftiDt... Oeeh jO, 16 — - Suurco- E ia . d r Janciftr S£T ; v. 

in ' no Metal Ind t0.93 -r0.t3 ■ \ f ■ 

I K-ucaiuviiip i'«ni*i' tl.40 >3.0fc 05LD - - - ' •" - y 


■ it), 16 ' ,.-L 
tO. 93 VO. 13 


135.8-0.2 18.75 6.9 MKaubtaUl Heavy 124 +1 

49 2 -u.2 — — Uiisut'ifcln Curp- 425 ' 

157.5 -0.3 9.36 3.0 Mrtaui 1 Co- 8b9 - 1 

141.5 - 0.5 14.B< 4.9 SlmuSrftlii 640 i+lO 

330 -2 45.« ft.o Xipiwn Oeoao 1,680 |-20 

250.3 --J le.td 7.5 Xti-jx® ftbinpau. 839 ; + 3 

92 1-04 - — N imsti M.h.hs, 6s3 —2 

199.5 s-u.5 IB.fb 9.4 Pmce«_... 1.55 J 60 

103 - - ferny.. Eleuii-- .... 869 1 

283.5- 0.5 25 4.4 >evisuk Ptaub 943 i— 10 

43o —60 ; 95 6.7 ••M.i.eirtow. L290 • ♦ 10 



lv.riin.iiH. »5 —1 9.38 9.9 I X.DCV 1,560 —40 

M-\.» 231 Ib.tb: 6 . 2 iTa}Mi*. Alanne.. . 255 ts-6 

klHiiue?CiMlui 175.6 —2.4 17. IU 9 8 , Taketal-bemu*!- 448 ... 

Mfciail-^ • 2-9.8 s- U.5 15-bo'. 6.0 TD1 ' 2- 120 .-M 

u ? Tnn _ 13 9H.I2‘ 4.0 | luma 1»7 *2 


Tlum.+h'oer llui.-k.. 

So-krrriHiuu ' lOf.5-0.5 — - l*A» u Miriue 1 531 . + 11 

Pm-upHu; Inn. IOC, 141.8+0.3' 1- *>•■.» KlertP...*r'r.l.Q3tJ i 

MtwiiaUW. fc,«r. 161 0.9 25,6.9 lukyuthuyu 1 344 :~1 

h'li«nii 2 2o2 +1 '28.12' 5.4 l«n,i'_ 170 ) + 2 

■jiemcus 290.2 + 0.8(25:4.3 i c*bih* Corp 142 , + l 

•sii. i Starker I 25c . H.s6 7.* : l-.ya'W .MoU?r 881 '-2 

HiV'aeu \.U ■ 116.7—1.2 17.1b- >.4| ~ ‘ ~ " 


I ukt u llartue 1 531 

l.ifcyuKlertP...»r >1.030 


! 2i.S SHZSSSL:.:^’± ■.$% — 

' 48 : 1.5 Uuulop ttuWxTioGisaiti ' +0.81 Vo.O! ... *- 

^F otL : V-^ /OHAN^reSBURG :: T C'^- - — 

50 l.b Wiler-iMiiitiL. 12.35 ,+J.te * - . 

40 t u BJ5. Industrie* Vl t2.o5 +4.0: I 33:' 1 ;• -• TUOrf* "W- .a' 

» 11 ; 2.1 Cton-.Piupeity Tni-t.. - tl.^S ? .... ■ \ Afflcrl^a Qkn*. ':.'. +8-»: . 

. 15 : L5 Hametaiey ■ : }1-W +«.i6 1 -. "S'? : ■ 

s ; s ISSSsS. S3-- m i 
; «ig i25SfC££K-rd SS 

, 10- 2J9 tennanl Mii 10 3J +«.10 St. Haltaia flBLOB =1 4&2E 

i 10 3-D Meals lixplomlioii . tO.iB . +8.81. Sowbraut. _ L '2,1#-' 

20 1.1 UatnnMrJIiiKiafe tO.tS +8. Iff Ckild FleWn SA -Pfr!5 

1{1>I ngnine 12 32 i+a.n», Union Xoiptmtuw ..ifc.'-.^i': - tSAS - -fs.il 

oasro V.cwki Kmpurlnm tL-9 .‘+1.UJ Da " Buert' IMerrtd JZ.1L". . ■ 74SS ’ ' -S^SJ22L 

- •>4» n i '■ • s8J0 : .... Biywamuiztcfn SJSS i'Vw 

AirtiHan juia-rnatioiiai.. .. t03>5 +C.02 Baal Rand -Pry. +IV.H ' \l - 

; North BniHea UMtojc# iriX-ii tl.k5 +0.0? tb+ mja tinMIif J2i»‘ +8.S0 

- — — Ijiuiaodae .1 tl.56 ' .. * Presmew Brand U.Sp’ ImsO 

; . Ml* Jienivb 1 tOO» -1 1 Pwu^nT Shin - aiaL.- 'UN'. ++U 0 


svlieniq; 

iifi'eu- 

•'ll.! /.urkcr 

I lik 'seu \_tj 

V nit* 

VhUA 

' wviiiil "eittlfc 
\ m a^eii 


AMSTERDAM 


Vla*l i Kl. 

Ala/a. iKl. H I ...... 


131.7-0.8 9.38 3.6 


294 -2 
244.2-3.5 


28.1! 9.6 
25 5.1 


Source Nihko Sei-urmea I’oksto 


BRUSSELS/LUXEMBOURG 


■ Die . 1 -- 
+ M-: Pr-.|YW. 

— : K«l I fc 


Vf.vwa Kmpurlnm 

Aavra 

Xictn>l«Miuiernaci(iiiai | 

hurth Bmken ETdmjt* tOOni 
lAUIaridtfe ! 


Pnee +ur,Dlv.jiw. 2 _ 475 ll6 

r,J ' L.U.k.Uerueoi 1. *52 — io '100 

, , 9 = , ' K - n tAa-lMfrin ;93 +4 , _ 

^C - 5 7o 9 ' W : 0-0 KUto --2.400 +25 ,177 

at* k T i * i ri>» , ; *Tj Kwcrnlwli ^.-7.100 430 


I.IIK 1 iKl. lui. .. 66 

\iur\iaaiiifc iKi.£l»'! 73 

Bi (Mlkiiil j 91. 

IlnkaU'ivimiF^Ui 130 

U..I ■ t J aj 


66 ,+u. 7 ! 5 U 


G.8. innoBm :.2,c60 


EUROPEAN OPTIONS EXCHANGE 


'. K”'. 

r.27.50 


_ . 

_ 

1 

6.30 K. 29.50 

\hV. 

t'.aO 

1 

1.90 ; 

6 

3.60 

— .. 

A It Z 

r.32.50 

_ 


1 

2 40 ; - 

— 

IK/ 

l’.35 




35 

1.70 20 

2.50 

VKII 

1 .70 




- ! 1 

9.30 P.75.40 

i-n ■ 

r.32.50 

5 

4.80 



- F.36.30 

m> 

K.35 

_ 



5 

6.60 : 


in « 

V. 3 7.50 

14 

2.50 

23 

4.20 20 

5.60 !! 

II" 

1.40 

22 

1.10 

24 

3 5 

5 ,. 

JJJ'-i 

-240 

1 

50 in 



- S268 

IBM 

t280 

2 

5‘j 


— 


K 1. M 

F. 150 

1 

5 20 

1 

10 j - 

-- F. 128.80 

l.l.'l 

t 133.30 

25 

4.80 . 

— 


- i 

K I.M 

Fa 140' 

4 

5.10 : 

5 

6.80 ) 5 

9.80 | 

KMI 

¥. 142.90 

6 

2.50 

- 

— _. 

1 

KL.U 

1.150 

2 

1 

— 

5 

7.50 ; !! 

KL'I 

F. 152.40 

2 

0.90 

— 


„ 

ki.'i 

K. 160 

8 

0.50 

11 

2.70 - 

„ 

KI.'I 

1.161.90. 

L 

0.50 

— 

_ — 

— ,, 

KI.'I 

1.170 




5 

t.9fl 

— • 

I'll! 

V. 22.50 



... 

- 1 

4.50 F.24.50 

rm 

T.25 

4 

0.80 

8 

2.10 2 

2.60 

I'Kf 

t.27.50 

10 

0.50 

15 

1.10 

— 

i-m 

1‘.50 

65 

0.20 

2L 

0 60 33 

1.10 

l.n 

r.i 20 . 

7 

6. SO 

— 

— 

— F. 124.20 

l(M 

F.130. 

5 

l 1.20 

2 

4 24 

4.50 

la'll 

Y. 140 

10 

0.20 : 

— 

.. — 


M».V 

£45' 


■ 1 

1 

1 6'a - 

- >50 1 6 

XKV 

'50 

3 

5 1 

- 


- >53 >2 


H.l’ViL iX COXTUACT. 5 


BASE LENDING RATES 


A.B.NL Bank 12 1 % 

Allied Trish Banks Ltd. l^i^i 
American Express Bk. 121% 

Amro Bank I - ) % 

A P Bank Ltd 

Henry Ansbacher 1-1% 

Associates Cap. Corp.... 1J- V 

Banco de Bilbao l/’i'C 

Bank of Credit & Cmce. 1-i % 

Bank of Cyprus L!i ,l o 

Bank or N.S.W uiVii 

Banque Beige Ltd- ... li-j% 

Banque du Rhone 13 

Barclays Bank 121% 

£arnett Christie Ltd.... 131% 
Brcmar Holdings Ltd. 131% 
Brit. Bank of Mid. East 12% 

■ Brown Shipley 12:% 

('anada PeroiT Trust... 121% 

Cajzer Ltd 12i% 

Cedar Holdings 121% 

■ Charterhouse Japhet... 12!% 

Cbouhrtons 121% 

C. E. Coales 12! % 

Consolidated Credits... 12J% 

Co-operative Bank *12!% 

Corinthian Securities 12J% 

Credit Lyonnais 12‘ ; % 

Duncan Lawrie I2i% 

Tbc Cyprus Popular Bk. 111% 

Eagil Trust 12!% 

English Transcont. ... 12 J % 
First Nat. Ftn. Corp. ... 12 % 
First Nat. .Secs. Ltd. ... 12 % 

H Antony Gibbs 12!% 

Greyhound Guaranty... 12l'£ 
Grindteys Bank 12?.% 

■ (Hiinness Mahon 121% 


■ Hambrns Bank 12.!% 

■ Hill Samuel 5l2i% 

f C. Hu a re & Co 12!% 

Julian S. Hodqe 131% 

Hongkong & Shanghai 12J% 
industrial Bk. of Scot. 10 % 

Keyser Ulliuann 12!% 

Knowsley & Co. Ltd.... 14!% 

Lloyds Bank 12 i% 

London .Mercantile ... 12i% 
Edward llanson & Co. 13! % 
Midland Bank 12?% 

■ .Samuel Montagu I2i% 

■ Morgan Grenfell 12-1% 

National Westminster 12!% 
Norwich General Trust 12!% 

P. S. Refson & Co. 121% 

Rossminstcr 12 ! % 

Royal Bk. Canada Trust 12!% 

Sehlesinger Limited ... 12!% 

E. S. Schwab 13i% 

Security Trust Co. Ltd. 13!% 

Shenley Trust 14 % 

standard Chartered ... 12!% 

• Trade Dev. Bank 12‘% 

Trustee Savings Bank 12J% 
Twentieth Century Bk. I3i% 
United Bank of Kuwait 12J% 
Whiteaway Laidiaw ... 13 % 
Williams & Glytfs ... 12!% 
Yorkshire Bank 121% 

■ .'.Umbers of llu: Accepftoe Houses 

Cunimluc. . 

• J-il.sjr depoMUi I0*r- l-monib d-jneiia 
ri'l'J,. 

- 1 -tiny ijepo&il5 no sums of llu mm 
all.] unrfcr IM*5 00 10 £2- r >.UD0 10|-i 
*nd OV.?r !2.'..Ofl0 lPl<s 
: r.fii o.-po-iiis over fi.oro_M5, 

S Demand deiKftllS »*■ 


Uuli rui' Tt-uen»le 

KiiHiler.l-l.ll >'.... 1 
kin.u .\.\ .boner 
KllK.ailllUu Pi. Ui 
U IrlilUnHuOte' Fl| 
lli.'iuekvu i FI. Sail 

H.si»i.tr?ii+ iFU- 0 *; 

HuuK-r I'.iFI-lOUi' 
K.l-li. iKi.KO... i 
Iui. Mullet <Fi3Mi- 
VhI.A nil iisiKI.lt, 
NeaU'nMBu.Ki^tr 
Xeal.tl'ilBklPliCj' 

lAriFiai 

■JUK.U iKI.IOi.. 
Inn lliiinietvii. . I 
Htakbml iKUJU....| 
Klmlip- . KI.I'J.. . 
ItjiirftrLiA en Kl.lk. 6 i 

KaHiihsuKl.jCN., . j 
ItuiMltu (KUJ)^. : 
lii>vnlUiiLrJiiKl3XJ 

3ictviu.irjiKI.riC> 

fi*v« i*»i-.Uirt».frl 


■£& *0 9 ' - : - KBto - 8-400 +25 ,177 7.4 

^i- 5 ;i‘ 7 i ^! it teSUr’isz:;!™ -.‘MS li 
Ss ,: fli^K SiSCSqSS :=»l« K 
ii S : -li ji” 11 

54 iurJi’S ,u “ rcom :Lc 50 Jl4B 7.5 

42 =. . .:.\37a! 5^3 7.100 )— 20 ,890 4.1 

71 ' 94.y 4 g Beige..;®, J 80 > — 50^325 oJf 

35.7 —0.7 20 I 5 6 H.iwiui«», ; 2.8u0 ........ >58.06 2.8 


‘r* OUer b\|Uumi km r. 

* Kiwieer Vou-.-rete. 

Keckltt Jt ClIUDAD 

- 1LU. Sielcb. 

XHitlKurt Mining 

T' tuiphmitiuil 

“ .touiQ 

i'T VTniiooi 


9X8 I'M Sf* M 

P” ' 3 j* : *- 7 nbLiBrux Li 1.-40 

30 +1 ’ >80 . O.i H.vr,H.*n » MX 


2b4 ‘ + 2 ■ 27.5! 1.9 

142 . .. A37ii 6.3 

71 94.b'4 9 

35.7 —0.7 | 20 I 5 6 


Wo»«eni U liiiftfi i50 oem» 
Ww-nutb*.. . ... 

“ . KUOS'- 

5^ .'•• Price 

5-6 . - .Nov. 23 Ft*. 

7.5 ' — : 

4.1 Jlenur * 4 . . ..! 733 


»o.’34 H>-M • 

TivO ' '"i r*| • fliwwtaii'.!.'.-...- w.«.' -wj»- 

nlc4 -1+9.01 22i cr " B0M)n*S 30^0 -,.+.L»' 

tolo 77! ; Vk ‘^ tern iJe CP ..r..V— ;....;.>3 lio ' +».7B 

• !?-£2: 7 IHOUSTRIAIsS .. * . .. 

lo'H ■ AECf 

fr iS 1 Anuio-Ampr indostmi it « HIJJS 

♦ 1 5* L0.05 Bartow. Raiio <T» +n3S 

- tLB Q risf.o* HNA - Invc5tmests- jj.20 T ' 

Cutrh- Finance * 0 94 

*j“ rtT v" -vCf B * rers IndtBftdni . 4 .....: tis.75 -• . 

+ K* ■ i r canmuhtad im. -few v -wa 

T2 iV’ula SA *+».«r 

-0 4 Hl ii w VolKstoeJessin&s j.rs -e.03 


1 — |UBO 4.1 iieni*?«a ;taa +4 1 4ij. u.B Feduralis 

—so U2B aj Unque U+m'i'J a, 3 -0.4 Sllb b-t r^rroura "* , ° 5 

I ... ..^.obl 2.8 AirUuiul* _.| 3t.6 '-2 } I6.al 4 3 _ H?* 

1—85 ilUu 0.6 Aquitaine- j 039 1 + 4 >«.*8.25i 4.7 CTA - ' .. - . . " HS 7r n 

|-2j Idu4 0 . 3 . «rtC 626 .+17 ;U.ft 2 ./ McTortby Rodwav ' rS® . 

140 r.l Boa>«M«+... 803 *^81, 42 5.2 NedBaST ^ 1ZT - +8(0 

1+65 J8 15 ' 8.6 «t3-N. Oervai»...l a74 j- 1 j i»o.d 7;1 OK Saxaira T 7 jLo- - ' 

1 ... .. ..It. 10 o.. fcimifyiir- . .. 2.137 .1 7a I a.S . Ptvtwrr MHIttw ' s m ' • 

' + 65 17U 6.1 tr-H-L-. ■ 3B0.6 -1.5 ! 51.6? d5 ■’ Pt+torto Cement ........... S'S +aos 

,+ 10 1 - ul.y. Ainttei- .. l.oOS -S 176^01 7.7 J .P«f<m BnWia« .. - - 

... -....J 50 6.9 Cie Baocnre. ..j 4** 6 ..I 72. 1 C. 1 ! Mines li-oBinJag, .',10s' . , +b wf- . 

5Q — — C;u«t Mcaliter.. .. '£.x 1 RetrlbraiMit Oratm r ’•* • 


*8.6 -J *A. 23 7.9 

^Sji+I i - . - SWITZERLAND * 

24.5|— 0.1, 17 6.9 — -j 

ol 1 I — — i Pnee i+or]Dlvj 

164 / 1 25.fi 7.8 >uv. 23 J Fra. 1 — 1 ■“ T 

152 ; .. . -^ - 

122.9-0.2 I9+ 4 U ,, , ! 

124.Z.+0.4 S3. 75- 5.7 ^''"Onum 1,130 

238.5+O.a 20.8.4 ® BC * •' IJ- 665 

100 . 8 ; + 0.6 27.). 0.6 Fr.KiO.LjrtO 


cs liter .. 5t9 , + 4_ Iitg 6 l 2 . 2 . RMTftlWlI .Oroop _ 3 j« v 

Lnsdlt Cum. Free 130.1' » 81L 12 i-9^ J'S.W'-'- . - r„ + 001 - 

Uiue.. ..] 60.2 + 0.2 • ft otdmgr ; ; • .riASS r* 

Uumw... ... ' I 681 '-*-4 ' 33 -W 4.9 H -s- •» •>. 

Kr. HeWwies. I 1* 1.5 -1.3. 10619.9 C- SmW^.Sraar *Jo +f.3B- 


0«». Mccideulalal 26u 4 -0.1 ] 10.T 4 a. I 


7Z ; tr i T|V * 1— Sr - -1 SM.4M Trn M ««•« 

— ■ 1 ° J* h+ucs B ure) h 180 - 3 r^™'. :r’~' :-;t“ f t* ' 

I I 1 - uiaq« 1 248-5^...' *16.771^.9 SflmrilfcR Raml.irficn, 


r.ilcv.Pa.'.liMlv.fl 132 : + 5.5 J 6 1 Jfcn Uen...i 830 «-W 

u.wier > FIJ4I).. il I9.7al|+ 0.7 42.81 7. 1 1 . Uu - L ■— 

i tint- lie- i 38.4 i so./ff i.^iCrmlit Suisse. ,2.15Q f— 15 

Wci.tir. Hynuh 416 !— 3.5 , 33 ; 3-b Mnwi 1.780 s 

* ' 1 Fisrbw iGeu»et.l =45 


! I - Ulaqje 842:8 > ...^*16.771^.9 . SecurttJof 

+ 10 H ' 3.6 Lttwat., ... -. 734 + 8 -ltJi] cZ /i)^, 

+ 5 10 2.9 faapanaf 1.960 '+« 'Sfll/M 1.9 -T. 1 - ISCO ' 

—20 28 I a 1 -lUUokis fW.ii*., 504 I + 4 =33.817^ >' • • *.*"••* 

82 I u 7 .9u'bei»o “o* .. I.a60 _22.«il a.u - ”V . ' ■ «i 

8Eld!6 Heuue+oey.. 578 l«.b] SPAIN r 7 

—15 16 13.7 Mo«»'i4es . 137.8— 1.; . 5 fc.» • r^T ■ v 

* io ijfi farfba^...;... I 199 . -L. ld.eaiOA> 

+ 4.6 He-bmet.. 


Securities Rand VSJWj58 - 

'•••-/ (Discount ot 40J%) 


Fiw-ner lUewuet.l =45 3 | 4.6 '■Dniun... ^ , 

BoHrixq Ft 0ert.i65.250 i+Xs<Hl0ol Lrt ftf»4 kwnl 

t*i«. .ainaJii ,b.s60 1 jHO T.V 

lot primal B. _j3/<00 J 21 z.^ K. iV'L I 

Jemioli (Pr.lOJi... (l.450 i+l€ 1 31 1.5 

Nmtit iKr.UXJl 3.180 |_20 Lbb . 0 a.-,, -''j - 

Do. taw 2.250 !_35 IrfU 7.8 

oeriikou B(K^oi|a.eoo ! — io is i/+ 


Price I -f •V[”Dir.|YM. 
Kishwt I - I 4 . , i 


'.'PBrcenf-; 




Intake btttlk.. 


, 14015;+ls 

f izjt'j; 


4-1 A'Wiu'Ciju.. i 137 ; .. .. 

-iiioji-Iw nhen j 130 ;+ lj 

1 I 339 —3 

:'i-r IVl<r 1 8314 — Jl 


owidu* '3.675 : + 25 

! 1 1 1 7.9 I>* But Oerto- 430 ;~8 
. 12 I 9.6 A-l/fnrtlijrCVPfro 275 (+5 


ifi I i < sWulUa^lurtui i 1.870 

‘I L “■*. tiuta.. , 2hl, 

5° ! 5!S ft anUM MnqMe— .j tf07 


I 339 —3 [ 

' 83 14 — jL. r 

' i 12614. • ...' 

280 ;-2 ; 

I : 182' 


IB | 8JJ 'Kilter CuPr.lOO) 3 10 

15 10.0 (Fr-iSOj. 1 . 790 

12 ‘ 5.5 3»I»j UuL(Kt.lUn, 431 

_ _ s« is-. iiieiiKr.sa.14.700 

12 > 8. 'i I’nmo Bank 2.950 


ludn-tn b.j 225iy;... . 


ilj.bereu ■+□... 
Iil*artlls 


11513—3; ' — 

lau'+l j 18 

IdbLl II 

371 . 12 

167 -list 12 

. ». _ i 


12 > B.i 

12:59 
12 I fa.o 
10 4 4 


j[;i“ ^ --: io - 676 i- - « u 


12 : 9.2 

11 1 d 1 j 

12 ■ 3.2 
12 : 7.1 


•Jr | Dlr,'][ii. - 


' ' I \MC 


VIENNA 


. iMlIlUUslHlt .. , 

r , Ki1in».«>-vr. ... 

•• 1-1'Jfa 

|Mi)|r*n| 

«»»r iNurilei . 
On Maantasii. 


lante. .. 
CMltikea 
tiwet'kn 


>...." 114 .. ..i- ‘J4-, K5xrt. Ufa *T>WBi - •- Mawr' -- .~a?\W + 

>M5« j 226_ * lq • 4 . 4 ! Peasu ajfloi wn *** & ■*" 

' f 1 ® ' ; ~! v IbjiiS !-+ b.j CAt>.£tVdadss v-. '-.>'.'"S9' ' 


yM 


w 


•" -- -t» xirgag^s^-^ggsggiL r»»t 

' ,-s ;.-.vs*r i 










a acts 





Stay disrupt 
price 

plan 



&Y MARGARET VAN HATTEM 


BRUSSELS. Nov. 


lotin . Worrall 

"r4 : \ :••• . ; NAIROBI. N'ov. 23. 

fwr-fg- ■■ /**• • - - . . . 

WITH DESERT locust outbreaks 1 
; -tn . Africa and Arabia officially; 

- Sesi^nated by the UN Food and. 
ill turn Organisation as "a j 

f plasue.” the Kenyans are Utkina 

- MfHeut precautions against „ ■ 

V-Atocusls drifunt* snulli from' 1 "** “KlTISH Government is droo in common orices. 

?y -Somalia and Ethiopia, j expected to take advantage of That such a policy change 

■:~v-J5 aa... Kenyan- Uovsmmenl technical complications _ ansi nu should conic about as a result 
■ believes a -locust invasion could ’ rom introduction of the Pro- of a purely technical currency 
. take place any time now. Com inti European ' Monetary problem would be unacceptable 

• {TfdtWn from Somalia on prevail- (EMS) in its battle to most other EEC members, 

riiufwinds. they could reach a's|?" ainst level of EEC particularly those with large 

.. f acias Tanzania, and ibe fuar ■ farm price support- farmins sectors. 

N-^tihat- they will devastate East , • 1 " 3ess EEC member govern- Even if the British could ore^s 
„ ^Africa's neb agricultural lands, ments approve the introduction JJS-JJ' taSSSlon^Ir 

\*-l The Kenya army fanned a £ a special, currency conversion {£ g" {TffScilSfSrSSS^r 
•Vf-.rittiisr . control uniL .The air • *?vice to bridge thu cap between jP e uouortui wnetner 

'£*>«* has modified two aircraft j^e vrtewai system and the EA1S. « al ? £?"£ 

sura vino locusts and arei^ Community’s common farm , cn 1 1 “ y , _ p v „ 

fc-ai«n-jcinc on two more! 


- 2 K&ny a. Is working closely with 


prices could drop by" an esti- JJJ® f° r n 
mated 21 per cent. *hoy may 


temporary solution, 
be able to choose 


The EEC Commission y ester- «*«■■« and where lo re-open the 


\ thcEasL African Desert Locust!.™ EEC Comnnssion yester- 
VTfcattol Unit, whose aircraft are .proposed to the Council of »»■ 


tS*Ml*wJrms are' now dcvasJ adopted” "so “fiT the' British Uie prices paid to farmers. After 
huge areas of Ethiopia ' RDVeromcnl has not ctren its conversion of common pnces vja 
- L «id Somalia, and are brecuC!"' formal opinion on the issue. But the green currency rales into 
£tojelv In the 0"aden DeSerC indications are that it will trv national currencies, they would 
Em£iI . ultoriU* ff v£$k\i* ensure that any bridal remap, at their present levels. 
ftjranT north eastern province 1 arranfiements arc temporary, in the snort lerm. it would be 
“^yocallod on all the inhabitants: »* oss *bly with a definite cut-off hnle more than an accounting 


NfSS 


ith'reporr immediately anv desert i dale. ' device. But its effect would bci 

t locusts they find. " , If it. could achieve this, and to narrow the difference between 

^“■Export 

: lAgncu 

‘•■flwl i* |. lk> P „ MI1 -!«-! 

■ M-ouehl under canin! *ocn the- would be able to keep open the the ricutschemark and the under- 
•jfiraifl ioreaten 3 huue area froni option of forcing a subsequent valued "green Deutschcniarfc.” 

-Atlantic coast of Africa in 
iH&e-Hnna!ayas. 


is they find. , if u could achieve tins, ana m narrow me ainerence oetween i 

jprts from the U>j Fund ami ' D would probably need the sup- the pound and the over-valued , 
ultiire Organisa’-.on bc'ieve! p0ri ,,r al * eusl one olher “ swn pound." and to eola'ree j 
if the swarms are no! ' '^rnmt'Ot to do so. Britain the yap between, for example.! 


^Strikes hit 
l^idian pie 
| exports 


Dutch tighten bacon 
quality controls 


BY CHRISTOPHER PARKES 


CALCUTTA, Nov. 23. 

SarbiAX JUTE goods exports ■ 

S^RriirdetF a particularly sharp in- ; DUTCH BACON 1 curers have re* 
in October at 32.0UQ | syonded tn recent criticisms and 
bfocoes (in St*pfDinber exports are lientenins up quality control 
Stalled 2S.IKJU tonnes) have re-jon the -bacon they ship - to 
Waived a' setback due tn strikes. | Bn la in. 

f Ihe' disputes involve bargemen ! New regulations governing 
Slwhu carry jute goods from the L water content and the saltiness 
-'Mills to the port, and dock (of the bacon will be introduced 
yfeiSsers at Calcutta port. Accord- ! in January next year, 
ia&ff in the Indian Jute Mills Asso-! Curers must either meet the 
/nation ‘ exports amount ing to | new standards or he refused; ex- 
'.TioO-2.000 tonnes of juic goods . port licences and “ get out of 
worth at least Rs IDui are being ' toe business.” Mr. M. T.- L. 
i 'Io§t every day. i Appels, chairman of the Dutch 

Overseas consumers are being Bacon Curers* Association, said 
.forced to turn lo Bangladesh or ( yesterday. 

■ synthetics to meet their imme- ■ Holland is rapidly expanding 
tdaie requirements. Today is the!s3les in Britain. Mr. Appels said. 
jiefCDib day of the bargemen’s \ Shipments in the first 10 months 
and the sixth day of the of this year of 32-819 tonnes are 
.strike by the port Workers. ] almost 2,000 tonnes up on ex- 
; Meanwhile, the Indian teajports in the whole of 1977. -Mr. 
industry - is deeply worried that] Appels expects this year’s total 
jb(s countrywide port strike. : to reach 40.000 tonnes. 
apBdaUv at Calcutta and| He also alms to win for bis 
Sjapdla will make it difficult to industry a 10 per cent share of 
[sport even the 200m kilos at rh e British market which absorbs 
ASich the Commerce Ministry some 450.000 to 500.000 tonnes 
Jfcvits ceiling level for the- cur- 1 a‘ year and is currently expand- 
gpt financial year. - ‘ing at 3 per cent annually. 

tte= 


.Ur. Aopols said before Britain 
joiued the European Cuiitmuniiy 
there were only three or four 
experienced bj’con curing fac- 
tories working in Holland. Now 
there were about 20. he said, 
some with no experience of bacon 
production. 

Dutch Bacon Control, which is 
responsible for issuing export 
licences, lays down rules govern- 
ing grading and curing or bacon. 
These have now been extended 
lo cover the composition of the 
brine used in processing and 
chemical analysis of the end pro- 
duct. 

Although ihc 800 tonnes 
weekly .shipment from Holland 
to Britain may be modest com- 
pared with Danish exports which 
account for half the British 
market, it amounts to 50 per 
cent or total Dutch exports or 
pigraeat to Brliain. 

Rapid or large-scale expansion 
is unlikely because of the Dutch 
pig industry’s heavy' concentra- 
tion on other markets in Europe: 


Wheat pact 
talks may 
be extended 

Br Our Commodities Staff 
NEGOTIATIONS ON a pro- 
posed new Inieniationa! H'fcrct 
Agreement, officially due lo 
end in Geneva today, arc 
ilkelv lo be extended, it was 
understood from con Terr live 
sources yesterday. 

Talks on financial aid lo be 
given to developing countries 
lo help them lo carry 
“ reserve ~ stocks of wheat in 
times of surplus supply have 
apparently made belter than 
expected progress. 

But there Is said to be a 
great deal of necotiating to be 
completed on (he size of (be 
reserve -lucks anil the 
“ trigger ” price levels al wrtiirh 
the slocks are either increased 
or depleted. 

Meanwhile in Washington. 
Michael Hail, president or 
Great Plains Wheat Inc. .-aid 
the US. made a number of con- 
cessions to the EEC in dis- 
cussions for n new Inter* 
national Wheat Agreement, bul 
failed to receive similar con- 
cessions. Renter reported. 

Mr. Hall, the US. dele- 
gation's wheat adviser at the 
talks, said in a report to the 
trade group's Board of direc- 
tors, that “ noihwirhstanding 
the U.S. willingness to com- 
promise on the EEC demand 
for the inclusion of a coarse 
grains convention in Ihc 
Wheat Agreement, flic VA 
apparent!?' sained no off- 
setting concessions or benefits 
from EEC.” 

Tie said the U.S. made con- 
cession- so that the Multi- 
lateral Trade talks would not 
be hindered and that the pro- 
posal for an international 
wheat reserve would not be 
jeopardised. 


iSIf? HENRY PLUMB 



with 



BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


THE FORTHCOMING departure 
of Sir Henry Plumb from the 
presidency or Ha- National 
Farmers’ Union marks a funda- 
mental break in ihe Union's 
policies which have endured 
since the war. 

The close links which were 
romied between ihe Union and 
the Ministry m Ihe im>.»rests uf 
wartime food projuenon mere 
carried on by Lord N'ctherthorpv. 
the Union's first executive presi- 
dent, and his successors, until 
Common Market entry - was 
achieved in J97J. 

The basis of this association 
was ihe Agriculture Act of 1947 
which laid down that the Govern- 
ment would provide the support 
for •* that par! “ nf the nation's 
food it was deemed necessary 
and desirable to grow at home. 

As world supplies and imports 
increased from the mid-1950s the 
discussions about “ thar part " 
became more and more acri- 
monious. The Got eminent of the 
day. notably in the 19fi0- when 
Sir Christopher Suames was 
Minister, enforced an end to the 
open-ended guaranies by impos- 
ing limits on supported produc- 
tion with what were called stan- 
dard quantities. 

In the immediate post-war 
years. Lord N ether ihorpe. in 
many respects the most able 
negotiator it has been my 
privilege to see in action, 
appeared to feel obliged to use 
his considerable prestige with 
farmers to moderate their more 
irrational claims in the national 
interest, particularly when food 
was sliil short. 

His successor. Lord Woolley, 
was faced with Sir Christopher 


Sonnies si his fiercest. He could 
do lirtle but mitigate what 
farmers regarded as the Govern- 
ment's hostility. 

Sir Gwilym Williams had a 
fairly rou^h ride loo. because 
for a start at least the 1964 
Labour Government carried on 
the Soames policy. 

But when Sir Henry took 
office in 1971 ihe climate 
changed- Mr. Heath's Govern- 
ment was determined to jotn 
Europe and prices were allowed 
to escape from the strait-jacket 
of standard quantities tu some 
extent in a series of good annual 
price reviews. Since membership 
of ihe EEC was achieved there 
has been a steady increase in 
returns, enough to give Sir Henry 
a fairly easy lime. 


Rebellions 


There hate been rebellions 
among the membership, nutably 
in 1974 when farmers tried to 
barricade the ports against Irish 
imports. Bul this was all handled 
well and Lbe protests subaided as 
they normally do when prices 
rise again 

Meanwhile Str Henry em- 
braced Europe with an enthusi- 
asm worthy of several better 
causes. He became president of 
CO FA. the European farmers' 
lobby for two years he has j 
weakness for presidencies i. He 
appeared to settle down well 
with bis fellow farm leaders in 
Europe. But it never seemed he 
really understood the conflicts of 
interest that make up the mem- 
bership of COP A. 

Once the Labour Government 
of 1974 came in. Sir Henry found 
in Fred Peart, the new Minister. 


a person after hrs own heart. 
Like many converts Mr. Peart 
now elevated to Lord Peart, took 
his new found ccnamunautaire 
beliefs so seriously os to 
prejudice his powers of reason. 
It seems extraordinary that one 
who had been in politics for 30 
years was so trustful of the dis- 
interest or his fellow ministers 
in Brussels 

During this time Sir Henry 
cemented firmly an even closer 
relationship with the Minister. 
So much so that it became 
obvious to the Government that 
what it thought were national 
interests in the way of food 
prices, were to be eroded by 
more and more concessions on 
the Green Pound and other 
matters. 

Fred Peart departed lo the 
Lords and Sir Henry faced a 
very different ball game. Id John 
Silkin. a pronounced anti- 
Marketeer, he found a Minister 
who knew little or farming 
but who carried out Ins Govern- 
ment’s orders and who, ai first 
anyway, had little concern about 
the long, close relationship 
between the Ministrv and the 
NFU. 

Mr. Silkin is always polite. 
But he does not mind farmers’ 
hostility, nor that of his fellow 
Ministers in Brussels, who in any 
case almost always put (he 
interests of their n'vn countries 
first, just as he does. 

At this 'time another change 
was coming. Mr. Silkin realised 
that farming policy was no 
longer being made in Whitehall 
bul in Brussels. During the 1976 
pig crisis he instituted a special 
subsidy which ran for about four 
months until it was terminated 


on orders from the Commission. 

This l believe was the first 
blow to Sir Henry’s confidence. 
The whole relationship built up 
between the NFU and the 
Ministry had been shuttered. 
Even if the twu agreed about 
something they would have lo 
be subject to the agreement of 
Brussels. 

Here the union has nu real 
pull. iLs only sun peri among a 
welter of opposing interest in 
the Community headquarters is 
the Minister himself pursuing a 
much wider overall brief. 


Blow 


There was another blow. Some 
months ago. Mr. Asher Wine- 
garlen. for many years the 
union's chief i-eimncijv and 
political siralegist. became 
seriously ill and he is still not 
back a i work. In April Geo re e 
Cottell. ihe new I nvel or- general, 
left to lake over FMG. Bereft 
or i lie 'C s.ihrt advisers. Sir 
Henry has undoubtedly come lo 
understand the nci-d for getting 
fresh minds to work and has 
stood down 

He is only aged 52. He lias a 
farm lo which it will not he easy 
to return, and he has set bis 
si j his on tile European Parlia- 
ment of which (here could be 
many worse members. 

He is popular with I a rulers, 
although some sire beginning to 
question Ins blind advocacy of 
the Community. Ho does deserve 
another job where his talents 
could be employed. Farmers are 
not notably generous - to their 
retired politicians, but Sir Henry 
Plumb deserves well of them. 


Indian grain 
crop target 
maintained 

By K. K. Sharma 

NEW DELHI, Nov. 23. 
Despite the damage caused 
[ by extensive Hoods, the Indian 
1 Government has maintained its 
target uf achieving a production 
of 126m tonnes o: food grains 
this year, according to Mr. Bhanu 
Pratap Singh. Minister of State 
for Agriculture. 

This is roughly the same as 
1977-78 when production of 
cereals was 113.Sm tonnes and 
pulses 11.8m tonnes. This con- 
traded with a cereal production 
of 99.8ro tonnes and pulses pro- 
duction of 11.32m in 197fi-iT. 

There is a gap of about 3m 
tonnes in the local demand and 
supply of pulses despite higher 
domestic prod uc lion this year. 

The Mirren I .stock of food 
grains is lti.35m tonnes. 


Higher wool levy rejected 


FURTHER SUPPORT from ’he 
Australian Government for the 
International Wool Secretariat 
was urged here by Waller Ives, 
chairman of the Australian Wool 
Industry Conference (AWICi. 

Itlr. Ives said the Secretariat's 
budgetary problems w.tc bee-un- 
ins acute, and the possiale 
accession of Argentina as a 
member would only ameliorate 
the problem. 

But at the same lime, the 
AW1C meeting agreed that 
growers would not increase their 
contribution through a higher 
wool levy. Michael Davidson. 
AW1C executive committee mem- 
ber. said growers had reached 
The limit as far as industry 
profitability "'as concerned in 
ih**ir contribution. 

Part of Audi alias contribu- 
tion ot about 65 per cent of the 


JWS budget comes from a 3 per 
cent wool tax for promotion and 
research, with the Goveramcnf 
making up ihe remainder. 

The Conference decided to ask 
the Australian Wool Corporation 
to provide more details of its 
revised marketing plan. 

The AWIC executive com- 
mittee wifi draw up a list of 
issues requiring clarification to 
present to the Corporation. 

Delegate sources said the issues 
included costs of the plan and 
the method of payment to 
growers. 

Mr. E. L. O'Brien, said the 
AWIC hoped to complete its 
review of the plan before mid- 
1979. 

The revised marketing plan, 
proposing the Corporation as the 
sole export seller nf Australian 
wool, is a modification of the 


CANBERRA, Nov. 23. 

AWIC’s 1973 plan. The main 
differences are the preservation 
of the “ door " price scheme and 
grower support, plus preservation 
of the handling and distribution 
roles now performed by brokers, 
buyers and merchants. 


ENGLISH HOP 
OUTPUT RISES 

By Our Commodities Staff 
English production of bops is 
up sharply this year, compared 
with 1977, according to provi- 
sional estimates issued by the 
Hops Marketing Board. 

Total crop is put at 1SS.796 
zenlners (100 kilos each! in 1978 
against 144.662 last year. 

The biggest increase was in 
Kent, up from 76.800 lo 9S.300 
zentnera. 


Malaysian wood 
‘too expensive 1 

KUALA LUMPUR. Nov. 23. 

’THE WEST German woodwork- 
■ iny industry may switch to West 
I African and South American 
supplies because of high MaJay- 
.st:in timber prices. 

The leader of a visiting 15- 
member delegation from the 
National Confederation of 
German Furniture and Wood- 
working Industries. Mr. ill. 
Thome, said more than 75 per 
ceni of his industry's tropical 
hardwood requirements have 
;cume from Malaysia. “But now 
I we are finding it too expensive." 
! He said the delegation’s 
(current three-day visit to Malay- 
sia is in response to an 
■invitation by Dr. Mahathir 
'Moahnted. Deputy Prime Minister 
( and Minister of Trade ano 
■Industry, who led a Malaysian 
investment mission to Germany 
•' this year. AP-D-1 


CLIVE INVESTMENTS LIMITED 
ii Royal Exchange Ave- London EC3V 3LU. Tel.: 01-2S3 1101. 
‘v Index Guide as at November 21. 1978 tBase 100 ai 14.1.77); 

Clive Fixed Interest Capital 128.99. 

Clive Fixed Interest Income 113.69 


■J5LLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
T '45 Comhill, London EC3V 3PB. Tel.: 01-623 6314. 

£. Index Guide as at November 23, 1978 

-7“ Capital Fixed Interest Portfolio 10020 

v* Income Fixed Interest Portfolio 100.01 


LG. Index Limited 01351 3466- Three month Gold 207.4-209. 
29 Lamont Road, London SWIfl OHS. 

? X Tax-free trading on commodity futures. 

'2. The commodity futures market for the smaller investor. 


COMMODITY MARKET REPORTS A^D PRICES 

BASE METALS 


COPPER— fiarefy etaaflerf on the 

LimlHO M.'ial Exchaiwe m subdued 


mciol v» i narked un In 1773 initially. 
rcdvt-Uru: Ihv ovommnt U.S. u-end. bur 

: "ilini ’ " ViT V"‘- .(-for 

Cni'PEU •. OflkiH i- | I m-ITi.-wi | — 


’ 

— — 


.... — 

... 

A Mi 'U i. 

1 . 111 . 

•Ifll'W 

•fj, 

i-.in. 

1 11 . tfllriK | 


* 1 ** ! 

nitiiiiii* 1 

605 6 : 

+’i‘j 

t 

6L-5-5 




pnT w. ‘»anii< vcn:.- a lain (buyer. -<iu»' 


t On provlons unofficial dioc. 


EffS? 7«\ L> ! SILVER 

S idculIi .. T72-.5 ,+ l.fi' <73.0-4 ; — .5 
-eai'm'in. <63.5 +2 
Cathodes 


‘ Tor 500i delivery lit ihc_ London bullion 


,s. . 1 ■ 

1— . 

rn« 

Iill' 

1 

‘ i 

< .. 

M 

/ .. 

M - j 

I l<- lu 

IL*: . . ’ 

ot 9l 

-1 10 

606 

E) DO 

■jl.10-BD.45 

i.ui . . , 

cl 7 1 

2W 

t>l 30 

1 0 

• «• 

Jh.i. 

tr. 45 

c. 6< 

240 

SSI 

<2 40 

apt - J'K* 

r5 15 

•5 «) 

5 1 

52 

■ 5 2'i . 4 70 

4 *»r|.l ’ 

.75. 

■ /« 

7 0 

■rsb 

S S tTSil 

IH.-I- U- ; 

63 .6 

63.H5 

cB 7- 

r- B5 

<8 GO 

Jsn 11 -1 

2.D, 

i 2U 

20- 

Z 


A|ir-I.|<-! 

-4 3- 

44 

43 

4 4: 

.4 t 

Ivo-ln . 

.««!• 

.6.6*- 

• uai 

67" 

>S 65-76.50 


I VvTlil.ini f I "reV'-i IN 
l iinini ' fi.*- K 

< ■ all ^ 


Bu* Kiel* 

|V>ne 


PRICE CHANGES 

Price in tonne* unless ortienvue stated 


l-7.36 .< * <.8J-.Bb. .M75BB50 
I'LOj I.D l.v 00 .. 15 . S25 10.00 
' 3 6 5 65 1 .4 2s .4.40 i 4.00 J 50 

■ 6.90 7 .0j 1.7:5 7 Sun 17.00 6.00 
. 1(3. 76-19.9 H. 0 I -.0 5 MO.OQ B.76 


| Nur. 23,4- 3Irti.ll. 
J 137B | — hj 


\XV. i VMS- a? 1 * 0 ,,a iSAiSSwii’.".”.' s7m2,5o 

U62- 6 5- 60.-27.i0 * Cupper easli W Bar£754 i-0.76 i.’745.5 

5 nmniliN .lo. du- £773.75 — 0.5 'JC767.fi 
> *-749 _ 1 7k I-7K3 5 


Sale*: 1.410 ■ 1.793 > tali. u( 30 tonnes. 




Sugar Agreement -U.S. Xi.iel 

Curlb- S1.75 


COMPAGNIE FRANCAISE 
?>;: D£ L’AFRIQUE OCCEDENTALE 

;-In his letter to Shareholders dated 31st October 1978 the 
‘ Chairman. Mr. J. Mullier. commented as follows: — 

l The results of the Company for the six-month period ended 
: 3rnh June 1978 show a net profit of Frs.19.8 million, an 
increase of 9224% on the same period of last year. 

j.- At Group level,’ the consolidated results at 30th' June 1978 
F 'compare_as .follows with those at 30th June 1977 (expressed 
in. millions of Francs): — 

30.6.78 


Turnover 
: Net results 


( Croup - 

< Interests outside Group 


-■ •. C Group ; 

-Net situation ( Interests outside Group 


Frs. 

3435.4 

54.6 

1U 

65.9 

894.5 

169.6 

1,064.1 


30.6.77 

Frs. 

2,732.4 

64.5 

6.8 

■ 715 

743.4 
120.0 

863.4 
97.4 


. Investments T 73.1 

vThe fall in - consolidated profits is due mainly to the dis- 
^ appointing results of some CFAO AFRICA companies. 

-The quoted price of the Company’s shares on the Paris Stock 
l . Exchange has benefited from the prevailing tone and has 
-increased in value "by some 76% since the 1st of January. 
i;As far as it is. possible to judge at this stage, and unless 
foreseen circumstances intervene, the results for se ?°°r 
•half of the year are not expected to differ significantly from 
those reviewed above. 


t-. 


WE, THE 
LIMBLESS, 

LOOK TO YOU 
FOR HELP 

We come from both world wars. 
We come from Kenya. Malaya. 
Aden. Cyprus. . . and from Ulster. 

From keeping the peace no less 

than from war we limMessloo*: to 
youforhclp. 

And you can hel p, by helping 

our Association. BLESMA (the _ 
British Limbless Ex-SWvk» Men s 
Association) looks after the 
limbless firomali the Services. 

Jt helps, with advice and 
encouragement, to overcome lbe 
shock ofJosmg arms, or legs or an 

eye. It sees that red-tape docs not 

stand in the way of rhe right. 

W it - entitlement to pension. And. Tor 

Eritisa Limbless ssrSKi 

U (j _ * ^ Homes where they can iivoin 

peace and digniD'* . ... 

r Help BLESMA, please: Wc 

Mea’s Association promise you,notapeimy oEitwfll 

l WrawiH0SEWHtt6A'fMl£AS£* be wasted. 



_ Doha fion^ and infonnaribn: 

* -Major The Earl or Ancasrer, 

• . KO O. TD_ Midland Bank 
f -Limited. 60 West Smitbfkdd 
t -LutKtoqiFClASDX. 


r " 


6 


:licn eased back w £771 o\»ln« lo ih« J071n (SMi-Mlci and dosed ai S07i-3»»ip 
firmnet* vtf sirrllnc. In lbe rinse and »SB3S-«UH-.. 
lbe ahernoon. irade bonnes remained .11 
a lo*- level Mrtih forward mvtal tradiua In 
a range of £772 and In4J pripr In a 
close of £773.3 on ihp laio kerb. Torn- 
over 17.J75 lonnes. 


GRAINS 


li-ua.v average 3.U7 'S I3i. 
WHITE SUGAR— Cl.rv >»n nrdt-r buyer. 


1.88 


1.B8 


-cner. buMnr» -dies.; Feb ’uS.OO. 1 0H. 50. Ptaitouri uvr <».... £145.5 itS. 3 A’130 
liw.0051. l: April US-10. U3j0. lllBMua. I'rw Unrk« £ 168.46: + 0.254! 178. 1 


AnuteamaMI Mctd Trading reponed 30 7 1,. 

ihai in th«f morning cash vrtrrbare traded s n>. l inh,.. 3 l 4 . 5 j 
J| I7SSJ. liure month* £774. 73 j. 73. 73.5. r mi . WII k '321.4., 
CatUodrts cash £7413. 41. three months ' 535 . 3 ,, 

(an en S KiTf,- Wirehant. three months 1 


I LONDON FUTURES IGAFTA' — The 1 J: July 119.40 11S.59. 1I6.0.J. 5; Sept. Qul.-kkilver S139.4S'.. 

MLY 811 - {+■ L..M.h. 1+ <A markil opi-nt-d l.V. httb-r on wheat «nd i 2 !.W. li).* 0 . ml. nil: N-.v. Y!MA 17S.OO. Silver irovw I307.lu |+ i.7 , r 

iwr : 11 M 114 [ — l 1 ,-iim- . — value* bnrai* d un twod e-onsumer .md ml. ail: Feb. 131 . 00 . I34.V*. nil. nil; Aoril 3 - 514^p 1+1.9 303-fli- 

I r-*v <•/. ' i,n-r ! commercial nuyms 10 Irade 36-100 h.aher 1 33 6u. US.. To. h:t. nil. Sales: SI. Tin 1 /m.U X7.323 45 0 4:7 835 

the afternoon aessioo. Ag^r^ssire SimaithL' '£7.949 b _a 9 .sc 7 .RSfi 


S 120.25 
296. 5p 


+ 1.7: 307 5 -0.9 commercial svllnirt ^ased valUc-i back to 

-L9 ' 315.35 -0.95 dose 3o lower lo 5p no on old crep. 

- - 1 _ tSp bljhi-r on new crop. Barley <h<t 

_ , pood commercial and *pot buyinp 


+ 1 . 8 ; 

£7in. OLl Kerb: wirebar*. three months - 

£778. 7X3. Afternoon: Wi rebars. thr«- 

nionlbs 1772.5. 73. 3.5. 4. Cal bodes. Three LKE— Turnover :i3 , '. , .7c; 1 Inn. uf 10.009 market did case sti;bity back bill .’ln-w.,1 
months £761. 81.6 Kerb: Wire b*ra. three wts. Mnranu: Cash 307.R: three inoouis aboul steady 6-15 d blgber on ihe day. 
months 1774. 73.5. 314.5. 44.4. 74.5, li.S. 14.9. Kerbs: Three Arb reponed 

mnpths 214.8, 15. Alierr.u.m: Three • 

TIN— Easier. Forward material eased m»aibs 315.5. 16JS. 5.3. 2.4. Kerbs. Three wheat 
lu £7.190 on Ihc pre-markel foUuwina the mnnlhs 315.3. 13.8. 
raltln the Penan* market and the miital 
nrmne«s of rierlmp. However, coverinc 
asaliM overnight U.S. physical business I III II A 
and European demand helped 1 he tn Artel 
nick up to end nr I7.3S5 on lbe late kerb. .. ut .. 

Turnover Id JO touneo. Bnm , 


WOOL FUTURES 

LONDON— Market unuhaiiged lo 


support and v+lu.-s increased 10 trade shad^ holier in broader actlriiy. Bacbe 

4Qp hlsber m ihe afternoon aealon. The reported. • •vuiu-are *' u 


3 tiKmtba £7.842LB — 12.5 £7.6S5 

Tnn"nen ui S141.B6 S 14 1.55 

Wolfram 22.04 elf... 'S 140.45; - 9 142,47 

ZUh- pith £349.25, + 1.25 £356.5 

omaatha £360.7 bi + 2.0 -£358.75 

S'675 


1 Pence per kiln 

\M-tll .AH 1 1 ' -i^. I. 

<nM-t M'-- I 1 


if 1 


|h.(je 




I BARLEY 

, Verier da « 


TIN 


close steadily £10 10 £13 blclA-r Iban last 

aju. 1+ VI .. IW". '+ ■** nl&bt’s dose, reponed GUI and Duilos. 

1 — I L'/H*Ibt-1BI 1 — 

, ; 1 — — Auami«v**i + ■■ 1 bn**iH--* 

1X04 l»tr ; — ! is-ar 


UlRcIal 




_ 1 


: — " 

DAx-ui'jer. 
Als.cli _... 

M».v 

J.n\ 

. '237-55 
.'236-34 
..'243-39 
.'245-«0 

A.+ ., ! 

■*40 . J 

SI 00 

■*■0.70 

t 3.60 

+ t 99 

£1 tr... 

13 30 

+ 135; 

16 OO 

-2 50 

Os-Mw . .. 

'245-40 

Met ' 

55.8 3 

♦ 1-80? 


; + 2 60 

Ki-mi-w . 

244-40 


Uts.lS 

■-^o.is, 1 

83.10 , 

+ 0.05 



1246-4? 

Bu-.loe‘> dun,- 

-Wheat: 

Jan. 91.30-81.00. 

11, < 

. 246-42 

lla rch 

93.73-93.32 

1 . May 

90.20-93.30. 

Sew. 

Sales: ml 

< 12 i lo 


- li. 


- 5.bJ — Grains 1 1 

-1J — Baric v- r 

-W — _ Home FiRuna._i£B8 |+-l.fi ’£82.4 

d 1.560 kg. 3X»iao.> • { ■' 

S9.IO-S3.1ti. iwli.-: :'Ds. Barley: Jan. SYDNEY GREASY— Clf-e un .nlcr Vcnrli Xu. 3 Aui.,£ 1O4J0 £101.9 

ejO-JS.M. .V.ir'.-li ■j<.35-S3.90, May SS.55- buyer, bettor (kisumm. safes 1 . Micren Wheat I 1 

B63U. Sepi. ml Mies: IK4. Contract: Dec. 349.0, 349.2. 2tt.4-240.0. 3G: -Nut 1 Bed opnog£94.25tr-0.5 lL*93.2 

IMPORTED— Wheal: CWRS No. 1 135 March 334.0. JOi.O. -Taj. 6-333.0, 5: May No J: Hard Winter £89.76 n- -£87 75 

Sta nda rd! ' l -1 UAt-b__ 2147 .O. 6 O.O l+ II.S 2i5fi.0-2l2D cem Nov. Dcc^ 9453 TObury. U.S. a^^.33S4. 339oC3A. 6: July OC10._ 361.8, Isnjji hi, Milling t *92.9 

3«536 '—U I 732&-30 1 — <5 Mn> - 7)78.0 79.0 +12.75 2160.0-2156 Dark Nurlheni Smt 5 l 2 14 per «Dl 38L0-un.9.Bj oa .X * , W4A Com sbipu,eDr_... £2. IfO 1+12. 5 £2. 056 

> o«.uU»J 7836 45 1—45 ' 7Z40-5 j-42.6 Juif.- 2178 U-75.0 ^14.0 2175.0-2155 J>8-M- ra « o'* ^ ‘'-ni ^ Euuim 3Ur. -X2,148.5 1 4-ll.O£2.0Q2.5 

-i-UieinT.I 7339 [-58 - I sept 2)bO.D-6J.O .+ 13.0 2156.0 «»**■_ ff- s - H f ard wtate JJ* -.■’T’ 1 ; "*!=.*'*• 3T5 - fl Coffee future 


Oils 

Usuuut (Phili 6879r 1 — 5U.0 S910 

(inraudnut : ; 

Linseed Crude < v... .£340 j £326 

Pnlni 3talayan S600w | * 2.0 S630 


Seeds ’ 1 

Lepm Philip ,65831 i.. S610 

Seyahttut (Cf.S.l |S2ao.5u[-5.5 JS2B9 


SlSi j 734050 '—70 |73SO 60 —55 

> monUis .1 7246 69 [—48 7250-70 j— 40 
^m-niT.I 7860 1-70 


lie 2095.0-97.0 :+ 10.0 : 097.0-M7S 



Kerb: Sun dart, three monUra £7440. 1S4.93 1 137.16" Indicator prices Nor. J3 _ " 
Aficraann: Standard, three months £7450. tiday average 1M 17 1 190.53 j. 22-day urr«_ 


43. Kerb: Standard. ' three mornhs £7.240. average 1S1-S5 <181.U>. 
43. 3d. 37. S3. 60. 45. St-. 30. SO. S3. S3. 


BRADFORD WOOL— Traders sjid tbal . v «_. . 

HCCA—Locjtl 'D es-f arm vp «\ meet. accortliDB to lopmaUcr* order books are „ w l5. , „ L . W _ f Uoowhm 

Other milling wheat: Nnnh Lincoln 39. in * u short they can odIjt look > l,w days " ^“^cJan. o hew. 1 Nov. -Dee. » Ian 
Feed barley: Sunn Lincoln 79.40. Hum- ahead. DHIteim are mo nog out fatriy w uec - x " r ron - r lrullcaior once* 
IPAD— CBka*rf «um on lormssiE or f'f\C T7CE7 au ' 1 w Stt¥--e* 77 70. will and there is little business but every - 

declln?^n warehmse^rinckl LUr rCL The UK nmnrtary coefficient Tor the thinp is in very anal! weishre and lor 

ihK wrrk wW^ had theSl of . »(* lMUBnins N.,v«nb tf 27 trill remain prwB p, delivery. Currency chanscs con- 

mi ^iw’hack^rdBil^n warouad IU dldilbea^er values utu-hancnl Unvc 10 create oncenamty. Noils arc In 

I*"* further cr-uled during die cimrse e ec IMPORT LEVIES— The fonnsrinn sh[>rj sopply world wide, wnb pnees 

P™?!. rtl the day III Ulihl vrtume. repi.ni Drwcel levies and orcnlin.is are eflecilvc rnr Srantu 


INDICES 


mrial openrt arcmiMl Ihc WWlevel and BarT , hani Lam^-n. Wlih ia New York Nov. 23 in order of current levy plus 

moved up Saw to team ok tut nvt cnnoterpjr’ closed. London cnhOmieg Oee.. Jan. anl Feb. premium* 'irirh lariTfl/rrrTiDI rc 

laie IfCrtL Priur to a close of £3SB. aiueI jn ^ a ncrnonn before trade buy- previous >o bracket-- 1 . All to unit., trf I HP A I /VFlir.l A B1 .FS 

Turnover L..3SG (onoeb. . mg on the dose pushed prices 10 the a ecu tint per tonne. Common wheat— 74.fi3. 

day**, highs. 


l.b.UI 


iLiii.” "|+»"1 l^m- •+• or 
Omen*' j — j I'n-dtl j — 


jYt-.UT.mv ' 

OJFFKh »•’<««■ 


402.5-3 •» 4 .25, 404.5 1 + 8 

1 niou;ii-.J3a7.5-8.S4 1.25; 389-90 :+5.» 
JCIt’uteuI 403 ;-i-4 

L , -- f . “|r4.. - - ■■ 


£l*. 


! +.T ! 8u«iueu> 
— ■ I *nne 
rl I 


, — c (is re.i ml 0J3. Diirun. SMITHF1ELD (pence per pound— -Bech 
Iteat-lU* res. nd ilS^'r-sT^d^ s « [ch W ^CS 5L0 10 SS.0: Ulster 
M nO -ISW rw It! ’ butdo»arlcrs S».o to M.o. foremianers 

711 ■; j rt“<] Dll f?fl oil, rf,t nil* ^ f6riQU3ntr5 10 3«.ll, 

U^^ltr Utan tobrri Pw Dutch binds and erds S3.0 10 

TB.BT. rest nil i7o.?7. re'l Dili. Uucfc wtwal 53 - 1 °; 


SOYABEAN MEAL 




AwenF«r— ’ 7590-<59S'— 01 ; i59'> 1584 *}!{(■ r ' ,1‘££. Vut “nil" « .C iS ? r i-imb: _ «agllsb small 45.P 10 SS.0. 

'56.3b l Jajiuarr Ii50-1+6O' 1-60 1459 r „ sl nl . oilTi. iTraln -wnrhim 7rj medluiu 30.8 10 54.0. heavy 44.0 to 50.0: 

ManHi ,1323 1325- :jSI7-Ht S. 1 nU , 76 “. tl -3 nil., nornl^ri^r-' Scold! medium SOft 10 M.U. heavy 44.0 

Moruinar^Casb £403. thj rec^ months J3Xi. Un> ] lt58 i ^60; -01.6; 1229 I2M htu.-*i or .nlsed_ wheat and rye flour— bnBor, ® d tnB * B ^ 4j -° IO 

Park: English, under 1W» ib 37.0 10 
46.0. 100- LID Ib 3S.0 to 45.0. 120-160 lb S.U 
lo 42.9 

Crouse: Young best leacbi JSD.9 to 

HU. 

Partridaes: Young reach » -M.u 10 240.5. 
MEAT COMMISSION— Average faisiocK 
prlci-s at representative markeL, od Nov. 
23: CB rank- 67.71P per ts. Lw. i-0.30>. 
UK sheep I33.6p per kg. csi. d.c.w. 
«-rl.4». CB Pits 6E.4p Per kg I.W. i-2.8i. 
Eng. and and Wales: CjIIIc numbers up 
6.0 ptr cent, average price 57.51 p ■ - 11.43 1 . 
Sheep numbers up 0.4 per cem. average 
price 133.9p I t l.S >. Pi- numbers up 6.S 
per Leul. average pries trip 1 — Soli. 
Sc Di land: Cattle numbers down 12.3 per 
cc-di. average price 09.24p |-0.j2i. Slicep 
numbers down 7S 3 per cem, average 
price U7.4p < — 1320. 

COVENT CARDEN — Prices m sterling 


Murv-ii 1 1323 1325' :j 387 -S0S ..... nU lT6 - 

, 7 . May— | lfe58 I. 60-01.5; 1229 1205 whi.. a , „ _ 

66. S3. S6. ST. &DA, h7. S3. S6A l*. Kerb: 4..ir- *223 12251+01.511.03 226 120.44 ,120.44.. R: « flour— 111.84 <12L3lt. **■*• 

Casta £404, Ihreo months I3S8-a. S3. S9.5. s» pternner . . 1 191 1195I--01.0 1185 - ‘ 180 
Aficroomi: Cash £403. 1405. three months N.nwmhrr...' 1 160 1 170 +UO.5' 1160-1149 
E»9.73. f»3. 89. ®.5. SO, 90. Kerb: Cash [ 

£408. three months £301. 92. 9L5. 02 . 91J. — — — — — — — — 

jjg 5 , sale*; 3.«W <4.BS1' lots of a tonnes. 

ICO Indicaur prices for Nov. 22 < U.S. 

ZINC— SllghUr tlrrocr In r<nr quiet cents per pound): Colombian Mild 
trading and mainly reflect ins ihc' trond Ar&blcas 1 73.10 <173^3,; Unwashed 
In lead. Forward racial traded in the Arabics, l-tS.Ou liimm; other mild 


t 1.. ,• j 





t.«i-li I35Q.S- 1.6 +6-25' 349-.S 

iin.-uiLhH.J 362 .5 ! +2.75' 360.5- 1 
VimniL.i 351-5 1+3.61 
l*r,us.»*+i[ - I .... r3i.5-4.S 


Sales: 74 IIOT. lots ot IM> lonuea. 


financial, times 


Suv. £3 1 22 Umn t, ,-1 

' Inn 

262. 961 362.84 1 -65.96 

1 <41.16 

> Base- -luly 1. 1337 = 

lflM 

REUTERS 


S"V, 23 1 *Vi iv. 22'U'fii ii jtjfi 

pSTi 

ISta.5^ 1515.7 1531.0 

j 1491.3 

(Base: September ih. '«3l=iM' 


DOW JONES 


, lk.w I 
Jntie, ' 


L2 


\<n. ■ 11 . .ini. 

21 ! SEP 


1 r*l 

•Ig'* 


SV* .... a«4.8 j|'jfc6 18- *66.58 : 65.37 
Fni u re, I a9S. 68.3 ^2 08, 92.68 :18.29 
(Averaer IN'a->s.»=iM 7 

MOODY'S 

l.v.lt.l , Ai.llllUjlL-.l 
» i S' j Si | ii!*i I 4,-jn 

Cmmiii 1-85.5 J 7 B 4; r-77, 1 2.4 

,n+c«nihei 41 . tm = iiM. 


SUGAR 


1 . 2 & 

2 LIVERPOOL COTTON — Spot and sbjp- 
niL-ni biles in Liverpool aninunied 10 
.... 221 tonnes, bringing ihe toul for lbe 
- we ek b o far to 732 umocs. Additional 

Mondner Three mom Us £339.3. 68 . 61. suPP 011 »* evtdert hi specialist growths. LONDON DAILY PRICE .raw uu-ar> per package except where dherwisc 
ta. Kerb; Three £ 301 . 5 . After- reodins to operate tn various £jqoo i£9S.eO' a tonne ctf fur Mot .-Dec. staled: Imported Produce: Lor, efts — 

noon: Cash £349.S. three months jsst. 88.5. American-type varieties. shipment. White ,ogar daily price was Italian: LM's new crop 5.63-5.30: Greek 

SIS. HI. Kerb: Three month* runs, 82 . al Slffl.Dv ■ £382.89 1. tW-jjtfl: Spafrisb: SmaD nays 1.0B-2.00: s*od. prices ai abip a aide- 1 uuproce.-eii ■ 

j tn. n 1 1 pan rn The lUkrtvi npened «inii' 30 poims Cypna: Trays 4.S0-5.3U Boses 144.IHG per dune; Shelf cod £7. UD- £8.3}. cdtihuK^ 

KUBotn belo’rt kerb level' and 3 - -■■ctlerb pressed 5. 50-6.50 Arizona: 5.DQ-6.50: Turkish: ID £4.5A-Id.0D: large haddock 

ALUMINIUM— Unchansed hi very «jui« . in tbln cundlt'eu* fin;iher kwi of around kilns 2.40-2.C0. Oraascs— Saanla: Navel, medium £3.aU-£d.W. -mall £4 2 : 11 - til'd: 

1 railing wllb fnrwan) metal trading wllbia UNCHANGED opening on the Lnadnn So points occurred C. Caarnikr-w r^p..rted. NaveUnss 2 . SO. j. SO: South African: lj.-ge Ireland plwiee £(:■.'«. Iit-diuni Jj .".IF. 

ihc fBM lo CBus.S range r-nt-r to 4 flow nhyJca] msrki-i. Mule Inicr&i Ihrough- However, the B.'a- were .-hjrtlived and U.v Valencia Lale 2.30-5. W: Creek. Nardu £U«; riclnnrt d>gG4i JO. JO. 

on ihe lale kerb of £503 J. Turnover «u: the day. closing luaciiw. Lewis and ihc +U -o-Sf 1 had been 3.3.W30. Sauumas— Soama: Trasv 2.40- £7.eQ: rock fist 1 L'.0D-£J.40: reds £2.Sit-i!.*. ,| J: 


GRIMSBY FISH— Supply poor, demand 


300 louoea. 


Peat reported the Malaysian guduwu n-cuvered. 


3.30. 


aallbe £2. 00- £3. SO. 


Lower Norway 

fishmeal 

exports 

BERGEN. Nov. 23. 

NORWAY’S FISHMEAL exports 
this year will fall to between 

320.000 and 330.000 tonnes from 

440.000 in 1977, while Gsboil 
exports will drop 10 between 

50.000 and 00.000 tonnes from 
123,000. Norsildme!. the export 
organisation of the Norwegian 
Herring Industry, forecast. 

The decline reflects catch 
reductions and fishing quotas, 
aloog with sharply lower 
herringmeal exports to the key 
German market which has pre- 
ferential purchases from Peru. 

The organisation added it 
expects little change in fishmeal 
and oil exports next year. 
Reuter 


BRAZIL TO ALLOW 
RICE IMPORTS 

RIO DE JANEIRO. N'ov. 23. 

Brazil waived its 100 per cent 
import deposit for polished rice 
until January 31 to permit the 
import of up to lUO.OOO tonnes, 
lbe National Monetary Council 
in Brasilia said. 

The imports are to ensure 
normal domestic market supplies 
until the new crop comes in early 
next year, it added. 

The aim uf the imports is to 
cool down domestic rice prices, 
rather than forestall any physical 
shortage resulting from this 
year's drought-affected crop, it is 
claimed. This year’s crop is 
estimated at 7.4m tonnes paddy 
against 8.4m Iasi year. 

Reuter 


CANADIAN MARKETS 


WINNIPEG. rj.,v- - --Rye — AS.50 bid 
MW bid,. May 103 on a-ked . 106.00 bid*. 

duly 107 DU 

■•Oats — Dt..\ S5.M ’v 5 . 7 l>’ .M.vrrlt SOSO 
a.skrd iSt.W bid 1 . May 79.5D a-k^d. Jalv 
79 . ju a?kcd. 

£t Earley— Dec 77.10 bid i79.D0>, ?.| d reft 
7.10 bid irS.UDi, Mj; 7H.90 aaked. Jillv 

<; #0 

%5F1a*seed— N..V 263.20 bid 'J.V 4.90 bid-. 
May 271.30 <271.911. July 2<S.70 asfci-d. 
Ori iri.i .10 bid. 


U.S. market prices for Novem- 
ber 23 are no! available due 
lu Thanksgiving Day holiday. 


''Wheat — SCWp* 1.74 m-r -.uni prui 
L.unU ni «f St. I. iwrvtu-i- ' 44.V- ily.tt" 
All vein-- ;h.t 1 m rind vx-warelht 

ii , iL**» ••thi-rwi--.' M.,ii-d. Pt-r 11 

uttri- v— J' iw-.iiiu-.v Lit, CMcisv Jr. 

hit :uo lb r .— Dept. ■>( ak. pn 
i.r-vi"U. >ia: - itIiuv' Mvani fob NY b 
nirl C,-ril> p..-r M-lb hu-Jtel 

3.0-10-bu. hel luti J ?s ; 

lr-y f t ■it- - -- urals vf 99.9 1 

will portly rtil‘vr*red NY 2 Cenu 1 

.■uni - - .-.-.■-i .in-ii-.u -e |; X.-iv - j 
e’lFilr.n l in ? - a .tw.ri inn f-»r hnltc l 

J urn •,■(,. delivered r<«b 

Cul-a^n. T-IM’i. vr. l.ftHW ami All 

-tents pel .VI- III bit hel in - 1.1 

-nl - p-r JJ-l-, I nsl,,;. 1.“ C«-ul* 1 
Js.lh J- !r. I 1, .irelmti *.£ t tt:|-- ■ 
-Vi-lo b-rs'i •; • I -If :u-t- l.iHIO-bUs 
luii. *' t 1 !“r li<n:>,'. 




40 


Financial 



' 1. •' ^ .’ -• •„:. c f.- 


* -0 ' ■ - *’■ : '• 


;-.-‘.*^rj v.+ r" : •? : •:->*- 



alSg 


I figures unsettle market sentiment 

2.6 at 476.0-House of Fraser fall 


Account Dealing Dates 
Option 

'Firs! Declar'd- Last Account 
Dealings lions Dealings Day 
No\.13 Nuv. 2.‘l Nov. 24 Dec. 5 
Nov. 27 Dec. 7 Dec. 8 Uec.19 
Dec. 1 1 Dec. 28 Dec- 29 Jan. s) 

- - Hew lime " dealings may take oiacc 
fro-P 950 a.m two business days earlier. 

Thii'd-ouariei' figures below 
market expectations accompanied 
by a rather gloomy statement on 
current trading conditions From 
marker leader ICi brought a hall 
in the recent lechnical recovery 
in equity mart-els yesterday 
Encouraged afresh at the nui* 
<:•>! hv the grniH rec’pl ion 
ar—.irdcrl m Oiurt all Ids’ interim 
r--i:k*. I , . , :id , nj Indiislnals made 
■•j i.-i!.- sirm stun. Iluweifr. a 
ti.i.M ii- 1" -.us c-lliii'.' (i./--‘-*lorM-»ri 
;.-i ir«i ! :a!ii.r. .«nri \»i*h !hv lone 
T:if- 1 ii 4 .i r li*-i irtcr turn for ihe 
v-.,r. • following II '.I s surcmeni. 
in:; i ii -trrnll gains in the leaders 
it.-T eventually renlaced bv losses 
of two nr ihree pence ai the close. 
l ; n 1 2 aj 11 am. the FT SO-sham 
i’-dev reacioU in record a loss of 

4.1 a i 3 rnn hofore rellvim: on 

!■ <rbr:TC^I influences to clove 2 fl 
rf-v. " on b"f-:rv-e 31 47iin There 
v i- • li'ilc ■j n ni)ini' si»l|>ng 
!■■:; — ■•:.• on « r • * urc -hnwii:g a 

m. -■■-•! *—.••• : i n i -i—.- 

.'. r- ti-1* •• i-ii--. Sn.r-I-- i. 
n> ■ '•••: hr. i-.-t* ;--u UnT; »ti ■ 
i"r. . *.«i 1. 1 n i h r. 

f-"..:ii I! nl !'ra«-i r, •ihu-h * «■ I> 

I. ii.ro •'i iHinv .11 !".-ri 

f ‘ . nf 1 1 .--r I hr riiiv fh<- 

T • . \f ij.,- . i « md-x Tor ih" «n.ih- 
f-ll l I per rent In 1 TJ i;ij 

Tin* r- •• I''' iniii.ilivo on Ftho- 

d — 'i: r *!?■'■•• •. n Hir_-h**v ■? 

F ■ ;■ : ' :l! to In 'vuijh 

r .ir in aM-p- r) ■•!•••■ 

r - »• .i. !’ri: r m Plm W- 

V. • ii'i : *v !i.ir*v-in-j of i- 

't .- : '■■■■•■' ; .•*(/ .* p-'»- 

r -’|: •’ '"1|I -'Tv MI> i*i Sil-Oll:-rn 

;• i : >7 .mu! rji>; it ;*-r 

r , i ii-Uh i 

•' ! 'P-c ' -• .• ! ''ii 1 - ill 

I • VI . •...■«• 1 1 ,.»!»• ;i . ■‘•.•MplV 

i~... ■ : .-'i- no - -to of ihi- *fir.ri.‘i- 
TP -nn' ’r<i i •en’ in grwind. /In* 
d n-ij-i. ri'iri>c'ilii r lv :il ihv 
*b'-»n • r,d of ihe market wa* 
ii^ -.•c«-;ision: , l n r o‘n-tak-ing 
and final I.km.** in doth ■.l'i'Im rv 
c:-:t**nrted in I'i»t!:i , ''s start of 

1.1 ling' in both ihe r nM:um. 
E': -"icq "ter IJ' n.?r r- ni !:*>»■>. and 

r-.i-ii.-qw.T 12 ' m-r n; 
2’-’-7 „., r -.-v-l fr» 

n '-I ‘i ir.lc:'.-.: --iifi ij.-ih 
■ir-.-n-sij il .■ -’■n.-.ll dis- 
■« : *t. t!:--ir i-.-.jv i.ru/ct 

’" l- ■i -i.'.i' o| ( ni-lf \sil!i-i 

W. tiir. i..-i Pr.. f.-.-vit— • 

t lil'-.-.IIM •nv..ig IL— .;H!l.. ..-.l-vd 

Fi....| Irjcic-I* • :i' ;iui*:!ly 
an.j ’he at..cv cin-ed at rjv 

Despite the handicap of a closed 
Wall Street market. dealers 
r» purt'.-d a u ; r ful |v u-v: ny bu-.t- 
nr;s. in itivcsMiient currency and 

the nrcmiutr clo'-i.-fl ;t furlher 

dov.j, at v»;. i ...‘i ecu I . after 
extremev of b-t i and SI* oqr 


cent. Yesterday’s SE con vers ion 
factor ’.»as b.734o f 0.T1S5 ) . 

’lost of tile business in Traded 
Options yesterday was transacted 
in 1CI. I )r 'nr to and after the 
third -quarter figures: ot the close, 
the croup had contributed 169 
contracts of the 4U2 completed. 

Wagon Finance up 

Wayvti Finance improved 2$ to 
42. p after news that it has 
entered into contracts lor the sale 
of ;hr-.‘c freehold properties for 
a sum. net of expenses, of fl.Ofint. 
Ehc.i here in a lethargic banking 
sector, linng Kung and Shanghai 
fell 1«> !■’ -* : J9p on a combination 
of domestic and investment 
currency 'Ptiuences. Home banks 
editvd h'jher and closed with 
m.'idefi ninrovenionU. National 
and Cnmnjercial. however, 
boltencd u Penny to 72p: the pre- 
liminary resulbi arc due next 
Thursday. 

Trndr.i- in Breweries was again 
at a low cub. Allied eased a penny 
to S-t: 1 and Bus-. Charrinuton gave 
up 2 at IHnp Wines and Spirits 
i-sijgs niso icncied lower Distillers 
shed 2 to 2flilp. while Arthur Bell 
clu-ed 4 n IT at 24«m 

in i'-..- f,v.»r.-Ti.’h; arinounre- 
•I;.. 1 1 1 : rp_' 5-n h'd from 

; • :» ’--i-i’is- mi*i Crnxlielri fur The 
Hg'.-i i -till' I'd c -it eqicty 

in S;ih:.l: I'iin’ii-r. '!’e latter 
jum:"-rl ’ii pi-fnre easipj 

I • . • "J. lip .ii rtgji l.nndnn 

Snmatra. <n w mob H and C holds 
a 4'f n<.' 'vrt! s’aki-. gained in '•» 
I fi” f. sn r-'-ies ih^’ a similar den 1 
itt- b*.' ‘'t ’hi; oning H ^nd C 
r-'-i -I.--J »o Ji:*a-i Kl.-Hi»here. 
p-r't'-r liuiher hark 4 of irs 
ri r «;• -e.nattv ? ga'Ti. a: 12 J P. 
ar..: -fi- " 1 ■. ming ,:anuM* K-supi 

0. 'l ’J '. I.tl-fulll J 'f‘ -.v r .1* 

Sh. I*. .!».•; in’i-r'tii r-r- : : ti. ar..-i 

! r. i‘. ■■! . r n 1 1 ''l-.-' - -if 
.•in : i p**Si“!i Kb-r .1 2. 

“.ivU-.-ftiJ e.-iiv: ini s-t'ir 
’• ‘ • "i* -PTei-ni .-v! 

^ - t.- i.'. tji. ‘jt f, i: :!•••' 

.-. irs . • • ■ :.sp r.j 'n..- tii! • tern; 

p!«!iN !■■ ^lillmry 4 in ium. 

.!i -i *:2;i .'-’r.iw iU-.- fit nr .7’ M 
7.1 1 r m re-pnn-e to a Piv-- 

n'f*nirori' thi- iniirirm 

du* -'•-rlv ni \-1 m-uiin I'unrn-t It 
a ’ -JVit i.-rx unm.-upd by »hi* 
ha !f -w -nrN .i.i'1'mrn! 

A n^r-. mi rn.i:i-vt l , •.l■’•'lg th,' 

•hi'd-'nj;-'" •. »lqiM>-.. 1C! ijm- 

n ••!• j.'i.r gr ir.-n--: -hi t ]»■ 

-r.r.-ii; ' - ;md -r~* -?s_- 

- mvnt i-i .'Ml -fm- r> 

a' 4 T :V. a I 'M'S?* I'.-; -I ll 

• ‘if'eil 'vlev.-ir* 

Crisii-,". ‘ :7*; j::.-i I . | ■ . | 

1. -' -h Ini— - ■I'-.ts ii ij--! -!ii- : 

I 1 i:ig ill- li.lu ni; re- 

su:* 

Hows? of Frnsor down 

Third -mu rler pr«i!ii- .irnuPd 
£2m heir-’ ma-kei 
dvore'- 1 *-! Ilniixi* «f Fry>er -mil 
’!«■! .-.'ntim.-n' s:> other 

k-.doic "slriris; Fra-cr* fell 


sharply to I22p before closing 11 
down on the day at 134p. while 
sympathetic reactions were re- 
corded m Gussies A, 29Sp. and 
Mothercare. I50p. both down 4. 
After the previous day’s specula- 
tive spurt. Burton Ordinary and 
A slipped 3 apiece to iSOp and 
l6Gp respectively. Secondary 
issues took a firmer line, however, 
and J. Hcpworth added 2 at 68p 
in response to the Chairman's dis- 
closure that turnover so far this 
year was up 2fl per cent. Wallis 

also hardened 2 to Sop: the mid- 
term results are due next Wed- 
nesday. 

United Scientific encountered 
renewed speculative support and 
rose 9 in 241n. after 245p. Electri- 
cals were otherwise quiet and 
Suter hardened 2 to 3l4p ahead 

of Monday’s first-half figures, 
while Racal. with interim results 
due next Wednesday, declined 4 
to 3*20 p GEC dosed at 316p. afier 

FT-Actuaries 

Indices 

Most of th«- Fixed Interest 
vifliis for Wednesday. Nu; em- 
ber 22. were in error in 
yesterday's issue. 

Those for medium-coupons 
l-t-vears and irredeemables 
appeared enrrecllv anil :*rp 
re pea Jed in today's disnla* 

-a hirh contains amended 
fiqii-os for t he remaining 
yields. 

■’.Up. ,inri ihu< relinq ui-hed 2 ni 
t'v- rece.H ri^.* which fojjo.-®.: 

«i-l;rts fc r, ‘ lh'.‘ gruups plane^d 

■ru<|i.i'i<v) «f tin- I'S nlfice 
i>qn!mv.enl cnniiwin;. A R D'gk. 

! R'*ined h:nrt--r ,il the - ! ^ri on 
- i.ti <l tiiivin*: 'iiieio-t. lo .-i- 
jiiv Engrnv-T-ir.- • rurni-.l t-.i-.ier 
.. h..n t*»i- demand 

nii.n-iul -b.iji.-s i.-n-i-.d 
• .,i iiiiMiiiiitn. '- -v'-f 

u;;\ '-I;j-li.-d .I'lhulJl ellci.iili.il 
;-.t 2'iU.i. . tK-i- 2i?!!. Tubes, hi-.,- ■ 
O' I;uli.l lir-m 1 ! ll-:>u-- , ll r »'|l 

2 x up -I Kls-s lu-ri-. 1 -P-I- 

ru-’tl- V’e'*- yeliei'aHy t-r-n’in-nl ’ii 
;• !pw |i< »nf fi ? h'-i «'iiv. lull 
'.|»-!\«-thoIe M»*re ni.ii-wnriiiy in: .i 
j-* - . f J in P7n -n ri.-'i-nosi- t.n ; fjr* 
.•I-.-, -sr.i-'-n- n.-noi nf 1 1 »*. i-ri-.ir- 
•p;.r - tif'iltifl -k.teinnjjl t*u >i:e 

ii. n.| si Mi- 

■T*!*;: t mi voi-niiil hv'f ir.ideii:. 
.• In— Ii ..ivuiiipi.r.ied lie. ' lai-rnn 
ic-u!:-. ;'l ft i nntii a m-nn- 

I-!. ■ »:.*! .If i:.Ol* -I fit- 1 1 :-ii> 

iSr-iw'.i’ i'ne I a'.'Un .i'1 1-.I--1 . *-"l 

n>ij| Ijiimh • i: | CIS..; -lei 

ill' *i*i 2 in. .ii- 'ii l"t;i. whi'e 
’I i.'.'.’t.-c }"•: til 2 1 .u«d si»;<in 

Kiis'iJiei-rins. *2»»lp. lirnied : 
•i Piece Anslo-Snis!. held steady nt 
.Hit* awaitin': today's half-yearly 
result- 

|a F-’mls. seennd tlnui-jhl- I mjl 
:he midway rc-u!ts left fesco 2 


cheaper at 52p. while the lower 
half-year returns clipped a peony 
from Amos Hinton, at SSp. Wil- 
liam Low, however, firmed * to 
lOOp and Cullens issues also re- 
vived. the ordinary and A both 
gaining 4 to 144p and I42p re- 
spectively. 

Wheelers Restaurants put on 10 
to 355p in response to the higher 
interim profits. 

Elliott Group higher 

ICI's disappointing third-quarter 
profits prompted an immediate 
downturn in the miscellaneous In- 
dustrial leaders and earlier sains 
of a feu- pence were generally 
reversed bv the close Boots 
closed 2 oft at 19$p. after 202p. 
and Glaxo ended a like amount 
lower at 5R.1p. after 53Sn. Else- 
where. reflecting the return to 
profitability. Elliott Group of 
Peterborough finned 3 f o 19p. 
while Hays Wharf hardened 2 to 
130p in response to the sharply 

increased annual profits Renewed 
investment support ahead of the 
results and on speculation that 
the group may simultaneously 
announce share-slimming pro- 
posals helped Sntheby Parke 
Bcrnet put on 6 more to 34.lp. 
whilp a flurry of speculative buy- 
ine lifted Cam rex j» i--> 4Sn. afier 
4!J|» Tunis and Whiles. I tSp. and 
Kxict. ! 14p. both gamed follow- 
ing their respective inienm state- 
ments. Hunting Associated added 
6 10 27Sp after a mndi j -< dPmanrl 
In a thin market Despite the 
eontr.nrtjnn ir. preliminary profits. 
Stocklakc- herdem-i.l 2 in fiOp but 
Pnuc-ll Dnlfryn sofienr 1 !* a penny 
jo 1s4m. after IS2p. -^n rhe un- 
in'-^rring fir-'l-half figures. \ fresh 
s.-i b.T.-k in 'tom.-siic Far-Eastern 
n«arkot« brought fresh falls of 
b -EniV-n k and 12 :n tliltrhison. 

Swirt* PaeiHc. 103p. and Jar- 

dim* Maliii-son. 172p. 

Mojni's hovered -iround over- 
riglit leieN in quid dealings 
u r-;i ?!h- exception o l J.iicas .vhich 
f'-ll fi in 2'ifip. Dunlup shed 3 
r:*:m> in Rita Among du" Dis- 
• : muinrs. Ilaruld Perry eMeai'°ni>d 
2 i'* I I2i>. .tilde *1'- C. Harrison 

Cio-i-d :i penny easier .it *tiHp 
llariitrlK. on the whirr Irma, rose 
a like .-immim to Ifi:{p K ! s-o (V here. 
■*n:.ii: left l?*ilis- , *n>i-e MSn. 

•mil KRF. I12p. show sng TalU of 

ari'iinil ■} 

Y.’w spgpers encoun’i.-rctl profit- 
l.tl-ini and JdVr up lit-*-’ «'»r Wcd- 
nv-dav'- gams A«so»-iaied reacted 
i: 'ii ISl'p. atier ISim. -ini| Daily 
.Mail T lost 10 to 3.1::- Elsewhere. 
Unwin mg shed 2 M or. the 

rt-d-i-’-.-tl interim nroii's. bin r«- 
i«-irl:t linn Saalebi and Saatehi 
.-g-iiri ..iti-ji-ieri .1 fe-' '.t.iser* jihI 
r.w l -«i I23n Jtiliu V --di{iiig'i*n 
•• t- ^ d-o In. 1 ! ter •»• !X'-i -i-t - 

I , i-,i-iei t io*» passed a Ijirk-lnsire 
m-s-im -1 -niil recnrd‘vj Jew m>'ie- 
nu-nr- ol significance the leaders 
tended a shade easier with ihe 
exe«-oniin .»l Canttal and Cnuniies. 
which hardened ■! to KOp in 
rrt-pnnte to the -atisfactnrx- 
mierim report Elsewhere. MaH- 


bo rough (formerly Chown Secun- 
tie.s) found a little support and 
added a penny at a high for the 
year Of 2Ip, but Chesterfield 
eased 3 to 3S7p following the half- 
yearly results. Bernard Sunley 
declined 2 to 246p: the announce- 
ment that the director* had 
decided against splitting the con- 
struction interests from the pro- 
perty divisions made littJe impres- 
sion. Far Eastern influences 
prompted renewed London selling 
of Hong Kong Land. 10 dP'vn a: 
I14p sd. and Swire Properties. 
5 lower at 41 }p. 

Oils quiet 

Quiet conditions prevailed in 
Oils where British Petroleum 
closed marginally lov^er at 924p 
and Shell lost e to 5"4p. ()u;.-ide 
of the leaders. »mal* ot!erstig« 
clipped 4 from Trjcenirui, y» li«J>p. 
and 6 from Uliraniar. h: 222i>. 
Siebens UK fell 22 to 24i>p toiiuw- 
mg persistent small selling in a 
thin market. . 

Reflecting the recovery in 
second-half earnings, smckia fibers 
Ahroyd and Smiibers r.»!!ied from 
a lower earlier level oF i!*5p to 
close a net 2 firmer on bjiianc? at 
2<Hip El «e where in Trasi? ami 
Financials dome-tic nurva: 
influences prompted re--jec:»\e 
reactions or 2 and 4 m Haw !’ur. 
44p. and Jardine Securities, S4p. 

Textiles closed narrow iy sv.ixed. 
where changed and Cour'aulds 
puf on 2 more to llbp fnlJowmg 
a good Pres* on U'etlne^d-!"* 
interim results. Rid speculaiinn 
continued in Sirdar which rese 
4 to a 1U78 peak of 11 tip for a 
three-day rise ot 10 

Koliiman* Internal iijiiai ha'f- 
yearly figures disanjotntc-d anu 
the price reacted 1 \ to 5Up. Alfred 
Uufliiill's first-half xtcicm-r.i. 
hnwex'er. was more favtmrao:.* 
received lc*fi the share*; 5 bvusr 

at -ih'un 

Westfield advance 

Mining markets vi-se :-svm 

featured by thp tnien-o -»c" l- H :• 


in Wesilield Minerals, which after j 
opening firmer at 2“Up soared to : 
a HITS h!ch Of 3l0p before easing -j 
back to ciosu; 25 up on balance ai j 
■290p. . • ' | 

Wes’tieid'-' shares have more . 
than ilo'ib’ec :h lb»i past month 
or so follow ir e news ihai the enm--, 
pany h a? inu-id. gccouraqlng | 
uranium ies in the vicinity, of : 
the upner Humber RKer. _\ew- 
fnundiand snd has acquired a 25 
t>pr cent irgere?! in 640 acre® of 
nit and zz* iew* m the Wayne 

Ro-er* ?. '-e - rt re a « f * ' her: a . 

No’-fhgaJc Exptnralion. which 
his j 4'. ?on' s'ake ; n West* 

•' J: r » *! -« active: if:er cas- 

irig o.»cl ; ’;.gi: ;i i 'y to uriymd 435w 
-hr. re- climbed to 433n. a ncl 
g:up nf 5. • - . 

■ ;:n ; he other !t£nd. South Afrn-i 
rr.n Or-Id share-; traded quietly 
.-v. i.-jg jn rfijt f-jn-ure >'f mar- 

k C -.‘ ’'n; i tie Trj misgiving Day i 

ncltday. 

The iirrre-. of :hc b’lltion 
ps uh.cb S’’ higher, at.. 

s-’iViftjo r ounce urombted 'a , 
«-?r.s" r.nr-e Confi- 

ne ni?" mieres; hoi prices were ; 
he-:-! hsek b - . a ij ' 1 in- ihe invost-i, 
jnont currs-nc* nremitim. The Gold. 
-,!:re- 'nj-'v. mil-Jti-n-- the hre- 
■} .1 :o !^2.B bu* The 
px-nreaiiu.Ti Index in:proved *"-2 to 
97-5 

Lor.con-rcg-=:ered Financials 
i, e-r o‘"!rsh 'dow ed by a down- 
-um i.n *h- I'K ertnitv market hnt 
A*'“.cnf:s -ended to .ed.ie 
!l- ” -- r -•■'h'J'jet; Trading. . 'In 
t-is; .t--t»: "*sc:i:»n vngio Xmpr^flft 
i>-,o-s:l'.r ri'Tra'-tetl . f!»"? 
i-i’t-re-t j-ii improved 7. ■ m. 3U3p 
w ::r',-r»oi results: - 

Ag-’T’l.- r-: i \t ended .'.weir., 're- 

h?!o*d bv a gnorl show- 1 
in j ;p qver-ish; Svrlnev and AleF ! 
jv'g-nc rr7T-k'*’-- and despite ..the 
in ih=- premium ' * - 

11:10* yr-'j evilo'-.ition -stocks 
V .e:v -c'! vjop.-sr'cd with .Con- 
/ini- Rioilnrn a further ? beDer ar 
g.-s-. — .. i? gam of Mt — while ■ 

Kauai:, gained 4 t.> 30p and North : 
V»c>;: Mining 2 :n 22p. 


• • ' • • - • * :-:.v - 

financial 

7 * * • 4 . *_ • —“r ye * — ^ *~,T “ ‘ - 

' — ~ Sns -3 Novi , ' XrK orT” . 

- 23 I fcfe •: 21 -] • '<£>■ I7V^T : 

— i- 

letiiuiwtbev*:.... 68230; 63.31, '.S&lfl. CT 37, 68^0;. 

69,7* 69.64 v69J3j. 

. 476,0- : 47&& f ;,4?4,G^ 

-j lSR'o: i3£.ft' ' rs.SL’ ikiii ’i^riTt 


CIoieituuMiibw*. — 

F«e,l tnlKwi-..-.' 

luiiu-Uwii. 

.Miotr- 

Guilt jlmos i bt-S pin. 
tlai. L>»v. — 

fcjmin^%Y' , .l ! ijfiufi‘:.. 
P'E Cwiuint® i*i 
t« K*i:re- iicirlrf.'... 1. 




Kquiiy :uainn.*rEni ...j - ‘ f 

busily <nta«"rs turn ..! ; r .'. 


Basis jw Cqvi. . 

Mints 1^3*33-. Ex-s pa« index starttd: JHtiK 'slK37. SE AcnviN 

' * Wir j V , y -.V /. j-'i'. tO* k ^i: 

• — - — * r~~ « . -Vi T-- iSiViv '...Xoit/. 

' .{ '■ lyy v bi^fi r^r .un* -.;®, .- i 


oi« i. ...| 


.•iaa.3-.4BKo'- 


■ * • ' •’ i -y.g , I ■ 






k'^'. Ls‘ 


LONDONTRAOEOOSnnkM^^^ 

- • .* • ;■ * •. * .- - T.ji, vyy. . . 


NEW HSGNS AKD LOWS FGS 197S 


r*f i:' : ymi 4 wu' i .. ijv:: .1 
Ssat l-i'inTJ*!®- 

aCai.ncd re* Hij-. *■:: (.:«* tc* 1473. 

NEW HIGIIS 1 12) 

Bui ID'nGS (l! 

T.-n a,v 

EttKS .11 

Msriine 

CHtMiCALS • a i 

S:sJ,*r> 

iNPUSiRi^kS -6< 

Cwx r - IT Hjttiv 

Hmti> oc.-ne " >• 

k**s"»* A. °8 

pRDHtsir ii: 

IfcXIM.es - 1 1 

S-rc IJ' 

IRi-MS il- 
A-.i.ia-o i*<* in; 

NEW I.HUS HI) 

BUILDIKGS ill 

aieescn m j 

ENGINfct RiNG '3* 

«.*•! ’H.i 

W*ra,« Brorje 

*OOD5 111 

Barrow M-llina 


i'-’r. 

V.-'-T-ne. 


JNQU5IRIO-L5 .2) 
.V::: Hal*. 
PROPERTY ill ■ • 

KIN6S -Ji 

F».:=- 


RSS£S A FALLS 
YESTERDAY 


Up Dawn Same 

3—issfc Fuotfs .... . - S » ' 17 

Cs-r»*_ O^m. and 
p-rc-«n Bonds i4 _• 1. ' 46 

lEdfcBirials .... 117. VO «3 

F:rannaJ and Prop. _. 12b - 64 ’ 317 

P-ls . . . 5 17 IS 

Plant Alloa* 4. . S'- 22 

H»m« ' B 35 63 

RsrMU Imics 4 4 13 


«. *.iii I iikju i • 140 J 
.,41 j ItoO I 

ion ■! | 110 

t. \uir1«ulib ISO I 

uL'». aao , 

,h ; 3oo i 

t-tl f .330 • 

1,11,1 Mel. . 100 1 

nl I 330 ;. 

l. I 360 ; 

..1 l 390 

.tl . .430- 

1 230 r 

Wnr-u- * *<| : . '80.. •- 
A >)•■' 100. • 

-ii.-.. } 550 

-I..' I 600": 

T.iinU j ’ '. ! 


liUV i III L 

■ lilt lull. 
I ■■<!- 
I'.-ls 

Kill 


.15 OS 1.476 


i.«|.iii;i '■ | v'* 1 ' 

•TutT^f. J vbr ' • ;-dff 

54 ■ -\r 

:-37-'J- 14.r-r-4 

• 12 •*- .43- • l 
. _1T. ‘ - .3 r 

- •,9l s ; V-25' 1 " 1 

312 - --5 ■•. * 

. 4tr. ! . : 5 - i 

-24 -! .. r ia . 3i 

■ e •: ;z' 

36 16 j‘/4 

141*1 ••’7 47: i :;z 

- 4r*.t . • 1« V_1 

1 ' -r-3a' r r- - 
. n -! - — ' ’ 2 

-i .1 

i 

7 . fe*>n*«iT • j 

’ 23 -- |r. ; 2 

• 9ls -20 -1 l 

4 - • .19 j-’ 1 

671^ • .- X 

> ' 42 ! .. ••• 


-tj?f>^ - f“ A 1 -©*, \ f C 


**?■■*' *: 
-!u,- r .«jSyg g^gv 

-. .tl . 

-.-725 ^ • ~ ' 

- ie» a h.;46'V ^vtCTek? 

. 'lOia 1 * f.. : --.itfi--;; 

..a© "-‘-isip ■ 
i7fe;r.->££ : 


*'■ 46 4* -4s 

14- -V- -i- i 

wsj:". - 't 

\:*9 ’ 

. 34-4- 21.- 
-i.lg j- .-f-.r:. 
-5. - 

*/*5 'i .-■7 

i /j ' 
Htl-i 2? ; 

• zis ef 

T-i 

54-i.,; '3 •; 

ai -jrr 

• • •- -89' 

'JI 

T : 

. c . K ~ -i;- ■ 
:-. : 29 -tT .'-3' .' - 
"18 '• — •- 
. JO J.. - HI-:' ' 


' AumbA- 1 se.'- . 

?' '~.-j >' 

.^?v 

34 ' vlSsn.-. J 

- 8T 3 ;wuyx£- 

•• J57T-J1.-V. •/. -*iU iv 




APPOSNTSV3ENTS 

ICI Board and division posts 

Two mum Board dirocior* «:iii! ren«r:uig ■ •s-m.iafi-i-r.: '-’r M:ii Ju>i:-> Mi i 

three division chairmen h«-e m f i’rmHimn iin--. ■>|-w..i:« i-t- • i| n LII.l.E* 
i>-.*en appointed by IMFEliiAL in conMiJiat :i>n i\.:l> the IVi,*d *"\i'!ii\-M. .>u Di.-i-*mbt?i 
CHEMICAL INDUSTRIES. Mr. V. H Sh«-r r- !<■ In- i:n-i-i > .l-n.-* -.u, furm.'ilv r 


OPTIONS 

DEALING DATES naliunal. Cuntlic-n Group. Lnnrho. 


Two main Board directors *r.<\ 
three division chairmen h* e 
been appointed by IMFEItiAL 
CHE>HCAL INDUSTRIES. 

Jo:n:n? the main Board uc 
Dr. C. II. Recce, at presem .-h-or- 
man of Plant Protection D-*isi.»n. 
who lakes over his new dulie- -n 
.fanuary l. and Mr. A. tl. 
Clements, company treasurer, wi.u 
moves to his new po>i on March i. 

Retirin’; from ihe Board 'n 
March 31 are Dr. A. Spinks :-’d 
.Mr. !-. J. K. IlflU-hrsinill. 

Ihe three dun! m eh.nrnvn 
nppoinimen:, an.- — .Mnnd Divi^ejn: 
iMr. R. I. LitidseU. cunenity ■< 
deputy chairman hecome.-, •.-1: .-r- 
man of tha: division in .<riJ lui'f. 
in succession 10 Dr. V. it. Cute, 
who rs retirin'.' in March Jiexl 
year Urganica DivKion. Mr. V. K. 
Diurlon. who I-. a -lepuly ch.i'r- 
man. will be chairman ■ r rh.it 
di'.i-ion in April, rep la etna 7*1 r. 
J. I). Iligq. who i- rein my Pianr 
Prolec: mu l«i I'.mn Dr. A. Huu-s. 
nr pre-cm I’h.irmacouHcai.-. tfvi- 
siun deputy ch:nr:n:ii!. i-- in he 
Chairman of PIjsii Proiei-non 
Divj-iun From -lamiary 1 in r* ; .i-e 
ol Dr. ili-fti-. Mr. C J. Crowe. * 
dv-nuty iroavorer ul ih»- company. 
SiiL-covd-* 'Ir. t Ilo men is as 
trc.l surer I mu March 11*7!*. 

,\ev :i;ip«'inliiicnN are also 
a'lni.iiinC'.-tl lor id .\ruencjs Iric. 
Mr. R. I*. Darnell, esteem iv« 
|tri-.h1enl and chief n|ii-ia- mg 
oliteer. is u» bevume %cnmr cxeco- 
ti v president on April ! i**\t 
year, and ?-lr. II. Corleys and Mr. 
T . J. Malnni-y. semur ice-pre-i- 
denls fi-or.i l he ^ame dale. 

*■ 

.Mr. M. K. Garner has wen 
ai'puiPled a riircciiir nf U'.e 
ln> esimoni.i from laiiuary l. ilo 
will OiL-niiif group linarui; -,ircc- 
lor un April I t;i7:> m sm.-cessi .n 
to Mr. I. G. !*. ilugg. From the 
beginning of next April Mr. H igg 
is io be deputy chairman of tile 
group finance oommiuee and -*'!l 
remain a direernr of Tl until n,< 
retirement during IfiSO. Mr 
Garner will relinquish his poMM-*n 
as finance director nf Amal- 
gamated Metal Corporal ion i..d 
re'inn from that Board at the end 
or 197S. 

At Amalgamated Metal the post 
of finance director is to bo recon- 
stituted into two newly-crejied 

executive function*: which wil' :-«t 
be Board appointments. There 
will be a director of corporate 
finance responsible for financial 
policy, taxation and treasury, and 
also a corporate cnnirolier. n 
charge nf financial coni ml. finan- 


«:i;i! rennnmg • •:--:n.i-j-j-i-r.: 

mb’rmniinn l!n-\ -ii-u--.il*. 

in conMiHat:i*n the IVi.-d 

Mr. V. H Sh*-r i- in in- !:i*-i-i ■ 
of corporate 'in.mri.-. -n-.l ir. T 
R*h*v^ cnrpcr;i , <’ cowrot'i-r .i; 
Amnl'jamaied M-?i:d fr-»m i -cen 
ber l. 

* 

.Mr. Jobi! V.. :i*-;:iu-. 

i-hii-rgiiin ■!' .-it-. • ’-;r r-il :'nu- 

i-ivl-- and Im.-I. p:ir’i:*.-i- 

ol I i 1- '.h l».T'- - in.! P Tit*. I Vi-* h«*i.-i 
;■ ntmi f ; i . -(| ;n ;hn P.Oj|-d .<f 

TH"M\S I. sDTIi'ViCK \\t* 
SiiX’* a i'ia-«-i.-i ,, ,iiiii* (liit-i-ior 

* 

Sir !»atrf:-k G. (liir.iillun. hf.« 
r n !ir?d from The hoard of 
REFOLD. 

+ 

Mr. E Inn Fori] h is hm-n 
.i-'n-' i ii!''-l in:-" au'-.jj di!-i-*' , ui- ,-r 
MEAD U 'riiKJTSuv STA'D'IVG'' 
and h’" 4 r- tinnij's'iei! hi* d:ri-r’or. 
chip in B and S ,M:>xvp> Tbe 
;>.-|-'.'r-i cuncern i-. Davy ILntor- 
niiiionnl 

★ 

l^rtircsMir Smith hy* rr- 

-»i-jn*-« fi-'-m the Board of F H. 

I l.f'VJi ITis'.Dt'vTK in d-vu'e 

more itmc io hi* n’hpr bu-iin**-:^ 
c^n'mitni.'nK He r°main-< a con- 
sul' -'inf tn Hi'- group 

* 

Mr. J *V Wvuii, ^nrmr , r^ , - mm- 
r- uvv «ocrei.irv atirf -t divisional 
r'l-pi-tnr -d HliM-fDAY rr.-M.l- 
V-.'P CO., ha^ b'-r-n apr»oini*’d 
rr-fj-rv-reiil director of 'h-> com- 
pan*, which i« a subsidiary of 
M.iTlhcw Milt and Co. 

* 

Baron G'm dr Rothschild fn« 
retired the Board of thi.- 

Pin TlNTfi.'/iNr rnRpi)R.\T](i\' 
lie 'I’K r|of>if»d a director of the 
I'iii T-ntn f’omnany in 10-"r. am* 
has br’^n on the Board of ihe 
Oirnn-nti-an since its formation 

in inr»2. 

■it 

Mr. R. S Alien, a director of 
.1. unrl A. Serimceour. ha« been 
anpomted chairman of ihe 

POCIFTY OF INVESTMENT 

ANALYSTS. He has hcen n n ib" 
council of thr Snricty s*nco lltfiS 
and became deputy chairman in 
March this year 

+ 

Mr Jock Bril* hao heen 
apnoin*ed to the Roard of 

RONVTHOnpE-HELLERMAN as 
personnel <]i rector. 

+ 

Mr M. J Clark has been 
anpninteil a ilirector of fTHARi^E'x 
FULTHN fpftREIGN EXCHANGE 1 
from December 1. 


Mr ,M:il Ju*ii-> -.i ill t'Ji'i tb* 1 
i!-..--f| il Lll.i.E ' l.\ i'E 4 - 

•' \ r! i s\ -M. on Ii*.-*— mbei •? Mr 
.i-n. •* -.i.-i, h.rm.'ilv r*-'hn.i-r 

■ Ur— io| -.* .in I luw iriM»»irts. .-n;! 

it ,i. rosp.»ri-!'i!“ f<u i|i** 

nop ■!' ilu- .\m::ni Cv-nir.i| Pidi- 

Turin ji L-.-b B'l-tuirn. 

Mr. !’.arry l.mn:;ril ha* been 
;ir.;u*intvd nou-fitud Oliccfoi *•' 
i i 11 .l # .\l!l)S SbI , t:KMAl{!»'E1 v 
f m it I ember -t. fullnv. me ihi 
iesi'. , n.:li>i | ' nl Mr. S. !’ itfuiil: 
Mr Lingard w It* ■ ivienlly 
r.-'igneil mun..g’nu tliioi*|*ii- o' 
Asimmarkei? was fonneit' 
direvior uT non- lornl opera' ion id 
AS I 'A from lfi7l until lite begin 
nin^ 1 of 1 !*Ts. 

4 

y< r. John Harpham lias beer 
appumiL-d Miles ilncclrir nf 'IT 
I'ilKSWii'K SIM5NCERS. He writ; | 
be re«P'insible for sales of ih»- 
cimy-iiiy's uriymsl i. , i|uiiiiii«i:l ex 
Iuiiini within the UK and 

European markets 
* 

AS r. Ii. J. Wilenck has been 
sppuinied to the Buaid m 
Si-'EI.CABEAi: PtTb.'.E DESIGN. 
subsidiary of Diwaier Shellahcar 

Air. J. 1. M. BarraM. genera- 
manager of the Wolvvrhantpi'n 
brunch, is lining the Bo.iid ol 
JAMES BE.YTTJE on DeLember 1 
★ 

Mr. C. G. V. Be ban. formerly 
managing direcmr. and Mr. R. J 
Hughes, e director, have liecom- 
i'nnt managing (linn.-l»r» «i* 
KDNTRON INSTRUMENTS. 

* 

Mr. (Jerald VVightman has beer 
appointed an additional directoi 
.It ALLIED TEXTILE COM PAN IK: 
and he will continue as secretary 

* 

Mr. B. G. Skinner, chief general 
manager and deputy chairman 
baa been appointed chairman of 
the KoYAL LONDON MUTlIAl 
INSURANCE SOCIETY. He will 
be retiring from the executive 
fi.isincn of chief general mana-rei 
on July 31. 1979. and after that 
rf_:e will remain with the Society 
as non-espi-ulive eh airman. Mr. 
V.’. H. horsey, deputy chief gem.*- 
ral manager, will become chicl 
.general manager Trom August 1. 
npxi year. 

* 

Mr. B Allen, general manager 
Of ROCKWELL INTERNATIONAL 
SERVICES’ power tool division, 
has been elected io the Board as 
direernr and general manager. 


Lasl Last 

Deal- Declare- 
mgs lion 


Fir-d Lasl !.asi For (>.irinlbian lluldings. Pauls ami 

Deal- Deal- Declare- Sciilt- Whiles. Barker anil Dobson. 

nigs Inas lion meitl Harffic Coi'fK'r. F.\ 

^ .. . ,, . . .,o .. (.harlotle Invest raenli, 11.1. i*ro- 

L vU -Z ‘\ ,ar '.,!: vinml Laundries. ’ Uds." flh. 

I p ,l ‘ c ' J Mar- in (Jurmah Oil and Northern Enein 

Dec IJ -an. ^ r ‘ ar --~ Apr- J ..ring. No puls were reported, hu* 

fu» rr io :rfii/co»/r*j|.s *c»» e»rt nt double options were arranged in 

hib'i-wiituin Serrh’ti Duple Internal ional. Corinthian 
Spiel. •= iu -inraci 'nnn>fy for the Holdings. Pauls and Whiles and 
call included Duple Inter- I'.D.T. 


ACTIVE STOCKS 


Iln 


Beech am Ne.. ' 

ICi 

HATS Defd 
Vhell Transport. 
Barcldyx Bulk . 

GEO 

Hi; 5- Sh.m-n.ii 
Hou-e nf Fr.is-.*i'. 

Di-n/Jcrs 

Dunlop 

Grand Mot 

Cad broke 
Marks X- Spence 
lesco Store* ... 


No. 

Peimmma- .if 
t.on marks 

. .. XI 13 
' .. Nil/pd. 12 


Closing Change 
price tpt on day 


ri 

27io 
23 p 
it 
27i p 

SHK2.30 
23 p 


359 

— J 

421 

243 

— ! 

304 

574 

— b' 

602 

330 

+ 2 

308 

3 HI 

-i 

rui) 

23k 

— -ifi 

3'<n 

134 

-11 

177 

ZUU 

o 

Jl.l 

(if. 

- 7 

Mil 

10«i 

- A 

121 

104 

_ "o 

2T.-| 

34 

- 7 

!I4 

52 

- 2 

37 


RECEm iSSUES 


EQUITIES 



EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

F/i.-iLres nt parentheses show number of 
stocks per section 


CAPITAL GOODS I I7l| 

Building Materials <;27t 

Contracting. Construction i2SL. 

Electricals 1 14; 

Engineering ContraciorsiI4l.... 
Mechanical Engineering^) — 
Metals cndMetal Forming(lff)_ 
CONSUMER GOODS 

(DURABLEXS3) 

LL Electronics. Radio. TV’ 116) _ 

Household Goods 1 12i ; 

Motors and Distributors (25; 

CONSUMER GOODS 

(NONDURABLE! (172l 

Breweries 1 14 1 ' 

Wines and S pirits ■ 6i 1 

Entertainment, Catering (17) 

Food ManufacturingfIS) ; 

Food Retailing! 15) ' 

Newspapers. Publishing I 

Packaging and Paper U5i 

Stores (40)....- 

Textiles (25) 

Tobaccos «3 1 : 

Toys and Games ifl) 

OTHER GBOI.iPSl99»_... 

Chemicals U9) — 

Pharmaceutical Products (7)...:. 

Office Equipment (6) 

Shipping (10) 

Miscellaneous (57) '' 


Irmr., Nov: 23, 1978 



—03. 17.20 
—05 18.12 

—0.1 20.41 

-05 13.85 

1824 
,18.73 
-HU 16.97 

—05 1730- 

-02 1459' 

17.62 


— 1.1 
.91 -13 
.06 -05 
.89 -03 
38 -13 
.60 
-40 
.60 

’ +0.1 | 1839 
-0.3 
. +0.7 
-r(J5 
- 1.1 



J I ili J il ai E^BiaiEElEaBEaEgaEgOEIEl EgglE^ 




FIXED INTEREST STOCKS 


FINANCIAL GROUPflOO) 

BanksCi 

Discount Houses 1 10) 

Hire Pure base (5i 

Insurance (hifei (10} ...._ 

Insurance (Composite* (7) 

Insurance Brokers (10) 

Merchant Banks 1 14)... 

Property (31) 

Misceli aneous i7) 


Investment Trusts (50) 

Mining Finance (4) 

Overseas Traders tJ9) 



yiTxWr- 


The cilowing tabl' snnw* tin- OHnwiiHo* ciwiiEf-rr *nn-h mu- 
secliO'rt (he FT Actuaries Share lad Ices. !i alsu ■untdins rh- 

Enflinecrins Coolraciors - -H9Sb 

eicciricab - - — • +lj - aa 

Minins Finance +13.53 

Wines and Spirits -10.70 

Mechanical E«9M»ecrin3 — - +t0 6C 

Candal G0+J5 Group — - +8*6 

Oils - - + 3 07 

Overseas Traders - + f-57 

Electronics. Radio and TV _ + 6.76 

Contracting ana Construction - - + 6.26 

Newspaper* and Publishing - — V-27 

Chemical* + > 41 

Consumer Goods (Durable* Croup + j.82 

5oo jfbarv index + *.°6 

Office £«n»ip«cni - * s 

IridUStm) Group — — +2 63 

Fend Retailing - i<n 

Property ........ - *718 

Padcasing a"3 Rupee . — + i re 

Motor* add Dlsmbuioro - I >3 

All-Shore- fnd-?x * l U 

Bol dins Materials - t !3 

Texulcs - - - - ... — - + 1-1? 


taken ..uiM -.in. ' fMvmber I8H. m me nnuaoa! eaudv 
. r join Wltif? Index 

TaOaaoi ... . — ~ ... + I.ft 

i>ini<u(nei Good* (NoiMturabie* Group + 8.9 1 

Food Manufacturing — + 8JS 

Stores . + 

Metal and Meta' Forming +00 

Cold Mine* F.T - ... • . “ 0-S 

Other Croup* — 8 r 

fire«*cr>e* — i? 

Entertainment and Catering — 

Investment Trust* ...: . - - 

SaPJts • “ f-J 

Inseroncc Broker* - — ~ 

t-lnjin -121 t;rr»m — — - ~ hJ 

HooscNUd Goods - — h h 

Discount Home* - — “ ’-J 

Insorante (Lite) — “ 

Pharmaceutical Product* - - “ 

Insurance (Comoosite) 

Shipping ... ... “ 15-7 

Hire Purrnasc _ .. 

i p. -r.-, -mac? chaoses based an Tuesday, ivovember 21 
llT.j lmli-.es 



« RIGHTS ” OFFERS 



■ -*■« •. 

1 i 

IfAiHirU’. 

• je 1 

LIhI l 

| Huh { »j..- ; 


2 5-i5yeare. 

'i'- + . 3 i>er 15 years. 

!•*». i. ' — 

>: ! 4 Irredeemables. 


- I _ | alynittj'in llw-Hwni ....... 

_ j . v-jjin 4J|iui!wiii'iil Hi 

9 Hi 3 l! ■tci-iii4tn|-i<ilia|i|«ri. 'rt»l 

o Ul.J.Ul W -naiuu 'Vwv 

Ml, d U > LI r^ 1 * 

__ _ lSgpm lOpm Huskm*il Mi.il.m,... 

_ __ I ir{iiuals|iili.AL'U man lilil* 

1 |! ? lii HR? IM i ,,ni ' 


6Q|i|ii --2 
4Si|iri :’ — i 
5|-iii — i 
Idly . 
Ill + 
ll|'ir ^ 
-j’cl-i" 
164 - 


All socks 



j 'liitirL AiSy. JU 

4 Index »' Y-toid-. 

Wed.- 

ynr. 

& • 

Tin». 

Anvy 

if- 


* . Xu. -J, ,% - 




Keiiiiiidj'ii.n nuiulN IU-.I <w> r “' avj'llic irw .t -.Lanu* dnrv a rr.-un,. 

n.,...r- mi -iriMiniii. rstnnaie o (fiVKh-ml onil virM <i r-nre.--,,: iivi.i«i.i 

inii-i nu«-.. -.11 ^.fTKHir yeor’» I-Jlnnui. » Drvuirdd ir.n mill t^v.-n 'in jr.mr,lu- 

„rt, lll|l .. 1lplk i,. Mir 1910 a Gr r 'ea. I Hunrrji m.mmrn : Cover rll uv- 

inf nirrMni ..I ^lure* r » J ‘"' ranknm i-.r dmw1.nn .,r - rt iii.if,w ..mv inr resinrtm 
rlivHlrnri* c fiji ni.- unCe m unh'ic p< IVmv unk-x, .thTum- inrtii-jied. ■. I*vir.i 

iHiner ui’i’n-ed '« hnirt.-r^ .n nrrlmar* .iiirr^ c, c ■ ntinx - — i^ih-.i 

n , .„ ai K Ktxninuliirt-cl S'J I- 'ird •„ .-ixim— -r |r„. ..nn rniraaniM 

,„ m ,„..r L ..r Miuwuri- BHIninpliir'inti |t-»i-l rr ■.inner nrn—.mi' *pr»nT. 
s \I].'iin-rn i-in-ro lor ruRyOWli. • pruviaioual or oarib-uetii alioutient (eUer- 

ir With warryiila. 


la 

-fi*yr. [Jed. Deb 4 Luaii* (IS) 

552* 

16 

IniiCblDldni Trust Pruts. (IS) 

61-26 

17 

Cum! mid Indl. Pruts (20) 

"7L42 


*«u»k 














































41 





V-. J • 


Authorised unit trusts 


AWNS? CllJt Tst. Msgn. U4> (a) Frantlfnglcn L ! olt MgtrLWL (a) Minkirr Fund Mangem I td 
OWJKW S-rj^WETrdSDH. . 01 =480771 S *S12S^ 



; .jpgasagrK 

si£s 


35.9 

syol+o 
>j 9 - -- a/g-^ffi 

9 4*K-4)I «K 

«.■**< -oii 4 ,tz 


Jfijv Wt-FH-f 

■ Abbey Gto. Tat. 

85mj».p«e. - 
« Attics! HaaAro Group* (atfg) 
gamhre R«- Hutton, Bi wrtwno d, Fjwi 
. \ TO-SSB SSI or Brounrood C0377> S1L480 . 
ji Food* 

. i- Allied 1*-—- — 

* ^®nO«WFA I7JJ 

X<m7S£==hf 

1 HtfiAfHUwal fas* 

YrtSSBKtf.— 

*• .Sara Of America— 

. I - t}SA. Einam 

’■*• *npaefaUa€ TUads 
‘ ^bnailrrCo 'n Fit -.[3*2 
i *SW5B»lr C-n'» Fd._ 4*4 
, Re-ccrrety Site. . .... Bit - 

f U«.Mln.SCdty._, «J 
• Ovrrvcoa EaraiB*v SRI 
| E»J*. Smlr. CVS ~$f2J3* 

Jt . Anderson Unit Trust M ow ers Ltd. 

■ r JIM. FrmJtureb SL, CC3S48AJL. . 0238Z31 

. 4 Aatarxm WT. - W92 53.0} ,i.J 5JB 



iii-GJ KKO 


.su.». 

Friends* JhravtfU Unit Tr. Mfcre-T 

Pis tuna fed. Dorking. OSOSSKVi 

FnaadaPrpv.t-t3_.mA . «5rf|+0J| a.M 
So. Actual.. - btl . MKr-OJj 4.00 



Minster Mot 111 137 J 39 31 

txempi lv-l:!! |u»0 HHftj ,„| 

)IU Unit Trust MgtrnnL l.M. 

Old ynr»-n .vnti, Ml 1 1 ! -J hi. u ] rtW VTLt. 

3T!..l finis. . |45J 47,6| | 3 99 

Murray Johnfitum? U.T. Mgnt.V (at 

lQ!1«|H-MrfN,Uliii||tiu.U:2liK fl+l-iail VVJl 
MJ Lunrrw'jjji _ ISO S 85 7] -OH 3U 

In-alini; IVr F r l J..« 


I'nuint'ial l.tJV* I iiv. ft*. 
. ’liil'crr-csVi.-. i" i _ 


AT nan luf IgjjA 85 d I 3 50 '■'■ '• "Pitfall A*. r . El2H >UU. lll-IOiUHtl 

no. aw. :.. wfi iwU — 3 iso 

GT.Ine Fd-Un 

«T.U5 iSn 

G T. Japan b Gea_ 

•GLFMnExJrd. 

G/T. lat-L Fund } 

C.T. Four 3 (tot'd 1 


| 38ft - M 1 8731 -0.£i 325 

| S JO Hu ll ..1»4 12 J fci<l -•? -j| ft 0i 

1‘rudl. Uifrt folio Mncya- Ltd.V (BrtfcMCi 

• )l> a ltn-rli Mur.. W T \ 2 Ml I i‘I -«r* Pj’.'C 

rni'IciUiU] ... 1 12b 0 lJ4.Q|+0.'[ 4.70 

Quiltor .Manage moot Co. Lid.* 

•tfc I -chan.:.-. I-VSN SHP 01 M*41T7 

104 Of I « J* 

MU 3, 04fl 


Lid V SaiP ft Fwppr ern: i mu d 
.‘MiolbitA Securilirs Ltd.* 


.3b 9 

•m; 


lot; -.i -f 
r.:s, -a i 

b>: 5: 

:SB2: 


3 p- 
7 5? 

4 63 


b'mi-srjni' tti. i'd. ,1100.0 
t/HMi.'rjnl Iin nni.* It 



nll.il- . 

.VifjicM 

..rl jnirr- . - ;3.«: 

.h.i fo 'lil'-. :4B1=3 . 

s .•: 1A Vl'l ■ JIMS ;?n'-, 4 
■[•rlfii A Mb -1 '■.'*! - il. I 1 .- . - 

Si'hlcsiPpc r Trust Mnprs. Lid. lali.z) 
: if'. >,fuL*i M n-uc k:n j. -il * ». • . vMl : 

Am r.wv- • ?] t 
An. i*.r.it.iiT -6h 

>m SmaJh-r 1 • • ;f*7 
F.n-iinH ' M - ‘5 3 
.oiqi 4 Mfcl l*1r\ 


33 301 -3 .. 

44 7: -31 3.50 


T.irtiei Tst. Mgrs. (Scotland) taxb) 
io. a 1 Hoj r T-,«crat. Fdin o. toi-ssiaerz 

T.irciT \Rtcr.E..*Jc'J3 ft 25 ft, -O.'.t I BJ 
Tv.«lThfMle- . (405 4355+3; 6.0? 

K.-.iu Iflciwrv. f'd . iS9u 64 1] -P 13 32 


7 62 Trades Union Unit Tst. Managers* 
iiv uod!‘iR'3.t;i'2 > tuaipn 

TfCTNrt- 2... . «*3 5251 ...| 5« 


G. & A. Trust Wtg> 
9.R8yleiEhBd.Breaiwoad 
O* J i M 




■ ■ lAr»ijin. Onilsi.. ... 

nET7>527Snn l -'* , pl- *!■* 15 -.— 
3AAd( I 4 83 ‘--^“ro-Lni.Sl-. . 


25 



GaztmiH* Fund Managers * (>Rg) 

Z. St. Mary Am, EC3A SBP. 01-2StnMl 

i ii American T.P.. . 24B 20* .. . 010 

BrIUah T^. > Acv. i — 5S.4 . 946 +0.J 347 

ComambTrShm.. 143 4 354S 386 

Extra IscsowiTct— 24.4 &2x +0-1 BOO 

UiFOrEiutTniR... 34i 367 -0.4 047 

RighlneomrTsL Ml &4 M 4.16 

Income Fo Od 725 780 +02 732 

JuAfrMfel , 2332 7+39 — OJU 3.0 

IntL Exempt FU. __ 8U *1 +0.J 5 72 

UUaU.Tat.iAcc I _ 291 3L3» -02 095 


M5 2 223 21 ... . 586 

Ua4 13121 4 08 

11566 162.41 _...| 4 08 

National Froridcnl Inv. Magn. Ltd.V 
*b. Gn«rchuM-h SI . KX.1P3HH OldiABmi 

N PI.GttiUn.TKl W5 6 UU| .. .. 9 0S 

i.Arriim I nllKi- .. 156 b 60 34-.. 5 05 

NPI 0 miob. T mux. {U22 139<W .. . 7.M 

lAcruitL fnusP* ..J1420 15031.. . 220 

■*Pn«m All i«ct. IS N»*.it ili-Jilmi; Mnr W. 
■1’rln.i rm Nuv 1. Next dealing Nov. 10. 

National Westminster* <bi 


in. t r (fiB 

KldlVIK-lil llaciilp-.- |92 


Rnlhschild .\ss«d >l:vn augment iri 

TZ-l«t. • .alt liCHi.r lt.1 . \' livJmrv. tE+^ I 


, t'T^in’nyibarK 

- l*^*'*fl S ’L T «l 31 i 
9M i k. i:nb. .Vi:um 0 
I' k r.rth LH«. 19 0 



Arc urn UmLii 199.4 

I'ulrac V.rt' IT — [124,0 
i Vrum CniU 1 — — 1153 0 

Cunibt Sm.S jfl 2 

. Man L'nlli' ]573 

Clifi Nov 21 . . . [Ft-i 


J. HenV'Shrr^V.-\Va K g'A CO.I.UW ..fwl 


i Acvun L oils 

MirllinniNm- -1— 
' \crum Lm:v 
Van iiwih Nov 21 


[6*8 
497 
57.1 
lAB 7 


N i t l-’un l 

M' t.l|} I.C.1-1 
N i ftic.iuii- I'iiimJ 

N i- lntl. K'l i In.. 
N'C lull I'«i. -.Iri-L 
N *J scUlr i uvi ru 


lb* .v 
It'S : 
144 7 
1517 
82 0 
IS LA 


176 91 -0 i . 
111S>. -01 
153 9*J 
86 4 -Oil 
88.0 -O S 

i*u +o :4 


fU 
7 5C 
152 
152 
460 


Wl. nutarvddc. £CSV H£l\ OI498 6060 


I SO. Chvupm dr. 1. 1 J 

I'npiLilNuv 21- JlCOe 

i Ai- um •- . ■ ,}-* * 


Income Net 21 
■ Arcum. I'niii.. - . 

‘InwnI Nov 22- 
• Accum. l ’ nl *ri ■ 

Kumpc No*’ !». - 

Arc-JTn. Clfiitc# 


Ansbacher Unit MgmL Co. ltd. 

INobh-St-BCaVTUA. 

Inc. Moo thly Fund .[Z7S 


CutiLn; I Acrum-l,. . 
Extra loc — 
rltianrtal 


Gibbs t&ntony) Unit Tst. Kgs. Ltd. Growth in?.. 


_. JM.7 
...ffi. 7 
{333 


Arbalbnot Securities Lid. (bKO 
- ST. Queen K-laadoa EOtR 1BY 01-2395281 



-HlchVIcrd (43.8 

i -f^Aecum. I'nlui _ 6* 2 
BmiTnconieFd- 1M9 
1 nttah Inc. Fund «U 

* . Uuwn 1'mbL - 573 
T ■££*, WdrwLHts.1 go 

5 SWWeiwncrFnod— So . 

-r A Arcum I'nitai 367 

T-- Cssttal Fund 184 

* commodity Fund 584 
¥■ (AceumtUlIB )— j SS2 

* ^ Wdrwl.m 49.4 

bPropFd. 163 

. o-^jWFBOd. 37.0 

? ifiUwn 433 

_ ?1>T»U1 Fucyt ».9 

6-xiftccum VmtSI — .. 39.4 

' Smaller Go 1 * FU 25JS 

fJCtfg nfclnUFd.. 225 
i0%U'drwl Ulat— . 172 

FteeucnFd 804 

X. Amur. & lat FtL 265 


• 3. Frederick's PL. OM Jo«iy. BC2. 

185} — ] 9-M (ai A.G. Income*.-.. [412 44. 

lal A.G. Growlhn — B62 
ouA. G. Far Kn*t+— 12« 6 

JDcaUnfi Tues. TTW 





69.51 . , 

79 6al +0 1} 
35.1 ..... 
92.4 -0J? 
368 +01 

563ug +0 I 


448 
818 
5 bl 
5.10 
7J1 
5 92 
258 


Rothschild & 1 Aiwndes .llgmt. lal 

.VI. NiHlftiD* Liffle. Liln.FCi. PiJ126 J tvi -V'ni+.'hAFdNt.vj: l 

-S.-vi'l i.x«tni|-l. I< 122 0 1N0| . ,.J 3 89 N+ft- - • 

i'ucM imi Noi ,V '.t dcal.M Pk. 15. ■itv.v.ec;Nnv.j_ 



2-66 
2 . 6 * 
720 
7 20 
4 01 
4 01 
30 
300 
454 
399 


'.‘lli Tee .Nor 111. 

. '.CCUC3L I Slit* • - 

Wirt rW 23 

• .\r< 1!PI Cniul - 
Micbim Nov IT. 
Do Arcum.. . . . 


*5 7 
771 



79 Lm 
821 


47Jrf .. . U3i 
Vt 3m +Ci 13.79 
1125a -01 10.95 
495 *01 ~ — 

61.9 -HSJ! 

41.7 _... 

29.5 .. .. 

6Z.9B -HU 
93.7n +QI 
532a +0J 

176 ...“ 

599 +0.2 
467 -riuf 

33.5 +05 
•25 +0 3 

27 Ac .._.. 

»J -05 

ia i -o.4 

865 

2tL6 +0J 


liSS 

12.19 

IS 

io? 

•249 

249 

256 

w 

149 

160 

1D0 


Income 04 j 

Portfolio In* Fd„ |7L4 
'rm-LTHi Fd-'dl. ..(S2.6 
IN EL Trust Managers LtcL* (aHgl 
Milton Court. Dorkinr.. tfurnv f4»l l 

.Net nor 599 *1 9d -0.1| 512 

nr^lW'Wrn MdParH'Bhluc. ..}4«6 5u) (834 

■ uf Nonrich Union Insurance Group ibl Royal Tat. Can. FiL Mgts. Ltd. 

2J7 I’O. Hon. Norwich. Nil J 3NG nfloazSflW M.Jerxwnaln-eLS V.' I 

Group Tot. Fd 1355.9 374 6{ -0 1| 5.45 Cjpunl K«t |M ' 

Grfeveson Management Co. Lid. Pearl Trust Managers Lid- (otutKii 


•For lai •■xvr. p: *un<la only 
Rome Unit Trust Mngt. LtiLV (al Scottish Equitable Fad. Mgrs. Ltd* 
f iryuatfllv.. hir.^'iur.-Sn .IX'-'. OT+kW lOfid aiSi .uidrewsSO- F-iinl-ursd OJi-UeSIDL 


Tyndall Managers Ltd.* 
1 u. I'anrcKc KouL BrialoL 


ExenipL Nor : 


Gov'dt (John)* 

77. London Wall EC2 

S7dr. Nor. 17 11366 143.41 .—.I 

Do.Accum.Unit 1+644 173 0[ .[ 

Next deoiliag day Dee- L- 


AmLTican Nov i.1. 

Sir urn nv Noi ;i 
Hiuh Vld IT . 
i Ai.'cuni I ■mi- 1 
M-.rlin Nov :!Z. . . 
■ Acviiltt. I : mui . . 


1 635 
168 5 
517 
77 0 
1775 
<Eb 


M: :o l 

81 bl .. . .} 

1007] _....l 


170 
4 35 

8 74 

9 74 
4*4 
464 


5151 




5 37 
5 37 


Im-urj*: t •nil’ (t 3 - 

AvcunvlViU , - IS 7 » il 2} . 

DcnJin,' da- w min,vali> . 

Seliag Unit Tst. .Managers Ltd.* tai 
p.';''f\5ii.Kfi-i h r- if- 
Sa+,.,-Ciipil4l Fd . |2i9 
Scbac Income Fd [jOo 32i-01i 



[98 4 

103 41 .. _ 

873 



1820 

19121 . 

873 


1250 

1314 

482 

. . 

1770 

1860! 

4 02 

Vl 

!07.4 

112 q .... 

852 


1544 

1 U 9| 

852 

?? 

2408 

253o) 

545 



273.2 

287 Ol 

5.«S 

— 

1054 
133 2 

m 

1301 

13.01 


59 Grethom St- K3P 3DS. 
Brrngloo NovJS— RM7 
lAceinn. UnlU)_- .. 230 2 
BtugH.Vd51o*53- 1755 

• Arcum L'aitn 20*4 

Endear Nov 21 2149 

I'Accum. CrJLU 2743 

Grncbstr. Nor. 17.. Bra 

' A cram Units) 91.1 

LnJtBralo Nor. 22- 70.9 
lAeeum. UniUk-. 743 


OMU4431 C52H lab Hoi barn, WDV7EB 



0Uftr+il 
4.98 
4.98 
730 
520 
520 


70 31 . ... I 3 71 
ncom.. K.i . . - IMS 72 3) .1 7.73 

Ticv* u f.oi . l-j. N.-.t dnunif \'"i. 30. 


<Ji«ajEt;52 Security Selection Ltd. 


+01 

- 0.1 

lOl 


»* ■?- 


Archway Unit Tst. Mgs. Lid* UHc) 

.. >17, HI Gh Hal born. WC1V7KI+ 01-8318233. 

■— Xfthu-ay F u nd — -J829 883+441 *18 

; . price* hi Mn. 23. Next sab. day Nov. 311 

Barclays Unicorn Ltd* (aWcMg) 

Unicorn Ho. 2b2 Romford RA E7 01-5349*44 CaboiR«n«T. 


255} 

30.3 
35.1 
315 

iA'(mu.Vnltii . ..|4*Z 49,7 

Pelican Unite Admin- Ltd. tgHxl 
81 rnunUilnNUMaor hosier ngi- 23011635 

Pul i can L'mu |M8 91.1x4 +0^ 4.95 

Perpetual Unit Trust Slngmt.* fa) 

Thames 0+JH2K4B 
4.63 

9SJ3 -04 452 Piccadilly Unit Trust (oMb) 

_ . . . „ . ' Anlouy Gibbs UnJI Trust Moiuyirrv ini 

Hentowm Adsdnstration* laKcyg) Fnfdertcfc’s Place. Old Jcwiy. EC2R 8HD. 
Premier UT Axtodn.. 5 HgleighBogL Baiton. 01- 58ft 4)11 


Save &- Prosper Group 
4, llria' f: IIcK-ui London Er:iP 3»;p 
ra-71 Q'Jv.-n S' . Ktinhurch L'H2 4NV 
Ui-.iliOfi- (c i'l- »5+ PCS» "r reil-220 7X51 
Sore & r*rosper Securities Ltd.V 

JulrraMlniuJ Snail-. 

CupilAl.. . - 135 9 


24 4 

«:o 


Guardian Royal Ex. UnU Mgrs. Ltd. , 

Royal Ehcbau^rarros. H4MIII ■ 4741 .-.-I 

(aft! Guartlhi □ Tat. - }91-9 


IT l 

i.'niv I'h+fli 
lncr«r.inc Income Fund 
Ilmll'Yidu . . - .152 4 
Uich Inner Fuml. 


3fl 5} -05 
2*23 +n: 
72. Oof -Q.9 


2 IS 
fl 05 
196 


15-19 ijnMln'slai)Vfl-.lV42 

l'mlC'llTfl Ate ;2<+ 24 , 

I'nvIGUiTstlne [2-1 22 Sul .. . i 2 72 

Su-uart Unit T>t. Managers Ltd. ia) 
4'..xharl«HieS9..Edinhurrb. 021-2383271 

iSu-vnirt Anu-riran Funa 

Slii'i'Lifil l'nU-‘< - in? 6Q9j*lG 155 

S.-cuin Uni)* • -Jb2* *6lj-lii — 

liiitKlraaolLn't* [« ? 4B.9; +-1 :■] — 

■NmuT Brilish Car><u.l Taiul 
Sl+nrijrU ... — - 111* 2 .48 |! 

1 158 i 373 S 


2'E Scot Cap .Not 22. 135.0 

lAeeum. L'aibi 1 1*3 4 

Loudaa Wall Group 


Pi-Ell «*.i(S-3 '7npiLil Growth BO 5 

O' ....I 2 72 rwjtceun... .. B40 

1 Ev ira In- Growth-. 38 S 

Do A vv um . — 4* 5 

Finuaclol Pr*rtv 15 7 

U" Ai'ruci 195 

Mifihlnr Fnor.tj_ 6H 

lnlemJIional. i27 2 

jpuclil Sit; .33 7 



56 91 i 767 


Brentwood. Hju>CA- 


Jnicorn America... (302 32J4 - J LM Cap Growth Inel-J 45.1 

Dfl AosL Arc. [69 A 75 oj -+-0. 1 j 1.91 C+p.Crowth ACC- 462 

V3.ll +0.l| 2.91 InconwA Assets 133J 

7L6l -0.1 


S Aiut Inc. — : — 54.7 

Capitol bk2 

OaExmMTst 1083 

. ho. Ex Lra income .. 28.4 
^gnnondal «.9 

P'S™ ^morai' — .. .. ^1? 

r.-'Uo. Growth Are — _ *15 
i'.. T)o. Income Tst. — BS O 
V ''DaPrt A'ds Tst ..[145.5 
I, Pnrcs at Get 31 Next sub. . 

t-Da Recovery *4.4 48. 

VBd TniBtoe Fanil.- UJ 
noLWIdwidc Tit- . 19.1 
' BfaJuFAUiiL^ — h0 ft 
Da Atcms ..170.7 


U2.E FO.fl 6 - 
30.7a ...si 
658a .. .j 5.21 
8L£ +0.lt *14 
302 -edif 620 

44.9 433 

91.9 +03 643 
1532 ... J 4« 

Not. 29. 
+03} 6.04 

fv Do Trustee Fond - (UlSh 125.0} -0^ 523 

bail 
71 



High Isnu Foods 
Bixb Income . 
t'abni Extra Jut 
CubotPKLAGUt 
Sector PvtH b_ 

Financial & ITU ZS.Z 

Oil li Not. Res J263 

Internal Iona! 
Cab*..—. .. 
International 
WdL Wide- N ot. 

Oversea* Fluids 
Austral) oa . — . — . 33.8 

Ml 

784 

- , 363 

Cabot Am Sm 44.8 


0277-21 , 238 . r.nm Inromr. 

Small fos Fd. 

■'capital Fund - .. 
in’- Era*. A Aiscu. 

I'ri.uir Fond 

Nci.Tiraltr Funri_ . 
Technology Fluid . 


287 

37.6 
41 5 

43.7 
3*4 
1*1 A 
544 


FjrEasiFd. 125.5 


Exempt Fund* 

Japan Exempt 1987 

NJYm.EtpLNor.24 .)UL9 


—0.3 237 
+0.y 333 - 

+0_2) 533 CnrOTeuu — 

Baring Brothers & Co. Ltd.* (aBx) n'a^-TT 
88. Leaden hall SL.E.C 3. 01-38B2880 

; : Scrotum Tel |U00 UTJtf J 4i8 

- Do-Aceum 1225.8 235^ — J A18 

■ •' Next sub. day December fl. 

•S Blsbopsgaie Progressive UgmL Co.* Hill Samuel Unit Tst. Mgrs.t (a) 
\ ABi*hops*ate.g.Ca. 01-S8HS2B0 SL. JSCZP2S1X 

fb'BrlHiihTnlBt— 147.4 

lRilnll Trust 34.9 

m Dollar Tram. ... 7L6 
tbl Capital Trus! ._ 294 

-diy-.-Nhv.aa-^d — ffigSSSSKfi* 

. , Bridge Fund Managers la) (c) 

J heels Hat. EincWUliion St, EC4. 014S34851 I WHlgh YlGldTX-|Z9a 
‘ Amoican & GemJ.. 122.7 

Income* 

• Capital Inc.T 362 

v DftAccA ... [40 j 

J . irteriid GlC-7 

i.Actt 




S3 +L0 I lateLV (0Hg> 


53.9x4 

389 

42* 


15. Christopher Street. E.C2. 01-31772*3 

Intel lnv. Fund |SJ %^Ht5} 730 

Key Fund Managers Ltd. (a)(g) 


•Tiara. tw°d- tThursT Priros Nov. 
21/2303. 

Britannia Trust ManaKcsue&t (aXg) 


3 London Wall BolMInga London won. Key Fixed lot Fd 


London EC2M5QL 



Inti Growth. 

. lB*0*LT»U51Ulteo_ *48 

1A £S !==Hi 

rshi 



79.71 +0.41 
593 -02 
61.1 -02 
1S.ls —0.3 
■ 41.60 —40 
123.4b +0.7 

43.1 +02 

2L0 -02 

69.1 _... 
822 -12 

88 Ds -03 
W3a +03 
Min -02 
482 +03 
314 -03 

82.1 +03 
382 +02 

277b -02 
5542 +18 
122 

492.-02 
324 +02 
394 -02 


400 

3.78 

*46 

503 

» 

95* 

150 
3.95 
7 3ft 


01-8007078 
TIM -02) 175 
70.0 -01 5.71 

1816 ... .. 5.67 
£3.1 +02 1033 
64J _... 12 17 
IWfl +03| -5.98 

Klein wort Benson Unit Managers* 


25,MU*5t,EC2V8JE. 
Key Encrxy In.Fd..T73J) 
KeyEq«lfr&G«n .650 
4>Kev£imnpt Fd ... 1717 
~ey Income Fund— 782 


01-838 047&04iB Kay Small CoVFd-llBSJ 


20. Fenchurch SL. E.C3. 
KK. Unit Fd. lor. —{37.7 
»ICB UnltFdAe— CL0 
K 8 Fd. Inv. Tsu. _ 535 
KJB -Fd-ln-T sLAcc _ 543 
NBSndrCo'BFdlne. . 480 
KB.SnvCos Fd.Acc. 480 
H>sh YhL FdJnc_. 45.7 
High Yld.Fd. Ace. 4*5 


9SM 

120.9 
579 
587 
5L4 
514 
493n 
502 


01-8238000 


855 


2-46 L & C Unit Trust Management Ltd.* 
Ja The Stock Erfumge. EC2N 1HP. 01-SBj 2800 

SIB ZAC Inc. Fd— [1403 1M-7I 922 

421 L*CIntl&GmFd : |967 997j_i.X_223 

Lawson Sacs. Ltd.* fallcl 

230 77. Qaeen'XSL. London EC4R1 BY. 0LS365i2flt 


5.01 

509 

2.58 


The British Life Office Ltd.* (a) 

I HWL,Ttapbrfd»e Winns. 10.088222271 

ftDWdcnd* RiO 4991 .._4 K IM 

7=7; •prtem Nov. XI Next dealing Not. 3» 

fern Shipley & Co. Ltd.* 

— ' Hwro.FwmdvftCL.UC2 

R UiuKNot.21 — [215 3 
(CCJ Not. 2L — POZ8 
: hwa iu r Trusts fsl jxj 

rrm 

1 Acrum. K7 0 

ilnrontc- — 136.7 


iRaw. Uattoials— 

» Arcum Unto)... ,3 

•Growth Fond t 

•<Aecum.l)rdM- 
ttCUt amt Warrant f 

SAoKfrtcan Fa. 1 

itArcum Units). 


41_0| 


608 

608 

2.64 

2M 

LB* 

050 

030 



DcaL AHoii- •Tura. tfW^^Aun. 
Legal & General Tyndall Pond* 

18, Canjnre Road, Bristol. 0272322*1 

But Not. 14 IMA U.g .. ..} SJJ2 

01-800 8S50 lAcewn- Unto) [75.6 S0.0| ..... 

231_5j 1 <02 Next aub. (fay December 13. 

2«3j ZSSX «B leonine Administration Ltd. 

a Duke St. L«Mhw W1MPP. 01-4W50P1 

LooDisL IWJ 78 71 +0.11 503 

Leo Accum |ffl. 9 862j +0.2) 459 

Lloyds Bk. Unit TsL Mngre. Ltd.* (a) 


363 +0.1} 
M Ba . 

«1 . 

^3 ■ 

si^a 

106 - 2 

59.1ri 


4*5 

308 

979 

339 

4.44 

324 

437 




Worth! DE. 

, „ Balanced [505 

4J7 Do. lAccmi 70.7 

615 WoridwldeGwlh.- 52.4 
457 Do.iAceum.)—— B.4 
Income 10.1 


D0.1A' 


79.0 


543b -0.1 
■ 760 -02, 
5*3 -oa 
708 —0.3} 

898b +0.1 
125.9 +0.4^ 
64.3K +0.1 
752 +01 


01-8231288 


4 72 
4.72 
L44 
1.94 
625 
625 
814 
814 


.Oct ID- 1 565 

jdKa&oda Life Unit Tst IKngrs. Ltd.* ititt 

.-SOi&KhStj Pottos Bar. Herts. F. Bar 51 122 Bxtra Income )59S 

i.«eafc# jjMsa 

l iSa 5&AmaaL— IW.9 47J} -o'lj 828 72-00. G»te)M3useRjl, Aylesbury. 02905MI 

■ sus su - j “ 

g.“rgj" SS, IRQ ^ 

• • •'^wS^Araerican —J®3 . IMO) --.1 — 



bn Not. 15. Nod tWahns Dec. 8 (Accnrn. Unluj. 

Unit Fd, Hgrs. Ltd.? (aKO SKl'uSar 

H«ua, Newcastle-upon-Tyne . 21105 Commodity 

sKBi “yarda 

^‘uSitdSf “[ IS rBwrte"-- 




465 
*7.9 
<89 

73.7 

1 Accum Units! — ... B0J 
Compound Growth. 1088 
C < mv« iw oo Growth HU 
Con version lac. — 673 

Dividend., — — U9.4 

fAmitn. Units) 2264 

European-—- [49.7 


5J2! itd 

Next dealing date November 28 
Official Invest Fd* 

Wall, mess WB. M-SBUnB ®| 

1.1X 037.18 — j 1 681 U7.7 

^ - — ilh. Only available to Rcfr Chari Get. 55-7 

Chaaerkousa JajAet see James Fialay Fund ai inv/wx— w.6 

1 Trust Managers Ltd-* (aHg> ciSeiS -—.JUT. me 
01-2832632 lAeeum Units) [2*1.4 




Hlpb Income 
(Accum Unit*) 
Japan 


Aoctan- Unfiai— ~ 17*.* 

MaanuiP 2QP-4 

(Accum. UnitB) — — 2&9 
Midland. —.0773 


174.0 


v5t.BC26f4TP. 

„ ;kn»3 

rEBEtcn Trust- — 

llncnmo *13 

notion bITs— (r)ZS3 
■ Rgsrro . TO. S.4 

Growth TalZ&» 

Funds Mgt Ltd.* (a) iA«m Unto) IM? 

-Unarawi a£ill SSKStofiET: fa5 B 

Fund W42 464}. — .J 434 socoodGnn. 17Z.8 

Fond Managers. klSSm^-rrml 

t Street. London SWJXSEI. 01-333 CSS. (Accum Units)— |OT.7 

S ^;ias sJS3"di2 

Unit Tst Mgrs. Ltd., 

< aCZVGHH. 01-806 8MB 

,.„<46J 5ff3f *031 IOlOO 

i_wi »a +o3 - 

BotHighliic.|«3 503( — J 920 

Unit Tst Sign. Ltd. (a)U0 

3 Crew. Kdinbureh 3. 03KCfi48ai 

i.H){gvDbL— fo.® 47.0 


495 +0.4 
530 +1.1 
52.1 +1 ) 
785 +02 

1296 +0.7 
245.* +1.3 

a»^ 

62.4a +02 
775 +9 21 
1784 +13 
2784 +20 

i&4 1 d7 

1B5 3i£ +0 6 

uai +oa 
215.4 +2J 
2715 +2.6 
188 aa +0.4 
3202 +L5 
<aa +0* 
9*J +0* 
M75 +10 
284.1 +17 
1788 +0.* 
2275 +0.9 


2.24 

233 

213 

335 

325 

413 

347 

844 

823 

823 

3.79 

3.79 

872 

872 

33* 

13* 

5.44 

544 

*18 

*U 

86 * 

86 * 

2*6 

2 . 6 * 

4.73 

4.75 

727 

727 

435 

4.15 

5.30 

530 

434 

434 


Tnutre. 


/Arcum. UntoL. 

I'harl bond Nor. 21 . 

CtonW. Nov. 21— 
(Accum. Unit*) 


B*69 




r-Wf,. 

tes % 

P if Ex.NM.20_}13&.6 14431 

Manulife Management Ltd. 
Stdwryo'nway.sicvenasc. (MW 30101 

Growth Units W-l S6.«^ ._ | 447 

^0jj in Mayflower Management Co. Lid. 

+0J li? I4'is Qroshmn SL. EC2V7AU ni-Wfl «K> 

=83 vS jjssste-e WiU 

Unit Fund Manages internLNoo.21 — K*5 4551 -0J| 3W 

dd st,ECZM 7AL. 01-038 44ffi Mercury Fluid Managers Ltd. 


30. Gro&bxni SUEC2FZFB- 

™ Mart Gea Noe 22.. 1190 + 

Acc 86 Not 32 -1252.7 
01-600 21 S7 W ere. lot Nov =2_ 


203.1 
2*88 
698 
75 3 
253.4 
307.7 


0 1-0004555 
4.7B 
4.78 
319 
3.14 
440 
840 


-Nov. 10 1170* 182-0*4 1 5.48 

ifc-F. Winchester Fond Mngt Ltd. 

•tftUOTny. BC3 mOJWaiW gSttatiSw 3t_|fi5.4 

■ ^|rot Wlnriusatar. -Jie B 1951 ..... 4.94 Arc Ws Not a-_g0.8 
. WSinch'er O’aeoo|l76 1951 1 fl J3 w ere. E+L0ct2B__. [243.7 

?Snam & Dudley Tst Mugmnt Ltd. 

: teassaa 78a .Tff 

S? ^BwitSawwWes Ud- Silwcr “*^4? Iws 70642 

'X--‘ IK Abbey Lmt Trust JHagrs. |^ndliy&G«n..|K.O 
^jbity & Law Un. Tr. SL* (ajftXcha) 

itwrohamRd. High Wycombe. 04MS8377 D^Acfu m 3|« 

i HW HtSIjp |M> -0-lJ 650 . no. Accum - 5& 2 



Finlay Uirit Trust MDgt Ltd. ml 

Vert Nile Stow*. Glasgow. ftUSMlSU international 4L9 

— J 2.74 Dis. Arcum 44.7 

174 High field 6L4 

825 Do. Accu m. — .... — J7J 
252 Rcpilty Exempt* — }®.6 
IM 52. Aecum^--.: — »8 6 
4.42 Japan * Podfle — ■ g-g 
442 Da Accum — - — J470 


•'Drtenian.KLZ 

Pnih 253 

- ■ . Jlncomo — . 34.4 
wDAbrEimyiii. 288 

Aoro iiLlTnHn . 31.7 

T™OTFd3aTBt. 288 
AccunLuaita— 3L7 

- -JMc» Nov. 28 


Pol £74 

570 .... 

281 

341 

281 .... 

34H ■ — 

Next deal me Not 1 . 


6 a0.c -o.i 

385 -04^ 
413 -0.4 
27.7 -03 
303 -0J 
55 J +01 
*43 +03 
453 -16 
482 -0.* 
681 ... 
723 +0J 
1093 +13 
109J +11 
50.C — .7 
501 


s:^ 

m 

4.07 

407 

689 

*89 

338 

338 

Hi 

853 

too 

800 

IM 

1.00 


•prices at Not. 7. Nnt dealing Dec. l- 


CORAL INDEX: Close 471-476 


insurance base rates 


fPropertj' Growth. 

t Vanbrugh Guaranteed - 


io.ra«> 


Snkwi Insurance and Froporty Bond Table. 


Amt-ncan Fund 


+0.1' 


31.7, 

4071 

45.2ii .. . .. 
•17-3 +D.i| 
J7.4i 

Uhl ■*■□ r 


1 222 


NS* 
27.7 
24 V 


+04} 

ifll 


10 60 
7 3® 
6.4a 
(9 
5 TO 
600 
5 10 
2 B0 
: 9a 


liw;l, il -ji urn.. 

1 nc'jRii- 

I ' K Funds 
VK Ifauip . 

fivKrx'j, Fi'ndai:i 

Liiiv|m'. 

Jnpnn . — . 


1' ! 


A -U» . .. 


|9*« 

423 


t«13 

1861: 
105 4 
3*7 
1*7 4 


7i j; . .. 

*5«l+o:| 
4651-0 :i 


uan c,^ 

Accum. Lmij - 1 158 

DfaluiE tTm .. 8 m. -'.fed 

Sun Alliance Fund Magi Lid. 

Null -JliliM-c Hrr.. Hv+Aarl MM GIT-fl 

fsiii -o il ‘-n^ssxs 


TSB Unit Trusts l>) 

*20 2l.CbuDU>-WOT-Abdover. Hauli 0265 (2188 
4 *8 DcaLnC* to 92B4 83433-3 


i b'TIB General. - -HS3 

ml Do Arcura {580 

i hi TAB Income- - 
hi lu Accum 


0 72 vrii.- Family KJ !952 

B6= Target Trt. Mngn. Lid.* 


198 


5 34 


97 Orl —1 21 3.35 1 ,ir,m t'quI'V 
313 3 — 0 JT 7+5 ijrcritj S»' 22 
59* -0 -A 19: .jp.. tec Unto . 
72 4 +4.U D hi v rt] fc-rJ G ill I und . 


J 





3 

INSURANCE AND PR< 

III 


U 

J 

>NJ 

[IS 


Practical Invest. Co. Ltd.* (yhcl 

■«. nirwjuahary &?. M't.'IA ZRA UHCJKHa 
Pr.tclicjl Sm-. a: _ 1147.1 I565i .... 4 Jl 

/.ccuuLUnua — .[212.1 225.7]....) 4 51 s .-lcrl Invumc. 

I 


SctUir Vuu4:i 
I'onimoiiil. 
h in -n;i . 

Fini-WSrt 
KleS-llinhnam Jundv 
Si-ii-cl Ini'TT.'l. . _p4* l 

_.Hl2 


.177 7 

L78 
j*9 0 


79 a 

720 . | 
7J1 -0 a! 


flbl 437 
5 2* 


.71. Gresham SL.TA2 

rimufadtly J} 4 ! 
T.irijri F'naiK-lJ). jSB -T 
139 3 
.01 J 
I279S 

fetj 

127 5 


lahgi 


59.7 


*41 
SL* 
88 4 



411 

431 

737 

737 

220 

2.20 


"■.-i reel Growth 
T :r«M Pr+dit Fd 
r>n ft. ins*. Unit 


Iv.iimt; 
>>7-- 
61 -i 
412 
211 Id 
:« & 

121 6] -02 


255 T[ -0 « 2 97 
55 0) +J ij T 5S 


T ;rtf'.i In . .. 

Tri Pr N01-.2S..- 
T.: fnr 

T .-l rin-f 

rp hpvuiaiS:ts 


?9 5 
2h*J -0 2 

-0 2i 


tb'rio Accum 

o- 2 WS:hi Ulster Bank* la) 

+ 15 WaniiG Street, Bt-Uarl 02223*231 

4 77 ri.ilTlstcr Growth. -[370 39.7} +03I S.85 

fcjBJ 

713 Unit Trust Account & Mgmt. Ltd. 

llfi nine WiUlamSi. EC4R8AR 01-823 4351 


5 ID 
2 21 
2.11 


-■ i --Vi-UTl 

31 1 240 +0 3 382 

,I5:.7 161 8 479 

. i-5 S JIDii'-O.'j 8 50 
-13 1 Jli... 1230 

- '23 0 215 -6 21 533 


FnarvHsc Fund— .138 7 
Wider *rth. Fr-d._ 1 29 A 
l*r. Accum |35 0 

Wleler Growth Fund 

Kina '•lilliam SI. EC4R3.Mi 

IccumcUplu 129 8 

,'iCCURL L*CJI!I . [35. 0 


4DB| .... | 4.73 

5L3i :::::! 484 


4.84 


Ol-BZT+Sal 
3L41 -...I 4.84 
36.9 J 4 84 


Linvds Life Assu ranee 


Abbey Life Assurance Co. 1 3d. rrauu Lite Assurance Co. 13d.* 

Q I 2489111 LYnmnljlc’I'ii' ■ .Wnkira.UUJI IVVlfWUMm fnlte> N» . Ei1\ +'■!'■ 

'.tilt t.L Noi ft 
iii.S A I t '.m ~l 
\ L-'|l ,Vn2l 
r . VU; N»n L 
« 't. A .VMrfii rim X 
»'|i9 .VI94 Nm 2-1 


1 :« st r-«ui'« Chnirbnvil. Wi 

K*tul»y Fund 

FjiaLte \vc 

I'PtwIf Kd _ .. 
l r rn]»-oy . »cr . 

Seli+tii*' Fund 
1 rmvcrttblc Fund 
VMmcy Fund 
yrtsip Fit Snr 4. 

VMl<n. 1-VI Ser 4 . _ 

If Equity I'd Svr 4_|j«3 
Worn Fd Syr 4. - 
VMrrficy Fd Scr 4 . 

Prices ill Not. 2 L VjJuuUod normally Tutu. 


Albany Life Assurance Ca Ltd- 


15 8 

37.7 



MB 

32 5 



151.1 

1593 



lal 5 

170 0 


__ 

907 

955 




1341 

1412 




124 4 

1310 




1323 

1393 

!. !. 



134.0 

141 1 



1«5 

364 



lias 

1205 




1122 

11B.2] 


— 


si ift'l Burl melon SI Vt l. 
VEquiti Frl Arc — n92.* 

VMnedlnL \cc . 

WiULMiiiicv I'dAi 
91 nil Muii.Kd.Acm ■ 
VPmpFdArv .- 
PM ptetnv \c- . 


1405 
11*7 
107* 
112.9 
.[1680 
229 5 
1793 

JilS 

Inti Mn PnKdAcc . .[114 4 


Equity F*-n Kr) Act 
Fisco I Pen_Acr. ... 
• id. Mm Peti.Ar"" 


Prop. Peiu Vui;. . . — 
M'plc Inv.Pen.Acc- 


1295 

2077 


»l 4tT. r «G2 
202.71 •O 
14T.B +0., 

122.8 +0 2 
1132 +0. 

118.7 .. 

176 8 +03 
231.6 +U 
1887 +Q4l 
1405 +0 3} 

1203 +0 ,i 
13*3 .. 

2185 +0 


M.in»: d l-'und iw . 
Mum 1 .1 l-'ii lii.-'.i . 

Htenr d P-1 tr.it. 
Kqui'; Fit Vt . 
ilqiiilv IM fni-ri 
F^juii*' )'■ ! tn:t 
Pctr'-n- I'd Ur 
iTot^'n;. Kd.lnrru 
I'rnpi-rl;' 1 -I lull.. 
In Tst F.l *:« 
lliv T 4 Fd Ini fit .. 
in*- T-4 I'd lmt . . 
I>i\t-d Ini F'i Arc 
F*d ini Fd Jncm. 
Inli-r l Fit Acr . 

lnlnr'l Fd Im.iU - 
’■I'inrj Krl rtf. - . 
,\|nn-y Fi| Ini- III . 
rnra. I 'il I unit 
I'lmiT lilt Inv ' V 


[103 5 

10C 9 


1014 

1067 


m 7 

107 a 


955 

ICO 6 


938 

987 


544 

993 

+01 

K61 

1011 


?6 1 

1011 


947 

95 tj 


99 E 

105 0 

+ 1 0 

T 1 

102 2 

+ 0 9 

995 

103.4 

+ 1 P 

’no a 

105 2 

-01 

96* 

104 0 

-n l 

1D90 

114 7 

+03 

109 0 

114 7 

+03 

578 

102.9 


955 

100 5 

+m 

102 3 

107.6 

+0 3 

159 2 

— 



8 17 


*69 


i i*S4; ’ 

2*14 i'is-nH 
135 4 it 2 SI 1 
155 4 lhl *| +0 4' 
152 9 1*2 1 -v I 

123 8 1 30 U -0 21 


Royal Insurance Group 

■<-!w Hall FI »c— Luciroul. On! 227 4422 

R-.V Jl Shield Fd - [143. j 15131...! - 

Save & Prosper Group* 

4 'll SUIrlmi I .ton EOF 3F.F 01 a34 R380 


730 


lfu:u.Thcrprourj R-:.«i:nt38:oii 
tten-cv Mnn+ticr . [32 9 35 U — n 21 — 

MM hluMhlt- . - . 29 3 21t)l+0 2| — 

Fi'ttl Interest 134 3 362! +0 I| •- 


n 2S The London i Manchester As*. Gp.* 
^" 01 U latludn Fork. Exeter. 


019252155 


F..-.I In-. Fd — 
Fropvrtl Fd ". ... 

130 3 
161 0 

3379 
170 4 

+03f 

Cill Frt . . _ 

122 9 

129 4 

+01 

Jk-ITOsiI r'dl . . ... 

1261 

1328 


I'nmr Itus I-'H 1 . . 1207 3 

2183 


Equip f en- Fd .. 

181 2 

1934 

-20 

I'rop Ferr Krt* 

2341 

247.1 


qili Pen' F.l 

948 

99.8 

+01 

DvbOT Pent Frt r 

102 2 

107 0 

+o: 

■Price- cm Vw ember 
’Weekly rtv-ilink: 

i. 


r.iP Growth Fund 
ID 00 *Flc. CvcnpIFli 
o'tt *E-.'-miil I+ur* Kd 
_ CKvpi W Tit Vri 

I l,',i‘,lo Fund .. 
inv TruMKiMd— 


3 = 


Crnsader Insurance Co. Lid. . ... 

V*ni nlh Home. Tower PI .VC7. 01-6MOT31 Fd""' 

GthlTop.Nov.7 .PM 85GI |- M& ^ Gnafi9 

Eagle Star I usur/Midiand Assur. 

I.TKraiib'lcillc M . Ei'_'. 

Em.lc.aiid. Unit* -153 0 


232 7 


137 9 


"si 


1331 


112 2 


135 5 


849 


1014 



AJKEV Life Assurance Ltd.tf 

Alma HsQ..AJmaRd.R«H gate Kti.:«le40IQL pj^ny Fd" 

Vivvd iiiurrii.t F... 
*;ti* r-cnuMi I'd. — 


m«RISI2 •.OTv.ric.li.F8Bd .. 

55.0] - .-I 620 Conv licpotlt*— ... 
Equity & low Life Ass. Soc. Lid.* 

Amcrihnm Huat). Utah *3Combn WW3KV77 FamiK TOOn^ 


7 quite i . 

Equity 4 

Kivcdlnl4. .. 

?-Ijn. ivvd4 

Mane; J ... ... 
rii«rvcu>4 . . . 

Properly 4 . 

Thr w (piny*. To»et Hill KJR *50 01-836 1538 KftS Cent. Sect. A 


Schroder Life Group* 


ss: 


1+05 


VUanacrd—- 

AMEi'Msd -B* ..... ^ 

AJUEV Money Fd. - 107.0 U2 7f +0J 

AME V Equity Fd.. . 110.7 1 1* +02 

AMEV Fixed !nt._ 90 7 
AMEV Prop Fd . 99.2 

AMEVNRd.Fto.Kd U05 
AMEV MfidPto B' UO 6 
Kteripten-'-- . 535 
AMKVn-VunllBBlau 

Araencu d 171.8 

Income; — [9T7 

Ini Growth [033 


Fur Anw Life Assurance see 
Providence Capilnl Life Assurance 


— i.ir ttTWMtru.-.. 

— Miv-dl'rt 


114.0 

1322.7 

pi!7.7 

I0L1 

U2.4 


12001 

1186 

1113 

1064 

1183 


-01 — FiimtlyW-RS**—... 

— • Sill Roml"* . - . 

j)3 _ Jntcrniilnl Iksul". 

_ JiipnnKdHd." 

^-OiJ MuDuvvdM **•.— 

General Portfolio Life Ins. C. Lid.* Pnip-.-tt: Bd** Til 
si FsttiiiolomcwCu v.’nithnniCrws. W:t3107l 
PnniolinKund — I ML9 [ .... 1 — „ L , _ 

pnrdoiin >iBr;iaed.(42 a 44 y | — Merchant lnveetors Assurance* 

Finite. Kxd.Ini ...,|47.5 50 31 


3 

11204 
13*3 
B45 
.1*6 5 
[190 9 
,20o 9 
98 4 
58 8 
136 7 
233 5 
1*6 G 
1*7.2 



2309 


__ 

220 5 

232.2. 




157 7 

1445 

... 



fl33 6 

140 7 



109 7 

115* 

", 



364 

91.5 


___ 

1522 

170.1 




1230 

129 5 




124 5 

130.7 


__ 

137 1 

1440 




2083 

U9J 





2S10 

26431 




951 

100 21 




970 

1021 



974 

102.6 

I!,— 



993 

104* 


— 

107.0 

112.B 

. — . 


1090 

114.9 

. ... 

— 


•Not. 2.1 ••'Oc 


B .** PonC+p F. — 

0 6 I “on Ac E. . 

MncH Fen. Cap. B. 

Macd. Pen Ac B ., 

>'. InL Foil f ap. B 
F Ini l%n Acc B| 

Money PV.U Fjp. R 
Money Hun. Acc K 
Prop Fait i ‘ap. B _ 

Prop Pnn.Acr B.. 

Scottish Widows' Group 
I* • B<n 002. Edinburgh t H16 S B L'. 03I-9S6000 


Gresham life Ass. Soc. Ltd. Property. 

2 Prirv-r ol Wale* Bd . TTmoulh 0202 7R7S55 r ‘ a ”' ' 


«:.l. ».'w h Purnl 
»: l. Koutiy Kunrl 

n.l.cili Hind- 

• J I. Inti runrl 

ti L m y.Fund 


[933 
1055 
UL7 
108! 
100 4 


104 01 
111 D 
117 &J 

113 g 

1057] 


Barclays Life Assur. Ca Ltd. 

2£2 ikunlord Ed- JE.7 

11250 
1179 


Harp toy bonds'... — 
Equity ... .. 
UUt-edwrri-. 
Property.-- - 


Internaliofuii ... 

Mxn+sed 

Money- 


Mao. PorutA ecu m. .. [99.7 


Do. Initial 

GIUEdgPentAcc _ 
rio-Inlaal — — — 
Money Pena. Acc. _ 
Do. Initial 


1082 

U0* 


B7.7 
309.6 
100 8 


fti 

W55 

199.0 




Ini Mnnac.-iL 

rif Pi-n*._ 


•Currchl unite, value Nov. SL 

Beehive Life Assur. Ca. Ltd.* 
7J.UmbarilSL.EG8 

BUt Horse Nov. J —J 132.08 | 1 — 


Grouth 8c See. Life Ass. Soc. Ltd.* 
ni VI4<V<UA W'cir P.iink. Broy+in-ThoiniR -Berlr. US9354284 inVi"Eo.i'iiv 
.- u v 5-1nV.Hr F/naiiL+ - ft 506 I .... J — H-y Pen-) 

3H-S iv, - lAndhankSwa , Mil 

— Ufadbanh Set, Acc U6.7 119« 

1U5 -03 — n*s SnourKd... £.7903 

924 -0 5 
1154 __ 

10*2 .... 

IDS 0 ... 

1012 
Mil ._. 

109.G ^...J — Knud Int.Dep [1273 134 6) *02] 

1843) . . .3 — Equttv 1819 199 li 


l.mtlHjnk Hers 

iJkndb.mlvSdu Acc 
G*s Supur I'd . . 

Guardian Royal Exchange 

Ri+il V.tch.ficu. E F3 
FTOf.rtytte.nL'. . 1139.8 197.7] . .J - 

Uambro Life Assuntnce Limited* 


l<con live . 223 High Si .Ctejdon. 

1696 

&°9 
1436 
1871 

SH 

10*3 
IM 1 

94.0 
100.9 
_ 970 
1000 

\'Ef, Pensions Ltd. 

Mllt'inrcuri OiTfcjnB. Surrey. 


K'l-ilte 
Eq ml) Pen . . .. 

Mimiv Martel . .. 
M-jnev MJC IVn* . 
Ih|lO-.lI. 

1>:pi4l n-n-. .. 

Mnn«c«i 

M.Misc'drc.n 


Im- ply series t 
Inv Phr S^nev2 
Invid cash Not. IT 
OMBSOITI KCI'I Acc Nov IS 
F.v lit lne Nov 1B-, 
Mns. Pen. Not IS., 


1049 

|4B9 

1000 

1385 



ISoIar Life Assurance Limited 
in.- K! Ely Place London E.CJN BIT 013422905 


r rild 1’Bri. Lane. Ivmrjon wi 


Filed Int.Dep -. 
Equttv _ , 
PrwcilT. . ... 

MunaC'-di.'itp. . 
MuniilWd Acc .. 

■ nvnviv .. 
01-623 128S Ri " Ed^ert 

Ameruili -Irr 
Pen !■' l.l •.fi'.IP 
IVnKIlh-p tv-c 

Canada Life Assurance Ca ££ eje 

2-8 Eizli SL. Fatten Bar. Hen*. F&tr 5ll2S Pnn Uu.i r „ . 
EqtyGthFdNo*. I__| U1 j - -J — P-ii M 


RetnC. Fed. Nov.C-l 


114.4 


TVjn.G:liEdr r.ip .. 
P-ir Gill Kiln. Acc 
P«m. ft ft t'l'fi . 

Pen ILS Ait 

oi -me etr.e Feu I'-a f c.in . . 


Cannon Assurance Lid.* 

i. OlyinJcWy- Wembley HAFINR 


127 3 
181 'J 
[170 7 
143 4 
1789 
122.9 
JL2t»3 
(912 
1301 
1539 
212.1 
277.0 
fJO.-: 
274.6 
1213 
1294 
1269 
14*3 


Equity Units- 


L17JA 

£10.45 


pTOpurty Units. . 

Equity Brmd/Exec.. 11134 
Prop/Btod/Exec... £33 75 
BaJ Bd.fExocUnlt. £13.42 

Diqwat pond 113* 

Equity Accum — .181 

Propurty Arcum. 03-29 

Mncd. Act.Hin._- — 1549 

SnaEqulIir 94 S 
Slid Property 107 * 

2nd Man aged 999 

2nd Tteuontl 987 

CndGUL — 099 

2nd. American 795 

2nd Eq. Pens.' Acc. . 98 1 
EndPrn PvuxIAec. .. 113.0 
Sivi sirirt. Pwa'Acr HB 0 
2nd PimftutiJAcT. 10Z4 
2nd GUI penWAct 905 
2nd-Am Pens./ Acc. 82.4 

I. A ESI) 39 0 

L&ERLFJ &75 


Current 


value Nov. . 


+010 


12|U+009| 
14 2M+OIWJ 

« -1 

100.0 +l.o( 

1139 

1051 +0.^ 
10* 4 
95.1 

841 +4.21 

103.1 +iq 
119* 

109.0 +0J 

072 +4 4] 
415 +05 1 
795) 


179 7 
151 0 
187 4 
1294 

njo 


1041 
106 9 


+0. 

+01 
-0. 

. *03 
9*rt +j 
137 0| 

1*7 1 

m 

22L^ 

2891 
1277 

133.81 


OI"2ffl ■ 107 N+.-lc. Kq ,- ap 

Note ; “u '- L -.-um . 
T-vliri Mmv/vCap 
6vl“.v M'-n An, 
KMWiMBl Nol+riilli tec Car 

_. NelnC.thlnr A. r 


ftr.larMJinaRed+. 1262 
ftolar Property S_ 109 0 
Solar EquHj ft . - 165 5 

— SvIirFtd Int S .115 0 

— Solar Cash S ... M2 5 

— Snlnrlntl S _ 87 1 

— Solar Managed P.„ 125 7 

— 5. .lar Property P-- 1«16 

— .«■ ilnr Equity P 165 0 

Solar Fvd Int P- .1345 

Solar r.u.h P . . Mil 

5911 Solar Inti F. 1870 


132.91 -Oil — 
31* B 

m - 

108 9 +0.1 
925 
1324 
114.4 

173.7 -0.4 
120 6 -0.2| — 
1005 +0.. 

92.4 +1.0 


__ NeUl'd Kd t ap. .[494 


_ NvIMld Fd Ace - 


84 5 

13*9 

618 

6*8 

512 

531 




50 8 


1230 +8 6} — 
*5.0 .. 

7SJ ... 

53.8 .... 

55 .. 

519 ... 

5341 

r ember 2ft. 


Sun Alliance Fund Masgmt. Ltd. 
Sun Allianre rimin'. Horeham (M036414I 
V.vp FU Ini NovR...l£1492 1596! .... I — 

InfRn.Nov 21 I 0232 I . — 

Sun Alliance Linked TJfe Ins. Lid. 
Sun AlliancoUauae, Horsham 0403 69141 

125.9 152.6} +0J} 

104 9 110^-04 

1163 _ ' 

934 

93.8 

Manaec! Fuad UOOB 


Equity Fund - 
F ivedlntervaKd 
iTopcrti' Fund _ 


■•vt S>ih d.iy n- 

NPI Pensions Management Ltd. 

4H. • irwri-elmrcti St. ET3P3HII 01+5234200 internal ionn! Fd.-. 

utanocsl Fund .|1£5J 1610[ | — ricpnuT Fund. ... 

KnvCM Nov. 1 Next dealing D«. 1. 

New Zealand Ins. Ca tU.K.) Ltd.* Sun Life of Canada fU.K.1 Ltd. 
Maiil.'inil Hnu-j-.ftc-iilhend SRI 2JS 07'K62aS5 2.3. 4. CfMlt'riUrftL, SW1 Y REH 01-3305400 


1225 +0.1 
98.41 -LBl 
1IH.B +01 
114 61 -0 3] 


1’,’ji tl.A.K A* 

Hearts of (*ak Benefit Society 
iz+17 T.iri-inritpfarf ucihusm ci-3a7S02o Norwich Union Insurance Group* 


Kliutiylr'. Plan 
Small I'n-Frt 
Tcrhniii'icy F*t . 
EjOTrilni- I'd 
Eilni lei I*l-i I'd 

Airnerir.in FiJ 

KurEiviFd 
ill II Eill'vd Fd 
•.'on r.'ipoi:i F'd 


[1488 

pu 

1069 

Bi-2 

It* 4 

94 8 

102.9 

1056 

1933 


153-5 
96B 
1125 
96.7 
101.9 
998 +07 


1043 - 
11L2 . . 
103.7 +0- 


+ 0.21 

+0.71 


MnpteLi Grth 

Alcplu L/. Muncd .. 
M.iple U Eqiy . .. 
Per on! r-p. Kd . 


202 4 

133.9 

128.9 
205.4 


+05} — 


-1.9! - 


Man Fund lac 

Han FNindAvc-.- 

llcnrti'pl'lnll . 137 7 39 81 . I — H) Bfv 4 NdlMith 7!8 1 INC. (MCG22C00 Prop rd Acr 


Mwmncrd Kuril 
F,auih KtinJ 

SL1T«t •'.il'liKii'iik Rd..Cro;\ vi-4S(b4955 pronertv I'umi. .. 


~ Hi!! Samuel Life Assur Ltd.* 


227 Jl 


Capital Life Assurance* 

CpolMcm Rouw, Chape) Ajihwtoti QSQ22851I 

KcylavnLFd — .} 9952 [ [ — 

P»cen»iicrltiv_Fd. .[ 102.9* | ( — 

Charterhouse Magna Gp.* 

SU-fAieaMHi Hm*. Brunei Ccnro. Rletchlcy 
Mi lion Keynerf)B0a&)1?72 

Chrthje Bnerer SS9 17.9 

Hirthsc-SWucy. 30 2 322 

L'brihse. Managed- JJJ 41 S 

Chnbfce Equity J*2„ 

Mam Bid. Soc 13JS 

Magna Menaced — 151.0 | 


•iTupcrty Unit*. 
Proprrlv Sme . 
Muneitrcli.'in.'. 
Man-T.W'l.**'*ru» A. 
Hnnaved Sorus. ».' . 
Mona? Gull. . .. . 

Monc- 6v.-ri«.-\. — 

K»Mflnt.«vr \ .. 
Kqiui'*itena< A 
Pn> Aiop.ijsevl ».iap 
Pn- - . Maniirrd Arc . 
Pin. fl'lrol t~np _ 
Pn -.Gircd Ait. . 
Peiu- Baaity>'.Tp. 
Pirn - EiTulty.Arc... 
Pnf.Kvillni.flip. .. 
Pni.F tI Inu V-c . 
P-.+l-v Pr>T Cup . , 
Pen.' fti’/.Ap; .. 


167.S 

1056 

1610 

922 

7232 

+».4 

938 

Alt 

14] 1 

1509 

107 2 

114 7 

ICO 1 

1019 

I! 


+0:1 

+0; 


170 4} 
uizj 
170 51 

W 

i»3 

104 r, 

98 ri * 02 ] 

14R6| 

153 8 

w 
BSl 

1(HL5 
102^ 

101.8 
103 6 


FlM.il 111! 

riCTld-jl Fli.l.l , 

?-nr. Ubil TJa>-. 


Ift 


.1216 0 
3495 
!u* 5 
ilSlJ 159 2 

V 


-01 


S67.W +0 1 
!4l4 
—02 


ui'.UAiivr 

L1:.! = 


Phoenix Asftnrancc Co. Ltd. 

•l-5.lv ip J »•- 1 Ill-ni ftt . f« -IP 4HK. 01 JOS OBTfi 

Wealth . |112.b 118.61 

Eft’r. Pli +>.■. . . - .1 . S0J J 

EhY. f'D JL'q.6 ..[7*1 60. 

Prop. Equity & l.ifc Ass. Co.* 
JW.frinrf'jrrl ftiroct. WtHSAS. 

It Silt - Prop Kd I 186* 

Do Jyqullr P-l . .1 725 

rfta: Mimt-y ltd ! 149.1 

Property Growth Assur. Ca Lid.* 

1 J-on HoiL.-r. Fru/don, CRfl 1 Lf 


Target Life Assurance Ca Lid. 

Target (louse, Goteboiue Rd- Aylesbury. 
Burks. Aylesbury. 0296i 594 1 

i96J 16141 +03^ 

1190 I25il+0J| 

117.8 1240 

. .. 15L0 
115 0 
100.4 

%s 

il 

1624 


Prop r>.Llm 
F i\eil lnl Pd. Inc. 

1 hot Kd Inc 
lirj Plan A-'. Pen. - 
K'.U'l.inCap IVn - 
Man Pen Fit. Acr — 

Man.Pcn.Fd Cap 

•7- ill Pm.Fd.Acc 

1 .'ft Fen Fd Cap _ 

Prop FVn.Fd. \cr. 

Prop Pt-n.Fd.Cnp_ 

1 .oar. Pm J 'd. Arr_ 

CuiirPcn.Fd.Cap. 196 3 

Jj A Pen.Fd.Acc [965 

OL-M«tT557 T, -'-PFn.FilCap — |96 Q 

— Trans in ternalional Life Ins. Ca Ltd. 


105 7 -0.1, 
102J +0.y 

77.0 

*37 . 
1342 *3.« 
123 6 +2J 
140 6 
130.9 
170.1 

169.4 

J02J 

1014 

301.6 .... 
101.0 ... 


I&l= = 


Croa m BIvJrs.. EG4 1 NV. 


Imperial Life Ass. Co. of Canada 

Imperial House. Gal IdlcnL 
•sn Kd Not. 17 174.0 

Pens FiL Nnv 17- ,|67* 

Unit Gllrd 'Portl'vlio 

99 31 . ... 

108 M . .. 
103fl ... 

Equity Flihrt - .... [97 5 1D2.M . . 

Irish Life As stint nee Co. Ltd. 


Property l-und 
I'roperty Fund 1 \ 
71256 Agnrullural Fund 


4*rlr Fuiidi 
tnher I " 


1 1. 1'lncbiu? STuarc, PTL 


. Nov 31 

RICpKr-. , 
M,in.u:«1Ftind- — 


City of Weotminsier Assur. Ca Ltd. yon Fdscr'n . [947 
R/neafeml Houac, C WhltcJimc Edad. " 


Ewempt. Mnii Kit.-. 


Bl 

1B2.4 

(605 


rroydno CROal.V 
Weal. Prop. Fund — . 
MauqcdFund — 

E dully Fund — — .. 

Farm! and Fond 3U 

Money Fund — ... 1258 

Gill Fond. 61 9 

FUL.ll'und 173 3 

PVtw. Magd. Cap--- 12 LD 

I ■cm. Mocd Acr._ 

I ■era. Money ran - 
Peas. H'mey Acc. _. 

Pens EquityCnp . 
PcnsEquily Arr- 
Fund runvnUy cl 
Perform Uni Is ..] 



OI-C0498B4. Prop JV-t No 1 . 1 — 
^ Prop nii+l. Glh. - - 
Pqi Md Orth Scr II 


234* 


113 5 - 
189 9 
212.2 
99 8 


ni+sasEU 
770 +0.+| 

7b I .... 

2469 +0.4 
99.7 +0.2 

1395 

1991 

2233 

1OS.0 


All Wilier A- Vis.; 
7AII Wc.KliiTI~.ip . 
91m F.l Vi... 
Pennon I rf Pis-. 
King &. Shaxson Ltd. rSF t&TvSl, r, 

K.i>^nii»li.i:C3. 01+C3S433 »isni.Pcn« id. 

Bozuf I'd. Everajil. [102.93 1 {Hj 26J-0.01| — Mon. Pi-n.i Oil*. * (• 
Nett ricallnK dale Per. 6. Prop Pc-hk Kd 


AhhevN+l Fund 
Aht-cy Nai FA "1 

I nicil men l H> ml 

InveMmeni K.| i ' 

Equity’ Fund 
Equity l p und' 4i 
Money' Fund 
Mun'.-y Kun.li \* 

Aclimri.nl h u ml . 

Gl ll-cdeo] Kninl 
s “*' OllUtfdKC'l Kn -A 
4Relirtr Anuuii;- 
dimmed Am ly 

Proa. Growth Prsram* fc An noil 
^ 1328 139 

Pu. - .W 

141* 

1341 

JS?- 6 

1358 
1519 
137 Jj 
15E* 


190 7 
188 B 
800 0 
791.1 
1588 
158* 
*80 
676 
172.5 
1714 
1440 
143J 
1176 
120R 
1208 
1879 
1533 


“ Langham Life Assurance Co. Ltd. 


used In new investment. 
2195 | | - 


City of Westminster Assur. Bee. Ltd. 
Telephone 03-884 8664 


Prop FcnuOip U* - 
BdCf. Sue Pup. I I 

l+in ( ;hjnjH::.lTelnibrtw»bl1r 1 NW4. OI-OnaKll Bldg Sou. I?.<p. F.-. 

W a rCd nan iga •::: I = Providence Cap 

Wisp .SP* Mao Kil|77.2 8131 ... j — 30. Vxhndec F+uiL 

Legai & General (Unit Assur.) Ltd {£.]’ msI" J-h sil?.. 
KiMraml. Itow. Kinfiswond. Tsdworth. PensmnEqijiiv . — 


1358 
13*0 
123.1 ■ 


VTulip Invest. Fd _ 
trruhF- Mangd. I'd - 

uijsnmn fMan (tend/'d _ .. 
01-6BO 00)6 Mnjl ^ Fd CaJX _ 

Mun Fpn Frl. Acc. 




-0 4; 
-U.J 


143.8 
U3.8 
117 4 
Sod 7 

ll?89 


— DMncri Inv Kd lnU(9*4 


01-4050407 

15141 

119.7 

1235 

127 0 . 

135* 

1019 

102 8 .. .. 


— VMncd In* Fd. A.-I-W77 

— Trident Life Assurance Ca Ltd* 

• HensladeHouiic, Gloucester 045230541 


Nnna-ed . . 

liLd. Mnt 

Pror»?rTy - - 

Equity; Amcrieiin - 
V K. Equity Fund_ 

Midi Yield 

GiliKdfed 

Al'iivf. 

ItiicrnuLteoal 

I'lKili 

GronihCnp 

r-'rounhAcc... 

Pen.'- Mncrt Pnp _ 

IVtih Mnprl Acc. 
fy.nr.raAltop<>p . 
pent tftiL Pep \ec.. 

l’mu Fpfy C.ip , 

Pens. IV toe 1123 v2 

Trdl Bond [365 

■Trill. G. I Bond 

■CiuA value 


[ 122-2 

»462 

1533 

#0.9 

109* 

1384 

il 

98 B 

12*5 

1234 

128.4 

ll&J 

122 4 

104,1 

1097 

llfi.4 


1294} . 

154 8 . 
1624 
85.7 +0_}l 

116.1 — 0.9| 
1465 . 

137.7 . 

132.2 . , 

104.7 +0^ 
333 0 .... 

130.7 

136.0 _.... 

123.0 ^... 
129 6 
1103 _ . 

U6J 

123.0 .... 
1305 . . 

385 +02 

992 

for C100 premium. 


Minn- KT^ri REU . 


InlOnilf. 


Unite-. 


“IS? 


W= I = 


Commercial Union Group 

SL Helen's, 1 . Undarihaft. KC3L 
Vr. An- Ac. Nor. 18.1 57.24 I 

Do. AlURtllft' Uls — -[ 1853 ] 


01-283 7000 


Confederation Life Insurance Co. 

SO. Chancery tone, WC2A I HE. 

UEqultyFund. [1686 1770 

VManased Fund 18*3 195* 

*W Fund . 4UL3 
Penal. Pen Mncd — 77.6 Bit 

Stalted-Mned SCZ 77* 81.6 

Group Steed. Pen. _ 1977 200.! 

Find Ipl-rai. , 2055 206.5 

Equity Penrion— . 248* 2543 

Properly PenMoa... [1519 155-7} 


tv. Accum ..... 
Equity teiunl ... , 

Pn -Vrura 

K1 veil Initial . ... 

r» \crlim .... 

IntL (nrral 
Dr> Accum .... 
Mnnarcvl (muni .. 
rui Wviiin . 

Ft cpvcty Iniqai.... 
l?n Accum . — 

*r r.rneral II 
E-.omw i.'iu-Ii ImL 
01-2420282 I hi. \tr um, . 

E’enipl Fqty IniL.|1331 

IX. .iiTuin 
L'ac-nm Hvh! Ihil 
riii Accum. . . 

FerrrjpL Mnyd. Inil. 
rh> Acnmi. 

F.tcmpt Prep. I nlL . 

Iio Actum 


p63 
79 J 
123 8 
1127.8 
,116.0 
1197 
B9.9 
^15 
|UBL2 
,123.4 
1003 
1034 
'nil P«»lMb,i 

E aa 

01 7 


Buruli HnVh XW3t Ponyirm Kid InL.. 


1137 2 
ill*2 
114 7 
S295 

a? 4 , 

5SB 

1017 


10141 *(| V 
104 6+01 

130.4 +or 
134* +0.2 
1212 -0 2 

126.1 -Oi 
94 7 +0 2} 
962 +0S 
124 5 .. 
1284 

105.6 ... - 
1084 

Ud. 
104 M +0 5! 

107.1 +0P 
M0 2 -4)4 
1455 -03 

122.4 +L0 

126.1 +13 
1364 -0.4 
140 5 -O.I 
uw.o +0.1 
1071 +0.8 


072 

9231 



_ 

104 0 

110 ft 



1254 

1297 



1171 

120.7 



47 4 

50 a 




J74 

so a 



45 0 

47.4 




450 

47.4 




474 

50.0 




474 

500 




45* 

481 




45 6 ' 

481 




461 486 


__ 

46.1 

*86 



476 

502 




47* 

502 

— 

— 


riupn-.lt HU i'jIi 
D eposit Kd trc. - 
Equity Fd Fip 
EquilvFU Acc. .. 

Fvd InL Call* 

K»d lut- lev . 

Inlitl i.'ii|i . .. 

Intel Arc . - - 
Mhiwcvd Kil 
3t+iUi;ed F»L Ai 
Propc-rrv Fil Fnp 
I’roperiy Fd A' c 

Provincial Life Assurance Co. Lid. 

2 Zi. IllfJinp.'cpnlc. 

IVn 1 . Uunuv'til Kil 
I Ten Cn'li Krt . 

Gill Fund a* 

Propi-tty Fund .. 


— Tyndall Assn ran ce/Pensions* 

_ _ 13. CMny-nce RristoL 


Itnnrl Nov. 23 

Property Not a - 
19111*11 Kov S -■ 

3 Way Pn. Nnv. 17 . 
ilu-mlni- Nov 22. 

.\»n.Pn Am -... 

I ••• Equity Nin. 2 — 
fWi Kiuid Not-. 2 — . 

Do. Prop Nov. IS— 

•Vanbrugh Life Assurance 

ftMoMaddo . iiuLdn. WiRSLA. 


1249 

... . 

__ 

1*1* 

-L3 


16*4 

+05 


1092 

+0.1 

— 

130* 

+01 


1496 



74 0 

+0J 


17** 




2738 

M-1 


1BL0 



— 

90.0 


— 


0MB84EC3 
-fllj 


Equity Kun/I. 

K»*t lM. Fund. . . 


J17.4 

fi06.7 

114.7 

is 1 * 

r; 


10191 

Prudential Pensions Limited^ 


MjmUBvdKd...- ..1476 155 41 

Equity Fd. 237.4 249.9} +0.4, 

Inml Fund . 98 0 laid -05} — 

Vi.erilnlerd Ed_ 1653 174 0|-0Al — 

Proncriy Fd- 1453 153 6} . 

C-tsJi Fund 121.4 12TB). 

1*1-247 6S33 Vanbrugh Pensions Limited 

4 1-U Maddox KL.Edn KIRBI-l 01-4084823 

M.-manurf — [99* 105JI +03| — 

Equity 11049 U05l +0fl — 

FIiotI tnterert »7B 103.0} -03 — 

Pro petty ..(1004 105.7} +0.l| — 

Guaranteed sw ‘Ina. Base Rates' table. 


123* 

1124 
120S 
106 7 
1052 -Dri — 


Corn hid Insurance Ga LtdL 

3£ Cain hill. EC-3. 01-821154 10 

Cap.FBb.Nov.16-.ID2 — ! | — 

* iatol -7ii| — 

lAPOP Unite 1 97.4 

Credit 'ft Co annerce insuraace 

1 20. ReStotSL! London WJJt 5FE. 0 1-433 m&l. 71. i>itbira5t.EC3. 
C&CHusd-Fa 0225 1324 ---I — Kxempt [964 


oi-4ns9222 Welfare Insurance Co. Lid.* . 

26-33] 1 — WlmJade Park. Eveler a0U2-5:iSft 

— [ MonejiTxaiJierFd. 103* f . - | — 

“® B# * * “ For other Inndi-.p1caj«?nrfarw 7h*Load0a & 

Manchester Group. 


Legal & General Prop. Fd. Mgrs. Ltd 

» 1, tjifon Vjrlona St- SC4N 4TP 0) CMS 8878 fa )fa. is" D9JS 

LUrtjPrp Kd. Nov 7 .[98.7 1035J | — Prop Fft Nor 15 -IUB-00 

Nni sob day Due. 1. „ 

. _ , _ Reliance Mutual 

Luc Assur. c®. of Pennsylvania Tunbndfie v>ik Kool 088222271 Windsor Ule Assur. Co. Ltd. 

SWi* New Rond bi,wi70RQ. m +83 8385 RoLProp E«l- 1 2090 J — | - naral AlbrrtH«- Short St. Windsor 

UZ3 ‘ 1 — Rothschild Asset Management 

Lloyds Bk. Unit TsL Mngra Ltd; toon. EC?, oieaea 

01«3US8 ROt 12851 1 — 

lout ,.[ 7.31 Ncj sub. toy December 23. 


Ulelnr.FI;in&.....> 

[7L0 

74,8 


Futuix%\*ri rftfnai 

19.00 


FutureAfBri.>1Uilb'. 

44 00 

ra . 

ReL .Lssd. IStur 

<2612 


Fits. Inv. Crow*Ji_ 


.1S&9I 




flfil-H 


OVERSEAS FUNDS 


Kcybcr nfmann Lid. 

J-> Mill Strc-t *-,i JVRJF (U 006 Vino 

Ki..v+.ii»v .;rri*i5 Isas .1 2» 

Pondnrlr . ImMja 12S«[ . .| — 

> »tir ,^,-*t-» i 'a,i._ £138 32 33016 *P 07 — . 

Fv -tlw Jup.m [CIC OC — J .[ — 1 


Alexander Fund 

i” "Ilf V«*m« fTjVroqtr. 

Mv.JP'leri U'.'l | I ... 5 — 

.’•kI i.iiui Sir.' Ill 

AUen Harvey & Rosb IbV. Mgt- iC-Li 

l . t .tiiiriiiL' ■ .-'v- m iii.-'ir-r jji\ cl iSH-u.Ai King & Sharion Mitts. 
.MiUUiltBrtCHl .IU01S 30.191+0 041 1199 , “HelSr^.'flSM. 

Arbutbnot Securilirs (C.I.i Limited 

P.O. H"vW.M llwlirr J.-r-.OT DSWC.’IT 

f,.p lu .J'-inv. lino 11901 ...I 420 

IVvf i)..!,i.{ vLjLc t-lV 5, 
t+ViSw' T<- . |99 soil . I 12.00 

ileal in,- date T.'ovmil-cr 27 
4". I- 197 104) - 7 I 3 60 

Ncvt ' 


; j-iiinu Tkj j- m 

ett d'-.'diiiL- dale lw.' 


Australian Selection Fund NV 
Mari.n fi|T«muniu«-. . ,. in ,h Vouni; & 
■Millivaili-. 127. Knit Si . -ivUnt-v. 

L'SSI Share* | SF-.1.49 1 . -I — 

Nit iivot-l i+luv N-iiv-Dibtr 1”. 

Bank of America International S.A. 

33 Hralw-ir-1 Rin-al. I u-mitminr fi.D. 
Vl.linvis-l lm nnv.- [H'-2i:w U'd . . I 763 
FTicl: Jf |H Nt - L /Ub d.na Nov. 2L. 

Sample Vrutclln LmAcrt 
2 Rue l»e la Reci-nre S )i>C Hrui.'Cli 
Hrnla Pucii LK. |1.90B 1.9671 +01 7 88 

Barclays Uni earn InL (Ch. Is.) Ltd. 

I . I'ftannC Cro*}-. 5l Itelier.Jrev. 00473741 

49« } 12.10 

fl IS? llSl .... ! LBD 


“•It 

\ Allot- I Lie. ft) JYii-r Foit'. Grii.v. HH81 . 2471 W 
1 Th- oavv. ' I red . rii-u .-IM.I.OH 

• tilt hurn-li lirw- .. '8 9S Bl 

■i'll Tru-a il n M '. 1013 103 l 

•.ill ( inf liui-rucvfr*] 91 

lull. 1.011. y+% T-J. 

F-r-4 Su-rliuc .. 1110 27 10 T71 

FirdlnU [S193 07 193 63) 

Klein wirt Benson Limited 

2 " Kv-ni-hurch j,i t'O 
Kunnvri Iiv. f ; 1.12* 

• iuCMta-y Inr. 65 7 64.9*4 

Ik«. \r.-um. 82 4 07 U 

Kttl.irtv.i8 Pvl... 1 5l/«13 84 

KBInti. h'un.t. . .j Sl.VU.45 
KBJiiroin Kunrt . i SI ft!909 
K P. L J. i 'wif. )-.* I SL’Sll 48 
SiL'ni-l Iv*.— OTifd.-i .[ SI -44 El 
Iniurntl K-lKd. Ist'SUD 

Uoyds Eli. «C.I.» l'/T Kgn. 
r<« Rn\ I3S +i Hol.T. icr*cj na.*427Ml 
UojdvT-j |5Z 8 55 6(.. | 143 

'-i'll dralm^ date hntnMr 13 


3 Jl 
4J5 

4 35 
245 
200 
0*4 
0.78 
1.87 


ncomc , . |4& b 
( iarTni ?* . _ Jw.-T 


L'mbomi TrurJ |3V5lU_H 


850 


Llojds Rank International Geneva 

PFf. K.-- -,.18 t-jfx <i.-nOTC 11 -S>vtEerla3rt' 

Lie) to In: Grnittl. IWK jam .. . | 1.75 
Liu; ri-lnt. Inromc |iFM 33 20)33} . | 5 40 

Barclays Unicorn InL tl.O. Maul Ltd. „ , ..... 

i Tlionus St . Doncia*. I •■■ jl 0624+856 Management international Ltd. 


l.'menrn Aul. EvL U7 ; 


Uu. AUrl. Min 

tin enr Vunfir 

tin lntl. Inromri . 


Ite. 1. at Man T.vT.-.-pU 5 


Ite Manx Mutual... 


29 5 
655 
36J 


124 6 


SOI +0^ 
3LBa . 

705 . 
390 . 

47 9 . 

265 . 


170 

190 

o'oo 

9-20 

150 


Bank i-f Rvrr.uiiLi ftu'.Mins, Bermuda 
CanLcrhun Xuv |7|H:<305 | . ... [ — 

M Sc G Group 

ThrwQusv^Tnuw Hill FGnRftRU m^284W8 
Allan) it ‘.m 21 .. BV+17S 3011 

3»y9» zis 
5V«7* 900 

1276 137 Jrt +0 pi «3 98 

103 9 39781+1.1 


-\U-4 E'. Nni L2 
lilil.Ev \*r r.Oi 2; 

Ir-lnnd 

■ Aei-um lnii:'< 


111 .."«8 6464 
I 4.11 

J 0.86 ' 

-I 2.14 


2 00 
100 
1.50 
LOO 
12.20 


900 


Samuel Mootajiu Ldn. Agts. 

114 f*l'l Broad fti .Ei'L 
t|w|lr>Kd Not- 1*. SV42 04 
M«1Nm l.i TtniK 
117 Group r.r-v pi SL>10U 
1IT i.-r-j- Nnv If, C5 12 
IITJ.-yO'«1W 6 IL9 05 

Murray. Johnstone itjiv. Adviscri 
I'H H-reSr .Gljjpe* '.2 - 04I-2S15821 

■ I tope Si F-l l SL'SAO 55 | . . | — 

•Muit-o Fund I SUMO 44 [ | — 

%,\V Nu< ember IS 


Bishopsgale Commodity Ser. Lid. 

P.O. Box42.rxvun6e.InM. " 082+ 23911 

ARMAC fet 2. - 111-282 »JR . I — 

AKRH»1“ NOT 6 . Ri-175 lJwB .... 
ount-'Xot b .E2692 ansa ! lm 

ririKiTuiUy ironed m *Slp and “LLOf). 

Bridge Management Lid. 

Pu. Box 508. Grutid C-v-tnan. Cayman Is. 

N ba*hi No).l .. | 117.954 I .. . J — 

C PO Bin Sft), Htmc Knnc 
MpponPd.AlOT-.22 (R'fl* 67 7 W l 077 

Britannia TsL Mngjm. (CD Ltd. 

30 Bath St, Si Hetier. Jmqr. 0534 73114 
ftterttne limaniiiud tdt, 

Growth Iniesi. .135 6 385 . . 

Intel. K(L . 79 5 859 . .. 

Jcncy Energy TO. 1381 1277 .. .. 

L'mwl STu.Su- U 97 2 07 

UiilL InL&iJs Tar. - |l0 96 0 99} 

I'.S. iMtlor DmnBioiilnl Fds. 

I'miil JTst . ..I5I/S4W 523} ... - 

lnLHiebinLTu. ..[fU5M7 Iftoj . 

Value Not-. 17. Next dealing Nov. 27. 

Brown Shipley Tst. Ca (Jersey) Ltd. 

P.O Box 883. St I feher. Jersey 0S34 74777. 

Sterling Bond Fri. |» "3 9.97] . ! 12 00 

Butterfield Management Co. Lid. 

P.O Box 18ft. Huinilteii. Bermuda. 

Bottrifs'S Equity — |Sl'.«C!6 IM .. - J 3 7j Quest Fund JIltCITinl. ijerscrl Ltd 

!lu tt re ?0I Income- f.M« £05} . [ 7.87 _ .. .. „ . 

Prices ai Nov. ti fieri uah. day Not. H ro ^ lh N Hv-li-.r. Jersey 
For Capdirex SA see under Kcyser 
Ullnun Ltd. 


93.90 


Nepit S.A. 

ION Koulc.irfj R. n i:l, I u’cmtiCuLre 
NAV Not IT.. I JUn241 I . 


I - 


Necil Ltd 

Rank •+ Kermuda Bids' . rlanalinn. Pnnda, 
’i W Nov !7 ... it*S9 - : | — 

Fhoenix International . 

re tti.v TT -Ji P'tfvr rrer. Cueitt: C 
Inter-DollurFund .!12 32 25O;*0D?1 — 


0834 27441 

12 00 

lines tnll Bit [31-4915 09*31 1 900 

Pnit- at Not. Si. NcM dooltng Not. 2P 


liutn fttig I to Int 137 fl 93 

Wuc-tlnLl Sex- . O 


no- Noire- Demo, lexcirwuniri:. 
ipital int Mind- | sr.43779 ] . . i‘ 
or Central Assets MngL Ud 
under Kej-scr l liman Ltd. 


Richmond Life Ass. Lid. 

+8 Alhi'l :iUVi_-L C'nll jlav. 1 U 11 


see 


1. Palm) drier Row, FJT-* 


"iC-J 23S14 

HI - 


Adlropu — 

Adi verba 

ruiilot ... 

Pondl- 

Emperor Fund..— 
HLcpnnn-. - . 


i+o m 


4.94 

529 


275 


D'oaoo 

l 'MM DO 
LHO190 

in n in 

(» 20 _ _ 

a Will 4*241-0 *7] 

Clive Investments (Jersey) Ltd. 

TO Bor 320. St. Heitor -I ctjcv USM.T7361. 
"lira Git! pvt iCJ. 1 . (9.55 9.56 rt . .. I 2151 
ClrvcGIllFd (J0'.i [952 9.533.-12255 

Cornhiil Ins. (Guernsey) Ltd. 

PO. Bon 157. SL P«cr Part. Gu*amscv 
Inlnl Man Pd . . |17L0 1B60)...| — 

DWS Deutsche Gcs. F. Wertpapicrsp 

Gnjnehoririws 113. ««»' Fninkfun 

lavesui- IDM37J0 39701+020} — 

Delta Group 

PO Box 3012, Nat '»u. H:i hnnu «. 

Delta Inv. Not IT-.|SL’si 4 9 lit) | — 

Deutscher Investment-Trast 
Portlach 2885 Biebercosw 6-10 f»W Freckfurt 
CuarcDtra ... - IDDQ0 7B 22W1+OJ0) — 

I nLHenten tends -.[[>««« TD89| ..." — 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box N:t712. Nat, ran. Bahamas. 

NAV Nov. 21 [510554 1*37+020} 

Emson ft Dudley TstJHgLJrsy-Lld. 


I v The Sijv^-r Tru.jL 11*2 1L90I 

JlichnxituKTd M. 109 8 115U 

Ho rlallruni Bd . . 155 4 It? ftl +i*| 

t»o [namonH Ud. 92 7 lDO.fl 

riu-Emlii. naK'Ru 365 7 3744} +0 4l U 61 

Pl-z-te r ran Cam lion f.G J.'dd 95.0 100 Dt .... I 11. *3 

4 70 

+/'iii[ 4Ji Bothschild Asset Management tC.I.) 

PO.ttei'M: S! Iclian-fl Gticrnv -'.(Mnl 2®31 


'■t. Eq.f r tie! -Jl 

Oi'tai-f4.:.nv 1 

iM.'lmiKrl' 
fir.9mi.Vs If I r.l 
i)C Onmioitit; 


155 4 56.6id ... 288 

1153 7 1435C . . 7.1* 

51 22 1 29 . . 13* 

[141.5 1-18 5 . . 3 «* 

..... IMI 9 150.9 . . 4.20 

O.C Ph- I'omdlj > . IWB 07 29 8*| 0 67 

•Prices on Nov u .Swi rievlmj: Not. 30. 
•Price- nn No* 21 Next .I' jlirs Dec 7. 

Rothschild Asset Kngt. ( Berm n dal 
PO F-nv is- hh M Bermuda Bid.. Bermuda. 
Ptesone .Wei,-. Fdlll'^TS 97*1-0071 -- 
l'rire ''n Not 21 N--M Not. 2R 

Royal Trust (ClI rd. Mpl- Ltd. 

PO BoxIfU Rot'aI T*1 H-.-.Jerw US34 274+1 

It.T.InLl PO |S1.'S9 56 4*Ini-0(MJ 3 00 

F. T. Inl'l v.i.p i Kd 61 0 37 0 -4 + LOj J 21 

Price-- at N.w 2J .\eM dev line Not. 28. 

Save ft Prosper International 

lUMltnc tn. 

:i7Bpwt.M S| uglier. Jnreev 
US. Hqlfar+tenatnlaalril r«id« 

Dir, Psd Ipt ”t |9 22 9 7fl ... 

8J4 ... 

50.95 . . 

4.00 
3615 


~~ US. Halfar+tenatnlaalril I 
L Tllr, Fsa lal ■•* [9 22 

Inn-mat Gr-i. ._|7S2 
Knr Euriem-* ..U7.12 
— North American-i . a 68 

,d. Scproc . [14 70 


0574-20501 
736 

- i 


P O Box 73. SL Heller. Jersey 
EDJ.C.T. . . .. [122.6 
The English Association 
4 Fore Street- EC2 


1109 I IM Channc! fapital j , 

uoft< — ahu cannciifijn^+. h 


0S34 205St SWrttiiR+Jenoiiftnaird Funds 

-M-. 1 - |^79 2505[+13 

1 0 159.51 +2* 

i.vmumd —| 131* 138.7}.. . 

(11-24917081 1012 101 S 

Enr. A'S- SterlimF.K50.7S 50 77J...I— K* 

Wnrdjnte Ctn Fo"]Hl58 12.05^ ...I - ^Wectb' rSalmcs tD^.l7Dealin^i 3 ' 
■Next deoil DA Nov. a».«Nort deling NOT. 30. 1 Wl DealmRS 

Eurobond Holdings N.V. Sc hies in per International MngL Ltd. 

Hondelsliade 34. »llicrasUd. rurocoo 41. La MnttcSL.St. Holier. Jctot-t. 0BS475S**. 


251 

506 


liS 


London Aerate: tetet IS Chrisaopher SL, ECt 


SAD 
•'.ill Fd 

lntl F'l .lcr.-cy . 
Intel Fd.Lxmh,-K . 
•FarEaiJ Ford' 
•Next vqh 


Td. 01-247 7243. Tetex: B81440R 

NAV per ahare Not. 17 SUftSOSO. 

F. ft C. Mgmt. Ltd. Inv. Advisers 

I 2. LaurtmcePtwctneyHUl, EC4K OUA. 

(114Q3 +830 

CcnLFrt.Ntw.L3L4 SUS5J19 [ . ...| — 

Fidelity Mgmt^ ft Res. (Bda.) Ltd. 

P O Bax STB. Hamilton. Be made. 

Fidelity Am Aw . .] SUS22.B6 J..} — 

Fidelity InL Fund _| SUS20.75 . . - 

J-TdelltyPac Fd. — I 5VS5422 t I _ 

Fidelity Wrld Fd .{ SUS13.W [+0*9| — 

FideL'ty MgmL Research (Jersey I Ltd. tMiuwce.! 
Waterloo Han.. Don SL, SL Heller. Jenwry- 
0334 27561 

Sorter. A ilnluLi . —[0.53 1. I — 

Series B [Pari fir i |£9-25 ' • • I — 

Scries D' AttlAsa: 10458 I I — 

First Viking Commodit}- Trusts 
H.St.*!eorpe"'iSL 1 nauulan. i.n*t. 

IWM +9C. r-diL An* Dunbar & Ci>. I .id 
53, Pall Mall, London SW17 5JH. 01-030765' 

K-J VIK. Cm Tri. . .135.7 37.61 -0 1 

FStVk Dbl.Op.Tst. [65.0 6ao) 

Fleming Jzpan Fund S^. 

.17. nil Nixw-Danr, LnwmNirn 
FteimneNOT Xt .. | SV5M.77 I — 

Free World Fund Ltd. 

Uuuefflcld Bldg , Hamilion. BcmtudH 
NAV Oct 31 | SUBURBS j .. .[ — 

G. T. Management Ltd. 

Parle U» . Ifl Fiiwuutt Circus. Londcu ECZ. 

Tel. 01-828 8131 TLX: OGGIOO 
Lomten A cent for- 


J74 

086 

iy» tjgj 

1075 im 

99 I05| 

■lar N'or-cmbor 20. 


79. 

09l! 

2175 -0 7 


+0 D1 


9JB 

12.67 

3.75 

28*' 


Schroder Life Group 
EnlernniC! Houw, Fortmr>ulh 

InlcrniiicHial Fund* 

UTqulrv .... 

SEquite . . 
tFtxwflntifrest 
iFlxcrt I nLcr-.-st 


OS 


1137 2 
106 3 
123 8 
6 


114 , 
143* 
145 fl 
113 W 
131 71 
1282 


070527733 


= | 
z 1 


SMunailul 

J. Henry Schroder Wagg ft Co. Ltd. 

12/t.Choupsicle. L.l'2. 


ehx-wpSNa - -' 22 . 
TrafAlciirOrt SI . 
A ton Fd Not. 13 
1 'or line I'd. N ot 17 
Japa-t Kd Not- 16 


1137 1 

+000 

51.S12330 J 


20*71 


S.MB6 19ffl 


|S1'SB66 9Jtj 



(ST SO 99 1 061 

]t9J2 via 

W.545J 513 

286 30TJ 

_ SUS5460 
[319 00 333*4 

^9*" 14*1^ 
PA95J M3[ 

Si;31367 
SUS6.75 

- - trie. i l-‘djE830 _a.65} 

iTTParlOrF!riL_ _ 


01 oBB 400*1 
2.B 

265 
570 
0.43 

: 50 Sen fry Assurance Internalionai Ud. 
450 P o. Bex ~Ji. Huimtten R Bermuda 

Mjnaiicd Fund . .ISLiSiSS 2SE[ . { — 

Singer ft Friediander Ldn. Agents - 

— 2H C.innon tL. ZC 1 01-248 CW*» 

Dcka/onrf.-- .... fl'UZbjr 27* . f '6 U 
ToVetoTH-NOT 21 1 SGS40 0n I .1 155 

~ Stronghold Management Limited 

P.O. Bo:. 215. Si HcJ'cr. Jcrsqv-. (TvM-7J-iTO 
CCS. Cammortiii- Trust. 138 53 S3 19t .. . .1 - 
Surinvrst (Jersey) Ltd. fxi 
2 04 twmsHuf Owi BrtSi H<diw.Jrf-.(»4M2TM.7 
nm. Ampric+n IndTri IL7.21 756J+0.O^ - 

■'oppo’-Tro^ . | £.11.56 1) 84|+0.]ft - 

IB! .lip 1nM«xTv4- . ..(£11 00 


0.W 


1+0071 _ 


?S ^'nit Trust Managers (C.I.i Ud. 

H"iint+'I<'Hd_Rl ¥.'-ix"'». Jor'+r OSMTTvIM. 


270 


A86 


Anchor 'B 1 Units 
Anchor Gill Edge— 

Anchor InL Fd. ... 

Anchor In Jn’.Ttrt. 

Berry Par Fri . _ . 

Berry Pur SuIe- - 

C. T Ana Fd- - 

G.T Anu Sterling— 

G.T. Australia Fd .. 

GT Bond Fund 

G.T. Dollar Frf 

G.T. Dir iSo4 

5US3651 

: T Phil i pptoe Fd. _}scs9fl7 11231 
Gartmore Invest Ltd. Ldn. Agfs. 

2, SLMaiy Axe. London, tra 01 2831S11 

Ganimre Fond Xaeu iCLl Ud. (aHlii 

SJifSTW"* I . le ll£ r U erM! i'»a. " S3 ,‘-S 7 i l Tok >'° pacific Ilidgs. tSeaboardi N.V 
Gill f u ndt Jcix-cy i . . [95 .60 ilM.0 • I 12 25 lMJnll , > I;inawrnnil . N v . r^an 

HJConc •’>— «"•- 

SSS.'SS-.V.-’irBSa 5SJ--I It S Txn,:a«nr«„p 

N. American Tsl.- I liJSlDJD ia7?l+nt',f L8Q r r ’ Bos 1234 HamiHim 3. Rerowda. 2-2764 


+0.0fl 0.94 


Jersey Fund . IJfi 9 «.4{ . 

»!ucrti-qf Ftinrt. 146.9 49 4t.„. 

Gill Fund (“SO IlW.ffl . .13200 

Gill Fund iJer'^xJqafl 100 0[ .. I 1200' 
Prices un Nnv 2? Nest sub. day ).'ot. 2P. 

Tnkyp Pacific llnldincs N V. 

Intimvr Ilatiam: ment i _ n fit', •Straran 

NAV ju?r share Not. Cu JUS6CL30 


5b0 


1150 

2.40 


, .. , +0*i[ 

I nil Bond Fond .. -|SUS1Q34 160^-0 1 

Gaxtimn* loxrstrocui MngL Lad- taj 
I’ d Box 22 Jteaplnr.. loM. C 

iarunorelnll. Inc 120.7 22JM .. 

iortmoro IntL Grth[b8 4 72*[ ... 

Hnmbro Pacific Fund MgmL Ltd. 
in. Connaushl Ccnirc. Hone Kony 

Far East Hot. 32 ...tanUfl M« I — 

Japan Fund [SU5979 MW.. I — 

Hambros Bank f Guernsey I Ltd./ 
Hambros Fd. Mgrs. iC.I.) Ltd. 

P.O. Box 86. Guernsey 04RI-2852I 

U Fund 1428 

Intel Bond SUS10B64 
InL Equit) St’S 18 93 
lliL Sir-. -A' SI'S 106 
Int »6& '»• SUS1J2 
Price* on Not. SL Next dealt ml Nov 2fi. 
Henderson Baring Fund Mgrs. Ud. 
HOft, Gammon House. Hone Hoop 
Japan Fd. Km 22 . |5l^3LC 73*3-05 


IN 
*. no 


lJfl-OC 
1W-0I 
2D| 

teui.inoia 





PncilirFd" Nov 22 SUS8619 (-02' 

Bond Frt Nov. 17 . | SUS10.5W 

■H\clusivx? nf any prelim, churcor 

Hill-Saraael ft Co. tGuenuey.i Ltd. 

LeF'+wre Sl. Peter pnri i tevrnw.-]-. >'J 

uen.MiyTsL 11474 1577ri}-25[ 562 

HiU S a m nel Invest. MgmL lutnl 
Pti.BtKta. Jersey. iir<tl27KHl 


ri'-+!ai Not 22 . .ISt'-MU 

t Nerum i.'tui>> |'HS179 
.T-tfay InL Not Irt jyi'S269 
2 hw SL. SL IHIrr Jersey 

Tel'S I, N'm . 21 

i lecuin Sharo-,1 
.VrcnranNi'i 2 
iAri-uniohnrer> 

Far East Nov 23 

i X cruet rh.ircr. 

Jersey Krt fJov 22 . |T10 0 
. Non-J Ai !■ l 'L-. 

Gill FendN.n 2 
i A ream Sh+nwi 
Victory Hmivt. Uoncfav I vie of Mnn.WCf =41 IL 
Mnnacert N«w. W [134.8 142 0|. . [ — 

Unilife Assurance (Overseas) Ltd. 

I '.CL Box 1388. ffarnllm .V3I, Eennuda 
lnli-rnl Mncd. FU . |:i : S>iO - | . I — - 

Union-Investracnt-Gcsellftchaft mbH. 
-Ite.-tf.'ich ItrtST. P »v>M Frankfurt IS 


trio 

7.*5j 



aits 

12 2D 

+004 



7ao 

835 

+2.11 

200 

785 

845 

+J.i 

200 

S3 5 

Mj 

-15 

200 

355 

895 

-15 

209 

210 0 

222 f 

-24 

7.03 

296 a 

314 3 


7.08 

102.0 

104 D 

+0 3 

1L54 

139 4 

142 fl 

+0.2I 

11-94 


Allunlicftinrii. . 

liuronaten'ls 

1 'nifoudh 

L'nirenta 

I'niiittliil I . . 


11 35 
25 •-S 

17 93 
p3J5 
160 70 


IS 00 

25 OT -OJlH 
1690 .. 

39 60 

63 GO -«W| 


I' tri. Inlnl. Mngmr.L fC.1.1 Ltd. 
i-’. 31uiei*er SiitctL fti IIiHkt. Jersev 
V l SJ.FUi.-J. . [51.TM34 U0B[ ... .1 


758 


US Channel Is. F. -[1180 17*. J | 


to* 2632. Bern. Sailzuriiind. Telex XH2. : . 
118 Ovcrswas FittflNUU 18911+0.0°! — 
C.S.F. Fd /Acrumd.vjtoJW -lftjfl-0 !.’■] — 
rruubou-Fd4Acc.> |SF3.80 — 

ITF Fd i Arc ijSHSSfS fl 17| | — 

International Pacific Inv. MngL Ltd. 
FO Bi»v R237. S6L Pitt SL Sydney. Au:L 

J uvelln Equity TsL .|»AZ 23 2.34| | — 

■E.T. Managers [Jerset'l Ud. 

F'D Box 68 Channel HnuM?. Jersey. 05.7477873 
Jersey EttmL Tri- 1171.0 1 8101 . ,.| — 

As at (wi. 31. Nett tab. day Nov. 30. 

Jardine Fleming & Co. Ud. 

[+Oh Floor. Connaught Centre, lions Rons 


3.00 United Suites Tst. Inti. Adv. Co. 


J+. Rue AWnr.crr. I.u-.erahouiT 

l.S. TsL Itir. Ft ill .(Jt.'Stq - t | 

•'•ct as.-4.-te Nov. 2L 


S. (i. Warburg ft Co. Ltd. 

W. • irer.ham Street . KCZ. 


01-8004553 


Cnv Rd No* 22.. | 5l.'S9Z3 1-0113 — 

F.ns. lnl SCSI? 21 


j-.nt. ini riov.^L_..i 
*7r SLSKd OcL 31.-1 
Mere EM r.'ov +2 bri 
lUn M> Mkir.'ov2tr .[O' 


JardnwEsln Tsl. 
Jurdlrw JHpr Fd."^ 
JnrdlnvSE A. . — 
Jardine F- lemlnL— 
I nil. Par Secs ilnc.1. 
Da i Acruui.i — . — 
NAV Nov 1+ 


Next sub. Not. 30. 


J 


HKS378 5* 
1IK541021 
S11S17J7 

mull 73 

HK514J9 
HKU453 
'Equivalent $L'S8 Sj>5 


1 90 
080 
300 


. 1+0.07] — 

SU.S7.10 I .. .. - 

TUB 10.« . . 0.1717 
.0 12 10 JS I — 

Warburg Invest. Mu pi. Jrsy. Ud. 

I ChaniiC*>vTO.SI. Helier.Jsjr Cl 0534 73741 

>. UK Urt.nct 2R .piltlt 57 14951 .... 

I'KTUrt nrf 28 .. {£14 62 35.00 . 

Mela!-. T-t Nov. 16. £12 73 13 04)... 
T3ITNOI.9 la': 


TMT U-L Nov. 5 . 


.[£9 87 


1031 . .. 
1033) .... 




World Wide Growth Management* 

J'te. toufevard TteyaL Luiemboura. 
"Worlrtwide ULh Fd[ 5US145S |tollj — 


NOTES 


Prfeca do not include 5 premium, except w here indti-atert v. and are t pence unless nrherur-e 
indicated. Yields % /shown in lust colornc- allow for all buyin; eiipenser. a Off-sred price? 
[include n|[ evpenvss h To+lnv'? prices c Yield based cm eHwpnce d Ertimjitert g Today s 
opening print h Diambmlan free of L'Jv. Lives, u Fpnodic p.'enuumiiteuranLC plants SlnRfo. 
premium InMiraace. \ Ottered pri'-vr iu-IuAv. Ail cxr-cn <-.> OTcepi ji;ents cnmnd'elon. 
riHered pnee inchidun :>)l rupen*pv II l-uu/J>l ihroush nisnaKeri* » IVc-iaiu Hnv < ym-c. 
Net ut tax pu reaiiaod capiUil calm unle^ mdia. aiel ►•)' 7 * 'iucriucygrciv S Suspended. 

4 Yield before Jersey tax. i Rv-subdii :uun. 


r.— .-ris ■“ otnaa m 
















42 


Financial .Times'. Fridays 


FOOD. 


Q 

a 8-5S 
3 A I s - 


•t: i . c , -,p , n 




S £il«WtfAed W2G « Ly.so'’ 

ji J9St.CeoroeStr*®*,Hjinow*rSquare. 
5 London W1 A 35G 01-629 9292 

2 • •. l: ' 


FT SHARE INFORMATION SERVICE 

CHEMICALS, PLASTICS— Cont. 1 ENGINEERING— Continued 


_-ian 


•sfw.l-T:* icHn^iffc 


5 T.'iHiafra'A‘» 10 ^ 

: ?S% 


BONDS & RAILS— Cont 


Ml 

Rijh I o» 


Frirt j . «.-. Du ’ 

£ I — I Mm* 


K i 

7. . 6-> 

58 W 

■j u; 

E7 67 

lefl |!jfl 


Ji H- -i »*■ 

K% i?*:3n«“.>!« 

77 In^iipeTHiP# 

'.bh U‘A." . 

67 ’ L'nfirt K.« 

!lfl ilV-.; \- w.' 

75p ]S f > i t??|x 13®).. 


BRITISH FUNDS 


- <r, 

, _ ' lot i Rfd 


7 jp . 75p SGJ b?i* i!)®).. 
S99 J59JN T-:n:i3p. IS! 
'mW-ICl 7a-.r.S;?f I*-! 
97 1 <U r : ..-i. j. J..-,* 


47 

68 : 
W" 

« ! 
145 

7S|.r 

W L - 

I JM 91 

95 I 


n** [ Yield 

4 % I 


BANKS & HP— Continued 

-i lM-l-i£U!i“i™ 


•Shorts'* dives up to Five Years* 

to a | 100 ! 'll so i II » 


"?9 .. ; 7:.3 :-•>!> 

•»' * 4 .’: 

4'% K 79 

!•;- ,|SS ; -7 

, j 4; % • • -j-.. ::%pi- "*fV73 


.00 ‘II iu j ? 3 V ttf* 

95% j [ 3!5 j h, ( |, llMV , | sm 

99 ?l- [10 57 ' II 2fc| 2l\ . 13'; .V>n 
9fr':l ! 3 M 7 70 1 t>0% I f.« :*.MF 


I. S. 5 A I'M price* i*\clink' un 5 |«vri:iuni 

AMERICANS 

'S 7 « I I I" nc l ! ,,r , - , 

h l.» Stork £ —I firm- 1 1 ,r ! 


IfeVCi-S 


ti, . ;.ct 4 ■•« j. 5->r- ‘aMCx; W*J [-% 

j : . o.“- "r i i- >• 8>-j 

:if ; , 17>: ,%| Irtc !W s i -;l 

|7i.i- ■ inabie 32j« 94 Vo 

: c?-j :7--a S 88% - ; i 

:&■: il f« : ; I . .Eft! . fjil 

Cif. • f u%pr 1987 87ii - :* 

.»=,% ?■- . r. <-■;-« IB BO 'a -■(. 

jr L>: l»-.- ^ 

* 10 ^ ! V': \' r-.-i. i.-.fl.r *' 3SJ« - A 

Five to Fifteen Years 

e* ; . 69 ‘r. W. I OTj'-a’-si 

, . -.nr 4 * ■‘i’.’Mtn* 1 *a 


59 ^«o -* 
21*4 I -'i 


Sfij. - .1 |12 20 I 17 49 12\ 19*4 Coll indr 5'. 

88!. !l048 ; 12 62 ’ 0 15‘j [Ctr.t iiliaoi- 51« 


S ,V 7- ^;r- « W; : 

. . Tf:- i? i">j r;*7. ttf-fli!; 

r-’ ■ pe st: 

f.,l t;!: ! T ri' 2 r-- 

7*‘> i r.;.', :7 - 'S -•■"• '' 

t ): f ■ 1 0 1 1. 1 T .-a • --r ! T " i SWe 


- ;: -4i- iw: 

SG’l.X 

■7 !_!j| iT-~ 

j- is- isre 


v.r. m-ii- 

I'W:: | 60 ( - 

Over Fifteen Years 

«.“■ i->. is*. 1 .:: 102Sj- 

:r.N‘:i<*c: 310 *al- 

I • ■ Hte*; 98*a J- 

76 i. - 

■Trvi '-.r.-SPrS' « - 

! -i- :*r 4jf s - 

‘■•J jn.. iSP9 85 : j|- 


89.' .3’-.; .11.12 i 12 LB 
8i5.Ui. 6 91 ! 10 74 

K97-4 !l2 60 I 12 W 

87> s — 4 1013 1 11 'i 
75-4—. 8 63 | 11M 
«Hj -. I 9 99 • lidl 

62 |- : s 4 93 • 9 j 5 
Mul-:. 1 7 85 i IP 7? 

104: J- - -4 13 0i|i3 01 
76b.<— i 10 72,11 99 
90=4 - 4 12 79 13 0? 

63 -4 1 9 13 f 11 4i 
10I<- - ; 4 1311 II 17 

a4J,I-, 12 13 12 59 
97’-e I - -4 13 02 1318 
997.-:. 1311 | 13 22 
60-;— : 10 05 1 1»32 


2£| MS 'oTiL ":l S3 
29J 4 :20<i . »»T. W !? 


.11.12 t 12 78 J7 i* 201. l.' ji'.r Harsir^rij 
I 6 91 • 10 74 r; ; , I -i [Ljtrtr. < rp l*i ?o .i 
>12 60 I 12 84 1 ! 16 .-:-nar. 

10 13 1 11 I AH" ! 2S : 4 If- v.- 
I 8 63| 11 08 ^ 670p Fiw:ion*7:>- 

I 9 99 li oi Hi. U^iC-maP- 

< f? ! ,2 “ 321; 20J< T'JWi.V.rp V* 

1 < 8s j 10 73 ;ij 4 2b>i |Fc-4M.(w!i 


7 lf hi?2 ! 13ia| 521. f.u 

Hl:S ids 1 5(ai!s!'§ ,> :i t l,^ , srr“' 


Waal fiii t M7**l| 


12 -« SI 00 
234* - ! f S 210 
17" s SI « 
19d -a 51.50 
21J-.3 -)4 51.90 
3^- f -m *51.41 
2V,n ->i 52 2s 

165* -u 51.84 
35«s -J. 53 40 
874 p. -12 3110 
13i. -' 9 51.10 
22% -'j 5120 
28=3 d I -'1 53.60 
17J 4 idl-L 51.80 
34l a • - T-a 52 60 
17 1 4«d.-'i SI bO 
451 ; I -'s 5 Z 2 C 
llSj.a S0o« 
187*0.-2 511.5 
34l a «c -1 S3 DC 
699|. J-17 95c 

23>4>d — 5. S2 0( 

23 52.01 
32 h 52 J( 

12% id 76* 
133*id SI 11 
51 2 i 

277^i - 1 , Ut 

24 » si nl 

ll%rt -‘4 33v 

16% id I -t 51 Oi 
38§r> 1-lBi - 


.Tr> d>. HiCfc; 

Tr-x • -;r- : sc: 

1 /■:■ if.'!. 

&•. •” T 7 ;' C-'r' 1;**9£S 

i ii-.M-j ..7 im»- 
' CJ1, »IL* 

' ;J-4 •“ . 

_• ' _ i/vj. 

EC", ' <i3‘. • •-■••j 


17 i*aii- : j 33 0 1 
»-%-:« S1.5 1 

105 e 1- -4 SI O' 
261. .-'j 52.0' 
15~}id j 51.61 
31.4' 

3#'-!-% £20 
685 pn I 7o. 
630p>-7 .-30. 


;r-t . -s-> . tali I:! 12 57 UM S.E. List Premium letj 1 -. 1baM.1l un l'SSI.9 

ii.- : v.;t li- ~ 9iv 3 !-% m o« h S c«v««i«i d.?i«s 


Undated 


; • , jt r • ar!.vai.>i;:«S . 

. c j i : -v. i .. h 

ZV; , Li ]7r«i."ir of. 66 \l: 

;j;l . ■ .-r.v 

:■= ; >4 i"-.a - 


31V 
29 i e u:l 
34i 4 :.. 
23 % . 

20 I . 

19 % | . 


:* 4 i-vi ' ' I ”‘-’l • ‘ 1307 i 

INTERNATIONAL BANK 

I Wjl . IIS. 

CORPORATION LOANS 


if "4 e '- : &■« k "7061 

*■'« : jv* 4 ?* 1 

i-. l ■ 2:;p.-TE. 

Hi ' 97.4 !•' !;-jpelSB 

ct , Cda :ouSC*p:‘8ft« . 

; *;% ;->rr ,v 4 po . 

sc-, l ■:r;u»oiKipc 20-54 . 

; si . I 2S'j !>■ Irr^J 

'*■->4 , “o-'j 1 . .^r. iVtrp.ftipc ‘84-83 

«r -4 ! *?-'% L 1 > Cp:“d-?> . . 

C J ; ; c-o 1 . 8! . . .. 

i~ ■ I 7 Lw.3!-pc Sl-54 

71- 1 35% 1 S5-87 - .. 

•' 53 3-SV . 

2=.- ! Lr.’.iri- - :o- , .fi 

0?V 1 q _ 

1 <%., !•.. 

'Jii'y S®“ !7-a--:ci.l2:c.l5W 


— I '16% 10% ;R 4 M‘jrirca:VJ . 

— | 16% !G-i ]*■: WJ.vw 

— | C2“ e 36% |F.t:!t’ ».'.artata 

— 15 * 600r»I.Ho'» Vallf. 

— 10% BZSptaaw 
■21.V 14 fsnltrpRSfW 

IWj 955plCaa. Pacific 55 

j;% 30% I r>o 4pei>cfc s:'«‘ 
11 94 2i% 16% jouil'iil. S3 
630? 315p}Ha-*kvr.'id '.ar. 
31% I lb^ HoUuuwii - 

16% > 11% JH union *6 j; 


xO'4 1 11*4 •luiu'AJ 'i^.i 

91%, |10 08 12 92 33% 22% Kuc P.'.'iiG S2-; 

87% _ j 883 lZK 15% 11% fir.pw.aM -si- 


CANADIANS 

1 rcalV.' . W%ul!-% £1.1 

a>i-n! 12-e!--» si u 

r.artiW 38*4 j 54 5 

lie*. lSJjidj-l'a ha 

;• 940n>-15 510 

s’--: 

:iiicS5 W,4 

cficfc!!'* 1 JO%«d 4 

ICaa 205*>tf c% si l 

■Sid ‘.an 460p . . 40 

«ii . 24% <52.1 

1 * 6 j; 13 A -1,1 69 

am; Si; 28^4 -% Sit 

Iliijj- 14% 31 C 


: el!, , l».u-prT-8i I ' .. 86% . . 437 UJ2 14^ 955p T- lutr. Bk »! 12 i|- * 

1 I 7^:“» tw.v-pc 824K 78% 1 7.21 11.27 12% | B3C|.‘Trjni‘.'an P:pf | 10% I I 10: 

1 ; I 65=4 I f -4: A5-S7 . .. 66%«d 820 1169 S E L|si4 p rem iuin (based on S2^8 

•' 63 I Tk-.fi'ir-. a-su . & ;- 4 10 63 12.87 

€Z IS SS banks and hire PURC 

f»«V “‘!;.‘a*i.:<liSi s .«W» 99% .12.56 12.74 ,»-> 1 j I- art Dir 1 

. , .. Hich La* Stork I Pnw ] - | Nrt K 

C013MCNWEALTH & AFRICAN LOANS , 4! 1M A ,, 1Ai no 

-j . y-p 77-»t 95%+!, 5 90 12 13 293 210 Meaaadti* D £1 240 • 14 55 ■ 

■V. , *?;! : ^rfjE .. 82%-% 6.7fi 1A44 £13* £90% AUwimeFI 100 C124 -1 »gh c 4. 

. ! V-‘ ! r ; .... 94% . 6.47 12.20 334 264 Alien Har.cri: 320 ..tMJ49- 

s::; , 7b%!!i*>wKH8 . 77i4«! +% 9.67 1213 259 150 AUiedlnio.. -1 H8 0 ■ 

z- , | jt ;'--r 3 .o;,Li: TJLfll 90 . .. 10.62 13 95 174 14D Arttulhooi :L£1. 146 +1 10.J ■ 

’ ! =0 57 -4 - - 465 315 Sk. Ireland if KM -2 TiaLja 

Cm " 7* ! -i,.TO-;Wi . ■ 90 -4 — — £.202 £137 Oo lOpct on\. . £181 .. . t|10** 


:=.- 1::- L..’.ir<-‘:'»-\fi 
o?-:. 1 C] . 

1 Vy, ■4-4W7R-8) 

'Jify. s®“ .«W 

c or.riCN WEALTH & 

■a.-.gss^.s" . . 

c. ; c: Tfrsn 

5." % 7s% |:ii> 7-;^: RUW? 

«:•» I 3* Vx- Wr-raSo: 7&8I 
-• A - ! 3D J.LK Ln-.-l 2%p: C-vTO . 
-=D 7: : ;!*• >■?•: 7Wi . 


« JUU.I 4 IO ?4S w 
5 90 12 13 293 210 
6.76 1Z44 tLV; £«W 
6.47 12.20 354 264 
9.67 12 13 259 150 
10.62 13 95 174 14D 
- - 465 315 


1SJ A\7SAi 310 -10 420c . 

210 Aleaaader I) £1 240 -14 55 - 

£40% AUwieieFIlOO £124 -1 Vf3>:‘- . 
264 Alien Har.cri! 320 .. thl444 - 


LOANS 

Public Board and ln<L 


y4% | : 3*; I Ml. 5p. a!£89 
mil- : 20 W-94 

: 3% 1 26=* Me. ’Ur 7pc R . 
1=4 107 I Pp-'lflE . . 

43 >; I 67 i"> ’nihauiWananU 


,259 150 AUiodlnHJ. . 204«d -1 HB 0 

174 140 Aihulhoo! L£l. 146 +1 10 S 

465 315 Bk. Ireland Cl 395«d -2 n£l“ 

£202 £137 L»o fOpcUonv . £181 .. . WlO* 
17% 11% Bt-Leumi I£1 .. 13 ... 

170 150 Rk.leum.lK>: I 170 

702 380 Bk.NSWS.A2. 525 *1' 

315 255 RankScniiandll 278 -2 

L32% £21% Rankers V.VJS1G £23% -L 


525 * 10 032c 

278 -2 tllO! 


59% .. 8.73 12 30 368 2% BaiNlavs£l 350 |UJJ3 

80x1! . . . 13.13 13.55 268 200 Bn-rtreahipleyi! 236 

27%*% 11.07 12.82 ;j2 CaierRyder£l .. 255xd 

97.rt _1 PI a? 7A 


Financial 

107-4 c ?% IFFI iripc I9?i - - 1 

Ilf- 1 CiI%I['c l~p: “i» - - 1 

114MQ0 jLt.. Hp* *• . 10 

o? 79% }l<Ti'.51jpclH!h 8M2 
31% 72 ;[hj 6%pcP» 3L-W . 

°t* £9% I Pc I'Jijpc Un*- Ln 66 

9-*% c 0% Dm IIiwUrs Ijl' 88 - 
101% 90% Du llWcl'iitLn 90 . 

71 1 - 6r= - D-x TO-92. .. 

71% 61' PuTipcADb ‘91-94. 

P-:% 72 r«.Spc‘A ■91 -M 

.61% t>3 lio.h*p..-Ln.'Be-97 .. 


117«tf -1 I 7.69 1 - 84 67 CliieDi?ni20p. 76 *1 T4.85 

87i;Xfl|. . .11029 | 1330 -155 171 Coir. l Aus.iSAl. 195 +3 %16c 

a| ’£19 E12% i.'om’ibkDMlW £16% -% HgJ64 L * 

a * 1 . 17fi7 £20 £15 ChRuMbk-KrlOO Ofc3 4 -% Q12S 

SS! 1 14 « 2 vui 32 13 Uorinibian I0p_ 28 tOTl 

X.i?. 2 l5 , Hw H « £24 £13% Cwd. France F7S £20% -% 0*87-, 
1001-ri -% 13.78 13 55 J6 7 p a * ei .G.R . IS - 


b7 [Clive Di?ni20p. 


£36% -% MgJ66% 


r.;. (D / L>a»es-'j. ni — 

Otl H f S -£121% £89 Deny be Bank WG/ U15 -1 

ijif 83% 58 F. C. Finance - 70 . 

«« ml ^ First Nat. I Op .. 6 ... 

2 % Pc Writs 7M3 2 .... 

lf!9 ii-Ss 13 9% Fraser An* 10p. 11% 


11 35 12.90 iSl 

12 17 13.45 *3 
12 72 1350 j?, 
13J9 13.40 ij 


,Vm u -*■; Fraser An* lOp. ** 
H-lS 196 15? iJenatdNauiL . 180 
13.45 CO TLT flA 


FOREIGN BONDS & RAILS 


1ST* | 

liiea t 


- Gross | Yield 


217 155 

100 81 Hill Samuel 84a ... t4 9 

M0 188 Do Warrants... 200 ..... . 

360 203 H mu Sling. 52. 50. 239 -16 hy5; 

69 52 JeSpelTujTibef- 63 

215 155 Joseph rleoi'l.. 155 ... 874 

55 57 K^serl'ilmBim. 47 -1 0.67 

74 Sb KinR*Sba*20p 60 3.44 

114 88 KleuwoflB.L.... 89 t« 1 

297 242 Lloyd; £1 262 T9 2 


37 GihiwiA.i 

195 Gilletl Bros. £1 
19 Goode P'tMiyjp 
96 GrindJars . 

93 Guinness Phi - 


Hambrov - - -I 158 


-■] 1 33 

4 S | 98 


Ar.b.fasadaHly . 

Du ope Prof - - 
•hilean Mixed .. 
. lennon ini! ♦(;!»: 
Greet Tpc Ass - 
r-r^ptSSiah Ass 
iintfrc Mixed A s» 


69 52 

215 155 
55 57 

74 Sb 
114 88 

297 242 


-16 hQ59c 
. . til 3.32 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. AdvCTtisemenLs; 883633. Telegrams: Finantimo. London PSU 

Telephone-. 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITOR LA L OFFICES 

.■vnL'terdaiTi- P.0 Bon 12P6. AmiLerdam-**. 

1 -'•r. 12171 Tel 240 5S5 
Hirimnabnm Uoarae House. Geoije Road. 

ToicX r-ftoO Tel- 021-154 t«22 
i'.'inn I’n.-ishau v 11T04 tleubsallcc 2-JO- 
folcv W3«e42 Tef- 210039 
lim^Klh 29 Rue Uu:alc 
Telex 23283 Teh 5J2-W37 
faim I’ 1 '. Ho.s 2 WO. 

Tel. 9S5J0 

IxoMin S Filauilliam hquore. 

Telex 5414 Tel 785321 
C.linburah .t» George Slreel 
Tv! o.x 72484 Tel: 031-226 4120 
Fr.inklurt. 1m Savhwnlojter 13. 

Telex: 41KKI Tel. 555730 
Jonnnnexburc r.O. Bo* 2128 
Telex 8^257 Tel 838-7545 
Lisbon Praea da AleKria 5B-1D, Lisbon 2. 

Tele-: 1253:1 Tel. 3S2 oifl 
Vedrid Espron^eda 32, Madrid 3. 

Tvl 441 0772 


Manchester- Queen's House. Queen StreeL 
Telex 668813 Tel- 061-834 £B81 

Moscow. Sadovo-Satnotcchiiaja 12-24, Apt. IS. 

Teles 7900 Tel: 200 2748 
New York: 75 Rockefeller PI a; a. N.Y. IU019. 

Tclc\ 88390 Tel i212l 541 4625 
ran* 36 Rue du Seotier. 75002. 

Tele* 220C44 Tel: 23657.43 
Rio de Janeiro: Arcmda Pn^ Vargas 418-10. 

Tel. 253 4848 

Rome- Via della Mercede S5. 

Telex 810032 Tel. 878 3314 
Mlockholm. c'o Sxenska Dacblndet, RaalBmh*-vagen 1 
Telex 17603 Tel- 50 60 88 
Tehran: P.O. Box 11-1879 
Telex 213930 Tel: 682699 
Trtfcvti- 8th Fluor. Nihon Kclzai Shintbun 
Build! DC- 1-9-5 ntemachi. Chlyoda-lnL 
Tele* J 27 UI4 Tel- 241 2320 
Washington. 2nd Floor. 1325 E. Street, 

M W.. Washington D.C 20004 
Telex 440340 Tel: i202i 347 8676 


ADVERTISEMENT OFFICES 

Hirrmnsham Hou*. George Road. 

T-lex 3386.W Tel £Cl-;54 0922 Telex 668813 Tel «S -834 BWi 

l0uw 

w*ss ^^f cr ,a - ^e^ivSor 

‘-r.LLSJSBS TSe H “ dr0 '‘ fd° ^ 

Overseas adi t-rtisemenl representatives in 
Ceulral and South America. .Africj. the Jliddle EaaL Asia and Inc Far East 
For further details, please con tact: 

Overseas Advertisement Department. .... In ., 
Financial Times. Bracken House. 10; Camion Street. London E.4P 4Bi 

SUBSCRIPTIONS 

I -uuic? nhimnablc from ncHMRcnl> and book-xtall* «nr!xlwule or on resrular subscription Irom 
^u^Knpiion I'inincial TixniiN. Loncion 





I- ort Div 
] - 1 N« C 



























































































































































































































































Jent-Axia 


FINANCIAL TIMES 


The ?irrt name in unit 
ventilation. ..look for the 
name, on the product. 


Friday November 24 197S 


will get chance to vote 
i final EMS decision 


Sr ELINOR GOODMAN AND PETER RIDDELL 


By Christine Moir 


RECEIVER'S WERE called in 
yesterday to MiXeill Croup- the 
Belfast engineer^. as Mr. Graham 
i i-r^UM-a Lawy. a former chair- 
anc-un* • .1 Thai he would 
■■ -t mr so'.ii •f'l's whether there 
••.m' "t’otnd' i”" U*?;>artnieni 
• f Trad.. inquiry into the tuui- 

j.'j;iyT ;.;t 

Mc.Nem's Mur*.** vc iv 

su.-pend-rd this month ponding .» 
ivc.y— of It* lit’JIII'jl potflliofl. 
In 1^77 it hod £l.:Jr.* ’• I f»re l:-\ 
:iiji Jj't Sepltonfer Mr. D. E. 
MeNtiil. thV.M i.-haimum. said 
that so in-' imprrocr.if.-il ini-jh* he 
expected T l;is ;.e:rr because- irade 
had increaT'"’. 

I.t May I i'k* cornpan: - 
announced ih?-t ir had v.un .. 
iTMm contract from Lih;-u to 
build 70n lieu**?-. . 

3 Jr. Lurry, v. t.» h:i*i 

hpuw'nt a -o |--r **-nl in 

McXei'i. i-.c.r.n** chairman 
the hocinrir.’-. ■>* l:-ri month ai:J 


THE PE I ME MINISTER made 
ii clear \e»lerday lhat there was 
: no fjUi 1 * i i ii.i of Britain taking a 
: final decision on joining the 
European Monetary System at 
Inc St! iii Hi U meeting in Brussels 
no::; :ii"nih. 

S:)c 2 k;n^ in Labour .MPs he 
*asd shat ike Government would 
i not. c-mmil Britain to joining 
the system before the Commons 
had ■. iited ph it. 

The.o V"Uld he no such vote 
. Ute er.d or next Wednesday’s 
rieuatr* '■•e EMS. he said. The 
iproveidi'l.' would n«»t. he 
•tVe-rved. V binding un the 
• rs.icr.?. but would give 

■ *>•:'* . rr opportunity to hear 

Ml-'-’ •• * before deciding the 

Sir - 1 !■- *i :c.n v.hnh had to he 

j .-.-j. • f.^ber the system should 
V. a', oil. 


Decision 


Tat decision on whether the 
sy-iem should be established was. 
a"*., -aid. separate from the 


quest: 'Ti ■ if whether Britain 
should ji'in 

1 >. \..i- : !;l*s decision of whether 

l ho sj. ; :c-r.-. mould be established 
Mi. Cal lac ban indicated 
•„ou’.d i - .v taken In Brussels. 

T; * Ounmon.s debate on 
\V*(i no w:!l he on an 



an ft' 

Munced 

th s’. 

!ftV: 

I >:• 

.lone 

were 

■>n 

: i?5 u 

f E*j ! Mm 

i com- 

it it 1 

. ijfi.iiOfi and 

rim 


r. 

Tur r 'ft’, 

or fui 


Vj77 

v vi yi- 

.Ira 


adjm sr.-lvni motion rather than 


a yes or no on the scheme. 

This is partly because The 
Cabinet will not reach a formal 
decision on Britain's position at 
the summit until next Thursday. 

Today. Mr. Janies Callaghan is 
talking in Paris with President 
discard d'Estaing in another 
round of meetings before the 
summit. 

It is remotely possible that 
the Green Paper con Id be de- 
layed until after the weekend. 
But it is clear that it will out- 
line the background to the 
British objectives in the talks. 

The British approach has be- 
come clear in the last fortnight 
after EEC meetings and 
bilateral talks with other govern- 
ments. 

Britain is unlikely to agree to 
link sterling with other EEC 
currencies from January. The 
Government believes the studies 
have not resolved all the tech- 
nical and economic problems 
and lhat the likely scheme is 
too like the present European 
joint float, the snake, to last. 

Senior Ministers do not. how- 
ever, want to close the door on 
the system as a whole or to 
isolate the UK from the rest r.f 
the EEC. Consequently. Britain 
will not try to delay the start of 
the system but will press for a 
continuation of the discussions 


on the broader proposals nest 
year in the hope that when the 
studies have reached a successful 
conclusion, the UK will be 
ready to join. 

The idea of association, if not 
full initial participation, was 
hinted at on Monday at the meet- 
ing of EEC finance Ministers, 
including Mr. Denis Healey, the 
Chancellor, when it was agreed 
that even those countries which 
did not join the system would be 
cnillcd to take pari in a 
review of its operation after six 
months. 


Dominated 

The Parliamentary Labour 
Party is to hold a special meet- 
ing un Tuesday 10 discuss the 
whole question of the monetary 
system. 

The meeting will be addressed 
by Mr. Healey. At yesterday's 
weekly meeting of the PLP, 
MPs made their reservations 
about any move to monetary 
union very clear indeed. 

Speakers repeatedly called for 
assurances that no commitment 
to join would be taken without 
the approval of the Commons. 

Mr. Callaghan said that though 
no new legislation would be 
needed to lake Britain into the 
system, the Government would 
not take a decision on joining 


without giving MPs the oppor- 
tunity to vote. 

Robert Mantimcr writes from 
Paris: The talks which Mr. Cal- 
laghan is to have here lo*day 
with President Giscard are ex- 
pected to :>e dominated by the 
proposed monetary system. 

The Prime Minister is also due 
to hold discussions with M. Ray- 
mond Barre, the French Prune 
Minister. 

Mr. Callaahan will be accom 

panied by Foreign Secretary Dr. 
David Owen. Hr. Healey. Mr. 
Eric Varlev. the Industry Secre- 
tary, and the Trade Secretary, 
Mr. John Smith. 

All the ministers will hare 
separate talks with their French 
opposite numbers before meetin 
in full session. 

France has made no secre- 
that it would like the UK to join 
the EMS. With the British pound 
and the Italian lira inside the 
system, the French franc would 
clearly be under less strain than 
it would if it were linked only 
to the stronger European cur 
rencies. 

For political reasons, too 
British participation would im 
prove the prospects for the crea- 
tion of a full European economic 
and monetary' union, which 
remains one of the Community' 
fundamental long-term objective: 



The third quarter Is traffi- company wobdd “be f&fiz ?o>8b 

tioaaDy the weakest for ICI but Index feH 2.6 to476.fl : ^/tkei tnuTMt year was Ifcfc 


nonetheless pre-tax profits of 
£83m against £105m in the com- 
parable quarter of last year are 
disappointing. Even after strips 
ping out £22m of exchange 
losses in the third quarter -ICEs 
profits are marginally down on ' 
a year ago despite the fact that . 
the group has experienced -a- 
healthy growth in sales volume 
in the intervening period. 

After nine months of the year 
ICFs profits, excluding exchange 
rate movements, are some 15 per : 
cent down. Currency move- 
ments should he somewhat 
kinder to ICI in the ftzicil 
quarter but even so pretax 
profits for the full year {includ- 
ing exchange rate movements) 


I.G.I. Pre-taxproffts 


met of mum ■naans 

mntErcmBXTtKs* ■■ 


cent hecanse of the yery Tilgh 

► cover of f 

•• -saying ! notiung;at^it^its-'pians, 

thpugh " the* impressiah iS-J&at .-. 

. starefel'ders tieed-ipt^ronj^l- 
. ijraeh; • . 
/Redland winrSeCk fee g dornf^wii I 
•-the -eobtrois ; 

-raising' firods jto : pay;fijr: J%e l : 
plar^d.SlfiOm of-TJ-S. aeqUhtf- 
•.vttoii-r B^re-dsie 'fieSr-|05^i!g , 
$26m has alxefi^ 


Last ■nd-.” 

fi-UT-'J * v, jr..- 


jUii 


nTi.ii" i-w. "lie «.*:.pl.nni'd jo*:- ;’- 

Hr.- i.b.’t ibv c 5, .aurw-iif-ni 


..vcr 'iiyj.vUiT. :■ lcper.er. H |% 
fa: led < • »t-* : n ‘ j 1 

f-'V tbal. 

VesMT.iay 31 «' l l-''-'-.- ; 

-•^d that hud crindu.-'-d a • 
Thorough I’l-vicA the cri'U? 5 ! 
:i Pfuir.* a m-.t bee '■•m ' n - e n a ; nna n 
That icO b-iievo :ha: the 

i. '.rn pa.’ i pu-'iir.-.i 
t-i.in :!]■.■ rcp‘‘<ri and act nun t.- 
: n ■.!; '.'■a I'nI “ 

lil "il/.v-i, qnei- 

iion li'rro .■-iiti'ir*,' I h»- Llv J n 
o it; v.'j- ■ v'i"-li!VJ!i r . i’i - in 

fac; lik?': :<■> on a L- " 

1!*.‘ ’.r.*.'.' liv.d /ev>i!' : l- s t jSi 

pj> ir.ev.. • -i-nirvi •• 

,_5^hi mun'.ii* :*'■ u m - 


oyd’s worried by bi; 
mputer liabilities 


BBC 
takes out 


cent down. Currency mover so Hf B®t a ial®p P ' r . : - v 

ments should be somevdisf- ^ H ‘ 5 'T : . : ' ! 

kinder to ICI in the .find! !• r Jp '■ k : in g businesses idoks satisfaetMy/: • ■ 

quarter but even so pre4ssx -.-.’On. a gronn- sale^ iocr^^^Urt, 

profits for the full year (inclnd- Mu/ i97ts ... 5 ^^- of ; l3- per - eentvpi^&ct 

in? exchange rate movements) miAKrE Iprofita cbihe ^iiv 

will probably be of the order ^f Cent-: better aL- £21-7m.V; ;.?5ie 

of £460m against £4SSm last Fra^^ Ln thp AuSis^oSober im^vement bas cppie 'iBainly -; 
year and £340m in 3976. • %**£• .frt& 'the- UK 

Next' year ICI should start ?fT^ d «,/ J^uD’s^marSis^and' •' • • 
setting some benefit from- its “If J ^ ^hiriSSy in ‘ 

stake in the Ninian of! field in ueriodSS^M^^ ^ ^^re^ie>^s , ■ 

the North Sea which could' be S are V°I n »es. The wea^-nWr^: 

contributing maybe £ 100 m^per , ■ f the ’ nrece d ine ^^ffes ' abe-beiiur-^qlaisej^^ " - 

^nnum to profits in the 1980s. Quarter and tile mghfexplahi? bad weather id ^ertnatiy^wS^ - 
However these latest rastdtx ^ on i/'that ^though" the > pro- 

continue to underline the fact- v : ncia i shooq are doine W e Tl ' P 0 * .• afiAi r - |«itl W»fc - .. 

that ICI in common with the fit _ f Harrods and the fog-foe" year isiprHhfg^y ptnfife ~ 
nther *M majors is aill £4S» 

not getting the sort of .price th thev were last -rime. - -' outs the .^hartei.at -.ISW on a \ 

5 ?S 22 SfJSSSfJrLSES- Tbe ^ot ia J ■ 


BY JOHN MOORE 


soccer 


any hup' 1 c» Ivl *_•! irtii- 

jit'.eii •>; ilii'.'liiiil. •q - ' m ik . 
doibr. viiicli h-’d v. iped uljm ull 
die value of lb*- con i rut f. 

Tho-i* 'ador- !-.-d him *'■» 
sn-nend tl'.c f r* 'i»i .'Li'.iy's s >harc>. 
Now. Mr. Kerau-’or Liicet 

br is c-jn.- ultrng iii tf adviser* 
ii**cau-" his c-unnany invested ir 
McN> 1':1 i.n 111 .; baaij 0 ! “ 
Ji-iied jpfnroijl'.on " 

MvNvi Ii'- .-tnli Hobson 

Rhode--, v.cr- inaiaHalilc tur 
common! bfi ni.'hi. 


LEADING Lloyd’* of London 
i.-ndorv Tiicr.- are investigating 
the;:* individual liabilities on a 
l.ii’je ami complex series of 
L-ininis on computer insurances 
which ;ia i . >• bit Ihe Lloyd’s 
r.’ui’Uv 5 .. 

No sinl] cation of the likely 
i-:lenr oL -.he lo-st- was forth- 
•::-.iii r.-j In :n Lloyd’s, although 
t ii-.- i-.-rtiw:*:--!!!* i- treating this 
ua’ie ’ . 1 - a niaj'i’.’ claim. The 
Uiia: niii'.ur-t ii^manco Cover 
on fiii- bJ'S'.ne-j at Lloyd's has 
i <.«i inutvil in in- in excess of 
>T03in. 

Lin.- -d", sa:<! yesterday that the 


underwriters w-ere assessing the 
.situation, but it is likely to be 
some months before underwriters 
can calculate the full extent of 
any losses arising from the 
claims. 

Unhappy 

Most of The latest series of 
claims from »h«* United States 
arc understood to involve 
insurances on computer leasing 
agreements. Leasing ■■unipanies 
were able to insure themselves 
at Lloyd’s against rlienLs termi- 
naiing their agreements earlier 
than the stated agreement 


period. 

Underwriters have been known 
to be unhappy with this class of 
business for some time now 
because of the high level of 
claims in relation to premiums. 
They have not written policies 
on the business for a year, but 
existing policies have been 
honoured as and when claims 
have arisen. 

The insurance Linker whiei. 
Placed the bttsin- -> a’. Lion's 
is Adam Brothers Co 11 tin coney, 
which iaid yesterday: ** UV* con- 
sider it is not our place io 
comment." 


BY LISA WOOD 


sterling during the third other reasons for the:' 

quarter, ICI has had to digest pointment are that sales growth. at 

2i«2! W JS* settIe 2 ent t ? sting ba^ been uninspiring in; some; 

€IOin plus per quarter and con- fashion areas, while: the group' at4a4m' "Britthe^figurw • - 
tinning labour problems up on has fa tied to counter the impact timecwM- 

Tn no^ 1 off of uhouT 005X5 33 Weekly bution fromthc neAbswfiary, • 

pother £1 °m off its prrfts. In 35 hoped. RoaImaBS Of.fell&Ia% Cuutia. ; 

addition, spot naphtha prices House of Fraser is looking for. T^avih^ aside €an£dsi^~r .wh^re ••• 
have men by around 50 per good Christmas and January ^ ™*}?* prtjfite- W slightly 
•’em th*s year which will rat sales— to set 'against a rather . ^wnlbut fer iTup-^itris dear ^ ‘ 




eights and Measures Bill 
:ely to be blocked by Tories 


’.’ i* : ■ - 


■ V. . ii.. 


BY RICHARD EVANS, LOBBY EDITOR 


UK TODAY 


A THtM ;.M I.,-.v iircssurc will 

move •s'.ov.i; -mitii ulnle a 
showery v.csumIv ain-li’CMii will 
cuter nortlurn tiisiricis. 


Wales and Kn gland, suulh oh 
n line, Manchester l<- the Wash.; 
will he cloudy and mild with win : 
at times, bccoi.img clearer from 
the North Colder air spreads, 
South. ! 


Scotiuud and Northern Englaud; 
vi ill have wintry showers and ( 
bright period.--- the showers being « 
fairly frequent in the "VVcsl. 
There will be a lrut.1 in plao-.s : 
at first and again later, and ill 


THE GOVERNMENT seems 
likely to lose its controversial 
Weights and Measures Bill 
because of growing opposition 
from Conservative MPs. 

The Bill, published last week, 
proposes sweeping changes in 
the measurement of pre-pack- 
aged . soft Us. replacing the cur- 
rent minimum content system 
with one based on average con- 
tents. That would move respon- 
sibility for enforcement From the. 
retailer u the manufacturer. 

But Conservatives argue that 
rhe legislation goes far beyond 
the requirements of the relevant 
European Community directive 
and would lead to the establish- 


ment of an unwieldy bureau- 
cracy. 

The directive confines itself to 
ensuring that member countries 
will accept goods packaged by 
average weight hut leaves the 
use of Britain's traditional 
method optional. This would he 
closed by the legislation. 

Another controversial aspect 
of the Bill was the requirement 
that the froth on the head of 
beer should not he counted part 
of the full measure of beer in 
a glass. This would have meant 
substituting the glasses now in 
use with larger glasses at con- 
siderable cost *o the brewing 
industry. 


In talks with Mr. Michael Foot. [ 
Lord President, and other minis-; 
ters Conservative leaders warned j 
that they would table a reasoned I 
amendment to the Bill when it I 
came before the Commons. As J 
the Liberals and other minority 
parties would probably have 
voted with the Conservatives, 
the amendment would have been 
passed. 

Ministers have therefore 
shelved the Bill pending further j 
discussions. But without fur- 
ther fundamental drafting 
changes, the chances of its 
reaching the statute book in the 
present session appear slim. [ 

I 


THE BBC said yesterday that 
it had taken out High Court 
wills against London Weekend 
Television and ihc Foothall 
League flier their exclusiie 
leleiisioa soccer deal an- 
nn ii need last week. 

The BBC seeks a declaration 
tbal LWT was bound by an 
agreement under which the 
Corporation and all the com- 
mercial television companies 
negotiated jointly, and not 
unilaterally, for new arrange- 
ments governing televised 
League soccer. 

The BBC asks also Tor an 
Injunction to prevent the 
Football League and LWT 
putting their deal into effect. 

It seeks damages from 
LlVT Tor breach of the agree- 
ment governing joint negotia- 
tions. It claims damages from 
the League and LWT for 
conspiring, to injure the BBC 
by negotiating a deal in 
breach of an existing agree- 
ment 

The action will be in the 
Commercial Court, part of 
Queen’s Bench Division. 

It follows last week’s 
unsuccessful attempt by the 
Corporation to apply for a 
High Court injunction to stop 
the stgniug of the £5m contract, 
effective for three years from 
uext July. The Corporation's 
solicitors failed to assemble 
the BBC case before the con- 
tract was signed. 


further pressure op ICTs lacklustre performs neb .in the drSnaLferS^Uts fe* 

margins until its own North Sea London business during ‘ the "i 


oil starts to filter through. comparable period Jist- year,. . 

On the positive side there are But growth at the provincial Ti. w iy mtfrinbrt profit*, tfcafljfc : , - 
s’.sns that the continental Euro- stores has now been accelerating J iL*, - vecakuess of- Ihe dollar : 
pean economies are recovering for about 12 months, and over- 
and there are some indications aU profits for the year may. not 


of a revival in industry stock be -much above £40m against Hinrrerie businesxl^ done 
building. However, this still £3&2m last time. That could. . — j ' n.(iLaU.A«.'innu7. /*T-iTmc -a 


buildinz However, this still £36.2 , n last time. That could 3 f S2SSrS5-SSv5^ ' 
h »lto be reflected, in prica*. -still leave room for a divideird:^®^^?^^^?^ 5 - 

oerformed the market for the taking the yield at 134p uPjo « pressure ■ on ^iafgjns - -4s'*^ ^ ^ 
last two years. Any sustained per cent - ' . ’ - — 

improvement in industry prices * ........ . ’SSffi’.SfJHSS *££&&% 

should soon flow' through to Redland ' ' - - iSSnaW : Cj 

irr« chqj-p* which at are ; jmcreaser for. atinqst- IWO . 

n C pirfi^ a arosnedil 3 «*ner" ?s . R^and planning _ .. -recent, ; 


dJsar.T : 

l-i 

y* 

:-J - 
'-S '•• - 


vielding a prospective 7i per 

cent— nearly 2 per cent above 52K5 . SIS: 


tiie mXtav^rJ^ dend hy 20 per^ '.cent?- Tlte. ques- 

8 ' tion is raised by. the trompahy’s eventimMy comes^^ through, iSsafe ■'.» - 

Woi.co of Fmcer -announcement yesterday that it i-s^ f 

■ nu e ui rra*er the interiin payment is^ to to make -flOfetCSO-fiffiy id the. i ' 


DOES YOUR PORTFOLIO CONTAIN " " » 


THESE BASIC ESSENTIALS? 


COCOA 


will be ra tiicr cold. j 

Oulltiuk: 3lnsl puris will be | 


hnghi. but v.-ilh u f»;w wintry I 
showers altiiuugh irluu.l and rani; 
may reach the Norih-West later. I 
Rather cold with m?M frost. ! 


From the London Weather 
Cent re 


lens’ leader attacks Rees 
pay arbitration refusal 


Comment refused 




* .The 14 ‘commqditie^ y , J: S3,5r ^ sp 
' • add up to what is , 1 


COR® 


BY ALAN PIKE, LABOUR CORRESPONDENT 


BUSINESS CENTRES 


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MR. MERLYN REES. Horae 
Sccretar>, ;vas subjected to a 
oilier attack by a Civil Service 
Union leader yesterday after 
retusing to allow o dispute by 
London traffic warden to go io 
arbitration. 

T!ie Civil Service Union asked 
the Advisory. Conciliation and 
Arbitration Service on Monday 
io arrange arbitration in the 
long-running pay dispute by 1.300 
London area traffic wardens. The 
union has now been told by the 
Metro pull tan Police receiver’s 
department that, after consulta- 
tion with the Home Secretary, 
arbitration had been refused. 

Mr. Les Moody, the union's 
general secretary, said last night 
that it was “almost beyond 
belief '' lhat the Government 
should refuse to settle an Indus- 
trial dispute by using the arbitra- 
tion machinery which it had set 


up itself and encouraged other 
employers to use. 

" The last notable occasion that 
an employer refused to co-operate 
with ACAS was in the Grunwick 
dispute. When the history of 
industrial relations la the 1970s 
comes to be written the name of 

Merlyn Ttees will appear on the 
same page as George Ward." 

The Government’s action, said 
Mr. Moody, destroyed the credi- 
bility of its own arbitration 
machinery and the whole Parlia- 
mentary Labour Party should 
bang its head in shame. 

The pay of traffic wardens is 
related to that of non-manual 
local authority workers. The 
wardens want it linked instead to 
that of non-industrial civil ser- 
vants. They say that this change 
in comparison — which would be 
worth an extra 22p per hour — 


is justified by the status and 
conditions of their job. 

The London wardens have beeD 
imposing sanctions in support of 
their claim. An emergency meet- 
ing of the union's traffic warden 
branch has been called for today 
to consider Mr. Rees's refusal to 
allow arbitration, and union 
officials say that this may decide 
to step up* the action. 

Employment of the wardens is 
a direct responsibility 01 the 
Metropolitan Police, but the 

Home Office confirmed yesterday 
that Mr. Rees had decided that 
arbitration was inappropriate. 
The Home Secretary, who appar- 
ently takes the view that the 
existing system of pay compari- 
sons should be maintained, is ex- 
pected to explain the Govern- 
ment's position in an answer to 
Parliamentary questions down 
for today. 


LWT declined last night to 
cummeDt on the BBC action. 
The Football League said only 
that ii bud instructed Its 
solicitors to accept service of 
the wrlL 

Earlier this week Mr. Robert 
Maclcnnan, Prices Under-Sec- 
retary. said in the Commons 
that Mr. Gordon Borne, Direc- 
tor of Fair Trading, was mak- 
ing inquiries about the £5m 
deal. Be told MPs that Blr. 
Borric would investigate the 
Issue “with respect to restric- 
tive trade practices legisla- 
tion.*’ 

Mr. Madcnnan's comments 
came after a call from Mr. 
John Ellis, Labour HP for 
Brigg and Scunifaorpe. for the 
Government to “strengthen the 
voice of the consumer" over 
independent television. He 
spoke of a threat of monopoly 
in football coverage. 

BBC Television first 
screened Match of the Day, 
which London Weekend has 
said its programme would re- 
place. in August 1964. The 
BBC has claimed ad average 
viewing figure of &5n people. 


COPPER 


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Continued from Page 1 

Callaghan sends envoy 


I Continued from Page 1 

Miners seek 40% 



SUGAR 


realising thatany portfolio with . T ' ■ V: 
serious hopes ofcapiial growth .'^e ru w 

needs a slake in theinternatipnal 
commodity market.;: 1. : - ; ; 

The best, way to take advantage of : v ' '' 
ihese opportunities is to : draw on ; r ■ . 
the skills and resources ofsih : ' T’: . " 
expert commodity broker.; \'} \ :■ , ie fly 
M. L, Doxford &Co;hasbdththe ; ;r; i ' ' ’ 
skills and tlie resources for the job, y 

■ So, if you’d like us to tell you more; ! • ' = 
about opportunities to achieve ■ ; , ’ v ; 

capital growth from commodities, . v. 
just write f or our booklet .on the-. ‘ : .. ^ :'-l. 

market ana our services. •: ' ' 




lines agreed in the Washington It is far From certain that .a 


[ British and U.S. officials. * wn « « WDyuiet u WUU1U 

| The only other comment came bc s 55 ' , 

jfi-oni Senator Chier Chiruu, a Mr. Robert Mugabe is expected 
■ member of ibe Executive lo adopt a tough attitude to- 
1 Council wards the talks, but Mr. Joshua 

1 Hu said lie was delighted with * komo may be more responsive. 
! the Chief Chiruu has long The Hbodesian strategy at any 


s — Sunny. sur. i;— i iuin:< 

D— Dri^lu. K—ttsiii. Su— S'.o 


1 eonfecence un Rhodesia. the euerrillu Patriotic Front. 

' lie was due lo flv to London thereby inducing Mr. Nkomu to 
[at the weekend in 'an effort to return to Rhodesia without air. 
(get the Government to take a Mugabe. 


j between surface and face-workers highest levels of pay they achieve 
r within the next few days. This before leaving face work, 
will provide the basis for the Mr. Gorin ley said: “This is 
levels sought for other under- the only industry where a man 
ground workers. Sets top rate, and falls from it 

As well as basic pay. the union when he gels older.” 
is seeking special increases for The union hopes lo receive a 
first-line underground . super- reply to its claim within tile next 
visors and for working In difficult two to three weeks, but negotia- 
conditions underground. It is also lions are unlikely to begin in 
seeking the establishment of earnest until atfer Christmas. 

“ washing and bathing ' pay, Mr. Gannlcy replied to charges 
money for thy lime spent prewar- that miners were alread.v at the 
1 ing for. and cleaning up alter, inp of the wages scale by saying 
going underground. that earnings could not be based 

It wants protection for the on the money from incentive 
earnings of older workers at the bonus schemes. 


j To ML Doxford & Co. Ltd. 10 Si James’s Street, London, &W.].-T<& (H -839 pSS. 
* Please send meyourintrodjadiontp the cumniodfty marked : ' - T-* y 


Name 

Address