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. TTrrit^r/fiuild/n/;)’ Msitnois, tooaiinri o,Td 
\ P!ijfnbi. , ><l ; Ec?0!pnwm ioi the CopSPuiRkm 

-.-and AfitedTiafJbS. tSianhamoicm 52^i3 


. No. 27.723 


Monday November 27 1978 



Build in the benefits of an 


STRUCTURAL FRAstfi 



COKTIt^ENTAL SELLING PfttCTiL AUSTRIA fch 15l BELGIUM Fr 15; DENMARK Kr 3.S; FRANCE Ft J.O; CLAN ANT ON 2.0; ITALY L 50 0: NETHCTLANCS Fl 2.0; NORW AY K, 3.5; POR TUGAL be It-. SPAI N Pa <0: S WEDEN Kr 3.25; Jf°_ 




r. 

ill GENERAL 


BBSIKESS 



© NATIONAL ENTERPRISE 
B'Kin! has submitted a new five- 
year corporate plan lo the 
j . - Industry Seer el ary based on a 

: Tvi» North Swi divers, wen* increase m irs 

, kilted in an accident at tlie Beryl jr™ 1 **™«ns ■ Jin,lc ^ 
..FieW, 20D mifo no nil- east of ‘ r h, ? |. in coven "major expen- 
I ..AJicrfleei 1 . ditiiru on EL and RoILs-Royce. a; 

The divers were trapped inside /.v-1 a? uther projects such os 
.‘-.f. J&wr Awing he)} vn inr vnthed. Ike I50ut J.YMOS trucro-elct- 
S7Q ft iieHiw the surface, after irmi-cs cmnpany and a E40ni in- 
. .tines attached to the beil vestment in the u dire- equipment 
- ..broke vvnen the diving mi poor: i.iarli^i. Bark and Page 4 
:" ferae! was forced from its station 

gates- © TOUGHER PENALTIES are 

As rescue operations .started, urged on companies failing lo 
. water seeped into the 'damaged rcgisim* res trieiivc trade practice 
v bell, Hooding the chamber, aud jcrcciucms with the Office of 
• the body of one diver lltialcd Fair Trading, says the Con- 
.. .to. the .surface. 1 Both men were sumers' Association »n evidence 
.'.employed by Northern "Divers, a to a t jovertimeet review. Page 4 
subsidiary of Star OS shore Scr- 

: vices. . Back Page ©GROCERY PRICE index cal- 

culated hi- the FT rose sharply 

Transvaal leader ,hi * u ' na ‘ ,h ln wich ios.67. up 

• I.J» points. The main cause was 

.'.The election OF the arch conser- the rapid rise in the price of 
, .vative Dr. Andrirj Treurmchi as fresh fruity, vegetable* and dairy 
Transvaal leader of South products. Page 4 
*• Africa's ruling .National Parly is 
expected to • precipitate bluer e 

. ideological .urugglc within the \jCn312nV 1 3 CCS - 
. Government. Back Page . . " 

Newsmen safe Steel Strike 

British television journalist ® WEST GERMAN steel industry 
. Michael Nicholson and his iwo- terrain to face 

man film crew arrived in .Johan- . tor ®9 ^ e ? TS . 

nesburc. alter being trapped for * r « ak ? own nf a 8 niil rt,un ?,£ r 
16 weeks inside AngolL with S - £l 

rebels of tlie Nmin.,.1 1'nion for ^ h ™ c '^terr ^e 

expected to be called out. Page 2 


of 


Posters accuse ‘modern dictators’ 



calls refle 


struggle in 


BY JOHN HOFFMAN: PEKING NOV. 26 




BY RICHARD EVANS AND PETER RIDDELL 


The dramatic street-poster campaign on the walls of the Chinese capital 
calling for unprecedented freedom, criticising past and present leaders, and 
drawing people on to the streets in their thousands, gathered force today ; 
aiuid scenes of intense enthusiasm. 

New posters pasted on pn 
onl wail, in Peking in the . 

W hours deny that item "era try tlu- 


un- 

Am.llu-r 

l‘«tStiT . 

;ii l hi* 

..•dge »il’ 

Tii'u Ail Men S«j 

iu..iv. Tilt, re wav 

i;is! 

T ii-ii 

An 1 

t'-n Sinwr*-. 

L-|li.,C Id 

im Imiiilc Mim.. 

,l>hCTA. Imi. X.-C- 

acy 

tlu* 

M'.iu?) 

*teum 

wliiih IidU!? 

lion? nl the t-r«*-. 

•1 vtumiited am! 

mil 

Man"* 

- Inwlv 


fur a 

full IV- 

Mirgrd as pc»*!' 

1 . si’n-.v-d tht-l;- 

nf 

apscMOi'til 

>.f M^' 

>i. 


■.vat toward 'h- 

n-.-v. !y posted 

i»n 

W: 

iv h>- ‘ 

■70 per 

<i*nl y 

!o*>tl a ml 

leaflets. 




: the Tntal Independence 
Angola 1.UNITA). 

■ • 0 PIHL1L SECTOR borrowing 

neTUgeeS aided «n the 197 W -80 flnaacia} vear will 
Canadian immigration olfieials t h . :,v * 10 'vl' 1 . 5 hn-£ 225 bn below 
. ..issued socks jukI blankets to 159 \ ] S V v " r r « nt p -*r»cled levels if 

■ Vietnamese refuge** arriving th * t-wernmviit * fiscal pnfiey 
1 from the freighter llai Hong, and runn«lar> target are to-be 

Stranded off the Malaysian- coast “ ,ariL * eonsi,U*pL says a_ London 
for three .weeks while awaiting £>l,siness bchool study. Page S. 

meutomM offers. .-aj^dw. lh , Scviei Bloc 
^= 4 . economic group, has agreed^ 

-. 5 >©rV 8 G©S oBt cifiiMdcr a cninpromise forrtl.ii!^ 

■ TttMio., ust-ri iparea? a"d Bred Trom .the EEC Commissiini -T’ -q 
: imo the alr .iij.iiisper.se ac-ti-Shah days of intensive tu!i» in 

. ,tfcpiunstrattir3 in Tehran as a. Ll a - ?,?. !!£ 

• -fi TO flra J strike "■ csQIed bi* ” lilt «*RTWn -toasts for d rcrnTn^i act ora- 

ijp^osition crippled most 

.-«mces. Bach Page - ©GENERAL A('JEi 0 ENT is 1 u 

■ „ Increase substantially its pri- 

Mark waurdeped* mlum cates for household /joods 
„ _ and persona) valuables on all 

:. ScttQjiod detecotes are neA , business from .December 1 . 

death of n-jeawiJd ^ for eX | Sl |ns contracts from 
a ^0tfRwy. Mark Berkshire 3‘- Mxt - February L P S^e 5 
v ^mtprtetr -. aft«r bis. body wa* ; - 

undergrowth at Air @ laNCERBOSS. the lilt truck 
PSl ■ ■ company based in Leighton Bua- 

* Ldbdon.,. AJark. disappeared two zard> has , von a Saudi Arabian 

_ conlraci which could be worth 

■ j-; t 50 m. Page .3 

r ^imchud ’■ ■ 

iU'teacques Chirac, Gaullist Parly J [niftnC 30011^0 
'ttffififef:' *Ud former French Prime UUJVUJ 
Master, suffered :» fraciured _ _1 

=fflE-bpVe when his cur skidded chemical groups 

'-■tinman icy road in the South West n n . 

id France page 2 © TRADE UNIONS have 

. .. r " ” accused multinational chemical 

. companies of hnjding secret 

/ Guyana SUBCldeS talks -With the EEC in Brussels 
- '.The Jast aircraft bringing home which coultf threaten ‘‘job 
• T :hoHie« found after the mass security and national industrial 

• suicide at tin' Guyana jungle strategy" in Britain and France. 
..settlement of the People’s Bui chemical' industry execu- 

. -'i'"TetupIe 'arrived in Delaware, tives have* denied that the talks 
- “ r-tfcfly ,17 o.f The 914 dead have were secret' Bach Page 

iheSn pdsitwely identified. ^ IRON AND STEEL . Trades 

/ ftnaflo Confederation, Britain's biggest 

;:Driei»y • steel union, is to seek a wage 

THonsands of Republican demon- deal worth 12 V per cent and 
.-fitttators" defied a ban and suggest plans fo spread work in 
marched peacefully through the Erirish Steel Corporal inn. 

. Armagh. Page 5 


acciKe * modem dii-iain 
•iuppressiun and denial of human 
rlaht*. ritl jifi' 1 'i‘iit had?" it a>k». (I ialf> Foreign di|il*imais and 

Some, the mo>l remark able r<>i a new l«nH: at die “Hulun a I journalists oi.>t*rvin^ tiic poster 

examples of the new sense nf Ih-V'iliiiini)" in>pi r<.-> I b> Mao. activity in Peking have i>cen 

freedom that has swept t Drouth wim-li -lari»-d in IWlfi and *rl ni'-hbed by uo-vd, eager ior' 

China recently, contain the back China':.- ■.l<. > v<- 1 <>inii-.-m h\ ipfurmarimt a*u-uL sy>(em n «^f. 

harshest criticism >et seen in years. ' guverunienl in oilier counines. 1 

Peking of i ho late Chairman ' \hn h-rn du-i.iti.r- h«tv ill*. Une group v.j» surrounded I 

Mao. *. eloped a new rcligiun to ><-sierda> by a press uf people 

one saiil lhat in his old jae suppress the people and keep asking how VWtcra domocravy J 
Mao had become dtiginatie. in- them m ili ( - darl;." ;i sa>s. A worked. Told tit a; unpopular ' 
capable of admitting his mistakes .pirmial iln-ai Wall had tn-ea fioverrmicnls eou!d be replaced 

ami pnme lo ll:iller>. leading hi built ruiiiul the eouniry to proleil thiou-gb election,, the crowd 

abuses of bis position. Another the ihelaltirf.li»J». elu.-ered. 

•said bluntly that Mao's theories " Ari,e. comrade-.,' — Give .» The;, asked the diplomat* m ; 
of ecu no mics and rki-s struggle final iiidgmeol to all diiTilors h-Jj the world nf jjif Chinese 1 
were ridieiilous. “They were an d liitall:. eliminate ihem!" 
noi even truly Marxi-i " 

This poster and others have . 

followed persistent reports or a |>||| 0 r Hla 3 CK 
power struggle ,il the top of the 
Chinese Communist Parly leader- One poster makes a hitter pme elevated lo the posit mo of. 
ship with gathering support for cluu-k on party vice-chairman Frontier, a post now held by j 
the reinstated principal Vice- Wane Tune-hsine. the- fifth-rank- Chairman Tua Kur-feng. I 

Premier Tcng Hsiao-ping and his ine Pclilburo member who ha.- The frankness of their i 
policies nf economic liberalism, been nblinuely criticised for exchanges with foreigners and, 
believed lo have been largely having been helped In power by “f the posters, many of fiieinr 
re.,pojisible fur the recent over- tiu* ‘'Gang of Four.'' signed, would have been iuipns- 

Gv! this insec i out of the silde a year ago. 

English-spcakine 


THE BATTLE o-.er :he fa: lire 
uf The Times and Sunday Times, 
now almost certain so -impend 
;>uli lic.:i ion ;iGm^ ThvsrstiLj. could 
-.(■read in annul SH newsuaj.-crh 
in ih>5 pi-'i' in'.'-- »iv m*d b> the 
related Dioroiun K>.';i-j:ia! \cw*»- 
|::i|u.w,. 

Lea tiers uf !!:«• 

Graphical As.,'jci:uinrj. the one 
union lhji ha, r'-S:i<*.-d iu moei 
Times Ngwspapeii i.ianaaemcni. 

i ! i l< ii lay ai!'. i- e .• : ca • itnci Is 
that their >i:ppoi'i ui.iv be 
re>iuirvd. 

The NGA. v.hicr. hocaurf >«f 
i In- dead line imp'e.ed ha> twice 
.-ejected l-ut-minulc public 
appeals to :ie*:. j-i.de. made- it 
clear jesterdaj i: s,.,-^ The Times 
ijalllo a, utii' of national i.itprt-o 
a nee ovei who should nperaic 
the compiitcr-linkr-d keyboards 
I ha 1 The Tin:*. 1 3 and o' her oev;s- 
papers want lu introduce. 

Fun her c.' id cnee of the 
s«.-i iiiUsne«s of tiit* eon f:\iniaiiun 
cam'* ycstiTiby after tne Sunday 
Timcv suffered’ vliat the manage- 
ill^n! s;ji.-| v.as l!i,- !-.!2gf*c| b.v'nf 
t-opie, ,ii;r-c n* firn v. .inn tig to 
alt mi i..n- on A-»rd -ii 


neuple's desire tor democracy. 1 
human rights and freedom ol [ 
e.vpression 

They also said they would like 
to ,eo Vice-Premier Teim Ksiau- 


‘Savaging’ 


tures in the We>l. 


One poster which enuoieraiv., Poliiluiro. ’ the poster demands. A young English-speaking 
14 examples of “serious damage “He wears ihe same l ro users as Chinese talked today with a small 
to Chinese society” by Mao. Lie. Pino and sit, on ihe same group of Westerners in Peking's 
cites the fonnor leader s 'support bi.nch a. Hie Gang of Four." mam .sfrect. Asked his opinion 
for the sacking of Tunc.' perhaps Thuii-.mds uf people ignored of i he poster campaign he said:| 

China's most popular and power- suffocating «lu -I ,ti»r»iis tuda.' io “This is very niipurtnnt to us — > 

ful leader, as one of tin* crush 10 deep along the walls very helpful. 1 : will mean more, 

mistakes. in Chang An Boulevard ami in democracy for China." 


hold a conference in q HARRIS QUEENSWAY, the 
-.Tendon tonight on legalising tar pei. and furniture group. . is 
vtneir rprofeSsion. expected to offer 5m shares at 

’iWeekiv £50,000 Premium Bond l55p each to raise £7 .75m. taking 
■ vjprizs f winner lives in Man- the group's capital to £23^5m. 
.' "dfafter with bond number Of the shares, lm are new and 

r v lCB75lo27. ' the rest are from family inter: 

^katc/tjr referee in Yugoslavia was , csls * Page 26 
.-'^UdiDeeF to death in Belgrade by 9 GENERAL MOTORS is to 
fait, after two players were tu iid a ^55 m ear battery plant 
- Sent off. in the Lorraine province of 

•- Cydoue which devastated iians France, its first such plant out- 
Sri Lanka is expected to hit side the U.S. It is due to come 
:thc west coast of India today. on stream in 1981 and produce 
■T' • , . l. . . 2.3m I latter les a year eventually. 

Angry passengers burnt a bus _ ^ 

wJ&j'cfa killed two motorcyclists ip 1 b 
• Karachi. Q NEWS INTERNATIONAL, the 

'-'Scientists in East Germany have„ company headed by Mr. Rupert 
. reconstructed skeletons of two Murdoch, has sold --Bni 
. “elephant-like creatures which in London W eekend Tele* ision 
"drowned in a mud pit 2m years for about £3.ooi. Pages 

« BORGAV ARNER’S U.K. trans- 
--Ai least 10 people died in a mission division is launching a 
fire in New York. £10m five-year research pro- 

'.-Tivo Breton autonomists co on gramme to develop a new genera- 
r£ «kTr planting a tion of automatic transmission 
-horah at Versailles Palace. systems. Page ■* 


CONTENTS OF TODAY'S ISSUE 


‘Arts- page 

r,; 'teader page 

/ i-'.L’K- companies 

' .. International companies 

Foreign Exchanges 

‘Mining Notebook 


12 

Iff 

25 

27 

27 

28 


Overseas news 

World trade news 

Home news — general . 

— labour . 

Technical page 

Management page ... — 


2 
3 
4.5 
. 5 
S 
9 



Notes -..i..: 

|- JO"’* 

1 * #&Wam&Tcwlere 

J TCTxjtWAftT ’ " *"• 

Guide 

-.phoatjarDianr... 


JCatorf 

. For 



■ Before the off in the 

: devolution slakes 18 

? $Htoyafo» and the ^ w ' s 
r, ^-jfciays i- 23 


FEATURES 

Justiuiam Inroads 
immunity 

ft SURVEVj 

Scotland 

Machine tools 


on 

16 

17-24 

. 31-36 


30 Lc* •• 

b i ^bard 

U Mca nnd Halier* . 

<6 Parllomut DiW 
- wi Star*; inrwtnauOB 

12 Swrt .. — • 

38 Today's EveP« ■■ 

28 TV and Itaoio • j j Pullman tnc. 

latest Sharii fudej: phone 01-246 


a 

u 

IS 

38 

38-34 

» 

25 

LO 

37 


Woatlwr ; 

World Ecbp. imi— -. ; 
Base LemQBS Rotes i 

INTERIM STATEMENT 
Robertson Powfs •- » 

OFFER FOR SAL ^.« 
Harris OuMOWsay - ^ 

ANNUAL STATEMENT 


SO/ 



BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

BL CARS looks set to give a watched with interest. necniia tiny committee. The com 

lead t« the engineering industry “ Whatever the rights and puny had originally intended to i 
and provide another test fur the wrongs of the BL ease, any introduce the national agreement 
Government's pay policy. success will open the way for in ihrec phases ending next j 

The State-owned company has others to follow.” the Federation Nm-euiber. 
told the trade unions that in said Iasi night. However ar negotiations last 

addition to the 5 per cent annual Few companies had yet con- week with the threat of strike, 
wage award, it .will honour — eluded agreement?. They were action by 20.000 workers at Long- i 
from next February — shift and awaiting the outcome nf ihe Ford bridge, management agreed to I 
overtime -pay agreements nego* dispute and settlement? 3 i key “rejig” the offer and begin 
tiated by the Engineering companies such as BL. the pa\ing the money from next 
Employers' Federation. Federation added. February. 

Shop, stewards claim this could 0n of U)e pr s ntf lpal battle- p u(l i,„ ap 
raise earnings by an average £4 W(lUnds in , he cur n,nl p-jy round Package 
u week in plants like Longbridgc. ^ w hethcr premium payments The company stressed Iasi 
^ as “|i^“n d T !? i 'i l h JL h >, J vmT.'J 'should be offset. The executive night that its total pay package 

of the Confederation or Ship- was entirely dependent upon 
^ ih-Vi such building and Engineering Unions higher productivity. About 7.000 
nrnnliim a o-i wnu ^ under S ^he I*»* instructed union officials lo voluntary redundancies are cur- 
SStenir u^rdpmpnT mlfct he ikmore such an obligation follow- rtnily being sought both in 
n^r in? shop floor pressure. finance the national agreement 

hJ^ arnii^ri widJ ^he Federation has not shifted and to achieve parity of earnings 
sprea? unrisr h amoni^wo Sis ground, pointing out that against between plants by November 
K fim?^hSn S efI« e r«tricted * depressed economic climate ncxi year. 

to an ammil awM-d of tmlv 2 or ma ny companies cannot afford The total EL package, worth 
to an annual award of only - or faonolll . both , hp a j, reenj{ . nt nearly 17 per cent, for the lowl- 
and pay an additional S per cent, paid plants such as Longbridgo 
BL Cars will submit a written and Cuwley. will be backdated 
offer tuaiorrow to the centra} to November l this year. 


Mr Ducal Niiln-T-Smith. 
general immagvr »*f Timo News- 
paper*. .said: “ 0 m ji*u.,Jy Jhis 
-icUcRinc j.alk-rn »<f damage can- 
nni lie a Hi 1 ;.i gi.< ..< i:. It is 

sad. hu' v. he!lv indicative **f 
uur pru blent, thu even at this 
!asl hour sum? ur.iim members 
cannot resist the final, uiercitess 
savaging of this greai nev -simper 
There is link* more one can stv." 

Me sa*d the paper lost 56 K .009 
conivs through the nich'. du? to 
".-.o unauiUorisml mef.'ngs. slew 
proflhctiun. and another early 
•lepariurc by marline as'isi.mts 
Iri-iung-ne lo the Notional Sodetv 
<ii i m-' rati vo Frin;.,, ?. Graphical 
anil ?ili*il»a FersonncI i.Natsopai. 

The Sundry Time? had lost 
nnarl;. 7 comes ihrei; , J> di?- 
fiiucs this ye:>i. Th** Sundaj 
.■-per. its colo.ir •i!p , .«l»-ni' , ni 
The Time? ami ii.- i-ir-*- «iii» , .*l«‘- 
meni.-. hud b > * ' v • er. ’hv n 
over 1 . 1 m comes. - a*! due lo 

n"-- , 'i*»j-ii iodo-iria'- action 

With i.o I y lour d i'? lu yn. ’.hi* 
iiimnany was m* go ns throu-h 
; lit* wcoi-.end '*■ ?u«ny of iia 54 
ba ■■'■•lining iron ns. 

Times News:* a Peis i- d-m-.nrl- 
inq signaiu'e? to ayvemenis 
enverin-j staff cuts. -vnrL'm pra*-- 
i.ices, di' pipes procedure and 
new tivhnubigy in rc-’t'n fur 
better pay. fringe benefits and 
holidays. 

There i< nu sign th.ir e'l’hnr 
the Go\i. , l'nm**h t . or the Tt. r C. 
both of which have been 

approai-h^d. are to inter- 

ven-*. The eumnapy said !a?i 
night: “ \\V cannot cneuire of 
a situation tiu: would make us 
move the suspension date, shun 
of gelling the agreement? we 
have asked for by that time.” 


THE PRIME MINISTER I* 
likely lo gain cn»lor.?i-mcnt from 
his Cabinet colleagues for liix 
formula for V<-«-pin ; j Britain's, 
until in? open over ihi* European 
Monel a o S>sn*m. inn he could 
face severe party dilhailiics this 

v.uek. 

On Thursday. ■ hi- ' 'a Imi'M is 
likely in he n.-rnm mended m 
accept "a hat munun;-- lu a ball- 
way house in who.h Hie UK will 
iuek to p.a nieipaie v.ith ih<? re.,t 
or the EEC in e.vialil'.shing a 

broad-based Eii*'upe:ui Moneiuiy 
System, all bough .-lerling will 
ntil be Iml'eil immediately v.ith 
other EEC currencies 

Sympathy lor lh«- L ; K view is 
believed to nave him show n both 
id ihe talk? between ihe Prime 
Minis'cr and President Gisc'ird 
d'F.?u«iny of France **n Friday 
and in discus, inns earlier ibis 
monlh between Mr. < '.alia: iiai'i 
and Mr. Hoy .l.;nkins. Prc-ulent 
uf ihe L'EC Comm i -sion. 

Tin* Prime Minister's lormulj 
i? nm just diplomat i.r way or 
i.ul joining, even though llie 
i.iorc* positive ai'iuuaeii to the 
proposal? in Fviduy's Green 
Paper parlly rclleiled a ile-Trc in 
avoid loo oi> l- n a -pill with the 
re -i of the EEC!. 

The Prime Msm- ter vum- 
mined tu ihe creation of a zone 
of monetary stubditv -md ouw 
believes ilia! ihe "n»\ 
obtain suitable conditions for the 
UK is hv at h.-i-i partial involve- 
ment from ihe si.u'V in a scheme 
im-ludinq ihe whole EEC. 

The proposed h.-df-wav hoiisi* 
v.-uuhl have the advantage that 
/he UK would be involved in 
aspects of the system such as 
credit arrangements, the rc\ieu 
after six months and harmonisa- 
tion of economic policies. But it 
would bo released from making 
any significant and controversial 
new comm it men is. as would lit- 
involved in linking sterling with 
other currencies. 

Britain's reservations a bunt 
what it sees as “ a narrower is-tie 
of a particular exchange rate 
mechanism” wen* set uul in ihe 
Green Pap«*r. 


theivfo: e ihvn- are In*und" m he 
pressure, Viihin the system 
which could bnrii it ipari.'* 

Tiu*r« ■ is liltl>- doubt that the 
majority **f L.ibour Party 
.idivKi- are ite'-p 1 ..*' suspieious uf 
ihe EMS. Auli-Markvl MPs hav«* 

late-lied lm- proposal and 

ii > mipiicanuns fur rht- British 
economy us a mean- uf I inning 
ihe pail . even more against 
iiicnibership u f 'he L'mnuiun 
Market as a whole. 

But pro-Mark etc.- 1 , and many 
uncommitted Ml 1 - ar»* welcoming 
Mr. I'aiiac ban’s l.u-tu- of con- 
milling talks v.ith the Onn- 
iMiinily anil i adoring Britain'.? 
economic policies .ir'-ordingU a? 
the lea-t dam agin.- option avail- 
able. This, i? likely m be rim 
majority vl».*iv of a diluted 
Cabinet. 


Meetings 


I This effectively mdirab-ri the 
limited progress matin so i ir in 
sai'sfyinu Bntisb condition-- 
, The difficulties Britain Lo-C-s 
were emphasised yoierday when 
Dr Hans Matlhocl't. the Vest 
; German Ftnum-e Minister, said 
I on lT\'’s Weekend World televi- 
’ siun prusramme that changes m 
the Common Agricultural Policy 
had “nothing to do with the 
j Eu*Tim*an currency system." 

Speaking on the same ;>n*- 
gramme. Mr. Edmund Dell, who 
was closely involved in ihe nego- 
tiations until he resigned as 
I Trade Secretary a forlnijhl a an. 
said he did nut believe tliai uiih- 
j in a shori period this country 
j could bring its inflation and 
: growth performance inio line 
! with that of Germany. ■■ I believe 


* A ,i*rie? of liiliic::!: fjuriy meet- 
mas *ml :i nijj-ir Conmiuu? 
liei’an* : •• l-*.- Mini sums early in 
ill*.* w-e 1 bef.iro the Gabinct 
i caches .* '.■■•nclusion <«n EMS on 
Thurvlay jm nu- t*j the Brussel? 
. iminiit ne:c i •• ee 1- . 

Mi. C ill:ivr--Ti iiivet*. Mr. .lack 
Lynch the Pt-'i Premier, for 
talk, m LorobiSi Soil ij and M. 
Gaston T b*>i::. Minister 

Lii'.embi. nr.*. i.ui*o|-ruv.- in the 
l;j,r uf hi- "on in ••;' discussions 
with Ou'ii m**n Maikel leaders 
before I ho <iKiliii it. 

Tin* roi dinn-hip beiween the 
c'-isely-ilukeil eCOno'iuci, of the 
GK and I rebind i, .,*-*'n a, one 
of sJu- rrickjer iv-'ull- of the 
aniicipared di'csinns 5 y Ireland 
to join the EMS ai ii? .January 
starling <l:it *. and by Bniain in 
remain or. tlie ■ddclm*.'-. 

The firs! L iboii; I Mr!., meei- 
jng lakes nkiiv lo.l.i/ when the 
home p.diiy and imernational 
•.■oiii mil ices of i he National 
Exe.-uiiu- — ai! t h.- ,.-ninr mem- 
ber, of Labour*, ruling Imrly — 
m— t- ! Mr. V'cnli I !e:’!fy . Ghaii- 
.-■.■Hor uf ’he Fxchcouer. in the 
rJoiiim.ms lo dis'-o?- K\1S. 

A? the m.iiorcy of the NEC is 
iinplLVibH np;i*ised in any 
policy i.ihor than .-■ .in j »!»-!.- ■■i*- 
ie*-fion i.*f EMS. ihe Ghamcllor 
i-iiiild he ?:i for a rough ride, ^s 
ihe internal ;on:tl ■ omniiitee ha- 
>v! m enrto-e a cii: i ::'a:an il v ill 
be im eic« tin*- 1 <f* vr who t-iuurs 
toil iy'.i meeting. 

Mr. Am holly ':. : -<!gwor.d Benn 
i? ••hail-man of iht- holm- policy 
committee I ’in a- 'he Caliinei*? 
most vociferous -riiii- of EMS he 
might find it diploma in- lo allow- 
Mr. Frank A Maun pariv chair- 
nun and an other upnonenl. to 
take l he meetirg. 

The full Parii'ui>.--;U:i!> Labour 
Pari: ine-eis !onio«-|*.-.w when 
both Ihe Prime Minister and 
Chancel Inr will a'lgiid. and the 
ful I si ale Common? debate will 
follow un M'edne?rlav. 

Editorial comment Page Iff 
Net's Analysis Page 20 


3 per cent. 


Sensitive 

BL Is justifying its offer by 

pajmierits "will^be “self-S^ FORD SANCTIONS TODAY 

through higher productivity. 

It seems likely that a company 
as politically sensitive as BL 
would have made unofficial 
soundings within the Department 
of - Employment be Fore making 
any offer. 

Whether official backing is 
fortifanning for such an 
apparently simple way round 
such a serious problem in the 
engineering industry will be 


Government sanctions against 
Ford Motors arc to be. an- 
nounced today following Iasi 
week's 17 per cent settlement. 
They will he revealed after 
senior Ministers have informed 
Sir Terence Beckett, chairman 
of Ford UK. and are expected 
to provoke angry reactions at 
Westminster and in industry. 
©Grocery and supermarket 


employees could get pay rises 
np lo 20 per cent from an agree- 
meut which goes to nnion ballot 
this week. H guarantees an 
increase nf at least £ 5.50 a 
week to about £ 100,000 workers 
in supermarket chains like 
Tesco. Fine Fare, Allied 
Suppliers and International 
Stores- 
Back Page 


Bid to avert collapse of world 
commodity fund talks 


BY DAVID HOU5EGO 


GENEVA, Nov. 26 . 


FINAL ATTEMPTS were made direct government contributions The Group of 77 believes lhat 
today tu avert the collapse of and the pooled resources of the fund must have a minimum 
the 1 resumed negotiations being commodity associations-. It is ot $40um-5Q0m in initial capital 
held in Geneva between indus- also agreed that it should have a from direct contributions to en- 
ixiaiised and developing nutjons separately managed - second sur e that it has both adequate 
to set up the proposed Common window" for concessional lend- Liquidity and credit-worthiness 
Fund to stabilise commodity ins poorer nations. for ns borrowing, 

prices. Developing nations oF the The Organisation of Petroleum 

Mr. Herbert Walker, chairman Group or n were bitter at the Exporting Countries has indica- 
of the conference which is due insistence by the West that con- Led K lhat 5l w jji pav the cash con- 
to end tomorrow, appealed last tribuiiuus to the “ second lribuUo n? to the fund or the 29 
night to delegations from both window should be voluntary lejaW levelupcd nations— amount- 
sides to seek more political with a target of M5U-250m. They in ., * f| Pac h a t the love! of 
flexibility from their Govern- want mundalory contributions of subscription for member States 
mwih' f^ 0n ( l - a substantially larger being proposed by the Group of 

This call came after the target for voluntary canlribu- 77 \ Group of 77 delegate to- 
Wost disclosed formally for the lions, on the ground that the dav Scribed the Western offer 
first time the sums they were fund will otherwise have little as’* 1 insuliinc.” 
willing to put up lo finance to offer many poorer African , 

the fund and Die developing States. 1 he V\ estein proposal envisages 

nations rejected the amounts as They also dismissed the West's H, a bt*uf 

inadequate offer of direct contributions of ^bn. covering about six com- 

.It was clear however, that S230in to the “first window’— ni odita-s . M 0 ^ 
after almost four years of ofren the part of the fund to be for ll trough 

acrimonious discussions on the devoteij to buffer stocking. In- cominoaiiy jssacianons. 
issue, both sides are now anxious rtustrialised nations have sug- The outcome of the present 
that the. present round should gested that S60m should be paid conference will determine the 
end-in agreement. in cash (with un iniiJai jj'anche immediate future of tbc so-called 

The common ground between of $‘200,000 from every member North-South dialogue ber.veen 
them is that the fund should be Slate » and the remainder in developing and industrialised 
financed our of a mixture of callable capital. nations. 





Dewar’s the first to bottle the spirit of Scotland 











0 


raefis a 








38BW YORK. No*: '26. 



ivs .""W 


jypt mi 


BY ROGER MATTHEWS 

THE tt ■'!■'•- fr-i.-.r 

Amend p i n vm ion 
morn a.-miruu ’hi* » •.■ r.-! ■: 


5*1 Tj« 


CAIRO, ?\«jv. ‘26. 


BY DAVJO LASCELLES ' 

, ♦ • a r f~-» w- ~> 5 ; i be hp-*ked either with or divisions increasingly saw the^ 

LAWYERS ENGAGED nv Cili- ordered by Citicorp’? audit corn- ised at :ls acta oir.^e in Ne- "f*-,. ^ v-^ ** These insrruc- need for branches transferring, .;*** 
bank. in invusiigiiiu allegations niittw. This was after -* former York or in .Yasiau. , ,7“<' a -a -i?rpa:*v in force." the positions to use rates WUhiir the *' .[ gy £j 

! h:.i ii illegally shifted profits euiphuec Mr. David Eu wards. _ This was pgrt.;. done h* £»-•«- ‘7- ‘-V- though the level 'prevailing market ranger on. both! '. v 

from Eu: upc l« Naetau and Xrw sued the hank for S14m asking ms a practice wnertoy tJ^i is srettly tbe original and rerer&iagv nRAI 

York Ui luve *\oiNnied tint he bad been wrjagfuiiy »u bwncnej transipr fore.j.. ^ aW,, ° * contracts." ' ' 

S^-s-s E&jjw >i e 

.. k , , practices. aira ^ la ^ci these deaU at a counting system called the Citibank branches used - both Labour. 'surge 'to:’-wUh*n : .r- few 


toft 


So iniiiiuilonai pattern of 1° court papers filed here. Mr. 
.1 rransrtmni: lax liability from Edwards alleges liiai Cut bank 
It also stated inat at tms; ono coun;ry tn another in deliberately shifiert some of us 
:h ' r e would be full move-; vl(J | a ., on 0 f ' i„cal tax laws was l - :f liability from Frankfurt, 
men- f**r ci'-:lian« and vehicles] ,,, ^ . n , Milan. Pans and Zurich across 

.r-- :• -t* country iu the other. r'_ ‘ ‘ . . . to Nassau and \ow York by 


weds* h r : Si.-. yi.v •. ru. n ! 
and : ArJ •-•'■u:. < i b> 
pubibhin. Gv- :!i.:f : . ui ar.nex 


, c i »iv. ' r , ?oi , n%ive Last • vu*\ m s ;>aiucuur a anajuinris ^ean branches could meet weir 

- i-'ji;-: mat was agreed at Camp wmi id appear N have j lush prub- t . a r*;i ni i S targets. 

Dav.l [ability of viea-s-i." Many of the 'lawyv* findings 

'.itre’a!? stressed to-day ibat I be bark mi mediately Pppcar to coincide wi»ii evidence 


Priuu- .M 

Sian'- '■?..'*? L’.S -.i.-rii;‘. 0 : 3 v.'ho 

sav. '.Sr c :o.:_i ; e-o.-niay ilu/di.ti* for further an! :fidm>.-:u - i 

ir ini-anl u.. i«» j.iuli:.-.- t..o ‘ *• draft po-ce trn-.y. «>:i-* • T T O 

nmr.m -• ; -.r . a p<\ > •: V:v . ;■ '*r h.-f : ‘f a change- i;..: v. nrd- j : j ^ | tOVPF*' 

cou'd • ‘i • ■ .VL-- of ArUcie si\ lh~ # -ays : J x ^- f 0 ^ 0 

month , -.r •••! at , '. l i : !. .t :■■■”* of me ir- ii.. take : „ _ m 

Eb*v ! d i :v > -■ • •: i-. ie--.be': :vr v c c-.rce over ar.y i*t :j,.ir [ rp l J -o pt 

on L‘i.-f-'-:ii !<■* . 17. :, -r -! e« may b.ive. i Vv SJi *L? TV Zil ui. 

Tbi- •• .r.- 1 : ■ .i i. : •.■.-•» ii •■= it-.-.-.' r add? r rn:.; tvr-.i-.il-:!; - ' 

•• M ? ..!r riv.in inday .lari;..--: : ; ■ ^ • , u ■ . — • ,s ' £ - 1 - J 

insis' ?nv'- i :■ . f o.'ia'viai i -r.?--.' - dt-lecation «;»•;. i-d i -|-- : ( •, 

troal;. -h..u:.. •■. c.itv; iin.ied u, v: * :-.r?amn only in mum: a / ": !u . j 

hf a ->I t to we treaty and not iu re».,;cn . u _* Lr '.-.uilaok f ur r 

Mia-jlirhi.ur. - I'a.-r.-.im m yelf- n«-ro;:al:ons. Labmet sousve- ■ i lX i.jvilirtiriv a S.- p' 

rub* on Ui:- 1 s "a* ■.■upied Oa-.a said. ' ‘ • " h. Uvor 1 ^ < 

strip and Sank. . L. Daniel ads from Tel Aviv: n ". l!4 . |>;i s, v ,, rxi ,jn.-od and ir 

Israel's publication nf me Mr. .%1 m%oc Dayan. :su* Kr:..:-n pnri ,.,i , nn'i iruvl:- 

third annex that accoi ninnies the D'-^'pee Minister, today described • • ‘ A|Jtn ' c ‘ a ,,; s ' ;iri? ' j. ( , v har 


.:fMrn i fi n with a working paper: snb.’.'naiiundl ateounianis. was e.vchanse profits should be real- bank ordered mat ah parr.-.!:: 
b.-: red to conmin som*' pro- i 


EY JCI-iN WYLS S 


U.S. Government sees Romania jibs at 

j r • u ^ Warsaw Pact 

slowdown id car sales L rerathe „ ino 

EY 'CKN WYLES NEW YuKK. .Vv.-. i6 SlFeRg 4 HeUsi^ 


n-erailin- ^ deiUer ^ ^ men ..to -■ LaDODT W.tS*e court azSoa 

** ranm- Eliropea ^ ta 5 - and . - compaDy ensure-Jhat votei oa people 
record on Sawyers for their opinions. ; left off- .-tbe- **!! " ^ihrougn an 
Moat lawyers responded ^ that admin istrative . . 7mix- np are 

say they “arm's length deals " .would- Mt - : ' .-- -.• ' 

notably in be illegal, and since - they had Mr. MUldoon .had confidently 
ncl Zurich been, given, to nnderstand tlKit P®<^^ r .^ 3 ii£reaseia- fcds sov- 
aiiing rates all rransactions had beed at enaravertfs - 2i sear majority, 
jr pari-dng market rates, there was. no viola-: “Stead, -ihis was- slashed to sIa. 
report goes .lion of local, rules anil laws.', the Two - cabinet . nricjsters lost 

is not uniil main exceptions’ were'^ ^in ThWik- ; their ‘'jaeats' -arid. sev«rai more 
ihe Herstatt furt and Paris where sortte tra ns- MPs. inc] tiding Mr. fiili Youne, 
Citibank's fers might haye-V/oiataJ .foreign the' Minister of. .Works, scraped 
comptroller exchange and income tsxJaws. : hoine by'ofily .one of: two -hundred 

.'-.votes.--: - - : r. . 

: - Eabonr^ believes- 1 IF' ■'hezA&-\gdin 

11 P •! a -J a ' some ^ theSc ~ seats ' In m-igis- 

llIZC TCBll f A '.. terial;:. recounts «nd from votes 

IIJVJ lall d T Vl l ' . aif New.* Zealanders living over- 

' ’ V ■ seas, • '. . ..* • 

man steel strike 


iiE i_*> Wi’iEvC- 1 :' r>''rt.i p ti;'c"ii j o.-f : n tars and ini- - i.i IStf'.J 
it -i? itv.'i the ?v: j ivj \ir- to 14.9n: 

j: i- u.Yr i iiui !:ii?»p. fur t ; S. A though this vast s furih'.-.* doubt | 


By Put LencJvai 


draft p.-ace ;rwi;. was .jppar- Article six n t ihe drofi as pub- 

en’Jy m rulbliaticri lr*r E^> pi's lis'ncd in Cairo as the hoar* o f 

puoiici'.i ar. mi ;•> •.iTsion of the ’h<* aswmi'p: Sn.*'’:hc . 

bBLsic treaty on i-'ridai Egypt is bound by a 1951 trean-' 

!t reveal rd .mi'»p^. u } h'.*r things cum-* to ‘hi- aid o; «*.‘n-*r 
Lha*. anr.i. --jdor.v v.oi.ld bo ex- -’.~m‘iir:*' Arab country if i‘ 
cnar.V'--cl ir ■ • ! hi- nr-n sta.-.-? :.if hi-* ai'.ackpd. 

?srj--i’- v ;• • i| frmn 'he T*-,- *=* - c ind rnai^r -=•••? or 

S'hj. — irj' ;o nine ;.v. tv. o c-n m .*rv j 

month: — :-r*i o • !-•• ■..*.«!•! di*L';! •Cii'.-il i- ‘.bo :ix**i .!•»■' i-. - 


: I j: I- u.lT 1 1 1- ■ iilil!;n>r I !■!“ %*>. .i'lllOUjlin IQIS l a USt$ GJitii-:. L.UV J* , VIEW V XoG 26 . 

.,'.i:n iufe'- bj :*ivil:rti tie a 3.2 per on ihc credibility CM? low! . I 'S ' , 

-mi 'al! in deliver:'’"' o.‘ ■u.-li*. it :s also lc?- :'vs:!:nistic ■ .'iB. MlO^Ac Cc.ALeL.LL, 
nnnv'iiii-a:!;.- t:»ulu<vd and im- ihan estimntes nroiiucc.l by. th,? Romanian President, 
pon-.-d i:ar-‘ and i rucks I'.uny auto indu-:ry analyitsj publiciy revealed that he 

Auto -=i!**s are a key haru- uhi are looking for ca“ ''aies, rp j PCtol ; demand* both fur 

» f ,nXT« d „V"<J TSSSSSST A Z* K :SZ Si ^ »«'»? 


tt-i« j 11 - P j a .:•••■ ••• some ca :inese seats -m in agis- 

; t mai talks fail to avert- :i >. s’Si^ssjsi^isst 

1 ' seas, '. ■.'• ; -f . ..* • 

! W. German steel strike < •„ 

i .... ......... National party -saved- -it- from- - « r ■ - ( #1 ! 

I BY ADRIAN DICKS . BONN, N0».'26. deleatvTherV wUS a swing lo >> j t \ S J 

I .-.• Daboun.'xir ^ -pp-r. .cenf Laoer ; w* 

THE WEST CEIlilA.Y steeling employers in sbuth'-west .the oldWitManes: whic*. applied ‘ 
industry sow appears certain to Germany. , 1 " . . : yhen Labour was 1 swept jrom * 5 

face its Sr*: jirike for half a Herr Eugen Lodefer. the XG- offiCe in-lffTS. this VTCKidibai-e 

ii* v 


L. U3I.ICI au- I rum IV. rtx.i. nn .. 1: ^ lSp;i s!j. | u . v d an ,l im- ihun estimates' 
inc ^lr. .->1" vie Dayan, nc nnr i,.,i nr!r i i rucks r.uny auto in 


industry analysts] public!;- revealed that he 'employers 2 nd union leaders discuss the union's claim "for a per cent: swing to; become the 

king for car s aieS| rt .j PCto i« uemauua both fur over tbe weekend. progressive cut 'in’' 'the- Working .Sovsjrninfiiil. 

in Sr/ 0 ™ nf I higher miiiiarv sending and !■ The steel workers’ union, l.GL- -week from 4fl to 35 Wiasi as ^SrSi/fi! 

od tn.- v -a.es of acceteraieri mUiiarv l Me ra!!. has an nounced that some a means of sa vine steel-worterj' 


LJT T.*j or companies — Thys- 


competitiveness: 


, | end h, repeatedly emphasised *&*£££* ^ the stS «ipioVer7 0 n“ tbd ^ ^**1£*E ^3 ‘ 

Uiat the iuiercaticuaj siiuaiioa ‘ ac ;h by the unions and by ipany part or other industries, which. 

I did not jiis-iiy a::v increase in jn t v e rjn ks oi .Chancellor see tbe dispute as only the flrsf ■ 5J5£5!S 

' ' «P^ndilure in tne Helmut Schmidt’s Social Dfemo- test of the. German' union move? 'SSJS” : 

T.c 19-y budget, recently approved ; erratic Party, was used against menfs ambition for, a universal halt?' ^*1!? 


y engaieer- 35-hour week. 


injured in road accident 


MAUTHMp 


PARIS, Nov. 36. 


i3 B i: oi - ,l1il i yai'jts ’.v.ii'.-ii jir jiide par- 'jim -ecvcLV'? i! i - 1 - v- v- n •- v;i ir.i- 

Ind'J 4 ' nt‘i Ki."o:i.vun <■ F.ulogn., u.-c.if m.-iry vacking under Italy's i"n **1 s'.’cce.-sieii i-iimn: ibi* 
L nivcr.-ii;. ri.-* - » "j«J and r-wsen - ao* crnin - . r* t:i " ♦•t'-'b* remaining -r<* ■■«' ifr. 

ii.Ti u.f-d I< • > i .. . r» ii.t: *hr- L : .S Trcii'-'c i- ■. x:i-i u-d ..-:i .■ im-t Revi-'u'iciury i>:jii':l :ir. J . n.*,«. 

Th-.- :n :: -■'••o u» 'hi- , | ;';ru;.;niv.: p L i-u'. 1 -. nci'.id’na •>: mi! ro.ic.n- ,if 

respeciei «':rf; i,;].. lifted teehn"- • ndl .t:id pensi'-iia reform — a- - in ^ h*.- ii'i.'i I lia-. iiijdc 

era;, nuv.v. ■ -vh; i.* ■■■ , ■_■* 1 1 u i<> m ?ij ;•. ih ■ -. ir^f ihrce-M'd. 1 '■> I * *o : > eoiv 

thM t-\.m mu rsSTi- .'h“--v i= .Tonomiv Trvvury - l1; p 1 . 1 . m „.j,.. n r.:* :>en«-.e.i 

' n r : sw - 1 ^ h.v, tfti&S'ct h.l 

tmn ::: "H i.- ..: I't.'i in*.* rlulfi the Trea-'vr; ilir.i-Mr. At*;. 

Prian* Min..-;f.*r ti -■ 'w. j'ny to nf those could iiv.- 

do :n ■■ - h;:i in.- !u - :-.*J v.uuui he ii»r a •.inu-rniiivn; f-ris's .-nd 

?n cxieo-i-.e -A iin*.-. po-rsiulc cjri> .gcru.-ral vutiiop,. 1 TT~^ tt 

P-.or! Pro' ■.■•».>!■ Ppjd.V -Ahich ih- 1 jcirii*!? uru-on-. im-inal-- ;1L4 - 1 # ji TV 7 i £“ ! i 

appoiiilmeni •••.;■ m do;i..i until prufes. they du r*o; v.-.,ri ‘ ! q> 1 j ' j j 


have majorities •- of less ■ than 
. . 3.&00. Cme La boor;- seat was 
captured with only nine votes. 
This could swing hack to tbe 
Government y 

■ Aithoue> Mr: Muldoon -is con- 
fident his Government will retain 
; a majority,: it tonld" be soine 


ihe hjadT. •• And dam- ‘S’ 1 ‘J, “ ol . ‘ 'i JACQUES CHIRA^. th&bit, . a tree near Uisel.'., his Jeete^ before voSs 

-fj L '--sr.vys. *• ' .verct a^.ecmcn. .n .-inscob. f:>11 ij; Sr p irt v Ip^dias'ftnd^srmbr parliamentary constituency. a™ 


- ■ ■■ ■ ■, ..' i* -ir i no 'n.-iui-r*:. n-i operxiior. 

l-s r/i;'i;.i II i n" j M '-*111 !>• * 1 *^ iV i',. . . . , 

■ « . . ,V v -v • | . — j ' I ' O' 1 ■■d mu ri>-. • -r : *ie!«s n i - 

jl ■L-i.V t-rjici drag on 

f'V ! ! i '• *' i# viueiiiJi until b;, ,nter- 

"/• 1 " v, '‘ r.iionj! m. .;f docior; •ndcr 

till.* 'iir;cli"n of Algcnar. siaff 
I: F-i.miodi-.-nr.:.- hc-iic-.cd o -■ t :i ’.■ ! i. *i '.In- ft; 1 : orient ui dam- 
ha vi* ‘.Mim* out i f hi- dv'.T* ag - .- i" ills htfdiih. 


I liens. 


.car skidded on an icy road and the crash.. . 


EEC aid Comecoa 'fell to agree basis for talks 


Rhodesians meet on race laws 


GUY CE .(CNQU’Hr.ZS. COMMON MARKET CORRESPONDENT 


THE 5»i- MEMBER [‘nrliamcniarj so aw MPs dnxious- ir* push af ..... >r . ‘ r ’ pos/iulc- con cu>s ions. It repre- As an a 

caucus ,-,r Hi- rulwi-j filimiciian least sum.- .-.r :h t * leg :« la Hun „ ^‘.G, ! V‘ i J slight *«oriening of the has ofier 

From incois hv/c p-.nMTnw m ; a rough in- House in ihu now -h V. . ‘ c Cun. in 1 . may's jiand. but falls well quest for 

decide vinotavr cr in* the legisla- i»pssifin starling i»n Tuesday while '. , '' f " tR,? 0 ‘ ~“"i' s * jU '- ,nj: ' -short nf iiioetinj Cnniecun's de- re cog nit 10 
Hon on abohiion nf in? enunirys nihers warn lo av.ait the outcoaii 1 J Hminvcr. GoinccrmS secrelary. niand for a full irade agree-nert. Lhe even 

remaining ra-.-iai d'v. riinin.Mi.i:i uf iho referendum ; Mr. Nicnlai Fad*.*nv of i he Soviet The agreement envisaged by be furms 

should ?o abua.-l n-.v nr -.-.ail The ni.Ti.-;.i:ir;. legislaiiun in ] Union, h.. 1 - agreed that C.imecon ihe Com missn*n would be limited F.uropean 

unlil after ihe .ia:u:.iry 30 reueal riiscrimmati'*n — in re.-pi-ci -.vili i.cr'-'flcr u com prnnii.se pru- in coni on I to the exchange of Ministers. 


lis injuries are expected ' '' ■ 

him from carrying out -*v_ z:;' »• .**- • 

lal political activities .for ■. rOrfllMl dpniP^ 
weeks.. His ' driver ' A -o“ I . ~V4“V’ 3 

flight bead in^J urlei lh. gold SaleS. > ■■ . 

_ ; By- Our ..Own. Correspondent 

• LISBON, Nov. 26. - 
< • -.v- THE :BANK of Portugal has 

jT-^r ' . \ f° rni *liy denied -the . recent saie 

[jkjj of- any of- its gold 'reserves.’ A 

» . '• Central BanK spokesman . this 

weekend mad^ the; TolioWing 
BRUSSELS, -Nov. 28-. Stateihent -.in relation to a 

t ' d ' h,t «-aja 

y between' BruSeU ind a ®y -8^ w reiduccr>iis short-term, 
y oetwen Brussels ajd joansv with the central banka «. 

d. East . European . iixiwr Veuntt^-'- 

the- kidd published cair only be 
between the two organ i- explained through, a lack. of . un . 


-'•‘•it ■ j f y.r'i 


deeply spin un tin; iwi..- ith mjjnriiy in thr Inner hou*'i.' 


■MOlim., nil UI.NUC1’. rtRMt t Ml'Ml *i| lll'JCL.ll^ VIlUCLUil 3 J ClUgll IL1UII ti.' AUt,£»>Viri§ Uiai .- 7 . . • .** a mva.m . 

warn i<i iv.aic ihf •iutuon)i-J Hiiu/'wr. ^ftini'i.-nnS >trreiary_ mand for ;i fuil irade a^ree-nenf. ihe eventual agreement should re J eclet ^ Eastern bloc’s sations have been ..going on date ftpowled^ of- the ftete 

referendum ; Mr. Nicnlai Fad-.*»*v of ihu Soviet The agreement envisage 1 .! by be furmallj- enneiuded on the demands for a full trade agree- sporadically for more than- four- or -.. . -for .Del early. Speculative _■ 

ni‘i.-i.-i.i:i; - ;. legislation ii.JUnn-n, h..*. agreed that C.imecon ihe Conimissinn would be limited European jide by ihe Council of ment on the grounds that years. But little progress* has re 8Sons. f '. ' *. 

discrimination — in re.-|»«-ci will ..cr-iiicr u compromise pr«^- in coni on i to the exchange of Ministers. The Commission Comecon is not equipped to deal been made recently, largely Bw»rt.| rnfr'iincri dri-y nrrr - 

tenure. ichtiriU and h-:*alih p"’.il f*ir an agreement pul fur- information fin industrial and v.nuld. however, remain in with trade matters, having no because . neither side ha^ - been iswriare ana hoWws/\t J x. : . 5 iiscTiptian 

acquire a r to- t birds ward by ihe EEC L'O'niiii^smn. trade siatislics. econuuiic plan- charge of negotiations. common rules on tariffs, quot 3s prepared to budge from its tMS, . w f * Jr tra tglu >^s365~.t» lair-autn 

y in the lower boii’v The |.-op«^al was do bribed ning. and aavir-mniHntal affairs. According to officials in or free movement of goods. It initial bargaining position. 


mir 




f ‘ — " < _ - . . - ' 



^uer r 
* 


TIME Magazine has a unique aptitude for getting to the its.ability to shed light on distant news that may have] ocal : 
heart of the matter. Although its origin is America, its out- impact, or to detect national events that may have inter-' 
look is global. TIME is written and edited by an inter- national implications. Knowing the news that needs know- 
national staff for readers with international interests. Each ing has made TIME the world’s leading news magazine, 
week, 26 million people in 191 countries value TIME for TIME: the news magazine for the internationally minded. 


TIME 




Whin**- 













picks France for 
$55m car battery plant 


K BY- KENNETH GOODING 

TiENEKAL MOTORS ia to ipcit! 
SSSra to establish its first uuto- 
i: motive battery, plant outside the 
t r ' U.S. anri hss chosen a site at 
? "'.SarreKuc minus, io the Province 
or Lorraine in' Nurth- Eastern 
■i-.'-'Vranee. 

Thu 323,000 .square feet plant, 
T - _ scheduled to come «»n stream 
early 'in 1981, will ‘ produce 
around 2.3m batteries a year 
•vrben‘-at fun • production -and 
employ <500. It wilt make the 
/= .-AC Delco Freedom " battery 
which GM describes as a “ sealed, 

. long-life unit that requires no 
’service attention by the tar 
owner during rhe battery’s life- 

• tirne."- 

The batteries will go as 
original equipment to GAF- 
4'ebides produced in Europe — 
Orel Vauxhall. - Bedford — and 

• .-will also be offered to other 
mirtbr manufacturers. * 

- Technology for the batteries 
-will be provided by GM’s IJelcn 
" Reihy division -in the UJS. which 
■ has pioneered the development 
•- nf “-maintenance free” batteries 
for cars and trucks since 1970. 
Theri* are now 15m in use in 
the U.S. 

. Currently Vauxhall in the UK 


buys hail tries from a number r.f 
suppliers, inducting Lueas -and 
Chloride. ■ 

With the new plant, GM will 
have ien component rnanafac- 
turinq plants in Europe. Seven 
are already in' operation — four 
in the UK. one in Ireland and 
two in Trance. Two others pre- 
viously announced are under 
construction in Northern Ireland 
and in Prance. 

• General Motors and Ford 
Motor are actively pursuing busi- 
ness ventures in China following 
visits there by top executives of 
the two’ motor companies, AI’-DJ 
reports from New York. 

Both GM and Ford have been 
holding talks directly and in- 
directly with Chinese officials 
aimed at exploring possible sales 
or production, or both, of motor 
products in China. The Chinese, 
it is understood, are interested 
in trucks and heavy-duty trans- 
portation equipment, •* including 
diesel locomotives and earth- 
movers. 

GM said it has been exchang- 
ing information with Chinese 
officials through a Japanese trad- 
ing agency {allowing a visit to 


Perkins in major 
Third World push 

BY OUR MOTOR INDUSTRY CORRESPONDENT 


PERKINS, the diesel engines 
. . group, is negotiating in six of 
[’the developing countries about 
•'.-possible loco! manufacture. 

The grnpp does not expect to 
win . all the contracts. But Hie 
. fact that so many negotiations 
; -are going on at the same time 
’ is an indication of the intense 
interest in diesels in the develop- 
; -]du world. 

- Discussions are in train in 
Colombia which is to put up a 

. _ components plant to provide its 
contribution io a diesel engine 
■ project organised by the Andean 
• Pact countries. 

• In Egypt the scheme would be 
a joint venture with local 
inieresis to make tractors and 
Lengines. 

- The Indonesian Government 
.'is considering an engine 
■;.l|so via a joint venture onc.-j- 

lion, as are the authorises 
. the Philippines. And in Taiwan 
'the main thrust of the joint 
venture project would be towards 
truck manufacture but there is 
a No a diesel engine content. 

In addition to all this, Perkins 
is talking with Us’ -present 
licensee in Pakistan, the Pakistan, 
s.Tractor Company, about a new 
•'joint venture scheme for tractor 
'and engine manufacture.- 


The group has also just com- 
pleted a new arrangement, in 
India whereby its existing 
licensee will now make under 
license the latest version of 
Perkins three-cylinder diesel, 
used mainly to power tractors. 

Of the 300.000 engines Perkins 
sold to organisations outside 
Massey-Feryuson. its Canadian- 
based parent group, last year, 10 
per cent went to Asia, 8 per cent 
to the Middle East and Africa 
and 36 per cent to Latin America. 
Currently Perkins engines: are 
made in IS countries outside the 
UK, in 13 of them by an asso- 
ciated company (in which 
Perkins has less than 50 per. cent 
of the shares) or by a licensee. 

Mr. Roger Clark, director of 
sales and marketing, says that 
rhe group would win perhaps 
half the contracts it was nego- 
tiating. He does not believe 
Perkins is contributing to over 
capacity of diesel engine manu 
fact u re because by 1981, or there- 
about, current surplus capacity 
would, he used up and ■’ there 
could well be a shortage. 

In any case, -most of 1 
countries we are looking 
those where a big . growth 
demand for diesel engines can be 
expected.” 


of tite 
at ari, 
■vth - id 


Fiat and Yugoslavs sign 
new co-operation accords 


BY ALEKSANDAR LEBL - 

FIAT INTENDS to keep its mar- 
,.ket share in Yugoslavia whereby 
Tit accounts for three in four cars 
• manufactured and two in three 
'cars sold here, a radiant Fiat 
president. Sig. Giovanni Agnelli, 

- announced lb-day. 

- . Sig. Agnelli had just signed. 
...two agreements with Dr. Afilenko 

Rojanic, general director of the 
-Crvena Zastava works of Kragu- 
Vjevac, the biggest Yugoslav cur 
faanufaclurer, aFlcr being re- 
ceived by President Tito who 
•awarded him. as well as some of 
his associates, high Yugoslav 
decorations. 

" . The first agreement covers 
long-term, industrial co-operation 
'in manufacturing Fiat model 12$ 
-passenger cars and the second 

- manufacture of one to-, two tonne . 
delivery vehicles; Crvena Zustaya 
has ‘Seen , manufacturing in 

-Kragnyevac;. under. Fiat licence’ 
: -TSO-.-ec.-eors-and will soon start’ 
manufacturing Model 127 cars. 
It -has .also been- tnanufac luring 

' lorries ’of tour 10 ftv<? 

tonnesTand more recently 1.5 and 
Iwd^oone lorries. A few 132 


BELGRADE. Nov. 26. 

model cars have been assembled 
in Zagreb. 

It is hoped lb at eventually, 
allhough this is still in the nego- 
tiating Stage, that Fiat will 
cease manufacturing the 12S 
model and instead take cars of 
the model produced by Crvena 
Zastava in exchange for parts, 
components and finished cars of 
-other models, and sell it through 
Fiafs world-wide network. 
Mutual deliveries of Fiat and 
Crvena Zastava, which have to be 
balance, will amount to 61 -bn 
both ways until 1986, starting 
from some 8100m in 1980 to over 
S200m in 1986. 

Other agreements are in the 
pipeline to cover co-operation 
in the manufacture of the 131 
model, stepped-up assembly of 
the" 132 model, uud possibly 
further co-operation in- the com- 
mercial vehicles and agricultural 
machinery fields, etc. Fiat will 
assist Crvena Zastava in obtain- 
ini; finance for its development 
from Italy and will possibly 
transfer part of the manufactur- 
ing equipment. 


Shelter rates up again 


. BTLYNTON Md-AiN 

• ■TSE^CCiNTINlJED demand from 
; jtujofe’.tiil Companies for tonnage 
-.aui ^ifi^he- r Gulf forced charter 
rai«..-^ 4 again- last . week, with 
\yeaiew\:ior~ November' charters 
-W particularly short, supply-/ 

. • wTj^fTiow^rd. mdraentum in the 
■market as 'expected to be main- 
month, with activity 
dominated fey demand for very 
latgqrL- and uitru large crude 
carrier^ "sp fixed a 227.000- 
tooDe.-vessel 'for charter at the 
;etrd bi November from the Cult 
lO’W^sfera. ports, at Worldscale 
624 ^’ Worldscale 60 was reached 
toF-ar350.000-t.onne vessel for 
cbarter:;to JBP. early next month. 

Tb|r T - December market is 
almost j.^jertain to pick up 
impetus, this week. 

Bat tbe-iong queues of vessels 
awaiting - cargoes at Kharg 
Island; Iran, arc expected w re- 
main, for some days be Tore more 
regular loading patterns an? re- 
established. The queues began 


with the internal disruption to 
oil production in the country, 
but may continue as charters 
seek vessels for loading before 
January 1, when oil prices may 
rise. 

Mild weather in Europe last 
week affected trading in middle 
oil distillates, but demand is ex- 
pected to increase as winter 
approaches, particularly from 
Mediterranean and Caribbean 
terminals, where trade was 
active throughout -the week. 

In the dry cargo trades, activity 
on the Atlantic was again down, 
with Utile pressure for extra 
grain tonnage expected. In the 
Indian Ocean, demand was more 
steady with rates tor medium 
size bulk carriers up. 

On th e secondhand ship mar- 
ket. it was reported from Hong 
Kong that China was now the 
world’s largest purchaser or 
secondhand ships. The country 
is buying ships at the rale of 
two a week. 


World Economic Indicators 


US. 


Oct. 78 

147.2 

Sept. TO 
109.8 

West 

Germany 122.2* 
£*7 \UA 

France 128.0 
Japan 124.2 

«... Aug. 78 
B«gium 107.8 
Holland 125.0 

- * Provisional. 


Sept- TO 
WS 
. Aug. 78 

110.9 

100-9 

72.8 

127.0 

122.9 
July 

77.9 

130.0 


Aug. 78 

144.7 
July 78 

111.7 

10S.3 
127S 
127.0 
121-4 
June 78 
116.5 
127.0 


% change 
over previous 

Oct- 77 

year 

139.2 

+5.7 

Sept. 77 

106.5 

+ 3.1 

176.4 

-f-5.0 

T32.9 

+ 1-9 

125-0 

+ 2-4 

1T5JT 

+7-2 

Aug. 77 

108.7 

-M 

124.0 

+0-8 


Index 

base 

year 

1967=100 

1975=100 

1970=100 

1970=100 

1970=100 

1975=100 

1970=100 

1970=100 


Puking last month by OKI's chair- 
man. Mr. Thomas A. Murphy, 
after which he said that GM i> 
“ hupeTul of doing some business 
there." 

Part uf the GM delegation's ! 
iniinerary included a visit in the j 
Peking in ii tor factory whicb j 
manufactures the 6J-212 utility : 
vehicle which Peking has tried ( 
unsuccessfully to market abroad. t 
Chinese officials are said to want 1 
outside help in producing the 
vehicle with right-band drive to 
□lake it easier iu sell abroad, 
particularly in Hong Kong. 

It is not clear whether GM 
might be interested in setting up 
a manufacturing operation in 
China or would merely sell some 
products or services there. A 
GM spokesman said the Chinese 
appear to be primarily interested 
in GM’s providing them with 
heavy equipment. 

Ford, meanwhile, continue d ii 
held talks in Peking “ two nr 
ihrec times” since its chairman. 
Mr. Henry Ford II, visited China 
during a Far East tour last June. 
Th« most recent round of talks 
was held "about seven tu 10 
days ago.” a Ford spokesman 
said, bm declined to give any 
details of the discussions. 

A Ford spokesman said the 
company has been asked by 
Chinese officials to provide in- 
formation about its “capabilities, 
including production of vehicles." 
and Ford has Iteen doing sn J 
through China’s Washington i 
representatives. ! 


LancerBoss 
wins £50m 
Saudi order 

By Hazel Duffy, 
industrial Correspondent 

LANCERBOSS. I lir Leighton 
Buzzard -hosed Jiff truck row- 
pan), has signed a contract 
with the Saudi Arabian 
Government which could hr 
north up io £50in over the 
tie vi five years. 

LancerBoss chairman, Mr. 
Neville Rnwman-Sliaw, says it 
is the first " umbrella ** agree- 
ment tu lie signed in Saudi 
Arabia, and provides for the 
purl authorities in Jeddah, 
Yenbo and Jizan, anil con- 
tractors. to specify LancerBoss 
as the sole supplier of their 
lift truck ret iul re me ills for the 
five-year period. 

Thu first tranche of the 
contract, comprising 110 large 
general-purpose trucks valued 
ul £4 ju. has already been 
delivered tu (hr west cuasl 
ports of Saudi Arabia. The 
agreement u as signed in July 
hut Mr. Bomnan-Shaw says 
his company has only just 
announced it because “ we 
wauled to he sure Mia l the con- 
tract would he implemented 
first-'* 

The ruoipany already docs 
business with Saudi Arabia 
amounting to several million 
pounds annua fly, and •rays Ibis 
will he In addition to that work. 

The contract provides for 
discounts Io become operative 
when ibc number nr trucks 
shipped out to Saudi Arabia 
goes above the value of £l0m 
annually. 


Faked shipping documents, letters of credit cashed for large sums at UK 
banking centres — but no goods delivered. A special correspondent 
reports 

The bogus bill of 



MASSIVE FJt.UPS arc imiaa 
carried uut on an international 
scale through ino loop hole uf 
bogus bills of l:eiira :n a new 
and costly form i,f v.virulling. 

Even muderatuly-sized com- 
panies can ua.->ii\ lose I'lDU.iHiQ 
at one SO and ide targets un 
which some cnir.ira.il gangs are 
working could by as high as E5m 
for each fraud. 

The people v ho nm these 
bogus operations are shrewd, 
spread their activities across the 
world — and are very difficult to 
trap, 

Tvpical of Hie events which 
can riecetie ovuir the most 
prudent companies, however 
much care the*, lake in protect 
themselves attain -u the misuse ,jf 
letters of credit- are a number 
of cases which have just been 
investigated by Scoria ml Yard. 
And these arc regarded as only 
the tip of the iceberg. Lloyd's 
has compiled a lisi of mure than 
50 missing uargue* worth 
between £5m and £la:u which 
have aroused suspicion among 
marine underwirter* — tu rhe 
extent that the Salvage As»ocia- 
tiun is checking out lhoir 
authenticity in rj;si;,r.i ports. 

The ease with which genuine 
letters of credit for large sums 
were cashed with the aid of 
bogus document; at UK hanking 
centres has caused alarm in 
financial circles. The traditional 
use of simple, hot accepted, ship- 
ping papers tor irading purposes 


may he put in jeopardy if -these 
schemes arc repeated. 

Very snnpU, four highly- 
re putable SunndinaviMn. Dutch 
ami Belgian trading merchants 
weru caiigbi for nearly :>lm !>y 
the device uf >ubinmin? fake 
records iviiich purported to show 
that large quamnies of gnod; had 
been shipped from Hong Kong 
by iwu equally repuiable ship- 
ping lines. 

Thu companies were 


channels. The names of the 
companies were probably 
obtained from international 
trading dirucinries and selected 
at random from many others io 
whom a similar muslins list 
might well have ueu it sent. 

Each company agreed quite 
separately to lake between 
$200,000 and S:iOu.orK> worth of 
goods, un a <50- day credit basis, 
and opened up normal letters of 
credit at the London branch of 


Lloyds has compiled a list of more than 50 
missing cargoes worth between £5m and £15m 
which have aroused suspicion among under- 
writers. Other cases have been investigated by 
Scotland Yard. 


approached ju.-t over three 
months aijo L-y a marketing 
cum pan y set up" in Hong Kong 
which claimed that it had a wide 
range of " frusfraied goods " 
available for sale at reasonably 
cheap prices. Its European 
principal said he had access lo 
large quantities of banknipt 
aonds all over the Far East and 
was going to " systematise " 
their disposal. 

He offered a rag bag of con- 
sumer goods. They would be 
■•'•old through a FK company 
which was trying to enter’ the 
West European market and 
would be available on tellers of 
credit through normal banking 


a recognised Spanish bank fur 
this purpose. 

Just why a Spanish bank was, 
chosen at the request uf the 
Hong Kong mark cling group is 
nut clear, but the letters of 
credit were to he met on produc- 
tion of the appropriate bills uf 
lading and other documents by 
the agent or the UK trading 
company which was acting for 
the Hong Kong principals. 

The goods were to be put on 
twn merchant ships running on 
regular cargo lines from Hong 
Kong to Europe, and were tu be 
loaded at Hong Kong Tar direct 
delivery to the recipicni.s who 
were prepared tu pay for them 


just as soon as they were satis- 
fied they had been despatched. 

True tu plan, the London 
agents in due course presented 
Lilia of lading, sanitary certifi- 
cates. cu; turns documents, and 
certificates of origin together 
with other papers to verify the 
shipments at the UK bank, which 
under banking rules was legally 
bound tu meet the letters of 
credit deposited by the intended 
recipients. 

Funds in favour of the Far 
East exporters were transferred 
to two Swiss bank accounts in 
Freiburg, and were drawn out 
by them, or their representatives. 
24 hours later. 

But everything was fraudulent 
— there were no goods, and the 
bills of lading and other docu- 
ments had been forged so effect- 
ively and so easily, because many 
of ‘them were copied from 
normally available stationary, so 
that no one suspected until too 
late that they were bogus. 

As a result, a merchaming 
company based in Stockholm lost 
S275.000. one in The Hague 
S1S2.250, one in Brussels 
£217,000. and another in Copen- 
hagen $ 280 , 000 . 

The same crime syndicate, it 
is believed, has tricked other 
European companies out of more 
chan $3m in a Paris-based opera- 
tion. and tried lo get nearly Slin 
from two British companies 
whicb fortunately for them 
refused tu extend credit. 




resultsm 




In difficult times we often read 
more about the failures than the suc- 
cesses. Yet successes there are - and 
one of them is the B. Elliott Machine 
Tool and Engineering Group. 

Inthe yearto March 1978 B. Elliott 
had sales of £70 million and produced 
record profits of over £5h million. We 
are investing over £5 million in new 
plant and buildings for our factories. We 
expect another good performance this 
year and look forward to the future with 
confidence. 

Why do we succeed as a Machine 
Tool Group? 

Ourproductsand customers have 
much to do with it. We manufacture and 
market a uniquely wide range of metal 
cutting and metal forming machine 
tools, plastics machinery and engin- 
eering products sold to customers 
throughout the world. The breadth of 
our product range and the diversity 
of the industries we serve, provide 
balance and strength to the Group 
as a whole. 


Certainly the people who work in 
the Group have much to do with it. It is 
through their skills, experience and 
expertise that we offer top quality 
advice, products and service on an 
international basis. 

And our corporate policy has 
much to do with it. Each member 
company of the Group operates with 
maximum autonomy through our 
divisional structure.This enables and 
encourages our people to identify 
readily with their company and take 
a positive interest and pride in its 
activities. 

These are some of the reasons 
why we are successful and why we 
face the future with confidence. 






.El 

P5l 

G 



THE B. ELLIOTT GROUP 

A successful Machine Tool and Engineering 
Group serving Industry worldwide. 


To: Tie Secretary. B. Elliott & Company Limited, 
BEC House. Victoria Road, London NW106NY. 
Please send me a copy of your Brochure. 


I 


Name 


Address 


i 










MEWS 


' ’Fmaric^.TO 




NEB starts five-year 
plans for improvement 


BY JOHN ELUOTT. INDUSTRIAL EDITOR 



BY JOHN LLOYD 


pected figure 


£175m. 


i A BID to improve the long-term arrangements and their manage- The board backs up these 

i management of its companies is merit. detailed instructions and advice 

! being launched by the National The boards top personnel to its companies by pointing out 
| Enterprise Board through the believe that loo little long-range that it issues the companies 
development of comprehensive planning is done by companies with six-monthly economics 

! live-year corporate plans. and that too many senior indicators papers on which the 

j Toe board requires all its executives spend all their time plans should be based. The first 
' complies, of which there are on short-term problems. paper is issued shortly after the 

spring budget and is then up- 
dated in the autumn. Help is 
also offered to the companies by 

.... ... - . business t jj e board’s divisional specialists 

an-' [rj- ite Department of industry. £ tanning ls^an ordered^ way i)f in different industries, and by its 



nounced as a target by Sirj jhi? process has been taken C t? P J S; - general planning staff. 

Charles ViHrers. the chairman, i a stags turther with the produc- ^ ed f U[U f communication both Each company is thei 

. l I 1 1 An * “j n l\i Ek nl^nnino hnnb. ... _ .* _ 4 a AnHn«i4 iin • I Vh 


I lion of an NEB planning book- within ** the "comoany “and’ with t0 submit its annual budget to its 
!lr ;l w hich extols the virtues of NEB a^d it proWdes an own board, and then to the NEB. 

* rfurivn rV» H V Tll.^HPilno and rPL'Pak . " 


company planning and reveals 0 pp 0rtuni ; Vf outside of the day- before the start of a year, along 

nm.- : r iJ Krt irH f.Vrtnntc ire nnm. V . . . A V J .-jor nrrt. 


and 

and 


any upturn in the depressed 
market for steel. and that tho 
Corporation regards that market 
as Lne norm. 

in a recent speech to Scottish 
stockholder;, he said We are 
convinced mat we are now not 
much in a recession as in a new 
‘ normal ' period when indus- 
trial growth v. u 1 be much slower 
than it was." 


Liberals 
plan 
to fight 
every seat 


FINANCIAL TIMES GROCERY INDEX 


* * * -1 a! ** 






*very 



£■ 


it > l 
it ' 

i V * 


LIBERALS are to fight 
constituency in England in ihe. 

European elections next Jane,;, 
and hope to contest all seats in; 

Scotland, Wales and Ulster, the, 

Liberal Council meeting in Read-: jgx, FINANCIAL 
ing. was told at the weekend. . ;. a 7 erv ■ basfce* price Index are likely' as stocks are further each, Vbite'rabbagfiSancL cauli- 
Mr. Hugh Jones, general sec-' c jj aro j v bv 1.9 Mints this reduced in. ffie preOufefen'as fiow.ers.were generally mdreex- 
retary, said Liberals would ngnt:^^ t0 io3.67. the big- food sales. .. ' ... 'pensive, although ^dmfeCJfaetaa- 

as an independent party in co-, Eest increase since the index wax gutter has dropped sfiffct&Jit . ‘JCSofis t" . 


BY DAVID CHURCHILL, CONSUMER AFFAHtS CORRESPONDED 

TRIES reduced and farther price rises, up In "most shops : by about 3p 


operaUon with coUeagues ia the; !ast March. The 


price however, and the* -.EEC:’. Elsewhere in the .fcasjfcet frozen 


European Federation of Liberal inCrea 5 e was mainly due to fresh .Christmas butter. sab^jy.-isfp°dswerealso>up in price. 

and Democratic rames- , o-.j c-aoarvhfo nriees rising in bun "Frmen Tipao HnrfTipanR fw tn 

A meeting 

which preceded 


ing, heard that a top level ; slantiai rife in dairy products, JL D iL r metric ton and the ^ Tes ^ 1 meat prices were 

pleted. 


com 




.„ special subsidy *u* uuihuum « ■ 7 -aarnnrf i-mh 
,n an extra £126.53 per ton.; 


balanced j 



_ then required | 

earlier in the year. ' 

The half-yearly figures 

expected 10 be announced oni^' ^ board expeett i^ com- with' Its Lilted* five-Sar prS 

Tours 02 y. after a boaru meeting, j pamef to operate. pany management to consider j ® 1 * 10 ? 5 ^sed on assessments of 

Losses lor ihe corporauun last The nooklct emphasises that longer-run *>oals and to identify the bllsin ess environment *’"* 
year totalled £4tta. , the main value of five-year plans significant changes in ihe busi- lhe company’s “strengths 

«ir f'harlc; has made it clear : ^ most likely to bo that their ness environment.” says the weaknesses.” 

Thai ftri'sh S»# -l does noi s eP preparation generates a debate booklet. “The NEB’s aim is to provide - . - , . 

about choices and the review of It emphasises that planning is a framework for successful raise money to be.p are used in , . > . ^ b .... . , 

strategies. not a technical exercise which development of the company, stimulate industry to move inio s j!pp ed i:J 33 extra price rise - of ih Novem^^ rismg.Jxoai twaja-.^ere-.h.oraiali 'wbiere -bread.. was 

The booklet was approved at can be fully delegated by com- The company corporate plan will development areas. !2papinLi to £182-52. TonQtoes showed tn^'.-availa bje. .. X , . . ... 

the- -v.-ckend by the board's pany directors. “The board's help in this aim by Droviding a j F-» P hanlrino- ■ Ti he overall milk price' rise most • dramatic j>nw;;raBs- ay •'• ; 3^..^7aincKrJ.^*iTies_ firoeerv 

mectir. 2 . .Members welcomed it interest and involvement in the method of communication about |-£ rcc . u . a “ . a . had been made necessary between lop ana ^»p aisr^ 'in Prices Ihdec -is c&pi/rigkt and 

ss an illustration of the NEB preparation of the plan is esse □- longer-term objectives, a means 

expanding its influence beyond rial.’’ A company's chief execu- of measuring performance' 

jun 'irovidio? finance for its tive should he personalty against previous forecasts and aj 


Factory sale plan 

The Government is considering, ruonin. one or me mam causes hpfn«» th^n - 

selling some of the advance , of ^ is j Ump was the Ip a pint negotiated before - ; Jt/was. ^bo -:clear. that most 

factories it has built. It is 1 r i se ca November 5. (Only Fresh, fnnt and l.vegetatdex/Was Bmreo- .weibe- net benefiting; from 
thought that such sales would oas ^ og s i, 005 tt -bose prices another part of •• «e ^^oefiry.^ .strike.' -and^. raising 
■*“ further the survey had basket to 'prices! M|pst ^fead, prices 


companies, to cncounsing them involved, and should write a one- recorded commitment to action,” 
improve their organisational page summary of the plan. says the booklet. 




Discipline 


or g- Warner invests £10m 
m new transmission systems 



BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


Sir Charles re-affirmed that the ; 
copuralion's c^l.- and produc-; 
t:or. wore '* under control." and ; 
that "barring accidents, wc ! 
anouid rcj;h our objective of; 
operating at a rale ui break 1 
even ny March 16iU. ’ 

He ia id !hat ihe ant:-stecJ crisis! 
plan introduced by Viscoun; 

Davten-in. the CEC< IndusU'. . diviion. which will just about IS per cent by 19S5 by winning Its financial performance was 
Ciiimh:>-ior;i-r — the so-cal«ed hrr-a!' even ihis year after four.-over small-car owners. hit by expansion into a new 

Davipnnr: Plan— was uY.rking,. v cjrs -F losses, is embarking on ' More th 3 n 90 per cent of factory- at Kenfig in South Wales 

ri.-asAr.ably well, but mure dis-' a £tOn; five-year research and aguar buyers and 60 lu 70 per just before demand was 

ciplme was ntedc-d. ; deveivpmeat programme. cent of Rover 3.5 buyers in the depressed by the fuel crisis and 

British Steel ‘r known 10 be 1 The ^ ro ‘ J !' aims !n particular L'K choose automatics, far when some major customers— 

concerned that "a number oi , to P lY,dac<f a low-cost automatic example, but the percentage falls like Ford— started making their 

European -lee: make is. }«arl:cu- 


Bor:-\\'arner's UK transmission Warner hopes to see this rise to Saab and Cbryslerr. 
iviion. which will just about IS per cent by 19S5 by winning Its financial peri 


transmission for the new breed 
ias-ly German jnd Bvlgitin com- • 0? J™'*"- front-wheel -drive cars 
panics. 3 re lari". 1 !;- lgooiing tho have one on toe 

iuivisnon guide’! i no*. ^ 1 marric* vvitain five years. 

“It was no light decision to Tbc investment programme 
change our views jf the market. 
io _ reverse deeply emreriched 

policies, disappoint whole coin- . . . , 

in uni tie, ami fruitrate hones ^r"d- tv? - 5l ' rod r' v ^ a i pa,enla and 
promises long ciieri/hed." ‘ arit j prfoty^c snould be running ne 


ChaoiDagne for 


strip steel peak 


ai-u involve® tbe development of 
microproeei-ftr-con trolled auto- 
matics. Borg- Warner has already 

a 

next 

; year. 

| Tnc development should lead 
to a ncv. generation of automatic 
:r-nsm:-.s.'-hs. at first for the 
i hi gher-r rived car. which would 
. I’.va "imp-rrcepiihie shi/b." in 
'g--.nr ;.nd st:M better fuel 
' ocon'itnv. 


to as low as 2 per cent with 
purchaser; of Iowei>priced cars 
like tbe Marina. 

Borg-Warner is owned by the 
Chicago-based organisation of 
the same name. The British 
transmission division will this 
year have sales of about £30m 
to customers like BL. Volvo. 


own automatic transmissions. As 
a result Kenfig has never been 
able to work at full capacity. 

There has been a big labour 
shake-out— 25 per cent of the 
white collar workforce was made 
redundant — and the total num- 
ber of employees has dropped 
from a peak of 2JS00 10 2.000. 


on the traditional banks. Free under 4p a gallon on the 
current accounts are being . wholesale price, has gone to &e 
offered tD personal customers; dairies which distri bute the niSk. 
who remain in credit 'The balance is shared by the 

« . . . jllilk Marketing Boards and 

Conversion contract j farmers, who face increased feed 
The Tyne Ship Repair Group, i costs during the winter. But. no- 
nart of British Shipbuilders, has ; further milk price rise is . due - 
won a £1.3m contract from the: unri! aex: autumn. 

Ministry of Defence to convert; The dairy sector of the index 
a 32.000 dwt product carrier into, also rase because of price Ih- 
a fleet oil auxiliary. ; creases for esgs and cheese, two 

n . • I foods which iiad been relatively - 

Payment campaign i cheap for some time. Eggs have 
A big campaign advertising easy) risen by about 3p or 4p -a half- 
payment schemes is to be j dozen in most shops ahd .:ihe 
launched by the Electricity Coun-; pro spec t is for further price 
cii in an effort to reduce losses. rises to ease the egg prddtBCCTS* 
resulting from non-payment of' cash How problem. . 

bills. Cheese also hiss risen, in most 

xt I cases ov bef.veen 2 p and : .4t> a 

New luggage company pound as stocks have been 
.Antler, one of the best known 


THE HNANCJAL TlMeS SHOPPING BASKET 

*«>ya«ER- . ws ; •• 

?,• ' ^-. jNoywiTber- 

Dairy produce. ^ .' r 
Sugar, tea coffee, soft drioks : v ; 

Bread, flour, cerwb.l: 

Preserves and dry groceries > 

Sauces and pickles _. l _ v - C 
Canned goods 
Frozen foods'. . 

Meat, bacori, ■etc.'- l. . 

Fruit arid; vegetables 
Non-foods ‘ _ 


-5Q4.TS - 
WSJSl . 

f 84.12^ 
42XTT: 

JM.17 V. j. 

-Mi Jit n 

"ucLSr • • 

18050 - - 


October 

. -. £ • 

4&S2 
17738 
23TJ5 
8654 
: . 4152 


-i 15428 
-■18730 


- - => 
j — 


>39 
18254 


Total 


230323 


i3«J8 


* : . 

^ i" - 


Index for November: T0W7 • ; .- f ' . 

1978 : March 100 ; April tet J 7 ; May 103 . 71 -. hme T 04 . 1 Bf j a iy HM 1 ; 
August 10139 ; - September - 10150 ;- : October ltft 77 ; 
November 1 0157 . •. . • : • • • ' •' 


British luggage makers, has setj 
up a jointly owned international : 
luggage company with Hang I 
Kong Carpet Manufacturers. J 


Trade penalties ‘too lenient’ 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


Thorn plans to invest 
more in TV 


BY JOHN LLOYD 


MR. Jon:. - POWELL. d:.vciu: *»f 

Shotton Steel Works prnni: i-.J . “V;.,* arc giving ir.p priiTiij if Til nf:: ^'. the i:nu;ury‘< biggest 
cliainpagne all round for SO mvu i d“ .i;.or.[;^ a .n •■.■- 1 : 0 . it 111110111 . 1 : >v ennui- Ti*l* i vi 5 ion -*i*» nrintit'ac' 
who mau< a world record output 1 n-;rn s m;. -si or. that w:i! bring th-: may >u'j*ianii-:ily murca-e 


figure la-t week. 


nu-nt may double to XI Om or 
oc » ond. 

Earlier this year Mullard. the 


. . Tougher penalties should be But the ConBUiner^.Aasoeia'.are Slow.. tojcome^usder detailed 

O overnment imerrenuon., imposed on companies which- fail tion argues that the present law ^aminatioh. “Otherj^eeBiHits 
«. A. UusKisson. chairman *■> " re-’^ter " ------ - - - • 


Shipbuilding problems ! 

The serious trading situation in { 

! world shipbuilding js being com-; 
pounded by protectionist policies j 
and 

nf r V pia!c» 2 i s °«- ; to " register a restrictive trade “ deals - too lightly, -witlr parties, managed to operate withemteven 

in s»nippin = , practice agreement with the to an agreement which is iound complying wfth the requirement 

said in ujndon vesterd*;. : 095ce of Fair Trading, argues? the to be operating, without -being . to register at aU." : " . 

Ford warranty scheme • Consumers’ Association in’evi- on the register." It believes that . "The- Government ..committee 

;dence to a Government review the discovery of .unregistered reviewing 'the Restrictive Trade 

restrictive practice iegislaMon. agreements “ought; to. lead to Practice legislation is headed by 

untl1 . : The Association, which - has the imposition, of. a penalty, Mx. Hans Le-sner, a senior Gov- 

1 airj1P51 subscribm to its possiWy from the Restrictive eminent economic. adviser; The 

sen. me yet. 1 he scheme, .vb.cn which** magazines, claims: that Practices Court an the initiativB coinuiittee l^ ^lrea'dy jieYiewed 


One of *hi? brjge«t and newest ! 11 **'noIe rsn-’e of cun-unhrs m TV production next year after Philips, "and the 
caivjniiing lim.-. installed in a small ca market where the talks with the Department of manufacturer of col 
£44m investment programme. ' possibil.iy exists of a significant industry. TV sets, received 


| benefits of r-.. , o-; cd;.l driving m i: » planned Com inve-iuicnt in subsidiary of the Dutch company 

UK’s only 
colour tubes for 
_ £4.5m assist- 

prnduccd 5.800 ionnes of coated : cvpan^>n of automatic sales." The discussion®, which are ance as part of its £24m lavest- 
strip steel. 1.000 tonnes more;«* l d - ,Ir Peter v\ hybrow. the now going on. will determine ment programme 

than itr designed capacity in its j transur r-’on division's managing whether or no* 1 he company will Earlier this week. Thorn's 

r!v..d uf n-.mmiun. Mr . 1 director. receive assistance from the CIov- consumet electronics division 

F *. ?ll -r'ld i; vj ; ihe achieve- ! At ?.•••-. nt just over 10 per ernmeni. to introduce now auto- said that it intended to push hard 

r * of the c-niury for the cent of car- sold in Britain have maimn system-, uiirier the 1972 to increase its market share in 
i; ' KS : automatic tran>m:-.-:on. Bora Tndu-try Act. if so. the invest- demesne and export markets. 


!, is, | , I ** uaiuu- uwl 1 IOI.UI.H VUIUI, uu w UUUHUI.O t-UIUUUtra: cureaujr .rcvieweu 

manv eiirtim'S 1 ? lhe preseT3f - on restrictive of the Director-General of Fair competition policy: aiid its irepdrt 

fonpihv Ji f? 6 ”!.! «■ pracrices fails to deal adequately Trading arid in a form of .what mi r^Mt^e.trade'practic«”is 

wail I or >1 new C.l, as tho nrr.hl om n.' iinraofctsr^rt uio wniiU ml) • I nBnalh‘«1 M find riovt van- >PI,« . A muni ntim 


with the problem of unregistered we would call ‘civil penalties.*-” due next. year. The -Association. 
“” l * e trade agreements. . The Association also call» for says in its evidence -fliat it 


UK drags claim 


dealers catch up on 

backlog of orders. j £r n d er the 1976 RestjSctive greater powers and resources to believes -a “vigorous ^dmpetftitm 

! Trade Practices Act. all. Tpgree-’ be given to the OFT to seek out policy is more likely to have an 
;ments covering collusion-- on unregistered agreements.^' impaetc-on the, rate of inflation - 
Britain lags lamentably behind i prices and other areas have to In ; pracdqe, it . argues^ “ than generalised, price controls." 

most other developed countries be put on a public register lf agreemerita^-or "at least' the -But It -wa$ "concerned the 
in devising ways of assisting and ■ they are registered within a offending parts of them—are growing tendency for the demand 
encouraging small independent; certain ome, tbe agreement can abandoned once the" OFT begins of the Government’s “industrial 
companies, Mr. W. Poeton. chair- continue until tbe Restrictive unregistered agreements. - strategy” to-oyerriiie the aims of 

Practices Court rules The Association says that many competition policy both at the 
agreements, though registereiL .UK and' 'EEC'. level. 


fririi!*- { 


man of the Union of Independent Trade . . 
Companies, said at the week-end. ; otherwise. 





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London 

West End Branch 8F12 Brook Street. Tel. 01-4900163 
City Branch 22/23 Lawrence Lane. Tel.oj-6oo 03S2 


Manchester 

7 Charlotte Street. 
TeLofi 1-228 2406 


In a region expanding as rapidly as 
the Gulf, communications are of great 
importance. 

Throughout the countries which 
share in the ownership of Gulf Air, there 
has been tremendous development in 
this field. It is now quickerto talk by 
telephone for example from Hong Kong 
to Bahrain than to most other parts of 
the world, via satellite signals received 
at the station you see here. Gulf Air's 
purpose is to serve this new world, with 
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advanced Boeing 737-200’s to and 
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As 


l 0d; 


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.New Ybtk, Let Ausfli s, Chic; go, Boston, Zurich, Paris, Toronto, Monacal, Buenos Airts, &us Paulo, OtK Mt 


AtxjDhahi Amaan Amstadam Bahrain Beirut Bombay Cairo Dtabon Doha Dubai Kussit jj 


- •; X.:: 

loxtoo ‘ Muwi# RaaWKhakn^/’Srfiii sn^j 


r> 


SZ> •: 















Times Monday ; November 27 . 1978 






r ’ w, ' wi 



> jj ^ U 



8r RAYS OAVtD. TEXTtLES CORRESPONOENT 


General Accident 
to increase 


‘Another 
leap in 






Dock site likely f< 


iT* 


sal 


->.l 


THE Lancashire cotton and 
allied tcxiiles sector is under- 
. siood to have succeeded in its 
application for its own econumic 
.- .dereldpmeni cumtiiiuen 

: No ' formal reply-' has been 
■ . niade i’fl li> llw./vqiiest, made 
‘.ioinily - by the •'• industry*.® cai- 
"• jiloyet* aritf unions last July, 
'i . but a decision - allowing' a com- 
-inttlee U expected to be.an- 
'• .Ttiounced . when the National 
.'^Economic. Development ' Office 
‘holds its annual review; of the 
“wwtass of the committees earlv 
next year. 

'•'•"•The' . Lancashire industry. 
•' which -employs - about 70.000 
people, so .far has had only 
. ..informal links with Guvej-r.mem, 
through ii committee consisting 
civil serrioiTs.* industry and 
union rep rcsen m t ) yes. 

P-" There have been mixed views 
s jn ; the among cuiPtoyers on 
/: -whether juorc -farm a l links would 
he dr value in helping ro deal 
v with the sector's problems. 

The industry has become con- 
cerned recently, however. ;tt 
i being on the Cringes of the 
. Govern men t's industrial strategy 
■—•unlike other major textile see- 
tors. including wool textiles, 
knitting, clothing and man-made 
fibres, all of. which have their 
1 tiwn economic development eom- 
-• mil ices or sector working parries. 

. Considerable rationalisation 


has already taken place within 
the Lancashire sector under pres- 
sure from bn ports -bat imporumr 
decisiuns still have to be taken 
on the direction in which Lan- 
cashire's textiles should develop. 

Tbc EEC is beginning to 
formulate -an industrial policy 
for lexiiies and this has been a 
factor in persuading, the Lan- 
cashire industry of ibe"need for 
Impiuived machinery to develop 
its T *ase. 

The indusiry’s problems were 
outlined in Brussels recently by 
n delegation from • 13 .northern 
local authorities, which represent 
a po;»ulatian of nearly 3m. 

Thp delegation met Mr. Rnv 
Jenkins. President of the Euro- 
pean Commission, and -Mr. Tran 
ran Thinh. the Community's 
leading te<cvrie trade negotiator, 
to draw aiteniion to the loss of 
jobs — roughly 7.000 over the 
past ye.ir — and to impress the 
need for EEC policies in both the 
commercial and industrial Sold 
10 be designed to ensure the sur- 
vival of th? textile industry in 
the Community. 

The ' ComntuniiyV response 
apparently lias beep that while 
.there remains a good chance of 
the current GATT multi-fibre 
arrangement herns extended 
beyond its present 19S1 deadline, 
the "EEC is less inclined to ask— 
as in ihe present round — for 
substantial derogations tb enable 


■£1.5bn cut ‘needed 


big ' restrictions un impuri 
growth iu he introduced 

This would implv a return in 
import growth rale.-, or ;ii least 
ti per cent in the next MKA round. 

Continued problems within 
European tcxilles ;is ;i v heir are 
apparent iu figure* published hj 
the International Textile Maim 
fachirers Kuderaliun ( formerly 
ifenti >. 

lls latest n-ponun textile ireide 
in the third quarter -Imu -. .i 
general decline in sunn me .inti 
weaving nut pm in Europe, with 
ex purl business also dp*-cni;>nl as 
thill. Some improvement in tin- 
fourth quarter r,r 19TS ir. foieiasi. 
however. 

In the UK. figures from the 
Textiles Statistics Bureau show 
that yarn production iu Septem- 
ber was down 1.5 per c-.-m on the 
previous month. Ouiiuii in lh» 
first nine months uf lf.7S reached 
123 7m kg compared v/ilh 
I33m kg in the same pi*m*l i;u.t 
year. 

Woven clmh pni'i|K-i a 'ir 
reached <*_m.9iii metres e*- r ,]}>:ire.’ 
with G4K Pin melr«- ; : in the lu-.t 
nine months o' bsl year 

*9 The Shirley Instil li 1<-. ihe 
yi:in«'hf-.slcr-h:i~ed r<**eou I: 

centre, is hn'rllna a oiie-rt.ij t-nn- 
ferenrr nr\i Febm-iey in ii**:rn •* 
developments in the search fur 

low-cuSt. h'sh-'OC 1 '^ orr.rr >••••>■: (n 
make cunlinuiMi -lllam’.-oi -.r*i« 
With the cum t or l and oljv-r 
pruneriics of natural-fibre Mum 
y»fjs. 


iiHQlLi 


j GY EtliC SKGST 

' MEA’M.V nn<- million people 
'who in-tiri- I'u-ir huiisciiuld 
'guilds. Cniiie.Us anil valuables 
v.iib AccnJeni fact- a 

, n-...* :u pi •. ii hi i:is iu i he new year. 

The cmnpany. a 

li-auur.: Iii insurer in the 
UK. -jinuinnci-il :i enin\itetc 
r.'visn-u of Us pivinuuus i at os 
fur centenls and per- 

suna' v.iPs.^ljles.- which has 
' n,- willed >j: 'Ubs'antjaJ merrasev 
Th.-e- 1j'r>- nn l-’rirtay. 

5; , i*c«.*i.!h-.- 1. for , 4 i| new ‘msiiv.-vi 
anti fiu.. i !•■;.!: .'I i i r> I. 197fi fur 
ex i >i ; i« ^ cun i i aetA 

Ihe i- .mpHiiy marl'i-ls four 
IU* li-'alt^v. iKilrl ri'-nlC’IIS poii- 
tries. The-*; vary iroia -me aliui'e 
tin- jf.'fAPnl r»:*ni un a t-.'ai.’n i. 
little morn Iliiti iJe: second-hand 
vaiiii- uf t | .»- nem- invuivml ilost. 
•yulen or daMaJi-.ii lu one v here 
the coi":.J*.;»* eu>t .if replacing 
I'll- il eju paid 

Tae 1 : • ■hcivasi* 'irojres- 
'ive!.. 
fjii t-** o : 


premiums : unlikeh 




lie 


■i.j r-.. 

L* L 

-*'*-m«: 

my hu-. 

!«••< .!• 

•rti: 

»ii n-j 

fu jt‘i. - 

I'.i: 

. Til 

•il — 

Lord > tii 

i’ 

■! 

n 

■maming 

•■Cll'i 1 

1 ‘(,1 


•listincis. 

«.f 

/Or 

n: 


■*!•• pi' 

to] 

1 U 111 

i*.i!>* f.i r 

.;.-*i 

i*UV 

1 T 

i*onlr:ui. 

• Hi ril- 

■:ru 

•’* mi 

Isiiic 1 hi* 

llf'-.f 

1** 

*/t‘ 

per O f/0 

iv* I !>• 

n. ;; 



h i 

ii 1 

r**:;i.i' 

ni-.i ;m- 

f.* - 

rr 

30 % 1 

•ar* and 


■r;.|- 


i'i"oi.„:r ^ci i. l**n : t- folloHiag 


I 

the lead given by the Sun Alli- 
ance Group in departing from 
this rate. Other rates arc tn- 
crcascd — the highesj rate being 
fur maxiiiiU’u . mvr in ih L - 
London postal district.-, which is 
now II per cent. 

The effects of ihjs change can 
be -ten from the example of a . 
combined policy un a house 
louring the imih!inu> Fur 
rih.oon. the funivnifl for IS.OOfl 
and valuables for 11.000. 

Under the changes an -indivi- 
dual in- the I.unilun r.iiMal area 
will nuw pay £iifi j year, instead 
of EHi5: _ e'.Sc.vhcre in the GLC 
‘.‘.'9 against EKO. and in the rest 
uf the UK £73 instead or Co'J. 

Tlu- reason behind t hr move 
la General Acculont is an - 
;.l leinpt to reduce ihe heavy 
I being made un its I'K 
hu use holder nee>iiint. Thi- has 
i.'oved in [be la^i iwr. years from 
p: ofil to lo cs . ‘Ihe company lost! 
■;-! r -m in 1977 [ 

Th*. endemic increase »n lljefi.*. I 
c-pecrilly in the Li-ndon area, 
has -ont claim cw. soarin'; and 
ihe company has restructured its’ 
ratios system in reflect these 
lusher n limber i.f thefts. 

Ii has also taken the Edu'vaiv. . 
Siantiiorc and V.'eiuhkx areas ? 
tun uf other fl Lc fl fat nets a ml 
v-ul them in ih t - l.iindun postal 
districts fnr rating purposes he. . 
c:iu-P of Hie inwrea-eri incidence ! 
<.r ilii'frs in these are.is. 


j Financial Timei Reporter 

CRUDE OIL prices j.-u unlikely 
lu rise bv inure than l to j per 
com above milatinn rates over- 
• lie Hi*-* next 10 year*, according 
l.i Ecunj:.,:c .tlu.lc-b. ine Londou- 
ha»ed u'M-tfca-lrr*^ imi.siihancy. 

If t-conomie truv.ih m the 
OECD i-iiuniri***: averages nu, 
mure than 3.5 per *.enl a year ih - s^ 
vinuld increa*..- Ihe cos*; uf crude; 
oil in about .-S-J7 5ti per barrel al ■ 
ciirreni price- l»y Jy87. i 

\«*xi yr*:*r v. *:i hr :»n except iun. • 
.says the forcea.-*'. »:i tV.ji the j 
cxpceJi.-fJ |-i.-t* of 10 nor cent mi 
oil price j is .!s*ii me J to include 
a ” premium " take accnuni • 
of ihe decline i i the *.aliic of ihej 
U.S. d'lJiar j 

Crude oil impuri* by the US..! 
Japan. Canada and the *tx largest 
EEC. eiiiintrie.* v:il hj\e risen u*. 
about -il 7:n barrel* a day in 
19S7 ci rfi n.ircd ith 23 Ini barrels; 
ft day las; year 

Economic Motile; doc* not 
envisage any crisi- m n : l ^upphe* 
with .such an economic growth- 
rate over ihe next 10 year.*. Tul:>l! 
deiuami foi uPEC exports by 
11*S7 should he in ihe urder ol 
■13 Ini barrel* a day. 

OPE( '.'a f.ir«*e:.s| pri.rluciH‘1* 

«i pacify of SOri harreix a d«.v f.v . 

:h;ii ti-n; <-* leave.- room lo meei : 
Ihi* demand as well as il*. 
dome-tie cmi4.m11 pi ion uf ubuul ; 
5m li.vrro|< a dav. 


by john lloyd 

NEWS INTERNATIONAL, pub- 
lisher of the Sun and ihe New.* 
:«f ihe World. i.< likely 10 locale 
ils headquarters at ihe disused 
London Ducks, in the Lundrm 
borough o f Tower flanik-l.*. fol- 
lowing breakdown m necatiatiuns 
*.*ilh Camden i.'mincil for a site 
behind St. Pancras station 

The company ba.< applied for 
planning permission for 1.1 m 
.=i| fi 11 r office space un a 12-m-ro 
sue. Mr. Ben Hardy, the cum- 
jnny's ehic-r executive, said last 
week that if Tower Hamlets 
could gei permission, work mold 
-lari in January. 

Tower Hainlei* said Thai il was 
*ure thaT if could act quickly. 
The planning committee still had 
lu make a derision, hut M was 
Thought likely that it would 
approve it. 

News Internal innal will em- 
ploy between 3.090 and 4.000 
people al the new headquarter*, 
many of uhnm it intends 10 
recruit locally. Tower Handels 
has some or ihe highe*! tmein- 
nhivment figures in the South 
Eu*l. 

1'he cost of the new develop- 
ment is unknown. News 
International exiimaled that the 
Camden nrojen would have cost 
abnut t-2ni. but Mr. Hardy said 
that ihe Tower Hamlets building 
was not comparable. Il is 
believed that ihe costs may be 
hichcr. 

Ciimdcn ("nunril had delayed a 
decision on the project for 
almost a year, while the ruling 
Labour group was divided over 
ihe desirability of News Interna- 
tional — whose newspapers lend 


ip *upport ihe ijniH-rvaii-e 
Parly— coining in Cjundcn 
However, a devismu in ns 
favour was taken l:i*l ii'«un:i — 
hut the space olTorcd «.s* 
reduced, while ihe rein jeiojjm d 
the samv. 


Mr. 

i:.*v 

Sha-v. 

i lie 

.'fluid -n 

i-r>utu-i 

leader, .*ai(1 

Ih:ii 

in.- n:*d 

a "Red 

fur n 

■y.tiiaiii 

ms \ 

iih V.r. 

Hardy 

Mi: 

i.i:l :i*>: 


■ reply . 

Nfi. 

* Ir.:,- 

rr* .1 : ■: 

!. .1 

•led <?:•■ 

Mr. P 

ii*i.-’-i 


T* 1 

< *< r - l 

2.6m 5 

larea 

ill r.-TI 

... ; i \ 

•.*.-! .-::J 

Teicv iaiun 

or aon 

:> t. 

Gin 

The 

sale- 

v.as ir 

jd-.- • 

; lr-:> • 


partly !iec:i u*c of fears lliai il it 
was not dune vulmi ard> i! •.-uiiit! 
be under couipu ; -0'in f.i ri.- r. 

The Annan Ttcu..ri uc The 
future of niM.i'K-nsTHTg 
recommended Thai n 1 : 1 c- ap:*r 
should own iiinrc 25 per 

cent uf :« U-lev >i>*n ci.'up'c.n . 

News Internal iujij l held 3ft.7 ;•■••■ 
vent of the nun-vyu:_* A 
Ordinary share* h*..*: lhi< .*ai-» 
has reduced the ;u*i idiliii.'* !•* 
jusl under ihe suggested limit. 

This limit, if itui-<eed. utu.bi 
nnl be binding until ai least 
August. 1979. when the eurtent 
television licence* exp'iV. and 
puss ib I > later. 

Last week provided n am»rt 
opportunity for the Mile because 
London "eekend *hare.* were 
buoyed up by favourable rwuMinfi 
lu ret-en! resiiH* a ml ihe U*!*- 
visiun ciiinpany'* emip in oiiiain- 
iny an exclusive cunlract iu show 
Koulhal) League .uii-cht— . 

Cazenuve. vt«ckhrr4rer s hand- 
ling Ihe *:i!e. had no l rouble in 
placing Hu- share* with just 
under 50 institution; and unit 
trust funds- at a bom l-5?p a share. 




00 Jejii 




BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


it 


BORROWING by the public see- 

- tor in ihe next Saancial year 
(1Q7S-S0) will have to he reduced 
by between £1.5hc and £2.25bn, 
below currently expected levels 
if ihe Government's .fiscal policy 
and monetary target are 10 be 
made consistent, according to 

• economists from the London 
Business School. 

. In the latest issue of the 
t school's Economic Outlook, pub- 

• fished to-day. Mr. Terry Bum. 1 ; 
."and Dr. Alan Budd argue that 
"there is still a gap between the 

economic objectives of Mr. 
Denis Healey, rho Chancellor. 

• and Uis at Dons in spite of the 
recent rise. in interest rates. 

They maintain that «f the 
i broadly defined money supply, 
including cash and bank current 
and seven-day deposit accounts. 

- is to increase b.v ihe middle of 
the 8-12 per cent target range, 
borrowing by tbe public sector 


will have In be held al less than 
£7hn. in 1979-80. This com 
pares with the Treasury's recent 
estimate of IS.obo for the period 
and the Business School's own 
projection of £9.2bn. 

Consequently, the aetbors 
maintain that “ sonic fiscal de 
rtaiipn will be required to. make 
fiscal and monetary policy con 
slstcnt.” 

Moreover, they say that the 
growth of the money supply 
should be at the lower end of the 
official target range iT the 
Government wan l* to succeed in 
its aim of holding the exchange 
raie nl about its present level. 

The publication maintains ihai 
the money supply bne crown’ too 
rapidly in tin.* -past 12 mr«Ut« 
for there to be any" hope; of 
containing tbc increase tn earn 
ings to 7 per ccni In the preseni 
pay round, as the Government 
hopes. 


■; British Gas wins contract 

. BY KEVIN DONE. ENERGY CORRESPONDENT 



BRITISH GAS bas won a con- 
sultancy contract in Algeria to 
advise on automation of the 
Algerian gas grid and telecom- 
munications. 

A team from Easl Midlands 
Gas will carry out an engineer- 
ing study for the development of 
computerised control _ of the 
Algerian gas industry's irans- 

Tb« contract foi , d*A*s an earlier 
mission and distribution ner- 


vfork. . . 

British Ga* success in Ew pt Iasi 
" month.. when it was engaged as 
a consultant fnr ' Egypt's first 
scheme to develop natural gas 
for household use. - 
The Algerian gas network ha* 
been, extended rapidly over the 
past few years but is still con- 
trolled manually. Tbe British 
Gas study is expected to take 
about five. months to complete. 


LABOUR NEWS 


Union to press claim 
for spreading work 
at British Steel 


BY CHRISTIAN TYLER, LABOUR EDITOR 


■ - f 'S 


; THE BIGGEST steel' union will 
. rthis week put forward a wage 
-WHaim designed to spread work 
’iii the crisis-ridden tsritish Steel 
,'Cdrporatloc and -give its mem- 
bers a pnjr rise iu line with the 
•present rate of inflation. 

■' Leaders of thelmn and Steel 
'•Trades' Confederation are asking 

■ rfor a deal worth. 12V per cent. 
JThey-.Want an S per cent pay rise 
■and: 4 i- per cent from produc- 
tivity bargaining. But this 
-Second element would he taken 
-in ihe. to nn ot a shorter working 

- ■vieefc. ■ Mr. Bill Sirs, general 
'Secretary, said, yesterday. 
^..Attbesaine time, the ISTC is 
llreparihg- an instruction that no 
'member- in BSC should work. 
JttOte than eight hours a week 
•overtime; D is to give tbe'Cor- 
jxiratioh "warning so that work 

■ #|n 'b8 xesebedufed. 

,:Sir& said that overtime 
working bad increascd'in recent 
. year^, Ip spite of the big reduc- 
-Iftm in jobs, arid was running at 
ail average of 13 per cent. Vctv 
ferge numbers of extra hours 
were, beiny worked in some 
arcus. 

Tbe union will insist that the 
contribution to productivity- 
bulk of the saving due to its 
especially through the loss uf 
jobs — should be returned to the 
Workers themselves. 

Mi. Sirs- has complained to 


Mr. Enc Varley. Industry' Secre- 
tary. 'about attempts by civil 
servants io split the proceeds of 
such a -saving. 

This, he said, was one of the 
reasons why he had voied against 
the proposed TUC-Govommenl 
pact oh pay and inflation and^ 
had called for the vutc on tbe. 
TUC general council that led to 
its failure. 

He said that civil servants had 
“ interfered." with productivity 
bargaining by saying that no 
more than 5l> per cent of the 
savings should go to the workers. 

The proposed TUC-Govcm men 1 
statement suggested a three-way 
split ‘between- workers, invest-, 
raent and consumers. 

Or the new claim, he said; 
“It will be seen ihal we are 
still fallowing very conslructively 
the needs of ihe industry and 
the country, and this indeed will 
give .10 the Government the help 
it is seeking in any forthcoming 
elections." Certain other unions 
in the industry would be lodging 
much bigger demands, he said. 

BSC'S reaction to the claim for 
a reduction in standard hours 
will be closely watched. Only 
the Post Office, in the present 
round, has conceded a cut in the 
working week after industrial 
action by PO engineers and a 
special inquiry. The reduction 
is said to be virtually costless. 



Talks today on shipyard dispute 



SHOP STEWARDS from ship- 
yards on Lhc Tyne anti Tees are 
bolding talks today on a dispute 
which is threatening a £18ni 
Order destined Tor Swan Hunter's 
Tyne yard. 

The stewards are travelling 10 

the Haverlon Hill yard on Tees- 
side where’ draughtsmen are 
refusing to release detailed 
drawings for a container ship- 

There is concern that the 
order fur the ship will be trans- 
ferred to West Germany unless 


tbe drawings are handed over by 
Friday. They are needed for pre- 
paratory work for the 16.000-ton 
refrigerated vessel to be built 
for Ihe Bank and Savill Line. 

The Tees draughtsmen are 
refusing iu hand over the draw- i 
ings in protest . against more 
than 300 redundancies at 
Harerton Hill- They want i 
British Shipbuilders to transfer j 
one of three Polish ship orders 
from Lbe neighbouring Smith's 
Dock shipyard- 


When the Weather Forecast 
looks like this, you know what 
can happen. Chaos on the 
motorways, delays at airports. 
IfyouVe^itf to be somewhere, 
whatever the weather, there’s 
only one way to go. Inter-City. 

And not only because it’ll 
get you there. But because of 
file way it gets you there. 

Quickly In comfort With 


room to stretch your legs when 
you feel like it. The space and 
relaxed atmosphere to prepare 
for the day’s business - or even 
get half of it done before you 
arrive. And often the opportunity 
lor a meal or a drink as you go. 

So if you ha ve to be miles 
away for a meeting when you’d 
rather not go out at all, just 
travel Inter-City. And relax. 






r T r 1 . t. 








Budding and t 

Big sewerage and 
water schemes 

•TAMP DfiESS'EF. :«arl .McKee, oriiy • Got eminent nf Sind 


I Engineering 


£6m award 
for new 
factories 


Atkins busy 


THE vrs Atkins Group has-been : jdcl will be 
awarded a £ 3 i:n consultancy in -house 
commission by the Algerian. AG Sheppard 
Ministry of Higher Education -dates, workup 
and Scientific Research to design with CusdiD, Burden an dHo witt 
A, _e T» ar.,! T. , , and ^perSJc the construction -..Gleeds are the q«nt & p* 

+ Mm tnr VIllSPJ* CONSTRUCTION OFW factory of an SOO-beti leaching hospital yeynrs 

1 U 1 iTlillwi -L# W VaVIC y units for Milton Keynes Develop- at TSemcen In western Algeria. teaching hospital- ia '.«p 

CONTRACTS FOR £ 4 m fur work is for the temporary Crown meat .Corporation at Blafcelands This follows the aMOiucemrat peeled , to «W£ 2 " 2 *S 

in the southern region have gone Court at Wood Green. London North. is to pe : siflaed soon a. in Maj ot a c^tnissioa »or qo m pj e te. w^th obstruction 

to Miller Buckley Construction costing £ 900 , 000 . The Depart- Rober. Marriott (Trench Kier design and coastnicuon super- tjianned'lc Sttrt in 1981 

■which has recently opened an ment of the Environment has Group) . _ 

area office in Winchester, Hants, awarded a further £ 363.000 con- The H. 6 m contract cal.s tor Tiemcr' 


Vtforid leaders 
in steei framed 
. industrial . .. . 
buildings ' 

Ccmder international Ltd 
Winchester, Tci: ( 05*21 3^222 



tret ^'c. i,-h y*<* 1 • 

j'Tfnr -~h 7r*r-*. 


Tbe J.n»t valued at Bim. 


with steel 


Inc., nf B Or ton and Black and a fen involved with the problem is an office block for the Depart- company wiil also under- Some of the 


Veatch (nternaimnul. Kan.-- a- m ..ewase sad the rehabilitation !! ,en * ,,f Environment at tak ^ ext '_ cj '' j altera- two-storey offices. Total 
«iiy. .r ? ,hv t»u i:.S. com pan it-'' ..f ■■■.■.ter supply network. P^rtsmoulh Naval Base. , l0 „ 4 Tt cSrie? sSrreV for area of the new factoru 

thai will ae: av con-ulmm- r.n a By ibe year 2001 ihc capacity .Another contract in the south Ansa Tone. " be 29.000 square metres, 

-e-jond atuc> *>f th*.- EsMiimn nf -he water supply for the Cn> 

• iciernmcnt '- pr-ijv.i f..r ur- nf Hyderabad must be increased __ _ 

grading Gain*’.* *e:»aac m*tv,n:l-\ from :?> present 34.000 cubic \\l np £krsrk'B 1 Ci> • • 

Their ^pi'-iituiimni i? seen a? metre.' a day to 2 m cubic metres T ▼ dl dllsllov ' • ' • 

? «_on«l: s u-n i.f lfit* £ 5 t)m aid a d;.> '** cater fnr a population 

pledged ; *.> tne '•cneme r>y the wnrea. by mat year, is expected 1 ff* _ . ^ i 

I'nitcd .Stales Agency for Inter- :r* reach 2 hrn. II IS O ClTTlCtS 

nat.onal Development, and ihcy Apart from extending the — — m 

f.iU act in conjunction -.ith .loh.n e\«>t:na water supply network. BERNARD Sunk*! and Sons has "Xl' *" 2^1 

Ta;-ior and Sun* and cSinni** and "ic d. ,.?r and ^unervisioo of the he .„ tn a cy j m ron , rac , t0 c „ n . 7- :•*••'/■ 

Partner.' who last September yr* - con.-:: rttc. ton of two sewage treat- , Ir : ir , . •.•• i r*»hn»isr .™h aitmv • ■? ' Tf JjL:*. J, 


frame superstructures. £ 100 m ibe present capital value 
he units wiil include of work at this location for. which 
offices. Total floor Atkics is now responsible. . 
te new factories will The substantial architectural 
work involved ia the latest pro^ 


Material 


^orced.aa us'^r;?h€^c^sabij 1 '— 
2tal -Speiidtas ■pr&vioti^. -isfefed 

■ -ang^fh>> ‘ 

THOUGH THE . . controversial ances tor industry^ to* ~sg be ffgta 
"CABIN ano-iiationalisation-investiaCiit iiy.bufldiiizs 
catiopaisn now seems to. be tak- jngt- jn ^ ^ ^ - »• 


campaign 




ranneo^now acpwmncriin wiurji-.iv ■...*» »nj ? e .rwi- flrucl a warehouse and Office 
,'enred rl.e ha; piian JIiniMry «f m«n. !-:-*«* « H also be under- e , opmenl , n North Circular 
Housing and itccon-T ruction with taker, ny B.iilmtrs. tne .'ouln-eas: RoaJ . London W 2 . for Ancmfr 
a six volum- iCini.i:ninj L-.nri^-n ed CMnsultinc encin- Jn-psimenl* 

detailed rccf.:nmendatn.n.« and w r*. , ' The ..-ontraet is f..r three 


■-mm 


pron-^u.- :he nnipusal. 

Bn lain already olfer'-d 

r50«i ’. :h» ’.l:.ii-)n for Ove-- 
<ei-i Dv.i/lopmcn; ^nd the first 
five-;- car phn-i-. i-\ ported to C'.nv- 
m?nc»- c,.rlv m-yt year, is i-x- 
pceKd '» 

r iisMWi LI- and L.S 


irjrii.-’, 


*.tiiL-i:ii.- .-tal*- 

■Jigbi rv 

Tpm 

; >ta 

iiun 

:. and 

360 

ma; “i 

>• \ *i *. • 

i:.-.ini.-- ar** '** 

k::; *'*: 

-r-'.. r- 

reC«- 

— 

ihe 

linn: 

ihar* 

• n*. !*i:Ik 

*»; Ihe “.■.“*. *:k 

efiiu-rn: 

:*ei^ 

Ull 

laCd 

for 

igri- 

■rthlth 

- :.‘| ;•.■_• 3 

u: uul tn i:ilL*r- 

L'jllil.'d! 

irri’^uon. 




nations 

1 “«-nd":“ 

Tac long-term 

The 

-a: (< 

phy 

-e one **f 

:he 

in*: (if 

'.h“ -Cilv 

:iv. 10 the end 

icr.erne 

- Oil 

mated at. 

iJOni. 

and 

■»r tr.e 

.-C-ntL'l"- la 

presently esti- 

Ihe enr 

tract 

■-va- 

a - .* 

arded 

in 


A- e.- n inc cii> h-.* no sm^ie-slorev warehouse units 

>eyag- -rca.meni faeiliM. and , vllh ,,, ri anU three-slorey i.ffiee 
li!,le •r-ttf-r.»;c. I: i* planned i«i jfcrimmodation. The acheme 
*.ividir H. riio.td intf> ■■•■.■■ arain- - A -i ;i provide a floor area nf 
.!_«• L-a:cn:i:vm ?re..s. each dram- 205.000 sq ft ir. be divided imu 
:n.- :•• r.ii»* treatment work.-, -.liious lettable uniU. Coinok- 
1.:.- iT*-.j.*c: include- non i- planned fur March 19SO. 

■ txidaiiOM P'.nd ireat-nem plants. The architect i.s Alan Cooke 
•Maui n-.Tpm: .-laiiuns. and 2 S 0 Associates. 


.2m hospital in Chester 


Fv^-^EIH' profit" fi8 ht against the Labour . • ■ 
PartI ' s p"* 0 ™- :: =v--- 

~ . . si The m ate rials sector * has-*-, - 

throughout 1378 beea. «m^uct- T ' 1 : •: . - 

MSf: ing its campaign- ..tbM^-4£e -- 

Building Materials , Information. ’ . ' 
Committee <BEEa4IC) a -p«tt bf *■■■ y-- --'. ' ■ 

— the National CouneH : of , 

ing Material. Producers;- Whil^‘ f ■ l l If . 

■ . ii agrees vdaolebearied^-^sottr v/'-:->^v 
the C.A Bl M. opposition • In .-fcny. FOU£i)V^NG;^ts ^eCFixe 


m»;-;d or- £ 1 . 500 m Balfour.- the Hyci^rahud 

Furinf ca-i. in I’all-tan ‘No Dnveio-mon' Authnrliy. 1 io’.crn- 
H.- d c ■•.• i'Im-; Lk- Aiuh- mcpi rind. 

£47 m bank in Nigeria 


INTER 

\AT!- 

v.AI. FIRMS v.n! 

.. 0 ;* ea a.. 

n ’la mil 

> «un eynr 

-'OOh 1 

Jh ;r V 

::eri ;«■» -ubmii j*rc- 

and con-irtsct: 

ion eosi 

ton ii;! lam 

nuaiifh 


T?: 1 . r- fr*jin -.vhicn :* 

f*.*:- in'- :- 4 --t*.; 

■*■>• building which 


d «ix 

*-.r *?:sh'. i;nm panic-: 

i hi. one 

•if the 

laliest in 

ill r-i 

• cho**: 

•n. l ..*:'- :< KOm Naira 

• ri'j . 



1 abnu; 

£ 47 m 

1 i.ffit-*? dc'.elnpnicm 

The r.rojr-*-' 

1 1 ; d 

c.-ignea by 


Work at 
Heathrow 

A NEW ihrve-siorcj office hl.-ick 
i- -o bi' built for ihc Bruish 
\ir:.rirt; Authority at Heaihrciv. 
under a further contract wonli 
uiorc than i-in awarded to John 
Luing Con.-inicf.inn Tin: com- 
pany is a i read;* carrying nui 


BOMS CONSTRUCTION has The new hospital, which repre- sq. metres in f.vo main storeys, 
been awarded the contract io «nis thr first major manage- An “ isolated third storey wMi 
hi jiii} i'hpcrer riictr.n i '.ener^l dicnt contract in the public accommodate plant rooms. 
Urcnir-V K m 2 ! « health sector, h also for the Structurally, it will comprise 

Hospital, shown above, amen is ^ erscv Regional Health a concrete frame, clad wth. 
expected to become the first of Authority. It will be built at timber panels and a brick infill 
the advanced '‘nucleus” hos- Liverpool Road. Chester, on the n? to firs* fie or. Above first floor 
i'ltal.s ;o open in Britain. -«ite of the West Cheshire hospital level, the cUdding wfiU be tile 

Wurth approximately £S.Cm. at is programmed for com- hanging. The roof ''filbert 


a rather diflerent.-ws^ : l: numeral -fibre JhK ^eea'iJi|HioVed 

No free bkHoond : ^icbms ; 

. DPPUIi-< . ■» i:. - a*:. ti>- h i ii T _ h nn 1ST ■ • •T T Ko 'wnmnDal . 




Steel on way to Egypt 


£'.•:■ In'- :'- 4 - •!■ • r»-y bu itch on which extensive work at Terminjl 2 a? Ke;ir.nal Health Authority ic pathology, accident and emer- The building w: 

-.*. ::i h,. on-.- nf the tallest in part oi a sclicmc t** improve ii m 'e f or first patient intake gency departments. The building ceilings and t: 

Air tj. piassenrer services ai Heathrow. j n Oelober 197 S. will have a floor area of 14-000 screed ed nxih a 

The r-rojrwt i; designed by Under this contract an office 


for th-.- 0?a : ru; Bank ui Ni-jcru Intcrftaie Architects tN'isenai ok»ck with industrial l»*.\? .n 
;n Lagc. : . and i.-jn.-uliti:? engineer is iho ground-floor level is be bui.’t 

Integra led r.*i n-.-r < ie'' iLago-i. civ,* A run Partnc-rihrp. ciM^o to Terminal ” It will be 

:n association n’n W,dno>! and Tend**: - * .ire duo to be join: rted a concrete-oa-ed «iet! frame*. I 

hcen rjj ^ia;. 1 nev. ; ear. huiMthg on concrete iiad foun- 

ds lion*. clad in curtain wallinj 
__ -.-. ; i ri aiuui i ni mui wind-iw- and 

i-xr L facmj brickwork Ii v. i > 1 hate a 

t r ISJ w T &JI Total floor area of about 51700 

** * %( | ft 14 .SOO square metier- 1 . 


Industrial buildings 

WORK IN the Midi? litlf. Smith Agency, bring in n^ore than £ 1 —.. 
Wales, ihe Hour* Counties and and the company j* undertaking 
ihc north-west, has jonc it, R. M. de-.eiop:nent at Bare* for BP 
Dougiaf Construction, p^rt of Chemicals, and a Factory for 
lh|L D«»ualas Group. Rcuiploy at Fforeslfach. 

» he company wnl hutltl 2 S Also included in recent con- 


tee. says the. matwial 'pEbiucers '.ML 

m — - feft the need for fheit^ own DkStlif WOSfi- 

KrPa K P FS defence strategy-abased" ottteeir " “ v • 

^ tt-eil-dociimeated report “Tha: ; ;> »:-y . - T^frT- •- .. 

« 1 • .- Need for Butldiag Materials' ‘r- : 

nnnH |p CC because much of the Lafcbtrir- Vv4‘ . ". 

llttU (.-document coReeraed ^^%' r ^s C dTtlSH^Sii^ 

T.-what it beUeved were ther . fad- Bfso ^ GreupT^Bwbn' .feeSyc 

P U : .. -S? -'develsiasetft^ 


Wales . mu 


: ■"* : ». ,s ' rur compicuun cany m f()r the We!sh Licvclopmem Board. 

Eni-pL i: i - :ny nr-i m-:ta!men; aunn^ ;r,t- ^■J:llmer. production * K 

nf ;-n order for 4 . 70 U tonnes for ha 1 ! developed to a ?iv-day doubie 

the Plaz^ De>. >;•:••: men? in Cairo, -r.ifi ;*tr week and the company _ _ , _ „ 

Cleveland Bridge j- -ub-eon- r- m-olved :n erection contract- OT F3 llff Si 2 jAhr 

ir.icinr ;•■* and Hi!!, ii m hai: a d-.reti Middle EuM ~ v/l W flfl E Vt 2i©S lOOS 

carrying on: 24 Im inn tract for countries 1 • -fr J 

fof}11cjriO’ CONTRACTS JN exce« o»" £,»u storeys 

-TT^ _ _£T j J (• hj-.e been awarded K- Wates -y e, F R , 

Thames flood defences ^ ^ ^ 

T|I O 3 PPl .,:i' negotiated furihvr office Wn-i, 

THE 4 ,-,.*T!€n W-,-**r Aulhoril; .-u:.*;>or on a 2 -oieire-rh:ck cm- refurhi-nmeni work at th? scoa . J | 

io-nil. v - 1 * ii Me *., renter London crete pl.:i. w :< of »q>jjre DEVELOPMENT l-'tiR nruaie :~' U i in * :? r d °? r " : 7 ' Lr ' t ‘ the Me 

Co-jn.-il :-j- j-^rd-d j c*mir.ivi cellular -.ons'ru- Tion in r ,-:n- r ,.-.,,,,. n ii;d ;.urnuses *.1 a p..- : *l L- ,nfi, * R - f "" ,Re Lond..rt uno v - he „ . 
to .John H v.cjrd ind '.V. for all fauen e r-crete Th-=- i»-l%. jiuhonty-n-.i ned \nr of nearly 13 ' lanchf, - e ' fr Assurance > ompany. , JU ,! dm 

the i. iv.'. engineering v. ork.- .n 5 incire- x 5 metres \ 12 in»*irt- ;*c:>'S un the ue.xi -tde <ff Nufiuli "‘-v cvntrai heali.:: and hot include 
evinection *i:h '.no Hartford h::-h. v.,l' ■■.-■ fi lied -.-ifn ^ ran w\m- Koad. Nntnnahaiu. i> i., i„.- plant, with corn .-ctions to freezer. 


Ja -. ■(..document coRorned itselt JA-lUr 7 ^' scdTTlSH^ 

, . pneumatic they unshed “to concentrate ou^abd-for k totaFrahic^^^j' 

incorporate a (he areas directly affecting them; fSKUWO.' -v- - • 

1 r Gwyn ’ rf!® • ^ iwa4irei^&^wS£in. 

wojje ; more BEEMIC approach is certainly iKprdppri^ wiHhe Knite2Tnr 
«uce than the ** )p « nniirlMi" than fimw « oe *_ 


2 e !) d „- L ' t ih,? McDonald? restaurant chain. p:ate seeiions. ■ ■ 

-.'i J r » .. \ ... - ” - ' an ? vher an exist mg three storey This has been caused by the-r- 

. lanch.-.ter A.iurdoce ‘.ompany. Ijm !dmg will be converted. Work high impact ioads to which the • 
»ew centra i hoali;:: and hoi includes an extension t*« house vaives are subjected-^fip to3.00ff ' 
ttaicr plant, -.vith vorn.clions to freezer, cooler and food prepara- times per minute as Ih'eyreciprO: 


•reek oa^ier •• n ib for.ii-* p.nri maR.-;-ia: jncl Then decked over undertaken bj William Leech e: isimg syslenii oc the six non are; ? cate between the valve chest 

of :h« Tlia:i,'. , i Tid’d ! Defences *sih co.^c■r^• , .'■ sub* i Midland-). sea iisg- faces. .- - -.-. .- : .- 

The 12 m scheme calis for John Macdonald ahd;. Co/of 

nearly 120 detached hom< - of 0 „-» * a j-g» s-*<nr East Kilbride, has made a break- 

jbutu six different types. Th*- Jj? OlloIIiS oOCI. 01 . \ V^XXICG through in this sector affelr over 

builder- hope io make -t:.n ^ a decade of development work, 

carl j in the New Year and i*. , , It solves the forgoing problems 

complci** th»* whole pifject in ^ '"i ar.c-n nfiice ,or th-: T.i^ tour-storey out.dtns. *n and provides the heart of a new 

i-.io and a half mars. Led* Permanent Bniidim , riL . a ] Yorkshire sione. will in- range of paving breakers; the 

;;^; v UFord ,U! ^der L° con elude a banking hai! and offices 'Mac-d’ range, 

T 11 JL f "- '£* 50 .o 6 o won by tbs »h.:e on the around Moor there ce ^“ r ^ v ffwSwJSldTo 

Lovell gets ™ y Bumia ' ,;rul,p - vil1 i,e two ** p un,ls - m« Jo *£ cUhn th.* tits «n 

JUV ’ v “ O ^^ 01 actually run two *Ma<xi' units for 

1 all T, 9 . i • 7 i n-t n? ^ the price of one conventional 

work w'ortni Cubitts in Midlands d « ig , 

, , . _ applied fori enables Macdonald 

rv _ rAB , JP I M PP.O V E At ENT.S TO the Birin- r*,r ihc Midshires __Building to retain the advantages of cora- 

U V til iny Counly Court in Newton Society. The Design oroup for pi^te drop-forged construction 

Street, under a ilbl'v.OOU c.intmct Industry will provide all profes- with low vibration and low noise 

LOVELL Construction liroup lias ui avert b > the Property Services Mona I services. output, 

been awarded four contracts Agency of the Department "■ The 

totalling more than £ 1 .Sm. Environment, arc tu he carried __ , 

The largest t£ 597 .noi)i i? fur out I »y Lu bills Midlands. IJ |-vq ^1 ||v«|r 

the refurbishment and renuva- ,\j tend ions include new heat- ix, 7 /QC rrAAfl JLVUttll 111 , 11 V 

lion of houses in Lots Rr,ad. Chel- j n g. air conditioning, electrical VJ 5 a t V- 5 & !>UUU 

sea. for the London Borough of anil water installations and com- ^ vn i 'AlTrki*rl 

Kensington and Chelsea. pleticn is planned for mid- 19 {> 0 . 111 I clltllll 

Another contract is 3 t the Pad- 1 , TIHIQll 

docks Clinic. Aylesbury Road. TI l -T ,ci, L r ^nother recent rornnet milOll COMPLETION of a £L 3 m. road 

Princes Risborouph. Bucks., for r-olland. Hannon « Cubitts t alia- i.-iT. F i,'rr) chipboard which Huk on which work is Just 

Vaddan House. About C 552 .C 0 O ]i. ,ntl si. also a member nf t!w n h e ‘t-ruploved ^as re-usable beginning in Telford, Salop, is 
is to be spent on extensions and .^I^^uare' metre wpermarkel shuUerin § ^ ‘being marketed expected by October next year, 

alterations. Ti KiSSilnfurt We^ Mifj ^der the name Sent form. Telford Development Corporation 

For the London Borough of ; 11 - We ; t Mld I, , ra t 6f j that providin'* a has awarded the contract -to 

Lewisham the company is u. l ^ s - oco" ciS^'ct^calU 0 »u«able mould release agent is Galliford and Sons, of Hinckley, 
build an amenity centre at Angus i^sil huitdiM- sbel 1 So C used a predictable and repeat- Leics. 

c^ l « e io‘ Ne u•l CP ?“ , v“ i\- C u “ r in- a sinc e sinn*- sales a r**a yi,lc finish can be obtained. The The new stretch of road will 

£ 345 , 069 . while for ih«* Welk-.me |^ b ^dmi’nistraHve offiSs and shuttering is said to leave the connect Wharf roundabout with 

Foundation at t-rewc Hall. S10rassr , l0 n, c rear on a first' floor concrete surface exceptionally the Randley interchange, provid- 
Crewe. Cheshire, a new sin? e- 1011 • corona nrst noor. and interna , waMs are ]eft !ng direi . t access to the centre of 

storey process buridinj* is m be A third Midlands contract at almost ready to oaint and to be the town from the eastern 

erected and some existing unit- Lichfield Street. Wolverhampton. f r e,.* from grain 'imprinting and approach, with an eventual fur- 

extended at 3 cost Of 13311 . 000 . covers the refurbishing of offices cntin»»rc thpr link ta Ihp nrannwri M Fkl 


the ground. 


‘ . ( .- Uhdcr a f 


Scheme. 

The c*-*" , .ra*.-‘. vjiu**d ar 
.v)r<ro\*rnjie!: £4 5 it. t< for 
;n WS . cek- Work 
■nvo'te- :h-' cnris:ru*:t:un of the 
fo-.in-'i:- t’nn.-. and lower- - in 

:.wo:ti:»to 1 d»e ;i 30-metre clear 
-p.tn fabricao.-d steelwork verti- 
cal drop Jute 


- M , • com ro! line ihe gate tt:!i he 

:«vvo:ti:»toij*e ;i .>u-metre ciear located 

* m,v * lworti V - r ‘" Olher wyrks meiuded in the 
cai -r jp — t- con tract are exten-ive piling to 

Th* r.v-j mam pier fou mid lions flank wali-cui-ofis. fenderinj 
'••■'io :>c enn strut-led within -iheet systems to both piers, nn-ce!- 
piled .o fife ’■■dam-.. 20 metres \ 50 lancus roadwork-:, draina-.-e anti 
metre 5 . The nistn foundation ■*. .-ervicc*. 


I PULLMAN INCORPORATED 

i On No*. ember 15. 1S7S. the Board of Directors elected Mr. 
| S. B. Casey. .Ir.. Chairman of the Board and Mr. C. P. Laltin. 
! -Ir.. President and Chief Evxccutive Officer of Pullman 
j Incorporated. Mr. Lai tin has been serving as the Preside at 
of the corporation's Pullman Kellogg division. 

Mr. Ca-ey said that this action is in keeping with his 
previously announced plan to relinquish his responsibilities 
as Chief Executive Officer of the company in the near 
future. Mr. Casey also noted that during the past nine 
months. Pullman Incorporated had achieved the highest 
earnings and revenues in its history and that this appeared 
i to him to be the appropriate time lu turn over the leadership 
| of the company u, his successor. Mr. Lattm, who has made 
; a greater *?ontribution than any other officer to Pullman's 
[ success in recent years. 

I Mr. Thomas -J. Ryan, who was previously President of 
| Kellogg International Corp in London and then Executive 
I Vice-President of Pullman Kellogg, was elected President 
• of Pullman Kellogg. 


The t«i. of reinforced con- The £2m scheme calis for 
■.re if wi! 16 metre- \ 5 nearly 120 detached hum*-- of 
metre- x 1* nierr*- high. Stairs _*bmU ?ix different types. Th* 
and .jlai'ur.ns ■• i!' : *e con- bulkier- hope i<< make a -lari 

A-ructed fr acre-- to :hc in:» earlj in the New Year and i*. 
where the machine room for complcl*- th»* wliule project in 


Building Society Office 


I’ao and a half tears. 


A NEV. nrar.ch nRice for the 
Leeds Permanent Building 
Sneieiv i- to up iu:i!i m Godwin 
Si -e*.*,. Bradford, under a con- 
i - 2-1 for £750.0 (Kj won by the 
Tally Building '.Jroup. 


The four-storey building. 


work 




Gives good 


Kensington and Lhelsea. pleticn is planned for mid-I9SU. I 

Another contract is 3t the Pad- T|ggjC|T[ 

Jocks Clinic. Aylesbury Road. Under another recent contract lHAIOia c 

Princes Risborough. Bucks., for Lolland. Hannon & Cubitts t Slid- FACED chipboard which u 

Vaddan House. About £552.000 }^>- h « ld ' ^ can be employed P as re-usable b, 

i< tn hr* v'.wn r»n py PDshirn: a nr! uruu K. 1 S m MUiiQ J _i_ ?_ ai 


Road link 
in Telford 


COMPLETION of a £L3m. road 
link on which work is Just 
beginning in Telford, Salop, is 


' -fj- hin sip- clean and internal walls are left mg direct access to the centre of 

imldmg is m i>e A third Midland.; contract at almost ready to paint and to be the town from the eastern 

Ie *■* , 1 Lichfield Street. Wolverhampton, fre,.- from grain iiupruJliog and approach, with an eventual fur- 

•st of £330.000. covers the refurbishing of offices splinters. titer link te the proposed iL54. 


THIS ANNOUNCEMENT .WEARS AS A MATTER OF RECORD ONLY 

MWk 

ENDESA 

EMPRESA NACIONAL DE ELECTRICIDAD S.A. 


U.S. $ 26,000.000 

TEN YEAR FLOATING RATE LOAN 




& 


BANQLE BRIXELLES LAMBERT S.A. 

BANK OF AMERICA NT & SA 
B.YNQLE LOUIS-DREYFUS 

BABLLA1S BANK INTERNATIONAL LIMITED 


Ma imped by 


Provided by 


BASQUE LOl'IS-DREYFUS 


BANQLE BRUXELLES LAMBERT S.A. 

BANQLE BE LA SOCIETe FINANCIERS LUROPeENNE 
SFE GROUP 

1MITED THE ROYAL BANK OF CANADA (FRANCE) SA 

THE SUMITOMO BANK LIMITED. 


Agent 

BANQUE LOUIS-BREYFUS 


SEPTEMBER 1!»S 


IN BRIEF 

f The English Industrial Estates ^aare metref scSncrbtoc’k 
i-orporation has announced that kitchen and dining room 
work lias started on an advance 

faciury of 10.000 sq ft for the • Cradle Runways, of Dartford. 
Department of Industry at Kent, has manufactured and 

Pils'-vorth Road. Bury. Gl. Mari- installed three electrically 
Chester, under a contract worth -operated roof trolleys for ex- 
dbour £195.000 awarded to terior glass cleaning at the 

Tariiut* Construction. Diamond Trading Centre. 17, 

Charterhouse Street. London 
9 Export orders Tor three ware- EC1. The main contractor is 
houses, together worth in excess Trollope and Colls, 
of i'lr.i. have been placed with _ 

Fairinile Engineering by a food ® Th e London Borough of 
distrihuiing company in Saudia Camden has awarded a £625.000 
Arabia. Ail three structures are contract to Willment Bros, for 
single-siurey purlal-framed build- “ e constfuction of three floors 
ings. Offices over an existing single- 

^ storey warehouse and showrooms 

© four cOnti acts for piling and in West End Lane. Hampstead 
civil w.irks, with a total value London. 

nT £250.000. have been awarded • 

to West’s Piling and Construe- 
lion Company, part of the WG1 

engineering group. The projects flHl ^ 

are on the Isle uf firain and ai I 

LtUlebrook. Kent, and in London, g 

at T.ambeih and the Surrey W^'y.-A I 


9 Mechanical, eleetrical and lift 
services for a “wheelchair 
hotel *' in Llandudno are to be 
provided under a £400,000 con- 
tract awarded lu Donald Smith 
Seymour and RooLey Work bus 
begun on converting and extend- 
ing the W’usr Shore Hotel for its 
new use under the auspices of 
the John Grooms Association for 
the Disabled. 

0 Construction of six different 
facilities at Priory School, 
Weston-super-Mare, will be 
undertaken by Marples Ridgway 
under a £400.000 contract. 
Called for are a 1.0S3 square 


CONTRACTSAND 


- . Electrxcity Sepp ly C^mrm -V - >' 

-"i NRula Scheme, ^ - 

Notice of 
invitatioil 
to tender 

Supervisory Control and ; . 

Data Acquisition EqOipnteni 

The Eleccriaty Supply Commission of Malawi Invite: 
registration of interest in contract NBP 3/AWhlch covers the 
supply and installation of supervisory control and data 
; acquisition equipment associated with: die NkuU Falls ‘S' - 
' Hydno-E I eccric scheme., . . -r - . .. 

; ; The scope of works indudes the establishmem pf a 
processing system suitable for providing data processing ►VpJ 
display, control and recording facilities at B ktn tyre ■System • - 
Coorrol Centre, with SCADA Jirikt no oucstaxions at Nkula. ' 

Lilongwe ‘A’, LHongwe ’B* ahd Mapanga. Additional SCADA; 
links are required between Nkula generation- control -centre 
and Tedzani Power Station and assoaaced intake iworfcS: 

Power line carrier equipment forthe transmission of data 
between remote sites is existing or will be provided under a 
separate contract. ■ • • .. *. 

Completion of the works is required by early 1 ?8I. 
it is expected that the foreign currency portion (of the' • 
contract will bd financed by Kreditapsta.lt fur WtederauFbau 
andlocaJ costs wUl be undertaken by the Eiearfrity 
Supply Commission of Malawi. - - • -••-•- 

..To prequalify tenderers. muK.demonstrate previous . . 
experience in. die supervisory control of: equip merit on . 

: electrical power system s.ovdr power fine carrier, radio and/or 
pilot wire coramunkation channels. Registration of interest in 
■' receiving tender documents, together with evidence of 
previous experience, should be submitted, to. the Clntted 
Kingdom represdutaovesof 'die Commission’s Consulting . 

Engineers: . ..(;.’. v. ; .-. .(. 

Kennedy and Donkin , Premier House, Woking, Surrey GU21 
ID<5. United Kingdom ^ i ~ . . 

- Issue of tender documerits to all qualified firms is expected 
byffrii January 1979. and a period of' T2 weeks will: be 
•allowed for tendering! ^(: .- ’. :( 

SULPHURIC ACDD WILL BE 
PURCHASED BY AZOT SANAYII 
T.A5. GENERAL DIRECTORATE . _ 



the right shutter... j 
at the right price...! 
at the right time. 1 


Doors Limited 

Wharf Road Industrial Estate, 
Pinxton. Notts NG16 6LE 
Tel: Ripley S7I03I 
^ Telex No. 377370 


1— i AZOT will purchase totally 1 132 J500: metric tons “sulphuric 
: -acfcT (20% more or.ltise.at XzOT's option) 12,000 metric 

. .. .tons on FOB basis anti 110,500 : metric lobs 7 oii C+F. basis, .. 

. ^ for the requirement of ' ' 

. . .- r-Samsun Plairta of Azot Saqayii T-A15. . ' 

. Y&rimca and Sariseki/ts&enderiiQ Plants of ..Giibre 

' : Fabrikalaii A-§- (Fertiliser Factories).' 

2 — Sealed offers, should- be mailed ..of handed , over . to our 
'. General Directorate latest December 31th, 1978, up to 

17.30 (5^0 pm). 

3— — Bidders may. obtain .the "Specification for -tBe-- sulphuric - , 

- acid from the following addresses, free of charge: 

— Commerce Department uf- Azot Sanayii T.A.§. 

• General Directorate \ “ "... 

• tamir Caddesi No. 3S. : T 

Kiziiay/ ANKARA (Telex No. 42330 Azot tr> • 

- —Purchasing Department oT 'AZOT SANAYII TA-S.. 
ftihtim Caddesi Civaei sokr ' 

• R. Han No. 36-30 K*i 2 ? -■-•'■ 

Karakdy /ISTANBUL • 

. — Gttbre Fabrlkalari A.?. . . 

General Directorate • 

Kasap sokak No. 10 - - . 

Esentepe/ISTANBUL .. 

4;— -(Since. AZOT is not governed- by, the law No>- 3490. ' AZOT 
is completely free In holding or cancelling this htk fljng . 
awarding any company or placing orders with, several 
companies. . • > . 

- AZOT r SANAYIt TJL$. 

• GENERAL DIRECTORATE - 










tender 


r.sc-v 

* fm 

.... 


Now you don't have to make Betamax will switch itself on, of the line will be only too pleased 
a choice between spending record up to three and a quarter to tell you more about the 
time working and spending time hours of television, and then machine that makes time foryou. 

watching television. ■ switch itself off. SONY 

You can do both, with the You can set your Betamax Sony (UK)Ltd,i34 Regent st,London wir 601 

aid of tne new Sony Betamax in advance to record a . 

home video recorder programme that’s on up . ; 

It adds up to three and a to72 hours later: Enough * 

quarter hours to your day by time to have a business f||||y;--y , * 
allowing you to watch interesting dinner on the one hand, ... SI — fft .- 

telews^on^at.you < otherwise ^ ^ a tt^i to^ln^^ on 

■ p ' . ' . aRr - r IRA broadcasts olhen^ private purposes; and any material which is the subject of independently owned copyright may only be reproduced with the ownec 

Itis unlawful to record b u . If you are in any doubtas to yourrights and obligations, you should refer to the Copyright Act 3956. 


Betamax will even record off 
one channel as you are watching 

another: Happily this means 
you can enjoy the programmes 
you wantto watch, withoutmissing 
the programmes you ought to 
watch. 

Of course there are things 
on television you can well do 
without Who wants to watch even 
the funniest commercials over 
and over again? 

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

Betamax is supplied with a 
remote control switch that allows 
you to edit out commercials 
from the comfort of yourarmchait 

It is also extremely easy to 
maintain. 

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

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

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


[a max Sony (UK) Ltd,134 Regent St, London W1R 601 

fly..-* ■ 7: • >■. 




In m- ■ 

ft;* tt->- . 

j-g-j-'-ij v -.\ • 

f.*7*:*l &£$>,.: •• 

JPCf-* . > ' ■ 

l ■ ■■ • 












Wm 


&&&& ip 

steals 


wm% 


£;“*'** 


Mg 


31 






JC UKWUtt* 



rTTTTr 

TURBO DEALER 

New models from slock plus 
the Turbo. Demonstrators 
available. Always 20' 
guaranteed used models in 
stock. Advantageous 
leasing/finance facilities. 


7G MAYBURV ttt. WDXMG.SUftREY 
Woking 
\J0486Z) 65307 + 66563 


?i i ;»iiuiiii — '*v! Hi - * i itri’ tur companies or 

i-itlividuok 

.lisr.y luci$iii£ cnmpatiies >*'-»u only half the 
sh»r.: ii h. it. v-.vvc-l m;-.ke * s'.ttuvuIous point of telling 
'■oiiViV.v. # :;;/ii' ittv! lived. The prt’i :?o ! manual benefits. 


Wikftn 

S&L 


thif 


ii *si 

;.i< in v. 

■lien the 


Uf - 

:ps.‘ 

'i.tlisL- 

in k-iisii 

Rn! 

N-Kuvt 

V. 1 


er. Beiiil 

Me 

rcedes ■ 

sir. a 

mu n\ 

■otliers. 


A >]■ 

i I ' I 

< '! i'iV’: 

.Tsaii'.'ii 

-.-it! 

!'■ •-'> I''* 

I" ’-'i 

u; full 

y in ihe 

ph.i 

;UIC. 





01 " 6 SG 37/7 



721 BARKING ROAD 
LONDON E13 


MONZA AND SENATOR 


QFESi< 


Leasing Specialists 

Tel: 01-552 0031 




Wk a. I 


S£3 iy$nlS2@ 



?2 

(OXFORD) 

EARLIEST DELIVERY 

ON 

MONZA & SENATOR 

Monza coupe demonstrator 
available 

TEL: OXFORD 
(OS 65) 59955 


K r Any rrtaka of car or light van, available in U.K.. 
y supplied - many for immediate delivery. 

& .*■ Choice of Leasing Agreement options, 
g For further information about cur Leasing Services 

Si T ” ' CQur'S'P Zr>x'» n i _ n^nni 


"PEDESTAL GARAGE 

(Ne villa Motors) Ltd 

uilv Delncry lor Senator and Monza 



m3 1; £ £ ia> vj kJo ii^aUf j ^ 

\ bii Kti 2 IL'.J.V 5 O Si* / 

17£). 

LONDON - * MAIN 
CrcL DEALER 


• ; 


, "c- tec ‘.M <zr-.' me 

C 1 ??' — .n::. «.-.:lui5i-T 

354 rort-t Rri. W.-Mtiionjto** £17 
or Tel. 01-520 6717/3 
'1- ,-|'= a: 


pa? 


> > 


>1. 01-""6 5334/5. Toler S7&355 

: e; -V ;■ turret 


RICHARDSONS 
FOR TRUCKS 

OLSBUar BIRMINGHAM 



■ l-r-Mu; 

B:S-zr? -i Le*'in~ chassis. 
Scii-dnte hire— 

•"fen 'K;! fo- chore- or long-term 


BROUGHTON 

OF NEWARK 


SENATOR 

IMMEDIATE DELIVERY 
MONZA EARLY DELIVERY 
Fardon Road 
Newark-on-Trent 
Notts. Tel: 0636 5431 


■0 

OPEL 


W©iLiW' © 

LEASING EXPERTS 
LOWEST DEPOSITS 
T-4 YEARS TERMS 
197? MODELS 

'■ cr Earl# Crn.-.-r, 

f'jii •=? /'•:£ 

ma!:jt=man;s 

•-ipc FAPTS PA ElLfTiES 
KSNS-NGTO?! CAR CENTRE 
12’ WARWICK ROAD 
LONDON W14 
0* -3TG 3152/3/4 


RICHARDSONS 

SOit TRUCK*: 
QLSVJ9V. SIAM INGHAM 
•=■---2 r=s;. 7 clc> . 335194 



8 LA 0 ST 3 NE MOTORS 


>i : j £ fjJiiar. £ 3 : -sc 

'TRY US LAST" 

•Vc * re rjrcii-, ur-rjorsolrJ 

LEASING AND EAP0RT SPECIALISTS 


i-10 HIGH HDA0 aUGHrr HEATH 
TEL 01-950 61«6 


fa 


!,n "'!DE 


SEE THE 

SENATOR NOW 

Orders taken fer early ddi-erv 
Senator. M :.->za. 

Tel: Merseyside (051) 236 3363 


LEASE TOUR SENATOR OR 
MONZA FP.OM 

BIRMINGHAM S MAIN DEALER 

TREBLE (S) M 3 

LTD. 

FLAXLET ROAD. STECHFOPD 
Tolr 021-783 SP02 


b’«WPiS7B!aS» 

SI. mm S5753 

Lcrf-z; Ops! slock in 
So’j; ; i of cnglcod 

Ring uj first! 

For best delivery time*. 

McGill house 

101 Holy-veil Hill vii !0 ria Street 

5:. Albans, Herts. Su Albans 


REGIS 
AUTO CENTRE LTD. 

MAIN OPEL DEALER 
IN BEDFORDSHIRE 
7 The Green. Houghton Regis 
Dunstable. Beds. 

Tel: Dunstable (05S2) 62197/8 


SQ*J7HftffiPT0K 5 S 
f&MH OPEL 0EALER 

OAK TREE SERVICE 
STATION LTD. 

C-dors a*.c*p:iM ne v far Mem* md 
Ser.itcr ana ths -a hoi: Ope! rmge. 

267 BOTLET ROAD 
SOUTHAMPTON. HAMPSHIRE 
. TEL: NOW: (0-12121) 3033 


BEKGR Y 7 S 
for 
OPEL 

Main Dealers for South London 
and Surrey 

Ordcio accepted now fsr 
Mcnza & Senator 

Tel.: 01-399 3068 


3 u f iKr?>*. 

■V I 'L 



Ts-L 71& 2514 

jUi'-'iy'r c‘.3 r .y. Opel dealer. 
OTTEHSHA'.V MOTOR CO. LTD. 
53mr,<-y HiM. Addlastwie 
WeybrMse. 5urrey 


190 SL Mercedes 

May 1559. S4.000 mile:. 
£5,000 

Hard and soft top. 

Grey with cream interior. 
Contact: 0934 862263 


iOMES 

OF CHELMSFORD 

OPEL3 MAIN DEALER 
IN ESSEX 

GLOUCESTEP AVENUE. 

CHELMSFOUD 
TEL.: CHELMSFORD 56078 


NELSON MOTORS LTD 

MAIN OPEL DEA'LER IN 
G. MANCHESTER 

Demonstration models available. 
217 WIGAN ROAD, LEIGH 
G. MANCHESTER 
Tel: (0942) 671951/672012 


1961 3 ENT LEY 

S2 CQTfcTJttEftTAL 

James Young 2-door 
Only o made Brown metal'ic 
o.'ci sand rr.eia.iic. 

£14.000 

Tel: 01-897 0307 


FAIRFIELD GARAGE 
SOUTHAMPTON 

Senator and Monza on display 
in our jhswrc-ori;. Orders now 
barn: taken for the earliest 
possible delivery. 

LEASING A SPECIALITY 
Tel. Southampton (0703) 843036 


BOND DRAWING 


FUSUC NOTICE 


NOTICE 


London Borough cf 

s . 8 

5 


3 ti 


Variable Rate 
Stock 1 832 

For the si* months from 
25th November 1978 
is 25th May 1979 
the interest rate on the 
above stock 

will be 1 2.75^ per annum 
Midland Bank Limited 


, UNIBONDS 

Matval Fyn-» ic,r ir)-.,-tiinviit m 
Ccmun Securities 

For the financial year ended 30th Sep- 
tember 1978 I dividend . : i DM 1.J0 !* 
oiTatin iram the istn Nflyemuer 1978 

a>iainst presentation ot Coupon No. as. 

Tee dmtfena is m,ia? ..-p as wo <**.-- 
<a- Divlaend and inures? DM 0.SB 
■ hi iscanied Cio**ji Cams C sa 

■'.1 Proceeds *rpm Sale oi Rights 0.35 


DM s.ao 


Between 15:n No#c:nl*r JS78 -tnd 
3141 January 19T9. 4 #,ai -holders hjyc 

■ the option ol reinvesting the proceeds 
•pi rite diridrrd into snai« ot tno Fund 

a: a discount oi 3 per cent on the issue 
price. (Authorised Depositaries acting on 
! bof.iH cl U.K. residents are -cmineod oi 
1 current Exchange Control regulations con- 
cerning the exercise o' dividend cottons). 

■ Coupins mar ae presented at t.ie 1 
o’fces o* Klelawor:. Benson limited. 30 

I Fensrurth Street, Lennon ECJP 3DG tnc 
' F’jre i aornlcllcc) tank in tnr United 
1 ■rmadom. Copies ol the A"^vaf Fceoit 
. (n?v also tie cDtaineo tram tne above 
1 aoortss. 


COMPANY NOT3CE' ' F^E^ORIUSVI 


BANK HANDLOWY 
W. WARSZAW1E s.a. 

S US. 3G million 
Flnatir.g rjte 5973/1988 

The race of interest applicable 
fer :hc six .-r.or»:hs period 
boj-innir.;* cn 2”tli November 
and set by :r.o reference, ajent 
is i 2 : ' srirua'lv 


NORGES KOHIMUKAUIANK 

5:% t9G3 T9S3 
UA iz.oao.ooo Loan 
Bonds lor the amount ol UA 306.000 

have tr-en drawn (or redemption ■■■ 

the presence o< a Nourv Putllc cn 
Movertber 13. T978. The Bonds will 
be reimbursed cum coupon no. 17 on 
•inti alter January IS. 1979. 

The drawn debentures are those. 
NOT YET PREVIOUSLY REDEEMED. 
Included in the range beginning lor: 
Bonds ot nominal UA T.OOO: 
at 2383 UP to 3843 incl. 

Bonds ol cPrain.Tr UA 250 Sole A: 
at 10094 up to 10341 incl. 
at 118 G 2 up to 12000 incl. 
Bond; at nominal UA 2S0 Serie B: 
at 11313 up to 11739 liul. 

Bonn ol nominal UA 250 Son* C: 

at 10883 UP to 11687 Incl. 
Bands ol nominal UA 250 5 eric D: 
a! 11473 up to 117es incl. 
Amount called lor redemption: 

UA 6-16.000 — 

Bonds purchased on :hc market: 

UA 40.000 — 

Amount unamort'Sed: 

UA 3.87 I. O90. — 

OUTSTANDING DRAWN BONDS: 
Bonds of nominal UA 1.0DD: 

552S and SS29: 5S5Q: 5970: 7250 

and 72S1: 7617: 7C78. 7730 to 7732 
incl: 7750- 7755: 7759 to 7773 Incl.: 
8040 and 8041; 8051- 8205: 8276; 
3237: 8290 and 82Si; 8141: 8197 
Bonds of nominal UA 250 Sort* A: 
11433 and 11434; 11647 and 11648. 

Bands of nominal UA 2SD Scrlc B- 
1 1267 to 11290 Incl.: 11443 and 
11444; 11481 and 11482. 

Tends of nominal UA 250 Sorie C: 
11340: 11369: 11415 to 11417 Incl.: 
11422 to 1 1425 incl.: 11462 and 
11463: 11468; 11471; 11474 and 

11475: 11483: 11486 and 11487; 
11490: 11518: 11525 and 11526: 
1TS34. 

Bonds at nominal UA 250 Serie D: 
11271 and 11272: 11275 to 11277 
incl : H2BS to 11289 mcl : 11292 
and 11293. 11317: 11362 and 11363: 

1 1573; 11403 to 11406 incl. 


tahnical Pbob 

EDITED BY ARTHUR BENNETT AND TED SCHOFIERS 39 


• FINISHING 




• DATA PROCESSING 

iii 

LATECOMER in 5 .&e hurgeomaz A similar Jfcsrf 

area, of 5-2:1 business 61 stems, added to tbe exisbiig 40S2 In jaat 





Process^Equ^rnent he* '• 

beenextendedantf' ^ ' 

nowpfovktesfof» 

~ 

andl Tiir^i'pijiingf 
iratatetfens. 


c- a..no«om»aw ero. 

■ 






on cars 


CAR BODIES free from rust. When the ftotfy eisarae* freni 


even in the hidden -ira*.- for the tank ft ^ rinsed with water >fcUMd S 7 i 55 w 



vnica it acnnjnced an imeaUoo’ it is now available 
• 0 ai*ic< ^ few months ago. GEC memory, the pure 1 Megaajite 

has made a farther move semiconductor version _ 

;-:et:dei ;o give its campaign a now being called 40S5. . ... 

b’g’er b:?e. Specialise software and systems. 9 malKUm£f|T$ 

Tr.li is in:;':ck 12 extensive houses m being called is • toj ~ '* fc ‘ 

*7.hE3 ie.T-er.tt' to its Series 4000- 0 g er £ie commercial and; finsi*- •• » 1 <*• 

Some c** t- ,, -csc *ji:c the familiar ness versions of the_G5.G. eguip» ‘ 
lunr. c‘ applyins modern semi- meriT an d supply applications-.' 
cur.duitor memory rv as existing packages. For . instance,. Ian, 
product. 3ut there also is a aew Martiii Computer :lias ■ bdi^ht : a' 

twice to three times as iong as and the rinsings relumed to 
at present, is the promise oF an painting ba‘*" 
electrolytic paint system finding Minor 
its way into the European auto- rec , u ired 
motive industry. The first major SVSLem I( 
installation of this type in Essentia! 

Britain has recently been f a£CCprv - A - 

brought into operation at a cost 0 f all traces of anodic material, ' e r T.^ ^TTiPonductor production centre and ths 

oi SSm by Chrysler /or i» truck °n«eScfc htu sboo.-.-. that rS. “?■ •» iMtary there -i» alieaSyt--®?. 

and van plant at Dunstable. •!»-:» h-i-.-a sn ror —cu.j*. ■ A n?uantinn with « «M>nnA wku- 

Cathodic electro pa in tin 

offered generally throughout 
Europe by International Paint’s 
Industrial Coatings division, col 




01-353 2030. 


.m a 

from 

straightforward ^DC or roof-mean- 
7 f . ■.I square values' ^ef AC : fields. Tor 
example, hyswitcbing-to“marmal 


laboratinu with PPS Industries. slan ij a liv improves uroiecxion. jr". 

differs from the widely' «*»- Dossibly' bv » .nuch as three »«»»»: se.utcondue.or -tore. 

Of . • . .. ... , 

ur -jpi "S a_ j 1 sampW. r instaptaneous measure- 

1; Evaluates the program 

THE SOFTWARE arm of the centre manager plah for, (ird^io-.' ,n °^ e * ^-®' 


lished anodic system quite ej 11;es E-.en five microns of 
simply in that the latter mates cal i uD i C sim wtl- stili stand u? 
the car body the anode while the wc u to rust, primarily because 
new method makes the car body - lt IS a puri7 aiji with few coa- 

the cathode. Behind this taminants from the metal. * — ... — *v.. . . .. . . - 

pparently simple charge lie D . he baking aroccss the CAP-CPP Group. Computer Pro- tion rather than merely react, to 2SS2 i- W -^ 

several years of intense ca .jopj"^ fill flow* more smoothly Prcdueis. has launcaed two 1L Essentially - it is a an 

research into a water-oav'd aaml ” J0D i ‘ c ! nrcdecesscr asd needs new jteaw m areas of pro- syJiem to automate the prbduc-i • J®®** feSf^fc^SSS^ML!? 

Th<-- finaJ coat is =:a.- asiCisment and computer tion control of IBM OS. in. stalla- ?525??=-?»A a, '^ L ' A - aQS ' ^® ts ' 


formulaTion that vrouid allow the 
fnuwvti to bu made vilhoui ™ 
creating totally unac-eytaoie t0J- ner a ^ Q 
ci.indiii.ms in the oaint hath. 

It had bi:L-n known :-t some . 
elm*.* Inal when ihe cur was 
the anode, as the pigment was au s *°— 
deposited on it bv the action of 


more glossy. At production pfannrag. dons.- It integT^s -Qie-many ^^ 5o424>^ - .. r . 

the same time, ‘he hath? are less IMPROVE auiom«ticalIy raoni- (auctions of existing production rT^i •- p l ' ' '• ’-F.- 

nronn lo i-iaet^ria! erov.th which tors a program's performance control into a more complete and I- hl/lT rilrt pyirt 

every few milliseconds by re- manageabie system. - X- UIU '1-JI*- 

^ist-jrir.z the “stare of play'* on Once it has been iinstalied. 

At D-a^aa’e ti ne lak^n -‘rom i- v .e centra! processor. This limed PECS becomes, the operator 



related to the- -.’memory, ensuring' that the. cor- 
tapes are toatted, discs .^tllo-i 
ed and even the proper rta- 
tiosery- modatedL In the-- event 
a restart being necessary;’ a 



Internationa! Paints has 
already spent arcund £in; on 
reseaich and production 
facilities fer the resir.s and ether 
materials which 20 into the 
system. Over the ne^l year or 
so it expects to spend a further 
£2n» to or. new r'Vjiprner.t 
f-ir materials manufacture, with- 
out counting the c^si of new 
buildings. 

A major Sii:r to the move 
tov.ards the use of the e?w tr-ro- 


.. was also known that where so over to toe 
there were deep box seciior-s. the I 9 i 9 - 
‘ throwing power ” of 
method w : as frequent!;.- 
cient to coat cotnpi 

he whole area w_ . . 

covered, at the blind end of the paint flmsn. 
section the paint film would be 
loo thin to stand up to rust. 

In fact, one of the ironies of 
the situation was thut most 
manufacturers were making 
n tensive efforts to ensure that 
uniform coating of phosphate 
was applied prior t.) eiccurri- 
najniing. only to find that ‘■bo 
anodic process then disrupt .?d 
tliif protection — a d -rupiion 

which, more often than not v.-js 
ih-r root cause of pour «::Il spray 
performance and o: paint 
biinhlcs. 

.As with anionic naints. 
cathodic* consist of two com- 
p oner’s, but with the difforenc-' 
that the resin in wlrch the 
pigments are dispersed :< 

■n*:ihil»Ie in water ami :s 
i'Skalinc To oolain di.-pcr-mn 
:n ihc wjier base, an jc;d if 
. dried and the hreak:h r, -u:i in 

chemistry ■.vh'ch J'» 

nuke ihn process possi v.u;h- 
r.'ji ma.i'-r modification- • • exist- 
ing fihm was to design j system 
1:1 whirh ih«* bath was only 
si-2hr'j acidic. Ouvihs tbe 
pr.'ce'’-. the ivijnmnt m* 2 rale* - n 
in. • ar body ahd ihc aoid 'o the 
anode where it is 1 so'. tied in an 
anode box and removed by flush- 
ing with pure water 


plant for ^ 
Belgium; ; 

PECS-ge nerated aequenm ' ot in- jnJST- over v£Ek|m : is: be sng ; , io- 

atrnctions. fe' presented .to the Tcsted iti'a /new-manufacturing 

been identified it is then easy operator, thereby saving - time — centre in- Bottom -fbr ; the pro- 
v to decide ii the programming and perhaps the job_jtsdll‘ • i . . . • ductibn. of .electronic sced^ty'and 
?e can be im; 
product, 
o bel 

0 COMPONENTS 

Cuts cost of control 



' equipment ' lS -ier use'-m 'retail 
; ,rradin& as vyefi asr In libraries 
. - and, Kook shops. . . . ' L- ^- 0:- 

^Therap^Js.beiAgput^^h 
i .-group in which ; the.-St^ 7 de 
" . Di^eloppement- - R^^irmffei.pour 
PROPORTIONAL flow contra! piping and .manifolding. , U. -Ia WaDonie (SpitWy is.4»ntributr' 
valve* re cent:;-' introduced by.'. New units also have the ad vaiv^Trig 30m f rant*, the same anrou nr . 
Moos Controls of CneUenhahi ‘ tage that genuine proporjlonaL,- being jsubi^rili.ed. r by Sofipai-; 
r ave high Cow capability (up 10 control is available, rather -than. ^ClaVerb^ and: other ^groups with- 1 
500 ’irres per minute with some the ~ stepped control' obtained: in the'Ste G^herale ae. Belgique, 
models 1 v.ith two or three stages Troiii a multi valve layout. - \7’ ! At the same time. 'a loan of 23Qm 
only. • : -.'-T!ie new ranee includes bOTh'-fraiiCsr bi bene made 

:.;nos says a single D064 valve two-stage and tiiree-stage -senrp-;: • SIteior the; new plaat is.iii the 


flow control methods for. heaty tion, a pressure-eoropeosatted lOO'td i50 ^persons vyiH - b? «m- 


the v 'k is a simpler, iess espeasree alter- valves- with rated flows from 1$ industriM -park-axea: -^of GhSn i 
.-.-here manufacturer? sre seeking native to present proportional tp 500 litres per minute. ln addi : - : Baudour^near Mons, ■ Imtiaily 
to bring in a voluntary code 
under which they v.ili provide 
paint finish?? this r.'ear 
i»sy free cf corir. etic ieTec*.? 
iuch as blisters ar.ci neeiir.2 
protect from 

9 COMMUNICATION 



a aiteadani complications in Cheltenham; Gloucs. GL519.2CT..;. B. 108G. Brussals^f^elgiiite. : - 


one year protect tram *;er: ora- 
tion for three years end from 
-’ruc-ura! fxiiure ■"r>r >:x years. 

T‘ie target for 1SSI is 1; ;.*.ar« 

f«i- co-meti-; faults, as much us jp« 11 

inJ Secure taiK 

Further dei 3 i’s from the com- 
pany at Henrietta 
Henrietta Place. Lin do 
1. AT'. 01 -PS 0 fiSTT. Ir.ternatiuaal 

p ^' — $* many users 


i ;be com- ■* , 

w between 


SALES 


>:.?r*h Woolwich Rt* 3 d. 
iifwrs. London El 6 -Ar. 
3031. 


a ENVIRONMENT 

Separates oil aud water 



The Trustee 

HAMILTON .1 -. -.cfrkc for James: 
L.v-rn* h -.-fl. rt;; r ei dtrscior al 
Rcc: weir- L:-i win te mew si Tuestttv 

S.A. Luxembourgcoise , 

Luxembourg 

Norembcr 37. 1978 

Coiamba s CH‘.--;h of Sc-?-.!an0. Pc-nt 
Sirrcl London SWI . 

1 OBITUARY 

: CLUBS 

l W1U-1AM WILSON. Died In' London on 
' I9«i Nouember 1973. Founder a no 
1 manaoing director cf W. Wilson and 
jons i London) and WlUon Allors Ltd.. 

|EVE. -69 He-ser.l -Jveut, 734 9382. A U 
: Cane er Alf-m Mcm>. Tnree Sooctacular 
Fisor Shews 10 45 12.45 and 1.45 and 
muse 0 : jshrn* HawVeswortti and 
Frlc n ^5 

GARGOV-E. 59 Dcin Sirec: '-ondon. W.l.i 
NEW Sir.lPr=A5E FLOOR SHOW 
• AS YOU UKE IT 

1 * : !<? am Sun*- a: Mi.in.-i>-- »<vj 1 4 m. 1 
Mcn-Fri C'SSCd SCurdavs 01-437 6455 . 

one or tnc lamest Independent stecK- 
boWers ol non-Femjus metals In ttie U.K. 
Born in ucchesiovaicii. he came to the 
U.K. as a rcfgucc in 1933. served with 
w.M Forces until 1947 and hounded 
tne companies alter fus discharge- Mr. 
Wilson has over the »cars made a 
considerable Impact on the aluminium 
induitrr. not orl* n the U K. but all 
European countries He ii survived bv 
hiS w: Id Gudiun jnd three Children. 


s 

0I-s7(? 

TWO NEW National Panasonic 
intercom ranges — the VL-215 and 
VL-315 — provide communications 
between two .and up to 25 points 
The two meet the intercom 
needs of pretty well every kind 
_ of business end institution, from 

IT IS oniv when major oil tanker able. Ii is smaller ir. size, is legal, medical and accountancy 
accidents’ occur, and ihe result? said to vest virtually nothing to practices t where fully private 
:,v .-.e«.-n un beaches, that peopic run. and gives discharge? well telephone conversations are of 
not concerned wiiii the marine within all of ihe anti-pollution paramount importance) to hotels 
industry become more aware of rec'mtntenda lions . or large shops where there is a 

sea p» liulion. Because these mis- 
haps 'end le happen near coa«:- 
lines they appear to he the mo«t 
dramatic e.iusc of pollution yet. 

equally damaging, ecologically. Llantrisant. Pv*ntyclun. 
are discharge* of bilge water Lilaniorgan. CF * oil 


This oii-waier separator is the need for fast intercommunication 
first new product in the between a number of points. 
Framarine ship and offshore VL-215 series Unavailable in 
group, part cf Fram Europe, tjj-rec- basic svstems. respectively 
mt Pontvrinn. Mid- gev * en< 13 25 

In each system, every 


offering 
(0*43 stations. 


it cannot be overheard or inter- 
rupted. 

Available in two, five, nine and 
13 stations, the VL-315 has just 
one conversation circuit and is 
a system for installation where 


cuntuir.ing heavy fuel and other 2-30001. station is a “master,” able, to 

•ills, tanker cleaning and water Inlike any other sjstein. it communicate * direcily with any 
laliast. which eo on continually achieve* separation by means of oilier station and in complete 
ail over thi? world. close! v-spaced cnrrugaiea plates, privacy: once a connection has 

Those discharges arc now rather than by fine coalescer been made between tiro stations, 
covered by the In ter- Govern- cartridges. 

mental Maritime Consultative Central to the design is the 
Organisation resolution A393. corrugated plate pack made of 
which calls for the oil content of polypropylene with the gaps 
any discharge on the high sea.- between packs set at about { 

to be les? than 100 ppm. It also inch. 

sets standards For in-shore Flow through the coalescing shared conversations are needed, 
waters. plate pack removes virtually all and privacy is not essential. 

The IMCO standards are. how- of the oil which weeps to the Typical applications might be 
ever, only recommendations— top surface of rho pack where it in large shop*, linking the mana- 
iha vast majority of ships still rises to the oil recovery dome at ger's office with the cashiers’ 
discharge what they like, so long the top of the vessel. stations and also with the stores: 

ad they' don't do it in territorial Us land-based system — said to in hotels, linking .the main office 
waters. The main reasons for be similar to the bilge unit — is v.ith reception, staff quarters, 
this practice are cost, com- suggested for use by companies bars and kitchen; or in businesses 
plexity. or size of the equipment seeking to appease water authori- where a regular need for con- 
to remove the oil. tie."! which are now- increasingly fercnce calls between a number 

Just launched is a system sensitive to rain water run off of different offices exists, 
which ha* a lower initial co*i from tank farms, factories, bus Telelronics. 9. Connaught 
than rnese others hitherto avail- and railway depots. Street. London \V2 -AY. 01-262 

1 121. 


® HANDLING 

Goes round the bends 

THE USE of stainless sleej for bend, says the company, which 
conventional belt conveyor means that the slat _ conveyor 
svstems is unnecessarily costly, with a single drive will replace 
says the maker 01 the Superflex three separate drive units with 
range of slat band conveyors, the consequent savings In 
P. and R, Mechanical Handling, capital and maintenance costs. 

St. Cenydd Road. Caephilly, Mid The bands have no tracking vv npTIr . T jfMll ,, , 
Glam. (0222 S85505T problems and therefore side 1 “ c : “ device able to set 

Thoep i'nn«i«- / f ni.-);* c inie feeding and discharge present tools to a datum position 

n ?J?£.. C .h R . lfc J , m of I ? S1C s at ? no difficulties, while the use of accurate to three microns has 

s.!leA M nc ..“ IV, !i!S*“.s“. f iaultt-l»nte enable., „,dth,15 ■*» »1 Tl Matna of 


..Description 


* f ~,- • ~ T elephone^ 


-0902 42541 Hi 3. 
. Telex 336414 
0902 42541/2/3 
Telex- 3364 14 


® MACHINE TOOLS 

set 
e 


u, a, aria, coni', nuas Z an‘a^ «i£ S 

a single conveyor 
through any processes and 
Because flexible slats can turn changes of direction should pro- 
through horizontal bends of up vide the materials handling 
to ISO degrees, a single conveyor system designer with a very use* 


plete cleanliness, particularly 

where food is involved. pc "' nls on 


Coventry. 

ATSli Mk. 3 Is rigidly mounted 
on the machine and has no mov- 
ing parts. Provided that the tool 
is brought anywhere within its 
3 degree diameter field of view. 

the unit takes command and 

turning through a right angle (hi tool in many industries where aceura .t e ly positions the tool; the 
will often replace two straight previously its ure was precluded .?H mencaI c °Pjir o * Program then 

pre-setting is obviated. 

The system uses tile shadow 
image of the tool tip thrown on 
to a photodiode array which 
constitutes an x-y co-ordinate 
measurement system. Splitting 
of the beam in the Image projec- 


bclt conveyors and one powered by cost, says the manufacturer. 

Exact count by weighing 

ACCORDING TO the manufac- Weight data for the part in 
lurer, Toledo Si-ale. electronic question is established either by 

parts counting units it has intro- using a sample or a known aver- tion unit also enables The uVer 
dueed can give absolute accuracy age piece weight to see the tool tip coming into 

no matter what level of labour is Available management infor- position on a television monitor 
employed to operate them. mation from the scales includes equipped with central x-v cross 

Model SlSi has a count torai count, average piece weight hairs. The picture is - alio used 
capacity up to 6 kg (15 lb) and and the gross, nett and tare to check that the tool is free 
is suitable Tor counting small weights. from damage or swarf, 

parts such as electronic com- The push-button zero has auto- Overall installation height of 
poneots, small nuts and bolts, matlc zero maintenance which the unit is 361 mm including a 
pharmaceutical and other items eliminates weighing and count- tool gap of 182 ram'; width and 
down to a gramme or two in ing errors dne to the accumula- depth are 220 x 85 mm. It can 
weight For larger parts and com- tion of dirt or debris on the be fitted to am- NC turning 
ponents. model 8183 can weigh to scodp or platter. __ machine as well as nan-iVC 

30 kq. Both will count quantities Fir Tree Lun^. ( »rnhv. Leii.cs- machines. P.0, ox S9. Coventrv 
up it- 9P.999 pieces. lersnire l0u33 S7(H35). CV A 9DA (0203 75521). 


ROLUNG MILLS - 

Sir. xlZinx 10m yridevariabte sRjeed - • . - 

I Four High Miff. ; *. ; T. - ' 

3.5in x 8in x 9in wide variable speed 
Four High MilL 

lOIn x. 16ln wide fixed speed Two. High MiJf. 
lOiny I2in wide fixed speed Two High Mfll. : - 

l?‘m x 30in wide fixed speed Two High Mifr. v T ._ 

24m x 36in wide x 300 HP Two High Mill . 

1973 THOMPSON & MUNROE STRIP 
STRAIGHTENING & Cuoto-Lengch -machine. 

1970 CbT-TO-LENGTH LINE max Rapacity; . ' • 

1 /KJO. mm ‘2 mm x 7 <onne colI ftHy . '*• 7 . 0902 42$4i/2/3 

. overhauled and in excellent condition,- . . ‘ •' Telex 336414 
STRIP FLATTEN AND CUT-TO-LENGm LINE 0902 42541/2/3 

.by A-R:M. Hax'. capatityTSO riira x 3 xnm J-T ~ - ' Telex- '33d4l4- . 

RWF -TWO-STAND WIRE FLATTENING AND . i. > - . i v ; r-i ^-.V .. • - 
. ; STRIP ROLLINtxUNE. tOinx 6in roQs x J;-/;; '/ £l.*.7'/h C:-. ':"' 1 
75 hp per roll stand. Compiece>witb^dgHig : . • ' r; ; 

rods, furk’n h’ead^ flaking And fixod'recoiler^i.- * > ■ ' 

-a|r'gauRfng.«tc: : Variable fine speed. r; : .. X • 0902 -42541 J7l%- 
0/750 ft/tpin and Of} £QQ ft/mm : : } ; -I r *, ‘ I'^Telw 336414.' 

. SLITTING JJNES (2) 300 oimand 500 mm • . : v - .0902 .41541 /i/3 • 

. capicrjy, v ' telex. 3364t< 

8 ?LOCK ( 400 mm ) iN JJNE, NON^UP WIRE s - : >3 1 

DRAWING machine in excelfent.oojiditipoi. . r :i . 1 

0/LC00 ft/rain variable Apeed^- KJ'fi.pTper' ' .. 0902 -42541/2/3 I 
. - block .(1968). i : ;. -Telex 336414. 

24Tb DIAMETER HORIZONTAL BULL BLOCK '' 0902 42541/2/3 

bjf Termer Norton (I972).7 ■•* -. ."V . -. - telex 336414 

PACEMAKER SDC BLOCK - (22' - x 25 KiL>< \ : v •>- ..:-f 

• ' variable -speed Wire 0 rawfpg'MACb fne by . v .fljjjx -42541 fiJ3 \\ 
-Marshall Richards. ‘ - . . .'.I - : V .' - .;'. : ':Teiex"3364l4'':| 

2 15 DIE.MS4 WIRE DRAWING MACHINES. 

,5,000 fc/min witfi spoolers by Mars haii • 

.. Richards'. ' •- - ‘ .-7“ '- 

*9 DIE* 1,750 ft/m In SUp-TTPE ROD DRAWING: 

MACHINE equipped with 3 speed 20Q h.p. 

'• drive -20m. Horizontal. Draw ’.-Blocks; 22m. 

■Vertical Collectfne-Rrodc and" 1. 000 lb-, ' T . . 

Spooler. (Max infer 9 mmfinlshihg doWn 
' to -T.6 mm .copper and -aluminium}./, 

7 and 9 JtOLL FLATTENING & LEVELLING V 
MACHINES. : -r - ?• ; . 

TOO 1 TON CAPACITY COINING PRESS; by - ' 

• Taylor- & ChaUen—vimiaHy unuscd—fuKy- 
autarhatic fSO s.p.m. x 24 mm strode. 

HYDRAULIC SCRAP PRESS MACHINE . 

6y Fielding & Pfarc. fully reconditioned.' 

TYPE 1MMR CINCINNATI PLATE SHEAR j 

• max capacity 4 000 m nix .25 mm MJ.rPlate, ■; .0902 42541,42/3 

. .complete .with full rangt of Spares;:-',' - Vel«r3364T4,-'i 

Nd.M FIC£P- SHEAR, max ca parity SO rhm i v 

rounds. 75 m,w.x 3S mm.ba^ 400' m ro x. 10' mrp- 41902 42541 /2/3 . 
w* < snare shear bfedesK r\ • ' telex'- 3364 M 

CAYMAN ALLIGATOR SHEAR, max capacity ' 

90 mm rounds, 300 mm x 40 mm bar and .. 

fiflOmra x T6 mm flats (spare shear blhdes). ' -- 

No-;34 OLIVER QUICKWQRK SHEARS max . 
capacicylOitim. Mild5teel. 

CINCINNATI GUILLOTINE L500 mm.x 3 mm - 

capacity complete with maenetitiheet . ' 
supports and motorised bzck stops.' 

1974FUUY AUTOMATED-COLD SAW- ; 

by Nqbh! & Land with batch cdhiral. 

3 CWT .MASSEY FORGING HAMMER-i 


-0903:42541/2/3 
TeNx-.3364T4:. j 


oki 'i&mh' 

fT ejex 336414 
0902-^541/2/3,1 
, -Telex 3364 M 

0902: 42541/2/3 J 
:Tele* 336414 • 

' 0902 -42543-/2)3 : 
"-Telex’' 3364 Id 


telex- 3364 M 

0902 42541/2/3 
. Telex 3364)4 
.0902 £541*2/3 
. Telex 336414 


0902 42541/2/3 : 
.'•.."Telex 335414 
0902:42541/2/3: 

. Telex 336414 
.. . . :O902 4254172/3; 


■ pneumatic single Slow! - \ aeiaii 

C-QtEiMOBILE YARD CRANE/i-toh . .. *; ' .W2 «54m/3 " 
^ capacity kttice-jlh. % - : . . . • ... v .: .-336414- 

WAUJRICH COBURG HYDRAULIC PLANER 
ctparity l«r x 50" x 50". Almost new . . - •’ ^ 01-92B 3131 

COnOftlbll. ■ f , o/a¥.j # 1771 1 

4,000; TON HYDRAULIC PRESS. Upstroke - - V- Sr/ 

between: columns 92" x-ST'ih^ht 51". ... .>■ 54(97? '= ' 

ANKERWERK 400 TON INJECTION MOULDER ' 

UPSETTORGIN^ MACHINE --’c* V 

x«-;. 

WICKMAN H" AUTOMATICS. &sp. i^Wcv : -i fi 

WIClO^lifTr' AUTOMATICS, 6 sp. Ekallmt; v«S§a^! : 


CINCINNATI CENTRELESS GRIND®. 


Tetesc2fil7);v.~ 

Excellent ~ 313^,'-.. 

UNDNSR io BOIIER. very ;.v; : ?«■ . 

SLOTflNS MACHINE. 14^ nroke. e.^lin,; 1 ‘ T o f T 

Telex 26 t77V 











EDITED; R 1ST GPH ER ^ liORENZ 




^'■'■'W3:y.' : 'fO]r. s hi powners <ill€l! Nicholas LesMe explains why moving a company can be tougher than you think 

bankowners to stay afloat Pi^tming can save a lot of heart ac 

' . . A \ FRY |nru jiri*p-ny tea.-<- .--n Admit ilia: v« r full implication-- •■mid n» ;nn. iaiinn s»f ti.- quarter* NniMiivc. l imits iurm ■•! hi i>>j 


* ;C 

p-V 
• %: 


\ FRY |„ru prirp'-ny lea.-i- .-*n AH mu ilia* mil lmpucauun- •■min co- mi :nn.t,«iiiiiji ill »i. quarter* I'Uimiivc. r in new* n»i •» -m i"* ■uu* "I lb* 

. -■■■'•■ ■ favnurahh* l^rm- can ho ideal «*F the expiry or run? nf it.*, internum* in 1975 ,-n "it was I louse. if the aeml tier. displaced turn pane's m.-uraine <uhsidiar- 

. ' gy HA RG REAV ES 1 liir many inmpanie- mbw tea-e* wa* imt entirely apprcui- i«bvioiis v. c m*ected a '.mi- from tile Lloyd*, Imildms vine i>- A- n wa* inineni'-ni h-r 

: ' ' • - : I aceommodainm may il:rn hi- ated unul quiiR late m thr* day tinucm-v plait :hat could lie i-ontcn trail'd there-, Tltn- look Kurnc>> if .-ell u aeci-pted the 

" • ; ' rrlc^aroif to the but mm of the And although ilm mmpany «#* implemented if Lloyd Vs ter- into account the f act iltat offer A- ;« result the company’* 

THE MPfD of. the banker and the need . to understand each The History of l.ylr Shipping' list nf prumiii’.- demanding net facing * xtuation »f being initialed.' say-; David Skecl ihnrc would hr sonic saving.* a> s-paw pmhlpins wen- >nUed. 
the mind o£- he .shipowner- am other's business. - (Pool Harris Publishing. £7.30) ‘ management nmc out on its ear.'' n wa> keenly At that time. Ihr group wa- a result >»f heller utilisation In the evenl. Furness _ was 

often assumed to be. different A useful contribution' toward:* This i* the work nf three' One tlang-r. though. i< :!iat aware that :f it hart nverslayed * t ; 1 1 rather lu»i-**!y knit, with n> "t ipai-e ami •■! merging cum- given nnln-e in -lanuary IHu in 

rn . type. - (no. .one. cautious, implementing tlus process i-> a archivists, headed by John the exnirv "rtati; »f a lcn-i* can »'•> welcmn.- an .inn cable and .-nmponen! Lumpann-- having nmn son-ice-;, hut that eatcrinu vacate the Lloyd’* building by 
thorough, and figure conscious, book from Mr. ‘ Costas orbell. who is heart of the Easily he lorgfiion Manage- Mng-slandine r-latlon^hip with enn-idt-rabte autonomy and fan lit ies wi mid ho desirable. The the end nf -lime that yar. Rui 


BY IAN HARGREAVES 


THEMP7IT of the banker and the need . to understand each The History nf l.ylr Shipping [ p f | 

the mind o£ - he .shipowjier- are other's business. - (Paul Harris Publishing. £7.301 managemcr 


= inc iv&uouai »auiv vi pa ns ton and provides business i nitmetes- •* — — » *. *- p<T*nu ana m .uan-n iw.o no niceup. inis »as- mat snm>‘ 

vhat the smppiag world ‘con- Greece, bul — awe. he L* Creek detail while avoiding dullness. li therefore follow.- that a Kortu natch Fume- Wsihv wnimended ii.-tng a firm nr 27.000 spun re feel ol space lliat n ) ia d pi - m cd pu<sihle rn 
aiders io pc tnc ijankHuinded — he :s also Intuitively (and Lyle Shipping is nuw. like ail! regular appraisal of property wa * sufficienih. aware m 1975 consultant.*, nm "i a *h*«rt list had been sub-let bin which had p j an f ur ,5,0 work to he ruiii- 
^npo^-ncr. suen- as Sir YUc through espcricnwrX -a shipping bulk shipimmers. very much in] needs and of the terms «d any ihat one of it* London iea>e- r>l three. Space Planning Ser- reverted to Fnriu-*s Withy. p i elC d within ihc >ix month*' 

^°P S . K ^. B0 ' OJ Hon ^ Kong. man. the adiCKily phase, although - leases is advisable. So. tun. 1- t . ou jd be lerm.naicd in 1977 in 'ice* wa- chosen after hating been modernised, notice period Imi Hie move of 

According, lo the caricature. Tlic fireeks arc not known a* 1^ diversification into offshore ; the need !•» have s*nne broad appoint proportv manager, Mr 1,1 hrst task was to a;*os ; th>* Itad been pul on the market, those activities in the Lloyd’s 

only paruaily accurate. . this shipping bankers. M 0!,t { *reck oil interests has c-oine as a plan in mind fur finding new p av ,d Skcel. ond „v him the current and future needs nf 1 he This, theoretically, inuld ha'- building n> Funic.*- House has 

specips is a solid wirt -ivho never owners have preferred to deal growth point jusl as many other iaevnmmndat ion and to alhiw laS | i 0 [ appraising me group's '--mpanies involved in the move, been used, in 11 a very good offer nonetheless effected smoothly. 

makR>; ■uiiluons from the wild with financial institutions in the changers in direction have • siifficieiii lime i<> nnplemr-m u. nCl >d-- That wa- iw,» % ear* This was particularly nei-e.-sary was made for it. Faced with thi- Modcmisai ion work continued 

-fluctuations’ uf the »pnt market. IVK.. Britain and Japan. The holpcd it find a way ihrough Furnc-« Wuiiv. ihr- shipping iieiore an* pliv-ical move linght ■ 8 »nw the nature ..| -hipping dilemma corn! r.irtnne canu- mi., j his \.*ar. which m.-am 1 ha 1 

but who can.lw relied upon to circck bank? liaxe a place, but haref times m the past. i travel and insurance group, ha* he required, but n proved to ll- aeuvitu*.- wa.* changing and thi.* Furne* s Wuhy * vj. when two f rom early r.-al:>asi.m ••! tl.e 


! ■ ' . 

1 * ,4 

( ' 
i/i tmN . 

1 

u ■ ■ 

■ 


aware 


The Inter nnt M ihil Saint it 
('•Hide lor Oil Tnohers n»/| Ter- 
nminis ( Wit her by. £f.># is harrili 


Weather the ■‘-lump To use a not a* largo a- rheir fiterchani 
gambling trim, •.ns luei. ;r inar: sir fleet — the third largoi „ - 

“banker in iln* world — might ju-ufy VV ClCOHlC 

- # So jt j.K unusual 1 ha 1 . 1 t should . .. 

■ Rppnmina 1,e i Cruek banker Who is plug- 3(101 1 1 OH 

A# - - ' glng a rather nbrions gap in the 

Aii-orn industry - reading /isr: - r1 "' iHternatuinaJ Sairtp 

aw are Undcrlting almost every pose ,or 0,1 Tf ”»k. f r« 011/I 7er. 

of Mr. lirammcnos's bonk is thi- nv’iihcrf.q. £f.> # i- harril> . 

On either side nf this reliable jnessagp tn hankers : learn for a Christmas ylork- 

banker-shipnw-'ner type arc lhP. ahouI Pippins before vcm get in ~ b,,t J ' M,n a ninr,t 'velconn-! 
irinre popular figures r.f the inT0 lvc<i and employ a twin a * ,l,lnn ,u lh,; MldG nn ”° nf 
Shipping t.veuon who plays the gHJcer wbo ^ ,,udcretand the technical publications jointly ' 
spot market for. all lt'« worth detail of hunker prices as well produced by the ml .Companies 
and feds insulted 11 a hank hr M lhp bn , ad -weep of ecmrnmir G »^nauonal Ma.-me Fonim and 
approaches for a loan demands t j, 0nr? . tile IntcrnaMonal Lhamher of 

too murh infonnation ahoui his Although he tikes views, for Shipping. 

Operations; and the banker who C7ramp j,. nn m¥f ] to pruvirh- It offrrs » rtunpMc ?uid-' lo 


jii-'t rome ifirmigh The occasion- hardy time i-noiigfi finalise h *‘l deei-iort n> hnng tenant- nt a nut her pari nr Ihr nerd to plan for a move in n.< 

ally UdiimaiH- rspericn' o of a rc-iocatmn plan. ilo- shin operatin'- divisions pro- lunliling announced plan- i" being implement od. wuh nor*—- 

finding a n.-w home i„r .1 Furness Wiiliy’-. .-ovrn-d gre«sivcly m closer contact move. -ary work roinpleied. had taken 

number nf 11 - operation- and 25 year* from io.'.R. h>it Lloyd- SPS then .<—e»-pd wtiai tim Furness ttitiu wa- si ill ju-i •»ver -1’ year- Purely a .-lea:- 

’ employ e--. Noi thai H‘ po-il.on bad" an option ;u irriiinvate tin; total spare reqmn-in'*n: would «tn»ri ol its required space when illii-trntnni of 1 critical need 

was ever desperate, hui n »|.u.--: i-onlract 111 -li*it«-. 7977 Lloyd- he in F 11 me.*- t'Hhy* hcaii- lurtunc again ?icpped in in Ihi- for forward planning 


EXECUTIVE HEALTH 


BY DR. DAVID GARRICK 


A mechanical cuff on the pulse of the nation 


H;N, 




trists who catch the: eye toaay. banker, angled for purposes 01 """""Y* 1 ’ ihrougli the leaihcr. your blood pressure” and. "f importance. F.u; any hypo- 

Bu: shipowners and hankers are illustration towards - the tramp -hmiln lie parni-tiiarlj umuuI a- 0 , mavhe. churn n»u a imro-cope i hondriac can purcha-e one and 

becoming increasingly aware of shipping sector and the Jinan- h traimns too>_ ror seamen anil ( U lnl ' 0 th c bargain. So far ihe frighten himself 3 - often a- he 

— i cing of second-hand ship*. 




YQUB HEALTH 


Ge«4 health it th. k<y. ta luc&m 
iru) /our bur dfI>MUe ill- 

ntt> *mt burr dliuic, but do yen 
So rnougb .to miinfi'i* •*? -l-w 
health rnd fitne« mcper-i 0». 
John PtVics.; of Ou/i Hom.iuI. 
Kthlecr Brute Tulloh ind Olympic 
ciueh Tom McNib jhow you how 
to If cep your Jile in tbape. ■ Writ* 


cing of second-hand ship*. ^ operator-, whose 

- Mr. Grammeno* \ stans by language is not Lnglish. 
ansUysinc the shipping cycle This is less true nf iwi 
and goes on to terra, loans, ere- books .t Ttrhno-Kc 
dit analysis -restel operation. Aimlysix of the Port Tn 
ship prices and syndication fin- System bii Jmiirlif h 
anec. visstinc fellow at Si. A 


rir-i ' that, and dmiliilc*> -old manv 


-hop'-. Siii-h Heeling monetary 


. eu -to mer ha- ;n h- 


i-ard claiming 


•'»nu-m with Itkes. ;f im- ha- thc money in 
:>i hi- ’■ My ireai li nt-elf tn such a -ire— 


* lilnry l 

"* - • |r «~ ■ ' lg '0 fT 

tcnll- J**"". j 

i, Salurtla, jt \ , ,A\, r"l ! I 


L '&j| 


the small hank which, takes a £1*0 and Time i.fcnrterjf by flln many sensible nimnien:- warn- wh;rh w*tp >aid m i« es-mtial 

stakema.-hipsyndicatipnde.nl Michael Willoni. Terenec Cngh- . 1T \ ■' ’ ' J, ing «.ne that. >i The niHehiitR i,*r medical *iu dents and ear i 

that it must not rely, on the hu and jVtr/ioitix -/ Heahi 1 ' , , ‘ , roekuos the blond pre-siiro i«i he mechanics. It w.i* mentioned M 

bigger participant- to- make (Lloyd* »*J London press. £1 Ki. 0lC ' aUM> u ' " n '" high, a physician -nruiltl he ,.m- al-o ih.nl t’n*-rc arc many uthcr [ 

the right decisions, but must which will appeal tn academic. .. ,0 " suited. “ Xurmal” and " border- u-c» fur -uch fit- vice*. Indeed. \ 

make efforti to understand ally minded port operalors and Now we have a new my which, inn* *’ figures arr- siven anil and one can think nf a few. * 

shipping finance for itself.. This -hipping linryor* respectively, ill some respn 1 -. could prove there arc several mher Gcruinly a .-ipthnsropc nuist hr 


teth'KCopes 
In* e.s-ential 
ts and ear 
mentioned 
many uther 




0k i 




To.- Hnlth ndjimcii, 

" t Hi*t Stnwu ... 
iiona.en fcu* iAU; 


ing point fnr a bank- official in In a slightly different category f error maniUT I rpfpr t-i the ins:snIfican<T by such rn>v «iarr- tumbler method for listening Now Christina- i* fa -r pamed h\ one ■>( iliu-e v ulgar 
such a position. w Llmnl's Nautical Veorhatifr ]">erve yuura-lf fully eompu- ments as ” l ; ntreatod high blond through thin wall-*. approaching with all it- expen- " raspberry ” nihbct* i nslimu.-. 

•With oyer $40bn of shipping ,! !/[‘ (Lloyd's of London Press, tensed blood-pressure in-ai'hine pressure is a k:Hcr." Surely we have enough trials sive fun and frolic*. There i* would n«> longer provoke 

debt in. the world, a -substantial Z-'-™) which. a> well a< pmrid-’i hat has reeenlly been imported o np cannot really argue with and tribulations in this world just linn- for -nine bright giggles, -niggers ami blurhe- 

slit-e. or it -incurred diTrina a in ? a manual of essential legal, (from America. So far ihere i* but n f yi-hat ts done nrwr it ten. as it i- wit hmu buying methods entrepreneur in make up a No. the combination nmld 

booin wiii di some banks H)| Too technical and navigational maf- one. hul thai has caused such g UJ ^ne can — and I certainly do likely jr* increase despondency splendid diagnostic kit f«*r Hie repla'.’i* ihu«c dull old q 0177 . 0 ; 

plainly failed to understand^ a ^ s0 thi* year has features -mawkish interest that it cannot _ ai --up against the desirability and add yet more stressors to kiddies tn ” aina7o ilioir for Ihc whnlo I'.nnily who could 

this latest educational tpoi is ort subjects like the birth of the be long before many more f procedure* ihat can cause out much stressed lives? British friend-’!" I will even nfl'er a wallnw m gloriwo* gloom rr>*tt»g 

to be welcomed. •" di«ef engine. • -appear. anxiety without supplying an Rail commuter services are free title "The Lslih- Hyp..- timir skill aiMiagun.-ing the te-H 

Tf, rather than a text book. For an extra 40p you can even The user, having thrust his answer for allaying ii — no. not -*o rely enough to cause frusira- ehondrijic." the Mm-k pla-tu bag i nniplaiin from winch tlm 

the reader prefers a case have your namr or the name nf or h*r arm through a mecham- even fur another 50p non. fury and frenzy coupled of tricks nuking a jull> -bn-k- unwary victim of the old prank 

history, he could do worse than a recipient embo-sed in gilt cal cuff, watches fascinated a- Small, nrt'atp dn-rt-vniirsrlf with the i-reation of penury. inx-tiHer u* delight the young may ho .-uffiTing. Mithmit 

look at "From Cape i« Cope.' letters on ihe navy blur- cover 1 a -cartel heart*<haprd lighi bloo,| pre*siir>* machin**« lia''* without any help ln»m ahrnari * valetiulmnnan Thi*. m-i-.uii- ■••mbt. hnmner fun 


Wtthum 


Some pubs fake your breath away. 







‘ ’;■ •_ ■■■ 


Weekend at the local.Thc usual crush at the bar. Tlic babble of todays 
disputed goal and iasevear s holiday abroad. The heady mixture of smoke, stale 
beer and eau de cologne crowd the atmosphere. ;.-^x r ^7^P? 

Time to clear thc air. Xpclair fans will do the-. /V"' > ? " 
job efficient l>; economically and unobtrusively, J j 
rear in. year out. 

Xpdair make window, wall and roof 
ians with tough, reliable motors and automatic 
back-draught shutters as standard. They carry" 
a 2-ycar guarantee and a lull service-back-up. 

Wherever you live,^ work or relax, 

XpcI air lets you breathe much easier, . 


5^ 


+ ** * . « »>■■■ * • kvwvwo* 








The Leicester. 




We do it in the nicest possible way. 

^Xpelair 

for full dctaflscifXpdair.extractor fansand a rrchgng c calculations, write to:- 
Fublidty Department, GEC-XPHLAIR LIMITED, P.O. Bos 22^Dej’kin Avenue, 
Witton, Birmingham Bt> 7] H. Telephone; Q21-327 1^4- 


Wmm 






Leicester I nvestors can get the best of both 
worlds with a Tempos Account. Extra interest 
and withdrawal facilities (subject of course to 
the rules of the Society). It's ideal if you want v , v , , 
to put money aside for planned purchases. ' " 

Call in at any of our 160 branch offices / ^(n^REST E 
and ask for details. frowidec. 1 sl ■ 

" Tempus rate increased to 

L-r.CTj^er Su.!d:r.v esc-c-sf/. * Q*OCI' ' 

Wbf Chief Glficfe: Gao by, Leicester. LE2 4PF L° T 3 ' 0 " 

” baag33\fats ^ 

"V . 

k- ; ✓ . . \ • -V *J 
^ V'V v V 











10 

LOMBARD 



BY ANTHONY HARRIS 

YOU CAN T •'■'P ;i:r. ih mj; 
'ii'iuzn I- m !wvf heard tins 
ofPi*v V.',« nd’.r pi aruj{h<:r 
no d r ’ ; ibi over ih** dead 
i,f Mr Hamid Li-vi-r. v.hu 
died .« roupSc cf d.j/.en 
d<*a!h* :n 'hi' * .ni-if At ih'- 
’•:*!■■ nf oft priding the Steppee/ee 
P j - : c inn or the B'tnk <if England 
i"Cnre* lor fund 

v nager- jiK-r,iRi**fd '*i ! nut 

■>niy proJofi. out v-.ll no »>n pro- 
Te-'urj j‘. ever: f-jlure nr, hoi - 

: ■ n .'if th;* j i-l! y » n;> i' at 
e.is| .« rii'!nr' , re>ii‘d prutcM: vr : l 
-oferr 1 ihe late-r tap ovnire*. it 
-.:;l pf* ■iinir;u:i: , .n-j me ;ien- 
and hanrl.*oiiiri> : lull ihe 
c’.-i t'* t:i" na ! i r >n 15 excessive 1 . 

When this hue and riy ?\rri"ri 
> 'mv 1 e-j|-«. .."ji.i ii v.a- ;or v hard 
■'1 find itr.y nffiria’ in the 

Treasury or ihc Rank "a hr* mu id 
>■ L>rouziii : ■-■ admit »ha» there 
a prri:.*|i?;ii. They iim. 1 *: t « » 
ar^:: t \Ui'- |r*nv a! nek J.if-UCd at 
'■2. HI >_■; l*‘. er. i3 >tr cent v e r<_- 

a ho ream—' ” :* i-uiiiiuniially ac"a- 
■ j’ e n-a! r..rc sriercsi " ua* 
r.rw they --j- 1;. Thi* y. .1.: jn 
irteresiin; laVi-ht :ntu ih" pro- 
Kund pessimism vhi<-h mrurm* 
ri .nan;. Milieu! voiicic?. If h 
year .- I ec r a: 15 per ■.•ent i» 
t* •••’.'.*• .1 rrj'tiao ’*vi interest 
r ■;••• i.lrialinn 11111*1 

-’■er.iC" ::;:m 15 ;*rr >.-en; 


Revealing 


»"»•■ • •■•ere n*»t 

r*»n*rv»a«s;- •.t.tipj a ny h 
fereca .<n-: ••■ ■. ,•«» '■ii.’i.i a ; horr:- 
ried »vli<*n '.'no M-in’ed n.u the 
.■..iplica!i r -n "f iheir It 

•■•ii ^iii:C: .1 Mf>.r.:i!i?aiinn nf .1 
h a n i-! o-:it ' ' :i . “l * ;• . E von .» ■* 

i -at , .nnar.^»:''an. ih' U^h. n. wa* 
‘.■•rrirdy reveal mu 
X ada • • " . .• ;'a -;i i nna • . ip in 
to e''r re*s cerv~prn 
t'l 1 * r..<ti •■■><: ■ • f funding 
: , nt — sr. j urie linpo. 


the T?:r.i« on ’A-htch now 

to oorrow are no doubt 
ter* d«t?.'ira:.le. hut they are ihe 
rv-uii f /. misiaken Government 
r niieio*. OHicials are never hap- 
pier the*” ,,- lien they can pose a« 
the nf natural law — fne 

’riin.i uf i-i m '.*.hieh *3ys you can't 
gc: a rjuurt ,au! of a pint pot. 

Th:- on re hypocrisy, jnd 

ia : ; two reasons. First, the 

p'lJk-;- :‘..*:aKL- ? yr l*ii.s jear ate 
them.-e:-.' 4 largely ihr> 'fruit of 
ihe so ;»■' ingrained pessimism as 

I ha. eonridacency nf funding 

p*.i| :**j The uorrtmn; repinre- 
me:i: :r pari y excess in? because 
lire Trc.tsi.'y culd not beiieve 
,n an^ lud'-pondem buoyancy of 
the !iri-:i!e sector. This is an 
odd i:o\\.rc "f eluuni and ai ro 
;ancc — n *rh:nj can happen un- 
!p*> v.p i.*:dair. ;t. On these terms 
recova.-r;. 15 impostihac: 

I I ran •»R.y h.' achieved through 
era.'--, rji,-,. out. which i.« self 
dcieJUnc 

Sin Hu i is only part of the 
si or; . ’Ihe other pan i» inure 
:or the o' the 
or. r ro ■.•.1 r. ; r*-uyj j remc nt. wh leb 
makes r.r.dii;g .->■» expensive now. 
is piail!;. .• rejection of proHicau- 
fundme ;n :hc ;»a*t. vin rou;;h 
i >a ck ■ n : -ii- ..-or. vel op*.* 65:1 ring, the 
li.nu it,*? :*?ited in the la^t !& 
m<>:ith.* :s ' n a • jure added inn »u*si 
r-.ir: of t’lar to ;ho borr**v:lng 
n:q u. rei.iv m «.: * m jiii r.'-.l with sh» 

cm . 1 nf ■•rarr*i*A me f*n 
re&i-v ja'i'.* 1 grin’* A conversion 
t>; *' ‘Ck * : ni r * s-.icn lorm. includ- 
ing ear !•.».•" is^taos. :n:ahi reduce 
1 is.- bn rr* ■■.line rv« pure men t i»y 
mor- -.l.ar i'gbn. 3 part from ihe 
more !>ai* - ih'r. gains from e*'H 
vr.-ipt,- y-jiiner -tucks. Even in 
days f -f ^.'‘.rr.niouieal numbers, 
ii‘*r i< fpiili* a large hi it for 
protecting flu* mone;. iilusioo? 
held by i>’-- in auihoriiv. 


Contradict 


Km r. 

.-.1 •••r. ! : ■*••* a»f in- 

n. I DC 

r 1 " : *:p -hu.-. • .■ 

ra:*- 

return 'u 4-5 ru-r 

I' '.R< 

K:.- • s *i ■. *■ .*ny ;‘;ii:n 

! :n ‘r-- 

= !•:■ ->.^-:U'i.-u'y 

•. j:ch 

no- Ain- 


eei! .V i eiV-.*|T.;uer.i and 

.os'ft.op -noiiid fall 
.* l*>rg .*..iy from ■.•irr»*n: I**-,.; 5 
th..’ ^tJ e: the cr*niur>. \ft«r 
.■’••in - sr.onf c vi :«i GiTmany 

.4 a.-* - — • 1' •* i HITll Of pojtey. 
The i;n-:f.r- ?r. cm merit of 
Mo-e v ho re.: mi men slerf new 
‘he rurrev Up 1* that 

• -c 1 j • p.*.:fv «• 1 r.r'ch vyoiash 

— *r *hi.T Br.trftn ha- become 

•■jrh :* pn-rfba repu.-.lie 'n.it tl ’- 
'■n:y 'gra^'ted tha* it :m: .> 

.-•vreipect! - . e fairs- or t«*n 
per rv.v in i'U’ jeri.i- on t» 4 

• :e>.: V'l ih*- odd t[\.nc .* t'.a; 

. .- : r>s. i\: '■ ■•i*trsic? 
■< cem.v.;.n*cn- ' aii?r"a!i'c ..re 
•-.id ‘ha- ary g*!:**r method v.oulu 
-■ns* .-is of -.,*nans r*--ou'?lj.- 
Of a- ■ 1 • 1 >• i •• . no f.Pirr.ll ■.■o;i;d 
-dni-i 1 * ■ t mi-" a u pom; of f.e-.v; 

:• 1 :-j ;; ■* fi ‘.. ioiplr .:: 

F-’c exp.u-it i;ri.7im. nt 1- thal 


Ar. jiierna'svc isne of official 
deftii'-r .hit the authoritirs 
..re rfTer:n? •••••'nat the market 
v.anss. P.iif this is a proposition 
khich uili«-oi? 1 hem selves conira- 
dic: Wnen indexed stocks — 

e-.-n a North Sea oil stock — sre 
di.-i-’iissed. :i i- explained that 
4 ul:i a -.'c? i 4 unthink.-.ble be* 
she do .’.land would ic so 
crca: tiu.‘ industry would be 
rnr.aheij a. f fundi. In uiher 
vrirds. ve are paying through 
the nose i)CCdii«e the authorities 
refuse fo is<=ue ihe slock they 
no Ur vc ir.e marker wants. It is 
:u-o forg'ittcn that if official bnr- 
rov.-ng nc‘-si* ..re reduced, as 
they would he. then there is no 
uueiinn o: tiv.v.cl-n? ou; private 

pra-ro;. er- fcowevi.T sttroetive 

■ •flicuii 5 to..-*: he. Thu: >.« 

>n f?>- a.-hieied by a 12! per 
eon 1 ;or.g r.i’e n.‘ inter®sr. 

The ;= that present poll- 

-ie- .ire horn of gloom and fear 
of novel -y And ;f you think that 
tin- i- the U 4 t you will hear 
>>n th*- -uaji-.:i wait for ihe next 
ion z \i.p 


THE WEEK IN THE COURTS 


• Fina ncial Times Jlonda* : .Novgnjtier 27. 1 ‘ : 

RUGBY BY ?£TEK ROBBINS 


Inroads on immunity 


FOR YEARS, commercial men 
have waged a campaign for a 
change in the law whereby 
sovereign stales can successfully 
claim immunity from legal suit- 
even in respect of their ordinary 
trading activities. Why rhould 
sn imuontT in the I'K, who has 
a legitimate claim fur damages 
3gaifift a foreign exporter of 
goods, be thwarted in his legal 
claim ■simp'y because the 
foreign exporter happens to be 
an agenci of the foreign s t.itr> 
and entitled in claim the immu- 
nity nf that sovereign state? 

The rhetorical question was 
finally answered la?t Thursday 
when the Stale Immunity Act 
1978. came into force. T'ne Act 
re;lrict> the immunity which 
sovereign states can claim from 
the jurisdiction of civil court*, 
and inbunaL* in the I'K. The 
cnnnnon law. which until 
recently accurdud immimiLy to 

foreisn government? front virtu- 
ally all judicial proceedings, j; 

to be replaced by a statutory and 
residual immunity. Activities 
that could equally he performed 
by trading corporation*; or pri- 
vaTe mdividuttls will generally 
n;t longer enjoy immunity. The 
new law is complex and takes a 
little time to digest and under- 
stand. 

Stato immunity from the juris- 
diction of the courts of this 
country is retained except tr* the 
extent that it is restricted by the 
new Act. There arc two broad 
inroads up^n what, hitherto, has 
been a blanket immunity, if a 
=taie subnut* itself to the juris- 
diction of the court by accept- 
ing for example, service of a 
writ upon it. then it waives an: 
nn m unify it might otherwise 
hdve. It can waive it in a 
number of other ways. If :i 
initiates proceedings, or takes 
any step in legal proceedings, its 
immunity will drop away. But 
it will not io-e its immunity If 
ii appear* m cuurt -proceedings 
solely ;n order to assert its im- 
munity r.r an interest in property 
over which other parties arc 
litigating 

The other way that .1 slate 
may lose its immunity, is where 
the legal proceedings relate to a 
commercial transaction entered 
into by the state or to an obliga- 
tion of the slate which by virtue 
of the contract t whether a com- 
mercial transaction yr noil fails 
to bf 1 performed wholly or partly 
in ihi? country. A commercial 
transaction is nut merely any 
contract for the supply nf goods 
or services, but includes any 
financial transaction, whether it 
15 a Joan nr a guarantee or 
indemnity. Ii also includes any 
nlh-r transaction or ariivity 
1 whether of a commercial, indus- 
trial. financial, professional or 
other similar rnaracteri into 
which a state enters or in which 
it engages otherwise than in 
exercise of sovereign authority. 
Further s«cnon« in the Act pro- 
vide for Ihe removal of immunity 
from legal proceedings in a host 
of different situations. 


BY JUSTINIAN 

Contracts of e;nplu>u:enr are 
aeneraliy freed from the 
immunity if the individual's 
work is wholly or partly to be 
performed in the United King- 
dom. or where the contract is 
made here. But if the worker is 
not a UK national, the immunity 
from proceedings may he 
claimed. Land in the L*K is out- 
side the scope oF any mini unity, 
as .is any interest in such 
property by way of succession ur 
gift. The fact that a foreign slate 
Haims any interest in property 
here will not prevent t.be 
English courts exercising juris- 
diction “vor the estates of 
deceased persons, a man's bank- 
ruptcy. or the winding un of 
companies. Patents', trade mark? 
and. copyright all arc relieved 
from the scope of stale 
immunity. Nor is u stale immune 
from proceedings relating in 
value added tux. custom* and 
excise duties, or agricultural 
levies. 


Privileges 


Perhaps thp most significant— 
because it has proved 10 be the 
most irksome form of immunity 
over the years — is the new iaw 
relating to ships or cargo used 
by the state for its commercial 
purposes. It will now be possible 
to arrest any ship beionqiPEi to a 
foreign state for the purposes of 
enforcing a legal claim u- 
damages, and ihe nwmns state 
will noi he able to Haim any 
immunity. If the ship wa-> in u*e. 
or intended for use for commer- 
cial purposes, it will he treated 
in the same way as any privately 
owned vessel 

There are some intricate 
provisions regulating the manner 
m which foreign state* ran be 
.-erved with legal prnces*. inert- 
are certain privilege* nb^uT 
extending the time 'limit# for 
taking various steps m the icsal 
proceeding*, and other privilege# 
No order for penalties injunc- 
tions or specific performance can 
be issued against a state wiihout 
it* consent. There is also no 
right to execute again-; state 
properly without its consent, 
except against property 'hat is 
u«ed or intended for use for 
commercial purposes. 

Section 15 is nf ‘particular 
significance. This section enables 
Order? in Council to be made on 
the basis of reciprocity, either 
restricting or extending The 
immunities and privilege? estab- 
lished under the Act. Thu? the 
hiiMOess community will have tr. 
keep a wary eye out for any 
enlargements or limitations on 
the leeislaticm. Indeed, on fhe 
v*nr day the Act came infn force, 
one’ such nrder appear'd in 
relation lo ships of the Soviet 
Union. 

The Order preserve* the 
immunity From exeemi.-n nf 
ships and cargoes the Soviet 
Union that would oiher» i*c have 
been lost under the terms of 
the new law. It maintain*, the 
old immunity in two respect*. 
No application can be made for 


the issue of a ;• arrant >-.f arre*.; 
nf a ship owned by the Soviet 
Union, or any farg" aboard .i. 
until notice has heen scr.ed or. 
.1 consular officer nf The Soviet 
Union id London nr m the port 
at which it is imended ’o arrest 
the ship. That might have ihe 
effect or allowing the ship 10 
depart before ihn arrp*t can be 
made. Another provision is 
inure sweeping 

No ship or cargo owned. by ’..hr 
Soviet Union may bo subjected 
10 any legal process for the pur- 
p/.ise »f enforcing a judgnion* 
against the So vie’ Union. The 
reason f»r both ihe^e Iim Hat ions 
upon the removal of slate 
immunity any?# nut t*i a prr.-'.oen! 
fn Ihc treaty on merchant navi- 
gation between *hc UK and :bc 
Soviet Union signed in April 
1968 

The Art e\i>r??>c? the funda- 
mental change that na.? been 
wrought by politician.* oior the 
nasi 5fi years m th 1 ? fine: inn* u: 
ihu slate, bilerr.alioaa.; Urah.ni 

;* the r.fe blood of every 
nation. 

Elach ccur.tr>' nowaday# traue? 
more or less through agertcie? nf 
the statu. Public cnrporaiioas 
charter ?hip* and aircrai - *: They 
buy on the commodity markets: 
they issue tellers «>f credit 
through banks Lh-:t are *;aTe- 
owned. As a result tfcc lawyers 
have agitated for a :nodiSi?’f!:r)r 
of l he absolute immunity of 
state*. The more *n * ir.ee. :n 
many instances. :: ha? prove** 
difficuit to judge whether’ 
bank or a L-aciing coryu ration 
* imply op emanating! of the s*ate 
«*r in fact a separate i-nt::;. The 
new Act re* o»i"e 5 the argumerv; 
A restricted itnmurt.t:- .* na v 
the order of the day 



Business union 
boosts private 
ownership 

A MANIFESTO calling fir 
spread of “individual own emu? 
m contra?t to State power ar.ti 
collective ownership ’ ha;- been 
launched by a European asso L .j2- 
lior. of sniaii busine.ise.?. 

The Conservative Forty's 
Small Business Bureau i? ’ a 
founding member of the associa- 
uon. the Liiruy-an Medium and 
Small Bus ice?.* Union. 

Founded in Bonn l..*rt year, i; 
includes representatives smt. 
Franco. West derm any, Italy. 
Austria and Belgium. 

The manifesto urge? a “ plural- 
ist economy with wide-ranging 
opportunities for individuals to 
start and succeed in basinets, 
■industry, agriculture or the pro- 
fessions." There should he a 
“climate of laws snd Taxation 
which encourage* the entrepre- 
neur. the seif-cm ployed, end 
3rti--ans a? well a* small and 
medium-sized businesses." 

It calls .m “all citizen'" to 
rprocniso th?r only ?r-7;e»y 
based on indtvidtn! nwnorship 
is a “ bulwark against Marxism." 



- Imlirsiirv pruuriiniiur.s 
in lil;i«-k jnd while 

SiBC I 

9..-.S am r-T '»rii>'«'i! *. ■ ollci'’*. 
12J.> pm Nr-.-, l.rm IVhi’ii- Mill. 
l.JS Tbr V “.N| !>■:• :*i-hnr.|-. 

•'oKeze* S.15 Sung. ... P-.1i?a; 

.‘..m Rev um a l Nc--* i-T liiv_'l.in.t 
•c.vrepl London 1 -‘5.o5 Play -ohnol 
i - i * BB« 2. 1! »«i <jrm. U2l» Ma’.iclog 
1.23 Jia-k.-mo;-* 1.4b V.R Bear* 
o.*Ml lolvi ira’rn * Nev sroun.J 
.>.»>.» Blu< Pct-T. It or the 

Ilngmi.- 
5.4M N>" i 

0.55 VaTif-nwid.' • I. nr, .jam and 
Soinh-Ea*; mi!;. * 

KJJM \af innw.d^ 

fi.5« li Ain’t Half Hot Mum 

723fi* Tycoon 

s 1ft P*n«*nnv» 


I'.ftft News 

M.23 The Monday Film ’Harry 
in You r Pni-ket.’ starring 
Poburn 
11.03 Tnnivh* 

11.45 Weather Rcrion.il News 

\U Rcginn^ KKC.l except al 

tin- foil ri wins Chile*: 

Wales— i .45-2.00 pm P‘ii Paia. 
2.1S-221S Kni School^ i Pet's Look 
a: V.'r,;p*i. 4.40-3.00 IMiuiau ac 
\rv.ji. 5.55-15.211 Wale* Today 6.50- 
*."« Ileddr.* 11.45 News and 
wcai her for Wale*. 

Sc.itlaud — Io.00-Ul.2ll am For 
Sch.ionls larosir.d Scotland t. 5.53- 
lijhl pm Report mg Scotland. 11.45 
News and ueather for Scotland. 

Northern Ireland — ” -33 -3.55 pm 
Northern Ireland New * 3J5A20 
Scone Around Six. 11.43 New* 
and w either for Northern Ire- 
land 

Engfand— 5.55-ti2iM pm Loof. 
East c Norwich). Look North 
(Leeds. Manchester. NcwcaiHe). 
.Midlands Todav ( Hirnuncham 1. 
Point* We?l (ftripf.*; j. South To- 


day (SmithamiMonL Spotlight 
South M>it t Plymouth). 


FT. CROSSWORD PUZZLE No. 3,833 



ACROSS 25 .Nfrlilc lilt «1 ■•'■•■Til in front 1 6 > 

I \icia;..* in iv it. ‘.i Id i’a*i tamo .j H-ircJ cuf in |>uint nit 


iuim.-fer ih* 

I Horse ha* un*- drink niior 

..mithcj * *> i 

S J-'\p|.is|i r r .'ill Iv. iTr>-i)li'i( 
•Hi lor 47 1 

!) Fn.viilo tauv in. in;- -i.ilT fur 
supervisor Hi 

11 Sink fit In In’ purm I.] r 1 4. 4 i 

12 «:.ini same lo i’Jay briclly in 
h.«d (4. 

1“ ln*lriiuu-:iT iii-i-ihiig lull.- 
roi.m in i;il> run nr! ifii 
il Jmlonu'd Turk i -'h loader l».- 
Npokt-n of land ny the shut' 
(Si 


DOWN 

I nctuio roruntly stolen in Py$t 
*.l flics- (5 1 

£ r.jitfle blushing over parrot 
1 7 v 

.’! Repp(f«'dly djsmjssc.(j for 
truing unqualified t“. X .1) 

5 Miserable dwelling for south 
i-ua** town 1 earner tni 
K (ienllpm-in upsH Cajuipiiny 
hiking ral’c of wind f 7 1 
7 Fill frr-Hi life into note sent 
in a Northern Ireland friend 
«f) 


IS p#in*id sueni Jn crowded bar 19 Usefully employed in cathe- 
1 4. 4 1 dral u»"n? Shut up t4. 5i 

IS I'h’i on i ho -,i.«: fo» Produce .>u:nc leaning in- 

2(1 Black (Milan emperor i-i> __ -'arris ca-e* la be tried i5. 4) 

21 Take :v?uc a* -o ‘-(hji urctie*- !•» Merry hit of i.-rjoking lu sponge 
na! nlaji-r- -:iy h* c.ich iiiher’.’ wuh "in** (3. 4t 

17 Ff-mi-h fair WTiTi-h | 4 . Ml 
I!) .\ job ’ ii" Krcni-h advdcale i7» 

21 Hip mi” Film. .n »5i 

22 Two a i point wl:.-r* id v niwg* 
i- .•■■mhi 1 5 • 

published 


in., v 


(•’. Ol 
1 i • 1 1 1! T ■ • | 1 1 • 

1 7 1 

\ci ouii^rii - 
,-il-al i ! 

Ilia- «ii|uiioii uf 1.i-i S.ilnnJ.iv \ pn.-v pii/./li- will I 
with iiaiin - id wiiini-r- n«-M Saturday. 


21 


n< n-»- 


10.05 

1(1.51) 
11. Mi) 

2.15 
2.30 

3.00 
3J30 

4.00 
5J 5 

4 5.40 

fi.no 

fi.23 

fi-50 

7.15 
720 
*.10 

9.00 

9J!0 
1ft ’ll 
in jn 
11.15 
11.30 


BBC 2 

Role 


nf 


The 


am The 
Nur«e 

Servants of The Public? 
Play School 
pm Let’s iln 
Roads to Conflict 
Knitting Fashion 
Making Toys 
Parent* and School 
News on 2 Headlines with 
•-ub-tilles 

Laurel ami Hardy 
case: ’ Tit for Tat “ 

The F;«hing Race 
The De\iT« Music 
And Now the 
New* 

Mid-t-Tcmivj New? 
Chronicle 

The Ricky .lay Magic Show 
.Monty Python's Flying 
Circus 

The Body in Question 
Worn For Word 
Exploring Photography 
Lale New? 

Closedown talk 


>ho\v- 


Good 


LONDON 


9.30 am School? Programme?. 
12.00 Paperplay. 12.10 pm Slep- 
fung Sinne? 12.5ft What About ihe 
Worker* 1 1.01) News, plus FT 
index. 1.20 Thames News. UM 

A houi Britain 2.(H1 After N'non 
2-25 Monday Matinee: "Then 
Came Bron*on ” 4.20 Clapperhoard 
4.45 Paper Lad*. 3.15 Mr and 
M:> 

5.45 New . 

G.ftO Thame* ft 
6^5 Help' 
fi.55 Crossroad? 

7.fH) Bernie 

7.5ft Coronation Street 
S.ftil Rubin's \e-i 
S.3K World m Action 
9.1*0 Streets of Sun Frinnsio 
1 ft.ftft New* 

tft.5ft Monday \'i?lit Film 
" Frau lei n Doktor.” -far- 
i ins Su/y Kendal. Kenneth 
More, -lame? Booth 
12Jft am Cln-c: A pamtinz by 


Picasso with music by 
Stravinsky 

All IBA Region* as T/mdun 
except at.llie following times: 

ANGLIA 

12.M pm Th* Elcctrir Tlv-airr Shn--. 
1.25 AucL-a Xeu-S. 2.00 Hous^wriv 2-3 
y-'.:,. I— Movi^— McMillan awl WiN 5.15 
r-ir«r«if>- C.Hall»nac 4.00 About Anaiia , 
*.oo in Th»* Tal- 10 JO The Fmr. 

r.inn-.il IniiTn-u ?. 11.00 T\ ; Mn™ 

" Fa’P isn Fsrharp- ' vamna Robert 
Unricn. U2S am Rrflocnnn. 

A TV 

12.30 pm G*nrce Hamifton IV. 1.20 ATV 
.Vewidcsk. C2.25 Movie? iq RFUiemhnr- 
The Fallen Idol " sfamns B..lnh 
PlrharrtMin. 4.10 Hoii*®-a il»-. 5.15 lo 

S*.irch of . . . TTi** «..'ar*len nf E.1*r. 
4.M 5 TV Todrr. 10.30 Richt Left and 
Clenire. 11.00 The Xwr ,\ Tenners 

BORDER 

12-M pm Wildlife Cm«ms. ’1.2D torri- r 
Vr-*-*. 2.00 Ilousnpnriy 2.25 Mo- 

Jlaunr* 5.15 L'nlversiir .'hJlI-nge. t on 

I. nnkarartinil Mrnrtir. 4.20 Caritjon Tin>l . 
T.00 Mr. and Mm. 10.H) PTO-Cel-hriiv 
S'tceker. 11.15 Bamahj Jones. liM am 
Border Xwa Suniman - . 

CHANNFL 

I. la am Cbann-1 Lun>-h:ime \e>l and 
On Wh.-rc 2.25 The Monde v 
'lailnee- ” Ferry n> Un.ic Konn ' 5.15 

rmivfsitw ilhella-npr t og Channel N-w*. 
4J0 Th*’ Ba'iK'hrqniherv 7.M Botanic 
Man 4.W Kl-hi- Ero-Heman. 10 JB 
Chamwl Lai*- 'lew* 10.12 The Horror 
Film- 1 Ktnnaj On Sau«’* rimr." 12 JO am 
iThannel (nlloi— d hy News and 

Weather In Frena-h 

GRAMPIAN 

*.3 am rirsT Thins JZ.Jfl pm M.aV* 
It count 1.20 ilronrptan >:•■«-* H--<d- 
lines 2.25 The Regions Reoorr *2.55 

T1i» Mnnl-T Maun..*- ■ Tti. riaarse-’ani ■ 

srarnns 1 allaurle Rairs 5.15 I’niremitv 
i'hal1-ra*: 6.00 r.ranioi-jn Trul *r 4.05 

Th* Fle*-tr1r Th.»jrre Show 4.00 Qiiw-t 
I d wi n^Hei-t!»n* 10.W Tla.- ’Jondav F-iin 
l.ntF Ladie? of ih«- Niaht " sumne 
n^n Id Soul 12.20 am flranipiati Lair 
XaJil H.-adlln. -, 

GRANADA 

12.30 pm K.-imiht>i|4' Flli-hm 1JB 

T'lido 2.25 Mmiila r VI.mii.>.. Jrrn l»«n 
tr. " Don i Rai*- *1«-- Ftridse F.nnvr tha- 
Ri-.er ' 5.10 Wh^r-. \. v 5.15 

road.'-. 4 00 C.rin.ida B-a-ua-i* 4.30 n.Hauu- 
Men a 00 Rsffi pv u> 30 R-non« Th.nnr*. 

II. 00 Mrsicrr Mov... Pr-m i»-ra- iluluinbaa 

HT\ 

12 J0 pm Mafcr Ii a »u»- l.» Report 

Wa.«l F’ ;ia1ll.le* 1.25 R -ruP Wales Head 
line? 2.D0 Hfausen^rTy j.ys Th*. Recinias 
Report 2.K Tho : i.anatny Matiiu-i- 
cqlumho 5.15 Th* 1 n.i«-r‘.ra Ariveniures 
nf Captain \-ni" 5.20 I . ro*srn,ids 6.B0 


ftomrt WiR. t.22 «V!ii J0J5 

The Mer.-la.- Flirt ' ITmasnu.* i arn= e 
R-l»h 

HTV Cymru .Waif’ — \= KTV n-r.-^ral 
?- rv : r « .--v p; i.20-lJJ5 cm p - r .» , .- rt vj 

'■■vxrr.H-.n-, v nn*n 2.00-2.3 

6.W1-4JI2 V Dr-i-I. a.JM.OO V- W-.ehr.o* 

HTV West— As KTV r;#r.»r.i! Sr r -i.-- 
cxea-pr 1 20-1.30 pm P>-por wv*- j-.aH- 
lines 4.22-7.60 r>ppr: Wr-s: 

SCOTTISH 

12.30 pm FarrnhTO*.' FiirV-rt 1.25 
Nev s snH Toai! ar.ij V. wath-r 2^5 
Pe.-,ons R.-PQP 2J5 *!onda’- Ma'ir 
•■ Unn-jcan. 5.15 Cars. am. 5J0 r rns«-. 
m.-aais. 6.00 Sreiiai'H To*tae. 4 25 ..rm.- 
6.30 Vs I- Till Votar F-’.Vfr Co: 
Hnmo 0.00 Rjtrertj-. 10J0 L.i;s- C..JJ 
1SJ5 The P-iect.T.'? •"nlumbr. 

SOUTHERN 

12.30 pm Malo It r.our.i. L20 pniirh-rr 
Wus. 2.00 Hoias-parg" 2.25 Ilaaiidav 
?Ia»:r.e.'- 1 WinHon’ * W »v - ?-?roins 

P-trr FiReh 5J5 The Cndor-soa AHron- 
luroj .if <-.--.ptaln yVri-’ 5 25 '"'-essmjHs 

4.00 Dav K-- Pot 10.30 Soul horn 
Esira. 10. JS Face to Fare U.C5 The 
Knw Awnsop. 12.00 Form Pro ares*. 

TYNE TEES 

4.25 am Th® r.nnH W'nrrl follO'-vd hy 
Nnnh East X.-a-f K-aH]in>.« 12. iu pm 
vildlife Cip.ma. 1.20 Nnnh TTa-: 
ami Liint jman'I. 2-25 Faitni*-. 3-20 
a'.--- acral Ion Scon- 1.35 r ifJe'-n TJ-aa. 

3 JO Lassie 5.15 L'in*-r*«>- rh.sllent.-i 
S. 60 Verthen- I lfa> 6.30 Pnlir.' .'nil S 0(1 
Twi«t in :he Tale. 410 JO The Mnnriar 
Film. ■• Kona-k On 4n- Prmr." siarrio* 
Rumphrrr Bn=ar> 12.20 am Emlnyue 

ULSTER 

12 JO nm Make Ir Cmin: 1 20 Lnnrh- 
-.me 2. DO See You ?Tpaaa*n-.- 2.25 B-cinni 
Report 2J5 Mendav Matinee - Hum. 

•• d.u nyii-r Ne»-* Headlines 5.15 
I'antmn. 5.20 Cross read * 4.W Rer-OCs 
6 35 Larern* and SlaJ rl'-r 111.30 Maani.ir 
Xlaihi Id.m R-S»ew 11.10 In ■*- arch o» 
Vljrir nf Slnnehen^e 11.35 R.-alNme 

WFSTWaro 

I? 27 pm Hus Horn rhinr* Pieihalwrc 
12 JO Farmhouse Kucher. 1.20 Vensanl 
KeorUlne* 2 23 The Mnnda— 
\Telm-* " Ferry T.. I 'Ana Knna " -eia-r- 
rmi! Ciin Juraern aan-l hisam Wa-ll- i 5-15 
i-niwmiT I’hallcncc 6. DO Vesiward 
riaa'rr ah'* Sn«rs D-s* 7.P n dasyi.- lT.-.n 

7.00 R |. ht>- r-mri'.-lman in. 23 Wes-, ant 

r.-aa e 10.10 Thr Ilnrror Film 

p.lO,-Kl ain Kaien - * ri.iw ■ siimnp 
Rmria.-* Wviiurk 12-in am Fsilh fnr Life 

YORKSHIRE 

12.30 pm Fannins iiai:lonb 1J0 ..ai.-ndir 
%ea,-p 2.25 Fanul?" 3JD Hr-an to Henrr 
3.30 Mid'- 5.15 I.ini"er*it> Chill-nee. 
6.ID calender .Km ley Mcmr anti Bclmnnt 
erliilnn*i 0.00 T» i*: >n :h» Tale lOJO 
Prn-Celehnrs- Spnoter 11. U Raril.il>:. 

I fine*. 12.10 .'I«car r v!t-rs.)P PrsRf-in* 

Pir/y i'.iIIhpdw 


JN TI* IT WAKE : -f ihc KiiJhy 
Uni r.r.’.* decision :•"» cracR-4ow , n 
on :'r>i:i plsy. v.;>« fi-iin'J thai 
Engii^rJ? L'i’v.e jp'.n.-l ‘J.f All 
3 jack? f T’.vck-’nrisin »n Sa:ux- 
diy '.-.'j.* ire: or vi-^cracr. 

wua also. *ari'y. lacking in 
yparkic. Now Zealand drove 
relentless:- to third inter- 
national v icier*'. 

The Ali Sii-cks >vrc worth 
iheir 16-d v.'n. if the England 
pack — resiiu filed because of 
Injury und rclcc’nTf 1 
cJictccs — cruatpied in t’r.c face of 
the well -drilled juggernaut. 

Engiand'c park .never enl lor 
aether at a!i. and wcrit cutciassed 
Lne i;ne-r>:i:. where they 
yielded iW’i jf'ti iris*. 

The -crj;r v.^s- anuther t);v 
?*:cr aros. ?rs.i rhey were nut- 
fought 2nd apparently out-num- 
oerec in the !.?o.ie. 

Ci'en such a disparity in 
performance u -1 front, the res-uit 
v.i * .nevilghio. 

Hindsight r.ae an appealing 
eiarJiy — ; 'u* even ro. smn*:- of the 
*Osevt:->n.* :r. the pack were hard 
tc ac'-rcpL 

E?.r:ii 3 r in rfu? we°fc. the Bughy. 
UniOT cec'.ared -bat anyone ient 
nffi :r. -i garr.e- fro.r December 1 
ervar.;* a mandatory 30- 

r.ay a.irpcr.s.’.io. a ad v.i’.l be sub- 
ject ?r> fur'iitr ciu'n or county 
-discipline. Th-: “iove coin vs nut 
a mo nien; ?r.c»n. 

The distaste u: affair? of the 
la** fori right have iota ar acrid 
ji:;ic.-p::pre ir j— J4-iy circles. > - 
It si-.nuLi sai.l t'lfct --very 
fnrwar-1 ‘-cnc-i* wher? lit- is 
putting ice; :n l ruck and that 
Lianclii. oy jroi"'ir.g toieiher to 
hide an ' ■ ff e nner have! 

surrenderee, a uarvjLou* ebaner 
of setunx the definitive example 
t'! the rest of the vusiuy world, 
instead. :r.^: great c.hih .has lost 

a s'lPf.BSi/i: p?.r. uf ii.< ctgnity. 
which is such j par; of *is noblo 
i-oritarc. 

Ir. 1631. the four Home Unions, 
broke off reia'.i'its with France 
"•?ca;i=e o’ ntmTality on ihc field 
and the genera* infraction nf the 
arr.tfteyr spirit and stains of the 

players. 

It is not perbwTs tn-o alarmist 
;o sugre-*; tha; France may soon- 
he cniiiieri tr- write in rimslar 
••oin ;n ihe Unions here — for in 
ny opinion the came has become 
r.o'iceaoly nor? vio'eai. 

1 am anp-dlie-l both as a spec- 
tator ar.d critic, and probably 
more importantly as a parent, at 
:be .sickening scenes that occur 
:*h depressing regularity. ' 
Rucby i« a nh'-sica! contact 
spor*. a r.r! Lnrri W.-ikefield. the 
former Enclond forward, once 
said Thai players accept the 
hazard? ru* :h c gair. 4 * much as men 
do *r.o hazards nf war 
I? is 'he deliberate f oui is 

*o much more preiaJeot, especi- 


ally ihc our.: a» H«? ^ 

niie-ups Thr «> linpjrdnnabJe. 

and ii s.boulri be remembered 
ihat rtisby «!= amateur eamti 
—and’ we all have la ;u ™ «oric 

un Mond?..* niorniriS- 

Part of Lhe pleasure nf TUgby 
is in the physical challenge it 
sets It ^ also a for rl3e 
academic, jnd hmh aspects 
.require a firm *en=c c*f discipline. 

The line between discipline 
and indiscipline i*’ indeed fine-- 
bul once a nian loses si’ht or 
:har Jine and lakes fhe law into 
bis own hoot. Then thit m^n has 
rjr>ht fo he nn « c,r P ,a - V - 

Bat why should ihe same be 
taking th*2?e irends? I him quite 
serum ihat the spirit of ihe age 
has. changed immeasurably, and 
ibqrc is fvis chivalry in the 

game. 

Everythin? •? so inten.*e. rne 
prizes too grt-at and national 
pride sacrosanct. Inter- 

national loams now gather iii 
weekends for squad training, and 
meet well before the inter- 
national so ihat the build-up for 
a game reaches, a now level of 
fever. 

Toe fitness programme sent 
out tills summer by the RFU 
ti> the England squad was a 
terrifying document — completion 
of which" w.iu Id have earned at 
least ihe Duke nf Edinburgh's 
award, and Jl be*t entry into 
the SAS! 

Players of international calibre: 
really should not need. such a 
programme but rely on Lhelr nwn 
dedication Ironically, this .pro- 
gramme j-eems tu have bad little 
effect. 


Competitive 


The present-day same is of 
course much faster, more com- 
petitive and more widely coached. 
I am very much a believer in 
coaching, but it is the way it 
is praciised that often gives rise 
to many qualms. 

As the game ha* become 
faster. s*< ;he Jaws have become 
mnre difficult to apply and abide 
by. and the one source of per- 
petual violence is the . ruck, 
where one day. I fear, someone 
will be killed. 

Referees arc now blowing the 
whistle early at this phase . of 
play, finding that il is often fhe 
player on ihe ground who does 
not release the ball according 
to the law. 

The frustration thus caused is 
no excuse for violence arid 
players must let the referee 
decide whether an opponent is 
wilfully interfering with play. 

I: may he lhar the law will 
he changed, so Ihat hands can 
be used 3t the ruck. After all..' 
rugby is supposed to be a hand- 
ling game. 


Similarly; the -reintrbduction.o? 
Uip standing lackte -wben a player 
was said to be tackled once held 
aod. unable to play the ball, 
would eliminate-' those protracted 
maids and gel the ball back' into 
play. 

Changes in ' the laws ' tip not 
necessarily niean changes in 
attitudes— arid they need chang- 
ing. primarily among the players 
.and coaches. 

. If ' more tiiue . was . spent 
actually . tie re la ping individual 
-skills, rather than' cultivating 
mbot-J ike set-pieccs. the game 
-would be better. ■ 

The ; administrating . at" top 
■eve? have jfiow . shown ■ the iron 
&<t. and it now behoves chib 
officials to follow that esanp!o 
by warning-' the recidivist that 
ho will not be selected if he per- 
sistently flouts the laws and 
spirit. of the game.; . 

. That Is easy to say and wrirc, 
but the " canker, has to be 
removed if the civilised game is 
to .survive. . .. . .• 

Next, prime importance must 
be given to the trainee referees. 
Like all humans, they .make mis- 
takes. arid they suffer much un- 
called for viMficaadn. - 4 

There does seem to ' be a 
decline in standards further down 
the 'scale: but since they ^ve 
their Lime wittingly, they are 
emitted to expect all the tech- 
nical and moral support they 
can get. • 

Schoolmasters aiso shoulder 
an. enormous burden in the way 
they teach, and coach the game. 
But bow can they answer a boy 
jwho claims that an iaceritatiana! 
player committed the very *am** 
foul bn Kelly as he did? Hnw 
can one reconcUe a fortniglrt’ii 
.suspension of an ’ international 
player when sdioolboj's in the 
Midlands arc being banned for 
a month when sent off? " 

That is why the new mandate 
is so important and Timely. It 
should hot need stating that ui- 
rernfltioual players must set an 
.example both ih action and 
spirit. 

Last season, we had the extra- 
ordinary admission by. J. P. K. 
Williams that he had committed 
a professional foul on Mike Gib- 
son. . 

• At Cardiff, w? had Haden's 
apparently histrionic dive from 
the line-nut—bnth instances of 
fail ore to observe the standards 
that the game has a right to ex- 
pect. 

There is no -shame in beinE 
beaten, nor in being collectively 
or individually out-played or out- 
witted. 

The disgrace i* m the nnn- 
acceptahee nf-that fact and the 
squalid actions taken lo counter 

iL ■ 


SY TiteypR B£ljLfY .; 


% 


ioiithend battles with council 


BBC Radio New Wavelengths 

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1548kHz. I'M m fr 0S,8*« 

2 SSSL3C 4 XSS* 

ftarc- ’ 5 

London BroadcniOnq: 

115 Ik Hi. 261m ft «7Jvhf 


RADIO I 

(5) Snraighifli« hniilujt 
i Mediam w«» 

5.D0 *ltl R.VlIO : TOO p»v* L“5 
Tracis s.B9 Simon Bji» 5. U.ll Pant 
Pum*rt 2.BD am Tonr Etut-b’tro 
Uri Jrn?en. KJO Slarin 1 Alive. 7J9-10.W 
U Radio « U.H John Peel (Sv UJ»- 
ClflM AS P^rfin 2. 

RADIO 2 

5.00 am Ni-h-s .nummary 5.0J Tony 
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5.87 R.inna; riilleini 5.43 Pause fnr 
Thnucht 10.D3 .rinur.r Youn* > S» *. 
12.15 urn Wauconera* Walk. 12J0 Pa.-t« 
Murray « Upvn llnus- - - iS' mciudlUK 1.43 
Soon* Dusk. 230 Darl<i Hamlllon iK* 
'ni'ladmg 2.4.1 and 3.4.1 Spons Dusk. 438 
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7 nil Tin- D.H-. a t.ararl Day. *« Th.- Bis 
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-,a-uh Th. fi— •: ail lair in ra-a-onts 
4.55 Sruirt' p.*sl W.0? Pip S.-or- 15.30 
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■i-:ri'» 'I Mi'loi-hi ma'lnnin; 12,M 

• ... . j OO-Z.nz am •«. a - 


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*55 -trra 7 1* ‘ " ■ -r 

f r : >i: a? 8 DO Nw(. 8 85 M’-rriiiife' 


T«5 


■■inc.-r; 4.M N' 5.05 This F 

Composer Pur.;:!;r K, ojs TalklPai 
About aiuslc *S-. 1025 snmmtr SdioiJ 
i’f Musi 1 at Damnciaan Hall 197S Contvn. 
pari 1 'S' 1 11.85 In:-- n- ,*1 HcaiHno UJI 
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\ 435 At Itornt-. Tlia- vou* 1 nf Fnir. 
Wiinrt* filch on n’.-urd* i* .. 738 FBI 
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Jin in Bnialn *s. U.45 Kews. U-*- 

IL55 TonljJu's Sctiuber; Soils. 

RADIO 4 

4.00 Jim Xmw* F.rn linn 4.10 Fanning 

*25. Sfilppinn wrreasr. 430 
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(nr rile l'*:i v 8.35 Thr lV»rk On 8 S-*® 
inhn KMw and :h- PVi sr.imil Arihir-* 
f no \. -.i -. 4.05 '■'An Lhr ’•• |,l! 

K.. rairf r.ati-1 moo 14.05 WsM 

l,r.- 14.W t'oil- *■ rn-' 10.45 

-I,.- V 11 00 \ r..r-!ii.->a i-r .. pi*'-’'?' 

u 45 I !-'• " idi r 12 M 

12 02 pm Y«u ar.-i Ywiis. U-E T*ny ot 


i.V Form 1255 U-ailier pfi.ra.tim- 
ii-'it 1.00 The W«rM ai ri n- 1 *0 Tl».* 
A r: hers 155 S'llppiiU: r-ir.-.AU 2.00 
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3.05 Aftcrmnn Th-s»m 435 Story Time 

5.00 PM. Xpw* 7.|a«srina< 5.50 Shipolr.s 
iaiivai..t 535 Wnaih-T. pniratlirvir n--wi 

6.00 X.ii-s 6.3G Dr. Fmljy p CaM-bnk 

7.08 N«»»h. T.05 Tht Arxhcr*. 7.20 Freni 
Our Om*U ('.nrr.'.pnrid-ail 7.4S Tha- I’.lAnda-i 
PI?;. U5 A fiidcua;? l.nok At 430 
Duzy Spell • A '* KaJciriusi-Pp..- " pArirnil 
nl Diwv nillp.-piia. 5J5 Wcaihrr. 1038 
Th- World Tonurht. 10.30 The Sa.-rcd 
<7 rove 'S>. 11J» A B'wk a» Hnlrinv 

11.15 Th“ F amncaiat It'-jrM Topiilal 11 JO 
Today in Parliament. U.OO Xe»-=. 

BBC Radio London 

5.90 am Af Fadlo 2 6.50 fiufh limif 

*.0Q Ijindon Live 12.03 pm Call In 2 43 
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12.00 V« Kadin 2 12.05 am ijmnion 

Time from (h.- Ilimss uf i.'.omnujib I rem 
135 A* Radio 2 

London Broadcasting 

5 00 am Mornmc ?(esic. 4.00 AM- nnn- 
•Jtm news, information, rravvl. *f>orr 
l(L0a Brian Hayes Shou 1.00 pm l.KC 
Repons. 3JW r.uorsH flair's I! u'Chai-k 
.’all. 4 J0 Lbc Ra pori* 'ronimui's- BJ0 
Aft-r Kivhi. 4.00 iv'lkMUnc. 1.00 am 
:.uht Hxina. 

Capita) Radio 

4.00 am ilraham Dr-r*- > iftiv- 

• »:i 5.00 MifilJrtl As[»>l 12.00 Dive 

i'.'H 3IH) pm »»-._• - *.PII •«. 7.M 

I T-ili- 7.30 |.ir:.n I m - * 

-a;*-.. I .aa ■ ®IM *.i-l . If. *raa.‘ - V.wjj 
-.'•H la-I '.-...aaWr, • | .4 . Il Him r.iis. 

■I mii": i .a. vi, 3.00 am I’. >r 

‘a >'111. « a- Nuh! a li.nl *>,•. 


ONLY >5.500 I'jr.-.pi up it Pouts 
Hai! or. Saturdii;' to see Southend 
United Vr.ock n-jt Peterhnrou.gh 
in the hr** ra-. un .1 „f * L he F.A. 
Cup jy throe ti twti. ;n a 

ra’ner ra hu- not unexcit- 
ins rr.r.tch. Tne home team just 
about deserved tft v.'tn. especially 
■•.’hen tine recalls two tremendous 
sovn-. i.y ;hp vi-itinc keeper. The 
spar ely filled terraces did sup- 
g?st tiiit thi* competition, at 
l?3.* : until the arrival of the hi<; 
n ant .25 m the third round, has 
!r**i some, nr ns appc.il. Ten 
years ago the “posh" would 
have been accompanied by an. 
army .if supporters not a few 

C03Ch05. 

The two ciuhs. of course, 
hoped that the game would mark 
ihe start of ihai perennial dream 
of every side in the lower divi- 
sion’*. a long Cup run to cheer 
th* fan?- who have realised that 
this was nol a promotion year. 

Southend and Peterborough 
have much in common. Neither 
has ever advanced beyond the 
backwaters uf the Third Oivismn. 
and nn the evidence of this Cup 
tic. arc unlikely to rectify the 
matter in the immediate future, 
although fhe lartor. under .inhn 
Barn well, who has now left fn 
manage Wnivt*. missed prnmr.- 
linn last season only by the nar- 
rowest margin. 

Both duh.* have ycore of faiih- 
ful followers numbering ahnur 
3.50U. who stay loyal irre-specttve 
of re*u!fs. and a record home 
cate of about 30.0U0 Neither 
town ha? a great soccer tradi- 
tion. or a consuming passion fnr 
:he same and. unlike Tyneside 
and Daeenhain. are not especi- 
ally fertile breeding grounds. 
Hnwev-Pi. i hey do realise that 
they have no chance uf existing 


purely on the revenue rroni possesses, under contract a 
gates and season tickets. This playing staff which is ’worth a 
could also apply to most trains consideiirhle amount of money, 
in the Third nnd Fourth Divi- Liisp all league members. 
5io ns. most, or those in the Southend is only able to exploit 
Second and quite a few in the ’iis . ground . commercially for a 
First- ... matter of hours in the course, of 

The latest Southend Uniied a year, because of fhe grass pilch 
halance sheet illustrates -the and tbe difficulty r,f finding 
situation, even though the club -alternative uses except on a one- 
is better supported thaii most in off basis. 

the Tower divisions and is finan- • Soulbend. possesses another 
cially far more stahlet' Its. football -.asset which, if developed corn- 
revenue amounted in X169JJ00 rherdally. cnuld solve alt its 
which included 1119.500 fr'om financial- problems and make it 
gate receipts and a disappointing completely viable.. Sainsbury's 
£S.0fK> from season tickets.' The wants to turn the club car park 
whnte of this not inconsideraMe into a mediiim-laxge stiper- 
sum was more than swallowed market..-- It would finance the 
up. by the. pi ay mg expenses which development and pay the dub 
were £171.000, nf which the two £100,000 a year for the privilege, 
biggea items were the players' The revenue from market rentals 
wage?, at .£130.500. and travelling would continue and increase, a* 
and hotel, expenses of £21,000.'. :»be new car park would be on 
: top of the building. 

Car park rental Although there were, some 

„ - , .. . ' . obvious, though not insoluble. 

P^ r . t j| p th J l . ex P®" dl ^ lr ? , traffic difficulties, planning per- 
establishment and administration mission at local and eounty level, 
expenses came to £8S.OOO. nearly was granted v 

half .qf which were wages . ' Southend • Uni ted. at that 

Fortunately. Southend Gmted moment appeared to' be in the 

r t0 .L w?e , a fui 7 h . er money. This- umn Id -have allowed 
E68.50U from other forms- of in r jj torbtiy new playprs and could 
come, of which £4-.onn came have nieanr its .becoming reallv 
from the market rental of its car important In .fhe gained But iL 
pa { ^ ...... • ' . -has encountered opposition .from - 

AUhou^ The Club ? overdraft t he local council, seme local resi- 
wa« £68,000,. it owns its. ground. -dents, and owners of' nearby 
and has extra property in -the shops. 

nb tu re . of houses wjuehraiur he tVTiether a su perm ark ct on th« 
worth more than £100,000. It is car park would be a real amenitv 
certain ly. m a much_ sounder frip. the. town is a nutter bf opin- 
flnnhdal position than most jon.' Bu1.il would ceriainlv dfo- 
riubf. and estimate’: H .Mibnlif vide the football club; with tire 
make more than EIOO.OOO ihifi finance needed pot - only to gain 
rear. Er.om thai new saviour of ^promotion, but, more, vital, to 
tea.arie - football, the .Instant- maintain it. ‘It wap plejised - to 
lottery.' . ..': Heat Pet erli'erauRh." but ‘far mere 

.'Several would have- gun e out important would be : "a.- , victory 
of business without it Tt also- over the council, • 



THE \ ICTORY of Approdching 
in Saturday’s Hennessy Gold Cup 
could hardly have been a more 
popular one. fnr nm only was 
thp seven-yea r-nlri k ctea-r 
favourite hut everyone was 
aware that he h3<l been a fai’- 
frout-casy proposition for both 
.fosh Hifford and Boh Champion. 

A chancy juniper, to say the 
Jeasi. since being Imucht ^ 
’* store ' b> Lifford tn Ireland as- 
a throe-year-old. Approaching 
wa* lhaudil »n hive an obvious 
chance in Ihe Heoncssy when 
the weights were published for 
the big Newburv ch:u.e 

However, his allotted weight 
of lft st 2 lb was about half a 
>ione below Champion's mini- 
mum. and Gifford was put in the 
awkward position of deciding 
whether i! would be wiv? tu 
secure an aiternaiivr jnckev cap- 
ab!« of niwunq the weight ur to 
rely ■ .it Champion'- knowledge nf 
Un- big guiding, ny nn means .in 
-y rule 

Hi' i!c-«.-i*iori in lei i'Ii imp mu 
I’.i-vy Ihe r«Je '.v.i.- a unv, 


but as tilings turned out a few 
pounds, extra .would probably, 
have made little difference.' The : 
course- specialist Approaching, 
travelling well throughout in the 
hands uf -his • experienced pitot, 
whn had wasted himself down to 
10 st 6 lb. took over six fences 
from home and maintained his 
lead without being seriously 
threatened. 

At ihe line. .. Major Derek 
Wiean's jGqlden .Vision gelding 
had. five lengths in spare over ihe 
lop weight Master ‘if. with the 
inexperienced WiJlbm Penn, the 
early leader, a further fuiir 
tenqtlis back in third. ■ ■ • • 

This idea of a tilt at Mtduisbt^ 
r.<uirt"and'. Fort Devon iit 5ii? 
King George VI Chase at Kemp- 
tnn on Boxing Day was mooted! 
by connections and well-wishers 
after the race. 

But 1 .have little doubt that ihc 
temptation .will., be - resisted- - for, 
Approaching, in receipt q r fhn- 
lui.'l pari - of rwn stones from 
1 h ' • siTimri nn Salurdiiv. mMI! nerri 
l " unpruu- si gn.icj rif>ai' beforu 
providing a Ihreal-tu tin* bust.' •’ 


■ However, he ., appears te be 
doing just That, arid provided he 
rari graduate lb : the. trickier, 
fences of ...the. lead ing ' pajk 
courses ancU Cheltenham, there 
spem s Tin Je reason why he should 
not go oh h) matte his presence 
fell, in the "big.. c^idiUons races 
in • a season or tvn;- - J • 
This afternooq at Windsor 30- 
year-old Champion, who .'-was 
•gamsiff; his -most important 
success on bw &fvdurite traefc. 
wilt he . expected . to -larid'-the 
Bound O ak- Ghase 1 ' oh Approach^ - 
ing's.stahlemateTmperiftl Family 
The • five^’eaKoiffv 7 : a. . clever 
winner TFOin'GreatBrig^at:;Han- 
tingdou last. thne. - 

able to follow tip,, hut my 
narrow preference' : is’ Torvthe' 
course-winner, . . 'u> 

whom be. will try - lo ‘concede'- six ' 
pounds.. . ••■•.• 

-■ .1 .hO—Niiugfii^ r . - : 

Lucky. TtevilT* '< ■ ’• 

_2.TkV-Ga)ahad II , .- 

Glinfirld^*:- ' l .j 
■ ' 3.60^IIairs,'Trcastirzi*. . ir- - 





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bank manager. He’d like that. 

Just ask him. 



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a 








Fii&neia* - Times' 


Ha? 1 ? Liverpool 


rrankenstem!! t. 


DAVID MURRAY 


H- K. 'jrjbrr is scarcely a which is coincidentally apropos: there is much ingenious play 
h j J^cbc id r... even m bis " I ii'i not so afraid of the with diatonic tags, suggestive of 
r-.i •-.- ^ .:.•>! u Iju.d;;.- cie:i'.e:r of charm, which he “systems music ’’ but also of an 

en^rpririR- r.* - Royal L: v er- avn:c!= to ihe point of asceticism, elusive lyrical undercurrent. A 
r? ir.j Phiihsm'jr.ir. :n brine him v.en of martyrdom." Fronfecn- vital further dimension of; 
•—.■•’r a« s-'«:oi*t. .t riuctisonRier. in .ncin ' ' ii singularly charming, evocative colour is added with a 
l’-; r-vn Fraakcuctcp ; ’ "a pan- that it probably offers whole band of children's instru- 

rirmnn turn Mr hariinnc and a -er;- partial view of Gruber’s ments. both seriously playable! 
ir'\v,-;r.v' The compeer is 35. '-' jJ *: Neariy half an hour long, ones and plain noisemakers. on j 
3i?-: 5 r.-.o.u^er nr th>: Vienna it .; a setting of wicked child- which the orchestral players take ■ 
5 «;h":r. r-' 1 1 - 'k Td renV rhymes by the Austrian turns (as on Saturday, though it, 

:n ;h» " fhr roam" Surrea.'« H. C. Arimann. dpi - - would he possible to nave 


1-”.- :n th? "/im reihe" Surrea.'« H. C. Arimann, per- would be possible to nave 
F-.s r:c fr.r -u.ne 17 •.ears. ;,nd ver-e rer"* which owes a good children help). They are tell- 
rn---" * i«o jn |hr \i:sir'i::n Radio deal 1 CiiiWiian Morsenstern. In?ly. often surprisingly used— 
?-.:r?hnnv. !>- ; cpue the >erialisr Trjdiu-nJ monsters rub shoul- more effective than many elec-; 
siri rnri ^ rff( , r „ u e der* u:ih FLiiman. Rubin and tmnic heefln^s-up of the standard 

; rrf , b! f.- n iiii.sie since -I. m Bond. with |p«hinjrs of orchestra. The total impression of 
: V- m-.l-iannc ^m;,ndic<i -i defiant n 'i- "■ 4 lm;iie horror. The piece amiable ease is certainly decep-, 
■m. i iRno.^nri» or>; naive cr-r. ;r»w f-in -.hat was al first on:v live, for rhe considerable length- 
nflf r,n j . .-om pan intent for the of the work never sagged: there: 


, rr'-rj ' !,V -nr lirirn^r recit'i v-rsev in its ne’.-.i^mnrepoverinthpmusiralcon- 

rcv-.r:r; inr.nl --icnnncii e;i: re:: rf composed form, fra?- irivances than the cheerful 


V>” S-rd r; t > not rnn f,.r meo-.-.r. • '* :hnce.= " i with a heady manner and frail sounds imply. 
*-.-sv. “ p.-'r r, n.-»:ro svant-j.-iMc - 2v: '' :r ° r ” :,}ais dc Daniel are Rrirht-eyort scores like this 
d rt : - i rr! t'n : » th-* aud'csiec :n‘er«;vvied between th* r.'mn- s:n: Simon Rattle to a T. and the 
rr-d J' 1 * fra top" of ■'*'*” * : ' ,,r ' "ineinc. dci'tairmn; and performance hy the Royal Liver- 

refe rorro firui-pr :>nd his rnl- the words. On pool Philharmonic under him 

ips-i.ri Mnn art :rrf- Sv:,rii ’ J i :*ru:jer did that in evinced infectious relish. It was 


,v>sv. “ Per •‘•n.’srw’ avanKrarte ° r * ,:,Iais Danu-i are RriTht-eyerf s 

d rt ;-i rd t'n : » th' and'osipr ;n‘er*r-"r;*vi between th»' r.'ion- suit Simon Ratt! 
’.-ptp! r-idifr^” frames of ‘"'’r - -?i neine. dei-ia imiog and performance hy 


“ 'TfiP. grt .-rre 


Sv:irrf' s ’. 


oneagingly accented a -success that ought to he re- 




By B. A . -young 




Hope Jackman and Antonia Ellis 


This, -is not Ernst. ToUeris. 
| tragic play. of 1927, described in 
i the jjfastramme as. a revue, which 
! even after Pise'atvr. had finished 

\ with it Jt raoart .certainly Was not. 
Toiler addicts will be anie to see 
f Masse Menscit and Die Madiinen- 
sfiirmer in translation next week. 
At the Round House they will 
only get an eponymous cabaret 
number by Wailher ‘.liiebriiig. 

. Introdhciiig ! a .coJlectlcp of 
[German satirical 1 . sotrs made hy 
iKeLSj 'Cheethaci (appropriately 
j named), and Eva Meier; -and sung 
In £ngtiah by .Colin Bennett, 
thristina^Matrhev^, Thick Wilson 
f-aacf Misg. Meier herself. -. - 

Tt forms part or the Genh'aa 
season called The Seventies meet 
! Tbe .T^enties^..and Mn. Its - one- 
' sided' -way -it does' b'rliic to life' 
the German-: way . of existence in 
^ ‘.that ^riod. Which is extended Wr 

r omud-cevper j ^ tQ j^jb one side 

. x f i)ie-. end. of ^the war ) . add 1933 
. ion the other -tHitim^s . appoint* 

. • -i- V— ^ - — - -H — ’ i i \ 


pi i'-i r._: i delirately expandprl without it 

rhe '■•irrer.' cf Tempo r # hc vnrd'Htinc hurstins: it will h<* keenly jn- 

dc-.-i-.if-fi tr» n'i«- i!;.’ r'^rthroic style of f«Te ; .tin? tn discover whether 

?r . i :jv-s -rmr. hut .-'l-Hr-'n'- T^ir orrh^etra druber"? m^an*: will stretch tn 

r.-’-.r- p--^ ; r e m .ir-- i‘r» 2 !«« iway: H-'-.idcs SIMrr a laree cgnva« with 

Ai-.nui .^hocnbeig ’.he ev.ir.'-np: into quati-pnp, biooder. more energetic stroke?. 


;j Crucible, Sheffield 4dnfr«ided ■ because it leaves out 

so much. You raighrb^ieye that 

• Hindemith, the. Bsuhairs, Ringel- 

R 1 Ea ^ ^ y-v nate'4» Rilke - had never existed, - 

H n H S 88 . ^ and ; that writers. - like ‘Brecht, 

bv B. A. YOUNG :•{ Toller anti Kafeerwere all.that 

a J * mattered.' 7. *' 

. , ' Witjfin 1 these rtrolts. then, the 

W.hi'e West End managements of eotertainment.” she has not the same capacity for single idea has to sous* are, attractive’ la their 

hi-' hundreds of ihous?ni: of Roxi e Hart whom Antonia stirring sympathy as veil as love, whole song— In toe \vorst_ easy, sinister way. They: range. from 
pjimds intoseif-evident losers Ellis plays with a cunning hfnt Sliil, in the end both are “ Mx. CeUophane. plain^inedy: like -;«? »»»?£: 


I mept ettancplhjrj.. I cal] it 
Hjnfrsided ■ because it leaves out 


■ fir-ntr»| ,-i r*m? r -’ 

<i i n be : g 


Festival KaiS 


Our Hunting Fathers 


Chica 


bv B. A. YOUNG 


While West End managements of entertainment.’ 


j like Fire Angel and Murdi Gras m her hearties? sexism that she 
an-J The Travelling Musk Show, might really once have married 
! the European premiere of ;ne her mechanic husband (Don 


The story is played with no lin 
q cessions to realism.' “My . 1 


MAX LOPPERT 


Eer^ird :r*.:c >.i un- >* " 

T Fr'di' i 

r- r.-, • ! '■ a ~Y. ■•*!•.■ i‘ ,T . w'" . ' 

: 7 crs’srtly to 

F.":rr-r. : T r .i = i rr.poor.y 
f~. : -■ -'O'-TS ».»-r m 1 .-: 

K :r.-. Op >. * 3 the r.: f*r<: 

'■ r f ■-• ■»••■;;• ; ■* . - l ■: r. u ■ 'J • •: 2 r v : i-.i 
F-r. ,sn;:r •: yc!*- ■? il'-’i 1 


r:i: - m- h®* o- 1 ;?ip ■■».ided -fonnifer Vyrj an-likp bite. 


H 


T,: - Frda; » f. I- r= unir e-i on: ihr- <!;eer and ui^tMlr v niu-'tY.* 

-A'-.v. ^nja M.V Ic.r^inc *0,icunt snilMCaiity nf Mi« v ".."' .. . " . T-~ ; hp * t ; Cl . ;, w 

’■». rn-irtiy ;r. t*.« m.-d :’v.t #h-v.r.d = -v- a: llr.rer s sinjlna wlio :>t its • % ’ Ju ? ± hc ui l :; 

i : n S; Tii poor, y r-..' ■?;<.’ .litmTlon ihr hes: are alwav-i" nieasure- hard or '‘ J H 

-■ --o -ie *.*-r m • *.e.-e ear. he deipc'isl re equa: Haitink siH r:..- LPO d ‘“- C 'V’' lin n n . ! ^ 

Op >. !? the more t,:- a whiff n r *:ir. ported h rt r wiih pi, -> tine ihai a P A '-f. J ‘‘ j, 

: 2 r v !iU'-; :'.:v.mon»en-:icol-Fr.gU jb n-r.' firm, vigorous, and in :'ne c "7 i . '.' ncr ?; ia ,. 1, “ir"''! 

:■ .:yc!<:% ;?■- « v :• ‘ ■■■: :h<? n:-v and rsof -chrr-fi sniirr nf rli.« nuddl? rc.i‘: 

•r.ij vc*:’ aiijonr rnt.iie" - ; :c'.y o-simr’able or oocnv. n.jw'rful!v i-!'sd. Vivid p! '° v -*' V ie , 5 P ace 21 ’ Us, V ll: 

1 . I*. ’ ■.* r* : 1 -i-jndj v'..'- -5 >‘o ?h;-i wj: *0 Joe ir> »hc "nljilnj ' pro’-comum sUjcc. ^ 

m'l*: : r?r.ifi3 r:’- r* ,, * , -Pcf»*T- Grimex yv *. -irrinr'e!;. . vi'ry iiucitf nuve- a uvant2ge c-. cx..j 

ct-iiipOicr a T :j-o a-'-oir'nijnns ^ilrred hv inf from the n-.c *nnl of thv ‘ \ ril ” :4?s jnc ^ duTcrent 

:h'- .•'•-■o;:— ?rd "he vir- Eighth S'T.-inhoi". nftcr ih«.- in- '’ir-.-.tioni. -lr. Junw». in r.:s 

fio-ilv end e 'harn-edr:H wit nf ’or.al. H-ii'.inV* accnum "f the i-diVMii'ai way. e .hov..- .• ’-.e^.'n 


-W-j.The- title, song i* : , h'y. -;Wqlther 

up) Mphring who.vCoa tributes more 


that f than Tmyone: else: he: too covers a 
: up T bro^d ' sheet rum n . .with: -“-A Coffin 


Dp-t broad sped ru Ih„. .with." -“A- Coffin 
s* 1 ! is passing r on doe: side 'and ? Six 


i. . two.j day'; racerT on .the.. ftther.-v Tne 
nes., a jedgy: sex- or ihe-: nme,. aX -tteinob-r . 


ftew York ballet 


r:u.pO:cr s 


:-i'. y, 

fm- iiv 


11 1 - » --.J 


• MizrTi::; vci! the T> .„ ' 

F*'«ng. rr .-.' r .^ 

nr.t.: 1 ? revive 

tn ■- • t ’ •• verm s i 


'r ? r - ' h».-;'.rrl >0 -.••nr': ir. work is pnriii.vlly nno nf (i:c .n-en-tion '■>. v End 

?nd ,l <? ■■p-u!* j-; sf{>! crca> porf-'roinnv*'' «>f our day. . >hou!d envy- 


Dowell and Barishnikov 


e\hiirt.-a;:nc and ^ readiness, mi an ahil'!.-- te nr- P— isap* the London manasc 


c over th*' eivorionai truth ai ih“ mr-r.» 


cold -'h.i u!dc red 


by DAVID VAUGHAN 


Lola,” .; :. /-■ /• .-’ '. ' ■ 

* 7.' TBe: sfnj^ngvjo perhSps hot 

. . . .. ^uifc- cd^ ^nougbL -thoreUs tdo- > 
liKiei evnpin> oyen. the -evaT-sqnss. 

• - : ; • Mffso 5 Me^O’ 4md Miss - MattbeaiS 

aro tboroughly wboleaoBie-^rTa, 
,-..f .iiv- - whetijcr-:-they-> like it..i)t : >not ' 

' Possibly they -.might aH Infuse 
more subtlety into. ihe songsd in . 

- • ' - ' a r smaller hail; - this : is: cabaret 
. m atalaV oatt. it: might; ai w^rt be .. 


In his de’crip’.ion nf th» vere iuily of me A. i.-rsan war of hi-; >ry fur the ordinary .■i. jder ■ c;riunry .tail. “ murder 


Chryst and Dowell chine’s Theme and Variation^ 

n , n ,. e - them pull the whale which he danced with ABT'Iasti * ' ~ 

than real scoop— the " A?hton-Lord halle: mto focus. Further per-, season, seemed ip elude him:?it I Vin un y Vic. Studio < 

^ - ’n 'his Bern ers-Gert rude Siein comedy fnrmances will no doubt is probably a. wise decision for \ ■. . .. ,.rz : : : - ....... . . . 

l-on (It line of manner? A Wedd'r.q B^inuet. strenethen the company's sense hitn to work his way 'into’ itSe*; .1 U- 
>r m the Six which ha' never been done by nf Ajisero*' 1 * — ip-toad, it improves NYCB repertory via Balanchine’s : - 1- Uv% r : -I J rvryA - 
of Cook any other company. Per'nsnc no with each repetition . • more dramatic ballets, like. -Tfie ' Jj- ;• I • tl/,1 J 

r i' a form o*her company has thought of There are already severs) Prodiaal Son and Orpfceui which . r -4 --^v 1 T-*.-:?- - 

f”L !as fnr ,', r ' - 5n v ' hich . ca - € - other excellent individual he will dance later and-A d«gUV’T% v 'i/f&fapl VtwehPV 

I.ThfTrnv is pH tne more tn oe -haraetprisation? 1 Bonnie conicf^re piece like- fftthies..: ’ 


:l OJ i 


THi;»,na M«3D>c. s-<r. 5n.11 li.c 

it. a-> 7r-... A t-i: .Ci -.nr Coi-jo-.r- 

•*. •; • 0 "3* 9-::S ' 

i •* .^1 1. -y33 *0 o*r 


Coy ENT GftPOEM. O'. -Q-if*. QEN15 fiu ? * 

.G»-M.itra..ic- C-io-* C>.-« ;2t> 693i.- be 

THE POTrAt CALUET . c Nr a T- 

"c- - : ■ The S-tepirq er^uly W-s. 1 VIIH'EI 

T23 & S*’. i 00 1^5 5vU.nucs. BilW- -Tmtc > ut;?: 

6iV oi’ernie Ja: 1 C ■ H/AK'/SL'T^ir-, 

THE nOYAt OPERA K /e,m i A 

To-no-. t' r r, : 33 L'AliK.„rC. -zr^-.z 

7.30 II Mfflierc Sm*!* ->b inn,., CLOSE THEATRE. 

*\a.i ir- <>) p*f:-, :-cm :q j.-a . Zi'.-. s -5 
1-.-. 0: 0*ff PAJl SDCINoT' 

COVENT C.a-DE- 1 Cn.EB'SITY CON- 9-N'ff. 

CERTS s-i C7: • OS Km Ic Kanawa. . ALAN AYCK3' 


•7HPEE C“E TC?. T.VO HVUFS OF 

MARVELLOUS ENTERTAINMENT 

S'—s»/ T-l-inr-. 


ALAN AYCK8CURN-S hit 

BEORC9M FARCE 

■■i 1 vou >10 ->et ianoh -uo m..- d. £»n 
A Na- o-»t T.'-alr-? orcJi.'I.on 


7.30 II bill-mere Siii-!i.i. ->3 CLOSE THEATRE. CC 0:-4 37 139: 1 

roi-t aia.l ic- ail PLf:*. I>cm IQ i.-T> . Zi'.i S '5 3 09 S>*. 6 03 . '""SN'S. Cr-73't tlAS% 01 734 Hsr. 

24* Ot fl*rf PAJL SDCINoTO*; J'JIIA M;KEN2IE E--* 3 00 Wed. T.lJO Sat S 00 P iO 

COVENT CAMDEN CFLEHRITY CON- S - N ! f vi n sir-OV C^OPOE CHAKIRIS ROY OOTPICE 

CERTS s-i i OS K.,1 le Kanawa. . ALAN AYCKSOURN s New Cornea* RiCnpi'D VERNON JAMES VILLIEPS 

, 777 r . - ,7 - , -- . — fn-Avnt rT7hr7-. , TE ' ,, TIKIS TAOLE THE PAS5ION OF CRtCULA 

5..-->cu-. 5. '.-JLLS THEA.nE. _ P vJberv - Ta.j mu4t [he \ 1 C d!'7- l» u rn-r,. 'DAZZLING E 5lan<j -i-CST 

■ / n .|.ct‘.£ M *. e aVv Liiirr ' i r - Lo->a;-i c T*1 -fcr irre*'; 1 - * TENICALLV SPECTACULAR SHOA' IN 

-U , C r - frj.' ! ■ T , 0i ial55 - 1 a ‘’" <I"' Si-r*>» TOWN - p.jreh. -THEATrE AT ITS 

isr.c.-tr ir; T z -i ::.-c a Warr-rles-. Method r - ■ — — — 1. 13 . most LIAOICal 1 Tl-n»s Li? 

el E-i».--..ie I ’ill u -.lion. Si bun Pic- 1 G.EENVYtCH THEATRE. 01 -558 775S. 1 : — 

I'-dn a.td SlL-o'Ri. Cla-.s. =1; Wrn PrR» Wed E.C Oeen Th U r. 7 0. SubA RAYMOND REfUEBAP. CC 01-734 5593. 


'"IN'S. Credit t-irdv 91-734 I1£^. 
E/t 4 3 00 Vied. T.00 Sat S 00 P SO 
C-dROE CHAkIDIS ROY DOTFICE 
RiCH/iro VET NO'- JAMES VILLIEPS 
THE PAS5ION OF CRACULA 
■DAZZLING E Sland 1'CST 
* T?NIC ALL V SPECTACULAR SHOA' IN 
TOWN- Plirth. -THEATrE AT ITS 
MOST MAGICAL Tl-res Lit Svs 


ONCE A CATHOLIC 
Stsrems Cre-ra* itx ard r?liti2H 

Ojrlv T»lrer»tm 
•MAKES V'U S u Ah E WITH 
L/iiCiNTEn • Ch-i-iWi. 


1 iv.-TK rf.. ►wH.-i- uRed t-i f’anc- Denr.-i is a reworking of an seemed- somewhat 


" 1, ‘"4" guards, wei ieara.- tnast Harry- 
i'SJHf hails . ifronj •.Beverlr ffiH* _where 
‘ ^ his .-father rims, a leisuine - hofiie 

Business, ; . Harry. 'disapfVoves nf . .. 

r^SSSud - mt atut lf make . 

Imoreuria! I d^ps hut of' S^aDford &otriprsfty, 

PrriLnidx aU^oTius hhemonoldgy- school 
and- a Tv;- dat shhw ;oo wtech- 
he a’^ieatsr td define Jais lii teres C 


in** the t^h-cpntury cl a «ic 5 . ® a \| k ’ r P wc ® f ® r Boston wtth the exquisite. Merrill A^Jey ^^S*iSiSSrS» 

The production of A Wedding acting out the Death and miscast in -Violette' VerdyVrJdld w 

— 4 nit „ tne alaiden story to a collection mia .vhu ™ _Angeie^- arcmiectura. He 


Fa-tin*. Salo RidR. Hair. Bor/ Bar.dlt. T«jr 8 0 Ma**.. S*» 231 At ‘ 

~v. - :M Fared. When Summer; SEE HOW y»-TY run 

r --rih Bv Miso A farce by Phllin Kinq. T 

~ HAYMAPKET. ai-930"'»?32 “ E*s. 0.00. - 

THEATRES M» f s. w ; ■'*' *nci loo I "* 

CELTHI THEATRE. CC. Ai.SM 7611 MeCWAN Mon.-Sl 


THEATRES 

ACEITHI THEATRE. CC. 0:-fi36 7£ll. 
C-.e.iimi at ~ 30 

Mali Thj-iQ,* 2.Q0. Si:w/lt» 4.00. 
An Enchir.tira Nevr M usual 
EE TOPIC 
THE FAIN6OYY 

■SCHMALTZ AND SPECTACULAR 
SCENIC EFFETS A SURPR-DUPCR 

PRODUCTION ■ Vuir.U. 

•HERE I't A MA7PY FAMILY SHOW. 
Ihe T.mci. 

-POUND TO "UN FOF EVER.- 

F»rn n?i 

-SUNNY TUNEFUL AND 
SPCCTACULAP " 

Dai 1 * Tcl;;r*Eh 

Cr«,: C»"d Eoa^me-, nt-*.?6 "61 ’. 


At 7.09 9.00 T 1 o m. Oser.s Sun. 
PAUL RAYMOND nr*«*n;* 

THE FESTIVAL OF EROTICA 

FnlN a-r-tondTipned. 

ENT CC 01-B37 986! 


"-r-. Bouquet succeeds beyond all ex- «je ^aiden story^to a collection rnle -which depends-q.tnuch:nn 

■jn writ. s=*. Tin "'"hapo hi pectaiions It was an inspiration ?- Schubert songs, and pro- plasticity : of the arms, -jneve^ >kbthe& ^nff bouts ^com oh" «» " 

, Shap.-rerar* tni«.Y action man Qn Jo(Trc/s par1 t0 take advant- ?8 ** again ttiat follow-my- ASWey’s Strong suit. . ... SSS^SSmSSSL 

a 3e of Anthony Dowell's rely works aS f a balletic- But in the finale. Diamonds ; bj - 

CINEMAS presence in New York, where he formula, pie Jeffreys resident Suzanne Farrell and.. Peter irr thn comnri - 

sc 1 & 1 S HA ' Tl v , . eu 5^-A?'i^», 8 c :s6 ‘ s ’ n rehearsal with American choreographer, Gerald Arpinas Martiiis did the seemingly impos- 3 - “ 

JMS “Jft 1 . Ballet Theatre, to invite him to new poa deiir Oioimi it punol t^ Btndfi&fSd - 


; , r _. I ABC 1 » a SHArTeafiURY AVE 
4 5 593. Bfi6I. Sep. Pens. ALL SEATS a, 
Sun. DEATH ON THE NILE ‘AL 

* Sun. 2.20. 5.20. 3.20. 

A 2. DEATH ON THE NILE IA5. 

A Sun. 2.00. 5.00. GOO 

9S6 . ? ' 3 _- • CAMDEN PLAZA lOop. Camden 


CLI.E FRANCIS 
» N|GEL STOCK 
P ?|^P PAUL 

B0WLE5 HARDWICK 

ard FE-JELLA FIELDING m 
LOOK AFTER LULU 
t - •0-1 C *■■■*• “C- 
with GARY RAYMOND 
“Hi" END D'CEMREF 9 
IFR MAJESTY S. CC 0 1.911 6 S06 
" VJ1 7 3C TU V*r. , i M '!* , M , s„ '•’« 5M 3 00 
TH® NSW MUSICAL 
PR TMITZVAH QOY 

cn F Tn-i i-Th? fii-ii-Mt 
,r ."-"r C-’r n;n; • S M-rr C r 


Mon. -Sal. a.OO. Mats Fr'. and Sal. 5.00 T u3 > . des 2443 the BOB DY 
LITTLE WILLIE JS '5 - RENALDO AND CLARA " 

RESURRECTION wllh 30a DYLAN fl JoAN 

Thn F>rs* Snul Gospel Musical j )IKk uereo. Proos. 2 50 A 7 


' -’ RENALDO AND CLARA " t AAi |a'L Wwn. giitiuuui, unu a 01 y nit — » ueai 11 * vh'im, U. VcLU uv Ll_hi*rs»rf navitim : 

jsHai * ,,,h 308 DYL ^ N *--fci A A - TR E in ,B His f a mi,iar ‘ty With Ashton’s peccable classic style. marred by indulgent iiosturing on y QrMt - ■ii22m£ , Ki*£!S^?i2S 

— 7 -^r 4 tract 4 ‘- 30 t*'* sensibility and style helps to The opening nf the New York and . pooling) and Martins -trL ffll ? 1 

■ — - ?f engagement 


e*bs. s. s»k 5 b. sittricai rt*ut oi the classic TTsT 3. 4. oiord strceTTTr.Bc- establish an authentic atm os- City Ballet's winter season on showed a sense nf engagement f j, rhstfrrif anh!nT - l! n - 
C hey" w'r are alivv " R ch*iJrr b T. ,, 'iaM-»n“- 310 Dherv: his presence seems to give November 14 was a gala he ; . sometimes laeks. though HsicharSde 2™.-^ 

0 ' y a ' . — roiip" — 7io ~~i V j ~5 i 1 - RichaSi Adam' s water5hip down confidence to the whole cast. occasion, with champagne and virtuosity fs never in question^ [ navre a °f * 


TOTAL COURT 730 1745. 

Eva* Mai lo ?«. at 9 00. 
PRAYER F OR MY DAUGHTER 
by T’l’W'H Bab* 
"B’lsnrrlnolv •Pertlve." Sun. E«B. 


-.1Y4LTY. CC 07-403 8004 

Moid*y-ThursdiY ehisnlngs a 00. Frida 


fU' Nor* witti jrjreoohomc sauna. Pgs. 
D 1.45. 4.00. fi.l-S. 3-35 L41C show II j>m 

2. THE GREEK TYCOON IAAJ. PrOS>5. 
a. 1.20. 3.43. 6.00. 3.20. Late show 

TEXAS CHAINSAW MASSACRE <X- 

8004. GLC) 11 o.m. 

Frida* 3. PIRANHA 7X1. 2.10. S 40. S.10. 


A 1 ?E".V. *14 :”S. CC n. “!b 1CT1.: K I Ti/7 5 "OAD THEATRE 01.153 74S8 

Fi-:” 3 70 »-n F-r-. Mon rue'. Fr*n O* 1 XI Dr IO.jij ; 30 ., r n a 00 

v;td Fr-d F>’ 7 43 pm TT.uri and Sat THE PICKY HDRRfT* *HQW 

a 10 and Z.Oo PONT O'EAM IT r .T£ IT 


5.30 and B 45. Saturdays 3.00 and 0.00.1 CARRIE [X) 3 50. 7.25. Late Show 


i ID and —On 

» THOUSAND TIMES --'ELCOME 15 
LIONEL BART'S 
OLrVEr 

"V1FACULOUS MUSICAL- Fir.. Timts 
miV. RC'Y HUDD. 

GILLIAN B'JR:ii fa A K. G 4 “ £ T Blip TQM 
E>tr» Chi-ii-.-mas M**s 8 ocf New 


- ' ’‘J - CC. 31 -a I' JGFS. . 

EvS! .^^f, Thurs 300 Sat. 5 10 8.30 ‘SAVOY THEATRE. 

JQC.TJ FF. AMK 1 - — '■ 

PLO'.VRIGHT FINLAY 

FILL'V.ENA 

h. Ertm-H- rf- Fit* 


London Cr*1lej veto 
BURBLING B-GY’N f»«*R 
Best Musical oi 1977. 

Tel bookings accented Milor credit 
cards. Restaurant res 01-405 141 8. 


PIRANHA rx: 11 pm. 

4. Burt Reynolds is HOOPER CA>. Po*. 
2 00 4.10. 6.25. 8.40. Late show 17 pm 


ALnWYCH. 556 6404 Into 355 5332 
RCYAL SHAKESPEARE COMPANY .r 
repertoire To’iVlY. :omoi ~.1Q 
Da*id Mercer's 

COUSIN VLAFII'IIFI 


P L!?. E C T E D S* fr, a NCO ZEFFIRELLI 
7.TV. .RliitarH E NO*. -n; j 

IT V Fll , l ‘ '' D Mr -MA 

IT FIL< w ' ■ - r r-“ rip a wijiinpr 


AVOY THEATPE- 01-836 8898. 

Crsd't r -rtl 7 '4 47"»2. Ti-rp C"itl tn 

WHOSE LIFE IS IT ANYWAY? 
bv Brian Clark. -A MOMENTOUS 
PLAY I URGE YOU TO SEE IT - 


Cu n ZON. Curron Street VW1. 499 3737 
YOU LAUGHED AT HIS AFFAIR . . . 
NOW LAUGH AT HEFS . . . 
PARDON MON AFFAIR TOO 'AAI 
(English subm'S".' Film at 2.00 <not 
Eund-ivst 4 05 6.20 and 8.40. . 



iOUA”E THEATRE. 930 5252 1 


c»as. 8.00 Wed. 3 00. Sal. I the'th'idTY NINE steps fAi. Starring 


5.45 and 8.4S. 


YEARS'" Sunda* Times. 


UurPEO SHAFTESBURY 


836 4255. Odens Dec 20 until Jan. 13 
JANE ASHER NIGEL PATRICK In 
PETER PAN 


Robert Powell. David Warner. Erlr Porter. 
Karen notrlcc and John Mills. See. 
PTD-is. wh 1.10 S.OO. 3.10. Sun. 3 JO 
7.4 5. BL-bla 8.10 proa A weekends. 


O- - -N HSYMAOKFT. >930 273B-27 7 7 


D>tlv 2 and 6 45. Prices £5. £4. £3. £2.1 MIDN»'-HT EX"PES5 iXi. 


Reduced orlca on Dec 20 21 22. Jan 

8. .9 10 11. 12. 


AL -05T 'PEE TrIFATFE. 3.1 Runcn T Vl E *7 Pe - _ 01-432 2031. 

«*-.»?■ Lorncn "/I. T-i ■ 435 fi::t ' rcm c Ji^_J.f ,r > 30 ’ n end 4 0. 

»*Y cu® P.ANNETH OVER h* PoU-n SOOTY 5 CHRISTMAS SHOW 

Fairies f \-. nr ^: 0 ‘ ^‘'"^lerl^GittOrt , J ,? L ; A ”, F „ A r ,^ r , Tr-n” V Z Ta 

sTl .it ^ i*Vs 1 pn^ Ktn ^ t ' | ?~ ar -:?7 D '^-' 


5 T R AN D. 01-836 2650. Evenings 8.00 
Mat. Thurs. J.oo. S4Y. 5.30 and 8.30. 
NO 5£X PLEASE — 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH 
OVER 3.000 PERFORMANCES 


■ ■ rirwrr* jnuavc «v) 61’' 
rva* of i*u"A m*bs 'AAi «e«. 
orags. dlv doors oner 2.00. 4.45. 7.45. 


wevqi.1 A nr H W.t ’23 7011-2. 
FFVENrE OF Tvr ptNK PANTHER lAl. 
Proos. comm. 3.13.- 8. IS. 


: Ll' ! ■ ■ a: -> ■ 

mr 

' • • - - • • 


Da<Ts neighbours; •'■ 

WTwt litti#. dramatic propui- 
. ■ sion' there , is .-in. -.the. writia? 

secies only to' take us 'from ooe 
•' oyerifljnendetl. -rather badly per- 
- fornte^, iKetpli to another. Dad 
J, 5 . *. roprfnif 'red-neck. i.rupnin 3 
• :forl.-Senatf .. with . homosexual- 
: pashint ;• tirades and . Reagan- 

wyle -promises ' of' Vestorins the 
death penalty. Mel Smith directs 
; iod there are passable contribu- 
tions. 'cdlpured .with a - son Of 
desperate -.vi^ourj ; 'from ' "Joss 
Buckley ai - Harry “and “ Micky 
OTJonpughue -: .l ..add' .Chrissy 
. Roberts as rb is parents. — - 


»i’’ A53 ADOT.5 CC 01-836 TT7T. LYTTELTON 'crcscemum stage). To. 
Evas. S 03. Tycs : 45. Jat 5.00 8.0C. uiueiFVI, » : 3r i 4r,-c,w s * 7.4 S 
JAMES BOL7-M n r r B; , 7 ^ Vc ^ 

"A i-J7i?ra a:r:5ivn*n;i ■ FT < IH. 1,05 Tj-nsll a»ittorlurii. ToniQhi 

G3R.«'.D FLOOD «r Tdmarrow ) HAS WASHINGTON 

•r a NE’.V THFI'-LSF 1;. FGS ***„ “ m ?n* Charles Weed. 

-■YHO KILLED Ml-.* W.IMI cliMq Hal; all J th-atret 

AGATHA CHPI3TIE . Peslfurant 928 1 


ST. MARTIN'S. CC. 01-386 1443. 
Evgs. 8.00 Matlnm Tuet. 2.45. <a(4- 
5.00 and 8.00. 

AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST EVER RUN 
2Sttl YEAR. 


T233 Cmn" (f-g BJS 30S2. 


*M° L f :°T7.S| C ;. 3.C3 J S4? 5 VoO E V‘.e aioo' OLD VIC % CC^ .01,-978 7616 ' 9*<k again . 


FAUL C— NEMAN LP 1*3 MORRIS 
DENNIS PAMSZEN 
CARMEL McSHARPY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
' Zr-5 Y.'IChLDLY fUNNt YEAR. Vsr' 
v». r *iin-i — grta 1 i>n?»rralnnM*n: ' Naff 

ARTS THEATRE- 0 1 -336 - ■ 

TOM 5TOPPARO S 
DIRTY LINEN 

• H.Ur Our. **e •-. " Sunaav T-mci 

Mor.da • :o Tnurjdav r jO. Friday and 
Sat'j.'drV 7 00 *no 9.15 


THE GINGERBREAD MAN 


TALK OF THE TOWN CC. 01-734 SJ51. 
Air-conditioned. From 8.00. Dinlnc 
Dancing 9-30. SUPERS REVUE 
RAZZLE DAZZLE 
at 11 FRANKIE VAUGHAN 


-r»h irs v -'ling mlln I THEATRE UPSTAIRS. 730 25S4. Opens I b.h 


STUD'O T K A. c-rfrnj Cirrm d37 
1- Jill C'avh'i-’sh Alan H’'»* I- Pair' 
M’mr-A'l AN UNMARRIED WOMAN 
'XI. ?r—,. 1.0= 3.3n coo. 8-jS. Law* 
Fhcvi Fr*." jrH *■■. 10 50. 

a: Agr-ta i'iirls-'*'» DFATH 

NILE '41. ®e-. P-rls plv. 2.1S. 5.15 


Id 5SI •• BBC Radio “"'t 7 pm Mba. 7.30. Kcskldee Workihoi 

oTo“vic nTw ~~ - M -^- DA hy Edgar Whltt ' I 

v . '■«««■ AT THE OLD VIC ' VAUDEVILLE. S36 9988. Em 0.00. 
Tada> v.ed. Thun SjL 7.30 Margaret AN EVENING WITH DAVE ALLEN 

Aril non r Qua vie In THE “UNDOUBTEDLY THE FUNNIEST 

RIVALS. S.imiiin'i tamed*. witn SHOW IN TOWN." Sun. Eapreu. 

James Aubrey tjij Blair Kenneth G»- LIMITED SEASON. LAST WEEK 

LJfSi Qillir>>. MArthfM Gulnn»u “ — — ■ — 

M«| Martin. Trcvgr Martin Christopher VAUDeV.LLE. CC. 01-836 958B. PrevS. 
N'eame * The tuneiest Mrs. MalaorOa ^ cc - 4 4ns 5 at d.QO. Ore NS DEC. b. i .0 i 


* n- Show Thur*... Frl.. S»1. H I 5 
RlrMp 


Mikhail Barishnikov and Patricia McBride in the ‘Rubies' section of Jtalattchi tie’s ^jewels! 


ART GALLERIES 


AGNEW r.Ai 'EPY 4J QI4 H-nrl St. W.l. 
01-629 6176. DRAWINGS FOR CHRIST- 
MAS PRESENTS. Until ZZ Doc. Mon -Fn- 
9.J0-5.30 Thurs unMI 7. 


Almost Free 


AJID^'A FH4ATR5 C^l Chjr-TO Crow Quavh's Sir. Anthony— a vranderfui 
=|-art '4 4291-4-9 305 1 . M an -Thuf , D«rtormancR ' Thy T.mes. 
a.OO pm Fr anh 5a». 6.d0 a"d *.46 Tij. T >. Fn. 7.10 Sal Z.10 Anthony 
,, r “ v L 5 . TU . ve , P Cu-»lc ai KING LEAR. 3r popular 


me ■ The tunnoil M'S. MaJaprAp Dec 4 ano 5 at tt.OO. Or*tNS DEC. b. i .0 AGNEW GALLERIES. 43 Old Bond St. 
•v<7 ever wen- The Gdirfllan. 'Mr. PATRICK GARLAND'S W.l 01-629 6176. DUTCH AND 

rill Sir Anthony — a wonderful Adaptation or THOMA* HARDY S FLEMISH PICTURES *ROM SCOTTISH 


pm Fr and Sar. 6.00 and 8.45 
ELVIS , „ 

P£5T MUS'CJL CF THE YS»P. 
EVENING STANDARD AWARD 
SECOND GREAT YEAR 


CAMBRIDGE- CC. 01-C36 6056. 

Fc« 0*!:' no- Ohin *9' 
TROUGADOUR 
?. -i;w mii!J4»' Starr. -.1 
I'lM «rrO?N JOHN V»PTT4 
c-rt. pr.-n r-<> fivl Irc-m G:«. 1 J. 
or “i .1 a 7 '-.: Piter •? 


nrrtormance ■■ Thy T.mes. UNOtK THL CRItNnOOD TREE COLLECTIONS. A loan exhibition In 

Tij.:>. Fn. 7.10 Sal Z.10 Anthony "A nthif emovable evening,'* ban. aid ot the National Trust lor SCOt'and. 

Ouarlc ai KING LEAR. 3r pcwular — Until 8 DMarntnr Entrance tee 80n. 

remand there vnll he four C>tra MrTl VICTORIA PALAC£. I.L. ill-cifl 4735-6. And FRAGONARD DRAWINGS 'O' 
Dct. 19 20 22 23 jt 7.30. "Noaodv . , 13i7- Orlando Furloso Until IS DdeeiPbor 

win 4nv i-esdcci lor the th-aire would £ »P i - MA*s i _vy^-a.__-no .Sal. 2.45. Mon..Fri . 9 30 - 5 . 30 . Thura. uitli 7. 

Sr , T M' W Mr QUaV,e,i LMf " FiPa ' , ‘ IhEkI "PkiSc"* COLNAGHl 14. Old Send St«fd 

TWELFTH NIGHT las: 3 oerri Drc. 4 ANNiE the" GRANO TOU? 1 G 

5. 6 IVANOV reurni D« 7. THE BLOC'« SOilNG — V., A , “ „I c ’ y r- !* Ny -’J L»ec- 


My Cup Ranneth Over 


Dec. 19. 20 22 23 jt 7.30. "Noaodv 
! win an* respect lor the theatre would 
i want to miss Mr. Quayle's Lear.” Finan- 
cial Thtes. 

j TWELFTH NIGHT las: 3 cert! Drt. 4 
5. 6 IVANOV retjrn? Dee 7. THE 
j LADY'S NOT FOR BURNING last 2 
. eerls. Per. ? Z.JIJ A 7 JO. 


by MICHAEL COVENEY 


'' RivetreidV' .S*ui^' l > ^ani , ^er- 
smiSL ^hds , launched appeal 

fund to -consolidate its position 
•as West lxadoh's'* centre- for 
the arts. • - - 

Just ten dioDt hi- after. opening 
as an arts- centre, the former 
BBC .television studios- now 
attracts- 2,500- peoptca ^ireek.'#ith' 
a wide range of ipusic ajid drama 
as.; well as cinefea 'and chUdrea’s' 
events.. .'• . -'.v." . -p.-... • 

TTie appeal is autiedl at the 
private sector with the objective 
of opening more; of the' -balding 
to the public and ensuring -'that' 
the, quality .of ’performances .can 
he - maintained A restaurant 


-\ a 


w i N/> oT-491 4 7° 08 S ° VictI^es "ftom Success came relatively late to mopohlan. shares a New York Gloria Gifford as Paula ' and SSd is . .^ **?" 

l^, c rZrZoZ?Xo Robert Patnck. ooe of the few. SSU*"*?** *** cEaJrihah of 


v?r :-i.ia C-.:mc<?r < : . ••., SPACE. Sfit Sbei. 

FoMFOyT^Tc . 0 1 -? 59 ST'S E vs. C 00. : „ BrxrM'5 ROPGCTASLC WEDDING 
C ICO V s 13 and 0.30 • fM 1, "0“- <S*!d«»d Pflst mw. Eke. MO 

1 _ BJLLl£ WHlTGLAW -3 Oarq*. Dk. 12 * JO pm. From 


T ' -fc.. ,,r vYHlTELAW ’ 3 w. Oarq*. Dk. 12 7 JO pm. From 

• Tar mgs: navrsrlul I«m4ifl J'rmg sren . Crt. ' 3. Tucs.-Suns. a pm. 

ir. LondAi lh;t «0}' " Owrwr. i -.•-.ACE. CC 0: -437 6E24. 

T p Mi!';f2 NA ,n I W*n -Tb-.-s. Fri. jind 54: 6 jnd 8.4(J. 

^.^OLLY JE5US CHRIST 5UPERSTAR 

cv SIMON GRAY j hy Tim R:t? ad Andc»w Llbvd-W"bbOf 

■•INTENSELY MOVING. E. N7W<L 


vestminster THEATRE. 834 0283. Frcr 10.30-5 30 daily. nq« sunda*. spends muen oi his time tra vc l- i*upnng rauia s work scbcdule. achievement m nortravinp i flwrihl^ Jtftatln‘s.aild..Iniy i .!iahdne 

i'Sr, ‘Jffl"! l ** ALL galleries n» Man. swi.Rovai ling ail over the world to bask *s the Village Voice, shortly foi- i ayi ”^ equipmenf 


*»■ S.4S 8 30 ' THE MOST HILAPIOU5 
PLAY FOR YEARS." F.Mlwlal Tim«. 
CLOO JOO 

by Michael Maitnigi. _ 

"HAD THE AUDIENCE HOCKING WITH 


1 hy rim Rich .id Andrew Ll6vd-W"bbor AND THE AMAZING TECH- 1 MlnlaMrc Sorletv 80fh Ann . E* h £" i- 

• .untui* ?? — • -■——7' NICOCOR Dit LAM COAT Starring PAUL Men -Frl. 10 00-5.00 SjN 10 00-1.00. in 

• PHOENIX THEATRE. CC. 01-83S 2294. JONES Tw,c v . DaHv Reduced pnei fin- Uolil 1.00 o.m. 9 Dec. AHrrt. 20o. .. 

‘~« a £3&j*sl au-ri'-ap £ 

A N*i» PUy tj» TQM 5TOPPARD — — ■■■•' Oil and MJafertoloiir Pitntingi. S4lljp.«re . 

Dl-«:«d b» PETER WOOD WHITEHALL. CC. Oi-930 6692-7765. Framed and UB'r?rncfl Fmo Adt "WJ™- IS 

=rzr====z:=l==x==z^r=zzrz= comm-ncpi 6*.h Det. Mon to Thurs. a.1). H.^i.ofis '"tw™s.whl j.i«,ted Edition 
'PALLADIUM. CC. CI1.43T 7373 Mat. Frl. & Sat 6.1S 8 B.45. Punts, Oogn 9.0P-J.09 . Mon.-Ffi. _ ur 

I C*p«ning Dec, 50 !or a Season IP* T GN ,BI . j BROWSE a DARBY. 1? Ce*T St- v '' , ‘ al1 


B ail over the world to bask is me vwage voice, sooniy toi- r ; . V. -- egulpraenf Wd MflOfTfS-TSS 

his own slory. He still finds lDWCd . b >’ Da '« F ™ st - Pe0 ' , i, e L , ■ ** *% m ^ 

j-i i_ _ . magazine, Plaubou and. has arrived- when Plaubon ask i t? J r e - ft£U ' 


the odd moment, however, to 


Playboy 


fe^- when . Pldfibov.'ask faufitf' 




. mi' tLifij vi, s rtituHjijy Bjainwons • v •*. . HiTr»ii^.nan .. vs.. - 

wttb ' a aleasanl '-Viesujn' ' hy V-^.-S: -^1^- vV;‘:- r '^ 




n-, 

> ip. 

- Jt*:-*:. 










• ti'jv.r 


’•i r iy.Zrv'£\tS.-c. 




. t. 






w 

. life.. 

AuM-- 

* H : fr... 

‘! .K- 


November 27 1978 


13 


&= : 
\ ^ 



the 5sme day a r , County Bank Limited may determine. 

Companies for registration. 

“foe Company”) u? be admfctcd to the Official "List. 

regard to the Company. The directors collectively and individually accept 
fads the oasisbion of which would make any statement herein misleading. 


HARRIS QUEENSWAY 
GROUP LIMITED 


Offer for Sale 


by 

County Bank 

limited 

of 

5,000,000 Ordinary shares of 20p each at 155P per share 

payable in full on application 

The shares now offered rank in full for all dividends hereafter declared or paid on the Ordinary share capital of the Company 


Authorised 

Share Capital 

Issued and now being 
issued fully paid 

£3,600,000 

in i8 5 000j 0Q0 Ordinary shares of 2op each 

. . j£3 3 ooo 3 ooo 


Indebtedness 

On 31st October, 1978 the Company and its subsidiaries (“the Group”) had outstanding term loans of £258,398 secured 
by mortgages on certain properties of the Group. 

Save as aforesaid and apart from intcr-company liabilities, on 31 st October, 1978 the Group had no loan capital outstanding 
or created but unissued, and no outstanding mortgages, charges, borrowings or indebtedness in the nature of borrowing, 
including bank overdrafts and liabilities under acceptances (other than normal trade bills) or acceptance credits, hire 
purchase commitments, guarantees or other material contingent liabilities. 


v v:,i 

; 

; i If 


Selected Information 

*' The Group is a retailer of carpets and household furniture. It operates 129 
carpet shops, mainly in high streets or shopping centres, of which 102 trade in 
England and Wales as Hams Carpets and 27 trade in Scotland as Ross Carpets. 
It also operates 23 Queensway discount stores mainly in London, East Anglia 
and Scotland. ■ ■ . ' 

Furrher mf ormari nn shout the Group’s business is setout under ' ‘Business’ 

• The Group’s trading results for the five financial year? ended 24th 
December; 1977 were as follows ' *..»4 ' ; 

• r ' Profit before 

Year ended Turnover taxation 

December £*000 ^000 


1973 

1974 

1975 

1976 

1977 


2,951 

4,857 

9,265 

14,694 

29,822 


335 
605 
1,147 
1,696 
1,585 • 


•The profit before taxation for the financial year ended 24th December, 1977, which 
included approximately £192,000 attributable to the disposal of property, was adversely 
affected by the acquisition in July, 1977 of Queensway Discount Warehouses L i m ited 
■which was nor at that rime trading profitably. 

During the 26 weeks ended 24th June, 1978 the Group e arn ed profit 
before taxation of £2*3 million, including approximately £370,000 attributable 
fo the disposal of property, on a turnover of £23*1 million. 

Further financial info rmati on ahnnr the Group is set out in the Accountants’ 
Report. 

• The directors forecast, an the basis of the assumptions set out under 
“Information relating to the profit forecast”, that in the absence of unforeseen 

• g r HTTPffances the Group’s profit before taxation and extraordinary items for 
the year ending 23rd December, 1978 will be not less than £5*3 million, including 
approximately £500,000 attributable to the disposal of property. 

• The net tangible assets of the Group as shown in the audited consolidated 
balance sheet at 24th June, 1978, adjusted to reflea the net proceeds of the issue 
of new 1 Ordinary shares, amounted to £5*14 million. 

• On 31st October, 197S the Group had .deposits and credit balances at bank 
of £1-4 million and had total borrowings of £258,398. 

• At the Offer for Sale price of 155p per share the total value of die share 

• rm piml fesq prf and now being issued is £23-25 million . . 

. On the bases set out under "Appropriation of Profit”, ex c luding profits oa 
disposal of property, the price earnings ratio at the Offer for Sale price would 
he 9*45. . . , ■ ■ 

• On the basis of the Illustration set out under “Appropriation of Profit”, the 
gross equivalent dividend yield of the shares of the Company at the Offer for 
Sale price would be 7*51 per cent. 


The following information concerning the Group has been received by County Bank 
Limited from the directors of the Company : — 

INTRODUCTION 4 

• The present Group is based on the carpet retailing organisation builrup by the 
Chairman of thetompany, Mr. Philip Harris. Tire Company was mcorporated m 1957 lo 
acquire the Harris family’s three carpet and linoleum shops in bouth London. From 1961 
the Company expanded steadily by the opening of new branches mamly m South Hast 
EnglancLJ8 ‘Keith Royle' carpet shops were purchased from the Combined English 
Stores Group in 1974 and their trading name changed to Har^ Can^ bringing the 
total shops operated by the Company to 54. By the middle ol 1977 the Company was 
■ operating 93 carpet shops under the name of Hams Caipefs. 

In July, 1977, the Company acquired Queensway DiscountWarrijouses Limited 
. CQneenswaA a major retailer selling household furniture and caipete through 30edg*of- 
town d isco unt stores. At the time of its acquisition it was incurring trading losses but the. 
directors of the Company were confident that, under the strong management control 
which the Group couldprovide, Quccnsway would be restored to a position of earning 
substantial profits. 

' The acquisition of Queensway was of considerable significance to tin ^Company for 
sewal rekroSHt marked its entry into furniture retailing as weD as more han doub ing 
SrnSwInd aibsfantiaDy increasing the pro fit potential of the Group. It also linked two 
SS^r^S roncepts serving the home furnishings market, namely high street shops 
and edge-of-town discount stores. 

The operation to integrate the two companies mid to establish Queensway as a 

sbwSs.b ■ ssrBBSft-A’.'SfasBSffis 

opened in Orpington, Kent. 

chain of carpet shops was further expanded in May, 1978 with the 
arwnwSjfJ ofthe best known carpet retailers in Scotland, J. Ross & Co. (Carpets) 

SSSSrfeffl-"-' 

expansion. 


Diagram of Branch Network 



H3DDUDO 

.□Sno 


HARRIS QUEENSWAY ROSS 


□ oil ring 

J3 planned 


Q evUing 

0 pljr.r.ed 


f~t oxistins 
HI panned 


BUSINESS . 

The Group is a retailer of carpets and household furniture. Turnover is currently 
divided approximately equally between carpet shops and discount stores, carpet sales 
accounting for approximately 60 per cent, of turnover and furniture sales for approxi- 
mately 40 per cent. 

Carpet Shops 

The Group operates 129 carpet shops of which 102 trade in England and Wales as 
Harris Carpets and 27 trade in Scotland as Ross Carpets. The total selling area is 
approximately 287,000 square feet. 

Shops offer a wide range of competitively priced carpets, sales being largely in the 
middle and lower price ranges. AD sales are paid for prior to or on delivery and over 85 
per cent, are settled in cash. No credit is granted by the Group although certain credit 
cards are accepted and hire purchase facilities can be arranged for customers through 
consumer credit companies. 

The location of shops is of considerable importance to the Group's carpet retailing 
policy; They are almost invariably situated in prime locations either in high streets or 
shopping centres, and adjacent to major multiple retailers. Such sites attract a substantial 
flow of customers and do not therefore require the support of advertising. SelJing areas 
of shops are normally between 1,000 and 4,000 square feet. 

Shop fronts and interior displays are standardised throughout the chain of carpet 
shops and are designed to create bright, well lit branches which display a wide range of 
carpets attractively and in which the customer will find it easy and pleasant lo shop. 

The Group’s policy is toprovide a wide selection of carpet which is available from 
its warehouse stock, whilst offering an additional selection, mainly of more expensive 
carpets, on special order. The shops hold almost no stock, displaying samples only. 
Approximately 60 per cent, orsales are of carpets carrying the Group’s own brand names. 
Although branches offer traditional Axminsterand Wilton wool carpets, a high percentage 
of sales is of carpets made from synthetic fibres. The carpets currently offered from stock 
comprise approximately 50 ranges, each of which is available in seven designs or colours 
at prices of between £1*99 and £9-99 per square yard. The Group aims to provide a 
variety of colours and designs at each price level including carpets made specially to its 
own design and quality requirements. 

A high standard of service has alwny been regarded as of major importance. Shop 
staff are trained to offer assistance to customers in a courteous and efficient manner and 
orders are processed quickl^-nonnaHy cue lengths of carpet arrive m foe shop within 


Directors 

Philip Charles Harris (Chairman) 

Harris House, 76 High Street, Orpington, Kent BR6 0LX. 

Hugh Ridley Sykes (Deputy Chairman) 

Harris House, 76 High Street, Orpington, Kent BR6 OLX. 

David Joseph Stockwell 

Harris House, 76 High Street , Orpington, Kent BR6 OLX. 
Kingsley John Elton 

Harris House, 76 High Street, Orpington, Kent BR6 OLX. 
Graham Stanley Povoas 

Harris House, 76 High Street, Orpington, Kent BR6 OLX, 

Secretary and Registered Office 

Howard William Hancock Ellis FCA 

Harris House, 76 High Street, Orpington, Kent BR6 OLX. 

Principal Bankers 

National Westminster Bank Limited 
30 Tooting High Street, London SW17 0RG. 

Brokers to the Company 

L. Messel & Co. 

P.O. Box 521, Winchester House, 100 Old Broad Streep 
London EC2P 2HX. 

Joint Solicitors to the Company 

Park Nelson, Dcnnes, Redfern & Co. 

11 Essex Street, Strand, London WC2R 3AF. 

Solicitors to the Issue and Joint Solicitors 
to the Company 

Travers Smith, Braith waite & Co. 

6 Snow Hill, London EC1A 2AL. 

Auditors and Reporting Accountants 

Price Waterhouse & Co. 

Chartered Accountants 

Southwark Towers, 32 London Bridge Street, London SEI 9SY. 

Registrars and Transfer Office 

National Westminster Bank Limited, Registrar’s Department 
P.O. Box 82, 37 Broad Street. Bristol BS99 7NH. 


3 days and fitting, if required, is completed wiihin 5 days of order. If the customer so 
requests, a specialist estimator prepares a plan of the carpet to be laid. Branches use 
self-employed carpet fitters from whom a high standard of work is required. 

Discount Stores 

The Group operates 23 Queensway discount stores mainly in London, East Anglia, 
and Scotland. The total selling area is approximately 694.000 square feet. The stores sell 
household furniture and carpers currently in the proportion of approximately 25 per ccnr. 
carpeis to 75 per cent, furniture, of which lounge furniture accounts for approximately 
28 per cent., beds and bedroom furniture 25 per cent., dining room fiirniiure J2 per cent, 
and kitchen furniture 10 per cent. 

The stores, the majority of which are on one floor, have selling areas of between 
8,000 and 55,000 square feet and are located on edge-of-town sites which are easily 
accessible. This enables the Group to trade from large premises with good parking 
facilities, at rents which are considerably lower than in town centres. 

The siting policy - requires that each store is supported by substantial advertising 
through local newspapers, radio and television. Expenditure on advertising in the year 
ending 23rd December, 1978 is expected to be £1 *4 million (approximately 5 per cent, of 
turnover; divided about equally between press and broadcasting. 

Although the discount stores have been designed in the 'warehouse' style, con- 
siderable care is taken to create a pleasant atmosphere and to display merchandise in art 
attracts e manner. This is achieved by good lighting and heating, carpeting of display 
areas and the use of "room-sets' around the perimeter of the sales floor where the ranges 
of bedroom, dining room and kitchen furniture are displayed. The central part of the 
showroom is normally used to display lounge furniture and beds and also contains the 
carpet department. 

Because of the size of the stores the Group can display a larger range of merchandise 
than most other furniture retailers; for example the central selling area may contain up to 
100 suites of lounge furniture and 30 models of bed. The stores offer furniture in a wide 
price range although the bulk of sales is in the middle price bracket. Three-piece suites 
are stocked in prices ranging from under £200 to £700. The ranges of carpets are identical 
to those sold by the Group's carpel shops and. in addition stores offer a selection of end 
of roll remnants. 


■ The Group’s principle of high quality service is maintained in the discount stores. 
Since a high proportion of furniture sold is available from stock the goods. arc geheralJv 
received by customers within 7 to 10 days from purchase. The discount stores ^pply the 
same payment and credtt policies as the carpet shops. 



=tF.srssrLr-. 









14 



HARRIS OUEENSWAY 
GROUP LIMITED 

"Warehousing 

Carpi’ :s 

A basic policy ol the Group is :nc supply of carpel to [is carpet shops and discount 
stores i rum centralised warehouses. Retail outlets hold almost no stock and carry out 
no cutting operations, thus eliminating an area of inefficiency common in the industry. 
The ability to offer :t wide range ol carpet which can normally be delivered to the shops 
and discount stores within 3 days has resulted from the creation of first class warehousing 
and cutting facilities. The Group currently operates three warehouses totalling approxi- 
mately 1 2'J.OnO square feet of which rwo are in Orpington, Kent and one in Barking, Essex. 
Almost all carper stocks are held in these warehouses and each has high speed cutting 
equipment. The Group uses Darwcn cutting machines which cut to a tolerance of l per 
cent., thereby minimising waste. The cutting capacity available to the Group m existing 
warehouses is approximately 1 5.000 cut lengths per week, whilst average usage is currently 
running at approximately 9.1)00. with peaks of up to 1 1.000 cut length-! per week. 

Culling of carpels to meet orders received from the shops and discount stores the 
prc. ious day is carried out by the dav-snifrs. Cut lengths arc then loaded by the night-shift 
for deliver; throughout the country the fojlowing day. Carpet for dclixery to the Scottish 
shops and stores ix tran>ported in container lorries to the Group's depot in Glasgow, 
and is distributed from there in the Group's vans. 

Furore expansion of the Group's carpet business will require a major increase in 
warehouse and cutting capacity. In July. 197.S the Group entered into an agreement to 
lease a I57.nh» square feel warehouse ;>:■ be built at Stanley, near Orpington. Construc- 
tion of the warehouse if. now well advanced and the director.*, anticipate that it will be 
operational by September. 1979 a; which time all warehousing will be transferred there. 
The new warehouse will he equipped with an automatic carpel handling s\*deni and will 
Jiave a >ioragc capacit;. of f-E million ‘-quart yards of carpet and a cutting captiLity of 
2I.tXKi at: lengths per week. Jts proximity to the M2 and M2H motorways means that 
transport access is e\i client. The Group's study of the project shows that savings in 
vvarchou-mg and cutting eo-ti* will be achieved on occupation of the warehouse and will 
become subji.iniial as throughput increases. 

Furniture 

It is not necessary for ;iic Gr.up maintain a central furniture warehouse. The 
cent rallied buying system ensures ih.ti bulk purchase terms are •'btained whilst the 
merchnndrc is delivered hy the manufacturer to the in J:x idual 5torc>. where approximately 
.-*«> rer cent, of the total floor area i> designed for storage. 

Purchasing 

Carpel 

The Group b one of; he larges: buyer* of carpet In t!ie L.K. As a rcsuir it b. not 
only able :o pur-.li.i-cc.il pci on favour.: Me terms but it is .-.Unable i*» obtain carpel made 
»o its ../.n quality and design requirements, which iv .sold exclusively by the Group's 

outlet 

The Group makes *.iti nil team purchases from appro* imweTy 20 suppliers including 
mo t of >hc leading carpet man ufa-.t users. The Group'i. largest supplier :n the rir.t m\ 
nv nth* of ly“S accounted for approximately 10 percent, of total purchase.*.. 

The close liaison maintained with suppliers is of considerable tmporlur.ee to the 
Group. The ilnecli*r% belie'. c that a- lanes when supply conditions in the industry arc 
difficult its iclatiorship v. iilt -.-upniicra assist? the Group io obtain its requirements. 
Funjirnre 

The Group mnkes '/giiiucani purchases from appro\inijtei> ffi mnufaeitjrers. fn 
the first *:i\ mom Its of I‘i7ij its largest supplier accounted lor approximately i 1 per cent, 
of total purcha -e -. 

As a major purchaser, the Group lt«i< a relationship wish certain suppliers of 
furniture -■ inch enables rt to obtain favourable terms and io reserve, without commit mem. 

mertti.tnJi-c '«> meet amtiipaied requirentews for period*: *>j up :».* three month*:. The 
furniture :s then supplied b> the manufacturer as required. Thi> »*.i enables the Group 
plan pr*>r !•■;;• >n% well in advance. 

Prnnintional Activities 

Since 197? the Group has obtained publicity from ;hc -sponsorship of ..how jumping 
and fr**ni the three show jumpers now owned by the Group, winch are ridden by Mr. David 
Broome and maintained ut his expense. The sltowjumpers include ‘Phi leu" which in I97S 
corrpe'vd :r. the successful British World Championship Team. Mr. Broome, who has 
been associated wiih the Company for six years, also features in some of '.he Group's 
publicity material. At 2-?th June. 1978 i he snow jumpers were stated in the Group's books 
ai £.11 1.5" 8 and are being written on over three years. The Group's involvement in 
showjumping will continue whilst the directors are out is lied th%.i the expenditure is 
merited by the publicity achieved. 

MANAGEMENT AND STAFF 

It has always been central to the Group's m.tnnccmcn; poiicy :h?.i incentive: are 
provided employees at all levels so tha; enterprise and achievement arc prope:ly 
rewarded. 

The circc'.or* hchevc ii csscniul that all levels of shop and store related management 
she aid nviipiaip. eomact -'-iih the retailing operation and uccicdmgi;. ^nlor management 
spend much of their time visiting the Group's outlets and many, including a nuntbei of 
the director*, spend some lime each month serving eusionter... 

Management control is achieved through a %>Meni of area managers who arc 
responsible for the performance of shops and stores within their area. Shop managers 
arc respon able lor branch performance and the welfare of the staff under their supervision. 
On 31st < >aober. J 978 the Group had J .314 employee* of whom v?4 w orked in the Group's 
shop*- and 'tore;. Ill in the warehouses and 249 (9i» of whom were pari time' in the 
accounting and administration depart mem*.. Siaff relations have a I been goxiJ. 

Foliowing a corporate reorganisation in November. !9 7 8 all the Group's trading 
is carried on by the Company's three subsidiaries. Harns Carpets Lintiied (‘Harris, 
CarpeisT. Oueensway and Ross, as agents for the Company. For management purposes 
certain senior managers of each division h:r-c been appointed director*. .if the appropriate 
subsidiaries. The directors of the Company and senior management arc a* indicated 
below. 

Directors 

Mr. P. C Harris, need 3*>. is executive Chairman of the Company. On the death 
of hi*, father :n 1 957 Mr. Harris left school to lake oxer the running of the family's three 
shops in Souih London. Since that time he has been responsible for assembling and 
leading the team of management which has built tip the Group. 

Mr. H. R. Sykc%. MA LLB CA. aged 4f>. hiLs been a non-cvd-unhc director of the 
Company since August. 1977 becoming Deputy Chairman in October. 1978. He has had 
wide experience of both the financial and management aspects of industry and. besides 
having other business interests, is a non-cxceuuve director of The Bath & Portland Group 
Limited. 

Mr. D. J. Stockxvell. aged 39. joined the Company a- a dircLtor in 1971. having 
previously managed a graphic design company. He subsequently became .Sales Director 
and was appointed Joint Managing Director in 1975. He is now Managing Director of 
Harris Carpels. 

Mr. K. J. Elton, aged 33. joined the Company in 19*4 as a salesman. lie subse- 
quently became a store manager, an area supervisor and then Sales Director. He was 
appointed to his present position as Managing Director of Queensujx in November. 1977. 

Mr. G. S. Povoas. FCA. aged 37. joined the Company in February. I97S as Group 
Finance Director. He was previously Finance Director of Buwatcr Carpels Limited, a 
subsidiary of The Bow.ucr Corporation Limited. 

Senior Management 

.Vtiwic 

Harris Carpels 

R. G. Poole 

D. V. Povvfcv 

E. L. S. Wright 
J-l. F. L. Fancy 

A. J. Shortland 
Queensway 

W. E. Bailey. BA M BA 

S. C. Calcrofi 
R. F. Houcbin. B.V 

C. J. Holt 
Ross 

A. Beh.ir 
J. Ross 

Head Office 

H. W. H. Ellis. FCA 

D. Fieldhousc. ACA 

T. G. Watson 
G. J. Deal. USc 
B- L Clarke 

PROPERTIES 

The Group's policy is to maximise the use made of its financial resources by operat- 
ing mainly from short leasehold properties although freehold and long leasehold properties 
may be purchased in certain circumstances. 

Carpet Shops 

The Group has 129 carpet shops, most of which have selling areas ranging fi oni 

I, 000 io 4.000 square feet. 6 shops are freehold, 2 are long leasehold (over 50 years! 
and I2J are short leasehold, normally for an original term oF 20 years or more. The total 
current annual rental on leasehold property amounts lo approximately £1-2 million. 
Discount Stores 

The total floor areas of the Group's 23 discount stores range from 10.000 to 80,000 
square feet, except that the store at New Malden, Surrey, has a total floor area of approxi- 
mately 1 20,000 square feet including a selling area of some 55,000 square feet. 3 stores 
are freehold. 1 is long leasehold and 19 are short leasehold. With the exception of 1 
prppony. all the short leasehold properties have leases with an unexpired term in excess 
of 13 years. Rent reviews usually take place every-’ 5th or 7th year. The total current net 
arrnuaJ rental on the leasehold properties amounts to approximately £1 million. 

As a result of the reorganisation which followed the acquisition of Qucensuay, 

4 short leasehold stores are currenlly nor being used for trading. 3 of these properties 
are to be disposed of and 1 has been sub-let. The total net annual rental on these properties 
amounts to £140.750. The directors consider that adequate provision has been made for 
anticipated Josses where appropriate. 

Warehouses 

The Group operates 3 leasehold warehouses, 2 of which arc situated in Orpington 
and 1 in Barking. The warehouses, which vary in sire from 37.000 to 45,000 square feet, 
were each leased for ait original term of 25 years with 5 year rent reviews. AH the leases 
have unexpired terms of more than 21 years and the total current annual rental amounts 
to £211,325. The Group also has a depot of approximately 22,000 square feet at East 
Kilbride, Scotland which was leased on 28th November, 1972 for a period of iN years at 
an annual ground rent of £2,000 with 1 5 year reviews. 

A new warehouse is currenlly being built for the Group at Swan ley. The total area 
will amount to approximately 157.000 square feet and a lease will be entered into for a 
term of 25 years with 5 year rent reviews at ao initial annual rental of approximately 
£300.000. Jt i? anticipated’ that this will be ready for occupation in September, iy?y. The 
warehouse at Lagoon Road, Orpington will then be disposed of and. subject to the Group 
obtaining the necessary consents, rhe Barking warehouse will become a Qucensway 
ill-count .%iorc and the existing carpet showroom attached to the Scvenoaks Way. Orping- 
ton Aarchoufc will be extended. 


Ape 


Ft";; Mir 


4S 

38 

ji* 


Director— Shop Display 
Director — Personnel 
Director — Sales Administration 
Regional Director 
Regional Director 


58 

30 

:*i 


Director — Advertising and Promotion*: 
Director — Furniture Sales Admim-traiiun 
Director — Furniture Purchasing 
Director — Carpet Sales AdrriinLt ration 


31 

4b 


Managing Director 
Sales Direcior 


44 

.15 

31 

33 


Company Secretary 
Group Accounlam 
Group Estates Manager 
Group Operaiions Manager 
Carpet Buyer 


( 



Head Office _ . , . - 

The Group's head office. Harris House, Orpington is a new office Mode o.. 
square feet (cased from 25th December. 1977 for a term o. oJ years wain 5 . ea. it-, 
reviews at a current annual rental of £160.000. . 

The Group also has a lease of the offices at Norwich previous^ cv„up.cd p. 
way. This lease, which has 3 6 years to run with rent reviews every ? years an^isaia current 
net annual rental of £17,000, is to be disposed of. 

Valuations , ^ . , 

The carpet shops owned bv the Company on 24th December. 1. • * -'-e-e .a. us- on 
that date by Smith Melzack & Co., surveyors and valuers, on the basts Qijncajaar&si 
value with their existing use and vacant possession. This valuation. v%i.!vh .excate 
a surplus of £743,000 over book value, has not been incorporated into Lhe company s 
accounts and additions iince that date have been included at cost. 

Smith Melzack & Co. valued on the same basis the properties owned by vs'^Rsw^r 
as at 11th July, 1977, 
as at 7th August, 1978 

incorporated into the Group's accounts as the acqut 
Melzack & Co. having confirmed that in their opinion the value of tnc properdCf- 
by Ross and Park at 17th May, J97S, the date of acquisition, was not muicrio.o cune.e^w 
from their value as at 7th August, 1978. 

PROCEEDS OF THE ISSUE 
The 

shareholders 
after deducting 

finance for the Company. The new capital will provi 
of the carpet shop and discount store chains and lor equipping the sew ware.. c use ;u 
Swanlev. 

Working Capital 

On 

£1-4 million. Taking. into account the net proceeds of the issue ar.tl :fce btir#.< faemuos 
available to the Group, the directors are of the opinion 
working capital for its present requirements. 

PROFITS 
Profit Record 


—was 


2i* 

3*kil 



Fixed assets . ■ ■ • , .• ;■ . 

fixed as^ are stated ateprt to ... 

No provisioft fat tto wcianen is maaa oa sej aota ta> a. v . . 

i wy*h n<d properties are amortised by tsmJ ^ouuaf nhuiiit njaa.vi ~~ jmtog or sue tease, " 
to tsiiiecff ttkjcistof ^asse^ttyfutg-tow aspeHatt useful teveat 
oa a smughr line basis. The main rates used by the Grtiup.^pJ-r*. v ■ >\ •' . . 

Freehold . w -r., 

Huiures and fittings • • -«• .• 

Plant and machinery .' 20; 

Commercial vebider 
Motorcars — 

Showjumpea -- 

Goodwill represents the net difference between the ptehawconsideratSoit aqtf xht net assets. 
tj which fair values have been attributed, or the Subsidiaries atthe dam of acquisition^. .. 

Sloc ks i # j h ■* 

Stocks are stated at the lower of cost and xirt nadi s rtblc valpe. • . : 

Taxation . • a . - v. .. . 

Provision is nude for deferred taxation at correal tax rat es -nues&ect of all timing dS^ezaaoes 
except those which it can be dsmonstratod whh reasonable probability wilt cwumuo in tho future . 

Turnover ••••. 

Turnover represents the net value of goods sold and delivered and services snppjied, excZodjsg 
inter -company und miewiivisioaai sales and VAT. . " .. . _ : 

PROFIT AND TOSS ACCOUNTS 1 

The coo5olidaual results of the Groi^> ft* ttopotods ntKier tcvfa’&tfeas.fytims:--' ■ . • 

V "ST tvBBfcr'^ 2B iva&x : 

; ' 42 ; * - ; '•••■ - - L ^'arartnfr'-' 'tndatf. 

■ YatrsvnmSTsrDt&itibsf " ". . 240 :: 24Hi\ 


mg Capital . . , 

On 31st October, 197S the Group had deposits and credit ba-crccs at «n-c o.- 
lillion. Taking into account ihe net proceeds of the issue ur.d the bttr.K isciritics 
tie to the Group, the directors are of the opinion ihal lbs Group r.as aaecuatc 



i L*n*.BVPf 
C^i:C'5a;ES 

Toeing p reftt before interest 

Iritfrest received (paid) 

proms (lauBSi on prop arty transactions 

te'.zre taxation 
Tsvattcn 

p-Ti'n after Uxafc^o 

Ci^deris 

Arran'. ?ade i to rsaenrsa 
Ei.-n.igs per irjdro 


620 . ■ 1,185 - 
WV 12S): 
m.- . as) 



3 & 4 


' - ■£ 

iK&nber 

-'-"'■‘Juna 

- 

1977 • 

-1975 

i « • ». - 

* —in— - 


. cooo 

- cooo 

cooo 

14.694 

29322- 

' : 21148 

7^021 

28298 

■ 21.131 

1.673 

. . 1.524 

2.M7 

■ ; "4 

"031) 

: --<3S) 

' . 19 

- 132 

■ 370 

ti?1jawr. 

■■=. -1*506 

2399 

-.905-: 

61 & 

.14)12 

.781 

; .1JM9 

. 1387 

s. ; -;-lv . 


-• 

. I- '790.'.- 

-'.asoffe-:. 

-1387 

■I; -5-65p 

: >S4p 

. 9*13p 



The profit before taxation for the yeax ended 24th December. _! 9". y acxerseiy 
affected by the acquisition of Qucensway in July of r hat year. Ai the f.-me ol^Queen-iv.a;. s 
purchase it was not trading profitably and it was nor until 1 978 that - he benefiis of a sisrse- 
queru management and administrative reorganisation were fell. A par: f r or.-i us aemancs 
on the Group's managemem time, the acquisition of Queens way requtt'od a temporary 
reduction in the rate of expansion of the Group's chain of carpet shops. Fur:i verm ore. irt 
■common with other retailers in the trade, the Group suffered irctr. ceprcsied consumer 
demand in the first half of 1977. 

Profit Forecast 

£ 

oil 

circumstances the consolidated profit before taxation and extraordinary for the 
year ending 23rd December, 1973 will be not less than *:5*3 m::iion. including approxi- 


DIMDENDS 


tb*72p xvnh related tax credit). 

In respect of a Tull year in which a similar Ic-el 
would expect to recommend dividends totalling 7*8? per share ti l*"4p v-ith related tax 
cretin ). It is intended in future years to pay an interim dividend in Net ember and u. dual 
div j Jcnd in May. 

If current legislation regarding dividends, which expires on 3!sr July. 1979. :s 
renewed in its present form the Company wili not be subject to an;, dividend ristrictior.s 
in respect of the two financial years ending 22nd December, 1979 cut dAider.ds thereafter 
will be .subject to statutory control. 

APPROPRIATION OF PROFIT 

Tltc following table sets out. by way of illustration, how a profit before ‘avaffon of 
£5*3 million would be appropriated assuming taxation at standard ratei a-.d tcLa! dividends 
of 7-Sp per share on the enlarged issued share capital of £3.000,000: — 


NOTTS TO THE PROFIT AND LOSS ACCOUb?IS. . 

J. Jo mover ami trading profit before interest _v . 

T!;e following « an analysis of turnover and trading profo hydtr «?wn >- v 

! i> • ' . , * i ' . . ‘ ' . 

.*-s-i i9S1 AJ8SZ\~-$J2& tfijm T8A0* ~ S348 

UJee-’iAj/ (ipenolc 5) * " • - — • '' . 1f,7Ta T7Rft t 

-3U 


{c; r.-stf/Tj o'ofh ifoss) i before fnterBse 
i-'OTS Carpaa 
Cucansway {ace note 6) 

Peas 

Gsf.er subatiijaries ■ ■ - 


2.951 


305 


305 


A®7..' %265 -.14^94 29,822 .23.148 


020- < 1,1 SB • 1jer?3 1.69 0 1*129 

.. . : ' — • •: <33).- SOB 

i - ; *33>. k ‘' :(29) 


62ff ' 1.185 


'TJR3 


1.S 34 ' 2j017 


The results of Qoccnswaj. Ross aad Part: afg iactinteri m cOnuffidalai «renl*« fj% ^wil a'hyyy 


us f'oroj.isi i> riiiwie or-, ttis iras.s 

fro.T. shsir dates or acquisition. 


-• - . " 


-.- . 


. - 

he proni 1 ora; a*t . 

2. Con of sales 

Ceil =! sales includes tho foDowmg itams >- 








Dcurecia^on 

13- 


..68 

T17 . 

3S3 

289 


Ar-.c-LKPci.i of lesscJjokf pr upertios 

30 

IfiO 

167 

■7 - 2SA . 

276. 

X7\ 

7y o;\idond cf 4*;p rer share 

Hen- sd-.-abls ;nei) - - 

1S4. 

218- * 

- 37B - 

-:“«29 - 

: 1^282 

• 1.05T 

H re cl clan; and madnnfity 

— 1 

• 

O- . 

. .. - to. 

■ 89 

29 


:ars remuneration 

T 

3. 

. ..-8 

• • 

17 

. . 13 

■''-v’tit v..i4 c.-.r".*.-.: i pc lijractivs 

Z ie:IOrs* crr.oLjrnents 

35 , 

. . . „ as 

' -.5*. 


-69 

r ■ 48 


3. Taxation 

Tre charge, based on th« prolhs of each p«ndd, eoApriMsro> r 
C=r?cruUon tax 93 ' - 247': 

Cererrsd izx 34 . : ' -47 


127 


294 


319 


905 


, -749 
-283; 

5T8:.- 


Trading profit 

iVM 
a. mv, i 

Profit on property disposals 

5' 3 ) 

Profit before taxation 

f.ion 

lo.t; Tavunon* 


Profit after taxation 


Lx :jj: Dividends totalling 7-Sp per share 

1.170 

Prolil retained, 

1 .454 


The amount of taxation benefit which ir is estimated j. ... 

U given in note 7 to the balance sheets below. The taxation charge . 

.imortisjiion of leasehold properties, particularly in ihe ended 31st December, 1976, and reflects 
the 5 i weeks ended 24th December, 1977 the relief obtained frorti the atitisaik>ii of thelaxaiioa losses 
vf Qacenswaj - The utxauoo charge for the 26 weeks ended:-24th. June, 1978 is. based Oil the estimated 
esfccuve nue which will apply in (he year ending 23rd fteoember^ 1978.^ 

4. Earnings per share ' " 2 ’ J i i. • - - : i: i ' ;■ -tJ - ' 

The calcntaiion of earnings per share u based dn the profit fifter tuxaftm -for each period. and 
7 AfMO.COG Ordinary shares, being the number of Shares in issue after the bonus iSsuionVSrciNdveraber. 

I ns. . . - v ; V ; ^ ; - 

f. Queenswny "* 

For imormatioR, the turnover and trading profit of QueCnway for the last five financial years, 
c^cd oa ihe audited accounts, are as follows;-^- - - T v ' • • 

Years ended ■ 


*T.i'.ii.<>n h.i> heen cuicutaied at 51 rvrcfnt. on !raJ*np j*'.-»S; arc perwr*.«n rruns on r _ r , rr~' e-?r?n*"r. 

On the basis of this illustration, ihe dividend would be covered 2-27 times by the 
profit after taxation and the dividend, together with the related tax crebir, would represent 
a gross equivalent dividend yield, of 7*51 per cent, on the Offer for Sale price. 

On the basis of the illustration and the weighted average number of Ordinary shades 
which will be in is.?ua during the financial year ending 23rd December. !97S. taking into 
account the Ordinary shares now being issued, the forecast earning.-' per share would be 
lti-yp. On the name bases, but excluding earnings attributable to the disposal of property, 
the earnings per share would be 16*4p and the Company wou d be valued at the Oifcr for 
Sale price on a price earnings ratio of 9*45. 

Taking into account the availability of stock and other reliefs the cireciors expect 
the effective rate of tax charged on the total profits of the Group for the financial year 
ending 23rd December, 1978 to be approximately 44 per cent. 

TROSPECTS 

The level of profit which will be achieved ir. 1973 is the result of the successful 
amalgamation of the Harris Carpets and Oueensway operations coupled with a general 
improvement in consumer demand. It has not come from any significant increase in the 
number of their branches. Queensway now trades from three fewer outlets than auhe time 
of ns acquisition and excluding those acquired from Ross the number of Harris Carpets 
shops has increased by only four since 1st July. 1977. Considerable reorganisation has 
taken place in Ross since its acquisition and because it has only recently been integrated 
into the Group organisation it will make no significant contribution to profits until 1979. 

Since the acquisition of Queensway, the directors have concentrated on creating 
an integrated and efficient organisation. The depth of management ability within the 
Group together with the centralised operations of buying, carpet warehousing and 
financial control have all been developed with substantial expansion in mind, and form a 
solid base from which this may now be achieved. 

Although the Group is already one of the largest carpet retailers in the U.K. the 
directors believe that Group carpet sales in 197$ will represent less than seven per cent, 
of the U.K. domestic market. A large proportion of the carpet market is served by 
individual furnishing retailers who, without the Group's ability to service outlets through 
centralised cutting and storage facilities, are unable in the directors' opinion io compete 
with the Group in the range of carpet offered from stock. The Group's purchasing power 
also enables it to purchase carpets at significantly lower prices. 

The retail furniture market is similar in character to the carpet market in that a large 
proportion continues to be supplied by individual retailers, whose ability to display a wide 
range of furniture is limited by the available floor area. The directors believe that 
Queensway's ability to offer an extensive range of furniture from stock in large edge-of- 
town stores with good parking facilities has already made a significant impact on the U.K. 
domestic furniture market and they are confident that the Group w ill continue it* increase 
it s market share. In addition, the greater buying power which will result from increased 
stiles volume will benefit profitability. 

A key factor in future expansion will be the acquisition of suitable properties. 
The Group has obtained or is negotiating for eight new carpet shops and eight new- 
discount stores. It plans to open all of these carpet shops in early 197V and. having regard 
to the number of propertiescurreruly under consideration and the shon time scale required 
to bring them into operation, the directors expect further carpet shops to open before rhe 
end of that year. Six of the discount store*:, with a total selling area of approximately 
ItiO.OOO square feet, are planned to open in 1979. There still remains substantial scope for 
increasing the number of carpet shops and discount stores and the Group will benefit 
from increasing concentrations of discount stores in* existing areas so as to take full 
advantage of advertising expenditure. 

The directors consider that the Group’s medium and long term prospects are 
excellent and, besides pursuing an aggressive expansion of ii$ existing business, they will 
continue lo examine suitable areas for expansion through acquisition. 

ACCOUNTANTS’ REPORT 

The following is a copy of the report or Pncc Waterhouse & Co. to the direciari of ihe 
Company and of County Bank Limited: — 

The Dirceior> Southwark Towers. 

HARRIS OUEENSWAY GROUP LIMITED 32 London Bridge Sir«t, 

COUNTY BANK. LIMITED London SF.1 VSY. 

23rd November. 19'S. 

Gentlemen. 

Harris Oueensway Group Limited f'Tftc Company T formerly named H ir.-K Carpet-: Limited, 
acquired the issued share capital of Queensway Discount \Vsirehouse-. Limned fOueenvA-jy'*) on tlili 
July. 1977 for a cash consideration of £2.137.000 including expenses and tnc issued share capital", of 
J. Ros«; A Co. iCjrpeis) Limited f‘Ross"JI and Park. Properties (Glasgow) Limited i"Pjrk”) on 17lh 
May, l*)78 lor a cash consideration of £444.000 including expenses. Subsequently, the assets of these 
subsidiaries mere transferred to and their liabilities assumed b\ the Company, under an nrnmcemmt 
by which the Comp iny now trades in three divisions — Harris Carpets. Quecmway and Rom. In this 
report the Company and us subsidiaries are together referred to as ‘The- Group”. 

We have examined the books, records and accounts of die Group lor periods relevant io this 

report. 

In our opinion, the financial information set out below, which is based on audited accounts, 
alter making such adjustments as we consider appropriate, gives a iruc and fair view of— 

ii) ihe profits and source and application of funds of the Group for ihe live and a half years 
ended 24th June, 1978: 

fit) the -tiaic of affair!! of the Group at the beginning ol and at cadi accounting deic within 
ihai period; and 

tiiit the suite of affair? of the Company at 34th Juno. I 1 *??. 

No accounts have been prepared for submission to members .since those for the 5f wests ended 
24ih December. iy77_ interim accounts for ihe 26 weeks ended 24ih June, 1«7$ have been prepared 
and audited for the purpose of this report. 

ACCOUNTING POLICIES 

The following arc the principal occountins 
financial information set out in this report: — 

Basis of accounting 

The accounts have been prepared under the historical cost convention. 

Basis or consolidation , , „ . , . „ . 

The Group accounts deal with accounts of tre Company and alt its subsidianc; made up to tho 
si pc date in each year. The results of companies acquired during a financial yc.tr are included in the 
Group accounts from the date of acquisition. 

The Group will in future prepare annual- accounts up io the Saturday before Christmas u each 

year. 


Tirncwr 

Trading profl: (loss), bafore interest 
u* and exceptional and extraordinary 
i:ems 


. SOURCE AND APPLICATION OF FUNDS 


30th 

Stpt.- 

7973 

cooo 

7311 


30th 

Sept. 

19M 

COOO' 

ii;w 


27th 

Se>pt. 

797S 

tooo 

1*360 

ijos 


. 25th 24th 

.- Sept. Sept. 

7 976 ; . 1977 

' cooo : rood 

10251 l 22,701 

-• -jr-m 


SCURCc OF FUNDS 
Profit before taxation . * 

Aotuitewni for name not fni/Qhrtng 
me movement of tunas: 

C<»reci.ilion and amortisation qf 
lucd assets 

7e:*t funds gsaetatad from operations 
Long term loans - ■ - 


APPLICATION OF FUNDS ’ 

N«; investment in fixed assets - 
Long teim debt lepaymoms 
Cost of acquisition ol subsidiaries 
Taxation 
Dividends 

Reorganisation costs 


Change in wording ettpiuf 
Increase in sjocJ^s 
I ncrease in debtors 
(Increase) in creditors 


MOVEMENTIN NET LIQUID FUNOS 
Increase Idecreast) in cash 
{Increase) decrease in bank over draf t s 


7973 

root 

335* 

43 


779 - 392 1303 ‘ *48 (476> 

sbwkBb -«m »— t-- . 

■■ ri- ■ : •; :• * •- •’ 

57 weokt 26 weeks 
' - imieil - juafed 
Vetrsandbd 31*t December . 24th .. 24th 
December . Juno 


-7974 

roar 

60S 

143- 


197S 

■aioq 

I,f47; 

.’•255 


1976 

tooo; 

'.1,636' ' 

371 


’ 378 

'748 

1/02 

-2067- • 

*258 


- 272 


89 ; 

980 

373 

1tt20- 

1A02 

■ 2.168 

• - 3218 

171 

1-217 

706 

.9,775- 

>1.623 

— 

• — 

-.164 


•' ' _i • 

— - 

— 

. — • . 

■ : — ' 

2,137 

19 

159 

106 

261 

333 


1977 ~;.T978 

rood. £'ood 

■1,585 :2^99 

. . 673 :: 


2.733 


* (581) 

T.028 

..444- 

624 


191 

140 

53 

(55) 

329 


49. 


43 



7T ' 
(224) 

98 

' ai3j 

. .304 
;. <1.2W) 

: .73 

(73) 

246; 

(177) 

1A75 - 

1j492 

"lA»3 

4^780 : 

2^&* 

(M2)_: 

(129) 


-695 

(32) 

' * (142) 
(1.420) 

. .1533 
4978) 

(461) 

(60) 

663 

(1562) 

• ’.356 


Note 


The costs of acquisition of Queensway and. Ross and Park caa be analysed as follows : 


Fixed assets 

Goodwill 

Working capital 

Provision for reorganisation 

Taxation and deferred taxation 

Ner liauid funds ■ 

Long term loans 


BALANCE SHEETS 


... . Rosa and 

Queensway ■ park 


COOO 
3377 
S79 . 
1.240 •• 
<M«6> 

(5^ . 
■PiOtpy 
<1.0 00), 


2.137 



7hm Group 


37 st Dccombar 


Fixed assets 
Goodwill 


Current assets 

Stocks 

Orbtors 

Bank balancos and cash 


Current liabilities - 
Creditors 

Provision tor reorgariisation 
Bank loans and overdrafts 
Taxation 
Dividends 


Net current assets ( liabilities ) ■ 
Long term loans 
Deferred taxation 


Represented by: 
Share capital 
Reserves 


Notes 


7972 

COOO 

261 

1 

2S2 


1973 

corn 

375 


375 



1974 

COOO 

1*43 


1W - 1^93 • - 3333 


8JS03t 


5.073 


280 
. 44 
274 

420 

S7. 

323 

• 673 . 

168.- 

'V - 1 ' 

:■ j.167 . 
r." 2W 
- . - | - 

-1JBW- 
57B ' 
L L 698 

Bj027 
: T.180- 
:S6T 

SL5fiS . 

' 1.93b - 

'1,916 


598 

.840 

•842 

. 1434. 

-rrassz. 

'6.768' 

9A|9 

... . 

- (270) 

.(176) 

• fi) 

C32S) 

(250) 

; O) ' 

(549) - 

- das)-: 
••(3381 
(U - 

" (682) 

. fiwr 

.(72,4) 

: (1) 

(T^58).-; 

" (znj • 
(U82) 

. 0)- 

(4008) 

■t930) 

(2^56) 

.ip.lMJ 

O) 

* (£337) 

: STABS). 

4 • ■«) • 

'.O't-tv . . 



(57B ? ’ (l.Bpfl ) " .(3^46^ t8i8a5) (1t;044) 

284 -J2S 'vj&izif '■ 

. (34) .. ,81) (120) .(206). - .(SM) . ($63) 


100 '. 

298 

338 


605 


100 

SO 5 

90S 


915 


" JSp.Vl'iSSS'.’ ' 3.338 4,675 


■100 ' '.'100 ' 
215- M30' 


; 500 
1,829. 


2398 


1300 

2575 


gtS 4-^30 f ; "a 320' 5388-^-4^75 


policies dilopicti by the Group in preparing the 


Ito beiaSeclx'v ' 


NOTES TO THE BALANCE SHEETS- • C. ' . 

J. The Company .. . v.^ - 

repScnteTas foiiws^ 15 wnMILoff (cSooO) kss ammoi» 

Fixed assets owned by su(w'diarife.<eo«( Ci74MO)' .. lTl.000 ' . • < ' . .. .V. '' • V. •. . " ' ' : / r • 

Goodwin. 7473to • 

£8S8jboo ' 


■- L-r,- :,_■ *• 


J *I r. 


1 "• U.1-- 



■ ’ ■ 
. \iv 






:;-v ■■ 


Financial Times- Mondaj NGvember 27 1978 



GROUP LIMITED 


2. Hwd assett 


Lind and buildings ' 

Freehold . 

Lono leasehold 
Slvoft tesachoid 
Plant, oquipmem. vehicles and othar 

Depfeciation and amortisation. 


J 



The Grotto 





3Tst Oaaembar : 


24th 

2ntn 

1972 

1913 

7974 

7575 

1976 

7977 

7975 

£‘O0O 

coop 

COSO: 

...COOO 

COOO 

COOO 

COOO 

4 

282 
’ . 42 

auih| 

M ; 

• 4 

1,364 
247 

t-m 

tawt-S 

552 

4 

2.036 

689 

2.G63 

29 

4.057 

2.758 

1.787 

254 

4.498 

2.974 

328 

(77) 

C7B 

U0t) 

TJ579 

<235) 

2 J52 
(459) 

a.081 

(783) 

9.507 

(1.583) 

9.511 

(2.135) 

251 

375' 

1.443 

1.893 

3.298 

7.624 

7.326 


.. . buiI4iess of Queensway and' Ross and Park have been included in the Group 

1 JriTjliUi Y?! 1 " 3 «*«“«* b. v Smith Melzack * Co., surveyors and valuer,, at 
TrnmrS'.*-"— * M ai- - ,w,fc - respectively. ibe dale* or acquisition ot these companies, which 

raSwS&Sti.£jr mSK^c! 1 ” Pm Tfce . UDd ■ iDd b4U . d,nfiS ol H Jrr * s Carpets arc included 

Grou 'P and ^ Company had -placed contracts for future capital 
expenditure of ~ 1 93,000 and had approved but not contractu for lunhcr capita] expenditure of £141,000. 

3. Stocks ‘ The Croup 


Capets 

Fumaure end-other sucks 



- JJ, 

— December 



24th 

24rh 

7972 

1973 

3974 

1975 

7976 

1977 

1978 

COOO 

280 

COOO 

420 

com - 
673 

COOO 

1.167 

COOO 

1.616 

COOO 
1.966 
3.04 T 

COOO 

2.834 

2.734 

230 

420 

673 

1.167 

1,616 

S.027 

5.563 


4 . Provision for reorganisation 

- PVO'™on_ for. reorganisation represents the estimated cost of reorganising foe operations 

of QnecnsMv following its acquisition bj tire Company and the decision to ir.m-.fer tlie head office 
rrom Norwich to Orpington and to close certain -branches. A provision of £1.185.000 hits been made 
1 r n '»“!»“««*.“* , ? s f s incurred amounting to £820,000 base been deducted therefrom up to 24 1 h 
June. J97S. leaving a bounce ot £365.(KK). 

5. Bonk loans and overdrafts 

The Group's bank loans and overdrafts shown by the hank <lak-mcmy at 2 -tilt June. I‘.'7S 
amounted lo £334.000. The difference between this amount and the amount .how n in the above balance 
sheet at -.4 lb June. 197S or A?, '.<£4.000 is accounted for by cheouc' whn.li had been drawn but noi 
yet presented for payment and iodjementi not yet credited at that date. 

6. Long term loans Tin* Croup 


Secured term loans from County Bank Limited, since repaid 

Secured term loan from Industrial and Commercial Finance Corporation limbed, repayable 
by. one instalment a! £31.237 payable 31 m December, 1980 and thereafter by throo annual 
instalments of rso.OOO. with Interest at 1 SI per cent, per annum 

Secured loan from East KHbndc Development Corporal ion, repayable by hah yearly instalments 
of £5,500 until 1996 with interest at )l <■ per cent per annum ./■ 


Loans outstanding at 3 Isr December. 1974, 1975 and 1976, totalling £272.000. ill 1,000 and 
£200,000. respectively, had been repaid by 24th December. 1977. Thu loans outstanding lrom County 
Bonk L united were repaid in full on 29th September. 1973. The security for the loan from Industrial/ and 
Commercial Finance Corporation Limited has been released since 24th June. 197s. 


24th 

December 

1977 

24th 

June 

1978 

COOO 

COOO 

1,979 

963 

181 

181 

— 

66 

2,160 

1.310 


7. Deferred taxation 


The Croup 





37n December 



24 t h 


1972 

1.473 

1974 

7975 

7976 

1b? 7 


£330 

COOO 

COOO 

COOO 

COOO 

COOO 

Excess- of capital allowances over 
depreciation 

5 

24 

31 

120 

20C 

772 

Losses 

— 

— 

— . 

'■ — 

— 

(2S5) 

Capital gains. 

— 

•: — 


— 

— 

41 

Other 

— - ’ 

— 

— 


— 

— 


5 

34 

81 

120 

206 

528 


•a — a 

-~.r-7 

r.avi- 

rrrri 


g*!.T.7..-ir! 


24th 
June 
19 78 

£000 

342 
(240) 

(39) 

563 

The amount of benefit which has been taken for deferred taxation which it is estimated win 
not be payable in the future arises as. follows: — 

Excess of capital allowances over ’ 
depreciation 
Stock appreciation relief 
Capital gains tax an revaluation of 
fixed assets 
Other capital gains 


9 . Share capital 


1 

{!> 

<=) 

4 

40 

47 

53 

141 

313 

-117 

1.584 

2 053 

— . 

. — 

. 

— 

140 

222 

141 

54 

140 

316 

421 

1.764 

2,179 



- 

Ordinar/ shares ol £ 7 

each 


Share capital at 31st Docembec. 1972 
Bonus issue of shares on 22nd December, 1 976 


Bonus Staoa of shares oh' 'i 9th December, 1977 
Share capital at 24th dune, 1978 


Authorised 

issued and 
fully paid 

■ COOO 

COOO 

. > 100 

100 

,-i ,!■) ' ,00 ■ 

-too 

500 

500 

500 

500 

1.000 

1.000 


On 23rd November, 1978 the J.000.000 shares then m issue wore sub-divided, into 5.000.000 



■was thus increased to £2,800,000r Under the terms ofa contract dated 23 rd November, NTS with County 
Bonk Limited the Company has agreed to allot and issue a further 1 .000,000 Ordinary shares of 20p each., 

9. Retimes 


7/re Group 


Years ended 3fst December 


SI weetss 
ended 
-24th December 


26 ivceAr 
ended 
24th June 



1973 

1974 

1975 

1976 

1977 

1973 

Opening balance 

Trartsferfrom profit and loss account 
Capitalisation 

£000 

293 

207 

COOO. 
505 - 
310 

£000 

815 

615 

COOO 

1,430 

790 

(400) 

COOO 
1.820 
1.068 
. (500) 

£000 

2.338 

1.287 

Reserves at end ol period 

505 . 

316 

1.430 

1.820 

2.388 

3.675 


10, Contingent IrabOilies . , 

Ax 24th June, 1978 the Group and the Company had contingent liabilities of approximately 

£150,000. -Yours faithfully. 

PRICE WATERHOUSE & CO. 

■ . Chartered Accountants. 

INFORMATION RELATING TO THE PROFIT FORECAST 

TTwrfcrecast of profit of the Group for the year ending ~’rd December, 1973 included under 
'■PROFITS" has been compiled on a basts consistent with the accounting policies normally adopted 
by the Group and includes the results shown by the audited interim accounts for foe 26 weeks ended 
24th June. 1978. The principal 'assumptions on which the directors have baaed their loiccast arc that:— 
1 Trading results will not be affected by industrial disputes within foo Group. .. 

7 " . There will be no major disruption in the supply 01 carpet and furniture and none of the Group s 
‘ principal suppliers win cease to trade or otherwise Coil to fulhl its obligations to the Group. 

Letter iron* Auditors and Reporting Accountants _ ‘ ' 

The following is a copy of a letter from Price W aterhouse & L.O. concerning the profit forecast : — 

The Directors. 

Harris Quccnsway Group Limited. 23rd November. 1978 

Gentlemen. . . accounting bases and calculations for the profit forecast, Tor which yon 

are soW-iSSnTlbSor Ha^TKE£way Group Limited and fix Mta ; l“the Group'i for 
3S S2SS ending 2Jrd December, J97S, set OB-m fho Offer for Sale dated 23rd November, 
iWS&L foe results shown by foe audited mlenm accounts Tor the 26 weeks ended 

24lh Jmrf. iyji forecast, so far as the accounting bases and ralcubripns are. concerned, 

has beenproperiy compiled on the assure prions made by you set out m tnc Offcrfor Sale andis presented 
on a baste consistent with the accounting pohcies normally udopled^bs^Lh^Group. 

PRICE WATERHOUSE & CO. 
Chartered Accountants. 

or a letter from County Bank Limited concerning foe profit forecasts— 

The'.Di rectors 1 . ' . . : . 

Harris Queensway Group Limited. 


Gentlemen, - 0 f orofit of your Company and its subsidiaries for the financial year 

■ ScnnCTmtS irr ihb Off-^ for Sale dated 23rd November.. 1978. . 

ending 23rd D«CTr^e.. ofiiccrs of jour Company the buses and assumptions on which foe 
We. have dis^sea « 'in .-eriiidered tho Idler dared 23rd November, 19/8 addressed 

S you fSSprffwSShOMe * Co. regarding the accounting bases and calculations underlying the 

profit of the above, we consider that foe profit forecast, for which yon ore solely. responsible, 

has been made with due core and attention. Yours faithfully. 

for County Bank Limited 
. ANVR EW DEACON 
Director. 

STATUTORY AND GENERAL INFORMATION 

Capital Changes December. 1976 foe authorised share capita! or the Company was 

Immediately pnw to^^a ueceni . f£1 ^ of whic h had been issued and were fully 

£100,000 divided into 1 ni taJ w£s increased lo £500.000 by the creation of an additional 

paid. On lhat.date the a ujJj.°” s *^|’ a JH S^vWchivJrcSuS. credited *. fully paid, by way of capitalisa- 
400.000 O rdinarvsharw glj* ^ 7 7 the authorised share capnaJ was further increased lo £1,000.000 
lion of reserves. On 19 ih D^cmtJer. 1 v/ 0rdinarv shares of £1 each,, all or which were issued, credited 
by the creation of an additi^al ,ouu vj . Qn 23rd November, 1978:— 

2 ' amaStional am rant sbndiscto the creditof foe Company's profit 

Contract with County Bank Limited 

Under Cnniract 20 bolpw:— _ Bank”) has agreed to snbscribe. or procure subscribets for, tmd 

1. Oaonty Bank Limited tCountyBai« ^ j^^OO© Ordinary shares of 20r» each at a pneo 
the Company has agreed ro aiiot . , cent, (plus value added tax); and 

of 155p per * h ? IC ' ‘Senary shareholders a total oM.OOO.OOO Ordinary 

2, Cfoanty Bank has agreed to porenaw c 7 p lus valued added lax). 

shares^ a like Ordiiwiy share rapitalof the Company being admiUcd 

pibjjectjnbpfo rases t to jgP^JifirTbJsSock Exchange not later than 15fo December, 1978. willi 

the costs' and expenses of and 
~ : — M-triPc tuner atm tnatinc . . . __j r™. 


1 such 5 . 000,000 shpresi being on««i w \u pay tnc costs ana expenses ol ana 

Contract sS Exchange, an iwjegal and accountancy fees 
to the application to the Cpuncu . -ubiicauon, adverttsuig.and circulation of this 
Spenses Si “""“S^SdcntS StEreor£nisatioii of ^its share capital One! uding capital 
ate, foe Jf the said-3 ,000,000 Ordinary shares) and foe adopuon of new Articles 



lo 


or a 
expenses 
amount 1 

pursuant ... . . - 

tplus value aJticd ia\i uf the Offer for Sate price in icspCCt o» foe OfJtn.r;- ? ha:^ now offered tor ialc. 
The vcnJor shareholders v- ill r,av all siamn duty Lncuned oh *‘i0 a^le o'. rcStsl.rcd sharii pursuant 
to flic Oiler. 

Ttunliitn 

1. The directors briic-.e that im.-nediatcly folfcving completion 0 ; tins Offer for SJe the Company 
will not he .1 clone compaiiv u, defined m the In-umc and Ccrponaion Taws Act !:'*7{'. 

2. shorn jII and apporiioiinica: clcaraiiecs fos tippropriatcj jure ■ K en obtained for the Company and 

ilMradun: subsidiaries in rcvpcel of tlie four financial jvars ended .-I o. Deccntber. |97fi. Apportionment 
clnmncc. have al-a> been obtained fa? ihc trading fubsidLariCi in rf’.peci ol the ttruncial vear ended 
24ih Dceenibcr, I '«77. In the opinion o' the directors it is not likely ihat :my ^pparuonmeut assessment 
will be made in reftpeci of iho proliis of the Company lor that year . _ 

3. L'ndcr Contract 20 below Mr. P. C. Harris and the vendor rr.jrer.ojdcrs have giver? indemnities 
in rr.peel of taxation and esiaic duly niVeciing the Company or its subsidiaries. incluJin*; any apportion- 
ment assessment in respect ol 1 lie prouis of the Company for fo° unanciai year ended 24i.lt December, 
1977. 

Shareholdings and rmercsts 

Immediately after eomplclier. of 1 I 1 U Offer for Sale the inicrer-i ■ 01 " the d.reetors and their families 
In ihe share capita] 01 ibc Companv. j.i shown in me register numr.i.nad pursuant 10 the Compame, 
Act |7n?. levclutr.c ol' ;m> vhja-s which may be .ill oiled to them ■oilRum” applications for aitj of 
lire shares now being offered lbr s.-lej will be iis folluw.*:— , 

Ordinary sl:.i r >- : 


Mlkdlaoeom 

1. On ltdt March. 1977. the Company agreed to seD leasehold premises, at South Sued. Romford. 
Esict to Sarah Corscliere Limited, a company owned by Mr. D. J. blockw ell's wife and mother in equal 
•.hares, for a cash consideration of £2.000. ' 


Not ember. 


Tnc showjumper Philco was sold by Mr. p. C. Harris to the Company for £100.000 on 22nd 
ihcr, 1977. resold to Oueensway Warehouses (Bedford) at the same price on 20th December. 1977 



Same of i'.-f.-. Mr 
P. •.-. Ham . 

H. K. SvLc. 

O. J. M.iekucll 
R. J. I.lton 

«!i S. Pntn.ir 


jL-ivfffai/ 
S.JJiS.iiOii 
35.000 
232.4tH> 
1 1'.raHl 
35.00U 


ti’O.t'inj 
TtK'.Ot'O 


The non -hem- lici.il holdings of Nfr. If. R. Sykes and Mr. D. T. Stneh-rei: repre-ent the fhares 
held jointly hy tlicni .is iwit uf iltc trustee 1 . Ol Mr. P. C". Harris's Childr%r.'< Sj;i!cmvni. 

Savua. di.elo-.ed herein, ilie Jireeiurs are 1101 aware of an; • l 1 . 1 r.-uoM. 1 ij; wltieu v-ili. immediately 
after com pie nun of tin-. Offer lor Sale, represent live per cent, or more of the f-.-ued Ordinar;- share 
Cjpu.il of l lie Coiiipiii;. . 

The nanie^ uf 1 he vendor ^iurchoidci> am! the numbers pr Oidi.-.ary share » being sold b;- them 
uuder the Contract mill Co a my Baiik reiened 10 1 h- e arc as Joili'*'-- . -- 
v,iw l \-ndor ' 1 

Mr-.. P. N'. Harris I .*•! \t.U*.‘u 

J. Down,. I. L. C. Hjrii%. \) J. Si.vi.Acll and II. R- SyU.. 
itrusicfN ol Mr. P. f. ]I.«rn>‘s Child ien". SeliTvnienti 2.Ji.t' 00U 


representing foe market value of the property and the cost to the Company of furniture* fixtures and 
fiittEg-; in ihe property. 

4. Un 2Sth October, 1978. Mias S. L. Harris purchased a second-hand Renault 5 car lrom the 

Compan- fora dash eun>ideraiicm of £1,750. , 

5. " S-ve as otlienviic mentioned herein, during fo* tw ° years immediately prceeding ihe date of 
this Offer for Sale: — 

(aj apart from shares in subsidiaries issued to or acquired by tlie Company, no share or loan capital 
of the Company or any subsidiary has been Issued for cash or for a consideration other than cash 
and no share or loan capital of the Company or any subsidiary it now proposed io be so issued: 
foy no commissions, discounts, brokerages or other special Icmis have N-cn gnmicd by jlic Company 

or any subsidiary is connection with the issue or sale of any pan of their respective share or loan 
capital*: 

icj r.o director of ihe Company has had for now has! any interest, direct or indirect, in any’ assets 
within the said period have been or arc proposed to be acquired or disposed of by or 
leased m the Company or any subsidiarv : 

(d> tncre have not been land there are not now) any contracts subsisting with the Company or any 
of us subsidiaries which are significant in relation to the business of She Company and 11 s 
'ubsidurie* taken as a whole and in which anv director of the Company is materially interested. 

6. No share or loan capital of ihe Company or any subsidiary is under option or has been agreed 

conditionally or unconditionally to be put under option. . 

Neither the Company nor any s-ubiidtary has -any litigation, or claims of matcnJl importance 
pcRdict; or threatened against it. " . 

y. Thrre is no evtsting or proposed service contract between any director of ihe Company and the 
Company or any subsidiary. 

■*. The emoluments of the present directors of the Company amounted to £"5.000 tor the financial 
sear ended 24th December. 1^77. Under the arrangements now m ibree the emoluments of the directors 
are estimated to be £1 15.000 for the Imancial year ending 23rd December. 197.S. 

10. Without prior approval of the Compare in general meeting no material usue of shares totiicr 
shares iir,L offered LO shareholders pro rjui to existing shareholdingM v-ill be nude within one 

year of the date of this Offer for Sale and no issue will be made which would effectively alter tho 
control of the Company or the nature of its business. 

11. The commission of £20,925 lincludins value added tax) in respect of the i«ue ot 1.000.000 


in ccnnc. 


Mr. I. L. f. Harris. a partner 111 [*nk Nelwn. Dennes. RcJf.-rrt i. Co., wliq will rt:ei.c a fee 
.. icction with tilts Oiler tor Sail. ii one of the trustees of Mr. P. Harris » Children's Setllcncfft 
which holds 2.8<KMWO Ordinary ti.irov of 2up each of the Company, im.li.iing the 2.IW.UUO shaies 
being sold by the trustee-, under 1 lie Contract witlt County Bank referred to above. 

a Company contain pro -.'Licit: tinier jhu) 10 Ihe follow ing 



Articles uf Assm-iutiun 
The Annies 01 
effect. -- 


■oeiation of the 


) otc '• of Msinher*. 

lai S'lbtcci l«s any .special tight-, or re-t riei-.m- a*, to voting h.-foed :o .vty sharer., on a show 
of hands ever- member. v\ ho f be ins an ind»v id it ill present in per -on o* 1 ne:r e .1 eorpe ration 1 it preset it 
by a rcprc-cniaiit-.' ««r provy. ■r|«.i|i haw one vole anJ on a poll cwrv per r on who i-. present in person 
or hy prow .--ttall have one v ole for every 2'Jp in nominal amount o 1 UrJiRj'y sl.atev heU by It'in. 
No linltler of urd-.ii.tn sliarc. in the Company shall pc entitled t« vote at .: general inccung it he or any 
per.ua appeanug to he inu rested in Or JinJiy v(.jr«; held by hiri h ■ 'vet. uulj •ervet: w/:h a noif.v 
under Section 27 ofihc Compaiiier \ct I'lTii.mJ 1 in default in supplymu to ; he Crmpaii;. ihe mibi manor; 
thereby requested within 21 da's after service of the -aid notice or Mich longer period :ii may be >?cci;ictl 
in the said notice for compliance therewith. 

Ror rowing Powers 

lb) The directors may cxcrciac all the Company's powcTS to borrow money bur shall restrict the 
borrowings of the Company and shall excrcLe ail voting and other ugh;? or powers e.vsrciiahle by titc 
Company in relation to its vuh.idiarics so ... 10 :eeure font foe aggregate amount outvianding of all 
money:, borrowed hy the lirnup leveluding intra-Group indebtcdne^-i jli ill not. without (he previous 
sanction of .111 Ordinary resolution of llnrCompany . eveeud an amoursi equ.i! to twice tlie aggregate of the 
amount paid up on the share capital of tlie Oompunv and the amount landing to the credit ofihc capita! 
and revenue ret.er.ca of the Company and tu subi-idiaries will as more precisely delated ta foe Articles 
of Assdk’iatioa). 

Directors 

fol Tlie Cha is nan ard other directors of the Company shall be paid s;:cfc reman. ration - by Way 01 
fee) lbr their cervices as m.vv be determined h> tiie Board save that unlev. otherwise appio ed hy the 
Company 
annum. 

incurred , . .. 

meetings of ihe director*- or general meetingi. Any director who. b; .irrangcmcni with the director;, 
perform; services ouivij-. the scope of ihe ordinary dune-, ofa directoi m.iv be p nd »uc!i evtre rcr un w ra- 
tion as the directors lira) determine. 

<d» The tlircctors may appoint any one o,- more of l heir number to be tlie holder of any c.ecuii’.e 
office on such lerni'. .1:. to remuneration arid otherwise a> they ih;nk lit. budi Jnecior shall not be 
subject 10 retircinciil hy rotation. 

<01 .\ director may hold any other office or place of profit under the 1. oinp.iR> (other than riie office 

of auditor) and may act 111:1 prolession.il eapadi;. to the Company c-n .-udi l.-uis av titc Jirector- may 
determine. 7 -lo director hall be disqualified by nis offuc from contra. nng will: ihe Company either aa 
vendor, purchaser or tijlierwisc. nor siiall any such contract, or .0;;. contract or arrangement cctereJ 
into by or on behalf of the Company in winch any director is in any way rvwresied. be liable tobu a'oidcd. 
nor shall any director so eontr.tciing or being so interested he liable to :i.\ou:u to ihe Conspany for any 
profit realised by .my such eoniraet or :irran cement by reasan of *uch director holding that office or 
ihe fiduciary- rehiiioivslup thereby established buL the nature of ht» uileresi must be disclosed. Any 
director may continue 10 he or become a director or other officer or memher of or otherwise interested 
in any other company promoted by the Company or in which the Company may be interested as n. 
memher or otherwise or which is a holding company of the Company or .1 auhridiary of such holding 
company, and no such director shall he accountable for any remimer.vion or other bcncflls received 
by hn„ :U a director or other officer or mer.ihcr of. c*r from his inlere'.l in. any such other company. 


eaptUil. 

Consents and Documents 

Price Waterhouse & Co. have given, and have not withdrawn, their written consent to the issuo 
uf iris* Offer for Sale with the inclusion herein of their report and their letter together vvtth references 
thereto set out in -foe form and context in which the same appear. Smith Melcack At Co. have given, 
and have not withdrawn, their written convent to the iSMic of this Offer for Sale with the inclusion herein 
references to their valuations arid to their confirmation as to the value of the properties owned by 
R*«?s and Pork ir. the form and context in which they appear. Count* Bank has given, and has not 
«» uhJrjv, :i. its w ritten consent to the i.«,ue of ibis Offer for Sale with foe inclusion herein 01 its letter set 
out m 1 he form and context in which it appears. . 

Such consent*, together with the statement of adjustments nude by; Price Waterhouse & C‘o. in 
arn-.i'ie the figures shown in their report and giving iheir reports therefor, and copies of ihe above- 
r.icriioTied eon tract:, were attached to the copies of this Offer for Sale delivered to the Registrar ot 
CO!.’<pa:i:es. _ . 

Copies of the followins documents will be available for Inspccuon at the ofliecs 01 Travers Smith, 
■Rraiiifvaiie JL Co.. 6 Snow Hill- London ECIA Z-Ai- during normal business hours on any weekday 
1 c-.ci uding Saturdays; lor a period of 14 days from tho date of publication of this Offer for Sale: — 
tai Tbs Memorandum utid Articles of Association of foe Company. 


it 1 


The audited consolidated accounts of the Company and its subsidiaries for the financial years 

! December, 1977 and the 26 weeks ended 24fo June, 197S. 


i>r their semen as mav be determined by tiie Board save tn.i: unle*. 1 - otherwise appro- ed ry the 
vanv in general meeting the aggregate amount of.vuch remuneration -ii.iff not farced j. 25.'XIU per 
u. Die direciorv shall at .0 he entitled to be paid all travelling. l ore! and other expenses properly 
rej by them 111 connection with the husinc.-s of the Contpany or m attending and returning from 


ended 51st December. 1976 and 24th 
Tc'i The contracts referred to above. 

(dl The Accountants' Report and statement of adjustments and their abovo-mentioned eonsent. 

1 cl The valuations of Smith Melzack Si Co., tho letter containing their confirmation referred to 
above and their above-mentioned consent. 
t*'» The above-mentioned fetters relating to the forecast of profit. 

1 ei Tnc above-mentioned consent of County Bonk. 

PROCEDURE FOR APPLICATION 

Applications must be for a minimum of 200 shares ana must pc made on foe lorms provided, in 
.il'Co: dance with the terms thereof, and must bo in the following multiples: — 

Applications for not less than 200 shares and not in multiples of 100 shares 

more than 1 .000 share* 

.\pp!:c.it:on:. for over 1.000 shares and not in multiples of 500 share* 

more than lt).0w) shares 

Application* for over 10.000 share* and not in multiple-* of 1.000 shares 

r.ioie ilur. 20.000 share*. 

Applications for over 20.000 shares in multiple* of 5.»00 share* 

L.an application must be accompanied by a separate cheque lbr the lull amount payable on 
application and be forwarded to County Bank Limited. New* Issues Department. P.O. Bov 7**. Draper* 
Garden*. 12 Throgmorton Avenue. London UC2P 2BD. so a* to erri'e not later Hun ID ,i.ni. on 
Ti.uivday. 50th November. l*(Ts. Cheque*, which must be drawn on a bank, or branch thereof, in and bo 
payabfe in England. Scotland or 'Vale*, or drawn on a clearing bank branch in the Channel Islands or 
the !*le of Man. must be made payable to County Bank. Limited and erv**ed "Not negotiable”. 

County Bank Limited reserves the right to present all cheques (or pjynicnt on reeept and to 
retain Letters or Acceptance and e.veess application moneys pending clearance of applicants’ cheques. 
Due completion and delivery of an Application Form, accompanied by the necessary cheque, shall 
constitute an undertaking that the cheque will be honoured cm first presentation: a warranty to than 
effect is contained in the Application Form. County Bank Limited reserves the right to reject any appli- 
cation in whole or in part and, in particular, to reject applications which in its opinion -ore mulLtple or 
suspected multiple applications. . 

Preferential consideration will be given (up to an aggregate of 500,000 shares! to applications 
mode b> employees of tlie Group (including executive directors! on the special pink forms available 10 
them. Such applications mu*i be for HX> shares or a multiple thereof. 



in respect of any revolution concerning any of i!v following matters 
til ihe giving ol anv -cennty or in-leniniiy to him in reject o' - money lent or obliyxitioni 


VIIII 


and be counted in the quorum 

the giving ol anv * , v ...... ... -.- --••t--. — 

incurrvJ b> him .it ihe reque-t nr for ihe benefit of the t.'ompjnv or any of it . *ub*idiaru*s 
or to a third p.irtv m nr-pcci of obhg.it ious of the Comp my or any ol u*. subsidiaries for 
which lie has .i**.umcd re-.pon*ibiluy in ‘* hol-a or in pm* 
pn .my propontU-oncummu ,-n oiler 01 >cc unite*, of or by i!>ct7or.>pa.i;- cran/o) n.- >u)vidi.irics 
in W'l.i-.-h he 1 * iniere-leil .0 an under v nief 

any proposal coneerninu .iiiOlhcr coinpun. in which iie i interested provided he i* not lire 
holder of or bcneiiciall> 'interested in 1 per cent, or more •-■fan: v-lais of the share c-pil il ot 
such eonipun;. . 

(iv» .my proposal concerning the adoption, modification or operation 01 a ‘.upcranmi uton fond 
or retirement benefits «chemc under v fitch he might benefit and which is subject to Inland 
Revenue approval for tuxal ton purpose*: . 

(\ j any proposal in relation iv> the appointment of two or more of the directors to offices or 
employments with foe Company or any other company in which the Company i'. interested 
provided that ihe proposal in relation to each director i. taken separately and he does not 
vole and is not counted in the quorum in relation to his own appointment. 

<g! Section IS 5 of the Companies Act I WS inrlultnj to the appointment and retirement of directors 
who have attained llic age of seventy) applies to the Company. 

th) The d*recir*rs may eM;tbli*li jnd nvaintaiu pension and superannuation funds for the benefit of 
and give donation., gratuities, pension*, allowances and other benefits to any persons who are or were 
nt any time in the eniplu; mem of the Company or nnv subsidiary or associated compart;, and who may* 
be or have been directors or officers of the Company or am >neh other company .md who liold cr have 
held executive or non-execuiive positions therein and to rite wive*, widow*, families and dependants 01 
any such persons jnd may establish and subscribe lo all kinds of schemes, trusis and funds for the bruelii 
or ouy such person*. . 

111 A director shall not be required 10 hold any vjualilic.it ion shares but nevertheless -Jiall be entitled 
10 intend and speak at any general meeting or ai any separate general meeting of the holders of -any class 
of shares of tlie Company. 

Further InfonnurkiD on the Group 

The Company wj« incorporated in England under llic Companies Act I94S on 6th May*. 1**57 .i* 
a private company with the name of C. . Harri* t Linoleum) Limited. The name was changed to Harris 
Carpel* Limited on 12th December. 1973 and to the present name on 1 7ih October. ! 97g. The Company 
was converted into u public company and adopted new Articles of .-Vssociaiion on 23rd Novembc - . 197S. 
The following is n list ol‘ the Company's sirbsidioric . .ill of which *are wholly-owned priv jic companies:— 

Xante 

Queensway Discouor Warehouses 
Limited 

Harris Carpets Limned 

J. Ross Sc Co. (Carpels.) Limited 

Tork Properties (Glasgow] Limned 

Harris Carpets Show-jumper:, Limited 

Queen «wny Showjuinpcis No. 1 
Limited 

Quecn*w.iy Showjumpcrs No. 2 
Limited ... 

Orpington Carpel Wholesalers Limited 

Ouccn: way Warehouses (Bedford 1 

Contracts 

The following contracts fnol being contra els in the ordinary course of bu-ine**» have been entered 
into within the period of two years immediately preceding ino date of this document and arc or may be 
material: — 

J. Dated 3 1st May. 1177, between The Shannon Limited 1 lJ and Quecnsvijy (2>. being a lease 10 
Quecnsway of premises at Shannon Comer, New Malden for a term of 25 years ui an initial 
annual rent of i 1 25.000. 

2. Dared 1 1 th July. 1977. between ihe Company ■ I ) and A. R- Parish and others O, whereby tho 

Company agreed to purchase foe whole of the ivsued share capilai of Queensway for a cash 
consideration of £2,000.000. . 

3. Dated 1st November. 1977. between Romford Carport Limited (.1) and the Company (2i, whereby 

the Company agreed to purchase pan of foe freehold property known 03 Romford Carport for 
£350,000. , .. 

4. Dated !tilh November. 1977. between ihe Company (1). Orpington Carpet Wholesalers Limited 

and others \2J and Industrial and Commercial Finance Corporation Limited l■•ICfC*■| »3». being 
a L'lunntcv* by the Company of all sums due to ICFC in respect of foe loan referred to under 
Contract 19 below. ...... 

5. Dated 30th November. 1977, between Quecnsway (I'i and Store;.- A Co. 1 C.irpcL -- 1 Limited t_i. 
wrhercbv Quecnsway agreed to sell freehold premises at Last \icw, Hylton Castle, Sunderland, 
for £?<l).W0. 


i pplieiriion is r.oi accepted, or is accepted for fewer shares than the number applied tor. the application 
money ' or tlie balance thereof, as the case may be. will be returned by cheque through the post at the 
applicant*' risk. 


\r range men is have been made for the registration by ihe Company of the Ordinar** share* now 
bctng offered tor >ule, free of .tamp duty, tn the name* of the persons entitled thereto under the terms 
of the Letter.* of Acceptance, which will be renounccablc up to and including lOlh January, 1979. 
Shore Certificate* will be de*paiched on ^th February. 1 97*1. 

Copies of this Offer for Sale with Forms ol Application may be obtained from:— 


County Bunk Limited 
J1 Old Broad Street, London EC2N IBB. 


S6 King Streer. 
Manchester M2 4NR, 


1 Randolph Crescent, 
Edinburgh £H3 7TFL 


New Issues Department. Drapers Garden*. 
12 Throgmorton Avenue, London EC2P 2BD. 


West Riding House. 

67 Albion Street, Leeds LSI 5AA. 

Wellesley House. 

37 Waterloo Street, Birmingham B2 5JT. 

L. Messrf & Co. Harris Qaeeasnar Group Limited 

Winchester House, . Harris House. 

100 Old Broad Street. London EC2P 2HX. 76 High Street. Orpington, Kent BRo OLX, 

and from principal branches of National Westminster Bank Limited. 

Dated 23rd November, 1978 


Mum . 1 i tniry 

Data and plan' uf 

Justed Share 

Incorporation 

Capital 

Furniture Retailing 

6th October, lf»"l 

£1.000.000 

Carpel Retailing 

Ensland 

29th April. 1968 

a. 1.200 

Lntfiand 

23rd Auyust, 1949 

£20.000 

Carpet Retailing 

Scotland 


Dormant 

lSih A aril. 1963 
ScotlAul 

£2.000 

Promotional Activities 

4th March. 19'0 

£ lOO.rih) 


Hnjii.tnd 


Promotional Aciintic* 

3 si Apnl. 1971 

£57,900 


England 


Promotional Activities 

23 rd' December. 1970 

ilMW 

Carp ct " hole* j ling 

kntfftniil 

26ih October. I°0~ 

£2.5i>1 

E n glami 


Dorm.tnt 

,25th August, I97; 

*1 


England 



THE APPLICATION LIST "WILL OPEN AT ID AAf. ON THURSDAY. 30th NOVEMBER, l^lt AND 
WILL CLOSE AT SUCH LATER TIME ON TltF. SAME DAY .AS COUNTV BANK. LIMITED 

MAY DETERMINE. 

HARRIS QUEENSWAY GROUP LIMITED 

Offer for Sale 

COUNTY BANK LIMITED 

of 5,000,000 Ordinary shares of 20p each at 155p per share payable 
in full on application 

FORM OF APPLICATION 

To COUNTY BANK LIMITED 


■ V uniU-r itftkireifcr 
which upplu-iilion Is nuide S 


Amount of cheque 
enclosed 


•Applicatioos must be for a tninmtunn or 
SiO sharu* anU thereafter in nialliple* uf 
100 shares up ro 1.000 shares; thelvuAcr 
in niultipfis of 500 shares up to IO.U.X) 
shares; thereafter in multiples of 1,000 
shares. Applnrnions in c.vca>c ol" 20.iX>0 
a tunes must be in multiples of S.i.iUO shares. 


Gentlemen, , L 

Having raid the above-mentioned sum twins the airvoum payable on appiicauon tor ihcaiaied number 
of Ordinar-. shares I. 1 '»c hereby apply to purchase that number of shores. .... „ ■ 

I.VV’c jer« lo accept such share* or uny smaller number in respect ot «tiK-h this nrpllcatlon may bis 
• v , r.t* ^Ciininanv .ui.t m Itie sesoRit terms Jnrf 


authorise >au io send such Leiter of Acceptance, logeiher wiih a ebeqiu. for any amount, overpaid, by port at 
m'/ourii-k to ihe address (lirstj pven below. 

I ’VV’e «nrra«i ihat ihe arcompansing cheque srill he paid no hfsi prcsentalion. 

1 - \Ve dvrlan ihul I am/»r arr not resident oalMdc ihe Sehednled Tcrrrior/ref and am, air not applying 
lor ibc abo re-mentioned shares as no mint e ft) ol any pernonf*) imMcm onisidc u»w Tv-friurics. «... 

Ilf ihis declaration cannot be marie, it mui be delcieJ and reference must be made io an Authorised 
Depository J or to an Approved Aprxii in Ihe Republic of Ireland; through whom ihis farm must be lodged.) 

Dated 1978. 

first or Sole Applicant fD Vtuul .tttiuluf.- 


Alt Christian JVinwcr or Forenames 


Surname 

{State .Mr., Mrs.. .’lIL'i or Title) 
Address in full (including ptotcr<4A 


6. 


23rd November, 1978 7 . 


S. 


9. 


10 . 


ir. 


12 . 


13. 


14. 


15. 


16., 

17. 

and 

J8. 

29.. 


20 . 


Dated 22nd December. 1V77. bonevn Fine Buildei* Limited (IV and the Comrany l2i. wherehv 
lire Company agreed to take :i lease of Harris Hott.-e. “u High Street, Orpington lor u term uf 
25 year, from 2iih December, 1977 at an inili.i) annual reni or £I60.0U0. 

Dated 30th December. Iv77. between H.tmbro Life Assurance Limited 1 T 1 and ihe Company (2>. 
being a lease to ihe Company of land at Seveno.ik* Way. S:. Pauls Cray. Qrpmeton lor a term of 
25 year* from 25th December. !«77 at an initial annual rent of £53.000 follow mg tlie surrender 
bv the Company ofirs existing lease for ii cash consideration of £H 5.000. . 

Dated 15th and I 6 U 1 February. 1^78, being Jerters c- changed on behalf of B.S.C. Pension Fund 
Nominees Limited ill uml Queensway (2). whereby Qiicensuay agreed to sell two Jreehold 
properties m South Road, Dundee and Ashley Drive. BothvveH for £480.000 each and 10 take a 
lease of each property for 35 years at an initial annual rent of £48.000, to he guaranteed by tlie 
Companv, and lo purcbosc leasehold property ut West Harbour Road, Li ran tun, Ldtnburgh lor 
£305.000". 

Dated 2Jsl March. 1978, between, the Company tTi and Norwich Union Insurance Group 
f Mans tied Funds) Limited (2), whereby the Company agreed to sell freehold property at High 
Road, Wembley lor £576,0f(0 and to lake a lease ol lhe sonic from Barclays Bank Tra*t L ouipany 
Liinilcd for a term ol" 35 Years ut an initial annual rent of £35,000. 

Dated )7th May, l-»7«. between Mrs.J. Freedman nnd others (1 1 and ihe Company f2>. whereby 
the Comreuiy agreed to purchase the whole of the issued share capitals of Ro*s and i*ark for a 
total cash consideration of £428 ,00u. . _ 

Dated 20th June. 15>7s, being a letter from Queens "jv accepting a tender dated .’0th May , 8 
by Tarmac Construction Limited relating to remedial and other works at premises ut west 
Harbour Road, Gran ton. Edinburgh at a cost of approvimately £160.000. 

Dated 28ih July. 1978, between Haslctncrc Estates Limited and Scottish Amicable l.irc Assurance 
Society Ml and the Company (2 j. whereby the Company agreed to lake ,1 lease of a warehouse 
ofapprovim.iiely 157,000 square feet at Svvnnley. on compleiton ol construction ol the some, for a 
Term of 25 years at an initiul annual rent of £ 1 -mo per square- foot. . 

Duted lllh August, l*J78. between the Company Ml and Matthew* rf.tll Mechanical Services 
Limited t2j. being an agreement for the m*ra)ljiion and supply of service* at the warehouse 
referred to m Contract 12 above. . 

Dated between 2Jst and 2Sth September. 1978. being letters cvchangcd on bchull ol the Lomp.tnv- 
ill ami Stenhouw Investments Limned (2>. whereby the Company agreed to purchar-e leasehold 
premises at Blyihtwood Industrial Estate. Renfrew for £320.0iW. ' 

Dated between 27th and 29th September. 1978. being letters exchanged on behair of Albright & 
Wilson Staff Pension Trustees Limited and others M> and Oueensway and the Companv (2). 
whereby Oueensway agreed to sell freehold premises at Lam on t Drive, Irvine for £330,000 
and Ihe Company agreed to take a lease or the same at an initial annual rent of £3 1 .750. 

Dated 9th November, 1978, being three agreements between Queensway. Ross and Park 
respectively il) and U 10 Company (2), whereby ihe Company agreed to acquire the assets and 
assume the liabilities of each or those subsidiaries at their book values at 25lh December,_l977, 
in the case of Queenvivay, and 17th May. 1978, in the case of Ross and ftirk, amounting re 
segregate to £2,350,607. 

Dated 2 1 st November, 1978. between the Company fl\ Qnecnsft-ay Cl and ICFC 13), being an 
aerccmciu scuinc out the terms governing an ouisunding loan to Queen s^-ny from IOC of 
£ 1 S 1 237 

Dated 23’rd November. 1973. between the vendor shareholders listed above < I), Mr. P. C. Harris 
t2i. the direciors t5). ihe Company f4) and County Bank (Si. being the above-mentioned contract 
relating to the subscription and purchase by Couiity Bank of a total of 5,900,000 Ordinary shares 
of 20p each of the Company, 


.\ corpSralwnnij^empiei^niJer hdiul by a duly auiht>ii*cil officer wboilioiilditJlehisreTircscniaiivccapaeif • 

All /nint aprlicanli ninsi sign. 

JOINT APPLICANTS (if any) 

.if: Chnman .Yituin or Forename s . — .... 


S.-rname, — - — 

1 Air., Mr:.. Miss or 7 rife) 

Adurcs: in full {including postcode).. 


t;> Signature- 


All Christian Karnes cr Foratams- 


Surname — * — ■ 

l.Vfr., Mrs., Miss or Title) 

A debar in full f including postcode)- 


K.i Sigruatrc- 


,W Christian Xcmcs or Forenames 


F’trname .... — - . 

I Mr.. Mr:.. Mist or Title! 


A J, ft as in fdl {Including postcode) 

I A separate cheque must accompany each application 

InslflKlion* — . _ , , _ , . , 

I. Cheques (drawn on a bank, or branch thereof, in and payable in tnclond, Scotland or w ales or drawn 

I on a clearing bank branch In the Channel Islands or the Isle of Man) must be made payable to "Coumy Bank 

Limned" unU crossed “Not Negotiable". . .. _ 

2. This form should be completed and sent to County Bnnlc Limited , >e«* issues Department. P.O. Bo* 79. 

Drapers Gardens, 12 Throgmorton Avenue, London £C2P 2BD together wilh a remiitance of I55p per sham 

I on Uk number or shares applied for, so as to reach it not later than 10 a.m. on Thuratay, 30th November. 1978. 
3. No receipt win be issued for the amount pain on application but an ocknowicdgemeni win be forwarded 

either by tenounceable Letter of Acceptance (together, if applicable, with a cheque Tor any a m ou n t overpaid; 
or by. return through the post of ft cheque Jor the amount paid on application. 

i Dv&ni DUB- 

EXCHANGE CONTROL ACT 1947 . . J , . 

t The Scheduled Territories at pr e s ent comprise the United Kingdo m, the Channel Islands, the Isle of 
Mon, Uw Republic or Ireland and Gibraltar. , , 

i $ Authorised Depositaries are listed in the current issue oflhe Bank of England s Notice ECl and include 
most bonks and stockbroker* in. and Hiltcftor* practising in. the United Kingdom, the Channel Islands or lie 
J*le of Man. An Approved Agent in the Republic of Ireland is dclmcd in the current iaut of the Bank of 
England’* Notice ECIQ as a tank in the Republic of Ireland, a member in foe Republic of Ireland of The 

L block Exchange or a solicitor practising in the Republic of Ireland. 

. — 



16 


Financial rimes- Moii^ajr 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Telex: 886341/2, S83S9? 
Telephone: 01-348 8000 




.011011 







Mondav November 27 1978 



or the off 


La&oiiir 

*• nr 



/HR 



Goffiseratlve 





the BRITISH Government's that it favoured EMU, and put 
Green Paper on the European up its r*n substantive proposals i 
Monetary System is a major instead of talking about the 
-•tep forward in both the Gov- technicalities of EMS, the whole 
■.-rnmem's attitude towards the negotiation might have been 
European Community 2nd transformed The Green Paper 
towards the management of the is evidence of lost opportunities 
domestic economy. It discusses as veil as of an eleventh-hour 
membership of the Community conversion, 
as if it were an asset rather The experience of the neqo- 



Lnthian. the SNP vote was with giving bad; to Scotland a has notably eowjd . mto 
halved and the deposit lost. Parliament of its own. Sensing jas.*»on with the conservatives. 

The partv of Scottish inde- its advantage. Labour has Two weeks ago in a private 
pcndence has Lavs had two refused to join an umbrella ‘ at 
routes to its goal The direct organisation to campaign for a Scottish part> in Motherwell, 
path was hv way 'of sending a “ yes ” vote with the Nationalists delegates came as near as it is 
strong group of MP?' to West and is intent on making the possible to do m genteel Tory 
minster (more than 36. which running. circles .o giving Mr. Teddy 

is half the total seats in Scot- ^ T , J r a > l0 ;; f0 ' ( ^£2* 

land), thereby forcing the RGSiOlindlUff ? s ' , 1 f argar ^ Thatcher’s chief 

nm' P n,r,Pntnf (h^„-, n W r U . i\C^UUUUlllg Scotuso spokesman, a bloody 

nose. 

Tee policy that he advocated 
at the beginning of the year. 



' ^ 

SNP 


SCOTLAND 


land), thereby forcing the 
Government of the day to recog- 
nise the will of the Scottish 
people and to begin negotiations 
to dissolve the Treat v of Union 


vote 


Liberal 

o 


Other ~ 


of 1707. The gradual path was It is a gamble, of course, since which envisaged the Conserva- 
via a devolved Assembly, enn- no one can be really sure that tives leading the “no" 
trolled by the SNP and used the referendum will result in a campaign ta . confident 


JLMC FEB ISAS AJU MAT JUS" MIL. AL’Q SUP OCT.MIM' 

‘ 1978 


confident argea to join Scotland Says' -Mu, areAepe stressed ai«i a weighty 


"*« and -one. arJ - a ^C ha „ g e rate a „d to con- ™iikf»7"th7 XT^+SSTE: 

■.oni.ro]. Ir0 J n L nc * supp!.. c.en Government from liability for Labour will consolidate 

Conversions outsuiy a European system. acc jdent.s or injuries. But if the dominance and that the 

It is the change in the tone ^'hetheVViie the ev- fabric ? iU ha f tCl be shored up ; swvativM-ln spite of , 

of the language towards the ch3 ve "tfmethS of the whatabout the cunstituuun uf P™r showing in the polls- 

Community that i* perhaps EMs'at the ouSet or not" the Ih ? V n,le?l K,n .S ,l(,m ' . h f pull back some of the seats 

'nos: strikin'!. In one para- GrSn Paoer sS? Govern* 11 lS a qi,Ml,on whK ' h ' aCter to r i be ^‘onalists in 1974. 

. - ,reen "aper saj.. tne iO\em m „nrr»s anri wars of waiting for Th»* surnnrl nnrinn rim. 


ited to look Unless there Is a complete The party that comes out of the light of the Berwick by-election, consciences and campaign on federalisnt, .^wbich go -.further 
ling that will reversal of the existing pari- referendum campaign having Devolution^ was clearly the the other side. .. TthaiL What the GdVermpent is 

h Assembly in tinn the first option has-been gauged the' inodd of the elec- decisive ' factor In enabling No central funds will -be’.pn>j>osihg): :L is likely to.-M.ie 
icing asked to closed. The indications are that torate most closely, obviously Labour to increase its lead north allocated to the fight, and staff published as a ' pamphlet next 

releasing the at a eeneral election next year has an advantage in the other of the border while, on the S&me at Central Office in Edinburgh ni&rithr- 1 7* ' o 

i liability for Labour will consolidate its political campaigns of next year: day. its majority was being cut will hardly become involved;-.-.' Tire, Conservative Party may 

rics. But if the dominance and that the Con- a general election — perhaps in in two in the English constitu- Mrs. Thatcher — imlike' ' "Mr..-^iot like the' idea -of-aSqq.ttjsii 

be shored up. servatm — in spite of their the spring: the European elec- ^ncy of Pontefract. James Callaghan, the Prin^^AssembJy/ meeimg - ;' ip Edm-^ 

institution uf poor showing in the polls — will tions: and the elections for the The Tories will take, a much Minister — will not be jburhqy=- burgh/ bul 

pull back some of the seats lost Assembly itself. Without a less aggressive stance in the ing north. jMans iThatMt Js' to',;be 

n which, after to ^the Nationalists in 1974. majority in the Assembly the referendum campaign so that if Most remarkably,. the_ Tof^set up ; T th e ^ynes w3ot-4o be 
months and years of waiting for The second option depends SNP will be hard put to further the vote goes against them, they alternatives to devolution; ;sure7 - they ' retain sufficient 

Bills tn inch cm the events of the coming the cause of Scottish can escape some of the con- which were kept, alive against, "cr edibility to stand fore lection- 1 

ih Parliament, months. The SNP has left it late independence. sequences. There will be no some opposition by Mr. Francis .as -Assemblrmnn - -- 


fotn 


ndence. sequences. There will be no some opposition by Mr. FraftciSas ' Assemb lymen. .. ’• 

analysis is widely shared overall Conservative campaign. Pym during his tenure! as Er on t~ . - 1 - ■ .n '7n ^ 

e parties in Scotland and- the constituency parties will be bench devolution spokesman; • v. "-^•■ •JKSry -jri 61X080-' 


rate depreciation as a solution held ^Scotland and Wales on 


ippropriate 


ftation rather than devalue the House ia London/ has bean 


Lu.upe “-tn.r *.,^insi her win. in!jja j }0 .-- of pnre competitive- which will have the 
K also implies a weienme deter- n ,.„ riv .. h / rcmowH - T hit A ' wniC ' 1 J* 1 " n<l *• 
ii'n-iiM -n n*tnH rntri!hi< -inti n ma - ne remove “- Inal - support uf the Conservatives 

i.i.n,.ucn ..o inand up to Uk anti- tq0 IS a conversion to be wel- an d 0 f manv empinvers is 
Europeans in the Labour Party. 3 0 1 m * ,n - ,p . 

It is true that, hv stressing ' ' preparing lo gu public next 

the need for Community Thursday on St. Andrew .* Pay 

approach. Britain is seeking a ifllYlCtTy wir h. a big advertising ana 







iiturt 


devolution Wades had onginally appointments to over 70 such majority of the votes but also Party. ; Ls stili/working^tb get 
pressed for. bodies. 40 per cent of the electorate a milar organisations'- off < rtbe'i 

The net result of those begin- But the Secretary of State will must approve the Assembly) :'fs ground elsewhere — aa ? “at 
nmgs. of the relative strengths retain & fair part of his present regarded increasingly as irrele-. qounccmfent from Pembroke-^ 
of Plaid Cymru (three out of powers, and Westminster keeps vant. If there is a majority in a 1 shire: is p tomised- sfiortly-Miut 
3« seats a: Westminster) and complete control over primary respectabie turnout. It is ' felt; it. •‘cbnfe'WW" "to M)e ; ‘ h&vjrig= 




O'-r'v 


>ay in :he systems development It remains true that in terms publl /!' y c 31Tl P ai = n - 

which would not autumatically nf E?.IS and the -January 1 dead- Public interest m devoiu.t'. 

be available m a system which line the conversions are some- 1S Peking up. Uvo uf the mo 


TR.ANGE to sa 
doubt surrounds 
come of what \ 


;>v-nas*es Communiiv institu- what late. There is an element Y. oc ^ er ° u f ^ ani P a '" ner '’ 1 '* r ; S'.. Davids Day referendum on 
".'/ns. But ih« ; one si ill matters, of St. Augustine’s “Lord make Tam Da. yell. MP tor Wes. lhl . Welsh Assembly As the 


um on Scots will be voting for or regions. 
\s the against a mini-Westminster — a As 


Had the 
pared to 
moment 

up l3if ? 

•icen air 


to the English a Welsh Assembly has passed definitely : not ^ prepared . t?' 

with the failure to kill the Bill shisfter ■ under oM£ dizior^Ila' wr^li ^ • 
e referendum in Parliament. They are well the Toifiesf They^ plan i>lannc]h 5 
the Assembly’s aware that now that the battle theif bwn Labour caK^ 7 . 

e clearly going to is switching to Wales itself, most paigu shortly. . , " 

k hard to rebutt of the big -guns win be fighting • Finance -may •’prove 10 bc a 
of its opponents: for the Assembly. • - • - -problem for the anlis-izrgstttnff'f 


•i could ha v#* improved its neuo- might accept the Brituh post- devolution road -hinv By all hv-lvction in 1PR6 and their regional 
tiatine co«smn. The puim lion that the «nake \< nm a ,^ n n - siron? showing m a :.hondda The V 

.-■rtendi t.-i -ubsiance. It now r-nt-uch; monetary union ha? 2* C h f ’ < ^ h0ll2 ° U P t,ld J ^ vn by election in .March i96«. The devolved 
... n r d .k,r«K ii Scotland. -ni exnressed bv Welsh hiviisni 


•■■rtendi ta -ubstance. It now enoush: monetary' union ha? 
app-*ars that the Government is. alt*igeiher more charin.«. It can- 
;it I<.-ast »h"ur»vticaMy. in favour not be Britain alone which is 
• •f >o:iie’.hin4 approaching Euro- worried about the asymmetry uf 
pean .Monetary Union, hut is obligations between weaker and 
opposed to a system that is stronger member-currencies, or 
little more man a variant of the about the mechanics nf inter- 
nresent European currency vention on the fnreicn exchange 


' li •f. ' '• i - 


sk-m expressed bv Welsh biy • itself and provides for it [ ha t *t wiil lead to domination began as a maiuly Li^Lab ura- and the y may hesitate Xn:' ! G&.: 
Labour ministers imd MPa to carry' out its functions h >‘ ^ 20 . «nt Welsh- brt . IIa organisation, hut has been Wels h sources^ ^ too-^ ^ vfsdnkisly:^ 
about these inroads .’nto tradi- through a series of specialist speaking minority. - broadened to include represen ta- a Mfenerai election, battle 

lionallv rock solid Labour seals uommntees. The nearest thing A majority of the electorate t:Vey 'of :eveiy poUtical tfarfy * ^ pSyig 

persuaded Mr. Harold Wilson to a Welsh Government will be in Wales still seems set to vote except the Conservatives w™rf cSt'egorf«ialW:<feu^y 


U05JOSacS about these inroads :nto tradi- through a seri 

tionally rock solid Labour seats committees. T] 

l-pictf- persuaded Mr. Harold Wilson to a Welsh Gov 

J,k3t to start the dv volution band- an Assembly 

It is an irony that the SNP W3?on by appointing the mittee made up 


to start the dvvolution band- an Assembly executive com- against the Assembly. The latest Cymru decided to mnnnrt thi<s -ratiney 

v:a?on by appointing the mittee made up of the chairmen public opinion poll nn the sub- campaign only last month, after 0ffa s DylLB t0 finance the anti- 


wnalri'. Th*r outsider can lie markets. Provided *hat the I after its mete-.nc political Crowiher (l?ter Kilbrancion) nr “leaders" of the specialist ject. by the BBC in September, a lot: nf debate about ljackin*' Assembly Campaign. The CBI 
forgiven for having a^-.i i mod. Guvernmen: means what it says, succr-sses in 1H74 and 1975 Commission on the constitution, committees. showed only 33 per cent intend- what manv condemned as a ro,e ^ insist*. ^ 'will be limited 


forgiven for bavins a*-.umed. Government means what it says, successes in ll 4 i4 and 19io 
•-.n " the ba*is "f all available if l.= the merit of the Green should have slumped in pupu- 
• vider.*.-. that the Grvemmcnt Paper that it makes possible a larty and that ii should be 
vas against both. Vet if the more fundamental negotiation, suffering a crisis of leadership 


Labour, the dominant party The powers to be devolved are ins ta 'ate in favour. Those totally inadequate measure- 10 P^ting nut the possible 

r m Wale-, was calling fur an simply those nominally held by against totalled nearly 48 per The second wfl! be a separate dansei ' s ^ tievplution -fot 4 - in- 

> elected Wci-.h A^embly witlt Ministers in the fields of health, cenf. Compared with a similar Labour-Wales TUC-Ccnmerative ^ a5fr V and coiiunerce, nor so 


Government had said oarlmr even at this late hour. 


tp etectcn wet mi .A^emoi.v wiui aunisiers in tne neins or neaixn. cent, uumpareu witn a sumiar Labour-Wales TUC-Co-operative anu commerce, nor so 

a: thi? nf all moments. From legislative teeth, throughout thp education, transport, social and poll in May, tiie result, ia. fact. Party campaign to provide a rauc ^ the asremblyas^ ^prn. 

above 30 per cent fur most of laic I93l»s and early 1970s when environmental planning, and a indicated a hardening af opinion platform for ministers and P 0 ^-. but " From what it might 

last year, the Nationalists have its counterpart in Scotland was host of other minor matter?. In against the .Assembly. trade union leaders. U willlje beCi)lne - 

steadily fallen in the monthly refusing to harp any track with practice these are exercised by But interestingly, these polls helped bv £35,fH)ft just Looking at the line-up nf 


polls carried out by Sy-teni devolution. Hniy after Labour a host of nominated bodies of are not reflected in the mood authorised by Transport House 1 force . 5 - tt.-iwniW be unwise to. 
Three for the Glasgow Herald, came to power in 1974 and a which Wales has more than its of the pro- and anti-assembly in London for the Welsh cam- Wales. . Assembly 


Now they are hovering around devolved assembly became a fair share, because a great deal camps. Among the pro-forces paigp. definitely be rejected. As 

the 20 per cent mark. In three practical reality, was the Welsh of administration has already there is a feeling of quiet opti- An .umbrella for the “ noes tite .aWp' EgC^'rcferencium; 


THE r3te support grant local real terras but in no case will 
authorities receive from the the loss arising from these par- 
Exchequer has come to be used ticular changes be more than 
to sene so many purposes that the equivalent of a 2p rate, 
it is rare indeed For ail of them This measure of stability — if 
to be met. The practice of pay- indeed this is the appropriate 


s. to. hinge very 


Lhringsto 


Conse rvntive 


Reeves 


ing grant began many years ago terra— is doubly welcome. The Cfouina nilf 
when the range and cost of local marked shift in grant share puk 

services started to outstrip the towards the hig cities and away Tj-Fff saeiV 1 ^ 
capacity of local councils’ own from other parts of the country «*■ • many 


folding as builders add three 
more storeys to house extra 
workshops. Last year. Tiffany's 
sold $6Um worth of some of the 


tax base— that is local property which has taken place in recent Apart from conjuring up visions must expensive trinkets around. 

ra rcs — and even today une of the years has raised serious doubts 0 f door-to-door salesladies t'*ut- This year it expects to sell 

main factors Ministers consider not only as to whether the ing silverware, the proposed 373 in. 

• A hen deciding ;he size of each changes have been pushed too Avon-Tiffany's merger annuo n- No surprise Avon is 

year's gran; is the level of rates far but. more worry ingly. about ce( j last week promises to make interested, and no surprise 

increases u is reasonable to the basis of the allocation sys- at least one rich man richer: either that Avon promised 
expect ratepayers, as distinct tern itself. Even the local Walter Hoving. the 80-year-old Moving he could stay and do 

from taxpavers. to bear. authority associations whose chairman of Tiffany's, holds IS things his way. 

A? local authorities' demands members have gained most p« r of the stock, which is ————————— 

;C K r i8m iJ ,hc deal S,KS under analysis 




grown, however, so Ministers 
have come to regard the grant ce Ptii aI ^rounds, 
a? une of their main instruments Assumptions 
for influencing the totality of . flirth p r anri 


through. 

Tall, silver-haired, and very “ Accountants record retro- 
much in command, Hoving is spectively and actuaries assess 





Another lengthy open letter is 
the message of. a disgruntled 
mathematician, who claims he 
has been cheated nf recognition 
as a genius. Nearby is the 
elegantly calligraphed message: 
“ While reading posters on Sun- 
day 1 lost my watch. Would 
finder please return? ” 


Aibicr? 7" 
Street. Gi 


Wcodvisi 


»■': f- 1C- _ 


Consumer 
5 reaction 


^tiand 
estate, gi 


^ adamant that whatever up- the infinite. We measure the 

A furth r, a heavals the merger causes, he middle distance.” Thus Dick 


local spending while leaving f , , h ’ imnortance which neavais llK llKr s vi tau:,c =- ,ur ,,,, “ ulc u, ? l<u, y c - x,, “ a 
councils a measure nf discretion [he Government is attaching to stays - if Dnly to buat lhe ret-ord AUe "» 3e n| al director of J. and 

in detail. As the taxpayers S^eVr^nii « set b >‘ fhe fl5 “ ndor C»“ ri ™ t Scri,n ^-ur. who has just, 

contribution has grown, too. so UD ' on ' lncal Ipendinc. Its effec- ™*"2\ who retired at 92. been appointed chairman of the 


contribution nas .^rown. wu. &u u p 0n i nca i spending. Its effec- 
rt has become more important ^ven ess for this purpose has 


Even the most vigorous oE the 
"M* septuagenarians who attended 

-%/ ■ --/.■ the second " Distinguished Com- 

/■"■ '■{ - ■;/ pany Luncheon” recently 

| seemed heartened by the fiery 

jKgf'.s SaLvation Army Commissioner 

Catherine Bramwell. who spoke 
to them about how 
nice it would be not ro be uid. 
Appropriate subject— the lunch 
“Now that the EEC has was t0 raise nioney for .Age 

steimed in. I am afraid we Research, and the company was 


j/l yA 


^ossiip 3! 


„ uveness xor irus P ur P u« . Sw e dish-born Hoving is in Society of investment Analysts. nice it would be nut ro be old. 

to distribute the grant in a been much cnhanL . ed by the [® cl . an °^ der a j*™}* . ‘^ddie distance seemed a Appropriate subject-the lunch 

manner which makes due allow- j nlro ,j U ctioD of cash limits, but kus>ness that founded m clear enough idea, but I had to ^ t ^ rrr ha S was to raise money for Age 

ante far differences in local thc ^ of ^ cash nmit W3.. . After work.ng his way adrai to finding the SLA s ^ at ™ “ Research, and the company was 

needs and resources " hlle - 5 s .^srem is likely to be put to its “P through other New ^ or Jj ^ ntiEht get a football Pn>perly ag.-d'and distinguished, 

ihe same time, moderating the fi' rst real test in the coming year, stores, amassing a fortune and He was quick to reassure me nugnt get a ^ tootoaii Qf neighbours at 

extent of the changes in any £ eXt y J ar - s ]im u has been set a sharp business sens^ Having that ' d ' table. Lord Longford^med, at 

one year in the interests of . ' e wilh thc Government’s bou S h t h.w stake m Tiffany s in too. He is optimistic that, with 72 g mere rf u . ’ 

stability for both councils and mt policies and Bith 1955 and had himself appointed the introduetion of exams next more worried about answering ri with the commlHio““ 
ratepavers. th p ..nrresonndin- Treasurv chairman within weeks. year, comprehension of the analysts questions out of eon- £ q _ Hftr 

^ ‘ SS“3 Fifth Avenue legend has it bulletins-as wdl as the SIA’s cem that they show -insider” ^eem^ to^e the^en^ 

Generous inflati0 P ni and it was upon this that he immediately held a status-will rise a peg or two. knowledge. 0 J her astep 0 Uve who ga« 

On Friday, when Mr. Peter ha sis lhat Mr. Shore fnre- knock-down sale of everything Would he have to take the Not available on request explicit verbal guidance dnrinsr 

Shore, the Environment Seere- &h adowed average rates he thought badly designed, and exam himself? “There is a ta the sort of phrase he prefers ber ,neech “l ?hinb^ 




stepped in, I am afraid we iwwearcn. ana tne company was 
might get a football Pfwperly agjd and distinguished. 

mountain” 0ne of ra - v neighbours at 

table. Lord Longford, seemed, a-r 

n.rn unctu.r ina 72 ' 3 Stripling by COffi- 




, Ha wth< 


T; S; u 



■When you’ve paid intcr'a pensjort ta jxiake jwcirseir 

seifrsiifficient -in- retii^entyjLisheart-hreakijag^tLhave 
to ask for help.. ; :.5- 


T 

fcsst S 


tary, announced the arrange- increases next April within since then he has rigorously grandfather clause— as always." As it is, he feels the stanflara ----- i; : 

ments for rate support grants in sins .i e figures. imposed his own impeccable ’ Allen says there is a danger of company ^disclosure has 


But what else can. this gentieman do? jjepcaildii’t have 
foreseen that the pound m-hispodket would go bii being 




. -j 


inents for rate support grants in cinoie figures. imposed his own impeccable Alien says mere is a aanger «l vwwiwujt uuumuie _ 

1979-SO, he placed particular when local councils make taste on everything the business of the standard of anal ysis here risen in recent years— though r „ 0H * . s 

cph»i, »^n lb, _0« for their dtcis ,. ns in Febrnnry, the «.!»*« eelle. He even .old JSS'l" S. lo^heSer t/Z 


IUIHHII5. — — •— - UK CHM1 mini win ipir icvirwcu vuigai, auu omsu meui lu ... (| Olive 

he erring slightly nn the In a year’s time, as Mr. Shore remove it. strong as it should have been. Woll naOGfS Tririrv _ , 

generous side but lie has used ^ undertaken to dn if his In the store itself, he tours the lh ° S ! A ,‘* b ® in S J? c f eas ‘ , =■ • ^ . - u ne * e ‘ i, 

the leeway to make two maui 'assumptions are “ substantiaUy ” Q 0 or regularly, ensuring that In ^. v insulted by the EEC Com- The wallposter fever which has feeb could do with an 

changes in the allocation of wrong, or indeed which Govern- everyone is treated with equal mission on matters such as swept Peking reveals more than Braruweu. 

grant while limiting their menl an£ j which Ministers they courtesy, including those just “ e ’ »" J^SSSJSSt S? SL T LE5-5 

adverse effects in any one area. wm have t o deal with then and sheltering from the rain. This sure. It has also contributed to the man on the Liangsiang NOW read Oil 


. . People like this deserve: our ;fielp. Peopie 'wTt’of.have. 
stood on their ^ -own two feet all" their;! rves^ people who 
have planned and saved for tlieir old agiiTn^atk&iS no 
fault of theirs; yet they suffer for itt- *’ V-. - - 

At the DGAA we like- 

this. They want to stay on in' theirown homes, sq-wehelpf 
with allowances. Only when they can no loriger cope do 
we find them-a place in crae of our Residentiator-NiHsmg^^ 
Homes. ' ' ■ ■ • : 


st 

i^isha 


However we help we do so with tact and . sympathy. 
Because we really do understand. Will you please help ns 
to carry on ? With a donation, or a legacy, too, perhaps? 


'-Pr u * 


aapranriatc share of the needs will stiffen employers' attitudes difficult business decisions. defined and is worried that grudge-hoarding that unites the hieroglyphics at the foot of one 

-rant direct tn district council? in the forthcoming local Whatever the explanation, ambiguous phrases like “ acting w °rid, or the pyramids i he was given a 

in shire counties. As a result authority pay negotiations. If Hnving's ideas work. Under his on information not generally TyTJically. one peasant spent disarming smile — "It says 
a number of councils will gain, they do not. ratepayers can say 

ui tome cases handsomely so. goodbye lo single-figure rates l in size and profitability. The Department nf Trade assur- *w-po£c. iciuinuer m now untuna commas . 

■■hile about 40 per rent uf all rb»es next year — and doubtless I stem citadel-like headquarter? ances. work against analysts, the nationalist government had 

* - aiins authorities will lose in to single-figure inflation as well. [ is currently shrouded in scaf- Companies, he says., might be t,een _ 1115 village— in ______ __ ■\rU&tSiVCf^ 


-^Helptfaem 


nW34A<J. 
















17 





W": Mbn«I^p r rrarenilMA'- 2?' 1.978 


•-,3* » - - 

% * V *.*/< •(•• 


FINANCIAL TIMES SURVEY 


Monday November 27 1978 





F T 


m 




The proposals for devolution 
and the introduction of a Scottish assembly raise strong 
passions on both sides and the result of the referendum next March will have 

major implications for life north of the border. 


- N_' .. 


Voting 

for 

its 

future 

By Ray Perm an 
Scottish Correspondent 


TO SAY that Scotland is 
embarking on a year that could 
be as significant as 1707 — as 
some people are doing — is 
probably an exaggeration. There 
will be nothing quite as 
dramatic as the absorption of 
the Scottish Parliament into the 
English. But politically and 
economically 1979 could mark 
a turning point in relations 
with the rest of the United 
Kingdom. . 

The year ahead will be a 
busy one, with elections to the 
European Parliament, a genera) 
election and the referendum on 
devolution, which we now know 
will be held on March L The 
incredible twists and turns in 


politics north of the' border 
over the past decade should 
make us cautious about assum- 
ing any results, but it is safe to 
say that a Jot depends on tbe 
outcome. 

The Labour Party has been 
the first to spell out its plans 
for the referendum, which it is 
taking very seriously, having 
decided to devote £50.000 to the 
campaign for a “Yes” vote. 
How much support the Govern- 
ment will give to its own policy 
to set up a legislative assembly 
in Edinburgh, is not yet clear. 
Ministers will be expected to 
abide by' the doctrine of col- 
lective responsibility and sup- 
port the “Yes” campaign, but 
how many will be prepared to 
take an active part in it remains 
to be seen. 

The Scottish National • Party, 
which is well provided with 
fighting funds by two -sub- 
stantial bequests, will also be 
campaigning heavily for-, the 
assembly and the Liberals, 
although desperately short of 
money and stretched to the 
limit by virtual constant cam- 
paigning, will lend at least 
moral support 

Of the political parties, that 
leaves only the Conservatives to 
fight on the “ No " side. At the 
moment they are committed to 
do so strongly. Mr. Norman St. 
John Stevas has not had enough 
time in his new job as constitu- 
tional spokesman on the Opposi- 


tion Front Bench to come to 
any independent conclusions, 
but it is extremely unlikely that 
he will make any fundamental 
changes. 

The devolution issue is one 
that raises strong passions on 
both sides and there will be a 
number of notable dissidents on 
both sides. Yet as the lines are 
now drawn up, the Tories will 
be fighting virtually alone. In 
genera) they have the support 
of business in Scotland, as the 
*■ Yes ” campaign has the sup- 
port of the trade unions. But 
no major company has yet coin- 
mined itself to patting money 
into the campaign. 


Register 


For the referendum to suc- 
ceed there must not only be 
a majority of voters in favour, 
but the number voting “ Yes " 
must be equal to or more than 
40 per cent of the whole elec- 
torate. The fact that the vote 
will be taken two weeks after 
the new register comes into 
effect will be of some help to 
the “ Yes ” campaigners, but the 
hurdle will be a difficult one to 
surmount 

If the result is in favour of 
a Scottish Assembly, then the 
first elections could be held next 
autumn and by this time next 
year the new body- could be 
meeting to draw up its standing 
orders and elect its committees. 


The European elections, for 
the eight Scottish seats and the 
General Election are too far 
away for any accurate predic- 
tions to be made of their out- 
come. Labour presently has a 
commanding lead in the opinion 
polls, bur similar leads have 
been overturned before. 

A Labour victory in a General 
Election is likely to mean an 
increase in the budget of the 
Scottish Development Agency 
(already promised in the 
Queen’s Speech) and possibly 
legislation to give the High- 
lands and Islands Development 
Board the extra powers it has 
asked for to intervene in the 
land market where there is 
evidence of deliberate neglect 
of estates. A Conservative 
Government would almost cer- 
tainly retain the agency, but is 
likely to limit its freedom to 
invest in private companies, and 
is extremely unlikely to accede 
to the Highlands’ Board's 
demands. 

Aspects of national economic 
policies are also likely to affect 
Scotland. A Conservative energy 
policy, encouraging intensive 
development in the North Sea. 
would help those companies and 
areas which provide goods and 
services to the oil industry fat 
least in the short term), and 
since the next Government will 
be tbe one which has the deci- 
sive say over the spending on 
Petroleum Revenue Tax and 
other revenues from oil. a 


decision on whether these 
should be used to boost con- 
sumption or provide more direct 
public investment in industry- 
will have a profound effect on 
the development r.f the Scottish 
economy. 

In the shorter term — the 
next few months — the Scottish 
economy is likely to take a 
more predictable path. Recently 
it has been enjoying a mini- 
boom resulting from the 
increase in consumer spending, 
which has been prompted Wy- 
the lower inflation rate and the 
consequent rise in real incomes. 

Settlements 

This state of affairs is likely 
to persist for a while, particu- 
larly if. as seems likely, wage 
settlements are above five per 
cent It will take some time 
before larger settlements work 
their effect through to prices, 
so the real level of spending 
looks set to stay ready or go 
on rising, even if the Chan- 
cellor decides to limit the effect 
by fiscal measures. 

The Fraser of Allander Insti- 
tute at Strathclyde University, 
using its econometric model of 
the Scottish economy, is cur- 
rently predicting that overall 
growth in the economy could be 
as high as 2.8 per cent during 
1978. Given a slightly different 
view of some of the parameters, 
this is approximately the same 
figure predicted for the UK as 


a whole by the London Busi- 
ness School. 

The Institute believes that 
unemployment could go on 
dropping until next March. 
What happens to the figures 
after that time will depend not 
only on the path of the economy, 
but also on the number of 
school leavers. Over tbe next five 
years there is likely to be a 
growth in the number of school 
leavers, reflecting the high birth 
rates of 15-20 years ago. 

The Institute’s relatively 
optimistic outlook is unusual. 
Last year its forecasts were 
marked by pessimism. But It 
should be pointed out that the 
new, brighter new is not 
universally shared. The latest 
CBT trends survey for Scotland 
showed that although there was 
a significant fall in tbe number 
of firms working below full 
capacity (from 64 to 56 per 
cent), employers did not expect 
any increase in manufacturing 
employment. Some S3 per cent 
of respondents said they 
bad adequate capacity to meet 
expected demand and a further 
three per cent said that 
although their capacity was in- 
adequate, they did not intend 
to increase it. 

Confidence about future in- 
vestment slumped back to its 
Jow level at the beginning of 
the year and can be expected to 
have fallen further in response 
to the latest increase in interest 
rates. 


Orkxity islands !^V ( 



A t i : a-. c 

y.O'aeix^ 

—T *■ ■■axtjfW" - 




1 

^ '"ej- ; 


Livingstone Street, Clydebank 

Industrial complex of approximately 200.000sq.ft. 
with craneage on 11 acre site accessible to 
Glasgow City Centre and Glasgow Airport. 

For sale. 

Albion Trading Estate, South 
Street, Glasgow 

Newly completed estate with units from 
5,40Qsq.TL to 22,750sq.ft available for immediate 
occupation. To let 

Woodvilie Street, Glasgow 

Industrial complex of 56.400sq.ft. approximately 
with excellent craneage dose to M8 motorway 
and Glasgow City Centre. For sale. 

Scotland Street Trading 
Estate, Glasgow 

New units under construction from 1 , 600sq.fi. to 
31.00Qsq.fL ready for occupation summer 1929. 
To let 

Possifpark Industrial Estate, 
Glasgow 

Last two remaining units of 4.500sq.fL and 
S^OOsq.fL on established estate. To let Further 
- prats constructed to clients requirements. 

Hawthorn Street, Possilparic 

Modem warehouse/showroom complex of 
70\000sq.fL approximately suitable for sub- 
division with adequate yard facilities. For sale or \ 
to let 

Tradeston Industrial Estate, 
West Street, Glasgow 

"Last remaining units of I0.125sq.ft. or 

20.250sq.fL on this successful city centre estate. 
To let. 

St Andrews Industrial Estate,. 
Pollokshaws Road, Glasgow 

New warehouse units from S.OOOsq.fL upwards 
Hath occupation tale 1979. To let. Total 


firman 


TO 






A80 



ifSKH 






Livingstone Street 
Clydebank 


A82 


! Albion Trading Estate, 

‘ Sooth Street , 


Possilpark j 
Industrial Estate I 

Hawthorn Street ! 






.Erskine 
L Bridge 


Glasgow 


. V oiasgcn 
> 7 * Airport 


.GLASGOW/ 



M73 


1009 Gallowgate 


I East Mains Industrial 
| Estate, Broxburn 


Woodvilie Street 




Airport 


High Street, 
Shotts 


Scotland Street 
Trading Estate 


.Templeton Street I 1 Righead industrial 

1 1 I Estate, Bellshill 

w- 


Templeton Street, Glasgow 

Industrial complex extending to 390,000sq.ft 
approximately including offices and production 
space. For sale. 

East Kilbride 

Modem light industrialAva rehouse units from 
I.OOOsq.ft. upwards. To tel/for sate. In highly 
successful new town. 

Righead Industrial Estate, 
Bellshill 

New warehouse units adjoining motorway 
network from 1 S.OOOsq.fL ready for occupation 
end of 1979. To let 

High Street, Shotts , 

Modem warehouse buildings from 10.0O0sq.fL 1 
to 30,000sq.ft. close to M8 motorway. To let i 

East Mains Industrial Estate, 
Broxburn 

Phase IV of this established estate ready for 
occupation summer 1 979 in units from 
4,000sq.ft. dose to MB/M9 interchange. To let 


Investment 

Our investment department wish to acquire 
prime commercial and industrial properties 
for retained clients. 


EDINBURGH , 


East Kilbride 


Tradeston Industrial! I st Andrews 
Estate, West Street I I industrial Estate 


1009 Gallowgate, Glasgow 

Siowroom and workshop complex of _ 
95,500sq ft. with main road frontage. For saie. 


Map not to scale 



M74 


We also have available various office suites 
throughout Scotland 

Shops 

Prime shop units throughout Scotland 
required for retained clients 


Richard Ellis, Chartered Surveyors 

75 Hope Street, Glasgow 62 6AJ 
Telephone: 041-204 1931 
Telex; 778647 

London, Manchester, BcJg'uri. Franca. Hofiand. Spain. 

South AInca, Australia. USA, Canada. Singapore. Hong tong. 









13 


rmancieu » uu«a 



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i;~?5?% 5 *tS£ :V‘ ‘"r " ; .i *i. 
3^te§=|g^:; i ■ .-£* f ; ' ' 

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/p4!f &=$■ \ ?*°\ : <izX ryti S v 
?> j /HS ii £■*£ •» ^<7,1-1 • ,-*•. 

’cy.tf taAi >r iu U v - ui 


The b3nk that's nea r est tcvci 
and your nsads. . 

Head Office: 

3C St. Vincent Place 
Glasgow G1 2HL 



“There was never any question 
of us opening anywhere else in I 

. ' It had to he Scotland.' 



55 


A J tint Tiirwjiin, (,'/i,:;n/:.??;. Tiw Amvjys Group. 

“We chose Prestwick for our flew Aircraft Engine Overhaul and Test Plant 
• because it provides all the facilities needed for cost effective operation. With the 
area s history of aviation work, there's a ready pool of labour capable of tackling 
such specialist engineering. 

S.DA involvement enabled us to embark on this exciting development and 
afforded The Caledonian .Airways Group, parent company of B.Cai., the 
opportunity to help support the Scottish economy." 

The Caledonian Airways Group and the Scottish Development Agency are off to a flying start at Prestwick. 

With construction already underway on the new £1 0 million plant, indications are that this latest development 
Vvill create a substantial number of high technology jobs by the end of the '80s. 

And it s just one illustration of how the SDA can advise and invest in the expansion of industry where 
growth potential exists.- 

Formed to promote industrial and economic growth throughout 
Scotland, the SDA have the resources to back words with action. Through 
financial incentives as well as sites and factory accommodation, helping 
companies expand and spread their wings. _ w 

To find out more, contact James Gorie, the SDA's Director, Scottish Development Agency 
Promotion and Information. 120 Bothwall Street. Glasgow C2 7JP 

Tel: 041 -248 2700 Telex 777600 

THE SIGH OF SCOTLAND'S INDUSTRIAL GROWTH. 




SCOTLAND n 




warms 



FOR A SCOT to admit that he 
will be glad to see the arrival 
of Sl David’s Day is unusual, 
especially as the admission 
comes just a few days, ber ire 
his own patronal festival of St. 
Andrews. But the Welsh festi- 
val coincides next year with 
voting day oo devolution and 
the whole business community 
in Scotland will be enormously 
relieved to have got through 
the weeks between now and 
March 1. . 

The majority of industrialists 
have little sympathy fir the 
principle of a devolved Scotland. 
Anything that even hints at an- 
other layer of bureaui_-acy is 
widely opposed and r here is a 
general feeling that a Scottish 
assembly would lead to even 
more diffusion in the decision- 
making process. This consider- 
able weight of opposition might 
be concentrated in Glasgow and 
the industrial heartlands cf 
Scotland around the Clyde bur 
it is almost as universally foil 
along the <?3?t c^crl and among 
those in the Highlands. 

This feeling is held despite 
♦he fact that business will not 
be directly affected by any 
Scottish assembly. Economic. 
Trade and industrial questions 
will continue to reside with the 
control government at West- 
minster and therefore be dealt 
with, ss far as Scotland is con- 
cerned. by the Scottish 
Economic Planning DepamutnL 
The Scottish Development 
Agency wili certainly become 
an arm of any assembly but that 
might be considered a stabilis- 
ing factor. Industry and com- 
merce now know how. and in 
what fa.-hion. the SDA works 
and there is considerable re- 
spect among business for the 
way it has gone -jbuu: its opera- 
rwr.s. So this could he said to 
be a stabilising factor. 

Uncertainty 

Industry, however, does nor 
quite see i* that way. To begin 
with, it feels that the 1C weeks 
her* ten now and March 1 will 
be a period -of considerable un- 
certainty. Although the Fraser 
of Aliender Institute has shown 
that the Scottish economy is 
growing at a faster rate Than 
.*>: any time sines 1S73 the Scot- 
tish council of the Confedera- 
tion of Erifiih Industry takes u 
less optimistic line. 

It believes that investment 
intentions have dropped back 
after a summer surge, that early 
summer optimism about export 
prospect? tas had the edge 
taken off that there has been 
s In?? of price competitiveness 
*ng the strength of 
sterling and -hat there is little 
likelihood of any increase in 
m a au facturing employment. 

The Fraser of A1 lender 
report U not thought to be 
wrong about where the economy 
is going so much as misguided 
at the speed with which" it is 
going forward, according to the 
CRT. Uncertainty is ihe key 
word among its members. 


Devolution adds another offices in Scotland in order ta problems to be ^erewne .then 
dimension to that uncertainty, keep themselves informed on these art: a continuing-reflection 
And it is not just a matter of the spot of developments in the of the way m which Qte'fntfus- 
wbether Scotland will vote-yes economy. This group has been, trial base still reflects- so- much 
or No for an assembly but- joined only recently by a Swiss - of a pasL that has disappeared, 
whether any Yes vote will get bank and "there is no sign that .Scotland, casts, envious eyps at 
over the 40 per cent hurdle this source of interest will dry the way in -which .Wales ^ has 

imposed by Parliament up. maaagedvto attract. the ..hoik of 

Industry can do its sums as ' The overwhelming considera- the -inward flow of .Japanese 

well as anyone. On the tion in opposition to - an investment • and . WOlfld 

assembly remains that it would -share* Utile of that.gravy>: The 

produce aii extra layer 0 f decision of Hitachi to go' fo the 

government and therefore before 

Yes impose extra costs, many if not rt ,* ™ a. .forced - ta ..withdraw 

of the most of which would have to be ’ a »ngemfr was.-a * serious dis- 

poll twhich w'onld be a very borne by industry, 
good result: in the Common 
Market referendum such a 
result was commonly seen as a 

sweeping victory) then the 

assembly would get through - by 

just 4 per cent i& feared there will be more n 0 fb^ ^ e nt^ 'aiiri-&ivcL'e(Sn- 

Supposmg only 59 per cent of regulations, more delays, more hibuted -substantial^ : to - the 
those voting were in favour of .consultations, more intervention country's national income.- $fie 
devolution (such a figure would in business affairs. Whether trouble :is that it -tak& sj&rd 

still be considered in most these fear? prove eventually to newcomers to- equal- the closure 

elections a very good result), be groundless or -well sub- G f one .. oli-feshioiied<' T -i9tfa 


evidence of previous elections a 
two-thirds poll would be 
considered good in Scotland: 
and if those voting 
accounted for two-thirds 


appointment. 

^ In i^cbtt^ietosatfpn, -Scotland 


atirf™ has managed -ta.: attract- more 
admitted, in its VVhite .P^er an Vvcstment than.any 

devolution, tnat more avil ser- ronJ p arab!e ^Tt of. assisted 
wants will be needed but .anti- Britain. These nerwcomers^have 
pathy goes further tban-_this. lt been> ^ ; main. Itfifrj&h. 



V K UJ.UV. * uu\#ua 0VII.H aa 

these which worry industrialists Dnmilnr 
cow. And they fear that these A 


would only ha’re been backed organic no ns such as the CBI - ;-rhe .. Sdp'ttish --- - CUEUUIn 
by 39 per cent of the electorate. an d the chambers of commerce. {Development. and.^ Jhdiisfrsh 
It is cons.derat.ons such ss and sottish Oeyelepment 

.\gency are only, too wehsflware 

. - of .this and, art* making, great 

uncertain ties will continue right - Another tangible fear is that efforts: almigwithotheTsttctsell. 
through until election day. - much of the progress Scotland Scotland -as, a '"for- new 
These are not the only has made over the past two -nr American ehterprise. There-'ai'A 
worries. Industry Is also con-. three decades will be dissipated good grounds for baHevi nj f -that 
cernsd iha: any Scottish as a result of the coming into part ' of the (level o pme qf of" the . 
assembly would be dominated being of an assembly. . micro-chip industry ■ wiU gdvto 

Hr the Labour Party. Some Scotland has benefired enor- Scotland: : SuL attracting -aiew 
think the party could account mously from the building-up of industry in is- a neyer-endialF 
for ai many as three-quarters -of the Scottish Office and the en- busiifess' and will eo'nt'itjue -to 
tiie seals: others that a Labour hanced role played within the play a major pairt m the lives 
msiority win be a perpetual cabinet by successive secre- of ^a. lot of pteople- - 
feanire and even !f industrial taries or state. Not .without t There : is one rider, -to be 
merters are not part of the justification it is felt that Scot- added to :the general. Cassandra- 
assembly’s initial remit because land has done extremely, well like /attitude towards' devolo- 
o? the close links between an from national policies, certainly, tion. and /this-- rider.-Zmighf; Jw. 
a?scmbly-ann a Labour Govern- rather better than the nortb important in softenine the 
mer.x in Whitehall there will _of England, for instance. The sition of .some, people before 
Inevitably be a eventually a Scottish Office is -generally puffin®- day.. Ifc .m'.ihe, .xea&so- 
transfor of such powers to popular within business, even if tion, /that* Scotland Is ’being 
E.-Unburgh. there are some very vocal conj- offered something ' by_ West- 

. They believe that pressure compleints. and with both Jhe minster- and that no .offer . as 
frr*m the Scottish National Party Scottish Economic Planning- substantial- as .-devolutfaMT' ^ ought 
will k<»ep up this momentum and Department and the Scottish.' to be -turned down’ out ’of haad 
therefore do not see an easy Industrial Advisory Board without . considerable-, thought 
future for the Scottish economy, strongly represented in .Glasgow being: given tadt- A ;- ' • 

So is easr to see why many the industrial sector of the Tt is tod soon tij say whether 
r.f them nrefer.to take a chance economy feels that it has re- ( this might Influence-more thad 
on the pendulum bringing .back ceived a very- fair shard ^ handful of' ^ votes. But it might 
s Conservative government at government attention. -A: - "• ••*• **' **'•’ 

Westminster or .the backs of the k- there are still enormous . ' - AntuOflJ fVloreiOB 

vote of the English shires H^hcr w-' ' " 11 - , ' 1 ' 1 

Than wa’t for thp oossihrSi*^ of 
a - Conservative - controlled Scot- 
tish assembly. 


Altitudes 


The mild flirtation that many- 
businessmen appeared to have 
with the SNP a couple of years 
ago aiso appears to have petered 
oiiu As the SN'P has slipped in 
the opinion noils so attitudes 
towards it from the boardroom 
have hardened. 

This does not mean that busi 
ness is any less keen on estab 
lishing a presence in Scotland 
One Df the features of the p3st 
half a dozen years has been 
the wav in w-hich the bigger 
industrial concerns and banks 
have opened representative 



THE CLAIM that Scotland con- trical— as one registering the 
sistenth outperforms the rest most impressive increase: 167 
of the UK in manufactured per cent in four years, or about 
exports has recently been con- 50 per cent above the overall 
firmed in a survey carried out average. In percentage of out- 
by the Scottish Council put exported whisky and other 
» Development and Industry). drinks (75 per cent) still head 
The council has been regu- the table: but last year this 
larly monitoring Scottish group represented only 14 per 
exports since the 1960s. Its cent of total Scottish exports 
latest up-date, published lavt compared with over 25 per cent 
month, indicates that Scottish four years before, 
exports rose 24 per cent in Another striking change tak- 

volume between 1974-77 com- in? place over the period had 
pared with an only 34 per cent been in the destinations of Scot- 
increase in the UK as a whole, tish exports. Previous surveys 
As for its share of UK manu- had shown - that, with its large 
factured exports, Scotland, with whisky exports. Scotland had 
a population of P.3 per cent of been less EEC-orientated than 
the UK. had the following per^ the UK as a whole, 
centage over the same period: 

1974 10.4 

1975 11.3 „ . . 

1976 12.3 However, last year the EEC 

1977 11.5 took 35 flttich as 38.2 per cent of 

_ . " Scottish exports (compared with 

In money terms, the council only 30.1 per cent in 1974), with 

estimates an increase in the j.g g per cent g 0 j n g to the U.S. 
value of Scottish exports from (ig_7 pe r ccn t j n jg74) a nfl 17 
£ 1.664m in 1974 to £3.o6Sm last p er cent t0 tlie sterling Area 
year, a rise of m-por cent in (20 5 per cenl in 1974)> . ^ 

four years. It adds the proviso eluding whisky, the proportion 
that possible sampling errors Q f exports going to the EEC was 
might suggest a range 41.4 per cent last year, with the I 
increases of between 102 and us taking onIv 10 3 per wnt | 
121 per cent Nevertheless, says (about the same as EFTAY and 
the report, this should not tht? sterling Area 1S.4 per’ cent 
invalidate the general observa- The e ^, ort performance of 
tion that Scottish manufactured Scottish industry has a great 
experts grew more and that g ea ] to do with its structure and 
Scottish production is more ownership. The bulk of whisky 
export-orientated than the UK produced in Scotland (compris- 
as a whole. fnsr virtually all whisky pro- 

Re vi owing The performance d 11 red in the UK) is being 
of individual Industries, the traditionally consumed abroad 
report points to engineering — which automatically lifts the 
mechanical, instrument, elec- export figures. As indicated 

CONTINUED ON NEXT PAGE 



We'rsfiie 
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MOWE- UP 

J. H. Camithers & Cbmp^ildj":^^- - ’ 

Peel Park Place.ColtegeWlilton-, EAST I 



.!■! FRtE^p 


TIMppiiSlRlSERVieE 

• DESIGN '- • EHEC TlOM OF 

• FABRICATION. ; " STRUCTURAL -STEEL 

• SHOTBCASTING - . FRAMED BUILDINGS 

^^boj^^uchtermichty;: 

•■fFefephobfe^ijOTfefitiuc'frtv- 


f 







■r-w- 


. . -i 


Financial ■ Times Monday November 27 1978 


SCOTLAND HI 



sector 



TriE MOST conspicuous change rent* advances.- and deposits nationalisation” of Scottish operating in Scotland claim that 
in the Scottish banking scene rasp, by 41 per cent and 3« per banks is the establishment of their operations are worth- 
this decade is the exient to cent respectively in that year, overseas branches. Both the while. The Big Four London 
which it has "gone inter- In the case of the Battle of Scot- Royal Bank and the Bank qf clearers. now firmlv established. 
natlonaL” . The influx of land., foreign business now Scotland are now represented as well as the large London- 
branches juid representative amounts to almost a quarter of m Hon?- Kong, with an eye to based merchant banks point to 
ofllces by foreign banks has the total and. according in the promising Far East bnsi- the obvious advantages in the 
been - paralleled by major in- C.recnwetl’s 'circular in July. ness, including 'China. The size end scope of international 
creases in the foreign business 197S. only 42 . per cent of the Royal Bank intends to upgrade networks and expertise as 
of domestic banks and the rising group profit originates front its office to full branch status giving them an edge over Seat- 
number of tranche* and repre- domestic banking. next year, tbh competitors. For example. 

• .soqtative^ - offices being estab- j n ^ erms Q f profits growth ihv All three clearer* as well as Hill Samuel claims a deposit 

lished overseas- Clydesdale Bank, a wholly the James Finlay Corporation, lending and acceptance base in 

This expansion in the domes- owned subsidiary of Midland, a Glasgow merchant bank of Scotland which certainly corn- 
lie banks' foreign business out-performed its two larger recent vintage, are represented pares, with those or the 
(partly fuelled " by the invest- Scottish rivals with a 30 per cent in the "oil capital ’’ of Houston, domestic merchant banks, 
merit and service requirements rise in L977 pre-tax profits. It The Royal Bank and the Bank Ringer and Friodlandcr's 
. o£ North Sea oil and gas devel- should be noted, however, that *>J Scotland have offices in New Glasgow-based Clyde Petroleum 
opmenis) has done a good deal wilh their financial year cover- Vork. while the -Royal Bank trust largely finances its North 
Dporfe than' boost their assets. It »ng different periods, compan- Plans to upgrade its Sao Sea exploration activities out of 
•has helped them, as lias the son* should be treated wnh Francisco office to an agency income frnra Angln-Eritadnrian 

North Sea spin-off. to weather caution. On the other hand, early next year. Oilfields which it acquired in 

. practica fly unscathed the col- ..L-^Uale. wiui its relatively The invasion of Scotland bv February. 1976. 

lapse of the property market .smaller foreign currency port- English and Foreign banks, a 
' and the subsequent economic foljo owing to the Midland link, significant feature of this Tntprpct 
stagnation. i Two exceptions *»* of a buffer in hard decade, has abated somewhat 

were Edward Bates, baled out bates. but not the competition fur While the influx of English 

by The Bank of England and the . what appears to be limited busi- and foreign banks into Scotland 

British Bank of Commerce. jL/6DOSIiS ness. (The latier has caused has now slowed down, interest 

taken over by Grind lays.) It “ _ leading Scottish hankers, in- in the country has not. The lake- 

has helped to counter growing The latest (August 1978 j eluding Mr. Andrew Russell of over within the past year of two 
competition from English and return hy the Committee nf the Bank of Scotland and Mr. of Scotland's leading investment 
foreign banka. More recently, Scottish Clearing Bankers Indi- Alexander' Afacmillan of Clydes- trusts, the British Investment 
it has been instrumental in par- cates that the three Scottish dale, to wonder if Scotland has Trust and Edinburgh and 
•tially . propping up profits clearers combined had total ton many banks for all of them Dundee, by the National Coal 
squeezed by the “ corset.” the f°r pi Sn currency deposits of tn operate profitably). So Sent- Board and British Rail pension 
narrowing 'interest margins. <nui of Jotal deposits tish merchant banks and funds respectively — both bjd-j 

one or two bad debts and rising °f W.SSbni. £J 52.5m up on finance houses have increas- hotty but unsuccessfully c-on- 
costs. August 1977 and no less than ingly been looking elsewhere, tested— delivered, in the words 

Underlining it all was the 40 !,me s the 1971 figure. Over- mainly io the south, for addi- of Mr. G. A. Stout, deputy chair- 
Bank of Scotland’s half-yearly 5eas J*esi dents provided £3 17.8m, tinnal business. man Tor Scotland of the Assoc i- 

report for the period ending ° r 37 per t-eDt totaI currency ^oble Grossart’s investment alion of Investment Trust Com- 
A^ust 31. 1978. which— un- «posiu. subsidiary, for instance, has P anies - an "immediate blow to 

characteristically for recent Currency market loans and joined with the Charterhouse morale.” Mr. Stout went on to 
years— showed a slight drop in advances, at £867.7m. were up group to invest £700,000 in W that *Hw potential ern.-ion 
pre-tax profits. Had it not been by about the same amount on Gulliver Foods, a new venture and even dia^Iutian of experi- 
for its highly profitable subsi- the previous August. Overseas by ihe former chief executive e nced financial teams which 
lifnries. the finance company resident?' currency advances of Fine Fare. British Linen, further bids would cause arc 
North-West Securities and the took up £249.1m of the currency the recently re-Iormed Bank or n ° l developments which should 
merchant bank British Linen total of £554.1ra, or over 18 per Scotland finance company, is be lightly dismissed. ' 

(which contributed around 40 cent of total advances. Currency § n looking south for partlci- Pension funds are of coursr 
..per" cent of the bank's pre-tax loans and advances have grown potions by its investment subsi- the largest single group of 
profits in the year 1977-78) as over 30 limes since 1971;- diary. Melville Street Invest- equity holders in the UK. with 
well as the growth of its inter- The rapid expansion of ments, which has just trebled combined funds bigger than tne 
national business, the Bank of foreign business is partly due its share capital to £3.3m. The Government’s total annual in- 
Rcotland report would have to the clearers’ increasing -lames Finlay Corporation has come from all sources. They are 
presented a sorry picture in- participation in syndicated re-launched fonr unit trusts its formidable but not always 
deed. (mainly Eurocurrency) trims- Parent. James Finlay and Co., adventi «**»••«! fact 

the same applies to a lesser actions', much of which used to had bought from Charterhouse , * n cited as one or the imr 

evtent to the Royal Bank, whose he (but is no longer) North -laphet and is planning three reasons for the aliened shortage 

40 per cent share in the finance Sea-orientated. At present, for further unit tnirts as "a rhon of r,e k cnmtal. particularly for 

company Lloyds and Scottish instance, only about a quarter window” to its banking activi- sms' lor companies. It is this 

contributed around 16 per cent of the Bank of Scotland's cur- lies. breach into which fh** Scottish 

of the latest 1976-77, pre-tax rency loans are oil-related. James Finlay also made news D '’ v “ ,opTT1pn . t 

profits, and whose foreign cur- Another aspect of the “ inter- iwlicr this year by arranging m J 1 . s . n far lnra ‘l ,na 

(with British Linen) the sale 
nf the North Sen service com- I"" 11 * a "l 
nnny Scaforth Maritime to the Bn«m ir« " ant to sten. nrien 
narent company and the eon- ,n -"h the- hanks 

rtnictnrs Tay^r Wondmw in an 
CRm d*»al. These moves mav 
beln to retrieve the hank's 1977 
loss of £328.000 < pre-fax), its 
Srrt since it started up in 1974. 

Overbanking nr not. most of 
the Englisb and foreign hanks 


: *>'• Uj ; 


\ ■ 




Look Of our site af Portieifign, Aberdeen. 
Look ed our sifeot Dry&wgh, Dundee. 
Look at our siteoMSonKSefieid, Dundee. 
Look at qur site ar Xkvoss. 

On all these sites Bettcan offer you 
advance units f^ pwpose builtmits 
to suit your exact reqiiremenfs. 



Sea devel®P»«*s 

SBraEKS "" 0 . 

Or**”* 0B-x>rt ?^l^ o,ton<1 • 

U- Ml-9523030 TWm:77*3W 


One cij«n»rtq that if ther*» fa a 

Hearth invention innnva 

t»nn nonH the Stflt »r. tn»f»v 
fl»n m!»v net Wf* l»'*1c 

rts«- •— nitsj] — it cnulfi well lip 
elsewhere. 

Andrew Hargrave 


Exporting 


CONTINUED FROM PREVIOUS PAGE 


"artier, however, other manu- 
facturers. especially the en- 
gineering industries, have come 
to the fore-in recent years. This, 
in turn, reflects the nature of 
the companies that have played 
^ major role in the diversifica- 
ion of Scottish industry since 
World War TVo. 

The ownership of Scottish 
Manufacturing industry is also 

being monitored by the Scottish 
Council. It has a. substantial 
U.S. ingredient which now em- 
ploys around 100.000 people. 
The labour force has not 
changed much since 1973. the 
rear of the first published 
•nalysis-^40 per cent . Scottish. 
0 per cent rest of UK and 20 
oer cent foreign (including: 
■early- -16 per cent U-S-)— blit 
ther surveys by the council 
>ave pinpointed the much 
tigher export content within 
he output of non-Scottish com- 
panies. 


Output 


For example, the Scottish 
Input-Output tables referring to 
ihe 1973 list electrical machi- 
nery, computers and- electronics, 
construction equipment, .ship- 
building. industrial engines- and 
spinning and weaving as those 
exporting the largest proportion 
of their -output — after whisky, 
of course. The export shares in 
these industries range from 59 
per cent' to 40.9 per cent In 
value terms, computers and 
electronics, with 8.9 jper cent of 
all Scottish exports (second 
only to whisky) and with 55.4 
per cent of their total output 
exported stand out as high-value 
low-volume products ideal for 
export. 

It is a sector dominated by 
the U.S. majors such as IBM, 
Burroughs; Honeywell. NCR. 
Hewlett-Packard and, more 
recently also General Instru- 
ments. National Semiconductors 
and Digital Equipment. Yet 
another survey by the rouncil. 
also published in 1973. had 
indicated that U.S. manufac- 
turers in Scotland exported 43 
per cent of their output .and 
their exports comprised .31 per 
cent of the Scottish total, or 
about double the Scottish 
average per employee. 

Companies with head dffices. 
elsewhere in the UK have also 
done better than average as Hie 
high export ratios from elec- 
trical machinery and office 


equipment (which they share 
with the U.S.) and construction 
equipment industries indicate. 
The industrial engines sector 
refler+s the export successes of 
romp.-TVfis like John Brown 
Engineering, a member of the 
John Brown Group (which 
recently captured a sizeable 
Russian contract) but also 
Scottish-based ones like the 
Weir group. 

The survival of the shipbuild- 
ing industry has always 
depended — and still depend! 
on selling its products abroad. 
It had been,, until nationalisa- 
tion. a largely Scottish-based in- 
dustry although even there the 
arrival of Marathon has injected 
a U.S. flavour. A further up- 
dating of export surveys would 
no doubt show a continuing 
high export content, thanks to 
the Polish order for bulk 
carriers; the major part of 
which is being built in Scotland, 
in the main by Govan Ship- 
builders, in Glasgow. 

Textiles are traditional export 
earners; but here, too, more 
than one-third of the .total 
labour force is now employed 
by rest-of-UK and U.S. com- 
panies. Finally, chemicals and 
pharmaceuticals, a little lower 
on .the list, but still significant 
export earners, are dominated 
by major UK companies, such 
as ICf and Beechams, though it 
is worth noting that Roche Pro 
ducts, the Swiss concern which 
recently announced a major ex 
pansion programme in Ayrshire, 
exports about 90' per cent of its 
Output. 

One finding of the exports 
survey which presents an 
obvious problem to Scottish 
ports is the declining propor- 
tion of trade handled by them. 

Not so long ago well over half 
of all Scottish shipments by sea 
used Scottish ports, It was still 
approaching half the total last 
year. l?9t only if oil. a steeply 
rising item in view of the North 
Sea developments, were in- 
cluded. Without oil. the pro- 
portion of trade, handled by 
Scottish, ports was less than one- 
third of the total: indeed in 
1976. the proportion was only 
between 28 and 29 per cent. 

On the other hand, the bulk 
of air- freights are handled by 
Scottish airports, their share of 
all air freights being in excess 
of 85 per cent last year. 

Andrew Hargrave 


^V.V.VAV.%V.V#V.V#ViV 



19 




• * 
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BNP Limited is an international commercial bank.. 
As a member of the BNP Group, one of the world's 
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Our office in Edinburgh will 
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If you’re starting to thi n k export, you’re starting 
to ask questions. 

Overseas contacts? licensing and 
trade restrictions? Tariffs? Shipping Documents? 
Insurance? Payment in currency or sterling 1 ? 

A lot to find out. Bank of Scotland, with its 
specialist knowledge of international trade, can guide 
you to most of ^ the answers. 

Simply talk it over with your local Bank qf Scotland 
Manager who will gladly put you in touch. 

In no time, the only thing c limbing the wall will 
be your export graph. 






20 


*^S=3 "a. FJFSSK& /B g 

K Sfc. W^f 


ij La a^aa 





#7 \ 

^4/ 


r*M 


C 1 

vl 


<s i «# 
ISSfSU 

Si ! i = i^ 


For nearly a century Honeywell 

technologyhas created new and exdting 

perspectives for science, industiv and 

commerce. 

The continuing need for constructive 
use of our resources and for environmental 
control has led to the creation of constantly 
improving working and living standards. 

Honeywell research has produced 
dramatic technological ad vances-from 
space exploration to the conservation of 
precious energy - and the development of 
new sources. 

This year Hone well celebrates thirty 
years of manufacturing and engineering in 
Scotland, where specialist workforces are 
creating new products and equipment to 
meet the challenge of our future 
technological needs. 



Ho-ssywcil Inform .ilion Systems Lid., Si Andrew House, 1-Ii West Nils SirseUGbsco'.v G1 2SL.041-53] 1841. 














Mb 1 fit ^ 


T'gmk 


A number of existing and newly 
released industrial sites are 
immediately available in one of ■ 
Scotland 's great growth areas — 
Dunfermline District. 

Advice and assistance is available in the 
preparation of planning applications, 
financial assistance for grant 
applications, and legal guidance to 
incoming investors. 

Provision is made for key worker 
housing for expanding and incoming 
industry. 

Development Area status ensures 
appropriate incentives and close _ 
contact is maintained with Scottish 
Development Agency to create best 
package deals. 

A counselling service is offered 
consisting of a team of senior planning, 
finance, and legal officers to advise on , 
most aspects of business growth and . 
development. 




•w 







*3. 


Further i ntimati on from; 
M &rephenLDip.m 

Director of Planning, 

Dunfermline District Council 

3 New Row. Dunfermline. 

Tefephon&Dunfennline 36321 


SCOTLAND 


Financial Times Monday rtcvempef '■** 



DESPITE THE reluctance o£ 
one or two of the world's largest 
oil companies to bid for more 
than limited concessions in the 
Sixth Round of UK offshore 
licensing, the Government has 
expressed itself well satisfied 
with the general response. 

A new exploration area will be 
opened up to the north-west of 
the Shetland Islands and it 
j appears that it is this acreage, 
’along with the well-proven oil 
province of the central North 
Sea, that have been chiefly res- 
ponsible for holding the oil 
companies’ interest 

Another exploration province 
will also be opened up by the 
Sixth Round in the South 
Western Approaches with blocks 
on offer up to 200 miles to the 
south-west of Cornwall. The 
Department of Energy has re- 
ceived applications for all 15 
blocks in this area, but it will 
need the encouragement of the 

first discovery of hydrocarbons 
in the region before the oil 
industry would be ready to move 
the main focus of its explora- 
tion interests away from Scot- 
tish Maters. In the concessions 
to the north-west of the Shetland 
Islands companies Mill be drill- 
ing in some of the deepest 
Mater yet tackled on the UK 
Continental Shelf. 

The problems these depths 
tvould present to the eventual 
development of any finds, will 
mean that discoveries will have 
to be of a substantial size to 
prove commercial. 

This is the difficulty presently 
confronting British Petroleum 
and its partners on block 206/S 
to the west of the Shetlands. 
BP is presently drilling its 
second appraisal M-ell on a struc- 
ture which could have large 
hydrocarbon reserves in place, 
but which appears to be shal- 
low and spread over a wide 
area. The first well on the 
block, drilled last year, flowed 
2,920 barrels of oil a day 


through two test intervals. The 
second well prematurely raised 
high hopes that a major find 
bad been made in a now oil 
province, but the euphnria was 
deflated, when the results were 
made known. 

BP said the well had found 
oil, but not in commercial quan- 
tities. The well, 206/8-2, cer- 
tainly confirmed the existence 
of a broad deposit of hydrocar- 
bons in the area, but it raised 
doubts about whether oil or gas 
would be discovered in commer- 
cial quantities. 

Tests on the well also showed 
the existence of a small gas 
accumulation at the top of the 
reservoir. The oil was produced 
from four tests at deeper inter- 
vals, but the crude was heavier 
than most of the finds in the 
North Sea. with a gravity of 22 
to 25 API. Nonetheless the find 
appears to have provided the 
necessary stimulus to attract oil 
companies to the 13 blocks on 
offer to the north of 206/8. More 
than 25 wells have been drilled 
in the area since Esso sunk the 
first well in 1972, but the real 
interest has only been aroused 
following work carried out by 
Elf, Esso and BP last year. 


Promising 


Two of the leading North Sea 
operators. Shell and Conoco, 
have tightly limited their 
applications for new acreage in 
the Sixth Round because of dis- 
satisfaction with the Govern- 
ment's tougher policy towards 
offshore oil development. But 
both companies have sriij been 
persuaded to make applications 
for concessions in this promis- 
ing area to the north-vest of the 
Shetland Islands, despite their 
misgivings. 

The rate of exploration work 
has fallen sharply this year 
with less than 40 Mildest wells 
drilled in 1978 compared with 
58 last year, 51 in 2976 and 75 


in the peak year of 1975. The 
oil companies have warned ia 
a recent report that the level 
of offshore exploration work 
will have to be Increased sub- 
stantially over the next 10 years 
i i the UK is to maintain near 
self-sufficiency in crude oil pro- 
duction in the late 1980s and . 
through the 1990s. 

But these disagreements: 
between the Government -and 
the oii industry over tax 
changes and the tougher license 
lug conditions have tended to 
overshadow the massive 
development effort that -has* 
been mounted this year off the 
coast of Scotland to- bring a 
number of new fields into 
production. 

Much .of the work that has. 
been carried on has become 
almost routine; .the lifting iff 
heavy units of complex equips 
meat on to the massive concrete 
and steel platforms; the hook- 
up of these modules and the 
laying and connecting of 
smaller pipelines in fields along 
with maintenance and inspec- 
tion tasks and emergency 
repairs. But the weather has 
been difficult for much of the 
summer and several storms 
have interrupted the big lifts 
and same of the pipeline work. 

A lot - of attention has 
centred on the £800m oil' ter-, 
minal that is under construction, 
at .Sullom Voe in the Shetland 
Islands, which is destined " to 
become the largest crude off 
terminal of its kind in Europe 
handling more than half of the 
UK's total crude requirements: 
in the early 1980s. Construction 
of this terminal is badly behind 
schedule, but a crash programme 
of work during the summer has 
made sure that the terminal is 
now ready to accept its first 
crude from the Heather and ' 
Dunlin Fields. 

By the end of this week nil 
should be arriving along both 
the pipelines to Sullonr Voe 
connecting into the system troth 


the Brent area and Ninian area quick - time - of 28 days, ■ azr 
fields. achievement that has almost 

During the summer work on been taken for granted amid the 
Union Oil's Heather Field has accepted hectic' pgee of . North 
progressed smoothly allowing Sea development . The. repair 
the field to begin, production- involved the cn’ttini/oat and 
recently, with oil flowing via the replacing ef_a T^feet 'section 
Ninian Central platform into the of 36 inch pipeiine:m-429 --fleet 
Ninian pipeline. Two produc-: of 'water. A recently developed 
tioh wells have been completed,, technique of underwater:-?? dry 
a damaged jacket leg has been welding," w2s used, the :epera- 
rep aired and the modules. have tion.,. being serviced the 
been hooked-up this year. The 'semi-submersible r diving: ■ sup- 
Heatfaer Field- was ready to -port vessel^ .-Untie', John, f: 


pump oil along : a : ibe.&at&t&fcsao 

to the Nmian Central ptaffonn, ^ Wallwf twn VtoTr iniDj. 


io ine installed ' two key'jdat- 

befo " ? forms, biggest Brtnt FleTd 

operator, could hantffe . sl A Brent X.. ond: Cor- 

tW ? , ' e r k SEJSr swrahr A which will net aethe 

work slipped back a Wtie on the ^ : Dumping' -and, bft«ter 

suhoa fot^l Brent 


n ~ SULUVU ILtti .VUOi j3JSieUI 


Chemical projects 


SSiTSnSn 7ta> iTtoifiS tteiater^jcttepipeJines is 

tom the Ninian FMd JtseU 

the end y • ' carried ;oirf*amuitan8ou^:^ on 

Chevron has faced a aeries -of all jtix-iplatf arms; in; the Brent 
complex tasks tbis year indud- ' area. To.snppprt the.woi^orce 
ing the float-out in the eariy ' neeessaiy jor sueli.an'Qffort -as 
summer from the West, coast nf mimS- as -five semi-sufiinels lb to 
Scotland of the massive >con- ve$seJs:\.have.bem\ used for 
crete Central platform, witich .accominodatibi .aii.tl^.': fields, 
was described at the time 89 the- lije -activity; ^riuchyhte tmdnded 
largest and heaviest object ever ; the completion of the 280 mile 
moved by man. This ' operation gas pipeline frtijn'.'the^ Brent 
was accompanied by the float- .Pieid to-StFergus in Aberdeen- 
out of the much smaller steel shire, has neededafconstniirtioa 
jacket for the Northern plat-workfbrce of , Coffshpre. 
form. The first oil from this The two compani es : expect joint 
field will be produced! 'froni the capital.exponditure in tbe.Noith 
steel Southern platfo^ Ariuch .Sea.Ixii this yea? ^w^jtoriotki 
was floated out in 1977. Peak 'about * £800m; V : V 
production is expected to reach ; -- l>rf^Hrt(nri "' him alsdrtheen 
360.000 b/d in 1981-82. started in : recent months Tibin 

Shell and Essb,^ ^ working^ ^ in^ : noiteei^ TOiistle^^ 
partnership in the North .Sea.- ; which is operated br.toe’Rritish 
are already, developing" -five “National OirCoipora^bTi. :'\;. 
fields — with another, North . . With It pfffleids Wea^2hn 
Cormorant, on the cards. They stream " producing^ ,'tfver^Eliq 
had had their busiest year to barrelsVof erode a day ^IlK 
date. is •: meeting more - thgji rhalf 

The work has been crowned jts roWn" . J reqniremeirts T-^rom 
this month Mtith the first flow of ^ domestic- oil production* ’ -But 
oil along the Brent System pipe- many , -more ! -inon ths .hf / c 

line to SuJIom Voe ^from tbe actiyity lie .ahead.Vbefqre ^ffle 
Dunlin Field. The operation, helds .are brought to "peafc’.ijiut- 
was delayed at the very ^lasf" by put, and^ -the dther^ ^'OTneatfaSciai 
the discovery of a rapture in discoveries. .in -v.%ptl»pd*s> pff- 
the pipeline in 420 feet of shore waters' are - brbughf '^uto 
water some 47 miles ont frpm first production. ' ^ . 

Shetland. • Bat the pipeline whs _ rk -W 
repaired in the sorprisingly "■ f _ l>6?in y UOne 




THE SCOTTISH chemical scene most successful pharmaceutical The conditional nature of the 
has been dominated this year by groups in the world but aiso the planning permission Was the 
the Hoffmann-La Roche £H0m drug company that all of Europe result of effective lobbying' by 
vitamin C plant project in loves to hate. local residents who want to halt 

Ayrshire and by the continuing On the other hand, the very the Mossmorran project They 
saga of Shell/Esso’s proposed fact that the Government may failed to win their case at the 
petrochemical complex at Moss- have erred on the side of planning inquiry held in July 
morran in Fife. generosity in the Roche case 1977 but though they had lost 

The two developments repre- could help to attract further the battle they were determined 
sent a hefty investment on the investment in Scotland from that this particular war was not . 
part of widely different sectors abroad which would be no bad to be ended, so easily.' The 
of the chemical, industry and thing. radio transmitters could present ' 

this ought to be a source of Not that the country has to a hazard when in the. vicinity, of . 
some satisfaction for Scotland, rely solely on foreign invest- a chemicals or gas plant and as 
Yet both projects have come in went in the pharmaceuticals it happens Radio Forth opeartes 
for some heavy criticism — field. Earlier this month the a transmitter near Mossmorran. 
albeit from quite separate UK-based Beecham group Final planning permission for 
groups of opponents. announced that it would be Mossmorran and Braefoot- Bay 

Roche’s planned plant at increasing Us planned invest- has still not been granted and 
Dairy in Ayrshire is expected to ment in British pharmaceuticals the Brent gas project— costing 
turn the UK from an importer and Scotland will benefit from an estimated £3brr in total — 
ro a net exporter of vitamin C. this. The company said in remains in an unhappy limbo. 
About 90 per cent of the new March that it would be spend- ICI ^ Bp chemicals are cur- 
plant’s production is to be ing a total of £41m on the reQ tiy building a joint 500.000 
exported and it is estimated building of a new chemical tonnes a year ethylene plant at 
that this should help Britain’s plant at Irvine in Scotland and Wilton complex on Teesside 
balance of payments to the tune on the modernisation of an( j i S tQ jjg j 0 in e jj pipe- ■ 
of some £38ra a year. Roche is pharmaceutical factories in ij ne ^ tb e chemicals site at 
already producing vitamins at Sussex. Grangemouth on the Firth of 

the Dairy site but the new plant ___ _ Forth. The Grangemouth site. 

Mill add an extra 430 jobs to the \y CiCOlHG which was established as long _ 

existing complement and this in - ago as 1951, is one of the largest 

an area where unemployment is Local communities usually Jn Europe. It is next to a 
already high and where it is welcome pharmaceutical devei- British Petroleum oil refinerv 
expected to become worse when opments like those being under- anc j j$p chemicals’ basic petro- 
the British Steel Corporation taken by Beecham and Roche chemicals plants on the site 
closes its plant in the Garnock but the reaction to petroebemv <j raw on for gp 

valley at the end of this year, cal projects tends to be chemicals is still investing in 
The Roche project would altogether different Shell/Esso Grangemouth and so extending 
seem to offer advantages to have discovered this while wait- j ts ra nge of products from there 
Scotland on almost every front ing for the final go-ahead to — a newr polyethylene plant and 
but this has not saved it from start building a planned natural a new benzene plant will both be 
coming under attack. What has gas liquids separation plant and competed by the end of this 
roused anger in certain quarters petrochemicals plant at Moss- y ear , 

is not the development itself but morran plus a marine terminal There are a number of fac- 
the role allotted to the British at nearby Braefoot Bay. i nrs which could deter outside 

taxpayer in financing it One way It is now well over a year since chemical companies from setting 
and another taxpayers will be the first planning inquiry was U p S hop in Scotland — notably 
meeting nearly half the £140m held on the Mossmoran project, the appalling record of the 
cost of the new plant and this The proposal is that gas from entire LHC construction industry - 
works out at about £100,000 for the Brent field should go to when it comes .to completion 
ea.-sh new job brought to the Shell’s terminal at St. Fergus dates for large plants. 

area — a statistic that Govern- in the North where the natural T tVlo „„ , 

raent critics have been quick to gas stream— methane — will be ma j Q chemical concerns^-be ' 
advertise. taken out while the remaining SS Br m^Iike ^ a^dBP " 

Government Ministers have gas liquids will be piped south chemicals or foreign based like 
billed the winning of the Roche to Mossmorran. SSSSSr? 


Professional 


on Commercial 
andlndustnar 
properly in 
Scotland 


Vigers McEwoy 


SRanddlph Crescent, Edinburgh Tei03t-22o 7^ 


IF YOU WANT TO EXPAND YOUR BySINESS 
IN TOURISM, KNITWEAR, TEXTILES* ETSH- 

frocessing, Drafts, enoeveering or 

STEEL FABRICATION; THEN : : • . 7 C 


The Western Isles 


ARE FOR YOU 


In. addition to attractive financial assistance, there 


Advance factories . - • ’ 7 7 ' -*■ 7 

Industrial sites " ' v; 

Excellent education facilities including ii 
technical b(dlege': : - ; ':v ; ... 

Priority housing for key workers and i 
wide choice of social amenities : 7 ' 


r * , * " a - • 


billed the winning of the Roche to Mossmorran. Hoffmann-La Roche— cnntinuP 

investment as a triumph but Shell received provisional tQ shQW themselves willing to 
there are arguments for saying planning permission for its t money into inriustn- in - 
that the price was on the high natural eas liquids plant way 

side. Yet it should be remem- back in March and originally it g™?- ^ - 


siae. lei n snoma oe remem- obcr .u «uu ». for th f ntnre cannot. w 

bered that Hoffmann-La Roche, had hoped to start construction IBnire cannot De too 

which is based in Switzerland, is work in the late spring of this C r« 

not only one of The largest and year. oDC' .L^arnerOU 


. * Forfurth^-injonucrtfari eatjaMf.. ~ •" ; .- ".7 
; J^R. HA WORTH, R. MURRAYOR^KEN KENNEIJYL: 
TELr STORNOWAY 6651-3773; OS ; . ^ 

. ...NEIL MACPHERSON, ^TELi-BENBEfiTj^ A- 2425.^ : vr 

. .DEPARTMENT OF PLANNING - AND DEVELOPMENT"-:, r 
WESTERN ISXJES ISLANIjS .COUN&/' ; ^ 

v ‘ :S0UTH BEACa ST0RNQWAY;V-‘-.-7-; ^ 

* ■ ISLE OFUEW2S PAST ZmV' a-- : >: '• - 






! A. n 

1 * ffVi 


Financial Tiines Monday November 27 1978 

SCOTLAND V 





Jbxpansion m the 
electronics sector 


THE ELECTFONCS industry in 
Scotland is showing signs, after 
a period, of retrenchment, of 
- being ready for another period 

' ■ of 'growth. 

Scotland has not so far 
"* benefited from the Government's 
multi-million pound commit- 
; ; ment to the electronics industry 
— apart from consultancy' fees 
' ' for Mackintosh Consultants, of 
‘•.' Cumbernauld, who have pre- 
• • pared data for the NEB on the 
'proposed ENMOS company. Two 
<s i. major companies have, how- 
ever, announced the building of 
■ ' major plants in Scoria od and a 
“ ~ third is opening one of the most 
advanced integrated circuit 
• manufacturing complexes in the 
world. 

More Important perhaps for 
>vi the future of the industry .in 
; '^Scotland is the designation of 
"-tSldinburgh University as one of 
the two UK centres for advanced 
microelectronics by the Science 
Research Council and with the 
aid Of a £316,000 grant will set 
up a' new silicon chip processing 
. facility. 


.Decision 


.:i2 Completely separate from the 
NEB. and Central Government 
. t .efforts in micro-electronics, the 
; Scottish Development Agency 
' .has commissioned an in depth 
- .study of the industry and the 
: ‘potential for Scotland from Booz 
; Alien and when the report is 
Y .ready in the New Year, the SDA 
1 ' .is ready to back new projects 
‘with its own cash. 

To top it alt ofT. of course. 
I ^would be a decision by Texas 
''Instruments to site their new 
European facility in Scotland 
■'"with the promise of more than 
2,000 jobs — with a spin off for 
- the dozens of small components 
firms in Scotland's “electronics 


belt" — but no decision has been 
made. 

It is believed that the giant 
American firm is impressed with 
a number of Scottish sites. And 
the Edinburgh University deci- 
sion has added a further dimen- 
sion which is as important as 
any cash incentive— the supply 
of stalled labour in t world 
where micro-electronics engin- 
eers are becoming worth their 
weight in (if not gold) certainly 
silicon chips. 

The New Town of Living- 
ston. which was almost the only 
sizable town in the East of 
Scotland without a significant 
electronics manufacturer, has 
reversed its position in less 
than a month with the decision 
of Burroughs to set up a 
research. development and 
production centre for advanced 
banking equipment and of 
plans by the MFE Corporation 
of New Hampshire to build its 
first European facility i complete 
with a R and D unit) on the 
New Town's research park. 

Burroughs have pioneered 
iis banking equipment systems 
in Scotland at the Cumbernauld 
plant and it is this section 
which will he transferred to 
the new facility or 100.000 sq ft 
in Livingston, while the Cumber- 
nauld plant will be expanded 
by a further 100.000 sq ft for 
expansion of printer products, 
manufacturing and engineering. 

MFE Corporation are budding 
a 36.000 sq ft plant to manu- 
facture “ floppy disc M cassette 
drives and will set up a research 
unit to look for new product 
lines probably in the medical 
field where the group already 
manufactures strip chart 
recorders. 

Livingston is highly delighted 
particularly since the R and D 


content from both firms fully 
justifies the decision to retain 
the rite for advanced industry — 
even through a period when 
their stock of industrial land 
was becoming perilously thin. 

The two plants will employ 
around 500 people when build- 
ing is completed in about three 
years, and both firms have re- 
tained a large area of the situ 
for expansion. 

Proximity 

MFE particularly chose the 
site because of proximity' (o 
Edinburgh's two universities to 
utilise both the supply of gradu- 
ates and research facilities. 

These two projects are the 
latest in a scries of expansion 
projects in the industry in the 
last few months which have 
been announced or are coming 
to fruition. It Is difficult to find 
a Scottish plant in the industry 
without a project underway or 
in the offing. 

Significant 

It is significant that in many 
cases the growth is being 
fuelled by development work on 
■site, not just in Scottish-based 
linns, but in the American- 
owned companies as well. In 
Scotland most of the big Ameri- 
can electronics companies now 
have a presence and they range 
from IBM. Honeywell, NCR and 
Burroughs to Hewlett Packard, 
Digital Equipment. General 
Instrument Micm-electrnnies 
and Motorola, whieh is just 
opening a new IC manufactur- 
ing facility in East Kilbride. 

One firm which might not 
have such an enthusiastic view 
of the labour supply problem is 
Ferranti which Is itself well 


New platform orders 


icf.IUCiU 

■ I 
S' • ff - 1- ;i • 


REVIVALS 20 . the present twined in the report “The 
^ione being enjoyed by the plat- Economic Impact of North Sea 
r industry is fairly small. Oil on Scotland” prepared for 

f ough no ' less welcome for the Scottish Economic Pla nn i n g 

Whereas in 1976 there were Department by Professors Max- 

• . • , . „ ‘ ■ f-Vf orders placed at ail and each well Gaski n and Donald MacKey ) 

" * i | j Jppof : the seven yards had either was that there could be between 

" V £'m:Ibo work or w$s- fast running out 18 and 24 orders t» eome.be- 

- -work, now three of them are tween 1977 and 1986. The 

J'.i \ ilC ^ working and there is a prospect authors were careful to qualify 

• i&.afiai another may be awarded a their figures in view of the past 

’ •’ ^'^C’-jrf^cbiract soon. inaccuracies in official platform 

life, the in- ( “ d 

_ S n ^ . 4,:,! !i jp*u«iy has acquired a sensational F 01 * H alr ?f dy over-optimostic 

. : ' : -Is^aaracter. The sheer sore of the ” u F l ] ) 5 1 r 

l&Mters involved— up to £100m— ***** *° h “T! ^ 

: rooem s ^ «£?»»» 

« hrJrfrJ could see U P to haif-a-dvzen con- 

/t^lHiadEng as an indicator of North If this 4urns out'tn be true it 
^tivity in general and this means short term prosperity for 
some justification. Not only *t teast those yards specialism* 
large employers of In steel structures and a breath- 
important in their ing space in which 10 try to bid 
but the award of a for' work outside the UK Con- 
' j, * J^patform contract is merely the tinental Shelf. 

p.o'f. the iceberg and means a C M/ >; 0 I| e f c 
series of lesser contracts JjicUaUslh 

^ Of- the Scottish yards, the 
,P° nente and services. which specialised so 

Y Thus the peak period for the far in steel platforms, have done 

-~* 'Y platform industry — there were best. HigWand Fabricators, the 

' ' ‘ 27 orders placed between 1972 Anglo-American partnership be- 

and 1975 and ten went to Scot- tween Brown and, Root and 
... land — was also a boom time for Wimpey which has a yard at 
■T the Scottish economy in general Nigg on the Cromarty F-irth, was 
. ) and there is no doubt that the oil awarded last year the order for 

* industry played a ma.wr part in a third platform for Lhe Ninian 
[ the resurgence of activity. There Field and has this year followed 

• - Were other factors, of couse, hut } t up with a contract from Shell- 

, 7 i , '*. e loi* tentacles of oil-related e sso for the Fulmar Field. 

j i , : ■' l ' '* wwk reached deep into the Hi-Fab's 170 acre yard, which 

-. economy. ^ employs 1,500 local people, has 

: J- 1 Itoe fallw time for the plat- already builr five platforms for 
' ,_5 form yards, was also slack for the UK sector nf the North Sea, 

* Hie wider economy. So it is good including the Ninian Northern 
news for Scottish industry that platform. The Fulmar structure 

, ■: a new, albeit smaller, boom in is one of its largest jobs. It wHl 
;■ the construction of offshore be built on skids alongside the 
i structures is on the way. graving dock where the Nanlan 

■ i PretMctsng the demand for Southern platform is under con- 
^ platforms is notoriously difficult, slruction, will weigh 12,300 
■1 ft entails making a judgment tonnes, have eight legs and stand 
; about the commercial potential in a water depth of 82 metres. 

• at oil finds, when the operating It fe due for completion early in 
^ compares themselves may not 1980. 

*■ be sure just how valuable the-ir J. Bay "MacDermott's yard at 
■ prospects are, and assessing such Ardersier, near Inverness, also 
. imponderables as whether a par- ranks as one of the most suc- 
;. ; titular geographical location cessful of the Scottish yards. 

; ■ i would be better served by a steel and is presently building a large 
'• «r concrete structure or by some production platform for the 
j. inure exotic contraption. -Murchison Field and a smaller 

r A' recent official estimate (eon- structure far Brazil, due for de- 


livery shortly. The yard, like its 
competitor at Nieg, has been 
prominent in bidding for over- 
seas work. 

But the surprise performance 
of the year has been produced 
by the former RDL yard at 
Methii. Fife. Two years ago a 
lack of work forced the company 
to put the facility into moth- 
balls and pay uff most of the 
.staff. With a reputation for poor 
delivery hanging over its head, 
few commentators gave the yard 
much hope for the future. 

But a combination of Govern 
ment pressure and imaginative 
management initiative have 
transformed the yard's pros 
pects. TSie hand of the 
Department of Energy and 
particularly of the Junior 
Minister. Dr. J. Dickson 
Mahon, seems to have been be- 
hind the award of a part share 
in the Texaco Tarten contract 
(being handled jointly wiDh the 
French yard U.I.E. at Char 
bourg), which enabled Methil to 
reopen last year. 

And, this spring, a merger 
with the Dutch Dc Groot group 
revitalised the yard's image. De 
Groot’s good reputation for 
delivery and the Dutch manage- 
ment's confidence and close 
identification with the workforce 
were undoubtedly factors in the 
decision by ShelJ-Esso to award 
the yard the smaller of the twn 
Fulmar contracts, and there has 
been other work. 

It is a small beginning but 
RDL has plans for developing 
part of the Methil site kept 
within 'its exclusive control and 
the new joint venture company 
Redpath Dc Groot Caledonian, 
has been active in bidding for a 
wide range of new work. 

Another yard which had faced 
closure and now has work, is the 
Stornoway-based Lewis Offshore, 
owned by the Norwegian Fred 
Olsen group. The company is 
important -to the island of Lewis, 
biggest of the outer Hebridean 
islands, because it provides 
scarce employment for engineer- 
ing skills. This summer, after 
several months without work, 
the company was given a con- 
tract to convert a Drillmaster 
rig to serve as a production 
platform for the Buchan Field. 

But a cloud of gloom over 
casts the concrete constructors. 
The two Government sponsored 
yards at Portavadie and Hun 
terston. on which something 
like £20m has been spent, have 
never won work, and, -despite 
optimistic statements by Dr, 
Mabon. it does not seem likely 
that either of them will see the 
building of a platform in the 
near future. 

Ray Perm an 


' into a major expansion of lhe 
i mainly defence based business 

- in Edinburgh. Locked into 
' Govern men f wane guidelinc> 

through NEB ownership. 
Ferranti has been losing staff 
to the newcomers and growth is 
■ being slightly inhibited. 

The firm ruefully admit that 

- the problem is largely of its own 
making. It was the efforts of 
Sir John Too thill, the general 
manager in the 1950s and 1960s 
that helped to interest Scots in 
the industry which, in turn, did 
more Than anything else to 
attract the firms which today 
have made Scotland a major 
centre of the industry' in 
Europe. 

The growing concentration of 
companies using electronics has 
had the- effect that Sir John 
Toothili predicted — although 
perhaps not as quickly as had 
been hoped. Dozens of small 
component firms have emerged 
mainly in the Edinburgh area, 
but noi exclusively. 

Edinburgh University estab- 
lished micrn-cieclronies as a 
separate discipline in the late 
1960s. From the beginning, the 
university insisted on building 
bridges with industry: with aiii 
from the Wolf son Foundation, 
a niicrn-elecfnmirs unil was set 
up complete with facilities for 
manufacturing silicon chips 
giving students and research 
workers access to a more com- 
mercial environment than is 
normally possible in univer- 
sities. 

The designation of Edinburgh 
by lhe Science Research Council 
and the grant to update the 
production facilities is a recog- 
nition of the success of the 
experiment. The other British 
university designated is South- 
ampton. 

With its new designation, the 
university will now add a new 
course in micro - electronics 
manufacturing technology for 
fourth year honours graduates. 

Even before the designation, 
companies in Scotland were 
already showing their confi- 
dence with hard cash. And for 
the short and medium term 
prospects (nobody goes beyond 
that in the fast moving elec- 
tronics industry). Scotland's 
continuing position as a major 
electronics centre seems 


II your t u sines s nas me potennai lor 
growth, the Royal Bank can help make 
it happen, by arranging the finance that 
can put your ideas mto action, speedily . 
and effectively. 

So come and tell us about your aims 
"We s U consider financing them by term 
loan, overdraft, export finance or leasing 
and hire purchase facili ties— what ever 9 s 
most appropriate. 

Get m touch with 
your local Royal Bank 


er now. 




e services we 





<n 


The Ro*yai BanRof Scotland 


assured. John Drummond I The Royal Bank of Scotland l.imirod. R«w«r<w<*d Office: 42 St. Atufcvw Smiarc, Edinburgh EH2 2YF. Registered Id Scotland Number 46419. 



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Shipyards need 






SHIPBUILDING IS still a very mem of the offshore oil indus- with the cost rising to something yard, the Marathon yard at Hail Russell, in; Aberdeen, . - 

major industry in Scotland, try, Scott-Lithgow have heavily around £30m each, there are Clydebank— <he former John- have a reasonable order boos, 
particularly on Clydeside. Even committed themselves to worries over how -many the Brown? — is row . working but are not -overly depend^it : 

in the event of a close-down of specialist ships for that industry defence budget can stand. through iis last order and re : on merchant ships 
merchant building yards, there and the present order mix in There is also the problem dundancy notices have already S00. workforce employed. .They: 

would still be a' significant terms of jobs is one-third that the type of frigate being been issued for the vast have built the entke.. fleet, of 

industry with naval and offshore merchant ships and two-thirds built at the yard is probably too majority of the 600 strong work- offshore oil patrol vessels for 

oil activities. naval and specialist vessels. expensive for the export mar* force. Bids are in for a nuni-. the Royal Navy. and are working . 

The yards themselves employ in the next few months even kets. Any country requiring a ber of contracts, but their best on a new design of fishery .prb- _ . : . r . 

around 23.000 almost all of them this proportion is likely to rise, vessel as sophisticated as the prospect for an oil rig wanted teetjon vessel fqr the Sicottistr , Uak 6ou$a^ 

under the British Shipbuilders’ unless there are new orders. Type 22 frigate will almost ter- for Indian waters, was lost last Office- GTes of srsp are * 

umbrella, but outside the yards Because of the recession, tainlv have the shipbuilding month. - ‘ being marketed strongly T&:ex r 

there could be as many a 3 twice Scati-Lithgow have decided to rapa city to build them. On thr Upper Clyde there is .pon markets and it would be; :< jSnS '"' 

that number in supporting dose down their ship repair _ one success story which helps surprising if- they do-- not meet JJfefoJS/*;.;. ■’ v- 

industry. operations. but will keep the vvnue there is a rcarke*. *ot jo a0aL j» j s the with some success in this- fleltL; : :•>- 

Scottish yards, in total, now 1.000 ft. long dry-dock, one of less sopmsttcatea patrol vessels. Dock Engineering ship soon. | V : "-' ;• \ 

have a reasonable order book the largest in the UK. opera- the lead in this type of ship has repair venture of Mr. ‘'Rah"'" In ancillary industries there t. '. 

except for the Marathon oil rig lional "because the dry-dock been taken by Vospers and Butler, who is also head of .the- has been a very strong effort to — “■ 

yard, but unless an order break- facilities are essential for new Brooke Marine. Tyne ship repairing group. The : diversify in recent y-years, «riSa 

through can be made before the building operations. Govan Shipbuilders— ^-formed yard has just announced ■ a particularly in the -/offshore .02. 

end of the year redundancies The closure will moan i he loss ou j 0 f the collapse of Upper healthy profit of £250.000 for market And whlteshipbuffdirig. 3 major-;.' / 

are inevitable in the spring. of 26S jobs, although sonic nf Clvde shipbuilder^ five rear® last year and its 230 workers isstUl a very important miu-tet, • vfaBqtitog S. V'- 
For the industry in Scotland, the employees will he offered * _ is Dro b a blv the mori *« the highest paid in the a further cutback would .not ~ .»■ 

the controversial tOOm Polish job, in the rest of the group, vulnerable* vard hi Scotland -a coumrj. . automatically mean 

order was a ;■ life-saver." All The dry-dock busine-* has never the coJlapg * of The merchant T ? is 5 success story which the sector. V^- - : 'i'. 




the collapse of The merchant is 5 races ss story which the sector. . ;V-‘ ■•y'.gl : ' .^tafningwljor ^ giveymtht 

ihin m-e-kei t* h^s not buil» a should not have been possible. ' Overall, while there Brast,-be* ‘ - faetev rilfTI -need ftfm 
naval shio since the 60s -nd its Mr. Butler bought the derelict worries for 
facUities^reeeared^to the series I»* in Goran IS months ago the final version, ,theiCorpor> 

< iovan Shipbuilders and its sub- needs of the yards. 5 after it bad been closed for sur ate Plan being /prepared;,: .by 

sidlary. Scotstoun Marine, where Th(? nexl , n ost immediate p “ p " mraih?. Despite being. oh the British Sbipbuliders.;_tbere7are: 

il is now the only shipbuilding problem area on ihe Lower . wrong coast. 26 miles up a. river some grounds for. optimise and; ; ^jaAtat ttO 

work on the books. Clyde is at the SvoLtt enaine C^-RmCFS where conventional shipping yards north of the border Ido: ’ ^&ii«yfi^orof. - 

works, where order? are rumvng traffic has been falling steadily, not appear as .■.yafajeraWe.'as; ; • Bevel^rae or.r 

Cir3nS '^ut fast. Much of thv w-i»rk«' Its present order book is com- aQ d rtnh minimal capital, the. those in the :'oE .. ; i ft- 

^ r* 3 production has been for mot- poed of nine and a half— -a hull yard has been constantly occu- country. ’r/.'V-.s 

The fact remains that once chant ships and obvluusly this w*as built for Robb-Caiedon — pied. Perhaps the biggest ‘Worry-fe :-ri' :• 

that order is completed early i? one nf the mos; vulnerable 4.400-fun bulk carriers and four The reason is a combination over the reaction of. Scottish : D^i 

next year, big gaps are going to areas in the group. The small 16.500-ton bulk carriers plus of good marketing, good. Workers to the pfan. If thesre is" : 

appear in work schedules and yard at Bowling is also rapidly some of the fabrication work for management and a -unique strong militant action, /it" ’Tnlb TWf*v: 7 .. . 

Scottish yards could be almost running out of work. the BP emergency vessel. labour agreement which traded destroy the new image thfr nien- 

as vulnerable as tlieir English With prospects uf an order It must be remembered, how- complete flexibility and guaEan- in the industry .'haVe Vpgtnfittfty . • a; 

counterparts. fur a .seabed operation.*-' vessel ever, that the entire order is tees on no strikes fair. 'high built up over the Jast;five-yeaxs 

Virtually the only factor fnr ihe Royal Navy and r-.-fitting due tn be completed next sura- wages and no redundancy dor- since UCS of being prepared to - / ^ Iv 6fiipn 

which has kept back a feeling work on* conventional sub- mer and to prevent a ptoduc- ing the period of agreement. adopt new attitudes arid/ work- : -- /i.'”r)ibTinrrtr 

of gloom has been the winning marines plus the -order (or the tion cap similar to the one A s imil ar success, aeam.fln tug practices to -ensure' the ;J 

of a f60m order for an emergency support vi-.-^el. the which hit the yard before it ship-repair has come to Inde- future of their industry-. - ’• r.H ' * 

emergency support vessel for yard ha? a relatively hecfihy receiver! the Polish ships ear- pendent Ship Repairers -jehb- _ , _ 1-^. ^ yj />/ ' 

British Petroleum by Serm- ei-dcr book, but arc under no lier this year, an order has to took over the Leith yard of the John Dm lllinrind , \'v 

Lithsow and under that contract iliiisinns that geltmi' merchant be tnl;en before the end of the same company Clyde Dock 

some of the fabrication work ship orders will be ea.-y. rear. emerged from. A similar type 

will be done upriver at Govan. Up river at Yarrow's naval The £30m investment pro- of labour agreement - Was ' 

That contract ensures the shipyard, order books arc even gramme which has just been reached with the unions. j 

future of 3.000 jobs at Scott- more healthy with four type-22 completed at the Govan yard The Leith yard of Robb i gW gBgjM ,1 .-.Mr/'M f.W - .fl 

Lithgow* for a year 3nd gives fri gales and a fifth in prospect, gives it an enormous appetite Caledon has a respectable order S&hB| * 

continuity after the last of a plu» four support ships for the and any orders have to be for book of a ferry, two crane jffiyjylffil * i 

series of 265.000-ton tankers ha« Iranian Navy which cives an d series to prevent cutbacks in barges — again the Polish, order 
been built at the yard in Port order load which ■stretches two the labour force. — and two rugs. With the Dun- 

Glasgow. years ahead for the workforce Its subsidiary yard — Scots- dee yard of the company, the fSBUL LJf I 'J-'fc 

The Scott-Lithgow yards on of 5.500. toun ?Jarine — on the opposite grout) employs around 1.400 and ^ H. •’ 1 Jr/fff 

the Lower Clyde are by far ihe Yarrows are aNo huild’nn a hank of the river, employs 1.100 both hare a considerable' repn- • m '• 1 

biggesi group in Scotland, with new yard to mtistru'-l '-I ass fibre of the groups* 5.500 workforce taiion for building small 

six yards, nne of the largest dry- minesweepers for the R«\val and has a share in the Polish snecialist ships. " '®s atiiii iua 

docks in the country, an engine Navy and when this is complete contract, but is not nearly as ' Both are old yards, however, ■ KTiH LI lra^r . >■■- . .... 

works and a total of 8.000 nnxt year could employ an addi- modern as the Govan yard. If and following the cancellation Bi ■ • - . :J ;'Ranirfp.aftF-lfiffejgf ^l i' F^a^¥ 

employees— a drop 2.000 tinnal 500. British Shipbuilders insist on a of a heavy investment pro- MWgl -'- ■■■ -■ :• Tv*' c 

from a high point two years Despite this alrno-'t rosy pic- heavy redundancy programme gramme in 19T3 when the possi- lrnmecHate[y a^ite^6/^iri^Stt^^-S/v 

ago- ture. there are worri-c at the a> expected, this yard looks very bility of nationalisation was r 

Combined with another yard. Their staple ••diet** is vulnerable. looming, there has been little USa. MfinFRM F AOTARIF 0*/^ 

British Shipbuilders* member frigates tor the Royal Navy, but Although not strictly a ship- investment. | « f| IVI U HEirll. : 

ss n fi„4 o 5 n ,;ii x a 

smaller private companies— - j, ■ • if • a •' - •• ' * SOb neTMi'ft- '-t 

.lames Lamont. shiprepairers P , ^ fi _ . . _ _ I . 

and steering gear makers. John ^ 1 1 ^ O :? ■ r .- 1 • ■ }r 

ssasansAS • Flailing icdia 1 storage ejmciaf 

industrial lifeblood of the com- ., . .. • 3^ ''00Q'*-SCE-.ft 3 VX^'?^:^ , S ! 

muni ties of Greenock and Port SCOTLAND'S fishing industry Silkin will be put in a difficult limited restart. Through white §3®. pinnn ri a '■ ■ 

OlMBQVf. is facing its own watershed at position when the quotas for fish and shell fish con*ributions ESm \ a " 

The group i s not totally a lime when Britain’s hardest 1979 are being fixed and that Mallaig will top the £8.000.000 S8i>^rT 1 V: '/ .L. nw V- -M 

dependent on merchant ship- and most risky industry, for could mean a reduced quota.” mark again this year. At Oban. Mr ' lui.' J W 

building. Traditionally, the investor and operator alike, is Total Scottish landing of all up till the end of September. & CPtw™ ■ 

order mix has been one-ilurd currently in a highly unstable fish species in September rhe white fish catch was down U V - RENt1FRC&^ 

naxal building and two-thirrls state. ameunted to 74,000 tonnes, to by almost 14.000 cwt compared .*'• . /Ji/Sf/' 4 ’ 4 " 1 

merchant, hut with thp devp»op-^ The problems caused in ihe th° first nine months of this with IP77 but higher prices fnr bBsT. .. M AHCPM’ - 

UK by the continuing EEC year landings totalled 326.000 shell fish have wiped out the SaB • ■. . IVI wl/ Ctlii l AwfOllT 1 . ! 

fishing policy sa-.a grow worse tonnes of which approximately deficit. White fish contributed " '*•.• qq-nhfi. -^i. 

and worse and the people 4 per cent were herring, 6 per £1.100.000 to keep . the Eb 8 Ul OO.jUUU p^-{ •-!>> 

affectefl are many and various. Cl?nt shellfish and the balance Hebridean fleet ticking over. Mfl'. ■ Fnrwflaro 1 and 0 ■fhn^T?n ^ 

With the herring ban in force white fish, When the herring do return 2 : ™ A.in^p3S^TWOr5(8 ; a^4 

in the North Sea and West the Isle of Lewis should be egT . . and 5to manufacturing rampai7feS:.Bfpatinff^/>^ 

c 0a *H 1, i th !-i„ n a U H B P i J 0> T d 1 I anrJinac weJ| P ?aoed for long-term Ha-’. suitable. employment, ^ ; '-i- 

Scottish herring fleet is leading LdilUlUgb prosperitv once the new - •—•••• 

the way in reaping its share of /wl „. otr , rtTi tnw , Breasclete fish drying factory 

the mackerel barest off Corn- . h ^ ^ f i 977 coaies ^ fuI1 operation. j 

wall. They have been labelled -tifinon The Government has already ffl 

the “new pirates of Penzance.” *- re total landings of 318.000 | ja ^ repeated warning that l a • . . , ... ... ... 

With lire* added scarcity of herrtoV^ per cent ^heStohVnd , unless special help is forthcom- " West Mfflris Industrial Estate ^ 

inn white fish the Scottish deep sea Ihe 'S’ whftefish ing ^ herring processing^ . . WOSlMffln^nau^'ai^S^- ^ 

Jflm V trawler crews are hoping that _ ’ industry will go under before ' •• 9uj3C6fTt tO.M& Wfft dir6Ct rihks tp.‘dOCkS.^ 

\Ky^W mackerel at £90 a tonne will Catches of fish from Britain s the Scottish West Coast herring pfSJ . . imrir nri r ■. y 

® *m§ rive them a living for the next ow 7 1 waters are being steadily ban is lifted. Mr. Walter Dyson, EBat • IvlUDCnN PA GTy R I CS T 

few months. Skippers of reduced as Ur. John Silkin. secr et3r>' of the Herring Buvsrs’ rirvr* * nr- r\r\n ' ji r-^-\rv nr-tiiT* 1 

_ __ . _ successful boats can earn ^mister of Agncalture and Association, said there would be 5 t 00.0 TO 25,000- SQ. ft^PQn 'ncNT-': 

■ aaa aaa 1 Kichpnac 1 mnneoc ciippoccivo kh • * ** V- 1 


but two of British Shipbuilders been profitable, partly because ... k T . t 
yards shared in the order with there was only ons dock and its “ f*. .*■ _j n _. _ Kn . 
the bulk of the cnntract going to use is restricted because nf the " a .® ‘ hlp 5in f e U l e , b ^? 


John DrummtHid 


SOUTH CHARLOTTE STREET 

EDINBURGH 

Centrally located renovated property affording 
14.900 sq. ft. uf superior office space to be let in 
floors frum 2,700 sq. ft. upwards. 

it Offices fully carpeted and decorated 

★ Two new passenger lifts 

'Ar New central heating system 

★ New toilets un all floors 

★ Acoustic ceilings with recessed lighting 

Letting brochure ai'atlable from either of joint agents 




1 


II S I 


StQuintm 


Vintrv Hchisc Queen StrR**l Place ”3^' J 
London EC4R IES 
01-2364040 i i 


Kenneth Ryden 
and Partners 

C- - Si »..••- ■. "ij 

71 Hanover Sireet 
Edinburgh EH2 IEF 
031-2256612 


SOW 


what we reap 


SHBUNG J Bantf^ lkus£0|:feaa| 

MODER kmH&SS^ 


Fishing fears 


.ValTT sd-2. 


i . _ " • — s i • -r ■ 

3,000 sq. ftsv.- v?, : i-v.; 


r .-••• ; ' • | i h-v-. 


£30.f?00 a year and more. 


Fisheries, imposes successive 


some very heavy unemployment 


MODERN FACTORY 

V-- of 33,000 sq. ft. . • 

Foryearsl and 2;ftrejT33p 
and 5 to manufaeturing cpmpanies;pfiBafln5^ '.yf : 
suitable. ernploymenL;~ J . ^ ;-;h ; 


• West Mifris Industrial Estate: I' . 
adjacent to’.M& wifli* direct Hhks tp'docks^ !’ 

MODERN FACTORIES 

5,000 to 25,000 sq. ft. FOR RENT 


' 


¥4 



List vejr.rrom ) worldwide premium 
income of £755m. General Accidents retained 
profit reached a record 34m. That's the amount 
we were Ictr with after paving ail claims and 
renefits to p>3lie> holders. the expenses incurred 
in running rhe Corpjnmon. dividends to sharc- 


dl|w| H la Like the herring previously. ^ ° n • ' n , . a . Q in areas that could ill afford it 

B B there are now fears that the i\. the. nation s uj,i ess Government help was 

*** A mackerel is in danger of heing ^ h . Trawlers . ha 7 e ta forthcoming. 

M wiped out by the super- he I d up. fishennen and shore- Fishing prospects in Orkney 

efficient Scots purse seiners. J!J r ei J °hIr) h S r jS are relaliveI >' bright following a 

When a Scottish purser comes es ?rith ^lensferim proiific summer crab season. Up 

ir“c a Tl '‘UZZ*", S^SSutaS. 5" o* n*» 

huge catch. d With an eight-atan r » r “ d '? P«' . mo . re H1 for crab worth'sMBSSo' Th“w^ 
ore. a puraer has no difScul.v Bnta.n s hwmdlmg fish for !»at 

fll in netting the quota of three eb ‘ 16520 cwt for £339,370. There 

and a half tonnes of mackerel It is widely recognised is a .i wavs an assured mark-Pf h r 

per man per day. The catch throughout the Scottish fishing o^ney’s bigh ^uX creb 

-(/ X is frequently transferred to one industry that the lucrative me a t D rocessed andL , 

W \ J \ f\S //S', of the Eastern bine factory catches of mackerel off Cornwall 

/ V^V^N.VVv'V ships which sells the fisb in do little or nothing for ports ehinmenf fn Fn-?iu h’’ * 

\(^<3 '<' Africa. equipped for dealing with l sus- SjSSKSf* " d the 

j [I V \ Mackerel is one nf the few tained herring industry, with all F,,.... ' w , France a par- 

\ / \ \ fish left in British waters which its anciliaries, including kipper-. . c , *- guud eustwner. « 

\ k / j can be caught in considerable ing. " upheaval created by I 

\ jS- J quantities by the purse seiners. The port of Mallaig now a building of Ihe Occidental 

\ t /( mjKL/ j It allows ver>' few men to make faces a tough and difficult time. . ‘ e ^ nunal a t Fiona the labour 

J enonnous sums of money. Earlier this, year, before the S1 ^ ua f 10 n is now stabilising and 

>. Young Scots fishermen in the herring ban came into .opera- * reasonable living is forecast 

^ \ 19 tn 20 age bracket are netting tion. 5,476 tonnes were landed *? r those who decided to stick to . 

Jjl J £ 20.000 a year, but this must and prices were so high- that traditional way ' of life. 

>v -— be seen as a short term gain they fetched £1,964.000. Nobody Orkney Islands Council has set 

because there are definite signs knows when a restart will bo U P a working party to consider 
of over fishinc in the mackerel possible. The herring closure 'harbour improvements, 
grounds, particularly by the coincides with an ever-increas- J f however. Shetland which 

,BBB i Bi MBpeBaf Scottish boats equipped with ing lack of white fish and a seem -s to have suffered most 

aaammsgngr ,hcir sophisticated firho haddock quota to add to the during the past year because of 

sounders. problems. the failure to control over-fish- 

The total catch of mackerel Mr. Cordon Jackson, secretary inf? - Once surrounded by the 

. r j A ■TwHB in 1976 was double the recom- 0 f r i, e Mallaig and North-West finesl fis hing grounds in the 

$ \ *. 0 \ yW'-r M B w mended total given to EEC Fishermen’s Association pre- ■ w 0 r W. Shetland fishing now has 

L? U ^ JF W countries of 494.000 tonnes. The diets a hard year ahead. He t0 re| y all too often on sand 

VK m y actual catch was 821.000 tonnes. sa jd ; •< if we ^o not get a eel s. Norway pout and sprats 

f l\0f , Ip .1977 the recommended soo d sprat fishing season Col- for conversion into fish meal. 

lAJff / catcli was 337.000 but tlie j 0 wed by e reasonabTe prawn- Shetland fishermen have pro- 

•Vis actual catch was 584.000 tonnes. C atch between next April and tested tor years about the 

Mr. Jim Lovie. chief executive August we will be in trouble, devastation ’foreign trawlers 

, , of the Scottish Fishermen's He hoped that by the winter were causing in their grounds 

iers and taxes to Governments. Organisation, defends the large 0 f 197a the herring position but all to no ayail. The fisher- 

s rnonev rightlv belongs ro our shire- number of Scottish boats off might have improved suf- men. in their demands for at 

Uhlir we nur even- List neimvofitnack into Cornwall. ** If wo lose deficiently tu allow a small least a ,50-mile limit around 

. P . ■ ^ 1 ' -j mackerel stoek it will not be - survival" quota to be fished, their shores, are fighting for 

business to strengthen our solvency rrurgui and because of ihr fishing industry There are now signs of large survival. The Shetland Fisher- 


ENTRY tfit MARCH 1979 ' 

PLOTS 

4.5 to 24 ACRES TO LEASE 



Industrial Oevetopmenf Unit, 
Central Regional Council,' V 
Viewforth. Stirling' . . . 



i.SSiU: 


h. ■■■■■ 






(PROPERTIES) 


. NEW INDySTO^WAREE^EU 

,.l * -pNITS- ; i=\ - '.y *Jj fr ... . 

Xi: *• " 

Aliens Industrial ~ ^ h»®. '■iji'nl-' • • . -V j-V; 

Estate J-arw .ooetr slorisfe ;-V 

• • FuB oU fifet) central hearing'- 1 • • • 

wanttoan keight.t4ft; 61a. - , 

..." . immediate -entry - . .. • j A. 






a v 


.' Altens industrial • ow;48»sd.fl«i siL-ft. 

' Estate • . .. ,.opco «eme awflaWe * * --j - 

. ’ ... - $4ort and -ioos leases.-, .* ' 

PortLethea Law ranurnttu; «olt — ;j»6 sq. n.S 

Industrial Esute fiww.Pebroanr. tsa^ 

Dycc Industrial , ' : ;>rom iioM2.'&« ^ W- _ 4 

T*ark • rOoMr-storage-srsiUiiteJ ~ •,"-‘-T- v • 

- Emry March/ Aprils J9T8 r ' : 7- -f' 

- Prime Industrial v Warehouse ihno-tq. tL - : 7* ’ "y- ' 

Estate ’ 0 «cm ?. 0w «. ft." . , • - 

s ?“ r ?3?** ■- y-\ ... y.,-' ::s;> 

- feiastTlck Industrial M ■ 

Estate Early Entri * -“ " i ■, 

; . ShorijteasM 

' ‘ .. ; Eor Sale r '* : : T l-ryJ/ 

Farbum IndustrlaJ , " . iWitoVoma b.sm n /~ 11 •■••*:. :7 V \ 

; Estate •"*'*. ; 'fbfilces 

The Wards * . wartwhop] ium iii' ; ;•> : . 

• Elgin -•:• "• -wr.^T; r-l'T-' 

. .." - ■ • "TP" WVMVwp-'' , *v 


holders ind tixes to Governments. 

This nionev rightly belongs ro our shire- 
holders. but we put every last penny of it bock into 


mi increase the sccurirs" of 
our policyholders. 


i nmn 7 i 

I Accident i 


Insurance from General Accident Honestly its the best policy 


becausr* of ihr fishing ujau-sn^ mere are now signs of large survival. The Shetland Fisher- 
but because the scientists and shoals of two-year-old herrings men's Association have the full 
politicians get it wrong." he in the North Minch ond lochs, hacking of the Shetland Islands' 
said. If ihey w ^e left undisturbed Council and a new pressure 

Mr. Lovie went on: "With no for another year the stock might emup — the Sheflanri Movement, 
herring fishing allowed, what have recovered tu allow a They want a- complete ban on 
can they do* 1 If Ihp British do 

not take up their toll quota Mr. CONTINUED ON NEXT PAGE - • 


uuir/afg^ag 

Property & Estate Agents 
23 Crown St. Aberdeen AB1 2HA 
Telephone 52466 


■■ -v : - 







A*, wr - 




Financial Times Monday November 27/1978 


SCOTLAND VII 






question 


4 

S'. 1 -' 

V.'- 


TffE - PKOyiSION hi ; the 
Q&een’s.Speecb -for a Bill to 
rtfcfhHsh : a /simplified . Jand 
rigstec for Scotland is indica- 
t&fe- of fact that ihe . land 
qlifcstion continues to be prouil- 
nferit in Scottish politics. In 
iict. the new register will, not 
irfake much Immediate impact 
oh - ibc amount of - available 
idfotmatixwv since ’-.existing 
owners will -not be -required 
to make declarations. 

'la/ spite of the -efforts' of the 
hjational Union of Agricultural 
apd Allied Workers (which 
scarcely exists in Scotland) 
apd a few- individuals within 
tlje Labour Party, the land 
i^sue. has not captured the 
ppblic imagination In England 
apd Wales. This is in spile of 
rtye fact that a few hundred 
seres of prime agricultural land 
in .the Home - Counties would 
probably have greater cash 
value than a' . few- hundred 
thousand acres of Highland 
wilderness. 

> .Several factors conspire. 

hhwever, to make land an 
; eAwGve subject in the Scottish 
context The folk-memory of 
the Highland Clearances is still 
strong. The continued presence 
. of caricature lairds presiding 
over , their vast private king- 
doms, with little regard for the 
' social -good, sustains the sense 
y'otf uijustice. Coupled with this 
is* (he widespread belief that 
tiierc Is a level of irresponsi- 
’ bSity in terms of land use 
.' which has few equals in the 
; western world. 

. -Further ingredients have 
. recently been added to this 
recipe for resentment and dis- 
content. They have' come 


mainly in the form of foreign 
and institutional; buying of 
land — by no means- all of .it in 
the Highlands — which, as else- 
where in the UK, has bad the 
effect of forcing prices up and 
making it Increasingly difficult 
for young . aiid- energetic 
farmers to obtain or lease land 
at reasonable cost.- 

It is estimated that over 
500,000 acres of Scottish land 
are now owned by the institu- 
tions, and. a further 300.00U 
acres by foreigners. The Dutch 
have been the most active, with 
the Arabs a fairly close second. 

The ‘ Northfleld Committee 
was established with the 
specific brief of looking at 
the problems created by these 
two sets of influences. This may 
seem like au unnecessarily 
limited remit. Most nT : the 
problems associated .with land 
ownership in Scotland cannot 
be laid at the doors of 
foreigners or institutions but 
of indigenous landowners who 
still 'retain control over the 
vast majority of Scotland's 
acres. 

The Scottish National Party 
has, predictably, seized upon 
the foreign buying of land as a 
major issue. Though they 
eschew land nationalisation 
their land policy is by far the 
most radical plank in their plat- 
form. A land commission, they 
envisage, would lake over all 
boldines over the vaguely 
defined family-size ” farm, and 
this surplus of land would then 
be resold to tenants or other 
would-be buyers. The Scottish 
Landowners' Federation has 
greeted this proposal : with 
horror. 


If a Scottish Assembly is 
"established as a result of the 
forthcoming referendum, soriie 
powers relating to land will fall 
within its ambit — Schedule 10 
of the Scotland Bill, listing 
devolved subjects. includes 
" Tenure and Management of 
Agricultural Land.” But even If 
a radical Assembly was to be 
elected, the likelihood of much 
happening under this heading is 
remote since the matter of com- 
pensation would still reside with 
Westminster. 

Indeed, the land question — 
given its high priority in 
Scottish political life and its 
low rating in the legislative 
priorities of Westminster gov- 
ernments— could provide an 
"a fly point of conflict in the 
relationship between the two 
bodies, if the Assembly plan is 
actually approved in the March 
referendum. 


Reform 



cqt, ?;c:3 







E* ■ 
H- * 




XT.. 

5 

SE-i- 


Supertor prestige office accommodation on 
four floors overlooking Aberdeen Harbour. 

- : New Lift. Close to city' centre. Covered 
multi-storey carpark at rear, as weH as own 
small Individual parking area. Building 
recently completely refurbished inside and out. 


"Sf 


iSasement 
-Ground Floor 
That Floor 
’^ocond Floor 
JTind Floor 
fourth Floor 


(Storage space only) 1147 sq. 
(Offices and toilets! 2105 sa. 
(Offices and toilets) 2270 sq- 
(Offices and toilets) 2270 sq. 
(Offices and toilets) 2270 sq. 
(Offices and toilets) 1 656 sq. 


ft. (1C£.55sq. m.l 
ft. (155.56 sq. m.) 
ft. (210.33 *q. m.) 
ft. (210.83 sq.m.) 
ft. (210.88 sq.m.) 
ft. <153.84 sq. m.l 


m. 


TOTAL AREA 


71,718 sq. ft.(10BS.63 sq. m.) 


-£»i£Fpf appointment to view and further 
details apply to:— 


The Secretary 
Aberdeen Harbour Board 
.16 Regent Quay 
ABERDEEN. AB9 1SS 
Aberdeen (0224) 52571 
Telex: 73324 



More immediately, there is 
the prospect of modest reform 
through the initiative of the 
Highlands and Islands Develop- 
ment Board. In the 13 years of 
the board's existence, there has 
been little to sustain the fears 
of Conservative MPs who 

alleged that it was " Marxist " in 
concept, when the Bill which 
established it was going through 
ih<‘ Huuse of Commons. On the 
oih*.*r hand, those who welcomed 
ii have been dismayed by its 
failure to challenge the power 
of Highland landowners. 

Now. however, under the 

chairmanship of Sir Kenneth 
Alexander, the board has sought 
additional powers from the Gov- 
ernment. whose response is cur- 
rently awaited, afler interested 
panics have been consulted. The 
board stre'ses that It is not 
ini crested in land nationalisa- 
tion. in doctrinal Terms, but 

only in land use. They arc. 

Therefore, seeking powers to tel! 
landowners That unless they 
show willingness tn put their 
land tn productive usn. it will 
he taken from them — by com- 
pulsory nurrhase if necessary. 

The spirit of the proposals h?< 
been welcomed by bodies such 


Fishing 


CONTINUED FROM 
PREVIOUS PAGE 

boats over 80 ft taking white 
fish. Mr. Siikin, however, says 
there can be no regional conces- 
sions. 

Mr. Jo Grimond, Liberal MP 
for Orkney and Shetland, has 
warned Mr. Siikin ihat if he 
settled for exclusive rights up to 
i” miles and the dominant share 
of the quotas up to 50 miles he 
would cause considerable 
dismay in the industry. He 
points out that in the islands 
there is no hinterland in which 
fishermen can obtain other 
work, except of a temporary 
nature, possibly connected with 
oil. He warns that such islands 
as Whalsay and Skerries would 
face total disaster if anything 
happened to the fishing in- 
dustry. 

The Shetland fishing fleet' is 
hased on Whalsay, once des- 
cribed as the richest island in 
Britain, it relies 100 per cent on 
fishing. Its purse netters arc 
fishing for mackerel off Corn- 
wall. With a new purse netter 
due to arrive at the end of this 
month and another on order for 
next year there are fears among 
the .older generation of fisher- 
men that the younger crews, 
who are having to borrow 
heavilv to finance these boats, 
are taking a great risk. 


as the National Farmers Union 
and the major political parties, 
though opinion is divided over 
the compulsory purchase aspect. 
Critics on the left think that 
there are too many “ warning ” 
stages before compulsory pur- 
chase becomes a possibility: on 
the right there is blanket oppo- 
sition tn the very Indus: n of 
the words compulsory purchase. 

The statistics on land use in 
Scotland are striking. Grouse 
moors cover about 3m ocres of 
Scotland with an average annual 
yield of just one brace per 10 
acres. Due to decline in stan- 
dards of management. grouse 
moors are loss productive today 
than they were at the beginning 
of thp century. Red deer graze 
over 5.6m acres, which yield an 
average of less than »nr nnund 
of meat per acre each year. 

While it is not disomed that 
much of the moor and hill land 
could not he adaDtert to any 
other agricultural purpose, it it 
the view of the landowners’ 
cr it[cs — including the Highlands 
and Islands Development Boird 
— that much more T.and could he 
hreucht into productive ure. 
The Zuckerman Report tn the 
House of Commons, back in 
1057. suggested that there were 
100.000 acres of reclaimable 
land in the Highlands alone, 
while the Highlands Advisory 
Panel stated in 1064 that “this 
greatly underestimated the 
possibilities in view of the con- 
siderable developments in tech- 
niques in recent years.” 

Since then the trend on the 
big estates has been for more 
and more land to go out of pro- 
ductive use. A recent study by 
the head of the land division at 
the HIDE. Mr. John Bryden. 
suggested that “ it seems 
possible that up to 100.000 acres 
of rough and hill grazings could 
be improved in Argyll alone. - ’ It 
is against this background that 
ihe HTDB can credibly stress 
that it »s concerned with land 
ure rather than the theory *if 
ownership. 



23 



The only previous legislation 
on Scottish land during the life 
of the present Government was 
the Crofting Reform Act of 1976 
in which provision was made for 
crofters to be able to buy their 
few acres of in bye land. It is a 
right which very few of them 
have exercised — not surpris- 
ingly. in view oF the very favour- 
able status enjoyed by crofters 
who pay only a few pounds per 
year in rent. 

Most of the 2m acres of the 
Highlands and Islands which are 
under crofting tenure — the pro- 
duct of legislation In the 1880s 
passed In response to land agita- 
tion — are made up of rough, 
common grazing. This land is 
not subject to the proposals put 
forward by the HTDB, and no 
satisfactory plan of action has 
yet emerged for the regenera- 
tion of crofting which, by and 
large, means part-time fanning 
on marginal land in areas of_ 
high transport costs. 

There is continuing pressure 
within the Labour Party for 
crofting land to he taken into 
public ownership. This could be 
achieved relatively cheaply, 
since the fact that crofting land- 
lords enjoy strictly limited 
rights over the land is reflected 
in the low market value of croft- 
ing estates. 

For all the chances that are 
talcing place, landowners re- 
main tremendously powerful 
people in- social terms. History 
has left Scotland with a gro- 
tesque maldistribution of land 
which, if she was an independ- 
ent country, would disqualify 
her from economic support from 
the World Bank. Until there are 
some steps taken towards right- 
ing this imbalance, the land- 
owners can expect little public 
support in their protests over 
taxation, foreigners, institutions 
or anvthing else. The image 
that they have huitt for them- 
seivec over a couple of centuries 
wiH take a few more years at 
least to break down. 

Brian Wilson 


ANDERSTON QUAY - GLASGOW 
TO LET 

New prestige showroom/office and warehouse development: 
near city centre/MB motorway; ample parking; immediate entry 

SHAWFIELD ESTATE - RUTH ERG LEN, GLASGOW 
TO LET 

last 2 remaining units of 7,742 sq. ft.; ample parking: immediate entry 

AS TRADING ESTATE - GLASGOW 
TO LET 

Phase I of the development fully pre-let, phase 2 units available 
from 3/5/10,000 sq. ft. summer of 1979 

BELLEKNOWES - INVERKEITH1NG, FIFE 
TO LET 

New.industrlal/warehouse units from 3,500 sq. ft. to 21,000 sq. ft. 





Kenneth Ryden and Partners • 

CHARTERED SURVEYORS ^ v^r /'f 

Edinburgh EH2 ief 031-225 6612T 

Glasgow G2 ids s,reet 



Then ex 



FULLER PEISER offf a complete 
property service to. industry and ^ 
conmwrce tHroiigfmit the United 
Kingdmn and. Western Europe 



Mdum jnd .Vjtt, nl foiLc-ii* .urj Oniwr. rn.Ti 
[Ycfvriji R/mufi Sun own. / Y.uu & L« fciwr s l.'itaf. 

jnuanvvii.'Hivnii^cHAl / V?vi'r*ir.-.«r 

C<«UHA»(im trn" I'l'pTfV :Mw Ijv r» 


Slump 


When the Shetland fleet go to 
their traditional white fish 
grounds they find them over- 
crowded with deep sea trawlers 
forced to fish nearer home 
because they have been driven 
out of Iceland and given only a 
meagre quota from the Faroes. 
Up tiil the end of September 
the white fish catch had slumped 
by 40.000 ewts and the returns 
at £2. 4m were down by almost 
£0.5m. 

Fish processors in Shetland 
are also facing problems. One 
factory in Yell has already 
closed while Whalsay Fish 
Processors Limited, has over the 
past few years gone from 
strength to strength. With the 
instailation of highly 
sophisticated freezing and 
packaging equipment, it is now 
looking to provide a leading 
supermarket chain in England 
with prepacked frozen fish. 

The current plight of the 
industry can be summed up in 
the words of Mr. Charles Meek, 
chairman of the White Fish 
Authority: “ It is clear a great 
many fishermen have done 
exceedingly well in the past year 
but it is to be hoped this success 
will not be allowed to mask the 
realities of imperilled stocks, 
dangerously high prices and a 
fundamental Jack of control over 
British resources to. which our 
Community partners have equal 
access.” . 

While the politicians are dilly 
dallying the fishing industry, 
particularly in Scotland, is 
crumbling away. . 

Leslie Able 



If your company is currently operating in 
Scotland, or has plans to extend operations 
there, you should know that Midland Bank has a 
branch in the heart of Edinburgh's financial district. 

Regional Manager ian Macleod heads a 
.business team there which includes an 
Internationa I. Finance Executive, Derek Livesey, 
with special knowledge of the needs of multi- 
national companies. 

His business team can Introduce you to 
other companies in Midland Bank Group, whose 
services include: facilities for term loans, leasing, 
merchant banking, international insurance broking 
and advisory services, international and export 
finance, project finance, equity capita! for growth 
companies, hire-purchase, travel, factoring, 
investment management and trust services. 

It’s time your busines: 


, .**V. 


For large companies, and those involved in 
substantial projects, ian Macleod’s direct links 
with Midland's Corporate Finance Division can 
make available a select team to work directly 

with the company, making 
the best possible use of 
■ihe. wide range of Group 
services.-Mr Macleod also 
has links with the Midland 
Bank Group Oil Adviser 
and his team. 

One call to K.I. Macleod 
can make all this available 
to you. 

Midland Bank Limited 

116 George Street, Edinburgh EH 2 4LH 

Telephone: 031-225 9711. Telex: 72227 




Bank 


>rjFKr— 



HltCt- . Ifltiltli*!' i'll 




24 



Ferranti will open another factory 
and will create further jobs as part of its 
current expansion progr amm e in Scotland, 
keeping pace with the 25 % increase in 
output achieved last year by the Company's 
Scottish Group. 

In the military field the Group will 
continue to supply radar, inertial navigation, 
display and laser equipment for British, 
European and American military aircraft. 
The Group's technology will also be applied 
in industrial fields with products as diverse 
as microwave links, inspection equipment, 
electronic components and fuel dispensing 
systems. Computer graphics applications 
will expand and the North Sea oil fields will 
increasingly use Ferranti Scotland 
technology for exploration and production. 

Confidence, commitment, steady 
growth.That's Ferranti Scotland today. 

TiTifjVoirs ATvmrr 


Tenanti Limited, Ferry F.oad, Edinburgh EK5 2XS 


scowo 2 /ns[rll] 











We’re used to it 


Problems in en 






AT FIRST SIGHT Scotland's 
engineering industries appear to 
be staging a slight recovery 
from the slump at the end of 
last year. Industrial production 
figures for the first quarter of 
this year compared to the last 
quarter of 1977 were up by four 
per cent — double the UK 
increase. 

But the impression given by 
official statistics hardly corres- 
ponds to that given by the 
constant news of closures and 
lay-offs which has beer trickling 
out throughout the year. In fact 
if we discount the fourth 
quarter of last year, when the 
production index fell to 97 
11970=100), we see that the 
new figure of 101 was the lowest 
since the summer of 1973. 

As is often the case, the 
official figures give a misleading 
impression of the state of 
health of engineering in Scot- 
land. Not only are they consid- 
erably in arrears, but they group 
together very different activities 
with widely diverse experiences. 
On closer examination, much of 
»he apnarent revival is due to 
the continued growth of elec- 
tronics and the slight recotrery 
nf shipbuilding from its very 
!n>v level last autumn < although 
'=hrpbuilli!n , ; is lumped together 
with vehirle buildins. so it is 
impossible to set a clear picture 
'■«f what is happenins in either 
industry}. 

The picture throughout this 
year has been eloomy. with very 
few bright spots to relieve the 
erey. Perhaps the only encour- 
arine thing one can say about 
engineering in general, is that 
the Scottish economy is relying 
Ie«? and less on it. Recent 
studies have indicatptf that it 
has been displaced from its once 
central position and that the 
pconomv is far more diverse 
than had been imagined. 

A number of important Scot- 
tish companies have announced 
substantial reduction* in their 
labour forces or the prospects 
| of reduction. They include 
Hnover. which announced plans 
to dose its smallest plant at 
Hamilton and warned that the 
continuing low level of demand 
for domestic electrical goods 
could mean that redundancies 
ore necessary among the total 

3.500 workforce. Sunbeam, an- 
other electrical goods manufac- 
turer. said that it might have 
?o close its plant at East 
Kilbridgp unless productivity 
was increased. More recently. 
Massey-Ferguson said that it 
had plans to shed 1 ono of the 

1.500 jobs at its Kilmarnock 
combine harvester factory as 
part of its programme to reduce 
losses across the world, and 


Singer, which proposed the loss future. But as the alternative 
of 2300 jobs at its Clydebank to some general agreement is 
plants over the next few years, the collapse of toe British power 
Singer is an illustration of a plant Industry, it seems unlikely 
situation which is occurring that some form of understand- 
again and again in Scottish ir.g will not be reached, 
industrv. The company actually The Scottish Development 
wants to spend £8m in new Agency has also been active 
investment at Clydebank, but on during the past year, an d am ong 
a much slimmer operation. It its most significant investments 
will introduce new models of was the £3.5m secured loan, 
sewing machine to help it take towards Caledonian Airways 
on competition from Japan, but £Sm e ngin e overhaul centre, to 
wants to chase out production be built dose to Prestwick' 
of industrial machines and Airport When it is complete,, 
needles. the factory will employ 250 

The workforce, with financial and be among the most 
assistance from the Government advanced of its kind in the 
via the Scottish Development world, catering for the General 
Agency. commissioned PA Electric CF6 Turbofan engine. 
Management Consultants to pre- 


These improvements . .will 
have to be maintained ..if the 
plaint is to win the confidence of 
its new owners, Feiigedf-Cttrpen. 
Its long term future -depends 
not only on good industrial Il- 
lations, but .also on the sinless 
of the Sunbeam -small 
launched intihFvEuippeF'lhis' 
summer— and the development 
of a new medium car to replace; 
the eight-year-old Avdhger. . - 


•' for^evenwee^'I^jr uwcfcinSfs' 
strikers /ated • esfjrefienckig 7 ;^) 
increase Tli prednciB^^acd:' 'a 
dramatm -felt: i*:the\lOTeI.>if -. 
: ahseitt^sm;;Bott! J are®:reSE[|-. 

tirg Arrangements • .w&icaFwe - 
‘-'negotiated b^ore-tij&sfr^e/but 


■td^zovs .thraisdves^v A 


pare a strategy for retaining Cij/ippcc 
some <|f the industrial sewing ‘JULLCoo 


Steel investment 


The English have walked on us ever 
since we started making floor coverings over 
130 years ago. 

This treatment has helped make our 
name, Nairn, the U.K. brand leader in 
cushioned vinyl. (Six out of the top ten selling 
cushioned vinyl designs are ours). 

The future looks equally rosy. 

We’ve just brought out Naim Contrast, 
the first split-level cushioned vinyl floor 
covering. It’s proving very popular 

And come next April we’re opening up 
a new £14 million plant to help o ur supply 
curve match our demand curve. 1 


There’s every sign we’re 
going to be trodden on even more 
from now on. 


Naim Floors Limited, P.O. Box No. 1, Kirkcaldy KYI 2SB. 


AN ENCOURAGINGLY high minal at Hunterston on the furnaces, but the present low 
level of investment has been Ayrshire coast This jetty, the price of scrap has ruled them 
maintained this year in the largest in the UK, will from uncompetitive for the moment. 
Scottish steel and metals manu- next summer be capable of tak- BSC has also had to hold the 
factoring industry, despite the ing bulk carriers of up to cancellation of 500,000' tonnes of 
continued severe depression in 300,000 tons, unloading their new electric arc capacity at 
demand for most products. cargoes and railing them the Hunterston and Ravenscraig, 
The British Steel Corporation, 40 miles to Ravenscraig. until there is a market, and the 

by far the largest producer in Ttmn ba5 begn investment oft-aired dream of a major 
this sector m Scotland with 20 t0Q in BSC . s other Scottish integrated steel plant at the Ayr- 
worte employing 21,000 people. works which d(J not beIon tQ shire peninsula has now faded 
continued major expansions Df the Scottish division. At the 11310 1116 dlrn misis of at least 
liquid steel production, tubes Clydesdale and Imperial tube next decade, if not the 
manufacture and foundry works of Tubes Division 19 j» s - 

fa S Ue ? , j , about £45ra has been invested corporation faces two 

Private foundries completed ^ almost doubling output of major problems in Scotland 
a string of developments seam j ess casing tube for oil over ^ e coming yean to begin 
financed over the past three weU L g to reduce its losses in line with 

years by the Government's BS c has consistently won the national BSC target of 
successful ferrous foundry over 90 per cent of all orders ™ bmt y to 1980. and to find a 
scheme, which has made pay- for Nortb Se a casing, with more “arket for its products which 
raents of over £6m in Scotland, t}, an 250.000 tonnes of Scottish- m 80011 sharply to expand as 
And British Aluminium, who produced casing now installed. new developments come on 
operate the three smelters at The expansion, involving a new st3 ?, a ? t ', 

Invergorden, Loehaber and Kin- electric arc furnace, has led to amly because of the Raven s- 
lochleven, are considering a BSC competing in markets as c F a, f seneme the Scottish divi- 
major expansion of aluminium far afield as Russia, China, the ® inn s of total BSC output 

production in Scotland and U.S.. and Middle East 18 se * 10 about II per 

expect to announce their con- The She ffi e id-based foundries i^ma/ns 
elusions next year. div i si „ n ai so has spent money L™ ttsh woSL Snsetmore 

■ B l C h ! Ve J hiS year bee r jn r?H 0t -f ad ' h recen * y b ^ Ur steel south of the border an” 
in the frustrating position of rated its modernised and ex- overseas to make mavim..™ 

having ,o finance heavy espen- panded Craigneuk foundry in "S£? c uae oMts SgSK 

diture on new low-cost equip- Wishaw. at a cost of £7.2m. new equipment - 

ment without having the plant In the iron-making sector the 

on stream to reduce costs. Mills Scottish Economic Planning 

Consequently, when the cor- . Department has to dateTmade 

ppration announces its hatf- But w jtile this development offers of assistance to talli ng 
yearly results next month the bas continued apace, the £6.356.132 to 28 foundries, in- 
Scottisb division, which lost deepening recession in demand eluding two BSC works - at 
£S3.2m last year after interest, j s causing major problems for Craigneuk and FullwoocL 
is still expected to 'be heavily the corporation’s Scottish mills. Although there remain some 
in the red. which are at present operating late offers still to be taken up, 

But significant progress was at just 50-60 per cent of capa- it is already clear that the Scot- 

made this year towards getting city. tish foundry industry has under- 

lie vital new plant on stream. The hot and cold rolled strip gone a substantial modernise- 
The £230m programme to which is a main product from firm under the Government’s 
double liquid steel output from Ravenscraig and its associated scheme which must improve its 
the main Scottish works at Gartcosh mill goes largely to ability to compete with the rest 
Ravenscraig to 3.2m tons is now the car and consumer durable of the country in such vital 
more than two-thirds complete, markets. Even the pick-up in markets as the motor industry 
While capacity just now is car demand this year has proved and hydraulic valve industry 
still much the same as before, insufficient to boost output British Aluminium’s study of 
at around 1.5ra tons, this is ex- significantly. possible developments at their 

pected to rapidly increase next Another staple Scottish pro- Scottish smelters stem . from 
year and again in 1980. The duct is plates for shipbuilding, the fact that primary capacity " 
installation of some of the most Although the Scottish division in the UK is - still more than 
sophisticated equipment in the has been most successful— 150,000 tonnes short of domestic 
UK— 130-ton basic oxygen largely because of low pricing consumption. Demand .s rising 
steelmaking vessels producing — In winning the bulk of orders worldwide despite the recus'iom 
into continuous . casting for plates for offshore oil plat- and some sources of supply, par- 
machines— means that costs forms and other North Sea ticularly in the U.S-,. have be- 
should show a sizeable reduc- developments, it is still not come increasingly unreliable 
tion. enough to make up for the The main Invergorden smelt- 

By the end of the year, too, heavy decline in demand from ers, with an annual rapacity of 
the Scottish division will have the shipyards, which can only 100.000 tonnes and opened lest 
completed the phasing out got worse. than 10 years ago, relies for its 

the older costly open-hearth The two direct reduction profitability on 200 megawatts 
furnaces, the last one still in plants being built at a cost of a year of cheap electricity’ from 
operation, at Glenganiock, is £60m at Hunterston— the first in the South of Scotland Eiectri- 
due to close on December 23. the UK — arc to be mothballed city Board. Any potential expan- 
Linked with this strategy to when completed in mid-1979. sion would have to be linked to 
concentrate bulk steel produo- They were intended to produce a similar agreement 
tion at Ravenscraig is BSCs 800.000 tonnes a year of iron Thnmtn*. 

£100m deepwater iron ore tei> pellets as feed for electric arc l^ewis inorntOO 






-J: ■ 


machine production and has now Another SD A- aided company, 
put this to the management, but stonefield Vehicles, in which the 
at the time of writing the man- Agency has a 75 per cent stakes 
age ment has yet to respond. recently launched a sales drive 
The combination of new j n Far East to promote its 
investment and reductions in four-wheel-drive rough terrain 
the workforce is not unique to trucks. The company, which 
Ssneer. National Cash Register employs 150 people, has . been, 
at Dundee has faced similar j n production onlv since the 
problems of having to re-equip spring, but has already sold 40 
to meet technological change vehicles worth £500.000. Ita 
and increased competition, success, and that of another 
while reducing drastically its relatively snxau Scottish pro- 
labour requirements and in the ducer, Volvo Trucks f Groat 
few rescues that nave taken Britain), is in contrast to- the 
place of collapsed companies a very mixed year that the; two. 
similar drop in employment has ma jor companies in the fi eld, 
occurred. Neptune Inter- Chrysler and British Ley land; 
national, of Atlanta, for ex- have had over the past year. .'..V 
amp 1 *, took over the collapsed Volvo, known until last montli 
Glenfield and Kennedy works at as Ailsa Trucks, but now 
Kilmarnock at the end of last trading under its parent eom^ 
year to the great relief of the pany's name, has steadily fin-' 
town, which feared the total loss creased its output of buses and 
of one of its biggest employers, lorries and is aiming next year 

for an output of 1.300 vehicle^. . 
Prnmof iIr - Steig-Anne Olsson, mahag-. 

A lUJcLt ing director of the Irvine4)ased 

company, said at the opening 
There have, however, been ^ the Motor Show that safe 
some items of good news. Bab- nest vear cou id top £100m— ft > 
cock and Wilcox, which last higher figure than that expected 
year expressed grave un- f 0r Volvo m its home country 

certainty over.th.? future of its 0 f Sweden. ’ > 

Renfrew plant, now— after the Chryslcr's Linwood plant,: 
Government’s decision to bring which manufactures Sunbeam 
forward the Drax B power an d Avenger cars, and Rritish : 
station order— feels sufficiently Leyland's Bathgate truck and 
confident to plan a £70m recon- tractor factories, were both hit 
struction of the site, malting it by lengthy and damaging “ 
one of the most modern and strikes this year whirit jn both 
efficient boiler making plants in cases seriously threatened - their, 
the world.- futures. 

The final go-ahead for the In Chrysler’s case, the end 
plan depends on an agreement of the five-week stoppage., of. 
with the Government and the paint shop workers, seems to 
electricity supply industry on have been an opportunity ’for 
the timing of new power station a fresh start to industrial rela- 
orrfers *hn»ugh the 1980$ and tions and productivity, vriiich 
1990s. There have been differ- had slumped badly in the "first 
ences between the power station half of the year, has been 
nlant industry and the Central higher, on some occasions reach- 
Eleciricitr Generating Board ing 90 per cent of targets— 
over The Drax contract and will little short of the plant’s pro- 
doubtless be more in the ductivrty record. 


*** ri 




am 






Aberdeefh the centreof Scotland* s most pfospesrous l- 
and growing Regran.^hfr cdf-shbraoil ertv; ‘i Britain in 
Bloom" city, university: e n c£ cat bedraljcity, : <s}not only-' v' 
an attractive; placfi/ih whfch to. live but offers exceBent .; 
prospects for new a ndl 'expanding ! 


which is situated just .-two^ihl f os sqotiijrf; the ^ centre tl-i - 
of Aberdeen^ arid-Ji Within eas^ ;acces^Of lab>:Vi3ad/raiI ? ^ 
and harbour facilities^ Site^ara Msed t^4tie way iv- 
Registetable Lease for penodstctf 99;ye8rs whh .tbe ; ^ y- : 


possibility of extensions.^ Main Stte'SetyfelnStiS " ’i" 

completed^ ’ •• f 1 -; " 


For tufl mfonnation reganBns-leMfoaitcirms etc. tarfta J."K_v i"; j'. 
SMITH. Dircctorof Law and Arfma^MtiotCBrartt Hoos«. Al«hJo*t» . : r;r ; 
AB9 1 AGL : . % ' 

• : .i-r~ ■■ 1':. T'A'- 'A V • TIT ■*: ■. ;* v>-^ t . 


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The Prestwick CircuttsGroup, :: : :■ . T : »;■ 
dedicatecl^o keeping ;.S^!iihiEL I _.T : i.. , 'K 
In the forefronti)T the electronics industry ■; 


Prestwid<;Cir6uits Ltd. 

Mosshill Industrial Estate, Ayr, Ayrshire KA6 6BE 
Telephone 0292 8T831 Telex 7795B3 '' 


.- S UP PLl ERS OF -SCOTTISH MAD E, 

"Duality 

UNITED KINGOOM CATER TRADE ' 


• -.v-lfv-r- - 


BOTHW^L 

HAM lETONv ; Te!^^ St\> 0693^283959^ 


■ . " " AJ&NdE; : - 7 

' - Gateaux, r 77- " i £ ” - ’ 

: 7 Profiteroles K '■ ••!'? . -■ 




A-sulKfdiar y of Thom^Aufd&^Sons Mfc GREEN0CM: ;■ 


^31 


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Monday 5Toy«nBer.27.1978 


■c*. 




the law’s 



f The increasing volume of product 
safety legislation provides imitators 
with an important advantage ... to 
the detriment of innovations 


t ' 

4 _ - * . 


- . _2 


’j .r*rt- 


t f > 




BY A. H. HERMANN, Legal Correspondent 

**?*■•? ^ and ^ protecdng industnaJ I n the second case, concernin'* But the increasing volume of jected to a series of controlled 

^uaiujc are ipmg to , devise and business secrets, ^enabling a dispute between Contrufarm prod ul-i safely legislation pro- tests yielding verified -results 

measure* vviuin would reduce those w bo would or . could nnt and American Home Products, vides imitators with an 1m- capable of satisfying the appro v- 

i- ? wmch rely on a patent to bring a new the possibility was opened up portant advantage which further ing authority, 

pruauct-aaiety legislation has on product to the market well for the importer to repack the reinforces the change in the Approval can take two forms. 
Mftttvanon.- ahead of imitators. trade-marked product under a economic climate to Lhc detri- Either, as is often the case with 

'Long and costly tests necessary Recent legal' developments different trade mark used by rhe ment of innovation. The safety new building materials or 

ftf order tu obtain an official have -put a brake "on the pace uf s»ame manufacturer in the of drugs legislation has been chemic als used in agriculture 

certificate of safety for an innovation. They include the country of importation. for a long time a feature nf all or industry, a general authorisa- 

^Ver-lucreasing range of gradual erosion of the patent Product liability legislation if civilised legal systems. But the lion will apply to the new 
Ttfudui'ts reinforce tendencies system by the ease with which enacted as proposed by thu time and outlay required for material and anybody may start 
iinfminble to innovation chemical or electronic innova- European Coinmisriun, would the completion of biological and making it or selling it without 

which have been apparent, for tions can be modified. Co enable make innovation very risky by clinical tests to satisfy health having to go through the long 

some time, in modern industrial those with money for litigation making innovators responsible authorities i* constantly increas- and costly process preceding an 

societies. to frighten off the genuine, but — - ■■ ■ . . 

To a certain extent this is the financially weak inventor. The 
inevitable price for eliminating restrictions of patent licensing 
aS lay. as possible the. dangers already put .into effect by the 
associated... with. . technological EEC Commission, or proposed 
progress and mass production by the Commission and by lhc 
methods.' It is. another question developing countries, further 
whether it- i-T really necessary dimmish the rewards of innova- 
desirable for -these tors. 

measures to bring imitators as The limitations to which EEC 
great , an ; advantage over law subjects the use of trade 
innovators as they do at present, marks is well known. ' One can 

Moreover, the burden placed sympathise with efforts to slop — : 

■ upon innovators reinforces the abuse of trade marks for for defects of products which iny. Expensive and time-con- authorisation. Or. the approval 

ntfioir tendencies militating brainwashing consumers by could not be foreseen or sum ing tests are also required will apply only to the specific 

: against them that have become means of concentrated dueled at the time the product before obtaining approval for product of the enterprise a pply- 
apparepi in modem industrial advertising. It is also justifiable was pl ac <?d on the market. In insecticides and aJI sorts of ing for it so that others wishing 
societies. —once one accepts the.-desira- October the European Parlia- plant protection products — and to market an imitation will have 

' hility of a 'common market in ni «nt returned the proposed quite rightly so, as these can to apply again. In both cases 

Europe— to oppose the use of directive to its Legal Affairs be even more dangerous lo the imitator will start with the 
J iUiCtllUll trade marks for the cordoning- Committee, which had earlier human health and environment tremendous advantage nf having 

The history of the past 100 off of national markets intended rejected it hy a vote of 33 to 12. than medicines. Numerous by-passed interna! development 

wars has boon larqelv 10 Protect higher price levels in One of the many objections other chemical, electrical and costs and will be betting on a 

one of incessant innova- one ineraber country. against the draft is that it would radiation products have to be probable winner, in the first 

lion, first in the mechanical and It is. however not widely inlr *' dure nn-fautt liability for proved sure hefore their market- case he will be spared the need 
□ieeincal industries and later in known that the two latest trade ncw, - v developed products and ing is allowed. The same applies to prove the safety of the new 
the chemical and electronic in- niark decisions of the European lhus increase the risks con- to new types nf motor cars and material altogether. In the 
jus tries. During the 'Tcater Court allowing under certain nocted with innovation. In this other automotive machines and second he Will at least benefit 

part of this period innovators conditions, the repacking »f connection, one can ask whether to building materials. directly or indirectly rrnra the 

were protected and encouraged, trade-marked products by tdL ‘ public inrerest in innovation The development of products tests “S' . which the innovator 

lij Jaws designed to. ensure that dealers not authorised to do so should not be reflected in a which arc subject to preventive P roved his product, 

the lime and expense needed to by the manufacturer, provide a P l| Mie responsibility for sa f C (y regulations has to take Where the authorisation eon- 
ifevelop a new product could be legal mantle under which dis- damages exceeding a certain into account not only lechno- ceres the application of a cer- 

recouped with profit, provided honest operators could sell Percentage of the innovator’s laical a nd commercial require- tain material or standard raech- 

ifce market approved of the imitation products under the turnover. nu-nts but also the legal require- ameal device, for example in 

piwtucr. The leeal machinery trade-mark owner's label. The The increasing restrictions on ments and standards of all building construction, it is 

Serving this end consisted of first decision taken in the the use nf patent and trade mark countries where it is hoped to usually of the firsr type, open to 

n&;cnt, mpy right, and industrial dispute between Hoffman-La rights and the erosion nf copy- sell the product. But that is everybody. The only possibility 

dfesign laws protecting inventors Roche and Cenrrofarm makes it right by new reproduction not the rnd of the *>tnry. Once open to the innovator is to try 

?itd creative anises: oC trade possible Eor an importer to re- devices diminish the advantages development has been com- to salvage as much as he can of 

:4ark laws protecting those who pack a trade-marked product so far enjoyed by. innovators, pleted and the pniduct tested the advantage of having been 

t4»»k the trouble to market goods and to sell it tinder a label and a stricter product liability and approved within an enter- first by means of trade mark 

pf a quality worth remembering: bearing the original trade mark, imposes new burdens on them, prise, it will have to be sub- rights. This will be of little 



avail if the imitators are either 
financially stronger or have a 
better distribution network, so 
that they can beat a trade mark 
which is backed by adequate 
advertising and promotion and 
has only the dubious advantage 
of having appeared a few 
months earlier. 

If the imitator has to obtain 
approval for his own product, as 
is mostly the case with pharma- 
ceuticals, insecticides, electrical 
devices and other complex pro- 
ducts, the- approving authority 
will approach his application 
with the knowledge that a pro- 
duct of this type can be 
harmless. Depending on the 
possibilities of variations intro- 
duced by design or in the coarse 
of the production process, it will 
require only supplementary 
tests or none at all. The benefit 
of the knowledge which cost the 
innovator much time, effort 
and money will be obtained by 
the imitator free of charge. 
There is. however, no chance 
that imitator could be made to 
pay compensation on the 
grounds of *' unjust enrich- 
ment” He did not receive 
anything, in the legal meaning 
of that word: he was merely 
saved further expense and loss 
of time. 


Hopeful 


The position of the Innovator 
seems, in theory at least, some- 
what more hopeful when the 
authorisation or certification of 
the product leads to publication 
of knowledge acquired during 
the development or testing pro- 
cess. or if such knowledge is 
imparted by the authority to 
imitators in the course oE pro- 
cessing their applications. It 
seems rather doubtful that an 
enforcement of confidentiality 
would be uf great practical 
value, even in countries which 
recognise that government agen- 
cies may use confidential infor- 
mation only for rhe purpose for 


which it was obtained. Eut 
there could be a claim against 
the imitator using knowledge 
concerning a patentable pro- 
duct. if courts follow the 
reasoning of the German Con- 
stitutional Court. This decided 
in 137 1 that such knowledge 
was intellectual property and as 
such guaranteed protection by 
the German Fundamental Law. 

Compensate 

The recognition that know- 
ledge acquired during the de- 
velopment and testing of a new 
product is intellectual property 
deserving protection also under- 
lies the U.S. Drug Regulation 
Reform Bill (1378). This would 
provide that the testing data 
should be made accessible to all 
legitimately interested parties — 
for example consumer organisa- 
tions — bur would compensate 
the innovator by prohibiting 
commercial exploitation of such 
information for a period of five 
years. 

An attempt to protect the in- 
novator was made in the U.S. in 
1975 by the Amendment of the 
Federal Insecticide, Fungicide 
and Rodentcide Act. It provides 
that the approving authority 
may use the data obtained from 
an earlier applicant only if the 
later applicant can show that he 
has obtained permission from 
the first, or at least has offered 
him reasonable compensation. 
This provision seems to have 
met with difficulties of appli- 
cation and a number of legisla- 
tive proposals to improve it are 
now being considered in the U.S. 

All these proposals would re- 
quire each applicant to prove 
the safety of his product by his 
own teats. The innovator who 
has obtained a previous safety 
approval for his product would 
he protected for a period — pro- 
posed variously to he between 
seven and ten years — during 
which the si riel ness of the pro- 


tection would be gradually re- 
duced. In the first phase, the 
innovator would be guaranteed 
the exclusive use of his test 
results and later applicants 
could benefit only after obtain- 
ing permission from him. In 
the second phase, tlie later appli- 
cants could be accorded the 
benefit of the knowledge gained 
by the authority from the first 
applicant in a procedure not 
unlike the granting of a compul- 
sory licence. In other words, a 
period of absolute protection 
would be followed by a second 
period in which the imitators 
could benefit from the work oE 
the innovator on condition that 
they paid him a Jump sum or a 
royalty determined in much the 
same way as in the case of a 
compulsory licence for the ex- 
ploitation of a patenL 

-A similar solution is con- 
sidered to be desirable by the 

majority of EEC member stares 
in connection with the- proposed 
amendment nf the 1967 EEC 
directive on the grading, pack- 
ing and marking of dangerous 
substances. Under this proposal, 
a later applicant could use the 
data submitted by an earlier 
applicant only with the approval 
of the latter. 

It remains rn be seen whether 
these ideas will be liven wider 
a ever' «nce. The need for some 
balancing of the disadvantages 
which innovators now suffer 
should be seen as one of the im- 
portant problems of European 
industrial policy. 

The discussion now. centred on 
product liability and the future 
of patents and trademarks ought 
to be widened to embrace also 
The consequences of preventive 
control of product safety. 
Though it certainly would not bo 
an easy ta?k. it does not seem 
altogether impossible to ensure 
that measures designed to en- 
sure product safety or to protect 
competition do not militate 
against innovation. 




Letters to the Editor 


■ -vj • 


■Inflation and 



incomes 

From ~Frofe&sor D. Johnson 
Sir,— -it is with' some 
se »£ n»|. ?rr _ \ action that I reply in a 

manner to my friend 4Qd 
le^ju ft Professor Bajiil jtfoore 
,'j\j5v. loi. One heed" nor how- 
trvSf. substitute-., good manners 
! foSta friendly ciash of ideas. « 

' gro lessor Moore proposes the , tor pay 
intention of mta policy fmm ^ (3mirman 
simultaneously will) appropriate Creamline Dairies 


have a higher unemployment kept a strict control oE the .It is stated that current arc aL a financial disadvantage as 
rale than if it was eliminated. money supply and discontinued reversionary bonus rates have compared to their overseas com 

Dudley W. Johnson. the practice uf subsidising been projected Forward in the pernors. 

(Professor of Business sinkers' families it would then case of the -5-year endowments. In addition. Lord McCIuskey 

Economics. University of - - be possible for individuals or There is to niy knowledge no claimed that **ll is usual to find 

Washington and Sir John Cass, croups nf workers, who thought major life assurance company, that the purchaser abroad has to 




ijpm 

I we-* 


A policy 



pal factors affecting the ncqntia- The percentage increase in bonus was questionable in that it 
lions would be the relative rales may well not match the ignored the fact that the United 
degree and scarcity of Die skills rate of inflation: but it is surely States and Switzerland i where 
or i he workers, and also ibe pros- pointless when comparing the VAT does not applvj constitute 
• perily of the individual firms or real costs of mortgages under bv far the raosi imp'urtant export 
industries involved. For example, the different methods available markets for works of art 
, skilled joiners id a depressed (n, on ihe one hand, discount George J Levy 
. building industry might gel less for an annua! rate of inflation H . Blairmtm and Sms 
than semi-skilled workers in a and, on the olher band, ignore ijg Mount Street \Y 1 
.prosperous computer factory, but the corresponding accretion -in 


jnooet3ry-fiseal : policy to cj 1 .__r„ rrpn1 i v prosperous computer zacrory. out the corresponding accretion -in 

*lfi4te inflation. He JSflSS" ^ ?SS^XtSS5S^JSS tffi 

bj^feves in what I call the merit* i or otherwise J*" Some might argue that a mini- the current bonus rates will 
“ i®0ve cost (wage) -posh ^SSvSk ™ wa * e ^ P°° rl - V increase. Or is this a case of 

, fbgjjry .of inflation: naive berause paid workers out of a job, but history is bunk? 

: Restitutes a description of. the ^trf^aSdth^cb^man sure * * iS is specious ' “ B.VW. 

priSes* of inflation for a causal the sSppimentarj ' taS£ ^ ,rados J G “ ,id/ord Road - ‘ 

ex 53a nation. He argues that it Commission has warned that the !L„f Aon ” flBdz/ * Svrrev - 

if is fceessary to find some way of » becoming « cu«p|l- 5y of beoefiL, " IfThere Lre * . 

.opwatiD? on the rate of wage hreaWne down ' d t f sound ^ e 1 as o n J__ for ^ s . s i stJ 3- cer- \ tflX Oil 


Road fund 
licence 


...» breaking down, 

inqtjtase directiy. According to it would seem Id me that these 


lain industries, then import 
duties or direct subsidies would 


Prdt Moore, the Government three problems might be miti- Abetter ai” cheaper than° U in- CUlfllFB 
shSid place “...a simple tax galfid hy the . iatroduction of a wlgJ WUUIC 

"L> oh.«uexeessive wage increases." sti ; tu J®P The policy outlined above Fr °’ n J' eL 'Ji 


From Mr. P. Unsworth 

Sir.-r-t am concerned that the 
proposed renewal of the road 
fund licence will probably have 
more of an effect on safety on the 
roads than it will . on the 
economies of motoring. 

Kenneth Gooding (November 
22 1 reports that between 7 per 

JErtaZirBoto rate for’all adult workers ‘(based ^ reduce * Si'K-May' fad'd to Mr. Hugh cent and 9 per cent of motorists 

taX ^f COm f ES J P ° on a 40-hour week) related to the hureaucracv cut Government Leggatt's timely strictures (Nov. were evading road fund licence 
he Integrated with retaU price index, and adequate expenditure.' improved e SgnUy 24) on the governmenl’s philis- pa>-mcnts. Therefore, between 
-T monetary aggregate of for all essentials such as food, WO rkcr and introduce a t«ne policy of imposing VAT on 91 per cent and 93 per cent or 

mqftetary policy. clothing and housing, etc- pius sense f realit jnt0 industria | works of art? us review our licence annually 

: . , . _ „ a further percentage to cover re i aUoTJS i t would al*o enable Lord McCluskey. the Solicitor arid ’ Ahen 50 doing are required 

; Suppose that most, if not all. reasonable luxuries. This would Jhe ^Government tocleariy estal^ General for Scotland, said in the t0 produce a current certificate 

businessmen in this country be reviewed periodically, but if , isfa ^ nationa , -guide lines - House of Lords debate t Nov. 21 1 ° r insurance and if the car i 

• 'tUCStcd States too) believe that attempts weru being made to jj V jjj e gxtent to which the mini- of the zero-rating of exports of raor * ' hr 5,®_ y * ars 0ld a 

inaction is produced in just the „L l ij Ur 1 ? nt ninm wage was adjusted, without works of art. “this relief pro- CU M5 nr JJL®T_f er H 1 ® c “l';' .. 

• wai described above. But this e ® m 5° t pr ,° f f. E u!*ff a J^rf Cd ninnI involvi ng itself in a rigid pay vides no incentive to a dealer t 

... wajg. ueMJTioeu auuyc. bui nece53ar fly be increased auto- dirpi-t ronfrontation tn sell a work or art to an over- tem plation offered to more than 

Jf fcpwcOBeepuon o the into- matica]l^ Unemploynient and who wished to bre^ seas b^yer since th? desert 9 out of 30 motorists not to renew 

tiowtry process resulting — 


. ^ process l«UIUilg nuui mla ucutui ouu-u 

theSailarv of composition. What tials only, and some of this could vtf.’S. Roe, 

« Sue fo' each Individual is f b ^ t g T r e J isc , J m .™“ 1 ^ ^ bu ° 

- - \ . malfc’ the opposite of what slgT1 ifi eai j t percentage of idlers 

taken an( j malinsercrs. teczes. umc s. 

Most of the bureaucratic, un- 


,is Jru6 for everybody 

' ■■ Tfunv given Unsinessmen .be ~ Ere d 'SLdMlSK ReVCrSiODary 
pressure on him to raise prices - in “social wage" could then 1_ 
to mes in the Cbnn of an increase be abolished but it would be 0OQUS6S 
in -wanes and costs. He believes necessary to retain and possibly 


--f-fr - 1 * • w va >UJU Luaw, ■ ui-truaa khv aw icluiu mwu ----- , «n w 

.Owt-he is forced to raise prices extend family allowances to cater From Mr. R. Miller tomera *”*■ “^ *" 

'-because of this. And he is for the differing needs of those Sir,— While in no way disputing b per cent VAT 

^ .iDScect! If the individual busl- with children. These would be Mr. Haberman’s mathematical the listed price. 


rpreints from surh a iali» are the thcir insuranc £ and not to have 

Vn 4l ed «dure of the annual checks of 
The fact is that for a dealer s j nsurai , p e an( j road worthiness 

^J P ^ t0 h5 8 iSKi h /ff P SiT introduced. This is essentia) 
?. a ™ to exclusive of VAT ^ ensure that motorists are 
liability. as indeed they insured and their vehicles are 
frequently are. For example, a roadworthy 
leading dealer in fine engravings Nowhere 'have I seen an* pro 
regularly prints the following in posuls from the Government 
his catalogues: English cus- regarding these aspects of the 
tomers will be required to pay removal of the road fund licence 
wtmt> i n ^ addition to Will they be forthcoming? 

Prints sold to I am worried. If these aspects 

'-.netsman deals with a union, he the same regardless of whether analysis (November IS) it does export customers are exempt are ignored road safety will 

' attribute this pressure to the individual was working or seem to me that one of his from this tax." There could be suffer. If not it is possible that 

Hi - union If there is no union, not. assumptions used in hts calcula- no clearer example of how col- we will need more than the 800 

• ’he«will attribute it to some other Provided that the Government tions is patently misleading. lectors in the United Kingdom people saved bv the proposal tu 

■’...'foie driving up wages. And operate an enforcement system 

. beJiiuae it is true for the indivi- T « " * j • I°J motor insurance and MOT 

■ ^r^rforceTU c zs Nuclear power in Austria '(%. 

^■.Prices, many therefore conclude . . , ......... 

“ ■ : -lb*‘ the overall level of prices From Sir. T. Proper. density, far exceeded in this it will prove) a blessing in dis- OnklewhRmd 

he increased in a continuons Sir.— Permit me to comment— case): it is situated in one of guise. Clayton, Brad/ortf. Yorfts. 

* ,.t miqiner by the same wage pres- as briefly as I can — on your two at Austria s earthquake For one thing, it will cause the : — 

. . tuT But this is fallacious. j" Ai.«TiU nuclear ?° De ? : both ^ aDd water flow Government to take steps, at last, ' 

•*' X L ^ ... report on Austria s nuciear 10 yjg wrone (easterly, Vienna- to ensure that energy saving I hPSin GTIPrffV 

-V monetary autbonties referendum (November i) which bound! direction. A lot of noted measures are put Into effect “F 

fefhsc to accommodate “8b has only jiist reached me. geologists, meteorologists, etc., therebv taking note of the TTC 

uage de mauds, aggregate wage while It is perfectly true that claim this was quite the worst severe censure incurred on that ID lilt U -O- 

tog"® gap a Seen^^SS ^ Many Se^sts and technicians Austria \^IT£iS3^ F ™ *!?■*_ 

. ZvJ ^Requirements and her Z 

■ Pnfie level. domestic energy supplies, there dorf . s S j S (e rs 0 [ the light much time on the score of its 

rfow. where does this leave any is no reason to assume that water |KWU) reactor type in unseemly- bias in favour of ?. n ° shortages in parts ; or the 

sort : nf incomes policy? An nuclear power would have West Germany worked to less nuclear power, whatever). u a - 0,1 aI3a P eiro1 markets ana 


quotes 


current 56J cents 



ian«? eash^ nothing will happen -further nuclear power plant- ine still. - and even the only one sources of power, both eonven- ^faiieMhan^oui^IrnDeria] gaMorT 
dirouRh an incomes polio- of any raw material comes from abroad, working had only, just been set tional and unconventional. . . iSilSrthPiM on ■ iir SS5 

snrfir Saving money in financial the enriching and re-processing going on the eve nf the referen- ^ fo r me need. to go on im- basis US Detrol is still about 

, doesn’t. count is done abroad, tbe vital parts. of ?- on port,ng - lar f e a " d -, increashl 5 haiPtho UK price, one-toinl of 

because that money is loaned pla.ut^ ^^supphed by , f °^ u n s f th , ^er^ps^evfo the German and Swiss, and about 

Eastern Europe (primarily the 
USSR and Poland) or from the 

aKJUI , 1USL „„„ developing countries (in our case is it too simple to sueqest that 

. ai^ - other monetarists are else willing to look after it. In ‘ ‘ ftn t . Iraq-. Iran. Libya, perhaps the agony of the dollar will 

nblirwfef' tn th^ nnmible short- fact, ihere have been no more I wilt not here dwell on the Algeria.) this at least has -the continue until gas -guzzling. 

^ 0 r rian^nnemnlciy- than hopeful noises about tbe P*} one y n ca ^ I ? tion ..gf; advantage of ensuring exports of energy -based and profligate 

^ anti-infla- latter. Apart from some of the allegedly 40.5 pxischen per kWh roughly equivalent quantities of America begins to pay the world 

«SLwi^ltel Seel, cement and various gad- for electricity from 2 wentendorf. (mostly) investment goods which ratefor perhaps itokey item? 
Q. ?*' unem- |e» the only thing about ata ^"***™™**™y countries Hke West Germany; No aSinSt of current ioSt 

m-* Bi^nrnn tine Austria’s nuclear power that, idea about the cost of final waste etc.. are f nr obvious reasons, tarv. fiscal or regulatory maninu- 

v-.r . Kking^Sone would have been Austrian would 1 {?* e _ 0 a ^°“| much less wUiing to take. The lation can correct Mrs major cost 

. , *‘* e asKiDg. soiuw v „,, n h a - n th» nsk ftf the whole enrichment costs or the cost of balance nf . nsvmpnts wilt not he ^icrAmnKi, 




what have been quite suosianuai. oo .tar irom proaucing .an ment and or continuing modest 

Zwentendorf is situated within economic or an energy disaster, growth win be that much easier. 

ItiSSSffmbe 25 raUes of Vienna (the VS, the result of the referendum may Theodnr Prager. 
bnS$B if fl s ronntn- alJow^ require 33 mites beyond popular prove (many of us, including a Vwaldipasse 3. 

Wy 6 tV' ajejj? it “wm tiw centres of a given area of lot.oC economists, are convinced 1100, Vienna.- 


ilnuc to he wide- of the mark. 
John M. Weiner. 

Manor Cottage. Oving, 
Whitchurch . Bucks. 


GENERAL 

Irish Prime Minister Mr. Jack 
Lynch arrives in London for talks 
with Mr. James Callaghan about 
European Monetary System. 

Mr. Denis Healey. Chancellor of 
the Exchequer, meets members 
of the Labour Parly's National 
Executive’s Economic and Inter- 
national Committees. 

Mr. Roy Jenkins, ' European 
Commission President, meets Pre- 
sident Giscard d'Esiaing in Paris 
to prepare for Brussels summit. 

Sir Terence Beckett. Ford’s 
chairman, is iold of Government 
sanction* for breach of pay code. 

-Mr. Elias Sarkis. Lebanese Pre- 
sident. arrives in Paris on three- 
day official visit. 

EEC Education and Social 
Affairs Councils meet in Brussels. 

Ciril and Puli' if Services Asso- 


Today’s Events 

ciation votes for 26 executive 
cauiiL-il seats. 

Newspaper Society technical 
conference and exhibition opens 
at Metropnle Exhibition Hall, 
Brighton (until November 3m. 

Sir Kenneth Cork. Lord Mayor 
of l^ondon. receive* Thai Foreign 
Minister: dines with Bakers’ Com- 
pany. Mansion House. 

Mr. Donald McHenry, the U.S. 
diplomat, arrives in Khartoum Tor 
Tour days, of talks. 

Symposium on Waste in Govern- 
ment Departments. Porchester 
Hail, London 

Peuol tankers drivers threaten 
strike in New Zealand. 

Birmingham Chamber of Indus- 
try and Commerce hold-, Middle 


East orient a i tor course (until 
December 1). 

HITS Schools Prom, ar Albert 
Hall (until November 2i*t. 

PAR LIAM F.NTAIIV BUSINESS 
House nf Commons: Debate on 
oil spillage. Opposed prhale 
business. 

COMPANY RESULTS 

Final dividends: Matthew Brown 
and Co. .1. H. Fenner and Co. 
(Holdings i„ Green coal Properties. 
Interim dividends:- -Chamheriain 
Phipps. Country Gentlemen’s 
Assoei.il ion. Properly and 
Kevis-ionafv Investment Corpora- 
tion. Sumrie Ctoihev Streeters 
of Godalming. Sulci* Electrical. 
Watson tK Kelvin i. Interim 
figures: S. and l\ Siores. 
COMPANY MEETINGS 
See Financial Diary on page 30. 



DEVOLUTIO: 




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Harris Queensway offer 
for sale to raise £7.75m 


THE expected offer Tor 

Harris Quecnswuy. the carpi’? and BOARD MEETINGS 
furniture retailing group. i> o! 

5m <hare* al 133p each, raisin:: T~ : ' A 'S 


“ attributable 10 property sales. The 
A Bin MpCTlIirG directors intend to pay a dividend 
* n6t 1 0 f 4.5p next May. If the company 

'.uixw.mti* baxv rioLii-.-: had l«en quoted for a full year 
. hoard im-ri^c w die Stark dividends would be 7.Sp per 


kSsTon dri/taw Yte vmp ™ uld be 7 ' Sp per 

wil; he Capitalized at £28 251)1. u ;<* f.»r ih.- jaunosr of oinsriiTms *iwi. *nare. , , 

Li ••. .•■»?•. '-itj-sai iodn.-iiiinn 5 ^t- wot avail- In terms or market .snare tne 

At the iscut- price Warn.- ; :n wr. :h».r divuKnds ar inkTims ctTOdp holds around 7 per Mint rff 

coming to the public nn j prosper- f,nn 3 -. ir .4 ro,- <.uh-div:<ion<: shavii .]„. L . arpill morkni and around 2 

tile P e for the year endinu on « !«• -:. b-m mim.. on M «wrs }ier CVR) jn furrlitun .. Eighl nev.- 
December 2-. of .i .j. excluflin - todat- L^-pei »liop« Mill be opened early 

Orftiits on asset oisposat* jnu • n micnm*:— 'Djmt<--riaiii pair-p-i ' iai.iir-.- jn 197ft and sis discount stores are 


a rill! tax chum*. The annualL>ed 
dividend offers a yield of 7.51 per k- .-r- r»«..r? 
cent and the underlying tiel as*'V *'■' ‘ 

value if equivalent lo ”^P - share. - u pinais": l-i' 

nr fnr- 5m .shares. 1m are nev . o.t i- 
and will raise II Jim for the lnIcriias: _ 
I'omoany. The rest are hvuu sold 
by Harris family interests. _ Buie.- hti-. 

The group via- «tari<rd hv -ts _ 

current chairman. Mr. Philip V. u '.i. * ■ > ^ 
Harris, at the act- of 15. * hen he , r. r , 
took over three shops run by his p, 
late father. Pw»- ! :n- i - 

In July 1377 Harr:-* Carnets. ;.v- >' 

it then wa*. toy's ihe major «’ep ^ 

of acquiring f hc loss making Finals':— _ 
Otieenswa Discount U'jirehou-e?. r -. 7- 
This marked iht- company* ijrsi ^ j.*r 
**xne"!once o f f urn t nni* an! look ’ 

it into "out of io-.m" retailin'-. _ . r . 

Oilmen sway has been subsiMiil* !■,■■■ ■!.- r- 
aijy reorganised -seven 
h.T. e bern e'l-i-i'd. 'he -fi-IT "'ll! 
rrf*Ti M .*0 lo soil. I*u- i-vl'.r-r' i -in _■ H-.O"” 
btid-.-er reduc’d r-nd ihe ranee of J ’ 


■I * ununaiion. I'nc rtv j:ic 
U-- jis-r»iwr? la'i-Mfiii-n: <;nrp.<rjtiui: 
*:r • . •*' Sn.!j!:r.na. \ii:a:7.<- -i.'-ti-’- 

*ii:-.r !-'■ ■ ■ rm-.if B. !• '•-■"i '.i'ji'ii-i 
F inals:— M; nil -w Um-.ni J. it t-nr- r 
•'ir-- i • 'i.i- I'rofiiTi 

FUTURE DATES 

Interims:— 


:"!■ :i>- j * 

■‘.■■lltal *•! 

L’v-ii'h :i" 
Finals;— 


i op«'riH ;ion 
!-•.- n: 

.li.-.j.-' 

K" ?.ii-- , r-l.S 


planned lo start trading nest 
year There are plans lo open h 
further two discount stores. 

The directors cons'der that the 
medium- and tonq-ierm prospects 
arc “ excellent." 

Thuusl) the la*t balance sht-et 
datei! June 1SJ7S. showed nel debi 
uf iJ.:5m again ?l shareholders' 
fund'j of nearly £4m. ihal nos:’ .on 
was brqely a result of debt 
inherited from Us acquisitions. £»>' 
the end of last October Harris had 
El .4ui of cash while bnrrnxnncsi 
were £2.7S.::‘».s 



' 




at 


■:?T' 




i- IN THE half-year to -Sepfeaaber 'T6xkrortf(5r the ita^ywr^keA. 
SO. 1978. Redffiusion lifted pre- £579,0«). againsl £434^00/ - 
tax profits from £7JSm to S8.09m 

on turnover ahead from £67;75m ' V ' 

l °Tte^ntcnTn dividend is peg-ed HUBiPfitlCS 
■ itO^Tapner. Last year dividends. ■ 

•'■ totalled 479Ip on pre-tfli pipflis : O/Y — 

of £17.45 m. - • ' v--: 

. = The half-year pre-tax profits ins--' k. : -. 

. dude share of associated. com= 1 .4- : ./J •• . ji 7. .r 1? ' 

- panies* profits of £1.45m» against ' . W TT1 f O' WiJMT--' - / 
SL.ISm. Minorities .are- ffl.WO ■-•. tit ilUU i 

VCgajW)' “d 

pany, which .is. controlled ' £ -by 
British Electric Traction Company, 

* w from 

3fle& 7.iaM . agaih^ ’£5 Jm. . -y- ■ - 

Tummrr ... — ' — .-'Y- scsw- sv.750 ; ,■ Profit . \*ias^‘strncfc after:' lower 
Trfldmp OTfit A}® 'interest "£161,090 compared 

Fniniit- and.^e >-ere. n« 

imile trans- Tax *S3Sa---.4 ,$« T redundancy payptents 1 :- this.: -time 

v.-nrM ’■ -Prufir after tax -■ s.flo^ ' TA3»H>gainst:.l:4^6S0 prgvl(«i d yj.-..=?i>~ 

viunn win?, toss arofb. to. tninoritfes T -- » . _ua;. yjjjg. d Treot'orsi had reported a 

bonaOy and •• Proa ntriburabfc . eaifl 't&nttLt ■- a^ESr !-*S 

. - • * fTiar gp for uuiion & WyH to retaston'-- a .BS*^rt..ioss to 

m SaS ami TO prv-tw profit, mainly because tossed to. ,pfOfit -in- the . 1977-78 
‘ at presesir certain overseas countries cannot be -set jeir and. said'.. that the group 

nases from 0 * “ ainsl pro8ts elswlle ” ; - -■-•'should ; jnafce a^modest . profit in 

. 7 - oV.*' ' . 'the current ysab.. • v r ’> " . 

pruumg. - - : - 1X r • • Thej-"nbw. say: that’ -the profit 

] ( h I prn P I f* - - - *? e y^.sechpd haJLmay.not.xeach 
I A^llCoLvI UvlU • ■ ■ > . thfi;.level achldved^ Itr: first 




Sir Raymond Brown, chairman of Muirhead. seen with' a newspaper page faesunile Trans- 
miner. Muirhead have provided HO per cent of this type of equipment installed world wide.' 
The Beckenham company pioneered this system which is to transmit pages nationally and - 
internationally for newspaper satellite printing. The first system was sold to Japan in 1938 ami - 
there art* cow oxer 40 international installations. Five English newspapers are at present 
equipped including the Financial Times, which will use the system to transmit pages from .!' 

London to Frankfurt from next Janaary w he □ the newspaper starts two-centre printing." - > 


BIDS AND DEALS 


j s>i^ 


. ,-.hii 


Hi.:., i.'i- r 
" l 'Dihi^jS! 


9 comment 


n w/ ._., SL :: - -v six moHths. - ■ y " 

i lQpS. . Up 'i'-V-t-l -j$ .7^7 per'cent 


... ;iyUlfc 

111 »*T 


. CHU’i 7 
■>f 'jrJ.il 


ii.-:rs ; hh- nor wvek 


veurii? j'j “0 :? ft. lion \« : :h 


if Liu - v . : iruui ■ ■ i ■ i ■ m . _ 

2-Mris chanueri. In ibe year ^-nrled oi 1 j.u'J" ■ J. Icn^h'- 
Cpii:i*:rher 1977 Oueens’AK.v mad- J l ' c ‘ j: IKl : 1 .■ 1 * , *‘ ’- , ‘ , - e - L V, I ' 1 " ‘ >n 

i I., j;.. i- „ u..rA..i , n i MU «. rf oji--'-i:*.*n- Anot-e i» s! lea-e 


,-eii:e:rher 1977 ijiiwn *««>• mau- 1 11 - ” u . .•'*'' 
n fraffirsa lo-" b'-fo'*- int*-s-e'ii r.f J. , ri: , . , -i.¥'' - :i*?ie 

£+70.000. I-I :tu* half v,-;ir ended n*v j • ,1 '" 1 
]*«»: Jane under ihe I-fjrriN -.\in-.'. Ir,;r - 
Oi|p-.-n*iM;<. ssude .< Ir.'ding profi: ,,s ' r " :1 ■"•'*’•* ■’ 
f>: rnos.ftoo. |T 

Tne ^roun"- cvrnei ehuin -.*a* "per:-: r» 


..I near 


Harris Queeusu'nv liasshn\m mVITIl- 1 
imt»re*sive ■zroxvih and the speed 
at uhich the m.inasemt-ni turneii 
rnur.d nuec-nsv jy in les* than a 
year i.-* "some mdn.-al i*>n of n hm , 
u i-jn do at lto-s. the latent, but, 
-mailer, acquisition Indeed one i 
of the reasons that the company! 
has- anne publu: i* to cive u more 
muscle for acnuisitions and it 
lenkv ar if Hjrns util bo active 


wimpeys new 

borrowing 

Hmit 


. JL a-A Tcac- 


hc-.e.e* ti has reasonable bought 150.000 shares • '•"on - tv/ ” x * v ^ s ■- ...■ • . 
{icienres on each case. The laraest November 21. Total balding PRE-TAX PROFITS of thesteiiekl .' " 
h.i- been brough- bv Oldham 553 J5Z shares ij.OJ per cent)!- •"• ^ Properties, went up from -IS^OOft..- .' 
E-'tale -which is cfc-inving faulty Jesscl Toynbee and Co.:D.CLC. to £1. 09m in the half-year td-June, 

-.* arkrr.u: ship or. the Olcham besefidal holdings has 30. I97S. Turnover 'rpse .fconr-' v ^ 

iir+c* office centre. In keen reduced bj* 56J3H shares. £l.S3iu to £2.02xn. > * * 

Sojm there :s a £2.6n: conres: Mr JesseJ is a director. - i«ni®“ p Sw • ',: 

<*•- or h share stake bought x . i-v^du Rubber Estates: Kuala • owt v> > - * 


i-vn^.riie.i.on ,,r on the bid front in !he future. A> 
'•i*-* v vn_unaer v.-ie. and .j ie s i oc ^ market is con- 


cerned the furniture carpet re'p.il- 


b> >e/»: ember next j n „ ^eclo r lacks a definite leader! In the documents nutlinins the 


Sir tDonihs- 
JSra - »77 ' 

. ow. v --:ttM >- 
:.ns' -axe, ’ 


fc ^" Mr Cecd Baker, cbaJrma'ri of 

**- W® rha eii ■■ i Ilf... DnanM *T_1. >M£.. 


rxrcnderi 

iu-'. 

Q«.v 

u::li the 

jeji' 


Uv :si 


.*•-<! -ji S’- tn>n nf .1 

n«i-- ;i 

n Si.-n:land. 

I- . 

iTa-r.- 


opera ung 

:i lo;^ 

1 of 2ft 

shop-. In 

i! jrn n ■ 

vr.- n;^ 

. :n nery ?nu ravk- 

> he ha if 

vea : 

ended 

!a c t *une 

•u- f - '- r 

:\v: 

rcn -u-i-. -.-■ 

i ii : 

Ra— vontriouied 

E'l.nim 

m Harris'- 

fry - •• :i 

!k- !hj 

im =: r ft vs 

ft'.-ctl :1. 

Drnfi;*. 




£':r< ■;•■.■ ■■ 

r.r; per 

rank 

-ornnr; 

O-.'eivlI 

th«* croup now uperate.- 

in :J.i- •■ 

. ir'.ii - 

'V:"i: '■ 

'■« p:* 

VJft L-arnei 

"•hop- 

v. ith a 

i in till sell- 

:t bv r.. 

. -id I-. 

22.0IIU cu: 

: “.i .-?h- 

iii« jro.i r»f 2S7.' 

flliU .-(! 

fr and 22 

pe r '■■ w 

> and 

<:nra’-'f 

:: ft I y 

di«ri)un* < 

lore 4 v 

n:h n - 

fliin-: jfu.'i 

w !l ir.- 1 

'O-. FU 

yri-; A! ■ 

i.'jrren! 

of fiW.ftOn 

-q ft. 



pr: - .e- • - 

-■<‘vi:;n 

ii irfp.i*. .'.y 

i- £!»m 

Ro:h di- 

i'iiiort- 

■■ h.«i e 

■ * on-'der- 

•if carpi ' 




ahlc -i-opc 

fr-i fu 

-th«-r i: 

r\l»an- - ioii." 

fJ".-:r.4 

:lie ii 

mv >i-yr- 

viuled 


rv performance’. | scheme of arrangetner.i. i: 


BRAlHAM MILLAR 


_ _ _ _ _ taam from completed 

ms ton Estates: P. T. D. Guyer.1 properties net 


Graham Millar Group has 
agreed to acquire the Xailsea 
Engineer:ns Group for £150.0>iG 


director, has transferred- 3,000 MinoHty mrcresis 

shares to raernbers of his family. . •— 

D. It Kiri* has acquired/ & BSS 

J: -MflF ° i Hm chnroo mnt> -e n»MA 


*£ the Charities Property Unit Wfet, 

uai 'i- j»..»^umuthoWejs^tlm"Ai!z»^t 

- 57fl • '. «+ ^fee.-recent substantial increase m 

• ’ate ' - ««. MLR had.no jnBmedlato- lmiWKtMin 
• -» t toe property market. '-mmre^Hs. • 
aw ass howerer.'.an' Tair of caution ” 

- «-M|^athoog.%hir- I»-estin& InsdnAUasu.--- 


further 25,000 shares making * mKU 'of 


IU. UB. MJ.JUU aiiJira UHMHg » IDler^SI OI iJO.WW gross (SK JDttnUa ' ..'T.V ’ _ • 

holding 317.008 shares f5.72 per w Jun-? 30. i9~. worn an pnwentea- uuned. Uie new_ fate Of MTP ; vps 
;en'. I - held for. or in too coarse of. drvetop- expected to last ' Idt a tew. weeks 

worn has wen capftatls«L ' t lnc/ude« ^nly/ 'Th^-feelffix- now- iV'tMf ff 
.., C ^ P 1 >°^ ,h Sea Associates— g<w rtinM wwria’m n* ' 

7 i 3 6*r, i and D0W ' ^ 0Ws The Interim .dividend.-is - up '/^ej'|wospe«s ; fDirl repfil'filrtvth. 


pa.v-s the pro < peel u- Deve'-.i'er lu. group turn 

A* present the company over Iriirc-o-cil fr «m 15m to near!; 
operate* three •»■ a rehouse-: for a* riOm . s ::ti urv-»ax pru'I’s Iron 
•-urpoi d-.i-.oii, l-'ii rni lure- *; ock - £.'53 *.0n0 :•* £1 i>m The late: 

:nst is done on the tire of ihe ti-jure ■ :-- do pressed by tho !*->e 
irorc-'. The ■.sorehou »(*s olso hold made by Queen-way r.f £3:;.noo 
a!i ;hc group'* catting equipment. In t!to year ending next mintl 
\r present there are f i>: Darwin Harris <: forecast mg prcli:- nf no 


Deve'/.'cr l ft * i . group turn- «omc more mileage lo gel out of! 


over Irii.-c-u-ei! from £.<m to nearly Queenswav and Ross in terms of' 


trom profits. At !55p the pe of ft; 


. , .comui ny can bnrrc * 7:;.:."*.ftir, nrnM .« 0 1.75p to 2 p net. from aaramgfl-ot ’Heist'-'' -yrorj.. .'••■Si* tr C«nittfae»ce. * 

’.me openin. i roiianir.ie.| . 1)f r ^ as wimpey i’ lisr.ited lo ^ du< ;' r vi ' \v- ••n ^assets Ja P an lovwjBeat 5 ^.«jp f:j.92pj per share. - . Last abl^eared to 1 >e conjjderabb-'«4ess 

£27;i.4n» ' rm^cd rc'iW eouS *? Se u S Z y *** the ««>«P paW a total' of favourable than had been ds*feri- 

Th»- ch.-nue will ..!»•>»• ni->e. ‘ L|-'.ie nHce * r *' ^ ' or: . . , F »‘i r n ? holt,{: UJWOO 40 .jp net on pre-tax profits -of. raced In- 4878, particuJak? io-tDe 

;,n even more genvr..;i- T?rzr. purcn *'* e pnce ' ,hufw ' " t fl.TSm. ■ ' >• .- ._ v-retail property ^sertbr.^ ^ H ; 


The !a:e?' amt yield of 7|. per cent 


it s current oorrov. ms* — 


ti-jurc ■ :-* dopresied by the ; *->es that Harris can justify, though it - i - 0ai il1 l he cna o. ..c;.- -ember SH- 

made by Queen-way r.f £3:;.noo f s no: /-heap. Tins is ihe targe-i —than it already hn-. Aliim 

In l!jo year ending next month issue !ht< year and is of -nflii-ienl The group has thrtc major Nation: 


Ouiness Peai Group— rD^-. j 
Ewart disposed of a beneficial 
>o teres: in 16.000 shares on Xov. 


machine; with capacity 


'-Sze tu tempi more institutions. I -il 


cu: te ; s than £5.2n including £5ui>uu0 so a good response seems likely. 


totalling 


ptember SHARE STAKES Ewart disposed of a 

Alliance Investment Company: .« rerei: :G Ie - Ofi0 ^harei 
major National Cord Board Staff “ ' 
i: w'th Suuenmnuation Scheme and Martini air lnternatio 
but it ?.Iin ?v«rkers' Pension scheme beneffc : a! rrJerests i>F 
1 Cheston \*ere increased 


RESULTS AND ACCOUNTS IN BRIEF 



PHI 






^ ' :: r ” i 


fiy 


Communications by way of satellites an% '.-—• r,\t 'national 
telephone exchanges are all part of today's v.av c* :i?e. Tn? search 
tor and establ’shmeni of better c-orrimumcanons nad their 
beginnings in the l ast century when England s rair-.vay net*/wor> was 
constructed, it wa= in that era that Cubitts built the g^eaf raikvay 
termini in London. Fenchu'Ch Street. Broad Street. Kirgs Cross and 
Euslon— where a member o( the Cubitt lam:f/ is credited wun 
having invented the raised platform — afi oe-iong to this time. 

More lecenily. Cubitts have been taking binding ?n sutpod of 
cotnmunications into the second half ol the Tv/entielh Century. 
Mondial House one of the 'largest telephone service centres in 
Europe, standing twelve, storeys high and providing 59.000 sq.m, of 
accommodation and apparatus space, is a noia&e example. 

For future projects of a similar nature. Cubitts car. now offer greater 
resources. As pan of the international Tarmac Group, 'he Company 
is poised to give an on-the-spot availability which can meet even the 
most exacting time schedules — with resultant cost-savings for 
clients planning impohani capital investments. 


FOURTH CITY AND CimMEROALlaMets.ST.ftn.rCT.ftOi-jatl 
Merton air International— Xni>: investment trust — low tor ye«r 10 ixsj»a>v Accounts T»»c been. qmIHM 

b».^e» ^ r : a , — er^< Af r r Jun ' ’“• 1,75 351 ,]o "* 3iceT aU ,n rawer of Cmwo ooM^BaiT- anl 

rh»«^ . & ~ Jr , G . rtiara. s ana nU tax < tamti. Mo illvlijend : LoUftl Titacr. ' • Ue«liBa. J»«: . 

■>.11.. .o.._ \*ere ... creased toTSi-TTS >sa:D-j- - • - v ; "Sm-ft EC.: December JJ at--jHKto..y> 1 T ; . 

snares ay a transaction on -N'ov Hellenic and general trust ftn - Yorkshire,- -and' - tJUtCAsittkR 

21. ■ Ham bras sroopi— Interim dividend. ZJ35p. INVESTMENT— Resorts tor rear-ftjtfp- 

_ ' ■' • for 15 roombs to Marcti JI, 197*. BcTonue {ember 36. :i97S. / Kith vxfiS '.asaer vat«>4 

rULtiergill ana Harvev — In com- b+forv us £348^73 after, interest cbarceB afready -"reportejfc - liwesanems- 1 iitSka-'' 
reel: on with rights issue iadus- *nd enwmea fnO.SSB for tone toumlnf.to :tn.4Smu . Nat cnrrom UatOmiea. ftMgrL 
tr- = : and Cc.-mraerci^ Fiumri. Scp!, '^ r »■ l ™- Tax g^a w. inveai- .,wm SroWter, Dwan. 

-J uiue.u^u *!- I W.“ro- m«n ca: ns Jess- tosses- -g a rn to g s . her '5*1 ~ ■■'•'■■' •■ ■ ■ - -• - 

Toi'.-i .*152?- SL 0 ''‘' T, PCT slurr.^befnre. invesciwnt L0WLDND tHV ES l MEH TlOWgANY- 

-i_4.-r.i3 S,,^ref 1 6.3S ,i I.' Eritannie Bams D.47p and after Invexancizr SaiflsjBesntts for Taar- to SapremiiMviOsStWS. 
Ai-yrance took tro its ciehts on "i®?- asset reportelt,- "^vtsnK«as-^7n. . 



in-«*-oc:ed in G50.000 sharks no: b ^ ea considered appropriate, to- show- ,-WEirr TRUST — Kejtiicr for year io Sw- 
tS.03*T.>. coraparath-p flsores -for the. ebtovalrm ■ t ember 3D’,' "‘IKS. refmftEd : -tacMter^ 'X. 

. ' _ • - - P-nod ot 1977. ' .r- .. . Wrtt tuc ' ' irroestraeat5'7 at l- vataaton 

A&sam Frontier Tea Hold hies — •*• o. Waucer ipraber -'umwrteri^- uajatmT . 'lEKSton.:' werohaa '_£HL9tm 

J'cnttish Northern Investment Turnover o.ifli.ttoo fEJaw^ooi hair yis#, i£S.aan>. imii»:«r rtwo> i.£L«ioiV!pnRK. 


Investmehi f Turnover fg.Tfll.MO rBJ W4^08i ; half y&v <£S.aan». mliKetf ftasio i.SLdZmViPimTK. 


Tru-t ha* acquired further '«'R«n 10 M ,97S - ProflrESl.w iaw.O0t>} as m» £SlB.lih i£W3074}. currenr M6i» 
* ! ia-fes Z- ban " ■ U a!ter «ccpitorjaf inans tot fCWMD*.* .T« m-£3MiK»- jsakjm. Meetow SS. Cat ' 

_.id.es total 63.360. -. takes. «9.80o lEM.flfltb. Earalnas- «r non Street, EC.-Btteto&cr S3'«cx»' vat. 

Alliance Investment— London ^ Inuirta dirttfentf dnaytoh consolidated TIMBT^. 

and llancheste- 4«nwn'reS " --• ••>* -,He«ulri tor yiear-tovSwenjber 

-„f ae 5 r l ‘ „ 'H SU ra ? ce w ^!. t,° LE,( ABB EY (tm.tmt-. gutETwar. »ifn asset vjflnes jflneady reooited. torgrt^ - 
-UPS nas disposed of 32J215 fatwlerr.^ ote.»— ^ Turnover half, -rear'- w-towMS ftoSftn" «£8T.atart.^ '•• i -EEfet - etorenl- 

C U »J-flC FAMlirtin#. tv-A Timn 1BTV Pi IM flnA frihMuai : • #ae - - ' ^* r* - - 


Euro 


r:*». v. 


'««• disposed of 32^15 

shares reauemg holding to 573.519 J®* A tsw. MASiiooft «4 .«m.#mv.- profit .aosoo 54.78m «4-*ftn). Meettotr^-»7; ' 
*7.3$ L ■ ■'..■ after toieresr 57*iB8 Old Broad7Sttt«. EC.-Dewaahcr -B/af.' 

*«».W8i. Tax takes 0.860 (£2X«HM. .. 2.S0 ijm. ’ -, .r . ' '5- ' '.** .. 

E ¥2tf2;per **ro.S-0P l -'L2p)_ . - sarmSH HATH3KAL trust: a»W 

4«nriiTrc nr-* i THAMIS SULPHUR AND .COPPER— . PANY— Bjrsitlts for year. tovSe^n&StJW. 

A 3 5L/V I A J L5» DEAL L.5 ,r **®L! “P^fJroaflT' - annmmceiF-: i*7g.. '.^eporied Vovmnba r JLl , Utaad 


shares at Sp. 


Curzon ordinary 


***' COMMERCIAL- • HVE^T. .;/fU9to )T .ISet CHOW* ass^b A 

MEBT TRUST— Net assei . valne,_ per. tUStpiy. -UqnkUtr itocreased £SVa W. i 

cjg wgl ^torr^ ?tetD m Ociobtr -'■ 




HOLLAND. HANNEN & CUBITTS LIMITED 

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

CUBITTS ARE MEMBERS OF THE TARMAC 'iROUP. 


Tne G r eal Hall at Euston Station 


DAVID DIXON AND SON (LEEDS)— . tan 

_ Turnover half rear to Sew;emb<?r 30. IKS. Wit 

17T Clnnnn EL«MW' . f£Lfl»,000». Profit 06.090 Wk | 

JT 1 UlldFc -f74.00pi after tax C30.W 'Etl.OQOV Karth-' • 

tnss. per share ,io.32o- >s.£3pi_ rCvnjuof 

TP . • is a subsidiary of David Dixon and Sob UMI 

IDIOrmatlOn Border and; sout-hern stock- 

HOLDERS TRUST— ResoHs fur jear to r- 

Sepreinhpr 50..187?. already Whon'iL.Iiistaf- .-. • 
JCI VILt CK inwrtinent»_fS5it&h <£SCSSmj;. over- 

sew nuftn. i S3fi.2Un1, Sk-i nirrem assets ••'*-' .- 
The follou-in? siviintv h-sc H -tTm' i£ 2 M. 8 Mi. Llontdltr incraaSed m-'- 
I-M security nas rftso.aw <axm decrease^. Itcrtow. W° D .' 

been aodea to the Share Infor- v,ir.TSie*:cr Houw. ec. Decetobar is.ai Tues. 
mation Service appearing in the LL-U o' 11 - . : '. . 'Wed. 


tr • • • . ... 

■$=■'••• ... 

r-.V :- : 


maiion Service appearing in the li ' ,J o' 11 - • .' •' : '. . ;.’ 

Financial Times' , ‘W”- ribbons holdings — RewHs v Yt • • . -•■■• •• y 

rin.im.iai iiuith. ■ for yvM m J toe .18. 1978. already ■rrportod..J.^hJ irS T- -. • :• . • Hj3u, w ..- : il.§w - 

FcrranU i Section: Electricals). Fia?d aggets £Li 5 m t?. 9 tm>... .GuTrato - Fro/Sun..- ••' . : U^9J~ ' 


Rat ex .paid faYWJEJ&.UJZ ... 

. ' • •' -./• tall - ';;TAiX ' 

-• r- ... - %rpi. ; ai ; : 

Mod; . ..• "..:.•* • ■■■? l;S63.y.-.-.H4i4'. - 

Tues. . - . -. 1 1 . 63 ? " 1 1 ; 456 - 

Wek -. •-•'•?. -I1J92- v-lH6»S - 


-•"SVCY PA 


.\U. - 
.. - 











« I- :^w/Monday;Ndveinber-; 27 .1978 




INTERNATIONAL ۩ 



Zi 


vfflR 



AMERICAN AIRLINES 



Recriminations mount in New York 


BY JOHN WYLES 

A SHOCKED and increasingly 
irritated. American Airlines is 
' finding itself the target or mount- 
ing public recriminations over 
its derision to move Its cor- 
porate. headquarters out of New 
■ //'York. 

The anger generated in the 
]■'[.' city's business and labour com- 
7 TmuDity was clearly unexpected 
- n/gnd the airline is particularly 
• =‘ upset by Warner Communica- 
; ' tjem’s widely publicised move to 
^ boycott all of American's ser- 
vices. According to Warner this 
'r^rwill cost- American about Sim a 
year in lost revenues which 
- e would - normally be spent with 


the airline by the communica- 
tions conglomerate. .1 

Mr. Albert Casey, American’s 
chairman, is so enraged by this 
reprisal that be is threatening 
to transfer more than the 1-00 
of the airline's 9.000 New York 
area employees to. Dallas. Texas. 
But this might invite further boy- 
cotts of the airline which is 
really being condemned for rock- 
ing the boat at a time when New 
York is fighting desperately to 
polish its image and attract new 
jobs. 

Seeing -a sly opportunity to 
best, a rival, Trans World Air- 
lines has taken full, page 


advertisements in city news- 
papers proclaiming “TWA loves 
New York." pointing out that it 
has been headquartered in the 
city for 30 years and assertion 
"TWA thinks New York is a 
great place to do business." 

America has said that the 
move to DaUas-Fnrt Worth Air- 
port In logical because of its 
developing route system which 
requires a corporate presence in 
the heartland of-Ainerica. Others 
suspect, that the $S7m 'package 
offered - by t he DaJJas-Fort Worth 
Airport Commission provided an 
irresistible lure, despite the Tael 
that the Port Authuriiy of New 
York and New Jersey offered 


HEW YORK. Nov. 26. 

office space in the World Trade- 
Centre at one-third of the rental 
to be paid m Texas. 

Mayor Koch branded the move 
- a betrayal " bur has been 
critical uf Warner's reprisal 
There seems no doubt that the 
hostility has to some extent been 
generated by the fact that Mr. 
Casey has been extremely active 
in the city’s affairs, including 
holding a seat on its financial 
watchdog, the Emergency Fin- 
ancial Control Board. Few had 
thought it likely that be would 
lead his company into a move 
which is inevitably seen as a 
comment on New York's attrac- 
tions us a corporate capital. 




f 

I - . 


a* +. • , 

■ - “ -vYfj | 




Tote by Dovre 
shareholders 
> for liquidation 

By Fay Gj«ter 

*‘V: .. _ OSLO, Nov. 26 . 

k SHAREHOLDERS IN the 

Nh troubled Norwegian insurance 

company Dovre voted- unani- 
tnously to wind up the com- 
party, in accordance with a 
plan drawn up by Norway’s five 
/ ^ largest son-life companies. At 
idbe same time, the Norwegian 
--jThsurance Companies' Associa- 

- -r- tion announced that it will seek 

- 4 a-, public inquiry into the events 
;_;which led to Dovre's crisis. 

7 * -7- The plan, which aims at liqui- 
- 1 'dating Dovre without having it 

- declared, bankrupt, is the result 
' r pf weeks of negotiations between 

’vTffie five companies and Dovre's 
lamest creditors, most of whom 
.-'have agreed tn settle for only 
-.-about half the amounts due to 
--them. In return, the five com- 
.^rpanies — Storebrand. Vesta. 

' ..piensidigo Skade, Norden and 
"r^Norges Brannkasse — have guaran- 

- fe«»d that between them they will 
put un the mom>v needed— esti- 
rnvted at about. NKr 4001 fST Sin) 
—to aMow a controlled wind-up. 

^,Thev h»ve invited other mem- 
4'Jhii.rs n f the Insurance ComnaniRs’ 
.^.■aodntion tn sharp the burden. 

the five — Storebrand and 
feTCorden— will put up anv addi- 
^gppal funds that niav bo 
.•.- ^req uired, over and above the 
~*jNTKr 4flm. 


Ferodo expands components control 


BY DAVID WHITE 

FERODO, tbe French motor com- 
ponents group whirir two 
months ago upset the .expansion 
plans of the UK’s Lucas Indus- 
tries, is making two more im- 
portant moves to strengthen its 
market position in Europe. 

Firstly, Ferodo has., for an un- 
specified sum, bought control of 
Soma Europe Transmissions, a 
company based in Saint-Etienne 
with a workforce of 2,500 and a 
turnover approaching FFr 600m 


(over SlOOmi. 

The purchase pre-empis the 
reported intentions nf Dana 
Corp of the U.S.. a minority 
shareholder. Soma makes a hour 
30 per cent of its turnover abroad 
and has production facilities in 
Spain and the U.S. 

Ferodo said that the take-over 
marked an important step in 
strengthening the group’s in- 
terests outside motor ears. 
Soma’s products are also used in 


PA1US. Nov. 26. 

heavy vehicles. construction 
machinery and other areas. 

At the same time. Ferodo has 
agreed on buying control of the 
Spanish company Fraymon. 
described as the sole supplier of 
clulrn systems tn Spanish uinlnr 
plants. The agreement is still 
subject to approval by the 
Spanish Government. 

Fraymon Is expected to have 
a turnover of Pis 4bo ($56m) ibis 
year. 


CANADIAN RETAIL TRIANGLE 


Legal hurdle for the Bay 


THE BID by Hudson’s Bay Com- 
pany of Winnipeg for Simpson's 
Lid_ of Toronto and the compet- 
ing agreement between Simp- 
son's and Simps on-Sears Limited 
of Torontn. are becoming bogged 
down by legal considerations. 

Canada's Minister of Industry. 
Trade and Commerce, Mr. Jack 
Horner, has promised that the 
country's Foreign Investment 
Review Agency will move as ex- 
peditiously as possible tn con- 
sider the merger between Simp- 
son's and Simp son-Sears, a com- 
pany which Simpson's controls 
jointly with Sears-RocbbCk of 
Chicago. However, sources witb- 


BY JIM RUSK IN TORONTO 

in the Agency say thal it will 
not be possible for it to rule on 
the bid before Simpson's' share- 
holders meet to consider it oo 
December 15. 

li has been expected that the 
Agency would reject the mercer 
because a Canadian company. 
Hudson's Bav. is waiting in the 
wings to buy Simpson's. That 
speculation may turn out to be 
academic. A clause in the 1952 
agreement between Simpson's Bnd 
Sears-Roobuek to set up Simpsnn- 
Sears gives Sears-Rocbuck the 
first right of refusal to buy Simp- 
son's shares in Simpson-Soars. 
at book value. The current bonk 
value of the 30m shares is 


CSloT.Sm l U.S. SI S3 mi or about 
S3 a share less than the current 
market. 

The clause complicate:, Hud- 
sons Bay's pusitiun. Hudson's 
Bay has indicated that it would 
be willing to dispose of the 
Simpson's equity in Simpson- 
Seurs in order to keep the 
acquisition from running Tout of 
Canadian competition laws. How- 
ever. if the 1952 agreement to 
sell were to apptv to a Hudson’s 
Bav In control of Simpson’s, the 
sale, which would give Scars- 
Roebuck fin per cent of the equity 
in Simps on-Sears. would he at a 
price that is probably tower than 
the Hudson's Buy is counting on. 




Currency, Money 


Europe’s brave face 



GOLD 


Kov.ES I So».*i 




i 


£ 1 : BY COUN MELLHAM 

: V President discard. _ d’Esrtaing 
■.appears *" resigned to starting the 
. 'European Monetry System, with- 
-i^ont Britain, hut is keen enough 
. have sterling as part of the 
- operation, since be says that 
: Trance is willing for Britain to 
r'join after the starting date. 
-■■As far as countries like 
'^France, Italy and Ireland are 
vconcerned it would be to their 
. advantage to see sterling in the 
em. if only to spread the 
lire 'which may build up 
r jrt' •" their' ! own currencies, 
dti they- are forced to keep in 
'with "Che D-mark. -.- 

er nervous certain Euro- 


CURRENCY RATES 


• Special 

» 'fctnrember M DrawtaS 

•.-j-i. . matm 

■' ?iftertlns BJiSTOO 

dollar ZJSM7 

■“Xanadlan doner — UB 22 S 
‘■Aratrlan schilling — 17.WS 

“Betel an -franc .-. 38-5530 

Danish krone — -.. *. 85384 
•-Dear ache Mark ...... 2.45M2 

CnlWer a«0» 

• ‘ French franc ......... SJbZSM 

lira ... 1082JCT 

Van 2U.H1 

Nenresian krone — 4-59U5 

' Peseia *1JK5 

: Swedish krona 5.42674 

Swiss *raw uw .MM UUN 



Unitor 

Accomn 


0.(75751 

UtW 

LS42H 

1B.4226 

M^ITT 

6-W57 

ZJQTU 

2.73300 

S.T7B77 

»nw 

254J08 

•-7JW9 

U.«E2 

5.7SU9 

235509 


pean leaders may be. about '-the 
future of the EMS, there was'qd 
sign of anything but confidence 
from most central banks. .. Call 
money in Paris fell to 61 per 
cent, the lowest level since" early 
February 1876. apparently reflect- 
ing the confidence J of the 
authorities in the French franc. 
On Friday it was announced that 
French M-l money supply rose by 
only 0.0 per cunt in August, 
following, a rise of 2.3 per cent 
in July. Retail prices rose by 
0.9 per cent in* October, to give 
France an. annual inflation rate 
of 0.3 per cent, compared with 
about 21 per cent in Germany, 
based on the . consumer price 
index. 

The Italian authorities also gave 
an impression of reasonable 
confidence, easing the restrictions 
on foreign trade by increasing 
the number of days that exporters 
and importers are allowed to hold 
foreign currency to IS days from 
seven. In recent months the lira 
has been fairly steady, easing 
against most currencies, but 
rather surprisingly gaining 
ground in terms of the Swiss 
franc over the last three months. 
Italy’s ‘ baJance of payments 
position has also given rise to 
increased confidence lately. 

Elsewhere The Belgian National 


Hank has- repaid a large amount 
of its debt to the European 
Monetary Co-operation Fund, 
taken out when the Belgian franc 
was under heavy pressure against 
the D-mark within the European 
currency snake. After four 
repayments Belgium now owes 
BFr 28.J41bn, compared with 
BFr 42.648bn at the height of the 
franc’s problems before the 
D-mark was revalued on October 
15. 

The best chance of success for 
the EMS may yet depend on the 
continued stability of the dollar. 
Last Friday U.S. bank prime rates 
rose to 11J per cent from 11 per 
cent, the highest level for over 
four years. This underpinned the 
U.S. currency in late trading. 


Gold Biilli,--D in JitM’l 

nonce) - 

Clow... <*8011-202 

Onming -....;S201i , -202j 

MWotaff $802.75 

AJteroiiou Axing ,5208.70 

j(£1Q4.48&) 

G»1ii Colon.......—....! 

domeM ually ! 

KrugL-mud- fWSg-jtilJ 

NtvrSnvfirugnx.-... frS9i-6ti 

Old SoTercusn«....-.S&9-6I 

tfSOi-iJi) 

Gold 0>ln» < 

1 lit emu 1 lonxlly 

Kmgemad !#!0Bj-2l0i 

I.L-lWjlMi 

.Wv. CMiviTCigtM f Hi-66 i 

,iUZ?i.88i) 

Old SM'vca-igiu -SE9-BI 

tfCWi-SU) 

620 lAglm S205-2U 

SlCi Engle*.— . . SM0-1H 
SI birlee .692-102 


15202^203 

|$20t;-202 

'8201.35 

ICI03JIB6) 

-$202.60 

(£103.963) 


S211J.21BJ 

|r£109i.l09i) 

iS80^62i 

.•cat-BS) 

■S69j-61| 

l 

!s20SC10 

f6«6 

14277-28J) 

SSB.’-Oli 

(ia0i-51ii 

5265-289 

$148-151 

897-102 


THE DOLLAR SPOT FORWARD AGAINST $ 



November 2a 

Day’s 

spread 

Close 

One onanUt 

ti 

P.a. 

Three months 

fc' 

P*- 

Canad'n *• 


auaMa.92 


0.21 

014-Q.22C pm 

0.94 

Culhter 

ZBMJ-2MnO 

2JM50tZ.CS/D 

0208.12c pm 

3-W 

US-lWc pm 

206 

Belgian Fr 

UL22-3Q31 

30. 28-30 J1 


0.40 

Me pm 

0-95 

Danish Kr 

5JM5-SJ2S0 

5J325-5J30 


— 5J)7 

5-40-5. Woredls 

-104 

D-Mark 

1. 4205-1. 9385 

1.9290-1.9305 

1.13-l.OflpT pm 

tot 

3.BS-3-SBPF pro 

7JS 

Fort. ESC 

0b^247.D2 

464247m 

35-UOc dis 

-27.49 

130- 500c dis -27.17 

Suan-Ftk 

71 .50-71. U) 

7L5D-71A0 

2680c dlt 

-54B 

135-165C dis 

-1J1 

Ur* 

■uma-wwjn 

M9J»:pWJ0 

2.56-3Jianrcdlc 

-4.10 

9-10l1rc dis 

-408 

Nrwsn. Kr. 

5.138H.1340 

5 JJB6-5.1320 

0 . 108 . 60 eredls 

-0.70 

L20-1.7Dare<fls 

-104 

French Kr 

aa<J»MA300 

4.fl25O4JCBJ0 

L054L8SC pm 

205 

270-2JOC pm 

2-66 

Swedish itr 

4.41054JM0 

4.4125-4.4140 

O.IHjSm pm 

1.77 

2 B 0 - 1 ^ 0 ere pm 

1.73 

Yen 

1U.1B-195J0 

195.10-145 J* 

1.75-1. 60 y pm 

1033 

4.35-4 -7Cy pm 

9.61 

Austria Srt 

14.051-1 4-BIJ 

14.071.14.081 

5 JU-4J0gr» pm 

4-27 

l6-14gro pm 

407 

Swiss Fr 

1.7205-1.7375 

LT35D-1.7375 

LO-LOc pm 

1029 

4.B28.77C pm 

U.94 


1 OA crulH per Canadian S. 


A < 


i U 


THE POUND SPOT FORWARD AGAINST £ 




- Hot. £4 

tteHc; 

nittf I 

i 

1 Dmy'B 

Ck*e 

One mouth fepjs- iThreo months' % pjs. 

; 

% 

**prawl 


1 1 _ 1 


*■&' 9 ■ 

Vi Op nrffa m f 
iQirti-ler 
) Belgian F 
.:£ttert»b It 
, t D-Uork 
.--Fori. Kir. 

■ ifSf- ^ 

Yea . • | 

-.- AnmmScfa.’ 

ilfiriiB.Fr. I 


OTHER MARKETS 


0 »a 
6 
8 
3 

18 

8 


91gl 1.9500-1 .8476 
104*12^720-2^885 
- 1 4J)3*-4J74 
58.50-68.90 
10.31-1046 
S.72 8.75A 
. 80.78-01.40 
_ j 138.63-139.20 
10le' 1.64S-1.85I 
7 j 9-34-9-39 
Slg 1 8.55-8.58 

ei«* ois-eja 
Sis' 376-383 
41g j 27^6-27.46 
1 • 5JML37 


il.93R.Ui05 
i-2820-2J830 
j 4.1,8.4.07 
| 58.80.68.70 
(10.514-10.322 
i 3.74-5.75 
1 80^0-81.50 
.130.80-138.70 
, 1.846 1- 1.6462 
I 9^-9.954 
. 8.571-8^83 
8.65i 8 ir 6 i 
378-880 
! 27J2J7.37 
|3-55i-8J6i 


Q.4O-0J0e.pm 
D.65-0.4&< 1 .|rtii 
l 8 fl.a*c-pm 
15-5 i-|im 
UM di- 
37-2B ptim 

SO-IIOeAu 
B0rpm-60 e.d" 
84 liradla 
2 we pm p*r 
41-iie.pm 
Srli <*» I » 
4.10-3.75V |>sii 
1B-8gra rm 
3j-2jc.pn> 


a.n 

2.63 

2.69 
3.u5 

3.20 

9.21 
-1034 

1.69 

-aes 

1.21 
5.3< 
3.B5 

12.45 

5.70 
11.61 


2 06 
3.07 

141:31a e.pm I 3.93 
>50-55 c- p«i 


|1.0Se.86c-.pmi 
j1JBo-l.B5r.pni' 


~Np*. 24 


£ 

Sole Qoim 


2.90 


, i-Bj ore ilia 1—3.13 
llB-S pf pro 
! 140-260 i-.riti 
;i40J2»s-dla. 

1 10- 13 I'm -lir j 0.28 
,53-14 ore pm l 1-00 
iiiy -94 c. [on ( 

181-82 on? pm i 
JL4Q.I1.Wvpnii 
,63-43 pro pm 1 
m-106 c. (im. 


10.19 

9.45 

—5.77 


4.54 

3.62 

11.82 

7.02 

13.15 


■' 'Behan .nio is for convertiwo (nuars. 
Financial franc CaCMO-JD- 


.VrBemlna 

AumnUa IMIar 

Finland Markka 

Uracil Cimvlm..... 
Greek Dmcbraa..... 
Himg Koap Dollar.. [9. 

IranHioi < 

Komn DhiarfK Di. 
Iinmluirg; Fronn 
Muuyida Dollar^..'. 
New Zealand Italiar 
Saiirtt Aralda Kiyal. 
Smga|jqav Dollar... 
Kuulb .Uncan Itanil 


1.836.1340 
1.7019-1.7065 
7.840-7.856 
39.daS9.30 
7l.163.72.BHB 
.347& 9.367S 
133.0-139.0 
0.5200.536 
58.65.58.75 
-4.2565-4^715 
14.23604.27 15 
I 6.48-6.58 
4.2565-4.2715 
!l. 6761-1. 7021 


946. B8- 948.9574 umtria 

0.8770-03780) Belgium 

4.0420-4.04 40jl>eii niark 

19.75-20^5 iFranrc 

36.70-37.60 Wermanv 

4.83 104.83601 1 laly ...l 

j 70.40- 70.70 'Japan 

0.2724 0.2776'NilhrrUiwlr . 

I 30.24-30.27 j\omav 

• 2. 196a 2.2010’Fnrt ugal 

> 0.9540 0.9588tepa In 

3.3600-3.37fll'lSmi7wlan'1.. 
2.196a2.1980 , .Cniieil Mrare* 

I 0.B645O.878a‘YiigrAlar IB-.. 


27-28 
59)?61 
10.25-10.40 
3.503.60 
3.705-80 
I 1630 1700 
i 375585 
t 4.004.10 
9.85-10.00 
90 100 
I 139 143 
! 3.303.40 

<1.9575-1.9475 
| 41-43 


Ste-mantli (onrud dollar lAl-J.03c pm. 
12 -maniH X8S095C mn. 


Rare given for Argrntma Is free ra:a. 


EXCHANGE CROSS RATES 


.Nov. 324 ( Pound Sterlhia! 

C^i. Itollar 

Ucuuohenarli 

Japaaew Von 

French Pram. 

Snifef> Franc j Llulcli Qullder 

fullim Lira 

Canada Dollar 

UeierteaPnnc 

Poood Sterling 
"'L’jt. Dollar 

U 

0.516 

1.939 

1. 

3.74S 

1.931 

379.0 

195.5 

8.682 

4.42G 

5J68 J 4.065 
1.732 j 2.096 

1646 

849.0 

2.283 

1.177 

58.66 

30.25 

■Deutacfae mart 
.MjunncTen 1JXW 

0.2(57 

2.639 

0.518 

6-116 

1. 

9.881 

101.2 

1000. 

2.298 

22.65 

O.B97 t - 1.085 
B.BS9 j 10.73 

439.6 

4344 

0.609 

6.022 

15.66 

154.7 

french Piaur 10 
(ivlHFnnc 

1.166 

0.298 

2.259 

0.578 

4.364 

1.116 

441.6 

112.9 

10. 

2,656 

3.912 i 4.736 

1. ] 1.211 

1918 

490.3- 

2.659 

0.680 

68.54 

17.47 

Dutch Guilder 

Italian Lira 1.000 

0-246 

0.607 

0.477 

1.178 

■ 0.921 
2.275 

93.25 

230.2 

2.111 
5.213 : 

. 0.836 . 1. 

2.039 J 2.469 

406.0 

1000. 

0.562 

1.386 

14.43 

S3.63 

'.HUmdaxr Dollar 
Beteiaa Pmnr .100 

0.438 

1.705 

0.850 

3.208 

1.641 

6.585 

186.0 l 3.160. 
646.2 t 14.83 

1.471 | 1.781 
6.725 J 6.931 

721.2 1 1. 

2607 | 3.992 

25.70 

100. 


MOSEY RATES 

NEW YORK 

Prime, Rale 

Fed Fonda - 

Treasury Bias 1 13- week I 
Treasury Bdis i 28 -weeki 

GERMANY 

nttcohm Rate — . — 

toenrisht 

2» awatli — 

JWee moottur — — 

- 6a mmitlu ^ 

HlANCE 

Jiswwn Bate 

. teanib&l .... 

. Uje jaomb. — 

- muuhfl 
a* .months 

IRPAN 

^Ufiniw Rare i — 

^n-tffmndMonati - 

Discount Rate 


LONDON MONEY RATES 


lt-U.3 

9425 

8.67 

9.08 


3 

3J5 

335 

3.92S 

4.00 


43 

6425 

*312 

7A 

7J25 


13 

US 

4.625 


Nor. 34 
l-rir 


idoynor 

7 dan not 

One'monlb ... 
lw room 6 b.. 
Three maaibr 
si* monitM — 
Nine monthi- ( 

une / 

I wo Tears.— m.. 


j sterhna 

J Certificate 

J iW dei«**i 

IntertwnH 

Luca) 

Authority 

tlepnaHa 

i -.^i Auth-j ruiMMM 
neitoUabJ«. | Uuuae 
Boodi i Depimt* 

i Dimmiii 
C ompany uurket 
lW*ll> j tet*'mll 

: muiue 

Cmaeurv Bank I'loel'ro.i 
talllnti | Uniat, j Biite* 

i “ 

:■ 12 ^ 2 * 

.1 WA-lii*. 

. I2i 8 -ll« 

. llTi-Ui* 

. Urt-11,% 

lOlj-12 

— 

117,.121<, 

184- HU 

1*1,-124 

117,-12 

U+i-lir, 

llii-llrt 

1168-117a 

1178-12 

117,-12. 

131, 

111,-1168 
IS- 2k/* 

121,-121, 

1112-1178 

nu-iUe 

11-1168 

llie-lUa 

111, 

12U 

1S>2 

18i e 

1212 

tfcii 

1L1« 

121, 

11 ib-121, j lli, -117, 

1258 1 - „ 

ilia, 117, 
12la Hi, 

121, .117, . 

- | 

llTirllJwA-Wia iati 

111,-1158 1 L2-lm tt 125 b 
11^-1108 1178-12 1 2bfl 

j«ia-HK 13 


, authority and finance houses seven days" notice, others seven days* fixed, •longer-term local authority mongace 
-rt^Toinaib' three years UU-l2i cent; /opr years 154-12J tw ewa; five years iSHSi per ceou * Batik wu rates in tabic 
2IfbSni« for prime paper. Buying hub for four-month bank bibs 113-11Z7£> per cvm; foar-mwuh trade wiu m >. r 

““iBDrtiximate <cBme rales for oue-month Treasury bUte HHUk tier c*OC and two-month CTh-II) per erm: three-month 
cent. Aportmlnuw sonins rote Itor mK-monihbank bills lieu-12 per cone two-month UJ-12 per ceon and 
3 Il^rnMiih tu-ui per ewd: ase-momh trade Mil* 12& per cent: wiMnanth ga per can; and also three-month t2i par cent. 
l “ re Sfrr— HUH Bate Rates (pahUriwd by. the Finance Rotiso Assodattom 10 cam from November 1. 1078. awing Bask 
for small soma at «" per cent OwiM Bank Rates for tending 12J per com. Tressanr 

SETUSW riled nf discount lUfflO ser «nt- 


The dates when iome of the more imporunr company dividend 
statements may be expected in the next few weeks are given in the 
fuilowing table. Date* shown are thoae of last year's announcements, 
except where the forthcoming board meetings (indicated thus*) 
have been official!? published. It should be emphasised that the 
dividends to be declared will not necessarily he at the amounts or 
rales per cent shown in the column headed “Announcement last 
year." Preliminary profit figures usually accompany final dividend 
announcements. 


•Airitt Inda C- 

•AR Foods : 0.< H 

Associated 

Conunnalctr-s ..O.r. .i 
AUm-iaied 

DartrtL~3...Li,'C. 1-1 


^r.now.r- 
rn>-nt test 
year 
Inf. Ii-J» 
ilU. U.T^JJ 

IBI. 2.773 


•won Rahbt-r ..\ov. ri 

i'mai ljtt.i 

HOC mini. ■ Drr. •• 

Final 1.73S 

•BPB Industries... Xov. ^ 

Iol Z3 

’Barioto Rand 


croup, n. c :: 




charrtnstoa...Dr?. u 

Final 3J.-11 

B'.-risfurd 


■ S. and W.» .Jan. 6 

Final 4 "Z> 

Berry Wtatins 6 

f.!lu mi 

BorthH-ldr 


iTtlOfl > .\ov. LI 


•Brit, and romni. 


Ship Pi df .Vnv. M 

fet 4JJ6 

■Briush Sugar ..D rL -. 7 

rllUl '.U.S'J 

Bunan .... - D---l. 7 

Final 0.9 

-Dally Mail and 


C'fleral TsL.. Xov. JO 

fr.t 43K 

te'i'son 


Inirrnatiomtl D.-(- a 


DisiiUcra Dl-j. :: 


Duteon Park 


lads. D, ... n 

Final 1 7T* 

■EHiol 'B.i D^r y> 

Ini. 7 AT* 

a^BL Electric n-c. » 

tai. ■.’.a 

Cl L’nlv. SU5 ....d L c. i 

tat. M.Mttro 

•Ouinnesv •&.> ..tn-c. 

P inal 4.R7 



•Hal/ i.Uairbew*. f>. c -i 

In:. i.7na* 

• Hanson Trust . D, ■. 

Final 

IC tias n.-.- n 

1r.: 4 

ICL D'.-c. is 


J ob n<«n. Richards 


<H sod B-> . ;•< 

TcL 7. Z?1 


Date 

F Shfvs „.Dm. IS 

•I.indincrU-j D^i. ;i 

i-infood Dec. 20 

•Li>>yds and 

Scorns Dec. 14 
trim tJ.i ......Dec. S 

•SIEPC ,.._.Dcc. 14 

•iiei'cr 

I Horn. L.) . Jtee. 12 
■Xatinna! and 

Cornel. Bakz Nov. 7", 

Norcros ...Dec. 0 

•Northn. Foods ..Dec. 19 
•PilfeinKtoB Bros... Dec. 6 

•RHP Dec. 12 

-Kacal 

Elect roclcs ..Vor. 20 

•*JJ Croon Nor. 20 

•Scot and 

L'n:ve real... N ot. 33 

•Serck D vs. 12 

Smith tads. ._.No7. S 
StaflcT Jnds. ...Nov. 9 
Sid. Chartered 

F.anfc...Dec. 6 

•Swan Roaie-r. Dec- l 

Tral:, tear 

Hotac Dec. 14 

L'KO Ininl. Dec. I 

L'maare Dec. IS 

Whitbread 

!nv ustsu ni.. .No*. 25 

WUkl.ison 

34atcti...Dec. IS 


Anammcr- 
metit last 
year 
Final l.S 
tat. 3 0 
tat. 3-0 

Pinal 2.4065 
IK. 2.088 
Final 1.7 

tat- t.7 

Final USES 
Ini. 1.8 
Final 2.1 
tat. 3.762 
Final 2.402! 

Tnt 1 J 
tat. I KS 

tat. Z2S 
Final 2.94. 
Final 42X88 
Itn. nU 

InL 7.7a 
Final 5.68S 

Final 2.*2 
lot. 2 J 2 

taL 1-33 
1 st. 1.2914 

1 st. 2.722 


• Board sieetiggp lEttinated. ? Rlgtna 
I'-'ur siore made, r Tax free. [ Scrip 
dtUu sicce cud>.- .’ros: nscrecs. 


BASE LENDING RATES 


V2\% 

12l*T, 

12j"n 

t a ir n 
121% 


A. BJ's. Bank 12f% 

Allied Irish Banks Ltd. 121% 
American Express Bk. 121% 

Amro Bank 12’% 

A P Bank Ltd 12]% 

Henry Ansbacher 12i% 

Associates Cap. Corp.... 32; % 

Banco de Biibao 121% 

Bank of Credi; & Ctncc. 12t% 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd. 

Ranque du Rhone .. 

Barclays Bank 

Barnett Christie Ltd.... 131% 
B remar Hoi din as Ltd. 13 ‘.% 
Bril. Bank of Mid. East 12]% 

S Brown Shipley 12^% 

Canada Pernj't Trust— 12i% 

Cayzer Ltd 12 i% 

Cedar Holdings !2J% 

a Charterhouse Japher... 12]% 

Choulartons 121% 

C. E. Coates 121% 

Consolidated Credits... 12 ;% 

Co-operative Bank *121% 

Corinthian Securities 121%, 

Credit Lyonnais 121% 

Duncan Lawrie 32]% 

The Cyprus Popular Bk. 11*% 

Eagii Trust 122% 

English Transcont. ... J2?% 
First Nat. Fin. Corp. ... 12 % 
First Nat. Secs. Ltd. ... 12 % 

■ Antony Gihbs 12} % 

Greyhound Guaranty... 121% 
Grindlays Bank 12J% 

■ Guinness Mahon 222% 


BHambros Bank 12J% 

■ Hill Samuel §12J% 

t C. Hoare & Co •. 12*% 

■Julian S. Hodge 13]% 

Hongkong & Shanghai 121% 
Industrial Bk. of Scot. 10 % 

Keysec VUmann 12*% 

Know si ey & Co. Ltd.... 14J% 

Lloyds Bank 12]% 

London Mercantile ... 12]% 

Edward Mansoa k Co. 13 J .% 

Midland Bank 12*% 

D Sdnmel Montagu 12i% 

B. Morgan Grenfell 12*% 

National Westminster 12] % 
Norwich General Trust 12*% 

P. S. TJefson 5: Co 12*% 

Rossminster 12 *% 

Royal Bk. Canada Trust 12* % 
Schlesinger Limited ... 12*% 

E. S. Schwab 13] % 

Security Trust Co. Ltd. 13]% 

Shenley Trust 14 % 

Standard Chartered ... 121% 

Trade Dev. Bank 12*% 

Trustee Savings Bank 12'.% 
Twentieth Century Bk. 13]% 
nited Bank of Kuwait 12J% 
" h 5teaway Laidlaw ... 13 % 
Williams & GJyn's ... 121% 

Yorkshire Bank 12]% 

a i1c-nsb*i?i cf lbi: Acrepacs Honsfs 
Cnmrr.iTT«.p. 

• 7-dar deposes We. I-raoaih deposits 

ml-.-. 

< 7-day d'-posirs os sumc of £19000 
and urder Kk:- up to £23.000 10 a S. 
and over £23.000 ] 0 i*:-. 

1 Call di'poslia fir»r £1.000 10*t. 

* Demand d-rwsirs tos-. 


S. Ly9@@ Limited 

Carpet Yarn Spinners and Dyers 


Results 


Year ended 30th June 
1978 1977 

£ £ 


6,435,354 

3,493,026 

9,928,380 

392,790 

231,290 

6.37p 

4.988Sp 


6,922,671 

3,276,811 

10,199,482 

744,196 

608,646 

7 6.76p 
4.4676p 


Turnover: 

Home 
Export 

Profit before taxation 
Profit after taxation 

Earnings per share 
Dividends per share 

The improved trading in the second half of our year has 
continued in our current year to date. 

Export trade, mainly to Europe, is at a record level in 
money terms and has not been adversely affected by 
stronger sterling. 

Activity at the moment is at a high level both at home 
and overseas. 

John Lyles, Chairman. 


Copies of the annual report 
are available from the 
Secretary, Jilling Ing Mills, 
Earlsheaton, Dewsbury 
WF12 8LX. 



# 


UNITED OVERSEAS BANK LIMITED 

(Incorporated in Hie Republic of Singapore] 

U.S. $25,000,000 Floating Rate 
Note Issue due 1981 

For the six months 

27th November, 1 978 to 29th May, 1 979 
The Notes will carry an 
interest rate of 1 per cent, per annum. 

By: Morgan Guaranty Trust Company of New York, London 
Agent Bank. 


The International Commercial Bank of China 

XJ.S.$3UIOO.OOO Floating; Bate Notes D we 1883 

In accordance with the provisions of the above Notes, 
Bankers ’Dust Company, as Fiscal Agent therefor, has 
established the Babe of Interest on such Notes for the six 
months interest period ending 24th May, 1979 as 12&% 
(twelve and one-eighth par cast) per annum. As calculated 
in accordance with Clause 2(d) of such Notes, the Interest 
due on such date, which will be payable on surrender of 
Coupon No. 2 of each Note I the *Conpon Amount'}, amounts 
in United States Dollars to $609.62. 

BANKERS TRUST COMPANY, LONDON 
Fiscal Agent 

DATED: 21st November 1978 


RECENT ISSUES 


EQUITIES 


i_ 


, 1 = 2 J? Isl 

!< r=s 


L97H 


Hipli ) Lob 


l? « ! ; iSl'ISS-al-S 

Stock ,?£ r,+ or, ^ £ S £ ? 2 a* i 

.5- 


4B»sl FJ*.;a4/lll m ! *3 'Amende Uidcu. — .....I 
k80-» P.P. ■ — j 70 ! 61 lAahlon Mining COe.._.i 


AM 

se 

« I 


FJ. - 
F.F. _ 


31 
1 SZ 


■M 

. .. 65 :~i 

SH iKiirtaro Que«a lop. 30 ; 

1 jo |Niiii'i« i» - 117 : .... 


. As, 2.-1.B.7: 7.1 

MjJ -3.4. 6.7- 4. S 
— r‘ — — ; 4.a 


FIXED INTEREST STOCKS 


II 


!=r j-sg.i 

Hill 


1978 


<£ fiteh ! Lem' j 


Block 


; “ai 

'll jV 


X994 4 

* 

;£IOO] 
{£1 
I 

E97lj 

rc 

£99‘ia 
£8 71s 


M.| - ] 
eio «/i 
£10 

v*. i 16/11 

FJ».| — 

y.P. i 26/10' 

£10 ISL5/1 
F.P. ! — 
£50 110/1 
CIO 1 26/1 | 


**8l 

jo«b; 

L2 

107 I 
99l‘ 
!M 

9lj 
127 I 
49 

&S 4 


ant, lAnguMev \ nroijig teco [ 991s: 

:iVHr»<roi WiMw w r to 74 Pn. U95 1 ID / 

Li -V, /Colne Valley Water Ke-IP Pr i. 1963 12 

101 Cro.bi Him H/jCoov. ’e-i-SG 107 | 

aHt Neviuan Indi l"j“ Aw. Pn f. ' ©9n 1 

U9 t*rov Laumlries '148 N 

9 I KiWimimiiitta 4 UibndK Fitn 1% % .. 9 U ! 

UU Uigbnnae IO*Conv. fo». 127 

46 lamnimrli Corp- UJljSjllcd. 19S7 . 46U| 

StelWeaL Kent Water Tj 1'rel. 1985 ! Bl S 




« RIGHTS ” 

OFFERS 


Irvue! 

2-S ! 

Lairat 

UenuDO. ■ 197? ‘ 


iCh-sifu: '+ or 

Priori 

p ; ! 

Ann 

I'ald 

Dale 1 , 

% ■ ' High , JLm 1 

Stock 

, Pn>.-e i — • 
r-; 1 


I F.P. , — 1 — ; 45rm2Spn< ’Deecluiai.,^.. ........... 

1 Nil • — : — ' 04)101 42f«:Hrtrtrn 1 J 1 

| KK 29/H; 6 ;l'ii 2 1 . 11141 : pm CapperOieiil 

F.P. la.'lO 30/11; if la 'Utiaii/ce Waiw- 

, Ml :i7/ll! 8/12| 111 104 .K.jthef -111 A Harvey 

i XU | — il3prn l&pfn i Hon on... ....... 

74 ! FJP, — j — . duni3lev , ' >l 'Xewuuiii luite., 

155 | F.P. | 8/11 81 12 1 196 162 .Jinn- Frr,iu.'t>._ 


560 

450 

67 

12 

88 

150 


45pm'-7 
44 pm *- 2 

5 1 'in. .... 

14i 2 | ..... 

Ill 1 

13pci 1-2 

3l2(.DI, J 

165 I 


Remind adan date osnally last day lor dealing free of stamp dui?. b Fifttres 
based on prospectus estimate. 0 Assumed dividend and yield, u Forecast dindond: 
cover based oo previous rear's earnings, f Dividend and yield bailed on prospectus 
or other official estimates for 1979. 4 Gross, r Figures assumed. ; Cover allows 
for conversion of shares not now nntln; for dividend or ranking only for restricted 
dividends. 5 Placins price to public, pi Pence unless otherw ise Indicated. ’ Issued 
by tender. || Offered to holders of ordinary shares as a “ rights.’’ •• Issued 
by way or capitalisation. £3 Reintroduced. : r , Issued m connection with reorganisa- 
tion. merger or take-over H 7 Introduction. □ Issued to former preference holders. 
_ Allotment If tiers ior /BUy-pahTi. • Provisional or paniy-pajd aHouncnt letters. 
*■ Wtih warrants. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave„ London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at November 21. 197S (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 12S.99 

Clive Fixed Interest Income 113.09 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill. London EC3V 3PB. Tel.: 01-623 6314. 
Index Guide as at November 23, 1978 

Capital Fixed Interest Portfolio 100.20 

Income Fixed Interest Portfolio 100.01 


l.G. Index Limited 01-351 3466. Three month Silver 317.8-320.4 
29 Lament Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

3. The commodity futures market for the smaller investor. 


Public Works Loan Board rates 


Effective from November 11 



Qua loans repaid 
at 

Non-qouta loans A* repaid 

Yean 

bvEIPt 

At 

maturity! 

hyEIPt 

At 

maturttyS 

Up to 5 

I2J 

12} 

13 

1*4 

1S| 

13* 

Over 5, up to 10 

IS 

13J 

3.1} 

13} 

13 1 

13S 

Over 10, up to IS 

!Si 

13} 

13} 


MS 

13J 

Over 15, up to 23 

I3J 

13J 

131 

33! 

131 

13i 

Over 25 

13} 

13} 

13; 

15} 

WJ 

13} 


•Non-quota loans B are 1 per cent higher in each case than non- 
quota loans A. t Equal instalments or principaL J: Repayment by half- 
yearly annuity (fixed equal half-yearly payments in include principal 
and interest). 5 With half-yearly payments of interest only. 


This announcement appears as a matter of record only. Oct 1978 



THE MITSUBISHI BANK, 


(London Branch) 


U«S.$4f, 000,000 

Negotiable Floating Race Certificates of Deposit 
Maturity Date 29th April. 1980 


Managed by 

MITSUBISHI BANK (Europe) S.A. 

Agent Sank 

Credit Suisse First Boston Limited 


FINANCE FOR INDUSTRY TERM DEPOSITS ~ 

Deposits of fl.000-I2a.000 accepted for fixed terms of 3-lU-* 
years. Interest paid gross, half-yearly. Bares fur deposits^ 
received not later than 15.l2.7S. 

Terms (years) 3 4 a ft 7 S 9 10. "v 

Interest % 12 125 12 i 12 * 12* 12 * 12 J 12$-* 

Rates for larger amounts on request Deposits to and furiief- 
Information from The Chief Cashier. Finance for Industry ; 
Limited. 91 Waterloo Road, London SEl SXP I01-92S 7822. 
Ext. 1771. Cheques payable lo ’* Bank of England, a/c FFL - ’ . 
FFI is the holding company for 1CFC and FCJ. .z£ 


LOCAL AUTHORIH BOND TABLED 


.Annual 


Aulbority Sross 

fleleplume number m interest 

Interest Minimum LifeoJL' 
payable sum bonc^ 


% 


f 

Year 


Barnsley Metro. (0226 203332) 

12 

}-year 

250 

3-7 


Barnsley Metro. (0226 203232) 

HI 

*-year 

250 

3-4 


Chorley (02572 5611) 

l IS 

}-year 

1.000 

3-7 

.*2± 

Exeter (0392 7788S) 

32 

*-ycar 

500 

6-7 


Knowsley (05 1 548 6353) 

12* 

1-year 

1.000 

6-10 


Manchester (061 236 33?7) 

11 

i-year 

500 

3 


North Kesteven (0529 303241) 

124 

d-year 

1.000 

5*7 ■ 


Poole (02013 5151) 

11 

i-year 

500 

2-3 


Pool® (02013 5151) 

11} 

}-year 

500 

6-7 


Poole (02013 5151) 

11} 

l-year 

500 

5 

- 

Redbridge (01*478 3020) 

115 

}-year 

200 

4-5 


Sefton (051 922 4040) 

12 

i-year 

2.000 

3-3 


WreWn (0952 503051) 

124 

yearly 

1.000 

5-10 






. 4 - >c -^aiKgJs-t — -si/ " 





























^mrnmn 






Some drivers more 
equal than others 

BY OUR INSURANCE CORRESPONDENT 


Indices 

NEW YORK- fl o'”<®“ 


HttX. ALL CO*CMC 

*"r*!*E- i^sr-i^sr- 


Itar^wt rail*- ;'..- 

J 2ftyr.SH *<"■& 


m 


Stir. [So». s®f- ... ; , w«nu««wa 

; 23 r a ! 20 Hi** \-i*m , Buev — — ; 

f '”' ' 1 Run . M — ~ 
•B.W Itefteh^ncwt, 
(Ml - Nf* tiisba. 
1 . Kb* Lon_ 


! 1.792 i tHS’h 
se& j Ǥoi 

483 494 [ 

i WJ 411$; 
13 i -17 . 

•. »i.-.»i- 


1 xm. Srv .\pr. ’ Nee. : S'er. Xct. 
; 24 ■ 22 • 21 30 17 IS 


BY LODESTAR 

THE GOLD prw is Varinr uo 

curie v. i? : ! tjnnVr itc recent 
-Tei-'RS and ? train'. Tho markt:; 
r.i= .-.'r n ad'. c<«ne throurh the tiro 
n s tim Hr- 1 of the meronse'l 
rr.nr*hiy salt 4 hy Hie l‘.S. 
T“i;:Tjr.- r;ut the doubled 
offers it.' of I or.i 'Htnces on 
JVe+ rr.h*>- S 1 .* : i lir»^ aivaci as a 

ro.- train siv.; feet or -\t the 

nitron: teor*- seems ; o be some 
ruyinc wren 71 h "Alien ;h<? pricf 
£i,>s r-oi.v.- .<2nn. 

In the meantime. South African 
•'■!«! shtre-i conrinut* to !a= v.ell 
behind tho earning eanacstie^ of 
■tlOi; mines 3t inis l^vi'l. 
boles'auorcd by political fear' and. 
for IK invertors. nervousness 
about ‘he future of the dollar 
nremturri. 

Fiji la-liuiiarly Tor those > 
no; nave to jr.i> that premium, 
yield .itircC ion: v.iil be nrvlor- 
j r.o<i b;. the roimni? half-year 
r |- . i'jeni «:■ \nnr„ Anticipatory 
buy mi - :- l :t ely to be conccnirateri 
0”’:.hi; -bare- of companies "a hich 
are c.peeted to r-r.nnmce eon! 
irere: :r. ".heir pay it. e tils 


Yaa 5 Reefs 


T'-.e hM.'r -f •he sr.si'iiint’emor.ts 
1 n,:.de nev: rsvitri h bill 

: • — o The Vr. Air.? -trait 

cr --no's Via; Reefs, Snut.livaal and 
Deep ’.i .!! not be cotrin- 
r.loni' until .l^mary A paymeni 
of - jj-ouud 12b evtM- is expec-'ed 
from v.r,! Rwf. Thir v/o-jM 
m.Ae a 1!«7* ftti! of 220 coni-, 
i i.-inp .. i!e.,r!y double iasi jo-ts 
iL“ cents 

r, f *he Pd- •."liber •.ic-''!irnt">n r .. 
r.:T. ."I'd p::ypv?" if ?-o 

e e-i f”'«nt F’^s; Driffoniein 
- t* ii s p'-sc-b’ , e 60 cer. *•» mnt'*' 

; it-'. i ."!»:■» i f-.- ;he year 

7 ■'• f •;■•.:» Kloof wish r.n 
•/■•itt. O’- :v.;.;.b* 4b -eni • 1 2tl 7 r< • 
n- - ii >• ,i ;.Cii.- 

-i. 'he ursrrurr ri'h-a.-tioK 
..- .• f-rv pinn - irded here 

• r 1.. ; ••'or A -ya - wh r h 

’>r r:2 t’-’Jl up i r .’ ~~- 

■.■iJi - .- m ia-i years SH 

■■ert ?_=; end Lib-jr.on v.nh an 
.r.lerim r > m teas: RO cenrs 
'.■ ■T:;>jrcd will 100 cents 
!Yi- iho -vh »le year to la>l .tunc. 

Harteboest r- also experned in 
rime euar'.erf •.••’ nal’e a good 
^ran to ;*_• i: j 7A-70 year xvith an 
ir.’ern of a? lea si l^o cents v/hich 
■vould m;l;e a Situ cents MTTpt 
t.ud f.:r the :•■■'■ J'*;-? payment' 
cJ:.iv.«urn i*. -h’.uli be remembered 
-77 ■mr.l m .tunc. 

; ■; r,.- .. ... , • -j .■ • .}••■»: |.-,n i. sjj 

pin 1 y r».*r • “■> n od b ; : he o r jo, :;iyi 
a ,• . -i ■hr -j* - . 'myr l.van 
.v,p • 1 1 j ■ 1 j; ; •:!! .}■,•.• nr.r.r.’’s 

~2r.!’J?i ex .**'0;. -i-i 

Tno COiir-e of rti.r.li’nlvin . 
« r.T re r<r ■'.•!? js 1 ■ i >. ly lo ho 

• o r d t : 'c ne j by « r. 1 .- 'her • nc fn.-c • 

.!-!■» v. r>ie." ih.* of s .ji'in 

icpts n , ;i.in t’ltai for I'.C.s. 
d.-r-. f’cnti! ny the interim beinu 


only ccnu« against a predicted 
jsn" rerts. are borne out by a 
*ufi i'..n;« final. Opinions about 
th;.f fec'ii to be tJisunctly mixed. 

■*■ * + I 

T ;j:- - sn.-'-in^ contci of the' 
Ajytr.v'T nickel boom Tastr.inex. 
-hich ouiekiy burned oul at the 
t;sjo. risen front the ashe^ 
and. previously recorded here., 
hr-' oven reached Uie dividend- • 
payin'- 1 thanks lo u wolfram 

one rat 5 or in Tasmania in which % 
the oiv Canadian ntinina house 
Jfclntyrc has been showing an 
imcre'i. In fact, it has spent : 
enouah on a pro«peciinv : 
programme t n qualify for a 
per «t imorest in Tasrr.me\'s : 
cxploranor. iicerce? near Burn to. 

A Pa', -orc of tunvstpn minerali- 
suilon ’■c'erai hundred fool Vide- 
and «■■ iT.d hundred feoi lone. 
Ins hoer. indicated b’- rirtliinc. . 
The _ o->e 'rrcrular but is cIo«e 
io s::r'‘a<:e aoH sverace* around ; 
O.i ;-or vnlfram vith other' 

su'er-*:. r-arrov rones uivtns 
jiidica'.'d -a lues of il.S to 1.0 per 
com. 

Vein n r.sidi?rj the pn«im- 
i;':e= :t:filc.en*‘y interest ms for a 
n-eiirr.ir. >ry f-rasibil.ty siudy to be 
initia'cd deter nt.r.c the 

approvin' :.*••• ecoponiier of the. 
pro.-Pi'i-t Tr.-riiirex ;h yre? nave 
comv- o-’.-h "ith the re-it of the 
dfl'rtn-u tiler market and r.re now 
i-on m London. They were 135p 
in Ausuit. ; 

That current nish-flyins market 
cornel the Car.^dian-rrish North-, 
rate crivju'.s Westfield Minerals 
has ce nr- mly not burn; out yet. 
On Titur'day the share' touched 

a pi*«i|.' rihor and cioserl on Friday 

t vg’i... .:r- ‘14p on Ihn v eek. and 

nl‘ n r.- double their price of 
only i •• ceks back. I 


.VO ONE questions that the pur- 
pose of insurance is to amass 
the contributions nf the many lo 
pa-.- for the misfortunes or the 
few. But there is always argu- 
ment over the level of individual 
contribution.- for particular 
risks. 

It ;? sene rally accepted, apart 
"from in' Ihc Slate sector where 
we all par flat-rate contributions 
tor Visional Health insurance 
irrespective of health and claims 
records, that if there is a 
statistical average risk attracting 
an average premium, then varia- 
tions from that average should 
pay more or iess in premium 
accordingly. 

In Britain, big companies 
writing motor insurance have, 
for tnnst of this decade, sub- 
mitted underwriting and claim? 
data ro the Motor Risk Statistics 
Bureau <ei up by the British 
Insurance Association. 


Analyses 


Bulk samples 

To*.: ?te ; ‘ ne'.« fiv.ir the 

C'lni^r-r.y - - Nc fo.ip'tlsnd ’./■■aniur* 
•x-us. 1 .< !;if-in.c encu^h A 

I’roTruT'Te *»f rec^vnai-'anrc 

rme|iyci:nc and fenchine in ihe 
Humber River area ha? shown 
uranium minerrili^arion to have 
been '• fnund in place." Rulk 
«flnr lo« from s test nit have bre" 
ren? for a«'.iy. Rr*'ult' iherefrom 
had better be snort if the sbnre«» 
are to sustain r heir recent rapid 
rise. 


R;it:en>-:rr has taken the 
plurtse It r.ii.-ed its producer 
pr.re fnr platinum front «2S0 «o, 
shim. hold move after ihe recenl 
free — :*rkft cni!ap-e which! 
vn n; n c r. : x r ■ • v took quotations do w n j 
bein'.’' i.>t» m N*»-v York. Friday 1 

sfi’-rnonnA Lord on “lix" v.ts S333 
:: ;• r- 1 r. .-' t vX: .;»* a week earhe r. 
K'Kienhurg *hare- are S7p. They 
now inok vortb considerably 
more ih.ri th:-. 


They regularly receive com- 
puter prints showing costs ;n a 
series of “one-way analyses'': 
for example, hy ago of driver: 
type and sire uf car: or 
geographical location of policy- 
holder. With millions oF policies 
and claims heing analysed over 
several years, insurers can say 
confidently that sonic motorists 
are more equal than others. 

No one with access to statistics, 
nf the market or of individual 
insurers, disputes the clear evi- 
dence that the young motorist is 
a much heavier risk than the 
older, mature driver. 

Partly that i? so at Ihe outset 
because of inexperience: partly 
ir continues ro he so through the 
'.ate teens and well into the- 
twenties because nf youthful 
exuberance, impetuosity, even 
lack of consideration for others. 

That is true not only in 
BritaiD but throughout the world. 
Consequently ihe younger 
motorist has to pay more than 
his older neighbours and the 
novice young motorist even more 
—often for less cover. 

In the U.S.. which has all 
kinds of consumer pressure 
croups and where each State has 
on in?i: ranee commissioner who 
in soin** decree controls rating 
font just Tor motor business) it 
iper-.s that an " unfair to young 
drivers'* campaign is growing. 

Partly that is political, for ihe 
insurance commissioner depends 
upon popular vote in hi« State 
for his continuance in nffice: the 
insistence that insurers give 
premium rating concessions to 
young motorists at the I'xpcnse 


of older motorists, in a highly 
motorised society, undoubtedly 
has a view to vote-catchin?. 

Fortunately in Britain the 
Department of Trade is content 

to exercise its supervisory 
power? on a broad basis. leaving 
market competitive forces to 
ensure that premium levels and 
differentials for varying degrees 
of risk continue to be fair and 

reasonable. Apparently. UK 

motor insurers can afford to 
watch the American scene with 
mild amusement and without 
apprehension. 

Or can they? From the Irish 
Republic, v-here the cost of 
insurance for the average 
motorist is more than for the 
average inner-London motorist. I 
hear that increasingly vocal com- 
plaint is being made that motor 
insurers ave treating young 
drivers too harshly and that per- 
haps even some Government 
pressure may be put on insurers. 

Tf so. it is to be hoped that 
insurers will stand firm and 
insist that they be left their jobs 
of assessing in premium terms 
the relativity of average, better- 
than -average and worse-than- 
average risks. 

Any concession, even in that 
part of the British Isles which 
is a separate, independent State, 
might "amount to the first step 
down the slippery slide to the 
point where not only would good 
motorists subsidise the bad. but 
good risks eenerallv in other 
insurance fields would pay more 
than th<»ir fair share of premium 
for cover that thev have to 
invoke les frequently than do 
more hazardous policy-holders. 


TEL A\TV 


Conrr-iry -■> gi:-’? 

:*■> v#eic 

Banking. Insurance and Finance 

=:r.r.tf Ic l*ra«: ... “'•"..3 — ' •> 

’D3 Sjnfch'jHin; !'■* - ■" ■■* 

Panic Hapcalun Br. . 47T - S*.0 

l_'ri:an Bank of Israel Br. -S'*} -35.0 

i.'ir'.'-d Murabi Bank .. 314.5 - 4.5 

Haiso-h Insurance Br. . “73 TO 

G>-n MorrcABr- Bank Br. 335 - 3.0 

■TifahM" Israel Mrteaee MS 4-27.0 

Land Development 

AIrca Iwael InvendflMl W -20 0 

I«r?cl Land Develop. Br. 250 —11.0 

Rmnerry and Bmldms .. 3t-S -lS.O 

Public Utility 

l*rar: Elccrnc Corp 734 t!4.0 

Investment Coaiaanles 
f>-jp5t t -»imi Ln-.sn. . . '■■■? - ! 9 

"CW.' lir.i-'i tir./M. . 4«T -CS.0 

Commercial and Industrial 

ar.--’ T“re and Rubber : ?:•' -7-10 

El™ r..-. .... --os a -:o.) 

•.rsanuTi Br 

•v.i" T..s::V -B- :3\> -33 3 

Wi.-r. !.-ra:i Paper Mills 47* - 0.? 

.\Vi -lt(» 

“■ •. V.t.3 - 4.?. 

T "u IT.'; :v. -r.o 

Fuel and Oil 

S'-a—’’: Bank Letimj i-j-is-jt:. 3?J. Tei 

v.— 


IS • ti-c: 


1ndoKmj«*fi10.t2 307.00 604.05. 605.51 737.72' 234. !6 MJ* 
H'mpB'u ds*' 86.» E6.K A7JI5 S5.B5 fiflJ! «£.» 
InuHport— ~ 214-63 212.55 217-W 211.65 210.41 32.4? 251.4* 

Ltiiltiw 03.23 S2.4E 99-15- 99.01 5S.W IIBJB 

Imdins raij 

aC'tr 14 .d£0 M.070 ZS.75C' W.5HI 25.740 21.540 - 


£tn»Cc3&pi!i2 c 

Low ' Hich j Low 
— i ■ i .■ ■■■■■ 

742.12 J IKUe! 41 J 2 

55.12 ' — ' ■ — 

*UI*!k | ’ 

tasJI : mm I TL2S 
.■g-L 32) 

55.5S ' 183.52 ! TOJ5 


XDHI8ZAZ 


laiurtri*! 

CoBJbUM'l 


I Kor. j Xar. i JSar. j.JfOT.: 
» S . I 22 £1.- 

f i •- — 

213.5k aiSJIi 212.79 2USS 
213.464 218.61 218.12- 217.0 


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“ ! 1 ^ - T bajft Dec. 

Gan&ftnvtriv 8»-2i 829^: =■ ^®8.^-'.'lSTO; 93 Hans 

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,» 1B6.S5 10EJ4 105.58 I0U1 184^ Wje 1 16, /I - IMM j &0>A 

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8 66 ’ 8.76 B.68 7.78 - 


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139 «ce* N-TSE XL \ Caa ttM^O SS jBTig. g»' 7 B: " ' 4-9 ' 
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r ExcIodiCC ftouda. ? 400 Industrials Texaco 'Hi inn . i/u. +g 

5-MO tndustrioia. 40 Utilities, 40 Finance Koebudr 203J08- - 2H + 9 

and Zo Transport. 1 Sydney AH Primary. aSOC . 179.308 - - 25- +49 

^ Bellas SE 3112.' G3. Copenlraara SC - Riser Grasp _^^_ 3Tl,lBe . -SOT, : + .i 
1/1,73 tt Parts Bourse 1981. }i Qnnmtta-- 3oetas - i.V. 13? JOT 64- .' +1 , 


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Fh:-i’'hI.- f timors 
1 u!. ll> ?f' »v 

Ki:<-.|.’ito Tire.... 
'K-t. Nai. Un>|...TI. 

F<e.:; tan 

HmtUM«- 

I'l-.-riiiH l , ’i'« or.... 
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K-.if’l HiM’ir,,..... 

KiVT-ni-ol Muk , 


(i-A.K 

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firii. tyuBUifi'a— 

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f.ien. 

i.eiioml )!lll> 

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'lion. I'm*. l'ui_.- 

i.ivn. S’iuuaI 

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van. f:rv.... 

Iiriiowi • 

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liMvnirt 

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'(.■••nlrlt-b H. 

•liOirfj'ear lire..,., 

lliutiM I 

Iliracv W.hL I 

|Urt.Aru\n PhcTwi 
'U ru Nnnb Iron..) 

i.ireth’HUHi | 

ijuii a M estern. ! 

IjUll Oil 

Hnnliurtvn- ...... 

'riimtui Jl mini:...: 

‘Iiami3i:ble^er..... 

‘Hhiti: Lore-a ,' 

HciiuH.J 

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H-.iii.lHt Inna 

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IHmimnn Nm. tm-i 
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Inti. Min A Curin' 
lilt! Jft] Itl .0+1-. . , 

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i lull. Ifei-i liter ' 

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2353 4”bsi- Miimilte...' 
66 ,4i'lin!.<n J>-!in»-n 

224; ‘Jwliu-’-n •.’■nifl. 
275, luMriruifx iur'i’ 

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• KM’frr ludu-inri 

17 •.', K.tiarr ■ 

oil I'-IV 

I9i? l'Vfjnr.-,«r._ 

4vl* Kerr Mi4itv 

274® K iddr Halit- 

38-’4 hiuilfriv Lhrik.. 

19 'Kopper— : 

42 Kmii 

35*; Kr”iror Co 

2712 l»m<7 ivi Tilin'.,. 

2i:» ‘Ijbvi •Stnm* 

25*i Lii4.’fOtt.F.ri.. 

2bi; |Lh:cett Group.... 

36i; | Lilly tElir 

14 U; .LliUiii lintiit.lnc'3 
13 :Luelilirt»l Aia’r'lt 
17ij .Unir 6t«r ludii'tj 
17 Ll’Iiu IklBUil LM.i 
2<- 1 i [Ukjiviaun Lanil... 
33 ij ileii,n/’.i- 

13 Lni-hy Sr.-rws...... 

bio ILykes Curpn 

8>2 J Lao At 1 1 la II 

3o5b >»"0' H. H • 

29ift Mils. Hnoi'iver-..-; 

26l 3 '.Unpoi 

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ll't ;.M«rm«r.'In1laiwt.. 
16 is !\Lir*luill Bit-ill — 1 

20;* Mat Ut?r*. Mow 

MCA 

2 1-; MoUirnrH’ir j 

22 *i i'I<ll..tiii«i. Doiir 

lbjq llel> mi Htii 

26 >lrii” irw i 

4Bie ! -Merck - 

13ifl .Merrill Lyndi....| 
26t" IlleKK I’etitiieuni.j 

20 U MOM ! 

431 4 ,-Vliuu MIdr AMt"l 

S6i( lluWlliirp 1 

4458 ; Manaanl*.*. 

395i i Morgan J. P ! 

34 Tg ! .M’.'tor.'ia. . — ; 

33 'Murphy Oil 1 

23 14 iNitbi-jo.’ ; 

2aSo INMCti UUumi’.atK. 

14 j.Vatiouai Can 

1853 iNai- Oirtillera 

12 if ; Nat. tftrvKm lo-L. 

29 Ig 'Nultoiuti 6t#el._.: 
23^4 'NHlonuu : 

37 U .NC-K 

13 ‘Nepiiiii’.' imp 

2 1 13 (New Kn^mu.l fa. 

Alla 'Xi-wEnobiD’i 'Icl 
lai'i INIaRMra Mulrank. 

95g N iH^am ?hMie.... 
lo>« ;.\. L. luttiictne*. 
20a* Ncinc>lkAlVe*iBJTil 
34 ifl .North .\M, lilt...; 

233g :Nihn. tilulBf r 
26 1 ’fili'TCTS Airline'! 

21U .Nlhwsa Uanc.rr-f- 
16 <Nuri '« Simon 
15ts lUcorternal Petrol' 
lBlft U^ilvr liather...! 

16 ig Uli 1*1 Kiiu>/n 1 

13 >8 |UUu n ..., m .„ | 

205( t.iversean >hlpr...i 

2618 't.itrrn*- Corn tug | 

ly ji.lwenx Illinois-...: 

22 jPaeiii’.- 0a» J 

ls>i ' l 'aoi ho ijphtin™..: 

19Se |l’*n Hwr.A 
<* ; lluiA mlV L*ri>l A lr! 

20 Purser Haun inn J 
20 Ig 'Pnivly lntl......' 

lflTB PeitPwAU | 

alts .fvnu.' .1. C • 

2ew 'iPeuazoii ...j 

7 ” ;L'«iMe= Drti« ' 

31 "9 iPpiplwliaiv. ! 

2*38 liv.’|wlcu 1 

17 U ;PerUin timer. 1 

25ss ■PBMr 

174* 1 Hheips bodge.....; 
1643 IPhitaiteJphia Elv. 
b6 iPbillp.Moma...._; 
271s Phlllipa Pel ro' m. 1 
331s 1 1 ‘illsinire' 

184* . PlLney-Bowes. — ; 

17 U IPlinuD 

lbig JPlewy Lul ADHj 

231s I Polaroid 
134 a Potomeu 
2jia ,PPC lodurlriex.. 
734,1 Pivuler Ite ruble.. 
214* ,l*nli. ?ter. Elect— 
24 .Piilmna- 

15 ' : I'n rex : 

2Q1» Quaker Oats j 

37j :iiapnt Amencan.-! 

20 1 g iliajihMon 

22 HU A- ' 

22 h'eptiWieeietti-.- 
3 k .KeaerTi- I all 


?8i; ; 30 Kevluo—— 

39 4i 25 U Ko.vniJd- Metolr.. 

64 52 Li -Kevnolrt- K. J. ... 

50i ? . -20 Kieh'-rin Merreli' 
37J0 28 t* kivfcweji Inler_.. 

40', 2ai t l.v.hro X Bms-„ 

65 ii 541; rlloeai Hut^h ' 

171? . 10 MTU 

23 1; 10 .Ifc— T. «a — 

49 Tg . 13 >g iKyoer >>>i«m_..| 

45;g 3ab •Nuenaf'Siures...; 
dl>r 22S» ?l. J”«- Mineral-., 
d4is 26i, ?l. Kejir Pauer .. 
69l;- ' 30lg oania l'e lode.... 

74, j 3a, -iiiui Imre'.t 

big . 4 l.. iwm-d hid- 

164j J 91; s'-luii.: Brewing.' 
93 1 69a* eehiiinii«rsisr. ... 

23 ; 15lg .?L11 

lBTj ! 12k’ ; inwt Paper.—. • 

245s ■ 1B1 = I'O’tu Mo; 

6:3. big j'keiklder U'u>>.Cap 

36>e . I65fi '6ea Cr.rUftiner 

287a , a lg i ram 

164* . H .6tsarle iG.U.) 1 

37i* 2OI9 'seen' K>«6uuk....i 

47 u ' 29 i s 

365* ! 38k idlieii Oil— • 

4714 • 3/ .Shell "I ran* port... 

Sai» i 28 t Siunal 

38L; 307g ;Sl!>II£«1eCorp..... 

1453 ' 84* Simpiieiry Pat..._ 

23 ii 13 »i •' i iui>er.. ’ 

50k 1 B7i* 'Smith inrer 

lOJij ' 4b>4 Smlih Kline 

01* 1*4 ! Somoni 

451; 18 S.’uib’linm. 

26 '■ 2dt»a , SouUieni C-al Jid/ 

1748 ' 14 |Suuihe-n Io_m • 

38 2Sjg lerlin. NuT- Pea...; 
341 1 ' 26 is Siiitti'ra Pacific. ' 
56I4 .• 4+.-J jSiurhemKaiittaT' 

34 k _ 22>4 :>.ftitMland 

29lg _ E344 S'n-'i Baji«har» . ! 
2a k : 15 Sperry Hutch...... 

49 ; 327a .3 perry Land— ._ 

38 in ! 2 lag aqmbb 

2U6g 1 221; Standard Brand..: 
48Ja ' 24Sg .Srd .OilCelilornta’ 
54 .'a J 44 ShL Oil Indfana.l 
40'* j 294 :Std. Usi Ohio. 

49 Ig 34i, idnuifl CUeaucmi... 
19 12 7g .Sijwiin^’ Dru« 

7U ' 437g . ati»H Inker. 

46 7g I 66 on 'Sun 

27ii • 157* .'uDifatrand. J 

30 -'a . lo*; y.vute.' 

151 b ; 8-; ! Lechmcvlur^— -. 

4944 52aa ' LviLii-nis.. — — > 

117 57I4 ;1'ii!cI]uk.—» 

9 a a i :reic= _.[ 

34 U , 28 lg detifM | 

12 7 j 1 cvxn i'«roleiiini 

271? ' .221; (Texm-c. 

24 ig . 1 /3ft . lrvi.."uU..._ 1 

47 33 .leiiHr taiiem— i 

9Bki ' bit? It nrx I u«i'di. 
33ig - 24Aj .t'exarUII A Uaa./ 
30i« J 18 14 leva- l.'tiltCKs _.j 
501 b . 34 jg rime- Ins...— 1 
35 J 22:* frillies Mirror — 5 

537g | 41te runken —I 

44a* . 315* -I'rHiie 

101ft j l3l* ' I'm n-m erica— j 

23 S* 1 17 te . rraiiacu — M .| 

3Btft 2B5s ‘Iran L'u ion 
29 '4 | 21'.* Trau-uay Lntrti. * 
30!p i 95 b ;frwi World Air J 

40 Ig 1 26 1; lira veers «.•_.] 

20- j ) 17 U ifn-Ointlneht*! J 

7I S • 37g jTntrxi Oil A Gft»J 

4 lag V»t IUW J 

4U>* I 2ui & UuilrCcnturv Phs: 

44-15 i®>ie L'.a.u ; 

47 1 18-i 'L'.iKuO.- 1 

Kii* ; IB LG I - — ft 

461ft | 3=M: ' L nilevcr„ ..j 

62 1- • o0i; LTuiiever 
277 b * ltSi* L mnn UuDnirp...i 
4 bj« . 34te Umun Uttmie....: 
Ill* pl; L nil «i Commerce 1 
57is ' 4oag >L moo Cm UalH...l 
60 41 .Liiiou Hecific— J. 

Si* ' Sig jL'inruyai.. — • 
15ift 1 67* .United Brands...; 

30 ' 25te ;L O lfafluorp. j 

• 33ia 4il* Lrf G.vprum— ....| 
28*4 J 2H5 ;L'.S tjlK.'e-, 

325* 1 E2i* -tySieol — 

51 ig ! 32te ;i.':d T«-hnol(Wt» 
223ft ; 17 lg 'L’V Iisl-jj tries-... 
185g ■ 13 dj [MruJiica Elect—. 

30i» '. 161* HVftjjpeea -.1 

8613 ; 29 te [Wamer.Conunn.ft 
31>g • 24s* 'Varuer-Laml'ert. 
3IL4 ! 171a Mftn'mrot 

327g i 24ift ;W«ih-niiii0 

43 1 8 i 235* |Wfriern Bancort 
3B7 S j 2U»ft w«fcem N.Amer 

21te I 15i* IWawsm Oniuo... 
24ig ; Hi* jU'^tingto’be Bl« 

30 ' liI2 7 3 IM'eTetx*. 1 

31 U I 205ft Wcycrtewrer.-! 
244. ' 20 {Whirlpool-— — --I 
247* 17 'While Con- lod.. 

23i* 10 William C» : 

31 , Blip Wioftjoo'in 8l«t ■> 


175.* Wuotn-oith 191; 

»: W'viv 4 

41 Sem% 54 

li:« Za|flia_ 12 

Hie /SeailJh Had 15:t 
03.. t ‘93 

* 795; .LSTnra-tevi.ii 'T9: E 
6.07* L.£. *>-cUr biu*.. fi.B2js 


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: 28** 

: *13* ’ 

; t23 I 
: a.40 : 
iflift : 

141j ‘ 

: 36^8 i 

>: 37l 3 

1 20 i 

»UI« I 
a4i, 
175ft 
BS« 
375ft 
1*4 

29 

4.00' 

401g 

82S* 

IBS. 

10 14 

1618 

I55e 

10Sg 

1 00=4 

; late 

I 21^ ' 


ICG 'Abitibi Paper 161; 

4.30 'Aftituco Eau.c bl; 

44't ,Ausm A.UDiini'm 38J2 
141* Aiarmia tfsee* „... 25 

341; ,A«be»ie« 7461; 

17 k» l B an k >M 31 uni real' 245* 
18te ,i)ftnt SotTiwt*' 215ft 
3.70 ;8a^k' Ihuxirfb... 3.90 
52 ;BeH Teie^one—' 631, 
101* ; Hu* Valiev lad.. 23 

13L; HP Canada. ... 1 16ag 

141# Hrarcao _ — ........ 155; 

2. u6 ;uruico_ ..' :8.ou 

34 'Caigaiy Power...' 381; 
11'; xamfl.j-jc Mincerr ... 15 te 

Bag jUnjoacia Lcmefil..' 12 
6Ig 'Uanaiix NW Lao J 9'g 
2d ift ,■ Jan. Imp Bk Cem 50 

18 'LftUUda I ltd usi ' 215 b 

15te {Can. Phvinc ; 24ie 

IOI4 ;Cin. ltacific Inv.j 23i* 

51 ;Can. super 08... 70 

3. J5 |CftHingO'J\ee!e..! 4.45 
01* .uwlar Aafest’.'t.i 95* 

17ag .-CbleiHuo ... : 267] 

231; UoraiDcu _.l 311? 

7 ; Cvn?. Hnthurbl..., 121, 
lo>« iGonsumer 19 

4.95 it-'oeeka Ke".iurwl 5.25 

715 jtustain 1 tlOU 

6~g .Us on Devel ' 125a 

52 ; Lteniwn Mines-.; 71*. 

70ift ■O’.’irte Muie> 1 81l( 

03 U ;LtetncltetroiguiD.t Bite 
215e lUoniiTiHM Brkiael 28 

145g Uomlar ‘ 215ft 

12 iLhipont I 14”6 

165e iFalcpn'ge N'iehel.i 30te 
69lft |FMri Mot*r Uan-ft 71 

2633 .ijeu.tar ■ 3Qtft 

10 jGiaui I'eiiahnlte- XOte 
2b iOuli On Canada... 345# 
6 | Hawker bid. Lab.! 6 

29 'Hoilinuvr...—.— 40 
37 ;Hume Mli'A'— ! 44te 
105* UikUod JBb 4" Mngi 20 

1618 bay ! 225s 

40 Jg ‘Budion Oil A Cfa»' 47 1« 

17 jl.A.C ! 17»a 

275ft |j mateo. — 1 37 

185a rlnilmria! Oil .—I 24 

15U ilOvO'A’ 1 181g 

8l< ilmia.... — 1 127 S 

93* ilmaad Nat. Ga-.: 11 te 
131; Ilnt'p.v.PijieLine: 165* 
15 .Kaiser Ite^ourvei] 16 
67g [Lauri Fin. Carp-' Ote 
3.20 JUjUlaw Uvmi. ‘B'l 4.35 
16*1 '.Uemd'a Hlc-ed..., 22te 
97ft ..viiK«f Ferpumi 11 
20'ft ■ McIntyre....- 241? 

285* .Moore Corea j 34 

1.90 {Mountain Star* K 3.00 
21 [N'cmnda Mine — 36 

145; i.Nozccn Energy... MU* 

15s* [NiU. Telecom 36 

22'ft .Numaif Oil A Gas 25s* 
0.00 liAikw uod pKtro'n 4.60 
LOO j Paulite Copper M.j 1.85 

33ij iPatjiHcPwTOimnn 60ig 
3 lift [Pkn.CanJVtnuimi 381* 

65ft [Patino — 1 t 20 m 

3.8o | Peoples Uept.s,..! S7 a 
tl.8v 'Pla.e Can. A Op.j 3.08 

19 te iPtecetUeveiupmu 26 1; 
9"g : Power Ijorborat’al 21 

lUlfi l*nce T23 

1.03 li^nebK'brftirgeon.i U4 

12*8 lltangerUil 15!, 

0 'Hee!Sfenhuu>«e...| 10ss 

245i [tito Aiyorn [ 33te 

20lft [KqjraJ Bk.oi Can. 3553 
Ute lKu.valTrth.t, 1 18lft 

6'a pceptreBusourcea 71# 

22 1, laragrrun- I 32s* 

155s j ’ben Canada— .j 161# 
4.3u Sbemtt (i.Altnc^ 8 

225a oiei«n*O.G 571a 

4.3" j nun^ecn 7Bg 

828e steal Of Uanada-. 271# 
2,3u Steep Kock Iron. t3,65 
34 resaco C«ud* ... 48 
165s J I'otmio Ltem AHt.l 23ig 
135ft jr»*n*CaoPipeLn| 187# 
85# j 1 ran* Mount Optl 9 
10 |lriKC...— 1 16 

10 iLnionGa.v- — j 105s 

7 | U urdotoceeMinev 105a 
281* IWgiker Hiram ...' 30 
li>te [W'egft CcwsiTmitW 113* 
15'ft !"Vtrm fieu..— ' Site 
:A«ked. i Traded, f New Stodf- 


w'ortnjerjiMnn.— . B28.1 — 1.1 26.5€, 

krcitiGurexi 07 • : 

Liaimier-Bem 335 -2.5 28.12 

- 2a5 -B ^6AB 

Ue=uts_ 175 — 0.5 >17.16- 

ite.it -'he &au-.„ 311 -aa;2B.i2: 

U refiner Beak.... 244 'r 0.4 -28. 12' 
Uyckenrf Zem:. 161 -0.5:9.38 
'.turent-finung .._. 258.7 — L3 ,18Jfi 

Haps^ L.cvc .— . »9 :14.0 b' 

Hanentr ' 101 —1 13.b3 

Hvei-art - 134.7 —LI 18J8- 

Hoeatfh ' 49 — 0.2: — 

H ewn 106 h-L5 ; 9.36 

Kali tin-i;>a!r ... 141.8...— ’14.0* 

Kar^wjt - [ 329 —1 '23.44; 


Kamil- -f 

Kloi-kner UMIOO.- 


H50 — 0.5-18.78 
92.1 ^ - ■ 


KBD 198 5—1 : 18.78 

nnjppDMIOj 1 1U6 | + 2 ' - j 

Linde 1 262 J— l.Si 25 ! 

LovenbrauDUiOEV L530 +100; 25 [ 
I -nil bam*... f b4.5 —0.5 ' 9.38, 


AI.A.N 

Ma on er nta nn. _ ... _ 
Mviai | 


ft.29.5 — 1.5 'HJBl 4,Z 
l i 6. 6 t 0.9 ,17.18' 4.9 
2b8 >—1.8 16.68- 3.0 


Muochenej Ruck- 706 1—2 [28.12, 

Neekenjumn. ; lb0.2- — 2.3 I — , 

PreuMb# 11m. 106[ 141.3. — 0.5 l — 1 
Utiein Wert. Eieu.j 180 1 — 1 ! 25 

bciierlng : K63 l +l 28.12' 

cieraenj I 283 ! — 1.2 • 25 • 

-ud Zucker. ' 2o2 17316 


I'liVM-un A.G | 

t'arta.. . 


116.5— 0.2 17.1b, 

180.5- 3.5 16.16 


VfafaA_ 131 :-0.7 ' 9.33 : 

VemiblWetHk 1 294 '.. 28.17: 


Vwln »ij wn ' 

MILAN 


240.8 —3.4 - 25 : 


< #1 

4.41 U 
- )* 

5.8-a. 

- »5l 
•a.Z ! iv 
5.2 : t- 
M.9 j r 

5.7 ! SWITZERLAND 

2.6; 

3.8 ■' '• .1 

7.1 ■ picw ' ® ' ' 

5~2 j “ — = 

K} 9 I 

j Alirmiiri n 

3.0 ■ 

4 9 :LthaG«ig_ 

j t>o. Pari Corr„.j . 

l' 8 Credit^ni«« - « 
#j_7 Kiectru 
_J Ptn-ber iuev 
# # Huffman Pi 

8.2 Ho. 

5.0 Intern 

4, j Jelmoli iFr -* 
flj, Nestle <Pr 

In Do. Key . 

Sn UcnikMi B(FJStiOV ] Jj.i 
l w PitelliblPlF.iDOi. 

_ ■saalwi iP^lCn 
g 9 Do. Part Cert — 
t'3 ScbinolerCMP100| 
4'z suijnrCi’iPr.lOO)! 
3'c bwlsaoir (FrjJ60).. 
Vi dwimBak^V.lJOCni 
4 n flirrts' CKBi(PrJ50l:' 
j' c Union Bank.^.... 1 ', 

g_g 3urtub- !□«..' 1 1C 

52 " ' 



AUSTRALIA 


Price I + or; Dn-.,Yw. i 
Lire I — j Lire ^ I 


'•'TOsiBTer Cr>tj8ni. Volume SSAnJ^T 
’ Source: Bio de Janeiro -SSL' , . -.1 

JOHANNESBURG • ,'n.Mv.v 

• MIKES •’ ■ *•; 

November 24' . . .Banff, ^dr-r’ 

Anslo American Caron. ... 6.4S . -fbJLS 

taarter Consolidated 13^3 -. -.-TO-lftf 

East Driefiinteto — i3J!0. 


txlit. ; 50 | — . _ .VC1I1L iSocenM 

Ha»tot(i J 464 l— 4 — i — Aorow Au*Mn- 

Plat >2.738 |-r61 > 150i 6.5 AMATIL S 


iled«-X*nca_.._ ; 3 1.400 l + 800 LSOOi 5.8 | .\*»oc. Con- ' 

Vl'.inledityo ’ 174.50. -r 0.25 — ; — f Auft. Foundi 

i.iliv-etn Prlv i 1.275 1—10 1 — ; — ! 

Pira'iliAUo- 11.839 ’+4 ! 150' 7:lUndimeo 

BUI 9:0 : Alivt- OiF 


Pixel li 5p« j 892 ; 1 

imaViywra 765 I— 10 I 


Bergen Hank • 102.0' 9 

B.-rr+njiari’l j 62 . 51 + 0 . 5 , — 

Urwtittiank • 1 15.0; +0.5 ' 11 

iuMnm. —I 300 +10 ; 20 

Kreuitkanen ' 111 | .. . ■ 1 1 

■Norak Hnino Krf 1 18l.2&i + l.B0! 12 
?inrehnind 92-60!. 7 


! PrfeG 1 + , 
1 Fr». I — 


Rente 4* 1 

Atrique OwidVe. 
Air Luiutde ■ 


Air Liqutde— — : 

Arjuitamt t.o i .. 

Mt • 511 '—14(13.3613.7 ,*** , . .. 

lou.vgu*> j 800 ! — 5 43 5.3 

iJs.N. Cervare™.' 656 ’— 18 40.5» 1:2 

jamaonr— ' ^'2.100 1—37 : 76 I d.6 LeoUMff 

LG.li. : 384.0 —515 31^1 8.2 Metals 

.vl.T. Altatei— .-.1.UOO —5 7flA0t 7.7 Mawamar Allanral* 

.lie Bathzitc • 444 —2 | 72 i 2.7 Mill Holding* — , m 

;iub Mediwr j 499.9—9.1 IlUfli 2 3 Mysra UftHporinm — 

Jredir f-om.Pr'ce 1 128.0— 2.1 ( 12 19.4 S«"»- — — -'• 

[-retikOt Louv. ! 61.0+0.8 — ! — Xicbof 

JumM ! 666 -15 33.7B 3.1 r— 

f'r. Pethii*-. — 139.0— 2.5 10.5110.1 ‘ 

;«i. Occidental.?! 960.0'— -0.4 104. 4,0 011 Saw*. — , 

icetal. — — 36.95. + 0.45 5.719.8 Otter Exploration ... 

la-VftuesEoreL. j 115 .—5 . — _ Pwuacr Conmts. 


732 1-1 
371 1-2 
383 |-3 
545 ‘—4 


I — | ; Bauobo] Cseek 

J j j BliM 'Metai Jnd 

Bougainville ikiw 
BrauiMsw lot 

iw? araasLiz: 

1 Car iron Called 

j bJ 8.8 LiSiK TST-'i 

j — U-ockbu' 

' 11 8.6 1 O'dw fGJ-i 

I 90 1 6.7 Uun».l3altl 
•Iliad Container (3 b— 
l! 12 ! 6.3 ConriDC RWwIntn ^ 

■J 7 j 7.5 Contain 
' Dunlop 

ES.OK ^ 

ianJ iS fgBjST! 

mSSSS lCIA**«iKa._ J*" 


tOJIl 1+0.07 


Ja-Vftue>EoreL.....j 115 1— 5 1 — — 

JLtnrffl , 238.0-4.5118,77 7.0 

VOreel.. i 713 -21 U5.97 1 

xegraml [1,955 + 5 36.7B 1.9 

Ha Ivons Pbeonia.i 495 I— 9 139.8 8 1 

Un-helm “B' L230 ]— 20 I22A6 d.U 

Heel Hennessey..! 574 [—4 |l2A 8.2 

ktealhse* [ 135.1-8.7 ! 3 2.2 

MHafc. — 190 - ^ 18.96 I0.u 

tobmw..— ... 78.0-2.1 7 JS QA 

Amod Riotri 298 —11 10 1.7 

PBugeot Citroen.. 487.8—4.0 17.25 3.3 

Pociain^ 244 |— l — _ 

itsdw Technique. 438.5,— 3.5 27 6.2 

Ibloate— — J 573 -8 30 5.3 

tbone Poulenc.— 124.4'— 1.6 9 7.3 

st. Gobsin....^ — 1 142.8^-2.0 I4.il 10.2 
ikts Hmalgnal— .. 1 1-850 i — 20 1 36 2.0 
sue*. j 293.81 + 2 J 26.B 8.T 


115 j— 5 I - i - Pwiieer Connrete. , 
238.0 — 4.5 -18,77] 7.0 Mwk't 1 * Ooiinan 
713 1—21 UwH 8^ H. C. I'-.- 


MX32 _ 


H. C. Sharfi.-.IL.. 

ftjjj xmth 

b"i s P"««w K^pln 

d.U Sw'lSJ 

3 g nmumi 

2i2 

inn Waon 


J* BOTES: 

_ wttutouuas r»v 

fis * DM50 denom. 

*1 ststeff. 4 «r iw 
7 'x otharirlse ataUff. 
q'| s u tpens l m: a 

snd»or scrip issue, 
a'ii after scrip and/or 
imandtna- UtrUac t» 


reiemenntque — i 797 —10 ao.d 3.2 - “"2= 

rhomotw Brandi J 238 . 8 — 4.2 16.165 6.4 

— ■ n.7».-o. s _ saa. jss 


238.8— 4.2 lb.lbj 6.4 
14 7 R— Ass t -penurnc. * Asveo. 

14.7B.-O.Z5 - 1 - fli-.denA , c Er 



















international BONOS 


BY NICHOLAS COLCHESTER AND JOHN EVANS 


CURRENT INTERNATIONAL BOND ISSUES 


Grey days for a big convertible 


Bttrroweri 


Amount 

m. 


Maturity 


Av, lift 

yean 


Coupon 

% Price 


Lead manager 


Offer 

yield 


UJ. DOLLARS 
tSonatrach (g'teed 


\ 


■flfE EXTENSIVE liAt nf 
apjHirstiODs to tbe Japanese 
finance Slinlatry for issues of 
foreign . currency bunds shows 
that Japanese entlm&ia&m for ibe 
hrw interest -rates nf Germane* This 
«nd Switzerland is greater than 
ever before. -Twelve D-Mark 
issues, tn. the first, quarter, will 
lofrSil snme-DM snora while almost 
twice that number of Swiss franc 
sn-aiahts; and -convertible private 
piaceroeotk. will tap SwFr lbn. 

4>The news ‘has spread into a 
ojaffcet which, is already coins 
tSronfib -a rough patch. The 
^ro#nt . weakness of hnth the 
0*8 Tarfc ajwf the Yen in the wake 
itrr the Carter package has 
romoved much of the speculative 

^Mrnt of bonds denominated in 

.die - strong currency and con- 
vertible into shares denominated 
iFanolber. Nor has the Japanese 
stock" -market been coins: anv- 
wbere fast over the past two 
-qibhths- : 

vThe recent DM-c^n vert foie for 
the.NfPPOn Yusin shipping group 
proved a dud It was trading ;>t 
94-95 on Friday after beine 


priced, as normal, at par. Ban- m coming months N’.ilmnafe d'.-Mserie -Tun-Aivb 

kers a?e therefore ._ looking Tbe suceesK of the authorities banks were included ;n ihr 
askance 'at the DM" .150m con- in helping the dollar against the syndic.ife managed by Ranque 
vertibie for Sharp which- WesiLB three at rone currencies has bad (iunwillpr. Kur/_ Bunjruncr. the> 
is due to -price on December 1. a predictable impact un tiie Swiss w< re the Saudi Finance 
is an un usually big bond franc foreign bond market. Company .mil A: ah Bank 
and there is a growing feeling Prices have fallen by 3 per cent Overseas. BXA u.-kmJ <<uizwiller 
that the yield may nave to be over the last fortnight, pushing In invite P.othschild's iu leave, it 
firmed up to. four per. cent from the yield river 10-15 years up to explained that ihi> wa- 
the- standard 3.5 per" cenl. The 4 per cent. The minimum rnupon temporarily necessary because nf 
conversion premium is sup- that a prime borrower could now ihe tension surrounding the 
posed ly laid down by the Japan- get away with would be 3.75 per Egypt- Israel peace neeoiiatinns. 

authorities, bill ithP ■ PHI mn cent whore First Chicago paid , n thl . dll „ ar Jnrt Deutsche 
he sweetened with an attrac- only 3.5 per cent a fortnighl.a=». M;:rk se rondarv markets price* 
exchange 


Mi/rahi Inlernari'inai Finance 

Banque &ctrrieur« 
d'Atgerie) 

’"Mizrahi Int. Finance 

50 

10 

m*/92 

m3 

— 

7- 

6 j' 

too 

100 

CCF 

Mizrahi Bank 

7_J8 

6 . 8 ft 

XV. 

Indicated lerm- include a rami- 

D-MARKS 

THieschi Shipbuilding 

50 

1963 

5 

s: 

100 

WeitLB 

5.7S 

mum coupon o: 6 j pvr cpqi and 

3 five-wear nutun;;.. Tin- hnr- 

J'** South African Rail. 

SO 

1983 

S 

7! 

99 .; 

BHF-Bank 

7.R1 . 

rower will be payma a uiarsin 

t World Bank 

400 

1988 

10 

a; 

991 

Deutsche Bank 

6.32' 

of ; per cent jnrl :he i<-*ui* will 

§Sharp Corp. 

150 

1988 

— 

3; 

100 

WejtLB 


he arransed hy Mizrahi Bank 

5 Tokyo Electric 

40 

19S6 

— 

3 ! 

100 

Commerzbank 


ir-oif 

Some honil ti'm-r* orcuw itias 

Occidental Int. 

Finance NV 

150 

1990 

9.5 

4 : 

- 

WesiLB 



turned tu the sideline.' 

For iiium market participant' 


^V P 2SSJSL.TSS5 Borrower*. p.H,suUHy Hood mmvd aimlessly la-,t week 
jj -JI conversion as wesu.b quality” corporate" borrowers, many him i run on a I investors 
did with Nippon • have b« n sC i V ed away from the 

The list for. the Aral quarter rapidly rising franc. The blu 
includes - Sumo^ized DM 2IV).n Swiss banks do noi expert such 
convertible fnr Kansai Electric fears, accumulated over years, to 
Power, and. according .la Nomura vanish because of a few weeks' 

Securities, a threefold issue from weakness In ihr franc. They are 
Honda in D-Marks, dollars and resigned to :« slack Christmas. 

Swiss francs with the - last nf hm already sec signs thai they 
these billed a* the first ever will become busier again in the 
publicly issued Japanese Swiss New Year. 

front* convertible. Vickers da One distasteful development in 
Cn&ta. which keeps close track Switzerland was the news that 
of Japanese convertibles. . feel* Rothschild Rank of Zurich had 
that the convertible market is been excluded frnrn the syndicate 
going to need careful Tending fnr the SwFr SO FRN for Banquc 



i - 

c- 


SYNDICATED LOANS 


BY RICHARD C. HANSON 


Tokyo insurers’ lending 


jj££>ANESE life inau ranee com- The life insurance enaipinfes 
janies are increasing the pace of have contributed a faefiv 
ttwir participation in yen loans Yl34 6bn io syndicated sen 
^vprscas. with some officials loans to overseas borrowers. 

?&SS J env S3l.^“.S „ "*• *»™ <™« 

funded by insurance companies "* vpi ,n keep overseas loans in 
■^rtbin a year or two. if the within ten per cent nf their total 
Srihoriiies permit. . assets uf around YIS.OOObni The 


rjie set ai the present 7 1 per 
cent prime plus 0.4 per cent for 
two years, and revised each year 
after that. The insurers will also 
provide YS.Ilm of a Y!5hn 13- 
ycar loan in Panama at 7.7 pi*r 
•-■un: per annum. 

The largest lift* insurance cum* 

v.The latest loan for large in- 'otal *o far is a mere fraction of wi J a ve ^rti ernated^ Tn 

fiiranee interest participation is this limit, which illustrates the is Yen S vn'dk-atci when thu<-' 
.TypObn. ten-year credit in the enormous potential for, 3’en inder" .^idjla bn arc* finaK 
Brazilian Development Agency, lending by the insurance com- Thr life insurance companies are 
.-Stfdene, finalised in Tokyo on panics. Non-life insurance com- wminUb about lhe pr i S!Jecto ol - 


.shuri-Tcrm l/.S. dollar money 
market instruments were 
favoured over nutn.iht imrchaj.es 
nf lixed-interr>t >ci-urilie* 

Uncertainly made its way «» 
the fore- again, m lln* shape of 
lhe forthcoming OPEC ml pricing 
conference in Ahu Dhabi, and 
prospect.- for on acceleraiinn in 
U.S. imcresi rate and inflation 
trends 

In fact. Citibank led :he waj 
no Friday tn an lit per rent 
prime rate, continuing ihe con- 
tinued *tpward pressure nn short 
lerm New York interest rales 

The rallv in F.urudriUar bond* 
during the last few weeks — 
inspired i»y the L'.S measures 
in delcnd lhe drllar — hart 
already run on* of most of its 
‘learn by tin; beginning of lhe 
week. 

Primary market activity in the 
dollar si»prnF is -till restricted to 
floating rale note*, with a few 
prime European hanking n-ifies 
said tn be v. ailing in the v.ingv 
v. illi issues. 

The only nc'v dollar is.snu was 
.i Rlrtm Hoalinc rale note for the 
subsidiary of the Israeli hank. 


now prove reads f n- a new flm u ■ 
non. after '■••ing effect ivnly 
cln-ed for more than rwo mnnih- 

Th-* secondar-. marke: is un- 
able In meei even mode** hoy •nr 
requirements due mainly to 
ifiw level of inventor:-' among 
dealing houses Consequently a 
new issue could onahV :n-tl f u- 
lions :o accur.iu !.:!■• Sond* m tire 
and a pftfenrial high-qiialiiy bor- 
rower would hate ir, nay nn more 
than 9 25 per cent for an inter 
mediate .matunir bond, some 
underwriters claim 

The firM i -*•.?<• i*. •»,.• 

denominated ir S.^na; Dr.vvtna 

Pighi.s since 1975 hid a 

uiodiTately 'JoriJi reception but 

behaved bptter »hsn had hero 
e.vpecierf in the afipr-markrt 
The Swedish Investment Rink's 
SDR 25m seven- vear flofaiinn at 
•i per cent was n.-iced at par .and 
was quoted ar 9fl.5-10fl in initial 
• riding. 

Still overshadowed by »h" 

heavy new i«*ue r-Cendar ^nd 
interest rate uncertainties, the 
Deutsche Mark si-etur saw some 
-linnn-je in quofaiinrs. 

The big World Funk :.<>u* was 
jTicert at 99* cn.-read of the in 
diraled par> Toy private Dlare- 
m**ni for Son'h African RnHwv.-s 
was -el af 99; ,i - rl Hi!a*.*ni 

Shiphiiildm? oFvrinr at par with 
’.erm? on theio is-urs otherwise 
unchanged 


FRENCH FRANCS 
Soclctc Nat. Elf 
Aquitaine 

swiss fra’ncs 

i^Banqut Nationals 
d'AIgcrie 

‘"yen 

I Norway 


ISO 


1988 


?; 


BNP 


50 


1988 


4f 100 


Banqu* Curzwiller. 
Kurz, Bungener 


4.55 


40bn. 


1983 


S.fc 


99} 


Daiwa 


5. ?4 


KUWAITI DINARS 
£Bartque de DevcL 
Ecan. de Tunitie 
fg'teed Tunisia) 

Cirv of Oslo 
SPECIAL DRAWING* RIGHTS 
rSwvdiih Investment 

Bank 25 

: Final wnn. 


7 

10 


1985 

1990 


8.1 


8 

7} 


9?i 


KIC 

KIIC 


8. in 


1985 


5.4 


9 


100 


Credit Suisse First Boston 9.0 


Not r*t pried. 


*" eiaccmeat. * Flosrinf r*tr oatr. Mintmion 

Rrfinrrvd wiih LU. Sreoritlc* and Exchanc* Comm mien. ” Vurchas* fund. 
Note: Virldi «ra ukulttaj an *I8D (nn, 


f Con»*rtibla 


U.S. BONDS 


BY DAVID LASCELLES 


Fears become realities 


TIIE 

whim 


atrually managing a loan syndi- 
cate. noting lhal it will he diffi- 
cult u> attract the mandate from 
pn lent la I borrowers who 
naturally turn io the hanks fur 
assisl.-inif. 

If is believed, huwever thni 


^nday. Life insurance com- panics are not at present allowed 
- panic: put up Y5.5bn of the loan, **» lend overseas, but are carry- 
* - • Managed hy Nippon Credit Bank, ittg on discussions with . the 
. : ^fibieh will carry fnr the finn five Flounce Ministry to receive such 
- &8r« an interest rate nf 0.3 per permission. 

... §*t over the Japanese long-term i n the past two months; the 
Mme rate of i.I per cent, and |jf p -insuranen companies huve 
•- r '---5^ oqus*i margin over the prime provided Y45bn nf a Y70bn loan the iargest nr Ihe life insurance 
' flve^ years from now ftvro tn the World Bank fur 2fi years companies will have the ability 

.; -gtrelicn banks. Credit Lyonnais a i t.r pt. r p#* n i per annum and to manage their own loans within 
- /’S?' Jn* ■ ® 3n ' c ' are a ^° * n ‘ Ylfibn nf a Y40bn loan to Aus- a year, with smaller i-nmpanies 
.' MI® • iraiia. also at 7.B per rent for 20 deveinpins such skills in lhe next 

' r The insurance company years. Still in ihr pipeline are iwn «»r fhrrp years But there 

. participation came just a year plans to participate fnr Y5-2bn i< itill some opposition at the 
-•'■0b ifL December with a loan to in a YlObri 10-vear loan to an Finance Ministry io the idea 
ftfi Mexican oil company Pemex. Algerian state-owned hank. This of the hfe insurance companies 
. : -Since then (and counting three loan will he managed by gelling inn deeply involved in 
• loans still to be officially signed). Sumitomo Bank, with an interest this hu si ness. 



1977 


1978 




FT INTERNATIONAL BOND SERVICE 


IK ‘3 


Th* J.K (Mw 1W laiMt international Honda ior which >o a'1-qoai-? ^condanr tnarkM -ilstv. The pner* us«r th* pa*« 
Atwr wppiiefl by: Bandtriul*; Kwdle'Aark W. Cr-dir Commercial de Fran.'*:' Crudit Lyunnaa, E K Huitoo jterrlcas 
- — ComnMTziMUUc AG: OeuUflie Bank AG: WesKteuiwhe Landesftank Giruwmrale: Banqiw Ini^rnaw>.ial° i.iu.-tiitKinrb; Kredio: 
Suit Lnsambniirc -Maejnene BaiDn* Nedrrlaiuf .W; Pierwn. Hc!Jrfc»: and Piprson. Cr^j:i Fum^r-Swiss Credit Bjuik: Union Eank oi 
Hand,. Akroad and Srptdwrs; Baafenr* Trant lnt*rn»t MB al: Banoue+rauvalfi-ill* Cndlr IndmnUnnalr. Obt.-orp internal Iona I 
Baiva Europe XL; Deltec Tradlnjt Cowparar: Dinnn. Read Otcrwas Curporaiion: Eiar. Ftr*i Chlcaiso - Common Sauk* 
naomui Omwtoo . Hanftro* Rank:. TBJ ImemannnaJ: UJ1 Samite! and c* :.K Wrier ps.-ahndr international, \temll t.cn. h 
an Staniey imemaUanal: Xeakiti Thainson. Salomon Bros, pitemailonal: Samite! lloniaao and i:n : Scandinavian Rank 
suSauf Tumbuti and Co.; SunMOlho Finance Jnternauoaal: S. C. WJrtmrc *nd Co.;. v.nwi uundy Cluama prni> nn Xoermbrr *:« 


- 0"-S. DOLLAR 

-'- -trtlANSHrs 

MB Akt. >i 8* 

. -■ Atutralu S4S 43 .. 

Aattraiu a* S3 
■Otriw Foods 7* V. 
eacA si w 

- ; e*c* > n 

‘ r4KA 4» w 

. cwr mi ■ 

' Canada S W 2M 

- Canada 8.59 M 250 

Capaita H W . — 2M 

Canada IB .. . t 4M 

- TfiEta3a M 88 358 

- Canada ir W *t 78 

'ISiHnlidon Bndac Co. 9 Sd 3S 

EE S* 85 M8 

BJHP 125 

•^EISW M IN 

Blum Jutland 9 SI 


Chanpi* on 


houri 

Bid 

Offer 

dw 

week 

Yield 

1 YEN STRAIGHTS 

Arlan FA ,*,| te 

issued 

15 

aid 

97 » 

Offer 

oil 

a 

J ! 1 

46 

-It 

- 8 | 

4.94 

AUftrell* !«o . . . 

. EFCE e ♦ SM 

50 

30 

1831 

<6 

*62 

373 


*71 

-It 

-a: 

-ti 

4.42 

K’sroCIne * i 59 . . 

. . Ill 

<B 

4 K 

75 

«41 

w: 

- 0 i 

4.42 

Finland ft 7 *b 

25 

47 i 

<31 

Mfl 


95: 

+ 8 i 

-!U 

*■•• 

x«r?i>- 5 r 1?- 

.... 25 

llli 

1821 

so 

■# 4 i 


>-94 

• 

4 .TI 

/mu. GITj rtfeM 


47 

< 7 J 

■ zs 

fts 

* 7 i 

a 

+•■ 

4.24 

S\CF fl.e 4 fl . 

... 20 

■61 

TO 

25 

«l 

99 

a 

0 

4 J* 

Swrt. n 6 .u 9*1 . 

40 

451 


. 75 

46 * 

*M 

+81 

+ 8 i 

<44 





Chanm ■» 

week Yield 


-Oi 

-BI 

“ 8 a 

+ftl 

■ 

-8J 

-•l 

8 

-0i 


-u 

-o: 

-M 

-31 

-W 

-H 

-0i 

-II 

-8* 


too 

i.U 

4.S7 

fc.U 

71’ 

SJZ 

T.Da 

T.flJ 

8.01 


•ft 

05 

05 

« 

1831 

•51 

•54 

mi 

ION 

tor 

951 


«1 

ON 

8« 

JN1 

mi 

08 

04 

•7 

081 

071 

052 


+ 01 
-82 
+01 
—81 
+81 
+M 
+W 
-oi 
+31 
-U 
+81 


- 8 * 

-Of 

+01 
- 0 * 
+01 
—01 
-81 
-»i 
+ 01 
-u 
-81 


SJn 
0J5 
0JS 
9JJ 
135 
9A7 
18 JB 
9JJ 

o.n 

o.n 

0.07 


Ciaim nn 
8 W 'Offer iu week Yield 
1S» o»; p 
-0i 
8 


-H 

-01 

+81 


i**— 


SSspowilnaiK 9 « . .. 

50 

4M 

TO 

D 

-W 

4.5S ' 

aflsmi! 9; 43 

MB 

1*73 

<W 

+ 01 

+81 

WJ 

riflaml 9 ^ 

100 

«« 

*65 

-81 

-« 

4.76 | 

HnspHal-ZI 'Sr-p 87 

25 

W. 

96) 

8 

-81 

18.03 

hetiFTrancr 91 SS ... . 

25 

4«t 

*4S 

0 

-81 

w.7i ; 

■^Jliwu/e Sf .W : ... 

28 

*21 

*1 

+.81 

+ 81 

11J4 

•t’iC- ftfimei* «4 *3 . . 

1M 

*7 

*79 

-81 


1JJ > 

■ ^ac^TMertN M 97 

53 

TO 

■»; 

a 

+fli 

1.M | 

■>?S.TJ07. Fin.- 8* 83 . 

20 

*31 

442 

+81 

-8i 

1.77 | 

■ BS? brw.'Fin. 8* RS .. 

a 

4JI 

44i 

0 

-fl£ 

1.61 j 

'!p»-WeSl. 9 8B 

TS 

TO 

171 

8 

-81 

1J6 ! 

Wjriuucdlaml 9} IW . 

sa 

TO 

TO 

0 

+ Di 

1-51 

.SStLto*. Ek 4fW . .. 

25 

<« 

47 

+ 31 

-85 

1-26 

,.'.or»K Kamaj. Dl M . . 

75 

«7i 

48 

“ Oi 

— M 

1.W 

3f*way Y» t.l 

258 

*44 

443 

+a; 

— 85 

1.ft6 

***** « S3 

153 

1971 

TO 

-Oi 

-DJ 

4.65 

■ftradeatai MR 5 

75 

421 

TO 

+ 81 

+01 

13.58 | 

Oet Hutro Mm 

125 

451 

4ft 

+ 8* 

-81 

<J» 1 

.Qoefcrc Hydro » « 

S3 

W 

TO 

-■t 

+81 

*J7 ; 

Sweden W Oft 

125 

t*SJ 

TO 

-0* 

-Ol 

4.65 i 

?«« ... 

289 

tfi* 

«: 

-81 

-81 

4.M 

IK H 83 

ua 

97S 

*81 

+M 

0 

*J5 } 


12. M 
7J2 
7J0 
7J5 

7. H 
ATI 
7J3 
L50 
8.09 
*37 
S3B 
TN 
7.03 
*38 
BJ7 
0.07 
LfcS 
A70 

8 . » 
111 
SJ57 
L20 
7.05 

7.00 

1237 

12.97 

U32 

12.71 

13.08 


Spread Bid Offer C.dau C.cpn C-yld 


tftqTSCHE MARK 
OtiUlCHtS 


Chanti c en 


Jtteqllna «4 US 158 

*3Wm Dere)np. Bk S4 * 100 

kferalla 8 SS 2SO 

SJ 88 1» 

erica fi( Sfl ... US 
E*L ALterie ti So 108 

« W ISO 

•CataMa 42 e ua 

CNaa Manhattan .1 5 fi 91 IN 
CSwroerahani int. WW 3* KB 
C9temerzhai>l.- inL XW 3i 188 
WNoliasen City 6 M . . 75 
£*®teU qf Europe 91 .. . US 

»'• » — 380 

wr AquitaisK St St. US 

gg. 4 *4 in 

-fiSfweala 7 ti l» 

MW. Cto of 31 86 100 

l&nrtcoe de Elet. .. 139 

i 4 S3 280 

PftJro 52 *5 .. MO 

, . — Steal 52 U IW 

Mkfitfl Kodirn 6 » in 

»**•? 41 ra 250 

Sfrwasian lnd- Bk. 6 BO... 125 
.fgrelea grain 7 as ... UO 
WBWjnrs.S; 85 ... ... 1» 

wi-fimiten 31 ss 100 

Jhlbee. ProTtnce of a 93 258 
gpstOniufcW Or 3j *& ... 50 

' '5| S3 M 

-S go 209 

M . . 158 

**pWhetm. City of 31 . SS 
S®S Group 5t M . . .. 85 

« 90 130 

• K-v 


Bid 

Offer 

day 

week 

441 

451 

+ 81 

-81 

TO 

TO 

+01 

+U 1 

1082 

Uld 

+C.S 

—81 

<94 

46 

-2; 

-B 5 

*4 

*91 

0 

-BJ 

15.1 

4 U 

+ 81 

-as 

TO 

472 

+ 01 

-« 

*71 

4 * 

8 

-81 

U 2 

1821 

+W 

- 8 i 

18 M- 

3871 

8 

+Bi 

SI 

812 

0 

8 

* 5 i 

TO 

+11 

-n; 

TO 

TO 

+ 81 

0 

*42 

*41 

0 


Ml 

« 

-« 

-Oi 

TO 

1 HU 

+81 

+03 

461 

*7 

-81 

-fl! 


1021 

»8K 

UU 

OK 

W 

081 

99 

•52 

033 

951 

031 

189 

OH 

09 

941 

0U 

031 


1011 

on 

0H 

1DU 

UU 

ou 

9H 

OU 

*01 

*51 

941 

0U. 

031 

ink 

061 

901 

051 

071 

041 


+01 

+01 

+11 

-81 

—01 

+84 

+81 

+M 

+ 0 | 

0 

-81 
-04 
-94 
— 81 
-81 
-81 
9 

— 81 


+1 

-N 

-08 

—80 

-BS 

-81 

0 

- 81 
-0* 
-81 
-Oi 
- 0 .* 
-d; 
o 

-02 

a 

-oi 

-i: 


7J9 
hZA 
5.84 
fc-Zft 
5.84 
9.02 
S-JJ 
3 JO 
5.77 
2.W 
5.70 

4J7 
*.47 
6.23 
585 
•7 78 
5J0 
7J0 
6.7ft 
534 
5.61 
6.1ft 
5^b 
6.18 
7 JO 
763 
ft- 62 
6.52 
6.6V 
5.18 
6.S 
6 JO 
fc.45 
ftJrt 
7J7 


. ^BttS~FRAHC 

SVRAWKTS 

H » .\m.. 

J®«r# Tunnel 4 » « 

5«W 32 OS IN 

t®*** Manhauan 4 SS ... 78 

«M 50 

M BurQp* 4ft IS 

erica 30 93 

Sj— -A 4i OP 

^nai^Moitaa** Bk ... 

gwiam 44 9s".^;i 

EJ- Smldih <i 39 

FK?Wd 46 93 

93 „ 

|»t1iU«aj*nstein 4i 

«*oa»4H 

’»*■ *fron.suiiclt epc ai 

:iti. 

. KmMnji'Ol W r . . 

AHcb f w ... 

Rraft 4 «*.. .. 

. ... 

•TO* Bank it u ™ ..„. 


Ghana e an 

tomd BM Offer day 
« 1821 MO 


W 

02 

1811 

041 

INI 


021 

182 

05 

2000 


-01 

+61 

—81 

+M 

-01 

+8* 

+81 


-1 

0 

-11 

+M 

-2 

+01 

-1* 



urn 

75 

*4S 

1882 

a .—82 

100 

10N 

UU 

+02 -0i 

88 

182 

1822 

+1 +01 

IBS 

94 

*H 

+82 +01 

80 

*71 

18 

+81 -at 

3 

19H 

UOi 

-81 —01 

88 

9*1 

188 

8 -88 

100 

18W 

U1 

+ H -81 

3 

lOU 

1022 

-111 -1* 

zoo 

1081 

m 

- DJ -1J 

S3 

« 

Hi 

8 -ii 

UO 

TO 

*u 

-23 -Ji 

108 

94J 


-0J . -81 

TO 

47 

471 

B -1 

IM 

*41 

108 

D -14 

M 

«{ 

ini 

+ 02 -8i 

38 

U2 

1921 

n -81 

X 

UM 

IB 

8 -01 

85 

183 

1184 

• 0 - 81 

15 

190 

mm 

-81. “31 

Wa.- 

151 

im 

— 61 -1 

M 

19 

TO' 

^ ^2; 

in 

•* 

TO 

B -B| 

250 ' 

ISO* 

Wi 

+U1 -■» 


Yield 

a .88 
4J1 
4.40 
3JW 
SJ7 
4.4b 
3.83 
5.00 
4J0 
4JS 
«J2 
C46 
4 -S3 
4-52 
4.43 

d. ftft 
*08 
4.05 
*J4 
4.26 
4J* 
«* 

03 
6.75 

e. ia 
i.97. 

4 116 
*47 
4.57 

1.07 


OTHER STRAIGHTS IHMiCd 
Rank n s Tiold lift A* . U 
.4U70 Core Bare. 7 OS EUA 1* *61 *72 

CoponhiH'T! 7 03 EUA 36 OftJ OTI 

Finland lnd Bk 7 93 EUA 15 OftJ *71 

Komm. Inn. 7* 93 EU.V.. IS 0*1 991 +84 +1* 

Panama 93 ELM Z8_ 0S| *6e 0 -01 

5 DR Franrv- 7 93 SL-A .. 22 *71 081 0 4-DJ 

OlfiL'B-.enc P.k. « e: FI . 75 021 *3i +84 -■! 

BraiU 7? S: FI 75 041 044 0 - 01 

1 ‘PE Vrdcn 7: SI FI . 75 071 *8 +0i +Bt 

E1B 71 51 Kl « OJJ 94! 0 -81 

"i-deT Mldd«nh k'i <3 FI 79 042 051 • -8! 

Ncf Zealand f,. 1 *4 FI .. 75 041 0S1 -84 -11 

v.inniy sj tr. yi ... . u» ojj *v -b« -M 

OFB •” S3W... 75 «J 021 +DI -Ol 

K»B •; « FFr 2N 082 ON 0 8 

R ST s LuxFr .... ?St 051 Wi +8( -81 
Bir W i. us. S Jr. LuxFr 238 *Si ofti +il +81 

E1B 7 i M l.mFr 250 042 05! 8 -02 

Finland I FI 6 9? LuxFr 250 OK 041 -#1 -flt 

Xnnrny 75 fti LarFr 253 •*,> *7* 0 -p,' 

Rnnmjll 7} « LoiKr . . 503 9« 071 1. -1-01 

Knlray Km S 57. LuxFr 500 TO 1092 -01 +ft: 

Sfrdiib l Bk * S'? l.nxFr 50B 091 1M! 8 4-Oi 

Clllcorp 1 ' S Fin 1I» 03 l 20 SSI 852 +H +04 

Fmant-e lor lnd. 10 W I 12 Ol IT, 8 -U 

r.esttmer Hid BV U ss £ in ni EU +d{ +B| 

(3 rani t boom IQi 93 I 15 85 86 1 +U 

Whi thread 164 On 1 15 ' 141 tti 8 +81 

FLOATING RATE 
NOTES 

Amrnixn Fxprpw: 5; 

Aroh Inil. Bank M« 3i>;. 

Banco Nat-. ArjcbL LIS S3 
Bank HamUowy M? Sv 
Bank nf Tokj-n MSI P.i 
Rauiue V.'orms MSI ‘■S 
Fu. ETC d'AlO MS 371 U 
Roue. Rfl. d’Aln. M7.3 >S 
Tujue. Indn « Sort MSI 
F<1. Ini .vfr. 1 1 if MB.S a.t 

ClXE M5 3 3 96 

CCT MSI 93 

<4h»«* Man. n *S MV. 03. . 

Credit National 3151 *■ . 
nolab."n*r-n MB . 

HtutiuraRnia MSJ nS 
tJUh1]an;ka M7.75 F3 . . . 

I.TCB Jan JO MU SP .. 

Midland mil MM X) 

Nat. West. MSI Ml . . . 

"waon Crsdli M-M M 

PSB MSt ^6 

nfhhnre Mlnlnc M 

SFTE Ml B ■ ■ ■ 

Standard Char* MS.5 W* 

Sondsi’eUsbanlcen UP S5. 

Uld. tm-rrcaB Bk. U6 63 
CONVERTIBLE 
BONDS 

A«trs 33 91 

Bilker Ini Fa. ?* 93 
Boom Si 8.1 -• - 

Cnra^Tsla BnrfllHF B, 
flo-Yotsdo 52 tC 
Niven Indnarrl 7 86 
Trias Int Air. 7 ; 91 
Thom In:. Fin 7 sm .. 

Tyco lm. Fin. M 
Tvcn Int Fin. 5 54 
,\saW Optical 3i O?! 
f.a«:n Comp 31 ; n DU 
1 aimlr> 31 Si DM ... 

Jitsco 34 99 DM ... 

Rnnlahiroku 34 85 DM — 1/70 U2 
Mnrodai Food » DM .. 2m 1833 
Murats Man. 36 Si DM . J3f78 154 

Nippon Air. 3Jf W DM ...12/78, 

Nippon Fhlnpan 3* DM ... 8/78 
Nissan Dlewl 3* S* DM 2-Ti 
O'empus Optical 34 M DM 2/70 
Ricoh 34 M DM Jf /TJ 

Sankyo Electric 31 DM .. »/« 

Sanyo Electric 34 DM .-Jins 
B"1m Stores 31 84 DM _ 0/78 1215 
Stanley Electric 14 DM ..11/78 623 

TrlO-KemrtWd » M DM . 1V7B 711 

• no I tfnimation available— prerioux day’s price, 
t Or *y one market maker supplied a price. 

Smfshi Ben-1*: Tbe yield la the yield to redemption or the. 
mid-price; the amount Issued is in raflUoDs of currency 
unlu except for Y«*n bonds where it is in Mllluns. Quite 
on «reri = UhatU>e over priiaj a week earlier. 

Flaatin* Rale Nous: DcnominaieU tn dollar* unless oibcf- 
U7B- IniUnaiefL M = Minimum coupon. c^laln = nkl- tteVt 
cuupon Ni comes eft relive, spread = Mamin ahuve hlx-mootb 
nfl -red n:v fur L-.S. dollars*- . CcpnsTlw:. current coupon. 
C.'-lt!— Th« ctirreni rk’ld. 

Convcrllhle handa: Dtnoniluamd ill delljra unless othenii-'e 
imltcato'l. Clut- day = Chatutv un day. Cny. daie = First dale 
fur rann-rsMo Inio shares.' i.nv. pnv’fl'rNnminal amnuni of 
hnitd per share aronjs&ed In '■uncncy of share at comer- 
gjgp rate fltrd at, issue.. Prcm- P«rc«itase premium uf ihe 
rurrem eflccisve onre ol a>^uinnc shares via ibe htmd 
jrer Hif moat rec*;ai orlte of ibe share*. 


82 

*51 

462 

31.1 

43 

47S 

81 

161 

*6* 

2Z,1 

43 

4.71 

11 

17 

*7) 

25/U 

9Aft 

9 .33 

flt- 

*61 

*7 

iB/a 

101 

IBM 

01 

TO 

92i 

15.TJ 

9 

9.1« 

OI 

TO 

*7J 

TO 

93 

*07 

M 

*53 

461 

a:s 

12S 

13.26 

01 

<7: 

40 

25-1 

4i 

9J* 

8} 

- 461 

<7* 

U'l 

43 

■».<* 

tu 

4W 

47 

3(2 

9.J4 

430 

u 

441 

TO 

TO 

121 

12.51 

*2 

463 

471 

27/X 

4-31 

4.M 

81 

Wi 

*71 

11.1 

4J1 

9.81 

W 

47 

TO 

IS /ft 

12 Jl 

UJ* 

04 

TO 

982 

27.4 

11* 

U 46 

1 

45* 

*68 

19/1 

U1 

10+9 

0) 

*W 

TO 

0/5 

12.86 

12JJ 

01 

*7 

*71 

28-Z 

4.44 

4.70 

81 

m 

TO 

21/12 

9 Jl 

*.96 

81 

<71 


U'l 

*» 

9 ft# 

W- 

49 

*4| 

u/a 

U34 

U.60 


9T4 

W 

19/1 

4-44 

4J6 

« 

*8 

WI 

>.i 

18.64 

10 ja 

84 

96 

46t 

U/2 

1.44 

924 

u 

962 

*71 

4/4 

lOJft 

11.3* 

Oi 

4H 

*91 

4/5 

un 

1145 

Cirv. 

Cue. 



Cton. 


date 

price 

Bid 

Offer 

day 

h-BItl 

4/7* 

620 

991 

10BJ 

+ 1* 

5.43 

1/7* 

Sd 

44 

U»t 

+« 

Ml 


20* 

* 

1471 


2-T* 

.. 4/70 
6/78 
. arm 259 
4-T* 14J 
11/78 3A7 

. O.T* . a 

.. S/78 61.5 
12/78 saa 
U/78; *0 

10/78 030 

Lm 1279 


530 

738 

477 

701 

617 

16* 

2*5 


094 

8TI 

UU 

024 

H2J 

ss: 
mi 
72 
0S6 
l Ml 
183; 
071 

iS! 

*5* 

*« 

124 

97 

*76 

133 

1371 

93 

UAf 

Hi 

VK 


411 

8*1 

1321 

44 

864 

*61 

05S 

734 

061 

38 

481 

9*a 

1961 

96S 

Mi 

125 

48 

*86 

IB6 

1XS1 

*4 

un 

071 

*41 


+11 -4A7 
+11 14.88 

8 -2.67 

+«i 7J5 

+84 2745 

■ -1.37 
-81 18.48 
+01 167.11 

9 14.W 
-OI 243 
4Bi 44ft 
-84 m2 
— W 2.84 

8 12.43 

-11 -L57 
+ H 5JU 
+4i SJ7 
+01 UA7 
+ 81 1.1« 
+BS 14.7* 
-H 9-21 

8 3.07 

I -2M 
+8# 9.65 

-01 Mt 


a-jji* nnancjal Tnuex Ltd. 1676 .Reproduction in whole 
nr ;n oan in an* form pot ponnmed wrhou: written 
CCPMBI. Data aupfilied by Inter-Rona Service*. 


BONDTRADE INDEX AND YIELD 

1778 

Navcmber 74 November IT High Law 

44.11 8.87 44 65 85* 4*11 fl? 4| *8 72 /13 181 

03.E5 *17 9C.4S 4.2J 04.87 (W I) 89.83(49 181 


Medium term 
Lana term 


Euratlrar 

Cedel 


EUROBOND TURNOVER 
(nammai value ■» Sm) 
U.S. dollar bond* 
teat week previous week 
LB75J 1.371.3 

521.1 432.9 


Other bend* 

i*l< wrfc prevume week 
J'l.ft 631.7 

703.1 317.6 


F-O.YO MARKET rally 

r*eaan with Presuleni 

Carlrr c dciiar rescue package on 
Xuvember 1 'Iu»vn?d signs of 
Alluring early la^t v/eek. At the 
riitip ;* was esplafnfd as ranch 

hy rhe snionr of Thankssivinc 

holiday v’oek i»v market 

ni-rvuuipf*. Bui on Friday, 
fear- b“L’an;e renlilie? when 
within the spr.re of only an hour, 
me Fed moved to lighten credit. 
;-n d the in.<.?ur hank* > .'*nked the 
Prime Rate a -A*hole half percenl- 
aue point up in 1!*. per cent. 

The resuli w.«s an inimndtuie 
an*l 9harp drop ;n bond prices, 
with mony 5 — s;ip* li«’n3 a whole 
pmni or mn-p. Thir'ern-wpel.- 
Trea*:urj •rtil rsfe; rnop from ?.fi7 
per > en: hid k -* l ‘< per cem. and 
then* were comparable ri-es in 
7*i>ldo nn be ! iwe s her corporale 
2nd tax exempt i.sviie^. 

The ri-ip in prime rale *as< the 
«nr?r«:n? of ihese two 

developnjenTs. theueJi the hank'* 
dee : s*inn to ^o fnr a 1 per cenl 
rather than’ the usual qnarfer 
added *o i;*. impact. The hanks' 
mst of funds is stil! nsina 
sharnly. with !»h*dav rommerri3i 
paper al around IP 25 oer cent, 
.inr! six-in/tnth certificate.* of 
demsir a shade higher. 

So an incre-is* m thp prime 
■vj.j cnnSdqnily predicted S'.gni- 
firanrlv ti •ra e ir’ccpred hv 
Cit.b.ink whi rh ;isir»'!y ha j es 


rate on a :na>heuialieai formula 
iisi nc the L*n«c» of i-nramercia! 
paper. Predictions lhat other 
hanks mi eld no; foiinw the full 
1 per ceoi jump proved wrong. 

There was yreuler uncert3in’.\ 
over the Ferl’s intentions, though jnsrificd hj rhe latest money 


turner price index and the latest 
trade figure*. ;,re due out in ihe 
next few days, and holh could 
bring bad new* fur ihe dollar.. 

A ushienins of »he Fed funds 
markei did not appear tn be 


the knowledge that 
market com mil tee 
monthly meeting on 
sharpened expectations of a 

chance in the key Fed fund* 
rate. Sure en»ioh. as the prune 
went up on Friday morning, it 
also owe: 1 me evident that the Fed 
was drainim: fund> from :he 
market, pushing ihe rate 
from 9} to 95 per cent. 


Apart from malrhinq the eon* 
linuinu <imns upward prinsife 
on short-terni rales, the Fed's 
motives appeared in be linked 
tn the dollar. The Fed deliber- 
ately eirthioned the immediate 
irnoaei nf the dollar i>avk'i2e nn 
l : S. crpdil tnarkefi hy reftrain* 
ins ihe cos i nf Fed funds. Bn I 
in the last 10 days there has been 
a urowiftc feelmc that rite 
rescue operation npeded *c» he 
hnlstered with a tightening of 
dotncMic credii markets 
One Fud funds dealer com* 
mensec! lhai Friday'- move miaht 
even be Hi** firm step in a i\vo* 
*lase operation to raise lhe Fed 
funds rale in 10 per t en? hy the 
"nil of ? hi- week Both fhp con* 


ihe open -supply figure? which showed that 
held - .l> Ml fell by .«l.lh n in SSdUbn, 
Tuesday and M2 ruse ?!0i)m tu .Si»nbn. 

li'jv.cver. she S:. Louis Fed 
reported ihat ;he monetary base 
rose STOOni in SI4I.5bn. This 
figure, winch includes hank*' 
oblisainrv reserves and currency 
in circulation, rellcc;- ihe extra 
U P fund- pumped into ihe system by 
the Fed u» nlfsel The new reserve 
requirements contained m the 
dollar package. 

With ihe prune now close ro 
its 197-f record of per cent, 
economists are sharply divided 
ov.-r ihe prospers. One of the 
m os i in linen i ini. Dr Henry Kauf- 
man of Salomon Brothers, fore-, 
sees an unfuldinq financial crisis 
wiih a prime rate “well shove 
12 per con: " and hiqh erode 
corpora to head yield.- moving 
mill tile 10-1 J per ceni ranee, 
ftihifft maintain tiiai while ihere 
is si ill si rone pressure on short 
term rates as lorrnwers scramble, 
fur money hefure r.i'o- ?o even 
higher, there is bound in he .i 
falling *i(T in demand as rate* 
roach nnpr<'i'"flr-nT/-ri fevels 


CARTER BONDS 

Treasury 

•* 

securities 
decision 
pending 

By Nicholas Colchester 

TIIE U.S. TREASURY will h»> 
" ruOving towards a decision in 
the next few days " over Ibe 
exact manner in which il will 
issue U.S. soveroinerif foreign 
cucrenvy spiuriue/j in the pub 
lie in Switzerland and v>rtnany 
one Treasury official nrepnisidg 
these issues said on Friday. 

The official -aid ii was " highly 
likely ” ihHt tiie rentral banks in 
Switzerland and Germany would 
act a* agents fnr lhe issues 
rather Than the universal hanks. 
Bur the exact mechanism and the 
terms nf the issues had yei to 
be derided. 

He Mid tha! th»*re wa* now 
“ ver> little question " that Swifo 
franc and D-Mark securities 
would he issued wiihm a mailer 
of weeks. Though not necosarily 
all at unce. In contrail the 
Treasury had “ nul ycl taken 
decision " repardinq tin* issue of 
yen Ponds which were initially 
envuserd. “ You can't do every 
thine a]) al once," he explained. 

when ih*M*» are. so many tech 
aical questions to be answered." 

Last week the second Trca°urv 
mission to Europe to plan these 
issues rant again with thp Swiss 
and German control hanks and 
held consultation* with the hie 
banks in those countries. The 
lype of securities emerging are 
mainly short term, with maturi- 
ties of between three and five 
years. There will be special 
precaution* td see that they do 
not qn into the hands of U.S. 
investors who would merely sell 
other dollar securities to buy 
them. 

The official explained lhal the 
Treasury had no authority io 
waive U.S. withholding tax on 
the inlere-l paid to foreign 
buyers of U.S. securities. But 
he under*tnnd the tax treaty 
between the U.S. and Germajiy 
meant that there would he no 
*i«ch tax on the German tranche, 
and tax of 5 per cent on interest 
paid to Switzerland. The net 
mleresr payable would have to 
be acceptable in the Swiss 
market, he explained. 

President Carter announced 
the planned . Issue of foreign 
denominated bond.* in early 
November as pari of his package 
of measures in support the. 
dollar. The original intention 
was io i.-suc SlObn of bonds 
denominated in yen. Swiss francs 
and D-Marks to provide p3ri of 
die additional $:j0hn in foreign 
currencies which the LLS. was 
mobilising to provide potential 
support for the dollar. These 
bondi would he the fir«t ever 
U:S. government bonds, denomin- 
ated in forsipu currency, avail- 
able to lhe general public. 


AUlhese notes ka\ir,£ been sold, this announcement appears as a mauimj record only. 

UNILEVER USF INVESTMENTS LIMITED 

French Francs 100,000,000 
107. Guaranteed Notes 1978-1985 

Unconditionally and irrevocably guaranteed by 

UNILEVER LIMITED 


-Sc. «* 


u 


BA NOLL DE LTNION EUROPEENVE 


BANQI F. BRl'YELLES LAMBERT S.A. 
CREDIT 1A ONNAIS 

KREDIETBAVK S.A. LI YEMBOLRGEOLsC 
.MORGAN GRKNFEf.L & CO. LIMITED 


CA1S5E DFS DEPOTS FT CO V SI GNAT IONS 
DEUTSCHE RANK A KTIF.NG ESF.LLSCH A Fl' 
I.AZARD RROTHEftS & CO» LIMITED 
WESTDELTSC'HE LANDL.SBANK GIKOZENTRALE 


AI-MU I B\NK ' 'I Kl w\it »K.SO 

.if amis \ cn i.ivrirn 

AMSTEBOAVI-IIOITI.RU AM HV.NK N.V. 

THE ARAB \NU Mi.iKti \.N ijKLM-i I.I. '-MN'rr m\| T ANY LIMITED 
HAV( A N A /ION \LL lit L L ttORn HAM O fi| ROM 1 


ALGEMENE BANE NffU RT AND N.V. M s\l Dl R \Ni>I r. 

AM ERICA N EXPRESS RANK JNTfR\ srii'iS \I i'.ROI P 
Ak AR \'-< i . « URpuR ATIrtS S \ L. 
BA Vi a I fiMME Rf’l \l I II \M\W 
RISK OF AMERICA IMI RN ATI* INAL LIMiTf D 


BANK Jl I II. s R \l R lMP.PN MIONAL LIMITED BANK GUTZ" ILLtR. KI R/, lil NilE‘V| ; K iO\ EK.SI \S. I TF>. 

BVNKU.I INTERN AlIMN U LTD h \NK MFCS ft HOPE ,\ V RICKERS TRI SI INTERN ATI* in VL LIMITED 

B\Ngl E' -H SBt *.l J.NTtHN MliiNAl F D INVFST ISSI.MEN I iB.A II ■ 

B.ANOLL RLLGE POI'K I'lND! SI RIF. > A. b.ANqL t Dl. BCNELl \ S.A F DE'lOMMI'R* i N 


KANQUE Ll RUfttN'NE. PF TOK’iO 
BA VfJLT. GENEK M E Dl 1 1 XL M KOI. P.O S A. 

BANOLE INTER NATION A I F A LL'XEMBOL Kfi S A. 

RANOl'E DE SbUE'Ll/E. sCHLL'M BERGER. MM LET 
BaNOL'E DF PARIS ET DFS P\1--B\S > 8ELGIOl E) S A. 

HANOL't POPI’LAlRF. SI ISSF. S \ LLXF.MBOl. KG 
HARCLAtS BANK INTERNATIONAL LIMITED 
B\> ERiSCHF LANDESHANK GIKOZCNfR ALE 
HER LINT: R HANDELS ■ CVD I’K.ANkFI 'K TEP R».NK 
RSI. I NDER WRITERS 1 IMIlbD CAlSNE CTNTR AEE DtS HANOI t* POPLLAtRF.S 
» iTICORP INTERNATIONAL GROI'P CUMMER ZBaNK AKTIENGESFLLSYH AFT 


BAN«.H EFRANCAKh Mi COMMFRtr I XrFKIH'R 
H ANQI. E Df I INDOCMINF. F T DF SI. 
BASQUE LOt.'IS-DRET FLS BA-OL F V AT HIV At T DF P A PIS 

BAN OLE DF. PARIS r.T DFS PA A S-R AS 
BANul r. PRIVFF. S A. 
B.ANQLE ROTHSCHILD BxNOI'F WORMS 

BARING BROTHER S & CO. LIMITED 
RMFFISCHF tTRFINSBANK! 
RL1TH EA5TMAN DILLON & c O IN TI RN aTION.ai. LFMITFD 
CH'^jF MANHATTAN I IM1TT D 
CnNTINLNr.M II I INOIS UMITFD 


< «>UN*T> BANK LIMITED rRFDIT AORKOLE CRF.DIT.ANSTM T - RANKVFP FIN I REDII i IfIMIOL E 

i RfcDIT rn.V|Ml:RCl.\L OL FRAME CREDIT INDl-STRII.; H A|.J»\C F tT HE I UKRAINE 

CREDIT TN'DI STKIFI. I Ti OMMEKi:! Af. CREDIT PI' NORD' CULDIT SI In*I' FIRM HOMON LIMITID 

DMW.AEI ROPI-N.A. DEN NORSK I- Cl* EDI TRANK DEUTSCHE GIF O/h NT R ALE - DFI. I SC Ilf Ul\|\|l --M.BANK- 
UF'WAAA i. AS»K1ISIV1I RN MH.1V AL SfJCIF.II. ANON A ME Dll LOV. |t t Al» m I PnEaS (.OPPoR M lt>V 

DRbSDNER BANK Akl Ih.NI.iLSLLLSCH AF T tl ROPE.AN BANKING COM PAN A LIMITED I IN.XCL'K 

RORFRT riTMINr, A. CO LIMiri U 

GIROZFNfRMI. END BANK DLK OrSTLRREICHISCHEN SPAR KASSE'N .AKTItSGF-Fl I SCll ATT 
GOLDMAN S-ACI IS INTER NATION A L COR P \A i.KIINVAFIL AND CO. 

UROLTEMENT DF.S B ANOl'Il ki PR|\ fcS GEM * OIS HAMHROS BANK LIMITED HILL S%MI'M A CO. LIMITED 

INTERNATIONAL SFCI RITIF.SvA. . IMERI'NION-BANQLE IS TIT UTO BANCaRH* nAV P \OH» Dl TORINO 

J.ARDINE FT.E.MINU & COMPANY LIMITED KIDDER. PE A BOD A IN I FRN MIONAL LIMITED 

XLtINAVORT, BENSON LIMITED KR EDICT BANK N.V. KI.'HN LOEB LEHMAN BKO fllEKS IMtR.N % FIONA L 

KUWAIT TORFIGN TK ADING CONTRACTING Jc INVESTMENT CO. iS A K i 
KUW AIT INTERNATIONAL FINANCE COMPANY tS.A.K.J KUWAIT INTERNATION M IN'A FSTMFNT TO. S A K. 

KUWAIT INVESTMENT CUM PAN A iS. A K i LAZARD FRERE5 ET CtE I.AZARD FRt'RFS * CO. 

LLOYDS RANK INTERNATION AL LIMITF D M-WI'F ACTl'RFR^ HANOVER LIMITED 

MKRRIL LYNCH INTERN* ATION.AL L CO SAMUEL MONTAC.L’ & CO- LIMITED MORGAN STANLEY INTFRN %rii»N \L LIMITED 
NFDKRLANDSCHF. MIDDt'WIANDSbANK N NESRITT.THOM SON LIMITED THE NIKkO SECl KITlES « O .iEI ROPEi LTD. 
NOMUR \ EUROPE N.V. ORION R ANR. LIMITED PIERSON. HELPRING A PIERSON V V. PRJ\ aTR.aN'KFN AKTfESEI.SK AB 
N Al ROTHSCHILD £ SON'S LIMITED ROTHSCHILD RANK AG SALOMON HROTHF.RS 1NTFKN AllON At. LIMITED 
.1 HENRY SCHRODER W iGt’i * CO LIMITFO SK ANDINAA l*K-\ I NSKII UA BANKFV 

SMITH HARNEY, HARRIS I 'PHAM i CO. INCORPORATED SOCIFTF k\NCMKI H \K< I AYS .SITSShi S. A. 

MiCir.rF CENTRAL E Dl- HaN'OUL' SOiTFTE GF.NER ALF SOCll Tr OFNI'K \| J \l SAUI NNE Dl- K ANOCE 

NiCIFTE GENERAL K DF HANOI F S SfHTLTE MOVSAISfc DF DEPOTS SOC1F Fl. PRIA IL Dl' GI'sTh »S UN ANf If RE 

sociF ir si-iji : an.aise uf. b anoI'K stk \l ss. urnblll ito. M'Miro.Mo iiN.ANcr imikmiiuml 

S\ I NsK-A II ANDruiRANM S SWISS BANK f OKPi.iR Al III*- -OVI RM- I IMITI I) 

I MON DR BANUUf.S AR ABI S FT ER XNCMSl'S -l - H A.!*. UNION RANK OFswMZFRI tMi.Mi'l RIMISillMUID 

M.RBAND SLllWEI/I.RISl I1FR KAMON M.H.ANKEN I. MiSTHHII k i.'O SM .. W \RHI K«>.V.i".l ID. 

ULAN W J 1 1 ER REYNOLDS INTERNATIONAL A\ LX>U GL NDY UMIILD 1 AM AU.Hl IN fERNAfli.C-AL ■. LI KOPL.i LLM1 f ELf 




IK TRADE FAIRS AND EXHIBITIONS 


Tore 

Cjrre.3* 


Par 


!>r i . 

Ti h.- .V 
I or . 1 . 

r*p® .i ■ 


T l!'*' 

XX'lirilocale fi|T': I” js ; r I 'irjtli 0 v in | 

VirJ®n T'*rlr-. 

E'<i>! Smi’hhPM ;V.-’ ’"'i .4sr>ri|iiijra| arreton®!:- 

Kv h» hi: ii m 

P<»M"n I.'n-inr'Tiri- ■•-:ti r f s T‘f ini| F.ihihil|ruj 

Rn^ir.l F.iv.'nwi i:i;' : n -1 i nriiMn?) l%qi|ipni(*n> 

E'.hiSnSinn 


X'riiup 

.Mount Pmal au*! Jl0j r iD 

W| 

Hpalhrov. EJ -M e I 

Pari* • '.nii 1 1 

Natinnal r.xhihiM'to Outre 

Hu niinsii.mt 


i l^p 


.1- 


Rriiinl pAtiihitmn Lentrp 

1 ‘nmpll^r I'rr'piVT- • *nri V«H‘I t' rirrrpij ft- [" S' ••P'll’i »»"iii|iia 

I'K > mu: ~ 1 ■ •: :r* ^ K -.hinnon K r, > | Hnri 

t'»*MI , KT *7S < t " r is*. : .i ' t Onph'-ra! * ) 

Kx port Scrvir-'. fi-. •v-.ciop 


r>e-7 ‘ 

Tier J 


j: 

.ii 


*‘.rinf a|n®i • nnfrrFijre ami Or=n 

Si ;}i'ni* Kvh’-Hinf 

per form ’H®* - 1 3‘ Siin - ' 

Fxhihninn .in i fi'-P'-a- S .-.!c:n Fj|j-..^^ririT"l_ r.y 


lnilrnral HhIU 

' ti;. :nnl.1 

.V^Mi.indl k:.hii On ire 

Rii mip;hani 

Mkir-ipnie t .'untie, Rncniiin 


i levanfir i Falare V?* 1 

(Jpnt r *=■ Morel. SVl‘6 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


•'•jrreni 

Trnl 

■“!irn?n: 

\.n- •’"._T»e<- 
V «-.• _ p«.- |l’l 

"Vrv\ “ii- -flor l 

no® ’—in 

Tier .1 

n.,r p 


Imrrnal inn a! £,-.h:!i ' 'on -if Invent mo: anri V*'< 

T**i hniqiu's. f u rsl r? I'a-f "J i 
Miiih- E'viiiEs'mn funMi Da-- .~l 

XI iilrili- F.i- 1 RiisMiP. M*l«-r;.jli and * "nnitf m-Mnn 

M-jenin-r" Fvjirr'mn (until \n> .Xfl| Kahr*m 

R V 4 ierial- fail — R W \RMESSE rr.iw*nha«fl 

lnli*rnanr-nai Trade I-' ■ - Hi'-ar 

Irjrniiin® traHe f -j - 

Intern <ti<»i.ti Wiinr! ■ Ii in j F tiimiiirin Rn.|i» ,, l5 

t‘ » i rr» fan :!mn »n:i Hi 1 TrMl.iicn 1 Fn'iirmept Tnl-.n 

F\ b’hiisfn 

Inirrnaimnal F.n: : • *«r» "®n* F.vSih.tMn I**".- 


BUSINESS AND MANAGEMENT CONFERENCES 

H«ilnr MmiQl. Friflfnrd 
Rerenl HnteS L^|flli:l»ii 


'.yrrent 

•"•irrertT 


irrfni 


prartTnirl I : ni ,- ‘rMl - I n dii ■ »j i jij X]ari.-citn? iiini.l 

Tier I ' 

Self. Fi.n linn r Fi nr|iirfii-ift Srhem#; 

i until \n- ’li 

I PM .»elur!in 7 l|ie F-.'ll • aildlrlalc li.inlli Pee Ii 


V__ 'n 

vs. o 


i. ’i 

L '<» 


'V. “1 

\.1’ “.II 
»:n- ~n 


V, 


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Vi. "n 

Pee J 

Pee .1. - 

Per * 

pee l — h 

Per J_ 

Pee \ 

Pee % 

Pee 1 

Per i 


*; IVT; \ ■ r.'iet-.--r r.M-n Eir-. -She icrr.fr' Jivi 

| r l| •*' •«.’ ;• i.le ■ a-!.'-. 

F Interns! i'.n a 1 M.riiiit; 'i'iii Time 

R'.'Tn r-irnin; 'iir--* .'. “i i r.pru'li 

r i| 1 ". .i.imi irH Me‘ne-»l *1e a-. nre.-iiorit 

F.V'IF /ITP ”'1 anti-.; SL,;i, 

F.I’T liilpienir-il in ; \'Mn| \ aliie Si-hrmc-. 

i‘h'Vi.i:i; .in'! I "ii: a S.ihi •inti'-elnr in 
‘ >■:’ sli'iir | :»i:i Fi ■-> 7 e .-i a 

\il \t n n J ;eir.e." * I.* in:i; '"rrji.' <1v and 

Ifinrv-al i«n Wnj l *.inp 

> ■'■I 'bn:ir ir»n 1 >ini re.Jliiij 'I'l-.e.. i! r *•'*'•» s 
FT I'nnfnrner V.e.-'-| Ft'.i'Tin: >r* 107 r * 

’•le r I e 1 1 r 7 ‘li-iriel' r.-r-n.ii'i e r,rn;i r.S .. 7 

llarleiinr i ,, i*' rr,;i 

Mri'.ra i Hill i nrpinlf F i a id 'r. t A'ldilnya ar.d 

4 r rri i ■ n I j n 1 

r,' r m f'nnprtiM 'in I • ■ 'n 'hr F Fr 

FTii'" M'lrlmm; Iniiin I'lnhrcn-'c 

Fer.nr.P'ie AT^rlr-i I"! ri;:nr'r(n: I nr|i|-.rr le^. 

V.R F ;-.eri , i. 4 - ■■ .- r F.,^ ;:*■ nu n I I.-- 

I "hsr!erl:i i ii| »• lap'ae: ■ e.i- <e --r nee nn " 'i n:i r P: r afe 

Fmipan' .. -M ••. imi>|nj W>?!ih 'f^t fr F"r 

i m| } rir| ■ mil ! lli"' 

FI F*~ 4 ;»mnir 1^ f'.i-'iiss ir,e :«!pni !”■ ■’f th* 4 

pmpr.srrt Fiiriij'i’ sn I '■■matsnn 
I «"l"| I’K pn.iiir.-ir r ft peel. |- 1 'lTH 
Fn:;nner: Pi;*.' FI 1 P.ii.a I.-Ti'-nr -ar.ij 

Mlrf'ifl'ire. 

I n :- ereilv r.f jrii'nrd I nr|i|:tr; a I Relalirin-; 

'.r^nliari/.n 

4 MR/Fnrnr.ir.ne- •'I'P-'a! I.ersl 1 • •n*-" 10 ?b<* 

F iirnniarlrel-. 

«"F.S F.nrrr- nnd V"i ? n« -• * V -i i »"e>n f ercnee 
rrpafi Tre^ne T'ei-i; n-i 41 aim; {nr Senior 
NTan.i remmi 

F.T4/FTR Tn-ir::-r •'«: ?ii and l..nndnn 

,\ ernm.iinHa nr.n 
yf?* Fnimfer Pnrrhi-.e . "n- ’ 

i"MT r Rep-e-.onl s' ei and Saferv I'eminilT. 

1e*»-i rie;i| i ^1 ;nn • 

ES! FJertrir-,1 Ed !| : J.i'le -t ! iVinieranre 


.ip-i 

V.'hii*'- H-'i* 1 1 . Ejn^a •tes' 

f:.|le. W2 

Re re pi Pen I re Uni- I '.VI 
Fail rniiri Hntel XV* 
IntrrnartnnjI l.niadtni Fret*. 

I'enltr F.I' ! 

R.i j! Ilalii.n ll-'-t r l. Vnrl 
r limp j Ifni el. Ml 
Rma| Si 11 mn Hniel. '. i,rl 

Inn i ■ n ilv 4 Part XVI 
The ieirndee Hlfri XV. “I 

ri.-.-.liU- I (••lei XVI. 

~nrirli 

r o', a I | inri.lM Hnfrl 

Rrot I'.arden Hniel XV* 

Mnte| Infer i-nnlinenl.il XVI 
R.I- s'. l.an-:a;:*:i Hntri. \\ i 

" 1 t 1 1 d l‘l|jrrn tlrfel. XX* I 
l.npijnn Inl^rn.i! i.-ml Ti r-.-. 

i.'cnlif. F-C 1 


r~yy. l^n-lrr H-»-\ V. f C 

‘.‘il'f^liri'i’'.. SXV1 

iisnn»n f;»reet. F>' J 
l er:ra| I nndi.n Pni; lr.;l>nie 
V\ 1 

Htstrin Mniinl. Ri ad P.'/'i 
I e.|idnn I piern.i I inn.a I Ptrv. 

i.nntrr. f.rj 
Sin;3C'-'rc > 

Xl^nnr Ilntim Jlnlrl. ^Inreinn 
;n X!.an|i 

i i i-.nf’*' t ‘ 'e litre 

XV 1 

'■.i-n-.'fnnr Hniiae Ijnrel Ml 
X rnr-irie Hntr'-. Feql!”. nrth 

M>nil?» PV i' ■■>nf‘T->n.'e iVnfre 


Tliis week’s 
business in 
Parliament 

Tfin.x >• 

COMMONS— DrhaiP nr n-i *pH. 
.i;e Oppn.ap.d pru.a!'' lm.* - ixif >*"- 

TOMOBBOXV 

COMMONS— | Iou>p «.r (V.pimnn-, 
( Rr<li>! ributirin of Srn'^i BiU. 
%nrnnd rradin^ xi-.unn 
Fiiiplnvnitnl Pinlrriinti (Xnr- 
mlmn nT l.mmi iirii.r ^nd Un- 
fair Di^mipjiai i Inroad nl 
f'i>m;u*HNati«»n I.unili i 
to RUS — National I-vtrl Ki 1 :id 
Rill. *rr»Ul(l t<*Ur)ili _• HipnC 
«f EKE- Cnmmiiipr <.n 

me Advrrlising. Slmrl drSair 

nn prnpnsprl Eiiimpn-in Mpu.-- 

tap-' Svstrm 

HTDNESliAX 

COMMONS— Dnliair <*n 

Fnriipe.m Monn.arv i!rm 
T.OR0.S — Rrpnrl. nl rh" S^U-rr 
i.'nnimilirr nn a Foil •'( RF-bi 1 - 
TIHiRSPAY 

COMMONS— Me rr ha m ^ i» i r r 1 n " 
Rii!. -n'onrl rpadmT ‘ , l ofpi n nn 
Hoys? nf I ‘.anfininn-. M**:iiririi 
Fund. Oii.alifiraii>.n- D;i>=r 
inr-. nf Social XX : ink • Smiiand l 
Kr?illalli)ns. 

LORDS— )-'n 1 -r-. lr;- F-d'. 

.-fa;r. Orrtnr nn rrirfi T1 

rill 111 oil \Vo|sh (Ir-.r-illhon 

Tnhiir Health LaEm I'nr- Srr- 
viee Rill. sprond i I'.trtin--;. 
Short dchalp nn iir.'r r 'i :, ‘ ,n 

-.tnior-phertr rarhnu -1t f,v irin 
^nd .ippnivni rh^n:;r -n :!nh^i 
•vratlj.ir paiternv 
SFI.KCT rOJlMlTTELs 

Rare Relnlinns anil ln»inl- , a- 

linn. Siihjerl F.iT -■■.•! • nl * ■!• 
Miemher ;|np of If I- 1" nn r^rr 
rrl 1 1 ion-* an.l a - mn 

MTJnrv.--.rr. On -id I a nr .«w| 

• ‘onmiM«inn f«r R.iri.il E‘i'l.il 

it-, i-rtieia K 1 pm ^ 

i-Rinxv 

FOintftNS — Private xteniSi”. 

rnriftrin 


(. onncil ho?ssc 

sales altack 

L AC'-F. y M.E- SALE r ' 

1 1 r ■ ■ i - e * h.vme rt.nrltn; 

ofTi'i I-. --n c-tber liomiT pe>l> 

n?-. irror-tinh tn Sl.el'.-r. "m 
lin.pin: .irtir-np. .md ine-.--.ilie 

p-niin 

Hi.-fif Xhrllrt'; [p a; ---I'l*' •*' ; 

eminr ij.h-ill^o -a|r» -n l r| 7-. 

hl-rlv hi- t.:,r I bud h : -|. 
t.al;.l al.o.it l*X. 00 n hmpe- The 
ar-- ■ nn{ rtrnh -p-e.-.f} 
.rid I hi* ' liiniagin" eiT.-' - . . in 
cnij.-enti -ii.-«t i-n 
.■»r« -r;>< .-.j hnijef.hrilrl -r'; 

:'.,i|e*. n»*«i it-ndvr,.--. 1 "fi 
hniri.-’ .‘mpli - nendm- .s-f ’’rm: 
rmi.ii-il .eaitins l«*t* 1 .. Vtl Mini 

.1.. iar)if 1 1 1- 


MEWS ANALYSIS— IRELAND AND EMS 





GY DAVID FRFUD 

THF PRuSfECT n? »ji B Bu+lXfl 
pound and ir**h pimt ?«ins 
their iPi-.-im!** wa*-v a 

in; .jiipO inn in imnk*. tn'iirarpc 
rninp.m.c*. brr.i.-i;> ^nri mr-v 
nibrr fin.mriai ni«iiiuli<ir»* >n 
J.vn rrnjnlnes 

The l-.vn ernn-nmie". iplc Erep 
!inl«-d tndi - ; nii(M - . fnr ■■ni*t**ri^S. 
Th^ hr 1 -' -itirvivcd icUri ‘vr-pn 
li|p rrpnV.ir won it.% :nd^p*.P 
•Irnrp nnarij' HO ;.rary 

t>nr Ir;»h piinl l> ivnrih nn«= 
British pniipH and th*T* l" no 
pxrhancp rontmi ^r'Ojf Dip 
| n*h Sra .Xlirke-rs ir. itunoy. 
iernntie* am] ji-t-; !o ?!i in 

loni* .md pnri’n-"’" i i irn f sr'- | i ' n 
(.nririon non n*ihl:n Cnms and 

iin|p< arp intrrerja:i;e-al-> t:i Ih.T 
rcpuhlie Vivirr 
Till? l-n|: n-.nilsl h p h»nl:pn 

inevitably shniijd l hr ro^iih'.ir 
mnnnnrr mrntb* r-.h»p of ihr pm. 
pn-erl piiroppan XtoneJ-i r y S'-’-IP;" 
m t.iio Brake’s -norMt*; 

ii.-“t u-ppk and ihr I.' K oni!* id 
;o»n Mip sx jtrni 

XvTrb the Br:»ivi pound H«3t- 
in;, in hn-A-e-.'.-r oiflnlM " '■* 
f.i*lnnn. .«nd l!ie pn;ii npij in tTe 
Continental . :n repr-e*. a Hjver. 
‘ZPnrP in Jii»* ■.■‘re^ppt r.ne.rn-r.rie 
psi'ifv i> r.:ilr| he p.l-.:-h!e a* a~." 
!:me F.vr.i.n;'- rate", helve* n !*a 

1-- r, rurrene-e-. -..-nnlri t’lf! rlire 

i.ivp ;i hp ■ntriHtier*! 

i »nre e-;e'*a-:*e rater*. Sur’ij j>*e. 
pn'il l.i! l>-.* ■*. -r..\il»!-. • h jar;= 
!l. ... -. «f e-iih I -do •?»= e:i rrejie-.- 

\ period l.o iipMei.ste Tb-|*. e-. 

rba n;* .—niPviV's : i pr-~'- it :>ir- 

rio-.-i -.vi. 1 he ; l" r, ij, r c d T - -■ ’ 


*ro;-: are S'Vc’t ;onper rath*r thea- 

lite'r ro'irnih' 1 *P-T'l!3t!0Tl b?(ore 

r. n forms* annauuceiViept. 

i ii-* in noth coiintripj a.m 
rr-i.ciirriru ‘-r‘|p. r r , 'a to i?trod»iw 
^ohanw cntnik. atid ths 
air'txsrti'-rcls « ,p r? probably . a 
?'.'.hj n, T. nf d'ir-.lWIUO “hen Mr. 
ni»p I* Hr-»:py. *"'* Chancrllsr, 
atp'. Mv. Geo f?? C n liv.“. hL= Irish 

C?:>n|r:‘T-in i 3 mrt TitV 3?0- 
Hvchiiaye roptrois sho-ild 
nr-'^ont rm rijTiff?m*rntaJ diffv 
'■ijittP? ' r -l SOV nrw 

tr.?n i ;aetpd r.rrwpcT] i hr tv.i 

r:.ijn!rt<*: A Britr..^ infendins. 

ir. -rivp'.T in Ireland wmild hr 
jre'jittrfd ymjly tn ~o rhrnu;h 
the «r.ie prrjerdnrr* as if . hr* 

•nr.' ir-.-p-rinz iq West Gorman? 
nr Franc® 

.Sterling area 

However. 'ili^tartOS V 511012 E IP 
reSjf rn Jr, rhr lars® rrJnmR nf 

bujines? in ®\i5 ! ®nc® Py then 

nahirp. rhr-** v.-ill pruhsMy he 

c vt®r?*irr everripMnp from th** 
<ti]t rigour:* of rvrhxn^e cpnirui. 

ii !e.ic| for a p?n?H 

Tbit voijlri arenrd nil.h whit 
h-PPrneri -ti 11172 vli-n • thy 
eyre-riwij sterjinc are.T. 'DChirJio'e 
«irh .-on nines ?s Australia and 
'.'e-.i 7<'4] f nii. s--a* aho!.i*!i*’d. 

Rrfin.snrin? of sterling hornw- 
iis; ■-■ ?- 7»=rm:tJfrt foy she nP^T 
f- -1 r -ear- 

F.-!.jip: th? Tinsf hastr iferf. 
i’ -r ‘r.ar »he s:* r> Government* 

■■ ii‘> ! »l« :o saUr in HfdJRJt' 


in 


- u-hirh pound-- m ths hank- mode*!, as .in .insurant 
sverrms nf fbR f-vo counmeF premium, * . . -. - - ■ - : 

™ Vn*h md xvhich are British. Banks, anil insurance ■houses 
rh5"e^°Vhree choices. Ossig- vrtll bate, tr. -aH-.tteir 

-J,nn niisht he hased the cast ora era sp afferted-rP*?. easy 
rurrenrv ip which the deposit task— and advise them of tae 
was nriVifially niadc. the coun- new position. -. : ‘ • 

nr un^'tbe residence n" "S. Securities ' ^ 

d? fhp 1 first can probably be ruled . Adnftier change; effects -the 
hpr--«ij* c nn distinction was -Banker?* - Automated Clearing 
d-rtn hriweeo the currencies Services. Tiased - m Edgvare. 

•A h®n dep^its were made. Nnnh iJindort Alt. hanjr'-i?im 

l ; iit;l iho author! Mes aitnotmc* credits *o" Eh e /republic -would 
ih®ir dp'-i'inn on that the hanks have To be fefiibted:..^ 
io both mini tries 3r« . Mnriicd jn .: Another;-, area : iff iMliidL the 
preparm: for fh® rhangt- ; authorities wiJI.haT'e.to lay down 
Ho-AT’-cr. haok , = with extenaiw, a -^rra- tnl*itp- ctmcerDS se.curitjEs 
rroj-hord*'!* business ari* waw- and-lhc AppIicattW O.f.the invest- 
in -"i ^ir hraochc'i. to stand by, riiEnh-prernikra..;They tnfi haya 
tv I’.-ri UK Hearers most in- fo decide whetherito allow bene- 
vcivrd are shp National West-. fit nTlije'prenjiifm Oirr^wlriatfyl 
niinsrer. v.sth Ms T, lfter invesDnpnt. where .the preminm 

4 i,i«:Hiii; . an.l the STHwantv was not paidTp Ahe^ ^ftst case. 
wj;h Hi** Northern Bank... 7 /:. . has-ieen/p^yable 

Arr-mcemcois are liems-ni.adc. iip -.to ] .mw-. on- Tuye^trneo*? tn 
fn* - Ji:sh h:*nk« In rlnsR’for twn -Irefeud;' j.' ’ ■' - r 

rt. v .Q m allow all ltprp-* \a 't^ajiTt '^'Witii rriQre tb«i i 8 TO!ff of Irish 
tA op r-rhipsed at par. . After fiind 9 . -estimated linvesfed 

»lia». .-hpniici* arrn «5 the border in tearitin .and- .property' m 
wnnlH b® treateH as foreign bills. -Britain aiid aboil t ^Odm io tfte. 

Th® In?h hant« .have agreed: reverse., ditjertibn. a decision ib ■ 
ip .*i«-r* ih® VK hank* a ,fc eek la that--- area.'-: carries. ' jmportaBj.- 
rirjr ai par P- 11'1 remittances in .'consequences.-- . : •". 

th® K r Jirh network. ■ •• > Tftplist nf practicaf ddHcnJtiPs 

i’iii.-- nf >h® mam cnnirerrra fnr : is almost endless.' One can ohIt 
i!,., 1 in r, ; m Irish in the LfR is svrnpathBe with, tie. Tri'sb' banker 
ih«»j cfandmv orders to Insh'm- who said'^ '■"i If J^eeras strange tbai' 

- ii 1 11 1 1 .m -. Tbev win heennie in - yie - interests ..-.ftf '-ecoDcfeie 

foreign pj- meni* and snbiect to unity '.we ^JiouRE_ spltt up 
a f?. niimoiiirn rbarce: \vh>re..tb? only, area . '.jn: .the ,com.mini*» 
mm* invni«Pd may be uuite u-Tiere thq'i unity already : .eaciswl 


C ily speech 

XI n IITHV SMITH In* n®- 

Tr*d-- Svrretary. •? > 

liir«-h ;«ron h- !li<- I nrd*-‘ 

Tlnrr irr i-f Cnm : 'i <,:,v a'- 1 ' 

• ii-1i| t! r ••• al |l»* I- i-i-i-i -n^.T 
HaM l.nni|nn Rrid:-<- F'/l. n: 
lieri-mlier I’ II *«i.. '•* n*:*- r.f 
Xfi Sun rii * Sr-.l nppor: init-® 1 
a. Xl'rmU-r In nnflnr J r Hm ?i 
rh- fu'tiro r.f Brill*!'. : -'i m®** 



APP0SN7SVSENTS 

New managing director for 


: .\SZ 

.. : . ,. . .w. 

,1 r"‘ •' - 


"Ir .larL lUntijn Hi; h*r- 

-jppiunriri a rijrrrlj.r -*f rbilips 
Hfrlriviir .anil A*«nr»ainl 

lndl1'*t «•.<•■* f T >* ;»* I.MIM.r-. I i-e 15 

*:i*vi*i-il|.i h ;. t ' 1 ] r 7 -iTr-yr-r 
•»f .Mi - .! L -Rii TV fli. T*-iir. 

X\c c i|«< ~’i. h® !.-•.!>- :!.- fii*:. 
iii 'in P;. T:.js . nf •,*}*■.»'■’ p»* 11 . 
m a n.i® 1 "; rfir*;ri'.r Prcv'®u''.y hi 

I'.i-. lll.in-T 1 * •;'-rr‘nf j;f[ 

■!iair r;nii nf 

r-.r Trlm-nniiii'iniraiMm Dr 

V*. r = thp*H ie i-irr.nr*;|B?!:l ?' IS? 
I'® 1 *— nni:iii!n:r.it im* Fn®inp®r:r^r 
anri Xt.inn'arnirjnz \:-:r*''!?tIvn. 

■* 

V r Kriih Ftiuis i»sj hee n 

i|i|-nirleH ir.^rl Hirr®tnr nf 

>;e <•/ •. r norx inv - • pf r»>- « pf 
■ Hi *I.DI % r •’* 1 :p -iir®®;s»®>i In .Mr. 
.Jnhn RrU.iL. !io *•« ir-pOirtf. -1 
r"« ;*it 1 v rna*n;;-i; r|*!»®ioT ®ari}®r 
(!> -. -,ni '-T.- P-;I.ik *•; hr. fnr Ihr 
;.a.! vn yr. ir; i-as linrii rr.arLof:n~ 
.-ii-or1.-*r nf r«! -. ;nn 

•'.’hlr. harj |J -.esr-.' prf|n:j; 
r-.pnprr.rr in -.rrmr mafl-n*-rj; 
iri yir*;' n*a-,^^eni®nf ••• ;t r; 

: -.rtn'K n- rr-ir-s • rnniny t-,i*. m I ije 

Diinlvp f-TC.ip 

L 

•Mr XI n Dfi-jnn ha* hfrn 
arpMMirrJ nlr; riirortnr nf 


vni-iM ,mNE5 

C:*'GIN’EEPEl. 


(CHEMICAL 


X'.'F.L * H xi FAT HELPINGS has 
h®m formed *0 acaoire the entire 
**v-re c?p".a! nf :hr Lampfinr 
>‘r:i* '’.I'n 7 mv .i»i^ Cnr-^en Meat 
j-forC-iir.rarv Rnrh »&«*■ com- 
sre invnired in the 

r-n p si r n® linn nf EF-C aoproiTf} 

aKai;n(.-s apri prijCnswu^ 

L.Iar-*.: 1 1 TXl® rhairre'an of 

•Jl*. nr-v n-QpMV ]* 5’lT John 

\riiv.ii.Sg]jiii and the deputy 
rjisirmsi: ;* Lord Swansea. Th® 
riir^nors are Mr. Colin 
r nrsjlli. XTr. pni Nndoo-OarF 
5nd Xlr XSark l.nkni. 

fi 

X- 11 I-. F: = ;-. Holdinr? ha.x 
ri®r!ar®H I bp hid • for 

TFfDXNT GFOtT FRJ>rTERS Tia? 
hrr.ini* ijnrond.iifmaJ. and the 
fojJn - - 10 ; I'hsiire* are announced. 
Mr R. Dinr® ha:- rciinauiihed bis 
p®ii;:np .t. rbairnian of Tridanl 

r.r.njp r?ipi?K md remains 3 
j-.r*sr-ri- x| r . r. Harris bx* 
r?*!Jv-d -* X d!:n®*nr Xlf. ,\. £. 

Rirhard*. a director of .\ 23 x 1 s. ha? 

ippnirii.pd a director .. of 
7r,ri*o.i ir-d rharrmaiy nf th® 
Board. 31®. T. Gold Ehth and 


XIr. V T. Fatten, both directors dlrerf cr -for the Nortll EastV; 5fis«. 
of Xripjp. have been appointed Florence PHce' (reg»hal d5reet§+v: 
riirortnr? "f TridatM. Mr. 3L for the, ABdlajidsEv an^ V3Df. v 
Faton ha* iteen appointed Eeanetb .’ ^bmlfnsba 
rnaoarinc dtrectnr of C. J. Masop.-director for -the North \Vwt> fey#';, 
and Sosi* and Clarke Dolile and been, appointed to.-.the . CoStRAr 
Rren- 1 -m f*» sucreed Mr. G. fCoimci? for Small' tod rratTigvvm 
Cienvrr w|in ha* relimjuished :HuraI Areas) Board. : > .'• ' 

post*. Mr. Cleaver Will * ; ' : . '-i V-., 

C nnL ,n, in ?a divisional- director' of " j iA • Vy.i ■■■■'- ^ ~ T ' : - 

sr..r.r , dm.U" the c ™ niet ^ ai Mbw 

p in n* d . 1 . Electronics division .of~thc ..Dst-lix: 

rr » rrn: , n tv> ctb f Txnr vrc Bue C dwipanF. has 'bennappqinfed' 

H \TFrr.L P INSTRUMENTS, mrmafnnr director of the-DSTsA 
ply n io" Hi. n’ a -K®r of telerornnnim- ^-g TTlOSFlEUV dlvldbn UTofer 
cr, r,nn . i f* I enuinment .and eesvon - to Me. K. A. Wolfe v&<y 
rnmpnnentv has appointed Mr. ^ i^vinc lo tnkh on aUcthbr; 

A .no, Farsonv « a pppintment ^rerseas. ;? -. “ 

direr mr and Mr. Ala^tair Share v. . • -..-wr®. 

a--. Hue r enHneer. Before joinliig , 

Ha-ficldv Mr Person.* wa?. for Mr. . R. rteentiw has; ___ 

tiinie \pir;, a director of Crosfield appointed regional man age r e 
Eie®tronirr nnri manaemri direr tor NATIONAL- ■ XX’E.'*T253NSTES 
of E-usi.oes:- Machtoes B-VYKS Lrmdoo Tegiortel traaXef* - 

+ . • .. and income tax department. Preh 

xir. r. p. r. Kemp has been vioa«Jy manager of BisbopsWW-' 
appnmleil rha.irman of ihe South- tmstee and incnrne taT office, ho 
?ni ptr-n rnropapv X^ERiX PRE- ^iic.cF®d& Mr, D, XVeUs on hir 
ilSlON ENGIVEEKLNG and- its retirrmenl. . 

■viihsidiarvi Vero N C. Devetop^ ' 

ments ... Mr- ArdiibaM B Brou-p 

* J. - -BKHTSH “RAIL’S nexv area man* 

Mr. Alec xicNichol (regional ager at Abeid^n. 




:np.*,y 


I,-- 


*■ *-9~ ■ 

I— ■ . 


INANCIAL DIARY 


CoTl'ntntV L'piO" Tri.i*f 1 2*p 
OanifTi C.rnv 5ctc 
Oiynlmm *1* G*nwjl t-g ! ?*<• 
Punbai^m P upcBri *■!« 9-:cr**. 4 Toe 

Cav. Alrtta Mig 5 * . Cemn-sslnr ."i-e: : »r: 
Fajl Surrcr Wi'C* A 7:-* -fmlv. 10c*- 

A.5FC. f a flnii» 7c. • M» r 


u M I ri-.'i. >._ 

TI..JI, 

t 

I en o *| D 1 

... . -i® „• r. • • L 

I il-r'nx 

I.H-- itrl^m C** pri 
f 

r- -- s 4 r-tar-..-n|i i*/ia 

- 

.•f i. »(A 

VD .-h •> ^r.,,rii 

DrxiDMJD I^rrrrr-.I e.«vM?«ir- — 

flMhAl fNrji !h .h' Brfs 


T i® ‘‘.-.lifi-.-jn; i*. a re'nrd nf lhp principal hUSJDRS? and financial Z.4Srr; “ e t s*.r "ml* Try Mil X -* 5 r_ 
®niJre,ii-:^:* d»jrn? tho - A ^ P Tb® Board mecDn’S are mainly ,'4^ 4 -^c*' pf°i V's^r* s w« 
fnr fh*- v irpi.:® r r ror.JidonPS dividend? and official indication.* are U-"I*. Sk- Pf S.'s® 4 ST.-r 

nil* .li-.v;-, t .T.-.ni.iii|p ii.hctht'r dividenfl.s cpprpnipd are interims nr- nww! sio’ei 1997 94 ; Ic-' IV ' '** 
r*f*T Th® .11 o-di visions shown betow aie based mauxl.v on last. cj"isw r ni*i5>' 4 T r'k : re t, )V 7 r.»- ,p,: 


1 - 1 




r * r 


r*-H '▼ 4| 


r •ilPil riifl^n.ie fe»*r< M 1 
Dr-.ec •. . r -.p 

• J'iJi I VH. VP 1 

•1-^ire I «d» X " 4 * 7p 

' *'X »nr» rA-ar lr 

* ». r Ia«cv K « n , r 

V^i‘|n t l*.p juri (tro’-fc ' ip 

IGN’.l'RPC.v 

• >trAri3 I lfjr t > — 

ift I iM-'rofn® rfrf: r^ri u ?“•' fim • 


• : 


er*ii« 


IS' , *1| P^pHT»4n 

Ff "Mr "ft ’.h"* 


Am**** Ha* 

*.V 1 1 tn 

I !•*•! P ■*.! 

‘ rr. ' 1 r 

••-p- f.oiif t./jH- DrvTi::-i?r P?ri 

; 1 *.n 

M a* m rr MW* 11 Fpw -1 Mq|l D®*.-hHq'« 

k'r-aco 

t mjly 

Plan'irte Ira 

•>r» hi-pifh^nra-.Iiir) 

r •* mr I P jrurv l 

I*xd'- ^oq lj , 5 , n'*« P.»*l 

Sn.al t Jt| l vf f mpm+m 
•- *.ih®Mop: lr»^» ri'. 

Inf 

\.vhif I 'Xfi - 

l ,, n , 

l}"nnmq *r. U . 

fnjliih an[| 

Ar|x 

•l-'I'IVI roQh‘®4>*| 

rarllsnH le.t'lr 
ie- m I ** ret 1 1 
r-« .rn i r-nc. 

n»Vlp*Nn A |HT6Ft“T P4XMCMTC— 
A -ti p o r P^. 1 J.M7? 

B *r\ man A ■ • ' • P 

l?iirnH' , |vr |n v ®. 4 j|W 

*ir x* ex InM 1 **n" xijpp 1 * 15 ! y 

n n \ifir c * ,» iir:- 

»•*! Lm-.iirr 1C 
H*-r rburo®' K»AO k • 1 1 > tN P 

m-r |pv TmiaI fnr 1 ”|i 
•art; rinJl.ej Cat*- f-X • 

Niarrun El^f ^wrn'v r nrp. S 1 ?9 d 
r*rr-.itanen rirkfr 7 
n *Tp 

Tr-arlr .\V A • I ^ -.***•? 

Wi:DN£ 50 AY NOvrMKl.t 
rnMrANV MtErir*r-j — 

Rurndrnr In*-. 2 7 Hinn»«r 3» EH-o* 

nrr|h 1 O 

HarriLnnji MfUv-.ian 5 •! - Wiivhfitap 

Moil— inn nirt Pr^a®' Si EC. M 

lawman 7 *>nt \ . M'HIjnd Hn»-| BurPlnQ 
ban 1 2 

^hp.l r Mr I nil , P 4 i-tn-la J4®-h«4. 

'•ui’t rv a 1 S 

I'd flrat P'? r Tnr-.f liM-rni Mni»i 
^n*.«enm Sn W 17 

'.Vomfiurll r.n.|r-fir> 

V.rln.x Hnfri • > h-f5«rr| 17 

no ard MFinHr,5 - 

PnuK 

Rnh^cr 

v'linHrr anrf I. In TM, 

III Ijirhairl 

liilrr'ffiv 
ern Inrl- 

fliirkhniiso rtlldln. 

n^ili M^.l amf r,c" 

P-.Irr 1 | , 

rii.nr* >B f 

l^-V.xnni ftn.|reiB t r*d 

InhM/in M|Dhvv 

ki Ann «*• y*rN»d Ti”;? T ".f* 

rt rean Wilfianiy 

tnrf K*oQan F * 1 1 1 
W^ilS. F««hlr>n 
Wo-lhrirk- Pp/v*'. 

Wltr • t WAtjpn 

Pivm^NP Ri iPitfcr^T rAVHE 4, T5. — 
AC r lr*r rrnK’. " Ml P'n» 

l»h Nnmnim 1 5^1 5r nnc; :urr d<5t. 7* 

0 «MS<> .r IS S 7S. 

3uil ol Mcrtiri**: ZBi-f* 

Pat-ii-m ~ r, Rfli ft-:n. t ' 7? LMtTl 
C(.lK : -PI- Btl« Crd .'O II." LI £7"* J 
FrrtUoi, Hill Prop lj;tTl 

n.inri Pulp P^per 3.191P iln*. -airp. 

1 0 023d u ir * 577 . 

ir» 7'rPr. Bd*. tSItiVP iz *713 

f-.lv nrnfMl Invj 0 Sp 

Kili*,»rn«c* Lnurfoun 7-PT Rit«. B»tf 

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£.5.57? Greene Kino f Biggies wae-' Ob. firt 

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fiorrden Crow 6 'ikI. 2 .273 oc 
Hint end Mcscrap <Middleio«i> fl 43731010 
Inwerial Grp. In. 2 k 
I nto. Gl*ss A and- B lOcts 
Ipswich 1 OUacBds. 39(5 73 57i*or ' 
Jamaica Public Serrlcn Ob. -V-pc .J7 
Japan 4« Stlq Ln. 1970 wntated' W ,■ 
Jones (A. i ■ 6*»o-Pt. 2.275 k t . 

i™aro” anu Chelsea 9 'irn-Bos Red. 

2ff*5» , ®0 &'isOc ...i 

Kejwnne 1 ?i*pcBdf • 2R5/B0 e^ve ’’i 
... . * nf l Cai-rK*- 10 ,dc Pds.Bd 5'i-pe. 

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Baeburo In*. Tst. Sdc"». IJSk 

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R ather *--ipr 6ds Red 616 79 d*** 
r-;BcW. R"t9srhild Imr. Tst. ' Commilsorv Conver. 

si»r o* 1b“ 6 ’?K' Uns Ln. B5-90 or 
reoarmeni al bar at Holders' on hern 
sainsburv <J 1 D?b. Jl*K 
5s£* TUnev 5.S9o 

SaHord 9.’j»c Bds. Bed. 616 73 4isec 
3ea*tif* Clfe* In*. 7*1. Ln. I’aP*. . 

Scottish T®le*ls*.>n A Ord 121 Bo 


Enpiand R-*H Ma" Steam Paclwt SpeRf. Lane. 1.5 k rimiy SKi Ord 1.75^ 

OmHimi Sni Pf I 7 - „r ' 7 6 p-. (ftnW..4oci P|. 1 4pc. 315K 

jggjjiisr —■ a R r ri 23 n.,. .1:-: ^ 2^ 

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nmrhar.s 9 -.n. Rri* Pori !K TIT* ir.nr 
r. g-.hn-K-.il l»<* T.| n«h J '.nr 

Crooner fj.n,e», i.n JIL a'ipc 
Da»Km Ini J.Jpr p* 2 | C r n*b5. 5--. 

•■■i '■•"rpr 

Henliplf L* J ;pr 

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3 nr-inili« lav I fjp 

S-Iilirll In' r S.-CKo 

Pnole. 1 .nllni fc.R ;q 4 .e» 

n..n^ r r-. .no C.,lln^,y V.f 

B-H 24 1 I 67 £5 47S 

Di»"l"p P|Bi > 2 < >oni 6 pf p I 7 1 PC 

fn 3 l-.il fla.-Jrir fU* tor 

Fro® In* 1.5S9n 
f rer*-in* Jl-pcFf 1 STSur 

C r F.ngnfr 1 | c 

f-*e»r» Tr-hnnPjQv Inji. j V-*fl 
r nnriinv.il |-r t.P17p 

natmrin Clj Area pr Sine* ®.rn. Riuu-i. 

P.fr* Serial loaj USId? 6 -B" 

rniri.*n fan. 1 n.lfcn (mrlMde. r/pv»m. 

a* *r ended 


CS.4TS . . 

Swerve* '9*HK Mi Ren 
T»-nn5id» War. Pate un? 
wars 

Tl.amMrtflWn War 
2*-.'1 "BO t547 
TbanK War Ratr 
£5A75 . 

Thragmort-in In 4 l.or 

Tran, _ n nd ArroM 7pcPf Sdror 
Tr pieji -Foundne* Drh 3**pc . 

TwrvKonlnin. Unirm itnllianr* lU'Dlg 
Un>T*<f P»al Proa: T« 4 373n . 

Vjpione 5 k. Co. Ln V*pr 

w*fle Potrrwn?* I0ocr> S Si 7 Toe - - 

Vywon. lari S";pcP». 1 75 k . : 

Wandswrth RLuk Pds. Bed- tB J l*T3 
4I.K ■ • 

VorVsMrr OJ.pr Ph* n»ii "6'7I» 4 'rP' 


• . - -_ _ - Wslfnappr 7o 

. J- p*ter SorP*. -I.75SC Deb Jk 

Lombard North Central 6 m 
5« 2pm 1 Pf t T-So 


s» »f. ai'c; 

London Counnr 2 ;pr Cor*. J ijpr. . '££“ 

• cons. ■* |-rpr- - - - l,n * 11 

Majtifi. |j. J; i - Faber Mill* t SRflrii** 

Malawi BailK*T* Deb. i-'rk 
AK inc Hester 10‘asr BdS. Red. .int^y. 

„ _ _ 

nT&r v ' r Ratr w *. B^dKit^b^Ws^ 

LVirral War. Raw Bd*.- Red. 26tn .ao _® r ?' K ^ T T 1 ° . c1oi ‘p. Xns. 21* 3 >wh. 

E3.d7j Kewev Deo. 3Vor 

vw -.IverHa-ntPon Var. Rate nd*, Bed. ,^edtord’b | r-? 1 ZLspc ' Rri. 

J3..11,RI CS.irr- 28 W 90 61 W. - 

Vfnmbv**" Fonndrw and Png I OOJo SSrP 1 HJII- 5 c»s 

wad and Son. 7'. nr PI r 625or, - • N«hn9fc*m Ip 

WondsKrinn 9 >.k Btl» Red 657" 4 ">k -Ontario »o9 Qnehet Ralhviv [Jrii.. 

Betf Ed». Wreicin RNk Ms R«1. RWJTo 4J|K - 1^- Trt. n fro 

- FRIDA -r DECFMHetl I -- J"MA 0 5n - 

COMPANV MEETING! . «"* T?*.. 4i.«W, 

111:6 CV AiXtlan. {vneitlai- . -H/iyw **[. J. 75 k 

■J**!®*!. Rottk r FJ*'‘fT^a»T«. 5'irr*V 1? J 'ISIId' •.■* ■ 

Albvn P* i.Edinbonb. ix. Water. s.Scc ftnd*. sbci Otfe 

Lana-- « 79K 


— A.r 

*i£‘. 


'.3T5oc. 6W' 


0 n-ffip 


LJ F7T > 

HI Tvnrvlrie 7’:1K RdC 

Red 

7011 I.T 3 

£ * AT7X 

K-vr-inn 7:o< Brit. 

RM. 

29 1 1*74 

O.S77X 

9"dd'Irh 7.;RC Rd». 

Bed. 

29 11 78 

ST 7 5 

eh.mdda 7 '-ee Rd* 

«?Cd. 

29-1 1176 

fcX XT 7 3 

2 -vllnrd 7 -jx cd« 0 *w I 

"»M 1 T 

* £.*.6773 

S ue dni land 7'-PC 5d*. 

R«J. 

79 1171* 

-.Vadliam 5'r'norr 1 Ip 
W.-.- 0 -ik T'-k Bit*. 

F-ri. 

29 '1 1 7 8 


rl'RInh- nl 
»i i r. 77' 

Gafa-hrarf Va 

LS.475 

r.rrr-. Giq* 1 *p 

C-'l-’-a' £lep.l*ii" I'n-. Cap 

C.rjt^tftn, L,n apt 

C-'.ntirld Lawrance Ln." 4 k 
Wjoo* o\P-Rd*. Red 6/6C?a j- jpc 
Greroe Isl. 3o-?P{ » 7 Sk Dh. 24*ne 
vr-w*e Ki« 7 enri Saa* Ln Siior 
■lt r /n Motor Grp Ln. jK 
Hon LI". a 3 So 

H(rnc U.os Tp^Pf. J.4jps. Ln 

Musna* roof 2 S rt». 

ICL DO. 2 '-D-; 

Inipcr’al Chemi-jJ lads Ln- i-’ijjc 
I nvtme*, oi,ne Bd* und 6 . 6 ; 7 a 4 '.nr 
Jffxy Gciv-ral m«. r*:. hn. S'-prPf 


. . .... --'Fyn 

Comoio HldM - 7. . - 

PneninN: . BronlK- Lane.- - MHWianCeh." 1 w 
Chns**i»,tx B«t9o Rentals Biv-Pf j.lrr •*’.* 

PoetbB-i. Brwhb Lane. MWrilewtrJi. R»»dv Muted .Concrete 2.79p ~TZ 

Cheshire. 12 Send t-vecutir? . J.sp - * . 

WtntrJitriW-" -tG * (tun >. Phnieh - «~1 Reed Jail. si^rPf. 1 .32? or 
.“WOw. HoXe*. Etlobafiton. Birmingham. RWd^. Pubftsh-ng 4ocAf. i.Hpe. -SocB*. . 

MEETINGS— B|tVerdwi»-MorpHi Inr. 2G!j eH 


Ba*. Bit,. R°ri MM,. a, sw^T Hunter *’*•< 

. _ ^Tsch Ormta “■ !V? ,B,, V 

■ b ~ ££***' ■ ^g" ^ Trosoet- Linked D | hv, Trost i-tv 

e ^« T .rAVMENTB-, srj| '^r,, com.- 


AM AX" Inr 5S C»S. 
Ahertieen In*, i o 


J'lDC 


Ao™ur*i Mig. Com. 4i r KQb. Eri-S! Sromsh Mtirtaeoe and T j*. 14e.' 

-V**- - " - 1.7SK. */ - 

.Srdbcmoar IP 'me' Bds. Rrrt. ao'S4’3u 
S * MC 1 , ^ 


Alisa. ifi» Tnisr Si jot 
Aiiianrp Inv. Deb. Him 
A merican Brand* Inr. loo t»j. 
Ano'n Sconifh Ini'. Tel . D«b. 2 PC 
Ashdown Inv. Tst. S'jncPt ].223ac 


IftinroorS imW 7.45 k 
S ignodr Corp. XT cts. 


275k 
.Ijhnvjn Mjutnrv Oh 


7 R^ 9 6-M K 3D? C - S & h s ^S' ^ 


3'rl 


Av-rv*. .Z-Z’IOZb <Jnc. - suDDlwnbhtarv. epgcic 
dlatrlOvtlan o* DO5076O o'a rr. 1377.* ™ C ' 


Kaitcr. Alijimniiti, mi CHrmical jn rt», RET" Oir.MbiK SerMrna 1 0 utPf KBoe" 

KC®r-Or 9-'.K. Bd* Red. 6'fr79 4 upc HwWll'dK Red. 1997 C 4 . 2 SQ 7 - «J rr ^.' 

Kurwai phi W w Realson,: dart 2.54 Rp flndudOT swwlm. H “ e *. 

Lake V>nw In. Tf- SkF’ 17 5 pc ditrm. ar O-OdAp w* yr. 19771 Tale, and ' Lple T>rt. zJ*pc Ori. 


IV- Stock Kachent*. Deb,' S^or. Bebs."l Jjo^ 

■L • 5toe**otdei i. - Hnr. -tst. 4J*pcPt_ 1 375b aP^ 

.. ..«nr«. ..i.75pc.._»h«k;W 1-923k 

_ ' Red. JSiSfUj 


ISpc Bds. 


L»w Debenture Corn. Ort,». 2 {8!-B5i 2 lj «-r«ntlf .Thnpb. 0.83 b ' 

S'* S>* i S:;nt B.n«.nph»m 12i W5 Red,. .1385 9 i*bt. 

Inad Inds. 3.3p RrWht (John) Ord. Unri* SViwSr. t o: 

L'V Canpnr , J\p . Rrawn - .pri .5«rfcW 


•Teaa* EasWfb Corp, 3 V.; rf* 
■■— -- 53 rts 


r; b;:? 

Wart* Plate Rr»rn« 1 IJSP 

-v Dc-ft ":K P’* 1 ' D « :?"1 7 : 

T»UP*Pt Y 3" 

(Hlltsuv U 1 CTIMO' — 

r-.|FW». rrK H-nh.irst Pa't e.-yief S 
T-»h>nh4fr>. N 11 


Leeds 3 -ww.Bd*. K-O. 6 6 rg d'.ee, 

I prill I Jonn' Proa*, fir*,*. ?L S r *PC 

Linlruv* Ln Apr . ... 

Ucid* Enrnl. non-re MW DM. Flart-no Rate Fannina - IYt. ) Ujg 
lies U5114 PO - • -- 

Lc^dc - arg Enrornan IV«. L". SL-dc 
Mi-'tcrnM-nfq'e i-J V' 4 line 
>*3tblnlnin 1 Jonn - ' ?n<j *on< 4',-pePC 
- ST*|V 

S'tf-" 'I. and J.' Fa»r Mills 6 l ioc*t. Cnnnpoual .tad 
2.Z7SK 1.325HT 


. . <1 Ord. .Undr -= — - ^ nm U " ,Clr ' C 

Rroern and Jack-van 
Birmler -Urt Rob. • 19R7- F-CC 
Cwa Imr. Pr. 5or 
Ca'nlimen Tat. Deb*; 1 1, 3- 3 dc 

SiZS&yS' a!*t w. •W".Rl»4!a?S < XiSJ,'7Sw 

Whtbread. Dbv 31 , oe. 3WK 


9ZSbc .Trans-.OceaDic Trust Deft*. V-'j 2 2i 

- . Deba. J*!'. {69-791 3ai .fBO-»3i.3fte -' 

TrKridmf and Tobagct S'-rr 70-pn IW* 
Trurte*^ Cotfh. 4Jir4». ■ 1.375K . . . 

■ ■ ..Unton ■* t A O-Jhn..-. ... 

' W7e1s**l a , -~ ' «■ 


Dcbv 2'ri 3 b,.. 

CHnb b a yd .ft* 5'ywBf ' a.ffFSpe- . -Whitieh-jiisi 'Gnm. rjMIBBv.. 

Hid. Truer. .S:t0cPtd- Wujmn,-7a4pe^J|, '-2ti« 3’bcc 
; Xoorto An a. ’Co. Srov. Ob. S&O 





i,r". Snaartal' Times Monday November 21 .1978 


SURVEY 


,<*13 


Monday November 27 1978 


-yr.: 


Although some sectors of Britain’s machine tool industry have seen a modest 
recovery in the last 1 8 months, the prospects for next spring are not so good. If 
order books plunge back to the level of the recession, many machine tool companies 

will be under severe pressure. 


15 

far from 
lull;,,: robust 


vBy Hazel Duffy 

.iTHE MACHINE, tool indnstry' 
'ilptoacjW.s 1970 in a healthier 
than it has been in for the 
‘ifltsi. years — yet it is still 

2far ; /r6m robust. 

Recovery from the' long 
. recession began. towards the end 
. .of 197&. But it has been patchy. 
\ap^.fnr some- sectors of the in- 
; wiry it . has ■ been ■ hardly 
Safeetable. 

• p _ . • * 

• ‘Output- during, the first- half of 
: ..I978 totalled £244m.‘and is ex- 
pected to rise to around £480m 

- for th e. full year. This compares 

• with £403m in 1977, and £352ni 

i“ , .1&76- Considering that 

■n^chinc tool .prices -have, been 
‘i^reasiiig at -above 10 per cent. 
' jipaa be. seen .that in real^ re mis 
'the- scale of - the recovery .has 
been, modest. ’ 


The industry realised early in 
the recovery that ft was not 
going to reach the boon) level 
of 1873-74 — a fact that .was not 
necessarily regretted when the 
pressures on cash flow* and the 
shortage of skilled labour prolj- 
Icnts won? still fresh' in the 
mind. . 

The latest economic forecasts, 
and the higher cyst of borrow- 
ing money, have tended to con- 
firm. the industry’s own .fore- 
casts. that the upward trend of 
the past IS months ' would in 
amy case come to a bait in the 
spring of next year. 

- What happens then will be of 
critical importance to the _ in- 
dustry. If order books plunged 
back lo the level- uj Uie reces- 
sion. many companies would bo 
under severe pressure. 


Imports 


. Bui the general expectation 
Is that Uie level of activity will 
plateau nut at around that fore- 
cast for next spring. At this 
poini, jhc. industry. would like! 
in think -that it has seen the 
bad; of the violent peaks and 
troughs oi . the past which have 
been so difficult to live with^- 
certainiy.rhe indications are for 
a flatter demand -cycle in the 
future. 

Considering that 1973/74 gave 
renewed impetus . to Import 
penetration, this flatter trend 


would be welcomed if the down- 
turn was not too severe. 

The tendency for imports to 
continue coming in. even dur- 
ing a period of recession, pose* 
a long-term threat to ihe 
machine tool industry. 

imports took about 46 per 
cent of thp home market la.-l 
year — in ]97fi. they reached 5u 
per cent. The industry is proud 
of ihe Tact 'that in only two or 
111 tee years have imports ex- 
ceeded exports — iht* pattern for 
a positive balance in machine 
tools bas been maintained in 
the past few years. 

. f Mist year, exports totalled 
£lS4.9m against import.- of 
£144.4 in. In the firs! six months 
of this year, the industry ex- 
ported machine, tools valued at 
£lli9.9m. bur imports were edg- 
ing up to £92-2m. 

Despite this positive balance. 
Britain's share of world markets 
has declined from nearly 8 per 
rent in 1971 to 51 percent. The 
machine tool industry is highly 
international, with substantial 
trade between the industrialised 
countries. - 

• Germany, the biggest pro- 
ducer in the world, tops both 
the export and import lists for 
Britain, followed by America 
and Switzerland. Between 
them, these three countries 
wore responsible for half the 
machine tool imports last year. 
.. Newer competitors, however. 


are -creeping into the picture. 
Spain. South Korea, Taiwan and 
Brazil are some of the more im- 
portant competitors. 

Nor is it only m more 
standard machine tools that 
these countries are compel- 
ing. Several of the compuler- 
conl rolled machine tools on 
show at a recent production 
engineering exhibition in Lon- 
don. for example, came from 
Spain, which is coming up 
strongly in more sophisticated 
products. 

.lapan is not the threat in 
machine tools that it is in the 
mass volume consumer indus- 
tries. Bui its strongly expanding 
home market has been helping 
it to eiiicr export markets with 
more vigour recently, .lapan is 
particularly competitive on 
price, and some experts believe 
that its lead in electronics 
knowhow will enable it lo forge 
new markets in computer-con- 
trolled machine tools — it has 
already made significant inroads 
in numerically controlled lathes, 
for example. 

Numerically-controlled mach- 
ine tools account for only about 
J.5 per cent of machine tools 
installed by British industry 
(against 5 per cent in com- 
petitor countries). That liny 
proportion represents annual 
growth over Ihe past few years 
of around 9 per cent, much 
higher than for most other types 


of tools. 

But it is still nor enough for 
the health or ihe industry, 
according lo Mr. Bill Vaughan, 
president or the Machine Too! 
Trades Association, who -aid 
recently that unies-- something 
ir, done to boost industry's rate 
of investment in machine tools 
— “l here is a grave danger of 
the hardening of our industrial 
arteries and a decline in our 
ma nu f a ctu n ng ca pa b i i ity. " 

lie aisu mentioned numeric- 
al ly-coiuroiled machine tools as 
an example, of where there 
could be *’ a heavy shot in the 
ann." 

The machine mol industry 
itsplf has also suffered over the 
years front under-in vestment. 
This is being rectified to some 
extent by the Government aid 
scheme which pumped £30m 
into ihe industry', generating 
new investment of around 
£2(H)ni. 

TJie aim of the investment 
programme is to improve pro- 
duction processes and to en- 
courage manufacturers to in- 
corporate a higher level of tech- 
nology in their products. Various 
studies, including work done by 
thu NEDO .Economic Develop- 
ment Committee for machine 
tools, have stressed the need lor 
the industry to put more empha- 
sis on technology. 

Tiie need for greater liaison 
between manufacturer and cus- 


tomer in product development 
has led ihe EDC to initiate dis- 
cussions between the Machine 
Tool Trades Research Associa- 
tion and big customer indus- 
tries. 

There is also scope for more 
co-operation between the in- 
du.- try and customers in de- 
veloping export markets — both 
of these areas are ideal material 
for the industrial strategy pro- 
gramme, and it will be interest- 
ing to see whether any tiling 
concrete emerges from these 
programmes. 

Away from the more sophisti- 
cated products, some companies 
continue t<> be consistently 
successful with their standard 
machine tools. For must such 
companies (Alfred Herbert 
being the obvious exeeplionj, 
1R7S has been a reasonably good 
year. 

Competition 

Price is obviously an impor- 
tant factor in the standard 
ranges. After suffering severe 
price competition during the 
recession, the gradual recovery 
in demand has allowed com- 
panies to go for price increases 
over the past year, so that the 
industry moves into 1979 expect- 
ing the full beneiits of these 
increases to show through into 
profits. 

Employment has fluctuated 


over the past year, increasing 
pariier in the year, but tending 
to fail off more recently. The 
redundancies in Alfred Herbert 
will be particularly significant 
as they amount to sizeable num- 
bers in an industry of quite 
small companies. 

The main labour shakt-nui in 
the industry, however, came in 
the early seventies, so that even 
during the long recession which 
followed 1973-74, companies 
were reluctant m cut back on 
their workforces. 

The machine tool, industry 
has one of the highesi con cen- 
tra linns of skilled labour in the 
engineering sector, and many 
companies which found them- 
selves with severe labour shurl- 
ages during the bourn have 
decided ii is better to keep 
labour on. Bui pay. policies 
having substantially eroded 
differentials means that short- 
ages persist., and this is one 
reason that the industry is not 
unduly dismayed that demand 
has not returned to a high 
level. 

If the economy can be man- 
aged in such a way that the 
peaks and troughs are flatter 
than in past cycles, this would 
he to the benefit of the industry. 
To a large extent, this lies with 
factors outside its control. 
Efforts within- the industry, to 
moderate the effects of the 
demand cycle have included - 
stockpiling schemes, but they 


have met with limited success 
largely because only a few pro- 
ducts lend lb c him: J ves lu Mils 
treatment. Ihe industry's 
largest single cu.-lomt-r remains 
tile motor industry, ami much, 
ot its m uin* mil tie pc mi on the 
(ate of dial industry. 

In many re. -pec is. however, 
the niJL-inne luui ministry :s m 
belter snapv than it has been - 
i or some time. Having summed 
down in the cany seventies — ' 
sunielliing which many turn-' 
peun manufacturers are only' 
now just doing — and embarked . . 
on a tairly substantial invest- 
ment prog lam me. ii is probably- 
.stronger man it ita* been for a - 
decade. 

Yol ii ivuiild be rash lu 
assume Inal the industry as now' 
co ns muled Curios a >n|ul base, 
fur cuntiuiK'd viability. The ris- 
ing (rend tn imports cannot be 
dismissed solely a- ihe result - 
uf inevitable international 
specialisation.' 

Too urten it seems that the 
areas Where Britain’s machine, 
too! industry is most cumpeti-’ 
live are those where world , 
markets offer least growth. 

At a tune when Uie newer' 
industrialised countries ‘artl* 
looking fur export markets, and. . 
targets, on imports, exports anti 
productivity confidently set a_. 
year ago have had to be modi*.: 
Bed,. the industry must keep its 
performance continuously under-:-: 
review. 


I 



32 


Financial Times- J±uii&*v 






vVrj ij0ilO'-'?. -.Viiil /'Am ISdiOn. their 'VC 

ct- .. ui lently the most succevsful machine 
tocI company in the UK id *:me of the hio-jE 
successful in the wohd. 

Out wide product range i- cuibUili/ 

! >emg updated and ive are in the forefiont of 
technological advancement in our field. 

We have been build 1 ? £ high :|i.jd!i?/ 
n i-xi nne tools since 1865. 


r£. 


1 Jlli > D I ra il m' t Rdf l.ue : I .'Jude - 1 
Dguniiii milling and bonne machine.. 
Plano i v !!iiei v , 

Ma-Jiining Ceiitn? . 

Uo* v Dnr. NC Lathe'. 

I Lnr-t fJC l.jihev 
f. i ji:i i.'il Pi o^i an in h! c. i_ vi 


The Butler Machine Tool Company Ltd.. 
Mile Thorn. 

Halifax HX1 4ER 
Telephone: Halifax 61641 
Telex: 51236 


Then send for one of the 
most comprehensive 
buying aids for standard 
machine tools available 
at the present time:- 


AJAX MACHINE TOOL CO. LTD. 

i:.-*, Vi’.im i HiMi.1 Bid'll;' irv SlOk l M'::T Lh'-slnir; $1 JA1. 
06M.?0BC31 T «\o. 668396 


Our programme of advanced 
machine tools from leading 
European & American builders 
and from our own manufacturing 
resources covers the whole 
field of production engineering. 

VAUGHAN ASSOCIATES LIMITED 

M^rn in'* Tool Sp , >i*!i'*K 

LONDON • NOTTINGHAM • SHREWSBURY 1 





MACHINE TOOLS II 









for 






WESTERN EUROPE contain* exporter of machine tool-* in 

lire cm rtf the lop toil machine value lerma— expm*t> were mTker Flat of Italy, which. has About one-third : oL-Itms«^ 

mol prmhicio” i-mintnc*. with wurth $f»43m last year Against ESTIMATED WORLD MACHINE TOOL. PRODUCTION u in ^hine tooPand broducrioii tiyer. is . accounted 1 /Tor: "Siy 


indnstrv But it lagged behind profitable - parts Saties 

that of another European- car owned. LRi-'JFingidec. ^glratrp* 


\\V*>i Germany ai ilie head tif the -?650m exported rrum the 
ihi*h*r. In 1977 iis inai'hinv (nol United States — and it relies 
produeiiun wa.« worth ilte heivily <m hi.sh it’ihnology t« 
equivalent -T I'.S.JKJ.KJbn. -.ell it# products. Bui price does 
winch put it ahead wen *»f the mailer, even ir it ^ not exactly 
l : .S. with ns output of S2.:t5bn. at The lop of the customer's list 
The European numuLacUirers of priorities, 
have therulore suffered severely In the pa>i the West German 
from the failure of tnduairi- a ■ -count ms practice which 


AND TRADE FOR 1977 
(Top 12— values in USSm) 
Production 


-Trad l 


silitcd t-uuiUni 1 .**' economics to 
make any siymiicani pruurex-, 
in recent yoai>. Alter all. they 
make f h«* ma<:itine> which nearly 
I’vi-ry m her industry require-. 
Bui imlu-lrial mvv-,tiin*m i- -nil 
Ml a pretty hiw i-lili in all the 
(Irwlnm'd cniinlrii:-.. 

Stagnation 

Slid it it .1 lone 1 1 ni»- -ltii.c i hr 

European machine hm! imlu-lry 


allows manufacturinc companies 
to build up a decent layer nf 
financial fat in sec them through 
the lean period.-, uf rhe demand 
•M'cie has helped the machine 
tool makers survive previous 
rcce— inns -withoui tun many 
pr»lil<*!Os. 

Couple this with tin- immense 
fif.vibiMy nf the German inrlu-- 
iry. made up a- u i.- m ihr mam 
uf medium-sized family enm- 
p.mie.- able in make swift 


Country 

Total 

Cutting 

Forming 

Export 

Germany (FGR1 

2.613.7 

1.676.7 

943.0 

L91I.fi 

U.S 

. 2.350.0 

1.700.0 

G50.0 

446.9 

Soviet Union 1 * .. 

. 2.300.0 

1.775.0 

523.0 

*265.0 

Japan 

. 1.364.9 

1,192.3 

372.6 

566.4 

Italy 

S50J3 

634.9 

215.4 

408.1 

Germany (GDR) 

* 703.6 

565.5 

138.1 

*533.0- 

UK 

70T.4 

526.1 

1T5J3 

324.4 

France 


407.2 

173.0 

248.4 

Switzerland 

55W 

475.4 

83.9 

474.9 

Poland 11 

-i.ia.-i 

495.5 

60.XI 

153.0- 

China 0 

-"■335.0 

+2B5J1 


rio.n. 

Czechoslovakia"' 

308.1 

248. S 

39.3 

I97.I- 

World Total 

15.043.8 

1 1.1147.1 

3,998.4 

6,321.7 

ites: ' Controlled 

currency 

iii official vonvprsion ral 


h.-ul n- Ja.i tioom That wa> in ded-tons and act on ih^m <j a1a . 


107ii. A ml tl wa- I ni I wed hy 
long period of -nation until 
m 1 97 4 — tn '."go red by the oil 
•-r i -is- — prai'iieally every market 
in the wnrjil -howrii a drop in 
demand. The cl: mb l>a»-k .-im-i- 
then iia-. Iioon slow and painful. 

To -nine i e; |e ni | he I. : K 
in.ti.hin.* loot indu-iry ha- 

wcaih"retl the .-luriit .nul 

uimveti tin- ri-i-r-.-itin in heller 
uhape than it* European 
t oltlpi. I ilol'.s. 

The ICuropean i .oiuiiiille.- for 
« jtnpenunm of the Machine Tool 
1 nd 1 1 -t rk-i i * '.EC1 M 0 » . wh n-'n 
lakes :n |3 < iiuiurii'-. cotitpleicil 


Source: American Machinist. February. 1H7S- companies. 


immediately, a ml it is not diffi 
cult |n understand why some of 
its European nt-ivih hours have 

seen West Germany as the working at an average of 71 per equivalent tp around 386m. nient help . - , 

:n:«jor threat n. thetr home- cent of rapacity and losses were Renault's machine rnol division stacchio rompany .was 
■jro'vn manufacturer ■. widespread among the 350 or is a comparative giant m the » uh ImioeciitL one ,-Ok-v «e. . 

About 4»tn t-om pan tc- make up concerns which make up the '< •;*.' 


a machine tool ‘and prbductidTi ....... 

-vsiems division »rith -a *1877 machine: lodfe and presses-awl 
turnover of about $180 ql TCcuu- output Of these .Operatioar 
pare this with the 3103m nf probably trr. the Tegion- of $60m 
sa Ire hv the machine fooJ'divP a year. ^ 'Li#?*.- 

sinn .»f BntainLs biggest bust*. -.At, the most . recent - get- 
A1DlJari ne? - lt , the sector, the 600 .together 4vT CEdMO" in GctatFcr 

289^ croup- • - '! thr generaJ iiof' too 

There is no doubt ikat ;Fiat ' Altiough ir seems on- 

wa-s subiected to some goverti-. hjtely tbar the spring estimate 

,£?■? meat prodding to 

grouping from some ^inUftes. wauld .yd* 

4?-’- smallish ti)inpaniea\wWii.iiate''.y*^'?^SS^;'iJ , ^ r .' , ®p 
■«;! Italv-s industry. Today y^r: will 
2 -5’? Co man Industrials, as^iav.jaillk 

-Inn M° machine tool division, takes su^innsiby p^;u8. 

jS'J in its own in-house .^ReraSlhneir '■£ ^ • • V5 
and those of acquired - cpm- A1J; .bf.,lh.eni-,cdmpiaiT>ed Ah?.t_ 
panics such as M ST/Ipji ubra-'.l« porting- w*s. gerTin^toqeher, ■; 
4.51312 Lamsat. IMP and M o ra n dn atvd however, except: perhaps to-Mve- 
' • . t hc specialist activities of lho!-.UK’i’n:Einrbpe.and, iiT-rpartirajIar 
'■ L” fieri.. La met IMPES ahd'..UTS^ ■#; A*P ,'V-S .LJwfiereUlhe..,^ 
mnaniei* " equipmeni programmes rtt'-the. 

And five years ago : an other '.niptor ' : an d ; aerospace . i'nditfp^ 
— major machine lobr groktp_was^ -- has.>«Mrr' -machine 

lortned in Italy wiUi govern- i^g L.Ttr'Ti^pre^de^ted 

« mctit help The troubled Sanea- : heigh.fs. r" • 






Kenneth* 

" ■ 1 ij; _ :-.i»v T _ ' 








the West German industry with industry. 

peril an.- 15 «.f them large hy The French Government. likp 
machine inn] hn-me-i stand- that or the UK. has no compunc- 
-thai i> cm ploying over lion about giving a helping hand 
I ^mn people. to its machine tool makers in 

The rcry-s;r.n ha- forced -nine limes of distress. After all. the 
«f the-c t radii mrialSy mdcpnnd- machine tool industry is con- 
'•nt rtrcanisatinn- t" -eck th^lter stdorod a key sector in any 
m the arm- uf d ir.endly hank manufacturing country. 

• n nicrqcr w:ih another The latest move hy ihp 
survey i-ailiiT This ve.ir v. iiich German srnup. And sonic well- French Government to shore up 

mu i’ll iiiat hi'iween 1J)7" .inrl known names, such a< Ludwi'js- its industry r.-amo in the autumn 

:ln* end nf IH77 emplovinent m hurscr of Siuiigart. have this year with an in.iecTioa of 

Hciiish ixiflii -ii ry fell I iy 4 -iinnly -^one out "i husi ncs*. cash equivalent to SJ7.2m for ■ . 

per i-rns m nmuml 5n.4m« Like the Germans, the Swiss Ratier-Forest a heleaguered BRITISH in marine ha | "^'demand wdll i-ontinu^ to.'dieera cl^lleojJe^rUM^ 

In i om pari m*ii. -h- Wet i„nrh,nc tool makers cannot ;«««« which h.d br«n JoU M t ; or ^ wd paU , t eaonowjc 

•criuaq maehjijr. i.iol manufai - . xnect am- overt Govemmenr struggiinc for month.- with U11 - r . 35 . 1 , r„ r Rritsin-are-enniiBh' Tieen -rismi? 'and the 

i ii p i- .-»n i hmr workforce -s hv },eln and suffer from an over- redundancies and factory Manually, but the familiar pro- forecasts for BriljBp are enougli (jeeo riOT« aim^. me mmms 

H per cm. ... nmjihk MT.iMi'u val.md currency Experience occupations. The bulk of the blems associated with a simul- tSSr rotate fs^SS- 

■vhile *n Franei* the cut bael- wa> aninns the manufacturers has rash is for Ratier-Foresfs taneous. if limited upturn in 25^ aSSai ?ur> uni^! 

mie ,.f "it n-r .-uni m 21 son hr*e„ patr-hv hut the average machine tool operations and demand both at home and haps mort SMure abrwi Jur tuniBw Jiaa ever.befpr^in 

he orri“r backlog - a useful indi- sonic for iL£ aerospace-linked abroad hare already begun to jw® 1 



-i":'- 




While all the i ndicationfr areThdu^-‘s .pT t oS>6ct^ and-a 


If.iVvever. 


I' 


must 


rein. , mh..|-c>l tliai i lie bic rlrm> raior u r activity — which stood activities. 

ctnplnymcns m the UK nr 3.S months m Hie end nf Ai the same 


appear. 

n emnlnymcn: m Urn I K nr 5.S months m the end nf Ai the same time pressure The UK machine tool ncu "' ' c ““ T in : i 

nditsi ry came wnh the i <47 1 h»th increased i>, rt.5 months way applied again to Renault industry, like other sectors, has economic cnange oftep lnrans litejicer. ; as for eta^lfr Th.* 

p.-«.---tiiii when »»rh.T nines ,u the end nf IP77. Tins enabled Tr > consider some sort of link been urged on the one hand to that companies, cannot sujW KoUs-Roycc .Spey, project: wtifc 

■.ere le-s had I v affected. cnnacirv urilisatinn m move up between its machine tool busi* implement policies whieh will r.aclnnes in nme.nw can.rnej he’saji.;: r - : g , 4; , 

nri. ...... . . .. ' , .... . rr~. U! n nM,t .i 3 WAVS DTP Vide . U1C type- ■ Ur.,.^v 0 r Ml. ^Jml rk'it - 


UK machine 


to make import substitution dif- a^c festablishing -a basis 
tool ficul*. First., the _ spe^: .'.of w« go in.w>Ui.tbeiiilwior Bsifi#b : 


ro 

Tli.* pr-rhlcm wnh tin* i-um-m in' het ween 8«i and !»u per rpni. ness — France's biggest and also speed up import substitution, always provide the type However. iie add^ 4Ua£^nftre 

rviT.'-irtu n< jar Wc-i Git- Most i-iiinpanie.- hav»* nm been a loss-maker — and that of Ratier- but on the other is obviously re R uire n* . tha 0 i400nir v ottb . of;. 

many !- coiiccnn^l is that :i ha> rTxpeciinq any mainv chance in Forest. But RenauJ*. although ansious 10 avoid, losingjts foot- ' However, tfie. industry bas maehinfe tobl 'projects mJE gfit ai h 

V'»ni* mi -H inn-.- .md hp»*n their simminn during I97S. State-cnn trolled, has been show- bold in hard-won -export maintained a consistent surplus had- been, hit by unofficialactiferi 

vacorhiterl hy i In* luoh vahirt Compared with this the >ng extreme relurtam-e tu. get markets. . of exports orer imports in by^workers. " How .different dt 

f »hc D»»ii:ic!u* Mark crimp:. red French arc in deeper rrnuhl^. more deeply involved in the Seme- companies therefore recent years.- varying Trout in tire U S. at tbe nwune&i 
wiih "thcr '-lu-rr-n-'H'- Wcsi l..ist year thr* machine t.ml ma»-hinc lonl sector. f ace dn unenviable dilemma 17.7 m m 1974 to £40m in 1975. wiih -targe ‘pro3**:ts-.’ .under->wtt!^ 

erman;* is hy tar ihc larsc.-t makers in that country were With an output last year when customers at home and In the 10 years lip to 1977 It across the whole automotive.®#* 

abroad are seeking Their pro- accumulaied a total, surplus of aej-pspa^ industries. . giii«ix 

ducts. Few companies, how- £30hm. . . . . . boom conditions to . -4te 

ever, would wish to forego the In the, first six months of this American -.machine- tooU indh^ 
opportunity to supp I v the boom* year exports of new and used , - - 5 -. 

iir im z^ a ;r s " orth 

£02J2m (compared with £l44m Korea • where, -as in other 
in . for 1977). While the total trade countries, a decision has been 

KetOOJmg • figure for this year is therefore !«**.» to act on a : consortium 

° likely to be well up on 1977.. on kTeiico is also seen as an 

This demand is expected to p resen t form- there is no likeli- important potential customer 
increase substantially due to the hooc | 0 f ^ r oat improvement in a nd the .industry has made. it. - 

massire retooling taking place the trade balance. presence felt there, particularly 

in the American motor industry A ■ - u n at -the., recent U.K. Indus trioi 

as car companies prepare to . rtna * ■* ' n OLn r r n i ” exhibiddn' ' 
meet the deadlines for less fuel 4 uslTies * 15 inc,rea s in S : -l. -.- - ■ 

hungiy models. Considerable conce P 1 that raadune toor -.The Eucopeah , Commumly re* 

buvin- for this mimose has manufacturers are too reliant mains -by -far. the largest mat- 

alreadv ™k=n olraTut much u '« ,n slandard ■ h>r :PrW«h. minuiKtulcrs. 

more 'is J come aod thc U.S. machines io export markes and but competition from Somestir- 
machine tool mdustrv wi n he y 111 ' ou S h . competit.on countnes. and^ lncrouindl*. 

unable to meet all the reouire- frora thu » dvanced developing Eastern European nations 
mpnts ** countries while having to rely particularly - strong. After ■ fhc 

Ramriivrmu-in-. ordmv hr ti, a ort imports of high technology United Stales, West German' 
worId s d airiines for d the b ‘new «l“ipment. The value of exports (Jtseif- the world largest ek- 



Tln.s roi«iri| iroiixitfi tinicl/iuij mills, drills, iupsumf bores hiidraiilic ijump fn.xfies ut t/ie 
mic uf -19 btxlics an hour. Tin * mud«;i<e is ouc of U in u complete production line 
snpplicrl hji Tiiu n>us liiftlcr a inf Son. Butt an. to flic IRSUS tractor fact on/ nt Poland 


nenenrion of ouiPtPr li -PW loan® last year averaged porter- -of machine- tools) was 
efficient aircraft ?s a i S0 ‘ nke f.l 23.500, while imported machine- Britain s largest market Usst 
to have a d s^bstanii S aiinmnrt^>n averaged £4,100 a tonne, year, when- goods worth . fiNnf 

the wond : b s urs5«2 : ^ g 

again particularly in the United p0Ult ' -UK ar^d f lOm" l-h - 

States where Boeing’s new -.The £30m government aid West Gelrnian? L r , h \ r 
series of airliners is now due 1 > scheme to the industry is hand ^ h - 

move inio the production stage, directed in some measure 

The promising future of Airbus overcoming this problem in that Eritakr^ lait ' 

Industrie's .4300 airliner and It.fs designed to encourage, new / ,-.i 11p h j, i*j « ; v SgT- 

H.s smaller B1U derivative 3re product development. It offered' 

likely to boost demand in Uie grant* towards the cost of P ro * Wav TIw- L : S : and 

European aerospace industry. . during a new machine tool from <iinnlia7>' tens * \ 


THE FIRST CLASS MACHINE-TOOL Bl ILOElLS. YOU CERTAINLY KNOW THAT 


INGANTI & C. 


S ]; A }Jol«ij:iiH f Iliilv I 
Machine Tunis 


Jfair. . -itiv.f- ,-mO 


mi 


\ i.i rileila Lil'P'^rirtn 13 15— 4<>i2- c BOLOGNA ili.il* • 
IHiThon'* moll rtijori'l »i imr?» — Telex. 511!# Mins-intj 


HAS A VERY GOOD POSITION 

PRODUCTION PROGRAMME 

Sinslc-spindlt? uuinmatic chucking machines — NC .-mclc-^pindle horizontal chucking and bar 
machines — NC single- and twin-spindle vertical chucker> Vertical automatic programme chuckers 
— Multi-spindle automatic chucking and bar machines — Turning and transfer machines — Special 
purpose machines — Special grinders for injectors. 

AGENTS' fV t f. ffnPl-.'.lY C( iTWTTtILS 

UNITED Kl.VGPuM SAV1LLE MACH IVE TOOLS LIMITED — Arundel Street— Gihaet Street 
HALIFAX HX1 4LE — WEST YORKSHIRE 
Tel. ( 0422 1 557:J0-594:U — Tfcltx: 51745S 


WEST GERMANY 

F.RERHARDT HENKEL K<3 — Heidcnhciiiicrslrab-.e im — 7340 GE1SL1NGEN/STEIGE 
Tel" 07331 -KIMS — Telex: 0715168 

rT \.\i .E 

G IT- ALCATEL — 33 Rue Emenau — 75725 PARIS CLDEX 15 

Tel: 1 1 > 577.10.10 — Telex: 2WSQfi 


SV.'EDEN 

M AND ELL I SCANDINAVIA AB — Va>irj Hamn^un 12—411 17 «. 
Tel: U31-17536U — Telex: 21430 

;oTEB«.»r»f; 

SP\iV 

r ASILS-I' iJNSEGA. S.A. — ltr. Caiuiln. M — KAHi :if.LU?v A. 1“ 

TpI -4777 1 1 1 57 1!4 — Tek-x: 52«»l 



f — r< 


-L\NO — Ut M ■■.VIA IH'.VGARV — YIT.USI.4YIA — «:ZECHOSlJ' , VA IT A — Kl'U 
oil: K« :r SALES n;:i;ANIS.Vri«'N 


A f«.J A 




Machine-* >?'. -I builders =inc^ 191 



design. stage to marketing. 
Thu scheme .is al>u ajiued 


each -supplied : too^ 
arRoml - £I5m.. ; -loilawed zHgi? 

__ J ■ I > 


The scheme .is al>u aimed a l Franrc with-fT.3ip 2r d ' - h fitT ■' 
sieuiming th«* increasing number With £615nf. r-'l’i ' 

.of gaps which ha ve : bee trap pear- ..'The' relativei^ nrgn Brin^'’ 
ing in the range of machine export figure for, PaiontLi cilia £ ! 

tnolh offered, by British fflanu- the vxjrtiunp. tnf .buyiu” f^r 
facturcrs. which Have almost UfAu'»- t r.irttir 1 -' n I a n i--'> .%> r . 
certainly led to a growtli in saw.- which ha< hm- 
Imports and effectively ' i^. wifb thoTielp crf fllvL'i-.Y j-V’i^ 
rented. import snbstitution,: , V Y soti-Perkins, -UK, Wii.V.iiio i jfit 
-This form of .Govemmeat aid, /Y'nwipaoittiare cst jiiik , -.i-.-.I fohjsS?- 
which has now been, ahnbst hcnpllted tu thc:tu T »* of yi iifijr :' 
fully allocated, is. - scnerallj' i® orders' in cbnWv^ i i Vilh tEife- : 
rega rded a s being - helpful - to ' P mjcctT. .' * !- r . J 
the industry, jbiit it is rlear- that . - Abouf—fift - per ,c'"t of tfiS-Y. 
more drastic measures -twill- be Ptanty ytay eonsidBtabl^ 
needed to meet. -the tough rtrquirenreut3 wer,.* tt&t: ' 

objectives Tyr 1980-82 yrhich by Crosv Interna'uoru.T, Aflf&lt ■ 
have been proposed by '-the Herbert Kearney, and Tn v-kp f A 
National Economic Develop- Marwin and Matrix Uiuircbiitrc • 
mepc Office’s' maebiae tools EDC. • -Wlh -the bpnfe -market sUS.Y 
These are to export 60 per cent Tatchy .and ^jco'sp: *7a T.w .tftK,'. : 
of " production, which ' oh 'the w i rly part, of-nexv year nr wrtBE': 
basis of deliveries Jast Aear 1 * 1311 : reaiD5f} - a ^> .. good, tlis - . 
worth nearly £400 ra would mean' : r industry's ':&■■■ 

an increase of around £55m in .cewly 'introduced' diang^s in iVz 
the value of exports. ... • ex P° ct . promofibn ■pblic'/ 

•- . . _ .have to be *usecF't& the £alL.tf- 

IJniPPftVP . '^uhstantial increases' in exports 1 . 

V/ MJCC uve • : ■; are to. ba.achreted. j . " y -rj 

-.The second objective- ls ■ tu - )V7uT e Jt- is .clear Ymst, : spSfei 
rcaintain the industry’s' present British-made machine tr.jvi anrj 
share of the British market. PpEas modern in. des*a*i : as 
which last year was‘46 per cent ^ -'Foceign . competftors -thwg 
compared with 30 perl, eent f in. are drarty exsanpiev -of', 

1976 and 47. .per.- cent the prc-Y^^ 1 ^ investing Tn ljighlyicirnii 
vi mi v.. year. Thirdly' The -EpC- ;p !:*^ ir P .preduins. .; The-, .rcpu.os 
would- like in xcc produciivti v • c j |4, n paraUiEc isi rcngib n'f sfcri 'Pm 
raised to -the average for UK J> . iU nof -^ekped ■ acGvtltc^ 
mahtifaciunri^. . . 'NVth pf'ta 

In a recern < peer!:/ Mr r*|». .. 'ports* To • Jrigh ;«hie.v^i»fre!ra 
Yaoehan. pre>ut??m of Utc .ais We>t Gertnatr^ 

MariitneTcel Trade ncx.it mn. -JfiiWn are mttch tmp'r.’-^ H 

tnnk an '*PMlm-»jc view ««t me . . Lome Barlillgj 

i 










TOincial Ttmes Monday -Noremher 27 1978 

' MACHINE TOOLS HI 


av 



y.A YEAR of mixed fortunes for 
- Britain's machine tool industry 
ha* resulted iu relatively little 
.-'eutvvard i-hangc in the indus- 
. inyX stTQciuriN - - 

■J'r &M , .within the industry , some 
,-^ftmpan:es have found that The 
i -improvement ■' ' *** demand ha^ 
Lettable d them, to capitalise on 
.. : ’their strengths,- while others 
7fcaw experienced difficulties in 
.^getting' sufficient orders, 
uibic industry' is notable for 
4be-' targe number of smaller 
companies. or divisions' of 
^larger companies, which zxever- 
' thdess -maintain much of their 
.Individuality. 

. i ; 'After, ihe major rationalisa- 
jjen efforts to the late 'sixties 
■ aid early 'seventies, there have 
Been few mergers of note even 
long recession lo which 
fiie industry had to adjust. 


Recession 


'".'tine recent exception to this 
picture was tlic acquisition by 
ELEllioU, of the Newall Grqup. 
jTP- JuJy. 1977 — a move- which 
v®. prompted by financial pres- 
sines on Newail arising from 
; .fie long recession. A more 
' V accidental ” merger as far as 
SjpHJK is concerned was the 
sue between the two big 
American machine tool aianu- 
f>A faeturers, biddings and Lewis, 
UH bad Motch and Merry weather. 

this has created a unit from 
V* their two British subsidiaries 
which has a turnover in the 
range of £4m annually. 

^ « . The most publicised victim of 
lrT-’lhe still patchy recovery in 
J I | \ .'apiLal goods is Alfred Herbert. 
J * V|) Finder the guidance of tire 
National Enterprise Board, and 
is a result of some slimming- 
fawn, it had seemed that this 
qhg-aiiing company "-was being 
uttessfuLlj- nursed hack to 
jHravery. 

' Then it was revealed, earlier 
his year, that the group's slow 
ffrab back to profitability had 
-.ftfii reversed sharply, and a 
. -Jjsi of £2.2m before lax -was 
fiftounced far the first six 
tenths of 1978 following a pro- 
.t of £436.000 in the first half 
f' 1977. Herbert's management 
as said that the problem lies 
nth the Edgwiek’ plant, where 
itbslantial • redundancies ate 
-lie to take place. 

-•Of rfSore short-term signifi- 
ance was the fact that Herbert 
•Sdr* decided to stockpile 
• liehine tools during the reees- 
iaa in anticipation of a sharp 
pturo. The pattern of recovery 
iraed out to be much less 
-rgeot than had been expected, 
ad much of the stockpile had 
M&ained unsold. 

Herbert's continuing- failure 
’ )■ Respond to all the various 
inns of treatment prescribed 
ar it has had an effect on the 
fst of the industry, particularly 
reexport markets where the 
atnc of Alfred Herbert was 
iiee synonymous with the in- 
nwry as a: whole. It is an effect 
.4nch is lessening now, but the 
■rdHstry as a whole will be 
oankful to see Herbert restored 
>*tbe position of a healthier 
ignpetitor. 

■-Spine . other companies .have 
feo encountered problems, over 
fMJipast- year, although not to 
tie’ same extent as Herbert 
- i.The machine division al Tube 
H£e5traents . includes Matrix. 
Pd Charles Churchill among 
ifrv ^estknown subsidiaries. 
&ile : TI Churchill has been 
SHHJtng- buoyant results, 
l^lx'S Coventry plant had £i> 

. . jfepjeople-off earlier thin year. 
Aahriy as- a result of particu- 



A Ihu/fi Smith 700-ionne frame bender sen i here at (he 
Hfjwirlni shipyard in South Korea 


larly tough com petition in grind- 
ing machines. There have also 
been management changes 
which are expected To lead la 
some re-urea ms utii >n nf Jhc pro- 
tiui-nnn base a? Cui entry. 


Demand 


John Sruwn'$ machine tool 
division is one of the biggest in 
the country. Ii consists of the. 
W I china n company phis its; sub- 
sidiaries. Despite the recovery 

in machine tool demand, profits 
of the division reported in John 
Brown’:* latest published 
accounts fell I ruin £2. dm to 
£2.3n». 

Pari of the problem is that 
Wickraan s : mam product is 
multi-spindle automatic*. used 
fur high volume production, for; 
which- demand ha* not yet 
picked up. The division is lti 
the middle nf a sizeable invest- 
ment- programme but at tin*’ 
moment it is lagging well be- 
hind the return .being made, by 
other divisions ui this big engin- 
eering group, and Mime re-orga- 
nisation is iu progress. 

. American - owned companies, 
are responsible for between 3,0 
and 40 per cent of Britain's, 
machine tool production. Tin* 
biggest such company - is Cin- 
cinnati Milacitm. which has, 
been operating ui this country 
since 1934. 

Cincinnati produces about a 
quarter of the UK's output of 
numerically-controlled machine 
tools, and about a tiiird -of these 
are exported. The company is 
one of many which has ex- 
perienced only a slight improve- 
ment in demand over the past 
year, and has found price com- 
petition from - European manu- 
facturers particularly tough. 

Other smaller British com- 
panies with American parents 
include the Merseyside-based 
Cross '.-International.- Gidding* 
and Lewis-Fraser. which 
recently reported : slightly re- 
duced profits of £180.000 for 
the first half of 1978^ and Conc- 
B landlord. which is owned by. 
Motcb and ?*Ieriyweather.- 

These latter two companies 
are now under the same owner- 
ship as a ' result of their Ameri- 
can parents, merging, but this 
is not expected to -result in 
significant changes here. . 

Adcock-Shipley is also now 
American-owned, being part of- 
the Textron conglomerate. The 


group has ambitious expansion 
plans fur its subsidiary, and a 
big investment programme, 
partly financed under the 
Government's aid scheme, is 
jilanm-d. 

Kearney and Trecker Marwin, 
a company engaged m the high 
technology i*ml of machine 
tools, has had a chequered 
history, but looks as though it 
is jniw beginning to conic right. 

KT.M was a merger «>f two 
high Tei.-luioiogv companies, but 
its enthusiasts over looked the 
iaei Uiai this type of activity 
needs -tuhsiantial financial hack- 
ing and the group was quickly 
in Iruiible. It was rescued by the 
Government which was anxious 
to keep u presence in this area, 
and m IPTfi became -a subsidiary 
of the Vickers engineering 
group. 

KTM's last reported profit was 
a record at just over 11 in for 
3977. and hopes arc high that 
it- will maintain this turnrouml. 

At ihe other end of Hit* scale 
as regards Ihe type or product 
ihnl very much w the Jojvfrnm 
ais regards success i. is A A. 
Jones and Shipman. Its latest 
reported profit was £ 1.1 in for 
the first half of 1978. n 35 uer 
cent increase on the same 
period ot 1977. This Lcieester- 
hased company's success lies 
willi its universal grinding 
machine, which it sells world- 
wide, and for which demand is 
nuw buoyant.- 

Stave ley Industries' machine 
too! dirisibn, which includes 
Asquith. Drummond, Kearns- 
Richard and Staveley Lapointe, 
has -been proving that mergers 
can be successful in ihe Jong 
terni. Its perform an cc over the 
pftfeL. couple nf years has . im- 
proved considerably afler the 
earHer problems it had 
encountered. 

The 600 Group claims to he 
Britain's largest machine tool 
•manufacturer, and has been very 
successful, with us standard 
tool ranges like that produced 
by - Colchester Lathe. Like Jones 
and Shipman, this is the sort of 
success story which belies all the 
studies that Britain should 
move' up-market .in machine* 
tools. . 

The 6U0 Group division as a 
whole, which includes several 
subsidiary companies, reported 
profits well ahead at £0. c Jm for 
the year ended' March 31. and is 
now one of the most buoyant 


in rh>* industry. It is also in the 
midst of a substantial invest- 
ineiii programme. 

B. Eiliuit is a limber successful 
group, although it has had :is 
troubled times in the past. Over 
the last year, it has absorbed ihe 
Newall Group (acquired in July. 
1H77) into its machine tool 
manufacturing division. 

The acquisition has 
si l engthened the expertise in 
more sophisticated machine 
lotds which B. Elliott has in its 
Butler subsidiary. An important 
cnnlribiiior to the group's cur- 
rent profitability l£3.fim on a 
lurnuver of £74.3m) comes inun 
merchant ins, which eompri.-ex 
Gale. Elgar and P.M.T. 

The merchant mg activities uf 
sum« of Britain ? mai-hinc tool 
manuTacturers, which can be 
good for eumoany profits hut 
are less *«» for employment and 
the balance of payments.- have 
come under criticism from the 
trade unions m the past year, 
particularly m areas where 
there have been some redun- 
dancies. 


Imports 


But in the industry as a 
whole, importing is seen as the 
inevilahle result of inter- 
national special i sal ion in ihi--*' 
industry. Those companies 
which are active in merchant- 
ing. Audi as B. Elliott, also find 
that the contribution acts as 
use til I srrengi belling in the face 
of the financial needs of the 
manufacturing side. 

The- demand cycle has proved 
quite .different from those in the 
past. Recovery has .been 
paicliy, with a few companies 
doing well, a lor more finding 
that they art- moving along 
satis tact ocily, hut with some 
still having to search hard for 
orders. 

Furthermore, there is no ob- 
vious "pattern to the recovery, 
so that some companies making 
a particular' range are healthy 
enough while others in pretty 
well the-same products have not 
been able to recover their mar- 
kets'.^ 

The coming year will show 
whether this shifting in market 
strengths will be consolidated, 
and it could be a testing time 
Tor those firms that have so far 
found, the going more tough 
than most.' .; 

Hazel Duffy 



Rotaru frontier machine tool twill by Mechanised AssauMy o) Worcester, which produces record player 
-'-HOTaty imii.sju iyjck . U p anf ^ from al, a minium tubing once eicry jour seconds 


P-s-'s 









- - - ' 


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:nr 

fft 


■■.wfri-t-y: 




.m 


A-f-i 














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mm 




Ui’i* 


M ■ UJ 

^ 

•; - •: J . iiSK* ; 












'-■ZmfyM: 




itr.- 




ig&s&ssi, 




Tri-*-? 








Y~v-', 







KTM's lead m machine tool iechr.Giogy is no 
accident. It's ihe result of a sustained programme 
of. research and development concentrated into 
identifiable areas of expertise, namely milling, 
drilling, bonng and tapping operalions. This is Ihe 
common denominator between our three 
operating divisions. 


Each division serves a different market and 
theieiore maintains its own sales, engineering, 
manufacturing and service operalions. At 
management level, the divisions are fully 
integrated. As pari oi the £400rn Vickeis Group, 
we have the management and financial 
resources to ensure ihat ihe momentum for 
iuiure development is maintained 


Special Machines Division 

Worldwide cuiomooiie and ; e is led 
high-voluiTie inauvirws aie (fie orirne 
markets. Produc's ranfie from duple < 
milling maenmes to ir.Jiii-rmiiion pound 
ii3nsier.lin-3? £-s-i-, rrssc^iine is a’ 
unique -soluiion io i r’*-ir»jfac!unng 
problem and j i ;.ur n I'ernands a hign 
level ot individvii encme&i'nc. 


Numerical Control Division 

Th- o:v : s or- serves a wide mati.et ihai 
:anc*s .‘.•cm small iuti-coniraci 
mrtSh.rr snops io ihe laigesi 
ieiosoacr rnanuiaciuier. The latest 
KT'. 1 se r es CMC rnaenming .:entrs> 
most advanced machine iooli 

c;va:!efcie — ar>c.vheie. Foi the 
sc-f c iai;sed requiiemeni ot in-.- ^ 

ae-osoace .ndusuv iheie is a iso a 
r r-.:e oi CMC prcr.'iers. 


Standard Machine Division 

Tin ougii ibis i j. vision aie r.iari>eied »h* 
v.eil-esfafcli'hed KTf-.l r a nge oi manual 
milling machines These include knee- 
1-,-pe and bed-ivCi- rrioch/Te;. -.*» . t !*• 
hofizoritalaridveihcai scmdies h-TM 
manulacfuied machines arr 
complememed bv a careiu-iv i-:-.*ac;ej 
ranee ol lacioied orcduc::-. 







ris-.v gene i a non 
cl machining centres. 

vjsS ’.• •e oniv machina 

C'ci tc o ir < a : 978 
» ' L e ; i or; Council Av.aid. 







Kearney & Trecker Marwin Ltd 
Crowhurst Road, Hoilingbury. Brighton BNl 3AU 
Tel: Brighton (0273) 507255 Telex: 87121 \j 

A -y.i-«a * j jl c i * i ■- L m> ic a ’dS&s 






the si 


m 


Production. Production 
of everything the market needs. High 
quality production at competitive costs. 
And cutting down of idle times in 
production and storing. All objectives 
that many of the world's industrial 
giants have achieved, thanks to their 
cooperation with Comau. 

5,500 employees, including 
1,000 engineers: 12 factories 
split into 5 operating sectors : 
Engineering, Machine Tools, 

Welding Systems, Storing, 


I 


Materials handling and Industrial 
Washing Systems, Dies and Fixtures. 

This is Comau. An industrial 
organisation, capable of supplying 
"on a turnkey basis" new production 
lines, complete plants or made 
"to measure" storage systems to 
mechanical industries. 

To all this, add a sharp 
market awareness and a high 
technological content such as 
to offer fast production 
change-over whenever needed. 


E 


r 

ir 

(Ol 


COMAU 

isOJSTFflALE 

9 


liili'AXtLi 1 1 7! .liVJ lG *jT| W'l I 










34 


Pncinon milters •>! high 
capacity and matching Iwavf 
duty performance uo to 20 hp. 
sDindie drive and 75" x 13 3 7 5" 
1 1905 x 467mm) table size. 
Plain. Universal or Vertical 
models with a choice of 
control from the basic 
toolroom machines to 
semi-automatic operation for 
batch production or lull CNC 
microprocessor control. 


QearTeKte»'i fc tpurs. 
helicals, double V.hcal". 
bevels and worm and wheel 
nets Up to &Z' I lC 63 mmi 
capacity centres. .. 

{• J|_ 




. . V.-W/ ■, .'-7 : 


TW 




-pm 

n.m 


**>.? <A ; J, 

r**J 6 * •--vVftA . 


«► v s * V 5 * • 


SLJf\g003LAfV!Q 






Gear Generating 
Machines lor spur, 
single and double 
helicals up to 210* 
diameter [ 5486 mm | 
plus a lull range at 
cuttors. 


> #’• ■ 


J Parkinson & Son (Shipley) Ltd.. 

P 0. 3o* 2£ SmpK-v. West fori shirr 
England BD1 7 7 ECl Tei; 0274 583231 
T <?le< . 51 7*155 
•A'orldtfflce S-jlimq Aa^nls 



N 


THE TRADITIONAL problem 
of the machine loot industry is 
its vulnerability to the ups and 
downs of tiie investment cycle. 

SeJdoui has this been clearer 
than in the latest recession 
which proved to be more pro- 
longed and certainly much 
deeper than expected. Even 
Govern men 1 efTon* 10 assist Hit* 
sector through the creation of 
a stockbuilding scheme had 
liUie impact. 

A key role in the project was 
given to the National Enterprise 
Board which announced in 

March. 1976. that it wouid be 
willing to consider applications 
From individual companies for 
loans to finance the building of 
machine tools fnr stock. The 
money was offered 011 “com- 
mercial icna> ” and the Board 
made clear that applications 
would be dealt with “on their 
merits.” 

In the first nine months, only 
four companies had concluded 
agreements, involving the Board 
in a total commitment of £o.7m. 
In the final three months before 
the scheme closed, in April last 
year. Gve lunrr companies had 
come forward, bui the loans 
total still remained at only 
£5.Ain. One concern alone. 
Alfred Herbert, itself a sub- 
sidiary of the NEB. accounted 
Tor i‘3m of the overall 
allocation. 


Price 


MARKET LEADERS 
IN MACHINE TOOL 
DISTRIBUTION 


C N.C Machines Y 

Production j 

Turning / 

Grinding fe 

Machine* 

Milling Ma>. huv::> 

Tool Room Equipment 

Heavy Duty 
Machine Tools 

Sheet Metal r 

S Pfeteworkma fe 

Machines ' 



J 6 ^ 

SHEfF£lD \ 

SjftSMNGHAM 

HIGH WYCOMBE , 

yOF & (d ^jf 

^• S70 l u>ndok 


Metal Forming 
Machines 

Drop Forging 

Slioeway 

Grinding 

Engineers 
Tools & 
Equipment 

Nearly 
) New & 
J Used 
" Machines 



W.E. NORTON (HOLDINGS) LIMITED 

50 Pall Mail. London. SW 1/ 5JG. Tel:OI 2305733 Telex 2331 7 
The Octagon, High Wycombe Sticks. HP 11 2HR.' Tel: ('2494) 41671 


Alfred Herbert. which 
borrowed around a further if 2m 
from the private sector, is still 
paying the price for its decision 
io carry on building for stock. 
Plans for a 720 cut in the labour 
force and “ a major reduction 
in capacity ” are going ahead. 

Announcing the need fur such 
a move, management pointed 
our that it had continued to 
manufacture for stock through- 
out last year in order to main- 
tain employment and in prepara- 
tion for an upturn in the market 
which had not materialised. 

The present rationalisation is 
only the latest in a series which 
have seen employment at Her- 
berts (once one of the world 
leaders in its sector) decline 
from around 11.300 at the begin- 
ning of the decade to little 
more than o.urm. 

Moves to cut costs and trim 
capacity had become all too 
familiar even before the twin 
problems of high inflation and 
the tliree-day week of 1974 
pushed l he company dose io 
financial collapse in late 1975. 

The Government stepped in 
to create £23m of new equity 
to cover fixed interest debts 
and losses.. A farther £ 1.25m 
was provided to buy out the 
remaining shareholders. 

In searching for the man 
thought to have the expertise 
to restore Ihe company to 
viability. the Government 
turned to -Sir .fohn Buckley, 
who had achieved success at 
Davy International. 

Among the problems identi- 


fied by the new chairman was 
the obvious .overcapacity of ihe 
undertaking at a time of diffi- 
cult world markets. Action was 
initiated to improve the limited 
and often outdated product 
range. 

To strengthen a management 
structure regarded £L> over- 
centra lised and inefficient- Mr. 
Walter Lees was recruited a> 
thief executive from Tube 
Investments io push through 
the necessary reforms. 

He lias introduced eight 
different profit centres in order 
to give management greater 
control and accountability for 
performance. Mr. Lees now 
arcues that it i~ a mistake to 
Calk of ~ the Alfred Herbert 
problem." One plant alone. 
Edgwiek. at Coventry, the heart 
of Uit* empire created by the 
late Sir Alfred Herbert, is con- 
sidered to have been the main 
drain on cash and profits. 

According to Mr- Lees, the 
company will suffer an overall 
loss this year only because of 
the problems at Edgwiek. He 
has forecast that all other 
ope rations' are likely to produce 
a profit, after Interest, of 
around £1.25m in ihe year to 
the end of Decemhcr. 

Indeed. Mr. Lees argues that 
the company, without Edgwiek. 
would have realised a profi! of 
more than £2ni Iasi year, 
instead of the £236.1)00 pre-tax- 
loss. 

As part or the decentralisa- 
tion programme, operations at 
Alfred Herbert fall within 
three broad divisions, each 
with its own managing director. 

Mr. David Davies, formerly 
the finance director, has been 
placed in charge of machine 
tool activities which last year 
accounted for around £34in of 
the £54m Herbert turnover. One 
of his main tasks will be to act 
as the link between manufac- 
turing and marketing to prevent 
output running loo far ahead 
of sales, as in the past. 

Changes have already been 
made on the marketing side but 
before the end of the 
year ii is intended io further 
decentralise sales functions. 

Sale.* and marketing are 
scheduled to move with other 
head office ?iaff to a new office 
block and showroom at Dray, 
wood Hoihc. Coventry. The aim 
is not only to pirn.* a fresh 
image to the company hut also 
to get an earlier and stronger 
involvement by individual 
plants in the general sales 
effort. 

Thu main debate within the 
machine tool division over the 
past 12 months has centred 
upon how best to cut capacity 
in the wake of depressed world 
markets. Edgwiek, because of 
iis stie and consequent heavy 
overheads, was an obvious 
candidate Tor any retrench men l 
programme. 

Around “00 workers left the 
plant under a voluntary 
redundancy programme at the 
bcglnniivj of this year and 


some 52H jobs are scheduled 
to be lust under the present 
cutback. 

Union leaders Tear that the 
plant, once reduced to the 
planned labour farce of only 
HUU. could be on the path ty 
total closure. Edgwiek. which 
manufactures different types 
of turning machine for small 
batch production, has suffered 
in particular from the attack 
by low-cost countries -(such as 
Poland. Taiwan and Korea) 
upon the market for common- 
place capstan and turret lathes. 

Management would take the 
line Ihai Edgwiek must seek 
its future not in the more 
common machinery but by 
introducing a new range of 
computer controlled lathes. 
Such machines are already 
being tested and should go 
into full production by next 
year. 

The *lmrt term future i> 
d SMi red of the next biases! 
plant. Mackadnwn Lane. Bir- 
mingham. where around 75U are 
pmDloyed manufacturing single 
and multi-spindle automatic 


and other turning machines. A 
small loss was. incurred last 
year, but present orders look 
sufficient to at least achieve; 
break even in the. 12 months to 
the end of December. Action has 
been taken lb modernise the 
product range and - seek alter- 
native machine tools. 

The main uncertainty for the 
Birmingham factory is whether 
it will.be able to justify. invest- 
ment of around £7m in a new 
range of mMlti-spincUe 'machines.' 

Arguments have in the pa^t 
been advanced for the closure of 
the Red Lane factory. Coventry; 
with a 440-strong labour, force. 
However, management plans to 
continue the profitable Work :of 
reconditioning used machines 
and to transfer manufacture of 
grinding machines to Edgwiek. 

Negotiations are continuing 
with the unions about the 150 
jobs involved and some workers 
will be offered alternative "em- 
ployment. 

The plant to which manage- 
ment would draw attention to 
illustrate the progress they' are 


seeking would be Lutterworth; 
This factory, with., around 400. 
workers. produces drilljig. 
boring and milling machines, 
and does so . profitably/ .. ; 

A three-year plan .-to com- 
pletely reorganise production 
departments is expected - .to he 
completed next year, investment 
has been made in new plant and 
the company maintains that pro- 
ductivity will be doubled: wilh- 
out any increase in the floor 
area. .. >• 

In addition to its machine- 
tool operation. Alfred. Herbert 
has two other divisibns^>Qliiig 
and controls and instrument— 
which are not only profitable; 
but arc also thought to- -bffpr 
prospects for growth. - 

Herbert Tooting, which manu- 
factures and distributes pro- 
duct? such as _dies and- -micro- 
bore equipment. empToysarooHd 
1.240 people.. The- sales -and 
distribution operations: moved, 
only a few weeks- ■ ago. from 
Edgwiek to a new warehouse 
and office co m plex. a t Exhall , ' 
Coventry. . 

The new facilities-"- should. 


increase distribution capacity by 
;ar per., cent, .. w&fle. a. sophisti- 
cated data handling 1 and process- 
ing .system Svill: enable. depots 
in. various part - -of tie couatry 
to g£t information about latest 
prices.. stoclr;apd jdeHveii 1 .’ : ■ ; 

' Within ' .the controls ' and 
instruments grodp -are: Herbert 
Sigma, based $f Ldtdiwotth, 
which produces measuring and 
.inspection ‘ equipment and 
Herbert Numerical r * Controls, a 
Woking . company." specialising 
in the supply of cohtrei systems 
for the machine tooT. sector. 

it Is “by mcrv'mg Tate more 
sophist i eated:-’ "roach i nery and 
■services thai-. Alfred " Herbert 
&e£s' Tt? fatufe. - The 1 hoJpe -is 
that' ; ‘'tb'e': ' redundancies, : and 
.rationalisation , now '. under way 
in, fbe..- machine-: tool' -division 
will be suffidem to make the 
company: not iMrely viable but 
profitable ' ^ r '•'* r : : - ' - : ' . 

•' -The ni&nths^ireBkely 

4o ' be crtrcial- ih determining 
, wheth ex,Alfre a 

prolonged period ol decllfce, has 
-at- last reached a turaihg. point 




xmm. 


EQUIPMENT LEASING has 
suddenly boomed In Britain. 
According io figures issued 
recently, member companies 
or the Equipmenl Leasing 
Association, representing 75 
per cent of. the UK business, 
bough! £675 m worth of assets 
for lease last year. This was 
£254 in up on 1976 and the 
figure has grown steadily from 
£12Pni six years ago. 

Last years figure included 
£19Rin worth of industrial plant 
and machinery. But the 
machine mol industry did not 
figure largely in the success 
siory. spile of many leasina 
schemes operated by the lead- 
ing finance houses. 


Finance 


j/F. ’Ci. c-oJ iCa 

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A member ».»/ a finance 
house which has arrange- 
ments with se\eral manu- 
facturers. suggested: ” Perhaps 
the reason is that machine tool 
users can usually find the 
finance for new capital equip- 
ment m Ihe more conventional 
way." 

John Slaiham. export 
director of Dean. Smith and 
Grace, based ai Keighley. West 
Yorkshire, expressed another 
opinion. His company recently 
planned to enter into a leasing 
scheme for its famous lathes, 
but decided nor in go ahead. 

” Wt* decided thal. with the 
value of machinery today — in 
our case anything from £75.UOO 
io £200.000 — who would want 
lu lcn*e We are going Io 
operate ad hoc — if anybody 
rumu-i along and wants some 
form of financing, ire’ll put 
them in touch with some body.” 

Mr. Siatham did admit that 
his company’s original interest 
in u leasing scheme was trig- 
gered by ,i recent rush of 
inquiries lor machines, an 
indicaimn that the industry 
may. at last, be picking up. If 


this is so. will more tnachfae said. "After all; -"particulars seU the qiachfnff^faFlifm.^ V : ‘ 
tool companies join the lesasmj! of a lease are • already One of; the reasons -ffflp the ' r ‘ 
bandwagon ?■ ■ ~ included in the oo.les to- the beo»n.. : expe?ts.-'tieliev!e»Vi6Lt)iat i * 

Most people in the mdustrj accounts and any. sensible, :it has at last ibecotne respect- : 
believe otherwise." “There may lender will take- that into con-, able’. -Early ahusesi-parfifcularly > ■ 
be a trickle, but there: won't be sidcration when , the company is in': car- leasing— jvere Qi&sbed . .. 
a flood,” one manufacturer said- seeking finance.” Jn. . no- ; uncertato the -. : 

Opinion at the . Machine Tool Mr. Jim Ellis is UK Sales 'Inland "Revenue. Thie "schemes - 
Trades Association was that the manager for Warner and that were mere- excuses tax- -•/ - 
industry is suspicious of any. Swaiey. who make turning dodging have'-disappeared\4nd - 
thing that smacks of buying on machines at Halifax, West no body is .more pleased -ithan 1-. -. 
the “ never never.” "The busi- Yorkshire. Tlie company is a the, Equipihent Leasmg Associa- 
ness is big in the U.S^ where subsidiary of Warner Swaaey. tion. i ! 1 ■■■■'■ • 

they have long had. a more of Cleveland, and has recently “ Eight or nine .per c«nt; Of 

credit-orientated society.” an decided it is in a financial all- capital investment.” in 

official said. "But over here position to operate! its own industry is how financed“hy 

il's going to be a slow leasing scheme without the help leasing,-*, an official of ..the Assq- 

business." of a finance company -nation claimed.: The growth - is 

The few lhat disagree with He gave another angle on the continuing. It provides <4he 
Ihe argument that high prices . leasing business. * - We let it he money: for companies to eaqiand 
of machinery, will discourage, known in. May that we were 'without interfering., with-exist- 
leasing recalled the consortium interested in leasing machinery ihg lines of . borrowing. - ft Is 
thai leased a cracker at a 1 and although not a single con- sale for ihe' lessor*- who actually 
northern oil refinery for £7 Om. tract has. been slgnedr several owns the property, ahd u doesn’t 
The figure certainly does make sales have been made, to have toga through complicated 
Mr. Statham's £200.600 seem customers wtio originally called- legal Tirpcedures' -.of provkig 
like small fry. -to see us about leasing ” ownership in the,. eveHi -bfe flie ' v. 

The finance house man A vr q nf artist-' ' lessee's business failing”--^ : 

said: “It is largely the . Va.IIlagC» . > Recentiy Sir -Harold- VTDsoii 

tax situation, that attracts. : .Mr. Ellis sees advantages for said .bis-iEgommittee’ on rlfce.eity 
people to leasing, although, his company in being able to had been impressed' by ; the . : 
the industry tries to seti the machines at the end of increasing role of leasing 3n the 
play it down." There are the lease. “Our machines are ca pita] markets. Ii^escment-ly 
advantages for both sides, high quality and have a very lessors wentdiresitly Ao- imjustry 7 

Lessors can claim 100 per cent high resale - value,” he said, and this was now a ii-Very - . 

first year tax allowance for ail “Recently, two that.were bought . important- parL of the. GOyern- 
assets leased for several years, .new for £8.000 were sold to an merit’s thinking on ' . . 

Lessors can reflect the benefits American for £22.000. That’s by Jnfiostiy. - :LL:- v - ■ 

of grants and other investment two and a half times the Another 1 30 ; : per 'cent - 

incentives ■ (including the 100 original price and the machines growth in - leasing - thiff ryeaa: . - : 

per cent first year allowances) .were 15 years old.” - i s - indicatedr - althohgffi "fi^ras , ■ ... 

in the form of reduced rents.. Warner and Swazey intend to are .rior. yet available. "VVihen 
This is particularly attractive. offer for leasing- the’ full-range' the /-ccoaoxn-r ''’-''siajas " - .’. 
lu companies wiUi low taxable, -of the company’s machinery, not cover ^ and iiwestmmit 
profits. 'just the ones manufactured ni . wins sgnlii, aiaybe.ibc - Du^binc i." 1 

Another advantage is that the Halifax plant. It even tool industry "will "finally'-, get’' - - 

leasing does not have to appear intends to add .machines made into the act * . V-... 

on a company’s balance sheeL by the parent company in Cleve- As Tim rii js J warh^r and - ’ : ~ e 

Bu, be gave a warnihg land to the leasing list. Swmiersays; 

that this m.ii- change. The new Mr. F.lt.s says his company machine tools by any ■: system '- , ; '- 
account! ug standards are does not intend to be too strict lhe cystomeV wan ts” it seems’ ■“ 
expected io demand that finance about the leasing, agreement; likely, that more m^utocturers. - --, ' ’ 
leases should be capitalised on :‘If a man has leased for k*- thinking tHi ■ 


the user's balance sheet. 


couple 


" I don't think this will affect decides he’s been doing so well 
the business loo much,” he that he wants to buy', then-we'H 


-.wili be thinking toe -s^e^yrar 
.before Fong. ' - - 

; AI?n Fprt^t = 


WADSCIN MACHINE TOOLS 


WO 


&o: ‘Vc^kn i. , o , :hir.e TOOK' ■j-iC-'G: '■■Cii C • 

o -j -a •? c--.pc'tis'7 *o the roi f l.jrio cor."*?-'? c- ; ’"•? -‘-0 ■- 

Thii ■■msc-.', t'eh.r.d tr.ii i-.ifid of c - it..,.: 1 . • • c .. ’•£ 

c. ir. :h«? we ctiaKe. 

?•?. ••“ct'anre siive t95ti r.e 1 ' 1 ^ •-- ci? o - ~ v-' o '“•? c- - r-‘wf 
VC =T.tx:'.:-e ioi"i our p/oduct 'os e/ccroec o~c ' n e * -0; 

, , e rn i ir- .* have oeei* sreodif’v impro- ooc iw.-eo - osdc-' ^ 

■_c :h.e .^ci'gifig inau^v. 

to j ,ee c.-j,: but.:-iesj ho‘ lO^e-y be?” OvG --pc T . ' •30' ,, ‘ - 
: -, r- :r *r • - r»e«a! •• - v "o t duit v anyA-e.-j ;c it a - : *'•! ^ cc 

i. - . .-. r - --o: o'* rzi-. piecr'6 but pfOCtiCO : 

..u'/'i'Q oinor/cr.;. 

jr cer ‘€ ,| '- u r O l CC.’>' 0 'u 0" ‘.'bi*?:!'-"’ ’•* 

; . . 'ya - pic.'- , i''i ! - r.po- - :a , '*i po t >’■ o-. j -■'?' ~~£ •<eo - 

~SSm- ;X k /iUinoKin 

Vadkin Machine Tools, Wenlock Way. Leicester LE4 7HU. mnCHIRE T001S 

Tel: 0503 769151 Telex: 041 iGl 1 1 1 



»V.| yft 














' ^i«ies :Moirfay November, 27 1378 


MACHINE TOOLS V 


a oi" 


— 

U 3 i 




IS 


TIIE Al TollOTIXT indus! ry is tar ra^ikcM-s— it migtit well be 

prubably the biggest user of able to romo up with the equip. 

machine tuuls. Major investment ment that at present has in be 

programmes by the car and imported. 

iruck assemblers affect the Ir u , , . 

machine tool makers in two ho ,^__ ^, k 

ways — first ihe assemblers them- 


' '&elves . need new equipment 


has been a constant problem for 
some years. The group cer- 




.. , - c crly British Li’yJand. because as hit its £50m target lor machine 
Slate- owned concern it is tools in 1978 too. 

lil“hL t! Rrh «c a h y , 0f K iU Rur machine tool makers 

M ^M™ Chl BL ^ “'“SiT V 7r “mX-1 

"V ha*, indicated ihar it will spend J}!L. cumn '» bl,ck on.uncst- 
-: .about iaOm a year for 1978 and 

the following three years- While they appreciate th«t ii 

.Not all <rf this business win i5 onl - v risht th>t Bt shuuld 


Ford, for c\amplc, has indi- 
cated it wifi he 'sprnriins nvnr 
film in Britain before 1982. 
Thai ought In be very good 
news for the UK machine mol 
industry. Bui even more than 
BL. Ford has turned to overseas 
suppliers. 

The £230m Bridgend engine 
plant currently being con- 
structed provides a cnotl case 
in point. Within a few months 
of the deal with the UK govern- 
ment being announced — 
involving an estimated £150m 
of grants and other assistance 
— Ford had ordered £8m of 
equipment from Wes! Herman 
companies and £18m worth from 
American concerns. 


Potential 


not i.pcnd cash unless it will 


®*Orders 


» i v* 

M « 


j : • s 

* V t J 


** ***** b * «"■ bumpy one of today; 

cents. Ir this sort of level is 1 * 

achieved the BL programme *‘ or example, the £2S0m 

' will pmvide a very' useful boost Land-Rover. Range Rover plant 
¥•-,» for the UK industry — «i;vn that expansion project has br'-n 
total produeliun or machine hr::,u ’> hf nearly to a hilt whii- 
:: r :;.rfooK- in Britain will be about negotiation...- continue about 
«- '£4Wm this year. n.jnblc-shifUns the as.--cmb!y 

.t,; . ’ line after it goes onsiveam. 

_ _ Tne machine tool manufacturers 

Murders bHieVc Mr. Edwardes when he 

say.- ii will not get going again 
However, that stdl leaves ur ‘rii he has union Agreement 
. room fnr ■smne very big orders l ‘ n more flexible, working 
to he placed with companies prartices. 
overseas. Fur example, there They have to* example of 

was some mn;ienia:iun in the the Bathgate truck plant stiff 
UK industry late last year when dear *n their memories. There 
■ in quick succession BL Cars £32ni of the Investment pro- 
placed a £7m order for KLTCA gramme was cancelled after a 
welding machines and one prolonged strike. Pleas by 
. .worth £4.6m fur an automatic »-mplny<?e, for it to be -rciii- 
j . line from Hellc-r— both West staled fell on deaf ears 

; '; pr " ian t'^pan-cs Later two Mr Edwarde . s said recent] v 
I • frirr - hor ^ntracts lor we dine that he was nnw ulore opt -_ 

ni C ?m ft r IvLm- 1 3 mistie about BL*s prospects 
£H.om i ir (..erwany. Mian at any time during his 

BL maintained that it had !o first year as chairman- The 
buy overseas because the tedv machine tool industry hopes his 
Spins? was not available in optimism is well-founded and 
.^-Britain. shudder at the thought of any 

Sir, - While not disputing the further gradual running-down 

r-ifcoinl. the UK manufacturers, of the group’s volume car 
‘^■through the Machine Tool ousincss. Austln-Morris. . 

Trades Association, have argued BL i.s given much attention 
c.'ronsisrcntly that ir only the but there are other companies 
. V industry was given good warn- assembling cars and trucks in 
"j.ing about the requirement* Britain which need ty invest 
i LBL—and the other UK-ba.»c<| regularly and heavily. 


lngcrsoll received a £7. am 
urder for llic main cylinder 
block line, Joseph Lamb one 
wor*U £9 5m for ihe cylinder 
head line, Ex-Cel 1-0 got a £3m 
urder for transfer lines and 
LaSalle a Il.2m cunlract. 

Ford explained: “JT we 
enulri ect ih<- machinery we 
ni*otl in Bn lain wc would buy 
n here " And n priunised ihai 
as time went on the value of 
t : K equipnieni lo be purchased 
for the plant would overtake 
That »«f The imported machinery. 

Ji is nut very clear, however, 
just how carefully Ford studied 
ihv potential UK suppliers. 
There is i-eriflinty a tendency 

iri The motor industry — as in 
(ho nil .sector — for enyineers in 
specify equipment from turn- 
panics whose products ami 
perfrirmanws ihey already 
know «.nd can rvl> upon. 

Vet • ompaiilf.-. like Wiekman 
Tho.'. Ryder, situ ve Icy. Kearney 
and 1'reckcr Marwin and 
Vaughan Associaios and I lie 
UK .-.iibsiiharieri yf American 
groups Ex-Cell-H, Cross Jnier- 
national aad Cinciaatti Mila- 
crr.n have a good reputation 
among Ihe motor manu- 
facturers and can be expected 
to ger their fair share of the 
business available. 

While Ford’s Bridgend plaiu 
for a while became M.unoih’inj 
nf a cause relehre in Hie British 
inadiMf tool indostn u is by 
no mean- an ryteplimi. I asi 
3 ear Ford completely icfur- 


bishod ii? Dagenham ro'iirocini 
j{ a ensl ul £4 4ni The iiljj!*: - 
orders fur. new ;nai-liim ry wen! 
to West Herman concern-. — 
lleyhgen&taedi -uppnvd £lm 
worth of ropy mills and planner 
mills milled a i £t.”m were 
supplied by Wald rich Coburg 
and Droop and Rien. 

Even so. the British machine 
tool industry would hate ic *eo 
Ford eradually switch more and 
nmre of its resourres away from 
ihe UK to elsewhere in Europe. 
They hope that ihe long strike 
ai Ford UK ill nor encourage 
the group to move along these 
lines. 

The industry also has mixed 
reelings about the change ;ii ihe 
ownership of Chrysler UK. 

Although the UK Government 
has won from Pcugcot-Citmen 
undertakings about continuation 
of the mvesimem programme 
in the UK and an assurance that 


Britain v.ill -hi: -> t left out of 
any future e:rpan.-ai>n plans for 
Chrysler in Kurnpe. jhere re- 
mams a nagging douh: aboi*i the 
met! i uni-term pre specif 

Ii is also avail’d thar ihe 
French maemne tool indu-tri 
will be given priority treatment 
by Peugeot in future mtcsimcnt 
projects — no: simply because of 
rhauvanism t*ui because it is the 
French indusiry with which it 
has in the past had the elo=est 
contacts- 

Meanwhile, the UK machine 
loU induatr> - 3lun^ with the rest 
of t!:e European manufacturers. 
:ire benefitiing frum the huge 
investment programmes by the 
motor and aero.-pace industries 
in the U.S. 

In spite of rhe fecr that hason 
between the American machine 
tool maruifaeturers and the ear 
companies is excellen: and the 
equipment makers know well in 


advance wha: :s required, 
eapaci:.” :s bc:r.? stretched. So 
the motor assembler » arc having 
to look ou*.«:de the Slates for 
some machines. 

It i> esilma'ed in Jic U.S. that 
to achieve a one mile per gallon 
impruvemenft in petrol cunsurap- 
tion the big three car concerns 
will between ’Jiem have to spend 
S3.fibn. And the Federal Govern- 
ment is insisting on an eight 
mile per gallon improvement 
over the next five years. The 
investment involves many 
maciune tools. 

Consequently ;ne annual 
niajcr U.S. machine too! exhibi- 
tion in Chicago recent !y was a 
really rev<-a rdin? one for some 
of the British exhibitors. ‘There 
were some very serious 
inquiries and a lot of business 
being done." was the way one 
observer summed it up. 

Kenneth Gooding 









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fJ&Wi 



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£100m second-hand marke 


m. i 

r" '/ 1 

i. 4 




FACTORY CLOSURES and re- 
equipment plans in expanding 
■’.icompanies provide the raaiu 
.sources of second-hand machine 
» luols. 

. } fi The market is an 4raportani 
-- /brie for sales merchants and for 
. ?'the entrepreneurs venturing 
p into smafl-scale niannfaeturine 
Jvftlr the first time. The total 
.“‘British market for new and used 
• machine tool sales is estimated 
n® he Worth approximately 
5T350m a year. New machines 
r$wount for the bulk, at least 70 
’"per cent of the total. leaving 
■' over £I00m of sales each year 
^Tor the growing band of 
^^rchants dealins mainly in 
S second- hand machine tnnls. 

Teh importance of Britain as 
■\'ijase for transacJions in the 
■^jfecond-hand machine tool 
®gf<atkct is underlined by the 
^■expansion of the main European 
Jirfganiiratinn for the second- 
machine lool trade, the 
: Association nf European 
-S^fochine Tool Merchants. 

in Londo n it bas grown 


from 100 members 30 years ago 
to 235 members now. 

New applications fur member- 
ship come in almost daily, with 
recent additions from Sweden. 
Italy ami West Germany. 

In Britain, the £IU0m marker 
tor second hand machine tools 
represents marginally over half 
of the annual turnover or the 
so-called “ second hand ** 
dealers. Many of the British 
members or the association also 
deal in new machine tools with 
sales accounting for up to 45 
per cent of turnover. 

This dual role of the mer- 
chants underlines the uncer- 
tainties of the second hand mar- 
ket. Sales in this sector fluctu- 
ate at least as rapidly as sales 
in the market for new machine 
loois. But when the engineer- 
ing sector is expanding the 
second hand market is one of 
the first to respund. 

One guide to activity in the 
second hand tool market is to 
be found in the classified adver- 
tisement columns of the trade 
and national press. The mer- 


chant's association said that 
the 1975 to 1978 period was a 
recent low in demand for new 
and used machine tools. Dunns 
the period, "lor sale" notices 
and advertisements for machine 
tools wanted by industrialists 
were almosi exactly in balance 
in one leading machinery’ jour- 
nal with approximately 50 items 
wanted and 50 for sale. 

By November lust year, total 
activity in the sector, as 
measured by published ad\er- 
tisements had almost doubled. 
The same journal. Machinery 
Market, recorded a total of 190 
machine lools cither wanted on 
the second hand market or for 
sale. 

YVeJi over half of the items 
listed- during the issue of the 
second week in the month were* 
those wanted by companies 
either tor sale elsewhere or for 
use -in industrial expansion pro- 
grammes. 

But 'by the same week this 
year, the total- number of 
machine tools eilhcr wanted or 


for sale had again almost 
doubled, with the warned items 
outpacing those for .-ale- by a 
ratio of almost Hirer to one. 

The machim- tool mc:chsur> 
represented bv the AEMT.M 
confirmed that the laiosi figure* 
were not a flash in tin: pan. hut 
represented a marked uoiuni in 
trading activity, in rc<ponie to 
industrial growth. 

Every week the cla r siii^»l sec- 
tions of the trade press are re- 
ported in be getting more 
CP pi- uis. :;?• engineering activity 
accelcrjti.-v. 

Much itt the business in 
second hand nmdrirw mols 
starts with the receipt of a 
photograph of the machine for 
sale. Contracts are often agreed 
verbally. 

Market activiiy in Britain m 
second hand tools has tradition- 
ally been higher than in almo^l 
any other cni«Pi: a y but Japan, 
which si ill has the yrcaicst 
number of machine ionU oi any 
coantrv'. But in Britain, the 
average ase uf the machine 


tools in use is lower than Japan 
a! between five and nine years 
compared with appru.cimaiely 
Ji- years fur Japanese based 
machine to«»L. 

A survey by the teihni-.al 
journo! M-'ialworking Produc- 
•'ion shewed ihat 39 per con* of 
the iny.-hme tools in Brffain 
were uod.T Hi years old. com- 
pore-J with :t7 per cent in Weal 
•i'T*nan> ami to per cent in ihe 
L'.S 

Thov* lic.ures may indicate a 
are.sicr raie of chang? of 
maihjni- lool* in Britain than in 
f.orne other cminlrips anil may 
lndwattf why the second-hand 
market m Brnain is so buoyant. 

The Association of European 
Machine Tor-1 Merchants said 
thr> expansion in the number of 
sc.oiid hanil merchants in the 
present told nf around 35U in 
Britain ha.! saken place at :'ne 
expense of the companies manu- 
f act it ring pew machines, 
eight SUM 

it wot! ul i;-c difiiiciili to reril.v 
the claim, but part of the 


reason fnr the expansion is 
certainly the growth .n the ex- 
port potential lor second-hand 
machines. The L.S. was 
Brnain* biages: importer nf 
second-hand machine tools until 
a year :.^o. but j tightening-up 
of product liability regulations 
tn the U.S. reduced the 
attraction of the market io 
Briii-n merchants selling used 
machine tools. 

A raising of insurance 
premiums by U.S. companies has 
also had 3:i adverse impact «»n 
l : K salce •!,’ second-hand 
machines m North America, 
tunc SCll 

The large-" potential market 
i or the second-hand sector is 
imw seen a* rh..* EEC an:l the 
i bird worl.i cminirles. although 
the developing nations are 
becoming ies.- attractive for ihe 
L'K I.*:: purler a? na;i>ntl* con- 
lidcnci* ri'Cs and bnnss with it 
a cail fur n«w machinery. 

Lvnton McLain 


75 Years Experiesee in 


Continuing progress since the Nineteenth ■; • 

Century Pacts the versatile e>perience of ! 

Alexander Machinery. -F 

Contact Alexander fer Sawing Machines hom ! 

simple to sophisticatsd. ter saw reconditioning. 
for Hi Ton P /asses.- and for 100% service a: all c : 
times. ^ ‘ 

There is a SAWI&S ^ 
MACHINE to suit 
l&gpi YOU in the wide range 
from Alexander 
Machinery 

Hi Ton Presses. Coming Presses. Hacksaw 
and Bandsaviinn Machines. Hi Speed 
Bandsaws, David Brown Raamtrs and f* 

Saw Blade stocks. 

It will pay you to contact Alexander . . . 

Alexander Machinery 
(Dudley) Ltd. <^8. 

Haii Street. Dudle> . *.’.'es! Mid' and;. DV2 7 DA 
“eiepncre 036-J.55--I- 1 



-■■■ J 




PRESS & SHEAR IS THE O&LY BRITISH 


VJ^ 
:,y 
«*v ’• 
y,.' 


COMPLETE RASVGE OF RiC TURRET 





Mt'vfn 


Available with 
the NEW 


hole cutting 
attachment 



Model 1250/30/1500 


Press & Shear supply Britain's 
largest range of rnachine tools 
for the sheet metal fabricating 
and metal forming industries. 


Yf., ' ; 




■::tP*jinp4s33&Sbf>-. ' 



Press & Shear 

Machinery Company Limited, 

Coronation Road, Park Royal, London, NW10 7P.T 
Telephone: 01-965 6535 

Telex: 24102 Premor G “USC 















an industrial 



•1.7 -jfiiii. 




: • . ‘v'ri" . ,v ' , 




next 


Jffi 


' ■ V-V*\. i5ujt , 

• . '..ijissr* - • . 

f r p . 


Discussions 


THE INDUSTRIAL strategy has Product design has emerged target meant that Britain's higher productivity seems to It is unlikely that such ”SS Cn l a 0 uT? w e ore fe^L tools™ hiS?' lihk with’ the "£• w - 

given a boost to the NEDO role as a major area where there share of world trade in machine lie in production processes— measures have been wholly J^ee would have p J^*rod too ' - competition.- Government- ecOTOWfeTOJidy— 

in industrial planning. This is needs to be improvement and tools would need to grow from the need for improvement in successful # in the difficult job that the report * i wdely the and X i 

particularly the case for discussions between user indus- its current level of about 51 per an area likely to merit furtner of translating words into action, publicised, as has dJElnnine countries - are also important with the 'bwfessM '""vS- 

machine rools because it is one tries and the Machine Tool cent to 61 per cent— something attention from the EDC. and the strategy steering group with ««* _ other reports deve opmg^^ miQCti Q a . of Goverm^nt '. :¥ • "Z-ft r 

of five industries tliat has been Industry Research Association which is looking unattainable in The strength of the EDCs, of the machine tools EDC from 40 SWPs machine tools.- One of- Drnmoting mtfustrialinvestSSV 

designated as worthy of special have been initiated by the EDC the current conditions of world and now the wider coverage intends discussing other fSfjL. ireas t o be investigated P The natur* : of ’tb'e^NIsS r -' : ^ 

attention under the Cover. v with a view to establishing markets. afforded by the SWPs. is their measures shortly. S® 1 ‘2f JS ^ *' -c* 

ment’s industrial strategy. closer liaison between producer Similarly, with import pene- tripartite composition. In their The problem with themdu^ £S Stent to^hich Britain! might .opportunities- for/Wsott^Hh 

The machine tools industry and consumer. Other areas tration. stabilising around the "ringing together of manage- trial strategy type of exercise E^nomic Deveiopme t i-owi exten complete: both suppjters df materiab&ffia <■■■■.-:• •' . 

has always merited an where weaknesses have shown current levels (about 4S per ment, trade unions and civil is that it will take some tune erts February mjeung B> tools , :- P - *. ; cuS^industri^-sobSI .1 

Economic Development Com- up as a result of surveys com- cent of the market) sounded servants, they have a unique before its effectiveness is that time the n t ® « on ran, ■ will-prob- Which is particiilarW hseftff’ftr ^ , ' 

mitipe (EDC) at NEDO— and missioned by the EDC are ser- reasonable, but in fact meant contribution to make to mdus- measurable, and this is particu- ® s l» rts ’ ■„ S?? on P the an Thdo^^siieh- as : mS^iTa 

while some other EDCs have vicing, marketing and even reversing the already pro- trial planning. Isrly so when most of the work will have been agreed ^ V 

been dissolved to make way for delivery. nounced trend for the mdus- Their potential weakness. Jbat has been done within the upon. has been S^FDC tas^oundKS^S -ob‘ - ^tfeek ' ' Of - 'fiSshjng 

the sector working parties T he initial work of the EDC try's share of the home market however is the difficulty m EDCsM SWPs is of a general /I- . 

du stria I strat^v “ffeEDC for Z^mme wa^rernedS ®’ ! The 'machine tools EDC has closely at products and forecast economic circumstances ** * >* 

machine tools “has been main- ? d Tntiftfn~ conJrta^? to Strength positive contribution — to the been particularly sensitive on demand patterns. . e ^ pIo .^ nav b I i T ^ es : tied ' ’m *' 

rained i«enuiyin 0 ronsrraims w JUCU^IU shonfloor in Darticular. but alsn the point of publicising its The market for electronically inflexible pay policies. apout.to enjbarkrin .. context >,. 

stron- UCtIOn The Panned improvement in to management. Seminars have major reports (apart from the controlled machine tools. Is The ED 9. s ^f u ^'^ e ^ e i ^ 

r- demand is strong productivity has also lagged been organised bv individual popular version). deciding growing worldwide, but at the has considerable valpy . .to: ntetufed to prpyi^afe 

1JJSCWSS10DS E>' the time this work was behind tar , et par tiy because industries, and most of the against widespread distribution same time, so is the numher. of bringing representatives^^, tion . pn- whieh tb^n^p^yj^ait.- -> .■■■; ; - 

T . -nr.- ^ e completed, however, it was demand has not picked up EDCs and SWPs produced a because it did not want informa- producers. Japan— ^ with, its.vast gether— often from, competing Mse its efiupe m.-the IBSOs^ ^ ^ r_i 

me tut u made up oi rep- beL . oming c]ear lhat the safficie ntlv j n all products. A popular version oF their tion to reach the hands of experience in electronics— is eompanies--who canta^e-aview -■ >■= ? 

rcv.ntatixes rom various com- ^p^gd upturn was not going more deep-rooted barrier to medium-term programme. overseas competitors. The union turning increasingly towards on the industry as a Who|e. . - . ;- . . .i . . 

panics in tne industry, trade to materialise as quickly as had . . .. ' t v v *- ,s ' 

utiu.in.:. the Machine Toni Trades been forecast : .•••-/" .U ’/ • V.. J" •' ' ' ‘^V- • . l 

NEDO. and m*et, un a regular ^f n { . he recoveiy started- / ; S =. - T. ' V ; .-- 

ba.-is to dHtuss the state of the rou ?hly »n nud-1977-.t was 1 1 O ’ V--.--'- i"'*?. - 

inrluvtiT. and .elect areas for l *** pronounced than had If /%n/\n^rfcU v • v 

inv^-tijtaiiOR. Its chairman is been anticipated; there is con- PCPQ Ifl ’n l PlS § S I ' ' . ‘■r.-.-’-.A-. . v ‘ . r‘. 

3fr. Anthony Fiodsliam. director siderable support now for the B\ i Vll VvIItl V' Jl X-/ Jl. ■ - ‘ 

genera! of the Engineering tlieor >’ that ^ P eak « 311(1 A^.VL/VWA - r..- ; -. j* \ 

Em plovers' Federation. Lroughs associated with pre- • .*•" V; 

me EDC alw has , Str,t«*y ifK? “' “* tti ” 1 11 _ 1 _ A _ ^ ^ ■, /, ' 

steerins Croup which H„, (rt.B.mn .f 1977, tb. TIZAfln tnOElTPTC y -::--'*, ■*' 

im ar composition to the hDC EDC u .„ wori[i „„ on the nert VV III III IIIOI l\ GLk) -V'' ■ M s: ' " 

1,1 'V' , /' p J" nu i ,VM J™" 1 Stage ol the Industrial stratesy T1 V/11U 

(h<? u<CT.mdustries and one f rom 4 whl cb con cernedthe - . vf ?• m 

banking. This group is charged terT11 programme ... ....... = 

the planning and dfs^era'i nation Tar S ets a 3 reed upon for raE thi nBS a visitor scriptions (£131.600 last year), executive essential” the report increased reliability of com- looks like a miniature srmyltsnk {*???* 

of information required by the *he mdjisti> as a whole: exports entering the Machine Government grams and fees says. ponems. or it may mean the with a cine-camera inside to film tial.buyer be 

industrial strategy. were pJanned to mcre»e to 60 *** me “^ine ^ ^ (Qr speejal ,. Tbe Health and safety replacement of complex-and the results. - • • - 

» T , ,. . P er 1:6,11 of production by Tool Industry Reseat ch A..socia 0 j ecLs hi°hlv vneref and not Executive lias also made use of fault-prone — mechanical devices .Another test for machine shift working? Ahdt h fci cg r ea s- ■ 

l f hn P M? ,the hi * he « ,evel 1n thp “°" s Sf ad { luartere at , Macr / es ' JhSEnS# vStori appeal SS MiraiV test Tacitirii to by electronic systems” , . auards is enclosed, in a- combing -development Sjxm&m-r. 

Rriri.h ■ r ;..lllv^n iJlLVl;. was OO per cent in hvld. Ch^hire. are two glass raa5nlv t makers and oiuain data on the impact resls- A series of practical invest!- parrinent of tank-strength and operated, tools .seep^^ah^jSl^ >•: ;r 


3 LUUL 1 CUUV 1 U dll piuuuLU). o *«oiun vw * r t ■ ■ . . r -- 1 

more deep-rooted barrier to medium-term programme. overseas competitors. The union turning increasingly towards on the industry as a- Whole. 


world 


- 

- 

- j ■..*>• :-r>i»CE' 

■ ~ v ; r . . - yr v’ 

. . ■ : .[ 

•...• .i.'wjV e^t • 
■■»..:% ~gfSS.ai£ • 


*.-... •• * : • ’ J. • Z- •: • . ‘ • 


industrial strategy. 


which why u ha, particular ^ " ire of ihp home maiti- and a no her le« prem- example 3n ^ "whine tool The 

r-!»' an ,.,. ;„ r uie Government's ... .to . «' turner fhnr cnii.i-v' Rirmin- users, who are attending its “ Users are interested in tecnnicai oaia on wiuco to oase a guara. xr ju» idum .wry. av- ifl-wr w uwunvHwsi; ye* •> 

industrial <traliav pru-rammo r’ b 'S! X* re ? h- hf' hkn^ craft-maiSiio BiTxiie ^’dinars in increasing numbers, advanced technology if they the design of safe and econo- strange, hut the respite., carfr but feels there, is liTffe^a^g h-v;-..;- 
, J , - j. 3 . pro-Juciiviiy iq be increased ™ .™“™ ans,1,p - J,ul me .. nroe0nt MrlU . can be convinced of its relevance musi! guarding systems • for fully analysed by Macclesfield^ reat: j?rogr«!ss 

.‘..uvh of the E DC's work has l*w average level for UK mauu- P - * t0 P s 0iere - ^ irdustry’s^vM-known ^com to their problems. They are, metal-cutting and metal-forming boffins could someday cUttch a, untiLthe economy rdCovei^^Mg. L- : *; •• 

been concerned with identifying laciunne mdusiry as a whole. In the offices and workshops JJ® „* i'. ir -irivbecause however more interested in machine tools. big order for so me. British com- can you sell aman -r f . 

the reasons fur the industry's One year after the targets in the galleries above the “ a ^. S. «c m an^hine th^r will enable them _ panv in a safety-conscious cated -machine.' ce&ri: W&m -J, 

declining share of both world were drawn up. it seems they reception area, a staff of 75 f ! l *,®‘ ta A e tnTnvest to make better use of existing DPSltriirtiOBl “ foreign country. • .-'ihe moment,., all. he Warrts»|l^ I 

trade, and its inability to main- were over-ambitious. On the experts, including graduate technology Ind p^ticularlv Md • fee lathe?' AD ;the:feiglit 

Shafe ° f 0,6 b0Dle IV Zl! $gr*i pbys i CiStS, K metalIU - r ' that ^methin- Sust be done tn ^ey wish' to achieve higher One test involves running , t^ Association's men must U^;Woas.,sixrgliig ^ 

k t- ec.nutmc »r.wth. th e ex port gists and mathematiLian,— is makg machin | tool more utilisation of their machines. high-speed grinding wheel; at labour relations ., into - -™ 

^ V if : r e ^‘ adventurous- Tt is hard in “This may mean the over- three times the normal .factory sidcration when planning, the f return to sizeabte^ye^^fe r.-~ 

f \ Creative ind?i2riP^ l t n Thi" Britain tn sell a first machine coming of problems caused by speed. As the wheel is run to new machine tools. It's all very in the machine todj indus^*^- - - - i? , v 

~ - o,st“n, t *- Uie of irs kind— companies prefer m new enrirnnraental and safety desmiclinn point, the whole well to produce .equipment • \ .« 

“ u •’ -settle for old and proven <*quip- requucmcnis. It may mean experiment is encased in what practicable only for muifrshift \ . . Alan rOIT|»t “»v 

Why Macclesfield? The ment ^ • - ' 


The report went on later: the Association 


being carried out by involves what looks like a^giarif but oan lead' to ^ 

ciation to provide crossbow firing projectiles at cation disputes. V : 


interested in technical data on which to base a guard. It ail looks very .Sir. X>e Bair is notpessjm; 


As well as safety aiid noise, capstan lati 


bright 








Today industry has come to regard the five major 
divisions of Hahn & Kolb as its standard for 
technological progress, quality and service. 

The five divisions, Machine Tool. Measuring & 
Testing. Plastics Machinery.Sheet MetaJ-working 
and Tooling divisions are known for such respected 
and sophisticated names as Maho. Escomatic. 
Hatebur, Arburg, Mapal. Wohlhaupier. Variomatic 
and many others providing a major force in industry. 

Hahn & Kolb are equally respected for their 
constant introduction of new techniques, their ability 
to tackle industry's basic problems through to 
completely tooled up installations and, of course, the 
famous Hahn & Kolb technical back-up service. 

HAHN & KOLB (Great Britain) Ltd. 

Forum Drive. Leicester Road, Rugby, 

Warwickshire. Phone: (078S) 74261. 


21st century. 

Why Macclesfield ? The 
MTIRA's sister organisation, 
the Machine Tool Trades Asso- 


But the work of planning the 


ciation, which handles publicity, ” lclustT> ' n . f t hn £ ,mi 7 e .,? >es . ” rL 
marketing and promotion for The Association has huilt m cm- 
lliv industry, is based in the Processors nr he control of 
heart of London-in Bayswarer. shs , c n.eta working machines 
And Macclesfield, though still ^d is hwily involved m many 
an important textile centre n, her aspects *i. new tech nolo, >. 
even after the* decline of its sn, ; h ! « c-omp.uer-aided desmn 
traditional silk industry, is not and compu f (T-a»ded nianufactur- 

exactly the centre ot the ln “ Dnct ' s - t,£ ' 

universe. A lot «;»' the A^ucia’i'T. r pro- 


e equipment • . . ■ . . ;• . A . f . ■ 

Eor multtshift AlfiD “«v 

....... . -1 r. -• ‘T.V.**?5 i *. : -**-.r -a 

■ . rt *■■&**£ r ' 


r\T :'J %-Pl\ 


S «:k tis n *£ 

v*t?i ''** *•■ *«- — * — 




Mr. A. E. De Barr, the 
Mi i'K.Vs director of research, 
explains that when the associa- 
tion was set up in the early 
1960s. .Macclesfield was a 
" centre uf gravity " Ho- the 
machine loot industry. Around 
Manchester and Slock port there 
were big machine tool centres 
and Manchester University was. 
and still is. closely associated 
with the engineering industry. 
Since then, some companies 
have moved south, but the 

establishment is si ill -.veil-sited 
to serve the industry'* needs. 

Anri with the Derbyshire Peal: 


A lot cl' the A-=s«icia r ’.»r.'s pro- 
sent work is cMfu-erned with 
?afefv and noise standards on 


•>. •;* *./' v: - : 


machine u-eri if it wants to sector 
sell them abroad. Depar 


greeted 


Noise 





Mr. De Barr proudly points 
•rut Thai BniMn has led the way 
within CECUIU tLhe European 
organicaiion of machine tool 


Created under powers laid extended up to the end of ^1977^ vlueh political party ^ H'. , 

down in the Conservative p rfi arP« aQd boosted from ao ^ original : T .* • ^ 

ints Government's 1972 Industry TiUjblcM £20 m aid budget to £30m. / By ^^have ixidiCTfed .thar ^y^ t, * 

Act, it is one of a number of . ODr „ the beeinnin ■=* of last year some nt} \ Introduce- «ny.-T^^ y * 

Si schemes lhat have closed down oi ;" 2 ?° of a,d 49 anplicatio^ fS- ^d^hTd aitiumgh ; party; s P ok^;^.: is;,: 

IZ for new applications during the totalling £32m for £15, m invest- ^en made bu? theJ tim nace ^ ****** ? at »*-»«• jgi JJu ^ 

■ oust year ment ha, -' e faeen made h >' the De ? D , “ en Pf ce be possible for tbem to tampi^T V ^ v 

,,w * P i n a ,q-«: Department and payment on Q lU . c 5 rened until in .December;, with. commitments aiififidv3S & ^ 


live." But work must go on cun- 


bELKTU^i miKite Li&trffisJll 


Britain's major manufacturer 
of honing machines 
and associated tooling 

DELAPENA HONING EQUIPMENT, P.O. Box 6. Tewkesbury Road, 
Cheltenham GL51 9HS Tel: Cheltenham (0452) 56341 Telex: 43235 


the new era of 


**••• LID With raoid technical ricvplon- »vi«.-uiea uciuic ui«jr are uuro- ” .. , uuruif; uip next xnreo .years,' a-" r ' - - 

rinr^«,nrc live. But work must go on cm- p an d n v - et the strom- cqdv dui ' ed a,,d * h « n watches their apPhcations has also occurred if a Labour" Gover®lfc^ s Vv 

Customers sumUy. he added, to seuie other pt . tition ^countries such^ m P r0 Sress. but the government M other industry aid schemes.. returned, it wjll.bave,^^®'- ^ s* -:•:.* 

Tiie \«yjci3tion's job is to problems ..n Wujjl Gtfrn , atiy , the b.S. aod c,oe ‘ , not expect any problem Under the scheme,. compa_nies whe»her to introdute--;^:^ • •- ;.V;, 

with mrioreu-tomers an ,nle,nalU,,,:,, basis .Japan. TI»e second is ro on- ovcr l he [ 3Cl that ,ts off «» **- receive 25 per cent of their cdsts -schemes f oT. ilMv&Iy r* ? ^ 

the kind of machine tools 1n tlie .Wucinri.m's )a*r courage lhe modernisation of £L e< ! . lXs . £30m hu J ! ! ,t b >'. £2m - towards design development and mdqstijles. or..tJ extend • 

Britain -liould be raakinu avail- annual repur:, ihe impnrianee production facilities, including Tb's*., 1 * 5 because ^uCiciem wast- launching u-f new; products, W f e °f ra -. .inveBtingff-- : . 

rble if it want? to set' ahead of th's work wa* emphasised in buildings as well as plant. Manv a f e . 15 e Sf ec K l d not only to per cent of the cost of new |cheme. Alt ernati rely ; 

in world markets. It has a ^ron.t- to its c!u<e gram* made under the scheme ! !!”J nate lh f e rth™ ’Jr* a - p]ant and marhin exy. -.15 per 1 S st ' ! ^eerv i* 

membersinp of about Hrt*. but cu-»ipe.*a»i..»i v .ih the Health cover both these categories. In S n^ e 9n Ur H‘!5 °f!m S i°- be cerU of tbe co&t new build- :• lu< 

as tiieM* are mainly company &n-J Executive of the addition, cash has also been rail b ? n? in C5. and 50 per cent of ^ t0 V'“ 1 

memberships and include tin* Depart men: .f Eniplo.'ruenl :<r.d made available to smaller com- ^?V der . ed . coyering £6m aid oa companies consultants’ fees.' - ,n World markets.- ... rl «., . : j. ±i L \ 

giants. *uch as 600 Group, it the Factory In-pecluraie. “New panics towards the cost of con- 4 "^ om 10X91 invc * Tn »ent. Among the Jaree stouds to j L‘? - 

spreads iri net to a lot more legislation on safety and sultants' work on improving uf the 732m. ssnie £12m has. have lh „ cr+Lfitvjt are th e V/llCrCfl*-' T ;X^* * ;4i - 

than ton ncopb*. 3lr. De Barr environ men -a I protection has productivity and efficiency. been allocated to product wicfcmam E ' n Toh _:; Thil r% . T "I,'.' .W-V- 

believes its membership repre- caused tln*«e a : -pecJ.< of machine Between 1975 and the end of development and will be paid Brown and B P Eyfott Tviek- : -hr - a - ? ^ h,' M ‘- ** c ' ■ ■ 

sen-.s about three quarters of tori derirn to be r,f increasing 1972. when applications closed. o*«l by the end nf next year. mam’s'johD Stirk siihsidi»rc in^ in V p! **! v ^ 4 
British manufachirers’ turn- commercial importance an«I nearly every major machine The remainder will be paid out TTglifnv u r^ai.-ino ni v?nru?i\* js • ^ . *n^cn- 

over. makes a continuing dialogue tool manufacturer put forward up to Lhe end uf 7981 and is gSS' "£?S£ ' 

. It is funded by members sub- between lhe industry and the one or more projects for assist- split up into about £3m on the ripei*™’ VP ‘3 ^.' ■ ^I'sii > i:c,; - 


Let; — Vertex 200 serves the entire machining centre 
market. Available with standard accuracies for general 
engineering production through to jig boring accuracies 
required in the aerospace and telecommunications 
industries. 


Ifei 


Below — KG30C production cylindrical grinding machine. 
First unveiled in 1976 and current sales indicate a 
tremendous potential in world markets. 


new products for wider markets 

new expansion for increased 
output 

si 

new technology to meet 
future demands 

new records in export sales 



nHiES 


wmm 


Alewall — 
a major force 
in British 
machine 
tool 

manufacturing 


For brochures covering the 
range of machines currently 
manufactured by the Newell 
Group conract — 

The Sales Director 
NewaH Group Sales Ltd. 
Oundls Road, Peterborough 
PE20BL 

Telephone: 0733 67400 
Tdex: 32136 


controlled machine g* 

railway Industry - components. ; Abe eagerness. » wita- ^ 'scl- - 

The company has said that with- companies . Have tapped tip. H qx Ll . 
olit .the State aid development money ‘ ofl?ered. -But' it.’ is ,qpitp y j' \ 'tt 
would have taken much hinge r. ano thet--; f ha ng ^tb Mtrir :to pcase-r.^ -4| 

B. Elliott’S Builer 


took needed to modernise : a S/ qttretrwiste,-yV^ 

range of heasj* duty. 'mimngf'S B ”' 

machines, boring machines .and ™ 1 ■ 

lathes. -The comoanv -hm». m 1 . .After; Mb vS Ie , 




y’M ^ 



^ - -*<s. 


A member of 
The 8 . Eftiott Group 


meant U could bring forward ™P«sqys.- economics -a n^*.st atiy? g\r l a . T ~^^er 
Its expansion plans and spend " division . wtil’- b^ canyE^^-C^-i, "' 
more, , 

.-.. At -I he other end of the scale ■ k %?2; ■*■-■ 

a. small grant of £24,300 huh!5 ^ 

■Machines .of . Coventry & ~ 

the £08,300 design and tferelo?K »!’ • 

went coals of a spindle -turnip SaS : - 

machlne suitable for batch. prS =_ 

rluetion. This iol lowed an- ear- ^ 

Tier ^grant under the srhrme ^OfTTT" — 

Stuart pavis uj help wnh^ lhr ^ [. VS?' 11 ' I? 

purchase: of new plant and ^ i ‘‘ 

equipment. .. — — 

Ot^er industries have . beno- -i: ^ ’f;- :: ^Tfc^Vjy 

V. ■ - • v-;. 


| equipment. . 
i Other industries 


r 




.Financial; Times Monday November 27 197 S 


AUTHORISED UNIT TRUSTS 


i \J&> 


OFFSHORE 

OVERSEAS ] 


J pbe? t-’nrl T*L Hagrc. Ltf. fa) 

'-TtX. GrterioaroftrL. AytaUwuy. it— 

tju*-rc«2io< jsj* • »a+oji 

rt*#ylnrarae .{404 <jfl .1 

'• Ww im-TC. FtLfiSl 37.2 +®Ji 

3m3lAS 'TO*. TstW S (Aid +D.tI 


r- Allied Hambro Groups laKgj 
-j M pibro Ibr. Hatton. Bmliuwl. I>as. 
. aMB asst op BiuktwMi warn :u*33 


Prfewtf Psvntt. Unit Tr. Mgrs.¥ 

Tinhorn Sad. Duriinr. aaWMtW 

Friend* rmv. uis. - W2.T +0.1! 478 


Pnx-inr-i.il !.!(■» Inv. Co. Sid ¥ Saw ft Piwpff rnnlinuod 
iL 1 .i -i.i. , i u. T-Ltribiis securities LctJ.v 

ITOUIJ.- 1.1,1-. . __|M5 873). I 525 [369 3« l 

Iii,:p liir.'nn .. . 1114 5 all ‘t 806 ! p02 539 

Pnidl. Portfolio Mngrc. LI4.V laHbact sMj E**7[h.-Zr-|2G6* 

iTo.ivut ui iut» 3«0j .. : o.TB 


vgKXKbzHttf 
■^^ n U-D^JjS5 

•• Siipdr-spiui (**2 

BMbm Fuad 106 4 

pjfloLm Act VH |1W J 

- !««» Fan* 

iiwh Virid Fd {712 _ 

- JivgS ticomp hS9 TOJj +6ll 709 ”-I {S*’ 1 - E-WL—BJl' 1M0) +2.91 2 00 :il W. Andrew Square. Kdinbu tv I- ISI-SM^ial Ridgefield Manage 

. . AilE^lne . tt5{ 1 721 «»*-F«iir\di*d— pW MR — J *J0 11... _|M»2 163 0) I 580 W-W. ILonm-il. ‘.I Vjk 

■ tsnrnadml Fonda G & A Tm«t ibUiO 'A"u„i Umli, . — H15 2 223 21 J 5 Bfc nr Uf 1S8 

-.jSiannmal -- .BSS 77 it _ I m , „ , ' f™?**'® :J|» is... 1 12* 4 13)21... I 406 Ml.Ii.H'-l.l Ilic.uia *72 

-Krtflc p-und. ...M27 *5 71 -OJd 21* s - *^l«a*h Rd, Brentwood WWKWO IVnua L'nllM 1156.6 16=4). ...| «0B ^ 

.ffeuEuSE** ■&! - -"l ll\ G * A «*» 34*4 483 .National Provident Inv. Magrp. iAcLy R®»b«hiid AM > 

1 Gartmore Fond Managers ¥ 7aRg) «tnr»crehurrhSL.fiC3P3iiH oi-ssoio ts-*» .■«•■*.•■»+■ Kd y 

dtSwCn 1 ^ Fd—BfiJ! 387? *78 ***■ EC3A BBP. ' 01 .383353 1 S^* 1 2uSE 3? , “ SI* '*60jl I IB * ' •' W 135: 

- SSsSdr Cos Fd... 46* 09 N . .. <00 ^Anwancan Trt. 04 fl 2SJJ .. .. 0.1* N " IlW J 119*3 ‘ " I 2 Sfi NC Ir.u.iiWu.ui 145 

'JSSoS-ttSjU. “I I -*0 3 5 05 *"*»*» T» lAccl., 55 J 59 7 *0.1 3*4 (Arcmr^UnlTl^-nSo 1 MS “ 2 5 Ni\ Inir K.J .I-.,- 813 

*s it* * Cdty— y 4204+01 5 45 Cow»dHj.SIMU»_ l**l 154? +O.T 384 " -VL-.-Ji A~.fl - >■ j- N'." iMl W .1,. 07 9 

■tSgririH Ramin** 58 3 62§ ~n ? 44S E*W» Jnrnint. Tst_ 2*6 264c -rQ2 ' KB3 N C Sn*li Um/ l-'.l 151 , 

- fii.5mlr. Cfs -245^+01 530 'ofVEMTnut. J3.T 362 -Oi 0*7 rrirr. np-Jo*. 1 NvM rtebilni: Nov. Xo. ' 

■ T-T-- „ . „ _ HIthincMnnT**. — 59 2 637 +0J 9.1* NatiMul Wntmaatiy cal Rotbschild 8c Lowi 

‘jOiderson Unit Trnst Managers IM_ g«-onMd _ - .toc 7» I6I . ch^*. »v « eu. oi4W wm. s, -. gi.< 

tJRTcnrhorcfe St, EC3a 6A.V C23B231 — k! 6 tSn IS C«P'taJiAreniiu_-tt*9 6971 40? 49 Nr»l i ]H22 

jlffljiurTiw Unit Blent- Co. Ltd. Gibbs (Antony) Unit Tat. Hn. Ltd. Si S a fS'i 2^2 R*wan Unit Trust 

« "■*?*«? a » , TOJ»Tlrlc'5 Pi, OKI 01-908*111 Portfolio tnvTFUT" 71 7 75 3 -.D_‘ S« «■ l»r »7 a 1o 1» w . F.n-J -i i% 

4**, ttooUlly FuiMl ,)175 - 185] 1.909 «a> A.C. Ineomp- _...|«U2 Mtd 1 930 Urntenn] KcUdi 152.6 56Sraj 238 Al^mim Nu _« . pi! S 

j^mthDOt Securities Ltd. (aXO wIaT& £ ij B lo NEL Tn9t Ltd.V laXe? H-t h^-Tu'. a z~*1 lifi' 

grOnpeo St Lawloii EC4R 1BY 01 -238 Sat Dealiaj» “Tma. Mlhon t'ourl. DorUnJLSurrpy. iWll »AttjMW Uw^i !77 6 

. MrjJM G^eitwohnw . KJ S5Sf«-“- 

^toERSd 4- ' SSj’ “*« — „ «■»»« Norwich Union Inraranec Group <t» Ro>al Tst. Can. Kd 

'avPrufii !57.& 62 0 *0.1 ?ra S^eSin^ni' ‘BS* iSS ‘ '"{ -iS? po Bom. Nur»t ch. sm 3NC. inosm 1 

Wdfjyjts.1 S5* 592 908 SW diaT, Mdoy Doc^l"’ Group Tat FA 15559 374 6]... I 544 l.wUW IJ6 7 

!trc Fund — 25 0 26.1 .... 32.19 p Mr 1 -y—. . . e~t i. nn . m\ i . i .j r-uou-i lc oiw HI _ 168 5 

imwl Uaxisj 38.7 417 . ... 1239 GrlnMAn VmtuiwM r* T M Pearl Trust Managers Lid. (aNRMzi Price, ai '.v». . ij 


7061 . . 
676* +o.i 

39.4 +0 1 
367* -HU 

72.4 +03 


4- ta> FUmllngtoa Unit Mfft- Ltd. la). Minster Fnnd Manogrrs LUL Prwinrij) Life inv. Co. iidV 

“t* 8 ** 1 47, IrrloiM Von*. *7-48 Mill, Ot=4849?l VinMPrllv . Whwv.. Ij J. 014C3 IIHO il: l.iv-i,. .■ .• u. .■ 170111 

£5 Amencon .... ^.j*|6 . «S -i2S M'nirr.Nurf.lS^. _B7J 99 31 ... I 388 IT.Ulll.-l.i.r-. ...i«S *7 « i J 25 

Ibil'cM p0« 351 F.irmplOrLai jlOOO 104.8 ... .J 5J8 IWp lac.rni. ► .1)145 1227nl*UJ! 806 

99al*03 « n llfcSSt w~ 'f}2! — '}« ML.\ Unit Trust Mcramt. Ltd. _ „ „ , .. M . 

Wl3+0j] «7l ^nSSri lS t.Kiy W msi«e«.ST6- l HW«. UJ4O0TS3. T^ dl ^nSoUo MnRrs. L14.V «a H b*ci 

HiilInmiHai ..r.'IM'Ml 01 4iiufd^: 

•£-«. SSSi" ,il ^ »S„ m ™ ,=»» 

11453 Fd»l4«Si«^a.T H6id+1Mt 479 “tl | o|ieare«.Ul6i<!w«;ta2LH MI-21 ami Onlllrr ManaRrfwnt Co. Lld¥ 

SU&m— -W03 85.7] «...! 3« n.-aa K.r.,„„,+.K. ^ hip 

. . I 574 __ „ .. .. . _ Dealms I>w Frnl«* Vaj.|mi»»i;i-n P-l .jl&OU 104 0] .. : 4 24 

+0.11 571 Unit Managers LU-f Mu tool Unit Trust ManagmV failft) wo^uamiiv-nir-- . |i»a inoj ; 8 -*o 

iSS SB 18. Flmbupp CicetB Edit 7DD OldSBAUt 15. Cuff hall AI4WM1 n..lin,<... 1 nil Unr- T , . u 

Iflif f£ pT.fiip.lar 1796 -MC -Of 350 Mulual Spr Plus _ 50 9 5431 ~BZ\ 6«« t Olt L4d.¥ 

^ J | SJ4 IJo Arc. 461 IE* J 350 Mmuul Irr T-t_ ..68 4 3d -od 7" Nt-lmn ...- H — .TuOIM-ilgr Vlcll' r.r. 0na=g?: 

^ s ® titUSSSpB? is BsaB!sac:8S nui ® gKWVuV.-ass va 

..f uri£ttafiSC:BPi i1?$ T. 05 IS National and commercial ^ T m. ko « 3 +7 i{ w 

♦Oil 709 G-T Iol l Fonrl. — 144* 1536 +2.9 2 00 :i| ffl. Anrtn-n Sriunie. FdinbufVh fOl-SMUGI RidRCfleld Blanauemeni Ltd. 


Tarsiet T*t. Mfrr. (Scotland ) (a*fti 

-.tSol.-r.- . e.i! P.i.i -* HSlt3ft8R7l-J 
<37 T*;.>. : ZS 6' _ | 114 

7J6 TarM Tin- ill* ..‘<26 *I7aJ+9: 6<W 


Alexander Fund 

T. rm- l*-ph', Jnn c,lii*irc. 

Uesoedcr f unil . Sl.'s6 72 ...^J — 


‘ 806 >,-,<■ p02 756 T-ir£*s Ter ill- ..‘<26 *37»J+9: 6<W Net mam« laluv .\ur. SI 

iHbaci ZZ T.:. 1 ! : ” L '' Irj ‘ !U " rw fV - : ” 1 MDl ^ 18 05 Allen «arve>- & Ross Inv. Mgt. iCJ.t 

iiiiaEt J*-** I- - vm ■ .— I*** 4 176 9*3 ! 762 Trades Union Unit Tst. ManSRersO l.t*bann*Cm^-.!!4. Ki-licr.J-v <•.!. 0634-77741 

■ *70 -I ■!•*■•• : .!•. rtj- 1'^ 1.1 r.'- AIIR GUI Edr Jd. _ !£10 15 1D1* .. i II 94 


Kej'wr l" II man r: lid. 

If, 1 r T 6 sired, IX- V K.1 1? HI816TC 

Fon—U-K . IP-144S 7 5851—1 2® 

Ri.n.brim . !l'rll4.'J ’ISW ■ — 

iV-iii lilS 15 138 2t7[ -0 0-1 — 

King & Shaxson Mgrs. 


rjaaiii 470 —A <n»fir nirTO. uia^oc 

lo3!^:ii IS MJ^row* M85 


*- n Serb iie-ij niter Trust Mnsrs. !Jd_ ioHzi 

l*i ^wlliMreet.Po* lUJUiUrm “ — — . 


oi« 28 s*itt 1 ai m cut E*i y it . it io is uj ni .. [i L« 


In C.T. Unit Managers Ltd-f 
sn iaFm*burwQt«aEUnt7DD ou 

J£ pT-'iip.'ac 1796 -M«-0 6 

2S “"*«• 961 IE* -08 

IS ■JT.lw.H.Li ID 9 163.7 -04 

493 P-T I'Sl flen. _ U0Q 1275 +L1 

6T.JB|unfrr<s. 899 946 -03 

827 **^- PctisXx.Fd 1331 1197 .. . . 

704 G.T.1M-I .Fonrl. 1444 353* +2.9 

7*1 G T. Four V dat'd — $4-9 58.4 


Am Rx-n«« — 

.Irx'itiw. . . 76 6 

..in '•ra.illrr v _ 26 • 
K.i-nm J 1 1 c h V lit. 2n 2 
i v<i GJr- - 260 


‘ujuxisrm T ' IUTNo, ‘ s^S" — I sab ArbQtiinol Securities (C.l.i Limited 

■ - I Transatlantic and Gen. Sees. Co* PaRMZW.SLHid.er.^raee WMBin 

28 J • ; S g U-nricn B*t ..helrmlom U=4S 5 1651 ‘jgS'diifiS* 319 l” \" X 

' ‘ ‘ “ ’ 5 9B Cw-'tSm.TH..... |99 JOli ..^i 3Z00 


77 bJ -0 l| 805 6jrbi«BNi» 23.. IBS 
27<ir+;i: <42 ‘Aotrr.lailo _!ll*5 
jl 5,d ' s wi Bart Expf utt 25. ’90 7 

jjj,; lo ■ ■ 9 S Uurkto X... =* 190 7 

112^ _U1 ,.1,'rum.Vn.L-, 1919 


79* _.. | 

12L5! — J 


7JD lncaiu.-.w IV... .. 1572 1M0I I 580 WMu. Renni-,1. Vr 

•A-nini UrntW 12152 22321 .„..] 5 Hi Knl, -n.-l.i I ni U T IK 

diH-Mw IS 1284 UJ2 . .. 4 06 Hi.6-.4i- >1 1 

WO lArniBitnibi 1566 16= N - - 408 ‘i‘ic-^. IV+ 


n di:di IH 


vixTin tuauer.. -122 
•r.ii \ n-i.r — |27.7 
I’m 6>X. -H Trust — 
Cr-.f-m .iBann. -»6 
STS S|«n ,mI > 11. I< -.1312 

?“ i t rail. \uniri^2 0 


434 404 EaailDUTo.L-l 


date Xor.cnittr ” 

97 104] _ . ...] 3.60 


2S 8rq -0 :■ . . • Vuun ImM i573 

25 3. I 12 34 ,,lin 21 ..1513 

Z£ 7* fail 128 ■•Vei.H' 1. 1663 

33 6 ! 221 Marlhf'ro Nrm. 21. ;W7 

;jgj " ’ . ; 623 .Aceum Visit*, ... .57 1 


.JJS ““'J 509 UJIC ur,-. .. 

13=5 +i H 6U Australian Selection Fund XV 
'S?' '*'^~1 Market uppor.julu-:, c o In*-!; Vour.s 8s 

"5 I dulhocli-. 127. Kent M S*dne>. 

60 01 _....! 748 VSSISban-t ! tl Cl 4* l _ 


5iS * 

nv — 


Xct btirl laluc Ninoinbc-r IT 


5i% . — | 3 .85 Bank of America Interaalional S-A. kb Jamn Fund 
5?i| I 38S ,,-t I| U ,| < , W .4 ljicomr_-.-r-.Sli K.B. I' >■ G» Ih 


tSui IS £ a P |taJ| Ara>uKj 

Zn^ ;s Rttro Inc 

-0JJ 0.95 Financi.ll — - 


IU22 0 12901 . I 389 

!,. dcitlins Dec. La 


■?pi4 Ei Ni, 

■Rrf-LXCT. X 


*?2I -*0.3 447 Newt I F.cniK |il226 129 01. | 3 89 *:>iEs N,» 7 -P® 9 SS 41 • -I 3W 1 ? com "->f n ' “ 1?* 4 . 

TDM 818 Prii.+ .oii *.nv. Noil rl-nlin* Dee. La ‘Rerurcr. Nut 7 11973 _0J S| _] <.72 iA<-runi l dii- ilHT 0 

311 _. . 5 61 *For Uincmtf far-'- -nj.- i.'uplUil r-j» S.. 1125 9 

S a IS ? 5- 5! R®M4a Unit Trust Mngt. L14V ia> Scottish Equitable Fnd. .HRrs. LidV ‘ te “ , i n,u i,“ |?S2 

75 ol *0 1 5 90 Lilj" l Lsli.II,-.- .Km-Jgjn 3q.,ft7. *>! -& iC ’.one ZTi '-t Aadrrw-.siq . E^dinbcr^u 031_ViflP10l i AnTm l.-n^T" -154-1 
65 h| ...Zl 2 58 Afncnrnn ,Nti. 111. 1655 665^1 .. . j 3 70 Inrnnv- l‘mi.4 . _ [49 4 52 5i .„. i 537 Ini Earn Xm Ji._tDW8 

K8/si»i ^*“7**^- ■•**■. -.1.1*68 5 1TR5J . *35 Acccni. Ci.::\ . . |57A oL2: 1 5J7 i \ccum. t'nii-- p73 2 

ltd.T (axg? H»ith S ht •.* 24 — 1V£ 1 D8 b5+']1| B 66 liealliv; dar Ijv-. Prvf No.' S [1054 

. . ^ VfcSTstaSttf Ke Scbac t nit Tst. ManaRcrs Ltd.V »ai ,xcc*mV nl L.- 


1S34; _ _ 

1912* 

131 3 


LmhondTruja IftsaiH 1KM| 


1 Thorn.1? Mrti.i. Liiiu7lbf a Ll'J*1 ittCWinESd 

<)ilt Fund- Jer*cvi.|8 *3 fi**9J ... ' 12 25 
Gill Tru<>! -i 11 • 1313 103 9r4 .... | 12 25 

I Mil Fnd. uuemr<>|94l 944} .. .. i 17 25 

loll LmL Secs.. T-J. 

Fir-iverl»n4 .[C1827 1£ J7j . . I — 

Firu lull |5iD 07 243 b3j ._. I — 

Kirin wort Benson Limited 

I'M. Fensshlj rcli Si . EL3 01 RAW 

T'.urinsisi Ijix. y 1,1=3 ! 3U 

iiui-rm.1 lit.- . 65 7 69*ir| .. .. ! <35 

)ii« Accuri 82 4 67.6i .. ... 4.35 

KB FarFa.1 Fd ... <1.'S1184 \ J 1.45 

KBlnll Fund Si.'Sll45 ....l 2 00 

tiB faiuin Fund SI S39 09 i 064 

KH l .-Gmh Fd- Sl'SU.<6 I 0 78 

Sijinci BcrmurLi SrSAfll ... 1 87 

I nit-mi L td. Fd.. 5V.-100 — . ...| — 

Lloyds Bk. iC.l.i L/T Mgrs. 

?■- ■ «ck 195.51. Holier Jcrxj fiSW .'7561 
LlojidsTo n -rtis |52 8 55 6] i 1 43 

Neil dcuiios date I'pcemtaer 15. 

Lloyds Bank Inleruational Geneva 

ro. Bom -4.HJ. 1211 Gcr-.-.c 11 -.-wiiscrlilid- 

I.I-+ ds InL i > rc-i t*i . 1357495* 321 101 1 1 75 

LJo;.ds lot. Income. liFWn SiOj . --! 5.40 


1.80 Ll<+ ds InL GrtiMlh . 1.-5719 5* 3Z1 111 I 

850 UoidsloL Income. 1SF799H XCiOj . ..j 

Management International Lid. 


44tasa. Dads* 

" Fund, 
j- Fund 

rots>- 
ri.U.1 
Fd 

ml - 

Lucnin CaiU'i 
■StrtrthFtuid . 
-4*egua PbIw- 
'SdilcrfosFit 
midiillrAl.Fd 
'•^rdndUltJ 


M. Amur. * 1 m. Fd 


J +0.1 908 

il.S 

: " 

-01 599 

—0-2 5 99 

DJLM -01 5.99 

Jig 307 

39« ... £49 

*6.71 £49 

355J ... 2 Si 


a ji Gorelt (JofanJT 

10 95 77. London Wall. SIC 2. 01-91 

SHlr Nov. 77 11566 1494J . ..J 

9 M Do Ac Ctuu Unit. .. hs*l 173 H 

Non d«allns dap Dec. L 


3. 01-0084111 Portfolio invTFdlZln 7 75 3 +0_» 5 90 *1 ltr *1 * - V ' ,r ‘ -!’4 I T *1- . 

M ._...] 9 JO Unuersal KcUdi — 152.6 56 5M ..I 258 ?.•" - • ?]‘ 5 K 

H fill 6 10 NEL Trust Managers Ltd.V (a)4gl H-sh vi.i'n.^-hiId 8 ! 5 55*3 
Vod. Ml linn Faurt. DerHun. Surrcj-. Jinu »ArtuniUiMi.M J77t 81 Si 

Ws.-! l-.-.-H! 5-?? HEOSfih Lr.- *1A? 


**» Norwich Unhm Insurance Group (b> Roy al Tst. Can. Kd. Men. 

20? T* ft RA.J k'lmaieh Vlfl *IMiT f-1 .'■•pften - 1 r.**iF V IV I 


“• Sc^r n J ff ^^ eat ^ sss.. ir - ,j ; or * 

5 99 MGra*hamSUECT=pS- 01-906403 Pl . rtClw ,6 F«L. .03 7 255! . i 4« Save & Prosper Group 

5 2 S3-S --I IS ArCUmllnJL. pso 30^ HU 4 98 6 lircl .11. Helen. Lre.dnr, 

5.99 'AeedtnLalte.. . ..12302 240 N ] 544 p.-arllnr. 1326 3& 1 . 7.10 


ir : T 55«M+aij 8 66 usalliv? d*7 Ijv. Prrf.xo.- 22 1_.'1054 

Kw'sa” — I ttn 4 Sebac tnit TsL Managers Ltd.V «a) .iceamVait.- — D332 

lUnil- .. *5 6 100.7* '' 464 IMB.it Sll.lv Uhiy.fbw . 1 1. *. ul.23CrOOD ^-tMtleSL.Fitoobajsh. 

T-. Cam, Fd. M Eri Lid. SSSSfiSSSiRS iBI SI:..! iS jSSSiMSi 
m.Mrwf.sn i ni 45? it'J Security Selection Ltd. i-d 0 »».ii i 

HI Im* ZS? I 7» l.-W Linroln -IimHeMNV.i.r M^ar fS3*>a luS Cmioi, . . P JM 2 

. i r .,rTi.5.«_J- -m" V fit I 'll " Tst Arr-. W « 2LC, . . J 2 72 Dv Aeoim . ..838 

. ji N*n. l j ..or .Iculiufc ..mi. 30. i‘ n ,|.anT!£ln..-_Rl.l 22.5ri .. 1 272 Extralm. i.rwnc. ^86 


ImS”' iM Bmlay* Unicorn lot. ll. O. Man I Ltd. r^l ol Bermuda BuUdiai Bcnnuda 

132 g 132 tT6oma\SL. Douclav. I o.SL ML44856 Caaluxbun J.’oi . ITifSK I J 

16= » ajz Vnieoni aiul £»l . <72 50 a im .. „ _ 

253 a 1 545 CK*.Au<4.M<a 295 31 BJ ... . 1 90 M k G Group 

W.3 . 1301 Ik>. L otMoaTa. . _ 46 b J8W+D1 920 ojH" ' 

«««« «* «*«* muu»U«. 6 26sl_. x* iaz;-| 

1H « — I 950 Bishooseate Commoditv Ser. Lid. Klaad ... !?7.2 13684-0: 


141 2 " * 37a Bishops gate Commodity Ser. Lid. 
371.2 “1 379 P-O. Bo* 42. DoujeLl,. I d M 002628 8J l 


Three Quin . T.-M C.- H ll 1 FC3F. BFliJ. 01-6=6 4588 

Atlantic Noi-.ll. .i^.'27j 3011 - . I — 

AUM.L6.Nm — . .1st SI’S 32M .._ . -- 

Gld.EvAcc.Ncn.22. il's8!6 9S9J _ - 

Klaad . ’27.2 1368^-0? *4 Oft 

• Accun L'pili. 1® 3 147. 1| —0.7! *400 


5 99 i Accom. Unit*-. ... £30 2 
107 Btn«-H.Y<LSou.3.. 175* 

2 4 9 lAcrum Unity* 208 4 

249 EndaavNn* Jl__ U49 

253 *Acc»m Units, *24.1 

2C* ii'nwhstr Nln- 21 _. S93 

4 >n lAccum t. nitsi 12 5 

I« La OBrals Nov. 22. P0L9 

240 'Actum. Unitsi 1U 

1 M » . 


«? JM-3 — - 544 Arcu'm iTnJtJ — I- S 6 30 if -HU 4 98 6 GmuI JW. Hviesor. Lreulnn TJSr M 

«5 1U6 897 gyflfev.S *!?? n 55 jl • } J-52 ni-73 (fUeCri Sr . IMinMirc‘i KII2 4S'' 

:« j as ” asssasa-^Bi +s.rt its ir*™ *''«*>■«» t***™*** 

Ml ^47 — lia P*»can Units Admin. Lid. (rmxi ^ aw & ^ s** 

93 998 +L3 334 81 Founlair St, Mam-hf-tfer «I|-S3fl f«fi ‘rimunon* 1 Funds 

85 963 +1+ 33* PuUcan t'nlla »49 41 2| *0.1| 494 { i r ?f- 11 ? 

43 77 .S ” so? Pcr Petnal Unit Trust Mngmt.V (at Un.i-.\:nmth.;.'_|67i 

*8 Hart Si . Henley rai Thames OIMIMR lorreailiu locomr I u-vl 
EX. Unit Mgrs. Lid. ppeuaKpCth .. (39 4 424| 463 Hi«h l iri*t ._ . |S=6 


Save & Prosper Securities LttLV 
Intfriunanal lands 

Camul liS 9 39 s' I 

ITU. . .. (14 4 26 2 r 3 

Uuiv.Gnmth... .. 67 1 721*1 -9* 


286 1 “'.J 1 oo Guardian Royal Ex. Unit UgrsL Ltd. ppeiaaiG^Gth .. . pi 4 42 q | ' 

, . Tct w .. . Ropd Richttnite,. RC3P3DN. ot-eawii Piccadilly Unit Trust (axb) 

{"SRlSSLZ Sv5f “JiJSS < « >C “ rt ^>T S L_19L 2 9J3I+031 451 AatKv GlbL U.U Tmn Huqm InL 

jiiea*ar PUnrt [82.9 8H2 1 .... I 6 lA ®WdWSOB A<bninstntfdllf 3. Frederick's Flore. Old Jewry. EC2R PHD. 

at Non* siuh. day Nov. 30 Pwmlgr IT Admin. 5 Riqdcich Road. Hatton. . r ‘ . anB 411 1 __ 

Unicorn LlcLV taKcHg) “ W ' 2172M KSSSStT $1 3 4i - 

TTnkoni America — 903 328a ♦O 1 LS8 Growth lnr.._ MU 4A.lI ♦ull 3.00 pm-an r* itt.i ua xj < t *vn 

S^S.A<d — w* 75.0 _ .J iji gamni&j. "'ga^ 2?2 Ssa^JSaiT: SS *1 :.; 

tLSS&^rlUi -hi 2 1% " JtfSX!ffi Funa - 2i *"J? +oi 

pqEKuy Ttt.— ■ MB 6 U3J *03 643 High Incomo 1616 65 9*4.-1 795 Amenraa Fund. " 222 241 

ita. Silfi imwar — 2A4 30.74 ■ 834 Canol Eititi Inc. ,p4.1 U S .... J 8.91 yy_n A ■ < M , Bl 

na Financial— ... 596 646a -12 531 CaboO*r«t«iGlR_ HR* 513 .•_] 12 M PracllcaI tnvesl. Co. LW-V iyHC) 

Do 500 — — Z?? S92 “° J Hi Jtretw rand* 44. Bluoimhury Nq WCIAiRA 01-02 

'■ S? 21s ■*! HS Fionmuali ITU [25 2 258sl | 325 Praciwal Nuv. 2= _ 1147.1 1563 I 

aarawthArd — 04 +01 432 Oil & Nat. He* 06.4 283j +0ll Lift AccumUnlU -0121 2257] ., 


463 Hiith-Tiri'i . _ . |S2 6 

Mich Inrom*- Faints 

inch P* cum _ It6 5 

Up InmiTV . [42 4 

f.K. InnHc 

10 60 Uh Foe ill _ ,|4J 6 
7 30 OtdRrs tuiuli.fr> 

6 40 Cumin; ,.jS3 4 


>■1 V L”. v Ui 111 '*■•4 . I /in^n Hi. roup 

S 4 ! --I 2Z1 l.-W Lincoln -I«» H*M^W‘.= M-R3! tB36-fl Cn>wil', _ . *1 1*3 2 

J Tf, 78 l ft. I Gin Tst Arr ~PJ« =EC, .. ‘ 2 72 IV Aemm . ..83 8 

aimc.Hn.30. I'd-. I • <UiTl± in-; |2l.l 215ri .. 1 272 Lstr.i Ins t.rumt. 386 

Stewart Unit TsL Managers Lid. la) i^nfr^VpFrtv ""Igs 
FO*3EP -: , I I'hjrloircSfl. Cdmbi.r;h. U.'! -2283271 Do A-;um . ' Z‘ Jl9 6 

Fill - IN' isinlin Aowncu FUP4 >li<h Ir.r Pn«ni> .. Ifal 3 . 

UI=2b7JM Mai.Lir.ilin.L. _..157= 604;.„..! 155 Inieiualiwial [=7 2 

lip. ■ i,i «• .v-rtm limn .(622 Uli ... } — Speculb:iv_. ... 33.6 

ties LltLT w,a..,rjv.jl' r.,u,.p53 485, !_ ^ 

■S1i+»art Hritish DmUl Fund TSB l-IIlt TlUSlS (J 

MhJ -- I Sl..ndfcr*l J§6? . 1 4*6 Sl.Cbaulr.- «a»-. Andos c 

h2rd j 4 05 .wnm < ini* . J1585 U;C, . j 420 ‘wliati 'o i 

>.1*1 -Oil 146 Lvali,-< llw* t r r: -Wed rt.TsE Geri-ral . . |45 0 

Sun AUianrr Fund >lnifi. Ltd. iv,iu intn ]5=8 

56SM02* 7.66 ■«„ a!|, -r ,u il-4*,IIor*am. «W«K1 IS*. EWSEJET — (St 

X*P»i|T-jNc-- -M...I1214 9 726 1' . 4 45 txP ' t*ul«l, Si a 

71 4] -m ,1 n VTli.-y nmOv Ml (95 3 12’3l+0 : 3 97 r^bo'u-.-uci "‘lai 

<5 5! ^ 1] 9 40 Tmrc1 TsJ . Mngrs. Ltd T «aag. 

■:i iim‘urnM .tc. • d- .ih:,li ,j2io i<Vit Ulster BsnkV ia* 
466, *0 531 TuTc-.t ‘'i-+icm<iiry.’344 370ta-9?l 4 12 AVann;Strwrf. Bella 

, , , TMr.'.n I ir.nnC:3l...B|.7 6J 71 *03| * 75 iLfUJcrGroulh 137 0 


827233=41 
-0J| 645 
-02] 6.45 
-CJ 10J22 


— Samuel .Montagu Ldn. Agls. 

Vna IK 'lid BnodSr.F.f = 0 


41* +c J i ta Ofigmalb - issued x *JI0 aad ӣ1.00. 

169 Zo': “i| B^ge Management Ltd. 

70 1 +0 3 525 PO. Box SOS. Grand CJ-iwun. Cojmin Is. 

65 51+02 086 N'basbl Noi 1 _ I A 17.954 ! | — 


293;.... =89 C P.0 Box 580. Honf Kon £ 

35.9j HI ll 5 47 Nippoa Fd. N<n-^= IS.SM47 2159; | C.77 

Britannia Tst. Mngml. ICX) lid. 
KKimiM) SOBaih&LSX. Huber. Jetv.-;.-. 053173m 


56 51-10 2' 7.66 


71 4] *n ; 
<5 5 hO 1 


itu CMiui Fund TSB Unit Trusts »>> Britannia is. Mngn*. 

.jlS6= I4?v . ..] <?C 2I.ChM4ry Wat-. Andotur.Hiuila. 0=6482188 30BaUiSL.St.KuIier.Jerv.-.-. 

; - ,J" 5 . T ■ 4 - 20 Iwlinu :c- 02tH 63422-3 Sterllnjc Dnmnmfllnl Fdi. 

|||„< tTOC» r r: ■-‘ erf rt.TsE General .. (45 0 43 2i -O'. 422 Growth InieM .1361 

lire* Fund >ln!ft. jLid. «v. fv* irrun J5?B bl_9) -0^ 4J2 Jntnl.FuL. — 796 

.11.-8 iionts-mi A-Mf.i-i itij 7SBlncanr_^[59 5 63 4d -* 0-2 7 M Jersey Energy TbL . 117 6 

imTi a -V v , IS- IK, Arrum. \b3 9 68 O' -o: 740 1'mcsl.STfl fttfi . . £2 00 

ISi-Ji n-l TSB ScniKl, . ...B14 8>7d -0 ? 221 High tfiLSliC TsL.. £0.96 

■y *_ w 3 . _ _l« 31 +0 .| 3.97 ft>i Ui , Aci . uci Ini 93 S -03 221 ,- “ n— _l — j n. 


422 Jntnl.fd. (79 fc 

7.40 Jersey Bn cm Tm.. 117 6 


63 *d -02 7.40 Jersey Enrrt}' Tit. . 117 b 

68D'-o: 740 lnicnl.STM SIC.. £2 DO 

86 7rf-0: 2 21 High tfiLSliC TsL.. £0.96 


15 Dollar Denomi oaird Fds. 

I'niTd STsl prfSM 53M-005I — 

lal H igh 1m. To. |a.-«QW D99J-0 01 1 900 

Value No*. 24. Next deal ini: Nov. 27 


__ Murray. Johnstone (inv. Adviser) 

■■ J Hope Si . GLii*!. ,»•■•. 2 W 1-221 5521 

-Hopc-S. F-1 ; SL S4345 ( j — 

3U4 ■9luna> Fund 1 Sl'FZO-U i_...[ — 

NAV November 15. ^ 

200 »git S„V 

1 So l° a BouleurJ Be*-n! I.uv<-ni*'imrF 
100 SAVNe*.17 „_1 SL 512*1 j I — 

ia Negit Ltd. 

Bank of Bunnuda Ride*. Kamii'ipn. BrmSa. 

9 00 NAV Nr.v.l7_. |£6 jfl — J | — 


Phoenix International 


pn. Capital 

paEmg yra..— 

jta. Sztn iimr — 

no. Financial 

bo 500 p— — 

ID General— -. . 
DaGiwth Are. — 
Do hjMmeTrt....... 

•Da pxf. A na TsL. 


u r | *S'f| w-nimiir rum. . .m - no . .. «m i-> !»/ i 

“j , “ "JsL., is sr„*s^ mr 

is JJ — I 7 2? AmenranFund. |222 24 1) 2 90 l-ZEVJ " ' Era 

“5 "H if 00 Practical Invest. Co. LW.V (jMO rSiunelaiser. |m9 

44. Rluoimhiiry Sq WCIA2RA 01-823 R833 Ilirh-.KIninujia !*■■;- 

t68al | 325 Pracnr-iil H.tv.22_M7.1 1569 I 451 Select Inlrnra . 1*46: 

28JJ +0 1J 2.10 Arcum Unit* _pi2 1 225 7[ ._ 4 51 Vk-ili-wnr- .. Iw:* 


Pnvalr* Fund t 

Arcum) tr Fund. . .k 


Price* at Oct 31. Next sub day Nov. 30 

H? T^l^UntL'KSsB 1253 5» 


Dg Trustee KUnd.. _ , 

DoWIdKhdeTsL J492 53 i +0.S £36 Fa ““ 

mdJn Fdlne_ — Eo.9 M43-*fl3 3J1 gMgkB 

BHccuitl 1™.9 ri^+oil SJI 

fifftng Brothos & Co. Ud.V (arfxl N'.ah... ■ 

■.^XfrimhaUSL,E.C3 01 -S882830 

“Tte'-KSDaaSS SSiSBffoSr.^-rJ 


lalnaattoual 

Cabal U74 

International [313 

Wdl Wide Nov. 24_)7£3 
Or tnrn Fuad* 


un , esc l„ .. . . _ . . _ .... riiucni* inicinsuofici 

39 7j . .... 5 85 Brown Shipley Tst. Co. Uecsey) Lid. H „ -- w Pflir Porti Curni ^. 


79 1-0 -! 4 16 Tjr.-e» I’jlUk J 4..K9* 26 71-CN 2. 

7?fl 1 81 l>o Hon. l-mif _.S7i 2»l}-P3i 2 

74 0[ -0 il 3 46 T..eu-1nv - ■ TO h -■- \ 

■ J( ft N-iv. 2= 1*51 7 jpIsk, . ...I 4 


8WJn Fdlnr„ — ( 
Da Accum. f 


198 7 102. n 

•Vw 24 — (111 9 118 7 J 

s* — iooo! 


26.8s* | 32$ Practiciil Niiv.22— B47.1 1569 ..... I 451 

28Ji+(ll{ 2.10 Accum. Units -(212 1 22571.. | 451 

93. ltd -0.11 2.75 

B3I -oJj 166 - 

insura? 

ftid-O 354 

J92j __ J 130 — - * 

48 4s< ....J 3.87 Abbey Life Assurance Co. Ltd. 

102. B 1 3.92 l^Kc Paul si'burehvnol.EC-L 01-2480111 


451 Select Inlrmu . 
4 51 Vile*. 1 1 1, ever.- ... 




, ^ Td l„- . B88 

2 9b t i I Tel . MJ 

7 * T.! M- .-.^1 - iL- .. 119.9 


310c4 . .. 
1< '] .. . 
<> -i : 


In R'ieltr Growth Fund 


i. P 0. Box 583. St Holier. Jersey. 0534 74777. 
-B5J SU3-UW: Bond Fd . [£993 9.971 ._. 1 12.00 

4 73 Butterfield 3Ianagement Co. Ltd.' 

JR P.O. Box 195. HamUion. Bermuda. 

** Suitress Equity jSl'a2!6 734] I 175 

Buttress Income _|si'Sl9« 7»l. .] 7.87 

___ Prices at Nov. d. Next sub. day Xw, 11 


B50 KHwWtii.MiSc.KWMB 0* ^=545^1 For Capdirex see under Keyser 

12 30 jn.-i.mo i. mi* |298 31 4, . _i 484 I i x , j 

5 36 .(iuufr. I'n.ts 135 o 3691 | <M 1 Llunan Ltd. 

I 


mo! :.:j 


Infer- Dollar Fund 15=33 2501 ■■ -i — 

Quest Fund Mncmnt. (Jersri-l Ltd. 
TO Box 1<H.SL Hull-. r Jer.e.. 0534 =7441 
puesi Siir.Fjd in: (S78 vjflj . .. ( JJOO 

S UWllnU.Seca - plow 5TO| 1 3 00 

ucsl Inti. Ed . .[Fl-OHC OWl . ... 900 
Price ai No.. 22. Next d-.-Jli.ig N'or. 29. 

Richmond Life As*. Ltd. 

48. Alho>! Street Drmcla*. I.0.M 08=4 23016 

ii.TheSilverTnirt.U76 13051+1 51 — 

Richmond GiLBd . 109 0 114ffl-oa — 

Ibr Plaiinumbd. . 1573 "" 

Ho [Vanmnrl Kd. 92.7 


Crown Life Assurance to. Ud.V 


. a - a - ■ P4|UI1V 4rr _ _ 

pww Progressive Mgmt. Co.? mu Samuel UnR TsL Mgis.t (al tew? 1 Jft* 

r*W£«e.FC=l 01-5668280 45 Beech SL.EC2P2IJC (11-8=8 SDH fi3K2L*2i “fift 5 


I^w ptcnte . E-C2. 
risdeFr^NovC I .... )17fl 0 199, 

teaJLv.-Nov-2I-.E14 8 228! 

rtblelnt- Nov. M. [1606 170. 

-immiNovK .{in? 1B9 j 
- . . Next autv. day -Nov. 2a — 


01-5888280 4S Beech SL.SC2P2IJC 

■ -1 J™ ibiBnUshTnua. . 11463 1565n 

22 (Flint I Trust ,.t348 37 J 

■ -••I 5-“ lEiDollarTrufl . 

■ • J L86 i fci Capital TniH. 

ne. a. iblFlaaocialTrusL 
fbi Ihroroe Trust 
(blSeetility Trust _ 


frid«e Fund Managers (a) (ci ISsSESTtK* 

tUgixHxc .Klng WtllumSCFft 0lR3349f,l (bi High Yield 1 Tst-" 

Sffg fl * GeB 4 . gs 53s3:d 7.a IntcLffaUg) 

S£5£lnc.t pLl 33H JTJ 397 15 ChrlflnpberStn 

•OiACC.T W3 «L9I 1 3 92 InleL Inv. Fund 


I! 4 Equity Fund 1358 

7.00 Equity tee . pa.S 


*•' w Properly Axe . ._ 161 5 
07-6=88011 Srleenvi- Fund.. - 90 7 
-1?| 556 Convert i We Fund . 1341 
-01 508 VMonc* Fund . 124 4 

-0 2 L75 VPrun F-l Suf.4. .. 132 3 
+03 4.7B *Mon. Fd.Scr.4 .134 0 

+D4 409 VEquily Fd Ser 4 . 345 
778 r~oitv F»: Svr 4 . 114.4 
+0 2 540 TMoncy Fd ser. 4. U2 2 


J77J ...J 
3=5 ... . 
1591 .. 
170 0 .. 
953 „... 
141J .... 
1110 .. .. 
1393 .... 

141 1 

364 .. 

IMS . . 

1162 


i rnnni.IV II - . Wn* ,iu-.GL’=l l MV (VuaiJ vf 
Many d r uTirl (rr llbt 4 1 ns at — *1 ■ | — 

Mune'd F-L I item 1013 1S6 hi -0 *i 8 17 nr 


I.!ovd< Life Auuram e 

vr> * 'l| Ren M. f-.l-JA JV-. 


Ijfuiiv Fd. IiM-ni |?3 7 
LijiiiI* Fd !,«• . <H 3 

rrtyprrrv I'd c 96 1 
PmpiT fd Inrm 96 J 
Fmiierfy F-l IiiiL W 7 
W. Tfl.Fd Ar; 100 « 
Iiii Tst.V'H Inem 97 8 
Inv T*l eU inn . 9n 9 


llbt 4 

IPS Hi 

-A- _ 

1013 

IS* 

-0!i 8 17 

1616 

2W.7 

-0 1 

95* 

1004 

-nil 

|?3 7 

93 6 

-0.1) *64 

) 94 3 

992 

-o :! 


Royal Inauraocc Group 

:■ i-u Hall Pl.»,v. Lirerr^x,*. 0; 1 22744= 

Royal Shield Fd ..[1435 1518] ] — 

Save & Prosper Group? 


*-.-A \ M.vn W 23.1 

Up A V li|3 Nik it | 


- 4 SLHelcn'.v L*ldc E‘^p SEP 01 554 8899 Hispann 


— Hal Inv F-J _ 


„H03 4£9 

_Q37 146 

tteratLinc-t pfi l&tf | 452 Key Fond Manager 

a skbes* 

[(£.-! 1 * 31(32.21 Key Equity 5 Gen_ 665 

Wannia Trast Management faKg) *KeyE*«mrtF4 _ m.7 

BaSur** Bi 

Ste^tzrzBS %U$ i% S 


397 15. Chriflopburstmci. E.ci. 01-247720 Albany Life Assurance Co. Lid. 

5B7 IntcLI * v - F “» d 1* 57 924J+04] 7.40 3LOIH BurlinXUm St . W L 01-tT 

& wv-ii-wniuiuim gsa'l5f.S?:--a«. ™ 3 :::.:! 


=3. Mlllt SL. EC=V 8JE 
Key Eoency In.Fd_|723 


851 Prices at ?.«*•. 21. Valuation mvuuily Tuts. Fivvti lm Fd >-.v 180 0 

Fvd. Ini Fd Inert! 99 8 

.... _ lotcrl KH t-1 . 1089 

7720 Albany Life Assurance Co. Lid. imci i F.Lim-m. . 1089 
7.40 3L Old Burlm/flon St. W L 01-477598= Vd. Xrr ... 97 C 

»a--i - K.in!r 1, This 


-j or.MdH.w-ii iu»» i-w* : - Trop-nr. 1 1 ■ 11610 

J" .! -975 IJHidnn Indemnity & Gnl. Ins. Co. LuL »*'»» 


- tmiAec. 555 593 +07 

mankind., 578 621 +07 

TBtetodiqf 712 83.0a -01 

wnotlc 388 4L7n +01 

'MBmt 117 \ 123.4s -07 

Vrolnrama 408 43 C -01 

irEart. -_.___ 19J 20.7 -03 

nandnJSec*. 646 695 +0.4 

ddftCeacraL — 77.4 83JI+I0 

-OU4b— B3LZ 88 4a +0.4 

c. St Growth— 69.0 747a 

11 Growth 596 Mia 

•iwatTsLSharcs— «48 487 -..._ 

rbmrala JL5 33J +0.4 

j It Ht Chine. 773 83.1+0.2 

(•tone 361 381 


01-6087070 9fiui3!nne«FdAc. 11*7 
77 -0.51 378 VJnli Man.Fd.Aein . 107 6 
70 2 -07 5.70 fPropFdAr.- . ._ 1129 

1824 _... 5*7 93TI11U Inv. Am .1680 

832 +07 1031 Equity - Pm Fit Acn. 229 5 
645 _.. 12.17 Fixed I Pm Acc . ._ 1793 

109.7 -02 555. G1d.Mm Ten Am.. 1333 
t* iWLMn.PnFdJVcc 1144 

it Managers* pmp.Pm.Arc . _ 129 5 
01-8258000 M'iHelnv.PcnArc- 287.7 


2027 ... . — 

147 B — 

12?.! — 

1132 — 

U87 — 

1768 — 

241.6 — 

3887 — 

1405 — 

120 3 _. .. — 

1367 .. .. — 

2183 _.... — 


!Sii:5S i» SOTSTST:. 

105 "'I TU ^1 Fi;.ed later vs: 

imSK I lias The London A 
lwS-o‘ ! 601 W lK iadoParir.l-bt 
302 S i - i uii Grimth Fund. 
100.5 20 00 *Fl,'v. F.r.cmr* Fd 

107.71 — 0 It 9 33 CExrmpI Prop. Fd 
— j — *Fxpt lm T-i. Fd 


16=h Thr. Fortuny. Readme X3 1 :. 

rv ■!cna;er . JH.9 35 o' -v 11 — 

FI- .tM? . ,_I?93 31 0* . - 

Fi.*.ed IWef esl - .|34 3 36 Zi . | — 

The London A Manchester Ass. Gp.V 

’.Vm- lade Far*. Kretcc. I'UO‘^52155 

l ap Gnmth Fund. I 232 3 [ -0 <| — 


Comp.Pen.vFd t. 
FquilvPcn* Fd . 
rfof, PenvFii* 


rtof. PcnvFil* [234 1 7471 . 

GIB Pens Fd. 94 6 90.6 - 

Dcpos Fen Fdi _ |1Q£Z 107.6 . 

•Pnew on Nerrcmher 21. 

TfiL-cki: dealing 


137 fci —0 3 — 
170 4| .. . — 

1292 -02 — 

132 0 .. . — 

2103 — 

193 8 +0 4 — 
2471 .. — 

99.6 -0 2 — 

107 9 — 


Ullman Ltd. Richmond Life As*. Ltd. 

r-_ c 4 48. Alho! Street Doucla*. 1.0.M 06=4 25014 

Capital International S. A. .s.ThvS.hcrTn.rt. U76 uos+is - 

37 rue Nofre-Damp. Luxembourg. Richmond GdBd . 109® ?J5?i~"5§ — 

_ . , l)o. Platinum Bd. . 1573 165 6 +* 0 — 

Capiudl tm Fnr.d I Sl'61729 | . ? — Iio t> anwnrl BA 92.7 100 7 .... - 

For Central Assets Magi. Lid see PoEminvvnu-Rd .165 7 3 74 4 ,. .. 11*1 

under Keyser Ullman Ltd. CamllonC G.I.Bd .|95 0 1000 — 

Charterhouse Japhci Rothschild Asset Management iC.I.l 

1 Patemuvter Rim- FF4 0:-2483DDO P'l BkiJUSi JoliamO.Clirmqv.NSI KKII 

Adiropa WOO 40 3JM-07M 47B n C.Eq Fr Ori 31 . 153 4 56 jd i 2 B3 

Adlverhe KViOfO i:J4 .. .. 441 ^ v Mnr F-l. Not 1. J537 1635*; .. . [ j 16 

FrmdBV tiull 90 XVU 4 94 «\v lnlLFdi . — .5122 1 29 ... J ' 1.36 

Fend* Pin 3 2130 520 OCSmCWI 31 . 1415 3485 J 340 

Emperor Fund 1320 3 30 ... - «>.C Veaunndilv • . 1419 350 9 420 

Hispann . sisdil «N . 2 . 75 U t Dlr Givmdtv t. SZS 07 29 8« . I 0 67 

r*is._ ■ - - . , . , . . 'Pnr«. on Nov 11. Next dcalmc Nov. 30. 

dire Investments (Jerse>) Ltd. tpnrcs on :>m. 21. Next dealing I*cc. 7. 


Charterhouse Japhci 

1 Paternoster Him. FF4 

Adiropa WI304S 

Adlverha PHiDMI 

F.rtidaL— Hull W 

Fondl> PJin 31 

Emperor Fund S320 


Clira Investments (Jersey) Ltd. tPnc« ai. Next dcaiinVthx.V 

PO r.nx3=0.SL Holier Jersov 03.04 37361 _ 4 . .... . .. . „ . . 

Clive Gilt Fd. iC i ■ (955 956*s .. | 1151 Rothschild Asset >lngL tBermudai 


Clive Gilt Pd. iC 1 ■ 1955 956*1 .. I 11 ! 
Clive Gilt Fd iJq- > |9 52 9 53«d . . J lii 
Com hill Ins. (Guernsey) Ltd. 

PO Rm 157. Sl Pci or Pori. Guernsey 

lninI.HDD.Fd ... |171 Jl 186.01. | — 


1155 P <) Hok rtfu. Bk rrf Bermuda BM Bermuda. 
Ilcvnr Asi-ct< Fd.lJl 5975 4 771 — 1 - 

Price im Nov. =1. Next deoline Nov. 28. 

— Royal Trast ICIi FtL Met. Ltd. 


Kleiiiwort Benson Uuit Managers^ pI™ a pl^ n A F re'' C -'' {u9 5 jgl “ ” - 
“J ^* A44 20. FenchurcbSX_ EC.1 m^23awo & pJelnv.PciLAcc_|2ir7.7 2185j _... — LacU-Mid l niL _|53 0 

^5^01 410 K-B.UDUFd.lnc._p4B - 92a-3«l 558 Equity & Law Life 

s.4* -02 757 535* 5S AMEV Life Assurance LtiLy Amvrvhsm Road. Illi;li tv ; 

£5 di s.« “I— ^“^■ A, ^ R Vi4 B " <? i49«"*“ < ‘ 4O10L 

SJ^o ?S ?asSSlnSS:«o si L 3z:. *» 5S^'SS?tJ:" uU iSJ = SS'SiSSrftT- ion 

SaloS IS HlSjl2fM.S3.lDC-.B7 . 855 AME\'M5ib-Fd_ 1070 112 7 _.... - Mixed |St* 11£5 

(S 797 UithYldFd.ACC-t465 S02| 855 A.WF.VEqujrrFd. 110 7 11*7. .._ — vd Fd ........... 

«2 L * C Vnit Management LUL¥ SI ws 1“.: - SjlLS^Jwi 

^7 +04 3'S The Slock Echanee. ET2N 1HP. 01-588 2800 AKEVM caPunJFd U05 11*4 — g* 1 ^ .*^^7 C ^ 

Sira tS Lacing •?? AMEV.^LPcn B'lllll* 1165 ..... - fcSSUS SSS-nd’L* - ’ 


a. Vi»th American, — 259 Tifc +0. 

vrottionoi 5381 554-7 .... 

xVWtyShva— 14J 15.4+0 

MU 46 0 «9l4 +0 

Mli*CTi«j1ge. 30.2 32,4 . 

1 tv En«r(ty pi .8 34^ -0. 


+0 2 8 66 IACTnc. Fd. JIMftJ 144.7) ...._! 822 AMEV MfiitPcn 'B' 1101. 

*21 L&C Inti & Gen Fd. [96.7 '99.7| J 213 Flejtlplnn (985 

^ lol La™® Sees. Ltd.* lade) 

2.67 37. Queen’* St. London EC4R1BY ni.=3R5EII income fc 


DlU. Kd. lm rn 1024 107.7^ -0 i 9 33 4Exrm?l Pror. Fd 

Grown Rrt. Lnv.'A'. 1592 _ 6ftnlutTrt.nl 

Fle-.it.il 1ui*l 

Crusader Insurance Co. Ltd. inv rnj..r K,.rit — 

Vincula Hnu +-. Tok-it TL,E‘J. 01-K»»11 t.'Id’nSiLwII'rd — 
Gth. Prep. Nm.7. .. TO «= 83 8] I - ******* Fd ~ 

M & G Groups 

Eagle .Star Insur/Midland Assur. Tnrts-wuav- Tower 
1 Thre*dn.-edlv.v . FCi. Oussa 1212 .jnenranFd Rd 

Eack-Mid. l-niu- _|53 0 55 CH | 6.20 tone Permrif . ._ 

Equity & Law Life Ass. Soc. Lid. I? g^giSSw -..1 
Amvrvhsm Road. }||i;li 'Vjcuaihe (HU* JT<t77 Family 7!*-»** . . . 
Equity Fit . ... 114 3 120 31*05 - »MlU* -. 

Property Fd ... 112.7 1186... _ *.ih B+wt--; . 

Fixed Imerefir.-. 107 7 3133... — loiernatriL Beml'' 

Ctrl Dcposii Fd __ 1011 10*4 — Japan F«1 Btl • . 

Hived Fd_ 112.5 UB4 +01 — Manarcdili— .. 


AFtrSI- rd rn: ISI I Schroder Life GronpH 

CExrmpi Pror. Fd 95-’ I — Enterprise House Ports. cio-jth. 

*Fxpt Inv T-i.Fd ISI 5 -0< — Equity 1 ._.. 230 9 

Fly-.it.li Fund 312* -0 2 — Equity* 2205 232.2 

Inv rni..»K..rA — 333 9 -0.4 — Fivrilnt 4 1377 1445 

r*r>t<rtj- Funil ' — M ■* ; — Managed 4 _—..... 133* 1«0.7 

Old IH.tkHK Fd _ 1015 j-t-1 — Muair 4. ID97 1156 

war- r . . m Overseas* . 36 9 91 6 

- ' * *• Group* Proper's 4 162 2 170 8 

Tnrei-Uuar'.Ttvweratll EC3R(?ttQ.0i^2S4. r -83 KiS Govt. Secs. 4 . 123 0 3295 

»jnenr S -iFd Rd •_ |4*8 40 v| . | _ B S. Pei) Cop. 3 _ . 124 5 130 7 

torn- Dermrif . -E»4 226 1 . . _ £- s J>7] Aec. B - 1371 344 0 

Equity Bumf** ..03*3 3«S .. | — ^ t' 1 " ? ■ 2H 

K\ VieJdFd R-1 \._ M5 88 91 .... — Megd JVn Aer B 2510 26,3 


he British Life Office Lid-9 (a) 


•■99 ftfUw Material* — 
JSX Actrimi Unjtax. — 
2-59 *(SrwU»Fuml 


. * ^ n 

Nwi] 


■lAerum. Unitsi .. I 
ttClIt and Warrant. £ 


^ glance B*o..Ttubnd]!G Weils. Kt.0BGezeni ZAmencan Fd. { 

^ i ' -i.Bnllsh Life— 1508 53*+0Jj 592 J». Accum Unitsi 1 

] , : C, Balanced* W7.9 5L2| J 603 Deal. Mton. ■W*. ttWed. tltiurr. aa**c 

■ 1 1 [LDtndeixt — {42.0 44.91 -.- ~] 19.00 |m< b | m rnumrji f ISntiVall VrtnrW 252 RxHnford Rd, E.7. 

V all r 'Pncea Nov. zf5evt deallnc =9 Legal ft General Tyndall FundV Barelm-honda' 125 6 

NMin qhinlev A Co IJAW l&Caimire Road.8r.stoL 0=72222*1 UB.1 

lawn Shipley ft Co. Ltd.? Dis-Nov U Mi *».0f 5 02 G3t^,;ed_____ 1083 

Krt. Founders Ct_ EC2 01-800 BS2D u^enm. UnlUi_ — [75.6 80 0i . ...J — Property 11D.7 

(Units Nor SI— g!3J 23151 _.. | 4.82 Nort. sub day December 13. Inlernauonai 880 

StSmw’w — ' ,B Letmine Administraiim Ltd. SS^:~^.“ioo9 

IS x W.4I+4I1F <m iDukeSLAouutanWlMBIP. P1-48S50S1 Mon^ns Accum _ 99.7 

IlHH 19M +01] 33 LwDiat. E*9 7R« +0.11 502 Do InltljU-- . 961 

. SShAcctim. K7a <53.. _J 5 JI8 Leo Arcum (mo 86^ +0.ll 4.59 Gilt Beta PensAce... %.0 

Bwaioewna.— 6fc7 38.9^ ._... S«a * wa, *t»t* T-+ m El'SHlr nt— Rfa 


Equity F.I . ... 114 3 120 3 *03 - ►wnllvin-aG- -. 

Property Fd ...112.7 1186... — *dh B-wi’-; 

Fixed Inrerr-jir.... 107 7 3133... — loterBatr.L Reml'' 

Ctrl Dcposii Fd 101 1 10*4 — Japan F«1 Bd • 

Wi'ed Fd 112.5 UB 5| +0 1 - « maccri B I — . 

General Porifoiia Life Ins. C. UA.V l-rspcr^Ld-- 

(St Harrholnmew Cl .UnJhmnCro^S. WX3K171 B E£. P ?' 

Portfolio Fund .1 14L9 I.. I - PD«;* on ..m 

IVylfolio Menaced M2 4 44.H .. . — Merchant Inve 

PToho h.d lm. ..|475 50 0] j — 




BS.PenCnp.3 12*5 U 

Fi.S Pen Aec.B .1371 34 

Mara P.;n. Cap B 2083 11 

NltKd. Pen Acc B 2510 26 

F Int. P«n. Fapi B 95 1 10 

F Int Pen Act 3 970 27 
Mono- Pen. Cap. B 974 10 

Money Pen ACC. B 99 3 10 

I rop Pen Car* B _ 107 0 11. 

Pro p.Pen.Acc 3_ 1090 11, 

Scottish Widows' Group 


DWS Deutsche Ges. F. Wcrtpapiersp 3‘ £• Bmisn Royal t*l Hnc.Jcrso-. 05.7i27xti 

Invcrta — |D)U7«» 39«|-03D] — Pnce. at \ov. =i. Sal dealini; Not. =& 

paB^aPuTKMiu. Bahama*. . ^ & Pros P er International 

Delta InvxNm-. 17 . ISU51 49 15*i ...J — ^BrMd Su SL Holier, J cr-ev 0134- 20»1 

Deulscher Investment-Trust t s . (Mlarrtenqmiaacd Funds _ 

PosUach =885 Biobercave 8-20 BOOO Frankfurt. Plr K-.d. Inf "J . [9 22 9 7M ] 7 36 

Coci centra [OWOHI ZZM . ...I — Internal. lir t. 7.52 814 ... — 

ItiL Rcnlenfonds. .IPBiBU 79 B8| . . | — Far Eowero'; . M7.12 5D 95] .. . 

Dreyfus lulercoulinental lav. Fd. - 

F.O. Box N37I2. Nassau. Bahamas. St rrlJnX-drawm nated Funds 

NAV Nor. 21 (ICS33I4 16531 | — Cbaurml Capilal*. K>7.9 250.5) ] 251 

Emson ft Dudley TaOIgUroy-Ltd. HH ~A 1" 


Price* on *:*'or. ZL -N« ‘Ci. "*CK1. 24. 

Merchant Investors Assurance* 

u-m Hv .=tt Bujh St . Croydon. ■ 1 !-6B6‘»r 
Prop-.-rv .. J 1600 |*0.!| - 


613 InL Growth — (B4.7 B92j +1 b| - 

613 

For Arrow Life iminon, roe 
1M Providence Capitol Life Ayrarincc 


i’ropvri; .. J 1600 +0.1 1 — 

>mpdf*:IVa».. 1*97 +0.iJ — 

vquiix 591 +1 H ~ 

TqjityPeni . J70.1 +J.lr — 


l “ J *. Barclays Life Assur. Co. Lid. 

m* 252 Romford Hd..E.7. 01 


d 109.7 1155 +01 

1009 10*3 +01 

asAceum _ 99.7 105 0 .. ... 

lal 961 1BL2 .. .. 

iPei&^Vec... 9*0 1010 ... 

lal 925 97 4 ..... 

’enfcAcc... 103 5 209 0 . . 

wl : 99.0 104 31... 

•Curreot nnlts value Nor. 22. 


AcraJ.. ; 1RB 19.9 b +01 4.22 LooDiat — .1749 78 K +0.11 5D2 uo initial-- vyt ‘0++I ■ - — Himtim I 

SShAccum. *711 49.1 . 5 03 Leo Arcum (ffifl 8*J| «0.l| 4.59 Gilt EetepenaAce... %.0 101W — 701riParku 

taBhloewiio »7 38«a ._... SU Lktyds Bk. Unit TsL Mngrs. IMLV (a) Monry Pen* AceTl'. 1035 l^SI — Fixed Ini Dt 

^inco me zv.i J” RegiBrar'* Dept, Gartug-hy-Sea. De. Initial- 99.0 104 31 - Equity .. 

(H M4 259 +0.1 4.44 Worthlnfi. Wca Sussex 014B31288 •Current nulls value Nov. 22. _ 

Kess 173 181 .... 324 Ralanced B0.7 545ri +021 4.70 

^^ ncr - gi SS tif wyidS^GSr- as 56 4 tSi 5 2 Beehive Life Abbut. Co. Ltd.¥ o^rSl .J 

■SSWio' — f563 WJH :::: «57 DaTSccum.)^- 6*0 70.9 +0.1 1.94 71 . LtMubard SL, EC3. 01-83M2S8 

>^iU.ii.iiTrf na.oro IA «• Inronw 0-7 90 0- +0.2 6J4 Blk. HorroNov.l— 132 08 — J — 

Mad* Ufa Unit TsL Mngrs. Ltd.V do.< A rcum, ii72 12*0 +oi *2« £2|? S. L K' 

BP#hSt. Potters Bor. Berta P Bor 51 122 E«m Income 59B 64=>fi -0] Pern Pror. "- 

n. Gen Dirt. (38* 40 6) +021 453 Do. I -Ac cum.) -Jw.9 7S3| -OJj 8.16 Canada Life Assurance Co. PouTronA. 

— CTi ®'3 Jfi Llovd’s Life Unit TsL Mngrs. Ltd. 2-6 iJ** Pof 1 ”* Bor. Hens. P.Bar 51122 f«i .Mai.in 

y tat. Dirt-. (336. 354 ol +0-1 6B a . _ . . .77.^^ EqrjGlhFdNw. l._ *11 - J — Pvn M..n. .V: 

tfe Accum... fw.1 *73+0-5 823 TC-aa. Grtr-h o fix e Bd_ Aylesbury. 0=»e5fl4l Rwbi.Fed.Nc«v*-| 114.4 | — J — Pen GlltEdu 

fp* (James) MngL Ud.V Emw Arcum. __»*!* OTOJ 42* g'h&k 

mw Brood a EC2 .N ibq 01-8888010 M ft G GroupV (yKcKz) Cannon Assurance Lid. 9 t+u rs \c! 


P'foho F.d mi. .. 1475 500) 4 - ^Hv-.OTR.dhSt.Croydc 

I . J — Gresham Life Ass. Soc. Ltd. rrop-.-rv .. 160 0 

- 2 IVincenf ivak.s Rd. Biu-xuih. Q30J 7BT6n5 - ^, 7 

Ry 5 5?? 3 1 - m\ 

.roe 5HiK.li In. I ITowS Mtrtct 143* 

nrance V . !? S W' ’ K&l !. I ” P ^' 

-iLPp.-v.rurri... |ioo* ios.tI i- Pcos ' SS| 

d. Growth ft See. Life Ass. Soc. Ud.¥ - • gJJ 

nt *711 4911 w «r Bonk. Brav +>u TTiam^.. EcrAx. 0C8OI2M jiill Equm- “ %7 

OKiWMM Ktro.Wc Finance | CUM I.. I- 16,^°.. 1 M 0 

*2Z — IrtndhMik S-c* _ iSll J . — InrI ManacedL . 98* 

Tfl-t Landliunk >c> Acc |U*7 119.81...] — Dn IVd; . .100 0 

— G. AS Super Fd. | £7.903 l ... J — „ . . ' . 

-0-2 NEu Pensions Ltd. 

403 - Guardian Royal Exchange M.iroo.nart.lmrkinc.fMirwF. 

♦nt _ Rojul Kochnnue. 6. t .« OU.H37107 NH.-\Kq Cap . . Ml B 

Property Bond- - j]398 1977). I — Net." Fry \<-runt . iU6 8 1 

— ~ Hambro Life Ahsurancc Limited ¥ n\ J i-i' ^irn’ '"v.' 674 

_ 70MParttl.mC.Lutidnr.Vri OlrtSOMQl Ncl-.Gih J w’jP ?74 


5ffl*45uMc3fWuSS S.0 

rf^7 1M 0 ^0 S Z Slor.WSwart de 

invsL FaMi Nov 24 loo 2 1055) +0 2] — Eurobond Holdings N.V. 


v*" 3 ™ .y.utu. Cmnond J .. ..1316 338 7^ 

P O Ben 73. Sl. Heller. Jersey 0534205P1 SL Der<*J l* " 101 = 10U 

EJJLC.T 1122.6 1305) _....) 3.00 St Fived-'t __.llDfc* . 3127«i 

The English Association ’ ."weekly Dcaiins*. *Djril.“ D. 

4 Fore Street, EC2. - ni-5H87l»I ^ Z, . .. 


-J 251 
5*6 


Znr r Ffmnblr Finance | £1506 ).. | -■ 

*21 — IrtndhhDkS-cx „ 54 11 I . ... — 

TS-t — Landl.ank So Acc U*7 lJ9.d . — 

— G. AS Super Fd. | £7.903 J ... J — 


F.quitx . . . . 

Fqj.ty Prn: 
ITiir.ey Vlcrtct 
tton*> Wki Pen' 
Drpnxii . . . 
Deposit Peas 
H.m.uu‘3 .. . 

Wunaced Pciik. 

Jntl Equm- . 


ICCT Inrst i ivh Nov 24 100 2 

41-88GPI71 Eeft Acr Not lfl 1385 
♦0 vi __ Ex l l Tnc Nor Id _ 1311 
*0y _ Majt Pen. Nos 15 . 263 9 


105 0 +01 

1055 +o: 

1444 
13*7 . 
263? +] i 


Solar Life Assurance Limited 


Hnndelskadc 74. Uillemrtad. Curacao j' nl j Fctlerncv I92 

l“Jri- ISChrirtopher St, ECX inUil FA Lx mb r« 1 10.76 
TcL 01-247 7*41 Trie*: 8R14408 'Far Baft Fund . _(99 


NAV pct share Nor 24 Sl'saoao. 


_ 10(12 Ely Plan- L.,md«i EC JN8TT. 01242=306 F. ft C- MgmL Ltd. Inv. Advisers 


— 5nlar Manacrd S. 12* 3 133 0) +0J 

— 5olar Propmv 5 _ 209 Q 114.8 ... . 

— Solar Equity S 16*1 174 9 +05 

— Solar Fxrl. InL 5 115 2 1213 +0 2 

— Solar CashS 1025 1080 

— Solar loll. S . ... —.863 917 -0.8 

— Solar .Managed P_. 1255 1325 +0.1 

— Solar Property P 1086 114,< 

— SolarEquirvp. .... 165 4 1742 +05 

SolorFxdJnL? .. 114 7 1200 +02 

SolnrCaihP. .-102.1 1085 .. . 

2R21 SolarlaU.P... ._. B62 01* -0B 


)■=. Laurence Ppuatney HIU. EC-LR DBA. 

01«3 488fi 

Cent. Fd Nov. 15 | JUS5.19 ) ..- I — 

Fidelity MgmL & Kes. (Bda.) Ltd. 
P.O. Box 870. Hamilton. Bermuda. 

Fidelity Am. AaR-.-l SU522.8* | | — 

Fidelity Ini Fnud_ SFS20.75 __J — 


FtoTSrtr „ 536 35i i+o3 823 loovas uie unu IH. rangra. 

tffit Accum.: f*5.1 *73+0-3 823 7Z-aa. G B te.h o mg Bd_ .Aylesbury. 0 

(James) MngL Ltd-V Eqmty Arcum. _B*16 1700) 

iffld Bread Sl , EC2N IBQ 01-3886010 M dt G CrOOPf (yXCKz) 

pdaL, M2 6 87.9) | 5 45 Throe Quays. Tnror Bill EC3R fflQ. 01( 

|80J 85.3 -,..J 889 See also Stock Exchange Daallr 

dBtAmerieaD._.JB.O 100 0) ... I — American [452 48JJ-0- 

nMu « N01. 15 Nect dtating Dee. 6 CA ccvua . tlntiai ptl 492] —0. 

aip< Unit F«L Mgrs. Ltd-¥ CaMc) ^^SLUmtSZT.gei m3 3 7 

8>htn Hguse. Newraatle+tpon-Tyue =1165 Lommorflty. __g4J 79.11+0.6 

JIU] ' icc 7 um I a 32 (Arcum. Unitsi Bl 8*9 +0.6 

SJ5J5S==E SH-15 x §|jI 

BSffifeiBt Tr ^f w:aassgi^fei ' i5|ts. 

K&aftSSw fci H=t 


816 Canada life Assurance Ca pSt RSE. 'u!? ” 

Id 2-6 High SL. Fatten Bar. Hens P.Bar 51122 p^, Mai.iVn" 


Cannon Assurance Lt«LV 


. . | — Pi>*-4 Ini Dej» . . 1278 

. . . I — Equity . . ... 181 0 

22. Fropi-rly . 170 7 

Xaanr.cd Cap 1 53 4 

. - Manai'cd Acc 178 0 

+V (henras 1=29 

01-6=3 12SS iilliEdlvd. .. 1263 

1 American Arc . 91 2 

4 Fen F 1 Pup i.'.ip . L?0 1 

PcilF LCV-n Acc. . 133.9 
Pen. Prop . . 212 1 

Pen. Prop. Aic . . 277 0 
.Bar nil— pen. .Mat. I'np . „. 210 4 

.. .J — Pvn Man. .V. 774 6 

— i — Pen GiltEdc t'jp . 1213 

Pen Gill E,lc Acv 1294 
Ten BS C,p . 1= h 9 
lVm B S Ace . Ub 3 


Nek-v iW Inr Arc ,|515 
N>l M-.d. Fd Tap 1 49 6 7= 21 -OJ| 

Ncl Mxd VM tec .|513 54D|+0.6| 

’-•’•t "-ii L- dav Vovemher 25 

\Pl rensioas Management Ltd. 


865 -i» 
122 5-01 
65 7 +0 7 
714 +1^ 
52.0 -18 
542 -16, 


Solar Equity P. — 116 4 17<| +05^ — p a|r ^ p^, F m “ “} 

SolorFxdJnt? - 1147 1 20.d +o3 — 55f! SSrf ta"\ — “ 

SoInrCaahP. 10Z1 108 H .. \ — Fidelity W rid Fd....| 51*13.94 | _....| _ 

Solar lull p... .-(862 9a*|-0Bl — Fidelity MgmL Research (Jersey) Ltd. 

Sun Alliance Fund Mangmt. Ltd. Waterloo Else. Don SL.SLHelier, Jersey. 

Sun Alliance bouse Ror. ham (MBS 64141 , irtcc I 1 

(- = 

lntBa.Nuv._l .... | El£22 , . -4 — Senci DlAmAmi .|0458 |..| — 

Sun Alliance Linked Life ins. Ltd. First Viking Commodity Trusts 


•Prices on Nov. 20 —Nov. 2£ *"Xov. 23. 

^ ...tWcekiy Dcaling«. ^ Daily DealinE? 

1 _ Schlesinger International HngL Ltd. 

•1 - 41. LiMnncSL.SL Heller. Jew. fl53473«:. 

Nor. 30. 5,/v.lL ..-.. 74 79 ... 9 18 

S.A.O.L.. 0 87 0.97 +05 4.H9 

, GiltFd.. 215 2L7C 12*7 

?. Inti Fit Jerxcy .. .. 92 f8 .. 3 75 

5t. ECX. Inin) Fd-Limbrg _ 10.7* 3133 rOJE - 

M 'FarEanFund. -|99 105.71 2.86 

W. *Ncxl su* day November 26. 

**” Schroder Life Group 

Enlcrpnrt: House. Pcrtrtnnulh. O7037T733 

| — International FaDdn 

w a gt f. Equity... - 10B0 1148.. , — 

S Equity .. 1355 343.9 . . [ - 

tFixcdlmcixirt- _ 1372 1455 ~ 

J _. S Fixed In lervrt — 10*3 713 0 ; — 

1 _ lUanarrd 1238 131.7 — 

_ SUanagcd 1=0.6 328J) .. ..| — 


J. Henry Schroder Wagg ft Co. Ltd. 

1=0. CheepN.de. E.C2. 01-5334000 

Cheap S Nov 22. .. 11.37 ) ....( 755 

TratoIcnnJcL 31. _ St .S12320 I .... -- 

A-ianF-l Nov ]?... HSM07 nffl ^.._) 265 
Harlinc Fd Nov IT. SAL8S 1 9S| ... J 570 
Japan Fa Sow. 16.- !li.SJ66 V3C] . ....] 0 «J 


Sun Alliance House, Horsham 
Eqmh Fund . - |125 9 132.6 

F 1 cedi nter“rtFrt._. ( ]04.9 


040364141 jg. SL CcurjciSl. Doug la*, t o W. 


4R Grnc.-.hurch :-L. E.'3P30H. 014C34200 RlSSu«wlKd..:M87 S 


UaaMedFumt [1553 16L0( — 

Pmx- No. - 1 Next dealing D« l. 


Depreil Fund 98 8 

Manag-d Fund . .|l089 


1!0| . . — 

93 7) +03 — 

104 Oj . . ~ 

314 7, +0.1 — 


0824 4®2- Lda. Agt* Dunbar * Co.. Ltd . 

I S3. Pall Man. London BW176JH. 01-B30 TR 

FsL VU. Cm Tst ..135.7 37.61 | 25 

FS.VfcDW.Op.Ti4. 1*5.0 68 01 1 *5 

Fleming Japan Fund SJV. 

37. rue Notre-Dome. Luxcmbcun; 

Fleming Nt* 72 ..) 5VS62.97 ] — 

Free World Fund Ltd. 

Butterfield Bldg.. Hami)L«i, Bermuda. 

NAV OrL 21 ..| STS19B.05 ] J — 

G.T. Ma n ag em ent Ltd. 


New Zealand ins. Co. iL’.Kj JUd.¥ Sun Life of Canada tU.K.l Ltd. 

.Vjiitla.fi Hou-» Sn,,ihendSFI2JS 070=6=355 2.3.4. FnekspurSf . SWIV5BH OI-S305400 


879) | 5 C Throe Qua** Toror B11L EC3R fflQ. 018=8 4588 1. Olympic Wy_ Wembley HA90NS 01-00=8876 P*m. F Cap . 

85.2) ^...J 8 89 See also Stock Exchange Doallnei. Fquity Units JQ7J5 — [-0041 — no DAF.Ak.. 

S?« si.7 S2S25^£r=tll If. SsgUSfc-SlS = »*?)? 


European f 


52.4 -0 J 

Gxidoo Wall ECZN I Da X1J0818I5 gK I? “in, 

WWcGrt.17.___ 037.18 _ j _._| *M SSS^U^Zi: H77 1255 

Stawh. Only available to Beg. Charities. J^ c ^ l UrdSlTII 54 9 585 ^ B 

Kfl—teihoffle Japhci see James Flalay Pmid of inr. Tsis — saj 625a +02 

tWaialW Managers Ltd-V faKffl '££ S“ir 3 HI -15 

**e“SLEC=M4TP. 01 -383 383J t.Aceum. Unitsi JfflS Z76.4 -20 

Ifttrtm ktao2 2L71-0.1 L85 High Income — 1052 H5! 

SeaT^Cj 44^^0-i 9“ ml +i 

fe^ t Ti&4 U ' 4a 1990 IS! -1. 

S-flios Sw MmnCiliUI 2511 2*94 -L 


Propmtr Units £10.45 — — 

Equity Bood/Exec.. £1132 1254 -D.02 — 

Prop. Bond/ Exac £13.75 1435 . .. — 

Bal BtLExerOJiilL £13 41 141' -0.01 — 

DepaaltBood — — 113* 1202 ... — 

Equity Accum — 18# — • • -1 — 

Property Accum. ™ 03^9 — — 

Sing it Accurn 1.648 -1 — 

2nrf Equity 943, .991 -0 2 - 

2nd Property 107.6 1B4 — 

Zndifanroed 99J! lDSO -0J — 

2nd Depnmt 9*7 1044 — 

2nd GUL B9 9 9S1 ... . — 

2nd. American. 111 B2.6 -13 — 

2ndEq Pens ;Acc.. 97.8 1635 H>J — 

ZndPro Pens/Acc. - U3 0 U9.f _.... — 

2nd Mjzd. Pens. Acc 303 0 109.0 . — — 

2nd DepP«is,Acc. 102.4 JOB* .. — 

aod Gilt Petu-Ace 98 5 95 8) ,_.. — 


KN-.K-V lm. Plan M3 8 
Small To - F.J 92.0 
Ti-rhnoloc: Fd 106 9 
Extra In. f. I C] 9 
Extra tr. l».xt I'll 96 S 
.American F'l 94 8 

Fm-Ei-ll'd 104 2 

•Jilt Edged Fd 105 6 
Con. Dcp»*ti Id . 98 5 


M.vplr IX >7nh . . . 
Maple I J Maned. 
Maple l • Ecm- - - 


• - I — Japan Fd. Nov. I6..|!1;.9U tJM I 0«J 

“*** Sentry Assurance International Ltd. 
cx. Ltd. p '- 4, Pt>T 33e - Hamiimn 5. Bermuda 
oi-830Tf?r: Jlanaaed Fund . _.|SI?23B 25»| I — 

' — I *Jo Singer ft Friedlander Ldn. .Agents 

1 =0. Cannon Sl_ EX'-L <11-248 V** 

Dekaiondf . _ JDMTh J7 j 612 

ToKyoTst.Nm.21.1 Si:S*0.00 ! ' ’ " 


Hearts of Oak Denef it -Society ton.Deiy.Mt id 198 5 103 7[ i — 

lMT.Taviworfc Plan Wx III t«N oi^ffiscso Norwich Uainu Insurance Group* 


HeannolOaC |J7.7 39 8 . .. | — FOBnc-l N'onMrh NR> AW 

Hill Samuel Life Assur. Ud.V &Ei??i.n3 n ’ i ' jicls Im* 

N'LATwt . A ddixvumbc RtLCrpv 01-6964.163 Pnpert* V’uiid. ”Ju54 5 M15] 


Pcrvni Pn.id . . I =#5 4 .| — q j M ana g eme nt Id 

Target Life Assurance Co. Ud. Park Hsc .. ]6 n 

Torm H,juse. Gat eh row Ed. Ajlevburj-. Tel; 01-4C8 Bint TLX:’ 88* 

Buck- Avlerbiuy 10=96) 5M1 London Agents (nr- 

Man Fnnd Inc 196 3 10141 ._..J — Anchor • B l nitx„ I1TS4 99 

Man Fund Act jll9 0 1253} .. — AochorCllt Edeo )£9J2 

ITop.Fdlnc U7.S 124 O' . . .. — Anchor lot Fd __ KtSLO 


Stronghold Management Limited 

l m .O. Box =15. Sl t letter Jcrncp 0534-71400 
Commoditv Trun._|8853 W 19| . .. I — 

Surinvest (Jererj-i Ltd. tx> 


Park H*e.. 16 Finsburv Cireus, London ECZ. QuompHat IV-n Rd Rt Hcber. Jsy. (KM =Tj<» 
Tel; 01-4E8 8131 TLX:’ 888100 Amcncon In«iTrt-|r7 U 7M-v3C« — 

London Agent* (pt~ Copper Ttwi _. . -U1L66 11 95 -I J -- 

Anchor ' B^L nit*, _|&T 58 99 1161 1 204 Jap.lndcxT-t. kl087 1130|-OU| — 


-CiiMiPaiZm 2491+0.21 731 Vow 

*fe deration Funds Mgt Ltd-¥ (a) t Accum UniiM.— wi3 3=0? +«-7 
Rhaotery Lane. WC=A IFQS 01414a 0SE! iJSSSSthtST 73 S? SJ +02 

«WhF-«L [44 2 46.4) I AM ^SSS^STSZ VgA lg.l -0.4 

moptriitan Fund Managers. SX^' r.: (Sl i5oi 

JwtfSlreeL London SW LX 9EJ 01-23SRS25. (Accum. Units) |W 9 -2277] +0-2 

fflHwb.i/th. Fd. |17 6 _ M 9! 1 .522 (feerinUiMf Fmds 

KgaiFd. |48J) 51M — I U JO ..MU 1^94 -0J| 

jNgmount Unit Tst Mgrs. Ltd- i Accy m t riiw-.- 2B92 3051 -o« *|B 

^eriantMKSVfiHH. 01-6069202 243 4^i« faa BJB 

nbcmpe [4*2 50.4) +0J) 10.08 {Aoeum-L'iritiu 187.0 1891 8J8 

^Ama rican 30jj 1 — ^ pans. Ex. Nov.=a._ |l3*6 144.1*3 — H 6.07 


190 8 +2.7 
ZU t -1.5 
2*99 -3.6 
09 2a +0-4 
320? +0-7 
9L6 +02 
943 +02 
187.1 —0.4 
2842 -0.7 
1791 +03 
2277 +02 


2nd -Am. Pens. 'Acc. B2.4 E7 2 

I.4ES.IF... 590 415 

1.& E SJLF.7 1*73 29 5 

Current value Nov. Z 


Capital Life Assurance* 

FooMon Houro. Chapel Axh W'ton 0802=3511 
Key Inx-ffiL Fd. ... =. | 9952 I...) - 

racemafeertav.Fd. . | . 102.96 j — 4 — 


Charterhouse Magna Gp.V 


tflupvlt) I’Hlf 162? 178 4).. — 

PlUMfli Series A . 10S 6 113 21 . — 

Mimae.vd rrn.l 16=8 1714+04 — 

M reused Series A 9b 0 101 0) +0 7 

Managed Sun.-bi' . 92 4 97 21+0= — 

Slopi} I'diIv - 122 7 129 3) — 

Mfin.-v SvTilv .V 991 10431. . — 

Fixed Int. Ser A . 93 8 93 9 . . — 

Kquilv Senes \ . . 91 1 95 * +0.1 - — 

lip* Managed C.ip Wit 148* _ 

Pnv Mai. aged 4r<- . 150 9 158 8]. . — 

Piu.. filrrrf. .'j|. .107 3 J12g... — 

Pol iTTced AxC U* 7 120 8 . 

Penx. Equity >'+p. 1001 105 4) .... 

tVm- Equilv tre . 101.9 1C7 •) .. — 

Pni FxdlntFap. . »* 3£»5 .. 

TwxF+dlnl Ire . W1 1022^ _ 

Pen* Prop Cap 96 7 1DJ W — 

Penr. Proix Arc ..98 4 103 6) .. 

Imperial Life Asa. fa of Canada 
Imperial llnu.ee Guilillnrd. TI2S, 

I.n FiNov a . _ |74 j /mai-n.-i| — 
prnN rd.Ncft 24 |67 9 73 81+04) _ 

I'mi Linfci-J Port/oli,' 


Fixed Ini. Fund 

£;.:{.»« Fur,. 1 lima UX.U +W| — Ret.PInnCatxPl-n - 69D W D] +03 — 

Nor.l’nil.Nm L5 I 211.2 1 .... I — Man J’on.FiAcc .1275 13*2 ..-.. — 

rhoeuix Assurance Co. Ltd. CilT W^KdA v^7 133.5 34QM Z?.‘. ~ 

+-5. Kin.' William si KT4P4RR. (II-G2G38713 fitlt Prn.Fd. Cap. - 1244 130g ... — 

Health A.'.' . . Ill 2 6 UBU J — t3-* cc }^J 4 }23 “ 

rti'r Ph.Aix r BB2 1 .1 — PropPen.FdCap .1 d0 9 1M 4 ) — 

Fl-’r Ph bq E ... 7*1 80.1). — CuarPcn FtL\c+_. 97 ? 1023 «... — 

_ _ _ _ _ '-uiir.Pdi Fd up. 96 3 101 < — 

Prop. Equity ft Life Ass. Co.* d a.tvh fh.ac- . % 5 idi U ..... — 

liai'Ti«-ff-r.lRir»+.U'IH2AS. 014860*57 D.A.Pcn.FiCap . W69 1010] — 

H Stlk Prop Rd j 1566 j ... .1 — Transinternational Life Ins. Ca Ltd. 

Flrx^r^,. I ■ 149*1 ’ j I = Bream P.lrlgs . EC41NC (1I-WM407 

„ , '’ } ' ^ 1 -’ “ erulip lnv«L Fd .1143 8 151 4[ . ...| - 

Property Growth A-Jsur. Co. LttLd eTuiip Maiurd Fd . 113B 1197I ... — 


152 5 1594 -0 2 — 

1084^1^1141} +9il _ 


(WO 22200 Prr-D Fd. Arc lj 

+01 — Prop F-1 Inv. . _ „ 1150 
Fixed Int FA Inc MO 4 
. . — lHoFAlnc. . .. 97 2 

-0 2— Rd Plan Ae. Pen .. 713 

+0-2 — Rut.PlanC aivPvti _ 59 0 


- 

3057] — 

1023 .... — 

77^-04 — 
LJ q +03 — 


F hoe a Lx .Assurance Co. Ltd. 

4-5. Ktn.’ V.'rl’i am Si Ki'-JPIHR. ( 


~ Health A.-.- . |1126 21BU J — " or ‘E?' L'J-2 CC }?£ 1 

— rh’rPh.ALV ..T 883 1 1 — FropPen.Fd Cap .MB' 

Fl.’r Ph bq E ... 76 1 80.1) . — Cuar Pen F«L\ec_. w.j 


134 2 ..— — 

121 fal — 

i«aw — 

130g ... — 

1789) — 

1644j — 

1023i — 

101* _ 

Ml gj ..... — 

1010I . ... — 


AochorCiliEdeo £932 9. 

Anchor Int Fd SCS4J3 5 
Anchor In. Jsy. Tst . 17.4 21 

Derry Pac Fd JI-S54.60 

Beny Pac Strlg . _ 319 00 3D.i 

G T. Ada PA 5HEUIII 1455 190 

G.T. Asia Sieri ina... £1396 1481s: .... 270 

IT Australia FA .. SA951 9 93 — 

G.T. Bond Fund-.- 5L : S13 l*7 5*1 

G T. Dollar Fd._ .. il'S*75 1.48 

G.T. Dir. iStrlg.l Fd £8.71 9 08 +0 43 — 

GTJ^crlicFd. St ,.91 632 . . 094 

G.T.PhibppineFd ISUS93T 99.S*|-0 25 — 

Gartmore Invest. Ud. Ldn. Agts. 

2. SL Mary Axe. London. EC3 01-285 3531 


Copper Tnis K1L6* 1195 -U — 

1 HJ 2 04 Jap.lndcxTji. |Zl0 87 lllo|-0 1?| — 

’d “05 TSB Unit Trust Managers (C.I.I Lfd. 

,293 -I J 111 Ragrtc-ll.-BA.Sl h.inour. Jcrw;. 0SM75-HH 

• • 2S Jersey Fund (46* *9.4) | 486 

IJC Guvrnsev Fuad . J46 9 49.4 4 8* 

H35 L43 Vox- V.^-9 xra.K rd ivr Vrtfc- **0 


Pncw> nn Nn‘- 'J2. XiaI ?aih. rijv Nov, 28. 

TSB Gilt Fund Managers (C.l.i Ltd. 

£acatnll'< RA.Sl jianour. Joey ilSJ] TK494 
+0«! — ' " »7.llFurrf . .-130 1010) . 112 00 

. . 0 94 tllll Fund Ms.. _r?S0 lOloi | 12-00 

" Price* nn Nnv. =. Next : ub day Nov. 20. 


Agts. Tokyo Pacific Holdings N.V. 
01-2853531 Inn mix Management i'Y N \ . i.'uracan 
Kh> NAV per -hnre Vnv. S', Sl'SffiP" 


ler+i ll»vive I'rovilnn.tlOJ ILL" 


ChrlbM- Energy 
154 M -03 638 Clirthixe. Money 

3053 -0 4 *88 , ’i' rt h»v Managed 

1357 Cbrthse. Equity 
IMAM \ZZ B3B amermBlASncv 
U(9i " ZZ 838 Mag n a M a n a g ed 
1441* . — 6.07 


filepbcnKM Hoc. Brunei Centro, Blrtchlcv, 
Milton Keyoed)BCIM41=r72 
Chrl pair Energy — 135.9 yt M — j — 


Wcv. Manacfvt Fund . . W.B M.7 +04) _ 
Finn InL Fd . . fit 100 5 -0l| — 

_ R-rurerap Fi_. 98 0 105.1 +011 — 

_ Equity >-u/vl . 98 0 103=1 +0.61 — 


Irish Life Assurance Co. Ud. 

1 L Finsbury Squurc. LI'S. 01^=6 tC53 

Blue Chin Nov. =3. [75.1 79 0) ..._.| 5 00 


1345 I | — 1 L Finsbury Square, b'.’i 

15 1.0 j 1 — Blue Chip Nov. 23- [75.1 

Bsasaai ga .“i •=; saaESBa,-iBa ana =i w BStSSRSi w - 8f, 

Essss MnT.xd.-U” ■— *jsssr jj^sssLJr'isr u4 

SKEE3B- “ SSSSSSLau. .uaTr~ lm 

Iw ^»8Grroh«q.St.E«V7AD. •»««»» 

sarffl >.M JSSSM-® 1 «|::d g assaff 

•nttienary Unit Fund Managers intern! m>+.^i — 1*3 5 4SN j ano PlUh ^^ 

*»oneidst.EC=M7AL ot^J84WT Mercury Fond Managers Lfd. ftEjUSSIiArt 

Sje. No, . 24 (169 2 1803d -1-5) 532 ^ creduuo SI- EOT ZEE. OHW 4566 Wnn^ Cap 


inrt Kx.-raut Mon Kd.- (113.5 

~ rni.MAGrtli Ser.II |99.8 

■ -- — Ring & Shaxson Ltd. 

_ .*-=. C'irnh.11, F.'.J 


^.Winchester Fund MngL Ltd. 

f*?ny.EC2 01-M821 


Mere GMuNm.22-D90J 


rnano+iin Are. Dl* N<H.22_.f 

01-036-367 M(frr tat KOV.22..J 


S9rt>'er U (rroiaiff .6 1?5 " j 433 .23 LT [3= 7 WT-Aj-D-Sj 495 Perform UntU. i.l . 

'W«>n ft Dodley Tst. MngmnL Ltd. 495 

ftkaetoq SLS.w i. 01-4997551 Midla nd Ba nk Group City of Westminster Assur. Soc. LU 

^DodkrtTrt..(7l 1 7*4J I 331 Unit Trnxt Managers Ltd.V <a) Telephone oi-dw 8664 

^- ^BBiteSey-feUd. SBSKSS.SS®' «X»b RSSSSU^P 1 W=d = 

, see Abbey Unit Trust Mngrs. commodity *Gan..|6f3 ffl.0 +03 |S 

ft Law Un- Tr. M-V laBbgcWxl rZZ^.lpa SI ■ ■ J» Commercial Union Group 

liphamRA, High Wycombe. (MW 33377 Dtt Accum. -f»5 27B +0 1 |n* SL Helen s. J.Lndcrfhaft.KU. OI-MSTS 

WFftloov [65.8 69.21 +0JI *« fegreum ^ L 0l 2.S oSlJuUS®* M - 

■ea .Rnby Unit Trust Mngt. Ltd. ^SaSS^TZZL 145 *3| ^ 

a to Nii« stn* Glugcn-. ouaKJEi mtemadonai — -|fij *55 2«S Confederation Life Insurance Cn 

SMySMrLEh? w3 +74 Hf e ?YWd“"rr::Ei:7 ilS +0 2 B SO Wt.Ch««A-n.la»ie,Wr=AlllE. 0 1-342 DQ 

370 a» So aSSS™ — »7-S 72 4 +03 D SO yKquity Fund. ... — (1*86 177 0]... [ - 

£S 288 |« ESnt^Eroml*-.-|g6 - ~ SSifSSA^ 

©faStt^SI itS:: ^ sg iS 


4 ■ auo PI LA Fund 

era Lfd. PenB.TJncd.Cnp 

mjMiaass l cn '’ 

Ot™«B> rv-n* Mnnov- Cap 

20311 — 4.78 ii*ni. Money- ,\cc 

268.0 4.78 Poll Equity Cap 

MI.... 319 penr. Equity AFC. 

75 Jl . ... 319 Fund currently c 

SSsliu 5" 21 Perform Uort*-..; . 


Nrrf rfealinj* dafe Doc 6. 
Langhant Life Assurance Co. Idd. 
lnagham Hs. Holnibrnok lir. NW4 01CO»52ll 


rr«p+rry Fiin.1 j 

anoda rnxjrcrti- K< nd . A • 

71255 Aanvultur:.! t end , 

-41 Jl Aqric Fund "■• 

+£|i _ Abhor V ai I'unrl . 

Abbrj Nat Fd . i ] 

+0 <| Invert m-.-nl Fun, l | 

-Oil 7i.ve>lnH-nt Fd i.\< ! 

+01] — Equuy l'un,1 . , 

♦Oil — Equity Fund. A. 

. . Mooa-y Fund . . | 

In. Money Fundi.M 

01-058=53 . ■ 

r mi Cili-edcc,1Funi 
.... son cit-EutedfM A.. I 
•Retire Anna in 
" UmiDt+l. Ann’tv 
- Piqv niwvth Pms«u 

— Ai) WUic-r Ar l'b 1378 
If All Woaihf+i up 133 
— ” einv.Fd rn. 

Fcns.un FA l : t» 

Conv. Peu. Fd 
Cut. Piw, fjD L't 

3 ,sn r,cni ' 

■0011 — Von. Pros. Can 1 1 

i. Prop. Pent. Fd 

n | .j Prop Pen « Car r*' ! 


... .1 — Transinternational l 

• " I “ = Bream P.lrigf . EC41 N f 

“’ _ rrulip ini «L FA . M3 8 
, Ltd.ft OTulipMarird Fd . 113E 
niimiHA 9Man. Bona Fd. 117* 
Pl-RfliWib Mjul fd Cap. 1=0.7 

- | “ Nun. Pen Fd .Arc 128 9 

- “ »Mnqrt Inv Fd Irtl 96 9 
— VMned inv Fd. Acc 37.7 


Gqnmorc Puad Mart. IC.I.l Lid isHh, NAV per -hnre Nnv. 2<'. SL'SO'P" 

+ 1. B road SU St. HcliCT Jersey 06.14-7374 1 

Gin Fundjjcrroyi -195.00 ioa« | 1225 Tokjo Pacific HldRs. (Seaboard) N.V. 


r.orlrnoiT- Fund Mngt. .Far Eroll Ud latilii 

"'“•f®® 437 1510 Hutchison Hie. 10 Horrouri HA UJvom- 


Intimi. 'liiMCi'in-ni r >, 


2514 . ... — 
119B... — 

1235 . — 

137.01 _ . — 

135*| — 

1019) . . — 

1028] . . — 


NAV per .'hare Vm. 20. 51 SISK! 

T>TtdalI Group 

P.O. Bnv 1C5G ltamillnn 5. Bermuda. NltM 


+o:i — 

2-3 ^ 
*0 ” 


Trident Life Assurance Co. L(d.V 

RenMade House. Gln-jrceter 045236 

MjoagtA- 1122.2 1294J .. | - 

Old Mgd ll«6 2 154 h .. . - 

Prrtpertj. . _£S33 162 a | _ 

Kquin tmcnean.. 80S 05 6] -0.2] - 

l 1 rv Frjuirv Fend 11117 


Gartmore lirolnnl Kngt. Ud imi 
P.O. Box 32. Douglas. loM. 

Gartmore Inti Inc. 1205 218) - 

Gartmore InlU Grth|*8.4 72® . 


4AlW 1 f» *c.i* Xnr 22 _ JSI 4! Ll 

0624 23S1I 'Accum. nits, |:'.'5179 
21M -D. 2)11*0 3-H'qv |nl. Nor. 16. )7L'>2M 
7ZQ .. | 2.40 ^NcwSuSl Helicr. Jerrov 


.1 . J 1175 .. ’."1 — . High V.eM 

id ! 120.3 ... — Oilt Edged 

| ]?0 8 Money.. . 

:rj" 'j 1379 — Intenjailorud 

rv 1515 „. .( — Pu*-ij. 

P+oslons & Ano n lt lC. LUL Lrow+hi-nn.. . ._ 

t’ to (1328 139.9] | — Growth Acc -- — 

' up [1231 129.7 — Pen* Mop A Lap 

141 6 I ! — Pen* SlngA Are. . 


^-^EyteSeyfeLM. S!S $£&?££' 

, sea Abbey Uni: Trust Mngrs. commodity *C«n-. 

?(5ty ft Law Un. Tr. M-V laHbgcBx) TIZZZ. 

l^homRA. High Wycombe. OtW333T?7 DaArciun. - 

«b[*Xau;.__..[6fia 69.21 +0-3 4 49 rmArcW-lIT"..- 

■fe* Pinlav Unit Trust Mngt- Ltd. jS^ZxmiTZZL 


City of Westminster Assur. Soc. Ltd. 

Telephone 01-684 8664 


52-3 — ban gham.V Plan 66J *9 8) ...I — 

567} . rj — «Pro|. Bond 146J ISfi fl .. — 

594) J - H'tfp 1SP1 31uc Fd 772 ' Bli^ .. - } - 

ew iriTCftnimL _ . „ - ....... . , 


Bdec 9<w- pvn U 
B1«lg Sue. Tap Ft. | 


_ . Kith Vield 1384 34*fi .. — 

_ Gilt Edged 1205 D77 .. — 

_ Money 125 5 132^ . — 

International 990 load -02 — 

_ Ftrtjl 1265 134*.. 

Growth Cup 123.4 130 7) .-.. 

_ Growth Acc — 1284 1360.-. 

_ Pen* MngA Cap . U6.1 123®... 

Pen* SlnfiAAec. . 122.4 129*1 

Pens.GlA Dep Cop. 104.1 1103 

_ Penn Gtd DcpAcc. . 109 7 11* a 

_ Pens Ppty Cap. lli.9 123 B .. 

_ Pen' Ply Ace 123 2 130 5 . .. 

_ Trdl Bond -.365 3851 . 

_ *TtdtG.I Bond .. 99J 1 . 

”Cmh value for £10i'. [ranun 

'■ Tyndall Assurance/ Pensions)* 


0+5=36511 Hambro Pacific Fund Mg rot. Ltd.. 

1 2110. Connaught Centre. Hong Kong 

. — Far Cart Nov. 22.. .BKK2I28 l«W . | — 

— Japan Fund. — |S1'S981 lS5«j+0.05| — 

“?'5 ~ Hambros Bank ‘Guernsey! LtcL/ 

- Hambros Fd. Mgra. IC.I.» Ltd. 

— P.O. Bo* 86. Guerruey 0461-2^2 

«, ~ C I. Fund 042.8 152.1 <5 .. .. 370 

— Intnl. Bond SL'S 10ab4 212 0S 85D 

— tnL Equity SUS 10.91 Ilia . . . 210 

— lot SvRA '.V SUS L06 1 Ort| ... — 

— Int. Svgu. “B 1 SI'S LIS 1 ISI . 1 — 

Prices on Nov. 22. Next dealing Nnv. 2S. 

— Henderson Baring Fund Mgra. Ltd. 

" 80S. Gammon House. Hong Kong. 

_ Japan fa Nov ss .ersazB aia . j 

_ PacWrPd-Nov.22 SL’S8A19 . . .1 — 
_ Bond Fd Nov Zi . ( Sl'S1054B -05l| — 

.n 1 ‘Exclusive ol any prelim, charges. 

u Hili-Samuel ft Co. (Guernsey) Ltd. 


1173+2 1 — 

34*S .. — 

13771 .. — 

1324! - ~ 

104 V - 02 — 

134 O) .. — 

130 7 .-.. — 

136 a . ... — 

123 3 .. . — 

129*1 — 

iioiL... — 

u*» — 

123 ■ .. — 

130 H — — 


T11FSL Nov =3 
r Arcum Shores- 
Amcncon N.n — 
. Arcum *hare?> . 
Farted Nn- 23 
lAcrum. *Jior*.c.i 


£7 10 

7 *51 . .. 

£11.35 

1220 

7B0 

33.5 . 

78 5 

84 5 

23 5 

B95 . . 

83 5 . 

895 .... 

=10 0 

222 W .- 

=968 

324 ft 

ID2.D 

104 0] 

1394 

142 0) . 


( 33.5 . . :w 

84 5 . . . 2 00 

89 51 . ... 3 OP 

895 2.00 

0 222 bl . „ 7.08 

iNon-.l Acc (.'Is 1 296 B 324 ft . ... 7 08 

■gVM Gill Fond Niw. 22 . IK1D 104^.... US< 

yjQ l.A-.viiqi.SliBm- (1394 142 D| . 1L54 

850 Viewy House. DooMlM, Isle ol Man. OEM M 112. 
210 Managed Nov 16-034.8 142 01 . I — 

— Vnilife Assurance ( Overseas 1 Ud. 

2!». p 11 Bn* 1388 Hamilton 5-31. Bermuda 
Ad. Intern I. MngA Fd |5VS1 M - I .. | — 

I'nion-lnvestmentrCesellschaft mbH. 

_ Pa-Uach 1K7F7, D SWO Frankfurt 16- 
_ jUlanri.’l.-nd U35 32 D0| — 

ruropalohA ... 25 55 26.90 -0 ID — 

. 1'nlfond-. 17 88 18 8ffl-QJ(! — 

d. Inirvnu 3640 39*0 — 

I -.’mypvcial I ..£0 55 63.70M1D — 


lo new Invert mm 1 
il95 | .. .J _ 


n . . _ . Jft I'anyny/.'Road Krtslul 

Providence Capitol Life Ass. Ca Ltd. j.v7*t Nnv 22 . . 124.9 

30. 1'xbndgr Bold. HT28PU 01-74891 1 L Equliy Nov 23.’ .! . 16L* 

Sel.tna. FA fun 87 2 92 2!.... 

Scl JtkL Fd Si a. 104 0 2 20 0 .. — Property Nov33 

, — - — Pension Equity ._ 1259 129.7 ... — pgjiotitNov S3_- . 

Booth Heath 53456 Pension F»d. lot. — 117 1 120 7... _ 3-«a. Pn. .\« +. - 

1014 — Dvpa-.it F.1 Cap .. 47 4 50 0 .. — t* sea* In* Nov.21. 

104* . - nepro-liFd aA _*7 4 MO — ' Mn-Pn 3-W Nnv 3 . 

131.1 -OJ - Equity Fd Cap _ 45 0 47A..._ — J} 11 ■ 

134 4 -0.2 — Kqmlv Fd Avr. 15 0 474... — Co g«md ; W.. ■ 

122.3 +01 - Kill Ini Cap _ 47 4 SO D . . - I* Prop St# 2 .. 

W&i f?_-..£S = Vanbrugh Life 


Legal & General (Unit Assur.) Ltd. sct’SnulFd si'S! ioc'o 

Kinyjwotxi House. Klngswond. Tadvrotth. Pension Equity ... 1259 


Surrey KTSftGRU. 

Cash Initial 963 

D-r. Arcum ... 99 3 
Equity Initial 123 7 

Do Accum 127* 


Fixed Initial . . 
fin Arcum . 

1ml. Initial 

01-283 750Q R° Wot* 1 1; ; - 

I .aitaj .Manured Initial . 

I Pin Up. Arcum 

I ... ..| — Prnnemr Initial .• 


1014 


104 6 


13IU 


1344 

-0.2 

122.3 

+01 

1=61 



W6 -1’ 

_5j ariacet | initial ..plBD 1243 loji _ 
■OCW — De.ArcunL . 1217 12&2 -0 2 — 

I — Prnperrv Initial . 100 3 1M6 - — 

I>n Accum 1835 109 Oj +0.1> — 

r. Legal & lieorral (Lull PenolmiM Ud. 

Esvmia >‘arti IniL . 988 104.0 ... I — 

01-3420882 Do. Accum 1017 1071 — 

... — Exempt Eqiy Inlt 1311 1405 ..... _ 

— Dn Aci'ilm . 1372 1445 — 

... .. — Exempt Fisvd lniL 12*2 122 4 — 

_ — Do Avmm . . ' 1197 326.1 ‘ 

— Ktemi< Mns<l lniL 1295. 1344 _.._ — 

_. — Do Accum 133 V MO 5 — 

- ... — Exempt Prop. Init . 98 8 1M.0 — 

— Da Amur. . . ■. .. 101T 307.1 . . — 


027=3=41 j *! (rtFrbv-rf SU Peter Port Guernsey. '.' I 


| Guernsey Tat. .. -11474 


2880 -0J0 
39*0 

63.70 -0 ID 


i 3JB L'td. Inlul. 'ifugmitL iC.I.) Ud. 


^WlntenmrLIZLl 

W-uniu ZS1 

^rlBcome..- 344 


Prices aL Nov. 7. Neat dealing Dec. 1 


- ~l ?S2 9Man aged Fund 
...-J }g nr IP Fund . — 

1 Pm.bI Pea Mnift 

... I 1J» staffs AMngdPn. . 


Pfitns Nov. 22. Next dealrog Nov. 29. -Prices aL Nov. •. «« 


CORAL INDEX: Close 478-483 


Kqtdlr l^nrton 

PrvptrtyPBOBim 




Fxrl Int Ace . 474 50.01 .. .. — 

Intnl fttr <5* 4a U — 

J run I Acc . >5 6 081) . — 

Managed Fd Cap 46 1 456i . .. — 

Managed F-J .acc .4*1 48|| .. . — 

Properly Frt.v jp 47 6 502 . — 

Property Fil Acc .(47* 502) .. ..J — 

Provincial Life Assurance Co. Ltd. 

222. Piihnp«saie gCS £11.3476532 

rrov. jlanaficd Fd. . 117 4 123.6) j — 

Pti-v i'a,h Fd _ 15*7 11Z4 . . — 

Gill Fund = I 1152 1215 +0.5) — 

IVipcrn-Fotid 100 0 105 J — 1 <1 — 

.Eqmlv ( unri . .. — 999 J05L2 . .J — 

FxAInTFund. .-196 7 10L9| .. ..4 — • 


Do B-md -'oc. = 13X0 ....I ^ 

Ik> Prop St# 2 I 90 0 I ... .1 — 

Vanbrugh Life Assurance 

.41-42 Maddox SU Ldn. H 1R SL.A 0lrtS94S=3 

Managed Fd . _ .1478 1556) +02 — 

Equity Fd . ...238 0 250.3+0 7 — 

Intnl Fund . . ..982 103.3 *02 — 

Fixed Inters* Fd. 1*5 3 174 D) — 

Property Fd 145 4 1531 +01 — 

i JiiuFund - . .1215 1279j-01 — 

Vanbrugh Pensions Limited 

41-43 Maddox SL, Ldn. H'lR 9LA 0I-4PS JtC3 


.. - Hill Samuel Invest. Mgmt. Intnl n Mulc.uncr sirwb si Kelivr Jcrv- 

■■ - PO. Box 83. Jersey. 0534 27MI r I b Fund . .. XI SWK 105551-5 +01 730 

_ HS Chan not 13 F. ,|U80 1262] ... I 3 SO T «- ... r-„ 

Box 2022. Br-rn. SwiLzcrljnA Telex 33425 United States Tst. Inti. Adi. Co. 

_ H.S. Oversea* Frtlll'SUU Ufl| . — 11 Bur Aldrtnger, l.membeurfi 

— £.S F. F AlAccnm. 5>F1 • . -- 1 S Tsl.ln- Fnd fitOJfl ; | 0 9* 

_ Crossbow-FAiAec.i 1SF3.B0 3 89)-01D — \’ct assets N-jr. 21. 

... — international Pacific Inv. Mngt. Ltd. S ' - \ Va , an; * Co - L{d - , 

iyi r. j _ ■ .1 — i — — c — — ,. , j a., i vSt • ,rr-4vuii Sf i-wl EC J n,. 

KA3 S « Sy< 3 l Xfli A ” '' n ’- «*A Nnv 23 _ I SL'5929 1-0.9 

0I-4S94SC3 JavebDEqum Trt..|SA2.Z3 254] .. ) — Knc. Lni .'-A. =3. } Sl‘517.21 . 


•'nv Rd. Nnv 23 _ 
Km*. Lnl .Nnv. 23. 
Gr SL 5P-J fict .’■! 


Ki»n W )5 . -'nv RA Nov 23 _ »l'S929 -0.061 - 

J jvtIUi Equ It]- TaL. |SA2.23 2JJ4| .. | — Kne. lnl .Nov.23. $L‘S17.21 - 

— JD.T. Managers (Jersey) Ltd. Gr ?l 'f-j cict .-■! SOS7.1D 

*1™* KKW&S-afl? JSI:. °- T 

A* at Oct 31. Next jiih. day Nnv. 30 Warburg Invest. Mngt. Jrsy. Ltd. 


— Jardine Fleming & Co. Ltd. 


. . — 41-43 MaddozBL. Ldn. W1R SLA 01-489 JSC 

+D.M — Managud 1999 IKZT+OI — 

-14 — Equlnr. 1051 1107+4)2 — 

. -J — Fixed Interest 579 10311+0 2 — 

...•4 — • Property. .. -1X00 4 1057] — 


46Ui Floor. Can nought fmLre. Hrwifi Kong 


CornhJII insurance Co. Lfd. 

32. Cornlijn, E.CJV . 0 

Can KehiNoc.i*— Q22 — I- 


Cap KehiNoc.il)— p22 — | j — - 

»Jd- 


fredit ft Cennnrrce Insurance 


,V’b! rah. day Pro. I. _ __ _ , 

... . „ . , ; Reliance Mutual 

Life AHur. fo of Pennsylvania T unbr)dp*WHir Kent. r« 

S£s^?.:&r*xm “iT^ 5 * # 1 - ; 

Lloyds Bk. Cflit Tst. Mngrs. Ud. +**** ASMt 


FxA lm Fund. .-1967 10L9| .. ..J — • Property. .. „ ,]UW4 105 7) ,.„l — 

Prudential Pensions Limited 4- Guaranteed sea -Ins. Base Rates' table 

Legal ft General Prop. Fd. Mgrs. UA ^bon. a vl Et'lN WH 0i-Hi5FZ= Welfare Insnrance Ca LUL¥ 

ll.OunwV.cion.iSt BC4X4TP OHgffll BPw'j.-lu’i’ffiii iK3 ' " - Eacier KM2-52155 

LftGPrpFd NV.-.7J98.7 ^103 » 1- RW'm » .^SiSSJ p,U^T UM-iit 

Reliance Mutual Maachmer Group 

TunbridfeHriii. Kent r 882 22=71 Windsor Life Assur. Cn. Ltd. 


Jardine Etta. Trt - 
Jordlaej pn.Fd *. . 
Jardine SE..A. . . 
Jardine Flem Int-. 
Inti Pne Soc* -Inci 
Do.'Aceomi . . . 


HKS37B5* 
H 1041021 
SDS27J7 
HK51L73 
HKS14 19 
HK514 33 


Accom i . . .| HK5I4 33 I .. 
SA\ No+ 14 *FqulVBlen1 SL'SBS 
Ncsil sub. Nor 30. 


l.i.'hannjtCruev Sl llt-her. Jin Cl 0&tTJ74I 

. “JFI.r.1. Hct =6 nfl*57 MW. 

■ JtTUrtrtel.aa .£14.62 15 00 .... — 

Mef.iKTM Nir.,26 £1273 13 0< . , — 

TMTN'nv.e . SI F196 1921 . — 

TMTUd No* 9. .K987 10 13] ... — 

World Wide Growth Management^ 
ldn. Boulevard Rt-y.il. Luxembours. 
Hurldtti.le I'.ih Kill 5>'Si«57 J-001) — 


1 so, Refivfii St, Lonrinn <81 R 5FE. oi-43S7f«l. 71. Lombard Sfc. ECS. 


CkCMned-Fd. 


U3.0) +L« - Eat mipt 


1 r a Rothschild Asset Management 71 0 74 

* n8r5 0t«fWI PI«»6JS6 fSSfrttedShbr 

in, Ai m M-Prop. . .. -R20* 13»?l ..) - RM Aiwi Pi*n^ £2*12 

102.4, .....4 7.93 2v art hub. day December 2U. Flea. Inv. Growths 1015 106.' 


|l jlcineymucr ru.. . I ‘‘J} / l +□ :| — VATrc 

1 1 ■ .For other I und*. pi tune rricr w The Leaden & . AU1M 

Maachcsier Group 

£88222=71 Windsor Life Assur. Ca Ltd. Pnca.* do not include % premium, exerpt nhrre unllLaitd i. and ant in pence unleu otherwise 

I - J — Pnr.l Albert Ww Chn-c, il’i«iu.+ mu 'wfjeatcd > leWs ishown in last column l ajlnw for all hvymp expetivet. ■ rtKered pnra. 
■a Royal Albert H»e .silMbt.HtntUOl- _ w344 include all exp+nk+s b Ta-dny'* pncn> c Yield ba+e-3 on Mior reicc d Euimaied. e To-day i 


"° r . include all evp^nb«s. b pric^ c ViH<t bB»o4 »n ^inr price d K«umaTed. r To-d * 

a. i — opening pni-i-. h Distribution free p( l’. K. thici- p Periodic premium Insurant-? plan* s Siattle 

} | — premium im-uruniv. t i>ftcr>.-<l price Include* all i.-ijwiirt-- ecrop) nctni'.- conunjwon. 


-lUr 


r Ottered pnre includoa all expunsur if bought :hrni';3i msna.’er». r Pre- i-h,? dav'y pnr<. 
* .Vet of loa on realised capital rains imJes* indirmcri (i; ft 1 Gucmsev fzon. 3 Stispc-ndciL 
i lidd beiorc Jersey too. t t.-.-jubuivi+i-jn. 


I 



38 _ 


1 INDUSTRIAL AMD COMMERCIAL 
CONSTRUCTION 



Henry Boo! Construction Limi'etf 


I London Ot 373 8494 Shell >elci 0246 410111 


BRITISH FUNDS 


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: Financial Times MoivIay ^T(y?emb^ ^ i^ 

FOOt ), ®6CE8IES^i^fe ; 


FT SHARE INFORMATION SERVICE 


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S2 70 
$2.10 
S22C 

94c 
40e 
SI lb 
SI QO 
52 

51 .00 

52 10 
SIM 
51.50 
51.90 


5125 
SI 84 
S3 40 

51 10 

suo 

SLM 

53.60 
SI. 80 

52.60 

51.60 

52 20 

so.ba 

$11 52 

53.00 
95c 

52.00 
S2Q8 
5120 

76c 

51.16 

51.20 

15c 

51.00 

8S-: 

51 06 


SI B0 
BOc 
SI .32 
5180 
52.20 
10*, 


52.00 
SUO 

51.00 

52.00 
51 nO 
51.40 
52.00 

7*>c 

s3fic 


0 

1 

3 

5 

3 

2 

301 


HUCL 

Mar. 


4 71 


3.2! 


3 8] 
41 

m 

5.1 

a 


S.E. List Pr emium 35 Vc ibued on l'SSI.8395 per £ 
Conversion (actor 0.7361 i0.7185i 


CANADIANS 


Mas j d. 

F.Mv.Au N. 
-AJy.uJa 
May Nor 
Oil. 

F YtyAuN 
July Jan 
July Jan. 
J ApJy.O. 
Ap Jy OJa. 
K My.AuN. 
Apr Ocl 
J an July 
MrJeSD. 
Jan As JO. 
FJWj-Au.N. 
Mr. Je.S D 
June Dec. 


Bk Montreal Si . 

14*, td 

3010 

31 12 


H 

8k. Vina Scot 

12', 

2 It 

51.04 



* ■< 

3eI[l'abadaS?5 .. 

375, 

?'< 

54.56 


5.6 

Brnt VallviK 

13*49) 

ITU 

h5i- 


0; 

ErascanM .. - .. 

938n 

?9‘ 

51.0 



4 5 

Can lrapBk.S2 ... 

17 «, 

.■9' 

SIM 


if. 

Cjn.fatifrcSS .. 

14?. 

28 b 

V7r 



*; 

De4rcDeC.£100. 

30*-«J 

DU 

4% 



131 

jilt i'll ' an -t. 

20*.-«) 

1711 

51 14 


:>6 

Ranker Sid Can [i 

46&p 

1411 

40c 



41 

ituilingerSS 

24 

78 i 

S37 06 


4(1 

lludfon’s Ba> i .. 

Dl, 

25.‘ 

69,- 



2: 

RudROilG S2*j 

271, 

766 

SI Ml 



.?f 

Impenal OiB' . _ 

141, 

281 

SLOO 



3 3 

lure 

lQHm 

-11 

40c 



1.4 

Ini. Nat Gas 51. 

669p 


80c 



57 

Massey Fere il _ 

664p 

1177 




— 

Pacific P« SI ... 

36 

IS 

51 14 


15 

Plai-pCvSI 

105 p 

_ 





3io \lnom 

20 

610 

51.50 



7 5 

Hoyal Rkian. 52 .. 

21*j rfl 

251(1 

51.80 



3.< 

><ag7amCo '751 . 

19 

142 

5117 



10 

r«[ [hm Bk. SI . . 

127, 

2 1C 

9 be 



35 

Tram' Can Tip* 

105* 

766] 

103c 

— 

4.6 


June Dec! 

MJe.S.D. 

SeDcMrJu 
F.My.AuN 
J.ApJy o 

S.E. Liu Premium 13 Y7 i based on S22S36 per £i 


BANKS & HP— Continued CHEMICALS, PLASTICS-Cont. 


Drildeods 

Paid 


Slock 


Price 


Ua 

< 


l«v 

vk 


I 

jraiiir's P/E 


Jan Sepl 
■Sept 

Uci Apr 


Dec. June] DoWO-ffl 
June Ded l‘0.lf>V t '2J-B8 


■Ian. July 
June DeT 
Jan July 
A UR. Mar 
May Nm. 
Jan July 
Nm. June 
Jan Auk 
J une 

Sept. Mar 


J A Jy. U 
'Cm. March 


llair-in Fm 3)p 

Me^utybecj 

[Midland il. . 


Mmatcr.\r.s<*s . 
N at .Pk. AnsLS A I 
NU-Conulrp..... 

NaLtt\yUI 

Sihivdrr'£l .. 
ISeccwnbeJJi.Tl 
Smith Si .Aub 
SiamidChirUl 
[Trade Dm Si 30. 
I’nion f'isri J . 
I DT 

|Well» Fargo S5 . 
KinmNiOp, .. 


43 

71 

rll? 

11 

10 8 

212 

24 7 

379 

- 

5.0 

345 

70 

t!4 97 

4.3 

6.5 

£80 rd 

1>I! 


21.1 

19.4 

laite 

U.U 

QU Wo 

2U 

cli-* 

59«d 

mi 

M3 8 

25 

91 

293 

Hi 

VDv 


4 9 

72 

155 

t? 67 

4.6 

5.5 

266 


Til 66 

42 

6.5 

400 

IB! 

11.72 

— 

4 4 

200 

Kl' 

in 5* 

— 

104 

82 

JO 1C 

5.09 

— 

9.3 

410 

10.7] 

19 64 

34 

7.2 

S104, 

315 

31 5 
74 7 

05 5c 
hl6 0S 

32 

5.1 

7.6 

36 

K74 

— 

— 

■— 

£19*4 


S1.40 

— 

41 

68 

21B 

5 08 

— 

68{ 


1L4 


3.8 


Hire Purchase, etc. 


Feb. Aug 
Ma> 


Aua. Jan 
Feb Junei 


Mar. 

Scpi 


.Apr. *.> 01 . 


katilc 5 Hd-w. ;opj 
li.'if-Bcre FrJOO 
i (edit Data ifrp . 
uMiiScwaip 
lad ScoL Fin. lOp 
j Voorjaie Mem. I Op 
Prot Financ'iaL. 
[Stria ' r^dll lOp 
SlurlaHIdgv (Op 
'U'agon Finance . 


35 

C71'j 

si* 

40 

12 

90 

24 

111. 

40 



201 


23\ 


ia” 


6.8 9.3 
B0 4.4 
- 9.2 

a: 8.0 
6.0 106 

78 42 


BEERS, WINES AND SPIRITS 


Sept Mar 
Feb. Sept 
Jan. July 


Allied Breu>.X. 
.Anal PbtFrlbp 
Bais'.'har’gton. 
Dec. JunejBell Arthur 50p . 

Belh tf.w Biewm 
Bflddingt«is.... 
Border £fre» -- < . 
Broun i Mat then 
Bncklcysfcrea. 


Ma> 

/an 

Aor. 

Jan 


Dec 

Julv 

Feb 

Julv 


April AudBnJmertf P i. 


August 
Feb. Aug 
Apr Oct 
Feb Ocl 1 


Kw. 

Aug. 

Aug. 

Aug. 

Jan. 

.May 

Aug. 


Julv 

Fcli 

Feb. 

Feb. 

July 

Ocl 

Feb 




April Nov 
'une Jan. 


Jan 

May 

Oct 

.Mar. 

Jan. 

Jan. 

Dec. 


June] 

Aug 

Apr. 

•)«“& 

June] 

Jul 


BurlcHiKOftJ _ 
IfityLon-Dct. 
'Clark iMaohevei 
Distillers 50p . 
CordumLilOp 
GnufihBrai.aTJ 

ICreenalJ WhiUej- 
{/JtwoeSnjg . . 
IC-uinnaj . . 

HiKbr.tni9.3lp 

invent ordao ... 

Irish IHailJers... 
Macallan. Glen^ 

[norland £i 

Sandwnan 

[Scott It Neu-aOp. 
Tmaairn . . .. 
Vajv_ . . ._ 

! tV7:ilbmiJ-.t . . 

Web Dudlry _ 
A’nung Bre« VaOp[ 


85 

27 

162 

24T 

42 

88 

76 

110 

48 

137 

168 

59 
150 
201 

22 

50 

119 

287 

149 

144 

145 
IBS 
390 
540 

60 
621; 

121 

113 

IQlef 

212 

160 


JAW l« 59 


7B| 
3fli 
30.10 
374 
17.4] 
15 il 

d 

24 

24 7! 
]£ 10 


18.* 5 70 


218l 

376 

116 

305 

34.7 

266 

30.10 

2L8 

2A6 

lUOl 

3fli 

30J0] 

1 

UJJ 


0.76 
(4 91 
4.95 
20 42 
t* 91 
13SS 
t3 98 
1.83 
6.70 
3 45 
2 79 


73 


2.84 
t2.66 
7 37 
(7 13 
3.22 
126 
t3.55 
5.14 
14.41 
234 
3.46 
13.05 
t4.08 
M0 
15 83 
13.23 


2 . 1 } 8 . 0110.1 


HI 


33 4.610.0 
4.8| 3 0 96! 
15 - 
5.0 12.1 


2.5 
20 
2.4 

25 
20 
49 

1.6 

26 
30 


4.1 

24 

391 
5 fl| 
2.5 

♦ , 
20 
22 
2W 
2.4] 

3.2 

35 


42 


[33.0 1 Jan Juty 

Feb. Aug. Bnwb'^i»P- 
OcL Apr. Burinn Gm aOp 
OcL Apr. Im'A'NTaOp 

Ma> - Nov. Ci«U)rs'A - 3)p. 

7. 1 1 10.6 {June Dec. Cask«/&>10p 
5.4|lL8[»W. Apr. Church. . 

Nov. July Comb Ene IJ jp 


5. W 10.1 


73 i&3ipan 


3.1l 10.0 
7 W13 0 


Ifl 


9.2 


8.5 
33112 


Kitten* 

Paid 


Seek 


Pec. May 
June Dec 
Apr. Nov. 
Feb. Aug 
Feb. Aug 
July Nov.| 
Jan July 
Nhv. Mar. 


HceciiMDMS. . 
fuFui^iTm lx . 
pmti i "hem £.1 

DrtRiKfl - - 

Jim. Painl. 
UPflrielnds Sip. 
Lei^hlnlsap . . 
Norsk riKrari.. 


Apr. Sept 
May Nov. 


July 

Kei>. 

Feb 

May 

Apr. 

Nov. 

Apr. 


Nov. 

Nov. 

Nov. 

Oct 


May 

OcL 


Feb. JuMPlyJU JOp— - 
' .Wm 10p 


Rinsom 
Rortciii lOp — 
[Rncrrev 
[iict Aj.Ind.fl 
SIe*art Pla.'dic^.. 
tTtoa; Bards ivp J 


Oct (WanileiBerildp 


[WcWcnheliw 

Ytirt'Chem 


Price 


L» 

n 


Diridendl 
. Paid 


Stork 


490 

£126 

364 

45 

80 

187 

318 

£24i 2 

106 

285 

68i: 

61 

183 

182 

22 

32 

130«r 

82 


CitjSsIpR 

6771 Q12°s| LO] fR3[3LB|Feb. _JiUl<^gaii«Pgfc-.ap. 


ENGINEERING— Continaed 

[ru 

Price j -*c 


CfT 


Icftinv 


2U.6 010°. 
129 tlb.77 
126 355 
1 26 1232 
710 1687 
266 t4 43 


30101 


- fM 


# 13 - 


Dec.-June 
May Nov, 


Nov. MavtaaiWniSnns 


Q12*H 1-^ “ 0 


26i al 40 
It 314 
1610 11.63 
129 h3.39 
4.5 1218 
12? 313 
49 tfl 69 
2.8 +1.J9 
Ih39i th3 97| 
2.8)1484 


! 20 
L6 
3.6 
8.3 
99 
26 
47 
6.0 
4.6 
8.8 


May Dec- 
Feb. OcL| 
Mar. Sept, 
Jan. July 
Aug. Feb-] 
June Dec. 
Apr. Sept] 
May Dec 
Apr. Sept 


BexilontlOp — 
Sevan tDFjaiL.-, 
BirinidQuakast. 
Sicnghm Mhst_ 
[B ham Pallet lOp 
Blarim.-’dHcdfe. 
BfHL*er Ecg £0p, 

, Boult ra Wm llftL 
rarahaoMilllfti 


OcLrerailh«wie£l., 


Mey 


tBrasrty lOp — 


95 


DRAPERY AND STORES 


Mar 

Apr. 

^an. 

Jan 


Aug. AlliW Retail Wp 
Oct .\niierDa>Mi|p 
.Turte Aquasruhiraap.. 
June Dcl'A’tp . 


June Jan. Amhotrorrk lOp 
ySr?. lm 


Aug. Feb Baber'- 

Jan.- Julv Babcr^riortsl-lp 

June Sept Beattie i J' "A - .. 
Mas - Pen U1L- 10p 
— BtomAfon.2)f 
Feb SeptBconLuanKOap 
[Jan. June Botton T«t iip 
Dev. MaylBreffirwr 


.lulyjc< 9 >c Sporx sp _ 
— Cornell Hres? Tip 
May \ov|i~ nmt" .V 


9.9 June Sept. 


Duly 
part. 
7.7 Jun. 


20 -OL 

4.0 4> 
5.a 9.9 
BJ 65 
3.8 15.0 
5.4 11.6 
5.« 6.6, 
41 125 

3.0 14.1 


BUILDING INDUSTRY. TIMBER 
AND ROADS 


June Nov 
Jan. Ju) 
Feb. Oct 
Feb. Oct 
Feb. AugJ 
February 
May Dec 
Jan Aug. 
May Dec 
Feb. Aug 


May 

Mar. 

Aug. 

Ocl. 

Apr 


Oct 

Aug 

OtH.I 


May] 

Nov 


1.9) Oct. Mas 


May 

Jan. 

Dec. 

Aug. 

Oct 

Jan. 

No». 

Jan. 

June 

May 

Hay 

Vov. 


Nov 

Julyi 


.May| 

Jan 


Apr. 


JunelC. RrOev-A 10 p 


July 

July 

Jan 

Nov 


OctlCotnben Gp lOp 


July 


Sept. Apr 
May Oct 
Oct. April] 
May 
Apr 
April 
Noi 


'ftJain R. . 
Cnontiy.'ide5p. 
CtW.'ley Bldg . - 
Ca-uch-D -20p. 
OctlCrouchGatup . 
- WslasRobl.M 
D'vntingG H.aOp 
Eritb 


Oct 

MCL 


May 


Dec. JuaejF PA Cond n 


De*.-. June] 
Jan. July 
Jan. July 
Nor. 


BANKS AND HIRE PURCHASE 


Dividends 

Paid 


Stock 


Price 


Last 

d 


Die 

\d 


Vld 
rvr Gt sl P/E 


•J 

:.m 

l.M 

ovO 


sm j 

i."»M 
L'-M 2l/D 
:u Mr <it y 

::r.!> a 

! I ; JU 
111 1 1 j 

ill IU 
u-l .Ir 7 1 r« 
■i i "I r "l)S| 
lilMr'OS 
■^5K SI A 


LOANS 

Public Board and Ind. 

Ill Vim Mt Jjk j»«. .. 

3ID ill£ltl‘j!;p. SM4 _ 
lejTlci u>.r 3p: B 
:tlD|; SM'. irpv I9C . . 

U 1 D|K> »ii Snui ft arrants 

Financial 

narim up. uw; 

li. - ! i*i itpcs 


59>a 161 8.73 

8041 13 11)13.13 
27 J, L8{U.07 

117«J Dll} 7.69 
87i;vil 13JlllO 29 


32.30 
13 55 
12 82 


1330 


r-. , i4j>c oj . 

[1 KCJUpi- [Sfb (0« 

Li^ 5, ;-Db. 2! ■« ... 
[». 10i;(v InsLn 86. 
Dc llr-' I' d- Ln 68 
Dr. 'Mmcr niLiLW. 
f>.< 'N.prvDeb ■89-50... 
Pe 7 : <fr ADb 9I W.._ 
r-iPpc-.v ’9'.W _ .. 

[iv'i ITiJvIji -K-ST .. 


lOOt 

10ZK 

KWUjd 

72m 

Ws 

92lj 

9fl'a 

64 

61 

7ZI; 

70 


306 

1101 

aui 


7 a 7.03 
16J0I 668 


30J 

305) 

305 

126 

7( 

78 

107| 


1294 
1394 
13 78 


1186 

1243 

13.10 

11 35 
1217 

12 72 
1319 


12.67 
12.60 
13 55 
1250 
1310 

12 31 
1313 
1352 
1290 

13 45 
13 50 
13.40 


FOREIGN BONDS & RAILS 


Jal.Tist 

Due 


Stock 


Price 

C 


) Last I Div *> 
I vi Gross 


Bed 

Yield 




Anl'/aejir.-iRIr „ 

23*- 

en 



31 1.1 

D» a?. fYri 

39d 

LUl 

i*-p 

1 ‘ (.r 

1 hibran ,*Jned 

98 

5 7 


:> ii> 

'jcrarjn 1 nu’ 4*;pc 

411 

16 

4*.- 

1 m : : 

■i.-w-S .be As» . . 

50 

111 

3*2 

’1 1 A 


49 

in 

b 

1.1 lil 

P> •■**«: Miwd *.» . 

40 

57 

4 


tt 10 


77 20 

7624 

7513 


Jan July 
Apr Julv 
-May Aug. 
Oct Apr 
Dec. June] 
Dec. June! 
July Jan 


Mar 
May 
Aug. 
Jan. 
Nov 
A J 


Jic-pt 
Au 
Fe 
July 
May 
o Ja] 


A prow 
Jan July 
Jan July] 
Mac Nor 
Feb. Sept 
May 
March 
July Ocl. 
May 

Jan. Apr 


Allen llarrev £1 
;Allird In»h. , 
Art-uthni* L £1 
Bk Ireland £1 
Dg lOpcCoav 
Bk Leu mi I£1 . 
Bk. Leu mi < ITv d I 
|Bk N.S.W SA2 
BaiikScolland£] 
Bankers NY510 
'Baie(ays£l .. _ 
BnwiShipieyfl 
'.'ater Ryder LI 
|OuePi? al20p 
iCom'l \to.i5Al- 
L'ttB'aUWIIdf 
|rhgnHbk.KrI0O 
MnnUiian 10p 


June Dei 
May ,\cn 
Mar Aug 
June 

Ni'« April 
April Oct 1 
Dec. July 
Dec July] 


Sepl. 

June 

Jan 

Keh 

June 

May 

Aug. 


Mar. 


Aug, 

Dee. 

Nov 

Apr 


ANZ1AI 
\l-?\anden D il 


Daves 'G.H. 
DearTbcPaitOiDO 
F C Finance 
First.Val. 10p. 
Do IVrru 15-83. 
Fra.ver .Xns lOp 
iernird Natnl . 
(Gibbs :A.> 
IGilieUBro: £! . 

oodc Dl lln.jp 
[GrindJais 
[Guicnets Peal 
Hambrur . 

Hili Samuel . 
De Warrants . 
Hn n g<hni3250 
Jeiael Tu.vnbee 
June|Ji>*|’.h'LtW)£I 
keyirr Vllnanh 
Kmc 4- Shax JOr 
Kleinv.ort St L 
'Lloyd: £ I . . . 


298 12< 

420c 

4> 

«2 

240 10.- 

14 55 


9.1 

£323 28 ■ 

/Vi*'.- - ' 

25 

4.S 

320 4 ' 

thl4 4< 


9.) 

204 xd Dll 

H8 0 



5.‘ 

146 2b 1 

10.il 

_ 

1UI 

392 al 111 

:q2L94 

— 

56 

£181 2li 

ylfl% 



f5b 

13 65 

Q16S. 


il 

170 7.! 

7.47 

15 

66 

505 126 

Q32c 

« 

> 1 

278 2.11 

ill 05 

36 

5‘ 

623’, ill 

VS3.0C 



6.: 

347 71 

U3.28 

57 

5 1 

236 126 

t?.41 


bi 

255«a lili 

thl7 17 


10C 

76 felt 

14 85 



9 6 

190 fell 

Qlbc 

2* 

5.2 

U6's F77 

JJuArt 



J.C 

£164. 7 j 

012S 



69 

28 ill 

ton 

73 

55 

£207* -T< 

t/*87‘» 


>1 

d me 



__ 



£115 - 

Q18% 



2d 

70 1610 

t20J 

26 

43 

6 574 

— 

— 

— 

12 ?7b 

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180 3010 




7.fc 

43 21C 

223 

_ 

7 7 

215 7 1 

D 41 

— 

10.7 

19 17* 

0.13 



10 

122 :li 

2/9 

71 

3.4 

D4 16-? 

h5.D 


66 

158 24 7 

+9 76 



95 

84nl HU 

14 47 

__ 

4IJ 

187 - 






237 »<; 

hysoc 



7? 

62 30U 

th3J2 



B.fi 

D5 10.7 

8/4 


8.4 

47 105 

067 



2.1 

60 155 

344 


8/ 

89 M0 

ta.iB 



711 

262 

riJ.D] 

4ft 

5 3 


87, 


15. 

4 

71 


5.4 


671 


13« 


4 3[ 


59 


FINANCIAL TIMES 


BRACKEN HOUSE. ID. CANNON STREET. LONDON EC4P 4BY 
Teles: Eriitoria! 886341/2. 883897. Advertisements: 885033. Telegrams: Finaotimo. Ixmdon PS-1. 

Telephone: 01248 8000. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


KOITl'KiAL OFFICES 


1 hi . 


! r )■ 


l.m. (••i Rr.v fJJtS 
1-171 Tel J^tl .iflS 


.\tu.'ii-rtiam-C. 


UnnihcMn- Ou«-cn‘> l|.«u.>o mucen SI reek 

Tflci ««8I3 TW 1^61-834 SUM 


T..|. 


R.mJ. 


(-Iikiii i.:«.-*iric llnu-^. i.w-riu' 

, .r.ttiliu Tvl 021-454 «*22 
1 i':in l-n- ^iius II |iH.H.>u»jlliif I IU. 

I i-li i .-«T?54^ Tfl. 2160551 
Itru» -c)'- :ffl hiif Lniralv 

Tci,-\ 2rc«t r-i .sir-sum 

X - urn I'M l'n\ -i>40. 

t.-i Kier-m 

Imlilm rt biinviilium Square. 

I.*li>‘ .Ml 4 Tfl 78 SCI 
l.<1iuhiircli :i7 tii-iirue SirveT 
O liv. 72-W Td (111-220 4120 
I rmiJuri >m Sj«.h*.cr lager I.l. 

Ti-l.-v j;«2;k Tel 5557.iv) 
J.-lijnnv^bur: P-> Una 2128 
iV-lf' M-02i7 Til K1B-7545 
l.i-.ii»M I'rnca ria Alcgna SK-II 
T.-t.-. I2"4t:t Ti l. 

Jl.nin'1 y -prwK-fda .i2. Madrid 1 
44 1 h-TT” 


Li si <on 2 


Musl-uu* Sadm o-Samuiii'hr.a'a 72-24. Apt. 13. 

Telex TSOI) Tel 1XK1 2748 
N.-u, York 75 Rock.'f oiler Pima. N Y. HkilS. 

To lei SSWO Tel -a 12- 541 «B5 

Vans. 36 Roe du Sender. 75002. 

Telex 22U0+* Tel 23657.43 
|liO de Jam.-iro Avon id J Pn» Vargas 418 10. 

Tel 253 4848 

Rutin*' X ia dcll.i Mcrcede 55. 

Telex 610032 Tel STB 3314 
Stf’khulni: c o Svcnska Dagbladot, Rajlnmn-vncer. 

Telex 17003 Tel. 50 60 88 
T-linvn. PH. Box 11-1879. 

Telex 2I.KMI Tel- 682693 
T’-kyo sth FIiHir. Nihrm Keuai Shimnim 
Ruilding. I-^.T Olcrwchi. t'h«yt»da-ku. 

Telex J 27104 Tel. 24L 2920 
it o>htngtun 2nd Fluor. 1325 E. Street, 

\ W . Wanhmgtnn DC SSKXrt 
Tele 1 440340 Tel i2021 347 8676 


ADVERTISEMENT OFFICES 


i.’mn't.gli.KR H«iM*e ircurce Head. 

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>'ili;iliii r -. l li .17 i a evrce sirvi-i. 

I .-if . T-J4^t Tel. 031-226 41'.W 
Fr.iiiklurt. In- Snchr*-*) laser 13. 

T. ItCiS Tel 554#WT 
L 1 '-'*" I'-.-ntsmenl Ihe Meadrv-w. 


, I. 05.72 


Mutchciler V«ecti - . Ilou-e Wucen Street 
r.-lt-i 6BC8I3 Til. 081-834 B3R1 
iw,. York- 75 Rockefeller Plata. N V. BID 1 9 
Telex 2:tR409 Tel- .212' 489 MOO 
I-jri* M Rue du Sen l if. 73002. 

IV-ie- 23«H4 Tel. 2368607 
T.'kvii Ka^ahaTS Building. l-O-IO I'chikanda. 
I'hivoda-ku. Telex J 27HM Tvl: 295 4050 


iiversi-a* uilvertisoineni re prison tali vea in 
tenfra! and South America .-X/nt-a th, .Middle Ka-4 Ana and the Far Fast. 
F'-r lurther details, pi . -n.se ennLacI 

Overseas Advert isenienl Pepartmont. 

Financial Time?. Braekc-n House. 10. Cunnon Street, London EC4F 4B^ 


SCBSCKTPTIONS 

Cep.er nhimnnblc frnu neiisacenl- an.l hnnV'7,ills vvurldviiilc or 'vn cgular mhiirii'lii'n frem 
Sill-men pi inr. li.-p.iix mi ill. Finai.rval 7 mi.-' I.nndun 


Octooer 
Jan. Julv 
Apr Oct. 
May 

July Feb 


Julv 

Feb 

Mar 

Feb 

Jan. 


FaircleugbOMi 
Feb.InU lOp. 
.DoAJOp... 
May(F-xl Laodl Bid 
Fuifcn'Johu'lCp- 
Francis Pkr. 10p 
FK2C>-GS.10t. 
French Kier.... 
GailiTord8r.jp 
Cibb.iD'oy a lOp 
Giennc'VJ.IDp 
GI.rM.pW *J . 
Ggh roper 20p 
tf.AT.Grp Wp- 
Helicai Bar -. 
Hend'm -,V 10p 


net 

kept 

Sep: 

July 


Jan. 

Jan. 

Mar 

Apr. 

Nov. 

Apr. 

Jan. 


July 

Julv 

Septi 

Dec. 

May 

Oct 

July 


Feb. 

July 

May. 

Dec. 


Aug 

Dec 

Nnv 

July 


Jan. Aug 
May Nov 
Aug. Dee 


Apr 
Oct 
Yen. 
Jan. 
Jan. 
Jan. 
Jan 
Aug. 
Apr 
Nov . 
Fob. 
Ian 
June 
Ian. 
vt 
July 


[Aberdeen I’ucst 
Ahenhas'.'em. 
Allied Plant Up 
lArmitaxeSbnk .1 
3FB Lad-r. iOp 
iRageendge Brk. 
Baile-, Ben iOp 
BarntjetutT-;.. 
Barrati Dev. IOp 
Beech KOOd IOp 

Benkn 30p. 

Benford St. IOp. 
[Bett Bros 3)p. . 
BlockJeys20p. . 
Blue Circle- 1„ 
Blundell Pena 
Breeden Lime 
|EnL Dredging 
Brown JVxn. 20p] 
Browntee .. 
Bn-£ntHWei._ 
BursdiliH.. 

Burt Boulton £1 


Caltntr-GXfMp 
Carr .John. 
t7armn 
veaenrRredHone 


Jan. JundHt-v-denSl 10p 
Jan. Julv’ " 


Do TpcCoor . 
Heyxd Wm.30p 
Dec. JundHiggiSHilL 


HoveiiDghoii) .. . 
Do Res. Vtg . 
Howard Shut IOp 

ID.C.lOp 

IbstockJohnser 

ilnt Timber 

B. Holdicpiup. 
'.C£ G. . . 

April SeptUanis-J... — 


Apr. SepLUen nmgsS.45.5fi.. 


Jnhnsoo-P-Khaids 
Jones Ed»d. IOp 
Kenl'MJ».»l0p ._ 
LatargcSAFtOO 


Nov. JuneftringiJobni-A' 


LathaarJ.iEl 
Lawrence i W. i 
LeechiWm.i2Up 


Apr. Sept Ley land Palm 
Lillev F.J.C 


Nov. June Ullev F 
Jan. Ju ly Uxdcm Brick 
Apr. Nov. Lovell' V. J. 

July Nov. McNeill Group. 

Jail. June Maflinoon-Dvnny 
.Vov. June yJandt-r.-iHWei. 
Dec Apr. Marchwiel 
Aug Mar. Jtarley. - 
Mar. OctSIarihaUi.Hfv 
Feo Aug llavi Havel! 
Mar Aue MearvBm..... 
Jan July Uelrilie O i W 
Feb. SepL McjenMonl L 
Ocl. Feb Mllbury. 

Nov. Miller 'Sian 1 IOp 
Apr. Jliscoocrtu- 
May Mod Engineer 1 

July MowiemiJi. 
June NewanbillJ) 
July N'orwesi RoLi. 
Feb. N«a Brick 30p 
i *ct. Drme Den top. 
July PnrkwTimhcr. . 
Aua. Thoenn Tinker 
Julv Fn<hin& 
Dec.P.JlC 
Oct Redland 
May R ch ds. Wall I')p 
Dec. Roberts Aril ini 
Rohan Group .. 
L'ec. July Rawllnson 10pv 
July Nov. Roy if Group . 
■;««-. May Rnbi-roid.. 

Ian. June Rugby P Cement 

SCB Group 

5 at ii Tin ter lllp. 
)cl . May Sharpe 4 Fisher 
Dee. JunejSmaxt J.'lOp. . 

Southern <.'r<i Sp 
Streeier* l Op 
[Tarmac aOr. 

Taylor B'oodnm 
|Til<>iireCis£l 
Tm-t.lrooW 
Tunnel Bi)p 
'IBM Group 
Veilr. SlonC JOp 
roroplaai . 
'WarrfHidgj. IPu. 
iWamnstoo 
Watts Blake 
|Wtr4hnck Prod- 
IVeUero Fro- 

ftnaGings25p . 
[Wfin'sdTn | 2 ‘jp. 
WlEginsCon. iOp 
llfilstcironcijlly 
IWimptri'Geo . . 


Apr. i)cl 
D ec July 


Ocl. 

Nuv. 

Julv 

July 

May 

Mar 

Feb. 

Feb. 

Aug 

Mar. 

Apr 

iee 

July 

Jnn. 

Jan. 


May 

July 

Nov, 

Hot 

Met 

Oft 

Au* 

Aug 

Feb 

Om 

OclJ 

July 

Kw. 

July 

Juno 


Apr. Sept 
Nov. May 


.tar. 

Ocl 

May 


OCt 

Julv 

Oil 


79 

143 id 
20 
7B 

223 

32 
12 

72 
186 

27 

25 

46 

54 

63 

258 

102 

& 

73 
48 

189 

175 

34* 

S' 

61 

94 

31 

240 

42 

104 

100 

63 

87 

118 

12 

68 

27 

25 

52 

34 
18 
48 

33 
63 
38 

35 
57 
69 
27 
23 
91 
66 

£380 

144 

65 
87 
84 
17 

126 

161 

120 

57*d 

19 
157 

73 
86 
13 
40 

£38?, 

74 
110 

93 

82m 

80 

68 

66 
100 

28*s 

130 

49»J 

ICO 

110 

68 

130 

68 

20 
37 
82 
62 
12 
61 
49 
96 

106 

150 

90 

300 

56 

132 

140 

130 

128 

157 

77 

101a) 

74 

28 

37 

39 

73 

160 

65 

49 

44 

J* 


JJOffiW 
266 1B1 
875 - 
4.1 11.85 , 
10.7tdl.73! 
16.10 13 BS 
4.9 19.4B 
107 12.93 

18.4 15.35 
1L76 - 
13 U ml. 02 
26.6 2Jfl 

».10 2.52 
26i (12.89, 
2J 7 dl0.15 
1311 tl.67 
13 H 134 . 
335 tdfab-42) 
30J0 15.63 

4.4 th3 0 
216 N2.4 
lil +h234 
2l.7Tdl.21 
24 7 4J.19 
1&4 td4.0 

49 JIB 
1811 .13 46 
J5 h5 71 
30 JO 1557 
310 S0.51 
1610 M3.55 


3 8 4.4 

39 72 53 
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11 S.615.2 
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1.4 1U 9.8 
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2 10] 14 68 
13.11 6 86 

10717.74 

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10.7 40 28) 1M 6.9)115 


2.7111.51(3 7i 
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4.4j 57 6.0 IV 
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4.0 9.2 4 2 
3.4 55 8.1 
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17 7.8115 


3610|rdl.79| L8j 9.91 a4 
16.10jtdL7w L«10.^ 7.8, 


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210 3.42 
3.2LB5 
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1610 13.92 
107 556 

m nw 

191 - 
153 14.43, 
3010 1hL09] 
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24.7 4.76 , 

16.10 t3 5 
3010 12.11 

30.10 42.11 
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24 7 d7.73 
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16.10 13.76 
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125 t4.65 . 
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119 


2L8I4.53 
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18.1l-fd4.S7 


146 

410 


280 

165 


280 

70»Mt 

3& 

180 

35 

49 

113 

54 

Bid) 

38 

32 

33 
123 

791s 


13.11 

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16lS 

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26.6 
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18.4 

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15.86 

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14.39 
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1533 
411.65 
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173 

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7ffi772 


2034 
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18 


23 6 7 9.9 


4.6 74 

7.6 3 5 
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3.0 4 < .7.7 

5.1 8.0 37 

4.1 3.6103 
41 3.8 99 
23 8.7 73 
0.7 30 ! 19.1 
3.8 S.£ 6.0 
23 9.1 7.4 

115 2 8 45 


Jan. CTatoirapr IOp 
Julv Dek«nhaii». — 
Nov. Dewbirsl IOp 
Mar. rx-L Dixuns Photo 10p 
3 8)13.9 June Nov EHis&Gnldap 
7.1 7.6 Nov. June Entire Stores 
33012- ~ EiecmexaJp. 

2.3 13.4 Jan. Jaly FairdaleTevLSp 

26] 10.4 Jan. July- Da'.VBp 

Jan. July Fine Art Dec' Sp 
Mav OcL Ford i urtioi IOp 
Mar. SepLFbTTttnsteTlOp. 
Jan. July Foster Bret— 
June Dec. Freemans -Lon 
Apr. Oct Getler'.AJ.'2?p 
{July Feb. CrJdbesj! A _ . 
Dec. June Goodman Br Sp 
Mune Nor. Gratan Ware... 
Mar. Dec. Gt Universal _ 
Mar. Dec. Du VOrd _ 
Aug. .Apr. Gre.ifiUeil5!Qp 
Jan. Oct Raidj-rFurni . _ 

)Jan. Oct Da-.VNY 

Sept. Helene LoalOp 
iJiine Dec Do. LJpcCnv.Prf 
Feb. Oct. Hendw<oo ESip 
May Sm-. HenrictuesA B/p 
l.Tan. June Repwmth'J'iup— 
Apr. iX-l Rome Charm IOp 
Dec. July Roeseol Fraser 
Nm. JunetHmwolleroc. 

JmesiEraetiiOp. 
Knott Mill 10p. 
ftKurJckHlw. 

I Oct. Apr.IjdMsPrideap 
an. July Lev Cooper . 

May Nov. Liberty 

May NVw.Da.Vw VfcOnL 
Sept Apr.LinapftKJOp 
Nov. Apr. MFIFTTcturelOp 

Maple 10p 

|Jan. Jul; Marts 4 Spcnrer 
FeK July Martin News — 

July MeuiesU.i 

Michael •J’.JOp— 
Feb. July Hid. EducaLMp 
Duly Jan. MoUwtare IOp 
Duly Feb. X5S News 10p.. 

"one Dec. 'Tften Owen 

Jan Ju|y Paradise r'B* lDjx 

Apr. OtL Pauj.MiW.Li. 
Dan. Apr. Pwere Sores iOp 
- Mb- feck Mp. 
Feb. Sept. Pteetfr . Allied; 
Apr. (Jet PBUncfflR.fcJ.Sji 
Dec. June RamtirTevt jp 
Mar. SepL Ratjws ll)p .... 
Mar. Oct Rayteck I Dp — 
Dec. July ReadictUan . _ 
July Dec. Reed AusUn ,V_ 
Apr. Sept. RhfimllifcSrlop 

aSSfcjjp 

[ta. ^tNPL IX-js 
[Feb. July SanseftHrA'.. 
Dec. JuLvSeliucourtap — . 

SbermaniSi lOp. 
Feb. July SnirtiW H. A'38p. 
Nov. Stmiec.YG.3p_ 
Apr. Status PisrtHJp. 
Apr. Sleinberg 10r 

July ITne Proas. 10p.. 
July ITS Group — 
June-Dee. UpromE'W — 
Oct. May Vaoloia 30p . — 

M ay Nov W alter -Ja# • 

«- MW Nov Do'X.V .. 

3 June Jan. Wane: IOp — . . 
May. Nov. WarinafcGUIou. 
-fan. June WeanvcJISp . 
Jan. SepL Wharf Mill 10j*J 
Mu>' Nov nTJknraWarbtn- 
AjiT. Oct-|Woolworth 


ao o.7ias irm 

14 7.813.2 lJan - 
U.0 23 5.0 
26 8.7 65 
23 7.4 90 
2.1 8.7 1 62 n 
73 30 71 m 
11 8.9 056- 
35 4.8 9.1 
1.711.6 91 
121 15 as 

43 037. 

6.0 «i- 
60 7.7 

7.0 .83. 

6.0 4.8 
7.2 96 
as 11.9 


7.1 80 


Rrrt. Horae Strs 


4.0 


jlM.6 
1312.3 93 
38 8.3| 4.7 
3.7 8.1 
25 7.1 
* 92 
2.5 10.9 
L4 13.61 

20j 9S 


1.7 


7.2 


83 


95 


62 


4.7 


911 9.8 


33 


65 

15. 


! B4| 

4.91 
5.1 

113 
12.3 
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7.3 4.4 
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5.9 


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2.8 69 7.1 
2.8 8 6 63 
3.1 3.9 12.7 
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3.5 5.6 i5.7i 
39 67 4.2 

1.0 68 203 
0.4 t 710 

2.0 12 4 67 
, 06 71 

55] 6.0 «33i 
9 5 127 
13 7 9 9.8 
1.7] 8 3 10 6 
55 4 8 
9 3 3.7 
4.9 4 4 

7.8 43 

5.8 61 
7 2 <271 
69 7.3 
4.6 8H2 

5 9 4.7 

6 8 7.7 
4.1 6.6 
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6.5 8 6 

7 610.8 
3.3 7.4 
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5.0 7.9 
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5.9 9.4 
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K4.7J 

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9.2 90 
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22|. 


971164 

3 a 10.6 

4 a 9.8 
9.8 78 3 

10 a 49 

5.9 

75 7.9 

31 4.9 
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CHEMICALS, PLASTICS 


Jan. 

July 


Jan 


May 

d«.[ 


Apr. Sepl 
July Nov, 
July Nov 
TlcL Apr 
Nov. July 
Mar. Sept 
Feb. Auc.1 
Jan. Julr| 
an. July 
Jan 
Dec. 

Mar Sept 
Mar. Sept 


July 
July 
Sept. June] 
Ian June 


.1 an, 
Jan 


May 

Feb. Oct, 
JJnn. Aug. 
Jjan Julv 
(Jan. July 
'.m 1 
Aug. i-'cb 


4KZM 

lAfehHTi'liPN 
JunejAIidafsck IOp... 
{Ail'd ’.'Ali'iid lop 
AnchiT'.hcm . . 
Buyer AG. ■•51.30. 
BlaSdrR.NwakiS. 
BrcnU'hcm.- Ifty 
Brit Beczul 19p. 
Bril TarTVd lup 
Burrell 5fi . 
I'.'ori^Cspel HU 
Ma;.K'atalin. . 
JunefObaG'c 7«'. 7 ji 

D*rw.'Bi5I SW 

ICnaJiievVm. . 
R'eaie* Bro> . 

I <0 A .W 
JCofyiHnracvi jp 
|rrodalr.i 10p 
rodalni Iwid. 
'.'rViialaieSp 
[Dlul Evmrd . 
{Edikra Hartley . 
Fpro 1 Feed 
ri*-*:i >1 
Kalfle 1 J > Kip 
:USLli<ih3(i.- 



May 


Jan. 

(Jan. 

Feb. 


140 

40 

140 tc 

129 
38 
22 
19 

196a 

38 

ISO 

167 

40 

37 
164 
108 

53 

11 

106 

169 

15 

85 

74 

130 
26 

163 

42 

*8* 
61 v 

36 

101 

156 

340 

38 
71 
£-2 
92 

306 

302 

44l 2 

35 

34 

23 

205 xc 
78 
26 
69 
204 
136 
60 
149 
" _1 2 


236 


ainjJgl ^ Ml 

210 ri216 
13 U 1L55 


3511 t! 55 
78<10i , 
2Lt hd0.38l 
13Uthl35! 
305 236 
US 1L2 
87fc — 

41 dlJW 
1311 0 .63 
155 3.88 
13J1 t&J6 
21 B 251 
7£ 132 
7.B L52 
189 iid206 
3fllfl hl.08 
4.9l t3.42 
: 10) 1329 
I2£ TbO-lSj' 
876 — 

45 355 
1610 t 4.61 
5 77 ♦— 
1610 15 38 
210 tL5 
218 2.42 
16J0 1L93 
1610 $539 
189 dZl.0 

13.11 118 
1511 138 
305 L86 
ZLB th2.05| 
4.9 h2.83 

30.10 1289 
3010 16 03 
2L8 2XE> 
30^ 14.17 
210 0.83 

16.10 15.64 
16! 8 JO 
120 8J0 
107 1178 

U 0.2 
72 0.2 
7.E 0.68 , 
1311 12%| 

, 24.7 247 
13010 fQ.83 

5! 1 CJ 

U9 n067 
1610 14.84 
3010|dSHJ8 
b5.5 


Apnl 
May Oct 
July Dee 

fe fe 

Feb. Nov 
Nov. MaTi 
July 


Apr. SepLi 
SepL -Mar, 
May Dec. 
Feb. Aug.! 


ganfonUBlp ... 

Bsnrotou& aipl 


JuiyrB ’house Dad lQp 


Bristol Chanaei, 
BriLAl3inianai£l 
British Northrop 
Brit Sean 38»- 
Brockhottse — - 
Bran's CaiJapi., 

Brocx Eng. ICfp , 

'Brooke tooL— 


-May SepuBrotieA’dF SOp. 


119 

33*d 

56 

56 

S) 

22 

52 

127 

86 

56 

44 

21 

35 

107 

56 

48 

6*2 

835 

68 

90 

bSh 

35 

28 

51 

102 


34 


21 


AugJBtoKB k Tause. j'125 


5.1] 


23 


— 1kD.67| 


1hL?6^ 
1thL89| 9.9 


Hlh293 63] 


1h293( 
7.3354 , 

a*? 

301«1ti215 




Broun John £3 ~ 388*1 
■. BuUougbMp.,, 150 
Burgess P 1 WLJ. 52«J 
SutteTfirtriRvy.. 71 
/June Feb! fastedEng life.. 61 

}Jan. June Capper-Xeul IOp 74^X11 
Aug. Carcio ag._ — 75 
Ma; CamriiehtS. IOp.. .74 
July CartinR5 IOp — ^ 48 

Julv fbanriJifap 75 

Apr. Christy Bros - 48 

May cisdiaSmSOp. - 70 
CliOordiChlElf 106 
Aug. Feb. Cofcefl’A'Mp 
Aug. Feb.CorapAir — 

June Dec Concentric IOp.— 

Feb. Sept Com tract alp. 

Oct Apr. Cooper 'Fr< 10n_ 

Mar. Sepl. Cooper tads. Hip. 

Aug. Feb. Cronire Group 

Feb. July Crrora Souse 

June Dec. CnnaraB*7&W _ 

Mar. Sept Dank* Graven no. 

Jan. July Damn' th lm.5p; 

Oct Apr. DrsAc3Iet.*AlDp 

Apr. OcL Davy Cis-p. 

February DelsoolDp 

Man. JuneiDeltaMrtal — {.. 


Feb. July Dennis JB-T0p_ 
r. July]t>eritend50pL_~. 


(Mar. 

(Oct May Desoutler. 

(Dec. July DorotebraeM p. 
September Drake & SctO_«- 
(Dec. May Ductile Steels 334 
(June Dec. Deport — ^_(- 64- 
L Edfarot _ _ . 

Feb. Oct rJlintt.B.i — ;.. 1 150 
Jan. Aug log. CarddotiLri 94 
Jan. Aug Eva Indnauiei^T 94 
May Oct Expaaded Metal,- 
June Fanner |SJP.)^J 

I Mar. Oct Firth (GSDT(h> __- 
Feb. Aug- Fa Ikes Hfcnjvjp 

Dec. June Francis lads. r 

Jan. Jimef£ET!ntnL 


HI 


‘ffllll 


33.7 
4dl33 


62\ 


4.4(20.6 
7.W 3.4 


2J10.4 
4.0105 
3J 175 
65 86 
73 95 
4.E 6.1 
68 (7.8. 

93 216 
67 5.4 
3.2 6.6 
3 6 5B Jan. 
IE 10.9 Jan. 

SiB 


ELECTRICAL AND RADIO 


[June Dev.lAB. Electronic 
Apr. t>ct Allied Initiators 
.lanuary 4«k Rdefily lup 
Nov. May Auto3edSec.l0p 

July Jan. BlCCROu. 

.Apr, Nov. HSR l Op 

July Jan. Bern.- 

OcL Mar Eest 6 May IOp 
lion. Jan&BoothorpeWp— 
Jun Nov. Brocks IOp. _ 
May Nov. Bulgin - A r 5p — 
Apr. Sept CaMtionaw- 
June CampbeD Istiftd 
(I lily Dec. Chloride Grp _ - 
June Dec.ililfordkSoelfSp., 
Aug. Feb. ComrtR Sen . ip -J 
April Nov. ftasSTboniC injur 
{Apr. OcL HrelKn IOp, — . 

- Ho Cyisr.'SlL 
Dec. May Dale Bert. Mp . 
Apr. Dec Decra-, 

Apr. Dec. De 'X ... 

Feb. July Damron l"p. • 
[Sept Apr De»hurrt\\ IOp 
Mav Dec. DordiDSfcM.Sp 
|Oct. Juno Dreamlanil IOp. . 

Jan. July Duhilicrjp 

July Jan EMI Sip. — 
Aug. Feh. Da.e-sa.onv Bl 
Feb. (.kt. □ert’enmps IOp 
EtatriMuclfjrfi. 
Mur. .Aug. Elec. ReotaU IOp 
.Inn. Aug. EnwjySertv. H)p J 
Eoror termini Iopf 
June Nov. Faroell Elec.20p 

Ferranti 30p 

(July Jan Fidd ity Rad. 1 0p 
M fly Nov. Fcnwd Tech 30p 

.Mar Oct G.F.C 

January HichlandEl.aip 
.Oct. Apr. JonesStroral 

(Jan. Jun. Kodelm. - 

Star. 1 >ct Lauren re Scott . 
June OeLLecRrfnc 
(Jun. July WK.aectric.-_. 

MriorotaS3 

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an. July Vow-nun Inrfj. 
Mar. Oct. XewmarkLouk< . 
Duly Jan. Nurmand El. J0p 
Mar. Sept Pertan-Elmerlpv.. 
July Prthnwl tide mp 
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Oct PileoHld* C0p 
Oct Ete‘V30p .. 
Jan. Ptes^eyaOp __ 

Nov. Pressa«- IOp 

Oct ryeindw, . 
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Jan July Reditfiwim - 
Apr. Oct Rot3fKr\(‘LB. KRi 
. May Nov. Srhole* n'.H ' - 
1 July Feh. S-xtyCa Y50 . .. 

October Sound DitfsnSp 
Apr. Nov. TeWurionEp — 
Apr. Nnv, Do’A’N Vap — 
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OcL Thorn Bert 

July l*J.5pr'jv BWIJ 
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July Dec. HavkerSkL^.-. 224a! 
Oct Apr. HiDfcScntai_ 

June Dec. HopfansenejOp.. 

Nov. Mar. HrarardStectB:_ 

May Oet Honden Gronp_. 

Jan. May HaatMoceropSp 

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Aug Mar. JacksnJfcHBap. 
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May Lanei'PwcyHQp 
FeK LcciAJlburiirv 
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Dec. JuneLiwead— — 
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Jah. July LortenDSp 

Jan. July Da 'A’ op 

Mar. Sept LondockSIWd 
Apr. Nor. MJ. Hft Hi ngs_ 

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Jan. June MartaoalrSflp ._ 

June Jan. MeSectaie Brat 

Oct Apr. JfcKittJp. 

Oct Apr HetalraxSpw. 

Jan. July Mkfieudluds.5p. 

September Mhii«SupK)j^ 

Jan. Sept ITitchdtSontlQp 

Nov. July Male OD20p. 

May S«. Molins.— 

July Jan. Hass Engg 64x0. 

Apr. Oct NevwoUL — . 39 

June Nov. NaUjii Hdgs . 89 

May Nor. NewmanTonb, 64 . 

Oct Apr. Northern Eng. — 123*2 
Sept Feb. Norton (W. Kijp 30 
Aug Peglec-Hatt'rsley_ 158 
June PoiterChadSOp. “ 
Apr. Aug Pratt (FI— — ,~ 

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Sept Mar. Priest<Beni 

July Dec. FrooorlT*pc8S-9B 

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July Jan. RRJ>. 

May Nov. R'nsones Sira. LI 753 
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Apr. Oct R'dmoITnaaHJp 

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72 18.7 Mar. Oct SavilleG.ilOpjt. 

64 33 J Nriv. June Senior EugeiOp 
68 67 Feb. AugSertk 

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2.817 6 /an- Aug Sbeepbrfdge 

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7.6 8.2 Aug. Jan. BOOGroap. ( 95*z 

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6.9 4 9 Jan. June Vickers ft 

5.9 64 Apr. Oct VirturftmlucU. 

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2.^117 3.8 Dec. June WaneWririllOp . 

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4.9 517 
225 13.93 

24.7 t552 
211 tl.84 

10.7 1958 
1610 13.87 
1321 4.60 
D.9 t3.43 
M.! tdhl21 
1610 4.45 
189 dL63 
30 tU9 
305 $6.63 
18! £95 
166 2.68 
1UI 14JI 
1321 17.89 
123 434 
ZLt d018 
3020 d952 
3 03 <22.43 

1331 66 
3020 Ht454( 
210 3.89 
DJlin055( 
220 t3.b6 
D21 912.85, 
110 t4.0 
i 1.27 
30.10 4.55 
D.7 t556 
2i.13.03 
17.4 

75 0.97 ^ 
266 14.70 
4.4 121.271 
, 155 739 
3020 L42 
3010 +Z25 
126 11.47 
Hi 4.76 
U21 9.96 
389 hl.69 
266 H7.0 
220 15.95 
189 ,7.72 
HO H66 
a6 14.14 . 
1620 fT2.68f 
266 P+L0 
1630 1152 
Dll 15 28 
24.7 2.43 , 
1ID rtdD 99f 
161 $318 
305 14.67 
266 hO.89 

155 233 
155 dLlS 
210 12.49 
184 bL29 
155 7 48 
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24.7 «K35 
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18 10 9 (AT 6 Dec - JutV Ch^^^lnCp 
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15(14.01 6.9 Mar. Nov. Change Warn 16p, .. l*^ 
March JeCkrCBsUUOp: 26 
“ Apr. Oct ChriSOf-T rtp — BO 
, ni in Nov. May Christies taLlflp 136 

M“IP« Dec. .AugChBbbJto L 23Sd 

H 2 a}} Feb.. June Cfetei&nti 88 

oi * J*** 1 ® -Dec- ColeOtB J 102 

B7 Jb ^ Ote. Cmptn WebbZOp. 174 

8.71 3.9| 41 ContTGip SL- 

\\ Apr. .July Coot SMjdo j tdp. 

T dll 0 . 7 * • fune f’ 4 *- cope Allmao $p. 

43 6S 51 MayCopjttalOpZ. 

4.4| tiBI 5.1 j July cosalt. . ... .. ^ . 

Dec. COnrtny FopeStp 
OCt CmcandtGitlBp.. 

Jml Clean tJ;>5M..^' 

Nbv. Crest NictaOlOp., w 
July Crosby Housefl .1125 

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17 14 9 61 Ubv 
3.4 7.3 61 MnV 
72 33 5.4 JX 

1.7 1M 7.5 iS? 

10 7.9 9.4 ^ 

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34 
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116 = 


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m 


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isian cS Dec AugjDeURue.-, 

ai Jan- VuneDtaiicBedSpI 

17 111 *78 ^^P^kt^jlOi 

aa If Jan *riyfHenHIdgKl0TC7.h«3 

la 43 » n «aJ“SeDe Draw Corp. OSil^ £28al 
? May Donat Swtfl Wp 

il II ?■! May Oct. IfetayEitam. life 

451 .5.61 55 Nov. Apr. DrabeeCnii IOp 
’ June Feb. ZJuodaaian 20n _ 

? n Jan. Duple tot 5p..V- 

4 _Z A «s- Apr. Darop'.pv, 

%-% -rr. ■; DwckGninpiOp. 

57 feh. Aug Dykes (Jj”-__ — 
oal il Apr. ;Oct Dyson U.6J.L.:. 
f-OgApr. Oct Da A’ j... ... 

- E&CnswlOpz. 

R 2 . D< * ; ‘ EaaanProd.50p.il 

5i July.- NoV, Elbar lads. 50p. 


l^itTAUOft 


[D2Utlfl.fi 




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5-3 [ApriJ.Vov, 


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35 85 5.9 
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July Oriet ledger = . . s£d j 
Jan. Elliott Pb'ra. IOp.. 18 
June E6oe*Robtrins. 79 
June Clssi ck If per 5p 17 
Dee. Emhamrorp-D. 5X34* 


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« [Jan.. JundFeedetl0p-_J - Jftrtliril TX4'- ! 3M 
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2 X 


f a Ir IfJ February (Eng* Orertifi 
15 -la JwlF. -April Eng: Cfiinat^ 

?i Sc Mar - EsperaMalPjp. 

troa fci Jart. June EriroFbrripr.-j: 
*?2 S J |2 Mar. Sept. Erode BHgs.»fe 
52 I n I-f Feb. Aug Ever GeorgelOp 

4.7| 8.vt 25 j an Jof End -li Z 

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187 459 
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t i 5-5 Jan. Sept Feniemanasp 

IS H JjriF Jao- Ffesrikf:4W _ 

an Nm '- Junri FogartTiBj_/ _ ._ 
BJliti mt P“- : J**l> FoeewIGnsep. J-29M 
*•31? S 17? Jan. May Firt*«iBHbFter. 1 110 

8.9|22.9f;l47; ifaJu5e.De. FmAfiniflijts J 4^ 
Feb. Nov. FrmfcUws.TOpj *2 

FOOD, GROCERIES, ETC. jS fepmSKr 

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Z2 68HJ2 Nov. - Maj- GibhrttuDttfflej J _ 

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4,3 52 6.8 July Dec. GjeretGroapL., ,. VM 

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6A 2.4 9.6 Jan: Oct GfateSOp 2^- 53* 
28 7.7! 60 October . Gnome PJ hrgI op 53 
29.4 May Nov. G^ktaEai.HUCp. 17 
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L7 242 3.8 Jan- JuncrGrsopanEdp.. S3 . 
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I XiSifiA^ri^SSSSSaii 53 

67 3.6 53 Oct.- June (JnvrehrtiGp 5p 
2‘! in J, 31 *- Aug Mtam'SrisJ Bp. 

3.9) 4.2 6.5 Feb.. Aug. HfliBwJOp - ^ 

4.3 9 Nov. Apr. Hnnilbanw Ufepr 
55 .4.2 Dec. -Apr HanmiwCp25c. 

7 5( 3.4 6.8 Feb. July R3tt*mTroffL_- 


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62 86 Jan. . Aug RarrisiftDSfe. 
3ft 92 May Nov. flKmfcSWfau 
4ft 6.7 July -Feb. fiaiti^fcTjpsw^ 

6 ft 42 — Hawtin5ac..— , 

45134.7 Dot.. June Bay ■SinutT Hl6 
||« 0D«. July 
9ft 4.4|June Ntn FepvorihCrme.-, 


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7.8 66 Nov. Aug UoidciHA'i- 

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238 


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i; 


.INDUSTRIALS — Continued 


WiUwrfc. 
" W4 . 


sr«nm 

INSURANT E— Continued 


^ \-££o 


;u«; rj« ! . 

w« . a ! \n C%rif,r»,P.£ 


Brides* 

r*a 


'ijui Hi.- I ind 1 J 

: e : v* |rnjo«:r?E, tl:vjifnd. 

. _ . . rl'5 


PROPERTY— Continued 


TNT. TRUSTS— Conftmu 


7NAXCE. LAND-Continued 


i -i-w; n.-> ' iruf 

, fnr* »: .Vrt Jl'tr-ir s. P'E 


Dividends ' 
fiid 


,lni\ Di. , |VU> I 
Pruf ■: ; Sn Cn.r.r’f. PE 


n rf 


I L»ii [i-r i i 

rrirf ! . v« ii-ulr.f,. pr 1 1 


Serving :he world 

with 

li na nc ia i ox pen i.~ e. 


'••- -•W S \ lt rr-?l H? «««-'«*. Ja;>tJHArUort>£l 5O4rf'jnr,;046 :: t6 JiH/ <>■ 

" jI.n^rlfjSSST- S L?S , 4 0fc ! 8-H 1 6 9 Jus* Her *SaaLHrSp . 101 [n’t /ig l _ ■] „ J..n Jsi 

JuneliUed^r 3)? _ . 17 Ift'SitQft) j 27 S 31204 Abril rTiJitoMir EPP. 9M hi Mur. Si.-i 

■ -■■.■*■ ' KniliSxTi'- i? : riHB^ &s i Nov Mavirsai** lrnhsNnwiilv | lfc? :7a ,\ifl60 — : $ M-r .*1 

-iH ■ I 107j.dO.D2* l.J 121 9 2 ’Ji.iL.5T-rirh\-*rlre«W.» m^hnuJlul.. >61 - Ma- *"l 

• ■ nSSStef" hfcfeS a *> I 2 a t» » | 2a\ s.<hio s ^ v 

. :- — JJlSiic JtBsdb :! 10 h: ?M _ _ r, ' j' ‘ 

‘--S3: fJKteS5?S2:v.»?2i ! Js '??«! 40 ss) a 7 LEISURE W 11. 


o<tK , i* co ' : ‘ s ' 

I Pi) -8“ 


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?t>i; ; 3 oj > 0 -ai 0 :,;r » n < -j jv;. l i. 


72 ■ - , - 


900 i - 

52 - 1. -; 






.'.‘t;- 1 JHl ( «V|T3Sii4 

T>b. AupUoousiinm* FI j 450 j 2i« 13.83 f 3 


*4 |.bfcJfa?fl 31 7 5 6 4 ».i:. J 
7CI,: tior 3 5 6 b 5 3 - 

b6 38 50 - 
,B«d;U li T«47 1.9 7 6 10 7 — 


■ vjan. Auk L l 'P mis 

.- ■ 'Poe AUg i->t Ind - ! lr.y_. 
APT. Jan L RC InLlOs 


IQ cM 33 I 2.21 R 3] 8 3 « a r. 7.04 M amj»n lei 3Jp 
*4. So; 24j f 7 5 7 Apr. Moi'jCunlteir.lDu 
305td2fr: 3 Mil 1 5 2 Jaa. Jun«iiamr-».TA l(*r 
T. 3 2.7J, I1K10 2 fl J '-■•••. Aprl'JwraCTnspIttp 


,.ian. Auk LsiMrtiir.lOp. 105 *9 hi J5 23! 4 Sl3 7 

Mar. Oift LepiiniuplOp _ 243 2U8 3 a* Bfc, 1 2 2! 70 

Jan. July Lroqr PnxU. 5? 79 J6Hrd394 3? J-e 5 5 

.. Sepi- I0p_^_ 136' »U 5« 5 S If 

— , p<*cn IOp 14 375 — 11 * 

_-. Mai- N'flv. Liadiari Wms_ 59 WIO «05 37s 7 7! 44 

■ jfteL 31 ar l.: nd ii - . »n es 131 7S 914 Zlllfi < 53 

.•..•July J'cb. Uk 4rN:acGrF.. 39! 3 205 *2 03 3 6j 7’si 53 
: — Jan. .j use IduuHiBhly j0& SI 23J160 *143* 

; HApr. .Oct Loonos Trans . 69 1S9 <13.86 3li f4l 44 

-^t*TliuF *pr. lonsdaleLiiTO. 32 M6ii73 25! 66- 54 

* 7DfC Jun«* lB.*|WMr sop 148 ' >6 ^ HI 05 2J 9 8> 48 

; r Juiw Due. H-V-Dwt 10p_ 5Sd 13L 243 31 6 3| 64 

•-Jan. July XimieLdo.lQK.-. 24 116 2.03 SBri&'Ui' 

J- Mar Sept a'CTttreph.ap_ 99 7.9 4 40 4 4j6«37 




2 :ol ° 1ilb 4d 4fl 6 5 Mar 

™ r i^’ 1 * S-Il ;o yl 36 A| c. 

* U* H 1 :,lb<3 2 * 88 6 6 Apr! 

IB. 40 30 ID r223 1*2.71 8 5 6 5 Juii. 

!0p 65« »J (H23 25 6 S 93 Apr 

-113 ?i3 4 0 lain 9 7 J M;«v 

36 ’S1244 1 7*10 1 84 Jah. 

• ■ 114 .3 MS 73 34 7 5 11 6 Jan. 

Dp. 28 75 066 38 36. 74 t * n 

.. 144 >4 9 28 p 100 * Apr. 

bp 102 30 5 tS.69 26 82 65 — 

9 - hll 15 Z 9 26 195 


6 5 Mar. Oc t >!. Kj. S«- a ?,r- , 200 


9 2 3.1 36 A|<r. Nn. M.dl: j; I tt a 
: a 8 8 6 6 April Auft IVi: I- w . 'p 
*2.71 & 5 6 5 Juii . July Mm il*i -A 1-.! i 
IS b 5 9 3 Apr. f'ci 
ipi 71 May I-. .,.i.. . 

1 7jl0 1 8 9 Jan. July r-n.-. Slide f. in. 


3 4 7 5 11 6 Jan. A<<»! l’l-y P.>r: .fuc 
36 J6. 74 fan Jn!v "n.p it |l.--. 

* 10 0 * Apr. «'•«. !7<-p •-<: la. .-"s 
2 8 8 2 6 5 — Ka.'ljn Prop ip 

Z 9 2 6 19 S — n.vjlion . 


Haul i: 1.1243 

45 712 3 6i 

82 !'5| 20 
3 DO 10 b b4 
••Bill i- j'.| 112 5 
312 ; B h?2J 


*° Si i* M W “D«p?S5S r ^"r % 

ji_4i59 * 0 8 * junetnjrfuw.rt . 72 

I i « 11 34 6 :3 95 ?,* F « 

jiilr" II ? r 

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.‘i'sV IS sSrf? “"■ .“i 

l3«» 01 1S I - «»..1 mPS“ 4 S- ’.a 

ij J "" | Jui.UJrv ICinuuJii' h- • ?B 

■ *1 _ _ “"1 - ' . r ' ' r luii rn*ni- Jr!' . '. ri '* ! Jl 


96 Z 3T:?|4 7 10 7 2 149 Apr.^Aug '-1 S*wa 

72 70 12| t> 35 10 o 4-21 1 v * 1 1 

81 15 415 66 10 7 11212 

7-.. b-4 - _ - J _ r 

75 13 ;| »1 90 * ? of * v 


14b: 13J1 HO 33 - I 3 bj2E 2| 
66 1?J| 1 41 I 3 8 | 3 d| 7 5 


OILS 


Tokyo, j.-sL'ftn 


MINES — Continued 
AUSTRALIAN 

I IU>:| D:i 


'■'■a:* lzjsna? 

lb" .p 50 3 O' £3j27 4 


I 70 I - I - 
Jan jar-- i S6s 1 i. • *— 

«a. Dt- '?r-. 3 -ttu :•>» f 15BU 11- rs 84 


1 S> r ' IS 2 


Jar.ujrv CurBiiJu'l-i. • 2B -I'llioai 

F el- Aug bjaat- Ir.t • :?? ; 41 1 2 1> 

_ Du :i*ip | iW. -I — 
Aug. .liar Dcnercirt^crp 1 634^- 2 s r H *:2.44: 


I 1[ 4F-291 \>.. Majli-i -Vrr-'r i\ 1 936 -^*122 43130 Jo'll 7 — 

~ | ~ Jan. JwAJ :•••<•': Hi! I 71 ; DfcuJ 5 6'vl*4: 1 11 £ ! — <irt. 

10! 7 11210 - f.e.-rjr.i: 73 ’lOT:] - 

• 4.51 * ! e?. Aug : SoA; : -.9: « £59'; j IbuQS*- 3 .! — 


Dnldmdt [ 

Paid | M»cL 

Nov. Apr &■■--. ji- ;• ■■7. 

— I i-r-rj’ Pi. :;ir 
lirt. May _.T.- - ?.. -« 1 


4 BJ * JJao. JalyltJaerTl A . — | 72m Uu 4j * 8.« * June fhv. n» ;.r. i»i F.162m<lj .1 giO'i 134 J62 
f 41 4 4] Ann! Sept ftebPfJotjto - IS :7J h<M45 4 2J 4£ 7.3 Apr Auti ■i|«rku«i. r.n. 274 ’612 03 53, 1 12 

8 6; 5 4il>*-' JuntJ»«-.»lrtr.-10p 29 . 153 144 * J 9 SI * A|.ril Ol -u:i|ct -r.-l-i. . I 206 21 « 4 33 0 6 27 5 

9» 48ENov«al«-l39lim5p -» 51 | 1841 3.3 | 5 7| 3 B| 69 — Pr.-ponr-- 41 1; - OiWjc * 5° 

6 3| 64 . ki irnini-r fui -■‘rnlr.- 74 IF I i 0 91 * 1 4j 

?j’i7 MOTORS, AIRCRAFT TRADES £ N^Tniiwirw! 41 117 : lo « $ i~7 Frji 

7.3l2 6 1 * * tuvi/Ajj _ , K r ^,.. n; . _ 22, y 4 9 0 S3 31 2 2)1 

2.51— Motors 2nd Cvcles ' :nv April I Id hTilProi; . 300 jOW 5 o2 ll 384 

8.6' 25 7 _ V.IW1C9 Xfflr Sj . pl v*Bn.HtF.-iav . 141 1S5 »2 70 lb 2 <43 

i5 7.4 — HI50p... ... 20 ~ — — — — Apr net. 'AwtinMin .up 338 21 8 7 ud 12 3.13 

3.4 69 MrJcS.D >len Mla.LaiU< 192m !:’i 027 5c 1.7 72 66 — nja r. i 2y- 30 10 1 0 26 St>-1 

89 12 7 — LrtaiCarlOp - 48 e" — - 10 2 — W’aBnswKaip 21^ .vrj — — — 

<3 83 - Rriunilfer.ip - 10 7 75 — _ _ 183 July On •*:ia.loncl i . 40 18 W J 29 1-5 4 8*2 

8 2 3 0 Sept May HoCb-Bow Sflr . 99 2 10 M5 2* 2 4 7 9 4 5 

66,48 MW VtftoJUft lElSta 263 0K»6 2.6f 5.2 75 SHIPBUILDERS. REPAIRERS 

' 0 -?l — Commercial Vehicles i,,?.^ n..,- iiin«iiw.-r : .« n s 71 .. 1 1 __ 1 


• : 4>TL Msj MartarmneCp B2 

May Nov. SdrCleemLA... 15 
-'July New. M»ti*B*iiiP.4W, 23 
Amt- Mar. Macplitrv>nrDj. 73 
-i\Uaar S**pt MaKuofia Group 122 
-p«. Apr.Mn-SlupEE.EI.. 264 


99 7^4 40 44j 6 « 3.7 

E2 4« t3.9P 1 S 7 3l2 6 

15 !61ti t0.25 2^ _ 

23 225)132 or, 8.i'25 7 

73 J«7 t2.63 33 55' 7.4 

22 lS5itd2.74 6 5) 5.4 69 

64 218! IS.B0 ! iJ S9112 7 


Feb. OcLly Brim? Ind. IOp. . 36»> 24 7) dl.04 4 
..'J-Dre. JuTLlVirfcaU I.'iy.A. 46 21St<f2.53 4 
. Jan. Jnly|Manrtiair«tnh?. 346 3S10j t6.49 J 


,ED«. May Minin-Black _ 45 1610 ;4 06 — _ ’ 

jf^ttwowr^pc. E% - 97Wi 2 3 ia.?) — Commercial 

T fth* .Vov MBjaanH25p„ 128 1896.43 2 7 6JI87-. , uljI 

Apr. Dee. McdBilnnwirlOp- 36al 151! 20? 24 8 4) 75 Fc .° Aug. i B } iHldgs. 1 — 113 


:f:i on 
1 ; 0 m , 

;i? a 09 I 

a <i n 35 

30 :«j 5 e? 1 

IS 5 r2 70 


2Wa 30 :0 10 
211, JTj _ 
40 IS 9! J 29 


l I - Do fa|\ La I • 1 J 202 
” ^ Jan July linndM6L*a .! bl 

17 ^ it n Apnf Ednbwt j?. 7c, ]<0 

31 22169 June Dcc.Edni.Iw ln_il 214 i 


l)|11.4jll 9. 
i-il ; - ? ; o 


n 11.4111 4i - !-rr:-:avai< £10^1-1 _ --- -- - 

- - I - I - irct'. Ci ■ . 58 ; - 

2 1! 5 7,23 9} Dee June,: !•.? 63 ; 116- rl.37 j 3 li t, 4 • BO 

— r.“3iru-as!!3p Z2,,J 7o7j — . — 1 - ; - 

July r =- -irrci-, 5 . €22'* 7 77 /J It.- j 19! 7 * 4 7 


Julv [•* r = - l'«>fCis-> S . C22 1 . 77 

— (rb. 375 

— L-a 1. _ 430 - 

— kv y 92 _ 

— l:-.-.:.as?«ro!. SS 

December K’.'a 33 20 1 

— Hi-.IO 230 - 

Feb. Aug £ £99 10 


)!!...•, 3- e. ' \ 
Sep-.emhiT il: -r.. "■ • 


Apr ! J! a"- 


. D«. June Meiluy _ 70 3010) tUS I 5.2i 4 6! 4 ' 

• 1-Mar. OcL 3F»MUi5pcC6. £201 107 05V198 15 ’i — 

. — Hocuewnt !0p . 6 199? — j * _ | * 

'■ Jan. Julj Unnan CnioWe 114m lill t5.3& ■ 2 8j 7» 7; 

■ ■ VXict Apr Moml!< Abel:. 43 189 2 46 3^85)4' 

. '1' .Jan. June MtesfRubl! IOp . 32 10J 2J7 21, 9 7(61 

•V- - VoriUMOp .._ 13 159i0.-1 2 7i3 8!14' 

. ,.Jan. JuneviyjonGplOp... 55 !&<ml02 09|28|-U(; 

VrHar. SepL Niab'J FiS«i. 70 75 5 25 

June Nathan, B ti, _ 57 3315 *7 35 31 j 88} 51 

• rrjlar. Aug-NitCrbosclOp 44 107135 —I it! ~ 

• -7. May N»,N.CP.4%9J«. £83 161Q l>4 a 4 11 9l r4iBj - 

.. :X. October NrsrFth&ZiQbra 81 2L£<3b8 15 68112' 

• ;Apr. Aug, NeiliSp ocerlOp 115 24.7 r2 03 67^ 8< 

..^Ort. Apr New Eqnqx B)pi_ 23 21 J 0.99 Z7\ b5^ B.« 

.jJan- AugNorem 94 107 4.49 2.81 7.1 6 1 

May Oct.Neme5ees.10p. 17 3.1 tZ23 £ — 

. \,Z>Del .April Nu-Swifl5p 29 49 tl59 U] 8.2l3 l 

’ May Not. OceFlnanetCy- £101 161C Q9% — I r? 5| — 

: , J». June Office & BmL_ 119 lfiiffl t-614 3 7f 5^] 7 f 

• - .Oct May OfreiJBp 105 189tb3.07 3.9 4.4 81 


,n Ltnoc.L 
t-r 1.331000! 
ar 4MuH!if! 


1 - ■ - “ ■ . - Sop1 DolWfdWS 

HIPBUILDERS. REPAIRERS I D<-l. J u nelsSiie 

Uclobrr r &t E urw 

June Dec Howlhff.Tl.Wp 71 II! r? -- |— — [ May Nov FanuJelr.-. '-< 

14 Drr Jimv j!i I.Vili r:l 158 { It t b 9o [18 o6131 Apr. Fitacicoi An . 

,2m luuc Hi-v ■''i > :icr . _ 1ES ; 7 6 1- 0 45 — Gl 69 7,'uv. Apr Foreign i ‘.'i-: 

44 Jan. MwV-tca»|, . 3 22 | ‘.'.5 5.15 | $ J-! * Ju.-i. Jui> F.UGJT ?-i» IT- 

Mar No-. FuBflifln-:ir... 

SHIPPING 

AuslB-.t .-.i <r.&? I 296 ’ :tB;i«.4G l 341 4 9' 9Z Apr <mn 60wan.. 

b . )■ ..,iu.'..t Kri-i -,p 157UJI? Jb 52 — 6 2 * ' uc - V ,r 1lJ 

• a. ..Ii- 1. 1. I m , id r.i .1 it N-i 1 ilin ■ i»-n( Mar irfneralru-a- 


J 3, b 80 1 !| 5 B!Z5 1 December K'.'t 

iaiMTiM 10115il4 3 - Lti-Jii 

— 1 — — I — • — Feb. Aug jLi.-'-'v «■«:.«: c 

7ts. t:i3 111 S7 ! 24 3 — .-S-ltf-vp. Sy 

r:li:2 iei 1 5, - 7i 5 - |\v. v: 

2b JO *665 10 i £'30 2 S!u> • . Us! :up. .. 

L> It 5 5 1 1' 7 6110 3 - 

:i«il S7 12J 71415 - i.i re- •: 

13 J - .- 3 8b U 70201 - -K-r.s: .< 

’S ,5 0 10 o?l268 Aft. Ap i F. A' 

JSI5 4U Id i £129 0 - itrpi—Zr . 

r o 67 10)10.0iJ49 Ma-.f- w:: :r.-_ a-r; 

>i :! 5 b0 lie il2l 9 Feb Aug < tl ... 

.•; n 39 * I a • c.u 

*0 n}»»,l 85 1 1| ’ e 37 7 Xpr Ok- 7i-.ar?«v.Cm 


;c P 375 

I -i *. 24 

• . l-.M :vp. .. 222 

, iffltSp 15*^ 

i-i re- • : 925 


10 o:l268 Aft. .'ir- 

10. i £129 0 - 


7 77 S2 It.- 1 91 7 * 9 7 — M ■-.• (ir 1 S 

— — —| — — — \Vu7E'--.il. |iX - 

— 102 86- 16 B8 June So>'3oD HillSic. 

— bd b5 30 80 61 — Nth. KaJ ( 'u.-!i 

D 12 0 1 15 3 0 S 15 0 — Nth »<-.t Mia:ap.. 

— — — — — June Nov uakbridgetAI 

10 7 Q1J7« — el-J 9 — — tnjiinuii X ! 

— — — — — — I'acitif I'nppei 

— — — - - — Pjflkvnfl^x. . _ 

17 4 215 30 14 31 s - rjrccaMUEtnp 

— — — — — Apr. Oct. Pritr-WjllserdiJc. 

— — — — — — S-.jIhom FaciLc . 

— — — — — OcL May n-.ih jliiuncVc. 

18° w:! 7:’- 24 6 3 70 — Whim i.'ttvlc 20c 


MujIV-tca A’ 


SHIPPING 


Mir F..!|lT-.i* 17B 13 <>1155 77 1 

Mj. Furr. 1- tilth. T! 255>0 ir !: t329 4 0 5 

juiviii.r:-rr>:i-e-. •: ioa uio J5H - 


laept Mar >7eneralFu-a- 
j _ po i.’ob* 16;- 
-• pr (Jea.jnies: j-; 


207 m ‘u ;iJ9 * a:. * 

77: 2 ?5 H t‘.l 85 11 3 6 37 7 
50 3:a 10 11 30,474 

I 97 :•« t4 5 10 t 4,24 5 

j ea- r- 1.0 4?t295 

163 ::?;i?8i, io js:«i 

•^Jl Ir»:*w5*4c! 12 701105 
, 34»S I3 :!|2 d9 I * 11 S' * 

! 60 ! - - - - i - 

1 179 ; ill): 02 1 1W I 7:87 4 
[139 ! ::-7 59i III 631226 
l 62 I 24 7! i3 81 ll‘ 6 5:19 6 


11 5 0|47 4 Dee JcJ>l7.-:-er«-". 

10 1 4,24 5 - I- 1-n.n.r __ 

1.0 4?i29 5 las 7 ik :r.t i: 


925 - - - - - 

•- ,f 14. - — - - _ Oct 

F. .3' £42** 18° w::-:’- 2 4 6 3 7 0 

- . 415 - - - - _ 

l 584 18«|tli« 41 4 1 60 

ti ... 62 <66 4«*»» no: 118 - v „. 

4 ii. 248 - - - - - 

.Cov E54l ? 174Q4*.*.:- |9 0 - 7{1|.' 
lbBd Lri: tl 34 5 8 ) 2 153 ,' p 0 r 


N« rvr Ci'a 


113 i-r hcjSf 1.4 «.4 

l’O <J"« _ _ 

300 - ' - - _ 

244 14 5 ;y!0c 2 2 * 

lB.j _ _ — — 

ah 1 os- — — — 

30 • 

125 11 ’ 13 55 2 0 4 3 

Ob _ _ 

156 IriJ ii?v 1.7 3 0 

2C - — ~ -T Z 

4J, _ _ _ „ 

lOO.c 13 II Q8c 1J 4.9 

12 - _ _ — 

21 - - - - 

123 7 4 Qi; c 1.9 11.4 


1«9 Q!5e « 2 2 

Qi" 0" 7 T.5 


TINS 


— -Vv.fJi; :-.vt ISO - — - - ! - 

— J 7~‘. ••ri 150 - WiiU — 5 ?i — 

— -Av-t.:d^ C-V . 53 - — — - — 


OVERSEAS TRADERS 


Nov. Apr Amal X irena ... 

Apr. OcL Ayer Hium SMI. _ 

Apr. OcL BeraliTin 

Jan. July Renun uu iii! 

Feb. Oct -jeeior 

— 'lD!dl(8aorI3^i_ 

June Dec Gupengfrns.. ... 

— Hcncknnc.. 

31 ay Nov id.-: lO.i 

— Juiur .... 


13® 2 81 13 17 4 

213 0300c OS 21 > 
3S U 0 44114 

:4 7 01io c * US 

r S 5.0-4 5 8 4 6 


— Juita: : j>:p ... . 

— |Kjb.j2I-:i :••!-) ?0 

•an JuiyjK-.iiingn.V! 

. . April I'T-h E'red: ng 53T I 

2 7 _ 


OveiHtoneISijf.| 17id UU tQ6c 25 


i-< — [PMAiH8liBlu_ 

« rAjeil OcUParterKnfllJ'A - . 


361.1 4 ® n'l So 7 7 7 7-2 1 t'ir. June Gea6coni»!i 

351, ( & 7; _ _ _ | .. Jar. hen OenKtMr- 

128 ‘ x-£ »4 97 C £ j 0I55 6 H«r Au»! ri'r. 

215:c !>i: r 15 23 3tJl5 7 ■M ,r - N** 1 - ulmCfyur . 

52Ij - - - - 14 . - . P«F' S 

136 >5'2 T 2 <4 ’ 5I * June Feb blenmurray inr . 

10W? 13® P 3' 2.61Uli38. . , - Do S trt — . 

79d 1" 0 iJ 09.12S! lit -•ult-.l.in uldPeloi ._ 
77 ’l! 1 ! Cl — I 02 — J“ ! ' «meliEnn.?e .. 

32 215 CJ I Q si — Mar. Sept GraaseTreJ. _ 

58 305 J!3 75 2 li 4 81 3 4 Sepl. Uar.jGt Sorth =Ia7._ 


ijir". 
2o t 422 li 
49 4.32 


09-123 145 

- O: - 

- 0 5- 
2.1 9.6 3 4 


‘Ji -r 1 - Jan. Ju’viWilnKGBrteieii 62 I'jOIOI’H 33^75i«7i 

E?Feb Aug v.-rjodhcad-J.i— 100 I ."p b, 3 86 4.« 5R 54 

- *4 M ®7 IZrnidrA" 30p ._.| 80 I 17 41 4 J7 2 4|8 3]7.4 

\\ B{j Garages and Distriboiors 


218 203 
218 19 


:.VJm .3u« Petroem 12tp_ 41 16K-1 430 J 4^16 7 5.4 Jan.' ju!yfEScTaLlflp_ - 
iki Patents. 17 ;1,M 3— — ( — 18.3 Aug Mar l5r*W GnmpSp . 

^3Sbf Uec. Pbao-MeSOp — 348 liu||b03 4 ^26)96 - BraeauZl)..' 


Jan June Gresham lav 581? 2L8 203 

SHOES AND LEATHER fij- SSS A $ 

Jti I*- Fvh 1 3!J»-*i-ne | 26l? }?? ^1151 20 i>b':57 JbIv Dec. Harafcp.: .. 96al 1311 381 

Si-pi. Feb Rmth-iMa'I 51 :0!3 4J6 34 1101 34 July Thee Hill 'Pnilip. . .. 173 3019 tS 02 
April I/rc [Fitifw.irtiu ; 66 226 <M ’9? 22 9 of *4 Apr. oct. Hum Hid- A" 74 2:8 J o 

99 219 »4 57i41 B9I 4 7 !«• “E 7D«: - 

47m 13:1 II* 7 I 79i 5J 3B June lerfund « 59«: - Q2ft’ 

105 If iS t 4 07 • 23 7 1 93; Juat- jDffii*. 630 >- <J9 J9 


-j 88m 17- 11 — — — — Jure *.:ri £lu £67 liiZ Q12 D < 

I 72 174 1 73 1.0 36430 Aoc. Dee )H r .n ? ;ros.il. 450 2ot*221J 

70 - — — — — Arr. Sept iHuflsusc-a.i 7D 4 9 4.32 

115*2 Mb H5.S 1 2 7 3 19 6 Sep Apr. riȣl 348 7E 1 15.23 

64 305 1 8 1.4 4.2 25.7 J&nuarv ... 21 4 9Z1.0 

75 247 t2J3 1.1 4.2 31.8 - JaoiraSL-sar_ 11 F?6 - 

98 26.6 »3.93 1J 60 23 0 On. Apr. Lramo _ 62 18.“ 6.65 

9112 30-1 147 L2 24 513 Mar JaD.M:icbe!H'«tS_. 421? 174 3.45 

58it 218 203 10 52 14 6 Apr. Nov. Ntjenaa Elec. £1 210 110 13 40 

60 218 19 1.1 4.7]:a 4 Dot. JuJv Oceaa lilais Mp Bl 2it 292 

74t.ri 1311 T2 74 1.0 5 5 Z6 4 Apr. D« PaiV-r. ^>cL !■)?_ 180 30.10 8.0 


-- 5 , ? d 1- \ June Jan FtIinMala>anSMI. 

"i&U ~ SungoEwiIMl. . 

I ! - Supreme Corp. SMI 

7K KM s'Sl hi] B7 5,ay No'-Ta.-IJWICUp - . 
ii7t n h H fl S*fP»- Mar.r«wbhHrtrSMI 
4 9Z1.0 63- 34 A Oct TroacbiMl 


101; 10 74 _ _ 

300 ’J li) il5 36 0 
310 li oT _ « 

78 247 ;i;o 1 

91? lb’ _ 

64 a 9 0!2:«c Z.J 4 2 

640 107 0125 * 19 6 

380 17 3 0175c * 30 4 

43 975 (jOiCc * 0.3 

65 3010 u 60 1 J 15.2 

220 12t> IQ30C 16 8 3 

79 J0 2 03 65 3.8 

63 10 7 4 19 2.0 9.9 

185 J 9 fUlJSc 0.6 lb S 
290 54:0131!.- LI 4 7 

1B5 2oo v65c 53 7 b 

65 9 74|ZQ10c - 3 V 

66 NTlbtO 0J11.4 

82 L2J* lO?-*?. 07 °8" 

190 :ifl££?88c| 16| t 


reenlriar !ni - 9H; | 30.11 1 47 


• J .rApr. ‘Nov. PoIvnuritlOp 51 J 2 IF t2 76 [ 2.5? 8?) 7 2 j an 

>..Jan. July PwtaJs. 2Ubd[23l! tSO 3.0 5 7 90 Jm. 

* ruldn. Sept. Powell Duff 50p 184 10.7 T10J5 P3 W 8 il 4.4 Jan. 

. ?: Jsn. Aug. PressiWm.(5p — 27i> 50J3 t0.85 I 4.bl 4 6| 72 Dan. 


SepUCoimoT’ Inrs.. 
JulyjCimiiMT.tSjt.- 


f2 , ,r:? *5 5 ?J 5?l if i**- Apriiliiiiti-r:<irA ! . 

SS* 8 35 li Jjsl '.lav rinanJCTj 

im 5° : j-2 J-l *2 Fell Aug Stvad t Silo A . 

*5? £js 5^0 2.3 9 7 68 Mar Nov SimnaLKahcr- 

— 2.1 11 H 0* July Srifn*h<B r* 


r^'. b-i-pv. luifHipnu JVJI AV9 AU.d 1 i AU-J.?\rj9 u 

. 4;. Jan. Aug. Press tVVm.i5p._ 271; t0.85 4.b _ 

Aug April Prestige Group- 175 7 6(566 32) 4.8j 97Uan 

- rJan. June Pritchard Sre. 5p 38^10 I3_=lJ t 1 51 3.7} i.a 5 7| Ac 

..Bent. Not. Pro». Gnnds.au. lb> 4 3010^0.41 — I 3 7i — | M. 

< *«*7SepL8J ? .D.Groupl(fp 61 7AL6 9JT 
; ; Dec. July RTDGnwpaip- 14*2 112 — — 

- Jan. July Hadiaotlftl J»ap- 34 31 193 33, 

'Jan. June Randalls 107 30J0 r+dI47 — 

JNov. Apr, Rank Ore so 246 71.8 tB.08 3 6 

- -.oJatu July ReekittCoLSOii- 455af UI1 tl0.77 3.B 

: -July Feb.RedlearotHasa- 283 126 FI6O8 53 

Jan. June Reed fare. 3p_ 77 7A10 t279 26 

-Jan. Aug Readlfltt.il 356sd 1311 48.12 2.S 

OcL June RelyonPBWS 94 71 416 23 

- March Renown Inc CT 270 277 Q20% * 

■ .Telr. Oct HwwidcGrcup- 44 187 1.02 86l 

iJta r . Sept Reamor 62 4.9 hl6 5.3 

■;* JaApAu. Remue 68 lflJttMJl lS 

r-Apr. Nw.Rkanlo 286 21E H7.0 8^ 

-July Jan. R51o«.JJMp- 39 ULt 26 *1 

• Not. May Redware 124 16M t536 43^ 

. Dec. Ang RntettrEWgi— 4332 107 t2J6 3« 

• Dec. Aim. Da 'A 1 . — O 2 1#3 t2.16 3.« 

, Jan. JnS Ro£qi«iUOp j- 40 247 2.99 1.4 

May Not. Romm A Boom. 29 210 tL34 5.3 

-.Not. May BnjrdWcres 165- « tfc.49 6« 

• Jan. Sept RwreDa/Mp- 85 242 2.27 5.3 

- RyiaCLlSn 12»j 17« - 4 

4, . July SL-GobrinFlsMol £23 677 QCifS l.« 

fUee. June SaleTtlney US 189h52 35 

• ;Jhtl Apr. SudfatntNkUOp 48 13i>154 30 

- . Jon. SepL SangersGrp 78 78 5.89 14 

Jan. Aug- Srapa Croup— 1W 10H552 2.7? 


AncJDr.isCodfrey— 93 


Droria 

Outum Kutshtw 
6ue«>FGK .... 
GlacDeld La«r. . 
HzngcrL'ivj IOp 


S if?® 3 fill I! a s 

2m JM! His IS 3 9.?|02* ^nnrka^iop I 27)? 

46 1 30 7 ] .f 5 6.4 5 0 4 7 r, m -nur r a 


%u)li3U 3 81 lflj 5 5*250 Apr. Dvr Da 4 N V IOp . 1 173 *1W B0 6 9) 69 3.! 
Ti 13019 TS 02 101 6*121.9 M*.-. Svpt'MMterJE.lupl 32 E8I008 — i — 
74 2:8 Jo 12/ 931137 - ‘.-r.1J.*l,g-’.-5.“. 5cf 6“J/ B— - - - 

70.: 1 - 1 -1- - Mar Noi.Jis.xe jar? IOp'- 94 1SJQ zQJ.O 24 32 24 1 


7D.:> - - I - - - Mar :%o..;is.aar .'ar .. kty 94 liJO ztJJ.O 2 4 3 2 241 

59«; - Q2A'{— JO -iija. Jui-.-rterlEv. . j 190 |30j0l6 5 44 5 2 k- 

630 >- 0<>49;- la— j Jan. Juni-Tc.-e.-hVat 3u SOxfiiL* II tj 15 2 7 M»4i.4 3 

51-« I *6 1C tl 78 . 11 54:731 Apr >--c:- P.' 8?c -:c 51 £91 Q3°<. IS 0{ #«■ 0? — 


j 190 I50J0 16 5 


BS ass COPPER 

0 8 95-2221 June Dec.lileMnaF.fl 39. ..1 62 |12i2|jQ30c{ 1.9j ; 

H M II MISCELLANEOUS 

6 9 69 3.1 __ , Bumtl , 50 I - j 

— /Burma Mines J7i>p / 13 J 575) 

24 3 2 24 0 F^b.ll'ocs. Mutch 10c 190 I _3l(tCl 


50 - -i 

_ 

13 5 75 _ 



190 ’ 1 IU 30c 

2.6 

440 30 ft! - 


235 30.10 9 5 

2.E 

44 - _ 


763 - _ 


80 25 *1J5 

« 

138 13ft Q?c 

2.91 


PREMIUM 


J.lthlJffl 3 8 4 j 9 3 
no M4 02| 81 64 4 9 
24 7 t! 33 j 26 7 2 81 


SOUTH AFRICANS 


- 3 71 - March GlacDeld La*r. . 33 331 1.27 1.5 57 174 bUtlH Ai 1 

W 3.9j 3 6 Maj- Hanger Ltvj IOp 481? 174(10.47 17.4 14 S3 t . „ 

- - 21 Jan. June ilamwn iT.C i_. 306m U 1! t k 14 18 3.B ill 6 7 *I* r hcpt.M-Ti.-miy.*. 92 

3J 8.9 4.9 Jan. July Hortwlls 103m nil i6.30 5 7 4.9| 3 2 ^'I'L Mar Angle Am In HI 500 

- 21 - Ang. Apr Heuly*20p-. .119 25 £ 18 71 3 2 10.9^ 5 4 £en. Aii« Ac« f- -Indaw. 117 

3.6 4.9 63 April Hrrna Mtr.Grp.. 99 211 364 3.7 55 55 Scpicmber t.u!U t Itl. P 53 


'■lay net posSoiding; ! J6i?' 4 '"i 2J r -< 
May Nm Weln' In: iO? : 4S4;IblD[355 
— Do Cap :r 6 - — 

Julv Feb Kerfiosein-. >> U2 305 6.09 

Npv Jun Lake Visa Im 88ui !>11 |t2.44 

March LmtilKiJn. « 272 183 


10 7.7|I9J 
1111 7 11.9 


Li-ndor. quotaricn? for -clf-oied -ioi.th African gold mining 
ast| Pn I ji Id >harc? ;n l" & currency vwludim: the invest meat dollar 
tS ! \n j C tt [ 6r\ premium. Ttf.se prices are a-. reliable only 10 non-UK 
rv.11 dents 

149(355 i ItI 5.r i'fll:!- 1 *?': — I £12;«l srasasi J-S15S 


3 5 ‘82/ May Nor DalOpcCui.— £160 , .. 

SS 85_3.4 Dee. Jur.elluniiiChaiiesi- 86 15 d60 

2-6 5.4 10.7 Jan. July Jessups IOp. 37i?id 1311 1 °8 

2-5 4. .§-? Apr. CHrt Kerning Mir — 70 T B f4.2 

2-3 66 10.2 f)ct. AlayLwSerireG^.. 78 213(h4 5 

J , 03 ♦ OcL. ApnULooters 50 7 9 t? 5 

6 3.4 3.7 May Oct Lyon A Linn 1 74 ,34 6 05 

5.6 4 J 62 _ Maorj»'.CiH.pSji 29 - btl 

LS 9.7/721 — >cl'cm [midSp. 8>« 1072 - 

85 3.7 10 J — Pennine Mtr 10p 17d •• 

4 10.4 6 Dec. June Pwiy.H >J!in. 112 70!Cth»l 
45 64 3.7 May Oct Owrk.H 4J ,10?. 42 ■; 41 tin 
34 7.6 5.S May Taeol Leeds . 73 i >4 0.64 

3.4 7.6 58 June Sen WadawnSlr IOp dZ^poiO t2 2! 
1.4 11.1 ,89) Dec. July Wesient Sltr... _. 90 ] 15 5 i2.4i 
5.6 69 28 "■ 

0.8 69 32 7 


U 4 J6 
277 Q2tW 
187 L02 
4.9 hlB 


da 10.7 t216 

a— 40 247 2.99 

Im. 29 210 tL34 


72-16 3 
t216 3. 
299 If 
7134 5.i 
7649 0 
227 5. 


‘L8 3 64 37 t't tc September iiuit! t Id. P 53 

274 i}]0*i355 164 - '“' v D« 'Iftinn* VfX 1TD 

li d6 05 3.010 8 4 6 i* 0 "- auT Hnlvti .• pr Rl 102 


Dec llaylt'K Patfur- ftL 


=111 Aug. Fvb.t.JslPn<R!.. 

‘fl 75 ln J7 Aug. Feb EaikRa.-dPrp Rl_ 

•kiiii, i?l 21 June Pee. rS 'JedjIdiOc 

kJ 111 S2 W l.Bi 1/ j uni . rjtw. Pres. Brand Me. 


8*4 10 u- - - _ 215 
17* - - - - - 
112 20!0th2 73 7 3 3 b 3.9 


TEXTILES 


501, rhl 70 10 ? 0 30.: Jin Jii-y^^.l =i!3,A .. 

27 :hf,0«l 3 3 33 352 ••-'toner ;L:r. ruicain-Op- 

71i, ji tf« 11 si 20.3 Dot iuntv.V-iilcfiMSI .. 

163 30.10 59 4 4 •.cr.MT.’jcriMjsrfaierlup . 

103 2.10 73 45 10 4^318 Mas Not |Putuwai!ldS: :t*p 

75 305 12 89 1.0 5 9 25 6 Marcn Ji-nge: Kr.anlOp 


Hi )' June Dec. Pres. Brand Me. 

2j 0 Bhln 12 4 a M.,y Nov. Si Helena R I 

2!0y?O 11 81 Aug. Feh SiiUonUria 50c 

1312 056 4 7 b Aug. Feb. Vu l Reefs 50c 

12*1523 16 7.3 Feb! Aug. tfwi DrieFI — 

189 cHO 13 5.9 June Dec. West Hide- 5;V 

3.4 7Q20 Sc — 4.7 Feb. Aug. Weaern Deep Rl_ 

ZUQ12lrf 15 4 3 

13 L! Ollie 0.B 5.7 


HO-* IboQ170c L8J18 2 
535c 2b 6 TQ78c L7 10.2 

390c 73 1> 

S18 30.10 Q315c 4 20.2 

Silt, 3010 QlSOc *15 0 

sao'-4 J.iogicoc 4 21.4 

390c :*o 1Q22r 23 b.5 

S173 4 7EQI15C 33 7.5 
S2&>4 2B*Q3S5c 1 7 IS A 
521*4 * 5 Q415c * 2ZS 
S10>4 72 Q825c 24 93 


*4.06 LI 3.6 


NOTES 


" j *■ ... June Ow. Ulavtv.ofvl Muri 

5-9 32.7 Apr. Sopt. Bonds: Fah l(rp 

1° f NEWSPAPERS, PUBLISHERS ; 


lS.9|h52 

135^139 

78J5.89 

30H552 

1S4Q24C 


I a 1 ? I pan. Aug (ASJOf. Newt — j 378 


• ■ r n 4 •* ■ ■•Mb n w — - — - “ •* 

15 f® ' J Not. May ass Deck P20p 235 11 

D«. 3PM Bldgs. -A-.. 63 lfcl 
*711-3 J * Apr. Sept. Beoa BnKhen _ 64 10 

? 7 ?? "J July OcLBIacfcf.VAO... 143 18 


SchhinhergerSl £61^155 QL40 4 I 12 4 Fe b. Sepl. BnslolFtel.. 134 

vFeb. JulyFcnietw 68m 113 11 t3 29 35) 7 2 84 0rL May C of lin* William . 140 

-.Dec. JuneScoLHenuble- 41af DlllhO.91 61^ 3.3 52 OcL Mai- Do -3" 1 36 

,a*r OcLS«K.*U«Ll nra _ 127 >J*737 1.3 8.0 Ati?. oZyriJ VMp 3M 

3? 1 ?-^,?|UatL JwyjB.jiud.AllicdA' 52 

'SS«Apr. 


aScc.-Jflhr Seats Hldpt— 37 

Aug. 3lar Securicor Gp. 11B 

.Abf. 31a r. Da'A .Vv 116 

Aug. Mar. Sec anu Services* 125 

. v Aug. Mar. Da A'N-V 723 

t. Apr. OcL Shamil Ware 20p 124 


OcuCurdon iGotcli . 
May) Home Counttre . 


eUAe? Jtlls E-Kid .Altad-A 1 52 

12 feci — f‘ST4?‘AP r - OcL Canton 4 Gctch- 83 
In fefc 4 - i i Drt- Way Home Cmmltes. 73 

1 c if cf 11 J - Ch:I - Frb - 1» 

< ■ M - Ini Tnorawny .. 243 

.1 7d244| 77 2. ) 68 _ do Com 222 

iB 5 67 4 0 4 41 74 ,\ Dr L'pgnlD PofiS0n_, 122 

JHStM, 71 !l,2| 5-1 J&y6ima»cS% 48 
111 ‘ 5.32 23 Not. Junel'.'crt till .. . 248 


1071 15 9 
im 14.08 
161W 5 2 
10 7] 2 37 
18 4| d4 97 
10 7 b.52 
18^4 75 
M«H4 75 
10 7 128 
12«7h21 


- Bngra.GrvSp . 
4.2 5 0 73 May Hni Eafal-nt . . . 
7 5 :.u 7 0 Apr. sept Bni Mnhi.r . 
53 7* 1.9 Feh. Auu.SK!s*eLnh 20p 
2 9 5 5 9.3 Jan. July Caimi iL'urJetr, 

3.1 5 2 95 Dor. May ■ farprij bit .'4ra 

2.1 7? 97 May Nov. CarrV.n' ikelu 
2.1 5 3 7.6 Ovlober ratndavlnd . . 


22 4 77 0B3 

29 13W2M 

34 iff 15 1? 2 J6 
b> 4 374 - 
14 ?'7 ( . . 


^ ,0 Not. June L«l 4 Pro. .. 103 7.10 73 45 10 4 31318 

Dec. July Un. Ppidentiil 75 365 <1 89 1.0 5 9 25 6 

May t«ei- Lon ASii.idc - 41 it 13 16 1.2 : £ 222 

June Itoc LonTsLPio lOOu 1 j. 11 H4 oS 10 B.U23 4 

bV 63 Juno Dee loulandlnk .. 56 30,0 2 5 * 67 * 

03 60 Sepi. Mar 016 C Dull li' IOp 206 107111279 10 93 181 

5 5 3 4 - Do Cop ID? Ill - - - - - 

0.0 88 July Jan hVMfetilu !fe 73 176 5 30 1 0 10 7 14 0 


6 61 5 5 3 4 - Du Cap 10? Ill - - 

1 7 10.0 8 8 July Jan Pv M ;«al \u 15? 73 1« 6 5 30 

— 4.3 - I — Do ai ip . 201, ~ ~ 

1 6(13.6 31 Jnn. June Jlc 1 Jlr:rop Is-. 66 305- 

2 8)206 62;M.ir Aep Meldnirarnr. .. 45 24 7 2.88 

- - - Apr Sep. Mercantile In;-. 391, 21 f 1.27 


TEAS 

India and Bangladesh 


y 7«j - — - - • Sepi May '.'crchatits T« .. 

104 »2 7A 3 7 7fci 54 Feb July Manta Inre*! .. 

Mir? 16 3 9 88(44 May Meqi BMon Ito 501, 

o 75 ~ — — — - Do Wms £1 . 28 

.blO il o7 2 4 4 2iU7 Jan bep Mcontaclnv 97 

1*7 12.33 7 3 4 4 i5 5* Aug Mar Jlcor-iuc Troi: . 93 

21.7 2.46 1 9 11 1 70 March Meats. 3 SI'S! 885 


59 lt.10 il b?I 2 4 4 2,117 Jan 
34 181 12.13 1 7 3 9 4 ,55* Au, 


:4 7 388 
::a m,k 


— _ _ PcccT.aer j.tssira Dc«, a", • I . 
i _ __ _ March j V-tsai ?ror..«r£’ 
10 cv2 234 September- /.6e-4fslws! . 
14 4S230 Mar. Sept. £s-.p:ro^hat.< !0p 

10 u.3 261 — iiarnb Flar.t'.£l . 

11 *• 2 25 9 Not ceiher |*4fl e’d Hu .«ei £1 , 
L2 27 46.5 JUy >-Ov|V. £ ,-an:! 

_ _ Jar J-jne:£isrh.-.lu;» l&p. 

10 6 D 23 4 Apr lul.k-j'Aa.-rer.Pbr.lf . 
10 7 7 192 Sep; ember ;Wlu:».u-mr, t i 


62 155 hQ35c L« 56 

?“ M L> nl esc othertrise indicated, prices and n« dfridends arr In 

ti i ttVc, i SI t , peace and denaroinalloiu are Z5p. Estimated price/earnings 
73 DJ WLW L9| j.J rai lo* and cavers are based an latest annual reports and accounts 
and. where possible, are updated ea half yearly Hearts. p/Es am 
~ cakrn fated an the bnis <f net duKribntloa; bracketed ngurea 

S Indicate IO per cent, nr mu™ difference If calculated on -nit” 

dnarlbnHoa. Cover* are based on "tmlmuia" dUarlbnttoa. 
intfladoch Fields are hosed on middle prices, are gross, adjuaied to ACT of 

mgldUtrau M ^ mi ^Xlow for valae of declared distributions and 

255 31 10) *9 65 5 91 5 6 H P hts Sncnritios with denomi nations other Hum sterling an 
265 It 10) 10 15 4.4) 5.7 qasied Inclusive af Ibc investment dollar premium. 

MU 17^,3 *> r,i a faerlmg denominated securiuos which include in-.cstcient 


It 1W 10 15 4.4 
18(7 7.33 3 7 


24*1 27 lrt ^2 01 1 6 12 2 A AkMir S-iZum 
334 ill hli _ 67 , 

ti! * HTXindlLnwt 


335 1610 15 0 
251, Ml! 4F1.75 
113 %6h7 44 

152 189 12 5 


?a ii I for n Sbts iss-Hi- for '-.v-h 
?5I 1 “?|l interim sinCk.- incrc^vrkl or rorumod 


marked thus have been adjusted to allow 


7.4 1 Dec. Junrii'oals Pawns- .. |66*art 1311 73 31 31 t 4.8 1 Apr. Jl: *Jcl Sou Thro: Inc. . 177, IlBl 1 56 


5.5 19 5|0cl Uayk'orah. . 
6? 4.9 1 Mar. Sept hTourtncM- 


m268 4.7] 4.H 6.5 Mar. Sept. OnTSDeUK 


I8«t4j? 

io.nt6bfl 


Crou-.heriJ i 


Win u u ;s ri ,1 j «.u Apr. ji: otl ir.ro: mi. . is '4 

37 2L8 li.38 39 7.6 4 6 - I»oiap.-J-- 126 

121 305 77 67 J3 97rM8- - Do Not W na 221, 

£7034 73 07% 20.2 el! 3— April V 3 ftilanmore 46 
34 12i dG.66 - 2.9 - Aug. Dec IfiSlnirfl 66td 


lOl b0239 Apr lul>l^i(rrer.?!3r.l‘ -I 113 | 266 h7jK| 49] 98 j ltilcmn since reduced i-ancd .ir deferred. 

10)7 7192 5ep;esiher;t3:lll3.-nwriii I 152 I 184|12S I 4 2)12 3 ft Tavlree iu nnn-rt-j.iderL- en jppliCilifin. 

nilQllc ) 0.9 0 6 277 5 a „- * * Figure? «r report najiicri. 

.. -ir*.. 1 J ojis.2 16.0 an LanKa ri Lnli»ed foeumy. 

~ I ~ ~ Apr- bCF* (Lur.L'ail .| 209 j 13 3)5.58 j 1.5[ 4.0 f lodicated dividend niter pending sc-ip and nr ngJiti Issue; 


5.W 10.7 J Feb. Sep|.|Dawinn Inll — 91«t 247 hF70| 2 5111 5] 52 1 May Dec Mih A^uiiehec 


jOtK? July fileidilc} 1Z9 

lOpL May SnathiNeph LBp 69 
:June Dec. amlihdlnds S0p. 214 
-Ott May SoUr LawMp^.: 52 
-■Aug. Feb. Sonde - . — .. 30 
j&pL Feb SolbehjRB. ... 352 


- blOc 3 5 29 B 2 Feb. Sept Do ‘A ... 92 jc 367 hP7 0 

- 10J 35 n: - Feb. Oct Wxrmilmud, 112 :iEj«5.33 

189 t7 37 2 4 9 0 70 .Vo«. Julyfeorii ‘C < £ M Wp 26 1610)2 01 

1610 t4.43 1.615 8 70 Jan. JuiylFcfier'Johp. . 39 153 52 5 


iSupL Feb SolbebjPi! .^.i 352 7 § b&i' ft ^'o April Sept JWilswi Bros. nip.) 39 

r«ay Nov. hpanw'tr.W. 23p 92 1610) t2JB 63 35 48 

Jan. Aug. Spwn-fJ.W ,. 168 266) tLW 160 L7 5 0 

Hay Dec Stalls Potts- -.) 118 b: MflJilltt 43 4.0 6.3 ntriC'D pj 


;Jiyie Dec. DoOVOOkJUl 010 155 3.0 

• Jen. Aug. Slides lar 7i,d 117 i3-4 

^OeL Adoi>- Sisg Flim (lure. - 140 1610) t4. 37 

’rJ'fov. Apr itectiej. . 174 189 1661 

• .- SiffLu Mari a«3i 32 975 Q«4e 

:'Apr, . Aug Sterling lacs 3hp 28 266 129 

„Apr. Doc. Siocklale .. - 62 135 2 37 

CrApr. Aug. 5!pncb,l! Khfs. .. 110 lLo d609 
■Jfline 27 ot. 5nmuer,F.l IOp - 121, 210 hO.72 

^cL May SorJfgSiScrt' IOp. 35 130 13.26 

-Fen. Aug. SuicliEe Speak 52 26c t2.66 

dfe- Svrcdistr Stare E50 £9»< ID? 010% 

iSovrenber Swire Paciflc 60c 99 95,tQ3bc 

>»r Sepl.Slllone 139 21 8 d5 7 

't January Talbcxgp-. 15*d DJI 0.55 

t.- - TebbiBICp — 8 574 - 


16 101 t4.S7 3.5 53 M 
18911661 4 « 5.7 4.2 
9*75 <?54e 11 14.2 651 


J i Not. JulylMarscsIlCiv.lOp 48 1610 f4.43 1.6)13 8 70 Jan. July Fcficr'Jcihn. . 
is 1 ? il li Nov . Junel'.'Mrtlm . . .248 16° T9.03 ri 3 5 5 5.9 Apr. Nov, Hag fc- • J i lliri 

22 2.6 E.3) 7.0 \ OT . July BtAKnUwDni.i- 214 218 608 4.2| a.i 81 Apr. Not HirkmgPn Sop 

l|JJj4-26 JJ ®;| ♦„ Feb. July ?or.vauikiuwl . 70*d Dll r3.15 41 h.7 6.4 July HuMEkji .'P-. 

26« #5 49 2.W 6.M 8.0 | an . July pyramid IOp ... 39 -flJTd2 49 23, *’W67Jjn Aug. h'igncii?. . .. 

2 A\ 5-d IS Mar. Sept EfcllJriteSiKP. 193 21 B 4.11 4M 2.210 9 Mar. n r| iwiksGrpSp 

Hz l i Lfa ,!■? May OcL Shyre.l* .■■■ -Hflii 136 305 td3.40 5.ffl 3 7 70 Aug. FeU H«nl:m 

2-W T3JZ LW112140 Ntr „ j une Uid Xenspeperi 325 210 14.19 3 » 6 5 65 Mur ll..'*orthM 

ltfllilJOpJcL May ffebsen Pn? ip 55 3010 tl 3b 34 3 7 96 Otl. .Mar Do. A 20|. . 

7flb8.ir 4 4) 3.6|14.9 April Sept Wilsoo Bros. 3». 39 2L0|l.42 1 3.W 5.4 6J Jon. AuB ingiani-K . IOp . 

4 8 NOT. Mav-Jciffcie Kldg:i. 

5D Jan. July Urd? l h cr.».^ 

i 3 PAPER, PRINTING **™ bw '£*%"*- - 

K ADVERTISING ® tel ^ - 

li Apr. JulylAssw Paper .1 50 I 30 5j t2.93 14 4| 8« 5.4 Mav Dec. Sjnctay Hugh j 


K.7 hP7 0 15 11.4 5.2 June Dec. Ntbu AEwaeso. 94J, 305 3 05 
:iE)«5.33 4 7 7 4 4 b Dec. July Kurtbcm Sms ll&,al 13.11 3.50 

14 3012 01 2 11L5 62 Jhn Aug. Uil4 .-kiMc.Iai . 54 347 233 

13 j|f?5 28 44 55 Jur.c Not. O uwicbicv ._ 53 30 101 11.5. 

IS °l 40 76 24 3 0.6 10.2 Apr. Aug. PenOaadluv 113 12.6)4.21 

4°) 7 24 2.3 10 2 r5 1< Dec. Aug r n« 5f.« Ini ailp 60 12.nl t2.8 

?05l 0 7{, 26 108 55 Mar. FopL Pro. incwl Cities 26 78)1.50 
l.’iJ’Ob 3 0 a9 5.6 Aug. Feb Kacwt - -- 114t 2 3t.b) 13.7, 

7 014 56 2D 10 6 62 TVjh. Sc pi Rea brock Ini 36 210 1.24 

?D.?| <13 17 09 12MJ0 Apr. Oct Ru’bD A !».tap 28 ?4012 

216)150 5 0 7 0 31 On Mar ilneri Mi-re. . 163l = 75 0 25 


(Mir relates to rre-.-ieu.- -Juidends >>i irrecartj 
♦ Merger hut or rcurgnni^aiiun :r. progress. 


1S7 lS»Ui)7 
106 4*1 7 24 

1C*; 305 6 7b 
51 12 r ?0b 

W 70 4 56 


^ SSiS& S-S IWi -Africa * 

a i|if I s 2# B. SBass£~l IS ! SliKSi U Ub t * — ■ — — 

3.1i|3.50 15 4 41284 4 Fen-can dividend: cotct en caminp- uimaied hv |ai«t 

J4 7/2J3 LI 5.9(23 4 . . intenra narmrni 

miOl 11.55 L2 4.4 293 WTIVirC 1 l'r*--r .itliiu. (nr ct.nicr-.ien t»f rn.iri- nm nd- ranrinn lor 

12.6 4.11 10 54 266 - ■uli'IClO rfn iricrd'. or ranking nnl» !«: r-.'-rncicd ■iurccnri 

12 3 t 1 B4 LI 7 219 2 * t'tn-er ifot-r. nw all-?v :or inare? ivfurn me- il?.' :.ui ror 

7 2 1 50 * nJ a f’E'VTR AT HAWT^ di- Idi-nd j- a finurr .la:- \e PF ro:m jw. ided. 

2b b} 13 76 11 4W27 n LILAIj v Kc ludmc a final dividend a« la. anor.. 

1 i0| 1.24 1.3 51 1 21 5! lauteaDecpR! .1 301 I 6751 — ! — [ — f SIT 


3010 11.55 12 4.4 293 
126, 4.31 1.0 5.4 266 

12.3 12.84 LI 7 2192 
7 a 1.50 * 8<4 4 

1 14t; j 2b 3 13.76 1.1 4.9127.2 


1.3 51219 - (Durii2n Itcp Hi . 

_ — } -\up. Feh )Ead FtidFTp R! 
11 7.51B«lAuf FehlRandiontnES R2 


♦ F orccavi dividend: cener en caminpi uiwaicd hv latest 
intenm Maiamrn: 

T Cm.-r atliiu- (nr ct. nier-ien «l snare- nm nro- ranrinn lor 
rf»v irfcrds or ranking nnl» !nr r-.'-rncicd ilnio-irf 
X rover itocr. nw allow :or snare? wtnch roc- il.o r.i?ti snr 
di- idead a ftriurr ,h:- \o P F rj:m usual. 1 -, jw. ided. 
V Koludinc a (ir.al dividend d« la, an or. 
r hcF.inr.al price 
I N<i p,r value 

a To* Ifee h r i£urc. ha-^J op r-rr.-r-r.-:u- nr ..in-r 1 {final 


718 150 SO 7? 30 Few. Mar RuerMaiclW . 137t, 7fil -*634 13 6.^20 4 3u£. Feb IVcSJUrdRl 
31J131 0 8 b.7 293 Apr. Not. KriMrc.-Rr -FI50 £54^ lt!5)Q25.6S 3 0 5 8 167 


PAPER, PRINTING 
ADVERTISING 

■. JulylAssw Paper J 50 I Msj 12.931 4«I 8 
. Jalyj Dt» OijpcCoav - J £305 12 Jo9i,iJl4.3) f9 


: S5“iS‘i Bei * P 2? JS a ] S > M 5 ? 10 ‘ * pcc. JunelAult ftU . ’ 3»; 21 tl 9 

e -iS ?a! 1 4 1 ?- Dot- MayBrinro* .... 77 210 13.8 

r:«pr. /vug Stpnclnjl hhls. .. 110 ltd dh.09 1.4 8 312.# June jan BntPnnbns - 47Ji 2.10 t3 5 

■^®N«.5uu=er i F.W0p. 1|1 2 210]hO72 ZA jd 6f }“ e .gSS;: * IU ftS 

21 li -A A1 fan - July 0afMrinr.de- 55 126 d?.fl 

..Ten. Aug.SiilchEeSpaiL 52. ^ j ‘-4 l Nov, June RunriPiilp 88 16JB T4.9 

y*edistS!txzKS) £9>< UflOUS L4 6 012 2 Dec _ j une CapwnlUp ._ 38 16J0 1.93 

iNovranber SwirePaciOcBOc 99 95jtQ3bc 1.4 ?.9 20 7 _ 1 . ?? in* _ 


3»; !1 
77 2]i 

47Jj 2.1 
65 12, 


It IT 31282 3& 8 4 5.0 Apr. Xo». r*>JbSb> 

MS H1.53 5 a '-.6 71 — Kolir.kV<::Vf 

: 10 til 29 2 0* 4 2 i63, _ pi. f ub ; 

17; — ~ 1 — — Aug. Slar. RcmccyTuii 

1212,110 7 0 5.2 63 Apr. Xov RrocdiinoikJ 

'05 °9 J 112 4 10.7 - r>ni-.#a 

21D d3 35 j 0 9 10 915.fi Sep Dec F.ntr*-f-'.i!n 

30] 1«7 I 5 5 4 61 D(f. June jintf-SuanJ In 


inn 11 Zi esliniwn e Ce.-.L" d P.vidvr.d Nc rani k-r -o,.il nn part 

102 I -OHTvJUi'i 6.7| <-6 uf tapea! *rovcr hn*nd un rtf- uli-nri nn ;.i!i 1p1i.1L 

r H«i-:-mpf,<-ci yu-ld I Fl.il ’ n.-ld r. \ .-ani.d or id-nd ard 
Divn > idd b Assumed dividend .ind yivlif .1,1 -T .."rrp -u. . 

MVcLi'iAg ) Paiim-iit iron, capital source- k Kenvj. ra liu.-riri Licln r 


\ 0] 3 4 Oi-i Apr:(M Andre* Ts: .112 


f.Mac. AugrTbena*! Synd — 
««n. JulnTh Times Vn 5p. 


2.10 13.5 3.0 11 0 i39i ffp 1 - -^P r - - 

12A d3 86 53 91 5 2 Dec. 5uW> Maulg ■ 
126 d3.'86 3J 10.8 4J Mar. Sept, hota JemOT-JOp 
Aid t4.95 5J a.4 4 7 Jan - June Parkland A 


5 7 it ti - iCauaomSirJ 
X? Jan. AufckluiiinsfiBjl Wp 
... 33 5 5 64 5^ Maylany dh chard ■- 

in-l*47 -- ( rc. June Nm-.prfleup wn'.Op 

“Tl?*- 7 .- r» . 5«»‘ - (Culur Guard _ 


;MrJn5J). rmns.L'a.rS3] J £20* 70 Q5L12 — 52 — 

JWOT. May Transport Dev . 67 IS 9 1324 22 72 9f 

Tbb. July TranwwxIGp 5p, 3* 176 — — . — $ 

Jnn.THrnerfcNc'i-tl 176 1613 {11.67 1.6 9.9 7 

J^a.-Sepc 'i’nniw Cuk. 5w 8 ?Jj #0.31 J 4.8) 5 8j J.1 


j’m.Sept.'Tiinier Cur. 5j» B 13 ffO.31 4, 

■Feb. AuaUKulnU. ,.1«9 12.6 8.93 1, 

fJV. May Unicorn lumaCs.. 98 17.4 15 SS 2. 

• -Feij. Aug Utuflea iDp 6S 12 b d2.79 3 

i»«. May Unilever .. . 544 17; 112.69 2 

•Sec. Maj J.-nrWFI.lL - £24% 185 0428% 2. 
fJ«t JuneCtdC«TierjlOp 91«i 13.1* r2-J7 5. 
■Jsh. SejilUnliedGirflod*. 60 7£ 3.68 2. 

•.Sfareb - U. Guarantee 5p.. 29 132 018 la 

Jlsn. Julv Unochrone _ 12t; 15J d0.49 3. 

HSa. July Valor, 52 2hi 1L17 4 

J* 1 Jan. VmenlOp _ 24^ 28J1 t096 0 

Teh. Aug VmtnGrp.20p-. 139 24.7 hdL04 7 

DcfraahtmtlOp.. 52 174 3.35 <5 

5fln? Ma.tr iV&de Potts. ]0u- 34 25 1.12 * 

*«■ May Walker Hrar 5p.. 13*a 7 

rtby Not tVnterfordSp 54 161DTG1.75 2. 

Apr. -OcL^blshams. 311 ZLS 4 03_ 4. 

AugffjlfffrRIf.lOpt. 107 24.7 (1T.« 3 

rflily Dec Vcdfwoad 114 12.6 hJ 80 3. 

Sept W«tn Board ]0p 69 24 7 d.J.76 2. 

“bf- Nw.VTIwtMHJLSl 35* 2 171s914x 2 
gja>- OcL WbunacR Angel. 262 ?.!0JM4i2 0. 

«Ct. Apr White Child 4 B_ 107 266)44 47 2. 

ff*b. Aug Whitetruft 106 30 j H7.48 2 

^e. July TOmelffta iff . 29 tJ7 — — 

*& May Wiifcei j.j ... 60 289 ta.81 1 

(D«. June Wiltins Mitchell. 36 31 0.25 — 

^6pr. Qct. VUksnJI Icbil. 174 7.8 10 0 2 1 

3uao Dec Do lOpc Cm. £91 10 5 Q10S 13 

Feb. Williams, J , 45 155* t2.79 3: 

flw No-.. WjUsiGeorsej-- 57 16.10 11.57 6? 

(June Dec Wi'wnW^tonSOp- 33 210 323 j..i 

;J«il June Winn lndr.ato._ 47 210 12J4 2> 

g£T»r. OcL Witter iThomas i- 46 78 3 19 L 

“Hay Nov Wood t Sons 5p- 43 3010M1.67 6., 

> May I Wo«i Arthur, 5p 36 171 0 91 T.i 

‘December Wood HaJ 77*d 13.il|5.40 L. 


rA'«7J «K:»igsa , A , S- 
Ti m U SS&- 


pnviRjcfaani, . 83 

tdWiiDson'.Op 73 
Culler Guard - 23 

^clyaSnp 19 

toHG 120 

gaa> Lanrs Ppr. . 68 

foimirrcs - — 57 
FenTP.Jt*0p— 91 
ICeenGririlOp 40 
[Harnwn 4 Sour . M 
ImerertCrp 50p 62 

LAP pfffler&iro 200 
pcCorqnndaleEl. 262 
Selody Mills - % 

Mills 6. Alien SOp Zg 
iMoreO Ferr ICp 76 


22 1J74 ' _ | 54 Aug Dec Dc, '3 N3 IOp 

85 Hi 3.98 L5 7.0 13J ?P r - ^ 

83 4!th257 35 4 bl 95 Mar. Ocl ii.-'iiaLK’K-iiae - 

73 1618 13 32 4 4 51 May Nov Richard? IOp 

23 SkfiLW 3 3 6 S 70 Aug Dev. Di«i«Mi Retd 

19 „ 1 -170 0 “v. Oci.SEE.fap.. 

20 2JD i7Jl 'la 8Bf95 J,ll >' He*. Stjet Roben»on 


45 161WHJ.62 3.5 5.4 88 July Mar. .\n Irr jup. 81 2bo ;2b4 10 4K313 
74 12®) 13.54 22 71 93 Mar. Dec icot r;u-j V... 157 3* MB 74 4 8.7 6 

133 lb 1« 13 29 51 . ‘7 68 Apr. uct.Jcot E^tim . 132 157! lA57 1! 5 2 36.9 

38 :•]« 3.5 D« 5 9 45.B Dei .lolyi-oi .1’jrepea: 40 39 15 1 52 1 1 5.7 23 5 

73 12 6| di 23 fi&bb 3.1 Julv Jan Sc«ti*S iv - - . 97l> 11 tl 3.0 * 47 * 

17 16 lOj £0.7 2.1 *11.7 June rieo S-.-ut Mort ltT<i 1071, 30.10) 13 15 LO 4 6,33 2 

9ij 16.10,^7.7 2.1 i 66 June Dee ScoL NiMonnl. „ MIOrf V 11 3 9 4 41 p 

56 27.34.31 4 1 121 « May Dec icoLN'orJien- 101i 2 lAojj 41 10 5.129.7 


71 «d jJ3 111 40 ID 8 4ll7 2,\>i Leabc&V . 

:is -.4 57 J J, h M26.4 f - sll g F'ei? liL'eraleROLS .. 
,?S “ s AfnctinLd.lEc- 

3; 31 8 74 4, 8./j 6 -i.ua. Feb VTakfwitewlWc- . 


1&.9! 044r- * 38 7 P rv,wu:: l0, ® , " Kuhn i< p*=d,nc u tjrr.inc: 

7 fl tQ-rflr 1 ? 4fl B "n prviiOTinaij ligurt-; ' I-ii.-1cnd aro, vivid - • i In.-;., a 

n-Acnl W S'! special p=k-nrr»T l Indicaicrf dm.l.-nrt vor*-r r. lale in 

n.k srno.^ mien previfm- ripi-lrml. l-h ra'ro ».a-. .1 l-o.-i .nii—il 

SS lilt 7® rnroinr*. a Furor*..! di-.idcn-l o.ft.T r.j. . •) ..ii ;.r,-i i.m r 

16U Ail ® uhn vamincs r Tn< tree Up ir. a, ip in ih-.- V « 3 m.!"I ailvi* • f--r 

It" QjJf 6 29.9 .- jfronn rltm^c i Di*ndv-pda-jd>if.Ml.a...-v**—i nv-nji.-rt .-mi- 
26.6 tQ46c 1.0 41.0 t Divld» nd and; u - W inrludr a..|«o.al ^aimiril •' Jl r— n.i'vtii-*. 


il ,S»A , l cl 7 ?;l f 325-2 Ma i' - % ‘ 0k WnWhBfcHI— 571 la^Ql^ * 13 5 
40 30103 52 ll|a.72ja _ :\~ t , ;; l{ olSc. . 3 2 C7«| - — _ 


2L6 lna 3 3 6 617 0 Aug uev. i.pupinn Keen 

275 _ _ - 70 0 W- Oct.SEE.f36p.. 

2J0 7711 *1 a HR 9 5 July. "Dec. SciCl KOhertsOn 
TJ 13 35 2 9 7 1 7 2 Sept. Jan. Mental ltn ? ■ 
247 f425 1 7 * 52 ^eb. Aug SUa-Cirpr-ilflr. 

2.1Q ? UK 5 fl 4 7 on June Dec. Shiloh Sjnnner- 

3010 K3 05 2111 4 b .5 Mar. Sept. ridbiilodtJOp. 


ti.i t.js v ii. ‘ v »*y utx acw. .vu'uienj^ aui»? 

7H H355 3.1 9.7 4.2 July Dec Scm. O ntario 64t ? d 

*55 t 105 3.0 90 67 Aug -Ur Sour Ita.'ni 7 7 

irUTd4 49 2.510.ff 42 Apr. Aug . Scot We-rern . 93 

2i.fi l.&> 9.0 4i 3.8 - SLMLVlesta B- 91»j 

305 12 78 25 9Jt50- Apr. Oct. 5 n Ts . 177T, 


'i? ii far wi 

4 h i« H ip* Feb ~ A ,e,S: 

l A \ g d \ h 7 AUC '- Feb 'pS'ia'Xr- 

Ija" -01 10 3 T°' Feh. Vu?.a«hurt:R! 


WEST RAND 


5 1 Li i? Sept. Apr.tolivK Paper 20p « 
£24*2 185 04-8% 2-9 5J Jan. JuneloilrrPnr.lG.T. 62 
91*d 13.U +2. 17 5.1 3.6 6 9 Apr fomdi, IOp - 130 

60 7£ 3.68 22 Ssifl Mar. JulriSmithilhidiJOp 80 


?!, i I 1 !-! VAX J a p- J **- siifiiM!* ■- 

W j? I 1 ? Jan. July Trarspi rent Ppr. M 

IL In ill Si i - f5. b - ^“E7.!aSk l SsfJt- a £S 


96 2L8 3 24 42 5 0 7 1 ™*. Oct • - 

Z(Q 4W 5.0 62 3 6 5 6 'P r - Not auJlud A 

76 3010 dhl.07 3.0 b.O 84 jD0 - July iklbocR:,r« Prd 

VWffl li 

62 155 r2 52 6 7 61 2.6 M? r S W 10 P 

130 247 1li3.14 41 5.b 10 4 .February Twnkmvots . . 
80 18.7 P4 75 44 8 9 68 Julyrr^tal .. . 

192 laid ?7 45 26 57 100 — rorai lw . , 

65 ftA 5 01 ll 11 5 90 Apnl Oct Tr3fft.nlfBrpct, 


t Feh. Aug indanltiroup— suv 

, ) .7, isn. July 1'ihcrR liter j ftp 6* 

i 6 inn H. 8 Jon. July Wsce Group 2f*p . 60 

{ c'ii I Feb. Aug WaddiujttoroJ.’ - 192 


26«43 34 111 5 6I2S 8 R"* ‘ “ 


- inH * Not! llay.lWarraeuehs 1 99 

SiaSl75 Mljui “ to**i-*l * 

218 4 03 4.4 19)17 6 

247 112.40 35 3.3 129 PRfl 

12. 6| h3 80 35 5 0 6.6 l^llU 

afljgl/fc SlLSubaly Dee.) Ail'd LeiHton 19r 

VJulw Si 7-2 2 Span. Sept. Allmut Loudon . 

? 10JM452 S3 j-W u.H _ ^ toJpaaidSu'.rri 

t$*!h 7« 2 0110 & 6 2 Apr - O«..^TK,Pl.I0p 
30j H7.48 2 0 106 6.2 jj 3J . Ocl. AqumScci .ip 

Tni troi t~q o"c a , August. A-.-eaocCI sviOp 
J li ni? in 84 b'cpt. MBf Beaumonl Props 
J J fJ To RA Ty Jan. Apr. EeaidiC H -lllp 
-IfliPaSm.- illrn n 77 D«. June BcjJMvHWtF.. - 


6*«d 13 U 13 32 3 3 7 

60 2 10 ItilSSl 52 3 

.92 107 11 31 L6 8 

99 2.10 3.91 34 5 

16 110 0.1 _ 0. 


3 3 7 7 60 Mo* - - Sept.|Yiia.7ev20n .. 
52 3^7? Mar. HcL h'wk« Fine S' Wp 
16 8 “»ho 9 ncI - MayJyoujha; 

34 5 3 77 

- o.9i - TOI 


37 189 t25 

30 *«tll33 

30 2&7 152 , 

40 - tJ3 75 

69tJ 33U 93 6 
35 7C 101 ' 
60 12 1: 3 81 

J5uf mi 12 76 
62*2 2i L 1 OKF* 
26 218 1.69 . 

78 155 2 35 i 

56 218 3 55 

42 2t<e J 85 ! 


— — — Dec. JuoetSPUTI-H IOp 144m 1111115 3 

LB 201) 75 — SPLIT Cap IOp 53b - - — 

2-8 b.ti 80 Jun. Aup. SunnopeGai. 114 24 ’ 3.11 1 5 4.124 8 ES apiAi J V 

5 1 7 6 2 3 Aug Apr SlcrliniTiL . 1641- 156 *5 38 10 4 4 293 -m* I 71 

Zfl ®4 5.5 June Jan -wfctcljenlrv. 91 30^:2 39 10 5«*453 C*£ 

SO 81 6 0 September Tifhnolffff- - 98 24^2.64 10 40 37J Fcb - -t-a k-Jinp-a R ! *J 

4 2 4.3 7.7 Mar. Ocl Temple 2w . 93 |l9®) W 82 1 1| 7 7 182 _ _ _ 

1 3 ** 5 12.0 April Not Thrcir Gromh * 25*4(210 20 1.3)11.8 11 7 O.F.S. 

23 9.2 5.6 _ Do tap il ._ 89 - J — . 


r 0 81 61 

12 4.3 7.' 
3*>5 12.' 
! 3 9.2 5., 


Ferj. Aug.jVepiCOTBOTtFil 

Feb Aug V [T;f R: - .. . 


— [ — — jpplj in ipveial pj -n/-.-i, .1 Nil diuilin.1 an<i .|.-:rt It 

Q25e I 0.4 36.9 FtiffeTr-r Uninend ur dvf.-m j r • ;.r.i«:i.-.n i: |. i... 

Ql2%r| 6 15 5 Once K l'i»irti-nd aid ;• vW h.a*i.,i .ir |.-..-pv, i u - .ir i-i'ivr 

utlkinl ■ -lilLUa. irr iPTivao f, <«■ il’ I ; ii 1 ! 

1 sdrorpeikiir.i: -e?lp jiivli.r r.cM !-•.:■■ H r»i- id-fi.1 .ei*1 • u-'.: 

liasrd <ia (inipi-'-lu • ,r *.--r i-ffn ;..l e'lrmali- fer 

JJ) 1OTB.7P K Inure' h.i-e<l ou pr.^in- In- ..r ••;!.. r ■ -i 1 1- : ■ I 

rilimaicv i'nr 1578 M Du itl>-n<1 and .inirl ’.r. pnopcvlir. 
1614.7 .jr other official c tiaiat'.f for Ii^Tk N linidi-nd *!■■! • iei<! 
L8 13 J htued or. prui-pectii! v filher v ---n.ii. ;..| .:»7P. !* 

— — Figure; ba -?■! on prOMicitu^ er ifcir n:n> uil :->i:nui>.' i->r 
23133 ISOLTfl «: iTrf' ..-■ T Fijurw- a -••li!li- 1 7 I'll i.|«.i" I.W.1' -II 
L7 82 ‘J’ 1 '* F* 1 l- ,ri S 01V'I o-. .UR||||,C1 T.-e.k I,r p.it: r.-li. .tv £ 

unchiinrvd 'mi, I aulu.’-ly J.,i. 

I 1 ? J \hbrvi lafira ' ire ■ dr idffud. r: ev 1 rip 1. . o >• . rich! rfit 

e - all. i’ i-i vatiit.il di'tri bill 1.111 

£.Q 1 * 

OiOOc 2 014 9 — — — --- ■■ ■ . ■ — — rr 

Q21c 10 30 Rfteent Issues and " flights Patio 2« 

TU22c 23 4 8 — — — — — 

,5-? This st-rskc i* aiaiiable io every t_'Q3ipa.n> rival: in nn 
Q5B5r L7 120 Sl0ck Estranges throughout :h? L'nil^d Kingdom fnr i 
1013c 2 7 6.2 fee of £4M per annum for each security 


1013.: 2 7] 6.2 1 
d'ri 2.41 6 9 
«cAiif 4 1114 


0 April \o-- IThror urocth - 
6 — I Do Lap il ._ 


I 34 | 1? 8( «2.0B f — 

TOBACCOS 


REGIONAL I^IARKETS 


f vL Sf? f . ?-®j, ? £ Tue fotlfw:t!« r, 3 solo, non o! Lonann nui'laijon- -;l ;.r..ir?s 

•-“fl t "^2 w315i- 9 14.9 previouili listed pel. jn regional market- Frut-:- of lns|i 
. . 1 J I ii! ■77- TT-liTn la^uv*-. tnor; of ■»-hi.-6 are not of f,?:..1l> I, tvti ;n l/iid-.n. 


0.2 6Sj — {Feb. .Maj fTraai iKecnic-J 162 


17 Jl 5 08 1 

24 71 hl.32 1 


U 4 7 30.7 , - [LcrwMrE; 

L3 3.21355 Jun. Dec. Pro rTand 


Ocl Apr.nrr.lciwLlaf iOp . 60 In 10 14.46 L0 11.1 13 7{Jan. pee Pr» P:ein5ft:._, b04 

- I L'ciapmSEl- 134 _ _ _ - - Way Nov. ■*! Kcler.aR; 719 

Dec. JuneTm^.lnton — 99 30 1C t3 45 LI 5 2 274 , — kw.#! .. 1B6 


V* ~ — - isuivt. n-.brl of -i-bi. fi 

210 tOSar 2 0 11 9 dr*: a.*, quofc^l nn l.h*. 

9 75 yfr: 0.5 5 7 ... _ Vi , _ 

»I0 0150c * 1 U Albany Ini Jt. 7 , ^ 

3010 MOc P 7.9 SI" 


UmWc 4* 15.8 5d?wir L..i ; 

-r,rlv.~ — Clover Cf. ill 


PROPERTY 

wton Hr f 59 ! 305/ 5.06 


Apr. Sept Winds 278 

— Im Deid .. 244 

Jan. June Duahifl 1.3.1 Op- 380 
5.4|1D 9 Not-. Mar. Imperial . . 83 


30 IU hlJl 1.4 2 3 45.9 
218 069 12 5.2 24 3 

266 1 65 12 3 3 38 9 

7.8AL3.87 13 6b 19 1 


3 * \ tv 3 <.UD to T.i XU -1 ,vro. »iiir.iiTniwnai . - 10 ^ .0 

253m) 13 11 <107 2 2 3 0 234 Jan. Sept Both mans !2: ; p 59 ?ai2 

IP 1 * — — — — — Jan. JuIy|fi,etiLTM Jin lup -) 50 (30.10) ti 

as 30 u hui 1.4 2 j 45.9 

I S 11 Ifr faS! TRUSTS, FINANCE. 

55 34d4.5 

76(2 305 2.91 


Investment Trusts 


Aug. Mar. V- interbainoi 207 

Feb. July Witan Inv 87 

- Dm'B- .. az 


1 2\ j.7 39.1 Ewe. JunejAberdeen Ints... 56 mJ lill 1ZJ9 101 6.4123^ . -,. ' ' jZS 


48 4 1 7 5]Jan SepL \iltafni 

— — — | Dec. Julv AILanct lev 


Ifl k k 1? fl JU,W ucr. :niii 

10 4 4 337 Dec - JunejYoump: 
1 0 5J 284 
1 0 13.0 13 3 

- 0J - F 

1.2 12.4 10 2 


u6ottOBi„. 207 10 7 14.67 10 3 4 439 Mn;- TVc *Ccw GcMFidtb i 

ijnv 87 30 5 12.33 1 0 41 360 July Mav Easi TL-nd Ctm. IOp 

-B- . . az 30il 0.07 — - - Ot: ■.1ai-i«i:*n!r.:E2 . 

lanlnv.. ... 169 7817 70 10] 68 216 Mar .>epL .vJoyivIdiiA 25c 

it Lane ^ . 30 30i|1.55 1 60 6 Fcl-. Ocl Jp'bjriCor.'i.Ri .. 

tf'a ilnvil 84^2 id Hj r3.7J 10| a 5 23 9 Auc ref. ‘JuMleir.iZL* — 

— ”:r,...,rp ! 

Mar Orl 'iirior;vSP.f , l 

Finance, Land, etc. 

j - .. u 1 .An M-!Miiniiiii'i November R3ntJLo3dMl5r.. 


170 1610 919 


lastq^ 21 84 
J9QB5C 19 70 
1B.4Q170C 3 6 7 8 
26.6 tJ2Sc 1.5 9t> 
- 1 5 * 37 

189 Q12c 15 4 1 


§ 1( Pehrt-eiC H 
9 4 P^lMill? 


i-vrli.incf 

.Shc'fn*M fri*. k| 55 | 

? ivf: Ftoir.-.hml 67 1 . 
SinriaH-Wm • | 114 j. 


'■o-. tr. niac.’ 

Allisnm'.e 

\niwi 

t'.rrull.P J > 
Cir-iulnlkn: 

< <'n--r-t> Cr-id? 

H vltkin ■ 1 1 Irlp > -| 
III.- 1 ‘urp 
In :h iliipi— 

.'ClVlTj 

7 'il v. 

I'nidare 


INSURANCE 


Jtreejanwring'C.T'^. Ill j J 2 .? 9 \ ] Z-s 

{Jeb. July firreuallBd IOp. 36 HI 7 I JO 3.4 5.4 83 

/^y,SepL Bnianmc5p- .. 158 21B 9.s- — g-8 — 

,-FALSD. fonbincdAx SL- £02 L5 l?SL2 — 51 — 

r^9 v " May Comm. Union ... 144 210 lr.77 8.0 

■Jan. July EagleFtjr. . . 140 30.5 t622 — 6.8 — 

’T . EJin 1 'm Up 19 — — “ “ 

June Dec-EnniarSO'.-Cm. £122*d Ull Qf« — 'If “ 
i an - June Eqi dj 4 Lta 5p 176 1« ; 6.?9 5| 

?faa. July Gen Aveatenil 212*4 DJ! 1832 - 55 - 

rjhp May GK £ - - - 22 2a UlitlD32 — 6.9 — 

nw HambroLiie.. . 393 1610 ilflJ - 77 
SBn. July Heath i r FL .2taa . 250 30 5 14 90 5.4 t .9 8.6 

.Jft Mar. Hock flabinson _ 220 24 7 M 18 31 94 

!g«- Apr. H<wteoiA.'JOpi. 134 210 t7U *.9 -■? 7 * 


— Da tap Dr? — 81 

— Chadrieflcv 49 

Aug. Jan. Chemcrficld — 337 
[fP Dec. Jtinci’hnrcbb'r-EaL- 305 

I L/C/ Apr. S**pL CltyHhrev . 67 

2 101 12 °9 I 5 31 4 Q[ 7.1 Ian July Claris NakaHj*. 62 
HI J I JO 3.4 5.4 83 .Augus Control Sec* J«P 3J 


July Apr Cera t.'J*»ajelop 236 
Apr Ocl CsinNniT IOp- 30 
February Cntv*Di-J lftr. JM 
Mar Sept. Daejau' llld** ■ - Ml 
Sept Feb. Dares Euafe: IOp 18 
J une Dec. Oeningliri IOp 55 
Jan. May Eng Prop 50p - 33i 

Mav Sew DogjpcCnv.. L75 

April (K-L IWilZpcCnv £80 

July Ebf A-Aioir-'-.... 5a 


— | — —I — I — Oct May Am^maaTwt 41*4 W tl 3 

— I -- — — I - — LiurnchtiTji 'B‘ 39*i — — 

!2m 14 06 2.2 1 81383 .-Vug Mnr AayJo tnowi.. 931; 1P7 ?D5 

12^ 4 66 1 8) 23137 2 SepL Apr. Aniite-lnL Bn ... 40 27 6 3 25 

7 11 .92 1 51 4 3126 0 _ Do Ann Shi .. 151 - - 

274)1 94 1 8] 4 8)172 June Doc Anglo-icm lav. 43x11311 18 

JbillOSfl 0 9f 38lib84' Aug. Feb ArrhunedH, Inc 75 166,523 

263*203 2 Si 1 3)41 6 _ Off Car- »P .35 - - , 

218]0b6 — I 3 3] — Dec. June Argolm 'SA1*. 130 310 Q12"J 

r.!0|088 4 4( 1.2)212 Aug Mar. feMomi Jm 123 10 7 *4 ID | 


34 266 40 84 

256 2*6 *203 

30 218 066 

114 r .10 0 88 
Ml 2«:7 3 04 
18 18.9 «51 

55 30 lft ti.14 
33*d 1311 2J5 
C75 189Q61A 


9 5) January LMlnnta Halt. !0p| 54 |2B Ul 0.7S 


4 J '42.4i November Atlantic 101 
8.5111 Dec. June Atlk* Elect ... 60 


Mclober Uuw fclr.t -SOpi.l 931’ 1 13* 


210 0<ll 

lb 10 193 


184 Q6‘j°'.]34 0 ffl B — Not. July Rualrr*' itiv. _ . I 56*; 1610 2 55 
189 Ql2%] 601154 -- December Gem- Trust . .. 72’jiO 1311 106 
M.7 C46 i 18 1 J 65.1 - 2uhnfi5jJeProp.J «* 3UC - 


20 1610 11J72 1.2] 7 6(16.9 Not. June ftitiiepspateTif.] 175 15.5 W6.34 1JJ 55 27.2 1 _ 

99 1*10 2?* 1 « 3 fJ21 9 May Dee. Border * ftb* IDp 57a UU 170 « 4.4 « I j UP e 

83 70 rij 32 3 m 2.2|188 June ErajllFimdCrfr S10^ 67* QWQ3 t 9» « Ocl M 


36)2.21188 June Erwll FuadCrff SHU* 67MQM13 * 92 * Oct Mar i«t lat TsJsf. *] 233 

30|RWt*i) Jag July Brazil JDV.CfSl— 5127 15i3«S5.:i L0 4.124.1 J 18 

1.9)5.3)102) — Brenwrlg— 25 24.7] fl.51 1 6 9 4 9-8 Feb. Sept Kaiuiiki- 130 

Aug. BnJje»*Aff. 7\ 4.U - - — - _ rihrilPcklOp... 45 

Sept Bnt Amfctrfq. 391. TIM tl *7 11 6 J 22.6 _ n| W . >. !iK t 44 

OJni Dili'h.L.fi; ., &9*-!>tf I? IT] 2.J '4 5.2 9 — K:tcr r-Tj-ln ^‘p £3 

K0V.8llt.!jW:«a»pJ 11*2 itUuj 0.7 4 9J| 4 Sept wikhw Kwahu IDp 21 


~ „ . Mar Aug Charits-houwOp 

J®, Senember femrnoa Mil ip. 
10 10 4 14 5 J uli- Nov balsr-.yii . - 
T. 7-, Apr. Ocl Dam j;c D ai . — 
}l 5717 9 _ TTDaloiivelin . . 

12 5.0 261 August Edin.lnd'1 12 'jP 

OeWher EjOroMiuogl^. 
i? 2?5 Dw - July Erekinv Houie 

J J 4 8 29 2 Ocl. J uiy El Lancfe iOp 
11 4.8 281 October tiptnraime Co 5p 
J 5 July FailirriGcs 5p. 

1 2 2 2 58 5 — Fnan* ’nic:. .. 

— — — Feb. Aug HsmbroTnut— . 
1J 55 27.2 — HampicnTst 5p. 

4 4.4 • June llaa Pnr a SI— 


|| = = 

9Kal24r 2.2 

6* 13.41 1 4 


b?|,??|Jan JulyJDc ?ref Bap 
?^r li ;]July Jan.[Ticjl >7ci> LdF. 
^ jl -il Mar. Se r < h.T Imerl HI . . 


94ii 2L8 QlBftc » 129 w 

£11 g U75QC50c 6 25 ladunlrUI- 
38 1610 tlOr 3.0157 A Br ‘ 

433 210 1895 1 9 6 5 A P 

168 266 03 0c 15 10 7 e s R 

35 1610 2M 17 * BahvOTk 

163 2b 10 Old 0 12 6 I KJrvlojsBnnk 
92 126 Q9*t> 16 3 7.8 Heeeham 

£1074 155 Q1 10c * 6 3 Buoij 

:50c 12 8 7 Bowulen . 
38c 16 8.6 BA1 


OPTIONS 

3-month Call Hates 


Ml Sq-f^riB J -;s 7tf, Mw- Ser4n. f Intttia!.. 206 7fltO30c 12 

*37 iKu ik® IS ?i'«s V av Not. ilium Ctam 625c 2 M ia«tg36c lfl 

21 _ _ _ _ _ Sept. MarJvuari»S^c — 60 ( 21 a|lQ7:^| 1.51 

54 21I dfoo 68 23 DIAMOND AND PLATINUM 


inuuniriai- I ■; , 

A Brc» . 6*. Irrpr- 

APi emcni lo I O L 

BSR, ft In-.r-re^l: 

Bahcwcfc li. K*.’.’. 

Kjrvtajy Pn.il- 25 L-irthniJii- 


35 I cR.1t £; iivi- 
25 l.o- S-.-rv |.-r 
16 l.loidr- Rjiilv 

24 ■ Leif' 1 


677 — — — 

210 dl 00 6 8 2 

4 9 1 92 2.6 7. 

ae 12 3 6ii 

211 0 50 63 3 

30 5 15.01 1.2 6 
sis — - - 

21B 203 9 10 


3461 - 
49Q4 0 2 2 17129.6 

- dl 06 2 9 S.8J 6 1 
2i9iQlMf 23 52 70 No 
^ tOi - 1715.1 

- i0. r - - 17147 


Vq 54 : MayjAr.::«vAn;Ir.v5ftc £35-*4 IB 1 

10 81 ^ J V Not. f* Beefs W 3r .. 356 IE 1 
6 < 17 9 Jan - ' u ? BnJOpcHRS... 950 35b t 
_ _ - iivpila P!a 30c .. 172 


7 r. Hriiish rjiicfn 6 l«e»r»rf^>»v Hnrk 

“ Brown .J • Zfl Lvnrlu' 

Hurt on 'A .. 12 t-uia.-lnil? 

<":itIliUrv- 5 l.ir-n-i.* 

•rm: rt uu Id v 10 Mam? 


1.2 6 7 17 9 Jan - \ue Dni?fcHR5 950 ZbfcQDWc 

_ _ _ - jiirpalq Ha 3k- .. 172 - ?lB4c 

» 101 6 •‘I.T-'iJdwbur? Iff.’T . 65 1* 10 i}68c 

_ _ _ Not. May ific? Pis’. !9e .. _ 87 UlOl Q3e 

U VAV CENTRAL AFRICAN 


— , •- Hriju-n .J • 

_ _ , . ... Hurl dji "A 

ATINUM 'juiiiurv- 

i. nurtuiildi 
lB9tt36D0r 1.1 100 ik-m-nhimik 
1 E°MKJc 3 3 88 in* tiler* 
&& ffiMc Mi 12 6 Drinlup 
- fflBJc 32 6 4 Ji.nl;’ .star. 


20 fobi In.vvi 
6 truivier 
20 1'iit t*rapcn 
8 Vi. fcer* 

. 3 \ I ik..rif lv 

j: 

1C Priijx-rly 

Z, l*nt r,«|..i 

4* ‘ K *V l ' ,ur ‘' lc ' 

2 liurviinipcHii 
?c T-iii-ISv’-. 

in ■ 1KI '' 

4“ i'lwhvi 

l ; . j».unui-' rrero 


:i’rk= A Spn-r ID T. rti, , 

’firllir.ri i>a-.h 25 

.' ■ *■'. 1 12 un. 


1 Mpy Fall on Wi 50* . . 

May F-iod » i.fcrp !ff ; p 

— (liM.iCbrs Ki . 


16®) C|60c 1 6 23 8 liusrd 
174 057 71 61 CKN 


I* 3 3 02 19 Q| 1 7| 3 3 Nor. ^'l Rh f. 

■-Lfll84 p 1 13.1J * I — |ZanCp:iBWi)._ 


L — » K VI I 1-1 Do V.,irr.uii 

r; 5 t-en. Aiciilenl 17 !' fa • * t 

"■ 'Ion Klectru- 13 I'l-.-vo; 

i'rta'D 40 7: il '•* 

i.unJ f.>, . 9 Hunl '.*rc .3' 

<i f S A . _. 20 Reed fninl . 

liuordlim . 


11741 _ l_|_ 


riuardUn . 18 Spiik-ii. 

n K X 22 Tv' ci' . 

H.rvktrnrSid*? 2D Thf.'n 


.Hr* 22 

T. 111 I. 10 , ‘- r " *' ,, iroi-uw 

I . 0 Pcrmr.huil 

8 '. honerhall 

3 .-hell 

: .3' !8 L'llraniar .... 

13 M. 

3 Ml a'-?- 

* ,S«H1 it i.'nns. 


1 9)27 bl l:,u "* "( Fra.' r ) 12 |T r.ij-I Huu-c? J 33 llijeT.2 


- -Jnlrl .... 14 


.. ~ ■*+% ~ .1,01 rs- Mi’. - 



r.v.-JSvsei r«- 

... 


40 






Mandiijiitijrrri <: i 
urcpet v.i'jf.si 

of heattn?. ^ntf/n'ro-i. 
cur conditioning jn 
reffi§er.iiiGn equipivau. 


Mondav November 27 1978 





BY QUENTIN PEEL 


JOHANNESBURG, Nov. 26. 



BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


THE ELECTION of the arch Dr. Treurnicht js an The future of Mr. Pik Botha Is 
conservative. Dr. Andne* una-iiamedly dogmatic interpre- much more doubtful. ]n spite 
Treurnichs. as Transvaal U-adcr ter of apartheid ideology, who of his wide public following, the 
of Soul h Africa's ruling National see? so-called “petty apartheid” latest election shows his own 
Parly, is expected in precipitate — petty racial discrimination lack of a base within the 
a bitter iueu logical struggle which the present regime has National Party. According to the 
within i he South African tried to repeal — as a fundamen- Afrikaans -newspaper, Rapport. 
Government. la! part of the grand strategy. A he declared himself “unavail- 

Hi? victory in the poll for former clergyman in the Dutch able'* for election to the provin- 
v/iiai is tlu* second most powerful Reformed Church and chairman cial executive, after hearing of a 
position in the party lu that of of l-'c Broederbnnd, the inlluen- move to oust him from it. 

Mr. P. W. Botha, the Prime lial Afrikaner secret society, he j f Dr Treurnicht succeeds in 
Minister, represents a dramatic ha? been continually passed over conso i,i l K|j n o his position U 
Riebi-wiiw backlash against the tor cabinet office in spite of his SSd VlSmateW oKrtate a 
mov,, to humanise ” apartheid -hi,,,, grass-roots following. . fSSJSS^i STS? mUnS 


.V fundamental split in the ruling 

His \ utorj on Saturday at the u.-iih Mr Rntlu and his 

meeting ol the 109-strong Trans- ** “ 

pM-mr xss 

of Labour, is a clear 


.•spoused by Mr. .Tnhii \ orsler. 
the former Prime Minister. Mr. 

Botha himself. :.nd. most notably. 

In Mr. Pik E^iha. ihe IforeUn 

Mini 'lor. !i is thought likely Mimsier of Labour, is a clear rhe"inWl^MTa7 W and'' academic 

m force the G.e.ernumnt t>. halt snub for the new Prime Minister 5 i wKSL 
moves t- sera (i jiciij racial and -he "enlightened” direction 

d isyn in ina ii f, n arid cm cent rale nf his Government. The margin 

rather on strict application of of ni> victory, by 63 votes to 45. 

separ.iie development for whiles in tue face of a combined oper- 
and black.'- a t ion by the Afrikaner establisb- 

Dr. TrournichlS vueivss is a ment to stop him. is an indica- 

noiablo setback to th.- Foreign xi,i n of the extent of the back- 

Minister just as he arrives in lash. 

York for crucial lalks with 
Dr. !.Yt? Wjldiieiiii. the United Poles apart 
Nations Secretary-General, aimed r 

af heading off the threat nf 

s- motions against South Africa. »he- Prime Minister is whether, or Africa , be 'said' he was still hope- 
Mr. Pik Botha's own position, more probably when and how. to f u | 0 f aa internationally accept- 

idesi tided with the promote Dr. Treurnicht lo the ,ni„ «« lament in Namibia 


ihe Press. Rapport today des- 
cribed Dr. Treurnicht as a mao 
tied to an “ out-of-date ideology." 
with an image of opposing any 
change which might lead to 
better race relations. 

In the meantime. Mr. Botha 
will doubtless concentrate all his 
energies on his portfolio — and. 
, . immediately, on his New York 
the immediate problem facing ^Iks. Before he left South 


clearly 


1 SberuliM n a i rend in the National Cabinet. In hi.s reshuffle 30 days (South West Africa), although 
"Parly, vas totally eclipsed by ago. he ignored his claims, pro- jjqj jf g price of endangering 
Saturday's election. moling rather Dr. Piet Koornhi.f .. the futur £ of peoples of the 

The ne-: leader <if the Nat mnal and Mr. Punt Jansnn. two territorv “ 

Party m Suuin African's largest moderate''. _ * * . . 

•nuviiiCH. who Micioeds Dr. Dr. Treurnicht remains the Dr. walotieini has tu report 
t.onn.c Mulder, the former Min- deputy Minister of Plural Rela- back to the UN Security Council 
i>ier ut mtririn.uinii. must be nuns. anc. ideologically, poles on progress towards UN-super- 
secn as tiie most iikcIv sueces- apart from his new Minister. Dr. vised elections in Namibia. If 
sor to national leadership oF the Kuornhof. In his new position, the talks break down, the 
party, commanding the natural however, he is powerful enough Security Council has agreed to 
loyalty of 67 members in a par- virtually to pick the post he consider imposing sanctions on 
liamehtary caucus of 153 MPs. wants. South Africa. 



n North Sea 
accident 


BY KEVIN DONE, ENERGY CORRESPONDENT 


vessel 


to occupation in the UK. 
Concern has often 


been 


TWi.i XuRTH Sea divers died bell from another 

yesterday it* an accident on the attach recovery lines. .... 

Beryl Field about 200 miles when lifting began in the expressed about inadequacy of 
.'Kvth-oa- r of Aberdeen. earlv afternoon the divers still 1 ht’dieal facilities to deal with 

The divers wen- trapped on the seemed alive. cliving accidents, 

seabed in thill- diving bell in Eu: 1vaIvr he n an t0 S ecp into «■ 'SRTJ thii via? 
um.mt ;>«u feet ur u^er. The bell the delayed bell during the 1 2,, 1 


THE National EuterprL«e Board 
has submitted a new five-year- 
corporate plan to Ihe Govern- 
ment based on a considerable 
expansion of ik present bor- 
rowing limit or £lbn. 

Mr. Eric Varley. Industry 
Secretary, who is now studying 
the plan, j N expected lo 
approve it next month after 
he and his officials have held 
detailed talks wiMi the Board. 

He Is also expected to pub- 
lish soon — probably later this 
week — a Bill raising the 
Board's borrowing limit from 
its present £lbn veiling lo Obu 
or more. 

This could lead t» a con- 
siderable political row in the 
Commons, where it uil] be 
opposed by Conservative MPs, 
who object to (lie Board doing 
more than looking after *' lame 
dueks” 

Ministers hope ihat the Tact 
that the Bill uil! also raise 
borrowing limits for I hr Scot- 
tish and Welsh Development 
Agencies will provide it with 
sufficient support from 
minority paj-ties for it to be 

approved. 

The Ministers will point out 
that (he Board's actual spend- 
ing power depends not on the 
borrowing limit but on alloca- 
tions in the annual Public 
Spending White Paper. 

The Board's new corporate 
plan covers major expenditure 
on both BL. formerly British 
Ley land, and on Ruils-Ruyce, 


as well as on other projects 
such as the £50ra 1NHOS micro- 
electronics company, a £40m 
investment in the office equip- 
ment market, and North Sea 
uil and gas technology. 

It envisages the Board 
expanding its role of 
organising company mergers 
and product development In 
what it sees as key strategic 
areas or industry. These in- 
clude hydraulic) aud nuclear 
etiuipmeuL both based on sub- 
sidiaries of Fairey Iloldings, as 
well as diesel engines and 
pumps and valves. 

The Board has also been 
told by the Government to 
help expand exports, and it Is 
iinaiising arrangements to set 
up a builders' merchants' 
business in Jeddah to sell UK- 
made building components and 
materials to Middle East con- 
.stniL-tiun companies. 

It has export businesses 
dealing in computer software 
aud hospital equipment 

The plan also discusses ideas 
for developing the Board's 
regional role, based on its two 
regional boards and offices in 
Newcastle and Liverpool. 
These ideas include special 
initiatives to help small firms. 

There are plans too to 
develop further the divisional 
structure of tbe NEB’s head- 
quarters- so that companies 
uiib common iateresls are 
grouped together. 

Corporate plan for companies, 
Page 4 


the LEX column 






PH*-' . ■ 7 


r ; IS. 





When Tate and Lyle took 
over Man b re and G art on two 
years ago, Mr. John Lyle (then 
"chairman of T and L) was able 
to forecast' another bumper 
year. He wrote to Manbre share- 
holders "Our record speaks for 
itself.” \ 

The present management of 
T and L would be less inclined 
to invoke the company's subse-' 
quent record. Pre-tax profits, in 
the year to September 197S~'axe 
generally thought to have been 
around half the previous. year’s 
£43.9m aud the pretax return 
on capital employed has pro- 
bably fallen to the region of 5 
per cent. . 


ifOO; 


ItOr 





6Gf- 


SUARE PHffiE aamYETO -• ■■■# . 
F lAHU-Sffltitf USBEX: : £T » 


70 


I -M l' l I T 



iucGse;^ 





£ 5.50 offer to shop 
staff ‘within limit’ 


than 


bclnz lilted .» thu sutTacc Si n r^ chSnto?. 

in a sfnnn when the '-uiubiliwl Mobil said last night. The body . ^agmented. and 

mrd’ :md !• it lines wen* llf ont . diver floated to the _™ n r *P° n r ] “S nil 

severed as the diving support surface . h ut the other remained I” tn itHnc- ui! 

mppeci ,he " c "- s? r SurpMebLiif Hass 

Th>- bell fell lo the bottom and The Department uf Energy medical unit in Aberdeen to deal 
■'pcamo half-embedded in ihe £»»<* la**" 1 *^ that .there vrotUd with the growing number of 
•nud on the seabed, traoping the jn official inquiry into the divers injured in the North Sea. 
d iv- 1-. inside. Th* men Ve: 1 .* e»n- accident. A Department diving The storm damaged bridge. 
P loved i>v Northern Divers, a inspector is expected to Jly to the mast and radio aerials on the 
subsidiary of Star Offshore Ser- Fi<?I d today. Star Canopus, 

vices, fhev had been working More than 27 divers have died The Beryl platform has been 
lo connect a How-line from an in accidents in the North Sea dogged by misfortune in recent 
undersea 'veil to the base nf the since offshore operations began months. In September and 
. onaete Berj. I “A " platform. to build up in 196?. There are October production was closed 
The bell was located on the up to 1.50U divers working in the for several weeks when a 
bottom hy a niini-Auhmnrine North Sea in periods of peak concrete column was flooded by 
using radar. A second team of activity. They have one of the seawater, which seriously 
four divers was vent down in a highest death records oF any damaged electrical equipment 


a Government survives first 

day of mourning 



BY ANDREW WHITLEY 


TEHRAN, Nov. 26. 


I BAN'S Unco- week-old military 
led Government i.iday faced iis 
first concerted challenge from 



I'K TODAY 


mainlv near the 


of England, 
coast. 

Pressure wiil remain high over Scotland will have snow 
Britain with a northerly air- showers with local moderate 
stream over most eastern areas, accumulations of snow. Showers 

are expected to die away in the 


reminder to the generals oE the Mr. Hassan Ali Mehran, the able 
diificuUiv" they still face. Finance Minister, has been given 

0 In spile of the formidable the task of revising this year's 

tin- combined ranks uf the poli- u'ustacles. every day recently has budget and easing the cash flow 
lies I and relisiotis opposition in brought statements of the Gov- problems faced by many large 
the country. A national strike ernmenl's determination to press companies, 
and d.-iy of mourn in g was widely ahead with me.isuivs aimed at Two other pressing ^financial 
•M» serve 3. Bill, although demon- placating deep-seatc-d popular issues— a serious distortion in 
stiMtions and violent clashes grievances. In tbe latest example, the rial's foreign exchange rate 
occurred m many cities. incJud- three .supreme court judges were and the tecbnicai bankruptcy of 
iug the capital, casualties appear today appointed to a commission several major banks — are likely 
tu have been t-untuined at a poli- exam mine the wealth of the to be deferred for .a few weeks 
lira by tolerable level. royal family. until tbe administrative chaos 

Coining just one week before The oilfields strike is virtu- brought about by months of civil 
the start of the Moslem religious ally m-ur — though the domestic disruption is more sorted out. 
month of Moharram, for which refineries at Shiraz and Tehran In Tehran and most other 
both sides a iv bracing them- are Mill holding out— and ex- major cities, shops and many 
reives, the continuing strength ports are expected to be back offices closed for the day in 
nf a ill i- regime feeling! as shown to normal within a week. In the response to a strike call that 
ludav. will have been a sharp wake of the six-week stoppage, brought together virtually every 

Shi a Muslim religious leader 
of note, including tbe exiled 
Ayatullah Khomeini in Paris. 
The cause was the alleged 
desecration of Iran's most holy- 
shrine. that of “ IMAM REZA." 
in Masbad, and the deaths Of 
several demonstrators within its 
walls, last Monday. 

Inevitably, today's biggest 
demonstration was in Mashad 
itself. A spokesman for the 
city's senior clergyman, 
Ayatullah Shirazi. said hundreds 
of thousands of people had 
marched peacefully through the 
streets. 

For the capital, it was a day 
of running battles between 
troops and relatively small 
groups of demonstrators through- 
out the city centre. The two 
main centres of disturbances 
were the Tehran University 
campus and the lowering head- 
quarters of the National Iranian ! 
Oil Company along Tehran's most ! 
prestigious business street 
A list of other cities affected 
reads almost like a gazette of 
the country. Most notable was 
Isfahan, where there are 
unconfirmed reports that two 
policemen were killed. As a 
result, the city's night time 
curfew has been extended by four 
hours. 

Violent demonstrations, includ- 
ing arson attacks on banks and 
public buildings, are also 
reported to have token place in 
Hamudan, Rczaiyeh, Qom and 
li-ii.im u-amiit. i.-:. .ji M.nj c .1 si'V, mu- r 8 « I Babul- 


BY CHRISTIAN TYLER. LABOUR EDITOR 

LOW-PAID grocery and super- earnings are no more 
market employees could get pay L44.50. a figure condemned bv 
rises of up to 20 per cent from trade unious yenerallv as far too 
a wage agreement which voe< low when judged asainst a 
out tn ballot by union inenihers national average earnings figure 
th li Wt?e k- uf nearly £90 a week. 

rae agreement titia ran lees a Earnings of the next grade 
cash increase of atjeasr £5.50 would reach £44.4S a week if 
a week to about lW.ono workers. ISDAWs recommendation to 
including those in log ■‘mper- accept is endorsed by the ballot, 
market chains like JToseo. Fine Thu agreement, backdated to 
'are- International Slorc.-- and November 17. is ihe result of a 
L hl! I'P“ er ' ? - new grading sUucture worked 

* * WI * et . ou « »n tbe last IS months. The 

o per ient inctease «il lowed b.\ increase above 5 per cent for 
the Government's pay policy more senior staff is justified on 
plus in some cases substantial the ground that’ skills have in 
extra payments for productivity created with technolosv. 
where their employers are not This was now being recog- 
ai ready paying more than the nwed at national level. USDAW 
guaranteed minima. jaifj 

Both the Union of Shop, Mr. John Flood, assistant 
Distributive and Allied Workers general secretary of USDAW and 
and the Multiple Grocers’ Asso- chief negotiator for the union, 
ciation maintain that the deal said that the agreement had not 
conforms with the pay policy. been formally approved by the 
Their negotiators used the Department of Employment, 
low-pay provision in the White But io the negotiations both 
Paper, Winning the Eattle sides had been careful not to 
against Inflation, to justify an exceed the guidelines for fear of 
exceptional increase for lowest- retaliatory action, 
paid grades, and the productivity New supermarkets, especially 
exemption for the bigher-paid. in hihy unemployment areas, can 
Total new money for the lowest attract Government aid. 
grade, at present receiving a £37 The union had said that price- 
weekly minimum, is £7.16. cutting by supermarkets for the 
bringing them to just over £44. benefit uf the customer should 
The Government has exempted not be at the expense of 
settlements of over 5 per cent employees in an already low-paid 
provided the resultant weekly industry. 


TfliC & lylc y ^ r^dnce .tiip ' tfwrtas Mir' fine 

v gl iic^ej (3x^b'. ftuetes^^yj^up.l at 

EEC 

not .esrtH^y-won : ye^Vaifirough 

. ^C : _t6a!^eyy on 
!-i£b$Ucose pppiied 
-misifeJir 
^holding.: a 

iiow: ^worried th at ■.'eyegrji’; 'p^vi t - *-' K ‘ v 
r^wqultf Ti^r ii 1 

r-brtiiigfK: fa- : Bt 

-Tlevels-af theT^r^ai- 
-'-vJeyi; ga^vIS ‘r‘ 

<CnpnrHna • rea - u « : ? a ; uecu 40 ?W?- f?r 5 W ^ 

^penaiDg expor L • Top tUe 

The decline in profits has cd- Tate’s ■objectives. ' ^ 

incided with a period of- high necessity,, become MhsidMt&Iy vintft an 

capital investment and aeqaisi- less grandiose in- tfie.ias t year : : Have ^ largely 

tions — the Carton starch plants, or so in the- face .of a lon&.terin; ^uebse^-^ .-r- 
sucrochemicals, the New York decline in its traditional busi- yim-aing 

refinery, isoglucose production nesses-r-refining and shipping.,: glucbse cise.;T^stai^^pro- . 

— and with the cost of closing The new chairman. Lord ■ Jelli-. ^uced here;- ahdl*'Ott- 1 -i»'t^cKer 
down some sugar capacity, coe, believes the ■.gftinfr ' 

Borrowings net of cash, around. develop into ” a whqle rahge. Of ; ^ q! protpism^'^E^ 

£95m at the end of. September fairly stable businesses/*" . A b^VowW oHia 
1977, rose about'. £25m in tbe examples, fie -gives' ; Lbe : hut the 

next 12 months despite theraate. engineering . ..division, -' T Unitpd NefttC ^ "H 

and leaseback of the group’s Molasses, Hugh Baird. tbe malt> - ■ -r 5 . c 

Sugar Quay headquarters, firm, and the comiiodity stQiiageijf^ u^in ' 1 to kin SCO 
Although the medium-term. re- operation. The. engineering'- 

financing- of £30m of short-term business is iacreasl&Riy takipgi-i : ^y ther;rcas(^"fpr.,th& : 'curi^nt ; ... - 
borrowings removed some pres- on agricultural •■cbnjMCt(B5fiv al ?P rta S e ;Of jtofita ^e^in^he 
sure from T and L progressively work outside ' sugar. The. .group U.S. where the poises inteolst, ; . .- 
higher interest rates , have places great stress- bn- ; the Berger and.PIat^'jm^^i^ife ’ j" 
exacerbated its difficulties. .'On development of aucroebemfeals, *°ssos :• T s - r 

top of this, the company's tax and hopes to produce deter- . stocks and; must pe’ c^glrfetlng • 
charge has risen, probably to gents, alginate, guins, "pi astfes -puHf^g-out altogether; 
around 40 per cent- hr 1977-78 and even fuel alcohol - &pm -^York reftne|sy--i»ay - L . 

from the previous year’s 80 per sugar. The first sucrochemrcaf ^Hto ^rofit-'when'.'^^M^een .. 
cent as a result of its inability plant will come on sb^m-neba ^^cheef; over^atj the, [ptjsf of . .r- 
to relieve losses in the U.S. and dimmer and shoufd .be" contri- ’£9mrto ^granUIated r froha 'liS&id . 
because all the avaiteWe-.eapital buting Profits in I979/8B. — 
allowances on ships had- been 0 _ ’ " ", - . *t ; - 

taken in the past - hllTgery • - . Sugar Agr eem e nt; i ^peAnmctity " 

Since the end of the.l97T-7S But nn amount of- surgery haA 
financial year, T and- L has been able to disginse T and y’s « r 

made a number of disposals: two current- shortage of profits: Lbrd : 

ships from the Panocean line. Jellicoe believes that UK refin- upecutapve- wradfalte phdt^d up 
the freehold of Manbre’s old ing can be made proiitable-agairi Uh.WPg uitsug^r shonage xlietL 
plant and, most importantly, once demand, now statie dr pn<^;we ^o vola- 

Manure's South African subsi- declining, and . capacity Jiive c P !U J xa * 1 ^ . 

diary African Products. These been brought properly into line. ^ ratoo “ ® bba L-t1Kis W>imnzai.ar 
have brought in £l6m and the Break-even point for capacity- * he time and acciistowxted 
Sugar Line ships should also be use is WeB over 80 per cent, and 311(1 .the praricet tp^ei^ect.yliat •' . - 
sold quite shortly (as a line Tate and Lyle is finding it can ‘turned: out- tp: 1»."imsuHtaiiiahle ^ 
rather than pie«meal>, leaving no longer keep -the extra capa- le Yels of profiL . ^ 
na L v 4 S" oqe f n/Anc0 city margin that it “Would like v - Loid Jeillci^^oot eXpbeSii 

and two 33,000 dwt vessels in the to have, in order to take ad vain-': a: .sudden- reco very - ;%■> 

T and L fleet That should leave, tage of the export opportunittes lookiUg 1 fbr : a;, pleflBant upy«rd ;P ' 
tbe shipping division as a profit- that would arise if the pre© jiipi’ trbnd in- profits Ln-";a Cbu^le^oC 
able commercial unit and the of white sugar over raws wexfe,. year's. ..wry ‘•ttoi 

group is not at the moment to. -widen again. . ap|mipted if we_d)dn't'"Ket^i5.” r..'.". 

contempla&ng any further dis- CSirrent Capacity in the UK ; is The shared are propped 'V.',' . ' 
P° sals - 1.48m tonnes a year of whiter general faith that 

Another once-and-for-all gain sugar equivalent; the company corifidence’ in fh'e^gkbiip t&f 
may be realised by lowering the is 'producing lJ5m, • at ; : the T end L ; may be kwtog flrto 1 ... 

sugar base stock from the moment, 3^23m from done wills ^Uow it to. malomfo ^e WSpiij 

200,000 tonnes shown for the imports under the Lora* con- dividend-Hhe'fbriient jfeldTis 

UK and U.S. in 1977 — an adjust- vention. -V. u per' ceirt— through- tbevfeKi- .r. :• . 

ment that would reflect the , T and L fears that, if- Lom6- years; »•: -. .' 



England anil Wales will be 
mostly dry with bright or sunny 
periods, but there will be snow 


west. 

Northern Ireland may have 
some rain or snow later. It will 


showers in some eastern districts bt? cu , d in the northeast and 

rather cold in the southwest. 


BUSINESS CENTRES 



V'lwjf 

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41 

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Colo-nt 

C 

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Cpiihan. 

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41 

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Dublin 

C I 

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v dw 


Outlook: Dn- in the southeast 
after wintry showers. Cloudy in 


a* eastern parts. Rather cold. Night 
■ii frost. 

^ From ihe 

London Weather Centre 


HOLIDAY RESORTS 


rtWVt'-J 

7; Muk-rn 
tiarnu 
h Blackpool 


Y'day • 
niidtijy [ 

C : 'F I 

C 14 ji | Istanbul 
R 11 MiJv-rwy 
i: •• 

V 


IS 54 


~'j i'ouIukP'.- 
— ■ — ’ Cas.iWin.-a. . .. . . 

s -» y - CdP. Town K a: 70 

' J" 50 Corfu C 

-[I os uabro'ink C 

!•* S5 j'dri! ie 


41 Lae Plms. 
5 4T Locarno 
H 4;i I Majorca 
4 .-lOiMalaxu 


1 1 37 
n ;--j 
I.» 59 


.io i-iin-.li:il 

:s* i ; it. -.ill. i r 
:il i.’i:. msi y 
l:n:.,liriick 
•w Ir.v rni ss 


"I'dlrobi 
Napk-a 

Nicosia 
I'lporio 
12 54 j Rholcs 
lt» 'll ;.Sal<bur 4 
"in TO ■ Tan^ ii_Ts 
“ 4" Toik-rift- 
H Tunis 
07 Vnli-ncm 
3 lii-Vtniu- 


Y'day 

midday 

c C , F 

S U S 
0 7 45 

f 21 TO 
C h 41 
P II 52 
S 17 53 
C IS 64 
F 13 53 
C JO SO 
S 20 70 
F 12 51 
C iC PI 
II 3 37 
S Id 61 
K 13 39 
S l.i 
S 13 
R 3 


64 


BY RICHARD EVAN5, LOBBY EDITOR 

GOVERNMENT sanctions again M. cent norm then pay policy 
Ford Motor lo he announced would he at an end and the level 
today following last week's 17 or wage settlements would soar, 
per cent pay settlement are cur- Retaining inflation in single 
tain to provoke furious reactions figures remains the over-riding 
among MPs and throughout priorit.v. 

industry. One sanctions option, blacklist- 

The scale of the Government's ing. usually entails the loss of 
retaliatory action_ against Ford new Government contracts, the 
for smashing tnc 5 per cent pay ending of investment assistance, 
guideline so completely will he loss of temporary employment 
made known after senior subsidies and a ban on export 
Ministers have informed Sir credit guarantees. 

Terence _ Beckett, chairman of j n Ford's case action could 

UKJ. he confined largely tu the loss of 

The LBi. the Lon wry alive Government and some public 
Party. Left-wing Labour JiPs and sector purchasing contracts and 
Ford itself are all preparing. in vetting of future price in- 

protest vigorously at what are croases Th e indications are that 
considered tn be uniair tactics Ministers will stop short of in- 
against a company that ryas V nking all tbe weapons available 
already suffered considerably lD ensurp that fob?; are not lost 

from a nine-week strike 


n an 
the pay 


effort to keep down 
settlement. 

The purpose of today's meeting 
between Sir Terence and Mr. 


to ensure that jobs are not lost 
Christian Tyler. Labour Editor 
writes: Sir Terence Beckett will 
hold a Press conference later 
today to comment on the Govern- 


Eric Varley. Industry Secretary, menu decision. If ne decides to 
Mr. Roy HaiR-rsit-y. Prices Secre- mvoke the help _of the CBI of 
tars-, and Mr. Albert Booth, which he is a senior member, the 
Employment Secretary, is tu confederation s 35-man presi- 
allow the companv to put its case dc, *ial coramittee will meet to- 
-but there appears to be un morrow or* ednesaay. 
room for anv compromise or A CBI spokesman said yester- 
climb-down. " d’-*.' thar sanctions against Ford, 

Ministers remain determined which had already suffered u 
to make an example of Ford on strike because of its initial efforts 
the grounds that if the Govern- to stick io the 5 per cent limit, 
ment does not stand firm against would have ihe reverse effect to 
such a blatant breach of the 5 per that intended. 

Vauxhall car prices 
go up 5% 

VAUXHALL IS the first manu- Examples of. the new prices, in- 
facturer to announce a new eluding car tax and VAT, arc 
series of car price increases. ^ 0 ]jj prices io brockets)? 
following the last round in Unr chevetU? twn-door saloon £2,458 
early summer. (£2,341), Viva 1300 L Estate car 

Vauxhall s prices, which ha i: , j , nc i r* qrA i f’lvili^r 1600 
been unchanged since June, went ».11S ttsJJWL i-jvjuer iwu 
up by 5 per cent from midnight. GLS Sports hatch £4,3S4 (£4,li5). 
Other manufacturers uiay be Carlton snluon £4 .S3 1 (4.600), 
expected lu follow suit. Uoyalc Coupe £S,6Cii (£S^49)> 




Unions hit 
EEC 
chemical 
talks 

By Sue Cameron, Chemicals 
Correspondent 
MULTINATIONAL chemical 
companies were accused by 
trade unionists this weekend of 
holding ' secret talks with the 
European Commission in Brus- 
sels wbich could “threaten job 
security and national industrial 
strategy in both France and 
Britain.” 

But chemical industry execu- 
tives have denied that the talks 
were secret. 

Mr. Roger Lyons, national 
chemicals officer of the Associa- 
tion of Scientific, Technical and 
Managerial Staffs, told the cheini 
cal congress of the Freneh trade 
union body the Confederation 
Franchise Dgtaocratique du Tra^ 
vail that there was a danger of 
“unofficial cartels being hatched 
behind closed doors in Brussels, 
excluding trade unions.” 

He said CEFIC-^tbe European 
Council of Chemical Manufac- 
turers’ Federation — was already 
involved in discussions at Com- 
mission level and demanded that 
trade unionists be included in 
these talks. 

Mr. Lyons said tbe chemicals 
companies’ plans “apparently cat 
across the tree market principles' 
of the Rome Treaty,"-:- and 
claimed that because of this tbe 
Brussels' meetings had been held 
under clandestine conditions. But 
the European chemical trade 
unions would insist en open 
discussion of European actStviies. 

“ From now. on : European 
chemical unions insist on fullest 
involvement in all Brussels dis- 
cussions on over-capacity, re- 
structuring, tariffs, anti-dumping, 
compensation trading — especially 
with Eastern Europe — cartel 
formation, voluntary and other- 
wise, job security and everything 
else affecting staff in the chemi- 
cal industry," said Mr. Lyons. 

“The days when employees 
were "the last to learn of their 
future are over. The. era of in- 
dustrial democracy has arrived." 

The initial reaction of the in- 
dustry to Mr. Lyons* attack was 
dismissive. It was stated that 
CEFIC was formally recognised 
In Brussels as the body repre- 
senting chemical manufacturers' 
interests in Europe. 


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